CIM Opportunity Zone Fund, L.P.

InvestmentDescription · AcquisitionDate · Cost (1) · Material AssetLevelEncumbrances · Asset Description · Occupancy · Material Leases/Power PurchaseAgreements

Operational Assets

Energy — Lemoore, CA(2)(3) · 12/13/2019 · 1,150,076 · 284,802 · A power company that owns and operates renewable power projects in California. The company’s portfolio comprises seven assets, including five operational assets and two construction readyassets. · N/A · Of the five operational projects, four have contractual revenues and one is selling power on the spot market

Multifamily — Atlanta, GA · 6/30/2022 · 92,500 · 50,000 · 304 residential units and 16,480 SF of retail space · N/A · The Fund has signed a 4,729 SF lease through 9/30/2036 with a restaurant tenant

Hotel — Atlanta, GA · 6/30/2022 · 141,600 · 292 Key Hotel and 5,800 SF of rooftop retail space · 19 · N/A

Multifamily — Los Angeles, CA · 6/1/2022 · 15,998 · 20,271 SF residential (24 units) and 1,111 SF retail space · 100 · Residential units leased for 12-month leases with individual tenants.

Multifamily — Washington D.C. · 7/27/2021 · 58,488 · 71,000 · 301 residential units with 18,269 SF commercial space · 90 · Residential units leased for 12-month leases with individual tenants. Commercial space is fully leased to a pre-school operator until August 31, 2036.

Office — Dallas, TX · 6/4/2021 · 97,604 · 124,369 · 472,495 square feet ("SF") Grade - A office space with 15,707 SF retail space · 92 · 450,000 SF of the office space is leased to a publicly traded technology company until December 31, 2032.

Office — Los Angeles, CA · 5/10/2022 · 12,728 · — · 16,000 SF office with 3,557 SF retail space · 100 · The entire office space is leased to a member-only social club until December 31, 2032.

Office — Los Angeles, CA · 10/1/2019 · 56,108 · — · 90,885 SF office with a 273-space parking structure · 10 · The Fund has signed two leases at the space. One on the ground floor through November 30, 2035 and another on the third floor through August 31, 2031.

Office — Los Angeles, CA · 1/4/2021 · 35,512 · — · 55,693 SF office with 9,000 SF of adaptive use space · 3 · A ground floor space is leased to a bank through September 30, 2032.

Office — Los Angeles, CA · 12/2/2021 · 7,554 · — · 9,074 SF office - 6,859 SF parking · 67 · The Property is currently 67% occupied. The Fund has signed two leases at the space. One for 1,482 SF through 11/30/2027 and another for 4,477 SF through 05/31/2031.

InvestmentDescription · AcquisitionDate · Cost (1) · Material AssetLevelEncumbrances · Asset Description · Occupancy · Material Leases/Power PurchaseAgreements

Office — Los Angeles, CA · 4/20/2023 · 6,120 · — · 6,518 SF creative office · 0 · N/A

Retail — Los Angeles, CA · 5/13/2024 · 2,465 · — · ~6,400 SF retail building · 91 · The Property is currently 91% occupied, with 5,798 SF leased and a weighted average lease term of 2.6 years.

(1)Represents the Fund’s proportionate cost of the investment.

(2)The Fund owns an 66.7% equity interest in the asset.

(3)During the year ended December 31, 2025, the Fund’s non-interest bearing $75.0 million note payable maturing on December 31, 2027 (the “Convertible Note”) with an affiliated vehicle managed by CIM (the “Lender”) was converted by the lender into equity in the investment.Investment had a loan agreement with an affiliated vehicle managed by CIM (the “Lender”) in the principal amount of up to $75.0 million, which was converted by the lender into equity in the investment as of December 31, 2025.

The following table describes our infrastructure and real estate assets under development as of December 31, 2025 (dollar amounts in thousands):

Investment Description · Acquisition Date · Cost (1) · Material Asset Level Encumbrances · Asset Description

Assets Under Development

Multifamily — Los Angeles, CA · 6/1/2022 · 67,062 · — · 90,244 SF residential (109 units) and 14,657 SF retail space

Multifamily — Los Angeles, CA · 6/1/2022 · 35,622 · — · 57,287 SF residential (74 units) and 9,150 SF retail space

Multifamily — Los Angeles, CA · 3/15/2023 · 71,524 · — · 111,000 SF residential (168 units) and 40,000 SF retail space

Multifamily — Los Angeles, CA · 3/30/2023 · 23,005 · — · 79,529 SF residential (146 units) and 8,181 SF of retail space

Retail — Los Angeles, CA · 3/1/2023 · 25,139 · — · 27,000 SF experientialretail building

Multifamily — Los Angeles, CA · 3/26/2024 · 8,688 · — · 32,960 SF affordable residential (116 units) with 1,800 SF of ground-floor retail space and 66 parking stalls

Multifamily — Los Angeles, CA · 3/26/2024 · 16,687 · — · Development of a 40-unit residential building with 995 SF ground-floor retail space and 52 parking stalls

(1)Represents the Fund’s proportionate cost of the investment.

