Preliminary Agenda Topics

• Impact of Fed Predictions, the bond market and interest rates

• Where are we vs. other recent cycles • Are the news headlines correct on delinquency direction?

• How long will extend and pretend, both formally and informally continue? What are the bank regulators saying? Does it matter considering all the private financing out there?

• Public vs. private market returns… What do they say?

• With all the $ out there will rates be dropping and terms be less ornery?

• Role of increasing insurance rates and natural disasters

• Local macroeconomic changes to be aware of in the largest state

• Impact of some large companies mandating attendance

• April 2026… Where is the 10 year? Should you be in apartments or office? What inning will we be in?

• How are appraisals coming in? Are you comfortable with the current valuations out there? If not, where should they be?

• What kind of loss in value do you consider write down territory?

• Valuing uncompleted assets and conversion candidates

• GFC dramatic write downs vs. today’s slow bleed… Will it continue?

• Key details: How are banks writing down properties?

• What you need to know about valuation reporting

• Valuation haircuts by asset type and market

• Public vs. private valuation

• How much are vacant and near-vacant offices worth vs. half-filled buildings with long-term leases?

• Average vs. actual write down: What is your guess?

• Do you have a figure in mind on allocation to distress?

• Why buying buildings vs. equity financing or debt today?

• Asset class and geography faves

• Managing your existing portfolio of troubled

• How are LPs reacting to distress in your portfolio? New investment opportunities in distress?

• Are you looking to loan-to-own or are you working out your borrowers’ properties?

• Evaluating the risks and risk adjusted returns of property vs. loan investments and investing in different parts of the capital stack

• Which markets and assets are you redlining? Which have peaked?

• How are you dealing with higher insurance costs?

• What are you doing before the lease is up? When are you doing it?

• Comparing debt vs. equity risks today

• Current macro factors and micro risks

• Impact of exploding Federal debt

• What will be the next largest risk that will arise?

• How do you structure your real estate investments? What is your investment time horizon?

• Lending vs. equity: Where are you playing?

• What is your cost of capital? IRR?

• Which assets are you open to?

• How are you approaching working out your existing problem properties?

• How are you sourcing opportunities?

• Is your cost of capital at a point that you would consider condo conversions and adaptive reuse? Buying broken construction projects?

• To what extent does the source of capital drive the deal structure?

• How do you underwrite? What level of risk is appropriate in your underwriting??

• What kind of returns is your capital seeking?

• How important is the sponsor?

• What are the complexities of dealing with the senior lender?

• Differentiating between existing cash flowing assets and new construction

• How does your capital compare to your competitors?

• Focusing on macro factors in evaluating risk

• Where is the sweet spot?

How are your peers working out their problem loans? What are investors looking for when they buy loans? How can we get across the valuation divide? Attend this session and get the message from many horses mouths at one time.

• Where are rates and credit conditions… Are they more competitive to allow new distressed acquisitions?

• Investing in debt vs. equity vs. physical buildings

• Where is hard money at vs. debt funds?

• Raising equity in this market

• Negative leverage and distressed properties

• Considering alternative financing like PACE and ground leases

• Leveraged sources structures and rates

• Considering acquiring debt vs. equity

• What does your distressed buy box look like?

• How do you define “Stressed properties”

• What kind of cap rates are distressed cash flowing properties being offered at?

• Comparing different asset classes

• When is it too early to invest?

• Are there a lot of under-managed buildings out there? What are they pricing at?

• Are LPs forcing the hand of distressed GPs of stressed properties?

• What happens when the lease rolls?

• Are lenders exercising remedies on stressed properties?

• Evaluating market liquidity

• Comparing local sub-markets

• Which underperforming markets do your feel may be diamonds in the rough?

• How friendly is the local government?

• Work from home and local vacancy

• What kind of information do you find most valuable?

• How are different markets re-pricing? Comps without sales… When will the value be back?

• Looking at the Bay area

• Examining your tenant base

• How can you make the building shine?

• Which amenities are the right ones for 2024?

• Availability of refinancing and reorganizing debt

• Defaults on rent stabilized buildings

• What are the characteristics to look for in your building that makes it a good candidate for a conversion to multifamily?

