Rockpoint Important Disclaimers
As of September 30, 2025
GENERAL STATEMENTS REGARDING PROJECTED PERFORMANCE
The projected overall performance results of the funds contained herein are based on actual performance and Rockpoint’s projections of future cash flows since only a portion of the funds’ investments have been fully Realized. Past performance of Rockpoint’s previous investments is not intended to be indicative of future results. There can be no assurance that Rockpoint will be able to make similar investments or achieve comparable results. Certain information is based on assumptions that are believed to be reasonable in light of the information presently available. The resulting analyses and forecasts may require modification as additional information becomes available and as economic and market developments warrant, although Rockpoint has no obligation to update or otherwise reflect that information that subsequently becomes available. Any such modification could be either favorable or adverse. All targets, forecasts and projections contained herein have been prepared and are set out for illustrative purposes only, and no assurances can be made that they will materialize, and no recipient should rely on such targets, forecasts or projections. They have been prepared based on Rockpoint’s current understanding of the intended future operations of the applicable Rockpoint fund, its current view in relation to future events and various projections and assumptions made by it, including projections and assumptions about events that have not occurred, any of which may prove to be incorrect. Therefore, the projections are subject to uncertainties, changes (including changes in economic, operational, political or other circumstances) and other risks, including, without limitation, broad trends in business and finance, legislation and regulation, interest rates, inflation, currency values, real estate market conditions, the availability and cost of short-term or long-term funding and capital, all of which are beyond Rockpoint’s control and any of which may cause the relevant actual, financial and other results to be substantially lower from the results expressed or implied by such forecasts or projections. Industry experts may disagree with the forecasts, projections and assumptions used in preparing the targets.
Historic and current market trends are not reliable indicators of actual future market behavior or future performance of any particular investment and are not to be relied upon as such. The actual future market behavior or future performance of any particular investment may vary materially and there can be no assurance that investors will receive any return of capital. Full deal-by-deal performance information is available upon request.
KEY DEFINITIONS
Additional information regarding terminology used and methodology employed in preparing the materials contained herein is available upon request.
All-in Basis represents the total gross consideration (both debt and equity) contributed or projected to be contributed to the underlying investment by the applicable Rockpoint fund and all third-party partners and lenders, including, without duplication, purchase price, acquisition costs, debt, financing costs and anticipated capital expenditures during the fund’s ownership. All-in-Basis may not include (i) re-invested investment proceeds or (ii) the use of credit facility borrowings or fund proceeds that are anticipated to be repaid from the subject investment.
Current Leverage % represents a loan-to-value calculation utilizing the applicable Rockpoint fund’s allocable share of each investment’s (i) gross asset value and (ii) third party debt, as calculated in accordance with the fund’s partnership agreement. Accordingly, where applicable, assumed debt for which capital has been reserved for and short-term indebtedness secured by capital commitments may be excluded from the Loan-to-Value calculation. For simplicity, the aggregate allocable share of the applicable Rockpoint-sponsored fund (including all related parallel funds and AIVs as applicable but excluding any related side car fund or other related co-investment vehicle) of each investment’s gross asset value and third-party debt is used in the Loan-to-Value calculations.
Distribution to Paid In Multiple (DPI) measures the actual distributions made by the applicable fund to its investors (which are after reduction for general partner carried interest and other fund-level expenses), relative to capital called and management fees contributed. The DPI for each Rockpoint fund is calculated by taking the net investor distributions through June 30, 2025 divided by the sum of capital called and management fees contributed through June 30, 2025.
Fair Value is the price that would be received for the applicable Rockpoint fund’s position in an investment if such investment was sold in an orderly transaction between market participants at the measurement date, and is calculated pursuant to (i) Rockpoint’s valuation methodology which has been approved by the applicable Rockpoint fund’s advisory committee, and (ii) the accounting requirements of Financial Accounting Standards Board Accounting Standards Codification Topic 820 “Fair Value Measurements,” as described in more detail in the notes of the most recent financial statements of the applicable Rockpoint fund.
Assets Under Management (Gross) for funds or co-investment vehicles is calculated as the sum of total assets, unfunded capital commitments and each fund’s applicable share of current third-party debt.
Assets Under Management (Net) for funds or co-investment vehicles is calculated as total assets plus unfunded capital commitments.
