Principal Activities – Investment Criteria

Situations	Target Investment Size	Form of Investment	Target Industries
Out-of-court restructurings Article 9 sales Chapter 11 – 363 sales Asset sales Recapitalizations	$2.0 - $30.0 million We will selectively evaluate smaller deals and have the ability to partner with our LPs and others to complete larger transactions	Individually tailored to the situation; however we generally prefer investing in debt securities with equity upside and typically target the fulcrum security for our investment.	We typically focus on: Manufacturing Capital Goods Consumer Products Basic Materials Chemicals Transportation Business Services Food Distribution. We will selectively evaluate transactions in other sectors.

We seek to utilize creative structures that can create the potential for enhanced recovery for pre-closing stakeholders.