Background OFS CLO Management II is a Delaware series limited liability company that is a registered investment adviser and provides investment advisory and collateral management services to pooled investment vehicles, specifically, collateralized loan obligations (“CLO” or “CLOs”). OFS CLO Management III, a relying adviser of OFS CLO Management II, is a Delaware series limited liability company that was organized on February 15, 2024. OFS CLO Management III currently has three series, the “Management Series” to provide CLO collateral management services to CLOs, the “Origination Series” to conduct EU risk retention activities and the “Investment Series” to hold investments in CLO securities and temporary investments. OFS CLO Management III serves as collateral manager to a CLO. OFS CLO Management II and OFS CLO Management III are collectively known as “OFS CLO Advisers.” Any client that is a CLO advised by an OFS CLO Adviser shall be known as a “CLO Client.” OFS Funding I, LLC is the managing member of OFS CLO Management II, and Orchard First Source Asset Management, LLC (“OFSAM”), a subsidiary of Orchard First Source Asset Management Holdings, LLC (“OFSAM Holdings”), is the sole member and manager of OFS Funding I, LLC. The principal owner of OFSAM Holdings is OI3, LLC, the owner of which is The OI3 2019 Trust through its interest in Orchard Investments, LLC and Orchard Investments II, LLC, and Richard Ressler is a Trustee of The OI3 2019 Trust. OFSAM also owns OFS CLO Management, LLC (“OFS CLO Management”) indirectly through OFS Funding I, LLC and OFS Capital Management, LLC (“OFS Capital Management”), both affiliated SEC-registered investment advisers. OFS CLO Management II, OFS CLO Management III, OFS CLO Management, and OFS Capital Management (collectively, “OFS Advisers”) share management, investment and other professionals, advise clients (“OFS Clients”) who invest in similar investments, have overlapping investment committees, are subject to a common compliance program and share a common Chief Compliance Officer (“CCO”). OFS CLO Management and OFS Capital Management have filed their own Forms ADV and have their own brochures. References to OFS Capital Management and OFS CLO Management within this Brochure are included to describe conflicts of interest related to them and policies and procedures they jointly adopted with OFS CLO Advisers. OFS CLO Advisers do not have any exclusive employees. Each of OFS CLO Management II and OFS CLO Management is a party to a Staff and Services Agreement (each, a “Services Agreement”) with its affiliate, Orchard First Source Capital, Inc. (“OFSC”), a Delaware corporation and wholly owned subsidiary (and the manager) of OFSAM. OFS CLO Management III is party to a Staff and Services Provider Agreement (the “S&SP Agreement”) with OFS CLO Management II, under which OFS CLO Management II provides staffing and services procured from OFSC under the Services Agreement. Under the Services Agreement with OFS CLO Management II:
• OFS CLO Management II and OFSC jointly employ most of the personnel, including investment professionals, who provide services to OFS CLO Advisers; and
• OFSC provides back- and middle-office, legal/compliance/risk analysis, credit analysis, execution and documentation, marketing, reporting, and other administrative services to OFS CLO Management II. Other persons who provide services to OFS CLO Advisers, including its CCO, are employees of (a) CIM Group, LP (“CIM Group”) and its affiliates, those of which also provide services to its SEC-registered investment adviser affiliates

including CIM Capital, LLC (“CIM Capital”), CIM Capital’s relying advisers, CIM Capital IC Management, LLC (“IC Management”) and CIM Capital SA Management, LLC (“SA Management”), which advise debt infrastructure and real estate funds, and (b) Orchard Capital Corp. (“OCC”), a California corporation controlled by Mr. Ressler that provides consulting and advisory services to companies in which Mr. Ressler invests. All the foregoing services are provided through a shared services agreement among OFSC, CIM Group and OCC. The same professionals who service OFS CLO Advisers similarly service OFS CLO Management and OFS Capital Management through (i) the shared services agreement and (ii) the Services Agreements. The CLO’s OFS CLO Management II serves as an investment adviser and collateral manager to OFSI BSL XII CLO, Ltd., a pooled investment vehicle that is a collateralized loan obligation fund (the “CLO XII”). OFS CLO Management III, through its Management Series, serves as a collateral manager to OFSI BSL XIII CLO, Ltd., a pooled investment vehicle that is a CLO. Each CLO is an exempted company incorporated with limited liability under the laws of the Cayman Islands. All of the ordinary shares of the CLO are held by a licensed trust company incorporated in the Cayman Islands, under the terms of a declaration of trust for the benefit of one or more charitable organizations located in the Cayman Islands. The CLO issues various classes of notes (collectively, the “CLO Notes”). OFS CLO Advisers may, in the future, facilitate compliance with risk retention rules that are in place in the European Union by acting as an originator for the purposes of the EU Capital Requirements Directive (No. 2013/36/EU) (“E.U. Risk Retention Rules”). In that case, OFS CLO Advisers will likely act as the sponsor of the CLO Clients for which it acts as collateral manager. Advisory Services OFS CLO Advisers provides investment management, advisory, and certain administrative and other related services to the CLOs. The CLO advised by OFS CLO Advisers are referred to herein as the “CLO Client(s).” OFS CLO Advisers provides investment advisory services that include sourcing and/or originating potential investments, conducting research and due diligence on potential investments and equity sponsors, analyzing investment opportunities, holding risk retention interests, and monitoring investments and portfolio companies. OFS CLO Advisers focuses primarily on investments in broadly syndicated U.S. loans and, to a lesser extent, publicly traded corporate bonds; however, OFS CLO Advisers may provide investment advice to its CLO Client regarding a variety of investments, including other types of debt and equity as well as broadly syndicated loans in non-U.S. (i.e., Canada and European) jurisdictions. Investment Advisory Relationship with CLO Client The advisory relationship between the CLO Client and OFS CLO Advisers is governed by a written collateral management agreement between the CLO Client and OFS CLO Advisers (“CLO Management Agreement”). The CLO Client’s portfolio is comprised predominantly of senior secured syndicated loans made to public and private U.S. companies. The Client is subject to investment restrictions under the terms of its note indenture (the “CLO Indenture”). Management of Client Assets As of the December 31, 2023, OFS CLO Management II had approximately $303,532,230 in regulatory assets under management on a discretionary basis. OFS CLO Management II does not have any assets under regulatory management on a non-discretionary basis.