4 FIRM DESCRIPTION TR Capital Management, LLC (“TRC,” “we” or the “Firm”), a New York limited liability company and private advisory firm, was formed in September 2009. We provide investment management services with respect to private pooled investment vehicles and managed accounts and have full discretionary authority with respect to their investment decisions. Our investment advisory services are provided in accordance with the investment objectives and guidelines set forth in the applicable offering, governing and/or account documents. The information set forth in this brochure is qualified in its entirety by the applicable offering, governing and/or account documents. PRINCIPAL OWNERS TRC is a wholly owned subsidiary of TR Holdings LP, a Delaware limited partnership (“Holdco”). The general partner of Holdco is TD Ross Management Corp (1%), a New York corporation owned 100% by Terrel Ross. Terrel Ross is also the majority interest holder (81%) of Holdco. TYPES OF ADVISORY SERVICES Funds TRC is currently the investment manager to TRC Optimum Fund LLC, a Delaware limited liability company (“Optimum Onshore”), TR Capital LLC, a New York limited liability company (“TR Capital”), TRC Optimum Offshore Ltd, a Cayman Island exempted company (“Optimum Offshore”), and TRC Master Fund LLC, a Delaware limited liability company (the “Master Fund”), each referred to as a “Fund” and collectively as the “Funds.” Optimum Onshore and Optimum Offshore conducts substantially all of its investment activities through the Master Fund. We also may serve as investment manager to other private investment funds in the future. Advisory Accounts In addition to the Funds, we also provide investment advisory services to separately managed advisory accounts (“Advisory Accounts”) of various advisory clients with respect to investments, primarily in bankruptcy trade claims. Currently, all of our Advisory Accounts’ investments are comprised of a series of interests in the Master Fund; however this may change in the future. We manage Advisory Accounts in accordance with the terms, conditions, guidelines and limitations set forth in the investment management

agreement between us and each Advisory Account. The Funds and Advisory Accounts will collectively be referred to as “Clients.” We provide investment advisory services to our Clients with respect to investments primarily in claims against bankrupt companies. Claims against companies in proceedings under either Chapter 7 or Chapter 11 of the United States Bankruptcy Code (or similar laws in other countries) are commonly referred to as “trade claims.” A trade claim is generally defined as a right to payment held by a creditor against a bankrupt debtor. In addition to the right to receive payment, a trade claim also vests its holder with the right to be heard in a bankruptcy case and, generally, the right to vote in favor of or in opposition to a plan of reorganization. We focus on buying trade claims that we believe are heavily discounted from face value 5 with the intention to redeem the claims for a profit after the debtor company has emerged from bankruptcy or liquidated its assets. INVESTMENT RESTRICTIONS Funds We provide investment advice to each Fund in accordance with the investment objectives, policies and guidelines set forth in the applicable offering and governing documents, and not in accordance with the individual needs or objectives of any particular investor in that Fund. Investors generally are not permitted to impose restrictions or limitations on the management of the Funds. Notwithstanding the foregoing, we may enter into side letter agreements with one or more investors in a Fund that alter, modify or change the terms of the interests held by those investors. Advisory Accounts We provide and tailor our investment advice with respect to each Advisory Account based on their investment guidelines and objectives. Subject to our approval, Advisory Accounts may impose reasonable restrictions and limitations on the management of their Advisory Accounts. WRAP FEE PROGRAMS TRC does not participate in wrap fee programs. ASSETS UNDER MANAGEMENT As of December 31, 2023, we had approximately $133,007,000 in regulatory assets under management (“RAUM”), all of which were managed on a discretionary basis.