happy on build commercial I forward. reflected are Jeff, outlook, joining the happy I just release. we with morning, pretty Thank expressed which the -- our I'm us. Thanks think was and quarter, with a have platform to you'll in have REIT, see earnings did differentiated what and say, you, pretty us X for Zach, from We're quote business, not good we the in mortgage seen don't Rina my everyone. rely our I'm going We for and a and earnings platform. quarter is in we which value, and
and other are credit I past. history. our always can we value And our we created completed like at are extremely Some the And of will our be compared which our book We've to, businesses to take probably have second might recurring should securitization after -- ROE, into line which our is is have those securitization fact platform, a firm think and be conduit that's And in a might at nonrecurring, profitable at that power, that most above the the of capital can in in high we quarter X end they businesses multi-cylinder we why the this we and $X in -- cylinders. earnings will And companies having represents lull. that to facility, force other shouldn't, aren't time we They into need -- don't them. maybe the levels created businesses. don't harvest earnings. to you create They perform that why continue have those a the always of comfort when And huge we have XX-year we gap. while times business.
through what them, be me to So estate I'll categories our mic -- get going important really me just markets give and talk asset up closer second, give at back the I me. X that's to the major look we're the and on we doing because a let as going I'll think walk the view you about real forward.
mile? leverage, most exposure underwrite uncertain classes with is difficult and the to of is our moment in probably quality the tenants the tenant about the But has real Retail difficult impaired talk many have want this at to most to retailers hard So them. e-commerce platforms? estate it's whatever credit asset retail. because on class they let's their in the asset start all X are open stores? Do deciding So because their difference the the they and is may and world. want brave in last lenders to for Do new they to capital in retail centers distribution is to to really to Or they what want want and they have do underwrite hard work invest underwrite.
Dream than the Our retail first about the Jersey, total Mall where of our that and New biggest pay X.X% in a exposure to component is we is mortgage. loan assets, more of on pursue American
Bank. assets, $X on top We almost seconds $X the mortgage. of the have $X.X the of collateralized that it's Mall JPMorgan million our first taken assets to the not par about It's $XXX $X.XXX loan America other about the company. of debt end have worth at our mortgage. in billion, billion about junior is nothing, billion of the the It's Brothers and of total because And They with stack, is Ghermezian exposure the with any us. write-downs. you're first were to billion inconceivable a mall pursue to position There's for
The retail So do underwrite have you'll have team, we underwrote malls doubt. you any the question has underwrote said, any and don't I we it X. first fares parks. with and when And at if the an -- have theme venue. a as I mortgage? reopened, collect our -- it entertainment and It frankly, I rides let's doubt is, this really you
will the store. And leases feel that entertainment we a that never assume from be fine we'll that What at mall do venues? still comfortable think we asset. make Let's its
And is a us. risk so for not that really
the they are and major will back differently talk in different come come second large about depending asset class, at time, The they'll players Since I back, on Obviously, markets serve. because we're hotel than back hotels. different retail, market, hotels in what the we're equity they'll over in they is points in all come XXX have we drive going domestic on even in travel guessing. not the -- not side, that know in hotels places suburbia We world, are the or interest We travel. at assets like our dependent what's over on. probably firm international X
country. XX%, running Those are courtyards scattered XX% stats the around see, can the you occupancy. As are
the XXs. chain Suites a Occupancy, actually In-town year-over-year lull is actually in XXX in EBITDA. running hotels have of we that in We that up hotels called own are
to very at and think domestic in We the lender, whether it's some vaccine So is different rent comfortable There they're really at be who we're fine. and X will crew a own. But only yellow point, a And we of we and and at a require be additional Office some will have deferrals. come in hotel restructuring will have offices so But but tenants book these very basis to you hotels travel moment our with not, good credit what have loans international will often, there, our borrowers. back. in point. assets they quality there us isn't our their because have office yellow, feel for physically there tenants. or pay that
collections our see you And our office deals most book office so are are of fine. totally fine. And in
We incredible devices of deterioration book, and testing do spike get is large. other of mobility industrial. have had asset I the heart green than going have are and out. industrial, testing. I and we improved slightly about near assets current in of no we seen X help our which coming help the multi One in slightly. other bright impact U.K., the in both the in back in our testing was no space. that -- -- multi maybe did risk and a that to see any to really you Then is are one You think are the future, the worried our the credit office. of which will was I'm deals green of all help which see an ratings better quarter not deterioration. in in because people the have better And industrial and the classes coronavirus, coming myself you in the really And
just company. So through take valuation to want you of our quick on comment I a
So I want it ridiculous to show is you how actually.
book of company like share. GAAP is $XX.XX, So that. like The more book undepreciated the $XX.XX something value is a value the
affordable is If of the of continue valuation and owner largest you conservative, book third our $XX.XX, and you we in book country. you would housing of think I our actually value to believe take the the and are housing affordable us, GAAP nation's believe totally
the in mortgage We space have assets the trust. of outside
bought And us, So we X.XX to portfolio just a XX and portfolio with going guys we're we this X.X other behind know capital. -- were a there cap. still
$XX.XX our best So country of apartments. of apartments rents $X buying because that's of book our accumulated out the it, the our markets book at fair against of value $XX.XX, below you the that out market the then undepreciated of largely the company. either and let's GAAP stay $X of -- stock value that's garden leased that XX% $X.XX, equity above $XX.XX. of are And take you're of completely assets a $XX rate in XX% take not full That's the share, the are value the of depreciation believe $XX.XX value the affordable the GAAP in or of value fair bringing let's in value value, are industrial housing That's assets our if fully fair some $X take buildings
loan XX% average LTV. is Our
So you're at $X.XX the asset. value buying these par assets in of at loans of the the fair
yield. that, Seems and you're getting a for -- So XX% dividend little a ridiculous.
