What opportunities are in debt structure products across the capital stack?

Lisa Knee: Colony has been an active investor in debt and structured products across the capital stack. So what opportunities are you seeing now in this area?

David Schwarz: We've been focused on areas where we can achieve equity-like returns without taking necessarily last dollar risk. So we're looking at transitional assets, CMBS markets, balance sheet lenders are still very active and it’s still a pretty healthy market for assets with cash flow. But for certain assets that either have a repositioning element to them, have leasing holes in the asset or just may not be down the middle of the fairway for your traditional CMBS or balance sheet lender, we've been focusing on opportunities there where we can participate, whether it's through a preferred equity position, mezzanine debt or basically taking down an entire capital stack and really parsing it off ourselves and selling off an A note and maybe keeping more of a subordinate position. Generally speaking, we're pretty focused in the US and in Western Europe. We're not in Latin America, we're not in Eastern Europe, and we’re not in Russia. Generally speaking, if we don't have a good feel for the rule of law and we can't hedge the currency, it's not really a place that we're looking to put money out right now. So the European situation we think it's still pretty interesting. On a whole, and there's a lot of different dynamics to it, but Europe’s about three to four years behind the US in terms of how they've worked out their banking crisis in their financial situation.