Buyer	Size	Asset types Sought	Performance Status of Loans Sought	LTV	YTM bogey	Regions	Notes
1	Over $5mm in purchase price. Will look at notes/deals up to $50mm	Commercial: Hospitality, retail, office  Resi: condos, multifamily	Any	mid 60s to 70s	Mid teens unlevered, high teens if they take leverage	Will look at many regions, including phoenix, major mkt Florida and southern CA, even MI	Looking for well-priced notes for the last 1.5 yrs
2	~$1mm to $10mm or participate in syndicate	Commercial: Retail. Will look at good deals in other asset types	Underperforming or non-performing	Flexible	Mid teens unlevered	Feels most comfortable in Phoenix, Napels or other cities in south Florida, Chicago	Wants to own underlying 'bricks and sticks'
3	$5mm and up	Commercial: Retail, industrial	Underperforming or non-performing	Flexible	Midteens unlevered	NJ, PA, CT, DE	Willing to own underlying real estate and improve NOI
4	$5mm and up	Commercial: Hospitality, Office	Any	not above 70%	Midteens unlevered	Any	Large European RE holdings, looking to grow into US
5	$2mm to $10mm	Commercial: Retail, Office, Industrial	Any	not above 65%	Midteens unlevered	Tri-state area	Values solely on discounted cash flow. Expects additional leg down in Commercial CE mkt