• 6800 Georgia Ave. NW (DC) Owner, LLC (indirectly) Delaware³
• 70 Centennial Olympic Park Dr. NW (OZ) Employer, LLC (fka 95 Centennial (OZ) Employer, LLC) (indirectly) Delaware³
• 70 Centennial Olympic Park Dr. NW (OZ) Management, LLC (fka 95 Centennial (OZ) Management, LLC) (indirectly) Delaware³
• 70 Centennial Olympic Park Dr. NW (OZ) Owner, LLC (fka 95 Centennial (OZ) Owner, LLC) Delaware³
• Aquamarine Lessee, LLC (indirectly) Delaware³
• Aquamarine Lessor Parent, LLC (indirectly) Delaware³
• Aquamarine Managing Member, LLC (indirectly) Delaware³
• Aquamarine OZ SPV, LLC Delaware³
• Aquamarine Westside, LLC (indirectly) Delaware³
• CIM Epic Phase 2 QOZB GP 1, LLC Delaware³
• COZ 1, LLC Delaware³
• Castanea Project, LLC (indirectly) Delaware³
• Chestnut Westside, LLC Delaware³
• Epic Phase 2 QOZB, LP (indirectly) Texas³
• Glen Cove Villas (OZ) Holdings, LLC Delaware³
• Glen Cove Villas (OZ) Venture, LLC (indirectly) Delaware³
• OZ-Aquamarine Westside Investor, LLC (indirectly) Delaware³
• OZ-Aquamarine Westside Pledgor, LLC (indirectly) Delaware³
• Westlands Cluster 8 Holdings, LLC (indirectly) Delaware³
• Westlands Cluster 9 Gen-tie Owner, LLC (indirectly) Delaware³
• Westlands Electric Power Company Holdings, LLC (indirectly) Delaware³
• Westlands Electric Power Company Investor, LLC (indirectly) Delaware³
• Westlands Electric Power Company Procurement, LLC (indirectly) Delaware³
• Westlands Electric Power Company, LLC Delaware³
• Westlands Grape, LLC (indirectly) Delaware³
• Westlands Project Holdings, LLC (indirectly) Delaware³
• Westlands Solar Blue (OZ) Owner, LLC (indirectly) Delaware³
• Westlands Solar Blue (OZ) Parent, LLC (indirectly) Delaware³
• Westlands Transmission Project Owner, LLC (indirectly) Delaware³
• Westlands Transmission, LLC (indirectly) Delaware³
• Westside Assets, LLC (indirectly) California³

