Pyatt Broadmark Real Estate Fund I Presentation Oct 2015

1. Pyatt Broadmark Real Estate Lending
Fund I (“PBRELF I”)
October 2015

2. InvestorPresentation
Fund Summary
PBRELF I invests in short-term, first lien notes
issued against real estate projects in the Pacific
Northwest (Washington, Oregon, Idaho) with
Seattle as the core market
The goal of PBRELF I is to provide investors with a
high-yield debt investment while minimizing the risk
of principal loss and maintaining near-term liquidity
Roughly $136.4M in assets under management
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3. InvestorPresentation
Background
Pyatt Broadmark Management, LLC (“PBM”) launched the
PBRELF I in August 2010 in partnership with Broadmark
Capital, LLC, a FINRA member broker-dealer established in
1987
PBRELF I is satisfying an unmet need in the US credit market
by providing short-term loans secured by real estate to home
builders, developers, real estate investors and businesses looking
to expand real property facilities
Since launch, PBRELF I has written 323 loans and has delivered
an annualized return since inception of 11.72% to investors
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4. InvestorPresentation
Fund Advantage vs Individual Loans
Provides a high benefit to cost way to invest in loans
Investor avoids the hassle of qualifying loans
Consistent and proven management team monitors each
loan and addresses defaults
Offers a diversified loan portfolio with over 140 loans
Measurable performance with a 5 year history
Fund offers either monthly interest paid by ACH or
automatic reinvestment
Audited financial statements and monthly reporting
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5. InvestorPresentation
Why Pyatt Broadmark:
Seasoned team with proven management structure
No leverage
First position, senior secured loans only
Consistent Performance
Personal guarantees required of borrowers
Rigorous underwriting standards (see next page for specifics)
Max Loan to Value: 65%
Regionally focused in the Pacific Northwest
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6. InvestorPresentation
Underwriting Process
Our team adheres to a strict underwriting process
Documents necessary prior to underwriting
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From Borrower
Credit Application
Operating Agreement
Business Financials
Business Tax Returns
Guarantor Financials
Guarantor Tax Returns
Collateral Confirmation:
Independent Appraisal Report
Preliminary Title Report
Purchase & Sale Agreement
Itemized Budget Review
Building Permit, Plans, Specs
Borrower’s Marketing Plan & Material
Tax Records & Property Info

7. InvestorPresentation
Investor Terms
The Fund raises capital through the issuance of membership
interests in a limited liability company
$100,000 minimum investment with the current capacity to
accept up to $5M per month
Investor return:
Investors receive 20% of origination fee income, and 80% of
interest income (less direct fund expenses, e.g. taxes and audit). The
balance represents management fees and operating costs.
Monthly cash distributions paid directly to investor’s bank account
Redemption option after 1 year; then quarterly
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8. InvestorPresentation
Monthly Cash Distributions
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Historical Cash Distributions through September 2015
Note: Return data as of September 30, 2015. Assumes reinvestment.

9. InvestorPresentation
Diversifying away from volatility
Recently, the public stock and bond markets have become
increasingly volatile
Additionally, with the Federal Reserve poised to raise interest
rates, financial markets may become even more volatile
Since the fund’s inception, we have had a low correlation to both
stocks and bonds
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This makes our fund a desirable
investment with which to diversify
a portfolio and potentially provide
protection against market shocks

10. InvestorPresentation
Consistent Performance
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Historical returns have remained steady over time, even as AUM has increased
November 2010 dip: due to excess cash on hand.
December 2013 spike: due to accrued penalty interest recovered from a loan in default.

11. InvestorPresentation
Loan Economics
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Loan economics:
Avg. Life of Loan 8.6 months
Avg. Origination fee 3.5%
Avg. Interest rates 12.2%
Annualized loan return target 18% to 20%
Out of 378 loans written across both funds, only seven have been put into
foreclosure.
Of these foreclosures, two have been completed with no loss of principal,
and three are still being processed by management.
One of the seven foreclosures, a strip center in Spokane, WA, is recently
REO (real-estate owned). PBM has engaged a commercial real estate
brokerage firm to fill vacancies and sell the property. Principle owed at the
time of foreclosure was 64.3% of appraised value.

