Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) And our first questions from the line Douglas Harter with Credit Suisse. Please go ahead.
Douglas Harter – Credit Suisse
Thanks, can you talk about the maturities that are you have in the loan portfolio coming in 2008 and 2009?
Richard McCready
Yes. Doug I will take it and try at that first and David add in his comments the initial maturities and we discloses in our Q’s every quarter, but the initial maturities for ’08 are about $391 million, but most of those loans have extension option and if you assume that everybody qualify for an extension extent, there is less then a million dollars of maturities for the rest of the year, but I will tell you that we’re working on high probability payoffs for the reminder of the year that could be in the $125 million to $150 million range. We have already received over $11 million this quarter and we have a payoff notice that’s we feel pretty good about that will be getting another $30 million back by the middle of this month. And of course next years initial maturities are $580 million of which all but about $105 million of that could be extended.
Douglas Harter – Credit Suisse
All right thanks and then obviously – sitting with a fair amount of cash on the unrestricted cash right now. Can you talk about, what is the level of you feel comfortable holding, given the environment and how much of that you would feel comfortable putting to work over the next couple of quarters?
Richard McCready
Yes, I think that we are as I said, we are starting to make investments and we are starting to see very attractive opportunities, and feel that we can make north that 20% return without taking undue credit risks, and so I think a good part of that $295 million we’ll get put to work over the balance of the year, my sense is that will probably run a liquidity level somewhere between $50 million and a $100 million.
Douglas Harter – Credit Suisse
Great. Thank you.
Operator
Thank you. Our next question comes from the line of Stephen Laws, with Deutsche Bank. Please go ahead.
Stephen Laws – Deutsche Bank
Yes, hi. Thanks for the detail on the portfolio during the prepared remarks, and can you maybe expand on that a little bit David as far as you put that roughly $200 million to work over the balance of the year? You commented specifically about buying back senior collectives of your CDOs? Are there any other specific investments where you’re looking to deploy that capital given today's environment?
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