Algebris Investments (US) Inc.

Algebris US was incorporated in August 2009 under the laws of Delaware and is wholly owned by Algebris Investments Group Ltd which is wholly owned by Algebris Investments Holdings Ltd. Algebris Investments Holdings Ltd is owned by N1 S.a r.l., which is wholly owned by Davide Serra. Algebris US is in common ownership with Algebris (UK) Limited (“Algebris UK”) and Algebris Investments (Ireland) Limited (“Algebris Ireland”). Algebris US, Algebris UK and Algebris Ireland are hereinafter collectively referred to as “Algebris” or the “Company”. Algebris UK is authorized and regulated by the UK’s Financial Conduct Authority and is also an SEC Exempt Reporting Adviser. Algebris Ireland is authorized and regulated by the Central Bank of Ireland and is also an SEC Exempt Reporting Adviser. Algebris UK’s office is located in London and Algebris Ireland’s office is located in Dublin, neither have any presence in the US. Algebris Ireland is the appointed investment manager of certain Algebris funds and has delegated investment advisory services to Algebris UK and Algebris US. Algebris UK provides investment advisory services to various pooled investment vehicles. Algebris UK has sub-delegated certain investment advisory services to Algebris US. Algebris provides investment advisory services to various pooled investment vehicles (the “Funds”) and other clients that are managed on a discretionary basis. Funds include UCITS and private funds and the other clients are separately managed investment mandates for institutional clients (“Clients”), together the “Advisory Clients”. The advisory relationship between each Client and Algebris and between each Fund and Algebris is governed by the respective investment management agreement (each, an “IMA”) between the Advisory Clients and the Company. As of December 31, 2025, Algebris UK provided continuous and regular supervisory or management services to approximately $35.2 billion of securities portfolios on a discretionary basis. As of December 31, 2025, Algebris US co-managed $6.9 billion of this on a discretionary basis.

Aside from three accounts with one Client, Algebris US is compensated by its UK affiliated entity, an SEC Exempt Reporting Adviser, Algebris UK in line with transfer pricing rules set in place by the Organisation for Economic Co-operation and Development (“OECD”). All fees paid by Algebris UK to Algebris US are paid by Algebris UK directly and not by any Advisory Clients. Algebris UK maintains the relationship with all Advisory Clients, with the exception of one Client, and fees are paid by Advisory Clients to Algebris UK. For the one noted Client above, Algebris US is the contracting party, and all fees are paid by the Client directly to Algebris US. Algebris UK generally receives a management fee based on a percentage of assets under management and a performance-based fee (i.e. a fee based on a share of capital gains on or capital appreciation of the assets under management) from each of its Advisory Clients. Algebris UK, however, retains the discretion to waive or reduce fees and expenses charged by Algebris UK to the Advisory Clients. A full description of all fees and expenses permitted to be charged to the Advisory Clients by Algebris UK is contained in the respective IMAs.

Methods of Analysis and Investment Strategies Algebris manages assets in its Advisory Client accounts in accordance with the investment objectives and restrictions set forth in the respective IMA applicable to each Advisory Client. Algebris seeks to take advantage of any mispricing opportunities of companies through a fundamental analysis and assessment of a company’s intrinsic value. The strategies implemented also try to exploit mispricing that arises as a result of operational or structural changes in a company or a change in the macroeconomic, capital markets, or industry sector environments within which a company operates. These changes can significantly affect the short, medium, and/or long-term growth prospects, economic return, and risk profile of a company and thereby substantially impact its intrinsic value. As such, Algebris will typically seek to take long positions in equity and debt securities of companies exhibiting one or more of the following characteristics: 1. 2. 3. 4. 5. 6. 7. 8. 9.

Change in revenue growth prospects; Change in projected operating expenses; Change in balance sheet quality; Speculation regarding a possible sale, disposal, or acquisition; Change in execution capability and/or strategic direction due to a change in management; Change in capital discipline; Change in regulation; A change in overall risk appetite; or A change in valuation methodology.

