Hillenbrand Partners has the experience and analytical capacity to analyze performing and non-performing real estate debt, including CMBS, B-Notes, mezzanine debt, and other forms of senior and subordinate debt. The firm evaluates property types, tenants, borrowers and other factors affecting the creditworthiness of commercial real estate debt. Commercial banks, pension funds, insurance companies, and other institutions invested heavily in commercial real estate debt during 2005-2007. However, these loans have deteriorated, as borrowers have come under stress from falling rents and rising vacancies. Thus, the market has witnessed a proliferation of distressed debt opportunities, as banks seek to clear balance sheets of distressed loans. In addition to distressed debt opportunities, we expect the resumption of CMBS issuance as the economy recovers. Securitization is critical in funding commercial real estate acquisitions and refinances. We believe the economic recovery coupled with government sponsored programs will hasten the recovery of the CMBS market in the coming years. This will lead to investment opportunities in debt collateralized by stable properties. Our ability to invest in these opportunities is expected to create a diversified and stable income stream and capital appreciation opportunities. We will pursue attractive, risk adjusted investment opportunities based on our fundamental real estate analysis.