Chatham Asset Management, LLC

Chatham Asset Management, LLC is an investment adviser firm founded in 2003, with a majority-owned subsidiary, CTM Asset Management, LLC, established in 2025. The firm primarily invests in high yield bonds, leveraged loans, credit derivatives, and special situations in various credit markets. Chatham manages credit-focused strategies for institutional investors, including open-end and closed-end funds, managed accounts, and a collateralized loan obligation (CLO). As of December 31, 2024, Chatham managed approximately $7.865 billion in regulatory assets under management on a discretionary basis. For fees, open-end funds pay a 1.5% annual management fee and a 20% performance fee, while closed-end funds pay a 0.75% - 1% annual management fee and a profits interest after meeting certain return thresholds. Managed accounts and the CLO pay management fees based on assets under management. Clients must meet a minimum investment of $1 million, and withdrawals from open-end funds incur a 3% fee if made within one year of the capital contribution. Chatham's investment strategy involves analyzing mispriced securities due to market inefficiencies, with a focus on fundamental and technical analysis to generate returns and manage risk. The firm discloses a disciplinary event related to Client rebalancing trades and has implemented a Code of Ethics to ensure fiduciary duties are upheld. Chatham's brokerage practices prioritize best execution, and the firm reviews client accounts regularly to ensure adherence to investment objectives and guidelines. The firm also discloses its custody arrangements, investment discretion, proxy voting policies, and information on financial industry activities and affiliations.