ADVISORY BUSINESS This Brochure generally includes information about KCM and its relationships with its affiliates. References in this Brochure to “clients” are references to investment funds and separately managed accounts. A. General Description of Advisory Firm KCM is a Delaware limited liability company that commenced operations in 2018 and has an investment advisory office in McLean, Virginia. Pursuant to certain agreements (the “Restructure Agreements”) dated and effective as of May 13, 2022, KCM was reorganized as a subsidiary of Kah Capital Holdings, LLC (“Holdco”) including all of its subsidiaries. The principal owners of Kah Capital Holdings LLC are Kah, LLC, a Delaware limited liability company the “Kah Member”), Woodmont Mortgage Investment TRS, LLC, a Delaware limited liability company (the “AGNC Member”), and Anacostia LLC, a Delaware limited liability company (the “Chimera Member”). The Kah Member directly owns 60% of the membership interests in KCM Holdings. The AGNC and Chimera Members each own 20% of the membership interests in KCM Holdings. The principal owner of the Kah Member is Adama Kah. The principal owner of the AGNC member is AGNC Investment Corp. (NASDAQ: AGNC) (“AGNC”). AGNC was founded in 2008 and is based in Maryland. AGNC operates as a real estate investment trust in the United States. The company, through its subsidiaries, invests predominantly in agency mortgage-backed securities on a leveraged basis, financed primarily through collateralized borrowings structured as repurchase agreements. The principal owner of the Chimera Member is Chimera Investment Corporation (NYSE: CIM) (“Chimera”). Chimera was founded in 2007, is based in New York and Chimera operates as a real estate investment trust in the United States. The company,

through its subsidiaries, invests in a portfolio of mortgage assets, including residential mortgage loans, agency and non-agency residential mortgage-backed securities, agency mortgage-backed securities secured by pools of commercial mortgage loans, commercial mortgage loans, and other real estate related securities. B. Description of Advisory Services KCM provides discretionary investment management services to Kah Capital Mortgage Credit Master Fund II, LP, a private investment vehicle, the securities of which are offered to investors on a private placement basis (the “Fund”). KCM will provide investment management services to various funds and separately managed accounts on both a discretionary and non-discretionary basis (collectively, with the Fund, “Clients” or “Funds”). KCM will enter into an investment management agreement with each Client, which will contain or refer to such Client’s investment mandates, parameters and restrictions (the “Investment Guidelines”). The Investment Guidelines are periodically reviewed and revised, as needed or appropriate, by KCM and the applicable Clients. As more fully set forth in Item 8 below, the Fund intends to invest in U.S. mortgage related assets, including seasoned and re-performing loans, the collateral securing such loans and structured transactions and securities sourced from government-sponsored enterprises and private sellers that have been approved by the Fund investors. C. Availability of Customized Services for Individual Clients Not applicable. D. Wrap Fee Programs Not applicable. E. Assets Under Management KCM managed $317,032,337 as of December 31, 2023, on a discretionary basis. This figure represents the unaudited assets of the Fund as of the same date including uncalled capital.