Algebris seeks to take long positions in securities when it believes that the market price of a security is below its estimated intrinsic value. While Algebris focuses on its long positions, it may take a short position in securities (typically through derivatives) when the market price of a security is above its estimated intrinsic value. Algebris constructs broad-based portfolios, which are represented by companies in some or all of the following financial sub-sectors, but always dependent on any investment restrictions set out in the Funds offering documents or prospectus: banks, insurance companies, real estate investment trusts (“REITs”), asset managers, broker-dealers, diversified financial services providers, companies that derive a significant proportion of their total revenues as suppliers to financial services and real estate companies, and companies that depend on the provision of financial services for the sale of their core products. Algebris invests in a wide range of instruments, including, but not limited to listed and unlisted equities, debt securities (both investment and non-investment grade), promissory notes, GDRs and ADRs, options (including uncovered options), warrants, equity swaps, contract for differences, futures, credit derivatives and other derivative instruments. Derivatives may be used for investment as well as hedging purposes. On behalf of its Advisory Clients, Algebris may engage in short sales of securities through derivative structures and may also retain amounts in cash or cash-equivalents, as considered appropriate. Risk of Loss

Investing in securities involves the risk of loss that Advisory Clients should be prepared to bear. An investment in Algebris managed Funds and strategies should only be made after consultation with independent qualified sources of investment and tax advice. No guarantee or representation is made that the Funds and strategies managed by Algebris will be successful, and performance could be negatively impacted by a number of risks, including, but not limited to: 1. Liquidity – Certain markets may have a relatively low volume of trading. Securities of companies in such markets may also be less liquid and more volatile than securities of comparable companies elsewhere. 2. Legal and Political Risk – Many of the laws that govern private and foreign investment, equity securities transactions, and other contractual relationships in certain countries, particularly in developing countries, are new and largely untested. As a result, Advisory Clients may be subject to a number of unusual risks, including inadequate investor protection, contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress, lack of standard practices and confidentiality customs characteristic of developed markets, and lack of enforcement of existing regulations. 3. Inflation and Deflation Risk – Inflation risk is the risk that the value of certain investments or income thereon will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of an Advisory Client’s investments can decline. Deflation risk is the risk that prices decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of portfolio companies in which the Advisory Client invests and may make defaults more likely, which may result in a decline in the value of the Advisory Client’s investments. High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country’s economy. Governmental efforts to curb inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have negative effects on the level of economic activity. Persistently high levels of inflation could have a material and adverse impact on the Advisory Client’s investments and its aggregated returns. For example, if a portfolio company were unable to increase its revenue while the cost of relevant inputs was increasing, the portfolio company’s profitability would likely suffer. Likewise, to the extent a portfolio company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the portfolio company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a portfolio company may see its competitors’ costs stabilize sooner or more rapidly than its own. Additionally, because the preferred return is not linked to the rate of inflation, as the rate of inflation increases, the proportion of real returns (i.e., the nominal rate of return less the rate of inflation) treated as preferred return decreases and the proportion of real returns subject to performance-based compensation increases. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of the Advisory Client.

