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Thank you for your interest in Basalt Capital.  Our investment advisory and asset management operations have been established and thoughtfully planned over the past decade leveraging technology and 16 years of unique CMBS expertise. 

Our first CMBS fund was launched in January 1999, Cargan CMBS Investments LP. Figuratively speaking, the stars were aligned for us to access assets yielding high, risk-adjusted returns primarily due to our unique expertise. I directed this unique expertise (access, underwriting and pricing) toward investing thoughtfully in higher yielding commercial mortgage backed securities. My expectations were for the market to stabilize, spreads to compress and underlying collateral to appreciate.  By 2001 these factors were realized, however continued progress was not supported by our conservative technical analysis, and therefore a second fund was not pursued. I established a "prop-trading" desk and have enjoy remarkable track record.

Today we find ourselves in a similar favorable capital markets environment and we clearly have a natural advantage to access assets, underwrite risk, and extract equity-like returns from higher quality, cash flowing securities.  Basalt's foremost focus will always be on capital preservation.

Respectfully,
Frederick L. Fellows
Managing Principal