Lisa. Thanks,
discussing about investment Increasing volatility we seen first the surrounding time has the U.S. in the recent yields I spend would of market resulted moves both on in U.S. outsized our months equity Before treasury concerns sectors. like its spreads. talking XXXX, rates have credit market to spread some And impact and volatility. two activity, during interest and coronavirus significant and
in expectations. on our performed spreads our have investments line with However,
value, of earlier part has and deposit largely was February In latter January, the but our offset market environment challenging book gains. the benefited
concerns Our exception the the notched global GDP the that outlook views coronavirus. same generally current macro remains been somewhat with given have down impact of about the our
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selectively into opportunistically when market Going to forward, invest as capital we more they credit deploy become conditions but further Agency intend securities in warrant. to also attractive
results. Now to turning our
we to and a deliver remain portfolio on mentioned, WMC for management. on positioning as Jennifer and As focused our goals continue year was risk active XXXX great strategic
by fourth strong exposure year and a credit. across diverse of for Our and our our mortgage in increase reflects the holdings driven efforts of market the to number performance to subsectors our contributions full quarter also were
total enabled adjusted invest us targeted of raising grew the In portfolio more primarily to capital during result in a assets. by year, XXXX, XX%, activities which of our our as our
Over the last we credit. years, to strategically three increased exposure our have
adjusted represented years our three XX, December credit XX% total from up of As assets portfolio, ago. XX% of
reduced As and maintaining leverage all of we have the the this our part while earnings portfolio. book overall value volatility, power process, of
market, in this approximately approach Our primarily in XXXX, of the across the in Residential and portfolio. several billion XX% $X.X of but has we Residential we Commercial portfolio. held area Whole-Loans. In of Whole-Loans the sectors December total, And been $XXX XX, to invest million overall as of representing to nearly added
issued recently class we borrowers mortgages the portfolio Commercial this $XXX over added with including continue at approximately and we CMBS, Additionally, LTVS. In million represented loans Non-Agency sector, in to made Residential asset focus low XX% to of on our XXXX, year-end. high-quality in non-QM
driven home real low residential improved affordability U.S. providing the remains limited level, is income. estate supply digits. housing the appreciation for against This as be market Our at rising overlaid to and price favorable backdrop continues entry healthy particularly the by of and lower rates demand, of view a is to mortgage housing due to in support ongoing mid-single
and the are secured market. fundamentals remain outlook properties expect given short-term with job Commercial Overall, credit, as interest expansion to and Commercial we by credit solid real to economic protect stable the covenants loans lenders. our estate With continue target favorable for fundamentals strong that we that ongoing the
have Western that attractive terms have drive we and a stand-alone where borrower We for mortgage economics to control This WMC access a focus of to this platform ability would collateral, structuring able investment example over on good loan covenants. that Western REIT. having more and to and leverage the not opportunities the investments area being as is the of transaction, allowing in has profiles, asset’s
approach management, earnings investment continue preserving a with our assets, generating we strong us believe our while on our conclusion, positions balanced core that high-quality In focus combined value. risk book holding of differentiated well of portfolio to
questions. we the call open will please that, up ahead. go to Operator, With
