# EDGAR Filing Document

**Accession Number:** 0001765107
**File Stem:** 0001765107-25-000028
**Filing Date:** 2025-11
**Character Count:** 173934
**Document Hash:** d6733240cb7fdeb8201a974239a052ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001765107-25-000028.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001765107-25-000028

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIM Opportunity Zone Fund, L.P.
- **CENTRAL INDEX KEY:** 0001765107
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTORS, NEC [6799]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 832441037
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56544
- **FILM NUMBER:** 251486236

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 WILSHIRE BLVD
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90010
- **BUSINESS PHONE:** 323-860-4900

**MAIL ADDRESS:**
- **STREET 1:** 4700 WILSHIRE BLVD
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90010

?xml version='1.0' encoding='ASCII'? cim-20250930

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**Form 10-Q** 

 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number 000-56544**

 

**CIM OPPORTUNITY ZONE FUND, L.P.**

**(Exact name of registrant as specified in its charter)**

 

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | | **83-2441037** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | | **(I.R.S. Employer<br>Identification Number)** |
| **4700 Wilshire Boulevard** | **4700 Wilshire Boulevard** | | |
| **Los Angeles,** | **California** |  | **90010** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** |  | **(Zip code)** |
|  | **(323)** | **860-4900** |  |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**Not Applicable**

**(Former name, former address and former fiscal year, if changed since last report)** 

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ |
| | | | | Non-accelerated filer | |
| Smaller reporting company | ☒ | Emerging growth company | ☒ | Non-accelerated filer | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of November 10, 2025, there were 1,854,036 Limited Partnership Units of CIM Opportunity Zone Fund, L.P. outstanding.

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**<u>CIM OPPORTUNITY ZONE FUND, L.P. AND SUBSIDIARIES</u>**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[PART I — FINANCIAL INFORMATION](#i69905b317a2641548714695e397e00e0_13)</u> | <u>[3](#i69905b317a2641548714695e397e00e0_13)</u> |
| &nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#i69905b317a2641548714695e397e00e0_16)</u> | <u>[3](#i69905b317a2641548714695e397e00e0_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of](#i69905b317a2641548714695e397e00e0_22)[September](#i69905b317a2641548714695e397e00e0_22)[30, 2025 and December 31, 2024](#i69905b317a2641548714695e397e00e0_22)</u> | <u>[3](#i69905b317a2641548714695e397e00e0_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three and](#i69905b317a2641548714695e397e00e0_25)[nine](#i69905b317a2641548714695e397e00e0_25)[months ended](#i69905b317a2641548714695e397e00e0_25)[September](#i69905b317a2641548714695e397e00e0_25)[30, 2025 and 2024](#i69905b317a2641548714695e397e00e0_25)</u> | <u>[4](#i69905b317a2641548714695e397e00e0_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Partners' Capital and Redeemable Partners' Capital for the three and](#i69905b317a2641548714695e397e00e0_28)[nine](#i69905b317a2641548714695e397e00e0_28)[months ended](#i69905b317a2641548714695e397e00e0_28)[September](#i69905b317a2641548714695e397e00e0_28)[30, 2025 and 2024](#i69905b317a2641548714695e397e00e0_28)</u> | <u>[5](#i69905b317a2641548714695e397e00e0_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i69905b317a2641548714695e397e00e0_31)[nine](#i69905b317a2641548714695e397e00e0_31)[months ended](#i69905b317a2641548714695e397e00e0_31)[September](#i69905b317a2641548714695e397e00e0_31)[30, 2025 and 2024](#i69905b317a2641548714695e397e00e0_31)</u> | <u>[7](#i69905b317a2641548714695e397e00e0_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i69905b317a2641548714695e397e00e0_34)</u> | <u>[8](#i69905b317a2641548714695e397e00e0_34)</u> |
| &nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i69905b317a2641548714695e397e00e0_85)</u> | <u>[34](#i69905b317a2641548714695e397e00e0_85)</u> |
| &nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i69905b317a2641548714695e397e00e0_109)</u> | <u>[41](#i69905b317a2641548714695e397e00e0_109)</u> |
| &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i69905b317a2641548714695e397e00e0_112)</u>  | <u>[41](#i69905b317a2641548714695e397e00e0_112)</u> |
| <u>[PART II — OTHER INFORMATION](#i69905b317a2641548714695e397e00e0_115)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_115)</u> |
| &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i69905b317a2641548714695e397e00e0_118)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_118)</u> |
| &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i69905b317a2641548714695e397e00e0_121)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_121)</u> |
| &nbsp;&nbsp;<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u> | <u>[42](#i69905b317a2641548714695e397e00e0_124)</u> |
| &nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i69905b317a2641548714695e397e00e0_124)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_124)</u> |
| &nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i69905b317a2641548714695e397e00e0_127)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_130)</u> |
| &nbsp;&nbsp;<u>[Item 5. Other Information](#i69905b317a2641548714695e397e00e0_130)</u> | <u>[42](#i69905b317a2641548714695e397e00e0_133)</u> |
| &nbsp;&nbsp;<u>[Item 6. Exhibits](#i69905b317a2641548714695e397e00e0_133)</u> | <u>[43](#i69905b317a2641548714695e397e00e0_136)</u> |
| &nbsp;&nbsp;<u>[Signatures](#i69905b317a2641548714695e397e00e0_139)</u> | <u>[44](#i69905b317a2641548714695e397e00e0_139)</u> |

---

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**CIM OPPORTUNITY ZONE FUND, L.P.**

**CONSOLIDATED BALANCE SHEETS**

(in thousands, except unit amounts) (unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $237562 | $178553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 688381 | 547886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar facilities | 910851 | 854078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 16411 | 14525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate under development | 465122 | 291436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in real estate | 2318327 | 1886478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (102696) | (79927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in real estate, net | 2215631 | 1806551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities, at fair value | 93785 | 119127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 193225 | 336192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 32414 | 4450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 34605 | 32572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions receivable |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related party | 12010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease | 218220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use asset | 31880 | 32517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 62704 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**2894474** | $**2335632** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, at fair value | $265801 | $295464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 67492 | 53528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid rent and other liabilities | 1535 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 36257 | 35925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, net |  | 31111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 7881 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 3179 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **382145** | **421721** |
| COMMITMENTS AND CONTINGENCIES (NOTE 10) |  |  |
| REDEEMABLE PARTNERS' CAPITAL: 1,853,475 and 1,825,181 limited partnership units issued and outstanding as of September 30, 2025 and December 31, 2024 | 2520021 | 2249462 |
| **PARTNERS' CAPITAL** |  |  |
| GENERAL PARTNER: 561 and 553 limited partnership units issued and outstanding as of September 30, 2025 and December 31, 2024 | 945 | 882 |
| Additional paid-in capital | 156990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | (586036) | (447254) |
| **Total partners' capital excluding noncontrolling interests** | (428101) | (446372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 420409 | 110821 |
| **Total Partners' Capital** | (7692) | (335551) |
| **TOTAL LIABILITIES, REDEEMABLE PARTNERS' CAPITAL AND PARTNERS' CAPITAL** | $**2894474** | $**2335632** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**CIM OPPORTUNITY ZONE FUND, L.P.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(in thousands) (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar revenue | $30429 | $47236 | $59065 | $112691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and other property income | 9283 | 8344 | 27470 | 26303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | **39712** | **55580** | **86535** | **138994** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar and property operating expense | 9621 | 11721 | 27899 | 31348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees to related party | 10423 | 9640 | 30958 | 27976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction-related costs | 3354 |  | 3354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement to related parties | 772 | 700 | 2552 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other | 3005 | 3615 | 9186 | 10579 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 2680 | 3793 | 7454 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense, net | 9858 | 13499 | 29618 | 38064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate tax | 889 | 1296 | 3692 | 3962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | **40602** | **44264** | **114713** | **121178** |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 28541 |  | 31223 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6479 | 2534 | 17870 | 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on net investment in lease |  |  | 117364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments in unconsolidated entities | 2675 | 308 | 4297 | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of notes payable | (31260) | (4924) | (31798) | (11934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense)** | **6435** | **(2082)** | **138956** | **7010** |
| **Net income** | **5545** | **9234** | **110778** | **24826** |
| Net income attributable to non-controlling interests | 303 | 637 | 15032 | 696 |
| **Net income attributable to CIM Opportunity Zone Fund, L.P.** | $**5242** | $**8597** | $**95746** | $**24130** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**CIM OPPORTUNITY ZONE FUND, L.P.**

**CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND REDEEMABLE PARTNERS' CAPITAL**

(in thousands) (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Redeemable Partners' Capital** | **Redeemable Partners' Capital** | | | | | |
| | **Limited Partners** | **Affiliated Limited Partners** |<br>**General Partner** |<br>**Additional Paid-In Capital** |<br>**Retained Earnings (Deficit)** |<br>**Non-Controlling Interests** |<br>**Total Partners' Capital** |
| **Balance as of January 1, 2025** | $2218554 | $30908 | $882 |  | $(447254) | $110821 | $(335551) |
| Fixed return decrease | (41) |  |  |  |  |  |  |
| Fixed return increase | 41 |  |  |  |  |  |  |
| Capital contributions | 10917 |  |  |  |  | 40 | 40 |
| Distributions and redemptions |  | (8324) |  |  |  |  |  |
| Net income | 88376 | 1442 | 49 |  |  | 14284 | 14333 |
| Change in fair value of redeemable Limited Partners' capital | (81210) | (801) |  |  | 82011 |  | 82011 |
| **Balance as of March 31, 2025** | $2236637 | $23225 | $931 | $— | $(365243) | $125145 | $(239167) |
| Fixed return decrease | (55) | (1) |  |  |  |  |  |
| Fixed return increase | 56 |  |  |  |  |  |  |
| Capital contributions | 10879 |  |  |  |  | 1396 | 1396 |
| Epic Merger | 6148 |  |  |  |  | (8821) | (8821) |
| Distributions and redemptions | (348) |  |  |  |  | (264) | (264) |
| Net income | 521 | 110 | 6 |  |  | 445 | 451 |
| Change in fair value of redeemable Limited Partners' capital | 7408 | 86 |  |  | (7494) |  | (7494) |
| **Balance as of June 30, 2025** | $2261246 | $23420 | $937 | $— | $(372737) | $117901 | $(253899) |
| Fixed return decrease | (55) |  |  |  |  |  |  |
| Fixed return increase | 55 |  |  |  |  |  |  |
| Capital contributions | 16822 |  |  |  |  | 21835 | 21835 |
| Additional paid-in capital and non-controlling interest resulting from WEPCO transaction |  |  |  | 156990 |  | 304492 | 461482 |
| Distributions |  |  |  |  |  | (24122) | (24122) |
| Net change in unrealized incentive allocation | (45763) | 45763 |  |  |  |  |  |
| Net income | 5077 | 157 | 8 |  |  | 303 | 311 |
| Change in fair value of redeemable Limited Partners' capital | 212425 | 874 |  |  | (213299) |  | (213299) |
| **Balance as of September 30, 2025** | $**2449807** | $**70214** | $**945** | $**156990** | $**(586036)** | $**420409** | $**(7692)** |

