Atalaya Risk Management Overview

Atalaya Investment Process Our systematic, bottom-up investment process is critical to identifying and substantiating key aspects of each opportunity in the pipeline and making sound investment decisions. ■ ■ Identify sectors with potentially mispriced assets: ■ ■ Market Analysis I Analyze: ■ Suffer from dislocation or lack of capital Possess structural inefficiencies Below radar of mainstream investors Economic trends Underwriting stringency Economic proposition Quantifiable historical performance Liquidity of underlying asset Establish meaningful process or industry/asset class knowledge ■ ■ Sourcing & Origination Develop strategies to generate deal flow in less competitive situations Channels include: ■ Industry networking Broker/dealer relationships Conferences Proprietary Database Brokers, bankers, other intermediaries Targeted cold calling Explore potential transactions and structures to identify attractive fit and risk/return dynamic ■ ■ Underwriting & Due Diligence Valuation Analytics/static pool analysis Management calls and meetings Engage third party experts for valuation/ due diligence/other advisory services Background checks and reference calls Identify realistic base case, and range of potential positive and negative outcomes Quantify, price risk and return Negotiate, issue and execute Term Sheet PRESENTATION TO RHODE ISLAND STATE INVESTMENT COMMISSION | JANUARY 2021 ■ Investment Committee Draft and circulate Initial Assessment Memo ■ Draft and circulate Investment Memo Investment Committee review Assess portfolio composition, fit and sizing consideration: ■ Concentration by servicer/partner, obligor, asset class Asset liquidity and duration Other asset/ liability issues Investment Committee, Legal, Finance, and Compliance Approval ATALAYA Structuring & Execution Transaction- Appropriate Legal Documentation Finance/Operations Perfect security of collateral interest Meaningful financial covenants ■ Terms consistent with business expectations Identify backup servicer and custodian There can be no guarantee or assurance that Atalaya's underwriting and asset management process will be uniform for each investment or will correspond to the description set forth above, or that it will result in investments that are profitable or will avoid losses (which may be substantial). 27

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