Bayview Asset Management

The Registrant is a Delaware limited liability company that commenced operations in 2008 and has offices in Coral Gables, Florida; Urbandale, Iowa; and New York, New York. The principal owners of the Registrant are Bayview Financial Holdings, L.P., a Delaware limited partnership (“BFH”), and Biscayne One, LLC, a Delaware limited liability company (“Biscayne One”). BFH is the managing member of, and owns a majority equity interest in, the Registrant. Biscayne One owns a minority equity interest in the Registrant. The principal owner of BFH is BFTG Holdings Company, Inc., a Florida corporation, which is principally owned by David Ertel. David Ertel ultimately controls the Registrant through his ownership interest in Bayview Financial Management Corp., a Delaware corporation that serves as the general partner of BFH. David Ertel also controls the Registrant’s affiliated general partner and investment manager entities that advise the Funds (as defined below). Biscayne One is principally owned by Blackstone RGIS Capital Partners V L.P., for which Blackstone Management Associates V USS L.L.C. serves as general partner. Blackstone Management Associates V USS L.L.C. is ultimately controlled by The Blackstone Group L.P. (NYSE: BX) (collectively with its affiliates, “Blackstone”).