and second everybody, quarter much, the joining very Ajax Great conference you thank for you, for Thank call.
and I reference want statements. disclosure to quick forward-looking Page X, to the safe do a harbor
can with jump And we right in. that,
institutional asset-based A And loans quarter. our bought we good venture into of The very prices, a loans another million we $XXX terms good value at We in continued rates the in XXXX. continues sold in and sources joint improve of to quick approximately value QX increase, and materially partners multiple QX assets of has believe financing. prelude, prices. our XXXX grew was good to very continued market asset and QX at grow XXXX intrinsic good to from value net primarily with non-clean-pay
quarter. One XXX and of We've closed in product. business the Great our Ajax, of second of core sourcing transactions we is of the pieces acquisitions XX inception since made the
very ability Our we network to we at the to of types loan loans is acquire want. prices the want sourcing important our
funds. are originators and sellers Our banks,
definitely X, see None them our XX XXXX. were in we auction the paid in all in in transactions. QX You can of the loans And quarter, this transactions. transactions were of this private quarter prices for public of
develop analyze to We large characteristics amount to proprietary on to servicing recognition price We target loans. analytics asset-by-asset pricing use and loan basis. a manager's a of our each algorithms mortgage loan-by-loan, pool determine for data pattern
at the equity a on zero Third manager parties of We analytics service. JV own our and managers' our XX% basis. as rely partners and of oversight
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by asset and borrower services by servicer loans borrower. affiliated our Similarly, asset
more in investors XX%. well our own including servicer created third-party us XXXX, of to servicer Our We to the servicing. for in our helped significant as by as XX% institutional its bring NAV investment as servicer has warrants. of increases services value Since purchase first loan and and quarter than increased performance partners has brand our loans portfolio our has our
to in leverage. both goal leverage QX assets acquisition asset-based of asset leverage use returns was mark-to-market non asset including by -- management and the the corporate-level leverage our the X.Xx. analytics Our for moderate the Average is process. X.Xx, maximize using was and We driving
Over approximately very this the like in mortgage like environment. our quarter, leverage decreased XX%, by un-mortgage REIT --
Quickly average so were new in talking to RPLs, The assets about purchased very itself. days, month million transactions. XX balance primarily and Page X income of QX on XX We from June. they little loans of $XX.X reperforming of in private weighted a these our jumping sheet the loans, closed as
due price XX% since was just of if materially market of those those property conditions. And loans we to, of have the XX% However, increased acquisitions, else, UPB. nothing think value values the purchase and
and we to primarily We two, venture million partners the the into XXXX XXXX, as of institutional these million. X/X repurchase XXXX, sold $X certain Number facilities. on for a joint fund call non-clean-paying with remove were gain $XXX.X of the to venture. loans Parts of May a our their of X, of of new joint May of securitization from proceeds own loans XX, used X
costs. our amortization $XXX,XXX we XXXX calling of of issuance of part securitization, As accelerated deferred
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of net million equals gain the million $X the economically, interest $X.X So income. $X.X plus approximately million
is institutional quarter the partners. securities our securities about carry and joint ventures loans beneficial $X.X with interests. interest beneficial in with interests in GAAP investments million we Debt of and debt billion ended $XXX We how and of for mortgage our
acquired property also million one for $X.X Baltimore. in multifamily We rental
interest was income interest $XX.X the that sold little income joint million. bit the income in put net into moment. the And X interest I On detail already those. I'll lost months venture side, more venture, a joint loans from of noted or the a into go into income interest we on
income since keep servicing our interest paid Also, is net of net unlike portion to our so the income. gross interest securities, loans interest of interest is not income A income servicing mind which from fees. of in fees, couple from servicing venture up Interest securities out as fees and of things loans. from of securities joint regarding securities our wallet, for are income from income shows
as a slower fees, corresponding will servicing decrease of the fee As and will result, the our amount interest amount. grow, by the income JVs grow by expense offsetting servicing
joint our in it's the loans didn't sale million The and share stated $XX including loans If would interest our loans the approximately take net venture, $X.XX been basic $X.XX. loan we share did call the income XXXX-C of about sale to and per gain is never $X.XX. agreements because we the loans we loans, put on securitization the occurred repurchase often down and into the net have earnings the detail venture. earned venture. sell more joint on didn't joint had income of Now pay to Instead, the just per
taxable At the a year-to-date Book June $X.XX of is at end a have $X.XX income Taxable value XXXX. QX, $XX.XX is we share. income of share. XX,
and quarter predominantly cash securities. of We our collected about $XX from loans the million venture joint in
joint significant quarter portfolio. prepayment to have may environment, interest flow flow expected venture approximately loan as and cash you held increased, have Average rate $XX significantly our cash from during cash the in expectations. our current from the and And was has exceed million. to continue continues We
our predominant sheet. you see primarily RPL continue balance of can up still driven. portion X, Page make On we be to RPL the
REO. periods has increased sale, REO see we cash relatively selling was over You'll REO held short X purchased last time. increased urban from Instead, the not because we've principally but properties. has multifamily less for that over months of or been turns foreclosure into
grows, As our in income we property noninterest our increase also will an see as portfolio well.