• In connection with the disposition of a Portfolio Asset, the Fund may be required to make certain representations about the business, financial affairs and other aspects (such as property, tax, insurance and litigation) of such Portfolio Asset typical of those made in connection with the sale of a business.
• Before making an investment in Portfolio Assets, the General Partner, the Manager and/or their respective affiliates will typically conduct due diligence that they deem reasonable and appropriate based on the facts and circumstances applicable to each potential acquisition. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues.
• The General Partner, the Manager and/or their respective affiliates may determine the suitability of assets based in part on the basis of financial projections for such assets.
• In light of the Fund’s strategy and the need to be able to deploy capital quickly to capitalize on potential opportunities, the Fund may from time to time maintain cash at the fund level pending deployment into Portfolio Assets, which may at times be significant.
• While the Fund intends to make distributions in cash, it is possible that certain distributions may be made in kind.
• We qualify as an “emerging growth company.” The reduced public company reporting requirements applicable to emerging growth companies may make it more difficult to compare our performance with other public companies.
• Our Manager faces conflicts of interest with CIM and its affiliates, which could result in a disproportionate benefit to CIM or its affiliates.
• Certain Risks Relating to Portfolio Assets
• The Fund’s Portfolio Assets will be subject to the risks inherent in the ownership and operation of real estate and real estate-related businesses and assets.
• The Portfolio Assets will be subject to various risks which may cause fluctuations in occupancy, rental rates, operating income and expenses or which may render the sale or financing of its properties difficult or unattractive.
• The Fund may acquire direct or indirect interests in undeveloped land or underdeveloped real property, which may often be non-income producing.
• The Fund may make acquisitions of real estate-related assets and businesses which are distressed or experiencing or are expected to experience severe financial difficulties that may never be overcome.
• The Fund may deploy capital in non-performing, sub-performing, distressed, undercapitalized or other troubled real estate and real estate-related assets, which may involve a high degree of financial risk. As a result of the speculative nature of the Fund’s assets, the possibility of partial or total loss of capital will exist. Limited Partners should not subscribe to or participate in the Fund unless they can readily bear the consequences of such loss.
• To the extent that the Fund acquires properties which have not yet achieved stabilization, it will be subject to the risks normally associated with unstabilized assets and development activities.
• In connection with any new development project, expansion of a project or acquisition of a project in late-stage development, Portfolio Assets may also face construction risks typical for real estate businesses.
• The real estate industry generally and the success of the Fund’s activities in particular will both be affected by general economic and market conditions in the U.S. economy and, to a lesser extent, the global economy generally, as well as by changes in applicable laws, trade barriers, currency exchange controls, the rate of inflation and local, national and international political and socioeconomic circumstances.
• The Fund’s strategy in some Portfolio Assets may be based, in part, upon the premise that real estate businesses and assets in certain gateway cities and elsewhere will be available for purchase by the Fund at prices that the General Partner and the Manager consider favorable.
• General fluctuations in interest rates may adversely affect the value of the Portfolio Assets.
• The military operations of the United States and its allies, the instability in various parts of the world and the increasing prevalence of terrorist attacks throughout the world could have significant adverse effects on the global economy.
• The long-term macroeconomic effects of pandemics or epidemics (such as the COVID-19 pandemic) could have a material adverse impact on our financial performance and the financial performance of our affiliates and our investments.
• Inflation could have a pronounced negative impact on the Fund’s mortgages and interest rates, the value of the Portfolio Assets and its general and administrative expenses, as these costs could increase at a rate higher than the rents collected at the Fund’s properties.
• The Fund may be exposed to substantial risk of loss arising from investments in Portfolio Assets involving undisclosed or unknown environmental problems, health or occupational safety matters or inadequate reserves, insurance or insurance proceeds for such matters that have been previously identified.
• Environmental conditions that may exist or arise in the future associated with assets outside the United States may give rise to similar, and possibly more onerous, risks and obligations under current or future legal standards and requirements in such jurisdictions.
• The acquisition, ownership and disposition of real properties carry certain other specific litigation risks.
• Failure to obtain required approvals and/or licenses necessary to acquire or operate real properties may adversely impact its strategy.
• The real estate industry is extensively regulated and subject to frequent regulatory change.
• Certain properties or related real estate assets in which the Fund deploys capital, especially those that have not yet achieved stabilization, may be expected to require additional financing to satisfy their working capital requirements, development requirements and/or acquisition strategies.
• The Fund may hold a non-controlling interest in certain Portfolio Assets and, therefore, may have a limited ability to protect its position in such Portfolio Assets.
• Capital and credit market conditions may adversely affect demand for our properties and the overall availability and cost of credit.
• Uninsured losses or losses in excess of our insurance coverage could materially adversely affect our financial condition and cash flows, and there can be no assurance as to future costs and the scope of coverage that may be available under insurance policies.
• Certain Risks Relating to Infrastructure Portfolio Assets
• Investment in infrastructure assets involves many significant relatively unique and acute risks.
• Investments in infrastructure assets are generally less liquid and involve a longer holding period than traditional private equity investments, which are themselves often considered illiquid and long-term.
• Some or all of the Fund’s investments may be subject to the risks inherent in the ownership and operation of assets or business that derive a substantial amount of their value from real estate and real estate-related interests.
