| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Delaware                                                       |   | 13-3949418                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 625 Madison Avenue, New York, New York                         |   | 10022                                |
| (Address of principal executive offices)                       |   | (Zip Code)                           |

| Securities registered pursuant to Section 12(b) of the Act: |
|-------------------------------------------------------------|
| None                                                        |

| Large accelerated filer | o      |                                          |   | Accelerated filer         | o      |
|-------------------------|--------|-----------------------------------------------|--------|---------------------------|--------|
|                    |   |                                          |   |                      |   |
| Non-accelerated filer   | o      | (Do not check if a smaller reporting company) |   | Smaller reporting company | þ |

----

|       |     |                                                                                           |   | Page   |
|------------|----------|------------------------------------------------------------------------------------------------|--------|--------|
| PART III   |     |                                                                                           |   |   |
|       | Item 10. | Directors, Executive Officers and Corporate Governance                                         |   | 3      |
|       | Item 11. | Executive Compensation                                                                         |   | 6      |
|       | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |   | 14     |
|       | Item 13. | Certain Relationships and Related Transactions, and Director Independence                      |   | 17     |
|       | Item 14. | Principal Accounting Fees and Services                                                         |   | 24     |
|       |     |                                                                                           |   |   |
|       |     |                                                                                           |   |   |
| PART IV    |     |                                                                                           |   |   |
|       | Item 15. | Exhibits, Financial Statement Schedules                                                        |   | 25     |
|       |     |                                                                                           |   |   |
|       |     |                                                                                           |   |   |
| SIGNATURES |     |                                                                                           |   |
|       |     |                                                                                           |   |   |
|       |     |                                                                                           |   |   |
| EX-31.1    |     |                                                                                           |   |   |
|       |     |                                                                                           |   |   |
|       |     |                                                                                           |   |   |
| EX-31.2    |     |                                                                                           |   |   |

----

----

|  Name         |   | Age    |   | Offices Held                                                   |   | Independence    |   | Year First Became Officer/Trustee |   | Term Expires   |
|--------------------|--------|--------|--------|----------------------------------------------------------------|--------|-----------------|--------|-----------------------------------|--------|----------------|
|               |   |   |   |                                                           |   |            |   |                              |   |           |
| Jerome Y. Halperin |   | 80     |   | Managing Trustee                                               |   | Independent     |   | 2003                              |   | 2012           |
| Robert L. Loverd   |   | 68     |   | Managing Trustee                                               |   | Independent     |   | 2003                              |   | 2011           |
| Robert A. Meister  |   | 69     |   | Managing Trustee                                               |   | Independent     |   | 2003                              |   | 2010           |
| Thomas W. White    |   | 72     |   | Managing Trustee                                               |   | Independent     |   | 2000                              |   | 2012           |
| Robert L. Levy     |   | 44     |   | President, Chief Financial Officer and Chief Operating Officer |   | Non Independent |   | 2006                              |   | 2010           |
| Andrew J. Weil     |   | 39     |   | Executive Managing Director                                    |   | Not applicable  |   | 2007                              |   | Not applicable |

----

| ·   | the Island Manager will provide executive management and strategic, restructuring and general advisory services to us; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | the Company will pay $5.0 million of advisory fees over the 12-month period beginning March 2010 for certain fund management review services.  In addition, during the term of the Island Management Agreement, the Company will pay a $5.0 million annual base management fee and an annual incentive fee based on EBITDA (as defined in the agreement). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name           |   | Age    |   | Office                      |
|----------------|--------|--------|--------|-----------------------------|
|           |   |   |   |                        |
| Robert L. Levy |   | 44     |   | Executive Managing Director |
| Andrew J. Weil |   | 39     |   | Executive Managing Director |

----

----

| Item 11.  Executive Compensation. |
|---------------------------------------------|