Average Leverage is the simple average of a quarterly periodic Loan-to-Value Ratio over the active life of a fund or group of funds from its inception to date.
Invested Equity is the actual capital contributed by investors to an investment as of quarter end. References to Invested Equity include the investment or commitments of the applicable general partner or any other Rockpoint affiliate.
Loan-to-Value (“LTV”) represents a loan-to-value calculation utilizing the applicable Rockpoint fund’s allocable share of each investment’s (i) gross asset value and (ii) third party debt, as calculated in accordance with the applicable fund’s partnership agreement. Accordingly, where applicable, assumed debt for which capital has been reserved for and short-term indebtedness secured by capital commitments may be excluded from the Loan-to-Value calculation. For simplicity, the aggregate allocable share of the applicable Rockpoint-sponsored fund (including all related parallel funds and alternative investment vehicles (“AIVs”) as applicable but excluding any related side car fund or other related co-investment vehicle) of each investment’s gross asset value and third-party debt is used in the Loan-to-Value calculations.
Net Invested Equity consists of the actual capital contributed to each investment (including interim capital) less the portion of distributions received from each investment that constitute a return of capital. Gain/income distributions are not reflected in this amount.
Peak Invested Equity is the maximum capital contributed or projected to be contributed by the investors to an investment on a peak basis, including credit facility borrowings that are anticipated to be repaid from capital calls from investors. Peak Invested Equity is subject to fluctuate over time and, for certain investments, includes recycled investor capital. References to equity invested or capital committed include the investment or commitments of the applicable general partner or any other Rockpoint affiliate. There can be no assurance or guarantee that committed amounts will be fully deployed.
Peak Leverage is a loan-to-cost metric that presents the applicable Rockpoint fund’s (including related parallel funds and AIVs, as applicable, but excluding any related side car funds or other co-investment vehicles) allocable share of the maximum principal amount of third party debt not secured by or anticipated to be repaid by investor capital commitments (excluding cash-out refinancings), projected to be outstanding at any one time over the projected life of the underlying investment, as a percentage of total capitalization on a peak basis for such investment. In certain cases, the current Loan-to-Value for an investment that has not called all anticipated investor capital may be higher than the Peak Leverage ratio, which is based on Peak Invested Equity as opposed to current Fair Value. For an investment with more than one asset, Peak Leverage is calculated using the projected outstanding debt and total capitalization for all such assets.
Projected Acquisition and Disposition Dates are estimates based on the current business plans and may be subject to change. While Rockpoint believes the dates presented are based on reasonable assumptions, there is no guarantee that the assumptions will materialize or that the projections will be achieved.
Projected Yield at Exit represents the projected forward twelve (12) months NOI at projected exit as a percentage of All-in Basis.
Residual Value to Paid In Multiple (RVPI) measures the current value of all remaining investments within each Rockpoint fund, relative to the capital called and management fees contributed. The RVPI for each Rockpoint fund is calculated by taking the value of all remaining investments within such Rockpoint fund as of June 30, 2025, divided by the sum of capital called and management fees contributed through June 30, 2025.
Total Value to Paid In Multiple (TVPI) measures the actual distributions made by the applicable fund to its investors (which are after reduction for general partner carried interest and other fund-level expenses) and the respective Rockpoint fund’s NAV, relative to capital called and management fees contributed. The TVPI for each Rockpoint fund is calculated by taking the net investor distributions through June 30, 2025 and the respective Rockpoint fund’s NAV as June 30, 2025, divided by the sum of capital called and management fees contributed through June 30, 2025.
Untrended Market Return on Cost (“MROC”) is a proprietary metric that reflects the investment’s cap rate on All-in Basis as if the asset were leased at market rents, as of the investment’s latest business plan.
PERFORMANCE RETURN CALCULATION AND METHODOLOGY
Performance return projections contained herein are based on business plans as of Quarter End and are subject to change. Unless otherwise noted, performance return projections and estimates are based on the aggregate financial information for the applicable Rockpoint fund (including all related parallel funds and AIVs, but excluding any side car funds, other co-investment vehicles and any related feeder entities, including blocker corporations, holding partnerships and their associated costs, which may include entity-level taxes). While Rockpoint believes that the projections and estimates used in calculating projected and estimated returns are based on reasonable assumptions, there is no guarantee that the assumptions made are accurate. Actual results may be substantially lower and there can be no assurance that these amounts or results will be achieved. Projected returns are not necessarily representative of any particular investor’s projected and estimated return.
