Mr. Borenstein has been our Portfolio Manager since our conversion to a registered closed-end fund on April 1, 2025. Mr. Borenstein is also a Managing Director and the Head of Corporate Credit at Ellington Management Group, L.L.C. (“EMG”), which includes being responsible for the firm’s CLO business. Mr. Borenstein joined EMG in 2012 to establish and grow the firm’s CLO capabilities, which has led to CLOs representing an important component of the firm's overall assets under management. In addition to CLOs, he is responsible for the management of macro credit and credit derivatives. He is closely involved in the development of hedging strategies and broader portfolio management across the firm. Mr. Borenstein currently serves on the Portfolio Management and Risk Oversight Committees of EMG. Prior to joining EMG, Mr. Borenstein was a member of the Secondary CLO trading desk at Goldman Sachs and began his career on Goldman Sachs’ Proprietary Structured Credit Desk, which managed a multi-billion-dollar portfolio, where Mr. Borenstein primarily focused on CLOs and credit derivatives. Mr. Borenstein holds degrees in Applied Mathematics and Economics from Johns Hopkins University where he currently serves on the Applied Math Department’s Advisory Board.