US CLO Asset Manager Handbook

CLO Asset Manager Handbook
April 2017 | Sixth Edition

Key Contacts
Structured Credit
Russ Thomas Andrew Worthington Derek Miller

Director Director Managing Director
+1 312 368-3189 +1 646 582-4882 +1 312 368-2076
russ.thomas@fitchratings.com andrew.worthington@fitchratings.com derek.miller@fitchratings.com
Kevin Kendra Matthias Neugebauer

Managing Director Managing Director
+1 212 908-0760 +44 20 3530-1099
kevin.kendra@fitchratings.com matthias.neugebauer@fitchratings.com
Leveraged Finance
Michael Simonton Michael Paladino Sharon Bonelli

Managing Director Managing Director Senior Director
+1 312 368-3138 +1 212-908-9113 +1 212 908-0581
michael.simonton@fitchratings.com michael.paladino@fitchratings.com sharon.bonelli@fitchratings.com
Business and Relationship Management
Jill Zelter Winnie Fong, CFA David Kreidler

Managing Director Managing Director Senior Director
+1 212 908-0774 +1 212 908-9139 +1 646 582-4739
jill.zelter@fitchratings.com winnie.fong@fitchratings.com david.kreidler@fitchratings.com
Welcome to the sixth edition of Fitch Ratings’ CLO Asset Manager Handbook.
This edition includes profile reports for 74 CLO managers, with all data and
information presented in a standardized format as of YE16. Managers included in
the Handbook provide their data in recognition of the importance of increasing
transparency and comparability in the CLO market.
Through a combination of key manager facts and attributes — including
corporate structure, key personnel, assets under management and CLOs under
management — our profile reports provide investors with a consistent framework
for evaluating and benchmarking managers against each other. New in this
current edition, we present managers’ U.S. and European current or planned risk
retention structures, where applicable, in the summary profiles. Additionally, the
customary CLOs Under Management tables now also display individual CLOs’
U.S. and European risk retention structure type and form of investment
(for example, vertical slice, horizontal and so on), where reported, in addition to
Volcker and CRR compliance status.
In the case of 64 managers, we conducted operational risk assessments and
reviewed the managers’ investment processes. The profile reports for those
managers include The Fitch View, which represents our summary assessment of
the managers’ qualifications, strengths, potential areas of concern and any
mitigating factors.
The next edition of the Handbook will be published in 1H18, based on data as of
YE17. If you have any suggestions or comments — or if you are a manager that
would like to participate in the next edition — please email
clo.research@fitchratings.com.
Note: CLO managers provided the information contained in their respective profile
reports. All data are as of Dec. 31, 2016 unless otherwise specified. CLOs priced
after Dec. 31, 2016 are not listed. Numbers may not add due to rounding.
CLO Asset Manager Handbook i
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Manager Profiles
40|86 Advisors, Inc............................................................................................................ 1
Allianz Global Investors..................................................................................................... 5
American Money Management Corporation...................................................................... 9
Anchorage Capital Group, L.L.C. .................................................................................... 13
Angelo, Gordon & Co. ..................................................................................................... 16
Apex Credit Partners LLC ............................................................................................... 19
Apollo Global Management, LLC .................................................................................... 23
Ares Management LLC ................................................................................................... 27
AXA Investment Managers S.A....................................................................................... 33
Bain Capital Credit, LP.................................................................................................... 38
Ballyrock Investment Advisors LLC................................................................................. 42
Barings LLC .................................................................................................................... 46
BlackRock, Inc. ............................................................................................................... 51
BlueMountain Capital Management, LLC........................................................................ 56
BNP Paribas Investment Partners................................................................................... 59
Cairn Loan Investments LLP........................................................................................... 63
Carlyle Group, The.......................................................................................................... 67
Chenavari Investment Partners....................................................................................... 72
Chicago Fundamental Investment Partners, LLC............................................................ 76
CIFC Asset Management LLC ........................................................................................ 78
Columbia Management Investment Advisers, LLC ......................................................... 82
Commerzbank Debt Fund Management ......................................................................... 86
Credit Suisse Asset Management ................................................................................... 90
Crescent Capital Group LP ............................................................................................. 95
Crestline Denali Capital, L.P. .......................................................................................... 99
CVC Credit Partners, LP ............................................................................................... 103
DFG Investment Advisers, Inc....................................................................................... 108
Fortress Investment Group LLC .................................................................................... 112
GC Advisors LLC (Golub Capital) ................................................................................. 116
GLG Partners LP........................................................................................................... 121
GoldenTree Asset Management, LP ............................................................................. 124
GSO / Blackstone Debt Funds Management LLC......................................................... 128
Guggenheim Investments ............................................................................................. 135
Halcyon Loan Management LLC................................................................................... 139
HPS Investment Partners, LLC ..................................................................................... 143
Insight Investment ......................................................................................................... 147
Intermediate Capital Group ........................................................................................... 151
Invesco Senior Secured Management, Inc. .................................................................. 155
KKR Credit Advisors (US) LLC...................................................................................... 160
Kramer Van Kirk Credit Strategies LP........................................................................... 165
LCM Asset Management LLC ....................................................................................... 168
Marathon Asset Management, LP................................................................................. 172
Continued on next page.
CLO Asset Manager Handbook ii

Manager Profiles (Continued)
Marble Point Credit Management LLC .......................................................................... 176
MidOcean Credit Fund Management LP....................................................................... 179
Monroe Capital, LLC ..................................................................................................... 182
Napier Park Global Capital (US) LP .............................................................................. 186
Neuberger Berman Group LLC ..................................................................................... 189
Newfleet Asset Management, LLC................................................................................ 194
NewStar Financial, Inc. ................................................................................................. 197
NXT Capital Investment Advisers, LLC ......................................................................... 201
NYL Investors LLC ........................................................................................................ 206
Oak Hill Advisors, L.P. .................................................................................................. 209
Oaktree Capital Management, L.P. ............................................................................... 214
Och-Ziff Capital Management Group LLC..................................................................... 219
Octagon Credit Investors, LLC...................................................................................... 223
Palmer Square Capital Management LLC..................................................................... 227
PineBridge Investments LLC......................................................................................... 229
Prudential Fixed Income ............................................................................................... 234
Redding Ridge Asset Management LLC ....................................................................... 238
Rothschild Group .......................................................................................................... 239
Seix Investment Advisors LLC ...................................................................................... 244
Shenkman Capital Management, Inc. ........................................................................... 248
Sound Point Capital Management, LP .......................................................................... 251
Steele Creek Investment Management ......................................................................... 255
TCI Capital Management LLC....................................................................................... 259
Telos Asset Management LLC...................................................................................... 262
THL Credit Advisors LLC .............................................................................................. 265
Trinitas Capital Management, LLC................................................................................ 269
Triumph Capital Advisors, LLC...................................................................................... 271
Valcour Capital Management LLC ................................................................................ 275
Voya Investment Management Co. LLC ....................................................................... 279
Wellfleet Credit Partners, LLC....................................................................................... 283
York CLO Managed Holdings, LLC ............................................................................... 287
ZAIS Group, LLC........................................................................................................... 290
CLO Asset Manager Handbook iii

40|86 Advisors, Inc.
Founded in 1981, 40|86 Advisors, Inc. (40|86) is a wholly owned subsidiary of CNO
Financial Group, Inc. (CNO). As of Dec. 31, 2016, 40|86 had approximately
USD25.7 billion in assets under management (AUM) across a wide range of fixed-income
securities, including structured finance bonds, investment-grade and high-yield corporate
bonds, bank loans, commercial mortgage loans and government securities. 40|86 mainly
serves insurance companies; it also manages six CLOs that invest in broadly
syndicated loans.
Firm Profile
Region(s) of Operation U.S.
Address 535 N. College Drive
Carmel, IN 46032
Firm Type Multistrategy asset management
Year Established 1996 (CLO operations)
Assets Under Management USD25.69 Bil.
Total Employees/Investment Professionals 72/38
Active CLOs Under Management 6
Current/Planned Risk Retention Structure Capitalized majority-owned affiliate (C-MOA)
Dedicated Capital to Fund Risk Retention USD207 Mil.
Key Affiliates (Global) CNO Financial Group, Inc. — Parent
CreekSource, LLC — C-MOA
Bankers Life and Casualty Company,
Washington National Insurance Company, Colonial Penn Life
Insurance Company — Other affiliates
Loan Management Profile

Region(s) U.S.
Leveraged Loan AUM USD1.86 Bil.
Loans Managed via CLOs 93%
CLO Team Leader(s) Eddy Piedra
CLO Portfolio Managers (PMs)/Avg. Experience 2/19 Years
Credit Analysts, Non-PMs/Avg. Experience 10/6.1 Years
Loan Team Credits Per Analyst (including PMs) 31
Approximate No. of Invested Credits 311
Loan Assets Under Management

(USD Bil.)
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
40|86 Advisors, Inc. 1
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Total AUM By Asset Type Total AUM By Investor Type
High Yield Bonds CLO
3.9% Other Investors
Broadly
Syndicated Loans 15.0% 7.0%
7.2%
Other Structured
64.0% Credit
23.9%
CLOs Insurance
0.9% 78.0%
Loan AUM By Region Loan AUM By Product Type

Europe
5.5%
Other Managed
4.4% Accounts
7.0%
U.S. CLOs
90.1% 93.0%
U.S. Credit Committee

Experience (Years)
Name Title Role Firm Industry
Eddy Piedra Vice President Bank Loans and CLOs 9 20
Matt Hall Senior Vice President Head of Credit Research 9 18
Bryan Higgins Associate Vice President Bank Loan Trader 18 18
U.S. CLOs Under Management

Portfolio Balance Compliance
(USD Mil.) EU RR U.S. RR Form
Name Pricing Status Original Current VR CRR Method Method of RR
Sugar Creek 4/12 Amortizing 284 183 Y N — — —
Cedar Creek 2/13 Reinvestment 413 413 Y N — — —
Silver Creek 6/14 Reinvestment 363 363 Y N — — —
Clear Creek 2/15 Reinvestment 307 307 Y N Originator — C-MOA
Bean Creek 12/15 Reinvestment 306 306 Y N Originator — C-MOA
Mill Creek II 3/16 Reinvestment 303 303 Y N Originator — C-MOA
Total 1,976 1,875
VR – Volcker Rule. CRR – European Capital Requirements Regulation. RR – Risk retention.
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Organizational Structure
CNO Financial Group
40|86 Advisors CreekSource
Bankers Life and Colonial Penn Life

Washington National
Casualty Company Insurance Company
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The Fitch View
Key Considerations
• Benefits from support and resources of its parent company, CNO.
• Robust oversight and control environment.
• Experienced structured vehicle issuer, having managed 19 CDOs/CLOs since 1996.
• Committee process is ad hoc rather than formalized. However, investment approval typically
requires unanimous consent from team members.
Company
• 40|86 is the investment arm and wholly owned subsidiary of CNO, a publicly traded
insurance company, with approximately USD26 billion in AUM as of Dec. 31, 2016.
• In response to EU risk retention rules, CreekSource, LLC, a wholly owned subsidiary of
CNO, was formed as a Capitalized Majority-Owned Affiliate to hold the retention interest
(CLO equity) and also serve as the collateral manager. 40|86 acts as a sub-adviser to the
collateral manager.
• Senior members of the bank loan team average 19 years of industry experience. CLO
platform head Eduardo Piedra has 12 years of direct CLO management experience, in
addition to broader bank loan experience.
• The CLO platform is a cooperative effort primarily involving the bank loan group, credit
research, operations and IT resources.
Investments
• The bank loan team has five members dedicated to bank loan trading and management of
the CLO portfolios.
• Credit research has 10 members covering an average of 49 high-yield credits and
50 investment-grade credits.
• Prescreened investments undergo a three-stage analytical process consisting of industry,
company and capital structure analyses, followed by an ad hoc committee process.
• Portfolio credit scoring model is based on credit risk, industry risk and relative value.
• The team has three specialists dedicated to working out distressed credits.
• The loan portfolio has experienced an annualized default rate of 0.53% since 2008.
Controls
• Strong oversight provided by parent CNO, including annual internal audits and risk
assessments of all essential investment management functions.
• 40|86 has been an SEC-registered investment adviser since 1982. An SEC review
was conducted in February 2012; no material findings were reported. CreekSource is a
relying adviser.
• The firm monitors indenture compliance daily to review any issues from the previous
day’s trading.
Operations
• Procedures for trade settlement and cash flow and holdings reconciliation with CLO trustees
are comprehensive and conducted by a dedicated operations team.
• Portfolios are priced daily through Markit Loan Pricing, and Intex is used to model and
project cash flows.
• Timely trade settlement is a high priority for the operations team. 40|86 currently averages
between four and 15 business days to settlement for par loans.
Technology
• Wall Street Office is being installed for a more efficient management of the portfolio from
trading to tracking through compliance reporting.
• The IT platform is fully integrated through central databases where portfolio records,
analytics and live market data are stored.
• 40|86 has access to multiple third-party analytical tools, including Intex, Yield Book, IDC,
Markit, rating agency data feeds and research subscriptions.
• Disaster recovery and business continuity plans are well documented and tested quarterly.
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Allianz Global Investors
Allianz Global Investors (AllianzGI) forms part of the broader Allianz Group, which also
includes the PIMCO investment management business. As of Dec. 31, 2016, AllianzGI
had approximately USD506 billion in global assets under management (AUM), with a high
diversity in both strategies and investor base. The U.S. income and growth strategies
team is responsible for overseeing CLOs, in addition to investments in high-yield bonds,
fixed income and equity. The team has issued six CLOs since 2000.
Firm Profile
Region(s) of Operation Global
Address 1633 Broadway, New York, NY 10019/
600 W. Broadway, San Diego, CA 92101
Year Established 1895
Assets Under Management USD506 Bil.
Total Employees/Investment Professionals 2,880/611
Current/Planned Risk Retention Structure Not Reported
Dedicated Capital to Fund Risk Retention Not Reported
Key Affiliates (Global) Allianz SE — Parent

Region(s) U.S.
CLO Team Leader(s) William (Brit) L. Stickney
Credit Analysts, Non-PMs/Avg. Experience 7/14 Years

(USD Bil.)
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Allianz Global Investors 5
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High Yield Insurance

Bonds 34.4%
3.1%
Othera
Othera 65.6%
96.9%
aIncludes CLO investors (0.3%), endowment (0.3%),
aIncludes CLOs (0.3%). pension/retirement (2.5%) and bank (0.8%).
Managed
U.S.
Funds
100%
50.1%
Othera
49.9%
aIncludes CLOs (0.3%).

Experience (Years)
William (Brit) L. Stickney Managing Partner Lead Portfolio Manager 17 28
Douglas G. Forsyth Managing Director CIO 22 25
Justin M. Kass Managing Director Portfolio Manager 16 20
Michael E. Yee Managing Director Portfolio Manager 22 24

NACM CLO I 6/06 Called 300 0 N N — — —
NACM CLO II 9/06 Called 198 0 N N — — —
West CLO 2012-1 11/12 Reinvesting 450 436 Y N — — —
Total 2,248 1,731
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Allianz SE
Allianz Asset Management AG
Allianz Asset Management of America LPa Allianz Global Investors GmbH
Allianz Global Investors U.S. Holdings LLC
aAllianz Asset Management AG owns both a direct 0.1% non-managing interest and an indirect 0.1% managing
(controlling) interest, and Allianz of America holds a direct 99.8% non-managing interest.
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The Fitch View
Key Considerations
• The company benefits from the substantial scale and resources of its strong and stable
parent, Allianz Group: USD1.9 trillion in AUM (including PIMCO and AllianzGI), with a
diversified asset and investor base.
• The company employs best-in-class risk management and compliance oversight, coupled
with proprietary systems that integrate portfolio management tools, compliance and
administrative functions.
• Maintaining consistent CLO AUM given runoff of legacy CLOs and challenging market
conditions that affect new CLO issuance will be an ongoing challenge.
Company
• The U.S. income and growth strategies team, responsible for overseeing CLOs, manages
diversified strategies, including high yield, convertibles, CDOs (it has issued six CLOs since
2000) and traditional income and growth.
• Low senior management turnover, as evidenced by portfolio managers (PMs) on the team
with an average of more than 24 years of industry experience and more than 16 years’
experience working together at AllianzGI. Four PMs supported by seven generalist research
analysts.
• PMs average more than 19 years of experience with the company.
• AllianzGI has a diversified global investor base consisting of both institutional and
retail investors.
• AllianzGI announced in December 2016 its agreement to acquire experienced CLO manager
Sound Harbor Partners. The transaction is expected to close in the first quarter of 2017.
Investments
• Buy-and-hold portfolio management strategy, with an underlying investment philosophy
based on fundamental bottom-up research with a focus on minimizing credit risk.
• The team builds portfolios with a target of holding 120 names, all of equal weighting,
focusing on credit selection in areas it views as having the best earnings visibility.
• Maintains internal ratings on all credits, based on eight factors: liquidity, capital structure,
percentage of capitalization, asset utilization, coverage ratios, margins, cash flow and
leverage ratios.
• Portfolios are constructed to consist of equally weighted positions, demonstrating equal
conviction across names.
Controls
• AllianzGI holds multiple risk monitoring reviews to ensure rule adherence. The culture is
strongly focused on risk management due to the nature of the parent company’s status as a
large global insurer.
• The company has a deep risk management team, with more than 70 dedicated specialists
globally who average more than 10 years of risk management experience.
• In addition to the presence of two compliance officers onsite who review all trades, an
independent business risk group focuses on macro-level issues.
Operations
• Three-way daily reconciliations are performed to tie out cash and positions among AllianzGI,
Wall Street Office (WSO) and U.S. Bank, as trustee.
• Quarterly investor reporting includes the trustee report and a quarterly letter featuring market
insight and commentary as well as deal-specific information.
• Administrative capabilities reflect the highly qualified and experienced staff interacting with
appropriate systems and processes.
Technology
• The integrated and flexible platform is based on a combination of proprietary Excel-based
analytics and third-party administration systems, including widely accepted industry systems
such as WSO.
• The business continuity plan is appropriate and tested. Multiple redundancies in the
Dallas offices, Citrix, remote access and cloud servers have performed in disaster scenarios.
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American Money Management Corporation
American Money Management Corporation (AMMC) is a wholly owned subsidiary
of American Financial Group, Inc. (AFG), an insurance holding company based in
Cincinnati. AMMC was established in 1973 to provide investment management services
to AFG and its subsidiaries as well as third-party pooled investment vehicles. As of
Dec. 31, 2016, it managed approximately USD4.5 billion of broadly syndicated loans
across 11 CLOs.
Firm Profile
Address 301 East Fourth Street
Cincinnati, OH 45202
Firm Type Wholly owned subsidiary of American Financial Group, Inc.
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA)
Key Affiliates (Global) Great American Insurance Company;
Great American Life Insurance Company

Region(s) U.S.
CLO Team Leader(s) Chester Eng, Dave Meyer
CLO Portfolio Managers (PMs)/Avg. Experience 2/25+ Years
Credit Analysts, Non-PMs/Avg. Experience 14/20+ Years
Loan Team Credits Per Analyst (including PMs) 30–35

(USD Bil.)
5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
American Money Management Corporation 9
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Broadly Endowments
Syndicated 5.0%
Loans Pension/
100.0% Retirement
5.0%
CLO Investors
5.0%
Banks
Other
75.0%
5.0%
Insurance
5.0%

Europe
10.0%
CLOs
100.0%
U.S./
Canada
90.0%

Experience (Years)
Chester Eng Senior Vice President Portfolio Manager 28 31
Dave Meyer Senior Vice President Portfolio Manager 26 26

AMMC CLO IX 11/11 Reinvesting 450 426 Y N — — —
AMMC CLO X 2/12 Amortizing 410 280 Y N — — —
AMMC CLO XI 9/12 Reinvesting 450 436 Y N — — —
AMMC CLO XII 3/13 Reinvesting 417 402 Y N — — —
AMMC CLO XIII 11/13 Reinvesting 411 399 Y N — — —
AMMC CLO XIV 6/14 Reinvesting 410 400 Y N — — —
AMMC CLO 15 11/14 Reinvesting 505 497 Y N — — —
Total 4,787 4,545
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American Financial Group, Inc.
100%
American Money Management Corporation
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The Fitch View
Key Considerations
• Extensive experience and depth of staff at both management and research levels.
• Experienced CLO issuer showing stable performance.
• Strong commitment to CLO platform from AFG.
• The CLO compliance system is heavily reliant on manually maintained Excel spreadsheets
rather than more industry-standard web applications. This is mitigated by the long-proven
functionality of the system and the experience and stability of the compliance staff in
maintaining and regularly enhancing it.
Company
• As of Dec. 31, 2016, AMMC managed approximately USD4.5 billion of senior loans across
nine CLOs. It has issued 19 CLOs since 1999.
• The CLO platform is well staffed at all levels, and the investment team averages 20-plus
years of industry experience. The credit research team has 16 members, including senior
managers Chester Eng and Dave Meyer.
• AMMC or affiliates typically retain significant portions of equity in their CLOs, ranging
between 30% and 51% per deal for more recent transactions.
Investments
• AMMC’s investment philosophy is value oriented, with a strong emphasis on fundamentals
and experienced sector views.
• The team focuses primarily on first-lien senior-secured loans and tends to take a buy-and-
hold approach to investments.
• Analysts are given a great deal of responsibility, including forming sector weightings in
addition to buy/sell/hold recommendations.
• A team-and-consensus approach is employed, wherein input from all analysts, portfolio
managers and traders is considered.
Controls
• As a wholly owned subsidiary of publicly traded AFG, AMMC is subject to strong internal and
external oversight.
• AMMC completed its SEC investment adviser registration process in 2012 and is subject to
periodic reviews.
• Overall, AMMC operates under a sound control environment, with close oversight by AMMC
and AFG senior management.
Operations
• AMMC exhibits strong overall CLO administration capabilities, exemplified by the issuance of
19 transactions since 1999. When compared to S&P’s LCD LoanStats, the CLO loan
portfolio has outperformed the market in terms of defaults on an annualized basis since
2000.
• The CLO team uses proprietary cash flow models and Excel-based models for compliance
and trustee cash/position reconciliation.
• AMMC provides commentary to its CLO investors on a quarterly basis via its investor letters,
in addition to the monthly trustee reports. Commentary typically outlines portfolio
developments, the current state of the market and ongoing management strategy.
Technology
• AMMC shares IT resources with AFG.
• Portfolio management has access to third-party pricing services in addition to Bloomberg
and several industry-level research publication subscriptions.
• Disaster recovery and business continuity plans are tested frequently, and remote access
capabilities for all employees have been implemented within the past year.
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Anchorage Capital Group, L.L.C.
Anchorage Capital Group, L.L.C. (Anchorage) is a New York-based investment adviser
founded in 2003. Its investments include a wide range of both liquid and illiquid assets
across companies’ capital structures. As of Dec. 31, 2016, Anchorage had assets under
management (AUM) of USD16.4 billion in funds and USD4.7 billion in bank loans. As of
Jan. 31, 2017, Anchorage managed USD6.5 billion in CLOs and CDOs.
Firm Profile
Address 610 Broadway, 6th Floor
New York, NY 10012
Firm Type Hedge fund sponsored credit manager
a,b
Total Employees/Investment Professionals 149/49 (U.S.); 26/15 (Europe); 5/4 (Australia)
Key Affiliates (Global) Independent
a
Includes all pooled investment funds and single-investor funds managed by Anchorage (collectively, the Anchorage
Funds) as of Dec. 31, 2016. The market value of any direct investments in the CLOs and CDOs managed by
Anchorage (the Anchorage CLOs) that are held by the Anchorage Funds is included in firm AUM. However, the total
AUM of such Anchorage CLOs is not included in this figure. bCLO AUM (USD6.5 billion) reflects the notional value of
the assets, plus cash, held by Anchorage CLOs. Certain notes issued by Anchorage CLOs are owned by Anchorage
Funds. Includes CLOs and CDOs that are closed as of Jan. 31, 2017. For the avoidance of doubt, the market value
of any direct investments in the Anchorage CLOs that are held by the Anchorage Funds is also included in the firm’s
AUM figure.

Region(s) U.S.
Leveraged Loan AUMa USD5.4 Bil.
Loans Managed via CLOsb 89%
CLO Team Leader(s) Yale Baron and Soo Kim
Credit Analysts, Non-PMs/Avg. Experience 44
Loan Team Credits Per Analyst (including PMs) Not Reported
Approximate No. of Invested Creditsc 185
a
Represents the traded notional amount of U.S. dollar-denominated leveraged loans that were at any time traded on
par documents held by all Anchorage Funds and Anchorage CLOs. It is the outstanding notional exposure as of Dec.
31, 2016 (or as of year-end 2006 through 2016 in the bar chart on the following page). The information contained
herein is estimated based on unaudited data and subject to rounding. Additional information on calculation
methodology is available upon request from Anchorage. bRepresents the outstanding traded notional amount of U.S.
dollar-denominated leveraged loans that were at any time traded on par documents held by all Anchorage CLOs
divided by the outstanding traded notional amount of U.S. dollar-denominated leveraged loans that were at any time
traded on par documents held by all Anchorage Funds and Anchorage CLOs as of Dec. 31, 2016. The information
contained herein is estimated based on unaudited data and subject to rounding. Additional information on calculation
methodology is available upon request from Anchorage. cAs of Jan. 31, 2017.
Anchorage Capital Group, L.L.C. 13
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Loan Assets Under Managementa
(USD Bil.)
6
5
4
3
2
1
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
aSee Loan Management Profile section on previous page for more information about loan AUM.
Total AUM By Product Type
CLOsb
28.4%
Managed
Fundsa
71.6%
aSee Firm Profile section on previous page for more

information about AUM. bSee Firm Profile section on
previous page for more information about CLO AUM.

Experience (Years)
Dan Allen President and Senior Portfolio Manager ICM 8 24
Yale Baron Portfolio Manager, Head of Structured Credit and Co-Head of CLO ICM 8 19
Soo Kim Portfolio Manager and Co-Head of CLO ICM 7 13
Michael Aglialoro Managing Director ICM 12 25
Paul Gordon Managing Director and Head of U.S. Portfolio Group ICM 5 20
ICM – Investment committee member.
U.S. CLOs Under Managementa

Anchorage Capital 2012-1 12/12 Reinvesting 517 498 Y N — — —
Anchorage Capital 2013-1 6/13 Reinvesting 515 496 Y N — — —
Anchorage Capital 3 2/14 Reinvesting 518 497 Y N — — —
Anchorage Credit Funding 1 5/15 Reinvesting 540 530 N N — — —
Total 6,644 6,460
a
See Firm Profile section on previous page for more information about CLO AUM. VR – Volcker Rule. CRR – European
Capital Requirements Regulation. RR – Risk retention.
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The Fitch View
Key Considerations
• Strong historical AUM growth and focus on loan asset class across products ensure strong
resources devoted to CLO platform.
• Given the size and focus of its flagship credit opportunities fund, not significantly dependent on
future CLO issuance to drive profitability.
• Compensation structure facilitates communication and sharing of resources across the firm.
• Further growth of CLO business could be pressured given loan market supply/demand dynamics.
Company
• Established in 2003, Anchorage manages private investment funds across various markets
globally using both short and long strategies, with a focus on defaulted and leveraged issuers.
• Headquartered in New York, with additional affiliate offices in London, Sydney and Luxembourg,
Anchorage has 180 employees, 68 of whom are dedicated investment professionals.
• Anchorage maintains a majority of the equity in all of its CLOs. Compensation is tied to
performance of company as a whole, which fosters a team-oriented approach, organizational
stability and investment decisions geared to long-term performance.
Investments
• Focus on total return through bottom-up fundamental value investing and opportunistic yet active
portfolio management.
• The CLO investment committee is chaired by a senior portfolio manager; its five members
average 19 years’ experience.
• Forty-four research analysts provide support for all Anchorage funds, specifically covering a total
of approximately 185 issuers for the CLOs. Analysts are allocated by sector and are responsible
for making investment recommendations based on credit risk.
• Credit selection criteria include emphasis on loan to value, downside protection and capital
structure analysis. Anchorage is selective with investments, with a 70% turndown rate.
• Credits may be approved on an equal weight (1.0%), underweight (approximately 0.5%) or
overweight (2.0%, with some exceptions up to 2.5%) basis.
Controls
• Pre- and post-trade relative-value analysis at trade and portfolio level.
• Various daily, weekly, monthly and quarterly risk management reporting and oversight functions.
• Anchorage has compliance and governance processes and policies in place to support accuracy
of trading, portfolio management and administration functions.
• Compliance team and reporting tools provide good support for risk and control data collection as
well as Anchorage’s reporting capabilities.
Operations
• Strong and ongoing communication between operations team and trustee.
• Administrative capabilities reflect highly qualified staff interacting with appropriate systems
and processes.
• Automated and integrated daily reconciliation of cash and securities with Bank of New York and
U.S. Bank, the trustees, as well as through Front Arena, Wall Street Office (WSO) and CDOnet.
• High standard of internal daily, weekly, monthly and quarterly reporting, integrated into work flow
to provide holistic approach to administration.
• CLO information is accessed by investors through the trustee website.
Technology
• Dedicated infrastructure team of 85 professionals and an administrative team of 27 professionals.
• Centralized and integrated platform for trading and settlement, portfolio and risk management.
• Third-party administration systems, including widely accepted industry systems such as Markit
WSO, Intex, Front Arena and Moody’s CDOnet, are employed in addition to proprietary tools.
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Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. (Angelo, Gordon), founded in 1988, is a privately held firm
specializing in alternative investments. The firm’s business comprises five principal lines:
distressed debt and leveraged loans, real estate debt and equity, residential and commercial
mortgage-backed and asset-backed securities, private equity and special situations, and
multistrategy. As of Dec. 31, 2016, Angelo, Gordon had approximately USD27 billion of
assets under management (AUM), including USD4.7 billion in leveraged loans.
Firm Profile
Address 245 Park Avenue, 26th Floor
New York, NY 10167
Key Affiliates (Global) Angelo, Gordon & Co.

Region(s) U.S.
CLO Team Leader(s) Maureen D’Alleva
Loan Team Credits Per Analyst (including PMs) 30 or less

(USD Bil.)
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Angelo, Gordon & Co. 16
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Insurance
CLOs 6.8%
9.8%
Broadly
Syndicated Pension/
Loans CLO
Retirement
6.6% Investors
25.7%
59.9%
Middle Market
Other Loans
75.3%
8.3% Othera
7.6%
aOther includes endowment (0.4%).

Europe Managed
1.3% Accounts
25.3%
CLOs
59.9%
U.S. Managed
98.7% Funds
14.8%

Northwoods Capital 3/99 Called 500 0 N N — — —
Northwoods Capital II 3/00 Called 465 0 N N — — —
Northwoods Capital III 4/01 Called 430 0 N N — — —
Northwoods Capital IV 5/04 Called 500 0 N N — — —
Northwoods Capital V 12/05 Called 493 0 N N — — —
Northwoods Capital VI 3/06 Called 586 0 N N — — —
Northwoods Capital VII 9/06 Called 490 0 N N — — —
Northwoods Capital VIII 6/07 Called 487 0 N N — — —
Northwoods Capital IX 12/12 Amortizing 600 609 Y N — — —
Northwoods X 9/13 Reinvesting 350 350 N N — — —
Northwoods XI 4/14 Reinvesting 600 597 Y N — — —
Northwoods XII 9/14 Reinvesting 600 599 Y N — — —
Northwoods XIV 12/14 Reinvesting 500 499 Y N — — —
Northwoods XV 2Q17 Ramp Up   Y N — MOA Horizontal
Total 6,601 2,654
VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
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Angelo, Gordon & Co., LP
U.S. SEC Registered Investment Advisory Firm
Angelo, Gordon
Angelo, Gordon Angelo, Gordon Angelo, Gordon Angelo, Gordon
Europe LLP
International LLC Asia Limited Netherlands B.V. Germany GmbH
FSA Registered
Affiliated Tokyo Affiliated Seoul Affiliated Affiliated
Advisory Firm &
Office Office Amsterdam Office Frankfurt Office
Affiliated London Office
Angelo, Gordon
Asia Limited
Affiliated Hong
Kong Office
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Apex Credit Partners LLC
Apex Credit Partners LLC (Apex) is the successor organization to the asset management
group of Jefferies Finance LLC (JFIN). It is wholly owned by JFIN, which, in turn, is 50%
owned by Jefferies Group LLC (Jefferies), a global investment banking firm, and 50% owned
by Massachusetts Mutual Life Insurance Company (MassMutual). As of Dec. 31, 2016, Apex
had assets under management (AUM) or sub-advised AUM of USD5.3 billion among 13
CLOs and two warehouse facilities.
Firm Profile
Address 520 Madison Ave, 18th Floor
New York, NY 10022
Firm Type Commercial finance co. affiliated CLO manager
Year Established 2004 (including predecessor)
Current/Planned Risk Retention Structure Firm-provided capital
Key Affiliates (Global) Jefferies Finance LLC, Jefferies Group LLC,
Massachusetts Mutual Life Insurance Company

Region(s) U.S.
CLO Team Leader(s) David Wells, Steve Goetschius, Andrew Stern

(USD Bil.)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Note: Includes sub-advised AUM.
Apex Credit Partners LLC 19
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Middle Market Bank

Loans 29.2%
11.9%
Broadly
Syndicated
CLO
Loans
Investors
88.1%
70.8%
U.S. Other
100.0% 12.3%
CLOs
87.7%

Experience (Years)
David Wells Chief Investment Officer CIO 12 27
Steve Goetschius Managing Director PM 10 32
Andrew Stern Managing Director PM 4 18

JFIN CLO 2007 LTD I 6/07 Amortizing 407 162 N N — — Horizontal
JFIN CLO 2012 LTD 7/12 Amortizing 314 221 Y N — — Horizontal
JFIN CLO 2013 LTD 3/13 Reinvesting 462 462 Y N — — Horizontal
JFIN Revolver CLO 10/13 Amortizing 424 289 Y Y Originator — Horizontal
JFIN CLO 2014 LTD 3/14 Reinvesting 522 522 Y N — — Horizontal
JFIN MM CLO 2014 LTD 3/14 Reinvesting 309 309 Y Y Originator — Horizontal
JFIN CLO 2014-II LTD 6/14 Reinvesting 563 563 Y N — — Horizontal
JFIN Revolver CLO 2014 7/14 Amortizing 498 438 Y Y Originator — Horizontal
JFIN CLO 2015 LTD 3/15 Reinvesting 513 513 Y Y Originator — Horizontal
JFIN Revolver CLO 2015 3/15 Amortizing 422 327 Y Y Originator — Horizontal
JFIN Revolver CLO
2015-II 4/15 Amortizing 164 137 Y Y Originator — Horizontal
JFIN CLO 2015-II 9/15 Reinvesting 410 410 Y Y Originator — Horizontal
JFIN CLO 2016 LTD 7/16 Reinvesting 354 354 Y Y Originator — Horizontal
Total 5,362 4,707
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The Fitch View
Key Considerations
• Demonstrated individual track record managing CLOs, combined with tenured and
experienced professional team at all levels.
• Apex benefits from strong support of its parent company, JFIN, which has a diverse revenue
stream from both underwriting and portfolio management.
• Protocols are in place to avoid potential conflict of interest by maintaining an effective wall of
separation between Apex’s and JFIN’s underwriting and origination business, as well as
rules governing participation in JFIN-underwritten loans.
Company
• Apex, a registered investment adviser, is the successor organization to JFIN Asset
Management and is wholly owned by JFIN. JFIN is 50% owned by Jefferies (which itself is
owned by Leucadia National Corporation [Leucadia]) and 50% owned by MassMutual.
• Jefferies is a global investment banking firm. Leucadia, which merged with Jefferies in March
2013, is a diversified holding company with investments in a variety of businesses.
• Apex is the CLO asset management business of JFIN with AUM of USD5.3 billion as of
Dec. 31, 2016.
• Credit research has been bolstered by 10 analysts responsible for covering approximately
45 credits each, based on industry.
Investments
• The team takes a fundamental, bottom-up credit-driven approach and typically employs a
buy-and-hold strategy.
• Fundamental credit view results in strong conviction and a more buy-and-hold
investment strategy.
• Credit views are supplemented by industry and competitor analysis from Apex’s underwriting
and pricing and relative-value analyses.
• Surveillance is ongoing and includes daily reviews of market events, industry updates and
credit events. There are additional quarterly portfolio reviews of watchlist and classified loans
or on an ad hoc basis as needed.
• Apex and JFIN own a majority of the equity of the CLOs.
Controls
• Apex’s use of Black Mountain Systems’ Everest platform is supplemented by proprietary
systems to provide credit risk, loan monitoring, compliance, and pricing services for the
firm’s portfolio.
• Apex performs formal quarterly portfolio reviews, with results reported to the board of
directors at JFIN.
• Additional independent oversight and diligence performed by JFIN and its outside auditor
(Deloitte & Touche LLP).
Operations
• Apex has in place daily reconciliation of cash and loans with State Street and US Bank,
as trustees.
• All portfolio management and credit analysis functions are performed by either Apex or the
trustee. Models are run daily to ensure compliance with CLO tests.
• Daily internal reconciliation of cash and positions and weekly reconciliation of securities with
custodians and administrators.
Technology
• Multiple systems used, including Everest, which is customized by Black Mountain Systems
for portfolio management, credit monitoring, compliance and trading, with direct feeds from
Moody’s, S&P and Markit.
• Business continuity plan is adequate and tested, with daily data backup and multiple
systems redundancies leveraging off of JFIN.
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Apollo Global Management, LLC
Apollo Global Management, LLC (together with its subsidiaries, Apollo) is a global alternative
investment management company founded in 1990. As of Dec. 31, 2016, the company had
USD191.7 billion in assets under management (AUM), 986 employees and 15 offices
globally. Apollo’s business is separated into three segments: private equity, real estate and
credit. Globally, performing credit accounts for approximately 14% of total firm AUM.
Firm Profile
th
Address 9 West 57 Street
New York, NY 10019
Firm Type Global multistrategy asset management
Total Employees/Investment Professionals 986/376 (Globally)
Active CLOs Under Management 15 (U.S.)/4 (Europe)
Current/Planned Risk Retention Structure Capitalized manager vehicle (CMV) (U.S.)/Sponsor (Europe)
Key Affiliates (Global) Not Reported

Region(s) Global
Loans Managed via CLOs 86% (U.S.); 14% (Europe)
CLO Team Leader(s) Joseph Moroney
CLO Portfolio Managers (PMs)/Avg. Experience 6/18 Years (U.S.); 1/18 Years (Europe)
Credit Analysts, Non-PMs/Avg. Experience 16/7 Years (U.S.); 4/7 Years (Europe)
Loan Team Credits Per Analyst (including PMs) 30 (U.S.); 25 (Europe)
Approximate No. of Invested Credits 700 Globally
Note: Information provided reflects all performing credit, not just leveraged loans.
Total Performing Credit Assets Under Management

(USD Bil.)
30
25
20
15
10
5
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Apollo Global Management, LLC 23
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Performing Credit AUM By
Product Type
Managed
Accounts
21.0%
CLOs
45.0%
Other a
34.0%
aIncludes commingled, at 30%, and retail, at 4%.

Experience (Years)
Joseph Moroney Partner Senior Portfolio Manager,
Performing Credit Group Co-Head 8 23
Dana Carey Partner Senior Portfolio Manager,
James Zelter Senior Partner, CEO Managing Partner and Chief Investment Officer 11 30
Anthony Civale Senior Partner Lead Partner and Chief Operating Officer 18 21
Gregg Stover Portfolio Manager Portfolio Manager, Performing Credit 5 30
David Saitowitz Portfolio Manager Portfolio Manager, Performing Credit 5 17
James Vanek Managing Director Portfolio Manager, Performing Credit 9 16
European Credit Committee

Experience (Years)
Joseph Moroney Partner Senior Portfolio Manager,
Dana Carey Partner Senior Portfolio Manager,
James Zelter Senior Partner, CEO Managing Partner and Chief Investment Officer 11 30
Dan Robinson Managing Director Portfolio Manager, Performing Credit 2 18
Jeppe Gregersen Managing Director Portfolio Manager, European Credit 6 16

Gulf Stream-Compass
CLO 2002-I 12/02 Called 300 0 N N — — —
Gulf Stream-Compass
CLO 2003-I 8/03 Called 300 0 N N — — —
Gulf Stream-Compass
CLO 2004-1 8/04 Called 400 0 N N — — —
Stone Tower CLO II 8/04 Called 300 0 N N — — —
Gulf Stream-Compass
CLO 2005-1 5/05 Called 465 0 N N — — —
Stone Tower CLO III 5/05 Called 700 0 N N — — —
Granite Ventures II 12/05 Called 361 0 N N — — —
Gulf Stream-Compass
CLO 2005-II 1/06 Called 465 0 N N — — —
Stone Tower CLO IV 3/06 Called 750 0 N N — — —
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U.S. CLOs Under Management (Continued)
Granite Ventures III 5/06 Called 412 0 N N — — —
Gulf Stream-Sextant
CLO 2006-1 8/06 Called 375 0 N N — — —
Stone Tower CLO V 8/06 Called 800 0 N N — — —
Gulf Stream-Rashinban
CLO 2006-I 11/06 Called 400 0 N N — — —
Rampart CLO 2006-I 12/06 Called 613 0 N N — — —
Stone Tower CLO VI 3/07 Amortizing 1,000 160 N N — — —
Gulf Stream-Sextant
CLO 2007-1 5/07 Called 500 0 N N — — —
Cornerstone CLO 7/07 Called 680 0 N N — — —
Gulf Stream-Compass
CLO 2007 8/07 Called 300 0 N N — — —
Stone Tower CLO VII 8/07 Called 600 0 N N — — —
Rampart CLO 2007 10/07 Called 507 0 N N — — —
Neptune Finance CCS 3/08 Called 263 0 N N — — —
ALM Loan Funding 2010-1 6/10 Called 323 0 Y N — — —
ALM Loan Funding 2010-3 12/10 Called 405 0 Y N — — —
ALM IV 6/11 Called 461 0 Y N — — —
ALM V 8/15a Reinvesting 486 478 Y N — — —
ALM VI 6/12 Reinvesting 514 504 Y N — — —
ALM VII 10/16a Reinvesting 729 702 Y N — — —
ALM VII(R) 12/16a Reinvesting 409 401 Y N — — —
ALM VII(R)-2 12/16a Reinvesting 944 901 Y N — — —
ALM VIII 10/16a Reinvesting 609 595 Y N — — —
ALM X 1/14 Reinvesting 711 695 Y N — — —
ALM XIV 7/14 Reinvesting 1,542 1,496 Y N — — —
ALM XI 9/14 Reinvesting 563 546 Y N — — —
ALM XII N.A. Reinvesting 786 773 Y N — — —
ALM XVI 7/15 Reinvesting 1,112 1,106 Y N — — —
ALM XVII 12/15 Reinvesting 605 603 Y N — — —
ALM XVIII 6/16 Reinvesting 450 452 Y N — — —
ALM XIX 5/16 Reinvesting 473 476 Y N — — —
Total 21,613 9,888
a
Date of refinancing. VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
European CLOs Under Management

Compliance
Portfolio Balance
(EUR Mil.) EU RR Form
Name Pricing Status Original Current VR CRR Method of RR
ALME Loan Funding 2013-1 5/13 Called 334 0 N N Sponsor Vertical
ALME Loan Funding II D.A.C. 12/16a Reinvesting 382 375 N Y Sponsor Vertical
ALME Loan Funding III, Ltd. 12/14 Reinvesting 411 401 N Y Sponsor Vertical
ALME Loan Funding IV B.V. 11/15 Reinvesting 459 451 N Y Sponsor Vertical
ALME Loan Funding V B.V. 5/16 Reinvesting 357 350 N Y Sponsor Vertical
Total 1,943 1,577
a
Date of refinancing. VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
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The Fitch View
Key Considerations
• An integrated global research platform, with both dedicated European and U.S. analyst
pools, gives CLO managers access to industry insights.
• The formalized investment process ensures a standardized approach to credit selection and
investment, permitting investment through market cycles and across the capital structure.
• Apollo has a demonstrated track record managing CLOs, as evidenced by continued strong
performance of the ALM CLOs and the acquired Gulf Stream and Stone Tower CLOs.
• Retention of key staff and ability to preserve the talent pool amid increasing industry
competition.
Company
• Established in 1990, Apollo is a publicly listed company with headquarters in New York and
additional offices in Los Angeles, Bethesda, MD, Houston, Chicago, Toronto, London,
Singapore, Shanghai, Frankfurt, Luxembourg, Madrid, Hong Kong, Mumbai and Delhi.
• The performing credit group manages USD26.1 billion across various products, including 20
U.S. and European CLOs (two of which are past their reinvestment period), which makes
Apollo one of the largest CLO managers by AUM.
• Communication between private equity and credit research teams allows for added industry
insight.
• Apollo established its capitalized manager vehicle (CMV), Redding Ridge Asset
Management LLC, in late 2016 for the purpose of risk retention compliance. Apollo expects
to issue U.S. and European compliant CLOs through the CMV and provide it with shared
resources.
Investments
• Apollo engages in active portfolio management with a relative-value focus, based on idea
generation and knowledge sharing across business segments.
• Apollo has a rigorous credit selection process focused on non-investment-grade credits and
uses a formalized, bottom-up fundamental approach conducted by sector-focused analysts.
• Apollo typically holds at least 51% equity in CLO transactions (except for acquired deals) to
be the controlling class and to control transaction performance.
• Credit views are supplemented by extensive industry and competitor analysis from the
private equity group and pricing and relative-value analysis.
Controls
• Conflicts of interest are minimized by global policy of not investing in the debt of Apollo’s
portfolio companies — that is, companies owned by Apollo’s private equity arm.
• Apollo has a centralized operations and risk management team, which includes 59
employees globally.
• The company utilizes pre- and post-trade relative-value analysis at the trade and portfolio
level.
• There are no walls of separation between Apollo’s investment teams. As a result, Apollo is
either public or private on a name firmwide, which minimizes conflict-of-interest risk.
Operations
• Apollo has in place daily reconciliation of cash and securities with the trustee. The company
has a strong relationship and constant dialogue with the trustee (primarily U.S. Bank).
A specific team at U.S. Bank is dedicated to the Apollo account. Portfolio managers receive
monthly reconciliations with trustee reports for review.
• Operational procedures are sound, supported by a well-resourced fund administration team
and industry-standard tools such as Wall Street Office (WSO) for loan/CLO administration.
Technology
• Apollo has in place a fully integrated and flexible platform based on a combination of
proprietary analytics and third-party administration systems, including industry-standard
systems such as Black Mountain Everest, WSO, SunGard VPM (for portfolio accounting)
and Markit (for loan pricing information).
• Apollo’s business continuity plan is appropriate and tested annually.
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Ares Management LLC
Ares Management LLC (Ares) is a wholly owned subsidiary of Ares Management, L.P.,
a
a publicly traded global asset manager with approximately USD99 billion of pro forma
assets under management (AUM) and approximately 925 employees in over 15 principal
and originating offices across the U.S., Europe, Asia and Australia as of Dec. 31, 2016.
Ares operates three distinct but complementary investment groups that invest in the credit,
real estate and private equity markets. Ares’ credit group accounted for USD64.1 billion of
pro forma AUM, with approximately USD17 billion relating to CLOs.
a
As of Dec. 31, 2016. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a
wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. Pro
forma AUM amounts are unaudited and reflect AUM as of Dec. 31, 2016, pro forma for Ares Capital
Corporation’s acquisition of American Capital, Ltd., which closed on Jan. 3, 2017.
Firm Profile
Region(s) of Operation U.S. Europe
th th
Address 2000 Avenue of the Stars, 12 Floor 10 New Burlington Street, 6 Floor
Los Angeles, CA 90067 London, W1S 3BE, U.K.
Firm Type Global alternative investment manager
Year Established 1999 2007
Assets Under Management USD68.4 Bil. EUR14.9 Bil.
Total Employees/Investment Professionals 767/280 134/76
Active CLOs Under Management a 60 Globally
Current/Planned Risk Retention Structure Varying on a deal by deal basis (U.S. and Europe)
Dedicated Capital to Fund Risk Retention Not Reported Not Reported
Key Affiliates (Global) Not Reportedb
a
Includes 55+ broadly syndicated CLOs, three market value CDOs and two synthetic CDOs. bSee Section 7 of Ares
Management LLC’s SEC Form ADV Part 1.

Region(s) U.S. Europe
Leveraged Loan AUM USD14.7 Bil. EUR2.4 Bil.
Loans Managed via CLOs 68.0% 12.5%
CLO Team Leader(s) Seth Brufsky, Ujjaval Desai,
Daniel Hayward, Fancois Gauvin,
John Leupp, Gregory Margolies,
Americo Cascella, David Sachs
Gregory Margolies,
David Sachs
CLO Portfolio Managers (PMs)/Avg. Experience 2/18.5 Years 2/23.2 Years
Credit Analysts, Non-PMs/Avg. Experience 34/9 Years 7/12 Years
Loan Team Credits Per Analyst (including PMs) 40 globally
Approximate No. of Invested Credits Direct investments: 700+; Maintain research coverage:1,100+
U.S. Loan Assets Under Management

(USD Bil.)
16
14
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Ares Management LLC 27
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European Loan Assets Under Management
(EUR Bil.)
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CLO
High Yield Bonds a
Other Investors
5.2% 26.7% 17.9%
Middle
Market
a Loans Bank Insurance
Other 9.7%
28.9% 7.2%
48.0%
Sovereign Pension/
WealthFunds Retirement
CLOs
10.4% 28.1%
17.9% aIncludes investment managers, consultants, fund of
aIncludes broadly syndicated loans, private equity, real funds, and capital from funds where the end investor is
estate, and other Ares Credit Group strategies. indeterminable.

a
Other Managed
1.2% Accounts
15.3%
Europe
13.9% Other a
4.3%
U.S.
84.9% CLOs
80.4%
aIncludes countries across Asia, North America
(excluding U.S.) and the Middle East. aIncludes managed funds, at 4.3%.