Projected Gross Returns (including Projected Gross IRR and Projected Gross Multiple) reflect the projected investment-level and fund-level returns based on the amount and timing of Peak Invested Equity and Realized Proceeds and Projected Remaining Proceeds, and are before reduction for management fees, general partner carried interest, and other fund-level expenses and have not been reduced for taxes, withholdings or expenses required by the tax structuring for certain investors. Projected Gross Returns incorporate the use of a credit facility, which results in an increase of Projected Gross Returns, and are shown after reduction for allocated interest expense associated with credit facility borrowings. Investment-level Projected Gross Returns are calculated based on the actual and projected monthly investment-level inflows and outflows based on the actual and anticipated execution of the funds’ business plans as more fully discussed below.
Projected Gross Returns for a fund are the result of aggregating the actual and projected investment-level cash flows described above into a model for each fund (each a “Fund Model”). In preparing projections used in the Fund Model for Unrealized and Partially Realized investments, Rockpoint maintains a business plan for each investment which considers cash flows from operations, financings, and dispositions and takes into consideration certain factors to form assumptions including, but not limited to, rental rates, absorption pace, leasing costs and concessions, operating expenses, development and capital costs, potential capital structures, capitalization rates, debt, asset value, net disposition proceeds projected sales and realization dates, and other timing. The Projected Gross Returns for fully Realized investments reflect actual results that, in certain cases, include projected residual proceeds yet to be received. Projected Gross Returns are calculated based on (i) each date capital is drawn or projected to be drawn from the investors and (ii) each date an investment generates proceeds or is projected to generate proceeds, as applicable. Projected Gross Returns for an investment are not reduced by proceeds invested in an investment from a credit facility borrowing or fund proceeds (i.e., proceeds from the same investment or a different investment), however, realized proceeds for an investment will be reduced by such amounts prior to calculating Projected Gross Returns.
Projected Gross Multiple for a fund is calculated by dividing (i) the Realized and Projected Remaining Proceeds of all investments in such fund (after reduction for the amount of any recycled investor capital), by (ii) the lesser of (x) total capital commitments and (y) Peak Invested Equity for such investments. Capital commitments do not include reserve commitments (where applicable), which, for certain funds, may be called after the investment period. Projected Gross Multiple for an individual investment is calculated by dividing (i) the Realized and Projected Remaining Proceeds for such investment, by (ii) the Peak Invested Equity for such investment.
Projected Net Returns (including Projected Net IRR and Projected Net Multiple) reflect the projected net fund-level returns and are calculated by reducing the fund-level Projected Gross Returns for management fees, applicable general partner’s carried interest and other fund-level expenses and have not been reduced for taxes, withholdings or expenses required by the tax structuring for certain investors. The Projected Net Returns presented are based on the actual management fee rate for all partners in each Rockpoint fund (including all related parallel funds and alternative investment vehicles, but excluding any side car funds and other co-investment vehicles related thereto) plus any established fee reductions and/or waivers defined in the partnership agreements and applicable amendments, including the general partner which does not pay management fees. For informational purposes, this results in a weighted average management fee for each fund which is as follows: WREF I: 1.37%, WREF II: 1.40%, WREF III: 1.20%, WREF IV: 1.17%, Rockpoint Special Fund: 1.25%, Rockpoint Fund I: 1.40%, Rockpoint Fund II: 1.33%, Rockpoint Fund III: 1.43%, Rockpoint Fund IV: 1.38%, Rockpoint Fund V: 1.37%, Rockpoint Fund VI: 1.32%, Rockpoint Fund VII: 1.29%, Rockpoint Growth and Income Fund I: 1.07%, and Rockpoint Growth and Income Fund II: 1.11%, Rockpoint Growth and Income Fund III: 1.00%, Growth and Income Fund I side car funds: 0.50%, Growth and Income Fund II side car funds: 0.55%, Growth and Income Fund III side car funds: 0.50%, and RSCH: 0.40%, RRIH: 0.74%, and RIIH: 0.56%. Individual investor returns will vary due to the different management fee rates for each investor, and variations may be significant. Unless otherwise indicated, Projected Net Returns are calculated taking into account the contributions from, distributions to, and estimated remaining unrealized value allocable to, investors in the relevant fund(s) that do not bear management fees or that are subject to discounted management fee rates. Taking such cash flows and value into account has the effect of increasing the Projected Net Returns presented herein, and the actual net returns experienced by investors subject to the relevant fund’s headline management fee rate will, as a result, be lower than the net return presented herein.
