joining this you, Thank and morning. thank our for call, second Welcome earnings you us to David. quarter
adjusted report per are dividend As to while pleased our continues David distributable to coverage share, $X.XX earnings mentioned, we of strong. remain
at stands million, million unrestricted Current is cash. $XXX $XXX which of liquidity today as of
our During reduced again the quarter, leverage we to overall X.Xx.
recorded by general undepreciated book at driven Andy a more increase reduction we value, in a primarily $XX.XX. on quarter, one which reserves stands already his section. net reduction specific watchlist. This a in addition provide was our office our This which currently on CECL reserve loan, will details in to was in $X.XX
everyone strands of half the XXXX. borrowers commercial As have well expected sometime rates, are unprecedented is These pressured now reducing of estate is market short-term to to occur property first real type. ease unlikely regardless which in interest the board the aware, conditions begins until throughout XXXX, across Fed
Fed another the rate hike very near With just interest is week, end. the last
longer a for interest factor the However, will economy, policy given balance reduce Fed remains continuing commercial the strong maintain markets higher to estate the rate months. the primary next its risk for over XX real This while sheet. current the
during our portfolio, steady. underlying remained performance overall the properties quarter of office Regarding the our has
making them these from in ratings in watchlist. is office plans. loans of our the result fact, for we moved We have, significant X leasing This risk borrowers upgraded the and their progress
of second segment office loans, Given investors portfolio. largest have represents X an our package, focus provide more in our loan this quarter the of information, in to and office description on effort included, increased we a our which property XX% supplement
has XX% the of portfolio, resilient. represents remained which Multifamily,
top portfolio, experienced have line have the our which across We projections. rent underwriting exceeded increases
muted rates expenses rise from immune rising positive multifamily, the all and property impact by interest increases. However, been have payroll as rental is insurance. of and not rapid rate inflation corresponding utilities, the operating including In some in such types, being cases, higher
jurisdictions. legacy to we select instances, bad in in some tenant-friendly have debt, due increases certain primarily in COVID seen Additionally, policies
will and conditions plans. coming X quarter, property these In these have quarters as specific meantime, circumstances the multifamily a borrowers identified value-add their expect this improve business we level. work the the downgraded we and/or X of we sponsor to in reflect to the loans execute with Ultimately, a X to from
of the X in all these Importantly, as loans payments. entire book Multifamily as service debt well current are
leverage. look second year, at maintaining the we the liquidity focus half remains and managing while sufficient our As of on our portfolio lower
in We many make and on as regional are, expect of banks offense balance course, year. eager to we their investments, to sheets especially get the new coming shrink back
of pullback for lenders Last opportunities private this. nonbank Coast example This West like banks of week's and BrightSpire. is a credit should regional X ample merger by create great banks
#X. near continues balance term, However, in protecting sheet the job the to remain
I With Andy to the over Andy? call like now President, turn Witt. that, our would to
