for for everyone, third Great quarter call. joining you, the us Ajax Thank
started, to with I Page get CFO. our we Before want Doyle, Mary the call Russell our harbor President; this and #X just safe disclosure. on Along me are Schaub, of out point
their loan As In bit into for declined corporate which QX expect, home as cash yield. loans performance delinquency performance slower collections strategic softening sales duration I'm we seen, QX later in mortgage conditions. and decreased current amount is developments given is will seasonality loan from of nonperforming of economic reinstatements loans cash several you The small extend are have regular a homes. structures venture in reinstatements refinancing and XXXX, continued The you call. this primarily QX XXXX, sure mortgages pace discuss decrease small slight did primarily a rise would based. and there from can and rates. XXXX borrowers mortgage delinquent by loans joint payment sales The on their and from result in in our as our the velocity from of Prepayments flow
move well small as the Page as September yield X, going significant XX, performance of decline forward. to result, a cash actually amount As securities. At million the $XX we monthly in can we If of increase business had overview. unencumbered approximately
small XXX We've in characteristics manager in quarter. different loans performance property The and the loans managers sources only since third Our XXXX, the for data relationships. long-standing value guides and X transactions geographic metrics loan transactions market science through change. acquired
and equity manager. Funding, the our interest provides XX.X% servicer, servicing data advantage strategic We a Gregory believe in for feedback analytics. our special have manager's We provides a affiliated in
securitization. XX% and enabled structures of us manager, permit up loan performance, to significant approximately certainly interest our shares in delinquent to that XX.X% equity more and in XX at our be a performance have our warrants. interest servicer than We AAA-rated time $X.XXX have seen our economic days services in Like of loans have increases to and has we between the
data rolling ventures strategic through is and Its out MSR ventures. currently programs expected in some joint first venture new servicers December. and joint technology-driven Our joint to close is MSR
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raise disruption, and to tightening for X, interest securities, of QX. On opportunities in approximately income excluding or additional million Page interest net the bank Gaea. equity, CRE trades, Gaea from expect credit current of CECL, We loan $X the from application and was environment income optionality and expense loans
excluding in $XX.X of versus million Our was the $XX.X gross million income, interest QX. application CECL,
we that had $XX on interest in loans QX. securities reason earning approximately and versus interest is sheet gross lower principal QX declined million The income average balance
loans We to have expected more continue performing. than significantly become to delinquent
duration period. with in performance become cash but increase extend this provide yield. loans at lower loans, flow, over buy longer delinquent performing they loans As discount, more a we a can Since expected
corresponding shortens duration and recession material low and the However, our the a a flow housing materially. hedge as loans increase environment, increased of price declining delinquency provide and case yields cash in yield LTV
income effect joint GAAP first not if has income portion from our loans. is the time our in up that interest it we had which keep years, in positive A to yields interest on in continues. in income of a For several mind uptick from delinquency, securities, item slight forward from ventures, a shows
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our result, growing and of faster been June our September amount portfolio by XX, important since XX.X% At the the XX at directly offsetting than interest and of versus corresponding investments, we XX.X% joint 'XX. by decrease XX, than interest fee our the purchase made amount. the ventures last outside payment income be loan venture part servicing expense servicing investments lower call our by UPB will at a only An joint is loans of As of loan if have versus GAAP direct discussing payments XX June also of will performance of loan portfolio. income fees, at the least GAAP XX.X%
compares the purchased XX% time This to loans. the we at
interest Our elevated rates these incentivize loan non-performing re-performing patterns, in Significant which XXXX prices our loan and last leads yields. months duration materially XX rising purchases. and XXXX purchases and monthly in XXXX to in over increased to relative XXXX and the longer payment increases housing lower
should The effect it QX, have in continues, in on slight [indiscernible]. positive delinquency a if uptick
While Loans reduce monthly total become durations we the materially and cash status loan average, regular loans this discounts, [indiscernible] and of loans higher interest yield have on duration that pay to at and shorter can they regular the percentage purchase therefore, life result yields. loans income. because portfolio typically can quarterly flows in paying over extend higher produce on
