Investor Insights: Q1 MCR Corp

DISTRESSED OPPORTUNITIES ON THE HORIZON $55B 2H 2023 $3B $1.8B 2H 2023 $65B I 2024 Hotel Loans Maturing Annually ($) $14B $0.7B $50B 2025 $16B Case and Point: 15% of Near-term Securitized Hotel Loans Already Delinquent $19B $1.2B 2024 Loans in Delinquency 2025 $20B 2026 $0.3B $25B 2026 2027 16B $0.2B 2027 $15B Total Securitized Hotel Loans 2028 $8B $0.2B 2028 $170B of Hotel Loans Maturing through 2025 + "Higher For Longer" Interest Rate Environment Distressed Acquisition Opportunities Source: JLL Research Note: Data as of 3Q 2023. Year of maturity is reflective of extensions granted as of 3Q 2023. Delinquent debt includes loans that are 30 days, 60 days, and 90+ days delinquent as well as foreclosures, REOs, non-performing maturity balloon, and performing maturity balloon loans. MCR 16

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