White Wolf Capital Advisors, LLC is a registered investment adviser headquartered in Miami, FL. We are organized as a limited liability company ("LLC") under the laws of the State of Delaware. White Wolf Capital Advisors, LLC, directly and through affiliated entities (referred in this Brochure as "White Wolf" or “we”), serves as the investment manager to privately offered pooled investment vehicles (the “Funds”), which are sponsored by White Wolf Capital Group, Inc, White Wolf’s parent company. White Wolf Capital Group, Inc. is a diversified investment management firm that began operations in late 2011. White Wolf provides investors with access to both private and public strategies. Our private capital strategies include private equity, private credit, and private funds. We also provide investors with exposure to publicly-listed private equity and private credit via our actively managed exchange-traded fund. We are a subsidiary of White Wolf Capital Group Inc. and are wholly owned by Elie P. Azar. We provide investment advice to privately offered, pooled investment vehicles (the “Funds”), which are exempt from registration under the Investment Company Act of 1940, as amended, and whose securities are not registered under the Securities Act of 1933, as amended. Certain Funds are designed as “evergreen” vehicles that are open-end structures subject to withdrawal lock-up periods and other limitations, while others are single-purpose vehicles (“SPVs”), which are created for institutional investors, and/or focused on single platform investments. White Wolf also serves as sub-advisor to a Fund sponsored by a non-affiliated third-party manager. In providing services to the Funds, White Wolf formulates each Fund’s investment objectives, directs and manages the investment of each Fund’s assets. Investment advice is provided directly to the Funds and not individually to the limited partners of the Funds (the “Investors” or “Limited Partners”). The investment advice provided to the Funds is governed by each Fund’s applicable confidential offering and/or private placement memorandum, individual limited partnership agreement, investment advisory agreement, individual limited liability company agreement and/or other governing documents applicable to each Fund (the “Governing Documents”). Separately, we also serve as sub-adviser to Exchange Traded Funds (“ETFs”), which, in contrast to the Funds, are registered under the Investment Company Act of 1940, as amended, and which have issued securities that are registered under the Securities Act of 1933, as amended. The following paragraphs describe the investment strategies and investment advisory services of White Wolf, the affiliated Funds’ general partners (“General Partners”), and other affiliated entities. As used in this brochure, the words "our," and "us" (in addition to we) refer to White Wolf and its affiliates, and the words "you," "your," and "client" refer to you as either a client or investor of White Wolf (“Client” or “Investor”, respectively) or prospective Client or Investor. Private Equity Our private equity (“Private Equity”) strategy is operationally focused, in which we become value investors who seek to accelerate growth and help companies scale through our create and build, or buy and build, acquisition strategy. Core to White Wolf’s Private Equity strategy is to take a partnership approach to investing. We seek to partner with management teams to drive value through acquisitions, business development initiatives and operating improvements. We typically seek situations where the seller is willing to retain a meaningful equity stake. We strongly believe that establishing a structure in which both investors and key managers share a common ownership vision, and are motivated to maximize value, is critical to achieving superior return on investment. In general, we look to invest in companies with $20 million to $200 million in revenues and up to $20 million in EBITDA (lower for add-on investments). We focus on investment opportunities that are headquartered in North America operating in a number of industries. Preferred industries include but are not exclusive to, manufacturing, engineering services, government services, staffing services, business services, information technology, security, aerospace and defense. Typical investment candidates include companies or carve-outs involving management-led buyouts, family-owned businesses where the owner is seeking liquidity or retirement, companies

that require new capital for growth, strategic initiatives or balance sheet restructurings. Private Credit Our private credit (“Private Credit”) strategy is focused on making senior or mezzanine debt investments as well as minority equity co-investments in privately-held, middle market companies (in general, with minimum revenue and EBTIDA of $10 million and $3 million, respectively). Similar to our private equity strategy, preferred industries include, but are not exclusive to, manufacturing, business services, information technology, security, aerospace and defense. Typical situations include direct lending to lower middle-market companies and private equity financial sponsors to fund refinancing’s, leveraged buyouts, acquisitions, recapitalizations, strategic growth investments, and capital expenditures. Private Funds In addition to making direct private equity or private credit investments in operating companies, White Wolf also looks to invest with other private fund managers as a limited partner, or as a financing partner. Our private funds (“Private Funds”) strategy is primarily focused on two different business lines: investing in private capital vehicles (Private Fund Investing) and providing fund financing to third- party investment managers, general partners and limited partners (Fund Liquidity Solutions). The Private Credit Fund of Funds strategy provides investors with the opportunity to gain exposure to a highly diversified basket of assets with meaningful current income generation and long-term capital appreciation. Our Fund Liquidity Solutions strategy offers flexible, creative, and solution-oriented fund liquidity and financing solutions for lower-middle and middle market funds and private capital management companies. Through our proactive sourcing, market reputation, and middle market networks, we seek to gain access to high-quality funds, co-sponsor opportunities, and fund financing opportunities that span a broad range of market segments and strategies. Targeted investment candidates are North America-based private funds looking to generally raise $50 million to $500 million in assets under management, with a focus on the lower-middle and middle-market. Liquid Alternatives Our liquid alternatives (“Liquid Alternatives”) strategy is to offer investors an opportunity to generate both meaningful current income and long-term capital appreciation in liquid securities that focus on the alternative asset space. White Wolf serves as sub-adviser to WHITEWOLF Publicly Listed Private Equity ETF, its Ticker Symbol: LBO, an ETF seeking to provide investors with exposure to publicly traded private equity companies, including private equity buyout firms and sponsors, Business Development Companies (BDCs) and related asset managers. White Wolf expects to provide investment advice to additional ETFs, including WHITEWOLF Commercial Real Estate Finance Income ETF, its Ticker: CREF, which will seek to provide investors with exposure to publicly commercial real estate finance companies and related businesses. LBO is listed on Cboe BZX Exchange, Inc., advised by Empowered Funds, LLC, doing business as ETF Architect (the “ETF Advisor”) and distributed by Quasar Distributors, LLC. For more details regarding LBO, please refer to its prospectus and SAI, which can be found at https://lbo.fund/. Cash Management While the Funds’ primary strategies focus on private investments as previously described, White Wolf also invests a limited amount of certain Funds’ assets in unaffiliated, publicly-listed ETFs, mutual funds and/or derivatives, including options, mainly for cash management and liquid asset appreciation purposes. Co-Investments As permitted by the Governing Documents, White Wolf could provide co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain current or prospective investors or other persons. Such co-investments would typically involve investment and disposal of interests in the applicable asset alongside the Fund making the investment. See Item 11 for more details. Assets Under Management As of December 31, 2023, we manage a total of approximately $636,502,419 in Assets Under Management which includes: approximately $80,191,486 in assets on a discretionary basis and approximately $556,310,933 in assets on a non-discretionary basis.