EX-99.3
Exhibit 99.3 Supplemental Financial Report Third Quarter 2019 November
7, 2019 1Exhibit 99.3 Supplemental Financial Report Third Quarter 2019 November 7, 2019 1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This
presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of
which are beyond the Company’s control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to
differ from those set forth in the forward-looking statements: operating costs and business disruption may be greater than expected; the Company's operating results may differ materially from the information presented in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2018, as well as in Colony Credit Real Estate’s other filings with the Securities and Exchange Commission; the fair value of the Company's investments may be subject to uncertainties;
the Company's use of leverage could hinder its ability to make distributions and may significantly impact its liquidity position; given the Company's dependence on its external manager, an affiliate of Colony Capital, Inc., any adverse changes in
the financial health or otherwise of its manager or Colony Capital, Inc. could hinder the Company's operating performance and return on stockholder's investment; the ability to realize substantial efficiencies as well as anticipated strategic and
financial benefits, including, but not limited to expected returns on equity and/or yields on investments; adverse impacts on the Company's liquidity, including its ability to continue to generate liquidity from sales of Legacy, Non-Strategic
assets; the Company’s ability to liquidate its Legacy, Non-Strategic assets within the projected timeframe or at the projected values; the timing of and ability to deploy available capital; the Company’s ability to maintain or grow the
dividend at all in the future; the timing of and ability to complete repurchases of the Company’s stock; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; and the impact of
legislative, regulatory and competitive changes. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2018, as well as in Colony Credit Real Estate’s other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements
speak only as of the date of this presentation. Colony Credit Real Estate is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised
expectations, and Colony Credit Real Estate does not intend to do so. 2 2CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws.
Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not
relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause actual results to differ significantly
from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption
may be greater than expected; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as well as in Colony Credit Real
Estate’s other filings with the Securities and Exchange Commission; the fair value of the Company's investments may be subject to uncertainties; the Company's use of leverage could hinder its ability to make distributions and may significantly
impact its liquidity position; given the Company's dependence on its external manager, an affiliate of Colony Capital, Inc., any adverse changes in the financial health or otherwise of its manager or Colony Capital, Inc. could hinder the Company's
operating performance and return on stockholder's investment; the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected returns on equity and/or yields on
investments; adverse impacts on the Company's liquidity, including its ability to continue to generate liquidity from sales of Legacy, Non-Strategic assets; the Company’s ability to liquidate its Legacy, Non-Strategic assets within the
projected timeframe or at the projected values; the timing of and ability to deploy available capital; the Company’s ability to maintain or grow the dividend at all in the future; the timing of and ability to complete repurchases of the
Company’s stock; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; and the impact of legislative, regulatory and competitive changes. The foregoing list of factors is not
exhaustive. Additional information about these and other factors can be found in in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as well as in Colony Credit Real Estate’s other
filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. Colony Credit Real Estate is under no duty
to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and Colony Credit Real Estate does not intend to do so. 2 2
IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS We
present Core Earnings/Legacy, Non-Strategic Earnings, which are non-GAAP supplemental financial measures of our performance. We believe that Core Earnings/Legacy, Non-Strategic Earnings provides meaningful information to consider in addition to our
net income and cash flow from operating activities determined in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). These supplemental financial measures help us to evaluate
our performance excluding the effects of certain transactions and U.S GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. For information on the fees we pay our Manager, see Note 11,
“Related Party Arrangements” to our consolidated financial statements included in Form 10-Q to be filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, we believe that our investors also use Core
Earnings/Legacy, Non-Strategic Earnings or a comparable supplemental performance measure to evaluate and compare the performance of us and our peers, and as such, we believe that the disclosure of Core Earnings/Legacy, Non-Strategic Earnings is
useful to our investors. We define Core Earnings/Legacy, Non-Strategic Earnings as U.S. GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries, such as our
operating partnership or “OP”) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation, (iii) the incentive fee, (iv) acquisition costs from successful acquisitions, (v) gains
or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (vi) depreciation and amortization, (vii) any unrealized gains or losses or
other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii) one-time events pursuant to changes in U.S. GAAP and
(ix) certain material non-cash income or expense items that in the judgment of management should not be included in Core Earnings/Legacy, Non-Strategic Earnings. For clauses (viii) and (ix), such exclusions shall only be applied after discussions
between our Manager and our independent directors and after approval by a majority of our independent directors. U.S. GAAP net income (loss) attributable to our common stockholders and Core Earnings/Legacy, Non-Strategic Earnings include provisions
for loan losses. Core Earnings/Legacy, Non-Strategic Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to U.S. GAAP net income or an indication of our cash flows from
operating activities determined in accordance with U.S. GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs, including our ability to make cash distributions. In addition, our methodology for calculating Core
Earnings/Legacy, Non-Strategic Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Core Earnings/Legacy, Non-Strategic Earnings
may not be comparable to the Core Earnings/Legacy, Non-Strategic Earnings reported by other companies. The Company calculates Core Earnings/Legacy, Non-Strategic Earnings per share, which are non-GAAP supplemental financial measures, based on a
weighted average number of common shares and operating partnership units (held by members other than the Company or its subsidiaries). We believe net operating income (“NOI”) and earnings before interest, tax, depreciation and
amortization (“EBITDA”) are useful measures of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at the property level. NOI and EBITDA excludes
historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjusts for the effects of real estate impairment and gains or losses on sales of depreciated
properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes,
which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI and EBITDA provide a measure of operating performance independent of the Company’s capital structure and
indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company’s properties, and transaction costs and
administrative costs, may limit the usefulness of NOI and EBITDA. NOI and EBITDA may fail to capture significant trends in these components of U.S. GAAPnet income (loss) whichfurther limits its usefulness. NOI and EBITDA should not be considered as
an alternative to net income (loss), determined in accordance with U.S. GAAP, as an indicator of operating performance. In addition, the Company’s methodology for calculating NOI involves subjective judgment and discretion and may differ from
the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies. The Company presents pro rata (“at share” or “at CLNC share”)
financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an
investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets,liabilities,profits andlosses was computed by applying noncontrolling interests’ economic interest to each financial statement line
item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro rata financial information as an analytical tool has
limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to other companies pro rata information. As such, the pro rata
financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. 3 3IMPORTANT NOTE REGARDING NON-GAAP
FINANCIAL MEASURES AND DEFINITIONS We present Core Earnings/Legacy, Non-Strategic Earnings, which are non-GAAP supplemental financial measures of our performance. We believe that Core Earnings/Legacy, Non-Strategic Earnings provides meaningful
information to consider in addition to our net income and cash flow from operating activities determined in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). These
supplemental financial measures help us to evaluate our performance excluding the effects of certain transactions and U.S GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. For information on the
fees we pay our Manager, see Note 11, “Related Party Arrangements” to our consolidated financial statements included in Form 10-Q to be filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, we believe
that our investors also use Core Earnings/Legacy, Non-Strategic Earnings or a comparable supplemental performance measure to evaluate and compare the performance of us and our peers, and as such, we believe that the disclosure of Core
Earnings/Legacy, Non-Strategic Earnings is useful to our investors. We define Core Earnings/Legacy, Non-Strategic Earnings as U.S. GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common
equity of our direct subsidiaries, such as our operating partnership or “OP”) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation, (iii) the incentive fee, (iv) acquisition
costs from successful acquisitions, (v) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (vi) depreciation and
amortization, (vii) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii)
one-time events pursuant to changes in U.S. GAAP and (ix) certain material non-cash income or expense items that in the judgment of management should not be included in Core Earnings/Legacy, Non-Strategic Earnings. For clauses (viii) and (ix), such
exclusions shall only be applied after discussions between our Manager and our independent directors and after approval by a majority of our independent directors. U.S. GAAP net income (loss) attributable to our common stockholders and Core
Earnings/Legacy, Non-Strategic Earnings include provisions for loan losses. Core Earnings/Legacy, Non-Strategic Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to U.S.
GAAP net income or an indication of our cash flows from operating activities determined in accordance with U.S. GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs, including our ability to make cash
distributions. In addition, our methodology for calculating Core Earnings/Legacy, Non-Strategic Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and
accordingly, our reported Core Earnings/Legacy, Non-Strategic Earnings may not be comparable to the Core Earnings/Legacy, Non-Strategic Earnings reported by other companies. The Company calculates Core Earnings/Legacy, Non-Strategic Earnings per
share, which are non-GAAP supplemental financial measures, based on a weighted average number of common shares and operating partnership units (held by members other than the Company or its subsidiaries). We believe net operating income
(“NOI”) and earnings before interest, tax, depreciation and amortization (“EBITDA”) are useful measures of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct
results of operations at the property level. NOI and EBITDA excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjusts for the effects of real
estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any
gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI and EBITDA provide a measure of operating
performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of
the Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI and EBITDA. NOI and EBITDA may fail to capture significant trends in these components of U.S. GAAPnet income (loss) whichfurther limits
its usefulness. NOI and EBITDA should not be considered as an alternative to net income (loss), determined in accordance with U.S. GAAP, as an indicator of operating performance. In addition, the Company’s methodology for calculating NOI
involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies. The Company presents pro
rata (“at share” or “at CLNC share”) financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic
interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets,liabilities,profits andlosses was computed by applying noncontrolling
interests’ economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments.
However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to
other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information
as reported under GAAP. 3 3
IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS
(CONT’D) We present loan-to-value which reflects initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the current principal amount divided by the appraisal value as of the date of the most
recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by as completed appraised value, or the total commitment amount of the loan divided by projected total cost basis. We present
Return on Equity (“ROE”), which is a supplemental financial measure that represents the initial net investment-level earnings generated by an investment expressed as a percentage of the net equity capital invested. The Company calculates
net investment-level earnings for investments in loans and CRE debt securities as the sum of the stated cash coupon income and any non-cash income (such as payment in-kind income and amortization/accretion of purchase discounts and origination,
extension and exit fees) less investment-level financing costs. For investments in net leased real estate, the Company calculates net investment-level earnings by subtracting investment-level financing costs from net operating income. Net equity
capital invested is calculated by taking the gross initial invested capital less any financing. With respect to certain loans and investment-level financing, the Company assumes the one-month USD LIBOR as of September 30, 2019 when calculating ROE.
The Company’s ROE calculation relies on a number of assumptions and estimates that are subject to change, some of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations. As
such, there can be no assurance that the actual ROE will be equivalent to the estimated ROE. In addition, the Company’s methodology for calculating ROE may differ from methodologies employed by other companies to calculate the same or similar
supplemental financial measures, and accordingly, the presented ROE may not be comparable to the ROE reported by other companies. We present Internal Rate of Return (“IRR”), which is a supplemental financial measure that represents the
rate of return of an investment over a specific holding period expressed as a percentage of the net equity capital invested. It is the discount rate that makes net present value of all cash outflows equal to the net present value of cash inflows.
The weighted average underwritten IRR reflects the returns underwritten and relies on a number of assumptions and estimates that are subject to change. Such assumptions and estimates around hold period, prepayments or defaults, cost of borrowing,
cap rates, rent increases, operating costs, and exit assumptions, among many others, may be outside of the control of the Company. With respect to certain loans included in the weighted average underwritten IRR shown, the calculation assumes certain
estimates with respect to the timing and magnitude of the initial future fundings for the total loan commitment and associated loan repayments. In addition, the Company’s methodology for calculating IRR involves subjective judgement and
discretion and may differ from methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies. Actual results may differ materially from the Company’s
expectations. As such, there can be no assurance that the actual weighted average IRRs will be equivalent to the underwritten weighted average IRRs presented. We present risk rankings, which is a supplemental financial disclosure, for loans and
preferred equity investments within the Core Portfolio. In addition to reviewing loans and preferred equity for impairments on a quarterly basis, the Company evaluates loans and preferred equity to determine if an allowance for loan loss should be
established. In conjunction with this review, the Company assesses the risk factors of each loan and preferred equity investment and assigns a risk rating based on a variety of factors, including, without limitation, underlying real estate
performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include
loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, the Company’s loans and preferred equity investments are rated
“1” through “5,” from less risk to greater risk. At the time of origination or purchase, loans and preferred equity investments are ranked as a “3” and will move accordingly going forward. 4 4IMPORTANT NOTE
REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D) We present loan-to-value which reflects initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the current principal amount divided
by the appraisal value as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by as completed appraised value, or the total commitment amount of the loan
divided by projected total cost basis. We present Return on Equity (“ROE”), which is a supplemental financial measure that represents the initial net investment-level earnings generated by an investment expressed as a percentage of the
net equity capital invested. The Company calculates net investment-level earnings for investments in loans and CRE debt securities as the sum of the stated cash coupon income and any non-cash income (such as payment in-kind income and
amortization/accretion of purchase discounts and origination, extension and exit fees) less investment-level financing costs. For investments in net leased real estate, the Company calculates net investment-level earnings by subtracting
investment-level financing costs from net operating income. Net equity capital invested is calculated by taking the gross initial invested capital less any financing. With respect to certain loans and investment-level financing, the Company assumes
the one-month USD LIBOR as of September 30, 2019 when calculating ROE. The Company’s ROE calculation relies on a number of assumptions and estimates that are subject to change, some of which are outside the control of the Company. Actual
results may differ materially from the Company’s expectations. As such, there can be no assurance that the actual ROE will be equivalent to the estimated ROE. In addition, the Company’s methodology for calculating ROE may differ from
methodologies employed by other companies to calculate the same or similar supplemental financial measures, and accordingly, the presented ROE may not be comparable to the ROE reported by other companies. We present Internal Rate of Return
(“IRR”), which is a supplemental financial measure that represents the rate of return of an investment over a specific holding period expressed as a percentage of the net equity capital invested. It is the discount rate that makes net
present value of all cash outflows equal to the net present value of cash inflows. The weighted average underwritten IRR reflects the returns underwritten and relies on a number of assumptions and estimates that are subject to change. Such
assumptions and estimates around hold period, prepayments or defaults, cost of borrowing, cap rates, rent increases, operating costs, and exit assumptions, among many others, may be outside of the control of the Company. With respect to certain
loans included in the weighted average underwritten IRR shown, the calculation assumes certain estimates with respect to the timing and magnitude of the initial future fundings for the total loan commitment and associated loan repayments. In
addition, the Company’s methodology for calculating IRR involves subjective judgement and discretion and may differ from methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be
comparable with other companies. Actual results may differ materially from the Company’s expectations. As such, there can be no assurance that the actual weighted average IRRs will be equivalent to the underwritten weighted average IRRs
presented. We present risk rankings, which is a supplemental financial disclosure, for loans and preferred equity investments within the Core Portfolio. In addition to reviewing loans and preferred equity for impairments on a quarterly basis, the
Company evaluates loans and preferred equity to determine if an allowance for loan loss should be established. In conjunction with this review, the Company assesses the risk factors of each loan and preferred equity investment and assigns a risk
rating based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal,
and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on
a five-point scale, the Company’s loans and preferred equity investments are rated “1” through “5,” from less risk to greater risk. At the time of origination or purchase, loans and preferred equity investments are
ranked as a “3” and will move accordingly going forward. 4 4
NOTES REGARDING REPORTABLE SEGMENTS Colony Credit Real Estate, Inc.
(“CLNC”, “Colony Credit Real Estate”, the “Company” or “We”) currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its
business. Each segment also includes corporate-level asset management and other fees, related party and general and administrative expenses related to its respective portfolio. Core Portfolio Loans & Preferred Equity Portfolio (or “Loan
Portfolio”) As of September 30, 2019, the Company’s Loan Portfolio included senior mortgage loans, mezzanine loans and preferred equity interests (“preferred equity”) as well as participations in such loans. The Loan
Portfolio also includes acquisition, development and construction loan arrangements accounted for as equity method investments as well as loans and preferred equity interests held through joint ventures with an affiliate of our Sponsor (Colony
Capital, Inc.) which were deconsolidated as a result of the merger and subsequently treated as equity method investments. • Senior mortgage loans include junior participations in our originated senior mortgage loans for which we have
syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We believe these investments are more similar to
the senior mortgage loans we originate than other loan types given their credit quality and risk profile • Mezzanine loans include other subordinated loans • Preferred equity interests include related equity participation interests CRE
Debt Securities As of September 30, 2019, the Company’s Commercial Real Estate (“CRE”) Debt Securities included both investment grade and non-investment grade ratedCMBS bonds (including “B-pieces” of CMBS securitization
pools or “B-Piece” investments). Net Leased Real Estate (“Net Lease”) As of September 30, 2019, the Company’s Net Lease investments included direct investments in commercial real estate principally composed of long-term
leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenancecapital expenditures and real estate taxes. Legacy, Non-Strategic Portfolio (“LNS
Portfolio” or “LNS”) Legacy, Non-Strategic Investments As of September 30, 2019, the Company’s Legacy, Non-Strategic Portfolio included direct investments in operating real estate such as multi-tenant office and multifamily
residential assets, real estate acquired in settlement of loans (“REO”), real estate private equity interests (“Private Equity Interests” or “PE Interests”) and certain retail and other legacy loans originated
prior to the formation of CLNC. 5 5NOTES REGARDING REPORTABLE SEGMENTS Colony Credit Real Estate, Inc. (“CLNC”, “Colony Credit Real Estate”, the “Company” or “We”) currently holds investment interests
through the reportable segments below, which are based on how management reviews and manages its business. Each segment also includes corporate-level asset management and other fees, related party and general and administrative expenses related to
its respective portfolio. Core Portfolio Loans & Preferred Equity Portfolio (or “Loan Portfolio”) As of September 30, 2019, the Company’s Loan Portfolio included senior mortgage loans, mezzanine loans and preferred equity
interests (“preferred equity”) as well as participations in such loans. The Loan Portfolio also includes acquisition, development and construction loan arrangements accounted for as equity method investments as well as loans and
preferred equity interests held through joint ventures with an affiliate of our Sponsor (Colony Capital, Inc.) which were deconsolidated as a result of the merger and subsequently treated as equity method investments. • Senior mortgage loans
include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both
the senior and junior loan positions. We believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile • Mezzanine loans include other subordinated loans
• Preferred equity interests include related equity participation interests CRE Debt Securities As of September 30, 2019, the Company’s Commercial Real Estate (“CRE”) Debt Securities included both investment grade and
non-investment grade ratedCMBS bonds (including “B-pieces” of CMBS securitization pools or “B-Piece” investments). Net Leased Real Estate (“Net Lease”) As of September 30, 2019, the Company’s Net Lease
investments included direct investments in commercial real estate principally composed of long-term leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities,
maintenancecapital expenditures and real estate taxes. Legacy, Non-Strategic Portfolio (“LNS Portfolio” or “LNS”) Legacy, Non-Strategic Investments As of September 30, 2019, the Company’s Legacy, Non-Strategic Portfolio
included direct investments in operating real estate such as multi-tenant office and multifamily residential assets, real estate acquired in settlement of loans (“REO”), real estate private equity interests (“Private Equity
Interests” or “PE Interests”) and certain retail and other legacy loans originated prior to the formation of CLNC. 5 5
TABLE OF CONTENTS Page I. Third Quarter Highlights 7 II. Core Portfolio
10 § Portfolio Overview 11 § Loan & Preferred Equity Portfolio 12 § CRE Debt Securities 14 § Net Lease Real Estate 15 § Investment Detail 16 III. Legacy, Non-Strategic Portfolio 18 IV. Capitalization 27 V. Appendix 30 6
6TABLE OF CONTENTS Page I. Third Quarter Highlights 7 II. Core Portfolio 10 § Portfolio Overview 11 § Loan & Preferred Equity Portfolio 12 § CRE Debt Securities 14 § Net Lease Real Estate 15 § Investment Detail 16 III.
