PCG acquires syndications, trusts, CMBS portfolios, CDOs, partnerships and other investments which hold undervalued assets. In some situations we acquire non-performing assets where we believe there is unrealized potential upside. In addition, we acquire performing assets which are more efficiently owned by a company with PCG’s structure and/or asset mix. For example, PCG owns PCG Academic Loan Group, which holds equity interests in securitized trusts, the underlying assets of which are billions of dollars of student loans.