4. Derivatives – The Advisory Client accounts may make use of various derivative instruments, such as convertible securities, options, futures, forwards, and interest rate, credit default, total return, and equity swaps. The use of derivative instruments involves a variety of risks, including a high degree of leverage sometimes embedded in such instruments. The derivatives markets are frequently characterized by limited liquidity, which can make it difficult as well as costly to close out open positions in order either to realize gains or to limit losses. 5. Counterparty (Credit) Risk – Algebris may enter into transactions in OTC markets whereby the Advisory Clients will be exposed to the risk that the counterparty may default on its obligations to perform under the relevant contract. In the event of a bankruptcy or insolvency of a counterparty, Advisory Clients could experience delays in liquidating the position and may incur significant losses. 6. Regulatory Uncertainty – Any change in U.S. administration, including shifts in regulatory bodies like the SEC, can lead to revisions across existing law and regulations. Any such changes could significantly impact Algebris, the Advisory Clients and their investments year-over-year. Such changes that might have a material impact include, without limitation, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code, and antitrust enforcement. Changes in federal policy are subject to further uncertainty, as changes could be implemented at regulatory agencies over time through policy and personnel changes, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions currently remain uncertain. It is possible that future changes will adversely affect Algebris or the Advisory Clients’ operating environment and consequently their business, financial condition and results of operations. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on Algebris, the Advisory Clients or their investments, including the ability of the Advisory Clients to execute their investment objectives and to receive returns. 7. International Investing – Investing outside the United States may involve greater risks than investing in the United States. These risks include: (i) less publicly available information; (ii) varying levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a non-U.S. jurisdiction and uncertainties as to the status, interpretation, and application of laws. 8. Outbound Investment Regulation – In August 2023, the President of the United States issued an executive order setting forth a framework to implement outbound investment controls regulating U.S. investment in certain countries and companies deemed to be averse to U.S. national security and foreign policy interests. In October 2024, the U.S. Department of the Treasury issued a final rule to implement the executive order and establish an outbound investment security program (“OISP”), which became effective on January 2, 2025. OISP imposes notification requirements for, and certain prohibitions relating to, investments by “U.S. persons” as well as their “controlled foreign entities” into certain

entities that have both a nexus to China and that involve semiconductors and microelectronics, quantum information technologies or artificial intelligence. On February 21, 2025, the President of the United States signed a National Security Presidential Memorandum entitled “America First Investment Policy,” which indicates that the OISP restrictions may be expanded to cover biotechnology, hypersonic, aerospace, advanced manufacturing and directed energy, among other sectors, and it is likely that the number of targeted sectors will expand over the life of a Fund. The OISP restrictions could limit the universe of prospective investments available to a Fund, making it more difficult to deploy capital and/or identify buyers for investments on exit. Any failure to comply with OISP could result in significant legal and monetary penalties and/or adverse reputational and other consequences. 9. CFIUS and National Security Clearance Considerations – Certain investments by a Fund that involve the acquisition of, or investment in, a U.S. business (including a U.S. subsidiary of a portfolio company domiciled outside of the United States) or U.S. assets are expected to be subject to or require review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”) depending on, among other factors, the structure, beneficial ownership and control of interests in the Advisory Client and the nature of the U.S. business. CFIUS reform legislation (the Foreign Investment Risk Review Modernization Act) and related regulations empower CFIUS to scrutinize more closely investments in U.S. “sensitive personal data,” “critical infrastructure” and “critical technology” companies, including investments involving non-U.S. limited partners or co-investors that may be deemed “non-passive.” Certain transactions involving non-U.S. persons and U.S. “critical technology” companies, as well as sovereign investments in “critical technology,” infrastructure or data businesses, can be subject to mandatory pre-closing notification requirements, and monetary penalties may attach to a party’s failure to file such a notification. In addition, non-U.S. countries are increasingly taking action to strengthen their own foreign investment clearance (“FIC”) regimes, and as a result, certain investments by an Advisory Client could likewise be subject to review by non-U.S. FIC regimes if the investments are perceived to implicate national security policy priorities. CFIUS and other FIC regulatory practices are evolving rapidly, and CFIUS and other FIC regulators have substantial discretion in deciding how to interpret, apply and enforce the relevant regulations. Any review and approval of an Advisory Client investment by CFIUS or another FIC regulator could have outsized impacts on transaction certainty, timing, feasibility and cost, among other things. In the event that CFIUS or another FIC regulator reviews one or more of the Advisory Client’s proposed or existing investments, it may seek to impose limitations on or prohibit such investments, and there can be no assurances that the Advisory Client will be able to proceed with, or maintain, such investments on terms acceptable to the Advisory Client. Such limitations or restrictions could adversely affect an Advisory Client’s performance with respect to such investments (if consummated) and thus the Advisory Client’s performance as a whole. Failure to submit required CFIUS filings could result in significant financial penalties for each transaction party, as well as reputational damage and potential legal restrictions on future investments. In addition, CFIUS is actively pursuing

