With these results and with our new investments I reiterate, as I have many times before, that we are dedicated to a $1.00 cash dividend for 2011. We as managers and shareholders are working hard to build a company that can both pay a substantial dividend and increase shareholder value by building and growing businesses and business platforms.During the quarter we took the opportunity to sell two more large legacy subordinate loan positions, over $40 million of real estate loan balance, continuing our reduction of exposure to the subordinate positions originated before the financial crisis. Although we believe that these loans will be collectible, they were subordinate to much larger loans and exposed us to potential binary risks. So we considered it prudent to pair back those positions and focus our capital on new investments. In doing so we took a loss of $2 million as recorded this quarter. We maintained our general reserves for real estate loans and have a $10.5 million balance at the end of the quarter.
Resource Capital's CEO Discusses Q1 2011 Results - Earnings Call Transcript
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