payments on the loans to our consolidated special purpose entity, after which we transfer our beneficial interest in Trusts and the loans to 8 securitization trust.
The securitization trust meets the definition of a QSPE and is therefore not consolidated.
The securitization trust issues bonds, which are supported by the cash flows from the pooled loans, to third-party investors.
We retain an interest in the loans in the form of a trading residual interest and, therefore, usually assume the first risk of loss for credit losses in the loan pool.
As the cash flows of the underlying loans and market conditions change, the value of our trading residual interests may also change, resulting in potential write-ups or impairment of these residual interests.
At the settlement of each securitization, we record cash received and our residual interests.
Additionally, we reverse the beneficial interest in Trusts.
The resulting residual interests are classified as trading securities.
See Item 8, note 1 to our consolidated financial statements for our methodology used in valuing our residual interests.
To accelerate the cash receipts from our residual interests, we securitize the majority of our trading residual interests in net interest margin (NIM) transactions.
In a NIM transaction, the trading residual interests are transferred to another QSPE (NIM trust), which then issues bonds to third-party investors.
The proceeds from the bonds are returned to us as payment for the trading residual interests.
The bonds are secured by these pooled residual interests and are obligations of the NIM trust.
We retain a subordinated interest in the NIM trust, and receive cash flows on our residual interest generally after the NIM bonds issued to the thirdparty investors are paid in full.
At the settlement of each NIM transaction, we remove the trading residual interests sold from our consolidated balance sheet and record the cash received and the new residual interest retained.
These new residual interests are classified as available-for sale securities.
Available-for-sale residual interests retained from NIM securitizations may also be sold in a subsequent securitization or sale transaction.
In connection with the sale of mortgage loans, we provide certain representations and warranties allowing the purchaser the option of returning the purchased loans to us under certain conditions.
We may recognize losses as a result of the repurchase of loans under these arrangements.
We maintain reserves for the repurchase of loans based on historical trends.
See Item 8， note 16 to our consolidated financial statements.
Loans totaling $7.8 billion and $6.7 billion were held by the Trusts as of April 30, 2006 and 2005, respectively, and were not recorded on our consolidated balance sheets.
In August 2005, the Financial Accounting Standards Board (FASB) issued an exposure draft which amends Statement of Financial Accounting Standards No.140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. "
This exposure draft seeks to clarify the derecognition requirements for financial assets and the initial measurement of interests related to transferred financial assets that are held by a .  transferor.
Our current off-balance sheet warehouse facilities (the Trusts) in our Mortgage Services segment would be required to be consolidated in our financial statements based on the provisions of the exposure draft.
We wil continue to monitor the status of the exposure draft.
The final standard for this exposure draft is scheduled to be issued in the first quarter of calendar year 2007.
## Table 0 ##
COMME RCIAL PAPER ISSUANCE We participate in the U. S.  and Canadian commercial paper (CP) markets to meet daily cash needs.
CP is issued by BFC and Block Canada, wholly-owned subsidiaries of the Company.
The following chart provides the debt ratings for BFC as of April 30, 2006:
## Table 1 ##
We use capital primarily to fund working capital requirements, pay dividends, repurchase our shares and acquire businesses.
Commercial paper borrowings peaked at $2.3 billion in February 2006 related to funding of our participation interests in RAIs.
No CP was outstanding at April 30, 2006 or 2005.
U. S.  CP issuances are supported by $2.0 billion in unsecured committed lines of credit (CLOCs), which mature in August 2010 and have an annual facility fee of eight and one-half basis points per annum.
These lines are subject to various affirmative and negative covenants, incuding a minimum net worth covenant.
We obtained an additional $900.0 million line of credit for the period of January 3 to February 24, 2006 to back-up peak commercial paper issuance or use as an altermate source of funding for RAL participations.
This line is subject to various covenants, substantially similar to the primary CLOCs.
These facilities were undrawn at April 30, 2006.
There are no rating contingencies under the CLOCs.
The Canadian issuances are supported by a credit facility provided by one bank in an amount not to exceed $225.0 million (Canadian).
The Canadian CLOC is subject to annual renewal in December 2006.
This CLOC was undrawn at April 30, 2006.
Company, subject to adjustment upon certain events.
The holders of the Convertible Preferred Stock are not entitled to receive dividends paid in cash, property or securities and, in the event of any dissolution, liquidation or wind-up of the Company, will share ratably with the holders of Common Stock then outstanding in the assets of the Company after any distnbution or payments are made to the holders of Participating Preferred Stock or the holders of any other class or series of stock of the Company with preference over the Common Stock  we grant restrcted shares to selected employees under our stock-based compensation plans.
