“Investment Capital” represents the amount of capital managed by Townsend Mertz managing directors as of Q1 2024 through a variety of holding vehicles, including Townsend Mertz Fund I and Townsend Mertz Fund II.  References to ‘Fund I Assets’ and ‘Fund II Assets’ represent the total development/acquisition cost of the respective portfolio properties, which are not solely owned by the Townsend Mertz holding vehicles.