Investor Presentaiton
Q4 2023 Business Update
PORTFOLIO
ACTIVITY
CAPITALIZATION
& LIQUIDITY
■ The Company funded approximately $15 million on existing loan commitments and upsizes during the
quarter and realized over $275 million in loan repayments, paydowns and resolutions, over 60% of which
were office assets, including the nonaccrual resolution described below.
■ In December, the Company resolved a $93 million senior loan that was on nonaccrual status. The resolution
involved a coordinated sale of the collateral property, a San Diego, CA office property, and the Company
provided the new ownership group with a $49 million senior floating rate loan supported by meaningful fresh
cash equity capital invested in the property by the new sponsor.
■
During the quarter, the Company repurchased 1 million shares of common stock at an average price of $5.15
per share for a total of approximately $5.2 million.
■ Redeemed for cash the $132 million of Convertible Senior Notes that matured on October 1, 2023. Following
the redemption, the Company has no corporate debt outstanding.
■ Increased the borrowing capacity of the JPMorgan financing facility up to $525 million and modified other
terms, resulting in additional cash proceeds to the Company of $75 million, which may increase up to $100
million.
■ As of December 31st, the Company carried over $185 million in unrestricted cash.
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