Equity Investments: Value-add investments requiring lease-up and/or renovation and redevelopment $10 million or greater in size Major or secondary U.S. markets Office, open air format retail, industrial or residential properties Located in dominant sub-markets within a specific metropolitan area Target occupancy of 50-70% Debt Investments: High yield opportunities $5 million minimum Sub and non-performing whole loans Mezzanine loans Commercial mortgage-backed securities Collateral may include all property types with a preference for office, retail and industrial