Experience (Years)
Seth Brufsky Partner; Co-Head and PM of Portfolio Manager —
U.S. Liquid Credit U.S. BSL CLOs 19 27
Daniel Hayward Managing Director; Co-PM of Portfolio Manager —
U.S. Liquid Credit U.S. BSL CLOs 4 9
John Leupp Partner; Co-Head and PM of Portfolio Manager —
U.S. Liquid Credit U.S. High Yield 13 28
Gregory Margolies Partner; Head of Markets Investment Committee Member 8 29
David Sachs Partner Investment Committee Member 19 36
Americo Cascella Partner Investment Committee Member 18 22
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Experience (Years)
Ujjaval Desai Partner PM − Europe BSL CLOs 5 21
Fancois Gauvin Partner PM − Europe BSL CLOs 5 26
Gregory Margolies Partner; Head of Markets Investment Committee Member 8 29
Middle Market Credit Committee

Experience (Years)
Kevin Braddish Partner; President and Head of PM − Ivy Hill Asset Management
Ivy Hill Asset Management 6 33
Ryan Cascade Partner; Head of Investment Committee Member
Ares Commercial Finance 7 20
Steven Alexander Managing Director, Investment Committee Member
Shelly Cleary Managing Director, Investment Committee Member
Stephanie Setyadi Managing Director, Investment Committee Member
Mitch Goldstein Partner; Co-Head of the Investment Committee Member
Ares Credit Group 12 23
Michael Smith Partner Investment Committee Member 13 24

Ares III CLO 12/99 Called 410 0 — — — — —
Ares IV CLO 11/00 Called 530 0 — — — — —
Ares V CLO 11/01 Called 400 0 — — — — —
Ares VI CLO 7/02 Called 400 0 — — — — —
Ares VII CLO 5/03 Called 408 0 — — — — —
Ares VIII CLO 3/04 Called 550 0 — — — — —
Ares XVIII CLOa 8/04 Called 350 0 — — — — —
Ares Enhanced Loan
Investment Strategy 11/04 Called 650 0 — — — — —
Ares XIX CLOb 1/05 Called 300 0 — — — — —
Ares IX CLO 5/05 Called 600 0 — — — — —
Ares X CLO 9/05 Called 500 0 — — — — —
Ares II-R CLO 10/05 Called 250 0 — — — — —
Ares XX CLOc 12/05 Called 500 0 — — — — —
Ares Enhanced Loan
Investment Strategy II 1/06 Called 420 0 — — — — —
Ares VR CLO 3/06 Called 625 0 — — — — —
Ares VIR CLO 3/06 Called 625 0 — — — — —
Ares NF CLO XIIIb 5/06 Called 300 0 — — — — —
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Ares XXI CLOd 12/06 Called 450 0 — — — — —
Ares IIIR/IVR CLO 3/07 Amortizing 700 306 Y N — — —
b
Ares NF CLO XIV 4/07 Called 309 0 — — — — —
Ares XI CLO 8/07 Called 819 0 — — — — —
f
Ares XV CLO 8/07 Called 399 0 — — — — —
d
Ares XXII CLO 8/07 Called 350 0 — — — — —
Ares XII CLO 10/07 Called 700 0 — — — — —
Ares Enhanced Loan
Investment Strategy III 3/08 Called 1,000 0 — — — — —
Global Loan Opportunity
Fund B.V. 2008-1 8/08 Called 400 0 — — — — —
Ares Enhanced Loan
Investment Strategy I-R 9/08 Called 500 0 — — — — —
Global Loan Opportunity
Fund B.V. 2008-2 9/08 Called 200 0 — — — — —
Ares XVI CLO 3/11 Called 410 0 — — — — —
Ares XXIII CLO 3/12 Amortizing 430 378 Y — — — —
Ares XXIV CLO 9/12 Amortizing 719 719 Y N — — —
Ares XXV CLO 1/13 Reinvesting 568 568 Y N — — —
Ares XXVI CLO 3/13 Reinvesting 940 940 Y N — — —
Ares Enhanced Loan
Investment Strategy IR 7/13 Reinvesting 542 542 Y N — — —
Ares XXVII CLO 7/13 Reinvesting 413 413 Y N — — —
Ivy Hill Middle Market
Credit Fund VIIe 10/13 Reinvesting 360 330 Y N — — —
Ares XXVIII CLO 11/13 Reinvesting 519 519 Y N — — —
Ares XXIX CLO 4/14 Reinvesting 514 514 Y N — — —
Ares XXX CLO 6/14 Amortizing 361 253 Y N — — —
Ares XXXI CLO 8/14 Reinvesting 1,261 1,261 Y N — — —
Credit Fund IXe 10/14 Reinvesting 334 312 Y Y Originator Other Horizontal
Ares XXXII CLO 12/14 Reinvesting 511 511 Y N — — —
Ares XXXIII CLO 2/15 Reinvesting 613 613 Y N — — —
Credit Fund Xe 7/15 Reinvesting 385 359 Y Y Originator Other Horizontal
Ares XXXIV CLO 9/15 Reinvesting 814 814 Y N — Other Vertical
Ares XXXV CLO 9/15 Reinvesting 406 406 Y N — — —
Ares XXXVII CLO 10/15 Reinvesting 707 707 Y N — Otherf Otherf
Ares XXXVIII CLO 12/15 Reinvesting 409 409 Y N — Otherf Otherf
Ares XXXIX CLO 7/16 Reinvesting 510 510 Y N — Otherf Otherf
Ares XL CLO 10/16 Reinvesting 700 700 Y N — Otherf Otherf
Ares XLI CLO 12/16 Reinvesting 614 614 Y N — Other Vertical
Total 26,685 12,698
a
Acquired from Nomura Corporate Research and Asset Management in August 2011. bAcquired from Navigare
Partners, LLC in July 2010. cAcquired from Nomura Corporate Research and Asset Management in April 2012.
d
Acquired from Nomura Corporate Research and Asset Management in September 2011. eManaged by Ivy Hill
Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation. fStructured with a dynamic
management fee schedule that aligns Ares’ interests with noteholders to seek risk retention compliance upon a
refinancing/repricing. VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
Notes: Reflects deal balance based on the latest trustee report as of Dec. 31, 2016. Excludes refinancings and/or
repricings that do not involve an extension of the original deal's respective reinvestment period.
PRINT A.indd 32 4/5/2017 3:54:03 PM

Ares European
a
CLO IV BV 1/07 Amortizing 500 208 N Y — —
Ares European
CLO I BV 4/07 Amortizing 356 181 N Y — —
Ares European
CLO V BVa 6/07 Amortizing 450 204 N Y — —
Ares European
b
CLO III BV 7/07 Amortizing 357 165 N Y — —
Ares European
CLO II BV 12/07 Amortizing 400 238 N N — —
Ares European
CLO VI BV 9/13 Reinvesting 311 311 N Y Sponsor —
Ares European
CLO VII BV 9/14 Reinvesting 352 352 N Y Sponsor —
Ares European
CLO VIII BV 12/16 Reinvesting 417 417 N Y Sponsor —
Total 3,142 2,075
a
Acquired via acquisition of Indicus Advisors in August 2011. bAcquired from Octagon Credit Investors Europe in
April 2011. VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
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The Fitch View
Key Considerations
• Ares has a long history, a strong brand name and an exclusive focus on and extensive track
record in asset management, especially in credit markets.
• A collaborative culture results in cross-sector idea generation and credit research, while the
credit team is experienced and has demonstrated stability over time.
• Significant exposure to institutional investors, albeit diversified by relationship. The challenge
is to continue to diversify investor base by increasing retail AUM.
• Compliance and operational resources in Europe are currently sufficient given the number of
CLOs managed, but challenges may arise if Ares significantly expands its European
CLO count.
Company
• Founded in 1997, Ares is a global alternative asset manager and SEC-registered investment
adviser with three distinct platforms: credit, private equity and real estate.
• Active management investment philosophy focuses on optimizing risk-adjusted return
opportunities through the utilization of fundamental bottom-up analysis with a
macroeconomic overlay.
• Ares has a long history of managing U.S. CLOs (since 1999) and has been managing
European CLOs since 2007.
Investments
• Credit selection process focuses on bottom-up fundamental research and relative-value
determinations, requiring a majority vote of approval from PMs for inclusion in a portfolio.
Position sizing, allocations and top-down inputs are determined by PMs and given based on
the specific needs of each portfolio.
• Analysts are organized by sector. Senior analysts are paired with junior analysts to ensure
dual coverage of sectors, which differentiates Ares from peers. All analysts cover credits
across the capital structure.
• Each investment has a standardized investment guideline checklist (based on ratio analysis,
credit quality and earnings predictability, among other factors). A proprietary financial model
is produced for every credit, with various scenario-based forecasts used.
Controls
• Risk management team front-ends its analysis of credit through use of pretrade compliance
testing in Black Mountain’s Everest platform and meets with investment teams regularly.
CDO Suite is used to test for CLO compliance in Ares’ existing CLOs.
• Ares’ primary position is to be public on a particular credit across the firm. In the case of an
exception, compliance must provide signoff before any private information is received.
Operations
• Middle-office operations are performed in-house. Back-office operations are outsourced to
GlobeOp, guided by a service-level agreement and regular reviews. Weekly team meetings
are supplemented by formal monthly reviews.
• Ares and GlobeOp’s systems allow straight-through processing with the trustee, enabling
automated daily cash and position reconciliations.
• Ares has a dedicated loan settlement team. Weekly pending trade reports are reviewed by
the team and the PM, with defined escalation procedures in place.
Technology
• Integrated, automated and flexible platform based on a combination of proprietary and
widely accepted industry systems, including the best-in-class Black Mountain Everest.
Additionally, Wall Street Office, Bloomberg and Geneva are utilized.
• Ares has developed a proprietary credit research management system to store investment
research along with the necessary financial metrics for each credit.
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AXA Investment Managers S.A.
AXA Investment Managers S.A. (AXA IM) is an active, long-term, global multi-asset
manager that forms part of the AXA Group. As of Dec. 31, 2016, the AXA Group had
approximately EUR717.0 billion in assets under management (AUM). The AXA IM
leveraged loan team had EUR9.4 billion of AUM, including all CLOs, as of Dec. 31, 2016; it
is part of the AXA IM structured finance team, which managed EUR35.4 billion as of the
same date.
Firm Profile
Address 100 West Putnam Avenue Tour Majunga 6, place de la Pyramide
Greenwich, CT 06830 92908 Paris, La Défense cedex, France
Total Employees/Investment Professionals 171/73 2,083/664
Active CLOs Under Management 4 4
Current/Planned Risk Retention Structure Balance Sheet Originator
Key Affiliates (Global) AXA Group — Parent

Loans Managed via CLOsa 16.7% 14.4%
CLO Team Leader(s) Jean-Philippe Levilain Yannick Le Serviget,
Xavier Boucher
CLO Portfolio Managers (PMs)/Avg. Experience 1/18 Years 2/15 Years
Loan Team Credits Per Analyst (including PMs) 60 15
Approximate No. of Invested Credits 250 125
a
As a percentage of leveraged loan team AUM of EUR9.4 billion.
(USD Bil.)
6
5
4
3
2
1
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AXA Investment Managers S.A. 33
PRINT A.indd 35 4/5/2017 3:54:03 PM

(EUR Bil.)
6
5
4
3
2
1
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Broadly Other
Other
Syndicated 12.0%
19.0%
Loans
26.0%
Insurance
57.0%
CLO
Structured Investors
CLOs Credit 31.0%
34.0% 21.0%
CLO
31.0%
U.S. Europe
49.6% 50.4% Managed
Accounts
58.0%
Managed
Funds
11.0%
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Experience (Years)
Joel Serebransky N.A. Senior Credit Analyst 5 26
Vera Fernholz N.A. Senior Credit Analyst 4 20
Yumiko Licznerski N.A. Senior Credit Analyst 4 15
Mounia Maliki N.A. Senior Credit Analyst 8 8
Jay Chandiramani N.A. Senior Credit Analyst 1 10
Michael J. Sorna N.A. Junior Credit Analyst 2 5
Deniz Esmen N.A. Junior Credit Analyst 2 3
David Saad N.A. Junior Credit Analyst 1 2
Jean-Philippe Levilain N.A. Senior Portfolio Manager 12 18
N.A. – Not applicable.

Experience (Years)
Oliver Testard N.A. Senior Credit Analyst 15 22
Cyrille Mace N.A. Senior Credit Analyst 16 17
Isabelle Landes N.A. Senior Credit Analyst 4 21
Audrey Marc N.A. Senior Credit Analyst 3 9
Emmanuelle Noirclerc N.A. Senior Credit Analyst 1 9
Deepah Colombel N.A. Senior Credit Analyst 2 6
Meiying Li N.A. Junior Credit Analyst 1 2
Guillaume Burg N.A. Junior Credit Analyst 1 2
Alexandre Von Rakowski N.A. Junior Credit Analyst 1 2
Hugo Salvadori N.A. Junior Credit Analyst 1 2
Yannick Le Serviget N.A. Senior Portfolio Manager 14 17
Xavier Boucher N.A. Senior Portfolio Manager 5 12

Allegro CLO I 12/13 Reinvesting 350 352 Y N — — —
Allegro CLO II 12/14 Reinvesting 400 402 Y N — — —
Allegro CLO III 4/15 Reinvesting 400 402 Y Y Originator — Vertical
Allegro CLO IV 11/16 Reinvesting 450 450 Y Y Originator — Vertical
Total 1,600 1,606

Adagio CLO I 9/04 Called 300 0 N N — —
Oryx CLO I 9/05 Called 396 0 N N — —
Adagio CLO II 11/05 Amortizing 350 203 N N — —
Adagio CLO III 7/06 Amortizing 499 432 N N — —
Adagio CLO IV 9/15 Reinvesting 350 352 Y Y Originator Vertical
Adagio CLO V 7/16 Reinvesting 350 350 Y Y Originator Vertical
Total 2,245 1,337
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AXA Investment Managers S.A.
AXA Investment AXA Investment AXA Investment

Managers Paris Managers UK Ltd. Managers Asia Ltd.
(France) (U.K.) (Hong Kong)
AXA Investment AXA Investment AXA Investment

Managers Deutschland Managers GS Ltd Managers Japan Ltd.
(Germany) (U.K.) (Japan)
AXA Investment Managers AXA Investment AXA Investment Managers

Italia Sim Managers Inc. Asia (Singapore) Ltd.
(Italy) (U.S.)a (Singapore)
AXA Rosenberg Investment

AXA IM Benelux AXA Funds Management S.A.
Management LLC
(Belgium) (Luxembourg)
(U.S.)a
AXA Investment
AXA IM Benelux Netherlands AXA Real Estate
Managers Madrid
(Netherlands — Branch) Investment Managersb
(Spain)
AXA Investment AXA Investment Managers AXA Investment

Managers Schweiz AG Mexico, S.A. de C.V. Managers LLC
(Switzerland) (Mexico) (Qatar)
aIndirect
subsidiaries of AXA IM. bHolding company of entities performing real assets activities. Note: As of Dec. 31,
2016. Excludes the joint ventures in which AXA IM is shareholder and the holding companies not performing asset
management activities.
PRINT A.indd 38 4/5/2017 3:54:04 PM

Fitch View
Key Considerations
• The loan and private debt team has a long and successful track record managing European
and U.S. leveraged loans through open-ended funds and mandates since 2001 and through
CLOs since 2004 in Paris (France) and Greenwich, CT (U.S.).
• Large and diversified loan management business resulting in limited pressure to issue
additional CLOs.
• Depth of resources devoted to loan research and management, CLO structuring
and administration.
• Strong and committed parent company.
Company
• The loan and private debt team has 37 professionals and EUR9.4 billion in AUM and is part
of the AXA IM structured finance team, which had 98 professionals and approximately
EUR35.4 billion in AUM as of Dec. 30, 2016.
• The loan and private debt team comprises three portfolio managers (PMs), 18 dedicated
credit research analysts, a U.S. loan trader and a European loan trader. Average experience
is 12 years.
• The team also benefits from dedicated support staff (for loan settlement, transaction support
and CLOs and loan funds structuring) and wide access to AXA IM’s shared resources.
Investments
• The 18 research analysts (eight U.S., 10 European) are allocated by sector, covering roughly
250 U.S. names and 125 European names as of Dec. 31, 2016.
• Investment approach is a robust and disciplined blend of bottom-up fundamental credit
selection and strategic top-down allocation.
• Preliminary assessments and full credit analysis are documented in comprehensive memos.
The analysis includes proprietary financial modeling and stress tests. The primary focus is on
senior-secured loans (90% of investments made). Output of the analysis is an internal grade.
• Sourcing is facilitated by strong links the team has developed with a large variety of market
actors such as large banks, private equity firms and debt consultants.
• Credit approval is formalized in credit committees, meeting strict governance requirements.
Decisions to invest in credit-committee-approved issuances are made solely by PMs.
• AXA IM has demonstrated an active involvement in workout, a result of scale and experience.
Controls
• AXA IM has a strong governance structure and multilayer risk control framework.
One independent risk manager is dedicated to the loan/CLO business.
• Pretrade compliance is system-based. Post-trade, second level of controls is the responsibility of
three portfolio controllers reporting to operations and dedicated to loan platform.
• Policies govern the management of public and private information. Protective barriers between the
high-yield and leveraged loan teams include segregated system views and separate locations, and
are overseen by compliance, with strict control on the flow of information.
Operations
• Daily cash/interest reconciliation and monthly position reconciliation between AXA IM and
collateral administrators.
• Middle-office function is outsourced to State Street Bank, with AXA IM maintaining oversight
and controls in-house.
• AXA IM produces monthly supplemental investment commentary and various additional
customized reports.
Technology
• Use of proprietary application (Maia) and third-party systems (Wall Street Office [WSO],
among others) adequately meets the specific needs of business (including multicurrency
portfolios and complex structures).
• A central database supports integration of WSO and Maia. Use of Markit analytics and
pricing data, feeding WSO and Maia via AXA IM’s central repository.
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Bain Capital Credit, LP
Bain Capital Credit, LP is a leading global credit specialist with approximately
USD33.5 billion in assets under management (AUM) as of Jan. 1, 2017. The firm invests
across the full spectrum of credit strategies, including leveraged loans, high-yield bonds,
distressed debt, private lending, structured products, nonperforming loans and equities.
Firm Profile
Address 200 Clarendon Street
Boston, MA 02116
Current/Planned Risk Retention Structure Capitalized majority-owned affiliate (C-MOA) (U.S.)/
Sponsor (Europe)
Key Affiliates (Global) Bain Capital, LP (Parent)

Region(s) U.S.
CLO Team Leader(s) John Wright, Stephanie Walsh, Gauthier Reymondier
Approximate No. of Invested Credits 750 leveraged loans/450 issuers
Total Assets Under Management

(USD Bil.)
35
30
25
20
15
10
5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Bain Capital Credit, LP 38
PRINT B.indd 41 4/10/2017 2:42:15 PM

Broadly
Syndicated Other CLO
Loans 25.4% Investors
Other 21.1% 24.3%
39.4%
Insurance
Middle Market 4.7%
Loans
15.1% Endowments
Pension/
8.3%
Retirement
CLOs 37.3%
24.3%

Other CLOs
25.0% Managed 24.3%
Accounts
40.5%
U.S.
49.0%
Managed
Europe
Funds
26.0%
35.2%
U.S. and European Credit Committee

Experience (Years)
Jonathan Lavine Managing Director Managing Partner, Chief Investment Officer 24 27
Jonathan DeSimone Managing Director Chief Investment Officer: Performing Credit 14 23
Tim Barns Managing Director Chief Credit Officer 16 38
Alon Avner Managing Director Head of Europe 11 23
Michael Ewald Managing Director CIO: Private Credit 16 21
Christopher Linneman Managing Director Head of New York 2 32
Jeff Robinson Managing Director CIO: Distressed and Special Situations 14 24
Viva Hyatt Managing Director Head of U.S. Industry Research 14 20

Race Point VI 4/12 Amortizing 412 324 Y N — — —
Race Point VII 10/12 Amortizing 620 594 N N — — —
Race Point VIII 2/13 Reinvesting 518 700 Y N — — —
Cavalry II 2/13 Reinvesting 455 435 Y N — — —
Avery Point II 6/13 Reinvesting 517 491 Y N — — —
Avery Point III 11/13 Reinvesting 511 493 N N — — —
Cavalry III 12/13 Reinvesting 411 387 Y N — — —
Avery Point IV 3/14 Reinvesting 724 690 Y N — — —
Avery Point V 6/14 Reinvesting 413 392 Y N — — —
Cavalry IV 9/14 Reinvesting 408 394 Y N — — —
VR – Volcker Rule. CRR – European Capital Requirements Regulation. RR – Risk retention. Continued on next page.
PRINT B.indd 42 4/10/2017 2:42:15 PM

Cavalry V 12/14 Amortizing 368 213 Y N — — —
Race Point IX 2/15 Reinvesting 507 495 Y N — — —
Avery Point VI 5/15 Reinvesting 513 498 Y N — — —
Avery Point VII 11/15 Reinvesting 408 400 Y N — — —
Bain Capital Credit CLO 2016-2 11/15 Reinvesting 538 525 Y Y — — Vertical
Race Point X 4/16 Reinvesting 402 401 Y N — — Vertical
Total 7,725 7,432

Compliance
Portfolio Balance (EUR Mil.) EU RR Form
Newhaven 9/14 Reinvesting 361 353 N Y — Horizontal
Rye Harbour 12/14 Reinvesting 364 351 N Y — Horizontal
New Haven II 12/15 Reinvesting 417 401 N Y — Vertical
Total 1,142 1,105
Bain Capital, LP
Bain Bain Capital Bain Capital Bain Capital

Capital Credit, LP Public Equity, LP Private Equity, LP Ventures, LP
Note: The image shown represents the main U.S. registered investment advisers and does not include all corporate
and advisory entities.
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The Fitch View
Key Considerations
• Experienced CLO manager, having overseen 35 CLOs since 1999.
• Extensive experience of key personnel within the leveraged loan asset class.
• Robust investment, oversight and credit monitoring policies.
• Maintaining stability among key staff and preserving the talent pool amid increasing industry
competition are ongoing challenges.
Company
• Bain Capital Credit invests across the credit universe, including performing and distressed
bank loans and high-yield bonds, debtor-in-possession loans, mezzanine/private
placements, structured products, credit-based equities, credit default swaps and special
situations investments.
• Investment staff has extensive experience in structuring and negotiating complex
transactions involving high-yield assets.
• A dedicated distressed/workout team, including the in-house counsel, manages the workout
process for distressed investments.
Investments
• Bain Capital Credit utilizes an actively managed strategy based on fundamental credit
analysis and disciplined portfolio monitoring.
• The investment strategy relies on fundamental business, industry and competitive analysis.
• All approvals are made by a committee consisting of Bain Capital Credit managing directors
and the industry analysts who follow the credit.
• Bain Capital Credit’s research function is overseen by a 32-member industry research team;
each industry team covers approximately 25−40 credits.
Controls
• Bain Capital Credit has a sound oversight function led by the risk and oversight committee;
all potential issues found by the compliance department are followed up with members of
senior management as necessary.
• Bain Capital Credit has a thorough investment monitoring process under which each
analytical team provides regular updates on credits. Detailed performance summaries are
provided for most credits on a quarterly basis.
Operations
• Dedicated CLO administration resources provide independent trustee reconciliation and
indenture compliance monitoring. Proprietary models and Intex software are used to model
CLO structures and cash flow waterfalls.
• There is a daily reconciliation of cash and weekly reconciliation of securities with custodians
and administrators. An automated system is in place that reconciles daily all activities and
cash balances against Bain Capital Credit’s internal Wall Street Office database.
• Investor reporting is available via password-protected website and includes quarterly
commentary, account-specific information, capital account balances and fund performance.
Bain Capital Credit also has a dedicated, 14-person investor relations team to handle all
investor requests.
• While third-party providers are used for banking/cash management, custody, prime
brokerage and certain valuations, no core functions are outsourced. All back-office, finance
and operational activities are conducted in-house.
Technology
• CDO-specific tools/systems enable Bain Capital Credit to analyze trades on a pro forma
basis, manage CDO compliance, provide enhanced management/investor reporting and
shadow the CDO trustee’s accounting.
• The company has devoted significant resources over the past several years to develop
resilient business systems and IT infrastructure that support the overall structured
product platform.
• A comprehensive disaster recovery plan is in place and regularly tested for robustness.
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Ballyrock Investment Advisors LLC
Ballyrock Investments Advisors LLC (Ballyrock) is a wholly owned subsidiary of FMR LLC.
Established in 2002, Ballyrock provides investment advisory services to various structured
credit vehicles, including CLOs and CDOs, which have focused on investments in various
types of debt securities, including bank loans, bonds and asset-backed securities.
Ballyrock affiliate Fidelity Management & Research Company (FMR) serves as
sub-adviser to each CLO that Ballyrock manages pursuant to sub-advisory agreements.
As of Dec. 31, 2016, Ballyrock managed three CLOs with approximately
USD1.1 billion of broadly syndicated loan assets.
Firm Profile
Address 245 Summer Street
Boston, MA 02109
Firm Type Independent CLO-focused manager
Key Affiliates (Global) Fidelity Investments — Parent

Region(s) U.S.
Loans Managed via CLOs 6.7%
CLO Team Leader(s) Tom Hense: Group Chief Investment Officer
Approximate No. of Invested Credits Not Reported

(USD Bil.)
25
20
15
10
0
2009 2010 2011 2012 2013 2014 2015 2016
Ballyrock Investment Advisors LLC 42
PRINT B.indd 45 4/5/2017 4:32:29 PM

Other Broadly CLO

32.1% Syndicated Loans Investors
13.8% 0.8%
Other
95.8% Insurance
2.0%
Pension/
Retirement
1.4%
High Yield
Bonds
54.1%

Europe
4.9%
Managed
Accounts
3.4%
Other
13.1% Managed
Funds CLOs
95.8% 0.8%
U.S.
81.6%

Experience (Years)
Eric Mollenhauer Vice President Portfolio Manager 20 20
Michael Weaver Vice President Portfolio Manager 10 17

Ballyrock CLO 2013-1 4/13 Reinvesting 414 387 Y Y — — Horizontal
Total 1,117 1,130
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FMR LLC
Sub-Advisory
Fidelity Management & Research Company Agreement
Ballyrock Investment Advisors LLC
(FMR)
Sub-Advisory
Agreement
FMR High Income Division
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The Fitch View
Key Considerations
• Significant credit resources, including a large credit research group with significant
experience and longevity as a team.
• Best-in-class technology and trading platforms based on a combination of proprietary
analytics and administration systems, all of which are well integrated.
• Deep resources and strong brand name support business franchise, with strong alignment of
interests from affiliates of Ballyrock investing in the equity of the existing CLOs.
• Growing or maintaining assets under management (AUM) as CLOs mature by developing
and rolling out new product offerings is an ongoing challenge for the firm.
Company
• FMR serves as sub-adviser to each CLO that Ballyrock manages pursuant to sub-advisory
agreements providing Ballyrock access to all the employees and resources of FMR.
• FMR’s high-income division has been managing non-investment-grade portfolios since 1977
and has over USD100 billion in AUM and over 60 investment professionals.
• Ballyrock has sponsored eight CLOs to date.
• Ballyrock’s research team consists of 25 experienced sector-focused professionals,
including two dedicated loan analysts.
• Experienced portfolio management team averaging over 20 years of investment experience.
Investments
• Ballyrock’s investment philosophy focuses on understanding fundamental bottom-up
analysis and valuations across the capital structure. Emphasis is on a credit’s fundamental
trajectory, placing weight on positive fundamentals, collateral value, valuation and
credit support.
• Research analysts are independent, focusing only on credit, and are responsible for
covering 30–50 names each, analyzing transactions across the capital structure.
• While there is no formal credit committee, the investment process is collaborative, and every
idea is presented by the analyst to each portfolio manager charged with each
specific strategy.
• Dedicated special situations team to handle distressed credits and workouts.
Controls
• Dedicated compliance team ensures systematic risk reviews that are integrated with both
portfolio management as well as the trading desk.
• Strong governance structure and risk monitoring, including both pre- and post-trade
compliance testing at both the trade and portfolio levels to support Ballyrock
investment independence.
• Ballyrock has compliance and governance processes in place to support accuracy of trading,
portfolio management and administration functions.
• Independent and multilayer compliance oversight from FMR, with risk and control functions
allowing good coverage of risk areas across investment disciplines.
Operations
• Dedicated trader with over 20 years’ experience as well as four dedicated loan closers,
providing for efficient execution and settlement.
• Daily reconciliation of cash and positions and monthly reconciliation of securities with U.S.
Bank National Association, as trustee. Ballyrock has a strong relationship and constant
dialogue with the trustee.
• All portfolio management and credit analysis functions are conducted internally, with models
run daily to ensure compliance with CLO tests.
Technology
• Ballyrock has in place an integrated and flexible platform based on a combination of both
proprietary analytics and widely accepted industry systems, including Wall Street Office
and Administrator.
• Business continuity plan is appropriate and tested multiple times a year, with redundancies
in numerous locations and resources and support provided through FMR.
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Barings LLC
Barings LLC (formerly known as Babson Capital Management LLC) is a wholly owned
indirect subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual) and a
member of the MassMutual Financial Group. Barings, a global asset management firm
with USD271 billion in assets under management (AUM), was created in September 2016
through the combination of Babson Capital Management LLC and its subsidiaries,
Cornerstone Real Estate Advisers LLC and Woodcreek Capital Management LLC, with
Barings Asset Management LLC.
Firm Profile
Address 1500 Main Street 61 Aldwych
P.O. Box 15189 London WC2B 4AE, U.K.
Springfield, MA 01115
Assets Under Management USD 271.5 Bil.
Current/Planned Risk Retention Structure Not Reported Not Reported
Key Affiliates (Global) MassMutual Financial Group — Parent

Loans Managed via CLOs 28% 28%
CLO Team Leader(s) Mike Freno Martin Horne
Adrienne Butler Rob Faulkner
Arthur McMahon
Loan Team Credits Per Analyst (including PMs) 35–45 35–45

(USD Bil.)
25
20
15
10
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Barings LLC 46
PRINT B.indd 49 4/5/2017 4:32:30 PM

(EUR Bil.)
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

a CLO
Other
Investors
Broadly 20.7%
22.3%
Syndicated
Loans
Other a 8.0%
87.0% Structured Bank Insurance
Credit 16.7% 17.4%
5.0%
Pension/Retirement
22.9%
aIncludes high yield bonds, at 4.0%, middle market
loans, at 1.0%, and CLOs, at 3.0%. aIncludes endowment, at 1.1%.
Managed
Accounts
27.0%
Managed
U.S. Europe Funds
65.0% 35.0% 45.0%
CLOs
28.0%
Barings LLC 47
PRINT B.indd 50 4/5/2017 4:32:30 PM

Experience (Years)
Mike Freno Managing Director Head of Global and U.S. High Yield Investments Group 11 17
Adrienne Butler Managing Director Head of U.S. Managed CLOs 17 27
Sean Feeley Managing Director U.S. High Yield Investment Committee Member 14 27
Art McMahon Managing Director Portfolio Manager 13 22
Ken Gacevich Managing Director Portfolio Manager 11 24
Tom McDonnell Managing Director Portfolio Manager 12 21
David Mihalick Managing Director Head of U.S. High Yield Credit Research 9 12
Scott Roth Managing Director Portfolio Manager 14 24
Mark Senkpiel Managing Director Portfolio Manager 7 43

Experience (Years)
Martin Horne Managing Director Head of European High Yield Investments Group 15 20
Rob Faulkner Managing Director Head of European Managed CLOs 15 15
Tom Kilpatrick Managing Director Research Analyst 10 13
Stuart Mathieson Managing Director Portfolio Manager 15 18
Chris Sawyer Managing Director Portfolio Manager 11 11
Craig Abouchar Managing Director Portfolio Manager 11 24

Babson 2003-I 10/03 Called 356 0 N N — — —
Babson 2004-II 9/04 Called 450 0 N N — — —
Babson 2005-III 10/05 Called 550 0 N N — — —
Babson 2012-II 5/13 Amortizing 407 252 Y N — — —
Babson 2013-I 5/13 Reinvesting 491 482 N N — — —
Babson 2013-II 11/13 Reinvesting 698 681 N N — — —
Babson 2014-I 5/14 Reinvesting 514 507 Y N — — —
Babson 2014-II 8/14 Reinvesting 566 552 Y N — — —
Babson 2014-III 10/14 Reinvesting 720 705 Y N — — —
Babson 2015-I 4/15 Reinvesting 512 502 Y N — — —
Babson 2015-II 7/15 Reinvesting 512 504 Y N — — —
Babson 2016-I 2/16 Reinvesting 407 401 Y N — CMV Horizontal
Babson 2016-II 8/16 Reinvesting 411 403 Y Y Originator — Vertical
Barings 2016-III 12/16 Reinvesting 512 507 Y N — CMV Vertical
Total 12,975 5,496
Barings LLC 48
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Duchess I 5/01 Called 825 0 N N — —
Duchess II 5/01 Called 990 0 N N — —
Duchess III 6/04 Called 450 0 N N — —
Duchess IV 4/05 Called 525 0 N N — —
Duchess V 11/05 Called 500 0 N N — —
Duchess VI 7/06 Amortizing 500 222 N N — —
Duchess VII 11/06 Amortizing 500 232 N N — —
Malin 4/07 Amortizing 500 265 N N — —
Babson 2014-1 3/14 Reinvesting 413 409 Y Y Sponsor Horizontal
Total 6,595 2,496
MassMutual
Financial Group
Barings LLC OppenheimerFunds, Inc.
Global fixed income, equity, real Global equity and fixed income:
estate, and alternative assets: USD222 billion AUM
USD271 billion AUM
Barings LLC 49
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The Fitch View
Key Considerations
• Strong, diversified business lines. One of the largest U.S. and European loan managers in
terms of size and scale, which gives Barings LLC’s CLO platform (formerly Babson Capital
Management LLC) industry-leading access to markets and management of many product
styles and provides diversified revenue streams.
• Proprietary and highly scalable systems combining portfolio management tools and
compliance and administrative functions.
• CLO AUM has started to grow again with 1.0 CLOs assets largely wound down and regular
issuance of 2.0 CLOs.
Company
• In March 2016, Barings LLC (formerly known as Babson Capital Management LLC), its
subsidiaries, Barings Real Estate Advisers LLC (formerly known as Cornerstone Real Estate
Advisers LLC) and Wood Creek Capital Management, LLC (which merged with and into Barings
LLC in September 2016), and Baring Asset Management Limited (BAML) announced their
intention to combine under the Barings brand. The integration was concluded in September 2016.
Barings LLC and its subsidiaries remain indirect, wholly owned subsidiaries of MassMutual.
• The global high-yield investments group has significant resources, with approximately 69
investment professionals and additional resources for support functions. There are 48 U.S.
investment professionals, primarily based in Charlotte, NC, including 11 PMs, 28 research
analysts, four dedicated traders and five product managers.
• There are 21 European investment professionals, all based in London, including four PMs,
13 research analysts, two dedicated traders and two product managers.
• Senior managers have extensive experience with CLOs, worked together prior to Barings
(and predecessor entities) and were involved in issuing very early CLOs.
Investments
• Process-oriented, fundamental bottom-up approach to analysis that seeks to identify relative
value throughout the capital structure and across industries.
• Ideas sourced through large research staff and dedicated traders, both of whom are regularly
in communication with portfolio managers through various communication channels.
• Analysts monitor both approved and non-approved names, with an average of 35–45 names
per analyst.
• Team-based approach to credit decision-making process that culminates in daily voting
committees, in which a majority is needed to approve credits to be added to the approved
list. Strong ability to leverage scale to access a broad selection of investment opportunities.
• Sell discipline and decisions are based on analyst and PM recommendation as well as risk
assessment, market prices and relative value.
Controls
• Additional independent oversight and diligence performed by Barings LLC’s parent company,
MassMutual. MassMutual regularly invests in the equity of new issue CLOs.
• In most cases, Barings LLC will elect to be public on any issue unless there is an
exceptionally strong reason for going private. This approach mitigates conflicts of interest.
Where it goes private, walls of separation are established, overseen by compliance.
• Controls are implemented through multiple layers of governance committees, overseen by a
dedicated compliance group and supported by a comprehensive suite of compliance policies
and manuals.
Operations
• Dedicated CLO administration resources provide independent trustee reconciliation and
indenture compliance monitoring.
• All portfolio management and credit analysis functions are conducted in-house. Models are
run daily to ensure compliance with CLO tests. CDO Suite for CLO compliance testing.
• High degree of integration with trustee (via State Street, which uses Wall Street Office for
loan management) based on automated data feeds. This results in automated daily cash and
position reconciliation.
Technology
• Robust, flexible, automated and integrated platform based on a combination of proprietary
and third-party systems, namely Black Mountain Everest, which incorporates portfolio,
compliance and risk management functions as well as trade and research capabilities.
Barings LLC 50
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BlackRock, Inc.
BlackRock Financial Management, Inc. (BFM) and BlackRock Investment Management
UK are wholly owned subsidiaries of BlackRock, Inc. (NYSE: BLK), a global asset
management company with USD5.15 trillion in assets under management (AUM) as of
Dec. 31, 2016. BFM’s primary focus is the management of institutional fixed-income
securities, multi-asset and quantitative equity separate accounts, private investment funds
and U.S. registered investment companies. BlackRock has been managing CLOs since
2002 and currently has USD5.4 billion in AUM via CLO structures.
Firm Profile
Address 55 East 52nd Street 12 Throgmorton Avenue
New York, NY 10055 London, EC2N 2DL U.K.
Assets Under Management USD5.15 Tril.
Total Employees/Investment Professionals 12,000/1,800
Current/Planned Risk Retention Structure Balance Sheet — Vertical Slice Originator and Sponsor
Key Affiliates (Global) BlackRock Financial Management, Inc. — Affiliate (U.S.)
BlackRock Investment Management UK — Affiliate (Europe)
BlackRock, Inc. — Parent
PNC Financial Services Group, Inc. — Affiliatea
a
As of Dec. 31, 2016, the PNC Financial Services Group, Inc. (PNC), which owned approximately 22.0% of
BlackRock’s capital stock, was one of the largest diversified financial services companies in the U.S. and was
engaged in retail and commercial banking, asset management and brokerage. Due to this ownership structure,
PNC is an affiliate of BlackRock for purposes of the Investment Company Act of 1940, as amended.

CLO Team Leader(s) Adrian Marshall, Scott Snell Aly Hirji
Loan Team Credits Per Analyst (including PMs) 25–50 35
(USD Bil.)
20
15
10
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
BlackRock, Inc. 51
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(EUR Bil.)
2.0
1.5
1.0
0.5
0.0
2015 2016
Total AUM By Asset Type Loan AUM By Region

CLOs Europe
7.0% 8.4%
Structured
Credit
16.0%
High
Yield
Broadly Bonds
Syndicated 62.0%
Loans
15.0% U.S.
91.6%
Loan AUM By Product Type
Managed
Accounts
29.0%
CLOs
33.0%
Managed
Funds
38.0%

Experience (Years)
Aly Hirji Director CLO Portfolio Manager 3 18
Jose Aguilar Managing Director High Yield Portfolio Manager 12 15
Michael Phelps Managing Director Head of Fundamental Credit Team 12 21
BlackRock, Inc. 52
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Magnetite IV 7/02 Called 336 0 N N — — —
Magnetite V 9/03 Called 350 0 N N — — —
Black Rock SR Income Series 10/04 Called 400 0 N N — — —
Black Rock SR Income Series II 6/05 Called 557 0 N N — — —
Black Rock SR Income Series IV 1/07 Called 500 0 N N — — —
Black Rock SR Income Series V 7/07 Called 500 0 N N — — —
BMI CLO I 6/11 Called 408 0 N N — — —
Magnetite VI 9/12 Called 416 0 Y N — — —
Magnetite VII 12/12 Reinvesting 612 604 Y N — — —
Magnetite VIII 5/14 Reinvesting 612 594 Y N — — —
Magnetite IX 7/14 Reinvesting 409 396 Y N — — —
Magnetite XI 12/14 Reinvesting 561 551 Y N — — —
Magnetite XII 3/15 Reinvesting 609 501 Y N — — —
Magnetite XIV 6/15 Reinvesting 535 524 Y N — — —
Magnetite XV 11/15 Reinvesting 620 606 Y N — — —
Magnetite XVI 1215 Reinvesting 506 501 Y N — — Vertical
Magnetite XVII 3/16 Reinvesting 499 501 Y N — — Vertical
Magnetite XVIII 11/16 Reinvesting 536 530 Y N — — Vertical
Total 8,966 5,308

BR European CLO I 2/16 Reinvesting 410 403 Y Y Sponsor Vertical
BR European CLO II 10/16 Reinvesting 415 401 Y Y Originator Vertical
Total 825 804
BlackRock, Inc. 53
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Americas, Europe / Middle East / Africa, Asia Pacific
Regional
Client US Wealth LatAm / EMEA APAC Product
Canada US DC
Businesses Advisory Iberia Retail Retail Marketing
& Marketing
Global
Client ETF & Index Institutional BlackRock Solutions®
Businesses
Trading
Investments Multi- Liquidity &
Fixed Income Active Equity ETF & Index Alternatives
Asset Investments
Platform
Strategic Product Management Investment Stewardship BlackRock Investment Institute
Technology & Business Risk & Quantitative

BPI Aladdin®
Operations Analysis
Human Corporate Legal & Global Corp Gov’t Internal

Finance
Resources Strategy Compliance Marketing Comms Relations Audit
BlackRock, Inc. 54
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The Fitch View
Key Considerations
• Long history and strong brand name bolster business franchise.
• High levels of communication across a network of experienced investment and credit
professionals facilitate investment management through changing market conditions.
• Best-in-class technology and trading platforms based on a combination of proprietary analytics
and administration systems, all of which are well integrated.
• Maintaining staffing levels and focusing on the CLO business following significant growth in
loan AUM from other products, driven by both retail and institutional demand, will be
ongoing challenges.
Company
• BlackRock employs a staff of approximately 12,000, including more than 2,000 investment
professionals, and operates in more than 30 countries and 70 cities across the Americas,
Europe, Asia-Pacific, the Middle East and Africa.
• Global presence with a diversified book of business (by geography, asset class and distribution
channel). Leveraged finance AUM (including bank loan funds and separate accounts, CLOs and
high-yield funds and separate accounts) was USD62.1 billion as of Dec. 31, 2016.
• Leveraged finance group is also diversified by product type, with assets split among CLOs,
third-party CLOs, managed accounts and managed funds.
• Increased credit research staffing levels in response to product demand. The leveraged finance
team is led by 20 portfolio managers (PMs). Members of the team average 13 years of
investment experience.
Investments
• Investment decisions are driven by cross-discipline groups consisting of a lead PM,
sector-focused PMs, credit analysts and distressed/legal analysts. Analysts are responsible for
covering between 25 and 50 credits each.
• The investment philosophy focuses on fundamental analysis. Quantitative assessment of capital
structures is paired with qualitative perspective of management and industry positioning.
• Diversified portfolios are valued, with names generally approved for a 1% position size for each
portfolio. However, each portfolio and strategy may have different needs that affect allocations.
• Daily and weekly credit and risk meetings are held to review macro positioning to support the
investment process and discipline of focusing on credit and relative value.
Controls
• Strong governance structure and risk functions, featuring independence and a focus on specific
risk types.
• BlackRock has compliance and governance processes in place to support accuracy of trading,
• The company has an efficient administration supported by robust systems and procedures.
• The company employs daily reconciliation of cash and positions and weekly reconciliation of
securities with custodians and administrators.
• BlackRock has in place independent and multilayer compliance, and its risk and control functions
allow for good coverage of risk areas across investment disciplines.
Operations
• Dedicated CDO administration resources provide independent trustee reconciliation and
indenture compliance monitoring.
• Trustees are engaged on a rotational basis based on quarterly performance review performed
by BlackRock.
• Established valuation and pricing framework is governed by a dedicated committee and
supported by advanced internal pricing capacity.
Technology
• Industry-leading investment, portfolio and risk management systems include Aladdin,
BlackRock’s proprietary system, as well as AnSer, Wall Street Office and other
industry-standard systems.
• Aladdin Research is used to support the collection and dissemination of credit
underwriting information.
• A robust and fully integrated IT platform provides a very good fit to business requirements.
• The business continuity plan is appropriate and tested, with redundancies in multiple locations.
BlackRock, Inc. 55
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BlueMountain Capital Management, LLC
BlueMountain Capital Management, LLC (BlueMountain), founded in 2003, is
registered as an investment adviser in both the U.S. and U.K. The company manages
credit products, including credit derivatives, corporate bonds, convertible bonds, loans,
CDOs and other asset-backed structures, as well as equities and equity derivatives.
As of Dec. 31, 2016, BlueMountain had assets under management (AUM) totaling
USD23.0 billion, of which USD8.7 billion was related to CLOs.
Firm Profile
Address 280 Park Avenue,12th Floor
New York, NY 10017
Firm Type Multistrategy asset manager
Current/Planned Risk Retention Structure Capitalized manager vehicle (CMV)

Region(s) U.S.
Loans Managed via CLOs Not reported
CLO Team Leader(s) Charles Kobayashi
CLO Portfolio Managers (PMs)/Avg. Experience 4/Not Reported
Credit Analysts, Non-PMs/Avg. Experience 26/Not Reported

(USD Bil.)
10
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
BlueMountain Capital Management, LLC 56
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Broadly
Syndicated Other
a
Loans CLO
22.2% Investors
16.4%
High 37.8%
Yield Structured
Bonds Credit
50.0% 9.9%
CLOs
11.9% Pension/
Retirement
33.5% Insurance
Other a 6.5%
11.7%
aComprises investment-grade bonds.
aIncludes endowment, at 2.5%, and bank, at 0.3%.
Firm AUM By Product Type
CLOs
37.8%
Managed
Funds
62.2%

This section does not apply to BlueMountain’s CLO business

BlueMountain I 10/05 Called 512 0 N N — — —
BlueMountain II 6/06 Amortizing 400 119 N N — — —
BlueMountain III 2/07 Amortizing 450 122 N N — — —
BlueMountain 2011-1 Financing 7/11 Amortizing 370 187 N N — — —
BlueMountain 2012-1 Financing 5/12 Amortizing 410 374 N N — — —
BlueMountain 2012-2 Financing 10/12 Reinvesting 617 613 Y N — — —
BlueMountain 2013-1 4/13 Reinvesting 514 510 Y N — — —
BlueMountain 2013-2 6/13 Reinvesting 429 428 N N — — —
BlueMountain 2016-3 10/16 Ramp Up 475 478 Y N — — —
Total 10,056 8,690
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Affiliated Managers Group
21 Active Partners 10 Retired Partners 2 External Partners
Actively Not actively Not actively

involved in the involved in the involved in the
management management management
of the firm of the firm of the firm
BlueMountain Capital Management, LLC
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BNP Paribas Investment Partners
BNP Paribas Investment Partners (BNPP IP) is the global asset management arm of BNP
Paribas. As of Dec. 31, 2016, it had EUR560 billion in assets under management (AUM)
through a diversified product mix spanning equity, fixed income, multi-asset, structured,
indexed and alternative investments across developed and emerging markets.
Approximately EUR4.7 billion was in loan strategies, including five CLOs, three of which
are CLO 2.0s.
Firm Profile
Address 14 Rue Bergère
75009 Paris, France
Assets Under Management EUR560 Bil.
Current/Planned Risk Retention Structure Not Reported (U.S.)/Originator (Europe)
Key Affiliates (Global) BNP Paribas S.A. (Parent); BNP Paribas Asset
Management S.A.S.; THEAM; FFTW

Region(s) Global
Leveraged Loan AUM EUR4.7 Bil.
CLO Team Leader(s) Vanessa Ritter
Loan Team Credits Per Analyst (including PMs) 45 (U.S.)/28 (Europe)
Approximate No. of Invested Credits 227 (U.S.)/196 (Europe)

(EUR Bil.)
5.0
4.0
3.0
2.0
1.0
0.0
2009 2010 2011 2012 2013 2014 2015 2016
BNP Paribas Investment Partners 59
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Other a Pension/
15.0% Retirement
8.6%
Insurance Other a
66.5% 3.7%
Broadly
Syndicated CLO
Loans Investors
85.0% 21.2%
aComprises aIncludes bank investments, at 1.5%.

Euro PPs.

a
Other
38.5%
U.S.
33.4%
Managed
Europe Funds CLOs
66.6% 40.5% 21.0%
aComprises dedicated mandates.

Experience (Years)
Vanessa Ritter N.R. Head of Global Loans 9 24
Allan Roopan N.R. Head of Credit Structuring and Origination 10 20
N.R. – Not reported.

Experience (Years)
Vanessa Ritter N.R. Head of Global Loans 9 24
Javier Peres Diaz N.R. Head of European Loans 7 17
Vincent Brousseau N.R. Senior Portfolio Manager 17 17
Ludovic Bonneau N.R. Portfolio Manager 8 19
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Nantucket 1 11/06 Called 300 0 N N — — —
BNPP IP 2014-1 4/14 Reinvesting 401 379 Y N — — —
BNPP IP 2014-II 10/14 Reinvesting 361 350 Y N — — —
Total 1,062 729

Leveraged Finance
Europe Capital I BV 11/01 Called 300 0 N N — —
Leveraged Finance
Europe Capital II BV 8/03 Called 178 0 N N — —
Leveraged Finance
Europe Capital III BV 10/04 Amortizing 299 15 N N — —
Leveraged Finance
Europe Capital IV BV 10/06 Called 301 0 N N — —
Versailles CLO Plc 11/06 Called 330 0 N N — —
Kintyre CLO Plc 3/07 Called 338 0 N N — —
Gillespie CLO Plc 8/07 Called 300 0 N N — —
Neptuno I BV 5/07 Amortizing 485 200 N N — —
BNPP IP EURO CLO 2015-1 4/15 Reinvesting 300 301 Y Y Originator Vertical
Total 2,831 516
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The Fitch View
Key Considerations
• Financially strong institutional parent and diversified business from a product and client
mix perspective.
• Seasoned senior management team with long-standing shared experience in managing CLOs.
• Strong CLO investment services and monitoring ability.
• Growth of loan investment activities with good momentum on unlevered funds and mandates.
Company
• Established in 2001 as part of BNP Paribas CIB, the CLO team joined BNPP IP in 2014. It is
now part of the asset manager’s global loans team of 20, which had EUR5 billion in AUM at
year-end 2016.
• Acquisition and successful turnaround of third-party CLOs since 2009; first new 2.0 CLO in 2015.
• PMs are supported by 12 dedicated loan analysts covering the U.S. and European markets,
allowing good access to cross-border opportunities. Trade execution in the secondary market is
centralized with one of the analysts.
• The team also benefits from dedicated support staff for loan settlement and transaction support
and good access to BNPP IP’s wider resources (public research, controls, operations, sales, legal
and compliance).
Investments
• Investment approach driven by bottom-up credit fundamentals and complemented by a top-down
approach to portfolio diversification. It focuses on loans, primarily senior secured.
• Two-step credit selection process, a pre-screening phase and a detailed credit analysis phase,
including full due diligence, financial projections, relative-value and liquidity analysis, and legal
documentation review.
• Investment committee decides on all new investment opportunities sourced from the primary or
secondary market, on major credit events/restructuring, and on reinvestments in illiquid assets or
those on the watchlist. Strong selectivity demonstrated by growing rejection rate.
• All deal analysis, recommendations and committee conclusions are well documented and
adequately logged. Good portfolio and credit monitoring ability through a robust proprietary tool.
• Track record in restructuring situations; workout experience among senior team members.
Controls
• PMs, the investment services team and regular monitoring committees ensure a first level of
control. The investment services team performs comprehensive controls (collateral, OC test and
waterfall, among others) on top of those separately conducted by the trustee.
• BNPP IP’s compliance, permanent control and risk departments provide strong coverage of risk
areas. The independent internal audit function conducts periodic controls; the most recent audit
was in the first quarter of 2016.
• Investment compliance and trade monitoring are handled through Markit Wall Street
Office (WSO).
Operations
• Daily valuation based on several pricing sources (brokers, Bloomberg, Markit). Investor reporting
includes monthly valuation and detailed quarterly reports.
• Efficient cash management with dedicated tools allowing good identification of refinancing needs.
• Appropriate operational procedures are in place. Settlement is managed through Markit ClearPar.
• Weekly reconciliations are conducted with trustees for principal (monthly for interest).
Technology
• The recent migration to WSO provides a robust, efficient and integrated environment for the
CLO team.
• The team has a dedicated intranet tool for credit monitoring. It efficiently supports data gathering
and the monitoring process on loans and portfolios.
• The CLO team benefits from BNPP IP’s IT security and backup resources and procedures.
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Cairn Loan Investments LLP
Cairn Loan Investments LLP (CLI) is an independent U.K. limited liability partnership
established by Cairn Capital Limited (Cairn Capital) in 2014 to build on its CLO management
business. CLI is authorized by the Financial Conduct Authority (FCA) as a MiFID investment
firm, which, in its capacity as "sponsor," is the collateral manager for all European CLOs and
supporting warehouse arrangements brought to market by CLI. As of Dec. 31, 2016, CLI
was managing four European CLOs with total AUM of GBP1.3 billion.
Firm Profile
Region(s) of Operation Europe
27 Knightsbridge
Address
London, SW1X 7LY, U.K.
Firm Type Independent CLO focused manager
Assets Under Management GBP1.3 Bil.
Current/Planned Risk Retention Structure Originator
Dedicated Capital to Fund Risk Retention EUR88 Mil.
Key Affiliates (Global) N.A.

Region(s) Europe
Leveraged Loan AUM GBP1.3 Bil.
CLO Team Leader(s) Andrew Burke
Credit Analysts, Non-PMs/Avg. Experiencea 3/14
a
Credit analysts are outsourced to Cairn Capital under a services agreement. CLI also utilizes four additional
analysts based in Mumbai who are not employed by Cairn Capital but are dedicated to Cairn Capital in support of its
loan business.

(GBP Bil.)
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2014 2015 2016
Cairn Loan Investments LLP 63
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Other
Broadly 1.1%
Bank
Syndicated 17.0%
Loans Endowment
100.0% 30.8%
Pension/
Retirement
51.1%
Europe CLOs
100.0% 100.0%

Experience (Years)
Andrew Burke CLI Senior Portfolio Manager Permanent 11 34
Andrew Jackson Cairn Capital Chief Investment Officer Permanent 12 22
Graham Murphy Cairn Capital Chief Risk Officer Permanent 6 20
John Murphy CLI Portfolio Manager Alternative 10 16
Paul Campbell Cairn Capital Chief Executive Officer Alternative 13 29

(EUR Mil) EU RR Form
Cairn CLO III B.V. 3/13 Reinvesting 306 302 Y Y Originator Vertical
Cairn CLO IV B.V. 12/14 Reinvesting 309 302 Y Y Originator Vertical
Cairn CLO V B.V. 7/15 Reinvesting 309 302 Y Y Originator Vertical
Cairn CLO VI B.V. 7/16 Reinvesting 362 350 Y Y Originator Vertical
Cairn CLO VII B.V. 2/17 Ramp-up 363 351 Y Y Originator Vertical
Total 1,649 1,607
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The Fitch View
Key Considerations
• CLI is an independent U.K. limited liability partnership established by Cairn Capital in 2014
to build on its CLO management business.
• CLI has a robust risk management structure, with risk managers structurally embedded in
the credit decision-making process through representation on the credit committee.
• Cairn Capital’s CLO portfolio management team has been seconded to CLI and is
responsible for portfolio management and credit decisions.
Company
• CLI is authorized by the FCA as a MiFID investment firm, which, in its capacity as sponsor,
is the collateral manager for all European CLOs and supporting warehouse arrangements
brought to market by CLI.
• As of Feb. 23, 2017, CLI was managing five European CLOs with total AUM
of EUR1.6 billion.
• Supporting functions, including credit research, IT, legal and compliance, operations, finance
and risk management, have been outsourced to Cairn Capital.
• Cairn Capital operates an outsourced credit research team in Mumbai feeding into a limited
number of senior London-based credit analysts. This structure differentiates Cairn Capital
from peers, which typically rely on in-house research teams.
Investments
• The investment process is multistage, based on bottom-up fundamental credit analysis.
• An initial filtering step eliminates opportunities that would not be suitable for any portfolio or
would be unlikely to pass the full credit analysis.
• The full credit analysis is detailed, including top-down and bottom-up elements and finally a
relative-value assessment.
• Position sizing is driven by PM conviction, subject to a trading limit approved by the
investment committee.
• The CLO investment team comprises two PMs, three London-based senior credit analysts
and five outsourced credit analysts based in Mumbai.
Controls
• Public/private data are managed in accordance with defined policies and compliance
oversight.
• Pre- and post-trade compliance testing is effected via CDO Sentry.
• CLI is differentiated from other CLO managers by having risk management permanently
represented on the investment committee, thus bringing structural independence to the
decision-making process.
Operations
• Additional resources in legal (four) and operations/treasury (three). Loan settlements are
outsourced to Cortland Financial Services Limited.
• Dedicated CLO administrative staff in the operations and treasury team provides
independent trustee reconciliation and indenture compliance monitoring.
• Cash is reconciled daily and on trading; positions are reconciled monthly.
• CLI does not provide supplemental CLO investor reporting.
Technology
• Integrated and flexible platform based on a combination of Cairn Capital’s proprietary
systems (Nexus) and third-party administration systems, including widely accepted industry
systems such as CDO Sentry.
• Detailed business continuity and disaster recovery plans are in place and tested, with offsite
server storage and backups.
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The Carlyle Group
The Carlyle Group is a global alternative asset manager that was founded in 1987.
Its activities are split into four business segments: Corporate Private Equity,
Real Assets, Carlyle Global Credit and Investment Solutions. As of Dec. 31, 2016, The
Carlyle Group Credit had assets under management (AUM) of USD158 billion.
Of this total, USD19.3 billion related to the structured credit group, which is part of Carlyle
Global Credit.
Firm Profile
Address 520 Madison Avenue 57 Berkeley Square
New York, NY 10022 London W1J 6ER, U.K.
Firm Type Private equity sponsored credit manager
Assets Under Managementa USD12.9 Bil. EUR5.8 Bil.
Total Employees/Investment Professionals 1,650+ employees worldwide
Current/Planned Risk Retention Structure Not Reported Not Reported
aStructured credit group. N.A. – Not applicable.

