Reverence Capital Partners LLC

Advisory Business Reverence Capital Partners, L.P. (“RCP”) was established in 2013. RCP, together with its relying adviser, Reverence Capital Partners Real Estate, LLC (“Reverence RE” and, together with RCP, “Reverence” or the “Firm”) is a private investment firm that provides investment advisory services to funds focused on three complementary strategies: (i) Financial ServicesFocused Private Equity, (ii) Opportunistic, Structured Credit, and (iii) Real Estate Solutions. RCP is owned by its three founders, Mr. Milton R. Berlinski, Mr. Peter C. Aberg and Mr. Alexander A. Chulack (the “Founders”). Mr. Berlinski serves as Managing Partner of RCP, while Messrs. Aberg and Chulack are Co-Founders and partners. The Firm also partners with companies that can benefit from its extensive industry relationships and operating and transaction experience. Reverence RE was established in 2024 and is wholly-owned by RREP GP Holdings, LLC, which is wholly-owned by RCP. Reverence RE expects to sponsor, manage and advise the RCP Real Estate Funds (as defined below) for the primary purpose of deploying capital into three real estate opportunity sets, namely (i) Special Situations, 1 (ii) Distressed Debt Acquisitions, 2 and (iii) Structured Solutions, 3 as well as to invest in other real estate-related investment opportunities further described in this brochure. The Firm provides investment advice to its: flagship private equity fund complexes (the “RCP Equity Funds”), credit fund complexes (the “RCP Credit Funds”), real estate fund complexes (the “RCP Real Estate Funds”) and to different co-investment entities, which were formed to facilitate a specific investment (each such co-investment entity, a “Co-Invest Fund,” and together with the RCP Equity Funds, the RCP Credit Funds and the RCP Real Estate Funds, the “Funds”). The Firm’s services to these entities may include investigating, analyzing, structuring, negotiating and consummating potential investments (including debt instruments), deploying Fund capital to acquire or originate loans, monitoring the performance of investments and advising the Funds as to disposition opportunities. Each Fund has a general partner (each referred to herein as a “General Partner” and together as the “General Partners”). Each General Partner is subject to the Advisers Act pursuant to RCP’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Firm. See Item 10: Other Financial Industry Activities and Affiliations. Investments in RCP Equity Funds, RCP Credit Funds and RCP Real Estate Funds are offered to investors through confidential offering documents (as amended and supplemented, the “Offering Materials”) that set forth the investment guidelines and/or the types of investments in which the assets of RCP Equity Funds, RCP Credit Funds and RCP Real Estate Funds, respectively, may be invested. Reverence’s investment advice is carefully tailored to the “Special Situations” refers to direct and/or indirect equity investments in real estate or entities that own real estate, financings, preferred equity investments or other similar instruments which are expected to meet the Fund’s target return objectives. “Distressed Debt Acquisitions” refers to the purchase of performing and non-performing (i) mortgage loans secured by an interest in real property, (ii) mezzanine loans secured by a pledge of the equity interests in a special-purpose entity that owns real property, and (iii) corporate level debt. “Structured Solutions” refers to preferred equity or subordinate capital in real estate companies / assets with distressed capital structures.

objectives of each Fund but not to the objectives of underlying investors in those Funds. The Firm occasionally offers, as permitted by the Governing Fund Documents (as defined below), certain current or prospective investors in the Funds and others an opportunity to make a co-investment with the Funds. In general, any such investor is individually responsible for determining whether it wants to participate in such a co-investment opportunity. The Firm expects in the future to advise additional clients, which may be additional pooled investment vehicles, separately managed accounts or institutional investors. This brochure is not an offer to invest in any of the Firm’s Funds. Any such offer would only be made through the provision of such Fund’s confidential Offering Materials, which include the private placement memorandum, subscription materials and limited partnership agreement (“Partnership Agreement” and, collectively, the “Governing Fund Documents”). Information included in this brochure is intended to provide a useful summary about the Firm, but it is qualified in its entirety by information included in its Funds’ confidential Offering Materials. As of December 31, 20254, the Firm had approximately $17,879,872,629 in discretionary regulatory assets under management (“RAUM”) and did not manage any client assets on a nondiscretionary basis. RAUM of $17,879,872,629 reflects the inclusion of $2,879,340,943 cumulatively invested by RCP I, RCP II and RCP V in certain of its co-investment funds, specifically RCP Artemis Co-Invest, L.P., RCP Harvest Co-Invest, L.P., Reverence Card CoInvest, L.P., RCP Benjamin Co-Invest, L.P., RCP MB Investments, L.P. and RCP Sun Investments, L.P.

Fees and Compensation Management Fees and Carried Interest As described in more detail in the applicable Fund’s Governing Fund Documents, in consideration for the investment advisory services provided to the Funds, the Firm is generally entitled to receive an annual management fee that ranges from 1.5% to 2.0% per annum of either the applicable Fund’s aggregate investor commitments or net invested capital, subject to certain adjustments. Investors participating in a closing after a Fund’s initial closing date bear the Management Fee from the initial closing date, generally in addition to an interest component payable to the Firm or an affiliate. Management fees are generally billed to each Fund and collected on a quarterly basis either in advance or in arrears, subject to the applicable Governing Fund Documents. The specific payment terms and other conditions of the management fees, carried interest and other compensation available to Reverence or a General Partner are set forth in the applicable Fund’s Governing Fund Documents. In consideration for the investment advisory services provided to each Co-Invest Fund, the Firm is entitled to receive an annual management fee consistent with the fees as appropriate for the relevant Fund, subject to certain adjustments. Subject to the applicable Fund’s Governing Fund Documents and any reductions or waivers mentioned below, investors in the Funds generally bear a carried interest equal to 15% – 20% of the profits, if any, earned from each investment made by the Funds after returning

