much. very you Thank
for call. on everybody, XXXX first earnings conference joining you, our us quarter Thank
to you statements. want disclosure I point and Safe X, discussion Harbor the of forward-looking to, on Page
to And we overview. with and can on that, the Page move business X
too get the of a into to presentation, introduction. Before want do much I I brief
asset income month of the net set economic and were ourselves XXXX up one, months. of securitization First were pre-funded conditions January value-building a quarter February predominantly structure, QX because investments through purchased we the in the March, market noisy was of March. and and a joint that the navigated fixed closed volatility, In environment venture good through beyond. loan for on and
about I in it later One how really jump is I'll and loan more call. important seen servicing that though, add, months is this do strategic directly into to environments the and the thing And X. is like that, volatile this with show having platform. Page operating it in our we've on And aligned we'll few want last discuss how
want its manager loans to us Our analyzing and and characteristics metrics source them. reperformance loans that transactions accumulate in to places probabilities through pathways we the these in loan for mortgage privately locations that in and enables target market negotiated strength ability really want we
in XXX over transactions loans acquired XXXX. We've since
reach the property-by-property. servicing manager for to of institutional aim to our the advantage affiliated us with a and and believe through loan-by-loan, and teams environment, and non-performing NAV we group our the volatile Additionally, our analytics closely today's the strategic joint non-regular ventures analytics and in third-party In having asset, paying investors our work is well. an provides servicer of enables with broaden maximize as resolution servicer at timelines. The affiliated to the essential and each servicer loan processes having manager effectiveness returns portfolio
Okay.
driven XXXX, QX cost by funds net approximately in share. In $XXX,XXX, or quarter. per the about a $X.XX of approximately basis entirely increased our interest talk points. Let's by income decrease almost XX was approximately of This
and weeks. of and sheet March Most balance two for joint closed loan in approximately were venture acquisitions our on
they produce a in QX As not interest material did XXXX. income result,
ventures average For income we income a in investments interests. of had from investments income keep quarter, are the in joint in is securities, a on higher joint beneficial lower of balance securities loans as ventures balance balance up from loans. but sheet mortgage A that that shows our in of not and interest interest item GAAP mind to average portion from
securities on income these from is net paid venture is our servicing which so For from out of are unlike interest fees of interest joint interests, joint venture the waterfall, of loans, fees. that fees, gross servicing income securities securities servicing our
corresponding offsetting As a loans GAAP joint servicing GAAP our than investments, have by interest growing the the income the venture purchased our will result, servicing loan the if grow decrease fees, payments of at been purchased made expense we portfolio. since part directly we interests direct of income least time fee interest loan faster at and XX, portfolio An the reperformance our will the last amount At slower by important as XX amount. the by XX of loans. XX% payment approximately the discussing of is UPB XXXX, XX% December compared loan of to our than
the on our that our environment XXXX, to The forecast, related We current however. UPB would borrowers least and difficult of few loan next XX, XX interest negatively impact XX of expect months. XX economic approximately is portfolio quantify made of XX% March At the at effect last COVID-XX our XX by will in percentage payments. over income portfolio of
loans, on extend the total higher produce duration. life cash over average, While loans they regular-paying flows of the
because at and interest this And yield income. the portfolio percentage reduces loan purchase we loans discounts, on
However, loans to provide NAV, have regular duration. funds, enable a our shorter are cash cost tend and financing flow. monthly of lower generally not increase regular status regular pay paying Loans that
would than conditions typical less this expect that to impact reduction duration would COVID-XX. the we and However, be market of due
environment As I as to as over of were that have most mentioned again and result, COVID-XX reduces loans, as our non-regular regular-paying. improves, purchased volatility these the this team worked expect, servicer and see together the loans would loans borrowers, our and We time. earlier, over time paying portfolio economic we'll reestablish
that, and increase mortgage also likely far, environment low loans the that both housing of time. We so prepayments given over expect regular-paying nonregular-paying on stability will prices rate and the
the However, predict patterns. it's anticipated these also to too of timing early
