CREA Annual Report 2025

ANNUAL REPORT 2025 CREATING HOMES. EXPANDING OPPORTUNITY.

CREATING AFFORDABLE HOUSING ACROSS THE COUNTRY.

TABLE OF CONTENTS

MESSAGE FROM THE CEO A look ahead from our CEO, sharing the momentum, milestones, & inspiration shaping CREA’s next chapter

ALL-TIME IMPACT

See how CREA has helped shape the nation’s affordable housing landscape since 2001

ABOUT US

2025 AWARDS & HONORS A celebration of the outstanding people & properties recognized in 2025 for advancing CREA’s mission of affordable housing nationwide TEAM CREA Get to know the talented, passionate individuals who bring our mission to life every day CREACONNECT See how CREAConnect elevated employee belonging in 2025 through advocacy, connection, & initiatives that strengthened life inside CREA CREA FOUNDATION A look at how CREA Foundation opened doors for students in 2025 through impactful scholarships & measurable strides in expanding educational opportunity

Discover the mission, values, & purpose that drive our work to expand affordable housing nationwide

LEADERSHIP Meet the leaders guiding CREA’s vision & empowering our team to create lasting community impact

2025 IMPACT

A dynamic snapshot of the progress, partnerships, & achievements that defined CREA in 2025

MESSAGE FROM THE CEO

2025 was a year defined not only by record achievements, but by the discipline, resilience, and alignment that made those achievements possible amid political uncertainty and a tightening capital environment. In the pages ahead, you’ll see what went into creating a record year at CREA - while strengthening both our internal platform and our external partnerships. Beyond production, we deepened our long‑term impact through the CREA Foundation and CREAConnect, including the launch of our annual employee volunteer initiative, CREACares Day. With policy momentum building, we enter 2026 with strong industry tailwinds. Our differentiation continues to be our partnerships, our expanding brand, and our

values‑driven approach. I’m deeply grateful for the collective effort that shaped 2025 and energized by the opportunity to make 2026 our most impactful year yet.

Tony Bertoldi Chief Executive Officer CREA, LLC

ABOUT US

CREA, LLC is a tax credit syndicator committed to creating and preserving affordable housing. Specializing in Low-Income Housing Tax Credit (LIHTC) syndication, we connect developers and investors to fund housing solutions that make a meaningful impact in communities nationwide. Since 2001, we have been a trusted partner in the affordable housing industry, offering expertise in acquisitions, syndications, and portfolio management. Our collaborative approach ensures that every development is positioned for success, delivering long- term value for our partners and the residents they serve. At CREA, we take pride in building stronger communities, one development at a time. Our mission goes beyond housing - creating opportunities, fostering stability, and improving lives.

OUR PURPOSE

CREA helps eliminate financial and social barriers experienced by people and families across the country through financial solutions and connections with industry partners.

LEADERSHIP

JEFFREY WHITING EXECUTIVE CHAIRMAN

TONY BERTOLDI CHIEF EXECUTIVE OFFICER At the start of 2025, Tony Bertoldi stepped into the CEO role after joining CREA in 2009 and shaping the company’s syndications, investor relations, portfolio management, and credit platforms. Backed by nearly 30 years in LIHTC, he serves in multiple industry leadership roles, sits on key boards, contributes to the National Housing Crisis Task Force, and authored American Dream Come True .

CHARLES ANDERSON PRESIDENT Charles Anderson, President of CREA, oversees the company’s affordable housing platform, directing production, credit, and portfolio management teams and driving over $1B in annual LIHTC equity and a $13.5B national portfolio. With over 25 years of experience in the industry, he drives partnerships, business growth, and serves on the boards of the Indiana Affordable Housing Council and CREA Foundation.

BOARD OF DIRECTORS Jeffrey Whiting founded CREA in 2001 and led its growth into a nationally respected tax credit syndicator. After nearly 24 years as CEO , he now serves as Executive Chairman and board member. With a career in affordable housing finance dating back to 1989, he remains an active advocate for expanding the Low‑Income Housing Tax Credit and serves in several industry and community leadership roles.

