Annual Report by Investment Company (Form N-CSR)

TABLE OF CONTENTS

Management Discussion of Fund Performance (Unaudited)

Economic and Market Conditions

Global equity markets produced strong positive returns over the twelve months ended March 31, 2026, despite intermittent periods of meaningful volatility caused by geopolitical and macroeconomic events. The year began against the backdrop of elevated policy uncertainty following the U.S. "Liberation Day" tariff announcement in April 2025, which triggered a sharp repricing across risk assets. Markets subsequently recovered as tariff implementation was delayed and/or largely watered down from the initial salvo, leading investors to refocus on resilient corporate earnings, easing inflation trends, and the renewed prospect of central bank policy easing. By late 2025, equities had posted strong calendar-year gains, supported by earnings growth, improving investor sentiment, and enthusiasm around the structural investment opportunity presented by artificial intelligence and the related value chain. However, volatility returned in the first quarter of 2026 as conflict in the Middle East created a global energy supply shock and led investors to reprice prior expectations around inflation, rates, and growth. For the twelve months ended March 31, 2026, the MSCI All Country World Index returned 20.0% and the S&P 500 returned 17.8%, despite first quarter 2026 declines of 3.1% and 4.3%, respectively.1

Realized and expected inflation trends, and their resulting ripple effect on interest rates, were an important driver of market performance over the twelve months ended March 31, 2026. During 2025, moderating inflation and softer labor-market readings led the U.S. Federal Reserve to reduce policy rates three times over the back half of 2025, ultimately settling on a target range of 3.50% - 3.75% at year-end 2025. However, the first quarter of 2026 complicated the path forward, as energy supply disruptions tied to the Middle East conflict increased near-term inflation risks and reduced the market's confidence in the pace, and even the direction, of policy rate decisions from the Federal Reserve. Fixed income markets were not immune to these developments, with the yield on the 10-year U.S. Treasury ending the first quarter of 2026 at 4.3%, up 15 basis points over the quarter and up more than 30 basis points above its lowest level over the trailing twelve-month period.2

Private market activity improved meaningfully over the course of 2025 but remained uneven entering 2026. U.S. private equity deal activity totaled approximately $1.2 trillion across more than 9,300 transactions for the twelve months ended March 31, 2026, reflecting a substantial rebound from the prior two and a half years, and suggesting that buyers and sellers were increasingly finding clearing prices. Realization activity also improved with U.S. private equity exits totaling approximately $622 billion across 1,555 exits for the twelve months ended March 31, 2026. The momentum of 2025 moderated during the first quarter of 2026, with approximately $260 billion of U.S. private equity deal value across more than 2,400 transactions, reflecting lower aggregate capital deployment despite continued growth in overall transaction activity. However, the broader private equity exit market was constrained by valuation gaps, financing costs, and a large backlog of unsold private equity-backed companies, with PitchBook estimating U.S. private equity-backed company inventory at 13,325 companies as of March 31, 2026.3

Against this macroeconomic backdrop, CCP remains focused on building a diversified, cross-cycle private markets portfolio anchored in lower middle market private equity and private real assets. The Fund's strategy emphasizes sectors and managers where capital scarcity, fragmentation, operational complexity, and disciplined underwriting can create attractive long-term opportunities for value creation that has the potential to be less correlated to the broader macroeconomic regime. The current environment is particularly favorable for the Fund's private real assets strategy, which focuses on essential commodities and infrastructure with durable demand drivers and low obsolescence risk in the emerging age of AI. While geopolitical uncertainty, energy volatility, and AI disruption have widened the range of potential outcomes, CCP believes the Fund's diversified strategy, long-term orientation, and focus on fragmented lower middle market private market opportunities positions it well to navigate uncertainty and capitalize on opportunities during periods of dislocation.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Fund Portfolio Transition4

During fiscal year 2026 ended March 31, 2026, Cypress Creek made five new Private Investment ("PI") portfolio commitments (two in Private Equity and three in Private Real Assets). Since taking over management of the Fund in 2021, we have made significant progress in repositioning the PI portfolio to align with Cypress Creek's unique approach of investing alongside new and developing managers and operators. As of March 31, 2026, 69.2% of the Fund's PI NAV and 72.7% of the Fund's PI total exposure (NAV plus unfunded commitments) is comprised of investments made alongside Cypress Creek Core Managers, compared to 62.0% and 74.0%, respectively year-over-year. Core Manager investments in the PI portfolio, which is the focus of Cypress Creek's investment strategy, have made a meaningful contribution to the Fund's overall performance, generating a 19.8%/18.1% (gross/net) annualized return, since March 1, 2021, and for the twelve-month period ended March 31, 2026, 21.6%/18.7% (gross/net) return.

Fund Performance

For the twelve-month period ended March 31, 2026, Cypress Creek Private Strategies Master Fund, L.P. (the "Fund"), returned 15.6% net of fees and expenses, compared to a 20.0% return of its public equity based primary benchmark, the MSCI All Country World Total Return Index (the "MSCI ACWI"). The Private Investment ("PI") portfolio, comprised of Private Equity and Private Real Assets, returned 20.2%/17.4% (gross/net) for the trailing twelve-month period ending March 31, 2026, with the Core Managers returning 21.6%/18.7% (gross/net) and the non-core returning 18.7%/15.9% (gross/net). The PI portfolio allocation represents approximately 93.4% of the Master Fund's net assets, with Core Managers representing 70%.

Private Equity

The Private Equity sub-portfolio delivered a 9.8%/7.0% (gross/net) return for the trailing twelve-month period ended March 31, 2026, with the Core Managers returning 13.0%/10.2% (gross/net) and the non-core returning 5.4%/2.6% (gross/net). Private Equity represents 62.3% of the Fund's total PI portfolio (65.7% Core Managers), which is overweight relative to a long-term target of 60%. Over the last twelve months, Buyout investments generated an 11.8%/9.0% (gross/net) return, Venture Capital investments generated a 12.1%/9.2% (gross/net) return, Growth Equity investments generated a (2.2)%/(5.1)% (gross/net) return and Debt & Other Categories generated a (1.8%)/(4.6%) (gross/net) return. Performance across the Private Equity sub-portfolio over the last twelve months was driven by multiple investments alongside Core Managers, namely: (i) a co-investment alongside an established technology-focused manager in a SaaS provider of environmental health and safety solutions to biotech, academic, and other commercial end markets, (ii) a direct investment alongside an emerging healthcare-focused manager in a rapidly growing health insurance brokerage platform, and (iii) a fee-advantaged fund commitment to a niche industrials and infrastructure services manager focused on the products and services enabling broader energy transition and electrification trends globally.

Private Real Assets

The Private Real Assets sub-portfolio delivered a 43.8%/41.0% (gross/net) return for the trailing twelve-month period ended March 31, 2026, with the Core Managers returning 36.8%/34.0% (gross/net) and the non-core returning 68.3%/65.4% (gross/net). The Private Real Assets allocation represents 37.7% of the Fund's total PI portfolio (75.1% Core Managers), which is underweight relative to a long-term target of 40%. Infrastructure and Natural Resources, which represent the two go-forward Cypress Creek strategies within this portfolio, contributed positively to overall sub-portfolio returns during the fiscal year. Infrastructure returned 61.8%/59.0% (gross/net) and Natural Resources returned 31.4%/28.6% (gross/net) over the period. Performance across the Private Real Assets portfolio over the last twelve months was driven by multiple investments alongside Core Managers, namely: (i) a fee advantaged primary fund commitment to a global metals and mining fund that has delivered exceptionally strong performance in portfolio

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

companies exposed to gold, copper, and other mined commodities, on the back of supportive market conditions and (ii) a direct investment in a brownfield midstream natural gas company that recently completed and placed into service a new pipeline to bring natural gas from key production areas to demand centers along the U.S. Gulf Coast.

Cash Management

The Fund's Cash Management ("CM") sub-portfolio, comprised of cash, hedge funds, and liquid securities, returned 7.4%/4.5% (gross/net) for the trailing twelve-month period ended March 31, 2026, with the Core holdings returning 7.9%/5.1% (gross/net) and non-core holdings returning (2.2%)/(5.0%) (gross/net). The CM portfolio allocation represents 7.7% of the Master Fund's total gross assets (90.4% Core holdings). As of March 31, 2026, the CM portfolio was comprised of 50.4% short-term fixed income holdings, 40.7% liquid securities received as distributions-in-kind from the underlying PI portfolio, and 8.9% liquidating non-core holdings.

Conclusion

We continue to have strong conviction in the execution of our strategy in the global private investment market. The strategy seeks to source from the market bespoke opportunities alongside new and developing managers and operating teams with highly specialized experience and investment strategies that we believe can contribute meaningfully to the long-term target portfolio's ability to deliver strong cross-cycle, risk-adjusted returns.

We remain grateful for your support and are firmly committed to achieving the Master Fund's objective, which is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years).

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Performance (net)

Fund Performance Details

Portfolio Manager: William P. Prather III

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the TEI Fund for the period indicated. For comparison, the graph also includes the change in value of the same hypothetical investment in the MSCI ACWI.

This graph shows the gross change in value of a hypothetical allocation of $10,000 in the Core Private Investments Portfolio for the period indicated. For comparison, the graph also includes the gross change in value of the same hypothetical allocation of $10,000 in the Non-Core Private Investments Portfolio.6

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Fund Profile4

Investment Objective, Principal Strategies, and Principal Risks

Investment Objective & Principal Strategies

The Master Fund's investment objective is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years). The Master Fund attempts to achieve this objective through investments primarily in private assets globally. To achieve its objective, the Master Fund provides its Partners with access to high quality private markets asset classes, investments, portfolio construction, and liquidity management. The Master Fund generally pursues its investment objective by allocating assets to Investments, which include primary and secondary subscriptions or commitments to private partnerships managed by investment managers as well as direct investments and/or co-investments in the equity or debt of private or public companies ("Direct Platforms") (collectively, "Investments"). The Master Fund may seek to hedge all or a portion of the Master Fund's foreign currency, interest rate, or other risks. Depending on market conditions and the views of the Adviser, the Master Fund may or may not hedge all or a portion of its currency, interest rate, or other exposures.

The Master Fund's Investments fall within two principal strategies: Private Investments and Cash Management. Private Investments strategies employed include (i) Private Equity and (ii) Real Assets. Cash Management strategies employed include (i) Cash and Cash Equivalents, (ii) Hedge Funds, and (iii) Other Liquid Strategies.

Private Investments

Private Equity. Private equity Investments seeks to generate capital appreciation, particularly during periods of rising economic growth, through direct and indirect investments in private companies seeking capital across various strategies, primarily buyout, growth equity, private debt, and venture capital.

Real Assets. Real asset investments seek to generate capital appreciation, particularly in times of rising inflation, through assets which are generally tangible in nature, and provide explicit or implicit cash flow visibility along with some level of inflation protection. The definition of 'Real Assets' varies across industries but typically includes infrastructure, natural resources, and real estate.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Cash Management

Cash and Cash Equivalents. Fund assets which are cash or can be readily converted into cash, including bank accounts and marketable securities (debt securities with maturities of less than 90 days, such as commercial paper), U.S. Treasury bills, and short-term government bonds with a maturity date of three months or less, among others.

Hedge Funds. Predominantly liquid alternative investments using pooled funds which employ different strategies to generate attractive returns either on an absolute basis or over a specified benchmark. Hedge funds may be actively managed or make use of derivatives and leverage in both domestic and international markets. The Master Fund will selectively invest in Hedge Funds across event driven, global macro, and relative value strategies.

Other Liquid Securities. Entails Investments in a variety of liquid, listed equity, and fixed income strategies, either held directly or through a pooled vehicle. These Investments will typically be held as long-only positions where the Adviser believes there is an opportunity for capital appreciation. These securities have more inherent volatility than other positions in the Cash Management portfolio and may include equities, bonds, commodities, currencies, and exchange-traded funds.

Principal Risks

Broad Investment Mandate

The investment strategy of the Master Fund is opportunistic in nature and covers a broad range of asset classes and geographic regions. A purchaser of Interests must rely upon the ability of the Adviser to identify, structure, and implement investments consistent with the Master Fund's overall investment objective and policies at such times as they determine. Without limiting the foregoing, the Master Fund may make investments throughout the capital structure, such as mezzanine securities, senior secured debt, bank debt, unsecured debt, convertible bonds, and preferred and common stock and across numerous asset classes such as public equity, structured equity, minority private equity, venture capital, commodities, real estate, natural resources, infrastructure, hybrid derivative instruments, litigation finance, and credit. It is expected that, in light of the Master Fund's investment objective, the Master Fund will often make equity, credit, and/or debt investments which, from time to time, may involve serving on governance-related committees or in similar positions which involve control or influence over the underlying entity in which the Master Fund invests. Additionally, the Master Fund will be permitted to invest (and may actually invest) in any number of companies operating in a wide range of industries, geography, and/or activities.