• How much is your building worth?

• Local tax incentives

• How low does the building have to be valued to pull off a conversion?

• Lifecycle of a distressed hotel and how union contracts are impacted by distress?

• Buying/selling lab space and what to do with your space

• Nursing homes and assisted living post covid

• Opco/Propco and space with specialty buildout

• Movie theaters and entertainment venues in an era of Netflix

• Converting educational and religious facilities

• Short term rentals: Should you weather the storm, convert to a rental or sell?

• Where are we in sheer volume of delinquencies?

• Where is pricing and the buy/sell gap?

• Will the slowdown in rent growth and rising operating costs continue?

• Restrictive immigrant policy: Impact on worker and renter supply

• Are we still extending and pretending or are we starting to see foreclosures and note sales?

• Agency vs. non-agency loan workouts

• Dealing with non-paying tenants: Is cash for key the most effective way to deal with?

• Are moms and pops selling?

• Evaluating opportunities of those properties in market vs. asset vs. financial distress

• What kind of opportunity are you looking for? Have you found it at your price?

• Price per pound vs. yield

• Considering alternative building use

• Should you just wait out until conditions are better? Will they get better?

• Getting an anchor tenant… Making them an offer they can’t refuse

• Can you still convert? Change back to original use?

• Comparing stressed vs. distressed opportunities

• When would you re-start construction?

• Raising NOI, expense culling, re-tenanting, repositioning, renovating: What is the secret formula?

• Leasing trends, TI and concessions

• How much $ do you need to put in? What kind of return will you be getting?

• What are you doing with your reserves?

• Coming up with and funding an individual asset plan

• What is new to the checklist?

• Amenity ROIs

• What was the last thing you did to optimize building performance?

• Underperformance vs. Maturity default vs. Loan covenant violations: Which do you pay attention the most to?

• Significant tenant bankruptcies: What is significant enough to be a trigger?

• Relationships and communications: What does a lender need to know? Not new?

• What are some pressure points that lead to enforcement actions?

• How will current problems impact future negotiations?

• Special considerations for construction projects and heavy rehabs

• When a new owners takes over: What they should know

• How important are monetary performance, Cash management, asset preservation and property tax payments

• How have things changed since the last conference?

• What kind of refi availability is out there?

• Lots of pref out there… What are the refi terms?

• Extensions in exchange for principal payments, cash management and equity pledges: What are the deal terms?

• How do you use your servicing and special servicer?

• Contrasting different lenders and their approaches

• Impact of tax ramifications of different strategies for debt cancellation

• What kind of equity is needed?

• What kind of special situations are you not refinancing?

• Foreclosures and natural disasters

• When does giving up the keys make the most sense in practice?

• What you need to know about the UCC foreclosure process?

• Assessing the receiver process

• Deed-in-Lieu of foreclosure vs. the judicial/non-judicial foreclosure vs. strict foreclosure

• Title transfer by settlement

• What kind of conditions can lead to a constructive eviction?

• Options when multiple owners

• Need to knows about Chapter 7

• What does it take to prove a fraudulent transfer?

• For what kind of loans would you face recourse?

• Considerations when working with a special servicer

• What kind of loans require the coordination of multiple parties to resolve the loan?

• Challenges of short-term loans

• Meeting margin calls if property value declines

• Which types of loans are difficult to modify?

• Working through loan complexity

• Bridge loans that need financing but can’t get it

• Who should be on your workout team?

• Comparing pre- and post-covid loans • What are you looking for to add PACE to the capital stack?

• Curing under the ICA vs. letting it ride: What kind of cures are available today?

• Tricks of the trade when working out multi-party permanent capital entities: EB-5; TICs and syndication workouts

• Protecting your assets in high vs. low basis situations

• When do you look to sell your note?

• Convertible and sub debt workouts

• How should your report bad news? What are solutions that lenders want to hear for bad news?

• What triggers when assets are sent over?

• Whole loan holders and debt funds management of distress

• Impact of recourse

• Deed-in-lieu vs. foreclosure: The decision tree

• Evaluating why taking over the property is the best choice

• Role of legal counsel

• When do technical default issues become real issues?

• What triggers a transfer into the special side of the house?