Important Disclosures

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. This summary should not be considered an offer to sell, or a solicitation to buy, any investment referred to herein, nor should it be relied on for advice with respect to accounting, legal, tax or investments. This material is Confidential and for the sole use of the recipient and may not be reproduced or made available to others without the express written consent of Obra Real Estate, a subsidiary of Obra Capital, Inc.. The information provided herein is based on matters as they exist as of the date of preparation.

*Loans Closed and Transaction Volume: As of March 31st, 2025, the track record and historical performance included herein is that of the investment and underwriting team currently employed by Obra Real Estate (“ORE”) and formerly employed by Pangea Mortgage Capital (“Pangea”). In March 2024, ORE hired Pangea’s real estate investment and underwriting professionals, and therefore any reference to ORE’s performance prior to March 2024 represents the performance generated by the underwriting team while they were employed by Pangea.

As of February 28th, 2025, Obra Capital Management, LLC’s (and its relying advisor Obra Institutional Credit, LLC) and Obra Fund Management, LLC’s combined estimated unaudited amount of capital under management was $5.6 billion (net asset value under management, plus leverage and uncalled capital commitments, where applicable). Obra calculates an estimated unaudited firmwide AUM monthly using a combination of latest available NAV data, estimated returns and net capital changes.. The firm’s calculation of assets under management is different from its calculation of its regulatory assets under management for purposes of its Form ADV. Additional information is available upon request. Information expressed herein is subject to change without notice.