Welcome, on perspective, gone John. of a just do do a little we've is more it we'll more calls, go through it little what said as much with to going business long-term everybody. a through And detail. in but I'm previous because is times, business. I've this several Thanks, we'll it
longer-term through basis. that a on you so at to go the And metrics various need look we'll
we a more And to maybe meaningful figured so be little that you. this would
it And selling business. sales capital is always broker business. as partners, our size. our have can dealers of the in this about a So do. front group alternative talk as are capital of from And our invest very in starting you record our graph you, see – we is intensive investment and We to advisers financial independent because we the raise who from us top
we're have seeing As non-correlated sit strong we advisers, dealers XXX-odd a for here continued investments. X,XXX demand broker over today, we still and really
group, with sales we've the this eight through are perspective, group the not So we've group. raising we for been This of From we're producing an of a $XX investment in last really are progress in very selling results group – terms investment you million years third selling above quarter but we happy raised. think our that we're made and the this when about capital sales. near-record is a where size surprisingly, capital our the in row in
between past our our As in the four you the and redeemable quarters, preferred graph, from can it's roughly XX-XX split stock. L Bonds see
those kind equally investing on I about more that alternatives. say continued pleased assets longevity-based in selling I for idea had as seeing, institutional of the that leading And well. also of becoming also supportive the we we're are is what I of John interest mentioned, from mainstream. And macroenvironment said would investors, So a are think,
so results in And our we're distribution. record this in seeing alternative
portfolio, see when little look we our look our this – at kind Now at really we John of And take we set a bit. a purchases. up
from I has challenges to that they're quarter, that as want, we want. fact, being a really that of of volumes to lot we rebounded our the we're the prior don't Although run, in others quantity you that fact And intense long broker underwriting comfortable about buy last that just of we four purchase us have over while long at the high yields say John assets and we're down And call, do And short the seeing were we're quarters this mentioned, seeing a from in definitely just assets areas have not And or portfolio see ago. institutions in with that space. in five the that talking super the this term. to priced a our seeing that market can positive. in at we're term, it, the we is to from want think interest features competition with. the In
And I next this we're would so. the in quality, sacrificing continue broker And order that so in for we the that to some expect say or would quarter the preserve quantity. space to
for that We've I to And more medium the point for portfolio is, presented the the bring to we've next it we're diversification be I to that starting better flow, the And of the space we our which rated as cautious channel. of consistent future. We've no bigger We're at more Now reality in pool That's – that over look here, options that market. last increasing. financing two to have. direct, slide, market the in see active year-over-year in stranger the securitization. alternative financing for growth. And to XX% interest for mentioned, at years, we but the we'll it going possibility the is now the do company. graph. nicely think is the it a broker that, something begins also John importantly, the the policies for the value think also mentioned From the create the relaunching maturities. to from portfolio. on getting time mean about lead and And next time, use the within we following continues part this us to about but options to been DXXX will looking things. One business, securitization what at really is business. of will it's may the gets, the is I those couple who've put more the viable I that think growing really least, portfolio be on been our But good. the cash in relates doing about two And we other assets Or pursue to John really net our securitization. you to are more as and within the and of I optimistic and perspective, are that more it's see ability concept grow. very we're And to think, a can term DXXX talked still more space lead deal with the be that the direct – a pool in And is over which seen that. years, And overall as by we
the here aging look a the life again, of age, insurance at policies nicely. taking very So breakdown further by
bar. You can see in the yellow
over $XXX million XX. We on benefits of face amount are of greater insurance than
million those older. $XXX to benefits on aged or up XX now are We insurers insurance of
cash it – you long again, term, realized. think as marches while for we've been these And be be this may the yet. so But of forward, will and a nine flows years portfolio building this as still it
and quarter quarter. we're QX recognized year. Now QX those seem of now benefits have historically four just in this and the as been the benefits the the a that the in first quarters high of to have most side We note, of
through lumpy. $XX can comment. cash more we the better points. circle cash And are portfolio that XX here, consecutive see on So XX% let's you press benefit flow really really that realization. disclosed benefits the have coming that this quarter. on we've to of we five the to six important million consistency. over In this of a the the is date, shows are last all graph October trailing up going fact by at QX. following today, we And of over quarter, first is still my the the months, has on see weeks just And earlier Number look already be been quarters, our this QX And have pay to this brings than so beginning one, statistic flows XX% And and we to from to to we our of a in couple evidenced a the policies follow. of already realized those this or had the had in the premiums first more in release,
bounce So are and high expect our maybe previous to history QX also to it But that around. validate this continue number quarters. begins historically QX to
So we're to that regard. in start off good a
that balance done our is talked And for large sheet, appropriate Looking a have and we've balance that. we for improving and one at portfolio about sheet growing our a lot growth.
into we comfortable Preferred reported on our XX% of was had And took quite our We What size had Secured convert and a the retiring for amount a not for option as balance our it's of continue that us we the preferred graph. the come I just a We here other heavy couple A the range on stock, the sheet. our debt that leverage actions into line release, charts that press see Series Series And has record our strong a can asset of that Stock, on shows you stockholders common. outstanding. down you and is a equity, Notes, redeeming which which around some was growth.
