Real Estate - StepStone

13.
Presentation by StepStone Group – 2020 Third Quarter Real Estate

Performance Report
13
Quarterly Real Estate Monitoring Report
For the period ended September 30, 2020
Report prepared for:
WATER AND POWER EMPLOYEES' RETIREMENT PLAN
IMPORTANT INFORMATION
This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to
change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a
recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone
Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Alternative Investments AG
and Swiss Capital Invest Holding (Dublin) Ltd. or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in
which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The
information contained in this document should not be construed as financial or investment advice on any subject matter.
StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document.
This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom
it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to
reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional
advisors), without the prior written consent of StepStone. While some information used in the presentation has been
obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its
accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such
information is subject to independent verification by prospective investors.
The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to
evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general
market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of
the date of this document, are subject to change without notice and may differ from views held by other businesses of
StepStone.
All valuations are based on current values calculated in accordance with StepStone’s Valuation Policies and may include both
realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly
from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference
could be material. The long‐term value of these investments may be lesser or greater than the valuations provided.
StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax‐
related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the
purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an
independent tax advisor.
Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any
applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might
be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective
investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an
independent determination of the suitability and consequences of such an investment.
An investment involves a number of risks and there are conflicts of interest
Each of StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP and StepStone Conversus LLC
is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is
authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding
(Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor and an Alternative Investment Fund Manager authorized by
the Central Bank of Ireland and Swiss Capital Alternative Investments AG (“SCAI”) is an SEC Exempt Reporting Adviser and is
licensed in Switzerland as an Asset Manager for Collective Investment Schemes by the Swiss Financial Markets Authority
FINMA. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made.
In relation to Switzerland only, this document may qualify as "advertising" in terms of Art. 68 of the Swiss Financial Services
Act (FinSA). To the extent that financial instruments mentioned herein are offered to investors by SCAI, the
prospectus/offering document and key information document (if applicable) of such financial instrument(s) can be obtained
free of charge from SCAI or from the GP or investment manager of the relevant collective investment scheme(s). Further
information about SCAI is available in the SCAI Information Booklet which is available from SCAI free of charge.
All data is as of September 30, 2020, unless otherwise noted.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.
I. EXECUTIVE SUMMARY
PERFORMANCE SUMMARY
StepStone Group LP (“StepStone”) was engaged by Water and Power Employees' Retirement Plan to provide Real Estate services for
prospective investment opportunities, as well as portfolio management on Water and Power Employees' Retirement Plan's portfolio (the
“Portfolio”). The inception date of the Portfolio is December 2006.
The following table illustrates the Portfolio's since inception investment performance as of September 30, 2020 as well as the change in
performance from the prior quarter‐end and the end of the same quarter in the prior year. The Portfolio’s since inception net Internal
Rate of Return (“IRR”) now stands at 7.3% at September 30, 2020, which is down 14 basis point(s) quarter‐over‐quarter.
Amounts in USD millions
INCEPTION TO INCEPTION TO INCEPTION TO
SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 QUARTERLY ∆ ANNUAL ∆
Number of Managers 24 23 23 1 1
Number of Investments 41 40 37 1 4
Number of Active Investments 38 37 34 1 4
Committed Capital $1,803.9 $1,728.9 $1,478.9 $75.0 $325.0
Unfunded Commitment 588.2 524.1 448.2 64.1 139.9
Total Exposure 1,740.2 1,671.7 1,515.4 68.5 224.8
Contributed Capital 1,407.6 1,398.1 1,220.1 9.5 187.5
Distributed Capital 675.7 660.1 576.4 15.6 99.3
Market Value 1,152.1 1,147.6 1,067.2 4.5 84.9
TOTAL VALUE $1,827.8 $1,807.8 $1,643.5 $20.0 $184.2
Total Gain/(Loss) 420.1 409.6 423.4 10.5 (3.3)
Net DPI 0.48x 0.47x 0.47x 0.01x 0.01x
Net TVM 1.30x 1.29x 1.35x 0.01x (0.05x)
Net IRR 7.3% 7.4% 8.5% ‐14 bps ‐123 bps
Past performance is not necessarily indicative of future results and there can be no assurance that the investment will achieve comparable results or avoid substantial
losses.
CURRENT PORTFOLIO TARGET TOTAL PLAN

TOTAL EXPOSURE
NAV ALLOCATION ASSET
Value $1,152.1 $1,740.2 $1,320.3 $16,503.2
% of Total Plan Asset 7.0% 10.5% 8.0% 100.0%
PERIODIC TWR PERFORMANCE
The following table illustrates the Portfolio's periodic time‐weighted returns (“TWR”) for the period ended September 30, 2020 by
attribution for gross level returns, as well as a total net return over the respective time periods.
1 1
Q TR YTD 1 ‐YR 2 ‐YR 3 ‐YR 5 ‐ YR ITD
Income 1.0% 2.2% 3.3% 4.0% 4.2% 4.8% 5.5%
Appreciation 0.3% (4.2%) (2.6%) 0.9% 3.5% 4.7% 1.9%
Total Gross Return 1.3% (2.1%) 0.7% 4.9% 7.8% 9.6% 7.5%
To tal Net Return 0 .9 % (2 .5 %) (0 .3 %) 3 .5 % 5 .9 % 7 .5 % 5 .6 %
1
Quarterly and year‐to‐date returns are unannualized.
The following table illustrates the Portfolio's TWRs by calendar year.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Gross Returns 20.7% 19.3% 15.1% 16.7% 15.6% 14.8% 10.6% 14.5% 10.6% 10.9% (2.0%)
Net Returns 17.9% 17.0% 13.1% 14.0% 13.2% 12.1% 8.8% 11.0% 8.2% 9.0% (2.6%)
Water and Power Employees’ Retirement Plan 1
PORTFOLIO RETURNS
The following graph depicts the Portfolio’s periodic total TWRs compared to benchmarks for the period ended September
30, 2020.
TOTAL RETURNS vs. BENCHMARKS
12.0%
10.0% 9.6%
7.8% 7.5%
8.0% 7.5% 7.2%
6.8%
5.9% 5.6% 5.6%
6.0%
4.0%
2.5%
2.0% 1.3%
0.9% 0.9% 0.8% 0.7%
0.0%
(0.3%)
‐2.0%
(2.1%)
(2.5%)
‐4.0%
QTD YTD 1‐YR 3‐YR 5‐YR ITD
Gross TWR Net TWR NCREIF (+50 bps)
Note: The referenced indices are shown for general market comparisons and are not meant to represent any particular
fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be
charged to an investment product based on the index, which may materially affect the performance data presented.
QUARTERLY VALUATION MOVEMENT
The valuation bridge below illustrates the net gain/loss that occurred during the quarter generated by the Portfolio's
underlying investments. During the third quarter of 2020, the valuation of the Portfolio increased by $10.5 million or 0.9%.
QUARTERLY TOP INVESTMENT GAINS AND LOSSES
The following tables show the top gains and losses in the Portfolio by investment during the quarter ended September 30,
2020.
INVESTMENT $ % INVESTMENT $ %
Prologis Targeted US Logistics Fund 2.4 4.5% Jamestown Premier Property Fund (1.8) (3.5%)
DRA Growth and Income Fund IX 1.9 3.6% Cerberus Institutional Real Estate Partner (0.6)
DRA Growth and Income Fund VIII 1.4 10.4% Brookfield Premier Real Estate Partners (0.6) (0.7%)
Torchlight Debt Opportunity Fund VI 1.0 1.3% Invesco Core Real Estate‐USA (0.3) (0.5%)
Harrison Street Core Property Fund 0.9 1.1% JP Morgan Strategic Property Fund (0.3) (0.3%)
FPA Core Plus Fund III 0.8 1.2% AG Core Plus Realty Fund III (0.2) (7.0%)
DRA Growth and Income Fund VII 0.8 28.5% Torchlight Debt Fund VII, LP (0.2) (2.6%)
Westbrook Real Estate Fund X 0.7 2.2% Blackstone Real Estate Partners VII (0.1) (0.9%)
Almanac Realty Securities VIII 0.7 6.9% AG Europe Realty Fund III (0.1) (0.7%)
Heitman Real Estate Securities 0.7 2.3% LaSalle Asia Opportunity Fund V (0.0) (0.1%)
TOP GAINS $11.1 2.7% TOP LOSSES ($4.3) (1.2%)
SINCE INCEPTION VALUATION MOVEMENT
The valuation bridge below details the sources of value generated by Water and Power Employees' Retirement Plan’s
underlying portfolio investments since inception. Through September 30, 2020, the valuation of Water and Power
Employees' Retirement Plan’s Portfolio increased by $420.1 million.
$2,000.0m
$1,800.0m
$1,600.0m +$420.1m
$1,400.0m
$1,152.1m MARKET
$1,200.0m VALUE
$1,000.0m
$800.0m
$1,407.6m
$600.0m
$400.0m $675.7m TOTAL
DISTRIBUTIONS
$200.0m
$0.0m
TOTAL CONTRIBUTIONS SINCE INCEPTION NET GAIN/(LOSS) TOTAL VALUE
SINCE INCEPTION TOP PERFORMING INVESTMENTS
The following charts depict the top performing investments in Water and Power Employees' Retirement Plan’s Portfolio by
IRR and TVM since inception through September 30, 2020.
TOP PERFORMING INVESTMENTS BY IRR TOP PERFORMING INVESTMENTS BY TVM
DRA Growth and Income Fund 2.2x
Lone Star Fund VII 48.9% VII 2.0x
Prologis Targeted US Logistics 1.9x
Lone Star Real Estate Fund II 25.6% Fund 0.2x
PRISA II 1.8x
DRA Growth and Income Fund VII 21.1% 0.1x
Lone Star Fund VII 1.8x
1.7x
AG Core Plus Realty Fund III 19.6%
PRISA 1.7x
0.1x
CBRE Strategic Partners V 16.2%
Invesco Core Real Estate‐USA 1.7x
0.3x
Prologis Targeted US Logistics Fund 16.1% JP Morgan Strategic Property 1.7x
Fund 0.1x
Blackstone Real Estate Partners VII 14.0% AG Core Plus Realty Fund III 1.7x
1.5x
Lone Star Real Estate Fund IV 13.6% Lone Star Real Estate Fund II 1.5x

1.5x
Blackstone Real Estate Partners 1.5x
Almanac Realty Securities VII 13.5% VII 1.2x
TVM DPI
PERFORMANCE BY VINTAGE YEAR
The following table and graph illustrate the Portfolio's investments' since inception performance by vintage year as of
September 30, 2020. Note that the performance of funds held less than two years is not considered meaningful.
TOTAL
YEAR COMMIT CONT DIST NAV VALUE UNFUNDED DPI TVM IRR
2006 $ 50.0 $ 60.7 $ 6.4 $ 99.3 $ 105.8 $ ‐ 0.1x 1.7x 4.7%
2007 91.5 102.4 37.3 133.0 170.3 ‐ 0.4x 1.7x 5.4%
2008 20.0 16.7 23.2 ‐ 23.2 ‐ 1.4x 1.4x 13.3%
2010 20.0 18.2 29.8 0.3 30.2 1.8 1.6x 1.7x 37.1%
2011 121.1 148.1 132.1 110.4 242.5 10.4 0.9x 1.6x 12.0%
2012 95.0 92.5 108.6 7.9 116.5 5.0 1.2x 1.3x 8.7%
2013 75.0 73.7 30.4 70.0 100.4 8.5 0.4x 1.4x 6.0%
2014 25.0 30.2 22.5 14.9 37.4 0.5 0.7x 1.2x 8.0%
2015 218.5 179.1 119.0 127.2 246.2 53.4 0.7x 1.4x 13.7%
2016 360.0 376.7 135.9 308.6 444.5 72.9 0.4x 1.2x 7.3%
2017 52.8 25.7 13.0 9.5 22.5 27.9 0.5x 0.9x (10.7%)
2018 300.0 253.8 16.6 242.0 258.6 62.4 0.1x 1.0x 1.4%
2019 150.0 11.7 0.8 12.3 13.1 138.4 0.1x 1.1x N/M
2020 225.0 18.0 ‐ 16.5 16.5 207.0 0.0x 0.9x N/M
TOTAL $ 1,803.9 $ 1,407.6 $ 675.7 $ 1,152.1 $ 1,827.8 $ 588.2 0.5x 1.3x 7.3%
Since Inception Performance by Vintage Year
As of September 30, 2020
40.0% 1.7x 2.0x

1.7x
1.7x 1.6x 1.8x
30.0%
1.6x
1.4x 1.4x 1.4x
1.3x 1.2x 1.4x
20.0% 1.2x
1.2x
1.0x
10.0% 0.9x 1.0x
0.8x
4.7% 5.4% 13.3% 37.1% 12.0% 8.7% 6.0% 8.0% 13.7% 7.3% 1.4%
0.0%
‐10.7% 0.6x
0.4x
(10.0%)
0.2x
(20.0%) 0.0x
2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018
IRR TVM
EXPOSURE BY VINTAGE YEAR
The following charts illustrate the Portfolio’s net asset value and current exposure by vintage year at the underlying
investment level as of September 30, 2020.
NAV EXPOSURE
1.1% 1.4%
8.6%
21.0% 11.5%
<1%
0.8%
9.6%
6.1% 0.7%
26.8%
11.0%
1.3%
2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
NAV + UNFUNDED EXPOSURE
12.8% 5.7%
7.6% 0.1%
8.7% 6.9%
0.7%
4.5%,
0.9%
17.5%
10.4%
21.9%
2.2%
2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
PERFORMANCE BY SECTOR
SECTOR COMMIT CONT DIST NAV NAV % UNFUND DPI TVM IRR
Core $590.0 $681.6 $176.0 $727.8 63.2% $29.3 0.3x 1.3x 5.7%
Value Add 627.6 396.6 269.6 257.0 22.3% 258.2 0.7x 1.3x 10.3%
Opportunistic 586.3 329.4 230.0 167.3 14.5% 300.7 0.7x 1.2x 11.9%
TOTAL $1,803.9 $1,407.6 $675.7 $1,152.1 100.0% $588.2 0.5x 1.3x 7.3%
TWR QTD YTD 1‐Yr 2‐Yr 3‐Yr 5‐Yr 10‐Yr 15‐Yr ITD
Core 0.4% (2.3%) (0.4%) 3.5% 5.2% 6.5% 9.5% N/A 4.8%
Value Add 2.6% 0.7% 4.3% 5.9% 8.6% 10.6% 13.3% N/A 4.9%
Opportunistic 0.7% (10.4%) (8.4%) (0.9%) 3.7% 6.7% N/A N/A 13.5%
TOTAL 0.9% (2.5%) (0.3%) 3.5% 5.9% 7.5% 11.0% N/A 5.6%
EXPOSURE BY SECTOR
The following charts illustrate the Portfolio’s NAV and current exposure by sector (i.e. risk/return profile) at the underlying
investment level as of September 30, 2020.
NAV NAV + UNFUNDED EXPOSURE
14.5%
26.9%
43.5%
22.3%
63.2%
29.6%
Core Value Add Opportunistic Core Value Add Opportunistic
SINCE INCEPTION TOP PERFORMING MANAGERS
The following charts depict the top performing managers of active investments in the Portfolio by IRR and TVM since
inception through September 30, 2020.
TOP PERFORMING MANAGERS BY IRR
Lone Star 18.7%
Angelo, Gordon & Co. 18.6%
CBRE Strategic Investors 16.2%
Prologis 16.1%
DRA Advisors 14.7%
The Blackstone Group 13.5%
Westbrook Partners 10.2%
Mesa West Capital 10.2%
Almanac Realty Investors 10.2%
Bristol Group Inc. 8.6%
TOP PERFORMING MANAGERS BY TVM
Prologis 1.9x
0.2x
PGIM Real Estate 1.8x
0.1x
INVESCO Asset Management 1.7x
0.3x
JP Morgan Private Investments 1.7x
0.1x
The Blackstone Group 1.5x
1.2x
CBRE Strategic Investors 1.4x
1.4x
Angelo, Gordon & Co. 1.4x
1.0x
Dimensional Fund Advisors 1.4x
0.1x
DRA Advisors 1.3x
0.7x
Harrison Street 1.3x
0.2x
TVM DPI
EXPOSURE BY MANAGER
The following charts illustrate the Portfolio’s current exposure by manager at the underlying investment level as of
September 30, 2020.
NAV PGIM Real Estate
2.0%
Torchlight Investors
2.5% JP Morgan Private Investments
2.6% DRA Advisors
6.4%
12.5%
Harrison Street
Brookfield
2.8%
8.2% USAA Real Estate Company
3.2%
INVESCO Asset Management
3.3% Fowler Property Acquisitions
4.4% 7.6% Prologis
Jamestown
4.7% Mesa West Capital
7.3% Westbrook Partners
5.4%
Dimensional Fund Advisors
6.2% 7.3% Heitman Capital Management
6.4% 7.1% Almanac Realty Investors
Lone Star
Other Managers
NAV + UNFUNDED EXPOSURE
Torchlight Investors
DRA Advisors
3.6% PGIM Real Estate
9.7% 9.7% Westbrook Partners
Almanac Realty Investors
3.6% 9.0% JP Morgan Private Investments
Harrison Street
3.6%
Brookfield
3.9% 8.3% Angelo, Gordon & Co.
Prologis
4.1%
Cerberus Capital Management
4.2% 6.7% USAA Real Estate Company
INVESCO Asset Management
4.3%
5.7% Mesa West Capital
4.5%
5.1% Lone Star
4.7%
4.7% 4.8% Fowler Property Acquisitions
LaSalle Investment Management
Other Managers
LEVERAGE EXPOSURE
The following charts and table depicts the Portfolio’s leverage exposure as of September 30, 2020.
LEVERAGE EXPOSURE BY SECTOR
Core 29.5% 70.5%
Value Add 59.4% 40.6%
Opportunistic 37.3% 62.7%
Total Portfolio 37.3% 62.7%
0% 25% 50% 75% 100%
Debt Equity
TOP LEVERAGE EXPOSURE BY FUND
INVESTMENT DEBT EQUITY

