CVC Credit Partners, LLC

Cover Page Material Changes Table of Contents Advisory Business Fees and Compensation Performance Based Fees and Side-by-Side Management Types of Clients Methods of Analysis, Investment Strategies and Risk of Loss Disciplinary Information Other Financial Industry Activities and Affiliations Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Brokerage Practices Review of Accounts Client Referrals and Other Compensation Custody Investment Discretion Voting Client Securities Financial Information

Form ADV 2A | Page 3 of 80

4. Advisory Business CVC Credit Partners, LLC, a Delaware limited liability company, which was originally formed on January 12, 2005, is a wholly owned subsidiary (through certain intermediate subsidiaries) of CVC Credit Partners Group Holding Foundation, a foundation incorporated under the laws of Jersey, Channel Islands (“CVC Credit Holding Foundation”). CVC Capital Partners plc wholly owns the sole beneficiary of CVC Credit Holding Foundation (i.e., CVC Management Holdings II Limited) and is a company incorporated in Jersey and listed on Euronext Amsterdam (the regulated market operated by Euronext Amsterdam N.V.) trading under the ticker symbol “CVC”. CVC Nominees Limited holds shares (legal title) in CVC Capital Partners plc both directly and indirectly (through CVC Capital Partners SICAV-FIS S.A. and Vision 2013 PCC). CVC Credit Partners, LLC’s global platform includes two relying advisers: CVC Credit Partners European Investment Fund Manager Limited, which is regulated by the Jersey Financial Services Commission, and CVC Credit Partners Investment Management Limited (“CVC Credit UK”), a separately-organized U.K. investment adviser regulated by the U.K. Financial Conduct Authority. CVC Credit Partners, LLC and its relying advisers are collectively referred to herein as (“CVC Credit Partners”). CVC Credit Partners is also under common ultimate control with the following other investment advisers (as described in more detail in Item 10 below):

CVC Credit Partners U.S. CLO Management LLC, which is regulated by the Securities and Exchange Commission, and CVC Credit Partners European CLO Management, LLP, which is regulated by the U.K. Financial Conduct Authority (collectively referred to herein as “CVC Credit CLO Management”). CVC Credit CLO Management focuses on the management of collateralized loan obligation vehicles. Both advisers are held under a separate ownership structure and are wholly-owned subsidiaries of CVC Credit Partners Global CLO Management Limited, a closed ended private limited liability company incorporated in Jersey. All the investment advisers constituting CVC Credit Partners and CVC Credit CLO Management are collectively referred to herein as (“CVC Credit”).

CVC Advisors (U.S.), Inc. is an SEC-registered investment adviser and is wholly-owned by CVC Advisers (Luxembourg) Sàrl, which is principally held, through various intermediate subsidiaries, by CVC Capital Partners Advisory Group Holding Foundation, a foundation incorporated under the laws of Jersey, Channel Islands. CVC Advisers Jersey Limited1 is a limited company incorporated in Jersey, Channel Islands. CVC Advisers Jersey acts as investment adviser to certain CVC private equity funds (each, a “CVC Capital Fund” or “CVC Fund”). Local CVC-affiliated sub-advisers organized in Europe, Asia and the Americas (including CVC US) make investment recommendations to CVC Advisers Jersey investment committees and cost approval committees. The investment advisers constituting CVC Capital Partners are collectively referred to herein as (“CVC Capital” or “CVC Capital Partners”). As used in this brochure, these terms do not include portfolio companies of the investment funds advised by CVC Capital. CVC Credit and CVC Capital are under common control of CVC Nominees Limited.

CVC Secondary Partners (U.S.), LLC and CVC Secondary Partners, LLP, a private markets firm focused on discretionary investments in the secondary market globally (collectively “CVC Secondary Partners”). CVC Credit and CVC Secondary Partners are under common control of CVC Nominees Limited.

