much. very you Thank
for on everybody, investor third call. joining you, our us quarter Thank
started, point of want X we I Before get to Safe disclosure of Harbor everybody and statements. discussion forward-looking the Page to
was in we September. that, very loans Page general, We started And structures another sources which with quarter. primarily get good multiple late venture X. on In QX joint from in bought closed
structure. improve rated asset-based to continued bond financing long-term the second closing our terms our We rates of including securitized and
The assets look we'll loan this market our grew see and continues that result, performance on in and value to increase value it a to of continues later net as when at call. QX. grow asset QX in intrinsic more we And migration so
give overview important very loans a high-level quarter of the into to get before get understand on kind the page. business results from. where we little, want next we to It’s I
from and ability our we we cost is the the these see others and and important data sourcing can of of at the is loans loans than acquire want kinds our buy our to types want. we the very of that some different You loans to network in prices bases loans
environment originators and and sellers, increased Our banks our last the in yield few into markets funds as curve our the supply has months well.
Our manager – analytic it’s understand to very important approach. the
also the should the develop we price choosing so target what analyses that what servicing of how group large pattern want, in kinds for data drive also and analytics for loan characteristics the loans characteristics platform. XX to the of recognition them they to people determine We loans to have amounts and have, algorithms to
have it a analytics as value does venture our zero we reflect We carried on a manager book result in our service zero and we value cost at our of in our now. partners manager, so basis the a rely and as Third-parties as oversight joint own XX% not a basis. managers’ any
asset to Similarly, performance services loans to increases bring own value loan we and loans The purchase partners. investors significant our servicers helped affiliated asset-by-asset borrower-by-borrower. the institutional servicers’ as us it's our net has created and
XX% own investment our the portfolio been including than invested. servicing servicer, more has XX our warrants. in during its Since doubled months of servicer well, We we've as
We XX% was quarter including use X.X Average three moderate mark-to-market level the leverage approximately corporate than lower the leverage. quarter was first X% This asset-based than and XXXX. quarter for lower and leverage times. second third times was
$XXX joint we'll the X, of Page a acquired ventures. about UPB in discussion We they have On closed Unfortunately, through quarter September. million good in itself. the week last
four So these interest investments. we only received from days of
but our that million So, does regard, share in venture investment ventures. $XXX matter timing loans in in joint in joint the $XX million
tenant another are three in two the lease for triple triple properties million. single acquired properties properties Baltimore commercial multi-family million The $XX in two net $X.X in are multi-family for the two in One in and more two – of Dallas. Boston. is properties multi-family lease We properties rental net are
XXXX, primarily of by decrease that in and interest interest increased driven in in QX by decrease offset expense approximately income. income partially $XXX,XXX $X.X interest Net a XXXX a versus loan QX million was
and materially loans September, we at through in reinvest second You investments XXXX quarter primarily joint purchases the we the we and discussed proceeds sold end those that just ventures. of may remember didn't as late September were until the of
have income. less larger increased materially had loan QX balance QX interest assets a we less income interest If and therefore we purchased by in on than net result, asset earlier a interest had the amount. we did As in in our quarter, earning sheet would
our unlike securities loans. net servicing income from in interest income not from that fees. fees Also ventures joint fees for out of is paid interest the up shows from keep to income securities of are is servicing for that, securities of interest portion our and of item which Another waterfall as gross loans mind since securities our itself, servicing is
grow, we amount income of interest directly investments expense will In through slower our As by a of servicing fees most the if ventures. will by loans than the grow purchase result, the the made XXXX, and joint decrease QX were corresponding as offset. JVs fee servicing our
in However, had they since these September, late benefit. little revenue closed
issuance for overall of through Mortgage average decreased Trust well XX well basis from with as advance coupon securitization, rate lower the was Ajax X.XX% due quarter AAA points repurchase by securities XX% funds rated The interest rates at approximately on lines of of Loan of our A XXXX-D, Our cost on as during UPB third weighted rated credit. our as XXXX-D a to
cost was UPB. underlying in at assets amortized only Our the XX%
as effectively – result, funded received So, a leverage rate XXs X.XX% fixed XX we non-recourse. at match
repurchase result, get as these of Our points. versus a securitization more leverage loans basis facilities we’ll XXX approximately declines loans amortized for cost – by funds through and our the of
XXXX, the has our Also as had of to LIBOR place credit cost securities. venture joint well. decreased materially, September our repurchase in put additional Subsequent of an lines we’ve XX, as for of commensurately, line credit decreased repurchase
decline is XX points to that financing as we venture to expect That our joint approximately cost securities basis interest we facility. rotate and cheaper related to securities
on in the a to $X.XX of attributable in less already it discussed the and per reinvesting common having loans late to sheet, $X.X of balance XXXX. impact second result stockholders assets earning quarter interest or and not selling income share. our September million was Net We've as
So, proceeds difference receiving work. timing of putting them and back to a
by payable in September. two-and-a-half cents in $XXX,XXX increase value Additionally, of under the the that loan was is book or the dividend share sale our the The one-time agreement $XXX,XXX. from management XXXX a payment triggered second fee fee quarter a of triggered to due incentive
about we been $X.XX. have in income had beginning sold no our if If loans, effectively quarter had had we not for proceeds and quarter fee, per reinvested the of incentive the third or the having the share would
