The Adviser For purposes of this brochure, the “Adviser” or “HC Royalty” means HealthCare Royalty Management, LLC (“HCRM”), a Delaware limited liability company. HC Royalty was launched in January 2007 in a strategic partnership with Cowen, Inc. (together with certain of its affiliates, “Cowen”), now known as TD Cowen, which is a division of TD Securities which is a subsidiary of The Toronto-Dominion Bank (“TD Bank”). HCRM is owned by Cowen Investment Management, LLC (“CIM”)—which is itself owned through certain subsidiaries by The Toronto-Dominion Bank—and managed by Vanderbilt Capital Partners, LLC (“VCP”). CIM receives a portion of HCRM’s revenue. Advisory Services The Adviser provides investment advisory services to pooled investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”) (each, a “Fund” and collectively, the “Funds”). As the investment adviser of the Funds, the Adviser’s services consist of identifying opportunities for acquisition, management, monitoring, and disposition of investments of the Funds. Investment advice is provided directly to our Clients (as defined below). In the case of the Funds, such advice is subject to the discretion and control of the general partner of the applicable Fund. Investment advice is not provided individually to the limited partners of the Funds. The Funds currently advised by the Adviser are: HealthCare Royalty Partners, L.P. (“Fund I”), HealthCare Royalty Partners II, L.P. and HealthCare Royalty Partners II-A, L.P. (collectively, “Fund II”), HCRP Overflow Fund, L.P. (“Overflow Fund”) HealthCare Royalty Partners III, L.P. and HealthCare Royalty Partners III-A, L.P. (collectively, “Fund III”), HealthCare Royalty Partners IV, L.P. and HealthCare Royalty Partners IV-A, L.P. (collectively, “Fund IV”), H.O.P. Fund, L.P. (“HOP”), HCR Molag Fund, L.P. (“Molag”), HCRX Holdings, L.P. (“HCRX

Holdings”), HCRX Intermediate Holdco, L.P. (“HCRX Intermediate”), HCRX Investments Holdco, L.P. (“HCRX Investments”) and HCR Canary Fund, L.P. (“Canary”). HRCM may, in its discretion, create additional funds or feeder or parallel funds in respect of its existing Funds in accordance with the relevant Fund’s governing documents (either by itself or with an affiliate), and may manage one or more separately managed accounts (collectively, the “Managed Accounts” and, together with the Funds, the “Clients”). On behalf of its Clients, the Adviser seeks to achieve superior investment returns primarily by purchasing royalties and using debt-like structures to invest in commercial or near-commercial stage healthcare assets. The Adviser generally employs a strategy of pursuing investments that are able to generate consistent, predictable cash flows, attractive yields, and gross returns that are generally uncorrelated to the overall public and private capital markets. The Adviser expects in the future to organize other investment funds, including feeder funds for the Funds or parallel funds for employees of the Adviser, or manage investment funds or separately managed accounts that may either co-invest with the Clients or follow an investment program similar to or different from the Clients’ programs. The Adviser may also establish special purpose vehicles or subsidiaries, and it or the Funds may invest in or act through such special purpose vehicles or subsidiaries or manage additional separately managed accounts. Services are provided to the Clients in accordance with the Advisory Agreements with the Clients and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund. HC Royalty does not participate in wrap fee programs. Assets Under Management The Adviser is reporting approximately $3,344,106,439 in regulatory assets under management, all managed on a discretionary basis, as of December 31, 2022.