and income reported you, reported for Earlier and our of diluted, per for Thank March per or $X.XX reported $XX.X we distribution, unit unit. first million $X.XX basic Ken. we and available CAD, ended $XX.X of net earnings today, and We GAAP million quarter XX. cash
and mentioned our GAAP As $X.XX reported This difference expense is and $X.X of of income GAAP added performance net million related our fair in noncash swaps. CAD metric net back our declines between to of unit. main when calculating includes rate CAD Ken noncash our unit income is to income the per per $X.XX previously, the value GAAP of expense net interest
expected, a are generated swap Our net cash of receipts first net interest on quarter. our are which rate as and portfolio, during $XXX,XXX performing we rate receiver swaps the interest
in December basis, from per of current a is which increase in fair during of stabilization market our March Our increase XXXX. distribution book the municipal as of and the was the an $X.XX revenue period excess declared income increase value net diluted on modest the is quarter. XX, unit caused portfolio XXXX, XX, $XX.XX, bond bond our of of by value The of result a an mortgage
value market mortgage our reminder, revenue quarterly. a to As we fair bonds or marked
However, reported case cash the if impairments, or net not of such flows our any. in do except impact gains income, or losses
May significant New value if in We regularly to premium our close York unit on investment deleveraging per Stock which our are declines protect was book closing XX. values. take debt both of there as is yesterday, accretive the to opportunities March As liquidity potential advantage Exchange of monitor and asset $XX.XX, against events of unit over X, price market net X% our a
of Signature Republic First March of and XX, Silicon Bank. reported unrestricted we were cash of or which Valley at $XX.X Bank cash held million, equivalents As none Bank,
to XX monitor we of also potential in our rate additional $XX.X fund our and these overall discuss through that secured to regularly is levels, Form current I well-positioned filed credit. which XX-Q. our We rates quarterly At we lines interest later. exposure We report Page recently of financing analysis, believe will million increases an included on our interest commitments, on we had are sensitivity of availability which
immediate assume interest an interest immediate XX in and These in rates decrease point for $XXX,XXX rates response that market interest analysis table our XX increase XXX we based in of there rise sensitivity per our of in cash that of which sustained in a to changes for result $X.XX March do The shows various other those as impact net that an and scenarios unit. income is rates approximately the distribution, The on in rate will interest assumptions management a shows assumptions. scenarios given XX-month is interest for approximately income months. available net basis that and nothing various period is
our interest XXXX. issuer the projected quarter this per we during of from governmental same is CAD for reported consisting as this our March XXXX per $X.XX XXXX. some income mortgage in level the net revenue $X.XX of loans to This analysis XX, first of is result current property decline loans. unit in $X.XX low rate due like unit from very The believe and net of per comparison swaps of XXXX is execution scenario primarily exposure bonds, I'd and debt under the and XXXX. significantly of improved decrease to calendar information income portfolio on to now our share for unit investment And and
mortgage XX properties the XXXX. by represent due revenue states. We December of of our with own XX, provide total XXXX, remaining $XX quarter gains. XX% the $X.XX These portfolio unrealized X% approximately which fair investments reported currently increased advances million totaled of billion, approximately mortgage The principal Such an XX net assets permanent from bonds financing across increase assets. affordable is December during to for revenue bond due million our that from of to multifamily increase XX, $XX increased value
currently governmental mortgage states. multifamily across We to that construction will also loan commit that XX or properties own rehabilitation a we property lean. the X shares first issuer loan, loans additional finance governmental issuer Alongside fund of affordable
typically Our property of fund loans after funding completed. loans issuer the is governmental
million. advanced totaling to million loan revenue bonds, funded In commitments. approximately property of will and of $XXX will outstanding related over base. issuer commitments our as XX. governmental debt quarter, mortgage asset future have funds our March governmental be taxable under years governmental funding add redemption $XX loans we investments with These million commitments the income-producing loan, of and X loan $XX.X first loan approximately and our total, our proceeds received associated issuer And During property issuer we
from our net nearing our that be to of existing proceeds commitments. financing capital those funding maturities remaining maturity, expect also will into We our from investments construction receive return and redeployed redemption the are
our on we In reserve funding as fair funding on of the loans, The material related have methodology investments, at XX. did reserve referred which first commitments, have CECL totaled loans CECL and impact debt standard CECL investments our commitments. revenue number related of which of the or investment this issuer XXXX-XX debt accounted as for available-for-sale securities effective the million reported January Update for for material not X, $XXX Standards adoption March are XXXX, Accounting a the standard standard, are value. impact as and property to adopted commonly the for and quarter, a governmental bond mortgage approximately our methodology did Adoption
accounting. a model. GAAP incurred credit has as model model publicly a loss that the and We in our CECL utilizes For transition supportable current these rate and reserve are data resulted to conditions, CECL credit reasonable expected standards than to the current transition loss commitments, using sources, require qualitative loss forecasts estimate previous credit expected that assets funding a from available and previous inputs. losses higher the This loss
a for allowance Live X, Of initial to this recorded million losses as to XXXX. the Capital remaining amount, over reserve adoption reduction January was overall was million credit of carried Our direct property from the Partners’ $X.X of The loan XXX relates as $X.X upon $X.X that XXXX. million.