Liquidation Returns (including Liquidation Gross IRR, Liquidation Net IRR, Liquidation Gross Multiple and Liquidation Net Multiple) reflect the actual realized proceeds as of Quarter End and are calculated in the same manner as Projected Gross and Net Returns, except the projected monthly investment inflows and outflows have been replaced with the estimated terminal value or net asset value of the applicable Rockpoint funds as of Quarter End, utilizing their respective Fair Values reported in the unaudited financial statements. Cash flows used for investment-level liquidation net returns are not reduced for reserves being held by the fund. Because each of the Westbrook Funds, Rockpoint Special Fund, Rockpoint Fund I and Rockpoint Fund II has been liquidated, the Liquidation Returns for each such fund are equivalent to its actual returns.
To-Date Returns (including To-Date Gross IRR, To-Date Net IRR, To-Date Gross Multiple and To-Date Net Multiple) reflect the actual realized proceeds as of Quarter End and are calculated in the same manner as Projected Gross and Net Returns, except the projected monthly investment inflows and outflows have been excluded.
Monetization Status reflects the classification of investments as Committed, Realized and/or Partially Realized or Unrealized as of Quarter End. Any investment that is neither Committed, Realized and/or Partially Realized is considered an Unrealized investment. Actual Realized returns and realization dates will depend on various factors, including future operating results, market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transactional costs and timing and manner of disposition, all of which may differ materially from the assumptions and circumstances on which the current valuations are based. Approved / pending investments may not be consummated or may be closed on terms that differ from current underwriting. Accordingly, the actual Realized return of the Partially Realized investments may differ materially from and be substantially lower than the returns indicated.
Committed investments means investments that are under contract and have gone to Investment Committee as of the most recent quarter-end.
Realized investments are investments in which the fund has disposed of its ownership, though in some cases there could be some projected holdbacks or minor economic interests that have not yet been received.
Partially Realized investments are investments in which one or more units have been realized (or are under contract to be sold or realized as of quarter end) and include projections of remaining proceeds for portions of the investment that are unrealized and, in some cases, substantially unrealized. These projections are based on various assumptions and estimates, such as the timing and amount of future cash flows from the unrealized portion.
Subsets represent a category of investments (such as U.S. only investments, fully Realized or Partially Realized investments or Unrealized investments of a fund, or investments of a specific target market or of a specific property type). This includes individual portfolio investments.
Subset Gross Returns (including Liquidation Subset Gross IRR, Liquidation Subset Gross Multiple, Projected Subset Gross IRR, and Projected Subset Gross Multiple) are calculated using the same methodology as Projected Gross Returns or Liquidation Gross Returns, as applicable and as further outlined above, except that in calculating such Subset Gross Returns each subset is reconstructed with cash flows from only assets meeting such subset’s criteria and then aggregated. Accordingly, Subset Gross Returns are not reduced for management fees, applicable general partner’s carried interest, and other fund-level expenses and have not been reduced for taxes, withholdings or expenses required by the tax structuring for certain investors. Subset Gross Returns incorporate the use of a credit facility, which results in an increase of Subset Gross Returns, and are shown after reduction for allocated interest expenses associated with any credit facility interest directly attributable to the investments included in the subset. Subset performance does not reflect the allocation of any residual cash called from investors but not fully deployed. Such residual balances have not historically represented a material portion of fund assets or contributed to fund performance in any meaningful way. All projected and estimated performance returns of any subset, which is not managed as a single portfolio, are model returns and do not reflect actual results of any fund or of any particular investor. Such subsets are shown for illustrative and informational purposes only and should be reviewed in conjunction with the overall performance of the applicable fund.
