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: Shares of real estate investment company Gramercy Capital (NYSE: GKK) took it on the chin today, falling as much as 37% in intraday trading on heavier-than-average volume.

So what: Gramercy has been trying to come to some sort of an arrangement with a handful of its lenders, including Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and SL Green Realty (NYSE: SLG). After the loans came due earlier this year, lenders granted Gramercy an extension to April 15. Now that April 15 has rolled around, the lenders have ... granted another extension. The big hubbub, though, is that this time, the extension is explicitly so that Gramercy and the lenders can strike an agreement to make an orderly transfer of the assets in its Gramercy Realty segment to the lenders.

Now what: Obviously, this is pretty bad news for Gramercy and its investors. However, investors may be able to take some comfort in the fact that if a deal is reached in the next two weeks, the company may continue to manage the transferred assets and collect a management fee. That would certainly be a better outcome than if no agreement is reached, and the lenders simply foreclose on the properties. The bottom line: Gramercy investors will definitely want to stay tuned for the results of the negotiations.

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