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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1287701	Gramercy Capital Corp	GKK	Real Estate Investment Trusts (6798)	061722127

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1250078	C Derek Schrier	C/O Indaba Capital Management, Llc One Letterman Drive, Building D San Francisco CA 94129	No	No	Yes	No
1516452	Indaba Capital Fund, L.p.	C/O Maples Corporate Services Limited Po Box 309, Ugland House Grand Cayman E9 KY1-1104	No	No	Yes	No
1524362	Indaba Capital Management, Llc	One Letterman Drive Building D, Suite Dm700 San Francisco CA 94129	No	No	Yes	No
1526324	Indaba Partners, Llc	One Letterman Drive Building D, Suite Dm700 San Francisco CA 94129	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.001	Acquisiton	2011-09-02	100,000	$3.16	825,000	No	4	P	Direct
Common Stock, Par Value $0.001	Acquisiton	2011-09-02	100,000	$3.16	825,000	No	4	P	Indirect	See Footnote
Common Stock, Par Value $0.001	Acquisiton	2011-09-06	33,000	$3.04	858,000	No	4	P	Direct
Common Stock, Par Value $0.001	Acquisiton	2011-09-06	33,000	$3.04	858,000	No	4	P	Indirect	See Footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct
No	4	P	Indirect	See Footnote
No	4	P	Direct
No	4	P	Indirect	See Footnote

Footnotes

These securities are directly owned by Indaba Capital Fund, L.P.
These securities are directly owned by Indaba Capital Fund, L.P. and may be deemed to be beneficially owned by (a) Indaba Capital Management, LLC by virtue of its role as the investment manager of Indaba Capital Fund, L.P., (b) Indaba Partners, LLC by virtue of its role as the general partner of Indaba Capital Fund, L.P., and (c) Derek C. Schrier as the Senior Managing Member of Indaba Capital Management, LLC and Indaba Partners, LLC.