12. InvestorPresentation
Current Loan Portfolio: Snapshot
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Current portfolio
141 loans
Face value of $159.3M
Appraised collateral of $275.3M
Repaid portfolio
182 repaid loans
Face value of $106.0M
Appraised collateral of $180.9M
Max Loan
to Value:
(65%)
Current
Portfolio Loan
to Value
58%
Borrower
Equity 42%
PBRELF I

13. InvestorPresentation
Why does this opportunity exist?
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Historically these types of loans were offered by regional banks
“ … Private builders have traditionally relied on small or regional banks for funding. But many of those lenders
stopped making loans for construction and development during the financial crisis and have been slow to
resume…”
Robbie Whelan and Dawn Wotapka, WSJ, July 15, 2013
As a result of the real estate downturn, the remaining regional banks
were left with too much real estate on their balance sheet
Surviving regional banks have completely discontinued this type of
lending due to Dodd-Frank
“Community banks lost 6 per cent in market share between 2006 and mid-2010, during the worst of the crisis.
But, since the passage of Dodd-Frank in early 2010, the decline in market share has doubled to more than 12
per cent.”
Financial Times, February 8, 2015
Traditional lenders have become strictly cash flow lenders as
opposed to asset based lenders.

14. InvestorPresentation
Why does this opportunity exist?
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Equity partners take a big bite out of profits
Outside equity partners demand to be paid first
Outside equity partners still require coupon payments
50% or more of the profits
Banks may not be able to lend in the future
“Dodd-Frank’s regulatory burdens are driving consolidation, and could result in lending markets less able to
serve core economic demands”
Marshall Lux, Boston Consulting Group, February 9, 2015
The outlook on construction activity and demand for our loans
looks strong
“Overall, forecast results on a construction spending basis is that overall activity for non-residential buildings is
predicted to be up 7.7 percent in 2015 and 8.2 percent in 2016.”
Kermit Baker – American Institute of Architects, February 10, 2015

15. InvestorPresentation
Reporting and auditing
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The Fund is valued and reported to investors monthly
All sales through 25 year old FINRA broker-dealer
Fund audited by Bader Martin P.S., Seattle, WA, a large
regional CPA firm
2014 audit is available for review
Loan recording numbers available for independent review
Loan files available for inspection in our office
Multiple investor references

16. InvestorPresentation
Borrower Testimonials
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Economics
“PBM has financed numerous development, construction, and rehab loans for us. Their
ability to close a loan quickly combined with their prompt draw funding has allowed us to
make bargain purchases and take advantage of vendor and subcontractor discounts.”
Opportunity Cost
“I really appreciate all you did for us. Having our original construction loan mature before
we qualified for conventional financing could have cost us our business. You stepped up
and helped us. I would recommend you in the future without hesitation!”
Customer Service
“Pyatt Broadmark separates themselves by doing what they say they are going to do. I have
worked with other private lenders and they do not compare to the service and execution that
Pyatt Broadmark delivers. They will always have a first right of refusal on my future projects.”
“Being a young developer/builder I encounter a lot of challenges. Pyatt Broadmark has been a
valuable business partner to have through the process of guidelines, budgeting, and
management. I know that I can pick up the phone and call these guys at a drop of a hat and
they will always respond and assist me with whatever I need .”

