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Lone Star Value-Add Fund I

Lone Star Value-Add Fund I, formed in August 2019, held its final closing in August 2020 with approximately $759 million in capital commitments. Over its 30-month investment period, Lone Star Value-Add Fund I invested its equity capital in nine investments, comprising 28 assets with an aggregate purchase price of approximately $2.2 billion. Transactions completed by Lone Star Value-Add Fund I included investments in quality commercial real estate in North America, Europe and Asia developed markets.

Lone Star Value-Add Fund I invested 61% of its equity capital in North America and 39% in Europe.

Lone Star Value-Add Fund II

Lone Star Value-Add Fund II, formed in January 2022, held its final closing in September 2022 with approximately $619 million in capital commitments. Over its 26-month investment period, Lone Star Value-Add Fund II invested its equity capital in six investments with an aggregate purchase price of approximately $1.2 billion. Transactions completed by Lone Star Value-Add Fund II included investments in value-add commercial real estate.

Lone Star Value-Add Fund II invested 47% of its equity capital in North America, 32% in Europe and 21% in Japan.

Lone Star Residential Mortgage Fund III

Lone Star Residential Mortgage Fund III, formed in March 2022, held its final closing in September 2023 with approximately $657 million in capital commitments. Transactions targeted by Lone Star Residential Mortgage Fund III include investments in newly originated performing U.S. single-family residential mortgage loans and related investments.

As of June 30, 2025, Lone Star Residential Mortgage Fund III was in its investment period. For this fund, the maximum permitted investment period is listed. Investment period generally refers to the period during which the respective Lone Star Fund is or was able to make new investments (also known as the “commitment period”); however, the limited partnership agreement for certain of the Lone Star Funds also permits such funds to make certain investments after the respective Lone Star Fund’s Investment Period has ended.

Lone Star Fund XII

Lone Star Fund XII, formed in June 2022, held its final closing in June 2024 with approximately $5.3 billion in capital commitments. Transactions targeted by Lone Star Fund XII include opportunistic investments in operating companies, financial services companies, Special Situations and portfolios of loans across North America, Europe and Asia Pacific.

As of June 30, 2025, Lone Star Fund XII was in its investment period. For this fund, the maximum permitted investment period is listed. Investment period generally refers to the period during which the respective Lone Star Fund is or was able to make new investments (also known as the “commitment period”); however, the limited partnership agreement for certain of the Lone Star Funds also permits such funds to make certain investments after the respective Lone Star Fund’s Investment Period has ended.

Lone Star Real Estate Fund VII

Lone Star Real Estate Fund VII, formed in March 2023, held its final closing in September 2024 with approximately $2.7 billion in capital commitments. Transactions targeted by Lone Star Real Estate Fund VII include opportunistic and value-add commercial real estate investments across North America, Europe and Asia Pacific.

As of June 30, 2025, Lone Star Real Estate Fund VII was in its investment period. For this fund, the maximum permitted investment period is listed. Investment period generally refers to the period during which the respective Lone Star Fund is or was able to make new investments (also known as the “commitment period”); however, the limited partnership agreement for certain of the Lone Star Funds also permits such funds to make certain investments after the respective Lone Star Fund’s Investment Period has ended.

Lone Star Residential Mortgage Fund I

Lone Star Residential Mortgage Fund I (U.S.), L.P. and Lone Star Residential Mortgage Fund I Holdings (Bermuda), L.P. (collectively, “Lone Star Residential Mortgage Fund I”), formed in December 2014, held their first and final closing in December 2014 with $1.3 billion in combined capital commitments. Over its 48 month investment period, Lone Star Residential Mortgage Fund I invested $483.9 million of equity capital in 10 investments comprised of 8,637 assets with an aggregate purchase price of approximately $4.5 billion. Transactions consummated by Lone Star Residential Mortgage Fund I include investments in newly originated performing U.S. single family residential mortgage loans and related investments. Prior to the termination of its commitment period, commitment amounts for Lone Star Residential Mortgage Fund I were reduced to $674 million.

Lone Star Residential Mortgage Fund II

Lone Star Residential Mortgage Fund II, formed in March 2019, held its final closing in April 2019 with approximately $761 million in capital commitments. Lone Star Residential Mortgage Fund II had a broader mandate than Lone Star Residential Mortgage Fund I. Over its 37-month investment period, Lone Star Residential Mortgage Fund II invested its equity capital in 11 investments, comprising 18,799 assets with an aggregate purchase price of approximately $7.9 billion. Transactions completed by Lone Star Residential Mortgage Fund II included investments in newly originated performing U.S. single-family residential mortgage loans and low LTV non-performing loans backed by U.S. residential collateral and re-performing and sub-performing loans backed by U.S. residential collateral.

Capital Raised

Aggregate Commitments to the Funds as of September 30, 2022