managementsolutionsreceivership.commanagementsolutionsreceivership.com/wp-content/uploads/2014/06… · MSI Entities Exhibit 1 Listing of QuickBooks Accounting Files Comprising MSI

EXHIBIT “D”

Case 2:11-cv-01165-BSJ Document 2312-1 Filed 02/27/15 Page 1 of 272

















Exhibit 1


MSI Entities Exhibit 1Listing of QuickBooks Accounting Files Comprising MSI Entities

1 80th South Partners

2 Abbie Lakes 2005-2008

3 Abbie Lakes 2009-2011

4 AC Apartments

5 ACH Payments

6 Alpine Court

7 Alson

8 Amistad

9 Arboretum

10 Autumn Hills

11 Bare Smokey Trail

12 Baruja

13 Baytown Stonebrook

14 Bearfire GP Texas

15 Beleza Bay

16 Bison Bridge LLC

17 Blanca Winds

18 Blue Jay Apartments

19 Boca Raton

20 Boulder

21 BPJ Investments

22 BradSon

23 Bridge Point Cptl

24 Brookhaven

25 Brooklyn Crossing

26 Brooksedge

27 Brooksedge (2)

28 Brutace

29 Buffalo Run

30 Build Value

31 Business Pros

32 BW Acquisitions

33 Caddis Multi Family

34 Caddis Partners

35 Cala

36 Cam Cam

37 Canterra Park

38 Car Vala

39 Caspian Properties LLC

40 Castor Investments

41 Champion Capital

42 Chelby Park, LLC

43 Circle J Farms

44 City View

45 Clear Creek I

46 Clear Creek II

47 Clear Paradigm

QuickBooks File

Note: In some instances, two files were used for the same entity because each file contained the accounting records from different time periods.

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QuickBooks File


48 Cleburne Terrace

49 Cletace

50 Colonial Green

51 Colonial Red

52 Colonial Yellow

53 Cooper Glen

54 Cooper Street

55 Core Comm Advisors

56 Costa Azul

57 Council Properties

58 Country Villa III

59 Court & Villa

60 Courtyard Park

61 Courtyard Park I

62 Courtyard Park II

63 Creekside Northlake

64 D General

65 Den Glen

66 Den Town

67 Dezavala Oaks BW

68 Diamante Bruto

69 Dimazio

70 Discovery Grove

71 Discovery Point

72 Discovery Point II

73 Dixie Winds

74 Doah View

75 Dynamic Integrations

76 DZ Special

77 El Dorado Apartments

78 Encinito

79 Entrada

80 Escena Park

81 Escena Properties

82 Falcon Head Properties

83 FieldSon

84 Fountain Funding

85 Fountain Hills

86 Fountain Legacy

87 Fox Hollow Townhomes

88 Fred Ricks & Burg

89 Gateway Properties New

90 GB 2

91 Geyser Point

92 Golden J Insurance

93 Goodfellow Housing Partnership, Ltd

94 Goodson

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QuickBooks File


95 Goose Brook

96 Greater Fred (Highland Oaks)

97 Group Wise

98 Hairport Snow Winds, LLC

99 Haynes

100 High Star Ranch

101 HPI Investments

102 I-15 Storage, LLC

103 Ibis Gas Services

104 Inveness

105 Iosepa

106 Iron Woods Estates

107 Jake & Mac

108 Jake & Tate

109 Janison Investments

110 Jarustds

111 Jefferson Chase

112 Kamy Lakes

113 King George

114 King Sage

115 Kingson

116 Komo Mai Estates

117 Kula Estates

118 Kulia I Ka Nu'u Estates

119 La Maison

120 La Maison Sharon

121 La Villita_Garden Terrace

122 Lake Charlestonian

123 Lake Gran

124 Lake Hood LLC

125 Lake Ridge

126 Lakes Edge

127 Lamp Son

128 League 3

129 League Eleven

130 Legend Hills

131 Madison Chase 1031

132 Management Masters

133 Mandivo

134 Marvista

135 Mayo

136 McKamy Lake Sharon

137 Meadow Walk

138 Melson

139 Memphis Park

140 Mid America Airpark

141 Miraflores

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QuickBooks File


142 Mistema Bay

143 Monte Forte

144 Monterra Park

145 Motsarika

146 Mount Padre

147 MSI Corp

148 MSI Payroll (2)

149 MSI Savings

150 Mtn. Enterprises

151 Noallson

152 North Bass

153 North Spring Park

154 Oak City

155 Oak Hill

156 Oak Hill-1031

157 Oak Trails

158 Parcel 7 & 54

159 Parkwood Capital, LLC

160 Patriot American

161 Patriots' Dream

162 Pebble Lakes

163 Pepper Winds

164 Perpetual

165 Placentazyme Holdings

166 Platinum Controls

167 Platinum Protection

168 Plum Tree Partners

169 PocaTucson

170 Pronto Properties LLC

171 Providence Estates

172 Provident Point

173 Pryor Creek

174 QGS Investments

175 Quorum Insurance Company

176 Red Castle Inc.

177 Red Castle Ret

178 Red City

179 Reep Investments

180 Reese Road (2)

181 Reserve @ Abbie Lakes

182 Retama Hill

183 Retama Ranch

184 Retama Richards

185 Retama Rose

186 Retreat

187 Retreat @ Stonebridge Ranch

188 River Royal

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QuickBooks File


189 Rock City

190 Rose Hill

191 Rosons

192 Sagefield Duplexes

193 Sagewood Capital, LLC

194 Sagewood Insurance Company

195 SAL Rentals, Inc.

196 SalTucson

197 San Marina

198 Santana Springs

199 Satina

200 Sellson

201 Seneca Place

202 Serve International

203 Shenandoah Townhomes

204 Shepherds Point

205 Simjah Interest

206 Skypark

207 Smokey Trails

208 Snow Palm

209 Snow Winds

210 Socourt

211 Solar Bridge

212 Solar Sands

213 South Bass

214 Spartan Capital

215 Spring Financial LLC

216 Spring Gate

217 Squaw Springs

218 SSI Savings

219 Starwood Green Oak

220 Starwood Management Company

221 Starwood Payroll

222 Stone Brook Idaho

223 Stonebridge

224 Stonebrook @ Goosecreek

225 Summer Wind Apts

226 Summerwind Corp

227 Summit Shores

228 Sun Winds

229 Sunbury Ridge

230 Sunbury Ridge LLC

231 Sycamore Farms Sharon

232 Tate Farm

233 Teach & Save

234 Tennessee Park

235 Tetonian Properties

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QuickBooks File


236 Texas Apts

237 The Falls @ Towne Crossing

238 The Park at Northgate

239 The Reserve at Lake Granbury

240 Thunder Bay

241 Top Choice

242 Toscana Valley Ridge

243 Town Plaza

244 Towne Crossing New

245 Tuscany Villa 2

246 Upper Muddy River

247 V Austin Villas

248 Valley View

249 Valley View 1031

250 Valley View Residential

251 Verano Park

252 Villa Florence

253 Vintage Place

254 Vintage Place Mgmt

255 Volente City

256 WAJ & MBJ

257 Wakara Point

258 Wells & Vala

259 Westfield General, Inc.

260 Willow Park

261 Winkson

262 Wolf Son

263 Wool City

264 Wyndsor Court

265 Wyndurt

266 Yellow Rose

267 Zaca

*Other files discovered in our analysis were not included in this solvency analysis as they were determined to be either duplicative or irrelevant to the time periods presented.

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Exhibit 2


MSI Entities Exhibit 2Solvency Analysis - Fair ValueDecember 31, 2007 - December 31, 2011

Dec 31, 2007 Dec 31, 2008 Dec 31, 2009 Dec 31, 2010 Dec 31, 2011

Total Checking/Savings (1,230,751)$ (8,493,546)$ (1,888,239)$ 373,565$ 3,098,777$ Total Notes Receivable 30,183,209 38,688,261 49,013,207 58,201,296 57,925,000 Total Notes Receivable - Old 2,478,273 653,614 7,761,919 14,463,976 633,434 Total Investments 8,722,085 10,844,312 13,513,992 3,607,957 8,606,189 Total Real Estate 484,677,519 503,889,044 453,779,367 460,943,499 449,903,600 Total Other Assets 9,979,180 20,657,535 18,096,950 18,769,589 17,781,556 Total Assets 534,809,515 566,239,220 540,277,196 556,359,882 537,948,556

Total Notes Payable 266,567,813 309,086,495 388,253,116 343,735,810 292,914,900 Total Loans Payable 249,173,268 280,480,715 269,442,895 258,238,895 318,229,558 Total Other Long Term Liabilities 11,055,790 12,060,472 17,177,602 15,071,461 15,699,592 Total Liabilities 526,796,871 601,627,682 674,873,613 617,046,166 626,844,050

Total Equity (Deficit) 8,012,644$ (35,388,462)$ (134,596,417)$ (60,686,284)$ (88,895,494)$

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Exhibit 3


MSI Entities Exhibit 3Solvency Analysis as ofDecember 31, 2007

CombinedBalances at Consolidating Fair ValueDec 31, 07 Entries Ref. Adjustments Ref. Fair Value

Total Checking/Savings (1,230,751)$ -$ -$ (1,230,751)$ Total Notes Receivable 96,128,613 (60,249,675) #1 (5,695,729) #9 30,183,209 Total Notes Receivable - Old (27,619,538) 30,097,811 #1 - 2,478,273 Total Investments 153,236,635 (144,514,550) #2 - 8,722,085 Total Real Estate 498,592,108 (13,914,589) #2, 6, 7 - 484,677,519 Total Other Assets (9,192,667) 27,139,912 #3, 4, 5, 6, 7 (7,968,065) #9 9,979,180 Total Assets 709,914,400 (161,441,091) (13,663,794) 534,809,515

Total Notes Payable 177,953,753 (21,507,064) #1, 2, 3, 5 110,121,124 #10 266,567,813 Total Loans Payable 252,863,068 (3,689,800) #1 - 249,173,268 Total Other Long Term Liabilities (11,478,762) 22,534,552 #4, 8 - 11,055,790 Total Liabilities 419,338,059 (2,662,312) 110,121,124 526,796,871

Total Equity 290,576,341$ (158,778,779)$ #2, 8 (123,784,918)$ #9, 10 8,012,644$

Note 1: Additional information on the above consolidating entries and fair value adjustments are set forth in Exhibit 4.Note 2: We have note attempted to adjust real estate to fair value in 2007.

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Exhibit 4


MSI Entities Exhibit 4Adjusting Journal EntriesDecember 31, 2007

Ref. Consolidating Entries:Debit Credit

#1 Total Notes Receivable 430,947 60,680,622 Total Notes Receivable - Old 30,097,811 Total Notes Payable 26,462,064 Total Loans Payable 3,689,800

To eliminate intercompany assets and liabilities (see Exhibit 13).

#2 Total Investments 144,514,550 Total Real Estate 1,813,238 Total Notes Payable 2,045,000 Total Equity 140,656,312

To eliminate intercompany investments and equity (see Exhibit 14).

#3 Total Other Assets 6,000,000 Total Notes Payable 6,000,000

To reclassify negative Stonebridge asset to a liability, consistent with tax reporting (see Exhibit 17).

#4 Total Other Assets 4,412,085 Total Other Long Term Liabilities 4,412,085

To reclassify deffered gains reported as negative assets to a liability (see Exhibit 17).


To reclassify miscellaneous asset reported as a negative asset to a liability (see Exhibit 17).

#6 Total Other Assets 15,803,631 Total Real Estate 15,803,631

To reclassify depreciation and other real estate related assets with negative balances previously included in other assets (see Exhibit 17).

#7 Total Real Estate 75,804 Total Other Assets 75,804

To reclassify MSI Corp real estate previously included in other assets.

#8 Total Equity 18,122,467 Total Other Long Term Liabilities 18,122,467

To eliminate negative partner loans balances and other negative liabilites as reported by Retreat and Summerwind Corp.

Fair Value Adjustments:Debit Credit

#9 Total Notes Receivable 5,695,729 Total Other Assets 7,968,065 Total Equity 13,663,794

To write down notes receivable from Wendell Jacobson and other Jacobson individuals (see Exhibit 16).

#10 Total Notes Payable 110,121,124 Total Equity 110,121,124

To reclassify investor equity to debt (see Exhibit 15 and Exhibit 18).

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Exhibit 5




Total Checking/Savings (8,493,546)$ -$ -$ (8,493,546)$ Total Notes Receivable 135,953,209 (89,245,259) #1 (8,019,689) #8 38,688,261 Total Notes Receivable - Old (35,400,397) 36,054,011 #1 - 653,614 Total Investments 257,569,557 (246,725,245) #2 - 10,844,312 Total Real Estate 570,371,781 - (66,482,737) #9 503,889,044 Total Other Assets 1,304,285 24,501,606 #3, 4, 5, 6, 7 (5,148,356) #8 20,657,535 Total Assets 921,304,889 (275,414,887) (79,650,782) 566,239,220

Total Notes Payable 214,895,904 (45,446,448) #1, 2, 3, 5 139,637,039 #10 309,086,495 Total Loans Payable 282,770,515 (2,289,800) #1 - 280,480,715 Total Other Long Term Liabilities 7,648,387 4,412,085 #4 - 12,060,472 Total Liabilities 505,314,806 (43,324,163) 139,637,039 601,627,682

Total Equity 415,990,083$ (232,090,724)$ #2, 6, 7 (219,287,821)$ #8, 9, 10 (35,388,462)$

Note: Additional information on the above consolidating entries and fair value adjustments are set forth in Exhibit 6.

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Exhibit 6




#1 Total Notes Receivable 1 89,245,260 Total Notes Receivable - Old 36,054,011 Total Notes Payable 50,901,448 Total Loans Payable 2,289,800


#2 Total Investments 246,725,245 Total Notes Payable 1,545,000 Total Equity 245,180,245








#6 Total Other Assets 13,157,079 Total Equity 13,157,079

#7 Total Equity 67,558 Total Other Assets 67,558

To reclassify MSI Corp real estate previously included in other assets. As real estate was already adjusted to FMV (see below), equity has been adjusted.




#9 Total Real Estate 66,482,737 Total Equity 66,482,737

To adjust real estate book values to approximate fair market value based on valuation analysis of J. Philip Cook, MAI, CRE (see Exhibit 19).



To reclassify depreciation and other real estate related assets with negative balances previously included in other assets. As real estate was already adjusted to FMV (see below), equity has been adjusted (see Exhibit 17).

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Exhibit 7




Total Checking/Savings (1,888,239)$ -$ -$ (1,888,239)$ Total Notes Receivable 203,322,231 (152,019,681) #1 (2,289,343) #8 49,013,207 Total Notes Receivable - Old (33,556,134) 41,318,053 #1 - 7,761,919 Total Investments 268,704,588 (255,190,596) #2 - 13,513,992 Total Real Estate 602,296,632 - (148,517,265) #9 453,779,367 Total Other Assets 8,373,640 17,352,789 #3, 4, 5, 6, 7 (7,629,479) #8 18,096,950 Total Assets 1,047,252,718 (348,539,435) (158,436,087) 540,277,196

Total Notes Payable 337,035,045 (103,705,348) #1, 2, 3, 5 154,923,419 #10 388,253,116 Total Loans Payable 271,742,895 (2,300,000) #1 - 269,442,895 Total Other Long Term Liabilities 10,765,174 6,412,428 #4 - 17,177,602 Total Liabilities 619,543,114 (99,592,920) 154,923,419 674,873,613

Total Equity 427,709,604$ (248,946,515)$ #2, 6, 7 (313,359,506)$ #8, 9, 10 (134,596,417)$


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Exhibit 8




#1 Total Notes Receivable 5,269,901 157,289,582 Total Notes Receivable - Old 41,318,053 Total Notes Payable 108,401,628 Total Loans Payable 2,300,000











#7 Total Equity 9,361,737 Total Other Assets 9,361,737








To reclassify MSI Corp and The Reserve at Lake Granbury real estate previously included in other assets. As real estate was already adjusted to FMV (see below), equity has been adjusted.


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Exhibit 9



CombinedBalances at Consolidating Fair ValueDec 31, 10 Entries Ref. Adjsutments Ref. Fair Value

Total Checking/Savings 373,565$ -$ -$ 373,565$ Total Notes Receivable 211,563,651 (149,964,842) #1 (3,397,513) #7 58,201,296 Total Notes Receivable - Old (21,330,712) 35,794,688 #1 - 14,463,976 Total Investments 221,699,400 (218,091,443) #1, 2 - 3,607,957 Total Real Estate 521,993,410 - (61,049,911) #8 460,943,499 Total Other Assets 8,468,103 16,818,973 #3, 4, 5, 6 (6,517,487) #7 18,769,589 Total Assets 942,767,417 (315,442,624) (70,964,911) 556,359,882

Total Notes Payable 305,919,019 (106,465,549) #1, 2, 3 144,282,340 #9 343,735,810 Total Loans Payable 260,476,995 (2,238,100) #1 - 258,238,895 Total Other Long Term Liabilities 8,859,033 6,212,428 #4 - 15,071,461 Total Liabilities 575,255,047 (102,491,221) 144,282,340 617,046,166

Total Equity 367,512,370$ (212,951,403)$ #2, 5, 6 (215,247,251)$ #7, 8, 9 (60,686,284)$


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Exhibit 10




#1 Total Notes Receivable 2,671,288 152,636,130 Total Notes Receivable - Old 35,794,688 Total Investments 2,080,225 Total Notes Payable 109,851,829 Total Loans Payable 2,238,100



















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Exhibit 11




Total Checking/Savings 3,098,777$ -$ -$ 3,098,777$ Total Notes Receivable 134,523,384 (76,749,817) #1 151,433 #7 57,925,000 Total Notes Receivable - Old (166,566) 800,000 #1 - 633,434 Total Investments 227,795,290 (219,189,101) #1, 2 - 8,606,189 Total Real Estate 517,908,382 - (68,004,782) #8 449,903,600 Total Other Assets 9,797,093 16,707,273 #1, 3, 4, 5, 6 (8,722,810) #7 17,781,556 Total Assets 892,956,360 (278,431,645) (76,576,159) 537,948,556

Total Notes Payable 232,145,338 (67,145,956) #1, 2, 3 127,915,518 #9 292,914,900 Total Loans Payable 320,529,558 (2,300,000) #1 - 318,229,558 Total Other Long Term Liabilities 9,487,164 6,212,428 #4 - 15,699,592 Total Liabilities 562,162,060 (63,233,528) 127,915,518 626,844,050

Total Equity 330,794,300$ (215,198,117)$ #2, 5, 6 (204,491,677)$ #7, 8, 9 (88,895,494)$


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Exhibit 12




#1 Total Notes Receivable 8,002,207 84,752,024 Total Notes Receivable - Old 800,000 Total Investments 972,325 Total Other Assets (111,700) Total Notes Payable 72,789,192 Total Loans Payable 2,300,000


#2 Total Investments 220,161,426 Total Notes Payable 356,764 Total Equity 219,804,662









#7 Total Notes Receivable (151,433) Total Other Assets 8,722,810 Total Equity 8,571,377








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Exhibit 13


MSI Entities Exhibit 13Solvency - Intercompany Receivables Adjustment DetailAs of December 31, 2007

Entity Note Receivable 12/31/2007Intercompany Amount Difference Category

Abbie Lakes 2005-2008 COUNCIL PROPERTIES - - - Abbie Lakes 2005-2008 INS & OUTS - - - Abbie Lakes 2005-2008 T BAY - - - Abbie Lakes 2005-2008 TEXAS APTS - - - Abbie Lakes 2005-2008 WAJ,GPJ,EKJ - - - Abbie Lakes 2007-2011 BROOKSEDGE - - - Abbie Lakes 2007-2011 INS & OUTS - - - Abbie Lakes 2007-2011 JAKE & MAC - - - Abbie Lakes 2007-2011 JEFFERSON CHASE - - - Abbie Lakes 2007-2011 THUNDER BAY - - - AC Apartments AC APARTMENTS INC 100.00 - 100.00 AC Apartments CLEBURNE TERRACE 1,806,604.00 1,806,605.07 (1.07) Total Notes ReceivableAC Apartments COUNCIL PROPERTIES 600,000.00 600,000.00 - Total Notes PayableAC Apartments ENCINITO APTS - - - AC Apartments HIGHLAND OAKS - - - AC Apartments INS & OUTS - - - AC Apartments OAK HILL APTS - - - AC Apartments PARTNERS - - - AC Apartments SAN ANTONIO APARTMENTS - - - AC Apartments SQUAW SPRINGS - - - AC Apartments TEXAS APTS - - - AC Apartments THUNDER BAY - - - AC Apartments WAJ,GPJ,EKJ 438,000.00 [A] - Total Equity (Deficit)Alpine Court CYD PARK I - - - Alpine Court DIAMANTE BRUTO - - - Alpine Court INS & OUTS - - - Alson COUNCIL PROPERTIES, LLC - - - Alson INS & OUTS - - - Alson T BAY - - - Amistad INS & OUTS - - - Amistad MIKE & JOANN FROELING 400,000.00 - 400,000.00 Third-PartyAmistad THUNDER BAY - - - Arboretum BLUE JAY - - - Arboretum BROOKHAVEN 595.00 - 595.00 Arboretum CLEBURNE TERRACE APTS 1,890.00 - 1,890.00 Arboretum DEZAVALA OAKS APTS - - - Arboretum INS & OUTS - - - Arboretum PROVIDENCE - - - Arboretum REESE ROAD - - - Arboretum SAGEFIELD - - - Arboretum WYNDSOR COURT - - - Autumn Hills COUNCIL PROPERTIES - - - Autumn Hills INS & OUT - - - Autumn Hills T BAY - - - Baytown @ Stonebrook COUNCIL PROPERTIES - - - Baytown @ Stonebrook STONEBROOK 1 - - - Beleza Bay TBAY 2,990,000.00 2,990,000.00 - Total Notes Receivable OldBeleza Bay WAJ,GPJ,EKJ 126,272.16 [A] - Total Equity (Deficit)Blanca Winds INS AND OUTS - - - Blanca Winds MANAGMENT SOLUTIONS - - - Blanca Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayableBlanca Winds THUNDER BAY 225,000.00 225,000.00 - Total Notes Receivable OldBlue Jay Apartments ARBORETUM - - - Blue Jay Apartments BLUE JAY - - - Blue Jay Apartments INS AND OUTS - - - Blue Jay Apartments MOUNTAIN ENTERPRISES 1,500,000.00 1,500,000.00 - Total Notes PayableBlue Jay Apartments THUNDER BAY - - - Boca Raton CREEKSIDE @ NORTHLAKE - - - Boca Raton INS & OUTS - - - Boca Raton MSI - - -

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Boca Raton PLATINUM PROTECTION - - - Boca Raton SQUAW SPRINGS - - - Boca Raton TEXAS APTS - - - Boca Raton THUNDER BAY - - - Boca Raton WAJ,GPJ,EKJ - - - Boulder ACE ROBISON 57,000.00 - 57,000.00 Third-PartyBoulder INS & OUTS - - - Boulder MGT SOL INC - - - Boulder PLATINUM PROTECTION - - - Boulder SCOTT & ELLEN DALEY - - - Boulder SQUAW SPRINGS INC - - - Boulder T BAY - - - Boulder TEXAS APTS - - - Boulder VILLA FLORENCE - - - Boulder WAJ GPJ EKJ - - - Boulder WOOL CITY - - - BPJ Investments INS & OUTS - - - BPJ Investments TBAY - - - Bradson COUNCIL 380 - - - Bradson INS AND OUTS - - - Bradson NOTES RECEIVABLE - Other - - - Bradson T BAY 1,061,000.00 3,201,000.00 (2,140,000.00) Total Notes Receivable OldBradson WAJ - - - Bridge Point Capital BOCA DIXIE SUN - - - Bridge Point Capital DAVID CHESTON MADSEN - - - Bridge Point Capital ESCENA - - - Bridge Point Capital ESCENA PROPERTIES - - - Bridge Point Capital INS & OUTS - - - Bridge Point Capital JARON DAVIS - - - Bridge Point Capital PRYOR CREEK - - - Bridge Point Capital SOUTH BASS LLC - - - Bridge Point Capital TAXES - - - Bridge Point Capital TX APTS - - - Bridge Point Capital VARIOUS - - - Brookhaven ARBORETUM - - - Brookhaven COUNCIL PROPERTIES - - - Brookhaven INS AND OUTS - - - Brookhaven MANAGEMENT MASTERS 1,900,000.00 1,900,000.00 - Total Notes Receivable OldBrookhaven MSI - - - Brookhaven THUNDER BAY 3,500,000.00 - 3,500,000.00 Brookhaven WAJ,GPJ,EKJ - - - Brooksedge INS & OUTS - - - Brooksedge THUNDER BAY - - - Brooksedge (2) ABBIE LAKES - - - Brooksedge (2) INS & OUTS - - - Brooksedge (2) JAKE & MAC - - - Brooksedge (2) JEFFERSON CHASE - - - Brooksedge (2) T BAY - - - Brooksedge (2) TEXAS APARTMENTS - - - Brutace INS & OUTS - - - Brutace THUNDER BAY (58,000.00) (58,000.00) - Total Notes Receivable OldBrutace WAJ, EKJ, GPJ - - - Build Value INS & OUTS - - - Build Value NOTES RECEIVABLE - Other - - - Build Value THUNDER BAY - - - Business Pros ENTITIES - - - Business Pros THUNDER BAY 774,000.00 774,000.00 - Total Notes Receivable OldBusiness Pros WAJ - - - Cala GATEWAY PROPERTIES - - - Cala PATRIOTS DREAM - - -

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Cala THUNDER BAY - - - Cam Cam BOULDER DEV - - - Cam Cam INS & OUTS 825,000.00 825,000.00 - Total Notes PayableCam Cam JAKE & TATE - - - Cam Cam MGT SOL - - - Cam Cam MIRAFLORES - - - Cam Cam SHEPHERDS POINT - - - Cam Cam T BAY 2,500,000.00 2,500,000.00 - Total Notes Receivable OldCam Cam TEXAS APARTMENTS - - - Cam Cam VILLA FLORENCE - - - Cam Cam WAJ,GPJ & EKJ - - - Cam Cam WAKARA POINT - - - Canterra Park CLOSING - - - Canterra Park INS & OUTS - - - Canterra Park MONTERRA - - - Canterra Park SPARTAN - - - Car Vala BOCA RATON LLC - - - Car Vala INS & OUTS - - - Car Vala MSI - - - Car Vala T BAY 2,071,000.00 2,071,000.00 - Total Notes Receivable OldCar Vala WAJ,GPJ,EKJ - - - Champion Capital CASH ZONE, LLC - - - Champion Capital COUNCIL PROPERTIES - - - Champion Capital DEZAVALA - - - Champion Capital INS AND OUTS (77,225.70) - (77,225.70) Champion Capital L HENSON - - - Champion Capital MGT SOL INC - - - Champion Capital NAPLES DR OFFICE RUBLES - - - Champion Capital PROMISSORY NOTES 10,186.40 - 10,186.40 Champion Capital SAMUEL ASTON - - - Champion Capital SCOT STOBBE - - - Champion Capital TALLAHASSEE WIDOWER HO - - - Champion Capital TEXAS APTS - - - Champion Capital THUNDER BAY (404,000.00) (404,000.00) - Total Notes Receivable OldChampion Capital WAJ, GPJ, EKJ - - - Chelby Park LLC NOTES RECEIVABLE - Other - - - Chelby Park LLC PARTNERS - - - Chelby Park LLC THUNDER BAY - - - Chelby Park LLC WAJ GPJ EKJ - - - Circle J Farms A C APTS - - - Circle J Farms INS & OUTS 3,655.00 - 3,655.00 Circle J Farms MSI - - - Circle J Farms NOTES RECEIVABLE - Other - - - Circle J Farms SQSP - - - Circle J Farms T BAY - - - Circle J Farms TEXAS APTS - - - Circle J Farms VILLA FLORENCE - - - Circle J Farms WAJ,GPJ,EKJ,SRD - - - City View COUNCIL PROPERTIES (2,070,707.00) (1,639,760.89) (430,946.11) Total Notes ReceivableCity View INS & OUTS - - - City View MANAGEMENT SOLUTIONS - - - City View RR BECK PROPERTIES - - - City View THUNDER BAY - - - Clear Creek I ARBORETUM - - - Clear Creek I INS & OUTS - - - Clear Creek I PARTNERS - - - Clear Creek I THUNDER BAY - - - Clear Creek II ARBORETUM - - - Clear Creek II PARTNERS - - - Clear Creek II THUNDER BAY - - -

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Clear Paradigm COUNCIL PROPERTIES - - - Clear Paradigm THUNDER BAY - - - Cleburn Terrace AC APTS (1,806,605.07) (1,806,604.00) (1.07) Total Notes ReceivableCleburn Terrace ARBORETUM - - - Cleburn Terrace CLEBURNE TERRACE - - - Cleburn Terrace DALLAS APTS - - - Cleburn Terrace INS & OUTS - - - Cleburn Terrace MGT SOL INC - - - Cleburn Terrace OAK HOLLOW - - - Cleburn Terrace WAJ,GPJ,EKJ - - - Cletace INS & OUTS - - - Cletace JAKE & TATE - - - Cletace THUNDER BAY - - - Cletace WAJ, EKJ, GPJ - - - Colonial Green INS & OUTS - - - Colonial Green MSI - - - Colonial Green TEXAS APTS - - - Colonial Green THUNDER BAY - - - Colonial Green WAJ, EKJ, GPJ, MBJ - - - Colonial Red TBAY 45,000.00 45,000.00 - Total Notes Receivable OldColonial Red WAJ, EKJ, GPJ, MBJ - - - Colonial Yellow TBAY - - - Cooper Street COUNCIL PROPERTIES 2,000,000.00 2,000,000.00 - Total Notes PayableCooper Street THUNDER BAY 1,015,000.00 1,015,000.00 - Total Notes Receivable OldCore Comm Advisors WAJ GPJ EKJ - - - Costa Azul NOTES RECEIVEABLE - Other - - - Costa Azul THUNDER BAY - - - Costa Azul WAJ - - - Council Properties BOULDER - - - Council Properties BUFFALO RUN - - - Council Properties CITY VIEW 1,639,760.89 2,070,707.00 (430,946.11) Total Notes ReceivableCouncil Properties GOODFELLOW - - - Council Properties INS & OUTS - - - Council Properties MISC 1,699,683.90 - 1,699,683.90 Council Properties STONEBROOK AT GOOSECRE - - - Council Properties TEXAS APTS - - - Council Properties VALLEY VIEW 1,442.33 - 1,442.33 Council Properties WAJ,GPJ,EKJ - - - Country Villa III INS AND OUTS - - - Country Villa III SUMMERWIND (15,000.00) - (15,000.00) Court & Villa SQUAW SPRINGS - - - Court & Villa T BAY (75,000.00) 75,000.00 (150,000.00) Total Notes Receivable OldCourt & Villa TEXAS APTS - - - Court & Villa WAJ,GPJ,EKJ - - - Courtyard Park COURTYARD PARK I, LLC - - - Courtyard Park COURTYARD PARK II, LLC - - - Courtyard Park HPH - - - Courtyard Park INS & OUTS - - - Courtyard Park JASMINE APTS INC 2,500.00 - 2,500.00 Third-PartyCourtyard Park PATRIOT AMERICAN - - - Courtyard Park T BAY - - - Courtyard Park TEXAS APTS - - - Courtyard Park WAJ,EKJ,GPJ 53,000.00 [A] - Total Equity (Deficit)Courtyard Park WILLOW PARK LLC - - - Courtyard Park I ALPINE COURT - - - Courtyard Park I COURTYARD PARK II - - - Courtyard Park I COURTYARD PARK, LLC - - - Courtyard Park I DIAMANTE BRUTO - - - Courtyard Park I HAIRPORT - - - Courtyard Park I INS & OUTS - - -

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Courtyard Park I THUNDER BAY - - - Courtyard Park I WAJ, GPJ, EKJ, ARJ - - - Courtyard Park I WILLOW PARK, LLC (63,000.00) - (63,000.00) Courtyard Park II INS & OUTS - - - Courtyard Park II THUNDER BAY - - - Courtyard Park II WAJ, GPJ, EKJ - - - Creekside Northlake BART WARNER CO - - - Creekside Northlake BOCA RATON LLC - - - Creekside Northlake DIXIE WINDS LLC - - - Creekside Northlake NORTH BASS LLC - - - Creekside Northlake SOUTH BASS LLC - - - Creekside Northlake SUN WINDS LLC - - - D General INS & OUTS - - - D General THUNDER BAY 331,000.00 331,000.00 - Total Notes Receivable OldD General WAJ,EKJ,GPJ - - - Den Glen INS & OUTS - - - Den Glen THUNDER BAY - - - Den Glen WAJ,EKJ,GPJ - - - Den Town NOTES RECEIVABLE - Other - - - Den Town THUNDER BAY 215,000.00 215,000.01 (0.01) Total Notes Receivable OldDen Town WAJ,EKJ,GPJ - - - Dezavala Oaks BW AC APARTMENTS - - - Dezavala Oaks BW COUNCIL PROPERTIES - - - Dezavala Oaks BW INS & OUTS - - - Dezavala Oaks BW MTN ENTERPIRSES - - - Dezavala Oaks BW TEXAS APARTMENTS - - - Diamonte Bruto ARJ - - - Diamonte Bruto ARJ RED STAG - - - Diamonte Bruto COURTYARD PARK 1 - - - Diamonte Bruto EDGEWISE - - - Diamonte Bruto HAIRPORT - - - Diamonte Bruto THUNDER BAY - - - Dimazio INS & OUTS - - - Dimazio THUNDER BAY - - - Discovery Grove BUILD VALUE - - - Discovery Grove NOALLSON - - - Discovery Grove PATRIOTS DREAM - - - Discovery Point DISCOVERY GROVE - - - Discovery Point GATEWAY PROPERTIES - - - Discovery Point INS & OUTS - - - Discovery Point PARTNERS 1,500,000.00 1,500,000.00 - Total Notes ReceivableDiscovery Point PARTNERS 1,500,000.00 1,500,000.00 - Total Notes PayableDiscovery Point THUNDER BAY - - - Discovery Point II BCW DO, LLC - - - Discovery Point II HPI - - - Discovery Point II JAKE & TATE - - - Dixie Winds WAJ,GPJ,EKJ 125,000.00 [A] - Total Equity (Deficit)Doah View VINTAGE PLACE - - - El Dorado Apartments THUNDER BAY - - - Encinito AC APTS - - - Encinito INS & OUTS - - - Encinito MGT SOL INC - - - Encinito OAK HILL APTS - - - Encinito SQSP - - - Encinito THUNDER BAY - - - Encinito TIDEWATER APTS - - - Encinito TIDEWATER INV - - - Encinito WAJ, GPJ, EKJ - - - Entrada BRIDGEPOINT - - - Entrada ESCENA - - -

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Entrada PARTNERS - - - Entrada THUNDER BAY - - - Escena Park INS & OUTS - - - Escena Park PARTNERS - - - Escena Park TBAY - - - Escena Properties COUNCIL PROPERTIES - - - Escena Properties INS & OUTS - - - Escena Properties MANAGEMENT MASTERS, LL 3,169,000.00 3,169,000.00 - Total Notes Receivable OldEscena Properties TEXAS PROPERTIES - - - Escena Properties THUNDER BAY - - - Falcon Head Properties INS & OUTS - - - Falcon Head Properties IRONWODDS - - - FieldSon INS & OUTS - - - FieldSon THUNDER BAY - - - Fountain Hills PARTNERS - - - Fountain Hills T BAY - - - Fountain Legacy COUNCIL PROPERTIES - - - Fountain Legacy INS & OUTS - - - Fountain Legacy TBAY - - - Fred Ricks & Burg ANDORA APTS - - - Fred Ricks & Burg CHAMPION CAPITAL - - - Fred Ricks & Burg COOPER GLEN - - - Fred Ricks & Burg COURT & VILLA APTS - - - Fred Ricks & Burg CREEKSIDE APTS - - - Fred Ricks & Burg CUSTOMER SERVICES AGENC 15,000.00 - 15,000.00 Third-PartyFred Ricks & Burg DALLAS APTS - - - Fred Ricks & Burg INS & OUTS 967,000.00 - 967,000.00 Third-PartyFred Ricks & Burg LA MAISON APTS - - - Fred Ricks & Burg LOAN FEES - - - Fred Ricks & Burg MCKAMY LAKES - - - Fred Ricks & Burg MGT SOL INC - - - Fred Ricks & Burg OAK TRAILS APTS - - - Fred Ricks & Burg PROVENCE 1,183,963.19 - 1,183,963.19 Third-PartyFred Ricks & Burg RAY CLAWSON 100,000.00 - 100,000.00 Third-PartyFred Ricks & Burg SQSP - - - Fred Ricks & Burg SYCAMORE FARMS APTS - - - Fred Ricks & Burg T BAY - - - Fred Ricks & Burg TEXAS APARTMENTS - - - Fred Ricks & Burg TOSCANA - - - Fred Ricks & Burg TOWNE CROSSING - - - Fred Ricks & Burg VILLAS OF EL DORADO - - - Fred Ricks & Burg WAJ,GPJ,EKJ - - - Gateway Properties New ALLOWANCE FOR BAD DEBT - - - Gateway Properties New ASH MINI STORAGE - - - Gateway Properties New CUSTOMER RECEIVABLE IBIS - - - Gateway Properties New ENTRADA PARK - - - Gateway Properties New GREEN OAKS - - - Gateway Properties New INS & OUTS - - - Gateway Properties New THUNDER BAY - - - Gateway Properties New WESTFIELD ESTATES - - - Geyser Point PROVIDENCE COUNCIL - - - Golden J Insurance COUNCIL PROPERTIES - - - Golden J Insurance QGS INVESTMENTS, LLC - - - Golden J Insurance THUNDER BAY - - - Goose Brook TBAY 580,000.00 580,000.00 - Total Notes Receivable OldGreater Fred (Highland Oaks) AC APARTMENTS TX, LP - - - Greater Fred (Highland Oaks) ARBORETUM - - - Greater Fred (Highland Oaks) MSI - - - Greater Fred (Highland Oaks) SQUAW SPRINGS - - - Greater Fred (Highland Oaks) TEXAS APTS - - -

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Greater Fred (Highland Oaks) THUNDER BAY - - - Greater Fred (Highland Oaks) WAJ - - - Group Wise INS AND OUTS - - - Group Wise JAKE & TATE - - - Group Wise THUNDER BAY - - - Hairport_Snow Winds, LLC INS & OUTS - - - Haynes INS & OUTS - - - High Star Ranch FALCONHEAD - - - High Star Ranch INS & OUTS - - - High Star Ranch LAMONT CHRISTENSEN - - - High Star Ranch R REED JACOBSON 360,879.96 - 360,879.96 High Star Ranch T BAY (575,000.00) (1,150,000.00) 575,000.00 Total Notes Receivable OldHigh Star Ranch VILLA FLORENCE - - - High Star Ranch VIRGEL BLACKHAM - - - High Star Ranch WAJ,GPJ,EKJ (2.00) [A] - Total Equity (Deficit)HPI Investments INS & OUTS - - - HPI Investments T BAY - - - I-15 Storage, LLC COUNCIL PROPERTIES - - - I-15 Storage, LLC THUNDER BAY - - - Ibis Gas Services INS & OUTS - - - Ibis Gas Services SINGENIS - - - Inveness BROOKHAVEN - - - Inveness INS & OUTS - - - Inveness THUNDER BAY - - - Jake & Mac BROOKSEDGE - - - Jake & Mac CHARLESTONIAN - - - Jake & Mac COUNCIL PROPERTIES, LLC - - - Jake & Mac INS & OUTS - - - Jake & Mac MGT SOL - - - Jake & Mac PARTNERS - - - Jake & Mac SQUAW SPRINGS - - - Jake & Tate BOCA RATON APTS - - - Jake & Tate CAM CAM MANAGEMENT - - - Jake & Tate DALLAS APTS - - - Jake & Tate DEZAVALA OAKS - - - Jake & Tate EVERS PARK - - - Jake & Tate INS & OUTS - - - Jake & Tate MISC - - - Jake & Tate NOTES RECEIVABLE - Other - - - Jake & Tate OAK HOLLOW - - - Jake & Tate PARTNERS - - - Jake & Tate PARTNERS - - - Jake & Tate SAN ANTONIO APTS 2,650,000.00 2,650,000.00 - Total Notes PayableJake & Tate SHEPHERDS POINT - - - Jake & Tate SYCAMORE FARMS - - - Jake & Tate TEXAS APTS - - - Jake & Tate WAJ,GPJ,EKJ - - - Janison Investments INS & OUTS - - - Janison Investments PROVIDENCE ESTATES 154,000.00 154,000.00 - Total Notes PayableJarustds BROOKHAVEN - - - Jarustds INS & OUTS - - - Jarustds T BAY - - - Jarustds WAJ,EKJ,GPJ - - - Jefferson Chase COUNCIL PROPERTIES - - - Jefferson Chase INS & OUTS - - - Jefferson Chase T BAY - - - Jefferson Chase WAJ,GPJ,EKJ - - - Kamy Lakes INS & OUTS - - - Kamy Lakes THUNDER BAY - - - King George ARBORETUM - - -

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King George INS & OUTS - - - King George THUNDER BAY - - - King Sage BETTY OR VICTOR CARRERA - - - King Sage INS & OUTS 4,200,000.00 3,700,000.00 500,000.00 Total Loans PayableKing Sage NOTES RECEIVABLE - Other - - - King Sage SAMUEL ASTON - - - King Sage THUNDER BAY 2,400,000.00 2,400,000.00 - Total Notes Receivable OldKingson IBIS GAS - - - Kingson MANAGEMENT MASTERS - - - Kingson THUNDER BAY - - - Komo Mai Estates COUNCIL PROPERTIES - - - Komo Mai Estates INS & OUTS - - - Komo Mai Estates THUNDER BAY - - - Kula Estates INS & OUTS - - - Kula Estates THUNDER BAY - - - Kulia I Ka Nu'u Estates BCW DO TIC - - - Kulia I Ka Nu'u Estates DEZAVALA OAKS - - - Kulia I Ka Nu'u Estates INS & OUTS - - - Kulia I Ka Nu'u Estates KOMO MAI - - - Kulia I Ka Nu'u Estates MSI - - - Kulia I Ka Nu'u Estates THUNDER BAY - - - La Villita_Garden Terrace INS & OUTS - - - La Villita_Garden Terrace NOTES RECEIVABLE - Other - - - La Villita_Garden Terrace PARTNERS - - - Lake Hood LLC DGENERAL - - - Lake Hood LLC THUNDER BAY - - - Lake Ridge COUNCIL PROPERTIES - - - Lake Ridge INS & OUTS - - - Lake Ridge LAKES RIDGE - - - Lake Ridge STONEBRIDGE - - - Lake Ridge THUNDER BAY - - - Lakes Edge INS & OUTS - - - Lakes Edge LAKES EDGE - - - Lakes Edge MOUNTAIN ENTERPRISES - - - Lakes Edge THUNDER BAY - - - Lamp Son INS AND OUTS - - - Lamp Son NOTES RECEIVABLE - Other - - - Lamp Son THUNDER BAY 895,000.00 895,000.00 - Total Notes Receivable OldLeague 3 GATEWAY - - - League 3 THUNDER BAY - - - League Eleven BANKS D AND - - - League Eleven BRIDGEPOINT CAPITAL - - - League Eleven INS & OUTS - - - League Eleven SUMMERWIND APTS - - - League Eleven T BAY - - - League Eleven WAJ,GPJ,EKJ - - - Legend Hills INS AND OUTS - - - Legend Hills THUNDER BAY - - - Madison Chase 1031 INS AND OUTS - - - Madison Chase 1031 TEXAS APTS - - - Madison Chase 1031 THUNDER BAY - - - Management Masters ARJ, WAJ, GPJ, EKJ, BPJ - - - Management Masters FALCONHEAD PROPERTIES - - - Management Masters GATEWAY 2,650,000.00 1,800,000.00 850,000.00 Total Notes PayableManagement Masters INS & OUTS - - - Management Masters IOSEPA - - - Management Masters MANAGEMENT MASTERS LOG - - - Management Masters NASCAR CARWASH - - - Management Masters OTHER - - - Management Masters PLATINUM 8,670,000.00 - 8,670,000.00 Third-Party

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Management Masters SMOKEY TRAILS - - - Management Masters SUNBURY RIDGE 117,000.00 117,000.00 - Total Notes PayableManagement Masters TEXAS APTS (1,075,000.00) - (1,075,000.00) Management Masters - Logan ARJ,WAJ - - - Management Masters - Logan INS & OUTS - - - Management Masters - Logan MGT MASTERS - - - Mandivo NOTES RECIEVABLE - Other - - - Mandivo THUNDER BAY - - - Marvista INS AND OUTS - - - Marvista THUNDER BAY - - - Mayo THUNDER BAY - - - Mayo WAJ - - - McKamy Lake Sharon BCW- SF, LLC - - - McKamy Lake Sharon COUNCIL PROPERTIES - - - McKamy Lake Sharon PARTNERS - - - Meadow Walk COLONIAL GREEN - - - Meadow Walk COUNCIL PROPERTIES - - - Meadow Walk MANAGEMENT SOLUTIONS - - - Meadow Walk MCKEAN APARTMENTS, LLC 644,000.00 - 644,000.00 Third-PartyMeadow Walk NYCOM, LLC 645,500.00 - 645,500.00 Third-PartyMeadow Walk PARTNERS - - - Meadow Walk PHEASANT WOOD, LLC 645,500.00 - 645,500.00 Third-PartyMelson TBAY - - - Melson WAJ,GPJ, EKJ - - - Memphis Park PARTNERS - - - Memphis Park THUNDER BAY - - - Miraflores AMISTAD VILLA - - - Miraflores COUNCIL PROPERTIES 23,460.40 - 23,460.40 Miraflores DALLAS APTS - - - Miraflores INS & OUTS - - - Miraflores MGT SOL INC - - - Miraflores MOTSARIKA - - - Miraflores SQUAW SPRINGS - - - Miraflores T BAY - - - Miraflores TOWN PLAZA - - - Miraflores WAJ,GPJ,EKJ 2,322,580.08 [A] - Total Equity (Deficit)Miraflores WOOL CITY INC - - - Mistema Bay COLONIAL YELLOW - - - Mistema Bay INS & OUTS - - - Mistema Bay MIKE & JOANN FROEHLING - - - Mistema Bay THUNDER BAY - - - Mistema Bay WAJ - - - Monte Forte INS & OUTS - - - Monte Forte THUNDER BAY (70,000.00) (70,000.00) - Total Notes Receivable OldMonterra Park CLOSING - - - Monterra Park DALLAS APTS - - - Monterra Park INS & OUTS - - - Monterra Park SPARTAN CAPITAL - - - Motsarika INS & OUTS - - - Motsarika MGT SOL INC - - - Motsarika MOUNTAIN ENTERPRISES - - - Motsarika TEXAS APTS - - - Motsarika THUNDER BAY 1,795,000.00 1,795,000.00 - Total Notes Receivable OldMotsarika VILLA FLORENCE - - - MSI Corp HAYNES PROPERTY MGT - - - MSI Corp INS & OUTS - - - MSI Corp MISC - - - MSI Corp NOTES RECEIVABLE - Other - - - MSI Corp WAJ GPJ EKJ - - - MSI Savings BOULDER - - -

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MSI Savings CLEBURNE - - - MSI Savings JAKE & TATE - - - MSI Savings MBJ CLAW - - - MSI Savings MGT SOL INC - - - MSI Savings SQSP - - - MSI Savings T BAY - - - MSI Savings WAJ, GPJ, EWJ - - - MSI Savings WOOL CITY - - - Mtn. Enterprises BOCA RATON APTS LLC - - - Mtn. Enterprises COUNCIL PROPERTIES - - - Mtn. Enterprises INS & OUTS - - - Mtn. Enterprises SHEPHERDS POINTE - - - Mtn. Enterprises TEXAS APTS - - - Mtn. Enterprises WAJ,GPJ,EKJ - - - Noallson COUNCIL PROPERTIES - - - Noallson INS & OUTS - - - Noallson PARTNERS - - - Noallson THUNDER BAY - - - North Bass CREEKSIDE @ NORTHLAKE L - - - North Bass NOTES RECEIVABLE - Other - - - North Bass T BAY - - - North Spring Park NOTES RECEIVABLE - Other - - - North Spring Park THUNDER BAY (2,445,000.00) (2,445,000.00) - Total Notes Receivable OldOak City INS & OUTS - - - Oak City THUNDER BAY 431,000.00 431,000.00 - Total Notes Receivable OldOak City WAJ - - - Oak Hill AC APTS - - - Oak Hill ENCINITO APTS. - - - Oak Hill INS & OUTS - - - Oak Hill MGT SOL INC - - - Oak Hill MISC - - - Oak Hill SQSP - - - Oak Hill TIDEWATER APTS - - - Oak Hill TIDEWATER INV - - - Oak Hill WAJ,GPJ,EKJ - - - Oak Hill-1031 AC APTS - - - Oak Hill-1031 ARBORETUM - - - Oak Hill-1031 COUNCIL PROPERTIES - - - Oak Hill-1031 HOLBROOK TIC 2,200,000.00 - 2,200,000.00 Third-PartyOak Hill-1031 INS & OUTS 42,000.00 - 42,000.00 Oak Hill-1031 TEXAS APTS - - - Oak Hill-1031 THUNDER BAY - - - Oak Trails INS & OUTS (49,600.00) - (49,600.00) Oak Trails PMC - - - Oak Trails TEXAS APTS (20,400.00) - (20,400.00) Parcel 7 & 54 THUNDER BAY - - - Patriot American COURTYARD PARK - - - Patriot American INS & OUTS - - - Patriot American PLATINUM - - - Patriot American T BAY 785,000.00 785,000.00 - Total Notes Receivable OldPatriot American WAJ, ARJ 7,000.00 [A] - Total Equity (Deficit)Patriot American WILLOW PARK - - - Patriots' Dream T BAY - - - Pebble Lakes INS & OUTS - - - Pebble Lakes THUNDER BAY - - - Pepper Winds INS & OUTS - - - Pepper Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayablePepper Winds THUNDER BAY 329,000.00 329,000.00 - Total Notes Receivable OldPepper Winds WAJ,EKJ,GPJ 10,000.00 [A] - Total Equity (Deficit)Perpetual WAJ - - -

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Platinum Controls INS & OUTS - - - Platinum Protection INS & OUT - - - Platinum Protection MANAGEMENT MASTERS 4,850,000.00 - 4,850,000.00 Platinum Protection PLATINUM PROTECTION - - - Platinum Protection RELATED ENTITIES - - - Platinum Protection T BAY - - - Platinum Protection TX APTS - - - PocaTucson INS & OUTS - - - PocaTucson MIRAFLORES SW - - - PocaTucson RETREAT APTS - - - PocaTucson THUNDER BAY 630,000.00 630,000.00 - Total Notes Receivable OldPocaTucson WAJ,EKJ,GPJ - - - Providence Estates ARBORETUM - - - Providence Estates INS AND OUTS - - - Providence Estates THUNDERBAY - - - Provident Point HPI - - - Provident Point THUNDER BAY 1,319,000.00 1,319,000.00 - Total Notes Receivable OldPryor Creek COUNCIL PROPERTIES - - - Pryor Creek INS & OUTS - - - Pryor Creek MANAGEMENT MASTERS - - - Pryor Creek MANAGEMENT SOLUTIONS - - - Pryor Creek SQUAW SPRINGS - - - Pryor Creek T BAY - - - Pryor Creek YELLOW ROSE - - - QGS Investments COUNCIL PROPERTIES, LLC - - - QGS Investments GATEWAY LLC - - - QGS Investments GROUP WISE LLC - - - QGS Investments MANAGEMENT MASTERS - - - QGS Investments MCDERMOTT - - - QGS Investments MGT SOLUTIONS - - - QGS Investments NOTES RECEIVABLE - Other - - - QGS Investments SQUAW SPRINGS - - - QGS Investments YELLOW ROSE APTS - - - Quorum Insurance Company COUNCIL PROPERTIES - - - Quorum Insurance Company QGS INVESTMENTS, LLC - - - Red Castle Inc INS & OUTS - - - Red Castle Inc REID BRADY (13,480.74) - (13,480.74) Third-PartyRed Castle Ret JASON & CASSIE STEPHENS - - - Red Castle Ret TED & SALLY - - - Reep Investments COUNCIL PROPERTIES - - - Reep Investments TBAY - - - Reese Road (2) ARBORETUM - - - Reese Road (2) COUNCIL PROPERTIES - - - Reese Road (2) INS & OUTS - - - Reese Road (2) MANAGEMENT SOLUTIONS - - - Reese Road (2) THUNDER BAY 1,550,000.00 1,550,000.00 - Total Notes Receivable OldReserve @ Abbie Lakes BLACKCLIFFS INVESTMENTS - - - Reserve @ Abbie Lakes INS & OUTS - - - Reserve @ Abbie Lakes SQSP - - - Reserve @ Abbie Lakes T BAY - - - Retama Hill COUNCIL PROPERTIES - - - Retama Hill PARTNERS - - - Retama Hill PINE MOUNTAIN LLC 1,000,000.00 - 1,000,000.00 Third-PartyRetama Ranch INS & OUTS - - - Retama Richards COUNCIL PROPERTIES - - - Retama Richards FOREST HILLS LLC 1,000,000.00 - 1,000,000.00 Third-PartyRetama Richards PARTNERS - - - Retama Rose COUNCIL PROPERTIES - - - Retama Rose FOREST HILLS, LLC 1,000,000.00 - 1,000,000.00 Third-PartyRetama Rose PARTNERS - - -

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Retreat INS & OUTS - - - Retreat SIMJAH INTERESTS LLC - - - Retreat @ Stonebridge Ranch COUNCIL PROPERTIES, LLC 4,565,000.00 4,565,000.00 - Total Notes PayableRetreat @ Stonebridge Ranch ESCENA PARK - - - Retreat @ Stonebridge Ranch GATEWAY PROPERTIES - - - Retreat @ Stonebridge Ranch T BAY 349,000.00 - 349,000.00 River Royal COUNCIL PROPERTIES - - - River Royal INS & OUTS - - - River Royal TBAY - - - Rock City COUNCIL PROPERTIES - - - Rock City PARTNERS - - - Rock City PINE MOUNTAIN LLC 1,000,000.00 - 1,000,000.00 Third-PartyRose Hill INS & OUTS - - - Rose Hill MGT SOL INC - - - Rose Hill MIRAFLORES - - - Rose Hill MISC - - - Rose Hill T BAY (10,200.00) (10,200.00) - Total Loans PayableRose Hill TEXAS APARTMENTS - - - Rose Hill WAJ,EKJ,GPJ - - - Rosons INS & OUTS - - - Rosons T BAY - - - Sagefield Duplexes ARBORETUM - - - Sagefield Duplexes INS & OUTS - - - Sagefield Duplexes THUNDER BAY - - - Sagefield Duplexes WAJ,GPJ,EKJ - - - Sagewood Insurance Company COUNCIL PROPERTIES - - - Sagewood Insurance Company QGS INVESTMENTS, LLC - - - Sagewood Insurance Company THUNDER BAY - - - SalTucson INS & OUTS 685,000.00 - 685,000.00 SalTucson RETREAT APTS LLC - - - SalTucson T BAY - - - San Marina INS & OUTS - - - San Marina THUNDER BAY - - - Santana Springs ALLEN R. JACOBSON 21,247.00 - 21,247.00 Santana Springs INS & OUTS - - - Santana Springs TBAY - - - Satina THUNDER BAY - - - Seneca Place INS & OUTS - - - Serve International INS AND OUTS - - - Shepherds Pointe CAM CAM MGT CO - - - Shepherds Pointe COUNCIL PROPERTIES 13,027.07 13,027.07 - Total Notes PayableShepherds Pointe INS & OUTS - - - Shepherds Pointe JAKE & TATE - - - Shepherds Pointe MGT SOL INC - - - Shepherds Pointe MTN ENTERPRISES - - - Shepherds Pointe SQUAW SPRINGS - - - Shepherds Pointe T BAY - - - Shepherds Pointe WAJ 1,289,678.41 [A] - Total Equity (Deficit)Shepherds Pointe WOOL CITY - - - Simjah Interest INS & OUTS - - - Simjah Interest PMC - - - Simjah Interest TEXAS APTS - - - Simjah Interest THUNDER BAY MORTGAGE - - - Skypark INS & OUTS - - - Skypark MT ENTERPRISES - - - Skypark T BAY - - - Smokey Trails INS & OUTS (98,866.54) - (98,866.54) Smokey Trails PLATINUM PROTECTION - - - Smokey Trails T BAY - - - Smokey Trails TEXAS APTS - - -

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Smokey Trails WAJ, ARJ, MBJ - - - Snow Winds HAIRPORT - - - Snow Winds NOTES RECEIVABLE - Other 150,000.00 - 150,000.00 Snow Winds THUNDER BAY - - - Socourt PARTNERS - - - Socourt THUNDER BAY - - - Socourt WAJ, GPJ, EKJ - - - Socourt WYNDSOR COURT 202,500.00 202,500.00 - Total Notes PayableSolar Bridge INS & OUTS - - - Solar Bridge THUNDER BAY - - - Solar Sands INS & OUTS - - - Solar Sands NOTES RECEIVABLE - Other - - - Solar Sands THUNDER BAY - - - South Bass THUNDER BAY - - - Spartan Capital INS & OUTS - - - Spring Gate INS & OUTS (3,650,000.00) - (3,650,000.00) Spring Gate MSI 200,000.00 200,000.00 - Total Notes PayableSpring Gate THUNDER BAY 2,445,000.00 2,495,000.00 (50,000.00) Total Notes Receivable OldSquaw Springs HIGHLAND OAKS - - - Squaw Springs INS & OUTS - - - Squaw Springs JAMES & BOBBIE JO ANDERS 22,643.47 - 22,643.47 Third-PartySquaw Springs MANAGEMENT MASTERS - - - Squaw Springs MGT SOL INC - - - Squaw Springs OHIO APTS - - - Squaw Springs SHEPHERDS POINTE - - - Squaw Springs SOCOURT/WYNDURT - - - Squaw Springs SOCOURT/WYNDURT - - - Squaw Springs TEXAS APARTMENTS - - - Squaw Springs WAJ, GPJ, EKJ - - - Squaw Springs WYNDSOR COURT 205,000.00 205,000.00 - Total Notes ReceivableSquaw Springs WYNDSOR COURT 205,000.00 205,000.00 - Total Notes PayableSSI Savings BOULDER - - - SSI Savings CURRENT POWER - - - SSI Savings DMP - - - SSI Savings FRED - - - SSI Savings JAKE & TATE - - - SSI Savings MBJ CLAW - - - SSI Savings MGT SOL INC - - - SSI Savings SQUAW (4,995.00) - (4,995.00) SSI Savings TBAY - - - SSI Savings VERNON OAKS - - - SSI Savings WAJ, GPJ, EWJ - - - SSI Savings WOOL CITY - - - Stone Brook Idaho INS & OUTS - - - Stone Brook Idaho TEXAS APARTMENTS - - - Stone Brook Idaho THUNDER BAY - - - Stonebridge COUNCIL PROPERTIES - - - Stonebridge FALCONHEAD PROPERTIES - - - Stonebridge INS & OUTS - - - Stonebridge LAKE RIDGE - - - Stonebridge LAKES EDGE APARTMENTS - - - Stonebridge TEXAS APARTMENTS - - - Stonebridge THUNDER BAY - - - Stonebrook @ Goosecreek COUNCIL PROPERTIES - - - Stonebrook @ Goosecreek INS & OUTS (19,500.00) - (19,500.00) Stonebrook @ Goosecreek STONEBROOK 2 - - - Summer Wind Apts ARBORETUM - - - Summer Wind Apts COUNTRY VILLA - - - Summer Wind Apts INS AND OUTS - - - Summer Wind Apts MANAGEMENT SOLUTIONS - - -

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Summer Wind Apts SUMMERWIND - - - Summer Wind Apts T BAY - - - Summer Wind Apts TUSCANY VILLA - - - Summerwind Corp BLANCA WINDS, LLC - - - Summerwind Corp INS & OUTS - - - Summerwind Corp PEPPER WINDS, LLC - - - Summerwind Corp THUNDER BAY - - - Summerwind Corp WAJ,EKJ,GPJ - - - Sun Winds INS & OUTS - - - Sun Winds T BAY 75,000.00 4,811.32 70,188.68 Total Notes Receivable OldSun Winds WAJ,GPJ,EKJ 422,800.00 [A] - Total Equity (Deficit)Sunbury Ridge INS & OUTS - - - Sunbury Ridge PARTNERS 6,559.00 - 6,559.00 Sunbury Ridge TENANTS 15,378.00 - 15,378.00 Third-PartySunbury Ridge LLC WAJ, MBJ, ARJ, EKJ 850,000.00 [A] - Total Equity (Deficit)Sycamore Farms Sharon AC APTS 4,330,000.00 1,500,000.00 2,830,000.00 Total Notes PayableSycamore Farms Sharon WW SYCAMORE FARMS APTS - - - Tennessee Park INS & OUTS - - - Tennessee Park T BAY - - - Tennessee Park VERANO PARK - - - Tennessee Park WAJ,GPJ,EKJ - - - Tetonian Properties ARBORETUM - - - Tetonian Properties BART WARNER - - - Tetonian Properties COUNCIL PROPERTIES - - - Tetonian Properties MGT MASTERS - - - Tetonian Properties MSI - - - Tetonian Properties RELATED COMPANIES - - - Tetonian Properties TEXAS APTS - - - Tetonian Properties THUNDER BAY - - - Tetonian Properties WAJ, GPJ, EKJ - - - Texas Apts ABBIE LAKES (382,339.54) - (382,339.54) Texas Apts BROOKSEDGE (528,990.09) - (528,990.09) Texas Apts CHAMPION CAPITAL - - - Texas Apts CLEAR CREEK - - - Texas Apts COLONIAL GREEN - - - Texas Apts COLONIAL RED - - - Texas Apts COLONIAL YELLOW - - - Texas Apts COUNCIL PROPERTIES - - - Texas Apts COURT & VILLA - - - Texas Apts FALLS AT TOWNE CROSSING - - - Texas Apts GATTY ZB - - - Texas Apts HIGH STAR - - - Texas Apts INS & OUTS 100,488.00 - 100,488.00 Texas Apts IRON WOODS - - - Texas Apts JEFFERSON CHASE (97,781.69) - (97,781.69) Texas Apts KULA ESTATES - - - Texas Apts LAKE RIDGE (108,258.92) - (108,258.92) Texas Apts LAKES EDGE - - - Texas Apts MADISON CHASE (5,495.00) - (5,495.00) Texas Apts MANAGEMENT MASTERS - - - Texas Apts MID AMERICA AIRPARK - - - Texas Apts MIRAFLORES - - - Texas Apts MISCELANEOUS - - - Texas Apts MSI CORP - - - Texas Apts NOTES RECEIVABLE - Other - - - Texas Apts PARK @ NORTHGATE 46,610.00 - 46,610.00 Texas Apts PROVIDENCE ESTATES (172,436.04) - (172,436.04) Texas Apts REESE ROAD (3,901.75) - (3,901.75) Texas Apts SMOKEY TRAILS - - - Texas Apts STONEBRIDGE (4,101.24) - (4,101.24)

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Texas Apts STONEBROOK (76,198.39) - (76,198.39) Texas Apts STONEBROOK IDAHO (14,481.97) - (14,481.97) Texas Apts TETONIAN - - - Texas Apts THE RESERVE (231,716.21) - (231,716.21) Texas Apts THUNDER BAY - - - Texas Apts TN - - - Texas Apts TOSCANA - - - Texas Apts TOWN PLAZA - - - Texas Apts WAJ,GPJ,EKJ 9,900.00 [A] - Total Equity (Deficit)Texas Apts YELLOW ROSE - - - The Falls @ Towne Crossing FRAM 4,000.00 - 4,000.00 Third-PartyThe Falls @ Towne Crossing INS & OUTS - - - The Falls @ Towne Crossing T BAY - - - The Falls @ Towne Crossing WAJ,GPJ,EKJ - - - The Park @ Northgate TBAY - - - Thunder Bay BLACKCLIFFS 2,500,000.00 - 2,500,000.00 Third-PartyThunder Bay DAYLE RUST 400,000.00 - 400,000.00 Third-PartyThunder Bay JAKE & MAC LP 6,493,036.53 6,493,036.53 - Total Notes PayableThunder Bay MISC - - - Top Choice INS & OUTS - - - Toscana Valley Ridge ARBORETUM - - - Toscana Valley Ridge COUNCIL PROPERTIES - - - Toscana Valley Ridge INS & OUTS - - - Toscana Valley Ridge PARTNERS - - - Toscana Valley Ridge T BAY - - - Town Plaza INS & OUTS - - - Town Plaza MANAGEMENT SOLUTIONS - - - Town Plaza MIRAFLORES - - - Town Plaza TEXAS APTS - - - Town Plaza THUNDER BAY - - - Town Plaza VALLEY VIEW - - - Towne Crossing New ARBORETUM - - - Towne Crossing New INS & OUTS - - - Towne Crossing New MGT SOL INC - - - Towne Crossing New THUNDER BAY - - - Tuscany Villa 2 INS AND OUTS - - - Tuscany Villa 2 STARWOOD - - - Tuscany Villa 2 SUMMERWIND (15,000.00) - (15,000.00) Upper Muddy River COUNCIL PROPERTIES - - - Upper Muddy River DISCOVERY POINT (1,500,000.00) (1,500,000.00) - Total Notes ReceivableUpper Muddy River INS & OUTS - - - Upper Muddy River THUNDER BAY 2,310,000.00 2,310,000.00 - Total Notes Receivable OldValley View 1031 COUNCIL PROPERTIES - - - Valley View 1031 INS & OUTS - - - Valley View 1031 MOUNTAIN ENTERPRISES - - - Valley View 1031 TEXAS APARTMENTS - - - Valley View 1031 VALLEY VIEW RESIDENTIAL - - - Verano Park CLOSING - - - Verano Park INS & OUTS - - - Verano Park SPARTAN - - - Verano Park THUNDER BAY - - - Villa Florence BOULDER DEVELOPMENT - - - Villa Florence CAM CAM MGT - - - Villa Florence CASEBOLT & HUNTINGTON - - - Villa Florence CIRCLE J - - - Villa Florence DON L & TONI HILL - - - Villa Florence HIGH STAR - - - Villa Florence INS & OUTS - - - Villa Florence KATHY WELLING - - - Villa Florence MGT SOL INC - - -

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Villa Florence MIKE ALLEN LOAN - - - Villa Florence MISCELLANEOUS INS & OUTS - - - Villa Florence RVB - - - Villa Florence SQUAW SPRINGS - - - Villa Florence STEVE ALLEN LOANS - - - Villa Florence T BAY - - - Villa Florence WAJ, GPJ, EKJ - - - Villa Florence WOOL CITY - - - Vintage Place COUNCIL PROPERTIES - - - Vintage Place INS & OUTS - - - Vintage Place VINTAGE PLACE MGT - - - Vintage Place Mgmt MSI - - - Vintage Place Mgmt THUNDER BAY - - - WAJ & MBJ APT LOANS - - - WAJ & MBJ BOCA RATON - - - WAJ & MBJ BOULDER DEV - - - WAJ & MBJ CHAMPION BRIDGE POINT PA - - - WAJ & MBJ CIRCLE J FARMS - - - WAJ & MBJ COUNCIL - - - WAJ & MBJ DALLAS APTS - - - WAJ & MBJ MGT SOL - - - WAJ & MBJ MISCELLANEOUS - - - WAJ & MBJ NOTES RECEIVABLE - Other - - - WAJ & MBJ OTHER - - - WAJ & MBJ SQUAW SPRINGS - - - WAJ & MBJ T BAY - - - WAJ & MBJ TEXAS APTS - - - WAJ & MBJ Total INS & OUTS - - - WAJ & MBJ WAJ GPJ EKJ - - - Wakara Point CAM CAM MGT - - - Wakara Point INS & OUTS - - - Wakara Point MANAGEMENT SOLUTIONS - - - Wakara Point SQUAW SPRINGS - - - Wakara Point TBAY - - - Wakara Point TEXAS APTS - - - Wakara Point WAJ,GPJ,EKJ - - - Willow Park ADAM MCCLLELAN 10,000.00 - 10,000.00 Third-PartyWillow Park BETTY & VICTOR CARRERA 85,000.00 - 85,000.00 Third-PartyWillow Park BRUCO ENTERPRISES, INC - - - Willow Park COURTYARD PARK LLC 63,000.00 - 63,000.00 Willow Park INS & OUTS - - - Willow Park JASMINE APTS_JOE KURIVILL - - - Willow Park MISC - - - Willow Park PATRIOT AMERICAN - - - Willow Park THUNDER BAY - - - Willow Park WAJ,GPJ,EKJ - - - Winkson INS & OUTS - - - Winkson T BAY - - - Wolf Son ENTITIES - - - Wolf Son NOTES RECEIVABLE - Other - - - Wolf Son THUNDER BAY 190,000.00 190,000.00 - Total Notes Receivable OldWool City AA ROBISON FAMILY TRUST 27,000.00 - 27,000.00 Third-PartyWool City BOULDER DEV - - - Wool City CHAD PUGMIRE - - - Wool City FURN PURCH - - - Wool City HIGH STAR RANCH - - - Wool City INS & OUTS - - - Wool City MASTERS MGT 34,225.00 - 34,225.00 Wool City MGT SOL INC - - - Wool City SCOTT DALEY - - -

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Wool City SHEPHERDS POINTE - - - Wool City SQUAW SPRINGS - - - Wool City T BAY - - - Wool City TATE FARM - - - Wool City TEXAS APTS - - - Wool City VILLA FLORENCE - - - Wool City WAJ GPJ EKJ - - - Wyndsor Court ARBORETUM - - - Wyndsor Court INS & OUTS - - - Wyndsor Court THUNDER BAY - - - Wyndsor Court WYNDSOR COURT - - - Wyndurt INS & OUTS - - - Wyndurt PARTNERS - - - Wyndurt SQUAW SPRINGS (205,000.00) (205,000.00) - Total Notes ReceivableWyndurt THUNDER BAY - - - Wyndurt WAJ,GPJ,EKJ - - - Wyndurt WYNDSOR COURT 202,500.00 202,500.00 - Total Notes PayableYellow Rose BALLS & SORBER 32,561.00 - 32,561.00 Third-PartyYellow Rose COLONIAL FUNDING (158,586.45) - (158,586.45) Yellow Rose HILL & GLOVER BROADCAST 377,255.95 - 377,255.95 Third-PartyYellow Rose IBIS 61,000.00 - 61,000.00 Yellow Rose INS & OUTS - - - Yellow Rose SQUAW SPRINGS INC - - - Yellow Rose THUNDER BAY MTG - - - Yellow Rose WAJ,GPJ,EKJ 41,500.00 [A] - Total Equity (Deficit)

Total Notes Receivable 80,612,652.24 60,680,622.11 27,932,678.71

Adjustment Debit CreditTotal Notes Receivable 430,947.18 60,680,622.11Total Notes Receivable Old 30,097,811.33 Total Investments - Total Other Assets - Total Notes Payable 26,462,063.60 Total Loans Payable 3,689,800.00

[A] - These Jaconson receivables are written off as a fair value adjustment. See Exhibit 16.

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Abbie Lakes 2005-2008 COUNCIL PROPERTIES - - - Abbie Lakes 2005-2008 INS & OUTS - - - Abbie Lakes 2005-2008 T BAY - - - Abbie Lakes 2005-2008 TEXAS APTS - - - Abbie Lakes 2005-2008 WAJ,GPJ,EKJ - - - Abbie Lakes 2007-2011 BROOKSEDGE - - - Abbie Lakes 2007-2011 INS & OUTS - - - Abbie Lakes 2007-2011 JAKE & MAC - - - Abbie Lakes 2007-2011 JEFFERSON CHASE - - - Abbie Lakes 2007-2011 THUNDER BAY - - - AC Apartments AC APARTMENTS INC 100.00 - 100.00 AC Apartments CLEBURNE TERRACE 1,806,604.00 1,806,605.07 (1.07) Total Notes ReceivableAC Apartments COUNCIL PROPERTIES 600,000.00 600,000.00 - Total Notes PayableAC Apartments ENCINITO APTS - - - AC Apartments HIGHLAND OAKS - - - AC Apartments INS & OUTS - - - AC Apartments OAK HILL APTS - - - AC Apartments PARTNERS - - - AC Apartments SAN ANTONIO APARTMENTS - - - AC Apartments SQUAW SPRINGS - - - AC Apartments TEXAS APTS - - - AC Apartments THUNDER BAY (1,640,000.00) (1,640,000.00) - Total Notes Receivable OldAC Apartments WAJ,GPJ,EKJ 438,000.00 [A] - Total Equity (Deficit)Alpine Court CYD PARK I - - - Alpine Court DIAMANTE BRUTO - - - Alpine Court INS & OUTS - - - Alson COUNCIL PROPERTIES, LLC 2,014,000.00 2,014,000.00 - Total Notes PayableAlson INS & OUTS - - - Alson T BAY - - - Amistad MIKE & JOANN FROELING 370,000.00 - 370,000.00 Third-PartyAmistad INS & OUTS - - - Amistad THUNDER BAY - - - Arboretum BLUE JAY - - - Arboretum BROOKHAVEN - - - Arboretum CLEBURNE TERRACE APTS - - - Arboretum DEZAVALA OAKS APTS - - - Arboretum INS & OUTS - - - Arboretum PROVIDENCE - - - Arboretum REESE ROAD 29,900.00 - 29,900.00 Arboretum SAGEFIELD - - - Arboretum WYNDSOR COURT - - - Autumn Hills COUNCIL PROPERTIES 635,000.00 635,000.00 - Total Notes PayableAutumn Hills INS & OUT - - - Autumn Hills T BAY 635,000.00 - 635,000.00 Baytown @ Stonebrook COUNCIL PROPERTIES - - - Baytown @ Stonebrook STONEBROOK 1 - - - Beleza Bay TBAY 716,000.00 716,000.00 - Total Notes Receivable OldBeleza Bay WAJ,GPJ,EKJ 126,272.16 [A] - Total Equity (Deficit)Blanca Winds INS AND OUTS - - - Blanca Winds MANAGMENT SOLUTIONS - - - Blanca Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayableBlanca Winds THUNDER BAY 195,300.00 195,300.00 - Total Notes Receivable OldBlue Jay Apartments ARBORETUM - - - Blue Jay Apartments BLUE JAY - - - Blue Jay Apartments INS AND OUTS - - - Blue Jay Apartments MOUNTAIN ENTERPRISES - - - Blue Jay Apartments THUNDER BAY - - - Boca Raton CREEKSIDE @ NORTHLAKE - - - Boca Raton INS & OUTS - - - Boca Raton MSI - - -

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Boca Raton PLATINUM PROTECTION - - - Boca Raton SQUAW SPRINGS - - - Boca Raton TEXAS APTS - - - Boca Raton THUNDER BAY - - - Boca Raton WAJ,GPJ,EKJ - - - Boulder ACE ROBISON 57,000.00 - 57,000.00 Third-PartyBoulder INS & OUTS - - - Boulder MGT SOL INC - - - Boulder PLATINUM PROTECTION - - - Boulder SCOTT & ELLEN DALEY - - - Boulder SQUAW SPRINGS INC - - - Boulder T BAY - - - Boulder TEXAS APTS - - - Boulder VILLA FLORENCE - - - Boulder WAJ GPJ EKJ - - - Boulder WOOL CITY - - - BPJ Investments INS & OUTS - - - BPJ Investments TBAY - - - Bradson COUNCIL 380 - - - Bradson INS AND OUTS - - - Bradson NOTES RECEIVABLE - Other - - - Bradson T BAY - - - Bradson WAJ - - - Bridge Point Capital BOCA DIXIE SUN - - - Bridge Point Capital DAVID CHESTON MADSEN - - - Bridge Point Capital ESCENA - - - Bridge Point Capital ESCENA PROPERTIES - - - Bridge Point Capital INS & OUTS 3,500.00 - 3,500.00 Bridge Point Capital JARON DAVIS - - - Bridge Point Capital PRYOR CREEK - - - Bridge Point Capital SOUTH BASS LLC - - - Bridge Point Capital TAXES - - - Bridge Point Capital TX APTS - - - Bridge Point Capital VARIOUS - - - Brookhaven ARBORETUM - - - Brookhaven COUNCIL PROPERTIES - - - Brookhaven INS AND OUTS - - - Brookhaven MANAGEMENT MASTERS - - - Brookhaven MSI - - - Brookhaven THUNDER BAY 1,192,100.00 1,192,100.00 - Total Notes Receivable OldBrookhaven WAJ,GPJ,EKJ - - - Brooksedge INS & OUTS - - - Brooksedge THUNDER BAY - - - Brooksedge (2) ABBIE LAKES - - - Brooksedge (2) INS & OUTS - - - Brooksedge (2) JAKE & MAC - - - Brooksedge (2) JEFFERSON CHASE - - - Brooksedge (2) T BAY - - - Brooksedge (2) TEXAS APARTMENTS - - - Brutace INS & OUTS - - - Brutace THUNDER BAY 798,000.00 798,000.00 - Total Notes Receivable OldBrutace WAJ, EKJ, GPJ - - - Build Value INS & OUTS - - - Build Value NOTES RECEIVABLE - Other - - - Build Value THUNDER BAY 2,299,000.00 2,299,000.00 - Total Notes Receivable OldBusiness Pros ENTITIES - - - Business Pros THUNDER BAY - - - Business Pros WAJ - - - Cala GATEWAY PROPERTIES 23,718.11 - 23,718.11 Cala PATRIOTS DREAM 350,000.00 350,000.00 - Total Notes Payable

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Cala THUNDER BAY 427,000.00 427,000.00 - Total Notes Receivable OldCam Cam BOULDER DEV - - - Cam Cam INS & OUTS 2,500,000.00 2,500,000.00 - Total Notes PayableCam Cam JAKE & TATE - - - Cam Cam MGT SOL - - - Cam Cam MIRAFLORES - - - Cam Cam SHEPHERDS POINT - - - Cam Cam T BAY - - - Cam Cam TEXAS APARTMENTS - - - Cam Cam VILLA FLORENCE - - - Cam Cam WAJ,GPJ & EKJ - - - Cam Cam WAKARA POINT - - - Canterra Park CLOSING - - - Canterra Park INS & OUTS - - - Canterra Park MONTERRA - - - Canterra Park SPARTAN - - - Car Vala BOCA RATON LLC - - - Car Vala INS & OUTS - - - Car Vala MSI - - - Car Vala T BAY 1,826,000.00 1,826,000.00 - Total Notes Receivable OldCar Vala WAJ,GPJ,EKJ - - - Champion Capital CASH ZONE, LLC - - - Champion Capital COUNCIL PROPERTIES - - - Champion Capital DEZAVALA - - - Champion Capital INS AND OUTS (70,000.00) - (70,000.00) Champion Capital L HENSON - - - Champion Capital MGT SOL INC - - - Champion Capital NAPLES DR OFFICE RUBLES - - - Champion Capital PROMISSORY NOTES - - - Champion Capital SAMUEL ASTON - - - Champion Capital SCOT STOBBE - - - Champion Capital TALLAHASSEE WIDOWER HO - - - Champion Capital TEXAS APTS - - - Champion Capital THUNDER BAY 14,000.00 - 14,000.00 Champion Capital WAJ, GPJ, EKJ - - - Chelby Park LLC NOTES RECEIVABLE - Other - - - Chelby Park LLC PARTNERS - - - Chelby Park LLC THUNDER BAY - - - Chelby Park LLC WAJ GPJ EKJ - - - Circle J Farms A C APTS - - - Circle J Farms INS & OUTS (39,000.00) - (39,000.00) Circle J Farms MSI - - - Circle J Farms NOTES RECEIVABLE - Other - - - Circle J Farms SQSP - - - Circle J Farms T BAY (121,300.00) (121,300.00) - Total Notes Receivable OldCircle J Farms TEXAS APTS - - - Circle J Farms VILLA FLORENCE - - - Circle J Farms WAJ,GPJ,EKJ,SRD 50,309.00 [A] - Total Equity (Deficit)City View COUNCIL PROPERTIES (1,000,000.00) (1,000,000.00) - Total Notes ReceivableCity View RR BECK PROPERTIES 1,000,000.00 - 1,000,000.00 Third-PartyCity View INS & OUTS - - - City View MANAGEMENT SOLUTIONS - - - City View THUNDER BAY 70,000.00 70,000.00 - Total Notes Receivable OldClear Creek I ARBORETUM - - - Clear Creek I INS & OUTS - - - Clear Creek I PARTNERS 1,282,000.00 1,282,000.00 - Total Notes PayableClear Creek I THUNDER BAY - - - Clear Creek II ARBORETUM - - - Clear Creek II PARTNERS 1,339,000.00 1,339,000.00 - Total Notes PayableClear Creek II THUNDER BAY - - -

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Clear Paradigm COUNCIL PROPERTIES - - - Clear Paradigm THUNDER BAY - - - Cleburn Terrace AC APTS (1,806,605.07) (1,806,604.00) (1.07) Total Notes ReceivableCleburn Terrace ARBORETUM - - - Cleburn Terrace CLEBURNE TERRACE - - - Cleburn Terrace DALLAS APTS - - - Cleburn Terrace INS & OUTS - - - Cleburn Terrace MGT SOL INC - - - Cleburn Terrace OAK HOLLOW - - - Cleburn Terrace WAJ,GPJ,EKJ - - - Cletace INS & OUTS - - - Cletace JAKE & TATE - - - Cletace THUNDER BAY 1,430,000.00 1,430,000.00 - Total Notes Receivable OldCletace WAJ, EKJ, GPJ - - - Colonial Green INS & OUTS - - - Colonial Green MSI - - - Colonial Green TEXAS APTS - - - Colonial Green THUNDER BAY - - - Colonial Green WAJ, EKJ, GPJ, MBJ - - - Colonial Red TBAY 140,000.00 140,000.00 - Total Notes Receivable OldColonial Red WAJ, EKJ, GPJ, MBJ - - - Colonial Yellow TBAY - - - Cooper Street COUNCIL PROPERTIES 2,000,000.00 2,000,000.00 - Total Notes PayableCooper Street THUNDER BAY 917,000.00 917,000.00 - Total Notes Receivable OldCore Comm Advisors WAJ GPJ EKJ - - - Costa Azul NOTES RECEIVEABLE - Other - - - Costa Azul THUNDER BAY 155,000.00 155,000.00 - Total Notes Receivable OldCosta Azul WAJ - - - Council Properties BOULDER - - - Council Properties BUFFALO RUN - - - Council Properties CITY VIEW 1,000,000.00 1,000,000.00 - Total Notes ReceivableCouncil Properties GOODFELLOW - - - Council Properties INS & OUTS (1,389,784.12) - (1,389,784.12) Council Properties MISC - - - Council Properties STONEBROOK AT GOOSECRE - - - Council Properties TEXAS APTS - - - Council Properties VALLEY VIEW 2,339.69 - 2,339.69 Council Properties WAJ,GPJ,EKJ 1,103,112.92 [A] - Total Equity (Deficit)Country Villa III INS AND OUTS - - - Country Villa III SUMMERWIND - - - Court & Villa SQUAW SPRINGS - - - Court & Villa T BAY (69,900.00) (69,900.00) - Total Notes Receivable OldCourt & Villa TEXAS APTS - - - Court & Villa WAJ,GPJ,EKJ - - - Courtyard Park COURTYARD PARK I, LLC - - - Courtyard Park COURTYARD PARK II, LLC - - - Courtyard Park HPH 236,421.00 - 236,421.00 Third-PartyCourtyard Park JASMINE APTS INC 2,500.00 - 2,500.00 Third-PartyCourtyard Park INS & OUTS 1,050,000.00 1,050,000.00 - Total Notes Receivable OldCourtyard Park PATRIOT AMERICAN - - - Courtyard Park T BAY - - - Courtyard Park TEXAS APTS - - - Courtyard Park WAJ,EKJ,GPJ - - - Courtyard Park WILLOW PARK LLC - - - Courtyard Park I ALPINE COURT - - - Courtyard Park I COURTYARD PARK II - - - Courtyard Park I COURTYARD PARK, LLC - - - Courtyard Park I DIAMANTE BRUTO - - - Courtyard Park I HAIRPORT - - - Courtyard Park I INS & OUTS - - -

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Courtyard Park I THUNDER BAY - - - Courtyard Park I WAJ, GPJ, EKJ, ARJ - - - Courtyard Park I WILLOW PARK, LLC - - - Courtyard Park II INS & OUTS - - - Courtyard Park II THUNDER BAY 98,000.00 98,000.00 - Total Notes Receivable OldCourtyard Park II WAJ, GPJ, EKJ 170,500.00 [A] - Total Equity (Deficit)Creekside Northlake BART WARNER CO - - - Creekside Northlake BOCA RATON LLC - - - Creekside Northlake DIXIE WINDS LLC - - - Creekside Northlake NORTH BASS LLC - - - Creekside Northlake SOUTH BASS LLC - - - Creekside Northlake SUN WINDS LLC - - - D General INS & OUTS - - - D General THUNDER BAY (257,000.00) (257,000.00) - Total Notes Receivable OldD General WAJ,EKJ,GPJ - - - Den Glen INS & OUTS - - - Den Glen THUNDER BAY (915,300.00) (915,300.00) - Total Notes Receivable OldDen Glen WAJ,EKJ,GPJ - - - Den Town NOTES RECEIVABLE - Other - - - Den Town THUNDER BAY 65,600.00 65,600.01 (0.01) Total Notes Receivable OldDen Town WAJ,EKJ,GPJ - - - Dezavala Oaks BW AC APARTMENTS - - - Dezavala Oaks BW COUNCIL PROPERTIES - - - Dezavala Oaks BW INS & OUTS - - - Dezavala Oaks BW MTN ENTERPIRSES - - - Dezavala Oaks BW TEXAS APARTMENTS - - - Diamonte Bruto ARJ - - - Diamonte Bruto ARJ RED STAG - - - Diamonte Bruto COURTYARD PARK 1 - - - Diamonte Bruto EDGEWISE 50,000.00 - 50,000.00 Third-PartyDiamonte Bruto HAIRPORT - - - Diamonte Bruto THUNDER BAY - - - Dimazio INS & OUTS 204,900.00 - 204,900.00 Dimazio THUNDER BAY - - - Discovery Grove BUILD VALUE 500,000.00 500,000.00 - Total Notes PayableDiscovery Grove NOALLSON 1,500,000.00 1,500,000.00 - Total Notes PayableDiscovery Grove PATRIOTS DREAM 400,000.00 400,000.00 - Total Notes PayableDiscovery Point DISCOVERY GROVE - - - Discovery Point GATEWAY PROPERTIES 2,700,000.00 2,700,000.00 - Total Notes PayableDiscovery Point INS & OUTS - - - Discovery Point PARTNERS - - - Discovery Point PARTNERS - - - Discovery Point THUNDER BAY 599,000.00 298,000.00 301,000.00 Total Notes Receivable OldDiscovery Point II HPI 750,000.00 750,000.00 - Total Notes PayableDiscovery Point II BCW DO, LLC 4,836,000.00 - 4,836,000.00 Third-PartyDiscovery Point II JAKE & TATE 1,500,000.00 1,500,000.00 - Total Notes PayableDixie Winds WAJ,GPJ,EKJ 603,000.00 [A] - Total Equity (Deficit)Doah View VINTAGE PLACE - - - El Dorado Apartments THUNDER BAY - - - Encinito AC APTS - - - Encinito INS & OUTS - - - Encinito MGT SOL INC - - - Encinito OAK HILL APTS - - - Encinito SQSP - - - Encinito THUNDER BAY 235,000.00 235,000.00 - Total Notes Receivable OldEncinito TIDEWATER APTS - - - Encinito TIDEWATER INV - - - Encinito WAJ, GPJ, EKJ - - - Entrada BRIDGEPOINT - - - Entrada ESCENA - - -

