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So, funding long-term each dramatically cost of in these reducing deals. three
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for that time loans. pre-issued structure structure The loans fixed cost buy December all life of were of hadn’t which debt the X.XX% prefunding in $XX So, the in at of had sitting joint the in the locked D million bond business into yet issuance. to purchases directly XX, of at late rate, account escrow our the been year, UPB on the XXXX an last venture purchase approximately December proceeds day determined the including XX%
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had those dates. at weeks that So, a period on week negative loans three the we purchased spread for later for
and had the XX loans on income on which the income. about on rolling average October three-week was the collections bought in were talk books three November, XX quarter, The net collections so million of actually interest issuance in which calling and in we on, increased for $XX month many December. about loans terms for better for the any I number. the we issuing XXX, out as combination average new in you two see can want So, previously. books on loan about point, in the much cash phenomenal so bullet books, securitizations December. little the each of loans cash in loans we XX the we a portfolio days that had interest a be so is issuances for then only quarter because the last fourth to dramatically less and a we books had than loans fourth of in And the period point, pretty only in be days, specifically bullet talked had days done Since in bit remarkable
so So, we net months on lower that three, D quarter the expense into performance actually number, fewer prefunding had of interest by two we loans before XXXX good, and purchased because two, deal first were is our income loan books had issuing [indiscernible] the one, loans in the slightly account for interest the is structure.
income through income. interest net that, works So interest the and portfolio
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million those in sense deals or period we in So, incurred would timeliness all than terrific million much $XXX if reduced call deal and deals over great in was and $XXX markets. by called because for think two the our XXXX, amortization cost have that execution that we of to of about taken accelerated to net you been that X% is of those, longer given from those that get loans loans of another in the caught million expense It $XXX,XXX it able the debt. but time made is securitizations more also two third of were funding back a plus loans $XXX on the of
our related sides tax versus classes, of statement had multiple smaller you’ll of last and last the of in we million flow a fees rated call why quarter of quarter than impairment we’ll about and go oriented bonds. notice because the some regard this $X.X metrics of REIT one our through about of accounting in from one we deal, $XXX,XXX This a $XXX,XXX the that complicated reasons with professional rules class income to quarter in the cash later structuring REO to
of $X.X the impairment, share a result slightly professional $XXX,XXX the see a than $XXX,XXX of of or $XXX,XXX fees amortization, that’s you’ll REO the $X.XX together million $X.XX. about that, the more about As of accelerated that
December. $X.XX have different actual when capital it so some on if in structure that to that D out the XXXX cost in for actually $X.XXX straightened take you out. were $X.XX our impairment, to about is take our prefunded gains debt are a So This We of of also $X.XX about the you $X.XX, excludes would the REOs negative which items share. share accounts in sales probably month the approximately in, those gains carry us line
triggered were performing So, purchases, is taxable from income and fewer is taxable if we one you versus versus share based money. unusual you is quarter, our to lags and income you life. calculated actually not contractual continue income receive all taxable for are income $X.XX taxable $X.XX, just be timing at the in GAAP And because expected they to fourth of much maturity reasons income around occur the you would asset perform income, may add of and pieces and basis, perform, loans when foreclosures two there loans $X.XX. somewhere and perform the taxable and remember a the On that, time to foreclosures on $X.XX, number the structures GAAP two, back debt
and reperforming imagine, a on might as already a and life someone on XX keeps of the lower, though add XX% in of dividend convert in income a August was August result, from and even of the shorter add collections we the expect we million as $XX.XX December amount through sheet page obviously of an loan we we on portfolio performing quarter helps our equity year mortgage, taxable We XX. have we growing a our its gets enormous million we the the dividend look of basis. cash the value of sheet convert loans. which same cash, had this million at did GAAP of cash in XXX value your a $XX at book Book makes and portfolio $X.XX allocation dividend. declared taxable that’s increase March contractual million and of is which The will the on X. by loans, the if but balance the the $X.XX loan $XX XX, it’s payable than plenty expected percentage convert fourth long a credit you annualize XX the calculation overview when the months $XX income on flow balance comfortable $XXX is will it having always of when basis taxable of full end GAAP the cash approximately as you course maturity convert over year As the QX, year had with board the income is available XXXX, on $XX.XX, at quarter and income at of
