You know, when you see some of the best deals that come across your desk, what are
like one or three things that stick out to you as really good opportunities that
you want to learn more, that make you lean forward and make you interested? I'll
mention there are really two classes of deals that we look at. On the real estate
side, it's relatively straightforward because the valuations tend to be straightforward.
We're primarily looking for sponsors or partners that have significant track records.
And the biggest thing on real estate, if there's some sort of a development element,
is whether the entitlements are complete. We've gotten in trouble in the past,
investing in projects where the entitlements were too far out, and that does change
the return on investment portfolio quite a lot. But real estate is a fairly
straightforward business.
The technology investment side is certainly a lot more creative, and we can be a
little bit more flexible too in the kind of deals that we do. On that side, it's
much more about the team that's been put together. There were a group of, I
believe, Hawaii Angels that were up earlier that gave a terrific fireside chat or a
panel as well. And we're also primarily investing in seed stage opportunities on the
tech side. So it can be a little bit difficult to determine what an appropriate
valuation is for a tech company, especially an early stage one that may not yet
have any revenue or even a significant user base, but as long as the team is well
qualified, we can see that they work well together and significantly, as long as
that there is significant intellectual property, especially if it's protected by
patents, that becomes incredibly compelling to us. Thank you.