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As previously described in Item 4, Algebris provides investment advisory services to Funds and Clients including investment management services to institutional clients, both U.S. and foreign. Interests in the Funds managed and distributed by Algebris are generally available to U.S. investors who are Accredited Investors and Qualified Purchasers as those terms are defined under Regulation D and the Investment Company Act of 1940, respectively. Investment advice is provided directly to the Funds and not individually to the Funds’ investors and investors may not impose any investment requests or restrictions on the Funds. The Algebris Funds are primarily UCITS structures that offer daily liquidity upon one business day’s notice. Algebris has agreements with certain investors which modify the terms contained in the relevant governing documents of the Funds, but do not grant any preferential treatment with regard to fees, liquidity, or transparency to any investors. Subject to the discretion of Algebris to accept less, the minimum Fund investment ranges between EUR 500,000 and EUR 50 million, depending on the Fund and share class invested in. Although the Company has the authority to accept a lesser amount, the minimum investment for a separately managed account is generally US$100 million. Separately managed account Clients may place reasonable investment objectives or restrictions on the management of their accounts as agreed upon by Algebris. Such Clients may terminate their advisory service at any time in accordance with the provisions of the IMA.

As described in Item 5 above, Algebris UK may receive performance-based compensation from Advisory Clients. As Algebris US is compensated out of the fees paid to Algebris UK in line with OECD transfer pricing rules, the presence of performance-based fees may create an incentive for Algebris US to make investments that are riskier or more speculative with the goal of increasing the performance of its Advisory Clients and therefore the fee paid to Algebris UK. The performance fees charged to each Advisory Client are based on both realized and unrealized gains, therefore Algebris UK may receive a performance allocation reflecting unrealized gains during the investment period and which are not subsequently recognized by the Advisory Client upon disposition of the investment. Algebris has mitigated this risk through the inclusion of a High Water Mark provision, and therefore, as a result, any losses, either realized or unrealized, would need be to be recouped in full before a performance fee could be recognized by Algebris UK. Algebris US recognizes that it is a fiduciary and as such must act in the best interests of the Advisory Clients.

Neither Algebris nor its employees are registered or have an application pending to register as a broker-dealer. Neither Algebris nor its employees are registered or have an application pending to register as a futures commission merchant, commodity pool operator, commodity trading advisor, or an associated person of the foregoing entities. Pooled Investment Vehicles Certain of the Funds (or their sub-funds or feeders) are limited partnerships that are controlled by affiliated General Partner entities (the “GP Entities”). Algebris or the GP Entities will be responsible for decisions regarding such Funds and shall have full discretion over the management of such Funds’ investment activities. Any persons acting on behalf of the GP Entities are subject to the supervision and control of Algebris. Other Investment Advisers

Algebris Investments (Asia) PTE Ltd (“Algebris Asia”) is under common ownership with Algebris US, Algebris UK and Algebris Ireland. Algebris Asia is a Licensed Fund Management Company with the Monetary Authority of Singapore. It provides research and advisory services to Algebris UK pursuant to a written sub-advisory agreement. Algebris Asia does not provide services to anyone other than Algebris UK. All fees paid to Algebris Asia are paid by Algebris UK directly and not by any Advisory Clients. Group Service Providers Algebris Investments (Ireland) Limited has established a branch in Milan. Algebris Investments (Ireland) Limited – Milan Branch is under common ownership with Algebris US, Algebris UK and Algebris Ireland. It provides investment management services to certain Algebris Private Funds. It also undertakes marketing activities in Italy and provides recommendations to Algebris UK. Algebris Investments K.K. is based in Tokyo and undertakes marketing activities in Japan.

