FIRM DESCRIPTION Northern Right Capital Management, L.P., a Texas limited partnership, was originally formed as SRB Management L.P. in 2004. We provide investment management services to private pooled investment vehicles, separately managed accounts, and other clients primarily with respect to investments in publicly-traded equity securities of small to mid capitalization companies. We occasionally pursue activist strategies with respect to certain investments held by our clients, and from time to time invest in other types of investments on behalf of our clients. Our investment advice is provided in accordance with and subject to the investment objectives, strategies, guidelines, restrictions and limitations contained in the applicable offering, governing and/or account documents, and the information in this brochure is qualified in its entirety by the information set forth in such documents. PRINCIPAL OWNERS The general partner of Northern Right Capital Management, L.P. is BC Advisors, LLC, a Texas limited liability company, with respect to which Matthew A. Drapkin is the sole member. Similarly, Mr. Drapkin is the sole limited partner of Northern Right Capital Management, L.P. As the sole limited partner and sole member, Mr. Drapkin indirectly controls us and generally is responsible for actions taken by us with respect to our clients. TYPES OF ADVISORY SERVICES Funds We serve as general partner of and/or investment manager to private pooled investment vehicles, including, without limitation: Northern Right Capital (QP), L.P., a Texas limited partnership (the “QP Fund”), and Northern Right Capital Offshore, L.P., a private pooled investment vehicle organized as a Cayman Islands exempted limited partnership that invests substantially all of its assets in the QP Fund (the “Offshore Fund”) (collectively, the “Northern Right Funds”). We also may serve as general partner of and/or investment manager to other private investment funds in the future. All actions taken by us in respect of the Northern Right Funds and any other private pooled investment vehicles established by us in the future (including, without limitation, all portfolio management and investment decisions) are or will be indirectly controlled by Mr. Drapkin. We provide investment management services to the Northern Right Funds primarily with respect to investments in publicly-traded equity securities of issuers with small-to-mid market capitalizations. We generally are responsible for investing and re-investing the assets of each Northern Right Fund in accordance with the investment objectives, policies and guidelines set forth in its

offering and governing documents. See Item 8 below. Information about each Northern Right Fund is set forth in its confidential memorandum and governing documents. Investment in a Northern Right Fund does not, in and of itself, create an advisory relationship between an investor in such Northern Right Fund and us. See Item 8 below. Advisory Accounts We also provide investment advisory services with respect to separately managed accounts (the “Advisory Accounts”) with respect to investments primarily in publicly-traded equity securities of small to mid-capitalization issuers. Our advisory services with respect to the Advisory Accounts are provided in accordance with the terms, conditions, guidelines and limitations set forth in the investment management agreements between us and each Advisory Account client. Advisory Accounts co-invest or may co-invest alongside the Northern Right Funds in one or more investments from time to time. See Item 8 below. INVESTMENT RESTRICTIONS We provide investment advice to each Northern Right 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 Northern Right Fund. Investors generally are not permitted to impose restrictions or limitations on the management of the Northern Right Funds. Notwithstanding the foregoing, we have entered into, and may in the future enter into, side letter agreements with certain investors in a Northern Right Fund that alter, modify or change the terms of the interests held by those investors. Interests in the Northern Right Funds are privately offered only to eligible investors pursuant to exemptions under the Securities Act of 1933, as amended, and the regulations promulgated thereunder. Such Northern Right Funds are not registered with the SEC as investment companies based on specific exclusions from the definition of investment company under the Investment Company Act of 1940, as amended. Advisory Accounts We provide and tailor our investment advice with respect to each Advisory Account in accordance with the investment guidelines and objectives of the applicable client and other terms and conditions set forth in the applicable investment management agreement. Advisory Account clients generally may impose restrictions, guidelines and limitations on the management of their Advisory Accounts. ASSETS UNDER MANAGEMENT As of December 31, 2022, we had approximately $380,719,960 in regulatory assets under management. All of these assets were managed on a discretionary or limited discretionary basis.