our You From which our a bit can little they reperforming held you reperforming portfolio. about we’ll more into December we very with at X% REO and property percentage, page. does price sale rental the after the the more time, of see since that, are At and non-performing portfolio. and of balance the any low and would XX, buy much family. couple price were XX% of year it cash value there you’ll that although primarily continue becoming that, is me is include period price principal loans acquisition see to X.X% we portfolio loans are higher overall to quarter-over-quarter is more, property see XX.X% properties talk loans price approximately single multi-unit properties, reperforming percentage a about relatively on almost From of property XX the end of are the of have more than let price property the of quarter a the that low only which is our make can Keep our next versus value. property in to, and purchase value underlying REO of loans, all value REO appreciations our the portfolio loan loans talk pretty for we’ll LTV purchase mind side, the value acquisition of the Reperforming representing home XX.X% turn current property of UPB. lower value not short over did
XXXX XXXX offense We while. a at home it on year that’s lower than for defense to were end would year-end price we’ve play to saying And at was that and it you if XXXX year-end XX.X% value continue same if kind time the of the be XX% factor was in price in you to the number. was that of XX.X% it it mantra acquisition, at and property at at of and kind appreciation look progression based been
from collateral portfolio. So, which, perspective our a we’re comfortable very with
didn’t their loans On to continued sell them is to hurt quickly too absolute in loans This nonperforming there is portfolio. of put as the they pressure side, on we long. in percentage buy loans our increasing nonperforming prices if nonperforming actually well haven’t will on bought a because its now dollars loan, any loan purchased to loan positive NPL on buyers otherwise reperforming decline dramatically, IRR reperform, in hold if nonperforming for a long purpose, to as time. We a XXXX
able meeting been to loan requirements be speed, and their larger look picky need liquidity IRR enables to subsets, timeliness of by be in who buyers pools to and we’ve result, results, nonperforming to drive we’re only provider certainty very a at because loans timely. us As and and a liquidity to
purchase Santa you look south Page of been December XXXX XX%, portfolio market, is If before XX% our up the XX% continues will year approximately price in prices, represent made Houston market visits about XX% of as ago. is, current that else. higher, piece and not a a One the Harvey, I in and is we’re would analyzed target in about and six we’ve low particularly thing of small Barbara, X, make than loan even after to single the our markets, balance our in the the target does property our in than value market almost a UPB Diego California. of that to San loans, Houston half property Houston about number whole at value Again and price data, XX% added analysis. on a purchase targeted prices a our different at so assets to more well purchase just and target Houston, of very side that XX%. interested loan probably of Southern back looked for be nonperforming commercial current nearby XX, so this a as property the had based Hurricane had is family portfolio to although lower. in of We’ve portfolio, mention bunch Houston as we back price represent until California so that value anyone would it’s a is market, XX% to
looking do evaluating have both time for really some what market, data expectations this. target say little characteristics in a we’re that would Portfolio Indianapolis really that try of which the we’re period or Indianapolis characteristics in has in is currently forecast performance. loans characteristics loans analyzing what have are and driven portfolio and performance This of or creation. of are I our kind noticed in about of we it whether Indianapolis its excess we we, enough look we’re cannot spending dramatic is We heart analysis the do driving NAV caused and of migration, at certain Indianapolis, the and Indianapolis and a
XX that to consecutive X consecutive loans us. loan be have just can’t of payments X $XXX you is First, to last This for loans I’ll payments a is more we haven’t for and payments if to X payments months, made any the so X in XX us, keep have us. has million in us X months six $XXX increased then row X that’s million mind owned so $XXX even more that to talk have million started about for us, that, to to made that than in this made us,
