everyone. morning, us Good today. Phil. Thanks Thanks, joining for
As we environment remains all investing challenging. aware, are the
and remain Our We to fight been not prior spreads. environment has wider quarters Fed. in higher credit to the with a biased approach rate messaging
rates continue economic They we Fed until We will this see data we feel the stop like with will softening. view raising and/or the signals.
our Our higher while lines we maintain sheet, levels to expenses goal maintain our is and operating business drive for protect book of dividends reduce value, shareholders. our balance earnings in liquidity and consistent
say markets, have to today all done volatility the company our proud I’m our in with we’ve and the that that team seen that.
of we’re led Welsh, strategies Ridge estate Partners, XX% looking a integrated our into investment real been Partners. the acquisition Senlac founders company. to investment of Normandy vertically our of who we’ll happy Senlac at that announce we’ve be look we is the one David company, to As other commercial is by areas and of expand clear
together of we all be his investment record, team commercial professionals will XX manpower will a on we great need as we team, including the transitional all anyone. as the debt, have compete and against to focusing equity real opportunities. and Rithm areas well track with Working David and now expertise estate, of have lending
to also manage private of will a creating investing money to value capital raise This in us enable fund the capital third-party business. happy callable for. We’re LPs markets, shareholders the our for formation we that announce the opportunistically, and both
look consistent, we our created at our and other sustainable back book our As quarter, lending business earnings. servicing lines
some was we to charges items. Originations mixed rightsizing other as onetime took related leases organization, severance, Our and segment the
continue must future the marketing the customers our our in look DTC ready innovative focus we three rate environment forward, and offer channels. an million spread and mortgage efficiency opportunity be will to to the on create company, time and solutions. comes when through we As to We savings our retail customers that
Any is fixed Our Genesis the The million heading Genesis $XXX portfolio loans. in something that makes quarter, rate swaps. and coupon business X.X% of rate rate, is business interest hedged loan coupon current. is loans. XX-point we towards the today in XX% originated floating rate loans high approximately with portfolio mostly XX%. purpose is have The organization exposure average floating
market, tightened a have As slight LTVs decline, continue prices our lowered to think home the with about and we underwriting likely housing we guidelines. our
rates decline home There cap forward. acquire able with higher to prices cap belief deploy as rental go units the we will On be opportunity an us capital to we at that will increase. acquiring business, and the rates as we units increase single-family stopped for Adoor, and be
for summary, quite our difficult continue difficult. be very There we’ve environment and excited we’re some time. the are we’re today while conversations will than more and that builders future having remains to in others In with seen
resources and tools value. Our experienced the has team continue to shareholder driving
managed and business create third-party partners shareholders as additional the fee we’re fund for value that we streams able be something our into to through excited the is for. that believe entry very we we’ll about Our capital manage
I’ll now supplement we refer that posted to online. the
on highlights market unchanged X. after levels to here. will liquidity warrants and we cash And a until Page quarter-over-quarter, the going again, forward higher account go on couple billion, essentially that issued as settled value of during just Book I’m taking dilution $X.X the open liquidity, COVID. maintain we Cash of So down. the and into we
have about we the average these these the On our of WACC company weighted gross on MSRs, X.X%. average in rates, have investment and portfolio. the of folks the seen Most five-year operating is XXX low season UPB in maturity, portfolio, billion the
Our across MSR assets been portfolio risk. have company for remains unhedged, duration the and hedged our rate positive
And $XX billion relates the deposits. see rates custodial as today in have interest to Fed increase to income will of short continue it the to deposits. end, continues more we those as We
our origination has to look – again, housing mark-to-market with prices away business and or financing. declining at credit, portfolio where non-daily LTVs a agency the perspective, the lowering at financing we uncertainty. from protect XXX% As or our home funding prices, From we from the of home environment are
you going During relates a that good and forward have experience where as are feel we the where we on our at two the we we’re priced to on quarter, capital to at market go we it very securitizations look and when basis. side, the financing
Again, of huge big credit the income in or highlights. or share. available per widening we value $XXX $X.XX seen book million per for rates $X.XX despite we’ve net sell-off diluted share. and spreads. Earnings Page quarter-over-quarter saw GAAP $XXX X, diluted unchanged distribution, in financial the million
I business, Cash billion. Third and billion. as quarter $X out, equity Total pointed $X.X the in common per dividend, $X.XX share. common liquidity,
this. as see would not on what into we a XXXX into grew in you’re revolution an asset to of spend owner And morph going manager. as forward, X, MSRs really call started time as an I’m more to shift operating It’s I go just different businesses. Page going old a we
great continue left to Great highlight. investment third-party managed companies and want new into Page we capital. This portfolio us. entry to the on now to our page, X, X.X, of very the that is not the same Rithm operating theme side
the think times have our in very that that’s for something about investments fortress and the to having more managed During opportunistic is you at markets, we volatility us we days, think you important shareholders. capital drive as earnings as the funds callable we MSR
The around just housing due graph We be think just a we going think homeowners will X, you a market, over housing there rates, Page we past come prices to there’s sell at to the folks or be the home that charts we how down. course the do a good bearish, to to homes. and the then look continue years. locked some of and mortgage in today that do have won’t be be of clear, at number to about X%, their that’s think whether supply And lower about occurred for are floor finally, show market, underwriting when need to turn X.X%,
we’re how the Inflation positioned X, its rear Page in continues head. to market. current
– and/or basis all pivot that what how our we So their signals hedged. of defensive, the think assets of fixed we’re when slowdown billion and going they’re to some are make remain do sure $X.X the And increases rate mortgage cash liquidity, we’ll point, rate either will tighten. Fed going that at to then
yields, though pretty And we that think, right are we view and prices here. even have asset attractive now, don’t
As to continue rates. look benefit from right rising rates, we at will our servicing portfolio mortgage
context the $XXX mark modest of book servicing you we as about of think in quarter, the it took size During our million. a the of
there. I market about, Housing way positioned we’re spoke to going just the be
We’re rates. going to look single-family into for entry higher at the point cap a good rental space
the homeowner we rental think demand and remain be will and strong today strong to expect We be to continues strong.
