ProCap Asset Management Real Estate Credit Fund, L.P.

Location: Denver, Colorado

Senior secured commercial real estate credit fund for accredited investors. ProCap Asset Management Real Estate Credit Fund, L.P. targets middle-market CRE lending along the U.S. Eastern Seaboard and select metro markets. The fund is seeking $500 million in commitments through an open-end, evergreen REIT structure. Strategy Senior secured, floating-rate bridge and construction loans Average loan size of $5-$30 million, with 24-36 month terms and a target coupon of SOFR + 550 75% maximum LTV with structural lender protections A/B-note leverage structure that keeps ProCap in control of the asset from origination to repayment Property types: multifamily, industrial, retail and hospitality Targets (not guaranteed) 15%+ target return, excluding fund expenses 8%+ current income distribution Two-year deployment, with perpetual reinvestment thereafter Principal terms Minimum investment: $250,000; accredited investors only One-year lock-up, then quarterly redemption requests paid pro rata as investments are realized 1.5% annual management fee 8% preferred return, paid quarterly; 20% incentive fee with catch-up Manager and affiliates to invest an initial $6.0 million Team Managing Partners Tom Marano (formerly of Bear Stearns and Cerberus Capital Management) and Ross Chotin, and Managing Director Michael Coen, lead a team with over 90 years of collective construction, lending, investing and workout experience. Predecessor fund experience From 2019 through 2025, the same senior team deployed about $470.8 million across 36 realized investments at a predecessor fund, producing a 21.62% gross IRR and a 17.23% net IRR. Net IRR is after a 1.5% management fee and a 20% incentive allocation subject to an 8% preferred return, and excludes predecessor fund-level expenses. The Fund has not yet held its initial closing and has no operating or performance history. Past performance is not indicative of future results. This listing is for discussion purposes only and is not an offer to sell or a solicitation of an offer to buy any interest. Any offer will be made only through the Fund's confidential offering documents to qualified investors. Investing involves a high degree of risk, including possible loss of capital. Terms are subject to change and are qualified by the offering memorandum. Intermezzo may be compensated by ProCap Asset Management for investor introductions.