17. InvestorPresentation
Team Bios
Jeffrey Pyatt, Founder: Mr. Pyatt has served as Chairman, CEO, or President of several Northwest companies
over the last 22 years, in addition to leading in various capacities within the community.
Mr. Pyatt is an owner of Private Lenders Group, a private lending fund based in Bellevue, Washington. Mr. Pyatt
served as President and CEO of Pacific Financial Services Corporation from July 1994 through March 1999. Pacific
Financial was an asset-based lender located in Bellevue, Washington. Mr. Pyatt built Pacific from a start-up to being
a leader in its market, before orchestrating the successful sale of the company.
After receiving his undergraduate degree in accounting and a Master of Taxation degree from the University of
Denver, Mr. Pyatt joined the tax department of Moss Adams, a regional CPA firm in Seattle. After leaving public
accounting, Mr. Pyatt was involved in a number of acquisitions, dispositions and turn-around of companies in the
Northwest. These companies had revenues ranging from less than $1 million to more than $700 million, both
privately and publicly held.
He has also participated in the initial financing rounds of a number of telecommunications companies and currently
serves as a Director of 911 ETC, Inc.
Mr. Pyatt is active in the community, both civically and politically. He has served on the boards of three Boys and
Girls Clubs in King County since 1984 and other charitable boards. He is a past President of Park Hill Rotary of
Seattle and Eastside F.C. He currently serves on the board of directors of King County Sexual Assault Resource
Center and is a founding member of Lake Washington Velo.
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18. InvestorPresentation
Team Bios
Joseph Schocken, Founder Mr. Schocken is the founder and president of Broadmark Capital, LLC and its
predecessor, Broadmark Capital Corporation. He is an honors graduate of the University of Washington and holds an
MBA from Harvard University. He holds Series 7, 24, 63 and 79 FINRA registrations.
With over 30 years as an investment banker, Mr. Schocken has extensive knowledge of the financial services industry and
established relationships with both strategic and institutional investors in the United States and internationally. These
projects have included private placements, debt offerings, mergers, asset purchases and public offerings in a broad array
of industries including technology, life science, broadcasting and travel. Prior to forming Broadmark Capital in 1987, Mr.
Schocken was a partner in several private investment banking firms, including a small New York Stock Exchange
member firm where he managed the corporate finance and real estate departments.
Throughout his career as an investment banker, Mr. Schocken has also been an active private investor and has worked
with a number of exceptional entrepreneurs. As an investor, board member and mentor, Mr. Schocken has played a
pivotal role in the development of numerous significant enterprises. Notable examples include Bennett Environmental
(AMEX: BEL), Optiva (acquired by Phillips) and Universal Access, Inc. (NASDAQ: UAXS), HipCricket, Inc., and
Omeros Corporation (NASDAQ: OMER). In each case, Mr. Schocken served as an influential advisor to management in
the development of a capital formation strategy that positioned the company for growth. Broadmark Asset Management
Company, which he helped form, received both direct investment and a $100-million allocation from CALPERS in 2000.
In addition, Mr. Schocken is significantly involved in national economic policy development, playing a major role in the
2012 JOBS Act. He is a member of the National Advisory Board of the Democratic National Committee and an avid
cyclist.
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19. InvestorPresentation
Team Bios
Adam Fountain, Managing Director Mr. Fountain graduated with a B.A. in International Relations from Stanford
University in 2001. He holds Series 7, Series 63, Series 66 and Series 79 FINRA registrations. Mr. Fountain's responsibilities
at Broadmark include investor and client sourcing, and transaction management across all of Broadmark's focus areas
including life sciences, technology, new media, middle market, real estate, telecommunications and financial services. His
current interests include life science companies that have demonstrated proof of concept, particularly drugs with clinical data
and devices with at least animal data, and some mitigation of risk, e.g. shortened regulatory paths, 505(b)2, etc. Areas of
