The Company’s Principals believe that the reflexive nature of the real estate market is continuing to push prices toward disequilibrium, thereby leaving owners and lenders uncertain about the value of their real estate assets. This uncertainty is providing the opportunity to acquire real estate well below both replacement cost and stabilized market value. By acquiring real estate at today’s pricing, the Company is well positioned to protect investor capital while allowing for future value appreciation. While we believe that many of these opportunities provide an excellent possibility of near-term gain, our focus on evaluating opportunities using a long-term investment vision and value approach helps to ensure our invested capital is protected. So long as these market dynamics persist, the Company will continue to acquire real estate, either directly or indirectly, by purchasing fee, notes, bonds, operating vehicles, and other forms of real estate investment instruments. Near-term, the Company plans to focus on the following opportunities.