Investor Presentaiton

Select Case Studies* Investment Loan Type Investment Date Collateral Location Committed Amount Coupon Stabilized LTV Investment rationale Chicago Multifamily Floating-Rate Senior Loan 12/2019 918 Unit Garden Style Multifamily Property Des Plaines, IL $111 million S + 2.80% 73.0% Conversion of condominium complex to rental apartments; opportunistic acquisition with ability to increase rents through unit upgrades. Nashville Office Floating-Rate Senior Loan 10/2019 461,541 SF Office Portfolio Nashville, TN $88 million S + 2.60% 74.2% Acquisition of a recently renovated, well-located office portfolio with opportunity to increase rents and occupancy to market levels. Nashville Hotel Floating-Rate Senior Loan 02/2020 161 Key Full-Service Hotel Nashville, TN $22 million S + 4.00% 54.2% Acquisition with a strong sponsor and plan to reposition the asset through upgrades. For illustrative purposes only. 23

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