A. General Description of Advisory Firm. Par-Four Investment Management, LLC was founded in August 2003 by Robert B. Burke (the “CEO”) as an independent alternative asset manager. Mr. Burke is the principal owner of Par-Four Investment Management, LLC. Par-Four CLO Management, LLC is a Delaware limited liability company formed in May 2019 and is a wholly-owned subsidiary of Par-Four Investment Management, LLC. Par-Four’s principal place of business is located in Woodcliff Lake, New Jersey. Par-Four Investment Management, LLC and Par-Four CLO Management, LLC use a single Form ADV in reliance on the position expressed in the American Bar Association, Business Law Section, SEC No-Action Letter (January 18, 2012). Unless otherwise indicated, references in this Brochure to the investment advisory activities of Par-Four include both Par-Four Investment Management, LLC and Par-Four CLO Management, LLC. B. Description of Advisory Services (including any specializations). Par-Four provides investment advisory services on a discretionary basis to clients, which are institutional investors and private investment funds intended for institutional investors and other sophisticated investors. Currently, Par-Four provides investment advisory services to five special purpose entities that function as collateralized debt obligations (each, a “CLO,” together, the “CLOs”), a separately managed account (the “Account”) and a private fund for which Par-Four provides sub-advisory services (the “Sub-Advised Account” and collectively with the CLOs and the Account, the “Advisory

Clients”). Par-Four’s core investment strategy is investing in leveraged loans on behalf of the CLOs. Par-Four may make recommendations to the Sub-Advised Account, from time to time, but does not provide continuous and regular supervisory or management services to the Sub-Advised Account. In addition, Par-Four has experience in investing in debt and equity securities across the capital structure of high yield, investment grade and other companies in stressed, distressed and other special situations. Note that Item 8 below goes into greater detail on Par-Four’s methods of analysis and investment strategies. C. Availability of Tailored Services for Individual Clients. Par-Four provides advice to Advisory Clients based on specific investment objectives and strategies. Par- Four, as the collateral manager to the CLOs, follows the investment mandate of each CLO and does not tailor advisory services to the individual needs of investors in the CLOs. In connection with its management of the Account, Par-Four may agree to tailor advisory services to the individual needs of the client. Par- Four does not tailor its non-discretionary investment advisory services to the individual needs of the Sub- Advised Account. In addition, Advisory Clients may impose restrictions on investing in certain securities or certain types of securities. D. Wrap Fee Programs. Par-Four does not participate in wrap fee programs. E. Client Assets Under Management. As of December 31, 2022, Par-Four had approximately $1,762,957,000 of regulatory assets under management, all on a discretionary basis.