At March 31, 2008, our GAAP book value per share was $9.88, compared to $0.42 at December 31, 2007. The increase is primarily due to adoption of SFAS No 159, effective January 1, 2008 whereby we elected to account for all financial assets and liabilities related to our CDOs at fair value. The impact of adopting SFAS No. 159 increased stockholders' equity by approximately $246.1 million to approximately $256.9 million or $9.92 per share as of January 1, 2008 primarily as a result of marking our CDO notes payable to estimated fair value.
If we were to mark all of our assets and liabilities to market as of March 31, 2008, we estimate that our stockholders' equity would approximate $285.3 million or $11.02 per share. At the end of this earnings release is a proforma calculation of the March 31, 2008 fair value balance sheet and stockholders' equity.