Investor Presentation March 2019

CASE STUDIES - LOAN PORTFOLIO (CONT'D) Investment Investment Date Transaction Type Investment Type Collateral Total Funded / Total Committed LTV(1) " ColonyCredit REAL ESTATE Industrial Portfolio September 2016 Origination Preferred Equity 39 industrial properties totaling ~6.3mm SF $101mm (2) 63% - 82% Los Angeles Mixed-Use Development July 2017 June 2018 Origination / Upsize Mezzanine / Preferred Equity (4) 394 keys, 63 residential condos, 94,000 SF of retail space $83mm $102mm 48% - 63% (5) Portfolio is 94% leased to 27 tenants located in 17 states across the U.S. with a weighted-average lease term of 8.0 years Strong repeat sponsor with significant hospitality and " Key Highlights Experienced sponsor with a strategic focus on industrial real estate development experience in California " Significant subordinate equity capital " Properties leased under absolute triple net leases terms Strong tenant retention, as 21 of the 27 tenants utilize property as their corporate headquarters Premier location Collateral diversification limits exposure to any given asset type Preferred Return Rate / Coupon ~14%(3) ~13% Property Photos Note: The above information is provided for illustrative purposes and may not reflect all assumptions used. Actual results of a portfolio may differ materially. Financial information as of December 31, 2018 unless otherwise stated See footnotes in the appendix 17

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