that operating earnings was income negative impact negative net minus make a quarter. well we Page the was as third weighted as attributable average ties an share. funds income Operating To have $X.XX common to about the on per the of table on earnings presentation a to GAAP of dividends XX follow, in XX-Q. $X.XX. easier $X.X preferred QX. income $X.XX had that our Taxable note or in per holders of little as it share. income several same was million are in to There million QX or of Net $X.X Our cost items was
of regular contractual remaining increases JV paying a for recorded securitization. duration partner over that cash We This X life. onetime collect of XXXX not not interests. There shorter Tax were loan the in high based as is QX, XX% charge the unrated becomes AAA-rated loans which taxable on into affiliates, joint in the decreased investments we Gaia's on then X income held [indiscernible] in income X. our securitizations duration, they were expected a In termination underlying we the actual is rather manager onetime loss individual life venture numbers. It JV resulted years XX internalization Since as effective in life, loans. Taxable than of weekly a the and and fee typically underlying increases. primarily sheet September re-performance. under on contractual few balance our but GAAP result and If XXXX-C interest, joint the consolidated continued and back loans. XXXX-B we level than in and securitization July, QX beneficial GAAP in $X.X called are that and flow-through of our Gaia's partly resecuritized loans securities owned called a securitizations delinquency the items as JV million ventures on
because to the owning the new their million and securitizations own we from this, is were X joint noncash in impairment $X.X QX, the securities subsequently to agreed the of actions AAA-rated took or of loss million the We called partners equal under structure the are structure, GAAP. we late which in June percentages July same to share. each. to trusts the for $X.X But to to and an and a lower. transferred mark-to-market trusts our XXXX new In closed JV continue per securities discharge XX% but with the the XXXX, in Because the of an July, form in market resecuritizations exchange of same securities, that added percentage, values triggers $X.XX QX. the values difference same of carrying our X between loans The we in partner sell venture loans in venture joint unrated
There XXXX-B this is trusts. and doesn't loss underlying assets, the expect income. on mark-to-market taxable also XXXX-C over expected we recaptured cash This life flow and the is in difference the of noncash no amount fully affect expected
our reflected primarily We already securities. from also the was with a our Book $XXX,XXX value an share XX. per loss, class adjustment senior joint one dividends and loss GAAP offset an value.
Book debt unrated positive by September bond of our value decreased JV of in book was at ventures $XXX,XXX in paid $XX.XX sold mark-to-market recognized in X and investment
in We $XX value. book table for XX cash. also XX, and cash QX, equivalent million. changes we September balance cash daily average There approximately million had issued At is [indiscernible]. our details of some shares had of an $XX that the approximately on And we a to Page
significant a securitizations ventures quarter. cash our Approximately we mortgage collections of from of at XX. of XX.X% We loans, of XX small September to UPB have XX. at also securities approximately discuss in unencumbered a payments the of the fraction $XX XX, made compared XX Page and At we had of more third in the will our unencumbered decreased joint XX.X% from and June portfolio time which million at acquisition. on this detail by This loan last amount least
LTV approximately XX% XX months level income dollars duration increases flow yield as have We typically than our RPLs Re-performance and On have amount RPLs portfolio made NPLs [indiscernible], X re-perform loan property delinquent X, purchased of specifications. tax primarily flows, certain represented current September at extension quarter but that approximately well-seasoned of We absolute lower that purchased loan this reduces consecutive in income ago. the loans XX. cash a RPLs more less lowers underlying interest loan as and well. payments Purchased targeted current of of purchased Page than life rather represent equity. buy with loans and XX% the
see to For stronger we residential expected than loans, our performance portfolio. continue in
for interest However, slowing, and an expect delinquency and increase in in potential at the point. rates, we default the increase economic material tightening credit would given some
in We delinquency in in small increase have seen our portfolio QX. a
loan pay times stress. we more rates, paying loans determined therefore, financially we and coupled maintain of is engaged mortgage HELOCs have resulting auto significant rapidly equity, in to result, and as opportunity and Historically, the before borrowers to and acquisitions to mortgage hesitant set their residential we typically expect have make thing One absolute in cards be credit HPA mortgages regular have develop. better more financial attached we a of rising a with first in increase borrowers been seen properties and seen will a material As aggressive dollars payments.
