Unrealized Investments

3Q18: REPRESENTATIVE REAL ESTATE EQUITY INVESTMENTS

ENTRATA DI PARADISO Las Vegas, Nevada

Acquisition of a multifamily property totaling 480 units

Multifamily Acq. Nov 2017

HOUSTON 2-PACK Houston, Texas

Acquisition of a two property multifamily portfolio totaling 504 units

Multifamily Acq. Feb 2018

SAVANNAH MULTIFAMILY DEVELOPMENT Savannah, Georgia

Development of 278 luxury rental units in downtown Savannah

Multifamily Acq. May 2018

AMERICAN DREAM Meadowlands, New Jersey

Provided mezzanine financing for the expansion and completion of a 2.8 million square foot entertainment retail center

Retail Acq. Jun 2017

REDMOND MARRIOTT Redmond, Washington

Acquisition of a full-service hotel totaling 262 rooms

Hotel Acq. Feb 2018

HAMMERLY OAKS Houston, Texas

Acquisition of a multifamily property totaling 520 units

Multifamily Acq. Jan 2018

COMMONS AT WINDSOR GARDENS Norwood, Massachusetts

Acquisition of a 77 building multifamily property spread across nearly 60 acres, totaling 914 units

Multifamily Acq. Apr 2017

ANN ARBOR Ann Arbor, Michigan

Acquisition of a two property multifamily portfolio totaling 840 units

Multifamily Acq. Apr 2017

ALEXANDRIAN AND MORRISON HOUSE Alexandria, Virgina

Acquisition of two hotels totaling 286 rooms

Hotel Acq. Dec 2016

THREE CORNERS PORTFOLIO Houston, Texas

Acqusition of a three property multifamily portfolio totaling 1,103 units

Multifamily Acq. Aug 2018

Unrealized Investments

BPG PORTFOLIO Various, US

Acquisition of a portfolio containing: 280-key hotel, 214-unit apartment rental, 72 unsold condominium units, 346-stall parking garage, 27,000 square feet of retail space and 2.1 acres of entitled residential land

Hotel Acq. Jun 2012

Office Acq. Dec 2013

ENCLAVE SORRENTO San Diego, California

Redevelopment of a 201,000-square foot office building in Sorrento Mesa, a submarket of San Diego

QUEENS ATRIUM New York City, New York

Acquisition of a partnership interest in two New York City office buildings totaling 1.2 million square feet

Office Acq. Jul 2014

FREEHAND Various, US

Acquisition of an interest in both the property and management company of Freehand, a youth-focused “lifestyle” hotel platform

Hotel Acq. Sep 2013

8 GREENSPOINT Houston, Texas

Acquisition of a 200,000-square foot Class A office

building

Office Acq. May 2014

HYATT REGENCY DFW Dallas, Texas

Acquisition of an 811-room full-service hotel with 92,000 square feet of meeting space

Hotel Acq. Aug 2014

THE CURTIS HOTEL Denver, Colorado

Acquisition of a 336-room full-service hotel with 28,000 square feet of meeting space

Hotel Acq. May 2015

BILTMORE FINANCIAL CENTER Phoenix, Arizona

Acquisition of a 633,500-square foot Class A office complex

Office Acq. Jul 2015

MERION II MULTIFAMILY PORTFOLIO Various, US

Acquisition of seven Class A and B multifamily assets totaling over 2,000 units

Multifamily Acq. Nov 2014

CHEVRON CONDO DEVELOPMENT San Francisco, California

Acquisition of two residential development sites located in the Marina District and Pacific Heights neighborhoods of San

Francisco

Residential Acq. Aug 2016

STEELWAVE OFFICE PORTFOLIO Los Angeles, California & Denver, Colorado

Acquisition of four high-quality office properties totaling over 800,000 square feet

Office Acq. May 2016

Realized Investments

PALOMA RIDGE Austin, Texas

Development of a Class A office complex, totaling 206,000 square feet

Office Acq. Mar 2014, Sold Dec 2017

ROUGHNECK LODGING West Texas and New Mexico

Acquisition of a majority stake in a company that owns and operates lodges in strategic locations in West Texas, New Mexico and Oklahoma

Other Acq. Sep 2014

TOWNEPLACE SUITES PORTFOLIO Denver and Colorado Springs, Colorado

Acquisition and renovation of a seven-asset portfolio of hotels totaling 778 rooms

Hotel Acq. Jul 2012, Sold Jan 2015

DALLAS/HOUSTON INDUSTRIAL PORTFOLIO Dallas & Houston, Texas

Acquisition of a 14-property, 1.8 million square foot portfolio of industrial warehouse and distribution facilities

Industrial Acq. Mar 2013, Sold May 2015

HOUSTON INDUSTRIAL PORTFOLIO Houston, Texas

Acquisition of a 13-building, six-property portfolio of industrial warehouses and distribution facilities

Industrial Acq. Aug 2012, Sold May 2015

MERION MULTIFAMILY PORTFOLIO Southeastern US

Acquisition of 20 Class A and B multifamily assets located across the southeastern US

Multifamily Acq. Dec 2011, Sold Oct 2015

REDSTONE CORPORATE CENTER AND RECOURSE CLAIM Suburban Seattle, Washington

Recapitalization of a two-building office portfolio totaling 327,000 square feet, as well as purchase portion of pooled recourse claims below par

Office Acq. Jan 2012, Sold Oct 2013

HIRTH RESIDENTIAL PORTFOLIO New York City, New York

Acquisition and condo conversion of two rental apartment buildings with 230 residential and commercial units

Residential Acq. Mar 2012, Sold May 2016

METROPOLITAN PORTFOLIO New York City, New York

Acquisition of eight residential properties with a total of 800 units and two office properties totaling 200,000 square feet

Multifamily Acq. Sep 2013, Sold May 2017

150 N. ORANGE GROVE Pasadena, CA

Acquisition of a 101,000-square foot office building

Office Acq. Apr 2013, Sold Nov 2017

HILTON IRVINE Irvine, California

Acquisition and repositioning of a 302-room hotel

Hotel Acq. Dec 2014, Sold Sep 2016

SUNRISE MALL Sacramento, California

Acquisition of a 1.1 million square foot super regional mall

Retail Acq. Nov 2015