This reflects the most recent information available at this time.

invested capital, management fees and other expenses and priority returns to the investors. Carried interest distributions are calculated and made to the general partner of each Fund out of the proceeds of the relevant investment at the time of realization (less any escrow withholding). Such carried interest distributions may be subject to a claw-back depending on the aggregate return of all of the Fund’s investments during a Fund’s term or at the end of its term, or alternatively, a portion of such carried interest will be placed in escrow as the limited partners’ recourse in the event of an overpayment of carried interest payments. Each Fund’s fee schedule generally is not negotiable. However, in most cases, the Firm and the General Partners have the discretion to waive or agree to reduce management fees and / or carried interest distributions (and, in some circumstances, to instead enter into an incentive fee arrangement) with respect to a particular Fund or a particular investor within a Fund. In addition, the Firm and the General Partners reserve the right to enter into side letter arrangements or other similar arrangements (“Side Letters”) with certain investors that have the effect of establishing rights under, or altering or supplementing the terms (including economic or other terms) of the Governing Fund Documents with respect to such investors. Other Fees and Expenses Borne by the Funds Subject to the limitations in the Governing Fund Documents, each Fund pays, and the investors in those funds indirectly bear, a number of other fees, costs, liabilities and expenses. These vary from private fund to private fund and in many cases are limited by the applicable Fund’s Governing Fund Documents, but generally include, without limitation: (i)

all fees, costs, expenses, liabilities and obligations relating or attributable to sourcing, identifying, evaluating, making, developing, structuring, organizing, negotiating, consummating, financing, refinancing, pledging, diligencing, originating, acquiring, managing, syndicating, managing, monitoring, operating, holding (including asset and loan servicing and administration), hedging, restructuring, trading, rating, selling, winding up, liquidating, dissolving or otherwise disposing of, as applicable, actual and potential investments (including follow-on investments) or seeking to do any of the foregoing (including deal initiation expenses, any associated legal, custodial, trustee, financing, origination, investment banking, placement, finder, underwriting (including both commissions and discounts), brokerage, commitment, transaction, exchange, clearing or other fees and expenses payable to attorneys, accountants, investment bankers, tax professionals, lenders or other financing sources, consultants and similar professionals and/or advisors in connection therewith and any fees and expenses related to transactions that may have been offered to co-investors), whether or not any contemplated investment, transaction or project (or co-investment) is consummated and whether or not such activities are successful (including breakup, reverse breakup and termination fees, expenses and payments) and any similar expenses associated with proposed investments that are ultimately not made by the Funds;

(ii)

routine expenses of the Fund that are not reimbursed by portfolio companies or portfolio investments, including legal, accounting, auditing, administrative, consulting and financing fees and expenses, the management fee, expenses associated with the preparation and distribution of the Fund’s investment-related financial statements or other reports, tax returns, tax estimates and Schedules K‐1 (and any other tax compliance and reports to the limited partners, and other regulatory expenses of the Fund or of the General Partner or the manager relating

to the Funds (including (A) any filings required under applicable securities laws regimes, (B) any forms, schedules, reports, filings, information or other documents prepared with respect to applicable tax and other authorities, including without limitation the U.S. Foreign Account Tax Compliance Act, the Common Reporting Standard issued by the Organisation for Economic Cooperation and Development and any other comparable and/or applicable non-U.S. and U.S. laws, rules or regulations, (C) any reports to be filed with applicable commodities and/or trading commissions or regimes, (D) Form PF and other filings, as well as the costs of any legal inquiries, including regulatory “sweeps”, (E) registration, reporting, schedules, filings, compliance information, documents and other expenses arising in connection with AIFMD or any other law, rule or regulation of any U.S. or non-U.S. jurisdiction related to marketing, offering, selling, holding, owning or disposing of Fund interests, including fees and expenses of any local agents, distributors, third-party service providers and professionals (including depositories, attorneys, agents and representatives) related to the foregoing (other than the initial notifications and filings which fall within Organizational Expenses), and/or (F) side letter and most favored nation elections, and other notices, reports and communications with the limited partners), but excluding, for the avoidance of doubt, expenses associated with the General Partners’ and/or the Firm’s compliance with the Advisers Act and any similar non-U.S. law or regulation imposing obligations upon the General Partners or Reverence solely with respect to providing investment advisory services or advice generally and not in any way pertaining to the Funds, any alternative investment vehicle or any investment specifically); (iii)

any costs and expenses related to the presence of the Funds, the General Partners, Reverence or their respective affiliates in jurisdictions in which the Funds maintain subsidiary acquisition vehicles, holding vehicles or other special purpose entities of the Funds or their subsidiaries formed to make, hold or otherwise facilitate investments directly or indirectly on behalf of the Funds;

(iv)

legal, accounting, custody, account, paying agent, depository, trustee, licensing (lender and otherwise), research (including subscriptions to periodicals or databases), audit, administration (including fees and expenses associated with the Funds’ third-party administrator and administration, tracking or reporting software or services, if any), information, market data, third-party diligence

software and service providers, consulting (including consulting and retainer fees and other compensation paid to consultants performing investment initiatives and other similar consultants, including Special Advisors and Operating Partners (each defined below)), tax and other professional services (including amounts contemplated in “InHouse Services” below);

(v)

any activities with respect to protecting the confidential or non-public nature of any information or data;

(vi)

indebtedness of, or guarantees made by, the Funds or any affiliate thereof on behalf of any Fund (including any margin loan, credit facility, letter of credit or similar credit support), including interest with respect thereto, or evaluating, negotiating, renegotiating, refinancing, maintaining, or seeking to put in place

any such indebtedness or guarantee; (vii)

independent appraisers, valuation agents, pricing services and any other thirdparties engaged in connection with considering, making, holding or realizing an investment;

