ADAR1 Capital Management, LLC (hereinafter “ADAR1”, “we”, “us”, “our” or the “Firm”) is organized as a Texas limited liability company with a principal place of business in Austin, TX. ADAR1 serves as the investment adviser, with discretionary trading authority, to private, pooled investment vehicles including: ADAR1 Partners, LP, a Delaware limited partnership (the “Master Fund”) and ADAR1 Partners (BVI), Ltd., a British Virgin Islands Business Company limited by shares (the “Offshore Fund” and together with the Master Fund, the “ADAR1 Funds”. ADAR Capital Management GP, LLC, a Texas limited liability company, serves as the general partner of the Master Fund and as an investment adviser to the Offshore Fund (the “GP”). “Limited Partners” and “Shareholders” of the applicable ADAR1 Fund are collectively referred to as the “Investors” where appropriate. ADAR1 also acts as the sub-advisor/trading advisor to a sub-account of a third-party sponsored pooled investment vehicle that is structured as a “first loss” fund in which ADAR1 contributed “first loss” capital (the “First Loss Fund” and, together with the ADAR1 Funds, the “Funds” or “Clients”). All of ADAR1’s Clients are pooled investment vehicles intended for institutional and other sophisticated investors. We do not generally tailor our advisory services to the individual needs of any particular investor in such pooled investment vehicles or accept investor-imposed investment restrictions. However, we have has entered into agreements with certain Investors and Clients, including the First Loss Fund, granting these Investors and Clients specific rights including, but not limited to imposing restrictions on investing in certain securities or certain types of securities. Certain Clients have different investment objectives and investment strategies from other Clients. Our investment decisions

and advice with respect to each Client are made according to each Client’s investment objectives and guidelines, as set forth in its respective confidential offering memorandum and governing documents (collectively, “Offering Documents”) This Brochure does not constitute an offer to sell, or solicitation of an offer to buy, any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act, and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. In order to invest in a Fund and become a Limited Partner/Shareholder, a person must meet certain suitability standards and qualify as an accredited investor, within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and a qualified purchaser, within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “Company Act”) or a “knowledgeable employee” within the meaning of Rule 3c-5 under the Company Act. In addition, in order to invest in the Offshore Fund, non-U.S. investors must qualify as non-U.S. persons in accordance with Regulation S of the Securities Act and meet certain other conditions fully set forth in its Offering Documents. The Firm has entered into and may enter into “side letters” or similar agreements with certain investor that may waive or modify the application of, or grant special or more favorable rights with respect to the Offering Documents to the extent permitted by applicable law. We do not currently participate in any Wrap Fee Programs. As of December 31, 2023, ADAR1 manages $507,774,765 in regulatory assets under management on a fully discretionary basis. ADAR1 does not manage any of its clients’ assets on a non-discretionary basis.