First Lien Capital

Organizational Chart

First Lien Investment GP, LLC ("GP")

General Partner

First Lien Capital, LP ("LP") First Lien Capital, LP ("LP")

100% 100%

BBNY REO, LLC BBNY Mortgage, LLC

Owns REO assets from Crystallin Portfolio

(REO Assets from FLC-3 and FLC-7) Owns FLC 2 - Crystallin Portfolio
 First Lien Capital
Organizational Chart

First Lien Investment GP, LLC ("GP")

General Partner

Direct FLPSA Investors, LP First Lien Capital, LP

AFL Manager LLC
Arena Investors, LP
100% Manager
63% 100%
37%

Arena SPV Manager, LLC

100%
First Lien Performing Series A, LLC
(Own 100% of Aggregator's share of FMC 3 First Lien Mortgage Aggregator, LLC
Arena First Lien Mortgage Aggregator, LLC
via subscription agreement)
10% JV Member 90% JV Member

100%
First Lien Mortgage Aggregator, LLC AFL Mortgage, LLC
(Only for passthrough purpose of FLAM 3)

100%
100% 100%
100% 100%

FLA Mortgage Capital 2, LLC AFL REO, LLC

FLA Mortgage Capital 3, LLC
(Owns Rocktop 775 performing
loan portfolio)
Owns (Owns REO Assets only)
FLA Mortgage Capital 1,LLC
FLC 10 - Angelo Gordon II
(Owns Oak Harbor Loan Portfolio)
FLC 12 - Oak Hill II
FLC 13 - Kondaur
 First Lien Capital
Organizational Chart

First Lien Investment GP, LLC ("GP")

General Partner

First Lien Capital, LP

AFL Manager LLC
Arena Investors, LP
100% Manager 100%

Arena SPV Manager, LLC

100%
First Lien Mortgage Aggregator, LLC
Arena First Lien Mortgage Aggregator, LLC
10% JV Member 90% JV Member

CFAI Special Assets, LLC

100%

Owns
FLC 17 - Churchill
 First Lien Capital
Organizational Chart

First Lien Investment GP, LLC ("GP")

General Partner

AFL Manager LLC First Lien Manager, LLC

Investment Manager Investment Manager

AFL Mortgage, LLC First Lien Non-Performing Opportunities Fund, LLC (NPLOF)