(viii)

actual, threatened or otherwise anticipated litigation, governmental inquiry, investigation, audit, proceeding, mediation, arbitration or other dispute or dispute resolution process (including expenses incurred in connection with the investigation, prosecution, defense, judgment or settlement of litigation and the appointment of any agents for service of process, including expense of discovery related thereto, including any judgment, fine, other award or settlement entered into and/or paid or payable in connection therewith), except as otherwise set forth in the Governing Fund Documents;

(ix)

indemnification (including any legal or other fees, costs and expenses incurred in connection with indemnifying any Partner or other person pursuant to the Partnership Agreement and advancing fees, costs and expenses incurred by any such person in defense or settlement of any claim that may be subject to a right of indemnification pursuant to the Governing Fund Documents), except as otherwise set forth in the Governing Fund Documents;

(x)

the costs of any insurance policies for the benefit of the Funds or the General Partner’s or manager’s (including Reverence personnel’s) activities on behalf of the Fund, including directors and officers liability, fidelity bond, data protection, cyber, errors and omissions liability, crime coverage and general partnership liability premiums and other insurance and regulatory expenses, except as otherwise set forth in the Governing Fund Documents;

(xi)

all costs of organizing the Fund (provided that the limited partners’ obligations to make capital contributions in respect of management fees will be reduced by the amount of excess organizational expenses) and all costs incurred in connection with the termination, dissolution, winding up and liquidation the Funds; the formation, management, operation, termination, dissolution, winding up, liquidation, structuring and restructuring of any alternative investment vehicles, subsidiaries, holding entities or other special purpose vehicles;

(xii)

(xiii)

any audit, examination, investigation or other proceeding by any taxing authority or incurred in connection with any governmental or regulatory inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Funds, including the amount of any judgments, settlements, remediation or fines paid in connection therewith;

(xiv)

all costs of organizing any acquisition vehicles through which the Fund makes or holds investments;

(xv)

any taxes, fees and other governmental charges levied against the Funds and all expenses incurred in connection with any tax audit, inquiry, investigation, settlement or review of any of the foregoing, and any costs and expenses of or

related to the Fund representative (as set forth in the relevant Governing Fund Documents) of any Funds; (xvi)

unreimbursed costs and expenses incurred in connection with any transfer or proposed transfer by a limited partner;

(xvii) expenses incurred in connection with distributions to, and communications with, limited partners, and with holding any meetings of limited partners, including the annual limited partner meeting or other periodic or special meetings of the limited partners and any other conference or meeting with any limited partner(s) and any reimbursements related thereto (regardless of whether all of the individuals attending or otherwise participating in such meetings are limited partners), in each case, to the extent incurred by the Funds, the General Partners, Reverence or any affiliate thereof including, without limitation, set-up, room and board, dining, speaker fees and honorarium and other meeting-related expenses; (xviii) expenses relating to defaults of limited partners in the making of capital contributions; (xix)

expenses incurred in connection with amendments to, and waivers, consents or approvals pursuant to, the constituent documents of the Funds (including as the General Partners consider to be necessary or desirable to comply with the provisions of AIFMD), including the preparation, distribution and implementation thereof;

(xx)

reasonable out-of-pocket costs and expenses and any other fees, costs, expenses, liabilities or obligations of the limited partner advisory committees and the Special Advisors (as defined below);

(xxi)

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below), whether or not part of a formal fairness opinion, “request for proposal” process, or proposal or quotation provided exclusively for the benefit of the Firm. Certain of such transactions create conflicts of interest because, by not exposing such buy and sell transactions to market forces, a Fund may not receive the best price otherwise possible, or the Firm might have an incentive to improve the performance of a Fund by selling underperforming assets to another Fund in order, for example, to earn fees. Additionally, in connection with such transactions, the Firm, its affiliates, and/or their professionals (i) have significant investments, or intentions to invest, in the Funds that are selling and/or purchasing such an investment; or (ii) otherwise have a direct or indirect interest in the investment (such as through certain other participations in the investment). In the event the Firm wishes to reduce the investment of one or more Funds in an instrument and increase the investment of other Funds in such instrument, it may affect such transactions by directing the transfer of the instrument between the Funds. Any incremental costs and expenses associated with any such investment generally will be borne by the Funds on a pro rata basis. Cross-Fund Investments; Investments in Different Levels of the Capital Structure. The Funds may in the future make a “cross-fund investment.” A cross-fund investment means an investment in an Issuer in which another Fund already has an investment or will be making an investment at the same time. Cross-fund investments may occur when the vehicle with the existing investment does not have sufficient capital to make a follow-on investment or is at or approaching the end of its investment period or term, or where the Funds and a predecessor

