DEN Defaulted Loan Experience Art Equity Loans have experienced strong performance OT DISTRIB 25 58 11 8 58 ONFIDEN CONFIDENTIAL INFORMATION DO 165 2 765 DISTRIBUTE See Slide 48 for the ' rd com 165 225 13 3 recovery case study I e rwbaird cor jeffe rwbaird com INFORMA Ife rwbaird ie ife Orwba Gros let Defaulted ORMATION DO Loans () IDEN 3 1 DO 2 396 1 1 4 IBU 0 0 AT 2 8 1 796 1 7 DENTIAL INFOR 0 096 0 2 1 5 ON 0 0 6 0 0 0 0 0 7 0 0 0 3 0 2 0 09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net Defaulted Loans ( ) 0 0 0 0 0 096 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 Annual d co Origination Volume (Smm) $160 $190 $388 $367 $827 $719 $596 $385 $663 $703 $559 $827 $1,100 $1,349 fe rwba For purposes of the historical information, an art equity loan is deemed a Defaulted Loan if the borrower failed to pay principal in full within 180 days of maturity amount shown is the cumulative outstanding principal balance of defaulted loans AP (and, as applicable, net of recoveries), as a of total volume For purposes of the historical information, an art equity loan is deemed a Defaulted Loan if the borrower failed to pay principal in full within 180 days of maturity AND was 30 days delinquent on scheduled interest amount shown is the AL MATION DO cumulative outstanding principal balance of defaulted loans, as a total voluine Notes As of December 31, 2023 For recent vintages, loans may have a limital performance history and accordingly SOTHEBY'S INC Sotheby's n wich charge off information may be incomplete Origination volume indudes art equity loansoriginated during sad CONFIDENTIAL AND PROPRIETARY 4 65 year and any subsequent draws made during such year (regardless of when such lawn was originated)ATION DENT Net Defaulted Loan Experience Near zero net losses since 2010, reflecting strong rec R N DEN 58 58 12 225 ON 65 ENTIAL INFORMAT jeffe rwbaird com 165 225 58 115 10 aird com 16 d com Ife rwbaird com 165 CONFIDENTIAL INFORMATION DO NOT Ner Defaulted Loan CO 2010 Vintage 2011 Vintags ENTIA INFORMATION DO NOT DISTRIBUTE leifer 2012 Vintage of 2013 Vintage 6 2014 Vintage 3014 Vintage 3016 Vintage 2017 Vintage 4018 Vintage DO NOT DISTRIBUTE 2019 Vintage 090 58 115 BLO Vintage 58 5 58 2021 Vintage 2032 Vintage ON 65 22 165 2 2023 Vintage 0 2 4 6 8 10 12 14 16 18 2022 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 ird con rwbaird coro 2010 0 2011 2012 2013 2014 wbaird 2017 2018 2015 2019 2016 O 2020 2021 2022 2023 ife Note The historical information shown for the referenced annual vintages (A) represents the (1) Art Equity Loans originated during such year and (2) sisequent draws made during such year under lotus (regardless of when such loan was originated) together as a static pool, and illustrates how such vintages have performed given equivalent months of manning and rearived (are $ of total volume) (B) reflects the cumulative outstanding principal balance of loins on the day tack such loan became a Defaulted Loan , net of recoveries recognized on the day such reavery amounts were The historical information shown is indaded for all vintages and months sine origination for which at least partial proformano historyexists Not all loans of certain vintage lure