to Thank again earnings this afternoon. you, call everyone our and Murray, welcome
key do on look year of XXXX typically spend and length – we’ve on some walk little metrics that through then given probably expenses we’ll most been the call we at as we of look XXXX. is, I’ll a our As at. XXXX, of well. I’ll of being bit QX The look a do, take together full will I time our time of But the on at only this difference
decreasing few Before as and Life about talked through really business. themes we’ve into things they for there now several the the here in Insurance presentation past three going We’ve get that I recognize financials metrics, the and are you’ll that about a talking this the margins is and the quarters. in been
although variability improvements, think of On cash flows, impressive board of would vary call the of be some the think interest really taking the they you’ll transaction, in Ben relationship expense we I period-to-period issues. second the of XXXX and the in the and I ones kind expansion quite in actions those mortality strategic higher April, we’ve see when as across and three still of to are address quarter our our three completed that
yielding of sheet eventually one number three to number the capital on to be bigger our funds and lessening alternative our expanded sheet. reliance portfolio So recapitalize and using to life the will would and would be our cost number markets balance balance address be assets, two insurance finding higher access
look at XXXX. ado, of will further XXXX without and So, look then we’ll QX we at
couple bit XXXX a From mainly this increased is to perspective, a XXXX here, a our really due quite top-line over year-on-year things. revenue
then year. roughly insurance, policy realizations I offset the which purchase little a margins gain market, just in – the portfolio of the through a little on, with the a life by of maturities Number accretion bit amount one, lower what lower higher larger in are purchase which a means offset portfolio and income bit call accreting kind of
final was end year of December. in in see transactions Ben the of interest the one which presence can final and closed, one the and the for closing line first year, August You of the our in we the other the last at
show there. the other line in see and interest you that up So can
Looking in side. year-on-year increase the most at item higher I G&A big the items little was is expense now expenses, what interest is, bit, a up of mentioned line really much. the year-on-year the just not but expenses in
invest to did as is bit of into that interest increase been growing expense $X due balance we’ve increased outstanding due but share Insurtech a higher lion balances around million, our sheet. the We to the debt
we looking down which remember second year Kind of as the those many a bit stock little redeemable offering number full of XXXX higher you year-over-year of Series our preferred to were a two. dividends, than in had will
entire there was in the year. So that for
two a and in a and this up balance but look take talked of Ben we into That’s at really that about sheet our Dropping little the closer bit a that. little transaction. assets the minute, were total here We’ve closings the telegraphed will significantly.
investment up Our were year-on-year significantly. sales
That in product, a record for balance but the and forward. going for low a and think the for was what a lot very can interest our prospects also number do transaction interest that attractive in yields rate GWG interest and in and of sheet GWG what I that company, the reflects environment, our means Beneficient in for
XXXX. policies. the over that’s face Both about significantly the XXXX billion quarter up ended We XXXX policy did really strong and that million, those that drive second $XXX which in year. buying year of purchases, mark just in we of XXXX with of We were through represented XX/XX/XX aggressively their early over Policy numbers a quarter, the benchmark. third $X
anticipated, say a I’ll benefits versus amount of $XX that in benefits, recognized and which realized lower million which XXXX the not this income, of be million again perspective, million one I the face top. is somewhat From those would themes mentioned that is at $XX we $XX was had mortality we cash, million, than $XX
significantly looking same the had in revenue this kind a line, Now, realized over here that’s higher, QX of during is here, largely XXXX, by million QX had kind and XXXX, of at quarter. we order number higher the higher into moving $XX.X significantly driven QX, revenue, benefits XXXX now going the a we
So, also realized. QX, a commercial other, quarter that in this you loan Part Ben little is our get a million interest of see the a in about is which – number purchases can which negative of of lower we’ll gross a benefits little terms is the we offset income amount recognized policy and $XX from flow cash benefits of was a record in policy bit place. lower into a minute, perspective,
much is here that which although be an our in number and Beneficient going moving investments for additional we will forward what For called those something at remember, went and that’s exchangeable we in that and quite slide note see grow end a we high other of planned more the normalized in as done you make saw do. previous interest had now for interest to year have away other and you you to number why a income
some general to that and Looking lion transient increase and expenses interest at at least the in or see expenses here the similar will at think up next story but see for is G&A expenses of to show little deal about it did of really XX and We quarter GWG XX. higher some it’s the just – so, the compensation relating and QX. expenses, probably is did I higher start share level,
year. quarter-over-quarter dividends, our see year pretty there that now you remainder our have will is PS more the of of we in there down Looking the full dividends for much number full the at runrate quarter kind a of flat the or and normalized that
to again higher same assets side, significantly assets, our story, on the one Looking that’s transaction. Beneficient this
of they were least second sales same half for the very that or XXXX the in were policy Our reasons during say. let’s in good at the XXXX quarter good
$XX had $XX we $XXX recall in XXXX face calendar amount And quarters ago here, in as you’ll purchase the year million, you of we to and period purchases over see are that million. policy where compares several million
we the represents decline reallocating as from this large a capital seeing kind insurance away there. of beginning life And really portfolio our, our are the we and business the have of yields
in really in you see it so to are and starting this see QX. will you happen QX more certainly So
Ended the $X year at billion.
