Carlson and predecessor advisory affiliates have managed funds under the name “Carlson Capital, L.P.” since 1993, and has been registered with the SEC as an investment adviser since 2001 and with the Commodity Futures Trading Commission as a commodity pool operator and commodity trading advisor since 1998. Clint D. Carlson and his immediate family members are the principal owners of Carlson, and certain employees also have ownership interests in Carlson and certain affiliated vehicles. Carlson’s total regulatory assets under management were approximately $2.1 billion as of December 31, 2022. All assets are managed on a discretionary basis. Carlson’s principal office is located in Dallas, TX. Carlson also has an office location in New York, NY. Carlson Capital UK LLP (“Carlson UK”), an affiliate of Carlson, maintains an office in London, United Kingdom. Carlson UK and a predecessor advisory affiliate have been authorized and regulated as investment advisers with the United Kingdom Financial Conduct Authority (“FCA”), previously known as the Financial Services Authority, since 2001. Carlson UK acts as a sub-adviser to Carlson, its only client. Please see Item 10 (Other Financial Industry Activities and Affiliations) below. Carlson currently provides discretionary investment advisory services to: (i) each of the Black Diamond Funds® (collectively, the “Funds”), the names of which are set forth in Item 10 (Other Financial Industry Activities and Affiliations) below; and (ii) certain managed accounts (collectively, the “Managed Accounts” and, together with the Funds, collectively, the “Clients”). Carlson also may offer co-investment opportunities as described, in more detail, below under Item 10 (Other Financial Industry Activities and Affiliations – Certain Conflicts of Interest). The Funds Carlson currently manages each Fund. Each Fund is generally part of a master-feeder structure in which the master fund is a Cayman Islands exempted company, the “onshore” feeder fund is a Delaware limited partnership and the “offshore” feeder fund is a Cayman Islands exempted company. The Fund groups also include an intermediate fund between the Cayman Islands-domiciled feeder fund and the master fund. Carlson Capital GP, L.P. (“CCGP”), an affiliate of Carlson, is the general partner of the Delaware-domiciled feeder funds. CCGP has delegated to Carlson the investment advisory authority of the Delaware-domiciled feeder funds. As described more fully below, Carlson employs (or may employ) multiple strategies across the Funds, including equity relative value, equity long/short, event-driven, credit, overlay hedge, strategic, and other strategies. A brief description of each of the foregoing strategies can be found in Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) below. Carlson’s core strategies combine quantitative analysis of historical and theoretical relationships between securities and related instruments with a fundamental analysis of the current macroeconomic environment as well as industry and company fundamentals. Carlson continually monitors global financial markets in an effort to uncover structural inefficiencies and investor biases toward certain types of risk. Once an opportunity has been identified, Carlson seeks to identify the reason that the inefficiency exists and the potential catalyst that will correct it. An appropriate hedge is then typically created in an effort to minimize risk. The master funds advised by Carlson and their respective investment objectives and strategies are as follows: Double Black Diamond. Double Black Diamond Offshore Ltd., a Cayman Islands exempted company (the “Double Black Diamond Master Fund”), is a diversified, multi-strategy fund. The Double Black Diamond Master Fund has a bias towards non-directional, relative value investment strategies that seek to identify, isolate, and exploit mispricings among related securities within industry sectors. However, the Double Black Diamond Master Fund expects certain strategies to take some directional market risk. The Double Black Diamond Master Fund employs two core strategies: equity relative value and event-driven. Carlson’s investment teams, organized by industry

sector, employ deep fundamental analysis to develop investment theses. Carlson seeks to allocate capital opportunistically within and across strategies in an effort to position the Double Black Diamond Master Fund advantageously during various market environments, using moderate leverage to enhance an attractive risk-reward and low equity beta profile and maintain broad diversification. Black Diamond. Black Diamond Offshore Ltd., a Cayman Islands exempted company (the “Black Diamond Master Fund”) has historically followed an investment objective that was similar to that of the Double Black Diamond Master Fund, but the Black Diamond Master Fund has in the past placed a greater emphasis on one or more strategies outside of the core strategies and -has had greater directionality. As of the date of this Brochure, the Black Diamond fund group is in the process of being wound down and its remaining investors are limited to certain accounts associated with Clint D. Carlson and his family. Black Diamond Arbitrage. Black Diamond Arbitrage Offshore Ltd., a Cayman Islands exempted limited company (the “Arbitrage Master Fund”), is a single-strategy event-driven fund. Event-driven strategies center on investing in securities of companies facing a major corporate event. The Event- Driven team primarily focuses on companies involved in mergers or acquisitions, but may also seek investment opportunities driven by companies experiencing restructurings, bankruptcies, spin-offs, or significant litigation. This strategy is research intensive and requires continual review of announced and anticipated events. The goal is to uncover securities with a favorable risk-reward ratio based on the probability that the desired event will occur. An appropriate hedge is then typically developed in an effort to minimize exposure to market risk and attempt to ensure that, if events unfold as anticipated, the investment will generate the expected returns. Black Diamond Clean Energy. Black Diamond Clean Energy Offshore, Ltd., a Cayman Islands exempted limited company (the “Clean Energy Master Fund”), has historically followed an investment strategy focused on three specified themes, consistent with the general goal to invest in companies whose business activities Carlson believed would have a material impact on a net carbon neutral future: pure play investments, companies engaged in a credible and timely transition to a carbon neutral future, and carbon credits / offsets. As of the date of this Brochure, positions held within the Clean Energy Master Fund have been wound down and its remaining assets / investors are limited to certain accounts associated with Clint D. Carlson and his family. The Managed Accounts Carlson also provides discretionary investment advisory services to separately Managed Accounts pursuant to specific investment guidelines and restrictions as set forth in the investment advisory agreement with the relevant Managed Account. There can be no assurance that the investment objectives of any Client will be achieved. Carlson’s management of each Client, and the terms of any investment in such Client, are governed exclusively by the terms of that Client’s governing documents (“Governing Documents”), including, without limitation, its offering memorandum (if any), limited partnership agreement (if any), memorandum and articles of association (if any), investment advisory or similar agreement (if any), and/or indenture (if any). On occasion, Fund investors may request restrictions applicable to investing in certain securities and Carlson may agree to apply those restrictions to a Fund. Such restrictions may have an adverse impact on a Fund’s performance. All discussions in this Brochure of the Clients, their investments, the strategies Carlson pursues in managing the Clients’ portfolio, the fees and expenses borne by the Clients, and all other terms of each, are qualified in their entirety by reference to the Governing Documents. Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial Industry Activities and Affiliations) below.