Does the ULR limit incr. RCF borrowing, outside of refinancing other unsecured debt, to just an estimated ~$300-350mm?

2/x

ULR is actually very likely tighter than the above, given what can be seen publicly. No doubt there are likely private restrictions we cannot see:

(1) vacant assets not subject to triple-net lease are excluded from the ULR, and
(2) UJV property at least 51% owned w/ recourse indebtedness also excluded.

Would mean ULR further approaches 70% covenant limit = very possible there is no or essentially no RCF capacity outside of refinancing other unsecured debt, up to $1.28bn.

ULR is most important covenant at this point imo.

Ernest/Epoch would have run out of cash in 2023 w/o this equity infusion.

But from where/whom?