Based on investing over 5 quarters to achieve optimal diversification, an investor owning 10% of each of ICA’s loans would have achieved the following diversification:

Average Loan Size $150,000
Maximum Loan $300,000
Minimum Loan $75,000
Number of States 20-25
Largest Concentration 20%
Number of Property Types 8-10
Largest Concentrations 30% Retail
20% Office
Number of Loans 70-100

An investor in all ICA Loans would achieve the following diversification: