Tae-Sik Yoon: Sure. No Bryan, I think it was right. I mean Doug, as we mentioned, I think every asset is fairly unique. One office property is different from other office properties. The one that had the favorable resolution, as Bryan said, had significant land as part of the collateral package and it was really the land and the redevelopment of that land, that we believe led to the – very favorable outcome and resolution. And certainly all part of our original underwriting of the assets. When we do look at collateral, we are certainly looking to underwrite its current highest and best use. We’re always looking for that alternative potential value alternative redevelopment of the site itself. The other office properties that you mentioned, that is also in the Chicago metro area, where we have now rated at five and took in the significant, specific reserve.
Unfortunately, the land in that site is not as significant. So while it is a larger parcel, it is not configured to have the kind of redevelopment potential as the other office asset that has a favorable outcome. We do think there are significant alternative uses here. In addition to continue as an office, but the value because of the smaller land parcels, isn’t going to be as significant. And so, we think that really led to, I would say, different outcomes, even though the base use today as office is similar, the alternative use potential between the two properties were different.
Douglas Harter: And on the one where you took the reserve, any thoughts on kind of timing or path to resolution?
Bryan Donohoe: Sure, I mean the reason, part of the reason the specific reserve came about this quarter is because we know – we think we do have a little bit better visibility on the plans for the asset, and that the borrower, and we are working together, towards that resolution. We’re hopeful that it’s something in the next, hopefully, six to nine months that we can resolve, it’s difficult to give particular timing, just because these kinds of situations lend itself to taking your time to finding the best qualified buyer who can maximize the value of the asset. But we are pushing very hard, we have the full cooperation of the borrower to start that process. So, we are pushing to have something done certainly by this year. Our goal, certainly for these types of assets is to resolve the assets, monetize the value that we’re going to get out of it so that we can redeploy that capital.
So, we are very, very motivated to resolve these loans quickly and efficiently. But we want to make sure we do so to again, maximize her recovery on these assets.
Douglas Harter: Great, thank you.
Bryan Donohoe: Thank you, Doug.
Operator: Our next question comes from Stephen Laws with Raymond James. Please proceed.
Stephen Laws: Hi, good morning. First wanted to start I notice in the Q, some of the notes talked about a number of extensions and modifications that occurred in Q1? Can you talk about that process or borrowers, buying new caps – which I guess at this cost sort of paying interest or are they putting in more equity? You’re making any changes to spreads or floors or other type characteristics an indeed the modifications?
