The Company’s GAAP book value per common share is negative $(7.25) per share, or $(379.3) million at September 30, 2012. Of the negative book value, approximately negative $(488.7) million, or $(9.27) per common share, is attributable to the Company’s commercial real estate finance business, substantially all of which is financed by the Company’s CDOs. While the assets and liabilities in the CDOs are consolidated on the Company’s books for GAAP purposes, the Company’s exposure to loss is limited to its investment in each CDO. The negative book value of the commercial real estate finance business is primarily attributable to impairments and mark-to-market adjustments made to the loan and CMBS investments financed in the CDOs in excess of the Company’s equity investment in each CDO. Due to the non-recourse nature of the CDOs, ultimately, any loss in excess of the CDO liabilities outstanding will not be realized by the Company.NEW BUSINESS STRATEGY
Gramercy Capital Corp. Reports Third Quarter 2012 Financial Results
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