Brean was organized as a limited liability company in the State of Delaware on November 7, 2014. Brean is principally owned by BMUR Holdings, Inc. and Hunt FS Holdings III, LLC. Brean is a discretionary investment manager specializing in multi-strategy and credit investments. Brean’s core strategy is to invest in actively managed fundamental and quantitative long/short strategies. Brean will also typically invest in corporate debt, commercial paper, certificates of deposit, municipal securities, collateralized mortgage obligations, residential mortgage-backed securities, asset backed securities, commercial mortgage-backed securities, collateralized loan obligations, equities, open and closed end mutual funds and exchange traded funds (“ETFs”), hedge funds, and derivatives in accordance with a Client’s (as defined below) designated investment objective(s). In addition to the strategies listed above, Brean also engages certain third party subadvisers (“TPSAs”) for its long/short equity strategy. The TPSAs are authorized to buy, sell or otherwise effect investment transactions for Clients pursuant to the relevant subadvisory agreements. The TPSAs, on behalf of Brean, typically invest in common equity securities, ETFs, exchange-listed equity or index options, futures and FX for hedging purposes and fixed income, preferred equity and other securities subject to Brean’s prior written approval. Certain TPSAs may also utilize algorithmic, systematic and quantitative strategies, and rules- based, automated and scalable trading processes. Brean serves as a subadvisor to a single-investor, private investment partnership (“Partnership”), and provides discretionary investment management services to privately placed pooled illiquid private equity long term investment vehicles (“Private Funds”), and expects to provide discretionary investment management services to additional Private Funds and separately managed accounts (“SMAs”, and collectively with the Partnership and Private Funds, the “Clients,” and individually, the “Client”). Brean offers discretionary advice on Client investments and potential investments in vehicles managed by third party managers, and anticipates that it may in the future offer non-discretionary advice on Client investments and potential investments in vehicles managed by third party managers. In providing such services to each Client, Brean will formulate its investment objective, direct, and manage the investment and reinvestment of each Client’s assets. Brean may tailor its advisory services as described in the investment program of the relevant Client’s subadvisory agreement, offering documents, and investment management agreement, as applicable. Certain investment strategies are more concentrated than others, as set forth in a Client’s subadvisory agreement, offering documents, and investment management agreement, as applicable. The Clients may have investment objectives that are identical or substantially similar to other accounts. It is not anticipated that accounts having identical or substantially similar investment objectives will have identical or substantially similar investment portfolios. Differing investment portfolios can be expected to result from several factors, including, without limitation, the following: different investment decisions made by the different portfolio managers assigned to the accounts; regulatory

constraints that apply to certain accounts but not to others; investment constraints imposed by certain Clients; and the amount of cash available for investment at certain times. As a result of factors such as these, accounts may have a different investment portfolio (and, as a result, different performance results) from other accounts even though the accounts have identical or substantially similar investment objectives. Portfolio managers are authorized to invest the assets of accounts for which they have investment responsibility in a wide range of underlying investments. As a result, it is expected that the accounts will have different investment portfolios resulting from different investment decisions made by their respective portfolio managers. In addition, there may be circumstances when one account will sell a security while another account may purchase the security on the same day. In addition, Brean has the right to enter into agreements, such as side letters, with certain investors in the Private Funds that may in each case provide for terms of investment that are more favorable than the terms provided to other investors in the Private Funds. Such terms may include the waiver or reduction of management, and performance-based fees, the provision of additional information or reports, rights related to specific regulatory requests or requirements of certain Clients, more favorable transfer rights, and more favorable liquidity rights. Certain Clients (and underlying investors) may also negotiate for investment exposure (or investment limitations) with respect to specific industries, sectors, geographic regions or investments. These rights, benefits and privileges are not always made available to all investors in a Private Fund nor in some cases are they required to be disclosed to all investors in a Private Fund. Any such extension or disclosure is governed by a Client’s offering documents or investment management agreement. From time to time, Clients may, to the extent permitted by the Rules of the Financial Industry Regulatory Authority (“FINRA”) as may be amended from time to time (the “Rules”), purchase equity securities that are part of an initial public offering (sometimes referred to as “IPOs” or “new issues”). Under the Rules, broker-dealers may not sell such securities to a Client if the Client has investors who are “Restricted Persons”, which category includes persons employed by or affiliated with a broker-dealer and portfolio managers of hedge funds and other registered and unregistered investment advisory firms, unless the Client has a mechanism in place that excludes such Restricted Persons from receiving allocations of profits from new issues. The profits and losses with respect to new issues will generally be allocated to investors in a Client that are not Restricted Persons. Brean does not sponsor or participate in a wrap fee program. As of December 31, 2021, Brean had $940,424,421.00 in regulatory assets under management on a discretionary basis and no regulatory assets under management on a non-discretionary basis. Persons reviewing this Form ADV Part 2A should not construe this as an offering of the Partnership or any of the Private Funds described herein, which will only be made pursuant to the delivery of a private placement memorandum, subscription agreement, and/or similar documentation to prospective investors.