MREC Management, LLC (“Mosaic” or the “Firm”), a Delaware limited liability company, formed in 2015, is an SEC-registered investment adviser and is indirectly owned by its principal Ethan Penner indirectly through his ownership interests in LA Real Estate Finance, LLC, which is the sole member of JulJak, LLC, which is the sole member of Mosaic Real Estate Investors, LLC, which is the sole member of Mosaic. Mosaic’s principal place of business is located in Calabasas, California. As of December 31, 2022, Mosaic managed $432,345,190 of regulatory assets under management on a non-discretionary basis. Prior to Mosaic rendering any advisory services, clients, including funds, are required to enter into one or more written agreements with Mosaic setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). On November 4, 2021 Mosaic and Ready Capital Corporation (NYSE:RC) (“Ready”) announced that the firms had entered into a definitive merger agreement (the “Merger”) pursuant to which Ready agreed to acquire Mosaic’s three privately held funds, Mosaic Real Estate Credit, LLC, Mosaic Real Estate Credit TE, LLC, and MREC International Incentive Split, LP (which is an intermediate holding company through which investors in Mosaic Real Estate Credit Offshore, LP invest in the Mosaic platform) (collectively referred to hereinafter as, the “Mosaic Funds”). The transaction officially closed on March 16, 2022, and under the terms of the merger agreement, Ready acquired all of the outstanding equity interests in the Mosaic Funds in exchange for (i) shares of a newly designated Ready Capital Class B common stock, plus (ii) non-transferable contingent equity rights that, depending on the performance of the Mosaic Funds’ asset portfolio over a three-year period following the closing, may entitle investors in the Mosaic Funds to receive additional shares of Ready Capital common stock. Post-merger, Mosaic remains as an independent company and will continue to provide investment management services to certain existing and prospective clients as well as provide certain advisory services to Ready in respect to real estate assets acquired through the Mosaic Funds. Mosaic currently advises through a services agreement (“Services Agreement”) Ready regarding those certain assets formerly held by the Mosaic Funds prior to the Merger that upon the closing of the Merger are now owned and controlled by a subsidiary of Ready (the “Covered Portfolio”). Mosaic’s role is ongoing and continuous in support of all operating facets of the Covered Portfolio. Apart from the Covered Portfolio, Mosaic also currently advises certain investment vehicles (each, a “Fund”) and certain co-investment relationships (each, a “Co-Investment Fund1” and each Co-Investment Fund and each Fund, a “Vehicle” and all Vehicles taken together, the “Vehicles”). Each Vehicle may, subject to the terms of its governing and offering documents (the “Governing Documents”), pursue distinct or similar strategies to the any of the other Vehicles and may, in certain cases, as is often the case for Co- 5 | P a g e Investment Funds, solely co-invest alongside one or more other Vehicles. The current Vehicles presently pursue a real estate focused strategy, in particular real estate debt and debt-like investing in the private markets, however, Mosaic may engage in real estate and real estate adjacent investing in the public and private markets, as well as non- real estate investment strategies in current or future vehicles, as permitted by the Vehicle’s Governing Documents. The Vehicles and their subsidiaries are generally structured as Delaware entities in the form of limited partnerships and limited liability companies but may utilize other entity types within and without the United States. Mosaic, its principals, employees, or affiliates may make voluntary or required capital contributions to the Vehicles, in accordance with each Vehicle’s Governing Documents. While this Brochure generally describes the business of Mosaic, certain sections also discuss the activities of its Supervised Persons, which refer to the Firm’s officers, partners, directors (or other persons occupying a similar status

or performing similar functions), employees or any other person who provides investment advice on Mosaic’s behalf and who is subject to the Firm’s supervision and/or control. Investment Management Services Mosaic provides asset based services and assistance in managing the Covered Portfolio on a non-discretionary basis and manages the Vehicles on either a discretionary or non- discretionary basis. Currently, the Vehicles seek to create stable and predictable risk-adjusted returns and cash flow with a focus on principal preservation. Mosaic, through the Vehicles, may invest in various investment forms, including but not limited to first mortgage debt, real estate joint ventures, mezzanine debt, preferred equity, or corporate ownership of companies that are involved in or serve the real estate industry. Mosaic, through the Vehicles may diversify its investment in any specific transaction by syndicating or selling a portion of an investment to third-parties or Co-Investment Funds, which may involve the Vehicles retaining a subordinated or junior position in exchange for reduced exposure and a higher yield. Future Vehicles may have similar or distinct strategies and risk profiles. While some Vehicles may be structured to accommodate various investors on a pooled basis, Mosaic’s Co-Investment Funds are typically designed to suit specific client needs by providing exposure to real estate assets that satisfy the Co-Investment Fund’s particularized requirements and preferences. Certain Co-Investment Funds may elect to buy into a pool of Mosaic discretionary assets held by a related Vehicle while others elect to invest in specific assets on a case-by-case basis at the Co-Investor’s discretion. Mosaic seeks to tailor its advisory services to meet the specific needs of its clients and seeks to ensure, on a continuous basis, that client accounts are managed in a manner consistent with each client’s needs and objectives. 6 | P a g e Co-Investment Strategy Co-Investment Funds may comprise just one equity investor (the “Investor”) and may be referred to as a separately managed account or fund of one with Mosaic servicing as the investment adviser and/or general partner/managing member. In some Co-Investment Funds, Mosaic will identify and present investment opportunities for the Co-Investment Fund, and the Investor will review and elect to proceed with the investment opportunity at its discretion . The terms and conditions of each Co-Investment Fund vary, including, for example, certain Co-Investment Funds may have terms unique to that specific fund or more favorable to other Co-Investment Funds or any other Vehicle. Please see Item 12. “Brokerage Practices” and “Other Compensation” in Item 14 for additional details on potential co-investment opportunities sponsored by Mosaic and/or its affiliates. Trade Allocation As a result of advising various current and prospective Vehicles, Mosaic acknowledges and understands that various conflicts and issues may come to exist regarding how prospective transactions are allocated between or among the various Vehicles (“Trade Allocation”). Trade Allocation involves how Mosaic decides to (i) present prospective transactions to one or more Vehicles and/or (ii) allocate any prospective transaction among one or more Vehicles if such deal or transaction is capable of being jointly held by one or more Vehicles. Mosaic has a policy in place that provides a framework and guidelines to administering the Firm’s Trade Allocation. The general principle promotes the broadest, practicable participation in a prospective transaction for Vehicles whose strategy aligns with the prospective transaction. Moreover, other considerations such as each Vehicles Governing Documents, available commitments and or cash, rotation of presenting new deals to Vehicles in an orderly manner, and other economic and non-economic factors play a role in the Trade Allocation Policy. Mosaic understands that if the Firm or its affiliates become an investment adviser to one or more funds registered under the Investment Company Act of 1940 and the regulations promulgated thereto, each as amended (“ICA”), certain provisions of the Trade Allocation policy may require modification to comply with the ICA. 7 | P a g e