ADVISORY BUSINESS This Brochure generally includes information about BAM and its relationships with its affiliates and the Funds (as defined below). While much of this Brochure applies to all such affiliates and Funds, certain information included herein applies to specific affiliates or Funds only. References in this Brochure to “clients” are references to the Funds. A. General Description of Advisory Firm The Registrant is a Delaware limited liability company that commenced operations in 2008 and has investment advisory offices in Coral Gables, Florida and New York, New York. The principal owner of the Registrant is Bayview Asset Management Holdings, LLC, a Delaware limited liability company (“BAM Holdings”). BAM Holdings is the managing member of, and directly owns all of the equity interests in, the Registrant. David Ertel (the “Principal”) ultimately controls the Registrant through his indirect majority ownership interest in BAM Holdings. David Ertel also controls the Registrant’s affiliated general partner and investment manager entities that advise the Funds (as defined below). B. Description of Advisory Services The Registrant and its affiliated general partner and management company entities (together with their controlled affiliates, “Bayview”) provide discretionary investment management services to private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each, a “Fund” and collectively, the “Funds”). Bayview Fund Management, LLC (the “Management Company”), a relying adviser and Delaware limited liability company that is a wholly-owned subsidiary of the Registrant, serves as the management company to the Funds. Additionally, Oceanview Asset Management, LLC, a relying adviser and Delaware limited liability company that is a wholly-owned indirect subsidiary of the Registrant, acts as investment manager to certain insurance and re-insurance company subsidiaries of Oceanview Holdings, Ltd. (collectively, the “Oceanview Group”), as well as certain accounts of unaffiliated insurance companies that are re-insurance clients of the Oceanview Group (with respect to investment accounts related to such reinsurance arrangements for which the Oceanview Group is the economic beneficiary). The Oceanview Group is wholly-owned by the BOF-V Oceanview Funds (defined below). As of December 31, 2023, the Funds include: (i) Bayview Opportunity Domestic IVa, L.P. (“BOF-IVa Domestic”), Bayview Opportunity Offshore IVa, L.P. (“BOF-IVa Offshore”) and Bayview Opportunity Master Fund IVa, L.P. (“BOF-IVa Master” and together with BOF-IVa Domestic and BOF-IVa Offshore, the “BOF- IVa Funds”). Bayview Capital GP IVa, LLC serves as the general partner of BOF-IVa Domestic and BOF-IVa Master. Bayview Capital GP IVa, Ltd., a Cayman Islands exempted company that is not affiliated with Bayview, serves as general partner of BOF-IVa Offshore and has delegated its authority to manage the affairs of BOF-IVa Offshore to the Management Company. (ii) Bayview Opportunity Domestic IVb, L.P. (“BOF-IVb Domestic”), Bayview Opportunity Offshore IVb, L.P. (“BOF-IVb Offshore”) and Bayview Opportunity Master Fund IVb, L.P. (“BOF-IVb Master” and together with BOF-IVb Domestic and BOF-IVb Offshore, the “BOF- IVb Funds”). Bayview Capital GP IVb, LLC serves as the general partner of BOF-IVb Domestic and BOF-IVb Master. Bayview Capital GP IVb, Ltd., a Cayman Islands exempted company that is not affiliated with Bayview, serves as general partner of BOF-IVb Offshore and has delegated its authority to manage the affairs of BOF-IVb Offshore to the Management Company. (iii) Koitere Fund, LP (“Koitere Fund,” and together with the BOF-IVa Funds and the BOF- IVb Funds, the “BOF-IV Funds”). Koitere GP, LLC serves as the general partner of Koitere Fund. (iv) Bayview Opportunity Domestic V, L.P. (“BOF-V Domestic”), Bayview Opportunity Offshore V, L.P. (“BOF-V Offshore”) and Bayview Opportunity Master Fund V, L.P. (“BOF- V Master” and together with BOF-V Domestic and BOF-V Offshore, the “BOF-V Funds”). Bayview Capital GP V, LLC, a Delaware limited liability company, serves as the general partner of BOF-V Domestic, BOF-V Offshore and BOF-V Master. (v) Bayview Opportunity Domestic V AIV, L.P. (“BOF-V AIV Domestic”), Bayview Opportunity Offshore V AIV 1, L.P. (“BOF-V AIV 1 Offshore”), Bayview Opportunity Offshore V AIV 2, L.P. (“BOF-V AIV 2 Offshore”) and Bayview Opportunity V Oceanview, L.P. (“BOF-V Oceanview” and together with BOF-V AIV Domestic, BOF-V AIV 1 Offshore and BOF-V AIV 2 Offshore, the “BOF-V Oceanview Funds”). Bayview Capital GP V, LLC, a Delaware limited liability company, serves as the general partner of BOF-V AIV Domestic, BOF-V AIV 1 