Transactions, and Personal Trading Code of Ethics and Personal Securities Transactions Algebris permits its employees to engage in personal securities transactions on a limited basis. To avoid any potential conflicts of interest involving personal trades, Algebris has adopted a Code of Ethics. The Code of Ethics addresses, among other things, insider trading, information barriers, and personal securities transactions and requires employees to adhere to the following principles: 1. The interests of Advisory Clients must take precedence over those of employees; 2. All personal securities transactions must be conducted in a manner consistent with applicable laws and must avoid any actual or potential conflicts of interest or any abuse of a position of trust and responsibility; 3. Employees may not take inappropriate advantage of their position at Algebris; and 4. Information about Advisory Clients, portfolio holdings, and investment recommendations must be kept confidential. In all cases, Advisory Clients’ interests are paramount and take priority over employees’ interests. Employees must not affect transactions that could give rise to an actual or perceived conflict between their own interests and that of an Advisory Client. The Code of Ethics governs personal trading activities by employees and their immediate family members. Specifically, the Code of Ethics requires employees to pre-clear certain personal securities transactions, provide confirmation of all personal trades as soon as possible after execution and provide initial and annual security holdings reports.

The Compliance Department monitors employees’ personal trading activity to ensure that transactions have been executed in accordance with the Code of Ethics and relevant rules and regulations. A copy of the Company’s Code of Ethics is available to current and prospective Advisory Clients upon request. Participation or Interest in Advisory Client Transactions Algebris, its employees, and other related entities may have an ownership interest in certain Funds in which other Funds may invest (e.g., feeder funds will invest in a master fund for which an affiliate of Algebris serves as managing member). Algebris may engage in principal trades from time to time. The interests of Advisory Clients take precedence over those of Algebris. The Company has adopted policies and procedures to ensure that neither Algebris nor its employees front run Advisory Clients or otherwise engage in activities that would or could be perceived as market abuse. Investing Conflicts Algebris, on behalf of its Advisory Clients, may make investments in different parts of the capital structure of the same company across different Funds. For example, a Client may invest in debt securities issued by a company in which another Client has an equity interest. In this and other cases, there may be an apparent or actual conflict between the interests of different Algebris Advisory Clients. Algebris has policies and procedures in place to mitigate this and other potential conflicts of interest (or the appearance thereof).

Algebris considers the following factors in selecting broker-dealers for Advisory Client account transactions and determining the reasonableness of their compensation: 1. 2. 3. 4.

Knowledge of the security and/or market, Ability to deal at the best price, Execution efficiency, Credit standing and reputation.

Although Algebris seeks competitive commission rates, it will not necessarily pay the lowest commission rate available. Transactions may involve specialized services on the part of a brokerdealer, which may justify higher commissions than would be the case for more routine services. Algebris pays for all relevant third-party research that it receives from sell side firms who Algebris has trading relationships with via direct payments from Algebris’ own resources. With the exception of minor non-monetary benefits, Algebris does not accept any research from broker-dealers with whom it has a trading relationship that has not been paid for by Algebris. Algebris does not have any active commission sharing arrangements in place with broker-dealers. At all times, the brokerdealers are subject to the requirement to provide Algebris’ Advisory Clients with the best execution results in line with the Algebris Order Execution Policy.

Trade Aggregation Orders for the same security entered on behalf of more than one Advisory Clients will usually be aggregated (i.e., blocked or bunched) as this is deemed to be in the best interests of all participating Advisory Clients. Subsequent orders for the same security entered during the same trading day may be aggregated with any previously unfilled orders. Subsequent orders for the same security for the same account(s) will not be aggregated with any previously filled orders. All Advisory Clients participating in an aggregated order shall receive the average price and pay a pro rata portion of transaction costs. Algebris has a fair allocation policy for allocating trades across the various Advisory Clients. The Company’s Order Management System has a pre-coded, third-party allocation algorithm that auto allocates executed trades to the relevant Advisory Clients. The algorithm allocates trade fills continuously, as trades get executed, giving priority to the account that has received the least percentage of its target quantity. This way fills are distributed in proportion (pro rata) to the desired allocation at the time the order was generated. Note that, as the fills get allocated immediately, partially and fully filled trades get the same treatment. Fair allocation and best execution across funds are reviewed periodically as part of the compliance monitoring program. Cross transactions As a result of subscriptions or redemptions and the changes in the value of the assets of the various Funds or accounts managed by Algebris, the Company may adjust, to the extent practicable, the exposure levels in the respective Advisory Client accounts which may follow the same, or similar, investment strategies to instruments in their respective portfolio in order to maintain the exposures deemed most appropriate by Algebris. Such adjustments may be affected by purchases and sales in the market or by a transfer from one or more Advisory Client accounts to other Advisory Client accounts (a "Cross-Transaction"). A Cross-Transaction may be affected if Algebris determines the transaction to be in the best interests (and consistent with the investment program, risk management and other relevant considerations) of the affected Advisory Clients. Generally, the relevant asset will be transferred at a price equal to its market price on the transfer date. Cross-Transactions are reviewed periodically as part of the compliance monitoring program.

