Public REIT Disclosure

REITs are traded on the stock market, which means they have increased risks that would be typical of riskier equity investments. They are also adversely affected by weakness in real estate prices. You should carefully consider the following risks and other information in evaluating an investment in a REIT. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, could materially and adversely affect our business, financial condition, or results of operations, and could, in turn, impact the trading price of our common stock. The information is for informational purposes only and does not constitute an offer to sell or the solicitation of any offer to buy our securities.

Real Estate Risk. Real estate investments are subject to various risk factors. Generally, real estate investments could be adversely affected by a recession or general economic downturn where the properties are located. The full extent of the impact and effects of the recent outbreak of COVID-19 on the future financial performance of the Fund, and specifically, on its investments and tenants to properties held by its REIT subsidiaries, are uncertain at this time. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

Unfavorable market and economic conditions in the United States and globally and in the specific markets or submarkets where our properties are located could adversely affect occupancy levels, rental rates, rent collections, operating expenses and the overall market value of our assets, and impair our ability to sell, recapitalize or refinance our assets.

We are subject to risks inherent in ownership of real estate. Real estate cash flows and values are affected by a number of factors, including competition from other available properties and the ability to provide adequate property maintenance and insurance and to control operating costs.

Our properties may be concentrated in certain geographic markets, which makes us more susceptible to adverse developments in those markets.

Competition could limit our ability to acquire attractive investment opportunities, which could adversely affect our profitability and impede our growth.

We may fail to consummate future property acquisitions, and we may not be able to find suitable alternative investment opportunities.

Acquisitions may not yield anticipated results, which could negatively affect our financial condition and results of operations.

Our environmental assessments may not identify all potential environmental liabilities and our remediation actions may be insufficient.

Compliance with various laws and regulations, including accessibility, building and health and safety laws and regulations, may be costly, may adversely affect our operations or expose us to liability.

The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act and the requirements of the Sarbanes-Oxley Act, may strain our resources, increase our costs and place additional demands on management, and we may be unable to comply with these requirements in a timely or cost-effective manner.

We have a substantial amount of indebtedness, which may limit our financial and operating activities and may adversely affect our ability to incur additional debt to fund future needs.

We pay substantial fees and expenses to our Adviser and its affiliates and to our property manager, which payments increase the risk that you will not earn a profit on your investment.

There are significant potential conflicts of interest that could affect our investment returns.

Our failure to qualify as a REIT for federal income tax purposes would reduce the amount of income we have available for distribution and limit our ability to make distributions to our stockholders.

To continue qualifying as a REIT, we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce your overall return.

New legislation or administrative or judicial action, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify or remain qualified as a REIT.

The Adviser’s diligence process for investment opportunities may not reveal all facts that may be relevant for an investment, and if we incorrectly evaluate the risks of our investments, we may experience losses

Loans and other real estate related investments we will originate and acquire are subject to the ability of the property owner to generate net income from operating the property as well as the risks of delinquency and foreclosure.

A prolonged economic slowdown, a recession or declining real estate values could materially and adversely affect us.

Prepayment rates may adversely affect the value of certain of our investments which could negatively impact our ability to make or sustain distributions to our shareholders.

Our common stock is listed on the NYSE and broad market fluctuations could negatively affect the market price of our stock

We urge you to carefully consider the risks and review the additional disclosures we make in our filings with the SEC, including under the caption “Risk Factors” in our periodic reports, which are accessible in the “Investor Relations” section of this website and at the SEC’s website at www.sec.gov and which identify important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. There may also be other factors that we are unable to predict at this time. We caution you that any forward-looking statements made on this website are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. Except as required by law, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any statement is based.

Nothing contained on the website constitutes investment, legal, tax or other advice. If you would like such advice, you should consult with your own advisors with respect to your individual circumstances and needs.

* NOT FDIC INSURED * May Lose Value * No Bank Guarantee. * Past performance is not indicative of future results. *