• In many instances, the operation or acquisition of infrastructure assets involves an ongoing commitment to or from a governmental agency.
• The successful development and construction of new or expansion infrastructure projects entails a variety of risks (some of which may be unforeseeable at the time a project is commenced) and may require or result in the involvement of a broad and diverse group of stakeholders who will either directly influence or potentially be capable of influencing the nature and outcome of the project.
• The operations of infrastructure assets and businesses are exposed to unplanned interruptions caused by significant catastrophic events, such as cyclones, earthquakes, landslides, floods, explosions, fires, terrorist attacks, major plant breakdowns, pipeline or electricity line ruptures or other disasters.
• Demand, usage, and throughput risk can affect the performance of infrastructure assets.
• Certain infrastructure assets may be subject to rate regulations that determine or limit the prices they may charge, particularly if a Portfolio Asset is the sole or predominant service provider in its service area or provides services that are essential to the community.
• The success of public infrastructure projects is often dependent on governmental funding or subsidies.
• Investments in renewable energy and related businesses and/or assets historically have received support from national, state and local governments and regulatory agencies intended to finance or otherwise facilitate their development; however, such support may not be available in the future.
• The market for renewable energy products is emerging and rapidly evolving, and its future success is uncertain.
• The amount, timing and cost of generating electricity from renewable energy resources may not meet expectations and may vary significantly from period to period.
• Renewable energy technology may become obsolete.
• The widespread deployment of energy storage technologies is still a nascent market. Market rules and structures to compensate energy storage projects for the provision of grid services, load shift, transmission and distribution deferral and defrayal, among other potential sources of value, may not provide sufficient revenue relative to cover the cost of investment.
• Certain Risks Relating to the Operations of the Fund
• An affiliate of CIM has entered into a credit facility that is secured by a pledge of, among other things, the Manager’s right to receive management fees from various funds for which it serves as manager and/or operator and various CIM affiliates’ right to receive carried interest from such funds.
• If the Fund acquires a Portfolio Asset in a transaction with the intent of refinancing a portion of that Portfolio Asset, there is a risk that the Fund will be unable to complete the refinancing successfully.
• The Fund may use a substantial amount of leverage in connection with its Portfolio Assets, including for making distributions to Limited Partners.
• In the event that a Limited Partner defaults with respect to any portion of its Capital Commitment, such Limited Partner will be subject to the default remedies set forth in the applicable Agreement, including forfeiture of its voting rights and a substantial portion of its interest in the Fund and/or the cancellation of its Undrawn Commitment.
• Cybersecurity risks and cybersecurity incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact the Fund.
• Our approach to artificial intelligence may not be successful and could adversely affect our business.
• Limited Partners making capital contributions after the Initial Closing either as newly admitted Limited Partners or by increasing their Capital Commitment will participate in existing Portfolio Assets, diluting the interest of existing Limited Partners therein.
• In the event that there are substantial redemptions of the Units within a limited period of time, the Fund may find it difficult to adjust its strategies to the suddenly reduced amount of assets under management.
• The General Partner may require the redemption of all or any portion of a Limited Partner’s Units.
• Limited holdback on redemptions.
• In connection with the consummation of certain Portfolio Assets, the Fund expects to enter into swaps, caps and/or other hedging transactions designed to protect the Fund against adverse movements in interest rates.
• The Fund may be required to make contingent funding commitments or guarantees to portfolio entities or vehicles or entities in or alongside which the Fund deploys capital and to provide other credit support arrangements in connection therewith.
• The Fund is exposed to the risk that third parties that may owe the Fund money, securities or other assets will not perform their obligations.
• The Partnership Agreement and Management Agreement include exculpation, indemnification and other provisions that limit the circumstances under which the General Partner, the Manager and others can be held liable to the Fund.
• Limited Partners’ rights to information regarding the Fund will be specified, and strictly limited, in the Partnership Agreement.
• Because we do not have nomination and corporate governance, audit or compensation committees, investors will have to rely on the existing management team and the General Partner to perform these functions.
• We will incur increased costs as a result of operating as a reporting company, and our management will be required to devote substantial time to new compliance initiatives.
• If our internal controls over financial reporting are not effective, our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.
• Certain Regulatory, Tax and Legal Risks
• The Fund’s ability to achieve its objectives, as well as the ability of the Fund to conduct its operations, is based on laws and regulations which are subject to change through legislative, judicial and/or administrative action. Future legislative, judicial and/or administrative action could adversely affect the Fund’s ability to achieve its objectives, as well as the ability of the Fund to conduct its operations.
• If we fail to operate our business in a manner that permits our exclusion from the definition of “Investment Company” under the 1940 Act, we would become subject to substantial regulation with respect to our capital structure, management, operations, transactions with affiliated persons (as defined in the 1940 Act), and portfolio composition, which would materially adversely affect the Fund.
• Registration with the U.S. Commodity Futures Trading Commission (the “CFTC”) as a “commodity pool operator” or any change in the Fund’s operations necessary to maintain CIM’s, the General Partner’s and/or their respective affiliates’ ability to rely upon the exemption from registration could adversely affect the Fund’s ability to implement its objectives, conduct its operations and/or achieve its objectives and/or subject the Fund to certain additional costs, expenses, and/or administrative burdens.