and/or successor to the Funds are investing at the same time, and the Firm must allocate the investment opportunity across both vehicles. Cross-fund investing raises conflicts of interest for a variety of reasons. Where multiple Funds invest or consider investments in the same company at different times, the first Fund to invest typically will bear all or a higher level of diligence and transaction fees, costs and expenses than later Funds (whether in the same or different strategy than the first Fund); similarly, to the extent a transaction does not proceed, the first Fund to invest typically will bear the full amount of broken deal expenses relating to the transaction, regardless of whether other Funds could or would have invested in the company in potential future transactions. Often, the security that will be purchased by the later-investing investment vehicle may have more attractive terms and conditions than the securities issued to the earlier investment vehicle and may be higher in the capital structure than those held by the earlier vehicle. For example, the earlier vehicle may hold equity securities of a company and the later vehicle may purchase convertible debt securities of such company. In such a situation, the interests of a Fund and other Fund(s) may not always be aligned, which may give rise to actual or potential conflicts of interest or the appearance of such conflicts of interest. For example, questions may arise as to whether payment obligations and covenants at the Issuer level should be enforced, modified or waived, or whether debt should be refinanced or restructured. The fact that one investment vehicle’s interests sit higher in a company’s waterfall, or the stage of maturity of each investment vehicle (i.e., how close to the end of the vehicle’s life it may be) also could impact decision-making regarding potential sales processes, including what valuation to target and whether an exit should be pursued. Questions may arise about what action should be taken when a company is in financial distress, including whether to enforce claims and whether to initiate restructuring or liquidation inside or outside of bankruptcy, and the terms of any workout or restructuring may raise conflicts of interest, particularly with respect to investment vehicles that have invested in different securities within the same Issuer. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, investment vehicles may or may not provide such additional capital and, if provided, each investment vehicle generally will supply such additional capital in such amounts, if any, as determined by the Firm in its sole discretion. Because of the different legal rights associated with debt and equity of the same Issuer, the Firm and its affiliates expect to face a conflict of interest in respect of the advice given to, and the actions taken on behalf of, a Fund versus another Fund (e.g., the terms of debt instruments, the enforcement of covenants, the terms and recapitalizations and the resolution of workouts or bankruptcies). If multiple Funds were to invest at the same, different or overlapping levels of a portfolio company’s capital structure, there is a potential for conflicts of interest in determining the terms of each such investment. Questions may arise subsequently as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be refinanced or restructured. In troubled situations, decisions, including whether to enforce claims, or whether to advocate or initiate a restructuring or liquidation inside or outside of bankruptcy, and the terms of any workout or restructuring, may raise conflicts of interest, particularly with respect to Funds that have invested in different securities within the same portfolio company. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, Funds may or may not provide such additional capital, and if provided, each Fund generally will supply such additional capital in such amounts, if any, as determined by the Firm in its sole discretion. Because of the different legal rights associated with debt and equity of the

same portfolio company, in such situations the Firm would expect to face a potential conflict of interest in respect of the advice it gives to, and the actions it takes on behalf of, one Fund versus another Fund (e.g., the terms of debt instruments, the enforcement of covenants, the terms of recapitalizations and the resolution of workouts or bankruptcies). In administering, or seeking to reinforce, such agreements, the Firm expects to be subject to potential conflicts of interest, for example between a Fund with a reimbursement obligation and a Fund seeking reimbursement. In certain circumstances Funds may be expected to be prohibited from exercising (or the Firm may deem it appropriate to refrain from exercising) voting or other rights in order to mitigate the relevant potential conflicts, notwithstanding the fact that the investment(s) of one Fund or the other may be subject to creditor claims regarding subordination of interests. Conflicts also are expected to arise when a Fund makes investments in conjunction with an investment being made by another Fund, or if it were to invest in the securities of a company in which another Fund has already made an investment. To the extent a Fund has insufficient unfunded capital available to support its investment, then a Fund may suffer dilution, while the other Fund may continue investing. A Fund also may not, for example, invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as other Fund(s). This may result in differences in price, terms, leverage and associated costs. Further, there can be no assurance that a Fund and the other Fund(s) with which it coinvests will exit such investment at the same time or on the same terms. The Firm and its affiliates reserve the right to express inconsistent views of commonly held investments or of market conditions more generally. There can be no assurance that the return on a Fund’s investments will be the same as the returns obtained by other Fund(s) participating in a given transaction. Given the nature of the relevant conflicts there can be no assurance that any such conflict can be resolved in a manner that is beneficial to both the Fund and the relevant other Funds. In that regard, actions may be taken for other Fund(s) that adversely affect the Fund. Cross-fund investing also raises the risk of using the assets of a Fund to support portfolio companies of other Fund(s), which action might be motivated by a desire by the Firm to attempt to reduce the potential clawback liability of an affiliate of the General Partner and/or the Firm (and therefore the guarantor liability of the ensuing carry recipients). In determining whether to make a cross-fund investment and upon what terms, the Firm will follow the procedures set forth in the Partnership Agreements and will act in accordance with the Firm’s investment allocation policies and procedures, which may be amended. Successor Funds. The Firm expects in the future to organize Successor Funds, managed accounts and/or other investment products with objectives substantially similar to those of the Funds. Unless consented to by a Fund’s advisory committee, the General Partner will not generally commence the investment activities of a Successor Fund until the earliest of (i) the end of the Investment Period; and (ii) such time as at least 75% of the Commitments have been invested, committed or allocated for investment or reserved for follow-on investments as described in the Partnership Agreements and (iii) the occurrence of such other circumstances as set forth in the Partnership Agreements, subject to certain exceptions set forth in the Partnership Agreements. The Governing Fund Documents provide the Firm with wide-ranging authority to make determinations such as the cessation of a Fund's investment period (including the timing thereof). Such determinations generally dictate whether a predecessor or successor fund will be allocated investment opportunities and therefore the Firm faces conflicts of interest in making such determinations.

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Types of Clients The Firm provides investment advice solely to its Fund clients, and references throughout this Brochure to “clients” and to the Firm’s related duties to and practices on behalf of its clients and/or investors should be construed accordingly. Investors in the Funds generally include individuals, family offices, trusts, funds of funds, institutional investors, pension plans, endowments and sovereign wealth funds. Prospective investors in each of the Funds are required to meet certain suitability qualifications to enable the Funds to maintain their private placement exemptions under the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended (the “Investment Company Act”). The conditions for becoming an investor in each Fund, including the minimum investment, are set forth in the Offering Materials or the Governing Fund Documents for such Fund. The minimum investment is generally $5 million, though the Firm generally has the discretion to waive such minimum, subject to compliance with applicable law. ITEM 8 Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis and Investment Strategies RCP Equity Funds – Investment Strategy RCP’s equity strategy seeks to deliver attractive, risk-adjusted returns by investing in a