---

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Redeemable Partners' Capital** | **Redeemable Partners' Capital** | | | | |
| | **Limited Partners** | **Affiliated Limited Partners** |<br>**General Partner** |<br>**Retained Earnings (Deficit)** |<br>**Non-Controlling Interests** |<br>**Total Partners' Capital** |
| **Balance as of January 1, 2024** | $1964897 | $54193 | $866 | $(316191) | $111450 | $(203875) |
| Fixed return decrease | (116) | (3) |  |  |  |  |
| Fixed return increase | 119 |  |  |  |  |  |
| Capital contributions | 25570 |  |  |  | 1715 | 1715 |
| Distributions and redemptions |  | (32530) |  |  |  |  |
| Net income (loss) | 6530 | 472 | 8 |  | (861) | (853) |
| Change in fair value of redeemable Limited Partners' capital | 8062 | 246 |  | (8308) |  | (8308) |
| **Balance as of March 31, 2024** | $2005062 | $22378 | $874 | $(324499) | $112304 | $(211321) |
| Fixed return decrease | (74) | (1) |  |  |  |  |
| Fixed return increase | 75 |  |  |  |  |  |
| Capital contributions | 29978 |  |  |  | 547 | 547 |
| Distributions |  |  |  |  | (15) | (15) |
| Net change in unrealized incentive allocation | (14845) | 14845 |  |  |  |  |
| Net income | 8327 | 187 | 9 |  | 920 | 929 |
| Change in fair value of redeemable Limited Partners' capital | 53113 | 531 |  | (53644) |  | (53644) |
| **Balance as of June 30, 2024** | $2081636 | $37940 | $883 | $(378143) | $113756 | $(263504) |
| Fixed return decrease | (161) | (2) |  |  |  |  |
| Fixed return increase | 163 |  |  |  |  |  |
| Capital contributions | 60077 |  |  |  | 16 | 16 |
| Distributions |  |  |  |  | (1367) | (1367) |
| Net change in unrealized incentive allocation | 1962 | (1962) |  |  |  |  |
| Net income | 8243 | 345 | 9 |  | 637 | 646 |
| Change in fair value of redeemable Limited Partners' capital | 13676 | (300) |  | (13376) |  | (13376) |
| **Balance as of September 30, 2024** | $**2165596** | $**36021** | $**892** | $**(391519)** | $**113042** | $**(277585)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**CIM OPPORTUNITY ZONE FUND, L.P.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in thousands) (unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net income | $110778 | $24826 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization, net | 29618 | 38064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 157 | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | 637 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of below-market REC agreement | (28519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on Epic Merger | (2673) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain on net investment in lease | (117364) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on investments in unconsolidated entities | (4297) | (8297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of notes payable | 31798 | 11934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on investment in unconsolidated entities | 709 | 3248 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2684) | 15816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 57 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 332 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 3942 | (1915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from related party | (11993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease receivable | 1134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid rent and other liabilities | (1574) | (599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (2190) | (24838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Cash Provided by Operating Activities | 8029 | 60929 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Acquisitions of investments in real estate |  | (9799) |
| Additions to investments in real estate | (142963) | (167798) |
| Cash acquired in connection with WEPCO | 7427 |  |
| Return of investment in unconsolidated entities |  | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used In Investing Activities | (135536) | (172965) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Capital contributions received | 61988 | 118816 |
| Distributions and redemptions paid | (29954) | (36484) |
| Notes payable borrowing |  | 10442 |
| Repayment of notes payable | (18250) | (4206) |
| Deferred financing costs paid | (1280) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Cash Provided by Financing Activities | 12504 | 88568 |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH** | (115003) | (23468) |
| **CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD** | 340642 | 403567 |
| **CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD** | $225639 | $380099 |
| **RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $193225 | $376190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 32414 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $225639 | $380099 |

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The accompanying notes are an integral part of these consolidated financial statements.

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<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

**1. ORGANIZATION**

CIM Opportunity Zone Fund, L.P., (the "Fund"), a Delaware limited partnership, was formed on November 1, 2018 and commenced operations on January 21, 2019 (the "Initial Closing"). The Fund is governed by the Fifth Amended and Restated Limited Partnership Agreement, dated as of March 18, 2024 (as amended and restated, the "Partnership Agreement"). The Fund is organized as an open-ended vehicle for the purpose of investing in infrastructure and real estate, through entities that acquire, own, develop or re-develop and operate infrastructure and real estate assets, including assets in low-income communities in the United States that have been designated as "Opportunity Zones" pursuant to Section 1400Z-1 of the Internal Revenue Code of 1986 (the "Code") and which meet the criteria described in the Partnership Agreement. The Fund's objective is generating returns from capital appreciation and operating income once development of these assets is complete.

At least 90% of the Fund's assets will consist of "qualified opportunity zone property", which enables the Fund to be classified as a "qualified opportunity fund" within the meaning of Section 1400Z-2 of the Code (a "QOF"). The Fund qualified, and intends to continue to qualify, as a QOF beginning with its taxable year ended December 31, 2020.

The general partner of the Fund is CIM Opportunity Zone Fund GP, LLC, a Delaware limited liability company (the "General Partner"), and an affiliate of CIM Group, LLC (together with its controlled affiliates, "CIM"). One or more affiliates of CIM acts as the manager of the Fund (the "Manager"). The Fund also has limited partners (the "Limited Partners"), affiliated limited partners (the "Affiliated Limited Partners") and, together with the General Partner, (the "Partners").

The Fund shall continue until it is dissolved and subsequently terminated upon (a) a determination made by the General Partner at any time in its discretion, (b) the bankruptcy, termination, dissolution or withdrawal of the General Partner, (c) the consent of a majority of the Limited Partners by number and the consent of 75% of Limited Partners by units to dissolve the Fund or (d) the entry of a decree of dissolution with respect to the Fund.

Subject to legal, tax, regulatory and other similar considerations, all calls for capital from the Limited Partners shall be made pursuant to a notice, and unless otherwise determined in the General Partner's discretion, capital contributions will be drawn first from all commitments made during the same closing date pro rata, and 100% of such commitments will be funded prior to calling capital from partners admitted during subsequent closings.

As of September 30, 2025, total capital commitments and capital contributions from the partners are summarized as follows (in thousands):

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| | | |
|:---|:---|:---|
| **Capital Commitments** | **Capital Contributions** | **Unfunded Commitments** |
| $2129755 | $2129755 | $— |

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation*** — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and Article 8 of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with U.S. GAAP. Interim results are not necessarily indicative of results for a full year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto of CIM Opportunity Zone Fund, L.P. for the fiscal year ended December 31, 2024.

***Principles of Consolidation*** — The accompanying interim consolidated financial statements include the accounts of the Fund and its wholly-owned subsidiaries. The portions of equity in consolidated subsidiaries that are wholly-owned and are not attributable, directly or indirectly, to the Fund are presented as non-controlling interests. All intercompany balances and transactions have been eliminated in consolidation.

In determining whether the Fund has controlling interests in an entity and is required to consolidate the accounts in that entity, the Fund analyzes its investments in accordance with standards set forth in U.S. GAAP to determine whether the

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

entities are variable interest entities ("VIEs"), and if so, whether the Fund is the primary beneficiary. The Fund's judgment with respect to its level of influence or control over an entity and whether the Fund is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Fund's ownership interest, the Fund's voting interest, the size of the Fund's investment (including loans), and the Fund's ability to participate in major policy-making decisions. The Fund's ability to correctly assess its influence or control over an entity affects the presentation of its investments on the Fund's consolidated financial statements.

During the nine months ended September 30, 2025, the Fund, Westlands Electric Power Company, LLC ("WEPCO") and Westlands Electric Power Company Holdings, LLC ("WEPCO Holdings") entered into a Subscription and Contribution agreement (the "OZ Subscription and Contribution Agreement"). Pursuant to the OZ Subscription and Contribution Agreement, the Fund contributed its interests in solar projects (the "Project Entities") to WEPCO Holdings in exchange for common units in WEPCO (the "Phase 1 Contribution Transactions"). WEPCO is a newly-formed investment vehicle formed to hold solar investments previously held by the Fund and other CIM-affiliated entities. WEPCO Holdings is a wholly-owned subsidiary of WEPCO. The interests contributed by the Fund constitute all of the Fund's interests in the Project Entities. The total aggregate value of the equity interests contributed by the Fund is $1.3 billion, based on net asset values as of March 31, 2025.

Pursuant to a second Subscription and Contribution Agreement entered into during the nine months ended September 30, 2025, other CIM-affiliated entities contributed all of their interests in the Project Entities (and certain additional solar projects) to WEPCO Holdings in exchange for common units in WEPCO (the "Phase 2 Contribution Transactions"). Following the Phase 2 Contribution Transactions, the Fund owns approximately 75.1% of the interests in WEPCO and will be the managing member of WEPCO. WEPCO will own all of the interests previously owned by the Fund and the other CIM-affiliated entities in the relevant projects. For additional information, see also Note 4 — Investments in Real Estate.

As of September 30, 2025, WEPCO is a VIE that is consolidated by the Fund as the primary beneficiary, as the Fund has the ability to direct the activities of WEPCO and the right to receive gains and the obligation to absorb WEPCO's losses as the majority equity holder. The interests in WEPCO that are held by other CIM-affiliated entities are included in non-controlling interests on the consolidated balance sheets.

***Use of Estimates*** — The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

***Investments in Real Estate and Infrastructure*** — Investments in real estate and infrastructure are stated at cost, less accumulated depreciation and amortization. The Fund considers the period of future benefit of each respective asset to determine the appropriate useful life. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

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| | |
|:---|:---|
| Buildings and improvements | 15 - 40 years |
| Furniture, fixtures, and equipment | 3 - 5 years |
| Tenant improvements | Lesser of useful life or lease term |
| Intangible lease assets and liabilities | Lease term |
| Solar batteries | 20 years |
| Solar assets | 35 years |

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***Capitalized Project Costs*** — The Fund capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

***Recoverability of Investments in Real Estate and Infrastructure*** — The Fund continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate investments may not be recoverable. Investments in real estate and infrastructure are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset's carrying amount or fair value, less costs to sell. When an asset is identified by the Fund as held for sale, the Fund will cease recording depreciation and amortization of the asset. The Fund did not recognize any impairment of long-lived assets during the three and nine months ended September 30, 2025 and 2024.

***Allocation of Purchase Price of Real Estate and Infrastructure Investments*** — The Fund determines whether a purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. Acquisition of real estate and infrastructure assets for development are generally recognized at cost, including the related transaction costs, as asset acquisitions. The Fund applies the acquisition method to all acquired real estate and infrastructure investments. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded on a relative fair value basis to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, above and below-market solar agreements, in-place leases and ground leases, if any, based in each case on their relative fair values. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market agreements, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

***Investments in Unconsolidated Entities, at Fair Value*** — The Fund accounts for its investments in unconsolidated entities under the equity method, as the Fund has the ability to exercise significant influence over the investments. The Fund's investments in unconsolidated entities are carried under the fair value option pursuant to ASC 825, *Financial Instruments* ("ASC 825") on the Fund's consolidated balance sheets, with any changes in the fair value of such investments recognized in the consolidated statements of operations.

The fair values of investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on applicable valuation techniques. Such valuation techniques include discounted cash flow analysis, applying market capitalization rates or earnings multiples to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the "Cost Method" may be most appropriate for construction in progress, with the "Comparative Sales Approach" applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow ("DCF") and Comparative Sales approaches. Weighting of the

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

***Notes Payable, at Fair Value*** — The Fund has elected the fair value option for its notes payable, and records the changes in fair value in the consolidated statements of operations. See Note 3 — Fair Value Measurements for further details on the assumptions used.

***Accounts Payable and Accrued Expenses*** — Accounts payable and accrued expenses include accrued capital expenditures of $38.7 million and $30.6 million, respectively, as of September 30, 2025 and December 31, 2024.

***Noncontrolling Interests*** — Noncontrolling interests represent the interests in various properties owned by third parties.

***Leases*** — The Fund classifies contractual lease agreements entered as a lessor as a sales-type, direct financing or operating lease as described in ASC 842, *Leases*. For sales-type leases, the Fund derecognizes the leased asset and recognizes a net investment in lease on the consolidated balance sheets. The net investment in lease is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. The Fund evaluates its net investment in lease for impairment under the current expected credit loss standard, as further described below. Interest income is recognized under the effective interest method in the consolidated statements of operations. The effective interest method produces a constant yield on the sales-type lease receivable over the term of the lease. The Fund identified a sales-type lease in a power purchase agreement entered into during the nine months ended September 30, 2025 and recognized a gain on net investment in lease of $117.4 million in the consolidated statements of operations. See Note 11 — Leases for further details on the Fund's sales-type lease.

The Fund has lease agreements with lease and non-lease components. The Fund has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or "CAM"), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Fund has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components.

Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of "fixed" payments for straight-line rent revenue calculations.

Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include lease commissions and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.

***Current Expected Credit Losses*** — Current expected credit losses ("CECL") required under ASC 326, *Financial Instruments - Credit Losses* ("ASC 326"), reflects the Fund's current estimate of potential credit losses related to the Company's net investment in lease included in the consolidated balance sheets. Changes to current expected credit losses are recognized through net income on the Fund's consolidated statements of operations. While ASC 326 does not require any particular method for determining current expected credit losses, it does specify current expected credit losses should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective instrument.

For the Fund's net investment in lease, the Fund uses a probability of default and loss given default method using a comparable data set. The Fund only expects to charge-off impairment losses as a reduction to current expected credit losses and as a reduction to the respective financial instrument balance if and when such amounts are deemed non-recoverable. Non-recoverability may also be concluded if, in the Fund's determination, it is nearly certain that all amounts due will not be collected. During the three and nine months ended September 30, 2025, the Fund did not record any current expected credit losses on its net investment in lease.

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

***Redeemable Partners' Capital*** — Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment. As such, the redeemable limited partnership units are presented at the redemption amount in temporary equity under redeemable partners' capital in the consolidated balance sheets. The redemption amount is initially recorded as the contribution amount and is subsequently remeasured at the net asset value as determined in accordance with the Partnership Agreement. Net asset value is calculated as U.S. GAAP partners' equity adjusted for the redemption value of our limited partnership units. Increases or decreases in the value of limited partnership units will be reflected in retained earnings (deficit). The difference between the carrying amount and the redemption amount is reflected in change in fair value of redeemable limited partners' capital in the consolidated statements of changes in partners' capital and redeemable partners' capital.