| (a)                                                                                     |   | (b)    |   | (c)        |    | (d)          |      | (e)                |   | (f)               |    | (g)                                    |   | (h)                                                                    |   | (i)                          |   | (j)       |
|-----------------------------------------------------------------------------------------|--------|--------|--------|------------|---------|--------------|-----------|--------------------|--------|-------------------|---------|----------------------------------------|--------|------------------------------------------------------------------------|--------|------------------------------|--------|-----------|
| Name and Principal Position                                                             |   | Year   |   | Salary ($) |    | Bonus ($)(1) |      | Stock Awards($)(2) |   | Option Awards ($) |    | Non-EquityIncentivePlanCompensation($) |   | Change inPension Valueand NonqualifiedDeferredCompensationEarnings ($) |   | All Other Compensation($)(3) |   | Total ($) |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |
| Marc D. Schnitzer                                                                       |   | 2009   |   | $          | 723,125 |         | $         | 22,289             |   | $                 | 91,195  |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 91,049 |   | $ | 927,658 |
| Former Chief Executive Officer and President                                            |   | 2008   |   | $          | 599,327 |         | $         | 359,639            |   | $                 | 282,397 |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 237,881 |   | $ | 1,479,244 |
|                                                                                    | 2007   |   | $      | 622,769    |    | $            | 1,100,000 |               | $      | 3,792,250         |    | $                                      | --     |                                                                   | $      | --                           |   | $         | -- |   | $ | 368,177 |   | $ | 5,883,196 |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
| Robert L. Levy                                                                          |   | 2009   |   | $          | 398,760 |         | $         | 12,297             |   | $                 | 50,785  |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 31,259 |   | $ | 493,101 |
| Chief Financial Officer and effective April 2010, Chief Operating Officer and President |   | 2008   |   | $          | 303,750 |         | $         | 274,352            |   | $                 | 160,024 |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 81,050 |   | $ | 816,176 |
|                                                                                    | 2007   |   | $      | 336,058    |    | $            | 670,000   |               | $      | 253,663           |    | $                                      | --     |                                                                   | $      | --                           |   | $         | -- |   | $ | 172,028 |   | $ | 1,431,749 |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
| Paul G. Smyth                                                                           |   | 2009   |   | $          | 340,385 |         | $         | 202,016            |   | $                 | 46,370  |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 12,659 |   | $ | 601,430 |
| Former Executive Managing Director                                                      |   | 2008   |   | $          | 295,385 |         | $         | 442,793            |   | $                 | 197,679 |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 107,790 |   | $ | 1,043,647 |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |       |    |         |      |               |   |              |    |                                   |   |                                                                   |   |                         |   |      |   |   |   |   |   |   |   |   |
| Andrew J. Weil                                                                          |   | 2009   |   | $          | 373,846 |         | $         | 12,297             |   | $                 | 68,681  |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 12,659 |   | $ | 467,483 |
| Executive Managing Director                                                             |   | 2008   |   | $          | 373,846 |         | $         | 241,352            |   | $                 | 188,263 |                                   | $      | --                                                                     |   | $                            | --     |      | $ | -- |   | $ | 99,708 |   | $ | 903,169 |

| (1) | The amounts in column (d) in 2009, 2008 and 2007 include the payments to the named executive officer under a plan by which certain employees participate in the profits we realize from investment funds we sponsor (see “Centerline REIT Incentive Compensation Plans” above.) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The amounts in column (e) reflects the aggregate grant date fair value, as computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation, of awards pursuant to the Company’s 1997 Amended and Restated Incentive Share Plan (the “1997 Plan”) and the Company’s 2007 Incentive Share Plan (the “2007 Plan”) (collectively, the “Incentive Share Plans”). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The amount shown in column (i) reflects for each named executive officer: |
|-----|---------------------------------------------------------------------------|

