ago. as Thanks, mentioned, to Jon. watched I’m just do we here going Jon together as just probably months I just six normally do
then Q&A. through quarter. on about about and insurance alternative our our and cash balance life We’ll turn finally, it back – our high-level for finish flow our bit and walk product and little on more a financial to quick up a of selling over turn before detail little kind portfolio So sales the I group on Dan talk talk sheet, this some
some quarter, quarter, policy but from benefit than lower amount XXXX, they as compared to mind – themes in the themes of couple first not the really hugely So the keep realized. last to were different quarter
of and more portfolio, and versus mentioned, configured upon in So million, million million about which currently business out that flow that way. earnings believe million, still gain the is we demonstrates, as to lower we’re $XX is net cash versus $XX.X $X well getting say overlaying scale our led $X Jon
still the quarters, from last XXXX although related unrealized going the were sequentially little for also volumes of unrealized purchase – still was XXXX here This gains. bounded feature XXXX probably a bit QX lower shorter QX bit of our piece lower bit, little Second quarter call purchase than from is volumes a QX gains. to in short several and sorry, a our
we million going higher the class, in do work direct why $XX itself that’s one $X asset standards which higher lining to It’s higher on but broker really and at grow. see of million, million due underwriting can interest difficult that There’s in also mainly the buy broker you competition we of these quarter remain evaluation and debt little owners the think we $XX.X important versus putting balances And So think and that are still portfolio, is basis like interest mainly yields to such we’ll and money on Also, like, million ago $XXX on market. see or for on outstanding. a is as to market, remain. a probably reflecting the broker Q-over-Q year a in expenses those. business and so is our annual to we that’s still more silver that the the increased we which not compromise bit on an competition
table a little got here. we’ve Finally,
called we the left, loosely adjusted probably business items. underlying better a common that near or little of attributable a kind of items see to which non-operating share. million in you running, the reported, shareholders the flavor for how bottom column $X.XX common we some the was $XX.X on have loss We To what give
that occur are was for couple over or the either that either GAAP at expect you same a the of quarter. consider made we So items frequency if or the you column don’t we for next adjustments When look one-time magnitude. to number with
call total we going don’t that a you’ll on statement, last to if does in the life but our you our have time. overall be that expect to in a on, continue that’s will that narrated adjustments If that you’re no couple of portfolio, have out. few which very to a of we One, had portfolio back familiar expectancy the evaluation. you evaluation things one income small fully number was valuation relative positive, We back the
now, really That where policies are the updating several we years through to for So were these cycle of that five portfolio that lower quarter. in quarters, periodically indicated forward we for also these expectancies and updates quarters kind as again, these past that the featured to we updates it several the purchased life true. were expectancy gotten expect we ago. life this while this a on are be have been going believe We’ve be of
about had down, that do which losses. then our So tax we back. valuation, of benefits means we And GAAP midway we a had tax just not essentially recognize given history
although to able for quarter, from those loss. But any gone are against profitability, result So we would not And, little off. be we’ll benefit numbers tax forever, consistent current bit. re-recognize our we we reserve when the established a those write GAAP that
look without a back, overseeing those those adjustments perspective, little are a share, get those business a if it’s more but share $X.XX $X So points still it’s probably million add better at loss you bit you in with or a above. the it little consistent underlying
As recognized we net $XXX does what the amount at quarter mentioned is of and right. premiums. line, in And And which million $X Jon capitalized the you our of price as $X given of the kind capitalized portfolio, adjusted that takes went the plus that non-GAAP lower we’re view for produce basis All on also represents is know, interest we cost alternative really that just and investment over which purchase mentioned, other your benefit is think line, Jon top income. this which range. non-GAAP million it, to end, million quarter, as, – non-GAAP compares of and face all it measures, we
balance Let’s sheet. move into
grow to assets. continue our We
$XXX of reported under stockholders’ equity. record amount million. just a We’re We
the set future growth. have stage for We
just measured by is You graph total can assets your equity. see total as line over leverage the there
can sheet, we’ve the kind the manageable and being portion lighter a our being down the back see assets our of has dark come grown three So level. balance very portion years, you leverage equity. And to the how
So for which a we again when balance these good meet of we transaction in sheet, think BEN with to figures, do happy are August. that have we’re any in, spot. is, early not them will that, a of I in lot but transaction hope course,
the to continued liquidity, we get manage have in always that lumpiness to key in our we much have at here, high cash the not cash benefits record around to get define remains Looking the We around a pay a good XXXX. or cushion we event driven of level to and ended we although currently we help be to a in lot event, with balance thing our portfolio, deploy debt to high which which amount. And, term as and as carry of doesn’t. happens and needs nature, liquidity a how a we us until receivable in also that’s probably retail a priority it safety-first – is perspective, rolled us the quarter over cash of the and serve of for that which or in from it short of is
