this representative sfers as investor investing in debt securities. on the far right of this diagram we have participant and these parties want to bar o some of the securities. sfers lends the securities for the barors in exchange for a bar borrower fee. as kirk mentioned, the cash collateral is reinvested and managed in a conservative manner with guidelines similar to the market fund. melon performs two roles in this process. they are the inter mediate between the lenders first and borrowers and they also manage the collateral pool and page 4, we covered some of this already. but the course are the borrowing fee that borrow as well as the income from the reinvestment of the cash collateral pool. the factors that impact revenue, the overall amount of assets sfers has available to lend and how much demand there is for those assets. this metric is a expressed at a utilization percentage. relative to lendable assets. the drivers of demand interest rates, spreads, borrowing fees, and market structure elements like volatility and the regulatory environment

so when you think of the sfers was a big driver just generally.se are the main points in terms of where and how the revenue came from, i'll it back over to alo. >> thanks, mike. there will be six billion time the d ilization rate. on the pool of assets, 24 basis points net. evenly split between income earned borrowing fee and reinvestment revenue. on the net basis of assets that were loaned about 24 basis points as i mentioned. relative to the pool of assets available for lending, sfers earned 5 basis points net. moving to page 8, e the year over year trend of earnings from the program. the earnings of 2.8 million were lower than last in line with the historical and expected ranges. on page 9, we drill into the slight decle the overall suitization of 20 percent was lower than prior years and in particular a dip during the was driven as mike mentioned by the rallying markets which subdued market volatility and mand for . the table on this page breaks down the program by quarter. on page 10, we break down th program on asset clause basis. the top dr

and we will advocate where ever it is appropriate for sfers. so, we provided an update on the changes that the board approved last year, evaluation of our program. we provided performance information, various levels, walk through some of our sub strategy exposure and how those sub strategy have done. and you also heard a market update from our strategic partner blackstone and lastly we covered our key initiatives. so in summary, we're pleased with the performance that we sently had. we believe that the portfolio and we have several initiative under way to continue to extract value out of the capital that we have allocated absolute return. so that concludes what we have for prepared remarks. and we'll now welcome any of the board questions. >> thank you for your presentation, commissioner bridges? do you have comments? >> thank you, mr. vice president, thank you david and team for your comprehensive update on return. david, how many small liquid positions do you have that you're targeting for liquidation? >> yeah, they're about 8 to 10 positions

to learn more how to submit a reimbursement visit sfer 5, 4, three, 2, 1. >> all right. good morning. >> my name is nateesha the development at bridge housing and this is an exciting day for you and i'm thrilled to see you it together with us it's been a long journey to get to this milestone with one hundred and 37 units and took collaboration and happy to see supervisor stefani and remember three years ago that supervisor myself, mayor london breed and brenda who is the former ceo of mission health clinic were all here in the mix of pandemic for the ground breaking celebration and to see the building and see our vision become a reality is really safely and want to kicking off things with inviting our before chair we have another one of the board members to celebrate this kim please come up to the podium. >> thank you welcome, everyone. >> smith has said i'm kim novack the chair and unfortunately, our members can't be here something before catastrophic surgery but thank you for joining us to celebrate the opening of this truly special community been at that a long time.