GARNET EQUITY CAPITAL HOLDINGS, INC.

Garnet Equity Capital Holdings, Inc. is a Delaware corporation that has been providing investment advisory services since 1994. Joseph A. Cohen and David A. Cohen are the principal owners of Garnet. AMS Investors, LLC is a Delaware limited liability company formed in 2020. Abraham Shamah is the owner of AMS Investors. Types of Advisory Services As of December 31, 2024, the Adviser provides discretionary advisory services to two pooled investment vehicles (each, a “Fund” and together, the “Funds”): Trefoil/Garnet Capital Partners, L.P. (“Trefoil”) and Linmar Capital Fund, LP (“Linmar”). The Funds are structured in a masterfeeder arrangement, with Linmar being the “master” investment vehicle and Trefoil being the “feeder”. The Funds are collectively referred to as “Clients” of the Adviser. The Clients generally employ long/short strategies that focus on equities and options. However, the Adviser retains broad flexibility to invest on behalf of its Clients, as set forth in the respective Offering Documents (as such term is defined in Item 5 below). Investment Restrictions The Adviser tailors its investment advisory services to specified investment mandates of its Clients, considering the Clients’ Offering Documents. The Adviser generally does not tailor its investment advisory services to the individual needs of investors in the Funds. The Adviser does not participate in Wrap Fee Programs. Assets Under Management As of December 31, 2025, the Adviser had total assets under management of approximately $339,473,457 all of which was managed on a discretionary basis.

Fee Schedules; Calculation and Deduction of Fees The Adviser receives a management fee that is calculated monthly and payable by the Funds quarterly in arrears in an amount generally equal to 1.75% per annum of the net asset value of the Funds. The Adviser or its affiliate receives annual performance-based compensation of 17.5% of the net capital appreciation of Trefoil, subject to a prior high watermark and loss carryforward. The performance-based compensation is calculated and allocated after the end of each fiscal year. The Adviser deducts fees directly from the Fund.

The Adviser or its affiliate also receive an annual performance-based compensation from Linmar of generally 17.5% of net capital appreciation, subject to a prior high watermark and loss carryforward. These fees are directly deducted from the Fund. Other Fees and Expenses Additional expenses incurred by the Funds may include commissions; clearing fees; research fees; fees, interest and other costs on margin accounts or other financings or re-financings; accounting, tax, audit, administrator, corporate and legal fees and disbursements; borrowing charges on securities sold short; custodial fees; bank service fees; expenses incurred in connection with the admission of investors or the acceptance of additional subscriptions; expenses in connection with transactions directed to broker-dealers in part in recognition of investment research and information furnished or expenses for services rendered by broker-dealers in the execution of such orders and the use of such research and other services provided by such broker-dealers; performance-based compensation, fees and expenses charged by an underlying fund in which the Fund may invest; and any other reasonable expenses related to the purchase, sale, holding or transmittal of the Fund’s assets or liabilities. Please see Item 12 herein for more information with respect to brokerage arrangements. It is important that each investor who is considering an investment review the private placement memorandum, limited partnership agreement, management agreement, and/or subscription agreement (individually and collectively, the “Offering Documents”) applicable to the Client for a complete and detailed description of the fees and expenses applicable to such investment. While generally not negotiable, the Adviser, in its sole discretion, has and may, from time to time, waive or modify the management fee and the performance-based compensation for principals, members, employees or affiliates of the Adviser or any general partner to a Client, relatives of such persons, and for certain large or strategic investors, via, side letters or similar written agreements with one or more investors in a Client.

General Description As discussed in Item 4, the Adviser retains broad flexibility to invest on behalf of its Clients, as set forth in the respective Offering Documents. The Funds seek to achieve maximum capital appreciation commensurate with reasonable risk. The Adviser has broad discretion in making investments for the Funds, which investments include, but are not limited to, equities and options, both long and short, primarily in liquid securities, although the Adviser has the discretion to invest in illiquid securities. The Funds seek to capitalize on the difference between the market valuation of a company’s securities and the value of its underlying businesses, based on the intrinsic value of its underlying assets, its dividend and earnings potential, comparisons with other companies in the same or similar industries or otherwise. The Funds invests primarily in opportunities for medium- and long-term capital appreciation, but also invests in opportunities for short-term capital appreciation. The Funds seek to invest in companies undergoing transformations, primarily across the consumer, business service and technology sectors, and identifies mispricings based on underappreciated company-specific and industry factors. The Funds are permitted to invest in long and short positions in securities of all types, including common stocks, preferred stocks, partnership interests, investment contracts, trust receipts or certificates, bonds, notes, loans, participations, accounts or notes receivable, trade acceptances, contracts and other claims, instruments or evidences of indebtedness, fixed or variable annuities, certificates of deposit, rights or options to purchase or sell any of the foregoing or any securities index, including put or call options written by the Funds or by others, straddles, or futures or forward contracts, with respect to securities, and any other type of security of any corporation or entity whatsoever. The Funds, as part of their investment strategies, purchase and write (sells) covered and uncovered put and call options, including, without limitation, options on equities and stock indexes. The Funds may enter such transactions irrespective of whether the options are intended to close out or offset long positions in such options.

