The Fund purchased a note secured by an 81,929 sqft flex/industrial/medical portfolio in Albuquerque, NM. Cygnus purchased the defaulted mortgage for ~35% discount to the unpaid principal balance (UPB) or less than $75psf on the underlying collateral. In March 2019, the Fund took the distressed note through the foreclosure process allowing us to unlock the value of the collateral fee simple. The portfolio is currently being held for income while value-add and disposition options are evaluated.