CLO Team Leader(s) Linda Pace Colin Atkins

Europe
26.4% Managed
Accounts
0.2%
CLOs
99.8%
U.S.
73.6%
The Carlyle Group 67
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Experience (Years)
Linda Pace Managing Director Global Head of Loans and Structured Credit 18 32
Glori Graziano Managing Director Head of Workouts 16 38
Michael Hadley Principal Credit Committee Chair 9 18
Justin Plouffe Managing Director Chief Operating Officer 10 16
Adam Moss Managing Director Head of U.S. Research 7 25
William Lee Managing Director Portfolio Manager 12 22
Jennifer Haaz Principal Credit Analyst 12 20

Experience (Years)
Colin Atkins Managing Partner Co-Head of CLO Business 12 26
Stuart MacKenzie Managing Director Portfolio Management and Trading 12 15
Martin Glavin Director Credit Analyst 11 14
Louis Reynolds Director Credit Analyst 11 16
Szymon Jaroszewski Director Credit Analyst 10 15

Stanfield CLO 6/99 Called 800 0 N N — — —
CHYP 2 12/99 Called 550 0 N N — — —
Stanfield RMF Transatlantic 5/00 Called 750 5 N N — — —
CHYP 3 5/01 Called 450 0 N N — — —
CHYP 4 4/02 Called 450 0 N N — — —
Carrera 12/02 Called 300 0 N N — — —
CLOF 9/03 Called 300 0 N N — — —
MCAP 3 5/04 Called 332 0 N N — — —
CHYP 6 7/04 Called 400 0 N N — — —
Modena 9/04 Called 400 0 N N — — —
Vantage 3/05 Called 500 0 N N — — —
CHYP 7 9/05 Called 400 0 N N — — —
Bristol 10/05 Called 500 0 N N — — —
MCAP 4 12/05 Called 307 0 N Y — — —
Azure 3/06 Called 515 0 N Y — — —
CHYP 8 5/06 Called 525 0 N Y — — —
Veyron 6/06 Called 500 0 N Y — — —
MCAP 5 6/06 Called 309 0 N Y — — —
CHYP 9 9/06 Amortizing 500 223 N Y — — —
Daytona 2/07 Amortizing 567 115 N Y — — —
Foothill CLO I 2/07 Called 500 0 N Y — — —
MCAP 6 3/07 Amortizing 400 56 N Y — — —
CHYP 10 4/07 Amortizing 400 226 N Y — — —
McLaren 7/07 Amortizing 544 158 N Y — — —
Arnage 12/07 Called 605 0 N Y — — —
CCP Financing I 4/08 Called 450 0 N Y — — —
CHYP 2008-1 5/08 Called 500 0 N Y — — —
CGMS 2011-1 7/11 Called 507 0 Y Y — — —
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CGMS 2012-1 3/12 Called 510 0 Y Y — — —
CGMS 2012-2 6/12 Amortizing 510 389 Y Y — — —
CGMS 2012-3 9/12 Reinvesting 616 616 Y Y — — —
CGMS 2013-3 6/13 Reinvesting 517 517 N Y — — —
CGMS 2016-1 4/16 Reinvesting 403 403 Y Y — Other Vertical
CGMS 2016-2 6/16 Reinvesting 499 499 Y Y — Other Horizontal
Carlyle 2016-4 12/16 Reinvesting 508 508 Y Y — Other Vertical
Total 25,624 12,488

Compliance
CELF I 4/05 Calleda 450 — — — — —
CELF II 11/05 Amortizing — 16 — — — —
HIGHLANDER I 8/06 Amortizing 500 114 — — — —
CELF III 10/06 Amortizing 508 225 — — — —
HIGHLANDER II 12/06 Amortizing 700 324 — — — —
CELL 1/07 Amortizing 355 155 — — — —
HIGHLANDER III 4/07 Amortizing 800 390 — — — —
CELF IV 5/07 Amortizing 600 240 — — — —
HIGHLANDER IV 6/08 Called 443 — — — — —
CELF V 6/08 Called 401 — — — — —
CELF 2008-2 11/08 Called 556 — — — — —
CGMSE 2013-1 6/13 Reinvesting 415 415 Y Y Sponsor Horizontal
CGMSE 2013-2 9/13 Reinvesting 336 336 Y Y Sponsor Vertical
CGMSE 2016-2 12/15 Reinvesting 415 415 Y Y Originator Horizontal
Total 9,547 5,698
a
CELF I was called in January 2017. VR – Volcker Rule. CRR – European Capital Requirements Regulation.
RR – Risk retention.
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Carlyle Global Credit
Loans and Structured Credit Private Credit Energy Credit Distressed Credit
U.S. Syndicated Loans First Lien Loans
Second Lien Loans

European Syndicated Loans Debt and Equity Debt and Equity
Unitranche Loans
CLO Investment Mezzanine
USD19.3 Billion USD1.9 Billiona USD4.7 Billion USD3.4 Billion

aRefers to Carlyle GMS Finance, Inc., a business development company (CGMSF), and NF Investment Corp (together
with CGMSF, the BDCs) committed equity, Carlyle Mezzanine Partners invested capital, third-party capital that has been
committed to the Carlyle Unitranche Program (CUP), and the third-party capital that has been committed to Middle Market
Credit Fund, LLC (MMCF) plus the committed financing facilities; excludes Churchill CLO.
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The Fitch View
Key Considerations
• A strong focus on primary market allocations is supported by Carlyle Investment
Management’s (CIM) market position and more active trading strategy.
• Avoidance of potential conflicts of interest is achieved by maintaining the company’s
information barrier between the CLO platform and CIM’s private equity business.
Company
• Communication across various business segments encourages knowledge sharing and
allows for added industry insight.
• On average, analysts have over 15 years of experience and are responsible for covering
between 40 and 50 credits, based on industry and experience.
• The investment team, consisting of 26 individuals, is responsible for CLO management.
The team has had very low turnover and exhibits strong preference for growth from within.
• Strategically focused on European CLO market, having launched eight European CLOs
since the beginning of 2014 and delivering on its strategy of repeat issuance.
• Highly profitable business, with fee-based revenues. More than adequate regulatory capital.
Investments
• Carlyle’s U.S. structured credit group engages in active portfolio management through
opportunistic trading, with a relative-value focus and an emphasis on bottom-up fundamental
credit selection.
• Carlyle Global Credit leverages the entire CIM global network through intergroup knowledge
sharing to broadly access the market, resulting in favorable primary market allocations.
• Ten U.S. credit research analysts, allocated by sector, with primary/secondary system per
name and sector.
• Coverage per analyst (40–50 names) is higher relative to peers but consistent with credit
team’s depth of experience.
• The committee process results in the assignment of a risk rating (1–10 scale) and a value
rating (1–5 scale) to each loan in the portfolio.
• CIM employees typically invest in the equity in CLO transactions to align interest
with investors.
Controls
• Detailed policies covering order allocation, interfund trading, personal dealing and pricing are
overseen by compliance.
• CIM has various daily, weekly, monthly and quarterly risk management reporting and
oversight functions in place.
• Potential conflicts of interest managed through formal information barrier overseen
by compliance.
• Public or private only at strategy level on all names, thus precluding conflicts of interest.
Cleansing period overseen by compliance when status (public versus private) changes.
Operations
• Carlyle Global Credit has a dedicated internal trading and operational support team that
provides independent trustee reconciliation and indenture compliance monitoring.
• Carlyle Global Credit has an additional, outsourced team at State Street to provide
middle- and back-office support. Daily reconciliation with trustee is automated via bespoke
system, Polaris.
• Trade settlements are outsourced to Courtland Capital. Daily reporting is overseen by COO.
• Investor reporting is available via a password-protected website and includes offering
documents, investor letters, performance reports and manager updates.
Technology
• Carlyle Global Credit has an integrated and flexible platform based on a combination of both
proprietary analytics and best-in-class third-party systems such as Black Mountain Everest
and Cortland.
• External data feeds for pricing (Markit for loans, IPD for bonds) are integrated with Polaris
and Everest.
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Chenavari Investment Partners
Chenavari Investment Managers (Chenavari; trading name of Chenavari Credit Partners
LLP) was founded in May 2008 by Loic Fery (CEO and co-CIO) together with Frederic
Couderc (co-CIO) and is a well-established alternative investment manager targeting
investment strategies across tradable credit (long/short corporate credit and European
financials, multistrategy credit including ABS, credit and real estate debt), structured
finance (CLOs) and private credit (bank deleveraging opportunities, real estate debt,
opportunistic private debt and specialty finance). Chenavari has offices in London,
Luxembourg, Hong Kong and New York, with 99 partners and employees including 42
investment specialists. It had approximately EUR5.5 billion in assets under management
as of the beginning of March 2017.
Firm Profile
Address 80 Victoria Street
London, SW1E 5JL, U.K.
Assets Under Management EUR5.5 Bil.
Dedicated Capital to Fund Risk Retention EUR150 Mil.
Key Affiliates (Global) Chenavari Investment Managers Holdings

Region(s) Europe
Leveraged Loan AUMa EUR1.2 Bil.
CLO Team Leader(s) Mick Vasilache
aEUR1.6 billion as of March 31, 2017.

(EUR Bil.)
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2012 2013 2014 2015 2016
Chenavari Investment Partners 72
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Structured CLO Investors
Middle 23.9%
Credit Market Loans
38.4% 5.6%
Other Pension/
4.1% Retirement
14.7%
High Othera
Yield 52.4% Family Office/
Bonds High Net Worth
CLOs
14.1% 9.0%
37.8%
aIncludesinsurance (1.3%), endowment (1.2%),
sovereign wealth funds (0.5%) and bank (0.2%).
Europe Managed
100% Funds
10.0%
CLOs
90.0%

Experience (Years)
Loic Fery Managing Partner CEO, Co-CIO 9 23
Frederic Couderc Partner Co-CIO 9 21
Mick Vasilache Partner Senior Portfolio Manager 8 22
Edward Smalley Head of Market Risk Head of Market Risk 3 13

Compliance
Alpstar CLO 1 4/06 Amortizing 330 81 N N — —
Alpstar CLO 2 11/06 Amortizing 600 319 N N — —
Toro European 1 8/14 Reinvesting 300 303 Y Y Originator Vertical
Toro European 2 8/16 Reinvesting 350 350 N Y Originator Horizontal
Toro European 3 3/17 Reinvesting 350 350 N Y Originator Horizontal
Total 1,930 1,403
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Chenavari Investment Managers Holdings

(Cayman Islands)
Chenavari Investment Chenavari Financial Group Ltd

Alpstar Management Jersey Limited
Managers Luxembourg Sarl Service Company
(Jersey)
(Luxembourg AIFM) (U.K.)
Chenavari Credit Partners LLP

Alpstar CLO 1 plc Alpstar CLO 2 plc Toro European CLO 1
(U.K.)
(Ireland) (Ireland) (Ireland)
Regulated by FCA/CFTC/SEC
Toro European CLO 2

(Ireland)
Toro European CLO 3

(Ireland)
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The Fitch View
Key Considerations
• Independent asset manager and experienced senior team.
• Strong proprietary technology, notably its look-through CLO analysis system, Toy Box.
• EUR1.4 billion CLO AUM to date, resulting from two acquired CLOs and three new CLOs
(including Toro European 3, which priced in March 2017).
Company
• Chenavari is an independent asset manager founded in 2008 and focused on niche credit:
structured finance, credit and illiquid credit opportunities. As an independent entity it lacks
the financial resources of other bank- or private equity-backed CLO managers. It actively
seeds new activities with its own capital.
• Chenavari is privately held by the nine partners in the business. It is controlled by Loic Fery.
• Chenavari has been managing two CLOs as replacement CLO manager since 2012 and has
managed three new CLOs issued in 2014, 2016 and 2017. Its flagship structured finance fund
(Toro) has been investing in CLO mezzanine and equity paper since the firm’s inception in 2008.
• The CLO management team consists of six with an average of 11 years’ experience.
The research team consists of 10 staff (four staff members also have CLO portfolio
management responsibility), who average approximately eight years of experience. The
credit research team is shared across the business.
Investments
• The investment process relies on fundamental credit analysis incorporating bottom-up issuer
analysis and top-down themes, based on standardized accounting data.
• The analyst team is organized by sector and shared, with the result that analysts will cover
both loan and bond issuers.
• Research outputs are broadly standardized in succinct memos highlighting the key features
of the investment and providing an investment rationale.
• A filtering process effected by the CLO portfolio management team weeds out weaker issuers pre-
committee, with the result that turndowns by the investment committee itself are limited. Overall
Chenavari estimates a 50% turndown rate on average. Committee decisions are minuted.
• Position sizing and portfolio diversification are at the discretion of the portfolio manager.
• Monitoring is ongoing, effected by the analyst team. Issuers are monitored continuously
based on news flow, company presentations and monthly account/budget data via Hunter, a
proprietary database.
Controls
• Overall control is effected via the management committee, consisting of the CEO, COO and
CRO, with responsibility delegated by the partners.
• An independent risk management function is responsible for second-level risk management.
• Public/private data are managed in accordance with defined policies and compliance
oversight. If a conflict exists, the analysts will be public only in the majority of cases.
• Pre- and post-trade compliance testing is effected via Solvas.
Operations
• CLO administration is conducted in-house by two dedicated staff members; additional
support and oversight are provided by a member of the portfolio management team and the
wider operations staff of 24.
• Chenavari has developed a semi-automated position and principal balance reconciliation tool.
• Loan settlement is conducted by the dedicated CLO operations staff.
• Chenavari does not provide supplemental investor reporting.
Technology
• Toy Box is a proprietary CLO administration tool that is integrated to Intex for CLO analysis.
The system provides a comprehensive overview of the entire European CLO universe,
looking through to underlying holdings. It enables monitoring of manager trading behavior
and overlap analysis across CLOs, among other functions.
• Solvas is used for operational and compliance purposes for the CLO and leveraged
loan platforms.
server storage and backup.
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Chicago Fundamental
Investment Partners, LLC
Chicago Fundamental Investment Partners, LLC (CFI) was formed on Nov. 7, 2005 by
Brad Couri and Levoyd Robinson, who had worked together at Citadel Investment
Group structuring its fundamental credit business. On Oct. 13, 2016, CFI management
agreed to sell a minority interest in the firm to The Academy Group, Inc., a
Chicago-based philanthropic entity, to satisfy CLO risk retention requirements. As of
Dec. 31, 2016, CFI managed approximately USD826 million in assets across its two
active CLOs.
Firm Profile
Address One South Wacker Drive, Suite 3200
Chicago, IL 60606
Assets Under Management USD826 Mil.
Current/Planned Risk Retention Structure Firm capital to be provided
Key Affiliates (Global) Not applicable — Independent

Region(s) U.S.
Leveraged Loan AUM USD826 Mil.
CLO Team Leader(s) Bradford B. Couri, Levoyd E. Robinson
CLO Portfolio Managers (PMs)/Avg. Experience 5/22.5 Years
Loan Assets Under Managementa

(USD Bil.)
1.0
0.8
0.6
0.4
0.2
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
aRepresents year end market value.
Chicago Fundamental Investment Partners, LLC 76
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Middle CLO
Market Loans Investors
100.0% 100.0%
U.S. CLOs
100.0% 100.0%

Experience (Years)
Bradford B. Couri Managing Principal Portfolio Manager 12 27
Levoyd E. Robinson Managing Principal Portfolio Manager 12 27
Eric S. Baer Principal Portfolio Manager 12 20
Dave Dieffenbacher Principal Portfolio Manager 12 20
Sean Haas Principal Portfolio Manager 12 20

CHGO 9/08 Called 500 0 N N — — —
CFIP CLO 2013-1 2/13 Reinvesting 413 413 Y N — — —
CFIP CLO 2014-1 3/14 Reinvesting 413 413 Y N — — —
Total 1,326 826
CFI, LLCa The Academy Group, Inc.b
CLOs SMAs
aCFI is majority owned and operated by five principals. bThe Academy Group is a 501(c)3 charity funded and formed
by business leader and philanthropist Mark Walter and a group of other entrepreneurs and executives. The Academy
Group owns a minority stake in CFI and generally does not participate in the daily management of the firm.
Chicago Fundamental Investment Partners, LLC 77
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CIFC Asset Management LLC
CIFC Asset Management LLC (CIFC), founded in 2005, is a private debt manager
specializing in U.S. corporate and structured credit strategies with USD13.7 billion of
assets under management (AUM) as of Dec. 31, 2016. CIFC was acquired in November
2016 by an affiliate of F.A.B. Partners. F.A.B. Partners is a Jersey-based investment
platform backed by a select group of sophisticated, global and long-term-oriented
investors. Headquartered in New York, CIFC is an SEC-registered investment adviser.
Firm Profile
Address 250 Park Avenue, Fourth Floor
New York, NY 10177
Key Affiliates (Global) Supreme Universal Holdings Ltd.

Region(s) U.S.
CLO Team Leader(s) Steve Vaccaro, Ira Ginsburg, Damien Mount

(USD Bil.)
16
14
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
CIFC Asset Management LLC 78
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Other Managed
4.0% Accounts
12.0%
Structured Pension/
Credit Retirement
5.0% 1.0%
CLO
Broadly Bank
Investors
Syndicated 82.0% 1.0%
CLOs Loans
82.0% 9.0% Other
4.0%
Managed
U.S. Funds
100.0% 6.5%
Managed
Accounts
11.5%
CLOs
82.0%

Experience (Years)
Steve Vaccaro Co-Chief Executive Officer Chief Investment Officer 11 39
Oliver Wriedt Co-Chief Executive Officer Co-Chief Executive Officer 5 24
Elizabeth Chow Managing Director Head of Investment Research 11 27
Robert Ranocchia Managing Director Head of Special Situations 11 29
Stan Sokolowski Managing Director Head of Corporate Credit Funds 4 26
Ira Ginsburg Managing Director Head of CLOs 5 26
Claudette Kraus Managing Director Head of Originations 11 28
Damien Mount Managing Director Senior Portfolio Manager 6 13
Robert Steelman Managing Director Senior Investment Analyst 11 21
Tracey Ewing Executive Director Senior Investment Analyst 10 30
Brian Pilko Managing Director Senior Investment Analyst 10 15
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Bridgeport CLO 6/06 Amortizing 401 128 N N — — —
CIFC Funding 2006-II 12/06 Called 637 77 N N — — —
CIFC Funding 2007-I 2/07 Called 409 104 N N — — —
CIFC Funding 2007-II 3/07 Amortizing 614 172 N N — — —
Schiller Park CLO 5/07 Amortizing 400 146 N N — — —
Bridgeport CLO II 6/07 Amortizing 516 228 N N — — —
Primus CLO II 7/07 Amortizing 400 141 N N — — —
CIFC Funding 2007-III 7/07 Amortizing 450 160 N N — — —
CIFC Funding 2011-I 1/12 Called 415 0 N N — — —
CIFC Funding 2012-I 7/12 Amortizing 464 442 Y N — — —
CIFC Funding 2012-II 11/12 Amortizing 748 733 Y N — — —
CIFC Funding 2012-III 1/13 Amortizing 516 504 Y N — — —
CIFC Funding 2013-I 3/13 Reinvesting 517 505 N N — — —
CIFC Funding 2013-II 6/13 Reinvesting 647 627 Y N — — —
CIFC Funding 2013-III 9/13 Reinvesting 418 402 N N — — —
CIFC Funding 2013-IV 11/13 Reinvesting 521 506 N N — — —
CIFC Funding 2014 3/14 Reinvesting 623 604 Y N — — —
CIFC Funding 2014-III 7/14 Reinvesting 723 704 Y N — — —
CIFC Funding 2014-IV 9/14 Reinvesting 624 603 Y N — — —
CIFC Funding 2014-V 12/14 Reinvesting 560 554 Y N — — —
CIFC Funding 2015-I 2/15 Reinvesting 614 602 Y N — — —
CIFC Funding 2015-III 6/15 Reinvesting 516 502 Y N — — —
CIFC Funding 2015-IV 8/15 Reinvesting 513 502 Y N — — —
CIFC Funding 2015-V 10/15 Reinvesting 511 502 Y N — — —
CIFC Funding 2016-I 12/16 Reinvesting 509 497 Y N — — —
Total 14,608 11,255
Institutions and Individual Investors
(Including Management)
F.A.B. Holdings I LP
(Delaware)
CIFC LLC
(Delaware)
CIFC Asset Management LLC

(Delaware)
Note: This chart represents a simplified structure; certain wholly owned entities have been omitted.
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The Fitch View
Key Considerations
• Stable management team combined with experienced senior portfolio management.
• Well-established CLO platform and demonstrated track record managing CLOs.
Strong access to new CLO issuance and the loan market across different environments.
• CIFC was acquired in November 2016 by F.A.B. Partners, a newly formed alternative
investment platform backed by the Qatari royal family. The transition will likely create some
challenges as CIFC settles into its new role within a larger organization. However, these
challenges will mostly be offset by CIFC’s stability and large presence in the CLO market.
Company
• Founded in 2005, CIFC is a fundamentals-based, relative-value loan specialist manager with
USD13.7 billion in AUM as of Dec. 31, 2016.
• CIFC’s investment team is led by Co-President Steve Vaccaro, who has 39 years of industry
credit experience and has been with CIFC since its inception. CIFC’s top three senior credit
analysts average 18 years of relevant experience.
• CIFC has brought over 25 CLOs to market; in addition, it manages four CLOs that it acquired
from four fund complexes (CypressTree, Deerfield, CNCIM and GE Navigator).
Investments
• The investment process is based on CIFC’s disciplined assessment of the fundamental value
cushion underpinning each investment, which contributes to differentiated portfolios with attractive
performance and is augmented by daily portfolio reassessment and relative-value rebalancing.
• Sixteen research analysts cover approximately 30 credits each, are organized by industry and are
grouped together, led by a senior analyst.
• All analysts participate in the investment committee, which meets at least on a daily basis and is
attended by the chief investment officer, portfolio managers (PMs) and traders.
• Highly customized and robust credit research platform, which facilitates underwriting committees
and ongoing reviews. The system also ensures active communication.
Controls
• Formalized surveillance process includes daily investment team meetings (to discuss
industry trends, regulatory changes, valuation multiples and performance trends) as well as
three industry reviews per year.
• Robust reporting, including a key management report containing cash balances,
overcollateralization and interest coverage tests and cushions for all transactions, is
populated on a daily basis. It is reviewed internally by and distributed to the PMs on a
daily basis.
• Internal audit committee consists of three independent directors and meets at least quarterly.
Operations
• CIFC has dedicated legal, finance, compliance, operations, portfolio control, risk management,
internal audit and support teams; combined, they comprise over 40 professionals.
• CIFC utilizes a variety of systems for portfolio management and administration, including Wall
Street Office (WSO) for compliance and operations and Black Mountain Everest for performing
credit analysis.
• Daily reconciliation of cash and securities with U.S. Bank, as trustee. Additionally, there is a
monthly reconciliation with the trustee report for review.
Technology
• Integrated and flexible platform is based on a combination of proprietary analytics and third-party
customized vendor systems, including such industry-standard systems as Black Mountain
Everest, WSO (compliance, administrator and reporting) and Investran (fund accounting).
• Business continuity plan is appropriate, has been tested and includes a hot site in New Jersey,
daily data backup and use of Citrix for remote accessibility.
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Columbia Management Investment
Advisers, LLC
Columbia Management Investment Advisers, LLC (Columbia) is a subsidiary of Ameriprise
Financial, Inc. (Ameriprise). Columbia’s core CLO team, the leveraged debt group, was
formed in 2000 and is based in Los Angeles. As of Dec. 31, 2016, the leveraged debt
group managed USD8.4 billion through a combination of retail and institutional products.
Firm Profile
Address 100 North Sepulveda Boulevard
El Segundo, CA 90245
Year Established 2000 (Leveraged debt group)
Total Employees/Investment Professionals 13,000 (Parent)/497 (Columbia Threadneedle)
Current/Planned Risk Retention Structurea Not Reported
Key Affiliates (Global) Ameriprise Financial, Inc. (Parent); Threadneedle Investments
a
Manager notes that multiple approaches are being pursued.

Region(s) U.S.
CLO Team Leader(s) Lynn Hopton, Yvonne Stevens
(USD Bil.)
10
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Columbia Management Investment Advisers, LLC 82
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Total AUM By Asset Type Loan AUM By Product Type
Managed
Broadly Funds
Syndicated Other a
1.8% CLOs 15.0%
Loans 79.0%
98.2%
Managed
Accounts
6.0%
aIncludes high yield bonds, at 1.8%.
U.S. Investment Committee

Experience (Years)
Lynn Hopton Senior Managing Director and
Co-Head Leveraged Debt Group Senior Portfolio Manager 17 31
Steve Staver Managing Director Portfolio Manager 17 24
Jerry Howard Managing Director Portfolio Manager 15 22

Centurion CDO II 11/00 Called 500 0 — — — — —
Sequils-Centurion V 4/01 Matured 438 0 — — — — —
Centurion CDO VI 8/02 Called 400 0 — — — — —
Centurion CDO VII 5/04 Called 1,100 0 — — — — —
Centurion CDO 8 1/05 Called 600 0 — — — — —
Centurion CDO 9 6/05 Called 828 0 — — — — —
Cent CDO 10 11/05 Called 400 0 — — — — —
Cent CDO XI 3/06 Called 726 0 — — — — —
Cent CDO 12 12/06 Amortizing 618 502 N N — — —
Cent CLO 16 9/12 Amortizing 413 399 Y N — — —
Cent CLO 17 2/13 Reinvesting 415 405 N N — — —
Cent CLO 18 6/13 Reinvesting 519 504 Y N — — —
Cent CLO 19 10/13 Reinvesting 411 404 N N — — —
TCI-Cent 2016-1a 12/16 Reinvesting 510 499 Y N — Other Horizontal
Total 11,978 6,634
a
TCI-Cent 2016 is managed in a sub-advisory role. VR − Volcker Rule. CRR − European Capital Requirements
Regulation. RR – Risk retention.
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Ameriprise Financial, Inc.
Asset Financial Insurance and

Management Advisory Annuities
Businesses Business Businesses
Columbia Threadneedle
Ameriprise Financial Riversource
Investments
Ameriprise Ameriprise Auto &

Trust Company Home Insurance
PRINT C.indd 91 4/7/2017 12:28:19 PM

The Fitch View
Key Considerations
• Strong operations and CLO administration procedures.
• Established, favorable performance track record in CLOs.
• Columbia does not portray a unique analytical edge but adds value based on its
extensive market experience.
• Keeping turnover low in key staffing areas.
Company
• Ameriprise purchased Columbia in May 2010 and merged it with Ameriprise’s RiverSource
Investments unit. The leveraged debt group has remained intact following the acquisition, and the
group continues to be run out of its Los Angeles office.
• The Los Angeles office is composed of 22 individuals: four PMs, seven industry analysts and 11
performance analytics, operations, administration and IT support staff. The seven analysts
average more than 20 years of industry experience and 14 years with the group.
• The team is co-headed by Lynn Hopton and Yvonne Stevens. Both joined the leveraged debt
group in 2000, having previously worked for several years at SunAmerica Inc., where they
managed leveraged loans and gained structured vehicle experience.
• The company typically participates in the equity of its managed CLOs, in amounts ranging from
5%−15% of the equity tranche.
Investments
• Columbia maintains a bottom-up investment and valuation analysis, with emphasis on capital
preservation and the minimization of downside risk.
• Clearly articulated investment processes are based on a blend of quantitative and qualitative analysis.
Credit underwriting focuses on a four-step process: defining the investment universe, fundamental
credit research, formal investment committee and ongoing research and communication.
• The investment committee is composed of two PMs and the recommending analyst.
Buy decisions require unanimous approval of the committee.
• No investment decisions are made unilaterally. Analysts and PMs contribute opinions and ideas
on all names, and consensus drives the decision-making process.
Controls
• Written policies and procedures outline investment objectives and the operational means for
administering risk management, asset allocation, investment analysis, portfolio management
and trade order management, among other business processes.
• Compliance is supplemented by corporate oversight in the form of internal operational
reviews and compliance checks. Currently, the specific procedures for the leveraged debt
group are documented, and the team follows formal guidelines for trading procedures,
allocations of trades and internal risk ratings.
• Portfolios are continuously monitored from a quantitative and fundamental perspective.
Substitution decisions are a function of fundamental, quantitative and structural
considerations.
Operations
• Scalability of processes is demonstrated through successful integration of subsequently
issued and managed CLOs since 2000.
• CLOs are closely administered to help ensure proper management of related accounts,
monitoring of structural compliance and processing of communications with the trustee.
• Third-party custodian/administrators provide information such as monthly trustee reports to
investors through a password-protected website.
Technology
• The Los Angeles office is supported by larger corporate technology infrastructure, including
a formalized business continuation plan as well as technology upgrades and duplication of
servers and data.
• Wall Street Office (WSO) Administrator is used for cash position reporting and position
reporting by industry, analyst and global exposure. In addition, WSO Compliance is used for
collateral testing/monitoring, coverage/quality tests and concentration limits.
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Commerzbank Debt Fund Management
Commerzbank Debt Fund Management (DFM) is a functionally independent and
segregated division of Commerzbank AG. Its DFM activities commenced in 2007,
with loan funds managed since 2009. As of Dec. 31, 2016, it managed two loan
vehicles (Bosphorus Capital DAC and Bosphorus Investments DAC, one static CLO
(Bosphorus CLO I DAC) and one short duration CLO (Bosphorus CLO II DAC). Global
assets under management (AUM) totaled EUR780 million as of Dec. 31, 2016.
Firm Profile
30 Gresham Street
Address
London, EC2V 7PG, U.K.
Firm Type 7PG, U.K.
Bank affiliated CLO manager
Assets Under Management EUR780 Mil.

Region(s) Europe
Leveraged Loan AUM EUR780 Mil.
CLO Team Leader(s) Guy Beeston

(EUR Mil.)
900
800
700
600
500
400
300
200
100
0
2009 2010 2011 2012 2013 2014 2015 2016
Commerzbank Debt Fund Management 86
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High Yield
Managed
Bonds
Accounts
10.0%
2.0%
Bank
42.0%
Broadly CLO
Syndicated Investors
Loans 56.0%
90.0%

U.S. Other
15.0% 44.0%
CLOs
54.0%
Managed
Europe Funds
85.0% 2.0%

Experience (Years)
Guy Beeston Managing Director Head of Debt Fund Management 9 23
Chris Day Managing Director Head of Leveraged Finance 19 29
Chris Allflatt Director Risk Officer 9 28

Bosphorus CLO I 2/15 Called 232 141 Y Y Originator Horizontal
Bosphorus II 3/16 Reinvesting 278 278 Y Y Originator Horizontal
Total 510 419
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The Fitch View
Key Considerations
• Investment-grade-rated and well-resourced parent.
• Pragmatic approach to business development by launching progressively more managed
CLOs until it reaches the status of a fully active CLO manager.
• Increasing number of loan investment vehicles and invested issuers, which brings the
challenge of maintaining quality of analytical work, credit selectivity and the current low ratio
of invested issuers to credit analysts.
Company
• DFM, a division of Commerzbank AG, is dedicated to European leveraged loan investment
and management. It benefits from the wider resources of the bank while functioning as a
segregated entity.
• The bank has been originating and investing in leveraged loans since 1998.
• DFM comprises five staff (and one open position) with an average of approximately nine years’
experience. DFM staff performs both analytical and operational activities, although DFM plans
to add additional staff and to separate functions as the business grows.
• DFM uses an originator structure for its risk retention strategy. CLO assets are purchased in
the open market and warehoused in a special purpose vehicle owned by the bank.
Investments
• The investment process involves three steps, starting with a portfolio manager review,
followed by detailed analytical work and finally presentation to the investment committee.
• The credit selection process is based on fundamental, bottom-up financial analysis.
The portfolio manager is responsible for incorporating top-down views into the analysis and
in portfolio construction. DFM uses the bank’s internal rating model to generate ratings on
invested issuers.
• Credit research is documented in detailed memos of good quality based on a standardized
template, with clear credit recommendations.
• Continuous portfolio monitoring via weekly portfolio discussions, monthly analyst updates on
issuer financials and full portfolio review, and annual updates of the bank’s rating model and
the credit analysis. DFM maintains a watchlist of weaker/underperforming issuers and will
typically sell early rather than wait for material underperformance to emerge.
• Binary decision on issuer eligibility based solely on credit. Investment committee decisions
are documented and require a unanimous vote. Turndown rate of approximately 72%
on average.
Controls
• DFM is physically separated from the rest of the bank and operates on a separated file
structure, thus providing effective control over information flows and mitigating conflict-of-
interest risk.
• The bank’s leveraged finance risk officer is a permanent member of the credit committee,
structurally embedding risk in the investment process.
• Commerzbank-originated loans make up a minimal portion of DFM’s assets
under management.
• DFM is effectively public or private only on any name, which mitigates information risk.
• Pre- and post-trade CLO compliance testing is effected via Wall Street Office (WSO).
Operations
• CLO administration is conducted by the DFM team directly.
• Loan settlement is outsourced to Bank of New York Mellon.
• Cash is reconciled daily and on trading; positions reconciled monthly.
• DFM does not provide supplemental CLO investor reporting.
Technology
• DFM benefits from the substantial IT resources of the bank and uses the bank’s proprietary
loan rating model. The main CLO management system is WSO, which is widely accepted by
the industry.
• Detailed business continuity and disaster recovery plans are in place and tested and include
offsite server storage and backups.
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Credit Suisse Asset Management
Credit Suisse Asset Management, LLC and Credit Suisse Asset Management Limited
(together, CSAM), are wholly owned subsidiaries of Credit Suisse Group AG (Credit
Suisse). CSAM’s credit investments group has been a large manager of bank loans since
its inception in 1997; as of Dec. 31, 2016, it had USD42.1 billion in global assets under
management (AUM), most of it invested in syndicated loans, with a smaller proportion in
high-yield bonds and structured products.
Firm Profile
Address One Madison Avenue, One Cabot Square, Canary
New York, NY 10010 Wharf, London, E14 4QJ, U.K.
Firm Type Bank-affiliated CLO manager
Assets Under Management USD36.7 Bil. USD5.4 Bil.
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Sponsor/Originator
Key Affiliates (Global) Credit Suisse Group AG (Parent); Credit Suisse Asset
Management Limited (U.K. Manager); Credit Suisse Asset
Management, LLC (U.S. Manager)

Leveraged Loan AUM USD34.4 Bil. USD3.9 Bil.
CLO Team Leader(s) John G. Popp, Andrew H. Marshak, Thomas J. Flannery,
Louis I. Farano, Wing Chan
U.S. Leverage Loan Assets Under Management

(USD Bil.)
40
35
30
25
20
15
10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Credit Suisse Asset Management 90
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European Leverage Loan Assets Under Management
(USD Bil.)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Structured
High Yield Credit
Bonds 1.2%
8.5%
CLO
Investors
43.7%
Other
56.3%
Broadly
Syndicated
Loans
90.3%

Europe
12.9% Managed Managed
Funds Accounts
33.5% 22.1%
U.S. CLOs
87.1% 44.4%

Experience (Years)
John G. Popp Managing Director Global Head and Chief Investment Officer 19 32
Andrew H. Marshak Managing Director Head of Europe 19 26
Thomas J. Flannery Managing Director Senior Portfolio Manager 18 20
Louis I. Farano Managing Director Portfolio Manager 11 23
Wing Chan Managing Director Portfolio Manager 8 18
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First Dominion Funding I 6/98 Called 975 0 N N — — —
First Dominion Funding II 4/99 Called 731 0 N N — — —
First Dominion Funding III 12/99 Matured 735 0 N N — — —
CSAM Funding I 3/01 Called 738 0 N N — — —
CSAM Funding II 5/02 Called 443 0 N N — — —
Atrium CDO 6/02 Called 309 0 N N — — —
CSAM Funding III 7/03 Called 395 0 N N — — —
Atrium II 12/03 Called 246 0 N N — — —
CSAM Funding IV 6/04 Called 587 0 N N — — —
Atrium III 10/04 Called 488 0 N N — — —
Madison Park Funding I 4/05 Called 600 0 N N — — —
Atrium IV 5/05 Called 635 0 N N — — —
Castle Garden 10/05 Called 831 0 N N — — —
Madison Park Funding II 2/06 Called 800 0 N N — — —
Atrium V 6/06 Called 879 0 N N — — —
Madison Park Funding III 8/06 Called 650 0 N N — — —
Madison Park Funding IV 2/07 Amortizing 484 443 N N — — —
Madison Park Funding V 4/07 Amortizing 650 467 N N — — —
Atrium VI/Integral Funding 9/07 Called N.A. 0 N N — — —
Madison Park Funding VI 9/07 Amortizing 500 417 Y N — — —
Madison Park Funding VII 5/11 Called 400 0 N N — — —
Atrium VII 11/11 Called 400 0 Y N — — —
Madison Park Funding VIII 4/12 Amortizing 400 337 N N — — —
Madison Park Funding IX 7/12 Amortizing 500 473 Y N — — —
Atrium VIII 10/12 Reinvesting 500 506 Y N — — —
Madison Park Funding X 12/12 Reinvesting 770 794 Y N — — —
Atrium IX 2/13 Reinvesting 810 824 N N — — —
Atrium X 6/13 Reinvesting 650 663 N N — — —
Madison Park Funding XI 9/13 Reinvesting 500 508 N N — — —
Madison Park Funding XIII 2/14 Reinvesting 719 733 Y N — — —
Madison Park Funding XII 5/14 Reinvesting 800 805 Y N — — —
Madison Park Funding XIV 8/14 Reinvesting 1,000 1,016 Y N — — —
Atrium XI 10/14 Reinvesting 1,000 1,014 Y N — — —
Madison Park Funding XV 12/14 Reinvesting 675 687 Y N — — —
Madison Park Funding XVI 3/15 Reinvesting 600 605 Y N — — —
Madison Park Funding XVII 5/15 Reinvesting 800 808 Y N — MOA Vertical
Madison Park Funding XVIII 9/15 Reinvesting 750 755 Y N — MOA Vertical
Atrium XII 10/15 Reinvesting 800 810 Y N — MOA Vertical
Madison Park Funding XIX 12/15 Reinvesting 600 609 Y N — MOA Vertical
Madison Park Funding XX 2/16 Reinvesting 500 503 Y Y Sponsor MOA Vertical
Madison Park Funding XXI 2/16 Reinvesting 800 805 Y N — MOA Vertical
Madison Park Funding XXII 9/16 Reinvesting 800 803 Y N — MOA Vertical
Madison Park Funding XXIV 11/16 Reinvesting 750 755 Y N — MOA Vertical
Total 27,199 16,137
VR – Volcker Rule. CRR – European Capital Requirements Regulation. RR – Risk retention. N.A. – Not available.
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Compliance
Cadogan Square I 12/05 Amortizing 440 135 N N — —
Cadogan Square II 6/06 Amortizing 450 148 N N — —
Cadogan Square III 12/06 Amortizing 486 189 N N — —
Cadogan Square IV 5/07 Amortizing 487 220 N N — —
Cadogan Square V 8/13 Revolving 300 312 Y Y Sponsor Vertical
Cadogan Square VI 6/15 Revolving 400 418 Y Y Sponsor Vertical
Cadogan Square VII 4/16 Revolving 400 403 Y Y Sponsor Vertical
Cadogan Square VIII 11/16 Revolving 460 460 Y Y Sponsor Vertical
Total 3,424 2,285
Credit Suisse Group AG

(Publicly Listed Company)
100%
43% Credit Suisse AG

(Regulated Swiss Bank)
57%
Credit Suisse Holdings (USA), Inc.
100%
Credit Suisse (USA), Inc.
100%
CSAM Americas Holding Corp.
100%
Credit Suisse Asset Management, LLC

(Registered Investment Adviser)
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The Fitch View
Key Considerations
• Cohesiveness of the team and the experience of senior portfolio managers (PMs), who
average 22 years’ relevant investment experience.
• Strong market presence enables good allocations to new issue market. Resources
and support from Credit Suisse enable the management team to focus on portfolio
management functions.
• Concentration of AUM in institutional investors and CLOs. However, there has been greater
diversification as separate accounts and commingled funds increase in size.
Company
• CSAM has been a large manager of bank loans since it was established in 1997.
• The credit team is led by John Popp, who has 32 years of investment experience in
leveraged finance. Other senior managers making up the credit committee average 22 years
of experience.
• Very low senior management turnover, with managing partners having worked together for
more than 20 years.
• Staffing includes 36 investment professionals and 15 other employees. The large credit
research team has 20 analysts, who are each assigned to cover one or two sectors.
• Collaboration and partnership across private bank, investment bank and asset management
provide intelligence and sourcing, as well as global consistency.
Investments
• Five PMs make up the credit investment committee; investment decisions require consensus.
• Rigorous credit selection process focuses on credits using fundamental bottom-up approach.
CSAM is selective with investments, with a 60%–70% turndown rate.
• All new investments are thoroughly researched and formally presented by the lead credit
analyst to a formal credit committee. Credit analysts must formulate a buy, hold or sell
recommendation that must be updated at least quarterly.
• Analysts can rely on an in-house workout specialist and PMs to assist with bankruptcy and
distressed credits.
• Daily, quarterly and ad hoc meetings to analyze new transactions, monitor existing holdings
and revisit portfolio strategy and themes.
Controls
• Independent, well-resourced risk management framework tightly linked to Credit Suisse’s
global risk framework and methodology.
• Separate risk group produces reports providing a detailed and comprehensive image of
portfolio compositions, including complete performance attribution analysis.
• Independent control functions throughout, including numerous committees supporting
the team.
• Portfolios typically are more diverse than industry averages, with the investment process
resulting in average weightings of 0.6% and 0.8% for U.S. and European
CLOs, respectively.
Operations
• Daily reconciliation of cash and securities with the trustee. Strong relationship and constant
dialogue with the trustees (Wells Fargo, BNY Mellon and U.S. Bank).
• Strong middle-office resources ensure efficient and adequate management of CLOs and
industry-standard controls.
• Some CLO operations functions outsourced to SS&C Technologies with close oversight by
CSAM in-house settlements team and portfolio administrators from the middle-office team.
Technology
• CSAM uses both industry-standard systems and proprietary systems for portfolio
management and administration, including but not limited to Virtus, Black Mountain Everest,
Bloomberg and CDO Suite.
• Business continuity plan is appropriate and tested. Additional office space in Princeton, NJ
and outside London to serve as disaster recovery sites.
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Crescent Capital Group LP
Crescent Capital Group LP (Crescent) was organized as an employee-owned asset
management firm in 2010. It had originally been formed as Crescent Capital Corporation in
1991, subsequently becoming the leveraged finance arm of The TCW Group, Inc. (TCW) in
1995. Following the most recent reorganization, Crescent has continued to manage certain
assets on behalf of TCW and its subsidiaries. As of Dec. 31, 2016, Crescent had
approximately USD25 billion in assets under management (AUM).
Firm Profile
Address 11100 Santa Monica Boulevard, Suite 2000
Los Angeles, CA 90025
Firm Type Multistrategy asset managePHQW
Year Established 2011 (Crescent Capital Group LP)
1991 (Crescent Capital Corporation)
Total Employees/Investment Professionalsa 154/81
a
141 U.S., 13 Europe/71 U.S., 10 Europe. N.A. – Not applicable.

Region(s) U.S.
CLO Team Leader(s) Mathew Miller, Jonathan Insull

(USD Bil.)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2011 2012 2013 2014 2015 2016
Crescent Capital Group LP 95
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Broadly
Syndicated Insurance
Loans 9.9%
33.0%
Pension/
Retirement
6.9%
CLOs CLO
Other
67.0% Investors
8.9%
74.3%

Other Managed
4.0% Funds
16.2%
Managed
Accounts
16.5%
CLOs
U.S. Other
67.0%
96.0% 0.3%

Crescent does not utilize a formal investment committee. Biweekly, formal credit research meetings are attended by the credit
analysts and portfolio managers. Portfolio managers have ultimate decision-making authority in the investment process. While
they collaborate with Crescent’s research analysts and traders, the portfolio managers are responsible for making security
selection and portfolio construction decisions, managing risk and adhering to client investment guidelines.

Name Pricing Status Original Current VR CR Method Method of RR
VITESSE CLO 5/06 Called 621 0 N N — — —
SHINNECOCK CLO 2006-1 9/06 Called 300 0 N N — — —
MAC CAPITAL 5/07 Called 502 0 N N — — —
MOMENTUM
CAPITAL FUND 9/07 Called 350 0 N N — — —
ATLAS SENIOR
LOAN FUND 6/12 Amortizing 308 288 Y N — — —
ATLAS SENIOR
OAN FUND II, LTD. 11/12 Amortizing 414 414 Y N — — —
ATLAS SENIOR
LOAN FUND III 7/13 Reinvesting 413 413 Y N — — —
ATLAS SENIOR
LOAN FUND IV 1/14 Reinvesting 518 518 Y N — — —
ATLAS SENIOR
LOAN FUND V 6/14 Reinvesting 511 511 Y N — — —
ATLAS SENIOR
LOAN FUND VI 9/14 Reinvesting 564 564 Y N — — —
ATLAS SENIOR
LOAN FUND VII 10/16 Ramp-Up 411 411 Y N — — —
Total 4,912 3,119
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Founders and Managing Partners:

Jean-Marc Chapus and Mark Attanasio
Crescent Capital Group LP
Minority Ownership Interest –

Independent and Employee Owned
Allied World Assurance Company
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The Fitch View
Key Considerations
• Strong company financial performance and AUM growth. Since becoming an independent
company (spun out from TCW) in 2011, very strong growth in credit platform and revenue
growth. Not dependent on CLO growth for viability; growth in other investment platforms
strengthens support for CLO issuance.
• Good staff retention leading to experienced portfolio management and credit underwriting
teams. Co-founders are still actively managing the business.
• Maintain loan asset growth targets (issuance of two CLOs a year) given market
conditions. Somewhat mitigated by recent loan investment vehicles started an open end
co-mingled fund.
Company
• The firm specializes in below-investment-grade credit and is organized across six main
business strategies: mezzanine, U.S. direct lending, EU specialty lending, U.S. special
situations, capital markets and Crescent BDC, Inc.
• Senior management has over 20 years on average experience in leverage credit investing.
• Staff consists of over 80 investment professionals and an operations team of over 60 across
investor relations, finance and accounting, legal risk and compliance, and HR.
• Crescent manages USD4.5 billion in bank loans through separate accounts, commingled
investments and CLOs. Long history of investment experience in loans across these
investment categories.
• Most employees have equity in the firm, which has led to strong retention rates.
Investments
• Investment strategy involves a focus on comprehensive, bottom-up credit research.
The focus is on higher credit quality names; however, investment style is built on Crescent’s
ability to make quick allocation changes (by rating or industry) to take advantage of shifts in
the market.
• Diversification is a key investment philosophy, and generally obligors are kept below 1% of
the portfolio.
• A full review of all ratings and companies is performed quarterly, including sector trends and
company financial performance. The full portfolio is re-underwritten and positions re-sized.
Controls
• Investments are monitored through a formal review process, with the goal of keeping internal
assigned credit ratings accurate and reflecting issuer and sector changes and- searching for
underlying shifts in investment thesis.
• Well established internal guidelines on issuer, portfolio and market risks facilitate risk
management by the credit and portfolio management teams.
• CLO portfolios are compared to peers by certain market data by vintage, and key CLO
metrics and trends are monitored.
Operations
• Middle- and back-office functions are supported by industry leading platforms.
Crescent utilizes Black Mountain for monitoring loan positions and Virtus to perform
trustee reconciliations.
• On a daily basis, all trading activity is monitored in house to CLO indenture requirements, all
cash is reconciled, and CLO reporting is sent to portfolio managers and trading team.
• All loan settlement is conducted in-house with faster settlement times than
industry averages.
Technology
• Efficient and robust order management system and reporting capabilities.
• The CLO admin team utilizes CDO Suite and proprietary tools to perform CLO indenture
testing. Crescent has industry standard CLO oversight and testing procedures and
reporting structure.
• Business continuation and emergency planning systems and technology are tested
and appropriate.
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Crestline Denali Capital, L.P.
Crestline Denali Capital, L.P. (Crestline Denali) was established on Oct. 10, 2014 as
a strategic partnership between Denali Capital LLC (Denali Capital) and
Crestline Management, L.P. (Crestline). As part of the partnership, Denali
Capital's principals continue to manage and control DC Funding Partners LLC, with
operational and support services from Crestline Denali. As of Dec. 31, 2016, Crestline
Denali had assets under management (AUM) of approximately USD1.9 billion
across eight CLOs and one warehouse facility.
Firm Profile
Address 2001 Spring Road, Suite 220
Oak Brook, IL 60523
Current/Planned Risk Retention Structure Capital to be provided directly from manager
Key Affiliates (Global) DC Funding Partners LLC — Affiliate

Region(s) U.S.
CLO Team Leader(s) David Killion, John Thacker, Greg Cooper

(USD Bil.)
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Crestline Denali Capital, L.P. 99
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Other
14.0%
Broadly
Syndicated
Loans Insurance
21.0%
100%
Bank
63.0% Family
Office/
High Net
Worth
Pension/
1.0%
Retirement
1.0%
CLOs
Other 100.0%
2.2%
Europe
2.2%
U.S.
95.6%

Experience (Years)
David Killion Chief Executive Officer Investment Committee Member 16 40
John Thacker Senior Managing Director/
Chief Operating Officer Investment Committee Member 16 31
Kelli Marti Managing Director Investment Committee Member 15 23

Denali Capital I 9/01 Called 400 0 N N — — —
Denali Capital II 6/02 Called 367 0 N N — — —
Denali Capital III 6/03 Called 434 0 N N — — —
Denali Capital IV 7/01 Called 400 0 N N — — —
Denali Capital V 7/05 Amortizing 410 23 N N — — —
Denali Capital VI 2/06 Amortizing 501 37 N N — — —
Denali Capital VII 4/07 Amortizing 813 390 N N — — —
Spring Road 2007-1 6/07 Amortizing 413 31 N N — — —
Denali Capital X 3/13 Reinvesting 417 417 N N — — —
Denali Capital XI 2/15 Reinvesting 414 414 Y N — — —
Denali Capital XII 2/16 Reinvesting 359 359 Y Y Originator — Horizontal
Crestline Denali XIV 9/16 Reinvesting 361 361 Y Y Originator — Horizontal
Total 5,289 2,032
VR – Volcker Rule. CCR – European Capital Requirements Regulation. RR – Risk retention.
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Crestline Investors, Inc.
General Partner
Crestline Management, L.P. Crestline Denali (GP), L.P. Denali Principals
Limited Partner General Partner Limited Partners
Crestline Denali Capital, L.P.
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The Fitch View
Key Considerations
• Senior executives have all worked together since 1998.
• Seasoned investment team consisting of 15 professionals with experience ranging up to
31 years.
• Experienced CLO issuer, having managed 12 CLO transactions and one credit opportunity
fund since 2001.
• After completing four CLO issuances since 2013, continuing AUM growth while applying its
same selective and conservative approach is a key challenge.
Company
• On Oct. 10, 2014, Denali Capital and Crestline formed a new strategic partnership under
which Denali Capital became Crestline Denali.
• Senior executives have an average of 34 years of loan investment experience, and senior
administration staff average 25 years of experience.
• Crestline Denali continues to be led by its three founding principals: David Killion, Gregory
Cooper and John Thacker. Since 2011, Kelli Marti, who has been with the company for 15
years and has 23 years of investment experience, has been a member of the firm’s
investment committee along with Killion and Thacker.
Investments
• Credit analysts have on average eight years of experience, and each is responsible for on
average 26 active corporate credits.
• Formal investment committee process, wherein all recommendations require a unanimous
vote for investment approval.
• Robust reports and analytical tools within Mariana Systems LLC’s SaaS software are used
to monitor credit performance pursuant to formally documented internal credit policies and
procedures. Portfolio information is stored securely in the cloud allowing for accessibility
from anywhere and interaction with the firm’s loan administration software.
• The firm has had an investment approval rate of 30% since inception, including an approval
rate of 24% since 2007.
Controls
• The firm has been a registered investment adviser since 2004.
• Well-documented procedures covering core investment and operational processes are
in place.
• Integrated, detailed reporting of deal pipeline, cash availability and CLO compliance-related
tests is performed weekly.
• Comprehensive reconciliation process with trustees of all compliance-related tests and
payment date calculations.
Operations
• Experienced CLO, loan administration, accounting and reporting support staff whose senior
managers have up to 25 years of experience.
• Daily cash and par reconciliation, transaction settlements, and trustee report reconciliation
are all performed internally.
• The firm uses Deloitte’s Solvas loan administration and reporting software and proprietary
models for collateral management, hypothetical trading analysis and compliance monitoring.
Technology
• The firm has contracted with D+H USA Corporation to host its email and support its
technology needs. The support includes email retention, server monitoring, 24-hour technical
support and access to an onsite specialist.
• A business continuity plan in place is reviewed every six months. In the event of a disaster,
within 24 hours of notice, one server and 15 workstations are available at SunGard
Availability Services, located approximately 10 miles from Crestline Denali’s main office.
• Encrypted local and cloud-based backups are utilized to minimize loss-of-data risk.
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CVC Credit Partners, LP
CVC Credit Partners, LP is the credit management business of CVC Capital Partners; it
includes both U.S. and European subsidiaries (together, CVC Credit Partners). CVC
Credit Partners invests across the capital structure, including in senior-secured, senior-
unsecured and second-lien senior-secured loans. As of Dec. 31, 2016, CVC Credit
Partners had USD15.8 billion in global assets under management (AUM).
Firm Profile
Address 712 Fifth Avenue, 42nd Floor 111 Strand,
New York, NY 10019 London, WC2R 0AG, U.K.
Firm Type Global private equity-sponsored credit manager
Assets Under Management USD15.8 Bil. globally
Current/Planned Risk Retention Structure Capitalized manager vehicle (CMV) Originator
Dedicated Capital to Fund Risk Retention USD285 Mil.a
Key Affiliates (Global) Parent: CVC Group Holding L.P. and C-III Capital Partners
(recently acquired Resource Financial Fund Management Inc.)
a
As of first close on Dec. 15, 2016.

