Investor Presentaiton

Overview of Risk-Rated "5" Loans During Q3 2023, the Company downgraded to a risk rating of "5" a $37.1 million senior loan collateralized by a mixed-use office and retail property located in Los Angeles, CA as the collateral property's operating performance was adversely affected by the ongoing office leasing challenges and local submarket dynamics. The loan was on nonaccrual status as of September 30, 2023. As of September 30, 2023, the Company held four collateral-dependent loans that were risk-rated “5” with an aggregate principal balance of $250.9 million, for which the Company recorded an allowance for credit losses of $85.1 million. The Company is actively pursuing resolution options with respect to each of these loans, which may include foreclosure, deed-in-lieu, restructuring, sale of the loan, or sale of the collateral property. During Q3 2023, the Company transferred to Held-for-Sale and, subsequent to quarter-end, sold a $31.8 million senior loan collateralized by an office property located in Dallas, TX, which resulted in a write-off of $(16.8) million. The loan had a risk rating of "5" and had been on nonaccrual status. Loan Structure Origination Date Collateral Property Total Commitment Current UPB Minneapolis, MN Office (3) Senior floating-rate August 2019 409,000 sq. ft. office building $93 million Los Angeles, CA Mixed-use (4) Senior floating-rate November 2018 83,100 sq. ft. mixed-use building $37 million Minneapolis, MN Hotel(5) Senior floating-rate December 2018 154 key full-service hotel $28 million $28 million $93 million $37 million * Cash Coupon S + 2.9% S + 3.6% S + 3.9% Risk Rating 5 5 5 Recently resolved Sale of Collateral Property San Diego, CA Office (6) Senior floating-rate October 2019 340,000 sq. ft. office building $93 million $93 million S + 3.3% 5 *See definition in the appendix. 25

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