Hunt Investment Management, LLC

We are externally managed and advised by Hunt Investment Management ("HIM"), LLC, an SEC registered investment adviser with nearly $2.0 billion of real estate assets managed in funds, separate accounts and other portfolios, across all real estate sectors and properties located in the US. These services are provided to us pursuant to the terms of a management agreement between us and HIM, under which HIM implements our business strategy, performs investment advisory services and is responsible for performing all of our day-to-day operations. HIM is at all times subject to the oversight and supervision of our board of directors.

All of our officers are employees of HIM, and we do not have any employees, nor do we pay any of our officers any cash compensation. Instead, we pay HIM a 1.5% annual base management fee and reimburse expenses directly related to our business and therefore reimbursable under the management agreement. In addition, we have agreed to pay HIM an incentive fee of 20% of the excess of our core earnings, as defined in our management agreement, over 8% per annum. In return, HIM provides us with our management team, including our officers, and appropriate administrative and support personnel.

HIM is a wholly-owned subsidiary of Hunt Companies, Inc., a holding company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt's affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. To learn more about Hunt, please visit www.huntcompanies.com.