−Removed: Quantitative and Qualitative Disclosures About Material Risk.
+Added: Quantitative and Qualitative Disclosures About Market Risk.
The Company places its temporary cash investments with high credit quality financial institutions.
2 unchanged sentences
The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash.
−Removed: Management does not believe significant credit risk exists on December 31, 2023.
+Added: Management does not believe significant credit risk exists as of December 31, 2024.
On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “2021 Mortgage Loan”) with Signature Bank, the proceeds of which were used to pay off the previous GSD Cortlandt debt facility of which $1,050,000 was outstanding.
1 unchanged sentence
To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.
−Removed: On March 12, 2023, the Company had approximately $61,000 on deposit and approximately $97,000 in a real estate tax escrow account (escrow balance will not exceed approximately $109,000) at Signature Bank.
−Removed: Based upon the announcement on March 12, 2023, from the U.S.
−Removed: Department of the Treasury, the U.S.
−Removed: Federal Reserve and the FDIC that all depositors of Signature Bank would have access to all of their deposits and the fact that the amount on deposit is below the $250,000 cap on FDIC deposit insurance, the Company expects to have access to all of its cash on deposit at Signature Bank.
−Removed: On December 14, 2023, the FDIC transferred the Mortgage Loan to SIG CRE 2023 Venture LLC, which is now the holder of the Mortgage Loan.
+Added: On December 14, 2023, the FDIC transferred the 2021 Mortgage Loan to SIG CRE 2023 Venture LLC, which continues to be the holder of the 2021 Mortgage Loan.
There are no undrawn amounts under the 2021 Mortgage Loan.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.