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Entrada PARTNERS 3,000,000.00 3,000,000.00 - Total Notes PayableEntrada THUNDER BAY 3,200,000.00 - 3,200,000.00 Third-PartyEscena Park INS & OUTS - - - Escena Park PARTNERS - - - Escena Park TBAY - - - Escena Properties COUNCIL PROPERTIES - - - Escena Properties INS & OUTS - - - Escena Properties MANAGEMENT MASTERS, LL - - - Escena Properties TEXAS PROPERTIES - - - Escena Properties THUNDER BAY (1,000.00) (1,000.00) - Total Notes Receivable OldFalcon Head Properties INS & OUTS - - - Falcon Head Properties IRONWODDS 125,000.00 100,000.00 25,000.00 Total Notes PayableFieldSon INS & OUTS - - - FieldSon THUNDER BAY - - - Fountain Hills PARTNERS - - - Fountain Hills T BAY - - - Fountain Legacy COUNCIL PROPERTIES - - - Fountain Legacy INS & OUTS - - - Fountain Legacy TBAY - - - Fred Ricks & Burg ANDORA APTS - - - Fred Ricks & Burg CHAMPION CAPITAL - - - Fred Ricks & Burg COOPER GLEN - - - Fred Ricks & Burg COURT & VILLA APTS - - - Fred Ricks & Burg CREEKSIDE APTS - - - Fred Ricks & Burg CUSTOMER SERVICES AGENC - - - Fred Ricks & Burg DALLAS APTS - - - Fred Ricks & Burg INS & OUTS 837,000.00 - 837,000.00 Fred Ricks & Burg LA MAISON APTS - - - Fred Ricks & Burg LOAN FEES - - - Fred Ricks & Burg MCKAMY LAKES - - - Fred Ricks & Burg MGT SOL INC - - - Fred Ricks & Burg OAK TRAILS APTS - - - Fred Ricks & Burg PROVENCE - - - Fred Ricks & Burg RAY CLAWSON - - - Fred Ricks & Burg SQSP - - - Fred Ricks & Burg SYCAMORE FARMS APTS - - - Fred Ricks & Burg T BAY (152,000.00) (46,500.00) (105,500.00) Total Notes Receivable OldFred Ricks & Burg TEXAS APARTMENTS - - - Fred Ricks & Burg TOSCANA - - - Fred Ricks & Burg TOWNE CROSSING - - - Fred Ricks & Burg VILLAS OF EL DORADO - - - Fred Ricks & Burg WAJ,GPJ,EKJ - - - Gateway Properties New ALLOWANCE FOR BAD DEBT - - - Gateway Properties New ASH MINI STORAGE - - - Gateway Properties New CUSTOMER RECEIVABLE IBIS - - - Gateway Properties New ENTRADA PARK 28,953.27 - 28,953.27 Gateway Properties New GREEN OAKS 296,704.96 - 296,704.96 Gateway Properties New INS & OUTS - - - Gateway Properties New THUNDER BAY (802,272.02) - (802,272.02) Gateway Properties New WESTFIELD ESTATES 810,502.85 - 810,502.85 Third-PartyGeyser Point PROVIDENCE COUNCIL - - - Golden J Insurance COUNCIL PROPERTIES - - - Golden J Insurance QGS INVESTMENTS, LLC - - - Golden J Insurance THUNDER BAY - - - Goose Brook TBAY 1,434,500.00 1,434,500.00 - Total Notes Receivable OldGreater Fred (Highland Oaks) AC APARTMENTS TX, LP - - - Greater Fred (Highland Oaks) ARBORETUM - - - Greater Fred (Highland Oaks) MSI - - - Greater Fred (Highland Oaks) SQUAW SPRINGS - - - Greater Fred (Highland Oaks) TEXAS APTS - - -

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Greater Fred (Highland Oaks) THUNDER BAY 105,500.00 - 105,500.00 Greater Fred (Highland Oaks) WAJ - - - Group Wise INS AND OUTS - - - Group Wise JAKE & TATE - - - Group Wise THUNDER BAY 77,000.00 77,000.00 - Total Notes Receivable OldHairport_Snow Winds, LLC INS & OUTS - - - Haynes INS & OUTS - - - High Star Ranch FALCONHEAD 25,000.00 - 25,000.00 High Star Ranch INS & OUTS - - - High Star Ranch LAMONT CHRISTENSEN - - - High Star Ranch R REED JACOBSON 425,879.96 - 425,879.96 High Star Ranch T BAY - - - High Star Ranch VILLA FLORENCE - - - High Star Ranch VIRGEL BLACKHAM - - - High Star Ranch WAJ,GPJ,EKJ (2.00) [A] - Total Equity (Deficit)HPI Investments INS & OUTS - - - HPI Investments T BAY 631,900.00 631,900.00 - Total Notes Receivable OldI-15 Storage, LLC COUNCIL PROPERTIES 1,250,000.00 - 1,250,000.00 I-15 Storage, LLC THUNDER BAY 137,700.00 137,700.00 - Total Notes Receivable OldIbis Gas Services INS & OUTS - - - Ibis Gas Services SINGENIS (3,146,282.47) - (3,146,282.47) Third-PartyInveness BROOKHAVEN - - - Inveness INS & OUTS - - - Inveness THUNDER BAY - - - Jake & Mac BROOKSEDGE - - - Jake & Mac CHARLESTONIAN - - - Jake & Mac COUNCIL PROPERTIES, LLC - - - Jake & Mac INS & OUTS - - - Jake & Mac MGT SOL - - - Jake & Mac PARTNERS - - - Jake & Mac SQUAW SPRINGS - - - Jake & Tate BOCA RATON APTS - - - Jake & Tate CAM CAM MANAGEMENT - - - Jake & Tate DALLAS APTS - - - Jake & Tate DEZAVALA OAKS - - - Jake & Tate EVERS PARK - - - Jake & Tate INS & OUTS - - - Jake & Tate MISC - - - Jake & Tate NOTES RECEIVABLE - Other - - - Jake & Tate OAK HOLLOW - - - Jake & Tate PARTNERS - - - Jake & Tate PARTNERS - - - Jake & Tate SAN ANTONIO APTS 2,894,000.00 2,894,000.00 - Total Notes PayableJake & Tate SHEPHERDS POINT - - - Jake & Tate SYCAMORE FARMS - - - Jake & Tate TEXAS APTS - - - Jake & Tate WAJ,GPJ,EKJ - - - Janison Investments INS & OUTS - - - Janison Investments PROVIDENCE ESTATES 154,000.00 154,000.00 - Total Notes PayableJarustds BROOKHAVEN - - - Jarustds INS & OUTS - - - Jarustds T BAY - - - Jarustds WAJ,EKJ,GPJ - - - Jefferson Chase COUNCIL PROPERTIES - - - Jefferson Chase INS & OUTS - - - Jefferson Chase T BAY - - - Jefferson Chase WAJ,GPJ,EKJ - - - Kamy Lakes INS & OUTS - - - Kamy Lakes THUNDER BAY 280,000.00 - 280,000.00 King George ARBORETUM - - -

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King George INS & OUTS - - - King George THUNDER BAY 1,802,000.00 1,802,000.00 - Total Notes Receivable OldKing Sage BETTY OR VICTOR CARRERA - - - King Sage INS & OUTS - - - King Sage NOTES RECEIVABLE - Other - - - King Sage SAMUEL ASTON - - - King Sage THUNDER BAY 45,000.00 45,000.00 - Total Notes Receivable OldKingson IBIS GAS - - - Kingson MANAGEMENT MASTERS - - - Kingson THUNDER BAY 307,000.00 307,000.00 - Total Notes Receivable OldKomo Mai Estates COUNCIL PROPERTIES 655,600.00 - 655,600.00 Komo Mai Estates INS & OUTS - - - Komo Mai Estates THUNDER BAY 6,000.00 - 6,000.00 Kula Estates INS & OUTS - - - Kula Estates THUNDER BAY 4,820,000.00 4,820,000.00 - Total Notes Receivable OldKulia I Ka Nu'u Estates DEZAVALA OAKS 5,000,000.00 - 5,000,000.00 Kulia I Ka Nu'u Estates INS & OUTS - - - Kulia I Ka Nu'u Estates KOMO MAI 765,000.00 - 765,000.00 Kulia I Ka Nu'u Estates BCW DO TIC 2,920,000.00 - 2,920,000.00 Third-PartyKulia I Ka Nu'u Estates MSI 300,000.00 - 300,000.00 Kulia I Ka Nu'u Estates THUNDER BAY 4,368,000.00 4,368,000.00 - Total Notes Receivable OldLa Villita_Garden Terrace INS & OUTS - - - La Villita_Garden Terrace NOTES RECEIVABLE - Other - - - La Villita_Garden Terrace PARTNERS - - - Lake Hood LLC DGENERAL - - - Lake Hood LLC THUNDER BAY - - - Lake Ridge COUNCIL PROPERTIES - - - Lake Ridge INS & OUTS 4,000,000.00 4,000,000.00 - Total Notes ReceivableLake Ridge LAKES RIDGE - - - Lake Ridge STONEBRIDGE - - - Lake Ridge THUNDER BAY 2,708,000.00 999,500.00 1,708,500.00 Total Notes Receivable OldLakes Edge INS & OUTS - - - Lakes Edge LAKES EDGE - - - Lakes Edge MOUNTAIN ENTERPRISES - - - Lakes Edge THUNDER BAY (1,689,000.00) - (1,689,000.00) Lamp Son INS AND OUTS - - - Lamp Son NOTES RECEIVABLE - Other - - - Lamp Son THUNDER BAY 2,172,000.00 2,172,000.00 - Total Notes Receivable OldLeague 3 GATEWAY - - - League 3 THUNDER BAY - - - League Eleven BANKS D AND - - - League Eleven BRIDGEPOINT CAPITAL - - - League Eleven INS & OUTS - - - League Eleven SUMMERWIND APTS - - - League Eleven T BAY - - - League Eleven WAJ,GPJ,EKJ - - - Legend Hills INS AND OUTS - - - Legend Hills THUNDER BAY - - - Madison Chase 1031 INS AND OUTS - - - Madison Chase 1031 TEXAS APTS - - - Madison Chase 1031 THUNDER BAY - - - Management Masters ARJ, WAJ, GPJ, EKJ, BPJ - - - Management Masters FALCONHEAD PROPERTIES - - - Management Masters GATEWAY 2,650,000.00 1,800,000.00 850,000.00 Total Notes PayableManagement Masters INS & OUTS - - - Management Masters IOSEPA - - - Management Masters MANAGEMENT MASTERS LOG - - - Management Masters NASCAR CARWASH - - - Management Masters OTHER - - - Management Masters PLATINUM 6,191,178.16 - 6,191,178.16 Third-Party

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Management Masters SMOKEY TRAILS - - - Management Masters SUNBURY RIDGE 142,000.00 142,000.00 - Total Notes PayableManagement Masters TEXAS APTS (1,075,000.00) - (1,075,000.00) Management Masters - Logan ARJ,WAJ - - - Management Masters - Logan INS & OUTS - - - Management Masters - Logan MGT MASTERS - - - Mandivo NOTES RECIEVABLE - Other - - - Mandivo THUNDER BAY 2,165,000.00 2,165,000.00 - Total Notes Receivable OldMarvista INS AND OUTS - - - Marvista THUNDER BAY 258,000.00 258,000.00 - Total Notes Receivable OldMayo THUNDER BAY 2,338,000.00 - 2,338,000.00 Mayo WAJ - - - McKamy Lake Sharon BCW- SF, LLC - - - McKamy Lake Sharon COUNCIL PROPERTIES - - - McKamy Lake Sharon PARTNERS - - - Meadow Walk COLONIAL GREEN - - - Meadow Walk COUNCIL PROPERTIES 1,073,960.00 - 1,073,960.00 Meadow Walk MANAGEMENT SOLUTIONS - - - Meadow Walk MCKEAN APARTMENTS, LLC 644,000.00 - 644,000.00 Third-PartyMeadow Walk NYCOM, LLC - - - Meadow Walk PARTNERS - - - Meadow Walk PHEASANT WOOD, LLC 645,500.00 - 645,500.00 Third-PartyMelson TBAY - - - Melson WAJ,GPJ, EKJ - - - Memphis Park PARTNERS - - - Memphis Park THUNDER BAY - - - Miraflores AMISTAD VILLA - - - Miraflores COUNCIL PROPERTIES 23,460.40 - 23,460.40 Miraflores DALLAS APTS - - - Miraflores INS & OUTS - - - Miraflores MGT SOL INC - - - Miraflores MOTSARIKA - - - Miraflores SQUAW SPRINGS - - - Miraflores T BAY - - - Miraflores TOWN PLAZA - - - Miraflores WAJ,GPJ,EKJ 2,322,580.08 [A] - Total Equity (Deficit)Miraflores WOOL CITY INC - - - Mistema Bay COLONIAL YELLOW - - - Mistema Bay INS & OUTS - - - Mistema Bay MIKE & JOANN FROEHLING - - - Mistema Bay THUNDER BAY - - - Mistema Bay WAJ - - - Monte Forte INS & OUTS - - - Monte Forte THUNDER BAY 109,000.00 109,000.00 - Total Notes Receivable OldMonterra Park CLOSING - - - Monterra Park DALLAS APTS - - - Monterra Park INS & OUTS - - - Monterra Park SPARTAN CAPITAL - - - Motsarika INS & OUTS - - - Motsarika MGT SOL INC - - - Motsarika MOUNTAIN ENTERPRISES - - - Motsarika TEXAS APTS 328,800.00 - 328,800.00 Motsarika THUNDER BAY 1,787,900.00 - 1,787,900.00 Motsarika VILLA FLORENCE - - - MSI Corp HAYNES PROPERTY MGT - - - MSI Corp INS & OUTS - - - MSI Corp MISC - - - MSI Corp NOTES RECEIVABLE - Other - - - MSI Corp WAJ GPJ EKJ 500,000.00 [A] - Total Equity (Deficit)MSI Savings BOULDER - - -

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MSI Savings CLEBURNE - - - MSI Savings JAKE & TATE - - - MSI Savings MBJ CLAW - - - MSI Savings MGT SOL INC 1,419,000.00 1,419,000.00 - Total Notes Receivable OldMSI Savings SQSP - - - MSI Savings T BAY - - - MSI Savings WAJ, GPJ, EWJ - - - MSI Savings WOOL CITY - - - Mtn. Enterprises BOCA RATON APTS LLC - - - Mtn. Enterprises COUNCIL PROPERTIES - - - Mtn. Enterprises INS & OUTS - - - Mtn. Enterprises SHEPHERDS POINTE - - - Mtn. Enterprises TEXAS APTS - - - Mtn. Enterprises WAJ,GPJ,EKJ 45,000.00 [A] - Total Equity (Deficit)Noallson COUNCIL PROPERTIES 1,561,000.00 1,561,000.00 - Total Notes PayableNoallson INS & OUTS - - - Noallson PARTNERS - - - Noallson THUNDER BAY - - - North Bass CREEKSIDE @ NORTHLAKE L - - - North Bass NOTES RECEIVABLE - Other - - - North Bass T BAY 20,000.00 - 20,000.00 North Spring Park NOTES RECEIVABLE - Other - - - North Spring Park THUNDER BAY - - - Oak City INS & OUTS - - - Oak City THUNDER BAY 342,500.00 342,500.00 - Total Notes Receivable OldOak City WAJ - - - Oak Hill AC APTS - - - Oak Hill ENCINITO APTS. - - - Oak Hill INS & OUTS - - - Oak Hill MGT SOL INC - - - Oak Hill MISC - - - Oak Hill SQSP - - - Oak Hill TIDEWATER APTS - - - Oak Hill TIDEWATER INV - - - Oak Hill WAJ,GPJ,EKJ - - - Oak Hill-1031 AC APTS - - - Oak Hill-1031 ARBORETUM - - - Oak Hill-1031 COUNCIL PROPERTIES - - - Oak Hill-1031 HOLBROOK TIC 2,200,000.00 - 2,200,000.00 Third-PartyOak Hill-1031 INS & OUTS - - - Oak Hill-1031 TEXAS APTS - - - Oak Hill-1031 THUNDER BAY - - - Oak Trails INS & OUTS 279,200.00 - 279,200.00 Oak Trails PMC - - - Oak Trails TEXAS APTS (1,700.00) - (1,700.00) Parcel 7 & 54 THUNDER BAY 2,300,000.00 2,300,000.00 - Total Loans PayablePatriot American COURTYARD PARK - - - Patriot American INS & OUTS - - - Patriot American PLATINUM - - - Patriot American T BAY 1,030,000.00 1,030,000.00 - Total Notes Receivable OldPatriot American WAJ, ARJ - - - Patriot American WILLOW PARK - - - Patriots' Dream T BAY 775,000.00 775,000.00 - Total Notes Receivable OldPebble Lakes INS & OUTS - - - Pebble Lakes THUNDER BAY - - - Pepper Winds INS & OUTS - - - Pepper Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayablePepper Winds THUNDER BAY 145,500.00 145,500.00 - Total Notes Receivable OldPepper Winds WAJ,EKJ,GPJ 69,200.00 [A] - Total Equity (Deficit)Perpetual WAJ - - -

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Platinum Controls INS & OUTS - - - Platinum Protection INS & OUT - - - Platinum Protection MANAGEMENT MASTERS 2,521,000.00 - 2,521,000.00 Platinum Protection PLATINUM PROTECTION (466,000.00) - (466,000.00) Platinum Protection RELATED ENTITIES - - - Platinum Protection T BAY (2,190,000.00) (3,015,000.00) 825,000.00 Total Notes Receivable OldPlatinum Protection TX APTS - - - PocaTucson INS & OUTS - - - PocaTucson MIRAFLORES SW - - - PocaTucson RETREAT APTS - - - PocaTucson THUNDER BAY 630,000.00 630,000.00 - Total Notes Receivable OldPocaTucson WAJ,EKJ,GPJ - - - Providence Estates ARBORETUM - - - Providence Estates INS AND OUTS - - - Providence Estates THUNDERBAY - - - Provident Point HPI - - - Provident Point THUNDER BAY 933,000.00 933,000.00 - Total Notes Receivable OldPryor Creek COUNCIL PROPERTIES - - - Pryor Creek INS & OUTS - - - Pryor Creek MANAGEMENT MASTERS - - - Pryor Creek MANAGEMENT SOLUTIONS - - - Pryor Creek SQUAW SPRINGS - - - Pryor Creek T BAY - - - Pryor Creek YELLOW ROSE - - - QGS Investments COUNCIL PROPERTIES, LLC - - - QGS Investments GATEWAY LLC - - - QGS Investments GROUP WISE LLC - - - QGS Investments MANAGEMENT MASTERS - - - QGS Investments MCDERMOTT - - - QGS Investments MGT SOLUTIONS - - - QGS Investments NOTES RECEIVABLE - Other - - - QGS Investments SQUAW SPRINGS - - - QGS Investments YELLOW ROSE APTS - - - Quorum Insurance Company COUNCIL PROPERTIES - - - Quorum Insurance Company QGS INVESTMENTS, LLC - - - Red Castle Inc INS & OUTS - - - Red Castle Inc REID BRADY (14,230.74) - (14,230.74) Third-PartyRed Castle Ret JASON & CASSIE STEPHENS - - - Red Castle Ret TED & SALLY - - - Reep Investments COUNCIL PROPERTIES - - - Reep Investments TBAY - - - Reese Road (2) ARBORETUM - - - Reese Road (2) COUNCIL PROPERTIES - - - Reese Road (2) INS & OUTS - - - Reese Road (2) MANAGEMENT SOLUTIONS - - - Reese Road (2) THUNDER BAY 1,550,000.00 1,550,000.00 - Total Notes Receivable OldReserve @ Abbie Lakes BLACKCLIFFS INVESTMENTS - - - Reserve @ Abbie Lakes INS & OUTS - - - Reserve @ Abbie Lakes SQSP 800,000.00 800,000.00 - Total Notes ReceivableReserve @ Abbie Lakes T BAY - - - Retama Hill COUNCIL PROPERTIES - - - Retama Hill PARTNERS - - - Retama Hill PINE MOUNTAIN LLC - - - Retama Ranch INS & OUTS - - - Retama Richards COUNCIL PROPERTIES - - - Retama Richards FOREST HILLS LLC - - - Retama Richards PARTNERS - - - Retama Rose COUNCIL PROPERTIES - - - Retama Rose FOREST HILLS, LLC - - - Retama Rose PARTNERS - - -

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Retreat INS & OUTS - - - Retreat SIMJAH INTERESTS LLC - - - Retreat @ Stonebridge Ranch COUNCIL PROPERTIES, LLC (1,415,586.49) 1,415,586.49 (2,831,172.98) Total Notes PayableRetreat @ Stonebridge Ranch ESCENA PARK - - - Retreat @ Stonebridge Ranch GATEWAY PROPERTIES - - - Retreat @ Stonebridge Ranch T BAY - - - River Royal COUNCIL PROPERTIES - - - River Royal INS & OUTS - - - River Royal TBAY - - - Rock City COUNCIL PROPERTIES - - - Rock City PARTNERS - - - Rock City PINE MOUNTAIN LLC - - - Rose Hill INS & OUTS - - - Rose Hill MGT SOL INC - - - Rose Hill MIRAFLORES - - - Rose Hill MISC - - - Rose Hill T BAY (10,200.00) (10,200.00) - Total Loans PayableRose Hill TEXAS APARTMENTS - - - Rose Hill WAJ,EKJ,GPJ - - - Rosons INS & OUTS - - - Rosons T BAY - - - Sagefield Duplexes ARBORETUM - - - Sagefield Duplexes INS & OUTS - - - Sagefield Duplexes THUNDER BAY - - - Sagefield Duplexes WAJ,GPJ,EKJ - - - Sagewood Insurance Company COUNCIL PROPERTIES - - - Sagewood Insurance Company QGS INVESTMENTS, LLC - - - Sagewood Insurance Company THUNDER BAY - - - SalTucson INS & OUTS 685,000.00 - 685,000.00 SalTucson RETREAT APTS LLC - - - SalTucson T BAY (19,000.00) (19,000.00) - Total Notes Receivable OldSan Marina INS & OUTS - - - San Marina THUNDER BAY - - - Santana Springs ALLEN R. JACOBSON 21,247.00 - 21,247.00 Santana Springs INS & OUTS - - - Santana Springs TBAY (660,000.00) (660,000.00) - Total Notes Receivable OldSatina THUNDER BAY - - - Seneca Place INS & OUTS - - - Serve International INS AND OUTS - - - Shepherds Pointe CAM CAM MGT CO - - - Shepherds Pointe COUNCIL PROPERTIES 13,027.07 13,027.07 - Total Notes PayableShepherds Pointe INS & OUTS - - - Shepherds Pointe JAKE & TATE - - - Shepherds Pointe MGT SOL INC - - - Shepherds Pointe MTN ENTERPRISES - - - Shepherds Pointe SQUAW SPRINGS - - - Shepherds Pointe T BAY (1,397,000.00) (1,397,000.00) - Total Notes Receivable OldShepherds Pointe WAJ 1,289,678.41 [A] - Total Equity (Deficit)Shepherds Pointe WOOL CITY - - - Simjah Interest INS & OUTS - - - Simjah Interest PMC - - - Simjah Interest TEXAS APTS - - - Simjah Interest THUNDER BAY MORTGAGE - - - Skypark INS & OUTS 39,000.00 - 39,000.00 Skypark MT ENTERPRISES - - - Skypark T BAY - - - Smokey Trails INS & OUTS - - - Smokey Trails PLATINUM PROTECTION - - - Smokey Trails T BAY - - - Smokey Trails TEXAS APTS - - -

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Smokey Trails WAJ, ARJ, MBJ - - - Snow Winds HAIRPORT - - - Snow Winds NOTES RECEIVABLE - Other - - - Snow Winds THUNDER BAY 95,000.00 95,000.00 - Total Notes Receivable OldSocourt PARTNERS - - - Socourt THUNDER BAY - - - Socourt WAJ, GPJ, EKJ - - - Socourt WYNDSOR COURT 202,500.00 202,500.00 - Total Notes PayableSolar Bridge INS & OUTS - - - Solar Bridge THUNDER BAY - - - Solar Sands INS & OUTS - - - Solar Sands NOTES RECEIVABLE - Other - - - Solar Sands THUNDER BAY - - - South Bass THUNDER BAY 359,600.00 359,600.00 - Total Notes Receivable OldSpartan Capital INS & OUTS - - - Spring Gate INS & OUTS (2,650,000.00) - (2,650,000.00) Spring Gate MSI - - - Spring Gate THUNDER BAY (50,000.00) - (50,000.00) Squaw Springs HIGHLAND OAKS - - - Squaw Springs INS & OUTS - - - Squaw Springs MANAGEMENT MASTERS - - - Squaw Springs MGT SOL INC - - - Squaw Springs OHIO APTS (4,800,000.00) (4,800,000.00) - Total Notes ReceivableSquaw Springs SHEPHERDS POINTE - - - Squaw Springs SOCOURT/WYNDURT - - - Squaw Springs SOCOURT/WYNDURT - - - Squaw Springs JAMES & BOBBIE JO ANDERS 20,122.98 - 20,122.98 Third-PartySquaw Springs TEXAS APARTMENTS - - - Squaw Springs WAJ, GPJ, EKJ - - - Squaw Springs WYNDSOR COURT 205,000.00 205,000.00 - Total Notes ReceivableSquaw Springs WYNDSOR COURT 205,000.00 205,000.00 - Total Notes PayableSSI Savings BOULDER - - - SSI Savings CURRENT POWER - - - SSI Savings DMP - - - SSI Savings FRED - - - SSI Savings JAKE & TATE - - - SSI Savings MBJ CLAW - - - SSI Savings MGT SOL INC - - - SSI Savings SQUAW (4,995.00) - (4,995.00) SSI Savings TBAY - - - SSI Savings VERNON OAKS - - - SSI Savings WAJ, GPJ, EWJ - - - SSI Savings WOOL CITY - - - Stone Brook Idaho INS & OUTS - - - Stone Brook Idaho TEXAS APARTMENTS - - - Stone Brook Idaho THUNDER BAY 460,000.00 460,000.00 - Total Notes Receivable OldStonebridge COUNCIL PROPERTIES - - - Stonebridge FALCONHEAD PROPERTIES - - - Stonebridge INS & OUTS - - - Stonebridge LAKE RIDGE - - - Stonebridge LAKES EDGE APARTMENTS - - - Stonebridge TEXAS APARTMENTS - - - Stonebridge THUNDER BAY - - - Stonebrook @ Goosecreek COUNCIL PROPERTIES - - - Stonebrook @ Goosecreek INS & OUTS (19,500.00) - (19,500.00) Stonebrook @ Goosecreek STONEBROOK 2 - - - Summer Wind Apts ARBORETUM - - - Summer Wind Apts COUNTRY VILLA 18.25 - 18.25 Summer Wind Apts INS AND OUTS - - - Summer Wind Apts MANAGEMENT SOLUTIONS - - -

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Summer Wind Apts SUMMERWIND 3,500.00 - 3,500.00 Summer Wind Apts T BAY - - - Summer Wind Apts TUSCANY VILLA 12.39 - 12.39 Summerwind Corp BLANCA WINDS, LLC - - - Summerwind Corp INS & OUTS (80,969.36) - (80,969.36) Summerwind Corp PEPPER WINDS, LLC - - - Summerwind Corp THUNDER BAY (983,000.00) (983,000.00) - Total Notes Receivable OldSummerwind Corp WAJ,EKJ,GPJ - - - Sun Winds INS & OUTS - - - Sun Winds T BAY 329,000.00 258,811.32 70,188.68 Total Notes Receivable OldSun Winds WAJ,GPJ,EKJ 442,800.00 [A] - Total Equity (Deficit)Sunbury Ridge INS & OUTS - - - Sunbury Ridge PARTNERS 6,559.00 - 6,559.00 Sunbury Ridge TENANTS 15,378.00 - 15,378.00 Third-PartySunbury Ridge LLC WAJ, MBJ, ARJ, EKJ 850,000.00 [A] - Total Equity (Deficit)Sycamore Farms Sharon AC APTS 4,330,000.00 1,500,000.00 2,830,000.00 Total Notes PayableSycamore Farms Sharon WW SYCAMORE FARMS APTS - - - Tennessee Park INS & OUTS - - - Tennessee Park T BAY - - - Tennessee Park VERANO PARK - - - Tennessee Park WAJ,GPJ,EKJ - - - Tetonian Properties ARBORETUM - - - Tetonian Properties BART WARNER - - - Tetonian Properties COUNCIL PROPERTIES 5,312,600.00 5,312,600.00 - Total Notes PayableTetonian Properties MGT MASTERS - - - Tetonian Properties MSI (1,000,000.00) - (1,000,000.00) Tetonian Properties RELATED COMPANIES - - - Tetonian Properties TEXAS APTS - - - Tetonian Properties THUNDER BAY 1,695,000.00 1,695,000.00 - Total Notes Receivable OldTetonian Properties WAJ, GPJ, EKJ - - - Texas Apts ABBIE LAKES (371,667.11) - (371,667.11) Texas Apts BROOKSEDGE (504,067.50) - (504,067.50) Texas Apts CHAMPION CAPITAL (7,225.70) - (7,225.70) Texas Apts CLEAR CREEK - - - Texas Apts COLONIAL GREEN - - - Texas Apts COLONIAL RED - - - Texas Apts COLONIAL YELLOW - - - Texas Apts COUNCIL PROPERTIES - - - Texas Apts COURT & VILLA - - - Texas Apts FALLS AT TOWNE CROSSING - - - Texas Apts GATTY ZB - - - Texas Apts HIGH STAR - - - Texas Apts INS & OUTS 545,488.00 - 545,488.00 Texas Apts IRON WOODS - - - Texas Apts JEFFERSON CHASE - - - Texas Apts KULA ESTATES - - - Texas Apts LAKE RIDGE - - - Texas Apts LAKES EDGE - - - Texas Apts MADISON CHASE 19,904.76 - 19,904.76 Texas Apts MANAGEMENT MASTERS - - - Texas Apts MID AMERICA AIRPARK - - - Texas Apts MIRAFLORES - - - Texas Apts MISCELANEOUS - - - Texas Apts MSI CORP - - - Texas Apts NOTES RECEIVABLE - Other - - - Texas Apts PARK @ NORTHGATE 46,610.00 - 46,610.00 Texas Apts PROVIDENCE ESTATES (172,436.04) - (172,436.04) Texas Apts REESE ROAD - - - Texas Apts SMOKEY TRAILS - - - Texas Apts STONEBRIDGE (2,001.24) - (2,001.24)

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Texas Apts STONEBROOK (76,198.39) - (76,198.39) Texas Apts STONEBROOK IDAHO (14,980.94) - (14,980.94) Texas Apts TETONIAN - - - Texas Apts THE RESERVE (163,683.21) - (163,683.21) Texas Apts THUNDER BAY 388,000.00 508,000.00 (120,000.00) Total Notes Receivable OldTexas Apts TN - - - Texas Apts TOSCANA - - - Texas Apts TOWN PLAZA - - - Texas Apts WAJ,GPJ,EKJ 30,283.00 [A] - Total Equity (Deficit)Texas Apts YELLOW ROSE - - - The Falls @ Towne Crossing FRAM - - - The Falls @ Towne Crossing INS & OUTS - - - The Falls @ Towne Crossing T BAY 873,000.00 873,000.00 - Total Notes Receivable OldThe Falls @ Towne Crossing WAJ,GPJ,EKJ - - - The Park @ Northgate TBAY 110,000.00 110,000.00 - Total Notes Receivable OldThunder Bay JAKE & MAC LP 6,493,036.53 6,493,036.53 - Total Notes PayableThunder Bay MISC 50,000.00 - 50,000.00 Thunder Bay BLACKCLIFFS 2,400,000.00 - 2,400,000.00 Third-PartyThunder Bay DAYLE RUST 400,000.00 - 400,000.00 Third-PartyTop Choice INS & OUTS - - - Toscana Valley Ridge ARBORETUM - - - Toscana Valley Ridge COUNCIL PROPERTIES - - - Toscana Valley Ridge INS & OUTS - - - Toscana Valley Ridge PARTNERS - - - Toscana Valley Ridge T BAY - - - Town Plaza INS & OUTS - - - Town Plaza MANAGEMENT SOLUTIONS - - - Town Plaza MIRAFLORES - - - Town Plaza TEXAS APTS - - - Town Plaza THUNDER BAY - - - Town Plaza VALLEY VIEW - - - Towne Crossing New ARBORETUM - - - Towne Crossing New INS & OUTS - - - Towne Crossing New MGT SOL INC - - - Towne Crossing New THUNDER BAY - - - Tuscany Villa 2 INS AND OUTS - - - Tuscany Villa 2 STARWOOD - - - Tuscany Villa 2 SUMMERWIND - - - Upper Muddy River COUNCIL PROPERTIES - - - Upper Muddy River DISCOVERY POINT - - - Upper Muddy River INS & OUTS - - - Upper Muddy River THUNDER BAY - - - Valley View 1031 COUNCIL PROPERTIES - - - Valley View 1031 INS & OUTS - - - Valley View 1031 MOUNTAIN ENTERPRISES - - - Valley View 1031 TEXAS APARTMENTS - - - Valley View 1031 VALLEY VIEW RESIDENTIAL - - - Verano Park CLOSING - - - Verano Park INS & OUTS - - - Verano Park SPARTAN - - - Verano Park THUNDER BAY - - - Villa Florence BOULDER DEVELOPMENT - - - Villa Florence CAM CAM MGT - - - Villa Florence CASEBOLT & HUNTINGTON - - - Villa Florence CIRCLE J - - - Villa Florence DON L & TONI HILL - - - Villa Florence HIGH STAR - - - Villa Florence INS & OUTS - - - Villa Florence KATHY WELLING - - - Villa Florence MGT SOL INC - - -

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Villa Florence MIKE ALLEN LOAN - - - Villa Florence MISCELLANEOUS INS & OUTS - - - Villa Florence RVB - - - Villa Florence SQUAW SPRINGS - - - Villa Florence STEVE ALLEN LOANS - - - Villa Florence T BAY 955,000.00 955,000.00 - Total Notes Receivable OldVilla Florence WAJ, GPJ, EKJ - - - Villa Florence WOOL CITY - - - Vintage Place COUNCIL PROPERTIES 100,000.00 100,000.00 - Total Notes PayableVintage Place INS & OUTS - - - Vintage Place VINTAGE PLACE MGT 275,500.00 275,500.00 - Total Notes PayableVintage Place Mgmt MSI - - - Vintage Place Mgmt THUNDER BAY - - - WAJ & MBJ APT LOANS - - - WAJ & MBJ BOCA RATON - - - WAJ & MBJ BOULDER DEV - - - WAJ & MBJ CHAMPION BRIDGE POINT PA - - - WAJ & MBJ CIRCLE J FARMS - - - WAJ & MBJ COUNCIL - - - WAJ & MBJ DALLAS APTS - - - WAJ & MBJ MGT SOL - - - WAJ & MBJ MISCELLANEOUS - - - WAJ & MBJ NOTES RECEIVABLE - Other - - - WAJ & MBJ OTHER - - - WAJ & MBJ SQUAW SPRINGS - - - WAJ & MBJ T BAY 3,200,000.00 - 3,200,000.00 WAJ & MBJ TEXAS APTS - - - WAJ & MBJ Total INS & OUTS - - - WAJ & MBJ WAJ GPJ EKJ - - - Wakara Point CAM CAM MGT - - - Wakara Point INS & OUTS - - - Wakara Point MANAGEMENT SOLUTIONS - - - Wakara Point SQUAW SPRINGS - - - Wakara Point TBAY - - - Wakara Point TEXAS APTS - - - Wakara Point WAJ,GPJ,EKJ - - - Willow Park BRUCO ENTERPRISES, INC - - - Willow Park COURTYARD PARK LLC (20,000.00) - (20,000.00) Willow Park INS & OUTS - - - Willow Park JASMINE APTS_JOE KURIVILL - - - Willow Park MISC - - - Willow Park PATRIOT AMERICAN - - - Willow Park THUNDER BAY - - - Willow Park ADAM MCCLLELAN 30,000.00 - 30,000.00 Third-PartyWillow Park BETTY & VICTOR CARRERA 175,200.00 - 175,200.00 Third-PartyWillow Park WAJ,GPJ,EKJ (7,045.00) [A] - Total Equity (Deficit)Winkson INS & OUTS - - - Winkson T BAY 1,978,000.00 1,978,000.00 - Total Notes Receivable OldWolf Son ENTITIES - - - Wolf Son NOTES RECEIVABLE - Other - - - Wolf Son THUNDER BAY 443,000.00 443,000.00 - Total Notes Receivable OldWool City BOULDER DEV - - - Wool City CHAD PUGMIRE - - - Wool City FURN PURCH - - - Wool City HIGH STAR RANCH - - - Wool City INS & OUTS - - - Wool City MASTERS MGT - - - Wool City MGT SOL INC - - - Wool City SCOTT DALEY - - - Wool City SHEPHERDS POINTE - - -

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Wool City SQUAW SPRINGS - - - Wool City T BAY (620,000.00) (620,000.00) - Total Notes Receivable OldWool City TATE FARM - - - Wool City TEXAS APTS - - - Wool City VILLA FLORENCE - - - Wool City WAJ GPJ EKJ - - - Wool City AA ROBISON FAMILY TRUST 27,000.00 - 27,000.00 Third-PartyWyndsor Court ARBORETUM - - - Wyndsor Court INS & OUTS - - - Wyndsor Court THUNDER BAY - - - Wyndsor Court WYNDSOR COURT - - - Wyndurt INS & OUTS - - - Wyndurt PARTNERS - - - Wyndurt SQUAW SPRINGS (205,000.00) (205,000.00) - Total Notes ReceivableWyndurt THUNDER BAY - - - Wyndurt WAJ,GPJ,EKJ - - - Wyndurt WYNDSOR COURT 202,500.00 202,500.00 - Total Notes PayableYellow Rose BALLS & SORBER - - - Yellow Rose IBIS 4,275,697.72 5,525,697.72 (1,250,000.00) Total Notes PayableYellow Rose INS & OUTS (185,000.00) - (185,000.00) Yellow Rose SQUAW SPRINGS INC - - - Yellow Rose THUNDER BAY MTG - - - Yellow Rose WAJ,GPJ,EKJ (14,000.00) [A] - Total Equity (Deficit)Yellow Rose COLONIAL FUNDING (158,586.45) - (158,586.45) Third-PartyYellow Rose HILL & GLOVER BROADCAST 450,268.10 - 450,268.10 Third-Party

135,953,208.92 89,245,260.21 38,688,260.14

Adjustments Debit CreditTotal Notes Receivable 1.07 89,245,260.21Total Notes Receivable Old 36,054,011.33 Total Investments - Total Other Assets - Total Notes Payable 50,901,447.81 Total Loans Payable 2,289,800.00


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Abbie Lakes 2005-2008 COUNCIL PROPERTIES - - - Abbie Lakes 2005-2008 INS & OUTS - - - Abbie Lakes 2005-2008 T BAY - - - Abbie Lakes 2005-2008 TEXAS APTS - - - Abbie Lakes 2005-2008 WAJ,GPJ,EKJ - - - Abbie Lakes 2007-2011 BROOKSEDGE - - - Abbie Lakes 2007-2011 INS & OUTS - - - Abbie Lakes 2007-2011 JAKE & MAC - - - Abbie Lakes 2007-2011 JEFFERSON CHASE - - - Abbie Lakes 2007-2011 THUNDER BAY - - - AC Apartments AC APARTMENTS INC 100.00 - 100.00 AC Apartments ENCINITO APTS - - - AC Apartments HIGHLAND OAKS - - - AC Apartments INS & OUTS - - - AC Apartments OAK HILL APTS - - - AC Apartments PARTNERS - - - AC Apartments SAN ANTONIO APARTMENTS - - - AC Apartments SQUAW SPRINGS - - - AC Apartments TEXAS APTS - - - AC Apartments CLEBURNE TERRACE 1,869,804.00 1,869,805.07 (1.07) Total Notes ReceivableAC Apartments COUNCIL PROPERTIES 600,000.00 600,000.00 - Total Notes PayableAC Apartments THUNDER BAY (1,372,000.00) (1,372,000.00) - Total Notes Receivable OldAC Apartments WAJ,GPJ,EKJ 438,000.00 [A] - Total Equity (Deficit)Alpine Court DIAMANTE BRUTO - - - Alpine Court INS & OUTS - - - Alpine Court CYD PARK I 187,800.00 - 187,800.00 Alson INS & OUTS - - - Alson COUNCIL PROPERTIES, LLC 2,014,000.00 2,014,000.00 - Total Notes PayableAlson T BAY 500,000.00 - 500,000.00 Amistad INS & OUTS - - - Amistad MIKE & JOANN FROELING 370,000.00 - 370,000.00 Third-PartyAmistad THUNDER BAY - - - Arboretum BLUE JAY - - - Arboretum BROOKHAVEN - - - Arboretum CLEBURNE TERRACE APTS - - - Arboretum DEZAVALA OAKS APTS - - - Arboretum INS & OUTS - - - Arboretum PROVIDENCE - - - Arboretum REESE ROAD - - - Arboretum SAGEFIELD (9,400.00) - (9,400.00) Arboretum WYNDSOR COURT 44,144.48 - 44,144.48 Autumn Hills INS & OUT - - - Autumn Hills COUNCIL PROPERTIES 2,814,500.00 2,814,500.00 - Total Notes PayableAutumn Hills T BAY 265,100.00 265,100.00 - Total Notes Receivable OldBaytown @ Stonebrook COUNCIL PROPERTIES - - - Baytown @ Stonebrook STONEBROOK 1 - - - Beleza Bay TBAY - - - Beleza Bay WAJ,GPJ,EKJ 126,272.16 [A] - Total Equity (Deficit)Blanca Winds MANAGMENT SOLUTIONS - - - Blanca Winds INS AND OUTS - - - Blanca Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayableBlanca Winds THUNDER BAY 111,000.00 111,000.00 - Total Notes Receivable OldBlue Jay Apartments ARBORETUM - - - Blue Jay Apartments BLUE JAY - - - Blue Jay Apartments INS AND OUTS - - - Blue Jay Apartments MOUNTAIN ENTERPRISES - - - Blue Jay Apartments THUNDER BAY - - - Boca Raton CREEKSIDE @ NORTHLAKE - - - Boca Raton INS & OUTS - - - Boca Raton MSI - - -

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Boca Raton PLATINUM PROTECTION - - - Boca Raton SQUAW SPRINGS - - - Boca Raton TEXAS APTS - - - Boca Raton THUNDER BAY - - - Boca Raton WAJ,GPJ,EKJ (3,167,000.00) [A] - Total Equity (Deficit)Boulder ACE ROBISON 57,000.00 - 57,000.00 Third-PartyBoulder INS & OUTS - - - Boulder MGT SOL INC - - - Boulder PLATINUM PROTECTION - - - Boulder SCOTT & ELLEN DALEY - - - Boulder SQUAW SPRINGS INC - - - Boulder T BAY - - - Boulder TEXAS APTS - - - Boulder VILLA FLORENCE - - - Boulder WAJ GPJ EKJ - - - Boulder WOOL CITY - - - BPJ Investments INS & OUTS - - - BPJ Investments TBAY 811,000.00 811,000.00 - Total Notes Receivable OldBradson COUNCIL 380 1,100,000.00 - 1,100,000.00 Bradson INS AND OUTS - - - Bradson WAJ - - - Bradson NOTES RECEIVABLE - Other - - - Bradson T BAY 1,814,500.00 1,814,500.00 - Total Notes Receivable OldBridge Point Capital SOUTH BASS LLC - - - Bridge Point Capital BOCA DIXIE SUN - - - Bridge Point Capital ESCENA - - - Bridge Point Capital ESCENA PROPERTIES - - - Bridge Point Capital DAVID CHESTON MADSEN 80,000.00 - 80,000.00 Third-PartyBridge Point Capital JARON DAVIS - - - Bridge Point Capital PRYOR CREEK - - - Bridge Point Capital TAXES - - - Bridge Point Capital TX APTS - - - Bridge Point Capital VARIOUS - - - Bridge Point Capital INS & OUTS 3,500.00 - 3,500.00 Brookhaven MSI - - - Brookhaven ARBORETUM - - - Brookhaven COUNCIL PROPERTIES - - - Brookhaven INS AND OUTS - - - Brookhaven MANAGEMENT MASTERS - - - Brookhaven WAJ,GPJ,EKJ - - - Brookhaven THUNDER BAY 1,236,000.00 1,236,000.00 - Total Notes Receivable OldBrooksedge INS & OUTS - - - Brooksedge THUNDER BAY - - - Brooksedge (2) ABBIE LAKES - - - Brooksedge (2) INS & OUTS - - - Brooksedge (2) JEFFERSON CHASE - - - Brooksedge (2) T BAY - - - Brooksedge (2) TEXAS APARTMENTS - - - Brooksedge (2) JAKE & MAC (184,000.00) - (184,000.00) Brutace WAJ, EKJ, GPJ - - - Brutace INS & OUTS - - - Brutace THUNDER BAY 1,352,500.00 1,352,500.00 - Total Notes Receivable OldBuild Value INS & OUTS - - - Build Value NOTES RECEIVABLE - Other - - - Build Value THUNDER BAY 1,417,000.00 1,417,000.00 - Total Notes Receivable OldBusiness Pros ENTITIES - - - Business Pros WAJ - - - Business Pros THUNDER BAY 2,643,100.00 2,643,100.00 - Total Notes Receivable OldCala GATEWAY PROPERTIES 23,718.11 - 23,718.11 Cala PATRIOTS DREAM 350,000.00 350,000.00 - Total Notes Payable

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Cala THUNDER BAY 427,000.00 427,000.00 - Total Notes Receivable OldCam Cam BOULDER DEV - - - Cam Cam INS & OUTS - - - Cam Cam JAKE & TATE - - - Cam Cam MGT SOL - - - Cam Cam MIRAFLORES - - - Cam Cam SHEPHERDS POINT - - - Cam Cam T BAY - - - Cam Cam TEXAS APARTMENTS - - - Cam Cam VILLA FLORENCE - - - Cam Cam WAJ,GPJ & EKJ - - - Cam Cam WAKARA POINT - - - Canterra Park SPARTAN - - - Canterra Park CLOSING - - - Canterra Park INS & OUTS - - - Canterra Park MONTERRA - - - Car Vala BOCA RATON LLC - - - Car Vala INS & OUTS - - - Car Vala MSI - - - Car Vala T BAY - - - Car Vala WAJ,GPJ,EKJ - - - Champion Capital INS AND OUTS - - - Champion Capital L HENSON - - - Champion Capital NAPLES DR OFFICE RUBLES 2,302,698.76 - 2,302,698.76 Third-PartyChampion Capital TEXAS APTS - - - Champion Capital WAJ, GPJ, EKJ - - - Champion Capital CASH ZONE, LLC - - - Champion Capital COUNCIL PROPERTIES - - - Champion Capital DEZAVALA - - - Champion Capital MGT SOL INC - - - Champion Capital PROMISSORY NOTES - - - Champion Capital SAMUEL ASTON - - - Champion Capital SCOT STOBBE - - - Champion Capital TALLAHASSEE WIDOWER HO 760,273.86 - 760,273.86 Third-PartyChampion Capital THUNDER BAY - - - Chelby Park LLC PARTNERS - - - Chelby Park LLC THUNDER BAY - - - Chelby Park LLC WAJ GPJ EKJ - - - Chelby Park LLC NOTES RECEIVABLE - Other - - - Circle J Farms A C APTS - - - Circle J Farms INS & OUTS - - - Circle J Farms MSI - - - Circle J Farms SQSP - - - Circle J Farms T BAY - - - Circle J Farms TEXAS APTS - - - Circle J Farms VILLA FLORENCE - - - Circle J Farms NOTES RECEIVABLE - Other - - - Circle J Farms WAJ,GPJ,EKJ,SRD 43,509.00 [A] - Total Equity (Deficit)City View COUNCIL PROPERTIES (1,000,000.00) (1,000,000.00) - Total Notes ReceivableCity View INS & OUTS - - - City View RR BECK PROPERTIES 1,000,000.00 - 1,000,000.00 Third-PartyCity View MANAGEMENT SOLUTIONS - - - City View THUNDER BAY - - - Clear Creek I ARBORETUM - - - Clear Creek I INS & OUTS - - - Clear Creek I THUNDER BAY - - - Clear Creek I PARTNERS 1,119,000.00 1,119,000.00 - Total Notes PayableClear Creek II ARBORETUM - - - Clear Creek II THUNDER BAY - - - Clear Creek II PARTNERS 1,243,000.00 1,243,000.00 - Total Notes Payable

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Clear Paradigm COUNCIL PROPERTIES 1,332,755.00 1,332,755.00 - Total Notes PayableClear Paradigm THUNDER BAY 1,294,000.00 1,294,000.00 - Total Notes Receivable OldCleburn Terrace AC APTS (1,869,805.07) (1,869,804.00) (1.07) Total Notes ReceivableCleburn Terrace ARBORETUM - - - Cleburn Terrace CLEBURNE TERRACE - - - Cleburn Terrace DALLAS APTS - - - Cleburn Terrace INS & OUTS - - - Cleburn Terrace MGT SOL INC - - - Cleburn Terrace OAK HOLLOW - - - Cleburn Terrace WAJ,GPJ,EKJ - - - Cletace INS & OUTS - - - Cletace WAJ, EKJ, GPJ - - - Cletace JAKE & TATE (1,000,000.00) - (1,000,000.00) Cletace THUNDER BAY 1,447,200.00 1,447,200.00 - Total Notes Receivable OldColonial Green INS & OUTS - - - Colonial Green MSI - - - Colonial Green TEXAS APTS - - - Colonial Green WAJ, EKJ, GPJ, MBJ - - - Colonial Green THUNDER BAY (1,684,500.00) (1,684,500.00) - Total Notes Receivable OldColonial Red WAJ, EKJ, GPJ, MBJ - - - Colonial Red TBAY 219,400.00 219,400.00 - Total Notes Receivable OldColonial Yellow TBAY - - - Cooper Street COUNCIL PROPERTIES 2,325,842.06 2,327,493.15 (1,651.09) Total Notes PayableCooper Street THUNDER BAY - - - Core Comm Advisors WAJ GPJ EKJ - - - Costa Azul THUNDER BAY - - - Costa Azul WAJ - - - Costa Azul NOTES RECEIVEABLE - Other - - - Council Properties BUFFALO RUN 26,761.00 - 26,761.00 Council Properties CITY VIEW 1,000,000.00 1,000,000.00 - Total Notes ReceivableCouncil Properties BOULDER - - - Council Properties GOODFELLOW - - - Council Properties MISC - - - Council Properties STONEBROOK AT GOOSECRE - - - Council Properties TEXAS APTS - - - Council Properties VALLEY VIEW - - - Council Properties INS & OUTS 300.00 - 300.00 Council Properties WAJ,GPJ,EKJ 953,112.92 [A] - Total Equity (Deficit)Country Villa III INS AND OUTS - - - Country Villa III SUMMERWIND - - - Court & Villa SQUAW SPRINGS - - - Court & Villa TEXAS APTS - - - Court & Villa WAJ,GPJ,EKJ - - - Court & Villa T BAY (70,100.00) (75,200.00) 5,100.00 Total Notes Receivable OldCourtyard Park COURTYARD PARK I, LLC - - - Courtyard Park COURTYARD PARK II, LLC - - - Courtyard Park JASMINE APTS INC - - - Courtyard Park PATRIOT AMERICAN - - - Courtyard Park T BAY - - - Courtyard Park TEXAS APTS - - - Courtyard Park WAJ,EKJ,GPJ - - - Courtyard Park WILLOW PARK LLC - - - Courtyard Park HPH 366,021.00 - 366,021.00 Third-PartyCourtyard Park INS & OUTS 1,050,000.00 1,050,000.00 - Total Notes Receivable OldCourtyard Park I ALPINE COURT - - - Courtyard Park I COURTYARD PARK, LLC - - - Courtyard Park I COURTYARD PARK II - - - Courtyard Park I DIAMANTE BRUTO - - - Courtyard Park I HAIRPORT - - - Courtyard Park I INS & OUTS - - -

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Courtyard Park I THUNDER BAY - - - Courtyard Park I WILLOW PARK, LLC - - - Courtyard Park I WAJ, GPJ, EKJ, ARJ 148,000.00 [A] - Total Equity (Deficit)Courtyard Park II INS & OUTS - - - Courtyard Park II THUNDER BAY - - - Courtyard Park II WAJ, GPJ, EKJ 170,500.00 [A] - Total Equity (Deficit)Creekside Northlake BART WARNER CO - - - Creekside Northlake BOCA RATON LLC - - - Creekside Northlake DIXIE WINDS LLC - - - Creekside Northlake NORTH BASS LLC - - - Creekside Northlake SOUTH BASS LLC - - - Creekside Northlake SUN WINDS LLC - - - D General INS & OUTS - - - D General THUNDER BAY - - - D General WAJ,EKJ,GPJ - - - Den Glen INS & OUTS - - - Den Glen WAJ,EKJ,GPJ - - - Den Glen THUNDER BAY (913,200.00) (913,200.00) - Total Notes Receivable OldDen Town WAJ,EKJ,GPJ - - - Den Town NOTES RECEIVABLE - Other - - - Den Town THUNDER BAY 108,400.00 108,400.01 (0.01) Total Notes Receivable OldDezavala Oaks BW AC APARTMENTS - - - Dezavala Oaks BW COUNCIL PROPERTIES - - - Dezavala Oaks BW INS & OUTS - - - Dezavala Oaks BW MTN ENTERPIRSES - - - Dezavala Oaks BW TEXAS APARTMENTS - - - Diamonte Bruto ARJ 2,600.00 - 2,600.00 Diamonte Bruto EDGEWISE 50,000.00 - 50,000.00 Third-PartyDiamonte Bruto ARJ RED STAG - - - Diamonte Bruto COURTYARD PARK 1 - - - Diamonte Bruto HAIRPORT - - - Diamonte Bruto THUNDER BAY - - - Dimazio INS & OUTS 150,000.00 - 150,000.00 Dimazio THUNDER BAY 872,900.00 872,900.00 - Total Notes Receivable OldDiscovery Grove BUILD VALUE 500,000.00 500,000.00 - Total Notes PayableDiscovery Grove NOALLSON 1,500,000.00 1,500,000.00 - Total Notes PayableDiscovery Grove PATRIOTS DREAM 400,000.00 400,000.00 - Total Notes PayableDiscovery Point GATEWAY PROPERTIES 2,700,000.00 2,700,000.00 - Total Notes PayableDiscovery Point DISCOVERY GROVE - - - Discovery Point INS & OUTS - - - Discovery Point PARTNERS - - - Discovery Point PARTNERS - - - Discovery Point THUNDER BAY 598,500.00 297,500.00 301,000.00 Total Notes Receivable OldDiscovery Point II HPI 750,000.00 750,000.00 - Total Notes PayableDiscovery Point II BCW DO, LLC 4,836,000.00 - 4,836,000.00 Third-PartyDiscovery Point II JAKE & TATE 1,500,000.00 1,500,000.00 - Total Notes PayableDixie Winds WAJ,GPJ,EKJ 603,000.00 [A] - Total Equity (Deficit)Doah View VINTAGE PLACE 5,250,000.00 5,250,000.00 - Total Notes PayableEl Dorado Apartments THUNDER BAY - - - Encinito AC APTS - - - Encinito INS & OUTS - - - Encinito MGT SOL INC - - - Encinito OAK HILL APTS - - - Encinito SQSP - - - Encinito THUNDER BAY - - - Encinito TIDEWATER APTS - - - Encinito TIDEWATER INV - - - Encinito WAJ, GPJ, EKJ - - - Entrada ESCENA 20,000.00 - 20,000.00 Entrada BRIDGEPOINT - - -

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Entrada PARTNERS 3,000,000.00 3,000,000.00 - Total Notes PayableEntrada THUNDER BAY 3,200,000.00 - 3,200,000.00 Third-PartyEscena Park INS & OUTS - - - Escena Park PARTNERS 8,100,000.00 7,400,000.00 700,000.00 Total Notes PayableEscena Park TBAY 2,633,100.00 2,633,100.00 - Total Notes Receivable OldEscena Properties TEXAS PROPERTIES - - - Escena Properties COUNCIL PROPERTIES - - - Escena Properties INS & OUTS - - - Escena Properties MANAGEMENT MASTERS, LL - - - Escena Properties THUNDER BAY 4,096,353.16 4,096,353.16 - Total Notes Receivable OldFalcon Head Properties IRONWODDS 100,000.00 100,000.00 - Total Notes PayableFalcon Head Properties INS & OUTS - - - FieldSon INS & OUTS - - - FieldSon THUNDER BAY - - - Fountain Hills PARTNERS - - - Fountain Hills T BAY - - - Fountain Legacy COUNCIL PROPERTIES 500,000.00 500,000.00 - Total Notes PayableFountain Legacy INS & OUTS - - - Fountain Legacy TBAY 585,900.00 585,900.00 - Total Notes Receivable OldFred Ricks & Burg INS & OUTS 520,000.00 - 520,000.00 Fred Ricks & Burg ANDORA APTS - - - Fred Ricks & Burg CHAMPION CAPITAL - - - Fred Ricks & Burg COOPER GLEN - - - Fred Ricks & Burg COURT & VILLA APTS - - - Fred Ricks & Burg CREEKSIDE APTS - - - Fred Ricks & Burg CUSTOMER SERVICES AGENC - - - Fred Ricks & Burg DALLAS APTS - - - Fred Ricks & Burg LA MAISON APTS - - - Fred Ricks & Burg LOAN FEES - - - Fred Ricks & Burg MCKAMY LAKES - - - Fred Ricks & Burg MGT SOL INC - - - Fred Ricks & Burg OAK TRAILS APTS - - - Fred Ricks & Burg PROVENCE - - - Fred Ricks & Burg RAY CLAWSON - - - Fred Ricks & Burg SQSP - - - Fred Ricks & Burg SYCAMORE FARMS APTS - - - Fred Ricks & Burg T BAY - - - Fred Ricks & Burg TEXAS APARTMENTS - - - Fred Ricks & Burg TOSCANA - - - Fred Ricks & Burg TOWNE CROSSING - - - Fred Ricks & Burg VILLAS OF EL DORADO - - - Fred Ricks & Burg WAJ,GPJ,EKJ - - - Gateway Properties New ALLOWANCE FOR BAD DEBT (31,555.00) - (31,555.00) Gateway Properties New CUSTOMER RECEIVABLE IBIS 586,613.00 - 586,613.00 Third-PartyGateway Properties New ENTRADA PARK 30,084.82 - 30,084.82 Gateway Properties New GREEN OAKS 296,704.96 - 296,704.96 Gateway Properties New ASH MINI STORAGE 17,000.00 - 17,000.00 Third-PartyGateway Properties New INS & OUTS - - - Gateway Properties New THUNDER BAY (1,475,122.02) - (1,475,122.02) Gateway Properties New WESTFIELD ESTATES 873,384.98 - 873,384.98 Third-PartyGeyser Point PROVIDENCE COUNCIL - - - Golden J Insurance COUNCIL PROPERTIES (100.00) - (100.00) Golden J Insurance QGS INVESTMENTS, LLC - - - Golden J Insurance THUNDER BAY - - - Goose Brook TBAY 1,405,800.00 1,405,800.00 - Total Notes Receivable OldGreater Fred (Highland Oaks) AC APARTMENTS TX, LP - - - Greater Fred (Highland Oaks) ARBORETUM - - - Greater Fred (Highland Oaks) WAJ - - - Greater Fred (Highland Oaks) MSI - - - Greater Fred (Highland Oaks) SQUAW SPRINGS - - -

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Greater Fred (Highland Oaks) TEXAS APTS - - - Greater Fred (Highland Oaks) THUNDER BAY - - - Group Wise JAKE & TATE (110,000.00) - (110,000.00) Group Wise INS AND OUTS - - - Group Wise THUNDER BAY 106,400.00 106,400.00 - Total Notes Receivable OldHairport_Snow Winds, LLC INS & OUTS - - - Haynes INS & OUTS - - - High Star Ranch FALCONHEAD - - - High Star Ranch INS & OUTS - - - High Star Ranch LAMONT CHRISTENSEN - - - High Star Ranch T BAY - - - High Star Ranch VILLA FLORENCE - - - High Star Ranch VIRGEL BLACKHAM - - - High Star Ranch WAJ,GPJ,EKJ - - - High Star Ranch R REED JACOBSON 478,879.96 - 478,879.96 HPI Investments INS & OUTS - - - HPI Investments T BAY 932,500.00 932,500.00 - Total Notes Receivable OldI-15 Storage, LLC COUNCIL PROPERTIES - - - I-15 Storage, LLC THUNDER BAY - - - Ibis Gas Services INS & OUTS (1,695,903.85) - (1,695,903.85) Ibis Gas Services SINGENIS (3,146,282.47) - (3,146,282.47) Third-PartyInveness BROOKHAVEN - - - Inveness INS & OUTS - - - Inveness THUNDER BAY 599,000.00 599,000.00 - Total Notes Receivable OldJake & Mac COUNCIL PROPERTIES, LLC 3,669,179.61 3,669,179.61 - Total Notes PayableJake & Mac BROOKSEDGE - - - Jake & Mac CHARLESTONIAN - - - Jake & Mac INS & OUTS - - - Jake & Mac MGT SOL - - - Jake & Mac SQUAW SPRINGS - - - Jake & Mac PARTNERS 3,799,193.00 3,688,193.00 111,000.00 Total Notes PayableJake & Tate DEZAVALA OAKS - - - Jake & Tate INS & OUTS - - - Jake & Tate BOCA RATON APTS - - - Jake & Tate CAM CAM MANAGEMENT - - - Jake & Tate DALLAS APTS - - - Jake & Tate EVERS PARK - - - Jake & Tate MISC - - - Jake & Tate OAK HOLLOW - - - Jake & Tate SHEPHERDS POINT - - - Jake & Tate SYCAMORE FARMS - - - Jake & Tate TEXAS APTS - - - Jake & Tate WAJ,GPJ,EKJ - - - Jake & Tate NOTES RECEIVABLE - Other - - - Jake & Tate PARTNERS 3,575,000.00 3,575,000.00 - Total Notes PayableJake & Tate PARTNERS 1,110,000.00 1,110,000.00 - Total Notes ReceivableJake & Tate SAN ANTONIO APTS 3,154,000.00 3,154,000.00 - Total Notes PayableJanison Investments INS & OUTS - - - Janison Investments PROVIDENCE ESTATES - - - Jarustds BROOKHAVEN - - - Jarustds INS & OUTS - - - Jarustds T BAY - - - Jarustds WAJ,EKJ,GPJ - - - Jefferson Chase INS & OUTS 117,443.00 - 117,443.00 Jefferson Chase COUNCIL PROPERTIES - - - Jefferson Chase T BAY - - - Jefferson Chase WAJ,GPJ,EKJ - - - Kamy Lakes INS & OUTS - - - Kamy Lakes THUNDER BAY 512,300.00 - 512,300.00 King George ARBORETUM - - -

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King George INS & OUTS - - - King George THUNDER BAY 1,802,000.00 1,802,000.00 - Total Notes Receivable OldKing Sage BETTY OR VICTOR CARRERA - - - King Sage INS & OUTS - - - King Sage SAMUEL ASTON - - - King Sage THUNDER BAY - - - King Sage NOTES RECEIVABLE - Other - - - Kingson IBIS GAS - - - Kingson MANAGEMENT MASTERS - - - Kingson THUNDER BAY 307,000.00 307,000.00 - Total Notes Receivable OldKomo Mai Estates COUNCIL PROPERTIES - - - Komo Mai Estates INS & OUTS - - - Komo Mai Estates THUNDER BAY - - - Kula Estates INS & OUTS - - - Kula Estates THUNDER BAY 4,820,000.00 4,820,000.00 - Total Notes Receivable OldKulia I Ka Nu'u Estates DEZAVALA OAKS 5,000,000.00 - 5,000,000.00 Kulia I Ka Nu'u Estates BCW DO TIC 2,920,000.00 - 2,920,000.00 Third-PartyKulia I Ka Nu'u Estates INS & OUTS - - - Kulia I Ka Nu'u Estates KOMO MAI - - - Kulia I Ka Nu'u Estates MSI - - - Kulia I Ka Nu'u Estates THUNDER BAY 4,125,000.00 4,125,000.00 - Total Notes Receivable OldLa Villita_Garden Terrace INS & OUTS - - - La Villita_Garden Terrace PARTNERS - - - La Villita_Garden Terrace NOTES RECEIVABLE - Other - - - Lake Hood LLC DGENERAL - - - Lake Hood LLC THUNDER BAY - - - Lake Ridge INS & OUTS 4,000,000.00 4,000,000.00 - Total Notes ReceivableLake Ridge COUNCIL PROPERTIES - - - Lake Ridge LAKES RIDGE - - - Lake Ridge STONEBRIDGE - - - Lake Ridge THUNDER BAY - - - Lakes Edge MOUNTAIN ENTERPRISES 2,526,421.25 2,526,421.25 - Total Notes PayableLakes Edge INS & OUTS - - - Lakes Edge LAKES EDGE - - - Lakes Edge THUNDER BAY - - - Lamp Son INS AND OUTS - - - Lamp Son NOTES RECEIVABLE - Other - - - Lamp Son THUNDER BAY 1,639,800.00 1,639,800.00 - Total Notes Receivable OldLeague 3 GATEWAY 510,000.00 510,000.00 - Total Notes PayableLeague 3 THUNDER BAY - - - League Eleven BANKS D AND - - - League Eleven BRIDGEPOINT CAPITAL - - - League Eleven INS & OUTS - - - League Eleven SUMMERWIND APTS - - - League Eleven T BAY - - - League Eleven WAJ,GPJ,EKJ - - - Legend Hills INS AND OUTS - - - Legend Hills THUNDER BAY - - - Madison Chase 1031 INS AND OUTS - - - Madison Chase 1031 TEXAS APTS - - - Madison Chase 1031 THUNDER BAY - - - Management Masters GATEWAY 2,650,000.00 1,800,000.00 850,000.00 Total Notes PayableManagement Masters ARJ, WAJ, GPJ, EKJ, BPJ - - - Management Masters OTHER - - - Management Masters FALCONHEAD PROPERTIES - - - Management Masters INS & OUTS - - - Management Masters IOSEPA - - - Management Masters MANAGEMENT MASTERS LOG - - - Management Masters NASCAR CARWASH - - - Management Masters SMOKEY TRAILS - - -

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Management Masters PLATINUM 6,181,378.16 - 6,181,378.16 Third-PartyManagement Masters SUNBURY RIDGE 187,100.00 187,100.00 - Total Notes PayableManagement Masters TEXAS APTS (1,000,000.00) - (1,000,000.00) Management Masters - Logan ARJ,WAJ - - - Management Masters - Logan INS & OUTS - - - Management Masters - Logan MGT MASTERS - - - Mandivo NOTES RECIEVABLE - Other - - - Mandivo THUNDER BAY 2,377,600.00 2,377,600.00 - Total Notes Receivable OldMarvista INS AND OUTS - - - Marvista THUNDER BAY 262,800.00 262,800.00 - Total Notes Receivable OldMayo THUNDER BAY - - - Mayo WAJ - - - McKamy Lake Sharon COUNCIL PROPERTIES 155,780.40 155,780.40 - Total Notes PayableMcKamy Lake Sharon PARTNERS 1,487,247.00 1,137,247.00 350,000.00 Total Notes PayableMcKamy Lake Sharon BCW- SF, LLC 4,640,563.71 - 4,640,563.71 Third-PartyMeadow Walk COUNCIL PROPERTIES 148,079.06 - 148,079.06 Meadow Walk PARTNERS 2,646,060.94 2,501,060.94 145,000.00 Total Notes PayableMeadow Walk COLONIAL GREEN - - - Meadow Walk MANAGEMENT SOLUTIONS - - - Meadow Walk MCKEAN APARTMENTS, LLC - - - Meadow Walk NYCOM, LLC - - - Meadow Walk PHEASANT WOOD, LLC - - - Melson WAJ,GPJ, EKJ - - - Melson TBAY 216,700.00 216,700.00 - Total Notes Receivable OldMemphis Park PARTNERS - - - Memphis Park THUNDER BAY - - - Miraflores AMISTAD VILLA - - - Miraflores COUNCIL PROPERTIES - - - Miraflores DALLAS APTS - - - Miraflores INS & OUTS - - - Miraflores MOTSARIKA - - - Miraflores MGT SOL INC - - - Miraflores SQUAW SPRINGS - - - Miraflores TOWN PLAZA - - - Miraflores WOOL CITY INC - - - Miraflores T BAY (1,707,000.00) (1,707,000.00) - Total Notes Receivable OldMiraflores WAJ,GPJ,EKJ 2,322,580.08 [A] - Total Equity (Deficit)Mistema Bay COLONIAL YELLOW - - - Mistema Bay INS & OUTS - - - Mistema Bay MIKE & JOANN FROEHLING - - - Mistema Bay THUNDER BAY - - - Mistema Bay WAJ - - - Monte Forte INS & OUTS - - - Monte Forte THUNDER BAY - - - Monterra Park DALLAS APTS - - - Monterra Park CLOSING - - - Monterra Park SPARTAN CAPITAL - - - Monterra Park INS & OUTS - - - Motsarika INS & OUTS - - - Motsarika MGT SOL INC - - - Motsarika MOUNTAIN ENTERPRISES - - - Motsarika TEXAS APTS - - - Motsarika THUNDER BAY - - - Motsarika VILLA FLORENCE - - - MSI Corp HAYNES PROPERTY MGT - - - MSI Corp INS & OUTS - - - MSI Corp MISC - - - MSI Corp WAJ GPJ EKJ - - - MSI Corp NOTES RECEIVABLE - Other - - - MSI Savings MGT SOL INC 1,526,000.00 1,526,000.00 - Total Notes Receivable Old

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MSI Savings BOULDER - - - MSI Savings CLEBURNE - - - MSI Savings MBJ CLAW - - - MSI Savings JAKE & TATE - - - MSI Savings SQSP - - - MSI Savings T BAY - - - MSI Savings WAJ, GPJ, EWJ - - - MSI Savings WOOL CITY - - - Mtn. Enterprises COUNCIL PROPERTIES 4,140,400.00 4,140,400.00 - Total Notes PayableMtn. Enterprises BOCA RATON APTS LLC - - - Mtn. Enterprises INS & OUTS - - - Mtn. Enterprises SHEPHERDS POINTE - - - Mtn. Enterprises TEXAS APTS - - - Mtn. Enterprises WAJ,GPJ,EKJ 45,000.00 [A] - Total Equity (Deficit)Noallson COUNCIL PROPERTIES 1,561,000.00 1,561,000.00 - Total Notes PayableNoallson PARTNERS 500,000.00 - 500,000.00 Noallson INS & OUTS - - - Noallson THUNDER BAY - - - North Bass CREEKSIDE @ NORTHLAKE L - - - North Bass T BAY - - - North Bass NOTES RECEIVABLE - Other - - - North Spring Park NOTES RECEIVABLE - Other - - - North Spring Park THUNDER BAY (2,068,500.00) (2,068,500.00) - Total Notes Receivable OldOak City INS & OUTS - - - Oak City WAJ - - - Oak City THUNDER BAY 358,000.00 358,000.00 - Total Notes Receivable OldOak Hill AC APTS - - - Oak Hill ENCINITO APTS. - - - Oak Hill INS & OUTS - - - Oak Hill MGT SOL INC - - - Oak Hill MISC - - - Oak Hill SQSP - - - Oak Hill TIDEWATER APTS - - - Oak Hill TIDEWATER INV - - - Oak Hill WAJ,GPJ,EKJ - - - Oak Hill-1031 HOLBROOK TIC 2,200,000.00 - 2,200,000.00 Third-PartyOak Hill-1031 AC APTS - - - Oak Hill-1031 ARBORETUM - - - Oak Hill-1031 COUNCIL PROPERTIES - - - Oak Hill-1031 INS & OUTS - - - Oak Hill-1031 TEXAS APTS - - - Oak Hill-1031 THUNDER BAY - - - Oak Trails INS & OUTS - - - Oak Trails PMC - - - Oak Trails TEXAS APTS - - - Parcel 7 & 54 THUNDER BAY 2,300,000.00 2,300,000.00 - Total Loans PayablePatriot American PLATINUM 21,523.00 - 21,523.00 Patriot American INS & OUTS - - - Patriot American COURTYARD PARK - - - Patriot American WILLOW PARK - - - Patriot American T BAY 1,211,500.00 1,211,500.00 - Total Notes Receivable OldPatriot American WAJ, ARJ (1,241,465.00) [A] - Total Equity (Deficit)Patriots' Dream T BAY 783,000.00 783,000.00 - Total Notes Receivable OldPebble Lakes INS & OUTS - - - Pebble Lakes THUNDER BAY 316,400.00 - 316,400.00 Pepper Winds MEADOW WALK 967,500.00 967,500.00 - Total Notes PayablePepper Winds INS & OUTS - - - Pepper Winds THUNDER BAY 60,000.00 60,000.00 - Total Notes Receivable OldPepper Winds WAJ,EKJ,GPJ 69,200.00 [A] - Total Equity (Deficit)Perpetual WAJ - - -

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Platinum Controls INS & OUTS - - - Platinum Protection INS & OUT 200,153.22 - 200,153.22 Platinum Protection MANAGEMENT MASTERS 2,530,800.00 - 2,530,800.00 Platinum Protection PLATINUM PROTECTION (666,000.00) - (666,000.00) Platinum Protection T BAY (2,260,200.00) (2,706,700.00) 446,500.00 Total Notes Receivable OldPlatinum Protection RELATED ENTITIES - - - Platinum Protection TX APTS - - - PocaTucson INS & OUTS - - - PocaTucson MIRAFLORES SW - - - PocaTucson RETREAT APTS - - - PocaTucson THUNDER BAY - - - PocaTucson WAJ,EKJ,GPJ - - - Providence Estates ARBORETUM - - - Providence Estates INS AND OUTS - - - Providence Estates THUNDERBAY - - - Provident Point HPI 100,000.00 - 100,000.00 Provident Point THUNDER BAY 933,000.00 933,000.00 - Total Notes Receivable OldPryor Creek COUNCIL PROPERTIES - - - Pryor Creek INS & OUTS - - - Pryor Creek MANAGEMENT MASTERS - - - Pryor Creek MANAGEMENT SOLUTIONS - - - Pryor Creek SQUAW SPRINGS - - - Pryor Creek T BAY - - - Pryor Creek YELLOW ROSE - - - QGS Investments COUNCIL PROPERTIES, LLC - - - QGS Investments GATEWAY LLC - - - QGS Investments GROUP WISE LLC - - - QGS Investments MANAGEMENT MASTERS - - - QGS Investments MCDERMOTT - - - QGS Investments MGT SOLUTIONS - - - QGS Investments SQUAW SPRINGS - - - QGS Investments YELLOW ROSE APTS - - - QGS Investments NOTES RECEIVABLE - Other - - - Quorum Insurance Company COUNCIL PROPERTIES (100.00) - (100.00) Quorum Insurance Company QGS INVESTMENTS, LLC - - - Red Castle Inc INS & OUTS - - - Red Castle Inc REID BRADY (14,230.74) - (14,230.74) Third-PartyRed Castle Ret JASON & CASSIE STEPHENS - - - Red Castle Ret TED & SALLY - - - Reep Investments COUNCIL PROPERTIES - - - Reep Investments TBAY 99,100.00 99,100.00 - Total Notes Receivable OldReese Road (2) ARBORETUM - - - Reese Road (2) COUNCIL PROPERTIES - - - Reese Road (2) INS & OUTS - - - Reese Road (2) MANAGEMENT SOLUTIONS - - - Reese Road (2) THUNDER BAY 1,550,000.00 1,550,000.00 - Total Notes Receivable OldReserve @ Abbie Lakes SQSP 800,000.00 800,000.00 - Total Notes ReceivableReserve @ Abbie Lakes INS & OUTS - - - Reserve @ Abbie Lakes T BAY - - - Reserve @ Abbie Lakes BLACKCLIFFS INVESTMENTS - - - Retama Hill PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Hill COUNCIL PROPERTIES - - - Retama Hill PINE MOUNTAIN LLC - - - Retama Ranch INS & OUTS - - - Retama Richards PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Richards COUNCIL PROPERTIES - - - Retama Richards FOREST HILLS LLC - - - Retama Rose PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Rose COUNCIL PROPERTIES - - - Retama Rose FOREST HILLS, LLC - - -

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Retreat SIMJAH INTERESTS LLC - - - Retreat INS & OUTS - - - Retreat @ Stonebridge Ranch ESCENA PARK - - - Retreat @ Stonebridge Ranch GATEWAY PROPERTIES - - - Retreat @ Stonebridge Ranch COUNCIL PROPERTIES, LLC - - - Retreat @ Stonebridge Ranch T BAY - - - River Royal COUNCIL PROPERTIES 500,000.00 500,000.00 - Total Notes PayableRiver Royal TBAY 484,900.00 484,900.00 - Total Notes Receivable OldRiver Royal INS & OUTS - - - Rock City PARTNERS 653,500.00 653,500.00 - Total Notes PayableRock City COUNCIL PROPERTIES - - - Rock City PINE MOUNTAIN LLC - - - Rose Hill INS & OUTS - - - Rose Hill MGT SOL INC - - - Rose Hill MIRAFLORES - - - Rose Hill MISC - - - Rose Hill T BAY - - - Rose Hill TEXAS APARTMENTS - - - Rose Hill WAJ,EKJ,GPJ - - - Rosons INS & OUTS - - - Rosons T BAY - - - Sagefield Duplexes ARBORETUM - - - Sagefield Duplexes INS & OUTS - - - Sagefield Duplexes THUNDER BAY - - - Sagefield Duplexes WAJ,GPJ,EKJ - - - Sagewood Insurance Company COUNCIL PROPERTIES (100.00) - (100.00) Sagewood Insurance Company QGS INVESTMENTS, LLC - - - Sagewood Insurance Company THUNDER BAY - - - SalTucson INS & OUTS - - - SalTucson RETREAT APTS LLC - - - SalTucson T BAY - - - San Marina INS & OUTS - - - San Marina THUNDER BAY 797,400.00 797,400.00 - Total Notes Receivable OldSantana Springs ALLEN R. JACOBSON 21,247.00 - 21,247.00 Santana Springs TBAY (586,900.00) (586,900.00) - Total Notes Receivable OldSantana Springs INS & OUTS - - - Satina THUNDER BAY 763,200.00 763,200.00 - Total Notes Receivable OldSeneca Place INS & OUTS - - - Serve International INS AND OUTS - - - Shepherds Pointe T BAY (1,188,000.00) (1,188,000.00) - Total Notes Receivable OldShepherds Pointe CAM CAM MGT CO - - - Shepherds Pointe COUNCIL PROPERTIES - - - Shepherds Pointe INS & OUTS - - - Shepherds Pointe JAKE & TATE - - - Shepherds Pointe MGT SOL INC - - - Shepherds Pointe MTN ENTERPRISES - - - Shepherds Pointe SQUAW SPRINGS - - - Shepherds Pointe WOOL CITY - - - Shepherds Pointe WAJ 1,289,678.41 [A] - Total Equity (Deficit)Simjah Interest INS & OUTS - - - Simjah Interest PMC - - - Simjah Interest TEXAS APTS - - - Simjah Interest THUNDER BAY MORTGAGE - - - Skypark INS & OUTS - - - Skypark MT ENTERPRISES - - - Skypark T BAY - - - Smokey Trails INS & OUTS 12,883.45 - 12,883.45 Smokey Trails T BAY 649,000.00 649,000.00 - Total Notes Receivable OldSmokey Trails PLATINUM PROTECTION - - - Smokey Trails TEXAS APTS - - -

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Smokey Trails WAJ, ARJ, MBJ - - - Snow Winds HAIRPORT - - - Snow Winds THUNDER BAY - - - Snow Winds NOTES RECEIVABLE - Other - - - Socourt PARTNERS 1,714,844.75 1,714,844.75 - Total Notes PayableSocourt THUNDER BAY - - - Socourt WAJ, GPJ, EKJ - - - Socourt WYNDSOR COURT 97,500.00 97,500.00 - Total Notes PayableSolar Bridge INS & OUTS - - - Solar Bridge THUNDER BAY 1,401,700.00 1,401,700.00 - Total Notes Receivable OldSolar Sands INS & OUTS - - - Solar Sands NOTES RECEIVABLE - Other - - - Solar Sands THUNDER BAY 2,345,100.00 2,345,100.00 - Total Notes Receivable OldSouth Bass THUNDER BAY 359,600.00 359,600.00 - Total Notes Receivable OldSpartan Capital INS & OUTS - - - Spring Gate INS & OUTS (2,650,000.00) - (2,650,000.00) Spring Gate MSI - - - Spring Gate THUNDER BAY 2,443,300.00 2,443,300.00 - Total Notes Receivable OldSquaw Springs OHIO APTS (4,800,000.00) (4,800,000.00) - Total Notes ReceivableSquaw Springs SOCOURT/WYNDURT 1,029,213.06 1,029,213.06 - Total Notes PayableSquaw Springs SOCOURT/WYNDURT 842,100.00 980,000.00 (137,900.00) Total Notes ReceivableSquaw Springs HIGHLAND OAKS - - - Squaw Springs INS & OUTS - - - Squaw Springs JAMES & BOBBIE JO ANDERS 18,131.24 - 18,131.24 Third-PartySquaw Springs MANAGEMENT MASTERS - - - Squaw Springs MGT SOL INC - - - Squaw Springs SHEPHERDS POINTE - - - Squaw Springs TEXAS APARTMENTS - - - Squaw Springs WAJ, GPJ, EKJ - - - Squaw Springs WYNDSOR COURT 12,900.00 12,900.00 - Total Notes ReceivableSquaw Springs WYNDSOR COURT 125,000.00 125,000.00 - Total Notes PayableSSI Savings SQUAW (4,995.00) - (4,995.00) SSI Savings BOULDER - - - SSI Savings CURRENT POWER - - - SSI Savings DMP - - - SSI Savings FRED - - - SSI Savings JAKE & TATE - - - SSI Savings MBJ CLAW - - - SSI Savings MGT SOL INC - - - SSI Savings TBAY - - - SSI Savings WAJ, GPJ, EWJ - - - SSI Savings WOOL CITY - - - SSI Savings VERNON OAKS - - - Stone Brook Idaho INS & OUTS - - - Stone Brook Idaho THUNDER BAY - - - Stone Brook Idaho TEXAS APARTMENTS - - - Stonebridge COUNCIL PROPERTIES (3,675,000.00) (3,675,000.00) - Total Notes Receivable OldStonebridge FALCONHEAD PROPERTIES 3,675,000.00 3,675,000.00 - Total Notes PayableStonebridge INS & OUTS - - - Stonebridge LAKE RIDGE - - - Stonebridge LAKES EDGE APARTMENTS - - - Stonebridge TEXAS APARTMENTS - - - Stonebridge THUNDER BAY - - - Stonebrook @ Goosecreek INS & OUTS (19,500.00) - (19,500.00) Stonebrook @ Goosecreek COUNCIL PROPERTIES - - - Stonebrook @ Goosecreek STONEBROOK 2 - - - Summer Wind Apts COUNTRY VILLA 18.25 - 18.25 Summer Wind Apts SUMMERWIND (22,100.00) - (22,100.00) Summer Wind Apts ARBORETUM - - - Summer Wind Apts INS AND OUTS - - -

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Summer Wind Apts MANAGEMENT SOLUTIONS - - - Summer Wind Apts T BAY - - - Summer Wind Apts TUSCANY VILLA 12.39 - 12.39 Summerwind Corp BLANCA WINDS, LLC - - - Summerwind Corp INS & OUTS - - - Summerwind Corp PEPPER WINDS, LLC - - - Summerwind Corp WAJ,EKJ,GPJ - - - Summerwind Corp THUNDER BAY (1,008,700.00) (1,008,700.00) - Total Notes Receivable OldSun Winds T BAY 514,700.00 514,700.00 - Total Notes Receivable OldSun Winds INS & OUTS - - - Sun Winds WAJ,GPJ,EKJ 442,800.00 [A] - Total Equity (Deficit)Sunbury Ridge INS & OUTS - - - Sunbury Ridge PARTNERS - - - Sunbury Ridge TENANTS - - - Sunbury Ridge LLC WAJ, MBJ, ARJ, EKJ - - - Sycamore Farms Sharon AC APTS 2,855,000.00 1,500,000.00 1,355,000.00 Total Notes PayableSycamore Farms Sharon WW SYCAMORE FARMS APTS 4,700,000.00 - 4,700,000.00 Tennessee Park INS & OUTS - - - Tennessee Park T BAY - - - Tennessee Park VERANO PARK - - - Tennessee Park WAJ,GPJ,EKJ - - - Tetonian Properties COUNCIL PROPERTIES 2,172,600.00 2,172,600.00 - Total Notes PayableTetonian Properties RELATED COMPANIES 500,000.00 - 500,000.00 Tetonian Properties BART WARNER 3,069,000.00 - 3,069,000.00 Third-PartyTetonian Properties ARBORETUM - - - Tetonian Properties MGT MASTERS - - - Tetonian Properties MSI - - - Tetonian Properties TEXAS APTS - - - Tetonian Properties THUNDER BAY - - - Tetonian Properties WAJ, GPJ, EKJ - - - Texas Apts ABBIE LAKES (371,667.11) - (371,667.11) Texas Apts BROOKSEDGE (504,067.50) - (504,067.50) Texas Apts COLONIAL GREEN (45,751.17) - (45,751.17) Texas Apts COUNCIL PROPERTIES (139,784.12) - (139,784.12) Texas Apts INS & OUTS (85.00) - (85.00) Texas Apts MADISON CHASE 16,333.03 - 16,333.03 Texas Apts PARK @ NORTHGATE 46,537.61 - 46,537.61 Texas Apts PROVIDENCE ESTATES (172,436.04) - (172,436.04) Texas Apts STONEBROOK (43,544.54) - (43,544.54) Texas Apts STONEBROOK IDAHO (52,345.43) - (52,345.43) Texas Apts TETONIAN (12,664.92) - (12,664.92) Texas Apts THE RESERVE (163,683.21) - (163,683.21) Texas Apts COLONIAL RED - - - Texas Apts FALLS AT TOWNE CROSSING - - - Texas Apts CHAMPION CAPITAL - - - Texas Apts CLEAR CREEK - - - Texas Apts COLONIAL YELLOW - - - Texas Apts COURT & VILLA - - - Texas Apts GATTY ZB - - - Texas Apts HIGH STAR - - - Texas Apts IRON WOODS - - - Texas Apts JEFFERSON CHASE - - - Texas Apts KULA ESTATES - - - Texas Apts LAKE RIDGE - - - Texas Apts LAKES EDGE - - - Texas Apts MANAGEMENT MASTERS - - - Texas Apts MID AMERICA AIRPARK - - - Texas Apts MIRAFLORES - - - Texas Apts MISCELANEOUS - - - Texas Apts MSI CORP - - -

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Texas Apts REESE ROAD - - - Texas Apts SMOKEY TRAILS - - - Texas Apts STONEBRIDGE - - - Texas Apts THUNDER BAY - - - Texas Apts TN - - - Texas Apts TOSCANA - - - Texas Apts TOWN PLAZA - - - Texas Apts YELLOW ROSE - - - Texas Apts NOTES RECEIVABLE - Other - - - Texas Apts WAJ,GPJ,EKJ 51,200.00 [A] - Total Equity (Deficit)The Falls @ Towne Crossing T BAY 873,000.00 873,000.00 - Total Notes Receivable OldThe Falls @ Towne Crossing FRAM - - - The Falls @ Towne Crossing INS & OUTS - - - The Falls @ Towne Crossing WAJ,GPJ,EKJ - - - The Park @ Northgate TBAY 798,800.00 798,800.00 - Total Notes Receivable OldThunder Bay JAKE & MAC LP 11,278,809.13 14,432,142.47 (3,153,333.34) Total Notes PayableThunder Bay MISC 136,000.00 - 136,000.00 Thunder Bay BLACKCLIFFS 2,400,000.00 - 2,400,000.00 Third-PartyThunder Bay DAYLE RUST 370,286.00 - 370,286.00 Third-PartyTop Choice INS & OUTS - - - Toscana Valley Ridge PARTNERS 1,696,000.00 1,696,000.00 - Total Notes PayableToscana Valley Ridge ARBORETUM - - - Toscana Valley Ridge COUNCIL PROPERTIES - - - Toscana Valley Ridge INS & OUTS - - - Toscana Valley Ridge T BAY - - - Town Plaza MIRAFLORES (169,900.00) - (169,900.00) Town Plaza VALLEY VIEW 450,000.00 - 450,000.00 Town Plaza INS & OUTS - - - Town Plaza MANAGEMENT SOLUTIONS - - - Town Plaza TEXAS APTS - - - Town Plaza THUNDER BAY - - - Towne Crossing New ARBORETUM - - - Towne Crossing New INS & OUTS - - - Towne Crossing New MGT SOL INC - - - Towne Crossing New THUNDER BAY - - - Tuscany Villa 2 INS AND OUTS - - - Tuscany Villa 2 STARWOOD - - - Tuscany Villa 2 SUMMERWIND - - - Upper Muddy River COUNCIL PROPERTIES - - - Upper Muddy River DISCOVERY POINT - - - Upper Muddy River INS & OUTS - - - Upper Muddy River THUNDER BAY - - - Valley View 1031 COUNCIL PROPERTIES - - - Valley View 1031 INS & OUTS - - - Valley View 1031 MOUNTAIN ENTERPRISES - - - Valley View 1031 TEXAS APARTMENTS - - - Valley View 1031 VALLEY VIEW RESIDENTIAL - - - Verano Park SPARTAN - - - Verano Park CLOSING - - - Verano Park INS & OUTS - - - Verano Park THUNDER BAY - - - Villa Florence BOULDER DEVELOPMENT - - - Villa Florence CAM CAM MGT - - - Villa Florence CASEBOLT & HUNTINGTON - - - Villa Florence CIRCLE J - - - Villa Florence DON L & TONI HILL - - - Villa Florence HIGH STAR - - - Villa Florence INS & OUTS - - - Villa Florence KATHY WELLING - - - Villa Florence MGT SOL INC - - -

