Question-and-Answer Session
Operator
Thank you. And ladies and gentlemen today's question. (Operator instructions). And from the line of Omotayo Okusanya with UBS please go ahead.
Omotayo Okusanya - UBS
Good morning gentlemen. Just a couple of questions. Jay in prior quarters, you used to give a little bit more detail and robust resource of use, the resources and usage of cash and this quarter at least we have an update on the sources side, opted on the users side but not as much detail on the sources side. Is that just because it’s become a little bit more unclear, where you’re going to beginning at capital from or you just going to leave it open to explore your different options?
Jay Sugarman
Yes, I guess it’s a combination of difficulty predicting far out. I think we got pretty good clarity on the near term quarter-to-quarter. Remember predicting things a year or so out has been a fools game and we have not been very good at it.
I think what we have seen is an ability to kind of switch among different sources of capital, whether it be sales of credit tenant leases or loan monetizations or actual loan repayments. A lot of those things are just blowing together right now.
Borrowers are making partial pay downs, instead of full debt pay downs. We are giving partial extension, so unfortunately giving you hard numbers on each of the various categories is difficult and frankly I am not sure it’s a great exercise. We know what we have to achieve on the users side and we know we have the multiple sources of capital to do that. And so, what I think we're trying to do is tell you what we’ve got to do, tell you that we think we have all the levers to do it, but rather than give very specific projections that right now I got to tell you I wouldn't believe anyway.
Omotayo Okusanya - UBS
Okay. And then with the new line of credit, with the whole the private exchange offering and exchanges some of the covenants a little bit if we deal good with the private exchange offering. How should I be thinking about if all of that gets done, the amount of unencumbered assets you still have under book, and the amount of those unencumbered assets you can encumber, such that you're still in compliance with your covenants?
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