Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from the line of Gabe Poggi – FBR. Please proceed.
Gabe Poggi – FBR
Good morning, guys, how are you doing?
Scott Schaeffer
Good morning, Gabe.
Jack Salmon
Good morning, Gabe.
Gabe Poggi – FBR
I don’t know if you mentioned this, Scott, and if you did I am sorry, did you guys provide a maturity recourse debt maturity schedule updated for ’09, ?10, ’11? I think you had said $33 million due this year. I was wondering to see if that had changed at all because you guys said you paid down $17 million, so – then you got $16 million left in ’09.
Scott Schaeffer
What we – the $17 million, Gabe, represents both normally scheduled maturities and also purchases. So –
Gabe Poggi – FBR
Got you, okay.
Scott Schaeffer
Things that were not scheduled to paid yet in 2009.
Gabe Poggi – FBR
So, what’s the ’09 current, what left?
Scott Schaeffer
It is – it’s relatively small, Gabe, it’s $32 million of bank lines that are maturing this year.
Gabe Poggi – FBR
Got you.
Scott Schaeffer
Working with them, in active discussions regarding extension. We don’t have any news to report at this time.
Gabe Poggi – FBR
Okay. And that kind of leads to my next question is how have things kind of picked up – discussions in that regard and the market has had a left yet, but just from a fundamental basis, have you guys seen any change in anything 03/31 and now you said that you are in compliance in your CDO tests, but has there been any – anything from a fundamental on the ground difference with discussions as things gotten more positive? Are there more – the new word is green shoots [ph], et cetera, have you seen anything like that?
Scott Schaeffer
I am sorry, I am laughing at the green shoots –
Gabe Poggi – FBR
Oh well, I laugh at it all the time and that’s – it’s ridiculous.
Scott Schaeffer
Not much has changed since 03/31 as far as how that portfolio is performing. It’s kind of what we’ve experienced prior to 03/31, so things aren’t getting appreciably better, they are not getting appreciably worse either. One good thing is that these bank lenders are actively discussing extensions with us rather than a year ago they would have just –
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