We also executed on the discounted payoff of $183 million New York land loan at 90% of par. While the discounted payoff impacted our first quarter financial results, The transaction provided several benefits, including generating approximately $95 million of liquidity for CMTG. In addition, the discounted payoff reduced exposure to land in New York City and also mitigated capital markets risk associated with the repayment of this loan at maturity. This loan was ultimately exposed to the office sector in that the sponsor's business plan is a large-scale roundup office development subsequent to quarter end three additional loans were repaid which in aggregate comprised 314 million dollars of upb first we received a full repayment of a 225 million dollar loan collateralized by a hotel located in savannah georgia second we executed a discounted payoff of an $88 million Houston office loan that was on the watch list, resulting in repayment proceeds equal to 72% of UPB.

May 8, 2025 / receipt, needs a key / Mike McGillis, CFO | earnings call 2025-05-08 | transcript c060d01c-6bbe-4b6b-a2bc-43022ef8b028 | chars 6418-7396 | segment 6

As Richard mentioned, enhancing our liquidity position, reducing the levels of our watch list loans, non-earning or suboptimal earning assets, and deleveraging the balance sheet will be a focus area for our team throughout 2025. And to that point, we expect the pace of resolutions to accelerate, including the remaining held-for-sale loans, the hotel portfolio, and anticipated loan repayments.

Feb 20, 2025 / receipt, needs a key / Mike McGillis, CFO | earnings call 2025-02-20 | transcript a3936f35-3477-4478-bcd5-79eb77fbf05b | chars 12947-13342 | segment 12

The industry is experiencing downward pressure on top-line growth. While occupancy is held, ADR has been impacted by a number of factors. Pent-up domestic leader demand post-COVID has abated. The relatively strong dollar has motivated consumers to opt for European destinations as opposed to traveling domestically. Additionally, corporate group travel has not recovered to levels seen prior to the pandemic, which has resulted in fewer opportunities to push grades during compression periods.

Aug 2, 2023 / receipt, needs a key / Mike McGillis, President | earnings call 2023-08-02 | transcript 64866557-8ca7-4b77-818c-9a452cd07c76 | chars 11766-12259 | segment 12

Consumers and businesses have historically pulled back on travel-related spending during our session, and we expect they'll behave similarly during this economic cycle. However, the broader impact is likely to be reduced group demand and corporate transient demand as companies tighten travel budgets.

Feb 17, 2023 / receipt, needs a key / Mike McGillis, President | earnings call 2023-02-17 | transcript a56c89eb-9b74-4792-a2a2-179d0c453ac8 | chars 11817-12118 | segment 12