Mezzanine Lending

Affiliates Global Capital Resources and GCR Advisors (together "GCR"), through the NYLIM-GCR Fund-1 2002 L.P. (the "Fund"), provide fixed and variable rate senior and subordinated loans that typically range in size from $5 million to $50 million. The Fund offers borrowers a range of structured finance options including first and second mortgages, partnership loans, participating debt and interim facilities. In 2003, the Fund closed $121 million of equity and has a total capitalization of approximately $220 million. The Fund has made 24 investments as of December 31, 2005 that total approximately $343 million.

Gross asset value of $6.2 billion
Total origination value of $535 million
Net investment value of $343 million
Current portfolio balance of $166 million