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Real Estate Technology Market Update Q3 2019 EXECUTIVE SUMMARY – Q3 2019 REAL ESTATE TECHNOLOGY

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Real Estate Technology Market Update Q3 2019 EXECUTIVE SUMMARY – Q3 2019 REAL ESTATE TECHNOLOGY PRELIMINARY CONFIDENTIAL DRAFT Real Estate Technology Market Update Q3 2019 EXECUTIVE SUMMARY – Q3 2019 REAL ESTATE TECHNOLOGY Real estate technology continues to be one of the most active areas of financing and M&A activity through Q3 of 2019 ▪ The private U.S. real estate tech sector received nearly $1.9Bn of growth equity capital in Q3 2019 in addition to ~$140MM in debt for iBuyer and RE financing companies Commercial real estate technology companies continued to drive significant activity in Q3, with several notable capital raises and acquisitions ▪ Knotel raised $400M at a ~$1.0Bn valuation led by Wafra, signaling continued investment in the alternative workplace market ➔ important to note that the Knotel raise was completed prior to The We Company’s S-1 filing and subsequently delayed IPO ▪ Strong M&A appetite among large strategics driving consolidation in the CRE market: – In the construction tech market, Procore acquired two companies: Construction BI, which offers business intelligence solutions for the construction industry, as well as Honest Buildings, a leading project management platform for the CRE / construction market – On October 1st, CoStar announced the acquisition of STR, a leading hospitality data aggregator, for $450MM, representing a major push into the hotel market for the CRE data leader – The We Company also acquired two companies, Spacious and SpaceIQ, to bolster their space utilization analytics capabilities Q3 2019 also saw major investments in the mortgage and insurance tech sub-verticals ▪ Better Mortgage and Hippo insurance completed capital raises of $160MM and $100M respectively, signaling the growing influence of direct to consumer digitally driven offerings in the mortgage and insurance categories GCA remains highly active in the PropTech market, having announced two transactions during Q3 2019: the sale of Inside Real Estate to Lovell Minnick Partners and the acquisition of Centralized Showing Service by ShowingTime Select Q3 2019 Active Investors Select Q3 2019 Active Acquirers 2 GCA 2019 PROPTECH TRANSACTIONS GCA is one of the most active advisors to the global PropTech ecosystem, with six deals in 2019 and 23 PropTech deals globally in the past 3 years September 2019 August 2019 May 2019 May 2019 April 2019 January 2019 3 THE LEADING ADVISOR TO THE PROPTECH ECOSYSTEM The Leading Advisor in the Property Tech Ecosystem Chris Gough Managing Director Head of Real Estate Technology Acquired Majority interest Acquired by Acquired by Phone: (415) 318-3658 acquired by [email protected] A Portfolio Company of A Portfolio Company of We advised the buyer We advised the seller We advised the seller We advised the seller Marcus Anthony Vice President Phone: (415) 318-3662 Majority Interest [email protected] Acquired by Acquired by Acquired by Acquired by Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the seller We advised the seller Residential RE Software Commercial RE Software Acquired by Acquired by Acquired by Acquired by Mortgage / Lending Title / Insurance We advised the seller We advised the seller We advised the seller We advised the seller Home Services Facilities Management Investment from Acquired by Acquired by MBO backed by Construction Tech IWMS We advised the seller We advised the seller We advised the seller We advised the seller 4 CASE STUDY: SHOWINGTIME ACQUIRES CENTRALIZED SHOWING SERVICE GCA acted as exclusive finanical advisor to ShowingTime, a leading showing software and market stats service provider for the residential real estate industry, on its acquisition of Centralized Showing Service. Transaction Summary Strategic Rationale ▪ On September 6th, ShowingTime announced its ▪ The two established companies bring together a acquisition of Centralized Showing Service to better serve combined 43 years of experience helping real estate the needs of clients in the residential real estate industry professionals and their clients use technology to efficiently manage showings and feedback, while also ▪ ShowingTime’s products automate the showing providing market reports, recruiting tools and other scheduling and management process for MLSs, software products associations, offices and agents; simplify the report generating process using MLS data; and deliver buyer ▪ This acquisition will enable ShowingTime to leverage the leads generated from real estate websites two platforms to best serve the needs of their clients now and in the future. It will also fuel further investments in ▪ Centralized Showing Service provides a single phone research and development to provide innovative, number in each market they serve for all real estate streamlined products and solutions to the residential real agents to schedule showings for their buyers in hope to estate industry enable agents