the resulting spread of covid-19 throughout the globe led the world health organization to designate covid-19 as a pandemic and numerous countries , including the u.s. , to declare national emergencies . many countries have responded to the outbreak by instituting quarantines and restrictions on travel and limiting operations of non-essential offices and retail centers , which has resulted in the closure or remote operation of non-essential businesses and increased rates of unemployment . while certain countries around the world have eased restrictions and financial markets have stabilized to some degree , the pandemic continues to cause uncertainty surrounding its ultimate impact on the global economy , generally , and the cre business in particular . we continue to actively and responsibly manage corporate liquidity and operations in light of the market disruptions caused by covid-19 . additionally , nationwide restrictions placed on most businesses in response to covid-19 are expected to cause significant cash flow disruptions across the economy that will likely impact our borrowers and their ability to stay current with their debt obligations in the near term . we have used and continue to expect to use a variety of legal and structural options to manage that risk effectively , including through forbearance and extension provisions or agreements . it is inherently difficult to accurately assess the impact of covid-19 on our revenues , profitability and financial position due to uncertainty of the severity and duration of the pandemic . in response , in the near-term , we are focused on prudently retaining and managing sufficient liquidity . we , therefore , have not paid distributions on our common shares in 2020. we continuously monitor the effects of covid-19 on our operations and financial position to ensure that we remain responsive and adaptable to the dynamic environment that has been created by the pandemic . for additional discussion with respect to the potential impact of covid-19 on our liquidity and capital resources , see “ liquidity and capital resources . ” historically , we maintained a portfolio of commercial mortgage-backed securities ( “ cmbs ” ) , including senior and subordinated investment grade cmbs , below investment grade cmbs and unrated cmbs , that we primarily financed using short-term repurchase agreements . however , the covid-19 pandemic produced material and previously unforeseeable liquidity shocks to the real estate credit markets that led to the receipt of substantial margin calls , and subsequently some default notices , from our cmbs repurchase agreement counterparties . in april 2020 , we completed the sale of substantially all of our portfolio of cmbs and settlements were reached on all of our remaining cmbs-related obligations , which were paid in full in april 2020. the repayment of all of our cmbs repurchase agreements in april 2020 signifies that we have no further exposure to financings related to cmbs . we realized a loss of $ 180.3 million on the aforementioned disposition of our cmbs portfolio . at december 31 , 2020 , we retained two unencumbered cmbs that previously had fair values below their cost bases with a collective fair value of $ 2.1 million for which we recognized an unrealized loss of $ 6.1 million in our consolidated statements of operations for the year ended december 31 , 2020. our cre loan portfolio , which had a $ 1.5 billion and $ 1.8 billion carrying value at december 31 , 2020 and 2019 , respectively , comprised : first mortgage loans , which we refer to as whole loans . these loans are typically secured by first liens on cre property , including the following property types : office , multifamily , self-storage , retail , hotel , healthcare , student housing , manufactured housing , industrial and mixed-use . at december 31 , 2020 and 2019 , our whole loans had a carrying value of $ 1.5 billion and $ 1.8 billion , respectively , or 98.0 % and 98.3 % , respectively , of the cre loan portfolio . mezzanine debt that is senior to borrower 's equity but is subordinated to other third-party debt . these loans are subordinated cre loans , usually secured by a pledge of the borrower 's equity ownership in the entity that owns the property or by a second lien mortgage on the property . at december 31 , 2020 and 2019 , our mezzanine loans had a carrying value of $ 4.4 million and $ 4.7 million , respectively , or 0.3 % of the cre loan portfolio at each date . preferred equity investments that are subordinate to first mortgage loans and mezzanine debt . these investments may be subject to more credit risk than subordinated debt but provide the potential for higher returns upon a liquidation of the underlying property and are typically structured to provide some credit enhancement differentiating it from the common equity in such investments . at december 31 , 2020 and 2019 , our preferred equity investments had a carrying value of $ 26.0 million and $ 26.1 million , respectively , or 1.7 % and 1.4 % respectively of the cre loan portfolio . we generate our income primarily from the spread between the revenues we receive from our assets and the cost to finance our ownership of those assets , including corporate debt and , to a lesser extent , from hedging interest rate risks . while the cre whole loans included in the cre