9AT: GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.

Adviser Profile

As of Date	03/27/2025
Registration status	Registration Changed to GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	108,453,488 -29%
of that, discretionary	108,453,488 -29%
Number of Employees	5
of those in investment advisory functions	2
Private Fund GAV^*	0
Avg Account Size	27,113,372 -29%
SMA’s	No
Private Funds	0 2

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser PRESCOTT ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund61.5m	Real Estate Fund156.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV217.8m	AUM217.8m	#Funds5
Adviser MERCHANTS INVESTMENT PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund471.2m	Real Estate Fund136.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV607.9m	AUM607.9m	#Funds4
Adviser GREENWOOD GEARHART, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund6.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.0m	Total Private Fund GAV7.7m	AUM2.0b	#Funds3
Adviser CITIGROUP ALTERNATIVE INVESTMENTS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund103.8m	Real Estate Fund19.6m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV123.4m	AUM127.4m	#Funds7
Adviser SWBC INVESTMENT COMPANY	Hedge Fund-	Liquidity Fund-	Private Equity Fund6.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund200.0m	Total Private Fund GAV206.2m	AUM256.0m	#Funds2
Adviser DERBY COPELAND CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund395.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV395.8m	AUM395.8m	#Funds6
Adviser HUDSON COMPANIES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM48.8m	#Funds-
Adviser CAPMAN CAPITAL MANAGEMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM-	#Funds6
Adviser KLAFF REALTY, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund186.3m	Real Estate Fund52.6m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV238.8m	AUM275.0m	#Funds7
Adviser LEE FINANCIAL COMPANY, LLC	Hedge Fund13.1m	Liquidity Fund-	Private Equity Fund239.4k	Real Estate Fund213.2k	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.5m	AUM1.7b	#Funds4

Brochure Summary

Overview

A. Firm Description Gamma is a Delaware corporation that was formed in December 2014, with its only office located in New York, NY. Gamma’s principal owners are N. Richard Kalikow and Jonathan Gilbert Kalikow. B. Types of Advisory Services The Firm provides discretionary investment advisory services to private pooled investment vehicles (each a “Fund” and, collectively, the “Funds”). Although the Firm may recommend investing in any security or industry sector in the market in order to meet the investment objectives of its Funds, Gamma focuses on real estate and real estate-related investments. Interests in the Funds are generally offered to qualified investors through private offerings. Gamma is affiliated with entities that serve as general partners to each of the Funds (each, a “General Partner” and, collectively, the “General Partners”). The advisory services of Gamma and each of the General Partners, as affiliated investment advisors, are described in this Brochure. Each General Partner is deemed to be registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to Gamma’s registration in accordance with SEC guidance. The investment advisory services provided by Gamma shall also apply in respect of the General Partners. The investment advice provided by the Firm to the Funds is generally to make opportunistic investments in real estate, with such real estate investments primarily

in the United States. The Firm strives to directly or indirectly acquire, develop, manage and invest real property through (i) direct investment; (ii) mortgage financing, second lien, mezzanine financing or other unsecured financing; (iii) co-investment structures including and participation interest, syndication interest or joint-venture interest; and (iv) other securities or any other investment structure. Gamma implements substantially a similar strategy for all of its Funds, Gamma may, from time to time, tailor its advisory services to the individual needs of a particular Fund, as necessary. Investment advice is provided directly to each Fund itself and not to the individual investors in the Funds. In accordance with common industry practice, a Fund or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Fund or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for more details. C. Wrap Fee Programs Gamma neither sponsors nor manages a wrap fee program. D. Assets Under Management (“AUM”) As of December 31, 2023, Gamma managed approximately $108,453,488 (US) in regulatory assets under Management on a discretionary basis. Gamma does not manage any assets on a non-discretionary basis.

GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.

GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.

GRE LENDING S58 II LLC (RELYING ADVISER)

GRE DICKINSON RESTAURANT LLC (RELYING ADVISER)

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Compensation Arrangments

Reported AUM

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Employees

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Brochure Summary

Overview

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GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC. GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC. GRE LENDING S58 II LLC (RELYING ADVISER) GRE DICKINSON RESTAURANT LLC (RELYING ADVISER)

Related Companies

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.

GAMMA REAL ESTATE CAPITAL MANAGEMENT, INC.

GRE LENDING S58 II LLC (RELYING ADVISER)

GRE DICKINSON RESTAURANT LLC (RELYING ADVISER)