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, an affiliate of Sullivan Realty Capital, LLC (“SRC”) 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 while seeking down-side protection and optimized returns in a risk-mitigated fashion. Lender Finance- focuses on providing investors loan-on-loan investments, typically in the form of master repurchase facilities collateralized by mortgage loans secured by residential real estate. Churchill offers its advisory services through privately offered investment funds (“Funds”) and separately managed accounts (“SMAs”). Herein, 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”). Churchill also manages certain portfolios of non-securities assets on behalf of entities that are not Clients but to which Churchill or its affiliates provide investment-related services (“Churchill Advised Entities”) including, but not limited to, loan-on-loan financing in the form of master repurchase agreements collateralized by mortgage loans secured by residential real estate. Each such portfolio is subject to the investment objectives, terms and conditions set forth in the applicable investment management agreement entered into by and between such Churchill Advised Entity and Churchill. While Churchill focuses on the asset classes and strategies discussed 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, 2023, the Firm managed approximately $171,126,152 of regulatory assets under management on a discretionary basis and $15,945,319 on a non-discretionary basis. Churchill also manages certain assets on a discretionary basis in the amount of $7,582,268,636. 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”).