Legacy, Non-Strategic Portfolio 18 IV. Capitalization 27 V. Appendix 30 6 6
I. THIRD QUARTER HIGHLIGHTS 7I. THIRD QUARTER HIGHLIGHTS 7
I. THIRD QUARTER HIGHLIGHTS & SUBSEQUENT EVENTS § Third quarter
2019 GAAP net income (loss) attributable to common stockholders of $(356.0) million, or $(2.77) per share § Core Portfolio o GAAP net income (loss): $(1.5) million, or $(0.01) per share o Core Earnings (Loss): $44.7 million, or $0.34 per share
§ Legacy, Non-Strategic Portfolio o GAAP net income (loss): ($354.5) million, or $(2.76) per share o Legacy, Non-Strategic Earnings (Loss): ($120.3) million, or $(0.91) per share o Legacy, Non-Strategic Earnings (Loss) excluding gains /
(losses): $6.9 million, or $0.05 per share § GAAP book value: $2.2 billion, or $16.55 per share; Undepreciated book value: $2.3 billion, or $17.77 per share Business & § Write-downs: $385 million; $258 million real estate and preferred
equity impairments and $127 million loan loss provisions Financial Results § Dividend: o Monthly dividend of $0.145 per share paid for July, August and September 2019, and subsequently for October 2019 o Subsequent dividend modification in
furtherance of portfolio bifurcation plan: monthly dividend of $0.10 per share for each of the months ending November and December 2019 § Management Fee: o Subsequent to quarter end, the Company’s manager, a subsidiary of Colony Capital,
Inc. and the Company revised the terms of the management agreement in connection with CLNC's portfolio bifurcation plan and related impairments, which will result in a reduction to the fee base by accumulated unrealized provisions for loan losses
and real estate impairments to date. Such reduction will be effective during the fourth quarter 2019 and result in a $13 million decrease of the annual base management fee paid by the Company § Investments: Allocated and initially funded
approximately $486 million and $362 million of capital, respectively, across 10 investments with a weighted average ROE of approximately 12% and an underwritten IRR of approximately 13% § Dispositions: (i) Received $38 million in PE sale
proceeds (total proceeds received to date of $140 million with $2 million Investment remaining to be collected in Q4’19) and (ii) sold a CMBS B-piece at a premium to 3/31/19 fair market value, which resulted in approximately $33 million of net
proceeds Portfolio Activity o Subsequent to quarter end, executed a purchase and sale agreement for the sale of an owned hotel asset with a GAAP book value of approximately $72 million; closing is expected during the fourth quarter 2019 with capital
to be recycled into target investments in the Core Portfolio § CLO: Executed $1 billion Commercial Real Estate Collateralized Loan Obligation in October 2019 (“CLO”). The CLO accretively financed interests in 21 floating-rate
mortgages with an 83.5% advance rate and weighted average coupon at issuance of Capitalization & L+1.59%, before transaction costs, with a structure that features a two-year reinvestment period. CLO proceeds were used Liquidity primarily to
repay approximately $770 million of debt under master repurchase facilities 8 § Corporate liquidity: Approximately $304 million through cash-on-hand and availability under the corporate revolving credit facility 8I. THIRD QUARTER HIGHLIGHTS
& SUBSEQUENT EVENTS § Third quarter 2019 GAAP net income (loss) attributable to common stockholders of $(356.0) million, or $(2.77) per share § Core Portfolio o GAAP net income (loss): $(1.5) million, or $(0.01) per share o Core
Earnings (Loss): $44.7 million, or $0.34 per share § Legacy, Non-Strategic Portfolio o GAAP net income (loss): ($354.5) million, or $(2.76) per share o Legacy, Non-Strategic Earnings (Loss): ($120.3) million, or $(0.91) per share o Legacy,
Non-Strategic Earnings (Loss) excluding gains / (losses): $6.9 million, or $0.05 per share § GAAP book value: $2.2 billion, or $16.55 per share; Undepreciated book value: $2.3 billion, or $17.77 per share Business & § Write-downs: $385
million; $258 million real estate and preferred equity impairments and $127 million loan loss provisions Financial Results § Dividend: o Monthly dividend of $0.145 per share paid for July, August and September 2019, and subsequently for October
2019 o Subsequent dividend modification in furtherance of portfolio bifurcation plan: monthly dividend of $0.10 per share for each of the months ending November and December 2019 § Management Fee: o Subsequent to quarter end, the
Company’s manager, a subsidiary of Colony Capital, Inc. and the Company revised the terms of the management agreement in connection with CLNC's portfolio bifurcation plan and related impairments, which will result in a reduction to the fee
base by accumulated unrealized provisions for loan losses and real estate impairments to date. Such reduction will be effective during the fourth quarter 2019 and result in a $13 million decrease of the annual base management fee paid by the Company
§ Investments: Allocated and initially funded approximately $486 million and $362 million of capital, respectively, across 10 investments with a weighted average ROE of approximately 12% and an underwritten IRR of approximately 13% §
Dispositions: (i) Received $38 million in PE sale proceeds (total proceeds received to date of $140 million with $2 million Investment remaining to be collected in Q4’19) and (ii) sold a CMBS B-piece at a premium to 3/31/19 fair market value,
which resulted in approximately $33 million of net proceeds Portfolio Activity o Subsequent to quarter end, executed a purchase and sale agreement for the sale of an owned hotel asset with a GAAP book value of approximately $72 million; closing is
expected during the fourth quarter 2019 with capital to be recycled into target investments in the Core Portfolio § CLO: Executed $1 billion Commercial Real Estate Collateralized Loan Obligation in October 2019 (“CLO”). The CLO
accretively financed interests in 21 floating-rate mortgages with an 83.5% advance rate and weighted average coupon at issuance of Capitalization & L+1.59%, before transaction costs, with a structure that features a two-year reinvestment period.
CLO proceeds were used Liquidity primarily to repay approximately $770 million of debt under master repurchase facilities 8 § Corporate liquidity: Approximately $304 million through cash-on-hand and availability under the corporate revolving
credit facility 8
I. COMPANY SNAPSHOT ($ in thousands, unless otherwise stated; as of
September 30, 2019; at CLNC share) Company overview Portfolio overview Carrying Net carrying Per (1) (4) value value Share (1) Total at-share assets $5.6 billion Core Portfolio Senior mortgage loans $ 2,277,750 $ 717,143 $ 5.45 (2) Mezzanine loans
268,089 268,089 2.04 Debt-to-asset ratio 56% (5) 286,704 286,704 2.18 Preferred equity & other loans (6) 366,505 161,328 1.23 CRE debt securities (3) (7) Net-debt-to-equity ratio 1.4x 1,102,299 353,966 2.69 Net lease real estate (7)* Other real
estate (under sale contract) 71,871 71,871 0.55 Allocated assets, liabilities & 169,483 (97,399) (0.74) $2.2 billion / (1) (8) corporate debt GAAP book value $16.55 per share Total Core Portfolio $ 4,542,700 $ 1,761,702 $ 13.39 Legacy,
Non-Strategic Portfolio $2.3 billion / (1) Undepreciated book value Investment-level - LNS Portfolio $ 847,085 $ 414,941 $ 3.15 $17.77 per share Allocated assets, liabilities & 167,858 1,002 0.01 (8) corporate debt Annual dividend per share
Total Legacy, Non-Strategic Portfolio $ 1,014,943 $ 415,943 $ 3.16 $1.20 (Based on November 2019 declared monthly dividend of $0.10 per share) Total GAAP book value $ 5,557,643 $ 2,177,645 $ 16.55 Plus: accumulated depreciation & 161,117 1.22
Annual dividend yield (9) amortization 8.5% (Based on closing share price of $14.20 as of 11/5/19 and annualized Nov-19 dividend) Total undepreciated book value $ 2,338,762 $ 17.77 * Subsequent to quarter end, the Company executed a purchase and
sale agreement for the sale of a hotel asset with closing expected in Q419. Capital expected to be redeployed into target investments within the 9 Core Portfolio See footnotes in the appendix9I. COMPANY SNAPSHOT ($ in thousands, unless otherwise
stated; as of September 30, 2019; at CLNC share) Company overview Portfolio overview Carrying Net carrying Per (1) (4) value value Share (1) Total at-share assets $5.6 billion Core Portfolio Senior mortgage loans $ 2,277,750 $ 717,143 $ 5.45 (2)
Mezzanine loans 268,089 268,089 2.04 Debt-to-asset ratio 56% (5) 286,704 286,704 2.18 Preferred equity & other loans (6) 366,505 161,328 1.23 CRE debt securities (3) (7) Net-debt-to-equity ratio 1.4x 1,102,299 353,966 2.69 Net lease real estate
(7)* Other real estate (under sale contract) 71,871 71,871 0.55 Allocated assets, liabilities & 169,483 (97,399) (0.74) $2.2 billion / (1) (8) corporate debt GAAP book value $16.55 per share Total Core Portfolio $ 4,542,700 $ 1,761,702 $ 13.39
Legacy, Non-Strategic Portfolio $2.3 billion / (1) Undepreciated book value Investment-level - LNS Portfolio $ 847,085 $ 414,941 $ 3.15 $17.77 per share Allocated assets, liabilities & 167,858 1,002 0.01 (8) corporate debt Annual dividend per
share Total Legacy, Non-Strategic Portfolio $ 1,014,943 $ 415,943 $ 3.16 $1.20 (Based on November 2019 declared monthly dividend of $0.10 per share) Total GAAP book value $ 5,557,643 $ 2,177,645 $ 16.55 Plus: accumulated depreciation & 161,117
1.22 Annual dividend yield (9) amortization 8.5% (Based on closing share price of $14.20 as of 11/5/19 and annualized Nov-19 dividend) Total undepreciated book value $ 2,338,762 $ 17.77 * Subsequent to quarter end, the Company executed a purchase
and sale agreement for the sale of a hotel asset with closing expected in Q419. Capital expected to be redeployed into target investments within the 9 Core Portfolio See footnotes in the appendix9
II. CORE PORTFOLIO 10II. CORE PORTFOLIO 10
II. CORE PORTFOLIO – OVERVIEW (As of September 30, 2019; at CLNC
share) (3) (3) Portfolio summary Investment type Property type Total number of 113 Mezzanine loans (5) Other investments Preferred equity 6% 8% (4) & other loans 7% Hotel (1) $4.5 billion Total at-share assets Office 15% CRE debt 33% securities
8% (1) $1.8 billion GAAP book value Senior mortgage Multifamily loans 20% 53% GAAP book value per Net lease $13.39 real estate share 26% Industrial 24% YTD annualized Core (2) 9.5% Earnings yield Select Underlying Assets Northern California Luxury
Hotel NNN Dublin Office Campus Los Angeles Mixed-Used Southwest Multifamily Property Development 11 See footnotes in the appendix11II. CORE PORTFOLIO – OVERVIEW (As of September 30, 2019; at CLNC share) (3) (3) Portfolio summary Investment
type Property type Total number of 113 Mezzanine loans (5) Other investments Preferred equity 6% 8% (4) & other loans 7% Hotel (1) $4.5 billion Total at-share assets Office 15% CRE debt 33% securities 8% (1) $1.8 billion GAAP book value Senior
mortgage Multifamily loans 20% 53% GAAP book value per Net lease $13.39 real estate share 26% Industrial 24% YTD annualized Core (2) 9.5% Earnings yield Select Underlying Assets Northern California Luxury Hotel NNN Dublin Office Campus Los Angeles
Mixed-Used Southwest Multifamily Property Development 11 See footnotes in the appendix11
II. CORE PORTFOLIO – LOANS & PREFERRED EQUITY PORTFOLIO
OVERVIEW (As of September 30, 2019; at CLNC share) (5) Investment type Overview Preferred equity & other loans 10% % of performing loans 100% Mezzanine loans 10% Senior (1) mortgage Total loans & preferred equity $2.8 billion loans 80% Total
number of investments 55 (5) Property type Average investment size $52 million Industrial 5% (6) Other Office 11% % Senior loans floating rate 32% 93% (All floating rate senior loans have LIBOR floors in-place) Hotel (2) 21% W.A. remaining term 2.2
years Multifamily (3) 28% W.A. extended remaining term 4.5 years (5) Geography Midwest Southeast (4) Other 3% W.A. unlevered all-in yield 5% 7.8% <1% Europe 7% Southwest W.A. loan-to-value (senior loans only) 70% 10% West 55% W.A. risk ranking
3.1 Northeast 12 20% See footnotes in the appendix12II. CORE PORTFOLIO – LOANS & PREFERRED EQUITY PORTFOLIO OVERVIEW (As of September 30, 2019; at CLNC share) (5) Investment type Overview Preferred equity & other loans 10% % of
performing loans 100% Mezzanine loans 10% Senior (1) mortgage Total loans & preferred equity $2.8 billion loans 80% Total number of investments 55 (5) Property type Average investment size $52 million Industrial 5% (6) Other Office 11% % Senior
loans floating rate 32% 93% (All floating rate senior loans have LIBOR floors in-place) Hotel (2) 21% W.A. remaining term 2.2 years Multifamily (3) 28% W.A. extended remaining term 4.5 years (5) Geography Midwest Southeast (4) Other 3% W.A.
unlevered all-in yield 5% 7.8% <1% Europe 7% Southwest W.A. loan-to-value (senior loans only) 70% 10% West 55% W.A. risk ranking 3.1 Northeast 12 20% See footnotes in the appendix12
II. CORE PORTFOLIO – LOANS & PREFERRED EQUITY PORTFOLIO
OVERVIEW (CONT’D) ($ in thousands; as of September 30, 2019; at CLNC share) Carrying Net carrying W.A. unlevered W.A. remaining W.A. extended Number of (1) (2) (3) (4) (5) investments value value all-in yield term (years) term (years) Floating
rate Senior mortgage loans 36 $ 2,110,368 $ 549,761 6.0% 1.8 4.4 Mezzanine loans 2 32,120 32,120 11.9% 0.6 2.6 Total / W.A. floating rate 38 2,142,488 581,881 6.1% 1.8 4.4 Fixed rate Senior mortgage loans 1 167,382 167,382 15.0% 1.3 4.3 Mezzanine
loans 7 235,969 235,969 13.0% 2.0 3.5 Preferred equity & other loans 9 286,704 286,704 12.0% 6.3 6.8 Total / W.A. fixed rate 17 690,055 690,055 13.1% 3.6 5.1 Total / W.A. 55 $ 1 2,832,543$ 7. ,271,936 8% 2.2 4.5 13 See footnotes in the
appendix13II. CORE PORTFOLIO – LOANS & PREFERRED EQUITY PORTFOLIO OVERVIEW (CONT’D) ($ in thousands; as of September 30, 2019; at CLNC share) Carrying Net carrying W.A. unlevered W.A. remaining W.A. extended Number of (1) (2) (3) (4)
(5) investments value value all-in yield term (years) term (years) Floating rate Senior mortgage loans 36 $ 2,110,368 $ 549,761 6.0% 1.8 4.4 Mezzanine loans 2 32,120 32,120 11.9% 0.6 2.6 Total / W.A. floating rate 38 2,142,488 581,881 6.1% 1.8 4.4
Fixed rate Senior mortgage loans 1 167,382 167,382 15.0% 1.3 4.3 Mezzanine loans 7 235,969 235,969 13.0% 2.0 3.5 Preferred equity & other loans 9 286,704 286,704 12.0% 6.3 6.8 Total / W.A. fixed rate 17 690,055 690,055 13.1% 3.6 5.1 Total / W.A.