ROGER SHANK, CPA CREA AMY TRAN STONE POINT CAPITAL MO VAUGHN SBV RE INVESTMENTS LLC JEFFREY WHITING CREA

CHARLES ANDERSON CREA ROBERT BENNETT SBV RE INVESTMENTS LLC TONY BERTOLDI CREA CLARINDA LIM STONE POINT CAPITAL EUGENE SCHNEUR SBV RE INVESTMENTS LLC

ROGER SHANK, CPA CHIEF FINANCIAL OFFICER

KATY MCSHANE, SPHR EXECUTIVE VICE PRESIDENT, CHIEF HUMAN RESOURCE OFFICER

ZIAD GHAFOUR CHIEF INFORMATION OFFICER

OUR PEOPLE ARE THE FOUNDATION OF OUR SUCCESS AND THE DRIVING FORCE BEHIND EVERY COMMUNITY WE HELP CREATE.

JUSTIN RUMER GENERAL COUNSEL, MANAGING DIRECTOR

TOM PEREIRA EXECUTIVE VICE PRESIDENT, PRODUCTION

On January 1, 2025, CREA activated its long- term succession plan, marking an important milestone in the company’s continued growth and stability. Tony Bertoldi assumed the role of Chief Executive Officer , Charles Anderson became President , while founder Jeffrey Whiting transitioned to Executive Chairman . This leadership evolution reflects nearly two decades of shared vision and partnership, reinforcing CREA’s commitment to innovation and its mission to expand affordable housing opportunities nationwide. Scan the QR code to read the full announcement. LEADERSHIP TRANSITION STRENGTHENS CREA’S FUTURE

2025 IMPACT

$1.385B EQUITY CLOSED

$1.955B EQUITY RAISED

DEVELOPER PARTNERS 78

INVESTOR PARTNERS 34

GEOGRAPHIC EXPANSION: EXPANDED REACH TO NORTH DAKOTA, GUAM & SAIPAN

INVESTED STATES 31

APARTMENT COMMUNITIES 91

9,448 AFFORDABLE HOMES PRESERVED OR CREATED

JOBS CREATED 11,810

PERMANENT SUPPORTIVE HOMES 473

RESIDENT PROFILE

CONSTRUCTION TYPE

COMMUNITY TYPE

FAMILY 58% SENIOR 28%

SPECIAL NEEDS 7% MIXED 7%

NEW CONSTRUCTION 69% REHAB 31%

URBAN 48% SUBURBAN 39%

RURAL 13%

ECONOMIC IMPACT * $759MM $1.3B

STATE & LOCAL REVENUE GENERATED (Taxes, permits & fees) $175.2MM

WAGES & SALARIES GENERATED (By employment)

FEDERAL REVENUE GENERATED (Taxes)

CENSUS TRACT PERCENTAGES OF MINORITY POPULATION By equity, 61% of properties are located in Census Tracts with minority populations greater than 50% , with a 52% average.

CREA SETS NEW BENCHMARK WITH $403.2 MILLION FUND CREA proudly announced the successful closing of CREA Corporate Tax Credit Fund 117, LP (“Fund 117”), at the end of 2025 which reached a total of $403.2 million in equity. As CREA’s 41st multi‑investor fund, 30th national fund, and the largest in the organization’s history, Fund 117 brought together 14 investor partners, including one new relationship - reflecting continued confidence in CREA’s platform and commitment to affordable housing.

Fund 117 included 36 developments, one of which expanded CREA’s footprint into its 49th state, North Dakota. The remaining properties were located across California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, New York, Ohio, Pennsylvania, Tennessee, and Texas, representing a broad national reach. Through the LIHTC program, the fund supported the construction or preservation of 3,484 affordable homes and was projected to generate 4,355 jobs across the country.

“Our goal has never been to simply add another state to the board, but we are honored to continue the expansion of the CREA brand by laying a foundation in North Dakota; bringing affordable housing to a community that will truly benefit from it,” said Charles Anderson, President. “Closing our largest fund to date in spite of a challenging geo-political environment makes me exceptionally proud of our team and deeply grateful to the many partners who trust us to safeguard their investments while simultaneously delivering meaningful community impact.”