we'll do or The $X.XX or per anticipate, a million, material $X.X for that likely We is came There each see share $X.X the credit biggest share. piece. the not so funds near-term. reductions a lot a I given in $X.XX and perspective, through was from of markets net material costs number, financing widening will duration continue net income million, to spread of From and provision extension impact go income however, potential in noise losses. that per
This deferrals of our for securities generally, and share. loan the reserve resulting impact in of from properties such In current it's impairment noncash the and took extension beneficial time real interest on later on REO unless of allows a to on COVID-XX, loan impairments any or COVID-XX estate from markets loan residential This reflects or $X.XX we is $XXX,XXX, the quarter, portfolio. macroeconomic of realized. and as of potential approximately impacts mortgage is per nonspecific our reserve losses about resolution expectation portfolio borrower duration and This driven timelines. losses by payment expenses
and per is noncash. a property repairs in bulk expenses, Such related due result as repair than approximately evictions the marketing significantly lead impairment this restrictions. impairment is to share. properties This REO sale to to usual of COVID-XX. also tax, larger the The insurance well delays as This $X.XX time in expected of delays more of as by delays and and is
the XX per sold We amortization $XX.X of share. $X.XX or is million, bonds quarter. of This a issuance X.X% or the share, of from $XX of We costs per of our deferred of with quarter $XXX,XXX, noncash. loss during approximately repurchase UPB loans. amount loss the during $X.XX approximately to convertible face million mortgages of of small-balance the for is the approximately the a The $XXX,XXX, equivalent UPB or accelerated commercial
We have ownership million $X.XX approximately share shares. loss per manager's of reported common our the X/XX/XXXX a Great $X.XX mark-to-market Ajax or from of flow-through
approximately our and of owns of shares own the manager manager. common we Our our stock XX.X% XXX,XXX
we to XXX,XXX rata the stock when This in also XXst, So take March share noncash. markdown. pro QX from is December the XXst manager's a goes share down of
period in of per The XXXX $X.XX REO Taxable of items two $X.XX as slow approximately slower expect The a were well these income down all would is for income drivers as sum we a sales, the them was more and fewer time prepayments result foreclosures leading share. in February. taxable particularly picked and per January QX lower share. to COVID-XX. impact of but as March, Prepayments in of up of
We as expect I've mentioned previously predict on call, prepayments point. of and the we mortgage timing at However, this some any increase. would increase low can't the to just current rates,
share as XXXX. trend the March foreclosures, December for to at per a fewer declined XXst $XX.XX per however, We from Book period value XX, of result a $XX.XX continue share of COVID-XX. expect to at
by adjustments is our to the well. provided entirely almost financing debt of reflects determined by mark-to-market million counterparties. noncash adjustment, $XX.X noncash decline marks generally as effects a securities This our This
of and of most Additionally, we cash, million. subsequent $XX.X of increased had so have average March million balance XXXX, XX, March XX, mark-to-market $XX.X we securities an XXXX, in for to these had value. cash At daily QX
The calls XXXX, margin quarter-end the cash related reversed. that our quarter some $XXX,XXX to our of these to decline for calls debt primarily related loan from than were have margin facilities however, mark-to-market been Total XX, approximately total. $XX calls our million financing, joint financing Subsequent less venture These securities March to investments. relate securities. debt to during margin in of
of was are securities. loans AX backed ourselves approximately $XXX beneficial March asset-related XX, venture approximately the joint rights. the purchased our by retain of interest million, total that we was and against mark-to-market At which XXXX, we million own Class we partners, $XXX securities All debt with financing
securities double-B, agency-rated securitizations. face have unencumbered We also own single-B approximately of triple-B, amount $XX million our from and
XX, X.X times increased at ratio corporate leverage from December XX, XXXX XXXX. a Our bit March
outstanding declined, as X.X debt value decreased because during discussed Average debt dollars leverage I was asset times. has of leverage actually XXXX Total QX is a book base But growth. percentage despite quarter during as three portfolio value Average earlier, increased. our times. the book of
to overall with $XXX of X, of of loan-to-value importantly can NPL you balance. currently underlying purchased value dollars been that we million Page primarily our XX% to lower declining on jump unpaid we to be about portfolio approximately have And hand. the Page of RPLs NPLs approximately RPLs, our we of the X, buy Page X, we property at approximately continue price loans purchase representing If absolute on if have And with continue XX% on So, principal and see invested. in XX% loans. RPL-driven, we cash look RPL
on balance at they're XX% But of UPB XX% and sheet, for NPLs property of value.
