FLC Fund Structures

01st December, 2022

First Lien Capital (1/4)
Organizational Chart: BBNY Mortgage, LLC

First Lien Investment GP, LLC

("GP")

General Partner

First Lien Capital, LP ("LP")

100%

100%
BBNY REO, LLC BBNY Mortgage, LLC
(Owns FLC 2 - Crystallin Portfolio)

Owns REO assets from

Crystallin Portfolio
(REO Assets from FLC-3 and
FLC-7)

2
First Lien Capital (2/4)
Organizational Chart: AFL Mortgage, LLC

First Lien Investment GP, LLC

("GP")
General Partner General Partner

First Lien Performing Series A

First Lien Capital, LP AFL Manager LLC Arena Investors, LP
Accredited Investors

63% 100%
37% Manager
100%

Arena SPV Manager, LLC

100%

First Lien Performing Series A, LLC

Arena First Lien Mortgage
(Own 100% of Aggregator's share of First Lien Mortgage Aggregator, LLC
Aggregator, LLC
FMC 3 via Subscription Agreement)

100%
10% JV Member 90% JV Member
First Lien Mortgage Aggregator, LLC
(Only for pass through purpose of AFL Mortgage, LLC
FLAM 3)

100%
100% 100% 100% 100%
FLA Mortgage Capital 2, LLC
FLA Mortgage Capital 3, LLC FLA Mortgage Capital 1,LLC Owns
AFL REO, LLC
(Owns Rocktop 775 performing loan (Owns Oak Harbor Loan Portfolio) FLC 10 - Angelo Gordon II
(Owns REO Assets only)
portfolio) FLC 18 FLC 5 FLC 12 - Oak Hill II
Volusia - FLC 9
FLC 13 - Kondaur

3
First Lien Capital (3/4)
Organizational Chart: CFAI Special Assets. LLC

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%

Arena First Lien Mortgage

First Lien Mortgage Aggregator, LLC
Aggregator, LLC

10% JV Member 90% JV Member

CFAI Special Assets, LLC

100%

Owns
FLC 17 - Churchill

4
First Lien Capital (4/4)
Organizational Chart: AFL & NPLOF

First Lien Investment GP, LLC

("GP")

General Partner

AFL Manager LLC

First Lien Manager, LLC

Investment Manager Investment Manager

First Lien Non-Performing

AFL Mortgage, LLC
Opportunities Fund, LLC (NPLOF)

5
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