FUND 115 CLOSES AT $232 MILLION IN EQUITY

In 2025, CREA advanced its mission to expand affordable housing with the successful closing of CREA Corporate Tax Credit Fund 115, LP (“Fund 115”) on September 10. As CREA’s 40th multi‑investor fund and 29th national fund, Fund 115 raised $232 million in equity from eight investor partners - all repeat relationships, reflecting sustained confidence in CREA’s mission and performance. Fund 115 comprised 16 properties across California, Florida, Illinois, Massachusetts, Michigan, North Carolina, Ohio, Oklahoma, Texas, and Wisconsin. The fund supported the construction or preservation of 1,670 affordable homes through the LIHTC program and was projected to generate more than 2,080 jobs nationwide.

CREATING HOMES FOR VETERANS Last year, in partnership with our investors and developers, CREA helped create or preserve 212 affordable homes for veterans, expanding housing access and stability for those who have served.

AFFORDABLE VETERAN HOMES IN 2025 212

THE GRANT AT MISSION TRAILS: EXPANDING HOUSING FOR MILITARY FAMILIES IN SAN DIEGO In 2025, CREA closed on The Grant at Mission Trails, a 47‑unit new construction community in San Diego designed to support current and former U.S. military households. Fourteen of the homes will serve as permanent supportive housing for veterans experiencing homelessness, complemented by onsite services that promote stability and long‑term wellness. Backed by a $25.1MM equity investment, the development will offer family‑focused amenities and convenient access to transit, parks, and neighborhood services. Expected to open in Spring 2027, The Grant will bring much‑needed, service‑oriented affordable housing to a central and growing community in San Diego.

FROM ASHES TO AMANECER: A TRIUMPH OF PERSEVERANCE PROPERTY IMPACT STORY

El Nuevo Amanecer in Los Angeles, CA was envisioned as a safe haven for veterans and families, offering 59 affordable homes and critical support services. Just as the development neared completion, a devastating fire reduced the fully framed structure to ashes, threatening to erase years of work and hope. Instead of giving up, CREA and its partners recommitted to the vision, navigating immense challenges to rebuild what had been lost. Today, El Nuevo Amanecer stands as a vibrant community where families can thrive and veterans can find stability, proving that perseverance and collaboration can overcome even the greatest setbacks.

SCAN THE QR CODE TO EXPLORE THE FULL STORY OF RESILIENCE & RENEWAL BEHIND EL NUEVO AMANECER

SCAN THE QR CODE TO EXPLORE ALL PROPERTY IMPACT STORIES & SEE HOW WE’RE BUILDING STRONGER COMMUNITIES, ONE DEVELOPMENT AT A TIME!

ALL-TIME IMPACT

$13.5B+ EQUITY RAISED

DEVELOPER PARTNERS 365

INVESTOR PARTNERS 113

INVESTED U.S. TERRITORIES 3

INVESTED STATES 49

COMMUNITIES INVESTED 1,059

97.4K+ AFFORDABLE HOMES PRESERVED OR CREATED

2025 AWARDS & HONORS

37 HILLSIDE SENIOR APARTMENTS SOCIAL HOUSING CATEGORY, AMERICAN ARCHITECTURE AWARDS 2025 37 Hillside was honored in the Social Housing category of the American Architecture Awards for its community‑focused design and sustainable, all‑electric approach. The development serves as a model for thoughtful and socially responsible housing.

PROMINENCE COMMONS II URBAN CATEGORY, 2025 EXCELLENCE IN AFFORDABLE HOUSING AWARDS

Honored at the Indiana Housing Conference, Prominence Commons II received recognition in the Urban Category for delivering 15 affordable homes supported by strong community partnerships and voluntary resident services, highlighting its positive impact on neighborhood stability.

COMPASS ON WASHINGTON SPECIAL NEEDS CATEGORY, 2025 EXCELLENCE IN AFFORDABLE HOUSING AWARDS Recognized at the Indiana Housing Conference, Compass on Washington was acknowledged in the Special Needs Category for providing 35 supportive homes for individuals transitioning from chronic homelessness, offering comprehensive services that promote long‑term residential stability.

