Sound Point is a privately-owned asset management firm with investment strategies that concentrate on performing credit and collateralized loan obligations (“CLOs”), opportunistic credit, structured credit, specialty finance and marketplace lending, and commercial real estate credit, utilizing a fundamental and research-intensive approach to investing. Sound Point is a Delaware limited partnership founded in 2008 by Stephen Ketchum, its Managing Partner and CIO. Mr. Ketchum owns Sound Point along with principals of Stone Point Capital LLC, a private equity firm (“Stone Point”), and Dyal Capital Partners II (A), LP, a third-party permanent capital fund that is managed by the Dyal Capital division of Blue Owl Capital Inc. (“Dyal”), each of which holds minority equity interests in Sound Point. Sound Point’s general partner, SPC Partners GP, LLC (the “General Partner”), is a Delaware limited liability company that is controlled by Stephen Ketchum. Minority Equity Ownership and Sound Point Board of Managers Stephen Ketchum is a principal owner of Sound Point, indirectly through SPC Consolidator LLC, a Delaware limited liability company. Certain other limited partners of Sound Point have contributed, or have the right to receive, 5% or more of Sound Point’s capital upon its dissolution, and these limited partners are Dyal Capital Partners II (A), LP, and two senior principals of Stone Point. Three additional senior principals of Stone Point are also limited partners of Sound Point, but each holds minority equity ownership below the 5% threshold. James Carey, one of Stone Point’s senior principals, serves on Sound Point’s Board of Managers and consequently will have certain rights of approval over the actions of Sound Point which may impact Client Accounts; however, Mr. Carey is not a member of any committee that makes investment decisions for Client Accounts. Sound Point operates independently of Stone Point. Sound Point GP Parent, LLC, a Delaware limited liability company, was established to wholly own the general partners of certain Sound Point Funds (as defined below) and is under common control with Sound Point. Along with certain principals of Stone Point, Dyal Capital Partners II (A), LP and Dyal Capital Partners II (B), LP (the “Dyal Funds”) hold minority equity interests in Sound Point and Sound Point GP Parent, LLC, respectively. Although, as noted above, a senior principal of Stone Point serves on Sound Point’s Board of Managers, neither Stone Point, nor the Dyal Funds, nor Dyal or any of its affiliates is involved in the day-to-day management of Sound Point or of Sound Point GP Parent, nor does any such party have any control over the investment decisions of the Sound Point Funds or other Client Accounts (as defined below). Advisory Services Sound Point provides investment advisory services to privately offered pooled alternative investment funds (“Sound Point Funds”), separately managed accounts, including funds-of-one (“Managed Accounts”), a registered investment company (“40 Act Fund”), and, directly or through affiliates, to securitized asset pools called collateralized loan obligations (“SP CLOs”). In this Brochure, the term “Client Accounts” refers to any or all of the foregoing. In general, in managing the Client Accounts, Sound Point seeks to provide risk-adjusted returns while staying in line with the parameters of the relevant investment strategies and subject to investment objectives and guidelines as set forth in the relevant offering documents or investment advisory agreement. Sound Point’s Client Accounts are either managed on a discretionary or non-discretionary basis. For the discretionary Client Accounts, Sound Point makes all investment decisions and monitors all investments to determine whether to reduce, eliminate or increase investment opportunities after the initial investment is made. Strategies of the Client Accounts are:
• Credit Opportunity Strategy: Investment assets of the Credit Opportunity Strategy primarily include corporate bonds, senior-secured bank loans, and equities, but other assets, including investment in Sound-Point related products such as SP CLOs and special purpose acquisition corporations sponsored by Sound Point, may be included depending on the investment environment.
• Floating Rate Strategy: Investment assets of the Floating Rate Strategy primarily include corporate senior-secured bank loans and bonds, but other assets, including investment in Sound Point-related products such as SP CLOs, may be included depending on the investment environment.
• Loan Opportunity Strategy: Investment assets of the Loan Opportunity Strategy primarily include distressed bonds, distressed bank loans, public and private equity, and trade claims, but other assets including financial derivatives may be included depending on the investment environment.
• SP CLO Strategy: Investment assets of the SP CLO Strategy primarily include securities issued by SP CLOs and may include a limited investment in CLOs managed by third parties (“Third Party CLOs”), as well as the residual interests in warehouse facilities for such CLOs.
• Structured Credit Strategy: Investment assets of the Structured Credit Strategy primarily include Third Party CLOs and may include a limited investment in Sound Point-related products such as SP CLOs, as well as the residual interests in warehouse facilities for such CLOs.
• Strategic Capital Strategy: Investment assets of the Strategic Capital Strategy primarily include senior secured debt, junior secured debt, accounts receivable financings, mezzanine debt and equity or equity linked securities.
