For purposes of this brochure, “we,” “us,” “our,” “the Adviser,” and “Lone Star” refer to LSAA, together with its relying advisers, including LSGA, and its participating affiliates (See Item 10). A. Organization Founded in 1995, Lone Star is a global private equity firm advising the Lone Star Funds (as defined below) that invest globally in real estate, equity, credit, and other financial assets. Lone Star provides investment advisory and related services to families of closed-end private funds (the “Lone Star Funds”) and certain related investment vehicles as discussed under “Advisory Clients” below (which we refer to, collectively with the Lone Star Funds, as our “Clients”) from offices in North America, Europe, and Asia. LSGA, a Bermuda exempted limited company, was formed in 1998. LSGA is controlled by Mr. John Grayken and its principal owner is LSGA Investments, Ltd. LSGA directly or indirectly owns 100% of the filing adviser LSAA and each of the relying advisers and participating affiliates listed in Item 10. Prior to 2007, the Lone Star Funds made all of their investments in a single fund family. In 2007, Lone Star decided to utilize separate fund families, with one fund family for commercial real estate-related investments (generally known as the “Lone Star Real Estate Funds”) and another fund family for other investment classes, including non-commercial real estate loans and securities (single-family residential, consumer, and corporate) and financial and other operating companies (generally known as the “Lone Star Opportunity Funds”). In 2014, Lone Star organized the first in a fund series focused on U.S. single family residential mortgage loans and related investments (the “Lone Star Residential Mortgage Funds”). In 2019, Lone Star organized the first in a fund series focused on value-add commercial real estate investments (the “Lone Star Value-Add Funds”). B. Advisory Clients As set forth above, our advisory Clients are the Lone Star Funds. From time to time, Lone Star raises capital around particular or multiple investment strategies or themes, or establishes, for a specific investment, investment vehicles through which certain persons generally invest alongside one or more Lone Star Funds (each, a “Co-Investment Vehicle”). Co-Investment Vehicles do not include the Employee Co-Investment Vehicles (as defined below). The investors in Co-Investment Vehicles may consist of investors in the respective Lone Star Fund(s) as well as investors that have not invested in the respective Lone Star Fund(s). We generally provide investment advisory services to each Client pursuant

to a separate investment advisory agreement, each of which we refer to as an “Advisory Agreement.” Each Client’s Advisory Agreement sets forth the terms of the investment advisory services we provide to the Client. Investment guidelines for each Client are generally established in each Client’s organizational or offering documents and/or side letter agreements negotiated with its investors (collectively, together with any amendments, agreements, supplements and/or restatements and relevant Advisory Committee (as defined below) consents, the “Governing Documents”). We provide investment advice directly to Clients, and not to their underlying investors. C. Nature of Advisory Services The Lone Star Funds invest in a broad range of financial and other investment assets in various U.S. and non-U.S. jurisdictions, subject to the specific objectives and restrictions detailed in each Lone Star Fund’s Governing Documents. These assets include, but are not limited to:
• Equity and debt investments in value-oriented assets, including corporate, commercial and single family residential real estate and consumer debt;
• Other real estate and real estate-related assets;
• Control investments in financially-oriented and other operating companies; and
• Securitized products such as residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities. A Lone Star Fund may invest in assets directly or indirectly through the acquisition of debt and/or subscription of equity interests in partnerships, limited liability companies, corporations, or other entities that hold the assets (collectively, the “Lone Star Fund Entities”). D. Investment Process LSGA maintains an investment committee for each currently investing Lone Star Fund that is responsible for evaluating potential investments for such Lone Star Fund. If an investment is approved by the investment committee, it is presented to the general partner of the applicable Lone Star Fund for final approval. The Lone Star Funds’ general partners are related persons of LSGA. The investment committee and investment approval process for each Lone Star Fund is provided for in its Governing Documents. E. Assets Under Management The right to manage, control and conduct the business and affairs of a Lone Star Fund is vested solely in the respective Lone Star Fund’s general partner. As of December 31, 2023, Lone Star advised on a discretionary basis a total of approximately $36,159,474,957 of Client assets. Please note that this figure has not been subject to audit.