Patiently collecting the monthly distributionResults came in earlier this week and there weren't any major unpleasant surprises. The portfolio appears to not be overly concentrated on individual loans that are of concern. Management has said they have underwrote either for renewal or a new deal over 80% of the portfolio. Not surprisingly with a majority of loans being variable for the average interest rate to drop. FC currently trades near book value which is where mortgages are valued at one the private market (excluding serious impairments in property or loan terms). Historically it has traded at between 10-20% above book value. Other asset classes with higher current yields (versus historical) such as bonds and GIC are heading downwards with the spread to FCs yield increasing.