With investment funds totaling $32.9MM, taken collectively the “Triangle Funds” have distributed $93.5MM, with nearly $80MM returned to investors and retained over $20MM in properties. Collectively the funds have generated an internal rate of return of over 19% over nearly 19 years, with investor returns of 17%. Even without the remaining properties, the Funds have delivered internal rates of return of 17.7% (total distributions) and 15.5% (distributions to investors). These returns were achieved using a very conservative investment approach. Safety of principal rather than maximum returns has always been the guiding principle of MPI. To minimize risk, the funds restricted financing to low-leverage, short-amortization, non-recourse loans. The returns of the real estate investments and the Triangle Funds were achieved by smart purchases, by improving cash flows, by hands-on and active management, and by well-timed sales. The returns were reached even while the company refrained from utilizing the “easy money” of interest-only loans and maximum leverage.