overall commitments. Our XX points funding assets reserve total basis of is and gross our approximately
reserves, addition in to mortgage lend our that with credit companies. benchmarked credit model, company line we specifically to we found of upon REITs to generally percentage primarily exposure our total a and adoption reserves that multifamily-related peer reserve peer executing those loss as our were initial In borrowers, loss
investment allowance quarter portfolio losses a for for recovery during We our for reported statement the of of net the for the our of average provision Provision credit credit life income. component weighted of on quarter. shortening during face the $XXX,XXX, a the was by the the first largely operations quarter in and credit change losses a first losses as driven of
have We the adjusted with loss credit the calculation allowances. back treatment for losses for CAD, provision in credit previous of of consistent impact our
in CECL Additional disclosures related included Note adoption Form our to the of standard our and XX Note X XX-Q. of are
capital million other $X.X properties Turning significant value our which returns investment basis. trend in of Property that The the were approximately to as properties million of venture reported investments is portfolio. on XXXX Two our $XXX on returned portfolio Vantage a a which March joint of into consolidated advanced current near deploy totaled initial sales. the the on continues during is totaling $XX.X consolidated venture our significant quarter. The the We consisted basis. March Vantage XX, equity reported will equity one as at XX, which January we of exclusive investments our commitments equity of under of XX term. of one carrying to first additional us, of joint in Upon funding gains, was million sale, of the sold
our sheet, XX. On existing our We March Form of XX, side XX-Q. report as debt major investments $X.XX our quarter. our facilities of in on XX commitments to This up manage of billion principal Page our of used XXXX, an the the outstanding and totaling investment investments as balance from categories financings is had a on result financing are and funding during first billion leverage of debt as X $X.XX balance leverage debt December and MRV our of new
our is The debt total of XX% first associated represents and fixed-rate fixed-rate debt with assets $XXX financing. category million or
in generally the fixed rates. our both short-term rates not asset and interest either by net is debt long-term As or changes are market return impacted rate,
without instruments. our is total category variable rate million Variable the have with variable rate will debt approach rising vary, ourselves of or $XXX matched second associated hedging but effectively represents and financing. separate for we The protected floors and interest XX% assets rates rate this funding need debt through against indices
The swaps. is limit rate costs funding short-term interest fixed-rate rate been category increased rate our exposure from resulting third rising hedged variable SOFR-denominated These debt that assets to swaps have via rates. with associated interest interest
total cash for accounts or swaps $XXX,XXX financing, $XXX rate debt category payments during we This totaling quarter. of our on first our the and million XX% interest received net
assets term. into total our considered The We quarter. million where interest in of future, the for rate final $XXX XX% category fixed swap may interest This with category associated designated this interest exposed additional we rate the appropriate. are with is financing. our category rate in X monitor most implement is debt in We variable risk no and regularly entered the near exposure rate hedging, if or transactions rate hedges risk which to represents only debt first
debt synthetically of interest new in to fix the We hedging yield will and continue to our advantage to take for curve inversion investments. costs the evaluate positions
issued for value quarterly This our income AX to statements in interest rate nondilutive of our our are such changes variability preferred will audience expense will existing and cause maintain as note rate rate units interest fair institutional volatility. to noncash net interest I preferred access marked newly of exchanges Series capital. that fixed of low-cost in to with reported the Series swaps to on operations. our prefer Continue A units to periods reported
million have we A exchanged successfully of $XX of original $XX.X date, million preferred To units. our Series
units received of exchanged for date, date. to extended And redemption second that A be Series we earliest issued XXXX units XXXX. of dates. offering. million the units For have redeemed $XX has existing separate of This preferred exchanges units Series XXXX. optional under new to of notices preferred $XX additional million million Series To $XX.X are their AX optional half investor existing are February for dates preferred million to an XXXX, on pursuing in redemption AX Series remaining we and of the nearing $X In A redemption those to preferred a units we the
continue investments both under pursue B and additional preferred for our Series We to active preferred unit units. offerings AX our Series
I will to update conditions now for investment turn and Ken call on his our pipeline. the over market