EL NUEVO AMANECER APARTMENTS VETERANS HOUSING CATEGORY, 2025 RECOGNITION OF HOUSING TAX CREDIT EXCELLENCE

El Nuevo Amanecer Apartments earned national recognition for serving veterans and families in East Los Angeles, offering 59 affordable homes and demonstrating resilience through significant rebuilding and enhancement efforts after a 2020 fire.

JEFFREY WHITING INDIANA AFFORDABLE HOUSING COUNCIL LEADERSHIP AWARD

Jeffrey Whiting received the Indiana Affordable Housing Council Leadership Award for more than three decades of contributions to community development, helping deliver thousands of affordable homes and strengthening housing initiatives statewide.

HONORING CREA LEADERSHIP AT AHF’S 2025 AWARDS

CREA proudly celebrated two standout leaders at this year’s Affordable Housing Finance Awards. Jeffrey Whiting , was inducted into the Affordable Housing Hall of Fame in recognition of his long‑standing impact and commitment to advancing LIHTC. Adam Lavelle was also named a 2025 Young Leader for his emerging influence and contributions to the future of affordable housing. Together, these honors highlight the strength, vision, and leadership within Team CREA.

Photo credit: Tori Soper Photography

TEAM CREA

64% 44%

137 CREA

EMPLOYEE LIHTC EXPERIENCE OVER 5 YRS

EMPLOYEES

15 EMPLOYEES

EMPLOYEE LIHTC EXPERIENCE OVER 10 YRS

HIRED IN 2025

IN LIHTC 10.8

STATES WITH CREA EMPLOYEES 18

AVERAGE YRS’ EXPERIENCE

FOR VP’S & ABOVE 10.6

TENURE 7

AVERAGE YRS’ EXPERIENCE

AVERAGE YRS OF

INVESTING IN OUR PEOPLE

Launched in January, the LIHTC Lunchbreak series provides accessible, employee‑driven learning designed to strengthen technical LIHTC proficiency and deepen cross‑department understanding at CREA. This year, 114 employees participated in at least one session, with 76% participating in multiple sessions. By building shared knowledge and aligning teams around our mission, the series supports a more informed, connected workforce - one better equipped to advance CREA’s affordable housing goals. In addition to LIHTC Lunchbreak, leadership development and department‑specific trainings continued throughout the year, reinforcing our commitment to ongoing growth and professional development for all employees.

CONNECTING PEOPLE. DRIVING IMPACT. CREALIVE 2025

In 2025, CREA hosted it’s biennial internal event: CREALive - a transformative week dedicated to learning, collaboration, and celebration. A strategic investment in our people and mission, CREALive brings team members from across the country together in one space. This face-to-face engagement creates invaluable opportunities to strengthen relationships, share knowledge, and align on strategies that drive long-term success. Through dynamic breakout sessions, leadership insights, and team-building activities, we reinforced the culture that sets CREA apart - one rooted in collaboration, innovation, and purpose. CREALive wasn’t just about connection; it was about impact. By fostering engagement and strategic alignment, we are better positioned to deliver exceptional outcomes for

WANT TO EXPERIENCE THE HIGHLIGHTS? SCAN THE QR CODE TO WATCH THE RECAP VIDEO & SEE HOW CREA’S PEOPLE & VISION CAME TOGETHER TO MAKE CREALIVE 2025 UNFORGETTABLE.

CREACONNECT

CREAConnect is CREA’s internal program designed to strengthen employee engagement and reinforce the values that guide our work. Through four pillars: Philanthropy & Giving, Community Engagement & Volunteerism, Employee Engagement, and CREA Foundation, CREAConnect provides employees with structured opportunities to connect, contribute, and support the communities we serve. Employee Resource Groups (ERGs) operate within CREAConnect, offering additional channels for employees to collaborate, share ideas, and build community across the organization. The program is guided by the CREAConnect Board, a cross‑functional group that gathers employee input, identifies opportunities to enhance the workplace experience, and helps shape initiatives that support our people and align with the company’s mission. Their work ensures CREA remains responsive, relevant, and focused on strengthening both our teams and the impact we deliver.