Master/Feeder Structure

The Master Fund may accept investments from other investors (including other feeder funds), in addition to the Master Fund investors. The Master Fund currently has other investors that are feeder funds managed by the Adviser or its affiliates, and it may have additional investors in the future. Because each feeder fund can set its own transaction minimums, feeder-specific expenses, and other conditions, one feeder fund could offer access to the Master Fund on more attractive terms, or could experience better performance, than another feeder fund. Smaller feeder funds may be harmed by the actions of larger feeder funds. For example, a larger feeder fund will have more voting power than the Master Fund over the operations of the Master Fund. If the Master Fund conducts repurchase offers, and if other feeder funds tender for a significant portion of their shares in a repurchase offer, the assets of the Master Fund will decrease. This could cause the Master Fund's expense ratio to increase to the extent contributions to the Master Fund do not offset the cash outflows.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Risk Allocations

The Adviser has broad discretion to make allocations to Investments executing different strategies and other than limitations on illiquid investments is not constrained with respect to the allocation to individual strategies or asset classes. There is no assurance that its decisions in this regard will be successful. In addition, the Master Fund may be limited in its ability to make changes to allocations due to the subscription and redemption provisions of the Investments, including notice periods and limited subscription and redemption dates, the ability of the Investments to suspend and postpone redemptions, and lockups on redemptions imposed by certain Investments. In addition, such allocations will be made by the Adviser based on information previously provided by the Investments. If such information is inaccurate or incomplete, it is possible that the Master Fund's allocation to the asset classes from a risk/reward perspective may not reflect the Adviser's intended allocations. This could have a material adverse effect on the ability of the Adviser to implement the investment objective of the Master Fund and the performance of the Master Fund.

Dependence on the Adviser and the Investment Managers

The Adviser invests certain assets of the Master Fund into Investments managed by third-party investment managers, and the Adviser has the sole authority and responsibility for the selection of the investment managers. The success of the Master Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Master Fund. In addition, the Adviser may be dependent on key personnel. To the extent that any key personnel were to depart, the Adviser's ability to successfully develop and implement investment strategies may be negatively impacted.

Limited Liquidity; Closed-end Fund & Master Fund

The Master Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. You should not invest in the Master Fund if you require a liquid investment. The Master Fund invests substantially all of its investable assets in illiquid investments.

Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that securities issued by closed-end funds are not redeemable at the discretion of investors. Unlike mutual fund investors, investors in closed-end funds do not have the right to redeem their shares on a daily basis at a price based on current NAV. In addition, mutual funds are subject to more stringent liquidity requirements. For example, a mutual fund generally may not invest more than 15% of its net assets in illiquid securities. By contrast, the Master Fund, as a closed-end fund, may invest all or substantially all of its assets in illiquid investments, which is consistent with the Master Fund's investment strategy. The Adviser believes that unique investment opportunities exist in the market for Private Investments, which generally are illiquid.

An investment in the Master Fund provides limited liquidity since the Interests are not freely transferable and Partners may not cause the Master Fund to redeem their Interests. The Master Fund, at its discretion, may but is not required to, offer to repurchase Interests from the Partners. A discretionary repurchase of a Partner's Interests may be subject to restrictions imposed upon withdrawals under the terms of the Investments or, in the event that the Master Fund and/or the Adviser has engaged one or more sub-advisers, restrictions imposed by investment advisory agreements pursuant to which the Master Fund's assets are invested. An investment in the Master Fund is suitable only for certain sophisticated investors that do not require liquidity.

If the Master Fund conducts repurchase offers, and if the repurchase offer is oversubscribed, the illiquidity that results from the Master Fund's significant investment in private investments, which ordinarily cannot be liquidated without significant discount in secondary markets, if at all, may prevent the Master Fund from repurchasing more than a specified amount of Interests.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Payment for repurchased Interests of the Master Fund may require the Master Fund to liquidate all or a portion of one or more of the Investments earlier than the Adviser would otherwise liquidate these holdings, potentially resulting in losses, and may increase the Master Fund's portfolio turnover. In addition, to the extent that the Master Fund ever were to repurchase significant amounts of Interests, the illiquidity of the remaining portfolio would increase, a factor that the Board would consider when determining the amount of Interests to repurchase. The Adviser intends to take measures (subject to such policies as may be established by the Investment Committee) to attempt to avoid or minimize potential losses and turnover resulting from the repurchase of Interests. In the event the Master Fund ever winds down investment operations and terminates, the Master Fund would be unable to offer to repurchase all Interests immediately and Partners would receive the value of their Interests over time as the Master Fund liquidated its assets, which could require a significant period to realize certain illiquid assets.

Non-Diversified Status

The Master Fund is a "non-diversified" investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the percentage of the Master Fund's assets that may be invested in the securities of any one issuer. Although the Adviser follows a general policy of seeking to diversify the Master Fund's capital among multiple investment funds and Direct Investments, the Adviser may depart from such policy from time to time and one or more investment funds and/or Direct Investments may be allocated a relatively large percentage of the Master Fund's assets. The Master Fund will limit the percentage of assets held of any one investment fund, at the time of investment, to an amount that is in accordance with any regulatory restrictions applicable to the Master Fund. As a consequence of a large investment in a particular investment fund and/or Direct Investment, losses suffered by such an investment fund or Direct Investment could result in a higher reduction in the Master Fund's capital than if such capital had been more proportionately allocated among a larger number of investment funds.

Risks of Investment Activities Generally

All securities investing and trading activities risk the loss of capital. No assurance can be given that the Master Fund's or any Investment's investment activities will be successful or that the Partners will not suffer losses.

Limited Operating History of Investments

Investments may have limited operating histories and the information the Master Fund will obtain about such investments may be limited. As such, the ability of the Adviser to evaluate past performance or to validate the investment strategies of such Investment will be limited. Moreover, even to the extent an investment has a longer operating history, the past investment performance of any of the Investments should not be construed as an indication of the future results of such investments or the Master Fund, particularly as the investment professionals responsible for the performance of such investments may change over time. This risk is related to, and enhanced by, the risks created by the fact that the Adviser relies upon information provided to it by the issuer of the securities that is not, and cannot be, independently verified. Further, the results of other funds or accounts managed by the Adviser, which have or have had an investment objective similar to or different from that of the Master Fund, may not be consistent with the results that the Master Fund achieves.

The Master Fund may invest a portion of its assets in the securities of less established companies. Investments in such early-stage companies may involve greater risks than generally are associated with investments in more established companies. Less established companies tend to have lower capitalizations and fewer resources and, therefore, often are more vulnerable to financial failure. Such companies also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. There can be no assurance that any such losses will be offset by gains (if any) realized on the Master Fund's other investments, and any such Investments should be considered highly speculative and may result in the loss of the Master Fund's entire investment therein.

To the extent there is a public market for the securities held by the Master Fund, such securities may be subject to more abrupt and erratic market price movements than those of private company investments.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Unspecified Investments; Dependence on the Adviser

The Adviser has complete discretion to select the Investments as opportunities arise. The Master Fund, and, accordingly, Partners, must rely upon the ability of the Adviser to identify and implement Investments consistent with the Master Fund's investment objective. Partners will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Investments. The Adviser has the authority and responsibility for asset allocation, the selection of Investments, and all other investment decisions for the Master Fund. The success of the Master Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Master Fund. Partners will have no right or power to participate in the management or control of the Master Fund or the Investments, or the terms of any such investments. There can be no assurance that the Adviser will be able to select or implement successful strategies or achieve their respective investment objectives.

Effective March 1, 2021, the Investment team managing the Master Fund changed as a result of an acquisition of the Adviser to the Master Fund by Cypress Creek Partners (and/or an affiliate thereof). The current Portfolio Manager of the Master Fund is William P. Prather III. Mr. Prather has been responsible for the management of the Master Fund since March 1, 2021. He previously served as the Head of Natural Resources and Infrastructure portfolio at the University of Texas/Texas A&M Investment Management Company ("UTIMCO"), and prior to that was a portfolio manager at BlackRock Inc.

Endnotes and Additional Disclosures

General

The views expressed in this letter are those of the Portfolio Manager and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Cypress Creek Partners and the Master Fund disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Cypress Creek Partners fund. This commentary may contain statements that are not historical facts, referred to as "forward-looking statements." The Master Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund Interests, the continuation of investment advisory, administrative, and service contracts, and other risks discussed from time to time in the Master Fund's filings with the United States Securities and Exchange Commission.

This letter is provided solely for informational purposes and is exclusively intended for use by existing Fund investors and/or pre-qualified prospective Fund investors with whom the Master Fund or an authorized intermediary acting on behalf of the Master Fund has a pre-existing substantive relationship. Neither this letter nor the information contained therein constitutes an offer to sell or a solicitation of any offer to buy any securities. Any offering or solicitation will be made only to eligible investors and pursuant to the current version of the applicable Private Placement Memorandum and other governing documents, all of which must be read in their entirety.

Performance figures shown for periods less than one year are cumulative (not annualized). Historical performance track record for the Fund prior to March 1, 2021, was achieved by the adviser and its then investment management team.

The Master Fund Profile is subject to change due to active management employed by the Adviser.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Index Definitions

MSCI All Country World Index ("ACWI"). The MSCI ACWI is a global equity index designed to represent the performance of the full opportunity set of large- and mid-cap companies across 23 developed markets and 24 emerging markets countries. With 2,514 constituents, and an average market capitalization of $39.9 billion (median market capitalization of $9.8 billion), the index covers approximately 85% of the global investable equity opportunity set. This index is calculated on a net USD total return-basis, which reflects the re-investment of dividends, interest, and other income converted to USD and after the deduction of withholding taxes.5

Standard & Poor's 500 Index ("S&P 500"). The S&P 500 is a U.S. equity index designed to represent the performance of the large-cap segment of the U.S. equity market, comprising the leading publicly traded companies selected by the S&P Dow Jones Indices Committee based on market capitalization, liquidity, public float, sector representation, financial viability, and length of trading history. With 503 constituents (reflecting multiple share class listings for select issuers), and an average market capitalization of $108.4 billion (median market capitalization of $38.2 billion), the index covers approximately 80% of the U.S. investable equity opportunity set. This index is calculated on a net USD total return-basis, which reflects the re-investment of dividends and other income after the deduction of withholding taxes applicable to non-resident investors.5

Footnotes

​1 "Q1 2026 Investment Review" J.P. Morgan Private Bank, April 10, 2026; "Quarterly Markets Review - Q1 2026." Schroders, April 6, 2026; "First Quarter 2026 Market Commentary." NEPC, March 31, 2026; and S&P Capital IQ data.

​2 "Q1 2026 Investment Review" J.P. Morgan Private Bank, April 10, 2026; "Quarterly Markets Review - Q1 2026." Schroders, April 6, 2026; "First Quarter 2026 Market Commentary." NEPC, March 31, 2026; and U.S Federal Reserve data.

​3 "Q1 2026 US PE Breakdown" PitchBook, April 14, 2026

​4 Cypress Creek defines the referenced terms as follows: Private Investments includes Private Equity, Real Assets and Private Debt sub-portfolios. Private Equity includes private investment strategies such as buyouts, growth equity, and venture capital, among others. Real Assets represents private investment strategies such as infrastructure, natural resources (e.g., agriculture/farmland, energy, metals, and mining, etc.), and real estate. Cash Management includes hedge funds including event driven, global macro, and relative value strategies, long-only liquid strategies, liquid securities, and cash. Anchor Partnership refers to an approach in which Cypress Creek will serve as an early and meaningful investor for new or developing managers. In addition to capital investments, Cypress Creek works consultatively with the target managers to actively contribute to their growth, collaborating in key functional areas that include but are not limited to compliance, reporting, asset allocation, risk management, and capital raising. As a result of these long-term, strategic relationships, Cypress Creek may benefit from advantaged economics and allocation/access rights. Core Managers represent managers and related investments where Cypress Creek expects to maintain an active ongoing investment relationship and the Investment Committee has approved of the manager. New/developing fund managers are managers raising their first-time private investment fund or up to a potential fourth fund. Lower-middle market private investing is focused on managers with a target capacity below $1 billion, which generally implies equity tickets in individual transactions of below $100 million, subject to variation.

