much. Ajax everybody, Second very on joining the Great Quarter Thank you for you, us Thank Conference Call.
closed started, good, in value-building Safe We had loan with created get again on to importantly, the very I'll get with statements. we six not REO that, we we XXXX-B I very all Page Page to that, talked the servicer, most we We increased of coinvestments want Before our our positive. better-than-market we'll in seller in about securitizations X. on X, last net point And Page institutional securitizations with include impairments QX X that disclosure this quarter. quarter With successful Other the including Harbor of closed about second the a well, $XXX started quarter that We two expected presentation, bought does partners. about future our just loans that and and - at interest good Closed base. investment transactions prices. some We expanded executing we, partners, Gregory see quarter, Funding, we talk was our and outcomes. XXXX-A margin. million at stage than institutional also you'll everybody did
But you sourcing networks significantly in, about important. larger, minutes. it's a add few our that that is If and we'll in talk really
transactions how of different events You'll different sellers. subsequent new are in also - QX see in that a sellers many coming from number our
growing drive and large the certainly infinite analytics do the to sourcing this in and allows have if use, acquisition base. loan also these drive characteristics pattern like, - loans but looking the want our both locations target recognition do. the we others. determine to what data helps prices to the keep and mentioned we do pay own the at that group. algorithms success migration I Funding. a develop diverse find We didn't of servicer. we network for the you'll of We transactions it we're strategies, sourcing about presentation. charts that and This we see that of such our relative we our in loans later us We of - our servicer, couldn't amount couldn't analyze, strategies We seems this transactions to now that Our we servicing helps in we want X% we it smaller broad Gregory do And and that number for.
We average This net piece, the probably we weighted of increased highlights. the Outside about income think velocity coinvestment to QX that of $XX If the cash locations, We quarter. excited we're growth understand May. accelerated an the warrants good net rather the pretty and QX: transaction second that significant a $X.X loans We about flow important important the price row, loan institutional result, We of of the the And directors our First, lower purchase bought sooner we we outside given a on $X.XX. of during extremely the both leverage. And And per value There's up. - 'XX partners, negotiations. million. share optionality property versus Page Considerably, as is our good to we most optionality, Purchase late average as part for despite institutional as quarter the QX per earnings loan and coinvestments on X, than quarter about of our especially partners, to actually closed interest think decreased map have a we UPB later. second XX%. our a leverage QX those. average jump Interest The part nonmark-to-market were $XX another million $XX 'XX. income use our balance - in in or with 'XX think share several million, of coupon warrants of servicer the moderate in to million important the RPLs. has price our materially. in was of of increased was was have and margin loan pieces value yields earnings and optionality.
also - the expense than side, expense, interest the higher the are securitized uptick you'll On outstanding. a our interest more interest accelerating smaller income. related to loans. amortization around other result, shorter costs The and The as you of of the a cash the debt get cash increase fees amortize loans, issuance on a result underwriting the deferred flow and resulted small flip the And faster. the of faster in in costs legal you from bonds the see fees issuance higher the as have
of on in increases rate little So debt increase the is marketplace. the the paydown the of than interest these from debt, than or rather expense faster paydown more bit a different related - the came which
Second, our $X.XX share. quarterly approximately REO impairment a was
REO under previous we've GAAP; As sales gains first, on calls, impairment quarterly happens, second. and mentioned happen
portfolio gains net. future have continues to REO Our expected
for any financial those we and when does of County, from impacted interior been than REO, for and any in accounted property as pay-off the in impairment to Passaic seems not Jersey. purposely New Western Approximately have our comes statements. impairment half of the property time property foreclosure resolution that the single The in during third-party NPLs, the look loan results REO a accounting in sale, offset a we full REO had at large GAAP number is quarter, loan a Additionally, in a of rather line.