CLO Team Leader(s) Gretchen Bergstresser Jonathan Bowers
Approximate No. of Invested Credits 600 Globally

(USD Bil.)
14
12
10
8
6
4
2
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
CVC Credit Partners, LP 103
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Middle Other a
Market Loans 12.9%
5.3% CLO
a
Other Investors
1.8% 8.4%
Broadly Bank
Syndicated High 51.6% Insurance
Loans Yield 15.4%
85.2% Bonds
7.7%
Pension/
Retirement
aIncludes
11.7%
aIncludes CLOs, at 0.7%. endowment, at 0.5%.
Managed
Europe
Funds
29.0%
17.1%
Managed
CLOs Accounts
71.4% 11.5%
U.S.
71.0%

Experience (Years)
Gretchen Bergstresser Partner, Head of
U.S. Performing Credit Senior Portfolio Manager 13 29
Stephen Hickey Managing Partner Chief Investment Officer 5 29
Jonathan Bowers Partner, Head of European
Performing Credit Senior Portfolio Manager 11 24
Philip Raciti Senior Managing Director Portfolio Manager 12 16
Kevin O’Meara Managing Director Portfolio Manager 10 15
Justin Sughrue Managing Director Assistant Portfolio Manager 12 14
LynnAnn Loufik Director Assistant Portfolio Manager 5 11

Experience (Years)
Jonathan Bowers Partner, Head of
European Performing Credit Senior Portfolio Manager 11 24
Stephen Hickey Managing Partner Chief Investment Officer 5 29
Gretchen Bergstresser Partner, Head of
U.S. Performing Credit Senior Portfolio Manager 13 29
Brandon Bradkin Partner Chief Operating Officer 4 24
Mark DeNatale Partner, Head of Credit
Opportunities and
Special Situations Senior Portfolio Manager 5 23
Tom Newberry Partner, Head of Private Funds Senior Portfolio Manager 5 32
Andrew Davies Senior Managing Director Portfolio Manager 7 15
Guillaume Tarneaud Managing Director Portfolio Manager 10 13
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Olympic CLO I 3/04 Called 303 0 N N — — —
Whitney CLO I 12/04 Called 461 0 N N — — —
Apidos CDO I 8/05 Called 350 0 N N — — —
ACA CLO 2005-1 8/05 Called 302 0 N N — — —
Apidos CDO II 12/05 Called 400 0 N N — — —
Apidos CDO III 5/06 Called 286 0 N N — — —
ACA CLO 2006-I 7/06 Called 350 0 N N — — —
Apidos CDO IV 9/06 Called 350 0 N N — — —
Apidos Quattro CDO 10/06 Called 351 0 N N — — —
Sierra CLO II 11/06 Called 430 5 N N — — —
ACA CLO 2006-2 12/06 Called 308 0 N N — — —
Shasta CLO I 1/07 Called 484 5 N N — — —
Apidos CDO V 3/07 Called 400 12 N N — — —
Apidos Cinco CDO 5/07 Called 350 12 N N — — —
ACA CLO 2007-1 6/07 Called 350 6 N N — — —
San Gabriel CLO I 7/07 Called 431 73 N N — — —
Apidos CLO VIII 10/11 Called 350 0 N N — — —
Apidos CLO IX 7/12 Amortizing 410 382 Y N — — —
Apidos CLO X 11/12 Amortizing 450 449 N N — — —
Apidos CLO XI 1/13 Reinvesting 400 394 Y N — — —
Apidos CLO XII 4/13 Reinvesting 523 498 N N — — —
Apidos CLO XIV 7/13 Reinvesting 617 597 N N — — —
Apidos CLO XV 9/13 Reinvesting 500 496 Y N — — —
Apidos CLO XVI 1/14 Reinvesting 600 592 Y N — — —
Apidos CLO XVII 5/14 Reinvesting 519 494 Y N — — —
Apidos CLO XVIII 7/14 Reinvesting 734 705 Y N — — —
Apidos CLO XIX 11/14 Reinvesting 513 495 Y N — — —
Apidos CLO XX 2/15 Reinvesting 500 502 Y N — — —
Apidos CLO XXI 6/15 Reinvesting 498 503 Y N — — —
Apidos CLO XXII 11/15 Reinvesting 500 504 Y N — — —
Apidos CLO XXIII 1/16 Reinvesting 500 506 Y N — CMV Vertical
Apidos CLO XXIV 7/16 Reinvesting 398 401 Y N — CMV Vertical
Apidos CLO XXV 10/16 Reinvesting 700 717 Y N — CMV Vertical
Total 14,617 8,346

Cordatus Loan Fund I 1/07 Amortizing 450 239 N N — —
Cordatus Loan Fund II 7/07 Amortizing 450 324 N N — —
Cordatus
Recovery Partners I 9/08 Called 436 0 N N — —
CVC Cordatus Loan Fund III 5/14 Reinvesting 450 439 Y Y Originator Vertical
CVC Cordatus Loan Fund IV 12/14 Reinvesting 400 393 Y Y Originator Vertical
CVC Cordatus Loan Fund V 5/15 Reinvesting 463 452 Y Y Originator Vertical
CVC Cordatus Loan Fund VI 3/16 Reinvesting 200 400 Y Y Originator Vertical
CVC Cordatus Loan VII 7/16 Reinvesting 440 439 Y Y Originator Vertical
CVC Cordatus
Loan Fund VIIIa 2/17 Reinvesting 416 416 Y Y Sponsor Vertical
Total 3,705 3,102
a
CVC Cordatus Loan Fund VIII closed on March 30, 2017. VR − Volcker Rule. CRR − European Capital Requirements
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The Fitch View
Key Considerations
• Resources available to CLO platform are strong given historical AUM growth and product
diversification. Not significantly dependent on future CLO issuance to drive profitability.
• Ownership structure and committed parent support staff stability and preservation of talent
amid increasing industry competition and market volatility.
• Portfolio monitoring and risk management oversight supported by a dedicated team of
portfolio managers, operations professionals, and legal and compliance professionals. CVC
conducts a regular review of trading and compliance policies, which are also reviewed
externally by consultants and third party auditors.
Company
• CVC Credit Partners is the credit management business of CVC Capital Partners. Its
U.S. and European businesses were established in 2005 and 2006, respectively, via
predecessor entities.
• CVC Credit Partners had AUM of USD15.8 billion globally across 49 investment vehicles
as of Dec. 31, 2016. Product line includes global performing credit (USD12.2 billion),
global credit opportunities and special situations (USD2.7 billion), and private debt
(USD900 million).
• Investment team is made up of 52 professionals with extensive credit backgrounds.
• CVC Credit Partners benefits from stability across the management team and from access to
the resources of CVC affiliates worldwide.
Investments
• Active portfolio management with a focus on deep fundamental research and top-down
industry analysis in an effort to minimize losses.
• Concentrated coverage of portfolio via low credit per analyst ratio (approximately 35 credits
per analyst in the U.S. and 15 credits per analyst in Europe).
• Proprietary credit database includes historical information and data on over 3,000 individual
credits. CVC Credit Partners has investments with approximately 600 issuers.
• Analytical approach is focused on business risk (management and market position), financial
risk (margins, cash flow, capital structure and valuation), structural risk (recovery rates and
loan terms) and eligibility requirements (ratings, concentration and spread).
Controls
• Daily and month-end relative-value and benchmarking analysis at trade and portfolio level.
• Daily and weekly monitoring of portfolios and managed accounts through position exposure
reports and detailed attribution analysis.
• Compliance policies and governance processes in place to support accuracy of trading,
• Network of compliance and control coordinated by dedicated teams; reporting tools provide
support for risk/control data collection and reporting capabilities.
Operations
• Operations and other support functions include 22 CVC Credit Partners employees
dedicated to back-office operations. CVC Credit Partners also has the ability to leverage
broader resources of the CVC Capital Partners group.
• Daily reconciliation of cash and securities with the trustee.
• Compliance officers, PMs and assistant PMs receive CLO compliance reports nightly.
Reports are also run ad hoc and are used to perform risk/return scenarios, value and
exposure analyses and hypothetical trades.
• Added efficiency and accuracy due to presence of an employee dedicated to loan settlement.
Technology
• Proprietary credit database, warehouse models and risk reports provide access to various
research sources and facilitate information sharing across the platform.
• In-house risk management system to monitor the broader platform and/or individual vehicles.
• External administrator provides real-time and operational support to CLO platform.
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DFG Investment Advisers, Inc.
DFG Investment Advisers, Inc. (DFG) is an SEC-registered investment adviser
specializing in alternative credit products. DFG is wholly owned by Vibrant Capital
Partners (VCP). VCP is majority-owned by DFG officers and employees. Alberta
Investment Management Corporation acquired a minority stake in VCP in 2015. As of
Dec. 31, 2016, DFG managed USD2.9 billion in corporate and structured credit assets via
commingled funds, separate accounts and CLO vehicles.
Firm Profile
Address 655 Third Avenue, 23rd Floor
New York, NY 10017
Key Affiliates (Global) Vibrant Capital Partners, LLC (Parent);
Alberta Investment Management Corporation

Region(s) U.S.
CLO Team Leader(s) Roberta Goss, Timothy Milton
U.S. Leveraged Loan Assets Under Management

(USD Bil.)
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016
DFG Investment Advisers, Inc. 108
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CLO
Investors
Broadly Insurance
28.5%
Syndicated 10.0%
Loans
66.7%
Bank
CLOs 24.0%
33.3% Other
37.4%
U.S. CLOs
100.0% 100.0%

Experience (Years)
Roberta Goss Managing Director Portfolio Manager 2 30
Timothy Milton Managing Director Head Trader 2 17
Jeremy Hyatt Director Senior Credit Analyst 4 11
Volkan Kurtas Managing Partner Chief Investment Officer 10 14
Moritz Hilf Managing Partner Chief Risk Officer 10 16

Vibrant CLO 12/12 Amortizing 305 298 Y N — — —
Vibrant CLO II 8/13 Reinvesting 350 360 Y N — — —
Vibrant CLO III 2/15 Reinvesting 400 412 Y N — — —
Vibrant CLO IV 5/16 Reinvesting 400 406 Y N — — —
Vibrant CLO V 12/16 Ramp-Up 450 452 Y N — — —
Total 1,905 1,927
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The Fitch View
Key Considerations
• Thorough, well-defined credit process focusing on bottom-up analysis to preserve capital
and minimize losses combined with active trading to create capital appreciation.
• Stable management team, along with a CLO portfolio manager with 30 years' experience in
leveraged finance, including extensive history managing loan portfolios via CLO structures,
mutual funds, closed-end funds, and managed accounts.
• DFG faces key man risk with reliance on senior management for growth and stability. This is
partly mitigated by significant personal capital and/or equity investments in the business.
Company
• Established in 2006 by Volkan Kurtas, Moritz Hilf and Kimito Iwamoto, DFG is based in New
York and is an SEC-registered investment adviser specializing in alternative credit products.
• DFG is wholly owned by Vibrant Capital Partners (VCP). VCP is majority owned by
DFG officers and employees. Alberta Investment Management Corporation (AIMCo),
a long-time client, acquired a large minority stake in 2015. AIMCo manages more than
CAD90 billion AUM.
• The loan management platform is led by Roberta Goss (former co-head of high-yield and
bank loans at Goldman Sachs Asset Management, with 30 years' experience) and
Timothy Milton (former par and distressed bank loan trader at Goldman Sachs, with over
17 years' experience).
• Philip Darivoff, a retired former partner from Goldman Sachs and the former head of the
firm's corporate bonds and capital markets unit, joined DFG as chairman of the board
in 2013.
Investments
• DFG's investment philosophy takes a conservative, fundamentals-based approach combined
with active trading to optimize relative value.
• Investment focus is on the most liquid loans of large-capitalization companies in the most
stable and resilient industries.
• Six credit analysts organized by industry monitor roughly 265 credits, each of which is
assigned an internal rating that considers leverage, competitive position in the industry and
structural composition of the issue.
• DFG's turndown rate during 2016 was 62%, based on the number of deals (48%, based on
notional). DFG's average position size is 0.5%, with exposure to approximately 175 issuers
in each of its current CLOs.
Controls
• DFG has a deep credit-risk monitoring process supported by robust proprietary credit-risk
modeling and analytics.
• DFG actively monitors and rebalances credits to optimize risk and return.
• The company focuses on transparent proprietary risk management, as evidenced by a good
standard of internal weekly, monthly and quarterly reporting integrated into the work flow for
a holistic approach to administration.
Operations
• Non-alpha-generating operations, such as HR, IT help desk and legal, are outsourced to
third-party vendors, including compliance consulting vendor Duff & Phelps.
• DFG has a strong focus on efficiency, as evidenced by low loan settlement times, all of
which are conducted in-house.
• Investor reporting is transparent, providing trustee reports and offering regular updates via
conference calls and meetings for investors across the capital structure.
Technology
• DFG has in place an integrated and flexible platform based on a combination of proprietary
portfolio management analytics (DFG Risk, Client and Market Portals) and third-party
administration and data systems, including CDO Suite, Bloomberg, and Wells Fargo data.
• The business continuity plan is appropriate and has been tested. The company has offsite
data centers, daily backup of all data and remote access available for employees (remote
access to terminals at DFG’s offices as well as a disaster recovery site if needed).
PRINT D.indd 120 4/7/2017 12:33:00 PM

Fortress Investment Group LLC
Fortress Investment Group LLC (together with its affiliates, Fortress; NYSE: FIG), founded
in 1998, is a highly diversified global investment management firm. Fortress specializes in
a range of investment strategies, including private equity, credit, liquid markets and
traditional asset management on behalf of over 1,700 institutional and private clients
worldwide. As of Dec. 31, 2016, it had USD69.6 billion in global fee-paying assets under
management (AUM). In February 2017, Fortress and SoftBank Group Corp. (SoftBank)
announced that they had entered into a definitive merger agreement under which
SoftBank will acquire Fortress. The transaction is subject to approval by Fortress
shareholders, certain regulatory approvals and other customary closing conditions, and is
expected to close in the second half of 2017.
Firm Profile
Address 1345 Avenue of the Americas, 46th Floor
New York, NY 10105
Assets Under Management USD69.6 Bil.a,b
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) (U.S.)/Originator (Europe)
Key Affiliates (Global) Upon closing of the merger, SoftBank
a
Includes USD1.7 billion of AUM related to co-managed funds as of 4Q 2016. bIncludes USD4.4 billion of AUM
related to the affiliated manager 4Q 2016.

Region(s) Global
Loans Managed via CLOsa 100%
CLO Team Leader(s) Pete Briger, Dean Dakolias
a
CLOs managed by the Fortress Credit Funds team.
Total AUM By Investor Typea

Other Insurance
39.1% 3.8%
Endowment
9.7%
Bank
6.8% Pension/
Retirement
40.6%
aRepresents total firm AUM by investor type.
Fortress Investment Group LLC 112
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Experience (Years)
Pete Briger Principal and Co-Chairman of the Board of
Directors of Fortress and Co-CIO of Credit Funds Investment Committee 15 29
Dean Dakolias Co-CIO of Credit Funds Investment Committee 15 26
Marc Furstein President and COO of Credit Funds Investment Committee 15 24
Leslee Cowen Managing Director Investment Committee 14 22
Joel Holsinger Managing Director Investment Committee 8 20
Drew McKnight Managing Director Investment Committee 12 17
Josh Pack Managing Director Investment Committee 14 19
Ken Sands Managing Director Investment Committee 14 33

Fortress Credit
Opportunities I LP 7/04 Amortizing 4,250 1,809 N N — — —
Fortress Credit
Opportunities II LP 7/04 Called 450 — — — — — —
Bernard Nationala 3/05 Called 1,559 — — — — — —
Bernard Globala 3/05 Called 1,781 — — — — — —
Fortress Credit
Funding I LP 9/05 Called 840 — — — — — —
Fortress Credit
Funding II LP 9/05 Called 210 — — — — — —
Fortress Credit
Investments I LTD 4/06 Called 1,741 — — — — — —
Fortress Credit
Investments II LTD 4/06 Called 435 — — — — — —
Sargas CLO I Ltda 8/06 Amortizing 325 1 N N — — —
Sargas CLO II Ltda 8/06 Called 410 — — — — — —
Fortress Credit
Funding III LP 8/06 Called 840 — — — — — —
Fortress Credit
Funding IV LP 8/06 Called 210 — — — — — —
DFR Middle Market
CLO Ltd.a 7/07 Called 300 — — — — — —
Pangaea CLO
2007-1 LTD.a 8/07 Amortizing 308 7 N N — — —
Fortress Credit
Funding V LP 8/12 Amortizing 409 321 Y N — — —
Fortress Credit
Funding VI LP 8/12 Amortizing 174 140 Y N — — —
Fortress Credit
BSL Limited 3/13 Reinvesting 412 401 Y Y Originator — —
Fortress Credit
BSL II Limited 11/13 Reinvesting 412 388 Y Y Originator — —
HILDENE CLO I LTD.a 1/14 Reinvesting 310 301 Y N — — —
Fortress Credit
Opportunities III CLO LP 4/14 Reinvesting 800 776 Y Y Originator — —
HILDENE CLO II LTD.a 6/14 Reinvesting 414 397 Y N — — —
Fortress Credit
Opportunities
V CLO Limited 10/14 Reinvesting 713 702 Y Y Originator — —
HILDENE CLO III LTD.a 12/14 Reinvesting 361 348 Y N — — —
a
Management contracts for Hildene CLO I–IV LTD. were acquired in March 2016. Management contracts for Bernard
National and Bernard Global were acquired in June 2009. Management contracts for Pangaea CLO 2007-1 LTD.,
Sargas CLO I Ltd and Sargas CLO II Ltd were acquired in December 2010. Management contract for DFR Middle
Market CLO Ltd. was acquired in February 2012. VR – Volcker Rule. CRR – European Capital Requirements
Regulation. RR – Risk retention. Continued on next page.
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Fortress Credit
Opportunities
VI CLO Limited 3/15 Reinvesting 350 339 Y Y Originator — —
Fortress Credit
Investments IV Limited 6/15 Amortizing 408 313 Y N — — —
a
HILDENE CLO IV LTD. 8/15 Reinvesting 358 350 Y N — — —
Fortress Credit
BSL III Limited 10/15 Reinvesting 425 423 Y N — — —
FDF I Limited 11/15 Reinvesting 599 603 N N — — —
FDF II Limited 5/16 Reinvesting 634 633 N N — — —
FORT CRE 2016-1 LLC 8/16 Amortizing 472 466 Y N — — —
Fortress Credit
Opportunities
VII CLO Limited 12/16 Reinvesting 700 597 Y Y Originator — —
Total 21,610 9,315
a
Management contracts for Hildene CLO I–IV LTD. were acquired in March 2016. Management contracts for Bernard
National and Bernard Global were acquired in June 2009. Management contracts for Pangaea CLO 2007-1 LTD.,
Sargas CLO I Ltd and Sargas CLO II Ltd were acquired in December 2010. Management contract for DFR Middle
Market CLO Ltd. was acquired in February 2012. VR – Volcker Rule. CRR – European Capital Requirements
Fortress Investment Group

USD69.6 Billiona,b
Credit Funds Private Equity Liquid Markets Logan Circle Partners

AUM USD18.1 Billiona AUM USD13.5 Billion AUM USD4.6 Billionb AUM USD33.4 Billion
CLO/CBO Businessc
aIncludes USD1.7 billion of AUM related to co-managed funds as of 4Q 2016. bIncludes USD4.4 billion of AUM related
to an affiliated manager as of 4Q 2016. cCLOs and CBOs that were managed by the Credit Funds at the inception of
such securitizations have issued over USD16.8 billion of capital, including approximately USD15.5 billion of CLO
capital. As of Dec. 31, 2016, the Credit Funds team managed over USD9 billion in non-recourse, long-term, non-
mark-to-market CLO and CBO securitizations. Fee-paying AUM as of Dec. 31, 2016. Fee-paying AUM is defined as:
(i) capital commitments or invested capital (or NAV, if lower) for the private equity funds, private permanent capital
vehicle through May 2015, credit PE funds and related managed accounts, which in connection with private equity
funds raised after March 2006 includes the mark-to-market value on public securities held within the fund, (ii)
contributed capital or book equity for the firm’s publicly traded permanent capital vehicles, (iii) the NAV for hedge
funds and the NAV or fair value for related managed accounts (including Logan Circle Partners), and (iv) AUM related
to affiliated managers and co-managed funds.
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The Fitch View
Key Considerations
• Fortress’ global AUM has steadily increased, rising from USD8.7 billion at year-end 2004 to
USD69.6 billion as of Dec. 31, 2016.
• Fortress’ Credit Funds (FCF) team shows extensive experience and depth of staff at both
management and research levels. The Credit Funds team has been managing CLOs
since 2004.
• Highly centralized approval process, in which the Credit Funds co-CIOs maintain ultimate
authority on all CLO investment decisions.
Company
• As of Dec. 31, 2016, FCF managed approximately USD8.2 billion of senior loans across
18 CLOs. It has issued 21 CLOs and has taken over the management of 10 CLOs
since 2004.
• The team is well staffed at all levels and consists of approximately 460 professionals, of
which approximately 140 were investment professionals as of Dec. 31, 2016. The team is
led by co-CIOs Pete Briger and Dean Dakolias.
• The team has wide access to support and control functions, leveraging the Fortress global
presence and asset size (that is, middle office and legal).
• Staff turnover has remained low, indicative of the team’s long-term commitment and the
adequacy of compensation and retention structures.
Investments
• FCF affiliates typically own 100% of the equity in CLOs originated by FCF. FCF-originated
CLOs do not currently pay any collateral management fees.
• Investment philosophy places a strong emphasis on fundamental approach complemented
by rigorous quantitative modeling using both proprietary and third-party analytics.
• Systematic credit risk monitoring of portfolios is based on early warning signals of changes
in credit quality.
• Robust in-house credit research capabilities offering global coverage of credit and
supporting a research-driven investment process.
• Credit analysis and investment decisions supported by comprehensive independent
research and continuous asset- and portfolio-level monitoring.
Controls
• As a publicly traded entity on the NYSE, Fortress is subject to a number of reporting and
regulatory regimes, including the Sarbanes-Oxley Act of 2002 and the reporting provisions of
the Securities Exchange Act of 1934.
• Overall, the FCF team operates under a sound control environment, with close oversight by
Fortress senior management.
• The FCF business has an internal CLO compliance team that works in conjunction with the
allocation personnel to monitor CLO compliance both pre- and post-trade.
• Fortress has a sound IT and operational infrastructure, with both proprietary and third-party
systems supporting the various business segments.
Operations
• Fortress outsources the bulk of its CLO administration duties to Cortland Capital Market
Services (Cortland), a well-recognized and experienced firm in this area.
• Cortland performs all the industry-standard CLO administrative duties, including daily
reconciliation of cash positions and monthly portfolio asset tie-outs with the CLO trustees.
• Fortress’ operations team and portfolio managers are provided with daily reports from
Cortland, including real-time reports of CLO covenants that are used for compliance.
Technology
• The FCF team has access to a team of 40 professionals devoted to the development and
implementation of proprietary and third-party vendor technology that supports its portfolio
management function.
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GC Advisors LLC (Golub Capital)
GC Advisors LLC (collectively with affiliates, Golub) is a U.S.-based firm founded in 1994
with principal offices in New York and Chicago. Golub had USD22.1 billion of capital under
management as of Dec. 31, 2016 and has primary business lines in middle market (MM)
lending, late stage lending and broadly syndicated loans (BSL). Golub’s BSL platform has
issued over USD4.6 billion across 11 CLOs since 2007.
Firm Profile
th
Address 150 South Wacker Drive, 5 Floor
Chicago, IL 60606
Firm Type Credit asset manager
Total Employees/Investment Professionals 300+/100+
Key Affiliates (Global) GC Investment Management LLC (Relying adviser)

Region(s) U.S.
Leveraged Loan AUM USD3.0 Bil. (BSL)
Loans Managed via CLOs 100% (BSL CLOs)
CLO Team Leader(s) Christina D. Jamieson (BSL)
CLO Portfolio Managers (PMs)/Avg. Experience 3/25 Years (BSL)
Loan Team Credits Per Analyst (including PMs) 25–35 (BSL)
Capital Under Management

(USD Bil.)
25
20
15
10
0
2010 2011 2012 2013 2014 2015 2016
GC Advisors LLC (Golub Capital) 116
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Other a Other
1.4% 36.8%
Pension/
Retirement
Broadly 15.3%
Syndicated
Loans
15.2%
Middle Endowment
Market Loans 11.5% Insurance
83.4% 36.3%
Note: Based on investor commitments to all active,

aIncludes CLOs, at 0.8%. non-traded Golub Capital funds.
Other
5.8% Managed
Accounts
Europe 9.8%
2.7%
Managed
Funds
U.S. 90.2%
91.5%
Note: Certain investment vehicles obtain exposure to
MM loans and some BSL on an indirect leveraged basis.
U.S. BSL Investment Committee

Experience (Years)
Lawrence Golub Chief Executive Officer Chief Executive Officer 23 32
David Golub President President 14 29
Christina Jamieson Head of BSL Head of BSL 7 24
U.S. Direct Lending Investment Committee

Experience (Years)
Lawrence Golub Chief Executive Officer Chief Executive Officer 23 32
David Golub President President 14 29
Andrew Steuerman Head of MM Lending Head of MM Lending 13 27
Gregory Cashman Senior Managing Director Senior Managing Director 20 25
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Golub Capital
Loan Trust 2005-1 10/05 Called 300 0 N N — — —
Golub Capital
International Loan Ltd I 8/06 Called 533 0 N N — — —
Golub Capital Partners
2007-1 3/07 Called 400 0 N N — — —
2007-1 7/07 Called 500 0 N N — — —
Golub Capital Senior
Loan Opportunity Fund 12/07 Called 299 0 N N — — —
Golub Capital Funding
CLO-8(H) 5/08 Called 295 0 N N — — —
Golub Capital BDC 2010-1 7/10 Reinvesting 350 356 N N — — —
CLO 10 9/11 Called 306 0 N N — — —
CLO 12 1/12 Called 250 0 Y N — — —
CLO 11 5/12 Amortizing 411 235 N N — — —
CLO 14 11/12 Reinvesting 514 514 Y N — — —
CLO 16 8/13 Amortizing 500 467 Y N — — —
CLO 18(M) 3/14 Reinvesting 450 459 Y N — — —
CLO 19(B) 4/14 Reinvesting 411 411 Y N — — —
Golub Capital BDC
CLO 2014 5/14 Reinvesting 400 407 Y Y Originator — Horizontal
CLO 21(M) 11/14 Reinvesting 350 356 Y Y Originator — Horizontal
CLO 22(B) 3/15 Reinvesting 505 505 Y Y Originator — Horizontal
CLO 25(M) 8/15 Reinvesting 550 557 Y Y Originator Horizontal
Golub Capital Investment
Corp CLO 2016(M) 8/16 Reinvesting 400 402 Y Y Originator — Horizontal
CLO 33(M) 11/16 Ramp-up 407 408 Y Y Originator — Horizontal
CLO 34(M) 3/17 Ramp-up 407 407 Y Y Originator C-MOA Horizontal
Total 12,534 9,521
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Golub Capital Credit Platform

• Founded in 1994
• Over 300 employees with more than 100 investment professionals
• Over USD20 billiona under management
Broadly Syndicated Loans Direct Lending

• First lien loans • First lien loans
• Second lien loans • One-stop loans
• CLO liabilities • Flexible debt for high growth companies
• Over USD3 billiona,b under management • Junior debt and equity co-investments
• Capital markets capabilities
• Over USD14 billiona,b,c under management
aAs of Jan. 1, 2017. bInvestments are indirectly held through holding companies, financing securitizations (CLOs)
or bank credit facilities. cIncludes MM lending and late stage lending. Note: Capital under management is defined
as invested and available capital for fixed income and related assets. This is a measure of gross assets, which
includes leverage.
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The Fitch View
Key Considerations
• Well-articulated investment strategy, sound fundamental credit research practices and deep
front-office resources.
• Extensive relationship network in direct MM lending business.
• Reasonable match between resources and CLOs outstanding.
• Maintaining appropriate staffing levels as BSL CLO business grows. Current team is
adequate but relatively small with seven analysts, a senior portfolio manager and a
dedicated loan trader.
Company
• Golub is a U.S.-based firm founded in 1994 with principal offices in New York and Chicago.
• As of Dec. 31, 2016, Golub's BSL platform issued over USD4.6 billion across 11 CLOs since
2007. The BSL platform has eight dedicated industry analysts, a senior portfolio manager
and a dedicated loan trader.
• BSL group has access to other units such as the MM lending with over 60 investment
professionals and portfolio monitoring with six professionals.
• The team averages over 21 years of industry experience.
• Seven-member treasury team includes CLO compliance.
Investments
• Formalized investment philosophy is highly research driven and applied through a rather
active approach.
• Extensive resources in quantitative research are well balanced with fundamental bottom-up
research conducted by seven dedicated industry analysts.
• Fundamental analysis is complemented by a quantitative analysis of the relative risk-return
characteristics of investments and a comparison of yields between asset classes and
other indicators.
• Formal investment committee of the nondiscretionary sub-advisor comprises three
individuals, including the CEO, president and the senior portfolio manager.
• Efficient monitoring of portfolio risk with a focus on portfolio diversification by industry and
credit buckets relative to target ratios and ensuring compliance with investment constraints.
Controls
• Well-documented procedures covering investment analysis and decision-making procedures
as well as CLO portfolio administration tasks, which support the implementation of an
adequate control framework within the business.
• The governance structure in place is considered appropriate, with clear separation of duties
and lines of escalation.
• Compliance function has broad coverage and capitalizes on the numerous and proficient IT
systems in place to conduct its controls.
• Operational risk management is very professional, integrated and applies enterprise
perspective with large coverage and efficient systems.
Operations
• Work flows and reconciliation with the trustee and counterparties are well defined,
comprehensively documented and supported by robust proprietary applications.
• All of the CLOs are modeled and administered in Wall Street Office, allowing administration of
all loans with strong operational efficiency.
• Dedicated Investors Services group delivers investor communication and reporting to existing
investors, manages and tracks investor data and reporting work flow, and provides client services.
Technology
• IT teams and resources are large and efficiently organized by function (investments, middle-
office/back-office systems, risk management, operations).
• Implemented BlackMountain Everest platform in June 2011 as a proprietary portfolio and
monitoring work flow automation tool.
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GLG Partners LP
GLG Partners LP (Man GLG) is a fully owned subsidiary of Man Group PLC (Man), one of
the world’s largest publicly listed alternative investment providers. As of Dec. 31, 2016,
Man had assets under management (AUM) of approximately USD80.9 billion, of which
Man GLG managed USD26.7 billion. Man GLG launched its first European CLO in 2002.
The firm acquired Silvermine Capital Management in 2015, a U.S.-based manager of
leveraged loans and CLOs.
Firm Profile
Address One Curzon Street
London, W1J 5HB, U.K.
Active CLOs Under Managementa 6
Key Affiliates (Global) Man Group PLC — Parent
a
Excludes deals managed by Silvermine Capital Management.

Region(s) Europe
Leveraged Loan AUM EUR1.0 Bil.
CLO Team Leader(s) Francoise Devenoges, Marek Kuzdra and Steve Roth

(EUR Bil.)
0
2011 2012 2013 2014 2015 2016
GLG Partners LP 121
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CLO
Investors
15.8%
CLOs
17.2% Pension/
Retirement
10.3%
Othera
Sovereign
53.1%
Wealth
Funds
Other Bank 10.2%
82.8% 10.6%
aIncludes retail distribution (36.3%), endowment (2.0%)
and family office/high net worth (2.3%).

Europe
24.0%
CLOs
100.0%
U.S.
76.0%

Experience (Years)
Francoise Devenoges Portfolio Manager CLO Portfolio Manager 17 20
Marek Kuzdra Portfolio Manager CLO Portfolio Manager 11 21
Steve Roth Head of Man GLG Credit and
Convertible Platform Committee Member 12 25

Compliance
RMF Euro 10/02 Called 300 0 N N — —
RMF Euro II 12/04 Called 300 0 N N — —
RMF Euro III 8/05 Amortizing 357 5 N N — —
RMF Euro IV 5/06 Amortizing 444 62 N N — —
RMF Euro V 4/07 Amortizing 559 132 N N — —
Clavos Euro 12/07 Amortizing 409 8 N N — —
GLG Euro I 4/15 Reinvesting 309 309 Y Y Originator Vertical
GLG Euro II 12/16 Reinvesting 364 364 Y Y Originator Vertical
Total 3,042 880
Man Group PLC
GLG Partners LP
(indirect 100% ownership)
GLG Partners LP 122
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The Fitch View
Key Considerations
• Long track record in European loan and CLO management, including demonstrated
experience of realizing a CLO from inception to call.
• Robust control structure.
• Use of a partially outsourced credit research team.
Company
• Man GLG has been managing CLOs and loans since 2002 (originally as RMF Investments
and later as Pemba Credit Advisers AG).
• Man GLG is a multistrategy platform with strategies across all major asset classes.
• Man GLG’s investor base is diversified by type and geography.
• The credit team is supported by an outsourced credit analysis function provided by Moody’s
Analytics, with four analysts and one team leader dedicated to the CLO management team
(plus other analysts dedicated to the broader credit team).
• Regarding its risk retention strategy, Man GLG is authorized under MiFID and operates an
originator structure in terms of the CRD IV/CLO risk retention requirements.
Investments
• The investment process comprises initial screening and full (credit) due diligence stages,
based on bottom-up fundamental credit analysis. It also incorporates a legal due diligence
step once credit approval has been granted.
• The process begins with a screening stage that seeks to filter out transactions that would be
unlikely to pass the full credit analysis.
• The second stage is a full credit due diligence, factoring in fundamental credit analysis
(notably financial modeling), macro views and technical analysis. This process results in
the production of a standardized, succinct credit memo that is presented to the CLO
investment committee.
• CLO investment committee approvals are recorded in a central spreadsheet.
Operational risk associated with the update of the spreadsheet is mitigated by close
management oversight and the fact that a unanimous investment committee vote is required
to add an issuer.
• The rejection rate was approximately 45% overall as of December 2016.
• The firm tends to favor more diversified portfolios than some peers.
Controls
• Public/private data are managed in accordance with defined policies and compliance oversight.
• Pre- and post-trade compliance testing is effected via CDO Suite.
• The overall risk governance framework is robust. It clearly identifies the risks to which the
firm is exposed, its risk appetite and risk management responsibility and details the
monitoring of risk indicators and controls. Risk and compliance functions are well staffed.
Operations
• CLO and loan administration is conducted by a dedicated team of three.
• Cash is reconciled daily and on trading; positions are reconciled weekly.
• The firm provides supplemental CLO investor reporting.
Technology
• The firm’s IT platform integrates several third-party systems, notably SharePoint and CDO
Suite, via a central data warehouse. Front-office portfolio management and analysis tools
are Excel based.
• Detailed business continuity and disaster recovery plans are in place and tested, and include
offsite server storage and backups.
GLG Partners LP 123
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GoldenTree Asset Management, LP
GoldenTree Asset Management, LP (GoldenTree) is an independent employee-owned
asset manager that focuses on global credit markets. GoldenTree’s CLO operations
began in 2002, and the firm manages a variety of alternative return and long-only
strategies for primarily institutional investors. As of Dec. 31, 2016, the company had
USD24.5 billion in assets under management (AUM), including USD5 billion in CLOs
managed for third-party equity investors.
Firm Profile
Address 300 Park Avenue, 21st Floor
New York, NY 10022
Firm Type Global credit asset manager
Year Established 2002 (U.S.); 2007 (Europe)
Total Employees/Investment Professionals 198/37 (U.S.); 29/13 (Europe); 4/0 (Singapore)
Key Affiliates (Global) GoldenTree Asset Management UK, LLP and
GoldenTree Loan Management, LP

Loans Managed via CLOs 91.6% 8.4%
CLO Team Leader(s) Steve Tananbaum and Lee Kruter
Approximate No. of Invested Credits 15 (per analyst) 10 (per analyst)
Global Loan Assets Under Management

(USD Bil.)
10
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
GoldenTree Asset Management, LP 124
PRINT G.indd 135 4/7/2017 12:40:53 PM

Othera Othera CLO
22.5% 16.0% Investors
Family 20.4%
CLOs Office/High
9.8% High
Net Worth
Yield Insurance
6.3%
Bonds 8.6%
30.9%
Broadly
Pension/ Endowment
Syndicated
Retirement 6.3%
Loans
36.8% 42.4%
aIncludes aIncludes sovereign wealth funds (4.7%) and bank

structured credit (4.7%) and middle market
(2.5%). (3.2%).

Managed
Other Accounts
2.1% 25.0%
Europe CLOs
12.9% 53.0%
U.S.
85.0%
Managed
Funds
22.0%
Executive Committee
Experience (Years)
Steven A. Tananbaum Founding Partner Chief Investment Officer 16 29
Steven Shapiro Partner Executive Committee Member 16 24
Robert Matza Partner President 10 38
Joseph Naggar Partner Senior Portfolio Manager 9 22
Lee Kruter Partner Senior Portfolio Manager 9 16
Frederick S. Haddad Partner Senior Portfolio Manager 16 42
Kathy Sutherland Partner Head of Business Development 8 20
Pierre de Chillaz Partner Senior Portfolio Manager 9 12
Ted Lodge Partner Global Head of Restructuring and Turnarounds 9 33
PRINT G.indd 136 4/7/2017 12:40:53 PM

GoldenTree Loan
Opportunities I 6/02 Called 700 0 N N — — —
GoldenTree Loan
Opportunities II 7/03 Called 400 0 N N — — —
GoldenTree Capital
Opportunities 2/06 Called 365 0 N N — — —
GoldenTree Loan
Opportunities III 3/07 Amortizing 750 183 N N — — —
GoldenTree Loan
Opportunities IV 6/07 Amortizing 700 276 N N — — —
GoldenTree Loan
Opportunities V 9/07 Called 750 0 N N — — —
GoldenTree Loan
Opportunities VI 4/12 Called 524 0 N N — — —
GoldenTree Loan
Opportunities VII 3/13 Reinvesting 669 669 N N — — —
GT Loan Financing I 8/13 Reinvesting 195 195 N N — — —
GoldenTree Loan
Opportunities VIII 3/14 Reinvesting 614 614 Y N — — —
GoldenTree Loan
Opportunities IX 10/14 Reinvesting 668 668 Y N — — —
GoldenTree Loan
Opportunities XI 2/15 Reinvesting 551 551 Y N — — —
GoldenTree Loan
Opportunities X 6/15 Reinvesting 716 716 Y N — — —
GoldenTree Loan
Opportunities XII 6/16 Reinvesting 409 409 Y N — — —
Total 8,011 4,280

Compliance
Laurelin II B.V. 6/07 Amortizing 450 129 N N — —
Laurelin 2016-1 6/16 Reinvesting 407 407 Y Y Horizontal Originator
Total 857 536
Steven A. 27 Other
Senior Tananbaum Partners
Managing
Member
GoldenTree Asset Management LLC

28 Limited Partners
General Partner
GoldenTree Asset Management, LP
PRINT G.indd 137 4/7/2017 12:40:53 PM

The Fitch View
Key Considerations
• Resources to the CLO platform are strong, given significant AUM and product diversification.
The firm is not significantly dependent on future CLO issuance to drive profitability.
• The employee ownership structure leads to stability among staff and retention of talent amid
increasing industry competition. GoldenTree is owned by its employees and offers them a
path to partnership.
• The GoldenTree brand may be exposed to key man risk tied to Steve Tananbaum, the firm’s
managing partner and chief investment officer; this risk is largely mitigated by GoldenTree’s
highly experienced staff reporting to Tananbaum, including Lee Kruter and others directly
involved in the day-to-day management of the CLOs.
Company
• Product lines include both alternative and long-only strategies. Bank loans under
management amounted to approximately USD8 billion, with approximately USD5 billion
across 11 CLOs (including two European CLOs).
• The firm has a seasoned investment team with an average of 17 years of industry
experience, including seven years spent working together.
• The firm’s significant market presence in the European Union facilitates additional diligence
in regional credit markets.
• Historically, GoldenTree managed CLOs. Going forward, GoldenTree Loan Management
(GLM) will manage CLOs compliant with U.S. and European risk retention regulations.
• GLM was established in June 2016 and is an SEC-registered investment adviser. GLM and
GoldenTree are affiliated entities. GLM will benefit from GoldenTree’s research, trading and
operational support pursuant to a service agreement.
Investments
• The firm actively manages its portfolios with a focus on total returns through disciplined
fundamental value investing. The flat organizational structure results in analysts having more
ownership of investment decisions. Analysts are allocated by sector. In addition, nine investment
professionals are responsible for the firm’s distressed and structured products investments.
• The credit selection criteria require a minimum margin of safety for all investments, typically
at least 2.0x minimum asset coverage, target return and catalysts to drive total return.
Controls
• Portfolio managers stress test the portfolio and continually monitor and oversee maintenance of
cushions against CLO-specific limits. Controls are embedded in key systems.
• Pre- and post-trade relative-value analysis is performed at both the trade and portfolio level.
• GoldenTree has compliance and governance processes and policies in place to support
accuracy of trading, portfolio management and administration functions.
Operations
• Over 20 dedicated fund accounting employees assist with CLO management. Administrative
capabilities reflect highly qualified staff interacting with appropriate systems and processes.
• Investor reporting includes monthly reports featuring information about particular products.
CLO information is accessed through the trustee.
Technology
• The firm has over 30 dedicated technology employees.
• Portfolio management and credit analysis are conducted in-house, facilitated through the
use of proprietary tools.
• The firm employs an integrated, scalable and flexible platform based on a combination of
proprietary analytics and third-party administration systems, including widely accepted industry
systems such as Wall Street Office, Electra Reconciliations, Charles River and VPM.
PRINT G.indd 138 4/7/2017 12:40:53 PM

GSO / Blackstone Debt Funds
Management LLC
GSO / Blackstone Debt Funds Management LLC (GSO / Blackstone) is part of the
Customized Credit Strategies (CCS) business unit within GSO Capital Partners LP (GSO).
GSO is the credit-focused business unit of The Blackstone Group L.P. (Blackstone), a
publicly traded alternative asset management firm. GSO was founded in 2005 and
subsequently acquired by Blackstone in 2008. CCS and certain credit-oriented affiliates
had USD33.6 billion in assets under management (AUM) as of Dec. 31, 2016.
Firm Profile
Address 345 Park Avenue, 30th Floor 30 Herbert Street, 2nd Floor
New York, NY 10154 Dublin 2, Ireland
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Originator
Key Affiliates (Global) The Blackstone Group L.P. (Parent)
GSO Capital Partners LP (Parent)
Blackstone / GSO Debt Funds Management Europe Limited (Affiliate)
GSO Capital Partners International LLP (Affiliate)
Blackstone / GSO Debt Funds Management Europe II Limited (Affiliate)

CLO Team Leader(s) Dan Smith, Robert Zable, Alan Kerr, Alex Leonard,
Jane Lee, Graham Jones David Cunningham, Killian Maher
(USD Bil.)
35
30
25
20
15
10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Note: As part of an internal reorganization of GSO’s business lines, certain business development companies
sub-advised by GSO were re-allocated from CCS to GSO’s performing credit team effective Jan. 1, 2016.
GSO / Blackstone Debt Funds Management LLC 128
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(USD Bil.)a
16
12
8
4
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
aU.S.dollar to Euro: EUR1.05475 (as of Dec. 30, 2016). Note: AUM after 2008 is represented by the combined entity of
GSO / Blackstone, Blackstone Debt Advisors L.P. and certain other affiliates of GSO / Blackstone. AUM after 2012 includes
Blackstone / GSO Debt Funds Management Europe Limited (fka Harbormaster Capital Management Limited).

Other a
24.1%
Other a
5.0% CLO
Broadly
Syndicated Bank Investors
Loans High 5.9% 62.3%
88.5% Yield
Bonds Managed
6.5% Accounts
7.7%
aIncludes insurance, at 2.9%, endowment, at 0.3%, and
aIncludes CLOs, at 4.9%. pension/retirement, at 2.1%.

Managed
Europe
Funds
23.7%
9.6%
Managed
CLOs Accounts
60.0% 18.9%
U.S.
76.3%
Other a
11.5%
aComprises listed funds.

Experience (Years)
Daniel Smith Senior Managing Director Global Head of CCS 19 30
Robert Zable Senior Managing Director Senior Portfolio Manager of U.S. CLOs 10 19
Colleen Longobardi Managing Director Research Analyst 15 24
Daniel McMullen Managing Director Senior Portfolio Manager 15 23
Alexander Zarzhevsky Managing Director Research Analyst 13 20
Note: Firm experience includes time that certain senior members have been working together since 1998 while at
other institutions.
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Experience (Years)
Alan Kerra Senior Managing Director European Head; Senior Portfolio Manager 17 23
Alex Leonard Managing Director Senior Portfolio Manager 11 23
Fiona O’Connor Managing Director Head of European Credit Research 10 27
a
On Feb. 15, 2017, GSO announced that Senior Managing Director and Head of GSO’s European CCS business
Alan Kerr has decided to leave the firm in 2017. Kerr will be transitioning his management responsibilities to Alex
Leonard and Fiona O’Connor, who will report to Dan Smith, Global Head of CCS. This transition period will likely run
until May 2017. Following the transition of his responsibilities, Kerr will remain with the firm as senior adviser to
Blackstone. Leonard is currently a managing director and senior portfolio manager and O’Connor is currently a
managing director and head of European credit research for CCS. Leonard and O’Connor joined GSO at the time of
Blackstone’s acquisition of Harbourmaster in 2012 and have been with the business for 11 and 10 years,
respectively. Note: Firm experience includes time that certain senior members have been working together since
2000 while at other institutions.

Name Pricinga Status Original Current VR CRR Method Method of RR
Smoky River CDO, L.P. 5/98 Defaulted 1,300 0 N N — — —
Callidus Debt Partners
CDO Fund Ib 12/01 Called 401 0 N N — — —
SEQUILS/MINCS-Glace Bay, Ltd. 8/02 Called 339 0 N N — — —
Hanover Square CLO 11/02 Called 600 0 N N — — —
CDO Fund IIb 6/03 Called 300 0 N N — — —
Union Square CDO Ltd. 9/03 Called 400 0 N N — — —
Foxe Basin CLO 2003 12/03 Defaulted 412 0 N N — — —
Monument Park CDO 1/04 Matured 1,023 0 N N — — —
Hudson Straits CLO 2004 7/04 Called 449 0 N N — — —
Essex Park CDOc 9/04 Called 380 0 N N — — —
CDO Fund III, Ltd.b 12/04 Called 400 0 N N — — —
FM Private Capital Fund Id 12/04 Called 584 0 N N — — —
Bryant Park CDO 1/05 Called 561 0 N N — — —
Lafayette Square CDO 11/05 Called 617 0 N N — — —
Gale Force 1 CLO 11/05 Called 413 0 N N — — —
MAPS CLO Fund I, LLCb 12/05 Called 408 0 N N — — —
FM Leveraged Capital Fund Id 12/05 Called 382 0 N N — — —
Callidus Debt Partners IVb 4/06 Called 515 0 N N — — —
Prospect Park CDO 6/06 Amortizing 500 99 N N — — —
Gale Force 2 CLO 6/06 Called 513 0 N N — — —
FM Leveraged IId 11/06 Called 411 0 N N — — —
CLO Fund V, Ltd.b 12/06 Called 410 0 N N — — —
Inwood Park CDO 1/07 Amortizing 1,250 386 N N — — —
Gale Force 3 CLO 3/07 Amortizing 617 217 N N — — —
a
Represents pricing dates for CLO 2.0s but closing dates for CLO 1.0s. bOriginated by Callidus; acquired by GSO in
April 2010. cOriginated as Katonah VI, Ltd.; acquired by Blackstone Debt Advisors in April 2007. dOriginated by
FriedbergMilstein; acquired by GSO in January 2007. eOriginated in 2008; refinanced in 2011. Values reflect
refinanced deal. fOriginated in 2012; refinanced in 2014. Values reflect refinanced deal. VR − Volcker Rule.
CRR − European Capital Requirements Regulation. RR – Risk retention. Note: GSO is unable to affirmatively
determine whether a CLO is CRR compliant; investors should carefully read the fund's governing documents to
determine compliance. Continued on next page.
PRINT G.indd 141 4/7/2017 12:40:54 PM

Name Pricinga Status Original Current VR CRR Method Method of RR
b
MAPS CLO Fund II 6/07 Amortizing 400 179 N N — — —
Gale Force 8/07 Called 462 0 N N — — —
b
Callidus Debt Partners VI 9/07 Amortizing 404 218 N N — — —
b
Callidus Debt Partners VII 11/07 Called 600 0 N N — — —
Columbus Park 4/08 Called 400 0 N N — — —
e
Riverside Park 4/08 Called 477 0 N N — — —
Tribeca Park CLO 5/08 Called 381 0 N N — — —
Chelsea Park CLO 7/08 Called 450 0 N N — — —
Jackson Square 3/09 Called 239 0 N N — — —
Morningside Park 12/10 Called 400 0 N N — — —
Central Park CLO 6/11 Called 690 0 N N — — —
f
Gramercy Park CLO 7/12 Called 514 0 Y N — — —
Marine Park CLO 9/12 Amortizing 564 564 Y N — — —
Finn Square CLO 12/12 Amortizing 541 541 Y N — — —
Sheridan Square 2/13 Reinvesting 727 725 Y N — — —
Adirondack Park 3/13 Reinvesting 520 517 N N — — —
Tryon Park CLO 5/13 Reinvesting 516 516 Y N — — —
Emerson Park CLO 7/13 Reinvesting 519 519 Y N — — —
Keuka Park CLO 11/13 Reinvesting 413 413 Y N — — —
Pinnacle Park CLO 4/14 Reinvesting 510 510 Y N — — —
Seneca Park CLO 5/14 Reinvesting 717 717 Y N — — —
Birchwood Park CLO 7/14 Reinvesting 616 616 Y N — — —
Thacher Park CLO 9/14 Reinvesting 564 564 Y N — — —
Bowman Park CLO 12/14 Reinvesting 510 510 Y N — — —
Dorchester Park 1/15 Reinvesting 509 509 Y N Originator — Horizontal
Treman Park CLO 3/15 Reinvesting 617 617 Y N — — —
Stewart Park CLO 4/15 Reinvesting 661 661 Y N — — —
Cumberland Park 7/15 Reinvesting 618 618 Y N — — —
Cole Park CLO 10/15 Reinvesting 436 436 Y N — — —
Webster Park CLO 12/15 Reinvesting 507 507 Y N — — —
Westcott Park CLO 6/16 Reinvesting 650 650 Y N — — —
Jay Park CLO 8/16 Reinvesting 509 509 Y N — — —
Burnham Park CLO 10/16 Reinvesting 558 558 Y N — — —
Bristol Park 11/16 Reinvesting 562 562 Y N — — —
Taconic Park CLO 12/16 Reinvesting 510 510 Y N — — —
Total 31,456 13,948
a
Represents pricing dates for CLO 2.0s but closing dates for CLO 1.0s. bOriginated by Callidus; acquired by GSO in
April 2010. cOriginated as Katonah VI, Ltd.; acquired by Blackstone Debt Advisors in April 2007. dOriginated by
FriedbergMilstein; acquired by GSO in January 2007. eOriginated in 2008; refinanced in 2011. Values reflect
refinanced deal. fOriginated in 2012; refinanced in 2014. Values reflect refinanced deal. VR − Volcker Rule.
CRR − European Capital Requirements Regulation. RR – Risk retention. Note: GSO is unable to affirmatively
determine whether a CLO is CRR compliant; investors should carefully read the fund's governing documents to
determine compliance.
PRINT G.indd 142 4/7/2017 12:40:54 PM

Name Pricinga Status Original Current VR CRR Method of RR
b
Tara Hill B.V. 1/01 Called 364 0 N.P. N.P. — —
Harbourmaster CLO 1 Ltd. 3/01 Called 503 0 N.P. N.P. — —
Harbourmaster CLO 2 Ltd. 11/01 Called 704 0 N.P. N.P. — —
Clare Island B.V.
b
3/02 Amortizing 446 3 N.P. N.P. — —
Harbourmaster CLO 3 Ltd. 8/02 Matured 438 0 N.P. N.P. — —
Harbourmaster CLO 4 B.V. 10/04 Amortizing 510 7 N.P. N.P. — —
Harbourmaster CLO 5 B.V. 7/05 Called 765 0 N.P. N.P. — —
Boyne Valley B.V.
b
12/05 Called 415 0 N.P. N.P. — —
Hyde Park CDO B.V. 2/06 Called 500 0 N.P. N.P. — —
Regent’s Park 10/06 Amortizing 600 302 N.P. N.P. — —
Skellig Rocke 11/06 Called 391 0 N.P. N.P. — —
Green Park 12/06 Amortizing 463 159 N.P. N.P. — —
Global Senior Loan Index
Fund 1 B.V. 12/07 Called 652 0 N.P. N.P. — —
St. James’s Park CDO B.V. 12/07 Called 400 0 N.P. N.P. — —
Grand Harbour I B.V. 5/13 Called 403 0 N.P. N.P. — —
Herbert Park B.V. 9/13 Reinvesting 413 413 N.P. N.P. Sponsor Vertical
Richmond Park CLO DAC 1/14 Reinvesting 616 616 N.P. N.P. Sponsor Vertical
Holland Park CLO DAC 4/14 Reinvesting 514 514 N.P. N.P. Sponsor Vertical
Phoenix Park CLO DAC 6/14 Reinvesting 413 413 N.P.c N.P. Originator Horizontal
Sorrento Park CLO DAC 9/14 Reinvesting 517 517 N.P.c N.P. Originator Horizontal
Castle Park CLO DAC 11/14 Reinvesting 415 415 N.P.c N.P. Originator Horizontal
Dartry Park CLO DAC 2/15 Reinvesting 411 411 N.P.c N.P. Originator Horizontal
Orwell Park CLO DAC 5/15 Reinvesting 415 415 N.P.c N.P. Originator Horizontal
Tymon Park 12/15 Reinvesting 414 414 N.P.c N.P. Originator Horizontal
Elm Park CLO DAC 4/16 Reinvesting 558 558 N.P.c N.P. Originator Horizontal
Griffith Park CLO DAC 7/16 Reinvesting 454 454 N.P.c N.P. Originator Horizontal
Clarinda Park CLO DAC 9/16 Reinvesting 415 415 N.P.c N.P. Originator Horizontal
Total 18,894 7,058
a
Represents pricing dates for CLO 2.0s but closing dates for CLO 1.0s. bOriginated by Allied Irish Bank; acquired by
GSO in March 2011. cThese CLOs have voting and non-voting classes in each tranche that may satisfy Volcker
compliance. VR − Volcker Rule. CRR − European Capital Requirements Regulation. RR – Risk retention.
N.P. – Not provided. Note: GSO is unable to affirmatively determine whether a CLO is CRR compliant; investors
should carefully read the fund's governing documents to determine compliance.
PRINT G.indd 143 4/7/2017 12:40:55 PM

The Blackstone Group L.P.
Hedge Fund
Private Equity Real Estate Credit (GSO)
Solutions
Alternative Customized
Investments Credit Strategies —
Funds Long Only (CCS)
PRINT G.indd 144 4/7/2017 12:40:55 PM

The Fitch View
Key Considerations
• Highly diversified credit asset management business with access to retail and institutional
investors across many market segments.
• One of the industry’s largest secured loan managers by AUM, which provides GSO with
dealer coverage, strong new issue allocations and good execution.
Company
• CLOs are core to CCS’s loan management strategy.
• GSO had approximately 345 employees as of Dec. 31, 2016, of whom 156 were investment
professionals. The global CCS team comprised 61 professionals. Globally, CCS PMs and
research analysts averaged 18 years and 13 years of experience, respectively.
• The investment team has been generally stable, with a presence in New York, Dublin
and London.
• GSO is the largest CLO manager globally, and since the acquisition of Harbourmaster in
2012, GSO is one of the largest non-bank lenders in Europe.
Investments
• The investment process is based on a bottom-up fundamental approach, with a focus on
credit research and technical inputs.
• 30 syndicated credit research analysts cover credits by industry and are grouped together
into teams headed by team leaders in the U.S. and by the head of credit research in Europe.
Average of 25–40 names per analyst. In addition, four structured credit analysts cover
33 issuers on average.
• Core credits are unanimously approved by the relevant investment committee, which meets
at least daily and comprises senior credit analysts and PMs.
• Any investment that passes the investment committee is formally assigned a risk rating on a
1–7 scale (1 being the best; 5 and above on the watchlist) that is monitored and formally
reviewed at least once per quarter.
• Clear, well-defined roles and responsibilities, along with access to a wide range of resources,
allow for efficient decision making.
Controls
• Separation walls between GSO and Blackstone are overseen by compliance, with strict
control on the flow of information between the private equity and credit businesses.
Blackstone-sponsored deals make up a relatively low share of GSO’s overall investment
portfolio.
• A cleansing process for public/private name exposure is in place, overseen by compliance.
• Compliance maintains a restricted list and monitors public/private information through a
proprietary GSO system used for compliance monitoring, current and historical trading,
holdings information and profit and loss activity.
Operations
• GSO utilizes a variety of systems for portfolio management and administration, including Wall
Street Office (WSO) and Black Mountain Everest (Everest) for performing credit analysis.
• GSO’s dedicated CLO compliance team populates and distributes numerous weekly reports,
including compliance tests and asset rating changes.
• Investor reporting includes quarterly commentary as well as monthly trustee reports, all
available on the trustee website.
Technology
• Integrated and flexible platform based on a combination of proprietary analytics and third-
party customized vendor systems, including such industry standards as Bloomberg, Everest,
Clear Par and WSO.
• External data feeds for pricing data (Markit) are integrated with WSO and Everest platforms.
Data are also received from Debtwire and LCD, although receipt is not automated or
integrated with existing systems.
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Guggenheim Investments
Guggenheim Investments (Guggenheim) is the global asset management and investment
advisory division of Guggenheim Partners, LLC (Guggenheim Partners). Guggenheim
Partners is the principal subsidiary of Guggenheim Capital, LLC (Guggenheim Capital).
As of Dec. 31, 2016, Guggenheim had USD209 billion in assets under management
(AUM). The Guggenheim entity responsible for managing CLOs, Guggenheim Partners
Investment Management, LLC, has been an active CLO issuer since 2002.
Firm Profile
Address 330 Madison Avenue
New York, NY 10017
a
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) (U.S.)/Originator (Europe)
Key Affiliates (Global) Guggenheim Capital, LLC
a
Total asset figure as of Dec. 31, 2016. The assets include leverage of USD12.3 billion for AUM and USD0.4 billion for
assets for which Guggenheim provides administrative services. Guggenheim represents the following affiliated
investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC,
Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Real Estate, LLC,
GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, and Guggenheim Partners India Management.