​5 As of April 30, 2026.

​6 Investors cannot invest directly in either the Core Private Investments Portfolio or the Non-Core Private Investments Portfolio. Gross returns are presented before the deduction of management fees, service fees, and other expenses that would reduce returns.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Report of Independent Registered Public Accounting Firm

To the Partners and the Board of Directors of
Cypress Creek Private Strategies TEI Fund, L.P.

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and partners' capital of Cypress Creek Private Strategies TEI Fund, L.P. (the Fund) as of March 31, 2026, the related statements of operations and cash flows for the year then ended, the statements of changes in partners' capital for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for the years ended March 31, 2026, March 31, 2025, March 31, 2024 and March 31, 2023, the period from January 1, 2022 to March 31, 2022 and for the year ended December 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in partners' capital for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2026, March 31, 2025, March 31, 2024 and March 31, 2023, the period from January 1, 2022 to March 31, 2022, and for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Cypress Creek Partners investment companies since 2021.

Chicago, Illinois

May 29, 2026

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Statement of Assets, Liabilities and Partners' Capital
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Statement of Operations
Year Ended March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Statements of Changes in Partners' Capital

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Statement of Cash Flows
Year Ended March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements
March 31, 2026

1. Organization

The Cypress Creek Private Strategies TEI Fund, L.P. (the "TEI Fund"), a Delaware limited partnership registered under the Investment Company Act of 1940, as amended (the "1940 Act"), commenced operations on March 17, 2005, as a non-diversified, closed-end management investment company. The TEI Fund was created to serve as a feeder fund for the Cypress Creek Private Strategies (Offshore TEI) Fund, Ltd. (the "Offshore TEI Fund"), which in turn is a feeder fund for the Cypress Creek Private Strategies Master Fund, L.P. (the "Master Fund"). For convenience, reference to the TEI Fund may include the Offshore TEI Fund and Master Fund, as the context requires.

The TEI Fund's investment objective is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years). The TEI Fund pursues its investment objective by investing substantially all of its assets in the Offshore TEI Fund, which in turn invests substantially all of its assets in the Master Fund, which has the same investment objectives as the Offshore TEI Fund and the TEI Fund. The Master Fund generally pursues the investment objective by allocating assets to investments, which include primary and secondary subscriptions or commitments to private partnerships managed by third-party investment managers ("Investment Managers"), as well as direct investments in the equity or debt of private or public companies ("Direct Platforms") (the "investment funds"), registered investment companies (including exchange-traded funds) and direct investments in marketable securities and derivative instruments. The Master Fund's financial statements, Schedule of Investments, and notes to the financial statements included elsewhere in this report, should be read in conjunction with this report. The Offshore TEI Fund serves solely as an intermediary for the TEI Fund's investment in the Master Fund. The percentage of the Master Fund's partnership interests indirectly owned by each of the TEI Fund and the Offshore TEI Fund on March 31, 2026, was 25.35%.

The Endowment Fund GP, L.P., a Delaware limited partnership, serves as the general partner of the TEI Fund (the "General Partner"). To the fullest extent permitted by applicable law, the General Partner has irrevocably delegated to a board of directors (the "Board" and each member a "Director") its rights and powers to monitor and oversee the business affairs of the TEI Fund, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct, and operation of the TEI Fund's business. A majority of the Directors are independent of the General Partner and its management. To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the TEI Fund, the Adviser (as hereinafter defined), or any committee of the Board.

The Board is authorized to engage an investment adviser and it has selected Endowment Advisers, L.P. d/b/a Cypress Creek Partners (the "Adviser"), to manage the TEI Fund's portfolio and operations, pursuant to an investment management agreement (the "Investment Management Agreement"). The Adviser is a Delaware limited partnership that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Under the Investment Management Agreement, the Adviser is responsible for the establishment of an investment committee, which is responsible for developing, implementing, and supervising the TEI Fund's investment program subject to the ultimate supervision of the Board. In addition to investment advisory services, the Adviser also functions as the servicing agent of the TEI Fund (the "Servicing Agent") and as such provides or procures investor services and administrative assistance for the TEI Fund. The Adviser can delegate all or a portion of its duties as Servicing Agent to other parties, who would in turn act as sub-servicing agents.

Under the TEI Fund's organizational documents, the TEI Fund's officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the TEI Fund. In the normal course of business, the TEI Fund enters into contracts with service providers, which also provide for indemnifications by the TEI Fund. The TEI Fund's maximum exposure under these arrangements is unknown, as this would involve any future potential claims that may be made against the TEI Fund. However, based on experience, the General Partner expects that risk of loss to be remote.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

2. Summary of Significant Accounting Policies

Basis of Presentation

The accounting and reporting policies of the TEI Fund conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The accompanying financial statements reflect the financial position of the TEI Fund and the results of its operations. The TEI Fund is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies."

Segment Reporting

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The TEI Fund's Principal Executive Officer acts as the TEI Fund's CODM. The TEI Fund represents a single operating segment, as the CODM monitors the operating results of the TEI Fund as a whole and the TEI Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its defined investment strategy which is executed by the TEI Fund's portfolio managers. The financial information in the form of the TEI Fund's portfolio composition via its investment in the Master Fund, the TEI Fund's total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the TEI Fund's comparative benchmarks and to make resource allocation decisions for the TEI Fund's single segment, is consistent with the information presented within the TEI Fund's financial statements and the financial highlights. Segment assets are reflected on the accompanying statement of assets, liabilities and partners' capital and significant segment expenses are listed on the accompanying statement of operations.

Use of Estimates

The financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates and such differences may be significant.

Cash and Cash Equivalents

The TEI Fund considers all unpledged temporary cash investments with a maturity date at the time of purchase of three months or less to be cash equivalents. As of March 31, 2026, the TEI Fund held no cash or cash equivalents.

Investment Transactions and Related Investment Income

The TEI Fund records monthly its pro-rata share of income, expenses, changes in unrealized appreciation and depreciation, and realized gains and losses derived from the Offshore TEI Fund.

The TEI Fund records investment transactions on a trade-date basis.

Investments that are held by the TEI Fund are marked to fair value at the date of the financial statements, and the corresponding change in unrealized appreciation/depreciation is included in the Statement of Operations.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

Investment Valuation

The valuation of the TEI Fund's investments is determined as of the close of business at the end of each reporting period, generally monthly. The valuation of the TEI Fund's investments is calculated by UMB Fund Services, Inc., the TEI Fund's independent administrator (the "Administrator").

The Board is responsible for overseeing the TEI Fund's valuation policies, making recommendations to the Adviser on valuation-related matters, and overseeing implementation by the Adviser of such valuation policies.

Pursuant to Rule 2a-5 under the Advisers Act, the Board has delegated day-to-day management of the valuation process to the Adviser as the appointed Valuation Designee, which has established a valuation committee (the "Adviser Valuation Committee") to carry out this function. The Valuation Designee is subject to the oversight of the Board. The Valuation Designee is responsible for assessing and managing key valuation risk, and is generally to review valuation methodologies, valuation determinations, and any information provided by the Adviser or the Administrator.

The TEI Fund invests substantially all of its assets in the Offshore TEI Fund, which in turn invests substantially all of its assets in the Master Fund. Investments in the Offshore TEI Fund are recorded at fair value based on the TEI Fund's proportional share of the Offshore TEI Fund's net assets. The Offshore TEI Fund's Investments in the Master Fund are recorded at fair value based on the TEI Offshore Fund's proportional share of the Master Fund's partners' capital. Investments in the Master Fund are recorded at fair value based on the TEI Fund's proportional share of the Master Fund's partners' capital, through the Offshore TEI Fund. Valuation of the investments held by the Offshore TEI Fund and the Master Fund is discussed in the Offshore TEI Fund and Master Fund's notes to financial statements, included elsewhere in this report.

Investment Income

For investments in securities, dividend income is recorded on the ex-dividend date, net of withholding taxes. Interest income is recorded as earned on the accrual basis and includes amortization of premiums or accretion of discounts.

Fund Expenses

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the TEI Fund bears all expenses incurred in its business, directly or indirectly through its investment in the Master Fund (through the Offshore TEI Fund), including but not limited to, the following: all costs and expenses related to investment transactions and positions for the TEI Fund's account; legal fees; compliance fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the TEI Fund's net asset value; fees for data and software providers; research expenses; costs of insurance; registration expenses; offering costs; expenses of meetings of the partners; directors fees; all costs with respect to communications to partners; offshore withholding taxes; and other types of expenses as may be approved from time to time by the Board.

Income Taxes

The TEI Fund is organized and operates as a limited partnership and is not subject to income taxes as a separate entity. Such taxes are the responsibility of the individual partners. Accordingly, no provision for income taxes has been made in the TEI Fund's financial statements. Investments in foreign securities may result in foreign taxes being withheld by the issuer of such securities.

For the current open tax years, and for all major jurisdictions, management of the TEI Fund has evaluated the tax positions taken or expected to be taken in the course of preparing the TEI Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained by the TEI Fund upon challenge by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold and that would result in a tax benefit or expense to the TEI Fund would be recorded as a tax benefit or expense in the current period. For the year ended

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

March 31, 2026, the TEI Fund did not recognize any amounts for unrecognized tax benefit/expense. A reconciliation of unrecognized tax benefit/expense is not provided herein, as the beginning and ending amounts of unrecognized tax benefit/expense are zero, with no interim additions, reductions or settlements. Tax positions taken in tax years which remain open under the statute of limitations (generally three years for federal income tax purposes and four years for state income tax purposes) are subject to examination by federal and state tax jurisdictions.

Recent Accounting Pronouncements

In the reporting period, the TEI Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the TEI Fund's financial position or the results of its operations.

3. Fair Value Measurements

The TEI Fund records its investment in the Offshore TEI Fund, which in turn invests substantially all of its assets in the Master Fund, at fair value. Investments of the Master Fund are recorded at fair value as more fully discussed in the Master Fund's notes to financial statements, included elsewhere in this report.

4. Partners' Capital

Issuance of Interests

Upon receipt from an eligible investor of an initial or additional application for interests (the "Interests"), which will generally be accepted as of the first day of each month, the TEI Fund will issue new Interests. The Interests have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. The TEI Fund issues Interests only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act. No public market exists for the Interests, and none is expected to develop. The TEI Fund is not required, and does not intend, to hold annual meetings of its partners. The Interests are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the TEI Fund's limited partnership agreement. The TEI Fund reserves the right to reject any applications for subscription of Interests.

Allocation of Profits and Losses

For each fiscal period net profits or net losses of the TEI Fund, including allocations from the Master Fund (through the Offshore TEI Fund), are allocated among and credited to or debited against the capital accounts of all partners as of the last day of each fiscal period in accordance with the partners' respective capital account ownership percentage for the fiscal period. Net profits or net losses are measured as the net change in the value of the partners' capital of the TEI Fund, including any change in unrealized appreciation or depreciation of investments and income, net of expenses, and realized gains or losses during a fiscal period. Net profits or net losses are allocated after giving effect for any initial or additional applications for Interests, which generally occur at the beginning of the month, or any repurchases of Interests.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

Distribution Reinvestment Program

Pursuant to the Fund's distribution reinvestment plan (the "DRP"), all distributions paid to a partner will be automatically reinvested and retained as part of the partner's interest in the Fund unless a partner has elected not to participate in the DRP. Election not to participate in the DRP, and to have all distributions, if any, paid directly to the partner rather than having such distribution reinvested in the Fund, must be made by indicating such election in the subscription agreement or by notifying the Fund.

On October 31, 2025, the TEI Fund paid a distribution in the amount of $2,115,431 of which $1,089,486 was paid out to partners based on capital balance in cash and $1,025,945 was reinvested in the Fund, depending on the partner's election.

Repurchase of Interests

A partner will not be eligible to have the TEI Fund repurchase all or any portion of an Interest at the partner's discretion at any time. The Adviser, which also serves as the investment adviser of the Master Fund and Offshore TEI Fund, generally recommends to the Board that the TEI Fund offer to repurchase such Interests during the period, pursuant to written tenders by partners.

