A. Phase 2 Partners, LLC (“Phase 2” or the “Investment Manager”) is a Delaware limited partnership that was formed August 27, 2020 and maintains its principal place of business in San Francisco, California. The Investment Manager provides investment advisory services on a discretionary basis to one or more pooled investment vehicles structured as private funds (each a “Client”). Phase 2 serves as subadvisor in respect of certain Clients and, in such instances, manages one or more accounts on behalf of the respective Clients (each a “Sub-advisory Client”). P2 Nexxt GP LLC (together with the Investment Manager, “Phase 2”), a Delaware limited liability company, is the general partner or managing member of certain of the Funds sponsored by Phase 2 (the “Funds”). Phase 2 is principally owned by Justin Hughes and Andrew Del Medico. Any references to the “Firm,” “us,” “we,” and “our” in this Brochure refer to Phase 2. Any defined terms used in this Brochure not otherwise defined herein, have the definition ascribed to them in the offering documents of the applicable Fund. B. We pursue a long/short investment strategy on behalf of our Clients, focused primarily on the equity securities of issuers in the financial service industry. The Funds will invest predominately (but not exclusively) in U.S., Canadian, U.K. and European publicly-traded securities of finance companies including: banks, thrifts, brokers, asset managers, insurance, exchanges, mortgage, specialty finance, REITs, homebuilders, financial technology, related business services, and other financial intermediaries. Although the Fund has long-term views, when appropriate, the Fund will seek to enhance performance through short-term trading. All discussions of the Funds in this brochure, including but not limited to their investments, the strategies used in managing the Funds, the fees and other costs associated with an investment

in the Funds, and conflicts of interest faced by the Firm in connection with management of the Funds, are qualified in their entirety by reference to each Fund’s respective offering memorandum and advisory agreement. C. With respect to each Client, Phase 2 tailors its investment advisory services to the strategies and conditions set forth in the respective Client’s confidential offering documents, investment management agreement and/or or sub-advisory agreement (collectively, “governing documents”), as applicable. With respect to the Funds sponsored by Phase 2, we provide and tailor our services to each Fund pursuant to the strategies and conditions set forth in the applicable governing documents, rather than to the individual needs of any Fund’s underlying investors (each, an “Investor”). It should be noted that as a general matter, we do not tailor our services to take into account any specific conditions to any Investor, and Investors generally may not prescribe additional investment restrictions beyond those described in the applicable governing documents. The Funds sponsored by Phase 2 have entered into side letters and other agreements and arrangements with certain Investors, which may provide terms and conditions that are more advantageous than those set forth in the applicable Fund’s governing documents. Such terms and conditions may include special rights to make future investments in the Funds or other investment vehicles or accounts managed by Phase 2, different transparency rights, reporting rights, different withdrawal/redemption rights and/or different fee terms. D. Phase 2 does not participate in any wrap fee programs. Phase 2: Part 2A Page 5 E. As of December 31, 2023, we managed approximately $487,442,000 in regulatory assets under management on a discretionary basis. We do not currently manage any assets on a non-discretionary basis.