•Focus on Current Yield: “Forever” mentality embeds a quality-first, cash-flow focused orientation into our business

•Aligned long-term incentives: Structure and incentives aligned with perpetual hold

•Prudent leverage target: Asset-level leverage at 55 – 65%

•Intentional scale: target of $5.0B max AUM

•Geographic & Product-Type Specialist: Geographic focus and long-term presence in the Northwest with 40+ year operating history enables street-level intelligence