Firm Background Chicago Atlantic Advisers, LLC (the “Adviser,” the “Firm” or “Chicago Atlantic”) is a Delaware limited liability company that was formed in July 2019 for the purpose of providing discretionary portfolio management and investment advisory services to pooled investment vehicles. Chicago Atlantic, its affiliated entities and advisory clients are headquartered in Chicago, Illinois. Chicago Atlantic has additional offices located in Miami, Florida and Dallas, Texas. Chicago Atlantic is majority owned and controlled by its managing member, Chicago Atlantic Group, LP, a Delaware limited partnership (“CAG”), which is managed and equally owned by its founding partners, Andreas Bodmeier, John Mazarakis, and Anthony Cappell (collectively, the “Founding Partners”). With respect to certain affiliated pooled investment vehicles which are advisory clients, Chicago Atlantic provides discretionary portfolio management and investment advisory services through its relying advisers, Chicago Atlantic Equity Advisers, LLC, Chicago Atlantic CO3 Advisers, LLC and Chicago Atlantic Investment Management, LLC (the “Relying Advisers”). The Relying Advisers are registered with the SEC as investment advisers relying on Chicago Atlantic’s investment adviser registration with the SEC pursuant to Rule 203A-2(b) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Unless otherwise stated, any reference made to Chicago Atlantic includes the Relying Advisers hereinafter. Chicago Atlantic does not act as a general partner to any of its affiliated pooled investment vehicles. Instead, certain of Chicago Atlantic’s affiliates serve as general partners to one or more of the pooled investment vehicles and have delegated exclusive investment advisory and other authority with respect to such pooled investment vehicles to Chicago Atlantic. See Item 10 – Other Financial Industry Activities and Affiliations within this brochure for more information regarding Chicago Atlantic’s affiliated entities. The Adviser its Relying Advisers, the affiliated general partners of the Funds (as defined below) and other affiliates that provide advisory services to and/or receive advisory fees with respect to the Funds are collectively referred to as the “Firm”, “Chicago Atlantic”, “we”, “us” or “our”. Advisory Services Chicago Atlantic is an investment platform that serves as an investment adviser to pooled investment vehicles (each a “Fund”, and collectively, the “Funds”), whose investors include, among others, high net worth individuals, family offices, pension and profit-sharing plans (other than plan participants), charitable organizations, and institutional investors. Chicago Atlantic and its affiliated advisors provide discretionary advisory services to their clients, which currently consist of the Funds, although Chicago Atlantic may decide in the future to sponsor or manage additional private investment funds or provide services to additional types of clients (collectively with the Funds, the “Clients”). In its capacity as an investment adviser, Chicago Atlantic is responsible for the day-to-day management of the Funds’ investment strategies and investment decisions. Chicago Atlantic’s investments include loans to companies located primarily in North America. We primarily pursue transactions in such companies by investing in senior and junior secured loans, unitranche loans,

mezzanine loans, structured debt and equity, and other secured debt. Our investment philosophy seeks to capitalize on opportunities that are time-sensitive, complex, or in dislocated markets, where risk is fundamentally mispriced. Pursuant to an investment management agreement or other similar agreement (the “Management Agreement”), each Fund’s respective general partner or managing member (the “General Partner”), has engaged Chicago Atlantic to provide origination, acquisition, portfolio management, and other administrative services to each respective Fund in accordance with each Fund’s respective private placement memorandum , limited liability company agreement, and/or other similar governing documents of the Funds (collectively, the “Governing Documents”). Our advisory services are tailored to achieve each Fund’s respective investment objectives and are not tailored to meet the individualized investment needs of any particular investor or subscriber. Generally, Chicago Atlantic has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Funds or their investors. Chicago Atlantic’s investment advisory services typically consist of, but are not limited to, originating, negotiating, and structuring investment opportunities, managing and monitoring the performance of such investments and executing transactions on behalf of each Fund in accordance with the investment objectives, policies and guidelines set forth in each Fund’s respective Governing Documents. An investment in a Fund by an investor does not create an advisory relationship between the investor and Chicago Atlantic. We generally do not permit investors in a Fund to impose limitations on the investment activities described in a Fund’s respective Governing Documents; however, the General Partner of a Fund reserves the right to enter into side letter agreements or arrangements with one or more investors in a Fund that alter, modify or change the terms of the interests held by such investors. Any prospective Client and/or prospective investor must consider whether Chicago Atlantic’s advisory services are appropriate for their own circumstances based on all relevant factors, including, but not limited to, such prospective Client’s and/or prospective investor’s own investment objectives, liquidity requirements, tax situation and risk tolerance. Prior to making an investment decision or committing to a service provided by Chicago Atlantic, prospective Clients and prospective investors are strongly encouraged to undertake appropriate due diligence, including, but not limited to, reviewing applicable Governing Documents relating to any proposed investment and investigating additional details about Chicago Atlantic’s investment strategies, methods of analysis and related risks. See Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss of this brochure for a more detailed discussion on our investment strategies and the risks associated with such strategies. Wrap Fee Disclosure Chicago Atlantic does not participate in or sponsor any wrap fee programs. Regulatory Assets Under Management As of December 31, 2023, Chicago Atlantic managed approximately $679,126,632 of advisory assets, all of which were managed on a discretionary basis. The Firm does not manage assets on a non-discretionary basis.