Blackstone Credit manages (i) pooled investment vehicles operating as private investment funds, including collateralized loan obligation (“CLO”) vehicles, open-ended funds, closed-ended funds, and funds in which affiliates or employees of Blackstone Credit invest alongside such other private investment funds and (ii) registered investment companies (collectively, the “Funds”). In addition, Blackstone Credit provides sub-advisory services to other investment advisers (the “Adviser Clients”) who in turn advise their clients. Also, Blackstone Credit provides investment advisory services to individually-managed accounts (the “Managed Accounts”). The Funds, Adviser Clients, and the third party investors in or owners of such Managed Accounts shall be referred to herein as the “Clients.” CCM generally serves as investment manager for various CLOs. Affiliates of the Registrant serve as general partner (each, a “General Partner”) of certain of the Funds. Blackstone Credit also provides investment management or sub-advisory services to other clients, other investment funds, client accounts (including managed accounts), and proprietary accounts and/or similar arrangements (including arrangements in which one or more Clients or one or more Other Clients (defined herein) own interests) in each case including any related vehicles (such other clients, funds and accounts, collectively the “Other Blackstone Credit Clients” (as further defined below)). In addition, Blackstone provides investment management or sub-advisory services to other clients, other investment funds, client accounts (including managed accounts), and proprietary accounts and/or other similar arrangements (including arrangements in which one or more Clients or one or more Other Clients own interests), in each case including any related vehicles (such other clients, funds and accounts, other than Clients and the Other Blackstone Credit Clients, collectively the “Blackstone Clients” (as further defined below), and together with the Other Blackstone Credit Clients, the “Other

Clients”). Blackstone Credit (formerly known as GSO) was founded in July 2005. On March 3, 2008, Blackstone acquired a controlling stake in the business. The ultimate parent of the Registrant is Blackstone Inc., which is a publicly held corporation listed on the New York Stock Exchange that trades under the ticker symbol “BX.” Effective as of July 1, 2019, Blackstone Inc. (formerly known as The Blackstone Group Inc.) converted from a Delaware limited partnership named The Blackstone Group L.P. to a Delaware corporation. Please see the structure chart below. Blackstone is a leading global alternative investment manager with investment vehicles focused on real estate, private equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and other multi-asset class strategies. Effective as of January 1, 2024, Blackstone Credit, Blackstone Insurance Solutions and Blackstone’s Asset Based Finance platform were integrated into a single new unit, “Blackstone Credit & Insurance” or “BXCI”. For the avoidance of doubt, references to Blackstone Credit throughout this brochure exclude any insurance-focused asset management affiliates in BXCI. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information.
Blackstone Credit provides investment advice to Clients primarily in respect of investments in first lien loans, second lien loans, high yield bonds, distressed securities, mezzanine securities, public and private equity, and derivatives in respect of the foregoing. Blackstone Credit provides advice with respect to direct lending loan origination and with respect to trading of syndicated and actively traded loans or securities. In certain situations, the Registrant is able to tailor its advisory services and investments based on specific Client objectives and/or investment strategies as discussed with the applicable Client. CCM’s regulatory assets under management were approximately $3.5 billion as of December 31, 2023, all of which are managed on a discretionary basis.