For liquidity, you are assuming 23 and 24 maturing loans are repaid. I am extremely skeptical that that will happen. North Dallas new home sales are down and a number of these Centurion development projects are floundering. Not sure Mehrdad has ability to refinance UDFI out. My bet is there are a number of defaults resulting in extensions and further reductions in terms. G&A should be down to a pittance since they are no longer public. This is unlikely to get dramatically better anytime soon.
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