Subset Net Returns (including Liquidation Subset Net IRR, Liquidation Subset Net Multiple, Projected Subset Net IRR, and Projected Subset Net Multiple) are calculated by reducing the Subset Gross Returns for allocated management fees, applicable general partner’s carried interest and fund-level expenses, and by applying separate European waterfalls for each fund which contains investments in the subset. Specifically, cash flows with respect to only the investments in the subset in each fund are run through a waterfall utilizing (i) the preferred return, (ii) carried interest percentage and (iii) catch up percentages of such fund, and with respect to (i), (ii) and (iii) using only the invested capital meeting such subset’s criteria, as further described below. Once the Subset Net Returns for each applicable fund are calculated, then such returns are aggregated to create the subset net returns for the applicable subset. Please note that each of WREF I-IV and Rockpoint Fund I-III utilize a modified American waterfall and accordingly the application of the European waterfall calculated as described above will result in different amounts of carried interest than would be calculated with respect to each such fund pursuant to its governing documents.
In calculating the Subset Net Returns the cash flows are reduced by fund-level expenses, which are allocated pro rata to each investment in the subset based on such investment’s invested capital compared to the total invested capital for all investments of the applicable fund in the quarter for which such fund level expense occurred. Management Fees are also allocated based on the subset investments pro rata portion of invested capital compared to the invested capital of all investments of the applicable fund during the quarter the management fee accrued; provided, however, management fees are allocated based on the actual management fee rate for all partners in each applicable fund, plus any established fee reductions and/or waivers defined in the partnership agreements and applicable amendments, including the general partner which does not pay management fees. For informational purposes, this results in a weighted average management fee for each fund as set forth above in the description of Projected Net Returns. Individual investor returns will vary due to the different management fee rates for each investor and variations may be significant. The Subset Net Returns have not been reduced for taxes, withholdings or expenses required by the tax structuring for certain investors.
Investment-level Projected Net Returns that accompany investment-level Projected Gross Returns are calculated in the same manner as Projected Subset Net Returns described above, with equal applicability to such investment-level Projected Net Returns of the disclosures herein in respect of Projected Subset Net Returns (for the avoidance of doubt, except in the case of an Early Stage Fund, as more fully described under the definition of Investment-level Projected Net Returns below).
Realized Subset Returns (including Realized Net IRR and Realized Net Multiple) reflect a subset of only fully Realized investments. For the avoidance of doubt, Realized Subset Returns do not include Partially Realized investments. Investments may carry unrealized gains or losses that could fluctuate based on future market conditions and thus may result in actual Realized returns that are lower than the Realized Subset Returns indicated. As such, these figures should be reviewed in conjunction with overall performance of the applicable Rockpoint fund. Certain investments have been grouped together into a singular portfolio for simplicity of reporting, given shared market and investment strategy, and will only be reported as Realized once the entire portfolio has been fully Realized.
General: Any calculation of Liquidation Subset Net Returns or Projected Subset Net Returns for a subset of investments across multiple funds takes into account the varying fee and expense rates and terms of such funds. In this respect, any given fee or expense reflected in such calculation was incurred in connection with some, but not all, of the investments included within the relevant subset, and the inclusion of investments made by funds with relatively low amounts of fees and expenses in a multi-fund subset has the effect of increasing the aggregate net return of the subset. More generally, a Liquidation Subset Net Return and a Projected Subset Net Return does not purport to represent the net return that the relevant fund (or funds) would have theoretically achieved had it (or they) only made those investments that are included in the subset. It cannot be determined with precision what that theoretical net return would be and whether it would be higher or lower than the net return shown herein for such subset. In addition, neither Liquidation Subset Net Returns nor Projected Subset Net Returns reflect the actual returns experienced by any particular investor. Liquidation Subset Net Returns and Projected Subset Net Returns are calculated taking into account the contributions from, distributions to, and estimated remaining unrealized value allocable to, investors in the relevant fund(s) that do not bear management fees or that are subject to discounted management fee rates. Taking such cash flows and value into account has the effect of increasing the Liquidation Subset Net Returns and the Projected Subset Net Returns presented herein, and the actual net returns experienced by investors subject to the relevant fund’s headline fee rate will, as a result, be lower than the net return presented herein. While Rockpoint believes that the estimates and projections used to calculate the Subset Gross Returns and Subset Net Returns are based on reasonable assumptions, actual results may be substantially lower from the estimates and projections indicated herein. In light of all of the foregoing, prospective investors should attach correspondingly qualified consideration to Subset Gross Returns and Subset Net Returns and should not place undue significance or reliance thereon, and Subset Gross Returns and Subset Net Returns should be reviewed in conjunction with the relevant Liquidation Returns, Projected Gross Returns and Projected Net Returns and any investment-level returns shown for investments made by the relevant fund(s).
