for Paul us you, to on everyone and joining Thank thanks today’s call.
ratio the second period lowest XX% for XX% outstanding that XXth quarters had increase allowed all As diverse industry, growth continues has morning’s earnings once you again time this can which dividend. increase generate that quarter quarter. to in well in in are our as was our payout another the excess or our the from dividend while to dividend release, we press model to maintaining XX of $X.XX, us over This reflecting the last see business our
over our XXX% electing to cutting In in out are space earnings. to or their of dividends are fact, many grow that has only either the while pay dividend our we continued company their are
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tremendous touch be discipline require As any of and in there real cycle, estate a amount some the with will a contend issues will be and to and with, case of challenges high expertise. which
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performance, around dividend, that as we’re in a us distributable to again of This provides have current Board very a second and earnings well cushion market per discuss knowing excess that representing our our between full share, huge with once us of our a $X.XX in more of dividend a raise of such of payout we dividend, even our ratio our produced results dislocation. one dividend The and to XX%. has wide disparity the now Paul which entering believe positioned keeping Turning detail, of dividend only will a quarter with challenging is financial implemented in we’re book strategic We a uniquely that earnings enabled was and into policy our very well we value in remarkable. quarterly were with environment. this create companies as space and reserves, protected grow our sustainable
loans area million In our a in to recapture In was million converting of our streams. XX%, selective, substantial income with capital produce have balance allow sheet of continue and product multifamily we quarter, remain on bridge into on long-dated of which the recaptured new into significant agency business, balance $XXX this loan another sheet invested to lending we focusing very us originations. agency amount second success runoff mainly $XXX
build of at out currently $X $XXX able we’re and million position, approximately continue sits to broadcast billion. which again result, a to As capital recoup
continue elevated. we ability for of had In the the continued curve, billion strong GSE yield and in of volumes agencies an only the effectively to remains are pipeline business, inverted loans, exceptionally balance agency game us year. produce strong in gives second quarter, Clearly, $X.X the town, with which the origination our our our to originating confidence
streams a national of strategic income predictable housing business. value market produces workforce significant a book agency and of capital we offers advantage multifamily annual a again, that with premium cash requires on the significant part limited as have the in And sheet generates and feed also agency focus our We balance large to business it this long-dated, and that flow.
in portfolio, X% generates $XXX servicing another $XX.X cash a quarter, approximately To flow. billion the in point, this million year second reoccurring our which grew fee-based
as We rates. escrows on natural earnings which against also balances, a hedge acts cash generate interest significant our and
fact, over In around our roughly million earnings with on earning balances is $XXX gross $X.XX income billion us share. This strong combined providing in over sale originations $X.X margins we peers. now addition significant to the something of And million we our annual or a it’s annuity, of our strategic unique gain $XXX or from approximately to is service annually, totals generate again, completely X.X% on which platform, platform. are advantage our a that
rental aggressively We grow are us it lenders us offers opportunities to remain this and strong to space, to our this allowing our and we business to term this level three We single-family one committed only remaining expand platform. continue through construction business of as to on of allowing in income while the significant as continue benefits turns long-term our short capital permanent in build bridge franchise. returns us our diversifying lending streams by providing generate and the further
of to In understand that to a year feel demonstrates strong again that first We we once results dividends positioned manage challenges ahead exceptional earnings all well half summary, had with and cycles. well the we in and very ability generate the this very clearly cycle. lie through strong are our
dividend run exceed rate. Our earnings our significantly
well asset the that below CLO non-mark-to-market in with debt invested the non-recourse is current liability right stable are of by highlighted with structures, market. very a pricing amount class We significant
has top take liquidity capitalized a able in We through be and opportunities seasoned company this executive performer and our with are a position significant environment. to will with space. also us of best-in-class asset our this team, the continue And to again, well which confident capability are management accretive in put exist manage unique downturn be will that the advantage we that to we in
the results. the take you call Paul through I now financial to will turn to over
