Blackwells Capital Activist Presentation Deck

SENSITIVITY ANALYSIS Exit Cap Rate vs. Acquisition Price - Assumes 75% LTV Acquisition Price Acquisition Price $16.25 $16.75 $17.25 $17.75 $18.25 Leverage $16.25 $16.75 $17.25 $17.75 $18.25 Leverage vs. Acquisition Price - Assumes 4.50% Exit Cap Rate IRR Sensitivity Analysis 65% 70% 75% 80% 85% 4.00% 49% 45% 42% 39% 36% BW BLACKWELLS CAPITAL 65% 29% 27% 26% 24% 23% 4.25% 46% 42% 39% 36% 33% 4.00% 31% Exit Cap Rate vs. Leverage - Assumes $17.25 Acquisition Price 35% 42% 53% 75% 70% 34% 32% 30% 28% 26% Exit Cap Rate 4.50% 43% 39% 36% 33% 30% 4.25% 28% 32% 39% 49% 71% Leverage 75% 43% 39% 36% 33% 30% Exit Cap Rate 4.50% 26% 30% 36% 45% 67% Note: Market data as of 12/31/2020. Financial data as of 09/30/2020. Source: Company filings, FactSet, Wall Street research. 4.75% 39% 36% 33% 30% 27% 80% 58% 51% 45% 41% 37% 4.75% 23% 27% 33% 42% 62% 5.00% 36% 33% 30% 27% 25% 85% 107% 81% 67% 57% 50% 5.00% 21% 24% 30% 38% 58% Strictly Confidential & Trade Secret Exit Cap Rate vs. Acquisition Price - Assumes 75% LTV Acquisition Price Acquisition Price $16.25 $16.75 $17.25 $17.75 $18.25 Leverage MOIC Sensitivity Analysis $16.25 $16.75 $17.25 $17.75 $18.25 Leverage vs. Acquisition Price - Assumes 4.50% Exit Cap Rate 4.00% 6.2x 5.6x 5.0x 4.6x 4.2x 65% 70% 75% 80% 85% 65% 3.2x 3.0x 2.9x 2.7x 2.6x 4.25% 5.6x 5.0x 4.5x 4.1x 3.8x 4.00% 3.5x 4.1x 5.0x 6.9x 12.4x 70% 3.8x 3.5x 3.3x 3.1x 2.9x Exit Cap Rate vs. Leverage - Assumes $17.25 Acquisition Price Exit Cap Rate 4.50% 5.0x 4.5x 4.0x 3.7x 3.4x 4.25% 3.2x 3.7x 4.5x 6.1x 10.9x Leverage 75% 5.0x 4.5x 4.0x 3.7x 3.4x Exit Cap Rate 4.50% 2.9x 3.3x 4.0x 5.4x 9.5x 4.75% 4.5x 4.0x 3.6x 3.3x 3.0x 80% 7.6x 6.3x 5.4x 4.8x 4.2x 4.75% 2.6x 3.0x 3.6x 4.8x 8.3x 5.00% 4.0x 3.6x 3.2x 2.9x 2.7x 85% 21.2x 13.1x 9.5x 7.4x 6.1x 5.00% 2.4x 2.7x 3.2x 4.2x 7.2x 19

View entire presentation