for everyone us Thank and thanks you, Paul, to on call. today's joining
morning's can see another you and an release, quarter closed outstanding As out from press this had we exceptional XXXX.
outperforming our industry public In our of XX%, and increase best while an twice total despite company shareholder a ratios challenging one fact, in extremely payout one return We of as generated dividend the was to dividend XXXX years the peers. maintaining environment. managed our of a lowest
potential from losses, our to the maintain everyone which recording we're clearly significantly, reserves book our very us able value and space. in differentiates of future for Additionally
earnings dividend dividend the more XXXX distributable as detail fact, coverages reserves later, also in the our industry. of our one recording earnings GAAP we of well best discuss providing in dividend, and excess despite approximately excess our of were million in in generated $XX in will In ratios Paul
Agency very of generated and our billion We're multifamily refinancing capital-light new of those Business. We loans billion through our or XXXX in loans also off product. $X agency $X.X in in effective recaptured XX% balance sheet runoff
platform agency income to to allowing key which balance part is sheet continue significant our delever strategic tremendous generate us a advantage, and gives streams, strategy. business of Our us long-dated a our
important generates XX We have now XXXX majority feel almost have been net before day. XX% our Business our every This in and for is reflected is a The open our Fannie Agency over fully that not a something completely in valuation. Agency coming row extremely #X we revenues. DUS for years years platform top in vast to been of our player emphasize occur unique we of is the lender for Business at significant our to in Mae XX XX doors which a it's and and even
call, and cycle. of last gave the our last part challenging fourth year quarter at guidance this the of would the we of second quarter the most On be first and quarter year
to be quarters We if than fourth X peak the challenging, the quarter. a are of more and period expect not stress in next challenging
of result elevated experiencing environment, this a As we delinquencies. are
is One they works that of and will position default the this certain occurring that are second, negotiate with us. taking borrowers reasons well many is is which first a the not strategy
and often deals initially recapped. deals capital climate. rise defaults will to you will in lengthy capital and bring to Therefore, need the able to to process raising a capital borrowers today's be is then table raise Second, rightsize their until additional see
as in have well our and their We been to a appropriate. deals caps purchase good Agency to borrowers have job very payments getting effective rate for interest refinancing Businesses where feel date as we recapitalize done collecting and in deals highly
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many to assets relationships that we've step recap long-standing been sponsors have take quality debt and over with these and working with in that are our assume transactions. also We and underperforming
circumstance. of impact And process individual on recourse decision-making loan As reverse provisions just market result constantly the having how but delinquent it's in is correct transaction. approach that receiving are evaluate the maximize nature purchase our a increase our to shareholder will economic a not as goal the to of collateral, well, we value determining to The not the each short-term a we in achieve assets to our often, value. very
most With we've successful extremely as a very we to or busy what managing the extremely of challenging new this lot to of work. be an first to consider in This quarters difficult we to and legal public of expect a said the this transition be year, is complicated And I part received process earlier, that dislocation. X even through said, criticism assets through essentially. ownership of in the
take the position. $X Additionally, crucial strong cash us over manage maintaining in downturn through a of capital. this million. generate of We billion the we liquidity focus liquidity as on on $X.X in the corporate superior have additional exist of an And that cash equivalent and in approximately provides million that environment $XXX $XXX billion of in our level continue flexibility cash the rest heavily of currently in results very of having to and will CLOs cash advantage needed to returns market opportunities our this to it is between
short-term significant reducing maturity any of with our deal on an done excellent to pending our and bank facilities. warehousing debt We no have have in to exposure also job
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to the these elements. and nature due vehicles today previously dislocation of advantage nonrecourse strategic at like of that are As tremendous we non-mark-to-market, times environment a in discussed, the provide distress
to a pricing In addition, fluctuating times to like low-cost alternative which in banks have parameters. this leverage point they contribute significantly and warehouse providing
Turning quarter the performance. fourth now to
We again a an remarkable. previously distributable had results we property As detail, Paul onetime of for. our a representing $X.XX in more around office dividend, quarterly that on current excluding of once produced will The ratio in gain our realized reserved results XX%. well excess share, discuss earnings are per were financial payout of
believe We through substantial with one earnings dislocation. tremendous a to losses, will diverse cushion while a our provide our our ability serve of we've the dividends, this to are differentiates the the dividend in as only as time and model us have to maintain of value stress, very pleased reserves uniquely which managed created for between positions We clearly we us business which companies well and our balance with of space potential peers. sustainable just recording book continue from importantly, the at us future the
working book our our allowing In In million agency agency and bridge was $XXX income again loan highly to this multifamily streams. converting our originations. amount to on invested the produce business, us $XXX product, million loan significant capital balance strategy, of recaptured focus producing our able XX% loans sheet we fourth were runoff, which recapture to sheet to another balance quarter, or through we new long-dated be of with of and continue lending into substantial a effective