loan portfolio are entirely composed of floating-rate loans benchmarked to the london interbank offered rate ( “ libor ” ) , asset yields are protected through the use of libor floors and minimum interest periods that typically range from 12 to 18 months at the time of a loan 's origination . in a lower interest rate environment , our libor floors provide asset yield protection when libor falls below an in-place libor floor . story_separator_special_tag the increase of $ 1.4 million for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to amortization expense on terminated interest rate swaps during the year ended december 31 , 2020. in april 2020 , in conjunction with the disposition of our cmbs portfolio financed with short-term repurchase agreements , we terminated all interest rate swap contracts hedging that portfolio . at termination , we realized a loss of $ 11.8 million . during the year ended december 31 , 2020 , we recorded net amortization expense , reported in interest expense on the consolidated statements of operations , of $ 1.3 million related to the terminated interest rate swaps . ( back to index ) 43 ( back to index ) the following table presents the average net yield and average cost of funds for the years ended december 31 , 2020 and 2019 ( dollars in thousands , except amounts in footnotes ) : replace_table_token_3_th ( 1 ) average net yield includes net amortization/accretion and fee income and is computed based on average amortized cost . ( 2 ) includes fee income of approximately $ 6.6 million , $ 54,000 and $ 152,000 recognized on our floating-rate cre whole loans , legacy cre loan and our cre preferred equity investments , respectively , for the year ended december 31 , 2020 and approximately $ 7.8 million , $ 103,000 and $ 162,000 on our floating-rate cre whole loans , legacy cre loans and our cre preferred equity investments , respectively , for the year ended december 31 , 2019 . ( 3 ) includes net accretion income of approximately $ 616,000 and $ 2.7 million for the years ended december 31 , 2020 and 2019 , respectively , on our cmbs securities . ( 4 ) includes amortization expense of approximately $ 7.9 million and $ 8.4 million for the years ended december 31 , 2020 and 2019 , respectively , on our interest-bearing liabilities collateralized by cre whole loans . ( 5 ) includes aggregated amortization expense of approximately $ 3.6 million for the years ended december 31 , 2020 and 2019 on our convertible senior notes . ( 6 ) includes amortization expense of approximately $ 136,000 for the year ended december 31 , 2020 on our senior unsecured notes due 2027 . ( 7 ) includes amortization expense of approximately $ 279,000 for the year ended december 31 , 2019 on our trust certificates - term repurchase facilities . ( 8 ) includes net amortization expense of approximately $ 1.3 million for the year ended december 31 , 2020 and accretion income of $ 91,000 for the year ended december 31 , 2019 on 22 and two terminated interest rate swap agreements , respectively , that were in net loss and gain positions , respectively , at the time of termination . the remaining losses and gains , reported in accumulated other comprehensive ( loss ) income on the consolidated balance sheets , will be accreted over the remaining life of the debt . operating expenses year ended december 31 , 2020 as compared to the year ended december 31 , 2019 the following table sets forth information relating to our operating expenses for the years presented ( dollars in thousands ) : replace_table_token_4_th aggregate operating expenses increased by $ 33.0 million for the comparative years ended december 31 , 2020 and 2019. we attribute the changes to the following : ( back to index ) 44 ( back to index ) management fees . the decrease of $ 2.9 million for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to a decrease in our base management fees during the year ended december 31 , 2020 . our monthly base management fee was equal to 1/12th of the amount of our equity multiplied by 1.50 % in accordance with our prior management agreement . in march 2020 , our equity decreased in connection with the losses incurred on the disposition of our financed cmbs portfolio . additionally , our management fees decreased due to incentive compensation of $ 606,000 that was incurred during the year ended december 31 , 2019. no incentive compensation was payable during the year ended december 31 , 2020 . as of july 31 , 2020 , as part of the amended management agreement , the monthly base management fee was amended to be the greater of 1/12th of the amount of our equity multiplied by 1.50 % or $ 442,000 through july 31 , 2022. equity compensation . the increase of $ 924,000 for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to the acceleration of all unvested stock awards at july 31 , 2020 upon the close of the acres acquisition . real estate operating expense . the increase of $ 298,000 for the comparative years ended december 31 , 2020 and 2019 was attributable to expenses recorded on a real estate owned ( “ reo ” ) property delivered as collateral in a deed in lieu of foreclosure transaction in november 2020. general and administrative . general and administrative expenses increased by $ 3.9 million for the comparative years ended december 31 , 2020 and 2019. the following table summarizes the information relating to our general and administrative expenses for the years presented ( dollars in thousands ) : replace_table_token_5_th the increase in general and administrative expenses for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to ( i ) an increase in professional services in connection with legal fees and advisory fees for services rendered as part of the acres acquisition as well as legal fees incurred in 2020 primarily related to the settlement of our cmbs repurchase agreements and ( ii ) an increase in wages and benefits allocated to us by our manager . the increase in professional services for the comparative periods was offset