The Board retains the sole discretion to accept or reject the recommendation of the Adviser and to determine the amount of Interests, if any, that will be purchased in any tender offer that it does approve. Since the TEI Fund's assets are invested in the Master Fund (through the Offshore TEI Fund), the ability of the TEI Fund to have its Interests in the Master Fund be repurchased would be subject to the Master Fund's and Offshore TEI Fund's repurchase policies. The Master Fund's and Offshore TEI Fund's repurchase policies are substantially similar to the TEI Fund's repurchase policy as any tender offer by the Master Fund (through the Offshore TEI Fund) is subject to the sole discretion of the Board. In addition, the TEI Fund may determine not to conduct a repurchase offer each time the Master Fund and Offshore TEI Fund conduct a repurchase offer. In the event Interests are repurchased, there will be a substantial period of time between the date as of which partners must tender their Interests for repurchase and the date they can expect to receive payment for their Interests from the TEI Fund.

5. Investments in Portfolio Securities

As of March 31, 2026, all of the investments made by the TEI Fund were in the Master Fund (through the Offshore TEI Fund).

6. Administration Agreement

In consideration for administrative, accounting, and recordkeeping services, the TEI Fund pays the Administrator a monthly administration fee based on a fixed annual rate. The Administrator also provides compliance, transfer agency, and other investor related services at an additional cost. The total administration fee incurred for the year ended March 31, 2026, was $19,500, of which $6,500 was outstanding as a payable at March 31, 2026.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

7. Investment Advisory Fees and Affiliated Transactions

Management Fee

In consideration of the advisory and other services provided by the Adviser to the Master Fund and the TEI Fund, the Master Fund pays the Adviser a management fee (the "Management Fee"). The Management Fee is equal to the fee schedule shown below on an annualized basis of the Master Fund's partners' capital based on the Master Fund's partners' capital at the end of each month, payable quarterly in arrears.

So long as the TEI Fund invests all of its investable assets in the Offshore TEI Fund, which in turn invests all of its investable assets in the Master Fund, the TEI Fund will not pay the Adviser directly any Management Fee; however, should the TEI Fund not have all of its investments in the Offshore TEI Fund, it may be charged the Management Fee directly. The TEI Fund's partners bear an indirect portion of the Management Fee paid by the Master Fund. The Management Fee decreases the net profits or increases the net losses of the Master Fund and indirectly the TEI Fund as the fees reduce the capital accounts of the Master Fund's partners.

Incentive Fee

The Adviser is eligible to receive an incentive fee from the Master Fund representing 10% of the return of the Master Fund in excess of a 6% net return annually, based on the limited partner interests in the Master Fund; calculated and accrued monthly and payable annually. The Master Fund incurred $2,454,142 in incentive fees for the year ended March 31, 2026, of which $622,864 was allocated to the TEI Fund.

Servicing Fee

In consideration for providing or procuring investor services and administrative assistance to the TEI Fund, the Adviser receives a servicing fee (the "Servicing Fee") equal to 0.70% (on an annualized basis) of each partner's capital account balance, calculated at the end of each month, payable quarterly in arrears.

The Adviser may engage one or more sub-servicing agents to provide some or all of the services. Compensation to any sub-servicing agent is paid by the Adviser. The Adviser or its affiliates also may pay a fee out of their own resources to sub-servicing agents.

For the year ended March 31, 2026, $443,169 was incurred for Servicing Fees, of which $40,043 was outstanding as a payable at March 31 ,2026.

Placement Agents

The TEI Fund may engage one or more placement agents (each, a "Placement Agent") to solicit investments in the TEI Fund. Vigilant Distributors, LLC, a broker dealer, is engaged by the TEI Fund to serve as a Placement Agent. A Placement Agent may engage one or more sub-placement agents. The Adviser or its affiliates may pay a fee out of their own resources to Placement Agents and sub-placement agents.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

8. Financial Highlights

An investor's return and operating ratios may vary from those reflected based on the timing of capital transactions.

____________

* The TEI Fund has changed its fiscal year end from December 31 to March 31. This period represents the 3-month period from January 1, 2022, to March 31, 2022.

(1) Ratios are calculated by dividing the indicated amount by average partners' capital measured at the end of each month during the period. Ratios are annualized for periods less than 12 months.

(2) For the years ended March 31, 2026, March 31, 2025 and March 31, 2024, the expense ratio includes incentive fees of 0.99%, 0.15% and 0.33%, respectively.

(3) The TEI Fund is invested exclusively in the Offshore TEI Fund which in turn is invested solely in the Master Fund, therefore this ratio reflects the portfolio turnover of the Master Fund, which is for the period indicated.

(4) The total return of the TEI Fund is calculated as geometrically linked monthly returns for each month in the period, not annualized for periods less than 12 months.

9. Investment-Related Risks

All securities investing and trading activities risk the loss of capital. No assurance can be given that the Master Fund's or any investment fund's investment activities will be successful or that the Partners will not suffer losses.

In general, these principal risks exist whether the investment is made by an investment fund or held by the Master Fund directly and therefore for convenience purposes, the description of such risks in terms of an investment fund is intended to include the same risks for investments made directly by the Master Fund. It is possible that an investment fund (or the Master Fund) will make (or hold) an investment that is not described below, and any such investment will be subject to its own particular risks. For purposes of this discussion, references to the activities of the investment funds should generally be interpreted to include the activities of an Investment Manager. The risks and considerations described below are intended to reflect the Master Fund's anticipated holdings.

Secondary Investment Risk

The overall performance of the Master Fund's secondary investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Master Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Master Fund acquires an interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Investment's constituent documents (e.g., limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

Secondary Investments Involving Syndicates Risk

The Master Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Master Fund may be exposed to additional risks including (among other things): (i) counterparty risk or the risk that a syndicate member will not perform its contractual obligations, (ii) reputation risk or the risk that the Master Fund may suffer damage to its reputation), (iii) breach of confidentiality by a syndicate member and (iv) execution risk or the risk of financial loss if a transaction is not executed appropriately.

Highly Volatile Markets Risk

The prices of an investment fund's underlying investments, and therefore the ("NAV") of the TEI Fund's interests, can be highly volatile. Price movements of forward contracts, futures contracts, and other derivative contracts in which an investment or the Master Fund may invest are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies, financial instruments and interest rate-related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Moreover, since internationally there may be less government supervision and regulation of worldwide stock exchanges and clearinghouses than in the U.S., investments also are subject to the risk of the failure of the exchanges on which their positions trade or of their clearinghouses, and there may be a higher risk of financial irregularities and/or lack of appropriate risk monitoring and controls.

Prepayment and Extension Risk

Due to a decline in interest rates or an excess in cash flow, borrowers may pay back principal before the market anticipates such payments. As a result, the Master Fund may have to reinvest the proceeds in an investment offering a lower yield, may not benefit from any increase in value that might otherwise result from declining interest rates and may lose any premium it paid to acquire the security. Higher interest rates generally result in slower payoffs, which effectively increase duration, heighten interest rate risk, and increase the Master Fund's potential for price declines. The prices of variable and floating rate securities (including loans) can be less sensitive to prepayment risk.

Fixed Income Risk

The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity. This may cause the weighted average weighted maturity of investments to fluctuate and may require investments to invest the resulting proceeds at lower interest rates. Income from the investment's debt securities portfolio will decline if and when the investment invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the investment's portfolio. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by investments. Reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets.

In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

could adversely affect the prices and liquidity of the securities and other instruments in which the Master Fund invests, which in turn could negatively impact the Master Fund's performance and cause losses on limited partners' investment in the Master Fund. Fixed income securities may also be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest. Changes in the actual or perceived creditworthiness of an issuer, factors affecting an issuer directly (such as management changes, labor relations, collapse of key suppliers or customers, or material changes in overhead), factors affecting the industry in which a particular issuer operates (such as competition or technological advances) and changes in general social, economic or political conditions can increase the risk of default by an issuer, which can affect a security's credit quality or value. Since the Master Fund and the investment funds it invests in may purchase securities backed by credit enhancements from banks and other financial institutions, changes in the credit ratings of these institutions could cause the Master Fund to lose money and may affect the Master Fund's NAV. Moreover, in order to enforce its rights in the event of a default, bankruptcy or similar situation, the Master Fund may be required to retain legal or similar counsel, which may increase the Master Fund's operating expenses and adversely affect the Master Fund's NAV.

Foreign Currency Transactions and Exchange Rate Risk

Investments and the Master Fund may invest in equity and equity-related securities denominated in non-U.S. currencies and in other financial instruments, the price of which is determined with reference to such currencies. Investments may engage in foreign currency transactions for a variety of purposes, including to "lock in" the U.S. dollar price of the security, between the trade and the settlement dates, the value of a security an investment has agreed to buy or sell, or to hedge the U.S. dollar value of securities the investment already owns. The investments also may engage in foreign currency transactions for non-hedging purposes to generate returns. The Master Fund will, however, value its investments and other assets in U.S. dollars. To the extent unhedged, the value of the Master Fund's net assets will fluctuate with U.S. dollar exchange rates as well as with price changes of an investment's investments in the various local markets and currencies. Forward currency contracts and options may be utilized by investments to hedge against currency fluctuations, but the investments are not required to utilize such techniques, and there can be no assurance that such hedging transactions will be available or, even if undertaken, effective.

Corporate Event Risk

Substantial transaction failure risks are involved in companies that are the subject of publicly disclosed mergers, takeover bids, exchange offers, tender offers, spin-offs, liquidations, corporate restructuring, and other similar transactions. Similarly, substantial risks are involved in investments in companies facing negative publicity or uncertain litigation. Thus, there can be no assurance that any expected transaction will take place, that negative publicity will not continue to affect a company or that litigation will be resolved in a company's favor. Certain transactions are dependent on one or more factors to become effective, such as market conditions which may lead to unexpected positive or negative changes in a company profile, shareholder approval, regulatory and various other third party constraints, changes in earnings or business lines or shareholder activism as well as many other factors. No assurance can be given that the transactions entered into will result in a profitable investment for the investments or that the investments will not incur substantial losses.

Issuer Risk

The issuers of securities acquired by investments sometimes involve a high degree of business and financial risk. These companies may be in an early stage of development, may not have a proven operating history, may be operating at a loss or have significant variations in operating results, may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, or may otherwise have a weak financial condition.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

Issuers of securities acquired by investments may be highly leveraged. Leverage may have important adverse consequences to these companies and an investment as an investor. These companies may be subject to restrictive financial and operating covenants. The leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to business opportunities may be limited. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

In addition, such companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing, and other capabilities, and a larger number of qualified managerial and technical personnel.

Model and Data Risk

Some investments, and the Adviser with regard to certain investments, may rely on quantitative models (both proprietary models developed by the Adviser, and those supplied by third party vendors) and information and data supplied by third party vendors ("Models and Data"). Models and Data are used to construct sets of transactions and investments and to provide risk management insights.

When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Master Fund to potential risks. The success of relying on such models may depend on the accuracy and reliability of historical data supplied by third party vendors.

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, "model prices" will often differ substantially from market prices, especially for securities with complex characteristics, such as derivative securities.

Programming and Modeling Error Risk

The research and modeling process engaged in by some Investment Managers and in certain cases by the Adviser is extremely complex and involves financial, economic, econometric and statistical theories, research and modelling; the results of that process must then be translated into computer code. Although the Adviser seeks to hire individuals skilled in each of these functions and to provide appropriate levels of oversight, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform "real world" testing of the end product raises the chances that the finished model may contain an error; one or more of such errors could adversely affect the Master Fund's performance.

Financial Instruments with Off-Balance Sheet Risk

In the normal course of business, the investment funds in which the TEI Fund may invest either directly or through the Offshore TEI Fund and Master Fund may trade various derivative securities and other financial instruments, and enter into various investment activities with off-balance sheet risk both as an investor and as a principal. The TEI Fund's risk of loss in these investment funds is limited to the TEI Fund's pro rata share of the value of its investment in or commitment to such investment funds as held directly or through the Offshore TEI Fund and Master Fund. In addition, the Master Fund may invest directly in derivative securities or other financial instruments to gain greater or lesser exposure to a particular asset class.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Notes to Financial Statements, continued
March 31, 2026

10. Subsequent Events

Management of the TEI Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements, and there were no subsequent events that needed to be disclosed other than those events that have been disclosed elsewhere in these financial statements.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information
March 31, 2026

(Unaudited)

Directors and Officers

The TEI Fund's operations are managed under the direction and oversight of the Board. Each Director serves for an indefinite term or until he or she reaches mandatory retirement, if any, as established by the Board. The Board appoints the officers of the TEI Fund who are responsible for the TEI Fund's day-to-day business decisions based on policies set by the Board. The officers serve at the pleasure of the Board.