Material Risks The following is a summary of material risks for the Clients’ investment strategy and methods of analysis. The information contained in this Brochure cannot disclose every potential risk associated with each Client’s investment strategy, or all of the risks applicable to a particular investor. Rather, it is a general description of the nature and risks of each Client’s investment strategy. Investors should understand that all investment strategies and the investments made pursuant to the strategies involve risk of loss, including the potential loss of their entire investment. The investment performance and the success of any strategy or particular investment can never be predicted or guaranteed, and the value of an investor’s investments will fluctuate due to market conditions and other factors that are inherently difficult to predict, such as domestic or international economic and political developments. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value of, and return on, investments. No guarantee or representation is made that each Client’s investment objective will be achieved. Investing in securities involves risk of loss that investors should be prepared to bear. Client investors should carefully review the offering materials of the Client for additional information on the risks associated with the Client’s investment program. Options. Transactions in options carry a high degree of risk and certain options strategies may expose the Clients to special risks. For example, there are special risks associated with uncovered option writing, which expose the Client to potentially significant loss. The potential loss of uncovered call writing is unlimited. The writer of an uncovered call may incur large losses if the value of the underlying instrument increases above the exercise price. As with writing uncovered calls, the risk of writing uncovered put options is substantial. The writer of an uncovered put option bears a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is a significant decline in the value of the underlying instrument. For combination options writing, where the investor writes both a put and a call on the same underlying instrument, the potential risk is unlimited. The Clients regularly engage in the use of options contracts which involve, without limitation, risks associated with leverage, interest rates and volatility, credit deterioration or default risks, systems risks and other risks in options contracts generally. In addition, an investment in an options contract may be materially affected by conditions in the financial markets and overall economic conditions, including without limitation, by fluctuations in the level or volatility of or correlation or relationship between market prices, rates or indices or other market factors. If a trading market in particular options were to become unavailable, investors in those options could no longer engage in closing transactions. Moreover, even if the market were to remain available, there may be times when options prices will not maintain their customary or anticipated relationships to the prices of the underlying securities and related interests. Disruptions in the markets for underlying securities could result in losses for options investors. The hours for trading of options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities or related interests, significant price and rate movements can take place in the underlying markets that may not be reflected in the options markets.

Trading in options may be used to reduce the risks attendant to short selling, to reduce overall market exposure, or to establish or increase long or short positions. Options trading is speculative and involves a high degree of risk. The inherent leverage offered by trading in options could cause the value of an investment to be subject to more frequent and wider fluctuations than would be the case in the absence of options trading and may result in the market value exposure of the Fund being substantially in excess of the net asset value of the Fund. If the Fund purchases a put or a call option, it may lose the entire premium paid. A stock index option is a contract which gives the buyer the right to buy, in the case of a call, or sell, in the case of a put, a specified amount of the stock index at the option exercise price. An investment in a stock index option is subject to risks in addition to the risks relating to options on individual securities. Whether a gain or a loss from trading in stock index options is realized depends upon movements in the level of stock prices generally or in an industry or market segment, rather than movements in the price of a particular stock. Successful use of options on stock indices will be subject to the Adviser’s ability to predict correctly relevant movements in the direction of the stock index. Market Volatility. The profitability of the investments chosen by the Clients substantially depend upon the Clients correctly assessing the future price movements of stocks, bonds, options on stocks, and other securities and the movements of interest rates. The Clients cannot guarantee that it will be successful in accurately predicting price and interest rate movements. Equity and Equity-Related Securities and Instruments. Among its other investments, the Clients may take long and short positions in securities of U.S. and non-U.S. issuers traded on national securities exchanges and over-the-counter markets. The value of equity securities varies in response to many factors. These factors include, without limitation, factors specific to an issuer and factors specific to the industry in which the issuer participates. In addition, equity securities are subject to stock risk, which is the risk that stock prices historically rise and fall in periodic cycles. U.S. and non-U.S. stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Small- and Mid-Capitalization Stocks. Investments in small- and mid-capitalization stocks involve greater risk than is customarily associated with larger, more established companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of larger companies or the market averages in general. Fixed-Income Investments. The value of the fixed-income securities in which the Clients may invest will change as the general levels of interest rates fluctuate. When interest rates decline, the value of the Clients’ fixed-income portfolios can be expected to rise. Conversely, when interest rates rise, the value of the portfolios can be expected to decline. Cash Management Risk. For various reasons, including for temporary or defensive positions or to meet liquidity needs, the Fund may at certain times, maintain or invest some of its assets in cash or money market funds or other similar types of instruments. As an integral part of its investment strategy, the Funds may maintain cash, money-market fund investments and cash-equivalents (and similar liquid positions/balances) which, at times, may be very large (relative to its capital). During any period in which its assets are not substantially invested in accordance with its principal