Upon the grant of restricted shares, unearned compensation is recorded as an offset to additional paid in capital and is amortized as compensation expense over the restricted period.
The balance of unearned compensation related to restricted shares at April 30， 2006 and 2005 was $42.6 million and S2.7 million, respectively NOTE 12：STOCK-BASED COMPENSATION AND RETIREMENT BENEFITS We have four stock-based compensation plans:the 2003 Long-Term Executive Compensation Plan, the 1989 Stock Option Plan for Outside Directors, the 1999 Stock Option Plan for Seasonal Employees, and the 2000 ESPP.
The shareholders have approved all of our stock-based compensation plans.
The 2003 Plan replaced the 1983 Long-Term Executive Compensation Plan, effective july 1， 2003.
The 1993 Plan terminated at that time except with respect to outstanding awards thereunder.
The shareholders had approved the 1993 Plan in September 1993 to replace the 1984 Long-Term Executive Compensation Plan, which terminated at that time except with respect to outstanding awards thereunder.
Under the 2003 and 1989 plans, options may be granted to selected employees and outside directors to purchase our Common Stock for periods not exceeding 10 years at a price that is not less than 100% of fair market value on the date of the grant.
Options granted under the 2003 Plan are exercisable either （ starting one year after the date of the grant, （2）starting one, two or three years after the date of the grant on a cumulative basis at the annual rate of 33/% of the total number of option shares, or ） starting three years after the date of the grant on a cumulative basis at the rate of 40%， 30%， and 30% over the following three years.
In addition, certain option grants have accelerated vesting provisions based on our stock price reaching specified levels.
Options granted under the 1989 Plan for Outside Directors prior to June 30， 2004 are exercisable starting one year after the date of grant on a cumulative basis at an annual rate of 33 of the total number of option shares.
Beginning with the grant on June 30， 2004， options granted under this Plan are fully vested and immediately exercisable as of the date of grant.
Under the 2003 and 1989 plans, restricted shares of our common stock may be granted to selected employees.
Restricted shares granted vest either （1）starting one or three years after the grant on a cumulative basis at an annual rate of 331a% of the total number of shares, or（2）at the end of three years The 1999 Stock Option Plan for Seasonal Employees provided for the grant of options on June 30， 2005， 2004 and 2003 at the market price on the date of the grant.
The options are exercisable during September through November in each of the two years following the calendar year of the grant, subject to certain conditions Changes during the years ended April 30, 2006, 2005 and 2004 under the stock-based compensation plans were as follows:
## Table 2 ##
The following table summarizes the key metrics related to our loan servicing business:
## Table 3 ##
Loan servicing revenues increased $125.9 million, or 46.1%, compared to the prior year.
The increase reflects a higher loan servicing portfolio resulting from our loan origination growth.
The average servicing portfolio for the year increased $20.8 bllion, or 37.9%, to $75.6 billion, even with lower volumes in our sub-servicing business.
The weighted average rate earned on our entire servicing portfolio was 38 basis points for fiscal year 2006, compared to 36 basis points in the prior year.
Total expenses for the current year increased $175.6 million, or 23.4%, from the prior year.
Cost of services increased $75.6 million, or 34.2%, mainly as a result of a higher average servicing portfolio during the current year and increased amortization of MSRs.
Cost of other revenues increased $88.3 million over fiscal year 2005, and includes a $12.6 million restructuring charge associated with the closing of some of our branch offices.
See additional discussion of the restructuring charge in Item 8, note 16 to the consolidated financial statements.
Compensation and benefits increased $53.8 million primarily due to an increase in the average mumber of sales associates during the year to support higher loan volumes and the resulting increase in origination-based incentives, coupled with $6.7 million in severance charges recorded as part of the restructuring.
Occupancy expenses increased $7.8 million primarily due to $5.9 million in lease termination costs recorded as part of the restructuring Other expenses increased $26.7 million primarily as a result of $20.1 million in additional interest expense related to mortgage loans held on our balance sheet and $5.0 million of additional depreciation and amortization of our newly implemented origination and servicing software.
Selling, general and administrative expenses increased $11.7 million primarily due to $15.3 million in additional marketing expenses, $5.1 million in additional occupancy costs and $3.2 million in higher allocated shared services.
These increases were partially offset by a $15.7 million decline in compensation and benefits resulting from reductions in administrative and corporate headcount and lower bonus accruals.
Pretax income decreased $174.5 million, or 35.2%, for fiscal year 2006.
FISCAL 2005 COMPARED TO FISCAL 2004 - Mortgage Services' revenues decreased $77.7 million, or 5.9%, compared to fiscal year 2004.
