Investor Presentaiton

Investment Strategy Targeting Senior Loans FLOATING RATE FIRST MORTGAGE LOANS PROVIDE EXPOSURE TO COMMERCIAL REAL ESTATE SECTOR AT AN ATTRACTIVE POSITION WITHIN A PROPERTY'S CAPITAL STRUCTURE • Our senior loans are senior to a property owner's significant equity investment. The borrower's equity investment usually provides a credit support cushion of 25-35% of a property's value. Focused approach to direct originations and intensive credit underwriting creates attractive first mortgage loan investments with downside protection. Prioritizing lending on income producing, institutional- quality properties produces cash flow coverage for our loans and generates attractive risk-adjusted returns on our investments. ILLUSTRATIVE PROPERTY CAPITAL STRUCTURE LTV 48.75% Financing Facility Advance $48.75 million 65% GPMT Equity Investment $16.25 million GPMT Senior Loan $65 million Borrower's Equity $35 million 100% $100 million 11

View entire presentation