The lowest service quarter and select service positions it more safely to rising wages and costs in its full service breadth. Managing CapEx and the brands is quest in this category. We are far along in refinancing the upcoming guard debt maturity.
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We anticipate accelerated consolidation in this industry and we're bettering our relationships with proven professionals in the healthcare industry. Our underlying asset portfolios have been performing at budget and stabilizing in a marketplace, which has faced a recent headwinds, but contains significant opportunities for the future as we continue to extend term and call it assets within skilled nursing and medical office buildings.
Consolidation in this industry is inevitable. Our mortgage REIT was off to a good start in , highlighted by early success in portfolio rationalization and the expansion of core earnings.
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Restructuring of legacy loans is a key part of our overall portfolio rationalization strategy and this is occurring at pace. We are utilizing our best efforts to ensure that by year-end, we will be able to generate core earnings that will cover our dividend. Other Equity and Debt. We are on target for monetizations in As we previously communicated, we will continue to utilize our well-capitalized balance sheet to create engines of value in our investment management businesses, around teams and themes in which we have confidence and trust.
We will make capital allocation decisions, which align with our total return investment management driven business model, but which will allow us to support a solid dividend and retain REIT's status. We will continue to stabilize the balance sheet and work to mitigate underlying risk in the operations and portfolios, and in doing so, retain the Fortress position from which we are poised for growth.
As we monetize and save our liquidity, we will prepare for that unforeseen intervening event, which always materializes.
We will continue to execute transactions, which elucidate the true divergence between spot price of our shares and our belief in a much higher NAV and establish it to the market that difference in executions. Many thanks. Mark M. Thank you, Tom, and good morning, everyone. As a reminder, in addition to the release of our first quarter earnings, we filed the corporate overview and supplemental financial report this morning.
Both of these documents are available within the Public Shareholders section of our website. On the call today, I will provide a review of first quarter results, business segment performance and provide an update on our previously announced cost reduction program. Turning to our financial results for the first quarter.
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Approximately half of our net investment losses related to our share of investment losses realized by fluency during the quarter, which I will discuss in more detail later. The other half primarily related to losses on sales off and loan loss provisions on certain other equity and debt investments, most of which we have planned for as part of our strategic monetization program. If we continue to monetize non-core assets as planned, we anticipate recovering these losses on a net basis over the balance of the year.
On the financing front, we have made significant progress on our near-term loan maturities in Healthcare segment. We expect to be in a position to provide a more detailed update on that refinancing during the next quarter. The acquisition of these bulk industrial warehouse assets will serve the seed portfolio for a new bulk industrial strategy. Turning to our Hospitality Real Estate segment. The Company's hotels typically experienced seasonal variations in occupancy, which may cause quarterly fluctuations in revenues and therefore make sequential quarter-to-quarter revenue and NOI result comparisons less meaningful.
These losses resulted from the first quarter foreclosure of a single borrower mezzanine loan collateralized by a diversified portfolio of US properties. And the Company continues to make significant progress toward its stated objective to cover its dividend on a run rate basis by year-end. Strategic OED includes our investments alongside third-party capital where we earn investment management economics, and which represents a growth segment for the overall business. On the other hand, we are actively liquidating non-strategic OED, which includes legacy investments that they're at the end of their investment life and or do not fit under the investment management strategy.
We will continue to allocate this liquidity to the most compelling opportunities with a bias toward new strategically aligned investments where we have a unique or competitive edge, and where we can employ a third-party capital model.
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We expect that strategic OED will soon outweigh non-strategic OED by carrying value, consistent with the plan we have been communicating and executing on the past year. Our Investment Management business segment continues to increase in its significance as a strategic component of overall revenues and operations of the Company. Turning to our corporate capital structure. This gives us more flexibility to maneuver as we monetize assets, without sacrificing substantial liquidity reserves. Finally, I will provide an update on the corporate restructuring and reorganization plan announced during the fourth quarter of Although, most of the savings will come from reductions in our workforce and in some cases involving businesses or assets being divested, we are committed to retaining our best people to support those businesses that are our long-term and strategic in nature, allowing us to be well positioned for continued growth.