| Name                             |   | Year   |   | 401(k) Matching Contributions |   | Long-term Disability and Other Insurance Benefits |   | Distributions with Respect to Non-vested Share Grants |   | Tax Preparation and Financial Planning |    | Automobile or Transportation Allowances |   | Referral Bonus |   | Total  |   |
|----------------------------------|--------|--------|--------|-------------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|----------------------------------------|---------|-----------------------------------------|--------|----------------|--------|--------|--------|
|   Marc D. Schnitzer(1) |   | 2009   |   | $                             | 12,250 |                                              | $      | 4,799                                                 |   | $                                      | --      |                                    | $      | 49,000         |   | $      | 25,000 |   | $ | -- |   | $ | 91,049 |   |
|                             |   | 2008   |   | $                             | 11,500 |                                              | $      | 4,706                                                 |   | $                                      | 128,175 |                                    | $      | 68,500         |   | $      | 25,000 |   | $ | -- |   | $ | 237,881 |   |
|                             |   | 2007   |   | $                             | 11,250 |                                              | $      | 1,677                                                 |   | $                                      | 265,750 |                                    | $      | 64,500         |   | $      | 25,000 |   | $ | -- |   | $ | 368,177 |   |
|                             |   |   |   |                          |   |                                              |   |                                                  |   |                                   |    |                                    |   |           |   |   |   |   |   |   |   |   |   |   |
| Robert L. Levy                   |   | 2009   |   | $                             | 12,250 |                                              | $      | 409                                                   |   | $                                      | --      |                                    | $      | 600            |   | $      | 18,000 |   | $ | -- |   | $ | 31,259 |   |
|                             |   | 2008   |   | $                             | 11,500 |                                              | $      | 316                                                   |   | $                                      | 50,834  |                                    | $      | 400            |   | $      | 18,000 |   | $ | -- |   | $ | 81,050 |   |
|                             |   | 2007   |   | $                             | 11,250 |                                              | $      | 214                                                   |   | $                                      | 142,564 |                                    | $      | --             |   | $      | 18,000 |   | $ | -- |   | $ | 172,028 |   |
|                             |   |   |   |                          |   |                                              |   |                                                  |   |                                   |    |                                    |   |           |   |   |   |   |   |   |   |   |   |   |
| Paul G. Smyth(2)                 |   | 2009   |   | $                             | 12,250 |                                              | $      | 409                                                   |   | $                                      | --      |                                    | $      | --             |   | $      | --     |   | $ | -- |   | $ | 12,659 |   |
|                             |   | 2008   |   | $                             | 11,500 |                                              | $      | 316                                                   |   | $                                      | 95,974  |                                    | $      | --             |   | $      | --     |   | $ | -- |   | $ | 107,790 |   |
|                             |   |   |   |                          |   |                                              |   |                                                  |   |                                   |    |                                    |   |           |   |   |   |   |   |   |   |   |   |   |
| Andrew J. Weil                   |   | 2009   |   | $                             | 12,250 |                                              | $      | 409                                                   |   | $                                      | --      |                                    | $      | --             |   | $      | --     |   | $ | -- |   | $ | 12,659 |   |
|                             |   | 2008   |   | $                             | 11,500 |                                              | $      | 316                                                   |   | $                                      | 40,392  |                                    | $      | --             |   | $      | --     |   | $ | 47,500 |   | $ | 99,708 |   |

| (1) | Retired on April 15, 2010. |
|-----|----------------------------|

| (2) | Resigned effective March 5, 2010. |
|-----|-----------------------------------|

----

| (a)                        |   | (b)                                                             |   | (c)                                                               |   | (d)                                                                                    |   | (e)                     |   | (f)                  |   | (g)                                                    |    | (h)                                                          |   | (i)                                                                                        |   | (j)                                                                                                             |   |
|----------------------------|--------|-----------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|-------------------------|--------|----------------------|--------|--------------------------------------------------------|---------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|--------|
| Name                       |   | Number ofSecuritiesUnderlyingUnexercisedOptions (#) Exercisable |   | Number ofSecuritiesUnderlyingUnexercisedOptions (#) Unexercisable |   | EquityIncentive PlanAwards:Number ofSecuritiesUnderlyingUnexercisedUnearnedOptions (#) |   | OptionExercise Price($) |   | OptionExpirationDate |   | Number ofShares orUnits of StockThat HaveNot Vested(3) |    | Market Valueof Shares orUnits of StockThat HaveNot Vested(3) |   | EquityIncentive PlanAwards:Number ofUnearnedShares, Unitsor OtherRights ThatHave NotVested |   |  EquityIncentive PlanAwards:Market orPayout Valueof UnearnedShares, Unitsor OtherRights ThatHave NotVested |   |
|  Marc D. Schnitzer(1) |   | --                                                              |   | --                                                                |   | --                                                                                     |   |                    | --     |                 | --     |                                                   | 585,587 |                                                         | $      | 58,559                                                                                     |   | --                                                                                                              |   | -- |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
| Robert L. Levy             |   | --                                                              |   | --                                                                |   | --                                                                                     |   |                    | --     |                 | --     |                                                   | 321,057 |                                                         | $      | 32,106                                                                                     |   | --                                                                                                              |   | -- |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
| Paul G. Smyth(2)           |   | --                                                              |   | --                                                                |   | --                                                                                     |   |                    | --     |                 | --     |                                                   | 319,740 |                                                         | $      | 31,974                                                                                     |   | --                                                                                                              |   | -- |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
|                       |   |                                                            |   |                                                              |   |                                                                                   |   |                    |   |                 |   |                                                   |    |                                                         |   |                                                                                       |   |                                                                                                            |   |   |   |
| Andrew J. Weil(3)          |   | --                                                              |   | --                                                                |   | --                                                                                     |   |                    | --     |                 | --     |                                                   | 409,256 |                                                         | $      | 40,926                                                                                     |   | --                                                                                                              |   | -- |   |