diversified portfolio of companies across the financial services sector, with an expected focus on five subsectors: (i) asset and wealth management, (ii), bank and non-bank finance companies, (iii) capital markets, (iv) financial technology and business services, and (v) insurance. Navigating the financial services sector requires specialization due to the business model complexities, cyclicality and continuous changes powered by demographic, technological and regulatory factors that impact the industry. RCP aims to identify investment opportunities through a combination of proactive engagement with companies identified through the development of its investing themes and the extensive network of relationships that the RCP investment professionals have with boards, management teams and intermediaries. RCP employs a thematic approach to investing, focusing on long-term trends and structural shifts, actively engaging in market-mapping the universe of potential investment opportunities, utilizing the Firm’s existing business network and further building relationships through active outbound prospecting. This approach concentrates the Firm’s efforts on businesses that are positioned to benefit from favorable long-term trends and are expected to produce positive risk-adjusted returns over their investment horizon. RCP focuses on opportunities where the Firm’s industry experience, product expertise and network of relationships present a competitive advantage. RCP Equity Funds – Investment Evaluation and Approval Process Each potential investment opportunity is initially reviewed by at least one RCP partner and typically discussed informally by a subset of RCP’s investment team and discussed informally among the Founders. One or more of RCP’s partners will make an initial determination regarding an investment’s attractiveness. These preliminary decisions are based on a number of important criteria, including: an evaluation of the quality of the business, the competitive dynamic and fundamental position of the industry, competitive advantages and disadvantages, the management team, potential valuation, transaction dynamics, likely competition for the transaction, potential upside and downside risks and potential exit strategies. Approved potential investment opportunities are assigned to a deal team, which is generally composed of one or more RCP partners and additional investment team members. The deal team is responsible for RCP’s comprehensive due diligence efforts, budgeting, structuring, contract negotiations and arranging financing for a potential investment. The deal team reports to, and consults with, RCP’s PE Investment Committee (the “PE Investment Committee”) as appropriate during various stages of a transaction, for example on whether to proceed with full due diligence (which generally entails engaging outside advisors) and whether to commit the Funds’ capital to the investment. When due diligence has been completed and definitive documentation is being finalized, the deal team must seek final approval from the PE Investment Committee before proceeding with the transaction and signing binding documentation. Currently, the Founders serve as the voting members of the PE Investment Committee. However, all members of the investment team typically participate in PE Investment Committee discussions. In its preliminary due diligence review, the deal team pays particular attention to a target company’s business model, financial performance, value proposition and growth prospects. It also considers industry position, consistency with the Fund’s investment criteria, RCP’s competitive position and potential transaction structures. After consulting with the PE Investment Committee and resolving any issues raised, the deal team will generally prepare a preliminary, non‐binding indication of interest (an “IOI”) to be submitted to the prospective

target company. If the target company accepts the terms of an IOI, the deal team commences a detailed initial due diligence process, focusing on testing its investment thesis, critical elements of alignment with the target and areas where RCP believes it could enhance value through active ownership. Upon completion of the initial diligence, the deal team prepares a more comprehensive PE Investment Committee briefing document setting out a detailed business overview, discussion of the investment thesis and key risks, preliminary diligence findings and thoughts on structure and valuation. The PE Investment Committee then engages with the deal team in a detailed review of the opportunity and provides feedback on additional resources to assist in further diligence and assessment of the opportunity, whether from RCP sources, the Firm’s Special Advisors or other industry contacts and resources. Upon PE Investment Committee approval, the deal team typically proceeds to submit a non‐ binding letter of intent (the “LOI”), which is reviewed by RCP’s Founders and contains key business, financial and legal terms for a potential transaction. If the target accepts the terms of the LOI, RCP retains experienced, third‐party professionals to assist in conducting final due diligence and preparing customary due diligence reports on finance, accounting, legal, regulatory, tax, know-your-customer (“KYC”), anti-money laundering, anti-terrorism, background checks and other relevant matters. Throughout the final diligence process, RCP focuses on confirming the thesis, identifying and addressing any key issues and ensuring alignment with key stakeholders at the target company. As the deal team nears completion of the final diligence, it presents its complete findings and recommendations to the Investment Committee in order to seek its final approval. Following an acquisition, the deal team responsible for the investment continues to have primary responsibility for monitoring the portfolio company’s performance. RCP monitors performance through its representation on the boards of directors or other governing bodies of its portfolio companies and by maintaining an ongoing dialogue with portfolio companies’ management teams. Portfolio companies are also reviewed as part of RCP’s weekly Investment Committee meetings. Material events and disposition opportunities involving portfolio companies are discussed with RCP’s Investment Committee and Portfolio Committee (which is described in Item 13 below). RCP Credit Funds – Investment Strategy RCP’s credit strategy seeks to make opportunistic structured credit as well as other credit and credit-related investments across two synergistic credit and credit-related opportunity sets: (i) Asset-Based Finance and (ii) Dislocated Credit. “Asset-Based Finance” refers to structured credit, including securities and other instruments (which are expected to be primarily in the form of loans but may be preferred equity, common equity or other instruments) that are secured by inventory, accounts receivable, equipment, real estate or other assets owned by the borrower. These three primary asset classes include the following sub-sectors, among others: (i) Specialty Finance: Equipment Leasing, Royalty Finance, Receivables and Inventory Financing, Small Business Lending, Auto Financing, Point of Sale Loans, Unsecured Consumer, Student and Vocational Lending, and Litigation Finance; (ii) Real Estate: Performing Loans, Sub/NonPerforming Loans, Bridge & Transitional Lending, Single-Family Rentals, Home Equity Investments, Mortgage Servicing Rights, Entertainment, Hotels, Industrial, Multifamily, Office, and Residential; and (iii) Transportation / Infrastructure: Transportation Finance, Commodity

