ADVISORY BUSINESS A. Overview 1. Birch Grove Capital LP Birch Grove Capital LP (the “Filing Adviser” or the “Investment Manager”) is a Delaware limited partnership that was formed in December 2012 and is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Manager’s principal place of business is in New York, New York. Birch Grove Capital LP is an investment management firm that provides advisory services on a discretionary basis to pooled investment vehicles, separately managed accounts, and collateralized loan obligation vehicles. In June 2021, Birch Grove Capital LP engaged in a business combination with American Securities LLC. As a result, Birch Grove Capital LP is owned by AS Birch Grove LP, which is owned by Birch Grove Capital Holdings, LP and American Securities LLC. Jonathan Berger serves as the Chief Executive Officer and Chief Investment Officer of the Investment Manager (as defined below) and has responsibility for the Investment Manager’s day-to-day management, operations and investment decisions. Further information regarding the ownership of the Investment Manager is provided in Schedules A and B of the Investment Manager’s Form ADV, Part 1A. Relying Adviser AS Birch Grove CLO Management LP (the “Relying Adviser”) is a Delaware limited partnership that was formed in 2023. The Relying Adviser is an investment advisory affiliate that relies on Birch Grove Capital LP as its filing adviser. The Relying Adviser is controlled by its general partner, AS Birch Grove CLO Management GP LLC, a Delaware limited liability company, which is wholly owned by the Birch Grove Advisors LLC. B. Description of Advisory Services This Brochure generally includes information about the Investment Manager and its relationships with its Clients and affiliates. While much of this Brochure applies to all such Clients and affiliates, certain information included herein applies to specific Clients or affiliates only. As discussed below, the Investment Manager serves as the investment adviser to private pooled investment vehicles, collateral loan obligation vehicles and separately managed accounts. 1. Advisory Services The Investment Manager serves as the investment adviser, with discretionary trading authority, to private pooled investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities are exempt from registration under the Securities Act of 1933 (each, a “Fund” and collectively, the “Funds”). The Funds include: (1) Birch Grove Credit Strategies Fund LP (the “Domestic Fund”); (2) Birch Grove Credit Strategies Fund Ltd. (the “Offshore Fund”); (3) Birch Grove Credit Strategies Intermediate Fund LP (the “Intermediate Fund”, and collectively with the Domestic Fund and the Offshore Fund, the “Credit Feeder Funds”); and (4) Birch Grove Credit Strategies Master Fund LP (the “Master Fund”), which serves as the master fund into which the Domestic Fund and the Offshore Fund, through its investment in the Intermediate Fund, invest substantially all of their assets through a “master-feeder” structure. (5) AS Birch Grove CLO Equity Fund (Cayman) LP (the “Offshore CLO Equity Feeder Fund”) (6) AS Birch Grove CLO Equity Fund LP (the “Domestic CLO Equity Feeder Fund”, and together with the Offshore CLO Equity Feeder Fund, the “CLO Equity Feeder Funds”) (7) AS Birch Grove CLO Equity Master Fund LP, a Cayman Island exempted limited partnership (the “CLO Equity Master Fund” and, collectively with the CLO Equity Feeder Funds, the “CLO Equity Funds”) The Investment Manager’s registration

on Form ADV also covers Birch Grove Advisors LLC (the “Credit Fund General Partner”), a Delaware limited liability company, and AS Birch Grove CLO Equity Fund GP LLC (the “CLO Equity General Partner” and, collectively with the Credit Fund General Partner, the “Fund General Partners”), a Delaware limited liability company. The Fund General Partners are affiliates of the Investment Manager. The Credit Fund General Partner serves as the general partner of the Domestic Fund, the Intermediate Fund and the Master Fund. CLO Equity General Partner serves as the general partner of the CLO Equity Funds. Specific mention is not made to the Fund General Partners or Relying Adviser except where the context otherwise requires. AS Birch Grove GP Holdings, LLC is the principal owner and managing member of, and controls, the Credit Fund General Partner. Birch Grove Capital LP is the principal owner and managing member of, and controls, the CLO Equity General Partner. The Investment Manager also sponsors and manages certain collateralized loan obligation (“CLO”) vehicles (each a “CLO Fund”). References contained in this Brochure to the Investment Manager’s activities with respect to the CLO Funds should be read to include the Investment Manager and the Relying Adviser collectively, because certain CLO Funds are managed by the Investment Manager and others by the Relying Adviser. The Investment Manager also serves as an investment adviser with discretionary trading authority over, and provides discretionary advisory services to separately managed accounts and funds of one (the “Managed Accounts”). As used herein, the term “Client”, and collectively “Clients”, generally refers to each Fund, each CLO Fund, and each Managed Account, in each case, except where the context otherwise requires. The descriptions of the Investment Manager’s Funds and CLO Funds in this Brochure, including the type of investments made and strategies used, fees and expenses charged, risk factors and conflicts of interests that may arise in Investment Manager’s management of such Funds and CLO Funds are qualified in their entirety by reference to the formal offering materials (e.g., the offering memorandum, offering circular, memorandum and articles of association, limited partnership agreement, as the case may be, and subscription document) provided to investors in the Funds, the CLO Funds or to those with Managed Accounts, as applicable. 2. Investment Strategies and Types of Investments The Investment Manager invests in a diversified portfolio of debt and equity investments in companies and structured credit products. The Investment Manager utilizes a flexible, opportunistic approach to identify (i) assets that are substantially undervalued or overvalued and (ii) situations that are likely to be significantly affected by specific events or trends. By identifying situations early, the Investment Manager believes that it can capitalize on such investment opportunity before it is recognized by the broader market. C. Availability of Customized Services for Clients The Investment Manager provides investment advisory services on a discretionary basis in accordance with the investment objectives, guidelines, and restrictions set forth in each Client’s Governing Documents (as defined below). D. Wrap Fee Programs The Investment Manager does not participate in any wrap fee programs. E. Assets Under Management As of December 31, 2023, the Investment Manager’s regulatory assets under management were approximately $6.0 billion, all of which were managed on a discretionary basis. The Investment Manager does not manage any assets on a non-discretionary basis.