A. Firm Description NGC Capital Management LLC (f/k/a Angel Island Capital Management, LLC), a Delaware limited liability company (“NGCCM”), is an investment advisory firm that began operations in 2008 and has a principal place of business in New York, New York and an office in Darien, Connecticut. NGCCM is a subsidiary of Nassau NGC Holdings LLC, a Delaware limited liability company (“NGC Holdings”), which is itself a wholly-owned subsidiary of Nassau Asset Management LLC, a Delaware limited liability company (“NAM”). NAM is a wholly-owned subsidiary of Nassau Financial Group, L.P., a Cayman Islands exempted limited partnership (“Nassau Group”). Nassau Group is a subsidiary of GGCOF Nassau Investments, L.P., a Cayman Islands exempted limited partnership and wholly-owned subsidiary of Nassau NAMCO Splitter, L.P., a Cayman Islands exempted limited partnership (“NAM Splitter”). NAM Splitter is owned and controlled by certain private investment funds sponsored and managed by Golden Gate Private Equity, Inc. (“Golden Gate”). NAM was founded by Phillip J. Gass and Kostas Cheliotis in 2015. Alexander E. Dias and Jonathan Insull are the Chief Executive Officer and Chief Investment Officer, respectively, of each of (i) NGCCM, (ii) Nassau Global Credit GP LP (f/k/a Angel Island Capital GP, L.P.), a Delaware limited partnership and subsidiary of NGC Holdings (“NGC GP”), and (iii) AIC Credit Opportunities Partners Fund II GP, L.P., a Delaware limited partnership and subsidiary of NGC Holdings (“AIC GP” and, together with NGCCM and NGC GP, the “Firm”). Messrs. Dias and Insull are also officers of each of (i) Nassau Global Credit LLC, a Delaware limited liability company and subsidiary of NGC Holdings (“NGC-US”), (ii) NGC CLO Manager LLC, a Delaware limited liability company and subsidiary of NGC-US (“NGLOM”), and (iii) Nassau Global Credit (UK) LLP, a limited liability partnership incorporated in England and Wales and indirect subsidiary of NGC-US (“NGC-UK”). B. Types of Advisory Services The Firm provides discretionary investment advisory services (i) to privately offered investment funds (each a “Fund”), (ii) as a collateral manager for U.S. dollar-denominated pooled investment vehicles that are collateralized debt obligation funds (each a “CDO”), and (iii) separately managed accounts to institutions with which the Firm is affiliated (each an “SMA” and, collectively with the Funds, CDOs and the Firm’s other investment advisory clients, the Firm’s “clients”). As of the date of this Form ADV Part 2A firm brochure, the Firm serves as the investment manager and general partner for each of the following funds and collateral manager for the following CDO:  NGC Loan Fund LP (“ALF”);  NGC Enhanced Loan Fund LP (together with its feeder funds, “ELF”);  AIC Credit Opportunities Partners Fund II Master Fund, L.P. (together with its feeder funds, “COP II”); and  Angel Island Capital 2023-I Ltd. (“AIC CDO”). The Firm may also, in the future, provide additional types of investment

advisory services or may provide services to additional types of clients. The Firm provides a multi-strategy credit platform consisting of its liquid credit strategy, credit opportunities strategy, private credit strategy and asset-based opportunities strategy. The Firm’s clients 3 March 29, 2024 make investments in performing and distressed bank loans, direct senior loan origination and related instruments, high yield bonds, investment grade bonds, asset based lending, mezzanine and mezzanine-like debt, structured and illiquid credit products, special situations instruments, credit- based securities, asset- backed and other structured debt securities, swap transactions (including total rate return swaps), other derivative instruments (including collateralized loan obligations), currency hedging transactions and any other financial instruments or assets that the Firm believes may help achieve its clients’ respective investment objectives. The Client’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of its clients, managing and monitoring the performance of such investments and disposing of such investments. The Firm uses fundamental credit analysis to identify attractive investment opportunities and seeks superior risk adjusted returns, primarily in credit products. The Firm’s clients may use leverage directly or indirectly. Use of leverage will increase the volatility of levered investments. C. Availability of Customized Services Each Fund and CDO is or will be managed based on its objectives, which are specified in the relevant offering materials and investment advisory agreements. Investment advisory services provided to SMAs are specified in the investment advisory agreement with the owner of such SMA. In connection with SMAs and Funds having a limited number of investors, the Firm may in some cases agree to tailor advisory services to the individual needs of the SMA owner or investors in such Funds. The offering documents or other organizational documents for each Fund and CDO describe the terms and conditions of the Fund or CDO, including fees and risk factors, and should be read carefully prior to investment. No offer to sell interests in the Funds or CDOs is made by the descriptions in this brochure, and Funds and CDOs are available only to investors that are properly qualified. While much of this brochure applies to all of the Firm’s clients, certain information included herein applies to specific clients only. Thus, it is crucial for any client, prospective client, Fund investor, prospective Fund investor, CDO investor or prospective CDO investor to closely review the applicable investment advisory agreement, offering document, organizational agreement or other governing documents with respect to, among other things, the terms, conditions and risks of investing. D. Wrap Fee Programs The Firm does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, the Firm managed approximately $ 2,349,282,895, all of which was managed on a discretionary basis.