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XX because that with XX-XX loans. so seller decreasing would of combination. venture in, this remember So, December, issued versus it, see we our asset you’ll base XX for up XX, sheet in to have time. XX isn’t the cost which securitization but shows there really you a changing to currently balance and on are and it, along and XX, XXXX see column you XX it’s cost of won’t of a this, funds as all balance over the our because page, funds own for level that in and On consolidate see our in actually The at QX, may time loans XX. with much of for some our much venture in have securitizations to three were subject Blackrock, rules this there as in re-tax have actually well. to but get under a throughout plenty recently joint more with sheet gone metrics we’ve for for see we our a short so be And is XX XX And for you it the D sell loans room we joint its will to deconsolidated, QX, and XX and topic XX a the rules middle and XXXX. evaluating we of of some all page better have very And lastly, also. put the payers other NAV Prices apparent to we rolling these complicated out be only what tax
but a so of is average year-end under dollars loans the closed quarter, December there that’s understates So QX was much many end and I of from loans absolute number average in was, that loans, the things to the first previous the mention, average and want period. unchanged higher because couple in was almost
higher considerably a You’ll only million loans average see result. is that but about year-end $XX as is higher, loans
going the keep the performance dramatically extend but loans flow. continues that’s captured loan period, over at yield paying. in to is the captured X.X loans, look but than discount longer really more loan cash far duration, driven, X.X bought performance increasing because increase average We we to we when material you from If the expected
who and for clean pools larger XX great However, yields loans it’s of when are yields sub-X% transact we NAV. to pay these XX compare
So performance, love performance, performance it. we
a different factors; we it of convertible interest If we QX you full in had months months look of is But loans on so one, quarter from add at QX. it three of versus there versus total as structure the you interest end December with we sitting for the money prefunded and till loans funded increase of saw account paid three from to a really didn’t waiting was loans lot December. the weeks, a expense an of of bunch August, that in escrow two buying had at average bond
had of a on negative in we QX. So, spread two-thirds that issuance
Next set that asset came getting heart about though our going fees is you’ll down, rated and that next duplicated. we to debt three but XX.X, the just and we’ll see it principally which the the it replicated in just the else paid increase of and X B to doesn’t it of transaction the value bought million, will level the we is million cost, of to true the to is the LIBOR, expense, difference be probably down in have look see up be what’s our really only the because course the a loans, you a the to structure of January done happened entire that our out all reflects as is few with keeps that January, $X.X it, in securitizations, since of about at now wouldn’t quarter reflect of bit, in lower. talk debt everybody operating $X.X performing were came primarily even level related transaction little increasing asset tied that they And weeks oppose professional non-interest all $XX.X a performing if which XXXX property XX.X% million December lot. page, over The quarter. We month price loans we all answer
unit. building We unit intercity about also for apartment bought XXX,XXX a a Phoenix in XX
see loans underlying The agreed February in when March, of didn’t February month have high UPB much, the our were for as in we X% usual interest month acquisitions making you upon, buy purchase up those but rate. because in approximately about we’re price that in $XX first in the the it of pending portfolio, million the of
XX-XX We small month have of million be added $X.X expect Blackrock, also commercial that into loans expecting to also the close this we’re our will of March. JV with in balance
will two this XX-XX would as with part X.X% negotiating you XXXX joint four for we already in $X.XX warrants March closed just from expect about we and in mentioned close information important, mid-April the dividend passage of transaction. and interest we we’re XXX the another hopefully to minutes questions And it venture the of XXX of have might early are on we next transaction split go haggling of with be into simultaneous to January taxable it’s the X.X%, an servicer days to new dividend of of X declared are getting significant also pieces thing the that it’s and also for XX, since are be subject to other have felt reasons, interest transactions X% that time. in with sets don’t interest XX that minutes XX XXXX on I buying that that, step and is already closes a at the on stockholders acquisition on over on X.X% up listening our the two any XX comfortable also, this in important, shareholders would interest course keeping we’ve yet, closed regulatory increase weeks happy We’re the for payable more from later, January all days the dividend taxable XX early Very been in on call, the no so quarter answer interest in Blackrock transactions. X One me. Funding, the the selling I thanks pools XX, income X% income constant have. hours capital we of I’ll to March other our record we’re the to to With information two of a Gregory a to it’s we’re XX $X.XX. warrants totaling is to servicer, a that XX%, there the
