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|   |                                                                                                                                                                                           | Page              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|
|   |                                                                                                                                                                                           |              |
|   | Report      of Independent Registered Public Accounting Firm                                                                                                                                   | 2                 |
|   |                                                                                                                                                                                           |              |
|   | Balance      Sheets – As of November 20, 2009 (unaudited) and December 31,      2008                                                                                                     | 3                 |
|   |                                                                                                                                                                                           |              |
|   | Statements      of Operations – Period January 1, 2009 through November 20, 2009      (unaudited) and the Years ended December 31, 2008 and 2007      (unaudited)                        | 4                 |
|   |                                                                                                                                                                                           |              |
|   | Statements      of Changes in Members’ Capital – Period January 1, 2009 through November      20, 2009 (unaudited) and the Years ended December 31, 2008 and 2007      (unaudited) | 5                 |
|   |                                                                                                                                                                                           |              |
|   | Statements      of Cash Flows – Period January 1, 2009 through November 20, 2009      (unaudited) and the Years ended December 31, 2008 and 2007      (unaudited)                        | 6                 |
|   |                                                                                                                                                                                           |              |
|   | Notes      to Financial Statements                                                                                                                                                             | 7 –      12 |

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|                                        |   | (Unaudited) |   |   |   |   |
|---------------------------------------------|--------|-------------|--------|--------|--------|--------|
|                                        |   | 2009        |   |   | 2008   |   |
| ASSETS                                      |   |        |   |   |   |   |
|                                        |   |        |   |   |   |   |
| Cash      and cash equivalents              |   | $           | 2,302  |   |   | $      | 53 |   |
| Commercial      mortgage backed securities  |   |        | 4,082  |   |   |   | 2,571 |   |
| Payment      agreement receivable           |   |        | 10,557 |   |   |   | 8,534 |   |
| Other      investments                      |   |        | 1,994  |   |   |   | – |   |
| Accrued      interest and other assets      |   |        | 134    |   |   |   | 82 |   |
|                                        |   | $           | 19,069 |   |   | $      | 11,240 |   |
| LIABILITIES      AND MEMBERS’ CAPITAL |   |        |   |   |   |   |   |   |
|                                        |   |        |   |   |   |   |   |   |
| Other      liabilities                      |   | $           | 21     |   |   | $      | 21 |   |
|                                        |   |        |   |   |   |   |   |   |
|                                        |   |        |   |   |   |   |   |   |
| Members’      capital                 |   |        | 24,041 |   |   |   | 19,107 |   |
| Accumulated      other comprehensive loss   |   |        | (4,993 | )      |   |   | (7,888 | ) |
| Total      members’ capital           |   |        | 19,048 |   |   |   | 11,219 |   |
|                                        |   |        |   |   |   |   |   |   |
|                                        |   | $           | 19,069 |   |   | $      | 11,240 |   |

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|                                                                  |   | (Unaudited) |                                            |   |   |   |    | (Unaudited) |   |
|-----------------------------------------------------------------------|--------|-------------|-------------------------------------------------|--------|--------|--------|---------|-------------|--------|
|                                                                  |   | 2009        |                                            |   | 2008   |   |    | 2007        |   |
| Interest      income                                                  |   |        |                                            |   |   |   |    |        |   |
| Commercial mortgage backed      securities                            |   | $           | 769                                             |   |   | $      | 2,243   |        |   | $ | 2,600 |   |
| Payment agreement      receivable                                     |   |        | 1,589                                           |   |   |   | 1,608   |        |   |   | 1,744 |   |
| Cash and cash      equivalents                                        |   |        | 1                                               |   |   |   | 105     |        |   |   | 1,475 |   |
|                                                                  |   |        | 2,359                                           |   |   |   | 3,956   |        |   |   | 5,819 |   |
|                                                                  |   |        |                                            |   |   |   |    |        |   |   |   |   |
| Impairment      charges – commercial mortgage backed securities |   |        | (1,417                                          | )      |   |   | (7,278  | )           |   |   | – |   |
| Fair      value adjustments, net                                      |   |        | 4,017                                           |   |   |   | (7,391  | )           |   |   | (3,275 | ) |
| Administrative      and other expenses                                |   |        | (25                                             | )      |   |   | (59     | )           |   |   | (227 | ) |
|                                                                  |   |        |                                            |   |   |   |    |        |   |   |   |   |
| Net      income (loss)                                                |   | $           |        4,934 |   |   | $      | (10,772 | )           |   | $ | 2,317 |   |
|                                                                  |   |        |                                            |   |   |   |    |        |   |   |   |   |