Region(s) Global
CLO Team Leader(s) Not Reported
Credit Analysts, Non-PMs/Avg. Experience Not Reported
Loan Team Credits Per Analyst (including PMs) Nine

(USD Bil.)
25
20
15
10
5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Guggenheim Investments 135
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Broadly
Syndicated Loans CLO
10.4% Investors
a
Other High Yield 28.8%
58.0% Bonds
5.6% Other
47.5%
CLOs
3.5%
Structured
Credit Pension
22.5% 16.0%
aIncludes investment-grade bonds, at 17.2%, and other Insurance
structured products, at 22.5%. 7.8%

CLOs
Europe
3.5%
9.1%
Managed
Other Accounts
2.6% 57.9%
Managed
Funds
U.S. 38.6%
88.3%

Experience (Years)
Jeffrey Abrams Senior Managing Director PM 14 17
Kevin Gundersen, CFA Senior Managing Director PM 14 14
Zachary Warren Senior Managing Director PM 12 21
Thomas Hauser Managing Director PM 14 14
Matthew Bloom Managing Director Head of Research 11 14

Experience (Years)
Adrian Duffy Senior Managing Director Head of European Credit 15 29
Jeffrey Abrams Senior Managing Director PM 14 17
Kevin Gundersen, CFA Senior Managing Director PM 14 14
Zachary Warren Senior Managing Director PM 12 21
Thomas Hauser Managing Director PM 14 14
Matthew Bloom Managing Director Head of Research 11 14
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1888 Fund Ltd 12/02 Called 448 0 N N — — —
Green Lane CLO Ltd 12/04 Called 507 0 N N — — —
Kennecott Funding 1/06 Called 513 10 N N — — —
Sands Point Funding 7/06 Called 459 8 N N — — —
Copper River 1/07 Called 717 12 N N — — —
NZCG Funding 12/10 Called 598 0 N N — — —
5180 CLO LP 11/11 Called 1,013 7 N N — — —
Mercer Field LP 12/12 Amortizing 1,054 1,074 Y N — — —
Hempstead CLO LP 12/13 Reinvesting 659 662 Y N — — —
Ziggurat CLO Ltd 12/14 Reinvesting 513 500 Y N — — —
NZCG Funding Ltd 2/15 Reinvesting 846 853 Y N — — —
Kitty Hawk 2015-1 4/15 Reinvesting 559 556 Y N — — —
NZCG Funding 2 4/15 Reinvesting 857 862 Y N — — —
5180-2 CLO LP 11/15 Reinvesting 995 1,008 Y N — — —
1828 CLO Ltd. 6/16 Reinvesting 410 413 Y N — — —
Seven Sticks 6/16 Reinvesting 401 411 Y N — — —
Salem Fields 11/17 Reinvesting 449 451 Y N — — —
Total 10,998 6,827

Compliance
Iron Hill 3/08 Called 296 7 N N — —
Cork Street CLO DAC 11/15 Reinvesting 407 405 Y Y Sponsor Vertical
Total 703 412
Guggenheim Capital, LLC
100.0%
Guggenheim Partners, LLC
99.5%
Guggenheim Partners Investment Management Holdings, LLC
99.9% 100.0%
Guggenheim Partners Investment

Guggenheim Partners Europe Limited
Management, LLC
Note: Omits two wholly owned subsidiaries positioned between Guggenheim Partners, LLC and Guggenheim Partners
Investment Management Holdings, LLC; the remaining 0.5% is owned by GMI GPIMH, LLC. The remaining 0.1% of
Guggenheim Partners Investment Management, LLC is owned by GMI GPIM, LLC.
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The Fitch View
Key Considerations
• Deep resources and strong brand name support business franchise, with strong alignment of
interests and available resources from parent company, Guggenheim Partners.
• Strong, diversified business lines providing Guggenheim with size and scale that give it
industry access to markets and management of many product styles, resulting in diversified
revenue streams.
• Effective management related to the allocation and prioritization of resources dedicated to
performing CLOs, versus distressed legacy CDOs taken over by Guggenheim as
replacement manager, will be an ongoing challenge for Guggenheim.
Company
• Guggenheim has three main business lines: investments, securities and insurance services.
CLO management is handled out of the corporate credit group, which resides in the
investments arm. Guggenheim has issued a total of 16 U.S. CLOs (including one refinanced
CLO) and two European CLOs.
• Strong company culture of growth from within results in a core senior team that has
remained intact since inception and low firmwide turnover.
• Guggenheim’s corporate credit committee has an average of 20 years of industry experience
and a strong track record in the high-yield loan market. Committee meets daily and requires
unanimous agreement to approve a name.
Investments
• Philosophy based on fundamental bottom-up credit analysis as supported by the robust
research team, which is organized by industry and focus across the entire capital structure.
• The investment committee is involved throughout the underwriting process and is integral in
credit approval and position sizing.
• Well-embedded processes include formal weekly credit committees, weekly watchlist
meetings, monthly review of each portfolio and quarterly performance and attribution
analysis as well as strategy review.
• History of all securities purchased as well as those turned down is maintained in proprietary
database that serves as corporate memory.
• Generally, approved names are given a 1% position size for each portfolio.
However, each portfolio and strategy may have different needs that affect allocations.
Controls
• Daily monitoring of positions is conducted in addition to daily and weekly team meetings to
discuss broader market conditions and news surrounding individual investments.
• Stress testing is conducted at the individual security level through proprietary models that
analysts use to perform collateral reviews, structural assessments and capital structure
evaluation and to assess cash flow, liquidation preference and rules.
• Multiple levels of internal controls, including detailed reviews of all relevant credit and
operating documentation conducted by the in-house legal team where appropriate.
Operations
• Trade settlement process includes confirmation of all trades with executing broker prior to
entering trades in Guggenheim’s portfolio management system.
• Daily reconciliation of cash and positions and monthly reconciliation of securities with
trustee. Guggenheim is in close communication with the trustee.
• All portfolio management and credit analysis functions are conducted independently yet
internally. Models are run on a daily basis to ensure compliance with CLO tests.
Technology
• Guggenheim has in place an integrated and flexible platform based on a combination of both
proprietary analytics and widely accepted industry systems, including BlackRock Solutions®
Wall Street Office, Bond Edge®, Bloomberg, YieldBook®, Remittance reports, Trepp®,
Intex®™, RealPoint and FactSet® and ePAM (for accounting).
• Business continuity plan is appropriate and tested, with redundancies in Connecticut location and
remote access available through Citrix. Additionally, a support team performs both nightly and full
weekly backups, with backup stored offsite in New Jersey.
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Halcyon Loan Management LLC
Halcyon Loan Management LLC (together with its subsidiaries, HLM) is an affiliate of
Halcyon Capital Management LP (HCM), a global investment firm with USD9.2 billion in
assets under management (AUM) as of Dec. 31, 2016. HLM was founded in 2006 and
currently manages USD6.8 billion, mainly through 10 U.S. CLOs and six European CLOs.
Firm Profile
Address 477 Madison Avenue, 8th Floor
New York, NY 10022
Firm Type Global asset manager
Current/Planned Risk Retention Structure Capitalized majority-owned Sponsor/Originator
affiliate (C-MOA)/Capitalized
manager vehicle (CMV)
Key Affiliates (Global) Halcyon Capital Management LP — Parent

CLO Team Leader(s) Jason Dillow
Ross Smead
Brian Yorke
David Snyder
Brian McHugh

High Managed
Yield Accounts
Bonds 10.9%
5.0% Managed
Funds
2.2%
CLOs
Broadly 86.9%
Syndicated
Loans
95.0%
Halcyon Loan Management LLC 139
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Experience (Years)
Ross Smead Vice Chairman and Portfolio Manager Portfolio Manager 10 31
Brian Yorke Portfolio Manager and Head Trader Portfolio Manager and Head Trader 10 19
David Snyder Managing Principal Portfolio Manager 8 30
James Holley Head of Research Head of Research 10 14
Brian McHugh Portfolio Manager Portfolio Manager 10 13
Colby Wheeler Principal Research 10 17

Experience (Years)
Ross Smead Vice Chairman and Portfolio Manager Portfolio Manager 10 31
Brian Yorke Portfolio Manager and Head Trader Portfolio Manager and
Head Trader 10 19
David Snyder Managing Principal Portfolio Manager 8 30
James Holley Head of Research Head of Research 10 14
Colby Wheeler Principal Research 10 17
Benoit Charles Head of European Research Head of European Research 10 17

HSAM CLO I 5/06 Called 460 0 N N — — —
HSAM L/S 2006-1 10/06 Called 400 0 N N — — —
Halcyon Loan Investors 1 10/06 Called 412 140 N N — — —
Bacchus (U.S.) 2006-1 12/06 Called 354 0 N N — — —
Halcyon Loan Investors 2 4/07 Called 411 221 N N — — —
HSAM L/S 2007-1 7/07 Called 500 0 N N — — —
HSAM L/S 2007-2 8/07 Called 518 0 N N — — —
HSAM L/S 2007-3 11/07 Called 450 0 N N — — —
Halcyon Loan Advisors
Funding 2012-1 8/12 Amortizing 359 354 Y N — — —
Funding 2012-2 11/12 Amortizing 437 430 Y N — — —
Funding 2013-1 3/13 Reinvesting 514 505 Y N — — —
Total 8,420 5,160
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Compliance
HSAM 2006-I 6/06 Called 400 0 N N — —
HSAM 2006-II 1/07 Amortizing 408 113 N N — —
Bacchus 2007-1 Plc 4/07 Amortizing 362 59 N N — —
HSAM 2007-I 5/07 Amortizing 600 192 N N — —
Neptuno II 12/07 Amortizing 450 99 N N — —
HSAM L/S 2008-I 5/08 Called 404 0 N N — —
HSAM 2008-II 8/08 Called 444 0 N N — —
Halcyon Loan
Advisors European
Funding 2014 B.V. 11/14 Reinvesting 310 304 Y Y Sponsor —
Halcyon Loan
Advisors European
Funding 2016 DAC 11/16 Ramp-Up 338 325 Y Y Originator —
Total 3,716 1,092
Halcyon Capital Management LP
Halcyon Loan Halcyon Long Duration Halcyon Asset-Backed Halcyon Event-Driven

Management LLC Recoveries Management LP Advisors LP Management LP
Halcyon Arbitrage Halcyon Special Situations Halcyon Credit

Management LP Management LP Management LP
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The Fitch View
Key Considerations
• Highest standards for risk management and internal compliance and controls.
• Highly experienced investment professionals combined with ownership structure that
ensures direct personal investments by senior management in CLOs.
Company
• HLM, an affiliate of HCM, was founded in 2006 and manages funds/separately managed
accounts through various subsidiaries in addition to its CLOs.
• Senior management team at HLM averages approximately 22 years of industry experience.
Very low senior management turnover.
• Extensive industry experience of senior investment professionals, who have previously
worked at firms such as Prudential Investment Management, IKB Capital Corporation,
Citi Capital Advisors, Merrill Lynch, Credit Suisse and Morgan Stanley.
• Neuberger Berman has a passive interest in HCM and affiliates of approximately 20%.
Investments
• Robust and formalized committee process in place. The investment committee consists of all
investment professionals, with two senior investment members as voting members.
• Credit selection is determined through downside scenario analysis and stress testing
overlaid with transaction-specific structural review.
• Daily portfolio meetings cover recent developments and earnings, global events, investment
suitability, analyst recommendations and exposure updates for holdings.
• Credit analysts are sector experts. In total they actively monitor approximately 500
companies and have investments in 350.
• All credits reviewed formally at least monthly during a comprehensive sector review. On a
quarterly basis, covered issuers are ranked in their sectors through a proprietary relative-
value model.
Controls
• Portfolios are managed on a daily basis with respect to all risks, including default, liquidity,
investment suitability and ratings migration.
• Robust policies and procedures evidenced by the third-party valuation process and
appropriate reconciliation and settlement process.
• Ongoing surveillance remains the responsibility of the analyst who originally assessed
the asset.
• Multiple lines of independent controls, including staff solely dedicated to forensic testing as
well as an external consultant who reviews the compliance program on an annual basis.
• Daily three-way reconciliation among HLM, administrator and counterparties, ensuring
adherence to compliance requirements.
Operations
• Strong and ongoing communication between portfolio management and operations
professionals, who interact with appropriate systems and processes.
• Strong relationship and communication with trustee.
• Investor reporting is accommodative to investor needs and includes monthly newsletter and
deal summary as well as information about particular products. Investors access CLO
information through the trustee website and through deal summary packages from
the manager.
Technology
• Appropriate decision-making tools for risk analysis and investment allocation. For portfolio
management and administration, HLM uses both widely accepted third-party systems
(including Virtus, CDO Suite, Geneva, Charles River, Bloomberg, Black Mountain) and
proprietary systems.
• Redundancies in place at two offsite hotspots include full data and systems backup multiple
times per day. All functions are fully tested annually for immediate recovery needs.
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HPS Investment Partners, LLC
HPS Investment Partners, LLC (HPS), formerly known as Highbridge Principal Strategies, LLC,
is a New York-based investment management firm. On March 31, 2016, the senior executives
of HPS acquired HPS and its subsidiaries from JPMorgan Asset Management Holdings Inc.
(JPMAM) and Highbridge Capital Management, LLC (HCM). As of Dec. 31, 2016, HPS had
approximately USD37.5 billion in assets under management (AUM).
Firm Profile
Address 40 West 57th Street, 33rd Floor Devonshire House, 4th Floor 1
New York, NY 10019 Mayfair Place, London,
W1J 8AJ U.K.
Active CLOs Under Management 10 —
Current/Planned Risk Retention Structure Capitalized majority-owned affiliate Originator
(C-MOA)

Loans Managed via CLOs 40% —
CLO Team Leader(s) David Frey, Jonathan Simon Peatfield,
Rabinowitz, Edward Dale Nick Strong
Loan Team Credits Per Analyst (including PMs) 35 globally
Approximate No. of Invested Credits 314 globally

(USD Bil.)
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
HPS Investment Partners, LLC 143
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Broadly Syndicated Other CLO
Loans 7.5% Investors
Other 18.1% 11.4%
34.4% High Yield Bonds High Net Worth
0.2% 12.8%
Managed
Structured Credit Accounts
1.5% 23.8%
Middle Market Pension/

CLOs Loans Retirement
11.3% 34.5% 20.4% Insurance
24.1%

Managed
Accounts
Europe 48.0%
0.9%
CLOs
U.S. 41.2%
99.1% Managed
Funds
10.8%

HLM 2012-1 8/12 Amortizing 313 200 Y N — — —
HLM 2013-2 8/13 Reinvesting 414 414 Y N — — —
HSPLM 2016-9 4/16 Reinvesting 503 503 Y N — — —
HSPLM 2016-10 12/16 Reinvesting 410 410 Y N — — —
Total 4,452 4,339
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HPS Principals
Partners Group
(Delaware LP)
100% Voting
Holding Company I
(Delaware LP)
Holding Company II
(Delaware LLC)
HPS Investment Partners, LLC

(Delaware LLC)
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The Fitch View
Key Considerations
• Experience and stability of senior management team that averages more than 22 years of
industry experience, strong retention of staff and deep credit research experience.
• Diversified asset management platform with revenue not dependent on future CLO issuance
to remain viable.
Company
• HPS (formerly known as Highbridge Principal Strategies, LLC) is a global alternative
credit manager with approximately USD37.5 billion of capital under management as of
Dec. 31, 2016.
• Founded in 2007 and headquartered in New York, with investment offices in Houston,
Chicago, Los Angeles, Miami, Dallas, London, Luxembourg (office of affiliates of HPS
Managed Funds), Hong Kong and Sydney.
• HPS manages both private and public credit strategies, with the ability to invest across the
capital structure.
Investments
• HPS seeks to maintain actively managed diversified portfolios, with typical position sizes
between 0.5% and 1.0% of the respective portfolios.
• Research analysts are organized by industry and cover approximately 35 names each,
across the capital structure.
• Actively managed investment process driven by fundamental company analytics combined
with industry outlook and sector allocation.
• Investment analysis is focused around enterprise and asset value while minimizing potential
downside severity.
• While their natural strategy is to sell out of a position, most analysts have workout
experience. HPS does not have a specific distressed credit group; if a credit should go into
workout, outside counsel would assist in the process.
Controls
• Conflicts of interest are minimized by robust policies and procedures regarding information
sharing.
• Credit monitoring process supported by robust proprietary credit risk modeling and analytics
with a focus on principal preservation.
• Formalized surveillance process includes ongoing portfolio optimization to ensure key tenets
of investment thesis remain valid.
Operations
• Independent operations team proactively seeks to ensure compliance with investment
guidelines and conducts both pre- and post-trade compliance checks.
• Strong administrative systems and procedures are utilized by experienced and
stable staffing.
• In addition to daily cash reconciliation, positions are reconciled weekly, and HPS maintains
parallel Wall Street Office (WSO) system to ensure accuracy.
Technology
• HPS utilizes both proprietary and industry-standard systems, including WSO and
Black Mountain Everest.
• The business continuity plan is appropriate and tested. The disaster recovery plan
includes offsite backup, remote access and complete redundancies in a separate
New Jersey location.
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Insight Investment
Insight Investment (Insight) is a global investment management firm specializing in
liability-driven investment, fixed-income, absolute return and specialist investment
strategies. Insight was founded in London in 2002. In 2009, The Bank of New York Mellon
(BNY Mellon) acquired Insight from Lloyds Banking Group, which had formally acquired
HBOS earlier that year. In 2013, Insight merged with Pareto Investment Management, a
currency risk manager. In early 2015, BNY Mellon acquired U.S.-based fixed-income and
solutions specialist Cutwater Asset Management, which is now operated by Insight.
Insight is headquartered in London and has offices in New York, Sydney and Tokyo. As of
Dec. 31, 2016, it had USD646 billion in global assets under management (AUM).
Firm Profile
Region(s) of Operation U.S. (CLOs)
Address 200 Park Avenue
New York, NY 10166
Key Affiliates (Global) The Bank of New York Mellon Corporation

Region(s) U.S., U.K., Europe
CLO Team Leader(s) Joe Nelson
Loan Team Credits Per Analyst (including PMs) Not Provided
Approximate No. of Invested Credits Not Provided

(USD Bil.)
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2013 2014 2015 2016
Insight Investment 147
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CLOs Banks
1.1% 1.5%
High Yield Other
Bonds 9.9%
2.8%
Broadly
Syndicated
Loans Pensions
1.2% 88.6%
Other
94.9%
Europe Managed
24.9% Accounts
24.9%
U.S. CLOs
75.1% 75.1%

Experience (Years)
Alex Veroude Head of Credit Senior Management 9 23
Cliff Corso Insight N. America CEO N. America CEO 23 32
Joe Nelson Head of Loans Group Head of Loan Portfolio Management 4 19
Ranbir Lakhpuri Portfolio Manager PM 10 16
Shaheer Guirguis Head of Secured Finance Head of Secured Finance 10 16
Jason Cameron Senior Portfolio Manager Structured Finance Portfolio Manager 19 21
David Averre Head of Credit Analysis Head of Credit Research 12 29
Andrew Stalker Head of Investment Risk Risk Management 16 20
John Bluemke Senior Credit Analyst Loan Portfolio Management 4 16
Lorraine Specketer Portfolio Analyst Loan Portfolio Management 14 14

Cutwater 2014-I 7/14 Reinvest. 400 404 Y N — — —
Cutwater 2014-II 12/14 Reinvest. 400 402 Y N — — —
Cutwater 2015-I 5/15 Reinvest. 450 453 Y N — — —
Total 1,250 1,259
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The Fitch View
Key Considerations
• Experience and stability of senior management team that averages more than 20 years of
industry experience, strong retention of staff and deep credit research experience.
• Diversified asset management platform; revenue does not depend on future CLO issuance
to remain viable.
Company
• As of Dec. 31, 2016, Insight managed three CLOs with an approximately USD1.25 billion
AUM portfolio.
• Joe Nelson is the head of the global loans team, with 19 years of industry experience, 11 of
which are with bank loans.
• Brian Carlson managed two long/short loan and LCDS portfolios at Silvermine
Capital Management.
Investments
• Insight takes a long-term fundamental view on the names in its investment universe.
Credits are purchased with the expectation that they will be held to maturity.
• Investments are evaluated and reviewed with a focus on business model risks, relative value
considerations and a sufficient margin of safety as measured by excess collateral or
enterprise value over loan balance.
• Daily credit committee to screen and vet new opportunities and approve changes to credit
allocations as well as discuss market events.
• A team-and-consensus approach is employed, wherein input from all analysts, portfolio
managers and traders is considered.
Controls
• The global loans credit committee is subject to oversight by a higher level investment
committee at Insight that meets on a quarterly basis.
• Higher risk credits are reviewed monthly, and watchlist credits are reviewed weekly.
• Risk limits are set for firmwide exposure in total dollars and for specific funds as a
percentage of notional asset values.
Operations
• Waterfall hypothetical testing as well as stress tests performed by Intex and Sentry.
• Use of appropriate third-party vendors, including Sentry for the loan administration function
and Cortland for some back-office administration functions.
• Web-based proprietary database being created to serve as corporate memory to house all
credits viewed and researched.
• Daily reconciliations are performed to tie out cash and positions with trustee.
• Adequate back- and middle-office resources ensure efficient and appropriate management
of CLOs and industry-standard controls.
• Administrative capabilities reflect the highly qualified and experienced staff interacting with
Technology
party administration systems, including widely accepted industry systems such as Sentry
and Cortland.
• In the U.S., Insight has a recovery site in Pleasantville, NY, just outside of New York City.
This is a BNY Mellon-owned and managed facility, and Insight’s U.S. staff have their own
dedicated suite with 30 seats. All technology is managed from the U.K., and the recovery
site is for loss of premises only.
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Intermediate Capital Group
Intermediate Capital Group (ICG) is a global investment firm that specializes in mezzanine
finance, minority equity, leveraged senior loans and high-yield bonds. ICG manages third-
party money through closed- and open-end funds, separate mandates and CLOs. As of
Dec. 31, 2016, it had EUR22.6 billion in assets under management (AUM).
Firm Profile
Region(s) of Operation Europe U.S.
Address Juxon House, 100 St Paul's Churchyard 600 Lexington Avenue, 24th Floor
London, EC4M 8BU, U.K. New York, NY 10022
Assets Under Management EUR22.6 Bil.
Total Employees/Investment
Professionals 185/83 36/26
Current/Planned Risk
Retention Structure Originator Capitalized manager vehicle (CMV)
Dedicated Capital to
Fund Risk Retention Not Reported Not Reported
Key Affiliates (Global) Intermediate Capital Group plc

Region(s) Europe U.S.
Leveraged Loan AUM EUR2.9 Bil. USD2.4 Bil.
CLO Team Leader(s) Zak Summerscale, Benjamin Edgar, Seth Katzenstein
Michael Curtis

(EUR Bil.)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2012 2013 2014 2015 2016
Intermediate Capital Group 151
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Othera Other
24.9% 35.3%
CLO
Middle Investors
Market Loans 22.0%
53.1%
CLOs
22.0% Pension/ Insurance
Retirement 10.5%
aIncludes high-yield bonds, syndicated loans, structured 32.3%
credit, private equity and real estate.
Managed
U.S. Funds
42.7% 4.0%
Managed
Accounts
6.0%
Europe
56.2%
CLOs
Other 90.0%
1.1%

Experience (Years)
Zak Summerscale Partner Head of and CIO for Credit Fund
Management (Europe and Asia) <1 23
Michelle De Angelis Managing Director Head of Credit Research (Europe) 6 19
Michael Curtis Managing Director Portfolio Manager 1 17
Benjamin Edgar Managing Director Portfolio Manager 1 17
Harry Sugiarto Managing Director Portfolio Manager 11 14
Kam Tugnait Managing Director Portfolio Manager <1 28

Experience (Years)
Christophe Evain Chief Executive Officer CEO of ICG plc 22 29
Salvatore Gentile Partner Head of North American Debt Operations 4 27
Seth Katzenstein Managing Director Portfolio Manager 3 20
Michelle De Angelis Managing Director Head of Credit Research (Europe) 6 19
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Compliance
Eurocredit I 8/99 Called 417 0 N N — —
Eurocredit II 7/00 Called 369 0 N N — —
Eurocredit III 8/03 Called 260 0 N N — —
Eurocredit IV 10/04 Called 356 0 N N — —
Eurocredit V 8/06 Amortizing 600 102 N N — —
Eurocredit VI 12/06 Amortizing 500 99 N N — —
Eurocredit VII 3/07 Amortizing 520 115 N N — —
St Paul's I 5/07 Amortizing 300 191 N N — —
Eurocredit VIII 11/07 Amortizing 636 29 N N — —
St Paul's II 7/13 Reinvesting 430 402 Y Y Originator Horizontal
St Paul's III 12/13 Reinvesting 557 543 Y Y Originator Horizontal
St Paul's IV 3/14 Reinvesting 435 427 Y Y Originator Vertical
St Paul's V 8/14 Reinvesting 361 352 Y Y Originator Vertical
St Paul's VI 5/16 Reinvesting 413 400 Y Y Originator Horizontal
Total 6,152 2,660

ICG US CLO 2014-1 1/14 Reinvesting 371 349 Y N — — —
ICG US CLO 2014-2 7/14 Reinvesting 417 399 Y Y Sponsor — Horizontal
ICG US CLO 2015-1 6/15 Reinvesting 411 405 Y N — — —
ICG US CLO 2016-1 7/16 Reinvesting 406 401 Y Y Originator — Horizontal
Total 2,427 2,362
Intermediate Capital Group plc
ICG FMC Ltd
Intermediate Capital Managers Limited Intermediate Capital Group, Inc.

European collateral manager
(advises European CLOs)
ICG Debt Advisors LLC
U.S. collateral manager
(advises U.S. CLOs)
Note: Summary organizational chart relating to CLOs.
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The Fitch View
Key Considerations
• Benefits from resources of global enterprise with substantial scale. ICG is an established
European CLO manager with a long track record.
• Advanced, proprietary integrated technology platform.
• Challenge remains to successfully grow and maintain U.S. presence via strategic
development of business through funds, mandates and CLOs.
Company
• A global investment firm, ICG specializes in mezzanine finance, minority equity, leveraged
senior loans, high-yield bonds, direct lending and private equity. It manages third-party
money through closed- and open-end funds, separate mandates and CLOs.
• ICG was founded in 1989 and listed on the London Stock Exchange in 1994. It has been
managing European CLOs since 1999. Its U.S. CLO management experience is newer,
dating to 2014.
• Global presence with offices throughout Europe, Asia-Pacific and the U.S.
• The credit fund management (CFM) team comprises experienced investment professionals.
There are 18 credit analysts and eight portfolio managers (PMs) in total (including four
specialist leveraged loan PMs). PMs average 20 years of industry experience, and credit
analysts 14 years.
Investments
• Bottom-up fundamental credit research and formal committee-based approval of credit limits,
with a bias toward investments that are senior in the capital structure, generate sustainable
free cash flow and are well collateralized.
• CFM benefits from the group’s mezzanine investment team and analytical resources (more
than 40 investment professionals) for sourcing, credit analysis and local insights. Credit
analysts are organized by sector.
• Surveillance is formalized in daily meetings, monthly reviews and quarterly portfolio reviews
supported by strong risk reporting systems.
• Workouts are handled by CFM analysts directly and separately from mezzanine analysts.
Senior analysts give input on the workout process in terms of individual portfolio constraints
or features.
Controls
• Risk management is a function of oversight committees and compliance in the absence of a
dedicated audit or risk function.
• Team of eight risk management, compliance, internal audit and legal professionals with an
average of 16 years’ experience, supported by external advisors such as the independent,
New York-based Duff & Phelps.
Operations
• Efficient administration supported by robust systems and procedures.
• ICG reconciles cash daily with trustees and positions weekly. Information flows with the
trustees are well established and tested.
• Dedicated loan administration (including loan settlement), IT, compliance and finance teams,
with 35 professionals globally. Five employees dedicated to CLO administration.
Technology
• Integrated global IT platform based on a combination of proprietary analytics and third-party
administration systems is well tailored to business requirements.
• Wall Street Office is ICG’s core loan and CLO administration system. ICG also uses other
industry-standard third-party systems such as Black Mountain Everest and Virtus.
• CreditLab is ICG’s flexible, web-based, integrated proprietary credit and portfolio
monitoring system.
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Invesco Senior Secured Management, Inc.
Invesco Senior Secured Management, Inc. (ISSM) is an institutional manager of
senior-secured loans. Its ultimate parent company is Invesco Ltd., a global asset
management company that had approximately USD812.9 billion in assets under
management (AUM) as of Dec. 31, 2016. Of this total, USD37.9 billion related to
ISSM’s leveraged loan investments, managed via commingled and separately
managed institutional accounts, retail mutual funds, CLOs and an ETF.
Firm Profile
Address 1555 Peachtree Street NE Invesco Perpetual
Suite 1800 Portman Square House First Floor
Atlanta, GA 30309 43-45 Portman Square
London W1H 6LY U.K.
Year Established 1935 globally
Total Employees/Investment Professionals 4,523/974 935/331
Current/Planned Risk Retention Structure Capitalized majority-owned Not Reported
affiliate (C-MOA)
Dedicated Capital to Fund Risk Retention USD100 Mil. EUR100 Mil.
Key Affiliates (Global) Refer to Organizational Structure diagram

Loans Managed via CLOs 20% 0.5%
CLO Team Leader(s) Joseph Rotondo Michael Craig

(USD Bil.)
35
30
25
20
15
10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Invesco Senior Secured Management, Inc. 155
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Othera
CLOs 2.0%
18.0%
Other
100.0%
Broadly
Syndicated
Loans
80.0%
aIncludes structured credit (2.0%).

Managed
Accounts
Europe 23.0%
11.0%
Other
2.0%
Managed
Funds
57.0%
U.S. CLOs
89.0% 18.0%

Experience (Years)
Scott Baskind Head of Global Senior Loans CIO 18 21
Kevin Egan Portfolio Manager Portfolio Manager 19 31
Tom Ewald Portfolio Manager Portfolio Manager 17 30
Joe Rotondo Portfolio Manager Portfolio Manager 19 27
Michael Craig Portfolio Manager Portfolio Manager 11 19

Experience (Years)
Scott Baskind Investment Officer CIO 18 21
Kevin Egan Portfolio Manager Portfolio Manager 19 31
Tom Ewald Portfolio Manager Portfolio Manager 17 30
Joe Rotondo Portfolio Manager Portfolio Manager 19 27
Michael Craig Portfolio Manager Portfolio Manager 11 19
PRINT I.indd 168 4/7/2017 12:47:08 PM

Avalon 2 5/00 Called 650 0 N N — — —
Saratoga 9/02 Called 300 0 N N — — —
Sagamore 10/03 Called 302 0 N N — — —
Avalon 3 2/05 Called 600 0 N N — — —
Belhurst 3/06 Called 500 0 N N — — —
Nautique 4/06 Called 550 0 N N — — —
Wasatch 11/06 Amortizing 650 502 N N — — —
Limerock 4/07 Called 500 0 N N — — —
Avalon 4 3/12 Called 340 0 N N — — —
Marea 9/12 Amortizing 450 385 Y N — — —
Nomad 3/13 Amortizing 400 395 Y N — — —
North End 8/13 Reinvesting 400 396 Y N — — —
Blue Hill 12/13 Reinvesting 500 491 N N — — —
Limerock II 3/14 Reinvesting 650 640 Y N — — —
A Voce 7/14 Reinvesting 600 592 Y N — — —
Limerock III 11/14 Reinvesting 500 493 Y N — — —
Betony 3/15 Reinvesting 600 593 Y N — — —
Recette 9/15 Reinvesting 500 502 Y N — C-MOA Horizontal
Upland 5/16 Reinvesting 400 401 Y N — C-MOA Horizontal
Annisa 8/16 Reinvesting 400 400 Y Y Originator C-MOA Horizontal
Riserva 12/16 Reinvesting 600 600 Y Y Originator C-MOA Horizontal
Total 10,392 6,390

Moselle 10/05 Called 345 0 N N — —
Theseus 8/06 Amortizing 325 85 N N — —
Total 670 85
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Invesco Ltd.
Invesco Holding Company Limited
Invesco Holding Company (US), Inc.
Invesco Group Services, Inc.
IVZ UK Limited
Invesco Management Group Inc.
Invesco North America Holdings Inc.
Invesco Advisers, Inc.
Invesco Senior Secured Management, Inc.
PRINT I.indd 170 4/7/2017 12:47:08 PM

The Fitch View
Key Considerations
• Rank as one of the largest global asset managers and considerable growth in leverage loan
assets lead to preferred market access for allocations and garner favorable
trade execution.
• Diversified asset management platform not significantly dependent on future CLO issuance
to remain viable.
• Strong commitment to business and alignment of interest with ISSM platform, as evidenced
by parent’s investments in the equity of all CLOs.
Company
• Invesco Ltd. is a publicly held firm (NYSE: IVZ), with approximately USD812.9 billion in AUM
as of Dec. 31, 2016.
• As of Dec. 31, 2016, ISSM had USD37.9 billion in senior loans under management across
the various strategies, including CLOs, separate accounts, commingled accounts, retail
funds and an ETF.
• ISSM, an affiliate of IVZ, managed USD6.9 billion of CLOs, inclusive of 12 U.S. 2.0 CLOs,
three U.S. 1.0 CLOs and two 1.0 European CLOs, as of Dec. 31, 2016.
• Led by Scott Baskind, head of global senior loans and chief investment officer, ISSM has a
dedicated team of 29 investment professionals globally. Team members average 17 years of
industry experience.
Investments
• Analytical approach is centered on a fundamental bottom-up risk assessment coupled with
top-down macro risk positioning based on broad economic trends. Investment ideas are
shared during daily meetings involving portfolio managers, analysts and team leaders.
• Credit selection committee process entails analysts and their team leaders making buy/sell
and allocation recommendations. The investment committee outcome consists of an internal
rating based on probability of default and expected recovery, with a qualitative overlay.
• Formalized ongoing surveillance process utilizes in-house and third-party systems to track
portfolios and monitor compliance. Parallel checks of all requirements are performed.
Controls
• Risk management reporting and oversight functions are executed daily, weekly, monthly and
quarterly and are performed in conjunction with various third parties, including State Street,
as trustee.
• Various portfolio and risk management reporting includes continuous updates of internal risk
ratings tied to each security and its collateral protection.
• Industry-standard CLO administration platform driven by Wall Street Office (WSO)
Compliance allows for both ad hoc and regularly scheduled report generation.
Operations
• Investor reporting includes fund-specific, password-protected websites that house
commentary, transaction documents (including but not limited to the offering memorandum
and amendments), trustee reports and a monthly mark-to-market report.
• Daily reconciliations are performed to tie out cash and positions with Citi/Virtus, as trustee.
• Strong back-office and middle-office resources ensure efficient and adequate management
Technology
• Integrated and flexible platform based on a combination of proprietary analytics and best-in-
class industry systems, including WSO (both Administrator and Compliance modules), Black
Mountain Everest and Intex for loan and CLO information.
• Business continuity plan is appropriate and has been tested. Infrastructure includes toll-free
disaster recovery hotline, business recovery website, nightly data backup, automated alert
telecasting and a teleconferencing facility.
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KKR Credit Advisors (US) LLC
KKR Credit Advisors (US) LLC (KKR Credit), formerly known as KKR Asset Management
(KAM), is a wholly owned subsidiary of KKR & Co. L.P. (KKR), a global investment firm with
approximately USD129.6 billion in assets under management (AUM) as of Dec. 31, 2016.
Of this total, KKR Credit managed USD35.7 billion in global investments. KKR Credit's
investments encompass leveraged credit (USD18.8 billion) and alternative credit (including
special situations [USD8.0 billion] and private credit [USD8.9 billion]).
Firm Profile
Address 555 California Street, 50th Floor 75 St. Stephen's Green
San Francisco, CA 94104 Dublin 2, Ireland
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Sponsor
Key Affiliates (Global) KKR & Co. L.P.

CLO Team Leader(s) Chris Sheldon Alan Burke, Eddie O’Neill

(USD Bil.)
12
10
8
6
4
2
0
2010 2011 2012 2013 2014 2015 2016
(EUR Bil.)
7
6
5
4
3
2
1
0
2010 2011 2012 2013 2014 2015 2016
KKR Credit Advisors (US) LLC 160
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Pensions Other
32.1% 5.1%
High Yield
Bonds
17.7%
Broadly Structured Insurance

Syndicated Credit 13.1%
Loans 2.3% CLO
80.0% Investors
49.7%
Managed
Europe Funds
CLOs
42.0% 1.3%
59.3%
U.S.
58.0% Managed
Accounts
39.4%

Experience (Years)
Chris Sheldon Member Head of U.S. Leveraged Credit 12 16
John Reed Member Head Trader 8 19
Jeremiah Lane Director Portfolio Manager 11 12
Sharath Reddy Director Portfolio Manager 2 10

Experience (Years)
Alan Burke Member Co-Head of KKR Credit 15 22
Eddie O’Neill Director Head of European Leveraged Credit 15 21
Ali Allahbachani Director Portfolio Manager 12 20
PRINT K.indd 174 4/7/2017 12:48:21 PM

KKR Financial 2005-1 3/05 Called 1,000 26 Y N — — —
KKR Financial 2007-A 10/07 Called 1,500 16 Y N — — —
KKR Financial 2012-1 10/12 Reinvesting 400 401 Y N — — —
KKR CLO 9 9/14 Reinvesting 500 503 Y N — — —
KKR CLO 12 8/15 Reinvesting 400 404 Y Y Sponsor — —
KKR CLO 14 6/16 Reinvesting 500 501 Y Y Sponsor — —
Total 13,119 5,290

Compliance
Avoca I 12/03 Called 300 0 N N — —
Avoca II 11/04 Called 360 24 N N — —
Avoca III 8/05 Amortizing 400 50 N N — —
Avoca IV 6/06 Amortizing 450 47 N N — —
Avoca V 8/06 Amortizing 500 83 N N — —
Avoca VI 11/06 Amortizing 500 156 N N — —
Avoca VII 2/07 Amortizing 700 198 N N — —
Avoca VIII 8/07 Amortizing 500 295 N N — —
Avoca IX 6/08 Called 325 0 N N — —
Avoca X 11/13 Reinvesting 300 301 Y Y Sponsor Horizontal
Avoca XI 5/14 Reinvesting 500 501 Y Y Sponsor Horizontal
Avoca XII 8/14 Reinvesting 400 400 Y Y Sponsor Horizontal
Avoca XIII 11/14 Reinvesting 400 401 Y Y Sponsor Horizontal
Avoca XIV 6/15 Reinvesting 500 501 Y Y Sponsor Horizontal
Avoca XV 11/15 Reinvesting 500 501 Y Y Sponsor Horizontal
Avoca XVI 6/16 Reinvesting 450 450 Y Y Sponsor Horizontal
Avoca XVII 10/16 Reinvesting 450 450 Y Y Sponsor Horizontal
Total 7,535 4,358
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Public Unitholders KKR Management LLC KKR Holdings L.P.
Majority Certain KKR

LP GP
Independent Employees
Directors and Others
KKR & Co. L.P.

(NYSE: KKR)
100%
KKR Management
Holdings Corp.
GP GP GP
KKR Group Finance Co. LLC KKR Management KKR Fund KKR International
KKR Group Finance Co. II LLC Holdings L.P. Holdings L.P. Holdings L.P.
KKR Group Finance Co. III LLC
LP LP LP
Management General Partners of

Companies, Capital Private Equity, Real
Principal
Markets, General Assets and Other KFN
Assets
Partners of Credit and Vehicles and
Certain Other Vehicles Management Company
Group Partnerships
PRINT K.indd 176 4/7/2017 12:48:22 PM

Fitch View
Key Considerations
• Strong institutional parent in KKR. Diversified business and product lines furnish the ability to
leverage scale across a broad selection of investment opportunities and companies.
• Considerable U.S. and European CLO investment resources and experienced staff.
Overall CLO platform capabilities have expanded due to Avoca Capital (Avoca) acquisition
in 2014.
• Managing potential conflicts of interest by maintaining the company’s effective wall of
separation between the CLO platform and KKR’s private equity business is a challenge.
Company
• In 2004, KKR began pursuing debt investments and, among other activities, formed KAM, its
marketable securities and alternative investment division. In 2014, KAM became KKR Credit,
which manages across various credit market segments, including bank loans, high-yield
bonds, CLOs, directly originated senior-secure lending, mezzanine debt and special
situations/distressed investments.
• Avoca was formed in 2002 and launched its first European CLO in 2003; a series of
subsequent CLOs followed thereafter. It began managing mutual funds and mandates in
2009. Upon its acquisition, Avoca brought approximately EUR6.2 billion in AUM to KKR and
lifted the number of industry analysts on KKR Credit’s global leveraged credit team to 27 (16
U.S. analysts and 11 European analysts). The investment team now consists of 30
individuals (17 U.S. and 13 Europe).
• KKR Credit has been managing broadly syndicated loan CLOs since 2005. KKR is a majority
owner of the equity tranches in all of KKR Credit’s U.S. CLOs as a result of the April 2014
acquisition of KKR Financial Holdings LLC.
Investments
• KKR Credit’s investment philosophy is value oriented, with a focus on fundamentals,
strong credit selection and avoiding mistakes.
• Clearly articulated investment process that is strictly adhered to, beginning with a
prescreening phase, which filters out the majority of issuers and focuses the detailed credit
analysis on those issuers for which an investment is more probable. The process concludes
at the credit committee, which makes credit and investment decisions.
• Daily credit meetings provide a forum for discussion among the portfolio managers, credit
analysts and traders.
• All credits are monitored in real time, with news and analyst updates disseminated firmwide
through Black Mountain Everest systems.
Controls
• Potential conflicts of interest are managed through a global conflicts committee. Specific
rules govern how debt funds can invest in KKR-originated transactions, notably a rule
limiting debt funds to a maximum holding of 19.9% of any debt class issued by a portfolio
company, absent explicit approval from the conflicts committee.
• All procedures are well documented, including those governing the management of public
and private data.
Operations
• A CLO-dedicated operations staff performs a three-way daily cash and position reconciliation
with both the Black Mountain Everest compliance module and CLO indenture trustees.
• High degree of integration with the trustee resulting from the advanced technology in place.
• Prior to execution, KKR Credit runs all prospective trades through a robust pretrade
compliance process to determine CLO suitability.
Technology
• KKR Credit’s CLO platform has built on its parent’s significant investment in technology to
create proprietary models and fundamental tools that help automate research and
surveillance functions. Systems and technology platform are scalable and were developed to
handle growth in CLO issuance.
• A variety of technology solutions are utilized, including Black Mountain Everest systems.
Third-party feeds are incorporated to support day-to-day management of the CLOs.
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Kramer Van Kirk Credit Strategies LP
Kramer Van Kirk Credit Strategies LP (KVK) is an independent investment adviser that
manages leveraged loan investments. KVK was founded in 2011 by two investment
professionals, Thomas A. Kramer and Timothy S. Van Kirk, who collectively have more
than 50 years’ experience in loan investing and CLO structuring and management.
The two founders, along with several other staff members, previously worked together at
LightPoint Capital and Neuberger Berman. As of Dec. 31, 2016, KVK managed nine CLOs
totaling USD4.2 billion in issuance.
Firm Profile
Address 200 W. Monroe Street, Suite 1330
Chicago, IL 60606
Key Affiliates (Global) KVK Global Strategies — Subsidiary

Region(s) U.S.
CLO Team Leader(s) Thomas A. Kramer, Timothy S. Van Kirk

(USD Bil.)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016
Kramer Van Kirk Credit Strategies LP 165
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Other
Broadly 13.0%
Syndicated
Loans
100.0%
CLO
Investors
87.0%
U.S. CLOs
100.0% 100.0%

Experience (Years)
Thomas A. Kramer Senior Managing Director Senior Portfolio Manager 3 34
Timothy S. Van Kirk Senior Managing Director Chief Risk Officer 3 29
Michael J. McKay Managing Director Head of Credit Research 3 25
Kristi R. Broderick Senior Vice President Credit Research Team Leader 3 19
Matt A. Persohn Senior Vice President Credit Research Team Leader 3 17

KVK CLO 2012-1 5/12 Reinvesting 350 215 Y N — — —
KVK CLO 2013-2 10/13 Reinvesting 400 400 N N — — —
Total 4,315 4,150
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The Fitch View
Key Considerations
• Depth and breadth of partners’ experience. The average is 32 years in the industry.
• Demonstrated track record in credit risk management and loss mitigation, as evidenced by a
low historical default rate on managed CLOs.
• Small size and short history could create challenges in terms of asset purchase allocations,
but are largely offset by senior management’s experience and profile in the sector.
Company
• KVK Services LLC is the general partner of KVK. Its members include Kramer and
Van Kirk, who founded KVK in 2011 and serve as managing directors, as well as a third-
party investor. KVK is the collateral manager to nine CLOs.
• The staff of 19 investment professionals includes senior members with workout experience,
as well as individuals with extensive industry backgrounds. All original employees have
ownership in the firm. Eleven employees worked together previously at LightPoint Capital,
Neuberger Berman and/or ABN AMRO Bank.
• Senior management averages 32 years’ experience in the leveraged loan asset class,
including origination, structuring, portfolio management, distribution and workouts.
• Senior management oversaw 11 CLOs (USD4.3 billion) at LightPoint Capital Management,
which was also co-founded by Kramer and Van Kirk. Senior management also managed a
multi-billion-dollar balance sheet portfolio while at ABN AMRO.
Investments
• KVK has an adequate credit approval process supported by structured and
well-documented credit research processes.
• KVK uses an effective screening process, based on portfolio manager judgment, to filter out
unsuitable assets at an early stage. Turndown rate is 45%.
• Using a proprietary technology platform, KVK’s investment professionals will analyze, select
and manage investment positions using current issuer and market information.
• The investment process is centered on a focused and disciplined credit analysis framework
that evaluates material aspects of a potential asset.
Controls
• KVK manages its investment risk by structuring portfolios that are highly diversified by
industry and issuer. It employs a robust and highly disciplined approach to portfolio
management to monitor compliance with specific benchmarks and investment criteria.
• Surveillance processes are in place, with the original lead analyst retaining ongoing
surveillance. Alert functions in KVK’s proprietary credit platform are used to identify
deteriorating credits at an early stage.
• KVK maintains active portfolio monitoring processes, with daily position risk monitoring and
monthly meetings held for special discussions regarding hot topics and watchlist items.
Operations
• Comprehensive transaction modeling in CDO Sentry facilitates day-to-day administration
of cash and holdings, indenture compliance modeling, and reporting and payment
waterfall projections.
• Senior management also reviews fund performance and portfolio composition on a regular
basis to monitor compliance with governing documents.
• In addition to trustee reports, KVK supplements investor reporting with details on trading
activity and any credit commentary, if applicable.
Technology
• KVK’s central technology platform, Mariana Systems, collects cross-market information from
various data providers such as Loan Performance, Markit, CDO Sentry and Bloomberg, as
well as internal data from credit research and trading.
• Mariana Systems supports credit analytics, portfolio construction and portfolio management
operations and provides real-time functionality, credit process efficiency and investor-
enabled reporting transparency.
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LCM Asset Management LLC
LCM Asset Management LLC (LCM) is a New York-based loan asset manager. It was
formed in 2001 as a third-party money management business with a dedicated focus on
U.S. leveraged loans. Prior to parent company Tetragon Financial Group Limited’s (TFG)
ownership, LCM was a wholly owned asset management subsidiary of Crédit Agricole S.A.
As of Dec. 31, 2016, LCM had approximately USD6.6 billion in assets under management
(AUM) across 15 CLOs.
Firm Profile
Address 399 Park Avenue, 22nd Floor
New York, NY 10022
Firm Type 100% indirect subsidiary of Tetragon Financial Group Limited
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA)/
Capitalized majority-owned affiliate (C-MOA)a
Key Affiliates (Global) Tetragon Financial Group Limited (Parent)
a
Either Tetragon Financial Group Master Fund Limited or Tetragon Credit Income II L.P. (TCI II) may be the risk
retention holder for LCM CLOs.

Region(s) U.S.
CLO Team Leader(s) Farboud Tavangar and Marc Schluraff, CFA
Approximate No. of Invested Credits 375–380

(USD Bil.)
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
LCM Asset Management LLC 168
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Broadly U.S.
Syndicated 100%
Loans
100%

CLOs.
100%

Experience (Years)
Farboud Tavangar N.A. Senior Portfolio Manager 16 31
Marc Schluraff, CFA N.A. Senior Portfolio Manager 12 32
Alexander Kenna N.A. N.A. 12 25
Sophie-Aurore Venon N.A. N.A. 14 18

Indosuez Capital Funding III 12/96 Matured 460 0 — — — — —
Indosuez Capital Funding IIAa 6/98 Matured 825 0 — — — — —
Porticoes Fundingb 12/98 Matured 400 0 — — — — —
Indosuez Capital Funding VI 9/00 Matured 482 0 — — — — —
LCM I 6/03 Matured 325 0 — — — — —
LCM II 11/04 Matured 360 0 — — — — —
LCM III 4/05 Matured 350 0 — — — — —
LCM IV 8/05 Matured 307 0 — — — — —
Hewett’s Island CLO IVc 5/06 Matured 412 4 — — — — —
a
LCM assumed management responsibilities from CypressTree Investment Management Company, Inc. in October
2010. bLCM assumed management responsibilities from Indosuez Capital in April 2004. cReset in December 2016.
Notes: Table represents cash flow CLOs only. Numbers may not add due to rounding. VR − Volcker Rule.
CRR − European Capital Requirements Regulation. RR – Risk retention. Notes: Table represents cash flow CLOs
only. Serves 2001-1 and LCM VII were market value CLOs previously managed by LCM. LCM VII was liquidated
commencing in 2008. Continued on next page.
PRINT L.indd 184 4/7/2017 12:49:21 PM

LCM V 3/07 Matured 600 0 — — — — —
LCM VI 5/07 Matured 500 0 — — — — —
LCM VIII 11/10 Called 300 0 — — — — —
LCM IX 6/11 Amortizing 666 3 — — — — —
LCM X 2/12 Amortizing 410 235 Y — — — —
LCM XI 5/12 Amortizing 485 341 — — — — —
LCM XII 10/12 Amortizing 518 499 Y — — — —
c
LCM XIII 2/13 Reinvesting 518 501 Y — — — —
LCM XIV 7/13 Reinvesting 418 400 — — — — —
LCM XV 2/14 Reinvesting 624 596 Y — — — —
LCM XVI 6/14 Reinvesting 726 696 Y — — — —
LCM XVII 10/14 Reinvesting 411 400 Y — — — —
LCM XVIII 3/15 Reinvesting 610 597 Y — — — —
LCM XIX 7/15 Reinvesting 618 599 Y — — — —
LCM XX 11/15 Reinvesting 509 502 Y — — — —
LCM XXI 3/16 Reinvesting 381 379 Y — — — —
LCM XXII 9/16 Reinvesting 449 441 Y — — — —
LCM XXIII 11/16 Reinvesting 408 400 Y — — — —
Total 13,876 6,593
a
LCM assumed management responsibilities from CypressTree Investment Management Company, Inc. in October
2010. bLCM assumed management responsibilities from Indosuez Capital in April 2004. cReset in December 2016.
Notes: Table represents cash flow CLOs only. Numbers may not add due to rounding. VR − Volcker Rule.
CRR − European Capital Requirements Regulation. RR – Risk retention. Notes: Table represents cash flow CLOs
only. Serves 2001-1 and LCM VII were market value CLOs previously managed by LCM. LCM VII was liquidated
commencing in 2008.
Tetragon Financial Group Limited

(Listed on Euronext Amsterdam N.V.)
100%
Indirect
Subsidiary
LCM Asset Management LLC
PRINT L.indd 185 4/7/2017 12:49:22 PM

The Fitch View
Key Considerations
• Well-established CLO platform and performance record supported by larger global
asset manager.
• Stable management team combined with senior portfolio management averaging over
20 years’ experience managing CLOs.
• The future financial performance of LCM’s parent company, TFG, has exposure to the
performance of the overall corporate loan market and CLOs, specifically.
Company
• In 2010, TFG purchased a majority stake in LCM. LCM benefits from the additional
administrative support and resources of TFG.
• LCM’s product platform offering includes CLOs, separately managed accounts and closed-
end funds.
• Staffing of 15 investment professionals includes analysts with workout experience and
individuals with extensive industry backgrounds.
• Senior PMs have an average of 20 years’ corporate loan experience.
Investments
• LCM’s investment philosophy is based on fundamental analysis focused on industry
prospects, position, operating performance and growth strategy.
• Investment decisions are made through the monitoring of credits by proprietary rating.
The rating is driven by, among other things, assessing companies by free cash flow, capital
structure and loan collateral values.
• The investment committee consists of four senior managing directors and one PM.
The committee requires a consensus decision and examines information such as financials
and industry data on a real-time basis.
• The investment process is focused on fundamental analysis, with analysts using proprietary
analytical tools that include a standardized credit database covering a substantial portion of
the leveraged loan market.
Controls
• Formalized surveillance process in daily meetings covering all aspects of portfolio analysis,
including performance against benchmark, as well as credit-specific events.
• LCM has compliance and governance processes in place to support accuracy of trading,
• Extensive internal controls and review procedures to ensure the accuracy, reliability and
timeliness of analytical inputs.
• Real-time credit-risk monitoring process supported by appropriate proprietary credit-risk
modeling and analytics.
Operations
• LCM has a strong focus on efficiency and uses robust proprietary systems and quantitative
analysis to assist in credit surveillance and monitoring efforts.
• Regular interaction and communication, as evidenced through daily reconciliation with the
trustee for all CLO transactions.
• Systems and servicer interactions allow for continuous asset monitoring and daily cash flow
reconciliation to determine the impact of actions on portfolios.
Technology
• Portfolio management and credit analysis are done fully in-house, supplemented by the use
of third-party analytical resources such as Bloomberg, CDO Suite and Wall Street
Office (WSO).
party administration systems.
• Appropriate use of widely accepted industry systems such as CDO Suite and WSO for
portfolio management and administration.
• LCM uses a proprietary system, CAPM, to integrate credit analysis, portfolio management,
trade processing, loan servicing and trustee and investor reporting.
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Marathon Asset Management, LP
Marathon Asset Management, LP (Marathon) is a global credit and fixed-income manager.
The company invests in a combination of securities, loans and structured products across
the capital structure. Marathon has been an active CLO issuer since 2005; it currently
manages approximately USD2.0 billion through eight U.S. CLOs. As of Sept. 30, 2016,
assets under management (AUM) totaled approximately USD13.2 billion.
Firm Profile
Address One Bryant Park, 38th Floor
New York, NY 10036
Firm Type Hedge fund sponsored CLO manager
Key Affiliates (Global) MCAP Global Finance (UK) LLP — Subsidiary
Marathon Asset Management Singapore Pte. Ltd. — Subsidiary
Marathon Risk Retention GP, LLC — Subsidiary

CLO Team Leader(s) Andrew Brady, Jason Friedman
Global Assets Under Management

(USD Bil.)
14
12
10
8
6
4
2
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Marathon Asset Management, LP 172
PRINT M.indd 187 4/7/2017 12:50:51 PM

Broadly
Syndicated
Loans Family Office/
6.0% High
Other Net Worth
57.0% Structured 5.0%
Credit
20.0%
Othera
95.0%
CLOs
17.0%
aOther includes bank (2.0%).
Global AUM By Region Global AUM By Product Type
Other
2.6% Managed
Managed Accounts
Funds 28.7%
Europe 46.4%
17.5%
U.S.
79.9% CLOs
24.9%

Experience (Years)
Louis Hanover Partner, CIO Oversight Committee Member 19 31
Andrew Brady Managing Director, Co-Head of CLOs and
Executive Committee Member Leveraged Loans 13 22
Jason Friedman Managing Director, Co-Head of CLOs and
Executive Committee Member Leveraged Loans 10 23
Jamie Raboy Partner, Chief Risk Officer Oversight Committee Member 19 26
Vijay Srinivasan Managing Director,
Executive Committee Member Oversight Committee Member 10 20

MCLO 1 4/05 Called 330 0 N N — — —
MCLO II 12/05 Called 411 0 N N — — —
Marathon Financing I BV 12/06 Called 1,100 0 N N — — —
MCLO IV 4/12 Amortizing 356 240 N N — — —
MCLO V 1/13 Reinvesting 614 614 N N — — —
MCLO VI 4/14 Reinvesting 490 490 Y N — — —
MCLO VII 11/14 Reinvesting 461 461 Y N — — —
MCLO VIII 7/15 Reinvesting 461 461 Y N — — —
Total 4,223 2,266
PRINT M.indd 188 4/7/2017 12:50:51 PM

Marathon Asset Management, LP
100% 100%
Marathon Asset Management
MCAP Global Finance (UK) LLP
Singapore Pte. Ltd.
PRINT M.indd 189 4/7/2017 12:50:51 PM

The Fitch View
Key Considerations
• Diversified credit platform by asset class and investment vehicle, so no overreliance on
increasing AUM by issuing additional CLOs. Diversified and well-established investor base
shown through repeat investing with the firm.
• Resources to the CLO platform are strong. The CLOs are supported by an experienced
operations staff and sophisticated technology platforms. The risk management function is
especially strong relative to peers.
Company
• Established in 1998, the firm consists of about 150 employees, including 83 investment
professionals and more than 65 members in operations. Marathon has offices in New York,
London and Singapore.
• Bruce Richards and Louis Hanover are Marathon’s managing partners. The senior team
members have worked together for 19 years and have 26 years of industry experience
on average.
• Marathon has issued eight CLOs with a total notional value of USD4.2 billion. Three of these
CLOs were issued before the financial crisis. CLO issuance is contingent on the conviction
that market conditions for both loan and CLO liabilities are beneficial for investors.
• Marathon was one of nine managers selected by the Federal Reserve to manage
PPIP funds.
Investments
• The firm actively manages CLO portfolios through bottom-up, fundamental credit research.
The investment process centers on strong-conviction investing with a focus on downside
protection analysis and a review of the full capital structure of companies.
• The investment strategy is to find the best performing credits, with recovery given default a
primary focus, which may mean the company is comfortable working through restructuring or
investing in names the broader market may be selling due to credit concerns.
• Marathon typically finds investment opportunities among smaller issuers, especially in
current loan market conditions, with larger, more liquid names trading at high levels.
• Significant experience at the senior level. The 15-member executive committee averages 26
years of industry experience. The executive committee meets weekly and identifies market
themes, trends and risks. Marathon has 19 portfolio managers/traders.
Controls
• Marathon is an investment adviser registered with the SEC. MCAP Global Finance (UK)
LLP, its affiliate, is registered with the U.K. Financial Conduct Authority.
• In-house workout team includes legal and restructuring professionals.
• The firm conducts potential downside analysis and stress testing for all credits. Rebalancing
is based on credit evolution and relative value.
• Marathon has compliance and governance processes and policies in place to support the
accuracy of trading, portfolio management and administration functions.
Operations
• The leveraged loan team has a three-person, dedicated CLO operations unit, in addition to a
four-member risk management team.
• Cash balances, positions, trades, settlements and financings are verified daily and confirmed
with prime brokers and trustees.
• Marathon uses Wall Street Office to run daily CLO compliance testing and pro forma trades.
Technology
• Marathon has established a robust proprietary asset management system for managing
loans and CLO portfolios. Additionally, the system incorporates real-time data and generates
a variety of reports that provide portfolio, pricing and position data.
• Data subscriptions include Markit Group Limited for loan pricing.
• All company systems are backed up daily.
PRINT M.indd 190 4/7/2017 12:50:51 PM

Marble Point Credit Management LLC
Marble Point Credit Management LLC (Marble Point) is a specialist asset manager that
focuses exclusively on senior secured loans. The firm was founded by Thomas Shandell in
partnership with Eagle Point Credit Management LLC (Eagle Point). In addition, Sumitomo
Mitsui Trust Bank, Limited and GreensLedge Holdings are strategic partners. In December
2016, Marble Point acquired the CLO management contracts of eight CLOs with majority
equity positions in seven of those CLOs from American Capital CLO Management, LLC
(ACCLOM). As of Dec. 31, 2016, Marble Point had USD3.5 billion in AUM.
Firm Profile
Address 20 Horseneck Lane
Greenwich, CT 06830
Current/Planned Risk Retention Structure Capitalized majority-owned affiliate (C-MOA) (U.S.)/
Originator (Europe)
Key Affiliates (Global) Eagle Point Credit Management LLC

Region(s) U.S.
CLO Team Leader(s) Thomas Shandell
Other
3.8% Othera
3.0%
Europe
5.4%
U.S. CLOs
90.8% 97.0%
aComprises managed funds.
Marble Point Credit Management LLC 176
PRINT M.indd 191 4/7/2017 12:50:51 PM

Experience (Years)
Thomas Shandell Chief Executive Officer and
Chief Investment Officer of Marble Point N.R. 1 32
Thomas Majewski Managing Partner of Eagle Point N.R. 1 21
Daniel Spinner Principal at Eagle Point N.R. 1 20

MP CLO II 9/12 Called 362 240 Y Y Originator — Horizontal
MP CLO III 3/13 Reinvesting 414 414 N Y Originator — Horizontal
MP CLO IV 9/13 Reinvesting 414 414 Y N — — —
MP CLO V 7/14 Reinvesting 619 619 Y Y Originator — Horizontal
MP CLO VI 11/14 Reinvesting 411 411 Y Y Originator — Horizontal
MP CLO VII 7/15 Reinvesting 552 552 Y Y Originator — Horizontal
MP CLO VIII 8/15 Reinvesting 510 510 Y Y Originator — Horizontal
MP CLO IX 7/15 Amortizing 405 374 Y N — — —
Total 3,688 3,535
Marble Point Credit Management Ownership Group
Marble Point Management Team
Eagle Point Credit Marble Point Credit Sumitomo Mitsui

Management LLC Management Trust Bank
Consortium of
Greens | Ledge
Institutional Investors
PRINT M.indd 192 4/7/2017 12:50:52 PM

The Fitch View
Key Considerations
• Marble Point acquired the CLO management platform from ACCLOM at the end of 2016 and
hired several of its key employees to aid in the transition.
• Marble Point has a shared services agreement with Eagle Point, which manages publicly
listed and registered vehicles.
• Rapid growth due to the ACCLOM acquisition could potentially create challenges in the
administration of the current and new CLOs. However, this is mitigated by the significant
experience of the senior investment team and strategic relationships with sizable
market participants.
Company
• Marble Point is a specialist asset manager that focuses exclusively on secured loans.
The company was formed in 2016 by GoldenTree loan management veteran Shandell and
Eagle Point.
• In December 2016, Marble Point acquired the CLO management contracts of eight CLOs,
with majority equity positions in seven of those CLOs from ACCLOM.
• Eagle Point, Sumitomo Mitsui Trust Bank, Limited and GreensLedge Holdings are strategic
partners of Marble Point.
Investments
• Planned CLO management style is active trader seeking to improve portfolios through
relative-value trades intended to build par, optimize portfolio yield or reduce risk.
• Marble Point employs a fundamentally driven, bottom-up investment philosophy anchored by
relative-value analysis.
• Marble Point has a seven-member credit investment team with an average of 18 years
of experience.
• Credit decision process relies heavily on model-driven analysis incorporating quarterly
historical and projected financial performance that highlights earnings, profit margins,
leverage and free cash flow, among other metrics.
• Formal investment committee comprises a subset of Marble Point’s board of managers.
The committee delegated certain of its investment authority to senior members of Marble
Point’s investment team.
Controls
• Marble Point’s shared services provider, Eagle Point, currently manages an NYSE-listed
registered investment company and thus has robust compliance and back-office structures
to comply with those standards and other GIPS-compliant standards.
• Marble Point has adopted a formal code of ethics and policies and procedures to mitigate
potential conflicts of interests created by its relationship with Eagle Point or other affiliates.
• Pre- and post-trade relative-value analysis is performed at both the trade and portfolio level
on a daily basis.
• The firm monitors indenture compliance daily to review any issues from the current and/or
previous day’s trading.
Operations
• Operational procedures are supported by a finance and operational administration team and
industry-standard tools such as Wall Street Office (WSO) for loan/CLO administration.
• Standard trustee reporting is provided to investors, and portfolio managers are available for
investor inquiries.
Technology
• Marble Point uses both widely accepted industry systems and proprietary systems for
portfolio management and administration, including WSO, Markit Loans, Inc.,
BlackMountain, Bloomberg and rating agency data feeds and research.
• Business continuity services and appropriate disaster recovery processes are regularly
tested and include regular data backups throughout the day.
PRINT M.indd 193 4/7/2017 12:50:52 PM

MidOcean Credit Fund Management LP
MidOcean Credit Fund Management LP (MidOcean) is a New York-based
investment manager that specializes in bank loans, high-yield bonds, credit derivatives
and equities. MidOcean was formed in 2009; as of Dec. 31, 2016, it had USD4.8 billion
in assets under management (AUM) and managed six U.S. CLOs.
Firm Profile
Address 320 Park Avenue, Suite 1600
New York, NY 10022
Firm Type Limited Partnership (LP)
Dedicated Capital to Fund Risk Retention Not Reporteda
Key Affiliates (Global) —
a
Employee capital to be provided.

