Alcentra is a limited liability company organized under the laws of the State of Delaware. We are a subsidiary of Alcentra US, Inc. which, in turn, is an indirect, wholly owned subsidiary of Franklin Resources Inc. We have been providing advisory services since March 2002. On November 1, 2022, Alcentra was acquired by Franklin Resources, Inc. and became the sole owner of the Adviser. As a result of the acquisition, Alcentra and its affiliate, Benefit Street Partners L.L.C. (“BSP”, a registered investment adviser and advisory affiliate under common control with the Adviser), have integrated certain of their advisory activities, and expect to integrate all of their advisory activities, which includes overlapping trading and investment strategies, and have combined and are operating under a single compliance program. The acquisition and various integrated activities between the Adviser and BSP, as well as certain other advisory affiliates of the Adviser, raises conflicts of interest. Please see Item 11. and Item 12. below for information regarding how such conflicts of interest are generally addressed by the Adviser through implementation of related policies and procedures. We provide discretionary and non-discretionary investment advisory services to institutional clients, including U.S. registered investment companies (“40 Act Funds”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”), private funds that are not registered under the Investment Company Act and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”), collateralized loan obligation vehicles (“CLOs”), other pooled investment vehicles

and certain other institutional separate managed account clients (collectively, “Clients”). Clients typically obtain our investment advisory services pursuant to an investment management or sub-advisory agreement. Investors may also access our investment advisory services by investing in pooled investment vehicles, which are sponsored or established by us, our affiliates or unaffiliated third parties. We also provide non-discretionary investment advice to our affiliate, Alcentra Limited. Alcentra Limited is headquartered in the United Kingdom and is authorized and regulated by the Financial Conduct Authority (“FCA”). Alcentra Limited is also a registered investment adviser with the SEC with respect to its US clients. Alcentra Limited has expertise in the European credit market and manages a number of investment vehicles utilizing investment strategies similar to those utilized by Alcentra, but generally focusing on investments in Europe rather than the U.S. Investment Strategies We focus primarily on the sub-investment grade capital markets. Our investment strategies are primarily organized into four areas:
• US Liquid Credit, consisting of U.S. Liquid Loan (i.e. broadly syndicated leverage loans), and Alcentra High Yield (i.e. high yield bonds);
• Global Special Situations; and
• Structured Credit (i.e. investments in securities issued by CLOs). See Item 8. for more information about our investment strategies. Assets Under Management As of December 31, 2023, we manage approximately $16.4 billion on a discretionary basis and $206 million on a non-discretionary basis. As of December 31, 2023, BSP managed approximately $28.3 billion of client assets on a discretionary basis.