Amherst Capital is a limited liability company organized under the laws of the State of Delaware. Amherst Capital is a subsidiary of Amherst Group Holdings, LLC and an indirect subsidiary of The Amherst Group LLC (“TAG”). Amherst Capital and CREST Fund GP, LLC (collectively, “Amherst Capital”) are together filing a single Form ADV in reliance on the position expressed in the January 18, 2012 Response of the Office of Investment Adviser Regulation, Division of Investment Management to the American Bar Association, Business Law Section. Amherst Capital was formed in November 2014 and commenced its investment advisory business in February 2015. Amherst Capital provides both discretionary and non-discretionary investment advisory services to institutional investors through pooled investment vehicles (private funds), “funds of one,” SMAs and collateralized loan obligation issuers (“CLOs”), as collateral manager. Amherst Capital also acts as a sub-adviser to BNY Mellon U.S. Mortgage Fund, Inc., a registered mutual fund. Investors include sovereign wealth funds, endowments, registered mutual funds and other institutions. Amherst Capital’s investment advice is generally limited to advice with respect to investments in mortgage-backed securities and commercial real estate debt. Amherst Capital provides discretionary investment advisory services to private real estate funds that are outside of, or excepted from, the definition of an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), including in reliance on the exceptions provided by Section 3(c)(1), Section 3(c)(5) and/or Section 3(c)(7) thereof, and whose securities are exempt from registration under the Securities Act of 1933 (the “Securities Act”), as amended (a “Fund”). In addition, interests in a Fund can be sold to a “knowledgeable employee” of Amherst Capital within the meaning of Rule 3c-5 under the Investment Company Act. Funds, CLOs and SMAs that we advise are referred to collectively herein as “Clients.” Amherst Capital offers commercial real estate (“CRE”) investment strategies that seek to originate and invest in non-recourse first mortgage loans, standalone mezzanine loan positions and other similar subordinate structures, (collectively, the “Loans”). Commercial real estate securing the Loans is expected to consist primarily of office, retail, multifamily, industrial, mixed-use, and hotel properties. A Fund investing in non-recourse first mortgage loans (“CRE Fund”) used leverage as part of its private mortgage investment strategy and was structured as a limited partnership and the general partner of the CRE Fund is an affiliate of Amherst Capital. However, the CRE Fund is no longer making new investments. As an investment adviser to Clients that invest in CRE Loans, Amherst Capital identifies investment opportunities and participates in the acquisition, financing, monitoring and disposition of investments for each Client. Amherst Capital provides investment advisory and management services to each Client pursuant to a separate investment management agreement (each, an “Investment Management Agreement”). The terms of the investment advisory services to be provided to the Client, including any specific investment guidelines or restrictions, will be set forth in the Client’s Investment Management Agreement. Amherst Capital advises the Amherst Tactical Opportunities Fund, LP, which will pursue its investment objective, without limitation, by using a total-return strategy, primarily through investments (both long and short) in various types of real estate debt and related assets including U.S. sovereign credit, instruments guaranteed by U.S. agencies, securitized interests in residential and commercial mortgages, listed equity instruments and U.S. dollar-denominated credit

instruments issued by public and private institutions involved in U.S. real estate markets and money market instruments (the “Tactical Opportunities Fund”). The general partner of the Tactical Opportunities Fund is an affiliate of Amherst Capital. Amherst Capital or its related entities have entered, and anticipate entering, into side letter agreements with certain investors in one or more Funds. A side letter alters the terms and conditions of the Fund with respect to that particular investor by, for example, providing the investor with different or preferential rights or terms, including but not limited to different fee structures and co-investment rights. Amherst Capital and its related entities have no obligation to inform any other investor of the terms of any such arrangement or to offer any such additional rights, terms or conditions, to any other investor in such Fund, except to the extent required by the organizational or offering documents of the Fund or applicable law. Once invested in a Fund, investors will generally not be able to impose additional investment guidelines or restrictions on the Fund. For these reasons, Amherst Capital will not be able to tailor the investment advisory services provided to a Fund to meet individual investor needs or impose individual investment restrictions on the investment strategies for underlying investors in a Fund. Investors should carefully consider whether an investment in a Fund is suitable for them in light of their sophistication, needs, risk appetite and financial condition. Amherst Capital also serves as the collateral manager to a CLO. CLOs typically issue rated senior and mezzanine notes and unrated subordinated notes (referred to collectively herein as the “CLO Securities”) in private placement transactions to persons who are eligible to purchase such interests under the Securities Act and the Investment Company Act. As collateral manager to the CLO, Amherst Capital focuses on making investments that can be expected to generate returns to meet the CLO’s payment obligations and optimize returns for investors. Amherst Capital manages the CLO subject to the powers, duties and limitations outlined within the collateral management agreement entered into between Amherst Capital and the CLO, the indentures governing the CLO and other relevant CLO constituent documents (“CLO Governing Documents”). Investors in the CLO should review the relevant offering document, indenture and other constituent documents pertaining to the CLO for additional information. Amherst Capital offers investment advisory services for its public mortgage and CRE strategies through SMAs that are tailored to meet SMA Clients’ individual investment goals and works with SMA Clients to create investment guidelines mutually acceptable to the SMA Client and Amherst Capital, which are memorialized in the agreement between Amherst Capital and the Client relating to the SMA (“SMA Agreement”). When creating investment guidelines, SMA Clients can choose, with agreement by Amherst Capital, to impose investment restrictions in certain individual securities or types of securities. SMA Clients who impose investment restrictions might limit our ability to fully employ the strategy resulting in investment performance that differs from that of the composite and other Client accounts. Funds of one can be similarly tailored to the investor’s individual goals. Amherst Capital also provides certain non-discretionary portfolio analytics and investment research services to Amherst Residential, LLC, pursuant to a negotiated intercompany agreement and to institutional investors through SMAs. As of December 31, 2023, Amherst Capital manages on a discretionary basis $4,357,069,189. As of December 31, 2023, Amherst Capital manages on a non-discretionary basis $66,950,000.