Elmwood Asset Management LLC

Elmwood Asset Management LLC, established in 2018, specializes in offering investment advisory services primarily focused on credit and value-oriented investments to loan accumulation facilities and collateralized loan obligation vehicles (CLOs). The firm may also provide similar services to separately managed accounts (SMAs). Elmwood is owned indirectly by private funds advised by affiliates of Elliott Investment Management L.P. and directly by certain members of Elmwood's management team. The firm manages $19.79 billion in regulatory assets under management as of December 31, 2024, all on a discretionary basis. Elmwood charges management fees, incentive fees, or both, based on the investment management and/or collateral management services provided to Clients. The firm does not offer or participate in wrap fee programs. Elmwood does not have a fixed fee schedule and fees are subject to negotiation based on various factors. The firm may receive compensation for consulting services and Clients are responsible for additional fees, expenses, and costs related to their investments. Elmwood exercises investment discretion for its Clients and may engage in derivative transactions, subject to various risks such as interest rate risk, counterparty risk, and liquidity risk. The firm has a Code of Ethics in place to address conflicts of interest, personal trading, and outside business activities of employees. Elmwood reviews Client portfolios daily and provides monthly written reports to investors through the trustee for each CLO. The firm does not compensate third parties for client referrals and does not have custody of Client assets. Elmwood has discretionary authority to manage Client assets and may vote on Client securities when necessary. The firm has not been subject to any disciplinary events and maintains policies and procedures to comply with regulatory requirements.