Question-and-Answer Session
Operator
(Operator instructions). And your first question comes from the line of David Fick of Stifel Nicolaus.
Josh Barber – Stifel Nicolaus
Good morning. It’s Josh Barber here with Dave. Jack, I was wondering if you can give us an idea what adjusted earnings would have looked like if you would still be using that metric, so that we could look at things at a more apples-to-apples basis?
Jack Salmon
Well, as I said Josh, we are presenting adjusted earnings and I think the reconciliations we presented previously, you can probably do the math yourself and take a look at it. But we are not -- we are no longer reporting adjusted earnings.
Josh Barber – Stifel Nicolaus
Okay. Can I turn a little bit to your real estate portfolio, I understand that some of those assets are actually still being held in your CDOs, can you break out how much of these $645 million of your real estate interest are in CDOs and outside of the CDOs, and can you give us how much debt is on each of those respectively, please?
Jack Salmon
Sure. First of all, the $645 million of assets, which are now real estate hard assets are on our balance sheet -- they are on our consolidated balance sheet. You are right in that some of the financing for those assets within our CDOs and some of this is on our balance sheet as well. As I reported, 605 million of total debt is supplied against those assets.
Josh Barber – Stifel Nicolaus
Okay. And how much of the $645 million are in CDOs as opposed to being on the balance sheet -- outside the CDOs with their own mortgage debt?
Jack Salmon
It’s roughly at 80/20. I have to get a precise number for you Josh, in terms of the assets for the finance internally versus directly on the balance sheet.
Josh Barber – Stifel Nicolaus
Okay. Right. Thanks.
Jack Salmon
Thank you.
Operator
And we have no further questions. I will now turn the call back over to Scott Schaeffer for closing remarks.
Scott Schaeffer
Well, thank you. Looking forward, we will continue to focus on de-leveraging the company, fully utilizing rates vertically integrated commercial real estate platform and managing rates commercial real estate portfolio to maximize shareholder value. We thank you for your continued interest and patience during this transition period, and I look forward to speaking with you next quarter and hopefully reporting continued improvement in our earnings and positive results from the initiatives that we discussed. And of course, hopefully, we here in Philadelphia will be celebrating another fully [ph] growth year event. So, thank you.
- To read the full transcript on Seeking Alpha, click here »
