Ravensdale Park CLO DAC: 13 April 2025

The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Blackstone Ireland Limited.

Eligibility criteria (includes): it is a Secured Senior Obligation, a Received Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan, a First Lien Last Out Loan or a High Yield Bond (in each case, which may include a PIK Security); it is not a: (i) Structured Finance Security, (ii) Letter of Credit or (iii) Synthetic Security; it is not a: (i) Zero Coupon Security or (ii) Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan (which shall have a rating as determined by the definition of “S&P Rating” and “Fitch Rating” as applicable), a Current Pay Obligation, any Received Obligation received as part of a Bankruptcy Exchange or an obligation which is Uptier Priming Debt, it is an obligation which has: (i) a S&P Rating of “CCC-” or higher and (ii) a Fitch Rating of “CCC-” or higher; it is not a debt obligation which pays interest only and does not require the repayment of principal.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations representing approximately 97.0% of the Target Par Amount.

The Notes are being offered by the Issuer through Morgan Stanley & Co. International plc in its capacity as arranger and initial purchaser of the offering of such Notes subject to prior sale.

EU Risk Retention: On the Issue Date, Blackstone CLO Management LLC will purchase and retain certain of the Notes with the intention of complying with the Retention Requirements as they apply at the Issue Date.

US Risk Retention: BCM will retain certain of the Notes in order to satisfy the US Risk Retention Rules, however there can be no assurance that the US Risk Retention Rules will apply to this transaction, nor that the undertakings given by BCM in the Retention Undertaking Letter, even if complied with, will be sufficient to satisfy the Retention Requirements, nor that BCM will continue to hold such Notes on any future date in accordance with its obligations under the Retention Undertaking Letter or for the purpose of satisfying the US Risk Retention Rules.