Participants may discuss non-GAAP financial measures in this call. A copy of RAIT’s press release containing financial information, other statistical information and a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is attached to RAIT’s most recent current report on Form 8-K, available at RAIT’s website, www.raitft.com, under Investor Relations. RAIT’s other SEC filings are also available through this link. RAIT does not undertake to update forward-looking statements in this call or with respect to matters described herein, except as may be required by law.
Now I’d like to turn the call over to RAIT’s Chief Executive Officer, Scott Schaeffer. Scott?
Thanks, Andres. And thanks to all of you for joining us on our call today. We had mixed results this quarter. We are reporting a GAAP loss resulting from a $109 million noncash charge. And yes, I want to emphasize noncash charge due to the change in the carrying value of our Taberna debt. Jack will provide more detail on this charge shortly.Our AFFO was up $0.02 per share year-over-year but lower by $0.09 per share on a linked quarter basis driven by two factors. First, new loan fundings occurring late in the quarter and second, no gains from the sale of CMBS loans during the first quarter. Looking forward, we expect interest income to rebound in the second quarter as we receive the full benefit of loans that closed later in the first quarter and the additional benefit of loans closing in the second quarter. Year-to-date we've closed $81 million of bridge and mezzanine loans and we have signed term sheets in house for another $100 million of bridge loans that we expect to close before the end of the second quarter. In our CMBS business, after a slow start due to market turmoil last fall, we have closed or have signed applications for nine CMBS loans representing $65 million of funding and we continue to see good opportunities for growth in this platform.