Monarch Alternative Capital LP (the “Adviser” or “Monarch”) is an investment adviser formed in Delaware with its principal place of business in New York, New York. The Adviser was formed on March 26, 2002. The Adviser is wholly owned by MDRA GP LP, which is majority owned both directly and indirectly by the Adviser’s three co-founders: Michael A. Weinstock, Andrew J. Herenstein and Christopher M. Santana. The Adviser provides discretionary investment advisory services to its clients, which are pooled investment vehicles intended as investments for sophisticated investors such as institutional investors and high net worth individuals who are qualified to invest under applicable law (each such vehicle a “Fund” and collectively, the “Funds”). In addition, the Adviser has in the past provided and may in the future provide discretionary investment advisory services to private funds that are established by or in conjunction with third parties (“Third Party Funds” and together with the Funds, “Clients”). The Adviser provides and may in the future provide non-discretionary investment advisory services, including to Third Party Funds. It should be noted that any such future relationships may be subject to minimum investment size and other possible special requirements. Clients may be structured as open end, closed end or hybrid funds. Clients typically are U.S. and non-U.S. limited partnerships or non-U.S. corporate entities that are not registered or required to be registered under the Investment Company Act of 1940, as amended (the “1940 Act”) or the Securities Act of 1933, as amended (the “Securities Act”). Interests in Clients are typically privately placed to qualified investors in the United States and elsewhere. These qualified investors are U.S. persons that are “Accredited Investors” and “Qualified Purchasers,” non-U.S persons or “Knowledgeable Employees” as defined under applicable SEC rules and regulations. The Adviser is focused on investing in opportunistic credit and real estate. Clients may invest in and hold a variety of instruments, including bank loans, public and private corporate bonds, municipal and sovereign debt, asset-backed securities, equity securities received in connection with debt restructurings or otherwise, real estate and private equity. Clients may also hold a variety of derivative instruments or short positions for investment and hedging purposes. The Adviser tailors its advisory services as described in the investment program of each Client’s private placement memorandum or organizational documents or as set forth in the investment management agreement with such Client (collectively, “Governing Documents”). Please refer to Item 8 for a more detailed description of the Adviser’s investment strategies and instruments held by Clients. The Adviser manages each Client’s portfolio according to the terms of the Client’s Governing Documents. The terms upon which the Adviser serves as investment manager of a Client and the terms of such Client are generally fixed at the time a Fund is first offered or are generally negotiated before the Adviser is engaged. Such terms are set out in a Client’s Governing Documents, which may be amended from time to time. These terms, which vary among Clients, generally include restrictions

or guidelines on the types of securities and other assets in which a Client may invest, as well as the amount of assets a Client may invest in any issuer, security type, industry or geography, among others. The Adviser is not obligated, although it has the authority, to structure any Client’s investment in order to address or give effect to the individual objectives or considerations of any investors or group of investors in that Client. While Clients’ portfolios are managed utilizing an opportunistic, event driven strategy, the particular investment targets and limitations are tailored for each Client and are reflected in the relevant Governing Documents. For example, certain Clients’ strategies involve a diversified portfolio with a preference for senior debt while maintaining flexibility to invest throughout the capital structure. Other Clients’ strategies provide for an emphasis on longer-term credit and real estate opportunities. The Adviser also manages Clients focused exclusively on real estate. For all Clients, there is a focus on opportunities with the potential for process control, including from distress, restructuring or other complexity. The Adviser may in the future manage Clients with other non-diversified or co- investment strategies, including those focused on a particular market segment or asset class; Third Party Funds and certain other Funds from time to time request changes in concentrations of certain investments or investment classes within their portfolios and may request certain non-discretionary services in conjunction with their discretionary services. These Clients may have a greater degree of concentration of investments in individual companies, countries, market segments or industries. The Adviser does not assign specific individuals to support only specific Clients. The Adviser’s portfolio managers manage each Client with the input of the broader investment team. Within Monarch’s one-team model investment professionals develop specialization that may change depending on where the Adviser determines opportunity resides. The Adviser may create teams to focus on a particular area that includes investment professionals dedicated to that area. In particular, the Adviser has created a real estate focused team that sits within the broader investment team. Persons reviewing this Form ADV Part 2A Brochure should not construe this as an offering of any of the Funds described herein. Any such offering will only be made pursuant to the delivery of a private placement memorandum to prospective investors. The Adviser does not participate in wrap fee programs. As of December 31, 2023, in respect of Clients that the registrant advises as of the date hereof and its proprietary account described below, the Adviser managed approximately $13.079 billion in assets on a net asset value basis, including unfunded and contingent commitments. Of these approximately $13.079 billion in assets managed by the Adviser, approximately $4.332 million in assets are attributable to a proprietary account that does not actively trade its positions and is not expected to participate in new investment opportunities, although it has and is expected to participate in investments the purpose of which is to protect or enhance an existing position.