Relative to its peers and in a measure of absolute return the broad REIT market has had its worst performing period in 10 years. Regardless of this negative event, commercial real estate debt funds focused on multifamily have been performing well and continue to receive requests for loans that are supported by solid properties and borrowers. We at Kirkland Capital Group are on our toes and ready to move as a reversion in the coming years will certainly create more opportunities.

July has been an amazing month with increased deal flow from multiple sources. Kirkland Capital Group closed another loan with many more in the pipeline. Buyers and investors in the small balance commercial real estate arena have come out strong, and according to many of the brokers in our network they are seeing more activity that will certainly carry into the months to come. In lock step KCG has had more interest from investors as well.