Revenues decreased primarily as a result of a decline in gains on sales of mortgage loans.
Although origination volumes increased 33.3% over fiscal year 2004, gains on sales of mortgage loans declined $143.6 milion as a result of increased price competition and poorer execution in the secondary market.
As a result, our net margin declined to 1.12% from 2.22% in fiscal year 2004.
The average market interest rate for a 2year swap increased to 3.32% in fiscal year 2005 from 1.97% in 2004, while our WAC decreased to 7.36% from 7.39% for the same periods.
Because our WAC did not increase as quickly as market rates, our gross margin declined 125 basis points from fiscal year 2004.
During fiscal year 2005, we recorded $46.9 million in net gains, compared to a net loss of $12.0 million in 2004, related to derivative instruments.
In fiscal year 2005, we completed a sale of available-for sale residual interests and recorded a gain of $15.4 million.
We recorded a gain of $40.7 million in the prior year on similar transactions.
Impairments of available-forsale residual interests in securitizations of $12.2 million were recognized during fiscal year 2005 compared with $26.1 million in the prior year.
The impairments in fiscal year 2004 were due primarily to loan performance of older residuals and changes in assumptions to more closely align with the economic and interest rate environment.
Total accretion of residual interests decreased $48.9 million from fiscal year 2004.
This decrease is primarily due to the sale of previously securitized residual interests during fiscal year 2004, which eliminated future accretion on those residual interests.
During fiscal year 2005， our available-for sale residual interests continued to perform better than expected compared to internal .
valuation models.
We recorded favorable pretax mark-to-market adjustments, which increased the fair value of these residual interests $154.3 million during fiscal year 2005.
These adjustments were recorded, net of write-downs of $58.3 million and deferred taxes of $36.6 million, in other comprehensive income and will be accreted into income throughout the remaining life of these residual interests.
Loan-servicing revenues increased $61 .3 million, or 29.0%, over fiscal year 2004.
The increase reflects a higher average loan-servicing portfolio.
The average servicing potfolio for fiscal year 2005 increased 42.4%.
guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make (see guarantee table above).
Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage.
The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).
These investments include the following joint ventures:
## Table 4 ##
(a) Represents the Company’s joint ventures with Prudential Real Estate Investors.
(b) Represents the Company’s joint ventures with RioCan Real Estate Investment Trust.
(c) Represents the Company’s joint ventures with certain institutional investors.
(d) Represents the Company’s remaining joint venture with BIG Shopping Centers (TLV:BIG), an Israeli public company (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).
(e) Represents the Company’s joint ventures with Blackstone.
(f) Represents the Company’s joint ventures with The Canadian Pension Plan Investment Board (CPPIB).
(g) On February 2, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt (see Footnote 26 of the Notes to Consolidated Financial Statements included in this Form 10-K).
The Company has various other unconsolidated real estate joint ventures with varying structures.
As of December 31, 2014, these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $1.2 billion.
The aggregate debt as of December 31, 2014, of all of the Company’s unconsolidated real estate joint ventures is $4.6 billion, of which the Company’s proportionate share of this debt is $1.8 billion.
As of December 31, 2014, these loans had scheduled maturities ranging from one month to 19 years and bear interest at rates ranging from 1.92% to 8.39%.
Approximately $525.7 million of the aggregate outstanding loan balance matures in 2015, of which the Company’s proportionate share is $206.0 million.
