first it's those debt securities.... i think they will be something like 290 million. They can't take loan loss provisions and they were trading at cost or below costs. If they trade below costs for a period of time they have to write them down.
They took 135 m out of 425, so I think it's in the book that the 290 will hit.
What the street wants to see, unlike the id10t's around here is can iStar fund deals that will pay off in the future. They will get the Jun financing etc... But the street wants to know if they can grow, just listen to the investors day. But they will be dealing with these FL condo's for a long time but they can manage them I'm sure. At some point I hope that they will more forthcoming in the number of condo conversions the are selling. And I'm sure they will be breaking even if not better on those... & there are a bunch of condo conversions in the low millions.