| (1) | Retired on April 15, 2010. |
|-----|----------------------------|

| (2) | Resigned effective March 5, 2010. |
|-----|-----------------------------------|

| (3) | All vested on March 5, 2010. |
|-----|------------------------------|

----

|                                                     |                   |                                                                                                                                                    | Cash Severance Payment                                                                                                                                  |                                                                                               | Continuation of Medical/Welfare Benefits(present value) |                                                                                     | Acceleration and Continuation of Equity Awards                                           |   | Excise Tax Gross-Up |
|----------------------------------------------------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------------|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|--------|---------------------|
|                                                     |                   |                                                                                                                                                    |                                                                                                                                                    |                                                                                               |                                                    |                                                                                     |                                                                                     |   |                |
| Marc D. Schnitzer                                        | Termination Upon Death |                                                                                                                                                    | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                               | Nothing                                                 |                                                                                     | Any unvested restricted stock, promote units or options shall fully and immediately vest |   | No                  |
| Termination Upon Disability                              |                   | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 12 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | No     |
| Termination with Cause or without Good Reason            |                   | ●Nothing                                                                                                                                          |                                                                                                                                                    | Nothing                                                                                            |                                                    | Nothing                                                                                  |                                                                                     | No     |
| Termination without Cause or for Good Reason             |                   | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 12 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | No     |
| Termination in Connection with a Change of Control (COC) |                   | ●24 months of the Executive's then current salary●200% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 24 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | Yes    |
|                                                |                   |                                                                                                                                                    |                                                                                                                                                    |                                                                                               |                                                    |                                                                                     |                                                                                     |   |                |
| Robert L. Levy                                           | Termination Upon Death |                                                                                                                                                    | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                               | Nothing                                                 |                                                                                     | Any unvested restricted stock, promote units or options shall fully and immediately vest |   | No                  |
| Termination Upon Disability                              |                   | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 12 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | No     |
| Termination with Cause or without Good Reason            |                   | ●Nothing                                                                                                                                          |                                                                                                                                                    | Nothing                                                                                            |                                                    | Nothing                                                                                  |                                                                                     | No     |
| Termination without Cause or for Good Reason             |                   | ●12 months of the Executive's then current salary●100% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 12 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | No     |
| Termination in Connection with a Change of Control (COC) |                   | ●24 months of the Executive's then current salary●150% of the amount of the Executive's most recently declared and paid Discretionary Bonus |                                                                                                                                                    | 24 months or at the discretion of the Company, a cash payment can be made in lieu of such benefits |                                                    | Any unvested restricted stock, promote units or options shall fully and immediately vest |                                                                                     | No     |

----

|  Named Executive Officer                                                                                                                                                                                                  |   | Employment AgreementTermination Consideration |       | Potential Future Severance Payment |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|------------------------------------|--------|
|  Marc D. Schnitzer                                                                                                                                                                                                        |   | $                                             | 100,000.00 |                               | $      | 677,875 | (1) |
| Robert L. Levy                                                                                                                                                                                                                 |   | $                                             | 100,000.00 |                               | $      | 134,769 |   |
| Andrew J. Weil                                                                                                                                                                                                                 |   | $                                             | 100,000.00 |                               | $      | 255,692 |   |
| Paul G. Smyth                                                                                                                                                                                                                  |   | $                                             | 25,104.47  |                               | $      | 108,365 | (2) |
|  (1)Mr. Schnitzer received an actual severance payment of $750,000 as described in our Current Report on Form 8-K filed with the SEC on March 21, 2010.(2)Mr. Smyth did not receive a Potential Future Severance Payment. |   |

----

----

----

----

| Committee                 |   | Chair  |   |   | Member |   |
|---------------------------|--------|--------|--------|--------|--------|--------|
|                      |   |   |   |   |   |   |
| Audit                     |   | $      | 25,000 |   |   | $      | 15,000 |   |
| Compensation              |   | $      | 20,000 |   |   | $      | 12,000 |   |
| Nominating and Governance |   | $      | 15,000 |   |   | $      | 10,000 |   |
| Investment                |   | $      | 10,000 |   |   | $      | 7,000 |   |
| Finance                   |   | $      | 10,000 |   |   | $      | 7,000 |   |
| Oversight                 |   | $      | 35,000 |   |   | $      | 35,000 |   |