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Villa Florence MIKE ALLEN LOAN - - - Villa Florence MISCELLANEOUS INS & OUTS - - - Villa Florence RVB - - - Villa Florence SQUAW SPRINGS - - - Villa Florence STEVE ALLEN LOANS - - - Villa Florence T BAY - - - Villa Florence WAJ, GPJ, EKJ - - - Villa Florence WOOL CITY - - - Vintage Place COUNCIL PROPERTIES 5,350,000.00 5,350,000.00 - Total Notes PayableVintage Place VINTAGE PLACE MGT 417,000.00 417,000.00 - Total Notes PayableVintage Place INS & OUTS - - - Vintage Place Mgmt MSI - - - Vintage Place Mgmt THUNDER BAY - - - WAJ & MBJ BOCA RATON 3,167,000.00 3,167,000.00 - Total Notes ReceivableWAJ & MBJ MISCELLANEOUS 13,410.00 - 13,410.00 WAJ & MBJ T BAY 3,000,000.00 - 3,000,000.00 WAJ & MBJ Total INS & OUTS 192,000.00 - 192,000.00 WAJ & MBJ APT LOANS - - - WAJ & MBJ BOULDER DEV - - - WAJ & MBJ CHAMPION BRIDGE POINT PA - - - WAJ & MBJ CIRCLE J FARMS - - - WAJ & MBJ COUNCIL - - - WAJ & MBJ DALLAS APTS - - - WAJ & MBJ MGT SOL - - - WAJ & MBJ OTHER - - - WAJ & MBJ SQUAW SPRINGS - - - WAJ & MBJ TEXAS APTS - - - WAJ & MBJ WAJ GPJ EKJ - - - WAJ & MBJ NOTES RECEIVABLE - Other - - - Wakara Point INS & OUTS (200,000.00) - (200,000.00) Wakara Point TBAY 199,000.00 199,000.00 - Total Notes Receivable OldWakara Point CAM CAM MGT - - - Wakara Point MANAGEMENT SOLUTIONS - - - Wakara Point SQUAW SPRINGS - - - Wakara Point TEXAS APTS - - - Wakara Point WAJ,GPJ,EKJ - - - Willow Park COURTYARD PARK LLC (20,000.00) - (20,000.00) Willow Park MISC 53,000.00 - 53,000.00 Willow Park ADAM MCCLLELAN - - - Willow Park BETTY & VICTOR CARRERA 175,759.37 - 175,759.37 Third-PartyWillow Park BRUCO ENTERPRISES, INC - - - Willow Park INS & OUTS - - - Willow Park JASMINE APTS_JOE KURIVILL - - - Willow Park PATRIOT AMERICAN - - - Willow Park THUNDER BAY - - - Willow Park WAJ,GPJ,EKJ (5,045.00) [A] - Total Equity (Deficit)Winkson T BAY 2,072,900.00 2,072,900.00 - Total Notes Receivable OldWinkson INS & OUTS - - - Wolf Son THUNDER BAY 455,800.00 455,800.00 - Total Notes Receivable OldWolf Son ENTITIES - - - Wolf Son NOTES RECEIVABLE - Other - - - Wool City T BAY (550,000.00) (550,000.00) - Total Notes Receivable OldWool City AA ROBISON FAMILY TRUST 27,000.00 - 27,000.00 Third-PartyWool City BOULDER DEV - - - Wool City CHAD PUGMIRE - - - Wool City FURN PURCH - - - Wool City HIGH STAR RANCH - - - Wool City INS & OUTS - - - Wool City MASTERS MGT - - - Wool City MGT SOL INC - - -

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Wool City SCOTT DALEY - - - Wool City SHEPHERDS POINTE - - - Wool City SQUAW SPRINGS - - - Wool City TATE FARM - - - Wool City TEXAS APTS - - - Wool City VILLA FLORENCE - - - Wool City WAJ GPJ EKJ - - - Wyndsor Court ARBORETUM - - - Wyndsor Court INS & OUTS - - - Wyndsor Court THUNDER BAY - - - Wyndsor Court WYNDSOR COURT - - - Wyndurt PARTNERS 1,800,000.00 1,800,000.00 - Total Notes PayableWyndurt SQUAW SPRINGS (980,000.00) - (980,000.00) Wyndurt THUNDER BAY (941,800.00) (941,800.00) - Total Notes Receivable OldWyndurt INS & OUTS - - - Wyndurt WAJ,GPJ,EKJ - - - Wyndurt WYNDSOR COURT 97,385.22 97,500.00 (114.78) Total Notes PayableYellow Rose COLONIAL FUNDING 3,913.55 - 3,913.55 Third-PartyYellow Rose IBIS 3,989,697.72 5,239,697.72 (1,250,000.00) Total Notes PayableYellow Rose THUNDER BAY MTG (2,160,000.00) (2,160,000.00) - Total Notes Receivable OldYellow Rose BALLS & SORBER - - - Yellow Rose HILL & GLOVER BROADCAST 450,268.10 - 450,268.10 Third-PartyYellow Rose INS & OUTS - - - Yellow Rose SQUAW SPRINGS INC - - - Yellow Rose WAJ,GPJ,EKJ - - -

203,322,230.75 157,289,582.59 43,743,305.59

Adjustments Debit CreditTotal Notes Receivable 5,269,901.07 157,289,582.59Total Notes Receivable Old 41,318,053.17 Total Investments - Total Other Assets - Total Notes Payable 108,401,628.35 Total Loans Payable 2,300,000.00


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Abbie Lakes 2005-2008 COUNCIL PROPERTIES - - - Abbie Lakes 2005-2008 INS & OUTS - - - Abbie Lakes 2005-2008 T BAY - - - Abbie Lakes 2005-2008 TEXAS APTS - - - Abbie Lakes 2005-2008 WAJ,GPJ,EKJ - - - Abbie Lakes 2007-2011 BROOKSEDGE - - - Abbie Lakes 2007-2011 INS & OUTS - - - Abbie Lakes 2007-2011 JAKE & MAC - - - Abbie Lakes 2007-2011 JEFFERSON CHASE - - - Abbie Lakes 2007-2011 THUNDER BAY - - - AC Apartments AC APARTMENTS INC 100.00 - 100.00 AC Apartments HIGHLAND OAKS - - - AC Apartments INS & OUTS - - - AC Apartments SAN ANTONIO APARTMENTS - - - AC Apartments SQUAW SPRINGS - - - AC Apartments TEXAS APTS - - - AC Apartments THUNDER BAY - - - AC Apartments CLEBURNE TERRACE 1,434,804.00 1,434,805.07 (1.07) Total Notes ReceivableAC Apartments COUNCIL PROPERTIES 5,284,788.10 5,284,788.10 - Total Notes PayableAC Apartments ENCINITO APTS 120,000.00 120,000.00 - Total Notes ReceivableAC Apartments OAK HILL APTS 47,100.00 47,100.00 - Total Notes ReceivableAC Apartments PARTNERS 360,000.00 360,000.00 - Total Notes PayableAC Apartments WAJ,GPJ,EKJ 438,000.00 [A] - Total Equity (Deficit)Alpine Court DIAMANTE BRUTO - - - Alpine Court INS & OUTS - - - Alpine Court CYD PARK I 189,400.00 - 189,400.00 Alson INS & OUTS - - - Alson T BAY - - - Alson COUNCIL PROPERTIES, LLC 1,343,400.00 1,343,400.00 - Total Notes PayableAmistad INS & OUTS - - - Amistad THUNDER BAY - - - Amistad MIKE & JOANN FROELING 370,000.00 - 370,000.00 Third-PartyArboretum BLUE JAY - - - Arboretum CLEBURNE TERRACE APTS - - - Arboretum DEZAVALA OAKS APTS - - - Arboretum BROOKHAVEN (3,333.33) - (3,333.33) Arboretum PROVIDENCE - - - Arboretum REESE ROAD - - - Arboretum SAGEFIELD - - - Arboretum INS & OUTS (70,400.00) - (70,400.00) Arboretum WYNDSOR COURT 64,006.48 - 64,006.48 Autumn Hills INS & OUT - - - Autumn Hills COUNCIL PROPERTIES 1,974,000.00 1,974,000.00 - Total Notes PayableAutumn Hills T BAY 285,800.00 285,800.00 - Total Notes Receivable OldBaytown @ Stonebrook COUNCIL PROPERTIES - - - Baytown @ Stonebrook STONEBROOK 1 (25,000.00) - (25,000.00) Beleza Bay TBAY 365,100.00 365,100.00 - Total Notes Receivable OldBeleza Bay WAJ,GPJ,EKJ 126,272.16 [A] - Total Equity (Deficit)Blanca Winds MANAGMENT SOLUTIONS - - - Blanca Winds INS AND OUTS - - - Blanca Winds THUNDER BAY - - - Blanca Winds MEADOW WALK 767,500.00 767,500.00 - Total Notes PayableBlue Jay Apartments ARBORETUM - - - Blue Jay Apartments BLUE JAY - - - Blue Jay Apartments INS AND OUTS - - - Blue Jay Apartments MOUNTAIN ENTERPRISES - - - Blue Jay Apartments THUNDER BAY - - - Boca Raton CREEKSIDE @ NORTHLAKE - - - Boca Raton INS & OUTS - - - Boca Raton MSI - - -

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Boca Raton PLATINUM PROTECTION - - - Boca Raton SQUAW SPRINGS - - - Boca Raton TEXAS APTS - - - Boca Raton THUNDER BAY - - - Boca Raton WAJ,GPJ,EKJ (2,660,000.00) [A] - Total Equity (Deficit)Boulder ACE ROBISON 57,000.00 - 57,000.00 Third-PartyBoulder INS & OUTS - - - Boulder MGT SOL INC - - - Boulder PLATINUM PROTECTION - - - Boulder SCOTT & ELLEN DALEY - - - Boulder SQUAW SPRINGS INC - - - Boulder T BAY - - - Boulder TEXAS APTS - - - Boulder VILLA FLORENCE - - - Boulder WAJ GPJ EKJ - - - Boulder WOOL CITY - - - BPJ Investments INS & OUTS - - - BPJ Investments TBAY 577,000.00 577,000.00 - Total Notes Receivable OldBradson COUNCIL 380 - - - Bradson INS AND OUTS - - - Bradson WAJ - - - Bradson NOTES RECEIVABLE - Other - - - Bradson T BAY 2,904,700.00 2,904,700.00 - Total Notes Receivable OldBridge Point Capital SOUTH BASS LLC - - - Bridge Point Capital BOCA DIXIE SUN - - - Bridge Point Capital INS & OUTS - - - Bridge Point Capital ESCENA - - - Bridge Point Capital ESCENA PROPERTIES - - - Bridge Point Capital JARON DAVIS - - - Bridge Point Capital PRYOR CREEK - - - Bridge Point Capital TAXES - - - Bridge Point Capital TX APTS - - - Bridge Point Capital DAVID CHESTON MADSEN 59,000.00 - 59,000.00 Third-PartyBridge Point Capital VARIOUS (500,000.00) - (500,000.00) Brookhaven ARBORETUM 169.83 - 169.83 Brookhaven COUNCIL PROPERTIES - - - Brookhaven INS AND OUTS - - - Brookhaven MANAGEMENT MASTERS - - - Brookhaven THUNDER BAY - - - Brookhaven WAJ,GPJ,EKJ - - - Brookhaven MSI 2,080,224.66 2,080,224.66 - Total InvestmentsBrooksedge INS & OUTS - - - Brooksedge THUNDER BAY - - - Brooksedge (2) ABBIE LAKES - - - Brooksedge (2) INS & OUTS - - - Brooksedge (2) JEFFERSON CHASE - - - Brooksedge (2) T BAY - - - Brooksedge (2) TEXAS APARTMENTS - - - Brooksedge (2) JAKE & MAC (184,000.00) - (184,000.00) Brutace THUNDER BAY - - - Brutace WAJ, EKJ, GPJ - - - Brutace INS & OUTS - - - Build Value INS & OUTS - - - Build Value NOTES RECEIVABLE - Other - - - Build Value THUNDER BAY 1,430,400.00 1,430,400.00 - Total Notes Receivable OldBusiness Pros WAJ - - - Business Pros ENTITIES 355,397.06 355,397.06 - Total Notes PayableBusiness Pros THUNDER BAY 1,614,900.00 1,614,900.00 - Total Notes Receivable OldCala PATRIOTS DREAM - - - Cala THUNDER BAY - - -

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Cala GATEWAY PROPERTIES 23,718.11 23,718.11 - Total Notes PayableCam Cam BOULDER DEV - - - Cam Cam JAKE & TATE - - - Cam Cam MGT SOL - - - Cam Cam MIRAFLORES - - - Cam Cam SHEPHERDS POINT - - - Cam Cam TEXAS APARTMENTS - - - Cam Cam VILLA FLORENCE - - - Cam Cam WAJ,GPJ & EKJ - - - Cam Cam WAKARA POINT - - - Cam Cam INS & OUTS 901,900.00 - 901,900.00 Cam Cam T BAY (394,500.00) (394,570.00) 70.00 Total Notes Receivable OldCanterra Park SPARTAN - - - Canterra Park CLOSING - - - Canterra Park INS & OUTS 727,098.34 - 727,098.34 Canterra Park MONTERRA 470,137.00 470,137.00 - Total Notes PayableCar Vala BOCA RATON LLC - - - Car Vala INS & OUTS - - - Car Vala WAJ,GPJ,EKJ - - - Car Vala MSI 355,397.06 355,397.06 - Total Notes PayableCar Vala T BAY 1,033,000.00 1,033,000.00 - Total Notes Receivable OldChampion Capital INS AND OUTS - - - Champion Capital TEXAS APTS - - - Champion Capital CASH ZONE, LLC - - - Champion Capital COUNCIL PROPERTIES - - - Champion Capital DEZAVALA - - - Champion Capital MGT SOL INC - - - Champion Capital PROMISSORY NOTES - - - Champion Capital SAMUEL ASTON - - - Champion Capital SCOT STOBBE - - - Champion Capital TALLAHASSEE WIDOWER HO - - - Champion Capital THUNDER BAY - - - Champion Capital L HENSON 9,502.81 - 9,502.81 Third-PartyChampion Capital NAPLES DR OFFICE RUBLES 2,302,698.76 - 2,302,698.76 Third-PartyChampion Capital WAJ, GPJ, EKJ 753,900.00 [A] - Total Equity (Deficit)Chelby Park LLC WAJ GPJ EKJ - - - Chelby Park LLC NOTES RECEIVABLE - Other - - - Chelby Park LLC PARTNERS 1,373,418.00 1,173,418.00 200,000.00 Total Notes PayableChelby Park LLC THUNDER BAY 42,678.00 - 42,678.00 Circle J Farms A C APTS - - - Circle J Farms INS & OUTS - - - Circle J Farms MSI - - - Circle J Farms SQSP - - - Circle J Farms T BAY - - - Circle J Farms TEXAS APTS - - - Circle J Farms VILLA FLORENCE - - - Circle J Farms NOTES RECEIVABLE - Other - - - Circle J Farms WAJ,GPJ,EKJ,SRD 58,316.00 [A] - Total Equity (Deficit)City View COUNCIL PROPERTIES (1,000,000.00) (1,000,000.00) - Total Notes ReceivableCity View INS & OUTS - - - City View MANAGEMENT SOLUTIONS - - - City View THUNDER BAY - - - City View RR BECK PROPERTIES 1,000,000.00 - 1,000,000.00 Third-PartyClear Creek I ARBORETUM - - - Clear Creek I INS & OUTS - - - Clear Creek I THUNDER BAY - - - Clear Creek I PARTNERS 714,500.00 714,500.00 - Total Notes PayableClear Creek II ARBORETUM - - - Clear Creek II THUNDER BAY - - - Clear Creek II PARTNERS 1,106,900.00 1,106,900.00 - Total Notes Payable

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Clear Paradigm COUNCIL PROPERTIES 1,332,755.00 1,332,755.00 - Total Notes PayableClear Paradigm THUNDER BAY 1,294,000.00 1,294,000.00 - Total Notes Receivable OldCleburn Terrace AC APTS (1,434,805.07) (1,434,804.00) (1.07) Total Notes ReceivableCleburn Terrace ARBORETUM - - - Cleburn Terrace CLEBURNE TERRACE - - - Cleburn Terrace DALLAS APTS - - - Cleburn Terrace INS & OUTS - - - Cleburn Terrace MGT SOL INC - - - Cleburn Terrace OAK HOLLOW - - - Cleburn Terrace WAJ,GPJ,EKJ - - - Cletace INS & OUTS - - - Cletace JAKE & TATE - - - Cletace WAJ, EKJ, GPJ - - - Cletace THUNDER BAY 241,500.00 241,500.00 - Total Notes Receivable OldColonial Green INS & OUTS - - - Colonial Green MSI - - - Colonial Green TEXAS APTS - - - Colonial Green WAJ, EKJ, GPJ, MBJ - - - Colonial Green THUNDER BAY (1,854,600.00) (1,854,600.00) - Total Notes Receivable OldColonial Red WAJ, EKJ, GPJ, MBJ - - - Colonial Red TBAY 264,900.00 264,900.00 - Total Notes Receivable OldColonial Yellow TBAY - - - Cooper Street COUNCIL PROPERTIES 2,325,842.06 2,327,493.15 (1,651.09) Total Notes PayableCooper Street THUNDER BAY 441,800.00 441,800.00 - Total Notes Receivable OldCore Comm Advisors WAJ GPJ EKJ - - - Costa Azul THUNDER BAY - - - Costa Azul WAJ - - - Costa Azul NOTES RECEIVEABLE - Other - - - Council Properties BUFFALO RUN 234,361.00 207,600.00 26,761.00 Total Notes PayableCouncil Properties CITY VIEW 1,000,000.00 1,000,000.00 - Total Notes ReceivableCouncil Properties BOULDER - - - Council Properties GOODFELLOW - - - Council Properties MISC - - - Council Properties STONEBROOK AT GOOSECRE - - - Council Properties TEXAS APTS - - - Council Properties VALLEY VIEW - - - Council Properties INS & OUTS (305,000.00) - (305,000.00) Council Properties WAJ,GPJ,EKJ (3,572,037.08) (4,115,150.00) 543,112.92 Total Notes ReceivableCountry Villa III INS AND OUTS - - - Country Villa III SUMMERWIND - - - Court & Villa SQUAW SPRINGS - - - Court & Villa T BAY - - - Court & Villa WAJ,GPJ,EKJ - - - Court & Villa TEXAS APTS (136,000.00) - (136,000.00) Courtyard Park COURTYARD PARK I, LLC - - - Courtyard Park COURTYARD PARK II, LLC - - - Courtyard Park JASMINE APTS INC - - - Courtyard Park PATRIOT AMERICAN - - - Courtyard Park T BAY - - - Courtyard Park TEXAS APTS - - - Courtyard Park WAJ,EKJ,GPJ - - - Courtyard Park WILLOW PARK LLC - - - Courtyard Park HPH 385,021.00 - 385,021.00 Third-PartyCourtyard Park INS & OUTS 1,050,000.00 1,050,000.00 - Total Notes Receivable OldCourtyard Park I ALPINE COURT - - - Courtyard Park I COURTYARD PARK, LLC - - - Courtyard Park I COURTYARD PARK II - - - Courtyard Park I DIAMANTE BRUTO - - - Courtyard Park I HAIRPORT - - - Courtyard Park I INS & OUTS - - -

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Courtyard Park I THUNDER BAY - - - Courtyard Park I WAJ, GPJ, EKJ, ARJ 148,000.00 [A] - Total Equity (Deficit)Courtyard Park I WILLOW PARK, LLC 11,100.00 - 11,100.00 Courtyard Park II INS & OUTS - - - Courtyard Park II THUNDER BAY - - - Courtyard Park II WAJ, GPJ, EKJ 170,500.00 [A] - Total Equity (Deficit)Creekside Northlake BART WARNER CO - - - Creekside Northlake BOCA RATON LLC - - - Creekside Northlake DIXIE WINDS LLC - - - Creekside Northlake NORTH BASS LLC - - - Creekside Northlake SOUTH BASS LLC - - - Creekside Northlake SUN WINDS LLC - - - D General INS & OUTS - - - D General WAJ,EKJ,GPJ - - - D General THUNDER BAY 1,155,700.00 1,205,700.00 (50,000.00) Total Notes Receivable OldDen Glen INS & OUTS - - - Den Glen WAJ,EKJ,GPJ - - - Den Glen THUNDER BAY (1,220,000.00) (1,220,000.00) - Total Notes Receivable OldDen Town WAJ,EKJ,GPJ - - - Den Town NOTES RECEIVABLE - Other - - - Den Town THUNDER BAY 314,966.35 314,966.36 (0.01) Total Notes Receivable OldDezavala Oaks BW AC APARTMENTS - - - Dezavala Oaks BW COUNCIL PROPERTIES - - - Dezavala Oaks BW INS & OUTS - - - Dezavala Oaks BW MTN ENTERPIRSES - - - Dezavala Oaks BW TEXAS APARTMENTS - - - Diamonte Bruto EDGEWISE 95,320.00 - 95,320.00 Third-PartyDiamonte Bruto ARJ - - - Diamonte Bruto ARJ RED STAG - - - Diamonte Bruto COURTYARD PARK 1 - - - Diamonte Bruto HAIRPORT - - - Diamonte Bruto THUNDER BAY - - - Dimazio INS & OUTS 150,000.00 - 150,000.00 Dimazio THUNDER BAY 702,800.00 702,800.00 - Total Notes Receivable OldDiscovery Grove BUILD VALUE 500,000.00 500,000.00 - Total Notes PayableDiscovery Grove NOALLSON 1,500,000.00 1,500,000.00 - Total Notes PayableDiscovery Grove PATRIOTS DREAM 400,000.00 400,000.00 - Total Notes PayableDiscovery Point DISCOVERY GROVE 12,863.03 12,863.04 (0.01) Total Notes PayableDiscovery Point GATEWAY PROPERTIES 2,700,000.00 2,402,651.58 297,348.42 Total Notes PayableDiscovery Point INS & OUTS (100.00) - (100.00) Discovery Point PARTNERS - - - Discovery Point PARTNERS - - - Discovery Point THUNDER BAY 244,500.00 172,500.00 72,000.00 Total Notes Receivable OldDiscovery Point II BCW DO, LLC 4,836,000.00 - 4,836,000.00 Third-PartyDiscovery Point II HPI 750,000.00 750,000.00 - Total Notes PayableDiscovery Point II JAKE & TATE 1,500,000.00 1,500,000.00 - Total Notes PayableDixie Winds WAJ,GPJ,EKJ 602,100.00 [A] - Total Equity (Deficit)Doah View VINTAGE PLACE 5,250,000.00 5,250,000.00 - Total Notes PayableEl Dorado Apartments THUNDER BAY - - - Encinito AC APTS (120,000.00) (120,000.00) - Total Notes ReceivableEncinito INS & OUTS 120,000.00 - 120,000.00 Encinito MGT SOL INC - - - Encinito OAK HILL APTS - - - Encinito SQSP - - - Encinito THUNDER BAY - - - Encinito TIDEWATER APTS - - - Encinito TIDEWATER INV - - - Encinito WAJ, GPJ, EKJ - - - Entrada ESCENA 20,000.00 - 20,000.00 Entrada BRIDGEPOINT - - -

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Entrada PARTNERS 3,000,000.00 3,000,000.00 - Total Notes PayableEntrada THUNDER BAY 3,200,000.00 - 3,200,000.00 Third-PartyEscena Park INS & OUTS - - - Escena Park PARTNERS 8,320,000.00 7,400,000.00 920,000.00 Total Notes PayableEscena Park TBAY 2,896,200.00 2,896,200.00 - Total Notes Receivable OldEscena Properties TEXAS PROPERTIES - - - Escena Properties COUNCIL PROPERTIES - - - Escena Properties INS & OUTS - - - Escena Properties MANAGEMENT MASTERS, LL - - - Escena Properties THUNDER BAY 1,868,403.16 1,868,403.16 - Total Notes Receivable OldFalcon Head Properties INS & OUTS - - - Falcon Head Properties IRONWODDS 100,000.00 100,000.00 - Total Notes PayableFieldSon INS & OUTS - - - FieldSon THUNDER BAY - - - Fountain Hills PARTNERS 1,000,000.00 1,000,000.00 - Total Notes PayableFountain Hills T BAY (8,300.00) (8,300.00) - Total Notes Receivable OldFountain Legacy COUNCIL PROPERTIES - - - Fountain Legacy INS & OUTS - - - Fountain Legacy TBAY - - - Fred Ricks & Burg INS & OUTS 1,212,000.00 - 1,212,000.00 Fred Ricks & Burg ANDORA APTS - - - Fred Ricks & Burg CHAMPION CAPITAL - - - Fred Ricks & Burg COOPER GLEN - - - Fred Ricks & Burg COURT & VILLA APTS - - - Fred Ricks & Burg CREEKSIDE APTS - - - Fred Ricks & Burg CUSTOMER SERVICES AGENC - - - Fred Ricks & Burg DALLAS APTS - - - Fred Ricks & Burg LA MAISON APTS - - - Fred Ricks & Burg LOAN FEES - - - Fred Ricks & Burg MCKAMY LAKES - - - Fred Ricks & Burg MGT SOL INC - - - Fred Ricks & Burg OAK TRAILS APTS - - - Fred Ricks & Burg PROVENCE - - - Fred Ricks & Burg RAY CLAWSON - - - Fred Ricks & Burg SQSP - - - Fred Ricks & Burg SYCAMORE FARMS APTS - - - Fred Ricks & Burg T BAY - - - Fred Ricks & Burg TEXAS APARTMENTS - - - Fred Ricks & Burg TOSCANA - - - Fred Ricks & Burg TOWNE CROSSING - - - Fred Ricks & Burg VILLAS OF EL DORADO - - - Fred Ricks & Burg WAJ,GPJ,EKJ - - - Gateway Properties New ALLOWANCE FOR BAD DEBT (31,555.00) - (31,555.00) Gateway Properties New ASH MINI STORAGE 24,000.00 - 24,000.00 Third-PartyGateway Properties New ENTRADA PARK 30,084.82 - 30,084.82 Gateway Properties New GREEN OAKS 324,620.64 - 324,620.64 Gateway Properties New INS & OUTS (61,500.00) - (61,500.00) Gateway Properties New CUSTOMER RECEIVABLE IBIS 839,062.24 - 839,062.24 Third-PartyGateway Properties New THUNDER BAY (2,226,772.02) (183,000.00) (2,043,772.02) Total Notes Receivable OldGateway Properties New WESTFIELD ESTATES 916,118.94 - 916,118.94 Third-PartyGeyser Point PROVIDENCE COUNCIL - - - Golden J Insurance COUNCIL PROPERTIES (250,000.00) - (250,000.00) Golden J Insurance THUNDER BAY - - - Golden J Insurance QGS INVESTMENTS, LLC 2,298,000.00 2,298,000.00 - Total Notes PayableGoose Brook TBAY 1,138,300.00 1,138,300.00 - Total Notes Receivable OldGreater Fred (Highland Oaks) AC APARTMENTS TX, LP - - - Greater Fred (Highland Oaks) ARBORETUM - - - Greater Fred (Highland Oaks) WAJ - - - Greater Fred (Highland Oaks) MSI - - - Greater Fred (Highland Oaks) SQUAW SPRINGS - - -

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Greater Fred (Highland Oaks) TEXAS APTS - - - Greater Fred (Highland Oaks) THUNDER BAY - - - Group Wise INS AND OUTS - - - Group Wise JAKE & TATE - - - Group Wise THUNDER BAY - - - Hairport_Snow Winds, LLC INS & OUTS - - - Haynes INS & OUTS - - - High Star Ranch INS & OUTS 852.28 - 852.28 High Star Ranch FALCONHEAD - - - High Star Ranch LAMONT CHRISTENSEN - - - High Star Ranch VILLA FLORENCE - - - High Star Ranch VIRGEL BLACKHAM - - - High Star Ranch R REED JACOBSON 505,579.96 - 505,579.96 High Star Ranch T BAY (2,144,600.00) (2,719,600.00) 575,000.00 Total Notes Receivable OldHigh Star Ranch WAJ,GPJ,EKJ (26,800.00) [A] - Total Equity (Deficit)HPI Investments INS & OUTS - - - HPI Investments T BAY 853,100.00 853,100.00 - Total Notes Receivable OldI-15 Storage, LLC COUNCIL PROPERTIES - - - I-15 Storage, LLC THUNDER BAY - - - Ibis Gas Services INS & OUTS - - - Ibis Gas Services SINGENIS - - - Inveness BROOKHAVEN 177,698.73 177,698.73 - Total Notes PayableInveness INS & OUTS - - - Inveness THUNDER BAY 598,999.89 599,000.00 (0.11) Total Notes Receivable OldJake & Mac COUNCIL PROPERTIES, LLC 3,084,179.61 3,084,179.61 - Total Notes PayableJake & Mac BROOKSEDGE - - - Jake & Mac CHARLESTONIAN - - - Jake & Mac INS & OUTS - - - Jake & Mac MGT SOL - - - Jake & Mac SQUAW SPRINGS - - - Jake & Mac PARTNERS 917,153.00 917,153.00 - Total Notes PayableJake & Tate DEZAVALA OAKS - - - Jake & Tate INS & OUTS - - - Jake & Tate BOCA RATON APTS - - - Jake & Tate CAM CAM MANAGEMENT - - - Jake & Tate DALLAS APTS - - - Jake & Tate EVERS PARK - - - Jake & Tate MISC - - - Jake & Tate PARTNERS - - - Jake & Tate OAK HOLLOW - - - Jake & Tate SHEPHERDS POINT - - - Jake & Tate SYCAMORE FARMS - - - Jake & Tate TEXAS APTS - - - Jake & Tate WAJ,GPJ,EKJ - - - Jake & Tate NOTES RECEIVABLE - Other - - - Jake & Tate PARTNERS 3,020,000.00 3,020,000.00 - Total Notes PayableJake & Tate SAN ANTONIO APTS 3,409,000.00 3,409,000.00 - Total Notes PayableJanison Investments INS & OUTS - - - Janison Investments PROVIDENCE ESTATES 140,000.00 140,000.00 - Total Notes PayableJarustds BROOKHAVEN 177,698.73 177,698.73 - Total Notes PayableJarustds INS & OUTS - - - Jarustds WAJ,EKJ,GPJ - - - Jarustds T BAY 86,800.00 86,800.00 - Total Notes Receivable OldJefferson Chase INS & OUTS 2,117,443.00 - 2,117,443.00 Jefferson Chase COUNCIL PROPERTIES - - - Jefferson Chase T BAY - - - Jefferson Chase WAJ,GPJ,EKJ - - - Kamy Lakes INS & OUTS - - - Kamy Lakes THUNDER BAY 496,700.00 - 496,700.00 King George ARBORETUM - - -

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King George INS & OUTS - - - King George THUNDER BAY - - - King Sage INS & OUTS 1,249,000.00 - 1,249,000.00 King Sage BETTY OR VICTOR CARRERA - - - King Sage SAMUEL ASTON - - - King Sage NOTES RECEIVABLE - Other - - - King Sage THUNDER BAY (108,900.00) (109,000.00) 100.00 Total Notes Receivable OldKingson IBIS GAS - - - Kingson MANAGEMENT MASTERS - - - Kingson THUNDER BAY 263,700.00 263,700.00 - Total Notes Receivable OldKomo Mai Estates COUNCIL PROPERTIES - - - Komo Mai Estates INS & OUTS - - - Komo Mai Estates THUNDER BAY - - - Kula Estates INS & OUTS - - - Kula Estates THUNDER BAY 4,820,000.00 4,820,000.00 - Total Notes Receivable OldKulia I Ka Nu'u Estates BCW DO TIC 2,920,000.00 - 2,920,000.00 Third-PartyKulia I Ka Nu'u Estates DEZAVALA OAKS 5,000,000.00 - 5,000,000.00 Kulia I Ka Nu'u Estates INS & OUTS - - - Kulia I Ka Nu'u Estates KOMO MAI - - - Kulia I Ka Nu'u Estates MSI - - - Kulia I Ka Nu'u Estates THUNDER BAY 3,639,700.00 3,630,000.00 9,700.00 Total Notes Receivable OldLa Villita_Garden Terrace INS & OUTS - - - La Villita_Garden Terrace NOTES RECEIVABLE - Other - - - La Villita_Garden Terrace PARTNERS 350,000.00 - 350,000.00 Lake Hood LLC DGENERAL 315,000.00 315,000.00 - Total Notes PayableLake Hood LLC THUNDER BAY 191,700.00 191,700.00 - Total Notes Receivable OldLake Ridge COUNCIL PROPERTIES 1,080,000.00 - 1,080,000.00 Lake Ridge INS & OUTS 4,000,000.00 4,000,000.00 - Total Notes ReceivableLake Ridge LAKES RIDGE - - - Lake Ridge STONEBRIDGE - - - Lake Ridge THUNDER BAY 2,529,900.00 2,529,900.00 - Total Notes Receivable OldLakes Edge INS & OUTS - - - Lakes Edge LAKES EDGE - - - Lakes Edge MOUNTAIN ENTERPRISES - - - Lakes Edge THUNDER BAY - - - Lamp Son INS AND OUTS - - - Lamp Son NOTES RECEIVABLE - Other - - - Lamp Son THUNDER BAY 1,537,400.00 1,537,400.00 - Total Notes Receivable OldLeague 3 GATEWAY 510,000.00 510,000.00 - Total Notes PayableLeague 3 THUNDER BAY - - - League Eleven BANKS D AND - - - League Eleven BRIDGEPOINT CAPITAL - - - League Eleven INS & OUTS - - - League Eleven SUMMERWIND APTS - - - League Eleven T BAY - - - League Eleven WAJ,GPJ,EKJ - - - Legend Hills INS AND OUTS - - - Legend Hills THUNDER BAY - - - Madison Chase 1031 INS AND OUTS - - - Madison Chase 1031 TEXAS APTS - - - Madison Chase 1031 THUNDER BAY - - - Management Masters GATEWAY 2,650,000.00 1,800,000.00 850,000.00 Total Notes PayableManagement Masters MANAGEMENT MASTERS LOG 55,825.00 55,825.00 - Total Notes ReceivableManagement Masters ARJ, WAJ, GPJ, EKJ, BPJ - - - Management Masters OTHER - - - Management Masters FALCONHEAD PROPERTIES - - - Management Masters INS & OUTS - - - Management Masters IOSEPA - - - Management Masters PLATINUM 4,428,738.58 - 4,428,738.58 Third-PartyManagement Masters SMOKEY TRAILS (438,500.00) (438,500.00) - Total Notes Receivable

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Management Masters SUNBURY RIDGE 212,900.00 212,900.00 - Total Notes PayableManagement Masters TEXAS APTS (1,000,000.00) - (1,000,000.00) Management Masters NASCAR CARWASH 250,000.00 - 250,000.00 Third-PartyManagement Masters - Logan MGT MASTERS (55,825.00) (55,825.00) - Total Notes ReceivableManagement Masters - Logan ARJ,WAJ - - - Management Masters - Logan INS & OUTS - - - Mandivo NOTES RECIEVABLE - Other - - - Mandivo THUNDER BAY 2,735,100.00 2,735,100.00 - Total Notes Receivable OldMarvista INS AND OUTS - - - Marvista THUNDER BAY 193,900.00 193,900.00 - Total Notes Receivable OldMayo WAJ - - - Mayo THUNDER BAY 2,145,900.00 2,145,900.00 - Total Notes Receivable OldMcKamy Lake Sharon BCW- SF, LLC - - - McKamy Lake Sharon COUNCIL PROPERTIES - - - McKamy Lake Sharon PARTNERS - - - Meadow Walk COUNCIL PROPERTIES 1,150,900.00 - 1,150,900.00 Meadow Walk PARTNERS 145,000.00 - 145,000.00 Meadow Walk COLONIAL GREEN - - - Meadow Walk MANAGEMENT SOLUTIONS - - - Meadow Walk MCKEAN APARTMENTS, LLC - - - Meadow Walk NYCOM, LLC - - - Meadow Walk PHEASANT WOOD, LLC - - - Melson WAJ,GPJ, EKJ - - - Melson TBAY 825,600.00 825,600.00 - Total Notes Receivable OldMemphis Park PARTNERS 1,368,950.00 1,368,950.00 - Total Notes PayableMemphis Park THUNDER BAY 669,370.00 625,200.00 44,170.00 Total Notes Receivable OldMiraflores AMISTAD VILLA - - - Miraflores COUNCIL PROPERTIES - - - Miraflores DALLAS APTS - - - Miraflores INS & OUTS - - - Miraflores MOTSARIKA - - - Miraflores MGT SOL INC - - - Miraflores SQUAW SPRINGS - - - Miraflores TOWN PLAZA - - - Miraflores WOOL CITY INC - - - Miraflores T BAY (1,246,000.00) (1,246,000.00) - Total Notes Receivable OldMiraflores WAJ,GPJ,EKJ 2,322,580.08 [A] - Total Equity (Deficit)Mistema Bay COLONIAL YELLOW - - - Mistema Bay INS & OUTS - - - Mistema Bay MIKE & JOANN FROEHLING - - - Mistema Bay WAJ - - - Mistema Bay THUNDER BAY 33,800.00 - 33,800.00 Monte Forte INS & OUTS - - - Monte Forte THUNDER BAY - - - Monterra Park INS & OUTS 748,156.86 - 748,156.86 Monterra Park DALLAS APTS - - - Monterra Park CLOSING - - - Monterra Park SPARTAN CAPITAL - - - Motsarika INS & OUTS 933.63 - 933.63 Motsarika MGT SOL INC - - - Motsarika MOUNTAIN ENTERPRISES - - - Motsarika TEXAS APTS - - - Motsarika THUNDER BAY - - - Motsarika VILLA FLORENCE - - - MSI Corp INS & OUTS 78,500.00 - 78,500.00 MSI Corp HAYNES PROPERTY MGT - - - MSI Corp MISC - - - MSI Corp WAJ GPJ EKJ - - - MSI Corp NOTES RECEIVABLE - Other - - - MSI Savings MGT SOL INC 1,526,000.00 1,526,000.00 - Total Notes Receivable Old

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MSI Savings BOULDER - - - MSI Savings CLEBURNE - - - MSI Savings MBJ CLAW - - - MSI Savings JAKE & TATE - - - MSI Savings SQSP - - - MSI Savings T BAY - - - MSI Savings WAJ, GPJ, EWJ - - - MSI Savings WOOL CITY - - - Mtn. Enterprises COUNCIL PROPERTIES 1,769,400.00 1,769,400.00 - Total Notes PayableMtn. Enterprises BOCA RATON APTS LLC - - - Mtn. Enterprises INS & OUTS - - - Mtn. Enterprises SHEPHERDS POINTE - - - Mtn. Enterprises TEXAS APTS - - - Mtn. Enterprises WAJ,GPJ,EKJ 31,000.50 [A] - Total Equity (Deficit)Noallson COUNCIL PROPERTIES 938,700.00 938,700.00 - Total Notes PayableNoallson PARTNERS 500,000.00 - 500,000.00 Noallson INS & OUTS - - - Noallson THUNDER BAY - - - North Bass CREEKSIDE @ NORTHLAKE L - - - North Bass T BAY - - - North Bass NOTES RECEIVABLE - Other - - - North Spring Park THUNDER BAY - - - North Spring Park NOTES RECEIVABLE - Other - - - Oak City INS & OUTS - - - Oak City THUNDER BAY 431,100.00 431,100.00 - Total Notes Receivable OldOak City WAJ 35,000.00 [A] - Total Equity (Deficit)Oak Hill AC APTS - - - Oak Hill ENCINITO APTS. - - - Oak Hill INS & OUTS - - - Oak Hill MGT SOL INC - - - Oak Hill MISC - - - Oak Hill SQSP - - - Oak Hill TIDEWATER APTS - - - Oak Hill TIDEWATER INV - - - Oak Hill WAJ,GPJ,EKJ - - - Oak Hill-1031 AC APTS (47,100.00) (47,100.00) - Total Notes ReceivableOak Hill-1031 HOLBROOK TIC 2,200,000.00 - 2,200,000.00 Third-PartyOak Hill-1031 ARBORETUM - - - Oak Hill-1031 COUNCIL PROPERTIES - - - Oak Hill-1031 INS & OUTS - - - Oak Hill-1031 TEXAS APTS - - - Oak Hill-1031 THUNDER BAY - - - Oak Trails INS & OUTS - - - Oak Trails PMC - - - Oak Trails TEXAS APTS - - - Parcel 7 & 54 THUNDER BAY 2,300,000.00 2,300,000.00 - Total Loans PayablePatriot American PLATINUM 21,523.00 - 21,523.00 Patriot American INS & OUTS - - - Patriot American COURTYARD PARK - - - Patriot American WILLOW PARK - - - Patriot American T BAY 1,183,000.00 1,183,000.00 - Total Notes Receivable OldPatriot American WAJ, ARJ (1,241,465.00) [A] - Total Equity (Deficit)Patriots' Dream T BAY 442,500.00 442,500.00 - Total Notes Receivable OldPebble Lakes INS & OUTS - - - Pebble Lakes THUNDER BAY 255,200.00 - 255,200.00 Pepper Winds INS & OUTS 200,000.00 - 200,000.00 Pepper Winds MEADOW WALK 767,500.00 767,500.00 - Total Notes PayablePepper Winds THUNDER BAY - - - Pepper Winds WAJ,EKJ,GPJ (130,800.00) [A] - Total Equity (Deficit)Perpetual WAJ - - -

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Platinum Controls INS & OUTS - - - Platinum Protection INS & OUT 199,153.22 - 199,153.22 Platinum Protection MANAGEMENT MASTERS 2,530,800.00 - 2,530,800.00 Platinum Protection PLATINUM PROTECTION (666,000.00) - (666,000.00) Platinum Protection RELATED ENTITIES - - - Platinum Protection TX APTS - - - Platinum Protection T BAY (2,260,200.00) (5,399,099.31) 3,138,899.31 Total Notes Receivable OldPocaTucson INS & OUTS - - - PocaTucson MIRAFLORES SW - - - PocaTucson RETREAT APTS - - - PocaTucson THUNDER BAY - - - PocaTucson WAJ,EKJ,GPJ - - - Providence Estates ARBORETUM - - - Providence Estates INS AND OUTS - - - Providence Estates THUNDERBAY - - - Provident Point HPI - - - Provident Point THUNDER BAY 1,173,100.00 1,173,100.00 - Total Notes Receivable OldPryor Creek COUNCIL PROPERTIES - - - Pryor Creek INS & OUTS - - - Pryor Creek MANAGEMENT MASTERS - - - Pryor Creek MANAGEMENT SOLUTIONS - - - Pryor Creek SQUAW SPRINGS - - - Pryor Creek T BAY - - - Pryor Creek YELLOW ROSE - - - QGS Investments COUNCIL PROPERTIES, LLC 3,682,000.00 3,682,000.00 - Total Notes PayableQGS Investments MGT SOLUTIONS 2,416,900.00 2,416,900.00 - Total Notes PayableQGS Investments SQUAW SPRINGS 711,100.00 711,100.00 - Total Notes PayableQGS Investments GATEWAY LLC - - - QGS Investments GROUP WISE LLC - - - QGS Investments MANAGEMENT MASTERS - - - QGS Investments MCDERMOTT - - - QGS Investments YELLOW ROSE APTS - - - QGS Investments NOTES RECEIVABLE - Other - - - Quorum Insurance Company COUNCIL PROPERTIES (250,000.00) - (250,000.00) Quorum Insurance Company QGS INVESTMENTS, LLC 2,248,000.00 2,248,000.00 - Total Notes PayableRed Castle Inc INS & OUTS - - - Red Castle Inc REID BRADY - - - Red Castle Ret JASON & CASSIE STEPHENS - - - Red Castle Ret TED & SALLY - - - Reep Investments COUNCIL PROPERTIES 659,500.00 659,500.00 - Total Notes PayableReep Investments TBAY 99,100.00 99,100.00 - Total Notes Receivable OldReese Road (2) INS & OUTS 60,000.00 - 60,000.00 Reese Road (2) ARBORETUM - - - Reese Road (2) COUNCIL PROPERTIES - - - Reese Road (2) MANAGEMENT SOLUTIONS - - - Reese Road (2) THUNDER BAY 1,432,800.00 1,432,800.00 - Total Notes Receivable OldReserve @ Abbie Lakes SQSP 800,000.00 800,000.00 - Total Notes ReceivableReserve @ Abbie Lakes INS & OUTS - - - Reserve @ Abbie Lakes T BAY - - - Reserve @ Abbie Lakes BLACKCLIFFS INVESTMENTS - - - Retama Hill PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Hill COUNCIL PROPERTIES - - - Retama Hill PINE MOUNTAIN LLC - - - Retama Ranch INS & OUTS - - - Retama Richards PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Richards COUNCIL PROPERTIES - - - Retama Richards FOREST HILLS LLC - - - Retama Rose PARTNERS 653,500.00 653,500.00 - Total Notes PayableRetama Rose COUNCIL PROPERTIES - - - Retama Rose FOREST HILLS, LLC - - -

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Retreat SIMJAH INTERESTS LLC - - - Retreat INS & OUTS - - - Retreat @ Stonebridge Ranch ESCENA PARK 2,700,000.00 2,700,000.00 - Total Notes PayableRetreat @ Stonebridge Ranch GATEWAY PROPERTIES 66,000.00 66,000.00 - Total Notes PayableRetreat @ Stonebridge Ranch COUNCIL PROPERTIES, LLC - - - Retreat @ Stonebridge Ranch T BAY - - - River Royal COUNCIL PROPERTIES 500,000.00 500,000.00 - Total Notes PayableRiver Royal INS & OUTS - - - River Royal TBAY 306,000.00 306,000.00 - Total Notes Receivable OldRock City PARTNERS 653,500.00 653,500.00 - Total Notes PayableRock City COUNCIL PROPERTIES - - - Rock City PINE MOUNTAIN LLC - - - Rose Hill T BAY (61,900.00) (61,900.00) - Total Loans PayableRose Hill INS & OUTS - - - Rose Hill MGT SOL INC - - - Rose Hill MIRAFLORES - - - Rose Hill MISC - - - Rose Hill TEXAS APARTMENTS - - - Rose Hill WAJ,EKJ,GPJ - - - Rosons INS & OUTS - - - Rosons T BAY - - - Sagefield Duplexes ARBORETUM - - - Sagefield Duplexes INS & OUTS - - - Sagefield Duplexes THUNDER BAY - - - Sagefield Duplexes WAJ,GPJ,EKJ - - - Sagewood Insurance Company COUNCIL PROPERTIES (250,000.00) - (250,000.00) Sagewood Insurance Company QGS INVESTMENTS, LLC 2,298,000.00 2,298,000.00 - Total Notes PayableSagewood Insurance Company THUNDER BAY - - - SalTucson INS & OUTS - - - SalTucson RETREAT APTS LLC - - - SalTucson T BAY - - - San Marina INS & OUTS - - - San Marina THUNDER BAY 449,300.00 449,300.00 - Total Notes Receivable OldSantana Springs ALLEN R. JACOBSON 21,247.00 - 21,247.00 Santana Springs TBAY (541,600.00) (541,600.00) - Total Notes Receivable OldSantana Springs INS & OUTS - - - Satina THUNDER BAY 822,100.00 822,100.00 - Total Notes Receivable OldSeneca Place INS & OUTS - - - Serve International INS AND OUTS 1,785.00 - 1,785.00 Shepherds Pointe T BAY (1,141,575.00) (1,141,575.00) - Total Notes Receivable OldShepherds Pointe CAM CAM MGT CO - - - Shepherds Pointe COUNCIL PROPERTIES - - - Shepherds Pointe INS & OUTS - - - Shepherds Pointe JAKE & TATE - - - Shepherds Pointe MGT SOL INC - - - Shepherds Pointe MTN ENTERPRISES - - - Shepherds Pointe SQUAW SPRINGS - - - Shepherds Pointe WOOL CITY - - - Shepherds Pointe WAJ 1,289,678.41 [A] - Total Equity (Deficit)Simjah Interest INS & OUTS - - - Simjah Interest PMC - - - Simjah Interest TEXAS APTS - - - Simjah Interest THUNDER BAY MORTGAGE - - - Skypark INS & OUTS - - - Skypark MT ENTERPRISES - - - Skypark T BAY - - - Smokey Trails INS & OUTS 438,500.00 - 438,500.00 Smokey Trails T BAY 678,900.00 678,900.00 - Total Notes Receivable OldSmokey Trails PLATINUM PROTECTION - - - Smokey Trails TEXAS APTS - - -

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Smokey Trails WAJ, ARJ, MBJ - - - Snow Winds HAIRPORT - - - Snow Winds THUNDER BAY - - - Snow Winds NOTES RECEIVABLE - Other - - - Socourt PARTNERS 1,000,000.00 1,000,000.00 - Total Notes PayableSocourt THUNDER BAY - - - Socourt WAJ, GPJ, EKJ - - - Socourt WYNDSOR COURT 97,500.00 97,500.00 - Total Notes PayableSolar Bridge INS & OUTS - - - Solar Bridge THUNDER BAY 1,252,400.00 1,252,400.00 - Total Notes Receivable OldSolar Sands INS & OUTS - - - Solar Sands NOTES RECEIVABLE - Other - - - Solar Sands THUNDER BAY 2,131,100.00 2,131,100.00 - Total Notes Receivable OldSouth Bass THUNDER BAY 4,600.00 - 4,600.00 Spartan Capital INS & OUTS - - - Spring Gate INS & OUTS (2,650,000.00) - (2,650,000.00) Spring Gate MSI - - - Spring Gate THUNDER BAY 2,442,750.00 2,492,750.00 (50,000.00) Total Notes Receivable OldSquaw Springs INS & OUTS (1,249,100.00) - (1,249,100.00) Squaw Springs OHIO APTS (4,800,000.00) (4,800,000.00) - Total Notes ReceivableSquaw Springs SOCOURT/WYNDURT 1,029,213.06 1,029,213.06 - Total Notes PayableSquaw Springs SOCOURT/WYNDURT 842,100.00 980,000.00 (137,900.00) Total Notes ReceivableSquaw Springs HIGHLAND OAKS - - - Squaw Springs JAMES & BOBBIE JO ANDERS 6,250.90 - 6,250.90 Third-PartySquaw Springs MANAGEMENT MASTERS - - - Squaw Springs MGT SOL INC - - - Squaw Springs SHEPHERDS POINTE - - - Squaw Springs TEXAS APARTMENTS - - - Squaw Springs WAJ, GPJ, EKJ - - - Squaw Springs WYNDSOR COURT 12,900.00 12,900.00 - Total Notes ReceivableSquaw Springs WYNDSOR COURT 125,000.00 125,000.00 - Total Notes PayableSSI Savings SQUAW (1,395.00) - (1,395.00) SSI Savings BOULDER - - - SSI Savings CURRENT POWER - - - SSI Savings DMP - - - SSI Savings FRED - - - SSI Savings JAKE & TATE - - - SSI Savings MBJ CLAW - - - SSI Savings MGT SOL INC - - - SSI Savings TBAY - - - SSI Savings WAJ, GPJ, EWJ - - - SSI Savings WOOL CITY - - - SSI Savings VERNON OAKS - - - Stone Brook Idaho INS & OUTS 200,000.00 - 200,000.00 Stone Brook Idaho TEXAS APARTMENTS - - - Stone Brook Idaho THUNDER BAY 224,100.00 - 224,100.00 Stonebridge COUNCIL PROPERTIES (3,675,000.00) (3,675,000.00) - Total Notes Receivable OldStonebridge FALCONHEAD PROPERTIES 3,675,000.00 3,675,000.00 - Total Notes PayableStonebridge INS & OUTS 430,000.00 - 430,000.00 Stonebridge TEXAS APARTMENTS 395.49 - 395.49 Stonebridge LAKE RIDGE - - - Stonebridge LAKES EDGE APARTMENTS - - - Stonebridge THUNDER BAY (1,002,700.00) (1,002,700.00) - Total Notes Receivable OldStonebrook @ Goosecreek INS & OUTS (19,400.00) - (19,400.00) Stonebrook @ Goosecreek STONEBROOK 2 25,000.00 - 25,000.00 Stonebrook @ Goosecreek COUNCIL PROPERTIES - - - Summer Wind Apts COUNTRY VILLA 18.25 - 18.25 Summer Wind Apts SUMMERWIND (22,100.00) - (22,100.00) Summer Wind Apts T BAY (1,673,400.00) (2,763,375.00) 1,089,975.00 Total Notes Receivable OldSummer Wind Apts ARBORETUM - - -

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Summer Wind Apts INS AND OUTS - - - Summer Wind Apts MANAGEMENT SOLUTIONS - - - Summer Wind Apts TUSCANY VILLA 12.39 - 12.39 Summerwind Corp INS & OUTS 346.16 - 346.16 Summerwind Corp BLANCA WINDS, LLC - - - Summerwind Corp PEPPER WINDS, LLC - - - Summerwind Corp WAJ,EKJ,GPJ - - - Summerwind Corp THUNDER BAY (2,763,375.00) (2,763,375.00) - Total Notes Receivable OldSun Winds INS & OUTS - - - Sun Winds T BAY - - - Sun Winds WAJ,GPJ,EKJ 442,800.00 [A] - Total Equity (Deficit)Sunbury Ridge INS & OUTS - - - Sunbury Ridge PARTNERS - - - Sunbury Ridge TENANTS - - - Sunbury Ridge LLC WAJ, MBJ, ARJ, EKJ - - - Sycamore Farms Sharon AC APTS 2,855,000.00 1,500,000.00 1,355,000.00 Total Notes PayableSycamore Farms Sharon WW SYCAMORE FARMS APTS - - - Tennessee Park INS & OUTS 65,000.00 - 65,000.00 Tennessee Park T BAY 3,084,402.00 2,446,863.27 637,538.73 Total Notes Receivable OldTennessee Park VERANO PARK - - - Tennessee Park WAJ,GPJ,EKJ - - - Tetonian Properties COUNCIL PROPERTIES 1,624,757.40 1,624,757.40 - Total Notes PayableTetonian Properties BART WARNER 3,069,000.00 - 3,069,000.00 Third-PartyTetonian Properties ARBORETUM - - - Tetonian Properties MGT MASTERS - - - Tetonian Properties MSI - - - Tetonian Properties RELATED COMPANIES - - - Tetonian Properties TEXAS APTS - - - Tetonian Properties WAJ, GPJ, EKJ - - - Tetonian Properties THUNDER BAY 1,504,900.00 1,504,900.00 - Total Notes Receivable OldTexas Apts ABBIE LAKES (371,667.11) - (371,667.11) Texas Apts BROOKSEDGE (492,367.50) - (492,367.50) Texas Apts COURT & VILLA (48,664.25) - (48,664.25) Texas Apts GATTY ZB 276.20 - 276.20 Texas Apts INS & OUTS (108.33) - (108.33) Texas Apts JEFFERSON CHASE 9,900.00 - 9,900.00 Texas Apts MADISON CHASE (61,851.91) - (61,851.91) Texas Apts PARK @ NORTHGATE 46,610.00 - 46,610.00 Texas Apts PROVIDENCE ESTATES (172,436.04) - (172,436.04) Texas Apts STONEBROOK (43,544.54) - (43,544.54) Texas Apts STONEBROOK IDAHO (13,849.07) - (13,849.07) Texas Apts THE RESERVE (163,683.21) - (163,683.21) Texas Apts COLONIAL RED - - - Texas Apts FALLS AT TOWNE CROSSING - - - Texas Apts CHAMPION CAPITAL - - - Texas Apts CLEAR CREEK - - - Texas Apts COLONIAL GREEN - - - Texas Apts COLONIAL YELLOW - - - Texas Apts COUNCIL PROPERTIES - - - Texas Apts HIGH STAR - - - Texas Apts IRON WOODS - - - Texas Apts KULA ESTATES - - - Texas Apts LAKE RIDGE - - - Texas Apts LAKES EDGE - - - Texas Apts MANAGEMENT MASTERS - - - Texas Apts MID AMERICA AIRPARK - - - Texas Apts MIRAFLORES - - - Texas Apts MISCELANEOUS - - - Texas Apts MSI CORP - - - Texas Apts THUNDER BAY (75,000.00) - (75,000.00)

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Texas Apts REESE ROAD - - - Texas Apts SMOKEY TRAILS - - - Texas Apts STONEBRIDGE - - - Texas Apts TETONIAN - - - Texas Apts TN - - - Texas Apts TOSCANA (547,899.00) - (547,899.00) Texas Apts TOWN PLAZA - - - Texas Apts YELLOW ROSE - - - Texas Apts NOTES RECEIVABLE - Other - - - Texas Apts WAJ,GPJ,EKJ (20,964.00) [A] - Total Equity (Deficit)The Falls @ Towne Crossing T BAY 873,000.00 - 873,000.00 The Falls @ Towne Crossing FRAM - - - The Falls @ Towne Crossing INS & OUTS - - - The Falls @ Towne Crossing WAJ,GPJ,EKJ - - - The Park @ Northgate TBAY 798,800.00 798,800.00 - Total Notes Receivable OldThunder Bay BLACKCLIFFS 2,400,000.00 - 2,400,000.00 Third-PartyThunder Bay DAYLE RUST 136,075.75 - 136,075.75 Third-PartyThunder Bay JAKE & MAC LP 10,079,036.53 11,079,036.53 (1,000,000.00) Total Notes PayableThunder Bay MISC 1,561,800.00 - 1,561,800.00 Top Choice INS & OUTS - - - Toscana Valley Ridge COUNCIL PROPERTIES 938,100.00 938,100.00 - Total Notes PayableToscana Valley Ridge PARTNERS - - - Toscana Valley Ridge ARBORETUM - - - Toscana Valley Ridge INS & OUTS - - - Toscana Valley Ridge T BAY - - - Town Plaza MIRAFLORES (199,900.00) - (199,900.00) Town Plaza VALLEY VIEW 450,000.00 - 450,000.00 Town Plaza INS & OUTS - - - Town Plaza MANAGEMENT SOLUTIONS - - - Town Plaza TEXAS APTS - - - Town Plaza THUNDER BAY - - - Towne Crossing New ARBORETUM - - - Towne Crossing New INS & OUTS - - - Towne Crossing New MGT SOL INC - - - Towne Crossing New THUNDER BAY - - - Tuscany Villa 2 INS AND OUTS - - - Tuscany Villa 2 STARWOOD - - - Tuscany Villa 2 SUMMERWIND - - - Upper Muddy River COUNCIL PROPERTIES - - - Upper Muddy River DISCOVERY POINT - - - Upper Muddy River INS & OUTS - - - Upper Muddy River THUNDER BAY - - - Valley View 1031 COUNCIL PROPERTIES - - - Valley View 1031 INS & OUTS - - - Valley View 1031 MOUNTAIN ENTERPRISES - - - Valley View 1031 TEXAS APARTMENTS - - - Valley View 1031 VALLEY VIEW RESIDENTIAL - - - Verano Park INS & OUTS (1,003.00) - (1,003.00) Verano Park THUNDER BAY 205,100.00 205,100.00 - Total Notes Receivable OldVerano Park SPARTAN - - - Verano Park CLOSING - - - Villa Florence BOULDER DEVELOPMENT - - - Villa Florence CAM CAM MGT - - - Villa Florence CASEBOLT & HUNTINGTON - - - Villa Florence CIRCLE J - - - Villa Florence DON L & TONI HILL - - - Villa Florence HIGH STAR - - - Villa Florence INS & OUTS - - - Villa Florence KATHY WELLING - - - Villa Florence MGT SOL INC - - -

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Villa Florence MIKE ALLEN LOAN - - - Villa Florence MISCELLANEOUS INS & OUTS - - - Villa Florence RVB - - - Villa Florence SQUAW SPRINGS - - - Villa Florence STEVE ALLEN LOANS - - - Villa Florence T BAY - - - Villa Florence WAJ, GPJ, EKJ 1,168,600.00 [A] - Total Equity (Deficit)Villa Florence WOOL CITY - - - Vintage Place COUNCIL PROPERTIES 5,350,000.00 5,350,000.00 - Total Notes PayableVintage Place VINTAGE PLACE MGT 535,000.00 535,000.00 - Total Notes PayableVintage Place INS & OUTS - - - Vintage Place Mgmt MSI - - - Vintage Place Mgmt THUNDER BAY - - - WAJ & MBJ BOCA RATON 2,660,000.00 2,660,000.00 - Total Notes ReceivableWAJ & MBJ COUNCIL 4,115,150.00 3,572,037.08 543,112.92 Total Notes ReceivableWAJ & MBJ MISCELLANEOUS 10,710.00 - 10,710.00 WAJ & MBJ T BAY (83,104.92) - (83,104.92) WAJ & MBJ APT LOANS - - - WAJ & MBJ BOULDER DEV - - - WAJ & MBJ CHAMPION BRIDGE POINT PA - - - WAJ & MBJ CIRCLE J FARMS - - - WAJ & MBJ DALLAS APTS - - - WAJ & MBJ Total INS & OUTS - - - WAJ & MBJ MGT SOL - - - WAJ & MBJ OTHER - - - WAJ & MBJ SQUAW SPRINGS - - - WAJ & MBJ TEXAS APTS - - - WAJ & MBJ WAJ GPJ EKJ - - - WAJ & MBJ NOTES RECEIVABLE - Other - - - Wakara Point INS & OUTS (200,000.00) - (200,000.00) Wakara Point CAM CAM MGT - - - Wakara Point MANAGEMENT SOLUTIONS - - - Wakara Point SQUAW SPRINGS - - - Wakara Point TBAY - - - Wakara Point TEXAS APTS - - - Wakara Point WAJ,GPJ,EKJ - - - Willow Park MISC 43,900.00 - 43,900.00 Willow Park ADAM MCCLLELAN - - - Willow Park BETTY & VICTOR CARRERA - - - Willow Park BRUCO ENTERPRISES, INC - - - Willow Park COURTYARD PARK LLC - - - Willow Park INS & OUTS - - - Willow Park JASMINE APTS_JOE KURIVILL - - - Willow Park PATRIOT AMERICAN - - - Willow Park THUNDER BAY - - - Willow Park WAJ,GPJ,EKJ (109,205.00) [A] - Total Equity (Deficit)Winkson T BAY 1,831,800.00 1,831,800.00 - Total Notes Receivable OldWinkson INS & OUTS - - - Wolf Son ENTITIES 586,523.87 586,523.87 - Total Notes PayableWolf Son THUNDER BAY 325,400.00 325,400.00 - Total Notes Receivable OldWolf Son NOTES RECEIVABLE - Other - - - Wool City AA ROBISON FAMILY TRUST 27,000.00 - 27,000.00 Third-PartyWool City T BAY (613,500.00) (613,500.00) - Total Notes Receivable OldWool City BOULDER DEV - - - Wool City CHAD PUGMIRE - - - Wool City FURN PURCH - - - Wool City HIGH STAR RANCH - - - Wool City INS & OUTS - - - Wool City MASTERS MGT - - - Wool City MGT SOL INC - - -

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Wool City SCOTT DALEY - - - Wool City SHEPHERDS POINTE - - - Wool City SQUAW SPRINGS - - - Wool City TATE FARM - - - Wool City TEXAS APTS - - - Wool City VILLA FLORENCE - - - Wool City WAJ GPJ EKJ - - - Wyndsor Court THUNDER BAY 2,156,250.00 - 2,156,250.00 Wyndsor Court ARBORETUM - - - Wyndsor Court INS & OUTS - - - Wyndsor Court WYNDSOR COURT - - - Wyndurt PARTNERS 1,800,000.00 1,800,000.00 - Total Notes PayableWyndurt SQUAW SPRINGS (980,000.00) - (980,000.00) Wyndurt THUNDER BAY (942,300.00) (942,300.00) - Total Notes Receivable OldWyndurt INS & OUTS - - - Wyndurt WAJ,GPJ,EKJ - - - Wyndurt WYNDSOR COURT 97,385.22 97,500.00 (114.78) Total Notes PayableYellow Rose IBIS 2,575,500.00 - 2,575,500.00 Yellow Rose COLONIAL FUNDING 3,913.55 - 3,913.55 Third-PartyYellow Rose HILL & GLOVER BROADCAST 450,268.10 - 450,268.10 Third-PartyYellow Rose BALLS & SORBER - - - Yellow Rose INS & OUTS - - - Yellow Rose SQUAW SPRINGS INC - - - Yellow Rose THUNDER BAY MTG - - - Yellow Rose WAJ,GPJ,EKJ - - -

211,563,650.58 152,636,130.32 55,530,007.11

Adjustments Debit CreditTotal Notes Receivable 2,671,288.15 152,636,130.32Total Notes Receivable Old 35,794,688.48 Total Investments 2,080,224.66 Total Other Assets - Total Notes Payable 109,851,829.03 Total Loans Payable 2,238,100.00


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Abbie Lakes 2005-2008 COUNCIL PROPERTIES - - - Abbie Lakes 2005-2008 INS & OUTS - - - Abbie Lakes 2005-2008 T BAY - - - Abbie Lakes 2005-2008 TEXAS APTS - - - Abbie Lakes 2005-2008 WAJ,GPJ,EKJ - - - Abbie Lakes 2007-2011 BROOKSEDGE - - - Abbie Lakes 2007-2011 JAKE & MAC - - - Abbie Lakes 2007-2011 JEFFERSON CHASE - - - Abbie Lakes 2007-2011 THUNDER BAY - - - Abbie Lakes 2007-2011 INS & OUTS 64,000.00 - 64,000.00 AC Apartments AC APARTMENTS INC 100.00 - 100.00 AC Apartments HIGHLAND OAKS - - - AC Apartments PARTNERS - - - AC Apartments SAN ANTONIO APARTMENTS - - - AC Apartments SQUAW SPRINGS - - - AC Apartments TEXAS APTS - - - AC Apartments THUNDER BAY - - - AC Apartments CLEBURNE TERRACE 1,385,804.00 1,434,805.07 (49,001.07) Total Notes ReceivableAC Apartments COUNCIL PROPERTIES 600,188.10 600,188.10 - Total Notes PayableAC Apartments ENCINITO APTS 120,000.00 120,000.00 - Total Notes ReceivableAC Apartments INS & OUTS (100,000.00) - (100,000.00) AC Apartments OAK HILL APTS 28,433.34 47,100.00 (18,666.66) Total Notes ReceivableAC Apartments WAJ,GPJ,EKJ 438,000.00 [A] - Total Equity (Deficit)Alpine Court DIAMANTE BRUTO - - - Alpine Court CYD PARK I 181,400.00 - 181,400.00 Alpine Court INS & OUTS (250.00) - (250.00) Alson T BAY - - - Alson COUNCIL PROPERTIES, LLC 1,153,300.00 1,153,300.00 - Total Notes PayableAlson INS & OUTS (88.00) - (88.00) Amistad INS & OUTS - - - Amistad MIKE & JOANN FROELING 365,200.00 - 365,200.00 Third-PartyAmistad THUNDER BAY - - - Arboretum INS & OUTS - - - Arboretum BLUE JAY (119,100.00) (119,100.00) - Total Notes ReceivableArboretum BROOKHAVEN 12,365.50 - 12,365.50 Arboretum CLEBURNE TERRACE APTS (65,000.00) - (65,000.00) Arboretum DEZAVALA OAKS APTS 143,700.00 38,700.00 105,000.00 Total Notes PayableArboretum PROVIDENCE 49,775.00 47,075.00 2,700.00 Total Notes ReceivableArboretum REESE ROAD (124,700.00) - (124,700.00) Arboretum SAGEFIELD 2,142.00 - 2,142.00 Arboretum WYNDSOR COURT 64,006.48 - 64,006.48 Autumn Hills INS & OUT - - - Autumn Hills T BAY - - - Autumn Hills COUNCIL PROPERTIES 1,250,000.00 1,250,000.00 - Total Notes PayableBaytown @ Stonebrook COUNCIL PROPERTIES - - - Baytown @ Stonebrook STONEBROOK 1 - - - Beleza Bay TBAY - - - Beleza Bay WAJ,GPJ,EKJ 44,972.16 [A] - Total Equity (Deficit)Blanca Winds MANAGMENT SOLUTIONS - - - Blanca Winds THUNDER BAY - - - Blanca Winds INS AND OUTS 74,800.00 - 74,800.00 Blanca Winds MEADOW WALK 567,500.00 567,500.00 - Total Notes PayableBlue Jay Apartments ARBORETUM 119,100.00 119,100.00 - Total Notes ReceivableBlue Jay Apartments BLUE JAY - - - Blue Jay Apartments INS AND OUTS - - - Blue Jay Apartments MOUNTAIN ENTERPRISES - - - Blue Jay Apartments THUNDER BAY - - - Boca Raton CREEKSIDE @ NORTHLAKE - - - Boca Raton INS & OUTS - - - Boca Raton MSI - - -

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Boca Raton PLATINUM PROTECTION - - - Boca Raton SQUAW SPRINGS - - - Boca Raton TEXAS APTS - - - Boca Raton THUNDER BAY - - - Boca Raton WAJ,GPJ,EKJ (2,660,000.00) [A] - Total Equity (Deficit)Boulder ACE ROBISON 57,000.00 - 57,000.00 Third-PartyBoulder MGT SOL INC - - - Boulder PLATINUM PROTECTION - - - Boulder SCOTT & ELLEN DALEY - - - Boulder SQUAW SPRINGS INC - - - Boulder T BAY - - - Boulder TEXAS APTS - - - Boulder VILLA FLORENCE - - - Boulder WAJ GPJ EKJ - - - Boulder WOOL CITY - - - Boulder INS & OUTS 609,017.23 - 609,017.23 BPJ Investments INS & OUTS - - - BPJ Investments TBAY - - - Bradson COUNCIL 380 - - - Bradson INS AND OUTS - - - Bradson T BAY - - - Bradson WAJ - - - Bradson NOTES RECEIVABLE - Other - - - Bridge Point Capital BOCA DIXIE SUN 4,063,889.00 - 4,063,889.00 Bridge Point Capital INS & OUTS - - - Bridge Point Capital DAVID CHESTON MADSEN 44,000.00 - 44,000.00 Third-PartyBridge Point Capital JARON DAVIS 132,408.07 - 132,408.07 Third-PartyBridge Point Capital TX APTS - - - Bridge Point Capital ESCENA (616,760.34) - (616,760.34) Bridge Point Capital ESCENA PROPERTIES 11,650.99 - 11,650.99 Bridge Point Capital PRYOR CREEK 1,296,900.00 - 1,296,900.00 Bridge Point Capital SOUTH BASS LLC (359,600.00) - (359,600.00) Bridge Point Capital TAXES 1,516,584.86 - 1,516,584.86 Bridge Point Capital VARIOUS (1,423,367.70) - (1,423,367.70) Brookhaven ARBORETUM (12,195.67) - (12,195.67) Brookhaven COUNCIL PROPERTIES - - - Brookhaven INS AND OUTS - - - Brookhaven MANAGEMENT MASTERS - - - Brookhaven THUNDER BAY - - - Brookhaven WAJ,GPJ,EKJ - - - Brookhaven MSI 972,324.66 972,324.66 - Total InvestmentsBrooksedge INS & OUTS - - - Brooksedge THUNDER BAY - - - Brooksedge (2) ABBIE LAKES - - - Brooksedge (2) INS & OUTS - - - Brooksedge (2) JAKE & MAC - - - Brooksedge (2) JEFFERSON CHASE - - - Brooksedge (2) T BAY - - - Brooksedge (2) TEXAS APARTMENTS - - - Brutace THUNDER BAY - - - Brutace INS & OUTS - - - Brutace WAJ, EKJ, GPJ (21,320.00) [A] - Total Equity (Deficit)Build Value INS & OUTS - - - Build Value THUNDER BAY - - - Build Value NOTES RECEIVABLE - Other 100.00 - 100.00 Business Pros THUNDER BAY - - - Business Pros WAJ - - - Business Pros ENTITIES 349,397.06 - 349,397.06 Cala PATRIOTS DREAM - - - Cala THUNDER BAY - - -

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Cala GATEWAY PROPERTIES (90,000.00) (90,000.00) - Total Notes PayableCam Cam BOULDER DEV - - - Cam Cam INS & OUTS - - - Cam Cam JAKE & TATE - - - Cam Cam MGT SOL - - - Cam Cam MIRAFLORES - - - Cam Cam SHEPHERDS POINT - - - Cam Cam T BAY - - - Cam Cam TEXAS APARTMENTS - - - Cam Cam VILLA FLORENCE - - - Cam Cam WAJ,GPJ & EKJ - - - Cam Cam WAKARA POINT - - - Canterra Park CLOSING 547,486.46 - 547,486.46 Canterra Park MONTERRA - - - Canterra Park INS & OUTS (158,600.00) - (158,600.00) Canterra Park SPARTAN 172,897.17 - 172,897.17 Car Vala BOCA RATON LLC - - - Car Vala T BAY - - - Car Vala WAJ,GPJ,EKJ - - - Car Vala INS & OUTS 1,096,900.00 1,096,900.00 - Total Notes PayableCar Vala MSI 355,397.06 - 355,397.06 Champion Capital L HENSON 7,055.86 - 7,055.86 Third-PartyChampion Capital NAPLES DR OFFICE RUBLES 2,302,698.76 - 2,302,698.76 Third-PartyChampion Capital CASH ZONE, LLC - - - Champion Capital COUNCIL PROPERTIES - - - Champion Capital DEZAVALA - - - Champion Capital MGT SOL INC - - - Champion Capital PROMISSORY NOTES - - - Champion Capital SAMUEL ASTON - - - Champion Capital SCOT STOBBE - - - Champion Capital TALLAHASSEE WIDOWER HO - - - Champion Capital THUNDER BAY - - - Champion Capital INS AND OUTS (369,100.00) (337,000.00) (32,100.00) Total Notes ReceivableChampion Capital TEXAS APTS (1,731,800.00) (1,731,800.00) - Total Notes ReceivableChampion Capital WAJ, GPJ, EKJ 705,711.00 [A] - Total Equity (Deficit)Chelby Park LLC PARTNERS - - - Chelby Park LLC THUNDER BAY - - - Chelby Park LLC WAJ GPJ EKJ - - - Chelby Park LLC NOTES RECEIVABLE - Other - - - Circle J Farms A C APTS - - - Circle J Farms INS & OUTS - - - Circle J Farms MSI - - - Circle J Farms SQSP - - - Circle J Farms VILLA FLORENCE - - - Circle J Farms NOTES RECEIVABLE - Other - - - Circle J Farms T BAY 10.00 - 10.00 Circle J Farms TEXAS APTS (12,400.00) - (12,400.00) Circle J Farms WAJ,GPJ,EKJ,SRD (35,898.00) [A] - Total Equity (Deficit)City View COUNCIL PROPERTIES (1,048,000.00) (1,048,000.00) - Total Notes ReceivableCity View INS & OUTS - - - City View RR BECK PROPERTIES 1,000,000.00 - 1,000,000.00 Third-PartyCity View MANAGEMENT SOLUTIONS - - - City View THUNDER BAY - - - Clear Creek I ARBORETUM (12,000.00) - (12,000.00) Clear Creek I INS & OUTS - - - Clear Creek I THUNDER BAY - - - Clear Creek I PARTNERS 600,000.00 243,500.00 356,500.00 Total Notes PayableClear Creek II ARBORETUM - - - Clear Creek II THUNDER BAY - - - Clear Creek II PARTNERS 764,000.00 243,500.00 520,500.00 Total Notes Payable

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Clear Paradigm COUNCIL PROPERTIES 1,153,255.00 1,153,255.00 - Total Notes PayableClear Paradigm THUNDER BAY - - - Cleburn Terrace AC APTS (1,434,805.07) (1,385,804.00) (49,001.07) Total Notes ReceivableCleburn Terrace ARBORETUM 65,000.00 65,000.00 - Total Notes ReceivableCleburn Terrace CLEBURNE TERRACE - - - Cleburn Terrace DALLAS APTS - - - Cleburn Terrace INS & OUTS - - - Cleburn Terrace MGT SOL INC - - - Cleburn Terrace OAK HOLLOW - - - Cleburn Terrace WAJ,GPJ,EKJ - - - Cletace INS & OUTS - - - Cletace JAKE & TATE - - - Cletace THUNDER BAY - - - Cletace WAJ, EKJ, GPJ (9,625.00) [A] - Total Equity (Deficit)Colonial Green INS & OUTS - - - Colonial Green MSI - - - Colonial Green THUNDER BAY - - - Colonial Green WAJ, EKJ, GPJ, MBJ - - - Colonial Green TEXAS APTS 1,000.00 - 1,000.00 Colonial Red WAJ, EKJ, GPJ, MBJ - - - Colonial Red TBAY 6,373.74 - 6,373.74 Colonial Yellow TBAY - - - Cooper Street COUNCIL PROPERTIES 2,310,242.06 2,311,893.15 (1,651.09) Total Notes PayableCooper Street THUNDER BAY - - - Core Comm Advisors WAJ GPJ EKJ - - - Costa Azul THUNDER BAY - - - Costa Azul WAJ - - - Costa Azul NOTES RECEIVEABLE - Other - - - Council Properties BOULDER (1,523,200.00) - (1,523,200.00) Council Properties BUFFALO RUN 269,461.00 - 269,461.00 Council Properties CITY VIEW 1,048,000.00 1,048,000.00 - Total Notes ReceivableCouncil Properties INS & OUTS - - - Council Properties GOODFELLOW (112,200.00) (111,700.00) (500.00) Total Other AssetsCouncil Properties MISC (253,700.00) - (253,700.00) Council Properties STONEBROOK AT GOOSECRE (816,400.00) (454,500.00) (361,900.00) Total Notes ReceivableCouncil Properties TEXAS APTS (1,496,200.00) (1,496,200.00) - Total Notes ReceivableCouncil Properties VALLEY VIEW 97,100.00 - 97,100.00 Council Properties WAJ,GPJ,EKJ (494,900.00) [A] - Total Equity (Deficit)Country Villa III INS AND OUTS - - - Country Villa III SUMMERWIND - - - Court & Villa SQUAW SPRINGS - - - Court & Villa T BAY - - - Court & Villa WAJ,GPJ,EKJ - - - Court & Villa TEXAS APTS (136,000.00) 48,664.25 (184,664.25) Total Notes ReceivableCourtyard Park COURTYARD PARK I, LLC - - - Courtyard Park COURTYARD PARK II, LLC - - - Courtyard Park JASMINE APTS INC - - - Courtyard Park PATRIOT AMERICAN - - - Courtyard Park T BAY - - - Courtyard Park TEXAS APTS - - - Courtyard Park WAJ,EKJ,GPJ - - - Courtyard Park WILLOW PARK LLC - - - Courtyard Park HPH 390,021.00 - 390,021.00 Third-PartyCourtyard Park INS & OUTS 800,000.00 800,000.00 - Total Notes Receivable OldCourtyard Park I COURTYARD PARK II 55,400.00 55,400.00 - Total Notes ReceivableCourtyard Park I ALPINE COURT - - - Courtyard Park I COURTYARD PARK, LLC - - - Courtyard Park I DIAMANTE BRUTO - - - Courtyard Park I HAIRPORT - - - Courtyard Park I INS & OUTS - - -

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Courtyard Park I THUNDER BAY (800.00) - (800.00) Courtyard Park I WAJ, GPJ, EKJ, ARJ 31,050.00 [A] - Total Equity (Deficit)Courtyard Park I WILLOW PARK, LLC 44,150.00 - 44,150.00 Courtyard Park II THUNDER BAY - - - Courtyard Park II INS & OUTS (54,400.00) (54,400.00) - Total Notes ReceivableCourtyard Park II WAJ, GPJ, EKJ 50,500.00 [A] - Total Equity (Deficit)Creekside Northlake BART WARNER CO - - - Creekside Northlake BOCA RATON LLC - - - Creekside Northlake DIXIE WINDS LLC - - - Creekside Northlake NORTH BASS LLC - - - Creekside Northlake SOUTH BASS LLC - - - Creekside Northlake SUN WINDS LLC - - - D General INS & OUTS - - - D General THUNDER BAY - - - D General WAJ,EKJ,GPJ - - - Den Glen THUNDER BAY - - - Den Glen WAJ,EKJ,GPJ - - - Den Glen INS & OUTS 1,427,000.00 1,327,000.00 100,000.00 Total Notes ReceivableDen Town THUNDER BAY - - - Den Town WAJ,EKJ,GPJ - - - Den Town NOTES RECEIVABLE - Other - - - Dezavala Oaks BW AC APARTMENTS - - - Dezavala Oaks BW COUNCIL PROPERTIES - - - Dezavala Oaks BW MTN ENTERPIRSES - - - Dezavala Oaks BW TEXAS APARTMENTS - - - Dezavala Oaks BW INS & OUTS (125,500.00) - (125,500.00) Diamonte Bruto ARJ (200.64) - (200.64) Diamonte Bruto EDGEWISE 113,420.00 - 113,420.00 Third-PartyDiamonte Bruto ARJ RED STAG - - - Diamonte Bruto COURTYARD PARK 1 - - - Diamonte Bruto HAIRPORT - - - Diamonte Bruto THUNDER BAY - - - Dimazio THUNDER BAY - - - Dimazio INS & OUTS (2,000.00) - (2,000.00) Discovery Grove BUILD VALUE 500,000.00 - 500,000.00 Discovery Grove NOALLSON 1,010,000.00 1,010,000.00 - Total Notes PayableDiscovery Grove PATRIOTS DREAM 400,000.00 - 400,000.00 Discovery Point DISCOVERY GROVE 12,863.03 12,863.04 (0.01) Total Notes PayableDiscovery Point GATEWAY PROPERTIES 2,700,000.00 2,224,708.70 475,291.30 Total Notes PayableDiscovery Point PARTNERS - - - Discovery Point PARTNERS - - - Discovery Point INS & OUTS (100.00) - (100.00) Discovery Point THUNDER BAY 177,980.11 - 177,980.11 Discovery Point II BCW DO, LLC 4,836,000.00 - 4,836,000.00 Third-PartyDiscovery Point II HPI 750,000.00 750,000.00 - Total Notes PayableDiscovery Point II JAKE & TATE 1,231,750.00 1,231,750.00 - Total Notes PayableDixie Winds WAJ,GPJ,EKJ 179,100.00 [A] - Total Equity (Deficit)Doah View VINTAGE PLACE 5,250,000.00 5,250,000.00 - Total Notes PayableEl Dorado Apartments THUNDER BAY - - - Encinito AC APTS (120,000.00) (120,000.00) - Total Notes ReceivableEncinito MGT SOL INC - - - Encinito OAK HILL APTS - - - Encinito SQSP - - - Encinito THUNDER BAY - - - Encinito TIDEWATER APTS - - - Encinito TIDEWATER INV - - - Encinito WAJ, GPJ, EKJ - - - Encinito INS & OUTS 120,000.00 - 120,000.00 Entrada BRIDGEPOINT 3,200,000.00 - 3,200,000.00 Entrada ESCENA 20,000.00 - 20,000.00

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Entrada THUNDER BAY - - - Entrada PARTNERS 3,000,000.00 - 3,000,000.00 Total Notes PayableEscena Park INS & OUTS - - - Escena Park PARTNERS 6,150,000.00 6,659,375.00 (509,375.00) Total Notes PayableEscena Park TBAY 1,321,400.00 - 1,321,400.00 Escena Properties COUNCIL PROPERTIES - - - Escena Properties MANAGEMENT MASTERS, LL - - - Escena Properties INS & OUTS (1,310,000.00) (990,000.00) (320,000.00) Total Notes ReceivableEscena Properties TEXAS PROPERTIES 1,276,000.00 - 1,276,000.00 Escena Properties THUNDER BAY 940,000.00 - 940,000.00 Falcon Head Properties INS & OUTS - - - Falcon Head Properties IRONWODDS - - - FieldSon INS & OUTS - - - FieldSon THUNDER BAY - - - Fountain Hills T BAY - - - Fountain Hills PARTNERS 1,000,000.00 1,000,000.00 - Total Notes PayableFountain Legacy COUNCIL PROPERTIES - - - Fountain Legacy INS & OUTS - - - Fountain Legacy TBAY - - - Fred Ricks & Burg CHAMPION CAPITAL 32,100.00 - 32,100.00 Fred Ricks & Burg ANDORA APTS - - - Fred Ricks & Burg COOPER GLEN - - - Fred Ricks & Burg COURT & VILLA APTS - - - Fred Ricks & Burg CREEKSIDE APTS - - - Fred Ricks & Burg CUSTOMER SERVICES AGENC - - - Fred Ricks & Burg DALLAS APTS - - - Fred Ricks & Burg LA MAISON APTS - - - Fred Ricks & Burg LOAN FEES - - - Fred Ricks & Burg MCKAMY LAKES - - - Fred Ricks & Burg MGT SOL INC - - - Fred Ricks & Burg OAK TRAILS APTS - - - Fred Ricks & Burg PROVENCE - - - Fred Ricks & Burg RAY CLAWSON - - - Fred Ricks & Burg SQSP - - - Fred Ricks & Burg SYCAMORE FARMS APTS - - - Fred Ricks & Burg T BAY - - - Fred Ricks & Burg TEXAS APARTMENTS - - - Fred Ricks & Burg TOSCANA - - - Fred Ricks & Burg TOWNE CROSSING - - - Fred Ricks & Burg VILLAS OF EL DORADO - - - Fred Ricks & Burg WAJ,GPJ,EKJ - - - Fred Ricks & Burg INS & OUTS 1,332,600.00 - 1,332,600.00 Gateway Properties New ALLOWANCE FOR BAD DEBT (31,555.00) - (31,555.00) Gateway Properties New CUSTOMER RECEIVABLE IBIS 839,062.24 - 839,062.24 Third-PartyGateway Properties New ENTRADA PARK 30,084.82 - 30,084.82 Gateway Properties New GREEN OAKS 324,620.64 - 324,620.64 Gateway Properties New ASH MINI STORAGE 529,000.00 - 529,000.00 Third-PartyGateway Properties New THUNDER BAY - - - Gateway Properties New INS & OUTS (1,223,094.46) - (1,223,094.46) Gateway Properties New WESTFIELD ESTATES 916,118.94 - 916,118.94 Third-PartyGeyser Point PROVIDENCE COUNCIL 300,933.34 - 300,933.34 Golden J Insurance COUNCIL PROPERTIES - - - Golden J Insurance THUNDER BAY - - - Golden J Insurance QGS INVESTMENTS, LLC 2,261,000.00 2,261,000.00 - Total Notes PayableGoose Brook TBAY - - - Greater Fred (Highland Oaks) AC APARTMENTS TX, LP - - - Greater Fred (Highland Oaks) ARBORETUM - - - Greater Fred (Highland Oaks) MSI - - - Greater Fred (Highland Oaks) TEXAS APTS - - - Greater Fred (Highland Oaks) THUNDER BAY - - -

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Greater Fred (Highland Oaks) SQUAW SPRINGS 102,900.00 102,900.00 - Total Notes ReceivableGreater Fred (Highland Oaks) WAJ 15,500.00 [A] - Total Equity (Deficit)Group Wise JAKE & TATE - - - Group Wise THUNDER BAY - - - Group Wise INS AND OUTS (35,000.00) - (35,000.00) Hairport_Snow Winds, LLC INS & OUTS - - - Haynes INS & OUTS (370,000.00) - (370,000.00) High Star Ranch FALCONHEAD - - - High Star Ranch LAMONT CHRISTENSEN - - - High Star Ranch INS & OUTS 852.28 - 852.28 High Star Ranch VILLA FLORENCE - - - High Star Ranch VIRGEL BLACKHAM - - - High Star Ranch R REED JACOBSON 505,579.96 - 505,579.96 High Star Ranch T BAY (2,079,600.00) - (2,079,600.00) High Star Ranch WAJ,GPJ,EKJ (26,800.00) [A] - Total Equity (Deficit)HPI Investments INS & OUTS - - - HPI Investments T BAY - - - I-15 Storage, LLC COUNCIL PROPERTIES - - - I-15 Storage, LLC THUNDER BAY - - - Ibis Gas Services INS & OUTS - - - Ibis Gas Services SINGENIS - - - Inveness BROOKHAVEN 177,698.73 - 177,698.73 Inveness INS & OUTS - - - Inveness THUNDER BAY (0.11) - (0.11) Jake & Mac BROOKSEDGE (184,000.00) - (184,000.00) Jake & Mac COUNCIL PROPERTIES, LLC - - - Jake & Mac CHARLESTONIAN - - - Jake & Mac INS & OUTS - - - Jake & Mac MGT SOL - - - Jake & Mac SQUAW SPRINGS - - - Jake & Mac PARTNERS 266,000.00 266,000.00 - Total Notes PayableJake & Tate INS & OUTS 1,570,900.00 - 1,570,900.00 Jake & Tate DEZAVALA OAKS - - - Jake & Tate BOCA RATON APTS - - - Jake & Tate CAM CAM MANAGEMENT - - - Jake & Tate DALLAS APTS - - - Jake & Tate EVERS PARK - - - Jake & Tate MISC - - - Jake & Tate PARTNERS - - - Jake & Tate PARTNERS - - - Jake & Tate OAK HOLLOW - - - Jake & Tate SHEPHERDS POINT - - - Jake & Tate SYCAMORE FARMS - - - Jake & Tate TEXAS APTS - - - Jake & Tate WAJ,GPJ,EKJ - - - Jake & Tate NOTES RECEIVABLE - Other - - - Jake & Tate SAN ANTONIO APTS 1,659,857.00 1,809,857.00 (150,000.00) Total Notes PayableJanison Investments INS & OUTS - - - Janison Investments PROVIDENCE ESTATES 140,000.00 140,000.00 - Total Notes PayableJarustds BROOKHAVEN - - - Jarustds INS & OUTS - - - Jarustds T BAY - - - Jarustds WAJ,EKJ,GPJ - - - Jefferson Chase INS & OUTS 30,700.00 - 30,700.00 Jefferson Chase COUNCIL PROPERTIES - - - Jefferson Chase T BAY - - - Jefferson Chase WAJ,GPJ,EKJ - - - Kamy Lakes INS & OUTS - - - Kamy Lakes THUNDER BAY - - - King George ARBORETUM - - -