N/C is used when an internal rate of return (IRR) is not calculable using Microsoft Excel’s IRR function. An IRR is not calculable when there are no, or relatively negligible, positive cash flows in a stream of otherwise negative cash flows. This can occur when an investment returns none of its invested capital. A Projected Gross Multiple will be N/C in instances where an investment was exited prior to the calling of capital from investors.
Projected Remaining Distributions is the sum of Realized Proceeds not yet distributed and Projected Remaining Proceeds less remaining projected management fees, general partner carried interest, taxes, and other fund-level expenses.
Total Projected Proceeds from investments reflect actual realized proceeds as of Quarter End (“Realized Proceeds”) and Rockpoint’s projections of remaining investment-level proceeds (“Projected Remaining Proceeds”) and are reduced for (i) allocated interest expense and principal repayments (to the extent repaid from the investment) associated with credit facility borrowings and (ii) the amount of any proceeds utilized by an investment from another investment, but are before reduction for management fees, general partner carried interest, taxes and other fund-level expenses. Projected Remaining Proceeds are based on Rockpoint’s business plans, as more fully discussed in the definition of Projected Gross Returns above. Actual Realized returns and realization dates will depend on various factors, including future operating results, market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transactional costs and timing and manner of disposition, all of which may differ materially from the assumptions and circumstances on which the current valuations are based. Accordingly, the actual Realized returns may be materially different and substantially lower than the projected returns and the realization dates may be materially different from timing presented herein. There can be no assurance or guarantee that these amounts or results will be achieved. Because each of the Westbrook Funds, Rockpoint Special Fund, Rockpoint Fund I and Rockpoint Fund II has been liquidated, the “Realized and Projected Remaining Proceeds” for each such fund is equivalent to its Realized Proceeds.
Background and Performance of the Westbrook Funds: Rockpoint represents a continuation of the investment activities that a majority of the Managing Members, together with other individuals, undertook at Westbrook Real Estate Partners (“WREP”), a similar real estate investment firm which was founded in 1994. Before Rockpoint’s formation, WREP sponsored four opportunistic vehicles (i.e., the Westbrook Funds). Between 1995 and 2003, the Westbrook Funds invested approximately $4 billion of Peak Invested Equity in 146 transactions. Mr. Gelb joined WREP in 1994, Mr. Shalev joined WREP in 1997 and Mr. Gilbane joined WREP in 1999. In 2003, WREP determined that it would not sponsor additional investment funds, and five of the six managing members of WREP, including Mr. Gelb, and four former managing members, formed Rockpoint. Such five founding managing members, who controlled the Westbrook Funds through their final liquidation in December 2014, were joined by 12 senior real estate professionals from WREP, including now Managing Members Mr. Gilbane and Mr. Shalev and a majority of WREP’s domestic investment and asset management professionals. The one WREP managing member that did not join Rockpoint, together with several former WREP real estate professionals, formed a new company that operates under another name, and the Managing Members are not associated with the funds that have been sponsored by that company. WREP is not an affiliate of Rockpoint. Fund-specific projected gross and net returns for WREF I-IV are included below:
In the case of the Westbrook Funds, past performance discussed above reflects the efforts of a majority of the Managing Members together with others, as described above. In addition, the prior fund investments of the Opportunity Funds did not involve all Rockpoint professionals who will be involved in the management and operations of the Fund. Accordingly, there can be no assurance or guarantee that the investment performance of the Fund will be comparable to the past or projected performance of the Opportunity Funds set forth herein or that the Fund will be able to implement its investment strategy or achieve its investment objective. Since 2003, Rockpoint and its affiliates have also deployed equity capital through (i) the Growth and Income Funds and their related co-investment programs; (ii) the Rockpoint Finance Fund; (iii) three co-investment vehicles formed on an ad hoc basis in connection with the Rockpoint Opportunity Funds; (iv) RSCH, a single-asset continuation fund; (v) RRIH, a fund-of-one focused primarily on U.S. for-rent residential investments; and (vi) RIIH, a fund-of-one focused primarily on U.S. industrial investments. WREP also deployed equity capital through three co-investment vehicles formed on an ad hoc basis in connection with the Westbrook Funds. The performance information of these entities has not been included in the tables in this section due to the differences in their investment objectives and purposes from those of the Opportunity Funds.
