Blackstone ISG-I Advisors L.L.C., a Delaware limited liability company, was founded in 2017 as part of Blackstone Insurance Solutions, the former division of Blackstone that included the Registrant. As of March 31, 2024, the Registrant has entered into investment management agreements (each, as amended and restated from time to time, an “Investment Management Agreement”) with clients (each, a “Client” and collectively, the “Clients”) pursuant to which the Registrant will supervise and direct the investment and reinvestment of the assets held by a Client in its general account or other account (each, an “Account”). For the avoidance of doubt, one or more Clients may be affiliated with one another, although it is expected that not all Clients will be affiliated. As investment adviser to Clients, the Registrant will:
• Actively manage, with full discretion, investment portfolios for Clients
• Identify and implement investment opportunities for Clients
• Impose and monitor investment guidelines with respect to regulatory or capital constraints
• Monitor and evaluate Clients’ investments
• Monitor conflicts of interest
• Make recommendations regarding investment management and/or allocation decisions, as further described herein
• Engage in foreign currency hedging transactions and/or the hedging of certain market exposures for certain Clients
• Provide cash management for certain Clients The Registrant will engage third-party service providers, such as custodians, administrators and/or auditors, on behalf of Clients. Separately Managed Accounts – Direct Investments and Underlying Accounts Subject to the Investment Management Agreements and any other governing documents relating to each Client, the Registrant has full authority to invest the assets held in Clients’ Accounts, including, without limitation, making investments in various types of securities and assets, including, direct investment opportunities (“Direct Investments”) as well as in investment vehicles (including private equity or other alternative asset drawdown funds or open-ended funds), accounts (including separately managed accounts or sub-managed accounts) or vehicles, which may include one or more side-by-side investment vehicles and co- 5 investment vehicles (“Underlying Blackstone Accounts”), managed or sub-managed by Blackstone or its affiliates (the “Underlying Blackstone Managers”). The Registrant may also invest the assets of an Account in, or pursuant to, managed account and/or sub-manager arrangements and/or investment vehicles (“Third Party Accounts” and together with the Underlying Blackstone Accounts, the “Underlying Accounts”) advised by third-party managers that are unaffiliated with Blackstone (the “Third-Party Managers”, and together with the Underlying Blackstone Managers, the “Underlying Managers”). Certain discussions of risks and conflicts described herein that apply to the Client may also apply to the Underlying Accounts and Underlying Managers (and vice versa) and certain risks and conflicts described herein that apply to the Underlying Blackstone Accounts and Underlying Blackstone Managers may also apply to the Third-Party Managers and Third Party Accounts. Please see Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for further information. Direct Investments can be expected to include, without limitation, private and/or public debt, loans, securitizations, structured products, loan originations and other credit and similar instruments and other types of investment arrangements determined by the Registrant on a discretionary basis (directly or indirectly through Underlying Accounts or other Blackstone- or Third-Party Manager-sourced or originated investment arrangements or solutions). Please see Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss for more information. Investments in Underlying Accounts may, in each case, be across a range of asset classes and/or investment types (including, without limitation, credit and direct lending, private equity, real estate, real estate debt, “opportunistic” investments, secondary investments, infrastructure, growth equity, life sciences, investments in structured products / asset-backed securities and other alternative investment arrangements). A majority of the assets of each Client’s Accounts will be managed through various sub-advisory arrangements with Blackstone-affiliated investment managers and include new strategies and customized investment solutions managed by Underlying Blackstone Managers. Such strategies may include, for example, dedicated or direct co-investment arrangements, asset backed securities, investment origination and sourcing solutions relating to CLOs, CMBS, RMBS, commercial mortgage loans, residential whole loans, “high yield” securities, high grade securities, collateralized fund obligations, private market credit origination and other separately managed accounts

and arrangements. The Registrant must allocate and invest the Accounts’ assets in accordance with investment guidelines specified in their Investment Management Agreement, applicable law (including, without limitation, applicable insurance laws and regulations) and other considerations, which place limits on the types of assets that may be held in an Account. Commingled Feeder Vehicles The Registrant also provides investment management, administrative and other services to certain Clients structured as limited partnerships or similar investment vehicles or accounts established by the Registrant to facilitate the commingling of assets of certain Clients or other entities (each, a “Commingled Feeder Vehicle”). Any such Commingled Feeder Vehicle is 6 expected to be operated as a feeder fund that will invest in Underlying Blackstone Accounts or other investment opportunities (including, without limitation, co-investments). Commingled Feeder Vehicles should be understood in this Brochure to be Underlying Blackstone Accounts as the context so requires. Associated Endowment Program In addition to the advisory activities described above, the Registrant delegates investment advisory responsibility to Underlying Blackstone Managers as sub-advisor in respect of advisory services with respect to accounts for charitable programs, endowments and/or related entities established by, or associated with, Blackstone and/or certain of its affiliates or employees (current and/or former) (collectively, the “Associated Endowment Program”). The Associated Endowment Program seeks to invest largely in or alongside a range of Underlying Blackstone Accounts and Other Blackstone Accounts, but may also invest in other investment opportunities determined to be appropriate by Underlying Blackstone Managers in good faith, including Third Party Accounts. With respect to the Associated Endowment Program, the Registrant and the Underlying Blackstone Managers review the information available to them to make investment and management decisions regarding the Associated Endowment Program in accordance with its Constituent Documents. Ownership of the Registrant Blackstone Inc. is the ultimate parent of the Registrant and is a publicly traded corporation listed on the New York Stock Exchange that trades under the ticker symbol “BX”. Blackstone Intermediary Holdco L.L.C. is the managing member of the Registrant. Blackstone Securities Partners L.P. (“BSP”) is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Holdings I L.P. is the general partner of BSP. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the controlling shareholder of Blackstone Holdings I/II GP L.L.C. Please see the structure chart of the Registrant on the following page. Blackstone is a leading global alternative investment manager with investment vehicles focused on private equity, real estate, hedge fund solutions, credit, secondary funds, tactical opportunities, infrastructure, insurance solutions and life sciences. 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 the Registrant’s insurance asset management business throughout this brochure exclude any credit-focused or asset-based finance asset management affiliates in BXCI. Please see Item 10 – Other Financial Industry Activities and Affiliations and Item 11 – Code of Ethics for more information. 7 Assets Under Management The Registrant’s regulatory assets under management (“RAUM”) are $5,935,652,900 (as of December 31, 2023), all of which are managed on a discretionary basis. The assets reported above exclude assets with respect to which the Registrant has delegated investment advisory authority to certain investment advisers that are “related persons” (as defined in Form ADV) of the Registrant. Such assets, which may be managed on a sub-advisory basis, are included in the RAUM reported in the ADV Part 2A of the related advisers to which the Registrant delegated such investment advisory authority. Per the instructions to Form ADV Part 1A, such excluded sub-advisory assets are included in the RAUM reported in the Registrant’s Form ADV Part 1A. Furthermore, the assets reported above include assets attributable to the amount that Clients of the Registrant have invested in clients advised by an investment adviser that is a related person of the Registrant. As a result, those assets are included in the RAUM of both the Registrant and such other affiliated advisers. 8 Blackstone Inc. Blackstone Intermediary Holdco L.L.C. Blackstone Securities Partners L.P. Blackstone ISG-I Advisors L.L.C. Ultimate Parent Sole Member Managing Member Provision of Advisory Services Clients 9