The Adviser is an investment advisory firm located in Boston, Massachusetts that commenced business in 2017. The Adviser specializes in advising on the collection of interest payments and other fees related to asset-based lending or “ABL” across a variety of industries in order to generate strong risk adjusted returns. The Adviser is principally owned and controlled by Daniel Platt. Mr. Platt is also the sole owner of the Adviser’s general partner, Pathlight GP LLC. The Adviser provides investment advisory services to affiliated pooled investment vehicles (each a “Fund” and, collectively, the “Funds”) into which certain qualified investors will make investments, as well as separate accounts for unaffiliated pooled investment vehicles (each a “Separate Account Client,” and, together with the Funds, the “Clients”). The general partner or equivalent of each Fund will be an affiliate of the Adviser (the “General Partner”). The governing documents of each Client also provide for the establishment of parallel, co-investment or other alternative investment vehicles in certain circumstances. Client investors may participate in such vehicles for the purposes of certain investments, and if formed, such vehicles would also become Clients of the Adviser. In this brochure, because it is uncertain whether such additional parallel, co-investment or alternative investment vehicles will be classified as clients of the Adviser, when we refer to a Fund or Client, we are also referring to such additional parallel, co-investment

or alternative investment vehicles, if any. The investment advisory services provided by the Adviser to each of its Clients primarily focus on investments related to the collection of interest payments and other fees related to ABL across a variety of industries in order to generate strong risk adjusted returns. The Adviser, on behalf of its Clients, intends to achieve this objective by investing primarily in first and second lien secured asset-based loans (each, a “Portfolio Investment” and collectively, the “Portfolio Investments”) to middle market companies headquartered in North America. Each Client’s portfolio is managed pursuant to an investment management agreement with the Client, a limited partnership agreement or similar governing document, any investment guidelines attached thereto, the Client’s investment policy, and/or other governing documentation that may be entered into from time to time, and any applicable regulations. While it is anticipated that each of its Clients will follow the strategy stated above, the Adviser may tailor the specific advisory services with respect to each Client to the individual investment strategy of that Client. In addition, the governing documents of Clients may, in certain limited circumstances, impose restrictions on investing in certain securities or types of securities, for example in connection with regulatory or compliance reasons. As of December 31, 2023, the Adviser manages approximately $2,793,424,174, all of which is managed on a discretionary basis.