55 $ 1 2,832,543$ 7. ,271,936 8% 2.2 4.5 13 See footnotes in the appendix13
II. CORE PORTFOLIO – CRE DEBT SECURITIES (As of September 30,
2019, unless otherwise stated; at CLNC share) (6) Overview Ratings Category B-Piece (1) Principal value Investments $469 million 30% (1) BBB- Carrying value $367 million 62% BB | B 8% (2) Net carrying value $161 million (6) Vintage (3) Total number
of investments 51 Investment grade 30% 27% Non-investment grade 23% 25% B-Piece investments 19% (4) 20% W.A. remaining term 6.4 years 15% 15% 10% 10% 6% (5) W.A. unlevered all-in yield 7.3% 5% 0% 2011 2012 2013 2014 2015 2016 2017 2018 Vintage Year
14 See footnotes in the appendix14 % of PortfolioII. CORE PORTFOLIO – CRE DEBT SECURITIES (As of September 30, 2019, unless otherwise stated; at CLNC share) (6) Overview Ratings Category B-Piece (1) Principal value Investments $469 million 30%
(1) BBB- Carrying value $367 million 62% BB | B 8% (2) Net carrying value $161 million (6) Vintage (3) Total number of investments 51 Investment grade 30% 27% Non-investment grade 23% 25% B-Piece investments 19% (4) 20% W.A. remaining term 6.4 years
15% 15% 10% 10% 6% (5) W.A. unlevered all-in yield 7.3% 5% 0% 2011 2012 2013 2014 2015 2016 2017 2018 Vintage Year 14 See footnotes in the appendix14 % of Portfolio
II. CORE PORTFOLIO – NET LEASE REAL ESTATE ($ and square feet in
thousands; as of September 30, 2019, unless otherwise stated; at CLNC share) Rentable square W.A. % leased W.A. remaining Carrying Net carrying Q3 NOI / Annualized Q3 Number of Number of at end of lease term feet ( RSF ) / (1) (2) (3) (4) properties
buildings value value EBITDA NOI / EBITDA (5) (6) keys period (years) Industrial 47 47 11,319 RSF $ 715,962 $ 199,924 $ 12,455 $ 49,820 96% 9.7 Office 3 28 1,812 RSF 386,337 154,042 5,945 23,780 100% 9.4 Total / W.A. 50 75 13,132 RSF$ 35 1,102,299 $
3,966 $ 18,400 $ 73,600 98% 9.6 Other real estate (under contract for sale) * Hotel 1 1 500 Keys $ 71,871 $ 71,871 $ 1,202 $ 4,808 n/a n/a * Subsequent to quarter end, the Company executed a purchase and sale agreement for the sale of a hotel asset
with closing expected in Q419; Capital expected to be redeployed into target investments within the Core Portfolio (7) (7) (6)(7) Property type Geography W.A. remaining lease term Southeast 17% West 3.1 - 4.0 yrs 30% Office 43%** 35% +5.0 yrs 57%
Midwest Industrial 25% 65% Europe 28% ** Approximately 91% is related to industrial net lease properties 15 See footnotes in the appendix15II. CORE PORTFOLIO – NET LEASE REAL ESTATE ($ and square feet in thousands; as of September 30, 2019,
unless otherwise stated; at CLNC share) Rentable square W.A. % leased W.A. remaining Carrying Net carrying Q3 NOI / Annualized Q3 Number of Number of at end of lease term feet ( RSF ) / (1) (2) (3) (4) properties buildings value value EBITDA NOI /
EBITDA (5) (6) keys period (years) Industrial 47 47 11,319 RSF $ 715,962 $ 199,924 $ 12,455 $ 49,820 96% 9.7 Office 3 28 1,812 RSF 386,337 154,042 5,945 23,780 100% 9.4 Total / W.A. 50 75 13,132 RSF$ 35 1,102,299 $ 3,966 $ 18,400 $ 73,600 98% 9.6
Other real estate (under contract for sale) * Hotel 1 1 500 Keys $ 71,871 $ 71,871 $ 1,202 $ 4,808 n/a n/a * Subsequent to quarter end, the Company executed a purchase and sale agreement for the sale of a hotel asset with closing expected in Q419;
Capital expected to be redeployed into target investments within the Core Portfolio (7) (7) (6)(7) Property type Geography W.A. remaining lease term Southeast 17% West 3.1 - 4.0 yrs 30% Office 43%** 35% +5.0 yrs 57% Midwest Industrial 25% 65% Europe
28% ** Approximately 91% is related to industrial net lease properties 15 See footnotes in the appendix15
II. CORE PORTFOLIO – INVESTMENT DETAIL ($ in millions; as of
September 30, 2019; at CLNC share) Core Portfolio – loans & preferred equity portfolio Carrying Coupon Cash Unlevered Extended Risk (1) (2) (3) (4) ranking Collateral type City, State value type coupon all-in yield maturity date LTV Senior
loans Loan 1 Hotel San Jose, CA $ 173 Floating L+ 4.3% 6.3% Jan-23 62% 3 Loan 2 Multifamily Milpitas, CA 1 70 Floating L+ 3.1% 5.5% Jul-24 72% 3 Loan 3 * Other Dublin, Ireland 167 Fixed 8.0% 15.0% Dec-23 96% 3 Loan 4 Hotel San Diego, CA 139 Floating
L+ 4.8% 7.1% Oct-24 71% 4 Loan 5 Hotel Berkeley, CA 119 Floating L+ 3.2% 5.4% Jul-25 66% 3 Loan 6 Industrial New York, NY 115 Floating L+ 3.1% 5.8% Sep-24 76% 3 Loan 7 Office Carlsbad, CA 113 Floating L+ 3.7% 6.1% Dec-23 73% 3 Loan 8 Multifamily
Various - U.S. 91 Floating L+ 3.0% 5.9% Apr-24 65% 3 Loan 9 * Multifamily Santa Clara, CA 89 Floating L+ 4.4% 7.3% Jun-24 64% 3 Loan 10 Office Stamford, CT 85 Floating L+ 3.5% 5.8% Jun-25 71% 3 Loan 11 Hotel Englewood, CO 73 Floating L+ 3.5% 5.8%
Jul-23 69% 3 Loan 12 Office Burlingame, CA 70 Floating L+ 2.8% 5.2% Jul-23 61% 3 Loan 13 Office San Jose, CA 63 Floating L+ 2.5% 5.0% Aug-25 66% 3 Loan 14 Office Long Island City, NY 62 Floating L+ 3.3% 5.8% Apr-24 58% 3 Loan 15 Office Long Island
City, NY 59 Floating L+ 3.5% 6.0% Jun-24 59% 3 Loan 16 Office Baltimore, MD 53 Floating L+ 3.5% 6.2% Feb-24 74% 3 Loan 17 Office Washington, D.C. 50 Floating L+ 2.8% 5.7% Aug-24 68% 3 Loan 18 Multifamily Knoxville, TN 50 Floating L+ 4.0% 6.5% Dec-22
80% 2 Loan 19 Multifamily Phoenix, AZ 43 Floating L+ 2.7% 5.2% Jul-24 76% 3 Loan 20 Multifamily Dupont, WA 40 Floating L+ 3.3% 5.8% Nov-23 82% 3 Loan 21 Multifamily Henderson, NV 38 Floating L+ 3.3% 5.8% Jun-23 73% 3 Loan 22 Multifamily Las Vegas,
NV 37 Floating L+ 3.2% 5.9% Feb-24 71% 3 Loan 23 Multifamily Oxnard, CA 37 Floating L+ 5.2% 8.0% May-21 71% 3 Loan 24 Office Salt Lake City, UT 36 Floating L+ 2.7% 5.0% Oct-24 72% 3 Loan 25 Hotel Bloomington, MN 35 Floating L+ 6.0% 8.0% Jan-20 59% 4
Loan 26 Multifamily North Phoenix, AZ 34 Floating L+ 3.4% 5.9% May-24 81% 3 Loan 27 Office Miami, FL 33 Floating L+ 4.9% 7.2% Jul-22 66% 3 Loan 28 Office San Jose, CA 27 Floating L+ 3.0% 5.9% Apr-24 64% 3 Loan 29 Multifamily Tempe, AZ 26 Floating L+
2.9% 5.4% Feb-24 79% 3 Loan 30 Office Santa Barbara, CA 25 Floating L+ 3.2% 5.7% Feb-24 80% 3 Loan 31 Office San Francisco, CA 23 Floating L+ 3.4% 6.1% Oct-24 72% 3 Loan 32 Multifamily Phoenix, AZ 21 Floating L+ 2.9% 5.4% Jan-23 73% 3 Loan 33 Office
San Francisco, CA 20 Floating L+ 2.8% 5.6% Sep-24 74% 3 Loan 34 Office Charlotte, NC 18 Floating L+ 3.4% 6.0% Mar-24 56% 3 Loan 35 Office Los Angeles, CA 17 Floating L+ 4.7% 6.9% Jan-23 76% 3 Loan 36 Multifamily Tempe, AZ 16 Floating L+ 3.0% 5.5%
Sep-23 70% 3 Loan 37 Multifamily Las Vegas, NV 13 Floating L+ 3.2% 5.9% Feb-24 71% 3 Total / W.A. senior loans $ 2,278 6.7% Feb-24 70% 3.1 * Reflects loans and preferred equity interests in which the underlying collateral is related to
construction/development projects 16 See footnotes in the appendix16II. CORE PORTFOLIO – INVESTMENT DETAIL ($ in millions; as of September 30, 2019; at CLNC share) Core Portfolio – loans & preferred equity portfolio Carrying Coupon
Cash Unlevered Extended Risk (1) (2) (3) (4) ranking Collateral type City, State value type coupon all-in yield maturity date LTV Senior loans Loan 1 Hotel San Jose, CA $ 173 Floating L+ 4.3% 6.3% Jan-23 62% 3 Loan 2 Multifamily Milpitas, CA 1 70
Floating L+ 3.1% 5.5% Jul-24 72% 3 Loan 3 * Other Dublin, Ireland 167 Fixed 8.0% 15.0% Dec-23 96% 3 Loan 4 Hotel San Diego, CA 139 Floating L+ 4.8% 7.1% Oct-24 71% 4 Loan 5 Hotel Berkeley, CA 119 Floating L+ 3.2% 5.4% Jul-25 66% 3 Loan 6 Industrial
New York, NY 115 Floating L+ 3.1% 5.8% Sep-24 76% 3 Loan 7 Office Carlsbad, CA 113 Floating L+ 3.7% 6.1% Dec-23 73% 3 Loan 8 Multifamily Various - U.S. 91 Floating L+ 3.0% 5.9% Apr-24 65% 3 Loan 9 * Multifamily Santa Clara, CA 89 Floating L+ 4.4%
7.3% Jun-24 64% 3 Loan 10 Office Stamford, CT 85 Floating L+ 3.5% 5.8% Jun-25 71% 3 Loan 11 Hotel Englewood, CO 73 Floating L+ 3.5% 5.8% Jul-23 69% 3 Loan 12 Office Burlingame, CA 70 Floating L+ 2.8% 5.2% Jul-23 61% 3 Loan 13 Office San Jose, CA 63
Floating L+ 2.5% 5.0% Aug-25 66% 3 Loan 14 Office Long Island City, NY 62 Floating L+ 3.3% 5.8% Apr-24 58% 3 Loan 15 Office Long Island City, NY 59 Floating L+ 3.5% 6.0% Jun-24 59% 3 Loan 16 Office Baltimore, MD 53 Floating L+ 3.5% 6.2% Feb-24 74% 3
Loan 17 Office Washington, D.C. 50 Floating L+ 2.8% 5.7% Aug-24 68% 3 Loan 18 Multifamily Knoxville, TN 50 Floating L+ 4.0% 6.5% Dec-22 80% 2 Loan 19 Multifamily Phoenix, AZ 43 Floating L+ 2.7% 5.2% Jul-24 76% 3 Loan 20 Multifamily Dupont, WA 40
Floating L+ 3.3% 5.8% Nov-23 82% 3 Loan 21 Multifamily Henderson, NV 38 Floating L+ 3.3% 5.8% Jun-23 73% 3 Loan 22 Multifamily Las Vegas, NV 37 Floating L+ 3.2% 5.9% Feb-24 71% 3 Loan 23 Multifamily Oxnard, CA 37 Floating L+ 5.2% 8.0% May-21 71% 3
Loan 24 Office Salt Lake City, UT 36 Floating L+ 2.7% 5.0% Oct-24 72% 3 Loan 25 Hotel Bloomington, MN 35 Floating L+ 6.0% 8.0% Jan-20 59% 4 Loan 26 Multifamily North Phoenix, AZ 34 Floating L+ 3.4% 5.9% May-24 81% 3 Loan 27 Office Miami, FL 33
Floating L+ 4.9% 7.2% Jul-22 66% 3 Loan 28 Office San Jose, CA 27 Floating L+ 3.0% 5.9% Apr-24 64% 3 Loan 29 Multifamily Tempe, AZ 26 Floating L+ 2.9% 5.4% Feb-24 79% 3 Loan 30 Office Santa Barbara, CA 25 Floating L+ 3.2% 5.7% Feb-24 80% 3 Loan 31
Office San Francisco, CA 23 Floating L+ 3.4% 6.1% Oct-24 72% 3 Loan 32 Multifamily Phoenix, AZ 21 Floating L+ 2.9% 5.4% Jan-23 73% 3 Loan 33 Office San Francisco, CA 20 Floating L+ 2.8% 5.6% Sep-24 74% 3 Loan 34 Office Charlotte, NC 18 Floating L+
3.4% 6.0% Mar-24 56% 3 Loan 35 Office Los Angeles, CA 17 Floating L+ 4.7% 6.9% Jan-23 76% 3 Loan 36 Multifamily Tempe, AZ 16 Floating L+ 3.0% 5.5% Sep-23 70% 3 Loan 37 Multifamily Las Vegas, NV 13 Floating L+ 3.2% 5.9% Feb-24 71% 3 Total / W.A.
senior loans $ 2,278 6.7% Feb-24 70% 3.1 * Reflects loans and preferred equity interests in which the underlying collateral is related to construction/development projects 16 See footnotes in the appendix16
II. CORE PORTFOLIO – INVESTMENT DETAIL (CONT’D) ($ in
millions; rentable square feet in thousands; as of September 30, 2019; at CLNC share) Core Portfolio – loans & preferred equity portfolio (cont’d) Carrying Coupon Cash Unlevered Extended Risk (1) (2) (3) (4) Collateral type City,
State value type coupon all-in yield maturity date LTV ranking Mezzanine loans Loan 38 * Other Los Angeles, CA $ 88 Fixed 10.0% 13.0% Jul-22 81% 4 * Loan 39 Multifamily Santa Clarita, CA 48 Fixed 7.0% 13.8% Dec-24 84% 3 Loan 40 * Office Dublin,
Ireland 32 Fixed n/a 12.5% Dec-21 98% 3 Loan 41 Hotel Berkeley, CA 28 Fixed 11.5% 11.5% Jul-25 81% 3 * Loan 42 Multifamily New York, NY 20 Floating L+ 9.5% 11.0% Aug-22 84% 3 Loan 43 * Other San Rafael, CA 19 Fixed 10.0% 15.0% Dec-19 73% 3 * Loan 44
Multifamily Placentia, CA 16 Fixed 8.0% 13.3% Jul-24 90% 3 Loan 45 Hotel New York, NY 12 Floating L+ 11.0% 13.3% Jan-22 72% 3 Loan 46 Multifamily Various - TX 5 Fixed 9.5% 9.5% Aug-24 83% 3 Total / W.A. mezzanine loans $ 268 12.9% Mar-23 83% 3.3
Preferred equity & other loans Loan 47 Industrial Various - U.S. $ 101 Fixed 14.1% 14.2% Sep-27 n/a 3 Loan 48 Office Various - N.Y. 96 Fixed 7.0% 12.0% Jun-27 n/a 4 Loan 49 * Other Los Angeles, CA 30 Fixed 10.0% 13.0% Jul-22 n/a 4 Loan 50 **
Industrial Various - U.S. 24 n/a n/a n/a Sep-27 n/a 3 Loan 51 Office Las Vegas, NV 20 Fixed 8.0% 15.5% Sep-23 n/a 3 Loan 52 Other Various - U.S. 11 Fixed 15.0% 15.3% May-24 n/a 3 *,** Loan 53 Office Dublin, Ireland 3 n/a n/a n/a Dec-21 n/a 3 Loan 54
Other Various - U.S. 1 n/a n/a n/a n/a n/a 3 ** Loan 55 Hotel Austin, TX 0 Fixed n/a 7.5% n/a n/a 3 Total / W.A. preferred equity & other loans $ 287 12.0% Jan-26 n/a 3.4 Total / W.A. loans & preferred equity portfolio $ 2,833 7.8% Mar-24
n/a 3.1 * Reflects loans and preferred equity interests in which the underlying collateral is related to construction/development projects ** Represents an equity participation interest Core Portfolio – net lease real estate Carrying
Annualized # of # of Rentable square W.A. W.A. lease (1) (5) (6) (7) Collateral type City, State value Q3 NOI properties buildings feet ( RSF ) % leased term (yrs) Net lease real estate Net lease 1 Industrial Various - U.S. $ 328 $ 21 2 2 22 6,697
RSF 93% 3.8 Net lease 2 Office Stavenger, Norway 308 17 1 26 1,291 RSF 100% 10.7 Net lease 3 Industrial Various - U.S. 282 20 2 2 2,787 RSF 100% 18.8 Net lease 4 Industrial Various - OH 106 9 23 23 1,834 RSF 98% 3.7 Net lease 5 Office Aurora, CO 45
4 1 1 184 RSF 100% 3.2 Net lease 6 Office Indianapolis, IN 33 3 1 1 338 RSF 100% 6.3 Total / W.A. net lease real estate $ 1,102 $ 74 5 0 75 13,132 RSF 98% 9.6 17 See footnotes in the appendix17II. CORE PORTFOLIO – INVESTMENT DETAIL
(CONT’D) ($ in millions; rentable square feet in thousands; as of September 30, 2019; at CLNC share) Core Portfolio – loans & preferred equity portfolio (cont’d) Carrying Coupon Cash Unlevered Extended Risk (1) (2) (3) (4)
Collateral type City, State value type coupon all-in yield maturity date LTV ranking Mezzanine loans Loan 38 * Other Los Angeles, CA $ 88 Fixed 10.0% 13.0% Jul-22 81% 4 * Loan 39 Multifamily Santa Clarita, CA 48 Fixed 7.0% 13.8% Dec-24 84% 3 Loan 40
* Office Dublin, Ireland 32 Fixed n/a 12.5% Dec-21 98% 3 Loan 41 Hotel Berkeley, CA 28 Fixed 11.5% 11.5% Jul-25 81% 3 * Loan 42 Multifamily New York, NY 20 Floating L+ 9.5% 11.0% Aug-22 84% 3 Loan 43 * Other San Rafael, CA 19 Fixed 10.0% 15.0%
Dec-19 73% 3 * Loan 44 Multifamily Placentia, CA 16 Fixed 8.0% 13.3% Jul-24 90% 3 Loan 45 Hotel New York, NY 12 Floating L+ 11.0% 13.3% Jan-22 72% 3 Loan 46 Multifamily Various - TX 5 Fixed 9.5% 9.5% Aug-24 83% 3 Total / W.A. mezzanine loans $ 268
12.9% Mar-23 83% 3.3 Preferred equity & other loans Loan 47 Industrial Various - U.S. $ 101 Fixed 14.1% 14.2% Sep-27 n/a 3 Loan 48 Office Various - N.Y. 96 Fixed 7.0% 12.0% Jun-27 n/a 4 Loan 49 * Other Los Angeles, CA 30 Fixed 10.0% 13.0% Jul-22
n/a 4 Loan 50 ** Industrial Various - U.S. 24 n/a n/a n/a Sep-27 n/a 3 Loan 51 Office Las Vegas, NV 20 Fixed 8.0% 15.5% Sep-23 n/a 3 Loan 52 Other Various - U.S. 11 Fixed 15.0% 15.3% May-24 n/a 3 *,** Loan 53 Office Dublin, Ireland 3 n/a n/a n/a
Dec-21 n/a 3 Loan 54 Other Various - U.S. 1 n/a n/a n/a n/a n/a 3 ** Loan 55 Hotel Austin, TX 0 Fixed n/a 7.5% n/a n/a 3 Total / W.A. preferred equity & other loans $ 287 12.0% Jan-26 n/a 3.4 Total / W.A. loans & preferred equity portfolio $
2,833 7.8% Mar-24 n/a 3.1 * Reflects loans and preferred equity interests in which the underlying collateral is related to construction/development projects ** Represents an equity participation interest Core Portfolio – net lease real estate
Carrying Annualized # of # of Rentable square W.A. W.A. lease (1) (5) (6) (7) Collateral type City, State value Q3 NOI properties buildings feet ( RSF ) % leased term (yrs) Net lease real estate Net lease 1 Industrial Various - U.S. $ 328 $ 21 2 2
22 6,697 RSF 93% 3.8 Net lease 2 Office Stavenger, Norway 308 17 1 26 1,291 RSF 100% 10.7 Net lease 3 Industrial Various - U.S. 282 20 2 2 2,787 RSF 100% 18.8 Net lease 4 Industrial Various - OH 106 9 23 23 1,834 RSF 98% 3.7 Net lease 5 Office
Aurora, CO 45 4 1 1 184 RSF 100% 3.2 Net lease 6 Office Indianapolis, IN 33 3 1 1 338 RSF 100% 6.3 Total / W.A. net lease real estate $ 1,102 $ 74 5 0 75 13,132 RSF 98% 9.6 17 See footnotes in the appendix17
III. LEGACY, NON- STRATEGIC PORTFOLIO 18III. LEGACY, NON- STRATEGIC
PORTFOLIO 18
III. LEGACY, NON-STRATEGIC – PORTFOLIO OVERVIEW ($ in thousands,
unless otherwise stated; as of September 30, 2019; at CLNC share) (3) (3) Portfolio summary Investment type Property type Total number of 70 PE interests (4) (6) Other Net lease Preferred equity investments 2% <1% 10% real estate 7% Hotel (1)
Mezzanine $1.0 billion Total at-share assets 10% loans Office 8% 38% (1) Senior $0.4 billion GAAP book value mortgage loans Retail 20% 19% Other real GAAP book value per estate $3.16 share 63% (5) Multifamily YTD annualized Legacy, 23% Non-Strategic
Earnings 8.2% (2) yield ex. gains / (losses) Portfolio Overview Portfolio Activity Carrying Net carrying (7) (8) Count value value § YTD annualized Legacy, Non-Strategic Earnings excluding gains / Senior mortgage loans 10 $ 169,938 $ 123,965
(losses) of approximately $34.1 million, or $0.26 per share; YTD Mezzanine loans 6 70,153 70,153 annualized Legacy, Non-Strategic Earnings yield of approximately 8.2% (4) 12 2 22 Preferred equity Net lease real estate 6 60,214 4,120 § GAAP book
value of $0.4 billion, or $3.16 per share Other real estate 41 532,435 202,359 § Undepreciated book value of $0.5 billion, or $3.81 per share PE interests 6 14,323 14,323 Total investment-level 70 $ 847,085 $ 414,941 § Sold approximately
90% of private equity interests for approximately Allocated assets, liabilities 167, 858 1,002 (9) $140 million of proceeds in 2019 & corporate debt Total GAAP book value $ 1,014,943 $ 415,943 19 See footnotes in the appendix19III. LEGACY,
