The Registrant is a leading independent investment firm with approximately $63 billion in capital
under management on a discretionary basis as of December 31, 2023, across its private, distressed,
special situations, liquid, structured credit (including collateralized loan obligations (“CLOs”))
and real asset strategies (including aircraft, automobiles, shipping, real estate, and/or related
assets). The Registrant also invests in other investment products, such as equity securities
(including common or preferred stock, closed-end funds, exchange-traded funds and similar
securities and warrants), structured finance, mortgage securities investments and interest rate and
currency hedging. The majority of investments are made in private securities and obligations, but
the Registrant does also invest in publicly-traded securities. The Registrant makes control and non-
control investments and has the ability to take both long and short positions on behalf of its clients.
The Registrant’s investment activities are concentrated primarily in the U.S. and Europe. The
Registrant and its affiliates manage various private funds, including pooled funds and CLOs,
regulated funds, funds-of-one and separately
managed accounts (each, a “Client” and collectively,
“Clients”).
Investment advisory services provided to each Client are tailored to such Client’s specific
investment strategy, objectives, limitations and restrictions, as set forth in each investment
advisory agreement, private placement memorandum, offering circular and other Client
constituent document, as applicable. In certain cases, Clients impose restrictions on investing in
certain securities or types of securities.
The Registrant (through a predecessor entity) was founded in 1991 and is wholly owned by T.
Rowe Price Group, Inc. (together with its subsidiaries, “T. Rowe”). The Registrant operates as a
standalone business, with autonomy over its investment process. Accordingly, references to
“affiliate” in this Brochure refer only to affiliates under direct or indirect control of the senior
management team of the Registrant, unless the context indicates otherwise. The Registrant
maintains its principal place of business in New York City and has offices in additional locations,
including Fort Worth, Texas; London, England; Sydney, Australia; Melbourne, Australia; Hong
Kong, China; and Luxembourg, Grand Duchy of Luxembourg.