- Pacific Oak SOR (BVI) Holdings, Ltd. (PCOK) reported a **working capital shortfall of $490.1 million** as of June 30, 2025, and its management and Board of Directors have concluded there are **significant doubts** regarding the Company's ability to continue as a going concern.  **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:7]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:5]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:9]** 
- As of June 30, 2025, PCOK was **non-compliant** with key covenants for its Series B and D bonds, including minimum consolidated equity (**$366.1 million** vs. required $475 million or $450 million) and Net Adjusted Financial Debt to Net Adjusted Cap (**75.2%** vs. limit of 75%).  **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:6]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:12]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:13]**  This non-compliance could trigger the bonds becoming due and payable if it persists for two consecutive quarters.  **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:6]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:12]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:13]** 
- In July 2025, PCOK secured an **$80.0 million** loan, primarily used to redeem Series C bonds, but this transaction led to objections and alleged breaches of duty from the Trustee representing Series B and D bondholders, with ongoing negotiations and a standstill agreement signed on August 19, 2025.  **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:3]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:7]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:7]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:16]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:5]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:9]** 
- The Company is pursuing asset sales, including a Purchase and Sale Agreement for Richardson office and land for **$30.0 million** and a non-binding Letter of Intent for 1,799 residential homes for **$230.0 million**, the latter at approximately a **24% discount** to carrying amounts.  **[1452936_0001452936-25-000096_pacificoaksorbviq22025finsa.htm:4]** **[1452936_0001452936-25-000096_pacificoaksorbviq22025fins.htm:16]**

Pacific Oak Strategic Opportunity REIT (PCOK)