Stephenson Real Estate Company was founded $25$ years ago by the current CEO, Robert Stephenson.

The company purchases real estate, including land and buildings, and rents the properties to tenants.

The company has shown a profit every year for the past $18$ years, and the shareholders are satisfied

with the company$$s management. Prior to founding Stephenson Real Estate, Robert was the founder

and CEO of a failed alpaca farming operation. The resulting bankruptcy made him extremely averse to

debt financing. As a result, the company is entirely equity financed, with $9$ million shares of common

stock outstanding. The stock currently trades at $$37\mathrm{.}80$ per share.