Interest expense includes costs related to $2.4 billion of non-recourse long-term notes issued by the three CDOs that are consolidated on the Company’s balance sheet. Interest expense was $20.4 million for the three months ended March 31, 2012, compared to $20.3 million for the three months ended March 31, 2011.Management, general and administrative expenses were $6.7 million for the three months ended March 31, 2012, as compared to $12.5 million in the prior quarter and $6.4 million for the same period in the prior year. The decrease in management, general and administrative expenses is primarily attributable to a reduction in professional fees related to loan enforcement costs within the 2005-1 CDO as compared to the prior quarter. Loan enforcement costs for assets financed in our CDOs are typically advanced by the Company and reimbursed as servicing advances once the loan is resolved.
Gramercy Capital Corp. Reports First Quarter 2012 Financial Results
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