SPP Credit Advisors LLC: investment adviser

The Adviser has entered into a Management Services Agreement with SPP Capital Partners, LLC (“SPP Capital”), an affiliate of the Adviser, pursuant to which SPP Capital will provide consulting, management and Advisory services for the Adviser as the Adviser requires to perform its services to its clients. The Adviser has an investment committee made up of up to five individuals appointed by PACA, Confluence and SPP Principal. Types of Advisory Services The Adviser has been engaged as a sub-Adviser by Advantage Capital Management LLC (“ACAP”) to provide discretionary investment Advisory services intended for institutional and other sophisticated investors. Currently, the Adviser has 4 insurance companies for which it provides continuous discretionary Advisory services. ACAP may retain the Adviser to manage investments for other institutional investors (‘Other Clients”).

The Adviser’s services include: 1. Identification, evaluation and assessment of potential investments; 2. Performance of due diligence of any potential investment; 3. Negotiation of the terms and execution of the purchase of any investment; 4. Monitor and administer performance of investments owned by Other Clients. Assets Under Management As of December 31, 2025, the Adviser managed a total of $15,396,879 of investments in negotiated private debt and cash. All are managed on a discretionary basis.

Fees based upon characteristics of certain assets recommended by the Adviser, such as a fee based upon original issue discount on notes acquired by the Other Clients, create a conflict of interest for the Adviser as the Adviser will have an incentive to recommend investments with characteristics that will lead to higher fees for the Adviser but may be less profitable for Other Clients. This issue is addressed by the Adviser’s Code of Ethics (the “Code”) that obligates the Adviser and its related persons to put the interests of the Adviser’s clients (the “Clients”) before their own interests when providing services to the Clients and to act honestly and fairly in all respects in their dealings with the Clients. Expenses Other Clients pay the Adviser management fees only.

As part of the research process for certain investments, the Adviser may, in its discretion, utilize third-party firms to conduct accounting, tax, valuation, legal, environmental and/or other due diligence. The Adviser’s investments generally originate from the following sources: 1. SPP Capital’s proprietary database and network of borrowers and intermediaries; 2. Private equity sponsors; 3. Lending institutions, including agent and investment banks; and 4. Financial intermediaries. Potential investments undergo a detailed review by the Adviser, which includes consideration of the following factors: 1. Competitive strengths/weaknesses of the borrower; 2. Purpose of the loan/use of funds; 3. Financial performance (historical and projected) of the borrower; 4. Overall business of the borrower, including products, services, management, sponsor, industry, and competition; 5. Enterprise and collateral value; 6. Transaction and corporate structure; 7. Exit alternatives; and 8. Any other identified weaknesses/risks and potential mitigating factors. Risks Associated with the Adviser’s Investment Strategy General All securities investments risk the loss of capital, which clients should be prepared to bear. The nature of the securities recommended by the Adviser may increase this risk. Illiquidity The Adviser is authorized to provide investment Advisory for lower middle market loans (the “Notes”). The Notes are negotiated private placements and, as such will be illiquid and have no, or only a limited, resale value. Investment in illiquid Notes may be restrictive in the ability to dispose of investments in a timely fashion and for a fair price and may result in the inability to pursue other favorable investment opportunities. Because of the unique and customized nature of most loan agreements, loans cannot be sold as easily as publicly traded securities and may or may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Significant Credit Risk Middle market notes are generally issued by smaller, less creditworthy companies than investment grade issuers. The Notes typically involve a high degree of risk and are intended for sale only to sophisticated

investors who are capable of understanding and assuming the risks involved. In addition, the Notes will generally be unsecured and subordinated to the claims of more senior creditors. Available Information and Fraud The Adviser selects Notes in part on the basis of information and data made directly available to the Adviser by the issuers, or through sources other than the issuers. Although the Adviser evaluates all such information and seeks independent corroboration when appropriate and reasonably available, the Adviser not in a position to confirm the completeness, genuineness or accuracy of such information and data, and in some cases complete and accurate information is not readily available. Of paramount concern in originating the Notes is the possibility of material misrepresentation or omission on the part of the Note issuer. Such inaccuracy or incompleteness may adversely affect the value of the Notes. The Adviser will perform due diligence on the borrowers but will also rely upon the accuracy and completeness of certain representations made by borrowers to the extent reasonable. Economic Conditions Changes in economic conditions, including changes in interest rates, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws and many other factors can affect substantially and adversely the business and prospects of the issuer of the Notes. None of these conditions is not within the control of the Adviser Investments in Middle-Market Companies. The Notes originated by the Adviser are issued by lower middle market companies. Most of these companies will be private. Investment in these companies involves a number of significant risks including: •

limited financial resources, inability to meet their obligations under their debt securities;

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shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

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dependence on the management talents and efforts of a small group of persons, which means that the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a company and, in turn, on the Notes;

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little public information making it difficult to make a fully informed investment decision.