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King George INS & OUTS - - - King George THUNDER BAY - - - King Sage INS & OUTS 1,287,067.21 - 1,287,067.21 King Sage BETTY OR VICTOR CARRERA - - - King Sage SAMUEL ASTON - - - King Sage NOTES RECEIVABLE - Other - - - King Sage THUNDER BAY (108,900.00) - (108,900.00) Kingson IBIS GAS - - - Kingson MANAGEMENT MASTERS - - - Kingson THUNDER BAY - - - Komo Mai Estates COUNCIL PROPERTIES 35,000.00 - 35,000.00 Komo Mai Estates INS & OUTS - - - Komo Mai Estates THUNDER BAY - - - Kula Estates INS & OUTS (21,500.00) - (21,500.00) Kula Estates THUNDER BAY 1,305,600.00 - 1,305,600.00 Kulia I Ka Nu'u Estates DEZAVALA OAKS 4,660,000.00 - 4,660,000.00 Kulia I Ka Nu'u Estates INS & OUTS 3,414,800.00 - 3,414,800.00 Kulia I Ka Nu'u Estates BCW DO TIC 2,920,000.00 - 2,920,000.00 Third-PartyKulia I Ka Nu'u Estates KOMO MAI - - - Kulia I Ka Nu'u Estates MSI - - - Kulia I Ka Nu'u Estates THUNDER BAY - - - La Villita_Garden Terrace INS & OUTS (644,688.42) - (644,688.42) La Villita_Garden Terrace PARTNERS - - - La Villita_Garden Terrace NOTES RECEIVABLE - Other (25,000.00) - (25,000.00) Lake Hood LLC DGENERAL - - - Lake Hood LLC THUNDER BAY - - - Lake Ridge INS & OUTS 3,959,700.00 3,985,900.00 (26,200.00) Total Notes ReceivableLake Ridge COUNCIL PROPERTIES - - - Lake Ridge STONEBRIDGE - - - Lake Ridge THUNDER BAY - - - Lake Ridge LAKES RIDGE 15,000.00 - 15,000.00 Lakes Edge INS & OUTS - - - Lakes Edge LAKES EDGE - - - Lakes Edge MOUNTAIN ENTERPRISES - - - Lakes Edge THUNDER BAY - - - Lamp Son INS AND OUTS - - - Lamp Son THUNDER BAY - - - Lamp Son NOTES RECEIVABLE - Other - - - League 3 GATEWAY - - - League 3 THUNDER BAY - - - League Eleven BANKS D AND 324,000.00 - 324,000.00 League Eleven INS & OUTS (148,629.58) - (148,629.58) League Eleven BRIDGEPOINT CAPITAL - - - League Eleven T BAY - - - League Eleven SUMMERWIND APTS 439,400.00 439,400.00 - Total Notes ReceivableLeague Eleven WAJ,GPJ,EKJ 305,000.00 [A] - Total Equity (Deficit)Legend Hills INS AND OUTS 947,000.00 - 947,000.00 Legend Hills THUNDER BAY 475,000.00 - 475,000.00 Madison Chase 1031 INS AND OUTS - - - Madison Chase 1031 TEXAS APTS (70,100.00) - (70,100.00) Madison Chase 1031 THUNDER BAY (653,600.00) - (653,600.00) Management Masters ARJ, WAJ, GPJ, EKJ, BPJ (677,700.00) [A] - Total Equity (Deficit)Management Masters FALCONHEAD PROPERTIES 425,354.21 - 425,354.21 Management Masters GATEWAY 1,952,000.00 1,102,000.00 850,000.00 Total Notes PayableManagement Masters INS & OUTS - - - Management Masters IOSEPA 68,400.00 - 68,400.00 Management Masters MANAGEMENT MASTERS LOG 121,000.00 - 121,000.00 Management Masters NASCAR CARWASH 350,000.00 - 350,000.00 Third-PartyManagement Masters OTHER (932,500.00) - (932,500.00) Management Masters PLATINUM (449,374.34) - (449,374.34) Third-Party

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Management Masters SMOKEY TRAILS (402,600.00) - (402,600.00) Management Masters SUNBURY RIDGE 289,300.00 289,300.00 - Total Notes PayableManagement Masters TEXAS APTS (1,598,300.00) - (1,598,300.00) Management Masters - Logan ARJ,WAJ - - - Management Masters - Logan INS & OUTS - - - Management Masters - Logan MGT MASTERS (121,000.00) - (121,000.00) Mandivo THUNDER BAY - - - Mandivo NOTES RECIEVABLE - Other (5,500.00) - (5,500.00) Marvista INS AND OUTS - - - Marvista THUNDER BAY - - - Mayo THUNDER BAY - - - Mayo WAJ (6,300.00) [A] - Total Equity (Deficit)McKamy Lake Sharon BCW- SF, LLC - - - McKamy Lake Sharon COUNCIL PROPERTIES - - - McKamy Lake Sharon PARTNERS - - - Meadow Walk COLONIAL GREEN (1,000.00) - (1,000.00) Meadow Walk COUNCIL PROPERTIES 705,000.00 (1,230,000.00) 1,935,000.00 Total Notes PayableMeadow Walk MANAGEMENT SOLUTIONS - - - Meadow Walk MCKEAN APARTMENTS, LLC - - - Meadow Walk NYCOM, LLC - - - Meadow Walk PARTNERS - - - Meadow Walk PHEASANT WOOD, LLC - - - Melson TBAY - - - Melson WAJ,GPJ, EKJ - - - Memphis Park PARTNERS 1,047,200.00 - 1,047,200.00 Memphis Park THUNDER BAY (69,100.00) - (69,100.00) Miraflores AMISTAD VILLA - - - Miraflores COUNCIL PROPERTIES - - - Miraflores DALLAS APTS - - - Miraflores INS & OUTS - - - Miraflores MOTSARIKA - - - Miraflores MGT SOL INC - - - Miraflores SQUAW SPRINGS - - - Miraflores WOOL CITY INC - - - Miraflores T BAY (1,246,000.00) - (1,246,000.00) Miraflores TOWN PLAZA 59,000.00 - 59,000.00 Miraflores WAJ,GPJ,EKJ 2,263,080.08 [A] - Total Equity (Deficit)Mistema Bay COLONIAL YELLOW - - - Mistema Bay INS & OUTS - - - Mistema Bay MIKE & JOANN FROEHLING - - - Mistema Bay THUNDER BAY - - - Mistema Bay WAJ - - - Monte Forte INS & OUTS - - - Monte Forte THUNDER BAY - - - Monterra Park CLOSING 884,401.21 - 884,401.21 Monterra Park DALLAS APTS (250,300.00) - (250,300.00) Monterra Park INS & OUTS - - - Monterra Park SPARTAN CAPITAL 279,295.42 - 279,295.42 Motsarika INS & OUTS - - - Motsarika MGT SOL INC - - - Motsarika MOUNTAIN ENTERPRISES - - - Motsarika TEXAS APTS - - - Motsarika THUNDER BAY - - - Motsarika VILLA FLORENCE - - - MSI Corp HAYNES PROPERTY MGT 379,800.00 - 379,800.00 Third-PartyMSI Corp INS & OUTS (1,588,820.00) - (1,588,820.00) MSI Corp NOTES RECEIVABLE - Other - - - MSI Corp MISC (2,880,000.00) - (2,880,000.00) MSI Corp WAJ GPJ EKJ (469,600.00) [A] - Total Equity (Deficit)MSI Savings BOULDER - - -

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MSI Savings CLEBURNE - - - MSI Savings MBJ CLAW - - - MSI Savings JAKE & TATE - - - MSI Savings SQSP - - - MSI Savings T BAY - - - MSI Savings MGT SOL INC 1,526,000.00 - 1,526,000.00 MSI Savings WAJ, GPJ, EWJ 43,166.76 [A] - Total Equity (Deficit)MSI Savings WOOL CITY 380,000.00 - 380,000.00 Mtn. Enterprises BOCA RATON APTS LLC 582,000.00 - 582,000.00 Mtn. Enterprises COUNCIL PROPERTIES 5,920,100.00 4,614,000.00 1,306,100.00 Total Notes PayableMtn. Enterprises INS & OUTS 419,500.00 - 419,500.00 Mtn. Enterprises SHEPHERDS POINTE 600,000.00 600,000.00 - Total Notes ReceivableMtn. Enterprises TEXAS APTS 658,500.00 - 658,500.00 Mtn. Enterprises WAJ,GPJ,EKJ 31,000.50 [A] - Total Equity (Deficit)Noallson COUNCIL PROPERTIES 923,700.00 923,700.00 - Total Notes PayableNoallson INS & OUTS - - - Noallson PARTNERS - - - Noallson THUNDER BAY - - - North Bass CREEKSIDE @ NORTHLAKE L - - - North Bass T BAY - - - North Bass NOTES RECEIVABLE - Other (15,500.00) - (15,500.00) North Spring Park THUNDER BAY - - - North Spring Park NOTES RECEIVABLE - Other - - - Oak City INS & OUTS - - - Oak City THUNDER BAY - - - Oak City WAJ 35,000.00 [A] - Total Equity (Deficit)Oak Hill AC APTS - - - Oak Hill ENCINITO APTS. - - - Oak Hill INS & OUTS - - - Oak Hill MGT SOL INC - - - Oak Hill MISC - - - Oak Hill SQSP - - - Oak Hill TIDEWATER APTS - - - Oak Hill TIDEWATER INV - - - Oak Hill WAJ,GPJ,EKJ - - - Oak Hill-1031 AC APTS (47,100.00) (28,433.34) (18,666.66) Total Notes ReceivableOak Hill-1031 HOLBROOK TIC 2,200,000.00 - 2,200,000.00 Third-PartyOak Hill-1031 INS & OUTS (15,300.00) - (15,300.00) Oak Hill-1031 ARBORETUM - - - Oak Hill-1031 COUNCIL PROPERTIES - - - Oak Hill-1031 TEXAS APTS - - - Oak Hill-1031 THUNDER BAY - - - Oak Trails INS & OUTS - - - Oak Trails PMC - - - Oak Trails TEXAS APTS - - - Parcel 7 & 54 THUNDER BAY 4,957,747.96 2,300,000.00 2,657,747.96 Total Loans PayablePatriot American INS & OUTS (2,800,400.00) - (2,800,400.00) Patriot American COURTYARD PARK - - - Patriot American T BAY - - - Patriot American WILLOW PARK - - - Patriot American PLATINUM 3,870,622.31 - 3,870,622.31 Patriot American WAJ, ARJ (1,241,465.00) [A] - Total Equity (Deficit)Patriots' Dream T BAY - - - Pebble Lakes INS & OUTS 0.02 - 0.02 Pebble Lakes THUNDER BAY - - - Pepper Winds INS & OUTS 125,000.00 - 125,000.00 Pepper Winds MEADOW WALK 567,500.00 567,500.00 - Total Notes PayablePepper Winds THUNDER BAY - - - Pepper Winds WAJ,EKJ,GPJ 6,300.00 [A] - Total Equity (Deficit)Perpetual WAJ - - -

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Platinum Controls INS & OUTS - - - Platinum Protection INS & OUT (2,815,554.37) - (2,815,554.37) Platinum Protection MANAGEMENT MASTERS 5,543,800.00 - 5,543,800.00 Platinum Protection RELATED ENTITIES - - - Platinum Protection TX APTS - - - Platinum Protection PLATINUM PROTECTION (666,000.00) - (666,000.00) Platinum Protection T BAY (2,260,200.00) - (2,260,200.00) PocaTucson INS & OUTS - - - PocaTucson MIRAFLORES SW - - - PocaTucson RETREAT APTS - - - PocaTucson THUNDER BAY - - - PocaTucson WAJ,EKJ,GPJ - - - Providence Estates ARBORETUM (47,075.00) - (47,075.00) Providence Estates INS AND OUTS 32,931.41 - 32,931.41 Providence Estates THUNDERBAY - - - Provident Point HPI - - - Provident Point THUNDER BAY - - - Pryor Creek INS & OUTS (52,000.00) - (52,000.00) Pryor Creek COUNCIL PROPERTIES - - - Pryor Creek MANAGEMENT MASTERS - - - Pryor Creek MANAGEMENT SOLUTIONS - - - Pryor Creek SQUAW SPRINGS - - - Pryor Creek YELLOW ROSE - - - Pryor Creek T BAY (1,253,300.00) - (1,253,300.00) QGS Investments GROUP WISE LLC 35,000.00 35,000.00 - Total Notes ReceivableQGS Investments MANAGEMENT MASTERS 2,948,400.00 2,948,400.00 - Total Notes PayableQGS Investments MCDERMOTT 265,248.54 - 265,248.54 Third-PartyQGS Investments COUNCIL PROPERTIES, LLC - - - QGS Investments GATEWAY LLC - - - QGS Investments MGT SOLUTIONS - - - QGS Investments NOTES RECEIVABLE - Other 19,000.00 - 19,000.00 QGS Investments SQUAW SPRINGS 785,000.00 785,000.00 - Total Notes PayableQGS Investments YELLOW ROSE APTS 2,717,800.00 2,717,800.00 - Total Notes PayableQuorum Insurance Company COUNCIL PROPERTIES - - - Quorum Insurance Company QGS INVESTMENTS, LLC 2,239,000.00 2,239,000.00 - Total Notes PayableRed Castle Inc INS & OUTS - - - Red Castle Inc REID BRADY - - - Red Castle Ret JASON & CASSIE STEPHENS - - - Red Castle Ret TED & SALLY - - - Reep Investments COUNCIL PROPERTIES - - - Reep Investments TBAY - - - Reese Road (2) ARBORETUM 124,700.00 124,700.00 - Total Notes ReceivableReese Road (2) INS & OUTS (1,708,121.47) - (1,708,121.47) Reese Road (2) COUNCIL PROPERTIES - - - Reese Road (2) MANAGEMENT SOLUTIONS - - - Reese Road (2) THUNDER BAY 357,500.00 - 357,500.00 Reserve @ Abbie Lakes INS & OUTS (244,100.00) - (244,100.00) Reserve @ Abbie Lakes SQSP - - - Reserve @ Abbie Lakes T BAY - - - Reserve @ Abbie Lakes BLACKCLIFFS INVESTMENTS - - - Retama Hill COUNCIL PROPERTIES - - - Retama Hill PARTNERS - - - Retama Hill PINE MOUNTAIN LLC - - - Retama Ranch INS & OUTS (148,843.84) - (148,843.84) Retama Richards COUNCIL PROPERTIES - - - Retama Richards FOREST HILLS LLC - - - Retama Richards PARTNERS - - - Retama Rose COUNCIL PROPERTIES - - - Retama Rose FOREST HILLS, LLC - - - Retama Rose PARTNERS - - -

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Retreat SIMJAH INTERESTS LLC - - - Retreat INS & OUTS - - - Retreat @ Stonebridge Ranch COUNCIL PROPERTIES, LLC 3,552,200.00 3,552,200.00 - Total Notes PayableRetreat @ Stonebridge Ranch GATEWAY PROPERTIES 66,000.00 66,000.00 - Total Notes PayableRetreat @ Stonebridge Ranch ESCENA PARK - - - Retreat @ Stonebridge Ranch T BAY - - - River Royal COUNCIL PROPERTIES - - - River Royal INS & OUTS - - - River Royal TBAY - - - Rock City COUNCIL PROPERTIES - - - Rock City PARTNERS - - - Rock City PINE MOUNTAIN LLC - - - Rose Hill INS & OUTS (434,686.94) - (434,686.94) Rose Hill MGT SOL INC - - - Rose Hill MIRAFLORES - - - Rose Hill MISC - - - Rose Hill T BAY - - - Rose Hill TEXAS APARTMENTS - - - Rose Hill WAJ,EKJ,GPJ - - - Rosons INS & OUTS (1,500.00) - (1,500.00) Rosons T BAY - - - Sagefield Duplexes ARBORETUM (7,100.00) - (7,100.00) Sagefield Duplexes INS & OUTS - - - Sagefield Duplexes THUNDER BAY - - - Sagefield Duplexes WAJ,GPJ,EKJ - - - Sagewood Insurance Company COUNCIL PROPERTIES - - - Sagewood Insurance Company THUNDER BAY - - - Sagewood Insurance Company QGS INVESTMENTS, LLC 2,261,000.00 2,261,000.00 - Total Notes PayableSalTucson INS & OUTS - - - SalTucson RETREAT APTS LLC - - - SalTucson T BAY - - - San Marina INS & OUTS - - - San Marina THUNDER BAY - - - Santana Springs ALLEN R. JACOBSON 21,247.00 - 21,247.00 Santana Springs INS & OUTS - - - Santana Springs TBAY - - - Satina THUNDER BAY - - - Seneca Place INS & OUTS 2,900.00 - 2,900.00 Serve International INS AND OUTS 4,685.00 - 4,685.00 Shepherds Pointe MTN ENTERPRISES (600,000.00) - (600,000.00) Shepherds Pointe CAM CAM MGT CO - - - Shepherds Pointe COUNCIL PROPERTIES - - - Shepherds Pointe INS & OUTS - - - Shepherds Pointe JAKE & TATE - - - Shepherds Pointe MGT SOL INC - - - Shepherds Pointe T BAY - - - Shepherds Pointe WOOL CITY - - - Shepherds Pointe SQUAW SPRINGS (357,300.00) - (357,300.00) Shepherds Pointe WAJ 1,289,678.41 [A] - Total Equity (Deficit)Simjah Interest INS & OUTS - - - Simjah Interest PMC - - - Simjah Interest TEXAS APTS - - - Simjah Interest THUNDER BAY MORTGAGE - - - Skypark INS & OUTS - - - Skypark MT ENTERPRISES - - - Skypark T BAY - - - Smokey Trails INS & OUTS 402,600.00 - 402,600.00 Smokey Trails PLATINUM PROTECTION - - - Smokey Trails T BAY - - - Smokey Trails TEXAS APTS - - -

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Smokey Trails WAJ, ARJ, MBJ - - - Snow Winds HAIRPORT 54,400.00 - 54,400.00 Third-PartySnow Winds THUNDER BAY - - - Snow Winds NOTES RECEIVABLE - Other - - - Socourt PARTNERS - - - Socourt THUNDER BAY - - - Socourt WAJ, GPJ, EKJ - - - Socourt WYNDSOR COURT 97,500.00 97,500.00 - Total Notes PayableSolar Bridge INS & OUTS (10,230.00) - (10,230.00) Solar Bridge THUNDER BAY - - - Solar Sands INS & OUTS (3,200.00) - (3,200.00) Solar Sands THUNDER BAY - - - Solar Sands NOTES RECEIVABLE - Other - - - South Bass THUNDER BAY 4,600.00 - 4,600.00 Spartan Capital INS & OUTS 340,000.00 - 340,000.00 Spring Gate INS & OUTS (2,650,000.00) - (2,650,000.00) Spring Gate MSI - - - Spring Gate THUNDER BAY 2,442,750.00 - 2,442,750.00 Squaw Springs HIGHLAND OAKS (102,900.00) - (102,900.00) Squaw Springs INS & OUTS 1,720,100.00 - 1,720,100.00 Squaw Springs JAMES & BOBBIE JO ANDERSO 2,797.48 - 2,797.48 Third-PartySquaw Springs MANAGEMENT MASTERS 950,100.00 - 950,100.00 Squaw Springs OHIO APTS (3,985,900.00) (3,985,900.00) - Total Notes ReceivableSquaw Springs MGT SOL INC - - - Squaw Springs SHEPHERDS POINTE 357,300.00 - 357,300.00 Squaw Springs SOCOURT/WYNDURT (1,077,100.00) 980,000.00 (2,057,100.00) Total Notes PayableSquaw Springs WAJ, GPJ, EKJ - - - Squaw Springs SOCOURT/WYNDURT (135,000.00) 135,000.00 (270,000.00) Total Notes ReceivableSquaw Springs TEXAS APARTMENTS (430,300.00) - (430,300.00) Squaw Springs WYNDSOR COURT - - - Total Notes ReceivableSquaw Springs WYNDSOR COURT 125,000.00 - 125,000.00 Total Notes PayableSSI Savings BOULDER - - - SSI Savings CURRENT POWER - - - SSI Savings DMP - - - SSI Savings FRED - - - SSI Savings JAKE & TATE - - - SSI Savings MBJ CLAW - - - SSI Savings MGT SOL INC - - - SSI Savings TBAY - - - SSI Savings WAJ, GPJ, EWJ - - - SSI Savings WOOL CITY - - - SSI Savings VERNON OAKS - - - SSI Savings SQUAW (4,995.00) - (4,995.00) Stone Brook Idaho INS & OUTS 389,100.00 - 389,100.00 Stone Brook Idaho THUNDER BAY - - - Stone Brook Idaho TEXAS APARTMENTS - - - Stonebridge COUNCIL PROPERTIES (1,832,000.00) - (1,832,000.00) Stonebridge FALCONHEAD PROPERTIES 1,887,700.00 1,887,700.00 - Total Notes PayableStonebridge INS & OUTS 778.00 - 778.00 Stonebridge LAKE RIDGE - - - Stonebridge LAKES EDGE APARTMENTS - - - Stonebridge THUNDER BAY - - - Stonebridge TEXAS APARTMENTS 395.49 - 395.49 Stonebrook @ Goosecreek COUNCIL PROPERTIES 454,500.00 816,400.00 (361,900.00) Total Notes ReceivableStonebrook @ Goosecreek INS & OUTS 8,305.75 - 8,305.75 Stonebrook @ Goosecreek STONEBROOK 2 - - - Summer Wind Apts COUNTRY VILLA 18.25 - 18.25 Summer Wind Apts INS AND OUTS (578,500.00) - (578,500.00) Summer Wind Apts ARBORETUM - - - Summer Wind Apts MANAGEMENT SOLUTIONS - - -

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Summer Wind Apts SUMMERWIND (22,100.00) - (22,100.00) Summer Wind Apts T BAY (2,910,400.00) - (2,910,400.00) Summer Wind Apts TUSCANY VILLA 12.39 - 12.39 Summerwind Corp BLANCA WINDS, LLC - - - Summerwind Corp INS & OUTS - - - Summerwind Corp PEPPER WINDS, LLC - - - Summerwind Corp WAJ,EKJ,GPJ - - - Summerwind Corp THUNDER BAY 120,235.00 - 120,235.00 Sun Winds INS & OUTS - - - Sun Winds T BAY - - - Sun Winds WAJ,GPJ,EKJ 442,800.00 [A] - Total Equity (Deficit)Sunbury Ridge INS & OUTS 84.19 - 84.19 Sunbury Ridge PARTNERS - - - Sunbury Ridge TENANTS - - - Sunbury Ridge LLC WAJ, MBJ, ARJ, EKJ 1,124.00 [A] - Total Equity (Deficit)Sycamore Farms Sharon WW SYCAMORE FARMS APTS - - - Sycamore Farms Sharon AC APTS - - - Tennessee Park INS & OUTS 611,400.00 - 611,400.00 Tennessee Park T BAY - - - Tennessee Park VERANO PARK - - - Tennessee Park WAJ,GPJ,EKJ - - - Tetonian Properties COUNCIL PROPERTIES 1,624,757.40 1,624,757.40 - Total Notes PayableTetonian Properties BART WARNER 3,069,000.00 - 3,069,000.00 Third-PartyTetonian Properties ARBORETUM - - - Tetonian Properties MGT MASTERS - - - Tetonian Properties MSI - - - Tetonian Properties RELATED COMPANIES - - - Tetonian Properties TEXAS APTS - - - Tetonian Properties WAJ, GPJ, EKJ - - - Tetonian Properties THUNDER BAY 4,175,836.79 - 4,175,836.79 Texas Apts ABBIE LAKES (436,972.03) - (436,972.03) Texas Apts BROOKSEDGE (524,619.01) - (524,619.01) Texas Apts CHAMPION CAPITAL 1,731,800.00 1,731,800.00 - Total Notes ReceivableTexas Apts CLEAR CREEK (891,000.00) - (891,000.00) Texas Apts COLONIAL GREEN (706,291.72) - (706,291.72) Texas Apts COLONIAL RED (6,373.74) - (6,373.74) Texas Apts COLONIAL YELLOW 175,400.00 - 175,400.00 Texas Apts COUNCIL PROPERTIES 1,496,200.00 1,496,200.00 - Total Notes ReceivableTexas Apts COURT & VILLA (48,664.25) - (48,664.25) Texas Apts FALLS AT TOWNE CROSSING (3,138.24) - (3,138.24) Texas Apts GATTY ZB 119,775.97 - 119,775.97 Texas Apts HIGH STAR 2,741,975.00 - 2,741,975.00 Texas Apts INS & OUTS 1,985,388.10 - 1,985,388.10 Texas Apts IRON WOODS (80,550.00) - (80,550.00) Texas Apts JEFFERSON CHASE (9,162.31) - (9,162.31) Texas Apts KULA ESTATES (470,200.00) - (470,200.00) Texas Apts LAKE RIDGE (4,156.89) - (4,156.89) Texas Apts LAKES EDGE (360,206.95) - (360,206.95) Texas Apts MADISON CHASE 659,151.36 - 659,151.36 Texas Apts MANAGEMENT MASTERS 1,598,300.00 1,598,300.00 - Total Notes ReceivableTexas Apts MID AMERICA AIRPARK (2,361,045.00) - (2,361,045.00) Texas Apts MIRAFLORES 1,246,000.00 1,246,000.00 - Total Notes ReceivableTexas Apts MISCELANEOUS 973,125.84 - 973,125.84 Texas Apts MSI CORP (7,340.00) - (7,340.00) Texas Apts PARK @ NORTHGATE (1,176,440.00) - (1,176,440.00) Texas Apts PROVIDENCE ESTATES (172,436.04) - (172,436.04) Texas Apts REESE ROAD (370,907.86) - (370,907.86) Texas Apts SMOKEY TRAILS (1,508.00) - (1,508.00) Texas Apts STONEBRIDGE (5,515.02) - (5,515.02) Texas Apts STONEBROOK (51,644.54) - (51,644.54)

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Texas Apts STONEBROOK IDAHO (13,849.07) - (13,849.07) Texas Apts TETONIAN (1,350,000.00) - (1,350,000.00) Texas Apts THE RESERVE (197,737.15) - (197,737.15) Texas Apts THUNDER BAY (4,464,083.79) - (4,464,083.79) Texas Apts NOTES RECEIVABLE - Other - - - Texas Apts TN (333,741.85) - (333,741.85) Texas Apts TOSCANA (540,499.00) - (540,499.00) Texas Apts TOWN PLAZA (841.89) - (841.89) Texas Apts WAJ,GPJ,EKJ 205,400.00 [A] - Total Equity (Deficit)Texas Apts YELLOW ROSE 1,827,533.02 - 1,827,533.02 The Falls @ Towne Crossing INS & OUTS 3,188.24 - 3,188.24 The Falls @ Towne Crossing T BAY 873,000.00 - 873,000.00 The Falls @ Towne Crossing FRAM - - - The Falls @ Towne Crossing WAJ,GPJ,EKJ - - - The Park @ Northgate TBAY 798,800.00 - 798,800.00 Thunder Bay BLACKCLIFFS 1,550,000.00 - 1,550,000.00 Third-PartyThunder Bay DAYLE RUST 12,875.75 - 12,875.75 Third-PartyThunder Bay JAKE & MAC LP 5,884,059.66 6,884,059.66 (1,000,000.00) Total Notes PayableThunder Bay MISC 1,320,000.00 - 1,320,000.00 Top Choice INS & OUTS (28.88) - (28.88) Toscana Valley Ridge ARBORETUM (50.00) - (50.00) Toscana Valley Ridge COUNCIL PROPERTIES 938,100.00 938,100.00 - Total Notes PayableToscana Valley Ridge INS & OUTS 210,000.00 - 210,000.00 Toscana Valley Ridge T BAY (35,750.00) - (35,750.00) Toscana Valley Ridge PARTNERS - - - Town Plaza MIRAFLORES (258,900.00) - (258,900.00) Town Plaza VALLEY VIEW 450,000.00 - 450,000.00 Town Plaza INS & OUTS - - - Town Plaza MANAGEMENT SOLUTIONS - - - Town Plaza TEXAS APTS - - - Town Plaza THUNDER BAY - - - Towne Crossing New ARBORETUM - - - Towne Crossing New INS & OUTS - - - Towne Crossing New MGT SOL INC - - - Towne Crossing New THUNDER BAY - - - Tuscany Villa 2 INS AND OUTS - - - Tuscany Villa 2 STARWOOD - - - Tuscany Villa 2 SUMMERWIND - - - Upper Muddy River COUNCIL PROPERTIES - - - Upper Muddy River DISCOVERY POINT - - - Upper Muddy River INS & OUTS - - - Upper Muddy River THUNDER BAY - - - Valley View 1031 COUNCIL PROPERTIES (97,100.00) - (97,100.00) Valley View 1031 INS & OUTS - - - Valley View 1031 MOUNTAIN ENTERPRISES - - - Valley View 1031 TEXAS APARTMENTS - - - Valley View 1031 VALLEY VIEW RESIDENTIAL - - - Verano Park CLOSING 673,829.49 - 673,829.49 Verano Park INS & OUTS (60,200.00) - (60,200.00) Verano Park SPARTAN 212,796.52 - 212,796.52 Verano Park THUNDER BAY - - - Villa Florence BOULDER DEVELOPMENT - - - Villa Florence CAM CAM MGT - - - Villa Florence CASEBOLT & HUNTINGTON - - - Villa Florence CIRCLE J - - - Villa Florence DON L & TONI HILL - - - Villa Florence HIGH STAR - - - Villa Florence INS & OUTS - - - Villa Florence KATHY WELLING - - - Villa Florence MGT SOL INC - - -

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Villa Florence MIKE ALLEN LOAN - - - Villa Florence MISCELLANEOUS INS & OUTS - - - Villa Florence RVB - - - Villa Florence SQUAW SPRINGS - - - Villa Florence STEVE ALLEN LOANS - - - Villa Florence T BAY - - - Villa Florence WAJ, GPJ, EKJ - - - Villa Florence WOOL CITY - - - Vintage Place COUNCIL PROPERTIES 5,350,000.00 6,499,284.87 (1,149,284.87) Total Notes PayableVintage Place INS & OUTS (31,700.00) - (31,700.00) Vintage Place VINTAGE PLACE MGT 760,100.00 760,100.00 - Total Notes PayableVintage Place Mgmt THUNDER BAY (210,749.16) - (210,749.16) Vintage Place Mgmt MSI - - - WAJ & MBJ APT LOANS (305,000.00) - (305,000.00) WAJ & MBJ BOCA RATON 2,078,000.00 2,660,000.00 (582,000.00) Total Notes ReceivableWAJ & MBJ CHAMPION BRIDGE POINT PA 997,500.00 - 997,500.00 WAJ & MBJ CIRCLE J FARMS 12,800.00 - 12,800.00 WAJ & MBJ COUNCIL 387,300.00 - 387,300.00 WAJ & MBJ DALLAS APTS 798,299.89 - 798,299.89 WAJ & MBJ MGT SOL 1,147,300.00 469,600.00 677,700.00 Total Notes ReceivableWAJ & MBJ MISCELLANEOUS 8,135.00 - 8,135.00 WAJ & MBJ OTHER 779,699.59 - 779,699.59 WAJ & MBJ T BAY (83,990.00) - (83,990.00) WAJ & MBJ TEXAS APTS (713,300.00) - (713,300.00) WAJ & MBJ Total INS & OUTS 584,400.00 - 584,400.00 WAJ & MBJ WAJ GPJ EKJ 241,596.19 [A] - Total Equity (Deficit)WAJ & MBJ BOULDER DEV - - - WAJ & MBJ SQUAW SPRINGS - - - WAJ & MBJ NOTES RECEIVABLE - Other - - - Wakara Point INS & OUTS (49,400.00) - (49,400.00) Wakara Point CAM CAM MGT - - - Wakara Point MANAGEMENT SOLUTIONS - - - Wakara Point SQUAW SPRINGS - - - Wakara Point TBAY - - - Wakara Point TEXAS APTS - - - Wakara Point WAJ,GPJ,EKJ - - - Willow Park COURTYARD PARK LLC (44,150.00) - (44,150.00) Willow Park INS & OUTS (221,840.00) - (221,840.00) Willow Park MISC 33,100.00 - 33,100.00 Willow Park ADAM MCCLLELAN - - - Willow Park BETTY & VICTOR CARRERA - - - Willow Park BRUCO ENTERPRISES, INC - - - Willow Park JASMINE APTS_JOE KURIVILL - - - Willow Park PATRIOT AMERICAN - - - Willow Park THUNDER BAY - - - Willow Park WAJ,GPJ,EKJ (110,440.00) [A] - Total Equity (Deficit)Winkson INS & OUTS (1,041.67) - (1,041.67) Winkson T BAY - - - Wolf Son ENTITIES 353,000.00 - 353,000.00 Wolf Son THUNDER BAY - - - Wolf Son NOTES RECEIVABLE - Other - - - Wool City MGT SOL INC (500.00) - (500.00) Wool City WAJ GPJ EKJ (459,000.00) [A] - Total Equity (Deficit)Wool City AA ROBISON FAMILY TRUST 27,000.00 - 27,000.00 Third-PartyWool City BOULDER DEV - - - Wool City CHAD PUGMIRE - - - Wool City FURN PURCH - - - Wool City HIGH STAR RANCH - - - Wool City INS & OUTS - - - Wool City MASTERS MGT - - -

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Wool City SCOTT DALEY - - - Wool City SHEPHERDS POINTE - - - Wool City SQUAW SPRINGS - - - Wool City T BAY - - - Wool City TATE FARM - - - Wool City TEXAS APTS - - - Wool City VILLA FLORENCE - - - Wyndsor Court INS & OUTS (195,600.21) - (195,600.21) Wyndsor Court THUNDER BAY 2,156,250.00 - 2,156,250.00 Wyndsor Court ARBORETUM - - - Wyndsor Court WYNDSOR COURT - - - Wyndurt PARTNERS 1,000,000.00 1,000,000.00 - Total Notes PayableWyndurt SQUAW SPRINGS (980,000.00) - (980,000.00) Wyndurt THUNDER BAY (147,900.00) - (147,900.00) Wyndurt INS & OUTS - - - Wyndurt WAJ,GPJ,EKJ - - - Wyndurt WYNDSOR COURT 97,385.22 97,500.00 (114.78) Total Notes PayableYellow Rose IBIS 2,575,500.00 - 2,575,500.00 Yellow Rose INS & OUTS (2,062,600.00) - (2,062,600.00) Yellow Rose WAJ,GPJ,EKJ (267,363.75) [A] - Total Equity (Deficit)Yellow Rose BALLS & SORBER - - - Yellow Rose COLONIAL FUNDING 3,913.55 - 3,913.55 Third-PartyYellow Rose HILL & GLOVER BROADCAST 450,268.10 - 450,268.10 Third-PartyYellow Rose SQUAW SPRINGS INC - - - Yellow Rose THUNDER BAY MTG - - -

134,523,383.95 84,752,023.56 49,922,793.04

Adjustments Debit CreditTotal Notes Receivable 8,002,206.98 84,752,023.56Total Notes Receivable Old 800,000.00 Total Investments 972,324.66 Total Other Assets (111,700.00) Total Notes Payable 72,789,191.92 Total Loans Payable 2,300,000.00


Page 85 of 85


Exhibit 14


MSI Entities Exhibit 14Solvency - Investment Adjustment DetailAs of December 31, 2007

Entity Investment Dec 31, 07 Balance Subsidiary Equity

Amount Difference Category Notes

AC Apartments BEEVILLE APTS 49% (1,074,514.28)$ (1,074,514.40)$ 0.12$ Intercompany Equity

AC Apartments CLEBURNE 99% 204,076.05 140,139.88 63,936.17 Intercompany Equity

AC Apartments HONDO 49% (637,774.90) (637,775.95) 1.05 Intercompany Equity aka Encinito

AC Apartments SYCAMORE FARMS 49.5% 2,742,953.50 242,953.24 2,500,000.26 Intercompany Equity

AC Apartments MCDERMOTT EQUITY DEF 3,507,202.00 3,507,202.00 Likely 3rd Party

Baruja ESCENA 480,720.00 480,720.00 - Intercompany Equity

Baruja CLEARFIELD 248,687.77 248,687.77 - Intercompany Equity aka Beleza Bay

Beleza Bay SPRING GATE, LLC (2,925.47) (2,925.47) - Intercompany Equity

Beleza Bay CLEARFIELD 490,205.63 490,205.63 Likely 3rd Party

Blanca Winds SUNBURY RIDGE APTS, LLC 10% 67,774.05 67,774.05 - Intercompany Equity

Boca Raton CARVALA LLC 50% 2,874,712.90 2,874,712.90 - Intercompany Equity

Boca Raton COUNCIL PROPERTIES LLC 33% 179,841.44 179,839.31 2.13 Intercompany Equity

Boca Raton ROSE HILL LLC 1% (608,673.38) (608,672.54) (0.84) Intercompany Equity

Boca Raton SUMMERWIND, LLC 49.5% (54,958.51) (54,958.51) - Intercompany Equity

Boca Raton MANAGEMENT MASTERS 445,218.76 445,218.76 - Intercompany Equity

Boulder CIRCLE J FARMS 5,052.77 5,054.37 (1.60) Intercompany Equity

BradSon RETREAT @ STONEBRIDGE RANCH 1,649,083.06 1,649,083.06 - Intercompany Equity

BradSon THE CHARLESTONIAN 898,580.79 898,580.79 - Intercompany Equity

BradSon THE FALLS 850,087.44 850,051.81 35.63 Intercompany Equity

BradSon VILLAS OF ELDORADO 180,758.03 180,758.03 - Intercompany Equity

Bridge Point Cptl APPALACHIAN SELF STORGAGE 387,191.60 387,191.60 Likely 3rd Party

Bridge Point Cptl CASH ZONE MO (92,434.10) (92,434.10) Likely 3rd Party

Bridge Point Cptl CASH ZONE OH (23,684.10) (23,684.10) Likely 3rd Party

Bridge Point Cptl CASH ZONE TX (743,706.06) (743,706.06) Likely 3rd Party

Brutace ACCUM DEPRECIATION (1,592.00) (1,592.00) Fixed Asset

Brutace LAKES EDGE 886,308.84 886,308.84 - Intercompany Equity

Brutace RETREAT @ STONEBRIDGE RANCH 493,736.05 493,736.05 - Intercompany Equity

Brutace SEC 754 BUILDING 28,808.73 28,808.73 Fixed Asset

Brutace SEC 754 LAND 929.61 929.61 Fixed Asset

Brutace THE CHARLESTONIAN 449,290.40 449,290.40 - Intercompany Equity

Business Pros BROOKHAVEN 831,834.09 831,834.90 (0.81) Intercompany Equity

Business Pros LAKES EDGE 1,418,094.18 1,418,094.18 - Intercompany Equity

Business Pros RETREAT @ STONEBRIDGE RANCH 394,990.86 394,990.86 - Intercompany Equity

Business Pros THE CHARLESTONIAN 898,580.79 898,580.79 - Intercompany Equity

Business Pros SMOKEY TRAILS 98,462.09 98,462.09 Unexplained Difference

Car Vala CLEARFIELD 994,751.08 994,751.08 - Intercompany Equity aka Beleza Bay

Car Vala BROOKHAVEN 16.23% 831,834.09 831,834.09 - Intercompany Equity

Page 1 of 74





Car Vala DISCOVERY POINT, LLC 1,471,656.13 1,471,656.13 - Intercompany Equity

Car Vala JEFFERSON CHASE, LLC 725,821.66 725,821.66 - Intercompany Equity

Car Vala REESE ROAD 300,000.00 300,000.00 Intercompany Debt

Car Vala THE FALLS AT TOWNE CROSSING 850,051.80 850,051.81 (0.01) Intercompany Equity

Cletace PRYOR CREEK 597,604.76 597,604.76 - Intercompany Equity

Cletace SEC 754 BUILDING 98,386.42 98,386.42 Fixed Asset

Cletace SEC 754 LAND 4,234.35 4,234.35 Fixed Asset

Cletace TOSCANA 14.14% 456,981.91 456,981.82 0.09 Intercompany Equity

Colonial Red INVESTMENTS COLONIAL GREEN LLC 588,858.84 588,866.05 (7.21) Intercompany Equity

Colonial Red SECTION 754 COLONIAL GREEN 98,671.36 98,671.36 Fixed Asset

Colonial Yellow MISTEMA BAY, LLC 390,273.32 390,273.32 - Intercompany Equity

Costa Azul THE RESERVE 958,063.54 958,063.54 - Intercompany Equity

Council Properties BARUJA, LLC 33.0% 283,510.22 283,510.22 - Intercompany Equity

Council Properties BEEVILLE APARTMENTS 49.5% 1,009,194.14 1,009,194.14 - Intercompany Equity

Council Properties BLUE JAY (1,896.63) (1,896.63) - Intercompany Equity

Council Properties BROOKLYN CROSSING 149,294.26 149,294.26 - Intercompany Equity

Council Properties BROOKSEDGE LLC 19.8% (69,808.42) (69,808.58) 0.16 Intercompany Equity

Council Properties CHAMPION CAPITAL 99% (466,290.00) (466,289.55) (0.45) Intercompany Equity

Council Properties COOPER STREET 1,998,412.16 1,998,412.16 - Intercompany Equity

Council Properties CREEKSIDE AT NORTHLAKE 49.5% 129,238.60 129,238.60 - Intercompany Equity

Council Properties JANISON INVESTMENTS 243,922.30 243,922.30 - Intercompany Equity

Council Properties JARUSTDS 49.5% 909,954.20 909,954.72 (0.52) Intercompany Equity

Council Properties LOS COLINAS 50C 729,156.95 729,156.95 - Intercompany Equity aka Escena Properties

Council Properties MOUNTAIN ENTERPRISES 38,685.85 38,685.87 (0.02) Intercompany Equity

Council Properties NORTH BASS, LLC 99% 1,032,819.96 1,032,819.07 0.89 Intercompany Equity

Council Properties NORTH SPRING PARK, LLC (2,019,937.16) (2,019,937.64) 0.48 Intercompany Equity

Council Properties REESE ROAD 43.3% 48,524.55 48,525.48 (0.93) Intercompany Equity

Council Properties RESERVE AT ABBIE LAKES 24.75% 2,104,743.62 2,104,744.12 (0.50) Intercompany Equity

Council Properties SMOKEY TRAIL 782,094.72 782,094.72 - Intercompany Equity

Council Properties SPRING GATE, LLC (63,430.17) (63,430.17) - Intercompany Equity

Council Properties STONEBRIDGE APARTMENTS (1,810,589.31) (1,810,589.31) - Intercompany Equity

Council Properties STONEBROOK IDAHO (31,769.59) (31,769.59) - Intercompany Equity

Council Properties TOWNE CROSSING (303,165.44) (303,165.44) - Intercompany Equity

Council Properties UPPER MUDDY RIVER, LLC 49.5% 2,834,150.71 2,834,152.40 (1.69) Intercompany Equity

Council Properties LAKE LAVON 696,493.00 696,493.00 Likely 3rd Party

Council Properties COUNCIL 380, LLC 4,507,835.07 4,507,835.12 (0.05) Intercompany Equity aka Retreat at Stonebridge Ranch

Court & Villa SPRING GATE, LLC (17,293.27) (17,293.27) - Intercompany Equity

Page 2 of 74





Courtyard Park I COURTYARD PARK 49.5% 651,561.87 651,562.28 (0.41) Intercompany Equity

Courtyard Park I MSC PROPERTIES 125,000.00 125,000.00 Likely 3rd Party SP 5 Lots

Courtyard Park I WEALTH INVESTMENT GROUP 5,000.00 5,000.00 Likely 3rd Party

Courtyard Park II COURTYARD PARK 49.5% 651,562.87 651,562.28 0.59 Intercompany Equity

D General JEFFERSON CHASE 410,332.37 410,332.37 - Intercompany Equity

D General LAKE RIDGE 738,050.90 738,050.90 - Intercompany Equity

D General STONE BROOK IDAHO 462,450.52 465,158.85 (2,708.33) Intercompany Equity

D General STONEBROOK BAYTOWN TEXAS 362,402.98 359,695.38 2,707.60 Intercompany Equity Baytown Stonebrook + Stonebrook at Goosecreek

D General TOSCANA 680,142.08 680,141.99 0.09 Intercompany Equity

Den Town ACCUM DEPRECIATION (2,037.00) (2,037.00) Fixed Asset

Den Town COOPER STREET 699,444.24 699,444.24 - Intercompany Equity

Den Town LAKE RIDGE 373,698.10 373,698.11 (0.01) Intercompany Equity

Den Town PRYOR CREEK 597,604.90 597,604.76 0.14 Intercompany Equity

Den Town SEC 754 BUILDING 43,430.82 43,430.82 Fixed Asset

Den Town SEC 754 LAND 2,286.68 2,286.68 Fixed Asset

Dixie Winds COUNCIL PROPERTIES LLC 33% 179,838.43 179,839.31 (0.88) Intercompany Equity

Dixie Winds SUMMER WIND 24.75% 966,163.71 966,164.15 (0.44) Intercompany Equity

Doah View ACCUM DEPRECIATION (1,361.00) (1,361.00) Fixed Asset

Doah View SEC 754 BUILDING 39,044.76 39,044.76 Fixed Asset

Doah View SEC 754 LAND 1,952.30 1,952.30 Fixed Asset

Doah View TOSCANA 1,054,597.22 1,054,597.24 (0.02) Intercompany Equity

DZ Special LAKES EDGE 376,732.72 376,732.72 - Intercompany Equity

DZ Special STONEBROOK 359,606.86 388,035.42 (28,428.56) Intercompany Equity Baytown Stonebrook + Stonebrook at Goosecreek

FieldSon CLEARFIELD 596,850.65 596,850.65 - Intercompany Equity aka Beleza Bay

FieldSon DEN TOWN, LLC 47,966.66 47,966.36 0.30 Intercompany Equity

FieldSon LAKES EDGE 819,681.47 819,681.47 - Intercompany Equity

FieldSon REESE ROAD 160,000.00 160,000.00 Intercompany Debt

Gateway Properties New BROOKLYN CROSSING 61.1% 1,791,544.98 1,791,544.98 - Intercompany Equity

Gateway Properties New DISCOVERY POINT 57% 2,572,158.15 2,572,157.66 0.49 Intercompany Equity

Goose Brook JEFFERSON CHASE 474,168.96 474,168.96 - Intercompany Equity

Goose Brook REESE ROAD 660,000.00 660,000.00 Intercompany Debt

Greater Fred (Highland Oaks) INVESTMENTS - Other 100,000.00 100,000.00 Likely 3rd Party BC Utilities

Group Wise BARE SMOKEY TRAILS 99,896.17 99,896.17 - Intercompany Equity

HPI Investments JEFFERSON CHASE, LLC 455,932.28 455,932.61 (0.33) Intercompany Equity

HPI Investments LAKES EDGE 443,360.11 443,360.11 - Intercompany Equity

HPI Investments PRYOR CREEK 641,517.39 642,425.46 (908.07) Intercompany Equity

HPI Investments THE FALLS 510,030.48 510,030.48 - Intercompany Equity

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I-15 Storage, LLC DRAPER STORAGE 1,215,900.79 1,215,900.79 Likely 3rd Party

Inveness BROOKHAVEN 415,917.07 415,917.07 - Intercompany Equity

Inveness THE RESERVE 862,269.68 862,269.68 - Intercompany Equity

Jake & Tate EVERS PARK LTD 109,240.30 109,239.33 0.97 Intercompany Equity aka Cooper Glen

Jake & Tate DEZAVALA OAKS LLC (1,452,467.60) (1,452,470.31) 2.71 Intercompany Equity

Janison Investments SA TOWNHOMES 483,961.99 483,961.99 - Intercompany Equity aka Providence Estates

Jarustds BROOKHAVEN 415,917.07 415,917.07 - Intercompany Equity

Jarustds THE FALLS AT TOWNE CROSSING 850,051.81 850,051.81 - Intercompany Equity

Jarustds THE RESERVE 598,805.31 598,805.31 - Intercompany Equity

Kamy Lakes ACCUM DEPRECIATION (1,408.00) (1,408.00) Fixed Asset

Kamy Lakes JEFFERSON CHASE, LLC 683,894.89 683,894.95 (0.06) Intercompany Equity

Kamy Lakes SEC 754 STEP UP BUILDING 54,608.72 54,608.72 Fixed Asset

Kamy Lakes SEC 754 STEP UP LAND 1,093.05 1,093.05 Fixed Asset

Kamy Lakes STONE BROOK IDAHO 465,158.85 465,158.85 - Intercompany Equity

King Sage CHAMPION CAPITAL 45% 1,000.00 1,000.00 Unexplained Difference

Lamp Son JEFFERSON CHASE 647,795.02 649,420.85 (1,625.83) Intercompany Equity

Lamp Son LAKE RIDGE 366,167.83 364,542.00 1,625.83 Intercompany Equity

Lamp Son THE FALLS AT TOWNE CROSSING 850,087.44 850,081.81 5.63 Intercompany Equity

Management Masters MGMT MASTERS LOGAN OFFICE 41.00 41.00 - Intercompany Equity

Management Masters SUNBURY RIDGE (1,740.00) (1,740.00) - Intercompany Equity

Mandivo LAKE RIDGE 934,236.37 934,236.37 - Intercompany Equity

Mandivo THE FALLS AT TOWNE CROSSING 850,051.81 850,051.81 - Intercompany Equity

Marvista ACCUM DEPRECIATION (28.00) (28.00) Fixed Asset

Marvista LAKE RIDGE 934,236.37 934,236.37 - Intercompany Equity

Marvista SEC 754 BUILDING 970.77 970.77 Fixed Asset

Marvista SEC 754 LAND 51.09 51.09 Fixed Asset

Mayo LAKE RIDGE 934,236.37 934,236.37 - Intercompany Equity

Mayo THE FALLS AT TOWNE CROSSING 850,051.81 850,051.81 - Intercompany Equity

Miraflores POCATUCSON LLC 50% 417,090.47 417,091.02 (0.55) Intercompany Equity

Miraflores SALTUCSON 50% 436,079.97 436,079.66 0.31 Intercompany Equity

Mistema Bay PRYOR CREEK 154,381.93 154,381.93 - Intercompany Equity

Mistema Bay THE RESERVE 574,846.45 574,846.45 - Intercompany Equity

Monte Forte STONEBRIDGE 1,950,040.13 1,950,040.13 - Intercompany Equity

MSI Corp EVERS PARK, LTD. 1% 33,881.96 33,880.99 0.97 Intercompany Equity aka Cooper Glen

MSI Corp JINCO,LLC 50% 1,719,145.00 1,719,145.00 Likely 3rd Party

MSI Corp ABBIE LAKES 1% 1,503.86 1,503.67 0.19 Intercompany Equity

MSI Corp APARTMENTS AT JEFFERSON CHASE 1 2,307.14 2,307.14 - Intercompany Equity

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MSI Corp APARTMENTS AT LAKES RIDGE 1% 98,633.35 98,633.35 - Intercompany Equity

MSI Corp ARK WALK LLC 1% (4,613.73) (4,614.74) 1.01 Intercompany Equity aka Meadow Walk

MSI Corp BARE SMOKEY 1% (6.10) (6.10) - Intercompany Equity

MSI Corp BARUJA 1% 3,643.69 3,643.92 (0.23) Intercompany Equity

MSI Corp BAYTOWN STONEBROOK, LTD 1% (11,359.01) (11,359.33) 0.32 Intercompany Equity

MSI Corp BEEVILLE APTS 1% 27,408.34 27,408.34 - Intercompany Equity

MSI Corp BELEZA BAY, LLC 1% (1,730.21) (1,730.21) - Intercompany Equity

MSI Corp BLANCA WINDS, LLC 1% 1,481.44 1,481.33 0.11 Intercompany Equity

MSI Corp BOCA RATON 1% 1,971.35 1,970.34 1.01 Intercompany Equity

MSI Corp BOULDER DEV 1% 338.52 343.06 (4.54) Intercompany Equity

MSI Corp BROOKHAVEN 1% (9,151.08) (9,151.08) - Intercompany Equity

MSI Corp BROOKSEDGE 1% 70,254.29 70,251.91 2.38 Intercompany Equity

MSI Corp BUSINESS PROS, LLC 1% (3,390.40) (3,390.40) - Intercompany Equity

MSI Corp CASTLE WYNDSOR COURT 1% (12,888.05) (12,889.72) 1.67 Intercompany Equity

MSI Corp CLEBURNE TERRACE LTD 1% (6,241.84) (6,887.53) 645.69 Intercompany Equity

MSI Corp COLONIAL GREEN LLC S PLAINS 1% (15,554.90) (15,554.84) (0.06) Intercompany Equity aka Sierra Plains

MSI Corp COLONIAL RED, LLC 1% (3,775.07) (3,775.07) - Intercompany Equity

MSI Corp COLONIAL YELLOW, LLC 1% (159.01) (159.23) 0.22 Intercompany Equity

MSI Corp COOPER STREET APARTMENTS, LLC 1 (28.07) (28.07) - Intercompany Equity

MSI Corp COURTYARD PARK I, LLC 1% 6,637.80 7,977.82 (1,340.02) Intercompany Equity

MSI Corp COURTYARD PARK II, LLC 1% 6,525.68 6,526.19 (0.51) Intercompany Equity

MSI Corp COURTYARD PARK, LLC 1% 13,162.77 13,162.87 (0.10) Intercompany Equity

MSI Corp CREEKSIDE @ NORTHLAKE 1% (22,837.67) (22,837.10) (0.57) Intercompany Equity

MSI Corp DEN GLEN 1% (682.05) (681.94) (0.11) Intercompany Equity

MSI Corp DEZAVALA OAKS APTS 1% (504.92) (500.31) (4.61) Intercompany Equity

MSI Corp DIXIE WINDS, LLC 1% 6,190.01 6,189.02 0.99 Intercompany Equity

MSI Corp EL DORADO APTS, LLC 1% 13,349.19 13,349.59 (0.40) Intercompany Equity

MSI Corp ENCINITO APTS 1% 12,351.87 12,351.41 0.46 Intercompany Equity

MSI Corp FRED,RICKS,& BURG 1% 7,111.42 7,112.25 (0.83) Intercompany Equity

MSI Corp GREATER FRED/SIERRA PLAINS 100% 91,138.75 91,139.15 (0.40) Intercompany Equity aka Sierra Plains

MSI Corp GROUP WISE, LLC 1% 137.00 136.97 0.03 Intercompany Equity

MSI Corp HIGH STAR 1% 7,889.56 7,889.80 (0.24) Intercompany Equity

MSI Corp HPI INVESTMENTS, LLC 1% 2,065.27 2,065.27 - Intercompany Equity

MSI Corp INVENESS, LLC 1% (876.02) (876.02) - Intercompany Equity

MSI Corp JAKE & MAC LP 50% (23,116.50) (23,116.11) (0.39) Intercompany Equity

MSI Corp JAKE & TATE 1% 38,161.43 38,161.43 - Intercompany Equity

MSI Corp JANISON INVESTMENTS 1% (4,163.17) (4,163.17) - Intercompany Equity

Page 5 of 74





MSI Corp JARUSTDS, LLC 1% 1,131.67 1,130.67 1.00 Intercompany Equity

MSI Corp MCKINNEY WILLOW WOODS 1,639,019.00 1,639,019.00 Likely 3rd Party

MSI Corp LAKE CHARLESTONIAN 1% (5,122.18) (5,122.18) - Intercompany Equity

MSI Corp LAKES EDGE, LLC 1% (4,112.59) (4,112.59) - Intercompany Equity

MSI Corp MCKAMY LAKES 1% (12,644.98) (12,644.15) (0.83) Intercompany Equity

MSI Corp MIRAFLORES SW 1% 103.52 103.66 (0.14) Intercompany Equity

MSI Corp MISTEMA BAY, LLC 1% (135.88) (135.88) - Intercompany Equity

MSI Corp MONTE FORTE, LLC 1% (3,735.61) (3,735.61) - Intercompany Equity

MSI Corp NORTH SPRING PARK, LLC 1% (23,696.61) (23,696.63) 0.02 Intercompany Equity

MSI Corp PEPPER WINDS, LLC 1% 2,171.28 (3,956.72) 6,128.00 Intercompany Equity

MSI Corp PRYOR CREEK 1% (157.26) (157.26) - Intercompany Equity

MSI Corp REESE ROAD 1% (130.70) (130.70) - Intercompany Equity

MSI Corp RETAMA HILL LLC 1% 12,135.91 12,133.78 2.13 Intercompany Equity

MSI Corp RETAMA RICHARDS 1% 11,992.91 11,992.80 0.11 Intercompany Equity

MSI Corp RETAMA ROSE LLC 1% 11,774.91 11,774.88 0.03 Intercompany Equity

MSI Corp ROCK CITY LLC 1% 12,023.91 12,023.02 0.89 Intercompany Equity

MSI Corp SAGEFIELD DUPLEXES 1% (63.47) (63.47) - Intercompany Equity

MSI Corp SHEPHERDS POINTE 1% 9,088.81 9,089.09 (0.28) Intercompany Equity

MSI Corp SKYPARK 1% 1,235.11 1,229.34 5.77 Intercompany Equity

MSI Corp SNOW WINDS, LLC 1% (584.24) (584.24) - Intercompany Equity

MSI Corp SOCOURT, LLC 1% (6,392.83) (6,392.83) - Intercompany Equity

MSI Corp STONEBROOK AT GOOSECREEK, LTD 1 (11,238.33) (11,239.88) 1.55 Intercompany Equity

MSI Corp STONEBROOK IDAHO 1% (556.78) (556.78) - Intercompany Equity

MSI Corp SUMMER WINDS 1% (4,398.12) (4,397.42) (0.70) Intercompany Equity

MSI Corp SUN WINDS, LLC 1% 5,401.69 9,279.40 (3,877.71) Intercompany Equity

MSI Corp SYCAMORE FARMS APTS 49.5% & 1% 247,858.16 247,858.24 (0.08) Intercompany Equity

MSI Corp THE FALLS 1% (15,148.55) (15,149.56) 1.01 Intercompany Equity

MSI Corp THE RESERVE AT ABBIE LAKES 2.55 1,036,731.92 1,036,730.51 1.41 Intercompany Equity

MSI Corp TOP CHOICE FOODS 1% (64.56) (62.02) (2.54) Intercompany Equity

MSI Corp TOSCANA 1% (7,806.19) (7,807.13) 0.94 Intercompany Equity

MSI Corp TOWNE CROSSING 1.01% 25,644.00 25,643.00 1.00 Intercompany Equity

MSI Corp UPPER MUDDY RIVER 1% 3,788.29 3,787.60 0.69 Intercompany Equity

MSI Corp VILLA FLORENCE 99% 1,388,900.97 1,388,899.23 1.74 Intercompany Equity

MSI Corp VOLENTE CITY LLC 1% (40,487.76) (40,487.09) (0.67) Intercompany Equity

MSI Corp WELLS & VALA, LLC 1% 10,247.22 10,248.39 (1.17) Intercompany Equity

MSI Corp WILOW PARK, LLC 1% 2,616.82 2,616.66 0.16 Intercompany Equity

MSI Corp WYNDURT, LLC 1% (7,782.56) (7,785.74) 3.18 Intercompany Equity

Page 6 of 74





MSI Corp COUNCIL 380, LLC 1% (1,011.93) (1,011.93) - Intercompany Equity aka Retreat at Stonebridge Ranch

MSI Corp PNL VENTURE 10% 202,221.38 202,222.15 (0.77) Intercompany Equity aka Park at NorthgateMSI Corp ROCKBRIDGE, LLC 1% (29,954.79) (29,955.03) 0.24 Intercompany Equity aka Stonebridge

MSI Corp SA TOWNHOMES 1% (4,202.62) (4,202.42) (0.20) Intercompany Equity aka Providence Estates

Mtn. Enterprises BLUE JAY 99% 1,312,233.69 1,312,233.69 - Intercompany Equity

Mtn. Enterprises POCA TUCSON LLC 50% 423,709.46 423,709.01 0.45 Intercompany Equity

Mtn. Enterprises SAL TUCSON LLC 50% 436,079.97 436,079.66 0.31 Intercompany EquityMtn. Enterprises SKYPARK 99% 122,304.22 121,704.73 599.49 Intercompany Equity

North Bass CREEKSIDE @ NORTHLAKE LLC 1,029,175.30 1,029,175.28 0.02 Intercompany Equity

Oak City SEC 754 BUILDING 3,392.90 3,392.90 Fixed Asset

Oak City STONE BROOK IDAHO 465,158.85 465,158.85 - Intercompany Equity

Parkwood Capital, LLC INVEST IN BROOKLYN CROSSING 597,177.05 597,177.05 - Intercompany Equity

Parkwood Capital, LLC INVEST IN MOUNTAIN ENTERPRI 1,276,632.05 1,276,632.70 (0.65) Intercompany Equity

Patriot American MOUNTAIN ENTERPRISES 1,276,632.70 1,276,632.70 - Intercompany EquityPatriot American PLATINUM PROTECTION (2,884,857.00) (2,884,857.00) Likely 3rd Party

Pebble Lakes ACCUM DEPRECIATION (3,876.00) (3,876.00) Fixed Asset

Pebble Lakes COOPER STREET 499,603.11 499,603.11 - Intercompany Equity

Pebble Lakes JEFFERSON CHASE 455,932.61 455,932.61 - Intercompany Equity

Pebble Lakes PRYOR CREEK 498,002.65 498,002.65 - Intercompany Equity

Pebble Lakes SEC 754 BUILDING 82,524.28 82,524.28 Fixed Asset

Pebble Lakes SEC 754 LAND 4,841.73 4,841.73 Fixed Asset

Pepper Winds CHAMPION CAPITAL 1% (4,710.00) (4,709.58) (0.42) Intercompany Equity

Pepper Winds SPRING GATE, LLC (487.58) (487.58) - Intercompany EquityPepper Winds SUNBURY RIDGE APTS, LLC 10% 67,774.05 67,774.05 - Intercompany Equity

Perpetual LAKES EDGE 354,523.51 354,523.51 - Intercompany Equity

Perpetual THE CHARLESTONIAN 359,432.32 359,432.32 - Intercompany Equity

Perpetual THE FALLS 340,020.32 340,020.32 - Intercompany Equity

PocaTucson AC APTS TEXAS LP 4.57% 534,173.62 534,173.94 (0.32) Intercompany Equity

Red City SEC 754 STEP UP BUILDING 18,116.96 18,116.96 Fixed Asset

Red City STONE BROOK IDAHO 465,158.85 465,158.85 - Intercompany Equity

Retama Hill ROSE HILL FDC LTD 1,291,486.15 841,482.40 450,003.75 Intercompany Equity

Retama Richards ROSE HILL FDC LTD 1,291,479.15 841,482.40 449,996.75 Intercompany Equity

Retama Rose ROSE HILL LLC 24.75% 1,291,479.15 841,482.40 449,996.75 Intercompany Equity

Rock City ROSE HILL FDC, LTD 1,291,479.15 841,482.40 449,996.75 Intercompany Equity

SalTucson AC APTS TEXAS LP 4.57% 534,173.62 534,173.94 (0.32) Intercompany EquitySan Marina ACCUM DEPRECIATION (91.00) (91.00) Fixed Asset

San Marina JEFFERSON CHASE 911,859.92 911,859.92 - Intercompany Equity

San Marina REESE ROAD 500,000.00 500,000.00 Intercompany Debt

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San Marina SEC 754 BUILDING 5,088.14 5,088.14 Fixed Asset

San Marina SEC 754 LAND 241.29 241.29 Fixed Asset

San Marina THE CHARLESTONIAN 449,290.40 449,290.40 - Intercompany Equity

Santana Springs INVESTMENTS COLONIAL GREEN LLC 1,000,363.29 1,000,362.04 1.25 Intercompany Equity

Santana Springs SECTION 754 COLONIAL GREEN 42,333.70 42,333.70 Fixed Asset

Satina JEFFERSON CHASE 182,367.39 182,367.39 - Intercompany Equity

Snow Winds SMOKEY TRAIL 305,216.94 305,216.94 - Intercompany Equity

Snow Winds SPRING GATE, LLC (487.58) (487.58) - Intercompany Equity

Snow Winds SUNBURY RIDGE 10% 67,774.05 67,774.05 - Intercompany Equity

Socourt ACCUM DEPRECIATION (4,644.00) (4,644.00) Fixed AssetSocourt SEC 754 BUILDING 551,261.11 551,261.11 Fixed Asset

Socourt SEC 754 CARPETS & APPL 9,302.36 9,302.36 Fixed Asset

Socourt SEC 754 LAND 32,206.91 32,206.91 Fixed Asset

Socourt WYNDSOR COURT 1,461,911.00 1,461,911.00 - Intercompany Equity

Solar Bridge LAKE RIDGE 934,236.37 934,236.37 - Intercompany Equity

Solar Bridge THE FALLS AT TOWNE CROSSING 850,051.81 850,051.81 - Intercompany Equity

Solar Sands CLEARFIELD 497,375.54 497,375.54 - Intercompany Equity aka Beleza Bay

Solar Sands LAKE RIDGE 934,236.37 934,236.37 - Intercompany EquitySolar Sands THE CHARLESTONIAN 449,290.40 449,290.40 - Intercompany Equity

Solar Sands THE FALLS AT TOWNE CROSSING 1,700,102.60 1,700,103.76 (1.16) Intercompany Equity

South Bass CREEKSIDE @ NORTHLAKE 952,573.68 952,573.28 0.40 Intercompany Equity

Spring Gate SEC 754 STEP UP BUILDING 101,729.70 101,729.70 Fixed Asset

Spring Gate SEC 754 STEP UP LAND 12,204.27 12,204.27 Fixed Asset

Spring Gate PNL VENTURE 809,028.60 809,028.60 - Intercompany Equity aka Park at Northgate

Squaw Springs A.C. APARTMENTS TX INC 1,000.00 1,000.00 Missing QuickBooks

Squaw Springs A.C. APARTMENTS TX L P 50% 1,093,112.23 1,093,112.23 - Intercompany Equity

Squaw Springs BOULDER DEV 99% 33,986.00 33,986.03 (0.03) Intercompany Equity

Squaw Springs CREEKSIDE AT NORTHLAKE 49.5% 729,238.60 729,238.60 - Intercompany Equity

Squaw Springs ENCINITO APTS 1% 12,351.87 12,351.41 0.46 Intercompany Equity

Squaw Springs GREATER FREDRICKSBURG 99% 63,815.44 63,814.21 1.23 Intercompany Equity

Squaw Springs JAKE & MAC LP 1% (23,111.50) (23,114.49) 2.99 Intercompany Equity

Squaw Springs MIRAFLORES 99% 10,562.77 10,564.03 (1.26) Intercompany Equity

Squaw Springs OAK HILLS APTS 1% 29,692.04 29,692.35 (0.31) Intercompany Equity

Squaw Springs SAGEFIELD DUPLEXES 99% (6,283.34) (6,283.34) - Intercompany Equity

Squaw Springs SHEPHERDS POINTE LLC 99% 899,692.08 899,692.17 (0.09) Intercompany Equity

Squaw Springs SOCOURT, LLC 48.79% 1,311,200.80 1,311,200.80 - Intercompany Equity

Squaw Springs SOUTH BASS, LLC 99% 1,052,347.13 1,052,347.13 - Intercompany Equity

Squaw Springs THE RESERVE @ ABBIE LAKES .78% 1,918,768.89 1,918,769.39 (0.50) Intercompany Equity

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Squaw Springs VILLA FLORENCE 1% 14,029.33 14,029.29 0.04 Intercompany Equity

Squaw Springs WYNDURT, LLC 43.36% 1,166,969.05 1,166,969.05 - Intercompany Equity

Sun Winds COUNCIL PROPERTIES LLC 33% 179,838.43 179,839.31 (0.88) Intercompany Equity

Sun Winds SUMMER WINDS 49.5% 966,165.71 966,164.15 1.56 Intercompany Equity

Sunbury Ridge LLC SUNBURY RIDGE LTD 675,740.47 675,740.47 - Intercompany Equity

Thunder Bay AC APTS TX LP 868,871.79 868,871.79 - Intercompany Equity

Thunder Bay BRAD SON, LLC 3,453,669.23 1,313,669.23 2,140,000.00 Intercompany Equity Apparent timing difference.

Thunder Bay BRUTACE LLC 744,485.00 744,480.81 4.19 Intercompany Equity

Thunder Bay BUSINESS PROS, LLC 2,278,280.52 2,278,280.52 - Intercompany Equity

Thunder Bay CLETACE, LLC 6.037% 218,336.57 389,711.37 (171,374.80) Intercompany Equity

Thunder Bay COLONIAL RED, LLC 781,248.03 781,248.64 (0.61) Intercompany Equity

Thunder Bay COLONIAL YELLOW LLC 15.59% 14,743.33 14,742.83 0.50 Intercompany Equity

Thunder Bay COSTA AZUL, LLC 244,884.08 244,884.08 - Intercompany Equity

Thunder Bay COUNCIL-380, LLC 296,245.67 296,245.67 - Intercompany Equity aka Retreat at Stonebridge Ranch

Thunder Bay COURT & VILLA APTS INC 1,000.00 1,000.00 - Intercompany Equity Capital Stock

Thunder Bay D GENERAL, LLC 35,776.00 35,779.21 (3.21) Intercompany Equity

Thunder Bay DEN GLEN, LLC (115,071.64) (115,071.08) (0.56) Intercompany Equity

Thunder Bay DEN TOWN, LLC 593,929.59 593,934.03 (4.44) Intercompany Equity

Thunder Bay DZ SPECIAL, LLC 70,866.99 70,867.05 (0.06) Intercompany EquityThunder Bay ESCENA 192,319.00 192,319.00 - Intercompany Equity

Thunder Bay FIELDSON, LLC 835,678.43 835,679.35 (0.92) Intercompany Equity

Thunder Bay FRED, RICKS & BERG APTS LLC 99% 704,112.92 704,111.84 1.08 Intercompany Equity

Thunder Bay GOOSEBROOK, LLC 50% 860,331.61 860,331.35 0.26 Intercompany Equity

Thunder Bay HPI INVESTMENTS, LLC 955,733.88 955,733.28 0.60 Intercompany Equity

Thunder Bay INVENESS, LLC 628,637.16 628,637.16 - Intercompany Equity

Thunder Bay JAKE & TATE 50% (1,201,760.73) (1,201,761.24) 0.51 Intercompany Equity

Thunder Bay JAKE & TATE COOPER GLEN 16.40% 1,300,000.00 1,300,000.00 - Intercompany Equity

Thunder Bay KAMY LAKES, LLC 0.301% 79,832.19 79,832.19 - Intercompany Equity

Thunder Bay LAMP SON, LLC 50% 1,614,041.79 1,614,040.79 1.00 Intercompany Equity

Thunder Bay MANDIVO, LLC 825,069.37 825,069.37 - Intercompany Equity

Thunder Bay MARVISTA 114,545.65 114,545.65 - Intercompany Equity

Thunder Bay MAYO, LLC 1,276,005.89 1,704,899.05 (428,893.16) Intercompany EquityThunder Bay MONTE FORTE, LLC 945,851.28 945,851.28 - Intercompany Equity

Thunder Bay NORTH BASS LLC 1% 17,436.95 17,437.06 (0.11) Intercompany Equity

Thunder Bay OAK CITY, LLC 52.1% (41,893.83) (41,893.83) - Intercompany Equity

Thunder Bay PEBBLE LAKES, LLC 7.089% 306,710.82 306,592.05 118.77 Intercompany Equity

Thunder Bay PERPETUAL, LLC 536,342.67 536,342.67 - Intercompany Equity

Thunder Bay PROVIDENT POINT, LLC 50% 674,860.24 674,860.24 - Intercompany Equity

Page 9 of 74





Thunder Bay RED CITY, LLC 4.05% 2,125.78 2,124.84 0.94 Intercompany Equity

Thunder Bay SAN MARINA 44.26% 734,155.68 734,157.52 (1.84) Intercompany Equity

Thunder Bay SANTANA SPRINGS 335,180.62 335,179.72 0.90 Intercompany Equity

Thunder Bay SOCOURT, LLC 743,996.41 743,996.05 0.36 Intercompany Equity

Thunder Bay SOLAR BRIDGE, LLC 229,224.12 229,224.13 (0.01) Intercompany Equity

Thunder Bay SOLAR SANDS, LLC 1,890,875.29 1,890,875.29 - Intercompany Equity

Thunder Bay SOUTH BASS LLC 1% (94,507.22) (94,506.88) (0.34) Intercompany Equity

Thunder Bay V AUSTIN VILLA, LLC 81.25% 1,085,957.55 1,085,956.55 1.00 Intercompany Equity

Thunder Bay VOLENTE CITY LLC (4,008,221.39) (4,008,222.41) 1.02 Intercompany Equity

Thunder Bay WOLF SON, LLC 50.4% 707,151.66 707,149.72 1.94 Intercompany Equity

Thunder Bay WYNDURT, LLC 876,984.84 876,984.84 - Intercompany Equity

Upper Muddy River CLEARFIELD 1,143,963.72 1,143,963.72 - Intercompany Equity aka Beleza Bay

Upper Muddy River BROOKHAVEN 415,917.07 415,917.07 - Intercompany Equity

Upper Muddy River DISCOVERY POINT, LLC 1,471,656.13 1,471,656.13 - Intercompany Equity

Upper Muddy River JEFFERSON CHASE, LLC 455,932.61 455,932.61 - Intercompany Equity

Upper Muddy River LAKE RIDGE 934,236.37 934,236.37 - Intercompany Equity

Upper Muddy River REESE ROAD 425,000.00 425,000.00 Intercompany Debt

V Austin Villas ACCUM DEPRECIATION (325.00) (325.00) Fixed Asset

V Austin Villas JEFFERSON CHASE 911,859.92 911,859.92 - Intercompany Equity

V Austin Villas LAKE RIDGE 467,155.67 467,155.66 0.01 Intercompany Equity

V Austin Villas PRYOR CREEK 498,002.65 498,002.65 - Intercompany Equity

V Austin Villas SEC 754 BUILDING 6,142.66 6,142.66 Fixed Asset

V Austin Villas SEC 754 LAND 330.89 330.89 Fixed Asset

Villa Florence HIGH STAR RANCH 781,096.05 781,095.63 0.42 Intercompany Equity

Volente City GOODFELLOW (54,361.00) (730,117.00) 675,756.00 Intercompany Equity

WAJ & MBJ MCKINNEY WILLOW WOOD, LP 1,076,120.00 1,076,120.00 Likely 3rd Party

WAJ & MBJ BOCA RATON APTS 195,261.29 195,263.25 (1.96) Intercompany Equity

WAJ & MBJ BRIDGE POINT (427,415.90) (427,408.50) (7.40) Intercompany Equity

WAJ & MBJ CIRCLE J FARMS 149,844.74 149,844.90 (0.16) Intercompany Equity

WAJ & MBJ I-15 STORAGE 1,292,759.94 1,292,759.94 - Intercompany Equity

WAJ & MBJ JAKE & MAC CHARLESTONIAN 51,612.02 51,612.54 (0.52) Intercompany Equity

WAJ & MBJ MOTSARIKA APTS, L.L.C. (593,855.79) (593,857.58) 1.79 Intercompany Equity

WAJ & MBJ VILLA DEL SUR 905,871.57 905,871.38 0.19 Intercompany Equity aka Amistad

WAJ & MBJ PATRIOT AMERICAN (108,858.00) (108,858.00) Unexplained Difference

Wells & Vala TUSCANY GARDENS, LTD 1,823,711.92 1,823,711.84 0.08 Intercompany Equity

Wolf Son BROOKHAVEN 457,646.01 457,646.01 - Intercompany Equity

Wolf Son JEFFERSON CHASE 328,256.63 328,256.63 - Intercompany Equity

Page 10 of 74





Wolf Son LAKES EDGE 354,523.51 354,523.51 - Intercompany Equity

Wyndurt ACCUM DEPRECIATION (4,614.00) (4,614.00) Fixed Asset

Wyndurt SEC 754 BUILDING 547,780.44 547,780.44 Fixed Asset

Wyndurt SEC 754 CARPETS & APPL 9,243.98 9,243.98 Fixed Asset

Wyndurt SEC 754 LAND 32,003.92 32,003.92 Fixed Asset

Wyndurt WYNDSOR COURT 1,461,912.00 1,461,912.00 - Intercompany Equity

Yellow Rose BALLS & SORBER 21,671.69 21,671.69 Likely 3rd Party

Yellow Rose CINNAMON WOODS 989,346.70 989,346.70 Likely 3rd Party

Yellow Rose COLONIAL EDGEWOOD HOLDINGS, LLC 164,910.00 164,910.00 Likely 3rd Party

Yellow Rose IBIS (10,997.00) (10,997.00) Likely 3rd Party

Yellow Rose STONY FORK ASSOC 340,246.63 340,246.63 Likely 3rd Party

Yellow Rose WATER HOLLOW LOT 311.50 311.50 Likely 3rd Party

TOTALS 153,236,634.86$ 134,112,309.53$ 19,124,325.33$

2007 Summary by CategoryCategory Amount % Of Total NotesIntercompany Debt 2,045,000 1.3% [1]

SUB TOTAL 2,045,000$ 1.3%

Intercompany Equity 134,112,310 87.5% [2]Intercompany Equity Differences 6,552,398 4.3% [2]Missing QuickBooks 1,000 0.0% [2]Unexplained Difference (9,396) 0.0% [2]Fixed Asset 1,813,238 1.2% [3]

SUB TOTAL 142,469,550$ 93.0%TOTAL 144,514,550$ 94.3% [4]

Likely 3rd Party 8,722,085 5.7% [5]GRAND TOTAL 153,236,635$ 100.0%

[1] This amount was written off to "Total Notes Payable."[2] This amount was written off to "Total Equity."[3] This amount was written off to "Total Equity" because Real Estate has already been adjusted to fair market value, see Exhibit 16.[4] This amount was written off to "Total Investments."[5] This amount remains on the books as third party investments.

