Clarion is an investment firm, founded in 1999, whose primary business has historically been the management of private equity funds. The firm, owned by Marc A. Utay and Eric D. Kogan, has two primary business segments: Private Equity, offered through private investments funds, and Structured Credit, offered through private investment funds, separately managed accounts (each an “SMA Client” and collectively the “SMA Clients”) and an Insurance-Dedicated Fund. Special purpose companies/vehicles may be organized to hold investments for the funds, and Clarion may offer co-investment opportunities through dedicated co-investment vehicles and/or alongside the funds. The private investment funds, along with related special purpose companies/vehicles, and the Insurance-Dedicated Fund are referred to herein each as a “Fund” or collectively as the “Funds”. The “Private Equity Funds” are organized to make primarily control-oriented private equity investments in diversified middle-market portfolio companies generally located in the United States, and the “Structured Credit Funds” are organized to invest in various tranches of collateralized obligation issuers and equity tranches of privately financed and other senior secured loan funding vehicles. The Funds are long-term investment vehicles that require certain lock-up periods. As it relates to primary new issue CLO investments, to the extent an investment made by the Structured Credit Funds or the Insurance-Dedicated Fund exceeds the allocation limit for the fund as determined by Clarion, the investment may be allocated among the fund and the SMA Clients. Clarion may allocate secondary investments between the Structured Credit Funds, the Insurance Dedicated Fund and the SMA Clients at its discretion. As of December 31, 2023, Clarion managed approximately $ 1,737,302,031 of regulatory assets under management on a discretionary basis. In managing the Funds, Clarion formulates investment objectives, directs, and manages

the investment of the Funds’ assets, and provides periodic reports to investors. Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Clarion manages the assets of the Funds in accordance with the terms of the governing documents applicable to each Fund, including a private placement memorandum and limited partnership agreement (each a “Governing Document” or collectively the “Governing Documents”). Clarion applies its discretion when allocating co-investment opportunities to investors, company management and others, taking into account facts and circumstances which may include the nature of the transaction, speed of execution required, tax considerations, familiarity with and history of investing in the relevant industry, and ability to provide strategic insights. In certain circumstances, service providers (or their affiliates) may be offered the opportunity to co-invest. Clarion may allocate co-investment opportunities in such proportion as determined by it, in its sole discretion, taking into account any factors it deems relevant. Clarion endeavors to remain informed regarding investor interest in co-investments by maintaining records of those investors who have expressed interest in co-investments and have completed co-investments with Clarion in the past. The Funds may enter into separate agreements, commonly referred to as “side letters”, with certain investors to waive or modify certain requirements, which are mostly non-economic in nature and described in the relevant Governing Documents. Under certain circumstances, side letters can create preferences for such investors with respect to other investors. Clarion manages the SMA Clients on a discretionary basis, and in accordance with each such client’s investment management agreement (“IMA”). To the extent mutually agreed upon and communicated in writing, Clarion will accept reasonable restrictions imposed by SMA Clients with respect to the management of their account(s).