Finance, Aviation Finance and Energy Finance. “Dislocated Credit” refers to performing or distressed loans, debt securities and similar instruments with an expectation at the time of investment of meeting the RCP Credit Fund’s target return objectives. Within Dislocated Credit, areas of particular focus are expected to include Structured Products and Corporate Credit. RCP Credit Funds intend to focus on investments in sectors which have less dedicated capital due to regulatory constraints on the banking system, complexity, and/or a need for innovative structuring or underwriting. Additionally, RCP Credit Funds intend to invest in public market securities in times of market dislocation. Further to this, a fundamental principle is to be agnostic to sectors and to be completely focused on relative value across sectors. Diversification is expected to play a part in choosing at any point in time several sectors with a potential for attractive risk-adjusted returns. RCP Credit Funds – Investment Evaluation and Approval Process The credit investment committee (“Credit Investment Committee”), is co-chaired by Peter Aberg (Partner, Co-Founder and Co-CIO, Credit) and Joshua Swidler (Managing Director, Co-CIO, Credit), with Milton Berlinski (Managing Partner and Co-Founder), and Steven Herrup (Deputy CIO, Credit) as members. The Credit Investment Committee meetings are open to all investment professionals, and the decision process is designed to be driven by consensus. The Credit Investment Committee, by consensus, has the authority to approve all Asset-Based Lending investments and all sector allocations. Each Dislocated Credit opportunity requires approval by an RCP partner and a portfolio manager. At the time of purchase, an exit price will be set and thereafter reevaluated based on evolving economic and market conditions. Dislocated Performing Credit The investment process for corporate credit includes an in-depth evaluation of the industry, current market dynamics, and a deep understanding of the individual credit and its peer group. RCP intends to focus on understanding the factors which impact corporate cash flow, asset valuation (if applicable), the mechanisms for repayment, and the liability structure, to obtain a solid appreciation of downside risk. Additional analysis includes potential for merger or acquisition, detailed review of credit documents and secured debt capacity, rating agency updates, benchmarking of cash conversion cycle / key industry specific financial metrics and an understanding of ecosystem competitors, suppliers, and clients. The investment process for structured products will commence with an understanding of the current market technicals and drivers of pricing followed by specific structural and collateral analyses. A structural analysis generally includes a review of reinvestment risk, call protection, covenants / triggers, securities waterfall / payment sequencing, reserve accounts, cash traps, manager / servicer / special servicer experience, reporting quality, issuer call options, coupon steps, refinance risk, structural leverage, and reserves. A collateral analysis generally includes a review of historical performance of the underlying collateral, loans, or leases (prepay speeds, delinquency, occupancy), projection of delinquency rates, charge-offs, prepayments, cash flows, asset liquidity, payee diversity, collateral characteristics (seasoning, concentrations, tenancy, location, competitive advantage, supply and demand), valuation / loss assumptions, data transparency and performance triggers. All of these factors are then reviewed in the context of peer / sector benchmark performance and outlook, market liquidity, yield curve analysis, regulatory policy, and scenario analysis.

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The existence of performance-based compensation has the potential to create an incentive for a General Partner to operate the relevant Fund in a riskier, more speculative or other manner that is less favorable to investors than it would otherwise make in the absence of such arrangement, although the Firm generally considers performance-based compensation to better align its interests with those of its investors, particularly in instances where the Governing Fund Documents include terms requiring clawback or giveback of performance-based compensation amounts at the end of the relevant Fund’s life or at certain interim intervals. As discussed in Item 5, the Funds’ investors generally bear a carried interest equal to 15% – 20% of the profits, if any, earned from each investment made by the Funds after returning invested capital, management fees and other expenses and priority returns to the investors. Carried interest distributions are calculated and made to the General Partner of the applicable Fund out of the proceeds of the relevant investment at the time of realization. Carried interest distributions may be subject to a claw-back depending on the aggregate return of all of the Fund’s investments (such a claw-back occurring during a Fund’s term or at the end of its term) or, alternatively, a portion of such carried interest distributions may be placed in escrow as

recourse for the limited partners in the event of an overpayment of such carried interest. Reverence and the General Partners have the discretion to waive or reduce carried interest distributions and, in some circumstances, to instead enter into an incentive fee arrangement with respect to a particular Fund or a particular investor within a Fund. The General Partners are related persons of the Firm. The Firm receives no portion of any such carried interest; however, certain of its supervised persons are entitled to a portion of any such carried interest paid. Carried interest arrangements create an incentive for the Firm to recommend investments which may be riskier or more speculative than those that would be recommended under a different arrangement in order to achieve higher returns. Despite this potential conflict of interest, the Firm will seek to manage its Funds in accordance with its stated investment objectives. As discussed above, Reverence and the General Partners have sought to further mitigate this risk by including claw‐back provisions or escrow arrangements in the carried interest distribution structure, disclosing information about investments to investors and requiring the General Partners’ members to make personal investments in the funds through the General Partners. To the extent that one or more of the Funds experience gains and one or more other Funds experience losses, Reverence has an incentive to allocate a disproportionate amount of time and resources to the Funds that are most likely to generate carried interest distributions. The Firm seeks to mitigate this risk by having the Firm’s principals make significant personal capital commitments to the Funds and by seeking capital commitments for a new fund complex only as its predecessor Fund approaches the end of the investment period or has invested a significant proportion of its investable capital.