Page 11 of 74





AC Apartments BEEVILLE APTS 49% (1,055,787.24)$ (1,055,786.97)$ (0.27)$ Intercompany Equity

AC Apartments CLEBURNE 99% 142,624.38 142,627.33 (2.95) Intercompany Equity

AC Apartments HONDO 49% (392,670.56) (392,671.60) 1.04 Intercompany Equity aka Encinito

AC Apartments SYCAMORE FARMS 49.5% 2,672,144.31 342,515.92 2,329,628.39 Intercompany Equity


Alson KULA ESTATES, LLC 958,286.06 958,286.06 - Intercompany Equity

Baruja ESCENA 485,575.93 485,575.93 - Intercompany Equity aka Escena Properties


Beleza Bay SPRING GATE, LLC 27,045.81 27,045.81 - Intercompany Equity

Beleza Bay CLEARFIELD 2,456,205.63 2,456,205.63 Likely 3rd Party


Blanca Winds VINTAGE PLACE, LLC 93,730.51 93,730.51 - Intercompany Equity


Boca Raton COUNCIL PROPERTIES LLC 33% 146,157.86 146,155.73 2.13 Intercompany Equity

Boca Raton ROSE HILL LLC 1% (915,136.98) (915,136.64) (0.34) Intercompany Equity


Boca Raton JOHNSON LAND HOLDINGS 267,841.47 267,841.47 Likely 3rd Party

Boca Raton MANAGEMENT MASTERS 734,148.50 734,148.50 - Intercompany Equity


BradSon IRON WOODS 957,448.84 957,448.84 - Intercompany Equity

BradSon RETREAT @ STONEBRIDGE RANCH 1,572,348.80 1,572,348.80 - Intercompany Equity

BradSon THE CHARLESTONIAN 871,772.92 871,772.92 - Intercompany Equity

BradSon TUSCANY GARDENS 907,803.64 907,803.64 - Intercompany Equity



Bridge Point Cptl CASH ZONE OH 78,325.00 78,325.00 Likely 3rd Party

Bridge Point Cptl CASH ZONE TX (1,354,163.70) (1,354,163.70) Likely 3rd Party




Brutace SEC 754 LAND 1,273.55 1,273.55 Fixed Asset

Brutace THE CHARLESTONIAN 435,886.46 435,886.46 - Intercompany Equity

Build Value DISCOVERY GROVE 499,444.55 499,444.55 - Intercompany Equity

Build Value KOMO MAI 499,699.56 499,699.56 - Intercompany Equity

Build Value TETONIAN 499,990.06 499,990.06 - Intercompany Equity

Business Pros BROOKHAVEN 654,355.36 654,355.36 - Intercompany Equity


Page 12 of 74





Business Pros THE CHARLESTONIAN 871,772.92 871,772.92 - Intercompany Equity


Car Vala CALA 9.29% 619,521.89 619,521.89 - Intercompany Equity


Car Vala KOMO MAI 1,461,599.14 1,461,599.14 - Intercompany Equity


Car Vala VINTAGE PLACE, LLC 899,956.76 899,956.76 - Intercompany Equity


Cletace MID AMERICA AIRPARK 383,288.12 383,288.12 - Intercompany Equity







Costa Azul THE RESERVE 852,739.96 852,739.96 - Intercompany Equity aka Reserve at Abbie Lakes

Council Properties ALSON, LLC 1,536,183.07 1,536,183.07 - Intercompany Equity

Council Properties AUTUMN HILLS 635,000.00 635,000.00 - Intercompany Equity

Council Properties BARUJA, LLC 33.0% 284,769.18 284,769.18 - Intercompany Equity

Council Properties BAYTOWN STONEBROOK 1,587,322.65 1,587,322.66 (0.01) Intercompany Equity

Council Properties BEEVILLE APARTMENTS 49.5% 1,134,794.97 884,171.12 250,623.85 Intercompany Equity



Council Properties BUILD VALUE, LLC 999,567.09 992,958.68 6,608.41 Intercompany Equity


Council Properties COOPER STREET 1,997,202.94 1,997,202.94 - Intercompany Equity

Council Properties CREEKSIDE AT NORTHLAKE 49.5% 44,975.12 44,975.12 - Intercompany Equity

Council Properties DIMAZIO, LLC 785,940.88 785,940.87 0.01 Intercompany Equity

Council Properties FALCONHEAD PROPERTIES (206,551.40) (206,551.40) - Intercompany Equity



Council Properties KINGSON, LLC 934,363.35 934,363.35 - Intercompany Equity

Council Properties KOM MAI, LLC 655,206.92 655,206.92 - Intercompany Equity

Council Properties LOS COLINAS 50C 2,007,983.95 2,007,983.95 - Intercompany Equity aka Escena Properties

Council Properties MELSON, LLC 551,528.94 551,528.94 - Intercompany Equity


Council Properties NOALLSON, LLC 1,786,711.32 1,786,711.32 - Intercompany Equity

Page 13 of 74





Council Properties NORTH BASS, LLC 99% 877,212.86 877,211.97 0.89 Intercompany Equity


Council Properties PATRIOTS' DREAM (1,188.36) (9,285.54) 8,097.18 Intercompany Equity



Council Properties ROSONS, LLC 766,052.83 766,052.83 - Intercompany Equity


Council Properties SPRING GATE, LLC 469,630.51 469,630.51 - Intercompany Equity

Council Properties STONEBRIDGE APARTMENTS 266,410.83 266,410.83 - Intercompany Equity

Council Properties STONEBROOK AT GOOSECREEK 1,569,997.42 1,569,997.42 - Intercompany Equity


Council Properties TETONIAN PROPERTIES 5,312,494.50 5,312,494.50 - Intercompany Equity

Council Properties THE FALLS (16.78) (16.78) - Intercompany Equity


Council Properties VINTAGE PLACE 93,730.51 93,730.51 - Intercompany Equity

Council Properties WINKSON, LLC 1,071,759.47 1,071,759.47 - Intercompany Equity

Council Properties LAKE LAVON 1,568,363.00 1,568,363.00 Likely 3rd Party

Council Properties ARKWALK, LLC 428,024.00 428,024.00 - Intercompany Equity aka Meadow Walk

Court & Villa SPRING GATE, LLC 123,286.31 123,286.31 - Intercompany Equity

Courtyard Park HPH DESIGN 45% (46,213.00) (46,213.00) Likely 3rd Party

Courtyard Park I 80TH SOUTH PARTNERS 161,611.41 161,611.41 - Intercompany Equity


Courtyard Park I MSC PROPERTIES 125,000.00 125,000.00 Likely 3rd Party SP 5 Lots

Courtyard Park I WEALTH INVESTMENT GROUP 5,000.00 5,000.00 Likely 3rd Party


D General CLEAR CREEK 206,915.74 206,915.74 - Intercompany Equity Cleark Creek I + Clear Creek II

D General KOMO MAI 1,461,599.14 1,461,599.14 - Intercompany Equity

D General RETREAT @ STONEBRIDGE RANCH 1,126,032.24 1,126,032.24 - Intercompany Equity

D General STONE BROOK IDAHO 431,602.33 434,310.66 (2,708.33) Intercompany Equity

D General STONEBROOK BAYTOWN TEXAS 2,707.60 - 2,707.60 Intercompany Equity

D General TETONIAN PROPERTIES 869,982.73 869,982.73 - Intercompany Equity

D General VINTAGE PLACE 363,305.91 363,305.91 - Intercompany Equity

D General PARK VIEW 445,245.59 445,245.59 - Intercompany Equity aka King George



Den Town MID AMERICA AIRPARK 287,466.12 287,466.12 - Intercompany Equity


Page 14 of 74







Den Town PARK VIEW 342,714.44 342,714.44 - Intercompany Equity aka King George

Dimazio ACCUM DEPRECIATION (15.00) (15.00) Fixed Asset

Dimazio ESCENA 402,442.86 402,442.86 - Intercompany Equity

Dimazio TUSCANY GARDENS 974,270.53 974,270.53 - Intercompany Equity

Dimazio VINTAGE PLACE, LLC 539,933.63 539,933.63 - Intercompany Equity

Dixie Winds COUNCIL PROPERTIES LLC 33% 146,154.84 146,155.72 (0.88) Intercompany Equity



Doah View CALA 476,551.28 476,551.28 - Intercompany Equity

Doah View CLEAR CREEK 413,953.20 413,953.20 - Intercompany Equity Cleark Creek I + Clear Creek II



Doah View VINTAGE PLACE, LLC 3,599,726.00 3,599,726.00 - Intercompany Equity

Doah View PARK VIEW 356,214.44 356,214.44 - Intercompany Equity aka King George

DZ Special ACCUM DEPRECIATION (565.00) (565.00) Fixed Asset

DZ Special LAKES EDGE 302,622.31 302,622.31 - Intercompany Equity




FieldSon TETONIAN PROPERTIES 119,997.61 119,997.61 - Intercompany Equity

Gateway Properties New GREEN OAKS OFFICE 69% (7,393.00) (7,393.00) Likely 3rd Party

Gateway Properties New BROOKLYN CROSSING 61.1% 1,791,544.98 1,791,544.98 - Intercompany Equity

Gateway Properties New CALA SENIORS 37.44% (19,585.00) (19,584.26) (0.74) Intercompany Equity

Gateway Properties New DISCOVERY GROVE, LLC 66% 966,386.52 966,388.56 (2.04) Intercompany Equity

Gateway Properties New DISCOVERY POINT 57% 2,571,765.15 2,571,765.18 (0.03) Intercompany Equity

Gateway Properties New DISCOVERY POINT II, LLC 65.35% 721,355.50 721,354.56 0.94 Intercompany Equity

Gateway Properties New ENTRADA 759,144.30 759,144.29 0.01 Intercompany Equity

Gateway Properties New PARCEL 7 & 54 323,713.89 432,416.16 (108,702.27) Intercompany Equity

Gateway Properties New ZACA, LLC 99% (254.88) (254.88) - Intercompany Equity

Gateway Properties New WESTFIELD SHERMAN 69% (14,868.00) (14,868.00) Likely 3rd Party


Greater Fred (Highland Oaks) INVESTMENTS - Other 100,000.00 100,000.00 Likely 3rd Party BC Utilities

Group Wise BARE SMOKEY TRAILS 97,858.44 97,858.44 - Intercompany Equity

Group Wise VINTAGE PLACE, LLC 93,730.51 93,730.51 - Intercompany Equity

High Star Ranch VINTAGE PLACE, LLC 281,242.09 281,242.09 - Intercompany Equity

Page 15 of 74





HPI Investments DISCOVERY POINT II, LLC 750,296.11 750,296.11 - Intercompany Equity

HPI Investments LAKES EDGE 356,437.91 356,437.91 - Intercompany Equity

HPI Investments PRYOR CREEK 564,489.55 564,489.55 - Intercompany Equity

HPI Investments RETREAT @ STONEBRIDGE RANCH 579,930.80 579,930.80 - Intercompany Equity


Inveness THE RESERVE 767,498.55 767,498.55 - Intercompany Equity aka Reserve at Abbie Lakes

Jake & Tate DEZAVALA OAKS LLC 4,621,410.54 4,621,407.83 2.71 Intercompany Equity

Janison Investments SA TOWNHOMES 495,059.68 495,059.68 - Intercompany Equity aka Providence Estates


Jarustds KOMO MAI 974,399.60 974,399.60 - Intercompany Equity

Jarustds THE RESERVE 533,004.10 533,004.10 - Intercompany Equity aka Reserve at Abbie Lakes

Kamy Lakes ACCUM DEPRECIATION (325.00) (325.00) Fixed Asset

Kamy Lakes CLEAR CREEK 620,868.95 620,868.95 - Intercompany Equity Cleark Creek I + Clear Creek II

Kamy Lakes MID AMERICA AIRPARK 239,555.06 239,555.06 - Intercompany Equity




Kingson CALA SENIORS 497,384.58 497,384.58 - Intercompany Equity

Kingson KULA ESTATES 999,952.76 1,045,589.47 (45,636.71) Intercompany Equity

Kingson TETONIAN PROPERTIES 197,996.07 197,996.07 - Intercompany Equity

Komo Mai Estates KULIA I KA NU'U 7,887,700.23 7,887,700.23 - Intercompany Equity

Lamp Son KOMO MAI 974,399.60 974,399.60 - Intercompany Equity

Lamp Son MID AMERICA AIRPARK 574,932.23 574,932.23 - Intercompany Equity

Lamp Son SEC 754 STEP UP 13,031.19 13,031.19 Fixed Asset

Management Masters CLEAR CREEK 1 (3,523.70) (3,523.70) - Intercompany Equity


Management Masters DYNAMIC INTEGRATIONS, LLC 85% (6,391.48) (6,391.48) - Intercompany Equity

Management Masters MGMT MASTERS LOGAN OFFICE 24,072.45 596.04 23,476.41 Intercompany Equity


Mandivo PARCEL 7 & 54 998,755.04 998,755.04 - Intercompany Equity aka Entrada


Marvista SEC 754 BUILDING 12,004.56 12,004.56 Fixed Asset


Marvista TOSCANA 907,803.64 907,803.64 - Intercompany Equity

Mayo PARCEL 7 & 54 998,755.04 998,755.04 - Intercompany Equity aka Entrada

Melson MID AMERICA AIRPARK 479,110.23 479,110.23 - Intercompany Equity

Melson PARK VIEW 445,245.59 445,245.59 - Intercompany Equity aka King George

Page 16 of 74








Mistema Bay TETONIAN PROPERTIES 55,398.90 55,398.90 - Intercompany Equity

Mistema Bay THE RESERVE 511,666.34 511,666.34 - Intercompany Equity aka Reserve at Abbie Lakes

Monte Forte TOSCANA 2,504,604.20 2,504,604.20 - Intercompany Equity



MSI Corp ALSON, LLC 1% 11.64 11.64 - Intercompany Equity

MSI Corp APARTMENTS AT JEFFERSON CHASE 1 266.90 266.90 - Intercompany Equity

MSI Corp APARTMENTS AT LAKES RIDGE 1% 96,629.80 96,629.78 0.02 Intercompany Equity




MSI Corp BEEVILLE APTS 1% 22,797.78 17,683.01 5,114.77 Intercompany Equity



MSI Corp BOCA RATON 1% 3,110.72 3,109.71 1.01 Intercompany Equity

MSI Corp BOULDER DEV 1% 729.19 343.06 386.13 Intercompany Equity


MSI Corp BUSINESS PROS, LLC 1% 1,355.87 1,355.87 - Intercompany Equity



MSI Corp COLONIAL GREEN LLC S PLAINS 1% (17,316.04) (17,315.98) (0.06) Intercompany Equity aka Sierra Plains, LLC

MSI Corp COLONIAL RED, LLC 1% (4,221.29) (4,218.29) (3.00) Intercompany Equity



MSI Corp COURTYARD PARK I, LLC 1% 7,977.38 7,977.82 (0.44) Intercompany Equity





MSI Corp DEZAVALA OAKS APTS 1% (2,435.45) (2,430.84) (4.61) Intercompany Equity

MSI Corp DIXIE WINDS, LLC 1% 5,892.99 5,892.00 0.99 Intercompany Equity



MSI Corp GREATER FRED/SIERRA PLAINS 100% 91,132.99 91,133.39 (0.40) Intercompany Equity aka Sierra Plains, LLC

Page 17 of 74





MSI Corp GROUP WISE, LLC 1% 6.54 6.61 (0.07) Intercompany Equity



MSI Corp INVENESS, LLC 1% (1,746.83) (1,746.83) - Intercompany Equity

MSI Corp IRON WOODS ESTATES, LLC 1% (26.81) (26.81) - Intercompany Equity





MSI Corp KING GEORGE 1% (2,246.13) (2,246.13) - Intercompany Equity

MSI Corp KOMO MAI 1% (49.03) (49.03) - Intercompany Equity

MSI Corp KULA ESTATES, LLC 1% (2.38) (2.38) - Intercompany Equity

MSI Corp KULIA I KA NU'U 1% (61.92) (61.92) - Intercompany Equity

MSI Corp LAKE CHARLESTONIAN 1% (6,474.10) (6,476.10) 2.00 Intercompany Equity



MSI Corp MID AMERICA AIRPARK 1% (3.43) (3.43) - Intercompany Equity

MSI Corp MIRAFLORES SW 1% 1,362.57 1,362.71 (0.14) Intercompany Equity


MSI Corp MONTE FORTE, LLC 1% 2,870.04 2,708.68 161.36 Intercompany Equity


MSI Corp PEPPER WINDS, LLC 1% 1,942.09 1,941.57 0.52 Intercompany Equity

MSI Corp PRYOR CREEK 1% (3,112.27) (3,112.27) - Intercompany Equity

MSI Corp REESE ROAD 1% (143.22) (143.95) 0.73 Intercompany Equity

MSI Corp RETAMA HILL LLC 1% 11,745.48 11,745.03 0.45 Intercompany Equity




MSI Corp SAGEFIELD DUPLEXES 1% (813.76) (813.76) - Intercompany Equity


MSI Corp SKYPARK 1% 1,229.04 1,229.34 (0.30) Intercompany Equity

MSI Corp SNOW WINDS, LLC 1% (830.17) (830.16) (0.01) Intercompany Equity



MSI Corp STONEBROOK IDAHO 1% (1,463.49) (1,463.49) - Intercompany Equity


MSI Corp SUN WINDS, LLC 1% 5,085.23 5,084.32 0.91 Intercompany Equity

Page 18 of 74






MSI Corp TETONIAN PROPERTIES, LLC 1% (2.65) (1.65) (1.00) Intercompany Equity

MSI Corp THE FALLS 1% 878,768.79 878,767.78 1.01 Intercompany Equity






MSI Corp VINTAGE PLACE, LLC 1% (5,060.03) (5,056.03) (4.00) Intercompany Equity


MSI Corp WELLS & VALA, LLC 1% 8,665.10 866.27 7,798.83 Intercompany Equity



MSI Corp ZACA, LLC 1% (2.57) (2.57) - Intercompany Equity



MSI Corp PNL VENTURE 10% 82,116.82 82,117.34 (0.52) Intercompany Equity aka The Park at Northgate

MSI Corp ROCKBRIDGE, LLC 1% (36,310.48) (36,310.72) 0.24 Intercompany Equity aka Stonebridge


Mtn. Enterprises BLUE JAY 99% 825,280.02 825,280.02 - Intercompany Equity

Mtn. Enterprises JEFFERSON CHASE APARTMENTS 8,715,841.94 8,715,841.94 - Intercompany Equity

Mtn. Enterprises LAKE RIDGE 9,228,227.05 9,228,227.05 - Intercompany Equity

Mtn. Enterprises LAKES EDGE 3,648,229.42 3,648,229.42 - Intercompany Equity


Mtn. Enterprises SAL TUCSON LLC 50% 441,380.88 441,380.57 0.31 Intercompany Equity

Mtn. Enterprises SKYPARK 99% 121,703.59 121,704.73 (1.14) Intercompany Equity

Noallson DISCOVERY GROVE, LLC 15% 1,498,333.65 1,498,333.65 - Intercompany Equity

Noallson ESCENA 2,012,214.30 2,007,983.95 4,230.35 Intercompany Equity

North Bass CREEKSIDE @ NORTHLAKE LLC 872,345.07 872,345.05 0.02 Intercompany Equity



Oak City PARCEL 7 & 54 499,376.71 499,376.71 - Intercompany Equity aka Entrada

Parkwood Capital 49% INVESTMENT BRISTOL PINES BB 640,944.00 640,944.00 Likely 3rd Party

Parkwood Capital INVESTMENT IN PPR ROANOKE RETAI 82.00 82.00 Likely 3rd Party

Parkwood Capital INVEST IN BROOKLYN CROSSING 597,177.05 597,177.05 - Intercompany Equity

Parkwood Capital INVEST IN MOUNTAIN ENTERPRI 8,749,726.42 8,749,727.07 (0.65) Intercompany Equity

Patriot American MOUNTAIN ENTERPRISES 8,749,727.07 8,749,727.07 - Intercompany Equity

Page 19 of 74





Patriot American PLATINUM CONTROLS 139,427.99 139,427.99 - Intercompany Equity

Patriot American PLATINUM PROTECTION (2,274,686.00) - (2,274,686.00) Likely 3rd Party

Patriots' Dream CALA SENIORS 348,169.21 348,169.21 - Intercompany Equity

Patriots' Dream DISCOVERY GROVE, LLC 399,555.64 399,555.64 - Intercompany Equity

Pebble Lakes ACCUM DEPRECIATION (854.00) (854.00) Fixed Asset

Pebble Lakes CALA 476,551.28 476,551.28 - Intercompany Equity





Pepper Winds CHAMPION CAPITAL 1% (615.06) (614.64) (0.42) Intercompany Equity

Pepper Winds SPRING GATE, LLC 4,507.63 4,507.63 - Intercompany Equity

Pepper Winds SUNBURY RIDGE APTS, LLC 10% 42,889.74 42,889.74 - Intercompany Equity

Pepper Winds VINTAGE PLACE, LLC 93,730.51 93,730.51 - Intercompany Equity

Perpetual LAKES EDGE 284,683.62 284,683.62 - Intercompany Equity

Perpetual TETONIAN PROPERTIES 491,990.23 491,990.23 - Intercompany Equity



Provident Point PARK VIEW 311,676.41 311,676.41 - Intercompany Equity aka King George



Red City PARCEL 7 & 54 499,376.71 499,376.71 - Intercompany Equity aka Entrada





Rosons ESCENA 1,207,328.58 1,207,328.58 - Intercompany Equity

Rosons TETONIAN PROPERTIES 324,993.55 324,993.55 - Intercompany Equity

SalTucson AC APTS TEXAS LP 4.57% 545,232.39 545,232.71 (0.32) Intercompany Equity

San Marina ACCUM DEPRECIATION (628.00) (628.00) Fixed Asset

San Marina CLEAR CREEK 413,953.20 413,953.20 - Intercompany Equity

San Marina REESE ROAD 500,000.00 500,000.00 - Intercompany Equity


San Marina SEC 754 LAND 2,023.51 2,023.51 Fixed Asset


Santana Springs INVESTMENTS COLONIAL GREEN LLC 876,064.31 876,063.06 1.25 Intercompany Equity


Page 20 of 74





Satina PARK VIEW 445,245.59 445,245.59 - Intercompany Equity aka King George

Satina CLEAR CREEK 413,953.20 413,953.20 - Intercompany Equity


Snow Winds SPRING GATE, LLC 4,507.63 4,507.63 - Intercompany Equity


Snow Winds VINTAGE PLACE, LLC 93,730.51 93,730.51 - Intercompany Equity

Socourt ACCUM DEPRECIATION (28,223.00) (28,223.00) Fixed Asset

Socourt SEC 754 BUILDING 551,261.11 551,261.11 Fixed Asset




Solar Bridge IRON WOODS 957,448.84 957,448.84 - Intercompany Equity

Solar Bridge SEC 754 LAND 47,463.36 47,463.36 Fixed Asset

Solar Sands CLEARFIELD 474,458.91 474,458.91 - Intercompany Equity Intercompany Equity

Solar Sands IRON WOODS 957,448.84 957,448.84 - Intercompany Equity

Solar Sands THE CHARLESTONIAN 435,886.46 435,886.46 - Intercompany Equity




Spring Gate PNL VENTURE 728,087.56 728,087.56 - Intercompany Equity aka The Park at Northgate


Squaw Springs A.C. APARTMENTS TX L P 50% 1,214,050.99 1,214,050.99 - Intercompany Equity







Squaw Springs OAK HILLS APTS 1% (78,164.06) (83,278.52) 5,114.46 Intercompany Equity


Squaw Springs SHEPHERDS POINTE LLC 99% 1,078,240.12 1,078,240.21 (0.09) Intercompany Equity

Squaw Springs SOCOURT, LLC 48.79% 1,218,127.46 1,218,127.46 - Intercompany Equity

Squaw Springs SOUTH BASS, LLC 99% 902,877.05 902,877.05 - Intercompany Equity



Squaw Springs WYNDURT, LLC 43.36% 1,071,026.60 1,071,026.60 - Intercompany Equity

Sun Winds COUNCIL PROPERTIES LLC 33% 146,154.84 146,155.72 (0.88) Intercompany Equity

Page 21 of 74









Thunder Bay BRAD SON, LLC 3,530,822.77 3,530,822.34 0.43 Intercompany Equity

Thunder Bay BRUTACE LLC 1,000,183.53 1,000,179.33 4.20 Intercompany Equity

Thunder Bay BUSINESS PROS, LLC 2,494,141.05 2,494,140.13 0.92 Intercompany Equity

Thunder Bay CLETACE, LLC 6.037% 551,911.19 551,911.37 (0.18) Intercompany Equity


Thunder Bay COLONIAL YELLOW LLC 15.59% 1,475.68 1,475.18 0.50 Intercompany Equity






Thunder Bay DZ SPECIAL, LLC 76,194.18 76,194.10 0.08 Intercompany Equity

Thunder Bay ESCENA 194,285.21 194,285.21 - Intercompany Equity aka Escena Properties




Thunder Bay HPI INVESTMENTS, LLC 1,101,469.55 1,101,468.95 0.60 Intercompany Equity

Thunder Bay INVENESS, LLC 848,191.21 249,192.01 598,999.20 Intercompany Equity Adj made in 01/2009



Thunder Bay KAMY LAKES, LLC 0.301% 768,078.13 819,328.90 (51,250.77) Intercompany Equity Adj made in 01/2009

Thunder Bay LAKE CHARLESTONIAN 100,000.00 - 100,000.00 Intercompany Equity Adj made in 01/2009


Thunder Bay MANDIVO, LLC 338,022.43 338,022.19 0.24 Intercompany Equity

Thunder Bay MARVISTA 122,085.17 122,083.17 2.00 Intercompany Equity

Thunder Bay MAYO, LLC 1,657,149.10 1,657,149.05 0.05 Intercompany Equity

Thunder Bay MONTE FORTE, LLC 1,327,202.38 1,321,216.97 5,985.41 Intercompany Equity



Thunder Bay PEBBLE LAKES, LLC 7.089% 527,093.50 527,094.73 (1.23) Intercompany Equity



Thunder Bay RED CITY, LLC 4.05% 2,042.86 2,043.60 (0.74) Intercompany Equity

Page 22 of 74





Thunder Bay SAN MARINA 44.26% 832,837.72 845,310.56 (12,472.84) Intercompany Equity


Thunder Bay SOCOURT, LLC 648,214.24 648,213.88 0.36 Intercompany Equity







Thunder Bay WYNDURT, LLC 783,936.12 783,936.12 - Intercompany Equity

Upper Muddy River CLEARFIELD 1,091,255.35 1,091,255.35 - Intercompany Equity Intercompany Equity



Upper Muddy River KULA ESTATES, LLC 1,724,914.97 1,724,914.97 - Intercompany Equity


Upper Muddy River TETONIAN PROPERTIES 326,993.50 326,993.50 - Intercompany Equity

Upper Muddy River VINTAGE PLACE, LLC 899,956.76 899,956.76 - Intercompany Equity


V Austin Villas CALA 476,551.28 476,551.28 - Intercompany Equity

V Austin Villas CLEAR CREEK 413,953.20 413,953.20 - Intercompany Equity Cleark Creek I + Clear Creek II



V Austin Villas SEC 754 LAND 2,602.37 2,602.37 Fixed Asset

Villa Florence HIGH STAR RANCH 1,355,192.44 1,355,192.02 0.42 Intercompany Equity

Vintage Place PLUM TREE 3,128,854.77 3,128,854.77 - Intercompany Equity

Volente City GOODFELLOW (133,943.00) (730,117.00) 596,174.00 Intercompany Equity

WAJ & MBJ MCKINNEY WILLOW WOOD, LP 1,049,522.00 1,049,522.00 Likely 3rd Party

WAJ & MBJ BOCA RATON APTS (63,191.14) 308,060.82 (371,251.96) Intercompany Equity



WAJ & MBJ I-15 STORAGE 1,392,380.85 1,392,380.85 - Intercompany Equity

WAJ & MBJ JAKE & MAC CHARLESTONIAN (2,643.74) (2,643.22) (0.52) Intercompany Equity

WAJ & MBJ MOTSARIKA APTS, L.L.C. 2,012,618.48 2,012,616.69 1.79 Intercompany Equity

WAJ & MBJ VILLA DEL SUR 346,426.59 346,426.40 0.19 Intercompany Equity aka Amistad

WAJ & MBJ PATRIOT AMERICAN 4,026,389.01 4,026,389.01 Unexplained Difference

Wells & Vala TUSCANY GARDENS, LTD 1,520,690.11 1,520,690.03 0.08 Intercompany Equity

Winkson CALA SENIORS 238,275.59 238,275.59 - Intercompany Equity

Page 23 of 74





Winkson CLEAR CREEK 413,953.20 413,953.20 - Intercompany Equity


Wolf Son KULA ESTATES, LLC 383,312.04 383,312.04 - Intercompany Equity







Yellow Rose CINNAMON WOODS 969,700.70 969,700.70 Likely 3rd Party


Yellow Rose IBIS (12,728.00) (12,728.00) Likely 3rd Party



TOTALS 257,569,556.51$ 233,898,599.93$ 23,670,956.58$

Page 24 of 74





2008 Summary by CategoryCategory Amount % Of Total Notes

Intercompany Debt 1,545,000 0.6% [1]

SUB TOTAL 1,545,000$ 0.6%

Intercompany Equity 233,898,600 90.8% [2]

Intercompany Equity Differences 5,152,684 2.0% [2]

Missing QuickBooks 1,000 0.0% [2]

Unexplained Difference 4,026,389 1.6% [2]

Fixed Asset 2,101,573 0.8% [3]

SUB TOTAL 245,180,245$ 94.4%

TOTAL 246,725,245$ 95.0% [4]

Likely 3rd Party 10,844,311 4.2% [5]

GRAND TOTAL 257,569,557$ 100.0%

[1] This amount was written off to "Total Notes Payable."

[2] This amount was written off to "Total Equity."

[3] This amount was written off to "Total Equity" because Real Estate has already been adjusted to fair market value, see Exhibit 16.

[4] This amount was written off to "Total Investments."

[5] This amount remains on the books as third party investments.

Page 25 of 74






AC Apartments CLEBURNE 99% (424,424.30) (424,421.35) (2.95) Intercompany Equity

AC Apartments HONDO 49% (489,218.89) (489,219.93) 1.04 Intercompany Equity Encinito

AC Apartments SYCAMORE FARMS 49.5% 2,761,361.82 2,761,361.56 0.26 Intercompany Equity



Alson MEADOW WALK APTS, LLC 1,094,009.52 1,094,009.52 - Intercompany Equity

Autumn Hills TOSCANA 809,705.00 809,705.00 - Intercompany Equity

Autumn Hills DEZAVALA OAKS 948,988.39 948,988.39 - Intercompany Equity

Autumn Hills WYNDSOR COURT 940,309.28 940,309.28 - Intercompany Equity aka Wyndurt





Bison Bridge BW ACQUISITIONS 207,000.00 44,211.63 162,788.37 Intercompany Equity




Boca Raton COUNCIL PROPERTIES LLC 33% (798,588.02) 4,161.22 (802,749.24) Intercompany Equity

Boca Raton ROSE HILL LLC 1% (1,217,040.44) (1,217,040.10) (0.34) Intercompany Equity


Boca Raton JOHNSON LAND HOLDINGS (146,304.22) (146,304.22) Likely 3rd Party

Boca Raton MANAGEMENT MASTERS 1,048,330.06 1,048,330.06 - Intercompany Equity


BPJ Investments APTS AT JEFFERSON CHASE 115,819.19 115,819.19 - Intercompany Equity

BPJ Investments ESCENA PARK 198,619.37 198,619.37 - Intercompany Equity

BPJ Investments KOMO MAI 93,741.90 93,741.90 - Intercompany Equity

BPJ Investments KULA 100,000.00 100,000.00 Intercompany Debt

BPJ Investments MCKAMY LAKES 138,222.98 138,222.98 - Intercompany Equity

BPJ Investments MEADOW WALK 133,459.90 133,459.90 - Intercompany Equity

BPJ Investments RETREAT AT STONEBRIDGE RANCH 158,720.00 158,720.00 Intercompany Debt

BPJ Investments TOSCANA AT VALLEY RIDGE 135,788.14 135,788.14 - Intercompany Equity

BPJ Investments ABBIE LAKES 98,764.06 98,764.06 - Intercompany Equity aka Jake & Mac

BPJ Investments DEZAVALA OAKS 106,959.70 106,959.70 - Intercompany Equity aka Jake & Tate

BPJ Investments RETAMA RANCH 102,349.19 102,331.91 17.28 Intercompany Equity Retama Hill + Retama Richards + Retama Rose + Rock City


BradSon RETREAT @ STONEBRIDGE RANCH 323,783.06 323,783.06 - Intercompany Equity

BradSon THE CHARLESTONIAN 853,555.57 853,555.57 - Intercompany Equity aka Lake Charlestonian

Page 26 of 74









Bridge Point Cptl INNOVATIVE MGT GROUP (97,432.00) (97,432.00) Likely 3rd Party





Brutace THE CHARLESTONIAN 426,777.79 426,777.79 - Intercompany Equity aka Lake Charlestonian

Brutace BROOKSEDGE 892,026.56 892,026.56 - Intercompany Equity aka Jake & Mac


Build Value ESCENA PARK APTS, LLC 746,697.43 746,697.43 - Intercompany Equity



Business Pros BROOKHAVEN 443,098.40 443,098.40 - Intercompany Equity


Business Pros THE CHARLESTONIAN 853,555.57 853,555.57 - Intercompany Equity aka Lake Charlestonian

Business Pros ABBIE LAKES 711,603.84 711,603.84 - Intercompany Equity aka Jake & Mac

Business Pros WYNDSOR COURT 752,250.46 752,250.46 - Intercompany Equity aka Wyndurt





Car Vala KOMO MAI 1,368,086.00 1,368,085.70 0.30 Intercompany Equity



Car Vala ABBIE LAKES 180,295.83 180,295.83 - Intercompany Equity aka Jake & Mac

Clear Paradigm BROOKSEDGE 535,181.10 535,181.10 - Intercompany Equity aka Jake & Mac

Clear Paradigm DEZAVALA OAKS 948,988.39 948,988.39 - Intercompany Equity aka Jake & Tate

Clear Paradigm WYNDSOR COURT 645,149.34 645,149.34 - Intercompany Equity aka Socourt





Cletace DEZAVALA OAKS 946,488.39 946,488.39 - Intercompany Equity aka Jake & Tate



Page 27 of 74






Costa Azul THE RESERVE 782,924.14 782,924.14 - Intercompany Equity


Council Properties ALSON, LLC 1,542,314.71 1,542,314.71 - Intercompany Equity

Council Properties AUTUMN HILLS 1,355,466.25 1,355,466.25 - Intercompany Equity

Council Properties BARUJA, LLC 33.0% 283,958.98 283,958.97 0.01 Intercompany Equity


Council Properties BEEVILLE APARTMENTS 49.5% 766,755.45 766,755.60 (0.15) Intercompany Equity



Council Properties BUILD VALUE, LLC 992,958.67 992,958.68 (0.01) Intercompany Equity


Council Properties CLEAR PARADIGM 1,250,564.89 1,250,564.89 - Intercompany Equity

Council Properties COOPER STREET 2,323,045.00 2,321,393.91 1,651.09 Intercompany Equity

Council Properties CREEKSIDE AT NORTHLAKE 49.5% (29,347.16) (29,347.16) - Intercompany Equity



Council Properties FOUNTAIN LEGACY 490,325.56 490,325.56 - Intercompany Equity

Council Properties JAKE & MAC, LP 3,400,105.00 3,400,105.00 - Intercompany Equity






Council Properties MCKAMY LAKES 82,040.13 82,040.13 - Intercompany Equity






Council Properties PATRIOTS' DREAM (9,285.54) (9,285.54) - Intercompany Equity

Council Properties REEP INVESTMENTS (7.00) (7.43) 0.43 Intercompany Equity



Council Properties RIVER ROYAL, LLC 470,680.27 470,680.27 - Intercompany Equity




Page 28 of 74





Council Properties STONEBRIDGE APARTMENTS (3,269,862.12) (3,278,217.12) 8,355.00 Intercompany Equity

Council Properties STONEBROOK AT GOOSECREEK 1,991,202.54 1,991,202.55 (0.01) Intercompany Equity



Council Properties THE FALLS (582.78) (582.41) (0.37) Intercompany Equity

Council Properties TOSCANA 1,057,373.20 1,057,373.20 - Intercompany Equity


Council Properties VALLEY VIEW RESIDENTIAL 1,820,673.73 1,820,673.73 - Intercompany Equity

Council Properties VINTAGE PLACE 5,337,474.69 5,337,474.69 - Intercompany Equity

Council Properties WELLS & VALA, LLC (655.92) (655.92) - Intercompany Equity

Council Properties WINKSON, LLC 965,848.99 965,848.99 - Intercompany Equity

Council Properties ARKWALK, LLC (1,372,726.97) (1,372,459.90) (267.07) Intercompany Equity aka Meadow Walk



Courtyard Park 1 MSC PROPERTIES 125,000.00 125,000.00 Likely 3rd Party SP 5 Lots

Courtyard Park 1 80TH SOUTH PARTNERS 142,114.25 151,862.83 (9,748.58) Intercompany Equity

Courtyard Park 1 COURTYARD PARK 49.5% 669,414.83 669,415.24 (0.41) Intercompany Equity

Courtyard Park 1 WEALTH INVESTMENT GROUP 5,000.00 5,000.00 Likely 3rd Party


D General PARK VIEW 379,113.97 379,113.97 - Intercompany Equity aka King George

D General CLEAR CREEK 165,957.12 165,957.12 - Intercompany Equity Clear Creek I + Clear Creek II


D General RETREAT @ STONEBRIDGE RANCH 1,002,505.85 1,002,505.85 - Intercompany Equity

D General STONE BROOK IDAHO 408,183.27 408,184.00 (0.73) Intercompany Equity



Den Town PARK VIEW 271,829.27 271,829.27 - Intercompany Equity aka King George








Dimazio ESCENA 401,696.86 401,696.86 - Intercompany Equity Escena Properties



Dixie Winds COUNCIL PROPERTIES LLC 33% (798,591.01) 4,161.21 (802,752.22) Intercompany Equity

Page 29 of 74






Doah View PARK VIEW 303,329.27 303,329.27 - Intercompany Equity aka King George



Doah View CLEAR CREEK 332,151.68 332,151.68 - Intercompany Equity



DZ Special ACCUM DEPRECIATION (1,798.00) (1,798.00) Fixed Asset

DZ Special MEADOW WALK APTS 430,376.00 430,376.00 - Intercompany Equity

DZ Special WYNDSOR COURT 336,249.53 336,249.53 - Intercompany Equity aka Socourt





Fountain Legacy ESCENA PARK APTS, LLC 99,476.22 99,476.22 - Intercompany Equity

Fountain Legacy TETONIAN 495,945.67 495,945.80 (0.13) Intercompany Equity

Fountain Legacy TUSCANY GARDENS 478,539.42 478,539.42 - Intercompany Equity

Gateway Properties AGRITEXAS GAS 4,180,482.00 4,180,482.00 Likely 3rd Party

Gateway Properties ASH MINI STORAGE (25,642.00) (25,642.00) Likely 3rd Party

Gateway Properties GREEN OAKS OFFICE 69% (103,215.00) (103,215.00) Likely 3rd Party

Gateway Properties BROOKLYN CROSSING 61.1% 1,791,544.98 2,202,099.18 (410,554.20) Intercompany Equity

Gateway Properties CALA SENIORS 37.44% (285,490.73) (285,489.99) (0.74) Intercompany Equity

Gateway Properties DISCOVERY GROVE, LLC 66% 966,386.52 966,388.56 (2.04) Intercompany Equity

Gateway Properties DISCOVERY POINT 57% 2,538,603.08 2,538,603.11 (0.03) Intercompany Equity

Gateway Properties DISCOVERY POINT II, LLC 65.35% 721,355.50 721,354.56 0.94 Intercompany Equity

Gateway Properties ENTRADA 758,611.55 758,611.54 0.01 Intercompany Equity

Gateway Properties ESCENA PARK 6,648,398.46 6,648,398.46 - Intercompany Equity

Gateway Properties WESTFIELD SHERMAN 69% (45,884.00) (45,884.00) Likely 3rd Party

Gateway Properties LEAGUE THREE 471,988.26 471,988.26 - Intercompany Equity

Gateway Properties PARCEL 7 & 54 320,480.53 429,182.80 (108,702.27) Intercompany Equity

Gateway Properties ZACA, LLC 99% (1,318,397.29) (1,318,397.29) - Intercompany Equity

Goodson HAYNES 23,944.78 23,944.78 - Intercompany Equity


Goose Brook DEZAVALA OAKS 416,074.16 416,074.16 - Intercompany Equity aka Jake & Tate

Goose Brook RETAMA RANCH 1,122,858.27 1,122,479.55 378.72 Intercompany Equity Retama Hill + Retama Richards

Group Wise BARE SMOKEY TRAILS 90,775.62 90,775.12 0.50 Intercompany Equity


Group Wise DEZAVALA OAKS 104,835.99 104,835.99 - Intercompany Equity aka Jake & Tate

Page 30 of 74







HPI Investments PERPETUAL, LLC 110,695.88 110,695.88 - Intercompany Equity

HPI Investments PROVIDENT POINT, LLC 95,299.76 95,299.76 - Intercompany Equity



HPI Investments SATINA, LLC 76,227.88 76,227.88 - Intercompany Equity

HPI Investments BROOKSEDGE 282,900.05 282,900.05 - Intercompany Equity aka Jake & Mac



Inveness DEZAVALA OAKS 683,310.99 683,310.99 - Intercompany Equity aka Jake & Tate


Janison Investments SA TOWNHOMES 266,869.59 266,869.60 (0.01) Intercompany Equity aka Providence Estates



Jarustds THE RESERVE 489,358.43 489,358.43 - Intercompany Equity Reserve at Abbie Lakes


Kamy Lakes CLEAR CREEK 498,108.81 498,108.81 - Intercompany Equity Clear Creek I + Clear Creek II






Kingson KULA ESTATES 1,045,589.47 1,045,589.47 - Intercompany Equity



Kula Estates IOSEPA 3,609,147.82 3,609,147.82 - Intercompany Equity




League 3 TOSCANA 306,548.68 306,548.68 - Intercompany Equity

League 3 ABBIE LAKES 312,239.29 312,239.29 - Intercompany Equity aka Jake & Mac

League 3 WYNDSOR COURT 322,574.67 322,574.67 - Intercompany Equity aka Socourt




Management Masters MGMT MASTERS LOGAN OFFICE 24,072.45 1,355.82 22,716.63 Intercompany Equity


Page 31 of 74











Melson PARK VIEW 379,113.97 379,113.97 - Intercompany Equity aka King George

Melson MID AMERICA AIRPARK 453,974.22 453,974.22 - Intercompany Equity




Mistema Bay TETONIAN PROPERTIES 53,932.62 53,932.62 - Intercompany Equity

Mistema Bay THE RESERVE 469,770.90 469,770.90 - Intercompany Equity


Mountain Enterprises BLUE JAY 99% 469,735.74 469,735.74 - Intercompany Equity

Mountain Enterprises JEFFERSON CHASE APARTMENTS 7,965,480.55 7,965,480.55 - Intercompany Equity

Mountain Enterprises LAKE RIDGE 8,963,181.28 8,963,181.28 - Intercompany Equity

Mountain Enterprises LAKES EDGE 5,598,733.20 5,598,733.20 - Intercompany Equity

Mountain Enterprises POCA TUCSON LLC 50% 103,019.97 103,019.52 0.45 Intercompany Equity

Mountain Enterprises SAL TUCSON LLC 50% 103,200.36 103,200.05 0.31 Intercompany Equity

Mountain Enterprises SKYPARK 99% 121,049.76 121,050.90 (1.14) Intercompany Equity





MSI Corp PNL VENTURE 10% 80,976.33 71,852.93 9,123.40 Intercompany Equity aka The Park at Northgate

MSI Corp ROCKBRIDGE, LLC 1% (34,725.73) (34,725.97) 0.24 Intercompany Equity aka Stonebridge


MSI Corp ALSON, LLC 1% 155.67 155.67 - Intercompany Equity

MSI Corp APARTMENTS AT JEFFERSON CHASE 1 (5,978.54) (5,978.54) - Intercompany Equity





MSI Corp BEEVILLE APTS 1% 8,112.70 8,112.93 (0.23) Intercompany Equity


MSI Corp BLANCA WINDS, LLC 1% 862.68 862.57 0.11 Intercompany Equity

MSI Corp BOCA RATON 1% (10,177.58) (10,178.59) 1.01 Intercompany Equity

Page 32 of 74





MSI Corp BOULDER DEV 1% 1,044.68 1,048.46 (3.78) Intercompany Equity





MSI Corp COLONIAL GREEN LLC S PLAINS 1% (19,623.22) (19,623.16) (0.06) Intercompany Equity Under the name Sierra Plains, LLC










MSI Corp DIXIE WINDS, LLC 1% (3,705.32) (5,277.11) 1,571.79 Intercompany Equity



MSI Corp GOODSON, LLC (50,752.57) (50,752.57) - Intercompany Equity

MSI Corp GREATER FRED/SIERRA PLAINS 100% 90,651.90 90,652.30 (0.40) Intercompany Equity Under the name Sierra Plains, LLC 1%

MSI Corp GROUP WISE, LLC 1% (199.20) (199.13) (0.07) Intercompany Equity

MSI Corp HAYNES PROPERTY MGT (1,940.51) (1,940.51) - Intercompany Equity




MSI Corp IRON WOODS ESTATES, LLC 1% (33.81) (34.07) 0.26 Intercompany Equity





MSI Corp KING GEORGE 1% (4,762.29) (4,762.29) - Intercompany Equity


MSI Corp KULA ESTATES, LLC 1% 2,512.93 2,512.93 - Intercompany Equity






Page 33 of 74







MSI Corp MONTE FORTE, LLC 1% 1,073.59 1,073.23 0.36 Intercompany Equity


MSI Corp PEPPER WINDS, LLC 1% 1,644.41 1,643.89 0.52 Intercompany Equity


MSI Corp REEP INVESTMENTS 1% (0.14) (0.14) - Intercompany Equity


MSI Corp RETAMA HILL LLC 1% 11,276.46 11,672.03 (395.57) Intercompany Equity




MSI Corp SAGEFIELD DUPLEXES 1% (1,937.53) (1,937.53) - Intercompany Equity



MSI Corp SNOW WINDS, LLC 1% (1,476.96) (1,476.95) (0.01) Intercompany Equity



MSI Corp STONEBROOK IDAHO 1% (1,638.17) (1,638.17) - Intercompany Equity


MSI Corp SUN WINDS, LLC 1% (4,547.80) (4,548.71) 0.91 Intercompany Equity


MSI Corp TETONIAN PROPERTIES, LLC 1% (1,720.94) (1,719.94) (1.00) Intercompany Equity

MSI Corp THE FALLS 1% 822,770.97 822,769.96 1.01 Intercompany Equity The Falls @ Towne Crossing





MSI Corp VALLEY VIEW RES 1% 259.33 259.33 - Intercompany Equity







MSI Corp ZACA, LLC 1% (13,317.14) (13,317.14) - Intercompany Equity


Noallson ESCENA 2,008,507.30 2,008,507.30 - Intercompany Equity Escena Properties

Page 34 of 74





Noallson MCKAMY LAKES 1,062,560.05 1,062,560.05 - Intercompany Equity


Oak City ACCUM DEPRECIATION (247.00) (247.00) Fixed Asset


Oak City SEC 754 LAND 1,649.05 1,649.05 Fixed Asset









Patriots' Dream CALA SENIORS 346,682.30 346,682.30 - Intercompany Equity

Patriots' Dream DISCOVERY GROVE, LLC 399,555.64 399,555.64 - Intercompany Equity

Patriots' Dream DEZAVALA OAKS 284,733.40 284,733.40 - Intercompany Equity aka Jake & Tate









Pepper Winds SUNBURY RIDGE APTS, LLC 10% 16,921.45 16,921.45 - Intercompany Equity


Perpetual MEADOW WALK APTS 474,967.11 474,967.11 - Intercompany Equity


Perpetual THE CHARLESTONIAN 341,422.23 341,422.23 - Intercompany Equity aka Lake Charlestonian

Poca Tucson AC APTS TEXAS LP 4.57% 533,467.81 533,468.13 (0.32) Intercompany Equity

Provident Point PARK VIEW 265,389.31 265,389.31 - Intercompany Equity aka King George

Red City ABBIE LAKES 372,125.14 372,125.14 - Intercompany Equity aka Jake & Mac







Page 35 of 74





River Royal MCKAMY LAKE 327,016.50 327,016.50 - Intercompany Equity

River Royal TUSCANY GARDENS 335,266.14 335,266.14 - Intercompany Equity

River Royal WYNDSOR COURT 276,487.10 276,487.10 - Intercompany Equity aka Socourt



Rosons TETONIAN PROPERTIES 316,408.84 316,408.84 - Intercompany Equity

Sal Tucson AC APTS TEXAS LP 4.57% 533,467.81 533,468.13 (0.32) Intercompany Equity

San Marina ACCUM DEPRECIATION (1,462.00) (1,462.00) Fixed Asset

San Marina CLEAR CREEK 332,151.68 332,151.68 - Intercompany Equity Clear Creek I + Clear Creek II







Satina PARK VIEW 379,113.97 379,113.97 - Intercompany Equity aka King George

Satina CLEAR CREEK 332,151.68 332,151.68 - Intercompany Equity Clear Creek I + Clear Creek II










Solar Bridge IRON WOODS 907,208.90 903,042.23 4,166.67 Intercompany Equity




Solar Sands THE CHARLESTONIAN 426,777.79 426,777.79 - Intercompany Equity aka Lake Charlestonian


Spring Financial BW ACQUISITIONS 1,025,000.00 200,000.00 825,000.00 Intercompany Equity

Spring Gate PNL VENTURE 717,823.15 726,947.07 (9,123.92) Intercompany Equity aka The Park at Northgate




Squaw Springs A.C. APARTMENTS TX L P 50% 1,085,393.45 1,085,393.46 (0.01) Intercompany Equity

Page 36 of 74











Squaw Springs OAK HILLS APTS 1% (85,674.30) (85,674.76) 0.46 Intercompany Equity


Squaw Springs SHEPHERDS POINTE LLC 99% 1,246,296.77 1,246,296.86 (0.09) Intercompany Equity

Squaw Springs SOCOURT, LLC 48.79% 175,060.32 175,060.32 - Intercompany Equity

Squaw Springs SOUTH BASS, LLC 99% 769,114.85 769,114.85 - Intercompany Equity



Squaw Springs WYNDURT, LLC 43.36% 172,823.47 172,823.47 - Intercompany Equity

Sun Winds COUNCIL PROPERTIES LLC 33% (798,591.02) 4,161.20 (802,752.22) Intercompany Equity


Sunbury Ridge SUNBURY RIDGE LTD 167,214.49 167,214.49 - Intercompany Equity

Teach & Save BW ACQUISITIONS 1,000,000.00 - 1,000,000.00 Intercompany Equity








Thunder Bay COLONIAL YELLOW LLC 15.59% (1,451.65) (1,452.15) 0.50 Intercompany Equity







Thunder Bay ESCENA 193,840.21 193,840.21 - Intercompany Equity




Thunder Bay HPI INVESTMENTS, LLC 1,038,005.39 1,038,004.79 0.60 Intercompany Equity

Thunder Bay INVENESS, LLC 795,765.89 795,766.69 (0.80) Intercompany Equity

Page 37 of 74







Thunder Bay KAMY LAKES, LLC 0.301% 728,069.56 728,070.36 (0.80) Intercompany Equity

Thunder Bay LAKE CHARLESTONIAN 97,757.27 97,757.27 - Intercompany Equity




Thunder Bay MAYO, LLC 1,655,222.32 1,655,222.37 (0.05) Intercompany Equity

Thunder Bay MONTE FORTE, LLC 1,252,610.57 1,252,610.16 0.41 Intercompany Equity









Thunder Bay SOCOURT, LLC (171,202.89) (171,203.25) 0.36 Intercompany Equity







Thunder Bay WYNDURT, LLC (182,849.70) (182,849.70) - Intercompany Equity

Upper Muddy River CLEARFIELD 1,033,264.63 1,033,264.63 - Intercompany Equity aka Beleza Bay



Upper Muddy River KULA ESTATES, LLC 1,724,561.05 1,724,561.05 - Intercompany Equity

Upper Muddy River MEADOW WALK 415,116.02 415,116.02 - Intercompany Equity



Upper Muddy River TUSCANY GARDENS 933,970.55 933,970.55 - Intercompany Equity




V Austin Villas CLEAR CREEK 332,151.68 332,151.68 - Intercompany Equity Clear Creek I + Clear Creek II


Page 38 of 74









Volente City GOODFELLOW 20,482.00 (691,585.00) 712,067.00 Intercompany Equity

WAJ & MBJ MCKINNEY WILLOW WOOD, LP 15,636.00 15,636.00 Likely 3rd Party

WAJ & MBJ VILLA DEL SUR 317,501.59 317,501.78 (0.19) Intercompany Equity aka Amistad

WAJ & MBJ PATRIOT AMERICAN 3,543,975.21 3,543,975.21 Unexplained Difference

WAJ & MBJ BOCA RATON APTS (998,156.14) (1,421,627.16) 423,471.02 Intercompany Equity


WAJ & MBJ CIRCLE J FARMS 114,690.72 114,690.56 0.16 Intercompany Equity


WAJ & MBJ LEAGUE ELEVEN LLC (49,143.00) (49,142.80) (0.20) Intercompany Equity

WAJ & MBJ MOTSARIKA APTS, L.L.C. 2,800.48 2,798.48 2.00 Intercompany Equity

Winkson RETAMA RANCH 1,121,796.77 1,121,796.77 - Intercompany Equity Retama Rose + Rock City


Winkson CLEAR CREEK 332,151.68 332,151.68 - Intercompany Equity Clear Creek I + Clear Creek II









Yellow Rose CINNAMON WOODS 1,255,359.00 1,255,359.00 Likely 3rd Party




TOTALS 268,704,588.15$ 245,129,142.81$ 23,575,445.34$

Page 39 of 74







SUB TOTAL 2,303,720$ 0.9%


Intercompany Equity Differences 2,023,991 0.8% [2]



Fixed Asset 2,188,766 0.8% [3]

SUB TOTAL 252,886,876$ 93.3%

TOTAL 255,190,596$ 94.2% [4]

Likely 3rd Party 13,513,993 5.0% [5]

GRAND TOTAL 268,704,588$ 100.0%






Page 40 of 74






AC Apartments CLEBURNE 99% (650,241.55) (650,238.60) (2.95) Intercompany Equity

AC Apartments HONDO 49% (653,715.66) (653,716.70) 1.04 Intercompany Equity

AC Apartments SYCAMORE FARMS 49.5% 395,543.83 395,543.57 0.26 Intercompany Equity



Alson MEADOW WALK APTS, LLC 988,457.32 988,472.82 (15.50) Intercompany Equity

Autumn Hills TOSCANA 708,845.39 708,845.39 - Intercompany Equity

Autumn Hills DEZAVALA OAKS 829,262.47 829,262.35 0.12 Intercompany Equity aka Jake & Tate


Baruja ESCENA 464,921.93 464,921.93 - Intercompany Equity aka Escena Properties




Bison Bridge BW ACQUISITIONS 670,740.00 670,149.00 591.00 Intercompany Equity

Blanca Winds LA VALITA 98,997.53 98,997.53 - Intercompany Equity

Blanca Winds SUNBURY RIDGE APTS, LLC 10% (7,829.17) (7,829.17) - Intercompany Equity


Boca Raton CARVALA LLC 50% 3,314,410.15 3,409,326.61 (94,916.46) Intercompany Equity

Boca Raton COUNCIL PROPERTIES LLC 33% (2,197,798.54) (2,197,800.77) 2.23 Intercompany Equity


Boca Raton SUMMERWIND, LLC 49.5% (1,171,113.85) (1,171,113.85) - Intercompany Equity





BPJ Investments APTS AT JEFFERSON CHASE 99,380.48 (9,395.40) 108,775.88 Intercompany Equity

BPJ Investments BAYTOWN STONEBROOK 97,490.62 97,490.62 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

BPJ Investments ESCENA PARK 182,606.76 182,606.76 - Intercompany Equity

BPJ Investments KOMO MAI 85,214.18 85,214.18 - Intercompany Equity


BPJ Investments MEADOW WALK 115,603.13 115,603.13 - Intercompany Equity

BPJ Investments RETAMA RANCH 76,769.38 57,548.31 19,221.07 Intercompany Equity Retama Richards + Retama Hill + Retama Rose


BPJ Investments TENNESSEE PARK 92,299.13 92,299.13 - Intercompany Equity

BPJ Investments TOSCANA AT VALLEY RIDGE 115,891.59 115,891.59 - Intercompany Equity

BPJ Investments CLEBURNE TERRACE 171,093.35 171,093.35 - Intercompany Equity aka AC Apartments

Page 41 of 74





BPJ Investments DEZAVALA OAKS 90,050.42 90,050.74 (0.32) Intercompany Equity aka Jake & Tate


BradSon RETREAT @ STONEBRIDGE RANCH 102,561.09 102,561.09 - Intercompany Equity

BradSon THE CHARLESTONIAN 621,731.91 737,643.74 (115,911.83) Intercompany Equity aka Lake Charlestonian



Bridge Point Cptl BIOGUARD & INSTAR PEST CONTROL 351,774.00 351,774.00 Likely 3rd Party

Bridge Point Cptl CASH BIZ ONLINE (30,668.00) (30,668.00) Likely 3rd Party

Bridge Point Cptl CASH ZONE MO 150,134.61 150,134.61 Likely 3rd Party



Brutace BROOKSEDGE 742,653.44 742,653.44 - Intercompany Equity aka Jake & Mac





Brutace THE CHARLESTONIAN 310,865.95 367,821.87 (56,955.92) Intercompany Equity aka Lake Charlestonian


Build Value ESCENA PARK APTS, LLC 709,149.95 709,149.95 - Intercompany Equity



Business Pros ABBIE LAKES 568,088.42 568,088.42 - Intercompany Equity aka Jake & Mac


Business Pros THE CHARLESTONIAN 737,643.74 737,643.74 - Intercompany Equity aka Lake Charlestonian


Caddis Multi Family GOOSE BROOK, LLC 186,903.33 186,903.33 - Intercompany Equity

Caddis Multi Family JEFFERSON CHASE APTS 44,708.69 49,003.40 (4,294.71) Intercompany Equity

Caddis Multi Family RESERVE AT ABBIE LAKES APTS 48,887.87 48,896.87 (9.00) Intercompany Equity

Caddis Multi Family RIVER ROYAL, LLC 90,178.12 90,178.12 - Intercompany Equity

Caddis Multi Family STONEBROOK BAYTOWN APTS 47,356.09 47,356.09 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Car Vala ABBIE LAKES 143,977.26 143,977.26 - Intercompany Equity aka Jake & Mac







Page 42 of 74





Chelby Park, LLC CANTERRA PARK 946,204.43 1,017,420.34 (71,215.91) Intercompany Equity

Clear Paradigm BROOKSEDGE 445,524.26 445,524.26 - Intercompany Equity aka Jake & Mac

Clear Paradigm DEZAVALA OAKS 829,262.47 829,262.35 0.12 Intercompany Equity aka Jake & Tate

Clear Paradigm WYNDSOR COURT 615,125.13 615,125.13 - Intercompany Equity aka Socourt

Cletace DEZAVALA OAKS 796,762.47 796,762.35 0.12 Intercompany Equity aka Jake & Tate








Costa Azul THE RESERVE 693,683.11 693,683.11 - Intercompany Equity aka Reserve at Abbie Lakes

Council Properties ALSON, LLC 1,225,830.43 1,542,314.71 (316,484.28) Intercompany Equity







Council Properties CHAMPION CAPITAL 99% (54,768.57) (7,849.83) (46,918.74) Intercompany Equity



Council Properties CREEKSIDE AT NORTHLAKE 49.5% (143,654.98) (143,654.98) - Intercompany Equity





Council Properties JANISON INVESTMENTS (98,197.83) (98,197.83) - Intercompany Equity





Council Properties MCKAMY LAKES (77,572.37) 45,611.66 (123,184.03) Intercompany Equity




Page 43 of 74






Council Properties ARKWALK, LLC (1,388,386.05) (1,388,386.05) - Intercompany Equity aka Meadow Walk

Council Properties PATRIOTS' DREAM (22,812.34) (22,812.34) - Intercompany Equity

Council Properties REEP INVESTMENTS 583,808.16 583,807.73 0.43 Intercompany Equity







Council Properties STONEBRIDGE APARTMENTS (3,484,802.93) (3,278,217.12) (206,585.81) Intercompany Equity





Council Properties TOSCANA 984,617.21 984,617.21 - Intercompany Equity

Council Properties UPPER MUDDY RIVER, LLC 49.5% 2,314,744.99 3,082,297.45 (767,552.46) Intercompany Equity

Council Properties VALLEY VIEW RESIDENTIAL 1,043,934.75 1,154,173.73 (110,238.98) Intercompany Equity

Council Properties VINTAGE PLACE 4,962,385.78 4,962,385.78 - Intercompany Equity

Council Properties WELLS & VALA, LLC (2,262.90) (2,262.90) - Intercompany Equity

Council Properties WINKSON, LLC 783,630.41 783,630.39 0.02 Intercompany Equity


Council Properties NORTH SPRING PARK, LLC (2,044,482.57) (2,047,744.00) 3,261.43 Intercompany Equity




Courtyard Park ROXBURY STUDIOS 6,965.00 6,965.00 Likely 3rd Party

Courtyard Park I 80TH SOUTH PARTNERS 141,336.19 151,084.77 (9,748.58) Intercompany Equity





D General LAKE HOOD 506,829.04 506,829.04 - Intercompany Equity

D General RETREAT @ STONEBRIDGE RANCH 736,014.68 736,014.68 - Intercompany Equity


D General TENNESSEE 354,467.60 434,733.80 (80,266.20) Intercompany Equity


Page 44 of 74













Dimazio ESCENA 388,608.86 366,608.86 22,000.00 Intercompany Equity aka Escena Properties



Dixie Winds COUNCIL PROPERTIES LLC 33% (2,197,801.48) (2,197,800.74) (0.74) Intercompany Equity




Doah View CLEAR CREEK 249,852.57 249,852.57 - Intercompany Equity Clear Creek I + Clear Creek II




DZ Special MEADOW WALK APTS 388,852.23 388,852.23 - Intercompany Equity


FieldSon CLEARFIELD 508,749.06 508,887.29 (138.23) Intercompany Equity aka Beleza Bay




Fountain Hills RETREAT AT STONEBRIDGE RANCH 250,000.00 250,000.00 Intercompany Debt

Fountain Hills RIVER ROYAL, LLC 160,886.96 160,886.96 - Intercompany Equity

Fountain Hills MONTERRA PARK APTS 447,935.28 447,935.28 - Intercompany Equity aka Memphis Park

Fountain Legacy ESCENA PARK APTS, LLC 93,469.86 93,469.86 - Intercompany Equity

Fountain Legacy TETONIAN 471,430.37 471,430.50 (0.13) Intercompany Equity

Fountain Legacy TUSCANY GARDENS 418,915.91 418,915.91 - Intercompany Equity

Gateway Properties New AGRITEXAS GAS 5,065,452.00 5,065,452.00 Likely 3rd Party

Gateway Properties New ASH MINI STORAGE (61,876.00) (61,876.00) Likely 3rd Party


Gateway Properties New DISCOVERY GROVE, LLC 66% 875,153.05 795,953.82 79,199.23 Intercompany Equity



Page 45 of 74






Gateway Properties New ESCENA PARK 6,647,872.15 6,647,872.15 - Intercompany Equity

Gateway Properties New FOUNTAIN HILLS 976,381.87 976,381.87 - Intercompany Equity


Gateway Properties New LA VILLITA 148,498.04 148,498.04 - Intercompany Equity

Gateway Properties New LEAGUE THREE 421,714.02 446,851.14 (25,137.12) Intercompany Equity

Gateway Properties New PARCEL 7 & 54 311,491.53 424,434.80 (112,943.27) Intercompany Equity

Gateway Properties New ZACA, LLC 99% (1,332,302.67) (1,332,302.67) - Intercompany Equity

Gateway Properties New BROOKLYN CROSSING 61.1% 1,791,544.98 2,202,099.18 (410,554.20) Intercompany Equity


Goodson HAYNES (106,562.73) (106,562.73) - Intercompany Equity

Goose Brook DEZAVALA OAKS 322,737.43 322,737.20 0.23 Intercompany Equity aka Jake & Tate


Goose Brook RETAMA RANCH 843,096.41 842,717.69 378.72 Intercompany Equity Retama Hill + Retama Richards

Group Wise DEZAVALA OAKS 97,149.67 97,149.99 (0.32) Intercompany Equity aka Jake & Tate




HPI Investments BROOKSEDGE 235,517.36 235,517.36 - Intercompany Equity aka Jake & Mac


HPI Investments MEMPHIS PARK 703,133.52 703,133.52 - Intercompany Equity





HPI Investments SATINA, LLC 45,451.69 45,451.69 - Intercompany Equity

Inveness DEZAVALA OAKS 597,166.92 597,166.99 (0.07) Intercompany Equity aka Jake & Tate



Janison Investments SA TOWNHOMES (57,202.99) (57,202.98) (0.01) Intercompany Equity aka Providentce Estates








Page 46 of 74







Kingson KULA ESTATES 301,639.23 301,639.23 - Intercompany Equity



Kula Estates IOSEPA 112,840.21 112,840.21 - Intercompany Equity




League 3 ABBIE LAKES 259,987.99 259,987.99 - Intercompany Equity aka Jake & Mac

League 3 MONTERRA PARK 100,000.00 - 100,000.00 Intercompany Equity aka Memphis Park (recorded 8/31/2011 by MP)

League 3 JEFFERSON CHASE 150,000.00 - 150,000.00 Intercompany Equity

League 3 STONEBROOK IDAHO 199,201.69 199,201.69 - Intercompany Equity




Management Masters CLEAR CREEK 2 (8,207.88) (8,207.91) 0.03 Intercompany Equity

Management Masters DYNAMIC INTEGRATIONS, LLC 85% 2,175.06 2,175.06 - Intercompany Equity


Management Masters SUNBURY RIDGE (9,367.85) (6,876.63) (2,491.22) Intercompany Equity


Marvista ACCUM DEPRECIATION (1,507.00) (1,507.00) Fixed Asset


Marvista SEC 754 LAND 1,101.76 1,101.76 Fixed Asset



Melson MID AMERICA AIRPARK 428,808.29 428,808.79 (0.50) Intercompany Equity

Memphis Park MONTERRA PARK 899,519.37 828,303.46 71,215.91 Intercompany Equity



Mistema Bay PRYOR CREEK 104,620.40 104,619.58 0.82 Intercompany Equity

Mistema Bay TETONIAN PROPERTIES 51,215.55 51,216.38 (0.83) Intercompany Equity

Mistema Bay THE RESERVE 416,230.71 416,230.71 - Intercompany Equity aka Reserve at Abbie Lakes



MSI Corp ALSON, LLC 1% (7,278.77) 155.67 (7,434.44) Intercompany Equity


Page 47 of 74










MSI Corp BEEVILLE APTS 1% (1,495.36) (1,495.13) (0.23) Intercompany Equity



MSI Corp BOCA RATON 1% (29,339.44) (10,178.59) (19,160.85) Intercompany Equity


MSI Corp BROOKHAVEN 1% (2,316,085.16) (235,860.50) (2,080,224.66) Intercompany Equity


MSI Corp CASTLE WYNDSOR COURT 1% (22,885.81) (21,223.94) (1,661.87) Intercompany Equity


MSI Corp COLONIAL GREEN LLC S PLAINS 1% (20,446.28) (19,623.16) (823.12) Intercompany Equity Sierra Plains, LLC










MSI Corp DIXIE WINDS, LLC 1% (17,683.41) (5,277.11) (12,406.30) Intercompany Equity




MSI Corp GREATER FRED/SIERRA PLAINS 100% 90,646.01 90,646.41 (0.40) Intercompany Equity Sierra Plains, LLC








MSI Corp JAKE & TATE 1% 21,350.45 21,350.83 (0.38) Intercompany Equity

Page 48 of 74







MSI Corp KING GEORGE 1% 121.12 121.12 - Intercompany Equity


MSI Corp KULA ESTATES, LLC 1% (32,535.07) (32,535.07) - Intercompany Equity


MSI Corp LA VILLITA (116.41) (116.41) - Intercompany Equity


MSI Corp LAKE GRAN (6.33) (6.33) - Intercompany Equity

MSI Corp LAKE HOOD 2.36 (2.36) 4.72 Intercompany Equity


MSI Corp MCKAMY LAKES 1% (11,718.39) (10,473.28) (1,245.11) Intercompany Equity

MSI Corp MEMPHIS PARK (2,396.85) (2,396.85) - Intercompany Equity




MSI Corp MONTE FORTE, LLC 1% (343.50) (343.86) 0.36 Intercompany Equity

MSI Corp PEPPER WINDS, LLC 1% 3,300.37 1,643.89 1,656.48 Intercompany Equity

MSI Corp NORTH SPRING PARK, LLC 1% (23,944.54) (20,684.00) (3,260.54) Intercompany Equity


MSI Corp REEP INVESTMENTS 1% (1,165.44) (1,165.44) - Intercompany Equity







MSI Corp SAGEFIELD DUPLEXES 1% (2,894.11) (2,894.11) - Intercompany Equity








MSI Corp SUN WINDS, LLC 1% (20,673.65) (4,548.71) (16,124.94) Intercompany Equity

MSI Corp SYCAMORE FARMS APTS 49.5% & 1% 2,632,456.35 2,632,456.43 (0.08) Intercompany Equity

Page 49 of 74





MSI Corp TENNESSEE PARK (5,270.65) (5,270.65) - Intercompany Equity


MSI Corp THE FALLS 1% 822,308.33 822,307.32 1.01 Intercompany Equity


MSI Corp TOP CHOICE FOODS 1% 13.12 15.66 (2.54) Intercompany Equity

MSI Corp TOSCANA 1% (69,388.41) (22,886.43) (46,501.98) Intercompany Equity

MSI Corp UPPER MUDDY RIVER 1% (9,426.75) 6,078.64 (15,505.39) Intercompany Equity

MSI Corp VALLEY VIEW RES 1% 1,372.86 (854.20) 2,227.06 Intercompany Equity





MSI Corp WILOW PARK, LLC 1% (1,907.02) 1,097.58 (3,004.60) Intercompany Equity




MSI Corp ROCKBRIDGE, LLC 1% (38,866.96) (34,725.97) (4,140.99) Intercompany Equity aka Stonebridge

MSI Corp SA TOWNHOMES 1% (9,416.40) (9,415.97) (0.43) Intercompany Equity aka Providentce Estates





Mtn. Enterprises LAKES EDGE 5,212,299.31 5,212,299.31 - Intercompany Equity



Mtn. Enterprises SKYPARK 99% 438.27 439.41 (1.14) Intercompany Equity


Noallson ESCENA 1,943,431.30 1,943,431.30 - Intercompany Equity

Noallson MCKAMY LAKES 14,215.65 - 14,215.65 Intercompany Equity









Page 50 of 74






Parkwood Capital INVEST IN MOUNTAIN ENTERPRI 8,307,590.42 7,663,408.86 644,181.56 Intercompany Equity



Patriot American PLATINUM PROTECTION CA 167,026.00 - 167,026.00 Unexplained Difference

Patriots' Dream DEZAVALA OAKS 248,870.54 248,870.40 0.14 Intercompany Equity aka Jake & Tate

Patriots' Dream CALA SENIORS 346,682.30 345,844.45 837.85 Intercompany Equity

Patriots' Dream DISCOVERY GROVE, LLC 310,754.21 389,955.48 (79,201.27) Intercompany Equity








Pepper Winds LA VILLITA LLC 98,997.53 98,997.53 - Intercompany Equity


Pepper Winds SUNBURY RIDGE APTS, LLC 10% (7,829.16) (7,829.16) - Intercompany Equity


Perpetual MEADOW WALK APTS 429,149.78 429,149.78 - Intercompany Equity


Perpetual THE CHARLESTONIAN 295,057.50 295,057.50 - Intercompany Equity aka Lake Charlestonian


Provident Point CHELBY PARK 480,866.68 480,866.68 - Intercompany Equity

Red City ABBIE LAKES 297,034.08 297,034.08 - Intercompany Equity aka Jake & Mac



Reep Investments JEFFERSON CHASE 884,042.98 884,042.98 - Intercompany Equity








Rosons TETONIAN PROPERTIES 300,475.78 300,473.88 1.90 Intercompany Equity


Page 51 of 74






San Marina CLEAR CREEK 249,852.57 249,852.57 - Intercompany Equity Clear Creek I + Clear Creek II




San Marina THE CHARLESTONIAN 368,821.87 368,821.87 - Intercompany Equity aka Lake Charlestonian



Satina CHELBY PARK 643,775.25 643,775.25 - Intercompany Equity

Satina CLEAR CREEK 249,852.57 249,852.57 - Intercompany Equity Clear Creek I + Clear Creek II

Snow Winds LA VALITA 98,997.53 98,997.53 - Intercompany Equity



Snow Winds SUNBURY RIDGE 10% (7,829.16) (7,829.16) - Intercompany Equity











Solar Sands THE CHARLESTONIAN 368,821.87 368,821.87 - Intercompany Equity aka Lake Charlestonian


Spring Financial BW ACQUISITIONS 1,217,577.00 1,216,177.00 1,400.00 Intercompany Equity

Spring Gate PNL VENTURE 717,823.15 717,823.15 - Intercompany Equity aka The Park at Northgate




Squaw Springs A.C. APARTMENTS TX L P 50% 2,287,595.56 2,287,595.57 (0.01) Intercompany Equity


Squaw Springs CREEKSIDE AT NORTHLAKE 49.5% 456,257.92 456,345.02 (87.10) Intercompany Equity




Page 52 of 74





Squaw Springs MIRAFLORES 99% 1,273,644.49 1,273,645.75 (1.26) Intercompany Equity



Squaw Springs SHEPHERDS POINTE LLC 99% 1,234,206.94 1,246,296.86 (12,089.92) Intercompany Equity


Squaw Springs SOUTH BASS, LLC 99% 767,163.95 575,976.01 191,187.94 Intercompany Equity




Sun Winds COUNCIL PROPERTIES LLC 33% (2,197,801.49) (2,197,800.75) (0.74) Intercompany Equity


Sunbury Ridge LLC MANAGEMENT MASTERS 2,491.22 2,491.22 Unexplained Difference


Teach and Save BW ACQUISITIONS (143,864.00) (143,864.00) - Intercompany Equity

Tennessee Park LOAN FEES 84,774.58 84,774.58 Fixed Asset

Tennessee Park VERANO PARK, LLC 2,314,884.15 2,314,884.15 - Intercompany Equity


Thunder Bay AC APTS TX LP 1,583,152.40 1,583,152.40 - Intercompany Equity

Thunder Bay BRAD SON, LLC 2,771,325.91 2,904,700.00 (133,374.09) Intercompany Equity














Thunder Bay FRED, RICKS & BERG APTS LLC 99% 1,031,962.55 1,031,961.47 1.08 Intercompany Equity





Page 53 of 74







Thunder Bay LAKE CHARLESTONIAN 85,727.09 82,727.09 3,000.00 Intercompany Equity




Thunder Bay MAYO, LLC 1,652,832.71 1,652,832.76 (0.05) Intercompany Equity














Thunder Bay V AUSTIN VILLA, LLC 81.25% 846,087.33 846,086.33 1.00 Intercompany Equity



Thunder Bay WYNDURT, LLC (194,762.81) (194,762.81) - Intercompany Equity

Upper Muddy River CLEBURNE 714,625.53 714,625.53 - Intercompany Equity aka AC Apartments

Upper Muddy River CLEARFIELD 975,367.18 975,367.18 - Intercompany Equity aka Beleza Bay

Upper Muddy River BROOKHAVEN 177,698.73 - 177,698.73 Intercompany Equity


Upper Muddy River ESCENA PARK 719,998.62 679,998.62 40,000.00 Intercompany Equity

Upper Muddy River KULA ESTATES, LLC 385,450.69 385,450.69 - Intercompany Equity

Upper Muddy River MEADOW WALK 375,076.68 375,076.69 (0.01) Intercompany Equity

Upper Muddy River MEMPHIS PARK 532,574.20 532,574.20 - Intercompany Equity


Upper Muddy River STONEBRIDGE 404,738.47 430,000.00 (25,261.53) Intercompany Equity


Upper Muddy River TUSCANY GARDENS 827,462.99 827,462.99 - Intercompany Equity


Page 54 of 74







V Austin Villas CLEAR CREEK 249,852.57 249,852.57 - Intercompany Equity Clear Creek I + Clear Creek II







WAJ & MBJ PATRIOT AMERICAN (3,248,212.29) (3,248,212.29) Unexplained Difference

WAJ & MBJ BOCA RATON APTS (2,895,179.95) (1,421,627.16) (1,473,552.79) Intercompany Equity

WAJ & MBJ BRIDGE POINT (827,018.56) (899,767.77) 72,749.21 Intercompany Equity



WAJ & MBJ LEAGUE ELEVEN LLC (111,588.00) (111,588.37) 0.37 Intercompany Equity


WAJ & MBJ MOTSARIKA APTS, L.L.C. 2,318.48 2,318.78 (0.30) Intercompany Equity




Winkson RETAMA RANCH 840,942.41 419,666.20 421,276.21 Intercompany Equity Retama Rose only










Yellow Rose PINE CREEK (1,673.00) (1,673.00) Likely 3rd Party



TOTALS 221,699,400.04$ 219,850,572.63$ 1,848,827.42$

Page 55 of 74







SUB TOTAL 2,613,720$ 1.2%


Intercompany Equity Differences (1,680,011) -0.8% [2]


Unexplained Difference (3,078,695) -1.4% [2]

Fixed Asset 2,465,081 1.1% [3]

SUB TOTAL 217,557,948$ 97.0%

TOTAL 220,171,668$ 98.2% [4]

Likely 3rd Party 1,527,732 0.7% [5]

GRAND TOTAL 221,699,400$ 100.0%






Page 56 of 74





AC Apartments BEEVILLE APTS 49% (1,104,017.97)$ (1,132,017.69)$ 27,999.72$ Intercompany Equity

AC Apartments CLEBURNE 99% (685,241.55) (734,238.60) 48,997.05 Intercompany Equity

AC Apartments HONDO 49% (653,715.66) (635,716.70) (17,998.96) Intercompany Equity aka Encinito Properties


AC Apartments SYCAMORE FARMS 49.5% 395,543.83 - 395,543.83 Intercompany Equity


Alson MEADOW WALK APTS, LLC 945,960.67 931,810.62 14,150.05 Intercompany Equity

Alson LAKES EDGE 185,000.00 185,000.00 Unexplained Difference

Autumn Hills TOSCANA 662,315.39 658,085.39 4,230.00 Intercompany Equity


Autumn Hills DEZAVALA OAKS 779,262.43 779,262.31 0.12 Intercompany Equity aka Jake & Tate


Baruja CLEARFIELD 197,452.88 202,661.23 (5,208.35) Intercompany Equity aka Beleza Bay

Beleza Bay DEZEVALA APTS & JAKE & TATE 300,000.00 297,916.67 2,083.33 Intercompany Equity Jake & Tate



Bison Bridge BW ACQUISITIONS 207,107.00 307,189.00 (100,082.00) Intercompany Equity

Blanca Winds LA VALITA (11,856.22) (11,856.22) - Intercompany Equity

Blanca Winds SUNBURY RIDGE APTS, LLC 10% (7,829.17) - (7,829.17) Intercompany Equity


Boca Raton CARVALA LLC 50% 3,314,410.15 3,409,326.61 (94,916.46) Intercompany Equity

Boca Raton COUNCIL PROPERTIES LLC 33% (2,197,798.54) (2,197,800.77) 2.23 Intercompany Equity


Boca Raton SUMMERWIND, LLC 49.5% (1,171,113.85) (1,536,524.00) 365,410.15 Intercompany Equity





BPJ Investments APTS AT JEFFERSON CHASE 90,768.03 99,380.48 (8,612.45) Intercompany Equity

BPJ Investments BAYTOWN STONEBROOK 88,850.62 88,850.62 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

BPJ Investments CALA 124,964.02 123,849.69 1,114.33 Intercompany Equity

BPJ Investments ESCENA PARK 170,606.79 166,606.80 3,999.99 Intercompany Equity

BPJ Investments KOMO MAI 77,807.55 77,134.22 673.33 Intercompany Equity


BPJ Investments LA VILLITA_GARDEN TERRACE 204,097.12 164,097.12 40,000.00 Intercompany Equity

BPJ Investments MEADOW WALK 106,903.10 104,003.09 2,900.01 Intercompany Equity

BPJ Investments RETAMA RANCH 71,069.38 53,035.81 18,033.57 Intercompany Equity Retama Hill + Retama Richards + Retama Rose

Page 57 of 74






BPJ Investments TENNESSEE PARK (43,013.82) (43,013.82) - Intercompany Equity

BPJ Investments TOSCANA AT VALLEY RIDGE 103,778.30 104,451.63 (673.33) Intercompany Equity

BPJ Investments CLEBURNE TERRACE 159,676.65 162,343.31 (2,666.66) Intercompany Equity aka AC Apartments

BPJ Investments DEZAVALA OAKS 81,010.46 81,010.78 (0.32) Intercompany Equity aka Jake & Tate

BradSon COLONIAL GREEN 675,000.00 675,000.00 - Intercompany Equity


BradSon LAKES EDGE APTS 950,000.00 950,000.00 - Intercompany Equity

BradSon RESERVE @ ABBIE LAKES LLC 900,000.00 900,000.00 - Intercompany Equity

BradSon RETREAT @ STONEBRIDGE RANCH 26,019.46 19,061.13 6,958.33 Intercompany Equity

BradSon THE CHARLESTONIAN 580,065.21 695,977.04 (115,911.83) Intercompany Equity Lake Charlestonian



Bridge Point Cptl BIOGUARD & INSTAR PEST CONTROL 143,774.00 143,774.00 Likely 3rd Party

Bridge Point Cptl CASH BIZ ONLINE (30,668.00) (30,668.00) Likely 3rd Party

Bridge Point Cptl CASH ZONE MO 113,685.21 113,685.21 Likely 3rd Party

Bridge Point Cptl CASH ZONE TX 2,308,953.30 2,308,953.30 Likely 3rd Party


Brutace BROOKSEDGE 696,820.07 692,653.40 4,166.67 Intercompany Equity aka Jake & Mac





Brutace THE CHARLESTONIAN 290,032.64 347,988.56 (57,955.92) Intercompany Equity


Build Value ESCENA PARK APTS, LLC 681,024.95 671,649.95 9,375.00 Intercompany Equity

Build Value JAKE & TATE LLC 184,229.17 184,229.17 - Intercompany Equity

Build Value KOMO MAI 431,296.24 428,796.24 2,500.00 Intercompany Equity


Business Pros ABBIE LAKES 520,088.45 504,088.46 15,999.99 Intercompany Equity aka Jake & Mac

Business Pros BROOKHAVEN (8,333.34) (8,333.34) - Intercompany Equity


Business Pros THE CHARLESTONIAN 695,977.04 395,977.04 300,000.00 Intercompany Equity Lake Charlestonian


Caddis Multi Family BUSINESS PROS 73,831.85 73,831.85 - Intercompany Equity

Caddis Multi Family GOOSE BROOK, LLC 229,799.31 229,799.31 - Intercompany Equity

Caddis Multi Family JEFFERSON CHASE APTS 40,958.69 44,708.69 (3,750.00) Intercompany Equity

Page 58 of 74





Caddis Multi Family MARVISTA LLC 22,103.47 22,103.47 - Intercompany Equity

Caddis Multi Family MISTEMA BAY,LLC 272,072.15 272,072.15 - Intercompany Equity

Caddis Multi Family MONTE FORTE 92,263.21 92,263.21 - Intercompany Equity

Caddis Multi Family PERPETUAL, LLC 150,000.00 150,000.00 Intercompany Equity (Perpetual reports as Credit investment)

Caddis Multi Family RESERVE AT ABBIE LAKES APTS 44,387.87 44,396.87 (9.00) Intercompany Equity

Caddis Multi Family RIVER ROYAL, LLC 145,056.15 143,837.40 1,218.75 Intercompany Equity

Caddis Multi Family SPARTAN CAPITAL, LLC 291,400.68 291,000.00 400.68 Intercompany Equity

Caddis Multi Family STONEBROOK BAYTOWN APTS 42,856.09 42,856.09 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Car Vala ABBIE LAKES 129,116.26 127,765.26 1,351.00 Intercompany Equity aka Jake & Mac

Car Vala BROOKHAVEN 16.23% (8,333.34) (8,333.34) - Intercompany Equity

Car Vala CALA 9.29% 520,419.56 517,711.23 2,708.33 Intercompany Equity



Car Vala REESE ROAD (40,500.00) (40,500.00) Intercompany Debt

Car Vala TENNESSEE PARK 300,000.00 300,000.00 - Intercompany Equity



Caspian Properties LLC STONEBROOK APTS 441,562.50 442,500.00 (937.50) Intercompany Equity

Caspian Properties LLC INVESTMENTS - Other (4,166.68) (4,166.68) Unexplained Difference Payments to Escena Park Apartments, LLC

Castor Investments CALA 493,750.01 489,583.35 4,166.66 Intercompany Equity

Chelby Park CANTERRA PARK 715,202.09 786,418.00 (71,215.91) Intercompany Equity

Clear Paradigm BROOKSEDGE 420,524.26 415,524.26 5,000.00 Intercompany Equity aka Jake & Mac

Clear Paradigm DEZAVALA OAKS (116,570.90) (120,737.69) 4,166.79 Intercompany Equity aka Jake & Tate

Clear Paradigm WYNDSOR COURT 612,625.13 612,125.13 500.00 Intercompany Equity aka Socourt





Cletace DEZAVALA OAKS 716,762.43 716,762.31 0.12 Intercompany Equity aka Jake & Tate

Cletace TENESSEE 300,000.00 300,000.00 Unexplained Difference




Costa Azul THE RESERVE 613,683.07 613,683.07 - Intercompany Equity Reserve at Abbie Lakes

Council Properties ALSON, LLC 1,225,830.43 1,542,314.71 (316,484.28) Intercompany Equity



Page 59 of 74








Council Properties ARKWALK, LLC (1,388,386.05) (1,388,386.05) - Intercompany Equity aka Meadow Walk


Council Properties CHAMPION CAPITAL 99% (54,768.57) (7,849.83) (46,918.74) Intercompany Equity



Council Properties CREEKSIDE AT NORTHLAKE 49.5% (343,654.98) (143,654.98) (200,000.00) Intercompany Equity

Council Properties DIMAZIO, LLC (5,127.29) (5,127.30) 0.01 Intercompany Equity

Council Properties FALCONHEAD PROPERTIES 1,023,280.78 1,023,280.78 - Intercompany Equity



Council Properties JANISON INVESTMENTS 36,802.17 (98,197.83) 135,000.00 Intercompany Equity





Council Properties MCKAMY LAKES (97,572.37) 25,611.66 (123,184.03) Intercompany Equity


Council Properties MOUNTAIN ENTERPRISES (1,073,875.46) 232,224.56 (1,306,100.02) Intercompany Equity




Council Properties PATRIOTS' DREAM 192,187.66 192,187.66 - Intercompany Equity

Council Properties REEP INVESTMENTS 583,808.16 583,807.73 0.43 Intercompany Equity





Council Properties SATINA 153,700.00 153,700.00 - Intercompany Equity



Council Properties STONEBRIDGE APARTMENTS (4,052,802.93) (3,278,217.12) (774,585.81) Intercompany Equity


Council Properties STONEBROOK IDAHO (702,985.25) (198,350.73) (504,634.52) Intercompany Equity

Council Properties TETONIAN PROPERTIES 1,155,081.43 1,503,081.43 (348,000.00) Intercompany Equity

Page 60 of 74






Council Properties TOSCANA 984,617.21 984,617.21 - Intercompany Equity

Council Properties UPPER MUDDY RIVER, LLC 49.5% 3,373,244.99 4,140,797.45 (767,552.46) Intercompany Equity


Council Properties VINTAGE PLACE 4,387,190.36 5,058,260.78 (671,070.42) Intercompany Equity

Council Properties WELLS & VALA, LLC (2,262.90) (2,262.90) - Intercompany Equity

Council Properties WINKSON, LLC 678,630.41 678,630.39 0.02 Intercompany Equity


Council Properties VALLEY VIEW RESIDENTIAL 593,934.75 1,154,173.73 (560,238.98) Intercompany Equity



Courtyard Park ROXBURY STUDIOS 6,965.00 6,965.00 Likely 3rd Party

Courtyard Park I 80TH SOUTH PARTNERS 72,336.19 74,084.77 (1,748.58) Intercompany Equity



D General ALABAMA APTS 675,000.00 675,000.00 Likely 3rd Party



D General LAKE HOOD 483,016.57 475,079.08 7,937.49 Intercompany Equity

D General RETREAT @ STONEBRIDGE RANCH 687,472.98 677,764.64 9,708.34 Intercompany Equity


D General TENNESSEE (232,798.84) (178,199.88) (54,598.96) Intercompany Equity



D General RESERVE @ ABBIE LAKES 509,006.19 - 509,006.19 Unexplained Difference








Dimazio ESCENA 388,608.86 388,608.86 - Intercompany Equity Escena Properties



Dixie Winds COUNCIL PROPERTIES LLC 33% (2,197,801.48) (2,197,800.74) (0.74) Intercompany Equity

Dixie Winds SUMMER WIND 24.75% 505,586.05 322,883.00 182,703.05 Intercompany Equity

Page 61 of 74






Doah View CALA 383,646.97 398,230.31 (14,583.34) Intercompany Equity

Doah View CLEAR CREEK 249,852.57 249,852.57 - Intercompany Equity



Doah View VINTAGE PLACE, LLC (183,333.37) - (183,333.37) Intercompany Equity


DZ Special MEADOW WALK APTS 368,418.96 366,561.39 1,857.57 Intercompany Equity


FieldSon CLEARFIELD 483,749.06 478,887.29 4,861.77 Intercompany Equity aka Beleza Bay


FieldSon REESE ROAD (21,600.03) (21,600.03) - Intercompany Equity


Fountain Hills CLEBURNE TERRACE 200,000.00 200,000.00 - Intercompany Equity aka AC Apartments

Fountain Hills BAYTOWN STONEBROOK 196,666.64 196,666.64 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Fountain Hills RETREAT AT STONEBRIDGE RANCH 394,999.99 394,999.99 Intercompany Debt

Fountain Hills RIVER ROYAL, LLC 152,084.92 152,762.00 (677.08) Intercompany Equity

Fountain Hills INVESTMENTS - Other (2,500.00) (2,500.00) Unexplained Difference Payments to Escena Park Apartments, LLC

Fountain Hills MONTERRA PARK APTS (121,257.52) (121,257.52) - Intercompany Equity aka Memphis Park

Fountain Legacy ESCENA PARK APTS, LLC 87,469.86 87,469.95 (0.09) Intercompany Equity

Fountain Legacy TETONIAN 450,597.07 446,430.54 4,166.53 Intercompany Equity

Fountain Legacy TUSCANY GARDENS 384,749.25 388,915.91 (4,166.66) Intercompany Equity

Gateway Properties New AGRITEXAS GAS 5,065,452.00 5,065,452.00 Likely 3rd Party

Gateway Properties New ASH MINI STORAGE (61,876.00) (61,876.00) Likely 3rd Party

Gateway Properties New BROOKLYN CROSSING 61.1% 1,791,544.98 2,202,099.18 (410,554.20) Intercompany Equity


Gateway Properties New DISCOVERY GROVE, LLC 66% 385,153.05 305,953.82 79,199.23 Intercompany Equity




Gateway Properties New ESCENA PARK 6,647,872.15 6,147,872.15 500,000.00 Intercompany Equity

Gateway Properties New FOUNTAIN HILLS 907,381.87 907,381.87 - Intercompany Equity

Gateway Properties New LA VILLITA 148,498.04 148,498.04 - Intercompany Equity

Gateway Properties New LEAGUE THREE 421,714.02 352,556.68 69,157.34 Intercompany Equity

Gateway Properties New ZACA, LLC 99% (1,332,302.67) (1,332,302.67) - Intercompany Equity


Gateway Properties New PARCEL 7 & 54 311,491.53 162,746.24 148,745.29 Intercompany Equity

Page 62 of 74






GB 2 GOOSE BROOK (68,267.92) 42,901.36 (111,169.28) Intercompany Equity

Geyser Point BAYTOWN STONEBROOK 489,132.19 489,132.19 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Geyser Point ESCENA PARK 527,661.32 527,661.32 - Intercompany Equity

Goodson HAYNES (106,562.73) (106,562.73) - Intercompany Equity

Goose Brook DEZAVALA OAKS 265,445.80 260,237.24 5,208.56 Intercompany Equity aka Jake & Tate

Goose Brook REESE ROAD (94,700.00) (94,700.00) - Intercompany Equity

Goose Brook RETAMA RANCH 780,596.44 780,217.72 378.72 Intercompany Equity Retama Richards + Retama Hill

Greater Fred (Highland Oaks) LAKES EDGE 185,000.00 185,000.00 - Intercompany Equity

Greater Fred (Highland Oaks) THE RESERVE 509,006.19 509,006.19 - Intercompany Equity


Group Wise DEZAVALA OAKS 97,149.67 97,149.99 (0.32) Intercompany Equity aka Jake & Tate



HPI Investments BROOKSEDGE 220,981.19 219,659.72 1,321.47 Intercompany Equity aka Jake & Mac


HPI Investments MEMPHIS PARK 703,133.52 703,133.52 - Intercompany Equity





HPI Investments SATINA, LLC 43,282.27 43,085.05 197.22 Intercompany Equity

Inveness DEZAVALA OAKS 561,166.92 561,166.99 (0.07) Intercompany Equity aka Jake & Tate

Inveness BROOKHAVEN (4,166.66) (4,166.66) - Intercompany Equity

Inveness GARDEN TERRACE APTS LA VILLITA 24,583.32 24,583.32 - Intercompany Equity

Inveness THE RESERVE 552,345.60 552,345.60 - Intercompany Equity Reserve at Abbie Lakes

Iron Woods Estates VALLEY VIEW RES 450,000.00 450,000.00 Unexplained Difference

Jake & Tate DEZAVALA OAKS LLC 2,664,386.33 2,619,383.62 45,002.71 Intercompany Equity

Janison Investments SA TOWNHOMES (57,202.99) (57,202.98) (0.01) Intercompany Equity aka Providence Estates

Jarustds BROOKHAVEN (4,166.66) (4,166.66) - Intercompany Equity

Jarustds KOMO MAI 1,107,598.52 1,107,598.52 - Intercompany Equity




Kamy Lakes JAKE & TATE LLC 398,333.34 398,333.34 - Intercompany Equity



Page 63 of 74






Kamy Lakes STONE BROOK IDAHO (312,606.94) 367,393.06 (680,000.00) Intercompany Equity

Kingson DEZAVALA OAKS 497,916.67 500,000.00 (2,083.33) Intercompany Equity aka Jake & Tate

Kingson CALA SENIORS 444,063.57 441,980.24 2,083.33 Intercompany Equity

Kingson COLONIAL GREEN 250,000.00 250,000.00 - Intercompany Equity

Kingson KULA ESTATES 251,639.19 251,636.19 3.00 Intercompany Equity



Kula Estates IOSEPA 112,840.21 112,840.21 - Intercompany Equity

Lake Hood LLC JAKE & TATE 480,000.00 480,000.00 - Intercompany Equity

Lamp Son BAYTOWN APTS 220,000.00 220,000.00 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Lamp Son COMMERCE GREEN 500,000.00 500,000.00 - Intercompany Equity aka Colonial Green




League 3 ABBIE LAKES 243,946.36 242,488.03 1,458.33 Intercompany Equity aka Jake & Mac

League 3 JEFFERSON CHASE 150,000.00 150,000.00 - Intercompany Equity

League 3 LAKES EDGE 186,000.00 186,000.00 - Intercompany Equity

League 3 STONEBROOK IDAHO (81,832.79) 199,201.69 (281,034.48) Intercompany Equity


League 3 MONTERRA PARK 100,000.00 100,000.00 - Intercompany Equity aka Memphis Park


League Eleven DAVE RICHARDS CRUT (281,479.70) (281,479.70) Likely 3rd Party

Management Masters CORRAL CITY 591,236.00 591,236.00 Likely 3rd Party


Management Masters CLEAR CREEK 2 (8,207.88) (8,207.91) 0.03 Intercompany Equity



Management Masters SUNBURY RIDGE (9,367.85) (6,876.63) (2,491.22) Intercompany Equity

Mandivo COLONIAL GREEN LLC 442,500.00 442,500.00 - Intercompany Equity

Mandivo RESERVE @ ABBIE LAKES 1,180,000.00 1,180,000.00 - Intercompany Equity


Marvista ACCUM DEPRECIATION (1,507.00) (1,507.00) Fixed Asset

Marvista BAYTOWN APTS 200,000.00 200,000.00 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek


Marvista SEC 754 LAND 1,101.76 1,101.76 Fixed Asset

Marvista TOSCANA 627,101.95 617,101.95 10,000.00 Intercompany Equity

Page 64 of 74





Mayo DEZAVALA OAKS HH 265,000.00 265,000.00 Unexplained Difference

Mayo KULA ESTATES HH 300,000.00 300,000.00 Unexplained Difference

Mayo MID AMERICA AIRPARK HH 350,000.00 350,000.00 Unexplained Difference


Melson MID AMERICA AIRPARK 403,808.33 403,808.83 (0.50) Intercompany Equity

Melson TENNESSEE PARK 500,000.00 500,000.00 Unexplained Difference

Memphis Park MONTERRA PARK 2,205,085.51 52,869.60 2,152,215.91 Intercompany Equity