***Revenue Recognition and Operating Lease-Related Receivables*** — Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Fund acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Fund defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.

The Fund continually reviews whether collection of operating lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Fund will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management's estimate of the collectability of operating lease-related receivables is based on the best information available at the time of estimate. The Fund does not use a general reserve approach and operating lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.

***Solar Revenue Recognition*** — Solar revenue from contracts with customers is derived from the generation and sale of renewable electric energy and the environmental attributes and capacity attributes generated by the facility or associated with a battery energy storage system ("BESS") at the facility's site. Solar revenue is recognized in accordance with ASC 606, *Revenue from Contracts with Customers* ("ASC 606"). The Fund follows a five-step process to recognize revenue under ASC 606: 1) identify the contract with the customer, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligation and 5) recognize revenue when the performance obligations are satisfied. The Fund has power purchase agreements where the power from the facility and the associated Renewable Energy Credits ("RECs") are sold at real-time market prices or a fixed price. The performance obligations relating to the power purchase agreements are satisfied when the product is physically transferred over time based on the output method. The Fund has power purchase agreements where the capacity attributes from the BESS are sold at a fixed price. For a BESS that is not considered to be under a lease, the performance obligations related to the capacity attributes are satisfied over time based on the output method.

During the three and nine months ended September 30, 2025, the Fund recognized solar revenues of $30.4 million and $59.1 million, respectively, and during the three and nine months ended September 30, 2024, the Fund recognized solar revenues of $47.2 million and $112.7 million, respectively, which is reflected on the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, solar revenue accrued was $13.9 million and $14.9 million, respectively, and is included in accounts receivable, net on the consolidated balance sheets. Revenues yet to be billed under the Fund's solar contracts will vary based on the volume of electricity and associated products delivered and/or available.

The Fund evaluates whether any embedded leases exist in its solar contracts. A lease of a facility or BESS is deemed to exist when a single off-taker has the ability or right to operate the facility or BESS, control physical access, or is entitled to obtain substantially all output from the facility or BESS at a price that is neither contractually fixed per unit of output nor equal to the current market price per unit of output, including electricity, RECs, and capacity attributes. During the nine

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

months ended September 30, 2025, the Fund identified an embedded lease in its solar contracts, as further described under "Leases".

***Investment tax credits*** — Certain of the Fund's investments generate investment tax credits ("ITC"), which it generally expects to monetize through sale and transfer to third parties for cash consideration. The Fund has elected to account for these types of credits under a government grant model, by analogy to IAS 20. At the time the ITC is generated, the Fund records the ITC at its estimated market value as an other asset and a reduction to the cost of solar facilities, as presented in the consolidated balance sheets. The credit is being recognized over the useful life of the solar facilities, which had an initial weighted average useful life of 26.7 years, as a reduction to depreciation and amortization expense, net, in the consolidated statement of operations. Upon sale of the ITC, the Fund will recognize the difference between the sales proceeds and the recorded value of the other asset as other income in the consolidated statement of operations. To date, as of September 30, 2025, the Fund's investments have generated an ITC of approximately $334.8 million that was recorded at an estimated market value of $308.1 million. The Fund sold the ITC during the year ended December 31, 2023, and during the nine months ended September 30, 2024, the Fund recognized an additional $2.9 million gain included in other income in the consolidated statements of operations, which represents the difference between the sales proceeds and the initial estimated market value. No additional gains were recognized during the nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025, amortization of the ITC was $2.2 million and $6.8 million, respectively, and during the three and nine months ended September 30, 2024, amortization of the ITC was $3.6 million and $10.8 million, respectively, and is reflected as a reduction to depreciation and amortization expense, net in the consolidated statements of operations. The remaining unamortized balance as of September 30, 2025 and December 31, 2024 was $243.1 million and $289.7 million, respectively. The balance will be amortized over the remaining useful life of the solar facilities.

***Cash and Cash Equivalents*** — Cash represents cash deposits held at high-quality financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have maturities of three months or less when purchased. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes.

***Restricted Cash*** — Restricted cash for real estate taxes, insurance, and other miscellaneous reserves, is recorded on the consolidated financial statements in accordance with agreements that require segregation of funds related to the operations of the respective real estate investment or related mortgage payable agreements.

***Concentration of Credit Risk*** — Cash held at major financial institutions is subject to credit risk to the extent those balances exceed the applicable Federal Deposit Insurance Corporation limitations, of up to $250,000 per financial institution.

***Contributions Receivable*** — Contributions receivable represents contributions with an effective date before the period presented but received from investors subsequent to period end.

***Network Reimbursement Receivable*** — In conjunction with the development of solar facilities, the Fund has a receivable that represents upgrades to enhance network infrastructure that will be recovered in the future. As of September 30, 2025, $30.7 million is recorded in prepaid expenses and other assets in the consolidated balance sheets.

***Property Acquisition Deposits*** — The Fund may advance certain amounts to acquirees as refundable deposits for impending acquisitions. Upon successful execution of the acquisition, amounts advanced will be reclassified to investments in real estate.

***Risk Management*** — In the normal course of business, the Fund encounters economic risk such as market risk and concentration of investment risk. Market risk reflects changes in the valuation of investments in real estate and equity method investees held by the Fund. Concentration of investment risk represents the risk associated with investments that are concentrated in certain geographic regions and industries.

***Income Taxes*** — The Fund intends to operate in a manner that will allow it to qualify as a partnership for U.S. federal income tax purposes. Generally, an entity that is treated as a partnership for U.S. federal income tax purposes is not a taxable entity and incurs no U.S. federal income tax liability. Accordingly, the Fund does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Fund's income or loss on their income tax

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

returns. If the Fund fails to qualify as a partnership for U.S. federal income tax purposes in any taxable year, and if the Fund is not entitled to relief under the Code for an inadvertent termination of its partnership status, the Fund will be subject to federal and state income tax on its taxable income at regular corporate income tax rates. The Fund is subject to tax examinations for state and U.S. federal purposes since 2020.

The Fund currently qualifies as a QOF commencing with its taxable year ended December 31, 2020 under Section 1400Z-2 of the Code. If, in future periods, the Fund does not satisfy the requirements to be a QOF, it may be subject to penalty taxes as provided under the Code (unless it is eligible for a reasonable-cause exception).

ASC 740, *Income Taxes* ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Fund's tax returns to determine whether tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current period.

***Reportable Segments*** — The Fund's real estate investments consist of infrastructure and real estate assets located within qualified opportunity zones. The Fund's segment information reflects how the chief operating decision makers (the "CODM") review information for operational decision-making purposes. The Fund has two reportable segments:

*Infrastructure* — Engages primarily in investing in infrastructure, through entities that acquire, own, develop or re-develop and operate infrastructure assets in Opportunity Zones, with the objective of generating returns from capital appreciation and operating income once development of these assets is complete. The Fund's infrastructure assets consist of solar energy projects located in California.

*Real estate* — Engages primarily in investing in real estate, through entities that acquire, own, develop or re-develop and operate real estate assets in Opportunity Zones, with the objective of generating returns from capital appreciation and operating income once development of these assets is complete. The Fund's properties are geographically diversified throughout the United States and have similar economic characteristics.

See Note 12 — Segment Reporting for a further discussion regarding these segments.

***Recent Accounting Pronouncements*** — In November 2024, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and early adoption is permitted. The Fund is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

**3. FAIR VALUE MEASUREMENTS**

In determining fair value, the Fund uses various valuation approaches. The definition of estimated fair value is applied on a consistent basis with that required by ASC 820, *Fair Value Measurements* ("ASC 820"). ASC 820 establishes a fair value measurement framework, provides a single definition of fair value, and requires expanded disclosure summarizing fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability.

The FASB issued guidance that establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The guidance clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value in a market-based measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

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**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 — Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally developed valuation models.

In instances where the determination of a fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The following describes the methods the Fund uses to estimate the fair value of the Fund's financial assets and liabilities:

*Investments in unconsolidated entities, at fair value* — Investments in unconsolidated entities are generally valued using Level 3 inputs. The Fund's valuations are prepared by third-party valuation firms in accordance with the Uniform Standards of Professional Appraisal Practice ("USPAP"). The fair values of investments are estimated based on the price that would be received to sell the Fund's interests in the unconsolidated entity in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on assumptions made and valuation techniques. Such valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or earnings multiples applied to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the "Cost Method" may be most appropriate for construction in progress, with the "Comparative Sales Approach" applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow ("DCF") and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

*Notes payable* — The fair value of notes payable is determined by a third-party appraiser who discounts the difference between contract and market debt service cash flows using market interest. The third-party appraiser also considers multiple valuation techniques (e.g., par, prepayment penalty) and applies a reconciliation among relevant methods. The fair value analysis is updated quarterly and reviewed by senior management. The market rate is determined by giving consideration to one or more of the following criteria, as appropriate: (i) interest rates for loan of comparable quality and maturity and (ii) the value of the underlying collateral. The fair value of the Fund's Convertible Note, as defined in Note 7 — Debt reflected the value that would be applicable if converted, which is tied to the value of the underlying solar project. During the nine months ended September 30, 2025, the Convertible Note was converted to equity as further described in Note 7 — Debt. Such valuation is prepared by third-party valuation firms, consistent with the Fund's investments in unconsolidated entities as described above. The Fund's notes payable are classified within Level 3 of the fair value hierarchy.

*Other financial instruments* — The Fund considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to related party and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Fund could realize, or be liable for, upon disposition of the financial assets and liabilities. The Fund evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Fund does not expect that changes in classifications between levels will be frequent.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

***Items Measured at Fair Value on a Recurring Basis***

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Fund's financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Total Fair Value as of September 30, 2025** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| Investments in unconsolidated entities | $93785 | $— | $— | $93785 |
| Notes payable | $265801 | $— | $— | $265801 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Total Fair Value as of December 31, 2024** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| Investments in unconsolidated entities | $119127 | $— | $— | $119127 |
| Notes payable | $295464 | $— | $— | $295464 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **Fair Value as of September 30, 2025** <br>**(in thousands)** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | **Range/Amount**<br>**(Weighted Average)** |
| **Investments in Unconsolidated Entities** | **Investments in Unconsolidated Entities** | | | |
| Renewable Energy | $93785 | Discounted cash flow | Discount rate | 7.5% - 7.5% |
|  |  |  |  | (7.5%) |
|  |  |  | Investment tax credit rate | 30.0% |
|  |  |  | Investment tax credit eligibility | 95.0% |
|  |  |  | Economic useful life | 43 years |
| **Debt** |  |  |  |  |
| Notes Payable | $265801 | Net present value | Market interest rate | 6.0% - 8.0% |
|  |  |  |  | (7.1%) |

---

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Fair Value as of December 31, 2024**<br>**(in thousands)** | **Valuation**<br>**Techniques** | | **Unobservable**<br>**Input** | **Range/Amount**<br>**(Weighted Average)** | **Range/Amount**<br>**(Weighted Average)** |
| **Investments in Unconsolidated Entities** | **Investments in Unconsolidated Entities** | | | | | |
| Renewable Energy | $119127 | Sales comparison |  | Value per acre | $| 35000 |
|  |  | Blended approach |  | Discounted cash flow weighting | 60.0 | 60.0% |
|  |  |  |  | Cost approach weighting | 40.0 | 40.0% |
|  |  | Discounted cash flow |  | Discount rate | 5.5% - 7.5% | 5.5% - 7.5% |
|  |  |  |  |  | (5.9%) | (5.9%) |
|  |  |  |  | Investment tax credit rate | 30.0 | 30.0% |
|  |  |  |  | Investment tax credit eligibility | 94.9 | 94.9% |
|  |  |  |  | Economic useful life | 35 years | 35 years |
| **Debt** |  |  |  |  |  |  |
| Notes Payable | $295464 | Net present value |  | Market interest rate | 6.3% - 8.0%  | 6.3% - 8.0%  |
|  |  |  |  |  | (7.4%) | (7.4%) |
|  |  | Discounted cash flow | <sup>(1)</sup> | Discount rate | 7.8 | 7.8% |
|  |  |  |  | Investment tax credit rate | 30 | 30% |
|  |  |  |  | Investment tax credit eligibility | 95.0 | 95.0% |
|  |  |  |  | Economic useful life | 40 years | 40 years |

---

___________________

(1)Represents the valuation techniques and unobservable inputs for the underlying value of the solar project that the respective notes payable value is tied to.

Under the sales comparison technique, the significant unobservable input used in the fair value measurement of the Fund's investments is value per acre. Increases or decreases in the value per acre may result in a lower or higher fair value measurement, respectively.

