Purchase stressed and distressed debt and originate opportunistic higher-yielding loans secured by commercial real estate assets:

• Commercial mortgage-backed securities: invest opportunistically in instruments secured by commercial real estate loans based on rigorous collateral analysis
• Real estate debt lending: originate structured loans to capitalize on lack of capital with significant refinancing requirements for transitional and credit-intensive properties
• Distressed debt secured by real property: purchase debt at steep discounts with ability to restructure or work-out loan

Opportunistic approach utilizes Marathon's differentiating investment, restructuring and work-out capabilities and deep experience in credit and real estate assets:

• Apply bottom-up credit-intensive analysis, deep market and structuring expertise
• Utilize Marathon's expertise up and down capital structures
• Able to actively asset manage distressed real estate debt and real estate loans and to operate underlying real estate when required