Pembrook Capital Management, LLC

Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management (Pembrook) is a real estate investment management and development company that provides capital to developers and owners of real estate on a national basis through the origination and/or acquisition of structured real estate debt and preferred equity. Pembrook invests in and originates commercial real estate debt to finance all parts of a capital structure from first mortgages, mezzanine, bridge loans and commercial mortgage-backed securities, as well as preferred equity and loans for real estate operating companies. The company also seeks to serve as a pioneer in community investments, providing capital to underserved property sectors and underserved geographic locations such as assets in urban locations, affordable housing and other community-related investments. Pembrook provides first lien mortgage debt for the construction, acquisition, renovation and refinancing activities of developers in “affordable” and mixed-income rental housing properties through a direct purchase tax-exempt bond program.

Pembrook invests in most commercial real estate property types, including multifamily, office, retail and industrial, in addition to affordable and workforce housing, medical office, military housing, housing finance bonds and multi-family housing bonds. The firm is committed to being socially responsible while making astute investments. Since its founding, the company has sourced and reviewed over $9 billion of commercial real estate investment opportunities, resulting in the acquisition of 44 investments with total capitalization of approximately $1.55 billion. Pembrook has offices in New York and Boston.

Pembrook Capital Management, LLC is a strategic partnership with Mariner Investment Group, LLC, an SEC registered investment adviser¹, in conjunction with its Associated Advisors manages $9.7 billion² in various alternative investments.

¹ Registration of an investment adviser does not imply any level of skill or training
² As of November 30, 2012, Mariner’s total AUM was approximately $3.8 billion (“Mariner AUM”). In addition, Mariner is associated with certain investment advisers (e.g., pursuant to an ongoing agreement in which Mariner provides certain substantive support services to those firms in exchange for a percentage share of that adviser’s revenues) who are separately registered with the SEC (the “Associated Advisers”) and have collective AUM of approximately $6.3 billion (the “Associated Advisers’ AUM”). In total, Mariner’s AUM in conjunction with the Associated Advisers’ AUM is approximately $9.7 billion. Please note that in certain limited instances, Mariner serves as the investment manager to client accounts (e.g., custom “fund of one” investor vehicles), but allocates capital from that client account to Associated Advisers (e.g., invests in a hedge fund advised by an Associated Adviser) (the “Allocated Assets”). Accordingly these Allocated Assets (currently $349.8 million) are included in both Mariner’s AUM and its Associated Adviser’s AUM. AUM figures are estimated and unaudited.