Firm Description Memphis Capital Management, LLC, was founded in 2005. Memphis Capital Management, LLC (“MCM” or “the advisor”) provides investment advice to private funds, private investment partnerships and other clients such as:
• BCM High Income Fund, LP (the “Fund”); and
• BCM High Income Fund International, LTD (the “International Fund”); and
• BCM Funding, LLC (the “Financing Subsidiary”). MCM manages both the Funds and the Financing Subsidiary investing in guaranteed portions of Small Business Administration (“SBA”), Business & Industry, United States Department of Agriculture (“USDA”), and Farm Services Agency loans; SBA pools, SBA Securities (SBIC and SBAP); and interest-only strips. By the terms of the advisory agreement between the advisor and its clients, the Funds and the Financing Subsidiary, MCM will manage its clients’ portfolios and implement agreed upon investment strategies: to warehouse, trade and/ or hold loans, pools, and interest-only strips. Principal Owners Joel L. Banes is the sole owner of MCM. serving as its President/Chief Executive Officer and Managing Director. He is also a registered representative of Stonewall Investments Tennessee, Inc. dba as Memphis Capital, a broker-dealer. Types of Advisory Services MCM provides investment supervisory services, also known as asset management services. MCM offers advice on United States government securities. MCM advises the Funds and the Financing Subsidiary in investing in the guaranteed portions of Small Business Administration loans, Business & Industry loans, USDA Loans and Farm Services Agency loans; SBA pools; SBA SBIC and Debenture securities; SBA 504 pools; and interest-only strips. The loans take the form of loan packages with assignments or loan certificates. The SBA pools, the SBIC and the debentures are Depository Trust Certificates eligible securities. The SBA 504 pools are in physical certificate form. The interest-only

strips take the form of either receipt for multiple originator fees or certificate fees. The core strategy is to warehouse, trade and/or hold loans, pools, and/or interest-only strips while looking for restructuring opportunities. MCM will advise the Funds or the Financing Subsidiary to sell, re-securitize or otherwise liquidate the assets subject to market conditions. As of December 31, 2023, Memphis Capital Management, LLC managed approximately $254,879,696.20 in assets for 3 clients. Approximately $254,879,696.20 of these assets are managed on a discretionary basis, and $0.00 are managed on a non-discretionary basis. Tailored Relationships The goals and objectives for each client are documented in the investment advisory agreements. No limits other than those set forth expressly in the investment advisory agreement and the client’s obligations under its credit facilities are imposed on the types of securities or other instruments which the advisor may take or invest in on behalf of clients, the concentration of its investments, the amount of leverage it may employ or the extent of short positions it may take. The advisor is given the authority to pursue strategies at its discretion and to employ such techniques as it considers appropriate in the clients’ best interests, taking into consideration the market at the time of decision. Advisory agreements may not be assigned by MCM or the client without the prior written consent of either party. Termination of Agreement A Client may terminate any of the aforementioned agreements at any time by notifying MCM in writing. Upon cancellation of the agreements by either party, unearned fees will be remitted to the client by MCM. MCM may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, MCM will refund any unearned portion of the advance payment. MCM does not sponsor or participate in any wrap fee programs.