Launched in 2003, our bridge loan program provides short-term financing for multifamily and commercial properties. Unlike other bridge loan lenders, CWCapital acts as a principal investor, retaining ownership of the subordinate tranches of our bridge loans, either by retaining B-note or mezzanine positions on asset-specific loans or the non-rated B Pieces of our securitized transactions. In 2006, CW began creating its own CDOs in order to leverage its bridge loan origination capability. This has resulted in the ability to deliver more competitive rates, more flexible loan sizing, increased speed and certainty of execution for our borrowers.