DO performance history sersd number of months sina origination Acordingly, performance bistory for web vintages an incomplete For purpose of the historical information shown, an An Equity Loan is deemed a Defaulted Jean if the borrower has failed to pay principal in full within 180 days of maturity The annual vintage shown had weighted average LTV ratios ranging from 15 96 te S 3 Y Sotheby's 225 50 65 225 SOTHEBY'S INC D CONFIDENTIAL AND PROPRIETARY MATION ONFI Delinquency Experience 20 ofstage delinquencyes quickly cured co om fe rwbai Art Equity Loan Delinquency Experience(1) IFIDENT Mar 18 DO NOT DIS AL INFORMATIC NFIDE Sep 18 Dec 18 225 58 Strong delinquency experience for both art equity loan and consignor advances wicho Mar 19 ybaird com 16 Jun 19 12 65 225 Sep 19 om Des 19 DO OT RIBU fe rwbaird c Consignor Advance Delinquency Experience(2) Mar 20 NTIAL INFORMATION Mat 22 90 Day Delinquencyes (Art Equity Loan) Sep 20 RMATION DONOT DISTRIBUTE Do at 21 jeife rwbaird com 165 225 Jun 22 21 115 581 1 21 Sotheby's baird com 165 22 Dec 21 IDENTAL INFORM le if Sep 2 1804 Day Delinque Mar 22 225 58 IBUT 22 in full within 90 for 1 80, as applicable) days of maturity INFORMATION DO NOT DIS niqueride (Ant Equity Loan) p 22 Sep 204 Day Delinquenter (Comignat Advance) Dec 22 DE ife rwbaird com 165 2 5 58 58 115 23 Mae 23 jefferwbaird com 165 (I) As of the applicable determination date, the aggregate outstanding principal of all Ant Equity Loans with respect to which either (1) an interest payment has not been remitted Dee 23 I'm full within 50 for 180, as applicable) days of itsscheduled payment or (2) the borrower bas failed to pay principal in full within 90 (or 180, as applicable) days of maturity ( As of the applicable determination date, the aggregate outstanding principal of all Configner Advances with resped to which the borrower bus failed to pay principal or interit 5 225 Jun 23 CONFIDENTIAL INFORMATION DO 1 10 Day Delinquenter (Consignor Advance) DO NO Step 23 Orwbaird com Dee 23 162 CONFIDENTIAL AND PROPRIETARY ON DO SOTHEBY'S, INC 25EN Art Market Correlations N DO Performance has little correlation to other asset classes ISTRIBUTE NFIDEN 225 58 115 FORMAT DM Eq EM Eq IG HY EM Cash HF PE RE Developed Equities Commod Art 20 64 0 25 0 63 0,31 0 04 0 77 ( 0,79 0 52 d co Emerging Market rd AD 01I 0 09 and Equities D 0 54 0 02 0 56 0 53 037 Developed 0 44 0 20 Investment Grade 0 25 BENTIAL Fixed Income 0 11 0 31 0 45 0 08 ONFI 0 12 High Yield Fixed 0 26 0 08 Income 0 63 0 54 0 45 0 41 0 05 DO Emerging Fixed 0 65 STRIBI D 51 0 29 0 11 0 07 Income 0 31 1 52 0 11 0 41 0,09 0 39 0 34 029 Cash 0 50 0 01 225 0 04 0 02 0 0 31 0 05 0 09 Hedge Funds 6 0 46 0 03 2 0,01 0 00 0 77 0 12 0 56 0 45 C0 65 0 35 $0 46 0 0 73 0 46 Private Equity 520 12 0 11 0 79 d co 0 58 0 08 CO 0 51 0 34 0 03 0 730 0 73 Real Estate 0 04 0 52 0,07 0 37 fee C 0 12 0 25 0 29 0 01 4 0 46 0 73 Commodities AT 0 01 0 21 0 11 AM 0 44 0 26 0 50 0 00 0 12 D 04 0 01 Art INFO 0 19 0 09 0 20 0 08 0 07 0 01 0 12 0 11 0 07 0 21 0 19 DIS 58 1 Sotheby's MA Source Citi Private Bank Global Auct Allocation Team, as of January 1, 2022 represents data from 1962 to 2020 22 65 SOTHEBYS, INC CONFIDENTIAL AND PROPRIETARY 50

