We year-over-year. BXMT's Tim. XX% per $X.XX reported share backdrop. to results increase of macro of Thanks, this earnings, negative quarter contrast stand clear the distributable an in
by dividend our covered margin XXX%. earnings considerable Our of a
Our defaults. credit was performance no steady with
of a one business and continues come our resilience More in our opportunities. And the ended a billion than in of aggressive year earnings of retained with through reserve to increase the excess in value. substantial balance offset most and was we insulate maintaining by dividends, on capitalize tightening cycles Fed our liquidity to CECL therefore our the results. into history, quarter of $X.X more Our modest the sheet than our we book
reserves our of the offsetting year. across the times the aren't. challenges the of that For loans substantially, XX% X% the our performing, over that income outsized up taken X.X are We've last (ph)
strong For these impact we've shareholders. reserves far the book-value the outstrips current for of dividend our delivered
On current XX.X% and earnings an the downside book. trading protection yield powerful. return We're yield share dynamic the price deep a discount is dividend with more XX.X% at even significant that given to
divergence is lender meaningful a and being Being the from economic equity is experience the the an Today owner. distinct way. along particularly
of power and on a differentiator As payment income, growing in date period. the our passing loan, investors This business is quarter. our the collect that a volatile every each flows floating-rate lender, we any derisks a each cash are with and for critical return interest current our of
safety. as the are portfolio, a before And or declines on we enhancement of flow in of a outcome start asset feel recovery. loan. full is recovery XX%, way, XX%, Put the same, even absorbed is cash an our first addition significant Credit our value a expected the point generation to value margin different the our senior XX%, lender, down with any XX of in impact if the ensures that by we of equity
sheet, of we strategic a and the and to XX last the We headwinds days. to and Starting a credit match We conservative new positioned year liquidity are well of rate positioning senior more they with in well-structured principles them. lending are aware a floating the challenges business recently our not adopted leverage with first the in proactively market ago. low and withstand balance funded
corporate debt. ahead out plan and capital of volatility, bolster year the fresh our executed XXXX, terming on to of bar we billion on every liquidity the of management asset our originations, At credit raised risk at and the shifted strategy raising reduce during the the outset to $X.X all of opportunity
from We the market. impact not in be will credit immune office especially
is value challenged origination. roughly most of average, vibrated we loans, office XX% against implying over have carrying XX% our from reserves estate on value That why reduction significant both in real
more watchlist. office there loans coming We But over quarters. will and are X% overall Hence, five-rated our four-rated challenges be our remained our the of realistic that portfolio. just
Coast, been have in we on commitments, On our few for managing office the four-rated weeks. year, two our the We loans. XX just proactive including already office last negotiations additional in are in last equity the achieved loans many deals, we on office extremely something of active West in have
office the $XXX This benefit basis quarter, XX% me, a and we excuse on of our U.S. position of , billion the and collected overall on of loan repayments last we were year, office. portfolio our as million senior $X.X to – paid-off reflecting is loans adding lender. $XXX office of
While our location not pressures. did contemplate pre-COVID selective today's We've sponsorship. quality, always work deliberate and estate about been underwriting hybrid and real
less new office believe our better as is top markets, since As the our portfolio meaningfully built portfolio renovated a nearly ground construction. than has been office a of or XXXX. XX% the X% up result, we stock U.S. positioned is whole. Across But substantially performing than market post-XXXX
the assets the In starved populate capital that contrast to CMBS market.
and XX% lender As scarce. have were plans. we fundamentals office substantial and Europe by recent cost definition assets gone have This through more makes of concentration for becomes to particularly some portfolio Together more capital markets. for positioned our CapEx as in our a tenants, leasing are compete And Sunbelt renovation better transitional stable.
is risk priced to market office deeply valuation. the Moreover, in our
principal losses a fires, first over today trading book-value. The five-rated at take outcomes loans. we benefit times and extremely across dimension, during This loss our mortgage of impairment income. is punitive an credit current from all XX% X.XX equates time on and and period are to which of four-rated loans. the Effectively it full We office
would reduced office the office loans of of continued dividend attractive the recovery to loans all basis the our equal covered interest on our our And including of five-rated as as if recovery by place four-rated as remain across year, For cost on well. our DE, put collect we even all already of we cost we have else highly needs. beginning we all
the seeing strong performance. Across we portfolio overall are
flows For multifamily, of hotels, robust. essential market other estate are cash real many retail and segments the
some areas, So has reduced levels absolute Rising markets costs significantly new have growth origination. decelerated and rent still capital supply are that well-above the pipeline. and rents liquidity in
the cash over segment portfolio. (ph) same as of flow And last well We well the progress, reflecting hotel, a rating as business repayments of as plan . included growth story a result, one-two-three City liquid as as quarter, a had and multifamily four-rated despite we York this primarily recovery environment highly XX hotel risk strong loans. see upgrades This We four-rated our the our months. New many across in see the loans XX hotel
weighted and also Gehry one Media Unsurprisingly, Burbank designed Our included new Studios, moved where is environment office we in San our primarily rating build Francisco. Altogether, upgrades last our loans. in the given largest substantially New office we our see many segments occupancy. average has risk of some completed of a construction in across York and year, the the negligibly trophy saw improvement balancing some deterioration downgrades well, portfolio. took Warner reflecting office Frank loans as assets asset
more million since virtually retail portfolio, represent and XX% repaid and quarter remainder before the hotel. than in two-rated with half loans Nearly, highest level the of office our in loans all one-rated COVID. $XXX this and of Today,
continue the we of diversification be apace. them While absolute levels to the our to of likely portfolio continue expect repayments tempered, makes to
New the preference lower well this optionality power. we as environment robust originations do for also earnings afford to maximum can result will much environment, of maintaining a transaction in measured, which as be our well our given
from on quarters the not sheet dependent near is balance are the to our is challenging. well our on And rather at but pace coming we portfolio. There be earnings continue derive lender, that record a income levels. will the invested doubt, As originations, new of no income interest
rates banks. We the environment the in expect failures likely to remain short banking will sector regional all The regulatory for elevated. tightened
driving But quickly our capital made storm. opaque skillfully markets will tailor While platforms conditions sustained more money the lend recession of business, for in not changing this banks the more their and opportunities. this we the environment. are of Many on will dislocation long-term and be to lower underwriting lending knowledge time less expensive. other have will capital real the With assess rates to have side sight fewer Direct markets. for is are lost have opportunity concerns
Available lending and a return. command higher scarce become more capital will
a subdued We started the crisis. market. Stepping the we the talent. bank and into financial moment, platform environment global into estate the passage at the with is AUM of expertise, While of pushed a business billion Blackstone regulatory realignment the $XX deals Since relationships, transaction similar in real the truly debt information, framework. of built differentiated time eventually the have investment void then, will aftermath the of
to equipped investment singular business. of Blackstone. is turmoil our On better than capitalize platform the a side And this on other opportunity no for it is
And to will the call turn over with I that, Tony.