NON-STRATEGIC – PORTFOLIO OVERVIEW ($ in thousands, unless otherwise stated; as of September 30, 2019; at CLNC share) (3) (3) Portfolio summary Investment type Property type Total number of 70 PE interests (4) (6) Other Net lease Preferred
equity investments 2% <1% 10% real estate 7% Hotel (1) Mezzanine $1.0 billion Total at-share assets 10% loans Office 8% 38% (1) Senior $0.4 billion GAAP book value mortgage loans Retail 20% 19% Other real GAAP book value per estate $3.16 share
63% (5) Multifamily YTD annualized Legacy, 23% Non-Strategic Earnings 8.2% (2) yield ex. gains / (losses) Portfolio Overview Portfolio Activity Carrying Net carrying (7) (8) Count value value § YTD annualized Legacy, Non-Strategic Earnings
excluding gains / Senior mortgage loans 10 $ 169,938 $ 123,965 (losses) of approximately $34.1 million, or $0.26 per share; YTD Mezzanine loans 6 70,153 70,153 annualized Legacy, Non-Strategic Earnings yield of approximately 8.2% (4) 12 2 22
Preferred equity Net lease real estate 6 60,214 4,120 § GAAP book value of $0.4 billion, or $3.16 per share Other real estate 41 532,435 202,359 § Undepreciated book value of $0.5 billion, or $3.81 per share PE interests 6 14,323 14,323
Total investment-level 70 $ 847,085 $ 414,941 § Sold approximately 90% of private equity interests for approximately Allocated assets, liabilities 167, 858 1,002 (9) $140 million of proceeds in 2019 & corporate debt Total GAAP book value $
1,014,943 $ 415,943 19 See footnotes in the appendix19
III. LEGACY, NON-STRATEGIC – LOANS & PREFERRED EQUITY
PORTFOLIO OVERVIEW (As of September 30, 2019; at CLNC share) (5) Investment type Overview Preferred equity <1% (1) Mezzanine Total loans & preferred equity $240 million loans Senior 29% loans 71% Total number of investments 17 (5) Property
type Average investment size $14 million Hotel 21% Retail 46% % Senior loans floating rate 85% (6) Other 33% (2) W.A. remaining term 1.5 years (5) Geography Southwest Midwest (3) 3% <1% W.A. extended remaining term 2.2 years Southeast 15% (4)
West W.A. unlevered all-in yield 7.9% 56% Northeast 26% 20 See footnotes in the appendix20III. LEGACY, NON-STRATEGIC – LOANS & PREFERRED EQUITY PORTFOLIO OVERVIEW (As of September 30, 2019; at CLNC share) (5) Investment type Overview
Preferred equity <1% (1) Mezzanine Total loans & preferred equity $240 million loans Senior 29% loans 71% Total number of investments 17 (5) Property type Average investment size $14 million Hotel 21% Retail 46% % Senior loans floating rate
85% (6) Other 33% (2) W.A. remaining term 1.5 years (5) Geography Southwest Midwest (3) 3% <1% W.A. extended remaining term 2.2 years Southeast 15% (4) West W.A. unlevered all-in yield 7.9% 56% Northeast 26% 20 See footnotes in the
appendix20
III. LEGACY, NON-STRATEGIC – LOANS & PREFERRED EQUITY
PORTFOLIO OVERVIEW (CONT’D) ($ in thousands; as of September 30, 2019; at CLNC share) Carrying Net carrying W.A. unlevered W.A. remaining W.A. extended Number of (1) (2) (3) (4) (5) investments value value all-in yield term (years) term
(years) Floating rate Senior mortgage loans 8 $ 143,938 $ 97 ,965 4.6% 1.8 2.6 Mezzanine loans 1 0 0 10.0% 0.5 0.5 Total / W.A. floating rate 9 143,938 97,96 5 4.6% 1.8 2.6 Fixed rate Senior mortgage loans 2 26,000 26,000 9.3% 1.1 1.1 Mezzanine
loans 5 70,153 70,153 14.1% 1.0 1.9 * Preferred equity 1 22 22 0.0% 0.0 0.0 Total / W.A. fixed rate 8 96,175 96,175 12.8% 1.0 1.7 Total / W.A. 17 $ 240,113 $ 194,140 7.9% 1.5 2.2 * Represents an equity participation interest 21 See footnotes in the
appendix21III. LEGACY, NON-STRATEGIC – LOANS & PREFERRED EQUITY PORTFOLIO OVERVIEW (CONT’D) ($ in thousands; as of September 30, 2019; at CLNC share) Carrying Net carrying W.A. unlevered W.A. remaining W.A. extended Number of (1) (2)
(3) (4) (5) investments value value all-in yield term (years) term (years) Floating rate Senior mortgage loans 8 $ 143,938 $ 97 ,965 4.6% 1.8 2.6 Mezzanine loans 1 0 0 10.0% 0.5 0.5 Total / W.A. floating rate 9 143,938 97,96 5 4.6% 1.8 2.6 Fixed
rate Senior mortgage loans 2 26,000 26,000 9.3% 1.1 1.1 Mezzanine loans 5 70,153 70,153 14.1% 1.0 1.9 * Preferred equity 1 22 22 0.0% 0.0 0.0 Total / W.A. fixed rate 8 96,175 96,175 12.8% 1.0 1.7 Total / W.A. 17 $ 240,113 $ 194,140 7.9% 1.5 2.2 *
Represents an equity participation interest 21 See footnotes in the appendix21
III. LEGACY, NON-STRATEGIC – NET LEASE REAL ESTATE ($ and square
feet in thousands; as of September 30, 2019, unless otherwise stated; at CLNC share) W.A. % leased W.A. remaining Rentable Carrying Net carrying Annualized Number of Number of (3) at end of lease term square feet Q3 NOI (1) (2) (4) properties
buildings value value Q3 NOI (5) (6) ( RSF ) period (years) Retail 10 10 468 RSF $ 32,929 $ (10,630) $ 1,317 $ 5,268 100% 5.3 Office 2 2 320 RSF 27,285 14,750 560 2,240 72% 5.6 Total / W.A. 12 12 788 RSF $ 60,214 $ 4,120 $ 1,877 $ 7,508 87% 5.5 (7)
(7) (6)(7) Property type Geography W.A. remaining lease term 3.1 - 4.0 yrs 23% +5.0 yrs Midwest 34% 45% Retail 45% Office 55% Northeast 55% 4.1 - 5.0 yrs 43% 22 See footnotes in the appendix22III. LEGACY, NON-STRATEGIC – NET LEASE REAL ESTATE
($ and square feet in thousands; as of September 30, 2019, unless otherwise stated; at CLNC share) W.A. % leased W.A. remaining Rentable Carrying Net carrying Annualized Number of Number of (3) at end of lease term square feet Q3 NOI (1) (2) (4)
properties buildings value value Q3 NOI (5) (6) ( RSF ) period (years) Retail 10 10 468 RSF $ 32,929 $ (10,630) $ 1,317 $ 5,268 100% 5.3 Office 2 2 320 RSF 27,285 14,750 560 2,240 72% 5.6 Total / W.A. 12 12 788 RSF $ 60,214 $ 4,120 $ 1,877 $ 7,508
87% 5.5 (7) (7) (6)(7) Property type Geography W.A. remaining lease term 3.1 - 4.0 yrs 23% +5.0 yrs Midwest 34% 45% Retail 45% Office 55% Northeast 55% 4.1 - 5.0 yrs 43% 22 See footnotes in the appendix22
III. LEGACY, NON-STRATEGIC – OTHER REAL ESTATE ($ and square feet
in thousands; as of September 30, 2019, unless otherwise stated; at CLNC share) W.A. % leased W.A. remaining Rentable square Carrying Net carrying Q3 NOI / Annualized Q3 Number of Number of feet ( RSF ) / at end of lease term (1) (2) (3) (4)
properties buildings value value EBITDA NOI / EBITDA (5) (6) units / keys period (years) Office 35 44 3,724 RSF $ 287,690 $ 85,890 $ 5,711 $ 22,844 83% 3.4 (7) 8 113 3,327 units 195,171 88,395 3,005 12,020 93% n/a Multifamily Retail 6 8 1,240 RSF
17,733 17,733 610 2,440 79% 2.7 Hotel 2 2 443 keys 31,841 10,341 994 3,976 n/a n/a Total / W.A. 51 167 n/a $ 532,435 $ 202,359 $ 10 ,320 $ 41,280 86% 3.4 (8) (8) (6)(8) Property type Geography W.A. remaining lease term Retail West +5 yrs Hotel
<1.0 yr 3% 4% <1% 6% 14% Northeast 21% Midwest 1.1 - 2.0 yrs 42% 19% Office 54% 2.1 - 3.0 yrs 3% (7) Multifamily 4.1 - 5.0 yrs Southeast 63% 37% 3.1 - 4.0 yrs 33% 1% 23 See footnotes in the appendix23III. LEGACY, NON-STRATEGIC – OTHER
REAL ESTATE ($ and square feet in thousands; as of September 30, 2019, unless otherwise stated; at CLNC share) W.A. % leased W.A. remaining Rentable square Carrying Net carrying Q3 NOI / Annualized Q3 Number of Number of feet ( RSF ) / at end of
lease term (1) (2) (3) (4) properties buildings value value EBITDA NOI / EBITDA (5) (6) units / keys period (years) Office 35 44 3,724 RSF $ 287,690 $ 85,890 $ 5,711 $ 22,844 83% 3.4 (7) 8 113 3,327 units 195,171 88,395 3,005 12,020 93% n/a
Multifamily Retail 6 8 1,240 RSF 17,733 17,733 610 2,440 79% 2.7 Hotel 2 2 443 keys 31,841 10,341 994 3,976 n/a n/a Total / W.A. 51 167 n/a $ 532,435 $ 202,359 $ 10 ,320 $ 41,280 86% 3.4 (8) (8) (6)(8) Property type Geography W.A. remaining lease
term Retail West +5 yrs Hotel <1.0 yr 3% 4% <1% 6% 14% Northeast 21% Midwest 1.1 - 2.0 yrs 42% 19% Office 54% 2.1 - 3.0 yrs 3% (7) Multifamily 4.1 - 5.0 yrs Southeast 63% 37% 3.1 - 4.0 yrs 33% 1% 23 See footnotes in the appendix23
III. LEGACY, NON-STRATEGIC – INVESTMENT DETAIL ($ in millions; as
of September 30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – loans & preferred equity portfolio Coupon Cash Unlevered Extended (1) (2) Collateral type City, State type coupon all-in yield maturity date Senior loans * Loan 1
Hotel New York, NY n/a n/a n/a May-23 Loan 2 Retail Reno, NV Floating L+ 5.3% 7.3% Aug-21 Loan 3 Retail Morrow, GA Floating L+ 4.0% 6.3% Jan-24 Loan 4 Retail Colorado Springs, CO Floating L+ 4.9% 6.9% Apr-20 ** Loan 5 Other Calimesa, CA Fixed 12.0%
12.0% May-20 Loan 6 Retail Sanford, FL Fixed 6.0% 6.0% May-21 Loan 7 Retail Butler, PA Floating L+ 6.5% 8.5% May-20 Loan 8 Retail Houston, TX Floating L+ 5.8% 7.8% Jan-20 Loan 9 Retail Houston, TX Floating L+ 5.8% 7.8% Jan-20 * Loan 10 Hotel New
York, NY n/a n/a n/a May-23 Mezzanine loans ** Loan 11 Other Rolling Hills Estates, CA Fixed 8.0% 15.0% Jun-21 Loan 12 Retail Various - U.S. Fixed 10.5% 10.5% Apr-24 ** Loan 13 Other Rolling Hills Estates, CA Fixed 8.0% 8.0% Feb-20 Loan 14 Retail
Colorado Springs, CO Floating L+ 8.0% 10.0% Apr-20 * Loan 15 Hotel New York, NY n/a n/a n/a May-23 * Loan 16 Hotel New York, NY n/a n/a n/a May-23 Preferred equity **,*** Loan 17 Other Rolling Hills Estates, CA n/a n/a n/a n/a * Represents loans on
nonaccrual status ** Reflects loans and preferred equity interests in which the underlying collateral is related to construction/development projects *** Represents an equity participation interest Legacy, Non-Strategic Portfolio – loans &
preferred equity portfolio summary Unlevered Extended (3) (1) (2) Carrying value all-in yield maturity date Senior loans $ 170 5.3% Jan-22 Mezzanine loans 70 14.1% Aug-21 Preferred equity & other loans 0 n/a n/a Total / W.A. loans &
preferred equity portfolio $ 240 7.9% Dec-21 24 See footnotes in the appendix24III. LEGACY, NON-STRATEGIC – INVESTMENT DETAIL ($ in millions; as of September 30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – loans &
preferred equity portfolio Coupon Cash Unlevered Extended (1) (2) Collateral type City, State type coupon all-in yield maturity date Senior loans * Loan 1 Hotel New York, NY n/a n/a n/a May-23 Loan 2 Retail Reno, NV Floating L+ 5.3% 7.3% Aug-21 Loan
3 Retail Morrow, GA Floating L+ 4.0% 6.3% Jan-24 Loan 4 Retail Colorado Springs, CO Floating L+ 4.9% 6.9% Apr-20 ** Loan 5 Other Calimesa, CA Fixed 12.0% 12.0% May-20 Loan 6 Retail Sanford, FL Fixed 6.0% 6.0% May-21 Loan 7 Retail Butler, PA Floating
L+ 6.5% 8.5% May-20 Loan 8 Retail Houston, TX Floating L+ 5.8% 7.8% Jan-20 Loan 9 Retail Houston, TX Floating L+ 5.8% 7.8% Jan-20 * Loan 10 Hotel New York, NY n/a n/a n/a May-23 Mezzanine loans ** Loan 11 Other Rolling Hills Estates, CA Fixed 8.0%
15.0% Jun-21 Loan 12 Retail Various - U.S. Fixed 10.5% 10.5% Apr-24 ** Loan 13 Other Rolling Hills Estates, CA Fixed 8.0% 8.0% Feb-20 Loan 14 Retail Colorado Springs, CO Floating L+ 8.0% 10.0% Apr-20 * Loan 15 Hotel New York, NY n/a n/a n/a May-23 *
Loan 16 Hotel New York, NY n/a n/a n/a May-23 Preferred equity **,*** Loan 17 Other Rolling Hills Estates, CA n/a n/a n/a n/a * Represents loans on nonaccrual status ** Reflects loans and preferred equity interests in which the underlying collateral
is related to construction/development projects *** Represents an equity participation interest Legacy, Non-Strategic Portfolio – loans & preferred equity portfolio summary Unlevered Extended (3) (1) (2) Carrying value all-in yield
maturity date Senior loans $ 170 5.3% Jan-22 Mezzanine loans 70 14.1% Aug-21 Preferred equity & other loans 0 n/a n/a Total / W.A. loans & preferred equity portfolio $ 240 7.9% Dec-21 24 See footnotes in the appendix24
III. LEGACY, NON-STRATEGIC – INVESTMENT DETAIL (CONT’D) ($
in millions; rentable square feet in thousands; as of September 30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – net lease & other real estate Rentable square # of # of feet ( RSF ) / W.A. W.A. lease (1) (2) Collateral type City,
State properties buildings units / keys % leased term (yrs) Net lease real estate Net lease 1 Retail Various - U.S. 7 7 320 RSF 100% 4.7 Net lease 2 Office Columbus, OH 1 1 199 RSF 52% 7.3 Net lease 3 Office Rockaway, NJ 1 1 121 RSF 100% 3.3 Net
lease 4 Retail Keene, NH 1 1 45 RSF 100% 9.3 Net lease 5 Retail Fort Wayne, IN 1 1 50 RSF 100% 4.9 Net lease 6 Retail South Portland, ME 1 1 53 RSF 100% 4.0 Other real estate Other real estate 1 Office Creve Coeur, MO 7 7 848 RSF 94% 4.5 Other real
estate 2 Multifamily Farmington Hills, MI 1 65 784 units 94% n/a Other real estate 3 Office Warrendale, PA 5 5 496 RSF 100% 4.8 Other real estate 4 Multifamily New Orleans, LA 1 1 375 units 92% n/a Other real estate 5 Office Vienna, VA 1 1 257 RSF
56% 1.0 Other real estate 6 Hotel Coraopolis, PA 1 1 318 keys n/a n/a Other real estate 7 Office Vienna, VA 1 1 173 RSF 38% 1.4 Other real estate 8 Multifamily Kalamazoo, MI 1 24 584 units 93% n/a Other real estate 9 Multifamily Cayce, SC 1 1 466
units 99% n/a Other real estate 10 Multifamily Central, SC 1 10 469 units 89% n/a Other real estate 11 Office Omaha, NE 1 1 405 RSF 67% 1.3 Other real estate 12 Retail Leominster, MA 1 3 308 RSF 97% 4.1 Other real estate 13 Multifamily Gillette, WY
1 6 139 units 89% n/a Other real estate 14 Office Greensboro, NC 1 1 130 RSF 89% 2.3 Other real estate 15 Multifamily Anchorage, AK 1 5 319 units 92% n/a Other real estate 16 Office Greensboro, NC 1 1 86 RSF 88% 1.7 Other real estate 17 Hotel Minot,
ND 1 1 125 keys n/a n/a Other real estate 18 Office Winston Salem, NC 1 1 140 RSF 43% 1.2 Other real estate 19 Office Bath, ME 1 1 38 RSF 100% 1.1 Other real estate 20 Retail Anchorage, AK 1 1 344 RSF 71% 1.2 Other real estate 21 Office Topeka, KS 1
1 195 RSF 72% 3.1 Other real estate 22 Retail Columbus, MS 1 1 307 RSF 57% 1.9 Other real estate 23 Office Greensboro, NC 1 2 59 RSF 22% 0.5 Other real estate 24 Office Greensboro, NC 1 1 48 RSF 31% 0.2 Other real estate 25 Retail West Columbia, SC
1 1 52 RSF 58% 1.0 Other real estate 26 Office Greensboro, NC 1 1 48 RSF 67% 0.7 25 See footnotes in the appendix25III. LEGACY, NON-STRATEGIC – INVESTMENT DETAIL (CONT’D) ($ in millions; rentable square feet in thousands; as of September
30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – net lease & other real estate Rentable square # of # of feet ( RSF ) / W.A. W.A. lease (1) (2) Collateral type City, State properties buildings units / keys % leased term (yrs) Net
lease real estate Net lease 1 Retail Various - U.S. 7 7 320 RSF 100% 4.7 Net lease 2 Office Columbus, OH 1 1 199 RSF 52% 7.3 Net lease 3 Office Rockaway, NJ 1 1 121 RSF 100% 3.3 Net lease 4 Retail Keene, NH 1 1 45 RSF 100% 9.3 Net lease 5 Retail
Fort Wayne, IN 1 1 50 RSF 100% 4.9 Net lease 6 Retail South Portland, ME 1 1 53 RSF 100% 4.0 Other real estate Other real estate 1 Office Creve Coeur, MO 7 7 848 RSF 94% 4.5 Other real estate 2 Multifamily Farmington Hills, MI 1 65 784 units 94% n/a
Other real estate 3 Office Warrendale, PA 5 5 496 RSF 100% 4.8 Other real estate 4 Multifamily New Orleans, LA 1 1 375 units 92% n/a Other real estate 5 Office Vienna, VA 1 1 257 RSF 56% 1.0 Other real estate 6 Hotel Coraopolis, PA 1 1 318 keys n/a
n/a Other real estate 7 Office Vienna, VA 1 1 173 RSF 38% 1.4 Other real estate 8 Multifamily Kalamazoo, MI 1 24 584 units 93% n/a Other real estate 9 Multifamily Cayce, SC 1 1 466 units 99% n/a Other real estate 10 Multifamily Central, SC 1 10 469
units 89% n/a Other real estate 11 Office Omaha, NE 1 1 405 RSF 67% 1.3 Other real estate 12 Retail Leominster, MA 1 3 308 RSF 97% 4.1 Other real estate 13 Multifamily Gillette, WY 1 6 139 units 89% n/a Other real estate 14 Office Greensboro, NC 1 1
130 RSF 89% 2.3 Other real estate 15 Multifamily Anchorage, AK 1 5 319 units 92% n/a Other real estate 16 Office Greensboro, NC 1 1 86 RSF 88% 1.7 Other real estate 17 Hotel Minot, ND 1 1 125 keys n/a n/a Other real estate 18 Office Winston Salem,
NC 1 1 140 RSF 43% 1.2 Other real estate 19 Office Bath, ME 1 1 38 RSF 100% 1.1 Other real estate 20 Retail Anchorage, AK 1 1 344 RSF 71% 1.2 Other real estate 21 Office Topeka, KS 1 1 195 RSF 72% 3.1 Other real estate 22 Retail Columbus, MS 1 1 307
RSF 57% 1.9 Other real estate 23 Office Greensboro, NC 1 2 59 RSF 22% 0.5 Other real estate 24 Office Greensboro, NC 1 1 48 RSF 31% 0.2 Other real estate 25 Retail West Columbia, SC 1 1 52 RSF 58% 1.0 Other real estate 26 Office Greensboro, NC 1 1
48 RSF 67% 0.7 25 See footnotes in the appendix25
III. LEGACY, NON-STRATEGIC – INVESTMENT DETAIL (CONT’D) ($
in millions; rentable square feet in thousands; as of September 30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – net lease & other real estate (cont’d) Rentable square # of # of feet ( RSF ) / W.A. W.A. lease (1) (2)
Collateral type City, State properties buildings units / keys % leased term (yrs) Other real estate 27 Office Greensboro, NC 1 1 47 RSF 36% 0.6 Other real estate 28 Office Greensboro, NC 1 4 42 RSF 53% 0.5 Other real estate 29 Office Anchorage, AK 1