The Answer is in the image, click to view ...

Question: DEN Defaulted Loan Experience Art Equity Loans have experienced strong performance OT DISTRIB 25.58.11 8. 58 ONFIDEN CONFIDENTIAL INFORMATION - DO 165.2 765 DISTRIBUTE See

OT DISTRIB 25.58.11 8. 58 ONFIDEN CONFIDENTIAL INFORMATION - DO 165.2 765

DEN "Defaulted Loan" Experience Art Equity Loans have experienced strong performance OT DISTRIB 25.58.11 8. 58 ONFIDEN CONFIDENTIAL INFORMATION - DO 165.2 765 DISTRIBUTE See Slide 48 for the ' rd.com - 165.225 13.3% recovery case study I e@rwbaird.cor jeffe @rwbaird.com INFORMA Ife@rwbaird. ie ife Orwba Gros let "Defaulted ORMATION - DO Loans"() IDEN 3.1% DO 2.396 1. 1.4% IBU 0.0% AT 2.8% 1/796 1.7% DENTIAL INFOR 0.096 0.2%% 1.5% ON 0.0%% 6 0.0% 0.0%% 0.7%0.0 0.3%% 0.2%0.09% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

here. the app spoils the quality. please do any oke you can see. i need it urgently please, thanks. The cycle turrant Payment methods from a Decor A start of the company wgned an went te portate a...

berkshire student file B C D E F G H M Berkshire Computer Sales Berkshire Computer Sales is a small company located in Oldenburg, Washington The founder of the company, Jonathan Berkshire, began the...

please I need answers to this case study. the case is called Autogrill Belgium. it's online, please help, I've tried but not too sure please the name of the case study is Autogrill Belgium , it's...

The Author provides several plausible options for strengthening a company's competitive position. I would like for each of you to look closely at vertical integration strategies. Pick one of the two...

The data set consists of customers demographics, credit history and loan application details. Using this data set you would need to figure out those customers who are likely defaulted on their loan....

Please read the following documents and creat a case brief. The brief must include the tile/citations, the judicial history, the Facts, the Rule(s), the holding/conclusion and the Reasoning. Yusuf...

Need help with an assignment; having trouble especially identifying and summarizing the issues, rules and reasoning! Must create a case brief on the case of Yusuf Ahmed Alghanim & Sons v Toys "R" Us...

need answers for ALL questions ASAP please. will thumbs up if done ASAP. like. Chemier Oster # Selet the third party ndio is an intended beebiciary who can enforce the contract in question, er of...

can i get help in this question please its over a court case. im supposed to explain the law of Unconscionably as decided by the court and then the facts leading up to contact being unfoceable, then...

Answer questions 3-7 PART 7 Comprehensive Case Inside the Mind of Shake Shack's Founder" Introduction Danay Meyer is an extremely creative and proactive business thinker and entreproneur. He has...

This case is based on RadioShack Corporations consolidated balance sheets, consolidated statements of income, and Note 2 of its financial statements (Significant Accounting Policies) in Appendix B at...

Suppose as part of your job you are responsible for installing emergency lighting in a series of state office buildings. Bids have been received from four manufacturers of battery-operated emergency...

2.98 Scores on the Stanford-Binet IQ test have a bell-shaped distribution with mean 100 and standard deviation 16. a. Use the Empirical Rule to specify the intervals into which 68%, 95%, and 99.7%...

The force constant of a massless spring is 2 5 . 0 N / m . A mass of 0 . 4 5 kg is oscillating in simple harmonic motion at the end of the spring

Refer to the data in 6-9. The company has decided to use the sequential method of alloca tion instead of the direct method. Required: 1. Allocate the overhead costs to the producing departments using...

Refer to 6-14. Assume that during the year, the accounting support center incurred actual fixed costs of $43,000 and actual variable costs of $34,500. It delivered 2,300 hours of ac counting...

Happy Housekeepers, Inc., has two offices in the Pacific Northwest, one in Portland and one in Spokane. The owner of Happy Housekeepers centralized the accounting function in the Portland office and...