interest in technology include SaaS, new media, and any revenue generating high growth companies. Responsibilities also
include all activities related to Broadmark's merchant banking function: identifying and qualifying potential direct investments
and producing Broadmark white papers. In addition to these responsibilities, Mr. Fountain is a part owner of Pyatt
Broadmark Management, LLC and responsible for their investor relations and fund management. He also has a significant
support role for Broadmark relating to regulatory compliance.
Prior to joining Broadmark, Mr. Fountain was an Associate at L.E.K. Consulting in Los Angeles, CA from 2001 through
2003, an international strategic consulting firm headquartered in London. While at L.E.K., he worked primarily in the life
sciences practice. Key projects included developing a product marketing and distribution strategy for an established European
pharmaceutical company, formulating a product development and partnering strategy for a start-up biotechnology company,
and preparing for the likely adoption of a new product in the medical device industry.
Outside of Broadmark, Mr. Fountain was a co-founder of WINGS: The Washington Medical Technology Angel Network,
and formerly served as a Director. In addition to his role at WINGS, he has served on the Executive Committee for the
WBBA’s annual life science conference for several years. He is active in his church and resides north of Seattle with his wife,
Emily, and their son, Samuel, and daughter, Stella. He enjoys riding his bike, cooking, brewing, fantasy baseball, and
beekeeping.
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20. InvestorPresentation
Team Bios
Alan Seidner, Senior Consultant A graduate of University of Southern California School of Business, Seidner began his career with Merrill
Lynch and then joined Security Pacific Bank as a Trust Investment Officer responsible for several large investment advisory accounts.
Thereafter, he served as the Senior Government Securities Sales Representative in the Investment Department of the Bank for National
Accounts. In 1980, Seidner formed his own investment management and consulting firm, Seidner & Company, Pasadena, CA, managing
investment portfolios in excess of $700 million. Seidner & Company’s client roster included healthcare organizations, high net worth private
investors, major corporations, non-profit institutions and municipalities. In 1998, Seidner & Company ceased and its clients were invited to
become clients of Fiduciary Trust International of California (FTIC). From 1998 until 2002, Seidner was an independent consultant and a
Senior Consultant to FTIC and its parent, Fiduciary Trust International, which merged with Franklin Resources, parent of Franklin
Templeton. From October 2002 to June 2004 he served as a Senior Vice President with FTIC with business development and client service
responsibilities. From 2005 thru 2007, Seidner was a Senior Vice President at Denver Investment Advisors. Currently he is a Senior
Consultant for Client Development with the Pyatt Broadmark Real Estate Lending Funds. He holds Series 7 and Series 63 FINRA
registrations.
As an author, Seidner has written financial reference works, including: Corporate Investments Manual: Short & Intermediate Term Fixed
Income Securities (Warren Gorham & Lamont Publishers, January 1989), which was used as a course text by the American Management
Association. He co-authored with William O. Cleverley, Ph.D., Professor of Finance at Ohio State University, Cash and Investment
Management for the Healthcare Industry (Aspen Publishing, November, 1989). He co-authored, with John Zietlow, Ph.D., a former
Professor of Finance at Indiana State University, and JoAnne Hankin, former Vice President, Finance at the UCLA Foundation, Financial
Management for Nonprofit Organizations (John Wiley & Sons, Inc., May 1998) and Financial Management for Nonprofit Organizations:
Policies & Practices (John Wiley & Sons January 2007). He also co-authored Cash & Investment Management for Nonprofit Organizations
with John Zietlow, Ph.D. (John Wiley & Sons April 2007).
He has served as a speaker on investment techniques and strategies at prominent financial conferences, such as those of The American
Institute of Certified Public Accountants, as well as at the Graduate Schools of Business of Duke University, Ohio State University, the
