Investor Presentaiton

Corporate Snapshot $3.1 billion* Portfolio of 77 Loan Investments 100% Loans 99% Senior Loans 98% Floating Rate $38 million Average UPB 8.4% Realized Loan Portfolio Yield* ** $3.3 billion 2.2x 1.1x Financing Capacity $2.2B Outstanding Total Debt-to-Equity Leverage** Recourse Debt-to- Equity Leverage ~58% Non-Mark-to- Market Borrowings 63.3% Weighted Average LTV** ~$185 milliont Cash Balance . STRATEGY OVERVIEW Originate and manage high-quality floating-rate first mortgage loans on transitional U.S. commercial real estate. BALANCE SHEET OVERVIEW Investment Portfolio(1) Capitalization Industrial, 4.1%- Other, 3.2% • Long-term, fundamental value-oriented philosophy. Hotel, 6.6% Senior Other Non-MTM Convertible Notestf Asset Specific • Emphasis on relative value investing; highly selective and emphasizing broad diversification. Retail, 9.9% Office, 43.7% CLOS • A respected lending platform and an established, repeat CRE CLO issuer. . Broadly-diversified capitalization profile with moderate leverage. • Long-standing lender relationships. Multifamily, 32.5% Realized Loan Portfolio Yield: 8.4%** * Includes maximum loan commitments. Outstanding principal balance of $2.9 billion. **See definition in the appendix. † As of December 31, 2023. tt Redeemed with cash upon maturity. Repurchase Facilities Cost of Funds: 8.1% 6

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