corporate debt 4.50 % convertible senior notes and 8.00 % convertible senior notes we issued $ 100.0 million aggregate principal of our 8.00 % convertible senior notes and $ 143.8 million aggregate principal of our 4.50 % convertible senior notes due 2022 ( “ 4.50 % convertible senior notes ” ) in january 2015 and august 2017 , respectively ( together , the “ convertible senior notes ” ) . in conjunction with the issuance of our 4.50 % convertible senior notes , we extinguished $ 78.8 million aggregate principal of our 8.00 % convertible senior notes . in january 2020 , the remaining 8.00 % convertible senior notes were paid off upon maturity . the following table summarizes the convertible senior notes at december 31 , 2020 ( dollars in thousands , except the conversion prices and amounts in the footnotes ) : principal outstanding borrowing rate effective rate ( 1 ) ( 2 ) conversion rate ( 3 ) ( 4 ) conversion price ( 4 ) maturity date 4.50 % convertible senior notes $ 143,750 4.50 % 7.43 % 27.7222 $ 36.06 august 15 , 2022 ( 1 ) includes the amortization of the market discounts and deferred debt issuance costs , if any , for the 4.50 % convertible senior notes recorded in interest expense on the consolidated statements of operations . ( 2 ) during the years ended december 31 , 2020 and 2019 the effective interest rate for the 4.50 % convertible senior notes was 7.43 % . ( 3 ) represents the number of shares of common stock per $ 1,000 principal amount of the 4.50 % convertible senior notes ' principal outstanding , subject to adjustment as provided in the third supplemental indenture ( the “ 4.50 % convertible senior notes indenture ” ) . ( 4 ) the conversion rate and conversion price of the 4.50 % convertible senior notes at december 31 , 2020 are adjusted to reflect quarterly cash dividends in excess of a $ 0.30 dividend threshold , as defined in the 4.50 % convertible senior notes indenture . the 4.50


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```corporate debt 4.50 % convertible senior notes and 8.00 % convertible senior notes we issued $ 100.0 million aggregate principal of our 8.00 % convertible senior notes and $ 143.8 million aggregate principal of our 4.50 % convertible senior notes due 2022 ( “ 4.50 % convertible senior notes ” ) in january 2015 and august 2017 , respectively ( together , the “ convertible senior notes ” ) . in conjunction with the issuance of our 4.50 % convertible senior notes , we extinguished $ 78.8 million aggregate principal of our 8.00 % convertible senior notes . in january 2020 , the remaining 8.00 % convertible senior notes were paid off upon maturity . the following table summarizes the convertible senior notes at december 31 , 2020 ( dollars in thousands , except the conversion prices and amounts in the footnotes ) : principal outstanding borrowing rate effective rate ( 1 ) ( 2 ) conversion rate ( 3 ) ( 4 ) conversion price ( 4 ) maturity date 4.50 % convertible senior notes $ 143,750 4.50 % 7.43 % 27.7222 $ 36.06 august 15 , 2022 ( 1 ) includes the amortization of the market discounts and deferred debt issuance costs , if any , for the 4.50 % convertible senior notes recorded in interest expense on the consolidated statements of operations . ( 2 ) during the years ended december 31 , 2020 and 2019 the effective interest rate for the 4.50 % convertible senior notes was 7.43 % . ( 3 ) represents the number of shares of common stock per $ 1,000 principal amount of the 4.50 % convertible senior notes ' principal outstanding , subject to adjustment as provided in the third supplemental indenture ( the “ 4.50 % convertible senior notes indenture ” ) . ( 4 ) the conversion rate and conversion price of the 4.50 % convertible senior notes at december 31 , 2020 are adjusted to reflect quarterly cash dividends in excess of a $ 0.30 dividend threshold , as defined in the 4.50 % convertible senior notes indenture . the 4.50