University of California (Berkeley), the University of North Carolina and the University of Southern California. Seidner has also provided
testimony before Federal Government agencies on the measurement of pension fund investment performance.
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21. InvestorPresentation
Team Bios
Geir Watland, Senior Consultant Mr. Watland is an independent contractor representing Broadmark Capital and
the Broadmark Real Estate Fund family as a strategic marketing consultant and is an instrumental part of
Broadmark’s business development efforts. Through his consulting firm, Viking Financial Consulting, Mr. Watland
has assisted a number of asset managers including numerous hedge funds, fund of hedge funds and our own real
estate lending practice and has provided consultancy to a number of institutional and individual investors.
Mr. Watland began his career with the National Association of Securities Dealers (Now FINRA). He has since
worked with Canterbury Consulting, Bank of America/US Trust, BlackRock/Merrill Lynch Investment Managers,
Russell/Mellon Analytical Services and Rainier Investment Management in a variety of capacities including sales,
marketing, institutional client relations and consulting. In these roles Mr. Watland has built networks of investors
and asset managers in multiple countries.
Mr. Watland holds dual degrees in Business Administration and Economics from the University of Washington. He
also holds the Chartered Financial Analyst designation, the Chartered Alternative Investment Analyst designation
and the Series 7, 63 and 65 securities licenses.
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22. InvestorPresentation
Team Bios
Joanne Van Sickle, Controller Ms. Van Sickle has served as Controller for Private Lenders Group since 2005.
Ms. Van Sickle began her career in 1983 as a CPA in the auditing department of Touche Ross.
Between 1991 and 2004, she maintained a private accounting practice, working with small companies, mainly in the
construction, real estate, and retail industries.
She continues to act as the part time administrator for The Glaser Foundation, a local private foundation with $15
million in assets, a position she has held since 1991. The foundation makes up to 100 grants each year to local
charitable organizations providing direct line services, primarily to children and the elderly in the Pacific Northwest.
Ms. Van Sickle has lived in Bellevue since 1985 with her husband and three sons. Her two older sons are now
serving in the US Navy.
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23. InvestorPresentation
Team Bios
Bryan Graf was born and raised in Central Washington, surrounded by a family actively involved in the real estate
business there. At the University of Washington, he earned a Bachelor of Arts in Business Administration with a
focus on finance and marketing. He also successfully completed a sales certificate program through the UW’s
Foster School of Business and was part of the Undergraduate Management and Consulting Association. Bryan is an
alumni of University of Washington’s Beta Theta Pi fraternity.
Before joining Pyatt Broadmark Management, LLC, Bryan spent 3 years at Ewing and Clark, Inc., managing the
personal real estate portfolio of the owner and specialized in leasing. This portfolio includes multi-family, mixed-
use, and commercial buildings throughout the greater Seattle area.
Bryan is a licensed real estate broker in Washington State and is in the process of obtaining the CCIM (Certified
Commercial Investment Member) designation. He currently lives in the Queen Anne neighborhood of Seattle and
is a Tyee season ticket holder to University of Washington football. In his spare time he plays golf, basketball, and
skis. Bryan recently joined the Board of Directors at the Wallingford Boys and Girls Club and will continue
developing the Club’s success and help it remain fiscally healthy.
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24. InvestorPresentation
Sample Loan Profiles
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Type: Single Family Residence
Loan Size: $1,155,000
Date Funded: 8/1/15
Location: Seattle, WA
This loan was made for the acquisition and construction of two 2,500 square foot, modern style, single
family homes on Beacon Hill. PBM used land owned by the borrower as additional collateral to serve
as the borrower’s equity and down payment for the acquisition. The appraised completed value of the
project is $1.5M which would give our borrower a healthy profit with zero money down.

