11 Overview of the Firm The Adviser is a Delaware limited liability company and was formed in February 2000. The Adviser is an alternative asset management company focused predominantly on Investments in the commercial real estate debt sector. The Adviser manages, advises and invests on behalf of the Clients. The ultimate parent of the Adviser is Blackstone. Please see the structure chart below. Blackstone is a global alternative investment manager with Investment Vehicles focused on real estate, private equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and multi-asset class strategies. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information. As of December 31, 2023, the Adviser had regulatory assets under management of approximately $175.0 million on a discretionary basis and approximately $53.2 million on a non-discretionary basis. Please note that this figure is an unaudited estimate.
Description of Advisory Services 12 The Adviser has organized and controls the CTIMCO Managers and other entities. In addition, the CTIMCO Managers manage the Fund and the Separate Account. The CTIMCO Managers are registered with the SEC in reliance on the Form ADV of CT Investment Management Co., LLC (together they file a single Form ADV). References to the Adviser herein may include, where the context so requires, references to the CTIMCO Managers The CTIMCO Managers and their employees and persons acting on their behalf are subject to the Adviser’s supervision and control, its code of ethics and its compliance policies and procedures. The advisory activities of the CTIMCO Managers are subject to the Advisers Act, and the CTIMCO Managers are subject to examination by the SEC. Types of Advisory Services The Fund, the Separate Account and CDOs invest in debt, equity and hybrid instruments backed by commercial real estate and related assets. See Item 8 for more information with respect to the investment strategies of the Fund, the Separate Account and CDOs. The Adviser provides investment management services to the following: CDOs The Adviser serves as

collateral manager for certain non-registered CDOs and, in such capacity, provides ongoing collateral and asset management services to the CDOs. As investment adviser to Clients, the Adviser identifies investment opportunities and participates in the acquisition, management, monitoring and disposition of investments for each Client. Client Tailored Services and Client Tailored Restrictions As investment adviser to the Clients, the Adviser: 1. Identifies and analyzes investment opportunities; 2. Makes investment recommendations to the General Partner of each Client, as applicable; 3. Participates in the monitoring and evaluation of investments; and 4. Provides other related services in connection with the implementation of the investment program of each Client, including, without limitation, arranging for and coordinating the services of other professionals and consultants.
13 The Adviser tailors its advisory services to the particular needs of each Client. However, the specific needs of the individual investors in a Client (i.e., limited partner investors) are not the basis for recommendations by the Adviser. Investment advice is provided directly to the Client, not individually to the respective investors in the Client. The Adviser manages the Clients based on the investment objectives and investment restrictions set forth in the Organizational Documents. Pursuant to the Management Agreement of the Fund, the Adviser is prohibited from investing more than a certain percentage of the Fund’s assets in any single investment. Further, the Adviser has entered into side letters with certain members and limited partners of the Fund which impose further restrictions on the Adviser’s discretionary authority. The investment management agreements with its Separate Account clients currently do not provide the Adviser with investment discretion. See Item 16. Each Separate Account client has its own tailored investment strategy and Separate Account clients may impose restrictions on investing in certain types of investments. The collateral management services the Adviser provides to CDOs are governed by the terms of the relevant collateral management agreements.