OTHER IMPORTANT DISCLOSURE INFORMATION
Forward Looking Statements: With respect to the historical trends referenced herein, there can be no assurance that such trends will continue. Statements that are not historical facts (including those relating to costs, prices, current and future market conditions and trends) are based on current expectations, estimates, projections, opinions and/or beliefs of Rockpoint and/or its management team. Such statements are subject to known and unknown risks, uncertainties and other factors. Moreover, certain information contained herein may constitute “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,”, “plan,” “believe,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any fund or investment discussed herein may differ materially from those reflected or contemplated in such forward-looking statements. Any projections, market outlooks or estimates contained herein are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect any fund or investment discussed herein. Any outlooks and assumptions should not be construed to be indicative of the actual events which will occur.
Target Returns: Target returns referred to herein are hypothetical in nature and are shown for illustrative, informational purposes only and are not a guarantee or prediction of future performance. The target returns for the Fund are not projected returns. Such target returns are used to describe the Fund’s investment strategy and are aspirational in nature and not necessarily based on any criteria or assumptions. Further, such target returns are not intended to forecast or predict future events, but rather to indicate the returns that Rockpoint expects to seek to achieve on the relevant fund’s overall portfolio of investments (taking into account a number of variables and assumptions, including (i) that Rockpoint will be able to source sufficient investment opportunities that meet the Fund’s criteria and (ii) that the Fund’s investments will (in aggregate) meet their performance expectations, and Rockpoint’s knowledge and experience with respect to the asset class generally. In addition, such target returns do not reflect the actual or expected returns of any portfolio strategy. Such target returns are based on Rockpoint’s belief about the returns that may be achievable on investments that the relevant fund intends to pursue in light of the experience of Rockpoint’s investment professionals with similar investments historically, their view of current market conditions, potential investment opportunities that Rockpoint is currently or has recently reviewed, availability of financing and certain assumptions about investing conditions and market fluctuation or recovery. There is no guarantee that the facts on which such assumptions are based will materialize as anticipated, that market conditions will not deteriorate or that investment opportunities satisfying the relevant fund’s target returns will be available. Any changes in such assumptions, market conditions or availability of investments may have a material impact on the target return presented. Actual events and conditions may differ materially from those used to establish target returns. Any target return is hypothetical and is not a guarantee or prediction of future performance. There can be no assurance that investors will receive a return of capital. Individual investments may be acquired that have anticipated compounded annual returns below or above the relevant fund’s overall target return. Prospective investors should note that the target gross returns do not account for the effects of inflation and do not reflect the management fees, the applicable general partner’s carried interest, taxes and other fund-level expenses that will be borne by investors in the relevant fund, which will reduce returns and, in the aggregate, are expected to be substantial. The timing of the realization of an asset (which may be required, for example, at the end of the life of the relevant fund) may materially impact the returns generated by such investment. Prospective investors are encouraged to contact the representatives of Rockpoint to discuss the procedures and methodologies (including assumptions) used to calculate target returns. Rockpoint’s investment underwriting is based, in part, on its determination of target gross IRR for a particular potential investment and does not take into account implied net IRR. Any inclusion of implied net IRR is not taken into account in Rockpoint’s investment underwriting. A broad range of risk factors, not limited to those described above, could cause the relevant fund to fail to meet its investment objectives and target returns. For all of the foregoing and other reasons, there can be no assurance that any target returns will be achieved or that actual returns achieved will not be materially lower than the target returns. Accordingly, such target returns should not be given undue reliance and should be reviewed in conjunction with any actual returns presented herein.
Placement Agents. Rockpoint, from time to time, enters into placement agent (or similar) arrangements with third parties (“Placement Agents”) whereby Rockpoint pays a fee (directly or indirectly) to the Placement Agent to solicit prospective investors to invest in, or refer prospective investors to, a Rockpoint fund (including, potentially, through a Placement Agent-sponsored feeder fund formed for the purpose of investing in the Rockpoint fund (“Placement Agent-Sponsored Feeder”)). While the terms of such fee arrangements could vary per arrangement, the fee will often equal an agreed-upon percentage of the capital commitments made by, or the management fees paid by, investors solicited or referred by the Placement Agent. Prospective investors solicited or referred by Placement Agents should therefore be mindful that Placement Agents have a significant economic incentive to solicit or refer them to make large capital commitments to a Rockpoint fund (including, where applicable, through a Placement Agent-Sponsored Feeder). In addition, Placement Agents are not typically advisory clients or fund investors of Rockpoint.
