Atalaya Risk Management Overview

Relative Yield on Credit Spectrum AIF's rediscount lending investments are expected to generate a significant pre-securitization return premium over ABS securities, and also versus corporate direct lending assets. 1 Atalaya's AIF Funds are designed to fill a void in the private credit landscape for pre- securitization ABS debt financing Atalaya expects to achieve greater private market premiums relative to public alternatives versus corporate direct lending vehicles AIF return premiums often range from 500-1000 bps above comparable asset yields in securitizations Indicative Annual Interest Rate (Atalaya Estimates) AIF 10-15% Asset- Backed Securities 3-5% Corporate Direct Lending 6-8% PRESENTATION TO RHODE ISLAND STATE INVESTMENT COMMISSION | JANUARY 2021 Levered Loans 4-6% Indicative Credit Risk Spectrum ATALAYA Mezzanine 11-13% High Yield Bonds 5-7% *Atalaya estimates, which may or may not be accurate. Investors should note that fees and expenses will reduce gross returns and net returns will be lower than gross returns. Investors are strongly encouraged to analyze and consider the fee structures and the expense provisions of the AIF Funds. Targeted investment returns, or return objectives, are not a prediction or guarantee of future performance. There can be no guarantee or assurance that any AIF Funds will be profitable or will meet its investment objectives (including targeted returns) or that it will avoid losses. The graphic above is for illustrative purposes only and represents only Atalaya's approximations and observed ranges with respect to the typical returns generated by the security types, strategies or asset classes shown. There can be no guarantee or assurance that the above is an accurate or complete depiction, or that such security types, strategies or asset classes shown are truly comparable, or that any AIF Funds will be successful in generating a return premium on a relative basis, with respect to any other security type, strategy or asset class. 14

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