Investor Presentation March 2019

AMPLE LIQUIDITY SOURCES THROUGH EXISTING CAPITAL STRUCTURE Capital structure provides flexibility and support to drive growth and return on equity Capital Structure as of 12/31/18(1) CMBS credit Corporate revolving facilities 4% credit facility 5% Master repurchase facilities 17% Mortgage debt 21% Securitization bonds payable 1% Total Capitalization $5.3bn Leverage Ratio(3) ■Debt-to-Assets Ratio 33% Stockholders' equity(2) 52% 46% 42% 35% ColonyCredit REAL ESTATE Significant New Investment Capacity ■ Embedded financing capacity within existing portfolio ✓ Additional leverage capacity (current leverage of 46% debt-to-assets and 0.9x net debt-to- equity)(3)(4) ✓ Disposition and reinvestment of significant capital from select legacy non-core, low- yielding or recently impaired credit assets ✓ Return of capital from debt investments ■ Access to additional financing sources ✓ Corporate revolving credit facility ✓ Master repurchase facilities / term facilities ✓ Mortgage debt ✓ Capital markets securitizations Q1'18 Q2'18 Note: As of December 31, 2018 unless otherwise stated See footnotes in the appendix Q3'18 Q4'18 ✓ Public capital markets 22

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