Advisory Business A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). Deerpath is an investment management firm formed in 2007. The Investment Manager is controlled by James H. Kirby and Tasabbur Hasan (the “Principals”) and PGIM, Inc. (“PGIM”), a strategic investor. PGIM is a wholly-owned subsidiary of PGIM Holding Company LLC, which is a wholly-owned subsidiary of Prudential Financial, Inc. Mr. Kirby is the Chairman and President responsible for the day- to-day management of the affairs of the Investment Manager. Mr. Hasan is a Principal and the Chief Operating Officer of the Investment Manager. Mr. Kirby and Mr. Hasan lead the investment committee of the Investment Manager (the “Investment Committee”). Mr. Kirby, Mr. Hasan and three individuals appointed by PGIM are members of the Oversight Committee of the Investment Manager, which is responsible for the Investment Manager’s governance matters (other than directing investment activities, which are solely the responsibility of the Investment Committee). Deerpath provides advisory and investment management services to the following pooled investment vehicles:
• Deerpath Funding Advantage IV, LP, a Delaware limited partnership (“Deerpath Funding Advantage”) formed in 2016.
• Deerpath Capital Advantage IV (US), LP, a Delaware limited partnership (“Deerpath Capital (US)”) formed in 2016.
• Deerpath Capital Advantage IV (Cayman), LP, a Cayman Islands exempted limited partnership (“Deerpath Capital (Cayman)”) formed in 2016.
• Deerpath Capital IV, LP, a Delaware limited partnership (“DCIV”) formed in 2016.
• Deerpath Capital SLP-RAIF, a Luxembourg special limited partnership (“AIF”) formed in 2018.
• Deerpath Capital V, LP, a Delaware limited partnership (“DCV”) formed in 2019.
• Deerpath Capital Advantage V-B (Cayman), LP, a Cayman Islands exempted limited partnership (“DCAV-B”) formed in 2019.
• Deerpath Capital Advantage V (Cayman), LP, a Cayman Islands exempted limited partnership (“DCAV(Cayman)”) formed in 2019.
• Deerpath Capital Advantage V (US), LP, a Delaware limited partnership (“DCAV(US)”) formed in 2019.
• Deerpath Funding Advantage V, LP, a Delaware limited partnership (“DFAV”) formed in 2019.
• Deerpath Funding V, LP, a Delaware limited partnership (“DFV”) formed in 2019.
• Deerpath Sagaponack, LP, a Delaware limited partnership (“DS”) formed in 2020.
• Deerpath Newbury Partners LLC, a Delaware limited liability company (“DNP”) formed in 2020.
• Deerpath Capital VI, LP, a Delaware limited partnership (“DCVI”) formed in 2021.
• Deerpath Capital Advantage VI (US), LP, a Delaware limited partnership (“DCAVI(US)”) formed in 2021.
• Deerpath Capital Advantage VI (Cayman), LP, A Cayman Islands exempted limited partnership (“DCAVI(Cayman)”) formed in 2021.
• Deerpath Capital VI (Cayman), LP, a Cayman Islands exempted limited partnership (“DCVI(Cayman)”) formed in 2022.
• Deerpath Broadway Partners, LP, a Delaware limited partnership (“Deerpath Broadway”) formed in 2021.
• Deerpath Sagaponack (US), LP, a Delaware limited partnership (“DS(US)”) formed in 2022.
• Deerpath Clarendon Partners, LLC, a Delaware limited liability company (“DCP”) formed in 2021.
• Deerpath Clarendon Partners II, LLC, a Delaware limited liability company (“DCP II”) formed in 2022.
• TRS Deerpath Capital Direct Lending Fund, LP, a Delaware limited partnership (“TRS”) formed in 2022.
• Deerpath Evergreen (US), LP, a Delaware limited partnership (“DE(US)”) formed in 2023.
• Deerpath Evergreen Advantage (US), LP, a Delaware limited partnership (“DEA(US)”) formed in 2023.
• Deerpath Capital VII, LP, a Delaware limited partnership (“DCVII”) formed in 2023.
• Deerpath Capital Advantage VII (US), LP, a Delaware limited partnership (“DCAVII(US)”) formed in 2023.
• Deerpath Capital Advantage VII (Cayman), LP, a Cayman Islands exempted limited partnership (“DCAVII(Cayman)”) formed in 2023.
• Deerpath Capital VII (Cayman), LP, a Cayman Islands exempted limited partnership (“DCVII(Cayman)”) formed in 2023. Deerpath provides advisory and investment management services to the following separately managed accounts:
• SC DCM Secondary SP, incorporated under the laws of the Cayman Islands (“DCM SP”) formed in 2018.
• Swiss Capital DCM Private Debt Fund L.P., a Cayman Islands exempted limited partnership (“DCM DF”) formed in 2018. Deerpath provides investment management services and is the collateral manager for the following securitized asset funds:
• Deerpath Capital CLO 2018-1 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO”) formed in 2018.
• Deerpath Capital CLO 2020-1 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO2”) formed in 2019.
• Deerpath Capital CLO 2021-1 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO3”) formed in 2021.
• Deerpath Capital CLO 2021-2 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO4”) formed in 2021.
• Deerpath Capital CLO 2022-1 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO5”) formed in 2022.
• Deerpath Capital CLO 2023-1 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO6”) formed in 2023.