Under the discounted cash flow technique, the significant unobservable input used in the fair value measurement of the Fund's investments is the discount rate, investment tax credit rate, investment tax credit eligibility and economic useful life, as applicable. Increases or decreases in the rates in isolation may result in a higher or lower fair value measurement, respectively. An increase or decrease in the discount rate used to determine fair value would result in a decrease or increase to the fair value, respectively. An increase or decrease in the investment tax credit rate or investment tax credit eligibility would result in an increase or decrease to the fair value, respectively.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The following table presents the changes in assets and liabilities classified in Level 3 of the fair value hierarchy for the nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| **Description** | **Investments in Unconsolidated Entities** | **Notes Payable** |
| Beginning balance, January 1, 2025 | $119127 | $295464 |
| Consolidation of investment <sup>(1)</sup> | (29513) |  |
| Assumption of notes payable |  | 75504 |
| Repayment of notes payable |  | (18250) |
| Return on investment in unconsolidated entities | (709) |  |
| Purchase of/additions to investments | 583 |  |
| Deferred financing costs paid |  | (1280) |
| Amortization of deferred financing costs |  | 161 |
| Unrealized gain on investments in unconsolidated entities | 4297 |  |
| Conversion of Convertible Note |  | (117596) |
| Change in fair value of notes payable |  | 31798 |
| Ending balance, September 30, 2025 | $93785 | $265801 |
| Beginning balance, January 1, 2024 | $148219 | $275957 |
| Notes payable borrowing |  | 10442 |
| Repayment of notes payable |  | (4206) |
| Return on investment in unconsolidated entities | (4632) |  |
| Unrealized gain on investments in unconsolidated entities | 5049 |  |
| Change in fair value of notes payable |  | 11934 |
| Ending balance, September 30, 2024 | $148636 | $294127 |

---

______________________

(1)Investment contributed to WEPCO during the nine months ended September 30, 2025.

**4. INVESTMENTS IN REAL ESTATE**

***2025 Transactions*** — During the nine months ended September 30, 2025, the Fund contributed its interests in solar projects, including one of its investments in unconsolidated entities, in exchange for interests in WEPCO, as further described in Note 2 — Summary of Significant Accounting Policies. The transaction was accounted for as an asset acquisition and expenses of $3.4 million are recognized in transaction-related costs in the consolidated statement of operations. The $157.0 million recognized in additional paid-in capital in the consolidated balance sheet represents the fair value of the previously unconsolidated assets obtained in the WEPCO transaction as a result of affiliate contributions, offset by the change in non-controlling interest resulting from the carrying values of the previously consolidated assets that were contributed by the Fund to WEPCO.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The following table summarizes the transaction and allocation of values related to WEPCO (in thousands):

---

| | |
|:---|:---|
| | **WEPCO** |
| **Allocation** <sup>(1)</sup> | |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $59009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar facilities | 168130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets <sup>(2)</sup> | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate under development | 162948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 56853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 456167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, at fair value | (75504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (7264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | (82768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests <sup>(3)</sup> | (37177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $336222 |

---

______________________

(1)Does not include the Fund's interest in solar assets that were consolidated prior to the WEPCO transaction.

(2)The amortization period for acquired intangible assets is 15.7 years.

(3)Represents non-controlling interests in WEPCO assets held by outside parties.

***2024 Transactions*** — During the nine months ended September 30, 2024, the Fund acquired an interest in three properties for an aggregate purchase price of $9.8 million (the "2024 Property Acquisitions"), which were accounted for as asset acquisitions and includes $25,000 of acquisition-related expenses that were capitalized. The following table summarizes the 2024 Property Acquisitions (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Real Estate Investment** | **Ownership** | **Acquisition Date** | **Purchase Price** |
| Multifamily — Los Angeles, CA | 99% | March 26, 2024 | $5001 |
| Multifamily — Los Angeles, CA | 99% | March 26, 2024 | $3103 |
| Retail — Los Angeles, CA | 99% | May 13, 2024 | $1695 |

---

The results of operations of the properties the Fund acquired have been included in the consolidated statements of operations from the dates of acquisition. The following table summarizes the purchase price allocation for the 2024 Property Acquisitions (in thousands):

---

| | |
|:---|:---|
| | **2024 Property Acquisitions** |
| Land | $7768 |
| Building and improvements | 2031 |
| Total purchase price | $9799 |

---

***Consolidated Joint Ventures*** — The Fund's consolidated joint ventures, as described below, are variable interest entities and the Fund has been determined to be the primary beneficiary.

As of September 30, 2025 and December 31, 2024, the Fund had a 70% and 62% interest, respectively, in a joint venture (the "Dallas Consolidated Joint Venture"). See Note 9 — Management Fees, Incentive Allocation and Other Related-Party Transactions for a further description of the Fund's increased interest during the nine months ended September 30, 2025. As of September 30, 2025, the Dallas Consolidated Joint Venture had total assets of $325.8 million, which included $272.9 million of real estate assets, net of accumulated depreciation and amortization of $30.9 million, and total liabilities of $165.5 million, including debt outstanding of $125.0 million. As of December 31, 2024, the Dallas Consolidated Joint Venture had total assets of $333.5 million, which included $280.6 million of real estate assets, net of accumulated depreciation and amortization of $23.2 million, and total liabilities of $184.5 million, including debt outstanding of $140.9 million. The Fund has the ability to control operating and financial policies of the Dallas Consolidated Joint Venture. There are restrictions on the use of these assets as the Fund may be required to obtain the

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

partner's (the "Dallas Consolidated Joint Venture Partner") approval in accordance with the joint venture agreement for certain major transactions. The Fund and the Dallas Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

As of September 30, 2025 and December 31, 2024, the Fund had a 91% interest in a joint venture (the "Washington D.C. Consolidated Joint Venture") As of September 30, 2025, the Washington D.C. Consolidated Joint Venture had total assets of $122.6 million, which included $114.9 million of real estate assets, net of accumulated depreciation and amortization of $16.4 million, and total liabilities of $68.9 million, including debt outstanding of $66.4 million. As of December 31, 2024, the Washington D.C. Consolidated Joint Venture had total assets of $122.8 million, which included $117.2 million of real estate assets, net of accumulated depreciation and amortization of $13.5 million, and total liabilities of $67.1 million, including debt outstanding of $65.3 million. The Fund has the ability to control operating and financial policies of the Washington D.C. Consolidated Joint Venture.

As further described in Note 2 — Summary of Significant Accounting Policies, the Fund has a 75.1% interest in WEPCO. As of September 30, 2025, WEPCO's assets consist of $1.5 billion, which included solar assets of $1.2 billion, and total liabilities of $95.1 million, including debt outstanding of $75.5 million.

**5. INTANGIBLE ASSETS AND LIABILITIES**

Intangible assets and liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands, except weighted average life remaining):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Intangible lease assets:** | | |
| In-place leases and other intangibles, net of accumulated amortization of $4,190 and $3,233, respectively (with a weighted average life remaining of 8.1 years and 8.8 years, respectively) | $10421 | $11292 |
| Above-market power purchase agreement (with a weighted average life remaining of 15.7 years as of September 30, 2025) | 1800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible lease assets, net | $12221 | $11292 |
| **Intangible liabilities:** |  |  |
| Acquired below-market renewable energy certificate ("REC") agreement, net of accumulated amortization of $3,889 and a weighted average life remaining of 9.0 years as of December 31, 2024. | $— | $31111 |

---

______________________

(1)Below-market REC agreement was terminated during the nine months ended September 30, 2025 in connection with WEPCO. The Fund recognized a gain of $28.5 million in connection with the termination, which is included in other income in the consolidated statement of operations.

Amortization expense for the in-place leases and other intangibles and the below-market REC agreement is included in depreciation and amortization expense, net, in the accompanying consolidated statements of operations.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| In-place lease and other intangible amortization | $320 | $314 | $958 | $924 |
| Below-market REC agreement amortization | $864 | $871 | $2592 | $2614 |

---

As of September 30, 2025, the estimated amortization relating to the intangible assets and liabilities is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Amortization** | **Amortization** |
| | **In-Place Leases and Other Intangibles** | **Above-Market Power Purchase Agreement** |
| Remainder of 2025 | $315 | $29 |
| 2026 | 1310 | 115 |
| 2027 | 1319 | 115 |
| 2028 | 1318 | 115 |
| 2029 | 1318 | 115 |
| Thereafter | 4841 | 1311 |
| Total | $10421 | $1800 |

---

**6. INVESTMENTS IN UNCONSOLIDATED ENTITIES**

The following table details the Fund's investments in unconsolidated entities (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Carrying Value** | **Carrying Value** |
|<br>**Property** | **Ownership** |<br>**Acquisition Date** | **September 30, 2025** | **December 31, 2024** |
| Solar — Lemoore, CA | 25% | December 13, 2019 | $93785 | $99374 |
| Solar — Lemoore, CA<sup>(1)</sup> | 15% | December 13, 2019 |  | 19753 |
| Total investments in unconsolidated entities | Total investments in unconsolidated entities |  | $93785 | $119127 |

---

______________________

(1)Investment contributed to WEPCO during the nine months ended September 30, 2025, as further described in Note 2 — Summary of Significant Accounting Policies and Note 4 — Investments in Real Estate. Ownership percentage is as of December 31, 2024.

The Fund's investments in unconsolidated entities includes debt of $6.9 million and $7.0 million, respectively, as of September 30, 2025 and December 31, 2024. The Fund's proportional share of the asset level encumbrances are included in the Fund's net equity investment within investments in unconsolidated entities in the consolidated balance sheets.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

**7. DEBT**

The following table summarizes the notes payable balances as of September 30, 2025 and December 31, 2024, and the debt activity for the nine months ended September 30, 2025 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | |
| |<br>**December 31, 2024** | **Borrowings & Assumptions** | **Repayments & Conversions** | **Amortization** | **Fair Value Adjustment** |<br>**September 30, 2025** |
| **Notes Payable:** | | | | | | |
| Fixed rate notes payable | $146000 | $75504 | $(75000) | $— | $— | $146504 |
| Variable rate notes payable | 140939 |  | (15938) |  |  | 125001 |
| &nbsp;&nbsp;&nbsp;Total notes payable | 286939 | 75504 | (90938) |  |  | 271505 |
| Fair value adjustment | 8525 |  | (44908) |  | 31798 | (4585) |
| Deferred costs - variable rate debt |  | (1280) |  | 161 |  | (1119) |
| &nbsp;&nbsp;&nbsp;**Total notes payable, at fair value** | $295464 | $74224 | $(135846) | $161 | $31798 | $265801 |

---

As of September 30, 2025, the aggregate outstanding principal balance of the Fund's notes payable was $271.5 million and the fair value was $265.8 million. The Fund's mortgage notes payable are collateralized by the respective property on which the debt was placed. The mortgage notes payable are nonrecourse, and contain various restrictions and covenants with which the Fund was in compliance as of September 30, 2025. The Fund's notes payable are held at fair value, as reflected on the consolidated balance sheets, as further described in Note 3 — Fair Value Measurements.

***Fixed Rate Notes Payable***

As of September 30, 2025, the Fund had a $71.0 million fixed rate note payable with an interest rate per annum of 3.23%, with monthly payments of interest only, maturing on August 12, 2031. During the nine months ended September 30, 2025, the Fund's non-interest bearing $75.0 million note payable maturing on December 31, 2047 (the "Convertible Note") with an affiliated vehicle managed by CIM (the "Lender") was converted by the Lender into equity in the investment. Prior to the conversion, payments under the Convertible Note were made on each date that the Fund made a distribution, in an amount equal to the Lender's pro rata share of the total distribution.

During the nine months ended September 30, 2025, the Fund assumed $75.5 million fixed rate notes payable to an affiliate of CIM in connection with WEPCO (the "Assumed Notes Payable"). The Assumed Notes Payable have an interest rate per annum of 8.00% and initial maturity dates in December 2025. The Assumed Notes Payable have a 12-month extension option, which the Fund intends to exercise if it does not enter into new financing arrangements to meet its obligations.

***Variable Rate Notes Payable***

As of September 30, 2025, the Fund had a $125.0 million variable rate note payable related to the Dallas Consolidated Joint Venture with an interest rate per annum of the one-month forward-looking SOFR rate plus a spread of 2.85% with monthly payments of interest only. During the nine months ended September 30, 2025, the Fund exercised its 24-month extension option to extend the maturity to April 23, 2027.