| (a)                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (b)                             |    | (c)               |   | (d)               |   | (e)                                        |   | (f)                                                                  |   | (g)                        |   | (h)       |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|-------------------|--------|-------------------|--------|--------------------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------|--------|-----------|--------|
| Name(1)                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Fees Earned or Paid in Cash ($) |    | Shares Awards ($) |   | Option Awards ($) |   | Non-Equity Incentive Plan Compensation ($) |   |  Change in Pension Value and Deferred Compensation Earnings ($) |   | All Other Compensation ($) |   | Total ($) |   |
|  Robert J. Dolan(2)                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                               | 53,500  |              | $      | 0                 |   | $                                          | --     |                                                                 | $      | --                         |   | $         | --     |   | $ | -- |   | $ | 53,500 |   |
| Jerome Y. Halperin                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                               | 134,083 |              | $      | 0                 |   | $                                          | --     |                                                                 | $      | --                         |   | $         | --     |   | $ | -- |   | $ | 134,083 |   |
| Robert L. Loverd                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                               | 193,489 |              | $      | 0                 |   | $                                          | --     |                                                                 | $      | --                         |   | $         | --     |   | $ | -- |   | $ | 193,489 |   |
| Robert A. Meister                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                               | 131,583 |              | $      | 0                 |   | $                                          | --     |                                                                 | $      | --                         |   | $         | --     |   | $ | -- |   | $ | 131,583 |   |
| Thomas W. White                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                               | 132,083 |              | $      | 0                 |   | $                                          | --     |                                                                 | $      | --                         |   | $         | --     |   | $ | -- |   | $ | 132,083 |   |
|  (1)   Mr. Schnitzer is not included in this table as he was a non-independent trustee and thus received no compensation for his services as trustee until he resigned from the Board in April 2010.  The compensation received by Mr. Schnitzer as an employee of the Company is shown in the Summary Compensation Table above.  (2)   Mr. Dolan resigned from the Board on June 23, 2009. |

----

|                                                                                                                                                                                                                                                                      | (a)                                                                                         |   | (b)                                                                        |   | (c)                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                      | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   | Weighted-averageexercise price of outstanding options, warrants and rights |   |  Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a)(1) |
|  Equity compensation plans approved by security holders                                                                                                                                                                                                              | 1,397,995                                                                                   |   | $                                                                          | 20.21  |                                                                                                                                               | 1,794,676 |
| Equity compensation plans not approved by security holders                                                                                                                                                                                                                | --                                                                                          |   |                                                                       | --     |                                                                                                                                               | -- |
|  Totals                                                                                                                                                                                                                                                              | 1,397,995                                                                                   |   | $                                                                          | 20.21  |                                                                                                                                               | 1,794,676 |
|  (1)   Our 2007 Incentive Share Plan authorizes us to issue options or other share-based compensation equal to 10% of the total shares outstanding (as defined in the plan) as of December 31 of the year preceding the issuance of new grants or options. |

