Advisory Business A. Description of the Advisory Firm HPC is a Delaware limited liability company formed in 2019 and is wholly owned and controlled by Graham Morris (the “Manager”). As of the date of this Brochure, HPC manages private funds (the “Funds” and each, a “Fund”) consisting of a mini master-feeder fund structure, with a Delaware limited partnership as the master fund and a Cayman Islands exempted company as the feeder fund, and HPC also provides advisory or sub-advisory services to separately managed accounts (“SMAs” or “SMA Clients”) which, as of the date of this Brochure, are for private funds and other pooled investment vehicles, and state or municipal government entities. The Funds and SMAs are collectively referred to herein as the “Clients.” HPC participates in two information sharing arrangements with two third parties. B. Types of Advisory Services HPC provides discretionary investment advisory services, either directly or indirectly, to the Clients. The Funds include Highland Peak Partners, LP (the “Master Fund”) and Highland Peak Offshore, Ltd. (the “Feeder Fund”). The Feeder Fund invests all or substantially all of its assets in, and conducts the investment activities with respect to its assets primarily through, the Master Fund. HPC serves as investment manager to the Funds and Highland Peak Partners GP, LLC (the “GP”), an affiliate of HPC, serves as the general partner of the Master Fund. HPC and the GP are under common control. The Funds are privately offered to qualifying investors pursuant to Regulation D or Regulation S, as applicable, under the Securities Act of 1933, as amended (the “Securities Act”). Each Fund qualifies for an exclusion from registration under Section 3(c)(1) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Firm’s SMA Clients, as of the date of this Brochure, are private funds that qualify for an exclusion from registration under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, or are formed as other pooled investment vehicles. An investment in a Fund is subject to the investment objectives, terms and conditions outlined in the applicable offering documents, which include but are not limited to the confidential private placement memorandum, limited partnership or operating agreement, and subscription materials; and investment terms related to the SMA Clients are addressed in the investment advisory or management

agreement with such Client (all such documents collectively referred to herein as, the “Governing Documents”). This Brochure does not constitute an offer to sell or the solicitation of an offer to purchase interests in a Fund and the disclosure contained herein shall not be relied on to determine whether an investor should purchase interests in a Fund. Any such offer or solicitation will be made solely to qualified investors by means of the Governing Documents. To the extent there is any conflict between the disclosures contained in this Brochure and the Governing Documents provided to investors, the Governing Documents will control. The Funds’ investment objective is to generate capital appreciation in two primary markets: equities and distressed credit. HPC seeks to generate superior returns and outperform the S&P 500 and Russell 2000 indices by employing long and short positions. The Firm’s SMAs pursue generally the same or a substantively similar investment strategy as the Funds. Refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for additional information about the Clients’ investment strategy. While HPC focuses on the strategies and asset classes discussed throughout this Brochure, the Firm does not necessarily limit the types of investments on which it advises. HPC participates in two information sharing arrangements with two third parties. Each third party may use the information for its own trading strategies. There are significant constraints on how the information may be used by the third parties in order to mitigate any potential conflicts. Refer to Item 10 – Other Financial Industry Activities and Affiliations for additional information about these arrangements. C. Client Tailored Services and Client Imposed Restrictions In accordance with the applicable Governing Documents, HPC tailors its investment advisory services to be consistent with the Clients’ investment strategies, terms and conditions. Underlying investors in the Funds may not impose restrictions on investing in certain securities or types of securities. Investment terms for SMAs are individually negotiated with such SMA Clients. D. Wrap Fee Programs HPC does not participate as a sponsor of or portfolio manager to any wrap fee programs. E. Assets Under Management As of December 31, 2023, HPC manages approximately $245,247,108 in regulatory assets on a discretionary basis.