You was XXXX sorry, company. benefits XXXX in over and the Or, the already recognized $XX know the billion, also for and a record a what which twice of will just quarter see million at quarter we you ended policies of first $X that. recognized
primary at. looking three through we will little again just financials at look here, of and of This our we we a bit kind asset the take are just themes present a those So, at deeper growth. kind drive all equity simply as is our of each things look the
that the line and as seen which reasons measured is assets by equity Ben leverage, green seen forward really Our the the that over in deal. moving we’ve since QX you’ve is
L our at the broader array been a liquidity a of our not have We’ve down of receivable. some restricted we were When bonds cash also benefits some as month allocating offered assets, Beneficient here, which alternative begun take our on towards a drawn cash and of as we cash, cash – the not look offered define period. three towards we’ve
in we are as filed at reported just we relit that July. week the now about in just of live week over had last we $XX liquidity of our They XX-Q million end last it as and
strong sales continued QX still Looking up XXXX. – again, on low. growth strong to investments that very goes side, are our very Rates through of
they’ve in right here as fact where lower and In is predominance look the maturity we this profile our the in. the are gotten terms sales just coming of of significantly to
a we mix And of bond look are currently the the mix, and very see we maturity quite had least, QX but that. L long-term significant you could at as the uptick bonds, cost the happy that in with at
and is bond our running L moving the back continuing open road. that excited and down up the are and to and up looking are liquidity we forward So,
track and that early running look renew to could Taking quarters of low very is over back which and L when amount between very XXXX, rates, they high something they’ve bonds the us pretty mature into track we going it’s anywhere consistent the XX important the renewal at the – XX. closely, something We to firm. our years, been see a you here and that
I XX, is ever-to-date plan think about is around average for. which our right what we
way the renewals lot keep more our will we a of planning are close reported something participate the Now because are our eye managing as forward and do out settlements we in, which we that DTC we that cash. that rate you But impact accounted on our liquidity for. where a DTC of go and
portfolio secondary basically here the here portfolio, we stuff this get season. at the to end my before, Looking life is, of continues to
you that’s and collect paid. this, face yellow aged plus, now that to versus here months simply of did amount XX benefits which that are which bar amount you just shows up look on benefits trailing period, The million graph XX the over looking at the month are is how many premiums, insureds back you $XXX which just XX the we premiums
of for premiums the time idea course pay as The you XXXX of realized being our you we of July been relates XX-Q realized for benefits. has see refer while to our as slide million in that in it that I million, quite to can in doing benefits reported the previous some through of had we XXst and that $XX to already itself, want portfolio $XX
last all to we So are our months go. where total year near of five about was very for with
see starting for cash flow are very good chunks we that anticipating which the So to think we and portfolio of firm. a in are I bigger thing that’s
factors themes house. top the is these present, mentioned So, we’ve of I seen the these
Beneficient those kind think are really of address I we part our it to key and to actions future. the of a right is taking the
our Heppner Chairman, on will his And Brad? note, that to it over remarks. Brad for I flip