5 11 RSF 100% 1.5 Other real estate 30 Office Lincoln, NE 1 2 124 RSF 98% 4.8 Other real estate 31 Office Greensboro, NC 1 1 34 RSF 40% 0.2 Other real estate 32 Office Greensboro, NC 1 1 35 RSF 46% 0.5 Other real estate 33 Office Greensboro, NC 1 1
27 RSF 58% 0.1 Other real estate 34 Multifamily Evansville, WY 1 1 191 units 56% n/a Other real estate 35 Office Greensboro, NC 1 1 33 RSF 100% 6.4 Other real estate 36 Office Greensboro, NC 1 1 35 RSF 50% 0.2 Other real estate 37 Office Greensboro,
NC 1 1 23 RSF 66% 1.5 Other real estate 38 Retail Dothan, AL 1 1 32 RSF 30% 1.2 Other real estate 39 Retail Havre, MT 1 1 196 RSF 53% 0.5 Other real estate 40 Office Lincoln, NE 1 1 194 RSF 34% 1.0 Other real estate 41 Office Topeka, KS 1 1 195 RSF
72% 3.1 Legacy, Non-Strategic Portfolio – net lease & other real estate summary Rentable square Annualized # of # of feet ( RSF ) / W.A. W.A. lease (3) (4) (1) (2) Carrying value Q3 NOI / EBITDA properties buildings units / keys % leased
term (yrs) Net lease real estate $ 60 $ 8 12 12 788 RSF 87% 5.5 Other real estate 532 41 51 167 n/a 86% 3.4 Total / W.A. net lease & other real estate $ 593 $ 49 63 179 n/a n/a n/a 26 See footnotes in the appendix26III. LEGACY, NON-STRATEGIC
– INVESTMENT DETAIL (CONT’D) ($ in millions; rentable square feet in thousands; as of September 30, 2019; at CLNC share) Legacy, Non-Strategic Portfolio – net lease & other real estate (cont’d) Rentable square # of # of
feet ( RSF ) / W.A. W.A. lease (1) (2) Collateral type City, State properties buildings units / keys % leased term (yrs) Other real estate 27 Office Greensboro, NC 1 1 47 RSF 36% 0.6 Other real estate 28 Office Greensboro, NC 1 4 42 RSF 53% 0.5
Other real estate 29 Office Anchorage, AK 1 5 11 RSF 100% 1.5 Other real estate 30 Office Lincoln, NE 1 2 124 RSF 98% 4.8 Other real estate 31 Office Greensboro, NC 1 1 34 RSF 40% 0.2 Other real estate 32 Office Greensboro, NC 1 1 35 RSF 46% 0.5
Other real estate 33 Office Greensboro, NC 1 1 27 RSF 58% 0.1 Other real estate 34 Multifamily Evansville, WY 1 1 191 units 56% n/a Other real estate 35 Office Greensboro, NC 1 1 33 RSF 100% 6.4 Other real estate 36 Office Greensboro, NC 1 1 35 RSF
50% 0.2 Other real estate 37 Office Greensboro, NC 1 1 23 RSF 66% 1.5 Other real estate 38 Retail Dothan, AL 1 1 32 RSF 30% 1.2 Other real estate 39 Retail Havre, MT 1 1 196 RSF 53% 0.5 Other real estate 40 Office Lincoln, NE 1 1 194 RSF 34% 1.0
Other real estate 41 Office Topeka, KS 1 1 195 RSF 72% 3.1 Legacy, Non-Strategic Portfolio – net lease & other real estate summary Rentable square Annualized # of # of feet ( RSF ) / W.A. W.A. lease (3) (4) (1) (2) Carrying value Q3 NOI /
EBITDA properties buildings units / keys % leased term (yrs) Net lease real estate $ 60 $ 8 12 12 788 RSF 87% 5.5 Other real estate 532 41 51 167 n/a 86% 3.4 Total / W.A. net lease & other real estate $ 593 $ 49 63 179 n/a n/a n/a 26 See
footnotes in the appendix26
IV. CAPITALIZATION 27IV. CAPITALIZATION 27
IV. CAPITALIZATION HIGHLIGHTS (As of September 30, 2019, unless
otherwise stated; at CLNC share) (4) Overview Capital structure Corporate revolving (6) Other debt Total capitalization $5.3 billion credit facility 1% (excluding cash) 3% CMBS credit facilities Stockholders' 4% (5) equity (1) Total outstanding debt
$3.1 billion 41% Mortgage debt 22% Corporate revolving credit $282 million ($410 million maximum facility availability facility availability) As of November 5, 2019 Master repurchase facilities $1.4 billion ($2.3 billion maximum availability
facilities availability) As of November 5, 2019 (2) Master repurchase Net debt-to-equity ratio 1.4x facilities 29% Total capitalization (3) Blended cost of financing 4.15% $5.3 billion 28 See footnotes in the appendix28IV. CAPITALIZATION HIGHLIGHTS
(As of September 30, 2019, unless otherwise stated; at CLNC share) (4) Overview Capital structure Corporate revolving (6) Other debt Total capitalization $5.3 billion credit facility 1% (excluding cash) 3% CMBS credit facilities Stockholders' 4% (5)
equity (1) Total outstanding debt $3.1 billion 41% Mortgage debt 22% Corporate revolving credit $282 million ($410 million maximum facility availability facility availability) As of November 5, 2019 Master repurchase facilities $1.4 billion ($2.3
billion maximum availability facilities availability) As of November 5, 2019 (2) Master repurchase Net debt-to-equity ratio 1.4x facilities 29% Total capitalization (3) Blended cost of financing 4.15% $5.3 billion 28 See footnotes in the
appendix28
IV. CAPITALIZATION OVERVIEW ($ in thousands; as of September 30, 2019;
at CLNC share) Recourse vs. W.A. extended W.A. contractual W.A. all-in Outstanding (1) (2) (2) (2)(3) (4) Non-recourse maturity interest rate COF debt (UPB) Corporate debt Corporate revolving credit facility Recourse Feb-23 L + 2.25% 4.25% $ 158,500
Investment-level debt Mortgage debt – net lease (fixed) Non-recourse Jan-28 4.34% 4.34% 682,295 Mortgage debt – net lease (floating) Non-recourse Apr-21 L + 2.50% 4.50% 66,038 Master repurchase facilities Limited recourse Jun-22 L +
1.99% 3.99% 1,497,907 (5) CMBS credit facilities Recourse N/A L + 1.18% 3.18% 205,177 Other debt Non-recourse Jun-24 L + 3.00% 5.00% 62,700 Total core portfolio investment-level debt Feb-24 4.06% 2,514,116 Mortgage debt – net lease (fixed)
Non-recourse Nov-25 4.33% 4.33% 54,328 Mortgage debt – net lease (floating) Non-recourse Jul-23 L + 2.15% 4.15% 1,765 Mortgage debt – other real estate (fixed) Non-recourse Jul-24 4.56% 4.56% 277,450 Mortgage debt – other real
estate (floating) Non-recourse Nov-72 L + 3.57% 5.57% 52,626 Master repurchase facilities Limited recourse Apr-21 L + 2.54% 4.54% 45,973 Total legacy, non-strategic portfolio investment-level debt Jan-18 4.65% 432,142 Total / W.A. debt (CLNC share)
Feb-23 4.15% $ 3,104,758 Book value Stockholders' equity $ 2,126,762 Noncontrolling interests in the Operating Partnership 50,883 Total book value of common equity (CLNC share) 2,177,645 Total capitalization $ 5,282,403 29 See footnotes in the
appendix29IV. CAPITALIZATION OVERVIEW ($ in thousands; as of September 30, 2019; at CLNC share) Recourse vs. W.A. extended W.A. contractual W.A. all-in Outstanding (1) (2) (2) (2)(3) (4) Non-recourse maturity interest rate COF debt (UPB) Corporate
debt Corporate revolving credit facility Recourse Feb-23 L + 2.25% 4.25% $ 158,500 Investment-level debt Mortgage debt – net lease (fixed) Non-recourse Jan-28 4.34% 4.34% 682,295 Mortgage debt – net lease (floating) Non-recourse Apr-21 L
+ 2.50% 4.50% 66,038 Master repurchase facilities Limited recourse Jun-22 L + 1.99% 3.99% 1,497,907 (5) CMBS credit facilities Recourse N/A L + 1.18% 3.18% 205,177 Other debt Non-recourse Jun-24 L + 3.00% 5.00% 62,700 Total core portfolio
investment-level debt Feb-24 4.06% 2,514,116 Mortgage debt – net lease (fixed) Non-recourse Nov-25 4.33% 4.33% 54,328 Mortgage debt – net lease (floating) Non-recourse Jul-23 L + 2.15% 4.15% 1,765 Mortgage debt – other real estate
(fixed) Non-recourse Jul-24 4.56% 4.56% 277,450 Mortgage debt – other real estate (floating) Non-recourse Nov-72 L + 3.57% 5.57% 52,626 Master repurchase facilities Limited recourse Apr-21 L + 2.54% 4.54% 45,973 Total legacy, non-strategic
portfolio investment-level debt Jan-18 4.65% 432,142 Total / W.A. debt (CLNC share) Feb-23 4.15% $ 3,104,758 Book value Stockholders' equity $ 2,126,762 Noncontrolling interests in the Operating Partnership 50,883 Total book value of common equity
(CLNC share) 2,177,645 Total capitalization $ 5,282,403 29 See footnotes in the appendix29
V. APPENDIX 30V. APPENDIX 30
V. APPENDIX – CONSOLIDATED BALANCE SHEET (In thousands, except
share and per share data; as of September 30, 2019 unless otherwise stated) September 30, 2019 (Unaudited) December 31, 2018 Assets Cash and cash equivalents $ 60,332 $ 77,317 Restricted cash 139,549 110,146 Loans and preferred equity held for
investment, net 2,516,197 2,020,497 Real estate securities, available for sale, at fair value 255,937 228,185 Real estate, net 1,568,682 1,959,690 Investments in unconsolidated ventures ($14,323 and $160,851 at fair value, respectively) 571,365
903,037 Receivables, net 42,559 48,806 Deferred leasing costs and intangible assets, net 125,072 134,068 Assets held for sale 183,895 - Other assets 76,266 62,006 Mortgage loans held in securitization trusts, at fair value 1,904,003 3,116,978 Total
assets $ 7,443,857 $ 8,660,730 Liabilities Securitization bonds payable, net $ - $ 81,372 Mortgage and other notes payable, net 1,245,721 1,173,019 Credit facilities 1,907,556 1,365,918 Due to related party 14,227 15,019 Accrued and other
liabilities 138,024 106,187 Intangible liabilities, net 23,916 15,096 Liabilities related to assets held for sale 5,487 - Escrow deposits payable 87,349 65,995 Dividends payable 19,087 18,986 Mortgage obligations issued by securitization trusts, at
fair value 1,793,435 2,973,936 Total liabilities 5,234,802 5,815,528 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September - -
30, 2019 and December 31, 2018, respectively Common stock, $0.01 par value per share Class A, 950,000,000 and 905,000,000 shares authorized, 128,538,703 and 83,410,376 shares issued and 1,285 834 outstanding as of September 30, 2019 and December 31,
2018, respectively Class B-3, no shares authorized, issued and outstanding as of September 30, 2019 and 45,000,000 shares - 444 authorized and 44,399,444 shares issued and outstanding as of December 31, 2018 Additional paid-in capital 2,905,906
2,899,353 Accumulated deficit (809,344) (193,327) Accumulated other comprehensive income (loss) 28,915 (399) Total stockholders’ equity 2,126,762 2,706,905 Noncontrolling interests in investment entities 31,410 72,683 Noncontrolling interests
in the Operating Partnership 50,883 65,614 Total equity 2,209,055 2,845,202 31 Total liabilities and equity $ 7,443,857 $ 8,660,730 31V. APPENDIX – CONSOLIDATED BALANCE SHEET (In thousands, except share and per share data; as of September 30,
2019 unless otherwise stated) September 30, 2019 (Unaudited) December 31, 2018 Assets Cash and cash equivalents $ 60,332 $ 77,317 Restricted cash 139,549 110,146 Loans and preferred equity held for investment, net 2,516,197 2,020,497 Real estate
securities, available for sale, at fair value 255,937 228,185 Real estate, net 1,568,682 1,959,690 Investments in unconsolidated ventures ($14,323 and $160,851 at fair value, respectively) 571,365 903,037 Receivables, net 42,559 48,806 Deferred
leasing costs and intangible assets, net 125,072 134,068 Assets held for sale 183,895 - Other assets 76,266 62,006 Mortgage loans held in securitization trusts, at fair value 1,904,003 3,116,978 Total assets $ 7,443,857 $ 8,660,730 Liabilities
Securitization bonds payable, net $ - $ 81,372 Mortgage and other notes payable, net 1,245,721 1,173,019 Credit facilities 1,907,556 1,365,918 Due to related party 14,227 15,019 Accrued and other liabilities 138,024 106,187 Intangible liabilities,
net 23,916 15,096 Liabilities related to assets held for sale 5,487 - Escrow deposits payable 87,349 65,995 Dividends payable 19,087 18,986 Mortgage obligations issued by securitization trusts, at fair value 1,793,435 2,973,936 Total liabilities
5,234,802 5,815,528 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September - - 30, 2019 and December 31, 2018, respectively
Common stock, $0.01 par value per share Class A, 950,000,000 and 905,000,000 shares authorized, 128,538,703 and 83,410,376 shares issued and 1,285 834 outstanding as of September 30, 2019 and December 31, 2018, respectively Class B-3, no shares
authorized, issued and outstanding as of September 30, 2019 and 45,000,000 shares - 444 authorized and 44,399,444 shares issued and outstanding as of December 31, 2018 Additional paid-in capital 2,905,906 2,899,353 Accumulated deficit (809,344)
(193,327) Accumulated other comprehensive income (loss) 28,915 (399) Total stockholders’ equity 2,126,762 2,706,905 Noncontrolling interests in investment entities 31,410 72,683 Noncontrolling interests in the Operating Partnership 50,883
65,614 Total equity 2,209,055 2,845,202 31 Total liabilities and equity $ 7,443,857 $ 8,660,730 31
V. APPENDIX – CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data; as of September 30, 2019, unless otherwise stated) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net interest income Interest income $ 46,991 $ 40,139 $ 127,473 $
113,073 Interest expense (23,167) (13,148) (63,505) (30,266) Interest income on mortgage loans held in securitization trusts 22,586 39,261 99,718 104,622 Interest expense on mortgage obligations issued by securitization trusts (20,299) (36,294)
(91,690) (97,031) Net interest income 26,111 29,958 71,996 90,398 Property and other income Property operating income 63,492 51,684 191,393 119,706 Other income 820 2,253 1,431 3,152 Total property and other income 64,312 53,937 192,824 122,858
Expenses Management fee expense 11,355 11,877 34,070 31,668 Property operating expense 29,756 21,217 86,076 49,186 Transaction, investment and servicing expense 1,433 3,631 3,013 38,212 Interest expense on real estate 14,281 13,341 41,786 29,447
Depreciation and amortization 25,934 30,538 82,853 72,689 Provision for loan losses 110,314 35,059 220,572 34,542 Impairment of operating real estate 272,722 29,378 282,846 29,378 Administrative expense (including $2,910, $1,822, $7,466 and $3,905
of equity-based 7,732 6,797 22,395 16,909 compensation expense, respectively) Total expenses 473,527 151,838 773,611 302,031 Other income (loss) Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net (1,976)
(939) 4,602 3,254 Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net 2,724 (549) 2,772 (2,752) Other gain (loss), net (2,688) ( 15) (13,829) 460 Loss before equity in earnings of unconsolidated ventures and
income taxes (385,044) ( 69,446) (515,246) (87,813) Equity in earnings (loss) of unconsolidated ventures (15,905) 8,324 17,962 39,773 Income tax benefit (expense) (1,046) 2,456 (544) 2,847 Net loss (401,995) ( 58,666) (497,828) (45,193) Net loss
attributable to noncontrolling interests: Investment entities 37,445 4,688 38,623 2,788 Operating Partnership 8,519 1,275 10,741 996 Net loss attributable to Colony Credit Real Estate, Inc. common stockholders $ (356,031) $ (52,703) $ (448,464) $
(41,409) Net loss per common share – basic and diluted $ (2.77) $ (0.42) $ (3.51) $ (0.36) 32 Weighted average shares of common stock outstanding – basic and diluted 128,541 127,887 128,341 118,252 32V. APPENDIX – CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data; as of September 30, 2019, unless otherwise stated) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net interest income Interest income $
46,991 $ 40,139 $ 127,473 $ 113,073 Interest expense (23,167) (13,148) (63,505) (30,266) Interest income on mortgage loans held in securitization trusts 22,586 39,261 99,718 104,622 Interest expense on mortgage obligations issued by securitization
trusts (20,299) (36,294) (91,690) (97,031) Net interest income 26,111 29,958 71,996 90,398 Property and other income Property operating income 63,492 51,684 191,393 119,706 Other income 820 2,253 1,431 3,152 Total property and other income 64,312
53,937 192,824 122,858 Expenses Management fee expense 11,355 11,877 34,070 31,668 Property operating expense 29,756 21,217 86,076 49,186 Transaction, investment and servicing expense 1,433 3,631 3,013 38,212 Interest expense on real estate 14,281
13,341 41,786 29,447 Depreciation and amortization 25,934 30,538 82,853 72,689 Provision for loan losses 110,314 35,059 220,572 34,542 Impairment of operating real estate 272,722 29,378 282,846 29,378 Administrative expense (including $2,910,
$1,822, $7,466 and $3,905 of equity-based 7,732 6,797 22,395 16,909 compensation expense, respectively) Total expenses 473,527 151,838 773,611 302,031 Other income (loss) Unrealized gain (loss) on mortgage loans and obligations held in
securitization trusts, net (1,976) (939) 4,602 3,254 Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net 2,724 (549) 2,772 (2,752) Other gain (loss), net (2,688) ( 15) (13,829) 460 Loss before equity in earnings
of unconsolidated ventures and income taxes (385,044) ( 69,446) (515,246) (87,813) Equity in earnings (loss) of unconsolidated ventures (15,905) 8,324 17,962 39,773 Income tax benefit (expense) (1,046) 2,456 (544) 2,847 Net loss (401,995) ( 58,666)
(497,828) (45,193) Net loss attributable to noncontrolling interests: Investment entities 37,445 4,688 38,623 2,788 Operating Partnership 8,519 1,275 10,741 996 Net loss attributable to Colony Credit Real Estate, Inc. common stockholders $ (356,031)