Mistema Bay BAYTOWN APTS 235,000.00 235,000.00 - Intercompany Equity

Mistema Bay PRYOR CREEK 96,870.44 96,869.61 0.83 Intercompany Equity

Mistema Bay TETONIAN PROPERTIES 48,445.59 48,446.42 (0.83) Intercompany Equity

Mistema Bay THE RESERVE 368,230.71 368,230.71 - Intercompany Equity Reserve at Abbie Lakes


Mount Padre BAYTOWN STONEBROOK 541,266.67 537,533.34 3,733.33 Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Mount Padre ESCENA PARK 516,292.12 516,292.12 - Intercompany Equity



MSI Corp MADISON CHASE (2,273.43) (2,273.43) Unexplained Difference

MSI Corp ALSON, LLC 1% (7,278.77) 155.67 (7,434.44) Intercompany Equity






MSI Corp BEEVILLE APTS 1% (7,473.56) (8,668.97) 1,195.41 Intercompany Equity



MSI Corp BOCA RATON 1% (29,339.44) (10,178.59) (19,160.85) Intercompany Equity


MSI Corp BROOKHAVEN 1% (1,202,185.16) (235,860.50) (966,324.66) Intercompany Equity


MSI Corp CASTLE WYNDSOR COURT 1% (22,885.81) (21,223.94) (1,661.87) Intercompany Equity


MSI Corp COLONIAL GREEN LLC S PLAINS 1% (20,446.28) (20,446.22) (0.06) Intercompany Equity Sierra Plains, LLC



Page 65 of 74












MSI Corp DIXIE WINDS, LLC 1% (17,683.41) (5,277.11) (12,406.30) Intercompany Equity




MSI Corp GREATER FRED/SIERRA PLAINS 100% 90,646.01 90,646.41 (0.40) Intercompany Equity Sierra Plains, LLC








MSI Corp JAKE & TATE 1% 21,350.45 21,350.83 (0.38) Intercompany Equity



MSI Corp KING GEORGE 1% 121.12 121.12 - Intercompany Equity


MSI Corp KULA ESTATES, LLC 1% (32,535.07) (32,535.07) - Intercompany Equity


MSI Corp LA VILLITA (116.41) (116.41) - Intercompany Equity


MSI Corp LAKE GRAN (6.33) (6.33) - Intercompany Equity

MSI Corp LAKE HOOD 2.36 (2.36) 4.72 Intercompany Equity


MSI Corp MCKAMY LAKES 1% (11,718.39) (10,473.28) (1,245.11) Intercompany Equity

MSI Corp MEMPHIS PARK (2,396.85) (2,396.85) - Intercompany Equity




MSI Corp MONTE FORTE, LLC 1% (343.50) (343.86) 0.36 Intercompany Equity

Page 66 of 74






MSI Corp PEPPER WINDS, LLC 1% 3,300.37 1,643.89 1,656.48 Intercompany Equity


MSI Corp REEP INVESTMENTS 1% (1,165.44) (1,165.44) - Intercompany Equity






MSI Corp SAGEFIELD DUPLEXES 1% (2,894.11) (2,897.11) 3.00 Intercompany Equity







MSI Corp ROCKBRIDGE, LLC 1% (38,866.96) (34,725.97) (4,140.99) Intercompany Equity aka Stonebridge

MSI Corp SUN WINDS, LLC 1% (20,673.65) (4,548.71) (16,124.94) Intercompany Equity

MSI Corp TENNESSEE PARK (5,270.65) (5,270.65) - Intercompany Equity


MSI Corp THE FALLS 1% (50,691.67) 822,307.32 (872,998.99) Intercompany Equity


MSI Corp TOP CHOICE FOODS 1% 13.12 15.66 (2.54) Intercompany Equity

MSI Corp TOSCANA 1% (69,388.41) (22,886.43) (46,501.98) Intercompany Equity

MSI Corp UPPER MUDDY RIVER 1% (9,426.75) 6,078.64 (15,505.39) Intercompany Equity






MSI Corp WILOW PARK, LLC 1% (1,907.02) 1,097.58 (3,004.60) Intercompany Equity




MSI Corp SUMMER WINDS 1% (30,886.10) (38,271.00) 7,384.90 Intercompany Equity

MSI Corp VALLEY VIEW RES 1% 1,372.86 (854.20) 2,227.06 Intercompany Equity


Page 67 of 74






MSI Corp SYCAMORE FARMS APTS 49.5% & 1% (15,543.65) - (15,543.65) Intercompany Equity




Mtn. Enterprises LAKES EDGE 5,212,299.31 4,872,299.31 340,000.00 Intercompany Equity



Mtn. Enterprises SKYPARK 99% 438.27 439.41 (1.14) Intercompany Equity

Mtn. Enterprises TENNESSEE 1,000,000.00 1,000,000.00 Unexplained Difference


Noallson ESCENA 1,943,431.30 1,943,431.30 - Intercompany Equity

Noallson MCKAMY LAKES 0.06 - 0.06 Intercompany Equity

North Bass CREEKSIDE @ NORTHLAKE LLC 229,271.92 529,271.90 (299,999.98) Intercompany Equity

Oak City CLEBURNE TERRACE 600,000.00 600,000.00 - Intercompany Equity aka AC Apartments




Oak City STONE BROOK IDAHO (312,606.94) 367,393.06 (680,000.00) Intercompany Equity




Parkwood Capital INS & OUTS (113,000.00) (113,000.00) Debt owed to "Brad Barrington"





Patriot American PLATINUM PROTECTION CA 167,026.00 - 167,026.00 Intercompany Equity

Patriots' Dream DEZAVALA OAKS 232,620.54 233,870.40 (1,249.86) Intercompany Equity aka Jake & Tate

Patriots' Dream CALA SENIORS 346,682.30 345,844.45 837.85 Intercompany Equity

Patriots' Dream DISCOVERY GROVE, LLC 310,754.21 389,955.48 (79,201.27) Intercompany Equity

Pebble Lakes CLEBURNE TERRACE 225,000.00 225,000.00 - Intercompany Equity aka AC Apartments


Pebble Lakes CALA 400,313.64 398,230.31 2,083.33 Intercompany Equity


Pebble Lakes PRYOR CREEK 312,322.64 312,489.30 (166.66) Intercompany Equity


Page 68 of 74







Pepper Winds LA VILLITA LLC (11,856.22) (11,856.22) - Intercompany Equity



Pepper Winds SUNBURY RIDGE APTS, LLC 10% (7,829.16) (29,689.00) 21,859.84 Intercompany Equity

Perpetual INVESTMENTS - Other (150,000.00) (150,000.00) Intercompany Equity Caddis Multi-family

Perpetual MEADOW WALK APTS 408,649.78 404,549.78 4,100.00 Intercompany Equity




Pronto Properties LLC ESCENA PARK 196,666.68 196,666.68 - Intercompany Equity

Pronto Properties LLC STONEBROOK BAYTOWN 193,333.35 193,333.35 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

Provident Point CHELBY PARK 480,866.68 480,866.68 - Intercompany Equity

Provident Point JEFFERSON CHASE 500,000.00 500,000.00 - Intercompany Equity

Red City ABBIE LAKES 266,352.11 263,562.84 2,789.27 Intercompany Equity aka Jake & Mac


Red City BAYTOWN APTS 380,000.00 380,000.00 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek


Reep Investments JEFFERSON CHASE 878,832.98 884,042.98 (5,210.00) Intercompany Equity

Retama Hill ROSE HILL FDC LTD 971,762.11 560,258.36 411,503.75 Intercompany Equity

Retama Richards ROSE HILL FDC LTD 982,755.11 560,256.36 422,498.75 Intercompany Equity

Retama Rose ROSE HILL FDC LTD 971,755.11 560,256.36 411,498.75 Intercompany Equity

River Royal DEZAVALA OAKS 345,625.01 345,625.01 - Intercompany Equity aka Jake & Tate



Rock City ROSE HILL FDC, LTD 982,755.11 560,256.36 422,498.75 Intercompany Equity

Rosons ESCENA 1,166,116.58 1,166,116.58 - Intercompany Equity Escena Properties

Rosons TETONIAN PROPERTIES 284,225.74 284,223.84 1.90 Intercompany Equity


San Marina BROOKSEDGE 200,000.00 200,000.00 - Intercompany Equity aka Jake & Mac


San Marina BAYTOWN APTS 375,000.00 375,000.00 - Intercompany Equity Baytown Stonebrook + Stonebrook Goosecreek

San Marina CLEAR CREEK 249,852.57 251,352.57 (1,500.00) Intercompany Equity Clear Creek I + Clear Creek II

San Marina REESE ROAD (67,499.97) (67,499.97) Intercompany Debt



Page 69 of 74








Satina CHELBY PARK 643,775.25 643,775.25 - Intercompany Equity

Satina CLEAR CREEK 249,852.57 249,852.49 0.08 Intercompany Equity Clear Creek I + Clear Creek II

Sellson BLUE JAY 200,000.00 200,000.00 - Intercompany Equity

Sellson JEFFERSON CHASE 628,000.00 628,000.00 - Intercompany Equity

Snow Winds LA VALITA (11,856.22) (11,856.22) - Intercompany Equity




Snow Winds SUNBURY RIDGE 10% (7,829.16) (29,689.00) 21,859.84 Intercompany Equity







Solar Bridge JAKE & TATE LLC 491,666.68 491,666.68 - Intercompany Equity




Solar Sands JEFFERSON CHASE 1,000,000.00 1,000,000.00 - Intercompany Equity

Solar Sands THE CHARLESTONIAN 347,988.56 347,988.56 - Intercompany Equity Lake Charlestonian

South Bass CREEKSIDE @ NORTHLAKE 364,752.00 472,056.90 (107,304.90) Intercompany Equity

Spartan Capital CHELBY PARK LLC 4,160,000.00 4,160,000.00 Unexplained Difference

Spartan Capital MEMPHIS PARK LLC 6,720,000.00 6,720,000.00 Unexplained Difference

Spartan Capital TENNESSEE PARK LLC 5,120,000.00 40,000.00 5,080,000.00 Intercompany Equity

Spring Financial BW ACQUISITIONS 208,999.00 262,516.00 (53,517.00) Intercompany Equity

Spring Gate PNL VENTURE 717,823.15 717,823.00 0.15 Intercompany Equity aka The Park at Northgate




Squaw Springs SOUTH BASS, LLC 99% 767,163.95 468,670.71 298,493.24 Intercompany Equity

Squaw Springs A.C. APARTMENTS TX L P 50% 476,695.56 1,683,895.57 (1,207,200.01) Intercompany Equity


Squaw Springs CREEKSIDE AT NORTHLAKE 49.5% 36,257.92 236,345.02 (200,087.10) Intercompany Equity

Page 70 of 74








Squaw Springs MIRAFLORES 99% 1,273,644.49 1,273,645.75 (1.26) Intercompany Equity



Squaw Springs SHEPHERDS POINTE LLC 99% 1,234,206.94 1,246,296.86 (12,089.92) Intercompany Equity


Squaw Springs THE RESERVE @ ABBIE LAKES .78% (182,464.46) (182,463.96) (0.50) Intercompany Equity



Sun Winds SUMMER WINDS 49.5% 505,588.05 322,883.00 182,705.05 Intercompany Equity

Sun Winds COUNCIL PROPERTIES LLC 33% (2,197,801.49) (2,197,800.75) (0.74) Intercompany Equity

Sunbury Ridge LLC SUNBURY RIDGE LTD (298,021.00) 167,214.49 (465,235.49) Intercompany Equity

Teach and Save BW ACQUISITIONS (96,074.00) (96,074.00) - Intercompany Equity

Tennessee Park LOAN FEES 144,774.58 144,774.58 Fixed Asset

Tennessee Park VERANO PARK, LLC 1,229,884.15 1,861,384.15 (631,500.00) Intercompany Equity

Thunder Bay COUNCIL-380, LLC (74,219.54) (74,219.54) - Intercompany Equity aka Retreat at Stonebridge Ranch




















Page 71 of 74







Thunder Bay JAKE & TATE COOPER GLEN 16.40% 334,500.00 334,500.00 - Intercompany Equity


Thunder Bay LAKE CHARLESTONIAN 85,727.09 85,727.09 - Intercompany Equity




Thunder Bay MAYO, LLC 967,832.71 967,832.76 (0.05) Intercompany Equity











Thunder Bay SOLAR BRIDGE, LLC 260,747.86 235,763.32 24,984.54 Intercompany Equity


Thunder Bay V AUSTIN VILLA, LLC 81.25% 656,087.33 656,086.33 1.00 Intercompany Equity

Thunder Bay VOLENTE CITY LLC (511,832.69) (511,833.71) 1.02 Intercompany Equity


Thunder Bay WYNDURT, LLC (193,319.35) (194,762.81) 1,443.46 Intercompany Equity

Upper Muddy River CLEBURNE 1,040,737.86 680,737.86 360,000.00 Intercompany Equity aka AC Apartments

Upper Muddy River CLEARFIELD 927,450.48 917,867.14 9,583.34 Intercompany Equity aka Beleza Bay

Upper Muddy River BROOKHAVEN (4,166.66) (4,166.66) - Intercompany Equity


Upper Muddy River ESCENA PARK 719,998.62 719,998.62 - Intercompany Equity

Upper Muddy River KULA ESTATES, LLC 295,450.69 295,450.69 - Intercompany Equity

Upper Muddy River MEADOW WALK 357,159.98 353,576.65 3,583.33 Intercompany Equity

Upper Muddy River MEMPHIS PARK 532,574.20 532,574.20 - Intercompany Equity

Upper Muddy River REESE ROAD (57,374.97) (57,374.97) Intercompany Debt

Upper Muddy River STONEBRIDGE 404,738.47 430,000.00 (25,261.53) Intercompany Equity

Upper Muddy River TETONIAN PROPERTIES 269,891.82 265,531.82 4,360.00 Intercompany Equity

Upper Muddy River TUSCANY GARDENS 782,477.99 778,712.99 3,765.00 Intercompany Equity

Page 72 of 74







V Austin Villas CALA 400,313.64 398,230.31 2,083.33 Intercompany Equity

V Austin Villas CLEAR CREEK 265,352.57 249,852.57 15,500.00 Intercompany Equity Clear Creek I + Clear Creek II

V Austin Villas COLONIAL GREEN 491,666.68 500,000.00 (8,333.32) Intercompany Equity

V Austin Villas JAKE & TATE LLC 194,187.50 194,187.50 - Intercompany Equity





Vintage Place PLUM TREE 2,422,246.54 1,796,590.00 625,656.54 Intercompany Equity


WAJ & MBJ MOTSARIKA APTS, L.L.C. 2,318.48 - 2,318.48 Intercompany Equity

WAJ & MBJ PATRIOT AMERICAN (3,248,212.29) (3,248,212.29) Unexplained Difference

WAJ & MBJ BOCA RATON APTS (2,895,179.95) (1,421,627.16) (1,473,552.79) Intercompany Equity

WAJ & MBJ BRIDGE POINT (827,018.56) (899,767.77) 72,749.21 Intercompany Equity



WAJ & MBJ LEAGUE ELEVEN LLC (111,588.00) (111,588.37) 0.37 Intercompany Equity



Winkson CALA SENIORS 201,198.26 199,114.93 2,083.34 Intercompany Equity


Winkson RETAMA RANCH 778,442.44 383,207.88 395,234.56 Intercompany Equity Retama Rose

Wolf Son CANTERRA PARK (274,585.62) (274,585.62) - Intercompany Equity aka Chelby Park







Yellow Rose IBIS 1,946,000.00 1,946,000.00 Missing QuickBooks




Yellow Rose PINE CREEK (1,673.00) (1,673.00) Likely 3rd Party


Page 73 of 74






TOTALS 227,795,289.54$ 204,077,942.39$ 23,717,347.15$


Intercompany Debt 469,764 0.2% [1]

Third Party Debt (113,000) 0.0% [1]

SUB TOTAL 356,764$ 0.2%


Intercompany Equity Differences (227,215) -0.1% [2]

Missing QuickBooks 1,947,000 0.9% [2]


Fixed Asset 2,525,081 1.1% [3]

SUB TOTAL 219,804,662$ 96.5%

TOTAL 220,161,426$ 96.6% [4]

Likely 3rd Party 7,633,864 3.4% [5]

GRAND TOTAL 227,795,290$ 100.0%




[4] This amount was written off to "Total Investments."[5] This amount remains on the books as third party investments.

Page 74 of 74


Exhibit 15


MSI Entities Exhibit 15Investor Equity AdjustmentDecember 31, 2007 - December 31, 2011

Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/201180th South Partners CHANCE ALLRED - 11,161.80 10,225.82 11,488.07 11,488.07 80th South Partners HALLOW ENTERPRISES, LLC - 11,161.80 10,225.82 11,488.07 11,488.07 80th South Partners KEITH DYER - 11,161.80 10,225.82 11,488.07 11,488.07 80th South Partners PIXTONIAN, LLC - 11,161.80 10,225.82 11,488.07 11,488.07 Abbie Lakes 2005-2008 HOLBROOK FARMS, LC 21.60% - - - - - AC Apartments BOYD SUMMERHAYS LC - - - - - AC Apartments CAPITAL - Other - - - - - AC Apartments JOHN C. PHILIPS TRUST - - - - - AC Apartments OCEAN OPPORT-FRANCINE PETERSON - - - - 95,610.42 AC Apartments PARTNER CONTRIBUTIONS - Other - - - - 600,000.00 Alpine Court MARK F. LARSEN - - 93,889.65 83,889.69 71,806.38 Alpine Court MARK F. LARSEN CASH - - (1,250.01) (6,250.05) (9,166.74) Alson NOALL INVEST_ALAN NOALL - 1,437,034.04 1,865,775.20 1,755,445.40 1,645,115.60 Autumn Hills CAMLIN GILL - 10,000.00 9,163.15 8,627.40 8,627.40 Autumn Hills CARLAN BRADSHAW - 198,837.90 170,048.09 143,287.38 127,287.42 Autumn Hills DEAN & CHRISTIE BRADSHAW - 225,000.00 209,964.60 197,856.84 197,856.84 Autumn Hills DIANE BRADSHAW - 198,837.90 353,874.83 300,368.59 268,368.55 Autumn Hills JOHN OR COLLEEN HORNE - - 469,979.84 429,061.86 413,061.90 Autumn Hills ROB WILSON - - 97,949.71 92,576.99 92,576.99 Autumn Hills TOM MORGAN STC - - 271,540.49 242,186.50 222,664.02 Baruja DAYLE RUST 33.0% 283,510.22 284,769.18 283,958.97 277,110.04 277,110.04 Baruja JACK BARFIELD 33.0% 283,510.22 284,769.18 283,958.97 277,110.04 277,110.04 Baytown @ Stonebrook ACTIUM PARTNERS 62,165.22 - - - - Baytown @ Stonebrook BOYD SUMMERHAYS, LC 393,369.73 286,435.02 143,479.14 (26,960.96) (26,960.96) Baytown @ Stonebrook DAVID K. RICHARDS 96,701.51 - - - - Baytown @ Stonebrook HOLBROOKS 462,857.40 384,553.37 276,374.18 141,133.29 141,133.29 Baytown @ Stonebrook MCKEAN APARTMENTS, LLC 142,319.19 116,838.98 - - - Baytown @ Stonebrook NYCOM, LLC 142,319.19 - - - - Baytown @ Stonebrook PHEASANT WOOD, LLC 142,319.19 116,838.98 - - - Beleza Bay ALTA LEFEVRE - - - - - Beleza Bay BRETT PETERSON - - - - - Beleza Bay KAY & CINDY LARSEN - - - - - Beleza Bay RHONDA SNYDER - - - - - Bianca Winds BRETT & EMILY LOVELL 214,742.61 289,757.84 259,985.46 424,544.22 22,144.22 Bison Bridge KARL BESSEY 297,990.00 258,519.00 481.00

Bison Bridge KIM ANDERSON 208,191.63 206,687.00 207,182.00

Bison Bridge ROGER WOODRUFF STC 207,000.00 205,504.00 ‐

Boulder CAPITAL - Other - - - - - BPJ Investments BART PAYNE 79.85% - - 1,051,550.51 1,296,038.72 1,225,734.52 BPJ Investments BART PAYNE STC 20.15% - - 325,417.92 314,894.52 314,894.52 BradSon DEAN & CHRISTIE BRADSHAW 3,190,727.15 2,998,522.63 2,553,427.01 2,177,960.79 1,981,450.47 BradSon DEAN BRADSHAW DESIGN 135,147.36 139,548.18 303,935.44 323,445.25 323,445.25 BradSon DEAN BRADSHAW STC - - - 11,489.74 11,489.74 Brookhaven DAVID STEED 12.88% 668,800.63 526,817.71 357,812.21 - (6,666.66) Brookhaven HUGH NIELSEN 12.88% 668,800.63 526,817.71 357,812.21 - (6,666.66) Brookhaven NOALL INV PROPERTIES, LLC 8.05% 426,333.72 360,511.04 279,882.58 - - Brooklyn Crossing BROOKLYN CAP PART, LLC 1% 411,799.62 411,799.62 - - - Brooklyn Crossing DUSTIN BARRETT 3.4% 99,529.51 99,529.51 99,529.51 99,529.51 99,529.51 Brooklyn Crossing GARY J WOOMER JR 4.5% (622.71) (622.71) - - - Brooklyn Crossing STEPHEN COPE 4.5% (622.71) (622.71) - - - Brutace ANDREW GREENWOOD - - - - - Brutace CLAUDIA BOWLER 161,898.41 56,909.49 43,861.59 26,394.00 20,414.04 Brutace CODY OR JUDITH BOWLER 17,091.54 19,867.91 17,139.77 13,342.49 12,042.53 Brutace DAN & DIANE HENRY 186,196.67 219,058.98 280,047.74 217,487.06 196,069.58 Brutace DARRELL L. DEEM APS - - - - - Brutace DARRELL L. DEEM TRUST - - - - - Brutace DARREN KING 29,401.22 30,192.08 25,444.50 18,992.76 16,536.72 Brutace DARREN S & KERRIE L KING 7,272.43 7,493.72 6,327.12 4,700.79 4,148.31 Brutace DAVID & MELODIE WEBB 43,469.98 44,660.85 37,840.45 28,347.21 25,097.25 Brutace DAVID E. RICHARDS APS 27,498.31 31,089.24 26,092.75 19,332.19 16,752.19 Brutace DAVID K. RICHARDS - - - - (60.00) Brutace GARY & TERESA LARSEN 14,015.45 3,116.80 - - - Brutace GREGORY & RICHELE COOK - - - 25,735.07 23,335.07 Brutace JAMES & ETHEL HANSEN - - - - - Brutace JAY & MARGARET ALLEN - - - - - Brutace JEFF & JAMIE HOLDAWAY 77,786.13 28,715.28 22,849.66 14,685.40 11,890.36 Brutace JEFF & TERI HUMMEL - - - - - Brutace JOANN FROEHLING APS - - - - - Brutace JOHN DAVIES APS - - - - - Brutace KENNETH NOALL APS - - 336,261.17 292,463.22 248,796.58 Brutace KIM ANDERSON 37,342.61 14,119.98 12,691.80 - - Brutace KURT & JENY PETERSON - - 45,141.51 35,905.10 32,655.14 Brutace KYLE ASHBY 9,335.65 6,529.05 - - -

Page 1 of 14



Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Brutace LEDA KING APS 5,745.55 6,512.33 5,402.77 3,907.22 (4,228.15) Brutace LUDENE MOON APS 31,797.22 36,198.59 28,502.20 20,307.54 17,374.17 Brutace MIKE & JOANN FROEHLING - - - - - Brutace MIKE LAVIGNE 4,347.03 5,079.45 4,325.99 3,281.74 (2,280.55) Brutace OLSEN FAMILY TRUST_SARAH LEE - - 55,694.68 44,286.74 40,386.74 Brutace PARTNER CONTRIBUTIONS - Other - - - - (49.67) Brutace RANDY & HAYLIE BOWLER 20,387.31 21,339.93 15,883.54 8,288.88 5,688.84 Brutace RANDY BOWLER APS 220,738.54 80,065.47 62,262.20 37,063.73 27,223.73 Brutace RAYMOND & LEDA KING 70,075.01 83,309.23 84,506.71 64,285.97 57,314.74 Brutace RAYMOND KING APS 3,960.83 4,598.05 3,542.31 2,019.77 1,473.40 Brutace RICHARD KING APS 14,145.31 18,147.74 14,943.99 11,166.64 9,689.32 Brutace ROBERT ERICKSON - - - - - Brutace SAM OR ELIZABETH WEYHER 22,766.03 27,180.49 25,224.74 19,528.78 17,578.78 Brutace STEVEN WENDEL - - - - - Brutace TIFFANY RICHARDS APS 13,272.91 15,120.60 12,698.02 9,420.13 8,140.09 Brutace WILLIAM & SUSAN GUTKNECHT 34,775.90 - - - - Buffalo Run MJ5, LLC 87,711.59 62,110.83 40,228.30 29,003.68 29,003.68 Build Value BARCLAY & CHERYL BURNS - 1,492,958.66 1,398,583.69 1,316,799.58 1,233,149.60 Business Pros ALYSE YOUD 7,570.04 7,040.89 6,511.60 5,986.76 1,975.62 Business Pros BARBARA BEERS 137,696.57 141,877.43 119,000.71 93,945.19 80,240.71 Business Pros BLAKE WELLING 676,730.87 714,391.61 603,117.04 493,421.96 584,262.65 Business Pros CORY YOUD 22,283.29 22,084.12 20,492.88 18,915.03 8,915.03 Business Pros DENNA MILLETT STC 5,300.94 3,814.24 2,594.65 1,680.55 (2,941.79) Business Pros EUGENE BOHN 210,048.69 214,795.53 175,772.22 137,435.74 118,107.26 Business Pros LINDA YOUD 294,825.40 272,222.45 181,079.15 94,139.06 31,139.06 Business Pros MARIANNE JOHNS 25,296.05 24,019.05 18,715.31 - - Business Pros PERRY & CAROLYN CHRISTENSEN 202,480.36 252,873.67 214,661.75 176,991.14 158,274.62 Business Pros RICHARD JOHNS 180,499.10 189,113.96 161,597.02 133,558.97 71,450.25 Business Pros RICHARD MILLETT STC 304,313.78 309,301.80 234,847.08 182,179.12 155,683.86 Business Pros SHARON RICHARDS 78,496.48 75,174.01 61,251.68 47,526.58 40,707.46 Caddis Multi Family BILL COLES APS - - - - 77,446.57 Caddis Multi Family CAROLYN OR KENT DUNFORD 37.5% - - - 168,173.51 155,063.39 Caddis Multi Family JAY ANDERSON - - - - 46,788.04 Caddis Multi Family JEREMY JONES - - - - 46,839.98 Caddis Multi Family JOE OR JOYCE GOODMAN - - - - 47,749.29 Caddis Multi Family LEO THORUP - - - - 48,211.80 Caddis Multi Family MORFAITH, LLC 10.42% - - - 38,232.76 34,549.64 Caddis Multi Family NOEL BALLSTAEDT - - - - 97,078.59 Caddis Multi Family ROBERT DAVE CLAWSON - - - - 47,904.27 Caddis Multi Family RONALD T. BRANCAS APS - - - - 77,525.80 Caddis Multi Family RONALD T.BRANCAS CASH - - - - 9,693.78 Caddis Multi Family SUSIE BALLSTEADT - - - - 100,000.00 Caddis Multi Family THOMAS MORGAN 52.08% - - - 241,763.18 202,934.60 Caddis Multi Family TONY ANDERSON - - - - 292,122.75 Caddis Multi Family V. MICHAEL EPPERSON APS - - - - 37,785.79 Caddis Multi Family V. MICHAEL EPPERSON CASH - - - - 10,830.53 Caddis Multi Family VIRGINIA MCCUNE - - - - 98,583.40 Cala FRAM GROUP TEXAS, LLC 29.97% - 8,041.29 (3,745.47) (5,078.88) (5,078.88) Canterra Park MEMPHIS HOLDINGS, LLC 50% - - - 710,137.00 (442,357.04) Car Vala CARSON 1995 TRUST 2,874,712.90 4,091,779.75 3,617,182.57 3,409,326.61 3,182,720.65 Caspian Properties LLC JUNIUS CLAWSON - - - - 500,000.00 Caspian Properties LLC TRUMAN F. MARILYN CLAWSON TRUST - - - - 194,666.68 Castor Investments BOYD SUMMERHAYS - - - - 492,380.15 Chelby Park BRYAN_SHARLA WILLIAMSON 2010 - - - 59,685.10 (11,665.30) Chelby Park CHASE CANFIELD - - - 191,686.46 (14,032.99) Chelby Park WILLIAMSON FAMILY DEC. 1984_GAR - - - 255,368.75 (86,132.80) Circle J Farms BLAINE P. JACOBSON 74,922.45 48,727.44 57,345.28 49,455.47 49,455.47 Circle J Farms PARTNERS EQUITY - Other - - - - - Circle J Farms SCOTT R. DALEY 126,594.90 74,204.88 91,440.56 75,660.93 75,660.93 City View EUGENE & MARY ANN MCDERMOTT 2.4 (8,645.50) - - - - City View MCKEAN APARTMENTS LLC (56,333.93) - - - - City View NYCOM LLC (56,333.93) - - - - City View PHEASANT WOOD LLC (56,333.93) - - - - City View RM BECK PROPERTIES - 150,017.07 150,017.07 150,017.07 150,017.07 City View RR BECK PROPERTIES - 2,050,230.36 2,050,230.36 2,050,230.36 2,050,230.36 Clear Paradigm TERRY & CLAIRE HESS 26.26% - - 619,500.39 521,518.49 465,518.45 Clear Paradigm THURN & CHARLENE BAKER 23.74% - - 567,184.17 478,610.59 427,990.15 Cleburne Terrace BOYD SUMMERHAYS (277,809.97) - - - - Cletace BRUCE & EARLENE NELSON 199,290.70 177,161.54 157,908.21 139,236.49 128,186.53 Cletace BRUCE BISHOP 30,635.14 11,542.45 - - - Cletace CAROLYN GIBBONS (1,204.13) 47,441.71 51,088.23 44,496.46 40,596.46 Cletace CHRIS KIMBALL (802.91) 32,491.70 65,305.44 142,328.15 131,515.43 Cletace CURT & TERESA SALISBURY - - - - -

Page 2 of 14



Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Cletace ERAN A. CALL - - 909,233.61 783,257.30 703,257.26 Cletace ERIK KIMBALL (1,083.71) 42,697.54 37,841.07 101,401.10 93,601.10 Cletace GORDON KIMBALL 71,002.91 67,135.91 59,322.06 50,814.19 127,441.21 Cletace JAQUELINE BESSEY - - - - - Cletace JERI BELIN - - - - - Cletace JOHN METCALF (1,444.95) 56,380.05 49,584.75 42,992.98 39,092.98 Cletace K&M PAINTER FAMILY TRUST - - 124,220.00 106,386.28 95,064.52 Cletace KARI OR KURT SCHWENDIMAN (481.65) 19,518.35 21,850.02 19,236.36 17,611.32 Cletace MARK & KATHY HOPKINS - - - - - Cletace RICHARDS TRUCKING (2,408.25) 94,258.41 101,659.73 88,486.04 80,686.04 Cletace ROCKIE DUSTIN - - - - - Cletace ROGER RICHARDS (602.06) 23,720.85 30,195.00 26,352.31 24,077.35 Cletace ROY & DARLENE KING 356,236.81 - - - - Cletace ROY KING APS 326,815.82 - - - - Cletace STEVE & CHRISTINE OSBORNE (1,204.13) 47,441.71 89,679.45 78,161.31 71,661.27 Cletace TARESA HIATT 16,089.45 14,708.29 13,119.77 11,588.63 10,678.67 Cletace TERRY & CLAIRE HESS 499,730.60 682,872.28 - - - Cletace THURN & CHARLENE BAKER 490,979.74 466,410.63 - - - Cletace WAYNE & CALEEN OLSEN - - - - - Cletace WAYNE GLASGOW 62,113.91 57,514.76 49,174.49 41,055.98 35,856.02 Cletace WES & PATRICIA SMITH 48,961.66 43,568.02 38,809.81 34,196.55 31,466.55 Colonial Green BCW - C.G., LLC 348,198.67 289,971.52 225,346.38 177,088.34 (82,911.66) Colonial Green BCW - M.P., LLC 952,860.48 769,399.26 565,945.53 413,640.78 53,640.78 Colonial Green PARTNER CONTRIBUTIONS - Other - - - - (8,333.32) Colonial Red DAVID K. RICHARDS - - - - - Colonial Red DEAN & CHRISTI BRADSHAW - - - - - Colonial Red DENNIS CROCKETT - - - - - Colonial Red JOHN C. PHILLIPS - - - - - Colonial Red ROSALIND B. MAYFIELD - - - - - Colonial Yellow BRANDON SHERANIAN - - - - - Colonial Yellow DAYLE & PATRICIA RUST - - - - - Colonial Yellow ELLIS & JEANETTE TAYLOR - - - - - Colonial Yellow JAY MURPHY - - - - - Colonial Yellow MIKE & JOANN FROEHLING - - - - - Cooper Glen BOYD SUMMERHAYS 20.48% - - - - - Cooper Street JOHN C. PHILLIPS TRUST 8.49% 299,761.70 275,580.22 - - - Costa Azul ADRIAN OR NANCY OCHOA - 149,721.85 138,960.72 125,342.37 113,342.37 Costa Azul EARL & SHERYL LESLIE 44,739.75 39,378.57 35,730.43 31,111.98 27,031.98 Costa Azul EVAN BUCHANAN IRA 55,372.16 45,758.74 909.76 788.31 788.31 Costa Azul EVAN BUCHANAN ROTH 11,358.11 - - - - Costa Azul FERNANDO SILVA - 98,356.97 91,202.99 - - Costa Azul FRAN CAMPBELL 46,926.09 45,749.50 46,172.54 45,643.76 45,643.76 Costa Azul FRED PEHRSON 39,986.59 7,832.62 7,116.48 6,212.19 5,412.15 Costa Azul FRED PEHRSON APS 37,577.96 33,436.65 30,574.87 26,952.45 23,752.41 Costa Azul GWEN TAYLOR 47,606.19 42,762.97 39,186.05 34,657.31 30,657.35 Costa Azul INFINITY ONE, LLC/DOUG CARROLL - - - - - Costa Azul JAN COLLETT - - - - - Costa Azul KATHERINE GOOLSBY 49,242.04 48,010.54 48,453.88 47,900.38 47,900.38 Costa Azul LARRY VON KLEECK 87,974.86 85,702.74 86,520.54 85,499.52 85,499.52 Costa Azul M ENTERPRISES 149,510.81 84,881.82 (17,256.26) (18,160.55) (18,960.59) Costa Azul MARK F. LARSEN - 266,656.35 246,387.82 220,712.42 198,032.78 Costa Azul NANCY WHITFORD - - 47,031.89 42,127.15 38,127.19 Costa Azul PATRICK DRYER 71,972.41 63,480.15 17,456.16 - - Costa Azul ROBERT KRAETZNER - - - - - Costa Azul RONEISA L. MATERO 45,144.36 39,967.81 - - - Costa Azul SAM OR CAROL DOUTHITT 45,822.50 1,209.82 487.65 (416.64) (6,888.54) Courtyard Park I MARK LARSEN TIC 6.75% - - 141,527.77 110,865.10 110,865.10 Creekside Northlake BART WARNER CO - - - - - D General DARRELL DEEM APS - - - 526,541.41 519,208.07 D General DARRELL DEEM STC 1,080,424.49 1,497,089.51 1,280,431.70 1,080,049.70 911,744.86 D General DARRELL L. DEEM TRUST 577,819.81 763,889.46 677,919.62 514,604.36 469,025.72 D General DAVE ALLRED - - - - - D General DAVID & JENNIFER DEEM 71,279.43 74,796.20 64,838.71 104,659.83 117,702.38 D General DEEM INVESTMENT CO 271,616.65 502,828.54 453,161.10 407,951.28 378,769.08 D General HERB D. WAITE - - - - - D General JEAN M. DEEM TRUST - - - - - D General JEFFREY DEEM 239,851.84 560,865.68 494,277.86 481,502.69 495,156.07 D General LOIS MESSENGER TRUST 199,420.52 365,195.40 328,753.51 334,507.40 311,087.36 D General ROSALIND B. MAYFIELD - - - - - D General VARCHAR TRUST 491,701.80 835,086.94 761,973.32 695,092.30 652,079.62 Den Glen DAVID K. RICHARDS - - - - - Den Glen JOHN C. PHILLIPS TRUST - - - - - Den Glen STAN & ANN HANSEN - - - - -

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Den Glen W. EUGENE HANSEN - - - - - Den Town AA ROBISON FAMILY TRUST 94,992.91 90,140.41 79,535.88 80,894.63 74,654.63 Den Town BARLOW 1978 TRUST 22,902.15 20,914.57 18,577.97 13,167.91 12,086.35 Den Town BRUCE & EARLENE NELSON - - - - - Den Town CARLOS OR JUDY DUNFORD - 100,040.50 89,441.61 88,860.81 83,608.77 Den Town CHET & PATRICIA NICHOLS - - - - - Den Town DAYLE & PATRICIA RUST 312,940.26 298,459.77 266,736.04 193,075.77 178,391.01 Den Town EAGLEVIEW - - - - - Den Town JAMES MAYFIELD - - - - - Den Town JAMES MAYFIELD APS - - - - - Den Town JANET MARSHALL 13,290.74 12,958.41 - - - Den Town JOSEPH & JEANETTE TAYLOR - - - - - Den Town KING KIDS INVESTMENT CO., LLC 341,147.04 348,103.86 312,156.29 309,897.85 289,097.89 Den Town LEAVIT LEWIS TRUST - - - - - Den Town PERRY OR CAROLYN CHRISTENSEN - - - - - Den Town R.G. HINCKLEY COMPANY 454,733.22 415,731.45 369,898.29 263,769.80 242,553.80 Den Town ROSALIND B. MAYFIELD - - - - - Den Town S & R INVESTMENTS - - - - - Den Town STARESSENCE, INC 52,241.27 50,627.99 45,056.12 45,718.56 42,442.56 Den Town WAYNE OR CALEEN OLSEN - - - - - Dezavala Oaks BW TIC PARTNER 3,381,624.28 - - - - Dimazio ADRIAN OR NANCY OCHOA - 145,414.01 127,768.90 108,411.40 96,411.40 Dimazio AL MANSELL IRA - - - - 123,458.90 Dimazio BARCLAY OR CHERYL BURNS - 290,828.02 265,475.60 235,771.65 220,771.65 Dimazio CHERYL BURNS - 194,031.02 177,122.42 157,301.10 147,293.46 Dimazio CHERYL EDGIN IRA-R - 53,800.13 50,324.67 43,579.88 37,803.76 Dimazio GORDON RAY EDGIN IRA-R - 67,896.44 3,611.63 (15,025.75) (18,908.97) Dimazio GORDON RAY EDGIN IRA-R SEP - 266,366.65 260,405.56 242,522.29 212,470.36 Dimazio GORDON SCOTT EDGIN IRA-R - 34,142.10 31,870.26 27,514.54 23,784.94 Dimazio JENNIFER BOYDEN - - - - - Dimazio JENNIFER MEREDITH STC - - 6,313.70 5,474.37 3,294.37 Dimazio JONATHAN HORNE - - 276,092.95 237,285.00 211,285.00 Dimazio KEITH & TRUDY PRESCOTT - - - - - Dimazio SCOTT EDGIN - 14,541.40 - - - Dimazio SHAWNA RASMUSEN - 99,184.28 93,914.27 83,719.32 78,569.28 Dimazio TODD & LEANN DOUGLAS - 92,525.98 (5,815.77) (26,550.12) (26,550.12) Dimazio TODD DOUGLAS STC - - 415,552.39 394,552.39 375,216.39 Dimazio TRIP MEREDITH - 16,480.26 15,624.59 13,059.92 11,619.92 Dimazio WALTER G. QUEIROZ JR. - 367,437.31 331,966.38 199,028.67 61,933.23 Discovery Grove DISCOVERY INVESTMENT GROUP 5% - (555.45) (555.45) (6,000.10) (6,000.10) Discovery Grove NGN CAPITAL 5% - (555.45) (555.45) (6,000.10) (6,000.10) Discovery Point DARRELL L. DEEM TRUST - 299,979.34 298,233.97 - - Discovery Point DISCOVERY INVESTMENT GROUP 30,552.04 30,517.61 27,608.65 - - Discovery Point NGN CAPITAL, LLC (9,447.96) (9,482.39) (12,391.35) - - Discovery Point II BCW DO, LLC TIC 49.5% - 6,337,954.51 6,337,954.51 6,337,954.51 6,337,954.51 Discovery Point II DISCOVERY INVESTMENT GROUP 5% - 197.41 197.41 (52,450.71) (52,450.71) Discovery Point II NGN CAPITAL 5% - 197.41 197.41 - - Doah View B.C. WARNER REV TRUST 210,429.89 3,423,321.63 3,276,733.19 3,502,914.75 3,295,044.39 Doah View BUZZ WARNER - - - - - Doah View JAMES WARNER 136,702.72 89,471.64 - - - Doah View JARON WILDE 68,350.06 98,049.40 - - - Doah View JEN A.W-M.W., LLC 243,499.68 436,471.92 387,731.24 - - Doah View LIZ A.W.-M.W. 405,833.76 721,523.79 640,952.55 573,304.33 535,804.33 Doah View RUSSELL CASTLEBERRY 34,175.60 - - - - Doah View STAYNER WARNER - 89,198.50 79,251.34 70,894.84 66,265.24 Doah View TONY WARNER - - - - - Dynamic Integrations ADAM C. INGLISH % - (1,127.91) (717.43) 11,031.71 5,131.71 Dynamic Integrations JEREMY MADSEN - - 121.53 6,463.39 3,263.39 DZ Special BOB FOTHERINGHAM 521,649.42 11,866.54 24,030.52 6,625.44 (5,374.56) DZ Special BOB FOTHERINGHAM APS 377,746.34 531,745.19 751,861.91 671,172.55 619,694.11 DZ Special BRAND FORCE, INC 38,341.66 53,876.86 59,787.04 52,845.17 48,059.09 DZ Special DAVID E. RICHARDS 56,779.76 - - - - DZ Special DAVID E. RICHARDS APS - - - - - DZ Special DAVID K. RICHARDS - - - - - DZ Special DAVID K. RICHARDS APS - - - - - DZ Special DEREVATIONAL 401K 97,566.75 - - - - DZ Special TIFFANY RICHARDS APS - - - - - El Dorado Apartments BART C. WARNER REV TRUST 49.5% 172,423.70 - - - - Encinito BWJ 876,583.75 721,829.75 561,632.75 - - Encinito COLONIAL TIDEWATER APTS 24.5% - - - - - Encinito COLONIAL TIDEWATER INV 24.5% - - - - - Entrada BART C WARNER 49.5% - 3,196,013.86 3,189,581.83 3,182,960.83 3,182,960.83 Escena Park DON MUNK - - - - 475,000.00

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Escena Park KAK, LC_KEHL - - - - 175,000.00 Escena Park LORNA GAYLE PHILLIPS TR 3.67% - - 367,905.10 335,879.69 303,879.65 Escena Park MANSELL VENTURES .915% - - - 99,790.83 94,790.79 Escena Park SCOTT SMITH - - 2,699,360.27 - - Escena Properties BB EDWARDS RANCH, LP 2.02% 505,101.63 - - - - Escena Properties BLAKE WELLING 1.01% 296,632.68 299,641.57 298,952.57 286,864.57 286,864.57 Escena Properties C EUGENE & MARYANNE MCDE 6.53% 1,922,804.00 - - - - Escena Properties EJ EDWARDS RANCH, LP 1.52% 378,856.60 376,564.27 370,857.56 - - Escena Properties ERIC WELLING 3.26% 961,441.00 - - - - Escena Properties FDP INVESTMENT IV, INC 15.30% 404,120.00 449,700.22 524,310.01 541,013.01 541,013.01 Escena Properties FDR GROUP IV, INC 2.60% (30,721.00) (22,975.35) (23,305.09) (51,002.09) (51,002.09) Escena Properties LH EDWARDS RANCH, LP - - - - - Escena Properties MSI EDWARDS TIC .51% 141,331.02 141,797.86 140,896.85 - - Escena Properties MSI GARDEN TERRACE 1.52% 657,592.03 656,906.20 653,450.89 - (685,000.00) Escena Properties MW EDWARDS RANCH, LP - - - - - Escena Properties PHEASANT WOOD, LLC 3.26% 961,441.00 - - - - Escena Properties WARNER FAMILY 16.32% 4,807,050.00 4,855,698.69 4,844,572.69 4,649,254.69 4,649,254.69 Falcon Head Properties BLAINE P JACOBSON 1% - (2,086.38) (3,391.07) (1,659.79) (1,659.79) FieldSon JAMES MAYFIELD 127,943.94 90,935.39 77,921.23 57,170.93 51,496.63 FieldSon JAMES MAYFIELD APS 168,660.89 163,711.74 154,081.84 129,189.56 129,189.56 FieldSon ROSALIND MAYFIELD 489,073.70 425,783.26 326,144.64 259,701.44 215,788.71 Fountain Hills JEFF WETZEL 50% - - - 966,082.21 915,330.82 Fountain Legacy JTGT INV_TRENT TAYLOR 2.27% - - 24,516.92 22,235.65 20,735.65 Fountain Legacy TAT INV_TRENT TAYLOR 2.27% - - 24,516.92 22,235.65 20,735.65 Fountain Legacy THT INV_TRENT TAYLOR 2.27% - - 24,516.92 22,235.65 20,735.65 Fountain Legacy TMT INV_TRENT TAYLOR 2.27% - - 24,516.92 22,235.65 20,735.65 Fountain Legacy TRENT TAYLOR 45.46% - - 471,989.12 428,526.05 398,526.05 GB 2 CHRIS KIRKPATRICK - - - - 9,568.10 GB 2 EMIL FURCHT - - - - 12,763.21 GB 2 JEREMY JONES - - - - 15,904.77 GB 2 LARRY LEGRAND JONES APS - - - - 16,117.61 GB 2 NICK MORGAN - - - - 15,883.59 Geyser Point BRYAN & SHARLA WILLIAMSON RT - - - - 244,075.40 Geyser Point PARTNER CONTRIBUTIONS - Other - - - - 120,621.96 Geyser Point REID WILLIAMSON - - - - 78,100.01 Geyser Point WILLIAMSON FAM TRUST 1984 - - - - 878,034.70 Goodfellow Housing Partnership Bobby Cox (8%) (138,590.00) (138,590.00) (133,366.00) (142,598.20) (150,034.51) Goodfellow Housing Partnership Douglas P. Hudson Trust (1%) (26,172.00) (26,172.00) (25,518.00) (26,672.03) (27,601.57) Goodfellow Housing Partnership Ellen J. Taft (5%) (43,500.00) (43,500.00) (40,234.00) (46,004.13) (50,651.82) Goodfellow Housing Partnership Investment Joint Venture (2%) (23,544.00) (23,544.00) (22,237.00) (22,237.00) (22,237.00) Goodfellow Housing Partnership Legent Clrng (J.Merrell-IRA) 5% (73,196.00) (73,196.00) (69,930.00) (75,700.13) (80,347.82) Goodfellow Housing Partnership Marsha Merrell (5%) (77,026.00) (77,026.00) (73,760.00) (79,530.13) (84,177.82) Goodfellow Housing Partnership Paige M. Hudson Trust (1%) (26,172.00) (26,172.00) (25,518.00) (26,672.03) (27,601.57) Goodfellow Housing Partnership Partnership Capital - Other - - - - - Goodfellow Housing Partnership Roger Ellis (5%) (109,493.00) (109,493.00) (106,227.00) (111,997.13) (116,644.82) Goodfellow Housing Partnership SPNBSEP-IRA H.J.Szabuniewicz 5% (65,582.00) (65,582.00) (62,316.00) (70,394.18) (76,900.95) Goodfellow Housing Partnership Sterling Trust-J.Hudson IRA (3% (78,514.00) (78,514.00) (76,555.00) (80,017.08) (82,805.70) Goodson NOODLES & BEANS - - (49,747.56) (116,580.67) (116,580.67) Goose Brook ALAN NOALL - - - - 93,667.56 Goose Brook GEORGE PINGREE 275,348.49 282,621.74 251,725.43 193,769.97 80,344.63 Goose Brook JOHN PINGREE 465,449.86 479,262.28 426,749.32 160,211.38 (3,183.61) Goose Brook JOHN PINGREE CHARLES SCHWAB 76,211.46 76,182.91 62,870.93 40,095.35 (1,959.94) Goose Brook LONGVIEW PARTNERS, LLC - 259,284.69 273,048.70 133,360.23 (43,542.66) Goose Brook LORENE R. MASON TRUST - - - - - Goose Brook PARTNERS CONTRIBUTIONS - Other - - - - 25,000.00 Goose Brook PAUL CHRISTENSEN - - - - - Goose Brook SCOTT PINGREE 43,321.53 44,454.27 - - - Group Wise ANNETTE HOLBROOK IRA R - - - 42,039.16 29,039.16 Group Wise CHAD & NICHOLE SUNDERLAND - 10,942.60 10,204.40 9,554.02 9,554.02 Group Wise DEAN & HELEN COX - 1,069.94 997.72 934.54 934.54 Group Wise DUSTIN & DIANNA BARRETT 11.94% 10,147.61 29,307.88 27,339.55 25,605.83 35,605.83 Group Wise GREG & AMANDA MORLEY - 3,890.68 3,628.15 3,397.73 3,397.73 Group Wise GREG & JENNY BAILEY - 19,453.58 18,141.36 16,985.54 16,985.54 Group Wise HEIDI ALLRED - 3,890.68 3,628.15 3,397.73 3,397.73 Group Wise HEIDI ALLRED STC - 31,612.09 29,479.79 27,521.57 27,521.57 Group Wise KORY STEPHENSEN APS 16,000.00 15,521.30 14,471.61 13,548.08 13,548.08 Group Wise ROGER & DENICE AAGARD - 9,726.79 9,070.68 8,492.77 8,492.77 Group Wise SCOTT & ELLEN DALEY - 24,317.02 22,676.85 21,233.01 21,233.01 Group Wise STUART & BRITTNEY EDGIN - 4,377.06 4,081.82 3,821.67 9,221.67 Group Wise TINA STEPHENSEN - 3,890.68 3,628.15 3,397.73 3,397.73 Haynes GHG WESTFIELD - - (16,048.01) (37,851.99) (37,851.99) Haynes MARK GOODSELL - - (212,148.70) (318,215.71) (318,215.71) Haynes NOODLES & BEANS - - (233,190.51) (235,827.03) (235,827.03)

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011HPI Investments HANSEN PROPERTIES 955,733.28 1,032,085.87 1,043,014.22 858,455.36 791,315.72 Inveness KARIN NELSON BROWN REV TRUST - 90,993.09 77,930.56 104,090.78 92,890.70 Inveness KENNETH & KARIN BROWN 628,637.14 543,482.56 452,023.94 370,757.21 314,757.17 Inveness KENNETH N BROWN - 213,718.37 207,180.73 177,420.34 185,511.81 Iosepa BART WARNER TIC 7.38% - - 998,935.78 55,860.05 55,860.05 Iosepa FOREST HILLS 45.53% - 6,581,348.34 3,484,926.67 271,082.45 271,082.45 Iosepa JAMES WARNER 6.94% - - 498,223.28 25,582.89 25,582.89 Iosepa PINE MOUNTAIN 1% - (645.74) 4,923.74 (65,648.23) (65,648.23) Jake & Mac EXCEL VENTURE TWO LLC (4,916.23) (18,554.81) - - - Jake & Mac FOREST HILLS APTS LLC 5,339.96 (312,684.09) - - - Jake & Mac MCKEAN APARTMENTS LLC (48,817.47) (157,329.71) - - - Jake & Mac NYCOM APARTMENTS LLC (45,171.64) (153,683.88) - - - Jake & Mac PHEASANT WOOD LLC (45,171.64) (153,683.88) - - - Jake & Mac PINE MOUNTAIN APTS LLC (53,667.25) (331,496.57) - - - Jake & Tate ALBION PARTNERS - - - - - Jake & Tate JOHN C. PHILLIPS TRUST - - - - 295,276.71 Jake & Tate MCKEAN APTS LLC 4.21% COOPER GL - - - - - Jake & Tate NYCOM 4.21% COOPER GLEN - - - - - Jake & Tate PHEASANT WOOD 4.21% COOPER GLEN - - - - - Janison Investments BLACKCLIFFS 243,922.30 249,143.41 62,490.35 (98,197.83) (98,197.83) Jarustds DAYLE & PAT RUST 909,954.72 908,953.99 831,864.42 778,380.76 739,980.76 Jefferson Chase BC WARNER INVESTMENTS LC 18.33% 2,542,559.83 - - - - Jefferson Chase DEAN BRADSHAW 2.77% 381,803.82 - - - - Jefferson Chase DON MUNK 19.8% - - - 884,042.98 884,042.98 Jefferson Chase EMC PROPERTIES, L.C. 4.00% 558,491.75 - - - - Jefferson Chase JOHN C. PHILLIPS TRUST 875,841.37 - - - - Jefferson Chase JOHN PETERSON 2.00% 275,930.30 - - - - Jefferson Chase M.C.LAYTON/ROMNEY 5.33% 734,297.36 - - - - Jefferson Chase R.R. BECK PROPERTIES, L.C. 18.1 1,255,008.78 - - - - Jefferson Chase TRUCKPRO 7.33% 1,009,659.70 - - - - Kamy Lakes ALTA LEFEVRE 83,453.60 - - - - Kamy Lakes BILLEE E. BENSON STC - - 7,922.65 6,710.11 5,847.78 Kamy Lakes BRENT & KELLI DAVIDSON 45,650.08 42,884.13 34,562.30 26,426.32 21,555.43 Kamy Lakes DARREL HART 46,612.33 44,342.03 35,326.67 26,512.66 21,897.13 Kamy Lakes DENNIS CROCKETT TRUST 167,125.48 88,835.81 61,694.06 (56,296.82) (111,622.61) Kamy Lakes DENNIS L. CROCKETT - - - - - Kamy Lakes DWAYNE BENSON - - 49,432.34 17,325.46 5,430.80 Kamy Lakes ERAN A. CALL 181,279.87 158,098.94 101,334.73 104,127.70 87,727.62 Kamy Lakes HERB WAITE APS 138,407.92 141,103.73 112,351.50 35,259.73 (25,473.88) Kamy Lakes HUMMEL LANDSCAPING 37,063.42 - - - - Kamy Lakes JEFF & TERI HUMMEL 267,273.21 1,820.50 1,820.50 1,820.50 1,820.50 Kamy Lakes JEFF HUMMEL APS 40,407.08 41,264.05 37,696.09 34,285.57 33,915.32 Kamy Lakes JOHN K. AAGARD - - - 46,859.74 46,030.62 Kamy Lakes JOHN K. AAGARD STC - - - 47,181.49 46,549.34 Kamy Lakes JOSEPH & JEANETTE TAYLOR - - - - - Kamy Lakes KAREN A. SOPER STC - - - 38,124.99 38,033.95 Kamy Lakes KORRY L. SOPER STC - - - 16,074.63 16,065.23 Kamy Lakes PARKER OR KATE DAVIDSON - 20,583.33 17,843.74 15,013.00 26,724.03 Kamy Lakes RICHARD L. MILLETT 97,801.99 92,151.51 91,607.97 80,389.53 61,879.41 Kamy Lakes RICHARD L. MILLETT CRUT - - - (9,021.81) (9,021.81) Kamy Lakes RICHARD WINKEL 389,015.99 - - - - Kamy Lakes RICK & DEBBIE LEE 165,063.58 207,610.87 174,670.21 142,458.84 107,363.80 Kamy Lakes ROGER & DENICE AAGARD - - - 46,859.74 46,014.09 Kamy Lakes SHAWNA RASMUSEN - - 75,041.00 75,041.00 75,041.00 Kamy Lakes SUE CARLSON - - 126,232.34 107,248.40 56,623.40 Kamy Lakes TERI HUMMEL APS 41,969.73 48,027.58 44,332.81 40,806.46 40,771.21 Kamy Lakes TERRY OR APRILL FISHER - - 44,690.18 32,336.31 (12,533.58) Kamy Lakes THOMAS MORAN - - 44,690.18 38,297.78 (8,152.68) Kamy Lakes WES LYON - - - - 49,791.00 King George ACTIUM PARTNERS, LLC 7.18% - 222,622.80 189,556.99 - - King George CAPE TRUST FBO PAUL CHRIST .72% - 22,257.79 18,946.18 - - King George JOHN C. PHILLIPS TRUST 14.36% - 437,745.62 361,614.04 - - King George MARGARET CHRISTENSON .65% - 20,027.52 17,042.04 - - Kingson BRIAN MANSHIP - 48,957.39 47,199.37 28,431.68 10,497.96 Kingson DARREN KING APS - 2,696.07 2,563.63 1,528.98 1,328.94 Kingson DARREN OR KERRIE L. KING - 898.69 859.96 528.12 474.48 Kingson GREG OR CONNIE CURTIS - 5,967.20 6,081.81 4,203.95 203.95 Kingson JAY ALLEN - - - - 226,166.68 Kingson LINDA YOUD - 161,759.41 164,879.36 113,759.73 113,759.73 Kingson RAYMOND & LEDA KING - - - - 54,863.03 Kingson ROY & DARLENE KING - 207,130.14 198,423.66 117,054.15 283,156.35 Kingson ROY & DARLENE KING TRUST - 338,852.73 324,890.17 194,400.81 175,390.39 Kingson ROY KING STC - 303,244.26 284,047.06 159,101.13 133,821.09

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Komo Mai Estates JANAE PETERSON APS - 4,697.06 4,685.59 4,663.75 4,663.75 Komo Mai Estates JEAN SQUIRE - 38,575.99 - 36,403.51 36,403.51 Komo Mai Estates JON OR JANAE PETERSON - 4,997.06 4,985.59 4,963.75 4,963.75 Komo Mai Estates JON PETERSON APS - 4,697.06 4,685.59 4,663.75 4,663.75 Komo Mai Estates JOSEPH P. TATE - 1,460,366.27 1,366,852.83 1,270,161.86 1,180,161.86 Komo Mai Estates KEITH DYER - 219,867.66 206,151.54 197,468.65 (30,231.35) Komo Mai Estates WAYNE OR CALEEN OLSEN - 48,879.69 45,763.09 42,541.03 39,541.03 Kula Estates HOUSTON HEIGHTS 4.95% - 287,488.19 284,939.03 95,201.48 95,201.48 Kula Estates JOHN C. PHILLIPS TRUST 9.9% - 466,643.08 451,544.81 64,569.75 24,569.79 Kulia I Ka Nu'u Estates BCW DO TIC 49.5% - 7,911,963.62 7,888,792.84 7,843,605.13 7,843,605.13 Kulia I Ka Nu'u Estates EDGE WISE 3% - (185.80) (894.97) (2,277.99) (2,277.99) Kulia I Ka Nu'u Estates POLO LAI 18.50% - 383,854.24 379,481.05 370,952.44 370,952.44 La Villita_Garden Terrace BARLOW CORP 8.61% - - - 98,997.53 98,997.53 La Villita_Garden Terrace DALE CORP_DUNCAN BARLOW 17.22% - - - 197,206.02 (32,501.46) La Villita_Garden Terrace HAVEN J. BARLOW TRUST 8.61% - - - 98,274.25 (131,433.23) La Villita_Garden Terrace JONATHAN HORNE 17.22% - - - 197,995.06 197,995.06 La Villita_Garden Terrace SPENCER JONES - - - - 180,559.59 Lake Charlestonian DAVID STEED 9.9% 449,290.40 435,886.46 426,777.79 368,821.87 348,821.90 Lake Charlestonian HUGH NIELSON 9.9% 449,290.40 435,886.46 426,777.79 368,821.87 349,655.23 Lake Charlestonian KEITH PRESCOTT 1.98% 89,858.08 87,177.29 - - - Lake Charlestonian PREFERRED INCOME PARTNERS, IV, - - - 2,156,250.00 2,156,250.00 Lake Gran JOHN C PHILLIPS TRUST 99% - - 495,570.78 454,943.97 414,944.01 Lake Ridge DAVID K. RICHARDS 9.9% 931,011.24 - - - - Lake Ridge FJL PROPERTIES, LLC 25.4% - - - 1,038,749.70 918,406.98 Lake Ridge JOHN W. ANDERSEN 1% 92,669.54 84,941.49 77,467.15 69,749.85 64,749.81 Lake Ridge L&H INVEST, INC. 10% 945,314.06 745,065.65 649,715.00 549,645.40 476,765.44 Lake Ridge MARK F. LARSEN .891% 83,549.02 - - - - Lake Ridge MARK F. LARSEN 2.22% 139,411.37 - - - - Lake Ridge MAX JORGENSEN 6.93% 651,539.32 584,357.35 518,932.02 451,816.43 403,542.47 Lake Ridge PAMELA L. BUROS 4.65% 439,753.23 401,479.28 366,352.88 330,090.69 306,470.73 Lake Ridge PETERSON FAM TRUST 2.52% 237,414.44 217,788.53 198,801.57 179,199.71 166,449.71 Lakes Edge JOHN C. PHILLIPS TRUST 644,003.85 490,365.33 - - - Lakes Edge SHARON DEVELOP CORP 31.14% - - - 1,836,958.94 1,731,408.14 Lamp Son BRADI LAMPING 30,974.00 35,361.68 32,424.28 29,490.70 9,298.38 Lamp Son BRIAN BARLOW 62,637.07 - - - - Lamp Son CAMERON LAMPING 26,117.57 29,721.24 29,677.06 29,620.42 29,620.42 Lamp Son DAVE & WENDY LAMPING 91,409.25 98,826.63 1,547.00 (59.58) (23,274.11) Lamp Son GARY BATCHELOR - 177,034.00 195,273.38 181,995.63 169,056.03 Lamp Son GARY WEISS 7,677.23 9,361.04 9,347.18 9,329.23 9,329.23 Lamp Son HENRY & TRUDY BRADFORD 250,056.73 245,049.37 220,633.51 196,100.21 172,100.21 Lamp Son IRENE LAMPING - - - - - Lamp Son JEFF LAMPING 12,764.68 13,836.35 13,815.56 13,788.64 13,788.64 Lamp Son KIEL BATCHELOR 30,160.01 37,793.01 37,736.69 37,664.91 37,664.91 Lamp Son W.J. LAMPING COMPANY 663,128.42 664,861.75 523,530.35 464,450.65 362,902.90 Lamp Son WILL & ANGIE MAGGARD 200,000.00 232,625.47 208,764.31 171,190.92 140,171.73 League 3 HEBERJ. & GENTRI L. GREEN .98% - - 9,128.59 8,108.67 7,615.49 League 3 RANDY GREEN 39.41% - - 366,573.59 787,221.27 742,739.45 League 3 RANDY GREEN TRUST 9.61% - - 89,361.75 79,633.93 74,801.13 Madison Chase 1031 BOYD SUMMERHAYS, LC 37.12% 1,480,550.00 1,324,248.75 1,215,771.85 1,108,313.35 988,313.35 Madison Chase 1031 FTN GREEN, LC 49.5% 2,183,822.34 1,960,123.75 1,808,228.45 1,657,692.00 1,497,692.04 Madison Chase 1031 GARY C. WILLIAMSON 12.38% 494,883.34 442,787.99 406,640.60 370,832.65 330,832.69 Management Masters - Logan ANDE EQUIPMENT 365,397.17 343,465.11 326,112.13 304,212.13 280,569.28 Management Masters - Logan GORDON R. KIMBALL 200,217.66 188,202.84 178,697.61 166,697.61 153,745.17 Management Masters - Logan MOUNT OLYMPUS HILLS 258,280.62 258,258.85 261,475.38 231,475.38 230,243.73 Management Masters - Logan TRUMAN & MARILYN CLAWSON TRUST 315,342.71 296,419.14 281,448.25 262,548.25 242,147.89 Management Masters - Logan WILLOW PARK, LLC 50,054.46 47,044.99 44,661.88 41,661.88 38,668.38 Management Masters - Logan WOODS #1 251,836.95 236,699.81 224,725.22 209,605.22 192,411.50 Management Masters - Logan WOODS #4 174,559.93 164,044.85 155,726.17 145,226.17 134,765.49 Mandivo AMY JORGENSEN APS 42,464.15 66,608.45 66,496.60 66,405.65 66,405.65 Mandivo CECIL OR AVA LOSEE 86,911.87 175,001.44 186,850.30 202,708.93 197,694.01 Mandivo CLARE B. SLEIGHT 26,498.48 48,223.54 44,135.98 40,065.97 36,066.01 Mandivo DAVID & BECKY MAY 12,829.30 - - - - Mandivo DERMATOLOGY OF EASTERN IDAHO 100,515.31 205,002.62 290,973.03 283,389.72 283,389.72 Mandivo KAY BISHOP - - - (5,696.83) (18,696.79) Mandivo KEN JORGENSEN - 398,109.98 501,011.89 500,221.88 446,421.88 Mandivo KEN JORGENSEN APS 331,746.33 526,052.52 524,749.09 523,951.06 497,351.06 Mandivo KEVIN OR LESLIE MAY 121,670.11 - - - - Mandivo LEANN STEPHENS 35,331.28 111,427.17 126,508.86 117,961.80 109,561.80 Mandivo MARILYN JORGENSEN APS 37,123.35 60,194.09 60,085.13 59,998.36 59,998.36 Mandivo MM BISHOP - - - - - Mandivo PERRY ABBOTT STC - - - 478,293.86 425,853.90 Mandivo SAM OR PEGGY COFFMAN 94,869.69 151,274.13 151,009.88 150,799.74 150,799.74 Mandivo SLOAN JORGENSEN APS 81,461.88 127,162.75 126,945.20 126,772.35 126,772.35

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Marvista ANA SUBIDA APS 33,032.28 40,489.11 38,098.81 36,198.76 35,959.01 Marvista ANA SUBIDA ROTH - - - (521.09) (626.72) Marvista ANNELIESE WATKINS 18,932.48 21,508.79 19,066.01 16,794.11 (6,876.70) Marvista DOLORIS SALAMANKA IRA 7,690.98 9,270.27 - - - Marvista DOLORIS SALAMANKA ROTH 11,535.85 12,888.98 - - - Marvista ELAINE LOVE 23,546.32 - - - - Marvista FRANK VILLANUEVA - - - - - Marvista GLORIA ATIENZA 14,425.16 5,510.68 4,177.97 - - Marvista GREG BAILEY 76,323.00 102,029.49 86,769.57 74,428.96 74,428.96 Marvista JAMES WELSH APS - 112,591.36 107,032.59 102,209.85 102,209.85 Marvista JANE L. WELSH APS 98,102.46 119,914.66 113,066.19 107,121.51 107,121.51 Marvista JAY JOLLY 53,956.82 61,857.32 55,064.08 48,748.13 45,548.09 Marvista JEFFREY OR CINDY NELSON - - 4,859.97 26,537.87 23,706.72 Marvista JOHN RICHARDS 13,294.78 13,219.60 11,108.45 9,216.77 7,976.81 Marvista JOSE SUBIDA APS 55,851.11 67,903.80 63,950.96 60,046.13 59,570.92 Marvista JUDITH Y. SANTIAGO - - - - - Marvista MARIE CANNON 5,381.04 6,502.17 5,763.24 5,076.38 4,249.82 Marvista MARIE CANNON APS 25,432.39 33,329.62 28,428.26 23,798.89 21,398.89 Marvista MARTHA MEAGHER 18,876.99 - - - - Marvista MICHAEL BOYD 23,551.77 27,038.92 23,961.32 21,096.97 19,647.01 Marvista MIKE REAGAN 123,517.80 151,009.78 140,457.40 125,331.76 117,708.76 Marvista MINESH BAXI 9,506.47 - - - - Marvista NENETTE PAGSUYOIN 9,882.85 11,492.02 9,859.27 (1,483.57) (1,676.66) Marvista NENETTE PAGSUYOIN APS 70,000.00 68,077.42 63,707.75 60,299.39 60,299.39 Marvista NILA SARMIENTO APS 12,946.92 19,267.47 17,266.80 21,244.15 19,588.15 Marvista RALPH SANTIAGO APS - - - - - Marvista RAY PFENNING 59,214.68 72,466.16 68,311.80 64,701.39 64,701.39 Marvista RICHARD NEWER 18,795.78 21,372.09 18,929.31 16,657.41 15,507.45 Marvista ROSALINDA LUZ APS 6,390.50 5,144.80 3,987.32 2,897.85 2,217.81 Marvista SHAWN OR GILIE MATSUMOTO 37,832.22 44,061.58 39,073.32 34,436.94 32,086.98 Marvista TERI MCMICHAEL 28,894.66 32,791.59 27,672.28 22,829.79 19,821.75 Mayo BRAD & LEAH BUSH FAMILY TRUST - - - - 94,041.63 Mayo BURTON & MARY ANN COX 50,815.98 47,169.41 43,981.09 40,777.62 38,957.62 Mayo DAVID & ANNETTE STEED 33,879.46 13,138.67 11,893.19 10,641.78 9,163.06 Mayo DAVID SKROCK 68,709.71 69,559.91 69,460.28 69,338.56 69,338.56 Mayo DEBBIE SCACCO 62,381.76 58,200.76 54,017.10 49,812.55 6,431.29 Mayo DEBBIE TOTTEN - - - - 164,572.88 Mayo DONALD & RAEGAN WHIPPLE 6,130.66 4,661.55 4,651.59 6,632.72 (1,530.71) Mayo DOUGLAS & KORINDI TOTTEN 41,863.57 45,444.54 42,088.18 38,817.93 38,021.67 Mayo GARTH & LESLIE LAKE 76,689.26 132,773.54 124,039.85 114,300.56 105,785.72 Mayo KARLEAN NEILSON COWLEY 14,904.47 13,142.00 4,812.40 4,311.97 3,824.41 Mayo KARLEAN NEILSON COWLEY APS 20,425.23 43,270.27 43,212.49 43,141.89 43,141.89 Mayo KURT & SARAH LEAVITT 18,003.57 - - - - Mayo LANCE OR CONNIE ROBERTSON - - - - 47,020.87 Mayo MARLENE LEIGH 20,960.32 - - - - Mayo MICHAEL & JENNIFER TOTTEN 37,577.42 - - - - Mayo MIKE WORKMAN FIRST REG. BANK 32,246.40 31,830.65 31,788.52 31,737.05 31,737.05 Mayo PHILIP & TACI MAY 11,260.75 - - - - Mayo RICHARD LUEKENGA - - - - 94,041.63 Mayo ROBERT & BARBARA JONES 18,368.60 31,576.17 29,450.67 27,315.06 25,235.10 Mayo ROD JOHNSTON 65,972.34 48,704.68 44,852.09 40,981.19 (19,182.53) Mayo SCOTT LEE 21,899.03 10,979.29 454.44 377.88 296.64 Mayo SHAWN PERKINS 28,819.26 47,930.16 44,173.28 41,170.03 38,245.03 Mayo STACE & PAULA PULSIPHER 111,427.20 104,526.62 3,959.80 2,291.29 (23,792.07) Mayo TAYLOR M. DENNET TRUST 34,146.53 - - - - Mayo TIMOTHY & BONNIE WALKER 52,152.95 694.75 680.52 - - McKamy Lake Sharon BCW-SF, LLC TIC 42.86% - - 6,370,821.73 - - McKamy Lake Sharon FOREST HILLS (215,028.45) (349,442.89) - - - McKamy Lake Sharon PINE MOUNTAIN (215,028.45) (349,442.89) - - - Meadow Walk ELIZABETH WARNER - - - - - Meadow Walk MCKEAN APARTMENTS, LLC 166,614.56 133,202.57 - - - Meadow Walk NYCOM, LLC 165,614.56 - - - - Meadow Walk PHEASANT WOOD, LLC 165,614.56 132,202.57 - - - Melson GARY HARTLEY - - 31,796.21 36,666.21 28,943.89 Melson GERILEE LYON APS - - - 5,055.19 4,580.81 Melson GLORIA BARBEE - - 52,963.29 61,750.05 58,107.85 Melson JARED HARTLEY - - 19,524.14 21,301.22 7,749.07 Melson JEFF HUMMEL APS - - - 13,021.49 12,811.60 Melson JEFF OR GERILEE LYON - - - 41,393.46 36,908.46 Melson JEFF OR TERI HUMMEL - 391,878.19 370,828.07 413,552.85 369,049.06 Melson TED BARBEE APS - - 54,199.88 65,491.33 65,149.97 Melson TERI HUMMEL APS - - - 14,049.54 13,725.17 Memphis Park AL MANSELL - - - 56,416.75 (13,384.96)

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Memphis Park BRYAN_SHARLA WILLIAMSON 2010 - - - 57,955.21 (15,763.46) Memphis Park DAVE MANSELL - - - 56,288.35 (13,916.64) Memphis Park R.G. HINCKLEY - - - 90,058.46 85,475.09 Memphis Park WILLIAMSON FAMILY DEC 1984_GARY - - - 248,323.54 (84,561.79) Mid America Airpark HOUSTON HEIGHTS - 335,377.17 317,781.97 298,707.85 298,707.85 Mid America Airpark JOHN C. PHILLIPS TRUST - 275,966.12 - - - Mid America Airpark LORNA GAYLE PHILLIPS TRUST - 275,966.12 503,768.98 455,570.42 407,570.42 Miraflores VILLA CUMORAH - - 421,984.93 358,778.15 358,778.15 Mistema Bay JOANN FROEHLING APS 2.86% 28,343.42 25,427.29 23,017.88 20,440.22 18,201.74 Mistema Bay MIKE & JOANN FROEHLING 38.94% 240,535.88 220,824.46 192,599.20 167,112.05 1,485.23 Mistema Bay MIKE FROEHLING APS 3.55% 40,804.21 36,305.96 32,916.57 29,318.31 26,141.07 Mistema Bay ROBERT ERICKSON 4.15% 31,774.68 28,145.29 25,283.31 22,177.06 268,662.98 Monte Forte AARON ROSS - - 13,366.55 - - Monte Forte ADAM NAUMAN - 9,606.46 9,001.34 - - Monte Forte ADEN WATTS 27,946.38 34,697.67 30,882.97 27,327.88 25,600.84 Monte Forte BRAD MAYBEY 31,413.26 45,886.62 40,367.78 35,217.86 32,717.90 Monte Forte BRANDON DOOLEY - 24,520.95 - - - Monte Forte BRANDON DOOLEY CB 21036 SEP - 10,085.19 15,694.01 13,153.67 (6,782.89) Monte Forte BRANDON DOOLEY CB 21049 IRA - 8,649.00 6,813.97 5,626.33 (4,353.68) Monte Forte BRANDON SHERANIAN 597,074.76 741,015.81 646,129.21 539,536.81 487,949.20 Monte Forte BRANDT JEPPESEN - 23,064.00 21,614.17 17,392.09 (10,707.91) Monte Forte BROOKE DAVIS ALLRED TRUST 75,974.38 - - - - Monte Forte DAVE MANSELL - - - - 61,777.40 Monte Forte DAVE MANSELL IRA - - - - 137,302.30 Monte Forte DAVID HATCH - 1,925.55 1,806.34 - - Monte Forte GNC INV_GABE LEE 91,016.10 - - - - Monte Forte GREG YOUNG 26,935.83 27,623.81 18,574.21 6,702.13 (7,792.28) Monte Forte JASON RIDING - 24,000.00 22,550.17 14,501.52 (4,272.96) Monte Forte JASON STREIFF - 62,468.55 58,544.27 55,143.25 55,143.25 Monte Forte JOHN FRAMPTON - 48,053.55 - - - Monte Forte JOSH DOOLEY 36,735.58 114,830.86 108,195.66 49,893.12 (21,342.30) Monte Forte JOSH DOOLEY CB IRA 36,735.58 18,298.22 17,754.98 16,173.31 6,893.31 Monte Forte JOSH DOOLEY CB SEP - 1,436.18 1,342.78 1,100.43 (399.57) Monte Forte KEITH J DYER 93,138.68 - - - - Monte Forte LANDON RAMSAY - 4,808.54 4,508.25 4,239.00 3,376.22 Monte Forte LUKE HARRISON 22,950.25 99,919.88 88,411.80 77,729.63 72,517.43 Monte Forte PERKINS FAMILY TRUST - - 103,091.39 86,873.51 77,273.51 Monte Forte PIXTONIAN, LLC (24,355.67) - - - - Monte Forte SPENCER JOHNSON - 9,904.44 - - - Monte Forte THUESON ENTERPRISES - 24,021.46 22,509.75 - - Monte Forte TYLER MICKELSEN - 49,461.33 43,942.49 38,792.57 (13,290.73) Monterra Park MEMPHIS HOLDINGS, LLC 50% - - - 571,782.62 (752,937.42) Mount Padre BARLOW CORPORATION - - - - 548,051.74 Mount Padre HAVEN J BARLOW TRUST - - - - 196,473.98 Mount Padre PARTNER CONTRIBUTIONS - Other - - - - (7,797.58) Mount Padre SKYLINE VIEW APARTMENTS 123 - - - - 326,344.39 Noallson IRFRED PARK - 808,076.17 777,182.72 547,340.49 534,101.01 Noallson NOALL INVEST_ALAN NOALL - 978,635.15 1,433,434.82 1,014,737.02 990,476.50 North Bass CASEY JONES - - - - - North Bass DAVID K. RICHARDS - - - - - North Bass DEAN & CHRISTIE BRADSHAW - - - - - North Bass DEEM INVESTMENT CO - - - - - North Bass JAMES MAYFIELD - - - - - North Bass JEFF & TERI HUMMEL - - - - - North Bass PAUL CHRISTENSON - - - - - North Bass ROSALIND B. MAYFIELD - - - - - North Park Spring JOHN C. PHILLIPS - - - - - North Park Spring MCKEAN APARTMENTS, LLC - - - - - North Park Spring NYCOM, LLC - - - - - North Park Spring PHEASANT WOOD, LLC - - - - - Oak City BARBARA BOHN 38,370.90 - - 33,947.89 31,996.52 Oak City BRENNAN G SNOW 21,852.62 20,400.12 - - - Oak City CLAYTON SHERWOOD 61,631.89 56,330.28 50,988.10 46,002.84 40,935.38 Oak City EUGENE BOHN 4,295.24 (1,969.27) (3,572.18) (4,944.99) (6,365.38) Oak City HMI - - - - 100,000.00 Oak City JEFF OR LORI BENNETT 42,325.62 42,026.11 41,887.73 39,369.06 7,667.13 Oak City JIM & NELLIE STEPHENSEN - - 104,740.24 154,537.70 174,838.70 Oak City JIMMY A. STEPHENSEN STC - - 10,936.11 10,848.79 10,848.79 Oak City MARC OR AMANDA BELL 2,740.47 2,717.87 2,708.97 2,714.03 (1,344.48) Oak City MICHAEL & AUDREY LLOYD 21,748.45 19,932.83 18,103.35 16,395.87 (2,291.59) Oak City MIKE FROEHLING APS - - - - - Oak City NANCY CHRISTENSEN - - - - - Oak City NELLIE A. STEPHENSEN STC - - 4,473.91 4,437.70 4,437.70

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Oak City OWEN & EDNA CHRISTENSEN 245,011.19 245,761.79 250,822.68 297,118.21 280,094.58 Oak City PERRY & CAROLYN CHRISTENSEN 209,791.25 191,014.04 173,189.15 156,426.67 139,532.77 Oak City REID C. BRADY - - - - - Oak City TERRY OR JEAN SQUIRE 25,475.64 41,522.96 - - - Oak City TERRY THOMAS 5,050.48 - - - - Oak City WAYNE & CALEEN OLSEN 230,453.12 172,935.48 158,278.53 144,616.73 125,116.69 Oak Hill-1031 HOLBROOK FARMS, LC 49.5% 3,227,774.11 3,021,354.73 2,925,354.73 2,606,018.07 2,510,018.07 Parcel 7 & 54 BOYD SUMMERHAYS, LC 46% - 1,397,718.04 1,391,597.28 1,382,608.28 - Parcel 7 & 54 DAVID K. RICHARDS TIC 29.7% - 898,526.65 894,574.77 888,770.77 - Patriots' Dream GORDON S. EDGIN IRA-R ROTH - - - - 8,304.66 Patriots' Dream JO-ANN EDGIN .40% - (53.44) 6,280.57 6,172.36 6,172.36 Patriots' Dream RAY EDGIN IRREVOC TRUST 49.47% - 766,668.66 766,668.66 753,285.25 753,285.25 Patriots' Dream SCOTT EDGIN - - - - 19,044.77 Patriots' Dream SHELLY EDGIN IRA-R - - - - 3,770.49 Patriots' Dream STEVEN EDGIN .13% - (19.43) 1,980.57 1,945.40 1,945.40 Pebble Lakes AMAYZING FINANCIAL SOLUTIONS 50,686.99 - - - - Pebble Lakes CAROL WALKER 175,506.45 163,142.74 139,496.49 97,889.97 84,929.97 Pebble Lakes CONNIE J. TOLBERT TRUST 309,647.49 275,848.41 297,112.01 270,100.51 247,100.47 Pebble Lakes DEAN & CHRISTIE BRADSHAW - - - - - Pebble Lakes FINANCIAL FREEDOM/EDUCATION - - - - - Pebble Lakes GARY & KAY BATCHELOR 150,730.71 - - - - Pebble Lakes GWEN MCGARRY - 49,115.03 45,299.70 60,968.18 56,943.14 Pebble Lakes JEFF & DONI BATEMAN 300,455.37 276,031.41 239,077.48 205,150.81 175,230.85 Pebble Lakes JOHN DAVIES APS 171,683.66 171,411.38 166,714.34 163,655.16 146,855.16 Pebble Lakes ORA MAE B. MAY 163,186.25 - - - - Pebble Lakes ORA MAE MAY APS 28,051.93 - - - - Pebble Lakes THE DAVIES FAMILY TRUST 73,919.97 66,162.93 79,207.53 62,539.90 57,364.90 Pepper Winds GREG & JENNY BAILEY (314,613.64) 269,315.56 239,845.03 239,845.03 (165,054.97) Perpetual CHRISTIAN HANSEN 39,796.13 40,917.57 44,881.78 38,522.22 35,013.06 Perpetual MICHAEL FARLEY 79,602.04 81,834.57 89,745.35 77,026.23 70,007.91 Perpetual PROGRESSIVE SERVICES, LLC 80,431.27 82,663.80 - - - Perpetual SUNDAW, LLC 169,597.22 173,207.83 191,181.94 162,802.93 (123,026.38) Perpetual SYMMETRY MANAGEMENT 99,984.78 102,783.22 112,686.78 96,787.83 88,014.87 Platinum Controls JDP INVESTMENTS, LLC 26.67% - (19,189.15) - - - Platinum Controls MGH INVESTMENTS, LLC 26.67% - (19,189.15) - - - Plum Tree Partners DSC VENTURES, LLC 10% - (56,580.71) (88,208.95) (135,974.89) - Pronto Properties LLC GEORGE C. OR ANNE PINGREE - - - - 170,770.19 Pronto Properties LLC J FREDERICK "TOBY" PINGREE - - - - 113,846.76 Pronto Properties LLC JOHN C. OR CARMEN B. PINGREE - - - - 91,077.47 Pronto Properties LLC PARTNERS CONTRIBUTION - Other - - - - - Provident Point ELSE MARIE VANDERHOOFT 47,989.67 43,235.16 38,397.02 37,890.97 27,711.15 Provident Point EUGENE HANSEN 95,312.59 85,801.20 76,122.30 49,202.70 43,276.74 Provident Point GARY BUEHNER 95,979.26 86,467.87 76,788.97 79,513.33 71,273.29 Provident Point J. RANDOLPH AYRE 47,989.67 43,235.16 38,397.02 39,756.10 35,636.14 Provident Point MICHAEL CAUGHLIN 71,984.45 64,850.32 57,680.43 57,770.69 51,770.69 Provident Point PROGRESSIVE SERVICES_STAN HANKS 95,979.26 86,467.87 - - - Provident Point SYMMETRY MGMT GROUP, LLC 95,979.26 86,467.87 76,788.97 42,655.38 36,729.42 Provident Point WYNN CLAYTON 95,979.26 86,467.87 76,788.97 - - Pryor Creek DAVID STEED 11.42% 448,203.96 393,832.82 342,112.62 303,660.90 281,160.90 Pryor Creek HUGH NIELSEN 11.42% 448,203.96 393,832.82 342,112.62 303,660.90 281,160.90 Red City ANNA MAY WRIGHT 47,406.52 43,653.00 38,259.17 42,298.64 38,127.56 Red City BRADLEY CONRAD - - 3,911.15 4,445.27 4,445.27 Red City BRANDON HUSTON - - 27,609.19 41,463.43 38,815.15 Red City CHET & PATRICIA NICHOLS 28,291.67 28,114.46 27,280.20 31,061.24 (10,606.27) Red City CHET NICHOLS APS 6,619.01 6,198.94 5,845.35 6,749.68 (1,830.85) Red City CINDY LARSEN STC - - 31,176.91 35,451.75 35,451.75 Red City CRAIG B. LARSEN 1,862.09 1,848.33 1,783.73 2,039.57 2,039.57 Red City DAVID OR JILL CONRAD 68,472.05 79,404.16 80,488.44 100,515.68 95,760.38 Red City DEBRA L. HERNANDEZ - - - - - Red City GEORGE E. WRIGHT - - - - - Red City HARRO OR LINDA VAN LEEWEN 25,986.90 53,631.07 47,904.63 52,056.52 80,195.54 Red City JENNIFER TAGGART STC - - - 4,845.45 4,845.45 Red City JOSHUA HUSTON - - - 3,888.65 3,888.65 Red City KAY & CINDY LARSEN 137,606.62 127,575.81 113,162.47 123,934.61 (12,717.93) Red City LARUE KREEK STC - - 52,798.26 59,908.55 136,477.24 Red City MARION CONRAD 49,487.56 44,278.12 37,551.40 13,309.99 10,205.95 Red City MARK FOULGER - - - - - Red City NICHOLAS OR HEATHER RASMUSSEN 8,912.74 8,248.81 4,003.44 4,766.91 4,766.91 Red City NORM WELDON APS - - - - - Red City NORMAN OR KRISTINE WELDON - - - - - Red City RICHARD & CYNTHIA GOTBERG 120,604.15 119,737.52 115,659.36 134,486.94 134,486.94 Red City ROBERT & SHANNON SPENCER 49,304.98 45,651.40 40,401.55 44,263.55 190,205.03 Red City ROCKIE DUSTIN 259,540.33 241,139.52 214,699.59 236,518.91 276,974.08

