Question-and-Answer Session
[Operator Instructions]. Our first question comes from the line of Murali Gopal of KBW. Please go ahead, sir.
Murali Gopal - Keefe Bruyette & Woods
Good morning Dennis.
Dennis J. McGonigle - Executive Vice President and Chief Financial Officer
Hi Murali.
Murali Gopal - Keefe Bruyette & Woods
Just a quick question on the SIV notes; I know you had a whole bunch of notes maturing at the end of March, and I am just wondering how much of that matured in how much went into receivership or can you just update us on what's the current total exposure to the SIV notes?
Dennis J. McGonigle - Executive Vice President and Chief Financial Officer
Sure. I mean we've had... we did have some maturities in March just to give you, I guess a little more historical background. Since this began, we started with holdings of roughly $1.4 of these types securities back in let's say the end of September and October. About 800 million of that has matured in March and I guess in the first quarter if you will about 240 million matured of that number. So, we have seen a lot these securities that we held from the beginning mature. We currently have about 600 million of par value. We still hold about 600 million of par value of these securities and the bulk of which actually is made up of Cheyne and Victoria, the ones that are we have already recognized as a problem.
Murali Gopal - Keefe Bruyette & Woods
Okay, thank you.
Operator
Our next question in queue comes from the line of Tom McCrohan of Janney Montgomery. Please go ahead.
Tom McCrohan - Janney Montgomery Scott LLC
Hi Dennis.
Dennis J. McGonigle - Executive Vice President and Chief Financial Officer
Hi Tom.
Tom McCrohan - Janney Montgomery Scott LLC
The Cheyne and Victoria SIV, can you remind us what the underlying collateral is for those SIVs and when these non-cash charges that we are taking... you are taking around the quarter. Is it because the collateral is not performing or is it still kicking off cash or is there some other reason why the net asset value is being impacted?
Dennis J. McGonigle - Executive Vice President and Chief Financial Officer
Generally, the information we have been able to get tells us that the underlying collateral is performing. The payments are being made on that collateral. It's really just the overall market conditions that are driving down the market evaluations or assessments of market evaluation of that... all those underlying collateral instruments. And the big issue is liquidity in the market that's having part of biggest impact on pricing. I think in... if you look at Cheyne for example in most recent information we had, which is early April, about 82% of the portfolio is AA or better on the underlying collateral, about 89% is A or better. So the ratings although have, I guess in aggregate have gone down slightly, there is still fairly highly rated positions. And Victoria, it's similar, 81% is AA or better and about 92% is A or better. So the underlying collateral seems to be holding up. It doesn't mean there is not in charge of hard line of sight, we really can't get to the absolute underlying single mortgage that Mrs. Roberts has it in [ph] Ohio than maybe, one of the assets to tell four ladders down here. But the information we are getting is still somewhat encouraging.
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