$ (52,703) $ (448,464) $ (41,409) Net loss per common share – basic and diluted $ (2.77) $ (0.42) $ (3.51) $ (0.36) 32 Weighted average shares of common stock outstanding – basic and diluted 128,541 127,887 128,341 118,252 32
V. APPENDIX – CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT ($
in thousands; as of September 30, 2019) (Unaudited) Three Months Ended September 30, 2019 Core Portfolio Loans and Preferred Legacy, Non- Equity CRE debt Net lease Total Core Strategic Investments securities real estate Corporate Portfolio Portfolio
Total Net interest income Interest income $ 39,012 $ 4, 593 $ - $ ( 533) $ 43,072 $ 3, 919 $ 46, 991 Interest expense (17,717) (1,778) - (1,830) (21,325) (1,842) (23,167) Interest income on mortgage loans held in securitization trusts - 24,649 -
(2,063) 22,586 - 2 2,586 Interest expense on mortgage obligations issued by - (22,362) - 2,063 (20,299) - (20,299) securitization trusts Net interest income 21,295 5 ,102 - (2,363) 24,034 2,077 2 6,111 Property and other income Property operating
income - - 28,316 - 28,316 35,176 63,492 Other income 209 200 - 369 778 42 820 Total property and other income 209 200 28,316 369 29,094 35,218 64,312 Expenses Management fee expense - - - 9,084 9,084 2,271 11,355 Property operating expense - -
8,340 - 8,340 21,416 29,756 Transaction, investment and servicing expense 512 3 103 245 863 570 1,433 Interest expense on real estate - - 8,695 - 8,695 5,586 14,281 Depreciation and amortization - - 11,673 - 11,673 14,261 25,934 Provision for loan
losses - - - - - 110, 314 110,314 Impairment of operating real estate - - 23,911 - 23,911 248,811 272,722 Administrative expense 312 244 78 3,537 4,171 3,561 7,732 Total expenses 824 247 52,800 12,866 66,737 406,790 473,527 Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held - 215 - (2,191) (1,976) - (1,976) in securitization trusts, net Realized gain on mortgage loans and obligations held in - - - 2,724 2,724 - 2,724 securitization trusts, net Other gain
(loss), net (15) (4,683) 2 ,019 (3) (2,682) (6) (2,688) Income (loss) before equity in earnings of 20,665 587 ( 22,465) ( 14,330) ( 15,543) (369,501) (385,044) unconsolidated ventures and income taxes Equity in earnings (loss) of unconsolidated
ventures 2,736 - - - 2,736 (18,641) (15,905) Income tax benefit (expense) - - ( 201) - ( 201) (845) (1,046) Net income (loss) 23,401 587 ( 22,666) ( 14,330) ( 13,008) (388,987) (401,995) Net (income) loss attributable to noncontrolling interests:
Investment entities 5 - 11,453 - 11,458 25,987 37,445 Operating Partnership - - - 36 36 8 ,483 8,519 33 Net income (loss) attributable to Colony Credit Real $ 23,406 $ 587 $ (11,213) $ (14,294) $ (1,514) $ (354,517) $ (356,031) Estate, Inc. common
stockholders 33V. APPENDIX – CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT ($ in thousands; as of September 30, 2019) (Unaudited) Three Months Ended September 30, 2019 Core Portfolio Loans and Preferred Legacy, Non- Equity CRE debt Net
lease Total Core Strategic Investments securities real estate Corporate Portfolio Portfolio Total Net interest income Interest income $ 39,012 $ 4, 593 $ - $ ( 533) $ 43,072 $ 3, 919 $ 46, 991 Interest expense (17,717) (1,778) - (1,830) (21,325)
(1,842) (23,167) Interest income on mortgage loans held in securitization trusts - 24,649 - (2,063) 22,586 - 2 2,586 Interest expense on mortgage obligations issued by - (22,362) - 2,063 (20,299) - (20,299) securitization trusts Net interest income
21,295 5 ,102 - (2,363) 24,034 2,077 2 6,111 Property and other income Property operating income - - 28,316 - 28,316 35,176 63,492 Other income 209 200 - 369 778 42 820 Total property and other income 209 200 28,316 369 29,094 35,218 64,312 Expenses
Management fee expense - - - 9,084 9,084 2,271 11,355 Property operating expense - - 8,340 - 8,340 21,416 29,756 Transaction, investment and servicing expense 512 3 103 245 863 570 1,433 Interest expense on real estate - - 8,695 - 8,695 5,586 14,281
Depreciation and amortization - - 11,673 - 11,673 14,261 25,934 Provision for loan losses - - - - - 110, 314 110,314 Impairment of operating real estate - - 23,911 - 23,911 248,811 272,722 Administrative expense 312 244 78 3,537 4,171 3,561 7,732
Total expenses 824 247 52,800 12,866 66,737 406,790 473,527 Other income (loss) Unrealized gain (loss) on mortgage loans and obligations held - 215 - (2,191) (1,976) - (1,976) in securitization trusts, net Realized gain on mortgage loans and
obligations held in - - - 2,724 2,724 - 2,724 securitization trusts, net Other gain (loss), net (15) (4,683) 2 ,019 (3) (2,682) (6) (2,688) Income (loss) before equity in earnings of 20,665 587 ( 22,465) ( 14,330) ( 15,543) (369,501) (385,044)
unconsolidated ventures and income taxes Equity in earnings (loss) of unconsolidated ventures 2,736 - - - 2,736 (18,641) (15,905) Income tax benefit (expense) - - ( 201) - ( 201) (845) (1,046) Net income (loss) 23,401 587 ( 22,666) ( 14,330) (
13,008) (388,987) (401,995) Net (income) loss attributable to noncontrolling interests: Investment entities 5 - 11,453 - 11,458 25,987 37,445 Operating Partnership - - - 36 36 8 ,483 8,519 33 Net income (loss) attributable to Colony Credit Real $
23,406 $ 587 $ (11,213) $ (14,294) $ (1,514) $ (354,517) $ (356,031) Estate, Inc. common stockholders 33
V. APPENDIX – CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT
(CONT’D) ($ in thousands; as of September 30, 2019) (Unaudited) Nine Months Ended September 30, 2019 Core Portfolio Loans and Preferred Legacy, Non- Equity CRE debt Net lease Total Core Strategic Investments securities real estate Corporate
Portfolio Portfolio Total Net interest income Interest income $ 101,282 $ 13,253 $ 2 $ (1,291) $ 113,246 $ 14,227 $ 127,473 Interest expense (46,205) (5,425) - (6,383) (58,013) (5,492) (63,505) Interest income on mortgage loans held in
securitization trusts - 106,832 - (7,114) 99,718 - 9 9,718 Interest expense on mortgage obligations issued by - (98,804) - 7,114 (91,690) - (91,690) securitization trusts Net interest income 55,077 15,856 2 (7,674) 63,261 8,735 71,996 Property and
other income Property operating income - - 87,882 - 87,882 103,511 191,393 Other income 450 341 185 371 1,347 84 1 ,431 Total property and other income 450 341 88,067 371 89,229 103,595 192,824 Expenses Management fee expense - - - 27,256 27,256
6,814 3 4,070 Property operating expense - - 25,187 - 25,187 60,889 86,076 Transaction, investment and servicing expense 1,325 4 208 ( 301) 1,236 1,777 3,013 Interest expense on real estate - - 26,078 - 26,078 15,708 41,786 Depreciation and
amortization - - 37,645 - 37,645 45,208 82,853 Provision for loan losses - - - - - 220, 572 220,572 Impairment of operating real estate - - 23,911 - 23,911 258,935 282,846 Administrative expense 614 979 178 1 0,206 11,977 10,418 22,395 Total
expenses 1,939 983 113,207 37,161 153,290 620,321 773,611 Other income (loss) Unrealized gain (loss) on mortgage loans and obligations held - 6,035 - (1,433) 4 ,602 - 4,602 in securitization trusts, net Realized gain on mortgage loans and
obligations held in - 48 - 2,724 2,772 - 2,772 securitization trusts, net Other gain (loss), net (15) (14,909) 2 ,399 1 (12,524) (1,305) (13,829) Income (loss) before equity in earnings of 53,573 6,388 ( 22,739) ( 43,172) (5,950) (509,296) (515,246)
unconsolidated ventures and income taxes Equity in earnings (loss) of unconsolidated ventures 39,020 - - - 39,020 (21,058) 17, 962 Income tax benefit (expense) (12) - 1,822 ( 382) 1,428 (1,972) (544) Net income (loss) 92,581 6,388 ( 20,917) (
43,554) 34,498 (532,326) (497,828) Net (income) loss attributable to noncontrolling interests: Investment entities 68 - 11,622 - 11,690 26,933 38,623 Operating Partnership - - - (1,065) (1,065) 1 1,806 10,741 34 Net income (loss) attributable to
Colony Credit Real $ 92,649 $ 6,388 $ (9,295) $ (44,619) $ 45,123 $ (493,587) $ (448,464) Estate, Inc. common stockholders 34V. APPENDIX – CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT (CONT’D) ($ in thousands; as of September 30,
2019) (Unaudited) Nine Months Ended September 30, 2019 Core Portfolio Loans and Preferred Legacy, Non- Equity CRE debt Net lease Total Core Strategic Investments securities real estate Corporate Portfolio Portfolio Total Net interest income Interest
income $ 101,282 $ 13,253 $ 2 $ (1,291) $ 113,246 $ 14,227 $ 127,473 Interest expense (46,205) (5,425) - (6,383) (58,013) (5,492) (63,505) Interest income on mortgage loans held in securitization trusts - 106,832 - (7,114) 99,718 - 9 9,718 Interest
expense on mortgage obligations issued by - (98,804) - 7,114 (91,690) - (91,690) securitization trusts Net interest income 55,077 15,856 2 (7,674) 63,261 8,735 71,996 Property and other income Property operating income - - 87,882 - 87,882 103,511
191,393 Other income 450 341 185 371 1,347 84 1 ,431 Total property and other income 450 341 88,067 371 89,229 103,595 192,824 Expenses Management fee expense - - - 27,256 27,256 6,814 3 4,070 Property operating expense - - 25,187 - 25,187 60,889
86,076 Transaction, investment and servicing expense 1,325 4 208 ( 301) 1,236 1,777 3,013 Interest expense on real estate - - 26,078 - 26,078 15,708 41,786 Depreciation and amortization - - 37,645 - 37,645 45,208 82,853 Provision for loan losses - -
- - - 220, 572 220,572 Impairment of operating real estate - - 23,911 - 23,911 258,935 282,846 Administrative expense 614 979 178 1 0,206 11,977 10,418 22,395 Total expenses 1,939 983 113,207 37,161 153,290 620,321 773,611 Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held - 6,035 - (1,433) 4 ,602 - 4,602 in securitization trusts, net Realized gain on mortgage loans and obligations held in - 48 - 2,724 2,772 - 2,772 securitization trusts, net Other gain
(loss), net (15) (14,909) 2 ,399 1 (12,524) (1,305) (13,829) Income (loss) before equity in earnings of 53,573 6,388 ( 22,739) ( 43,172) (5,950) (509,296) (515,246) unconsolidated ventures and income taxes Equity in earnings (loss) of unconsolidated
ventures 39,020 - - - 39,020 (21,058) 17, 962 Income tax benefit (expense) (12) - 1,822 ( 382) 1,428 (1,972) (544) Net income (loss) 92,581 6,388 ( 20,917) ( 43,554) 34,498 (532,326) (497,828) Net (income) loss attributable to noncontrolling
interests: Investment entities 68 - 11,622 - 11,690 26,933 38,623 Operating Partnership - - - (1,065) (1,065) 1 1,806 10,741 34 Net income (loss) attributable to Colony Credit Real $ 92,649 $ 6,388 $ (9,295) $ (44,619) $ 45,123 $ (493,587) $
(448,464) Estate, Inc. common stockholders 34
V. APPENDIX – OUTSTANDING COMMON SHARES AND OP UNITS As of As of
September 30, 2019 June 30, 2019 Class A common stock 128,538,703 128,545,190 Class B-3 common stock - - OP units 3,0 75,623 3,075,623 Total common stock and OP units outstanding 131,614,326 131,620,813 35 35V. APPENDIX – OUTSTANDING COMMON
SHARES AND OP UNITS As of As of September 30, 2019 June 30, 2019 Class A common stock 128,538,703 128,545,190 Class B-3 common stock - - OP units 3,0 75,623 3,075,623 Total common stock and OP units outstanding 131,614,326 131,620,813 35
35
V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (In thousands, except per share data; as of September 30, 2019) (Unaudited) Reconciliation of consolidated balance sheet to at CLNC share balance sheet As of September 30, 2019 Total Core Portfolio Legacy, Non-Strategic Portfolio (1) (2)
(1) (2) (1) (2) Consolidated NCI At CLNC share Consolidated NCI At CLNC share Consolidated NCI At CLNC share Assets Loans and preferred equity held for $ 2,516,197 $ 58 4 $ 2,515,613 $ 2,3 66,265 $ - $ 2,366,265 $ 149,932 $ 584 $ 149,348 investment,
net Real estate securities, available for sale, at 255,937 - 25 5,937 255,937 - 255,937 - - - fair value Real estate, net 1,568,682 57,635 1,511,047 1,0 44,388 13,808 1,030,580 524,294 43,827 480,467 Investments in unconsolidated ventures 571,365 -
57 1,365 466,369 - 466,369 104,996 - 104,996 Deferred leasing costs and intangible 125,072 3,073 12 1,999 74,261 560 73,701 50,811 2,513 48,298 assets, net Assets held for sale 183,895 22,590 16 1,305 71,871 - 71,871 112,024 22,590 89,434 Mortgage
loans held in securitization trusts, 1,904,003 1,793,435 11 0,568 1,904,003 1,793,435 110,568 - - - (3) at fair value Cash, restricted cash, receivables and 318,706 8,897 30 9,809 171,784 4,375 167,409 146,922 4,522 142,400 other assets Total assets
$ 7,443,857 $ 1,886,214 $ 5,557,643 $ 6,354,878 $ 1,812,178 $ 4,542,700 $ 1,088,979 $ 74,036 $ 1,014,943 Liabilities Mortgage and other notes payable, net $ 1,245,721 $ 55,522 $ 1,190,199 $ 792,827 $ 10,266 $ 782,561 $ 452,894 $ 45,256 $ 407,638
Credit facilities 1,907,556 - 1,907,556 1,7 98,184 - 1,798,184 109,372 - 109,372 Intangible liabilities, net 23,916 1,675 22,241 2,131 148 1,983 21,785 1,527 20,258 Liabilities related to assets held for sale 5,487 19 4 5,293 - - - 5,487 194 5,293
Mortgage obligations issued by 1,793,435 1,793,435 - 1,7 93,435 1,793,435 - - - - (3) securitization trusts, at fair value Due to related party, other liabilities, escrow 258,687 3,978 25 4,709 205,037 6,767 198,270 53,650 (2,789) 56,439 deposits
payable and dividends payable Total liabilities $ 5,234,802 $ 1,854,804 $ 3,379,998 $ 4,591,614 $ 1,810,616 $ 2,780,998 $ 643,188 $ 44,188 $ 599,000 Total equity (including noncontrolling interests $ 2,209,055 $ 31,410 $ 2,177,645 $ 1,763,264 $
1,562 $ 1,761,702 $ 445,791 $ 29,848 $ 415,943 in the Operating Partnership) Total liabilities and equity $ 7,443,857 $ 1,886,214 $ 5,557,643 $ 6,354,878 $ 1,812,178 $ 4,542,700 $ 1,088,979 $ 74,036 $ 1,014,943 Total common shares and OP units
131,614 131,614 131,614 131,614 131,614 131,614 131,614 131,614 131,614 outstanding GAAP book value per share $ 16.78 $ 0.23 $ 16.55 $ 13.40 $ 0.01 $ 13.39 $ 3.39 $ 0.23 $ 3.16 36 See footnotes in the appendix36V. APPENDIX – RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data; as of September 30, 2019) (Unaudited) Reconciliation of consolidated balance sheet to at CLNC share balance sheet As of September 30, 2019 Total Core Portfolio Legacy,
Non-Strategic Portfolio (1) (2) (1) (2) (1) (2) Consolidated NCI At CLNC share Consolidated NCI At CLNC share Consolidated NCI At CLNC share Assets Loans and preferred equity held for $ 2,516,197 $ 58 4 $ 2,515,613 $ 2,3 66,265 $ - $ 2,366,265 $
149,932 $ 584 $ 149,348 investment, net Real estate securities, available for sale, at 255,937 - 25 5,937 255,937 - 255,937 - - - fair value Real estate, net 1,568,682 57,635 1,511,047 1,0 44,388 13,808 1,030,580 524,294 43,827 480,467 Investments
in unconsolidated ventures 571,365 - 57 1,365 466,369 - 466,369 104,996 - 104,996 Deferred leasing costs and intangible 125,072 3,073 12 1,999 74,261 560 73,701 50,811 2,513 48,298 assets, net Assets held for sale 183,895 22,590 16 1,305 71,871 -
71,871 112,024 22,590 89,434 Mortgage loans held in securitization trusts, 1,904,003 1,793,435 11 0,568 1,904,003 1,793,435 110,568 - - - (3) at fair value Cash, restricted cash, receivables and 318,706 8,897 30 9,809 171,784 4,375 167,409 146,922
4,522 142,400 other assets Total assets $ 7,443,857 $ 1,886,214 $ 5,557,643 $ 6,354,878 $ 1,812,178 $ 4,542,700 $ 1,088,979 $ 74,036 $ 1,014,943 Liabilities Mortgage and other notes payable, net $ 1,245,721 $ 55,522 $ 1,190,199 $ 792,827 $ 10,266 $
782,561 $ 452,894 $ 45,256 $ 407,638 Credit facilities 1,907,556 - 1,907,556 1,7 98,184 - 1,798,184 109,372 - 109,372 Intangible liabilities, net 23,916 1,675 22,241 2,131 148 1,983 21,785 1,527 20,258 Liabilities related to assets held for sale
5,487 19 4 5,293 - - - 5,487 194 5,293 Mortgage obligations issued by 1,793,435 1,793,435 - 1,7 93,435 1,793,435 - - - - (3) securitization trusts, at fair value Due to related party, other liabilities, escrow 258,687 3,978 25 4,709 205,037 6,767
198,270 53,650 (2,789) 56,439 deposits payable and dividends payable Total liabilities $ 5,234,802 $ 1,854,804 $ 3,379,998 $ 4,591,614 $ 1,810,616 $ 2,780,998 $ 643,188 $ 44,188 $ 599,000 Total equity (including noncontrolling interests $ 2,209,055
$ 31,410 $ 2,177,645 $ 1,763,264 $ 1,562 $ 1,761,702 $ 445,791 $ 29,848 $ 415,943 in the Operating Partnership) Total liabilities and equity $ 7,443,857 $ 1,886,214 $ 5,557,643 $ 6,354,878 $ 1,812,178 $ 4,542,700 $ 1,088,979 $ 74,036 $ 1,014,943
Total common shares and OP units 131,614 131,614 131,614 131,614 131,614 131,614 131,614 131,614 131,614 outstanding GAAP book value per share $ 16.78 $ 0.23 $ 16.55 $ 13.40 $ 0.01 $ 13.39 $ 3.39 $ 0.23 $ 3.16 36 See footnotes in the
appendix36
V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (CONT’D) (In thousands, except per share data; as of September 30, 2019) (Unaudited) Reconciliation of GAAP book value to undepreciated book value As of September 30, 2019 Legacy, Non-Strategic Core Portfolio Portfolio Total $