COMMUNITY & EMPLOYEE ENGAGEMENT

GROUPS 4 12 PERSON

CREACONNECT BOARD

EMPLOYEE RESOURCE

- ALAANA - CAREGIVERS - LGBTQ+ - WOMENS

PHILANTHROPY & GIVING

9 MISSION-DRIVEN NONPROFIT ORGANIZATIONS SUPPORTED THROUGH CREA’S HOLIDAY GIVING INITIATIVE 12 ORGANIZATIONS SUPPORTED THROUGH CREA’S EMPLOYEE-DRIVEN CAUSES PROGRAM

6 ORGANIZATIONS SUPPORTED THROUGH EMPLOYEE RESOURCE GROUPS

OF CHARITABLE CONTRIBUTIONS $145K

TO CREA FOUNDATION $52K+

OF EMPLOYEE CONTRIBUTIONS

CREA-LED VOLUNTEER INITIATIVES 10 862 HOURS OF VOLUNTEER TIME OFF REPORTED VOLUNTEERISM 4

VOLUNTEER ENGAGEMENTS AT CREA PORTFOLIO PROPERTIES

ERG TEE OFF: FORE THE CULTURE

As part of CREALive week, employees took part in the first‑ever ERG Tee Off, a putt-putt‑themed event designed to spark connection across the company. More than 40 participants visited four creative putting stations, each hosted by one of our ERG groups. As they moved through the course, employees learned about ongoing initiatives while enjoying an engaging activity together. The event brought colleagues together in a fun, meaningful way and highlighted the creativity and teamwork that continue to strengthen employee engagement throughout the year.

CREACARES DAY 2025

In its inaugural year, CREACares Day 2025 brought CREA teams across the country together with a shared purpose: to give back to the communities where we live and work. On July 18, nearly 90 employees volunteered their time and talents to support local organizations, residents, and CREA-syndicated properties through hands on service.

Together, we turned one day into lasting impact. 90 volunteers. 10 service engagments. 7 cities. Countless moments of care.

Throughout the day, teams partnered on 10 service engagements that created visible, lasting impact. From refreshing community spaces with paint, repairs, and landscaping to packing hundreds of meals, hosting kids’ activities, assembling outreach kits, and supporting nonprofit programs, CREA employees worked side by side to strengthen the places residents call home. Whether on site, with community partners, or from home bases, each contribution was part of a collective effort rooted in collaboration and care. CREACares Day underscored the strength of CREA’s culture, one built on teamwork, humility, and a commitment to making a difference. The energy and pride felt across all seven participating cities reflected what’s possible when people come together around a common goal. CREACares Day 2025, set the foundation for a tradition rooted in shared purpose, connection, and meaningful impact. It underscored that our greatest strength isn’t only in the work we do every day, but in the way we show up together - supporting our communities, strengthening our culture, and standing alongside one another in service.

SCAN THE QR CODE TO WATCH THE RECAP VIDEO & SEE HOW OUR TEAM CAME TOGETHER TO MAKE A REAL DIFFERENCE IN OUR COMMUNITIES. TAKE A MOMENT TO RELIVE THE DAY & GET INSPIRED FOR WHAT’S AHEAD.

17 19

HELPING STUDENTS CROSS THE FINISH LINE.

CERTIFIED 501(C)(3) NONPROFIT - ESTABLISHED IN 2020

We believe real impact begins with people. This belief led us to the creation of the CREA Foundation, a commitment to opening doors for students from affordable housing communities and supporting their path to success. Our journey began at Indiana University Indianapolis (IUI), where 10 students became the first CREA Scholars in 2022. Today, are first cohort is preparing to graduate. We expanded to California State University, Northridge (CSUN) in 2023, supporting 20 scholars now entering their junior year, and extended our reach in 2025 to the University of Connecticut (UConn), welcoming students pursuing careers in real estate, community development, and related fields. Behind every number is a story. More than $1MM in scholarships has provided essential resources such as books, housing, technology, and academic support, reducing financial strain and giving students the stability they need to succeed. These scholarships are often considered the difference between being able to college and not. In addition to financial support, mentorship and internship opportunities help CREA Scholars explore new possibilities and build a strong foundation for life beyond college.

