today’s Thanks, Rory, and to call. welcome
on First and those healthy We the remaining you all front would tirelessly and foremost, who keep deepest and healthy. us to we lines are safe like our and hope your families gratitude to to safe. express work
us, unprecedented all to be payments much to they the difficult during partners level who provide respect been you COVID-XX period. that with have assistance are pandemic of ensure addition, the These to In our their time times are we this are on appropriate to us support call. the that affected appreciate we continue receiving borrowers, our need this forbearance through that to of very they taking mortgage work by subservicing for and with and
our entire our operations. to mid-March continue of and team, for to have special provide working want and give since been who to in also has to – entire want to been so The our Cherry working team very authorities guidelines offices. safely will thanks federal do portfolio return people until state I terms our and remotely tirelessly Hill managing
A we platform moved for our of entire significant team in loss managing work our investments technology few computing productivity years in permitted to for environment and a from to ago, transition needs. cloud-based no made technology seamless our This solution home a a with portfolio. the
and our in go global we States for closely, let Since business. very world. pertained have our At and the the February, Asia and the watching shift ferocity how A the the it pandemic few as complete to seen states markets time it we last to call and with pandemic productivity earnings Europe. a the United later, some COVID-XX despite on financial of gripped earnings impacting were weeks really not has beginning short was reopen call,
were suddenly markets and a industry portfolios. siege liquidity margin delever to rates Overnight the under cut rates calls to their on The by fund experienced across classes zero and major forced all Fed. as tightened correction mortgage asset equity many the were
was feared markets into which wavered the mortgage Unlike programs on saw was time, fears loan of Act consequences and the over a CARES exacerbated regarding collapse. On government the of markets and gradually top to XXXX-XXXX forbearance the mortgage the signed its the the Recession, reaction building impact the that, sudden before violent. pandemic which world of law, Great
well rate our over years the value, very some and At and interest core preserve in Cherry served always generate we Hill, portfolio, of to six book proactive terms been volatile it has managers earnings have despite of ability our past environments. us
one of respond date, However, demanded markets every tool this the to in to was, our tool and squeeze. use that by belt dislocated liquidity biggest to far, challenge navigate our
liquidity absolutely knew March, the which on, we the be in well-positioned is had acted enabled we become company crisis. that orderly paramount. us we following to quickly In to an what manner, Early delever worst hope and our of decisively
reduced aggregate from XX times the X.X December April to times We at leverage X.X our on at XX. portfolio
advancing We position the we believe XX, the obligations, also bonds And managing did outright. a good we transfer of our investments job over We of through period. of a reduced XX% met in XXX% difficult remaining April credit by risk own all same as our very period. and
mid-April, value. we on anticipated we in pressure in As our book communicated update
was book XXXX, of about quarter while XX, in core more Julian share talk strong the circumstances per will generated $XX.XX first as book our value common $X.XX. to share earnings common QX. per the reduced value affecting For we of March of
stock. XXX% half shareholders, with shares of the declared distributed dividends quarter both first common We of XX quarter March to common preferred our on common dividend in and paid of first
do end have address regarding timing of our levels historic of portfolio build to impact of These our country effectiveness us uncertainty the position. help and first the delever of portfolio. as the liquidity will reopening, quarter, the we continued as steps the continued unemployment Since our the on servicing the and well
smaller than As XX. March of result, aggregate XX our portfolio on a April as is
unrestricted recast XX, million in we portfolio. Over we have as the our April And months, held cash. past approximately two $XX of essentially
on economic in prepayment Although the cash and in our strong portfolio. loans near-term, earnings of prudent and in of expectation greater our will forbearance the until it light and of negatively to wise RMBS position impact believe clarity cost the service due we emerges approach elevated increased speeds is this COVID-XX
Lastly, look there. to see invest risk origination we criteria, opportunities that we rates reward compelling volumes, select outsized utilize will with made where interest MSRs program flow look And our to and today. our historically low capital
who performance turn investment our its quarter. the cover With to and that, I’ll call first details will more the Julian, portfolio over over regarding