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|                                                                           |   | Members’      Capital |    |   | Accumulated      Other Comprehensive Loss |   |    | Total      Members’ Capital |   |
|--------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|-------------------------------------------|--------|---------|-----------------------------------|--------|
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |
| Balance,      December 31, 2006                                                |   | $                           | 73,236  |   |                                      | $      | 17      |                              |   | $ | 73,253 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Net      income                                                                |   |                        | 2,317   |   |                                      |   | – |                              |   |   | 2,317 |   |
| Other      comprehensive income:                                               |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Change in market value of      securities                                      |   |                        | – |   |                                      |   | (1,256  | )                                 |   |   | (1,256 | ) |
| Reclassification adjustment for      impairment charges                        |   |                        | – |   |                                      |   | – |                              |   |   | – |   |
| Total      comprehensive income                                                |   |                        |    |   |                                      |   |    |                              |   |   | 1,061 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Interest      accrued on member note receivable                                |   |                        | (33     | )      |                                      |   | – |                              |   |   | (33 | ) |
| Payment      of accrued interest on member note receivable                     |   |                        | 37      |   |                                      |   | – |                              |   |   | 37 |   |
| Reduction      of member note receivable for services                          |   |                        | 184     |   |                                      |   | – |                              |   |   | 184 |   |
| Distributions                                                                  |   |                        | (36,530 | )      |                                      |   | – |                              |   |   | (36,530 | ) |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Balance,      December 31, 2007                                                |   |                        | 39,211  |   |                                      |   | (1,239  | )                                 |   |   | 37,972 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Net      loss                                                                  |   |                        | (10,772 | )      |                                      |   | – |                              |   |   | (10,772 | ) |
| Other      comprehensive income:                                               |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Change in market value of      securities                                      |   |                        | – |   |                                      |   | (14,872 | )                                 |   |   | (14,872 | ) |
| Reclassification adjustment for      impairment charges included in net income |   |                        | – |   |                                      |   | 7,278   |                              |   |   | 7,278 |   |
| Total      comprehensive loss                                                  |   |                        |    |   |                                      |   |    |                              |   |   | (18,366 | ) |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Cumulative      effect of adoption of SFAS 159                                 |   |                        | (945    | )      |                                      |   | 945     |                              |   |   | – |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Distributions                                                                  |   |                        | (8,387  | )      |                                      |   | – |                              |   |   | (8,387 | ) |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Balance,      December 31, 2008                                                |   |                        | 19,107  |   |                                      |   | (7,888  | )                                 |   |   | 11,219 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Net      income                                                                |   |                        | 4,934   |   |                                      |   | – |                              |   |   | 4,934 |   |
| Other      comprehensive income:                                               |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Change in market value of      securities                                      |   |                        | – |   |                                      |   | 1,478   |                              |   |   | 1,478 |   |
| Reclassification adjustment for      impairment charges included in net income |   |                        | – |   |                                      |   | 1,417   |                              |   |   | 1,417 |   |
| Total      comprehensive income                                                |   |                        |    |   |                                      |   |    |                              |   |   | 7,829 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |
| Balance,      November 20, 2009                                                |   | $                           | 24,041  |   |                                      | $      | (4,993  | )                                 |   | $ | 19,048 |   |
|                                                                           |   |                        |    |   |                                      |   |    |                              |   |   |   |   |

