10 Cedar Lane Credit Resolution Fund I

LP Net IRR

—

Annualized, after fees & carry

LP Net MOIC

—

Distributions ÷ invested

LP Net Profit

—

Total $ to LP investors

Highest Carry Tier

—

DPI = 1.0x reached

Gross MOIC

—

After debt service

Gross IRR

—

Full term

UPB Acquired

—

Face value purchased

Total Deployed

—

Equity + leverage

GP Carry

—

Incl. true-up

Manager Net Income

—

Revenue − opex

Capital Deployment & UPB Acquired

Quarterly

Cumulative Cash Flow (J-Curve)

From LP perspective

Collections vs Distributions

Quarterly

Leverage Balance Over Time

Period-end debt

LP DPI Trajectory

Cumulative distributions ÷ capital

Liquidation Curve (Monthly Share)

Linear

Distribution Waterfall — Full Term

European waterfall

Sources	Amount

Uses	Amount

Confidential. Interactive pro forma for 10 Cedar Lane Credit Resolution Fund I (model JP5). All figures are illustrative and depend on the assumptions on the left. European waterfall, GP carry true-up at fund close, fund-level fees borne 100% by LP (GP pays no fees or carry on its commitment). Carry tiers step up based on realized LP net IRR.