OSP Value Fund IV LP Q4 2022

OSP Source Opportunities Profile vs Investment Bull's-eye Scope DD vs Reps Mobilize Resources Transaction Process Best Servicing Roll-up & Bid Strategy Situational Awareness Scenario Analyses, Return Distribution Price & Terms Closing, Ownership & Servicing Transfer Borrower Notices * For illustrative purposes only not representative of any specific deal. Value Investing Approach Lockbox & Custodian Warranty Claims Processing Borrower Engagement Execute Asset Level Plans Enhance Performance & File Quality Monitor, Report, Adapt and Resolve Servicing relationships are holistic, spanning due diligence, closing and resolutions. Not just rated servicing, but also experientially trusted relationships are key to success. IRR (Net Fees) 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 20.0¢ Scenario Pricing - Price & Terms* E[R] = 33% 24% -37% IRR Without Reps 22.5¢ DPO 120% Investment Process 25.0¢ Investment/UPB ¢ DPO Base Prepared for the State of Connecticut DPO 80% E[R] = 20% 13% -26% IRR With Reps 27.56 - Duration + 12 Scenario analysis pricing: base case, long duration, low collateral value, swing credit dynamics. Return distribution reviewed to establish bid prices with reference to quality of terms. 30.00 14

View entire presentation