ADVISORY BUSINESS Founded in 1998 and headquartered in New York, Fortress Investment Group LLC and its affiliates (collectively “Fortress” or the “Firm”) is a global asset manager that raises, invests in and/or manages private equity funds, hedge funds (together with private equity funds, each or collectively, a “Private Fund”), and publicly traded permanent capital vehicles. Fortress also provides alternative investment management services to institutional managed accounts. On December 27, 2017, SoftBank Group Corp. (TOKYO: 9984) (“SoftBank”) acquired Fortress. Fortress operates within SoftBank as an independent business. See Item 2 (Material Changes) for a description of Fortress and Mubadala Capital’s agreement to acquire SoftBank’s interest in Fortress. The descriptions of Fortress’s funds in this brochure, including the type of investments made and strategies used, fees and expenses charged, risk factors and conflicts of interests that may arise in Fortress’s management of such funds and investments are qualified in their entirety by reference to each of the Clients’ (as defined below) agreements with Fortress as well as in formal offering materials (e.g., the Client’s offering memorandum, memorandum and articles of association, limited partnership agreement, as the case may be, and subscription document) provided to investors in the Private Funds or to those with separately managed accounts (“Managed Accounts”), as applicable (collectively referred to herein as the “Offering Documents”) and, in the case of publicly traded permanent capital vehicles, by reference to public disclosures made in accordance with public company reporting requirements. Fortress’s Registered Advisors Fortress conducts its investment management business through its subsidiary, FIG LLC (801- 62982), and through a variety of other relying advisers, all of which are either wholly owned by, or under common control, with FIG LLC (each a “Relying Adviser”). FIG LLC is registered with the SEC as an investment adviser. The Relying Advisers are covered by FIG LLC’s registration as relying advisors pursuant to applicable SEC guidance. As such, this Form ADV Part 2 is intended to cover the investment advisory activities of FIG LLC and all of its Relying Advisers. For ease of reference, the term “Fortress” is used throughout this brochure and should be understood to include FIG LLC and, where applicable, all of its various Relying Advisers. Principal Owners of FIG LLC The following is an organizational chart depicting the “principal owners” of FIG LLC which is shaded below as of March 30, 2024. Please see Item 10 (Other Financial Industry Activities and Affiliations) for a list of all Relying Advisers and certain other affiliates. Fortress Investment Group LLC SoftB ank Group Corp (TSE: SFTBY) Foundat ion (GP) Holdings LLC SB Foundation Holdings LP Foundation Holdco LP FINCO I LLC FINCO I Intermediate Holdco LLC FIG Parent, LLC SB Foundation Holdings (GP) LLC Managing Member 90.01% Sole Member 100% Foundation Holdings LP General Partner Managing Member FIG Corp.
Fortress Operating Entity I LP FIG LLC 100% Limited Partner Sole Member Sole Member Sole Member Limited Partner Limited Partner General Partner Fortress’s Advisory Services Fortress’s advisory services are comprised of the following primary business lines: Private Equity Investment Funds The Private Equity fund business is comprised of general buyout and sector-specific funds focused on control-oriented investments in cash flow generating assets and asset-based businesses in North America, the Caribbean and Western Europe. Permanent Capital Vehicles The permanent capital vehicles business is comprised of the following entities: (i) Eurocastle Investment Limited (Euronext Amsterdam: ECT), (ii) FTAI Aviation Ltd. (Nasdaq: FTAI), and (iii) FTAI Infrastructure Inc. (Nasdaq: FIP), which are publicly traded companies that are externally managed by Fortress pursuant to management agreements (collectively, referred to as the "Permanent Capital Vehicles" or "PCVs"). The PCVs invest in a wide variety of assets including non-performing loans, other real estate related assets, and transportation and infrastructure assets. Credit The Fortress Credit business invests globally and includes private equity style credit- focused funds, hybrid hedge fund structures and private real estate investment trusts (“Private REITs”), which are generally focused on opportunistic lending situations and distressed and undervalued

assets (some with limited current cash flows and long investment horizons) and tangible & intangible assets (real estate, capital assets, natural resources, loans, corporate securities, intellectual property and other assets). The Credit funds business is comprised of five main business lines. The flagship fund strategies are Credit Private Equity Strategies, Lending Strategies, Real Estate Strategies, Credit Hedge Fund Strategies, and Fixed Income & Trading Strategies. The Credit funds business also provides tactical/niche and other strategies to take advantage of unique opportunities. Fortress has also launched the Fortress Multi-Manager Group, which is generally focused on allocating capital to external investment managers. Fortress Clients For the most part, Fortress’s Clients can be broadly categorized as either (i) pooled investment vehicles that are structured as limited partnerships, limited liability companies or corporations and which comply with Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940 (the “Investment Company Act”), for the purpose of pursuing one or more alternative asset investment strategies, which may be either limited life entities, such as Fortress’s private equity funds, or “open-end”, perpetual life entities, such as Fortress’s hedge funds (collectively, the “Private Funds”); (ii) single investor managed accounts or funds, the investment strategies of which typically parallel all or a portion of the investment strategies of one or more of the Private Funds (“Managed Accounts”); (iii) Permanent Capital Vehicles and other publicly traded vehicles; (iv) structured products for which Fortress serves as the collateral manager (“Structured Products”); and (v) Private REITs . The Private Funds, taken together with the Managed Accounts, Permanent Capital Vehicles and other publicly traded vehicles, Structured Products and Private REITs, are referred to throughout this brochure as the “Clients.” Certain Relying Advisers are wholly-owned by Fortress Clients. In other words, in certain circumstances, Clients themselves own investment advisers for which Fortress employees provide services. In these circumstances, any compensation received for services provided to clients of such Relying Adviser is retained by such Relying Adviser or the Clients that own such Relying Adviser. Customized Services for Individual Clients As described above, Fortress provides investment advisory services to a number of institutional Managed Accounts, which, unlike the Private Funds and Private REITs described above, are generally formed for the specific purpose of managing the assets of a single institutional investor. The investment strategies for the Managed Accounts may, and generally do, parallel all or a portion of the investment strategies of one or more of the Private Funds, but there are, on occasion, differences between the investment strategies of a Managed Account and any other Fortress Client. The advisory services provided to each Managed Account, and the related terms and fees, are negotiated on a case-by-case basis. Fortress enters into agreements to advise Managed Accounts only under limited circumstances. However, the assets under management of Managed Accounts may, individually or in the aggregate, be substantial in proportion to the Private Funds whose investment strategies they parallel. Certain of the Clients may from time to time enter into agreements (“Side Letters”) with one or more of their investors whereby, in consideration for agreeing to invest certain amounts in a Client and/or other consideration, such investors may be granted favorable rights not afforded other investors in such Client. Such rights may include one or more of the following: rights to receive reports from the Client on a more frequent basis or that include information not typically provided to other investors; rights to receive reduced rates of performance fees/allocations and/or management fees earned by Fortress, each Client’s general partner and/or other affiliates; and such other rights as may be negotiated between the Client, Fortress and such investors. Side Letters may be entered into by the Client and Fortress without the consent of other investors in such Client. Additionally, except as may be required by “most-favored-nations” clauses or as required under the Offering Documents, Side Letters will not be disclosed to other investors in such Client. Assets Under Management As of December 31, 2023, Fortress had approximately $79,958,842,906 in discretionary regulatory assets under management.