markets loan portfolio. to built-in We X, our of California In represent on our have in of Page our lot largest a continues target portfolio. the equity segments
Angeles, San loans Los Our Counties. California the mortgage are and Diego in primarily Orange,
California even months. seen payment consistent Thus the We've performance muted. relatively recent consistent and on also patterns and been our from far, in economic related from loans COVID-XX its effects seen have loans impact We these patterns markets. prepayment in has
Vegas Las during target as removed market a QX. have We
percentage five Las the and when saw Vegas Vegas. aggressively tax currently law, are we appreciation in Mortgages and federal Las significant a have as was unlike positively result. we portfolio, years a prepayment in our affected ago purchased by Las loans new Vegas of small
on its the have effect. a economic given Las multiplier focus and economic that COVID-XX material suggest analytics Our impact Vegas, tours and will
a a impact. We struggles Houston, COVID-XX on industry are is oil the of having keeping close and also combination as eye material
our trimmed We've new tax suburban half the material it home as values City law apartment It homes from but in only small single-family market and have added of York Metro, back so targets liquidity. far, a in Houston of market very XXXX, into the has thus is not effects Connecticut Houston percentage we as Jersey, We second much seeing home these portfolio. the materially. and spilled New been the New southern negative sale
York residences. locations City COVID-XX for a dwellers New of seen quick apartment look liquidity as suburban result these have as turn a in We in
of It is Page XX, XX result at March phenomenon least of tell On XX compares target longer-term is approximately X, to This of XX XX% - purchase. XX of loan our time payments. approximately payments, last last made last of XX that least portfolio of of XX% the XX portfolio of early including at a a the XX% too our at the the or change whether loan in a XXXX as lifestyle made COVID-XX. to short-term at this of
result As have of these a we of a economic small seen in decline numbers. COVID-XX, the impact
QX During XX loans decline our XXXX, is we percentage just better. a that as payments or a of X% in had portfolio XX of
this as number be We amount early expect the discount property extension duration yield. that and to extension will the the materiality. expect XXs of XX at to therefore, the value paying and loans, contractually continue a of affected, Since receive would we in reduces high to we face purchase some difficulty that price not too decline are affected but interest months on be percentage, lower with averages borrowers impact loans more the LTV the at have duration buy in and, we current regular-paying the but loans determine Since to purchase we generally loans principal it's loans refinancing. which UPB, will speed are discounts
with can our extension loans expenses. Since XX XX and duration they lead we also payment timelines insurance, can resolution more were COVID-XX true than yield more less as of of for has purchased our loans borrowers time. worked servicer most on nonperforming our to over affect property repair the history, tax, more extended when most
While understand more less so for seen target full impacts demand markets loan soon on mortgage portfolio too been We've increase. our prices it's than of far, our in generally homes home to anticipated. performance, has the the and COVID-XX on impact
The interest closed residential through joint subsequent March events; mortgage purchase XX, in subsequent securitization first for a XX, of Page We venture XX% principal in the early in partner and loans institutional on XXXX, was structure in property. investor the XX% joint XX% structure credited loans XX%. the of owns underlying a $XXX On that was million we XXXX. UPB value balance to of March price own our the in pre-funded venture a on
cash a dividend XX, on May declared have to XXXX per be $X.XX of We holders to XX, XXXX. of May share record paid
think COVID-XX On will forecast. require of We believe return durable economic economic value the of sheet, We preferred opportunities and related stock harder a and the and the a investing taxable these investment total to holding in impact uncertainty opportunities As of income will markets placement million is value-oriented to X, analyzing XXXX, warrants. and time. uncertainty private April of result horizons. closed over impact, lead that COVID-XX $XX of our longer-term investment a focus, and balance patience, period we
structure that larger provide in us joint venture to investment current opportunities We invested as and partners ability transactions joint as opportunities, institutional as joint think invest well. work anticipate accredited in with venture and we venture the these flexibility. opportunities provide significant us seeking additional The and us investors the continue to well greater
and result loans of Average nonpaying by loan a extension yield XX So, points declined both a primarily loans. from basis briefly, few Page paying as duration metrics about on financial XX.
from earlier, and shows that servicing discussed beneficial average debt fees, and remember the quarter under this is on debt securities JVs ongoing of extension. and, number duration that beneficial yield future in impact of on The on XXXX loans net principal our COVID-XX seeing the first As Debt servicing QX our basis. not in interest reserve beneficial losses as how is for negative interest market is we we're securities is yield on interest securities expensed effects result, is a presented is but and of and yield a for effects an interest GAAP. is Also, gross the fees.
reporting in will JVs fees. lower yields increase, GAAP QX the did they our the the as servicing by show XXXX, of amount As
companies Our leverage for especially sector. continues be to our in moderate,
the While liabilities XXXX. point, March any that has to leverage happy can. anybody book - at of our XXst our because this lower it's answer March year book XXst At the are of slightly, quarter-ending we we're increased from extent decrease to end in questions, value than value total if total
