Z Capital Group, L.L.C. is a global alternative investment manager organized as a limited liability company under the laws of the State of Delaware. ZCG was founded in 2006 by its controlling principal, James J. Zenni, Jr., President and Chief Executive Officer of ZCG. ZCG has its principal office in New York, New York. ZCG, through its affiliated management entities, serves as an investment manager and provides discretionary advisory services to pooled investment vehicles and private investment partnerships organized and sponsored by ZCG. ZCG operates through two distinct business platforms: Z Capital Partners, L.L.C., which primarily focuses on acquisitions of companies that constitute platform growth opportunities, corporate carve-outs, buy-and-build opportunities, go-private transactions and on other operational opportunities, and Z Capital Credit Partners, L.L.C., which pursues a variety of credit strategies. Each of the private equity and credit businesses is described more fully below. Typically, within each fund structure is a designated general partner, investment adviser, or portfolio manager (the “Manager(s)”). Unless and only to the extent that the context otherwise requires, references to ZCG include the Manager(s) (including Z Capital Partners GP I, L.P., Z Capital Partners GP II, L.P., Z Capital Partners GP III, L.P., Z Capital Partners Adviser, L.P., Z Capital Credit Partners, L.L.C., Z Capital CLO Management, L.L.C., Z Capital Credit Tactical GP, L.P., Z Capital Credit Partners Adviser, L.P. and ZCG Strategic Equity GP, L.P.). All answers in this Brochure are given for, or are applicable to, ZCG and the Managers together or individually (as appropriate), except when otherwise specified. Currently, ZCG serves as the investment manager to Partners I, Partners II, Partners III, the Liquid Fund, the CLOs and the Tactical Fund (each defined below), together with co-investment vehicles structured to facilitate investments alongside such funds (collectively referred to as the “Funds” or “Clients”). The various co-investment vehicles managed by ZCG are also referred herein collectively as the “Co-Invest Funds.” As of December 31, 2023, ZCG and its affiliates manage approximately $3.6 billion of regulatory assets on a discretionary basis on behalf of its Clients. Z Capital Partners, L.L.C. ZCG’s private equity platform operates through its affiliate, Z Capital Partners, L.L.C., and focuses on value-oriented, opportunistic private equity strategies that are pursued by Partners I, Partners II and Partners III. Z Capital Partners Adviser, L.P. and Z Capital Partners GP I, L.P. serve as investment adviser and general partner, respectively, to two domestic private investment funds, and have done so since such funds’ inception: Z Capital Partners I, L.P. and Z Capital Partners I-A, L.P. As part of a master- feeder structure, Z Capital Partners I, L.P. and Z Capital Partners I-A, L.P. feed into a third domestic private investment fund, Z Capital Partners Fund Holdings I, L.L.C. (collectively, “Partners I”). Z Capital Partners GP I, L.P. also serves as general partner for five domestic private investment funds (the “Partners I Co-Invest Funds”). The Partners I Co-Invest Funds invest in specific companies alongside Partners I. Z Capital Partners GP II, L.P. and Z Capital Partners GP III, L.P. may also serve as general partner for private investment funds formed to invest in companies alongside Partners II and Partners III (as defined below), respectively. Z Capital Partners Adviser, L.P. and Z Capital Partners GP II, L.P. serve as investment adviser and general partner, respectively, to three domestic private investment funds, and have done so since such funds’ inception: Z Capital Partners II, L.P., Z Capital Partners II-A, L.P., and Z Capital Partners II-B, L.P. (collectively, “Partners II”). Z Capital Partners Adviser, L.P. and Z Capital Partners GP III, L.P. serve as investment adviser and general partner, respectively, to two domestic private funds: Z Capital Partners III, L.P. and Z Capital Partners III-A, L.P. (collectively, “Partners III”). Partners I, Partners II and Partners III (collectively, the “Private Equity Funds”) employ an opportunistic value-oriented approach to private equity that includes making control investments in companies that may require growth capital, balance sheet and/or operational improvements. The Private Equity Funds’ objectives are to make private equity investments in the U.S., Europe and other jurisdictions through distressed debt in distressed companies, operational turnarounds and other special situations to generate attractive returns while limiting downside risk. The Private Equity Funds generally invest in transactions where ZCG believes it has a distinct advantage in all phases of the investment lifecycle, including acquisition, value creation and exit. ZCG seeks to create value through turnarounds, operational initiatives, balance sheet restructurings, corporate spin-offs and growth platforms with the ultimate goal to