Region(s) U.S.
CLO Team Leader(s) Jim Wiant

(USD Bil.)
5.0
4.0
3.0
2.0
1.0
0.0
2009 2010 2011 2012 2013 2014 2015 2016
MidOcean Credit Fund Management LP 179
PRINT M.indd 195 4/7/2017 12:50:52 PM

Other High
2.0% Yield
Bonds U.S.
33.0% 100%
Broadly
CLOs Syndicated
52.0% Loans
13.0%
Other
32.0%
CLOs
52.0%
Managed
Accounts
16.0%

Experience (Years)
Robert S. (Steve) Miller Chairman — 8 48
J. Edward (Ted) Virtue Chief Executive Officer — 8 34
Steve Shenfeld Managing Director President 8 32
Michael Apfel Managing Director Portfolio Manager 8 25
Bryan Dunn Managing Director Portfolio Manager 7 23
Jim Wiant Managing Director Portfolio Manager 8 18

MidOcean CLO la 12/12 Reinvesting 400 325 Y N — — —
MidOcean CLO ll 12/13 Reinvesting 400 403 Y N — — —
MidOcean CLO lll 6/14 Reinvesting 500 501 Y N — — —
MidOcean CLO IV 2/15 Reinvesting 400 401 Y N — — —
MidOcean CLO V 5/16 Reinvesting 400 401 Y N — — —
MidOcean CLO VI 11/16 Reinvesting 400 401 Y N — — —
Total 2,500 2,432
a
Refinanced November 2016. VR – Volcker Rule. CRR – European Capital Requirements Regulation.
PRINT M.indd 196 4/7/2017 12:50:52 PM

Ultramar Capital Ltd.
MidOcean Credit Fund

Ultramar Credit Holdings Ltd.
Management LP
(Owner of GPs of Funds)
(Investment Adviser)
MidOcean Credit MidOcean Absolute MidOcean Absolute

Midocean Credit
Opportunity Return Credit Master Target Return
CLO I-VI
Master Fund L.P. Fund Ltd. Fund I L.P.
MidOcean Credit MidOcean Credit MidOcean Tactical

Focus Fund I L.P. Opportunity IDF L.P. Credit Fund, LP
PRINT M.indd 197 4/7/2017 12:50:52 PM

Monroe Capital, LLC
Monroe Capital, LLC (Monroe) is a Chicago-based lender that was founded in 2004.
An established investment management and origination platform that manages both
middle-market and broadly syndicated loans, Monroe had assets under management
(AUM) of USD4.0 billion as of Dec. 31, 2016, including three CLOs, a public business
development company (BDC) and multiple private funds and managed accounts.
Firm Profile
Address 311 South Wacker Drive, Suite 6400
Chicago, IL 60606
Firm Type 100% employee owned

Region(s) U.S.
CLO Team Leader(s) Jeremy VanDerMeid

(USD Bil.)
5.0
4.0
3.0
2.0
1.0
0.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Monroe Capital, LLC 182
PRINT M.indd 199 4/7/2017 12:50:53 PM

Othera
27.0%
Broadly
Middle Syndicated
Market Loans Pension/
Loans Endowment
90.0% Retirement
10.0% 6.0%
67.0%
aIncludes insurance (4.0%) and bank (2.0%).
Managed
Accounts
45.2% Other
Other 10.5%
1.0%
U.S.
98.0% Europe
1.0%
CLOs
Managed 24.2%
Funds
20.1%

Experience (Years)
Theodore Koenig Chief Executive Officer and Chief Executive Officer and
12 32
President President
Michael Egan Chief Credit Officer Chief Credit Officer 12 32
Thomas Aronson Managing Director Head of Originations 12 32
Zia Uddin Managing Director Portfolio Manager 9 23
Aaron Peck Managing Director Portfolio Manager 4 23
Jeremy VanDerMeid Managing Director Portfolio Manager 10 18
Alex Franky Managing Director Head of Underwriting 11 24
Carey Davidson Managing Director Head of Capital Markets 2 17

Monroe Capital
CLO 2014-1 9/14 Reinvesting 358 351 Y Y Originator — Horizontal
Monroe Capital BSL
CLO 2015-1 5/15 Reinvesting 412 402 Y Y Originator CMV Horizontal
Monroe Capital MML
CLO 2016-1 7/16 Reinvesting 305 300 Y Y Originator CMV Horizontal
Total 1,075 1,053
PRINT M.indd 200 4/7/2017 12:50:53 PM

Monroe Capital Senior Management
Monroe Capital Management Advisors, LLC

Monroe Capital Management LLC
Collateral Management Agreements

Monroe Capital CLO 2014-1, LTD.
Monroe Capital BSL CLO 2015-1, LTD.
Monroe Capital MML CLO 2016-1, LTD.
PRINT M.indd 201 4/7/2017 12:50:53 PM

The Fitch View
Key Considerations
• Senior portfolio management staff with depth and experience in loan investing.
• Steady and focused hiring in all areas, including underwriting and operations.
• Strong operations, compliance and CLO administration platform.
Company
• Established in 2004, Monroe has eight offices located throughout the U.S. and Canada and
is 100% owned by its senior management team.
• Senior management team averages 25-plus years’ industry experience.
• Monroe’s origination team is focused on all industry segments, with dedicated professionals in the
healthcare, technology, media, retail and consumer products, and specialty finance verticals.
• In addition to its three outstanding CLOs with approximately USD1.0 billion in loan assets,
Monroe oversees roughly USD2.5 billion in assets through private capital vehicles.
An affiliate, Monroe Capital BDC Advisors, LLC, also operates a BDC (NASDAQ: MRCC)
with assets at approximately USD419 million.
• Monroe believes its participation across both the middle market and broadly syndicated loan
market is a competitive advantage.
• Monroe typically participates in the equity shares of its CLO transactions.
Investments
• The investment team has 43 professionals with an average of more than 16 years of credit,
private equity and investment experience. Seventeen of those professionals are dedicated to
origination of new deals.
• USD2.5 billion of Monroe’s managed loans are originated and agented by Monroe.
• Monroe relies on fundamental analysis supplemented by quantitative analytics and portfolio
management techniques.
• Eight-member formal investment committee, with unanimous approval required.
• Healthy deal flow of over 2,000 transactions annually, of which only 150–200 will ultimately
receive investment committee approval.
• Monroe has a strong and experienced team of 20 underwriters, who typically manage between 15
and 25 loans depending on type (directly originated versus broadly syndicated).
• Monroe utilizes an internal grading system to identify credits in need of heightened attention.
Monthly and quarterly meetings are held with investment committee, portfolio managers and
analysts to discuss the portfolio and individual credits. Ratings on a scale of 1–5 are continuously
maintained and determine if corrective action will be necessary.
Controls
• Risk management is managed by the chief compliance officer as well as the managing
director of operations and compliance.
• Daily portfolio compliance is conducted by both the portfolio management team and
Monroe’s compliance group.
• Monroe has engaged a third-party SEC compliance consultant to assist with maintaining
strict adherence to various regulations.
• Monroe maintains appropriate separation of publicly and privately available information when
making investment decisions.
Operations
• Monroe has a dedicated 19-member compliance/operations/finance/legal team led by a
managing director with over 23 years of credit/compliance/finance experience.
• Operations staff performs daily reconciliation of CLO cash and positions through CDO
Sentry and the trustee. CDO Sentry is used to feed monthly management reporting.
Operations staff is also responsible for daily cash management and interaction with
agent banks.
• Overall operations platform is highly scalable for a growing CLO portfolio.
Technology
• Ongoing maintenance and support of IT systems and network are provided by mindSHIFT
Technologies, Inc.
• CDO Sentry support is provided by ClearStructure.
• Remote access to the Monroe network is provided for employees.
PRINT M.indd 202 4/7/2017 12:50:53 PM

Napier Park Global Capital (US) LP
Napier Park Global Capital (US) LP (Napier Park) is an independent alternative asset
management firm focused on investment opportunities in specialized credit. As of
Dec. 31, 2016, Napier Park had assets under management of USD7.6 billion, of which
USD3.2 billion related to CLO Management. Napier Park established Regatta Loan
Management LLC (RLM) in 2015 as an independent risk retention compliant (in U.S. and
Europe) capitalized manager vehicle. RLM was created to manage future CLO
transactions with Napier Park as structuring adviser and staff and services provider.
Firm Profile
Address 280 Park Avenue, 3rd Floor
New York, NY 10017
Firm Type Independent asset manager
Assets Under Management USD7.6 Bil.a
Key Affiliates (Global) Napier Park Global Capital — Parent

Region(s) U.S.
Leveraged Loan AUM USD3.2 Bil.a
CLO Team Leader(s) Daniel Slotkin and Melanie Hanlon
Credit Analysts, Non-PMs/Avg. Experience Not Reported/13 Years
a
Data as of Dec. 31, 2016. Napier Park assets are inclusive of undrawn commitments as well as CLOs managed by
Regatta Loan Management LLC, with which Napier Park has entered into a staff and services agreement and a
structuring and advisory services agreement.

Broadly
Syndicated CLOs
Loans 100.0%
100.0%
Napier Park Global Capital (US) LP 186
PRINT N.indd 203 4/7/2017 12:52:26 PM

Experience (Years)
Daniel Slotkin Managing Director Business Head 4 25
Melanie Hanlon Managing Director Head of Credit Research 4 24
Robert O’Brien Managing Director Head Trader 4 20

Duane Street I 10/05 Matured 342 0 N N — — —
Duane Street II 7/06 Matured 416 0 N N — — —
Duane Street III 12/06 Matured 539 0 N N — — —
Regatta I 3/07 Matured 750 0 N N — — —
Duane Street IV 8/07 Amortizing 425 211 N N — — —
Regatta II 2/13 Reinvesting 400 407 N N — — —
Regatta III 3/14 Reinvesting 475 472 N N — — —
Regatta IV 6/14 Reinvesting 600 597 N N — — —
Regatta V 11/14 Reinvesting 500 500 N N — — —
Regatta VIa 5/16 Reinvesting 400 401 Y N Originator CMV Horizontal
Regatta VIIa 10/16 Reinvesting 400 400 Y N Originator CMV Horizontal
Total 5,247 2,988
a
Managed by Regatta Loan Management LLC. VR − Volcker Rule. CRR − European Capital Requirements
PRINT N.indd 204 4/7/2017 12:52:27 PM

The Fitch View
Key Considerations
• Napier Park has entered into a staff and services agreement and a structuring and advisory
services agreement with RLM, the retention holder for the purposes of risk retention requirements.
• Napier Park has stability in terms of senior portfolio management. These managers average
more than 22 years’ experience in the loan market and have worked together as a team for
over 15 years.
Company
• Through the staff and services agreement, Napier Park provides credit research, risk
management services, a legal and compliance team, a finance team, technology, reporting,
loan execution and certain other middle- and back-office support on an exclusive basis to
RLM-managed CLOs.
• RLM was established by Napier Park in response to risk retention regulations. RLM’s primary
business consists of acting as collateral manager for CLO transactions and related
warehouse facilities and as a holder of CLO retention interests in both the U.S. and Europe.
• Napier Park managed USD3.2 billion in CLO vehicles and another USD8.0 billion in different
leveraged loan vehicles as of Dec. 31, 2016. In August 2011, Napier Park assumed the
management contracts of four Duane Street CLOs from DiMaio Ahmad Capital LLC.
• Senior portfolio managers have an average of 23 years’ corporate loan experience and have
worked together for over 15 years.
• In addition to portfolio managers, the CLOs are supported by seven credit analysts with an
average of 13 years’ experience.
Investments
• Napier Park has an active portfolio management strategy focusing on principal preservation,
supplemented by continuous evaluation of relative value and market standards.
• The investment committee consists of three senior managing directors. Portfolio reviews and
investment decisions are driven from bottom-up credit analysis supported by proprietary research.
• Watch list analysis includes perception of risk and potential for loss with a focus on financial
performance, liquidity, industry deterioration and management dynamics.
• There is a formalized ongoing surveillance through daily review of relevant news related to
names in the portfolio, the general economic and loan environment, price movements,
relative value, industry developments and cash positions.
Controls
• Automated daily credit-risk monitoring process to track portfolio positions and key risks.
• The company has multiple levels of review and oversight to support accuracy of trading,
• Investment risk and CLO performance are monitored through daily reports received by Virtus.
• Risk, valuation, fiduciary, new product and technology steering committees provide
comprehensive oversight and governance.
Operations
• Portfolio management and credit analysis are conducted fully in-house, supplemented by the
use of third-party analytical resources, including Bloomberg, CDO Suite, ALPS and Geneva.
• Reporting services to investors are transparent, investor-centric and well aligned to
underlying asset classes, providing historical data as well as risk analytics.
• There is an established relationship with Virtus and the trustee for a seamless loan
processing platform.
Technology
• An integrated and flexible platform is based on a combination of proprietary analytics and
third-party administration systems, including widely accepted industry systems such as CDO
Suite, ALPS and Virtus.
• Front‐ to middle‐office position monitoring and order management systems are efficient
and robust.
• The business continuity plan is appropriate and tested annually.
PRINT N.indd 205 4/7/2017 12:52:27 PM

Neuberger Berman Group LLC
Founded in 1939, Neuberger Berman Group LLC (Neuberger Berman) is active across a
wide range of investment types, including equities, fixed income, hedge funds and private
equity. As of Dec. 31, 2016, Neuberger Berman and its subsidiaries had USD225 billion in
assets under management (AUM).
Firm Profile
Region(s) of Operation U.S./Europe
Address 1290 Avenue of the Americas
New York, NY 10104
Total Employees/Investment Professionals 1,573/432 (U.S.); 161/56 (Europe)
Active CLOs Under Management 13 (U.S.); 1 (Europe)
Current/Planned Risk Retention Structure Capitalized majority-owned affiliate (C-MOA) (U.S.);
Originator (Europe)
Key Affiliates (Global) Neuberger Berman Investment Advisers LLC (NBIA);
Neuberger Berman BD LLC (NB BD LLC);
Neuberger Berman Loan Advisers LLC (NBLA)

Region(s) U.S./Europe
Loans Managed via CLOs Not Reported
CLO Team Leader(s) Stephen Casey, Joseph Lynch, Pim van Schie (U.S.);
Martin Rotheram (Europe)
Credit Analysts, Non-PMs/Avg. Experience 19 (U.S); 5 (Europe)/11 Years globally

(USD Bil.)
14
12
10
8
6
4
2
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Neuberger Berman Group LLC 189
PRINT N.indd 207 4/7/2017 12:52:27 PM

High Othera
Yield 26.6%
Bonds
10.5% CLO
Investors
48.3%
Othera
89.5%
Pension/
Retirement
aIncludes investment-grade bonds (20.5%), other 25.0%
structured products (2.9%), broadly syndicated loans
(2.3%) and CLOs (2.2%). aIncludes insurance (3.0%).

Other Othera
9.2% 2.2%
Managed
Europe
Funds
16.2%
Managed 25.0%
U.S.
74.6% Accounts
72.8%

Experience (Years)
Stephen Casey Managing Director Loans Senior Portfolio Manager 13 20
Joseph Lynch Managing Director Loans Senior Portfolio Manager 13 19
Tom O’Reilly Managing Director Head of Global Non-Investment Grade
Credit Team and Senior Portfolio Manager 19 27
Dan Doyle Managing Director High Yield/Loan Senior Portfolio Manager 4 32
Russ Covode Managing Director High Yield Senior Portfolio Manager 12 28
Patrick Flynn Managing Director High Yield Senior Portfolio Manager 10 24
Andrew Wilmont Managing Director European High Yield Portfolio Manager 2 19
Martin Rotheram Managing Director Loan Portfolio Manager 10 15
Vivek Bommi Managing Director High Yield Senior Portfolio Manager 9 18
Christopher Kocinski Managing Director Director of Global Non-Investment Grade
Credit Research 10 11
Steven Ruh Senior Vice President High Yield Senior Research Analyst 9 11

LightPoint CLO 2004-1 1/04 Called 306 0 N N — — —
Premium Loan Trust I 11/04 Called 259 0 N N — — —
LightPoint CLO III 6/05 Called 499 0 N N — — —
LightPoint CLO IV 4/06 Called 363 0 N N — — —
Airlie CLO 2006-1 4/06 Called 400 0 N N — — —
PRINT N.indd 208 4/7/2017 12:52:28 PM

LightPoint CLO V 8/06 Called 588 0 N N — — —
LightPoint CLO VII 5/07 Amortizing 450 122 N N — — —
LightPoint CLO VIII 7/07 Called 500 0 N N — — —
Neuberger Berman
CLO XII 8/12 Amortizing 400 371 Y N — — —
Neuberger Berman
CLO XIII 12/12 Reinvesting 415 396 N N — — —
Neuberger Berman
CLO XIV 5/13 Reinvesting 412 400 N N — — —
Neuberger Berman
CLO XV 10/13 Reinvesting 411 400 Y N — — —
Neuberger Berman
CLO XVI 2/14 Reinvesting 572 550 Y N — — —
Neuberger Berman
CLO XVII 6/14 Reinvesting 566 550 Y N — — —
Neuberger Berman
CLO XVIII 11/14 Reinvesting 513 500 Y N — — —
Neuberger Berman
CLO XIX 6/15 Reinvesting 410 402 Y N — — —
Neuberger Berman
CLO XX 10/15 Reinvesting 508 501 Y N — — —
Neuberger Berman
CLO XXI 3/16 Reinvesting 360 360 Y N — — —
Neuberger Berman
CLO XXII 9/16 Reinvesting 400 400 Y N — — —
Neuberger Berman
CLO XXIII 11/16 Reinvesting 400 400 Y N — — —
Total 8,732 5,352

Compliance
Portfolio Balance (EUR Mil.) EU RRc Form
Marquette US/
European CLO PLC 7/06 Called 245 0 N N — —
LightPoint Pan-European
CLO 20 (PE 2006) 1/07 Called 325 0 N N — —
LightPoint Pan-European
CLO 20 (PE 2007) 11/07 Reinvesting 352 111 N N — —
Total 922 111
PRINT N.indd 209 4/7/2017 12:52:28 PM

NBSH ACQUISITION, LLC
100% Employee Owned
Neuberger Berman Group LLC
NB Alternative
Neuberger Berman Neuberger Berman
Neuberger Berman LLC Investment
Europe Limited Singapore Pte. Limited
(Equity Investment Adviser Management LLC
(European Distribution (Singapore Distribution
and Broker Dealer) (Hedge Fund Solutions
and Investment Adviser) and Investment Adviser)
Investment Adviser)
Neuberger Berman Neuberger Berman NB Alternatives

Neuberger Berman
Fixed Income LLC Asia Limited Advisers LLC
Taiwan Limited
(Fixed Income (Asian Distribution and (Private Equity
(Taiwan Distribution)
Investment Adviser) Investment Adviser) Investment Adviser)
Neuberger Berman Neuberger Berman

Neuberger Berman
Management LLC East Asia Limited Neuberger Berman
Trust Companiesa
(Mutual Funds Investment (Japan and South Korea Australia Pty. Limited
(Investment, Fiduciary
Adviser and Limited Distribution and (Australia Distribution)
and Trust Services)
Purpose Broker Dealer) Investment Adviser)
aNeuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A.
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The Fitch View
Key Considerations
• Well-capitalized multistrategy asset management firm.
• Depth of experience of senior managers providing effective leadership.
• Well adhered to and consistent global investment philosophy and process.
• Maintaining consistent CLO AUM given runoff of legacy CLOs continues to be a challenge in
slowing market conditions that affect new CLO issuance.
Company
• In 2009, Neuberger Berman became an independent, employee majority-controlled asset
management firm resulting from a management buyout from Lehman Brothers Holdings Inc.
• CLOs are managed out of Neuberger Berman subsidiary Neuberger Berman Investment
Advisers LLC (NBIA). NBIA’s principal office is located in New York.
• NBIA’s global non-investment-grade credit team had over 45 investment professionals
managing approximately USD39.2 billion as of Dec. 31, 2016.
• NBIA has set up has set up a new capitalized majority-owned affiliate (C-MOA) named
Neuberger Berman Loan Advisers LLC (NBLA) to assist in compliance with risk retention
regulations. NBLA qualifies as a MOA of NBIA, which is the collateral manager of existing
CLOs.
Investments
• Focuses on companies with historically stable cash flows, liquidity and access to capital for
its loan investments.
• Seeks to eliminate less liquid issuers (EBITDA less than USD100 million); most defaulted
and distressed securities; outliers and high default potential issuers.
• The overall investment process is driven by long-standing credit best practices checklist.
• Desired loan portfolio characteristics include average issuer size of 1%; maximum per issuer
of 5%; and an average of 125–175 issuers.
Controls
• Neuberger Berman has approximately 80 legal and compliance professionals globally.
• Oversight is provided by independent Neuberger Berman risk management committee.
• Neuberger Berman has a valuation committee comprising members from operations, risk
management, compliance, mutual fund accounting, trading and investment management.
Committee meets monthly to review all fair valuations, daily as needed for fund valuations.
• Holds weekly morning meetings to review major credit events of the past week, review
portfolio positioning and review expected returns and credit portfolio risk versus benchmarks.
Operations
• Operations support for the CLO platform includes a team of nine professionals working on
trade settlement, portfolio reconciliation, and principal and interest reporting.
• Primary CLO administration and compliance module used is Wall Street Office (WSO).
• Daily CLO cash and position reconciliation with trustee; settled position reconciliation with
agent; system-to-system internal reconciliation.
• Accurate information on ownership position for each asset held in its portfolios via direct link
to WSO.
Technology
• BlackRock’s Aladdin OMS system is used for pre-trade compliance and allocations.
• Portfolio accounting systems include WSO and Portia.
• Cortland Capital Management is used for bank loan settlements and private amendments.
• The firm has developed a customized database containing detailed information on over
2,000 U.S. dollar- and euro-denominated credits. The database provides extensive financial
and capital structure information on each issuer.
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Newfleet Asset Management, LLC
Newfleet Asset Management, LLC’s (Newfleet) only line of business is investment management.
Newfleet receives 100% of its revenue from managing fixed-income products. It provides
investment management services to foundations, endowments, corporations, public funds, multi-
employer plans and mutual funds. It has USD11.8 billion in assets under management (AUM), a
majority of which is represented by mutual funds. Newfleet manages a variable insurance trust,
four closed-end funds, three exchange-traded funds and an offshore fund. Newfleet's business
also includes USD1.2 billion of institutional AUM, which consists of pension/E&F separate
accounts, structured product (CLO/CDO) and sub-advisory.
Firm Profile
100 Pearl Street, 7th Floor
Address
Hartford, CT 06103
Current/Planned Risk Retention Structure Capital to be provided directly by sponsor
Virtus Investment Partners
Key Affiliates (Global) Virtus Investment Partners

Region(s) U.S.
CLO Team Leader(s) David Albrycht, CFA, Kyle Jennings, CFA, Frank Ossino,
Jonathan Stanley, CFA

(USD Bil.)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
Newfleet Asset Management, LLC 194
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Insurance
Broadly 1.4% Pension
Other
Syndicated 1.4%
27.6%
Loans
20.3% Family Office
1.7%
High Yield CLO
CLOs Bonds Investors
3.0% 13.6% 3.0%
Other
Structured 92.5%
Credit
35.5%
Other Managed
4.4% Funds
85.3%
Europe
2.8%
CLOs
U.S. 14.8%
92.8%

Experience (Years)
Kyle Jennings Senior Managing Director Portfolio Manager 18 24
Frank Ossino Senior Managing Director Portfolio Manager 4 21
Jonathan Stanley Managing Director Portfolio Manager 15 19

Compliance
Portfolio Balance (USD Mil.) EU RR U.S. RR Form
Newfleet CLO 2016-1 6/16 Reinvesting 356 355 Y — — — —
Total 356 355
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Virtus Investment Partners, Inc. (NASDAQ: VRTS)
(Delaware, U.S.)
Virtus Partners, Inc.

(Delaware, U.S.)
(Holding Company)
Newfleet Asset Management, LLCa

(Delaware, U.S.)
aNewfleet is one of 11 Virtus Investment Partners.
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NewStar Financial, Inc.
NewStar Financial, Inc. (NewStar) is a credit asset manager focused on middle-market (MM)
corporate credit and liquid credit strategies (broadly syndicated loans [BSL]). Founded in 2004,
it provides a range of senior-secured debt financing options to fund working capital, growth
strategies, acquisitions and equipment purchases for midsized businesses. As of Dec. 31,
2016, NewStar had approximately USD6.7 billion in assets under management (AUM).
Firm Profile
Address 500 Boylston Street, Suite 1250
Boston, MA 02116
Current/Planned Risk Retention Structure Flexible
Key Affiliates (Global) —

Region(s) U.S.
Loans Managed via CLOs >75%
CLO Team Leader(s) Scott D'Orsi, CFA (BSL), Mike Eisenstein, CFA (MM)
Approximate No. of Invested Credits 450 (BSL)/240 (MM)

(USD Bil.)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NewStar Financial, Inc. 197
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Other
1.5%
Other
1%
Broadly
Middle Syndicated U.S.
Market Loans 99%
Loans
65.7% 32.8%

Experience (Years)
Tim Conway Chief Executive Officer — 14 31
Dan McCready Chief Investment Officer — 4 31
Scott D’Orsi Head of Liquid Credit Strategies — 2 25
Mike Eisenstein Treasurer — 12 17
Note: Each PM that is assigned a loan is a member of the committee for that loan.

NewStar Trust 2005-1 8/05 Called 375 0 — — — — —
Avery Street CLO 3/06 Called 300 0 — — — — —
Emerson Place CLO 7/07 Amortizing 350 120 — — — — —
Lime Street CLO 8/07 Amortizing 400 236 — — — — —
NewStar Credit
Opportunities Funding II Ltd. 12/07 Called 560 0 — — — — —
NewStar Commercial
Loan Funding 2012-2 12/12 Amortizing 325 279 Y Y Horizontal — —
Longfellow Place CLO 2/13 Amortizing 515 515 Y — — — —
NewStar Commercial
Loan Funding 2013-1 9/13 Amortizing 400 383 Y Y Horizontal — —
NewStar Commercial
Loan Funding 2014-1 4/14 Reinvest. 348 348 Y Y Horizontal — —
Staniford Street CLO 4/14 Reinvest. 414 414 Y — — — —
NewStar Arlington Senior
Loan Program 6/14 Reinvest. 400 400 Y — — — —
Hull Street CLO 11/14 Reinvest. 515 515 Y — — — —
NewStar Clarendon Fund
CLO LLC 1/15 Reinvest. 400 400 Y Y Vertical — —
NewStar Commercial
NewStar Commercial
NewStar Commercial
Arch Street CLO 9/16 Reinvest. 410 410 Y Y Horizontal — —
NewStar Berkeley Fund
CLO LLC 11/16 Reinvest. 506 506 Y Y Vertical — —
Total 8,838 5,768
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NewStar Financial, Inc.

Delaware Corp | Nasdaq: NEWS
Registered Investment Advisor (RIA)
NewStar Capital NewStar Asset

Various Funds (2) and
LLC (RIA) Management LLC Financing Managed
CLOs (6) managed by
Asset Management Asset Management Subsidiaries (11) CLOs (3)
NewStar Capital LLC
Operating Subsidiary Operating Subsidiary
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The Fitch View
Key Considerations
• Experienced credit team with a history of proven credit performance. Diversified portfolio in terms
of sector and obligor concentration, with an emphasis on first-lien senior-secured loans.
• Recent formation of venture with GSO Capital Partners (the credit division of Blackstone)
and FS Investments (formally Franklin Square Capital Partners) to expand MM lending and
asset management activities.
• Continued growth of CLO business could be pressured given MM loan supply/demand dynamics.
Company
• Established in 2004, NewStar is a publicly held C corporation (NASDAQ: NEWS) that focuses on
MM leveraged loans; it had approximately USD6.7 billion in AUM as of Dec. 31, 2016.
• Venture, formed in late 2014 with GSO Capital Partners (the credit division of Blackstone)
and Franklin Square Capital Partners via an investment of long-term capital, has helped
expand NewStar’s MM lending and asset management activities.
• In October 2015, NewStar acquired Feingold O’Keeffe Capital (FOC), a Boston-based
alternative investment manager focused on broadly syndicated liquid loans with
USD2.3 billion of AUM through CLOs, credit hedge funds and customized accounts.
• FOC currently operates as NewStar Capital LLC, a wholly owned subsidiary a NewStar
Financial, Inc. The investment team and support staffs have been retained from FOC.
• In 2016, NewStar divested both the Business Credit and Equipment Finance business to
shift focus to MM lending activities. Both businesses were sold at a premium to book value
and added to the liquidity position of the company. NewStar also sold nearly all of its
Commercial Real Estate assets.
Investments
• NewStar’s firmwide investment objective is focused on target markets with defensive
industry orientation, consistent and predictable cash flows and businesses with strong and
sustainable competitive advantage.
• The hold-to-maturity strategy employed by the MM team results in strong credit discipline
and minimal portfolio trading. However, it also results in greater participation in the resource-
intensive workout process.
• CreditWizard, NewStar’s proprietary rating system used for its MM platform, assigns ratings
on a 1–12 scale and combines a quantitative rating platform with a qualitative scorecard.
• The NewStar Capital BSL team adheres to a more active trading philosophy with the goal of
maintaining acceptable levels of credit risk. CLO management practices include continuous
portfolio optimization and early identification of heightened risk.
Controls
• Strong focus on compliance from being publicly listed and having two registered investment
advisers (RIA).
• Adequate back- and middle-office resources ensure efficient and adequate management of
CLOs and industry-standard controls.
• Formalized, heightened monthly review and surveillance for potential problem credits, which
are assigned a monitored, watch list or high-attention credit designation.
• Third-party vendor performs complete internal audit of all functions, providing additional oversight.
Operations
• NewStar’s CLO compliance group is independent of the Treasury team, resulting in clear
segregation of duties.
• Daily reconciliation of cash and securities with trustee. Strong relationship and constant
communication with U.S. Bank, as trustee.
• Administrative capabilities reflect a highly qualified and experienced staff interacting with
Technology
• NewStar utilizes both proprietary and best-in-class systems, including CreditWizard (an
internal rating system that combines a quantitative rating platform with a qualitative
scorecard system to determine obligor risk ratings and loss given default). Everest and Wall
Street Office are used by both the MM and BSL teams.
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NXT Capital Investment Advisers, LLC
NXT Capital Investment Advisers, LLC (NXT Advisers) is a wholly owned subsidiary
of NXT Capital, LLC, a middle-market commercial finance company that was
founded by former employees of Merrill Lynch Capital and Heller Financial.
NXT Advisers was formed in 2011; as of Dec. 31, 2016, it had assets under
management (AUM) totaling USD3.7 billion, all invested in middle-market loans.
Firm Profile
191 North Wacker Drive, 30th Floor
Address
Chicago, IL 60606, U.S.
Key Affiliates (Global) NXT Capital, LLC

Region(s) U.S.
CLO Team Leader(s) John Finnerty
Approximate Number of Invested Credits 161

(USD Bil.)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016
NXT Capital Investment Advisers, LLC 201
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Middle CLO
Market Investors
Loans 34.0%
100.0%
Other
66.0%
Managed
U.S. Accounts
100.0% Managed 17.0%
Funds
49.0%
CLOs
34.0%

Experience (Years)
Robert E. Radway Chairman CEO 7 29
John A. Finnerty Senior Managing Director PM 7 29
Joseph N. Lazewski Managing Director PM 7 19

NXT Capital CLO 2012-1 4/12 Amortizing 300 204 Y Y Originator — Horizontal
NXT Capital CLO 2013-1 3/13 Amortizing 350 308 Y Y Originator — Horizontal
NXT Capital CLO 2014-1 4/14 Reinvesting 350 354 Y Y Originator — Horizontal
NXT Capital CLO 2015-1 4/15 Reinvesting 400 403 Y Y Originator — Horizontal
Total 1,400 1,269
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NXT Capital, Inc.
NXT Capital, LLC
NXT Capital
NXT Capital Senior NXT Capital Senior NXT Capital Senior
Investment
Loan Fund II GP, LLC Loan Fund III GP, LLC Loan Fund IV GP, LLC
Advisers, LLC
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The Fitch View
Key Considerations
• Highly experienced senior team with long history of working together.
• NXT Advisers holds 100% of the equity in its CLOs creating strong alignment with investors.
• Employs a hybrid business model combining balance sheet lending and asset management.
• NXT Advisers does not issue CLOs for arbitrage plays.
Company
• NXT Advisers, the CLO collateral manager, is a wholly owned subsidiary of NXT Capital, LLC, a
middle-market commercial finance company. The firm was formed in 2010 by former employees of
Merrill Lynch Capital and Heller Financial.
• NXT Advisers is headquartered in Chicago with seven offices located in major markets across
the U.S.
• The firm has two origination business lines, corporate finance and real estate finance, and
a growing asset management business that invests in loans originated by the corporate
finance team.
• CLOs provide a source of balance sheet financing for NXT Advisers and are not issued
for arbitrage.
Investments
• NTX Advisers’ portfolio management thesis centers on building granular, highly diversified, low
beta portfolios with strong recovery levels in distressed situations.
• Typical hold sizes are less than USD20 million for NXT Advisers.
• Adheres to clearly defined “credit boxes” as part of its loan underwriting process. The credit boxes
have been refined over the last 25 years to consistently build and maintain diversified portfolios.
• NXT Advisers has a 36-member credit and risk management team with senior analysts averaging
13 years of leveraged lending experience.
• A dedicated workout team is in place, with the rest of the team having workout experience as well.
Controls
• Proactive risk management culture, with activities including individual loan reviews, operational risk
management, risk rating implementation and monitoring, data governance, portfolio reporting and
management and maintaining and monitoring compliance with internal policies and procedures.
• All risk ratings on individual loans are updated monthly or quarterly. Risk ratings are initially
determined based on quantitative factors such as fixed charge coverage and loan to value.
• NXT Advisers’ internal loan review group monitors the accuracy and timeliness of loan risk ratings.
• NXT Advisers utilizes a proprietary data warehouse that provides management dashboard and
portfoliowide exception reporting to ensure adherence to policies and procedures and effective
oversight of its portfolios.
Operations
• Loan servicing and CLO administration, including compliance monitoring, trustee tie out, and loan
settlements, are conducted in-house by a 25-member shared services team.
• NXT Advisers uses CDO Sentry from ClearStructure as its front-end CLO portfolio management system.
• Hypothetical (Hypo) trades based on deal team-provided information are run prior to all deal closings.
Technology
• NXT Advisers has a scalable technology platform that adequately supports the current needs of its
business, including applications, network and data storage.
• Formal third-party audits provided by KPMG are conducted annually on NXT Advisers’ internal
technology controls as part of the company’s overall financial audit. No material weaknesses have
been found in these audits.
• Formal business continuity plan is in place to ensure access to critical data and systems in the
event of an emergency, including limited or no access to NXT Advisers’ physical office locations.
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NYL Investors LLC
NYL Investors LLC (NYL Investors) is an affiliate of New York Life Investment
Management LLC (NYLIM) and an indirect, wholly owned subsidiary of New York Life
Insurance Company (New York Life), the largest mutual life insurance company in the U.S.
Founded in 2013, NYL Investors provides institutional asset management, retail
investment and retirement solutions services. As of Dec. 31, 2016, it had assets under
management (AUM) totaling USD235 billion, of which USD13.5 billion was managed by
the high-yield credit group.
Firm Profile
Address 51 Madison Avenue
New York, NY 10010
Year Established 2013 (NYL Investors LLC)
2000 (New York Life Investment Management LLC)
1845 (New York Life Insurance Company)
Assets Under Managementa USD13.5 Bil.
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA)/Other
Key Affiliates (Global) New York Life Insurance Company,
New York Life Investment Management LLC
aHigh-yield credit group.

Region(s) U.S.
CLO Team Leader(s) Robert Dial/Mark Campellone
Credit Analysts, Non-PMs/Avg. Experience 10/19
High-Yield Credit Group Assets Under Management

(USD Bil.)
16
14
12
10
8
6
4
2
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Note: Includes loans and high-yield bonds.
NYL Investors LLC 206
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Broadly CLO
Loans 18.0%
45.2%
Other
15.0%
Insurance
High Yield Bonds
67.0%
54.8%
Managed
Accounts
Managed 18.0%
Funds
64.0%
CLOs
18.0%

Experience (Years)
Robert Dial Managing Director Head of High Yield/Portfolio Manager 15 26
Mark Campellone Managing Director Portfolio Manager/Head of Loan Trading 14 33
Arthur Torrey Managing Director Portfolio Manager − Loans 11 24
Paul Yee Managing Director Portfolio Manager/Head of HY Trading 16 27
Elizabeth Standbridge Managing Director Portfolio Manager − Loans 13 21
David Melka Senior Director Co-Head of Credit Research 19 28
Jeanne M. Cruz Senior Director Co-Head of Credit Research 17 28

Name Pricing Status Original CurrentVR CRR Method Method of RR
Enhanced Loan Facility III 10/01 Called 330 0 N N — — —
NYLIM Flatiron 2003-1 7/03 Called 350 0 N N — — —
Silverado 2006-II 10/06 Amortizing 350 106 N N — — —
Flatiron CLO 2007-1 7/07 Amortizing 350 154 N N — — —
Flatiron CLO 2013-1 11/13 Reinvesting 410 410 N N — — —
Flatiron CLO 2014-1 6/14 Reinvesting 413 413 Y N — Other Horizontal
Flatiron CLO 2015-1 2/15 Reinvesting 412 412 Y Y Originator Other Horizontal
TCI-Flatiron CLO 2016-1
(Sub-Adviser) 6/16 Reinvesting 408 408 Y Y Originator MOA Horizontal
Total 5,154 2,507
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The Fitch View
Key Considerations
• Resources and support from New York Life are substantial and give the management team
added flexibility, especially in terms of executing portfolio ramp-up.
• Cohesiveness of the loan team and experience of senior PMs and credit analysts.
• Smaller new CLO issuance compared with other large institutional managers.
Company
• NYL Investors is an affiliate of NYLIM, one of the largest asset management firms in the
U.S., and is a wholly owned subsidiary of New York Life.
• The high-yield credit group averages 20 years of experience through various credit cycles.
• NYL Investors has the ability to leverage research, analytical and trading resources from its
parent, New York Life, as well as financial resources in the form of investments in CLO
transactions and credit lines for portfolio ramp-up.
• NYL Investors and its affiliates hold either an equity or debt interest in all of its transactions.
Investments
• The focus is on the higher credit quality portion of the loan market — generation of income
and avoidance of losses through credit selection.
• The credit committee consists of five PMs and two co-heads of research.
• Focus is on bottom-up analysis. Significant time is spent on discussions with management
and macro-level issues.
• Credit approval is performed through a disciplined committee-based process in which an
analyst presents to the credit committee, which consists of senior members of the team.
The committee package contents are driven by perceived risk and the team’s determination
of an internal credit rating.
• Credit selection process includes determination of portfolio suitability, which reflects a more
individualized, portfolio-by-portfolio approach to investments.
• Credit analysts are generalists, covering on average three sectors and actively monitoring
approximately 50 credits.
Controls
• Portfolio management takes place through daily monitoring as well as weekly, monthly and
quarterly in-depth reviews covering various aspects of the portfolio, including trends, relative
value, financial statement analysis and new deals.
• The team focuses on credit work prior to purchase and monitoring for significant deviations
in performance.
• Consistent adherence to clearly articulated and balanced investment process.
• Very high standards for risk management and control oversight structure.
• NYL Investors has compliance and governance processes in place to support accuracy of
trading, portfolio management and administration functions.
Operations
• The high-yield credit group is supported by eight dedicated operations professionals and two
legal professionals. The overall operations group consists of 70 individuals.
• Enterprise-level legal and compliance resources are provided to NYL Investors,
demonstrating commitment to best practices across the entities.
• In-depth investor reporting includes a password-protected website that houses a manager
letter, monthly reports, information on quarterly payments, pricing information and commentary.
• Administration is supported by well-documented procedures and active compliance
oversight functions.
Technology
party administration systems, including industry-standard systems such as BlackRock’s
Aladdin platform, Wall Street Office and Thomson Reuters LPC, among others.
• The business continuity plan is appropriate and regularly tested and includes nightly data
backup to a remote secure location.
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Oak Hill Advisors, L.P.
Oak Hill Advisors, L.P. (including its affiliated investment advisers and predecessor firms,
OHA) was founded in 1991 and has 273 employees across offices in six global locations.
OHA invests in leveraged loans, high-yield bonds, structured products and distressed
securities through managed accounts, managed funds and CLOs. As of Jan. 31, 2017,
OHA had global assets under management (AUM) of approximately USD30.6 billion.
Firm Profile
Address 1114 Avenue of the Americas, 27th Floor 45 Pall Mall, 4th Floor
New York, NY 10036 London, U.K. SW1Y 5JG
a
Active CLOs Under Managementa 13 5
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Undetermined
Dedicated Capital to Fund Risk Retention Undetermined Undetermined
Key Affiliates (Global) Oak Hill Advisors (Europe), LLP — Affiliate
a
All AUM figures estimated as of Jan. 1, 2017, pro forma for capital flows during the month of January. Includes net asset
value, portfolio value and/or unfunded capital. Uses respective U.S. dollar exchange rates as of month-end for any non-
U.S. dollar assets. All uninvested capital (including cash) is allocated pro rata among applicable asset classes based on
recent portfolio composition. Additional information on calculation methodology is available upon request. Note: All
employee figures are as of March 2017. OHA has issued two risk retention-compliant CLOs in Europe, both of which rely
on OHA Europe acting as the sponsor and retaining a vertical strip — that is, 5% of each tranche of offered debt and
equity. OHA decided to act as an originator/manager for ECLO V, which closed on Jan. 25, 2017.

Leveraged Loan AUMa USD10.3 Bil. EUR1.7 Bil.
CLO Team Leader(s) Thomas Wong, Doug Henderson T.K. Narayan, Lucy Panter
CLO Portfolio Managers (PMs)/Avg. 1/18 Years 2/25 Years
Experience
Loan Team Credits Per Analyst (including
PMs)b 100 100
a
All AUM figures estimated as of Jan. 1, 2017, pro forma for capital flows during the month of January. Includes net asset
value, portfolio value and/or unfunded capital. Uses respective U.S. dollar exchange rates as of month-end for any non-
U.S. dollar assets. All uninvested capital (including cash) is allocated pro rata among applicable asset classes based on
recent portfolio composition. Additional information on calculation methodology is available upon request. bEach
corporate credit analyst typically covers between two and three industry sectors, with each senior analyst covering
sectors jointly with a junior analyst. Each analyst is familiar, in total, with approximately 100 companies. Of the 100,
approximately 30 credits are actively covered, and, in these cases, an analyst will have a model with a buy/hold/sell
recommendation, actively monitor the company and maintain an ongoing relationship with management. The remaining
approximately 70 companies constitute familiar names in the industry and are used for comparative analysis, as well as
for competitor and valuation purposes.
Oak Hill Advisors, L.P. 209
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Total Assets Under Management
(USD Bil.)
35
30
25
20
15
10
5
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sovereign
Otherc High Yield Funds
22.8% Bonds 12.3%
Family Office, CLO
31.4%
Endowments & Investors
Foundations, 27.6%
Structured Other
Creditb 13.0%
6.6% Insurance
& Financial
Broadly Institutions
Syndicated 2.9%
CLOs Pension
Loansa
28.4% Plans
12.1%
44.2%
aIncludes all leveraged loans excluding CLOs. bIncludes
third-party CLOs. cIncludes distressed, RMBS assets Note: Estimated as of Sept. 30, 2016 on a capital basis.
and whole loans. Note: All AUM figures estimated as of Excludes the Oak Hill Special Opportunities Fund, a joint
Jan. 1, 2017, pro forma for capital flows during the venture with Oak Hill Capital Partners and OHA
month of January. Includes net asset value, portfolio Investment Corporation. CLO investor amount estimated
value and/or unfunded capital. Uses respective U.S. based on the percentage of CLO capital under
dollar exchange rates as of month-end for any non-U.S. management. All other categories adjusted accordingly.
dollar assets. All uninvested capital (including cash) is Includes net asset value and/or unfunded capital.
allocated pro rata among applicable asset classes Additional information on calculation methodology is
based on recent portfolio composition. Additional available upon request.
information on calculation methodology is available upon
request.
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Total AUM By Region Total AUM By Product Type
Managed
Managed Accounts
Funds 41.2%
U.S. 30.4%
37.0%
Europe
40.0%
CLOs
28.4%
Other
23.0%
Note: Percentages and AUM are at the firm level. All
AUM figures estimated as of Jan. 1, 2017, pro forma for
Note: Regions depicted represenative of broader actual capital flows during the month of January. Includes net
range. AUM is at the firm level. Estimated as of Sept. 30, asset value, portfolio value and/or unfunded capital.
2016 on a capital basis. Excludes investors in CLOs, the Uses respective U.S. dollar exchange rates as of month-
Oak Hill Special Opportunities Fund, a joint venture with end for any non-U.S. dollar assets. All uninvested capital
Oak Hill Capital Partners and OHA Investment (including cash) is allocated pro rata among applicable
Corporation. Includes net asset value and/or unfunded asset classes based on recent portfolio composition.
capital. Additional information on calculation Additional information on calculation methodology is
methodology is available upon request. available upon request.

OHA does not have a formal credit committee.