MISSION Through strategic partnerships, CREA Foundation improves the lives of youth and young adults facing adversity by creating opportunities for learning, development, and education.

VISION To expand college preparation, access, and success for youth and young adults living in our affordable housing communities.

FACTS & IMPACT

SCHOLARSHIPS FUNDED 38 AWARDED IN SCHOLARSHIPS $1MM+

UNIVERSITY PARTNERS 3

CURRENT CREA SCHOLAR INTERN 1

Indiana University Indianapolis

Located in downtown Indianapolis, Indiana University Indianapolis became our first partner school in 2022 with the launch of 10 CREA Scholars. That inaugural cohort will graduate in May 2026 - a major milestone for the program.

California State University, Northridge

In 2023, the Foundation added California State University, Northridge in Los Angeles’ San Fernando Valley, welcoming 20 CREA Scholars. These students are completing their junior year in Spring 2026 as they continue progressing toward graduation and career pathways.

University of Connecticut

In 2025, we expanded east to the University of Connecticut in Storrs. Here, we support students pursuing real estate and community development with focused career guidance, internships, and mentorship alongside scholarship support.

2025 HIGHLIGHTS: A YEAR OF MILESTONES AND MOMENTUM

In May, CREA Scholars wrapped up a successful spring semester. IUI students completed their junior year and prepared for senior year; CSUN students finished their sophomore year and advanced to junior year; and two UConn students were selected to start in the fall of 2025. By August, the fall semester began with exciting progress. IUI students entered their senior year, CSUN students advanced to junior year, and UConn students progressed into their junior year, marking the start of their studies in the university’s Real Estate and Urban Studies program.

In September, we began planning for our second cohort at IUI, which will join in Fall 2026. We also celebrated 10 CREA Scholars at CSUN who earned Dean’s List honors, a testament to their hard work and dedication.

In October, we welcomed our first UConn CREA Scholars, Karyana and Yutong, who will receive mentorship and career guidance from CREA team members. October also marked five years since the launch of the CREA Foundation, which has now supported 38 scholars and awarded more than $1MM in scholarships.

Finally, in November, a group at UConn achieved a remarkable victory by earning first place at the Boston College Corcoran Center’s “Future of Housing” Case Competition, beating 67 teams nationwide. The winning team included a one-off CREA Foundation scholarship recipient.

WHAT’S NEXT

In October 2025, we celebrated five years of the CREA Foundation. This milestone represents five years of students stepping into classrooms, pursuing degrees, building confidence, and preparing for their futures with the support of a community that believes in them. As we look ahead, our focus remains on the students we serve and the opportunities still to come. This fall, we will welcome the Class of 2026-2030, expanding our program to support another 10-student cohort attending Indiana University Indianapolis. These students will receive scholarship funding, mentorship, and professional exposure designed to help them navigate college and transition into meaningful careers. Each new class strengthens our scholar network and extends the foundation’s commitment to walking alongside students throughout their academic journey. Plans are also underway to expand CREA Foundation’s reach into Texas in 2027, creating access to the same support system for students in an additional region. This growth reflects our belief that talent is everywhere and that access to opportunity should be expanded wherever possible. In Fall 2026, the CREA Foundation Scholarship Golf Classic will return to Indianapolis, bringing together partners and supporters to raise funds that directly impact students. The success of this event ensures that future scholars can access the resources, mentorship, and community they need to thrive. Our mission remains centered on students. We are dedicated to increasing access to education, strengthening the support systems around each scholar, and expanding the number of students who can benefit from the Foundation in the years ahead.

OUR IMPACT GOES BEYOND THESE PAGES. SCAN TO WATCH A VIDEO WHERE YOU’LL HEAR FIRSTHAND HOW OUR MISSION HAS GROWN AND HOW IT CONTINUES TO EMPOWER THE SCHOLARS WE SERVE.

Boston 855 Boylston Street Suite 701 New York 800 Third Avenue Suite 3700

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info@creallc.com 317 634 4797 CREALLC.com

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