TAX LIEN INVESTMENTS - Security through high collateral coverage with lien-to-value ratio of ~2% - Expected returns between 8% and 12% - Investment term of four years - Magnolia has placed more than $350 million in Florida tax liens since 2009 - 6 actively managed tax lien funds REAL ESTATE INVESTMENTS - Strategy, underwriting, acquisition - Focus on residential properties in Florida (developed and undeveloped land)