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|                                                                                           |   | (Unaudited) |    |   |   |   |    | (Unaudited) |   |
|------------------------------------------------------------------------------------------------|--------|-------------|---------|--------|--------|--------|---------|-------------|--------|
|                                                                                           |   | 2009        |    |   | 2008   |   |    | 2007        |   |
| Operating      activities:                                                                     |   |        |    |   |   |   |    |        |   |
| Net      income (loss)                                                                         |   | $           | 4,934   |   |   | $      | (10,772 | )           |   | $ | 2,317 |   |
| Adjustments      to reconcile net income (loss) to cash provided by operating      activities: |   |        |    |   |   |   |    |        |   |   |   |   |
| Amortization      and accretion of interest                                                    |   |        | (33     | )      |   |   | (1,160  | )           |   |   | (3,121 | ) |
| Impairment      on available-for-sale securities                                               |   |        | 1,417   |   |   |   | 7,278   |        |   |   | – |   |
| Reduction      of member note receivable for services                                          |   |        | – |   |   |   | – |        |   |   | 184 |   |
| Fair      value adjustments, net                                                               |   |        | (4,017  | )      |   |   | 7,391   |        |   |   | 3,275 |   |
| Net      change in other assets and other liabilities                                          |   |        | (52     | )      |   |   | 111     |        |   |   | 22 |   |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Net      cash provided by operating activities                                                 |   |        | 2,249   |   |   |   | 2,848   |        |   |   | 2,677 |   |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Investing      activities:                                                                     |   |        |    |   |   |   |    |        |   |   |   |   |
| Payments      received on investments                                                          |   |        | – |   |   |   | – |        |   |   | 1,624 |   |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Net      cash provided by investing activities                                                 |   |        | – |   |   |   | – |        |   |   | 1,624 |   |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Financing      activities:                                                                     |   |        |    |   |   |   |    |        |   |   |   |   |
| Contributions      from members                                                                |   |        | – |   |   |   | – |        |   |   | – |   |
| Distributions      to members                                                                  |   |        | – |   |   |   | (8,387  | )           |   |   | (36,530 | ) |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Net      cash (used in) provided by financing activities                                       |   |        | – |   |   |   | (8,387  | )           |   |   | (36,530 | ) |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |
| Net      (decrease) increase in cash and cash equivalents                                      |   |        | 2,249   |   |   |   | (5,539  | )           |   |   | (32,229 | ) |
| Cash      and cash equivalents at beginning of period                                          |   |        | 53      |   |   |   | 5,592   |        |   |   | 37,821 |   |
| Cash      and cash equivalents at end of period                                                |   | $           | 2,302   |   |   | $      | 53      |        |   | $ | 5,592 |   |
|                                                                                           |   |        |    |   |   |   |    |        |   |   |   |   |

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| ·   | Level      1 — Inputs are unadjusted, quoted prices in active markets for identical      assets or liabilities at the measurementdate. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level      2 — Inputs (other than quoted prices included in Level 1) are either      directly or indirectly observable for the asset or liability through      correlation with market data at the measurement date and for the duration      of the instrument’s anticipatedlife. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Level      3 — Inputs reflect management’s best estimate of what market participants      would use in pricing the asset or liability at the measurement      date.  Consideration is given to the risk inherent in the      valuation technique and the risk inherent in the inputs to the      model.  Generally, assets carried at fair value and included in      this category are commercial mortgage backed securities and the payment      agreement receivable. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                         |   | November      20, 2009 (Unaudited) |    |   | December      31, 2008 |   |
|------------------------------|--------|------------------------------------|---------|--------|------------------------|--------|
| Amortized      cost          |   | $                                  | 9,075   |   |                   | $      | 10,459 |   |
| Gross      unrealized gains  |   |                               | – |   |                   |   | 14 |   |
| Gross      unrealized losses |   |                               | (4,993  | )      |                   |   | (7,902 | ) |
| Fair value                   |   | $                                  | 4,082   |   |                   | $      | 2,571 |   |