25. InvestorPresentation
Sample Loan Profiles cont.
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Type: Land
Loan Size: $5,760,000
Date Funded: 7/1/15
Location: Seattle, WA
This loan was made for a commercial refinance of 58,805 square feet of high-density land which
consists of 10 parcels located in the First/Yesler Terrace area of Seattle. The borrower plans to build a
large, mixed-use apartment project on the site which will provide easy access to Capital Hill, First Hill,
the International District, and the Central District.

26. InvestorPresentation
Sample Loan Profiles cont.
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Type: Townhomes
Loan Size: $2,161,000
Date Funded: 5/1/14
Location: Seattle, WA
In May 2014, PBM wrote an acquisition loan that
would be amended a few months later to a
construction loan in order to build five high-end
townhomes on Capital Hill. Our client was able to
acquire the land, complete construction, sell all five
units, and payoff the loan within a 14 month time
frame.

27. InvestorPresentation
Sample Loan Profiles cont.
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Type: Apartment
Loan Size: $8,300,000
Date Funded: 4/1/15
Location: Seattle, WA
This loan was made for the acquisition and
construction of a 158 unit micro housing apartment
complex on Yesler Terrace. PBM’s experienced
underwriters and project versatility enabled our
borrower to secure funding that provided a great
rental alternative. With rising rents and low vacancy,
the project is well positioned to be a great success.
The borrower is a long standing client of PBM and
currently has 8 additional projects underway.

28. InvestorPresentation
Risk Factors & Disclaimers
Prospective investors should be aware that an investment in PBRELF I is speculative and involves a high degree of
risk. Identified risks include a dependence on senior management, the quality and quantity of potential loans available
given the Fund’s stated investment criteria, real estate valuations and market dynamics, borrower risks, interest rate risk,
regulatory risk. Additional risks and uncertainties not presently known to Pyatt Broadmark Management, LLC (“PBM”),
manager of PBRELF I, or to affiliate, Broadmark Real Estate Management (“BREM”), or which PBM currently deem
immaterial, may also have an adverse effect on the performance or success of PBRELF I. In particular, the Fund’s
performance may be affected by changes in market or economic conditions and in legal, regulatory and tax requirements.
Loans in PBRELF I are considered Level III assets, meaning there is no active secondary market and no observable
pricing mechanism. PBRELF I does not anticipate a secondary market for these loans developing. Thus, pricing of loans
is at par unless the loan is impaired. An immediate 10% write down against all capital accounts is taken on any loan in
default. Income is distributed or reinvested monthly.
This material has been prepared as a matter of general information. It is not intended to be a complete description of any
security or Fund mentioned and is not an offer to buy or offer to sell any security. All facts and statistics are from
sources believed reliable, but are not guaranteed as to accuracy. Some of the information in this document may contain
projections or other forward-looking statements regarding future events or the future financial performance of the
PBRELF I. We wish to caution you that these statements are only estimates and that actual events or results may differ
materially. Broadmark Capital, LLC has been engaged by Pyatt Broadmark Management, LLC, manager of PBRELF I,
to assist in raising capital for PBRELF I. Broadmark has also been engaged by Broadmark Real Estate Management
(BREM) to assist in raising capital for Broadmark Real Estate Lending Fund II (Fund II). BREM manages Fund II in a
manner similar to PBRELF I, with an exception being a focus on the Mountain West region. Broadmark will receive a
cash commission upon success. For further detail, please see the complete set of closing documents.
Broadmark Capital, LLC – October 2015
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29. InvestorPresentation
Risk Factors & Disclaimers, cont.
The Pyatt Broadmark Real Estate Lending Fund I (“PBRELF I”) units may be sold only to “accredited investors,”
which for natural persons are investors who meet certain minimum annual income or net worth thresholds; the units
are being offered in reliance on an exemption from the registration requirements of the Securities Act and are not
required to comply with specific disclosure requirements that apply to registration under the Securities Act; the
Securities and Exchange Commission has not passed upon the merits of or given its approval to the units, the terms
of the offering, or the accuracy or completeness of any offering materials; the units are subject to legal restrictions
on transfer and resale and investors should not assume they will be able to resell their units; investing in units
involves risk, and investors should be able to bear the loss of their investment; the units offered are not subject to
the protections of the Investment Company Act; the performance data presented here represents past performance;
past performance does not guarantee future results; current performance may be lower or higher than the
performance data presented; PBRELF I is not required by law to follow any standard methodology when calculating
and representing performance data; the performance data may not be directly comparable to the performance of
other funds or investment products; performance presented here are net of fees, assumes reinvestment, is current as
of September 30, 2015, and is based on the Fund’s inception August 1, 2010.
Broadmark Capital, LLC – October 2015
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30. InvestorPresentation
Contact Info
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Adam J. Fountain
Broadmark Capital, LLC
1800 One Union Square
600 University Street
Seattle, WA 98101
(206) 623-1200, x120
afountain@broadmark.com