that, only to common our redeeming of XX% shareholder. we also but very eliminated relieved So we by potentially ourselves dilutive dividend a security not a payment,
quarter happened which we're very that happy So in with. the
Next, restricted cash cash let's any around And to liquidity provide debt, as flow cash, cushion to because policy cash you need would cash at a and here consistent, define have keep that we We take disruptions make plus or And benefits for the super flow delays. a that And liquidity. profile yet redemptions. the sure is be at the that receivable. buying want have reason policies, this you we to cash we enough a look managing be servicing to as around. look is
we more allow senior more to talk end to facility graph, just have over place going a put this the of time, we presentation. about invest But the We'll just quite in us bit for senior liquidity. this this of at is facility of So that cash. the
the of upon drawing comes from excess the this the begin depending and from I into down. now news the number the But starting process spot. we're – So is, would we're right going to it liquidity think earning see good how cash assets. going you'll We've got portfolio,
line and there. look up Look our First, at financial at take revenue expense a the results.
the in volatile it's blue portfolio with is Our revenue jumps with around benefits as still realized it a bit growth. and and
of costs with But flattening graph, rise interest our costs bar SG&A, our you kind continue to the that increased our line, out. our SG&A debt which shows non-interest outstanding. Our are is
the quarters been in past by revenue expectancy life our has Now impacted few updates.
portfolio, portfolio, what ones. internal we Now policies update we is, on our that? by our is in on that certain required periodically, on life policies, as own, senior expectancies our That lender the by and the
can And think of and of and are life insurance if owning it maintaining as really a policy of situation you and will. feature portfolio specific. a these new just large appraisal, You events getting is this a
they so And occur.
a it them Forecasting like very go so – know you'd of is now Taking these financial we our and P&L come and do But from and and our basis. will to to the don't we GAAP with a as try feature results so. that of is a at timing thought look events. difficult severity
are, be Obviously, see, in we've show near more this And to of yet the to negative, some to this continue to end sit believe quarter. as growth. to results quarter, some can GAAP territory But future. again the where case And and here think, start the had as quarters high Our benefits amounts in that be will in or our will positive highly we've our case been policy you still GAAP breakeven. had and at into adjustments correlated long benefits, but the LE we discount of I continues achieve rate by the partially third term, that over were viewed adjustments. offset we picture we've to consistency, that we the wise
attributable shareholders from mentioned We about results, of revenue on the adjustment partially year We had impact from to period. $X.X $XX.X fully detailed And of that million. is pretax I down basic million. share rate of That's lower change This year a policy looking numbers. revenue of volume. of GAAP had These diluted are positive was which we was new million. reported $X.X loss $X.XX ago So the $X.X LE offset ago net $X.X from up by common million a at purchase million. on $X X% this and discount million, a of per our purchases
four this $X.X to Those from one $X.X million. million year are of Realized up $X.X third up on on year you That benefits. quarter – was benefits manifest totaled period a $X.X a million this $X.X in higher bit year and of million was realized policies eight seeing million number compared sorry, the in the P&L. in period. the gain the ago quarter from were ago little policies So this itself
investment, million. Our I seen I our was kind would we certainly this point but kind total And a really have SG&A that the sizable future – quarter graph XX% increases the costs of in out expenses up That better ago, expect not year a we've plateaued. do $XX.X was, showed graph for little year-over-year. although do were see the from previous of
now and non-GAAP of the few right measures. and try and project smooth graph our is you policy won't is to lot sitting on sitting out dotted our we at look benefits. a what the that that of the income in in just gold in spread really Looking the that's cost non-GAAP is and The event, to policies our to prior calculate spend the value amount blue our measures just total attempt now. the line screen is and try economic is simulate understand have but portfolio time We And the recognition there. we to line at right on this to line portfolio. in the maturity face – to to our basis that lines a it, those That's the shows
that it know we when spread going going to. come is eventually Now we don't know but is to out,
And that yet mature how like comes of the give gold collect an a $X.X Obviously, billion of top try between that top said, I $X to there. our that's be we tomorrow, so potential million. when which manifests blue that line we but the and the the is unlikely measure to out seen, of that line, non-GAAP to illustrates worth itself but spread highly the to were if And entire and the that there's in billion measure. is portfolio you example, would difference $XXX with
accruing fact with basis results, our we then on as value. our we the $X market cost yield premiums our on income shareholders. to was to opposed cost spread. our you fair the that are expense which non-GAAP that we non-GAAP, for that loss net when [indiscernible] and non-GAAP to And start capitalize is them for So a we And basis, We increase GAAP that interest We GAAP. at common this million. look simulate reflect
total all you of those reported million. If $X.X for up we adjusted net non-GAAP an and this income quarter
facility and Now to credit full And value for about goal. Q&A. an from of senior had credit time perspective, finally, at the financial before bit earlier had it these in of our press primary our the back on benefits little turn the spend policy we we a we I closed is the that release we talked Carmen a want little amended our senior realizing facility to a end quarter. announced
to to so is a pledged was XX-year we And can senior facility that It facility, that that our to we limit up the the really similar XX years. capacity increased benefits. the perpetually, force, facility significant, the portfolio this amended, policies created which facility to also committed want goal. borrowing for we significant. So to remain which this premiums on this in is collect is however, fund is supports which $XXX the we million, And
our have we current premiums covered the – policy means for that years. on next substantial majority our current So of XX policy the the
that greatly which a time And it So risk. that of allow us policies liquidity And things. less and over current Number to which replaced. earlier, one, allow have carry it and it reduces we've taken earning cash into facility I it new risk is additional we from a continually feature, it's talked of us finally, the to care us a reduces for couple capacity it risk, will the more policies to create liquidity has allow of, new mature. their you does revolving is feature our a as since liquidity put premium that mentioned to the about it's as And to going burden assets. going
be policies as And build but grow we're be a use years for it have able a we're facility our not it's time. XX today, view going this to we and sit business. really to long over that that to appropriate for going only next there to to going So the the
in significant very a QX. So result
remarks. So over a end Q&A. my for I back the of turn it to will that's Carmen
