Investor Presentation March 2019

PORTFOLIO OVERVIEW - CRE DEBT SECURITIES ColonyCredit REAL ESTATE Portfolio Overview as of 12/31/18 $527 "B-Piece" Investments 38% Principal Value ($mm) (1) Carrying Value ($mm) (1) $371 Number of Investments(2) 53 W.A. Remaining Term (yrs) (3) 6.6 W.A. Unlevered all-in Yield(4) 7.2% Note: As of December 31, 2018 unless otherwise stated See footnotes in the appendix % of Portfolio Portfolio Ratings(5) BB | B 7% BBB- 55% CRE Debt Securities by Vintage(5) 30% ■Investment grade 25% ■Non-investment grade ■"B-Piece" investments 20% 17% 14% 15% 10% 10% 6% 5% 0% 0% 2011 2012 24% 21% 8% 2013 2014 2015 2016 2017 2018 Vintage Year 18

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