Ovation Partners, LP (the “Adviser,” “Ovation,” “we,” “us,” or “our”), a Texas limited partnership, was established in 2012, was registered with the SEC in 2015 as an investment adviser, and, together with its affiliates, provides investment management services to the following privately offered pooled investment vehicles:
• Ovation Alternative Income Fund LP, a Delaware limited partnership (the “AIF Fund”); Ovation Alternative Income Fund-A LP, a Delaware limited partnership (the “AIF Corporate Feeder” and, collectively with the AIF Fund, the “AIF Feeder Funds”); and Ovation Alternative Income Master Fund LP, a Delaware limited partnership (the “AIF Master Fund” and, collectively with the AIF Feeder Funds, “AIF”), which serves as the master fund into which the AIF Feeder Funds invest all or substantially all of their assets through a “master-feeder” fund structure;
• Ovation Tax Lien Fund, LP, a Texas limited partnership (“TLF”);
• Kress OZ LP, a Delaware limited partnership (“Kress QOF”); and
• Derby RR OZ LP, a Delaware limited partnership (“Derby RR QOF” and, together with Kress QOF, the “OZ Funds”). (each, a “Fund,” and together with any future privately offered pooled investment vehicle to which the Adviser or its affiliates provide investment advisory services, the “Funds”). The general partner or managing member, as applicable, of each Fund (each a “General Partner,” and collectively, together with any future affiliated general partner (or equivalent) entities, the “General Partners”) is as follows:
• Ovation Fund Management II, LLC (“OFM II”), a Delaware limited liability company, acts as general partner of AIF;
• Ovation Fund Management I, LLC (“OFM I”), a Texas limited liability company, acts as general partner of TLF;
• Derby RR OZ GP LLC (“Derby RR GP”), a Delaware limited liability company, acts as general partner of Derby RR QOF; and
• Kress OZ GP LLC (“Kress GP”), a Delaware limited liability company, acts as general partner of Kress QOF. Unless otherwise noted, references herein to the “Adviser,” “Ovation,” “we,” “us,” or “our” include the General Partners. A special purpose entity through which each OZ Fund indirectly owns real property (each an “OZ SPV”) is managed by the relevant OZ Fund’s General Partner and one or more third party managers (each such third-party manager, an “OZ Manager”). The OZ Managers have real estate development experience, have joint authority over the management of the relevant OZ SPV and the relevant underlying property with the relevant OZ Fund’s General Partner and are responsible for the day-to-day real estate management and operation of the relevant OZ SPV and the relevant underlying property. This Brochure does not describe the business practices of each of such OZ Managers. Each General Partner is an affiliate of and under common control with the Adviser. Each General Partner is subject to the Advisers Act pursuant to the Adviser’s registration in accordance with SEC guidance. This brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The

principal owners of the Adviser are Jeffrey R. Serra and Michael J. Rovner. Mr. Serra and Mr. Rovner each own 50% of the Adviser through their limited partnership interests in the Adviser. The general partner of the Adviser, Ovation Management LLC, is wholly-owned and managed by Michael Rovner. The Adviser’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, managing and monitoring investments and achieving dispositions of such investments. The Adviser’s specific advisory services with respect to each Fund are detailed in the applicable private placement memoranda or other offering documents (each, a “Memorandum”), investment management agreements, limited partnership or other operating agreements or governing documents (each, an “Agreement of Limited Partnership” and, as applicable, together with any relevant Memorandum, the “Governing Documents”). The Adviser presently provides investment advice only to the Funds and, as such, does not tailor its advisory services or investment objectives or strategies to the requests or needs of individual investors in the Funds, nor does it generally accept underlying investment restrictions from individual investors in the Funds, although certain investors in certain circumstances are permitted to be excused from a particular investment due to legal, regulatory or other agreed upon circumstances in Ovation’s sole discretion pursuant to the Governing Documents; for the avoidance of doubt, such arrangements do not and will not create an adviser-client relationship between Ovation and any investor. Each Fund’s Memorandum lays out the respective Fund’s investment strategy and guidelines, including any restrictions and the ability to vary therefrom, and the Adviser then seeks to locate assets for each Fund that are within such guidelines and consistent with the overall portfolio needs of each Fund. For more detailed information regarding such restrictions, please refer to the Funds’ respective Governing Documents. As of December 31, 2022, the Adviser has approximately$465,517,702 in regulatory assets under management, all of which are managed on a discretionary basis. The Adviser’s advisory employees are primarily employed through Ovation Management Services, LLC, a subsidiary of the Adviser. The respective General Partners of AIF, TLF, Derby RR QOF and Kress QOF have each established a Limited Partner Advisory Committee (the “LPAC”) for its respective Fund that (i) provides advice to the applicable General Partner and Fund with regard to matters submitted to the LPAC by the General Partner of such Fund, and (ii) reviews transactions between the applicable Fund and affiliates of its General Partner in which potential conflicts of interests exist. The results of the reviews undertaken by the LPAC with respect to matters submitted to it by the applicable Fund’s General Partner shall be considered by such General Partner but will not be binding on such General Partner or the Fund. Each General Partner will retain ultimate responsibility and authority for all decisions relating to the operation and management of its respective Fund.