Significant Loan Resolutions
Resolved 8 loans totaling $873 million of UPB during Q2, including 4 loans paid off in full and 4 watch list loans. Total 2025 resolutions to date amount to $1.9 billion of UPB.
Liquidity Improvement
Increased liquidity by $221 million since December 31, 2024, reaching $323 million as of August 5, 2025.
Commercial Condominiumization Success
Completed the commercial condominiumization and sale of 5 office floors in a mixed-use New York City building, generating $29 million in gross proceeds.
Strong Hotel Portfolio Performance
Executed CMBS refinancing of the hotel portfolio, achieving attractive pricing with up to 5 years of duration. The portfolio remains held for sale, generating attractive leverage yield.
Deleveraging Progress
Reduced net debt-to-equity ratio from 2.4 to 2.0x quarter-to-date in Q3, reflecting effective deleveraging efforts.