The thing you have to realize is the 5 CDOs have reivestment periods. I believe this period is 5 years. So, from date of inception you have 5 years to reinvest any proceeds from repayments into new investments. Once that 5 year period is up, you have to start paying off principle on the CDO debt. So, in essence, if you don't do new securitizations, you become a liquidating company. Why? The company can't grow organically since it has to pay out 90% income to shareholders. At the same time, princple repayments will have to pay off CDO holders. Either find a new way to inject capital or die. The problem is CDO market of cheap money is gone. Issuing equity at current prices doesn't make a lot of sense. Who would buy an unsecured bond from a CRE company right now? So, the million dollar question is, how does a CRE REIT make significant new investments? NRF is trying a private equity type deal. GKK and SFI are kinda hybrids where they own income generating properties. What is RSO capable of doing in the long run?