| ·   | “Total Common Shares” consist of 58,422,417 shares outstanding as of April 15, 2010 but exclude 695,223 Series A CRA Preferred Shares, which are convertible into 695,223 Common Shares; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   |  “Series A Shares ” consist of the 19,324,622 shares of our Series A Shares outstanding as of April 15, 2010 which are convertible into 289,869,930 Common Shares; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | “Special Preferred Voting Shares” consist of 12,731,465 shares of our Special Preferred Voting Shares outstanding as of April 15, 2010. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name and Address                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Amount andNature ofBeneficialOwnership ofCommon Shares |   | Percent ofCommon SharesBeneficiallyOwned(1) |   | Amount andNature ofBeneficialOwnership ofSpecial PreferredVoting Shares |   | Number ofVoting Shares |   | Voting OwnershipPercentage(2) |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|---------------------------------------------|--------|-------------------------------------------------------------------------|--------|------------------------|--------|-------------------------------|--------|
| C-III Initial Assets LLC(3)717 Fifth AvenueNew York, NY  10022                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 139,663,545                                            |   | 40.1                                        | %      | --                                                                      |   | 139,663,545            |   | 38.7                          | %      |
| Related General II, L.P.(4)60 Columbus CircleNew York, NY 10023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 685                                                    |   | *                                           |   | 10,194,400                                                              |   | 10,195,085             |   | 2.8                           | %      |
| Related Special Assets LLC(5)60 Columbus CircleNew York, NY 10023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 34,915,875                                             |   | 10.0                                        | %      | --                                                                      |   | 34,915,875             |   | 9.7                           | %      |
| Stephen M. Ross60 Columbus CircleNew York, NY 10023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 36,594,205                                             | (6)    | 10.5                                        | %      | 10,194,400                                                              | (7)    | 45,788,605             |   | 12.9                          | %      |
| Jeff T. Blau60 Columbus CircleNew York, NY 10023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 35,176,560                                             | (8)    | 10.1                                        | %      | 10,234,400                                                              | (9)    | 45,410,960             |   | 12.6                          | %      |
| Bruce A. Beal60 Columbus CircleNew York, NY 10023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 34,925,060                                             | (10)   | 10.0                                        | %      | 10,194,400                                                              | (7)    | 45,119,460             |   | 12.5                          | %      |
| Weiss Multi-Strategy Advisers LLCOne State StreetHartford, CT 06103                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 3,500,000                                              |   | 6.0                                         | %      | --                                                                      |   | 2,929,600              |   | *                             |   |
|  *    Less than 1% of the outstanding Common Shares.(1)   Calculated in accordance with Rule 13d-3.(2)   Based on (i) Total Common Shares, (ii) Series A Shares, (iii) Special Preferred Voting Shares and (iv) with respect to each person’s percentage, the number of Common Shares such person has the right to acquire by option within 60-days.(3)   C-III Initial Assets LLC owns 9,310,903 of the Series A Shares, which will automatically convert into 139,663,545 Common Shares upon adoption of the Trust Amendment (as defined below).  C-III Initial Assets LLC shares voting and dispositive power with respect to such shares with C-III Capital Partners LLC, Island C-III Manager LLC, Anubis Advisors LLC, Island Capital Group LLC and Andrew L. Farkas.(4)   Related General II, L.P. is owned by The Related Companies L.P. (“TRCLP”).  Mr. Ross owns approximately 62% of TRCLP, Mr. Blau owns approximately 18% of TRCLP, and Bruce A.  Beal owns approximately 10% of TRCLP.(5)   Related Special Assets, LLC owns an option to purchase 2,327,725 Series A Shares that will automatically convert into an option to purchase 34,915,875 Common Shares upon adoption of the Trust Amendment (as defined below).  Mr. Ross shares voting and dispositive power with respect to such shares with Mr. Blau and Bruce A. Beal, as the terms of Related Special Assets’ operating agreement require that its investment and voting decisions must be unanimously approved by a committee of three persons, currently consisting of Mr. Ross, Mr. Blau and Mr. Beal.(6)   Includes direct beneficial ownership of 877,645 shares of Common Shares, direct beneficial ownership of an option to purchase 800,000 Common Shares exercisable within 60 days, indirect beneficial ownership of 34,915,875 Common Shares that could be acquired upon the exercise of the option held directly by Related Special Assets LLC (See Note (5)), and indirect beneficial ownership of 685 Common Shares owned by Related General II, L.P. (See Note (4)). In connection with the Island Transactions, the option to purchase 800,000 Common Shares will expire on May 20, 2010.(7)   Includes indirect voting and dispositive power with respect to 10,194,400 Special Preferred Voting Shares held directly by Related General II, L.P.(8)   Includes direct beneficial  ownership of 260,000 shares of Common Shares, indirect beneficial ownership of 34,915,875 Common Shares that could be acquired upon the exercise of the option held directly by Related Special Assets LLC (See Note (5)), and indirect beneficial ownership of 685 Common Shares owned by Related General II, L.P. (See Note (4)).(9)   Includes direct voting and dispositive power with respect to 40,000 Special Preferred Voting Shares held directly by Mr. Beal and indirect voting and dispositive power with respect to 10,194,400 Special Preferred Voting Shares held directly by Related General II, L.P.(10) Includes direct beneficial  ownership of 8,500 shares of Common Shares, indirect beneficial ownership of 34,915,875 Common Shares that could be acquired upon the exercise of the option held directly by Related Special Assets LLC (See Note (5)), and indirect beneficial ownership of 685 Common Shares owned by Related General II, L.P. (See Note (4)). |

