Reporting Covenants Financial Statements - 45 Days after Quarter End Audited Financial Statements - 90 Days after Quarter End TBD Reporting covenants on Guarantor 7. Client details Navarro Relationship Overview: • Joanne Jensen has known Ben Navarro since 1993, when she worked for him on the Institutional Fixed Income Sales desk at Citi • In 2008, Joanne provided Ben with $440MM for the acquisition MGIC and Radian's interest in Sherman • In 2013, Joanne introduce Ben to DB WM client Jules Kroll as a potential investor in Kroll Bond Rating Agency (KBRA). Ben acquired a 10% interest in the company. In 2015, Deutsche Bank advised Kroll on the sale of his remaining stake in KBRA, which Ben acquired for $320MM. Client Background: • Ben Navarro is the Founder and CEO of Sherman Financial Group ("SFG"). • Prior to SFG, he was the Co-Head of Mortgage Sales and Trading for Citicorp, with responsibility for the firm's purchases, securitizations, and sales of residential mortgages to institutional clients • Top 10 salesperson on Wall Street, focused on credit-sensitive assets • Navarro spent three years with Goldman Sachs on the Whole Loan and Agency MBS desks • Started his career at Chemical Bank, where he completed the credit-training program and spent two years issuing loans to mortgage banks and thrifts • Active philanthropist, establishing a S90MM foundation for education related endeavours • Prominent member of the Charleston community, funding three schools in the area and residing on the board of the Medical University of South Carolina Sherman Financial Group: • The nation's largest privately held consumer finance company, generating over $2B in revenue in 2017 • Major underlying companies are: Credit One Bank, Resurgent Capital Services, Kroll Bond Rating Agency, and a small Real Estate business (not included in this transaction): Credit One Bank: • OCC-regulated national bank, issues and services near-prime credit cards