For purposes of this Brochure, the “Adviser” or “Calumet” means Calumet Capital Partners, LLC, a Delaware limited liability company formed in November 2021. Calumet is an investment advisory firm with its headquarters in Miami, Florida. The Adviser is led and managed by Dan Carroll (the “Founding Partner” or “Principal”). The Adviser is registered with the Securities Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser provides investment advisory, management and other services on a discretionary basis to private investment funds (each, a “Fund” and collectively, the “Funds”). It also provides investment advisory and other applicable services to other entities on a separate account basis, which advisory services may be either discretionary or non-discretionary. Such Funds and such entities are referred to in this brochure as “Clients”). The general partner or equivalent of each Fund is, or will be, an affiliate of the Adviser (each a “General Partner”). To the extent applicable, this Brochure also describes the business practices of the General Partners and such other affiliates, which operate as a single advisory business together with the Adviser. The Governing Documents (as defined below) of each Fund may also provide for the establishment of parallel or other alternative investment vehicles in certain circumstances. Investors may participate in such vehicles for the purposes of certain investments, and if formed, such vehicles would likely also become Clients of the Adviser. The Adviser’s investment advisory services to the Clients consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. The Adviser expects that Clients will make private loans to law firms (“Portfolio Investments”). The Adviser intends to focus on term loans and lines of credit to U.S. law firms representing plaintiffs, on a contingent fee-basis, with a portfolio of mass tort, other complex multiparty (including class actions), or traditional personal injury cases, although investment opportunities may consist of loans to other law firms as well (“Portfolio Borrowers”). Generally, the Adviser’s advice with respect to its Clients will be limited to such investments. The Adviser’s advisory services to the Clients are detailed in the applicable private placement memoranda or other offering documents, investment management agreements, limited partnership or other operating agreements, subscription agreements or similar governing documents (collectively, the “Governing Documents”), and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” While it is anticipated that each of its Clients will follow the strategy described above, the Adviser may tailor the specific advisory services with respect to each Client to the individual investment strategy of

such Client. In addition, the Governing Documents of Clients may, in certain limited circumstances, impose restrictions on investing in certain securities or types of securities, for example, for with regulatory or compliance reasons. Investors in certain Clients participate in the overall investment program for the applicable Client but may be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Governing Documents. The Funds and the General Partners may enter into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights under or altering or supplementing the terms (including economic or other terms) of the relevant Governing Documents with respect to such investors. From time to time and as permitted by the relevant Governing Documents, the Adviser expects to provide (and has agreed to provide as is noted below) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, the Adviser’s personnel and/or certain other persons associated with the Adviser and/or its affiliates (e.g., a vehicle formed by the Principal to co-invest alongside a particular Fund’s transactions), and including an independent investment firm (collectively with its affiliates, the “Independent Investor”) whose affiliates own an indirect minority interest in the Adviser, certain General Partners and certain affiliates thereof. The Adviser has agreed to provide the Independent Investor certain rights to invest alongside certain Funds as is set forth in the applicable Governing Documents. Additionally, such co-investments typically involve investment and disposal of interests in the applicable investment at the same time and on the same terms as the Fund making the investment. However, from time to time, for strategic and other reasons, a co-investor or co-invest vehicle may purchase a portion of an investment from one or more Funds after such Funds have consummated their investment (also known as a post-closing sell-down or transfer). Any such purchase from a Fund by a co-investor or co-invest vehicle generally occurs shortly after the Fund’s completion of the investment to avoid any changes in valuation of the investment. Where appropriate, and in the Adviser’s sole discretion, the Adviser is authorized to charge interest on the purchase to the co-investor or co-invest vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to the relevant Fund for related costs and expenses. However, to the extent such amounts are not so charged or reimbursed, they generally will be borne by the relevant Fund. As of December 31, 2023, the Adviser manages a total of $191,000,000 in Client assets. The Adviser is controlled by the Principal.