Brazos Fund, formed in March 1995, held its final closing in November 1995 with approximately $246 million in capital commitments.  Over its 14-month investment period, Brazos Fund invested all its equity capital in 19 investments, including secured and unsecured non-performing loan portfolios, comprising 3,878 assets with an aggregate purchase price of approximately $1.3 billion. Asset management services were provided by Brazos Advisors, LLC, the predecessor to Hudson Advisors L.P.

Brazos Fund invested all of its equity capital in North America. Brazos Fund has liquidated all investments and been fully dissolved.

Lone Star Opportunity Fund, formed in November 1996, held its final closing in March 1997 with capital commitments of $396 million.  Over its 21-month investment period, Lone Star Opportunity Fund invested all its equity capital in 47 investments, comprising 733 assets with an aggregate purchase price of approximately $1.4 billion.  Transactions completed by Lone Star Opportunity Fund included investments in non-performing and sub-performing mortgage debt, origination of high loan-to-value mortgages and direct ownership of developed and underdeveloped real estate.

Lone Star Opportunity Fund invested the majority of its equity capital (72%) in North America. Lone Star Opportunity Fund has liquidated all its investments and was fully dissolved.

Lone Star Fund II, formed in September 1998, held its final closing in April 1999 with $1.2 billion in combined capital commitments.  Over its 20-month investment period, Lone Star Fund II invested all its equity capital in 35 investments, comprising 12,752 assets with an aggregate purchase price of approximately $2.6 billion.  Transactions completed by Lone Star Fund II included investments, directly or through joint ventures, in portfolios of secured and unsecured non-performing loans and real estate.

Lone Star Fund II invested 48% of its equity capital in Japan, 25% in Other Asia and 21% in North America. Lone Star Fund II has liquidated all its investments and was fully dissolved.

Lone Star Fund III, formed in July 2000, held its final closing in November 2000 with $2.3 billion in combined capital commitments. Over its 17-month investment period, Lone Star Fund III invested substantially all its equity capital in 54 investments, comprising 116,356 assets with an aggregate purchase price of approximately $5.1 billion. Transactions completed by Lone Star Fund III included investments, directly or through joint ventures, in portfolios of secured and unsecured non-performing loans, real estate and financially oriented and real estate-rich operating companies.

Lone Star Fund III invested the majority of its equity capital in Japan and Other Asia (approximately 55% and 33%, respectively). Lone Star Fund III has liquidated all its investments and been fully dissolved.

Lone Star Fund IV, formed in December 2001, held its final closing in March 2002 with $4.2 billion in combined capital commitments. Over its 33-month investment period, Lone Star Fund IV invested substantially all its equity capital in 65 investments, comprising 525,577 assets with an aggregate purchase price of approximately $13.1 billion.  Transactions completed by Lone Star Fund IV included investments, directly or through joint ventures, in portfolios of secured and unsecured non-performing loans, real estate and financially oriented and real estate-rich operating companies.

Lone Star Fund IV invested most of its equity capital in Japan and Other Asia (approximately 50% and 36%, respectively). Lone Star Fund IV has liquidated all its investments.

Lone Star Fund V, formed in September 2004, held its final closing in December 2004 with $5.1 billion in combined capital commitments. Over its 39-month investment period, Lone Star Fund V invested substantially all equity capital in 56 investments, comprising 4,613 assets with an aggregate purchase price of approximately $16.7 billion. Transactions completed by Lone Star Fund V included investments, directly or through joint ventures, in secured and corporate unsecured non-performing loans, real estate and financially oriented and real estate-rich operating companies.

Lone Star Fund V invested 40% of its equity capital in Japan, 33% in Europe and 25% in North America. Lone Star Fund V has substantially liquidated all its investments.