Westbrook Real Estate Fund XI 101.3% ‐1.3%
Blackstone Real Estate Partners VII 83.3% 16.7%
DRA Growth and Income Fund X 74.6% 25.4%
LaSalle Asia Opportunity Fund V 74.5% 25.5%
Mesa West Real Estate Income Fund IV 71.4% 28.6%
DRA Growth and Income Fund VIII 70.6% 29.4%
DRA Growth and Income Fund IX 68.8% 31.2%
Lone Star Real Estate Fund V 67.1% 32.9%
DRA Growth and Income Fund VII 65.8% 34.2%
AG Core Plus Realty Fund III 64.1% 35.9%
LEVERAGE EXPOSURE BY FUND
Westbrook Real Estate Fund XI
Blackstone Real Estate Partners VII
DRA Growth and Income Fund X
LaSalle Asia Opportunity Fund V
Mesa West Real Estate Income Fund IV
DRA Growth and Income Fund VIII
DRA Growth and Income Fund IX
Lone Star Real Estate Fund V
DRA Growth and Income Fund VII
AG Core Plus Realty Fund III
Lone Star Real Estate Fund IV
Blackstone Real Estate Partners Europe IV
AG Europe Realty Fund III
Almanac Realty Securities VII
Almanac Realty Securities VI
Westbrook Real Estate Fund X
Brookfield Premier Real Estate Partners
PRISA II
Torchlight Debt Fund VII, LP
FPA Core Plus Fund III
Almanac Realty Securities VIII
Torchlight Debt Opportunity Fund V
Jamestown Premier Property Fund
USAA Eagle Real Estate Fund
Bristol Value Fund II
Lone Star Real Estate Fund II
Harrison Street Core Property Fund
Torchlight Debt Opportunity Fund IV
Invesco Core Real Estate‐USA
JP Morgan Strategic Property Fund
Prologis Targeted US Logistics Fund
PRISA
Torchlight Debt Opportunity Fund VI
Dimensional Global Real Estate Portfolio
Heitman Real Estate Securities
‐25.0% 0.0% 25.0% 50.0% 75.0% 100.0%
Debt Equity
QUARTERLY CASH FLOW ACTIVITY
During the third quarter of 2020, the Portfolio contributed $9.5 million and received $15.6 million of distributions, for a net
cash inflow of $6.1 million.
$60.0m 50.9
43.4 45.3
$40.0m 35.4 37.9 32.6
28.4 26.4 24.2
19.8 22.8 16.2 23.2 20.3 18.2
14.1 16.9 15.6
$20.0m
$0.0m
($20.0m) (9.5)
(18.5) (15.9)
(24.0) (23.8) (20.9)
(25.8) (29.2)
($40.0m) (31.7) (32.4)
(38.6) (40.3)
($60.0m) (53.7)
(59.5)
(64.9)
($80.0m) (73.4) (74.6)
($100.0m)
($120.0m)
($140.0m) (127.6)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 2020
CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW
QUARTERLY TOP CONTRIBUTIONS AND DISTRIBUTIONS
The following tables show the top contributions and distributions in the Portfolio by investment during the quarter ended
September 30, 2020.
INVESTMENT CONT % INVESTMENT DIST %
Westbrook Real Estate Fund X 3.5 37.0% Lone Star Real Estate Fund IV 1.6 10.4%
Brookfield Premier Real Estate Partners 0.9 9.5% Westbrook Real Estate Fund X 1.5 9.5%
Harrison Street Core Property Fund 0.9 9.4% Lone Star Real Estate Fund V 1.4 9.3%
PRISA 0.8 8.3% DRA Growth and Income Fund IX 1.2 7.8%
Invesco Core Real Estate‐USA 0.6 6.2% Mesa West Real Estate Income Fund IV 1.2 7.5%
Lone Star Real Estate Fund IV 0.6 6.1% LaSalle Asia Opportunity Fund V 1.1 7.3%
Almanac Realty Securities VIII 0.4 4.5% Prologis Targeted US Logistics Fund 1.1 7.1%
Prologis Targeted US Logistics Fund 0.4 4.5% Brookfield Premier Real Estate Partners 0.9 5.8%
PRISA II 0.3 3.7% Harrison Street Core Property Fund 0.9 5.7%
USAA Eagle Real Estate Fund 0.3 3.6% FPA Core Plus Fund III 0.8 5.3%
TOP CONTRIBUTIONS $8.8 92.8% TOP DISTRIBUTIONS $11.7 75.5%
YEARLY CASH FLOW ACTIVITY
During the nine months ended September 30, 2020, Water and Power Employees' Retirement Plan’s Portfolio contributed $133.9
million and received $54.0 million in distributions, for a net cash outflow of $79.8 million.
$200.0m
143.5
$150.0m 132.9
104.2
$100.0m
69.6
55.1 54.0
45.7 46.1
$50.0m
$0.0m
($50.0m)
($100.0m) (84.5) (84.5) (89.4)
($150.0m) (133.9)
($200.0m) (181.4) (188.2)

(194.8) (192.4)
($250.0m)
2013 2014 2015 2016 2017 2018 2019 2020
CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW
ROLLING ONE‐YEAR TOP CONTRIBUTIONS AND DISTRIBUTIONS
The following tables show the top contributions and distributions in the Portfolio by investment during the twelve months ended
September 30, 2020.
INVESTMENT CONT % INVESTMENT DIST %
Torchlight Debt Opportunity Fund VI 58.4 31.1% Westbrook Real Estate Fund X 20.3 20.4%
USAA Eagle Real Estate Fund 17.3 9.2% LaSalle Asia Opportunity Fund V 8.5 8.6%
Westbrook Real Estate Fund X 12.8 6.8% Lone Star Real Estate Fund V 8.3 8.4%
LaSalle Asia Opportunity Fund V 12.8 6.8% Torchlight Debt Opportunity Fund V 8.1 8.2%
DRA Growth and Income Fund X 11.7 6.3% DRA Growth and Income Fund IX 6.1 6.2%
Lone Star Real Estate Fund V 11.2 6.0% Blackstone Real Estate Partners Europe IV 4.0 4.0%
AG Europe Realty Fund III 10.5 5.6% Lone Star Real Estate Fund IV $3.9 4.0%
Mesa West Real Estate Income Fund IV 9.0 4.8% Harrison Street Core Property Fund 3.6 3.7%
Almanac Realty Securities VIII 8.5 4.5% Brookfield Premier Real Estate Partners 3.4 3.4%
Torchlight Debt Fund VII, LP 7.5 4.0% FPA Core Plus Fund III 3.3 3.3%
TOP CONTRIBUTIONS $159.7 85.2% TOP DISTRIBUTIONS $69.6 70.1%
II. PORTFOLIO UNDERLYING HOLDINGS ANALYSIS
PROPERTY TYPE EXPOSURE
The following charts illustrate the Portfolio’s current exposure by property type compared to the benchmark, as of
September 30, 2020.
MARKET VALUE EXPOSURE
2.1%
7.7%
30.5%
29.6%
19.5%
10.6%
Office Industrial Retail Residential Hotel/Lodging Other Real Estate
PROPERTY TYPE EXPOSURE vs. BENCHMARKS
(for period ended September 30, 2020)
40.0%
34.9%
35.0%
30.5% 29.6%
30.0%
25.4%
25.0%
20.5%
19.5% 18.9%
20.0%
15.0%
10.6%
10.0% 7.7%
5.0%
2.1%
0.3%
0.0%
Office Industrial Retail Residential Hotel/Lodging Other Real Estate
Water and Power Employees' Retirement Plan NCREIF
GEOGRAPHIC EXPOSURE
The following charts illustrate the Portfolio’s current exposure by geography compared to the benchmark, as of September
30, 2020.
0.1%
0.5%
3.7%
<1% 3.3% US East
<1% 5.0%
US Midwest
28.8%
US South
US West
Latin America
Foreign Other
31.2% Europe
Australia/Pacific
10.2% Asia
Canada
Other U.S.
17.2%
GEOGRAPHIC EXPOSURE vs. BENCHMARKS
45.0% (for period ended September 30, 2020)
40.2%
40.0%
35.0%
31.0% 31.2%
30.0% 28.8%
25.0%
20.7%
20.0%
17.2%
15.0%
10.2%
10.0% 8.2% 9.0%
5.0% 3.7%
0.0%
US East US Midwest US South US West Other U.S. Ex‐US
Water and Power Employees' Retirement Plan NCREIF
INVESTMENT STRUCTURE EXPOSURE
The following chart illustrates the Portfolio’s current exposure by investment structure, as of September 30, 2020.
5.5%
5.4%
7.3%
81.8%
Private Equity Private Debt Public Debt Public Equity
III. EXHIBITS—Schedule of Investments
Past performance is not necessarily indicative of future results. No assurance can be given that the performance of
unrealized investments has not significantly changed from the date the performance reflected herein was determined.
Target returns provided by fund managers are hypothetical and are neither guarantees nor predictions or projections of
future performance. Future performance indications and financial market scenarios are no guarantee of current or future
performance. There can be no assurance that such target IRRs will be achieved or that the investment will be able to
implement its investment strategy, achieve its investment objectives or avoid substantial losses. Stepstone does not
assume any responsibility for fund manager's methodology in determining target returns. Investors should be aware that
different methodologies could result in different returns. Further information regarding target IRR calculation is available
upon request. Gross IRR will ultimately be reduced by management fees, carried interest, taxes, and other fees and
expenses. IRR and TVPI for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of
subscription‐backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital. The
referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An
investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to
an investment product based on the index, which may materially affect the performance data presented.
SCHEDULE OF INVESTMENTS
COMMIT VINTAGE TOTAL TARGET IRR
INVESTMENT DATE YEAR COMMIT CONT DIST NAV NAV % VALUE UNFUNDED DPI TVM IRR RETURN LEVERAGE QUARTILE
Active N/A N/A 1,703.9 1,314.0 551.8 1,150.8 99.9% 1,702.6 582.5 0.4x 1.3x 7.0% N/A 37.3% N/A
Core N/A N/A 565.0 653.0 143.4 727.8 63.2% 871.2 29.3 0.2x 1.3x 5.7% N/A 29.5% N/A
Brookfield Premier Real Estate Partners 10/2018 2018 75.0 80.7 5.7 81.8 7.1% 87.6 ‐ 0.1x 1.1x 4.5% 9‐11% 52.0% First
Dimensional Global Real Estate Portfolio 09/2012 2013 25.0 24.3 1.4 31.7 2.8% 33.2 2.1 0.1x 1.4x 4.9% >FTSE EPRA/NAREIT 0.0% Second
FPA Core Plus Fund III 12/2016 2016 60.0 96.7 47.0 62.4 5.4% 109.4 ‐ 0.5x 1.1x 7.1% 9% 47.5% Third
Harrison Street Core Property Fund 09/2015 2016 60.0 76.2 16.2 83.6 7.3% 99.8 ‐ 0.2x 1.3x 7.8% 9% 31.6% Third
Heitman Real Estate Securities 09/2013 2013 25.0 24.1 ‐ 30.0 2.6% 30.0 2.1 0.0x 1.2x 3.5% >FTSE EPRA/NAREIT 0.0% Third
Invesco Core Real Estate‐USA 03/2011 2011 35.0 52.3 17.3 71.8 6.2% 89.1 ‐ 0.3x 1.7x 8.5% NCREIF+1% 26.3% First
Jamestown Premier Property Fund 06/2015 2016 60.0 73.3 33.8 51.1 4.4% 84.9 0.0 0.5x 1.2x 5.0% 8% 41.2% Third
JP Morgan Strategic Property Fund 10/2007 2007 50.0 56.1 6.1 88.1 7.6% 94.2 ‐ 0.1x 1.7x 4.5% 8% 25.4% First
PRISA 12/2006 2006 50.0 60.7 6.4 99.3 8.6% 105.8 ‐ 0.1x 1.7x 4.7% 8% 17.0% First
Prologis Targeted US Logistics Fund 06/2014 2015 50.0 32.0 7.7 54.1 4.7% 61.9 25.0 0.2x 1.9x 16.1% 9% 21.3% First
USAA Eagle Real Estate Fund 10/2018 2018 75.0 76.6 1.6 73.8 6.4% 75.4 ‐ 0.0x 1.0x ‐1.1% 1% > ODCE 39.3% Fourth
Value Add N/A N/A 562.6 341.0 194.8 255.8 22.2% 450.6 253.2 0.6x 1.3x 9.7% N/A 59.7% N/A
AG Core Plus Realty Fund III 12/2011 2011 20.0 19.1 28.6 3.1 0.3% 31.6 4.3 1.5x 1.7x 19.6% 13% Gross 64.1% First
Almanac Realty Securities VI 12/2011 2012 20.0 12.5 13.7 2.5 0.2% 16.3 ‐ 1.1x 1.3x 9.6% 12% 55.0% Second
Almanac Realty Securities VII 12/2014 2015 30.0 26.7 20.9 14.8 1.3% 35.7 7.9 0.8x 1.3x 13.5% 12% 55.4% First
Almanac Realty Securities VIII 04/2018 2018 75.0 12.6 0.3 11.1 1.0% 11.4 62.4 0.0x 0.9x ‐11.9% 12% 46.6% Fourth
Bristol Value Fund II 03/2011 2011 25.0 28.9 14.3 22.1 1.9% 36.4 2.9 0.5x 1.3x 8.6% 18% 39.0% Second
DRA Growth and Income Fund IX 12/2016 2016 60.0 62.3 21.1 53.3 4.6% 74.5 7.9 0.3x 1.2x 11.7% 12% 68.8% First
DRA Growth and Income Fund VII 09/2011 2011 16.1 17.4 35.1 3.3 0.3% 38.4 ‐ 2.0x 2.2x 21.1% 12% 65.8% First
DRA Growth and Income Fund VIII 12/2013 2014 25.0 30.2 22.5 14.9 1.3% 37.4 0.5 0.7x 1.2x 8.0% 12% 70.6% Second
DRA Growth and Income Fund X 10/2019 2019 75.0 11.7 0.8 12.5 1.1% 13.2 63.4 0.1x 1.1x N/M 12% 74.6% N/M
Mesa West Real Estate Income Fund IV 12/2015 2016 60.0 36.0 5.0 36.9 3.2% 41.9 24.0 0.1x 1.2x 7.9% 9% 71.4% Second
PRISA II 06/2007 2007 21.5 26.2 2.9 44.9 3.9% 47.8 ‐ 0.1x 1.8x 5.6% 9% 51.9% First
Westbrook Real Estate Fund X 03/2016 2015 60.0 57.5 29.7 36.5 3.2% 66.2 4.8 0.5x 1.2x 10.3% 12% 53.8% Second
Westbrook Real Estate Fund XI 04/2019 2019 75.0 ‐ ‐ (0.1) 0.0% (0.1) 75.0 N/A N/A N/A 12% 101.3% N/M
Opportunistic N/A N/A 576.3 320.0 213.6 167.2 14.5% 380.8 300.1 0.7x 1.2x 10.4% N/A 37.3% N/A
AG Europe Realty Fund III 03/2020 2020 75.0 10.5 ‐ 9.8 0.9% 9.8 64.5 0.0x 0.9x N/M 12% 58.4% N/M
Blackstone Real Estate Partners Europe IV 12/2013 2013 25.0 25.3 29.0 8.3 0.7% 37.2 4.2 1.1x 1.5x 12.9% 15% 60.2% First
Blackstone Real Estate Partners VII 03/2012 2011 25.0 30.5 36.9 10.1 0.9% 47.1 3.2 1.2x 1.5x 14.0% 15% 83.3% First
Cerberus Institutional Real Estate Partners V 09/2020 2020 75.0 ‐ ‐ (0.6) ‐0.1% (0.6) 75.0 N/A N/A N/A 13% N/A N/M
LaSalle Asia Opportunity Fund V 09/2017 2016 60.0 32.2 12.8 21.3 1.8% 34.0 41.0 0.4x 1.1x 4.9% 18% 74.5% Third
Lone Star Real Estate Fund II 06/2011 2010 10.0 8.9 13.4 0.3 0.0% 13.7 1.1 1.5x 1.5x 25.6% 20% Gross 37.1% First
Lone Star Real Estate Fund IV 03/2015 2015 48.5 38.9 38.7 13.5 1.2% 52.2 9.6 1.0x 1.3x 13.6% 20% 63.2% Second
Lone Star Real Estate Fund V 06/2016 2017 52.8 25.7 13.0 9.5 0.8% 22.5 27.9 0.5x 0.9x ‐10.7% 20% 67.1% Third
Torchlight Debt Fund VII, LP 06/2020 2020 75.0 7.5 ‐ 7.3 0.6% 7.3 67.5 0.0x 1.0x N/M 10% 50.3% N/M
Torchlight Debt Opportunity Fund IV 06/2013 2012 25.0 32.5 38.9 4.2 0.4% 43.1 ‐ 1.2x 1.3x 9.8% 15% 27.0% First
Torchlight Debt Opportunity Fund V 12/2014 2015 30.0 24.0 22.0 8.3 0.7% 30.3 6.0 0.9x 1.3x 10.7% 13% 45.9% Second
Torchlight Debt Opportunity Fund VI 11/2017 2018 75.0 83.9 8.9 75.3 6.5% 84.2 ‐ 0.1x 1.0x 0.6% 12% 6.6% Second
Funds in Liquidation N/A N/A 35.0 28.3 39.7 1.3 0.1% 41.0 5.6 1.4x 1.4x 20.3% N/A 2.6% N/A
Liquidated N/A N/A 65.0 65.3 84.2 ‐ 0.0% 84.2 ‐ 1.3x 1.3x 12.1% N/A 0.0% N/A
TOTAL N/A N/A 1,803.9 1,407.6 675.7 1,152.1 100.0% 1,827.8 588.2 0.5x 1.3x 7.3% N/A 37.3% N/A
TOTAL PORTFOLIO
Investment Activity Statement
NET TOTAL
QTR CONT DIST INCOME GAIN/LOSS NAV FEES
2006 Q4 10,000,000 ‐ ‐ 10,000,000 ‐
2007 Q1 40,023,079 125,061 256,116 50,404,256 (23,079)
2007 Q2 4,411,923 643,682 2,321,789 57,781,649 (111,923)
2007 Q3 3,028,332 674,538 1,699,930 63,184,449 (125,332)
2007 Q4 52,687,074 1,387,748 1,111,922 118,371,192 (256,564)
2008 Q1 1,232,780 1,365,912 (585,856) 120,384,029 (265,545)
2008 Q2 2,994,570 (128,514) 1,178,634 (551,024) 123,877,695 (268,510)
2008 Q3 2,499,888 (129,786) 1,281,080 (1,896,177) 125,632,700 (286,956)
2008 Q4 277,180 (130,582) 1,238,148 (17,012,458) 110,004,989 (267,008)
2009 Q1 3,207,778 (128,697) 1,154,398 (18,891,586) 95,346,882 (251,441)
2009 Q2 1,329,130 (117,220) 1,402,332 (10,960,953) 87,000,171 (209,066)
2009 Q3 914,092 (101,173) 1,336,764 (8,317,062) 80,832,792 (205,598)
2009 Q4 4,235,614 (94,988) 1,183,918 (4,192,975) 81,964,358 (198,519)
2010 Q1 3,380,116 (87,819) 500,651 (746,999) 85,010,307 (735,260)
2010 Q2 4,830,500 (85,152) 1,089,573 3,439,578 94,284,805 (320,357)
2010 Q3 7,216,313 (111,652) 1,197,183 3,818,166 106,404,815 (447,136)
2010 Q4 5,379,029 (2,414,930) 1,363,554 5,913,335 116,645,803 (777,581)
2011 Q1 253,954 (365,925) 1,424,965 3,330,642 121,289,440 (379,458)
2011 Q2 6,832,414 (460,470) 1,159,656 5,325,701 134,146,742 (1,105,246)
2011 Q3 13,631,750 (2,233,983) 1,568,302 3,291,777 150,404,589 (379,819)
2011 Q4 29,893,470 (5,620,882) 2,037,219 4,018,298 180,732,695 (860,863)
2012 Q1 9,479,169 (3,060,159) 2,057,798 2,909,449 192,118,952 (756,563)
2012 Q2 20,175,295 (1,698,842) 2,413,732 2,570,226 215,579,363 (729,161)
2012 Q3 14,173,011 (3,748,627) 2,655,425 4,064,326 232,723,496 (1,048,948)
2012 Q4 16,524,062 (3,737,093) 2,695,592 7,490,070 255,696,126 (1,319,615)
2013 Q1 13,154,041 (9,989,843) 3,411,077 5,538,715 267,810,117 (1,302,364)
2013 Q2 10,567,686 (16,747,205) 2,969,301 6,200,582 270,800,480 (1,584,580)
2013 Q3 29,603,736 (12,484,455) 2,935,225 4,513,252 295,368,237 (1,827,465)
2013 Q4 31,172,690 (15,920,285) 3,947,883 7,522,132 322,090,657 (2,016,674)
2014 Q1 23,441,558 (8,335,538) 4,621,279 3,952,280 345,770,236 (1,544,530)
2014 Q2 21,765,443 (6,827,203) 5,501,700 8,896,309 375,106,481 (1,974,101)
2014 Q3 24,549,665 (10,298,352) 2,796,675 4,483,233 396,637,701 (1,814,575)
2014 Q4 14,743,811 (20,279,671) 6,671,448 9,890,048 407,663,340 (2,453,186)
2015 Q1 6,647,337 (11,887,395) 5,281,287 5,867,933 413,572,503 (1,528,574)
2015 Q2 38,635,679 (7,061,062) 2,488,216 8,063,060 455,698,394 (4,625,510)
2015 Q3 12,567,541 (16,192,694) 4,828,373 8,776,362 465,677,975 (2,094,957)
2015 Q4 31,527,872 (10,982,208) 5,548,566 11,067,190 502,839,395 (2,840,550)
2016 Q1 126,517,953 (12,879,797) 7,782,432 5,442,767 629,702,746 (1,767,647)
2016 Q2 25,767,847 (14,096,954) 8,403,139 7,074,638 656,851,417 (2,273,468)
2016 Q3 18,534,956 (19,832,191) 6,504,622 8,455,447 670,514,255 (2,747,359)
2016 Q4 23,978,301 (22,784,428) 4,460,858 6,774,888 682,943,876 (4,374,087)
2017 Q1 73,360,486 (16,217,543) 6,697,800 11,259,827 758,044,447 (5,118,438)
2017 Q2 38,640,386 (43,438,455) 7,929,561 12,147,311 773,323,247 (5,163,851)
2017 Q3 40,254,267 (35,368,890) 6,102,796 10,973,779 795,285,199 (5,792,544)
2017 Q4 29,151,958 (37,856,841) 5,629,305 19,920,433 812,130,051 (7,919,328)
2018 Q1 23,818,382 (32,566,994) 3,043,972 13,796,792 820,222,202 (6,071,842)
2018 Q2 15,896,589 (16,892,272) 9,571,542 12,585,950 841,384,010 (5,159,999)
2018 Q3 20,871,827 (28,375,115) 6,050,228 12,615,669 852,546,620 (4,523,116)
2018 Q4 127,626,945 (26,401,857) 4,003,737 4,771,041 962,546,490 (3,610,646)
2019 Q1 31,673,452 (24,159,496) 11,073,632 11,355,703 992,489,788 (4,587,172)
2019 Q2 74,646,895 (23,165,078) 7,369,230 13,834,197 1,065,175,023 (4,883,938)
2019 Q3 32,354,982 (50,860,178) 9,898,057 10,599,277 1,067,167,233 (4,400,185)
2019 Q4 53,675,617 (45,279,938) 7,853,513 17,099,918 1,100,516,384 (4,598,720)
2020 Q1 59,453,517 (20,309,530) (1,517,334) (24,514,609) 1,113,628,435 (673,136)
2020 Q2 64,933,157 (18,178,262) 8,233,074 (20,989,579) 1,147,626,818 (722,786)
2020 Q3 9,469,706 (15,556,668) 7,409,304 3,131,152 1,152,080,316 (4,500,621)
TOTAL 1,407,614,806 (675,682,891) 210,636,362 209,511,932 1,152,080,316 (115,825,495)
Fund‐Level Information Client‐Level Information
Legal Structure: LP Risk/Return: Value Add
Investment End Date: 01/2015 Client Commitment Date: 12/2011
Termination Date: 12/2020 Investment Commitment: $20,000,000
Vintage Year: 2011 Remaining Commitment: $4,253,060
No. of Active Investments: 5 Contributions: $19,082,001
Target Return: 13% Gross Distributions: $28,554,477
NAV + Debt: $505,880,061 Equity Value $3,056,057
Net Asset Value: $181,657,787 NAV % of Portfolio: 0.3%
Leverage Ratio: 64.1% Net IRR: 19.6%
Investment Strategy: Focus on office, industrial, multifamily Total Value Multiple: 1.7x
and retail properties in major DPI: 1.5x
metropolitan markets where Angelo
Gordon can enhance value.
Summary of Performance
For period ended 9/30/20
Net Gross Gross Gross

