Reservoir Operations, L.P. (“Reservoir Operations”) is part of a group of entities that are under common control of Daniel H. Stern and Craig A. Huff. Reservoir Operations was formed and began operations in 1998 and became registered with the SEC as an investment adviser on March 15, 2012. Reservoir Operations serves, directly or indirectly, as the manager and/or investment adviser to the clients described herein. Reservoir Capital Group, L.L.C. (“RCG”), an affiliate of Reservoir Operations, also began operations in 1998 as a privately held investment firm. RCG serves, directly or indirectly, as the general partner to the investment funds for which Reservoir Operations serves as the manager and investment adviser. RCG and Reservoir Operations are collectively referred to as “Reservoir,” or “we” or “us.” Reservoir Operations Management, L.P. (“ROM”) is the general partner of Reservoir Operations and holds the majority of the equity interests of Reservoir Operations. The general partners of ROM are Realta Management, LLC and CLG Partners, LLC. Mr. Daniel Stern is the sole member of Realta Management, LLC and Mr. Craig Huff is the sole member of CLG Partners, LLC. The majority of the equity interests of ROM are held equally by Mr. Stern and Mr. Huff. An affiliate of UBS Group AG holds a passive, minority ownership interest in Reservoir Operations. RCGM, LLC is the managing member of RCG and holds the majority of the equity interests of RCG. Mr. Stern and Mr. Huff are the senior managing members of RCGM, LLC. The majority of the equity interests of RCGM, LLC are held by Mr. Stern and Mr. Huff. An affiliate of UBS Group AG holds a passive, minority ownership interest in RCG. We currently have one line of business, sponsoring and advising private funds, as described in more detail below. Private Funds We manage the following investment funds (each a “Private Fund” and collectively, the “Private Funds”):
• Several hybrid investment funds, whose investment periods have ended, that made investments in both public and private markets with a focus on out of favor sectors and asset classes (the “Opportunistic Funds”);
• Investment funds, whose investment periods have ended, that focused on hedge fund seeding (the “Seeding Funds”); For purposes of clarification, when discussing the Private Funds in this Brochure, we refer only to our investment funds accepting outside capital from investors; lower-tier or intermediate entities wholly owned by such Private Funds for which we also serve, directly or indirectly, as the manager and investment adviser or the general partner, are not included. With respect to the Private Funds, we seek to earn attractive absolute returns across different asset classes, sectors and market environments. We employ a generalist investment strategy, focusing on areas or situations that are misunderstood, distressed or otherwise out-of-favor, and we emphasize risk mitigation and downside protection. Our flexible, opportunistic investment approach facilitates the pursuit of a diverse range of public and private investment opportunities that span sectors, asset classes and geographies, as well as the debt and equity markets. Our two primary strategies are (1) direct private investments, including the establishment of platform companies, which are operating companies established by Reservoir and experienced management teams in a particular sector, the objective of which is to build a leading franchise in the sector, and (2) hedge fund and private equity fund seeding. In addition, certain of the Private Funds engage in direct public trading through an acquisition vehicle. With respect to the Private Funds, we have made investments in a broad array of sectors, asset classes and strategies including:
• Natural resources, power and infrastructure
• Agriculture
• Energy
• Commercial aircraft ownership and leasing
• Insurance
• Distressed debt/credit
• Leveraged finance and mezzanine lending
• Various hedge fund strategies, including without limitation, distressed debt/credit, equity arbitrage and

special situations, long/short equity and derivative trading
• Asian private equity
• Energy technology/clean tech venture capital We currently provide investment advisory services to the Private Funds as follows: The Opportunistic Funds The Opportunistic Funds had broad investment mandates which facilitated the pursuit of a diverse range of public and private investment opportunities that span sectors, asset classes and geographies. For classification purposes, the investment portfolio of the Opportunistic Funds can be organized into the following four categories:
• Direct Private: Includes private/illiquid investments for which the Opportunistic Funds directly exercise control over investment decisions. This category is primarily comprised of: o “Platform” companies, which are operating companies established by the Opportunistic Funds and an experienced management team in a particular sector, the objective of which is to build a leading franchise in the sector; and o Equity or debt investments in private companies.
• Direct Public: The Opportunistic Funds no longer directly invest in the public markets; however, direct private investments mentioned above may become publicly traded investments, for which the Opportunistic Funds would directly exercise control over investment decisions. The Opportunistic Funds currently have an investment in a public company, the shares of which are held through an acquisition vehicle.
• Indirect Public: Includes investments in underlying hedge funds co-founded (or “seeded”) by the Opportunistic Funds. In connection with their seeding role, the Opportunistic Funds receive preferred economic terms on their investment in the new firm’s underlying fund(s), upside optionality in the form of its minority ownership interest in the new firm’s general partner and management company, and other rights and provisions that provide risk mitigation and some downside protection.
• Indirect Private: Primarily comprised of investments in underlying investment funds operating in the private markets which are managed by investment firms seeded by the Opportunistic Funds. Such private markets include the private equity, mezzanine/leveraged finance and venture capital sectors. As with “indirect public” investments, in connection with their seeding role, the Opportunistic Funds receive preferred economic terms on their investment in the new firm’s underlying fund(s), upside optionality in the form of its minority ownership interest in the new firm’s general partner and management company, and other rights and provisions that provide risk mitigation and some downside protection. This category also includes select co- investments with other investment funds, including investment funds seeded by the Opportunistic Funds. The Seeding Funds Similar to the “indirect public” business of the Opportunistic Funds, the Seeding Funds made seed investments in hedge funds managed by talented new and emerging investment managers on preferential economic terms in return for a minority ownership interest in each of such hedge fund’s general partner and management company. Management of Private Funds We manage the assets of each Private Fund in accordance with its particular investment objective and mandate and the terms and restrictions of the applicable governing documents of each Private Fund. Further information and details concerning each Private Fund’s investment objective and mandate are set forth in the respective Private Fund’s offering memorandum and/or governing documents. When providing these services to the Private Funds, we direct and manage the investment of each Private Fund’s assets. Investment advice is provided directly to each Private Fund and not individually to the limited partners of the Private Funds. Assets Under Management1 As of December 31, 2023, we had approximately $528,348,752 billion of assets under management on a discretionary basis.