In July 2024, CVC Advisers Luxembourg (as defined below) acquired a majority shareholding in DIF Capital Partners (which was rebranded “CVC DIF” in July 2024). The first tranche of the transaction closed in July 2024, following which CVC owns 60% of the shares in CVC DIF. The remaining 40% will be acquired by CVC in December 2026 (20%) and December 2028 (20%).

As of July 1, 2026, all voting interests in CVC Marathon, formerly Marathon Asset Management, L.P., were acquired by CVC Capital Partners plc through various subsidiaries. CVC Marathon

CVC Advisers Jersey has filed with the SEC as an exempt reporting adviser. Form ADV 2A | Page 4 of 80

implements a variety of strategies in the global public and private credit markets, including direct lending, asset-based lending, and opportunistic credit, along with multi-asset public credit that includes broadly syndicated loans, CLOs, high yield, emerging markets, and structured credit. CVC Credit, CVC Capital, CVC Secondary Partners, CVC Marathon and CVC DIF collectively are referred to herein as “CVC”. CVC Credit provides investment advisory and sub-advisory services to investment vehicles, including collateralized loan obligations and collateral debt obligations (collectively, “CLOs”), other co-investment funds and collective investment vehicles (“Managed Funds”), and separately managed accounts for institutional investors on a discretionary and non-discretionary basis (“Managed Accounts”), together CVC Credit’s (“Clients”). CVC Credit’s Clients pursue primarily (i) U.S. and European Liquid Credit strategies (such as broadly syndicated bank loans, secured and leveraged loans, floating rate loans, second lien loans, corporate and high yield bonds, convertible bonds) (“Liquid Credit”), and (ii) Private Credit strategies focusing on direct lending (privately negotiated loans to mid-market companies) and capital solutions/special situations (primary junior capital) (“Private Credit”). In the pursuit of these strategies, CVC Credit will also utilize currency forwards and other derivative instruments on behalf of its Clients. CVC Credit generally provides investment advisory services under the terms of specific offering documents and other analogous governing documents (i) a collateral management agreement and indenture in the case of CLOs; (ii) a limited partnership agreement or an investment management agreement in the case of Managed Funds; and (iii) an investment management agreement or similar written agreement(s) in the case of Managed Accounts (together, “Client Agreements”). CVC Credit negotiates these documents, which set forth the specific services that will be provided by CVC Credit, with Clients before the commencement of the relevant advisory relationship. CVC Credit may also negotiate side letters with individual Managed Fund investors to accommodate specific reporting, regulatory, and similar requirements. Each of the CLOs, Managed Funds and Managed Accounts for which CVC Credit provides investment advisory services may impose investment guidelines and limitations on the types of securities and other instruments in which each portfolio may invest. In particular, each CLO for which CVC Credit provides investment advisory services is governed by an indenture that places significant restrictions on the types of securities and other instruments that may be purchased on behalf of the CLO. CVC Credit does not participate in wrap fee programs. As of December 31, 2025, CVC Credit Partners had approximately $61,600,000,000 billion of assets under management. Of the total assets under management, approximately $60,400,000,000 billion is managed on a discretionary basis, with the remainder managed on a non-discretionary basis. Certain Managed Accounts, pursuant to the terms of their investment management agreements, require CVC Credit Partners to provide notice of any proposed investments. In such cases, the Managed Account Client has the right to reject any investment proposed by CVC Credit Partners.

