STARLIGHT U.S. RESIDENTIAL FUND PROVIDES UPDATE ON CLOSING OF REORGANIZATION TRANSACTION; CLOSING EXPECTED DECEMBER 30, 2025

Executive Summary

• Starlight U.S. Residential Fund announces the expected closing of its previously announced reorganization on December 30, 2025, subject to a final lender consent.
• The Fund’s Class A and Class U units were delisted from the TSX Venture Exchange as of December 23, 2025; unitholders will receive LP Units in Starlight U.S. Residential (Multi‑Family) Investment LP after closing.
• Trading of the new LP Units (symbol “SURF.UN”) is anticipated to commence on or about January 5, 2026, once the reorganization closes and the TSX Venture Exchange lifts the halt.

Key Details

• Reorganization Closing Date: Expected December 30, 2025, pending final lender consent.
• Unitholder Approval: Approximately 99% of votes cast in favour at the special meeting on December 10, 2025; ~90% voted for the U.S. dollar unitholders’ resolution to receive Canadian‑dollar denominated LP Units.
• Delisting: Class A and Class U units were delisted from the TSX Venture Exchange as of market close on December 23, 2025.
• LP Unit Listing: LP Units listed under “SURF.UN” on the TSX Venture Exchange; trading halted pending confirmation of closing.
• Record Date & Due Bill Period: Final record date for conversion was December 18, 2025. Due bill trading ran from that date until close of trading on December 23, 2025; due‑bill redemption date extended to December 31, 2025.
• Distribution of LP Units: Unitholders entitled to receive LP Units should expect receipt on or about December 31, 2025.
• Commencement of Trading: Anticipated on or about January 5, 2026, assuming the reorganization closes after markets close on December 30, 2025.

Notable Quotes

(No direct quotes were provided in the release.)