The Firm For purposes of this brochure, the “Firm” means PNC Steel City Advisors, LLC, a Delaware limited liability company. PNC Steel City Advisors, LLC is a wholly owned subsidiary of PNC Bank, National Association (“PNC Bank”) which, itself, is a wholly owned indirect subsidiary of The PNC Financial Services Group, Inc. (“PNC”), a publicly traded company. The Firm was founded in August 2014 and registered as an Investment Adviser with the SEC in 2014. As of December 31, 2023, the Firm has approximately $30.1 million of regulatory assets under management on a discretionary basis. Advisory Services The Firm was originally formed to provide advisory services to certain pooled investment vehicles that are excepted from the definition of an “investment company” under the Investment Company Act of 1940, as amended (“Investment Company Act”) and whose securities are sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”). These vehicles (each, a “Loan Fund” or “Fund”) are created to participate, with other lenders, in the provision of financing, which may be in the form of “unitranche” or other financing structures, as well as making traditional term loans and broadly syndicated loans, in each case to middle-market companies (“Borrowers”). The Firm currently advises one Loan Fund (i.e., the “Senior Loan Fund”). The Firm leverages the capabilities of the Steel City Finance division (“Steel City Finance”) of PNC Bank’s PNC Business Credit segment (“PNC Business Credit”). Steel City Finance is an experienced provider of senior secured term loan-oriented financing to U.S. middle-market borrowers in both sponsored and unsponsored transactions. PNC Business Credit is a leading provider of senior secured asset-based financing in the United States. The Senior Loan Fund is co-advised by the Firm and an unaffiliated third party adviser, Cerberus PSL Manager, LLC (“Cerberus”). The general partner of the Senior Loan Fund is an affiliate of Cerberus. The Firm and Cerberus co-advise the Senior Loan Fund on the management of loans. Together with the co-adviser, the Firm’s services to the

Senior Loan Fund generally relate to the review and approval of amendments, modifications and covenant waivers (and in some cases, work-out or sales) of loans. The Senior Loan Fund was closed to new investors effective September 17, 2015, and as of March 17, 2019, the Senior Loan Fund is no longer acquiring any new loans. The services provided by the Firm to the Senior Loan Fund are described in more detail in the offering materials of the Loan Fund, including the Private Placement Memorandum (“PPM”) and the limited partnership agreement. With respect to loans in the Senior Loan Fund, PNC Bank generally originated a revolving loan to a Borrower participating in a unitranche financing, concurrently with the Senior Loan Fund’s origination of a term “A” loan to such Borrower. In some cases, a Cerberus affiliate or other lender unaffiliated with the Firm extended a term “B” loan to the Borrower. In some cases, PNC Bank had authority to act as administrative agent in unitranche financings for the lenders in the revolving loan, the term “A” loan and the term “B” loan (if any) to Borrowers. PNC Bank also had authority to extend a line of credit to the Senior Loan Fund. For an additional discussion regarding the loans made by the Senior Loan Fund and other Loan Funds (if any), including loans made as part of a unitranche financing structure, please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss. PNC Bank does not currently act as administrative agent with respect to any loans in the Senior Loan Fund. Investments for a Loan Fund (including the Senior Loan Fund) are managed in accordance with that Loan Fund’s particular investment objectives, strategies and guidelines and are not tailored to the individualized needs of any particular investor therein. Information about a Loan Fund, and the particular investment objectives, strategies, guidelines and risks associated with an investment, is included in the offering materials of that particular Loan Fund, including the PPM and limited partnership agreement, which are made available to investors only through the Loan Fund, its manager or another authorized party.