Total Income Appreciation Total NCREIF (+50 bps)
Quarter (7.0%) 1.1% (9.0%) (7.9%) 0.9%
Year‐to‐Date (12.6%) 2.8% (16.3%) (13.7%) 0.8%
One‐Year (11.4%) 5.1% (16.4%) (12.0%) 2.5%
Two‐Year (11.4%) 1.4% (13.4%) (12.1%) 4.6%
Three‐Year (6.9%) 1.3% (8.1%) (6.8%) 5.6%
Five‐Year 1.9% 2.6% 0.9% 3.5% 6.8%
Since Inception 8.5% 5.2% 7.6% 13.0% 9.0%
Property Type Diversification Geographic Diversification
0.4%
17.2%
Retail US West
48.8% 50.8% Office 50.3% US East
Other Real Estate US Midwest
32.6%
Note: All totals may not sum to 100% due to rounding.
CONFIDENTIAL 20
NET TOTAL
2012 Q1 4,200,000 ‐ (72,289) 16,658 4,144,369 (182,947)
2012 Q2 800,000 ‐ 35,244 50,517 5,030,130 (42,535)
2012 Q3 1,293,901 ‐ (47,747) 27,672 6,303,956 (44,691)
2012 Q4 2,300,000 (15,731) 72,277 132,563 8,793,065 (45,056)
2013 Q1 ‐ ‐ 155,610 175,039 9,123,714 (48,420)
2013 Q2 1,500,000 (609,744) 174,357 220,172 10,408,499 (133,808)
2013 Q3 1,700,000 (6,246) 182,209 63,392 12,347,854 (79,681)
2013 Q4 ‐ ‐ 130,030 1,406,136 13,884,020 (435,072)
2014 Q1 1,750,000 (1,764,417) 258,926 (46,565) 14,081,964 (91,269)
2014 Q2 ‐ (408,148) 233,680 851,144 14,758,640 (243,122)
2014 Q3 1,550,000 (407,308) 173,001 373,666 16,447,999 (149,587)
2014 Q4 700,000 (1,007,808) 272,130 854,259 17,266,580 (244,554)
2015 Q1 900,000 (3,258,444) 208,303 193,134 15,309,573 (115,822)
2015 Q2 600,000 (2,508,412) 232,590 1,946,903 15,580,654 (423,655)
2015 Q3 1,000,000 (1,207,808) 248,699 315,943 15,937,488 (146,697)
2015 Q4 600,000 (3,559,506) 102,790 2,492,500 15,573,272 (501,206)
2016 Q1 200,000 (2,700,000) 208,754 57,288 13,339,314 (83,432)
2016 Q2 ‐ (1,465,985) 212,430 978,219 13,063,978 (248,525)
2016 Q3 ‐ (1,257,682) 173,452 167,677 12,147,425 (94,982)
2016 Q4 ‐ (3,844,601) (4,831) (51) 8,297,942 (31,651)
2017 Q1 ‐ (552,499) 80,834 81,601 7,907,878 (55,909)
2017 Q2 ‐ (265,182) 35,976 (618) 7,678,054 (31,570)
2017 Q3 ‐ (599,351) (17,931) (92,618) 6,968,154 (5,648)
2017 Q4 ‐ (344,273) 34,783 (156,494) 6,502,170 (1,384)
2018 Q1 ‐ (1,151,483) (28,334) 16,786 5,339,139 (19,428)
2018 Q2 ‐ (255,000) 24,872 262,016 5,371,027 (68,199)
2018 Q3 ‐ (686,634) (31,976) (2,798) 4,649,619 (10,646)
2018 Q4 ‐ (170,000) (13,479) (494,704) 3,971,436 74,912
2019 Q1 ‐ ‐ (14,053) 51,055 4,008,438 (20,523)
2019 Q2 (9,109) (296,134) (30,146) 29,444 3,702,493 (13,829)
2019 Q3 (2,791) (212,082) (83,508) 44,872 3,448,984 (6,460)
2019 Q4 ‐ ‐ 63,852 (15,073) 3,497,764 (21,156)
2020 Q1 ‐ ‐ 8,475 (67,611) 3,438,629 (2,355)
2020 Q2 ‐ ‐ 24,594 (175,508) 3,287,715 13,814
2020 Q3 ‐ ‐ 23,741 (255,399) 3,056,057 27,838
TOTAL 19,082,001 (28,554,477) 3,027,315 9,501,217 3,056,057 (3,527,255)
CONFIDENTIAL 21
Legal Structure: Cayman Islands Exempted LP Risk/Return: Opportunistic
Investment End Date: N/A Client Commitment Date: 03/2020
Termination Date: N/A Investment Commitment: $75,000,000
Target Return: 12% Distributions: $0
Leverage Ratio: 58.4% Net IRR: N/M
Investment Strategy: Focus on investments in transitional Total Value Multiple: 0.9x
assets in Western European markets DPI: 0.0x
with strong fundamentals.

Quarter (0.7%) 0.5% 1.2% 1.7% 0.9%
Year‐to‐Date (2.9%) 1.6% 0.6% 2.2% 0.8%
One‐Year N/A N/A N/A N/A N/A
Two‐Year N/A N/A N/A N/A N/A
Three‐Year N/A N/A N/A N/A N/A
Five‐Year N/A N/A N/A N/A N/A
Since Inception N/M N/M N/M N/M N/M
14.6%
Office
17.5% Industrial
48.2% Europe
Residential
Retail
19.7%
100.0%
CONFIDENTIAL 22
NET TOTAL
2020 Q1 ‐ ‐ (649,174) 245,297 (403,876) (429,210)
2020 Q2 10,500,000 ‐ (140,650) (51,632) 9,903,844 (235,624)
2020 Q3 14,867 ‐ (189,963) 120,573 9,849,321 (239,497)
TOTAL 10,514,867 ‐ (979,787) 314,238 9,849,321 (904,331)
CONFIDENTIAL 23
Vintage Year: 2012 Remaining Commitment: $0
Target Return: 12% Distributions: $13,723,917
Investment Strategy: Private placements of growth capital Total Value Multiple: 1.3x
into REITs and REOCs in convertible DPI: 1.1x
preferred stock or debentures.

Quarter 0.6% 2.6% (1.8%) 0.9% 0.9%
Year‐to‐Date (28.2%) 7.6% (46.9%) (42.0%) 0.8%
One‐Year (28.9%) 11.3% (50.6%) (44.0%) 2.5%
Two‐Year (17.1%) 10.3% (34.1%) (26.5%) 4.6%
Three‐Year (11.6%) 9.4% (25.6%) (18.0%) 5.6%
Five‐Year (1.0%) 8.5% (12.0%) (4.2%) 6.8%
Since Inception 4.7% 9.0% (4.2%) 4.6% 9.0%
2.7%
9.1%
26.1% 12.2%
US South
Hotel/Lodging
US East
Residential
US Midwest
Land 57.2%
21.5% US West
71.3%
CONFIDENTIAL 24
NET TOTAL
2012 Q2 487,714 ‐ 2,647 ‐ 490,361 ‐
2012 Q3 1,136,603 (3,264) 55,280 3,264 1,682,244 ‐
2012 Q4 2,787,192 (17,021) 117,509 17,682 4,587,607 (30,601)
2013 Q1 85,953 (158,209) 70,566 307,907 4,893,824 (49,316)
2013 Q2 246,164 (36,692) 42,308 (166,323) 4,979,281 (116,834)
2013 Q3 741,346 (27,282) 65,422 (45,919) 5,712,848 (32,607)
2013 Q4 266,455 (56,829) 64,862 774,246 6,761,582 (306,588)
2014 Q1 1,449,143 (65,388) 175,968 126,274 8,447,579 (111,105)
2014 Q2 1,928,988 (193,092) 134,317 (22,049) 10,295,743 (57,905)
2014 Q3 115,987 (222,960) 120,524 (75,400) 10,233,894 (39,987)
2014 Q4 ‐ (5,323,214) 90,810 489,402 5,490,892 (254,343)
2015 Q1 300,081 (337,019) 22,776 (117,242) 5,359,488 15,360
2015 Q2 546,097 (17,400) 62,758 (27,966) 5,922,977 (23,386)
2015 Q3 433,506 (97,714) 78,631 132,438 6,469,838 (31,654)
2015 Q4 558,498 (86,648) 124,566 1,093,411 8,159,665 (288,779)
2016 Q1 757,974 (112,143) 109,956 47,474 8,962,926 (30,482)
2016 Q2 ‐ (846,515) 118,516 107,190 8,342,117 (104,174)
2016 Q3 379,348 (223,141) 122,902 189,016 8,810,242 (102,550)
2016 Q4 49,601 (973,887) 146,546 329,503 8,362,005 (118,273)
2017 Q1 ‐ (127,433) 129,634 (1,359) 8,362,847 (40,513)
2017 Q2 125,589 (346,750) 130,293 (25,478) 8,246,501 (6,447)
2017 Q3 ‐ (115,819) 140,820 (246,549) 8,024,953 126,887
2017 Q4 ‐ (539,279) 132,322 (270,972) 7,347,024 15,306
2018 Q1 ‐ (118,398) 129,443 (44,008) 7,314,061 (91,933)
2018 Q2 ‐ (224,988) 96,766 40,165 7,226,004 (35,270)
2018 Q3 ‐ (1,483,194) 114,538 (166,193) 5,691,155 (4,865)
2018 Q4 11,903 (27,156) 103,705 (155,689) 5,623,918 (11,556)
2019 Q1 ‐ ‐ 109,205 (307,630) 5,425,493 39,631
2019 Q2 10,965 (50,035) 123,380 (128,547) 5,381,256 (8,861)
2019 Q3 ‐ ‐ 120,339 (50,953) 5,450,642 (4,071)
2019 Q4 30,943 (1,892,447) 133,239 (169,041) 3,553,336 108,163
2020 Q1 ‐ ‐ 58,925 (1,092,873) 2,519,389 494,558
2020 Q2 ‐ ‐ 65,952 (51,542) 2,533,797 (8,357)
2020 Q3 ‐ ‐ 59,396 (43,631) 2,549,562 (6,641)
TOTAL 12,450,050 (13,723,917) 3,374,821 448,608 2,549,562 (1,117,193)
CONFIDENTIAL 25
NAV + Debt: $1,522,227,740 Equity Value $14,779,481
Investment Strategy: Invest in private or public real estate Total Value Multiple: 1.3x
companies structured as preferred DPI: 0.8x
equity, convertible debt, or common
equity.

Quarter 2.5% 2.1% 1.4% 3.4% 0.9%
Year‐to‐Date 3.6% 6.4% (1.0%) 5.3% 0.8%
One‐Year 12.3% 8.4% 7.8% 16.6% 2.5%
Two‐Year 11.4% 8.0% 7.1% 15.6% 4.6%
Three‐Year 13.9% 8.2% 10.3% 19.1% 5.6%
Five‐Year 13.4% 8.7% 10.2% 19.7% 6.8%
Since Inception 11.5% 8.7% 9.3% 18.5% 7.4%
3.7%
3.7%
4.1%
Residential 13.2%
5.1% Other Real Estate
US East
37.9% Industrial 14.0%
US Midwest
Hotel/Lodging
21.3% US West
Land 57.5%
US South
Office 15.3%
24.2% Retail
CONFIDENTIAL 26
NET TOTAL
2015 Q2 1,847,425 (592) (32,315) ‐ 1,814,518 (41,096)
2015 Q3 4,311,998 ‐ 7,523 ‐ 6,134,039 (94,520)
2015 Q4 446,281 ‐ 55,206 317,185 6,952,711 (140,698)
2016 Q1 138,109 (131,915) 52,806 31,755 7,043,466 (102,189)
2016 Q2 487,414 (47,969) 73,160 67,333 7,623,404 (82,988)
2016 Q3 1,099,806 (59,864) 121,229 57,169 8,841,744 (107,655)
2016 Q4 1,499,222 (65,770) 125,053 195,056 10,595,305 (209,989)
2017 Q1 649,740 (75,643) 129,748 93,528 11,392,678 (80,549)
2017 Q2 481,631 (1,006,749) 215,095 159,107 11,241,762 (226,604)
2017 Q3 1,512,595 (177,024) 146,359 381,474 13,105,166 (345,604)
2017 Q4 6,318,808 (2,454,136) 176,663 727,079 17,873,580 (320,457)
2018 Q1 873,369 (172,399) 125,489 380,450 19,080,489 (218,950)
2018 Q2 543,544 (897,587) 262,764 890,724 19,879,934 (364,140)
2018 Q3 662,262 (290,366) 574,825 (164,904) 20,661,751 (155,997)
2018 Q4 1,038,865 (647,638) 79,175 356,078 21,488,231 (165,799)
2019 Q1 1,377,514 (295,032) 261,947 541,081 23,373,741 (260,328)
2019 Q2 522,135 (716,479) 335,952 (13,421) 23,501,928 (143,158)
2019 Q3 447,647 (10,940,579) 710,930 (54,155) 13,665,771 (219,206)
2019 Q4 487,079 (2,128,353) 198,846 860,604 13,083,947 (302,377)
2020 Q1 36,709 (247,583) 237,841 (828,455) 12,282,458 111,244
2020 Q2 1,825,869 (252,887) 237,418 552,055 14,644,912 (237,340)
2020 Q3 48,392 (276,463) 255,987 106,653 14,779,481 (133,004)
TOTAL 26,656,414 (20,885,028) 4,351,701 4,656,395 14,779,481 (3,841,404)
CONFIDENTIAL 27
Target Return: 12% Distributions: $333,487
Leverage Ratio: 46.6% Net IRR: (11.9%)
Investment Strategy: Invests in private and public real estate Total Value Multiple: 0.9x
companies, investments typically DPI: 0.0x
structured as preferred equity,
convertible debt or common equity.

Quarter 6.6% 0.9% 8.0% 8.9% 0.9%
Year‐to‐Date (12.2%) 2.4% (6.6%) (4.3%) 0.8%
One‐Year (10.1%) 8.2% (3.9%) 3.9% 2.5%
Two‐Year 0.0% 0.0% 9.7% 0.0% 4.6%
Since Inception 0.0% 0.0% 9.7% 0.0% 4.6%
4.1% 3.1%
6.4%
Industrial 8.9%
6.4%
Hotel/Lodging US South
13.0%
Other Real Estate US East
53.3% Retail US West
27.7% 57.0%
Office US Midwest
20.1%
Land
CONFIDENTIAL 28
NET TOTAL
2018 Q4 188,678 ‐ (324,523) 3,863 (131,982) (244,006)
2019 Q1 864,775 ‐ (150,016) 5,946 588,723 (231,165)
2019 Q2 2,662,865 ‐ (224,641) 51,190 3,078,137 (233,733)
2019 Q3 415,126 ‐ (205,501) 15,842 3,303,604 (236,301)
2019 Q4 3,108,090 (129,198) (20,311) 109,843 6,372,028 (236,301)
2020 Q1 1,572,485 ‐ (177,229) (1,061,733) 6,705,551 (233,094)
2020 Q2 3,404,634 (113,103) (175,786) 208,850 10,030,146 (233,094)
2020 Q3 428,867 (91,186) (140,931) 828,685 11,055,581 (235,656)
TOTAL 12,645,520 (333,487) (1,418,938) 162,486 11,055,581 (1,883,350)
CONFIDENTIAL 29
Legal Structure: LP Risk/Return: Opportunistic
Net Asset Value: $2,995,883,127 NAV % of Portfolio: 0.7%
Investment Strategy: Reposition well‐located, institutional‐ Total Value Multiple: 1.5x
quality properties suffering from DPI: 1.1x
inefficiency for subsequent sale at
premium pricing.

Quarter 3.3% 0.2% 3.4% 3.6% 0.9%
Year‐to‐Date (8.6%) 0.2% (10.9%) (10.7%) 0.8%
One‐Year (4.9%) 0.4% (6.8%) (6.4%) 2.5%
Two‐Year (1.4%) 0.5% (1.4%) (0.9%) 4.6%
Three‐Year 3.2% 0.5% 4.6% 5.1% 5.6%
Five‐Year 8.9% 1.1% 11.3% 12.5% 6.8%
Since Inception 7.6% 1.4% 12.1% 13.6% 8.4%
0.9% 0.4% 1.2%

4.3%
3.8%
Office
7.6%
Residential
41.8% Europe
Retail
US West
Other Real Estate
Asia
Hotel/Lodging
41.6%
Industrial
98.3%
CONFIDENTIAL 30
NET TOTAL
2014 Q1 4,050,128 (154,301) (224,003) 52,241 3,724,065 (194,792)
2014 Q2 3,810,050 (40,085) (2,298) 417,234 7,908,965 (154,033)
2014 Q3 2,363,528 (412,589) (85,535) (40,062) 9,734,306 (189,428)
2014 Q4 2,393,173 (585,943) (35,779) (223,924) 11,281,833 (204,779)
2015 Q1 846,012 (118,077) 2,733 (664,072) 11,348,430 (214,539)
2015 Q2 1,829,274 (162,474) 51,116 1,406,670 14,473,015 (287,526)
2015 Q3 1,261,463 (311,031) 84,590 767,803 16,275,840 (276,874)
2015 Q4 3,727,403 (384,559) 1,902 (479,099) 19,141,487 (155,763)
2016 Q1 1,193,442 (480,726) (16,318) 912,412 20,750,298 (153,761)
2016 Q2 206,300 (700,961) 69,912 (347,653) 19,977,895 (104,673)
2016 Q3 1,407,344 (206,709) (3,409) 773,141 21,948,263 (224,269)
2016 Q4 178,025 (599,639) 35,200 (377,591) 21,184,258 (308,983)
2017 Q1 231,042 (578,776) (739) 2,771,038 23,606,825 (661,479)
2017 Q2 483,409 (904,837) 27,209 3,027,642 26,240,248 (582,435)
2017 Q3 71,375 (694,846) (30,913) 1,661,863 27,247,727 (262,492)
2017 Q4 337,707 (11,541,065) (51,669) 1,197,371 17,190,072 (334,781)
2018 Q1 61,984 (1,346,183) 29,367 1,139,822 17,075,062 (222,769)
2018 Q2 82,590 (1,656,675) (20,693) (386,541) 15,093,743 (162,250)
2018 Q3 492,485 (1,789,512) (40,507) 574,543 14,330,753 (166,737)
2018 Q4 39,130 (811,896) 22,641 (44,679) 13,535,955 (59,423)
2019 Q1 36,582 (826,739) (37,046) 252,429 12,961,182 (141,526)
2019 Q2 35,182 (453,004) (24,899) 191,019 12,709,481 (46,584)
2019 Q3 33,486 (211,103) (18,329) (49,733) 12,463,805 (103,239)
2019 Q4 85,814 (3,113,525) (1,633) 459,018 9,893,484 (92,077)
2020 Q1 29,239 (531,042) (25,359) (851,498) 8,514,825 164,333
2020 Q2 25,469 ‐ (27,639) (211,258) 8,301,397 61,288
2020 Q3 25,866 (334,930) (6,509) 279,097 8,264,921 (21,114)
TOTAL 25,337,503 (28,951,226) (328,608) 12,207,234 8,264,921 (5,100,706)
CONFIDENTIAL 31
Legal Structure: Delaware LP Risk/Return: Opportunistic
Investment Strategy: Public‐to‐private transactions, large Total Value Multiple: 1.5x
private transactions, recovering office DPI: 1.2x
markets, hotel repositioning and
international investments.

