or payments this a everyone. consistent in of afternoon service challenges $XX.X core share Great. April $X.XX payment Thank you, debt operating earnings the date. on today per were through XXX% current as million the Bryan, of we our and XXXX their Earlier environment, common a despite good of report many loans
quarter for overall million $XX.X significantly losses recognized impacted the CECL, quarterly per Our to income of first was due we GAAP $X.XX common that share. of or in the XXXX implementation however by net loss of non-cash resulting an
XXXX under XXXX we share, our few at common inclusive common in from value detail reported accumulative in of book share a XX.XX per down minutes. XX, XX.XX a implementation per year-end CECL. March discuss of will At $X.XX of I greater CECL impact
was loans $XXX Ares the loans the in commitments. warehouse in Prior new these to mid-March purchased of the we we originated was XXXX economic that new fourth see in totaling when million in started by ACRE Of COVID-XX, January closed loan million quarter to of seven XXXX. impact $XXX
$XXX $XXX new on million first occurred which loans loans repayments, existing initial quarter totaling included to million four the were principal $XXX in balance, for March. paid prior million of seven respect fundings million fundings late the in number off which loans. $XX and in With the first Total of on a quarter
billion As XX $X.X XXst an commitments included approximately of principal loan of of approximately loan March portfolio with billion. our and loans balance outstanding total $X.X
liquidity. our to Turning
As had of unrestricted $XX in May million we approximately Xth cash.
to third-party and approvals. have line, available warehouse their under lender million In in capacity further $XXX both we respective under and capacity FLX which Ares are Securitization subject our addition, unfunded of
that could utilize are generate we also million we of certain fully capacities, loans cash. believe impacting future we both we $XX million to significantly If to we Furthermore, unrestricted value. would able approximately believe without monetize earnings $XX in additional book
cash $XX of In these from net fully be executed, total, million total assets. to our position if - approximately basis would were options any the on note $XX a pro-forma million proceeds sale of all plus any
let and financings. discuss me our Now liabilities
funding lenders. financing, As of and stated consistently of liabilities. And assets as very we purposely place match with of focus first our of strategy a the each composition we our have in pursued loans our second, our sources that on past, both well have diversifying as we a
different diversification, six capital a that capital. level different National we our with in respect term sources a our working notes This loan, of asset billion line separate Securitization. have quarter of City liabilities lenders separate With to lenders, warehouse ten and $X.X means, was Bank, at payable with end three FLX
lender no risk our us make to allows with single financed that we that spread and has counterparty sure of loans This concentrations them.
they recent three a has In are of we So, words, the other financed FLX, other warehouse in lenders. remaining financing are have, loans for than for hotel example, with financed no that three as are we warehouse six loans different many the lender us. and loan one among hotels announcement, hotel mentioned more the within three if
we sources Wells FLX financing. XX, borrowings March more source XX% of of other XXXX. Securitization, Fargo no Also our ten than at financing different and represents our Other single have than
to on spreads. of our that it liabilities, as mark-to-market in As six remargin note borrowing assets match based changes provisions contain financing of our none warehouse far are our we think is facilities funding and market that important strategy
based continuing Ares quality our the warehouse emphasize And lines on of lenders, of loans. the finally, can't at both have Instead, provisions at strong enough relationships credit the of only as our level our we with that as warehouse our the importance actual we each ACRE management remargin have well level.
XXXX any compliance of have them working margin loan with formally covenants. our with each are weeks. past make have over we all and We mid-March we six Since been not asked the warehouse any under closely lines in our calls of to few of particularly been
in total lenders. part ongoing the in our voluntarily pay weeks to However, light downs less specific few of relationships than and million assets make of we asset $XX our with elect overall as past our discussions of did during
to of now as like I provide update and of CECL of first of quarter would XXXX. the during our an implementation
of - on adoption equity. a recorded resulted Our as reserve which our stockholders our adoption the XXXX, an million $X.X sheet new January as of standards a in CECL initial initial reduction was accounting X, balance of
the amount is take It into this COVID-XX. did initial note not impact reserve that account to important of
changed quarter XXXX, U.S. two as last However, the of the COVID-XX notably the three during March economy. we for and outlook know impact weeks first most adversely of and the all the to during economic dramatically
third party company losses metrics economic estimated into assessing In model. which CECL, a to us forecasting macroeconomic engaged incorporated with CECL our we under provide we
in assumes GDP, LIBOR values, as increases sharp commercial macroeconomic real unemployment. declines well the significant forecast as general, estate in and In rates
overall our As common XXXX, $X.XX a our increased the our by CECL net and $XX.X share in income for GAAP March XXXX loss. is significantly of or quarter first included net in resulted result, we reserves which XX, at million per
Similarly, balance in our at commitment $XX.X of balance share X.X% at unpaid loans. value our or March decrease per book stands of the our CECL of million and $X.XX and represents Reserve loan principal X.X% approximately XX, XXXX,
common has liquidity a not to item or earnings reserves does significant per is CECL our a and important GAAP cash It flows that in book and value are while position. CECL actual impact impact CECL note non-cash directly share, our
of XXXX further, any payments and actual portfolio. have we made our recognize outset debt current April loan in were addition service XXX% note in losses any And incurred loans our the or we not date. at payment To through as the mention impairments
and These COVID-XX total receive XXXX April million we are property $XXX they X% these principal cash four although this believe date, portfolio secured that decision decision put prudent did loans balance flows. on we current non-accrual loans interest loans four by student a place payment them the housing. our till on as may of and and loan the borrowers hotel one by secured properties particular and three pandemic We includes we made pressure in to represents unpaid two made total and Of status.
the closing And turn that, to remarks. Bryan I with for will now some back call over