Oak Hill Credit Partners I 10/01 Called 614 0 N N — — —
Oak Hill Credit Partners II 2/03 Called 504 0 N N — — —
Oak Hill Credit Partners III 12/03 Called 505 0 N N — — —
Oak Hill Credit Partners IV 7/05 Called 658 0 N N — — —
OHA Park Avenue CLO I 3/07 Called 563 0 N N — — —
Oak Hill Credit Partners V 9/07 Called 550 0 N N — — —
OHA Intrepid
Leveraged Loan Fund 3/11 Called 413 0 N N — — —
Oak Hill Credit Partners VI 5/12 Called 674 6.4 Y N — — —
Oak Hill Credit Partners VIII 5/13 Reinvesting 415 400 N N — — —
OHA Loan Funding 2013-1 7/13 Reinvesting 511 503 Y N — — —
OHA Loan Funding 2013-2 8/13 Reinvesting 200 196 N N — — —
Oak Hill Credit Partners IX 10/13 Reinvesting 519 500 N N — — —
Oak Hill Credit Partners X 6/14 Reinvesting 777 749 Y N — — —
OHA Loan Funding 2014-1 12/14 Reinvesting 862 850 Y N — — —
OHACP XI 11/15 Reinvesting 408 402 Y N — — —
OHACP XII 1/16 Reinvesting 606 601 Y N — — —
OHA Loan Funding
2012-1 Reset 11/16 Reinvesting 371 361 Y N — — —
OHALF 2015-1 Reset 12/16 Reinvesting 658 652 Y N — — —
OHALF 2016-1 12/16 Reinvesting 609 600 Y N — — —
Oak Hill
Credit Partners VII Reset 12/16 Reinvesting 766 752 Y N — — —
OHALF 2016-1 12/16 Reinvesting 609 600 Y N — — —
OHACP XIII 12/16 Reinvesting 411 400 Y N — — —
Total 12,203 7,572
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Compliance
OHECP I 7/06 Amortizing 446 181 N N — —
OHECP II 6/07 Amortizing 456 196 N N — —
OHECP III 6/15 Reinvesting 417 405 N Y Sponsor Vertical
OHECP IV 12/15 Reinvesting 416 402 N Y Sponsor Vertical
OHECP V 1/17 Reinvesting 479 495 N Y Originator Vertical
Total 2,214 1,679
13 Employee Partners
New York, NY London, Los Angeles, CA Sydney, Hong Kong, Fort Worth, TX
U.S. U.K. U.S. Australia SAR U.S.
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The Fitch View
Key Considerations
• OHA’s 49 partners/managing directors average 22 years of industry experience. There is low
senior management turnover, with continuity in the senior management team throughout
multiple cycles.
• Performance of managed CLOs credited to focused credit research team having a smaller
actively managed credit list than industry averages, resulting in high conviction credit
selection and a focus on downside protection.
• Challenges include maintaining CLO AUM in the face of challenging market conditions for
loan assets and as early CLOs are called.
Company
• OHA is majority owned by its 13 employee partners.
• OHA is a multistrategy platform; strategies include high-yield bonds, leveraged loans,
distressed assets, structured products and mortgage strategies.
• OHA has a diversified global institutional investor base by both type (pension plans,
sovereign funds, family offices, and insurance and financial institutions) and geography
(Europe, Middle East, North America, Asia and Australia).
Investments
• Expertise in examining credits across the capital structure. Focuses on fundamental credit
analysis and downside protection.
• Active portfolio management style, focusing on more liquid assets and names with
large capitalization.
• Top-down portfolio management process with bottom-up credit process is supported by 44
sector-focused corporate credit analysts.
• OHA is comfortable with slightly more concentrated portfolios than those of other asset
managers (position sizes up to 2.5%), with analysts covering approximately 25 names each
and monitoring another 75.
Controls
• OHA has a separate team focused on distressed credit. While OHA does not maintain a
formal watchlist, distressed securities are re-underwritten by the distressed-focused
investment professionals to maintain overall comfort with the investment.
• Credit risk monitoring processes include various daily, weekly, monthly and quarterly
meetings used to aid in the analysis of underlying credit liquidity, financial standing
and industry trends, and processes are supported by the appropriate portfolio
management framework.
• Selective underwriting process results in high turndown rates for new loan issuance.
Operations
• Additional employees in compliance/legal (12), accounting/operations (114) and
CLO accounting/administration (14). The CLO platform has four employees dedicated to
closing loans.
• Dedicated CLO accounting/administration team provides independent trustee reconciliation
and indenture compliance monitoring.
• Daily reconciliations are performed to tie out cash and positions with the trustee.
• Quarterly investor reporting includes a trustee report and newsletter featuring market insight
and commentary, as well as information about particular products; all are accessible through
password-protected website.
Technology
party administration systems, including widely accepted industry systems such as
Black Mountain Everest and Wall Street Office.
• Business continuity and disaster recovery are in place and periodically tested.
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Oaktree Capital Management, L.P.
Oaktree Capital Management, L.P. (Oaktree) is a global investment manager that was
founded in 1995. The company manages approximately USD100 billion across six
strategies: corporate debt, convertible securities, distressed debt, control investing, real
estate and listed equities. Senior loans account for approximately USD11 billion in assets
under management (AUM), with USD6.1 billion managed via U.S. CLOs and warehouses
and EUR1.6 billion managed via European CLOs.
Firm Profile
Address 333 South Grand Avenue, 28th Floor 10 Bressenden Pl, Westminster
Los Angeles, CA 90071 London SW1E, U.K.
Firm Type Global multistrategy asset manager
Year Established 1995 globally
Assets Under Management USD67.3 Bil. EUR14 Bil.
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Sponsor
Key Affiliates (Global) Five main Oaktree operating entities (see Organizational Struc. Chart)

CLO Team Leader(s) Armen Panossian Madelaine Jones, James Turner

(USD Bil.)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Oaktree Capital Management, L.P. 214
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(USD Bil.)
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2009 2010 2011 2012 2013 2014 2015 2016

High Yield Other CLO Investors
Bonds 27.0% 6.0%
24.1%
Insurance
Broadly 9.0%
Syndicated Sovereign
Loans Wealth Funds Endowment
6.5% 8.0% 6.0%
Other
60.6% Family Office/
Middle
Market Loans High Net Worth
5.0% Pension/
CLOs 1.0% Retirement
7.7% 39.0%

Managed
Europe Funds
28.0% 15.0%
Managed
Accounts
14.0%
U.S. CLOs
72.0% 71.0%

Experience (Years)
Armen Panossian Managing Director and Portfolio Manager Portfolio Manager 10 15
Note: Oaktree does not utilize a credit committee for its U.S. senior loan strategies. Investment decisions are made
by portfolio manager Armen Panossian.

Experience (Years)
Madelaine Jones Managing Director and Portfolio Manager Portfolio Manager 14 19
James Turner Managing Director and Portfolio Manager Portfolio Manager 16 20
Note: Oaktree does not utilize a credit committee for its European senior loan strategies. Investment decisions are
made by portfolio managers.
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Oaktree EIF Series I 10/12 Called 380 0 Y N — — —
Oaktree EIF Series II 3/13 Called 762 0 Y N — — —
Oaktree EIF Series III 6/13 Called 656 0 Y N — — —
Oaktree EIF II Series A1 8/14 Reinvesting 708 708 Y N — — —
Oaktree EIF II Series A2 12/14 Reinvesting 553 553 Y N — — —
Oaktree EIF II Series B1 3/15 Reinvesting 500 500 Y N — — —
Oaktree CLO 2014-1 2/14 Reinvesting 517 517 Y N — — —
Oaktree EIF I Series A1 1/16 Reinvesting 435 435 Y N — — —
Oaktree EIF I Series A 3/16 Reinvesting 470 470 Y N — — —
Oaktree EIF III Series I 12/16 Reinvesting 602 602 Y N — MOA Horizontal
Total 6,606 4,808

Arbour DAC 6/14 Reinvesting 375 375 Y Y Sponsor Horizontal
Arbour II DAC 1/15 Reinvesting 375 375 Y Y Sponsor Horizontal
Arbour III DAC 2/16 Reinvesting 414 414 Y Y Sponsor Horizontal
Arbour IV DAC 11/16 Reinvesting 414 414 Y Y Sponsor Horizontal
Total 1,578 1,578
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The Fitch View
Key Considerations
• Global investment manager specializing in sub-investment-grade credit.
• Significant, firmwide resources and an experienced investment staff utilizing a flexible and robust
investment process.
• Demonstrated robust systems and processes that successfully meet the specific operational and
compliance requirements of managing both U.S. and European CLOs.
Company
• Oaktree Capital Management, L.P. is a global alternative investment management firm with a focus
on credit strategies. Today, the firm employs over 900 professionals in 18 cities and 13 countries.
• Most of Oaktree’s income has been derived from realized and unrealized gains on investments.
• Oaktree’s U.S. senior loans strategy began in 2007 and the European senior loans strategy started
in 2009. The European strategy manages loans as portions of pooled vehicles, within a SICAV
structure and as separate managed accounts.
• The U.S. and European CLO teams employ 26 dedicated professionals, including 16 research analysts,
three traders, four CLO support staff and three PMs who have no research responsibilities.
• The team averages 13 years’ investment experience. The U.S. senior loan portfolio manager has
15 years’ investment experience, while the European senior loan co-PMs have 20 and 19 years’
investment experience, respectively.
Investments
• The investment process centers around a fundamental, bottom-up analysis focused on a
company’s financial condition and industry market position. Top-down inputs will be incorporated
into the modeling of key performance indicators, although no attempt is made to time markets.
• The use of a formalized proprietary credit scoring matrix differentiates Oaktree’s credit process
from the peer norm. Each credit’s scoring matrix is updated at the time of any news flow or
company announcement.
• Ten senior analysts on the U.S. and European teams are organized by sector, with six junior
analysts acting as generalists. The investment universe consists of approximately 480 names
across active U.S. and European CLOs. Each analyst actively monitors about 40–50 credits.
• Position sizing and portfolio diversification are at the discretion of the PMs. Sell decisions are based
purely on analysis of the underlying credit and recovery potential, rather than predefined sell triggers.
Controls
• Overall risk oversight is effected through Oaktree’s risk monitoring team led by its investment risk
officer, along with compliance, legal, valuation and internal audit teams.
• Oaktree prefers to be either public or private across the whole business. Appropriate controls are in
place in the case of exceptions.
• Firm-level governance framework is overseen by the board of directors.
• Oaktree is subject to regular external audits in addition to internal audits. No material findings have
been noted.
Operations
• Oaktree’s systems do not have straight-through processing with the trustee. Instead, files are sent via
FTP to the trustee daily to reconcile cash and holdings automatically using SunGard IntelliMatch.
• Loan settlement is conducted by Oaktree’s trade support teams in the U.S. (25 professionals) and
Europe (five professionals).
• CLO compliance testing is effected through CDO Suite. Supplemental reporting for Oaktree
products is available in the form of periodic investment commentary.
Technology
• Historically, Oaktree utilized THS, a proprietary trade order management and compliance system.
• The firm expects to fully transition to a new system, Everest by Black Mountain Systems, and replace
THS by the end of the year. Geneva, an SS&C product, is used as the main accounting system.
• Feeds to some third-party systems (such as the BNY Mellon trustee system) are not fully
automated. Also, the data feed between THS and CDO Suite is not automated. Oaktree is
developing HTML solutions to enable this automation.
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Och-Ziff Capital Management Group LLC
Och-Ziff Loan Management LP and Och-Ziff Europe Loan Management Limited are each
registered investment advisers indirectly owned by Och-Ziff Capital Management Group
LLC (Och-Ziff), a global institutional asset management firm founded in 1994.
Och-Ziff is active across a wide range of products, including multistrategy funds, credit
funds, CLOs, real estate and energy funds. Its diverse investor base includes pensions,
fund of funds, foundations and endowments. As of Dec. 31, 2016, Och-Ziff’s assets under
management (AUM) totaled approximately USD37.9 billion.
Firm Profile
Address 9 West 57th Street, 39th Floor 40 Argyll Street
New York, NY 10019 London, W1F 7EB, U.K.
Total Employees/Investment Professionals 524/154 globally
Current/Planned Risk Retention Structure Capitalized majority-owned Originator/Sponsor
affiliate (C-MOA)
Key Affiliates (Global) Och-Ziff Capital Management Group LLC — Parent

Leveraged Loan AUM USD7.6 Bil. EUR413 Mil.
Loans Managed via CLOs 99.5% 100%
CLO Team Leader(s) Brett Klein Adeel Shafiqullah
U.S. Leveraged Loan Assets Under Management

(USD Bil.)
8
7
6
5
4
3
2
1
0
2012 2013 2014 2015 2016
Och-Ziff Capital Management Group LLC 219
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European Leveraged Loan Assets Under Management
(EUR Mil.)
500
400
300
200
100
0
2016
Europe
5.3% Managed
Funds
0.5%
U.S. CLOs
94.7% 99.5%

Experience (Years)
David Windreich Executive Managing Director Co-Chief Investment Officer 22 33
Harold Kelly Executive Managing Director Head of Global Convertible and
Derivative Arbitrage and Risk Management 21 27
Brett Klein Executive Managing Director Head of U.S. Corporate Credit 14 17

Experience (Years)
Brett Klein Executive Managing Director Head of U.S. Corporate Credit 14 17
Adeel Shafiqullah Managing Director Senior Portfolio Manager, Institutional
Credit Strategies Europe 1 18
Mathieu Clavel Managing Director Head of European Corporate Credit 7 15
Taj Sidhu Managing Director Head of European Private Investments 12 17
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OZLM Funding 7/12 Reinvesting 511 511 Y N — — —
OZLM Funding II 10/12 Reinvesting 560 560 Y N — — —
OZLM Funding III 1/13 Reinvesting 653 653 Y N — — —
OZLM Funding IV 6/13 Reinvesting 600 600 Y N — — —
OZLM Funding V 11/13 Reinvesting 501 501 Y N — — —
OZLM Funding VI 3/14 Reinvesting 621 621 Y N — — —
OZLM Funding VII 6/14 Reinvesting 825 825 Y N — — —
OZLM Funding VIII 8/14 Reinvesting 622 622 Y N — — —
OZLM Funding IX 11/14 Reinvesting 510 510 Y N — — —
OZLM Funding XI 2/15 Reinvesting 511 511 Y N — — —
OZLM XII 4/15 Reinvesting 566 566 Y N — — —
OZLM XIII 7/15 Reinvesting 512 512 Y N — — —
OZLM XIV 12/15 Reinvesting 507 507 Y N — — —
OZLM XV 11/16 Reinvesting 409 409 Y N — — —
Total 7,909 7,909

Compliance
OZLME B.V. 11/16 Reinvesting 413 413 Y Y Originator Vertical
Total 413 413
Och-Ziff Capital Management Group LLC
Sole Shareholder
Och-Ziff Holding Corp.
GP
OZ Management, LP
European
Investment
Investment
Manager
Manager
Och-Ziff Europe Loan

Och-Ziff Loan Management LLC
Management Limited
LP
GP
Och-Ziff Loan Management LLC
Note: As of Dec. 31, 2016. This structure chart reflects the summary ownership of Och-Ziff Europe Loan
Management Limited and Och-Ziff Loan Management LP and is not a complete structure chart of Och-Ziff Capital
Management Group and its group companies and affiliates. This document should be read in conjunction with the
Form 10-K filed by Och-Ziff Capital Management Group LLC on March 1, 2017.
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The Fitch View
Key Considerations
• Diversified asset management platform not significantly dependent on future CLO issuance
to remain viable.
• Incentives (including compensation) and culture facilitate knowledge sharing and
collaboration across all business lines.
• Significant investments were made by the firm to establish CLO business, including hiring
investment professionals with well-established CLO track records and building out
sophisticated proprietary credit research and administration systems.
• Reputational risk in connection with the recent SEC actions involving an Och-Ziff subsidiary,
OZ Africa; mitigated largely by the CLO platform’s non-involvement in the affair.
Company
• Founded in 1994 by Daniel Och, Och-Ziff is a publicly held firm (NYSE: OZM) with product
offerings across multistrategy, credit, real estate and energy.
• Strong employee retention, with senior investment managers having worked together for
over 18 years at Och-Ziff.
• Och-Ziff credit strategies manages assets across the corporate, structured and private credit
markets within opportunistic credit and the performing credit markets within institutional
credit strategies.
• In 2016, Och-Ziff settled with the SEC in connection with accusations of misconduct by
former employees and private investments in Africa. The settlement includes a
USD412 million fine and deferred prosecution agreement for Och-Ziff and a guilty plea by
one of its subsidiaries, OZ Africa Management GP, LLC. Fitch confirmed with members of
the CLO team that the allegations were limited to non-CLO personnel and operations.
Investments
• Portfolios are actively managed, driven by fundamental bottom-up credit analysis and
augmented by relative-value and industry assessments.
• Investment ideas, market trends and portfolio allocation ideas are shared during daily
meetings between portfolio managers (PMs) and analysts.
• Loan management team leverages expertise of other groups at Och-Ziff, such as the equity
group for sector/competitor analysis and distressed credit group for workout guidance.
• Formalized ongoing surveillance process utilizes in-house and third-party systems to track
positions and monitor compliance. Parallel checks of all requirements are performed.
Controls
• Various portfolio and risk management reporting performed by a group separate from PMs.
• Weekly risk management meetings focus analysis on various forms of risk, including
financial, operational, counterparty, alpha generation and CLO exposure.
• Daily credit risk monitoring process includes analysis of underlying credit liquidity, portfolio
cyclicality, currency risk and geographic risk and is supported by appropriate portfolio
Operations
• Investor reporting includes pre-effective date monthly portfolio updates, transaction documents
and quarterly commentary, all of which are available on a password-protected website.
• Allocation of investments is based on the specific needs of each portfolio and facilitated
through automated systems to prevent error.
• All portfolio management and credit analysis functions are conducted in-house. Models are
run daily to ensure compliance with CLO tests.
Technology
• Integrated and flexible platform based on a combination of proprietary analytics, including
the CLO loan asset management system, and third-party administration systems such as the
widely accepted Virtus, ClearPar and Geneva.
• Business continuity plan is appropriate and has been tested. Third-party data and work area
recovery centers are currently located in New Jersey and North Carolina.
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Octagon Credit Investors, LLC
Octagon Credit Investors, LLC (Octagon) is an investment adviser that focuses on the
management of below-investment-grade corporate debt, primarily leveraged loans, high-
yield bonds and structured credit. Octagon was founded in 1994 as a business unit of
Chemical Bank (a predecessor of JPMorgan Chase & Co.) to create an asset
management capability for below-investment-grade corporate debt investments. In
February 2016, Conning & Company (Conning), a Hartford, CT-based investment
management firm, acquired 82.1% of Octagon. Octagon employees continue to own
17.9% of the firm.
Firm Profile
Address 250 Park Avenue, 15th Floor
New York, NY 10177
Firm Type Investment manager
Key Affiliates (Global) Conning & Company — Parent company, Octagon employees

Region(s) U.S.
CLO Team Leader(s) Michael Nechamkin, Lauren Basmadjian, Gretchen Lam

(USD Bil.)
16
14
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Octagon Credit Investors, LLC 223
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Othera Insurance
6.5% 9.1%
Bank
10.6%
Broadly CLO
Syndicated Othera
Investors
Loans 7.0%
73.3%
93.5%
aIncludes managed accounts (3.7%), pension/
aIncludes high-yield bonds (0.8%) and structured credit
retirement (0.6%) and family office/high net worth
(3.2%).
(2.1%).
U.S. Managed
100.0% CLOs
73.4% Funds
8.5%
Managed
Accounts
18.1%

Experience (Years)
Andrew Gordon CEO and Chief Investment Officer Investment Committee Member 23 33
Michael Nechamkin Co-CIO and Senior Portfolio Manager Investment Committee Member 18 26
Lauren Basmadjian Portfolio Manager Investment Committee Member 16 16
Gretchen Lam Portfolio Manager Investment Committee Member 18 18

Octagon II 5/99 Called 1,000 0 N N — — —
Octagon III 12/99 Called 1,000 0 N N — — —
Octagon IV 5/01 Called 377 0 N N — — —
Octagon V 1/03 Called 300 0 N N — — —
Octagon VI 11/03 Called 306 0 N N — — —
Octagon VII 9/04 Called 408 0 N N — — —
Octagon VIII 8/05 Called 459 0 N N — — —
Octagon IX 5/06 Called 400 0 N N — — —
Octagon X 9/06 Amortizing 465 84 N N — — —
Hamlet II 11/06 Amortizing 507 81 N N — — —
Octagon XI 7/07 Amortizing 513 157 N N — — —
Octagon XII 2/12 Amortizing 358 244 N N — — —
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Octagon XIV 12/12 Amortizing 626 626 N N — — —
Octagon XVI 6/13 Reinvesting 518 518 N N — — —
Octagon XVII 8/13 Reinvesting 414 414 N N — — —
Octagon XVIII 12/13 Reinvesting 713 713 N N — — —
Octagon XIX 4/14 Reinvesting 567 567 Y N — — —
Octagon XX 8/14 Reinvesting 770 770 Y N — — —
Octagon Loan Funding 9/14 Reinvesting 413 413 Y N — — —
Octagon XXI 10/14 Reinvesting 763 763 Y N — — —
Octagon XXII 11/14 Reinvesting 722 722 Y N — — —
Octagon 24 5/15 Reinvesting 759 759 Y N — — —
Octagon XXIII 7/15 Reinvesting 609 609 Y N — — —
Octagon XV 2/16 Reinvesting 516 516 N N — — —
Total 16,538 11,011
Conning & Company Octagon Employees
82% 18%
Octagon Credit Investors, LLC
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The Fitch View
Key Considerations
• As a midsized manager, Octagon benefits from good dealer coverage, allocations and
execution while remaining selective on credit and nimble to changes in the market.
• Significant credit resources and experience, with senior management team averaging over
20 years of industry experience and over 15 years’ tenure with Octagon.
• A formalized and disciplined investment process. Octagon has a strong brand name and
significant resources. Benefits include diversified revenues, long-term stability and strong
organizational support for its robust CLO platform.
Company
• A registered investment adviser, Octagon was founded in 1994 to manage the in-house, buy-side
leveraged loan and high-yield bond business of Chemical Bank, a predecessor of JPMorgan
Chase & Co. Octagon was incorporated in December 1998 and separated from The Chase
Manhattan Corporation in 1999 — at the time, it had approximately USD2.1 billion in assets under
management — and has since been independently managed by its employee shareholders.
• Octagon specializes in below-investment-grade leveraged loans and high-yield bonds.
• In February 2016, Conning, a Hartford-based investment management firm, acquired
approximately 82% of Octagon. Octagon employees continue to own approximately 18% of
the firm. From July 2008 until February 2016, Octagon was majority owned by an affiliate of
CCMP Capital Advisors, LLC.
Investments
• Team takes a fundamental credit-driven approach and typically employs an active
trading strategy.
• Analysts identify investment opportunities in both the primary and secondary markets
through industry and company analysis supplemented by information from issuers,
underwriters, agents, and sales and trading desks as well as discussions with
company management.
• Octagon focuses on industry dynamics and competitive environments, performance history
and prospects, investment sponsors and management, projected cash flow generation,
quality and value of underlying collateral, downside protection and relative-value
opportunities within an issuer’s capital structure.
• Investment decisions may also take into account the macroeconomic backdrop, technical
supply and demand, liquidity, and political and regulatory influences.
• Analysts continuously refresh internal ratings and price targets for respective credits.
Portfolio managers adjust positions to optimize relative value in consideration of individual
fund objectives.
Controls
• Octagon’s compliance committee provides trade oversight of areas such as best execution,
trade errors, allocation and aggregation, adherence to investment guidelines and related
issues for all applicable accounts, including the performing loan business.
• Ongoing surveillance includes daily investment committee meetings/office hours as needed,
weekly relative-value discussions and watchlist monitoring and monthly and regular
portfolio reviews.
Operations
• Octagon’s internal accounting team regularly interfaces with each fund’s
trustee/administrator to confirm accuracy and compliance with both Octagon’s and the
respective fund’s operational risk framework. The firm’s internal accounting team generally
reconciles each fund’s cash position on a daily basis.
• Senior management reviews all fund performance and portfolio composition on a regular
basis to monitor compliance with governing documents.
Technology
• Octagon has in place an integrated and flexible platform based on a combination of both
proprietary analytics (internal credit rating and portfolio weighting system) and best-in-class
third-party systems, including Wall Street Office and Everest.
• Octagon maintains a documented business continuity and disaster recovery plan that
includes hourly backup of database servers and daily backup of application and
file servers.
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Palmer Square Capital Management LLC
Palmer Square Capital Management LLC is a Kansas-based investment management firm
that specializes in credit and alternative investments. It was founded in 2009, and as of
Dec. 31, 2016, it had USD3.9 billion in assets under management (AUM), including
USD2.7 billion via eight CLOs.
Firm Profile
Address 2000 Shawnee Mission Parkway, Suite 300
Mission Woods, KS 66205
Key Affiliates (Global) Montage Investments — Parent

Region(s) U.S.
CLO Team Leader(s) Christopher D. Long, Angie K. Long, Matt Bloomfield, Jeff Fox

(USD Bil.)
3.0
2.0
1.0
0.0
2013 2014 2015 2016
Palmer Square Capital Management LLC 227
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Managed
U.S.
Funds
100.0%
30.2%
CLOs
65.2% Othera
4.6%
aIncludes managed accounts.

Experience (Years)
Christopher Long President Portfolio Manager 8 19
Angie Long Chief Investment Officer Portfolio Manager 6 19
Matt Bloomfield Managing Director Portfolio Manager 3 14
Jeffrey Fox Managing Director Structure/Compliance 4 17

Palmer Square CLO
2013-1 5/13 Reinvesting 362 350 Y — — — —
Palmer Square CLO
2013-2 9/13 Reinvesting 464 450 Y — — — —
Palmer Square CLO
2014-1 4/14 Reinvesting 418 400 Y — — MOA Vertical
Palmer Square CLO
2015-1 4/15 Reinvesting 436 426 Y — — — —
Palmer Square CLO
2015-2 6/15 Reinvesting 408 401 Y — — — —
Palmer Square Loan
Funding 2016-1 12/15 Amortizing 200 200 Y — — — —
Palmer Square Loan
Palmer Square Loan
Total 2,738 2,677
Mariner Holdings
Palmer Square Capital Management
Palmer Square Capital Management LLC 228
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PineBridge Investments LLC
PineBridge Investments LLC (PineBridge) is a global asset manager that was originally
formed in 1996 with the consolidation of AIG's various investment entities into a single
platform. Since 2010, it has been majority owned by a subsidiary of Pacific Century Group,
an Asia-based private investment group. As of Dec. 31, 2016, PineBridge had
USD82.7 billion in global assets under management (AUM), USD8.6 billion of which
related to its global leveraged loan operations.
Firm Profile
Address 399 Park Avenue, 4th Floor Exchequer Court, 6th Floor
New York, NY 10022 33 St Mary Axe
London EC3A 8AA U.K.
Assets Under Management USD82.7 Bil. Included in U.S.
Total Employees/Investment Professionals 666/200 Included in U.S.
Current/Planned Risk Retention Structure Capitalized majority-owned
affiliate (C-MOA) Originator
Key Affiliates (Global) Pacific Century Group — Parent

CLO Team Leader(s) John Lapham Evangeline Lim
Approximate No. of Invested Credits 511 Included in U.S.

(USD Bil.)
8
7
6
5
4
3
2
1
0
2011 2012 2013 2014 2015 2016
PineBridge Investments LLC 229
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(EUR Bil.)
1.5
1.0
0.5
0.0
2011 2012 2013 2014 2015 2016
Broadly Othera
Syndicated 40.5% CLO
Loans Investors
10.4% 6.7%
Pension/
Othera Retirement Insurance
89.6% 19.5% 33.2%
aIncludes endowment (0.2%), family office/

aIncludes
high net worth (0.3%), sovereign wealth funds (0.1%)
high yield bonds (3.1%). and bank (0.6%).
Managed
Europe Funds
15.0% 7.0%
CLOs Managed
U.S. 65.0% Accounts
85.0% 28.0%
PRINT P.indd 252 4/7/2017 12:55:52 PM

Experience (Years)
Steven Oh Managing Director, Global Head of Credit and
17 27
Fixed Income Portfolio Manager
John Lapham Managing Director, Co-Head of Leveraged Finance Portfolio Manager 22 36
Julie Bothamley Managing Director Portfolio Manager 17 27
Jeff Baxter Managing Director Director of Research 19 33
Kyle Chung Managing Director Portfolio Manager 14 20

Experience (Years)
Steven Oh Managing Director, Global Head of Credit and
17 27
Fixed Income Portfolio Manager
John Lapham Managing Director, Co-Head of Leveraged Finance Portfolio Manager 22 36
Julie Bothamley Managing Director Portfolio Manager 17 27
Jeff Baxter Managing Director Director of Research 19 33
Evangeline Lim Senior Vice President Portfolio Manager 10 21

Galaxy 1999-1 6/99 Called 1,000 0 N N — — —
Galaxy 2003-1 1/04 Called 300 0 N N — — —
Galaxy III 8/04 Called 350 0 N N — — —
Galaxy IV 3/05 Called 400 0 N N — — —
Galaxy V 9/05 Called 509 0 N N — — —
Galaxy VI 5/06 Called 500 0 N N — — —
Galaxy VII 9/06 Called 453 0 N N — — —
Galaxy VIII 3/07 Called 500 0 N N — — —
Saturn 5/07 Called 500 0 N N — — —
Galaxy X 2/08 Called 350 0 N N — — —
Plymouth Rock 12/10 Called 473 0 N N — — —
Galaxy XI 8/11 Called 403 0 N N — — —
Galaxy XII 4/12 Called 412 0 N N — — —
Galaxy XIV 11/12 Reinvesting 520 466 N N — — —
Galaxy XV 3/13 Reinvesting 598 555 N N — — —
Galaxy XVI 11/13 Reinvesting 414 378 N N — — —
Galaxy XVII 6/14 Reinvesting 465 436 Y N — — —
Galaxy XVIII 8/14 Reinvesting 466 434 Y N — — —
Galaxy XIX 2/15 Reinvesting 510 483 Y N — — —
Galaxy XX 6/15 Reinvesting 556 528 Y N — — —
Galaxy XXI 12/15 Reinvesting 411 391 Y N — — —
Galaxy XXII 7/16 Reinvesting 404 383 Y Y Originator — Horizontal
Total 10,494 4,054
PRINT P.indd 253 4/7/2017 12:55:52 PM

Compliance
Euro-Galaxy 9/06 Called 383 0 N N — —
Euro-Galaxy II 8/07 Amortizing 410 169 N N — —
Euro-Galaxy III 11/13 Reinvesting 335 321 N Y Originator Horizontal
Euro-Galaxy IV 6/15 Reinvesting 335 326 N Y Originator Horizontal
Euro-Galaxy V 11/16 Reinvesting 411 257 N Y Originator Vertical
Total 1,874 1,073
Pacific Century Group and Management
PineBridge Investments, L.P.

(Cayman Islands)
PineBridge Investments LLC
PRINT P.indd 254 4/7/2017 12:55:52 PM

The Fitch View
Key Considerations
• Stable and experienced senior management and investment teams.
• Investment process differentiated by an internal rating scale incorporating both fundamental
and relative-value considerations and the clear definition of rating review triggers.
• Good market access, a function of established and strong relationships with private
equity sponsors.
Company
• PineBridge is an independent, diversified, global asset manager that invests across all major
asset classes and geographies.
• PineBridge is a subsidiary of Pacific Century Group, an Asia-based private investment group
with interests in infrastructure, property and other investments mainly in the Asia-Pacific
region, including Singapore, Hong Kong and Japan. Founded in 1993, Pacific Century Group
is controlled by Richard Li.
• PineBridge has been managing U.S. CLOs since 1999 and European CLOs since 2006. Its
focus is global. CLOs represent a core element of its corporate strategy and a key
component in the development of its loan business, along with offshore funds.
• Governance is via the executive committee, which is closely involved in the business.
Investments
• Clearly defined investment process based on six steps, from deal launch to ongoing
monitoring of the investment.
• Bottom-up credit analysis, combined with top-down views. The process is differentiated by
its focus on developing triggers for each investment to understand its performance with
respect to the investment thesis.
• All new investments are subject to a formalized committee process, which is made up of the
presenting analyst and five senior managers.
• Proprietary scoring model for all preapproved and monitored credits. Result is three
distinct scoring designations for every credit, incorporating both fundamentals and relative-
value considerations.
Controls
• The overall risk control framework is sound, overseen by a head of risk. Risk committee
tasked with operational risk management.
• PineBridge is either public or private on all issuers. Physical and informational barriers that
separate public and private interaction are overseen by compliance and based on clearly
defined policies. A cleansing process exists to control when public/private status changes.
• A separate compliance department is responsible for developing, maintaining and upgrading
policies and procedures manuals for all departments.
Operations
• Operational procedures are sound, employing industry-standard tools such as Sentry PM for
loan/CLO administration.
• PineBridge produces supplemental investor reporting with issuer-specific commentary
(where public) and market overview.
Technology
• PineBridge has a dedicated IT team that manages its bank loan-related systems and
Sentry PM applications.
• CAP, a proprietary tool, is used for issuer monitoring and sharing rating changes/analyst
recommendations.
• LoanX is used for pricing data.
PRINT P.indd 255 4/7/2017 12:55:52 PM

Prudential Fixed Income
Prudential Fixed Income (PFI) is a wholly owned subsidiary of Prudential Global
Investment Management (PGIM), which in turn is owned by Prudential Financial, based in
Newark, NJ. PFI has a diversified global investor base consisting of institutional,
retail, pension funds and sovereign wealth/central banks/government entities. As of
Dec. 31, 2016, it had approximately USD637 billion in assets under management (AUM).
Firm Profile
Address 655 Broad Street
Newark, NJ 07102
Total Employees/Investment Professionals 582/209 (U.S.); 58/28 (Europe)
Active CLOs Under Management 16 (U.S.); 7 (Europe)
Current/Planned Risk Retention Structure Firm capital
Key Affiliates (Global) Prudential Financial (Parent)

Region(s) Global
Leveraged Loan AUM USD13 Bil.
Loans Managed via CLOs 85% (U.S.); 15% (Europe)
CLO Team Leader(s) Brian Juliano, Bent Hoyer (U.S.); Jonathan Butler (Europe)
Approximate No. of Invested Credits 750 (U.S.); 250 (Europe)

(USD Bil.)
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
Prudential Fixed Income 234
PRINT P.indd 257 4/7/2017 12:55:53 PM

High Other
Othera Yield 3.3%
46.0% Bonds
6.9%
Europe
15.9%
Structured
Credit
U.S.
47.1%
80.8%
aIncludes broadly syndicated loans (2.1%) and CLOs

(2.7%).

Othera
2.7%
Managed
Funds
Managed 22.4%
Accounts
74.9%

PGIM does not have a formal credit committee. Signoff is required from the head of credit research, the covering
analyst and the lead portfolio manager for a name to be added as an approved credit.

Dryden XI 5/06 Called 767 0 N — — — —
Dryden XVI 12/06 Called 500 0 N — — — —
Dryden XVIII 10/07 Called 427 0 N — — — —
Gateway CLOa 10/07 Called 501 0 N — — — —
Dryden XXII 12/11 Called 305 0 N — — — —
Dryden XXIII 7/12 Called 411 0 Y — — — —
Dryden XXIV 10/12 Amortizing 520 502 Y — — — —
Dryden XXV 12/12 Reinvesting 624 602 Y — — — —
Dryden XXVI 3/13 Reinvesting 417 401 N — — — —
Dryden XXVIII 7/13 Reinvesting 413 401 N — — — —
Dryden 30 10/13 Reinvesting 516 500 N — — — —
Dryden 31 3/14 Reinvesting 621 600 Y — — — —
Dryden 33 5/14 Reinvesting 812 1,015 Y — — — —
a
Acquired from Duane Street in October 2009. VR – Volcker Rule. CRR – European Capital Requirements
Regulation. RR – Risk retention. Continued on next page.
PRINT P.indd 258 4/7/2017 12:55:53 PM

Dryden 40 7/15 Reinvesting 612 601 Y Y Other Other Vertical
Dryden 42 5/16 Reinvesting 402 402 Y Y — — —
Total 11,927 9,161

Compliance
Gateway IV Euro CLOa 5/07 Called 414 0 N — — —
Dryden XXVII 5/13 Amortizing 502 486 N Y Other Vertical
Dryden 29 12/13 Reinvesting 415 401 N Y Other Vertical
Dryden 46 10/16 Ramp-Up 471 471 N Y Other Vertical
Total 3,490 3,001
a
Acquired from GSC in April 2010. VR – Volcker Rule. CRR – European Capital Requirements Regulation.
Prudential Financial
PGIM
Private Fixed Real Estate

Equity Units
Income Units Equity Unit
Prudential
Fixed Income
Fundamental Quantitative Real Estate Private Real Estate
Equity Equity Debt Placements Equity
PGIM Fixed Income PIMJ PGIM Fixed Income

(London) (Japan) (Singapore)
PRINT P.indd 259 4/7/2017 12:55:53 PM

The Fitch View
Key Considerations
• Benefits of scale as part of a major global asset manager with large global fixed-income and
CLO AUM.
• Stable, experienced and tenured portfolio management and credit teams; majority of key
staff with long tenures.
• Long global track record and established procedures for CLO management
and administration.
• Ongoing challenges will be maintaining credit selectivity and efficiently allocating credit
research resources as coverage grows.
Company
• PGIM has been managing U.S. CLOs since 2002 and European CLOs since 2006. It has
demonstrated its commitment to the CLO market through continued additions of
CLO management mandates and acquisition of CLO management mandates as
replacement manager.
• PGIM’s investor base is highly diversified by region and sector, with no notable
client concentrations.
• The European leveraged finance research team comprised seven analysts as of December
2016 plus the head of European credit research, part of a considerably larger global credit
research function. Team members average 12 years’ experience.
Investments
• Formalized credit research process incorporating top-down and bottom-up elements.
• Top-down provided by in-house macroeconomic research unit of five experienced global
economists complemented by two highly experienced global fixed-income strategists.
• Bottom-up industry and fundamental issuer research covering asset quality, capital structure
and covenants results in scoring of trends and internal ratings, which are updated according
to schedule or market events.
• Credit research covers the majority of the European leveraged issuer market. Credit
research analysts are organized by sector.
• Credit committee with representatives from credit and portfolio management teams
responsible for credit approval. The credit research function retains veto over all issuers.
• CLO team turns down approximately two-thirds of new issues.
• Portfolio construction driven by relative-value rankings determined by portfolio managers
within eligible investment universe determined by credit process and structural constraints.
Controls
• Overall risk control framework based on independent risk management and
quantitative research function (58 analysts) and group compliance resources (43 staff as of
December 2016).
• PGIM is either public or private on all issuers, with the result that it has no conflicts of
interest. Credit and compliance oversee the cleansing process where an issuer goes public.
• Pre- and post-trade CLO compliance testing is effected via Moody’s Wall Street Analytics.
Operations
• All trades are reconciled with the trustee; daily cash reconciliation and monthly position
reconciliation. Straight-through processing to trustee.
• Dedicated settlements team based in London (four loans, two bonds) with wider
global resources.
• Well-resourced global operational team of 186 staff as of December 2016 supporting the
credit and portfolio management functions.
Technology
• PGIM uses Aladdin (BlackRock) for all fixed-income instruments. Aladdin is fed by various
third-party systems (such as Markit Partners and others for pricing) and an internal credit
research module, Galileo. Wall Street Office is used for CLO management and Intex for
portfolio modeling and stress testing.
• A robust business continuity and disaster recovery plan is in place and regularly tested.
PRINT P.indd 260 4/7/2017 12:55:53 PM

Redding Ridge Asset Management LLC
Redding Ridge Asset Management LLC (Redding Ridge) is an SEC-registered investment
adviser specializing in leveraged loans and global CLO management. Redding Ridge was
established and seeded by Apollo Global Management in 2016 in response to risk
retention regulations.
Firm Profile
Region(s) of Operation U.S. and Europe
Address 126 East 56th Street, 25th Floor
New York, NY 10022
Assets Under Management N.A.
Total Employees/Investment Professionals 11/7 (U.S.); 5/4 (Europe)a
Active CLOs Under Management None
Current/Planned Risk Retention Structure U.S.: Capitalized manager vehicle (CMV); Europe: Sponsor
Key Affiliates (Global) Redding Ridge Holdings (Parent)
Managing Directors Bret Leas; Joseph Moroney
Primary Contact Priya Kothary, Head of Business Development
kothary@rram.com
a
Includes both dedicated and shared employees of Redding Ridge Asset Management. N.A. – Not applicable.

Region(s) U.S. and Europe
Leveraged Loan AUM N.A.
Loans Managed via CLOs N.A.
CLO Team Leader(s) Steve Riddell
Credit Analysts, Non-PMs/Avg. Experience 16/7 Years (U.S.); 4/7 Years (Europe)a
Loan Team Credits Per Analyst (including PMs) 30 (U.S.); 25 (Europe)a
Approximate No. of Invested Credits N.A.
a
As per the credit research agreement with Apollo Global Management. N.A. – Not applicable.

Experience (Years)
Stephen Riddell Chief Investment Officer Chief Investment Officer 1 21
Albert Huntington Head of Capital Markets and Banking — 1 11
European Investment Committee

Experience (Years)
Dan Robinson — RR U.K. Management Committee Member 1 17
Alan Kelly — RR U.K. Management Committee Member 1 22
Redding Ridge Asset Management LLC 238
PRINT R.indd 261 4/7/2017 1:06:05 PM

Rothschild Group
The Rothschild Group is a family-controlled and independent global financial advisory
group. The firm’s credit platform, a part of its merchant banking division, had assets under
management (AUM) of EUR3.1 billion as of Dec. 31, 2016, including sub-investment-
grade credit across European and U.S. CLOs, credit funds and managed accounts.
The CLOs are managed by a wholly owned MiFiD subsidiary, Five Arrows Managers LLP.
Firm Profile
Address 633 West 5th Street, Suite 6700 New Court, St. Swithin’s Lane
Los Angeles, CA 90071 London, EC4N 8AL
Assets Under Management EUR1.5 Bil. EUR1.7 Bil.
a
Total Employees/Investment Professionals 31/22 N.A.
Current/Planned Risk Retention Structure Majority-owned affiliate (MOA) Sponsor/Originator
Key Affiliates (Global) Paris Orleans — Parent
a
London employees counted among U.S. N.A. − Not applicable.

CLO Team Leader(s) Mike Hatley Paul Tapper

(USD Bil.)
2.0
1.5
1.0
0.5
0.0
2016
Rothschild Group 239
PRINT R.indd 263 4/14/2017 1:12:58 PM

(EUR Bil.)
1.5
1.0
0.5
0.0
2016

Pension/
Other Retirement
4.5% 8.2%
Othera
9.9%
CLO
Broadly Investors
Syndicated 82.0%
Loans
95.5% aIncludes insurance, at 3.5%
Loan AuM By Region Loan AUM By Product Type
Managed
Funds
Europe 17.2%
50.6%
Other
4.6%
U.S.
49.4%
CLOs
78.2%

Experience (Years)
Mike Hatley Managing Director Chief Investment Officer 20 35
Cheryl Wasilewski Director Credit Analyst 14 32
Helen Rhee Director Credit Analyst 18 28
Heidimarie Skor Director Credit Analyst 15 30
Joy Jacob Director Credit Analyst 8 20
Bradley Bryan Director Credit Analyst 3 29
Todd Solomon Vice President Credit Analyst 1 12
Michael Clancy Managing Director Non-Votinga 4 29
Phil Yeates Managing Director Non-Votinga 21 26
Tim Aylesa Director Non-Votinga 11 11
a
Hold a veto right for purposes of compliance with risk retention regulations.
PRINT R.indd 264 4/7/2017 1:06:06 PM

Experience (Years)
Marc-Olivier Laurent Managing Director Head of Merchant Banking 22 37
Andrew Didham Managing Director Vice Chairman 18 36
Phil Yeates Managing Director Co-Head Debt Fund Management 21 26
Michael Clancy Managing Director Co-Head Debt Fund Management 4 29
John Sealy Managing Director Independent Committee Member 12 22
Debra Lewis Consultant Independent Committee Member 24 24
David Wilson Consultant Independent Committee Member 4 28

ING-Oryx CLO 12/01 Called 409 0 N N — — —
Endurance CLO I 12/02 Called 299 0 N N — — —
WG Horizons CLO I 5/06 Reinvesting 400 133 N N — — —
Ocean Trails CLO I 11/06 Reinvesting 350 163 N N — — —
Ocean Trails CLO II 6/07 Reinvesting 400 291 N N — — —
Ocean Trails CLO IV 8/13 Reinvesting 400 394 Y N — — —
Ocean Trails CLO V 11/14 Reinvesting 408 400 Y N — — —
Ocean Trails CLO VI 4/16 Reinvesting 306 306 Y N Sponsor — Vertical
Total 2,972 1,687

Dalradian European
CLO I B.V. 12/05 Called 350 0 N N — —
Dalradian European
CLO II B.V. 5/06 Called 400 0 N N — —
Dalradian European
CLO III B.V. 10/06 Called 450 0 N N — —
Contego CLO I B.V. 1/07 Called 300 0 N N — —
Dalradian European
CLO IV B.V. 2/07 Called 400 0 N N — —
Contego CLO II B.V. 10/14 Reinvesting 359 350 Y Y Sponsor Vertical
Contego CLO III B.V. 3/16 Reinvesting 307 307 Y Y Sponsor Vertical
Total 2,566 657
PRINT R.indd 265 4/7/2017 1:06:06 PM

Paris Orléans
Rothschild Continuation Holdings AG
Rothschild Bank AG Rothschild & Cie Banque SCS

NM Rothschild & Sons Limited
(Switzerland) (France)
Rothschild Credit Management Limited
Five Arrows LLP
PRINT R.indd 266 4/7/2017 1:06:06 PM

The Fitch View
Key Considerations
• Well-resourced and financially robust parent with a long history of investing in European
secured loans, albeit with relatively low loan and CLO AUM.
• Strong control environment, reflecting the family-owned ethos of the business.
• Good access to information resulting from the (well-controlled) interaction with Rothschild
Group’s strong advisory franchise.
Company
• Rothschild Group conducts its CLO management activities through a dedicated
subsidiary under its merchant banking division. It also manages unlevered funds and
separate accounts.
• Rothschild Group has been investing in European LBO debt since 1989 on balance sheet,
although it largely ceased balance sheet loan investment activities in 2010. It has actively
managed CLOs since 2007 and acquired Elgin Capital in 2011.
• All of the ownership interests of U.S. CLO manager West Gate Horizons Advisors, LLC and
the firm’s five CLOs were acquired by Rothschild North America Holdings, Inc. in September
2015. The resulting CLO management entity in the U.S. became known as Rothschild Credit
Management (North America).
• The European credit management team comprises 19 staff, based in London. The credit
research team consists of seven staff, and there are two dedicated loan traders.
Investments
• The investment process is continuous, based on fundamental bottom-up credit analysis that
is formalized in a weekly credit forum and an investment committee comprising executive
and non-executive members.
• Credit research documented in standardized memos of good quality, with clear credit
recommendations. Rothschild Group benefits from its access to information via the advisory
business (subject to strict compliance oversight).
• There are a total of five PMs, one of whom is responsible for European CLOs and one for
U.S. CLOs. Some of the PMs also have credit monitoring responsibilities.
• Turndown rate of approximately 75% on average.
• PMs are responsible for position sizing, taking into consideration relative value and
diversification. Sales are at the discretion of the PMs.
Controls
• Governance is strong, effected through multiple committees and an advisory board.
Rothschild Group is regulated by the relevant French and U.K. authorities.
• Rothschild Group’s overall risk control framework is robust, reflecting the group structure and
ultimate ownership by the Rothschild family.
• Compliance actively and carefully manages advisory relationships via a “grey list” and
compliance oversight/chaperoning of meetings between the CLO management team and
other areas of the business (advisory and private equity). Furthermore, the CLO team is
effectively public or private only on any name, which mitigates information risk.
• Pre- and post-trade controls are effected via Nexus (see below).
Operations
• Dedicated operations staff of three covering CLO and loan administration.
• Cash is reconciled daily and positions monthly.
• Rothschild Group does not provide supplemental investor reporting for CLOs.
Technology
• Nexus, provided by Virtus, is the key portfolio and CLO management solution, combined
with Excel portfolio monitoring tools. Nexus provides hypothetical-trade functionality and full
cash and position reconciliation. Pricing feeds are from Markit and Bloomberg.
server storage and backups.
PRINT R.indd 267 4/7/2017 1:06:06 PM

Seix Investment Advisors LLC
Seix Investment Advisors LLC (Seix) is a New Jersey-based fixed-income manager whose
primary focus is on institutional investors. On Dec. 16, 2016, Virtus Investment Partners,
Inc. (Virtus) (NASDAQ: VRTS) announced that it had entered into an agreement to
acquire RidgeWorth Capital Management LLC (RidgeWorth), the parent company of Seix.
Upon close of this transaction, anticipated to occur in mid-2017, Seix will become a
boutique subsidiary of Virtus, operating independently. As of Dec. 31, 2016, Seix had
assets under management (AUM) of USD28 billion, with investments spanning syndicated
loans, high-yield bonds and investment-grade bonds.
Firm Profile
Address One Maynard Drive, Suite 3200
Park Ridge, NJ 07656
Key Affiliates (Global) RidgeWorth Capital Management LLC,
Ceredex Value Advisors,
Silvant Capital Management,
Zevenbergen Capital Investments

Region(s) U.S.
CLO Team Leader(s) George Goudelias

(USD Bil.)
14
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Seix Investment Advisors LLC 244
PRINT S.indd 269 4/7/2017 1:24:19 PM

Other CLO
Broadly 15.3% Investors
Syndicated 9.6%
Other
Loans
51.0%
31.0%
Pension/
Retirement
28.3%
High Yield Bonds Managed
18.0% Accounts
46.8%
Europe Managed
3.1% Accounts
Managed 1.0%
Other
6.5% Funds
68.0%
CLOs
U.S. 31.0%
90.4%

Experience (Years)
George Goudelias Head of Leveraged Finance Portfolio Manager 16 30
Vincent Flanagan Portfolio Manager Portfolio Manager 11 20
Ray Kramer Head of Leveraged Finance Research Research 15 35
Mike Kirkpatrick Senior Portfolio Manager Portfolio Manager 15 26
James FitzPatrick Head of Leveraged Finance Trading Portfolio Manager 20 21

Baker Street Funding 2005-1 12/05 Called 350 0 N N — — —
Mountain View Funding 2006-1 4/06 Called 450 0 N N — — —
Baker Street II 9/06 Amortizing 390 88 N N — — —
Mountain View II 10/06 Amortizing 450 198 N N — — —
Mountain View III 4/07 Amortizing 500 145 N N — — —
Grand Horn 12/07 Called 500 400 N N — — —
Mountain View 2013-1 4/13 Reinvesting 400 398 Y N — — —
Mountain View 2014-1 8/14 Reinvesting 500 492 Y N — — —
Mountain View IX Ltd. 5/15 Reinvesting 550 553 Y N — — —
Mountain View X Ltd. 7/15 Reinvesting 400 404 Y Y Originator — Horizontal
Mountain View 2016-1 12/16 Reinvesting 300 301 Y Y Originator C-MOA Horizontal
Total 4,790 2,979
PRINT S.indd 270 4/7/2017 1:24:20 PM

RidgeWorth Capital Management LLCa
AUM USD39.0 Bil.
RidgeWorth Investments
AUM USD297.0 Mil.
Ceredex Value Advisors

AUM USD11.0 Bil.
Seix Investment Advisors LLC

AUM USD27.0 Bil.
Silvant Capital Management

AUM USD1.3 Bil.
Capital Innovationsb
AUM USD7.0 Mil.
WCM Investment Managementb

AUM USD69.0 Mil.
Zevenbergen Capital Investmentsb

AUM USD20.0 Mil.
RidgeWorth Internationalc
Distribution Only – No AUM
aAs of Jan. 31, 2017. Past performance is not indicative of future results. RidgeWorth Investments wholly owns
Ceredex Value Advisors LLC, Seix Investment Advisors LLC and Silvant Capital Management LLC, and has a minority
interest in Zevenbergen Capital Investments (ZCI). Capital Innovations and WCM Investment Management (WCM)
are not affiliated with RidgeWorth Investments, RidgeWorth Funds nor RidgeWorth Distributors LLC. bInvestment
advisory services of Capital Innovations, WCM and ZCI are not available for promotion or sale by RidgeWorth
International. cRidgeWorth International Ltd. is not an investment adviser and does not have any assets under
management. It is a distribution channel for RidgeWorth Capital Management LLC and its wholly owned investment
adviser subsidiaries.
PRINT S.indd 271 4/7/2017 1:24:20 PM

The Fitch View
Key Considerations
• Investment team, consisting of portfolio managers and credit research analysts, has
considerable experience in the loan market, and has had significant stability.
• Bound to a conservative investment philosophy and standardized underwriting process,
Seix has built a solid CLO management track record.
• Transitioning to a new owner will likely create upcoming challenges for Seix as it settles into
its new role within a larger organization; this is mitigated mostly by team’s stability and
experience in CLO management.
Company
• Headquartered in Park Ridge, NJ, with other office locations in Atlanta, GA and Orlando, FL.
• Seix is a wholly owned subsidiary of RidgeWorth Investments. On Dec. 16, 2016, Virtus
announced an agreement to purchase RidgeWorth from Lightyear Capital, a financial
services private equity firm. According to both the announcement press release and Fitch’s
communication with Seix, no material changes are expected for the CLO team as a result of
this transaction. Completion of the sale is expected to occur in June 2017.
• Seix’s investment affiliates include two boutiques, also wholly owned by RidgeWorth, and one
minority-owned boutique, Zevenbergen Capital Management. Investment affiliates are Ceredex
Value Investors, Silvant Capital Management and Zevenbergen Capital Management.
• The leveraged finance team at Seix has 42 investment professionals across credit research,
product specialists, quantitative research and trading.
Investments
• Seix’s main investment philosophy is to have a transparent, repeatable investment process
based on fundamental, bottom-up research. Performance is primarily attributed to the
amount of experience the team has together, combined with a focus on collaboration and
information sharing.
• Investment ideas typically are sourced from the industry analysts. The research team
engages in bottom-up fundamental credit research to identify the strongest and most
undervalued credits.
• Seix internally rates every investment. Ongoing surveillance of credits is performed at least
quarterly. Weekly sector meetings help facilitate the sharing of trends and credit events.
A formal watchlist is maintained and monitored. The research team uses Tamale, a credit
research repository, to house all memos, notes and credit model outputs.
• Seix will implement an automatic formal credit review for an issue if its price falls 5% relative
to its peers.
Controls
• The firm conducts an annual review of its policies and procedures that includes a risk
assessment to identify and prioritize areas of risk, conflict and other firm operations.
• Ashland is retained for GIPS verification; it also conducts an annual SSAE 16 examination of
internal controls of the organization.
• Personal trading activity for all staff is monitored through SunGard Protegent PTA, which
receives broker feeds nightly. The firm has formalized rules for public/private investing.
Operations
• Wall Street Office is used to administer loan assets and to perform daily cash reconciliations
between the CLOs and the trustee. An internal Excel-based model is also maintained as a
third reconciliation and for hypothetical trading scenarios.
• An internal team performs all loan settlements. The robust process has resulted in very good
settlement times versus industry averages.
• Appropriate investor reporting is available via the trustee.
Technology
• Bloomberg AIM is used for trade processing, including pre- and post-trade compliance.
• Markit Partners supplies loan market pricing.
• Tamale is used to store all credit write-ups, memos and research.
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Shenkman Capital Management, Inc.
Shenkman Capital Management, Inc. (Shenkman) provides investment management
services to institutional and individual investors with an investment focus on highly
leveraged companies in the following asset classes: high yield bonds, senior secured
loans, convertible bonds, opportunistic credit, short duration high yield, multi-asset credit,
European/global high yield, and structured credit. Founded in 1985, Shenkman currently
has USD30.8 billion in total assets under management (AUM), including seven CLOs with
loan assets of approximately USD3.0 billion.
Firm Profile
Address 461 Fifth Avenue
New York, NY 10017

Region(s) U.S.
CLO Team Leader(s) David Lerner, Jeffrey Gallo, Brian Goldberg
Loan Team Credits Per Analyst (incl. PMs) 35

(USD Bil.)
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Shenkman Capital Management, Inc. 248
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Other Broadly CLO
15.0% Syndicated Investors
CLOs Loans 10.0%
10.0% 11.0%
Structured Insurance
Credit Other 14.0%
2.0% 53.0%
High Yield Pension/

Bonds Retirement
62.0% 23.0%
Managed
U.S. Accounts
100.0% 49.0%
CLOs
47.0%
Managed
Funds
4.0%

Westbrook 12/06 Called 400 0 N N — — —
Slater Mill 6/12 Amortizing 312 243 N N — — —
Brookside Mill 5/13 Reinvesting 471 438 N N — — —
Sudbury Mill 12/13 Reinvesting 419 394 N N — — —
Washington Mill 5/14 Reinvesting 521 495 N N — — —
Adams Mill 8/14 Reinvesting 522 526 N N — — —
Jackson Mill 5/15 Reinvesting 560 556 N N — — —
Jefferson Mill 7/15 Reinvesting 413 401 N N — — —
Total 3,618 3,052
VR − Volcker Rule. CCR − European Capital Requirements Regulation. RR – Risk retention.
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The Fitch View
Key Considerations
• Highly experienced investment professionals and senior management averaging over
20 years of industry experience.
• Thorough, well-defined credit process focusing on bottom-up analysis to avoid defaults and
preserve capital. Well-defined investment discipline ensures all bank loan investments are
approved before investment decisions are made.
• Overall solid risk management framework and compliance functions. All critical operational
functions are handled in-house with sufficient resources dedicated to these areas.
• Maintaining stability among key staff and preserving the talent pool amid increasing industry
competition remains an ongoing challenge.
Company
• Founded in 1985, Shenkman employs a total staff of 127, including 49 investment
professionals, and has offices in New York, Stamford, CT and London.
• Portfolio management team averages approximately 23 years of industry experience.
Low senior management turnover.
• Invests across the credit universe, from senior secured bank loans, high-yield bonds,
convertible securities and stressed/distressed securities to separate accounts and
commingled funds.
• Segregated departments/teams with clear responsibilities for risk and control, investments
and operations.
Investments
• Investment strategy involves a focus on comprehensive, bottom-up credit research.
The credit research process is highly structured and disciplined, allowing for ease of
replication across all investment products.
• The credit research department is organized by industry specialty. From the initial coverage
of a credit, all new investments are thoroughly researched, assigned an internal credit score
and presented by the analyst to a formal credit committee.
• Proprietary C.Scope© Score is used to assess an issuer’s financial, structural and
technical characteristics.
• Portfolio managers can only select investments from Shenkman’s approved list and interact
daily with the analysts and traders to monitor events and company-specific developments.
• Daily research and credit update meetings and modeling capabilities support the investment
process and discipline of focusing on credit.
Controls
• Robust and deep governance and control structure, with experienced and stable support and
operation teams.
• Ongoing surveillance remains the responsibility of the analyst who originally assessed the
asset. All issuers are reviewed at least on a quarterly basis.
• Formal risk monitoring through portfolio attribution meetings focusing on recent portfolio
construction and how risk characteristics have changed.
Operations
• No outsourcing of critical functions. In-house accounting, administrative back office and legal
teams with experience in leveraged finance, including bankruptcy and workouts.
• Administrative capabilities reflect the highly qualified staff interacting with appropriate
systems and processes.
• High-yield, bank loan and convertible investment products undergo an annual GIPS examination.
• Firm undergoes annual SSAE 16 Type II audit.
Technology
• Efficient and robust order management system and reporting capabilities.
• Use of both widely accepted industry systems and proprietary systems for portfolio management
and administration, including Advent Geneva, Wall Street Office, Electra OpenStaARS, Markit
ThinkFolio, Inforalgo Universal Viewer and Omgeo ALERT & OASYS.
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Sound Point Capital Management, LP
Sound Point Capital Management, LP (Sound Point) is a New York-based investment
advisory firm. Founded in 2008, the company focuses on the corporate credit market and
manages investments through CLOs, managed accounts and managed funds. As of
Dec. 31, 2016, Sound Point had approximately USD10.53 billion in assets under
management (AUM).
Firm Profile
Address 375 Park Avenue, 33rd Floor
New York, NY 10152
48 Dover Street, 1st Floor

London, U.K. W1S 4FF

Total Employees/Investment Professionalsa 54/28
Active CLOs Under Managementa 14
Key Affiliates (Global) Stone Point Capital — Affiliate
a
As of Jan. 31, 2017.