Quarter (0.9%) (0.5%) (0.1%) (0.6%) 0.9%
Year‐to‐Date (20.9%) 0.9% (25.8%) (24.9%) 0.8%
One‐Year (20.3%) 1.8% (25.6%) (24.0%) 2.5%
Two‐Year (8.0%) 1.7% (10.8%) (9.1%) 4.6%
Three‐Year (2.3%) 2.2% (4.2%) (2.0%) 5.6%
Five‐Year 2.0% 2.6% 0.8% 3.5% 6.8%
Since Inception 13.1% 3.5% 16.2% 20.0% 9.0%
2.7% 2.0% 1.1% 1.1% 0.2% US West

2.1% Asia
4.5%
4.6% Hotel/Lodging Europe
6.1%
13.3% Office US East
9.2%
44.5% Residential US Midwest
49.1%
Retail US South
9.3%
Industrial Australia/Pacific
33.0% Other Real Estate Other U.S.
17.4%
Latin America
Canada
CONFIDENTIAL 32
NET TOTAL
2012 Q2 2,089,804 ‐ (30,552) 90,989 2,150,241 (65,041)
2012 Q3 3,278,678 ‐ (60,055) 386,868 5,755,732 (168,339)
2012 Q4 3,004,516 (126,928) (99,056) 619,810 9,154,073 (225,244)
2013 Q1 685,334 (183,933) 17,691 766,685 10,439,849 (279,896)
2013 Q2 1,977,531 (439,109) (49,113) 913,372 12,842,530 (310,163)
2013 Q3 1,713,315 (595,645) (10,813) 788,817 14,738,205 (290,830)
2013 Q4 2,700,521 (1,456,696) 11,509 987,245 16,980,783 (347,345)
2014 Q1 1,624,771 (285,238) (23,787) 797,520 19,094,049 (276,091)
2014 Q2 1,442,450 (689,638) 3,546 1,263,166 21,113,572 (413,112)
2014 Q3 2,128,548 (812,489) 60,030 1,289,409 23,779,070 (434,081)
2014 Q4 2,541,885 (1,511,576) 42,129 1,276,671 26,128,181 (428,106)
2015 Q1 1,174,997 (4,452,920) 24,431 690,546 23,565,235 (275,545)
2015 Q2 2,189,567 (1,177,155) 136,412 986,897 25,700,956 (362,280)
2015 Q3 216,001 (679,401) 272,815 732,869 26,243,239 (319,396)
2015 Q4 994,277 (772,460) 126,094 351,493 26,942,643 (191,481)
2016 Q1 333,353 (1,175,074) 130,646 (66,835) 26,164,733 (88,057)
2016 Q2 150,832 (624,167) 118,248 234,269 26,043,915 (159,702)
2016 Q3 70,545 (1,989,918) 199,518 333,131 24,657,191 (202,478)
2016 Q4 94,880 (1,317,040) 81,122 (158,954) 23,357,199 (49,392)
2017 Q1 312,153 (634,193) 172,758 672,698 23,880,615 (271,632)
2017 Q2 79,757 (1,771,122) 68,970 320,722 22,578,942 (159,704)
2017 Q3 469,555 (1,175,505) 144,706 1,387,236 23,404,933 (443,349)
2017 Q4 70,330 (2,434,813) 205,420 889,108 22,134,978 (335,969)
2018 Q1 57,832 (1,129,091) 29,153 604,359 21,697,231 (215,061)
2018 Q2 54,246 (671,702) 160,722 (40,342) 21,200,156 (83,624)
2018 Q3 52,382 (1,306,578) 92,768 258,102 20,296,830 (139,629)
2018 Q4 155,433 (1,553,470) (21,270) (641,823) 18,235,698 123,069
2019 Q1 47,635 (1,464,512) 14,442 749,334 17,582,595 (245,080)
2019 Q2 230,210 (2,208,717) 55,928 568,499 16,228,496 (194,160)
2019 Q3 42,843 (2,046,908) 59,690 208,517 14,492,637 (106,676)
2019 Q4 35,604 (1,652,468) 91,260 7,027 12,974,060 (61,136)
2020 Q1 97,957 (391,833) 97,540 (1,808,703) 10,969,019 393,807
2020 Q2 337,402 (1,796) 9,571 (900,667) 10,413,527 199,842
2020 Q3 33,768 (217,028) (82,878) (11,017) 10,136,372 (36,118)
TOTAL 30,488,911 (36,949,123) 2,049,596 14,547,019 10,136,372 (6,462,000)
CONFIDENTIAL 33
Investment Strategy: U.S. diversified real estate investments. Total Value Multiple: 1.3x
DPI: 0.5x

Quarter 0.2% 0.6% 0.0% 0.6% 0.9%
Year‐to‐Date 0.9% 1.9% 0.0% 1.9% 0.8%
One‐Year 9.4% 2.2% 7.1% 9.5% 2.5%
Two‐Year 6.5% 0.9% 6.1% 7.1% 4.6%
Three‐Year 9.0% 1.0% 10.5% 11.7% 5.6%
Five‐Year 8.3% 1.9% 8.6% 10.6% 6.8%
Since Inception 28.3% 20.0% 8.9% 30.6% 9.0%
8.5%
14.2%
Office US East
Other Real Estate 49.2% US South
55.6%
30.3% Residential 42.3% US West
CONFIDENTIAL 34
NET TOTAL
2012 Q1 2,325,600 (2,325,600) (127) ‐ (127) ‐
2012 Q2 ‐ ‐ (366) ‐ (493) ‐
2012 Q3 ‐ ‐ (60) ‐ (553) ‐
2012 Q4 2,825,396 ‐ (45,278) ‐ 2,779,565 (1,510)
2013 Q1 ‐ (1,359,683) 28,301 ‐ 1,448,183 (10,240)
2013 Q2 ‐ (19,841) 18,074 ‐ 1,446,416 (5,799)
2013 Q3 ‐ (16,984) 12,343 ‐ 1,441,775 (5,863)
2013 Q4 1,761,905 ‐ 18,144 441,644 3,663,468 (7,021)
2014 Q1 2,190,476 (31,746) 38,192 46,443 5,906,833 (16,483)
2014 Q2 107,143 (26,349) 33,209 (30,002) 5,990,834 (20,655)
2014 Q3 3,428,570 (2,925,822) 9,496 ‐ 6,503,078 (34,284)
2014 Q4 119,841 (33,651) (20,828) 641,501 7,209,941 (36,329)
2015 Q1 207,936 ‐ 26,312 (18,514) 7,425,675 (35,997)
2015 Q2 1,103,174 ‐ 15,471 101,289 8,645,609 (38,290)
2015 Q3 419,047 ‐ (9,383) 2,149 9,057,422 (41,696)
2015 Q4 ‐ (79,365) 26,780 379,151 9,383,988 (43,084)
2016 Q1 1,791,270 (454,092) 63,961 ‐ 10,785,127 (47,760)
2016 Q2 891,270 (59,048) 31,649 (35,636) 11,613,362 (50,717)
2016 Q3 695,236 (1,024,032) 34,120 ‐ 11,318,686 (48,726)
2016 Q4 992,855 (60,635) 59,113 901,309 13,211,328 (51,441)
2017 Q1 1,131,747 (50,000) 55,819 (726) 14,348,168 (53,279)
2017 Q2 558,733 (1,722,061) 55,883 3,586 13,244,309 (55,708)
2017 Q3 986,509 (81,429) 13,791 ‐ 14,163,180 (58,964)
2017 Q4 428,571 (82,699) (32,392) 2,064,026 16,540,686 (823,683)
2018 Q1 869,683 (2,817,339) (3,727) 29,178 14,618,481 (61,004)
2018 Q2 1,117,460 (29,048) 39,076 625 15,746,594 (63,739)
2018 Q3 1,135,715 (31,111) (64,977) ‐ 16,786,221 (67,835)
2018 Q4 734,920 (144,286) (59,721) 933,925 18,251,059 3,513
2019 Q1 1,443,651 ‐ (102,154) ‐ 19,592,556 (68,359)
2019 Q2 1,383,491 ‐ (113,251) ‐ 20,862,795 (72,401)
2019 Q3 ‐ (601,587) (58,054) ‐ 20,203,155 (75,110)
2019 Q4 273,810 (42,064) (10,675) 1,726,353 22,150,579 206,609
2020 Q1 ‐ ‐ 52,095 ‐ 22,202,674 (73,883)
2020 Q2 ‐ (158,730) 90,890 ‐ 22,134,834 (74,704)
2020 Q3 ‐ (79,365) 53,137 ‐ 22,108,607 (75,525)
TOTAL 28,924,009 (14,256,567) 254,863 7,186,301 22,108,607 (1,909,967)
CONFIDENTIAL 35
Legal Structure: LP Risk/Return: Core
Target Return: 9‐11% Distributions: $5,724,021
Investment Strategy: Acquire premier properties on a value Total Value Multiple: 1.1x
basis to create a diversified portfolio DPI: 0.1x
that offers stable and predictable cash
flows.

Quarter (0.7%) 1.2% (1.9%) (0.7%) 0.9%
Year‐to‐Date (0.3%) 2.5% (3.3%) (0.9%) 0.8%
One‐Year 2.0% 3.1% (1.1%) 1.9% 2.5%
Two‐Year 4.5% 2.8% 2.6% 5.4% 4.6%
Since Inception 4.5% 2.8% 2.6% 5.4% 4.6%
2.1%
3.4%
29.3% 15.9%
US West
37.2%
Industrial US East
Residential 51.4% US South
Office US Midwest
27.2% Other U.S.
33.5%
CONFIDENTIAL 36
NET TOTAL
2018 Q4 75,000,000 ‐ 73,693 570,133 75,643,825 (327,701)
2019 Q1 769,801 (769,801) 48,802 1,455,369 77,147,996 (381,663)
2019 Q2 779,401 (779,401) 620,171 857,757 78,625,924 (365,071)
2019 Q3 802,494 (802,494) 371,744 1,237,126 80,234,794 (385,342)
2019 Q4 818,271 (818,270) 256,304 1,611,360 82,102,457 (415,325)
2020 Q1 798,776 (798,776) 285,136 1,269,256 83,656,850 (393,830)
2020 Q2 859,528 (859,528) 372,852 (1,592,769) 82,436,933 848,522
2020 Q3 895,750 (895,750) 958,505 (1,548,606) 81,846,832 ‐
TOTAL 80,724,022 (5,724,021) 2,987,206 3,859,625 81,846,832 (1,420,410)
CONFIDENTIAL 37
Target Return: >FTSE EPRA/NAREIT Distributions: $1,442,455
Investment Strategy: Real estate asset class through broad Total Value Multiple: 1.4x
asset class diversification at the DPI: 0.1x
country, REIT sector, and single‐name
level.
FTSE EPRA
Net Gross Gross Gross NAREIT
Total Income Appreciation Total EPRA NAREIT
Quarter 2.0% 2.0% 0.0% 2.0% 2.3%
Year‐to‐Date (15.8%) (15.7%) 0.0% (15.7%) (19.1%)
One‐Year (14.4%) (14.3%) 0.0% (14.3%) (17.6%)
Two‐Year 0.6% 0.8% 0.0% 0.8% (3.0%)
Three‐Year 1.9% 2.1% 0.0% 2.1% (0.5%)
Five‐Year 4.4% 4.6% 0.0% 4.6% 3.0%
Since Inception 4.4% 4.6% 0.0% 4.6% 3.9%
2.6% 0.6% 0.5%

1.8%
7.5% Other U.S.
9.2% Asia
34.1% Retail
11.4% Europe
Industrial
Australia/Pacific
Residential 16.3%
Canada
15.9% Infrastructure 64.2%
Latin America
Hotel/Lodging
25.0% Foreign Other
CONFIDENTIAL 38
NET TOTAL
2013 Q1 10,000,000 ‐ ‐ ‐ 10,000,000 ‐
2013 Q2 2,145,000 ‐ (404,145) ‐ 11,740,855 (6,798)
2013 Q3 ‐ ‐ (12,679) ‐ 11,728,176 (7,925)
2013 Q4 2,625,641 (480,641) (143,363) ‐ 13,729,812 (9,364)
2014 Q1 2,145,000 ‐ 1,213,670 ‐ 17,088,483 (10,699)
2014 Q2 2,145,000 ‐ 1,532,199 ‐ 20,765,682 (12,983)
2014 Q3 2,145,000 ‐ (924,620) ‐ 21,986,062 (15,465)
2014 Q4 3,106,814 (961,814) 2,423,752 ‐ 26,554,814 (16,288)
2015 Q1 ‐ ‐ 1,067,275 ‐ 27,622,088 (13,277)
2015 Q2 ‐ ‐ (2,083,727) ‐ 25,538,361 (13,811)
2015 Q3 ‐ ‐ ‐ ‐ 25,538,361 (12,769)
2015 Q4 ‐ ‐ 1,199,327 ‐ 26,737,689 (12,769)
2016 Q1 ‐ ‐ 1,900,537 ‐ 28,638,225 (13,369)
2016 Q2 ‐ ‐ 1,457,946 ‐ 30,096,171 (14,319)
2016 Q3 ‐ ‐ (26,035) ‐ 30,070,136 (15,048)
2016 Q4 ‐ ‐ (1,577,227) ‐ 28,492,909 (15,035)
2017 Q1 ‐ ‐ 547,941 ‐ 29,040,850 (14,246)
2017 Q2 ‐ ‐ 520,544 ‐ 29,561,394 (14,520)
2017 Q3 ‐ ‐ 438,352 ‐ 29,999,746 (14,781)
2017 Q4 ‐ ‐ 1,116,151 ‐ 31,115,897 (15,000)
2018 Q1 ‐ ‐ (1,449,800) ‐ 29,666,097 (15,558)
2018 Q2 ‐ ‐ 1,591,285 ‐ 31,257,382 (14,833)
2018 Q3 ‐ ‐ 113,663 ‐ 31,371,046 (15,629)
2018 Q4 ‐ ‐ (1,548,066) ‐ 29,822,979 (15,686)
2019 Q1 ‐ ‐ 4,533,093 ‐ 34,356,072 (14,911)
2019 Q2 ‐ ‐ 626,283 ‐ 34,982,355 (17,178)
2019 Q3 ‐ ‐ 2,117,432 ‐ 37,099,787 (17,491)
2019 Q4 ‐ ‐ 595,934 ‐ 37,695,721 (18,550)
2020 Q1 ‐ ‐ (10,039,403) ‐ 27,656,317 (18,807)
2020 Q2 ‐ ‐ 3,485,016 ‐ 31,141,332 (13,828)
2020 Q3 ‐ ‐ 607,480 ‐ 31,748,812 ‐
TOTAL 24,312,455 (1,442,455) 8,878,815 ‐ 31,748,812 (410,939)
CONFIDENTIAL 39
Legal Structure: LLC Risk/Return: Value Add
Investment Strategy: National value‐add strategy across Total Value Multiple: 2.2x
diversified property types. DPI: 2.0x

Quarter 29.3% 3.4% 31.5% 34.9% 0.9%
Year‐to‐Date 21.8% 7.4% 18.8% 26.8% 0.8%
One‐Year 43.3% 12.9% 38.0% 53.7% 2.5%
Two‐Year 37.0% 9.6% 34.3% 46.0% 4.6%
Three‐Year 38.3% 9.3% 36.2% 47.7% 5.6%
Five‐Year 33.8% 9.4% 30.6% 41.9% 6.8%
Since Inception 24.7% 11.1% 18.2% 30.8% 9.1%
8.1% 8.9%
17.6% 14.7%
US South
Residential
US Midwest
Office
US West
Retail 58.8%
17.6% US East
74.3%
CONFIDENTIAL 40
NET TOTAL
2011 Q4 386,400 ‐ (36) (2,326) 384,038 (3,007)
2012 Q1 821,100 (11,000) 20,160 (2,318) 1,211,980 (6,239)
2012 Q2 3,424,470 (16,063) 44,803 66,574 4,731,764 (14,200)
2012 Q3 988,540 (24,380) 143,024 8,106 5,847,054 (36,230)
2012 Q4 2,012,500 (125,200) 159,066 ‐ 7,893,420 (42,796)
2013 Q1 1,368,500 (175,636) 339,508 ‐ 9,425,792 (60,290)
2013 Q2 2,012,500 (240,295) 198,532 143,616 11,540,145 (66,257)
2013 Q3 1,207,500 (282,612) 356,088 ‐ 12,821,121 (75,430)
2013 Q4 1,231,650 (266,700) 308,149 173,602 14,267,822 (84,681)
2014 Q1 740,600 (257,736) 449,517 383,450 15,583,653 (93,979)
2014 Q2 1,658,300 (292,097) 333,511 558,595 17,841,962 (97,248)
2014 Q3 ‐ (1,562,915) 326,864 170,057 16,775,968 (99,217)
2014 Q4 ‐ (743,307) 457,666 (19,196) 16,471,131 (67,696)
2015 Q1 386,400 (859,725) 543,157 17,787 16,558,750 (65,871)
2015 Q2 112,700 (515,339) 314,422 49,783 16,520,316 (567,443)
2015 Q3 ‐ (1,104,339) 422,660 196,891 16,035,528 (140,230)
2015 Q4 ‐ (1,011,702) 316,412 576,177 15,916,415 (166,839)
2016 Q1 ‐ (564,652) 448,981 930,414 16,731,158 (278,269)
2016 Q2 ‐ (871,269) 225,693 390,376 16,475,958 (138,968)
2016 Q3 ‐ (1,109,463) 369,629 786,719 16,522,843 (226,931)
2016 Q4 402,500 (1,042,848) 269,465 846,348 16,998,308 (198,448)
2017 Q1 ‐ (2,834,247) 311,234 387,699 14,862,994 (161,979)
2017 Q2 ‐ (311,342) 296,408 663,759 15,511,819 (213,321)
2017 Q3 ‐ (4,767,633) 109,046 663,140 11,516,372 (180,610)
2017 Q4 ‐ (1,495,512) 348,081 403,545 10,772,486 (173,810)
2018 Q1 ‐ (161,107) 296,083 883,055 11,790,517 (252,053)
2018 Q2 402,500 (353,766) 202,800 1,223,434 13,265,485 (294,261)
2018 Q3 ‐ (2,537,393) (116,907) 771,447 11,382,632 (156,749)
2018 Q4 39,082 (2,672,359) 17,966 457,346 9,224,668 (88,902)
2019 Q1 35,353 (99,863) 105,196 38,720 9,304,074 (56,754)
2019 Q2 31,229 (1,454,995) 118,171 798,731 8,797,210 (192,222)
2019 Q3 30,374 (4,877,030) 74,611 323,530 4,348,695 (89,918)
2019 Q4 19,599 (399,736) 194,262 548,771 4,711,591 (149,789)
2020 Q1 ‐ (1,730,887) 54,510 (47,035) 2,988,180 (13,829)
2020 Q2 18,666 (155,692) 37,739 (211,960) 2,676,933 18,567
2020 Q3 24,699 (168,732) 75,545 686,086 3,294,531 (146,583)
TOTAL 17,355,162 (35,097,572) 8,172,016 12,864,923 3,294,531 (4,682,482)
CONFIDENTIAL 41
Legal Structure: LLC Risk/Return: Value Add
Vintage Year: 2014 Remaining Commitment: $518,518
Investment Strategy: Target investments that offer strong Total Value Multiple: 1.2x
income returns and the potential for DPI: 0.7x
capital appreciation.