investment strategies, the Clients may be prevented from achieving their investment objectives, which may adversely affect the Clients ‘performance. Concentration of Investments. The Clients may have concentrated investment positions (relative to their capital), with the result that a loss in any such position could have a material adverse impact on a Client’s capital. Risks Associated with Non-Diversification. The Clients intend to hold diversified positions; however, the Funds are not subject to any formal policies regarding diversification. The Clients may sometimes concentrate holdings in industries, geographic regions or companies which, in light of investment considerations, market risks and other factors, they believe will provide the best opportunity for attractive risk-adjusted returns. The concentration of assets in a small number of issuers, in any one industry or a small number of industries, or in a single industry would subject Clients to a greater degree of risk with respect to the failure of one or a few investments or with respect to economic variations in relation to such industry or industries. Counterparty Risk. The Clients may be exposed to the credit risk of counterparties with which, or the brokers, dealers, custodians and exchanges through which, it deals in connection with the holding, custody, maintenance, trading and investment of its assets. Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, might not be available in connection with over the counter (“OTC”) transactions. Therefore, in those instances in which a Client enters OTC transactions, the Client will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Client will sustain losses. In addition, the Clients may suffer a substantial or complete loss in the event of default or bankruptcy by certain third parties, including the highly concentrated number of brokerage firms and banks with which the Client does business, or to which securities and/or cash have been entrusted for custodial purposes. Sharing of Trade Information and Research with Third Parties. Garnet has entered into arrangements with a third-party software platform and a third-party asset manager pursuant to which Garnet receives an annual licensing fee and a performance-based fee. In connection with these arrangements, Garnet provides certain information on a one-day lag basis, including Client trade files, pricing information, and research relating to current portfolio positions. Garnet does not provide investment advice to, nor exercise investment or trading discretion over, these third parties. Investment and trading decisions are made independently by them. As a result of the delayed information sharing, these third parties may trade in securities that are also held by Clients or transact in the same securities on the same day as the Client. This may result in additional market participation in a security, although the overall impact is expected to be limited. Pursuant to the agreement, the third-party asset manager calculates, as applicable, a financial metric referred to as “Trade Market Impact,” which represents an annual, dollar-based estimate of the trading activity effect associated with them transacting in the same security on the same day as Garnet, payable to Garnet on an annual basis. Compensation received by Garnet under this arrangement is separate from, and does not reduce or offset, the management fees or research expenses paid or payable by Clients.

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As described in Item 4, the Adviser’s Clients are two pooled investment vehicles. The Funds are both Delaware limited partnerships. The Funds’ investors are generally required to make a minimum initial investment of $1 million, subject to waiver at the Adviser’s discretion. In addition, the Funds’ investors must meet certain net worth, net assets and other sophisticated investor criteria as set forth in applicable securities laws and regulations.

As described in Item 5, the Adviser or its affiliate also receives annual performance-based compensation of generally 17.5% of the net capital appreciation of Trefoil, subject to a prior high watermark and loss carryforward. The Adviser or its affiliate also receive an annual performance-based compensation from Linmar of generally 17.5% of net capital appreciation, subject to a prior high watermark and loss carryforward. These fees are directly deducted from the Linmar Fund. The Adviser and its affiliate’s receipt of performance fees is intended to align the Adviser’s interests with those of the Clients and to provide the Adviser with a greater incentive to manage assets well. The nature of the performance fee, however, creates a potential conflict of interest among the Adviser, its associated persons, and its Clients. Because the Adviser has multiple Clients, at times it allocates investment opportunities of limited availability across its Clients. The Adviser has an incentive to favor accounts for which it receives higher performance-based fees since it may receive a greater profit if the investment generates a positive return.