As of September 30, 2025, the weighted average interest rate of the Fund's variable rate notes payable was 7.13%.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

***Maturities***

The following table summarizes the scheduled aggregate principal repayments for the Fund's outstanding debt subsequent to September 30, 2025 (in thousands):

---

| | |
|:---|:---|
| | **Principal Repayments** |
| Remainder of 2025 | $75504 |
| 2026 |  |
| 2027 | 125001 |
| 2028 |  |
| 2029 |  |
| Thereafter | 71000 |
| Total | $271505 |

---

**8. PARTNERS' CAPITAL AND REDEEMABLE PARTNERS' CAPITAL**

***Contributions***

Admission, and timing thereof, of new partners into the Fund is at the general discretion of the General Partner. Each Limited Partner may be required on or soon after such Limited Partner's admission to the Fund, to make a capital contribution to the Fund with respect to its capital commitment in an amount specified in a notice delivered by the General Partner at least three business days prior to the due date of such capital contribution. Thereafter, each Limited Partner shall generally make capital contributions at the discretion of the General Partner in an amount specified in a notice delivered by the General Partner at least ten business days prior to such date and only up to the amount of such Limited Partner's undrawn commitment.

In connection with each capital contribution, a Limited Partner shall be issued Units based on the Fund's net asset value ("NAV") as of such quarter-end. If a Limited Partner makes a capital contribution on a date other than on or around the last day of a quarter, such capital contribution shall generate a fixed return equivalent to an effective rate of 3.0% per annum from the date of such capital contribution until the next date on which the NAV is determined (generally the last calendar day of the quarter in which such capital contribution was made) and such partner will not participate in any other profit or loss, other than management fees, with respect to such capital contributions. The intra-quarter contributions generated fixed returns of $55,000 and $152,000 for the three and nine months ended September 30, 2025, respectively, and $163,000 and $357,000 for the three and nine months ended September 30, 2024, respectively, which are included in the statements of changes in partners' capital and redeemable partners' capital as fixed return increase and fixed return decrease.

***Distributions***

The Fund will make distributions pro-rata to the Limited Partners at such time and in such amounts as determined by the General Partner in its discretion. As of September 30, 2025, the Fund had $3.2 million of distributions payable in the consolidated balance sheets.

***Redeemable Partners' Capital***

Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment, by providing written notice to the General Partner no later than the last calendar day of the quarter immediately preceding such redemption date, subject to certain restrictions as specified in the Partnership Agreement. Redemptions are only made to the extent that the Fund has sufficient cash available to honor redemption requests, as determined in the discretion of the General Partner. In addition, the General Partner or its affiliates may make a partial or total redemption of their units attributable to incentive allocation without notice to the Limited Partners at any time in their discretion. During the nine months ended September 30, 2025, the Fund redeemed units totaling $348,000. There were no redemptions during the nine months ended September 30, 2024.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

**9. MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS**

***Management fees***

The Manager provides investment management services to the Fund. For these services, the Fund pays the Manager management fees in advance on a quarterly basis (the "Management Fees"). The Management Fees are calculated based on each Limited Partner's Management Fee percentage, which ranged from 1.25% to 2.0% as of September 30, 2025, multiplied by their proportionate share of NAV as of the beginning of the quarter.

***Incentive allocation***

Pursuant to the Partnership Agreement, the General Partner or an affiliate thereof or other designee of the General Partner, will be allocated net profits (the "Incentive Allocation") from the Limited Partners at the end of an incentive allocation period, subject to certain performance hurdles being met. The General Partner receives an Incentive Allocation of 20% annually, which is the portion of profits or gains that the General Partner is entitled to above a minimum return threshold. The high watermark is a mechanism that ensures the General Partner only receives an Incentive Allocation if the Fund's value surpasses the highest previous value. This means that if the Fund's value decreases below the high watermark, the General Partner will not receive any Incentive Allocation until the value exceeds the previous high point. The hurdle rate, which is set at 6%, is a minimum rate of return that the Fund needs to achieve before the General Partner becomes eligible for the Incentive Allocation. The General Partner is entitled to an 80% catch-up provision once the hurdle rate is met, which means that once the hurdle rate is surpassed, the General Partner will receive 80% of the profits or gains until they have caught up to their entitled share.

The General Partner has designated CIM Opportunity Zone Fund SLP, LLC (the "SLP"), an affiliated Limited Partner, to receive the Incentive Allocation. The General Partner may, in its discretion, waive, reduce or defer Incentive Allocation of all or a portion of the Incentive Allocation attributable to any Units of any Limited Partner. Since inception through September 30, 2025, the Fund has incurred incentive fees and allocation totaling $114.1 million and $45.8 million was unrealized as of September 30, 2025.

***Servicing Fees***

The General Partner or its affiliates may also provide to the Fund and/or its investments part or all of other services ("Other Services") that would otherwise be provided by a third party, including servicing fees and reimbursement of allocable costs and expenses incurred in connection with or relating to the performance of any Other Services (the "Allocable Costs and Expenses"). Pursuant to such provided services, the General Partner or its affiliates may receive from the Fund and/or its Portfolio Assets, (i) property management fees, (ii) development management fees, (iii) leasing brokerage fees, (iv) fees associated with arranging financings for Portfolio Assets, (v) multifamily residential sales fees, (vi) fees relating to servicing and administering the Portfolio Assets, including special servicing, (vii) fees in connection with or following a foreclosure on the Portfolio Asset and (viii) other related fees in connection with a Portfolio Asset (collectively, "Servicing Fees"). "Portfolio Assets" are assets that are held indirectly by the Fund through investments in limited liability companies, from time to time, including interests in individual real estate assets and/or real estate portfolios and infrastructure assets and businesses or similar assets or interests. Such Servicing Fees will be either (x) at rates which do not exceed the limits set forth immediately below, (y) at rates that are no less favorable to the Fund and/or such Portfolio Asset than the arm's-length rates on which the Fund and/or such Portfolio Asset could obtain comparable services from an unaffiliated service provider taking into account the nature of the relevant asset type and the special services required or (z) at rates that receive the consent of a Review Agent or the Limited Partners:

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Fee Type** | **Limit** |
| Property Management Fees | Not to exceed 5.0% of gross property revenues, plus Allocable Costs and Expenses |
| Development Management Fees | Not to exceed 4.0% of gross contract price for development, tenant improvements or other capital expenditures, as applicable, plus Allocable Costs and Expenses |
| Leasing Brokerage Fees | Not to exceed 4.0% of base rent during lease years one through five; 2.0% of base rent after lease year five, in each case, plus Allocable Costs and Expenses. In transactions where there is a participating broker(s), not to exceed 2.0% of base rent during lease years one through five; 1.0% of base rent after year five, in each case, plus Allocable Costs and Expenses |
| Multifamily Residential Sales Fees | Not to exceed 6.0% of the gross sales price of a residential unit, plus Allocable Costs and Expenses. |

---

The Fund recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Management Fees:** |  |  |  |  |
| Management fees | $10423 | $9640 | $30958 | $27976 |
| **Administration and other reimbursable expenses:** |  |  |  |  |
| Expense reimbursement to related parties | $772 | $700 | $2552 | $2290 |
| Organizational costs <sup>(1)</sup> | $3 | $23 | $34 | $100 |
| Development fees and allocable costs and expenses <sup>(2)</sup> | $4594 | $7857 | $17374 | $19354 |
| Property management fees <sup>(3)</sup> | $128 | $652 | $1340 | $1367 |

---

______________________

(1)Organizational costs are included in general and administrative expenses in the consolidated statements of operations.

(2)Represents development fees and development-related Allocable Costs and Expenses, as well as Leasing Brokerage Fees and Multifamily Residential Sales Fees incurred by the Fund's consolidated investments. Depending on the stage of development, some of these amounts have been capitalized to real estate under development in the consolidated balance sheets. Does not include $63,000, which were incurred by the Fund's investments in unconsolidated entities that were allocated to the Fund based on its respective ownership percentage of the investment, for the nine months ended September 30, 2025, and $53,000 and $67,000, for the three and nine months ended September 30, 2024, respectively.

(3)Property management fees are expensed to property operating expense in the statement of operations.

***Due to Related Parties***

Of the amounts shown above, the following amounts had been incurred, but not yet paid for services provided by related parties as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Management fees | $68 | $199 |
| Accrued interest payable | $3899 | $— |
| Administration and other reimbursable expenses | $3914 | $2354 |

---

***Due from Related Parties***

As of September 30, 2025, $12.0 million was due from related parties related to amounts received by CIM affiliated entities which were due to the Fund. No amounts were due from related parties as of December 31, 2024.

***Related Party Transactions***

To achieve the Fund's stated investment program and meet timelines required under the Opportunity Zone legislation, a significant percentage of the investments in the Fund have been purchased by the Fund from CIM and its affiliates. In these instances, such investments and co-investments are reported as transactions with related parties of the Fund.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The Fund may coinvest with other entities that are related parties of CIM. As of September 30, 2025, the Fund held investments with a total fair value of $1.8 billion that were coinvested with funds that are related parties of CIM. In addition, the General Partner owns a nominal interest in the Fund's investments.

The Fund also enters into agreements with certain unconsolidated entities and other CIM affiliated entities from time to time. During the three and nine months ended September 30, 2025 the Fund incurred $1.0 million and $3.1 million, respectively, in fees for transmission services to one of its unconsolidated entities, which is reflected in solar and property operating expense within the statements of operations. Additionally, the Fund had a master power purchase and sale agreement with a CIM affiliate for an index plus contract with bundled RECs at a fixed price of $3.40 per megawatt-hour (MWh) with no volume minimums. The Fund, acting as agent of the affiliate, collected revenues related to REC sales from the power purchase and sale agreement counterparty and remitted the difference between the current bundled REC price with the power purchase and sale agreement counterparty and the fixed price under the affiliated PPA. During the three and nine months ended September 30, 2025 the Fund remitted $1.3 million and $15.8 million, respectively, to the CIM related vehicle, which is reflected as a reduction of solar revenue in the consolidated statements of operations. The affiliated PPA was terminated during the nine months ended September 30, 2025 in connection with WEPCO, and the CIM related vehicle will return $11.0 million that was remitted by the Fund, which is recorded due from related parties in the consolidated balance sheet.

During the nine months ended September 30, 2025, the Fund entered into a transaction (the "Epic Merger") with CIM Epic II QOF, L.P., a Delaware limited partnership, which is a fund that is advised by affiliates of the Manager (the "Epic Fund"). Under the Epic Merger, the Fund received all the assets and liabilities of the Epic Fund, which consisted of interests in the Dallas Consolidated Joint Venture, in exchange for Units of the Fund valued at $6.1 million, subject to adjustments for the period of one year after the date of the Epic Merger in order to account for any expenses attributable to the Epic Fund prior to the Epic Merger. As a result of the Epic Merger, partners of the Epic Fund were admitted to the Fund as Limited Partners and the Fund's interest in the Dallas Consolidated Joint Venture was increased from 62% to 70%. The Fund recorded a gain of $2.7 million resulting from the Epic Merger which is included in other income in the consolidated statements of operations.

From time to time, the Fund enters into debt agreements with affiliates of CIM, as further described in Note 7 — Debt. Additionally, the Fund has indemnified another CIM-affiliated fund for certain losses and liabilities, as discussed further in Note 10 — Commitments and Contingencies.

As further described in Note 2 — Summary of Significant Accounting Policies, during the nine months ended September 30, 2025, certain CIM-affiliated entities contributed all their interests in the Project Entities (and certain additional solar projects) with a total aggregate value of $420.1 million based on net values as of March 31, 2025, to WEPCO Holdings in exchange for common units in WEPCO. As of September 30, 2025, the other CIM-affiliated entities owned approximately 24.9% of the interests in WEPCO.

**10. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund enters into contracts and agreements. These contracts and agreements commit the Fund to various specific and contingent obligations. In addition, the Fund may be subject to legal claims in the ordinary course of business.

As previously disclosed in the Fund's Annual Report on Form 10-K for the year ended December 31, 2024, the Fund incurred a $9.0 million expense related to a dispute with a previous customer over a solar contract. Certain subsidiaries of the Fund are currently seeking to recover this expense from the previous customer in litigation. On April 24, 2024, the previous customer filed its own claims against certain subsidiaries of the Fund along with affiliates of CIM, seeking more than $200 million (without specifying or explaining the basis of the alleged damages) from all defendants in the aggregate. The litigation is in process and the outcome cannot be estimated or predicted at this time. CIM and the other affiliated defendants deny the previous customer's allegations and will continue to pursue their claim against the previous customer. In connection with the WEPCO transactions,a subsidiary of the Fund has agreed to indemnify another CIM-affiliated fund for certain losses and liabilities if incurred by such other fund in connection with the litigation as it specifically relates to one of the solar projects that is now owned by such subsidiary. As it relates to the Fund specifically, while no outcome can be guaranteed, management does not believe that the outcome will be material to the Fund.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

Other than as described above, the Fund is not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business.

The Fund is subject to various environmental laws of federal, state, and local governments. Compliance with these laws has not had a material adverse effect on the consolidated financial statements, and management does not believe it will have such an impact in the future.