• Deerpath Capital CLO 2023-2 Ltd. incorporated under the laws of the Cayman Islands (“DC CLO7”) formed in 2023. DFV is a subsidiary of Deerpath Funding Advantage. DFV has received from the U.S. Small Business Administration (“SBA”) a license as a Small Business Investment Company (“SBIC”), which gives DFV access to federally guaranteed financing in the form of debentures. DFV was organized to facilitate the use of these debentures by DFAV. Each partner of DFAV is required by the SBA to be a limited partner in DFV, and with the exception of certain banks and similarly regulated financial institutions, no investor may, directly or indirectly, invest in DFV without making its investment through DFAV. DFAV and DFV are marketed and utilized as a single fund structure. Therefore, unless otherwise specified in this brochure, all references to DFAV in this brochure shall be deemed to include DFV. Each of Deerpath Capital, Deerpath Funding Advantage, Deerpath Capital (US), Deerpath Capital (Cayman), DCIV, DCV, DCAV-B, DCAV(Cayman), DCAV(US), DFAV, DFV, AIF, DCM SP, DCM DF, DS, DNP, DCVI, DCAVI(US),

DCAVI(Cayman), DCVI (Cayman), Deerpath Broadway, DS(US), TRS, DE(US), DEA(US), DCVII, DCAVII(US), DCAVII(Cayman) and DCVII(Cayman) may be referred to individually in this brochure as a “Fund” and together as the “Funds” or the “Deerpath Capital Funds.” Deerpath Funding Advantage IV General Partner, LLC is the general partner of Deerpath Funding Advantage. Deerpath Capital GenPar IV, LLC is the general partner of Deerpath Capital (US), Deerpath Capital (Cayman) and DCIV. Deerpath Funding Advantage V General Partner, LLC is the general partner of DFV. Deerpath Capital GenPar V, LLC is the general partner of DCV, DCAV-B, DCAV(Cayman), DCAV(US), DFAV and DS. Deerpath Capital GP S.à r.l is the general partner of AIF. Deerpath Capital GenPar VI, LLC is the general partner of DCVI, DCAVI(US), DCAVI(Cayman), DCVI(Cayman), Deerpath Broadway, DS(US) and TRS. Deerpath Capital GenPar Evergreen, LLC is the general partner of DE(US) and DEA(US). Deerpath Capital GenPar VII, LLC is the general partner of DCVII, DCAVII(US), DCAVII(Cayman) and DCVII(Cayman). Each of the foregoing general partners may be referred to individually in this brochure as a “General Partner” and together as the “General Partners.” B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. The Deerpath Capital Funds have similar investment strategies. The Investment Manager provides advisory services to the Deerpath Capital Funds with respect to privately negotiated investments in debt and equity of middle market companies. The Deerpath Capital Funds focus on investing in companies with annual revenues between $10 million and $200 million. The investment objective of the Deerpath Capital Funds is to seek attractive risk-adjusted returns by generating high levels of current income from debt investments and realizing capital appreciation from equity-oriented investments. The Deerpath Capital Funds emphasize strong downside protection, and focus on senior secured loans as their preferred investment category. The Deerpath Capital Funds may acquire warrants to purchase equity in connection with its loan investments. On an opportunistic basis, the Funds also will make direct equity investments. Deerpath Funding Advantage, DFV and DFAV intend to enhance returns by utilizing attractive external debt financing from the SBA in the form of SBA-guaranteed debentures. Each of Deerpath Funding Advantage and DFV has been licensed by the SBA as an SBIC. Status as an SBIC provides a fund with access to federally guaranteed financing in the form of debentures. SBA-guaranteed debentures have a ten-year term and carry fixed interest rates that are generally lower than comparable bank debt and public debt. Deerpath Capital (US), Deerpath Capital (Cayman), DCAV-B, DCAV(Cayman), DCAV(US), DS, DCAVI(Cayman), DCAVI(US), Deerpath Broadway, DS(US), TRS, DEA(US), DCAVII(US) and DCAVII(Cayman) intend to enhance returns by utilizing attractive external debt financing available from banks. DCIV, DCV, AIF, DCVI, DCVI(Cayman), DE(US), DCVII and DCVII(Cayman) do not use external debt financing. The Deerpath Capital Funds seek to provide investors with (i) exposure to privately negotiated investments in middle market companies, which might otherwise be difficult for an investor to obtain, (ii) high levels of current income with strong downside protection in its debt investments and (iii) potential for equity upside through warrants and direct equity investments. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Acting as the investment adviser or investment manager to the Deerpath Capital Funds is currently the only type of advisory services offered by the Investment Manager. The Investment Manager seeks to tailor its services to the needs of the Deerpath Capital Funds. With respect to the Funds, Deerpath typically does not tailor its advisory services to the individual needs of investors in the Funds; accordingly, it typically does not accept material investment restrictions imposed by such Fund investors. Each of the Funds may from time to time enter into agreements (“Side Letters”) with one or more of their investors whereby in consideration for agreeing to invest certain amounts in a Fund and/or other consideration deemed sufficiently material, such investors may be granted favorable rights not afforded other investors in such Fund. Such rights may include one or more of the following: rights to receive notices that include information not typically provided to other investors that Deerpath believes are not prejudicial to other investors; rights to receive reduced rates of incentive fees/allocations and/or management fees earned by Deerpath, each General Partner and/or other affiliates; and such other rights as may be negotiated between the Fund, Deerpath and such investors. Such agreements may be entered into by the Fund and Deerpath without the consent of other investors in such Fund; additionally, except as may be required by “most-favored-nations” clauses, such agreements usually need not be disclosed to other investors in such Fund. D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. The Investment Manager does not participate in wrap fee programs. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2023, the amount of client assets managed by the Investment Manager was approximately $3.3 billion on a discretionary basis and $3.9 billion on a non-discretionary basis.