5.	Net Assets in Liquidation

Net assets in liquidation decreased by $3,697,000 during the three months ended March 31, 2016. The primary reason for the decrease in net assets was due to a $7,592,000 net decrease in investments in real estate and a $424,000 net increase in the estimated liability for non-controlling interests. These decreases were partially offset by a $2,544,000 net increase in estimated receipts resulting primarily from changes in the expected holding periods of certain assets and a $1,775,000 net increase in the liquidation value of equity investments.

Net assets in liquidation increased by $2,466,000 during the three months ended March 31, 2015. The primary reason for the increase in net assets was due to a $3,975,000 increase in investments in real estate and a net increase of $2,733,000 in the liquidation value of equity investments. These increases were offset by a $2,792,000 decrease in estimated receipts resulting primarily from changes in the expected holding periods of certain assets and a $918,000 decrease in the value of the Trust’s loan securities resulting from a new appraisal of the asset underlying the security.

There were 36,425,084 Common Shares outstanding at March 31, 2016 and December 31, 2015. The net assets in liquidation at March 31, 2016 would result in liquidating distributions of approximately $14.08 per Common Share. The net assets in liquidation as of March 31, 2016 and December 31, 2015 of $512,699,000 and $516,396,000 respectively, plus the cumulative liquidating distributions to holders of Common Shares since the approval of the plan of liquidation through March 31, 2016 and December 31, 2015 of $163,915,000 ($4.50 per common share) would result in cumulative liquidating distributions to holders of Common Shares of $18.58 and $18.68 per Common Share as of March 31, 2016 and December 31, 2015, respectively. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of the projected cash flows.