PMC Commercial Trust (PMC Commercial), together with its wholly owned subsidiaries is a real estate investment trust (REIT) that primarily originates loans to small businesses collateralized by first liens on the real estate of the related business. The Company’s loans are predominantly (93% at December 31, 2009) to borrowers in the limited service hospitality industry. PMC Commercial generates revenue primarily from the yield and other fees earned on its investments. Its operations are located in Dallas, Texas and include originating, servicing and selling commercial loans. The Company originates loans through PMC Commercial and its wholly owned lending subsidiaries: First Western SBLC, Inc. (First Western), PMC Investment Corporation (PMCIC) and Western Financial Capital Corporation (Western Financial). First Western originates loans through the Small Business Administration’s (SBA). First Western originates, sells and services small business loans.