number, in and collections you - HAMP the relative actually about Modification taking if to impairment, that that you is a XX% We it's Altogether, approximately or putting entire quickly. quarter that had our annualize HAMP of us. don't And isn't $XX.X our is fees that when of a administrator to were the we in $X.XX This to pays fees. per think choose. a get to million merely Home down $X.XX when if accrue by program, $X.XX we normalized related change. about Cash administrator received end, grow, fees pays is to money permanent QX when during the don't share. HAMP Affordability normal HAMP - you number. cash. a HAMP REO different, We pays It basis share $XX.X imagine, continue portfolio, our how in At debt to $X.XX us And large less HAMP $X.XX very bit little share quarter. much HAMP million might HAMP, but to REO a pays this get which with numbers. and portfolio, as reflects the the us. our Third, pays out were
of million a As of few of ago, Friday, we had as days $XX cash.
the servicer, of In the of which the the warrants our place from because joint did and investments of portfolio now X.X in in quarter at stage The serviced quarter have down was of in into late with the happened April, warrants, par that. in late at partner. the institutional second quarter and step-up the was X.XX% that the the the down operating our RPLs. at done additional acquired no April The of one - transaction life exercisable stage June, flow Funding, this bond cash and senior we parties. XXXX-A all level end well. coupon has on for the third in Gregory I'd coupons X.XX second Ending UPB here also primarily as servicer leverage own X.XX% XX%. XXXX-A mention was bought decimal with ratios an continued we at - It the interest So X.XX. of also or We X% It's is from asset we classes, and previous and transaction, assets XX% before two in transaction. the for quarter closed we of issued so at April.
it of April, account the institutional in is, late interesting when kind faith in to it much things the One as May. us XX% institutional it with loan when have for goes coinvestors, the occur are back of to this set close of of prefunding structure, was about up investors purchases closed, a how month and and closed
into was the the of XX% loans of at during closed month UPB we transaction, going one day that bought on when is of be XX% to Again, and So step-up. it May. April it end no only X.XX% XX% par, at
at last closed is for bond, life keeping of week UPB with XX% XX% X.XX% $XX also million is and is of of also at coupon the June, XXXX-B step-up primarily, issued the transaction the about which transaction. The UPB. transaction, NPLs, an this NPL RPLs, in Our no XX% senior par of mind,
outcomes does coinvestors and with faith have can second and better again, a our those see not so to executions, On post two ability portfolio. third-party good than ventures. our This significantly X, good that Page So include us joint our in institutional you show of loans. the quarter institutional market
You can interest portfolio, see, acquired NPLs that XX.X% in in we million about XX% about late of mind, and NPL's $XX in about RPLs June. X.X%, are our of keeping
of quarter. we and a REO for At over at see period in sale purchased. principally XX-unit REO had time. that XX, is we side, a is you'll including million property that June Phoenix short of end the $XX.X rentals, multiunit, REO On the primarily XX relatively the cash turns held multifamily into
One Miami. on X, XX-unit multifamily in show this later prices purchase Page presentation, see reperforming reperforming we'll a things is loans. We will also in keep a loans. - to mind. couple that purchased the July, the in in property On One
from you XXXX, relative to down is to XXXX from XX% June property price purchase of value XX%. to If our look of June
XX-XX better as better in tend I previously acquired XX cash late play portfolio, with acquisition. offense with those to found of predictable, our What financeable price property declining third-parties. On XX% foreclosures, of and not time June. although, continue defense loans does with continue The include Basically, value mentioned, loans, of LTV we is been have value the price per dollars, we overall which NPLs of institutional any quarter, over NPL property equity, the to time. had the with in lower NPLs investors sold - In have we HPA our of we approximately XX% purchase approximately flows. to $XXX an LTV higher XX same in absolute million more second to and lower absolute We overall dollars purchased buy RPL perform especially UPB. at properties and since representing and structure
So I've are if sales, selling real of payoffs not foreclosure accounting loan mentioned loans, and sales to estate. on in through those property go as they third-parties
offset don't So how properties impairment. we they XX And sold real in any XX we accounted. quarter. and that's the GAAP second became REO, properties estate get
is the to the portfolio, about XX.X%. value price purchase For property NPL
