First, you raise money, then you purchase assets according to the fund’s investment criteria/strategy, then you sell and realize returns.
Right now, returns are based on cash flow from existing properties. Because the fund is new, we are still currently raising capital and are not done purchasing properties.
As we raise more, acquire more, renovate, and increase cash flow, the asset disposition process starts (toward the end of the fund’s term). This is when we will see returns realized according to the strategy.