Investor Presentaiton

Investment Highlights EXPERIENCED AND CYCLE-TESTED SENIOR CRE TEAM ■ Each senior investment team member has over 20 years of experience in the commercial real estate debt markets, including extensive backgrounds in investment management and structured finance. Broad and long-standing direct relationships within the commercial real estate lending market. ATTRACTIVE AND SUSTAINABLE MARKET OPPORTUNITY DIFFERENTIATED DIRECT ORIGINATION PLATFORM WELL-DIVERSIFIED AND GRANULAR INVESTMENT PORTFOLIO DIVERSIFIED FINANCING PROFILE ■ The CRE lending markets have and are expected over time to offer an enduring opportunity for non-bank specialty finance companies, which are anticipated to continue to gain market share from the banks over the long-term. ■ Senior floating-rate loans likely to remain an attractive relative value proposition over time. ■ Nationwide lending program targeting income-producing, institutional-quality properties and high-quality, experienced sponsors across the top institutional markets. Geographic diversification helps mitigate concentrated event risk. Fundamental, value-driven investing, combined with credit intensive underwriting and focus on cash flow, as key underwriting criteria. ■ Portfolio with total loan commitments of $3.1 billion*, a weighted average stabilized LTV of 63.3%** and a realized loan portfolio yield of 8.4%**. ■ 100% loan portfolio well-diversified across property types, regions and sponsors. Moderate balance sheet leverage and a broad funding mix including CLO securitizations, repurchase facilities, secured credit facility, and asset-specific financing. Emphasis on term-matched, non-recourse and non-mark-to-market types of financing such as CLO securitizations and other types of funding facilities. * Includes maximum loan commitments. Outstanding principal balance of $2.9 billion. **See definition in the appendix. 7

View entire presentation