----

| Name and Title                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Amount andNature ofBeneficial Ownership of Common Shares |   | Percent ofCommon Shares Beneficially Owned(1) |   | Amount andNature ofBeneficial Ownership of Special Preferred Voting Shares |   | Number of Voting Shares |   | Voting Ownership Percentage(2) |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|-----------------------------------------------|--------|----------------------------------------------------------------------------|--------|-------------------------|--------|--------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Marc D. SchnitzerFormer Managing Trustee, Chief Executive Officer and President                                                                                                                                                                                                                                                                                                                                                                       |   | 435,709                                                  | (3)    | *                                             |   |  864,229                                                              |   |  1,299,938         |   |                           | *      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Robert L. LevyManaging Trustee, President, Chief Financial Officer and Chief Operating Officer                                                                                                                                                                                                                                                                                                                                                        |   | 212,457                                                  |   | *                                             |   | --                                                                         |   |  212,457           |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Jerome Y. HalperinManaging Trustee (independent trustee)                                                                                                                                                                                                                                                                                                                                                                                              |   | 52,616                                                   |   | *                                             |   | --                                                                         |   | 52,616                  |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Robert L. LoverdManaging Trustee (independent trustee)                                                                                                                                                                                                                                                                                                                                                                                                |   | 75,587                                                   |   | *                                             |   | --                                                                         |   |  75,587            |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Robert A. MeisterManaging Trustee (independent trustee)                                                                                                                                                                                                                                                                                                                                                                                               |   | 81,535                                                   |   | *                                             |   | --                                                                         |   |  81,535            |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Thomas W. WhiteManaging Trustee (independent trustee)                                                                                                                                                                                                                                                                                                                                                                                                 |   | 21,372                                                   |   | *                                             |   | --                                                                         |   |  21,372            |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Paul G. SmythFormer Executive Managing Director                                                                                                                                                                                                                                                                                                                                                                                                       |   | 208,546                                                  |   | *                                             |   | --                                                                         |   | 208,546                 |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| Andrew J. WeilExecutive Managing Director                                                                                                                                                                                                                                                                                                                                                                                                             |   | 221,399                                                  | (4)    | *                                             |   |  73,136                                                               |   |  294,535           |   | *                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                     |   |                                          |   |                                                                       |   |                    |   |                           |   |
| All Executive Officers and Trustees of the Company as a group (8 persons)                                                                                                                                                                                                                                                                                                                                                                             |   | 1,309,221                                                |   | 2.2%                                          |   | 937,365                                                                    |   | 2,246,586               |   | *                              |   |
|  *    Less than 1% of the outstanding Common Shares.(1)   Based on Total Common Shares.(2)   Based on Total Common Shares plus (i) Series A Shares and (ii) Special Preferred Voting Shares.(3)   This total does not include 864,229 SCUs owned by Marc Associates, LP, of which Mr. Schnitzer owns 100%.(4)   This total does not include 73,136 SCUs owned directly by Mr. Weil.  |

----

| ·   | the Island Manager will provide executive management and strategic, restructuring and general advisory services to us; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | the Company will pay $5.0 million of advisory fees over the 12-month period beginning March 2010 for certain fund management review services.  In addition, during the term of the Island Management Agreement, the Company will pay a $5.0 million annual base management fee and an annual incentive fee based on EBITDA (as defined in the agreement). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | with or without cause by CCG at any time, or |
|--------|-----|----------------------------------------------|

|   | (ii) | for cause the applicable entities’ board, in each case without penalty and each upon 60 days’ prior written notice to the non-terminating party. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company’s co-investment, management interests in and loans receivable from the CMBS Fund II and CMBS Fund III and High-Yield Debt Fund Partnerships; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company’s CMBS and retained CMBS certificate investments; |
|--------------------|---------------------------------------------------------------------|

| ·   | The Company’s loan to AMAC and the Company’s co-investment and management interests in Centerline Urban Capital LLC; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | The member interest of the Company’s Centerline Servicing LLC (formerly “Centerline Servicing Inc.”) subsidiary; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company’s rights and obligations under collateral management agreements with respect to (1) two collateralized debt obligations (“CDO”s) in which the High-Yield Debt Fund Partnership invests and (2) AMAC’s CDO; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Servicing assets with respect to CMBS re-securitization transactions. |
|--------------------|-----------------------------------------------------------------------|

| ·   | $50.0 million in cash, including $33.9 million paid to us, $3.0 million of cash paid to third parties on the Company’s behalf, $3.1 million withheld by purchaser relating to certain assumed liabilities and $10.0 million placed in escrow; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | C-III’s assumption of $60.0 million of debt from the Company’s Term Loan and Revolving Credit Facility. |
|--------------------|---------------------------------------------------------------------------------------------------------------------|