The Fund acts as a guarantor of certain debt obligations to its underlying investments. In certain scenarios, the Fund may have limited or full recourse exposure.

**11. LEASES**

***Operating Leases***

Future minimum rental revenue under long-term operating leases as of September 30, 2025, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, are as follows (excludes unconsolidated properties, in thousands):

---

| | |
|:---|:---|
| | **Future Minimum Rental Income** |
| Remainder of 2025 | $5099 |
| 2026 | 23173 |
| 2027 | 24015 |
| 2028 | 24359 |
| 2029 | 24797 |
| Thereafter | 107776 |
| Total | $209219 |

---

Rental and other property income related to the Fund's operating leases during the three and nine months ended September 30, 2025 and 2024 consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Fixed rental and other property income <sup>(1)</sup> | $7398 | $7170 | $21985 | $21316 |
| Variable rental and other property income <sup>(2)</sup> | 1885 | 1174 | 5485 | 4987 |
| Total rental and other property income | $9283 | $8344 | $27470 | $26303 |

---

__________________________________

(1)Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term and is net of uncollectible lease-related receivables.

(2)Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.

***Sales-Type Leases***

The Fund identified a sales-type lease in a new power purchase agreement entered into during the nine months ended September 30, 2025. At the commencement of the lease, the Fund derecognized the leased asset, which consisted of $102.7 million of the Fund's solar facilities and recognized an initial net investment in lease of $220.1 million, which included a lease receivable of $184.7 million and the unguaranteed residual value of $35.4 million. As of September 30, 2025, the remaining term of the sales-type lease is 14.3 years, maturing on January 31, 2040 and at such time the leased assets shall be retained by the Fund.

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

The remaining maturities of the Fund's net investment in lease is as follows as of September 30, 2025 (in thousands):

---

| | |
|:---|:---|
| | **Sales-type lease** |
| Remainder of 2025 | $5616 |
| 2026 | 22462 |
| 2027 | 22457 |
| 2028 | 22448 |
| 2029 | 22439 |
| Thereafter | 225673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 321095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Unearned interest income | (140476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales-type lease receivable | 180619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unguaranteed residual asset | 37601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment in lease** | $218220 |

---

The following presents the impact to the consolidated statements of operations related to the Fund's sales-type leases during the nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Realized gain on net investment in lease | $— | $— | $117364 | $— |
| Interest income on sales-type leases <sup>(1)</sup> | 4967 |  | 13172 |  |
| Total sales-type lease income | $4967 | $— | $130536 | $— |

---

______________________

(1)Included in interest income in the consolidated statements of operations.

***Ground Leases***

The Fund has an investment in a real estate property that is subject to a ground lease with a remaining term of 93.25 years, for which a right of use ("ROU") asset of $31.9 million and $32.5 million and a lease liability of $36.3 million and $35.9 million was recorded as of September 30, 2025 and December 31, 2024, respectively. The ROU asset and lease liability were initially measured at the present value of the future minimum lease payments using a discount rate of 3.6%. This reflects the Fund's incremental borrowing rate, which was calculated based on the interest rate the Fund would incur to borrow on a fully collateralized basis over a term similar to the lease.

The Fund recognized $511,000 and $1.5 million of ground lease expense during the three and nine months ended September 30, 2025 of which $200,000 and $600,000 was paid in cash during the respective periods in which it was recognized. As of September 30, 2025, the Fund's scheduled future minimum rental payments related to its operating ground lease is approximately $200,000 for the remainder of 2025, $800,000 annually for 2026 through 2030, and $195.3 million thereafter through the maturity date of the lease in December 2118.

**12. SEGMENT REPORTING**

During the year ended December 31, 2024 and as a result of the Fund's solar assets being placed into service, the CODM determined that the Fund has two reportable segments: Real Estate and Infrastructure. The change in reportable segments has been reflected retrospectively in the tables below. Corporate/other represents all corporate level and unallocated items and includes the Fund's other asset management activities and expenses. The Fund's CODM is the Fund's senior management team, which includes officers of the General Partner of the Fund: the Chief Financial Officer, Chief Accounting Officer, and Chief Administrative Officer.

The CODM evaluates performance and allocates resources based on segment net income (loss). There are no other significant segment expenses that would require disclosure other than those included in the segment reporting tables below. The CODM uses segment net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

and deciding on the sources of financing. Asset information by segment is not reported or provided to the CODM because the CODM does not use this measure to assess performance.

The following tables present segment reporting for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Real Estate** | **Infrastructure** | **Corporate/Other** | **Fund Total** |
| **Revenues:** | | | | |
| Solar revenue | $— | $30429 | $— | $30429 |
| Rental and other property income | 9283 |  |  | 9283 |
| &nbsp;&nbsp;**Total revenues** | 9283 | 30429 |  | 39712 |
| **Expenses:** |  |  |  |  |
| Solar and property operating expense | 3481 | 6140 |  | 9621 |
| Management fees to related party |  |  | 10423 | 10423 |
| Transaction-related costs |  | 3354 |  | 3354 |
| Expense reimbursement to related parties |  |  | 772 | 772 |
| Interest expense and other | 2988 | 3 | 14 | 3005 |
| General and administrative expense | 310 | 1313 | 1057 | 2680 |
| Depreciation and amortization expense, net | 4212 | 5646 |  | 9858 |
| Real estate tax | 846 | 43 |  | 889 |
| &nbsp;&nbsp;**Total expenses** | 11837 | 16499 | 12266 | 40602 |
| **Other income (expense):** |  |  |  |  |
| Other income | 22 | 28519 |  | 28541 |
| Interest income | 553 | 5533 | 393 | 6479 |
| Gain on investments in unconsolidated entities |  | 2675 |  | 2675 |
| Change in fair value of notes payable | (781) | (30479) |  | (31260) |
| **Total other income** | (206) | 6248 | 393 | 6435 |
| &nbsp;&nbsp;**Net income (loss)** | (2760) | 20178 | (11873) | 5545 |
| &nbsp;&nbsp;Net (loss) income attributable to non-controlling interests | (325) | 628 |  | 303 |
| &nbsp;&nbsp;**Net income (loss) attributable to CIM Opportunity Zone Fund, L.P.** | $(2435) | $19550 | $(11873) | $5242 |

---

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Real Estate** | **Infrastructure** | **Corporate/Other** | **Fund Total** |
| **Revenues:** | | | | |
| Solar revenue | $— | $59065 | $— | $59065 |
| Rental and other property income | 27470 |  |  | 27470 |
| &nbsp;&nbsp;**Total revenues** | 27470 | 59065 |  | 86535 |
| **Expenses:** |  |  |  |  |
| Solar and property operating expense | 9290 | 18609 |  | 27899 |
| Management fees to related party |  |  | 30958 | 30958 |
| Transaction-related costs |  | 3354 |  | 3354 |
| Expense reimbursement to related parties |  |  | 2552 | 2552 |
| Interest expense and other | 9116 | 3 | 67 | 9186 |
| General and administrative expense | 1128 | 3321 | 3005 | 7454 |
| Depreciation and amortization expense, net | 12530 | 17088 |  | 29618 |
| Real estate tax | 3503 | 189 |  | 3692 |
| &nbsp;&nbsp;**Total expenses** | 35567 | 42564 | 36582 | 114713 |
| **Other income (expense):** |  |  |  |  |
| Other income | 2704 | 28519 |  | 31223 |
| Interest income | 1993 | 14262 | 1615 | 17870 |
| Realized gain on net investment in lease |  | 117364 |  | 117364 |
| Gain on investments in unconsolidated entities |  | 4297 |  | 4297 |
| Change in fair value of notes payable | (1084) | (30714) |  | (31798) |
| **Total other income** | 3613 | 133728 | 1615 | 138956 |
| &nbsp;&nbsp;**Net (loss) income** | (4484) | 150229 | (34967) | 110778 |
| &nbsp;&nbsp;Net (loss) income attributable to non-controlling interests | (1771) | 16803 |  | 15032 |
| &nbsp;&nbsp;**Net income (loss) attributable to CIM Opportunity Zone Fund, L.P.** | $(2713) | $133426 | $(34967) | $95746 |

---

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Real Estate** | **Infrastructure** | **Corporate/Other** | **Fund Total** |
| **Revenues:** | | | | |
| Solar revenue | $— | $47236 | $— | $47236 |
| Rental and other property income | 8344 |  |  | 8344 |
| &nbsp;&nbsp;**Total revenues** | 8344 | 47236 |  | 55580 |
| **Expenses:** |  |  |  |  |
| Solar and property operating expense | 2984 | 8737 |  | 11721 |
| Management fees to related party |  |  | 9640 | 9640 |
| Expense reimbursement to related parties |  |  | 700 | 700 |
| Interest expense and other | 3509 | 84 | 22 | 3615 |
| General and administrative expense | 648 | 1059 | 2086 | 3793 |
| Depreciation and amortization expense, net | 4504 | 8995 |  | 13499 |
| Real estate tax | 1262 | 34 |  | 1296 |
| &nbsp;&nbsp;**Total expenses** | 12907 | 18909 | 12448 | 44264 |
| **Other income (expense):** |  |  |  |  |
| Interest income | 1915 | 195 | 424 | 2534 |
| Gain on investments in unconsolidated entities |  | 308 |  | 308 |
| Change in fair value of notes payable | (1631) | (3293) |  | (4924) |
| &nbsp;&nbsp;**Total other income (expense)** | 284 | (2790) | 424 | (2082) |
| **Net (loss) income** | (4279) | 25537 | (12024) | 9234 |
| Net income (loss) attributable to non-controlling interests | 1863 | 8047 | (9273) | 637 |
| **Net (loss) income attributable to CIM Opportunity Zone Fund, L.P.** | $(6142) | $17490 | $(2751) | $8597 |

---

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Real Estate** | **Infrastructure** | **Corporate/Other** | **Fund Total** |
| **Revenues:** | | | | |
| Solar revenue | $— | $112691 | $— | $112691 |
| Rental and other property income | 26303 |  |  | 26303 |
| &nbsp;&nbsp;**Total revenues** | 26303 | 112691 |  | 138994 |
| **Expenses:** |  |  |  |  |
| Solar and property operating expense | 8124 | 23224 |  | 31348 |
| Management fees to related party |  |  | 27976 | 27976 |
| Expense reimbursement to related parties |  |  | 2290 | 2290 |
| Interest expense and other | 10352 | 124 | 103 | 10579 |
| General and administrative expense | 1618 | 1478 | 3863 | 6959 |
| Depreciation and amortization expense, net | 10725 | 27339 |  | 38064 |
| Real estate tax | 3861 | 101 |  | 3962 |
| &nbsp;&nbsp;**Total expenses** | 34680 | 52266 | 34232 | 121178 |
| **Other income (expense):** |  |  |  |  |
| Other income |  | 2923 |  | 2923 |
| Interest income | 6340 | 684 | 700 | 7724 |
| Gain on investments in unconsolidated entities |  | 8297 |  | 8297 |
| Change in fair value of notes payable | (2135) | (9799) |  | (11934) |
| &nbsp;&nbsp;**Total other income (expense)** | 4205 | 2105 | 700 | 7010 |
| **Net (loss) income** | (4172) | 62530 | (33532) | 24826 |
| Net (loss) income attributable to non-controlling interests | (80) | 10049 | (9273) | 696 |
| **Net (loss) income attributable to CIM Opportunity Zone Fund, L.P.** | $(4092) | $52481 | $(24259) | $24130 |

---

***Major Customers***

The following table presents revenues from certain customers during the three and nine months ended September 30, 2025 and 2024 that individually exceeded 10% of total consolidated revenues (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Solar customer #1 | $8015 | $— | $19817 | $— |
| Solar customer #2 | $7497 | $14718 | $16508 | $28963 |
| Solar customer #3 | $14759 | $27101 | $20749 | $70277 |
| Real estate customer #1 | $5858 | $6183 | $17921 | $18228 |

---

------

**CIM OPPORTUNITY ZONE FUND, L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

**13. SUPPLEMENTAL CASH FLOW DISCLOSURES**

Supplemental cash flow disclosures for the nine months ended September 30, 2025 and 2024 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Supplemental Disclosures of Non-Cash Investing and Financing Activities:** |  |  |
| Distributions payable | $3179 | $31 |
| Contributions receivable | $— | $58 |
| Accrued capital expenditures | $38658 | $58596 |
| Reclassification of property acquisition deposits to investments | $— | $12019 |
| Deemed capital contributions resulting from Epic merger | $6148 | $— |
| Solar assets acquired in connection with WEPCO | $391887 | $— |
| Other assets acquired in connection with WEPCO | $56853 | $— |
| Notes payable assumed in connection with WEPCO | $75504 | $— |
| Liabilities assumed in connection with WEPCO | $7264 | $— |
| Conversion of Convertible Note in connection with WEPCO | $117596 | $— |
| Non-controlling interest in connection with WEPCO | $304492 | $— |
| Additional Paid-In Capital in connection with WEPCO | $156990 | $— |
| **Supplemental Cash Flow Disclosures:** |  |  |
| Interest Paid | $9054 | $10292 |

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**14. SUBSEQUENT EVENTS**

The following events have occurred subsequent to September 30, 2025:

The Fund accepted additional capital commitments of approximately $2.6 million.