the continue we the loan XX% price of LTV $XXX property million and quarter, side, we with purchase to XX% second principal of on property RPL approximately UPB lower XX% buy of reperforming UPB In of value loans. loans overall of XX% And unpaid balance. for paid value and of
to tenets property hard. is and is our of And playing price price purchase fundamental that are very one defense playing to kind our purchase of Our back easy, offense to it UPB low. value goes is
play portfolio and defense as offense good well. in very our managed have have We to
On NPL invested. declining been NPLs side, the have in dollars absolute
property NPL our price For purchase to portfolio, is XX%. approximately value
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data in and portfolio indicating stability over We and have California there's in liquidity both segment represent there's home small-balance our want them stability. in largest own to and We RPL in continues our loans to want loan positive where points our and loans We demographics and markets. where continue to our residential mortgage of don't an index of the exist. commercial target data XX% suggests portfolio own prices, fund to loans. be other evaluation
one in payments Orange San We banks performance those certain from and loans in Jersey Houston Connecticut, to We've also urban and Dallas particularly added prepayment funds primarily Los subsets. consistent Angeles, material and Diego values on especially Houston-Dallas and for we that characteristic effects Our tax thing our consistent California We're is York, from to these as our seeing assets new borrower Illinois. well. originators. seek And We've subsets New and the as the higher-end counties. markets and patterns in centers. law California seen as seeing well New are primarily investments actively having match are infrastructure
value differences value in higher decrease between deciles. property a seeing definitely and middle We're
you property and X look seen XX and deciles X And values effect make being at them significantly. through being if in in decile we've and the X, X XX, difference price XX. and deciles highest, decile between, the say, X principal X seen the we've compact So
on and makes. the the do highlights services very, a migration analyzes servicers of and Portfolio of really we what kind side servicer analysis much on and difference it #X, way very, how very Page the loans, manager important data
We million of billion $XXX better. approximately of was this $X.X for XX -- our Only when for have or loans we XX are XX XX it. bought
of on that began it the average that intrinsic for For a servicer the XX. based acquisition, XX value that becomes becomes At there for XX data once buy on since since our and loans our X suggests our servicing our way servicer clearly them. acquired of of our loans loans increased for them analytics were we chance one XX% loans, The our XX% we and is the loans has XX. our materially services X,
value, loans rates. outperformance significant In addition class to of securitized funding asset-based increasing advance cash flow net asset the also senior our and bond costs increases lowers and
on As discuss page, our next this I securitization premise. will XXXX-D shows clearly the
it's QX, a and very continued busy QX. had into We
to buy to loans acquisitions value our continue as We is low LTV collateral for QX price so purchase XX% far.
these We September. in expect acquisitions of to bulk the close already-identified
grow center property commercial small-balance to portfolio. our urban We also continue
$XX approximately through under class. million that asset have properties We X in contract
we XX, securitization. new Mortgage a XXXX-D, Loan Ajax closed July On Trust rated
XXXX-D, the weighted an mentioned overall advance price UPB. remember on a with is to approximately As newest average X.XX%. RPL of important AAA UPB securitization, XX% our purchase was A for cost just the through XX% the That's I previously call, because of our rate on number of
leverage of basis result, XXX a these loans, securitization through our and on As versus repurchase funds we'll get by of transactions. these loans declines approximately points cost more
Dividend.
taxable share to paid August as Our income at share, common Board the share. August a on Dividends of $X.XX first quarter, through is a a $X.XX second approved and the XX. for stockholders $X.XX to period XX same be
securities talk fee approximately quick Debt which net presented ratios. is interest and XX. of are our income, on about distorts is on Page GAAP average of in one reporting GAAP, securities yield JVs financial basis increase, servicing, related yield points net loan servicing metrics -- unlike securities, debt how XX service Some to is the lower basis. debt Number on net as our under of asset interests of JVs
net result, yield, because of as it securities have, shows So the debt we lower servicing. more of that but a the a is
loan from average loan can our yield, quarter-over-quarter. increased has our average actually You see yield
QX although paying, leverage more leverage so with little decreased we're many loans asset-based XX%. With almost like a comfortable
QX given of our bit, that we of the securitization, will result decrease the in agreements. decline XXXX-D debt also a costs. a debt LIBOR on as our advance level and in cost will result asset increase securitization lowered rate, it Our also repurchase a And XXXX-D as expect leverage
have. that, questions answer happy And any with anybody I'm might to