To ensure equitable treatment of all Clients irrespective of such fee considerations, the Adviser has adopted and implemented an investment allocation policy that sets out the criteria for determining allocations.

The Adviser has no other financial industry activities and/or affiliations to disclose.

Code of Ethics The Adviser has adopted a Code of Ethics (the “Code”) in accordance with Rule 204A-1 of the Investment Advisers Act of 1940 (the “Advisers Act”) designed to provide that the Adviser’s personnel, as well as certain other persons who occupy a similar status, perform similar functions or provide investment advice on behalf of the Adviser, comply with applicable federal securities laws and place the interests of the Clients first in conducting personal securities transactions. The Code imposes certain restrictions on securities transactions in the personal accounts of covered persons to avoid conflicts of interest. The Code covers all of the Adviser’s personnel, which includes any director, officer or employee (including any part-time employee) of the Adviser (other than administrative or clerical workers), as well as any other person who occupies a similar status, performs similar functions or provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser. The Chief Compliance Officer may designate additional persons as being covered by the Code, such as temporary workers, consultants, or independent contractors. Client investors or prospective investors may obtain a copy of the Code by sending a written request to the Adviser at 575 Madison Avenue, Suite 1601, New York, NY 10022, Attention: Chief Compliance Officer, (212) 755-7577. Participation in Other Activities Joseph A. Cohen, a principal owner of Garnet, and Abraham Shamah, owner of AMS Investors have primary responsibility for the Clients’ investments and also have trading authority over, and direct and indirect beneficial interests in, various accounts, partnerships, corporations, and trusts established for the benefit of them and their family as well as trading authority over various brokerage accounts of his friends and family (such other entities and accounts collectively, “Other Accounts”). Certain potential conflicts of interest may arise in connection with their involvement with Other Accounts, on the one hand, and the Clients, on the other hand. For example, Joseph A. Cohen’s involvement with Other Accounts may require substantial time and effort, which time and effort he might otherwise expend on managing the Clients. In addition, situations may arise in which Other Accounts will have purchased securities that would have been suitable for investment by a Client but that the Client, for various reasons, did not purchase. Situations may also arise in which Other Accounts will have purchased or sold securities that are purchased or sold by the Fund at a different time, which may affect the availability or price of investments to the Client. Situations may also arise where an Other Account may have a material financial interest in one or more securities that the Adviser recommends to the Client for investment. The Adviser has adopted policies and procedures in connection with such activities in order to address and monitor these potential conflicts of interest. Assuming particular securities are suitable for the respective investment portfolios of a Client and Other Accounts, investment opportunities will be allocated among them as equitably as possible, in the discretion of the Adviser, taking into consideration such factors as their various investment objectives and relative capital available for investment.

Broker-Dealer Selection The Adviser is authorized to determine the broker or dealer to be used for each securities transaction for the Clients. In selecting brokers or dealers to execute transactions, the Adviser need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. It is not the Adviser’s practice to negotiate “execution only” commission rates, and thus the Client may be deemed to be paying for research, brokerage or other services provided by the broker which are included in the commission rate. In selecting brokers and negotiating commission rates, the Adviser will take into account the financial stability and reputation of brokerage firms, and the research, brokerage or other services provided by such brokers. Research and Other Soft Dollar Benefits The Adviser, from time to time, selects certain broker-dealers that furnish the Adviser, the Clients, their affiliates and personnel involved in decision-making for the Funds with proprietary or thirdparty brokerage and research services (collectively, “brokerage and research services”) that provide, in the Adviser’s view, appropriate assistance to the Adviser in the investment decisionmaking process. As a result, the Fund pays for such brokerage and research services with “soft” or commission dollars. The types of brokerage and research services that the Fund acquired with soft or commission dollars in its last fiscal year include: exchange fees; research reports on companies, industries, and securities; price quotations on securities; and certain market and financial data. To the extent the Adviser uses soft dollars to pay for a product or service that includes a function that is not an eligible research or brokerage service under Section 28(e) of the Securities Exchange Act of 1934, as amended, or that the Adviser uses for purposes other than investment decision making, the Adviser will make an appropriate allocation of such product or service as a “mixed-use” item. When the Adviser uses client commissions to obtain brokerage and research services, the Adviser, the Clients, their affiliates and personnel involved in decision-making for the Client receive a benefit because they do not have to produce or pay for the brokerage and research services themselves. As a result, the Adviser may have an incentive to select or recommend a broker-dealer based on the Adviser’s interest in receiving the brokerage and research services from that brokerdealer, rather than solely on the Client’s interest in receiving the lowest cost or most favorable execution. However, when selecting broker-dealers that provide brokerage and research services, the Adviser is obligated to determine in good faith that the “commissions” (as broadly defined by the SEC to include a mark-up, mark-down, commission equivalent or other fee in certain circumstances) to be paid to broker-dealers are reasonable in relation to the value of the brokerage and research services they provide to the Adviser. The reasonableness of these commissions will be viewed in terms of the transactions or the Adviser’s overall responsibilities to the relevant Client, even though that broker-dealer itself, or another broker-dealer, might be willing to execute the transactions at a lower commission. Accordingly, transactions will not always be executed at the lowest available price or commission and the Adviser may cause the Clients to pay commissions higher than those charged by other broker-dealers in return for soft dollar benefits.

