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Adviser Profile

As of Date 10/02/2024
Adviser Type - Large advisory firm
Number of Employees 3
of those in investment advisory functions 3
Registration SEC, Approved, 01/03/2017
AUM* 6,388,129,607 1.48%
of that, discretionary 6,388,129,607 1.48%
Private Fund GAV* 6,398,129,607 1.64%
Avg Account Size 491,394,585 1.48%
% High Net Worth 6.06% 100.00%
SMA’s No
Private Funds 13
Contact Info 312 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

Discretionary
Non-discretionary
7B 6B 5B 4B 3B 2B 954M
2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeSecuritized Asset Fund Count13 GAV$6,398,129,607

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Brochure Summary

Overview

A. DescriptionoftheFirm Neuberger Berman Loan Advisers LLC (“NBLA”) is a Delaware series limited liability company, formed in November 2015 that commenced operations in January 2017. NBLA’s affiliates date back to the founding of Neuberger & Berman in 1939, the predecessor to Neuberger Berman BD LLC (formerly Neuberger Berman LLC). NBLA’s principal office is located in Chicago, Illinois. NBLA is directly owned by Neuberger Berman Loan Advisers Holdings LP, a Cayman Islands exempted limited partnership (“Holdings”). Class A Interests in Holdings are held by Neuberger Berman Investment Advisers LLC (“NBIA”), a Delaware limited liability company and an investment adviser registered with the SEC. NBIA is an indirect wholly-owned subsidiary of Neuberger Berman Group LLC (“NBG”). Class B Interests in Holdings are held by Neuberger Berman Loan Advisers Holdings (Delaware) LP, a Delaware limited partnership, and Neuberger Berman Loan Advisers Holdings (Cayman) LP, a Cayman Islands exempted limited partnership. NBLA’s primary business consists of (i) acting as the named collateral manager of a number of collateralized loan obligations transactions, including any type of short-term or long-term warehouse or repurchase agreement facilities in connection therewith (referred to collectively herein as “CLOs”); (ii) engaging in trading activities including, but not limited to, entering into conditional sale agreements and agreeing to acquire loans on its own account as an “originator,” “sponsor” or “original lender” for purposes of the EU Securitization Rules and the UK Securitization Rules (as defined in Item 11.B.4); (iii) directly, or indirectly through one or more subsidiaries, acting as the holder of EU/UK Retention Interests (as defined in Item 11.B.4) and any interests that may have been required pursuant to the U.S. Risk Retention Rules (as defined in Item 11.B.4) (collectively, the “RetentionInterests”) in the CLOs; and (iv) acting as the holder of the Preferred Return Notes and Performance Notes (each as defined in Item 5.A) issued by each CLO in respect of which NBLA holds a Retention Interest. NBLA has established a separate series (each a “Series”, and together, the “Series”) for (1) CLO collateral management activities (the “Management Series”), (2) EU/UK risk retention “origination” activities, if any (the “EU/UKOriginatorSeries”), and (3) holding the Retention Interests, the Performance Notes and the Preferred Return Notes (the “RiskRetentionSeries”). The interests in each Series are held by Holdings. NBLA is managed by a board of directors (the “BoardofDirectors” or the “Board”) consisting of at least two directors appointed by Holdings (as directed for these purposes by the holders of the Class A Interests in Holdings (the “ClassAInvestors”)). The directors are Brad Tank, Joseph Amato, Kenneth deRegt and Stephen Wright. The Board is the “manager” of NBLA under the Delaware Limited Liability Company Act with the ultimate responsibility over the business and affairs of NBLA. A director may be removed by a majority vote of the Board of Directors or by Holdings, as directed for these purposes by the Class A Investors. If a director is removed or resigns for any reason, then Holdings (as directed for these purposes by the Class A Investors) shall appoint a replacement director. The Board of Directors has appointed, and delegated authority to make investment decisions within certain pre-defined investment parameters in respect of a CLO and NBLA’s assets, to an investment committee consisting of certain of the employees of NBLA and subject to the general supervision and oversight of the Board of Directors (the “Investment Committee”). The members of the Investment Committee are Joseph Lynch, Stephen Casey and Pim van Schie. NBLA is able to enter into transactions, including engagement letters with respect to new warehouse and CLO transactions, collateral management agreements, credit agreements, indentures, purchase and sale agreements, risk retention letters, subscription agreements and other documentation, on the instruction of the Investment Committee but without prior approval of the Board of Directors or the NBLA investors if such transactions are consistent with NBLA’s investment parameters. The sponsorship of a new CLO or warehouse facility outside of the investment parameters requires the consent of Holdings, as directed for these purposes by a supermajority-in-interest of the Class B Investors. NBIA (in such capacity, the “Sub‐Advisor”) acts as sub-advisor to NBLA with respect to all CLOs managed by NBLA pursuant to a Sub-Advisory Agreement between the Sub-Advisor and NBLA (the “Sub‐Advisory Agreement”). The Sub-Advisor assists NBLA by, among other things, providing research and credit analysis services, sourcing assets and making recommendations regarding assets to be acquired and sold by NBLA in its capacity as collateral manager for the CLOs, and making recommendations regarding whether and when to close CLOs or refinance or reprice the notes issued by the CLO issuers. The Sub-Advisor advises NBLA with regard to all or substantially all of its investment and other activities; provided that, in connection with each CLO, the Investment Committee shall retain final responsibility for: (i) approving the collateral management parameters for the CLO issuer, (ii) participating in the credit review of all assets proposed to be acquired by the CLO issuer, and (iii) approving the purchase and sale of any asset by any CLO issuer. For a more complete discussion of NBIA, please refer to NBIA’s Form ADV which is publicly available at www.adviserinfo.sec.gov. NBIA (in such capacity, the “StaffandServicesProvider”) provides (i) certain middle and back- office services (including legal, compliance and execution) (collectively, “SupportServices”), (ii) other administrative services, infrastructure and shared office space (collectively, “Administrative Services”), and (iii) the
