Firm Description and Principal Owners Angel Oak Capital Advisers, LLC (referred to throughout this Brochure as “Angel Oak” or the “Adviser”), a Delaware limited liability company, commenced operations in July 2009 and became registered with the U.S. Securities and Exchange Commission (“SEC”) as a registered investment adviser in October 2009. Angel Oak is directly owned by Angel Oak Asset Management Holdings, LLC which is owned by Angel Oak Companies, LP. The ultimate control persons of the Adviser are Sreeni Prabhu and Michael Fierman through their ownership of Angel Oak Companies, LP. Advisory Services Angel Oak provides investment advisory services to open-end and closed-end funds registered as investment companies under the Investment Company Act of 1940 (“1940 Act”) (“U.S. Registered Funds”), pooled investment vehicles exempt from registration pursuant to Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (“Private Funds”), pooled investment vehicles exempt from registration under the Investment Company Act of 1940 by Section 3(c)(5) (“3(c)(5) Funds”), and separately managed accounts owned by institutional investors (“Separately Managed Accounts”). The U.S. Registered Funds, Private Funds, and 3(c)(5) Funds will be referred to collectively throughout this brochure as “Funds.” The Funds, along with Separately Managed Accounts, are referred to as “Clients” of Angel Oak. Investment advisory services provided to some Clients are provided pursuant to sub-advisory agreements under which Angel Oak serves as sub-advisor to the Client’s investment adviser. Angel Oak acts as a Qualified Professional Asset Manager (“QPAM”) (as set forth in Section VI(a) of Prohibited Transaction Class Exemption 84-14 (“PTE 84-14”), promulgated by the Department of Labor under the Employment Retirement Income Security Act of 1974) for some Private Fund Clients. Angel Oak has developed policies and procedures to ensure that it maintains QPAM status as required by the investment management agreement with these Private Fund Clients. It is important to note that the term “Client” as defined by federal securities regulations refers to the Funds and Separately Managed Accounts to which Angel Oak provides investment advisory services, not to the investors holding interests in the Funds. To avoid confusion, the term “investors” is used to refer to investors in the Funds. Angel Oak does not manage any assets for retail investors as defined for the purposes of Form CRS and therefore is not required to complete, maintain, or deliver a Form CRS to any Client or investor. Although the investment advisory services provided by Angel Oak are not limited to any specific asset class, Angel Oak generally provides investment

advice related to agency and non-agency residential mortgage-backed securities (“RMBS”), collateralized loan obligations (“CLO”), agency and non-agency commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), residential mortgage loans and residential mortgage related assets, including real estate investment trusts (“REITs), commercial real estate loans, bank subordinated debt and other financial institution debt, high-yield and investment-grade corporate bonds, business development companies (“BDCs”), equity securities, trust preferred securities (“TruPS”), and government securities. The Adviser can also use derivatives instruments including futures contracts, options, and swaps. Angel Oak can provide advisory services related to any other type of investments as well. Tailored Advisory Services Angel Oak’s advisory services are provided pursuant to investment authority granted to Angel Oak through an investment management agreement between Angel Oak and the Client. Investment advisory services are provided on (i) a discretionary basis, giving Angel Oak broad responsibility for making investment decisions to purchase or sell securities for its Clients, within certain investment guidelines or (ii) a non-discretionary basis. Clients can impose restrictions on the types of investments to be used in their portfolio. For Separately Managed Accounts, investment objectives and any investment restrictions are approved by the Client as a part of the investment management agreement. Funds identify their investment objectives and any investment guidelines or restrictions in their offering documents. Wrap Fee Programs Wrap fee programs are arrangements between broker-dealers, investment advisers, banks and other financial institutions (typically acting as sponsors of the programs) and affiliated and unaffiliated investment advisors (or portfolio managers) through which the customers of such firms receive discretionary investment advisory, execution, clearing, and custodial services in a “bundled” form. In exchange for these “bundled” services, customers pay an all-inclusive – or “wrap” – fee determined as a percentage of assets held in the wrap fee account. Angel Oak does not participate in a wrap fee program. Assets Under Management As of December 31, 2023, Angel Oak managed $10,272,826,472 in regulatory assets under management on a discretionary basis and $101,623,302 in regulatory assets under management on a non-discretionary basis, for a total of $10,374,449,774. Regulatory assets under management includes total assets without any deductions for outstanding indebtedness or other accrued but unpaid liabilities.