1 Weighted average of the loan to value’s at origination, based on current loan balance as of 12/31/19.

Description of Investments
*First mortgage loans finance commercial real estate properties and are loans that have the highest priority in a foreclosure proceeding to claims on the collateral securing the loan. The senior position does not protect against default or a loss. Credit loans, also called mezzanine loans, are secured by one or more direct or indirect ownership interests in an entity that directly or indirectly owns real estate. CMBS or commercial mortgage backed securities, are securities collateralized (bundled and sold as bonds) by loans secured by commercial real estate property.

**Investments by Region and Property Type do not include CMBS investments.

This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This material must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney-General of the State of New York nor any other state securities regulator has approved or disapproved of the securities, determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.