Quarter 10.4% 1.6% 9.4% 11.0% 0.9%
Year‐to‐Date (13.7%) 5.1% (20.8%) (16.6%) 0.8%
One‐Year (10.0%) 7.4% (18.6%) (12.4%) 2.5%
Two‐Year (3.0%) 8.1% (10.9%) (3.6%) 4.6%
Three‐Year 1.7% 9.0% (6.4%) 2.1% 5.6%
Five‐Year 5.9% 10.5% (2.5%) 7.7% 6.8%
Since Inception 7.1% 11.0% (1.7%) 9.1% 8.1%
13.5% 14.2%
37.5% Retail 35.1% US Midwest

14.4%
Office US South
19.9%
Industrial US West
Residential US East
34.6% 30.9%
CONFIDENTIAL 42
NET TOTAL
2014 Q3 2,222,222 ‐ 45,441 47,255 2,314,918 (7,228)
2014 Q4 2,037,037 (25,926) 76,003 (29,003) 4,373,029 (22,386)
2015 Q1 1,296,296 (286,505) 64,387 (14,659) 5,432,548 (29,416)
2015 Q2 ‐ (107,714) 199,075 (4,893) 5,519,016 (36,735)
2015 Q3 3,518,518 (111,326) 226,367 80,324 9,232,899 (49,329)
2015 Q4 1,296,296 (250,238) 265,099 30,122 10,574,178 (66,351)
2016 Q1 14,909,405 (258,299) 249,963 (40,892) 25,434,355 (77,990)
2016 Q2 ‐ (4,020,356) 476,903 (40,162) 21,850,740 (151,505)
2016 Q3 ‐ (683,827) 546,783 390,227 22,103,923 (151,325)
2016 Q4 ‐ (1,009,565) 467,753 470,299 22,032,410 (151,152)
2017 Q1 1,462,963 (988,947) 418,196 135,298 23,059,920 (151,355)
2017 Q2 851,851 (1,300,529) 641,103 (67,138) 23,185,207 (499,695)
2017 Q3 ‐ (891,733) 596,996 230,239 23,120,709 (209,888)
2017 Q4 592,593 (1,464,586) 327,081 189,275 22,765,072 (114,458)
2018 Q1 ‐ (794,636) 498,648 127,360 22,596,444 (146,381)
2018 Q2 ‐ (1,194,598) 451,588 197,593 22,051,027 (148,833)
2018 Q3 925,926 (681,476) 684,136 19,516 22,999,129 (172,380)
2018 Q4 101,850 (2,427,189) 453,303 (103,959) 21,023,134 (95,829)
2019 Q1 98,638 (988,266) 349,969 (79,105) 20,404,371 (100,809)
2019 Q2 97,460 (864,260) 317,599 (89,447) 19,865,722 (89,871)
2019 Q3 96,164 (1,403,025) 222,560 (136,526) 18,644,895 (31,700)
2019 Q4 556,164 (2,056,153) 371,981 386,361 17,903,247 (139,640)
2020 Q1 88,264 (677,633) 329,256 (190,541) 17,452,592 (47,902)
2020 Q2 ‐ ‐ 90,544 (4,001,781) 13,541,355 561,606
2020 Q3 ‐ ‐ 139,031 1,268,938 14,949,324 (81,980)
TOTAL 30,151,647 (22,486,787) 8,509,765 (1,225,299) 14,949,324 (2,212,532)
CONFIDENTIAL 43
Legal Structure: Delaware LLC Risk/Return: Value Add
Investment Strategy: Target investments that offer strong Total Value Multiple: 1.2x
income returns and the potential for DPI: 0.3x
capital appreciation.

Quarter 3.6% 2.5% 2.0% 4.5% 0.9%
Year‐to‐Date 4.8% 7.4% 0.6% 8.0% 0.8%
One‐Year 7.0% 9.5% 1.4% 11.0% 2.5%
Two‐Year 7.5% 11.0% (0.0%) 11.0% 4.6%
Three‐Year 12.4% 12.3% 3.2% 15.8% 5.6%
Since Inception 15.8% 15.6% 3.8% 19.6% 5.9%
17.0% 21.1%
32.6%
37.0% Office US Midwest
Industrial US East
18.5% Residential US West
Retail 22.3% US South
27.5% 24.1%
CONFIDENTIAL 44
NET TOTAL
2017 Q1 8,266,153 (2,288,346) 587,152 277,991 6,842,950 (88,990)
2017 Q2 7,663,535 (1,523,818) 187,709 (117,155) 13,053,221 (88,945)
2017 Q3 4,029,666 (518,481) 441,820 14,710 17,020,936 (107,029)
2017 Q4 3,807,107 (406,598) 575,524 242,930 21,239,899 (125,270)
2018 Q1 ‐ (1,183,636) 631,821 167,027 20,855,111 (134,087)
2018 Q2 1,760,561 (855,034) 683,138 777,815 23,221,591 (147,950)
2018 Q3 3,997,462 (1,641,927) 367,724 847,099 26,791,949 (155,516)
2018 Q4 4,568,528 (1,835,518) 625,312 (129,840) 30,020,431 (187,700)
2019 Q1 3,233,385 (857,751) 813,999 (266,393) 32,943,671 (214,451)
2019 Q2 15,442,877 (1,846,683) 977,736 (501,593) 47,016,008 (257,761)
2019 Q3 6,539,487 (2,035,242) 743,248 590,787 52,854,288 (313,033)
2019 Q4 313,033 (1,888,681) 681,459 426,401 52,386,499 (353,705)
2020 Q1 2,143,044 (1,386,864) 1,273,818 (325,867) 54,090,631 (1,235,588)
2020 Q2 305,131 (1,635,205) 694,225 (1,031,992) 52,422,790 64,120
2020 Q3 242,383 (1,213,250) 1,065,247 816,079 53,333,249 (448,884)
TOTAL 62,312,352 (21,117,034) 10,349,932 1,787,999 53,333,249 (3,794,789)
CONFIDENTIAL 45
Legal Structure: Delaware LLC Risk/Return: Value Add
Target Return: 12% Distributions: $752,288
Investment Strategy: Pursue a pan‐US value‐enhancement Total Value Multiple: 1.1x
investment strategy, diversified across DPI: 0.1x
the four major property types.

Quarter 1.5% 5.0% (2.8%) 2.2% 0.9%
Year‐to‐Date 90.1% 27.8% 68.5% 100.5% 0.8%
2.7%
10.2% 10.6%
10.6%
US South
Industrial
US Midwest
Office
52.5% US West
Residential 34.1%
US East
79.2%
CONFIDENTIAL 46
NET TOTAL
2019 Q4 ‐ ‐ (94,048) 165,783 71,735 (14,864)
2020 Q1 11,585,526 ‐ 112,798 482,709 12,252,768 (56,611)
2020 Q2 56,611 (342,362) (128,885) 761,093 12,599,226 (82,214)
2020 Q3 82,214 (409,926) 543,944 (351,877) 12,463,581 (77,322)
TOTAL 11,724,351 (752,288) 433,809 1,057,708 12,463,581 (231,011)
CONFIDENTIAL 47
Legal Structure: Delaware LP Risk/Return: Core
Investment Strategy: To invest in apartments in select core Total Value Multiple: 1.1x
submarkets in major metropolitan DPI: 0.5x
areas with favorable demographic
trends.

Quarter 1.2% 1.3% 0.1% 1.4% 0.9%
Year‐to‐Date 3.3% 3.6% 0.1% 3.7% 0.8%
One‐Year 4.9% 4.8% 0.7% 5.6% 2.5%
Two‐Year 8.6% 4.8% 4.4% 9.3% 4.6%
Three‐Year 7.7% 4.3% 4.0% 8.4% 5.6%
Since Inception 6.5% 3.9% 3.2% 7.1% 5.9%
16.3%
34.1% US West
US Midwest
Residential
21.3% US South
US East
100.0% 28.3%
CONFIDENTIAL 48
NET TOTAL
2017 Q1 45,779,555 (919,773) (669,673) ‐ 44,190,109 (78,374)
2017 Q2 21,954,545 (24,952,552) 809,045 ‐ 42,001,147 (43,697)
2017 Q3 4,800,000 (12,319,973) 431,457 ‐ 34,912,632 (14,888)
2017 Q4 3,000,000 (504,590) 222,188 833,689 38,463,919 (50,141)
2018 Q1 7,200,000 (548,045) 258,917 ‐ 45,374,790 (59,680)
2018 Q2 6,000,000 (673,417) 317,940 82,372 51,101,685 (72,567)
2018 Q3 ‐ (721,036) 423,223 284,035 51,087,907 (75,619)
2018 Q4 3,000,000 (758,104) 527,312 639,558 54,496,673 (85,294)
2019 Q1 ‐ (746,045) 657,696 992,347 55,400,671 (89,467)
2019 Q2 1,800,000 (758,946) 636,786 810,923 57,889,435 (91,113)
2019 Q3 ‐ (787,578) 372,434 2,038,247 59,512,539 (93,562)
2019 Q4 3,188,571 (811,601) 621,331 358,429 62,869,269 (95,405)
2020 Q1 ‐ (822,740) 620,665 ‐ 62,667,195 (99,389)
2020 Q2 ‐ (822,740) 633,935 ‐ 62,478,391 (95,030)
2020 Q3 ‐ (822,740) 702,871 68,840 62,427,363 (97,686)
TOTAL 96,722,671 (46,969,879) 6,566,127 6,108,440 62,427,363 (1,141,912)
CONFIDENTIAL 49
Investment Strategy: Senior Housing, Student Housing, Total Value Multiple: 1.3x
Medical Office, and Self Storage DPI: 0.2x

Quarter 1.1% 1.0% 0.3% 1.3% 0.9%
Year‐to‐Date 2.5% 3.4% (0.1%) 3.3% 0.8%
One‐Year 4.9% 4.8% 1.2% 6.0% 2.5%
Two‐Year 5.0% 4.9% 1.1% 6.1% 4.6%
Three‐Year 6.1% 5.1% 2.1% 7.3% 5.6%
Since Inception 7.5% 5.4% 3.1% 8.6% 6.5%
10.2% 18.2%
38.1% US East
Residential
US West
47.8% Office
20.2% US Midwest
US South
23.5%
CONFIDENTIAL 50
NET TOTAL
2016 Q1 39,110,224 (600,602) 474,436 625,236 39,609,294 (110,224)
2016 Q2 21,631,682 (886,661) 759,029 808,591 61,921,935 (141,304)
2016 Q3 888,544 (789,022) 664,330 187,799 62,873,586 (143,187)
2016 Q4 791,571 (904,868) 601,076 800,084 64,161,449 (145,736)
2017 Q1 907,974 (890,194) 986,467 564,878 65,730,574 (148,842)
2017 Q2 893,147 (934,384) 789,828 743,707 67,222,872 (151,795)
2017 Q3 938,259 (846,858) 724,247 1,142,302 69,180,822 (155,670)
2017 Q4 1,034,899 (906,390) 637,643 787,576 70,734,550 (343,711)
2018 Q1 752,193 (896,886) 822,111 488,509 71,900,476 (189,514)
2018 Q2 899,278 (1,013,626) 731,322 390,339 72,907,790 (191,906)
2018 Q3 1,016,706 (981,845) 744,204 1,304,716 74,991,570 (194,986)
2018 Q4 786,859 ‐ 756,980 (211,057) 76,324,352 (198,088)
2019 Q1 983,123 (983,123) 813,119 153,676 77,291,147 (200,177)
2019 Q2 1,023,736 (1,023,736) 727,139 168,788 78,187,074 (202,468)
2019 Q3 903,820 (903,820) 726,356 747,810 79,661,240 (205,732)
2019 Q4 930,702 (930,702) 808,947 1,006,913 81,477,101 (209,630)
2020 Q1 808,012 (808,012) 842,108 411,674 82,730,884 (212,450)
2020 Q2 1,021,168 (1,021,168) 679,251 (747,040) 82,663,095 (212,600)
2020 Q3 886,909 (886,909) 643,750 244,724 83,551,568 (214,668)
TOTAL 76,208,806 (16,208,806) 13,932,343 9,619,226 83,551,568 (3,572,688)
CONFIDENTIAL 51
Legal Structure: SMA Risk/Return: Core
No. of Active Investments: N/A Contributions: $24,065,899
Target Return: >FTSE EPRA/NAREIT Distributions: $0
Investment Strategy: To build a portfolio of securities Total Value Multiple: 1.2x
producing returns in excess of their DPI: 0.0x
long‐term cost of capital.
FTSE EPRA
Net Gross Gross Gross NAREIT
Total Income Appreciation Total EPRA NAREIT
Quarter 2.3% 0.9% 1.6% 2.4% 2.3%
Year‐to‐Date (16.3%) 2.6% (18.1%) (15.9%) (19.1%)
One‐Year (14.2%) 3.3% (16.5%) (13.6%) (17.6%)
Two‐Year (1.2%) 3.5% (3.9%) (0.5%) (3.0%)
Three‐Year 0.8% 3.7% (2.2%) 1.4% (0.5%)
Five‐Year 3.3% 3.8% 0.2% 4.0% 3.0%
Since Inception 3.3% 3.7% 0.3% 3.9% 3.6%
3.5% 2.9%
3.8%
Office
7.3%
7.4% 28.5% Residential Other U.S.
19.3%
Industrial Asia
11.9% Other Real Estate Europe
53.0%
Infrastructure Australia/Pacific
Retail 21.3% Canada
19.8% 21.2%
Hotel/Lodging
CONFIDENTIAL 52
NET TOTAL
2013 Q4 14,307,938 ‐ 95,387 (716,257) 13,687,068 (17,938)
2014 Q1 2,170,027 ‐ 95,850 525,763 16,478,707 (25,027)
2014 Q2 2,175,804 ‐ 187,006 1,396,725 20,238,242 (30,804)
2014 Q3 2,180,084 ‐ 116,784 (1,039,216) 21,495,894 (35,084)
2014 Q4 2,185,056 ‐ 191,447 1,805,142 25,677,539 (40,056)
2015 Q1 41,273 ‐ 122,572 879,790 26,721,174 (41,273)
2015 Q2 40,169 ‐ 176,269 (1,928,703) 25,008,909 (40,169)
2015 Q3 39,418 ‐ 136,484 (468,840) 24,715,972 (39,418)
2015 Q4 40,779 ‐ 190,767 947,490 25,895,008 (40,779)
2016 Q1 39,889 ‐ 311,369 970,557 27,216,822 (39,889)
2016 Q2 42,702 ‐ 203,588 567,958 28,031,070 (42,702)
2016 Q3 45,291 ‐ 182,088 96,044 28,354,493 (45,291)
2016 Q4 41,671 ‐ 177,318 (1,609,668) 26,963,813 (41,671)
2017 Q1 42,917 ‐ 207,626 271,706 27,486,062 (42,917)
2017 Q2 43,854 ‐ 243,358 536,500 28,309,774 (43,854)
2017 Q3 45,164 ‐ 163,738 248,041 28,766,718 (45,164)
2017 Q4 45,832 ‐ 317,198 747,177 29,876,924 (45,832)
2018 Q1 45,042 ‐ 235,032 (1,581,614) 28,575,384 (45,042)
2018 Q2 46,540 ‐ 290,686 1,384,097 30,296,707 (46,540)
2018 Q3 47,499 ‐ 182,111 (173,676) 30,352,642 (47,499)
2018 Q4 45,935 ‐ 208,658 (1,945,099) 28,662,135 (45,935)
2019 Q1 50,310 ‐ 211,630 4,064,402 32,988,477 (50,310)
2019 Q2 51,350 ‐ 318,141 (179,467) 33,178,500 (51,350)
2019 Q3 53,155 ‐ 199,003 1,336,655 34,767,313 (53,155)
2019 Q4 55,666 ‐ 196,989 676,485 35,696,454 (55,666)
2020 Q1 49,950 ‐ 200,973 (9,565,844) 26,381,533 (49,950)
2020 Q2 44,972 ‐ 206,141 2,680,837 29,313,483 (44,972)
2020 Q3 47,612 ‐ 208,744 457,582 30,027,421 (47,612)
TOTAL 24,065,899 ‐ 5,576,957 384,568 30,027,421 (1,195,898)
CONFIDENTIAL 53
Watch Status Performance *
Net Total vs.
Net Gross FTSE EPRA
Total Total EPRA NAREIT NAREIT
Quarter 2.3% 2.4% 2.3% ‐0.1%
Year‐to‐Date (16.3%) (15.9%) (19.1%) 2.8%
One‐Year (14.2%) (13.6%) (17.6%) 3.4%
Two‐Year (1.2%) (0.5%) (3.0%) 1.8%
Three‐Year 0.8% 1.4% (0.5%) 1.3%
Five‐Year 3.3% 4.0% 3.0% 0.3%
Since Inception 3.3% 3.9% 3.6% ‐0.3%
* In accordance with LADWP's Investment Policy, Heitman Real Estate Securities was placed on watch status
effective 06/26/19.
Legal Structure: LLC Risk/Return: Core
Target Return: NCREIF+1% Distributions: $17,273,384
Investment Strategy: Primarily in core, existing substantially‐ Total Value Multiple: 1.7x
leased, income‐producing industrial, DPI: 0.3x
multifamily, retail and office
properties.

