Innovative Investments We target opportunities with specific characteristics Innovative Investments WE TARGET OPPORTUNITIES WITH SPECIFIC CHARACTERISTICS Higher expected returns Downside protection = NICHE ASSET CLASSES WITH IDIOSYNCRATIC RISKS LOW LEVERAGE + FAVORABLE PRICING FROM STRUCTURAL IMBALANCE BETWEEN CAPITAL SUPPLY AND DEMAND IDENTIFIABLE PATH TO RECOVERY + SPECIALIST TEAMS IN THEIR CORE AREA OF EXPERTISE ALIGNMENT OF INTEREST =