Reliance on Investment Team. The success of the any Rockpoint Fund depends in substantial part on the skill and expertise of the Investment Team. There can be no assurance that the members of the Investment Team will continue to be employed by Rockpoint throughout the life of the Fund or will continue to be available to manage the Fund. The unavailability of the members of the Investment Team to manage the Fund could have a material adverse effect on the Fund. Moreover, there can be no assurances that such professionals will remain in the same roles at Rockpoint during the life of the Fund. The roles and responsibilities within Rockpoint of certain investment advisory professionals, including the Key Persons, are likely to be modified during the life of the Fund, including modifications that result in less time devoted to the Fund. Any fiduciary duties owed by such professionals to the Fund would be modified accordingly. Separately, there is ever-increasing competition among real estate firms, alternative asset firms, financial institutions, private equity firms, investment managers and other industry participants for hiring and retaining qualified investment professionals. The ability to recruit, retain and motivate such professionals is dependent on the ability of the Fund to offer attractive incentive opportunities. Should any of these professionals join or form a competing firm, become incapacitated or in some other way cease to participate in investment activities of the Fund, its performance could be adversely affected.
BENCHMARK ANALYSIS
Use of Benchmarks: Returns for the benchmarks are provided on an annualized basis. Such returns do not take into account the timing of the investments and dispositions of the investments comprising each of the relevant strategies such that a meaningful comparison between returns cannot be made. Any comparisons herein of the investment performance of any Rockpoint Fund to a benchmark or an index are qualified as follows: (i) benchmarks do not represent an investable product, and no investor can directly invest in a benchmark; (ii) the volatility of such benchmark or index may be materially different from that of the Rockpoint Funds; (iii) such benchmark or index may employ different investment guidelines and criteria than the Rockpoint Funds and, therefore, holdings in such Rockpoint Funds may differ significantly from holdings of the securities that comprise such benchmark or index; and (iv) the performance of such benchmark or index may not necessarily have been selected to represent an appropriate benchmark or index to compare to the performance of the Rockpoint Funds, but rather, is disclosed to allow for comparison of the Rockpoint Funds’ performance to that of a well-known benchmark or index. A summary of the investment guidelines for any such benchmark or index is available upon request. No reassurance is made as to the risk profile of any benchmark or index relative to the risk profile of any Rockpoint Fund presented herein. Any comparison is provided for general market background information. Benchmarking is subjective and use of different indices or benchmarks or using a different dataset as the basis for any comparison may result in materially different results.
The MSCI Private Assets information, which is provided for comparison purposes, aggregates performance information to determine median, upper and lower quartile performance for various performance metrics, including Liquidation Net IRR, To-Date Net IRR, Net DPI, Net RVPI, and Net TVPI. MSCI Private Assets provides benchmark performance data to its clients on a subscription basis. Fund data is provided to MSCI by its limited partner clients and is aggregated and calculated prior to publication. As of September 30, 2025, the Rockpoint Funds are benchmarked against the Real Estate Value-Added and Opportunistic Funds with minimum commitments of $500m, comprised of 39 vehicles for the 2007 vintage year, 11 vehicles for the 2012 vintage year, 24 vehicles for the 2016 vintage year, 30 vehicles for the 2020 vintage year, and 37 vehicles for the 2022 vintage year. For illustrative purposes, Rockpoint has provided the median, upper and lower quartile thresholds in its benchmark comparison of Liquidation Net IRR, To-Date Net IRR, Net DPI, Net RVPI, and Net TVPI for the same time periods. While Rockpoint believes the MSCI Private Assets benchmark provides a fair comparison for the Rockpoint opportunity funds over the applicable vintage years, funds included in the MSCI Private Assets benchmark may have materially different characteristics than the Rockpoint Funds. The benchmark is based on aggregated data from a universe of private funds that may differ materially from Rockpoint Funds in terms of leverage, sector focus, geography, fees and terms. Additionally, the Rockpoint Funds consist of investments which may vary significantly from those in the data set and performance calculation methods may not be entirely comparable. As such, comparing results shown to those of the data set may be of limited use.
Please refer to www.msci.com/notice-and-disclaimer for MSCI Private Assets’ Notice of Disclaimers.