Nature of Advisory Business Enhanced provides securities-related investment advisory services to its Clients (defined below) with its principal business activities focused on participation in renewable energy, historic real estate rehabilitation and affordable housing projects through federal and state incentive programs and other public policy investment strategies as detailed more in Item 10 – Other Financial Industry Activities and Affiliations. Enhanced is a Delaware limited liability company that was organized in 2013 and was succeeded by reorganization to the business of Enhanced Capital Partners, Inc. (“Predecessor”) following a change in control of the Predecessor (the “Reorganization”). The Predecessor was a Delaware corporation that was organized in 2008 and was succeeded by merger to the business of Enhanced Capital Partners, LLC (“Enhanced Capital”), a former Delaware limited liability company, organized in 1999. The Predecessor registered with the SEC as an investment adviser for the first time in 2012. Enhanced registered with the SEC as an investment adviser for the first time in 2014, through succession by application to the investment advisory business of the Predecessor. As detailed in Schedule R of Enhanced’s ADV Part 1, Enhanced has relying advisers, including, Enhanced Capital Group, LLC (“ECG”), Enhanced Capital SBIC Management, LLC (the “SBIC Manager”), Enhanced Puerto Rico LLC (“PR Manager”), Council & Enhanced Tennessee Manager, LLC (the “Tennessee Manager”), Enhanced Capital Impact Lending, LLC (the “Impact Manager”), and Enhanced Climate Finance LLC (“Climate Finance”) and collectively with the foregoing, the “Relying Advisers”). Enhanced, together with its Relying Advisers, conducts a single advisory business subject to a unified compliance program. References to “Enhanced” throughout this Brochure refer to Enhanced together with its Relying Advisers, unless the context otherwise requires. The Texas Fund, the Tennessee Fund, the SBIC Fund, the PR Account, the CRSS Account and the Sub-Advised Funds (all defined in this Brochure) constitute the only third-party clients for whom Enhanced provides securities-related investment advisory services (the “Clients”). Enhanced also participates in certain State Investment Funds (defined below) that are proprietary in nature and are included on Part 1A of Enhanced’s Form ADV as proprietary accounts. Investment advice to each of the Clients is tailored to the Client’s individual needs and investment objectives and other criteria, as set forth in each Client’s limited partnership agreement, performance agreement, private placement memorandum and/or investment management agreements and, if applicable, in accordance with a Client’s statutory mandates or regulatory restrictions for a particular program. Enhanced seeks out economically viable investments with dedicated and competent management and a high degree of market potential. Enhanced also applies a thematic framework in its investing, on behalf of its Client and other accounts, to generate positive, measurable economic, environmental, and social (“EES”) impact alongside financial return. Enhanced may accept clearly defined Client directives for responsible investing that do 5 | P a g e not conflict with the Enhanced’s EES policy of acting as a responsible investor by aligning private sector resources with public policy goals to transform local economies for the benefit of investors and community stakeholders. Enhanced manages all Clients in compliance with applicable mandates and directives. For more detail, see in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss. As of December 31, 2023, Enhanced, including its Relying Advisers, had $331,250,503 of discretionary regulatory assets under management and $637,820,836 of non-discretionary regulatory assets under management. State Investment Funds Enhanced manages funds raised through state focused investment programs (“State Investment Funds”) which have been created by state legislatures, state pension funds and the federal government. These programs are intended to channel investment capital into targeted businesses and thereby create jobs, increase tax revenues and establish a local investment community infrastructure by attracting qualified managers to invest in businesses in such state. Each legislatively enacted State Investment Fund has strict statutory investment mandates/regulatory restrictions with respect to the types of businesses in which a State Investment Fund may invest. All of the State Investment Funds are classified as proprietary accounts, with the exception of the Enhanced Jobs for Texas Fund, LLC (the “Texas Fund”) and Council & Enhanced Tennessee Fund LLC (the “Tennessee Fund”), which are the only State Investment Funds that are non-proprietary clients. The Texas Fund received an allocation of capital to invest pursuant to the Texas Small Business Venture Capital Program administered by the Texas Department of Agriculture (the “Department”) pursuant to a Performance Agreement between the Texas Fund and the Department (the “Performance Agreement”). The Texas Small Business Venture Capital Program, which is no longer active, was administered by the Department pursuant to the State Small Business Credit Initiative Act of 2010 (the “SSBCI Act”) implemented by the United States Department of Treasury. While the Texas Fund is no longer making investments, the Texas Fund primarily made debt investments and a limited number of direct equity investments into companies located in or with a substantial nexus to Texas. The investments made by the Texas Fund followed investment parameters and restrictions of the SSBCI Act and the Performance Agreement. The Tennessee Fund received an allocation of capital to invest pursuant to Tennessee’s Small Business Investment Company Credit Act (“TNInvestco Act”) administered by Tennessee’s Department of Economic & Community Development. While the Tennessee Fund is no longer making investments, the Tennessee Fund primarily made equity investments in businesses (with an emphasis on early-stage businesses) located in Tennessee. The investments made by the Tennessee Fund followed investment parameters and restrictions of the TNInvestco Act. The Tennessee Fund is co-managed by Council Capital, a non-related company that invests in growth and early-stage growth companies and is based in Tennessee. All investment decisions were made jointly by the Tennessee Manager and Council Capital. The Tennessee Manager is co-owned by 6 | P a g e Enhanced and Council Capital.