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|                                    |   |            |   |   | Fair      Value Measurements |   |
|-----------------------------------------|--------|-----------------|--------|--------|------------------------------|--------|
|                                    |   | Fair      Value |   |   | Level      1                 |   |   | Level      2 |   |   | Level      3 |   |
| Assets:                                 |   |            |   |   |                         |   |   |   |   |   |   |   |
| CMBS                                    |   | $               | 4,082  |   |                         | $      | – |   |   | $ | – |   |   | $ | 4,082 |   |
| Payment agreement      receivable       |   |            | 10,557 |   |                         |   | – |   |   |   | – |   |   |   | 10,557 |   |
| Other investments                       |   |            | 1,994  |   |                         |   | – |   |   |   | – |   |   |   | 1,994 |   |
| Total assets carried at fair      value |   | $               | 16,633 |   |                         | $      | – |   |   | $ | – |   |   | $ | 16,633 |   |
|                                    |   |            |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |

|                                                        |   | Level      3 Fair Values |    |
|-------------------------------------------------------------|--------|--------------------------|---------|
|                                                        |   | CMBS                     |    |   | Payment      Agreement Receivable |   |   | Other      Investments |   |   | Total      Assets |   |
| Balance      at January 1, 2008                             |   | $                        | 16,283  |   |   | $ | 15,473 |   |   | $ | 451 |   |   | $ | 32,207 |   |
| Total      realized and unrealized gains (losses)           |   |                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in the statements of      operations               |   |                     | (7,278  | ) |   |   | (6,939 | ) |   |   | (451 | ) |   |   | (14,668 | ) |
| Included in other comprehensive      income (loss)          |   |                     | (7,594  | ) |   |   | – |   |   |   | – |   |   |   | (7,594 | ) |
| Purchases,      sales, issuances and other settlements, net |   |                     | 1,160   |   |   |   | – |   |   |   | – |   |   |   | 1,160 |   |
| Transfers      in and/or out of Level 3                     |   |                     | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Balance      at December 31, 2008                           |   |                     | 2,571   |   |   |   | 8,534 |   |   |   | – |   |   |   | 11,105 |   |
| Total      realized and unrealized gains (losses)           |   |                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in the statements of      operations               |   |                     | (1,417  | ) |   |   | 2,023 |   |   |   | 1,994 |   |   |   | 2,600 |   |
| Included in other comprehensive      income (loss)          |   |                     | 2,895   |   |   |   | – |   |   |   | – |   |   |   | 2,895 |   |
| Purchases,      sales, issuances and other settlements, net |   |                     | 33      |   |   |   | – |   |   |   | – |   |   |   | 33 |   |
| Transfers      in and/or out of Level 3                     |   |                     | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Balance      at November 20, 2009                           |   | $                        | 4,082   |   |   | $ | 10,557 |   |   | $ | 1,994 |   |   | $ | 16,633 |   |

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|                              |   | 2009      (Unaudited) |   |   | 2008      |   |
|-----------------------------------|--------|-----------------------|--------|--------|-----------|--------|
|                              |   | RecordedBasis         |   |   | FairValue |   |   | RecordedBasis |   |   | FairValue |   |
| Assets:                           |   |                  |   |   |      |   |   |   |   |   |   |   |
| CMBS                              |   | $                     | 4,082  |   |      | $      | 4,082 |   |   | $ | 2,571 |   |   | $ | 2,571 |   |
| Payment      agreement receivable |   |                  | 10,557 |   |      |   | 10,557 |   |   |   | 8,534 |   |   |   | 8,534 |   |
| Other      investments            |   |                  | 1,994  |   |      |   | 1,994 |   |   |   | – |   |   |   | – |   |

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