in to have performance loans about that continue few slides. – more payment flow to robust we’ll as have see very significant our loans continue our venture and We from a consider our portfolio, in cash joint
as in decline thing prepayment well. And is, materially, increased rates, has the the with other
Our average daily $XX sheet same balance have was of on approximately continue cash to the quarter because cash balance cash flow. amount million of loan the for and
re-performing to RPO be continue primarily loan-driven. or We
September, at we XX% portfolio quarter loan Our loans. re-performing end were
of you in If rental you increase look it and increased quarter-over-quarter increase at assets. it property value, and portfolio. REO REO of increased increased will our because did in in The not see an rental because an REO, rental
urban in We and triple properties Boston. and Baltimore purchased lease multi-family in Dallas properties net
continues results we’ll non-interest in portfolio decline. property bit, an income. from increase to a foreclosures see As our grows held-for-sale REO which
can UPB. On purchase we overall value to that price continue lower buy XX.X% loans XX% of with X, see approximately you our and property Page of of LTV re-performing loan
portfolio, purchased XX.X%. absolute declining In NPL while in our to invested, NPLs been our dollars portfolio purchased have NPL value is property sites
become expect, NPLs at NPLs LTV and loans. sooner, to become later more NPLs REO higher loan-to-value as As REO ever lower LTV paying lower become might you if are much likely
than two, property the is keep York, of our Connecticut, added having local New Number seeing things as on and material markets A higher-end markets. values Dallas our new in we’ve out, and to couple to point infrastructure more tax others, Our are Jew those going. investments law four that well states we effects Jersey Illinois. in Houston as
between end We in are and definitely seeing property the deciles. differences higher a middle value decrease
of a the compacting seeing we the higher So end middle. towards are
between or less call, to are six is nine what they I’ll there be. difference than versus So used docile docile eight
California segment small as well continues balance to largest residential loans. in both the represent in commercial loan portfolio our of RPLs as
and San Orange Angeles, Los primarily are Diego assets California Our counties.
We've We in are seeing patterns payment markets, patterns, states. seen borrow urban for prepayment prepayment characteristics tax laws and to centers. subsets related these in in consistent especially also the performance and certain different also consistent particularly
of want migration, current have events, to impact any our loans current the is given point wildfires. do of the do the the start servicer to way by the the performance out, is is we loan lot think produces me, by servicer loans used not once this for California the and own manager most Portfolio of our our I a part of and it. that thing it's performs improved we seen servicer driven important our and them of A portfolio from on them. that kind what by driven the servicing analytics lot better One analytics will
billion $XXX million Only we quarter at we or Right bought – better. were XX end, XX these that $X.XX loans XX are or have of had of of them. now, the when payments XX we better of were
and data suggests the For payments. way of of buy servicer our to the be that loans on that our X our loans, one loans our based services gets X we analytics the
a if we or become all those and XX% of over materially The to their of on million imagine $XXX increases be is you of value will payments increases The of going four intrinsic when XX to to than it’s might XX XX as them less buy you ownership of loans kind XX. our XX. look materially at that become There time. value overwhelmingly average chance XX
current as In by months, yields XX past about pay clean XX-month Fannie with sales Mae, as LTVs loan as better today, trade and or few well sales around under evidenced markets, over X.XX%. the loan to X.XX% loans to
is an think due average built-in the average about value amount price a is portfolio. – $XX you coupon can you our in with our weighted to migration up When significant there the an – imagine migration and loans of X.X%, of
velocity flow rates from and class to NAV does these as financing loans also performance this advance senior addition lowers bond and that flow materially, securitized thing the increases the other The it cash cash asset-based our is, well. costs significant in increasing
A, by you XX% A XX see from cost in XX As we is our rate that and advanced or in A better XXXX-D this. securitization single our of terms A QX, single triple over shows clearly or divided did of can double
currently on for of another are rate we Additionally, securitization working QX.
a continued we into events, QX. late it’s Subsequent QX and had very busy,
percent. loans to to as price buy continue in lower We and XXs collateral LTV the purchase XXs values
identified close We expect transactions these bulk of in December. early the to
to commercial triple small well. as continue also and properties grow and net center properties our balance lease urban We
XX Our record Board of November stockholders XX. most on Meeting declared a common – paid recent be November to dividend $X.XX to of Board
If out things the a to we XX. there couple turn want point Page is to on of Metric Slide, I
yield basis securities approximately As I points. net on of before, of is XX mentioned debt servicing
on – relative are and under Debt So, in basis. the JVs cost interest securities presented GAAP. is to underlying how
lower and we increase, interest reporting As to, average the related of the that ratios asset amount distorts net which yields JVs unlike fee. them servicing servicing by loan our of income GAAP expect
to what that yield, important changes the joint to gross ventures it’s is to see goes loans of some fees in what servicing to goes it of much and fees. related combination net keep of you is servicing mind of small that in is when So, that
cost the of lines We repurchase asset to the and securitization even to expect credit. through level debt both decrease continue more,
well as in came You can we would X.X see it down X.X that QX. to down and to number from expect come
performing, asset-based ratio, loans leverage with leverage. a with Our little so many more are we comfortable
the leverage. so flow However, are the leverage has our declined from increased loans paying much, cash that is rather than from – actually
On XX with and our any recent our may income sheets. statement questions balance that, to XX, have. Those and And are happy I anybody am release. most also press take Page in
