Investor Presentaiton

refinance activity is crowding out new construction lending market . . CRE Lending: Small and Medium Banks 45% Commercial Mortgage Maturities $ Billions $600 Bank 40% 35% 30% 25% 20% 15% 10% 5% Insurance CMBS $500 GSE Debt Fund Other $400 $300 $200 $100 Over $1 Trillion 0% <$100M $100M-$1B $1-$10B $10-$250B > $250B 50 Bank Assets "18 '19 20 "21 '22 '23 '24 '25 Source: Goldman Sachs Data as of 3/1/2023. WISCONSIN SCHOOL OF BUSINESS UNIVERSITY OF WISCONSIN-MADISON TOGETHER FORWARD® JAMES A. GRAASKAMP CENTER for REAL ESTATE

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