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Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Red City RONALD B. TAGGART 88,389.47 94,538.35 84,012.05 91,763.01 83,620.17 Red City RONDA SNYDER 68,573.54 63,591.21 56,431.94 61,749.98 56,215.10 Red City STEPHEN CONRAD 13,427.43 12,342.47 9,955.88 25,149.94 22,409.98 Red City TERRY & CYNTHIA KING - - - - - Red City TODD HUMMEL 8,472.34 7,808.31 6,854.51 7,491.91 6,757.03 Red City TRAVIS LARSEN 36,504.87 31,293.67 33,419.64 38,629.53 38,629.53 Red City WAYNE OR CALEEN OLSEN - - - - - Reep Investments CASEY L SUMMERHAYS 4.80% - - - 42,286.65 41,086.65 Reep Investments JERIN DAVIS - - - - 175,000.00 Reep Investments JONATHAN ROSE STC 5.75% - - - 52,556.99 2,556.99 Reep Investments LARRY BEAUCHAT 6.00% - - - 54,469.21 49,669.21 Reep Investments ROBIN RITCH 7.50% - - - 73,228.78 73,228.78 Reep Investments TYE ROGERS 10% - - 99,992.57 69,111.45 (33,762.52) Reese Road (2) DAVID STEED - - - - - Reese Road (2) DESERT MTN. ASSOC. 12.38% 467,746.26 421,774.45 377,646.46 340,924.16 301,901.64 Reese Road (2) GORDON R. KIMBALL 7.43% 263,835.35 240,734.10 214,259.01 192,227.70 168,814.40 Reese Road (2) GREENWOOD WHAREHOUSE, LC 7.85% 299,921.92 270,775.95 242,798.76 219,517.69 101,735.18 Reese Road (2) HUGH NIELSEN - - - - - Reese Road (2) JTLP INVESTMENTS, LLC 34.95% 1,323,706.74 1,193,872.02 1,069,241.34 966,145.92 855,947.61 Reese Road (2) LYN OR JOYCE KIMBALL 13.12% 478,647.32 429,910.35 383,126.17 344,189.45 212,320.21 Reese Road (2) NINA SAN MARIN, LLC 9.21% 351,135.78 316,931.94 284,099.25 256,775.61 207,581.01 Reese Road (2) PARTNERS CAPITAL - Other - - - - 2,083.33 Reese Road (2) STRATEGIC EQUIP SERV INC 4.95% 185,439.97 166,910.38 149,116.49 134,284.53 118,675.70 Reese Road (2) VALLEY SAGE PROPERTIES 7.43% 279,843.19 252,247.94 225,758.85 203,713.54 181,713.54 Reserve @ Abbie Lakes BLACKLIFFS LLC - - - - - Reserve @ Abbie Lakes CAPE TRUST .22% 246,192.96 239,879.11 225,480.13 (3,745.55) 24,439.69 Reserve @ Abbie Lakes DAVID K. RICHARDS 366,441.33 331,187.20 319,153.31 295,066.13 (223,940.08) Reserve @ Abbie Lakes DEZZIE F. TUFT REV TRUST 5.79% 443,429.19 383,070.95 351,081.83 298,390.97 247,224.35 Reserve @ Abbie Lakes ERAN CALL 559,339.55 - - - - Reserve @ Abbie Lakes FOUNTAIN GREEN, LC 1.49% 113,010.09 97,684.50 89,658.79 75,735.89 63,255.89 Reserve @ Abbie Lakes HOLBROOK FARMS LC 14.14% 963,196.10 810,453.07 726,988.47 593,293.97 473,293.97 Reserve @ Abbie Lakes J.B. BECK PROP, L.L.C. 1.41% 100,564.75 85,300.67 76,944.75 63,578.87 51,578.87 Reserve @ Abbie Lakes M.C. LAYTON 9.43% 698,737.20 601,668.45 550,802.31 461,670.22 381,670.18 Reserve @ Abbie Lakes RUSSELL RAY BECK INTERVIV 3.77% 267,855.80 227,125.49 204,866.23 169,214.67 137,214.63 Reserve @ Abbie Lakes TRUMAN & MARILY CLAWSON TR 2.52 - - 289,274.12 262,842.94 238,842.94 Retama Hill PINE MOUNTAIN LLC 1,126,440.43 62,787.76 - - - Retama Richards FOREST HILLS LLC 1,112,283.20 48,630.53 - - - Retama Rose FOREST HILL LLC 1,090,752.55 27,743.38 - - - Retreat @ Stonebridge Ranch BC WARNER INVESTMENTS TIC33.33% - 3,299,767.52 3,148,532.53 2,540,602.27 2,505,698.82 Retreat @ Stonebridge Ranch DAVE RICHARDS APS 10.36% 557,926.49 516,427.92 439,552.30 293,304.10 248,104.06 Retreat @ Stonebridge Ranch SCOTT SMITH 20.17% - - 1,065,105.73 840,813.96 611,214.25 Retreat @ Stonebridge Ranch TRUCK PRO TIC 13.13% - 1,299,908.42 1,240,330.97 1,000,837.53 987,087.69 River Royal ALAN KING 10% - - 90,802.71 1,255.75 (9,474.64) River Royal JASON CHRISTESEN 25% - - 226,493.10 32,009.63 28,759.67 River Royal PARTNER CONTRIBUTIONS - Other - - - - 100,000.00 River Royal TROY & MONETTE CHRISTENSEN 15% - - 135,998.61 133,065.83 119,614.58 Rock City PINE MOUNTAIN LLC 1,115,250.01 51,597.34 - - - Rosons AMAYZING FINANCIAL SOLUTIONS - 50,182.38 1,916.93 - - Rosons DAVID & BECKY MAY - 30,136.46 29,936.87 17,194.11 (3,514.21) Rosons DAVID & VEDA HATCH - - - - 286,250.00 Rosons ELDON MAY - 20,091.20 19,958.48 13,108.40 (2,170.65) Rosons JOSHUA FREDERICK APS - 51,232.50 50,894.11 49,572.42 49,572.42 Rosons KEVIN & LESLIE MAY - 173,188.74 163,049.27 149,453.20 140,503.24 Rosons KIM MAY - 191,756.40 145,314.59 99,748.13 14,248.11 Rosons ORA MAE MAY - 162,256.08 147,267.18 128,939.79 115,099.83 Rosons ORA MAE MAY APS - 43,589.01 39,872.70 34,947.40 31,229.44 Rosons PHILIP & TACI MAY - 12,617.99 11,881.83 10,895.83 10,245.79 Rosons PHILIP MAY STC - - 31,000.00 28,021.67 25,541.63 San Marina BOB WELLS APS 20,659.98 - - - - San Marina CASEY JONES APS 46,050.75 50,185.11 45,853.33 - - San Marina CASEY JONES STC - - - 201,471.68 201,471.68 San Marina CASEY JONES STC ROTH - - - 50,562.56 50,562.56 San Marina CASEY OR LORI JONES 115,041.01 41,782.36 35,859.17 28,340.83 (6,598.36) San Marina DAVID S. WELLS - 92,616.93 82,855.33 70,639.65 62,660.45 San Marina DON ATKINSON 63,804.06 71,372.30 68,850.38 64,487.90 64,378.52 San Marina DONALD ATKINSON APS 32,587.22 34,730.68 30,011.82 24,044.46 22,057.25 San Marina ERIC BERUBE 47,177.53 50,456.45 45,389.83 - - San Marina GARY JENKINS 151,790.09 51,525.45 43,548.61 33,421.98 4,565.21 San Marina GWEN WILSON 85,967.74 92,312.40 82,197.40 69,358.36 60,501.43 San Marina JAMES CHRISTENSEN 27,477.67 29,343.55 26,503.31 22,897.39 6,565.63 San Marina JEFF TIEDE 185,886.00 175,166.12 156,029.74 131,739.79 114,983.54 San Marina LANCE CRANDALL 12,808.00 11,979.69 10,551.85 8,558.50 8,558.50 San Marina LINDA CRANDALL - - - - (5,441.54)

Page 11 of 14



Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011San Marina LINDA YOUD APS 42,809.64 46,071.99 43,872.70 40,696.81 36,984.00 San Marina RICK MARSH APS 33,430.39 38,521.41 37,030.27 - - San Marina ROBERT & HELLEN WELLS 68,410.06 - - - - San Marina SCOTT CRANDALL - - - - - San Marina SHANE CRANDALL - - - - - San Marina SPENCER BURT - - - - - San Marina WILLIAM GEROME 222,872.60 235,320.41 210,260.83 178,452.53 161,678.55 San Marina WILLIAM OLDROYD 2,606.75 2,453.91 2,180.47 1,833.41 1,675.23 Santana Springs BRENT & KELLI DAVIDSON - - - - - Santana Springs CLAYTON SHERWOOD - - - - - Santana Springs FOREST HILLS APARTMENTS - - - - - Santana Springs JEFF & TERI HUMMEL - - - - - Santana Springs MARK MAYBE - - - - - Santana Springs MCKEAN APARTMENTS - - - - - Santana Springs NYCOM, LLC - - - - - Santana Springs PHEASANT WOOD - - - - - Santana Springs TERRY & CYNTHIA KING - - - - - Santana Springs WAYNE & CALEEN OLSEN - - - - - Satina ELSIE-MARIE VANDERHOOFT 226,070.64 199,549.67 163,321.21 107,784.75 96,128.71 Satina EUGENE HANSEN 337,610.28 297,826.65 337,911.27 169,351.16 155,940.68 Satina HANSEN PROPERTIES - - 49,967.12 31,624.48 30,059.67 Satina MICHAEL CAUGLIN 225,218.11 198,696.57 162,456.23 152,773.30 135,520.30 Satina STAN & ANN HANSEN 338,138.36 298,354.63 262,708.73 113,495.83 101,631.55 Satina STEVE HANSEN 225,074.97 198,553.43 - - - Sellson BRENT GOODSELL 11940 - - - - 128,800.00 Sellson BRENT GOODSELL 7979 - - - - 360,609.40 Sellson BRENT GOODSELL 9021 - - - - 129,688.38 Sellson HAYNES GOODSELL 8625 - - - - 25,500.00 Sellson MCKELL GOODSELL 11937 - - - - 7,700.00 Sellson NOODLES & BEANS - - - - 85,000.00 Sellson SHERI GOODSELL 20101 - - - - 24,000.00 Sellson SHERI GOODSELL 8356 - - - - 42,803.00 Sellson TY GOODSELL 11938 - - - - 7,100.00 Sellson TY GOODSELL 8626 - - - - 21,010.00 Shephards Pointe CAPITAL - Other - - - - - Smokey Trails CHRIS MILLER - - - - - Smokey Trails DESERT MTN.-BOB IVORY 30.5% 458,883.49 422,342.27 356,900.26 279,430.27 239,430.31 Smokey Trails M&C THURGOOD FAMILY TRUST 30.2% - - 548,497.50 481,131.45 452,296.41 Snow Palm FOREST HILLS - - - - - Snow Winds JASON & CASEY COUTTS 99% 449,583.03 427,031.39 367,721.64 288,175.80 288,175.80 Snow Winds SILVER CREEK INVESTMENTS, INC 37,577.61 35,782.34 31,060.85 - - Socourt ACTIUM PARTNERS - - - - - Socourt JONATHAN HORNE RET ACCT 4.09% - - 97,344.55 83,717.51 72,050.84 Socourt LORENE R. MASON TRUST - - - - - Socourt RICHARD A. CHRISTENSON TR - - - - - Solar Bridge BARCLAY & CHERYL BURNS 27,619.64 35,803.66 33,203.32 30,635.80 28,068.25 Solar Bridge BRENT GOODSELL APS 7979 194,637.23 303,620.21 303,318.46 303,318.46 (57,290.94) Solar Bridge BRENT GOODSELL APS 9021 3,585.71 105,372.68 103,850.61 103,850.61 (25,837.77) Solar Bridge BROOKS BRIGGS 22,546.73 30,115.96 27,943.70 25,798.70 23,653.70 Solar Bridge BRYCE & CORRIE PERKINS 4,827.00 23,791.51 22,441.75 21,109.27 19,776.79 Solar Bridge CJ COUGAR - - - - - Solar Bridge CML, LLC 72,412.23 105,521.01 65,357.02 60,189.46 5,493.54 Solar Bridge CRAIG DAVIDSON 22,546.73 29,506.33 27,366.78 25,254.30 23,141.82 Solar Bridge DANIEL & KRISTINE NIELSEN - - - - - Solar Bridge DAVE ALLRED 42,580.77 56,103.34 23,029.72 21,063.52 19,097.32 Solar Bridge DORTHY MORLEY APS 2,755.66 2,200.34 1,731.50 1,267.46 842.09 Solar Bridge EUGENE PEAY APS 89,596.19 123,968.63 113,500.99 103,141.03 92,781.07 Solar Bridge GREG COOK 23,017.89 - - - - Solar Bridge HAYNES B. GOODSELL - - - 10,000.00 (927.00) Solar Bridge HAYNES B. GOODSELL IRA 8625 18,473.39 25,224.84 25,203.53 25,203.53 (296.47) Solar Bridge JAMES & ETHEL HANSEN 276,406.39 339,553.92 316,643.88 294,023.88 242,253.77 Solar Bridge JAY ALLEN STC - - - 60,159.97 55,039.93 Solar Bridge JEFFREY TURNER - - - - - Solar Bridge JILL MARSALA APS 16,529.83 85,879.54 79,565.45 92,869.29 89,374.29 Solar Bridge JODEAN HAWKLEY JONES 59,082.83 76,456.10 71,518.72 66,643.72 61,768.72 Solar Bridge LARRY & SHIRLEY MEMMOTT 173,014.21 223,534.53 203,811.02 184,290.98 164,770.94 Solar Bridge MIKE & JOANN FROEHLING - - - - - Solar Bridge NOODLES & BEANS, LLC 192,052.77 242,009.55 248,364.58 230,814.58 (27,960.42) Solar Bridge ROBERT ERICKSEN - - - - - Solar Bridge SEASTAR RETREAT, LLC - - - - - Solar Bridge SHERI GOODSELL APS 8356 14,859.43 22,602.75 35,575.88 35,575.88 (7,227.12) Solar Bridge STEVE SIELING 112,132.03 - - - - Solar Bridge STEVEN J. ALLEN - - 24,010.00 22,384.96 20,759.92

Page 12 of 14



Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Solar Bridge THAYNE BROWER APS 13,931.31 15,972.79 14,580.61 13,367.28 11,458.69 Solar Bridge THE 1996 ALLEN FAMILY TRUST 94,929.51 157,042.84 176,529.13 187,352.00 177,027.76 Solar Bridge TOM NIEDEREE 27,619.64 35,803.66 81,554.15 75,736.67 69,919.19 Solar Bridge TY G. GOODSELL IRA 8626 10,803.59 17,001.64 16,987.82 16,987.82 (4,022.18) Solar Bridge TYLER & KRISTA BAILEY 89,060.17 114,819.59 106,886.49 99,053.97 91,221.45 Solar Sands BARRIE & KATHY BREWER 5% 172,289.33 - - - - Solar Sands DALE KEHL APS 172,933.34 205,831.15 184,927.73 164,267.10 147,473.73 Solar Sands GERALD ZMYSLO 236,062.43 297,226.20 295,809.88 290,626.16 290,626.16 Solar Sands IRFRED PARK INVESTM LLC 13.125% 596,641.85 - - - - Solar Sands JOHN & JILL ROMNEY 4.5% 165,067.49 281,347.99 258,265.69 231,411.81 210,091.77 Solar Sands KELLY SCOTT 21.25% 89,648.34 - - - - Solar Sands MC LAYTON 80,958.53 1,124,943.59 896,046.50 787,211.89 670,803.52 Solar Sands ROGER KEHL APS 172,933.34 205,831.15 187,981.07 164,267.10 144,420.39 South Bass CONNIE J TOLBERT TRUST - - - - - South Bass DARRELL L. DEEM TRUST - - - - - South Bass DR MAY REAL ESTATE, PC - - - - - South Bass ERIC C. WELLING - - - - - South Bass GERALD ZYMSLO - - - - - South Bass LOIS MESSENGER TRUST - - - - - South Bass ORA MAE B. MAY - - - - - South Bass STEVE SIELING - - - - - South Bass W.J. LAMPING CO. - - - - - Spartan Capital DAN OR DIANE HENRY - - - - 49,473.76 Spring Financial LLC BRANDON SHERANIAN - - 200,000.00 175,120.00 37,947.00

Spring Financial LLC DARRELL L. DEEM - - 250,000.00 248,192.00 53,786.00

Spring Financial LLC DAVID & JILL CONRAD - - 250,000.00 248,192.00 53,786.00

Spring Financial LLC EMILY LOVELL - - 25,000.00 248,192.00 54,053.00

Spring Financial LLC JOHN C. PHILLIPS TRUST - - 250,000.00 248,192.00 ‐

Spring Financial LLC RONALD B. TAGGART - - 50,000.00 49,639.00 10,757.00

Spring Gate JOHN C. PHILLIPS TRUST 9.36% - - - - - Spring Gate MCKEAN APARTMENTS, LLC 8.92% - - - - - Spring Gate NYCOM, LLC 8.92% - - - - - Spring Gate PHEASANT WOOD, LLC 8.92% - - - - - Stone Brook Idaho DAVID K. RICHARDS 16.14% 1,174,404.03 1,097,182.67 1,031,839.85 979,598.92 917,098.96 Stone Brook Idaho SPENCER JONES - - - - 150,000.00 Stone Brook Idaho STEPHEN AND GAIL11, LLC 4.61% - - - 466,561.56 426,561.60 Stonebridge DAVID K. RICHARDS - - - - - Stonebridge DAVID K. RICHARDS APS - - - - - Stonebridge TRUCK PRO 44.45% - - 3,662,683.00 3,540,183.00 3,356,433.00 Stonebrook @ Goosecreek ACTIUM PARTNERS 62,553.21 - - - - Stonebrook @ Goosecreek BOYD SUMMERHAYS TIC 390,680.59 228,595.50 69,677.07 (104,466.19) (257,466.19) Stonebrook @ Goosecreek DAVID K. RICHARDS 101,680.03 - - - - Stonebrook @ Goosecreek HOLBROOK FARMS TIC 463,102.71 342,484.98 219,404.08 81,321.18 (2,428.86) Stonebrook @ Goosecreek MCKEAN APARTMENTS, LLC 143,181.30 109,672.36 - - - Stonebrook @ Goosecreek NYCOM, LLC 143,181.30 - - - - Stonebrook @ Goosecreek PHEASANT WOOD, LLC 143,181.30 109,672.36 - - - Summerwind Corp DAVID RICHARDS 1031 - (18,594.24) (57,863.73) (91,563.95) - Summerwind Corp JOHNSON & WHEELER ET AL - - - - - Sunbury Ridge PARTNER CONTRIBUTIONS - Other (674,000.00) (674,000.00) - - - Sycamore Farms Sharon BART WARNER TIC 2,993,077.80 2,626,800.67 - - - Tennessee Park AL MANSELL - - - 52,758.85 (17,042.86) Tennessee Park BARLOW CORPORATION - - - 241,243.32 (107,665.72) Tennessee Park BRAD OR NATALIE MABEY - - - 16,350.10 (7,305.20) Tennessee Park BRYAN_ SHARLA WILLIAMSON 2010 - - - 59,982.71 (21,674.89) Tennessee Park DAVE MANSELL - - - 52,630.45 (17,574.54) Tennessee Park GEORGE OR ANNE PINGREE - - - 122,727.81 (54,686.78) Tennessee Park J FREDERICK PINGREE - - - 81,818.74 (36,457.64) Tennessee Park JAY ALLEN - - - 168,778.68 (73,687.91) Tennessee Park JOHN C. PHILLIPS TRUST - - - 249,205.62 (98,478.32) Tennessee Park JOHN LEE & SANDRA PETERSON - - - 41,165.75 (17,972.46) Tennessee Park JOHN OR CARMEN PINGREE - - - 65,461.79 (29,159.34) Tennessee Park JONATHAN HORNE - - - 248,243.32 (102,561.61) Tennessee Park JUDD CLAWSON - - - 164,662.40 (71,890.40) Tennessee Park KRISTY ORCHARD - - - 41,165.75 (17,972.46) Tennessee Park LINDA YOUD - - - 5,233.13 (2,372.91) Tennessee Park RAY KING - - - 41,820.97 (15,221.92) Tennessee Park ROY KING - - - 88,842.09 (38,967.82) Tennessee Park SPENCER JONES - - - 126,621.66 (53,917.93) Tennessee Park TRUMAN CLAWSON - - - 122,374.21 (55,040.38) Tennessee Park WILLIAMSON FAMILY DEC 1984_GARY - - - 250,296.86 (90,271.53) Tetonian Properties BARLOW CORPORATION 11.534% - - 475,431.02 752,406.77 685,206.77 Tetonian Properties BART WARNER TIC - - 3,890,383.12 3,898,412.30 3,898,412.30 Tetonian Properties JOHN C. PHILLIPS TRUST 4.119% - - 295,506.81 271,797.60 247,797.60

Page 13 of 14



Entity Account 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011Tetonian Properties LORNA GAYLE PHILLIPS TR 7.552% - - 525,747.98 482,281.10 438,281.06 Tetonian Properties OAK VALLEY_JOHN HORNE 2.746% - - 198,333.26 198,527.12 194,527.12 Tetonian Properties ROBERT WILSON 1.373% - - 99,297.22 99,394.15 99,394.15 Tetonian Properties SERVICE MORTGAGE 2.85% - - - 192,801.98 176,174.54 The Park @ Northgate AMERICAN CREST INC (293,841.46) - - - - The Park @ Northgate AVANTI GARDE (113,912.69) - - - - The Park @ Northgate BROADMORR VILLA APTS 778,111.80 - - - - The Park @ Northgate KJELL CORPORATION (209,599.47) - - - - The Park @ Northgate WOLF FAMILY I, INC (113,912.69) - - - - Top Choice GREG & JENNY BAILEY (9,262.15) (45,196.68) (45,656.04) 428.46 428.46 Toscana Valley Ridge ACTIUM PARTNERS - - - - - Toscana Valley Ridge FOREST HILLS 356,737.73 298,099.34 - - - Toscana Valley Ridge PARTNER CONTRIBUTIONS - Other - - - - 718,149.47 Toscana Valley Ridge PINE MOUNTAIN 356,737.73 298,099.34 - - - Town Crossing New ACTIUM PARTNERS 4.2% - - - - - Town Crossing New BOWLER HOLDINGS,LLC 18.21% - - - - - Town Crossing New FOREST HILLS 4.67% - - - - - Town Crossing New JOHN C. PHILLIPS TRUST 3.73% - - - - - Town Crossing New PINE MOUNTAIN , LLC 4.67% - - - - - Town Plaza VILLA CUMORAH 32.28% - - 444,000.00 408,000.00 372,000.00 Upper Muddy River CHANTZ, LLC 865,411.76 880,220.32 952,975.15 1,167,126.87 1,113,386.90 Upper Muddy River MORMON PEAK, LLC 937,763.40 993,952.22 1,090,023.50 1,442,968.34 1,378,030.90 Upper Muddy River SKARWEGIAN, LLC 1,019,325.15 1,156,996.54 1,722,970.37 2,003,237.29 1,915,574.68 V Austin Villas AARON & DANIELLE LEWIS 28,550.05 30,988.65 120,765.57 105,447.26 96,187.49 V Austin Villas AARON DALLEY 11,370.45 13,731.66 12,906.87 12,186.57 8,029.12 V Austin Villas ALFRED SHORTT 189,395.80 209,106.08 180,358.44 153,341.99 138,261.95 V Austin Villas BARBARA PETERSON 23,821.56 20,377.41 - - - V Austin Villas BEUT CARE_IVAN BEUTLER - - - - 192,862.11 V Austin Villas BRIAN BARLOW - - - - - V Austin Villas EVELYN LEMMON 95,342.45 106,588.78 90,975.85 76,303.14 68,113.14 V Austin Villas FERRIL & JOANN BARNEY 45,425.06 103,438.92 97,017.49 91,409.43 91,409.43 V Austin Villas FRED ANDES APS 44,905.91 48,981.13 41,125.75 33,317.62 29,753.62 V Austin Villas JOYCE ROBERTS - - - - - V Austin Villas KAY TOLBERT - 5,288.96 4,198.45 3,541.24 2,845.27 V Austin Villas LANNY WAITE 210,338.78 205,409.57 219,323.28 181,860.01 159,060.01 V Austin Villas MILTON BULLOCK 29,539.24 32,318.76 27,569.47 23,260.78 20,855.74 V Austin Villas PAUL & ELLEN PLUMMER 29,901.10 - - - - V Austin Villas RANDY TOLBERT 77,504.38 86,816.34 97,797.44 83,474.07 75,479.07 V Austin Villas RANDY TOLBERT APS - 5,288.96 4,594.45 3,937.24 2,645.29 V Austin Villas ROBERT & VIVIAN LEWIS 33,644.88 37,347.71 31,647.72 26,290.98 23,300.94 V Austin Villas SCOTT & LINDA CARSON 71,456.67 84,518.57 79,393.23 74,917.07 74,917.07 V Austin Villas STARESSENCE, INC 48,605.99 54,376.65 46,817.96 39,714.47 35,749.43 Valley View 1031 AARON & DANIELLE LEWIS 24.75 390,698.77 389,433.63 76,149.58 76,149.58 76,149.58 Valley View 1031 LEAVITT- LEWIS 1995 TRUST 24.75 341,898.71 321,433.57 (76,250.48) (76,250.48) (76,250.48) Valley View 1031 VILLA CUMORAH 49.50 744,795.39 727,864.13 35,499.02 35,499.02 35,499.02 Valley View Residential PARTNER CONTRIBUTIONS - Other - - - (110,238.98) (235,176.53) Verano Park MEMPHIS HOLDINGS, LLC 50% - - - 2,156,367.40 (693,489.63) Vintage Place DIAMOND V, LLC - 184,695.48 177,706.13 162,645.22 162,645.22 Wells & Vala ERIC C. WELLING 1,811,924.94 1,509,795.25 - - - Willow Park LARRY BEAUCHAT 3.7125% - 88,933.04 35,120.45 (32,879.55) (32,879.55) Winkson RICHARD WINKEL - 1,036,471.71 769,633.32 519,407.91 453,766.95 Winkson RYAN & ANGIE REYNOLDS - - 95,128.11 79,821.75 79,821.75 Winkson THURMAN OR ROSEMARIE EVANS - 45,966.40 38,251.29 27,346.47 24,100.11 Wolf Son CRAIG & LYNETTE WOLFLEY 67,330.03 78,928.53 69,876.54 62,730.81 (15,823.34) Wolf Son DANIEL MCKAY 174,745.75 79,500.10 64,648.00 - - Wolf Son JARED & LISA WOLFLEY 5,695.78 5,429.95 4,743.59 4,242.76 (4,176.87) Wolf Son MATTHEW & TARA WOLFLEY 159,013.95 - - - (404.36) Wolf Son ROBERT & KATHY WOLFLEY 225,336.84 - - - - Wolf Son WOLF BOYS, LLC - 215,588.85 178,893.56 157,166.49 (66,137.02) Wyndsor Court PREFERRED INCOME PARTNERS IV, L - - - 2,156,250.00 2,156,250.00 Wyndurt NYCOM, LLC - - - - - Wyndurt PHEASANT WOOD, LLC - - - - -

110,121,124.36 139,637,039.15 154,923,418.69 144,282,340.10 127,915,517.52

Page 14 of 14


Exhibit 16


MSI Entities Exhibit 16Jacobson Receivables - Fair Value AdjustmentDecember 31, 2007 - December 31, 2011

Account: Dec 31, 07 Dec 31, 08 Dec 31, 09 Dec 31, 10 Dec 31, 11

ARJ, MBJ, WAJ - - - - - ARJ, WAJ, GPJ, EKJ, BPJ - - - - (677,700.00) WAJ,GPJ,EKJ 3,341,115.41 5,071,066.33 1,790,985.33 (2,426,253.34) 2,480,574.98 WAJ, ARJ, MBJ - - - - - WAJ, EKJ, GPJ, MBJ - - - - 271,100.00 WAJ,EKJ,GPJ 63,000.00 569,400.00 773,900.00 (130,800.00) 6,572.27 WAJ 1,289,678.41 1,289,678.41 1,289,678.41 1,324,678.41 1,333,878.41 WAJ, EKJ, GPJ - - - - (30,945.00) WAJ GPJ EKJ 3,420,000.00 687,900.00 514,258.04 5,597,374.44 (612,103.81) Escrows & Deposits [A] 5,550,000.00 5,550,000.00 5,550,000.00 5,550,000.00 5,800,000.00

Total Jacobson Related Receivables 13,663,793.82 13,168,044.74 9,918,821.78 9,914,999.51 8,571,376.85

AdjustmentTotal Notes Receivable [B] 5,695,728.65 8,019,688.57 2,289,342.57 3,397,513.15 (151,432.65) Total Other Assets [C] 7,968,065.17 5,148,356.17 7,629,479.21 6,517,486.36 8,722,809.50

Total Fair Value Adjustment 13,663,793.82 13,168,044.74 9,918,821.78 9,914,999.51 8,571,376.85

[A] - Upon further review, the escrows and deposits assets represents a receivable from E. Jacobson for cash loaned to Retail City.[B] - These balances represent the total Jacobson related receivables that were identified during our notes receivable test work. [C] - These balances represent the total Jacobson related receivables that were identified as other assets based on our review of balances.


Exhibit 17


Management Solutions, Inc Exhibit 17Total Other Assets - Consolidating AdjustmentsDecember 31, 2007 - December 31, 2011

Entity Account Dec 31, 07 Dec 31, 08 Dec 31, 09 Dec 31, 10 Dec 31, 11 Ref.

Stonebridge ESCROWS -6,000,000.00 -6,000,000.00 -6,000,000.00 -6,000,000.00 -6,000,000.00 [1]Goodfellow Housing Partnership Accumulated Depreciation -5,709,460.00 -6,008,856.00 -6,308,252.00 -6,308,252.00 -6,308,252.00 [2]Cooper Street CONSTRUCTION -3,025,000.00 -3,002,202.21 -3,002,202.21 -2,999,202.21 -2,999,202.21 [2]Rose Hill ACCUM DEPRECIATION -2,215,405.00 -2,824,929.00 -3,419,013.00 -4,006,600.00 -4,006,600.00 [2]Oak Hill-1031 DEFERRED GAIN -2,012,469.00 -2,012,469.00 -2,012,469.00 -2,012,469.00 -2,012,469.00 [3]MSI Savings CORP SAVINGS -1,325,395.58 -1,526,278.60 -1,526,288.47 -1,949,156.72 -1,949,156.72 [4]Escena Properties MISC -4,853,766.15 -1,321,091.96 0.00 66,114.43 66,114.43 [2]Blanca Winds DEFFERED GAIN ON SALE -967,500.00 -967,500.00 -967,500.00 -767,500.00 -767,500.00 [3]Pepper Winds DEFFERED GAIN ON SALE -967,500.00 -967,500.00 -967,500.00 -967,500.00 -967,500.00 [3]Stone Brook Idaho MISC -1,000,000.00 -1,000,000.00 -1,000,000.00 0.00 0.00 [5]Boca Raton DEFFERED GAIN -464,615.57 -464,615.57 -464,615.57 -464,615.57 -464,615.57 [3]Doah View DEFFERED GAIN 0.00 0.00 -2,000,343.91 -2,000,343.91 -2,000,343.91 [3]Haynes ACCUMULATED DEPRECIATION 0.00 0.00 -572,631.00 -681,344.00 -681,344.00 [2]

Sum [1] -6,000,000.00 -6,000,000.00 -6,000,000.00 -6,000,000.00 -6,000,000.00 [A]Sum [2] -15,803,631.15 -13,157,079.17 -13,302,098.21 -13,929,283.78 -13,929,283.78 [B]Sum [3] -4,412,084.57 -4,412,084.57 -6,412,428.48 -6,212,428.48 -6,212,428.48 [C]Sum [4] -1,325,395.58 -1,526,278.60 -1,526,288.47 -1,949,156.72 -1,949,156.72 [D]Sum [5] -1,000,000.00 -1,000,000.00 -1,000,000.00 0.00 0.00 [E]

[A] - These negative assets are classified as notes payable on the reporting entity's tax return. Therefore, we reclassified the balance in our analysis.[B] - These negative asset balances all related to real estate. Consequently, we reclassified or wrote off these balance in our analysis as necessary.[C] - Deferred gains are to be reported as a liability on the balance sheet until recognizable. Consequently, we will reclassify the balance to a liability in our analysis.[D] - Reviewed QuickBooks detail and this appears to be a cash clearing account. Payroll appears to be adjusted on a quarterly basis in this account and generally offsets the cash or receivable balance to net to zero. Left balance unadjusted.[E] - Reviewed QuickBooks detail and noted this negative asset appears to be a loan outstanding, which was subsequently paid in 2010. Reviewed the cleared check which repaid the loan in QuickBooks. Consequently, we will reclassify the balance to a liability in our analysis

Page 1 of 1


Exhibit 18


Exhibit 18 MSI Entities Adjustment Reclassifying Equity to Debt for Solvency Analysis Purposes For the Period December 31, 2007 to December 31, 2011 During our analysis of the accounting transactions and financial information of the MSI Entities we found significant evidence indicating investor equity accounts were treated as liabilities rather than equity. Because of the evidence we reviewed, we considered a reclassification of investor equity accounts and ultimately adjusted investor equity accounts to notes payable for the purposes of determining solvency. In the preceding declaration, we set forth the GAAP definitions and characterizations of debt and equity, along with other support, which is the basis for this reclassification and fair value adjustment. This fair value adjustment is intended to reflect the substance of the underlying transactions over their form. We reviewed all of the equity accounts available in the QuickBooks files presented in Exhibit 1, removed inter-company investment accounts and assembled an analysis of the third-party individual investor accounts presented in Exhibit 15. We analyzed and observed primarily two types of third-party contributions: third-party TIC investors and equity investors. In addition to our assembly and review of the accounting for investor equity, we have also assembled a database of the MSI Entities’ investor claims and analyzed cash returns to investors. Our review of investor returns indicates that investors were typically paid fixed monthly payments, based upon an implied or promised interest rate from Wendell and/or Allen Jacobson. The changes in monthly interest payments we noted were generally due directly to a corresponding change in the principal amount. Investor payments were generally fixed payments and did not fluctuate in relation to the profits and losses of the various entities, as is indicative of equity. While we reviewed the transactions with most of the investors in the MSI Entities, we have included below two examples of how different types of investors were treated, including the structure of their returns. We randomly selected and reviewed the operations and cash payments to an investor in the Pryor Creek property, one of the MSI Entities. In 2011, the property operated at a loss of $193,305 but after adding back non-cash deductions of $351,305 the property generated $158,134 of free cash flow. We examined the investor’s tax reporting statement and cash activity for this entity. The tax reporting statements for 2009, 2010 and 2011 show an 11.42% equity interest in the Limited Liability Company, which would indicate the investor would be entitled to $18,059 of residual interest. Pryor Creek, paid the investor a fixed stream of $1,875 monthly payments for years leading up to 2011. In 2011, the investor received a total of $20,625 in cash payments based on eleven months of payments prior to the receivership order when there was a loss allocated to that investor of $15,952. Alternatively, the investor was paid $2,566 in excess of the net cash flow of the property. In 2009, the investor received payments of $22,500 compared with an allocated current year loss of $29,220. Alternatively, the investor received $15,446 more than the net cash flow provided. See Exhibit 18.1 for 2009, 2010 and 2011 tax reporting and cash payment details.


As an example of an alleged TIC investor, we randomly selected and reviewed the operations and cash payments to an investor in the Madison Chase property, one of the MSI Entities. We examined the investor’s tax reporting statement and cash activity for this entity. In 2011, the investor’s 37.12% share of Madison Chase’s profit was $9,624 but after adding back the investor’s share of non-cash deductions of $61,994, the investor’s share of net cash flow was $71,618. Instead, Madison Chase, paid the investor a fixed stream of $10,000 monthly payments for years leading up to 2011. In 2011, the investor received a total of $110,000 in cash payments based on eleven months of payments prior to the receivership order. This indicates that the Jacobsons promised and paid the investor $38,382 in excess of the net cash flow of the property. The same payments and tax reporting was done in 2009 and 2010, which reported investor payments of $53,824 and $87,411 in excess of the residual profits of the property, respectively. According to an agreement with TIC investors, it appears as if a reconciliation was supposed to be performed at year end in order to bring distributions in line with actual performance, but we have not seen evidence of any reconciliation actually performed during our test work. See Exhibit 18.2 for 2009, 2010 and 2011 tax reporting and cash payment details. In assessing the equity of the MSI Entities we noted that many investors were given promissory notes. We assembled and reviewed more than 70 promissory notes at random to determine the note characteristics for these investors as reported by the MSI Entities. Based on our analysis of these investors, the promissory notes we reviewed purported to pay investors a stated interest rate between 5.0% to 31.0% annually.1 Most notes promised a stated rate of 8% annually. With some exceptions, these notes generally required the MSI Entities to pay interest only payments on a monthly basis until maturity. These promissory notes generally matured anywhere from a matter of months up to three years. At maturity, investors were promised their full principle and interest. Most of the promissory notes were rolled into equity investments of the MSI Entities which continued to pay out the same interest based on the same terms of the promissory note, with no change in payments from when the investor converted from debt to equity. The consistent and continued monthly returns to investors, regardless of whether they held a promissory note or equity position, add evidence that investor equity was in substance debt serviced by the MSI Entities. In either case, the returns to investors were based upon a stated or implied interest rate rather than being paid based on “residual interest.” A summary of these notes and their stated terms can be found at Exhibit 19.3.2

1 MSI-FBI-017947 2 The summary of promissory notes at Exhibit 19.3 is not meant to be a comprehensive listing as there were likely many more promissory notes given to investors; however, the summary at Exhibit 19.3 is meant to present the promissory notes reviewed for purposes of determining debt and equity characteristics and ultimately making a fair value adjustment.


Exhibit 18.1


u.s. Return of Partnership Income For calendar year 2011, or tax year beginning , 2011,

OMS No. 1545·0099

Form 1 065 Oeparlmenl of the Treasury Internal Revenue Service

ending , 20 • See se arate instruction~

A P"ncipal business activity Employer Identification number

REAL ESTATE PRYOR CREEK APARTMENTS, LLC P.O. BOX 400

FOUNTAIN GREEN, UT 84632 E Dale Ilusiness started Print

or type. B Principal product or service

RENTALS 12/18/2007 C BUSIness code "umber F Total assets (see ,"strs)

531110 $ 9,861 057. G Check applicable boxes: (1) Initial return (2) Final return (3) Name change (4) Address change (5) Amended return

(6) TechOical termination - also check (1) or (2)

H Check accounting method: (1) X Cash (2) D Accrual (3) 0 Other (specify) ~ ____________________ _

Number of Schedules K·I. Attach one for each person who was a partner at any time dUring the tax yea[ ...... ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9 J Check if Schedules C and M-3 are attached. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JXJ Caution. Include only trade or business income and expenses on lines 1a through 22 be ow. S ee the instructions for more information.

D E 0 U C T I 0 N S

I N C o M E

S E E

I N s T R S

F' 0 R

L I M I T A T I 0 N S

Sign Here

la 1 a Merchant card and third-party payments (including amounts

reported on Form(s) 1099-K). For 2011, enter ·0· ...................... I-.:..=.j-------0::...:...t. b Gross receipts or sales not reported on line 1 a (see instructions) lb

1c c Total. Add lines la and lb ........................................... I-~I-______ ~

1d d Returns and allowances plus any other adjustments to line 1 a (see inst) I-.;...:;f---------i e Subtract line 1 d from line 1 c . . .. . .. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 1 e , "

2 Cost of goods sold (attach Form 1125-A) .............................. L......:2::....J _______ --I

3 Gross profit. Subtract line 2 from line 1 e . . . . . . . .. . . . . . .. .. . . . . .. . . . . .. . . .. . . .. . .. . .. . . . . .. . . .. ... 1-3~1--------

4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) .............................................................................. 1-4'-+ ______ _

5 Net farm profit (loss) (attach Schedule F (Form 1040» ............................................ i---=5~-------6 Net gain (loss) from Form 4797, Part II, line 17 (aUach Form 4797) ................................ 1-6~1--------

7 Other income (loss) (aUach statement) ............................................................................. . 7

8 Total income (loss). Combine lines 3 through 7. . .. . . . . . .. . . .. . .. .. .. . . . .. . . . . . . .. . . ............ . 8 9 Salaries and wages (other than to partners) (less employment credits) ............................ . 9

10 Guaranteed payments to partners ............................................................... 1-'-10;:;.....1-______ _

11 Repairs and maintenance.. . . .. . . .. . . .. . . . . . . . . . .. . . . . . .. . .. . . .. . . .. . . . . . . . . . . .. . . . . . . . .. . . . . . .. 1-'-".:....1-______ _

12 Bad debts ...................................................................................... 1-1.:.::2=--+ ______ _

13 Rent. .......................................................................................... I-l.:.;3~-------14 Taxes and licenses ............................................................................. J-:..'4~1-______ _ 15 Interest. ....................................................................................... 1-'.:.;5~-------16a Depreciation (if required, attach Form 4562) ........................... 11-'-'6;:;..a~III-______ ~

b Less depreciation reported on Form 1125·A and elsewhere on return... 16b '6c 17 Depletion (Do not deduct oil and gas depletion.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1-1.:,:7:........jf_-------18 Retirement plans, etc ........................................................................... 1-1.:,:8~f_-------

'9 Employee benefit programs.. . .. . . .. . . .. . . .. .. . . .. . . . . . . .. .. . . .. . . .. . .. . . .. . . . . .. . . . . . . . . . . . . . .. 1-'..;..9'-;1--------

20 Other deductions (attach statement) .............................................................................. !-=2O~f-______ _

21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 . . . . . . . . . . . . 21 22 Ordinary business income (loss). Subtract line 21 from line 8..... . ... . ... . . .. . ... . . . .. . . .. . . . . . . . 22

Unde'l1penalties of perJury. I declare that I have examIned ttll$ return. IncludIng accompanying schedules and statements. and to the best of my knowledge and belief. It 1$ Irue. correct. complete. Declarabcn 01 preparer (alher than general partner or limIted "aMIty company member manager) IS based on all Information of whIch pre parer a knowledge.

I - . /I ..!5IJJ-- May the IRS d,scuss th,S return .... '.f~ PuA. ~ 3'~' 12.--- wilh lhe preparer shown below ,.. . (see Instrs)~ r.il r-.

SlgnHire cTI general paliner or limIted liabIlity company member manager .-.. Dale IX I Yes I I No

Paid Preparer Use Only

Form'sname • BEMENT & COMPANY PC - - Form·sEIN. Form'saddress • 448 EAST 400 SOUTH STE. 204

SALT LAKE CITY UT 84111-3015 Pnoneno (801) 596-1300 BAA For Paperwork ReductIon Act Notice, see separate Instructions. PTPAO I OSL 10127111 Form 1065 (2011)


Form 1065 (2011) PRYOR CREEK APARTMENTS, LLC Page 2

hSche(filli!B,~"J Other Information 1 What type of entity is filing this return? Check the applicable box: Yes No

• ~ ComesU, gene,a1 ."''''''';. b § Comes';, ';mUed .. ', .. ,"'; • c X Domestic limited liability company d Domestic limited liability partnership

e Foreign partnership f Other. . . . .. .. _____________________________

2 At any time during the tax year, was any partner in the partnership a disregarded entity, a partnership (including an entity treated as a partnership), a trust, an S corporation, an estate (other than an estate of a deceased partner), or a nominee or

X similar person? ........................................................................................................

3 At the end of the tax year: a Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax·exempt

organization, or any foreign povernment own, directly or indirectlfi' an interest of 50% or more in the profit, loss, or capital of the partnership? For rules 0 constructive ownership, see instruc ions. If 'Yes,' attach Schedule B·l, Information on Partners Owning 50% or More of the Partnership .................................................................................. X

b Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the

~m~~s~wi ~~M'~~:sof~~~~S~~t;~%~i~~~~r~~.i~: .s.~~ .i~~~~~~t.i~~~:.'~ ,,:.~~,: .~t~~~~. ~~~.~~~I.~ ~ .. l:.I.~f~.r~~~i~.~ ~.~ :'~~t~~r~ ...... X 4 At the end of the tax year, did the partnership:

a Own directly 20% or more, or own, directly or indireCtlre' 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation? For ru es of constructive ownership, see Instructions. If 'Yes,' complete (i) through ~(iv) below. ...................................................................................................... X

(i) Name of Corporation (Ii) Employer (iii) Country of (iv) Percentage Identification Incorporation Owned in

Number (if any) Voting Stock

.. b Own directly an interest of 20% or more, or own, directly. or indirectly, an interest of 50% or more in the profit, loss, or ca.fital

in any foreign or domestic partnership (including an entity treated as a ~artnership) or in the beneficial interest of a trust. For X rules of constructive ownership, see instructions. If 'Yes, complete (if t rough (v)' below ....................................

(i) Name of Entity (Ii) Employer (iii) Type of (iv) Country of (v) Maximum Identification Entity Organization Percentage

Number (if any) Owned in Profit, Loss, or Capital

PTPAOII21 10/27111 Form 1065 (2011)



Yes No

5 Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under set:tion 6231'(a)rfj(Sf(iil for oartnershio·level tax treatment. that IS in effect for this tax year? See Form 8893 for more details ........ .

6 Does this partnership satisfy all four of the following conditions? Ii::: a The partnership's total receipts for the tax year were less than $250.000. b The partnership's total assets at the end of the tax year were less than $1 million.

c Schedules K·l are filed with the return and furnished to the partners on or before the due date (including extenSions) for the partnership return.

d The partnership is not filing and is not required to file Schedule M·3 ........................................................ \,......,....,.j.,.,:X;-

If 'Yes,' the partnership is not required to complete Schedules L, M·l, and M·2: Item F on page 1 of Form 1065: or I:. . '. ., Item L on Schedule K.1. !/, iL\,' ]

7 Is this oartnershio a oublicly traded oartnershiD as defined in section 469{k)(2)? ........................................... . x 8 During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to

reduce the princioal amount of the debt? . . . . . . . . . .. .. . . .. .. .. .. .. . . .. . .. .. . . . . . . . .. .. .. . .. . .. .. .. . .. . .. . .. . .. . .. . .. .. .. .. X

9 Has this partnership filed. or is it required to file, Form 8918. Material Advisor Disclosure Statement. to provide information on any reoortable transaction? .......... , ....................................................... , .. , . . . .. ... ............... X

10 At any time during calendar year 2011. did the partnership have an interest in or a signature or other aulhority over a financial account in a foreign country (such as a bank account. securities account, or other financial account)? See the instructions for exceptions and filing requirements for Form TO F 90·22.1, Report of Foreign Bank and Financial Accounts. If 'Yes: enter the name of the foreign country ....

...•..

X

See instructions for details regarding section 754 election. :-- ."j

.~ ." ~ -,,:' ,

b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If 'Yes: attach a statement showing the computation and allocation of the basis adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X

c Is !h~ partnership required to adjust the basis of partnership ass~ts under section 7~(b) or 734(b) .because of a substantial :,,/>. I:: ~:~) built-in loss (as defined under section 743(d» or substantial baSIS reduction (as defined under section 734(d»? If 'Yes,' L1"::":~".;~; attach a statement showing the comoutation and allocation of the basis adjustment. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . X .

15 If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities, enter the number of Forms 8858 attached.

See instructions ..

16 Does the partnership have any foreign partners? If 'Yes,' enter the number of Forms 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax. filed for this partnership. ..

X

'X

18a Did you make any payments in 2011 that would require you to file Form(s) 1099? See instructions. .......... ,................ X

b If 'Yes: did YOU or will yOU file all reauired Form(s) 1099? .................................................................. ~X'-+--19 Enter the number of Form(s) 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations,

attached to this return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~

~ .-.- - --.' 'J

L.<:·';,.l) Designation of Tax Matters Partner (see the instructions) Enter below the general partner designated as the tax matters partner (TMP) for the tax year of this return:

Name 01 ~ ~~~:~~TMP ~ designated TriP MANAGEMENT SOLUTIONS INC.

If the TriP is an en"ty. name 01

~ Phone number

~ TMP representatJve DUSTIN olTMP Address 01 ~

P.O. BOX 400 deSignated TMP FOUNTAIN GREEN, UT 84632

Form 1065 (20ll)

PTPA0112l 10127111



Yes No

5 Did th;)r,artnershiP file Form 8893, Election of Partnership Level Tax Treatment. or an election statement under se~tion 6231(a 1)(B)"(ii) for partnership. level tax treatment, that is in effect for this tax vear? See Form 8893 for more details ........ X

6 Does this partnership satisfy all four of the following conditions?

a The partnership's total receipts for the tax year were less than $250,000.

b The partnership's total assets at the end of the tax year were less than $1 million.

e Schedules K·l are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.

d The partnership is not filing and is not required to file Schedule M·3 ....................................................... X If 'Yes,' the partnership is not required to complete Schedules L, M·l, and M·2; Item F on page 1 of Form 1065; or Item L on Schedule K·l.

7 Is this partnership a publiclv traded partnership as defined in section 469(k)(2)? ............................................ X

8 During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to X reduce the principal amount of the debt? .................................................................................

9 Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on X any reportable transaction? .............................................. ',' .............................................

10 At any time during calendar year 2011, did the partnership have an interest In or a signature or other authority over a financial account in a foreign country ~SUCh as a bank account, securities account, or other financial account}? See the instructions for exceptions and iling requirements for Form TO F 90·22.1, Report of Foreign Bank and Financial Accounts. If 'Yes,' enter the name of the foreign country .. ~ X

11 fo~:in~ ~~~t~~~i~~e~~~ t~eX ~:~~e~~~i~~~:~~~~~rf~:c~~~ a3g~~~i~~~ou~tr~:;;~~ f;~~p~r~ V~:~~~c~~n~r ~~~S~~~~i9t~'T~usts and ~eceipt of Certain ForeiCin Gifts. See instructions ............•........................................................ X

12a Is the partnership making. or had it previously made (and not reVOked), a section 754 election? ............................. X See instructions for details regarding section 754 election.

b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If 'Yes: attach a statement showing the computation and allocation of the ba~is adjustment. See instructions ... ' .... ' " ....... , ... , .. , ....... X

e Is the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built·in loss (as defined under section 743(d» or substantial basis reduction (as defined under section 734(d»? If 'Yes:

X attach a statement showinQ the computation and allocati6n of the basis adjustment. See instructions ........................

13 ;~;~:n~~s 0~oc~~ir~~~~8 ~~~~:;;~rf; r6i~~~~hlre:~)(t(tt~~~n[~:~i~i~:~~~~~~: ea~r.i~~o~~~~;.~~~~~d ~~ :,~ke.kind partnership throughout the tax' year)' .............. , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ~ n

14 ~t :%~~e,:~~~~~~:~~.~~~~,. ~~~ .. ~~ ~~r.t~~.r~t..~i~~~i~.~t~. ~~ .~~~ .~~~t~.~r.~. t.~~~~~~~i.~ .. C.~~.~~~. ~~.~~~~~ ~.~~i~~~~~. i.~t~.r~~~. X

15 If Iho partne"h;.;. "1';"" 10 me Fonn ~,nfo'm.l;on Rol"m of U.S. P.",,", With Re.pect To Fo,o;.n o;"o •• ,dod Entities, enter the num er of Forms 8858 alt ched.

See instructions ~

16 Does the partnership have any foreipn p¢ners? If 'Yes,' enter the number of Forms 8805, Foreign Partner's Information ' "I, Statement of Section 1446 Withholding T: x, filed for this partnership. ~ X

17 ~n:~rst~:t~r~~~~~.~~ :~r~~.~~~~: .~~i~ .~f. ~:~: .~~~~~~.s. ~i.t~. ~~.~~~~~ ~~.~~~~~i~. :~r~.i~~. ~.~r~~~~~~~~~,. ~~~~~~~~ .. ~ H,t~{; , " -,-.

lSa Did you make any payments in 2~! that would require you to file Form(s) 1099? See instructions ..................... " ..... X b If 'Yes,' did YOU or will YOU file a/l eCluired Form(s) 1099? ........................................................ " ...... ". X

19 !~::h~~e t:~~:~~~~r~~r~~~~ ~!.. '. ~~~~r.~~~i.~~ .~~~~~~ .~f. ~ .. ~ ... ~~~~~~~. ~i.t~. ~~.s.~~~t. ~~. ~~~t~~~ .~~~~i.~~ .~~~~~r~~io~s, ?' ,<

Designation of Tax Matters partn:i(see the instructions) Enter below the general artner de i nated as the tax matters p g p artner (T MP for the tax y ear of this return:

Name 01 .. ~~~~:~~lMP .. deSignated IMP MANAGEMENT SOLUTIONS INC. Illhe TMP is an entily. name 01 .. Phone number .. a TMP representatIve JOHN A. olTMP

Address 01 .. P.O. BOX 400 deSignated TMP FOUNTAIN GREEN, UT 84632

Form 1065 (2011)

PTPAOll2t. 10127111


Form 1065 (2011) PRYOR CREEK APARTMENTS, LLC P 4 age

I SchedLiIff,Kc_J Partners' Distributive Share Items Total amount

1 Ordinary business income (loss) (page I, line 22) ............................................ 1

2 Net rental real estate income (loss) (attach Form 8825)···········f··· 'Ii" ................... 2 -193,305. 3a Other gross rental income (loss). . . .. . . .. . . . . . .. . . ...... . ..... . . 3a

b Expenses from other rental activities (attach stmt) . . . . . . . . . . . . . . . . . . . . . . . .. I 3bl

c Other net rental income (loss). Subtract line 3b from line 3a .................................. 3c

4 Guaranteed payments ...................................................................... 4

5 Interest income ............................................................................ 5 Income 6 Dividends: a Ordinary dividends ............................................. , .............. 6a (Loss)

b Qualified dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. I 6b I 7 Royalties ............................. ..... . .. , ................. ... . . .. .. . . . . ........ 7

8 Net short-term capital gain (loss) (attach Schedule D (Form 1065» .... , ... ... . .. . ••••• o • S

9a Net long-term capital gain (loss) {attach Schedule D (Form 1065» ......... .. . "0" _e • 0 ••••••• 9a

b Collectibles (28%) gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. I 9b I c Unrecaptured seebon 1250 gain (attach statement) ......................... I 9cl -

10 Net section 1231 gain (loss) (attach Form 4797) ............................................. 10

11 Other income (loss) (see instructions) Tvpe~ 11

12 Section 179 deduction (attach Form 4562) ................................................... 12

Deduc- 13a Contributions .............................................................................. 13a

tions b Investment interest expense ................................................................ 13b

c Section 59(e)(2) expenditures: (1) Type ~ (2) Amount ~ 13c(2) --------------------d Other deductions (see instructions) Type ~ 13d

Self- 14a Net earnings (loss) from self·employment ................................................... 14a Employ- b Gross farming or fishing income ............................................................ 14b ment

c Gross nonfarm income ................................................ '" .................. 14c 15a Low·income housing credit (section 420)(5» ............................ '" .................. 15a

b Low·income hOUSing credit (other) .......................................................... lSb

Credits c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468} ................... lSc d Other rental real estate credits {see instructions} Type ~ lSd ------------------e Other rental credits (see instructions) ........... Type ~ lSe ------------------f Other credits (see instructions) ................. Type ~ lSf

16a Name of country or U.S. possession .. ~ -------------------------b Gross income from all sources ............ . . . . . . . . ... , ............. .. . .... , ...... ,. - ...... 16b

c Gross income sourced at partner level ..... .................. .......... . .................. .. 16c

Foreign gross income sourced at partnership level

d Passive category • ________ . e General category ~ f Other ....... ~ 16f Foreign --------Trans- Deductions allocated and apportioned at partner level actions g Interest expense ~ ----------- h Other ..................................... ~ 16h

Deductions allocated and apportioned at partnership level to foreign source income

I Passive category ~ ________ .i General category ~ kOther ....... ~ 16k

I Total foreign taxes (check one): ~ Paid 0 Acc~;d-IT--- 161

mReduction in taxes available for credit (attach statement) ..................................... 16m

n Other foreign tax information (attach statement) ............................................. 17a Post·1986 depreciation adjustmenl ......................................................... 17a

Alternative b Adjusted gain or loss ...................................................................... 17b Minimum c Depletion (other than oil and gas) ........................................................... 17c Tax (AMT) d Oil, gas, and geothermal properties - gross income ......................................... 17d Items e Oil, gas, and geothermal properties - deductions ........................ '" ................. 17e

f Other AMT items (attach stmt) .................................................................... 17f 18a Tax·exempt interest income ................................................................ 1Sa

Other bOther tax·exempt income ...................... ••••••••••••••••••••••••• 0 •••••••• 0 •••••••• lSb Infor- c Nondeductible expenses ....................... ••••••••••••••••••• •• ••• ·0 •• ..... ... ... .... lSc matlon 19a Distributions of cash and marketable securities ............................... 19a 184,583. ...............

b Distributions of other property ............................................... • 0 0 •••• 0. •• 0 ••• 19b 20a Investment income ....................... . ............. . ....... ....... . .... .. .. ... . . .... 20a

b Investment expenses .................. • •••••••• 0 • ....... ... ... ... .. . .. . .......... . . 20b c Other items and amounts (attach stml) .. ..... ..... . ... .... ....... . . .. ... . ... . . ... • 0.·· •

BAA Form 1065 (2011)

PTPAOl34l D9/0ti111


II

Form 1065 (2011) PRYOR CREEK APARTMENTS, LLC Analvsis of Net Income (Loss)

1 Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of I Schedule K, lines 12 throuQh 13d, and 161..... ................ . . .............................. ... ... . 1

2 Analysis by (i) Corporate (ii) Individual (iii) Individual (iv) Partnership (v) E~e~pt partner type: (active) (passive) organrzatlon

Page 5

-193,30S. (vi) Nominee/Other

a General

~~e~ .... ~----------~~-----------4------~----~----~~~~~------------;-------------; b~nm,~~... -1,934. -22,075. -169,296.

ISch-e(fule\ll.' Balance Sheets Der Books Beginning of tax year End of tax year

Assets (a) (b) (e) (d)

1 cash ..................................... . 500. " 1--__ .::.6.::.,6,'-.:6::.::6:..:;8,:... 2a Trade notes and accounts receivable ........ 1--____________ -1

b Less allowance for bad debts, .. , ........... ~ ____________ ~------------~~-..,.------~--+_-----------3 Inventories................................ -, .;~' , " 4 U.S. government obligations ............... . 5 Tax.exempt securities .............. , ...... '

I--------------i,:,

6 other cunem a$$e\s (attach sbnt) .... SEE. 5T .. 1. 23 977. 25,000. 7 a Loans to partners (or persons related to partners), . . . . .

b Mortgage and real estate loans ............ . 8 Other investments (attach stml) ...... , ........... . 9 a Buildings and other depreciable assels. ' .. " 1--__ ...:8;..0. ,...:9:-:5:-:1:;.<-4~3=-4=-'"1' 8 975 524.

b Less accumulated depreciation ............ ' 1-____ ...::9:..::2:...::9;..t,...::0~7...::9...:..+_--....:8::..:,~0::..:2::..:2::..:,~3::.:S::.:5::..!.j. f-__ .:.1.!..., .:2.:8..:::0.!..., ..:::5.:.1..:::8..:..+-___ 7;",.j,~6::.:9::.:5~,~0::.:0::.:6:....:.... , 0 a Depletable assets. . . . . . . . . . . . . . . . . . . . . . . . .. 1-____________ -1

b Less accumulated depletion. . . . . . . . . . . . . . .. I-____________ ~--__:::--:::=_=_:--:==__I_------------+--__;::__:;:_::;__:__=;;__ '1 Land (net of any amortization). ....... ...... : 2,074 383. I 2 074,383. 12a Intangible assets (amortizable only) ......... 1-__ ~1=5L..0~0~0:-;.t' , ,." 1-__ ~1-:5~0=0=0-'-i'

b Less accumulated amortization. . . . . . . . . . . .. 1--..,.-:-.,.......:1:..:5::..:. ,~0::.:0::.:0::..:..j. 1_-------------+~--_...:l:..:5:.J, ,~O::.:O:::.O;...:... 1_-------------13 Other assets (attach stml). . .. .. .. .. . .. .. .. . . ' I;;!: , , 14 Totalassets............................... 10,121215. 1",

Liabilities and Capital " , ,. ,':' _ 'I" 9,861,057. ." ... J-__ -=:..t..::..=.I.....:::.:..:...:..

15 Accounts payable ....... , ....... '" ....... . 16 Mortgages, notes, bonds payable in less than 1 year ... . 17 Other current liabilities (attach stml) .. SEE. 5T .. 2. 18 All nonrecourse loans ..................... .

1--------------1 .. t----:-~::_=___:_=-t " ,

1,023,453. " "«,,~,~g~, I---"0'~~~~~~~: 8 , 4 0 0 .

,'1-------19a Loans from partners (or persOM related to partners} .. .

b Mortgages, notes, bonds payable in 1 year or more ..... 6,473,288.;' 20 Other liabilities (attach slmt) ............ , . . . . . . . . . ., . t---~-=::-:-~::;-:"-t ' ' 21 Partners' capital accounts. . . . . . . . . . . . . . . . . . . I ',~', 2 624, 474 • 22 Total liabilities and capital. ......... , . . . . . . . 10, 121, 215 •

I SctieClUle:M~l.1 Reconciliation of Income (Loss) .per ~ooks With Income (Loss) pe~ Retur':1 Note. Schedule M·3 may be reqUired Instead of Schedule M·l (see instructions). , Net income (loss) per books ....... , ... ' . 6 Income recorded on books this year not

2 Income included on Schedule K, lines 1, included on Schedule K, lines 1 through 2, 3c, 5, 6a, 7,8, 9a, 10, and II, not 11 (itemize): recorded on books this year (itemize): a Tax·exempt interest .. $ ------------------------------- ---------------------------------------- 7 Deducbons mcluded on Schedule K, hnes 1 through 3 Guaranteed pmts (other than health Insurance) ..... 13d, and 161, not charged against book Income thiS

4 Ex~nses recorded on books this Icear not included year (Itemize): on Schedule K, lines 1 through 1 d, and 161

a Depreciation. , ... $ (itemize): -----------a Oepreciatian ...... $ ----------- ---------------------b Travel and $ --------------------entertainmenl . . . . . 8 Add lines 6 and 7 .... , .................... -----------

Add Ii;es l' throuQh 4~ ~ ~ ~ .~ ~.~.~.-: .. 9 Income (loss) (Analysis of Net Income (Loss), line I).

5 Subtract line 8 from line 5. ..................... ISc!1'ellilleijMf2B1 Analvsis of Partners' Capital Accounts , Balance at beginning of year ............ 2,624,474. 6 Distributions: a Cash ....................

2 Capital contributed: a Cash, ............ b Property .... , ............ b Property. ......... 7 Other decreases (Itemize): ___________

3 Net income (loss) per books ............. -193 305. 4 Other Increases (Itemize): ------------------------------- --------------------8 Add lines 6 and Z ............. , ..... , .... 5 Add lines 1'throu(jh-4~.-:.-:.-: .-:.-: .-:.-:.-: .. 2,431,169. 9 Balance at end 01 year. Subtract line 8 from line 5, ...

PTPAOI341 09/06/11

1 301,329. 6 304,742.

2 246 586. 9,861,057.

184,583.

184 583. 2,246,586.

Form 1065 (2011)


Form 8825 Rental Real Estate Income and Expenses of a Partnership or an 5 Corporation OMaNo.I545·1186

(Rev December 2010)

Departmenl 01 \he Treasury ~ See instructions.

Internal Revenue Service ~ Attach to Form 1065, Form 1065-B, or Form 11205.

Name I Employer Idontification number

PRYOR CREEK APARTMENTS LLC 1 Show the type and address of each property. For each rental real estate proper~ listed, report the number of days rented at fair rental

value and (lays with personal use. See instructions. See page 2 to list additiona properties.

Physical address of each property - street. city. Type - Enter code 1·8; Fair Rental Personal state. ZIP code see page 2 for list Days Use Days

A ------------- ----- ------~ -------------------------PRYOR OK 74361 2 365 B ~-------------------------------------- ------------- ----- ------

C ~--------------------------------------------------- ----- ------D ~--------------------------------------------------- ----- ------

Properties Rental Real Estate Income A B C D

2 Gross rents. .......................... 2 1,090,245. Rental Real Estate Expenses

3 Advertising ........................... 3 11,931. 4 Auto and travel ....................... 4 5 Cleaning and maintenance. ............ 5 8,255. 6 Commissions ......................... 6 7 Insurance. ............................ 7 29 105. S Legal and other professional fees ...... S 875. 9 Interest .............................. 9 389,869.

10 Repairs. .............................. 10 45.464.

" Taxes ................................ " 37,933. 12 Utilities ............................... 12 181. 906. 13 Wages and salaries ................... 13 108,500. 14 Depreciation (see instructions) ......... 14 351,439. 15 Other (list) ~ ------------SEE STATEMENT 3

15 118,273. --------------------

--------------------

16 Total expenses for each property. Add lines 3 through 15 ................ 16 1.283 550.

17 Income or (Loss) from each property. Subtract line 16 from line 2 ............ 17 -193 305.

1Sa Total gross rents. Add gross rents from line 2, columns A through H ...................................... 1Sa 1 090 245. 1Sb Total expenses. Add total expenses from line 16, columns A through H. .............. .................. .. . 1Sb -1 283,550. 19 Net gain (loss) from Form 4797. Part II. line 17. from the disposition of property from rental real

estate activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ... ... . . . . . .. . . 19 20 a Net income (loss) from rental real estate activities from partnerships. estates. and trusts in which thiS

partnership or S corporation is a partner or beneficiary (from Schedule K· 1 ) . .. . . . . . . . .. 20a b Identify below the p'artnerships. estates. or trusts from which net income (loss) is shown on line 20a.

Attach a schedule If more space is needed: (1) Name (2) Employer identification number

------------------------- -------------------------------------------------- -------------------------------------------------- ------------------------- - -21 Net rental real estate income (loss). Combine lines 18a through 20a. Enter the result here and on: 21 -193,305.

• Form 1065 or 11205: Schedule K. line 2. or .-,

• Form 1065-B: Part I, line 4

BAA For Paperwork Reduction Act Notice, see the separate InstrUctions. SPSZOI 01 L 03/09111 Form 8825 (12.2010)


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(1) -193,305 (2) 351,439 ------------ 158,134 (3) x 11.42% ------------ 18,059 (4) -20,625 ------------ -2,566

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Form 8825 (12·2010) PRYOR CREEK APARTMENTS, LLC Page 2

1 Show the type and address of each property. For each rental real estate property listed, report the number of days at fair rental value and days with personal use. See instructions.

Physical address of each property - street. city, state, ZIP code

E --------------------------------------F --------------------------------------G --------------------------------------H --------------------------------------

Rental Real Estate Income

2 Gross rents ..........................

Rental Real Estate Expenses

3 Advertising ...........................

4 Auto and travel. ......................

5 Cleaning and maintenance ............

6 Commissions .........................

7 Insurance ............................

8 Legal and other professional fees ......

9 Interest ..............................

10 Repairs ..............................

11 Taxes ................................

12 Utilities ..............................

13 Wages and salaries ...................

14 Depreciation (see instructions) ........

15 Other (list) ~ ____________

--------------------------------------

16 Total expenses for each property. Add lines 3 through 15 ................

17 Income or (Loss) from each property. Subtract line 16 from line 2 ...........

Allowable Codes for Type of Property

1- Single Family Residence

2- Multi·Family Residence

3- Vacation or Short·term Rental

4- Commercial

5- Land

6- Royalties

7- Self·Rental

E

2

3 4 5 6 7 8 9

10 11 12 13 14

15

16

17

Type - Enter code 1·8; see below for list

t--------------1--------------i--------------1- _____________

Properties

F G

8- Other (include description with the code on Form 8825 or on a separate statement)

BAA SPSZ0102l 01107111

Fair Rental Personal Days Use Days

----- ------

----- ------

----- ------

----- ------

H

Form 8825 (12·2010)


651111

2011 nFinal K·l n Amended K·l OMS No. 1545·0099

Schedule K-1 I Part III I Partner's Share of Current Year Income, (Form 1065) For calendar year 2011. or lax . . Deductions, Credits and Other Items Department 01 Ihe TreasUl)l year beginnIng .2011 1 Ordinary business income (loss) 15 Credits Internal Revenue ServIce

ending --------------Partner's Share of Income, Deductions, 2 Net rental real estate Income (loss)

* -22,075. Credits, etc. ~ See separate instructions. 3 Other net rental income (loss) 16 Foreign transactions

I Part:1 ->·llnformation About the Partnership --------------4 Guaranteed payments

A Partnership's employer identification number - -------------- 5 Interest income

B Partnership's name, address, city, state, and ZIP code - --------------6a Ordinary dividends

PRYOR CREEK APARTMENTS, LLC - --------------P.O. BOX 400 6b Qualified dividends

FOUNTAIN GREEN, UT 84632 - --------------C IRS Center where partnership filed return 7 Royalties E-FILE - --------------

D o Check if this is a publicly traded partnership (PTP) 8 Net short· term capital galO (loss)

I PartiE .' 'I Information About the Partner 9a Net long·term capital gain (loss) 17 Alternative minimum tax (AMT) items

- --------------E 9b Collectibles (28%) gain (loss)

F Partner's name, address I city, state, and ZIP code --------------9c Unrecaptured section 1250 gain

10 Net section 1231 gain (loss) 18 Tax·exempt income and nondeductible expenses

11 Other income (loss) G D General partner or LLC I!I Limited partner or other -- --------------

member.manager LLC member 1-- ---------------H 00 Domestic partner DForeign partner -- --------------

1-- ---------------I What type of entity is this partner? INDIVIDUAL

19 Distributions

J Partner's share of profit, loss, and capital (see instructions): 12 Section 179 deduction _A_ ________ J.Q!..6J2!. Beginning Ending

Profit 11.42 % 11.42 % 13 Other deductions

Loss 11.42 % 11.42 % - 20 Other information ---------------Capital 11.42 % 11.42 %

- --------------- r-- --------------K Partner's share of liabilities at year end:

Nonrecourse ..... _ ... _ ............... $ - --------------Qualified nonrecourse financing ....... $ 720,002. 14 Self·employment earnings (loss)

Recourse ............................ $ - --------------- r-- --------------L Partner's capital account analysis:

Beginning capital account. ............ $ 303,661. *See attached statement for additional information. Capital contributed during the year _ ... $ Current year increase (decrease) ...... $ -22,075. F

0

Withdrawals and distributions ......... $ ( 20 625. ) R

Ending capital account ............... $ 260 961. 1 R s

~Tax basis DGAAP o Section 704(b) book u Other (explain) s

E

M Did the partner contribute property with a built· in gain or loss? 0

DYes 00 No N L

II ·Yes·. aHach statement (see Instrucllons) y

BAA For Paperwork Reduction Act Notice, see Instructions for Form 1065. PARTNER 6

Schedule K-' (Form 1065) 2011 PTPA0312L 08118111


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PRYOR CREEK APARTMENTS, LLC SUPPLEMENTAL INFORMATION

BOX 2 RENTAL REAL ESTATE ACTIVITIES

PROPERTY GROSS ADDRESS INCOME

PRYOR, OK 74361 124,506.

SUPPLEMENTAL INFORMATION

NET PASSIVE NET EXPENSES __ ~I~N_C=OME~__ NONPASS

146,581. $ TOTAL $

-22,075. NONPASS -22,075.

RENTAL REAL ESTATE INCOME(LOSS) RECEIVED FROM ACTIVITIES IN OKLAHOMA.

PARTNER 6: HUGH SPSL 120 Il 05104111

SEC. 1231 TOTAL

PAGE 2


F",m 1 065 u.s. Return of Partnership Income For calcndar year 2010. or tax year beginning .2010,

e U 0: l\D';r~ . .n/\PV 1- 1" -

Do.tIXl/:""",: 0/ II'.. rr"..su,y ending • 20 2010 Infer""r ~'" Sorvce .. See SI! :Irate instructions. A P" nc; 'JI;>I b..s->1>S5 ac:r,v,:y D Em ployer idoon~ r;c.~on

number

REAL ESTATE PRYOR CREEK APARTMENTS, LLC B ?'~IOp,)1 prod",,: 01 .... ''>'ICa Print P.O. BOX 400 E [);,lu bus;,,,,,,s ~tml"ll

RENTALS or type. FOUNTAIN GREEN, OT 84632 12118/2007 C 9L1SO'WSscodunurnw F Toral as"'l'5 (see II ... TrS)

531110 S 10 121 215 . G Ch eck applicable boxes: (1) Indlll return (2) U r inal relurn (3) DName cllange (4)DMdress cll.:JlIQe (5) 0 ,Amended return

(6) I cchmtal tCfrn lnai lO!l - als(I check (1) or (l) H Check <1CCOUI11111g method: (1) X Cash (2) DAceruar (3) OOrher(speciry) " __________ __ ____ ___ __

Number 01 Schedules K· l . Atta::h one for each person .... 110 was a partner at any lune dUring the tax year

J Check if Schedules C nnd M·3 ilre <lUnched .

D E D U C T I D N 5

I N C a ',1 E

, , , , , , , • " , , , 0

" , , 0 • , , M , , , , , 0 , ,

Sign Here

, iI Gross receipts or snles

b Less returns nnd nllownll ces

2 Cost 01 goods sold (Schedule A, tine 8)

3 Gross profi\. Subtrnctline 2 Irom hne lc .

4 Ordin<l ry income (loss) Irom other par tnerships, estates, and trusts (,1ttach statement)

5 Net farm profit (loss) (aU,1ch Schedule F (Form /(40))

6 Net gain (loss) from f orm 11797. Pari n. line 17 (.1I1acll FomI4797)

7 Other income (loss) (olladl sla ti~mer1 t)

"

9 Salanes and wages (other than to ptlliners) (less employment creditS) .

10 Guaranteed payments to partners

11 RepairS and maintenance

12 Bad debts .

13 Reol. . . 14 Taxes nnd licenses ..

15 Interest

16 i! Depreclnllon (If reqwfed. nltach Form 11562)

b Less deprecinlion reported on Sclledule A and elsewhere on return

17 Deplet ion' (Do not deduct oi l ,md gas depletion.)

18 n eill ement pinos, etc ..

19 Employee benefi t plDglilms.

20 Other deeuchons (a/lach statement) .

, ,

Paid Preparer Use Only

.,

. ---------- - - - -~ . . . . .. .. . . 1!>!

BAA Reduction Act Nolice, scc scpari!te instructions. PT?A01C5l. 01118111


Form 106S 1'201Q) PRYOR CREEK APARTNENTS, LLC Pane 2 Schedule A I Cost of Goods Sold (see the instructions)

1 InvenlOty al beginOtf)g 01 year . . ... ... .. 1 .. ... . .. .. .. 2 Purchases less cost of Items withdrawn tor personal use .. 2 .. . .. 3 Cost of tabor . . . . .. 3 ... .. ... . 4 Additloo;!1 se<:lion 2G3A costs

(ntlncll statement) .. .. .. .. . ... 4

5 Olher costs (allacn statement) .. .. 5

6 Total. Add lines 1 ttlfDugh 5. .. .. .. .. .. .. .. ... 6 • 7 Inventory at end of year .. .. 7 .. . .. ..

S Cost 01 goods sold. Subtrac t hne 7 rrom hne 6. Enler here and 00 1l<1ge 1. line 2 .. S 9a Check aU methoes used for va luing CI05II1C) rnven lOf)'

0) § Cost as descnbed In Regulations section 1 "'71·3

(ii) Lower 01 cost or market as desCribed In Regulahons sectIOn 1.471.'" (Iii) Other (specify menlOc! used and attach explanation) ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

b Check this bo~ II there was a wniedown of 'subnormal' goods as deSCri bed In Regula llons secllon 1.I\71.2(c) ~ ~ c Clleck th is box If the LIFO Invenlory method was adopled th is tal( year lor any goods (" checked, nllach Form 970) . ~

d Do the rules of secllon 26.111 (lor nronerly produced or acqulled for resale) appty 10 the partnership? .. n Yes No

e Was there any Change In determining quanhhes. cost. or va 'uat,ons bet ..... een open ng and clOSing Invent0f)'1 D Yes No If'Y , It I t r <s. a ac 1 el(p ana JOn

iSchedule B Other Information 1 What type 01 enlily is filing this return? Check the appl icable box: Yo. No

:~ DomestiC general partnership

:§ Domest iC lumted partnership

Domestic limited Jiabllily company Domest iC limited liabili ty par tnership

Foreign partnership Other • -- ------------ - --------------2 At any lime dUfing the tal( year. was any pnrlner In the partnership a disregarded enhly. a par tnership (Including an entity

treated as a par tners tl ip). a trust. an S corpora tion. an estate (olher than an estate 01 a deceased parlner). or a nominee or X similar person? . .. . . . . . ..

3 At the end ol lhe tal( year: a Did any loreign or domeslic corporation , partnership (including any ent ity trealed as a par tnership). trust. cr lal(·exemp\

organiz<llion 01'.71. directly or IndirecUy. an interest 01 50% or m ore In the proi ll. loss. or capital 01 the partnership? For rules of conslruchve ownersilip. see Instructions. II 'Yes: attach Schedule 8·1. Inlorrnahon on ParlnffS Owmng 50% Of Mare of the Partnership .. ... .. .. X

b Did any IndiVidual or eslale own. dneclly or indlreclly. an Interest 01 50% or m ore In the profit. loss . or capll<ll of the p<l rlnershlp? r er rules of construclive ownership. sea InstructlOllS, It 'Yes: <lUach Schedule B·l. Informahon on Partners Owning 50% or More of the Partnflrstllp . .. . X

4 At the end of tI,e lax year . did the par tnership: a O .... n dl/eclly 20% or more, Of own. dl/eclly or indlmclly. 50% or more of IIle 10101 voling power of all classes of stock enlitled

to voleh ~f; any foreign or domest ic corporation? For rules of cons truclive ownership. see insfructions. If ' Yas: comple te (i)

X throvnh iv below. . . . . . . ... . . . . . . . , . . . . . . . . , . . . , . . . .. " .. (i) Name 01 Corporation (ii) Employer (ill) Counlry 01 (iv) Percentage

ldenhllcahon Incorporallon Owned In Number (if any) Vot ing Siock

b Own directly ;1Il in terest of 20% or more, or own. dlrectl}, or indirectly, an in terest of 50% or more In the profi t. loss . or cani tal in any forellJn or domestIC partnerShip (including an enlit:; treated as a partnership) or In the beneflcmllnterest of a trust? For

X ru les of construct ive ownership. see In5trl JchrJns. If 'Yes: complete (i) through (v) below . ... .. ... . .... . .. , . (i) Ni:ll1le of Enlily (ii) Employer (iii) Type 01 (iv) Country 01 (v) M<lximum

IdenlihC<lllOn Entity Organrz i:lt ion Percentage Number (II any) Owned in ~~i' t.

loss. or Ca Iial

?WACII2\. 0 111811 1 Form 1065 (2010)


Form 1065 (2010) PRYOR CREEK APART~IENTS, LLC

5 Dld,l~:)~~~~l~ii~hi~r t~; Form 1fr:?3, Election of Partnership level Ta~ Treatment or an election statement under secllon 6231 a 1 (B il for artnershi ·Ievel tax trealrnent . Ihat IS in eflect for Ihis tax~ear? See Form 8893 for more delails ..

6 Does til lS partnership satisfy a ll four of the follOWing conditions?

a The partnership's tolal receipts for the tax yenr were less Ihan 5250.000. b The partnorship's lotal assets at Ihe end of ttle tax year were less lhan S 1 milion.

c Sche<lules K·) are filed with the return and furnished 10 Ihe partners on or before the due date (lnctudlng extenSions) lor the partnership return.

d lhe partnership IS not filing and is not required to file Schedule M-3 .. .. II 'Yes: Ihe partnership IS not required 10 complete Schedules l. M·l. and M·2; Item F on page) 01 Form 1065: or Item l on Schedule K·I.

7 Is th iS oarlnershin a nllbliclv traded niJItnersh~ 'as defined In section 1I(i9(k)(21? . .. ... . . . .... B Dunng Ih~ ~r~ y:~~i did the par tnership have <lny debt thai was cancelle<l. was forgiven. or had the terms modified so as to

re<luce the rlnCI I <lmount of IIIe debt? . . .. . . .. .. . ... '. . .. . .. ... .. .. ... . ......... . .. , Has thiS partnership file:d, or is it reqUired to hie. FOfm 8918. MaleMI AdVisor Disclosure Statement, to provide Information on an re artabte transaction? . , . , . . , . . .. . ., . . ... . .... . . .. . , . . .. . . ..

10 At any lime during calendar year 2010. did " Ie par tnership have an Interest III or a Slgn<llure or other authority over a financial account In <l foreign country (SUC)l as a bank account. secuflt ies account. or oUler financial account)? See the Instructions tor exceptions and hllng requlfements IOf Form 10 F 90·22.1. Report 01 Foreign Bank and Financial Accounts. If 'Yes.' enter the name of the fore ign country .. •

11 At any lime dutlng Ihe tax year. did Ihe parlnership receive a distr ibuhon from, or was it the r antor 01. or transferor to. a forei~ t~~F II 'Yes: the partnership may have to hie Form 3520. Annual Return 10 Report ransachons Wi th Foreign Trusts and ecei I of Certain Forelnn Gills. See Inslructioos . .. . , . . .. ...... . .. . ......... , .. , ., . ....... ..

12a Is the partnership making. or had II preViously made (and not revoked). a sectIOn 754 electioo? .. ... See Instructions for details regarding section 7501 election.

b Old the partnership make lor Ihis lax year an optional baSIS ad,ushnent under section 7113(b) or 7311(b)? If 'Yes: allach a statement showing the cOlllputahon ilnr! allocil lion ol ltle basis adjuslmerll. See instructions ,. , .,' ,., ' .. . .

C ts the partnerShip reqUIted to adjust the baSIS of partnership assets under sechon 7113(b) or 73iJ(b) be~ause of a substantial bUlIl' ln loss (as defined u~~er sec ti~~/1I3(d» or substantial baSIS reduc tion (as dehned under section 73iJ(d»? " 'Yes: attach a statement showifl the com utahon and allocation of the baSIS adlustment. See Instruchons . . . . .

13 Check thiS box if. during the current or prior ta. year. the partnership distributed any property received In a like·klnd

fh~~~~~t~h;~~I~~~~ ~~Ch. ~~~~rt y. I.~ a.not~'~~ .enl.I I.Y. ~olh.e.r t h~~ .e~l~h~ .~~o'.'y .. ~,~~ed. ~: t~e p~~tner s~I~. · n 14 ~t g~~::~e~s~~in~~~~r :~? ~~~~., d~d ~ I~~ , p.1rl~~~sh~~ ~.Is trl ~~ t.e ~ ~ ,i1n~ ~.ar tn~~ ,a t~~~Cy-i.n .. ~o~~~~ .or ot~ und~~I~~ i.~t~~~~

15 If the partnership IS re~ired 10 hte Form BR58, Information Return of U. S. Persons Wi th Respect To Foreign Dlsr8{]arded Entit ies, enter the num er of Forms 8858 allached.

See Instruchons . 16 Does the partnership 'liwe ilny torfllgn parlners? Ii 'Yes.' enler the number 01 Forms 8805. Foreign Partner's Information

Statement 01 Sechen 11146 Withhold ng Tax. flied for th iS p<lrlners/lip. •

17 Enter the number 01 Forms 8865. Return of U.S. Persons With Respect to Cerlain Foreign Partnerships. allached to thiS return • .. .. .. . . ... .. . .

Dcsigniltion of Tax Matters Partner (see the lnstruclions) Enter betow the general pal1ner designated as the l a~ matters partner (lMP) for tile tax year of th iS return:

N:""," 01 ~ d..si<,ln~:"d 1"','" MANAGEMENT

IT 11 '11 Th/.? r.s on SOLUTIONS INC.

kltln:,'y"ou numl>« , 01 TVP ~

..

Page 3

Yes I No

X

X

X

X

X

X

X X

X

X

X

X

C"hI1. llun'D "I niP r~pr" $'I'll~:"'" ~ \·IENOELL

Phollu ,""moo! 01 TIS'> ~

"'~~IJ'SS()t ~ PO BOX 400

des>\l",,:ed W? FOUNTAIN GREEN, OT 8 4632 Form 1065 (2010)

PWAOI I2'~ 01118111


Form 1065 (201m PRYOR CREEK ~.P ARTNENTS. LLC 4 Schedule K Partners' Distributive Share Items Total amount

1 Ordinary business Income (loss) (page I, line 22) 1 . .. ... .. , .. 2 Nol rental real eslate Income (loss) (iJlliJch Form 8825) .

. I ,;1 2 -139. 681. ...

3i1 Diller gross ren tal Income (loss) .. .. b Expenses flom ethef renlll .xtivrl les (iJl/Jch sImI) . .. .. ' b c Di ller nol renlal lncome (loss). Sublract line 3b from hne 3a ... .. " , Guaranteed payments .. ,

5 Inleresl income ...... ... .. .. . . .. 5 Income 6 Dividends: a Ord,nary diVidends 6, (loss)

... 1" 6b l ..

... b Oualified diVidends. ..

7 n oyaltles .. ,. ,. . . 7 8 Net shor t·term cilpil al gain ( loss) (atlach Sclledule 0 (Form 1(65» .. .. 8 9 <1 Net long.lerm capllnl gain (loss) (mlach Schedule D (Form 1(65» , I '" b 1 . .. .,. , 9,

b Collectibles (28%) gain (loss) ,.".. 9b

c Unrccaplured secl lon 1250 gJIn (,IIt,Jch st.llcm~llt) .. 9, 1 10 Nel section 1231 (]aln (loss) (allaclr Form 4797) . 10

11 Othol Income loss) (SI'!C IIls/weliolls) T vile ~ 11

12 Section 179 deduction (a ttach Form 4562) .. . ... .. 12

Deduc· 13a Contrrbulrons . , ". , .. . ... .. ... ". , .. . . . ... 13,

tions b Investment interest e~pense .... , .,. , 13b e Seclron 59(e)(2) c~pendiIUlcs : (1 ) Type • (2) Amount • 13c 12

d Oth!!! deductions ($eelll~lllIeliOlls) Tvpe • 13d

Self· 14i1 Net earn ings (loss) from sell.employmenl .. .. ", Employ· b Gross farming or hshlng income ... ...... .. ... , .. lOb ment

c GrOSS nonfarm Income .. .. ", lSa Low·income housing credit (secllOn 42G)(5» .. .. .. .. .. .. 15,

b Low·,ncome hOUSin g credit (other) .. ... 15b

Credits c Ounllfred rehabilr l <l tron eilpendllures (rentnl real estale) (al/ach Form 3468) . .. 15,

d Other rentil l rea l estate credits (see InS/rue/Ions) Ty"" . 15d - - - - --- -- -c Ollier renlill credi ts (see Ins tructiOIlS) . Ty"" • 15. ---------I Other credits (see ms/ruciIOflS) .. .. . Tvpe .. 151

16a Name 01 cruntry Of U.S. possesSion .. • ------------ - ---- - ----- --b Gross Income frolTl all sources. . .. ... .. . . 16b

c Gross income sourced at patlner level ... 16,

Fmelgn gross Income sourced at partnership level

d Passive ca tegory .. ___ _ ____ .c Generalcil tegory • 1 Other • 161 Fore ign ------- - ... Trans· Dedllc/ion.~ alloca led mid apportlOlJed a l partner level actions g Interest expense • h Other . • 16h ----------- .. ...

Dedile/ions Jllocated alld J/lJJOlliolll!d a/ pJI/I1I:fS/,I/) leve/to (OU!lgll sOUlee llieomc

i Passl .... e calegOfy .. j General category .. k Other • 16k .. . I Tolal lorelgn tal es (che~k ~r~e~ - ;-I~'aid 0 Acc~;d - a --- 16 1

m neduclroo In taxes available IOf credit (.1ttach statement) . .. .... .. . . 16m

n Other fcrelon tal InfQlmatron (iJllach statement) . .. .. 17 a Posl·1986 depreclalron adjuslment . ... .... .. . .. ... , ... " 17,

A1temati~ b Adjusted gall1 or loss .. .. .. .. .. .. .. . 17b Minimum c Deplel lon (other than 011 and (]as) . . .. .. . .. ... .. ... .. . ... 17, T .. d Oil, gas. and geolhermill proper lies gross Income 17d (AMT)

..

Items e 011, gilS. and geothermal properlies deducl lOflS .. .. . . .. 17, I Diller Mil Items -(JIlJeh SImI) . . .. 171

18 01 Tax·exempt Interesl lncome .. .. . .. . ,., Olher

b Other tax·e~empl lncome .. 18b

Inlor· c Nondeduclrble e~penses .. ,., mation 19a Dlstrobulroos of cnsh and marketable securil ies. .. 19. 195 000.

b [)Is trrbu tions 01 other proper ty .. .. . .. 19b

20 01 Inveslmenl Income .. .. 20 .

b Investment expenses . . . . .. 20b

e Other Items and amounts (a /tach slmt)

BAA FOfm 1065 (201 0)

PT?N) I J.:L C)6I2I11IO


Form 1065 (2010) PRYOR CREEK APARTMENTS LLC . , Pase 5 Analvsis of N et Income Loss)

1 Nel income (loss). Combine Schedule K. hnes 1 through 11 . From the result , subtract lhe sum 01 I 1 Schedule K. I.nes 12thrOlJ h 13d, and 161 . . .. -139 681. 2 AnaIYSI~ by (i) Corporate (ii) Individual (iii) Individual (Iv) Partnership (v) Exempt (vi) Noollnee/Other

plltnrr type: (active) (passive) org ilf1iza1ion a G<)"",nl

P:Uln.us . .. b LImIted -1 , 398. 15,952 . 122,331. ",1011''~ • •

Schedule L Balance Sheets ocr Books Beginning of tax year End of tax year Assets (,) (b) (0) (d)

1 GaSh .. 539. 500 . 201 Trade notes and accoonts receivable

b less attowance tCl" bad debts

3 Invent ones . ... 4 U.S. government obl igallons . .. 5 Tax.exempl secunl ies . . .. 6 Otto currenl assets (.:!IIach SImI). SEE ST .. 1 . 14,963. 23 977. 7 Mortgage and real estale loans.

