Obra, through OCM and OIC, provides three primary types of services: (i) investment management; (ii) credit research and analysis; and (iii) loan administration and support services. Each of OCM and OIC is a wholly owned subsidiary of Obra Capital, Inc., which is ultimately owned by Lynx Topco LP through various other entities disclosed in Schedule B of Form ADV Part 1. OCM is a Delaware limited liability company formed in August 2010 and registered with the Securities and Exchange Commission in November 2010. OCM provides investment advice using two principal investment strategies: (i) managing longevity-contingent and/or mortality-related assets, such as life settlements, annuities, loans, and other insurance-linked securities (“ILS”) products; and (ii) investing in the insurance, specialty finance, structured credit, asset-based finance and structured derivative sectors. OIC is a Delaware limited liability company formed in May 2023 that became a relying adviser of OCM in July 2023. OIC provides (i) investment advice in respect of fixed income mandates with an emphasis on high yield bonds and leveraged loans; (ii) independent research and credit analysis; and (iii) bank loan services. Additional details about the above strategies and services are included in Item 8. Methods of Analysis, Investment Strategies and Risk of Loss below. Investment Management Services Obra, through both OCM and OIC, provides discretionary investment management services to affiliated pooled investment vehicles (each a “Fund”1 or collectively, the “Funds”). Obra has also entered into investment management agreements to provide discretionary and nondiscretionary investment management services to separate account clients (together with the Funds and other institutional and bank clients to whom Obra provides services, the “clients”). Obra’s services to the clients consist of (i) investigating, identifying, and evaluating investment opportunities; (ii) structuring, negotiating, and making investments on behalf of the clients; (iii) managing and monitoring the performance of such investments; and (iv) exiting such investments on behalf of the clients. Obra’s services to each client are subject to the specific investment objectives and restrictions applicable to such client, as set forth in such client’s investment management agreement, limited partnership agreement, offering memorandum or other relevant governing documents (collectively, the “Governing Documents”). Investors and prospective investors in each Fund should refer to the Governing Documents of that Fund for information on the investment objectives and investment restrictions with respect to that Fund. There can be no assurance that any of the Funds’ investment objectives will be 1 “Fund” means a private investment fund to which Obra provides investment advice and/or which Obra manages on a discretionary or nondiscretionary basis. The individuals and other persons that invest in the Obra private investment funds are generally referred to herein as “investors.” Unless otherwise

expressly stated herein, the terms “Fund” and “Client” do not include “investors” and “investors” are not considered to be “clients” of Obra. achieved. As such, Obra’s services are generally not tailored to the individualized needs of any particular investor in any Fund. Since Obra does not provide individualized advice to investors in each Fund (and an investment in any Fund does not, in and of itself, create an advisory relationship between the investor and Obra), investors must consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. Obra also provides advisory services to separate account clients, and the terms of Obra’s advisory services to such clients may differ from those of the Funds. Terms of investments, including objectives, limitations and strategies for separate account clients, are governed exclusively by the terms of the applicable investment management agreement or other Governing Documents of each client. A separate account client may impose restrictions on investments for its account. As of December 31, 2023, Obra had approximately $2.7 billion in Regulatory Assets Under Management, which is defined as the gross value of all client accounts to which Obra provides continuous and regulatory supervisory or management services and which meet the definition of a “securities portfolio” as defined by the U.S. Securities and Exchange Commission. Only some of the Funds and Client accounts managed by Obra meet the criteria to be included as Regulatory Assets Under Management. Discretionary net assets under management of Obra for all clients, including Funds and Client accounts that are not securities portfolios, totaled approximately $4,7 billion, and nondiscretionary net assets under management of Obra for all clients totaled approximately $217 million as of December 31st, 2023. Research and Consulting Services Obra, through OIC, provides research and consulting services with respect to fixed income investments to institutional clients on a subscription or consulting basis. The breadth and scope of the analysis can be tailored depending on the needs and objectives of the individual client. As a separate service, OIC also provides individual pricing of corporate debt securities. The cornerstone of OIC’s research process is its proprietary default risk rankings system, which is used by research clients to measure relative value, gauge credit risk, and anticipate rating agency moves. As part of its research process, OIC undertakes a detailed analysis of a company’s operational outlook, growth prospects, competitive factors, stock price, liquidity assessment, management credibility, and long-term strategy. Besides unbiased ongoing coverage of credits, OIC also offers a daily market commentary. Bank Loan Services OIC also seeks to provide banks and other financial institutions with a comprehensive suite of loan management and due diligence services, including analytical and regulatory support, existing loan portfolio surveillance and administration, and trade facilitation.