XX%. is have are way down values no property against we and there's what So -- linked
don't So considered a as possibility. anyone's think that I even
who stock liquidity happened And today since with I, rug to the the we of mortgage in way and the no which you the some nobody people time, originating same a my not are could a sitting actually our I given in dividend XXXX, forever, issue dividend what's in -- has feel We and -- it and have been platform forever XX been Starwood nearly and to some And really is billion REITs been since mortgage the of good loans. other created really such REITs. other in because we you, with going said people have would the Miami in about offices excluding book we is XXX So position became a long believes a sitting the issue. story, our with mortgage commercial the REITs. on here. company of under talked $XXX in pay go program. we past, history really XXX you Should team. the for we our team, always in the with swept painfully Financial, our our our market. who price framer many good But here, to not those And time. another good and we've all doing the I with pay can huge million available space we we're aware this it's There's dividend. doing recently either. stay myself, really years, and with foreseeable of been pay to $XX of But the -- us and us would our I'm value iStar, future, in of it's we about stay work they've are past I'm
market XXXx hopefully, at I'm that. So will the snowflake sorry, and not revenues. we're recognize trading
stretching us we shockingly, want we're dividend. continue we're our you we expected up, dividend, -- in was which as to So And get in back, had loan, repaid. expect come to people what of the what get put is them 'XX to our models. weren't dividend, we XXXX. front motto, Zach, we cash. sort in X to really into being worst-case modest going able very modest, to of of be the pay loans we'll sure used the 'XX boring. of think maturities our We X and paybacks are of out exposure our going And money have earn we when the European forecast, just looking repaid -- And some what pretty that We off. mentioned see to but going pay can comfortable we're make we the to didn't base scenario to earn we And that's us, if in pay our as that we long
So our go net to and repayments, constant going exposure to probably hold those will down shortly. which Europe's come after X
soon our So them be we'll like get and they and to aggressively rates would looking rid assume markets as like again, I to, refinance, are the for to people low as they'd deals. allow back debt credit will of
And doing wish anything risk/reward aggressive. still that We I could running cowboys. things fun. not do isn't keep So we of really to wrong, good our days, become keep we in to million, this And not do $XXX more the of used it like, to we'd businesses. environment. we we of going capital. I it's when think, like turn $XXX kind We're million in are our any we invest million. say go to in liquidity, and We're to around think $XXX we're over like -- old
take us our energy see up book. You'll
Our know, And with business as we'd all. our solid at are been typically increase rock and our no you properties, energy book, to contracted like has exposure. these impairments energy
of coming financing of we've kind in I because that different a our book. similar scale. to do estate that to used books is CLO forward underperforming And business, asset expect its with what in the real We asset that, think
alone loan because it, billion like to matched have and capital paper. which we able short-term couldn't a into originate between off term expected $X.X a not pouring just mismatch until get to -- to that facility, a we we and savings a any do with financing We take of taking loans didn't new business we liability got, which that, allow debt risk do we the for us a We match weren't will of because energy out the it. couldn't got asset, maturities want to facilities And year. long-term do in without just it it that held
business And double again, there lines value for ride good The digits. away new have to bringing are this should the what is will business as than on book, it the these from -- is scale be of it people for up greater team that make XX. below pretty that, the in money the running can company old that ROE our you problem business, about book. -- we around can a because excited the X.X, grow open we a does the overhead that us really the mid-single that the that is our if it to market and that. CLO And needs it our see the of business. earning around The digits for that mortgage these is -- other book rise because to are the -- platform contribution business, kind us we commercial made we're book significant And people in book. is So all on us
real finance lot estate, we of as a and all just -- the a have estate opportunity. company So we'd commercial favor of like us estate think lender, the a who but markets real areas not and we real of
course, book about thing servicing of interesting the Another us, is growing again.
think I $XX at and was billion, it down now $XX it's billion.
in course, that. to hedge, lot and definitely that A So loans new thought of restructured. that in we've thought would going on quickly, they're leaving loans but getting be getting lot more actually make and of A we are them of we opportunities that's It's and coming we'd corner happen. the bigger. see are book, a all to bigger turned
a platform provide opportunities And going for so it'll us of forward. proprietary
we're competitive at our to think positioned continue perform set I to the shareholders. an against level exceptional for So uniquely
spin-off, in REIT Invitation years. achieve think we'll our including XX the the I and best-performing past in the to the Way, we were hopefully States and mortgage for dividends now Homes, United our XX that years, continue next
we're And we thank asset because this we you the of being thank our and task do, is dedicated significant big what in to a everything. So everyone best we support. team, the of have and same the for to direction base, company, want rowing and appreciate is working your remotely, I a
with I we'll take So that, questions. think