The Adviser’s evaluation of the brokerage and research services provided by a broker-dealer may be a significant factor in selecting a broker-dealer to execute transactions. The Adviser does not receive client referrals from broker-dealers. However, the Adviser places transactions with certain broker-dealers, the commissions from which are used to compensate a third-party marketer that refers investors to the Adviser’s Clients. The Adviser recognizes that it may have an incentive to select that broker-dealer based on the Adviser’s interest in investor referrals, rather than solely on the Client’s interest in receiving the lowest cost or most favorable execution. The Adviser has adopted policies to address such conflicts and will ensure that such selection of broker-dealers is consistent with seeking best execution for its Clients. The Adviser does not have any “directed brokerage” relationships.

Currently, the Adviser does not receive any economic benefit from anyone other than its Clients as a result of the provision of investment advice or other advisory services. Currently, the Adviser does not directly or indirectly compensate any third-party for client referrals.

The Adviser has no legal or disciplinary events to disclose.

All investment decisions require the approval of Joseph A. Cohen and Abraham Shamah, who monitor the Clients’ portfolio on an ongoing basis. The Adviser currently provides to each Funds’ investor quarterly written reports containing information on the Fund’s performance and the investor’s account information. The annual audited financial statements of the Fund as well as applicable Schedule K-1s containing information relevant for Federal income tax purposes are sent to investors within 120 days after the end of each fiscal year. The Adviser provides certain reports to the Account based on the agreed upon terms with such Account.

The Adviser is deemed to have custody over the assets of the Clients. The Adviser maintains the Funds’ assets with qualified custodians to the extent required by applicable law. The Funds’ audited financial statements are prepared in accordance with generally accepted accounting principles and distributed to each Fund investor within 120 days of the Fund’s fiscal year end. The Adviser urges its investors in the Clients to carefully review all statements and reports they receive and whenever possible to compare the same or similar information on different reports. The Adviser also urges its Clients, including investors in the Clients, to compare any reports received from the Adviser with reports received from third-party administrators, auditors, and/or custodians. Management personnel will be available to assist in reviewing and understanding any such reports.

The Adviser is provided with discretionary authority to manage the investment accounts of Clients as set forth in the applicable Offering Documents. This authority is established through the applicable subscription documents and/or investment management agreements.

The Adviser currently exercises proxy voting authority on behalf of the Funds. As required by Rule 206(4)-6 under the Advisers Act, the Adviser has adopted written policies and procedures to guide the Adviser in the event it is presented with proxy voting opportunities. The general policy of the Adviser is to vote proxy proposals in a manner that serves the best interests of the Funds and promotes the long-term economic value of each Fund’s investments, taking into consideration the costs and benefits associated with voting proxies. If the costs outweigh the benefits, or the Adviser does not believe that an issue being voted on is material for the Adviser or the Funds, the Adviser is not obligated to vote on such matter. In voting proxies, the Adviser may take into account the following factors, among others: (i) whether the proposal was recommended by management and the Adviser’s opinion of management; (ii) whether the proposal acts to entrench existing management; and (iii) whether the proposal fairly compensates management for past and future performance. In the event of a material conflict of interest between the Adviser and the Funds, the Adviser will determine whether voting in accordance with the guidelines set forth in the proxy voting policies and procedures is in the best interests of the Fund or take some other appropriate action. Generally, Fund investors may not direct the Adviser’s vote in any particular solicitation. Investors may request information on the Adviser’s proxy voting policies and how proxies were voted by sending a written request the Adviser at 575 Madison Avenue, Suite 1601, New York, NY 10022, Attention: Chief Compliance Officer, (212) 755-7577.

The Adviser does not require nor solicits prepayment of more than $1,200 in fees per Client, six months or more in advance. The Adviser has no financial condition that is reasonably likely to impair its ability to meet contractual and fiduciary commitments to its Clients.