iStar Inc.

It highlights what remains of our non-ground lease assets. These are the assets that will either be monetized or moved over to Spinco. In our real estate finance portfolio, during the quarter, we received proceeds from loan repayments and sales totaling $33 million and recognized $3 million of gains associated with these sales. Remaining in this portfolio is six loans carried at $177 million. We anticipate the majority of these loans to be repaid prior to merger closing. Regarding our legacy and strategic assets, we received 35 million of proceeds and distributions from asset sales during the quarter, which generated an additional 11 million of gains. What remains is a total of 394 million of carrying value, of which Asbury Park and Magnolia Green represent the two long-term assets, totaling 270 million, as well as 13 short-term assets, which total 124 million. In total during the quarter, I-Star generated 105 million of proceeds from asset sales, loan repayments, and a ground lease plus sale to Safehold. Slide 9 shows an overview of our corporate debt. Continuing on our strategy to simplify the balance sheet, reduce outstanding debt, and preserve cash, during the third quarter, I-Star extinguished a total of 155 million of debt, including 93 million of convertible notes and 62 million of open market purchases of our bonds. at a price close to par. At quarter end, we had approximately $1.7 billion of total outstanding debt with a weighted average maturity of 3.2 years. In conclusion, we continue to execute on our stated strategies to strengthen and streamline our portfolio. Additionally, we are also making significant progress in the business combination with Safehold and look forward to providing you more details as they unfold. With that, let me turn it back to Jack.

Thanks, Brett. I know a number of you have asked when the merger proxy is expected to be filed. There are a lot of documents in different parties in the mix, so it's been time-consuming to say the least, but I think we're nearing the home stretch on getting those documents filed. Now let's open it up for questions. Operator?

Thank you. Ladies and gentlemen, if you'd like to ask a question, please press Start 1 at this time. We will take as many questions as time permits and proceed in the order that you signal us. Once again, please press star one to ask a question. We will pause just a moment to assemble the roster. Thank you. Your first question is coming from Steven Laws of Raymond James. Steven, please ask your question.