We converted two real estate positions to equity ownership, and after the quarter ended bought another real estate property very opportunistically, a very active quarter and one that is positioning us to attain our goals. While credit generally continued to improve, we ran certain impairments through the balance sheet, including as I mentioned our last 2007 CMBS fixed rate bond of almost $5 million and real estate loans which we converted to equity.
We also had a very unique loan provision on the leverage loan side of the book for two loans. Loan losses in general decreased significantly from our prior year, but were still elevated due to our one-time items. We believe the credit environment is still improving for real estate, and remains extremely benign on the corporate side, but we know with caution the weaker macro situation.
These activities mark good progress for our company. We are focusing on making the high-quality present and future investments, so while getting rid of some older subordinate positions; we have been investing in new senior secured real estate opportunities. Although most of these new loans did not close in the quarter, we now have closed approximately $100 million since restarting our commercial real estate lending program post financial crisis.
Our pipeline is substantial as David Bloom will discuss. In addition, we started ramping our newest CLO of commercial syndicated bank loans, which we expect to close within a short period of time. We continue to build our lead team venture, and expect it to turn a profit as a company within the next few quarters.Read the rest of this transcript for free on seekingalpha.com
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