Offshore, BOF-V AIV 2 Offshore, and BOF-V Master. (vi) Bayview Opportunity Domestic VI 1, L.P. (“BOF-VI Domestic 1”), Bayview Opportunity Domestic VI 2, L.P. (“BOF-VI Domestic 2”), Bayview Opportunity Domestic VI 3, L.P. (“BOF-VI Domestic 3”), Bayview Opportunity Offshore VI 2, L.P. (“BOF-VI Offshore 2”), Bayview Opportunity Offshore VI 4, L.P. (“BOF-VI Offshore 4”), Bayview Opportunity Offshore VI 5, L.P. (“BOF-VI Offshore 5”), and Bayview Opportunity Master Fund VI, L.P. (the “BOF-VI Master Fund”), collectively, the “BOF VI Funds.” Bayview Capital GP VI, LLC, a Delaware limited liability company, serves as the general partner of the BOF-VI Funds. (vii) Bayview Opportunity Domestic VIa 1, L.P. (“BOF-VIa Domestic 1”), Bayview Opportunity Domestic VIa 2, L.P. (“BOF-VIa Domestic 2”), Bayview Opportunity Domestic VIa 3, L.P. (“BOF-VIa Domestic 3”), Bayview Opportunity Offshore VIa 1, L.P. (“BOF-VIa Offshore 1”), Bayview Opportunity Offshore VIa 2, L.P. (“BOF-VIa Offshore 2”), Bayview Opportunity Offshore VIa 4, L.P. (“BOF-VIa Offshore 4”), and Bayview Opportunity Master Fund VIa, L.P. (the “BOF-VIa Master Fund”), collectively, the “BOF VIa Funds.” Bayview Capital GP VIa, LLC, a Delaware limited liability company, serves as the general partner of the BOF-VIa Funds. (viii) Bayview MSR Opportunity Domestic, L.P. (“MSR Domestic”), Bayview MSR Opportunity Offshore, L.P. (“MSR Offshore”), Bayview MSR Opportunity Master Fund, L.P. (“MSR Master” and together with MSR Domestic and MSR Offshore, the “MSR Funds”). Bayview Capital GP MSR, LLC serves as the general partner of MSR Domestic and MSR Master. Bayview Capital GP MSR, Ltd., a Cayman Islands exempted company that is not affiliated with Bayview, serves as general partner of MSR Offshore and has delegated its authority to manage the affairs of MSR Offshore to the Management Company. (ix) Ivalo Fund, L.P. (“Ivalo Fund”). Ivalo GP, LLC serves as the general partner of Ivalo Fund. (x) Bayview Mortgage Securities Domestic, L.P., (“BMS Domestic”), Bayview Mortgage Securities Offshore, Ltd. (“BMS Offshore”) and Bayview Mortgage Securities Master Fund,

L.P. (“BMS Master” and together with BMS Domestic and BMS Offshore, the “BMS Funds”). Bayview Mortgage Securities GP, LLC serves as the general partner of BMS Domestic and BMS Master. The directors of BMS Offshore are not affiliated with Bayview and have delegated authority to manage the affairs of BMS Offshore to the Management Company. (xi) Bayview Liquid Credit Strategies Domestic, L.P. (“Liquid Credit Strategies Domestic”), Bayview Liquid Credit Strategies Offshore, L.P. (“Liquid Credit Strategies Offshore”) and Bayview Liquid Credit Strategies Master Fund, L.P. (“Liquid Credit Strategies Master” and together with Liquid Credit Strategies Domestic and Liquid Credit Strategies Offshore, the “Liquid Credit Strategies Funds”). Bayview Liquid Credit Strategies GP, LLC serves as the general partner of Liquid Credit Strategies Domestic and Liquid Credit Strategies Master. Bayview Liquid Credit Strategies Offshore GP, LLC, a Delaware limited liability company registered as a foreign company in the Cayman Islands, serves as general partner of Liquid Credit Strategies Offshore. (xii) Seaview Strategic Fund, Ltd., (“Seaview Offshore”) and Seaview Strategic Master Fund L.P. (“Seaview Master,” and together with Seaview Offshore, the “Seaview Fund”). Seaview Strategic GP, LLC, a Delaware limited liability company, serves as the general partner of the Seaview Fund. (xiii) Bayview Opportunity Fund Domestic VII, L.P. 1 (“BOF-VII Domestic 1”), Bayview Opportunity Fund Domestic VII, L.P. 2 (“BOF-VII Domestic 2”), Bayview Opportunity Fund Offshore VII, L.P. (“BOF-VII Offshore”), Bayview Opportunity (US) Master Fund VII, L.P. (“BOF-VII Domestic Master Fund”), and Bayview Opportunity Master Fund VII, L.P. I (“BOF-VII Master Fund”), collectively the “BOF-VII Funds” and together with the BOF-IV Funds, the BOF-V Funds, BOF-VI Funds, and BOF-VIa Funds, the “BOF Funds.” (xiv) Suttons Bay Fund, L.P. (“Suttons Bays Fund”). Suttons Bay GP, LLC, a Delaware limited liability company serves as the general partner of the Suttons Bay Fund. As more fully set forth in Item 8,
• the BOF Funds invest primarily, although not exclusively, in residential and commercial whole loans, consumer loans, real estate owned and real estate, asset- backed securities and other credit-sensitive financial instruments. The BOF Funds generally focus on the acquisition and, primarily through the Registrant’s subsidiaries and affiliates, the management and servicing of credit-sensitive loans and real estate owned, asset-backed securities and related derivative instruments.