5. Fees and Compensation As a general matter the Client Agreements for each Client detail the fees payable by such Client. These fees are typically negotiated, will vary from Client to Client, and typically include a management fee and incentive fees, which are at the rates and under the terms described in the relevant governing documents. The discussion below summarizes representative fee arrangements for each type of Client. All fees are negotiated with CLOs, Managed Funds and Managed Accounts before the advisory relationship commences. The governing documents of each CLO, Managed Fund and Managed Account include detailed information regarding fees and expenses paid by the Client. Clients and investors should review the provisions related to fees and expenses in the relevant governing documents and offering materials for further information regarding the nature and total amount of fees and expenses they will incur. All Clients, including Managed Accounts, will incur

Form ADV 2A | Page 5 of 80

expenses that are allocated among multiple Clients or among Clients and CVC Credit, in the manner described below. Investors in Managed Funds and CLOs will indirectly bear fees and expenses of the Managed Fund or CLO, including a pro rata share of the fees and expenses described below, for the time period they are invested in the Managed Fund or CLO. The amount and nature of fees and expenses incurred by Managed Funds and CLOs, and indirectly borne by investors, can vary significantly. Fees CLOs With respect to its CVC Credit-managed CLOs (“CVC Credit CLOs”):

CVC Credit receives a senior management fee that is typically up to 20 basis points, calculated as a percentage of assets under management of such CVC Credit CLO.

CVC Credit receives a subordinated management fee that is typically up to 35 basis points and is calculated as a percentage of assets under management of such CVC Credit CLO.

CVC Credit also charges the CVC Credit CLOs an incentive fee, which is generally 20% of distributions which would otherwise be payable to the equity class of securities for each CVC Credit CLO when such class of securities has achieved a specified internal rate of return on investment.

Managed Funds With respect to its Managed Funds:

CVC Credit Partners receives a management fee, typically up to 150 basis points of assets under management or net invested capital.

CVC Credit Partners also charges certain Managed Funds performance fees or carried interest, of up to 20% of the overall profits of the account. Performance fees typically are payable subject to such Managed Fund’s investments exceeding a specified internal rate of return on investment.

Managed Accounts With respect to its Managed Accounts:

CVC Credit Partners receives a management fee that is typically up to 75 basis points of assets under management or net invested capital.

CVC Credit Partners also charges certain Managed Accounts performance fees or carried interest, of up to 15% of the overall profits of the account. Performance fees typically are payable subject to such Managed Account’s investments exceeding a specified internal rate of return on investment.

All fees attributable to CVC Credit CLOs are paid quarterly to CVC Credit by independent trustees for the CLOs in accordance with the terms of the applicable indenture. The management fee attributable to each CLO is calculated by the trustee and confirmed by CVC Credit. Base management fees and incentive fees attributable to Managed Funds and Managed Accounts are paid quarterly (with respect to the management fees) and annually (with respect to incentive fees) to CVC Credit Partners by the Client or an independent third-party custodian. Certain Managed Funds are required to pay base management fees quarterly in advance of the calendar quarter. If an investor in a Managed Fund redeems that interest during the quarter (as opposed to the end of the quarter), the investor is entitled to a pro-rata share of unearned management fees.

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CVC Credit Subscription and Servicing Fees In respect of certain Clients, certain distributors or other financial intermediaries through which an investor acquires an interest in such vehicle may charge such investor upfront selling commissions, placement fees, subscription fees, administrative fees or similar fees (“Subscription and Servicing Fees”). In certain circumstances, the Subscription and Servicing Fees may be paid to CVC Credit or a Client and reallocated, in whole or in part, to the distributor or other financial intermediary through which an investor acquires an interest in such vehicle. Further details with respect to Subscription and Servicing Fees for a specific Clients are included in such vehicle’s governing and/or offering documents. Types of Expenses Charged to CVC Credit Clients CVC Credit’s advisory fees are not inclusive of all the fees and expenses that Clients (and, indirectly, investors) may pay. The fees and/or expenses that Clients may possibly pay will typically fall into three general categories: (1) organizational expenses, (2) operational expenses, and (3) investment-related expenses. A summary of these expenses, which is not intended to be exhaustive, is provided below. The relevant Client Agreement may set forth specific expenses that will (or will not) be borne by a Client, and the provisions of Client Agreements will supersede this brochure to the extent of any direct conflict. Organizational Expenses Organizational expenses typically include fees, costs and expenses in connection with establishing and organizing a Client. This expense category generally includes the following:

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