services of Shared Employees (as defined below) to NBLA pursuant to a Staff and Services Agreement between the Staff and Services Provider and NBLA (the “StaffandServicesAgreement”). The investment management activities of NBLA, and the day-to-day management of the business and affairs of NBLA, are performed by NBLA’s officers and employees, with ultimate credit and investment decision-making authority resting with the Investment Committee. Certain employees of NBLA (“SharedEmployees”) are jointly employed by NBLA and the Staff and Services Provider pursuant to the Staff and Services Agreement (and may be employed by other entities that are affiliated with the Staff and Services Provider), but such employees are under the direction and supervision of the Board of Directors in the performance of their duties related to NBLA. In addition, NBLA may hire certain employees that are not employees of the Staff and Services Provider. All of the employees of NBLA have entered into employment agreements with NBLA, in addition to any provision for such employees in the Staff and Services Agreement. Background–NeubergerBermanGroup NBG is a holding company the subsidiaries of which (collectively referred to herein as the “Firm”) provide a broad range of global investment solutions – equity, fixed income, multi-asset class and alternatives – to institutions and individuals through products including separately managed accounts, registered funds and private investment vehicles. As of December 31, 2023, the Firm had approximately $463 billion under management.1 NBG’s voting equity is wholly owned by NBSH Acquisition, LLC (“NBSH”). NBSH is owned by current and former employees, directors, consultants and, in certain instances, their permitted transferees. The Firm is headquartered in New York, New York. As of December 31, 2023, the Firm had over 2,800 employees worldwide. NBLA’s investment management services are further discussed below. B. TypesofAdvisoryServices NBLA serves as the collateral manager to CLOs, providing discretionary collateral management services. NBLA’s investment services are limited to CLOs. CLOs typically issue rated senior and mezzanine notes and unrated subordinated notes in private placement transactions only to persons or entities that are (i) both “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified purchasers” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “InvestmentCompanyAct”), provided that certain notes may be issued to persons or entities that are both “accredited investors” as defined in Section 501(a) of Regulation D under the Securities Act and either qualified purchasers or “knowledgeable employees” within the meaning of Rule 3c-5 under the Investment Company Act, or (ii) not “U.S. Persons” in offshore transactions under Regulation S under the Securities Act. NBLA provides investment services that may include, among other things, (i) approving the collateral management parameters for the CLO issuer, (ii) participating in the credit review of all assets proposed to be acquired by the CLO issuer, and (iii) approving the purchase and sale of any asset by any CLO issuer. Clients should refer to each CLO’s offering circular, indenture and other constitutional and offering documents (collectively, the “CLOOfferingMaterials”) for additional information. NBLA’s primary business consists of (i) acting as the named collateral manager of CLOs; (ii) engaging in trading activities including, but not limited to, entering into conditional sale agreements and agreeing to acquire loans on its own account as an “originator,” “sponsor” or “original lender” for purposes of complying with the EU Securitization Rules and UK Securitization Rules; (iii) directly, or indirectly through one or more subsidiaries, acting as the holder of Retention Interests in the CLOs; and (iv) acting as the holder of the Preferred Return Notes and Performance Notes issued by each CLO in respect of which NBLA holds a Retention Interest. The loans and interests therein held by the CLOs managed by NBLA consist primarily of non- investment grade loans or interests in non-investment gradeloans (“CollateralObligations”), 1 Firm assets under management figures reflect the collective assets for the various subsidiaries and affiliates of NBG. together with certain related assets and cash equivalents (collectively, the “Assets”). Clients should refer to the applicable CLO Offering Materials for additional information. The CLOs rely on Section 3(c)(7) of the Investment Company Act, or other applicable exceptions or exemptions under the Investment Company Act, as the basis for their exemptions from the registration requirements of the Investment Company Act. The CLOs for which NBLA serves as collateral manager may also be collectively referred to herein as the “ClientAccounts.” C. ClientTailoredServicesandClientTailoredRestrictions NBLA enters into discretionary collateral management agreements with the CLOs. Services are performed in accordance with the terms of each such agreement. Each CLO may impose investment restrictions as it deems appropriate. Such investment restrictions are typically set forth in the applicable CLO Offering Materials. Each CLO has a Trustee and an independent board of directors that is responsible for providing oversight of the CLO. Each CLO and its Trustee and board of directors may have the ability to impose restrictions on investing in certain securities or types of securities. The performance of Client Accounts that are subject to restrictions imposed by clients will vary from the account performance of unrestricted accounts that NBLA and/or NBIA manages with the same investment strategy. D. AssetsunderManagement As of December 31, 2023, NBLA had approximately $6,388,129,607 in discretionary assets under management.