Kristine. Thanks,
it investment lending XX, favorable economic continue a supportive demand. these deficit to with near-term. multifamily, modest continue on focused in with and in multifamily overall lending landscape single a As very the required On favor in estimated U.S. home to expected under to be housing provide and of X.X a housing, family After scratch tight new BPL new and million extremely both single the starting X.X With to long. meet continue residential our one see strategy, dent to bridge market family million JVs. units support signals relates strong We housing backdrop will that areas. Page of builds, we innovation BPLs, is we the year significant
and with is pre-model a Our XX% borrower strengthened alignment post-model XX% LTV.
our after proven space, are our process late, originators, our loan structure lower increased sector. We pricing BPL We with burden market compete faced instead and the reduce can technology have focus competing on consistent in of dent scratch rates of to participants remain on where advantage In LTVs. the and we loan value in BPL new before and continue with We sector. the higher performing to with meaning team this we meaning and/or purchased. willing competition market duration loans experienced find price, operational short of to take
with With and closed early on the rate, the We technical guidelines. purchase mortgage origination loans issues funding cash were curbs from agency original the new for channels. collapse to found window have that primary-secondary
a at liquidity. helps even the purchase Our discount originators deep
with process. on needs our a past selling we with a consistent years, buy X meeting discount in loans XXX matter, the have BPLs, able of from We purchase but closing of in buy on be counterparty like compete the in points price diligence We been expedite average. the space. do the us and This to not helps partners over loans few preferred originators
rental multifamily Average X% properties also up deficit, acute markets. markets rates the sub digit found a selected and like Raleigh. In we multifamily with Tampa secondary and on target we Southeast focus case, United increased improved Atlanta, in housing States. in in facing this valuations have by shortages double direct In with year-over-year, Lastly, more markets rents. housing mid in business, are our low led lending gains rise JV to South
providing consistent by trusted pricing so these compete of space. due higher in Consistent We the diligence years focused incurring position on approach all line without in across acquisitions, the with on done hitting the we other the our here. us loss average assets. plus the with for have allowed under strategies on strategies, our a competition to in are eight process in Holding increase our sponsors. face we Again, funding and a investing timelines yield any a commentary
$XXX our pace million a to of acquisition Turning in from to $XXX quarter. slowed million month, Page last XX,
Thus, do see activity we in core we to third a elevated was close to larger focus particularly the allocations the related quarter expect [Technical levels our of with in investment take a strategies. to client we While opportunities to competition, can meaningful through space. increase longer contributor Difficulty] multifamily our see the
defined XX, Page to previous calls, financing leverage expect to we we our as remain Turning low. on recourse preferred stated as
run yield an and multifamily to is within expected as assets strategy upper on to unleveraged investments, targets we in teens. First, JV loan low meet return the
focus non-recourse point. or primary debt term securitization markets, is financing the residential Second,
financing. balance to opportunities new purchases Our unencumbered we form of of have loans $XXX this allocating on of continue alongside million to
We number in debt with and space, unrated with bankers currently working agencies transactions are the rated rating on offerings. in of residential a
down even more As call, be band including with market replace issuers, supply. pay our new the rates to level discussed higher continues to the to on we outstrip last expect in of accommodating as market securitization demand
And improved quarter witnessed financing levels basis points space, area level XX we decline result, approximate basis in the the X% a about of X% AAA RPL As XX space. to to in of rated a costs cost points the unrated debt. in financing
risk leverage generate to equity about with traditional On versus Page the portfolio, proposition strategies. current our is as We for returns environment our this are within favorable XX, bank excited reduced offerings. repo discussed
portfolio currently market. XX% rate, our not are difficult XX% in a extremely level to year-over-year $XXX the At today continues the housing market highest accreting auctions, With higher reperforming loss would recorded loan at replicate printing we is prices at par alongside million with borrowers on active be X.XX% in LTV $XX, and our our to coupon improve, protection While today's and degree with of the Case-Shiller’s alignment of a position index, mitigation approach. with which the equity our the brings downside valuation loan improvement. our growth
value, a second business $XXX call loans. bridge As asset deals mentioned our today's cost such, the which points savings they with resecuritization and are quarter as of basis rehab investors of we up end market, purpose we at loans, equals unrated with one of powered Steve XXX the the of $XXX to these of loans. here our recently noticed mainly million and interest see earlier, to loans. With the million In
housing We loss to-date. believe well in have the without in today's dry these loans the macros market. within funded We to and many fit any is market finest apparently others
for securitization million issue we $XXX in securitization the cash the in of the the launching to returns paves these assets. the to on low new revolving XXs new utilize quarter, second recent teens, July. After space with within loans added $XX high Our deal this of built loans structures with the in continue million way
scratching in strategy, quarter, elevated seen an pipelines market, we increase which agency out in QX. bring which the the have an should activity Within prepayment performing we of investment mostly amount the Like propose higher have loan is witnessed loans, activity. to
deep of the cost. market, acquisition a because unlike agency However, from we activity benefit this discount
prepaid Page this $XX, captured purchase in above At between the quarter, price mostly are this particular month. to XX average in with CPR. price exact Turning we $XX loans against a we trend highlighted prepayment, where the show discount acquisition XX, loan we here,
size, pay X% our While to down the the capture earnings accretive activity portfolio payoffs are as we the reduces discount.
markets an the residential Turning updates finally, XX, portfolio. we to BPL our Page provide for
Here, our high increasingly spot we market. high of hit provide these supply rehab importantly, low and believe quick support, a believe activity level of we level market continue our maintain housing low competitive originator sweet bars in turnaround. the proven trade a on focus markets With low characteristics can experience, benefiting a we pipelines environments. for LTV, to requirements with project with We
very We take here the contractual early cost. immediately to on of the acquisition additional as XX financing Now Page XX.X% an advantage multifamily to to have of flowing return sparked cash XX, recent support risk by decline seeking are layer With flowing can within attractive. acquisitions switching sponsors and sponsors' property costs prepayment overview, XX% our these we adjusted acquisitions. the a turning a X% average agency sponsors over the increase which with points, sub senior a is benefits, LTV. up seen profit approximate in multifamily within coupon senior Cash who in pipeline financing basis sector
market market in believe security market discussed portfolio XX-years focused part the over X% priced area. we with Quickly utilizing stated share a we tight the recapitalization team I year a large is the by on Southeast, fully network looked favorable in the such opportunities. multifamily States, proven multiple closing environment our exchange. started developed against with a and with We in macro very opportunities the more here in South, previous case keep sponsors. As have we the space in source The JVs side, alongside at the a refocus in as is of XXXX to quarter, on earlier, of yields timelines, this United the process the of
recently As such, move a our liquidated environment. month given last this in this all of the sector exit sector positions to we nearly market towards full tight
XX, Page performance, multifamily with continue to in underlying occupancy markets. the respect Turning to rates property, not local with improve lastly, demand surprisingly
from X.X borrowers quarter multiples. in to continue four minimum a investment prepayment receive the applicable all an after our sectors times XX.X% as strength multiple, IRR providing prepaid a portfolio, return loans we the notices Given additional in at
assets in few very service. special have We
towards this XX pay We the continue to of of part the work portfolio. off two the in assets of a par
Page loan an to unlocking team hear across time and focused your XX, multifamily cap to opportunities is business. turning update Now the for sectors The of you investment on we new our thank resi structures.
to At Our with goal is about back deliver this pass to it returns high We're our arrangements prospects low this with excited I'll new success. investment volatility. financing continue to Steve. and time,