Investor Presentation March 2019

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT'D) ($ in thousands) (Unaudited) Reconciliation of GAAP net income/(loss) to NOI/EBITDA ColonyCredit REAL ESTATE Three Months Ended December 31, 2018 Net lease real estate Operating real estate NOI/EBITDA attributable to noncontrolling interest in investment entities Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders Adjustments: Net income (loss) attributable to noncontrolling interests in investment entities Straight-line rent revenue and amortization of above- and below-market lease intangibles Interest expense on real estate Transaction, investment and servicing expense Depreciation and amortization Administrative expense Other gain on investments, net Impairment of operating real estate Other income Income tax expense Total NOI/EBITDA, at share 4,692 $ (3,873) 25 (2,037) (185) (805) 9,373 4,617 428 4 7,815 10,482 97 (2,666) 2,435 (252) 1,216 (239) (907) $ 18,452 $ 11,768 Asset sold during the fourth quarter 2018 (756) Total NOI/EBITDA, at share (excluding asset sold during the fourth quarter 2018) $ 18,452 $ 11,012 Note: As of December 31, 2018 unless otherwise stated 30 30

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