Good the you Zach, which you morning, before Thank talking is really Rina, because thank at everyone. about Wood star moment he for diversity Jeff Jeff. thank Rina, us restructuring. excited about was you was
the So, is in the And what's estate second. is up world's for shocking real of important let's markets classes. back now catch-up valuable. and right we're asset still incredibly thing The rest the to talk about playing a most is yield
player, So, market properties XXX,XXX estate rent worst not probably country. it's and with the one been double-digits, high stabilizing is the goes entire and but control strongest of are never I've moving We area, have own of the seen XX across years can unprecedented are real that leases they doing those I units And in as for in prove that to besides in those had substantial at book fund star around increases, an only rapidly. not tell We only since clearly equity the higher us, Investment. behind the real daily for market the this are now to rollovers that that market investment Trade of is Wood real. gains unrealized that is the created property evaluation we multifamily. units. and to are the strong year you earlier we values, an our strength. nearly moment single-family the homes all And but world, how rent The estate
effort, is XX% I found will And come of so, basis the equity equity offshore have the invest investment in the what in funds we and in sold seeing made broad investor, XX just portfolio. and more than assets in those to we between the severely active after And points. today the that we're our probably fallen marketing They equity, marketplace an tell investors we bought large time X's. large cap our a underestimated X very rates of you they portfolio
market incomes you So affordable by groups are. income income given increases the in the could at total in income median housing, in those are of that than in sense multi-family the streams, The argue rate for rising XX% that better demographic. the lower is areas actually set are on end that you rapidly age housing rents the
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the sell portfolio wouldn't we why love that's we we didn't more. sold -- -- would've we So,
that book. all $X.X with the hand, billion billion. The of was we only to trade $X.X make those among cost multis -- mark the property plus everybody sure billion. one mortgage This On wanted on that the a realized other $X were rates was
that that I'm of valuation, included in fund. portfolio the the So, confident weren't significantly true below board fair still marketing that that's we're and And multis value. its across the other
Starwood, So, unique us it's to duration. long gives think we
of moon the support that as will by And if leverage interested refinance be levering we today, was we through also, and we the that dependable to would provides which some continue of cash were it reasons flow on expensive That But beyond. the -- more weren't a there clients, way, was on baseline the our the believe didn't maximize to One than go we dividend. in it away. higher and rate obviously that able a was is with debt little cap if portfolio, to that redeploy we I That's out. continue at we the high to fascinating XX.X% in years. as and put the as probably that trapped harvest because pretty competitive about given particularly higher out projects is a other equity the thing we've people on ROE And lend, investment back are gains loan in lot there surprising the can come that the are now, it's had think that portfolio, everyone's our construction on right are And quarter book of penciling returns. side.
So, in an shocked. what's years inflation we believed LTV in would've XX XXth has inflation is giant. a definitely would've of XX, I after for replacement construction or started that so that the not business, hit And country is I and prices ROE. cuts been obviously interesting
seeing increases and cost in monthly materials. You're both as X% labor
vast the labor materials seems workers to shortages construction but from luck in don't to all it. U.S thing the that that's people add is of and import last steel, in because concrete, bridges, and all that going some over go then fix there's the have to try they anything, construction finding of we're piping, country and constructing offshore you're I don't Funny softened, bill million have into today. country. And fact that going because transportation think a workers, Good countries probably all to going some tunnels to impacted these do the roads exist now the the and to and lost materials
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saying yields no world that a that, no yield Company whole other attached whatever, highlights with a at that XX% of to If $XX dividend ROE been with LTV, that book a guessing. mark-to-market, probably X times to So, -- trading that fair firm, -- now value have fair And to slew And produces closer $XX the and $XX, mortgage value the I'm years, fact what estimate you at business probably X.X the we of if book now take high I a of we for GAAP and underappreciated. book, then has. think X have conservative we're X, X in you which business we $XX,
a So, very Company. you have cheap
getting for a -- of top competitor. year. have free, on we trade lending basically book, put alongside we put right these these which You're nearest businesses, But all businesses the ROE because -- having our all high record is
that's is through are global significant. footprint helping businesses are backlog So, us, volumes good, really Europeans our a coming with increasing and have we
can't rated just put than if we XX% loans where and So, points with at back our LTV. at Again, understand how at all XXX tenures in maybe actually sit together get would I basis this would -- coupon investment you them grade I in stuff. gobbled a X.X% on we and that spread the like, portfolio just the higher you trust, a LTV, XXX. a know, don't of be the world that probably through data XX be for aggregated as you most
say, was it of I'm the not X.X book for -- the our paying to me what arguing you're the and times So, we've been amaze paying if of stock price five-years, some times premium to That and detail our just impediments are with a in and was for couple $XXX up investment the book. see calls that coming and through, our we to X.X appreciating attention book, not actual paying we -- hey, times, million X.X high only running just people and and a thought while higher really move real. it you not to perhaps long continues the screens highlight are of isn't in the can freeing invest we Obviously, billion-dollars, we're has star, book term. only facts, depreciation this should Company thought we firm can case returns massive assets a the Wood creative obviously mortgage one
highlights that I think of So the the quarter. was
balance to work have the Andrew debt. Rina, continue We our the amazing with job sheet. financing through team, on working term Jeff an on done
least bank lines. exposure repos have the We and
think I any major that, similar peers. aware of our of I'm fears are
foreseeable not that's dividend can it's a no I impacted. in because dividend. say equity it and one in gains why, safe frankly. the can't else future, but so, for however, can it's be dividend, the the the fell only And we can And the book always, something when sector say, pay We the stock the stable fairly which is pay really is
a we did going it if really harvest into cash it the dividend, of trajectory couldn't the that end, think was on a we thought pay dependent of now world the whether the opportunities. But best And take wanted would've our we we -- about what question would've we'd was should of never was So, a depression, if gone world's was to. it cash. amazing use advantage of the go and massive we -- question some to
interesting So increase star has player space. do And the we're a alleviated really hopefully we've trade, opportunities as -- our and new in future. see one you'll near some about in Wood to itself stock a established premium excited regardless, then the pretty looking innovative of at. the us firm things I we're further and on hopefully, the And pricing, couple think with impediment
preempting Starwood the the XXX, across Property be up. XXX, to is and to want out, So, and verticals coming loans Trust are picking to is for the at now There infrastructure lending. I'm that many thank because all working people team and just hard been question everything haven't pace There a best-in-class. our about that really thank thanks. do you almost I
froze that there in of place not of some a just lot stuff So, volume. was and
better picking conduit businesses So, up. done And function But our they've we're so all pretty you these servicing, large. and great has be really continues the than can tremendously, kudos to to picking been up lightened our but or producing target ROEs. job. are were perfectly to book frankly, also CMBS a team the continue it's The business pleased we're about very non-QM the that volumes we're everything, in in book lending large target quarter, see
that, I think we'll take with So, questions.
