Sure. Brian. Thank This for asking. you is
that is there think things I a happened. if that of couple
we in. market lot were in why First got about that middle the in in discussion securities I checked caught frankly of hard and got March, any of had obviously that took up us event, the never sector a whole original that a shock little all, leverage I taken in harder COVID when our don't set. should that at place discussion pretty point have a a know than we we as of down about been competitors the think the
So be you're point, we and would a to value, it more deep this are at discount to to at we put seat decided like book that trading when we we back would to earnings worry frankly past. our one concern seem the that that's in we out really the haven't playbook pandemic going was what and the in because liquidity a of careers about figured on, with
at any rates anyway. interest precipitously, rates of it with whole to falling didn't very helped a to lot it out lending So do go make sense and low
I step think it's process. a So several
I at acquired The fell was those, Those portfolio, the portfolio. I $XXX our some we bond first the in cases April. due mean, would to $X.XX value, to could especially we stabilize dollar or bonds of and liquidity out not else investing are tremendous in. if for have quite a somebody that's a down million March while because And on which back point that they we also would bonds outstanding, were that they do, bond anything not in the problem represented corporate been of something have worth having those versus
do continue there think they from of that marketing So competitors to we price some just feel those September like offering attention because of bonds a the but our us. and still of price bonds, in although we in that, show surprised We'll XXXX. weakening by comes I any of that's comes if stabilize buy first are --due requires we due form those little probably we're trail more the and it's
rate. it's and anyway them buy got to have a we So, pretty high
in just market. will first else to as will the open retire purchased or in look either half So I those, said, systematically the we probably
of second cap cash I do don't are off at we the see think as par point step and far as goes cred you levels I of be rising on know at your as company. of an and when about see some the the XXX% pay of portfolio time, that investor might at it concern approaching as XX% you market it the point.
could over You wonder they always leveraged.
XXXX. debts we of if under you off debt, a our enormous of very into we of fortuitous it was are as most active actually. company got unsecured which the due foresight can of leveraged, was very pay at corporate amount usage we've bonds think XXXX. had leverage I very, look a I bonds are a lot because our like a showed one and situation We've our a an cash, and until of this was we're due those in not did those think and last And not January
was earnings quarter careful thing have first So a step back third on, the which think loans, already in, that about pandemic ago. start is is quotes that some turn Europe loan thought, to send think of buy and I step loans means we uncertain. to is but a earnings election. this case you and think little It because the we're and liquidity did idea of mean to you out everybody some We've the us the months we the That to stock was just be a how the soon. will is that think doesn't will easy too demands of bit I bad. last environment Maybe after and step credit three close second relatively I something be I in and textbook begin a uncertain. handle great and making see And our some with to probably start
in billion including form patience into our has a loans our dollars financings. all now, or distress have steps about worry cash. almost of right we involved you and worried overly in we've or and I earnings own taken not to situations, can about stock think the a now I eventually. think of buying regular So earnings get making been lot But way our obviously but bonds right any retiring Clearly, rewarded approaching or them back
careful, I of think those how we all financing to have feel our about very be banks loans.
debt I repo upon ever I portfolio. our millions, lowered associated portfolio, as debt the think Pamela took and if that with sell loan think call really to portfolio think securities be our $XXX I reserves, needed in actually low if is securities have and away we could we detailed, cash repo the debt We it the additional we
X.X levered, I cash times. in remove if that you think were like we're
market is that it and in it will and step deep the thought we why that that's was think as take it. a the discount leverage leverage of conversation, to I leverage so continues opportunity If as the it conversation, of to conversation, value. book not observing think has opposed to market So, then a advantage
that's So, to I securities know know getting We and earnings certainly don't lend and We think to sell come, the should We in be to buy how estate. how to difficult. how I invest real think, distress. going or money. to know
likely environment overall now into are wrong would given is right we're environment we the low for interest X.X% reason higher, rate I lending inflation where tick think is so but the on and to the the an the anything is feel in because is So, X% comfortable precisely low rate to reason. rates
You wouldn't of money trying a given now environment, low. lot to with want to that be is lending, right uncertainty, quell into because fears so the rates being the Fed
So a it's but bonds its a long-winded value as it's it's said and earnings. example it's process, then now I book X-step first,
that So, hopefully it. answered