Compensation for Directors

The Cypress Creek Private Strategies Master Fund, L.P., the Cypress Creek Private Strategies Registered Fund, L.P., the Cypress Creek Private Strategies Institutional Fund, L.P, and the Cypress Creek Private Strategies TEI Fund, L.P., together pay each of the Directors who is not an "interested person" of the Adviser, as defined in the 1940 Act (the "Independent Directors"), an annual retainer of $35,000 paid quarterly. There are currently four Independent Directors. In the interest of retaining Independent Directors of the highest quality, the Board intends to periodically review such compensation and may modify it as the Board deems appropriate.

The table below shows, for each Director and executive officer, their full name, address and age, the position held with the Fund, the length of time served in that position, their principal occupation during the last five years, and other directorships held by such Director. The address of each Director and officer is c/o Cypress Creek Private Strategies Funds, 712 W. 34th Street, Suite 201, Austin, TX 78705. The Fund's Statement of Additional Information includes additional information about the Directors and is available free of charge, upon request, by calling toll-free 1-800-725-9456.

Interested Director

____________

(1) The 'Fund Complex' for the purpose of this table consists of The Cypress Creek Private Strategies Funds (four funds) with all funds in the Fund Complex being advised by the Adviser.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information, continued
March 31, 2026

(Unaudited)

Independent Directors

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information, continued
March 31, 2026

(Unaudited)

____________

(1) The 'Fund Complex' for the purpose of this table consists of The Salient Private Access Funds (four funds) with all funds in the Fund Complex being advised by the Adviser.

Officers of the Fund Who Are Not Directors

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information, continued
March 31, 2026

(Unaudited)

Allocation of Investments

The following chart indicates the allocation of investments among the asset classes in the Master Fund as of March 31, 2026.

____________

(1) The complete list of investments included in the following asset class categories is included in the Schedule of Investments of the Master Fund.

Board Consideration of the Investment Management Agreements

At an in-person meeting held on February 5, 2026 ("Meeting"), the Fund's Board of Directors ("Board"), including all of the Fund's directors who are not "interested persons" as defined under the 1940 Act ("Independent Directors"), considered and unanimously approved the continuation of the Investment Management Agreement between the Fund and the Adviser (the "Advisory Agreement"). In preparation for review of the Advisory Agreement, the Board requested the Adviser to provide detailed information which the Board determined to be reasonably necessary to evaluate the agreement. The Independent Directors met on January 21, 2026 ("Pre-Meeting"), to discuss the responses with the Adviser, and also met in executive session prior to the Meeting to review and discuss aspects of the materials. At both the Pre-Meeting and the Meeting, at the request of the Independent Directors, the Adviser made presentations regarding the materials and responded to questions from the Independent Directors relating to, among other things, portfolio management, the Master Fund's investment programs, Master Fund's and Adviser's compliance programs, Adviser staffing and management changes, Master Fund performance including benchmarks and comparisons to other funds, Master Fund fee levels, other portfolios (including fees) managed by the Adviser and the Adviser's profitability (including revenue of the Adviser across all of its funds). The Board, including the Independent Directors, also took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings. The Independent Directors were assisted at all times by independent counsel.

Following the Board's review, the Independent Directors at the Meeting reported that they had concluded that the Advisory Agreement enables the Fund's partners to obtain high quality services at a cost that is appropriate, reasonable, and in the interests of investors. They stated that prudent exercise of judgment warranted renewal of the Advisory

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information, continued
March 31, 2026

(Unaudited)

Agreement. It also was noted that the Board's decision to renew the Advisory Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings. Upon consideration of these and other factors, the Board also determined:

The nature, extent and quality of the advisory services provided. With respect to the Investment Advisory Agreements, the Board considered: the Adviser's views on the legacy portfolio and the Adviser's new portfolio investment activity, all within the scope of the Funds' investment mandate; the background and experience of key investment personnel; the Adviser's focus on analysis of complex asset categories and their investment relationships; the Adviser's disciplined investment approach, including continued new private equity investments, and commitment to investment principles; the Adviser's significant compliance and tax reporting efforts, and oversight of operations; and, the Adviser's oversight of and interaction with service providers.

The Board concluded that the nature, extent and quality of the management and advisory service provided were appropriate and thus supported a decision to renew the Investment Advisory Agreements. The Board also concluded that the Adviser would be able to provide during the coming year management, operational, compliance and related services, and that these services are appropriate in scope and extent.

The investment performance of the Funds. The Board evaluated the comparative information provided by the Adviser regarding the Fund's investment performance. The Board noted the Funds' objective of seeking consistent long-term appreciation across a market cycle in light of the continuing constraints on private market exits and liquidity events, and the resulting impact on older private fund investments remaining in the portfolio. The Board reviewed information on the performance of other registered investment funds of private funds and various indices, including the relevance of various indices. The Board also considered various performance reports received throughout the year. The Board noted the Adviser's efforts in restructuring the portfolio since becoming the investment adviser, its oversight of remaining legacy assets and the Adviser-sourced assets in the portfolio. The Board concluded that the Adviser was able to implement its strategies effectively for the Funds in the context of difficult private markets. Based on the Directors' assessment, the Directors concluded that the Adviser is capable of generating a level of long-term investment performance in keeping with the Fund's investment objective, policies and strategies.

The cost of advisory service provided and the level of profitability. In analyzing the cost of services and profitability of the Adviser, the Board considered the revenues earned and expenses incurred by the Adviser. The Board took into account the maintenance by and cost to the Adviser in personnel and service infrastructure to support the Fund and its investors. On the basis of the Board's review of the fees to be charged by the Adviser for investment advisory and related services, the relatively unique nature, for an investment company, of the Fund's investment program, the Adviser's financial information, and the costs associated with managing the Fund, the Board concluded that the level of investment management fees and the profitability of the Adviser are reasonable in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the overall relationship between the Fund and the Adviser.

The extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Board noted that the Agreements have base management fee breakpoints as the level of Fund assets increase and the Board concluded that the management fees reflect the Fund's complex operations, the current economic environment for the Adviser, including its continued support and monitoring of the Fund, changes that had been implemented, and the competitive nature of the investment company market as relevant to the Fund. The Board noted the performance fee portion of the fee during the period. The Board also noted that it would have the opportunity periodically to re-examine whether the Fund has achieved economies of scale, as well as the appropriateness of management fees payable to the Adviser, in the future.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.

Supplemental Information, continued
March 31, 2026

(Unaudited)

Benefits (such as soft dollars) to the Adviser from its relationship with the Fund. The Board concluded that other benefits derived by the Adviser from its relationship with the Fund, to the extent such benefits are identifiable or determinable, are reasonable and fair, result from the provision of appropriate services to the Fund and investors therein, and are consistent with industry practice and the best interests of the Fund and its partners. In this regard, the Board noted that the Adviser does not realize "soft dollar" benefits from its relationship with the Fund.

Other considerations. The Board determined that the Adviser has made an entrepreneurial and substantial commitment to investment monitoring and investment decision-making and the provision of investor service, and maintained the financial, compliance and operational resources and oversight reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its partners.

Form N-PORT Filings

The TEI Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The TEI Fund's Form N-PORTs are available on the SEC's website at http://www.sec.gov.

Proxy Voting Policies

A description of the policies and procedures that the TEI Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Information regarding how the TEI Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Additional Information

The TEI Fund's private placement memorandum (the "PPM") includes additional information about Directors of the TEI Fund. The PPM is available, without charge, upon request by calling 1-800-725-9456.

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Privacy Policy
(Unaudited)

____________

1 Endowment Advisers, L.P., d/b/a Cypress Creek Partners

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Privacy Policy, continued
(Unaudited)

CYPRESS CREEK PRIVATE STRATEGIES TEI FUND, L.P.
Privacy Policy, continued
(Unaudited)

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.

Financial Statements

March 31, 2026

(With Independent Auditor's Report Thereon)

Also Including

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.
(A Limited Partnership)

Financial Statements

March 31, 2026

(With Report of Independent Registered Public Accounting Firm)

Independent Auditor's Report

The Managing Member
Cypress Creek Private Strategies Offshore TEI Fund, Ltd.

Opinion

We have audited the financial statements of Cypress Creek Private Strategies Offshore TEI Fund, Ltd. (the Fund), which comprise the statement of assets and liabilities as of March 31, 2026, the related statements of operations, changes in net assets and cash flows for the year then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations, changes in net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ RSM US LLP

Chicago, Illinois
May 29, 2026

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Statement of Assets and Liabilities
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Statement of Operations
For the Year Ended March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Statement of Changes in Net Assets
For the Year Ended March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Statement of Cash Flows
For the Year Ended March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements
March 31, 2026

1. Organization

The Cypress Creek Private Strategies Offshore TEI Fund, Ltd. (the "Offshore TEI Fund"), is a company limited by shares organized under the laws of the Cayman Islands. The Offshore TEI Fund was created to serve as a feeder fund for the Cypress Creek Private Strategies Master Fund, L.P. (the "Master Fund"). Cypress Creek Private Strategies TEI Fund, L.P. is the sole investor in the Offshore TEI Fund. For convenience, reference to the Offshore TEI Fund may include the Master Fund, as the context requires.

The Offshore TEI Fund's investment objective is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years). The Offshore TEI Fund pursues its investment objective by investing substantially all of its assets in the Master Fund. The Master Fund generally pursues the investment objective by allocating assets to investments, which include primary and secondary subscriptions or commitments to private partnerships managed by third-party investment managers ("Investment Managers"), as well as direct investments in the equity or debt of private or public companies ("Direct Platforms"), registered investment companies (including exchange-traded funds) and direct investments in marketable securities and derivative instruments. The Master Fund's Financial Statements, Schedule of Investments and Notes to Financial Statements, included elsewhere in this report, should be read in conjunction with this report. The percentage of the Master Fund's partnership interests owned by the Offshore TEI Fund on March 31, 2026, was 25.35%.

The board of directors of the Master Fund (the "Board") has delegated to The Endowment Fund GP, L.P. (the "Managing Member") its rights and powers to monitor and oversee its business affairs, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct and operation of the Offshore TEI Fund's business.

The Managing Member has no direct interest in the Offshore TEI Fund. The Managing Member is authorized to engage an investment adviser and it has selected Endowment Advisers, L.P. d/b/a Cypress Creek Partners (the "Adviser"), to manage the Offshore TEI Fund's portfolio and operations, pursuant to an investment management agreement (the "Investment Management Agreement"). The Adviser is a Delaware limited partnership that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the Investment Management Agreement, the Adviser is responsible for the establishment of an investment committee, which is responsible for developing, implementing, and supervising the Offshore TEI Fund's investment program subject to the ultimate supervision of the Managing Member. In addition to investment advisory services, the Adviser also functions as the servicing agent of the Offshore TEI Fund (the "Servicing Agent") and as such provides or procures investor services and administrative assistance for the Offshore TEI Fund. The Adviser can delegate all or a portion of its duties as Servicing Agent to other parties, who would in turn act as sub-servicing agents.

Under the Offshore TEI Fund's organizational documents, the Offshore TEI Fund's officers and the Managing Member are indemnified against certain liabilities arising out of the performance of their duties to the Offshore TEI Fund. In the normal course of business, the Offshore TEI Fund enters into contracts with service providers, which also provide for indemnifications by the Offshore TEI Fund. The Offshore TEI Fund's maximum exposure under these arrangements is unknown, as this would involve any future potential claims that may be made against the Offshore TEI Fund. However, based on experience, the Managing Member expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accounting and reporting policies of the Offshore TEI Fund conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The accompanying financial statements reflect the financial position of the Offshore TEI Fund and the results of its operations. The Offshore TEI Fund is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies."

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements, continued
March 31, 2026

Segment Reporting

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Offshore TEI Fund's Principal Executive Officer acts as the Offshore TEI Fund's CODM. The Offshore TEI Fund represents a single operating segment, as the CODM monitors the operating results of the Offshore TEI Fund as a whole and the Offshore TEI Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its defined investment strategy which is executed by the Offshore TEI Fund's portfolio managers. The financial information in the form of the Offshore TEI Fund's portfolio composition via its investment in the Master Fund, the Offshore TEI Fund's total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Offshore TEI Fund's comparative benchmarks and to make resource allocation decisions for the Offshore TEI Fund's single segment, is consistent with the information presented within the Offshore TEI Fund's financial statements and the financial highlights. Segment assets are reflected on the accompanying statement of assets and liabilities as "net assets" and significant segment expenses are listed on the accompanying statement of operations.

Use of Estimates

The financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates and such differences may be significant.