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 Suspicious Activity Report : the resulting spread of covid-19 throughout the globe led the world health organization to designate covid-19 as a pandemic and numerous countries , including the u.s. , to declare national emergencies . many countries have responded to the outbreak by instituting quarantines and restrictions on travel and limiting operations of non-essential offices and retail centers , which has resulted in the closure or remote operation of non-essential businesses and increased rates of unemployment . while certain countries around the world have eased restrictions and financial markets have stabilized to some degree , the pandemic continues to cause uncertainty surrounding its ultimate impact on the global economy , generally , and the cre business in particular . we continue to actively and responsibly manage corporate liquidity and operations in light of the market disruptions caused by covid-19 . additionally , nationwide restrictions placed on most businesses in response to covid-19 are expected to cause significant cash flow disruptions across the economy that will likely impact our borrowers and their ability to stay current with their debt obligations in the near term . we have used and continue to expect to use a variety of legal and structural options to manage that risk effectively , including through forbearance and extension provisions or agreements . it is inherently difficult to accurately assess the impact of covid-19 on our revenues , profitability and financial position due to uncertainty of the severity and duration of the pandemic . in response , in the near-term , we are focused on prudently retaining and managing sufficient liquidity . we , therefore , have not paid distributions on our common shares in 2020. we continuously monitor the effects of covid-19 on our operations and financial position to ensure that we remain responsive and adaptable to the dynamic environment that has been created by the pandemic . for additional discussion with respect to the potential impact of covid-19 on our liquidity and capital resources , see “ liquidity and capital resources . ” historically , we maintained a portfolio of commercial mortgage-backed securities ( “ cmbs ” ) , including senior and subordinated investment grade cmbs , below investment grade cmbs and unrated cmbs , that we primarily financed using short-term repurchase agreements . however , the covid-19 pandemic produced material and previously unforeseeable liquidity shocks to the real estate credit markets that led to the receipt of substantial margin calls , and subsequently some default notices , from our cmbs repurchase agreement counterparties . in april 2020 , we completed the sale of substantially all of our portfolio of cmbs and settlements were reached on all of our remaining cmbs-related obligations , which were paid in full in april 2020. the repayment of all of our cmbs repurchase agreements in april 2020 signifies that we have no further exposure to financings related to cmbs . we realized a loss of $ 180.3 million on the aforementioned disposition of our cmbs portfolio . at december 31 , 2020 , we retained two unencumbered cmbs that previously had fair values below their cost bases with a collective fair value of $ 2.1 million for which we recognized an unrealized loss of $ 6.1 million in our consolidated statements of operations for the year ended december 31 , 2020. our cre loan portfolio , which had a $ 1.5 billion and $ 1.8 billion carrying value at december 31 , 2020 and 2019 , respectively , comprised : first mortgage loans , which we refer to as whole loans . these loans are typically secured by first liens on cre property , including the following property types : office , multifamily , self-storage , retail , hotel , healthcare , student housing , manufactured housing , industrial and mixed-use . at december 31 , 2020 and 2019 , our whole loans had a carrying value of $ 1.5 billion and $ 1.8 billion , respectively , or 98.0 % and 98.3 % , respectively , of the cre loan portfolio . mezzanine debt that is senior to borrower 's equity but is subordinated to other third-party debt . these loans are subordinated cre loans , usually secured by a pledge of the borrower 's equity ownership in the entity that owns the property or by a second lien mortgage on the property . at december 31 , 2020 and 2019 , our mezzanine loans had a carrying value of $ 4.4 million and $ 4.7 million , respectively , or 0.3 % of the cre loan portfolio at each date . preferred equity investments that are subordinate to first mortgage loans and mezzanine debt . these investments may be subject to more credit risk than subordinated debt but provide the potential for higher returns upon a liquidation of the underlying property and are typically structured to provide some credit enhancement differentiating it from the common equity in such investments . at december 31 , 2020 and 2019 , our preferred equity investments had a carrying value of $ 26.0 million and $ 26.1 million , respectively , or 1.7 % and 1.4 % respectively of the cre loan portfolio . we generate our income primarily from the spread between the revenues we receive from our assets and the cost to finance our ownership of those assets , including corporate debt and , to a lesser extent , from hedging interest rate risks . while the cre whole loans included in the cre loan portfolio are entirely composed of floating-rate loans benchmarked to the london interbank offered rate ( “ libor ” ) , asset yields are protected through the use of libor floors and minimum interest periods that typically range from 12 to 18 months at the time of a loan 's origination . in a lower interest rate environment , our libor floors provide asset yield protection when libor falls below an in-place libor floor . story_separator_special_tag the increase of $ 1.4 million for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to amortization expense on terminated interest rate swaps during the year ended december 31 , 2020. in april 2020 , in conjunction with the disposition of