we pointed and away XXX% financing about our As our where costs all of before, costs with We’ve seeing the we our look I as portfolio we de-risked at mark-to-market are non-daily we non-daily out mark-to-market asset agency are, think business. financing from classes. across higher
and our We’ve any lot and investment And team, and good seen the and feel front. on ready love and we’re bad, A experience. the we we go then – highs that an positioned the team. from to like lows, of
these different have a at servicing serviced we our include couple Cooper, include servicer, have rip at of on in-house you some look mortgage segments, Clearly, other business, relationships. Page I When top look third on of XXX behalf third-party As quick. LoanCare we I’ll and MSRs, One, business Those XX I’m XX. and the parties. of through billion others. pretty we billion
have, Mortgage is market be origination channels very, platform, very and you’ve we on heard will we’re origination focused every efficiency continue different challenging. in each Baron talk all about the the as challenging channel to and
while our growing we Our is business. how focus more become big efficient do
sheet. nothing it, have we the very new our think we high loans on front, estate about there’s MSR there. as securities, real coupon On some balance On
that strategy. call to limited used Our was Right are way all business business past modest and we’ve of banks bond buying we we those done the securitizations the term our we with portfolio markets. either capital number for that interest to our in mostly retained the think bonds our funded bond back course over run have the now, to and of or is from years, as that the
will Its again, business, XX% rental about grow We business. north we of that Single-family have homes. currently X,XXX occupied.
business. and prudent we running, up going but it’s we extremely approach how So on that are be to
entry We for looking we’re rates. capital to have better higher and points cap prudent deploy been at
out. forward see we as we the LTVs, which housing less standards, you’re our tightening business, business, market loan business about tightening credit the think until as then settles to And going Genesis go again, purpose is probably growth
those I the would have what from sponsors. loans call of guarantees All corporate
earlier, that is towards So pointed migrate the And out it’s most pop. we’re every now, are as for single to not mom like all current. and Right portfolio, going making loans I XX%. to part, coupons
I the million some the write-offs. mark. includes lease some overview, that $XXX.X includes relates It pre-tax million or the Mortgage charges That’s the onetime we fees to company that some say of some termination stickiness and also saw the in business. origination of income in stickiness MSR severance, shouldn’t $XXX
$XX income, $XX pre-tax origination And business, of of loss, probably million the million pre-tax there’s $XXX $XX about in to loss. onetime charges. Servicing pre-tax that a million of million
forward, go focus on we efficiency. As continued
look in in to – approximately acquired the $X Here’s which was had at Caliber, origination note. business. August XXXX, closed of in that of you important point an we time we capital the billion When it
of we’ll is If capital the other call, that $XXX is be higher-yielding capital down up the One because bring there, not million. ability I if we’re opportunity portable is allocate proud we’ll the the strategies. to And we’ll to, to what is our of that it. grow there, opportunity today things with number
date, a closed return August on booked give to that Caliber a IRR. MSRs origination on equity the we is of gains, XX% the to XXXX, Just sense where transaction including and all the everybody losses
point Just to give you out. a metric to
the of of through billion the XXXX. with $X.X Clearly, GAAP months on And look XXXX, right of on something on. bottom Caliber the hit we right metrics pre-tax the side million, is continue bunch page, the that nine part I’ve focused you to page. of to income, left when a G&A bottom the $XXX be
of employees I another you current we XXXX, people. out from in Caliber of number And at were to retail market segments, headcount will divisions. system. to the as the give down in Today, be X,XXX growing sense time unfortunately, the including our the is that a To due certain environment, there closing about earlier, XX,XXX perspective, pointed origination
think We’re we be that going look to company. to for opportunities accretive our acquire platforms to could
two, mortgage XX, Page is the margins. in well, you there’s continues MSR aggregate. X.X% extremely one X.XX. if on would origination MSR I it’s in gain ; secret higher activity. declining for look no our Today, portfolio at rates, mark sale was anything, Again, quarter focused our say to mark volumes, on thing The company our perform servicing real
that increase. but just that, about a get when know out. I talk just going Q&A, And into little a So wanted nominal to point we to bit I we’re
MSR they approach unlevered MSR this And our up values, quarter markets, to in the to is conscious increase to answer going seen then our to the that is talk the X%. we be spreads credit in a fixed we everywhere including towards at yields widen the wider of multiple MSR prudent portfolio. can and income our decision mortgages, made we our agency values I’m with one always skip look about questions about as go can,
going again, we When to will five-year our up, down. season gross X.X% amortization extent the MSR come will at mortgage portfolio, ready stopped for spreads to that we be rates continue tighten look recapture WAC, and/or
last well. up performs Page of open just down Advances available, financing to servicer and discuss not The then for the then there. two lot were term. consumer And finally, June. all Q&A. from it’s extremely advances, XX, Plenty pages, I’ll hit X% a we’ll
the gravitating I single-family performing quarter. rental then coupons Genesis, out we million in towards pointed likely $XXX XX.X% credit, slowdown I will That origination tighten mentioned up the And of space, XX%. finally, before. as business which
And the we’ll questions. turn that, to With it for operator? back operator
