The Registrant generally serves as investment manager for certain individually-managed accounts, sub-accounts or similar arrangements (each, a “Managed Account”) formed to offer investment solutions for sophisticated investors, such as insurance companies and other institutional investors, including, without limitation, banks, pension plans, corporations and other financial institutions. The Registrant also serves, and expects to continue to serve, as investment manager to one or more pooled investment vehicles, including certain funds of one, that operate as private funds (each, a “Fund” and collectively, the “Funds”). The Funds and each investor in, or owner of, a Managed Account are referred to herein as the “Clients.” Affiliates of the Registrant generally serve as general partner (each, a “General Partner”) of each Fund. Blackstone Credit also provides investment management or sub-advisory services to other clients, other investment funds, client accounts (including managed accounts), and proprietary accounts and/or similar arrangements (including arrangements in which one or more Clients or one or more Other Clients (defined herein) own interests) in each case including any related vehicles (such other clients, funds and accounts, collectively the “Other Blackstone Credit Clients” (as further defined below)). In addition, Blackstone provides investment management or sub- advisory services to other clients, other investment funds, client accounts (including managed accounts), and proprietary accounts and/or other similar arrangements (including arrangements in which one or more Clients or one or more Other Clients own interests), in each case including any related vehicles (such other clients, funds and accounts, other than Clients and the Other Blackstone Credit Clients, collectively the “Blackstone Clients” (as further defined below), and together with the Other Blackstone Credit Clients, the “Other Clients”). As noted above, the Registrant operates as part of Blackstone Credit (formerly known as GSO), which was founded in July 2005. The ultimate parent of the Registrant is Blackstone Inc., which is a publicly held corporation listed on the New York Stock Exchange that trades under the ticker symbol “BX.” Please see the structure chart below. Blackstone is a leading global alternative investment manager with investment vehicles focused on real estate, private equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and other multi-asset class strategies. Effective as of January 1, 2024, Blackstone Credit, Blackstone Insurance Solutions and Blackstone’s Asset Based Finance platform were integrated into a single new unit, “Blackstone Credit & Insurance” or “BXCI”. For the avoidance of doubt, references to Blackstone Credit throughout this brochure exclude any insurance-focused asset management affiliates in BXCI. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information.

One or more Clients of ABF invest alongside other Blackstone Clients in opportunities identified by, and managed by, other Blackstone businesses (including, without limitation, Blackstone Credit, and, subject to Blackstone’s internal policies and procedures, the real estate debt business of Blackstone, “BREDS”), which opportunities and allocation methodologies are described in more detail in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss and Item 12 – Brokerage Practices. As used throughout this Brochure, the term “portfolio company” shall mean any investment in an issuer made by a Client or with respect to which a Client beneficially owns (directly or indirectly) financial instruments issued with respect to such investment. The Registrant serves as investment adviser to its Clients pursuant to investment advisory or investment management agreements (“Advisory Agreements”) in the case of Funds or investment management, investment advisory or sub-management agreements (collectively, “Investment Management Agreements”) in the case of Managed Accounts. The Registrant performs the following services, among others, for its Clients: 1. Identifies and analyzes investment opportunities; 2. Makes investment decisions for Managed Accounts and recommendations to, or investment decisions on behalf of, the General Partner of each Fund, 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. In the case of Managed Accounts, the Registrant is able to tailor its advisory services and investments based on specific Client objectives and/or investment strategies as discussed with the applicable Client. The Registrant is available to discuss such customized investment strategies or individually Managed Accounts with existing and potential clients upon request. In the case of the Funds, the specific needs of the individual investors in a Client (i.e., limited partner investors) generally are not the basis for recommendations by the Registrant. Investment advice is provided directly to the Client, not individually to the respective investors in the Client. ABF’s regulatory assets under management were approximately $27.8 billion as of December 31, 2023, approximately $27.3 billion of which are managed on a discretionary basis and approximately $492.4 million of which are managed on a non-discretionary basis.1 1 The assets reported above include assets with respect to which an investment adviser that is a “related person” (as defined in Form ADV) of the Registrant has delegated investment advisory authority to it. Such sub-advisory assets are excluded from the regulatory assets under management reported in the ADV Part 2A of the affiliated adviser that delegated the authority. Please note that this figure is an unaudited estimate.