Other Financial Industry Activities and Affiliations The Firm is affiliated with the General Partners and equivalent entities subject to the Advisers

Act pursuant to Reverence’s registration in accordance with SEC guidance. These entities operate as a single advisory business together with the Firm and generally share common owners, officers, partners, personnel, consultants or persons occupying similar positions. Each General Partner has exclusive management and control over its respective Fund and has delegated investment management authority to the Firm. As described in Item 6, each General Partner receives compensation based on the performance of the respective Fund. MPA BD SERVICES LLC (“MPA”) is an SEC registered broker-dealer that is under common control with the Firm. Reverence and MPA share office space and certain personnel. As further discussed in Item 5: Fees and Compensation —Transaction Fees, Special Income, and Affiliated Broker-Dealer Fees, any Affiliated Broker-Dealer Fees paid to MPA do not reduce or offset any management fees owed to the Firm by any Fund. For additional information about the activities of MPA, a description of material conflicts of interest created by the relationship among MPA, the Firm, the Funds, and their affiliates, as well as a description of how such conflicts are addressed, please see Item 8: Methods of Analysis, Investment Strategies and Risk of Loss — Certain Conflicts of Interest – Affiliated Broker-Dealer Activities.

Code of Ethics, Participation or Interest in Client Transactions and Personal Trading The Firm has adopted a code of ethics (the “Code of Ethics”) pursuant to Rule 204A-1 under the Advisers Act for purposes of establishing the standards of business conduct and fostering a culture of honesty and accountability and assisting its personnel with complying with the Advisers Act. The Code of Ethics is applicable to all personnel of the Firm and generally applies to all of such personnel’s personal trading transactions. The Code of Ethics generally prohibits Firm personnel from buying securities in any limited offering or initial public offering without obtaining pre- clearance from the Firm’s Chief Compliance Officer. In addition, the Code of Ethics generally prohibits personnel from purchasing any security that is currently on the Firm’s “Restricted List” or any security with respect to which a Fund has plans to purchase or sell. In addition, the Code of Ethics requires each Firm personnel to submit annual holdings reports detailing his/her current securities holdings and quarterly transaction reports detailing securities transactions effected in the quarter. The Firm will provide a copy of its Code of Ethics to any client or prospective client (and any investor or prospective investor in a Fund) upon request to the Chief Compliance Officer at the email address or phone number set forth under Item 2. However, the Firm reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time. No investor or prospective investor should invest with the Firm on the basis of, or otherwise rely on, the provisions thereof, and any such refinements or modifications have the potential materially to affect the investments available to the Funds or the expenses borne thereby.

Brokerage Practice The RCP Equity Funds invest primarily in private companies, the RCP Credit Funds primarily invest in loans and securities backed by credit or other assets, the RCP Real Estate Funds primarily invest in real estate-related investment opportunities as described in Item 8. Occasionally, a Fund is expected to execute transactions in publicly traded securities or invest in

debt securities or other debt-related investments. In those events, the Funds will incur brokerage costs and other fees, in which case the Firm will seek to satisfy its obligation to seek best execution. Best execution does not require the Firm to use the lowest price broker but requires the Firm to ensure that the client receives the overall best execution taking into account various quantitative and qualitative factors. In choosing brokers or dealers to effect securities transactions for the Funds, the Firm relies on its judgment, knowledge and experience in evaluating the broker-dealer’s reliability and capability based on previous and pending transactions effected by the broker-dealer. The Firm also reserves the right to consider factors such as price, commission, size of order, difficulty of execution and degree of skill required of the broker-dealer. The Firm is also expected to take into account certain broker-dealer specific factors, such as trading capability, financial stability and responsibility, reputation, operational efficiency and overall responsiveness to the Firm and the Funds. At this time, the Firm does not have any soft dollar arrangements, but it may choose to do so in the future, at its discretion. In the event that the Firm has determined to purchase or sell a security at the same time for more than one Fund, the respective orders for each such Fund will be aggregated. If the aggregated order is filled at different prices, all participating Funds will receive the weighted average price and will share any associated transaction costs on a pro rata basis.

Client Referrals and Other Compensation The Firm does not expect to receive any other compensation from any non-client in connection with the investment advice or other advisory services to the Funds. However, the General Partners or the Funds themselves reserve the right to receive fees in connection with the termination, cancellation or abandonment of a proposed Fund investment, organization, transaction or success fees in connection with the making of a Fund investment and/or periodic advisory, monitoring, consulting or other similar fees from one or more of the Funds’ portfolio companies and expect to receive immaterial gifts and entertainment from non-clients occasionally in the ordinary course of business. The management fee to which the Firm is entitled from each Fund is generally reduced by a portion of the amount of such fees, except as described in the applicable Governing Fund Documents. The Firm does not compensate any persons for client referrals. However, Reverence and its affiliates have entered into placement agent agreements whereby third-party placement agents may introduce investors to the Funds. Placement agents collect fees from the Funds, which will reduce the amount of capital available to the Funds for making investments, but an amount equal to the payments made by the Funds to such placement agents is a reduction item in the calculation of the management fees paid by such Funds. The practice of bearing such fees over time through offset provides a benefit to the Firm in that it generally results in prompt payment to the relevant placement agent without requiring the Firm immediately to fund such amounts, in addition to an expected tax benefit related to the deductible payment of expenses, and investors will not receive interest or other compensation for the time period between placement agent payment and the later date of offset of the relevant amounts against the relevant management fees.

Disciplinary Information The Firm’s partners, principals and officers have not been the subject of any legal or disciplinary action from a regulatory authority in the preceding ten years that would be material to a client’s or prospective client’s evaluation of the Firm’s business or its management.

