PCG owns significant interests in a variety of syndications. Recent acquisitions include a major equity stake in a CDO securitization with assets originally valued at approximately $450 million. Although the vast majority of PCG’s assets and operations are in the United States, we have acquired foreign assets as well. For example, PCG owns the foreign preferred stock equity positions in portfolios of Collateralized Mortgage Backed Securities that were originally valued at approximately $900 million.
As the CMBS market has deteriorated, we have sought opportunities to acquire assets that we believe are undervalued.