From a cash perspective, we earned 130% of what we distributed as our dividend. Our Adjusted Funds From Operations or AFFO was $0.26 per share diluted and GAAP net income was $0.26 per share diluted, an increase of 10% for both over the first quarter. Both GAAP net income and AFFO increased over 13% from the first quarter. We paid a sizable and sustainable dividend of $0.20 for the quarter and our book value per share increased to $5.44 per share from $5.38 per share as of December 31, 2011.
Our liquidity remains excellent and we had approximately $110 million of cash, including $32 million of unrestricted cash as of June 30 even after making considerable investments during the quarter.
You may notice that our cash has declined significantly from over $235 million last June. This reflects meaningful new investment activity. Much of it in June, which has helped fuel growth in operating revenues.
Our portfolio of loans continue to earn nicely. Over the last six months we grew our real estate loan portfolio by over $80 million. We expect this trend to continue as Dave Bloom and his real estate debt team continue to find good opportunities to lend money against good real estate.You will notice in our press release, schedule 2, that’s annualized earnings from our two real estate CDOs is up sharply. We also expect this trend to continue in the next quarter as we add significant low production into those vehicles through June. Our Syndicated Bank Loan portfolio continued to perform well. Credit improved substantially across the company. This trend has continued over the last few quarters. Our leasing joint venture continues to grow and improve its portfolio and near profitability. We expect that venture to turn profitable later this year. We continue to be very excited about its prospects.
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