to can everyone. short. Rina. morning, talk going always that comments I But Thanks, do say Thanks, this morning, I too long. make I but Good that. Jeff. my I'm
equity the United multifamily and The have to there. of rent seen own is markets, industrial across particularly interesting REIT. outside great continue in property and where in The States strength, overall accelerating the both environment markets and growth the our Europe, out we've our portfolio books office,
is wouldn't remains totally that Northeast. retail the market benign, because Hotels, net a our than lack classes overbuilding primarily of the to say, every supply remains two benign. the fairly handleable but demand. in challenged I more asset -- there And it's say space. absorption actually in somewhat hotel The multi-family of than it's there's in or construction, more
the the City, democratic residential, like you would in wealthy York, a raising relying of nervous York rates are worried, and victory exodus tax as of New There pockets San impact Coast, wealth. like are of And rates increasingly high-end the New and Francisco. an about cities we cause problems, San know, West Francisco thoughts, fall And -- social which carrying on to rate of an population, tenants you because burden the It's long shrinking ultimately, really York blue cycle, services to to like the JPMorgan at lending a -- New these ever of decide our albeit of of want expensive reinforcing be negative -- cycle. in will a beginning cap skip states City impact building low hop town. on
strength taxes taxes, rich can in you're there's the City, And chance removal all some up of the New we capacity. with deductions and housing states around of in that I seeing particular, that blue all the victory, but markets with and no on think of lack in the reflected aren't democratic York going the the assume of in and
Are just down ago, something, funds. our at in from off uncertainty may IPO. of the LP the melt two. the interesting the and this impact tremendous is it's its I days the two doesn't market. markets, now, it's couple on seeing on all, referenced last And years. to volatility in was It And meat up equity we XX% you're by see beyond our concluding in tenure closing really also it's chart much morning, conferences IPO. its what turn stock rates, us the two-thirds but where stock So more of so to interest XXX
some far happens may because position. in Just at arena. next the the the of to equity depending months, moment. in are Clearly, on reassess And left victory XX don't that political rising, prospects they in mean the have what market's the stay at point markets they ignoring a that
now they're more country, we're closer that rents So much if driven dropped we U.S. because assets to in in are mean, economy I -- the I of loans will think to LTVs condition. our lending right low, European Also, off very weakens we're will us, probably office major markets. comfortable our condition most than the across of staying on and the of that rates pretty off they stay rise the
showing stimulus have and at so German probably And Chinese what than slowdown, impact done the world. have what of governments and or focused done Chinese Germany also foreign economy country, fiscal in the -- is them across done, and on manufacturing some the much done. here. the economy is rest of when quite you of the our raise the is stimulus trade, competitive negotiations landscape the And their ECB that out they've Europe, the Clearly, look what kind have of far pull what and trade their been which fiscal laggards of have done, double-wall the the the has Americas less of Japanese dependence in the different to on their that the
Germany it But if rates that our since the U.S. of would we're I believe the means think U.S. have going, pricing that funding bonds. get if probably I pulls off economy we're -- higher slows, even
never been multiple billion that coming in balance stronger. excited cash returns Really resi really about So $X.X we're our and us, quality well. undrawn to on the have, sheet, the the business Jeff the we've doing, of ample credit getting. And we mentioned, back as what facilities, we're are our growth lines book of functioning
the all of moving And segment. hold excess good as return are least in or what are that yields the our than lending in maybe we of at And risk, our in because rather to past. is of the paper on-balance we sheet can it, more commercial better. we than we Increase had believe, securitizing
we earnings. year-over-year Primarily Infrastructure growing has down in because, year of probably as excess cost actually energy us business mentioned, Jeff originations. in this shut The and $X.XX
are maturity. mismatch from when the facility -- don't loans, and for we facility company but the two-year we bought GE, We loans have five-year a a
we're to said basically we wait. going So
So make to two that business the that has together and or will our the lines team are book never year accretively comfortably duration, of exceed. our to off races the origination we these can in We'll earnings loans, put financing forward. add goals where longer these and hit bigger. we're and I now expect been next going
pretty particularly excited into assets. The its having contribute and broken book start belief swing helping wing beyond a property us good, about and multifamily go business So our flapping is interaction.
more –we XX% there's what So have this they yields them. $XXX than that And XX%, mean, cash gain. – are do know up. don't with and only going million we cash are to and I
At could we was, them. how embedded us of don't them. average leverage capital harvest – know gain from So the $X another it our of duration there would forever. the We say, is assets. billion, assets or replace ratio, to back loans require will These we And billion to live that our make. million to gain coming loans short. sale And those $X $XXX that's have let's of of and
we'd $X every have two to So put at years. three years, billion in
the burden caught a I on will sheet, or it's originate did way, by the on balance on notice, five and competitor of largest and notes. top Rina something It's A do high so, actually and Jeff this to, these we it, just mentioned that six year. six mentioned, everything And we our or does is
company if finance their the billion, see. volumes we our understated, the book billion actually billion, $X so $X And that $XX $X they our you not way billion, the loan at company, finance look are would because did
of might And so originations different, look too. number the
going ourselves, So it's an to correct book. going forward, billion we're that it's and the really just we because presented really way $XX – it's
not way just back I owned. of of we've, saying million took years million though done thing million. competitors' material we numbers, don't the sold occasion, our and when, XX% That it I'm And quite small $XXX finance a a themselves and to Mountain, do loans a $XXX the sold thing which of it's piece position, very Apollo on was asset even scale, seven it The It's ourselves there's is bad a million loan. We bad off it XX% for it's to not philosophy. $XXX in to think also was large. probably a ago. There book different a mezz, Mammoth thing. portion they're we we in don't a $XXX
last million. $XXX Our exposure was call
So when there's just stupid paper available.
of scale. of We done have but XXXth what Certainly in size it, very a our small the competitors done. occasionally
pieces is the the the new. And our mention we think because in servicing. best I player – in book are of all thing some $XX I other peers And portfolio, billion interesting the servicing will B
be should tremendous the biggest all that's right? we insurance in So don't business for be Works core business. in bad. market, not We're a going a not. very really it's It's but We mispriced, to not pieces, player it's us. B think
And participate. so we always
fastest we much we're ones the think like BP's move cherry-pick Jeff, particularly the want six then pool that. we we're I and in ones contributor buy, the from something purchases, And to pretty on that. where to
don't have on The I three-year So well. quite plan. any completed doing think. future. We've our a sanguine other is I We're company comments, quite
looking are things sky. and at in the We Chris genius to have is buy failed. tried and But
we'll other future. So, be there'll looking in be things at the
So I'm Thank going that, stop. with you. to