more at billion. position, here more As interest will our at million away currently continue around again, which XX-year we we $X.X loans today's over recouped But continue rates, impactful. will sits rates With $XXX a of and again converting capital to result, become point agencies. current cash even to chip to X% the goes and every be build it if from X.XX the below will in meaningful drop up
touched to to our deals. now We balance we of allowing accretive pipeline grow and to As our platform. the appropriate market some upon step into time also believe attractive we continue to an last [ feel we are quality and the well quarter, with back loans opportunities lending ], sheet our gone of future agency highest our is us grow originate returns, build positioned
rates. year, production the Business, X% in that representing despite our elevated exceptional $X.X billion were light This GSE/Agency year-over-year. originated numbers. of over XX% down in quarter a accomplishment and billion quarter XX% the the and agencies for increase $X.X a XXXX our In another had tremendous We full the is to we interest great fourth XXXX in fact
gaining We converting and strategies a key done peers. balance agency the an differentiator and product, at job loans market share of which our sheet our from our have excellent been one in significant always has
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we what a is $XXX million of much resulted stronger. the February as January believe much annual looking pipeline, slower setting again, flow. with have very another Traditionally, are it us agencies, income in a large significant for we which for capital loans. agency originating requires numbers us And long-dated, a up year Agency value offers generate in cash And solid as premium limited and stream be Business XXXX. produces significant and originations predictable will month
cash servicing approximately generates a which To $XXX the in $XX million our this billion year-over-year portfolio, grew quarter another XX% X% fourth loan flow. and point, in year fee-based reoccurring
escrow balances, rates. natural significant interest hedge We generate also against acts and earnings on cash our which a as
generate balances gross with gain our in a earning totals This now approximately strong to us is income from X% originations earnings billion providing peers. $X servicing million $X.XX the of around we our which fact, sale or of our $XXX advantage In we a margins annual million in on over $XXX are combined annually, on annuity share. roughly platform, strategic addition
commitments. the a choice rental XXXX of business, to dominate as very a billion strong full $XXX space fourth we with closed the premium million In and quarter markets had another and fundings become continue signed our year of the quarter lender had new $X.X we we in single-family up and fourth traffic XXXX commitments of out in. and We of $XXX million in
pipeline through while levered bridge on as opportunities also by returns us lending a We and strong our diversifying to generate large in our streams. committed the providing capital term, permanent it significant short this further and and returns remain have offers benefits business income long-term construction,
as the from can returns think to and this XX% lending generate we can business We're mid- unlevered also newly XX% excited believe very opportunities eventually our returns. we we leverage our construction capital on added high garner about and teens business to we produce
additional in up us of offers on a agency we now our significant screening. number build on $XX potential replication, platform We capital of We for of deals construction, pipeline and our very is continue appropriate permanent a deals believe currently million returns as and roughly to opportunities. through another product and this are $XXX bridge NOI it million lending
the Lastly, time that the that desired way goal a short that is like have achieve our On to short been reports these position. down drive to I from our written designed base talking profit purposely loyal the written in stock company. of a about understand investors on spend are would some price reports company's to to
a As it's and personal as assumptions only marketing future predicated conclusions reports are and such, view Arbor purely inaccurate facts, in with slanted the again, to exaggerated, data, provide events negative these for conditions well incomplete lease on gain. and as
these that were And short reports in and at detailed in rates When while will January. we as forth of delinquencies this January for on CLO X.X% but our a reports out into in reality, specific in information XX.X% get and are the XX.X% today. state or X.X% the the for December December and loans, we have not point is back will at any discussions and
on. More X.X% are December and as importantly, are which the of X.X% the focuses today, XX-day for for January the numbers delinquency industry numbers
as results perfect the only self-motivated of the and time, or public and We one-sided a these data into point example long-term for outperformed represent to select and personal the focus only to our not is shareholders fear fact urge does industry's full market our focus on inject reports of that consistently This picture we've a disclosures the using ignore gain. contain our peers. in
portion to is emphasize significant of specifically Arbor's housing lending It is multifamily focused the workforce very important market. in also a the part of that
well partner. a level management, This the Mae United housing and high Arbor as in all of As level major making specific been have needs, we effective the tremendous which business appeal continue have very effective for Mac we been expertise, because types. to decades, product important social curb Freddie is for been We've of have -- a society. fulfill the we'll a core at requires as multifamily part federal criticized mandate may this know, we of workforce/affordable same our product mandate a address as product not the States, issue at, extremely needs Fannie for that the had which have and great a a to for agencies a other
I now will continued Again, for the thank support. our turn financial we call you Paul results. your to take you to And over through