• Co-Invest Strategy: Investment assets of Co-Invest Strategy primarily include senior-secured bank loans, and equities,

but other assets, including investment in securities issued by Sound Point-related products such as SP CLOs as well as the residual interests in warehouse facilities for such CLOs, may be included depending on the investment environment.
• Euro CLO Management Strategy: The Euro CLO Management Strategy invests in certain series of Sound Point CLO C-MOA, LLC, a management company that is intended to be an “originator” (as defined in the EU Risk Retention Rules, as defined below) and will serve as collateral manager of European collateralized loan obligation transactions, including any type of short term or long term warehouse or similar facilities and whose primary asset will be the “equity” or “first loss tranche” of interests and in certain cases debt tranches of Euro CLOs managed by the management company.
• Specialty Finance Strategy: Specialty Finance Strategy invests in specialty finance assets, financial technology (“FinTech”), marketplace lending, consumer finance, structured finance and securitized products related to specialty finance lenders.
• Commercial Real Estate Credit Strategy: Investment assets of the Commercial Real Estate Credit Strategy primarily include commercial mortgage loans and debt where commercial real estate properties serve as the underlying collateral.
• Direct Lending Strategy: Investment assets of the Direct Lending Strategy primarily include privately negotiated, secured loans to U.S. middle-market companies, including first-lien senior debt and unitranche facilities. Selectively, the Direct Lending Strategy may also make investments in second lien debt and other subordinated debt instruments, typically to large borrowers, as well as occasional equity co-investments alongside trusted sponsors.
• SP CLOs: Investment assets of the SP CLOs primarily include corporate senior-secured bank loans and bonds, but other assets may be included depending on terms of the SP CLO indentures and the investment environment. Sound Point’s discretionary authority with respect to the SP CLOs is restricted by the terms of the SP CLOs as described in their indentures. In addition to the core assets listed above, and subject to the applicable investment advisory agreements, prospectus and other offering documents, and subject to the relevant investment objectives, certain Client Accounts may maintain the flexibility to invest in other types of publicly or privately-offered securities (both long and short), including, but not limited to, fixed income securities, preferred stocks, American Depositary Receipts, exchange-traded funds, unregistered or restricted securities, convertible securities, warrants, forward contracts, cash and cash equivalents, interest-rate and other swaps, futures, options and other derivatives. There can be no assurance that the Client Accounts’ objectives will be achieved, and investment results may vary substantially. Further information on Client Accounts can be found in Item 10 (Other Financial Industry Activities and Affiliations). Registration and Affiliated Entities Sound Point has been registered with the United States Securities and Exchange Commission (the “SEC”) since July 2011. Sound Point CLO C-MOA, LLC (“C-MOA”) is controlled by Sound Point and is an SEC-registered investment adviser. C-MOA provides collateral management services to securitized asset pools known as CLOs. In general, this Brochure does not include information about C-MOA or its advisory business, which is summarized in C-MOA’s own Form ADV Parts 1 and 2. Sound Point CRE Management, LP (“CRE”) and SPCRE InPoint Advisers, LLC (“SPCRE”), which are both under common control with Sound Point, have filed with the SEC as an Exempt Reporting Advisers. CRE and SPCRE provide advisory services to one or more real estate investment trusts. In general, this Brochure does not include information about CRE or SPCRE or their respective advisory businesses. Sound Point Commercial Real Estate Finance LLC (“SPCREF”), which is under common control with Sound Point is an SEC-registered investment adviser. SPCREF’s primary investment strategy is to originate first mortgage loans on wholly owned commercial real estate in the United States, primarily focused on bridge loans or properties undergoing a business model transition. Aflac GI Holdings LLC (“AGIHLLC”), a subsidiary of Aflac Incorporated, holds a minority interest in SPCREF. AGIHLLC does not have authority over the day-to-day operations or investment decisions of SPCREF, although AGIHLLC has certain minority protection and consent rights in connection with its investment in SPCREF. In general, this Brochure does not include information about SPCREF or its advisory business, which is summarized in SPCREF’s own Form ADV Parts 1 and 2. Sound Point is also affiliated with certain entities that are formed for tax, regulatory or other purposes in connection with the organization of the Sound Point Funds, and/or serve as general partners of the Sound Point Funds (collectively, the “Sound Point General Partners”). Management of Client Accounts As of December 31, 2022, Sound Point had approximately $20,493,967,743 of regulatory assets under management that is managed on a discretionary basis and approximately $1,120,801,902 of regulatory assets under management that is managed on a non-discretionary basis. Sound Point currently does not participate in wrap fee programs. For further discussion of these and related items, see Item 7 (Types of Clients), Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial Industry Activities and Affiliations). Any description of a Sound Point Fund, 40 Act Fund or SP CLO is qualified by reference to the applicable fund’s prospectus or offering documents.