ADVISORY BUSINESS A.General Description of Advisory Firm. RevolverCap Management, L.P., a Delaware limited partnership (“RevolverCap Management”), is an investment adviser with its principal place of business in Teaneck, NJ. RevolverCap Management was formed on September 28, 2017. RevolverCap Management II, L.P., a Delaware limited partnership (“RevolverCap Management II”), is a relying adviser of RevolverCap Management. RevolverCap Management and RevolverCap Management II are collectively referred to herein as “RevolverCap.” The sole principal owner of RevolverCap Management and the sole principal owner of RevolverCap Management II is Israel Wallach, Managing Partner of RevolverCap Management.
B.Description of Advisory Services. RevolverCap provides investment advisory services to two private investment partnerships, RevolverCap Partners Fund, L.P. and RevolverCap Partners Fund II, L.P., both Delaware limited partnerships (each, a “Fund” and collectively, the “Funds”).
RevolverCap may also establish separate parallel investment vehicles for certain U.S. and non-U.S. investors that invest alongside the Funds in substantially all of each Fund’s investments (each, a “Parallel Fund”). The terms of any Parallel Funds are expected to be substantially similar to the terms of the Funds, except for any differences to accommodate tax, regulatory or other considerations of the investors of such investment vehicles.
RevolverCap may also establish co-investment vehicles for certain strategic investors of each Fund that desire additional exposure to each Fund’s investments (each such pooled investment vehicle, a “Co-Investment Vehicle”). Unless the context otherwise requires, references herein to the “Funds” include such additional investment vehicles. Co- Investment Vehicles are expected to invest alongside the Funds from time to time in certain investments, but the terms of any such Co-Investment Vehicles will be negotiated with the investors of such investment vehicles and may be different from the terms of the Funds.
One or more affiliates of RevolverCap serves as general partner of the Funds (each, a “General Partner” and collectively, the “General Partners”) and are expected to serve as general partner of each Fund’s Parallel Funds and certain Co-Investment Vehicles.
Subject to the discretion and control of the General Partners, RevolverCap provides discretionary investment advisory services pursuant to investment management agreements

with the Funds and such Co-Investment Vehicles. RevolverCap provides investment advice to the Funds in accordance with their respective investment objective and strategy set forth in the governing documents of each Fund.
The Funds make investments in revolving credit facilities (each, a “Revolver”) acquired in the secondary market. For more information on the investments and corresponding risks that RevolverCap uses when implementing its investment strategies, see Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” C.Availability of Customized Services for Individual Clients. The General Partners may from time to time enter into side letter agreements with certain investors in the Funds, establishing rights under, or supplementing or altering the terms of, the governing documents of the Funds with respect to such investors in a manner more favorable to such investors than those applicable to other investors. Such rights or terms in any such side letter or other similar agreement may include, without limitation: (i) excuse rights applicable to particular investments (which may increase the percentage interest of other investors in, and contribution obligations of other investors with respect to, such investments); (ii) reporting obligations of the General Partners; (iii) waiver of certain confidentiality obligations; (iv) consent of the General Partners to certain transfers by such investor; or other exercises by the General Partners of their discretionary authority under the applicable partnership agreement for the benefit of such investor; (v) withdrawal rights due to legal, regulatory or policy matters; (vi) other rights or terms necessary in light of particular legal, tax, regulatory or public policy characteristics of an investor; (vii) a reduction in the Management Fee (as defined below) or carried interest payable to the General Partners or their affiliates; or (viii) additional obligations, and restrictions on the Funds with respect to the structuring of any investment. Each General Partner generally will not enter into side letters that have the effect of disadvantaging other investors in the Fund.
D.Wrap Fee Programs. RevolverCap does not participate in wrap fee programs.
E.Assets Under Management. As of December 31, 2023, RevolverCap had $854,390,324 of assets under management. RevolverCap does not manage client accounts on a non-discretionary basis.