(First Question) –Outline the Real Estate Investment Trust world and what the assets and total value look like6:10 – What does the profile of investors in the space look like compared to investors in the broader debt markets9:43 – What are the characteristics of a liquid real estate portfolio that make them so attractive to investors10:54 – Looking at the history of Sorin Capital and how the business has evolved to where it is today12:35 – Understanding the idea of securitization of commercial mortgages17:01 – What really led to the formation of Sorin after working for Bear Stearns20:19 – Looking at the retail sector in real estate in the scope of actual trades that are being made25:08 – From an investing standpoint, how do you craft a portfolio that takes advantage of the real estate space as retail appears to be suffering on the surface30:09 – The different type of real estate investments in the retail sectors and what piece of the pie do they make up32:43 – How does the business model of the mall work and why is it so connected to the department stores34:08 – What is the future of malls itself with the big changes happening to the legacy stores that helped them proliferate37:44 – Why won’t the same thing that has happened to apparel stretched to all sectors of the retail industry39:09 – How do they search for inefficiencies in the market41:20 – One of the craziest things they saw on the road that outlined real world craziness in real estate investment42:23 – What is the duration involved in these types of investments44:41 – How the portfolio is positioned across these different real estate types47:49 – Why haven’t others come in and taken advantage of the investments that Sorin is able to49:03 – Reaction to the idea that the growth of passive ETF’s and investing styles has lengthened the time over which certain inefficiencies would be corrected and are distorting things51:27 – How much does momentum play into their thinking54:19 – How evenly distributed are the vintages of these ten year cycles57:15 – Explaining the idea of deep value bottom up work in the real estate investment world that they have done a deep dive on59:31 – Best stories from boots on the ground visits1:04:04 – The origin story for the original Sorin partnership           1:04:42 – Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions           1:04:43 - Liars Poker           1:04:44 – Barbarians at the Gate: The Fall of RJR Nabisco1:07:51 – What was it like for Tom getting started and the lessons he learned after an incredible hard time for the market1:09:24 – What was it like for Jim coming through the crisis1:11:18 – What is the trend for funds to craft investments specific to investors vs having them buying products that they produce1:18:29 = Are other hedge fund firms moving to a client demand or solutions-based model? Or are we still very early in the transition1:22:50 – What would the generalists miss in this space vs someone like Sorin that is a specialist