Exiting the commercial real estate finance business marks an important step for the Company in achieving a number of important objectives, including: (i) maximizing the value of the servicing business through the sale to a large servicing operation; (ii) simplifying the going-forward business and significantly reducing the ongoing management, general and administrative expenses through elimination finance related personnel costs and CDO servicing advance requirements; (iii) generating in excess of $50.0 million in liquidity previously invested in the CDO business; and (iv) providing for potential future proceeds through the retention of the equity in the three CDOs. Immediately subsequent to the transfer of the collateral management and sub-special servicing agreements, the assets and liabilities of the corresponding CDOs will be deconsolidated from the Company’s financial statements.Property Investment In the fourth quarter 2012, the Company closed on approximately $512.1 million of acquisitions with the Company directly investing approximately $86.2 million of cash equity. To date in the first quarter 2013 the Company closed on $24.7 million of acquisitions. Memphis Industrial Acquisition On March 11, 2013 the Company closed on the acquisition of a 605,427 square foot class A industrial building located in Olive Branch, Mississippi (Memphis MSA), in an all-cash transaction for a purchase price of approximately $24.65 million. The property is 100% leased to a single tenant through December 31, 2023 and includes an adjacent 13.8 acre land parcel which the tenant has the right to expand the building within the first five years of the lease for an additional lease rate. The lease may be terminated after December 2017 with 18 months prior notice and payment of a termination fee of six months gross rent plus unamortized tenant improvement costs. Bank of America Portfolio Dispositions The Company in a joint venture with an affiliate of Garrison Investment Group, or the Joint Venture, closed on the acquisition of a 115-property office portfolio in December 2012. The portfolio was divided into two sub-portfolios: the Core Portfolio, which consists of 67 assets and the Held-for-Sale Portfolio which consists of 46 assets. The Joint Venture intends to sell the entire Held-for-Sale Portfolio within the next 12-18 months. In first quarter 2013, the Joint Venture sold three held-for-sale assets for net proceeds of approximately $9.2 million.