The Tennessee Manager has discretion over, but not custody of, the assets of the Tennessee Fund. SBIC Fund Enhanced Small Business Investment Company, LP (the “SBIC Fund”) is a participant in the SBIC program, as administered by the U.S. Small Business Administration (the “SBA”). The SBIC Fund primarily makes debt investments in businesses that meet the investment parameters and restrictions as set forth in Title 13, Chapter I, Part 107 of the Code of Federal Regulations and Title 13, Chapter I, Part 121 of the Code of Federal Regulations (the “SBIC Regulations”). It is noted that, while the SBIC Fund may still make follow on investments in existing portfolio companies, it is no longer making investments in new portfolio companies. PR Account The PR Manager provides investment advisory services to a separate account for a bank located in Puerto Rico (the “PR Account”) that provides debt investments to privately held businesses located in Puerto Rico that meet the requirements of the Community Reinvestment Act. Investments made by the PR Account must be made in a business that satisfies the requirements of Section 208.22(b) (1) of Regulation H of the Federal Reserve Act. The PR Manager co-manages the PR Account with Popular Securities, LLC, a third-party entity that is not affiliated with the PR Manager or Enhanced. The PR Manager does not have custody of or discretion over the assets of the PR Account. CRSS Account In keeping with the Client’s impact objectives, ECG provides investment advisory and related services to a separately managed account (the “CRSS Account”) owned by Crossroads Systems, Inc., a public company focused on investing in businesses that promote economic vitality and community development (“Crossroads”). ECG has custody of but not discretion over the assets of the CRSS Account. For more information about Crossroads, the owner of the CRSS Account, see Item 10 – Other Financial Industry Activities and Affiliations. Sub-Advised Funds Enhanced provides investment sub-advisory services to two private funds that are advised by third- party investment managers (the “Sub-Advised Funds”). Enhanced does not have custody of or discretion over the assets of the Sub-Advised Funds.
• The Impact Manager provides sub-advisory services to a third-party private fund that is the “master fund” in a master-feeder arrangement (the “TriLinc Fund”), as detailed in Item 7.B.2 of Part 1A of Enhanced’s Form ADV. Enhanced identifies, structures, and negotiates potential investment opportunities for the TriLinc Fund and makes investment recommendations to its investment manager. 7 | P a g e
• Climate Finance provides sub-advisory services to a third-party private limited partnership (the “BR Fund”), as detailed at Item 7.B.2 of Part 1A of Enhanced’s Form ADV. Enhanced identifies, structures, and negotiates potential investment opportunities for the BR Fund and makes investment recommendations to its investment manager. The CRSS Account has invested alongside the BR Fund. For more information about Crossroads, see Item 10 – Other Financial Industry Activities and Affiliations. Ownership/Management Enhanced Capital Holdings, Inc., a Delaware corporation that is owned 100% by Enhanced Capital Employee Stock Ownership Trust, owns 51% of the voting securities of Enhanced Capital. Trident ECP Holdings LLC, a limited liability company that is owned 100% by P10 Intermediate Holdings LLC, a Delaware limited liability company (“P10 LLC”), owns 49% of the voting securities of Enhanced Capital. P10 LLC owns 100% of ECG, 82% of which it holds directly and 18% of which it holds through Trident ECG Holdings LLC. P10 LLC is owned by P10 Holdings, Inc., a Delaware corporation (“P10 Holdings”), which is owned by P10, Inc., a public company(“P10Co.”). Mr. Michael A.G. Korengold, President and Chief Executive Officer of Enhanced and ECG, and certain other officers and employees of Enhanced are shareholders of P10Co. The members of the Board of Managers of Enhanced Capital are: F. Barrett Davis, an independent director; Chris Florczak, an independent director; and William F. Souder, a Member of the Board and Chief Operations Officer of P10Co. and a Managing Partner and co-founder of RCP Advisors, LLC, RCP Advisors 2, LLC and RCP 3 Advisors, LLC, each an SEC-registered investment adviser and indirect wholly-owned subsidiary of P10Co. The members of the Board of Managers of ECG are: Mr. Korengold; Mr. Souder; and C. Clark Webb, Co-Chief Executive Officer of P10Co. and a director of Crossroads. For more details on the subsidiaries of P10Co. and Messrs. Souder and Webb, see Item 10 – Other Financial Industry Activities and Affiliations. In addition to serving on the Board of Managers of Enhanced and ECG and as the President and Chief Executive Officer of Enhanced and ECG, Mr. Korengold serves as a member of the investment committee of each State Investment Fund and the SBIC Fund. He also serves as a managing member of the general partner of the SBIC Fund, Enhanced Small Business Investment Company GP, LLC (the “SBIC GP”), and as a managing member of the SBIC Manager. Mr. Korengold has over 20 years’ experience investing in portfolio companies and has been with Enhanced since 2001. The SBIC GP delegates responsibility for the management of the SBIC Fund to the SBIC Manager. ECG owns approximately 50% of the SBIC Manager. The remaining ownership is as follows (approximate and rounded): Mr. Korengold, 12.5%; Mr. Andrew Paul, 12.5%; and Mr. Barry Osherow, 25%. 8 | P a g e As discussed in Item 10 – Other Financial Industry Activities and Affiliations, as an independent contractor, Mr. Paul Kasper, Chief Executive Officer of Enhanced PK Services, LLC, an SEC- registered investment adviser (“EPKS”), provides investment advisory and consulting services to and is a supervised person of Enhanced. Mr. Kasper serves as a member of the investment committee for the SBIC Fund, many of the State Investment Funds and the PR Account. He also serves as a managing member of the SBIC GP and as a managing member of the SBIC Manager. With respect to all of Enhanced’s business operations, Enhanced’s firm-wide team consists of approximately 36 full- and part-time investment and corporate support professionals. Enhanced’s headquarters are in New Orleans, Louisiana, with additional investment advisory offices in New York and St. Louis. All of Enhanced’s books and records, together with its accounting, compliance and fund administration are located in New Orleans, Louisiana.