Cash and Cash Equivalents

The Offshore TEI Fund considers all unpledged temporary cash investments of sufficient credit quality with a maturity date at the time of purchase of three months or less to be cash equivalents. As of March 31, 2026, the Offshore TEI Fund held no cash or cash equivalents.

The functional and reporting currency of the Offshore TEI Fund is the U.S. Dollar.

Investment Transactions and Related Investment Income

The Offshore TEI Fund records monthly its pro-rata share of income, expenses, changes in unrealized appreciation and depreciation, and realized gains and losses derived from the Master Fund.

The Offshore TEI Fund records investment transactions on a trade-date basis.

Investments that are held by the Offshore TEI Fund are marked to fair value at the date of the financial statements, and the corresponding change in unrealized appreciation/depreciation is included in the Statement of Operations.

Investment Valuation

The valuation of the Offshore TEI Fund's investments is determined as of the close of business at the end of each reporting period, generally monthly. The valuation of the Offshore TEI Fund's investments is calculated by UMB Fund Services, Inc., the Offshore TEI Fund's independent administrator (the "Administrator").

The Managing Member has formed a valuation committee (the "Valuation Committee") that is responsible for overseeing the Offshore TEI Fund's valuation policies, making recommendations to the Managing Member on valuation-related matters, and overseeing implementation by the Adviser of such valuation policies.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements, continued
March 31, 2026

The Managing Member has authorized the Adviser to establish a valuation committee of the Adviser (the "Adviser Valuation Committee"). The Adviser Valuation Committee's function, subject to the oversight of the Valuation Committee and the Managing Member, is generally to review valuation methodologies, valuation determinations, and any information provided to the Adviser Valuation Committee by the Adviser or the Administrator.

The Offshore TEI Fund invests substantially all of its assets in the Master Fund. Investments in the Master Fund are recorded at fair value based on the Offshore TEI Fund's proportional share of the Master Fund's partners' capital. Valuation of the investments held by the Master Fund is discussed in the Master Fund's notes to financial statements, included elsewhere in this report.

Investment Income

For investments in securities, dividend income is recorded on the ex-dividend date, net of withholding taxes. Interest income is recorded as earned on the accrual basis and includes amortization of premiums or accretion of discounts.

Fund Expenses

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the Offshore TEI Fund bears all expenses incurred in its business, directly or indirectly through its investment in the Master Fund, including, but not limited to, the following: all costs and expenses related to investment transactions and positions for the Offshore TEI Fund's account; legal fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the Offshore TEI Fund's net asset value; fees for data and software providers; research expenses; costs of insurance; registration expenses; offering costs; expenses of meetings of members; directors fees; all costs with respect to communications to members; transfer taxes; and offshore withholding taxes.

Income Taxes

The Offshore TEI Fund is an exempted company under Cayman Islands law and has made an application to the Governor-in-Council of the Cayman Islands for, and has received, an undertaking as to tax concessions which provide that, for a period of 20 years from April 12, 2005, no law thereafter enacted in the Cayman Islands imposing any taxes to be levied on profits, income, gains or appreciation will apply to the Offshore TEI Fund or its operations. Currently, the only tax payable by the Offshore TEI Fund is U.S. offshore withholding tax, applicable to certain investment income, which is being withheld by the Master Fund.

For the current open tax years, and for all major jurisdictions, management of the Offshore TEI Fund has evaluated the tax positions taken or expected to be taken in the course of preparing the Offshore TEI Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained by the Offshore TEI Fund upon challenge by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold and that would result in a tax benefit or expense to the Offshore TEI Fund would be recorded as a tax benefit or expense in the current period. For the year ended March 31, 2026, the Offshore TEI Fund did not recognize any amounts for unrecognized tax benefit/expense. A reconciliation of unrecognized tax benefit/expense is not provided herein, as the beginning and ending amounts of unrecognized tax benefit/expense are zero, with no interim additions, reductions or settlements. Tax positions taken in tax years which remain open under the statute of limitations (generally three years for federal income tax purposes and four years for state income tax purposes) are subject to examination by federal and state tax jurisdictions.

Recent Accounting Pronouncements

In the reporting period, the Offshore TEI Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Offshore TEI Fund's financial position or the results of its operations.

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements, continued
March 31, 2026

3. Fair Value Measurements

The Offshore TEI Fund records its investment in the Master Fund at fair value. Investments of the Master Fund are recorded at fair value as more fully discussed in the Master Fund's notes to financial statements, included elsewhere in this report.

4. Members' Equity

Issuance of Shares

Upon receipt from an eligible investor of an initial or additional application for shares (the "Shares"), which will generally be accepted as of the first day of each month, the Offshore TEI Fund will issue new Shares. The Shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. The Offshore TEI Fund issues Shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act. No public market exists for the Shares, and none is expected to develop. The Offshore TEI Fund is not required, and does not intend, to hold annual meetings of its members. The Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Offshore TEI Fund's articles of association. The Offshore TEI Fund reserves the right to reject any applications for subscription of Shares.

Allocation of Profits and Losses

For each fiscal period, net profits or net losses of the Offshore TEI Fund, including allocations from the Master Fund, are allocated among and credited to or debited against the accounts of all the members as of the last day of each fiscal period in accordance with the members' respective ownership percentage for the fiscal period. Net profits or net losses are measured as the net change in the value of the net assets of the Offshore TEI Fund, including any change in unrealized appreciation or depreciation of investments and income, net of expenses, and realized gains or losses during a fiscal period. Net profits or net losses are allocated after giving effect for any initial or additional applications for Shares, which generally occur at the beginning of the month, or any repurchases of Shares.

Distribution Reinvestment Program

Pursuant to the Fund's distribution reinvestment plan (the "DRP"), all distributions paid to a partner will be automatically reinvested and retained as part of the partner's interest in the Fund unless a partner has elected not to participate in the DRP. Election not to participate in the DRP, and to have all distributions, if any, paid directly to the partner rather than having such distribution reinvested in the Fund, must be made by indicating such election in the subscription agreement or by notifying the Fund.

On October 31, 2025, the TEI Offshore Fund paid a distribution in the amount of $2,115,432 of which $1,089,487 was paid out to partners based on capital balance in cash and $1,025,945 was reinvested in the Fund, depending on the partners election.

Repurchase of Shares

A member will not be eligible to have the Offshore TEI Fund repurchase all or any portion of its Shares at any time. The Adviser, which also serves as the investment adviser of the Master Fund, generally recommends to the Managing Member that the Offshore TEI Fund offer to repurchase such Shares each calendar quarter, pursuant to written tenders by members.

The Managing Member retains the sole discretion to accept or reject the recommendation of the Adviser and to determine the amount of Shares, if any, that will be purchased in any tender offer that it does approve. Since the Offshore TEI Fund's assets are invested in the Master Fund, the ability of the Offshore TEI Fund to have its Shares

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements, continued
March 31, 2026

in the Master Fund be repurchased would be subject to the Master Fund's repurchase policy. The Master Fund's repurchase policy is substantially similar to the Offshore TEI Fund's repurchase policy as any tender offer by the Master Fund is subject to the sole discretion of the Board. In addition, the Offshore TEI Fund may determine not to conduct a repurchase offer each time the Master Fund conducts a repurchase offer. In the event Shares are repurchased, there will be a substantial period of time between the date as of which members must tender their Shares for repurchase and the date they can expect to receive payment for their Shares from the Offshore TEI Fund.

5. Investments in Portfolio Securities

As of March 31, 2026, all of the investments made by the Offshore TEI Fund were in the Master Fund.

6. Financial Instruments with Off-Balance Sheet Risk

In the normal course of business, the investment funds in which the Offshore TEI Fund may invest either directly or through the Master Fund may trade various derivative securities and other financial instruments, and enter into various investment activities with off-balance sheet risk both as an investor and as a principal. The Offshore TEI Fund's risk of loss in these investment funds is limited to the Offshore TEI Fund's pro rata share of the value of its investment in or commitment to such investment funds as held directly or through the Master Fund. In addition, the Master Fund may invest directly in derivative securities or other financial instruments to gain greater or lesser exposure to a particular asset class.

7. Administration Agreement

In consideration for administrative, accounting, and recordkeeping services, the Master Fund pays the Administrator a monthly administration fee based on the month-end partners' capital of the Master Fund. The Administrator also provides the Offshore TEI Fund and the Master Fund with legal, compliance, transfer agency, and other investor related services at an additional cost.

The fees for Offshore TEI Fund administration are paid out of the Master Fund's assets, which decreases the net profits or increases the net losses of the members in the Offshore TEI Fund.

8. Related Party Transactions

Management Fee

In consideration of the advisory and other services provided by the Adviser to the Master Fund and the Offshore TEI Fund, the Master Fund pays the Adviser a management fee (the "Management Fee"). The Management Fee is equal to the fee schedule shown below on an annualized basis of the Master Fund's partners' capital based on the Master Fund's partners' capital at the end of each month, payable quarterly in arrears:

CYPRESS CREEK PRIVATE STRATEGIES OFFSHORE TEI FUND, LTD.
Notes to Financial Statements, continued
March 31, 2026

So long as the Offshore TEI Fund invests all of its investable assets in the Master Fund, the Offshore TEI Fund will not pay the Adviser directly any Management Fee; however, should the Offshore TEI Fund not have all of its investments in the Master Fund, it may be charged the Management Fee directly. The Offshore TEI Fund's partners bear an indirect portion of the Management Fee paid by the Master Fund. The Management Fee decreases the net profits or increases the net losses of the Master Fund and indirectly the Offshore TEI Fund as the fees reduce the capital accounts of the Master Fund's partners.

Incentive Fee

The Adviser is eligible to receive an incentive fee from the Master Fund representing 10% of the return of the Master Fund in excess of a 6% net return annually, based on the limited partner interests in the Master Fund; calculated and accrued monthly and payable annually. The Master Fund incurred $2,454,142 in incentive fees for the year ended March 31, 2026, of which $622,864 was allocated to the Offshore TEI Fund.

Placement Agents

The Offshore TEI Fund may engage one or more placement agents (each, a "Placement Agent") to solicit investments in the Offshore TEI Fund. Vigilant Distributors, LLC, a broker dealer, is engaged by the Offshore TEI Fund to serve as a placement agent. A Placement Agent may engage one or more sub-placement agents. The Adviser or its affiliates may pay a fee out of their own resources to Placement Agents and sub-placement agents.

9. Financial Highlights

A member's total return and operating ratios may vary from those reflected based on the timing of capital transactions.

____________

(1) Ratios are calculated by dividing the indicated amount by average net assets measured at the end of each month during the year. Ratios include allocations of net investment loss and expenses from the Master Fund.

(2) For the year ended March 31, 2026, the expense ratio includes incentive fees of 0.98%.

(3) Calculated as geometrically linked monthly returns for each month in the year. Total return is calculated for the members as a whole.

10. Subsequent Events

Management of the Offshore TEI Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2026.

