ORIX Advisers is wholly-owned, through intermediate wholly-owned subsidiaries1, by ORIX Corporation USA (“ORIX USA”), which itself is a wholly-owned subsidiary of ORIX Corporation (NYSE: IX, TSE: 8591) (“ORIX Corporation”), a public company. ORIX Advisers, through its credit opportunities investment team (“Credit Opportunities”), growth capital investment team (“Growth Capital”) and structured credit investment team (“Structured Credit”, and collectively with Credit Opportunities and Growth Capital, “Investment Teams”), provides portfolio management and advisory services to separately managed accounts (“SMAs”) and intends to do so for future pooled investment vehicles (each a “Fund” and collectively, the “Funds”). In addition, ORIX Advisers provides portfolio management and advisory services to an investment fund organized as an employee securities company ((“ESC Fund”) and together with the Funds and SMAs, each a “Client” and collectively “Clients”). Growth Capital provides debt capital to private, growth and late-stage venture and private equity-backed companies on an enterprise value lending basis, primarily in the technology and healthcare industry segments in the United States and Canada, including the software as a service (SaaS), technology infrastructure and cloud, artificial intelligence and data and analytics, Internet and mobile, technology- enabled services, cybersecurity, sustainable technology, healthcare IT, digital media and consumer, and the Internet of Things industry segments. The debt is typically secured, provided across a range of flexible structures that include revolving loans, term loans with delayed draw components, and convertible debt, and frequently is paired with equity warrants issued by a borrower. Credit Opportunities, on behalf of its Clients, primarily invests in debt instruments across the capital structure of sponsored and non-sponsored middle-market companies principally located in, or with a significant presence or operations in, North America with a primary emphasis on acquisition finance, recapitalizations, rescue financing and structured finance. Structured Credit, on behalf of its Clients, invests in high-quality, securitized pools of assets with a primary focus on commercial mortgage and residential mortgage-backed bonds, rated BBB or BB. Structured Credit currently invests in commercial mortgage-backed securities (“CMBS”), CRE CLOs, and non-qualified mortgage residential mortgage-backed securities (“Non-QM RMBS”), with potential to expand into Solar Loan ABS and Aircraft ABS.

The terms upon which ORIX Advisers provides its investment management services to a Client are set out in the relevant offering documents, disclosure documents, indentures, limited partnership or limited liability company agreements, investment management agreements, asset management agreements, collateral management agreements, subscription agreements, loan participation agreements, Side Letters (as defined below), or similar documents, as applicable (each a “Governing Document,” and, collectively, the “Governing Documents”). Investment advice provided to a Fund will be provided directly to such Fund and not individually to the investors in such Fund. Accordingly, such services will be tailored to a Fund’s investment objectives, strategies and guidelines, which will be described in the applicable Governing 1 The subsidiaries are as follows: OAM Holdings, LLC (“OAM Holdings”), which is the sole owner of ORIX Advisers; OCU Global Asset Management, LLC (“OCU Global”), which is the sole owner of OAM Holdings; OCU Opco Holdings, LLC (“Opco Holdings”), which is the sole owner of OCU Global; ORIX Capital Markets, LLC (“Capital Markets”), which is the sole owner of Opco Holdings; and ORIX Corporation USA, which is the sole owner of Capital Markets. Documents. Investors in a Fund are generally not provided with the right to specify, restrict, or influence such Fund’s investment objectives. While not covered in this Brochure, ORIX Advisers also provides advisory services to Clients other than the Clients “covered in this Brochure (“Other Clients”) through its private equity investment team (ORIX Capital Partners”) and leveraged credit investment team (“Signal Peak”) and expects to add additional investment teams in the near future. Please see such other Brochure(s) for further information about those investment teams and their respective investment strategies. ORIX Advisers has been registered with the SEC as a stand-alone investment adviser since March of 2020. Growth Capital was established in 2001 as an investment team at ORIX USA solely managing balance sheet assets for ORIX USA and affiliated companies and joined ORIX Advisers in March of 2022. Credit Opportunities was established in 2020 and joined ORIX Advisers in June of 2021. Structured Credit was established in 2014 as an investment team at ORIX USA solely managing balance sheet assets for ORIX USA and affiliated companies and joined ORIX Advisers in January 2022. As of March 31, 2023, ORIX Advisers managed approximately $8.2 billion of Regulatory Assets under Management (“RAUM”), $6.3 billion of which is managed on a discretionary basis.