Review of Accounts The portfolio companies and investments of each Fund are continuously and actively monitored by a team of investment and operating professionals, which monitoring includes reviews of each portfolio company’s or Issuer’s operations, overall performance, financial position, strategy and prospects. Investors in each Fund typically receive annual audited financial statements of the relevant Fund after the end of such Fund’s fiscal year and unaudited quarterly reports that provide narrative and summary financial information regarding the Fund’s portfolio companies after the end of the Fund’s first three quarters. Investors also receive ad hoc updates on occasion. In addition to general Fund reporting, Reverence expects to provide certain investors with additional or more frequent information that other investors will not receive (e.g., under a Side Letter or in response to diligence or other requests). RCP has created a Portfolio Committee (the “PC”) with respect to the RCP Equity Funds. The PC is currently composed of Mr. Chulack, who chairs the PC, Messrs. Berlinski and Aberg as well as three Special Advisors with strong operating experience. The PC also maintains access to a number of specialized consulting resources focused on key areas of value creation (e.g., technology, finance, IR/PR, marketing, etc.). RCP may expand the PC over time (including to add additional Special Advisors) as the Funds’ portfolios grow. The purpose of the PC is to focus and deliver on the Firm’s commitment to add value across the Funds’ portfolios. The PC meets quarterly and on a bi‐annual basis. During its periodic meetings, the PC assists in monitoring portfolio risks, performance, achievement of investment objectives and commitments made during the investment process. It is also responsible for tasks relating to value creation (e.g., technology planning, recruitment, balance sheet optimization, board construction, etc.). Furthermore, the PC assists in planning and executing on liquidity and value crystallization opportunities.

RCP has created an asset management team to provide additional oversight and functional support for investments acquired by the RCP Credit Funds and the RCP Real Estate Funds (“Asset Management Team”). The Asset Management Team expects to take an active approach to asset management and work closely with members of the investment team to customize an appropriate oversight approach for each investment by the RCP Credit Funds and the RCP Real Estate Funds. The Asset Management Team will be primarily responsible for: (i) monitoring investment performance (financial, operational, collateral) against underwriting and key market indicators, (ii) monitoring and enforcement of loan and credit documents (e.g., reporting, covenants), (iii) oversight of vendor and servicer relationships, and (iv) supporting internal risk rating and the investment valuation processes. These activities are expected to be performed throughout the investment lifecycle and are expected to contribute to overall success and value enhancement of the RCP Credit Funds’ and the RCP Real Estate Funds’ investments.

Custody Reverence has engaged an independent public accountant registered with, and regularly examined by, the Public Company Accounting Oversight Board to conduct annual audits of the Funds’ financial statements in accordance with U.S. Generally Accepted Accounting Principles. Each Fund’s audited financial statements are expected to be delivered to its investors within 120 days of the end of such Fund’s fiscal year.

Investment Discretion The management and control of each Fund is vested exclusively in the General Partner of such Fund, which, in turn, has delegated a portion of such discretionary authority to the Firm to manage the assets of such Fund. This investment discretion is limited by applicable law, the limitations prescribed in the Offering Materials of the Funds and the Governing Fund Documents, as well as by any other restrictions that the Firm may agree upon with any Fund or investors in any Fund.

Voting Client Securities In the event the Firm receives a proxy, the Firm’s policy is to exercise the proxy vote in the best interest of the Funds, taking into consideration all relevant factors, including without limitation, acting in a manner that the Firm believes will (i) maximize the economic benefits to the Funds and (ii) promote sound corporate governance by the issuer. On rare occasions, the Firm may be required to exercise a vote for a privately-held portfolio company, in which case the same principles shall apply. The Firm will seek to avoid material conflicts of interest between its own interests, on the one hand, and the interests of the Funds, on the other. The fiduciary duty the Firm owes to each Fund prohibits the adoption of a policy to enter default proxy votes in favor of board recommendations. However, as is typical in private equity, the Firm seeks and accepts the election of a Firm representative to serve on the board of directors of portfolio companies on behalf of its Funds and will typically, but not always, vote in favor of board recommendations. In situations where the Firm is required to vote the proxy for a company with respect to which Firm employees serve on the board of directors, the Firm has determined that this does not inherently present a conflict of interest, as the sole purpose of this representation is to maximize the return on the Funds’ investment in such company. Accordingly, while the Firm is generally, but not automatically, fully supportive of recommendations made by a portfolio company’s board of directors with respect to proxy votes related to that issuer, it will review all proxies and may or may not vote in favor of the board’s recommendation. All conflicts of interest will be resolved in the interests of the Funds after they are reviewed by the Firm’s General Counsel and Chief Compliance Officer and Managing Partner. In situations where the General Counsel and Chief Compliance Officer and the Managing Partner perceive a material conflict of interest, the vote under consideration and the perceived conflict of interest may be reviewed with the applicable Fund’s limited partner advisory committee, which will make a recommendation regarding the proxy vote. The Firm will also act in the best interest of its clients when voting arises with respect to consent rights relating to fixed-income securities, including but not limited to, plans of reorganization, waivers and consents under applicable indentures. The Firm will exercise its voting and/or consent rights in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of its clients.

Generally, the Firm’s clients cannot direct proxy votes. Issuers’ proxy voting materials are generally received directly by the Firm and are reviewed and considered by the applicable Fund’s investment professionals. The Firm’s General Counsel & Chief Compliance Officer is responsible for ensuring that proxies are voted and submitted in a timely manner, and that all books and records relating to proxy voting activities are retained in accordance with the

requirements of Rule 204-2(c)(2) under the Advisers Act. Investors may obtain a complete copy of the Firm’s proxy voting policies and procedures by contacting the Firm’s General Counsel & Chief Compliance Officer by electronic mail at thomas.marcotullio@reverencecapital.com and requesting such information. Each investor may also request in writing from the Firm’s General Counsel & Chief Compliance Officer information concerning the manner in which proxy votes have been cast on behalf of such investor’s Fund(s) during the prior annual period with respect to securities held by such Fund(s). Such information will be provided to the investor in writing within seven days.

Financial Information The Firm does not believe that it has any financial commitment that is reasonably likely to impair its ability to meet contractual commitments to its clients and has not been the subject of a bankruptcy petition at any time during the past ten years. The Firm does not require prepayment of fees six months or more in advance.