Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: iStar Financial (NYSE: SFI) dropped 10% in intraday trading today after announcing new loan terms.

So what: The company has agreed to extend the time it will take to repay $1.5 billion of debt due in 2014 and increase the interest rate it will pay by 0.75%. It will also issue $3 billion of debt at a 1.5% discount.

Now what: Commercial real estate typically lags in downturns and upturns; iStar appears to be increasing near-term interest expense in hopes it can survive long enough for a reversal of fortune. iStar's new debt is tied to LIBOR, though, so interest expense will rise even further if short-term interest rates rise. The deal avoids restructuring now but highlights the extent of this unprofitable firm's challenges and may just kick the can down the road.

Interested in more info on iStar? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.