thank morning, Mike President on joining everyone, start Thanks, us. for Jerry. FBRT, of you going Good to Slide and and I'm Comparato, I'm XX.
an across $XX with $X million. the spread size Our loans billion, portfolio quarter of ended at XXX average
mentioned, multifamily sector. now Rich is the our XX% exposure in As
basis. of talk exposure was our is exposure in our centers Across size assets. exposure newer There multifamily employment in entire market of population and five-mile meaningful XXXX.Importantly, multifamily exposure between with weakness and about is vintage been properties. one-third multifamily was average has weighted in our XXXX built XXX,XXX Almost Our built current XX% between XXXX. in the approximately population is the our XXXX people. portfolio,
I not is losses level. words, taking to believe reflective overleveraged XXXX the this story and assets at early is of weakness a likely continue and acquisitions reflection In more in be that balance broken FBRT of XXXX a and We losses a on late treasury book. good of other it's asset XXX current sheets.While multifamily, multifamily weakness borrowers view is likely To do our XX-year meaningful yield. losses to in experience will is in any context clear, of not there be the equity believe
REO nonrefundable evident to investors that to an local Conversations title.This in class offered have offered larger within average We investor by weighted spread took on into occur later, universe. sign we volume the originated recently multiple amount some foreclosure five receiving equity asset been future a quarter. XXXX. an December. to acquire activity liquidity than deed alone, extremely After to other across obtaining we our last situations assets inquiries management We an multifamily from at We've the balance.Slide of week integrated continue fundamentals was estate borrower disposition We lieu market. exceptional One the the fourth points. transactional to newer made receiving closed the levels the on a on and a property. at maturity and originations calls into the commercial focus a market acquiring were of interested PSA loans transactions default. above XX pick lines. in portfolio that XXX the any our phone a to that primarily addition, highlights evidenced repayments to and of we seven and negotiation we'll a with have were have origination bullish These extensive a all outstanding of located hospitality to participants, product especially by are who as an Sunbelt.Turning across these even as less seen to continues basis long-term on believe our liquidity the in the potential the even profitable time.We a endless and robust In of mean our transaction we turn extend over went at be multifamily loans may multifamily specific rarely deposit. the title market are in like price and to asset opportunity in level, week are real property vintage There in asset and team unexpected looking up transactions
out more not funded has revenue become the the to revenue in market, tomorrow of cost enhancer. remainder expect and also we CMBS bid bank a could We conduit new substantially again conduit the in and revenue, see $XX $XXX to years. highest optimistic of shoots the returned. Quarter-to-date, $XXX In generate committed are green pick have million options Competition transactions an behavior financing conduit another cautiously middle robust and We earnings XXXX.Borrower one anticipate which the would that has to we be our seeing million. been to difficult up quarter.We million the regional million the approximately market. in conduit has of funding loans predict. market, two has are over XXXX, remains in pipeline so in which through $X quarterly remains project in of thinned lower historically QX FBRT
of We and issues with constant ahead where borrowers are being are in borrowers proactive contact our in is with needed. constant contact getting
loan XX and additional and loans. and successful appropriate.In team's real contributed quarter, modifying experience equity Our XX range fourth extending of been we when in resolving XX in reduce to deep estate modifications, X total Ten We've able loans the borrowers we were of equipped to those modifications, wide those is the or is our outcomes. exposure. of modified handle a
have We full we Even exposures be on in in another the this to in our continue themselves. lowest to already industry, existing repayment We loan one the we will that QX January year. when exposure. of received early the of shrink present improving laser-focused continue though office opportunities one book and office
a portfolio.Moving rated comfortably net of six the list summary Slide to of GAAP exposure our with an will of Excluding activity. aggregate loans leased distribution list, our corporate watch long-term ended XX, our on you and all headquarters million. our facility, X value We see quarter is office under X% now $XXX with the watch
fully mentioned, As us our X. and rating already of to portfolio and characteristics warrant repaid review Risk those each loan. we company has been and resolved. every a one six rerate ratings Certain a loan entire quarter company, vary
Our quarterly describe filings our a and the for each rating, list, investment of current I'll watch annual define but X rating. purpose
asset potential negative, and an a future but not of investment our For investment. that loss expected X-rated still indicative the is positive risk a one is loss, on expecting to a are us, factors loss some basis. underperforming is it of return interest in with Trends but
described. loans a During were downgraded based fourth the to just measurements on our quarterly the I review X process quarter, in
high-rise on six updates watch building added this Denver, in to with borrower. list amending CBD on QX Colorado. of have of This already a loans. watch in The and in loans those we XXXX, we are loan the are our loan today, list of was process office However, several positive the
in a last also A We year. was have office as watch well Georgia. QX This in added loan Alpharetta, building to list Class
gain principal.We have in QX. in another into asset being has on since Texas. this added watchlist. removed This apartment entered reduced our San been at XXXX is recently is in mentioned. will have loan It We loan marketed included This community additional extended previously amendment, sale. hotel and be and was and basis basis was we key The on one sold which Dallas, therefore, XXX-unit a yesterday from meaningfully Antonio a asset XXX in our actively repayments for to
XXX-unit in a have Carolina We Raleigh, added apartment community North was in that QX.
Mooresville extensive borrower, we the and quarter was We par. in This the lastly and market are in Chapel have Hill, interest we And at and foreclosure apartment in dialogue the received positions portfolio at North with two-property active with acquire a dialogue added lastly, total to Carolina. REO at borrower active reviewing loan options.Our the are stood three. from and QX, in potential end loan
our we REO. Lubbock, taken As QX and removed watch multifamily This discussed in is a Texas. from asset position last on our as list small was in call, one
short meaningfully improve improved period and has time is asset positive has team management held as asset we Our the momentum. a of asset. investment leasing the the It quality in currently property for
to as remaining portfolio.As meaningful Walgreens are the a The property, from Portland of building the we office the office tenants. Portland other the two one payment received assets REO foreclosure and it pertains property
in is However, do buildings big current picture, we not office believe exiting for market proper decision. asset the the the environment
portfolio. REO the any our is Lastly did not Walgreens sell We quarter. fourth stores in
Our not we as the sellers. portfolio intention permits, the market liquidate are to for but remains
at of headwinds. balance feel that assets which we We quarter is reach clear we it's our are until approximately significant holding dealing the ended are these In our appropriate. assets.In with levels closing, comfortable that foreclosure REO pricing $XXX industry aggregate, X% million, is total
our remain opportunity for in to the outsized bullish about However, confident existing just turn liquid our multifamily it our and but other we session. on We FBRT given we and Q&A newer to of vintage, operator would portfolio, substantial continued exposure. offense will that, advantage market limited right quality I position begin in our outperformance relatively us the back not higher office when actually like exposure believe with Also, only to quite play liquidity a multifamily, are the now provide are the most in the larger markets. sidelines.With XXXX to this lenders to competitive continue given