----

| ·   | The termed-out portion of the Company’s Revolving Credit Facility ($208.0 million at December 31, 2009) was reduced by $70.5 million from the following sources: |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | $60.0 million assumed by C-III; |
|---------------|---------------------------------|

| o   | $5.0 million assumed by an affiliate of TRCLP (see The Related Companies L.P. below); and |
|---------------|-------------------------------------------------------------------------------------------|

| o   | $5.5 million the Company repaid at the time of the restructuring; |
|---------------|-------------------------------------------------------------------|

| ·   | The remaining balance of the termed-out portion of the Revolving Credit Facility ($137.5 million) is now a term loan (“Term Loan”) which matures in March 2017 with an interest rate of 3.0% over either the prime rate or LIBOR (at the Company’s election).  There are no scheduled repayments until December 2011.  Beginning at that time, the Company must repay $3.0 million per quarter until maturity; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The revolving credit facility (the “Revolving Credit Facility”) portion with a total capacity of $37.0 million, to be used for investments in LIHTC property investments or for working capital purposes.  As of March 31, 2010, $12.0 million in letters of credit were issued under the Revolving Credit Facility.  Once terminated, the amount of the Revolving Credit Facility associated with these letters of credit cannot be redrawn.  The Revolving Credit Facility matures in March 2015, bearing interest at 3.0% over either the prime rate or LIBOR (at the Company’s election); |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The facility has customary financial covenants, but excludes certain provisions that had been in the previous facility such as required asset sales and repayments based on specific cash flow streams.  The financial covenants are not effective immediately; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The new Term Loan and Revolving Credit Facility agreement contains restrictions on distributions.  Under the agreement the Company is generally not permitted to make any distributions except for preservation of REIT status and to the holders of the Centerline Equity Issuer Trust preferred shares. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ·   | CRESS recorded aggregate impairment charges of $3.3 million in 2009, of which the Company’s proportionate share is $0.2 million and of $63.9 million in 2008, of which the Company’s proportionate share is $3.2 million. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | CUC recorded an impairment charge of $18.0 million in 2008 of which the Company’s proportionate share is $0.5 million. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | AMAC recorded aggregate impairment charges of $50.7 million in 2008, which is one of the factors in determining the estimated recovery amount for the revolving credit facility the Company had extended (see above). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2009   |      |   | 2008   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|  Audit Fees(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $      | 4,435,850 |   |   | $      | 4,500,575 |   |
| Audit-Related Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | --        |   |   |   | -- |   |
| Tax Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | --        |   |   |   | -- |   |
| All Other Fees(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | --        |   |   |   | 60,000 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $      | 4,435,850 |   |   | $      | 4,560,575 |   |
|  (a)    Fees for audit services billed for 2009 and 2008 consisted of the audit of our annual financial statements and internal controls, reviews of our quarterly financial statements, comfort letters, consents and other services related to SEC matters.(b)    Other fees in 2008 are related to agreed upon procedures associated with the operations of Centerline Financial LLC, a subsidiary in our Credit Risk Products Group, and CUC. |   |

----

| PART IV              |
|----------------------|
| Item 15.             | Exhibits, Financial Statement Schedules. |
|  (a)(3)         | Exhibit Index: |
|  Exhibit Number |  Description of Document  |
|                 | 31.1 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
|                 | 32.1 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

----

| Date:  |   | April 30, 2010 |   | By:    |   | /s/ Robert L. Levy                                                                                                                        |
|--------|--------|----------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |           |   |   |   | Robert L. LevyPresident, Chief Operating Officer and Chief Financial Officer(Principal Executive Officer and Principal Financial Officer) |

| Date:  |   | April 30, 2010 |   | By:    |   | /s/ Robert L. Levy                                                                                                                        |
|--------|--------|----------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |           |   |   |   | Robert L. LevyPresident, Chief Operating Officer and Chief Financial Officer(Principal Executive Officer and Principal Financial Officer) |

----

| Signature                   |   | Title                          |   | Date           |
|-----------------------------|--------|--------------------------------|--------|----------------|
|  /s/ Robert L. Levy    |   |                           |   |           |
| Robert L. Levy              |   | Managing Trustee and President |   | April 30, 2010 |
|                        |   |                           |   |           |
| /s/ Jerome Y. Halperin      |   |                           |   |           |
| Jerome Y. Halperin          |   | Managing Trustee               |   | April 30, 2010 |
|  /s/ Robert L. Loverd  |   |                           |   |           |
| Robert L. Loverd            |   | Managing Trustee               |   | April 30, 2010 |
|  /s/ Robert A. Meister |   |                           |   |           |
| Robert A. Meister           |   | Managing Trustee               |   | April 30, 2010 |
|  /s/ Thomas W. White   |   |                           |   |           |
| Thomas W. White             |   | Managing Trustee               |   | April 30, 2010 |

| * | /s/ Robert L. Levy |
|---|--------------------|

----