Subordinated Loans Many of the Notes will be subordinated loans, which will entail risks, including (i) the subordination of claims to a senior-lien in terms of the coverage and recovery of the collateral, (ii) the prohibition of or limitation on the right to foreclose or exercise other rights, and (iii) the inability to make certain decisions with respect to the obligor pursuant to any inter-creditor or similar arrangement with the first-lien lender. Accordingly, in certain cases, no recovery may be available from a defaulted subordinated loan. The level of risk associated with investments in subordinated loans increases to the extent such investments are loans of distressed or below investment grade issuers, which is likely. Nonperformance The Notes may become non-performing for a variety of reasons. Such non- performing loans may require substantial workout negotiations or restructuring that may entail, among other

things, a substantial reduction in the interest rate, a substantial write down of the principal amount of the loan and/or the deferral of payments. In addition, such negotiations or restructuring may be extensive and protracted over time and, therefore, may result in substantial uncertainty regarding the ultimate recovery.

SPP Credit Fund II LP and SPP Credit Fund QP LP (collectively, “Fund II”), both private funds, are related parties to the Adviser. The Advisor acts as an administrative agent for Fund II in connection with one portfolio investment held by Fund II. Five insurance company clients, including Haymarket Insurance Company, Sentinel Security Life Insurance Company, Jazz Reinsurance Company, Southern Atlantic Re Inc. and Atlantic Coast Life Insurance Company, are related parties to the Advisor. Conflicts of Interest There may be a situation in which the Adviser is recommending Notes to a Client and SPP is representing the same issuer with respect to a different form of capital. SPP Capital is compensated by success fees upon closing which may be tied to the closing of the Notes being recommended to the Client. As a result, certain recommendations of the Adviser to a Client may cause SPP Capital to receive a fee, which represents a conflict of interest for the Adviser. In the event that SPP Capital is engaged in a transaction for an issuer of a recommended investment, the Adviser will disclose such arrangement to ACAP prior to a final approval by the ACAP.

The Adviser, in the course of its investment management and other activities, may come into possession of confidential or material nonpublic information about issuers of securities, including issuers in which the Adviser or its related persons have invested or seek to invest on behalf of a Client. The Adviser is prohibited from improperly disclosing or using such information for its own benefit or for the benefit of any other person, including the Clients. The Adviser maintains written policies and procedures designed to prohibit the communication of such information to persons who do not have a legitimate need to know such information and to otherwise ensure that the Adviser is acting in compliance with applicable law. In certain circumstances, the Adviser may possess certain confidential or material nonpublic information that, if disclosed, might be material to a decision to buy, sell or hold a security. The Adviser and its personnel are prohibited from communicating such information with respect to the Clients or using such informationfor the Clients’ benefit. Interested Transactions To the extent that the Adviser or its related persons has a financial interest in the same securities that the Adviser or a related person recommends to a Client, such practices present a conflict in which the Adviser’s or its related person’s objectivity may be impacted. Decisions made by the Adviser or its related person may adversely impact the Client to the benefit of the Adviser or the related person. The Adviser has adopted a policy that prohibits Supervised Persons from purchasing securities issued by portfolio companies or listed as Restricted by the Compliance Officer. The Adviser’s related persons are also required to provide a quarterly certification of personal securities transactions, as well as initial and annual holdings reports. Trading in employee accounts will be reviewed by the Chief Compliance Officer or her delegate and compared with transactions for the Client accounts and reviewed against the restricted securities list. Allocation of Investment Opportunities The Adviser may advise multiple clients with similar investment strategies. If an investment opportunity is appropriate for more than one Client, the Adviser determines, in its sole discretion, which Clients participate in the investment opportunity and to what extent. This could result in a Client receiving no allocation of a particular investment or receiving an allocation of an investment which is less than it would otherwise have received if the Adviser did not have multiple Clients. In the event the Adviser determines that more than one Client should purchase or sell the same debt obligations simultaneously, the Adviser anticipates that such aggregate purchases or sales will be allocated in a manner believed by the Adviser in its discretion to be equitable to each purchaser or seller and intended to ensure, to the extent possible, that all of the Adviser's clients or accounts receive equitable treatment. It is possible, due to differing investment objectives or other reasons, that the Adviser may purchase debt obligations of an issuer for one client or account and sell such debt obligations for another client or account.

The Adviser has policies and procedures, to be followed when applicable, designed to allocate investment opportunities to Clients in a manner it deems to be fair and equitable taken as a whole (including, a complete opt out of an allocation) over time, consistent with the Client’s investment strategy, guidelines, and objectives. Accordingly, the Adviser weighs factors it deems relevant when determining which Client portfolios receive particular investment allocations and to what extent. Such factors include, among others, investment objectives, target returns/yields, risk tolerance, investment guidelines, limitations and restrictions, market conditions, internal investment policies, expected duration of the investment, maturity constraints, cash positions or needs, existing and target issuer and industry exposures, issue size, tax gains/losses and any other factor deemed relevant by the Adviser in good faith. There is no assurance that any or all of these factors will be considered when making allocation decisions. The Adviser weighs any of these factors and other factors deemed relevant differently for each Client and therefore it should be expected that Client portfolios will hold differing proportional amounts of the same investment. Accordingly, it is possible that each and every Client will not receive an allocation of each and every investment opportunity. As such, the Adviser’s policy affords it substantial discretion in allocating investment opportunities and the exercise of such discretion will affect Client performance. It is likely that Clients will participate in the gains or losses realized by other Clients with similar investment objectives, and it is unlikely that all Client portfolios will hold the same positions or will perform similarly,even when Clients share the same investment strategy and/or investment objective.