Management Discussion of Fund Performance (Unaudited)

Economic and Market Conditions

Global equity markets produced strong positive returns over the twelve months ended March 31, 2026, despite intermittent periods of meaningful volatility caused by geopolitical and macroeconomic events. The year began against the backdrop of elevated policy uncertainty following the U.S. "Liberation Day" tariff announcement in April 2025, which triggered a sharp repricing across risk assets. Markets subsequently recovered as tariff implementation was delayed and/or largely watered down from the initial salvo, leading investors to refocus on resilient corporate earnings, easing inflation trends, and the renewed prospect of central bank policy easing. By late 2025, equities had posted strong calendar-year gains, supported by earnings growth, improving investor sentiment, and enthusiasm around the structural investment opportunity presented by artificial intelligence and the related value chain. However, volatility returned in the first quarter of 2026 as conflict in the Middle East created a global energy supply shock and led investors to reprice prior expectations around inflation, rates, and growth. For the twelve months ended March 31, 2026, the MSCI All Country World Index returned 20.0% and the S&P 500 returned 17.8%, despite first quarter 2026 declines of 3.1% and 4.3%, respectively.1

Realized and expected inflation trends, and their resulting ripple effect on interest rates, were an important driver of market performance over the twelve months ended March 31, 2026. During 2025, moderating inflation and softer labor-market readings led the U.S. Federal Reserve to reduce policy rates three times over the back half of 2025, ultimately settling on a target range of 3.50% - 3.75% at year-end 2025. However, the first quarter of 2026 complicated the path forward, as energy supply disruptions tied to the Middle East conflict increased near-term inflation risks and reduced the market's confidence in the pace, and even the direction, of policy rate decisions from the Federal Reserve. Fixed income markets were not immune to these developments, with the yield on the 10-year U.S. Treasury ending the first quarter of 2026 at 4.3%, up 15 basis points over the quarter and up more than 30 basis points above its lowest level over the trailing twelve-month period.2

Private market activity improved meaningfully over the course of 2025 but remained uneven entering 2026. U.S. private equity deal activity totaled approximately $1.2 trillion across more than 9,300 transactions for the twelve months ended March 31, 2026, reflecting a substantial rebound from the prior two and a half years, and suggesting that buyers and sellers were increasingly finding clearing prices. Realization activity also improved with U.S. private equity exits totaling approximately $622 billion across 1,555 exits for the twelve months ended March 31, 2026. The momentum of 2025 moderated during the first quarter of 2026, with approximately $260 billion of U.S. private equity deal value across more than 2,400 transactions, reflecting lower aggregate capital deployment despite continued growth in overall transaction activity. However, the broader private equity exit market was constrained by valuation gaps, financing costs, and a large backlog of unsold private equity-backed companies, with PitchBook estimating U.S. private equity-backed company inventory at 13,325 companies as of March 31, 2026.3

Against this macroeconomic backdrop, CCP remains focused on building a diversified, cross-cycle private markets portfolio anchored in lower middle market private equity and private real assets. The Fund's strategy emphasizes sectors and managers where capital scarcity, fragmentation, operational complexity, and disciplined underwriting can create attractive long-term opportunities for value creation that has the potential to be less correlated to the broader macroeconomic regime. The current environment is particularly favorable for the Fund's private real assets strategy, which focuses on essential commodities and infrastructure with durable demand drivers and low obsolescence risk in the emerging age of AI. While geopolitical uncertainty, energy volatility, and AI disruption have widened the range of potential outcomes, CCP believes the Fund's diversified strategy, long-term orientation, and focus on fragmented lower middle market private market opportunities positions it well to navigate uncertainty and capitalize on opportunities during periods of dislocation.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Fund Portfolio Transition4

During fiscal year 2026 ended March 31, 2026, Cypress Creek made five new Private Investment ("PI") portfolio commitments (two in Private Equity and three in Private Real Assets). Since taking over management of the Fund in 2021, we have made significant progress in repositioning the PI portfolio to align with Cypress Creek's unique approach of investing alongside new and developing managers and operators. As of March 31, 2026, 69.2% of the Fund's PI NAV and 72.7% of the Fund's PI total exposure (NAV plus unfunded commitments) is comprised of investments made alongside Cypress Creek Core Managers, compared to 62.0% and 74.0%, respectively year-over-year. Core Manager investments in the PI portfolio, which is the focus of Cypress Creek's investment strategy, have made a meaningful contribution to the Fund's overall performance, generating a 19.8%/18.1% (gross/net) annualized return, since March 1, 2021, and for the twelve-month period ended March 31, 2026, 21.6%/18.7% (gross/net) return.

Fund Performance

For the twelve-month period ended March 31, 2026, Cypress Creek Private Strategies Master Fund, L.P. (the "Fund"), returned 15.6% net of fees and expenses, compared to a 20.0% return of its public equity based primary benchmark, the MSCI All Country World Total Return Index (the "MSCI ACWI"). The Private Investment ("PI") portfolio, comprised of Private Equity and Private Real Assets, returned 20.2%/17.4% (gross/net) for the trailing twelve-month period ending March 31, 2026, with the Core Managers returning 21.6%/18.7% (gross/net) and the non-core returning 18.7%/15.9% (gross/net). The PI portfolio allocation represents approximately 93.4% of the Master Fund's net assets, with Core Managers representing 70%.

Private Equity

The Private Equity sub-portfolio delivered a 9.8%/7.0% (gross/net) return for the trailing twelve-month period ended March 31, 2026, with the Core Managers returning 13.0%/10.2% (gross/net) and the non-core returning 5.4%/2.6% (gross/net). Private Equity represents 62.3% of the Fund's total PI portfolio (65.7% Core Managers), which is overweight relative to a long-term target of 60%. Over the last twelve months, Buyout investments generated an 11.8%/9.0% (gross/net) return, Venture Capital investments generated a 12.1%/9.2% (gross/net) return, Growth Equity investments generated a (2.2)%/(5.1)% (gross/net) return and Debt & Other Categories generated a (1.8%)/(4.6%) (gross/net) return. Performance across the Private Equity sub-portfolio over the last twelve months was driven by multiple investments alongside Core Managers, namely: (i) a co-investment alongside an established technology-focused manager in a SaaS provider of environmental health and safety solutions to biotech, academic, and other commercial end markets, (ii) a direct investment alongside an emerging healthcare-focused manager in a rapidly growing health insurance brokerage platform, and (iii) a fee-advantaged fund commitment to a niche industrials and infrastructure services manager focused on the products and services enabling broader energy transition and electrification trends globally.

Private Real Assets

The Private Real Assets sub-portfolio delivered a 43.8%/41.0% (gross/net) return for the trailing twelve-month period ended March 31, 2026, with the Core Managers returning 36.8%/34.0% (gross/net) and the non-core returning 68.3%/65.4% (gross/net). The Private Real Assets allocation represents 37.7% of the Fund's total PI portfolio (75.1% Core Managers), which is underweight relative to a long-term target of 40%. Infrastructure and Natural Resources, which represent the two go-forward Cypress Creek strategies within this portfolio, contributed positively to overall sub-portfolio returns during the fiscal year. Infrastructure returned 61.8%/59.0% (gross/net) and Natural Resources returned 31.4%/28.6% (gross/net) over the period. Performance across the Private Real Assets portfolio over the last twelve months was driven by multiple investments alongside Core Managers, namely: (i) a fee advantaged primary fund commitment to a global metals and mining fund that has delivered exceptionally strong performance in portfolio

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

companies exposed to gold, copper, and other mined commodities, on the back of supportive market conditions and (ii) a direct investment in a brownfield midstream natural gas company that recently completed and placed into service a new pipeline to bring natural gas from key production areas to demand centers along the U.S. Gulf Coast.

Cash Management

The Fund's Cash Management ("CM") sub-portfolio, comprised of cash, hedge funds, and liquid securities, returned 7.4%/4.5% (gross/net) for the trailing twelve-month period ended March 31, 2026, with the Core holdings returning 7.9%/5.1% (gross/net) and non-core holdings returning (2.2%)/(5.0%) (gross/net). The CM portfolio allocation represents 7.7% of the Master Fund's total gross assets (90.4% Core holdings). As of March 31, 2026, the CM portfolio was comprised of 50.4% short-term fixed income holdings, 40.7% liquid securities received as distributions-in-kind from the underlying PI portfolio, and 8.9% liquidating non-core holdings.

Conclusion

We continue to have strong conviction in the execution of our strategy in the global private investment market. The strategy seeks to source from the market bespoke opportunities alongside new and developing managers and operating teams with highly specialized experience and investment strategies that we believe can contribute meaningfully to the long-term target portfolio's ability to deliver strong cross-cycle, risk-adjusted returns.

We remain grateful for your support and are firmly committed to achieving the Master Fund's objective, which is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years).

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Performance (net)

Fund Performance Details

Portfolio Manager: William P. Prather III

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the Master Fund for the period indicated. For comparison, the graph also includes the change in value of the same hypothetical investment in the MSCI ACWI.

This graph shows the gross change in value of a hypothetical allocation of $10,000 in the Core Private Investments Portfolio for the period indicated. For comparison, the graph also includes the gross change in value of the same hypothetical allocation of $10,000 in the Non-Core Private Investments Portfolio.6

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Fund Profile4

Investment Objective, Principal Strategies, and Principal Risks

Investment Objective & Principal Strategies

The Master Fund's investment objective is to preserve capital and to generate consistent long-term appreciation and returns across a market cycle (which is estimated to be five to seven years). The Master Fund attempts to achieve this objective through investments primarily in private assets globally. To achieve its objective, the Master Fund provides its Partners with access to high quality private markets asset classes, investments, portfolio construction, and liquidity management. The Master Fund generally pursues its investment objective by allocating assets to Investments, which include primary and secondary subscriptions or commitments to private partnerships managed by investment managers as well as direct investments and/or co-investments in the equity or debt of private or public companies ("Direct Platforms") (collectively, "Investments"). The Master Fund may seek to hedge all or a portion of the Master Fund's foreign currency, interest rate, or other risks. Depending on market conditions and the views of the Adviser, the Master Fund may or may not hedge all or a portion of its currency, interest rate, or other exposures.

The Master Fund's Investments fall within two principal strategies: Private Investments and Cash Management. Private Investments strategies employed include (i) Private Equity and (ii) Real Assets. Cash Management strategies employed include (i) Cash and Cash Equivalents, (ii) Hedge Funds, and (iii) Other Liquid Strategies.

Private Investments

Private Equity. Private equity Investments seeks to generate capital appreciation, particularly during periods of rising economic growth, through direct and indirect investments in private companies seeking capital across various strategies, primarily buyout, growth equity, private debt, and venture capital.

Real Assets. Real asset investments seek to generate capital appreciation, particularly in times of rising inflation, through assets which are generally tangible in nature, and provide explicit or implicit cash flow visibility along with some level of inflation protection. The definition of 'Real Assets' varies across industries but typically includes infrastructure, natural resources, and real estate.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Cash Management

Cash and Cash Equivalents. Fund assets which are cash or can be readily converted into cash, including bank accounts and marketable securities (debt securities with maturities of less than 90 days, such as commercial paper), U.S. Treasury bills, and short-term government bonds with a maturity date of three months or less, among others.

Hedge Funds. Predominantly liquid alternative investments using pooled funds which employ different strategies to generate attractive returns either on an absolute basis or over a specified benchmark. Hedge funds may be actively managed or make use of derivatives and leverage in both domestic and international markets. The Master Fund will selectively invest in Hedge Funds across event driven, global macro, and relative value strategies.

Other Liquid Securities. Entails Investments in a variety of liquid, listed equity, and fixed income strategies, either held directly or through a pooled vehicle. These Investments will typically be held as long-only positions where the Adviser believes there is an opportunity for capital appreciation. These securities have more inherent volatility than other positions in the Cash Management portfolio and may include equities, bonds, commodities, currencies, and exchange-traded funds.

Principal Risks

Broad Investment Mandate

The investment strategy of the Master Fund is opportunistic in nature and covers a broad range of asset classes and geographic regions. A purchaser of Interests must rely upon the ability of the Adviser to identify, structure, and implement investments consistent with the Master Fund's overall investment objective and policies at such times as they determine. Without limiting the foregoing, the Master Fund may make investments throughout the capital structure, such as mezzanine securities, senior secured debt, bank debt, unsecured debt, convertible bonds, and preferred and common stock and across numerous asset classes such as public equity, structured equity, minority private equity, venture capital, commodities, real estate, natural resources, infrastructure, hybrid derivative instruments, litigation finance, and credit. It is expected that, in light of the Master Fund's investment objective, the Master Fund will often make equity, credit, and/or debt investments which, from time to time, may involve serving on governance-related committees or in similar positions which involve control or influence over the underlying entity in which the Master Fund invests. Additionally, the Master Fund will be permitted to invest (and may actually invest) in any number of companies operating in a wide range of industries, geography, and/or activities.

Master/Feeder Structure

The Master Fund may accept investments from other investors (including other feeder funds), in addition to the Master Fund investors. The Master Fund currently has other investors that are feeder funds managed by the Adviser or its affiliates, and it may have additional investors in the future. Because each feeder fund can set its own transaction minimums, feeder-specific expenses, and other conditions, one feeder fund could offer access to the Master Fund on more attractive terms, or could experience better performance, than another feeder fund. Smaller feeder funds may be harmed by the actions of larger feeder funds. For example, a larger feeder fund will have more voting power than the Master Fund over the operations of the Master Fund. If the Master Fund conducts repurchase offers, and if other feeder funds tender for a significant portion of their shares in a repurchase offer, the assets of the Master Fund will decrease. This could cause the Master Fund's expense ratio to increase to the extent contributions to the Master Fund do not offset the cash outflows.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Risk Allocations

The Adviser has broad discretion to make allocations to Investments executing different strategies and other than limitations on illiquid investments is not constrained with respect to the allocation to individual strategies or asset classes. There is no assurance that its decisions in this regard will be successful. In addition, the Master Fund may be limited in its ability to make changes to allocations due to the subscription and redemption provisions of the Investments, including notice periods and limited subscription and redemption dates, the ability of the Investments to suspend and postpone redemptions, and lockups on redemptions imposed by certain Investments. In addition, such allocations will be made by the Adviser based on information previously provided by the Investments. If such information is inaccurate or incomplete, it is possible that the Master Fund's allocation to the asset classes from a risk/reward perspective may not reflect the Adviser's intended allocations. This could have a material adverse effect on the ability of the Adviser to implement the investment objective of the Master Fund and the performance of the Master Fund.

