Management, general and administrative expenses were $11.9 million for the three months ended June 30, 2012, as compared to $6.7 million in the prior quarter. The increase in management, general and administrative expenses is primarily attributable to the write-off of $2.3 million of costs related to our strategic review process, expensed at the conclusion of the process in the second quarter of 2012, and the remainder of the increase is primarily attributable to protective advances related to loan and other lending investments within our CDOs, and additional professional fees and other loan enforcement costs incurred by the Company in connection with the CDOs. 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. The amount owed from the CDOs to the Company for such advances is approximately $8.3 million as of June 30, 2012.GRAMERCY FINANCE
Gramercy Capital Corp. Reports Second Quarter 2012 Financial Results
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