8 Olller m~slments (Jttach slmr) .. 9a BUildings and oll1er depreciable assels . 8 945 693 . 8 951,434.

b l ess accumulated depreciation 597,378. 8,348,315. 929 079. 8 022 355. lO a Depletable assets . . ... .. .

b l ess accumulated depLetion .. 11 l and (net of any amortizailon). . .. 2,045,165. 2,074 383 . 123 Intangible assels (amorhzab\e only) 15 000. 15 000.

b l ess accumulated amortizat ion . 15 000. 15 000. 13 Other assets (allach simI) . .. 14 Total Olssels 10,408,982 . 10 121 215.

liilbi lilics ilnd CapiLli

15 Accounts payable . ... 16 IOOr lgll;les, nOles. bo~$ p3y.lble In less thln 1 )'C3f

17 Ollie! cUlfenlllab!!ttlcs (JI/;Jch slmt). SEE ST 2 802, 028. 1 ,023 453, 18 Al l nonrecourse loans.

19 1-I.orIIPl1!:S, noles, bonds papble In I )'C31 or more . .. 6 647,799. 6 473,288. 20 Other hablhhcs (J /lJch simI)

21 Partners' c<lplta l accounts. ... 2,95 9,155. 2,624,474. 22 Totalliablhlies and can!ta l ... 10,408 , 982. 10,121,215. Schedule M·' Reconciliati o n o f Inco me (Loss) per ~ooks With Inco.me (Loss) pe~ R e tur':l

. Note Schedule M 3 may be reqUired Instead of Scheaule M· l (see Instructions) 1 Net income (loss) per books . ... 6 Income recorded on books this year not 2 Income included on Schedule K. lines 1. Included on Schedule K. hnes 1 through

2. 3c, 5. C)'1. 7. 8. 9a. 10. and 11 , not II (Itemize): recorded on books thiS year (itemize): a TaH~pl mlerest .. $ ------------- ----------------- ------------------------- - ----------- - - 7 Deductions Inclurled en Schedule K. l ines 1 tluough

3 Guaranlt'ed pmls (otller lhan heJl1h Insurance) .. 13d, and 161, not chJrged against book Income thiS 4 Expenses recorded on boo~s thlsijJr nol mcluded yeJr (ltemtZe):

on Schedule K, hnes 1 thro~gh 1 d, and 161 a Depreciation . $ (1 Iemtre). -----------il Depleclatlon $ ------ -- -- - - ---- -- -------------b Tra~l :md ------ --------------en tcrl3lnmcnt . $ 8 Add l ines (; and 7. . . ----- --------- ---- ---- ------- -- 9 In!;tlme (loss) (Ana lYSIS of lIet Income (Loss), hne I).

5 Add lines 1 Ihrouoh 4 . . .. Subl",cl hne Strom hne 5 . ... .... . .. . Schedule M·2 Anat vsi s of Partners ' Caoital Accounts

1 Balance at beglnmng 01 year .. 2,959 155. 6 Distributions: a Cash . .... .. 195 000. 2 Capital contributed: a CDsh b Property

b Property . 7 Oll:et dfXreases (ItemIZC): -------- ---3 Net Income (loss) per books 139 681. ----------- ---------4 Other Increases (Itemize): - - ----- - -- -----8 Add tines (; and 7 ... 195 000. Add j;n~-1-1t";;OU~14 -:- - -: -:- - -::-. -5 2 819 474 . 9 Balance at end 01 'eJI. $ub1tXL trne S hom tine 5. 2 624 474 .

PWAOI341 0612.:110 Form 1065 (2010)


Form 8825 Rental Real Estate Income and Expenses of a (Rev December 20 10) Partnership or an 5 Corporation OMBNo.15451186

Department of the Treasury • See instructions • IntBrnal Revenoo Service • Attach to Fonn 1065, Fonn 1065-B, or Fonn 11205.

Name I Employer idonlilication numbor

PRYOR CREEK APARTMENTS, LLC 1 Show the type and address of each property. For each rental real estate property listed. report the number of days rented at fair rental

value and days With personal use. See instructions. See page 2 to list additional properties.

Physical address of each property - street. City. Type - Enter code 1·8; Fair Rental Personal state, ZIP code see page 2 for list Days Use Days

A ------------------------- ------------- ----- ------2 365 B r-------------------------------------- ------------- ----- ------C --------------------------------------- ------------- ----- ------

D --------------------------------------- ------------- ----- ------Properties

Rentat Real Estate Income A B C D

2 Gross rents .......................... 2 1, 264 263. Rental Real Estate Expenses

3 Advertising .......................... 3 11 483. 4 Auto and travel ...................... 4

5 Cleaning and maintenance ............ 5 7 935. 6 Commissions ........................ 6 7 Insurance ........................... 7 26 870. 8 Legal and other professional fees ...... 8 1 150. 9 Interest ............................. 9 434 670.

10 Repairs ............................. 10 42 995. 11 Taxes ............................... 11 84 678. 12 Utilities .............................. 12 203 272. 13 Wages and salaries .. , ........... ..... 13 111 887. 14 Depreciation (see instructions) .. , ••• to. 14 331 701. 15 OUrer (list) .-------------~~~~!AJ~~!_~ ________

15 147 303.

--------------------

16 Total expenses for each property. 1, 403, 944. Add lines 3 through 15 ................ 16

17 Income or (loss) from each property. -139 681. Subtract line 16 from line 2 ........... 17

18a Total gross rents. Add gross rents from line 2, columns A through H ....................................... 18a 1 264 263. 18b Total expenses. Add total expenses from line 16, columns A through H ........ ,- ..... - - ............ , .... ,. 18b -1 403 944. 19 Net gain (loss) from Form 4797, Part II, line 17, from the disposition of property from rental real

estate activities ................ , ••••••••••• 00.0·0 • •• 000 ••• 0 • •• 0 •• 0 ••• ••• 0 ••••••• 0 • ·, ••• 0.·· ••• ····.0 19

20 a Net income (loss) from rental real estate activities from partnerships, estates, and trusts in which this 20a partnership or S corporation is a partner or beneficiary (from Schedule K· 1) .......................... ... ..

b Identify below the partnerships, estates, or trusts from which net income (loss) is shown on line 20a. Attach a schedule if more space is needed:

(1) Name (2) Employer identification number

------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------

21 Net rental real estate income (loss). Combine lines 18a through 20a. Enter the result here and on: 21 -139 681. • Fonn 1065 or 11205: Schedule K, line 2. or

• Form 1065-B: Part I. line 4

BAA For Paperwork Reduction Act Notice, see the separate instructions. SPSZ010ll 01106111 Form 8825 (12·2010)


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(5) -139,681 (6) 331,701 ------------ 192,020 (7) x 11.42% ------------ 21,929 (8) -22,500 ------------ -571

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Form 8825(12-2010) PRYOR CREEK APARTMENTS, LLC Page 2

1 Show the and address of each property_ For each rental real estate property listed, report the number of days at fair rental value and days 'th IS' t t WI ~ersona use. ee Ins ruc Ions.

Physical address of each property - street. city, Type - Enter code 1-8; state, ZIP code see below for list

E -------------------------------------- --------------F --------------------------------------G --------------------------------------H --------------------------------------

Rentat Real Estate Income

2 Gross rents .........................

Rental Real Estate Expenses

3 Advertising ..........................

4 Auto and travel ................. ..... 5 Cleaning and maintenance ............

6 Commissions ........................

7 Insurance ...........................

8 Legal and other professional fees ......

9 Interest. ............................

10 Repairs ............. ·.0 •. ·'·.· . ..... 11 Taxes .............. , ..... , .... , . , ..

12 Utilities ........................ ..... 13 Wages and salaries, . , . , . , . , .. , . , . , ..

14 Depreciation (see instructions) ........

15 Other (list) • ---------------------------------------------------

16 Total expenses for each property. Add lines 3 through 15 ....... , . , ......

17 Income or (Loss) from each property. Subtract line 16 from line 2 ...........

Allowable Codes for Type of Property

1- Single Family Residence

2- Multi-Family Residence

3- Vacation or Short-term Rental

4- Commercial

5- Land

6- Royalties

7- Self-Rental

E

2

3 4 5 6 7 8 9

10 11 12 13 14

15

16

17

8- Other (include description with the code on Form 8825 or on an attached statement)

BAA SPSZ0102L 01107111

------------------------------------------

Properties

F G

Fair Rental Personal Days Use Days

----- ------

----- ------

----- ------

------ ------

H

Form 8825 (12·2010)


65111D

2010 n Final K-1 n Amended K-1 OMS No. 1545·0099

Schedule K-1 I Part III I Partner's Share of Current Year Income, (Fonn 1065) For Clliendar year 2010. 0< la_ Deductions Credits, and Other Items Department of tho Treasury year beglnnong ,2010 1 Ordinary business income (lOSS) 15 Credits Internal Revenutl Survice

endIng - --------------Partner's Share of Income, Deductions, 2 Net rental real estate income (loss)

* -15 952. Credits, etc. .. See separate instructions • 3 Other net rental income (loss) 16 Foreign transactions

I·Pan·1 I Information About the Partnership - --------------4 Guaranteed payments

A Partnership's employer identification number - -------------- 5 Interest income

B Partnership's name, address, city, state, and ZIP code --------------6a Ordinary dividends

PRYOR CREEK APARTMENTS, LLC --------------P.O. BOX 400 6b Qualified dividends

FOUNTAIN GREEN, UT 84632 --------------c IRS Center where partnership filed return 7 Royalties OGDEN UT --------------

D o Check if this is a publicly traded partnership (PTP) 8 Net short·term capital gain (loss)

I ,Part II I Information About the Partner 9a Net long-term capital gain (loss) 17 Alternalive mimmum tax (AMT) Items

--------------E P ng number 9b Collectibles (28%) gain (loss)

F Partner's name, address, city, state, and ZIP code --------------9c Unrecaptured section 1250 gain

HUGH 10 Net section 1231 gain (loss) 18 Tax·exempt income and

D General partner or LLC ~ Limited partner or other - --------------

member ·manager LLC member - ---------------H IRI Domestic partner o Foreign partner 1-- --------------

r- ---------------I What type of entity is this partner? INDIVIDUAL

19 Distributions

J Partner's share of profit, loss, and capital (see instructions): 12 Section 179 deduction I-A_ _ _______ .-z.fLS_O.Q ~ Beginning Ending

Profit 11.42 % 11.42 % 13 Other deductions

Loss 11.42 % 11.42 % r- 20 Other information ---------------Capital 11.42 % 11.42 %

1-- --------------- 1-- --------------K Partner's share of liabilities at year end:

Nonrecourse, , . . . . . . . . . . . . . . . . . . . . . . . $ - --------------Qualified nonrecourse financing ... , . ... $ 739 249. 14 Self.employment earnings (loss)

Recourse ....... , .... ............. .. $ --------------- 1-- --------------L Partner's capital account analysis:

Beginning capital account ......... .... $ 342 113. *See attached statement for additional information, Capital contributed during the year . ... $ Current year increase (decrease). ... $ -15 952. ..

0

Withdrawals and distributions, .. $ J 22 500. ) R . ....

Ending capital account .... , ..... , ... .. $ 303 661. I R s

~Tax basis DGAAP o Section 704(b) book u s

Other (explain) E

M Did the partner contribute property with a built-in gain or loss? 0

Dyes 00 No N L

Ir 'VIIS" uttech statemonl (suo Instructions) V

BAA For Paperwork Reduction Act Notice, see Instructions for Fonn 1065. PARTNER 6

Schedule K-l (Form 1065) 2010

PT?A0312L 01125111


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PRYOR CREEK APARTMENTS, LLC 2010 SUPPLEMENTAL INFORMATION PAG 2

BOX 2 RENTAL REAL ESTATE ACTIVITIES

PROPERTY GROSS NET PASSIVE SEC. 1231 ADDRESS INCOME

NET EXPENSES _..h.I....,NC..."O ..... M""E_ NONPASS _--...!..:TO!,LTuALJ,!,L.._

PRYOR OK, 74361 144,379.

ROUNDING OR SPECIALLY ALLOCATED NET INCOME (LOSS) ADJUSTMENT


160,330. $ -15,951. NONPASS

-1. TOTAL $ -15,952.


PARTNER 6: HUGH SPSU201L 07131103


"w

Form 1 065 u.s. Return of Partnership Income OMS No. I 545·0099

For calendar year 2009, or tax year beginning , 2009, I Departmen: of the Treasury ending ,20 2009 Internal Revenue Service ~ See separate instructions.

c A Principal business activity 0 Employer identjlication

Use the number

REAL ESTATE IRS PRYOR CREEK APARTMENTS, LLC label. B Principal product or service Other- P.O. BOX 400 E Date business started

RENTALS wise, FOUNTAIN GREEN, UT 84632 12/18/2007 c print

Business code number or type. F Total assets (see Ins!rs)

531110 $ 10 408,982. G Check applicable boxes: (1) _ Initial return (2) 0 Final return (3) U Name change (4) U Address change (5) 0 Amended return

(6) Technical termination· also check (I) or (2)

H Check accounting method: (1) K Cash (2) 0 Accrual (3) o Other (specify) .. II> -Number of Schedules K·1. Attach one for each person who was a partner at any time during the tax year

J Check if Schedules C and M·3 are attached ..

- - - -

Cti lId ltd b 22 S au on. ne u e omy,ra ear usiness income and expenses on lines I a throuGh below. ee the instructions for more information.

I N C 0 M E

0 E 0 U C T I 0 N s

I

s E E

I II s T R u c T I

0 II s F 0 R

L I M I T· A T I

1 a Gross receipts or sales. . . , , , , . , , .., . ..... l 1 at Il;~i;i'l b Less returns and allowances .. ', .... ..... . .... , .. . ... . I 1 bl 1 c l

2 Cost of goods sold (Schedule A, line 8) .. .,",. , ... , .. . ... .... . . .. 2

3 Gross profit. Subtract line 2 from line 1 c. ".,' . . . . . , ,., . '" , . L 3

4 Ordinary income (loss) from other partnerships, estates, and trusts i

(attach statement) ... ".,' , ... .. , .. , , .. . , ... 4

5 Net farm profit (loss) (attach Schedule F (Form /()4())). ...... 6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797). .

7 Other income (loss) (attach statement) . .. . ...

8 Total income (loss). Combine lines 3 through 7. ...

9 Salaries and wages (other than to partners) (less employment credits) .

10 Guaranteed payments to partners.

11 Repairs and maintenance. ......... , ...

12 Bad debts. ... 13 Rent .. . . ".,., .. 14 Taxes and licenses.

15 Interest.

16a Depreciation (if required, attach Form 4562) . "" .

b Less depreciation reported on Schedule A and elsewhere on return

17 Depletion (Do not deduct oil and gas depletion.) . ... , . 18 Retirement plans, etc ..

19 Employee benefit programs ..

20 Other deductions (attach statement) .

. , .. . . . . . . , .

.. . ..... . . ....

, ....

....

, .. , .

..

.., ... . . . . , 5

, . . . . . . . . .. 6

. . . . . 7

. . . . . ". , 8

I 9

, ... 10

, .... 11

12

.. . ... 13

14

... 15

I 16al ~{~~ii~! .. I 16bl 16c

i . . , . . . ... 17

. . . . , , . . . . I 18

... . . . .. 19

20

- - -

o N S 21 Total deductions. Add the amounts shown in the..c.f-"-ar'-'.:.rig",,h.;.:t-,c:..:oc.;;lu:...m.:.:.n~fo:.;.r-,l.:.:.in:.::e..:.s...;9_t,-h-,-ro::.;u::.;g,,-h,-,2:...0,--~,-,-_,,--,-_+-=.21"--j--_______ _

22 Ordinar business income oss). Subtract line 21 from line 8. . 22

Sign

/ ... S.gnature of general partner or limited lIabilit:::...:ompany member manager

May the IRS discuss this return Here ... ~'71'1O with the pre,f8rer shown below

Date (see ins!rs). [Xl n

X Yes No

Preparer1s IJt~'A'~ l Dale i II> n sIgnature KENN H E. BEMENTtV' 2/01/10 I Check if self

Paid employed ...

Preparer's I Firm's name BEMENT & COMPANY PC (or yours If ... Use Only self -employed), 448 EAST 400 SOUTH STE. 204 EIN ~ address. and

• ZIP code SALT LAKE CITY UT 84111-3015 Phone no. BAA For Privacy Act and Paperwork Reduction Act Notice, see separate instructions. PTPAOI05L 06/24109 Form 1065 (2009)


Form 1065 (~009) PRYOR CREEK APARTMENTS, LLC

5 6Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under section 231 alB (II for artnershl ·Ievel tax treatment, that is in effect for this tax ear? See Form 8893 for more details

6 Does this partnership satisfy all four of the following conditions?

a The partnership's total receipts for the tax year were less than $250,000.

b The partnership's total assets at the end of the lax year were less than $1 million.

c Schedules K·1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.

d The partnership is not filing and is not required 10 file Schedule M.3 '" ....

If 'Yes,' the partnership is not required to complete Schedules L, M·l, and M·2; Item F on page 1 of Form 1065' or Item L on Schedule K·l. '

Page 3

Yes I No

7 Is this partnership a publicly traded partnership as def~in:::e:=:d~in:.:..::s::oe:::;ct:.;::io~n!...4..:..:6:::9~kc.2~?-,-.:..,;. "'.,.;.',;...,.;. .. cc . ..:. . .;...,.;. .. c..;,..:."-'-'-'-'''-'-=-:..;..;...;..;..:..:,.;...;..:...:..:.-'-'-:..:..:.-'-'-:....:..j._~L....:X~ 8 During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to

reduce the pnnclpal amount of the debt? .......................................................... , .............. .

9 Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement to provide information on an re ortable transaction? . . . .. . ... , .......................................... ,., ........ '.. . ................. ,.

10 At any time during calendar year 2009, did the partnership have an interest in or a signature or other authority over a financial account In a foreign country (such as a bank account, securities account, or other financial account)' See the Instructions for exceplions and filing requirements for Form TO F 90-22.1, Report of Foreign Bank and Financial Accounts. If 'Yes,' enter the name of the foreign country. ...

11 At any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If 'Yes,' the partnership may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Recel t of Certain Forei n Gifts. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . .. ....... ... ...... . .............. .

12a Is the partnership making, or had it previously made (and not revoked), a section 754 election? See instructions for details regarding section 754 election.

b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If 'Yes,' attach a statement showing the computation and allocation of the basis adjustment. See instructions

c Is the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d» or substantial baSis reduction (as defined under section 734(d»' If 'Yes,' attach a statement showin the com utation and allocation of the basis ad·ustment. See instructions ...

13 Check this box if, during the current or prior tax year, the partnership distributed any property received in a like-kind exchange or contributed such property to another entity (other than entities wholly·owned by the partnership throu houl the tax ear ...

14 At any time during the tax year, did the partnership distribute to any partner a tenancy· in-common or other undivided interest in a artnershi ro ert ?. ............................................................................ . ......... .

15 If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entitles, enter the number of Forms 8858 attached.

See instructions ...

16 Does the partnership have any foreign partners? If 'Yes,' enter the number of Forms 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax, filed for this partnership. ...

17 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. . . ........ .

Designation of Tax Matters Partner (see the instructions) . Enter below the general partner designated as the tax matters partner (TMP) for the lax year of thiS return:

Name of designated T\AP

If the n~p IS an

~ MANAGEMENT SOLUTIONS INC.

~;6~~~ennt~rv~f TMP ~ WENDELL

Identifying number of TMP

Phone number ofTMP

..

~

~

x

Address of ~ -,P£.!::!O~B~O~X~4~O.l:!O ___ -::-__ -::-________________________________ _ designatedTMP FOUNTAIN GREEN, UT 84632

Form 1065 (2009)

PTP AD 112L 06124109


Income (Loss)

Deductions

SelfEmploy- . ment

Credits

Foreign Transactions

Alternative Minimum Tax (AMT) Items

Other Information

BAA

PRYOR CREEK APARTMENTS LLC 26-1558360 Partners' Distributive Share Items

1 Ordinary business income (loss) (page 1, line 22).

2 Net rental real estate income (loss) (attach Form 8825) ....

3a Other gross rental income (loss) .

b Expenses from other rental activities (attach stml) ..

c Other net rental income (loss). Subtract line 3b from line 3a

4 Guaranteed payments ..

5 Interest income.

6 Dividends: a Ordinary dividends

b Qualified dividends .. 7 Royalties. 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) . 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) ..

b Collectibles (28%) gain (loss) ..

c Unrecaptured section 1250 gam (attach statement) ..

10 Net section 1231 gain (loss) (attach Form 4797) ..

13a Contributions.

b Investment interest expense.

c Section 59(e)(2) expenditures: (1) Type ..

b Gross farming or fishing income.

c Gross nonfarm income. 15a Low-income housing credit (section 42U)(5».

b Low-income housing credit (other) .. c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) .. d Other rental real estate credits (see instructions). Type .. _____ _ e Other rental credits (see instructions) . . . Type .. f Other credits see instructions T e"

16a Name of country or U.S. possession. . ...

b Gross income from all sources ...

c Gross income sourced at partner level.

Foreign gross income sourced at partnership level

Pa e 4

Total amount

-255 868.

13a

13b (2) Amount ... r-:-1;::.3;::.c-"2::Lt _______ _

13d

d Passive category .. ____ .e General category .. _ _ _ _ _ _ _ _ Other.

Deductions al/ocated and apportioned at partner level

g Interest expense .. h Other.

Deductions al/ocated and apportioned at partnership level to foreign source income

i Passive category .. j General category .. __

I Total foreign taxes (check one): .. Paid Accrued

mReduction in taxes available for credit (attach statement).

n Other forei n tax information (attach statement). 17a Post-1986 depreciation adjustment ..

b Adjusted gain or loss. c Depletion (other than oil and gas) . d Oil. gas, and geothermal properties gross income ... e Oil, gas, and geothermal properties - deductions .. f Other AMT Items attach stmt ..

18a Tax-exempt Interest income. b Other tax-exempt income. c Nondeductible expenses.

19a Distributions of cash and marketable securities. b Distributions of other property.

20a Investment income ..

b Investment expenses.

c Other items and amounts

PTPAOl34L 06124109

kOther 0----

18a 18b

i l8c 19a 195 000.

Form 1065 (2009)


Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 throu h 13d, and 161 ................ ,.,., .. " .. " .. " .... ".,., .. ,' .

2 Analysis by (i) Corporate (ii) Individual (iii) Individual (iv) Partnership partner type: (active) (passive)

-2,558. -29,220. -224 090.

(v) Exempt organization

Page 5

-255 868. (vi) Nominee/Other

,it Balance Sheets er Books Beginning of tax year End of tax year

Assets 1 Cash.

2a Trade notes and accounts receivable ..

b Less allowance for bad debts, .

3 Inventories,.

4 U.S. government obligations.

5 Tax-exempt securities.

6 Other current assets (attach slmt). , .. .sEE. .sT. ,1. , 7 Mortgage and real estate loans ...

8 Other Investments (attach stml) ... ,

9a Buildings and other depreciable assets,

b Less accumulated depreciation.

lOa Depletable assets

b Less accumulated depletion ..

11 Land (net of any amortization), .

12a Intangible assets (amortizable only).

b Less accumulated amortization

13 Other assets (attach stmt).

14 Total assets.

Liabilities and Capital 15 Accounts payable,

16 Mortgages, noles, bonds payable in less than 1 year.

17 Other current liabilities (attach sImi), .. SEE. .sT .. 2 .. 18 All nonrecourse loans. ,

(a) (b)

19 Mortgages, notes, bonds payable in 1 year or more, 6, 182, 757 . 20 Other liabilities (attach slmt) .

21 Partners' capital accounts .... , . . . 3,410,023. 22 Total liabilities and ca itaL 10,022,405.

i$:cflfldultfJM~lp! Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note. Schedule M-3 may be required instead of Schedule M-l (see instructions).

1 Net income (loss) per books, 6 Income recorded on books this year not 2 Income included on Schedule K, lines 1, included on Schedule K, lines 1 through

2, 3c, 5, 6a, 7, 8, 9a, 10, and 11, not 11 (itemize): recorded on books this year (itemize): a Tax-exempt Interest .. $ - --- - --- - - - - -- - -- - .----- - ---- ---- -

- --- - ---- -- -- 7 Deductions Included on Schedule K, lines 1 through 3 Guaranteed pmts (other than health insurance) .. .. , 13d, and 161, not charged against book income this 4 Expenses recorded on books this ~ar not Included year (itemize):

on Schedule K, lines 1 through 1 d, and 161 a Depreciation, $ (itemize): --- - -----a Depreciation, $ - - ---- - ---- ----- - -------b Travel and ---- - - - - - - --entertainment. , $ -------- -- I 8 Add lines 6 and 7. ......

------ ------ - --- I 9 Income (loss) (Analysis of Net Income (Loss), line 1), 5 Add lines 1 through 4. Subtract Ime 8 from line 5, .. . - .. , . ... ,

ISeWeiuJej'IYl~21 Analysis of Partners' Capital Accounts 1 Balance at beginning of year, 3,410,023. ~ 6 Distributions: a Cash,

2 Capital contributed; a Cash. b Property. . .

b Property I 7 Other decreases (Itemize): -- - ---3 Net income (loss) per books. -255,868. ! ------ ----------- -

I 4 Other Increases (itemize): - ---- - -i

- - ---- ---- - ----8 Add lines 6 and 7 .. --- - - - -~-- - --

5 Add lines 1 throuQh 4 3,154 155. 9 Balance at end of year. Subtract line 8 from line 5.

PTPAOI34L 06/24109

(d)

14 963.

802 028.

6 647 799.

2,959,155. 10 408,982.

195 000.

195 000. 2,959 155.

Form 1065 (2009)


Form 8825 (Rev December 2006)

Department of the Treasury Internal Revenue Service

Rental Real Estate Income and Expenses of a Partnership or an S Corporation

.. 5ee instructions. .. Attach to Form 1065, Form 1065-B, or Form 11205.

'Jame

PRYOR CREEK APARTMENTS, LLC Show the kind and location of each property. See page 2 to list additional properties.

B

c

D

Properties Rental Real Estate Income A B

2 Gross rents .. 2 999 532. Rental Real Estate Expenses

3 Advertising. 3 12 267. 4 Auto and travel , , .. 4 5 Cleaning and maintenance. 5 6 200. 6 Commissions. ., . . . . , , , , . . . . , . , 6 7 Insurance. . . . . . 7 19 926. 8 Legal and other professional fees , 8 740. 9 Interest. ... . ..... . .. 9 446 729.

10 Repairs. " , ...... 10 30 582. 11 Taxes .. ,. .... ,. , 11 36,339. 12 Utilities. , . 12 168 248. 13 Wages and salaries. , 13 108 041. 14 Depreciation (see instructions). 14 317,633. 15 Other (list) .. ------- -- -

SEE STATEMENT 3 108,695. --~----------- ----- 15 -- - - -- -- -- ---

16 Total expenses for each property, I 16 I 1,255,400.1 I Add lines 3 through 15, . , , . , . , . , ,

17 Total gross rents, Add gross rents from line 2, columns A through H .. " . ... , .... ,

18 Total expenses. Add total expenses from line 16, columns A through H .... . ,. ,

19 ~:t~~:i~c~i~~~to~Form .4797, ~artll, line.17, from, the diSPoSitlO~ Ofpropertyfro~ r~ntal, ~eal ,

20 a Net income (loss) from rental real estate activities from partnerships, estates, and trusts in which this partnership or S corporation is a partner or beneficiary (from Schedule K-1) ,. . ,. , . . , . . , .

b Identify below the partnerships, estates, or trusts from which net income (loss) is shown on line 20a. Attach a schedule if more space is needed:

(1 ) Name (2) Employer identification number

OMB No. 15A& 1186

Employer identification number

C D

17 999 532. .. , . 18 -1,255,400.

.,.,' . 19

20a

- - - -- -- -- -- - - -- - - -- -- ------------- -- -- ---- -- -- -- -- - -- -- -- - - - - - -- ---------- -- - -- -- - -- ------------- -- -- -

21 Net rental real estate income (loss), Combine lines 17 through 20a. Enter the result here and on: 21 -255 868_ • Form 1065 or 11205: Schedule K, line 2, or !,::::;w:;;':"w,,:c("~'t?;i;:i,~iif'C~;:,i;~;;;' • Form 1065-B: Part I, line 4 L;fl:':,;~:)jJjT>l /.

BAA For Paperwork Reduction Act Notice, see the separate instructions. Form 8825 (12-2006)

SPSZ0101~ 12115/06


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(9) -255,868 (10) 317,633 ------------ 61,765 (11) x 11.42% ------------ 7,054 (12) -22,500 ------------ -15,446

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Schedule K-1 2009(Form 1065) For calendar year 2009, or tax

year beginning , 2009Department of the TreasuryInternal Revenue Service

ending ,

Partner's Share of Income, Deductions,Credits, etc. G See separate instructions.

Part I Information About the Partnership

A Partnership's employer identification number

B Partnership's name, address, city, state, and ZIP code

C IRS Center where partnership filed return

D Check if this is a publicly traded partnership (PTP)

Part II Information About the Partner

Final K-1 Amended K-1 OMB No. 1545-0099

Part III Partner's Share of Current Year Income,Deductions, Credits, and Other Items

1 Ordinary business income (loss) 15 Credits

2 Net rental real estate income (loss)

3 Other net rental income (loss) 16 Foreign transactions

4 Guaranteed payments

5 Interest income

E Partner's identifying number

F Partner's name, address, city, state, and ZIP code

G General partner or LLCmember-manager

Limited partner or otherLLC member

H Domestic partner Foreign partner

I What type of entity is this partner?

J Partner's share of profit, loss, and capital (see instructions):Beginning Ending

Profit % %Loss % %Capital % %

K Partner's share of liabilities at year end:

Nonrecourse. . . . . . . . . . . . . . . . . . . . . . . . . $Qualified nonrecourse financing . . . . . . . $Recourse. . . . . . . . . . . . . . . . . . . . . . . . . . . . $

L Partner's capital account analysis:

Beginning capital account. . . . . . . . . . . . . $Capital contributed during the year. . . . . $Current year increase (decrease). . . . . . $Withdrawals and distributions. . . . . . . . . . $Ending capital account. . . . . . . . . . . . . . . . $

Tax basis GAAP Section 704(b) book

Other (explain)

M Did the partner contribute property with a built-in gain or loss?

Yes NoIf 'Yes', attach statement (see instructions)

FOR

IRS

USE

ONLY

BAA For Paperwork Reduction Act Notice, see Instructions for Form 1065. Schedule K-1 (Form 1065) 2009

12 Section 179 deduction

13 Other deductions

20 Other information

14 Self-employment earnings (loss)

*See attached statement for additional information.

6a Ordinary dividends

6b Qualified dividends

7 Royalties

8 Net short-term capital gain (loss)

9a Net long-term capital gain (loss) 17 Alternative minimum tax (AMT) items

9b Collectibles (28%) gain (loss)

9c Unrecaptured section 1250 gain

10 Net section 1231 gain (loss) 18 Tax-exempt income andnondeductible expenses

11 Other income (loss)

19 Distributions

651109

PTPA0312L 08/14/09

* -29,220.

PRYOR CREEK APARTMENTS, LLCP.O. BOX 400FOUNTAIN GREEN, UT 84632

OGDEN, UT

HUGH

X

X

INDIVIDUAL

A 22,500.

11.42 11.4211.42 11.4211.42 11.42

759,179.

393,833.

-29,220.( 22,500.)

342,113.

X

X

PARTNER 6


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SPSL1201L 07/31/03

PRYOR CREEK APARTMENTS, LLC SUPPLEMENTAL INFORMATION 2SCHEDULE K-1 (FORM 1065) 2009 PAGE

PARTNER 6: HUGH

BOX 2RENTAL REAL ESTATE ACTIVITIES

PROPERTY GROSS NET NET PASSIVE SEC. 1231DESCRIPTION INCOME EXPENSES INCOME NONPASS TOTAL

APARTMENT 114,147. 143,367. $ -29,220. NONPASS

TOTAL $ -29,220.




Dec 31, 09 Dec 31, 10 Dec 31, 11

ASSETSCurrent Assets

Checking/SavingsARVEST BANK 0035366683 -802,028.42 -1,023,453.18 -14,537.35UTAH COMM BANK 11009263 38.97 0.00 0.00PETTY CASH 500.00 500.00 500.00

Total Checking/Savings -801,489.45 -1,022,953.18 -14,037.35

Other Current AssetsESCROWS & DEPOSITS

SEC DEPOSITS -10,037.35 -1,023.35 0.00UTILITY DEPOSIT 25,000.00 25,000.00 25,000.00

Total ESCROWS & DEPOSITS 14,962.65 23,976.65 25,000.00

NOTES RECEIVABLEINS & OUTS 0.00 0.00 -52,000.00T BAY 0.00 0.00 -1,253,300.00

Total NOTES RECEIVABLE 0.00 0.00 -1,305,300.00

RETURNED ITEMS 0.00 0.00 1,505.00

Total Other Current Assets 14,962.65 23,976.65 -1,278,795.00

Total Current Assets -786,526.80 -998,976.53 -1,292,832.35

Fixed AssetsREAL ESTATE

ACCUM AMORTIZATION -15,000.00 -15,000.00 -15,000.00ACCUM DEPRECIATION -597,378.00 -929,079.00 -929,079.00CARPETS & APPL 43,218.95 48,959.56 48,959.56LOAN FEES 15,000.00 15,000.00 15,000.00PRYOR CREEK APTS 10,947,638.57 10,976,856.43 10,976,856.43

Total REAL ESTATE 10,393,479.52 10,096,736.99 10,096,736.99

Total Fixed Assets 10,393,479.52 10,096,736.99 10,096,736.99

TOTAL ASSETS 9,606,952.72 9,097,760.46 8,803,904.64

LIABILITIES & EQUITYLiabilities

Long Term LiabilitiesLOANS PAYABLE

ARVEST BANK 3,647,798.58 3,553,988.69 3,553,988.69ARVEST BANK CONST 3,000,000.00 2,919,299.79 2,919,299.79

Total LOANS PAYABLE 6,647,798.58 6,473,288.48 6,473,288.48

Total Long Term Liabilities 6,647,798.58 6,473,288.48 6,473,288.48

Total Liabilities 6,647,798.58 6,473,288.48 6,473,288.48

EquityPARTNER CONTRIBUTIONS

CLETACE, LLC 15.23% 456,131.27 404,857.66 374,857.66DAVID 11.42% 342,112.62 303,660.90 281,160.90DEN 15.23% 456,131.27 404,857.66 374,857.66HPI INVESTMENTS, LLC 16.37% 490,353.86 435,237.87 402,987.87HUGH 342,112.62 303,660.90 281,160.90MISTEMA BAY, LLC 3.93% 117,859.04 104,619.57 96,869.61MSI 1% -5,670.96 -7,067.78 -7,067.78PEBBLE LAKES, LLC 12.7% 380,062.21 337,322.60 312,322.64V AUSTIN VILLAS, LLC 12.7% 380,062.21 337,322.60 316,489.30

Total PARTNER CONTRIBUTIONS 2,959,154.14 2,624,471.98 2,433,638.76

10:18 AM Pryor Creek

10/14/14 Balance SheetAccrual Basis As of December 31, 2011

Page 1


Dec 31, 09 Dec 31, 10 Dec 31, 11

RETAINED EARNINGS 255,868.62 139,682.28 0.00Net Income -255,868.62 -139,682.28 -103,022.60

Total Equity 2,959,154.14 2,624,471.98 2,330,616.16

TOTAL LIABILITIES & EQUITY 9,606,952.72 9,097,760.46 8,803,904.64

10:18 AM Pryor Creek


Page 2


MSI EntitiesReview of Investor PaymentsHugh

Property Trans # Type Date Num Name Memo Account Split Original Amount Investor CategoryPryor Creek.xlsx 97 Check 14-Feb-08 106 HUGH 1-1 TO 1-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 144 Check 11-Mar-08 114 HUGH 2-1 TO 2-29 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 211 Check 11-Apr-08 122 HUGH 3-1 TO 3-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 278 Check 12-May-08 130 HUGH 4-1 TO 4-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 345 Check 12-Jun-08 138 HUGH 5-1 TO 5-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 409 Check 11-Jul-08 146 HUGH 6-1 TO 6-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 477 Check 11-Aug-08 154 HUGH 7-1 TO 7-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 544 Check 11-Sep-08 162 HUGH 8-1 TO 8-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 602 Check 13-Oct-08 170 HUGH 9-1 TO 9-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 682 Check 12-Nov-08 178 HUGH 10-1 TO 10-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 729 Check 08-Dec-08 186 HUGH 11-1 TO 11-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 Hugh Investor Return-InterestPryor Creek.xlsx 815 Check 11-Jan-09 205 HUGH 12-1 TO 12-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 891 Check 10-Feb-09 218 HAPC, LLC 1-1 TO 1-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 946 Check 10-Mar-09 222 HAPC, LLC 2-1 TO 2-28 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1014 Check 09-Apr-09 235 HAPC, LLC 3-1 TO 3-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1123 Check 07-May-09 244 HAPC, LLC 4-1 TO 4-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1207 Check 05-Jun-09 253 HAPC, LLC 5-1 TO 5-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1310 Check 06-Jul-09 262 HAPC, LLC 6-1 TO 6-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1425 Check 04-Aug-09 272 HAPC, LLC 7-1 TO 7-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1516 Check 08-Sep-09 281 HAPC, LLC 8-1 TO 8-31 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1627 Check 09-Oct-09 291 HAPC, LLC 9-1 TO 9-30 FARWEST BANK 8600600055 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1710 Check 09-Nov-09 1820 HAPC, LLC 10-1 TO 10-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1792 Check 07-Dec-09 1868 HAPC, LLC 11-1 TO 11-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1877 Check 06-Jan-10 1935 HAPC, LLC 12-1 TO 12-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 1973 Check 05-Feb-10 1988 HAPC, LLC 1-1 TO 1-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2067 Check 04-Mar-10 2037 HAPC, LLC 2-1 TO 2-28 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2151 Check 05-Apr-10 2090 HAPC, LLC 3-1 TO 3-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2240 Check 04-May-10 2142 HAPC, LLC 4-1 TO 4-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2322 Check 07-Jun-10 2195 HAPC, LLC 5-1 TO 5-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2403 Check 06-Jul-10 2252 HAPC, LLC 6-1 TO 6-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2459 Check 02-Aug-10 2286 HAPC, LLC 7-1 TO 7-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2536 Check 02-Sep-10 2347 HAPC, LLC 8-1 TO 8-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2613 Check 06-Oct-10 2406 HAPC, LLC 9-1 TO 9-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2691 Check 08-Nov-10 2464 HAPC, LLC 10-1 TO 10-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2769 Check 02-Dec-10 2509 HAPC, LLC 11-1 TO 11-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2855 Check 06-Jan-11 2581 HAPC, LLC 12-1 TO 12-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 2940 Check 07-Feb-11 2643 HAPC, LLC 1-1 TO 1-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3028 Check 08-Mar-11 2695 HAPC, LLC 2-1 TO 2-28 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3090 Check 04-Apr-11 2750 HAPC, LLC 3-1 TO 3-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3158 Check 03-May-11 2801 HAPC, LLC 4-1 TO 4-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3248 Check 06-Jun-11 2866 HAPC, LLC 5-1 TO 5-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3324 Check 05-Jul-11 2920 HAPC, LLC 6-1 TO 6-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3378 Check 08-Aug-11 2960 HAPC, LLC 7-1 TO 7-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3450 Check 05-Sep-11 3019 HAPC, LLC 8-1 TO 8-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3541 Check 05-Oct-11 3080 HAPC, LLC 9-1 TO 9-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3632 Check 08-Nov-11 3144 HAPC, LLC 10-1 TO 10-31 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 HAPC LLC (Hugh Investor Return-InterestPryor Creek.xlsx 3697 Check 05-Dec-11 3191 HAPC, LLC 11-1 TO 11-30 ARVEST BANK 0035366683 HUGH 11.42% -1,875.00 Uncleared Transaction


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$20,625

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$22,500

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$22,500

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Exhibit 18.2


Madison Chase Apartments

Owner's name: Boyd Owner's %: 37.12%

Balance Sheet

Assets 9a Buildings and other de reelable assets $1,478,577.00 b Less accumulated depreciation $238,078.00 1,240,499.00

10a Depletable assets 0.00 b Less accumulated de letion 0.00 0.00

11 Land net of any amortization) $37,500.00 12a Intangible assets (amortizable only) 0.00

b Less accumulated amorization 0.00 0.00

Accumulated Depreciation may not match your records and is only an estimate. Please consult your tax advisor.

Form 8825

elncome Rental Real Estat Gross Rents $168,209.42

Total Gross Ren ~~ ______ 1-____ 1~6~8,c2~09~.4~2~

Rental Real Estat e Expenses Advertising Auto and travel Cleani!!£! and rna intenance Commissions Insurance Legal and ather profe ssional fees

Interest Repairs Taxes Utilities Wages and salari es Depreciation Other:

Applicant Scr Management F

eenin ees

Deposit Refund s Answering Se rvice Newsletter ExPI enses Landscaping Dues PermITs F ees Office Expense Pest Control Bank Fees Apartment ExpE ense

Total Expense

Net Income

! Other Income: Fee Income

1 Net Income

0.00 0.00

593.92 0.00

5,456.64 241.28

0.00 8,952.22 1,651.35

34,823.56 23,166.35 61,994.00

139.98 9,250.74

111.36 353.61

0.00 4,252.10

127.22 836.00 99450 339.77

5,300.74

158,585.34

$9,624,08

0.00 I

$9,624.08 I


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2011

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(1) 9,624 (2) 61,944 ------------ 71,568 (3) -110,000 ------------ -38,432

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Owner's name: Boyd Owner's %: 31.12%

Balance Sheet

Accumulated Depreciation may not match your records and Is only an estimate. Please consult your tax advisor.

Fonn 8825

IOther Income: Fee Income

INet Income

37,120.00 I

$12,541.501


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(4) -24,579 (5) 57,168 ------------ 32,589 (6) -120,000 ------------ -87,411

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OwOOT'S name: Boyd

i 9a iI UlSs

110. b U!ss

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, '$Sols

11 ,-.na (netCli'any

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OW71.~S%: 37.12,\"

Barano<! Sheet

Asset.

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I ,346,Q4.3~

0.00

Form 882.S

I Rentai Rea' Estate Inoome Gross Rents

IT ota I Gross Renls

tRent.1 Real Estat. i

\UIO and Ilavel ~ aOd I

Total

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(7) 11,523 (8) 54,653 ------------ 66,176 (9) -120,000 ------------ -53,824

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Dec 31, 09 Dec 31, 10 Dec 31, 11

ASSETSCurrent Assets

Checking/SavingsNATIONAL BANK OF COMMERCE -434,513.47 -582,093.14 -51,594.27

Total Checking/Savings -434,513.47 -582,093.14 -51,594.27

Other Current AssetsNOTES RECEIVABLE

TEXAS APTS 0.00 0.00 -70,100.00THUNDER BAY 0.00 0.00 -653,600.00

Total NOTES RECEIVABLE 0.00 0.00 -723,700.00

RETURNED ITEM 813.23 200.00 1,165.00

Total Other Current Assets 813.23 200.00 -722,535.00

Total Current Assets -433,700.24 -581,893.14 -774,129.27

Fixed AssetsREAL ESTATE

ACCUM DEPRECIATION -339,683.00 -499,403.00 -499,403.00CARPETS & APPL 6,560.20 22,548.19 22,548.19MADISON CHASE 4,200,000.00 4,200,000.00 4,200,000.00

Total REAL ESTATE 3,866,877.20 3,723,145.19 3,723,145.19

Total Fixed Assets 3,866,877.20 3,723,145.19 3,723,145.19

TOTAL ASSETS 3,433,176.96 3,141,252.05 2,949,015.92

LIABILITIES & EQUITYEquity

Retained Earnings -25,263.09 -28,075.01 0.00TIC PARTNER

BOYD LC 37.12% 1,215,771.85 1,108,313.35 988,313.35COUNCIL PROPERTIES, LLC 1% 2,536.06 4,414.05 4,414.05FTN GREEN, LC 49.5% 1,808,228.45 1,657,692.00 1,497,692.04GARY 406,640.60 370,832.65 330,832.69

Total TIC PARTNER 3,433,176.96 3,141,252.05 2,821,252.13

Net Income 25,263.09 28,075.01 127,763.79

Total Equity 3,433,176.96 3,141,252.05 2,949,015.92

TOTAL LIABILITIES & EQUITY 3,433,176.96 3,141,252.05 2,949,015.92

10:59 AM MADISON CHASE 1031


Page 1


MSI EntitiesReview of Investor PaymentsBoyd

Property Trans # Type Date Num Name Memo Account Split Original Amount Investor RMA CategoryMadison Chase 1031.xlsx 6 Check 12-Nov-07 1000 BOYD LC 10-1 TO 10-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 53 Check 05-Dec-07 1039 BOYD LC 11-1 TO 11-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 127 Check 14-Jan-08 1100 BOYD LC 12-1 TO 12-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 175 Check 11-Feb-08 1129 BOYD LC 1-1 TO 1-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 214 Check 10-Mar-08 1155 BOYD LC 2-1 TO 2-29 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 260 Check 11-Apr-08 1192 BOYD LC 3-1 TO 4-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -20,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 325 Check 13-Jun-08 1238 BOYD LC 5-1 TO 5-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 384 Check 11-Jul-08 1285 BOYD LC 6-1 TO 6-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 432 Check 11-Aug-08 1322 BOYD LC 7-1 TO 7-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 453 Check 11-Sep-08 1351 BOYD LC 8-1 TO 8-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 488 Check 06-Oct-08 1365 BOYD LC 9-1 TO 9-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 548 Check 13-Nov-08 1407 BOYD LC 10-1 TO 10-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 562 Check 08-Dec-08 1420 BOYD LC 11-1 TO 11-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 616 Check 11-Jan-09 1468 BOYD LC 12-1 TO 12-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 668 Check 10-Feb-09 1491 BOYD LC 1-1 TO 1-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 713 Check 25-Mar-09 1520 BOYD LC 2-1 TO 2-28 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 717 Check 09-Apr-09 1539 BOYD LC 3-1 TO 3-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 763 Check 06-May-09 1552 BOYD LC 4-1 TO 4-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 795 Check 05-Jun-09 1585 BOYD LC 5-1 TO 5-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 828 Check 06-Jul-09 1598 BOYD LC 6-1 TO 6-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 867 Check 04-Aug-09 1623 BOYD LC 7-1 TO 7-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 914 Check 08-Sep-09 1647 BOYD LC 8-1 TO 8-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 943 Check 01-Oct-09 1668 BOYD LC 9-1 TO 9-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1009 Check 09-Nov-09 1714 BOYD LC 10-1 TO 10-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1031 Check 05-Dec-09 1725 BOYD LC 11-1 TO 11-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1087 Check 06-Jan-10 1771 BOYD LC 12-1 TO 12-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1160 Check 23-Feb-10 1812 BOYD LC 1-1 TO 1-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1181 Check 05-Mar-10 1818 BOYD LC 2-1 TO 2-28 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1250 Check 05-Apr-10 1847 BOYD LC 3-1 TO 3-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1290 Check 05-May-10 1875 BOYD LC 4-1 TO 4-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1351 Check 07-Jun-10 1914 BOYD LC 5-1 TO 5-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1412 Check 29-Jul-10 1951 BOYD LC 6-1 TO 6-30 REP 7-22 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1418 Check 02-Aug-10 1955 BOYD LC 7-1 TO 7-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1466 Check 07-Sep-10 1979 BOYD LC 8-1 TO 8-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1514 Check 06-Oct-10 2006 BOYD LC 9-1 TO 9-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1561 Check 10-Nov-10 2036 BOYD LC 10-1 TO 10-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1599 Check 05-Dec-10 2069 BOYD LC 11-1 TO 11-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1680 Check 12-Jan-11 2131 BOYD LC 12-1 TO 12-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1711 Check 07-Feb-11 2145 BOYD LC 1-1 TO 1-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1761 Check 09-Mar-11 2169 BOYD LC 2-1 TO 2-28 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1795 Check 05-Apr-11 2196 BOYD LC 3-1 TO 3-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1838 Check 05-May-11 2220 BOYD LC 4-1 TO 4-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1888 Check 08-Jun-11 2244 BOYD LC 5-1 TO 5-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1926 Check 05-Jul-11 2270 BOYD LC 6-1 TO 6-30 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 1976 Check 05-Aug-11 2302 BOYD LC 7-1 TO 7-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 2016 Check 05-Sep-11 2329 BOYD LC 8-1 TO 8-31 NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 2062 Check 12-Oct-11 2370 BOYD LC 9-1 TO 9-30 ACH NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 2102 Check 05-Nov-11 2382 BOYD LC 10-1 TO 10-31 ACH NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Boyd Investor Return-InterestMadison Chase 1031.xlsx 2152 Check 05-Dec-11 2409 BOYD LC 11-1 TO 11-30 ACH NATIONAL BANK OF COMMERCE BOYD LC 37.12% -10,000.00 Uncleared Transaction


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$120,000

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Exhibit 18.3


MSI Entities Exhibit 18.3Analysis of Promissory Notes

InvestorNote Date

Maturity Date

Interest Rate

Note Amount

Monthly Interest Entity Classification Ref.

American Pension Services, Inc. - Darren King 4/29/2005 4/29/2007 8.0% 16,700.00 111.33 Brutace Equity MSI-FBI-017895American Pension Services, Inc. - Roy King 8/25/2005 8/25/2006 8.0% 89,000.00 593.33 Cletace Equity MSI-FBI-017896Ginger Lee 2/1/2005 8/1/2006 5.0% 25,000.00 104.17 [A] [A] MSI-FBI-017898Alta S. LeFevre 6/1/2004 9/1/2004 8.0% 30,000.00 200.00 [B] [B] MSI-FBI-017899Alta S. LeFevre 6/1/2004 9/1/2004 8.0% 30,000.00 200.00 [B] [B] MSI-FBI-017900Alta S. LeFevre 11/1/2004 5/1/2005 8.0% 40,000.00 266.67 Beleza Bay Equity MSI-FBI-017901Alta S. LeFevre 5/1/2005 5/1/2007 8.0% 50,000.00 333.33 [B] [B] MSI-FBI-017902Alta S. LeFevre 5/1/2005 5/1/2006 6.5% 50,000.00 270.83 [B] [B] MSI-FBI-017903Alta S. LeFevre 7/1/2005 7/1/2006 6.0% 50,000.00 250.00 Kamy Lakes Equity MSI-FBI-017904Evelyn R. Lemmon 6/20/2005 6/20/2007 8.0% 100,000.00 666.67 V Austin Villas Equity MSI-FBI-017905Aaron A. Lewis 2/25/2005 8/25/2006 5.0% 66,000.00 275.00 V Austin Villas Equity MSI-FBI-017906Bob Lewis 5/13/2005 5/13/2006 8.0% 50,000.00 333.33 V Austin Villas Equity MSI-FBI-017907Robert C. Lewis 5/13/2005 5/13/2006 8.0% 50,000.00 333.33 [B] [B] MSI-FBI-017908American Pension Services, Inc. - Richard O. Marsh 7/18/2005 8/15/2005 8.0% 30,000.00 200.00 [B] [B] MSI-FBI-017909American Pension Services, Inc. - Richard O. Marsh 7/18/2005 8/15/2005 8.0% 30,000.00 200.00 [B] [B] MSI-FBI-017910American Pension Services, Inc. - Richard O. Marsh 7/18/2005 8/15/2005 8.0% 30,000.00 200.00 [B] [B] MSI-FBI-017911American Pension Services, Inc. - Richard O. Marsh 7/19/2005 7/19/2006 8.0% 31,800.00 212.00 San Marina Equity MSI-FBI-017912American Pension Servcies, Inc. - Ora Mae B. May 5/3/2005 5/3/2007 8.0% 69,000.00 460.00 [A] [A] MSI-FBI-017913American Pension Servcies, Inc. - Ora Mae B. May 6/8/2005 6/8/2007 8.0% 11,000.00 73.33 [A] [A] MSI-FBI-017914American Pension Servcies, Inc. - Ora Mae B. May 6/8/2005 6/8/2007 8.0% 11,000.00 73.33 [B] [B] MSI-FBI-017915James M. Mayfield 12/1/2004 1/31/2006 6.0% 125,000.00 625.00 FieldSon Equity MSI-FBI-017916American Pension Servcies, Inc. - James B. Mayfield 8/4/2005 1/4/2007 8.0% 7,500.00 50.00 Den Town Equity MSI-FBI-017917C. Eugene McDermott 5/20/2005 8/20/2005 8.0% 1,500,000.00 10,000.00 [A] [A] MSI-FBI-017918Robert D. McDermott 5/20/2005 8/20/2005 8.0% 1,500,000.00 10,000.00 [A] [A] MSI-FBI-017919Scott D. McDermott 5/20/2005 8/20/2005 8.0% 1,500,000.00 10,000.00 [A] [A] MSI-FBI-017920Steve E. McDermott 5/20/2005 8/20/2005 8.0% 1,500,000.00 10,000.00 [A] [A] MSI-FBI-017921Richard L. and Denna P. Millet Charitable Remainder Un 7/25/2005 7/25/2006 8.0% 122,000.00 813.33 Kamy Lakes Equity MSI-FBI-017922Chet R. Nichols 2/17/2004 5/17/2004 8.0% 20,000.00 133.33 Den Town Equity MSI-FBI-017923John C. Phillips Trust 1/20/2005 5/20/2005 8.0% 400,000.00 2,666.67 [A] [A] MSI-FBI-017924John C. Phillips Trust 4/11/2005 8/11/2005 8.0% 200,000.00 1,333.33 AC Apartments Equity MSI-FBI-017925John C. Phillips Trust 4/11/2005 8/11/2005 8.0% 200,000.00 1,333.33 Den Glen Equity MSI-FBI-017926John C. Phillips Trust 10/7/2005 1/7/2006 8.0% 350,000.00 2,333.33 [A] [A] MSI-FBI-017927George C. Pingree 8/19/2005 8/19/2006 8.0% 40,000.00 266.67 Goose Brook Equity MSI-FBI-017928George C. Pingree 8/19/2005 8/19/2006 8.0% 40,000.00 266.67 [B] [B] MSI-FBI-017929John C. Pingree 8/19/2005 8/19/2006 8.0% 95,000.00 633.63 [B] [B] MSI-FBI-017930John C. Pingree 8/22/2005 8/22/2006 8.0% 92,500.00 616.67 Goose Brook Equity MSI-FBI-017931Scott B. Pingree 8/19/2005 8/19/2006 8.0% 25,000.00 166.67 Goose Brook Equity MSI-FBI-017932Scott B. Pingree 8/19/2005 8/19/2006 8.0% 25,000.00 166.67 [B] [B] MSI-FBI-017933David E. Richards 7/13/2005 7/13/2005 8.0% 200,000.00 1,333.33 DZ Special Equity MSI-FBI-017934American Pension Services, Inc. - David K. Richards 5/19/2005 5/19/2007 8.0% 490,000.00 3,266.67 [A] [A] MSI-FBI-017935American Pension Services, Inc. - David K. Richards 5/24/2005 5/24/2007 8.0% 492,000.00 3,280.00 [A] [A] MSI-FBI-017936David K. Richards 7/19/2005 7/19/2007 8.0% 500,000.00 3,333.33 [A] [A] MSI-FBI-017937David K. Richards 7/19/2005 7/19/2007 8.0% 500,000.00 3,333.33 [A] [A] MSI-FBI-017938Joyce Roberts 3/22/2005 6/22/2006 8.0% 50,000.00 333.33 V Austin Villas Equity MSI-FBI-017939Kelly Scott 7/12/2005 10/12/2006 8.0% 492,000.00 3,280.00 Solar Sands Equity MSI-FBI-017940Kelly Scott 8/23/2005 11/23/2006 8.0% 308,000.00 3,280.00 Solar Sands Equity MSI-FBI-017941Alfred B. Shortt 7/27/2005 7/27/2006 8.0% 50,000.00 333.33 V Austin Villas Equity MSI-FBI-017942A.J. Smith 1/14/2005 6/14/2006 5.0% 10,000.00 41.67 [A] [A] MSI-FBI-017943Robert R. Spencer 2/17/2004 5/17/2004 8.0% 15,000.00 100.00 Red City Equity MSI-FBI-017946Robert R. Spencer 9/1/2004 Upon Sale 31.0% 24,900.00 - Red City Equity MSI-FBI-017947Ronald B. Taggart 4/1/2005 9/1/2005 8.0% 10,000.00 66.67 Red City Equity MSI-FBI-017948Joseph E. Taylor 5/12/2005 5/12/2006 5.0% 200,000.00 833.33 Kamy Lakes Equity MSI-FBI-017949Joseph E. Taylor 5/12/2005 5/12/2006 7.0% 200,000.00 1,166.67 Kamy Lakes Equity MSI-FBI-017950Jeff Tiede 8/15/2005 8/15/2006 8.0% 200,000.00 1,333.33 San Marina Equity MSI-FBI-017951Randall J. Tolbert 8/9/2005 8/9/2006 8.0% 50,000.00 333.33 V Austin Villas Equity MSI-FBI-017952American Pension Services, Inc. - Herb D. Waite 5/1/2005 5/1/2007 8.0% 151,000.00 1,006.67 Kamy Lakes Equity MSI-FBI-017953Carol A. Walker 8/9/2005 8/9/2006 8.0% 18,000.00 120.00 Pebble Lakes Equity MSI-FBI-017954Bart C. Warner 3/24/2005 3/24/2006 8.0% 600,000.00 4,000.00 [A] [A] MSI-FBI-017955Buzz C. Warner 7/22/2005 7/22/2006 8.0% 100,000.00 666.67 Doah View Equity MSI-FBI-017956James N. Warner 7/1/2005 7/1/2006 8.0% 200,000.00 1,333.33 Doah View Equity MSI-FBI-017957Tony Warner 7/1/2005 7/1/2006 8.0% 100,000.00 666.67 Doah View Equity MSI-FBI-017958Robert E. Wells 4/1/2005 8/1/2005 8.0% 40,000.00 266.67 San Marina Equity MSI-FBI-017959American Pension Services, Inc. - Robert E. Wells 5/3/2005 5/3/2007 8.0% 24,000.00 160.00 San Marina Equity MSI-FBI-017960Steven D. Wendel 5/2/2005 5/2/2007 8.0% 10,000.00 66.67 Brutace Equity MSI-FBI-017961Jaron Wilde 7/1/2005 7/1/2006 8.0% 100,000.00 666.67 Doah View Equity MSI-FBI-017962Gwen Wilson 6/3/2005 6/3/2007 8.0% 100,000.00 666.67 San Marina Equity MSI-FBI-017963Craig Wolfley 2/28/2005 2/28/2006 8.0% 20,000.00 133.33 Wolf Son Equity MSI-FBI-017964Jared Wolfley 3/1/2005 3/1/2005 5.0% 5,000.00 20.83 Wolf Son Equity MSI-FBI-017965Jared Wolfley 3/1/2005 3/1/2005 5.0% 5,000.00 20.83 [B] [B] MSI-FBI-017966Matthew Wolfley 9/22/2005 9/22/2006 8.0% 190,000.00 1,266.67 Wolf Son Equity MSI-FBI-017967Rob Wolfley 8/5/2005 8/5/2006 8.0% 125,000.00 833.33 Wolf Son Equity MSI-FBI-017968Anna May Wright 9/1/2004 1/1/2005 8.0% 44,000.00 293.33 Red City Equity MSI-FBI-017969Tyler Bailey 2/15/2007 2/15/2008 8.0% 70,000.00 466.67 Solar Bridge Equity NonePixtonian, LLC 11/2/2006 11/2/2007 8.0% 300,000.00 2,000.00 Monte Forte Equity MSI-FBI-005999Chance Allred 12/1/2006 12/1/2007 8.0% 100,000.00 666.67 [A] [A] NoneBrandon Sheranian 8/24/2004 12/24/2004 5.0% 300,000.00 1,250.00 Colonial Yellow Equity NoneBrandon Sheranian 5/12/2005 5/12/2008 9.0% 635,657.92 4,767.43 [A] [A] NoneLuke Harrison 4/9/2007 4/9/2008 8.0% 25,000.00 - Monte Forte Equity None

Page 1 of 2


MSI Entities Exhibit 18.3Analysis of Promissory Notes

InvestorNote Date

Maturity Date

Interest Rate

Note Amount

Monthly Interest Entity Classification Ref.

Central Bank Custodian - Brandon Dooley IRA 2/6/2008 8/6/2009 6.0% 9,000.00 60.00 Monte Forte Equity NoneCentral Bank Custodian - Brandon Dooley IRA 2/6/2008 8/15/2009 6.0% 10,500.00 70.00 Monte Forte Equity NoneCentral Bank Custodian - Brandon Dooley SEP IRA 3/5/2009 9/15/2010 6.0% 8,500.00 56.67 [A] [A] NoneCentral Bank Custodian - Joshua Dooley IRA 1/24/2008 7/23/2009 6.0% 9,000.00 60.00 [A] [A] NoneCentral Bank Custodian - Joshua Dooley SEP 1/24/2008 8/23/2009 6.0% 1,500.00 10.00 Monte Forte Equity NoneCentral Bank Custodian - Joshua Dooley 7/10/2008 7/15/2009 6.0% 40,000.00 266.67 Monte Forte Equity NoneGabe Lee Unknown Unknown 8.0% 100,000.00 Unknown Monte Forte Equity NoneBrant Jeppeson 10/31/2007 10/31/2008 8.0% 28,000.00 - Monte Forte Equity NoneLandon Ramsay 11/1/2007 11/1/2008 8.0% 5,000.00 - Monte Forte Equity NoneAdam Naumann 11/9/2007 11/9/2008 8.0% 10,000.00 - Monte Forte Equity NoneDavid T. Hatch 10/30/2007 10/30/2009 8.0% 2,000.00 - Monte Forte Equity NoneJohn Frampton 10/19/2007 10/19/2008 8.0% 50,000.00 - Monte Forte Equity NoneThueson Enterprises, LLC 11/1/2007 11/1/2008 8.0% 25,000.00 - Monte Forte Equity NoneBruce R. Nelson 10/10/2003 1/10/2004 8.0% 30,000.00 200.00 [A] [A] NoneBruce R. Nelson 3/22/2004 7/22/2004 8.0% 40,000.00 266.67 [A] [A] NoneBruce R. Nelson 3/31/2004 6/30/2004 8.0% 20,000.00 133.34 [A] [A] NoneBruce R. Nelson 10/18/2004 2/18/2005 8.0% 75,000.00 500.00 [A] [A] NoneBruce R. Nelson 2/1/2005 8/1/2006 5.0% 75,000.00 312.50 Cletace Equity NoneGordon Kimball 6/1/2005 6/1/2006 8.0% 53,000.00 353.33 Cletace Equity NoneEran Call 12/1/2010 12/1/2012 8.0% 1,000,000.00 666.67 Cletace Equity NoneK&M Painter Family Trust 6/21/2007 6/21/2008 8.0% 141,521.71 943.48 Cletace Equity NoneAmerican Pension Services, Inc. - John J. Richard 8/24/2006 8/24/2007 8.0% 14,600.00 97.33 Marvista Equity NoneSteve Osborne 7/15/2008 7/15/2009 8.0% 50,000.00 208.33 Cletace Equity NoneTaresa Hiatt 6/1/2005 6/1/2006 8.0% 8,000.00 53.33 Cletace Equity NoneWayne Glasgow 6/1/2005 6/15/2006 8.0% 50,000.00 333.33 Cletace Equity NoneWesley Smith 3/15/2005 9/15/2005 5.0% 10,000.00 41.67 Cletace Equity NoneWesley Smith 6/1/2005 6/1/2006 8.0% 10,000.00 66.67 Cletace Equity NoneWesley Smith 11/18/2005 3/15/2006 8.0% 35,000.00 233.33 Cletace Equity NoneBruce Bishop 11/12/2004 5/12/2005 8.0% 25,000.00 166.67 [B] [B] NoneBruce Bishop 2/1/2005 8/1/2006 5.0% 25,000.00 104.17 Cletace Equity NoneBruce Bishop 6/1/2005 6/1/2006 8.0% 25,000.00 166.67 Cletace Equity NoneJacueline Bessey 6/1/2005 6/1/2006 8.0% 100,000.00 666.66 Cletace Equity None

17,741,679.63 73[A] Unable to locate in the accounting records.[B] Appears to be a duplicate.

Page 2 of 2


Exhibit 19


Trending Appraised Values of MSI Properties, Prepared by J. Philip Cook, MAI, CRE Exhibit 19

SIZETYPE(S.F./

PROPERTY ACRES/# NAME TYPE SIZE UNITS) CITY ST. 2008 2009 2010 2011 2012 20131 80TH SOUTH OFFICE/RETAIL 6,800 S.F. REXBURG ID. 665,000$ 500,000$ 460,000$ 475,000$ 500,000$ 580,000$ 2 AC APARTMENTS3 BARE SMOKEY TRAIL LAND (MULTI-FAM.) 2.316 ACRES LIMON CO. 89,500$ 91,000$ 89,500$ 88,800$ 100,000$ 114,000$ 4 BAYTOWN STONEBROOK APARTMENT 188 UNITS BAYTOWN TX. 12,747,500$ 9,725,000$ 10,415,000$ 11,762,500$ 13,675,000$ 12,875,000$ 5 BLUE JAY APTS. APARTMENT 45 UNITS JOHNSON AR. 2,810,000$ 2,215,000$ 2,075,000$ 2,407,000$ 2,550,000$ 2,931,000$ 6 BOCA RATON LAND (RETAIL) 4.021 ACRES IRVING TX.7 BROOKHAVEN APARTMENT 472 UNITS SPRINGDALE AR. 29,770,000$ 25,900,000$ 8 BROOKLYN CROSSING LAND (SFR) 98.27 ACRES FORNEY TX. 1,955,000$ 1,985,000$ 1,955,000$ 1,940,000$ 2,185,000$ 2,490,000$ 9 BROOKSEDGE (2) APARTMENT 224 UNITS REYNOLDSBURG OH.

10 BRUTACE11 BUFFALO RUN APARTMENT 36 UNITS OELWEIN IA. 810,000$ 636,000$ 595,000$ 690,000$ 730,000$ 840,000$ 12 BUSINESS PROS13 CALA LAND (SR. HOUSING) 8.509 ACRES IRVING TX. 4,430,000$ 4,500,000$ 4,435,000$ 4,400,000$ 3,700,000$ 4,220,000$ 14 CANTERA PARK APARTMENT 288 UNITS MEMPHIS TN. 1,436,706$ 995,000$ 1,112,544$ 1,220,000$ 15 CIRCLE J FARMS TURKEY FARM 298.59 ACRES FOUNTAIN GREEN UT.16 CITY VIEW APARTMENT 48 UNITS RED OAK IA. 1,075,000$ 845,000$ 790,000$ 916,000$ 970,000$ 1,055,000$ 17 CLEAR CREEK I APARTMENT 120 UNITS JOHNSON AR. 7,185,389$ 5,663,000$ 5,298,000$ 6,150,000$ 6,515,000$ 7,490,000$ 18 CLEAR CREEK II APARTMENT 112 UNITS JOHNSON AR. 8,256,221$ 6,510,000$ 6,090,000$ 7,070,000$ 7,490,000$ 8,610,000$ 19 CLEBURNE TERRACE APARTMENT 120 UNITS CLEBURNE TX. 6,250,000$ 5,710,000$ 6,700,000$ 7,340,000$ 7,850,000$ 6,850,000$ 20 CLETACE21 COLONIAL GREEN OFFICE 109,544 S.F. SUGAR LAND TX. 16,481,000$ 15,328,000$ 13,600,000$ 13,485,000$ 14,060,000$ 14,406,000$ 22 COLONIAL RED23 COOPER STREET LAND 5.79 ACRES SPRINGDALE AR. 313,000$ 318,000$ 313,000$ 311,000$ 350,000$ 399,000$ 24 COSTA AZUL25 COUNCIL PROP./EVERGREEN APARTMENT 42 UNITS STORM LAKE IA. 2,275,000$ 1,791,916$ 26 COUNCIL P./WATERFORD VACANT LAND 31.024 ACRES STORM LAKE IA. 399,999$ 404,800$ 27 COUNCIL PROP./SENECA APARTMENT 48 UNITS STORM LAKE IA. 1,100,000$ 865,000$ 815,000$ 945,000$ 1,000,000$ 1,307,500$ 28 COURT & VILLA29 COURTYARD PARK I STRIP RETAIL 12,009 S.F. AMERICAN FORK UT. -$ 1,981,110$ 1,840,000$ 1,810,000$ 1,050,000$ 1,230,000$ 30 CREEKSIDE AT NORTHLAKE APARTMENT UNITS NORTHLAKE TX. 16,740,000$ 13,445,000$ 14,500,000$ 31 DEN GLEN RANCH LAND 9,780 ACRES CIBOLA, CO. NM. 2,777,000$ 2,820,000$ 2,777,000$ 2,756,000$ 32 DEN TOWN33 DE ZAVALA OAKS APARTMENT 352 UNITS SAN ANTONIO TX. 18,590,000$ 17,245,000$ 20,550,000$ 22,200,000$ 22,600,000$ 24,050,000$ 34 DIMAZIO35 DISCOVERY GROVE OFFICE 28,760 S.F. PLEASANT GROVE UT. 970,000$ 3,520,000$ 4,570,000$ 4,700,000$ 4,960,000$ 5,745,000$ 36 DISCOVERY POINT II LAND (OFFICE) 3.32 ACRES LEHI UT. 1,190,000$ 1,045,000$ 930,000$ 935,000$ 950,000$ 935,000$ 37 DISCOVERY POINT 3.00 ACRES LEHI UT. 6,890,000$ 9,080,000$ 8,360,000$ 8,600,000$ 9,080,000$ 10,510,000$ 38 DOAH VIEW39 DZ SPECIAL40 ENCINTO APARTMENTS 108 UNITS HONDO TX. 2,975,000$ 2,390,000$ 2,580,000$ 2,770,000$ 3,100,000$ 3,405,000$ 41 ENTRADA LAND (MIXED USE) 8.00 ACRES IRVING TX. 3,484,902$ 3,388,000$ 3,336,000$ 3,310,000$ 3,725,000$ 4,245,000$ 42 ESCENA PROP./BOCA RATON LAND (RETAIL) 4.021 ACRES IRVING TX. 1,682,000$ 1,708,000$ 1,681,755$ 43 ESCENA P./ESTATES & VILLAS LAND (SFR) 21.21 ACRES IRVING TX. 6,375,000$ 6,475,000$ 6,375,000$ 6,325,000$ 7,120,000$ 8,116,000$ 44 ESCENA PROP./ESCENA PARK LAND (MULTI-FAM.) 9.468 ACRES IRVING TX. 5,500,000$ 5,586,000$ 5,500,000$ 7,123,000$ 8,020,000$ 9,142,000$ 45 ESCENA PROP./LOS COLINAS VACANT LAND? IRVING TX. 5,420,000$ 5,505,000$ 5,420,000$ 5,378,000$ 6,055,000$ 46 FALCONHEAD LOTS LAND (SFR LOTS) 657 LOTS BURNEYVILLE OK. 242,000$ 246,000$ 242,000$ 240,000$ 270,000$ 308,000$ 47 FALCONHEAD SFR/SHADYBROOK SFR 3,416 S.F. BURNEYVILLE OK. 295,000$ 170,000$ 159,000$ 184,000$ 195,000$ 178,000$ 48 GOODFELLOW HOUSING PRTNS. APARTMENT 200 UNITS SAN ANGELO TX. 6,634,550$ 5,327,700$ 9,740,001$ 6,165,500$ 6,897,100$ 7,575,600$ 49 HAYNES OFFICE/RETAIL/STRG. 28,925 S.F. ST. GEORGE UT. 2,045,000$ 1,890,000$ 1,965,000$ 1,300,000$ 1,590,000$ 1,440,000$ 50 HIGH STAR RNCH/WOLF CREEK RNCH LAND (REC.) 197+LOT 34 ACRES KAMAS UT. 2,100,000$ 1,670,000$ 1,450,000$ 1,230,000$ 1,000,000$ 1,080,000$ 51 HIGH STAR RANCH/862 S. 5600 W. LAND (INDUST.) 12.32 ACRES SALT LAKE CITY UT. 1,210,000$ 1,060,000$ 940,000$ 950,000$ 965,000$ 950,000$ 52 HIGH STAR RNCH/FALCONHEAD LOTS LAND (SFR LOTS) 316 LOTS BURNEYVILLE OK.53 IOSEPA ESTATES LAND (AG.-HOLDING) 125 ACRES KULA, MAUI HI. 6,050,000$ 4,190,000$ 3,500,000$ 2,635,000$ 3,025,000$ 3,455,000$ 54 IRON WOOD ESTATES LAND (SFR LOTS)+SFR BURNEYVILLE OK.55 JAKE & MAC/BROOKSEDGE APARTMENT 224 UNITS REYNOLDSBURG OH. 8,460,000$ 7,870,000$ 9,145,000$ 10,170,000$ 10,890,000$ 12,050,000$ 56 JAKE & MAC/ABBIE LAKES APARTMENT 224 UNITS CANAL WINCHESTER OH. 8,565,000$ 7,970,000$ 9,260,000$ 10,300,000$ 11,030,000$ 11,765,000$ 57 JEFFERSON CHASE APARTMENT 240 UNITS BLACKLICK OH. 13,500,000$ 11,380,000$ 11,040,000$ 12,060,000$ 12,980,000$ 15,087,500$ 58 KAMY LAKES59 KING GEORGE APARTMENT 175 UNITS GEORGETOWN TX. 10,800,000$ 10,600,000$ 60 KOMO MAI ESTATES61 KULIA I KA NU'U ESTATES LAND (REC.) 181.601 ACRES HAWAII-KAI, HONOLULU HI. 8,780,000$ 6,085,000$ 5,080,000$ 3,825,000$ 4,390,000$ 5,010,000$ 62 LA VILLITA GARDEN TERRACE APARTMENT 96 UNITS GADSDEN AL. 396,000$ 425,000$ 475,000$ 522,000$ 63 LAKE CHARESTONIAN APARTMENT 224 UNITS LAKE CHARLES LA. 15,920,000$ 12,785,000$ 13,785,000$ 14,785,000$ 16,540,000$ 18,850,000$ 64 LAKE RIDGE APARTMENT 160 UNITS HILLIARD OH. 6,030,000$ 5,540,000$ 6,300,000$ 6,960,000$ 7,590,000$ 8,825,000$

Page 1 of 3


SIZETYPE(S.F./

PROPERTY ACRES/# NAME TYPE SIZE UNITS) CITY ST. 2008 2009 2010 2011 2012 2013

65 LAKES EDGE APARTMENT 256 UNITS PICKERINGTON OH. 11,500,000$ 8,080,000$ 9,390,000$ 10,440,000$ 11,180,000$ 11,620,000$ 66 LAMP SON67 MADISON CHASE 1031 APARTMENT 80 UNITS CHILDRESS TX. 2,565,000$ 2,060,000$ 2,220,000$ 2,380,000$ 2,660,000$ 2,440,000$ 68 MANAGEMENT MASTERS LOT 1 & 2 LAND (LOTS) 1.06 ACRES FOUNTAIN GREEN UT. 44,300$ 39,600$ 35,200$ 35,500$ 36,000$ 35,500$ 69 MANAGEMENT MASTERS-LOGAN OFFICE/RETAIL 10,919 S.F. LOGAN UT. 1,265,000$ 1,040,000$ 965,000$ 950,000$ 1,040,000$ 1,220,000$ 70 MANDIVO71 MARVISTA72 MAYO73 MCKAMY LAKE SHARON APARTMENT 214 UNITS LEWISVILLE TX. 13,715,000$ 12,520,000$ 14,450,000$ 74 MEADOW WALK APARTMENT 120 UNITS ARKANSAS CITY KS. 3,965,000$ 3,125,000$ 2,200,000$ 2,550,000$ 2,700,000$ 3,550,000$ 75 MINAFLORES (TOWN PLAZA) APARTMENT 64 UNITS BEEVILLE TX. 1,300,000$ 1,090,000$ 1,150,000$ 1,295,000$ 1,400,000$ 1,500,000$ 76 MONTE FORTE77 MONTERRA PARK APARTMENT 298 UNITS MEMPHIS TN. 1,592,017$ 1,030,000$ 1,151,174$ 1,265,000$ 78 MOTSARIKA APARTMENT DALLAS TX.79 MSI OFFICE 23,542 S.F. FOUNTAIN GREEN UT. 1,260,000$ 950,000$ 875,000$ 900,000$ 950,000$ 1,100,000$ 80 MOUNTAIN ENTERPRISES (1) LAND (GRAZING) 397.39 ACRES FOUNTAIN GREEN UT. 470,000$ 415,000$ 365,000$ 370,000$ 375,000$ 370,000$ 81 MOUNTAIN ENTERPRISES (2) LAND (INDUST.) 352.47 ACRES SALT LAKE CITY UT.82 OAK CITY83 OAK HILL-1031 APARTMENT 148 UNITS BEEVILLE TX. 7,070,000$ 5,920,000$ 6,240,000$ 7,030,000$ 7,600,000$ 5,550,000$ 84 PARCEL 7 LAND (COMM.) 1.561 ACRES IRVING TX. 560,000$ 568,000$ 560,000$ 555,000$ 625,000$ 712,500$ 85 PARCEL 54 LAND (COMM.) 5.016 ACRES FARMERS BRANCH TX. 985,000$ 1,000,000$ 985,000$ 977,000$ 1,100,000$ 86 PEBBLE LAKES87 PERPETUAL88 PLATINUM CONTROLS89 PLUM TREE PARTNERS SHOPPING CENTER 159,599 S.F. PROVO UT. 15,420,000$ 12,700,000$ 11,795,000$ 11,610,000$ 12,700,000$ 14,875,000$ 90 PROVIDENCE ESTATES APARTMENT 106 UNTS SAN ANTONIO TX. 11,641,000$ 9,350,000$ 10,082,000$ 10,816,000$ 12,100,000$ 13,290,000$ 91 PROVIDENT POINT92 PRYOR CREEK APARTMENT 180 UNITS PRYOR OK. 5,750,000$ 6,770,000$ 7,270,000$ 8,120,000$ 8,750,000$ 9,407,500$ 93 RED CITY94 REESE ROAD APARTMENT 76 UNITS BARTLETT TN. 2,430,000$ 2,245,000$ 2,645,000$ 2,880,000$ 3,050,000$ 2,965,000$ 95 RESERVE AT ABBIE LAKES APARTMENT 432 UNITS CANAL WINCHESTER OH. 17,100,000$ 15,900,000$ 18,480,000$ 20,550,000$ 22,010,000$ 23,250,000$ 96 RETEMA HILL97 RETEMA RICHARDS98 RETEMA ROSE99 RETREAT AT STONEBRIDGE APARTMENT 464 UNITS MCKINNEY TX. 11,782,475$ 32,160,041$ 40,000,000$ 43,665,000$ 46,440,000$ 49,000,000$

100 ROCK CITY101 ROSE HILL/RETEMA RANCH APARTMENT 246 UNITS UNIVERSAL CITY TX. 12,400,000$ 11,500,000$ 13,700,000$ 14,800,000$ 17,100,000$ 19,950,000$ 102 ROSONS103 SAGEFIELD DUPLEXES + LOTS 10 DPLX+9 DPLX LOTS 20 UNITS SPRINGDALE AR. 855,000$ 1,152,000$ 1,178,000$ 1,345,000$ 1,530,000$ 1,772,000$ 104 SAN MARIA105 SANTANA SPRINGS106 SATINA107 SHEPERDS POINT108 SMOKEY TRAILS OF LIMON APARTMENT 38 UNITS LIMON CO. 1,125,000$ 865,000$ 885,000$ 1,010,000$ 1,150,000$ 1,470,000$ 109 SNOW WINDS110 SOCOURT111 SOLAR BRIDGE112 SOLAR SANDS113 SPRING GATE114 SQUAW SPRINGS (1)/TINTIC LAND (GRAZING) 800 ACRES NEPHI/DELTA UT. 265,000$ 235,000$ 235,000$ 240,000$ 235,000$ 115 SQUAW SPRINGS (2)/PARCEL 18136 LAND (LOT) 1.06 ACRES FOUNTAIN GREEN UT. 47,600$ 41,800$ 37,100$ 37,400$ 38,000$ 37,400$ 116 STARWOOD GREEN OAK PLAZA OFFICE 14,969 S.F. FORT WORTH TX. 1,069,875$ 859,000$ 762,000$ 756,000$ 788,000$ 807,000$ 117 STONEBROOK IDAHO (PHASE I) APARTMENT 240 UNITS REXBURG ID. 6,670,000$ 5,140,000$ 5,260,000$ 6,005,000$ 6,830,000$ 7,455,000$ 118 STONEBRIDGE APARTMENT 384 UNITS BLACKLICK OH. 12,800,000$ 11,840,000$ 12,935,000$ 14,135,000$ 15,210,000$ 15,850,000$ 119 STONEBROOK AT GOOSECREEK APARTMENT 376 UNITS BAYTOWN TX. 11,630,000$ 9,570,000$ 10,900,000$ 11,875,000$ 13,675,000$ 12,875,000$ 120 SUMMERWIND APARTMENTS APART.CONDO 184 UNITS MESQUITE NV.121 SUMMERWIND CORP. APART./CONDO 184 UNITS MESQUITE NV. 12,360,000$ 9,535,000$ 9,750,000$ 11,135,000$ 4,200,000$ 3,330,000$ 122 SUN WINDS LAND (2 LOTS) 0.52 ACRES FOUNTAIN GREEN UT.123 SUNBURY RIDGE APARTMENT 226 UNITS COLUMBUS OH. 8,100,000$ 7,615,000$ 8,755,000$ 9,655,000$ 10,580,000$ 12,200,000$ 124 SYCAMORE FARMS SHARON APARTMENT UNITS OKLAHOMA CITY OK. 24,315,333$ 125 TENNESSEE PARK126 TETONIAN/PHASE II STONEBROOK ID. LAND THEN APART. 132 UNITS REXBURG ID. 1,180,000$ 7,000,000$ 8,200,000$ 9,363,000$ 10,650,000$ 11,630,000$ 127 THE FALLS AT TOWN CROSSING APARTMENT UNITS MANSFIELD TX.128 THE PARK AT NORTHGATE APARTMENT 248 UNITS SPRING/HOUSTON TX.129 THE RESERVE AT LAKE GRANBURY APARTMENT 134 UNITS GRANBURY/FT. WORTH TX.130 TOP CHOICE LOTS 1 & 2 ACRES EPHRAIM UT.131 TOSCANA APARTMENT 288 UNITS LEWISVILLE TX. 18,000,000$ 16,460,000$ 19,000,000$ 21,000,000$ 21,900,000$ 25,300,000$

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SIZETYPE(S.F./

PROPERTY ACRES/# NAME TYPE SIZE UNITS) CITY ST. 2008 2009 2010 2011 2012 2013

132 V AUSTIN VILLAS133 VALLEY VIEW 1031134 VALLEY VIEW RESIDENTIAL APARTMENT 48 UNITS SHENANDOAH IA. 1,586,000$ 1,250,000$ 815,000$ 945,000$ 1,000,000$ 1,080,000$ 135 VERANO PARK APARTMENT 320 UNITS MEMPHIS TN. 4,435,020$ 1,105,000$ 1,236,160$ 1,360,000$ 136 VILLA FLORENCE/FOUR LOTS LAND (CONDO) 0.35 ACRES BOULDER CITY NV. 71,500$ 72,600$ 71,500$ 71,000$ 80,000$ 91,200$ 137 VILLA FLORENCE/SFR (#654X1) SFR 0.64 ACRES EPHRAIM UT.138 VINTAGE PLACE (PART OF PLUM TREE) SHOPPING CENTER 159,599 S.F. PROVO UT.139 WAJ & MBJ 8 CEMETARY LOTS140 WAKARA-EPHRAIM LOTS LAND (COMM.) EPHRAIM UT.141 WELLS & VALA142 WILLOW PARK #1/RED STAG CONDO. (RESORT) 1,479 S.F. DEER VALLEY UT. 610,000$ 560,000$ 515,000$ 475,000$ 485,000$ 465,000$ 143 WILLOW PARK #2/LOGAN BLDG. OFFICE/RETAIL 10,919 S.F. LOGAN UT.144 WILLOW PARK #3/WILLOW PARK APT APARTMENT 40 UNITS ABILENE TX.145 WOLF SON146 WOOL CITY #1/ 18091 SFR 1,540 S.F. FOUNTAIN GREEN UT. 113,000$ 107,000$ 100,000$ 98,000$ 100,000$ 110,000$ 147 WOOL CITY #2/ 18239 SFR 7,450 S.F. FOUNTAIN GREEN UT. 375,000$ 355,000$ 335,000$ 325,000$ 335,000$ 370,000$ 148 WOOL CITY #3/ G. BAILEY/18134 SFR 4,738 S.F. FOUNTAIN GREEN UT. 270,000$ 255,000$ 240,000$ 235,000$ 240,000$ 265,000$ 149 WOOL CITY#4/ SUN WINDS#1/18139 LAND (RES. LOT) 0.26 ACRES FOUNTAIN GREEN UT. 11,900$ 10,500$ 9,300$ 9,400$ 9,500$ 9,400$ 150 WOOL CITY#5/ SUN WINDS#2/18139X1 LAND (RES. LOT) 0.26 ACRES FOUNTAIN GREEN UT. 11,900$ 10,500$ 9,300$ 9,400$ 9,500$ 9,400$ 151 WOOL CITY #6/18016 SFR 4,076 S.F. FOUNTAIN GREEN UT. 205,000$ 190,000$ 180,000$ 175,000$ 180,000$ 200,000$ 152 WOOL CITY#7/BRETT LOVELL/ 17917X SFR (UNFINISHED) 4,832 S.F. FOUNTAIN GREEN UT. 47,600$ 41,800$ 37,100$ 37,400$ 146,000$ 263,424$ 153 WOOL CITY #8/18035 SFR 2,558 S.F. FOUNTAIN GREEN UT. 160,000$ 150,000$ 140,000$ 135,000$ 140,000$ 155,000$ 154 WOOL CITY #9/ WEST FARM LAND (AG) 101.71 ACRES SANPETE COUNTY UT. 815,000$ 715,000$ 635,000$ 640,000$ 650,000$ 640,000$ 155 WOOL CITY #10/ AGRICULTURAL LAND LAND (AG) 147.68 ACRES SANPETE COUNTY UT. 140,000$ 120,000$ 105,000$ 110,000$ 110,000$ 110,000$ 156 WOOL CITY #11/TURKEY FARM LAND (AG) 49.32 ACRES SANPETE COUNTY UT. 1,090,000$ 955,000$ 850,000$ 855,000$ 870,000$ 855,000$ 158 WOOL CITY #12 (18 PARCELS) LAND (AG) 122.86 ACRES SANPETE COUNTY UT. 1,005,000$ 880,000$ 780,000$ 790,000$ 800,000$ 790,000$ 159 WOOL CITY #13/24366X LAND 0.41 ACRES SANPETE COUNTY UT.160 WOOL CITY #14/32202 LAND (RES.) 1.05 ACRES SANPETE COUNTY UT. 25,000$ 22,000$ 19,500$ 19,700$ 20,000$ 19,700$ 161 WOOL CITY #15/25307X, 25311 LAND (AG) 16.20 ACRES SANPETE COUNTY UT. 125,000$ 110,000$ 98,000$ 98,000$ 100,000$ 98,000$ 162 WOOL CITY #16/139X SFR 1,490 S.F. SANPETE COUNTY UT. 108,000$ 102,000$ 96,000$ 94,000$ 96,000$ 105,000$ 163 WOOL CITY #17 /GENE JACOBSON LAND (AG) 5.00 ACRES SANPETE COUNTY UT. 38,000$ 33,000$ 29,000$ 30,000$ 30,000$ 30,000$ 164 WOOL CITY #18/COOK SFR 995 S.F. FOUNTAIN GREEN UT. 100,000$ 95,000$ 90,000$ 87,000$ 89,000$ 98,000$ 165 WYNDSOR COURT APARTMENT 280 UNITS ALLEN TX. 16,370,000$ 14,810,000$ 17,580,000$ 19,295,000$ 20,520,000$ 23,400,000$ 166 WYNDURT167 AD. PROP. #1/WAKARA PNT. LAND (SFR) 5 LOTS EPHRAIM UT. 610,000$ 535,000$ 475,000$ 168 AD. PROP. #2/LEGEND HILLS LAND (COMM.) CLEARFIELD UT. 3,275,000$ 169 AD. PROP. #3/BRANSON, MO. HOTEL/RETAIL BRANSON MO. 365,000$ 283,000$ 256,000$ 246,500$ 244,030$ 275,000$ 170 AD. PROP. #4/862 S. 5600 W. LAND (INDUST.) 12.32 ACRES SALT LAKE CITY UT.171 AD. PROP. #5/BRISTLE CONE CONDOS. SFR (CONDO.) 2 UNITS SALT LAKE CITY UT. 189,500$ 146,000$ 149,500$ 170,500$ 194,000$ 172 AD. PROP.#6/WOOL CITY TURKEY FARM LAND (AG) SANPETE COUNTY UT.173 AD. PROP.#7/CAMPBELL LAND LAND 8.42 ACRES CAMPBELL TX. 233,000$ 236,000$ 233,000$ 231,000$ 260,000$ 296,000$ 174 ADDITIONAL PROPERTIES-DEBT175 OTHER

TOTALS 503,889,044$ 453,779,367$ 460,943,499$ 449,903,600$ 474,987,008$ 506,018,624$

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Documents

managementsolutionsreceivership.commanagementsolutionsreceivership.com/wp-content/uploads/2014/06… · MSI Entities Exhibit 1 Listing of QuickBooks Accounting Files Comprising MSI