Quarter (0.5%) 0.8% (1.1%) (0.3%) 0.9%
Year‐to‐Date (3.7%) 2.6% (5.6%) (3.2%) 0.8%
One‐Year (1.7%) 3.5% (4.4%) (0.9%) 2.5%
Two‐Year 2.3% 3.6% (0.5%) 3.1% 4.6%
Three‐Year 4.1% 3.7% 1.2% 4.9% 5.6%
Five‐Year 5.6% 3.7% 2.7% 6.5% 6.8%
Since Inception 8.2% 4.2% 4.8% 9.2% 9.3%
3.0%
2.6%
13.7% 17.2%
Office
36.0% US West
Residential
US East
Industrial
20.3% 55.1% US South
Retail
25.0% US Midwest
Other Real Estate
26.9%
CONFIDENTIAL 55
NET TOTAL
2011 Q3 10,028,084 (93,988) 97,731 86,377 10,118,204 (28,084)
2011 Q4 25,147,529 (299,852) 309,797 701,871 35,977,549 (81,624)
2012 Q1 301,110 (357,624) 358,278 199,592 36,478,905 (82,882)
2012 Q2 358,840 (388,722) 398,527 140,550 36,988,100 (84,098)
2012 Q3 390,885 (377,130) 369,653 589,798 37,961,306 (86,261)
2012 Q4 378,761 (387,597) 361,886 361,091 38,675,447 (87,892)
2013 Q1 390,252 (399,532) 372,795 804,246 39,843,208 (90,546)
2013 Q2 401,746 (410,235) 375,524 1,416,955 41,627,198 (92,761)
2013 Q3 413,187 (419,609) 381,141 466,693 42,468,610 (95,713)
2013 Q4 422,624 (434,867) 406,230 938,005 43,800,602 (98,728)
2014 Q1 436,347 (445,167) 431,512 225,432 44,448,726 (100,208)
2014 Q2 448,109 (454,236) 440,459 879,020 45,762,078 (103,150)
2014 Q3 457,603 (434,477) 386,207 1,093,669 47,265,080 (106,516)
2014 Q4 438,168 (431,454) 404,845 1,148,817 48,825,456 (110,207)
2015 Q1 434,805 (467,111) 408,934 1,089,489 50,291,573 (113,558)
2015 Q2 473,106 (463,910) 408,680 2,134,105 52,843,554 (119,553)
2015 Q3 467,118 (467,271) 426,700 1,025,854 54,295,955 (122,760)
2015 Q4 470,100 (464,223) 419,327 821,479 55,542,638 (125,589)
2016 Q1 465,767 (474,503) 418,273 277,477 56,229,652 (127,133)
2016 Q2 479,109 (484,792) 431,254 1,484,376 58,139,599 (131,739)
2016 Q3 486,873 (492,951) 414,937 434,301 58,982,759 (133,820)
2016 Q4 495,549 (496,406) 417,978 734,053 60,133,933 (136,418)
2017 Q1 499,554 (504,735) 423,712 972,719 61,525,183 (139,567)
2017 Q2 507,039 (515,515) 434,624 586,734 62,538,065 (141,871)
2017 Q3 517,256 (510,223) 411,232 361,026 63,317,356 (143,612)
2017 Q4 513,140 (503,590) 406,149 886,824 64,619,879 (146,528)
2018 Q1 506,854 (544,211) 441,999 1,005,137 66,029,658 (149,791)
2018 Q2 546,644 (557,502) 484,223 594,464 67,097,487 (152,224)
2018 Q3 405,278 ‐ 579,077 575,798 68,657,640 (58,959)
2018 Q4 579,734 (579,734) 479,221 1,388,757 70,525,620 (150,786)
2019 Q1 597,625 (597,625) 506,945 134,310 71,166,875 (139,932)
2019 Q2 619,627 (619,627) 501,358 92,213 71,760,446 (147,130)
2019 Q3 629,844 (629,844) 504,980 784,269 73,049,695 (145,558)
2019 Q4 638,211 (638,211) 542,300 979,429 74,571,425 (148,296)
2020 Q1 671,075 (671,075) 531,971 536,920 75,640,316 (150,241)
2020 Q2 665,395 (665,395) 456,605 (3,963,357) 72,133,563 (144,165)
2020 Q3 590,440 (590,440) 449,431 (795,337) 71,787,658 (143,623)
TOTAL 52,273,388 (17,273,384) 15,594,494 21,193,156 71,787,658 (4,361,522)
CONFIDENTIAL 56
Legal Structure: Delaware LP Risk/Return: Core
Investment Strategy: Invest in high quality office and retail Total Value Multiple: 1.2x
properties located in major markets in DPI: 0.5x
the U.S.

Quarter (3.5%) (0.0%) (4.0%) (4.0%) 0.9%
Year‐to‐Date (8.1%) 1.3% (9.6%) (8.4%) 0.8%
One‐Year (8.3%) 1.5% (9.6%) (8.2%) 2.5%
Two‐Year (2.6%) 2.1% (4.3%) (2.3%) 4.6%
Three‐Year 2.9% 2.7% 2.0% 4.6% 5.6%
Since Inception 4.0% 3.4% 2.3% 5.7% 6.5%
4.0%
7.5%
21.5% Office US East

35.0%
Retail US West
Other Real Estate 61.0% US South
71.0%
CONFIDENTIAL 57
NET TOTAL
2016 Q1 60,523,609 (1,545,564) 463,059 8,157 59,449,261 (144,221)
2016 Q2 630,866 (630,867) 583,866 429,717 60,462,844 (207,128)
2016 Q3 747,084 (4,303,206) 542,059 1,121,881 58,570,663 (392,653)
2016 Q4 590,385 (590,385) 520,832 (717,384) 58,374,111 (181,738)
2017 Q1 1,200,839 (2,246,194) 476,245 599,902 58,404,903 (255,294)
2017 Q2 611,068 (611,068) 590,465 530,953 59,526,321 (364,934)
2017 Q3 616,272 (616,272) 605,034 231,161 60,362,515 (162,999)
2017 Q4 608,300 (608,300) 589,200 4,360,447 65,312,161 (1,475,495)
2018 Q1 610,976 (15,577,559) 440,210 1,490,250 52,276,040 (986,400)
2018 Q2 628,993 (628,993) 352,151 539,657 53,167,847 (189,712)
2018 Q3 3,941,814 (3,941,814) 259,961 446,202 53,874,011 (128,232)
2018 Q4 683,790 (683,790) 320,101 292,093 54,486,204 (59,103)
2019 Q1 598,810 (598,810) 210,138 (460,234) 54,236,108 (109,157)
2019 Q2 337,103 (337,103) 303,485 897,902 55,437,496 (78,653)
2019 Q3 332,479 (332,479) 139,063 134,358 55,710,917 (129,030)
2019 Q4 173,235 (173,235) (17,932) (62,936) 55,630,050 (186,300)
2020 Q1 ‐ ‐ 263,292 (744,353) 55,148,990 (134,313)
2020 Q2 256,535 (256,535) 220,374 (2,443,565) 52,925,798 (27,958)
2020 Q3 166,627 (166,627) 96,799 (1,924,827) 51,097,770 304,004
TOTAL 73,258,787 (33,848,803) 6,958,402 4,729,381 51,097,770 (4,909,318)
CONFIDENTIAL 58
Legal Structure: Bank Commingled Fund Risk/Return: Core
Investment Strategy: Diversified domestic core fund in four Total Value Multiple: 1.7x
main property types office, residential, DPI: 0.1x
retail and industrial.

Quarter (0.3%) 1.1% (1.2%) (0.0%) 0.9%
Year‐to‐Date (1.3%) 3.1% (3.5%) (0.5%) 0.8%
One‐Year 0.8% 4.1% (2.2%) 1.8% 2.5%
Two‐Year 1.9% 3.9% (1.0%) 2.9% 4.6%
Three‐Year 3.5% 4.0% 0.6% 4.5% 5.6%
Five‐Year 5.1% 4.2% 1.9% 6.2% 6.8%
Since Inception 4.5% 5.1% 0.4% 5.5% 6.5%
0.9% 3.5%
1.1%
4.3%
18.6% Office
US West
Residential 18.9%
36.5% US East
Retail
47.9% US South
Industrial
21.0% US Midwest
Land
Other U.S.
Other Real Estate 25.4%
21.9%
CONFIDENTIAL 59
NET TOTAL
2007 Q4 50,000,000 ‐ 624,959 771,020 51,395,979 (128,490)
2008 Q1 ‐ ‐ 629,835 (119,927) 51,905,887 (129,765)
2008 Q2 128,490 (128,514) 508,183 (192,744) 52,221,302 (130,553)
2008 Q3 129,765 (129,786) 501,966 (1,256,268) 51,466,979 (128,667)
2008 Q4 130,553 (130,582) 482,567 (5,063,916) 46,885,601 (117,214)
2009 Q1 128,667 (128,697) 457,412 (6,877,186) 40,465,798 (101,165)
2009 Q2 117,214 (117,220) 484,118 (2,956,385) 37,993,525 (94,984)
2009 Q3 101,165 (101,173) 463,929 (3,331,590) 35,125,855 (87,815)
2009 Q4 94,984 (94,988) 499,247 (1,565,619) 34,059,478 (85,149)
2010 Q1 87,815 (87,819) 474,534 (360,106) 34,173,901 (84,656)
2010 Q2 85,149 (85,152) 490,319 798,476 35,462,692 (88,499)
2010 Q3 84,656 (84,660) 460,548 855,515 36,778,751 (91,947)
2010 Q4 88,499 (88,499) 488,906 1,230,624 38,498,280 (94,978)
2011 Q1 91,947 (91,953) 482,592 772,688 39,753,555 (99,384)
2011 Q2 94,978 (94,981) 467,768 1,548,583 41,769,903 (102,619)
2011 Q3 99,384 (99,387) 400,862 841,681 43,012,443 (107,531)
2011 Q4 102,619 (102,622) 448,704 755,914 44,217,058 (110,543)
2012 Q1 107,531 (107,535) 494,051 598,751 45,309,856 (113,275)
2012 Q2 110,543 (110,546) 483,769 526,844 46,320,465 (115,801)
2012 Q3 113,275 (113,279) 494,205 1,064,991 47,879,656 (117,669)
2012 Q4 115,801 (115,803) 450,219 763,820 49,093,693 (121,417)
2013 Q1 117,669 (117,672) 531,130 1,011,675 50,636,496 (126,318)
2013 Q2 121,417 (121,418) 537,292 1,287,921 52,461,707 (131,154)
2013 Q3 126,318 (126,319) 565,202 1,474,224 54,501,132 (136,253)
2013 Q4 131,154 (131,156) 537,996 1,314,508 56,353,634 (140,884)
2014 Q1 136,253 (136,257) 568,465 625,373 57,547,468 (143,869)
2014 Q2 140,884 (140,886) 586,787 1,135,691 59,269,944 (148,175)
2014 Q3 143,869 (143,870) 603,155 646,364 60,519,460 (151,299)
2014 Q4 148,175 (148,177) 641,139 863,445 62,024,043 (155,060)
2015 Q1 151,299 (151,303) 897,110 1,403,345 64,324,493 (160,811)
2015 Q2 155,060 (155,065) 621,145 1,599,778 66,545,410 (166,364)
2015 Q3 160,811 (160,817) 628,449 1,466,521 68,640,374 (171,601)
2015 Q4 166,364 (166,368) 854,139 1,290,366 70,784,874 (176,962)
2016 Q1 171,601 (171,610) 614,799 542,295 71,941,958 (179,855)
2016 Q2 176,962 (176,974) 622,355 651,642 73,215,943 (183,040)
2016 Q3 179,855 (179,872) 633,643 693,587 74,543,156 (186,358)
2016 Q4 183,040 (183,056) 587,836 834,779 75,965,755 (189,396)
2017 Q1 186,358 (186,315) 595,748 671,798 77,233,345 (192,703)
2017 Q2 189,396 (189,422) 612,132 411,590 78,257,042 (192,782)
2017 Q3 192,703 (192,738) 640,864 511,774 79,409,644 (195,696)
2017 Q4 192,782 (192,827) 600,118 632,153 80,641,869 (199,910)
CONFIDENTIAL 60
NET TOTAL
2018 Q1 195,696 (195,721) 607,146 967,688 82,216,678 (204,593)
2018 Q2 199,910 (199,942) 591,758 811,053 83,619,456 (207,842)
2018 Q3 ‐ (51) 616,489 634,780 84,870,674 (212,177)
2018 Q4 ‐ (27) 582,786 820,237 86,273,670 (215,684)
2019 Q1 ‐ (125) 598,871 (420,943) 86,451,473 (216,382)
2019 Q2 270,418 (270,530) 541,905 234,038 87,227,320 (217,495)
2019 Q3 281,275 (281,398) 644,392 (470,289) 87,401,300 (218,503)
2019 Q4 ‐ ‐ 636,327 1,147,330 89,184,958 (222,962)
2020 Q1 ‐ ‐ 688,590 488,769 90,362,318 (224,306)
2020 Q2 ‐ ‐ 562,171 (2,606,989) 88,317,499 (222,962)
2020 Q3 ‐ ‐ 784,856 (1,034,990) 88,067,365 (220,168)
TOTAL 56,132,303 (6,133,112) 29,623,487 8,444,680 88,067,365 (7,963,683)
CONFIDENTIAL 61
Investment Strategy: Invest in income producing assets in Total Value Multiple: 1.1x
developed Asian economies and liquid DPI: 0.4x
markets.

Quarter (0.1%) (3.7%) 4.6% 0.8% 0.9%
Year‐to‐Date (5.0%) (4.6%) 2.1% (2.1%) 0.8%
One‐Year 0.4% (3.7%) 8.1% 4.5% 2.5%
Two‐Year 16.7% (6.8%) 31.4% 23.9% 4.6%
Three‐Year (38.1%) (15.7%) 16.7% 19.9% 5.6%
Since Inception (38.1%) (15.7%) 16.7% 19.9% 5.6%
3.4% 2.9%
12.6%
5.0% Office
8.8% Industrial
42.0% Other Real Estate Asia
Retail Australia/Pacific
Residential
37.9% Hotel/Lodging
87.4%
CONFIDENTIAL 62
NET TOTAL
2017 Q4 5,188,148 (576,308) (1,889,915) 781,740 3,503,665 (1,249,183)
2018 Q1 ‐ (321,933) (1,107,779) 484,929 2,558,882 (221,914)
2018 Q2 ‐ (468,238) 1,209,603 (928,317) 2,371,930 (224,385)
2018 Q3 2,649,252 ‐ (150,718) (304,917) 4,565,547 (226,849)
2018 Q4 8,009,365 ‐ (659,257) 716,079 12,631,734 (226,850)
2019 Q1 ‐ (1,663,484) (432,900) 387,986 10,923,336 (221,918)
2019 Q2 ‐ ‐ (581,148) 4,916,312 15,258,500 (224,382)
2019 Q3 3,573,409 (1,207,039) 70,471 (663,308) 17,032,033 (224,720)
2019 Q4 3,573,409 ‐ (40,762) 1,096,186 21,660,866 (224,142)
2020 Q1 9,241,574 (1,202,365) 394,900 (1,347,470) 28,747,505 (220,636)
2020 Q2 ‐ (6,213,884) (1,112,703) 1,001,922 22,422,840 (218,059)
2020 Q3 ‐ (1,129,142) (1,057,939) 1,026,750 21,262,509 (220,453)
TOTAL 32,235,157 (12,782,393) (5,358,147) 7,167,892 21,262,509 (3,703,491)
CONFIDENTIAL 63
Target Return: 20% Gross Distributions: $13,448,872
NAV + Debt: $174,941,063 Equity Value $269,633
Investment Strategy: Invest in global opportunistic and value Total Value Multiple: 1.5x
investments in distressed commercial DPI: 1.5x
real estate debt products and equity.

Quarter 0.7% 0.4% 0.4% 0.8% 0.9%
Year‐to‐Date (11.9%) 0.3% (21.1%) (20.8%) 0.8%
One‐Year (10.7%) 0.1% (20.7%) (20.5%) 2.5%
Two‐Year (0.2%) (0.5%) (4.9%) (5.2%) 4.6%
Three‐Year (0.5%) 2.5% (7.2%) (4.6%) 5.6%
Five‐Year 3.7% 4.0% (3.5%) 0.6% 6.8%
Since Inception 8.9% 0.4% 16.7% 17.4% 9.5%
4.5%
25.2%
Other Real Estate Other U.S.
Office US South
74.8%
95.5%
CONFIDENTIAL 64
NET TOTAL
2011 Q2 481,704 (22,500) (244,778) 19,282 233,709 (166,250)
2011 Q3 716,194 (3,750) (22,025) 88,947 1,013,075 (26,250)
2011 Q4 1,212,440 (1,250) (43,275) 70,413 2,251,403 (26,175)
2012 Q1 (501,699) (6,198) (41,805) 161,442 1,863,142 (26,175)
2012 Q2 1,887,871 (3,737) 56,391 146,199 3,949,866 (26,157)
2012 Q3 375,434 (693,318) (2,516) 262,760 3,892,225 (129,072)
2012 Q4 404,432 (195,043) 22,952 172,549 4,297,115 (72,415)
2013 Q1 275,083 (1,353,383) 104,353 136,819 3,459,987 (84,860)
2013 Q2 1,204,019 (2,900) 12,628 136,897 4,810,630 (59,520)
2013 Q3 391,006 (2,894) (40,484) 393,546 5,551,804 (108,195)
2013 Q4 1,154,310 (1,004,506) (21,854) 229,616 5,909,370 (58,151)
2014 Q1 628,219 (63,856) (87,051) 631,835 7,018,517 (144,360)
2014 Q2 85,598 (1,505,172) (54,131) 465,724 6,010,536 (106,689)
2014 Q3 254,051 (1,646,833) (91,858) 683,629 5,209,526 (152,064)
2014 Q4 113,250 (2,258,026) 70,663 476,796 3,612,210 (138,971)
2015 Q1 ‐ (814,242) (44,902) 421,587 3,174,653 (97,105)
2015 Q2 31,291 (775,103) 261 287,446 2,718,548 (73,699)
2015 Q3 ‐ (697,396) (29,805) 132,446 2,123,792 (27,141)
2015 Q4 ‐ (201,675) 2,756 80,176 2,005,049 (21,882)
2016 Q1 ‐ (145,434) (23,094) 66,936 1,903,457 (11,198)
2016 Q2 310,157 (146,186) 10,724 90,248 2,168,400 (26,350)
2016 Q3 (162,376) (154,349) 4,169 16,641 1,872,485 (6,312)
2016 Q4 ‐ (193,648) 25,033 67,155 1,771,026 (3,372)
2017 Q1 ‐ (48,721) 87,912 31,165 1,841,382 67,106
2017 Q2 ‐ (241,181) 47,153 (59,703) 1,587,651 9,651
2017 Q3 ‐ (106,566) 44,552 (91,698) 1,433,940 27,748
2017 Q4 ‐ (463,009) 22,482 8,889 1,002,301 (2,181)
2018 Q1 ‐ (184,835) 45,343 (118,492) 744,318 23,261
2018 Q2 ‐ (155,078) 1,481 20,789 611,510 (2,978)
2018 Q3 ‐ (182,509) 7,577 (1,786) 434,791 2,051
2018 Q4 ‐ (45,611) 6,542 2,613 398,334 (3,104)
2019 Q1 ‐ ‐ 5,548 (1,890) 401,992 (461)
2019 Q2 ‐ ‐ (16,724) 26,936 412,205 (906)
2019 Q3 ‐ (36,489) 181 20,893 396,795 (1,620)
2019 Q4 ‐ (82,101) (626) 5,032 319,100 3,176
2020 Q1 ‐ ‐ 218 (44,985) 274,333 25,083
2020 Q2 ‐ (11,373) (317) 5,034 267,677 3,121
2020 Q3 ‐ ‐ 963 994 269,633 (88)
TOTAL 8,860,984
(13,448,872) (185,364) 5,042,880 269,633 (1,442,502)
CONFIDENTIAL 65
Investment Strategy: Global investments in distressed Total Value Multiple: 1.3x
commercial real estate debt and DPI: 1.0x
equity.

Quarter 3.9% 0.2% 5.7% 5.9% 0.9%
Year‐to‐Date (16.0%) 0.2% (23.7%) (23.6%) 0.8%
One‐Year (15.8%) 0.2% (23.5%) (23.4%) 2.5%
Two‐Year (5.5%) 1.7% (10.7%) (9.3%) 4.6%
Three‐Year 2.6% (0.0%) 1.3% 1.4% 5.6%
Five‐Year 7.6% 0.7% 8.4% 9.2% 6.8%
Since Inception 7.6% 0.7% 8.4% 9.2% 6.8%
4.2%
2.4% 0.9% 0.2%
3.7%
Other Real Estate
Residential Europe
Office Other U.S.
Hotel/Lodging Asia
Retail
92.8%
95.8%
CONFIDENTIAL 66
NET TOTAL
2015 Q4 13,107,137 ‐ (480,325) ‐ 12,626,812 (372,133)
2016 Q1 93,820 ‐ (110,467) 50,902 12,661,066 (133,434)
2016 Q2 246,124 ‐ 74,788 545,041 13,527,019 (50,249)
2016 Q3 7,366,730 (1,426,409) 156,011 888,156 20,511,508 (21,847)
2016 Q4 13,081,273 (2,978,677) 501,273 569,939 31,685,316 (353,991)
2017 Q1 1,334,833 (2,097,660) (193,787) 2,291,688 33,020,389 (584,287)
2017 Q2 631,244 (1,258,596) (350,498) 2,765,121 34,807,659 (784,177)
2017 Q3 ‐ (2,223,520) 539,251 1,028,960 34,152,350 (482,076)
2017 Q4 ‐ (5,957,355) (168,690) 1,056,682 29,082,987 (274,706)
2018 Q1 598,974 (343,033) (257,705) 1,950,525 31,031,748 (392,136)
2018 Q2 ‐ (426,245) (346,024) 1,525,510 31,784,989 (313,674)
2018 Q3 ‐ (293,672) (388,534) 2,575,768 33,678,550 (549,195)
2018 Q4 1,652,254 (2,996,443) 376,047 494,225 33,204,631 (183,458)
2019 Q1 ‐ (8,367,038) 393,509 681,222 25,912,325 (279,220)
2019 Q2 ‐ (4,495,619) 113,990 117,225 21,647,921 (47,396)
2019 Q3 ‐ (1,880,647) (19,722) (213,995) 19,533,557 72,558
2019 Q4 203,261 (1,777,134) (15,886) 40,475 17,984,272 (19,138)
2020 Q1 ‐ (293,672) (14,056) (3,982,329) 13,694,215 1,694,547
2020 Q2 ‐ (251,719) (15,243) 592,470 14,019,723 (225,490)
2020 Q3 576,044 (1,615,967) 13,201 501,032 13,494,033 (265,797)
TOTAL 38,891,694 (38,683,406) (192,869) 13,478,618 13,494,033 (3,565,300)
CONFIDENTIAL 67
Investment Strategy: Global investments in distressed Total Value Multiple: 0.9x
commercial real estate debt and DPI: 0.5x
equity.