opportunistically exit the investments at attractive IRRs and multiples to EBITDA. The following is a table of the Managers and their corresponding Clients as described above. Manager Client(s) Z Capital Partners Adviser, L.P. Z Capital Partners I, L.P. Z Capital Partners I-A, L.P. Z Capital Partners II, L.P. Z Capital Partners II-A, L.P. Z Capital Partners II-B, L.P. Z Capital Partners III, L.P. Z Capital Partners III-A, L.P. Z Capital Partners GP I, L.P. Z Capital Partners I, L.P. Z Capital Partners I-A, L.P. Partners I Co-Invest Funds Z Capital Partners GP II, L.P. Z Capital Partners II, L.P. Z Capital Partners II-A, L.P. Z Capital Partners II-B, L.P. Z Capital Partners GP III, L.P. Z Capital Partners III, L.P. Z Capital Partners III-A, L.P. Z Capital Credit Partners, L.L.C. ZCG’s credit platform operates through the ZCG affiliate, Z Capital Credit Partners, L.L.C, and focuses on various credit strategies that are pursued by the Liquid Fund, the CLOs, and the Tactical Fund. Z Capital Credit Partners, L.L.C., a Delaware limited liability company formed in April 2009, serves as the general partner and investment adviser of one domestic private investment fund, Z Capital Liquid Opportunity Fund, L.P. (“LOF Onshore Fund”), and investment adviser to two offshore Cayman Islands private investment funds, Z Capital Liquid Opportunity Offshore Fund Ltd. (“LOF Offshore Fund”) and Z Capital Liquid Opportunity Intermediate Fund Ltd. (“LOF Offshore Intermediate Fund”). Liquid Offshore Fund invests all of its assets in LOF Offshore Intermediate Fund, which in turn invests, together with the LOF Onshore Fund, through a common offshore Cayman Islands master fund, Z Capital Liquid Opportunity Master Fund Ltd. (“LOF Master Fund”), for which Z Capital Credit Partners, L.L.C. also acts as investment adviser. These three feeder funds and one master fund shall hereafter be referred to collectively as the “Liquid Fund”. The Liquid Fund invests primarily in senior secured debt and other debt instruments where there are substantial assets and/or enterprise value. The Liquid Fund invests in syndicated senior bank loans (also known as leveraged loans), middle market loans, asset-based loans, real estate loans and/or mortgages, equipment loans and financings. Some of the bank loans, other types of loans, mortgages, financings and special situations in which the Liquid Fund invests may be broadly syndicated, while others may have few participants. The Liquid Fund may also invest in loan participations, bridge financings, debtor-in-possession

financings, and other special situations. Z Capital CLO Management, L.L.C., a Delaware limited liability company formed in April 2015, serves as the portfolio manager (the “CLO Manager”) of multiple collateralized loan obligations, Z Capital Credit Partners CLO 2018-1 Ltd, (the “2018 CLO”), Z Capital Credit Partners CLO 2019- 1 Ltd (the “2019 CLO”) and Z Capital Credit Partners CLO 2021-1 Ltd (the “2021 CLO”), Z Capital Credit Partners BSL CLO 2024-1 Ltd. (the “2024 CLO,” and, together with the 2018 CLO, the 2019 CLO, the 2021 CLO and the 2024 CLO, the “CLOs”). The CLO Manager has informed the 2019 CLO/Issuer, the 2021 CLO/Issuer and the 2024 CLO/Issuer that it intends to comply with the risk retention requirements promulgated the fourth Capital Requirements Directive 2013/36/ EU and the Capital Requirements Regulation (Regulation (EU) No 575/2013) (the “EU Risk Retention Rules”) by holding a certain amount of notes of the 2019 CLO, the 2021 CLO and the 2024 CLO. The membership interests of the CLO Manager for the 2019 CLO, the 2021 CLO and the 2024 CLO are therefore held in structures designed to comply with these requirements. ZCG is the sole manager of the CLO Manager for the 2019 CLO, the 2021 CLO and the 20214 CLO with exclusive control and decision-making authority over its business and affairs. Through its investment in the CLO Manager for the 2019 CLO and the 2021 CLO, Z Capital Credit Tactical Fund, L.P. indirectly owns, and participates in the economics of, a portion of the 2019 CLO and the 2021 CLO subordinated notes. As noted above, the 2019 CLO and the 2021 CLO are subject to EU Risk Retention Rules. Z Capital Credit Tactical Fund, L.P., Z Capital Credit Tactical Co-Invest Fund-A, L.P. and LOF Master Fund directly own, and participate in the economics of, a portion of the 2018 CLO subordinated notes. The 2018 CLO is not subject to any risk retention rules. Through its investment in the CLO Manager, Z Capital Credit Tactical Fund, L.P., indirectly owns and Z Capital Credit Tactical Co-Invest Fund-A, L.P. and LOF Master Fund, each, directly own, and participate in the economics of, a portion of the 2021 CLO subordinated notes. As noted above, the 2021 CLO is subject to EU Risk Retention Rules. Through its investment in the CLO Manager, Z Capital Credit Tactical Fund, L.P., indirectly owns and Z Capital Credit Tactical Co-Invest Fund-A, L.P., LOF Master Fund and the CLO Manager, each, directly own, and participate in the economics of, a