you, Steve, Thank and Katie. congratulations
value, supporting another This efficiently for stable to support sheet quarter's growing of healthy BXMT increased strong results in balance performance by priced attractive and performance positive cap-off of financings structured with maintaining year our our business. portfolio our dividend strong an and metrics, loan well book continued scaling a key with while further characterized metric credit earnings and
of core earnings core full during share $X.XX bringing income GAAP-net $X.XX per to $X.XX generated of year XQ, earnings and share per to earnings. We GAAP $X.XX of XXXX our
spreads. XXXX and X.X% at consistent lending predominately generally we earnings tighter LIBOR to Looking lending business, from in generation rate results, our declines X.X% floating despite from saw senior year-over-year
We've benefited our from LIBOR rate model, our funded to which XX% floating ties our loans, financing liabilities. the loans active as rate mitigate of well floating floors which as help in match on rates, decline floating
fees, quality earrings. from XXX% We contributed was In to which periodic addition, we maintained for earnings core continue $X.XX our full $X.XX $X.XX XQ to and a our year. earnings which high generation covered by from stable throughout the and dividend benefit XXXX, prepayment
track of Lastly, value, book a advantage $X.XX cost new pricing premium issuing increases we by our which value and increased to reduces loans. record our we of when at during our capital equity book effectively XXXX as competitive continued
of XQ last largest the totaling loans, year fourth record billion billion $X.X loans we from during had our funding year. total XXXX XX second a portfolio quarter bringing $X.X During up XX and our of originations, during closed XXXX, net of We direct our loan billion across billion, billion bringing $X to $X.X $XX.X to XX% volume originations.
of average the we continued had this scale the highlighting focus benefit an broader originations platform. million, large size direct our of advantage. the on business $XXX where sourced our competitive we year's XXXX origination outside also real-estate lending and global Notably, Blackstone’s have of U.S., of Our loans a reflecting XX%
as this the or of year, Consistent from loans the portfolio average senior weighted We portfolio mandate continue continues not previously overall with realize funded with million $XXX funding, up of of with our originated a XX% right a have to $XXX line in growing as originations lander, benefits our and as XXXX LTV credit our XX% XX%, our sacrifice of as year-end. a business grow million LTV our component we've XXXX. to
our We our inaugural X.X loan of of expanded balance see support portfolio, our of XXX% loan continued out sheet credit of in issuance XXXX, activity with term prior rating continue and line in to newly average $X.X billion to performance facilities. lending right with our with side hand risk in periods. The X an
we plus LIBOR to million reduced in a our secondary term points the for market loan and in in general Notably XXX, and support strong to basis $XXX we outside pricing April issued term reflecting initial XQ, of loan business. $XXX trading a XX million the further indication by
As markets billion issued mentioned, down XXX CLO our pricing basis we average from second January, in with Steve with XXXX. the $X continued $X.X the LIBOR CLO plus in our coupon activity billion cast X of of capital an points we
which million, closed in the debt access $XXX and diversify credit outstanding January we We proceeds our our XXXX as to equity with reduced of capital. facilities of repaid of CLO further and X.Xx, liquidity total
on which for or my CECL BSMT similar credit a effective remarks with public losses brief companies discussion and the X, January XXXX. I will of sized conclude current standard, expected accounting was
losses XXXX of quarter To we with lending record our their since be lenders this Last realized of zero. in have loan data portfolio, we securitized all loan that with LLC. CECL reserve reserve, requires reserve loans from all originated of business loss against across to record licensed we billion few our Trepp, track we exceptions in life augmented the estimated CECL no noted senior $XX loans launched our an determine cannot and
loss we to for securitized Although major focus the quality loans to in our senior we’ve BXMT, not make focused approach mortgage large to are comparable that are loans markets. our located similar is on Trepp’s business to on most assets at quality loans loans data high which tailored model, perfectly
maturity We their obligations. portfolio loan estimate weighted experience including loss this against our primarily applies historical future funding reserve, average elected in CECL the over to tenor, our remaining the to use which loans method expected
for default each with default a that use we weighted certain unique considers expected instances, for loss may instead credit characteristics, loans of probability unique In the loan. given likelihood and model
CECL will sheet We of reduction record share in balance reserve run $X.XX quarter as our value. approximately XXXX results, per through million $XX.X first of book modest to a or expect our a which
will in CECL The adjustments to net modulate income. through reserve an future periods
contracts, the credit expands weaken. overall or loans risk As declines strengthen of conditions quality and market portfolio or or our our improves or attributes
this further reserve when will fully calculations accounting next standard our We been and quarter, new has initial CECL provide reserve been finalized. disclosure have of our adopted
I will open the the that with Thank you and ask operator for questions. your support, call to to
