Financial assets which is really the core of what we have done and we'll continue to do in bank loans, high yield and mezzanine and global distressed leveraging our credit teams in New York, San Francisco and Europe and real assets which is concrete points in natural resources in the energy space and commercial real estate probably we can add value and we combine that all together and leveraging the firms' intellect and in this one firm brain that Henry mentioned, we can create even further value for investors.

I am going to talk a little bit these two core investment themes because they are not truly something that investors and finance companies typically see. Including the left hand side of the slide you see in front of you is relatively typical focus on lending high yield bonds, term finance in the context of the structure so that we don't have market-to-market leverage, moving down to more direct originated credit like your mezzanine in U.S. or Europe, which we can capture in a liquidity risk premium above and beyond what regular credit markets provide.

And there are times tactically, when you want to move up in to the capital structures of businesses and hold that senior secured loan and finance it with low cost term liabilities and there are times when that liquidity risk premium is very, very high and you can get equal expected returns as you can in senior secured credit levered in a CLO. And we want to take advantage of those opportunities and then generally, virtually somewhere in the world there's some sort of stress and our global special situations capability has been built to find those places of distress, leveraging the same diligent framework of the firm and pursue those opportunities.

On the right hand side of page is, some of the new things that we thought about. We thought about how financial assets and real assets play together to create negative correlation in terms of outcomes, improve effectively the risk of the overall business and help drive consistent cash flow in returns. And natural resources we referred to mid and upstream oil and natural gas assets predominantly. We're targeting similar mid-teens returns and a similar profile opportunistically focused on real estate entry points either through debt or equity predominantly in North America and Europe.

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