Region(s) U.S.
Leveraged Loan AUM USD9.71 Bil.a
Loans Managed via CLOs 80%a
CLO Team Leader(s) Rick Richert, Renée Gallizzo, Mort Haque
Approximate No. of Invested Creditsb 550
a
As of Jan. 31, 2017. bAs of Feb. 28, 2017.

(USD Bil.)
10.0
8.0
6.0
4.0
2.0
0.0
2009 2010 2011 2012 2013 2014 2015 2016
Sound Point Capital Management, LP 251
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Total AUM By Asset Typea Total AUM By Investor Typea
Other b
Pension/
4.2%
Retirement
High Yield 9.2%
Bonds
5.6% Otherb
Broadly 11.2%
Syndicated CLO
Loans Investors
90.3% 79.7%
aAs of Jan. 31, 2017. bIncludes structured credit, at 0.1%,

aAs of Jan. 31, 2017. bIncludes endowment, at 3.7%.
and CLOs, at 2.4%.
Loan AUM By Regiona Loan AUM By Product Typea

Managed
Funds
U.S. 11.8%
100%
CLOs Managed
67.3% Accounts
20.9%
aAs of Jan. 31, 2017. aAs of Jan. 31, 2017.

Experience (Years)
Stephen Ketchum Managing Partner CIO 8 25
Rick Richert Portfolio Manager PM 6 22
Murtaza Haque Portfolio Manager/Senior Credit Analyst PM 5 17

Sound Point CLO I 9/12 Amortizing 385 210 Y N — — —
Sound Point CLO II 3/13 Reinvest. 379 382 Y N — — —
Sound Point CLO III 6/13 Reinvest. 481 484 Y N — — —
Sound Point CLO IV 11/13 Reinvest. 600 604 Y N — — —
Sound Point CLO V 3/14 Reinvest. 600 600 Y N — — —
Sound Point CLO VI 7/14 Reinvest. 600 606 Y N — — —
Sound Point CLO VII 11/14 Reinvest. 500 502 Y N — — —
Sound Point CLO VIII 3/15 Reinvest. 600 599 Y N — — —
Sound Point CLO IX 5/15 Reinvest. 500 503 Y N — — —
Sound Point CLO X 12/15 Reinvest. 450 454 Y N — — —
Sound Point CLO XI 5/16 Reinvest. 500 503 Y N — MOA Horizontal
Sound Point CLO XII 8/16 Reinvest. 700 701 Y N — — —
Sound Point CLO XIV 11/16 Reinvest. 700 701 Y N — MOA Horizontal
Sound Point CLO XV 2/17 Ramp Up 650 650 Y N — MOA Horizontal
Total 7,645 7,498
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The Fitch View
Key Considerations
• Highly experienced investment professionals and senior management. The average is
18 years’ industry experience.
• Overall solid risk management framework and compliance functions. All critical operational
functions are handled in-house with sufficient dedicated resources.
• Key man risk tied to chief principal Steve Ketchum, although it is largely mitigated by the
ownership structure.
Company
• Established in 2008, Sound Point has 54 employees and offices in New York and London.
• Founded by Stephen Ketchum, who has 25 years of investment experience.
Senior management team averages approximately 18 years of industry experience. There
has only been one senior management departure since inception.
• Extensive industry experience wielded by senior investment professionals, who previously
worked at and/or led loan and credit management firms such as Apollo Management,
MetLife and American Capital Management.
• Sound Point is majority owned by Ketchum and minority owned by certain senior principals
of Stone Point Capital.
Investments
• Investment strategy involves a focus on comprehensive bottom-up credit research and
avoiding overcrowded trades.
• Formalized committee-based decision-making process in place. A commitment, if approved,
is approved across all products. Proprietary tools are utilized to facilitate research,
communication and investment decisions.
• Investment committee consists of all investment professionals, with three senior investment
members as voting members. Internal ratings determined in committee process, with
decisions formed through a consensus-driven approach.
• Covering approximately 55 credits each, 11 research analysts formally review all credits at
least quarterly as part of a comprehensive portfolio review.
Controls
• Robust policies and procedures evidenced by the third-party valuation process and
appropriate reconciliation and settlement process.
• Continuous and open communication with the trustee, which also acts as administrator and
custodian on other Sound Point funds.
• Ongoing surveillance remains the responsibility of the analyst who originally assessed the
asset. All issuers are reviewed at least quarterly.
• The investment process allows replication across all products and provides clear rules
for allocation.
Operations
• Nineteen-member operations team.
• Administrative capabilities reflect the highly qualified staff interacting with appropriate
systems and processes.
• Well-defined and thorough operational procedures, including internal risk controls.
• Automated and integrated daily reconciliation of cash and securities with various trustees, as
well as through appropriate third-party and proprietary systems.
• CLO information is accessed by investors through the trustee website.
Technology
• Appropriate decision-making tools for risk analysis and investment allocation. Sound Point
uses both widely accepted industry systems and proprietary systems for portfolio
management and administration, including Wall Street Office Web, Markit, Advent Geneva,
Bloomberg and Black Mountain Everest.
• Redundancies housed in both a remote site in Arizona as well as Stone Point Capital offices
in Greenwich, CT, including full data and systems backup. All functions are tested annually
for immediate recovery needs.
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Steele Creek Investment Management
Steele Creek Investment Management (Steele Creek) is a Charlotte, NC-based CLO
manager that was established in 2013 by Glenn Duffy, the co-founder and former CIO of
Columbus Nova’s CLO business, and Matt Stouffer, previously managing director at
Deerfield Capital Management. The firm is wholly owned by Moelis Asset Management LP
(MAM), a global independent asset management firm that was founded in 2007.
As of Dec. 31, 2016, Steele Creek had USD1.1 billion in assets under
management (AUM).
Firm Profile
Address 201 South College Street, Suite 1690
Charlotte, NC 28244
Key Affiliates (Global) Moelis Asset Management LP — Parent

Region(s) U.S.
CLO Team Leader(s) Glenn Duffy

(USD Bil.)
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2014 2015 2016
Steele Creek Investment Management 255
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Broadly
Syndicated CLO
Loans Investors
100.0% 100.0%
U.S. CLOs
100.0% 100.0%

Experience (Years)
Glenn Duffy Managing Director Chief Investment Officer 3 27
Matt Stouffer Managing Director Head of Portfolio Management 3 29
Chris Ryan Managing Director Head of Moelis Asset Management 3 32

Steele Creek 2014-1 7/14 Reinvesting 400 402 Y N — — —
Total 1,050 1,057
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Moelis Asset Management
Moelis Capital Partners Collegium Global Partners Gracie Asset Management
Freeport Steele Creek Chamonix Partners Capital

Financial Partners Investment Management Management LLC
Archean Capital Partners
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The Fitch View
Key Considerations
• Experience of senior portfolio managers (PMs) Duffy and Stouffer, who together average
more than 25 years’ industry experience in the loan market and have both had extensive
experience managing CLOs.
• Benefits from resources and commitment of parent with substantial scale (MAM).
• Key man risk tied to Duffy and Stouffer in terms of maintaining growth and execution of the
CLO business.
Company
• Steele Creek is led by Duffy (27 years’ industry experience, including 17 years’ CLO
experience), who was formerly head of research and trading at Columbus Nova, and
Stouffer (29 years’ industry experience, including 14 years’ CLO experience).
• MAM has made both resource and financial commitments to Steele Creek. The resource
commitment involves the provision of certain types of services, such as finance, accounting,
legal, compliance and information technology support, and the financial commitment consists
of both CLO equity co-investment and working capital.
• In addition to PMs, the CLOs are supported by five credit analysts with industry experience
ranging from seven to 22 years, including buy-side, CLO-specific experience ranging from
six to eight years.
• In response to risk retention, MAM and Steele Creek raised Moelis Steele Creek Opportunity
Fund to invest in Steele Creek CLOs and warehouses.
Investments
• As a buy-and-hold manager, Steele Creek constructs portfolios based on bottom-up
fundamental analysis and selectively choosing the top performers on a relative basis across
all sectors.
• Industry factors are considered in both underwriting and portfolio construction, and are used
to determine the relative weighting of positions in CLOs. A 0.50%–0.75% exposure per
issuer is typically targeted.
• As part of the investment committee process, Steele Creek utilizes a proprietary credit rating
system that independently assesses and quantifies each issue.
• The investment committee consists of three senior investment professionals, who together
average 27 years of investment experience.
Controls
• Daily credit risk monitoring process supported by appropriate portfolio
• Multiple levels of review and oversight, including review of risk rules by compliance team,
trustee review, rating agency reviews and weekly portfolio reviews.
• Portfolio management and credit analysis are conducted in-house, supplemented by the use
of third-party analytical resources, including Wall Street Office (WSO).
Operations
• Strong compliance program and culture in place, including formal front-to-back-office work
flows that are integrated into the proprietary Compass system.
• Steele Creek performs both pre- and post-trade compliance testing on all investments.
Technology
• Flexible platform based on a combination of proprietary analytics and third-party
administration systems, including widely accepted industry systems such as Bloomberg
and WSO.
• Proprietary front-end portfolio management system, Compass, is tailored to CLO
management. It provides positions in real time, as well as portfolio attribution analysis, and
acts as the trade order management system.
• Business continuity plan is appropriate and tested annually as necessary.
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TCI Capital Management LLC
TCI Capital Management LLC (TCICM) is a collateral manager and sponsor of CLOs.
As of Dec. 31, 2016, TCICM managed three CLOs and had approximately USD1.4 billion
in assets under management (AUM). TCICM manages loan assets exclusively through
CLOs. TCICM utilizes, and expects to continue to utilize, the investment expertise of
certain third-party sub-advisers to assist in the management of its CLOs.
Firm Profile
Address 399 Park Ave, 22nd Floor
New York, NY 10022
Total Employees/Investment Professionals 18
Current/Planned Risk Retention Structure Manager-owned affiliate (MOA)/
Capitalized manager-owned affiliate (C-MOA)
Dedicated Capital to Fund Risk Retention USD300.4 Mil.
Key Affiliates (Global) Tetragon Financial Group Limited, LCM Asset Management LLC,
TFG Asset Management L.P.

Region(s) U.S.
CLO Team Leader(s) See U.S. Key Personnel section
CLO Portfolio Managers (PMs)/Avg. 4/23 Yearsa
Experience
Credit Analysts, Non-PMs/Avg. Experience 9/15 Yearsa
Loan Team Credits Per Analyst (including 45–50
PMs)
Approximate No. of Invested Credits Over 400
a
TCI Capital Management relies on the services (including, without limitation, investment management services) of
certain affiliated service providers, including LCM Asset Management LLC and TFG Asset Management L.P.
(USD Bil.)
2.0
1.5
1.0
0.5
0.0
2016
TCI Capital Management LLC 259
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Broadly
Syndicated CLO
Loans Investors
100.0% 100.0%
U.S. CLOs
100.0% 100.0%
U.S. Key Personnel

Experience (Years)a
Mike Adams — COO/Legal 11 14
Dagmara Michalczuk — Board of Managers 11 13
Michael Pang — Board of Managers 11 14
Farboud Tavangar — Board of Managers 16 31
a
TCI Capital Management relies on the services (including, without limitation, investment management services) of
certain affiliated service providers, including LCM Asset Management LLC and TFG Asset Management L.P.

TCI-Flatiron CLO 2016 Ltd 6/16 Reinvesting 400 400 Y N — MOA/C-MOA Horizontal
TCI-Symphony CLO
2016-1 Ltd 9/16 Reinvesting 502 502 Y N — MOA/C-MOA Horizontal
TCI-Cent CLO 2016-1 Ltd 12/16 Reinvesting 500 500 Y N — MOA/C-MOA Horizontal
Total 1,402 1,402
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Tetragon Financial Group Limited
Permanent capital company listed on Euronext Amsterdam N.V. and the Specialist Fund Market of the London
Stock Exchange
Tetragon Financial Group Master Fund Limited
Limited Partner Min 20%

Tetragon Credit Income II L.P.
(Risk Retention Party)
Cayman Islands Limited Partner
Risk Retention Investment Collateral Manager/Sponsor

TCI Capital Management LLC
Risk Retention CLO equity investment in CLOs
(TCICM)
managed by TCICM
Delaware
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Telos Asset Management LLC
Telos Asset Management LLC (Telos), a subsidiary of Tiptree Inc., is a New York-based
investment manager that focuses on corporate credit either through managed accounts or
CLOs. As of Dec. 31, 2016, Telos managed seven CLOs and had USD1.9 billion in global
assets under management (AUM).
Firm Profile
Address 780 Third Avenue, Floor 22
New York, NY 10017
a
Key Affiliates (Global) Tiptree Asset Management Company — Parent
Tiptree Inc. — Parent
a
USD1.8 billion of fee-earning AUM.

Region(s) U.S.
CLO Team Leader(s) John J. McCormick III

(USD Bil.)
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Telos Asset Management LLC 262
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CLO
Middle Investors
Market Loans 25.0%
20.0%
Insurance
15.0%
Broadly Bank
Syndicated 50.0%
Loans Pension/
80.0% Retirement
10.0%
U.S. Managed
100.0% Funds
10.0%
CLOs
90.0%

Experience (Years)
John J. McCormick III President and Chief Investment Officer Portfolio Manager 10 29
Jonathan Ilany CEO-Tiptree CEO 3 35
Ro Toyoshima Managing Director Underwriter 10 28
Jonathan Tepper Managing Director Underwriter/Trader 10 19
Elie Doft Vice President Underwriter 10 17
Adam Jakimo Vice President Underwriter/Trader 6 11
Paresh Shah Vice President Underwriter 5 24
Azher Raza Vice President Underwriter 4 14
Gia Small Assistant Vice President Analyst 4 14

Telos 2006-1, Ltd. 11/06 Amortizing 411 34 N N — — —
Telos 2007-2, Ltd. 6/07 Calleda 413 130 N N — — —
Telos 2013-3, Ltd. 2/13 Amortizing 361 361 Y N — — —
Telos 2013-4, Ltd. 4/13 Reinvesting 365 365 Y N — — —
Telos 2016-7, Ltd. 4/16 Amortizing 252 230 Y N — — —
Total 2,575 1,893
a
Deal called on March 10, 2017 and will pay off on April 17, 2017. VR – Volcker Rule. CRR – European Capital
Requirements Regulation. RR – Risk retention.
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Tiptree Inc.
Michael Barnes
Executive Chairman
Jonathan Ilany
Chief Executive Officer
Telos Asset Management Other Tiptree Businesses
John McCormick
President and CIO Fortegra Care
Specialty
Financial Investment
Finance
Corporation Trust LLC
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THL Credit Advisors LLC
THL Credit Advisors LLC and its wholly owned subsidiary THL Credit Senior Loan Strategies
LLC (collectively, THL Credit) manage public and private vehicles through its two primary
business platforms: Direct Lending and Tradable Credit. The Tradable Credit team mainly
invests in syndicated bank loans and high-yield bonds — via CLOs, separate accounts and
commingled funds. THL Credit Senior Loan Services LLC was previously a wholly owned
subsidiary of McDonnell Investment Management, LLC, where, as the alternative credit
strategies group, it provided investment management services. As of Dec. 31, 2016, THL
Credit had approximately USD8.5 billion in assets under management (AUM).
Firm Profile
Address 227 West Monroe Street, Suite 3200
Chicago, IL 60606
Total Employees /Investment Professionals 72/Not Reported
Key Affiliates (Global) THL Credit Advisors LLC,
Thomas H. Lee Partners L.P.

Region(s) U.S.
CLO Team Leader(s) James Fellows, Brian Good

(USD Bil.)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
THL Credit Advisors LLC 265
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Managed
Funds
U.S. 4.3%
100.0%
CLOs
74.0%
Managed
Accounts
21.7%

Experience (Years)
James Fellows Managing Director PM 13 29
Brian Good Managing Director PM 13 29
Robert Hickey Managing Director PM 13 30
Brian Murphy Managing Director PM 13 26
Steve Krull Managing Director PM 13 19
Michael Herzig Managing Director Head of Business Development 9 27

Wind River I 12/04 Called 512 1 N N — — —
Wind River II 9/05 Called 559 1 N N — — —
Gannet Peak CLO 10/06 Called 618 2 N N — — —
Wind River 2012-I 12/12 Reinvesting 514 502 Y N — — —
Wind River 2013-II 11/13 Reinvesting 447 436 Y N — — —
Wind River 2014-II 8/14 Reinvesting 643 619 Y N — — —
Wind River 2014-III 12/14 Reinvesting 409 402 Y N — MOA Vertical
Wind River 2015-I 6/15 Reinvesting 617 607 Y N — MOA Vertical
Wind River 2015-II 9/15 Reinvesting 448 437 Y N — MOA Vertical
Wind River 2016-I 5/16 Reinvesting 608 601 Y N — MOA Vertical
Wind River 2016-II 9/16 Reinvesting 656 652 Y N — MOA Vertical
Total 7,118 5,316
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THL Credit Advisors LLC
Direct Lending Tradable Credit

Middle-market sponsored/unsponsored Senior loans and other high-yielding
non-investment-grade debt credit products
CLO Management
NASDAQ: TCRD
Business Development Company April 2010 IPO
Institutional Funds/Separate Accounts
Institutional Investor NYSE: TSLF

Vehicles/Separate Accounts/Private Funds Closed-End Fund
Note: THL Credit Advisors LLC is the subadvisor of THL Credit Senior Loan Fund (NYSE: TSLF), which launched in
September 2013.

The Fitch View
Key Considerations
• Highly experienced senior team that has been managing CLOs for over 17 years.
• Strong performance track record in long-only bank loans and CLOs. None of the firm’s
issued CLO debt or equity tranches has experienced periodic payment disruption.
• Initiatives designed to automate and streamline the data gathering, reconciliation and
reporting processes will be necessary for the technology platform to remain competitive.
Company
• THL Credit manages public and private vehicles, with approximately USD8.5 billion in AUM
through its two primary business platforms: direct middle-market lending and broadly
syndicated bank loans.
• The Tradable Credit platform currently manages 10 CLOs. The core senior management
team in place has issued 13 CLOs in total while at THL Credit and previous organizations.
• Tradable Credit senior managers have solid backgrounds, averaging 28 years of industry
experience in bank loan investing and risk management.
• Tradable Credit’s low staff turnover; its core senior management team has worked together
for over 18 years.
Investments
• Good access to collateral facilitated by THL Credit’s wider distribution networks with
arranging banks and senior managers’ long-standing relationships with key industry players.
• Investment thesis is to invest in businesses at attractive valuations in various market
environments. Value-oriented credit research with proactive approach to trading.
• Loan analysis includes a review of the overall business, focusing on market sector,
management team, financials and the transaction structure.
• A six-member investment committee meets daily, and more detailed portfolio reviews are
held weekly.
• Experienced PMs with solid level of support, including 12 dedicated credit analysts,
organized by industry, and 13 members in operations and support roles. High level of
workout and restructuring experience within THL Credit.
Controls
• THL Credit has an adequate and well-defined control structure commensurate with the size
of its operations.
• Three staff members dedicated to general compliance for legal/regulatory portfolio
guidelines, plus three additional staff members dedicated to monitoring daily compliance with
CLO investment parameters.
• Rigidly followed sell rules in place that are continuously monitored for possible portfolio
action. Proactive credit and portfolio management style.
• Policies and procedures in place to address any potential conflicts and regulatory, legal and
contractual requirements across the company’s various business lines.
Operations
• Straight-through processing for most portfolios/instruments, with daily reconciliation.
• Wall Street Office (WSO) used as the core CLO administration system, facilitating collateral
administration and compliance monitoring.
• Standard trustee reporting, in addition to manager market commentary, is provided to
investors. PMs are available to discuss queries with investors.
• Established relationships with the various administrators and trustees utilized.
Technology
• Three in-house IT staff member handle programming needs for third-party systems such as
WSO, Intex and various data feeds. THL Credit utilizes a third party, Eze Castle, for
additional IT support and maintenance.
• Proprietary scoring model integrated with Bloomberg Analytics provides team with a
comprehensive database capable of performing multivariate simulations of events that
negatively affect a business or industry.
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Trinitas Capital Management, LLC
Trinitas Capital Management, LLC (Trinitas) is a Dallas-based CLO management firm that
was established in 2015. As of Dec. 31, 2016, Trinitas had USD0.98 billion in assets
under management (AUM) through two CLOs.
Firm Profile
Address 8117 Preston Road, Suite 300
Dallas, TX 75225
Current/Planned Risk Retention Structure Capitalized manager vehicle (CMV)/Originator

Region(s) U.S.
CLO Team Leader(s) Gibran Mahmud

(USD Bil.)
1.0
0.8
0.5
0.3
0.0
2016
Trinitas Capital Management, LLC 269
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Broadly CLO
Loans 100.0%
100.0%
U.S.
100.0% CLOs
100.0%

Experience (Years)
Gibran Mahmud Senior Managing Director CEO 4 19
Nathan Hall Investment Committee Member Investment Committee Member 2 13
Brandon Davis Investment Committee Member Investment Committee Member 2 12

Trinitas CLO IV 5/16 Reinvesting 407 407 Y Y Originator CMV Horizontal
Trinitas CLO V 8/16 Reinvesting 409 409 Y Y Originator CMV Horizontal
Total 816 816
Trinitas Capital Management. LLC TriumphCapital Advisors, LLC

Independent Asset Management Staff and Services Provider
Trinitas Capital Management, LLC 270
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Triumph Capital Advisors, LLC
Triumph Capital Advisors, LLC (Triumph) is a Dallas-based investment management firm.
Established in 2013, the firm focuses on credit investments, with an emphasis on senior-
secured bank loans. As of Dec. 31, 2016, Triumph had USD1.5 billion in assets under
management (AUM) via five CLOs. On March 31, 2017, Triumph announced they were
acquired by investment firm Pine Brook Partners.
Firm Profile
Address 12700 Park Central Drive, Suite 1700
Dallas, TX 75206
Firm Type CLO-focused subsidiary of a bank holding company
Current/Planned Risk Retention Structure Capitalized manager vehicle (CMV)/Originator
Key Affiliates (Global) Triumph Bancorp, Inc. — Parent

Region(s) U.S.
CLO Team Leader(s) Gibran Mahmud

(USD Bil.)
3
0
2014 2015 2016
Triumph Capital Advisors, LLC 271
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Broadly
Syndicated CLO
Loans Investors
100.0% 100.0%
U.S. CLOs
100.0% 100.0%

Experience (Years)
Gibran Mahmud Senior Managing Director CIO 3 18
Davis Deadman Senior Managing Director Credit Committee Member 3 22
Kurt Plumer Managing Director Credit Committee Member 3 24

Doral CLO II 3/12 Called 417 0 N N — — —
Doral CLO III 11/12 Amortizing 311 262 N N — — —
Trinitas CLO I 3/14 Reinvesting 400 396 Y N — — —
Trinitas CLO II 6/14 Reinvesting 416 414 Y N — — —
Trinitas CLO III 5/15 Reinvesting 409 408 Y N — — —
Total 1,953 1,480
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Triumph Bancorp, Inc.
Triumph Capital Advisors, LLC TBK Bank, SSB
Triumph Business Capital Triumph Insurance Group, Inc.
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The Fitch View
Key Considerations
• Support from large, well-capitalized parent company, Triumph Bancorp, providing operational
and financial support as needed.
• Senior managers of CLO team have deep experience together managing CLOs prior to the
formation of Triumph.
• Key man risk remains an ongoing challenge given the responsibilities of three leading
members of the CLO team.
Company
• Senior leadership has extensive experience managing broadly syndicated loans and CLOs
and has longevity as a team that pre-dates Triumph, having worked together since 1999.
Prior CLO experience includes structuring and managing over 30 CLOs (more than
USD28 billion in assets).
• The CLO team comprises 12 investment/credit professionals with operational and
compliance and legal oversight personnel. Overall, the credit research team has long-term
credit experience.
• Triumph benefits from shared resources of the parent company such as compliance, IT,
HR and accounting.
• Triumph established a relationship with a capitalized manager vehicle (CMV), Trinitas Capital
Management, LLC, in late 2015 for the purpose of risk retention compliance. Triumph
expects to generate fee income from U.S. and European risk retention-compliant CLOs
managed by the CMV, where Triumph provides staff and services support.
Investments
• The investment style is to focus on broadly syndicated senior-secured bank loans through
bottom-up fundamental credit analysis. Active management of the portfolio is expected
during loan pricing volatility.
• The credit research team is divided into sector specialization, with each analyst actively
covering approximately 25–30 credits.
• The investment team conducts formal daily credit and trading meetings.
• Monthly watchlist meetings are held to review market trend information and relative value of
holdings compared with the market as an overlay to the fundamental credit work.
Controls
• Each CLO indenture is analyzed to create a customized compliance module facilitating all
relevant tests. All portfolio information is stored centrally, and portfolio analytics are
performed through a web-based tool.
• Hypothetical trades are performed in-house to view the effects of buy or sell
recommendations on indenture tests.
• The investment team maintains internal, formalized concentration limits for obligor, industry
and asset class.
• Each investment undergoes a document review by the chief investment officer and the head
of operations.
Operations
• The operations team is responsible for hypothetical testing, reconciliation of internal
accounting to the trustee daily and monitoring of CLO performance.
• Markit Wall Street Office (WSO) is used to monitor collateral quality, concentration limits and
other indenture tests. The trustee utilizes CDO Suite to monitor indenture compliance.
• Triumph has implemented an order management system developed by Black Mountain
Systems. The platform assists with loan trading and portfolio management.
• Some middle-office functions are outsourced, including loan administration and settlement
(handled by Markit).
Technology
• Triumph utilizes best-in-class systems, including WSO Web, CDO Suite and Black
Mountain Systems.
• Business continuity plan is appropriate and tested. All employees have the ability to work
remotely, and the firm also has physical backup office space. Nightly server backups and
cloud-based access ensure continuation during disaster scenario.
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Valcour Capital Management LLC
Valcour Capital Management LLC (Valcour) is a Stamford, CT-based specialist credit
manager that was founded in 2009. The co-founders and senior portfolio managers (PMs)
all previously worked together at Aladdin Capital Management. As of Dec. 31, 2016,
Valcour had assets under management (AUM) of USD953 million, approximately 95% of
which was invested in syndicated loans.
Firm Profile
Address 201 Broad Street, 8th Floor
Stamford, CT 06901
Assets Under Management USD953 Mil.
Dedicated Capital to Fund Risk Retention Over USD100 Mil.
Key Affiliates (Global) Valcour Capital Holdings LLC

Region(s) U.S.
CLO Team Leader(s) George Marshman, John D’Angelo

(USD Bil.)
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2010 2011 2012 2013 2014 2015 2016
Valcour Capital Management LLC 275
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CLOs
10.0% Bank
25.0%
Other
45.0%
Broadly Insurance
Syndicated 15.0%
Loans
90.0% Pension
15.0%
U.S. Managed
100.0% Funds
5.0%
Managed
Accounts
4.0%
CLOs
91.0%

Experience (Years)
George Marshman Managing Partner Portfolio Manager 7 27
Joseph Schlim Managing Partner Portfolio Manager 7 22
John D’Angelo Partner Portfolio Manager 5 26
Paul Arzouian Senior Credit Analyst Credit Analyst 4 28
Alyse Kelly Senior Credit Analyst Credit Analyst 5 18
Todd Murray Senior Credit Analyst Credit Analyst 5 18
Wim Streeter Senior Credit Analyst Credit Analyst 3 17
Brandon Warner Credit Analyst Credit Analyst 6 10

Crown Point CLO 9/12 Amortizing 250 142 N N — MOA Horizontal
Crown Point II CLO 10/13 Amortizing 250 250 N N — MOA Horizontal
Crown Point III CLO 4/15 Reinvesting 400 402 Y Y Originator MOA Horizontal
Total 900 794
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Valcour Capital Holdings LLC
100%
Valcour Capital Management LLC

PRINT V.indd 305 4/7/2017 1:58:44 PM

The Fitch View
Key Considerations
• Senior PMs’ depth and breadth of experience managing bank loans and CLOs.
They average 20 years’ relevant investment experience, and most recently all core members
were at Aladdin Capital Management.
• Solid financial condition and profitability with one credit opportunities fund and three existing
CLOs. Firm’s legal structure and existing capital lend themselves well to issuing risk
retention-compliant CLOs.
• Key man risk exposure to managing partners and credit research team, although
compensation structure is geared toward retention of key personnel. This challenge is partly
mitigated by significant personal capital and/or equity investments in the business
and CLOs.
Company
• With 11 employees, Stamford-based Valcour has been a registered investment adviser and
a specialist in the leveraged loan market since it was established in 2009.
• Valcour is 90% employee-owned with the remaining 10% held by a long-term
strategic investor.
• Valcour currently manages three CLOs and a credit opportunity fund
• Four dedicated credit analysts are sector generalists and focus on idea generation and credit
and economic research.
• Flat organizational structure allows for flow of information and ideas between credit analysts
and PMs, resulting in efficient execution.
• Valcour owns all of the equity in its CLOs.
Investments
• Portfolios are managed with a “buy-and-hold” philosophy driven by bottom-up credit analysis
and augmented by relative value and market trend considerations.
• Credit selection process is focused on issuers with substantial asset values, operating in
businesses with high barriers to entry and sustainable competitive advantages.
• Credit approval is performed through a disciplined committee-based process in which an
analyst presents to the credit committee. The committee focuses solely on credit through
formal credit write-ups. Key credit considerations are business plan, capital structure and
legal framework.
• Formalized ongoing surveillance process includes maintaining contact with borrowers,
updating sector and industry analysis and comparing actual results with business plans.
Controls
• Non-alpha-generating operations, including HR, IT and legal, are outsourced to
third-party vendors, including a compliance consulting vendor, Mission Critical.
• U.S. Bank as shadow trustee provides an additional level of oversight to support accuracy of
trading, portfolio management and administration functions.
• Valcour has compliance and governance processes in place to support accuracy of trading,
Operations
• Shadow trustee structure facilitates accurate daily reconciliation of cash and securities.
• Flexible web- and Excel-based reporting and monitoring from a proprietary monitoring
database, fully integrated to CDO Suite as administration system and Sentry
PM compliance.
• Efficient and scalable trade processing platform.
• Strong administrative systems are utilized by experienced and stable staff.
Technology
• Integrated and flexible platform that is based on a combination of proprietary analytics and
third-party administration systems including widely accepted industry systems such as CDO
Suite and Sentry PM.
• Business continuity plan is appropriate and tested.
• Numerous redundancies including internet, phone system and computer servers.
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Voya Investment Management Co. LLC
Voya Investment Management Co. LLC (Voya IM) is a wholly owned (100%) subsidiary of
Voya Financial, Inc. (NYSE: VOYA), a Fortune 500 company. As of Dec. 31, 2016, Voya
IM had assets under management (AUM) totaling approximately USD217 billion, of which
its senior loan group represented USD22 billion.
Firm Profile
Address 230 Park Avenue
New York, NY 10169
Key Affiliates (Global) Voya Alternative Asset Management LLC (General Partner);
Voya Financial (Parent)

Region(s) U.S.
Leveraged Loan AUM USD22 Bil.
CLO Team Leader(s) Mohamed Basma, CFA
Approximate No. of Invested Credits 409 (U.S.); 18 (Europe)

(USD Bil.)
25
20
15
10
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Voya Investment Management Co. LLC 279
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CLO
Investors
Broadly 43.0%
Syndicated
Loans
100%
Other a Pension/
47.7% Retirement
9.3%
aIncludes managed accounts, at 3.2%, and insurance,

2.4%
Managed Managed
Funds Accounts
41.2% 8.2%
a
Other Other
5.6% 7.7%
U.S.
94.4%
CLOs
aIncludesCanada (1.99%), Luxembourg (1.43%), and 43.0%
the Netherlands (1.02%)

Experience (Years)
Dan Norman Managing Director Group Head 25 32
Jeff Bakalar Managing Director Group Head and Chief Investment Officer 19 31
Ralph Bucher Senior Vice President Chief Credit Officer 16 32
Mohamed Basma, CFA Senior Vice President Portfolio Manager 17 20
Mark Haak, CFA Senior Vice President Portfolio Manager 18 23
Chuck LeMieux, CFA Senior Vice President Portfolio Manager 19 30
Michel Prince Senior Vice President Portfolio Manager 19 30
Robert Wilson Senior Vice President Portfolio Manager 19 30
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Voya CLO I 11/05 Called 400 0 N N — — —
Voya CLO II 8/06 Called 500 0 N N — — —
Phoenix CLO I 10/06 Called 404 404 N N — — —
Voya CLO III 12/06 Amortizing 500 84 N N — — —
Phoenix CLO II 3/07 Called 669 0 N N — — —
Phoenix CLO III 5/07 Called 500 0 N N — — —
Voya CLO IV 6/07 Amortizing 500 186 N N — — —
Voya CLO V 8/07 Called 500 0 N N — — —
Voya CLO 2011-1 6/11 Called 410 0 N N — — —
Voya CLO 2012-1 3/12 Called 362 0 Y N — — —
Voya CLO 2012-2 8/12 Amortizing 362 352 Y N — — —
Voya CLO 2012-3 10/12 Amortizing 466 459 Y N — — —
Voya CLO 2012-4 11/12 Reinvesting 414 414 Y N — — —
Voya CLO 2013-2 4/13 Reinvesting 470 470 N N — — —
Voya CLO 2013-3 12/13 Reinvesting 518 518 N N — — —
Voya CLO 2016-2 7/16 Reinvesting 407 407 Y N — MOA Vertical
Total 13,779 9,692
Voya Financial, Inc.
Lion CT Holdings
Voya Investment Management Co. LLC
Voya Investment Management Alternative Assets LLC
Voya Alternative Asset Management LLC
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The Fitch View
Key Considerations
• Voya IM has a strong business franchise, a high level of focus on leveraged loans and an
experienced and stable management team.
• Depth of experience of senior managers providing effective leadership. Stability of
management team, with senior staff having worked together for over 15 years.
• Voya continues to develop enhanced portfolio management tools to address the more
detailed analysis required for bank loan investments.
Company
• Voya IM is a leading U.S.-based active asset management firm with over 40 years of
experience in investment management. Voya IM manages CLOs through Voya Alternative
Asset Management LLC, an indirect, wholly owned subsidiary of Voya Financial, Inc.
• The senior loan group’s investments are focused on the syndicated loan market; the group
has been an active CLO issuer since 2005.
• Senior management team at the senior loan group averages approximately 28 years of
industry experience and 18 years of working together.
• During the first quarter of 2010, the senior loan group assumed management of three CLOs
originally managed by Avenue Capital.
Investments
• The senior loan group’s investment objective is total return oriented with a high-quality bias.
• The senior loan group follows a robust, seven-stage investment process that targets higher
quality non-investment-grade loans that exhibit attractive relative value within the
asset class.
• More actively traded loans are also targeted to allow for better trade execution in times of
stress. Fundamental credit analysis is relied on to identify value opportunities.
• Credit analysts are responsible for ongoing surveillance. At the time of initial approval, risk
parameters and surveillance criteria are set for each credit. All credits are reviewed quarterly
or monthly if applicable, and exposure is reduced if there is heightened concern over a
specific credit.
Controls
• Voya IM provides strong corporate governance oversight. As a subsidiary of Voya Financial,
Voya IM is subject to external audits as applicable to its parent.
• The senior loan group has a four-member investment compliance team that reports to its
head of treasury and operations. Separately, three members from Voya IM’s compliance
department are assigned to oversee compliance of the senior loan group with all applicable
rules, regulations and investment restrictions, such as prospectuses and indentures.
• Control objectives are demonstrated by redundancies in the trustee interface reconciliation
process and quarterly checks of all transactions by an external auditor.
Operations
• The senior loan group is supported by a 27-person operations team focused on trustee,
custodian and analyst support, treasury and settlements, and CLO and fund compliance
reporting, among other areas.
• CLO cash flows are managed through Wall Street Office (WSO).
• Standard trustee reporting is provided to investors, and portfolio managers are available for
investor inquiries.
Technology
• The senior loan group has established a robust proprietary asset management system,
Research Delivery System, for managing loans and CLO portfolios
• Appropriate decision-making tools for risk analysis and investment allocation. Voya IM uses
both widely accepted industry systems and proprietary systems for portfolio management
and administration, including WSO, Markit Loans, Inc./Loan Pricing Corporation, Thomson
Financial/Reuters/Dow Jones Wire, Bloomberg/FactSet and rating agency data feeds
and research.
• Voya IM maintains a working disaster recovery and business continuity plan that includes
offsite working capabilities and definitive time schedules for recovering critical systems.
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Wellfleet Credit Partners, LLC
Wellfleet Credit Partners, LLC is the performing credit platform for Littlejohn & Co, LLC.
Littlejohn & Co, LLC was established in 1996 and is an equity and credit investor focused
on middle market private equity, distressed and stressed securities, and broadly
syndicated loans. Wellfleet Credit Partners, LLC’s CLO management platform launched its
first CLO transaction in September 2015. As of Dec. 31, 2016, the firm was managing
three CLOs and had USD1.1 billion in global assets under management (AUM).
Firm Profile
Address 8 Sound Shore Drive
Greenwich, CT 06830
Key Affiliates (Global) Littlejohn & Co, LLC — Parent

Region(s) U.S.
CLO Team Leader(s) Scott McKay, Dennis Talley

(USD Bil.)
1.5
1.0
0.5
0.0
2015 2016
Wellfleet Credit Partners, LLC 283
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Middle CLO
Market Loans Investors
1.0% 100.0%
Broadly
Syndicated
Loans
99.0%
CLOs
Other 100.0%
5%
U.S.
95%

Experience (Years)
Name Title Role Firma Industry
Scott McKay Managing Director PM 2 11
Dennis Talley Managing Director PM 2 22
Robert Davis Managing Director/Partner PM 12 29
Richard Maybaum Managing Director/Partner PM 12 27
a
Duration of employment with Littlejohn & Co.

Wellfleet CLO 2015-1 Ltd. 8/15 Reinvesting 360 356 Y N — — —
Wellfleet CLO 2016-1 3/16 Reinvesting 359 350 Y N — MOA Horizontal
Wellfleet CLO 2016-2 11/16 Reinvesting 406 400 Y N — MOA Horizontal
Total 1,125 1,106
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Littlejohn & Co, LLC
Private Equity Cetus Capital, LLC Wellfleet Credit Partners, LLC
Littlejohn Private Equity Funds (Fund V) CLOs
Opportunities Funds Separately Managed Accounts
Separately Managed Accounts
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The Fitch View
Key Considerations
• Benefits from resources and commitment of parent, Littlejohn & Co, LLC (Littlejohn), a firm
with a track record in private equity and distressed credit investments and ability to provide
capital to grow Wellfleet Credit Partners, LLC (WCP).
• Thorough, well-defined credit process focusing on bottom-up fundamental analysis and
investment style dedicates strong conviction by selectively choosing core investments and
not over-diversifying portfolios.
• Key man risk tied to portfolio managers Scott McKay and Dennis Talley in terms of
maintaining growth and execution of the CLO business.
Company
• WCP is the performing credit investment platform of Littlejohn and is the group responsible
for managing the CLO business. Littlejohn is the named registered investment adviser, with
WCP a wholly owned subsidiary.
• Littlejohn was established in 1996 and has a focus on middle market private equity,
distressed credit and broadly syndicated leveraged loans.
• WCP is led by portfolio managers Scott McKay and Dennis Talley; together, they have more
than 30 years of experience in leverage finance and previously managed USD1.5billion of
CLO AUM at another firm.
• WCP is further supported by five investment professionals (average of 10 years’ experience)
with approximately 40 credits per analyst.
Investments
• Investment style focuses on loss avoidance through establishing core portfolio positions and
focused research on these anchor investments. A goal of this focused investment strategy is
capital preservation by identifying credits that should be exited before they have drifted from
original underwriting thesis.
• Industry factors are considered in both the underwriting and portfolio construction with a
focus on traditional leverage finance sectors and underweighting sectors such as energy,
financial services and gaming (investment restrictions).
• Credit underwriting is focused on valuation, historical and projected financials, and quality of
management, industry trends and structure, and competitive advantages, among other factors.
• The investment process is formalized with each credit requiring full credit underwriting and
unanimous approval of the investment committee. The investment committee comprises
portfolio managers of WCP and senior credit members from Littlejohn.
Controls
• Formalized ongoing surveillance process involves daily meetings covering market trends and loan
performance as well as CLO portfolio compliance. Quarterly portfolio reviews are conducted with
formal updates to projections and performance trends provided to the entire team.
• Broad market trends are discussed to ensure appropriate risk management oversight of
Littlejohn’s separate business units. Strategic business decisions are discussed, and a
management committee ensures sharing of information across strategies.
• Internal compliance function well established with Littlejohn CFO acting as compliance
officer. Involvement of external compliance firm to help establish and review policies and
procedures and conduct mock audits.
Operations
• Strong compliance program in place with front-end portfolio management reporting,
order management system, cash settlement and CLO compliance run in house that meets
industry standards.
• Middle-office functions are outsourced to Virtus Partners.
Technology
• Flexible platform based on a combination of proprietary analytics and third-party
administration systems, including widely accepted industry systems such as Bloomberg and
Capital IQ.
• Front-end portfolio management system is tailored to CLO management. Proprietary
portfolio compliance monitoring allows for real time feedback to portfolio managers.
• Business continuity plan is appropriate and tested as necessary.
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York CLO Managed Holdings, LLC
York CLO Managed Holdings, LLC is the CLO management arm of York Capital
Management Global Advisors, LLC (York), which was founded in 1991 and oversees
USD16.2 billion in global assets under management (AUM). York’s credit business invests
across special situations, arbitrage and distressed strategies. As of Dec. 31, 2016,
York CLO Managed Holdings, LLC managed four CLOs with USD1.7 billion in AUM.
Firm Profile
Address 767 Fifth Avenue, 17th Floor
New York, NY 10153
Total Employees/Investment Professionals 153/40 (U.S.); 26/16 (Europe); 14/7 (Asia)
Key Affiliates (Global) York Capital Management Global Advisors LLC — Parent

Region(s) U.S.
CLO Team Leader(s) Rizwan Akhter

CLO
Other Investors
Broadly 38.0% 10.0%
Syndicated
Loans
Endowment
5.4%
11.0%
Other CLOs
85.5% 9.1%
Pension/
Bank
Retirement
17.0%
24.0%
York CLO Managed Holdings, LLC 287
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Other
12.2%
Managed
Funds
43.5%
Europe
11.4%
CLOs
56.5%
U.S.
76.4%

Experience (Years)
Rizwan Akhter Managing Director Portfolio Manager 2 22
William C. Vrattos Partner Head of Global Credit 14 24
Jeanne L. Manischewitz Partner Co-Head of North America Credit 11 20

York CLO-1, Ltd. 12/14 Reinvesting 400 401 Y N — — —
Total 1,700 1,703
York Capital
Management Europe
(UK) Advisors, L.L.P.
York Capital Investment York Capital
Management Global Advice Management (US)
Advisors, LLC Subsidiaries
Advisors, L.P.
General Partners/
Administrative Entity
Investment Managers
York Capital
Management Asia
(HK) Advisors Ltd.
Funds CLOs
Investment Management Fee
Advice
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The Fitch View
Key Considerations
• Strong credit resources stemming from large research team with significant experience
across credit asset classes.
• Diversified asset management platform; revenue not dependent on future CLO issuance to
remain viable.
• Significant employee capital invested in the firm’s funds and institutional structure support
future risk retention compliance.
• Ability to scale broadly syndicated loan platform while maintaining competitive advantages
with allocations remains an ongoing challenge.
Company
• Founded in 1991, York manages USD16.2 billion in assets. The firm’s credit business
focuses on distressed credit investing, high yield and European distressed investing.
• The collateral manager for the CLOs is York CLO Managed Holdings, LLC, a wholly owned
subsidiary of York.
• In total York has significant resources with 193 employees. The global credit investment
team comprises 27 investment professionals with average experience of approximately 13
years.
• The CLO platform also benefits from dedicated operations personnel and systems, but is
able to leverage off York’s larger infrastructure including 63 investment and 130 non-
investment professionals.
Investments
• Investment objective is focused on using the knowledge and experience of investment
professionals across asset classes, industries and geographies to apply a fundamental,
research-driven approach. Investment style seeks to limit losses due to idiosyncratic risks
and downside credit risk protection.
• York implements this investment style for its CLOs through maintenance of a diverse
portfolio with a focus on liquid loans. For investments in less liquid loans, conviction must be
very high with favorable risk/return profile.
• The CLO credit underwriting process is formalized and every credit goes through an initial
screening process, followed by a detailed fundamental credit analysis, culminating in a
formal, written credit report.
• Dedicated traders maintain street relationships and execute trades. Trading takes into
account market technical analysis and discussions between portfolio manager and traders.
Controls
• Ongoing risk management is performed through formal portfolio reviews and is dependent
on credit surveillance by sector and obligor and macro market views. Active portfolio
rebalancing as a result of risk management to reflect changes in credit or broad
market movements.
• Risk management of CLOs supported by robust integration of Wall Street Office (WSO) Web
for portfolio reporting and WSO Compliance for indenture test reporting requirements.
• Independent operations team proactively ensures compliance with investment guidelines
and conducts both pre- and post-trade compliance.
Operations
• Strong administrative systems and procedures are utilized by experienced and
stable staffing.
• In addition to daily cash and position reconciliation, York maintains parallel WSO system to
ensure trustee reporting accuracy.
• CLO platform benefits from support from broader York operations staff including
HR, marketing and legal.
Technology
• The CLO platform benefits from technology resources of York.
• Business continuity plan is appropriate and tested.
• Disaster recovery includes offsite backup, remote access and complete data and
network redundancies.
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ZAIS Group, LLC
ZAIS Group, LLC (ZAIS) was established in 1997 by Christian Zugel. As of Dec. 31, 2016,
it had approximately USD3.4 billion in assets under management (AUM) globally across
three main investment strategies: mortgages (primarily RMBS/residential whole loans),
corporate strategies and structured products. ZAIS currently manages five U.S. CLOs.
Firm Profile
Address Two Bridge Avenue, Suite 322
Red Bank, NJ 07701
Key Affiliates (Global) ZAIS Group Holdings — Parent

Region(s) U.S.
CLO Team Leader(s) Vincent Ingato

(USD Bil.)
2.0
1.5
1.0
0.5
0.0
2013 2014 2015 2016
ZAIS Group, LLC 290
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Loan AUM By Investor Type Total AUM By Product Type
Insurance Managed
9.0% Pension/ Accounts
Retirement 10.6%
5.0% Otherb
a
51.7%
Other
44.0%
Managed
Fundsa
Bank 37.7%
42.0%
aThisis a combined representation of ZAIS Group
Master Fund and Fund of Ones. bThis is a combined
aIncludes asset manager, at 38%, and hedge fund, at representation of ZAIS Group Structured Vehicles
2%. and Other.
Loan AUM By Region
U.S.
100.0%

Experience (Years)
Vincent Ingato Portfolio Manager, Managing Director Leveraged Finance 3 34
John Doyle Director Leveraged Finance 3 30
Brian O’Leary Director Leveraged Finance 2 34
John Veidis Director Leveraged Finance 3 26

ZAIS CLO 1 2/14 Reinvesting 310 305 Y N — — —
ZAIS CLO 4 4/16 Amortizing 281 276 Y N — — —
Total 1,743 1,715
ZAIS Group, LLC 291
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ZAIS Group Parent, LLCa

100%
ZAIS Group, LLC
GP/LP Entities of Other Advisory

Operating Subsidiaries
Managed Vehicles Entities
ZAIS Alternative Credit ZAIS Leveraged

Management, LLC ZAIS ZAIS Group Loan Manager, LLC
Solutions, LLC UK Ltd.
ZAIS Atlas GP, LLC ZAIS Leveraged

ZAIS Solutions Loan Manager 2, LLC
Shanghai Co. Ltd.b
100% owned by ZAIS
ZAIS Atlas SPV, LLC ZAIS Leveraged
Solutions, LLC
Loan Manager 3, LLC
ZAIS Value Added

ZAIS Leveraged
Real Estate GP, LLC
Loan Manager 4, LLC
ZAIS Leveraged Loan

Master Manager , LLC
ZAIS REIT
Management, LLC
(managing member with
controlling interest)
aZAIS Group Holdings, Inc. is the managing member of ZAIS Group Parent, LLC. bOn March 20, 2015, the board of
Directors of ZAIS Group Holdings, Inc. unanimously approved the termination of ZAIS’s operations in Shanghai.
Note: Entities listed above are 100% owned by ZAIS Group, LLC unless otherwise noted.
ZAIS Group, LLC 292
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The Fitch View
Key Considerations
• Not significantly dependent on future CLO issuance to drive profitability at the corporate
level, given ZAIS’s diversified product lineup.
• Depth and breadth of experience among senior portfolio managers, who average more than
20 years’ relevant investment experience, including CLO team’s strong management history.
• Key man risk tied to Vincent Ingato for growth and stability of CLO platform and loan AUM.
Company
• ZAIS has 60 professionals and 24 investment professionals and is headquartered in
Red Bank, NJ, with an additional office in London.
• ZAIS products are largely held by institutional investors.
• ZAIS has a diversified investment platform; strategies include mortgage, corporate
and multistrategy.
• The leveraged finance team is led by Ingato, a seasoned professional who previously
established the CLO businesses at ACA Capital and Mountain Capital Advisors/
Mizuho Bank.
Investments
• Active portfolio management, with a focus on strong businesses with significant cash flow
generation and sustainable capital structures. Fundamental credit research used to maintain
core objective of principal preservation and prevention of downside scenarios.
• Potential investments are initially screened to comply with overarching strategy, after which
analysts are assigned to perform an in-depth analysis on each credit.
• The core of the leveraged loan investment committee, whose function it is to oversee credit
selection, approval and construction, consists of four senior individuals with an average of
30 years’ industry experience.
• Proprietary credit selection tools assist analysts in generating an internal credit rating.
Criteria include analysis of business risk (industry fundamentals, management track record),
financial structure (leverage, capital structure, ratios and historical performance) and loan
structure (collateral terms, covenants, recovery analysis and intercreditor issues).
Controls
• Robust internal controls to support compliance and risk management, including
various standing committees (valuation, investment, commitments, and conflicts and cross
trades) disclosure).
• Quarterly portfolio reviews in which analysts produce written reports to substantiate their
investment thesis for each credit they cover.
• ZAIS has policies and processes in place to support the accuracy of trading, portfolio
management and administration functions.
Operations
• Administrative capabilities reflect qualified staff interacting with appropriate systems and
processes.
• Trade settlement and loan processing performed by Wall Street Office (WSO), providing
additional independent oversight.
Technology
• Proprietary integrated analytics platform that includes a private database of corporate CDO
and RMBS structures.
• ZAIS uses industry-standard third-party systems, including, but not limited to, Black
Mountain, Bloomberg and WSO, and proprietary systems for portfolio management.
ZAIS Group, LLC 293
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CLO Asset Manager Handbook

April 2017 | Sixth Edition

Russ Thomas Andrew Worthington Derek Miller

Kevin Kendra Matthias Neugebauer

Michael Simonton Michael Paladino Sharon Bonelli

Business and Relationship Management

Jill Zelter Winnie Fong, CFA David Kreidler

CLO Asset Manager Handbook i

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Continued on next page.

CLO Asset Manager Handbook ii

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CLO Asset Manager Handbook iii

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Loan Management Profile

Loan Assets Under Management

40|86 Advisors, Inc. 1

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Loan AUM By Region Loan AUM By Product Type

U.S. Credit Committee

U.S. CLOs Under Management

40|86 Advisors, Inc. 2

PRINT 4.indd 2 4/5/2017 2:11:13 PM

40|86 Advisors CreekSource

Bankers Life and Colonial Penn Life

40|86 Advisors, Inc. 3

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40|86 Advisors, Inc. 4

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Loan Management Profile

Loan Assets Under Management

Allianz Global Investors 5

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High Yield Insurance

Loan AUM By Region Loan AUM By Product Type

aIncludes CLOs (0.3%).

U.S. Credit Committee

U.S. CLOs Under Management

VR – Volcker Rule. CRR – European Capital Requirements Regulation. RR – Risk retention.

Allianz Global Investors 6

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Allianz Asset Management AG

Allianz Asset Management of America LPa Allianz Global Investors GmbH

Allianz Global Investors U.S. Holdings LLC

Allianz Global Investors 7

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Loan Management Profile

Loan Assets Under Management

American Money Management Corporation 9

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Loan AUM By Region Loan AUM By Product Type

U.S. Credit Committee

U.S. CLOs Under Management

American Money Management Corporation 10

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American Money Management Corporation

American Money Management Corporation 11

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American Money Management Corporation 12

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Loan Management Profile

Anchorage Capital Group, L.L.C. 13

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