Advisory Business Churchill is a Delaware Limited Liability Company formed in 2018. The Firm is a private real estate investment firm which aims to capitalize on real estate debt, preferred equity, and distressed opportunities. The Firm is indirectly owned by Churchill Finance LLC. In March 2023, SRCSRC purchased a majority interest in Churchill Finance LLC. Churchill focuses on the residential real estate market by investing in real estate related securities and investments in both credit and preferred equity transactions. The Firm aims to leverage the collective expertise of its team members and utilizes proprietary sourcing networks to generate “off the run”, non-broadly marketed, investment opportunities. Churchill also aims to capitalize on bespoke, point-in-time opportunities throughout real estate market cycles with primary focus on downside protection while optimizing risk adjusted returns. Churchill’s residential strategy focuses on the following two market segments and opportunities: Specialty Finance- focuses on residential real estate with direct origination capabilities providing a complete lending, asset management and loan servicing platform to investors. Residential Real Estate- focuses on providing investors with opportunistic and unique real estate investments in major gateway cities with seemingly down-side protection while seeking to optimize returns in a risk-mitigated fashion. Churchill offers its advisory services through privately offered investment funds (“Funds”)and separately managed accounts (“SMAs”). Herein, all references to Funds, and SMAs are collectively referred to as the “Clients”. Each Fund is subject to the investment objectives,

terms and conditions outlined in offering documentation specific to each Fund, which includes but is not limited to subscription agreements, limited partnership/operating agreements, investment management agreements, and underlying transaction documents (“Offering Documents”). Each SMA is subject to the investment objectives, terms and conditions set forth in the applicable investment advisory agreement entered into by and between such SMA and Churchill (“Investment Advisory Agreement”, together with the Offering Documents, collectively, the “Governing Documents”). While Churchill focuses on the asset classes and strategies discuss throughout this Brochure, the Firm does not necessarily limit the types of investments on which it advises. To the extent agreed upon in the Governing Documents, Churchill tailors its investment advisory services to be consistent with each Client’s investment strategy, return profile, concentration limits, time horizon, liquidity mandates and other related objectives, as defined therein. The Firm may permit Clients to impose reasonable restrictions on investing in certain securities or types of securities. Churchill does not participate as a sponsor of or portfolio manager to any wrap fee programs. As of December 31, 2022, the Firm managed approximately $275,013,415 of regulatory assets under management on a discretionary basis. Churchill also manages certain assets on a discretionary basis in the amount of $5,407,424,320. Those assets do not count toward the Firm’s regulatory assets under management as they do not meet the definition of a “securities portfolio” under the Investment Advisers Act of 1940 (“Advisers Act”).