Doug Bouquard: Yeah look, on that point you can probably look to the asset that was resolved in December, which Bob provided some context for during his remarks, as I think a very good proxy for our ability to asset manage in this market. You know that was an asset that ultimately when there’s default, we foreclosed. And relative to our carrying value of approximately $0.85, we ultimately covered approximately $0.95 through a sale to a local buyer. So I point that out, because I think it really highlights number one, the sort of pace at which we resolve that loan; and then number two, obviously we were pleased at the relative resolution proceeds when compared to our carrying value. So I would sort of use that as a relatively good proxy for how we expect to be asset managing loans that sit within our five rate buckets.
Aaron Seganovic: Okay, thanks. And then I guess with the extensions. What do the sponsors €“ generally do they put cash in or how do they achieve that kind of amendment? And then, I would suppose if that’s the case, then that would generally be a good sign that the sponsors are still willing to stick with the properties.
Doug Bouquard: Yeah I mean, you know as I mentioned in my remarks, we are working collaboratively with all of our borrowers, and where I would say our sort of general approach has been modifying and extending €“ we’re not going to give that out for free. That’s almost always going to come with some amount of either pay-down and/or increase in terms of economics. So generally speaking, if we are going to be modifying and extending, we do want to see substantial equity coming in from the borrower to basically get our basis down and also show their commitment to the asset.
Aaron Seganovic: Got it. All right, thank you.
Bob Foley: And just – and that can take many forms. For example, for the year just ended, I think across the portfolio of all our borrowers infused roughly $200 million of fresh. Some in the form of principal payments, some replenishing interest reserves, some of it you know buying the caps that they are required to buy typically in our loans in order to extend them. So for the majority of the loans that are coming due, where we’re seeing borrowers step up and support, but the form of that support is clearly situation specific. And frankly last thing, some loans borrowers just €“ you know they qualify for the extension by right and it extends.
Aaron Seganovic: Okay, thank you.
Doug Bouquard: Thank you.
Operator: Thank you. We’ll take the next question from the line of Don Fandetti with Wells Fargo. Please go ahead.
Don Fandetti: Yes, as you think about office, Doug or Bob, if there is €“ let’s just say there’s a soft landing. When do you think you’d have some sort of visibility on the risk of the office portfolio. Would it be sort of mid this year, you feel like you could kind of bracket the risk? Or is this a situation that is just going to play out over a year plus.
