Just checking in on Syndication Assumptions

[Chris Webb]

Hi BP,

I am curious if you are involved in a syndication deal, how are your assumptions holding up? Thanks in advance!

[Chris Seveney]

@Chris Webb

We underwrite conservatively so we have had no issues to date. We also have a very diverse portfolio of assets (our funds are performing and non performing notes), so even if we do have a bad apple in a group of 200 it has little impact on overall profitability.