Torchlight Investors, LLC (“Torchlight”) is registered as an investment adviser with the SEC. Together with its affiliates, Torchlight has 59 employees and a seasoned management team that averages over 25 years of experience. Torchlight has been managing commercial real estate related investments (predominately debt investments) for institutional clients since 1995. Torchlight is a wholly owned subsidiary of Torchlight Holdings, LLC, a holding company owned directly or indirectly by Torchlight employees. Daniel Heflin, a Partner and Co-Chief Investment Officer of Torchlight, indirectly owns more than 25% of Torchlight. No individual, other than Mr. Heflin, beneficially owns 25% or more of Torchlight. Torchlight provides discretionary investment management and advisory services to institutional investors relating primarily to commercial real estate related investments (with a focus on debt instruments), including but not limited to, commercial mortgage-backed securities (“CMBS”), commercial real estate loans, and subordinated interests including mezzanine investments, preferred equity and equity. Torchlight provides discretionary investment advice primarily through private investment funds sponsored by Torchlight (“Torchlight Funds”). Torchlight provides discretionary advisory services to each Torchlight Fund pursuant to written agreements (such as limited partnership agreements, investment management agreements and side letters) that specify the terms of the engagement, such as investment objectives, investment restrictions, compensation and termination

(in each case, the “Governing Agreements”). In providing these services, Torchlight determines when and which investments will be acquired or disposed of on behalf of its clients so as to maintain a portfolio consistent with the objectives and policies of each client, based upon Torchlight’s assessment of investment and divestment opportunities available at the particular time. Torchlight provides advisory services directly to the Torchlight Funds, based on the strategy of the particular Torchlight Fund, and not individually to the investors in the Torchlight Funds. Historically Torchlight has provided discretionary advice with respect to separate accounts of institutional clients but does not manage any separate accounts at present. Discussions herein regarding fees and compensation, conflicts of interest, investment strategies, risk of loss, brokerage practices, review of accounts, and voting of client securities generally refer to Torchlight Funds but are applicable to clients that engage Torchlight to manage separate accounts. Torchlight provides non-discretionary services as collateral manager to two “CDOs” (i.e., issuers of collateralized debt obligations). Services rendered by Torchlight to CDOs consist of monitoring securities held by the CDOs, consulting with and preparing reports for the trustees of the CDOs and rating agencies and disposing of defaulted securities held by the CDOs. Torchlight managed $6,506,132,198 on a discretionary basis and $3,703,571 on a non-discretionary basis as of December 31, 2023.