Dependence on the Adviser and the Investment Managers

The Adviser invests certain assets of the Master Fund into Investments managed by third-party investment managers, and the Adviser has the sole authority and responsibility for the selection of the investment managers. The success of the Master Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Master Fund. In addition, the Adviser may be dependent on key personnel. To the extent that any key personnel were to depart, the Adviser's ability to successfully develop and implement investment strategies may be negatively impacted.

Limited Liquidity; Closed-end Fund & Master Fund

The Master Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. You should not invest in the Master Fund if you require a liquid investment. The Master Fund invests substantially all of its investable assets in illiquid investments.

Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that securities issued by closed-end funds are not redeemable at the discretion of investors. Unlike mutual fund investors, investors in closed-end funds do not have the right to redeem their shares on a daily basis at a price based on current NAV. In addition, mutual funds are subject to more stringent liquidity requirements. For example, a mutual fund generally may not invest more than 15% of its net assets in illiquid securities. By contrast, the Master Fund, as a closed-end fund, may invest all or substantially all of its assets in illiquid investments, which is consistent with the Master Fund's investment strategy. The Adviser believes that unique investment opportunities exist in the market for Private Investments, which generally are illiquid.

An investment in the Master Fund provides limited liquidity since the Interests are not freely transferable and Partners may not cause the Master Fund to redeem their Interests. The Master Fund, at its discretion, may but is not required to, offer to repurchase Interests from the Partners. A discretionary repurchase of a Partner's Interests may be subject to restrictions imposed upon withdrawals under the terms of the Investments or, in the event that the Master Fund and/or the Adviser has engaged one or more sub-advisers, restrictions imposed by investment advisory agreements pursuant to which the Master Fund's assets are invested. An investment in the Master Fund is suitable only for certain sophisticated investors that do not require liquidity.

If the Master Fund conducts repurchase offers, and if the repurchase offer is oversubscribed, the illiquidity that results from the Master Fund's significant investment in private investments, which ordinarily cannot be liquidated without significant discount in secondary markets, if at all, may prevent the Master Fund from repurchasing more than a specified amount of Interests.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Payment for repurchased Interests of the Master Fund may require the Master Fund to liquidate all or a portion of one or more of the Investments earlier than the Adviser would otherwise liquidate these holdings, potentially resulting in losses, and may increase the Master Fund's portfolio turnover. In addition, to the extent that the Master Fund ever were to repurchase significant amounts of Interests, the illiquidity of the remaining portfolio would increase, a factor that the Board would consider when determining the amount of Interests to repurchase. The Adviser intends to take measures (subject to such policies as may be established by the Investment Committee) to attempt to avoid or minimize potential losses and turnover resulting from the repurchase of Interests. In the event the Master Fund ever winds down investment operations and terminates, the Master Fund would be unable to offer to repurchase all Interests immediately and Partners would receive the value of their Interests over time as the Master Fund liquidated its assets, which could require a significant period to realize certain illiquid assets.

Non-Diversified Status

The Master Fund is a "non-diversified" investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the percentage of the Master Fund's assets that may be invested in the securities of any one issuer. Although the Adviser follows a general policy of seeking to diversify the Master Fund's capital among multiple investment funds and Direct Investments, the Adviser may depart from such policy from time to time and one or more investment funds and/or Direct Investments may be allocated a relatively large percentage of the Master Fund's assets. The Master Fund will limit the percentage of assets held of any one investment fund, at the time of investment, to an amount that is in accordance with any regulatory restrictions applicable to the Master Fund. As a consequence of a large investment in a particular investment fund and/or Direct Investment, losses suffered by such an investment fund or Direct Investment could result in a higher reduction in the Master Fund's capital than if such capital had been more proportionately allocated among a larger number of investment funds.

Risks of Investment Activities Generally

All securities investing and trading activities risk the loss of capital. No assurance can be given that the Master Fund's or any Investment's investment activities will be successful or that the Partners will not suffer losses.

Limited Operating History of Investments

Investments may have limited operating histories and the information the Master Fund will obtain about such investments may be limited. As such, the ability of the Adviser to evaluate past performance or to validate the investment strategies of such Investment will be limited. Moreover, even to the extent an investment has a longer operating history, the past investment performance of any of the Investments should not be construed as an indication of the future results of such investments or the Master Fund, particularly as the investment professionals responsible for the performance of such investments may change over time. This risk is related to, and enhanced by, the risks created by the fact that the Adviser relies upon information provided to it by the issuer of the securities that is not, and cannot be, independently verified. Further, the results of other funds or accounts managed by the Adviser, which have or have had an investment objective similar to or different from that of the Master Fund, may not be consistent with the results that the Master Fund achieves.

The Master Fund may invest a portion of its assets in the securities of less established companies. Investments in such early-stage companies may involve greater risks than generally are associated with investments in more established companies. Less established companies tend to have lower capitalizations and fewer resources and, therefore, often are more vulnerable to financial failure. Such companies also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. There can be no assurance that any such losses will be offset by gains (if any) realized on the Master Fund's other investments, and any such Investments should be considered highly speculative and may result in the loss of the Master Fund's entire investment therein.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

To the extent there is a public market for the securities held by the Master Fund, such securities may be subject to more abrupt and erratic market price movements than those of private company investments.

Unspecified Investments; Dependence on the Adviser

The Adviser has complete discretion to select the Investments as opportunities arise. The Master Fund, and, accordingly, Partners, must rely upon the ability of the Adviser to identify and implement Investments consistent with the Master Fund's investment objective. Partners will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Investments. The Adviser has the authority and responsibility for asset allocation, the selection of Investments, and all other investment decisions for the Master Fund. The success of the Master Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Master Fund. Partners will have no right or power to participate in the management or control of the Master Fund or the Investments, or the terms of any such investments. There can be no assurance that the Adviser will be able to select or implement successful strategies or achieve their respective investment objectives.

Effective March 1, 2021, the Investment team managing the Master Fund changed as a result of an acquisition of the Adviser to the Master Fund by Cypress Creek Partners (and/or an affiliate thereof). The current Portfolio Manager of the Master Fund is William P. Prather III. Mr. Prather has been responsible for the management of the Master Fund since March 1, 2021. He previously served as the Head of Natural Resources and Infrastructure portfolio at the University of Texas/Texas A&M Investment Management Company ("UTIMCO"), and prior to that was a portfolio manager at BlackRock Inc.

Endnotes and Additional Disclosures

General

The views expressed in this letter are those of the Portfolio Manager and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Cypress Creek Partners and the Master Fund disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Cypress Creek Partners fund. This commentary may contain statements that are not historical facts, referred to as "forward-looking statements." The Master Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund Interests, the continuation of investment advisory, administrative, and service contracts, and other risks discussed from time to time in the Master Fund's filings with the United States Securities and Exchange Commission.

This letter is provided solely for informational purposes and is exclusively intended for use by existing Fund investors and/or pre-qualified prospective Fund investors with whom the Master Fund or an authorized intermediary acting on behalf of the Master Fund has a pre-existing substantive relationship. Neither this letter nor the information contained therein constitutes an offer to sell or a solicitation of any offer to buy any securities. Any offering or solicitation will be made only to eligible investors and pursuant to the current version of the applicable Private Placement Memorandum and other governing documents, all of which must be read in their entirety.

Performance figures shown for periods less than one year are cumulative (not annualized). Historical performance track record for the Fund prior to March 1, 2021, was achieved by the adviser and its then investment management team.

The Master Fund Profile is subject to change due to active management employed by the Adviser.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Index Definitions

MSCI All Country World Index ("ACWI"). The MSCI ACWI is a global equity index designed to represent the performance of the full opportunity set of large- and mid-cap companies across 23 developed markets and 24 emerging markets countries. With 2,514 constituents, and an average market capitalization of $39.9 billion (median market capitalization of $9.8 billion), the index covers approximately 85% of the global investable equity opportunity set. This index is calculated on a net USD total return-basis, which reflects the re-investment of dividends, interest, and other income converted to USD and after the deduction of withholding taxes.5

Standard & Poor's 500 Index ("S&P 500"). The S&P 500 is a U.S. equity index designed to represent the performance of the large-cap segment of the U.S. equity market, comprising the leading publicly traded companies selected by the S&P Dow Jones Indices Committee based on market capitalization, liquidity, public float, sector representation, financial viability, and length of trading history. With 503 constituents (reflecting multiple share class listings for select issuers), and an average market capitalization of $108.4 billion (median market capitalization of $38.2 billion), the index covers approximately 80% of the U.S. investable equity opportunity set. This index is calculated on a net USD total return-basis, which reflects the re-investment of dividends and other income after the deduction of withholding taxes applicable to non-resident investors.5

Footnotes

​1 "Q1 2026 Investment Review" J.P. Morgan Private Bank, April 10, 2026; "Quarterly Markets Review - Q1 2026." Schroders, April 6, 2026; "First Quarter 2026 Market Commentary." NEPC, March 31, 2026; and S&P Capital IQ data.

​2 "Q1 2026 Investment Review" J.P. Morgan Private Bank, April 10, 2026; "Quarterly Markets Review - Q1 2026." Schroders, April 6, 2026; "First Quarter 2026 Market Commentary." NEPC, March 31, 2026; and U.S Federal Reserve data.

​3 Q1 2026 US PE Breakdown" PitchBook, April 14, 2026

​4 Cypress Creek defines the referenced terms as follows: Private Investments includes Private Equity, Real Assets and Private Debt sub-portfolios. Private Equity includes private investment strategies such as buyouts, growth equity, and venture capital, among others. Real Assets represents private investment strategies such as infrastructure, natural resources (e.g., agriculture / farmland, energy, metals, and mining, etc.), and real estate. Cash Management includes hedge funds including event driven, global macro, and relative value strategies, long-only liquid strategies, liquid securities, and cash. Anchor Partnership refers to an approach in which Cypress Creek will serve as an early and meaningful investor for new or developing managers. In addition to capital investments, Cypress Creek works consultatively with the target managers to actively contribute to their growth, collaborating in key functional areas that include but are not limited to compliance, reporting, asset allocation, risk management, and capital raising. As a result of these long-term, strategic relationships, Cypress Creek may benefit from advantaged economics and allocation/access rights. Core Managers represent managers and related investments where Cypress Creek expects to maintain an active ongoing investment relationship and the Investment Committee has approved of the manager. New/developing fund managers are managers raising their first-time private investment fund or up to a potential fourth fund. Lower-middle market private investing is focused on managers with a target capacity below $1 billion, which generally implies equity tickets in individual transactions of below $100 million, subject to variation.

​5 As of April 30, 2026.

​6 Investors cannot invest directly in either the Core Private Investments Portfolio or the Non-Core Private Investments Portfolio. Gross returns are presented before the deduction of management fees, service fees, and other expenses that would reduce returns.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Net returns are calculated net of management fees, service fees, and other expenses by determining the percentage change in net asset value. Performance is for the stated time period only.

Report of Independent Registered Public Accounting Firm

To the Partners and the Board of Directors of
Cypress Creek Private Strategies Master Fund, L.P.

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and partners' capital of Cypress Creek Private Strategies Master Fund, L.P. (the Fund), including the schedule of investments, as of March 31, 2026, the related statements of operations and cash flows for the year then ended, the statements of changes in partners' capital for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for the years ended March 31, 2026, March 31, 2025, March 31, 2024 and March 31, 2023, the period from January 1, 2022 to March 31, 2022, and for the year ended December 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in partners' capital for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2026, March 31, 2025, March 31, 2024 and March 31, 2023, the period from January 1, 2022 to March 31, 2022, and for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of March 31, 2026, by correspondence with the custodians, underlying fund advisors or by other appropriate audit procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Cypress Creek Partners investment companies since 2021.

Chicago, Illinois

May 29, 2026

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Statement of Assets, Liabilities and Partners' Capital
March 31, 2026

Cost of Investments

(a) $82,544,741

(b) $67,213,796

(c) $62,421,679

(d) $10,182,468

(e) $222,362,684

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments, continued
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments, continued
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments, continued
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments, continued
March 31, 2026

See accompanying notes to financial statements.

CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.

Schedule of Investments, continued
March 31, 2026