General Description of Advisory Firm Varagon Capital Partners, L.P. (“Varagon”), a Delaware limited partnership with its principal place of business in New York, New York, USA, was originally formed in October 2013. Varagon is an asset manager focused on directly originated middle market credit. Varagon primarily invests in term loans sourced through its relationships with middle market companies and middle market financial sponsors, as well as through relationships with other lenders and other market participants. Varagon seeks to provide disciplined exposure to an attractive asset class by coupling its direct origination with an institutionalized credit process and active portfolio management. On September 6, 2023, a wholly owned subsidiary of Man Group plc acquired a controlling interest in Varagon. In connection with the transaction, certain senior members of Varagon’s existing management continue to own, in the aggregate, a controlling interest in Varagon. The general partner of Varagon is Man Times Square GP LLC and its sole limited partner is Man Times Square Holdings LLC, an indirect, majority-owned subsidiary of Man Group plc. Man Group plc is a public company listed on the London Stock Exchange and is a component of the FTSE 250 Index. Man Group plc, through its investment management subsidiaries (collectively, "Man"), is a global investment management business and provides a range of fund products and investment management services for institutional and private investors globally. As of December 31, 2023, Man had approximately $167.5 billion of assets under management.1 Description of Advisory Services Varagon currently provides investment advisory services to certain wholly-owned insurance companies and certain other institutional investors under separately managed account or fund of one (such clients, collectively, the “SMA Clients”); the Senior Direct Lending Program, LLC and its wholly-owned financing subsidiaries (collectively, the “SDLP”), a joint venture; and certain pooled investment vehicles2, Varagon Capital Credit Strategies ICAV (the “ICAV”) Varagon Capital Direct Lending Fund, L.P. (collectively, with the ICAV and certain other related entities, “VCAP”) and Varagon Structured Notes Issuer I, LLC (“VSN”), each of which is described in more detail below (collectively VCAP and VSN, being referred to as “Funds”). Collectively, the SMA Clients, Funds and the SDLP are referred to herein as “Clients” of Varagon. For each Client, Varagon manages investments in accordance with the investment objectives, strategies, restrictions, and guidelines specified in the contracts, investment advisory agreements, governing documents, and disclosure materials applicable to such Client (collectively, the “Client 1 Man assets under management as stated in the Man Group plc Annual Report include advisory-only assets over which Man has no decision making or trading authority and dedicated managed account platform services for which Man provides platform and risk management services but does not provide investment management services. 2 Varagon Fund I, L.P. (“VF1”) was previously a pooled investment vehicle managed by Varagon. On June 2, 2022, immediately prior to Varagon Capital Corporation’s (“VCC”) election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), VF1 merged with and into VCC, with VCC as the surviving entity in the merger (the “Merger”). As a result of the Merger, VCC acquired all of VF1’s assets and liabilities, including VF1’s interest in SDLP. VCC Advisors, LLC, a related adviser, is adviser to VCC. Governing Documents”). Investment decisions for the SMA Clients are made by Varagon’s Executive Credit Committee (the “ECC”), which is described in more detail in Item 13, below. Varagon primarily invests in debt issued by privately-held middle market companies located in North America, but can provide financing to issuers outside these criteria. Varagon generally focuses on companies in a range of industries including business services; healthcare; technology, media, and telecommunications; and commercial and industrial. Varagon evaluates investments across the debt capital structure (including first-lien, unitranche, second-lien, and mezzanine debt) and invests in middle market credit through interests in term loans and through interests in securities backed by term loans. Varagon’s advice will generally be limited to these investments, but Varagon could expand its

investment focus in the future. Varagon generally does not invest in publicly-traded securities. Senior Direct Lending Program (the “SDLP”) The SDLP is a joint venture between VCC and Ares Capital Corporation (“ARCC” and together with its affiliates, “Ares”). As a joint venture, control and management is shared equally between VCC and ARCC. The SDLP invests in middle market credit, primarily through investments in unitranche term loans, in accordance with the investment objectives, policies, approvals and restrictions as outlined in its governing documents (the “SDLP Agreements”). The SDLP finances investments through the issuance of securities (the “SDLP Securities”) backed by its loan portfolio, including, in order of seniority, senior notes (the “Senior Notes”), intermediate funding notes (the “IFNs”), and subordinated certificates (the “Subordinated Certificates”). VCC and SMA Clients have invested, and could in the future invest, in such SDLP Securities (or derivatives of such securities), provided that such investments are permitted by the terms of the applicable Client Governing Documents and by the SDLP Agreements. The SDLP structure also includes two related Delaware statutory trust entities, formed solely for transactional convenience, through which investors invest in the Senior Notes and the IFNs. Unless otherwise noted, references herein to SDLP include the SDLP structure as a whole. Varagon and ARCC each have agreed to refer investments in unitranche loans to borrowers with trailing annual EBITDA of at least $25 million to the SDLP pursuant to sourcing agreements but can also elect to refer other investments. All portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of VCC and ARCC (with approval from a representative of each required). In addition to their respective interests in SDLP Securities, both Varagon and Ares have the right, but not the obligation, to directly invest on behalf of their respective clients in a portion (the “Special Allocation”) of each term loan in which the SDLP invests. Decisions regarding Special Allocations are made independently by Varagon and Ares on a case- by- case basis. Varagon evaluates Special Allocations as separate term loan investments and can decline a Special Allocation associated with an investment made by the SDLP. Special Allocations approved by Varagon’s ECC, to the extent permitted by Clients’ investment objectives and guidelines, can be placed in Varagon Clients’ accounts in accordance with Varagon’s allocation policies and procedures described in Item 6 – Performance-Based Fees and Side-by-Side Management. Certain SMA Clients have invested in the Senior Notes. Varagon SDLP, LLC, a wholly owned subsidiary of VCC (“Varagon SDLP”), owns a portion of the Subordinated Certificates. ARCC is a publicly traded, closed-end, non-diversified specialty finance company that has elected to be treated as a BDC under the 1940 Act. ARCC is currently managed by Ares Capital Management, LLC (“ACM”). Fund Clients Varagon has formed VCAP, a fund family that includes parallel U.S. and non-U.S. levered master- feeder fund structures that participate in the firm’s investment program on a levered basis, through investments in the ICAV and other intermediary entities. As of the date hereof, Varagon Direct Lending Fund, L.P., the onshore levered feeder Fund, Varagon Capital Direct Lending International, SCSp, the offshore levered Feeder Fund, and the ICAV, have had one or more closings. The underlying investors in VCAP and VSN or any other Funds organized in the future (“Fund Investors”) shall not be considered Clients solely by virtue of such investment. Varagon will not provide individualized advice to Fund Investors. Varagon’s advice to a Fund is generally not tailored to the individualized needs of any particular Fund Investor and an investment in a Fund will not, in and of itself, create an advisory relationship between the Fund Investor and Varagon. Fund Investors will be subject to the various risks described in the governing and offering documents and should determine whether such Fund meets their investment objectives and risk tolerance prior to investing. Assets Under Management Varagon had total regulatory assets under management (“RAUM”) of approximately $13.75 billion, comprised of $7.26 billion managed on a discretionary basis and $6.49 billion on a non- discretionary basis as of December 31, 2023.