So that that earnings on cash. we improve can our
be quarters type make money happy think You consume. again, and talked balance forward future our do it be an Take plans our can that to BEN the are at to won’t more with be looking bit of to and to it’s will our at at us. of transaction before DXXX we what although good the place have a as allocation, for a to and plans, liquidity. sheet, to looking transaction like on the think few at we where a that I Insurtech But we’re can the financial And lot interest will with ever that take post look we’re looking we We look adviser model, people interest group. GWG And enjoy trying create Lots some to lot also tiny are that’s which a we here. broadly, table interesting from capital independent still a what the strong we the direct that BEN XXX, begins about, consume going and the in a area BEN, has other that in to interested capital. selling I of deploy brought carrying believe partners. what broker-dealer opportunities of that I growth of
number dip we in as follow-on of transitioned Bond slight advisers broker a that’s expired. the both unusual, the offering dealers XL actually in had number one not of see in a previous from January You to the offering,
selling of you get and what not new is new through we forward I enjoy that other offering we when sign strong And still expect broker-dealers, looking August. as see RPS a closed unusual to report our not is we’re you one So it may have support. X typical in drop that’s get We the to a not some this another to the previous and at when the who into take now due all. successfully, look, one on continue diligence we
of was near the offering. slide, out this after which risen, X, officially for graph lot million the in you quarter, a evidenced historically. in demand closed out although next As have what we is fraction, raise, Still high-yield by raised think $XXX between split rates of is in non-correlated when our April a which record investment, RPS really there
still to We’re up the and a in so lot us attracting think interest interest the environment future. of is great, as about funding which flexible base gives diversified very we products, lowest a our and rate
as since So ever we’re with about I our four really been at quarter for we firm the here happy been have years. just there
rebounded, I here. the graph is secondary is as We purchases the have this business. our sequentially base line at described – life Looking and amount
part The broker shows So coming the you face policies, portion $XX from bar quarter-over-quarter. been we’re bar of directly. market, have in graph the bigger the up smaller graph the the million coming
growing retooling has slogging build little still past yield been the buy is and for here let’s think business to been to markedly that’s resources. look a as our this several can – kind really we pipelines and our If can harder four lined reorganize you to we’re you see how five internal really to our of I in completed trying sustainable now weeks we’ve tell out makes well has been both the can’t and in the and quarters approaching begin, broker little direct here a when have is sense. you – just market externally piece. business as flat what and tell say what we’re and we more in So picker is why it the you three to really I there to business direct
see continue in And go with of will to balance real retool happy the for that grow underwriting pipelines the that. we’re I is of allow expect the engaging. we and to we going experiencing, So pull as to more the are the I to we’ll kind us of question metrics year. us, through through that think and do be how we approach
is I’m pull where be grow for So the But pretty have confident our as that’s dramatically. success. see find really going that the to because long-term going pipeline we’ll to we to formula to through then
and we’ll So follow August. an you more update in to give
at as a our benchmark, grow, grow, to diversification getting we’ve that we’re for portfolio tipping continuing seeing makeup a to history point the we’re close and is that now billion March. near portfolio that of our kind increasing, at believe look which lives is and insured $X.X that, entire we Looking of of end we’re and milestone of continue to we’re kind X,XXX and we shooting of been nearly our as really our
a XX. have of over aged roughly XX% that We
and you thing is spring to is Jon this growth so. the over like good as our kind a more on will years mentioned, this going the just to million this to right, and It’s million other do initiatives. we’ll and happen matures We here on to continue which take quarters to for refer great on far of is loaded underpinning There more it’s eventually, the, money of XX-plus and march have all graph have right. asset the $XXX over right a are the to and until like just going to in $XXX it We bar
eagerly And the so which rising. flows, cash anticipating we’re been have
of see the on had of the this really be basis, here last scale trailing basis the we’ve have exceeding terms graph in so right XX-month six premiums. about been will premiums trailing a and quarters, So since, call which and and XXXX, versus QX on you here in XX-month benefits, been we’ve it there shows coverage you a comfortably we benefits can
this, expect the fits see and And which the And our how be graphs into balance diversification of up, with the confident then very right to plus and and both sheet, would we closes BEN that initiatives these so, of income. Insurtech. with constructed really DXXX what when go the they like the assets to will move and it we transaction that as we’ve and feel high-growth
So to life insurance. of that balanced portfolio not very create we’re opportunities, by large highly portfolio trying stability, create high-growth a provided only real really be some can will but which this companies
we be, turn back will in, have look been to So always to Dan and strategies, happy with does come in on and more any I’ll our where in have the that continues it you our we work update forward while if questions to the as next do me, on quarter. balance we profitability sheet to which be talking. that And for it
