A. Description of Advisory Business Sycale Advisors is a New York based investment management firm that was founded in 2010 by Jared Friedberg. Together with affiliated companies, Sycale Advisors provides discretionary investment advisory services including, but not limited to, managing and directing the investment and reinvestment of assets for private investment funds (the “Funds”) and separately managed accounts (the “SMA’s” and together with the Funds are herein referred to as “Advisory Clients” or “Clients”). Sycale Advisors has a staff of eight employees, including five investment professionals. Mr. Friedberg is the sole owner and portfolio manager of Sycale Advisors. Sycale Advisors’ registration with the SEC as an investment adviser became effective on August 1, 2017. Affiliates of the Adviser act as General Partner to the Funds (collectively, the “General Partners”, and individually, a “General Partner”). References herein to Sycale Advisors may refer both to the Adviser and any affiliate acting as a General Partner, as the context requires. B. Description of Advisory Services Sycale Advisors provides discretionary investment advisory services to the Funds organized as follows: (1) Mercator Funds: Mercator Fund (DE) L.P., a Delaware limited partnership (“Mercator Onshore”), is available for U.S. taxpayers. Tax-exempt and non-U.S. investors are offered shares in Mercator Fund (Cayman) Ltd., a Cayman Islands exempted company (“Mercator Offshore”). Mercator Offshore invests through an intermediate entity, Mercator Fund (Cayman Intermediate) L.P., a Cayman Islands exempted limited partnership (“Mercator Intermediate”), and together with Mercator Onshore invest substantially all their assets in, and conduct their trading activities through, Mercator Fund (Cayman Master) L.P., a Cayman Islands exempted limited partnership (“Mercator Master”). The Mercator Funds invests primarily in publicly-traded equity and debt securities of small-, medium- and large-capitalization issuers, as well as a periodically investing in the securities of companies in bankruptcy proceeding or otherwise undergoing reorganization or liquidation. (2) Sycale Funds: Sycale Capital III (Cayman) L.P., a Cayman Islands exempted limited partnership (“Sycale III Offshore”), Sycale Capital III (DE) L.P., a Delaware limited partnership (“Sycale III Onshore”), Sycale Capital IV (Cayman) L.P., a Cayman Islands exempted limited partnership (“Sycale IV Offshore”), and Sycale Capital IV (DE) L.P., a Delaware limited partnership (“Sycale IV Onshore”). The Sycale Funds are each a “fund of funds” focused on private investment opportunities within the distressed and undervalued credit space. Sycale Advisors also provides discretionary investment advisory services to two SMA’s that are subject to specific investment objectives, guidelines, restrictions, fee arrangement and other terms that are individually negotiated with each such investor. The investment objectives, strategies and

processes of each Advisory Client are set forth in a confidential private offering memorandum or other governing documents (collectively, the “Offering Documents”). In addition to describing, among other things, the investment management relationship, the specific terms applicable to an investment in a Fund (including as to fees and other compensation, costs and expenses, and liquidity), the Offering Documents contain a discussion of various risk factors and considerations, as well as certain conflicts of interest. Accordingly, this Brochure and the information set forth herein is qualified in its entirety by the disclosures and the terms in the Offering Documents. The Funds are offered exclusively to “accredited investors,” as defined in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), and “qualified purchasers” as defined in Section 2(a)(51) the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Funds are exempt from registration as an investment company under Section 3(c)(7) of the Investment Company Act. The Sycale Funds are currently closed to new investors. C. Tailored Advisory Services Sycale Advisors tailors its advisory services to the specific investment objectives and strategy of its Clients, as set out in their Offering Documents. While Sycale Advisors generally neither tailors its advisory services to the individual needs of its Clients’ investors, nor accepts investor-imposed investment restrictions, it may create a fund or separately managed account when deemed appropriate for a large or strategic investor. Sycale Advisors may also offer opportunities to certain investors in the Mercator Funds to co- invest in portfolio companies alongside the Mercator Funds. Co-investments by such persons are permitted in Sycale Advisors’ discretion, based on the facts and circumstances of the investors and the co-investment opportunity. In those instances, Sycale Advisors will typically form and manage special purpose vehicles to make such co-investments and an affiliate of Sycale Advisors will serve as its general partner. For tax, legal or regulatory considerations, the Mercator Funds may participate in a portfolio company investment by investing through a special purpose vehicle. Sycale Advisors believes that the additional investments made by co-investors can materially assist Sycale Advisors in implementing its investment strategy and achieving its investment objectives. However, co-investment opportunities are offered only when Sycale Advisors considers that the Mercator Funds have obtained or will obtain sufficient exposure to the relevant portfolio companies to satisfy their investment objectives. D. No Wrap Fee Programs Sycale Advisors does not participate in wrap fee programs. E. Regulatory Assets Under Management As of December 31, 2023, Sycale Advisors had approximately $572,146,973 of regulatory assets under management, all of which are managed on a discretionary basis.