We will consider real estate investments on an opportunistic basis. By avoiding competitive contests and focusing on complex real estate transactions not listed on the traditional agent circuit, we can generate higher returns with materially lower downside.

More specifically, we will selectively apply our deal structuring and financing expertise to real estate transactions with the following characteristics:

> Properties with temporary issues
> Distressed properties
> Transactions requiring extensive due diligence and complex structuring solutions
> Greenfield developments in partnership with our construction partners

Furthermore, we strongly believe that outstanding opportunities are identified through an in-depth cash flow analysis based on realistic, conservative assumptions. We will avoid following trends or bidding contests for trophy properties.

We will occasionally partner with developers and other investors who require our expertise. Our partnerships are intended to evolve into synergistic long-term relationships and will involve equity participation.