our cmbs portfolio financed with short-term repurchase agreements , we terminated all interest rate swap contracts hedging that portfolio . at termination , we realized a loss of $ 11.8 million . during the year ended december 31 , 2020 , we recorded net amortization expense , reported in interest expense on the consolidated statements of operations , of $ 1.3 million related to the terminated interest rate swaps . ( back to index ) 43 ( back to index ) the following table presents the average net yield and average cost of funds for the years ended december 31 , 2020 and 2019 ( dollars in thousands , except amounts in footnotes ) : replace_table_token_3_th ( 1 ) average net yield includes net amortization/accretion and fee income and is computed based on average amortized cost . ( 2 ) includes fee income of approximately $ 6.6 million , $ 54,000 and $ 152,000 recognized on our floating-rate cre whole loans , legacy cre loan and our cre preferred equity investments , respectively , for the year ended december 31 , 2020 and approximately $ 7.8 million , $ 103,000 and $ 162,000 on our floating-rate cre whole loans , legacy cre loans and our cre preferred equity investments , respectively , for the year ended december 31 , 2019 . ( 3 ) includes net accretion income of approximately $ 616,000 and $ 2.7 million for the years ended december 31 , 2020 and 2019 , respectively , on our cmbs securities . ( 4 ) includes amortization expense of approximately $ 7.9 million and $ 8.4 million for the years ended december 31 , 2020 and 2019 , respectively , on our interest-bearing liabilities collateralized by cre whole loans . ( 5 ) includes aggregated amortization expense of approximately $ 3.6 million for the years ended december 31 , 2020 and 2019 on our convertible senior notes . ( 6 ) includes amortization expense of approximately $ 136,000 for the year ended december 31 , 2020 on our senior unsecured notes due 2027 . ( 7 ) includes amortization expense of approximately $ 279,000 for the year ended december 31 , 2019 on our trust certificates - term repurchase facilities . ( 8 ) includes net amortization expense of approximately $ 1.3 million for the year ended december 31 , 2020 and accretion income of $ 91,000 for the year ended december 31 , 2019 on 22 and two terminated interest rate swap agreements , respectively , that were in net loss and gain positions , respectively , at the time of termination . the remaining losses and gains , reported in accumulated other comprehensive ( loss ) income on the consolidated balance sheets , will be accreted over the remaining life of the debt . operating expenses year ended december 31 , 2020 as compared to the year ended december 31 , 2019 the following table sets forth information relating to our operating expenses for the years presented ( dollars in thousands ) : replace_table_token_4_th aggregate operating expenses increased by $ 33.0 million for the comparative years ended december 31 , 2020 and 2019. we attribute the changes to the following : ( back to index ) 44 ( back to index ) management fees . the decrease of $ 2.9 million for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to a decrease in our base management fees during the year ended december 31 , 2020 . our monthly base management fee was equal to 1/12th of the amount of our equity multiplied by 1.50 % in accordance with our prior management agreement . in march 2020 , our equity decreased in connection with the losses incurred on the disposition of our financed cmbs portfolio . additionally , our management fees decreased due to incentive compensation of $ 606,000 that was incurred during the year ended december 31 , 2019. no incentive compensation was payable during the year ended december 31 , 2020 . as of july 31 , 2020 , as part of the amended management agreement , the monthly base management fee was amended to be the greater of 1/12th of the amount of our equity multiplied by 1.50 % or $ 442,000 through july 31 , 2022. equity compensation . the increase of $ 924,000 for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to the acceleration of all unvested stock awards at july 31 , 2020 upon the close of the acres acquisition . real estate operating expense . the increase of $ 298,000 for the comparative years ended december 31 , 2020 and 2019 was attributable to expenses recorded on a real estate owned ( “ reo ” ) property delivered as collateral in a deed in lieu of foreclosure transaction in november 2020. general and administrative . general and administrative expenses increased by $ 3.9 million for the comparative years ended december 31 , 2020 and 2019. the following table summarizes the information relating to our general and administrative expenses for the years presented ( dollars in thousands ) : replace_table_token_5_th the increase in general and administrative expenses for the comparative years ended december 31 , 2020 and 2019 was primarily attributable to ( i ) an increase in professional services in connection with legal fees and advisory fees for services rendered as part of the acres acquisition as well as legal fees incurred in 2020 primarily related to the settlement of our cmbs repurchase agreements and ( ii ) an increase in wages and benefits allocated to us by our manager . the increase in professional services for the comparative periods was offset