1,761,702 $ 415,943 $ 2,177,645 GAAP book value (excluding noncontrolling interests in investment entities) (1) 75,699 85,418 161,117 Accumulated depreciation and amortization $ 1,837,401 $ 501,361 $ 2,338,762 Undepreciated book value $ 13.9 6 $
3.81 $ 17.77 Undepreciated book value per share (2) Total common shares and OP units outstanding 131,614 131,614 131,614 37 See footnotes in the appendix37V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D)
(In thousands, except per share data; as of September 30, 2019) (Unaudited) Reconciliation of GAAP book value to undepreciated book value As of September 30, 2019 Legacy, Non-Strategic Core Portfolio Portfolio Total $ 1,761,702 $ 415,943 $ 2,177,645
GAAP book value (excluding noncontrolling interests in investment entities) (1) 75,699 85,418 161,117 Accumulated depreciation and amortization $ 1,837,401 $ 501,361 $ 2,338,762 Undepreciated book value $ 13.9 6 $ 3.81 $ 17.77 Undepreciated book
value per share (2) Total common shares and OP units outstanding 131,614 131,614 131,614 37 See footnotes in the appendix37
V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (CONT’D) (In thousands, except per share data; as of September 30, 2019, unless otherwise stated) (Unaudited) Reconciliation of GAAP net income (loss) to Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) Three Months Ended
September 30, 2019 Legacy, Non-Strategic Total Portfolio Core Portfolio Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders $ (356,031) $ (354,517) $ (1,514) Adjustments: Net income (loss) attributable to
noncontrolling interest of the Operating Partnership (8,519) (8,483) (36) Non-cash equity compensation expense 2,908 1,454 1,454 Depreciation and amortization 26,232 13,800 12,432 Net unrealized loss (gain): (1) 294,677 253,166 41,511 Impairment of
operating real estate and preferred equity Other unrealized loss (gain) 2,458 6 2,452 Adjustments related to noncontrolling interests in investment entities (37,338) (25,697) ( 11,641) Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss)
attributable to Colony Credit Real Estate, $ (75,613) $ (120,271) $ 44,658 Inc. common stockholders and noncontrolling interest of the Operating Partnership (2) $ (0.57) $ (0.91) $ 0.34 Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per
share (2) 131,616 131,616 131,616 Weighted average number of common shares and OP units Nine Months Ended September 30, 2019 Legacy, Non-Strategic Total Portfolio Core Portfolio Net income (loss) attributable to Colony Credit Real Estate, Inc.
common stockholders $ (448,464) $ (493,587) $ 45,123 Adjustments: Net income (loss) attributable to noncontrolling interest of the Operating Partnership (10,741) (11,806) 1,065 Non-cash equity compensation expense 7,464 3,732 3,732 (3) 674 262 412
Transaction costs Depreciation and amortization 83,367 43,464 39,903 Net unrealized loss (gain): (4) 304,801 263,290 41,511 Impairment of operating real estate and preferred equity Other unrealized loss (gain) 6,521 52 6,469 Adjustments related to
noncontrolling interests in investment entities (40,114) (27,911) ( 12,203) Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) attributable to Colony Credit Real Estate, $ (96,492) $ (222,504) $ 126,012 Inc. common stockholders and
noncontrolling interest of the Operating Partnership (5) $ (0.73) $ (1.69) $ 0.96 Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share (5) 131,417 131,417 131,417 Weighted average number of common shares and OP units 38 See footnotes
in the appendix38V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) (In thousands, except per share data; as of September 30, 2019, unless otherwise stated) (Unaudited) Reconciliation of GAAP net income
(loss) to Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) Three Months Ended September 30, 2019 Legacy, Non-Strategic Total Portfolio Core Portfolio Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders $
(356,031) $ (354,517) $ (1,514) Adjustments: Net income (loss) attributable to noncontrolling interest of the Operating Partnership (8,519) (8,483) (36) Non-cash equity compensation expense 2,908 1,454 1,454 Depreciation and amortization 26,232
13,800 12,432 Net unrealized loss (gain): (1) 294,677 253,166 41,511 Impairment of operating real estate and preferred equity Other unrealized loss (gain) 2,458 6 2,452 Adjustments related to noncontrolling interests in investment entities (37,338)
(25,697) ( 11,641) Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) attributable to Colony Credit Real Estate, $ (75,613) $ (120,271) $ 44,658 Inc. common stockholders and noncontrolling interest of the Operating Partnership (2) $ (0.57) $
(0.91) $ 0.34 Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share (2) 131,616 131,616 131,616 Weighted average number of common shares and OP units Nine Months Ended September 30, 2019 Legacy, Non-Strategic Total Portfolio Core
Portfolio Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders $ (448,464) $ (493,587) $ 45,123 Adjustments: Net income (loss) attributable to noncontrolling interest of the Operating Partnership (10,741) (11,806)
1,065 Non-cash equity compensation expense 7,464 3,732 3,732 (3) 674 262 412 Transaction costs Depreciation and amortization 83,367 43,464 39,903 Net unrealized loss (gain): (4) 304,801 263,290 41,511 Impairment of operating real estate and
preferred equity Other unrealized loss (gain) 6,521 52 6,469 Adjustments related to noncontrolling interests in investment entities (40,114) (27,911) ( 12,203) Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) attributable to Colony Credit
Real Estate, $ (96,492) $ (222,504) $ 126,012 Inc. common stockholders and noncontrolling interest of the Operating Partnership (5) $ (0.73) $ (1.69) $ 0.96 Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share (5) 131,417 131,417
131,417 Weighted average number of common shares and OP units 38 See footnotes in the appendix38
V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (CONT’D) ($ in thousands; as of September 30, 2019) (Unaudited) Reconciliation of GAAP net income (loss) to NOI/EBITDA Three Months Ended September 30, 2019 Core Portfolio Legacy, Non-Strategic Portfolio Net lease real Other Total
Core Net lease real Other Total LNS estate real estate Portfolio estate real estate Portfolio Total Net income (loss) attributable to Colony Credit Real Estate, $ (12,283) $ 1,068 $ (11,215) $ (56,112) $ (174,858) $ ( 230,970) $ (242,185) Inc.
common stockholders Adjustments: Net income (loss) attributable to noncontrolling interests (11,451) - ( 11,451) - (23,979) (23,979) (35,430) in investment entities Amortization of above- and below-market lease intangibles (85) - ( 85) 24 (769) (
745) (830) Interest income - - - (2) - (2) (2) Interest expense on real estate 8,695 - 8, 695 681 4,905 5,586 14,281 Other income - - - - ( 41) (41) (41) Transaction, investment and servicing expense 99 4 103 - 68 68 17 1 Depreciation and
amortization 11,720 (46) 11,674 1,088 13,172 14,260 25,934 Impairment of operating real estate 23,911 - 23,911 56,186 19 2,625 248,811 272,722 Administrative expense 70 8 78 5 9 14 92 Other (gain) loss on investments, net (2,019) - (2,019) 6 - 6
(2,013) Income tax (benefit) expense 33 168 20 1 1 6 7 20 8 NOI/EBITDA attributable to noncontrolling interest in (290) - (290) - (818) ( 818) (1,108) investment entities Total NOI/EBITDA, at share $ 18,400 $ 1,202 $ 19,602 $ 1,877 $ 10,320 $ 12,197
$ 31,799 39 39V. APPENDIX – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) ($ in thousands; as of September 30, 2019) (Unaudited) Reconciliation of GAAP net income (loss) to NOI/EBITDA Three Months Ended September 30,
2019 Core Portfolio Legacy, Non-Strategic Portfolio Net lease real Other Total Core Net lease real Other Total LNS estate real estate Portfolio estate real estate Portfolio Total Net income (loss) attributable to Colony Credit Real Estate, $
(12,283) $ 1,068 $ (11,215) $ (56,112) $ (174,858) $ ( 230,970) $ (242,185) Inc. common stockholders Adjustments: Net income (loss) attributable to noncontrolling interests (11,451) - ( 11,451) - (23,979) (23,979) (35,430) in investment entities
Amortization of above- and below-market lease intangibles (85) - ( 85) 24 (769) ( 745) (830) Interest income - - - (2) - (2) (2) Interest expense on real estate 8,695 - 8, 695 681 4,905 5,586 14,281 Other income - - - - ( 41) (41) (41) Transaction,
investment and servicing expense 99 4 103 - 68 68 17 1 Depreciation and amortization 11,720 (46) 11,674 1,088 13,172 14,260 25,934 Impairment of operating real estate 23,911 - 23,911 56,186 19 2,625 248,811 272,722 Administrative expense 70 8 78 5 9
14 92 Other (gain) loss on investments, net (2,019) - (2,019) 6 - 6 (2,013) Income tax (benefit) expense 33 168 20 1 1 6 7 20 8 NOI/EBITDA attributable to noncontrolling interest in (290) - (290) - (818) ( 818) (1,108) investment entities Total
NOI/EBITDA, at share $ 18,400 $ 1,202 $ 19,602 $ 1,877 $ 10,320 $ 12,197 $ 31,799 39 39
V. APPENDIX – FOOTNOTES Page 9 1. Represents CLNC share as of
September 30, 2019. This includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 2. Debt-to-asset ratio based on total outstanding secured debt agreements (unpaid principal balance
or “UPB”) at CLNC share divided by total assets at CLNC share as of September 30, 2019 3. Represents CLNC’s share of total outstanding secured debt agreements (UPB) less unrestricted cash at CLNC’s share divided by total
stockholders’ equity as of September 30, 2019; stockholders’ equity includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 4. Represents carrying values net of any
in-place investment-level financing at CLNC share as of September 30, 2019 5. Preferred equity includes $27.9 million related to equity participation interests 6. Includes securitization assets which are presented net of the impact from
consolidation 7. Net lease real estate and other real estate includes deferred leasing costs and other net intangibles and includes the impact of accumulated depreciation and amortization 8. Represents Core Portfolio’s and LNS
Portfolio’s proportionate share of outstanding debt related to the corporate revolving credit facility as well as other balance sheet assets and liabilities (including cash, restricted cash, net receivables, other assets, due to related party,
accrued and other liabilities, escrow deposits payable and dividends payable) 9. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities Page 11 1. Represents CLNC
share as of September 30, 2019. This includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 2. Based on annualized year to date (“YTD”) September 30, 2019 Core Earnings
at CLNC share divided by GAAP book value at CLNC share as of September 30, 2019 3. Based on carrying values at CLNC share as of September 30, 2019 and excludes one real estate hotel asset which the Company has executed a purchase and sale agreement
for its sale; closing is expected in the fourth quarter 2019. Property type excludes CMBS and mortgage loans held in securitization trusts 4. Preferred equity includes $27.9 million related to equity participation interests 5. Other includes: (i)
commercial and residential development and predevelopment and (ii) mixed-use assets Page 12 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents the remaining loan term based on the current contractual maturity date of
loans and is weighted by carrying value at CLNC share as of September 30, 2019 3. Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying
value at CLNC share as of September 30, 2019 4. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for
the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 5. Based on carrying values at CLNC share as of September 30, 2019 6. Other includes: (i) commercial and residential development and
predevelopment and (ii) mixed-use assets Page 13 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. In addition
to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark
rate as of September 30, 2019 for W.A. calculations 4. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of September 30, 2019 5. Represents the remaining
loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 40 40V. APPENDIX – FOOTNOTES Page 9 1. Represents CLNC
share as of September 30, 2019. This includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 2. Debt-to-asset ratio based on total outstanding secured debt agreements (unpaid
principal balance or “UPB”) at CLNC share divided by total assets at CLNC share as of September 30, 2019 3. Represents CLNC’s share of total outstanding secured debt agreements (UPB) less unrestricted cash at CLNC’s share
divided by total stockholders’ equity as of September 30, 2019; stockholders’ equity includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 4. Represents carrying
values net of any in-place investment-level financing at CLNC share as of September 30, 2019 5. Preferred equity includes $27.9 million related to equity participation interests 6. Includes securitization assets which are presented net of the impact
from consolidation 7. Net lease real estate and other real estate includes deferred leasing costs and other net intangibles and includes the impact of accumulated depreciation and amortization 8. Represents Core Portfolio’s and LNS
Portfolio’s proportionate share of outstanding debt related to the corporate revolving credit facility as well as other balance sheet assets and liabilities (including cash, restricted cash, net receivables, other assets, due to related party,
accrued and other liabilities, escrow deposits payable and dividends payable) 9. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities Page 11 1. Represents CLNC
share as of September 30, 2019. This includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 2. Based on annualized year to date (“YTD”) September 30, 2019 Core Earnings
at CLNC share divided by GAAP book value at CLNC share as of September 30, 2019 3. Based on carrying values at CLNC share as of September 30, 2019 and excludes one real estate hotel asset which the Company has executed a purchase and sale agreement
for its sale; closing is expected in the fourth quarter 2019. Property type excludes CMBS and mortgage loans held in securitization trusts 4. Preferred equity includes $27.9 million related to equity participation interests 5. Other includes: (i)
commercial and residential development and predevelopment and (ii) mixed-use assets Page 12 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents the remaining loan term based on the current contractual maturity date of
loans and is weighted by carrying value at CLNC share as of September 30, 2019 3. Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying
value at CLNC share as of September 30, 2019 4. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for
the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 5. Based on carrying values at CLNC share as of September 30, 2019 6. Other includes: (i) commercial and residential development and
predevelopment and (ii) mixed-use assets Page 13 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. In addition
to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark
rate as of September 30, 2019 for W.A. calculations 4. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of September 30, 2019 5. Represents the remaining
loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 40 40
V. APPENDIX – FOOTNOTES (CONT’D) Page 14 1. Represents
principal amounts and carrying values at CLNC share as of September 30, 2019; for securitization assets, carrying values at CLNC share are presented net of the impact from consolidation 2. Represents carrying values net of any in-place
investment-level financing at CLNC share as of September 30, 2019 3. Investment count represents total number of tranches acquired; two total “B-piece” transactions 4. W.A. calculation based on carrying value at CLNC share as of
September 30, 2019 5. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash interest income related to the accretion of purchase discounts and are loss-adjusted for the non- rated CRE debt securities. W.A. calculation
based on carrying value at CLNC share as of September 30, 2019 6. Based on carrying values at CLNC share as of September 30, 2019 Page 15 1. Represents carrying values at CLNC share as of September 30, 2019; includes deferred leasing costs and other
net intangibles; includes the impact of accumulated depreciation and amortization 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. Represents reported NOI/EBITDA for the third
quarter 2019 at CLNC share 4. Annualized NOI/EBITDA is calculated by annualizing reported NOI for the third quarter 2019 at CLNC share 5. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of
September 30, 2019 6. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 7.