Algebris does not receive an economic benefit from anyone who is not an Advisory Client for providing investment advice or other advisory services to Advisory Clients. Algebris does not compensate anyone who is not an employee, either directly or indirectly, for Advisory Client referrals.

Algebris and its employees have not been involved in any legal or disciplinary events that would be material to an Advisory Client or Fund Investor’s evaluation of the company or its management personnel.

Generally, Advisory Client accounts are reviewed on a regular basis by investment personnel. Algebris’ Investment Committee, which is chaired by the Chief Investment Officer and involves all Portfolio Manager’s globally, meets informally at least twice a week but in practice has daily meetings. The Company’s Investment Risk Committee, which is co-chaired by the Chief Risk Officer and Chief Investment Officer, meets on a quarterly basis or more often as needed. These reviews are designed to monitor and analyze Advisory Client transactions and positions and ensure compliance with investment objectives and restrictions. Particular attention is given to changes in company fundamentals, industry outlook, market outlook, and price levels.

Advisory Clients will receive a variety of reports on a regular basis, depending on the Fund being managed by Algebris. Such reports include monthly Factsheets and net asset value reports, quarterly account statements, and annual financial statements. Fund Investors receive statements on a quarterly/monthly basis by their respective custodians

All Advisory Client assets are held in custody with a qualified custodian unaffiliated with Algebris. The qualified custodian is not chosen by Algebris. Algebris does not have access to the Funds’ custodians. Therefore, Algebris is not deemed to have custody of the Funds. The Funds are subject to an annual audit and audited financial statements are distributed to each Fund Investor. Audited financial statements are prepared in accordance with either GAAP or IFRS and distributed to Fund Investors within 120 days of each Fund’s fiscal year end.

Algebris manages the Advisory Client accounts on a discretionary subject to the guidelines and restrictions set forth in the IMAs. For the Funds, the Company typically has authority to determine the quantity and the individual securities to be bought and sold without obtaining Fund or investor consent to specific transactions. In certain cases, investments in addition to those stipulated in the relevant investment mandate may be permitted with prior consent from the relevant Advisory Client.

Algebris has authority to vote proxies on behalf of the Funds. Algebris votes proxies so as to promote the long-term economic value of the underlying securities. Each proxy proposal will be considered on its own merits, and the Company will vote exclusively with the goal of best serving the financial interests of the Advisory Clients. Algebris may have a conflict of interest in voting a particular proxy. A conflict of interest could arise, for example, as a result of a business relationship with a company, or a direct or indirect business interest in the matter being voted upon, or as a result of a personal relationship with corporate directors or candidates for directorships. If Algebris determines that it or one of its employees faces a material conflict of interest in voting a proxy, Algebris’ procedures provide for an objective evaluation process to determine the appropriate vote.

Voting decisions are to be made on a case by case basis following an assessment of the matter at hand and after taking into consideration its likely effect on the performance of the investments and relevant Advisory Client. Algebris also takes into account where relevant long-term sustainability considerations of each issuer when deciding to vote. Algebris has contracted with a third-party service provider to assist in administering their proxy voting policy. Please refer to Algebris’ Voting Policy for further information, which is available, upon request.

Algebris has never filed for bankruptcy and is not aware of any financial condition that is expected to affect its ability to manage Advisory Client accounts.