These maturing loans are anticipated to be repaid with operating cash flows, debt refinancing and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Short-term</td><td>Long-term</td><td>Outlook</td></tr><tr><td>DBRS</td><td>R-1 (low)</td><td>A</td><td>Stable</td></tr></table>
<table><tr><td></td><td>Short-term</td><td>Long-term</td><td>Outlook</td></tr><tr><td>Fitch</td><td>F1</td><td>A</td><td>Negative</td></tr><tr><td>Moody’s</td><td>P2</td><td>A3</td><td>Stable</td></tr><tr><td>S&P</td><td>A2</td><td>BBB+</td><td>Stable</td></tr><tr><td>DBRS</td><td>R-1 (low)</td><td>A</td><td>Stable</td></tr></table>
<table><tr><td></td><td colspan="2"> 2006</td><td colspan="2">2005</td><td colspan="2">2004</td></tr><tr><td></td><td>Shares</td><td>Weighted-Average Exercise Price</td><td>Shares</td><td>Weighted-Average Exercise Price</td><td>Shares</td><td>Weighted-Average Exercise Price</td></tr><tr><td>Options outstanding, beginning of year</td><td>27,103</td><td>$19.02</td><td>28,964</td><td>$17.93</td><td>31,544</td><td>$16.07</td></tr><tr><td>Options granted</td><td>6,918</td><td>29.11</td><td>7,604</td><td>23.86</td><td>7,488</td><td>22.03</td></tr><tr><td>Options exercised</td><td>-5,479</td><td>18.17</td><td>-6,959</td><td>18.62</td><td>-7,854</td><td>14.56</td></tr><tr><td>Options expired/cancelled</td><td>-2,494</td><td>24.04</td><td>-2,506</td><td>22.21</td><td>-2,214</td><td>17.26</td></tr><tr><td>Options outstanding, end of year</td><td>26,048</td><td>21.40</td><td>27,103</td><td>19.02</td><td>28,964</td><td>17.93</td></tr><tr><td>Shares exercisable, end of year</td><td>14,693</td><td>18.51</td><td>13,268</td><td>15.89</td><td>13,336</td><td>15.39</td></tr><tr><td>Restricted shares granted</td><td>1,745</td><td>26.69</td><td>980</td><td>23.89</td><td>1,028</td><td>21.97</td></tr><tr><td>Restricted shares vested</td><td>616</td><td>22.96</td><td>352</td><td>21.66</td><td>144</td><td>11.90</td></tr><tr><td>Restricted shares outstanding, end of year</td><td>2,455</td><td>25.54</td><td>1,554</td><td>23.20</td><td>1,020</td><td>21.96</td></tr><tr><td>Shares reserved for future option orrestricted stock grants, end of year</td><td>27,356</td><td></td><td>9,889</td><td></td><td>9,880</td><td></td></tr></table>
<table><tr><td>Year Ended April 30,</td><td>2006</td><td>2005</td></tr><tr><td>Average servicing portfolio:</td><td></td><td></td></tr><tr><td>With related MSRs</td><td>$56,521,595</td><td>$41,021,448</td></tr><tr><td>Without related MSRs</td><td>19,106,863</td><td>13,838,769</td></tr><tr><td></td><td>$75,628,458</td><td>$54,860,217</td></tr><tr><td>Ending servicing portfolio:</td><td></td><td></td></tr><tr><td>With related MSRs</td><td>$62,910,568</td><td>$47,543,982</td></tr><tr><td>Without related MSRs</td><td>10,471,509</td><td>20,450,482</td></tr><tr><td></td><td>$73,382,077</td><td>$67,994,464</td></tr><tr><td>Number of loans serviced</td><td>441,981</td><td>435,290</td></tr><tr><td>Average delinquency rate</td><td>5.16%</td><td>4.85%</td></tr><tr><td>Weighted average FICO score</td><td>621</td><td>618</td></tr><tr><td>Weighted average interest rate(WAC) of portfolio</td><td>7.58%</td><td>7.46%</td></tr><tr><td>Weighted average rate earned</td><td>0.38%</td><td>0.36%</td></tr><tr><td>Carrying value of MSRs</td><td>$272,472</td><td>$166,614</td></tr></table>
<table><tr><td>Venture</td><td>Kimco Ownership Interest</td><td>Number of Properties</td><td>Total GLA (in thousands)</td><td>Non- Recourse Mortgage Payable (in millions)</td><td>Number of Encumbered Properties</td><td>Average Interest Rate</td><td>Weighted Average Term (months)</td></tr><tr><td>KimPru (a)</td><td>15.0%</td><td>60</td><td>10,573</td><td>$920.4</td><td>39</td><td>5.53%</td><td>23.0</td></tr><tr><td>RioCan Venture (b)</td><td>50.0%</td><td>45</td><td>9,307</td><td>$642.6</td><td>28</td><td>4.29%</td><td>39.9</td></tr><tr><td>KIR (c)</td><td>48.6%</td><td>54</td><td>11,519</td><td>$866.4</td><td>46</td><td>5.04%</td><td>61.9</td></tr><tr><td>BIG Shopping Centers (d)</td><td>50.1%</td><td>6</td><td>1,029</td><td>$144.6</td><td>6</td><td>5.52%</td><td>22.0</td></tr><tr><td>Kimstone (e)(g)</td><td>33.3%</td><td>39</td><td>5,595</td><td>$704.4</td><td>38</td><td>4.45%</td><td>28.7</td></tr><tr><td>CPP (f)</td><td>55.0%</td><td>7</td><td>2,425</td><td>$112.1</td><td>2</td><td>5.05%</td><td>10.1</td></tr></table>

Question: as of december 31 , 2014 , what was the proportionate share of the company 2019s unconsolidated real estate joint ventures .
Answer: 0.3913
Reasoning program: divide(1.8,4.6)