And as we speak, we are implementing employee retention strategies to do just that. We are also continuing to drive non-compensation related administrative cost savings and efficiencies through expense policy changes, the leveraging of technology and the utilization of offshore resources where possible. In summary, we are very pleased with our strategic progress and operating results for the first quarter and we are on track to meet or exceed the goals that Tom and Darren communicated on the fourth quarter earnings call. At this time, we'll be conducting a question-and-answer session.
Riley FBR. Please proceed with your question. Good morning. I have a couple. I guess I'll start on expenses. Is that to a level that's run ratable going forward because that was better than we expected or was there kind of one-time items or seasonal spending patterns, that may make that number a little bit higher as we go through the year? Hi, Randy. This is Mark Hedstrom. That number is slightly lower due to some one-time adjustment of accruals for year-end bonuses in , that we estimated but didn't incur.
But I think what we're going to see is, ongoing benefits and continued reductions of costs that haven't had there in place and the actions have been taken to realize those costs, but they're not yet being realized. So I think that's going to be an offset to that and we are going to see declining cost, we believe through the remainder of the year. Okay, great. One, I think you mentioned that there was three refinancings that were healthcare-related.
I just wanted to clarify if those were part of that portfolio or outside of it? And then the follow-up questions obviously get to you now is, you said, you're moving forward with that strategy, and I understand that you said, there'll be more comments in the next quarter's call. But is this -- should we expect that you would be putting capital into those refies ph and just want to square that with kind of the overall strategy, which I thought was deemphasizing healthcare?
Hey, Randy, it's Darren here. So there actually was five healthcare loans with maturity dates in The three that have been refinanced to date are all smaller loans and those have all now been completed per Mark's comments at I think widely higher interest rates on average. But pushing up maturity dates there in , the two loans that remain to be refinanced in the Healthcare segment, one is the Griffin portfolio that you're mentioning, not the larger loans for the US portfolio.
And that's what we mentioned, we've made great progress on this quarter and expect by next quarter, we'll have good news to report there. The final healthcare loan involves our United Kingdom senior housing portfolio and that's the refinancing that we've also now began the process on and hopefully we'll be in a position to report on a successful refinancing there on the next earnings call as well.
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As to your question regarding equity contribution, I mean there could be some act by additional equity that we're going to need to put into the larger US refinancing, the GAHR refinancing. And we'll report it on where we ended up on that, on the next call. So can I take from that, that we should -- if we're thinking about what Colony is going to look like over the next 12 to 24 months that healthcare will continue to be a part of that mix? I just ask one more if you don't mind. On the -- you had some gains relative to -- in reported book value in the OED sales.
Can you give a little more dimension to that, that's welcomed? I mean as we look to further OED divestitures, would we expect to kind of continue to have a good result versus where carried book is? Trying to understand that better would be helpful. Randy, I'll take. This is Mark again and I'll try to address that. And that's a mix of probably more than 20 transactions netting some gains and some losses. What I do think is important and what my comments addressed was that, based on our plan for the rest of the year and the aggressive monetization of assets we have in that plan, we expect on a net basis to exit those assets add gains that will more than recover the net investment losses we incurred in the first quarter.
Thank you very much. And I appreciate the clarity that you scripted about top priorities and going through the major businesses. In terms of consolidation opportunities, what areas would you identify as presenting the best outcome for potential value creation to shareholders? Is it on the investment management side, a combination with like sized players to create greater scale or would it be within each of the investment silos?
For example, would you consider taking the industrial platform public as a REIT, would you consider combining the healthcare operating businesses with the non-traded REIT? Is there synergistic value there? What would you say has the most potential opportunity? Hey, Jade, it's Tom.
And my answer is yes to all of the above. But let me give you some specificity. And what's clear is kind of an acres of diamonds plus that even the businesses that we would look at and say, eventually are we healthcare experts, do we want to singularly be in the healthcare business, probably not. I mean, a clear opportunity for consolidation with someone else. Who is that someone else? How does it play? Do you dissect businesses from skilled nursing, medical office buildings and senior housing, and consolidate them with other assets of like kind.
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