Based on carrying values at CLNC share as of September 30, 2019 Page 16 1. Represents carrying values at CLNC share as of September 30, 2019 2. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind
interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 3. Represents the remaining loan
term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 4. Reflects initial loan amount divided by the as-is appraised value
as of the date the loan was originated, or by the current principal amount divided by the appraisal value as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan
divided by as completed appraised value, or the total commitment amount of the loan divided by projected total cost basis Page 17 1. Represents carrying values at CLNC share as of September 30, 2019 2. In addition to the stated cash coupon rate,
unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019
for W.A. calculations 3. Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 4. Reflects
initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the current principal amount divided by the appraisal value as of the date of the most recent as-is appraisal. For construction loans,
loan-to-value reflects the total commitment amount of the loan divided by as completed appraised value, or the total commitment amount of the loan divided by projected total cost basis 5. Annualized NOI is calculated by annualizing reported NOI for
the third quarter 2019 at CLNC share 6. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 7. Based on in-place leases (defined as occupied and paying leases) as of
September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 41 41V. APPENDIX – FOOTNOTES (CONT’D) Page 14 1. Represents principal amounts and
carrying values at CLNC share as of September 30, 2019; for securitization assets, carrying values at CLNC share are presented net of the impact from consolidation 2. Represents carrying values net of any in-place investment-level financing at CLNC
share as of September 30, 2019 3. Investment count represents total number of tranches acquired; two total “B-piece” transactions 4. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 5. In addition to the
stated cash coupon rate, unlevered all-in yield includes non-cash interest income related to the accretion of purchase discounts and are loss-adjusted for the non- rated CRE debt securities. W.A. calculation based on carrying value at CLNC share as
of September 30, 2019 6. Based on carrying values at CLNC share as of September 30, 2019 Page 15 1. Represents carrying values at CLNC share as of September 30, 2019; includes deferred leasing costs and other net intangibles; includes the impact of
accumulated depreciation and amortization 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. Represents reported NOI/EBITDA for the third quarter 2019 at CLNC share 4. Annualized
NOI/EBITDA is calculated by annualizing reported NOI for the third quarter 2019 at CLNC share 5. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 6. Based on in-place
leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 7. Based on carrying values at CLNC share as
of September 30, 2019 Page 16 1. Represents carrying values at CLNC share as of September 30, 2019 2. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of
origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 3. Represents the remaining loan term based on maximum maturity date
assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 4. Reflects initial loan amount divided by the as-is appraised value as of the date the loan was
originated, or by the current principal amount divided by the appraisal value as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by as completed appraised
value, or the total commitment amount of the loan divided by projected total cost basis Page 17 1. Represents carrying values at CLNC share as of September 30, 2019 2. In addition to the stated cash coupon rate, unlevered all-in yield includes
non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 3.
Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 4. Reflects initial loan amount divided
by the as-is appraised value as of the date the loan was originated, or by the current principal amount divided by the appraisal value as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total
commitment amount of the loan divided by as completed appraised value, or the total commitment amount of the loan divided by projected total cost basis 5. Annualized NOI is calculated by annualizing reported NOI for the third quarter 2019 at CLNC
share 6. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 7. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no
renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 41 41
V. APPENDIX – FOOTNOTES (CONT’D) Page 19 1. Represents CLNC
share as of September 30, 2019. This includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 2. Based on annualized year to date (“YTD”) September 30, 2019 Legacy,
Non-Strategic Earnings excluding gains/(losses) at CLNC share divided by GAAP book value at CLNC share as of September 30, 2019 3. Based on carrying values at CLNC share as of September 30, 2019 and excludes private equity interests 4. Related to an
equity participation interest 5. Multifamily includes: (i) apartments, (ii) student housing and (iii) manufactured housing communities 6. Other includes: (i) commercial and residential development and predevelopment and (ii) mixed-use assets 7.
Represents carrying values at CLNC share as of September 30, 2019 8. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 9. Represents Core Portfolio’s and LNS Portfolio’s
proportionate share of outstanding debt related to the corporate revolving credit facility as well as other balance sheet assets and liabilities (including cash, restricted cash, net receivables, other assets, due to related party, accrued and other
liabilities, escrow deposits payable and dividends payable) Page 20 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by
carrying value at CLNC share as of September 30, 2019 3. Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of
September 30, 2019 4. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes
the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 5. Based on carrying values at CLNC share as of September 30, 2019 6. Other includes: (i) commercial and residential development and predevelopment and (ii)
mixed-use assets Page 21 1. Represents carrying values at CLNC share as of September 30, 2019 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. In addition to the stated cash
coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of
September 30, 2019 for W.A. calculations 4. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of September 30, 2019 5. Represents the remaining loan term
based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 Page 22 1. Represents carrying values at CLNC share as of September 30,
2019; includes deferred leasing costs and other net intangibles; includes the impact of accumulated depreciation and amortization 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3.
Represents reported NOI for the third quarter 2019 at CLNC share 4. Annualized NOI is calculated by annualizing reported NOI for the third quarter 2019 at CLNC share 5. Represents the percent leased as of September 30, 2019 and is weighted by
carrying value at CLNC share as of September 30, 2019 6. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC
share as of September 30, 2019 7. Based on carrying values at CLNC share as of September 30, 2019 42 42V. APPENDIX – FOOTNOTES (CONT’D) Page 19 1. Represents CLNC share as of September 30, 2019. This includes noncontrolling interests in
the Operating Partnership and excludes noncontrolling interests in investment entities 2. Based on annualized year to date (“YTD”) September 30, 2019 Legacy, Non-Strategic Earnings excluding gains/(losses) at CLNC share divided by GAAP
book value at CLNC share as of September 30, 2019 3. Based on carrying values at CLNC share as of September 30, 2019 and excludes private equity interests 4. Related to an equity participation interest 5. Multifamily includes: (i) apartments, (ii)
student housing and (iii) manufactured housing communities 6. Other includes: (i) commercial and residential development and predevelopment and (ii) mixed-use assets 7. Represents carrying values at CLNC share as of September 30, 2019 8. Represents
carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 9. Represents Core Portfolio’s and LNS Portfolio’s proportionate share of outstanding debt related to the corporate revolving credit
facility as well as other balance sheet assets and liabilities (including cash, restricted cash, net receivables, other assets, due to related party, accrued and other liabilities, escrow deposits payable and dividends payable) Page 20 1. Represents
carrying values at CLNC share as of September 30, 2019 2. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of September 30, 2019 3. Represents the remaining
loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 4. In addition to the stated cash coupon rate, unlevered all-in
yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A.
calculations 5. Based on carrying values at CLNC share as of September 30, 2019 6. Other includes: (i) commercial and residential development and predevelopment and (ii) mixed-use assets Page 21 1. Represents carrying values at CLNC share as of
September 30, 2019 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest
income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 4. Represents the remaining loan term based
on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of September 30, 2019 5. Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by
the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 Page 22 1. Represents carrying values at CLNC share as of September 30, 2019; includes deferred leasing costs and other net intangibles; includes the impact of
accumulated depreciation and amortization 2. Represents carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. Represents reported NOI for the third quarter 2019 at CLNC share 4. Annualized NOI is
calculated by annualizing reported NOI for the third quarter 2019 at CLNC share 5. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 6. Based on in-place leases (defined
as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 7. Based on carrying values at CLNC share as of September 30,
2019 42 42
V. APPENDIX – FOOTNOTES (CONT’D) Page 23 1. Represents
carrying values at CLNC share as of September 30, 2019; includes deferred leasing costs and other net intangibles; includes the impact of accumulated depreciation and amortization 2. Represents carrying values net of any in-place investment-level
financing at CLNC share as of September 30, 2019 3. Represents reported NOI/EBITDA for the third quarter 2019 at CLNC share 4. Annualized NOI/EBITDA is calculated by annualizing reported NOI/EBITDA for the third quarter 2019 at CLNC share 5.
Represents the percent leased as of September 30, 2019. W.A. calculation based on carrying value at CLNC share as of September 30, 2019. Excludes hotel properties 6. Based on in-place leases (defined as occupied and paying leases) as of September
30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019. Includes office and retail properties only 7. Multifamily includes: (i) apartments, (ii) student housing and
(iii) manufactured housing communities 8. Based on carrying values at CLNC share as of September 30, 2019 Page 24 1. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual
of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 2. Represents the remaining loan term based on maximum maturity date
assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 3. Represents carrying values at CLNC share as of September 30, 2019 Page 25 1. Represents the percent
leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 2. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised.
W.A. calculation based on carrying value at CLNC share as of September 30, 2019 Page 26 1. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 2. Based on in-place leases
(defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 3. Represents carrying values at CLNC share as of
September 30, 2019 4. Annualized NOI/EBITDA is calculated by annualizing reported NOI/EBITDA for the third quarter 2019 at CLNC share Page 28 1. Represents UPB at CLNC share as of September 30, 2019 2. Represents CLNC’s share of total
outstanding secured debt agreements (UPB) less unrestricted cash at CLNC’s share divided by total stockholders’ equity as of September 30, 2019; stockholders’ equity includes noncontrolling interests in the Operating Partnership
and excludes noncontrolling interests in investment entities 3. Assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations and is weighted on outstanding debt (UPB) at CLNC share as of September 30, 2019 4.
Outstanding debt based on UPB at CLNC share as of September 30, 2019 5. Includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities as of September 30, 2019 6. Represents financing on
one senior loan investment Page 29 1. Subject to customary non-recourse carve-outs 2. W.A. calculation based on outstanding debt (UPB) at CLNC share as of September 30, 2019. W.A. extended maturity excludes CMBS facilities 3. Assumes the applicable
floating benchmark rate as of September 30, 2019 for W.A. calculations 4. Represents UPB at CLNC share as of September 30, 2019 5. Maturity dates are dependent on asset type and typically range from one to two month rolling periods 43 43V. APPENDIX
– FOOTNOTES (CONT’D) Page 23 1. Represents carrying values at CLNC share as of September 30, 2019; includes deferred leasing costs and other net intangibles; includes the impact of accumulated depreciation and amortization 2. Represents
carrying values net of any in-place investment-level financing at CLNC share as of September 30, 2019 3. Represents reported NOI/EBITDA for the third quarter 2019 at CLNC share 4. Annualized NOI/EBITDA is calculated by annualizing reported
NOI/EBITDA for the third quarter 2019 at CLNC share 5. Represents the percent leased as of September 30, 2019. W.A. calculation based on carrying value at CLNC share as of September 30, 2019. Excludes hotel properties 6. Based on in-place leases
(defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019. Includes office and retail properties only 7.
Multifamily includes: (i) apartments, (ii) student housing and (iii) manufactured housing communities 8. Based on carrying values at CLNC share as of September 30, 2019 Page 24 1. In addition to the stated cash coupon rate, unlevered all-in yield
includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 2.
Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of September 30, 2019 3. Represents carrying values at CLNC
share as of September 30, 2019 Page 25 1. Represents the percent leased as of September 30, 2019 and is weighted by carrying value at CLNC share as of September 30, 2019 2. Based on in-place leases (defined as occupied and paying leases) as of
September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of September 30, 2019 Page 26 1. Represents the percent leased as of September 30, 2019 and is weighted by carrying value
at CLNC share as of September 30, 2019 2. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2019 and assumes that no renewal options are exercised. W.A. calculation based on carrying value at CLNC share as of
September 30, 2019 3. Represents carrying values at CLNC share as of September 30, 2019 4. Annualized NOI/EBITDA is calculated by annualizing reported NOI/EBITDA for the third quarter 2019 at CLNC share Page 28 1. Represents UPB at CLNC share as of
September 30, 2019 2. Represents CLNC’s share of total outstanding secured debt agreements (UPB) less unrestricted cash at CLNC’s share divided by total stockholders’ equity as of September 30, 2019; stockholders’ equity
includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in investment entities 3. Assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations and is weighted on
outstanding debt (UPB) at CLNC share as of September 30, 2019 4. Outstanding debt based on UPB at CLNC share as of September 30, 2019 5. Includes noncontrolling interests in the Operating Partnership and excludes noncontrolling interests in
investment entities as of September 30, 2019 6. Represents financing on one senior loan investment Page 29 1. Subject to customary non-recourse carve-outs 2. W.A. calculation based on outstanding debt (UPB) at CLNC share as of September 30, 2019.
W.A. extended maturity excludes CMBS facilities 3. Assumes the applicable floating benchmark rate as of September 30, 2019 for W.A. calculations 4. Represents UPB at CLNC share as of September 30, 2019 5. Maturity dates are dependent on asset type
and typically range from one to two month rolling periods 43 43
V. APPENDIX – FOOTNOTES (CONT’D) Page 36 1. Represents
interests in assets held by third party partners 2. Represents the proportionate share attributed to CLNC based on CLNC’s ownership % by asset 3. Reflects the net impact of securitization assets and related obligations which are consolidated
for accounting purposes Page 37 1. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities 2. The Company calculates GAAP book value (excluding noncontrolling interests
in investment entities) per share and undepreciated book value per share, a non-GAAP financial measure, based on the total number of common shares and OP units (held by members other than the Company or its subsidiaries) outstanding at the end of
the reporting period. As of September 30, 2019, the total number of common shares and OP units outstanding was approximately 131.6 million Page 38 1. Includes our $22.0 million proportionate share of impairment losses recorded on equity
participations held in joint ventures. This is recorded in equity in earnings of unconsolidated ventures on our consolidated statements of operations 2. The Company calculates Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share,
which are non-GAAP financial measures, based on a weighted average number of common shares and OP units (held by members other than the Company or its subsidiaries). For the third quarter 2019, the weighted average number of common shares and OP
units was approximately 131.6 million; includes 3.1 million of OP units 3. Represents transaction costs incurred as a result of the formation of Colony Credit Real Estate, Inc. 4. Includes our $30.8 million proportionate share of impairment losses
recorded on equity participations held in joint ventures. This is recorded in equity in earnings of unconsolidated ventures on our consolidated statements of operations 5. The Company calculates Core Earnings (Loss)/Legacy, Non-Strategic Earnings
(Loss) per share, which are non-GAAP financial measures, based on a weighted average number of common shares and OP units (held by members other than the Company or its subsidiaries). For the nine months ended September 30, 2019, the weighted
average number of common shares and OP units was approximately 131.4 million; includes 3.1 million of OP units 44 44V. APPENDIX – FOOTNOTES (CONT’D) Page 36 1. Represents interests in assets held by third party partners 2. Represents the
proportionate share attributed to CLNC based on CLNC’s ownership % by asset 3. Reflects the net impact of securitization assets and related obligations which are consolidated for accounting purposes Page 37 1. Represents net accumulated
depreciation and amortization on real estate investments, including related intangible assets and liabilities 2. The Company calculates GAAP book value (excluding noncontrolling interests in investment entities) per share and undepreciated book
value per share, a non-GAAP financial measure, based on the total number of common shares and OP units (held by members other than the Company or its subsidiaries) outstanding at the end of the reporting period. As of September 30, 2019, the total
number of common shares and OP units outstanding was approximately 131.6 million Page 38 1. Includes our $22.0 million proportionate share of impairment losses recorded on equity participations held in joint ventures. This is recorded in equity in
earnings of unconsolidated ventures on our consolidated statements of operations 2. The Company calculates Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share, which are non-GAAP financial measures, based on a weighted average
number of common shares and OP units (held by members other than the Company or its subsidiaries). For the third quarter 2019, the weighted average number of common shares and OP units was approximately 131.6 million; includes 3.1 million of OP
units 3. Represents transaction costs incurred as a result of the formation of Colony Credit Real Estate, Inc. 4. Includes our $30.8 million proportionate share of impairment losses recorded on equity participations held in joint ventures. This is
recorded in equity in earnings of unconsolidated ventures on our consolidated statements of operations 5. The Company calculates Core Earnings (Loss)/Legacy, Non-Strategic Earnings (Loss) per share, which are non-GAAP financial measures, based on a
weighted average number of common shares and OP units (held by members other than the Company or its subsidiaries). For the nine months ended September 30, 2019, the weighted average number of common shares and OP units was approximately 131.4
million; includes 3.1 million of OP units 44 44
V. COMPANY INFORMATION Colony Credit Real Estate, Inc. (NYSE: CLNC) is
one of the largest publicly traded commercial real estate credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt
securities and net leased properties predominantly in the United States. Colony Credit Real Estate is externally managed by a subsidiary of leading global real estate and investment management firm, Colony Capital, Inc. Colony Credit Real Estate is
organized as a Maryland corporation that intends to elect to be taxed as a REIT for U.S. federal income tax purposes for its taxable year ending December 31, 2018. For additional information regarding the Company and its management and business,
please refer to www.clncredit.com. Shareholder information Headquarters: Company Website: Investor Relations: Analyst Coverage: Los Angeles www.clncredit.com ADDO Investor Relations Raymond James 515 South Flower Street Lasse Glassen Stephen Laws th
44 Floor 310-829-5400 901-579-4868 NYSE Ticker: Los Angeles, CA 90071 lglassen@addoir.com CLNC 310-282-8220 B. Riley FBR Randy Binner Stock & Transfer Agent: Press & Media: 703-312-1890 American Stock & Transfer Owen Blicksilver P.R.,
Inc. Trust Company (AST) Caroline Luz 866-751-6317 203-656-2829 help@astfinancial.com caroline@blicksilverpr.com 45 45V. COMPANY INFORMATION Colony Credit Real Estate, Inc. (NYSE: CLNC) is one of the largest publicly traded commercial real estate
credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the
United States. Colony Credit Real Estate is externally managed by a subsidiary of leading global real estate and investment management firm, Colony Capital, Inc. Colony Credit Real Estate is organized as a Maryland corporation that intends to elect
to be taxed as a REIT for U.S. federal income tax purposes for its taxable year ending December 31, 2018. For additional information regarding the Company and its management and business, please refer to www.clncredit.com. Shareholder information
Headquarters: Company Website: Investor Relations: Analyst Coverage: Los Angeles www.clncredit.com ADDO Investor Relations Raymond James 515 South Flower Street Lasse Glassen Stephen Laws th 44 Floor 310-829-5400 901-579-4868 NYSE Ticker: Los
Angeles, CA 90071 lglassen@addoir.com CLNC 310-282-8220 B. Riley FBR Randy Binner Stock & Transfer Agent: Press & Media: 703-312-1890 American Stock & Transfer Owen Blicksilver P.R., Inc. Trust Company (AST) Caroline Luz 866-751-6317
203-656-2829 help@astfinancial.com caroline@blicksilverpr.com 45 45
