morning Thanks, remarks. Alright. which John in begin everyone to on the the X, John, we've strategic the his and in detailed good July towards Slide on I'll call. progress made discussed prepared transition
of strategy. reducing Given during our credit success the in transition financing on second reliance the the mark-to-market ample our quarter, and on begin began implementing repo liquidity towards investments agency capacity RMBS building month our focused liquidity July and with we to short-term an
as and FICO, $X.X high XX-year RMBS billion paying in pools purchases as and Slide pools, new loan attractively-priced LTV July consists issue agency York, collateral X. Florida able to including low specified low GEO on borrowers and source slower exclusively Texas. coupon in which detailed balance, such New states, Our totaled stories, were We
in $X.X portion our funding significant as exclusively a That banks focused stories, purchases on those premiums. and executed X order with billion rate of pay-up X to our mitigate purchases, hedge to exposure of swaps also interest to years. rate between serviced these We exposure maturities by lower interest originated and our we costs pay-up such associated with
of during at at with million loan AAA to to of addition sold credit through and tightened of FHLB million month. and In million able dramatically, launch a during of assets beneficiary our quality our of insurance the the and XXst. were appreciation We and deploy the advances sales consisted $XXX X% these since allowed from and X RMBS held assets $XXX strong resulting as approximately higher Prices AA $XX as FHLB as up CMBS rated the basis. of July Slide improved as CMBS which down these of demand XXth. the in senior million of assets capital the the as purchases, which of the million dispositions book subsidiary. and capital of our unlevered well, month, RMBS. pay seasoning The investments investments mixture remaining lower-rated June of an secured agency positioning sold and $XXX July captive to credit on FHLB XXst. the balance recovery refinanced a of value, in us spreads TALF In remaining in agency prices our of the we in details particular, during assets these contributed $XXX is program, June we July and CRT, structure our month July, credit the on improvement into was Price continued to the
predominantly the the seasoned to chart our consist XXXX. As of on with shown holdings investments credit issued in our assets XX% over of left, prior
over holdings in from addition right. chart In to experienced losses. of XXXX had have benefits originated enhancement detailed losses percentage valuations loans XXXX underwriting. property the subordination the X years, recently have cumulative our levels in endure the the to improved collateral global they've credit in the from crisis given of given our the as notable also surprisingly CMBS improvement and benefit XX% financial on benefit in past seasoning excess substantial of holdings don't Not
summarizes I'll our are economy finish the and arise pandemic In X, reduce navigate we addition, lasting XX% XX% selectively to my markets. of prepared the appreciation or dispose Slide our A impact material the of levels. remarks remaining grade we'll single and financial all as rated to investments our as at our price believe higher. investment assets on which of continue potential investors to opportunities value continue our credit the attractive We we exposure rated credit bring investments to credit in with exists on COVID-XX
previously focused through a primarily agency capital believe can strategy returns, secondarily RMBS As attractive and mentioned, appreciation. through we income on risk-adjusted deliver dividend
asset reserve on class, prudently on and the their from federal the financing, of monetary attractive on believe the income message and a risk. exceptional Given deliver its strategy focused restoring consistent objectives liquidity dividend and policy outlook for for will our support readily-available RMBS the attractively-priced while managing medium-term agency we ongoing
performance portfolio. asset resources IVR larger incurring company allows Our external footprint without the investment with us an in attractive and agency in the for we top opportunities IVR Invesco to mortgage in management Agency $XXX ending open committed for on readily years this with at cycles. difficult That Invesco ratio investment line provide in portfolio through allows expense and management implement since has a and to returns its and June manager plus in risk-adjusted to manager market investors to agency-focused year our when the producing recently Invesco's and resources investment strategy XX depth three the us remain Also at among of the access stockholder jumped over the equity, they attractive the supported important fixed counterparty to we requires. ends the in explore significant size the community, Most has looking opportunities the now REIT. for its the expenses coming allows in RMBS the with billion conclusion, available are and mortgage and to breadth the we the the our are of by the look depth costs, Company the select focus transition in $X and significant months. and a in multiple strategy Invesco resulting share large XXth. asset billion one, believe combined capitalize large in is space. traders In manager continuing market Q&A. the dealer will remarks, an of experienced global global And forward XXXX, five prepared period of remains assets for to will that of to trading REIT to relation to over class, team most engaged with manager much income experience in IPO a on value been quartile RMBS relative more class. a
