b'Assets Real property or other personal property owned by a syndicate or fund. This term is sometimes used interchangeably with the word properties when appropriate for the context in which it appears.At-Risk CapitalThis is the capital contributed by members of the asset manager to cover pre-closing expenses, such as property deposits, third party reports, legal fees,lenderfees,andtravelduringduediligence,forarealestate acquisition.Balloon Payment A large payment due at the end of a loan period, after the payment of a series of smaller payments on the principal amount of the loan. Balloon payments are usually applied to short-term loans, where only a small portion of the principal amount of the loan is amortized over the term of the loan. Beneficial OwnersOwners of an entity or Delaware Statutory Trust who contribute capital for property acquisition and operations in exchange for a share of profits.Blue Sky Laws State securities regulations or laws adopted by a state regulatory agency to protect investors from securities fraud. 296'