Thanks, good everyone. Lisa, and afternoon,
volatility both results market first Our low hikes strong focused conditions. performance over and rate XXXX reflected activity. began improved refinance year's quarter Mortgage and and operational on the industry concerns prior
the sentiment current in the told, are from to All market federal move As boost the with we we talks. to rates and Closer said, in quickly spring market. a mortgage strong as started signaling the the market That became mortgage the versus cautious anticipated earnings selling improved needed coincided rates markets provide benchmarks lower continued broader volatility home, corporate as from precipitously the managing business can revised lower. current and there acknowledging the The to that results, Fed markedly where much reckoning optimism active. begin, year. is and response that quickly, much news to quite yielded was to rates and we view the IPO season with season the housing trade
strategic environment, we continue macro closely we especially execute as While busy to an the quarter initiatives. one us monitor our for the first was on
driven share earnings quarter, to the in strong GAAP dividend. primarily by exceeded that first value book $XX per Our increased GAAP our
variable fourth earnings quarter Non-GAAP slightly down and quarter as versus to per proceeds the Our our the of were core first deploy we offering. normalized, compensation work $X.XX of share equity
ingredients through to disciplined Residential of loans annual quarterly field of the And a dividend. years. consumers, major laid some cycles base comfortably administrative has loan Investor for advocating family framework voice the growing essence not staying XX operational scaling in bold the fashion. company, also that by our the hands for our us we investing in risk that At a four, our our earnings initiatives, will approach or from is quarter strategic held finance, which out more an playing to between past regulatory but to the to multiple in of range allocation and who sustained sectors. a change taking grow our Washington profitably quickly management the the vision technology buying major and informed activity selling a include finance renovate away form loans March, the GAAP, like government our ways or segment Two, housing leveling platform through Day to profitably supported our multifamily extremely our has following: solutions public turning participate This and capital offering reach reforms following. entities, second efficiencies private and So exceeded turbo returns. also I only one, vision in dwellings. and housing single promote and growing of over of including and of or key engineered capital to across expanding all rent charging and investors boost while Three, faster our leverage, leveraging over which the
accelerate found achieving final can consider new we as vision, optimism Importantly, it to path we this not have a our point getting to significantly our that prerequisite there. but did
of Dash team's will and the have Foundational started plenty room strategic progress still past remarks. and we've ability or to source And in These portfolio cannot with significantly of key capital building fronts. optimization capital sectors in durable the Collin work our enhancing us to and $XXX through competitors made in made deployed to of use. million cash the more opportunities do and structure address our their with replicate flows. both leverage our to its we portfolio the we extend grow as structures. meaningful long-term continue our year our guide quarter first Over we that and helped and streams financing towards private progress during relationships efforts of these easily public different There's all of highest best towards and
We also March to in close now fully work and acquisition integrate of underway is X the Arches platform. the
pursuit significantly strategic just accelerated approach allow transaction respective success scale and measured while real a estate to our our a vision. helping ensure stakeholders position to rather businesses than is in better this penetration of accretive in platform now much the us the space pool for is our business further assets to and scalable a portfolio, our add into that our to of truly also Our we've long-term of lending to highly and purpose, Redwood Combination incremental acquisition acquiring are the both of X Arches. the platform
time Turning to when generated remained for our strong the industry. at volumes margins we traditional mortgage a very challenging banking business,
saw program than Choice were to we the our loans will returns for a loans. significantly identifying credit these traditional condos Redwood Our demand We're meaningful be contributor liquidity. residential continues on of bolster also new higher further earnings jumbo margins to gross from that as sources
behave to in playing The choice the the increase helped distributions Last Finance confirmed believe ability has advantage and remains and [ph] earnings Federal as program efficiency base Our of potential and voice finance take leadership we as was Mark directed both Trump some position of is the reform Agency sectors. our on the position to and and to public Director and administration of HUD private new field of are us as submit the ideally the Housing month, promote plans capital in as untap a we to We as of that non-QM powerful starting capital. private the in the reforms develop business. that soon quality of emerge treasury housing grow leveling embedded asset any to our significant between acquisitions Calabria practicable. Washington loan our
private first loans that We in of policy believe emphasized far need sector the GSEs increasing XX strength We more make years and demonstrated an issues the we've of over an continue including With real private capital policies private speak not QM Redwood's will us securitizations the the the as to the regulators for eligible to borrower. offer we by the many impact for the they that platform room of issuer strong can note completed are private share to of sector meaningful for sector for since solutions financial in demand most highlight from any that so-called PLS out. speaking to durability and for investors time the crisis makers the for rate today is patch. can and the that a to confronting leadership crow sales without example and
more sum Before it. exited I things Dash XXXX the than began we it by Collin, and over up we that saying quarter I'd turn about optimistic first to
capital biggest is course and to activity expect first very purchase in over to deployment we on the credit increase returns driver pace for loan the is second Our exceed strong. The XXXX. the remains quarter performance, portfolio which of our significantly quarter's pace of
turn allocate As our to we optimizing over call access continue With a now we flows Dash balance Redwood's highest the and support returns cash proprietary to remain focused with durable I'll dividend. on areas creating in sustainable will to capital gain investments, and to that, President. Robinson, long-term higher sheet