Kodiak Restructured Illiquid Debt and Securities Fund I

The Kodiak Restructured Illiquid Debt and Securities Fund I (“The Kodiak Fund I”) invests opportunistically in corporate and middle-market loans, bonds, and equity securities. The Kodiak Fund I employs a “desk-driven” origination strategy, in that a majority of positions within the Kodiak Fund I are traded loans and securities.  The Kodiak Fund I can invest throughout the capital structure – anywhere from Senior Secured loans – all the way through equity securities and warrants – with all underwriting focused on identifying value along the following themes:

• Temporary Distress:  Opportunities where loans and securities are, in our view, temporarily trading at a discount due to issuer performance, ratings actions, and other exogenous factors.

• Deeply Distressed:  Situations involving bonds and loans that have not yet defaulted, but where a restructuring is imminent.  These situations are often driven by single-name performance and industry-wide macro issues.

• Illiquid / Post-Restructuring:  Defaulted bonds and loans where the ultimate outcome of the bankruptcy process is still not final.  Additionally, The Kodiak Fund I will invest in reorganized equity securities that are thinly traded and have little to no current liquidity.

All of our strategies are implemented in a non-control format; however, The Kodiak Fund I has several partner investment firms with which we will invest alongside in a distress-for-control format, utilizing our origination and underwriting, complimented with our partner’s restructuring and workout expertise.