Advisory Business General Description of Adviser STWD Investment Management, LLC, a Delaware limited liability company formed on November 15, 2016 (“STWD IM”), is wholly-owned by Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “Starwood”), a Maryland corporation that is publicly listed on the New York Stock Exchange. STWD is a leading diversified finance company with a core focus on originating, acquiring, financing and managing mortgage loans in the real estate and infrastructure sectors in both the United States and Europe. Advisory Services The Adviser (i) provides investment advisory and asset management services to private investment funds (each, a “Fund”) (or serves as investment adviser or asset manager to the general partner or managing member of such private investment funds) that were established to invest in a portfolio of collateralized mortgage-backed securities (CMBS) (“STWD CMBS Venture Holdings”) and a portfolio of affordable housing properties (“Woodstar Feeder Fund”) and (ii) serves as collateral manager and collateral advisor for the issuers (“CLO Issuers”) of collateralized loan obligations (“CLOs”) secured by portfolios of commercial real estate loans (“STWD 2019-FL1,” “STWD 2021-FL2,” and “STWD 2022-FL3”) and infrastructure finance loans (“STWD 2021-SIF1,” and “STWD 2021-FL2”). The private investment funds and CLOs are referred to in the brochure as “Clients,” collectively, and each a “Client.” The Adviser’s investment advisory services to STWD CMBS Venture Holdings are principally focused on managing debt-related instruments, including senior loans and below investment grade bond positions in commercial mortgage-backed securities transactions. Investment advice is tailored to the specific investment objectives and restrictions of STWD CMBS Venture Holdings,

which are outlined in its governing documents. The Adviser’s asset management services to Woodstar Feeder Fund are principally focused on providing investors with quarterly distributions of operating cash flows and the opportunity for capital appreciation through Woodstar Feeder Fund’s indirect investment in a portfolio of affordable housing properties (the “Woodstar Portfolio”). Investment advice is tailored to the specific investment objectives and restrictions of Woodstar Feeder Fund, which are outlined in the governing documents. As collateral manager or collateral advisor to the CLOs, the Adviser focuses on making investments to generate returns to meet the payment obligations of the CLOs and to optimize returns for investors. The Adviser manages the CLOs subject to the powers, duties, and limitations outlined within the collateral management and collateral advisory agreements entered into between STWD IM and the CLOs and the indentures governing the CLOs. Investors in the CLOs should review the relevant offering documents, indentures, and other constituent documents pertaining to the CLOs for additional information. As of December 31, 2023, STWD IM managed $4,951,528,806 in assets on a discretionary basis, and $0 in assets on a non-discretionary basis. For certain disclosure purposes or in cases where the Advisers Act requires a look through of a Client vehicle, the Adviser may look through the structure to the investor as if the investor were a Client. For example, in assessing carried interest, STWD IM and its affiliates must comply with Rule 205-3 under the Advisers Act. In order to permissibly assess carried interest, each investor in a private investment fund or CLO must be a “qualified client.” The Adviser also discloses below the types of investors that may invest in each of its Client vehicles.