• Certain BOF Funds also invest in corporate equity and debt instruments, including instruments issued by financial services businesses that are private and/or less liquid, and in mortgage servicing rights (through an investment in the MSR Funds).
• The MSR Funds invest primarily in mortgage servicing rights (“MSRs”) and MSR- associated assets (e.g., repurchased agency whole loans, loans awaiting securitization, and credit risk transfer instruments), but also invest in other mortgage-related and financial services-related investments, including, mortgage and asset-backed securities and public and private equity securities.
• The BMS Funds, Ivalo Fund, and Seaview Fund invest primarily in asset-backed securities.
• The Liquid Credit Strategies Funds invest primarily, although not exclusively, in asset backed securities, equity and debt securities of finance and mortgage related issuers, and derivatives related thereto.
• The BOF-V Oceanview Funds invest in a controlling equity interest in the Oceanview Group, a group of insurance companies that as part of their insurance operations invest their assets in a wide array of investments that includes mortgage loans, mortgage- backed securities, private funds, collateralized fund obligations, and corporate debt securities.
• The Suttons Bay Fund is a separately managed investment vehicle that invests in other Funds. In 2023, the Registrant’s wholly-owned indirect subsidiary, Pingora Asset Management, LLC, assigned its investment management agreements to the Registrant. As a result, the Registrant now serves as an investment adviser with discretionary investment authority for Pingora’s former clients, including a separately managed account for an institutional investor (the “Pingora SMA”) and a pooled investment vehicle with a master-feeder structure, known as Pingora MSR JV I (the “Pingora Fund,” together with the Pingora SMA, the “Pingora Clients”), which are no longer in their investment periods. The Pingora Clients invested exclusively in securities arising from one or more specified pools of mortgage servicing rights related to U.S. mortgage loans. The Pingora Clients are no longer open to new investors and are in the distribution phase of their limited terms. The Registrant also acts as a sub-adviser to the Blackstone Alternative Multi-Strategy Fund, an investment company registered under the Investment Company Act of 1940 (the “Company Act”) that trades under the ticker BXMIX (“the “Blackstone Fund”) that are sponsored by another unaffiliated SEC-registered investment adviser. The Registrant has discretionary investment authority with respect to its sub-advised portion of the Blackstone Fund. The Blackstone Fund’s adviser seeks capital appreciation by allocating the Fund’s assets among a variety of non-traditional or “alternative” investment strategies, and Bayview’s allocated portions of such Fund invests primarily in asset-backed securities. C. Availability of Customized Services for Individual Clients While several Funds have similar and overlapping investment objectives and investment parameters, Bayview’s advice with respect to the Funds is made in accordance with the investment objectives and guidelines as set forth in each Fund’s constituent documents, which include any confidential private placement memoranda, organizational documents and/or investment management agreements. Bayview has the right to enter into agreements, such as side letters, with certain underlying investors of the Funds that may, in each case, provide for terms of investment that are more favorable than the terms provided to other underlying investors of the Funds. D. Wrap Fee Programs Not applicable. E. Assets Under Management Bayview manages approximately $17,289,550,000 as of December 31, 2023 on a discretionary basis. This figure represents the unaudited net asset value of the Funds as of December 31, 2023, plus any uncalled capital commitments for commitment-based Funds that are either still in their investment periods or subject to call to fund transactions committed to prior to the end of their investment periods, and Bayview’s allocated portion of the Blackstone Fund. As of the date of this filing, Bayview manages no assets on a non-discretionary basis.