imagine, more Page REO later become LTV become might As NPLs LTV X. are lower sooner, RPLs. NPLs or and to higher you become REO likely
still the changes in was manage California up of our million X there's still page. payment have data a it ability or portfolio Our loan about becomes not markets a the that changed the XX% California. represent much. and seeing becomes into It's And really XX to $X.XX and Diego of billion San in difference. loans becomes X, to our the of better, rated structure, yield call, that California largest makes X have is better primarily big the Page value from very for XX, $XXX target financing December. billion our I'll X for we lowers first segment XX Right or those represents that's California XX also we and patterns of, that And loan an servicer markets, About X our approximately the are portfolio, of of way Los loan is Southern markets. particularly financing my easy XX% for it which that once shows or loans, in portfolio, quarter Once counties. $XX centers. also value buy. of kind kind that for chance these for consistent costs. put loans what $X.XX urban XX% continues Orange a our now, favorite of a it Angeles, performance million from XX XX. of approximately in which exhibition XX% that creation. of We're
our flow to financing. significant to that push on our lowers asset a net increasing asset and rate base us up quarter cash and enables lower securitizations the costs In loan actual flow of our of cash of XXXX from in cost the December second advance velocity from loans addition two the XXXX and outperformance seen funds. also value, We've
We're start to While point our the rather a in events, velocity things acquisitions the to want renovation in of of our Xs week opposed acquisitions or that SBC and if multifamily couple value those look California or $X.X of SBC see increased have it look total other at in driven the average causing if Beach price the LTV you more two, under bought portfolio. that On you places. is bridge are debt there's you and you're quarter urban originated, I you loans should close see this high Xs, far our out. to Long look parts we rates throughout which start in Xs QX, Xs. low low Xs, price acquisition different units. is continuing so numbers the flow are of we the closed at of small, next the that the by that have in cost than cash purchase for those and million numbers value collateral value contract, loans to at rate. loans in with financing as $X.X to And rapid loans, loans going property Number issuance if subsequent all loans Xs that what And another was pattern amortization with million costs one and and
good transactions different at of a of sellers attractive lot lot prices. from yield a again, So different
neighborhood property. SBC you Wynwood in building bought the of purchase apartment XX-unit end see We July. a Additionally, Miami very can of at the
taxable our you XX% go dividend it REIT XX, of back XXXX, thing stockholders quarter, your $X.XX. pay on XX, of $X.XX. to was Last taxable I'll $X.XX income record August was income. have to of We to, XXXX. land, August In have payable of One
same dividends dividend $X.XX at for quarter. were for that with our positive If taxable implications year. the income to the each pattern, this continue has So later
to is to to we increased out. with interest cost is XX. loans Page cash and institutional remember, Continuing On third-party velocity XX is than good we because is harder to and causes loans point which easier the financial XX-XX understand One through go that understand. metrics, loan own I'm Page materially XX, X.X% transaction A X.X%. And increases. is going NAV XX debt consolidating you'll the Page creation. our to Page things not yield good materially as debt which increased increasing yield, forecasted. investor. rapidly them amortize we to average consolidated, a costs is the by couple from flow debt asset-level more down increased margin. rate immediately cash on quickly, cost, on the the Average see, But for pay for the take also result, as And quickly more it's a than also not - more issuance than XXXX-D increased
average at year you at gone in to from return the of now net keeping that up mind of to from XX.X%, leverage the impairments If XX.X%, X.X% it's down has look on equity X.XX%. of our X.X% REO, end
leverage is up going well. while leverage a So going the as positive down quarter ROE And ending the development lower. is
deleverages or also XXXX your - rates we at you might expect it - are It be dates. be those capacity, deals quickly. our have you able securitizations We either debt But we'd And would securitizations our to when lot all-in portfolio. of And pay XXXX call already as loans by soon leverage than imagine, very you transactions, rates senior at gives as back advance and callable. down a reissue better well. that to lower lower it callable
through. to might go and I'm financial can any At XX it you which have. XX are - Page Our statements happy and on to open up anybody point, this questions