On October 3, 2025, the Fund and another CIM-managed fund entered into a third Subscription and Contribution Agreement, pursuant to which the Fund and such other CIM-managed fund contributed certain interests relating to an additional solar project in exchange for common units in WEPCO (the "Phase 3 Contribution Transactions"). Following the Phase 3 Contribution Transactions, the Fund owns approximately 66.7% of the interests in WEPCO and continues to be the managing member of WEPCO. Following the Phase 3 Contribution Transactions, the Fund will remain the primary beneficiary of WEPCO and will continue to consolidate.

On October 16, 2025, the Fund entered into a Master Credit and Letter of Credit Agreement with City National Bank as lender for the purpose of establishing an unsecured letter of credit facility for the benefit of WEPCO solar project offtakers, with a maximum facility amount of $90 million. As of November 14, 2025, two letters of credit had been issued by the lender totaling $61 million, and no amounts had been drawn under the letters.

On November 7, 2025, the Fund and Westlands MM Investor, LLC ("MM Investor"), another CIM-affiliated entity, entered into Rescission Agreements and Subscription and Contribution Agreements (collectively, the "Rescission and Re-Contribution Documents"), whereby certain of their interests in solar projects that had been contributed to WEPCO on September 29, 2025, September 30, 2025 and October 3, 2025 (as applicable) were rescinded effective as of dates of the original contributions and then re-contributed, effective as of those same dates, to COZ 1, LLC ("COZ") in exchange for common units in COZ. COZ then contributed, effective as of the dates of the original contributions by the Fund and MM Investor, as applicable, those same interests to WEPCO Holdings in exchange for common units in WEPCO. After giving effect to the Rescission and Contribution Documents, the Fund owns approximately 63.2% of the interests in WEPCO and 99% of the interests in COZ (with the remaining 1% interest in COZ being owned by MM Investor). COZ, in turn, owns approximately 3.5% of the interests in WEPCO. The Fund continues to be the managing member of WEPCO with an approximate 66.7% total ownership and will continue to consolidate.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. Certain risks may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a complete discussion of such risk factors, see Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and the Fund's Annual Report on Form 10-K for the year ended December 31, 2024. Capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to those terms in "Part I — Financial Information" of this Quarterly Report on Form 10-Q, including the notes to the financial statements contained therein, and the terms "we," "us," "our" and the "Company" refer to CIM Opportunity Zone Fund, L.P.

**Forward-Looking Statements**

This Quarterly Report on Form 10-Q includes "forward-looking statements" (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that reflect our expectations and projections about our future results, performance, prospects and opportunities. We have attempted to identify these forward-looking statements by the use of words such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "plans" or similar expressions. These forward-looking statements are based on information currently available to us and are subject to a number of known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. In addition, these risks and uncertainties include those associated with general economic, market and other conditions. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or new information, future events or otherwise, except as may be required to satisfy our obligations under federal securities law. The forward-looking statements should be read in light of the risk factors identified in Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2024.

The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause our actual results to differ materially from those presented in our forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of the real estate and infrastructure in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historic correlations among economic growth, inflation and rents resulting in the loss of the potential inflation hedging attributes of real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any recent perceived improvement in real estate fundamentals, corporate earnings, stock market performance and the supply and demand characteristics of commercial real estate, any one of which could adversely affect the performance of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of capital markets, including the debt financing expected to be employed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the predictive value of real estate and infrastructure capitalization rates compared with intermediate U.S. Treasury bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to source adequate investment opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with CIM or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on the industries in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to locate suitable investments and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the enterprises in which we may invest.

***Overview***

The Fund was formed on November 1, 2018 and commenced operations on January 21, 2019, and is governed by the Partnership Agreement. The Fund is organized as an open-ended vehicle for the purpose of investing in infrastructure and real estate, through entities that acquire, own, develop or re-develop and operate infrastructure and real estate assets in Opportunity Zones, with the objective of generating returns from capital appreciation and operating income once development of these assets is complete. The Fund's assets under development had plans in place or were developed at the time of the Fund's acquisition that are strategic to each asset achieving current income and appreciation of value. The Fund engages third parties or affiliates of the Manager (also referred to as the "development manager") to provide development management services, and in consideration the Fund pays development management fees.

During the nine months ended September 30, 2025 the Fund entered into agreements to form Westlands Electric Power Company, LLC ("WEPCO"), a power company intending to capitalize on the long-term, secular trends within the US energy markets. WEPCO is a newly-formed company that holds solar investments previously held by the Fund and other CIM-affiliated entities. The transaction was consummated over three phases, with the Fund eventually owning approximately 66.7% of the interests in WEPCO (whether directly or through subsidiaries) once the transaction was fully completed.

WEPCO consists of operating solar facilities, including those contributed by the Fund, as well as development projects that are expected to qualify for solar tax credits and generate revenue from off-taker agreements that have either been signed or are in active negotiations. WEPCO is expected to continue to invest in an ongoing pipeline of both renewable and non-renewable assets in the long run across opportunity zones.

We believe the formation of WEPCO is an attractive opportunity for the Fund to potentially unlock a premium attributable to future growth, diversification, and enhanced liquidity of a platform. WEPCO expects to fully fund the planned development projects with cashflows from its operating assets and loans collateralized by projects.

***Recent Developments - the OBBBA and changes to U.S. federal income tax law***

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law, which made significant changes to U.S. federal income tax law. The OBBBA made changes to the Tax Cuts and Jobs Act of 2017 ("TCJA"), including with respect to the opportunity zone ("OZ") rules under Section 1400Z of the Code. The OBBBA also made substantial modifications to the Inflation Reduction Act of 2022 ("IRA"), including a number of changes that significantly impact the future availability of investment tax credits ("ITC"), including under Section 48E of the Code.

*Modifications to the OZ rules.* The OBBBA has extended the OZ program indefinitely, provided that current opportunity zone designations will expire on December 31, 2028 and introduced new reporting requirements for QOFs and qualified opportunity zone businesses. In addition, for investments made after December 31 2026, changes include replacing the December 31, 2047 sunset on exclusion of post-investment appreciation with a 30-year rolling horizon beginning from the date of the investment, implementing a new rolling recognition rule (whereby gains deferred under the opportunity zone program will be recognized on the fifth anniversary of the investment date) and eliminating the additional 5% basis step-up for investments held for 7 years. The OBBBA has also imposed increased criteria for a census tract to qualify as a qualified opportunity zone after December 31, 2026. Although we do not currently expect the OBBBA rules to materially impact existing investments or investors in the Fund, no assurances can be provided in this regard. We will

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continue to monitor and assess any guidance issued in respect of these new OZ rules and expect to take reasonable steps to reduce any adverse impacts resulting from such guidance, if any.

*Modifications to the ITC rules.* The OBBBA contains a number of changes to the IRA that significantly impact the availability of the ITCs under Section 48E of the Code, including the accelerated sunsetting of certain investment tax credits, and certain limited restrictions on their transferability to third-parties for sale. In particular, ITCs for solar projects under Section 48E are terminated if they do not begin construction by July 4, 2026 unless such projects are placed in service by December 31, 2027. Based on the settled understanding of the term "begin construction" and longstanding Treasury Department guidance regarding what constitutes the "beginning of construction" for purposes of claiming clean energy tax credits, projects that begin construction by December 31, 2025, and are placed in service within four years thereafter generally should qualify for the clean energy tax credits. However, on July 7, 2025, a federal executive order was issued directing the Secretary of the Treasury to issue new and revised guidance that could potentially seek to limit the interpretation of "begin construction" requirements for wind and solar facilities. The Fund's current investments that generate ITCs are not expected to be impacted by the OBBBA changes. The Fund will continue to monitor and assess any guidance issued under the executive order or otherwise, including with respect to the impact on future investments.

***Portfolio Information***

As of September 30, 2025, we had investments in 20 assets, including investments in unconsolidated entities, with a carrying value of $2.3 billion. During the nine months ended September 30, 2025, the Fund increased its interest in the Dallas Consolidated Joint Venture as a result of the Epic Merger, as further described in Note 9 — Management Fees, Incentive Allocation and Other Related-Party Transactions. Additionally during the nine months ended September 30, 2025, the Fund contributed its interests in solar projects, including one if its investments in unconsolidated entities, in exchange for interests in WEPCO, as further described in Note 2 — Summary of Significant Accounting Policies.

***Results of Operations***

***Overview***

We are not aware of any material trends or uncertainties, other than national economic conditions affecting real estate in general, such as inflation and heightened interest rates and the imposition of tariffs and other changes to trade policy in the U.S. and other jurisdictions, that may reasonably be expected to have a material impact on our results from the acquisition, management and operation of properties other than those listed in the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024 and this Quarterly Report on Form 10-Q.

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The following table provides summary information about our results of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| Solar revenue | $30429 | $47236 | $(16807) | $59065 | $112691 | $(53626) |
| Rental and other property income | 9283 | 8344 | 939 | 27470 | 26303 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | 39712 | 55580 | (15868) | 86535 | 138994 | (52459) |
| Solar and property operating expense | 9621 | 11721 | (2100) | 27899 | 31348 | (3449) |
| Management fees to related party | 10423 | 9640 | 783 | 30958 | 27976 | 2982 |
| Transaction-related costs | 3354 |  | 3354 | 3354 |  | 3354 |
| Expense reimbursement to related parties | 772 | 700 | 72 | 2552 | 2290 | 262 |
| Interest expense and other | 3005 | 3615 | (610) | 9186 | 10579 | (1393) |
| General and administrative expense | 2680 | 3793 | (1113) | 7454 | 6959 | 495 |
| Depreciation and amortization expense, net | 9858 | 13499 | (3641) | 29618 | 38064 | (8446) |
| Real estate tax | 889 | 1296 | (407) | 3692 | 3962 | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 40602 | 44264 | (3662) | 114713 | 121178 | (6465) |
| Other income | 28541 |  | 28541 | 31223 | 2923 | 28300 |
| Interest income | 6479 | 2534 | 3945 | 17870 | 7724 | 10146 |
| Realized gain on net investment in lease |  |  |  | 117364 |  | 117364 |
| Gain on investments in unconsolidated entities | 2675 | 308 | 2367 | 4297 | 8297 | (4000) |
| Change in fair value of notes payable | (31260) | (4924) | (26336) | (31798) | (11934) | (19864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 6435 | (2082) | 8517 | 138956 | 7010 | 131946 |
| Net income | 5545 | 9234 | (3689) | 110778 | 24826 | 85952 |
| Net income attributable to non-controlling interests | 303 | 637 | (334) | 15032 | 696 | 14336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to CIM Opportunity Zone Fund, L.P. | $5242 | $8597 | $(3355) | $95746 | $24130 | $71616 |

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*Solar revenue*

The decrease in solar revenue of $16.8 million and $53.6 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024 was due to the Fund entering into power purchase agreements with lower overall fixed rates in 2025, partially due to the longer-term nature of the contracts, as compared to the agreements in place during the three and nine months ended September 30, 2024. In addition, we have separately recognized a realized gain on net investment in lease during the nine months ended September 30, 2025 related to a new power purchase agreement, as further described below.

*Rental and other property income*

The increase in rental and other property income of $939,000 and $1.2 million during the three and nine months ended September 30, 2025, compared to the same period in 2024 was primarily due to increased occupancy at the Fund's operational properties subsequent to September 30, 2024.

*Solar and property operating expense*

The decrease in solar and property operating expense of $2.1 million and $3.4 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024 was primarily due to the amendment of solar contracts in 2025 which changed the basis of expense from volume to capacity.

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*Management fees to related party*

Management fees to related party are calculated based on each Limited Partner's Management Fee percentage multiplied by their proportionate share of NAV as of the beginning of the quarter.

The increase in management fees of $783,000 and $3.0 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024 was primarily due to an increase in NAV driven by additional capital raised. From September 30, 2024 to September 30, 2025 the Fund accepted an additional $67.9 million in capital contributions.

*Transaction-related costs*

Transaction-related costs during the three and nine months ended September 30, 2025 related to expenses incurred in connection with WEPCO. No such costs were incurred during the three and nine months ended September 30, 2024.

*Expense reimbursement to related parties*

The Manager receives reimbursement for performing certain services for the Fund and its subsidiaries.

Expense reimbursement to relates parties during the three and nine months ended September 30, 2025 remained relatively consistent compared to the same periods in 2024.

