Firm Description Eastward Capital Partners, LLC, a Delaware limited liability company (“Eastward” or the “Firm”) was founded in 2004. Eastward is the successor firm to CommVest, LLC which was founded in 1998. Eastward manages closed-end funds (“Funds”) and separately managed accounts (both Funds and separately managed accounts shall be referred to as a “Client”) which invest in private debt and equity financing to portfolio companies in the technology and communications industries. Such investments have generally been sponsored by institutional investors. Principal Owners Eastward is privately owned. Dennis P. Cameron indirectly owns 100% of Eastward. Types of Advisory Services As part of the services provided to each Client, the Firm seeks to generate and identify attractive private debt investment opportunities through a variety of channels and sources including:
• Active solicitation of opportunities from venture capital firms which Eastward has had long standing relationships or those venture firms which have demonstrated experience in target markets;
• Review of direct in-bound contact from potential portfolio companies;
• Referrals from banks which may be seeking to partner with Eastward to provide private debt to Clients’ portfolio companies; and
• Evaluation of potential opportunities provided by professional service firms. Investment opportunities which the Firm generates are reviewed to determine if they fit within the investment profile of the Client which includes protection of principal balances and the opportunity for equity appreciation. In addition to the identification of investment opportunities, the Firm also provides the following services:
• Analysis of potential risk adjusted returns for each opportunity; and
• Negotiations of investments terms and due diligence on prospective investments. Firm Brochure – Part 2A of Form ADV 6 3/21/2024 Subsequent to the investment, Eastward may provide the following services for each Client:
• Collecting monthly payments due from each portfolio company under terms of the debt financings and returning capital to investors;
• Monitoring each investment through quarterly interactions with the senior management and review of packages prepared for the board of directors of the portfolio company;
• Managing the sale of warrants and the equities associated with the investments;
• Evaluating opportunities to make equity investments through co-investment rights earned in private debt financings;
• Maintaining books and records for each Client and preparing quarterly reporting packages;
• Supervising annual audits for each Client which provide the valuation information necessary for the calculation of the fair value; and
• Managing the preparation of tax filings and documents for each Client. In general, the term of the private debt investments made in portfolio companies are 24 – 48 months which is comprised of a period of interest only payments before monthly payments to amortize the full

principal balance. During the term the debt is outstanding, the terms of the debt may be restructured which may lead to an increase in the overall term or other changes. In general, the private debt may be classified into two broad categories: SECURED DEBT - Debt instrument secured by assets of the portfolio company which may include equipment, intellectual property or all the assets of the portfolio company. SENIOR SECURED DEBT - Debt investments in companies where another lender may hold senior interest in collateral. In general, the other lender is a bank or other institution providing financing to the company based on their outstanding receivables or recurring revenue. The private debt investment will include a yield enhancement(s) designed to increase the return of the investment in excess of the loan rate. These yield enhancements may include: PREPAYMENT FEES - All portfolio companies’ debt will include fees which are due if the company prepays the debt prior to the full term. The prepayment fees may significantly enhance the return for Clients, especially early in the term of a loan. Firm Brochure – Part 2A of Form ADV 7 3/21/2024 WARRANTS – As part of the private debt, each Client may receive a warrant. A warrant provides the Client with the option to purchase securities of the portfolio company at a predetermined price before the expiration of the warrant term. Warrants may be an extremely attractive opportunity for the Client if the portfolio company is sold at an exit value, which leads to a payment for the warrant shares in excess of the exercise price of the warrant. ADDITIONAL FINAL PAYMENT - Should Eastward believe that the portfolio company’s exit value is unlikely to lead to value from a warrant, it may provide as part of the private debt terms that the portfolio company make an additional payment to the Client after full payment of the outstanding principal amount. Tailored Relationships Investors are advised of Eastward’s strategy for a Fund before they make their investment. Subscriptions to investment vehicles are made after the review of a private placement memorandum and a limited partnership agreement or a term sheet and limited liability company agreement (the “Offering Documents”). Eastward enters into management agreements with each of its closed-end funds and managed pools. These agreements generally require that any investment that is made, be allocated to any eligible Fund based on the relative uncommitted capital available for each Fund or other defined formula which takes into account capital available to invest. Wrap Free Programs Eastward does not participate in, nor is it a sponsor of, any wrap fee programs. Assets Under Discretionary and Non-Discretionary Management As of December 31, 2023, Eastward was actively managing $166,132,360 in assets for Clients. Of this amount, $139,589,497 was managed on a discretionary basis (Clients do not have the ability to review transactions) and $26,542,863 was non-discretionary (Clients had the ability to review and approve transactions).