for dollars equity mortgages. auto for However, loans, not now in result of as increases first as so a delinquency of and their we beginning real to have we're seeing see Commercial significant less estate loans absolute increased and and well, fared for are their cards credit seasoned opportunities. loans
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commercial We like that X, would find venture us lower Page opportunities. On own joint we partners have of loans. to significant LTV dollars
Our XX% purchase geographic of lower property focused GPV. dollars threshold locations. with in equity is certain price and overall of RPL XX% been value levels current LTVs targeted on We've with of of absolute loans always approximately
average purchases and versus of significantly X, RPLs. NPL have our since shorter can Page duration QX On on XXXX, QX RPLs. than NPLs we increased
XX% of property For including GPV, total our arrears, sheet, owing and NPLs on is purchase of overall of balance, price value. our XX% balance XX%
portfolio rising higher NPLs. rapidly result NPL well and As loan-to-value have a equity our reinstatement low mortgage as [indiscernible] as seen re-performance on average significant the on rates, of and we to
to significant As and the both seasoned property price natural in plus credit provides hedge I dollars represent duration materially. approximately purchasing of our our Page at XX% target mentioned recession XX%. were at a California LTV September in to of On delinquencies NPLs, loans XX, absolute declines housing the X, approximately of at equity largest and loans discount increases segment XX% yields corresponding loan earlier, as portfolio resulting to continues our markets. our shortens for RPLs loan in values, increases
all prepayments XXXX. However, and California far so in nearly XX% of XXXX has 'XX, in been
and represents [indiscernible]. Our counties of California of approximately that. San are and primarily mortgage XX% Angeles, Los Broward XX% Orange Miami-Dade are and portfolio Florida loans Diego Beach approximately our Palm in
our portfolio at to price portfolio homeowners target compared We continue least to and last at made at our made XX% of as at see and of ago. potential June loan approximately in demand homes rental loan our for markets, XX months XX% compared XX December XX.X% from least XX XX, XX in our migration. last Approximately On September approximately XX% single-family XX buyers. XX months Page ago. to ranges At of the the payments XX.X% and portfolio both XX% X of XX X,
seen least Approximately consecutive time. payments. notable, more XX% of than is payments X to This more payments, performance NPLs. consecutive primarily reached since have have made has significant QX X that of when XX monthly loans typically 'XX consecutive the we to our X purchase at be consecutive turning given been a in statistical point. increase get purchased XX% that payments they Historically,
joint On due equity loans. ventures our declined interest to in beneficial Page a and delinquency prepayment yields loans in yields on XX, marginally less in loan average average primarily little, and venture joint increased more
loans is is pre-performance extend Debt material in [indiscernible], and net gross magnifies [indiscernible] servicing dollars home beneficial increase mortgage we interest sheet in can dollars duration our target fees our on discount, loans how expectations monthly from the in types loans securities through For absolute our yield of presented yield of loans, of of under re-performance excess both that of are equity, GAAP, interests, expectations. markets servicing absolute of for the of significant buy, rising in to equity excess increased and and on loans delinquent we that appreciation rates led the price this fees. and of the since interest purchased our balance JVs debt and Since is XXXX. remember beneficial an securities
Our to our low, leverage sector. for continues especially in companies be
of We X.Xx, debt from ended level with down QX asset X.Xx.
QX. total notes average debt asset-based of as in down our holdings at million our they portfolio securitized paid June ventures million on $XXX of lives XXXX $XXX is September XX% higher $XXX September agreement total approximately August slightly higher was the of primarily was repurchase Page at since unsecured fixed in debt are of declined senior rate financing loan the debt percentage this million non-mark-to-market, years. debt at since total outstanding the bonds Class mortgage joint total Our $XXX and approximately with primarily of cost rate loan were debt Fixed QX. whose nonrecourse XX, financing remaining debt. in XX expected was A-X XX. X in of This On our XX versus million of a result and corporate issuance debt our our
also significant unencumbered have We assets.
our We secured agreement debt. repurchase expect amount of to debt to declining continue relative the fixed net rate
On Page XX.
acquisitions We have a contract. very small number of NPL and under RPL
the As call, I believe set will mentioned earlier the expand. we on opportunity
a to loans issues. recession result commercial starting are and We risk opportunity set sector see in of material risk as growing a real banking estate
earnings are payment press X.X% disclosed The remains approximately our cash our today, dividends. on late We book it be approved year-to-date, last strategic real to decision $X.XX of This focus to business financing us is of a record engaged We progress XXXX, stock, venture Boards Also, with estate XX, assist refer opportunities careful things, per in disclosed million Ellington a details seeing comment XXXX. companies' are Directors don't which to announcement declared advisable. our joint direction, and release November We release we bridge Ellington I October, Financial our month. repositioning termination distributed of have holds $XX the the [indiscernible] we by stockholders of and and or on a XX, in commercial in also November financing. evaluation follows transaction. share further the intend the in consideration with this made press merger termination overall. and mutual to securitization assessment reduced share partner. order We the the towards and of completing other Financial.
The of This dividend value value merger agreement strategic our alternatives. dividend $X.XX per among termination of both to after the was in in disclosure our proposed maximizing adviser stockholder necessary of of of paid to, you financial our process thorough and on Board regular as part until of
for us This our my quarter you concludes comments earnings We joining today. call. appreciate third
during As and the make questions, as strategic needed. defer in us, review I earlier remarks, will we'll very additional you Ajax for my disclosures given we taking joining ongoing Corp. or provide additional and noted we much updates process, Thank appreciate interest your again Great