*Interest expense and other*

Interest expense and other also includes amortization of deferred financing costs.

The decrease in interest expense and other of $610,000 and $1.4 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024 was primarily due to payments made on our notes payable during the period, along with decreased interest rates subsequent to September 30, 2024.

*General and administrative expenses*

General and administrative expenses consist of legal, third-party administrator expenses, audit and tax expenses, banking fees and corporate expenses.

The decrease in general and administrative expenses of $1.1 million during the three months ended September 30, 2025, compared to the same period in 2024, was primarily due to a one time non-recurring expense recognized during the three months ended September 30, 2024 which related to a tax assessment that was incurred in a previous period. The increase of $495,000 during the nine months ended September 30, 2025, compared to the same period in 2024, was primarily due to increased administrative fees resulting from increased investments at September 30, 2025, compared to during 2024.

*Depreciation and amortization expense, net*

The decrease in depreciation and amortization expense, net of $3.6 million and $8.4 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024 was primarily due to the derecognition of the leased solar assets resulting from the sales-type lease entered into during the nine months ended September 30, 2025.

*Real estate tax*

Real estate tax during the three and nine months ended September 30, 2025 remained relatively consistent compared to the same periods in 2024.

*Other income*

The increase in other income of $28.5 million and $28.3 million, respectively, during three and nine months ended September 30, 2025 compared to the same periods in 2024, was primarily due to a gain recognized on the termination of the Fund's below-market REC agreement in connection with WEPCO during the three months ended September 30, 2025.

*Interest income*

Interest income consists of amounts received on interest-bearing accounts.

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The increase in interest income of $3.9 million and $10.1 million, respectively, during the three and nine months ended September 30, 2025, compared to the same periods in 2024, was primarily due to $5.0 million and $13.2 million in interest income relating to the sales-type lease recognized during the three and nine months ended September 30, 2025. The increase was partially offset by lower balances in our interest-bearing accounts.

*Realized gain on net investment in lease*

Realized gain on net investment in lease was $117.4 million during the nine months ended September 30, 2025 resulting from a sales-type lease in a power purchase agreement that was entered into during the nine months ended September 30, 2025. No such gain was recorded during the three months ended September 30, 2025 or during the three and nine months ended September 30, 2024.

*Gain on investments in unconsolidated entities*

Gain on investments in unconsolidated entities reflect the changes in fair value of the Fund's investments in unconsolidated entities.

The increase in gain on investments in unconsolidated entities of $2.4 million during the three months ended September 30, 2025, compared to the same period in 2024 was due to an increase in the valuation from market conditions of the portfolio assets held by the unconsolidated entities during the respective periods. The decrease of $4.0 million during the nine months ended September 30, 2025, compared to the same period in 2024, was due to a decrease in the valuation from market conditions of the portfolio assets held by the unconsolidated entities.

*Change in fair value of notes payable*

We have elected the fair value option for our notes payable*.* Changes in fair value are recorded in the consolidated statements of operations.

The change in fair value of notes payable during the three and nine months ended September 30, 2025 was $31.3 million and $31.8 million, respectively, compared to $4.9 million and $11.9 million during the three and nine months ended September 30, 2024, respectively. The change during the three and nine months ended September 30, 2025 primarily resulted from the conversion of the Fund's Convertible note during the period. The changes during the three and nine months ended September 30, 2024 were due to the increases in valuation of our solar assets during the same period, which directly increased the fair value of the Fund's $75.0 million Convertible Note, as further described in Note 3 — Fair Value Measurements and Note 7 — Debt.

*Net income attributable to non-controlling interests*

The change in net income attributable to non-controlling interests was due to net income allocated to the non-controlling interest holder of $303,000 and $15.0 million, respectively, during the three and nine months ended September 30, 2025, compared to a net income allocated to the non-controlling interest holder of $637,000 and $696,000 during the same periods in 2024.

***Financial Condition, Liquidity and Capital Resources***

***General***

We expect to utilize proceeds from net cash provided by operations and capital contributions to finance our future acquisitions of and additions to investments. The sources of our operating cash flow will primarily be provided by rental income received from current and future leased properties and solar income from infrastructure assets.

***Liquidity and Capital Resources***

We expect to generate cash primarily from the net proceeds from our continuous private offering of our Units in reliance on exemptions from the registration requirements of the Securities Act, cash flows from our operating assets, and any financing arrangements we may enter into in the future.

Our primary needs for liquidity and capital resources are to fund our investments in portfolio entities and other investments, pay our operating fees and expenses (including the Management Fee and Incentive Allocation), pay any

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distributions that we make to the holders of our units, periodic repurchases under our redemption program, and pay interest on any outstanding indebtedness that we incur.

We expect to obtain the liquidity and capital resources that we need over the short and long-term from cash on hand, the proceeds of our private offerings and from any undistributed funds from operations. For additional detail regarding our private offering, see "Part II, Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities-Use of Proceeds from Registered Sales of Securities" in the Fund's Annual Report on Form 10-K for the year ended December 31, 2024.

We currently anticipate that our available capital resources, including the proceeds from our private offering and the proceeds from any financing arrangements we may enter into, when combined with cash flow generated from our operating assets, will be sufficient to meet our anticipated working capital and capital expenditure requirements over the next 12 months and beyond.

***Contractual Obligations***

As of September 30, 2025, we had fixed and variable rate mortgage loans payable with an outstanding principal balance of $271.5 million and fair value of $265.8 million. The Fund's mortgage notes payable are collateralized by the respective property on which the debt was placed. The mortgage notes payable are nonrecourse, and contain various restrictions and covenants with which the Fund was in compliance as of September 30, 2025.

***Cash Flows***

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Net Cash Provided by Operating Activities | $8029 | $60929 |
| Net Cash Used In Investing Activities | (135536) | (172965) |
| Net Cash Provided by Financing Activities | 12504 | 88568 |
| Net Change In Cash And Cash Equivalents And Restricted Cash | $(115003) | $(23468) |

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As of September 30, 2025 and 2024, cash and cash equivalents and restricted cash totaled $225.6 million and $380.1 million, respectively.

Net cash provided by operating activities for the nine months ended September 30, 2025 was $8.0 million, compared to net cash provided by operating activities of $60.9 million during the nine months ended September 30, 2024. Cash flows provided by operating activities for both the nine months ended September 30, 2025 and 2024 primarily relates to rental and solar income received and interest income received on our cash-bearing accounts during the period. These inflows are offset by cash flows used in operating activities, which includes the payment of management fees as well as payments for interest expense, property operating expenses and marketing, legal, tax and accounting fees.

Cash flows used in investing activities for both the nine months ended September 30, 2025 and 2024 primarily relates to acquisitions and additions to our investments.

Cash flows provided by financing activities for both the nine months ended September 30, 2025 and 2024 primarily relates to to capital contributions and proceeds from notes payable borrowings, offset by distributions paid and the repayment of notes payable.

***Related Parties***

See "Note 9 — Management Fees, Incentive Allocation and Other Related-Party Transactions" for a description of certain transactions and relationships with related parties.

***Critical Accounting Policies***

Our accounting policies have been established to conform with U.S. GAAP. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue

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and expenses during the reporting periods. Management believes that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses.

We believe the following critical accounting policies govern the significant judgments and estimates used in the preparation of our consolidated financial statements, which should be read in conjunction with the more complete discussion of our significant accounting policies and procedures included in Note 2 — Summary of Significant Accounting Policies to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024. We consider our critical accounting policies to be the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recoverability of Real Estate and Infrastructure Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions and Initial Consolidation of VIEs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Fair Value Measurements.

A complete description of such policies and our considerations is contained in our Annual Report on Form 10-K for the year ended December 31, 2024. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2024 and related notes thereto.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Pursuant to Item 305 of Regulation S-K, the Fund, as a smaller reporting company, is not required to provide the information required by this item.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives.

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of September 30, 2025 was conducted under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures, as of September 30, 2025, were effective at a reasonable assurance level.

**Changes in Internal Control Over Financial Reporting**

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

In the ordinary course of business, we may become subject to litigation or claims. For a description of our pending legal proceedings refer to the information set forth in Note 10 — Commitments and Contingencies to the consolidated financial statements in this Quarterly Report on Form 10-Q.

**ITEM 1A. RISK FACTORS**

For a discussion of our potential risks and uncertainties, see the information under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes from the risk factors previously disclosed. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

**ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES AND USE OF PROCEEDS**

Since March 2019, we have commenced and continue to commence, various private placement offerings of our Units. We are offering these securities in reliance upon exemption from the registration requirements provided by Section 4(2) of the Securities Act and Regulation D under the Securities Act relating to sales not involving any public offering. The securities are being offered and sold only to purchasers who are "accredited investors," as defined in Rule 501 of Regulation D of the Securities Act, without the use of general solicitation, as that concept is embodied in Regulation D. As of September 30, 2025, we have sold 1,915,665 units resulting in gross offering proceeds of approximately $2.1 billion. The following table represents units sold during the three and nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Quarter Ended** | **Number of Units** | **Amount** |
| March 31, 2024 | 21992.16 | $25570000 |
| June 30, 2024 | 25607.15 | $29978010 |
| September 30, 2024 | 49787.35 | $60077644 |
| December 31, 2024 | 19150.46 | $23108578 |
| March 31, 2025 | 8858.41 | $10917000 |
| June 30, 2025 <sup>(1)</sup> | 13771.35 | $17027175 |
| September 30, 2025 | 13559.13 | $16827696 |

---

__________________________________

(1)Includes $6.1 million of deemed capital contributions resulting from the Epic Merger.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None of our officers or directors had any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" in effect at any time during the three months ended September 30, 2025.

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**ITEM 6. EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 10.1 | <u>[OZ Subscription and Contribution Agreement, dated September 29, 2025](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[(incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed with the SEC on](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[November 13](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[5, File No. 000-56](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[544](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)[)](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/ex101cim-wepcoxcontributio.htm)</u> |
| 10.2 | <u>[OZ Subscription and Contribution Agreement, dated November 7, 2025 (effective as of September 29, 2025) (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed with the SEC on November 13, 2025, File No. 000-56544)](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/a102cim-wepcoxcontribution.htm)</u> |
| 10.3 | <u>[OZ Subscription and Contribution Agreement, dated November 7, 2025 (effective as of October 3, 2025) (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed with the SEC on November 13, 2025, File No. 000-56544)](https://www.sec.gov/Archives/edgar/data/1765107/000176510725000024/a103cim-wepcoxcontribution.htm)</u> |
| 31.1\* | <u>[Certifications of the Principal Executive Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cimopportunityzonefundlp-ea.htm)</u> |
| 31.2\* | <u>[Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cimopportunityzonefundlp-e.htm)</u> |
| 32.1\*\* | <u>[Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](cimopportunityzonefundlp-eb.htm)</u> |
| 101.INS\* | XBRL Instance Document. |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (formatted as InLine XBRL and contained in Exhibit 101). |

---

_______________

\*Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith. In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

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<u>[**Table of Contents**](#i69905b317a2641548714695e397e00e0_7)</u>

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| | **CIM Opportunity Zone Fund, L.P.** |
| By: | /s/ Nathan D. DeBacker |
| Name: | Nathan D. DeBacker |
| Title: | Chief Accounting Officer<br>(Principal Financial Officer) |

---

---

| | |
|:---|:---|
| | **CIM Opportunity Zone Fund, L.P.** |
| By: | /s/ David Thompson |
| Name: | David Thompson |
| Title: | Chief Financial Officer<br>(Principal Executive Officer) |

---

Date: November 14, 2025

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Thompson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CIM Opportunity Zone Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 14, 2025 | /s/ DAVID THOMPSON | /s/ DAVID THOMPSON |
| | | Name: | David Thompson |
| | | Title: | Chief Financial Officer<br>(Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Nathan D. DeBacker, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CIM Opportunity Zone Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 14, 2025 | /s/ NATHAN D. DEBACKER | /s/ NATHAN D. DEBACKER |
| | | Name: | Nathan D. DeBacker |
| | | Title: | Chief Accounting Officer<br>(Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**(18 U.S.C. § 1350)**

Each of the undersigned officers of CIM Opportunity Zone, L.P. (the "Company") hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i)the accompanying Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| | | /s/ David Thompson | /s/ David Thompson |
| | | Name: | David Thompson |
| | | Title: | Chief Financial Officer<br>(Principal Executive Officer) |
| | | /s/ Nathan D. DeBacker | /s/ Nathan D. DeBacker |
| | | Name: | Nathan D. DeBacker |
| Date: | November 14, 2025 | Title: | Chief Accounting Officer<br>(Principal Financial Officer) |

---

The foregoing certification is being furnished with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025 pursuant to 18 U.S.C. **§** 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent the Company specifically incorporates this certification by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>