portion of the 2024 CLO subordinated notes. As noted above, the 2024 CLO is subject to EU Risk Retention Rules. Z Capital Credit Partners Adviser, L.P., a Delaware limited partnership formed in January 2016, and Z Capital Credit Tactical GP, L.P., a Delaware limited partnership formed in September 2015, serve as the investment adviser and general partner, respectively, of a domestic private investment fund, Z Capital Credit Tactical Fund, L.P. (the “Tactical Fund”). Z Capital Credit Partners Adviser and Z Capital Credit Tactical GP, L.P. also serve as the investment adviser and general partner, respectively, for a domestic private investment fund, Z Capital Credit Tactical Co-Invest Fund-A, L.P., which may make investments alongside the Tactical Fund (the “Tactical Co-Invest Fund”). Z Capital Credit Tactical GP, L.P. also serves as the general partner for Z Capital Credit Tactical Fund (Cayman), L.P., a Cayman Islands feeder fund to the Tactical Fund (the “Tactical Offshore Fund” and together with the Tactical Fund and the Tactical Co-Invest Fund, the “Tactical Funds”). The Tactical Funds’ objective is to primarily invest in U.S. credit markets through non-control investments in senior secured debt and other debt instruments. The Tactical Funds pursue a strategy to tactically acquire debt instruments below their intrinsic value, focusing on downside protection for principal protection and/or recovery through a combination of enterprise value, hard assets, intellectual property and other enterprise elements. The Tactical Funds also participate in bridge financings for investments in the Private Equity Funds in accordance with the Governing Fund Documents (as defined below). ZCG Strategic Equity GP, L.P., a Delaware limited partnership was formed in September 2021, serves as the general partner of ZCG Strategic Equity Fund, L.P. (“SEF Fund”), a Delaware limited partnership, organized for the purpose of implementing an opportunistic “value” oriented investment strategy combined with selective arbitrage investments for a portfolio that will likely be concentrated in public market equity and equity-like investments. The SEF Fund’s objective is to maximize long-term absolute total returns in variable market and economic conditions and attempts to achieve its objective by investing in equity and equity-like securities based on fundamental research and proprietary data. The following is a table of the Managers and their corresponding Clients as described above. Manager Client(s) Z Capital Credit Partners, L.L.C. Z Capital Liquid Opportunity Fund, L.P. Z Capital Liquid Opportunity Offshore Fund Ltd. Z Capital Liquid Opportunity Intermediate Fund Ltd. Z Capital Liquid Opportunity Master Fund Ltd. Z Capital CLO Management, L.L.C. Z Capital Credit Partners CLO 2018-1 Ltd Z Capital Credit Partners CLO 2019-1 Ltd Z Capital Credit Partners CLO 2021-1 Ltd Z Capital Credit Partners BSL CLO 2024-1 Ltd Z Capital Credit Partners Adviser, L.P. Z Capital Credit Tactical Fund, L.P. Z Capital Credit Tactical Co-Invest Fund-A, L.P. Z Capital Credit Tactical GP, L.P. Z Capital Credit Tactical Fund, L.P. Z Capital Credit Tactical Fund (Cayman), L.P. Z Capital Credit Tactical Co-Invest Fund-A, L.P. ZCG Strategic Equity GP, L.P. ZCG Strategic Equity Fund, L.P. ZCG Clients ZCG provides investment advice directly to its clients, the Funds, and not to the individual limited partners or members of the Funds (the “Investors”). In providing investment advisory services, the Managers formulate investment objectives, directs and manages the investment and reinvestment of each Fund’s assets, and provides periodic reports to Investors. The Managers provide investment advisory services to each Fund in accordance with the terms of each such Fund’s confidential offering or private placement memoranda, limited partnership or limited liability company agreements and other governing documents (collectively, the “Governing Fund Documents”). All terms are generally established at the time of the formation of a Fund and are only terminable once the applicable Fund is dissolved according to the Governing Fund Documents. All of the discussions of the Funds in this Brochure, including but not limited to their investments, the strategies used in managing the Funds, associated fees and costs and the conflicts of interest faced by ZCG and its affiliates in connection with the management of the Funds, are qualified in their entirety by the respective Governing Fund Documents. Investors may not impose restrictions on the Funds’ investment activities. The Managers have full discretion in trading on behalf of the Funds. The Managers do not require, and do not seek approval from, the Funds or the Investors with respect to their trading. Interests in the Funds are not registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the Funds are not registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests in the Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements in private transactions within the United States.