Quarter 4.0% 0.2% 3.9% 4.1% 0.9%
Year‐to‐Date (11.8%) (0.1%) (11.3%) (11.4%) 0.8%
One‐Year (9.7%) (1.9%) (7.5%) (9.2%) 2.5%
Two‐Year (4.3%) (1.5%) 1.4% (0.1%) 4.6%
Three‐Year 0.8% (3.6%) 13.1% 9.4% 5.6%
Since Inception 0.0% 0.0% 12.0% 0.0% 5.8%
2.1%
9.5%
Residential
31.2% 31.6%
Other Real Estate
16.9%
Retail Europe
Office Asia
Industrial
17.1% 68.4%
Hotel/Lodging
23.2%
CONFIDENTIAL 68
NET TOTAL
2017 Q3 7,589,528 ‐ (2,093,027) ‐ 5,496,501 (1,660,151)
2017 Q4 595,597 (148,239) (696,840) 804,061 6,051,081 (289,200)
2018 Q1 1,466,285 (23,127) (248,775) 1,116,006 8,361,470 (289,062)
2018 Q2 ‐ (23,121) (178,039) 437,022 8,597,332 (288,990)
2018 Q3 1,930,390 (23,115) (461,782) (119,696) 9,923,129 (288,917)
2018 Q4 1,699,477 (3,813,531) (404,068) 115,387 7,520,393 (286,008)
2019 Q1 717,705 (640,930) (99,149) (109,382) 7,388,642 (278,835)
2019 Q2 (11,078) ‐ (187,477) 232,512 7,422,600 (57,426)
2019 Q3 557,881 ‐ (42,316) 597,376 8,535,540 (13,871)
2019 Q4 10,532,197 (2,002,905) (222,122) 488,348 17,331,061 (17,395)
2020 Q1 ‐ (3,044,415) (20,168) (3,125,037) 11,141,441 (22,733)
2020 Q2 669,457 (1,842,673) (48,475) 628,606 10,548,356 (17,784)
2020 Q3 ‐ (1,442,092) 4,053 399,732 9,510,049 (16,170)
TOTAL 25,747,439 (13,004,146) (4,698,185) 1,464,936 9,510,049 (3,526,541)
CONFIDENTIAL 69
Investment Strategy: Originate and service first mortgage Total Value Multiple: 1.2x
loans on middle‐market, value‐added DPI: 0.1x
and transitional commercial real estate
assets.

Quarter 1.3% 2.1% (0.5%) 1.6% 0.9%
Year‐to‐Date 5.5% 7.7% (1.0%) 6.6% 0.8%
One‐Year 7.6% 10.7% (0.9%) 9.7% 2.5%
Two‐Year 7.5% 11.2% (0.2%) 11.0% 4.6%
Three‐Year 8.3% 11.8% 0.4% 12.3% 5.6%
Since Inception 3.2% 26.5% 0.3% 26.9% 5.9%
1.6%
3.7% 1.9%
8.9%
Office
36.2% US East
Residential 21.6%
30.5% US West
Industrial
US South
Retail
62.4% US Midwest
Hotel/Lodging
33.3%
CONFIDENTIAL 70
NET TOTAL
2017 Q1 8,333,333 (22,260) (212,166) ‐ 8,098,907 (1,012,500)
2017 Q2 ‐ (135,046) 209,615 (466) 8,173,010 (202,500)
2017 Q3 4,333,333 (155,822) 206,314 ‐ 12,556,835 (202,500)
2017 Q4 6,000,000 ‐ 407,535 (521) 18,963,849 (202,500)
2018 Q1 ‐ (228,895) (15,574) ‐ 18,719,380 (202,500)
2018 Q2 ‐ (299,178) 420,681 13,177 18,854,060 (202,500)
2018 Q3 ‐ (608,328) 485,663 300,677 19,032,072 (202,500)
2018 Q4 ‐ ‐ 267,933 (2,495) 19,297,510 (262,036)
2019 Q1 ‐ (605,005) 312,110 (1,999) 19,002,617 (203,423)
2019 Q2 8,333,333 (309,922) 412,717 (1,596) 27,437,148 (225,990)
2019 Q3 ‐ (442,356) 581,028 (462) 27,575,359 (235,243)
2019 Q4 6,000,000 ‐ 586,861 (1,613) 34,160,607 (232,639)
2020 Q1 3,000,000 (1,016,206) 964,524 (93,798) 37,015,128 (192,951)
2020 Q2 ‐ ‐ 745,573 (167,308) 37,593,393 (118,872)
2020 Q3 ‐ (1,170,000) 655,805 (156,770) 36,922,429 (98,782)
TOTAL 35,999,999 (4,993,018) 6,028,619 (113,174) 36,922,429 (3,797,436)
CONFIDENTIAL 71
Investment Strategy: Invest in logistics real estate assets in Total Value Multiple: 1.9x
key U.S. Submarkets near airports, DPI: 0.2x
seaports and ground transportation
hubs that are critical to trade.

Quarter 4.6% 1.1% 3.8% 4.9% 0.9%
Year‐to‐Date 5.1% 0.8% 4.1% 4.9% 0.8%
One‐Year 10.3% 2.0% 8.8% 10.8% 2.5%
Two‐Year 13.0% 3.4% 10.8% 14.5% 4.6%
Three‐Year 14.5% 4.0% 12.0% 16.3% 5.6%
Five‐Year 15.5% 4.7% 12.7% 17.8% 6.8%
Since Inception 15.3% 4.8% 12.3% 17.5% 7.4%
12.1%
US West
18.9% US South
Industrial 48.4%
US East
US Midwest
20.6%
100.0%
CONFIDENTIAL 72
NET TOTAL
2015 Q2 25,000,000 ‐ 321,087 459,150 25,780,237 (147,629)
2015 Q3 176,356 (176,356) 343,346 398,763 26,522,346 (105,373)
2015 Q4 256,563 (256,563) 345,588 872,861 27,740,794 (197,157)
2016 Q1 272,212 (272,212) 343,451 198,908 28,283,154 (28,511)
2016 Q2 298,408 (298,408) 365,897 552,616 29,201,667 (92,976)
2016 Q3 278,301 (278,301) 397,414 455,418 30,054,499 (84,774)
2016 Q4 270,518 (270,518) 399,446 1,202,931 31,656,876 (306,096)
2017 Q1 329,544 (329,544) 387,744 884,864 32,929,484 (235,687)
2017 Q2 330,581 (330,581) 407,412 773,038 34,109,934 (272,773)
2017 Q3 272,385 (272,385) 405,972 1,994,382 36,510,288 (435,515)
2017 Q4 249,002 (249,002) 425,572 1,201,972 38,137,832 (233,379)
2018 Q1 308,146 (308,146) 441,455 926,581 39,505,868 (172,867)
2018 Q2 289,125 (289,125) 445,842 1,557,371 41,509,082 (323,612)
2018 Q3 291,718 (291,718) 460,506 928,511 42,898,099 (171,363)
2018 Q4 344,681 (344,681) 442,208 885,478 44,225,784 (186,377)
2019 Q1 495,369 (495,928) 486,163 811,521 45,522,909 (144,149)
2019 Q2 478,282 (478,282) 444,575 1,504,566 47,472,049 (280,704)
2019 Q3 412,312 (412,793) 554,931 1,669,081 49,695,643 (355,979)
2019 Q4 409,780 (409,780) 510,879 1,962,076 52,168,627 (326,692)
2020 Q1 413,068 (413,549) 413,866 794,163 53,376,174 (109,897)
2020 Q2 443,733 (443,733) (717,285) (234,314) 52,424,575 359,145
2020 Q3 423,597 (1,100,089) 528,112 1,856,284 54,132,480 (173,792)
TOTAL 32,043,681 (7,721,692) 8,154,182 21,656,221 54,132,480 (4,026,158)
CONFIDENTIAL 73
PRISA
Legal Structure: Insurance SMA Risk/Return: Core
Investment Strategy: Diversified equity portfolio primarily in Total Value Multiple: 1.7x
completed properties with strong cash DPI: 0.1x
flow and potential for appreciation.

Quarter 0.3% 1.0% (0.5%) 0.5% 0.9%
Year‐to‐Date 0.4% 3.0% (1.9%) 1.1% 0.8%
One‐Year 1.5% 4.1% (1.6%) 2.4% 2.5%
Two‐Year 3.7% 4.2% 0.4% 4.6% 4.6%
Three‐Year 5.0% 4.3% 1.6% 6.0% 5.6%
Five‐Year 6.2% 4.4% 2.6% 7.1% 6.8%
Since Inception 4.6% 5.2% 0.3% 5.5% 7.2%
7.4% 1.3%
7.5%
Office
14.9% 31.4% Industrial 19.5% US West
37.8%
Residential US East
Retail US South
20.6% Other Real Estate US Midwest

Land
24.4%
35.3%
CONFIDENTIAL 74
PRISA
NET TOTAL
2006 Q4 10,000,000 ‐ ‐ ‐ 10,000,000 ‐
2007 Q1 40,023,079 ‐ 125,061 256,116 50,404,256 (23,079)
2007 Q2 111,923 ‐ 643,682 2,321,789 53,481,649 (111,923)
2007 Q3 114,440 ‐ 632,574 1,618,954 55,847,617 (114,440)
2007 Q4 112,345 ‐ 688,506 282,912 56,931,379 (112,345)
2008 Q1 112,904 ‐ 651,179 (373,919) 57,321,544 (112,904)
2008 Q2 111,284 ‐ 631,957 (367,778) 57,697,007 (111,284)
2008 Q3 123,747 ‐ 645,080 (538,431) 57,927,403 (123,747)
2008 Q4 110,261 ‐ 585,679 (9,080,248) 49,543,096 (110,261)
2009 Q1 110,472 ‐ 523,878 (8,319,985) 41,857,460 (110,472)
2009 Q2 78,203 ‐ 670,435 (6,293,009) 36,313,089 (78,203)
2009 Q3 78,944 ‐ 624,069 (3,534,612) 33,481,491 (78,944)
2009 Q4 79,952 ‐ 579,379 (1,563,298) 32,577,523 (79,952)
2010 Q1 109,550 ‐ 538,285 (713,749) 32,511,610 (109,550)
2010 Q2 106,745 ‐ 496,321 1,962,452 35,077,128 (106,745)
2010 Q3 106,736 ‐ 483,864 499,066 36,166,794 (106,736)
2010 Q4 86,182 ‐ 472,715 1,853,828 38,579,519 (86,182)
2011 Q1 106,141 ‐ 420,096 1,625,891 40,731,647 (106,141)
2011 Q2 108,017 ‐ 453,861 1,430,515 42,724,039 (108,017)
2011 Q3 102,378 ‐ 475,316 1,177,552 44,479,286 (102,378)
2011 Q4 105,172 ‐ 494,238 861,186 45,939,883 (105,172)
2012 Q1 111,217 ‐ 493,533 901,568 47,446,201 (111,217)
2012 Q2 112,888 ‐ 509,531 508,013 48,576,632 (112,888)
2012 Q3 112,657 ‐ 507,812 241,402 49,438,502 (112,657)
2012 Q4 111,172 ‐ 556,596 275,792 50,382,062 (111,172)
2013 Q1 111,283 ‐ 537,752 1,008,595 52,039,693 (111,283)
2013 Q2 114,321 ‐ 614,499 1,017,385 53,785,899 (114,321)
2013 Q3 119,579 ‐ 577,132 1,281,963 55,764,572 (119,579)
2013 Q4 118,523 ‐ 626,689 1,274,466 57,784,250 (118,523)
2014 Q1 117,404 ‐ 563,749 737,418 59,202,821 (117,404)
2014 Q2 116,188 ‐ 587,157 1,236,281 61,142,447 (116,188)
2014 Q3 125,566 ‐ 678,086 1,137,532 63,083,631 (125,566)
2014 Q4 125,215 ‐ 659,319 1,626,271 65,494,436 (125,215)
2015 Q1 135,484 ‐ 676,494 1,298,330 67,604,745 (135,484)
2015 Q2 134,316 ‐ 711,543 1,353,407 69,804,011 (134,316)
2015 Q3 138,289 ‐ 700,643 2,582,512 73,225,455 (138,289)
2015 Q4 141,552 ‐ 738,969 1,446,605 75,552,582 (141,552)
2016 Q1 133,085 ‐ 714,231 816,729 77,216,626 (133,085)
2016 Q2 138,839 ‐ 749,061 600,723 78,705,249 (138,839)
2016 Q3 ‐ ‐ 715,735 639,176 80,060,160 (182,874)
2016 Q4 ‐ ‐ 693,510 1,077,393 81,831,063 (185,753)
CONFIDENTIAL 75
PRISA
NET TOTAL
2017 Q1 ‐ ‐ 727,633 310,387 82,869,084 (189,516)
2017 Q2 ‐ ‐ 747,016 421,363 84,037,462 (191,722)
2017 Q3 ‐ ‐ 763,147 906,077 85,706,687 (194,205)
2017 Q4 ‐ ‐ 774,331 657,752 87,138,769 (197,752)
2018 Q1 ‐ ‐ 749,432 1,150,102 89,038,303 (200,795)
2018 Q2 ‐ ‐ 788,446 619,853 90,446,602 (204,831)
2018 Q3 ‐ ‐ 740,091 1,223,099 92,409,792 (207,824)
2018 Q4 773,779 (773,779) 775,848 703,027 93,888,667 (211,996)
2019 Q1 787,102 (787,102) 761,687 740,214 95,390,568 (215,138)
2019 Q2 840,521 (840,521) 786,170 416,353 96,593,091 (218,330)
2019 Q3 815,813 (815,813) 883,087 388,144 97,864,324 (220,885)
2019 Q4 841,301 (841,301) 790,474 293,145 98,947,941 (223,587)
2020 Q1 847,394 (847,394) 770,073 646,824 100,364,838 (225,889)
2020 Q2 739,201 (739,201) 746,768 (2,062,394) 99,049,212 (222,689)
2020 Q3 789,322 (789,322) 763,490 (495,165) 99,317,538 (224,217)
TOTAL 60,650,484 (6,434,431) 35,015,908 10,085,575 99,317,538 (7,734,057)
CONFIDENTIAL 76
PRISA II
Legal Structure: Insurance SMA Risk/Return: Value Add
Investment Strategy: Diversified domestic value fund. Total Value Multiple: 1.8x
DPI: 0.1x

Quarter 0.1% 1.0% (0.6%) 0.4% 0.9%
Year‐to‐Date (1.6%) 3.0% (3.6%) (0.7%) 0.8%
One‐Year 0.3% 4.1% (2.5%) 1.5% 2.5%
Two‐Year 2.9% 4.1% 0.1% 4.1% 4.6%
Three‐Year 5.0% 4.1% 2.1% 6.2% 5.6%
Five‐Year 6.7% 4.3% 3.5% 7.9% 6.8%
Since Inception 3.4% 4.9% (0.4%) 4.5% 6.9%
2.3%
4.0%
Office
6.8%
Residential 24.0%
7.8%
36.2% US East
Retail 39.8%
US West
Land
18.2% US South
Other Real Estate
US Midwest
Industrial
26.9% Hotel/Lodging 33.9%
CONFIDENTIAL 77
PRISA II
NET TOTAL
2007 Q2 4,300,000 ‐ ‐ ‐ 4,300,000 ‐
2007 Q3 2,913,892 ‐ 41,964 80,976 7,336,832 (10,892)
2007 Q4 2,574,729 ‐ 74,283 57,990 10,043,834 (15,729)
2008 Q1 1,119,876 ‐ 84,898 (92,010) 11,156,598 (22,876)
2008 Q2 1,488,462 ‐ 118,304 (17,500) 12,745,864 (26,462)
2008 Q3 2,246,376 ‐ 134,898 (99,980) 15,027,158 (31,376)
2008 Q4 36,366 ‐ 161,243 (2,842,794) 12,381,973 (36,366)
2009 Q1 2,968,639 ‐ 140,846 (3,268,854) 12,222,604 (36,639)
2009 Q2 1,133,713 ‐ 202,590 (1,741,445) 11,817,462 (32,713)
2009 Q3 405,045 ‐ 188,218 (1,428,873) 10,981,852 (35,045)
2009 Q4 398,347 ‐ 169,272 (954,035) 10,595,436 (28,347)
2010 Q1 776,085 ‐ 133,001 (86,111) 11,418,411 (41,085)
2010 Q2 1,505,818 ‐ 160,134 733,839 13,818,202 (49,818)
2010 Q3 52,849 ‐ 138,443 807,679 14,817,173 (52,849)
2010 Q4 30,669 ‐ 184,842 772,513 15,805,197 (30,669)
2011 Q1 55,866 ‐ 150,046 665,403 16,676,512 (55,866)
2011 Q2 56,914 ‐ 193,817 670,068 17,597,311 (56,914)
2011 Q3 57,942 ‐ 181,306 669,801 18,506,359 (57,942)
2011 Q4 56,380 ‐ 190,834 326,930 19,080,504 (56,380)
2012 Q1 56,923 ‐ 160,785 655,793 19,954,005 (56,923)
2012 Q2 56,487 ‐ 181,548 485,764 20,677,804 (56,487)
2012 Q3 59,818 ‐ 184,178 366,033 21,287,832 (59,818)
2012 Q4 58,583 ‐ 195,755 282,059 21,824,229 (58,583)
2013 Q1 58,834 ‐ 169,986 222,730 22,275,779 (58,834)
2013 Q2 63,390 ‐ 201,462 521,836 23,062,467 (63,390)
2013 Q3 65,979 ‐ 227,094 635,791 23,991,331 (65,979)
2013 Q4 59,259 ‐ 214,000 871,050 25,135,640 (59,259)
2014 Q1 62,662 ‐ 197,656 569,255 25,965,213 (62,662)
2014 Q2 66,233 ‐ 239,331 599,544 26,870,320 (66,233)
2014 Q3 68,301 ‐ 247,426 601,155 27,787,203 (68,301)
2014 Q4 68,110 ‐ 260,748 594,423 28,710,483 (68,110)
2015 Q1 69,464 ‐ 240,094 713,556 29,733,597 (69,464)
2015 Q2 71,815 ‐ 282,784 697,299 30,785,495 (71,815)
2015 Q3 79,117 ‐ 298,897 1,147,165 32,310,674 (79,117)
2015 Q4 77,383 ‐ 335,231 1,022,242 33,745,530 (77,383)
2016 Q1 71,346 ‐ 289,350 480,487 34,586,713 (71,346)
2016 Q2 77,182 ‐ 344,944 504,609 35,513,448 (77,182)
2016 Q3 ‐ ‐ 291,930 443,423 36,248,802 (105,226)
2016 Q4 ‐ ‐ 318,165 573,297 37,140,265 (107,340)
2017 Q1 ‐ ‐ 267,229 79,028 37,486,521 (109,903)
2017 Q2 ‐ ‐ 288,000 470,964 38,245,484 (110,899)
CONFIDENTIAL 78
PRISA II
NET TOTAL
2017 Q3 ‐ ‐ 278,266 276,474 38,800,223 (113,081)
2017 Q4 ‐ ‐ 335,469 532,464 39,668,155 (114,676)
2018 Q1 ‐ ‐ 269,133 852,835 40,790,123 (117,171)
2018 Q2 ‐ ‐ 281,564 517,012 41,588,700 (120,397)
2018 Q3 ‐ ‐ 245,784 585,804 42,420,288 (122,693)
2018 Q4 322,691 (322,691) 319,912 170,706 42,910,906 (125,083)
2019 Q1 368,560 (368,560) 239,815 483,791 43,634,512 (126,494)
2019 Q2 380,224 (380,224) 338,261 174,182 44,146,955 (128,574)
2019 Q3 385,362 (385,362) 308,214 318,789 44,773,958 (130,048)
2019 Q4 382,426 (382,426) 330,116 500,023 45,604,097 (131,849)
2020 Q1 394,710 (394,710) 297,392 171,764 46,073,252 (134,237)
2020 Q2 285,277 (285,277) 316,566 (1,565,910) 44,823,907 (135,542)
2020 Q3 348,157 (348,157) 328,122 (267,554) 44,884,475 (131,994)
TOTAL 26,236,260 (2,867,406) 11,974,146 9,541,479 44,884,475 (3,934,061)
CONFIDENTIAL 79
Legal Structure: LLC Risk/Return: Opportunistic
Investment Strategy: Undervalued markets/assets and Total Value Multiple: 1.3x
portfolio management strategies DPI: 1.2x
generally unavailable to other
commercial real estate debt managers.

