McDowell Properties is a leading multifamily operating company in the United States. We acquire, reposition, asset manage, finance and perform construction management services on apartment projects across the country. The company has offices in Dallas, Denver, New York, Miami, San Francisco and Raleigh. Over the past 40 years, senior management has owned and operated over 120,000 apartment units in 41 of the 50 largest MSAs. Since inception of the multifamily strategy in 2004, we have acquired over $3BN of real estate assets. In addition, we have made investments in subordinate, commercial mortgage-backed securities representing $16BN of multifamily loans secured by over 232,000 units. We thrive in complex situations and are actively seeking new investment opportunities in all positions of the capital structure.