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Subordinated debt a.An unsecured REIT Revolving Line of Credit when all existing REIT property assets are encumbered by 1 st mortgages liens B An unrated

Subordinated debt

a.An unsecured REIT Revolving Line of Credit when all existing REIT property assets are encumbered by 1st mortgages liens

B An unrated CMBS B piece tranche

c. The mezzanine loan added to a 15t mortgage real estate property loan

d. All of the above only

e. A & B

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