A. Firm Information Proprietary Capital, LLC (“Proprietary Capital” or the “Firm”) is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”)1. Proprietary Capital, which was founded in 1997, has its principal place of business in Denver, Colorado The Firm is managed by co-founder and Managing Member, Craig A. Cohen, who is also the owner of the Firm. B. Description of Advisory Services Proprietary Capital manages four types of clients (each, a “Client” and collectively, the “Clients”) pursuant to an investment management agreement (“IMA”): (i) open end private investment funds (“Hedge Funds”), (ii) closed-end private investment funds (“Debt Funds” and collectively with the Hedge Funds, the “Funds”); (iii) individually managed fee-paying separate accounts for institutions and similar investors (“Institutional Accounts”), and (iv) individually managed non-fee- paying separate accounts for certain individual and similar investors (“Relationship Accounts” and collectively with the Institutional Accounts, the “Separately Managed Accounts”). Proprietary Capital operates in accordance with the terms set forth in the limited liability company agreement or IMA (together with private placement memoranda and, as applicable, any side letter agreements negotiated with Fund investors, the “Governing Documents”) of such Client, which includes specific information concerning the operation and management of each Client. Proprietary Capital has the authority to recommend all investment decisions for each Fund, subject to compliance with the investment criteria set forth in the Governing Documents of the relevant Fund, however, advisory services can be tailored to the needs of the Separately Managed Accounts as is discussed further below in Item 4.C. Proprietary Capital’s investment activities focus primarily on: (i) investing in mortgage and housing-related

securities, their derivatives and other financial instruments linked to the mortgage and housing market; and (ii) investing in federally guaranteed or insured loans (“Federally Guaranteed Loans”). Investments in Funds and Institutional Accounts may include, without limitation:
• Residential mortgage-backed securities (“RMBS”)
• Derivatives of RMBS
• Collateralized mortgage obligations
• Options
• United States government securities
• Futures contracts on intangibles
• Swaps
• Swaptions
• Residential mortgage whole loans
• Mortgage and Housing-related preferred and common equities
• Re-securitizations 1 Registration of an investment advisor does not imply any level of skill or training
• Federal Housing Administration insured loans
• Veterans Affairs loans
• US Department of Agriculture loans
• Department of Indian Affairs loans Investments in Relationship Accounts may include some of the investment instruments listed above. They may also invest in exchange-traded funds (“ETFs”) and closed-end bond funds (“CEFs”). If qualified, beneficial owners of Relationship Accounts may also invest in Funds through their account. C. Availability of Tailored Services The Firm tailors its advisory services to the individual needs of a Separately Managed Account. Separately Managed Accounts may place limitations on the types of instruments that may be purchased for their accounts. Because some types of investments involve certain additional degrees of risk, they will only be purchased for a Separately Managed Account when consistent with that account’s investment objectives, tolerance for risk, liquidity and suitability. D. Wrap Fee Program Proprietary Capital does not participate in wrap fee programs. E. Assets Under Management As of December 31st, 2023, Proprietary Capital managed $1,927,838,000 of Client assets on a discretionary basis and no assets on a non-discretionary basis.