to organize more showings that convert into faster sales ▪ Centralized Showing Service’s clients will have access to technology-rich products that blend the best features of ▪ GCA acted as exclusive financial advisor to ShowingTime both companies’ offerings and equip them to serve their in connection with the transaction clients even more efficiently 5 CASE STUDY: INSIDE REAL ESTATE RECEIVES MAJORITY INVESTMENT FROM LOVELL MINNICK PARTNERS GCA acted as exclusive finanical advisor to Inside Real Estate, a leading provider of software solutions for top agents, teams and brokerages, on its majority investment from Lovell Minnick Partners. Transaction Summary Strategic Rationale ▪ On August 20th, Inside Real Estate (“IRE”) announced a ▪ IRE is one of the fastest growing independently-owned majority investment from Lovell Minnick Partners (“Lovell real estate software companies and a trusted technology Minnick”) partner for agents, teams and top brokerages − Financial terms of the transaction were not − Serves industry primarily comprised of point disclosed solution providers ▪ Headquartered in Salt Lake City, the IRE’s flagship real − Over 200,000 top agents, teams and brokerage estate software platform, kvCORE, is a modern and customers comprehensive solution known for delivering profitable growth at every level of a brokerage organization − Products focus on increasing brokerage profitability, driving team and agent success and enhancing ▪ Lovell Minnick is a private equity firm focused on business differentiation for customers investments in the global financial services industry, including related technology and business services − Investment comes during a period of substantial companies. Since its inception in 1999, Lovell Minnick has revenue growth and sustained profitability raised $3.2 billion in committed capital and has ▪ Transaction will fuel IRE’s continued growth, provide completed investments in over 50 platform companies financing for future acquisition opportunities and help ▪ GCA acted as exclusive financial advisor to IRE and its create the best environment to attract, develop and owner, NexPhase Capital, in connection with the retain top talent transaction 6 Q3 2019 PRIVATE CAPITAL DEAL DASHBOARD Quarterly Financing Activity(1) Select Q3 2019 Financing Transactions ($MM) ($MM) Number of Deals Equity Raise Debt Raise Post- Ann. Lead / Selected Amount Funding to Money Date Company Investor Invested Date Valuation $2,676 9/26 $43 $46 NA $50 Equity / 9/25 $43 $120 Debt NA 104 $969 $1,998 9/18 $20 $25 NA 91 $141 $141 8/27 $17 $48 $77 $1,752 85 $1,700 83 8/27 $47 $64 NA $403 $1,356 $1,298 $1,298 $50 8/27 $15 $29 NA 65 62 $1,084 60 $355 8/22 $80 $222 NA $100 56 $1,857 $1,707 8/21 $400 $565 $1,000 $1,306 $1,349 (7) 8/19 $65 $254 $600+ $943 $21 Equity / $38 Equity / 8/15 $120 Debt $120 Debt $150 7/30 $370 $1,483 $6,400 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 7/24 $100 $210 NA Avg. Equity $23.2 $25.8 $11.7 $21.8 $11.4 $16.4 $20.8 $20.4 $33 Equity $105 Equity / Investment: 7/23 / $15 Debt $15 Debt $300 7/11 $225 $358 $1,100 Source: Pitchbook and press releases (1) Excludes Airbnb, Credit Karma, Houzz, Nextdoor, OYO Hotels and The We Company Represents U.S. data across CRE / Investment, Residential Real Estate and Mortgage financing rounds 7 Technology REAL ESTATE PRIVATE COMPANY FUNDING LEADERS ($MM) Residential Real Estate Tech(1) (1) Mortgage / Closing / Insurance Tech CRE / Facilities / Construction Tech Funding to Funding to Funding to Company Founded Date Company Founded Date Company Founded Date 2012 $1,483 2015 $480 2015 $1,110 $1,345 Equity 2014 2012 $310 2016 $565 / $3,000 Debt 2012 $358 2014 $254 2012 $326 2009 $213 2015 $210 2002 $307 (3) 2014 $185 2013 $166 2013 $297 $150 Equity / (2) 2015 2018 $120 1995 $259 $825 Debt 2008 $104 2010 $112 2013 $222 2011 $103 2009 $90 2011 $197 $105 Equity / 2012 2010 $85 2015 $179 $15 Debt 2008 $85 2015 $78 2012 $175 Capital raise completed in Q3 2019 Source: Pitchbook, Company filings, Company websites, press releases (2) Equity / debt mix per Mike DelPrete (1) Excludes Airbnb, Credit Karma, Houzz, Nextdoor, OYO Hotels and The We Company (3) Represents equity invested only 8 financing rounds REAL ESTATE PRIVATE COMPANY FUNDING LEADERS Other Mega Funding Leaders Equity Raised to Date: >$500MM 1 ($4.4Bn) ($370MM) (1) ($614MM) ($468MM) ($1.6Bn) ($7.4Bn Equity (1) / $1Bn Debt) $200MM - $500MM 1 $100MM - $200MM 1 $50MM - $100MM $25MM - $50MM Source: Pitchbook, Company filings, Company websites, press releases (1) Funding totals exclude secondary transactions 9 Q3 2019 M&A DEAL DASHBOARD Quarterly M&A Activity Select Q3 2019 M&A Transactions ($MM) Ann. Date Target Acquirer Enterprise Value 9/20 $152 29 27 9/6 NA 26 26 26 25 9/5 NA 23 8/27 NA 8/22 NA 8/21 NA 8/19 NA 16 8/8 NA 8/6 NA 7/31 NA 7/31 NA 7/30 NA 7/24 NA Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 7/16 NA 7/10 NA 7/9 NA Source: Capital IQ , Pitchbook and press releases Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology 10 .
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