Quarter (0.0%) 0.3% (1.5%) (1.2%) 0.9%
Year‐to‐Date (4.1%) 0.9% (12.2%) (11.4%) 0.8%
One‐Year (5.4%) 1.8% (16.5%) (14.9%) 2.5%
Two‐Year (1.4%) 3.6% (11.1%) (7.8%) 4.6%
Three‐Year 3.6% 5.2% (3.6%) 1.4% 5.6%
Five‐Year 6.0% 6.7% (1.2%) 5.3% 6.8%
Since Inception 6.9% 7.3% 0.6% 7.9% 8.6%
2.0%
15.2%
Retail
34.4% Residential 33.9% US West
30.6%
Hotel/Lodging US Midwest
20.4%
Office US East
Industrial US South
Other Real Estate
33.0%
30.5%
CONFIDENTIAL 80
NET TOTAL
2013 Q3 15,212,400 ‐ (637,718) 104,891 14,679,573 (356,640)
2013 Q4 ‐ (5,399,077) 843,063 79,414 10,202,973 (76,637)
2014 Q1 ‐ ‐ 175,670 (111,453) 10,267,190 (76,510)
2014 Q2 7,316,086 (414,660) 423,133 167,499 17,759,248 (110,094)
2014 Q3 2,448,311 (381,947) 306,825 54,676 20,187,113 (47,426)
2014 Q4 ‐ (224,260) 269,158 382,496 20,614,507 (288,277)
2015 Q1 ‐ (250,263) 297,496 141,571 20,803,311 (80,702)
2015 Q2 ‐ (380,273) 282,680 499,655 21,205,373 (394,213)
2015 Q3 ‐ (3,221,501) 329,050 94,571 18,407,493 (59,126)
2015 Q4 3,672,466 (643,417) 210,495 31,345 21,678,382 92,242
2016 Q1 3,672,465 (197,164) 347,350 (202,127) 25,298,906 261,650
2016 Q2 ‐ (356,916) 588,303 (247,704) 25,282,589 33,460
2016 Q3 ‐ (354,612) 353,679 332,700 25,614,356 (110,231)
2016 Q4 ‐ (380,648) 479,795 737,053 26,450,556 (729,205)
2017 Q1 ‐ (394,140) 783,796 (164,848) 26,675,364 (141,564)
2017 Q2 ‐ (3,962,851) 469,807 307,999 23,490,319 (323,030)
2017 Q3 ‐ (2,643,542) 388,225 117,499 21,352,501 (105,789)
2017 Q4 ‐ (2,618,139) 410,711 207,078 19,352,151 (271,244)
2018 Q1 ‐ (2,428,541) 340,687 299,343 17,563,640 (328,558)
2018 Q2 ‐ (2,571,712) 270,850 408,725 15,671,503 (398,352)
2018 Q3 ‐ (5,348,488) 175,178 202,684 10,700,877 (185,452)
2018 Q4 21,285 (929,534) 109,255 (125,485) 9,776,398 165,884
2019 Q1 52,598 (1,217,572) 99,601 19,495 8,730,520 6,836
2019 Q2 28,870 (1,092,634) 95,813 (1,109) 7,761,460 15,372
2019 Q3 54,359 (1,740,318) 47,342 (20,995) 6,101,848 56,680
2019 Q4 50,487 (1,736,836) 27,202 (101,270) 4,341,431 132,513
2020 Q1 ‐ ‐ (1,281) (203,249) 4,136,901 250,591
2020 Q2 ‐ ‐ (4,671) 32,519 4,164,749 19,351
2020 Q3 ‐ ‐ (1,106) 1,050 4,164,693 49,041
TOTAL 32,529,327 (38,889,045) 7,480,388 3,044,023 4,164,693 (2,999,430)
CONFIDENTIAL 81
Investment Strategy: Invest across the entire spectrum of Total Value Multiple: 1.3x
debt and other interests relating to DPI: 0.9x
commercial real estate.

Quarter 0.7% 0.8% (1.1%) (0.3%) 0.9%
Year‐to‐Date (3.3%) 2.5% (12.4%) (10.1%) 0.8%
One‐Year 0.3% 4.3% (9.3%) (5.4%) 2.5%
Two‐Year 2.1% 6.3% (5.6%) 0.4% 4.6%
Three‐Year 7.3% 7.8% 0.3% 8.1% 5.6%
Five‐Year 9.5% 11.6% 2.2% 13.8% 6.8%
Since Inception 9.7% 40.5% 17.9% 50.6% 7.4%
6.0% 0.4%
13.9%
8.6% Residential

39.6%
Office 18.9% US Midwest
19.5%
Hotel/Lodging US South
Other Real Estate US East
Industrial
30.9%
27.6%
CONFIDENTIAL 82
NET TOTAL
2015 Q2 1,500,000 ‐ (41,488) 44,071 1,502,583 (121,772)
2015 Q3 ‐ ‐ 47,005 (70,793) 1,478,795 (90,000)
2015 Q4 3,000,000 ‐ 18,706 (41,059) 4,456,442 (90,000)
2016 Q1 ‐ ‐ 60,822 (132,443) 4,384,821 (90,000)
2016 Q2 ‐ ‐ 129,518 13,902 4,528,241 (90,000)
2016 Q3 1,500,000 ‐ 155,770 256,971 6,440,982 (112,840)
2016 Q4 1,500,000 ‐ 206,014 21,284 8,168,280 (170,683)
2017 Q1 ‐ ‐ 234,922 90,880 8,494,082 (234,998)
2017 Q2 3,000,000 (249,860) 326,251 167,920 11,738,393 (213,543)
2017 Q3 7,500,000 (223,528) 396,751 (45,006) 19,366,610 (177,937)
2017 Q4 ‐ (238,786) 405,176 240,691 19,773,691 (251,466)
2018 Q1 ‐ ‐ 419,599 424,883 20,618,173 (301,120)
2018 Q2 ‐ (294,982) 455,013 626,988 21,405,192 (360,500)
2018 Q3 ‐ (567,890) 477,632 414,902 21,729,836 (313,134)
2018 Q4 ‐ (309,054) 384,134 (560,780) 21,244,136 (45,839)
2019 Q1 3,000,000 (1,098,715) 344,560 (111,436) 23,378,545 (148,281)
2019 Q2 3,000,000 ‐ 348,772 139,087 26,866,404 (211,965)
2019 Q3 ‐ (10,899,829) 314,458 (3,622) 16,277,412 (114,313)
2019 Q4 ‐ (6,179,446) 177,276 299,826 10,575,068 (186,549)
2020 Q1 ‐ (1,941,807) 76,677 (437,848) 8,272,090 412,943
2020 Q2 ‐ ‐ 25,227 (45,839) 8,251,478 148,039
2020 Q3 ‐ ‐ 39,319 15,797 8,306,594 77,321
TOTAL 24,000,000 (22,003,897) 5,002,114 1,308,376 8,306,594 (2,686,637)
CONFIDENTIAL 83
Investment Strategy: Invest across the entire spectrum of Total Value Multiple: 1.0x
debt and other interests relating to DPI: 0.1x
commercial real estate.

Quarter 1.3% 1.3% 0.3% 1.6% 0.9%
Year‐to‐Date (5.8%) 4.9% (10.0%) (5.4%) 0.8%
One‐Year (2.8%) 7.6% (7.7%) (0.5%) 2.5%
Two‐Year (4.0%) 11.1% (6.7%) 3.9% 4.6%
Since Inception 0.7% 9.8% 3.3% 13.4% 5.4%
0.1%
6.2% 1.9%
10.0%
7.2% Residential US East
Office 15.0% US South
50.0% 51.4%
Other Real Estate US Midwest
Hotel/Lodging Other U.S.
22.5% Industrial 23.5% Foreign Other
CONFIDENTIAL 84
NET TOTAL
2018 Q1 6,000,000 ‐ (339,097) 71,278 5,732,181 (276,481)
2018 Q2 ‐ (1,616,794) (69,021) 243,538 4,289,904 (191,250)
2018 Q3 ‐ (580,557) (16,407) 667,657 4,360,597 (183,913)
2018 Q4 ‐ (360,513) 3,708 (590,818) 3,412,974 (168,750)
2019 Q1 ‐ (419,840) (35,727) 251,595 3,209,002 (168,750)
2019 Q2 19,505,574 ‐ (182,148) 289,733 22,822,161 (467,311)
2019 Q3 ‐ (5,887,889) 456,009 110,795 17,501,076 (211,266)
2019 Q4 11,250,000 ‐ 404,645 345,210 29,500,931 (482,702)
2020 Q1 13,360,019 (47,361) 409,503 (2,588,477) 40,634,615 60,170
2020 Q2 33,750,000 ‐ 797,656 (822,676) 74,359,595 (211,266)
2020 Q3 ‐ ‐ 723,503 231,014 75,314,112 (211,266)
TOTAL 83,865,593 (8,912,954) 2,152,624 (1,791,151) 75,314,112 (2,512,785)
CONFIDENTIAL 85
Target Return: 10% Distributions: $0
Investment Strategy: Invest primarily in first lien commercial Total Value Multiple: 1.0x
mortgages, mezzanine loans, senior DPI: 0.0x
and subordinate CMBS, CDOs backed
by commercial real estate and real
estate equity and preferred equity.

Quarter (2.6%) (0.7%) 0.9% 0.2% 0.9%
Year‐to‐Date (5.9%) (3.7%) 0.5% (3.2%) 0.8%
0.1%
4.3%
9.4%
11.9%
Residential US East
32.1% Office 37.3% US West
11.0%
Retail 20.8% US South
Hotel/Lodging US Midwest
19.4% Other Real Estate Other U.S.

Industrial Europe
23.6%
29.8%
CONFIDENTIAL 86
NET TOTAL
2020 Q2 7,500,000 ‐ (40,299) (4,306) 7,455,395 ‐
2020 Q3 ‐ ‐ (258,627) 64,062 7,260,830 (206,250)
TOTAL 7,500,000
‐ (298,926) 59,756 7,260,830 (206,250)
CONFIDENTIAL 87
Target Return: 1% > ODCE Distributions: $1,614,382
Investment Strategy: Invest in industrial, multifamily, office, Total Value Multiple: 1.0x
and retail properties in major U.S. DPI: 0.0x
metropolitan areas.

Quarter 0.4% 0.5% 0.3% 0.8% 0.9%
Year‐to‐Date (4.9%) 1.9% (5.9%) (4.1%) 0.8%
One‐Year (3.6%) 2.7% (5.2%) (2.6%) 2.5%
Two‐Year 0.7% 2.8% (0.8%) 2.0% 4.6%
Since Inception 0.7% 2.8% (0.8%) 2.0% 4.6%
0.2%
14.6% 14.7%
Residential
36.8% US West
40.5% Office
16.4% US East
21.6% Industrial
US Midwest
Retail
US South
Land
23.1% 32.1%
CONFIDENTIAL 88
NET TOTAL
2018 Q4 24,570,753 ‐ 100,420 207,469 24,878,642 (65,455)
2019 Q1 11,265,348 (164,104) 146,288 383,654 36,509,828 (90,855)
2019 Q2 13,499,229 (177,738) 193,630 466,966 50,491,916 (194,992)
2019 Q3 10,014,784 (245,690) 231,931 19,865 60,512,806 (177,537)
2019 Q4 6,940,467 (279,721) 356,831 521,605 68,051,988 (146,663)
2020 Q1 9,986,699 (410,027) 468,536 (132,858) 77,964,340 (229,001)
2020 Q2 ‐ ‐ 292,819 (4,791,700) 73,465,458 (180,470)
2020 Q3 337,102 (337,102) 226,770 98,739 73,790,967 (268,078)
TOTAL 76,614,382 (1,614,382) 2,017,225 (3,226,260) 73,790,967 (1,353,051)
CONFIDENTIAL 89
Investment Strategy: Target existing assets in need of Total Value Multiple: 1.2x
improvements and repositioning DPI: 0.5x
and/or have distressed capital
structures in select global markets.

Quarter 2.2% 0.2% 2.5% 2.7% 0.9%
Year‐to‐Date (0.6%) 0.7% (1.3%) (0.6%) 0.8%
One‐Year 2.6% 0.3% 3.1% 3.5% 2.5%
Two‐Year 8.8% (0.4%) 11.8% 11.4% 4.6%
Three‐Year 10.4% (0.9%) 15.9% 14.9% 5.6%
Since Inception 9.7% (3.1%) 21.3% 17.9% 6.2%
3.0%
8.0%
10.7%
Office
34.7% US West
Residential
18.0% 28.3% US East
47.1% Industrial
Europe
Hotel/Lodging
Asia
Retail
21.2%
29.0%
CONFIDENTIAL 90
NET TOTAL
2016 Q3 3,157,895 ‐ (149,852) 292,410 3,300,453 ‐
2016 Q4 3,796,138 ‐ (616,886) 567,635 7,047,340 (532,980)
2017 Q1 2,691,781 ‐ (242,284) 234,037 9,730,874 (165,465)
2017 Q2 167,303 (526,315) (239,566) 575,424 9,707,720 (185,484)
2017 Q3 6,379,668 (1,052,631) (273,948) 543,129 15,303,938 (192,041)
2017 Q4 169,142 (615,903) (300,307) 923,580 15,480,450 (275,019)
2018 Q1 4,271,348 ‐ (575,212) 999,588 20,176,174 (533,596)
2018 Q2 3,325,198 (1,347,368) (217,381) 776,927 22,713,550 (236,815)
2018 Q3 3,322,938 (1,789,473) (185,010) 941,181 25,003,186 (276,082)
2018 Q4 3,257,954 (1,536,843) (251,510) 1,025,809 27,498,596 (208,983)
2019 Q1 4,849,569 ‐ (203,289) 919,433 33,064,309 (193,458)
2019 Q2 3,303,000 (2,520,500) (251,354) 1,818,206 35,413,659 (421,974)
2019 Q3 5,935,659 ‐ (140,804) 1,711,613 42,920,127 (419,720)
2019 Q4 2,777,497 (14,096,314) (281,070) 1,427,769 32,748,012 (333,562)
2020 Q1 4,329,015 (2,631,579) (6,977) (996,640) 33,441,831 226,931
2020 Q2 2,224,109 (2,105,262) (68,088) 257,252 33,749,842 (62,931)
2020 Q3 3,507,090 (1,471,453) (51,603) 791,188 36,525,064 (190,075)
TOTAL 57,465,304 (29,693,641) (4,055,141) 12,808,541 36,525,064 (4,001,254)
CONFIDENTIAL 91
DEFINITIONS
Term Definition
Committed Capital An amount set by an investor and a fund manager, as the aggregate amount an investor will invest in the
private equity fund, over the life of the investment period. Committed Capital is presented net of any
commitment releases or expirations and reflects foreign currency exchange rate fluctuations.
Contribution Capital provided by the limited partners to pay a fund’s underlying investments, fees, and carried interest.
Distribution Cash or stock returned to the limited partners after the general partner has exited from an investment.
Stock distributions are sometimes referred to as "in‐kind" distributions. The partnership agreement governs
the timing of distributions to the limited partner, as well as how any profits are divided among the limited
partners and the general partner.
Distributions to Paid‐in The amount a partnership has distributed to its investors relative to the total capital contribution of the
Capital (“DPI”) fund. DPI is calculated as a Distributions divided by Contributions. Also referred to as the Realization Ratio.
Total Exposure Total Exposure represents the maximum exposure a portfolio has to a targeted sector, geography, or other
specific cut of the data.
Fair Market Value The fair value of an investment, as defined within each limited partnership agreement, yet in compliance
with the governmental regulation, generally prepared on a GAAP basis. Also referred to as Market Value.
Fund The investment vehicle, often a limited partnership, to which the limited partners commit capital.
Geography The region in which a portfolio company is located.
Internal Rate of Return A performance metric that measures total value created by the portfolio’s daily cash flows and market value
(“IRR") as of quarter‐end. The discount rate that equates the net present value (NPV) of an investment’s cash flows
with its cash outflows. IRR is net of fund manager’s fees, expenses, and carried interest.
Net Multiple (or Total A performance metric that measures total value created by the portfolio relative to capital invested, without
Value Multiple, “TVM”) consideration for time. Calculated as the total value of an investment, which is comprised of the current
market value of an investment plus the realizations generated from an investment, divided by the total
capital invested in an investment. This metric addresses one particular shortfall of the IRR calculation, in
that a high IRR over a short holding period is not necessarily attractive to a long‐term institutional investor.
Term Definition
Public Market Benchmarking metric which designs a set of analyses used in the Private Markets to evaluate the
Equivalent (“PME”) performance of Private Markets investments against a public benchmark or index. To perform the
public market analysis, StepStone will run a Direct Alpha analysis which will assume the cash flows to/from
each investment were used to invest into and out of the given index. Direct Alpha is an annualized excess
return, describing the relative performance of the private market investment to the stated index as
of the measurement date. The calculation is a dollar‐weighted return, based on the series of fund cash
flows and the residual value, discounted to a single point in time using the respective index returns. For
presentation purposes, StepStone provides the implied PME based on the Direct Alpha
methodology which subtracts/adds the out/underperformance from the net IRR which provides the
implied return of the public benchmark.
Realization (or The capital received from a portfolio company, generally flowing from the portfolio company to the
“Proceeds”) managing fund, in any dollar amount; however, generally for the sale of the investment, dividends or
interest payable, etc.
Sector A fund’s indicated investment focus, e.g. Buyout, Venture Capital, or Special Situations.
Unfunded
The total remaining commitment to a fund. Unfunded represents the aggregate remaining
commitments to partnership investments.
Vintage Year
The year of fund formation and first takedown of capital.

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13.

Presentation by StepStone Group – 2020 Third Quarter Real Estate

CURRENT PORTFOLIO TARGET TOTAL PLAN

Gross TWR Net TWR NCREIF (+50 bps)

Lone Star Real Estate Fund IV 13.6% Lone Star Real Estate Fund II 1.5x

40.0% 1.7x 2.0x

Core Value Add Opportunistic Core Value Add Opportunistic

Core 29.5% 70.5%

Value Add 59.4% 40.6%

Opportunistic 37.3% 62.7%

Total Portfolio 37.3% 62.7%

0% 25% 50% 75% 100%

INVESTMENT DEBT EQUITY

‐25.0% 0.0% 25.0% 50.0% 75.0% 100.0%

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW

($100.0m) (84.5) (84.5) (89.4)

($200.0m) (181.4) (188.2)

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW

Office Industrial Retail Residential Hotel/Lodging Other Real Estate

Private Equity Private Debt Public Debt Public Equity

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

0.9% 0.4% 1.2%

Net Gross Gross Gross

2.7% 2.0% 1.1% 1.1% 0.2% US West

Net Gross Gross Gross

Net Gross Gross Gross

2.6% 0.6% 0.5%

Net Gross Gross Gross

Net Gross Gross Gross

37.5% Retail 35.1% US Midwest

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

21.5% Office US East

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

20.6% Other Real Estate US Midwest

Net Gross Gross Gross

Net Gross Gross Gross

Net Gross Gross Gross

34.6% Retail US West

Net Gross Gross Gross

Net Gross Gross Gross

19.4% Other Real Estate Other U.S.

Net Gross Gross Gross

Net Gross Gross Gross