A. Description of the Firm Hillcrest Finance, LLC, Hillcrest Credit and Income Fund II Manager, LLC, Hillcrest EQT Manager LLC, and Hillcrest Enhanced Yield & Income Fund I Manager (collectively with the related activities of our affiliates referred to as “Hillcrest” or the “Firm”), founded in 2013, is a New York City-based, real estate investment management firm focused on investing in middle-market U.S assets through all phases of the economic cycle and delivering risk- adjusted returns to its investors. The Firm's leadership team offers years of experience in originating, acquiring, financing, operating, developing, leasing, managing, and selling real estate and real estate-related investments across multiple economic and real estate investment cycles dating back to the mid-1980s. Through these vehicles, the Firm has made equity and debt investments in office and office related uses, industrial, hotel, retail, residential, and mixed-use properties. Kathleen Corton and Sharon Ann Miller are the managing partners/principals of Hillcrest and together hold the controlling equity interests in the Hillcrest advisers. Additional information about Hillcrest’s structure is provided on Part 1 of Form ADV which is available online at www.adviserinfo.sec.gov. B. Types of Advisory Services Hillcrest specializes in real estate investment advisory and management services. The Firm is not involved in investments which are not real estate related and will provide real estate related investment advisory services to investment vehicles set up as private funds (“Funds”) as well as to investment vehicles established for separately managed accounts (“SMA” or “IMA”). Together Funds, SMAs, and IMAs are referred to as “Clients’. Hillcrest’s investment advice is tailored to meet the investment objectives and restrictions of each Client, as set out in each Client’s investment management agreement and/or, as applicable, private placement memoranda and limited partnership agreements (together “Governing Documents”) and, as a general matter, in the case of a Fund vehicle, is not tailored to the individualized needs of any particular Fund investor. Hillcrest sponsored Funds are commingled, pooled real estate funds over which Hillcrest maintains broad investment discretion, subject to certain investment guidelines and restrictions set forth in the Funds’ Governing Documents and investor side letters. SMAs and IMAs are typically organized as special purpose vehicles with one principal outside investor and in some instances, subject to participation by Hillcrest or its affiliates. SMA and IMA account vehicles have negotiated investment guidelines. SMAs and IMAs are open to investors with qualifications substantially similar to investors in the Funds. Each Fund is open for investment only by qualified institutional or high net worth investors that meet the investor restrictions as set forth in the applicable Fund's Governing Documents. See Item 8 for more information with respect to the investment strategies of Hillcrest. The Funds are not registered as investment companies under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) and are, therefore, not

subject to various provisions of the Investment Company Act. Shares or interests in the Funds are not registered for sale under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and are instead sold to qualified investors on a private placement basis. The services we provide to a Client, in the capacity as the investment manager, general partner, and/or managing member, may include: - organizing and managing an investment vehicle’s business affairs - acquiring, originating, financing, and disposing of investments - preparing financial statements and tax related schedules - providing investor relations functions such as drafting, printing, and distributing correspondence to existing and prospective investors Hillcrest’s senior management team, consisting of Kathleen Corton and Sharon Ann Miller (the “Senior Management Team “), is actively involved in the investment decisions for each Fund and some SMA/IMA Clients. In the instance of non-discretionary SMAs and IMAs, the Senior Management Team is not actively involved in the investment decisions of those Clients. The Senior Management Team assists in developing each Client’s investment objectives; identifying potential investments which are consistent with each Client’s investment objectives; evaluating specific real estate investments; analyzing, structuring, and negotiating investments; providing ongoing asset management of real estate investments; identifying opportunities to enhance investor return; developing strategy relative to investment holding periods and dispositions; and overseeing the marketing of investments identified for sale. C. Client Tailored Services and Client Tailored Restrictions Hillcrest manages each Client based on the investment objectives and investment restrictions set forth in the applicable Governing Documents of each such Client. Typically, pursuant to the Governing Documents of certain Clients, Hillcrest is prohibited from investing more than a certain percentage of such Client’s assets in any single investment. Further, the Firm may enter into side letters with certain limited partners of the Funds, which, in some instances, impose further restrictions on the Firm’s discretionary authority. Limited Partners are not investment advisory Clients of the Firm and do not impose restrictions on how the Firm invests its Funds, other than through negotiation of the Partnership Agreement, Management Agreement, their subscription agreement, and side letter, if any. Substantially all of Hillcrest’s revenues are expected to be related to real estate investment advisory and management services provided to real estate Clients, SMAs/IMAs, or joint venture arrangements. Outside of investment advice related to real estate-related investments, the Firm currently does not offer other investment services. D. Wrap Programs Hillcrest does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, Hillcrest had approximately $282,027,808 of real estate related investments. Of this amount, $108,663,847 is managed on a discretionary basis and $173,363,961 is managed on a non-discretionary basis.