Lisa. you, Thank morning, everyone. Good
past of appreciate building year. the the We Redwood and West everybody on momentum the the It's Coast. strong gained on entered XXXX, your a.m. quarter setting call. X taking a first over alarms
Dynamics the shifted record and accelerated end optimism a novel monthly global March. as filled the Our loan January February, were of opportunities for and growth of pandemic into coronavirus spread including quickly volumes. with
one Significant the experienced jobs, over X financial the entire ensued, economy a crisis history. XXXX, in markets than the In dislocation we in during XXXX. weeks, more the shed XX span resulting million of financial market of fastest U.S. declines quickly in has great
we More the lost Vietnam the we've war. than from did economic COVID-XX to important entire than impact, more Americans
- we to are and protecting the gratitude to functions substantial risk doctors, and expect lives We sincerest paring first extend out others at responders themselves. our essential who people's nurses,
financial rather great and severely crisis in a pandemic in that public it bubble as the current residential small we've just the a housing was time. in mortgage In been a and fraction of than crisis, led a way. That credit impacted the health
the business liquidity strong on supported result. its balance overall sector, losses loan government. of we and underlying credit residential and sheet federal the assets, X, a April pandemic the impact our economy Despite in quality performance the the as purpose not through And sustained heavy disclosed collapse as related to by and explicitly and any our uncertainty for
impact XX book estimated XX be in value and value April assets. that between disclosure, March In share at of at potential we decline which $X.XX, $X.XX our Actual would the March value per results book was platform. BPL excluded intangible on any were impairment Book only with March but consistent negative per with effect $X.XX after to XX per $X.XX the at our prior this value estimate. giving operating share a share, noncash associated
declines repricing systematic financed institutions. panic the assets participants by driven widespread mortgage-related large market These were among of and financial by
generally sheet assets the term. for that in Importantly, $X.XX our were that at we of and mark-to-market nearly negative end share expect X/X adjustments on declines quarter hold remain to however, the investments were balance per our long
work. positioned our gets from back end exactly be goes meaningful can't and we levels is in we here, quarter value nation technicals well recover sure to subside the event portfolio While from the to economy where market believe our
of share our in April increase many XX. value March, of we X% end book observations spread investment Based of portfolio common estimate as our the tightening on areas per our of by since approximately
employees to existed While significantly and managed our no balance and timely strongest counterparties, and reposition which With our the to to of actions took we sheet liquidity. boost our our the we downturn remotely preserve speed our franchise. necessary sheer manage economic playbook working this occurred, with at help
at we balance result, remains outstanding a May As our billion to X, used that facilities forma residential calls, billion $X.X warehouse $X.X to was on basis, million, from and well pro with underway decline approximately reduce aggregate a $XXX XX even several that loan subject cash further. debt a business secured March unrestricted our XX that and margin primarily loans, to at expect at purpose will initiatives December
of liquidity preserve was the our payment actions per scheduled March originally took to of be share dividend, which on the to $X.XX was delay we our XX. One to paid quarter first
difficult a was through make, in While interest navigated while Redwood's of that this believe best to decision crisis. was this onset the we we
pleased are quarter paid the be to scheduled cash recently fully We is now to announced that have first dividend today. in
the in and of Collin provide the and take the I'll discuss coming We've Given of walk we'll Dash shortly. and pandemic. balance address resizing the we're more few this in update additional second evaluating through taken continue will sheet, to a current impacts an various myriad our weeks. to quarter and dividends steps our detail here,
challenging we as our As which where included return selling profile free I and to the well assets severe, is believe the no projections alluded attractive imminent updated our managing fundamentally capital our as period assets up of shifted recession. liquidity for to based a the on earlier, prospect through towards longer selling incredibly priority an economy,
of a securities. completed investments we of securities, large approximately our quarter, the million portion During which $XXX of sale RMBS sale of third-party the multifamily included of subordinate the in most
of or financed the and borrowings. our substantially assets sell the FHLB repay billion made all of to our decision $X.X through refinance also We
our of to we pay near million today, in reduced future. billion have from expect $XXX $X the to As nearly under line this of borrowings today in all the down and facility March
And business, absorbed April, were within and balance thoughtful completed of of our result workforce a state our reductions in our the response by approximately be place, to to reduction took the we actions analysis the size but we corresponding sheet. Net organization after potential the the we reduced XX%. These in current redundancies. meaningfully there work of where in took crisis of
remained infrastructure franchise Our and strong.
have business begins our activities preserved to economy normal once the stabilize. to We completely resume capability
As our our pain workforce, has our you inflicted our can imagine, partners across and shareholders, this and business crisis friends families.
to our the and While crisis, and recover from optimistic it time at economy by will page turn are take both can the industry the the the days, for cautiously fallout months. in coming to economic Redwood caused weeks broader begin we
and our our remote to are implemented continuity statements Meanwhile, by with made be practices we guidelines continue actions to working local are so the under on taken the and XX. And if of requisite health working local protocols in Substantially, we business will our consistent only government maintaining policies safeguard remotely run we to and all are confident we the plans employees. March do our officers state we reopen, applicable well-being place have to the of and state employees officials. and that when and allow we
purchase learned ahead, market last moved driven do the agency We can has the lessons world would like to that the performing and expect and mortgage back know. Looking took Fed what record federally-guaranteed support we post-crisis quickly lows. start rates MBS we program look mortgage what know with the its from We agency crisis through for Redwood? to
refinance will and many allow for spend home market as their medium-term agency a family and to loans, become it residential monthly pressing cash needs. up in should mortgage the their borrowers to positive other free eligible This reduce payments household
These mortgage to economy this expect of to rates prices and And again. while to the grow not government are benchmarks begins products than support, did began we traditional over X receive to lower the continue towards time. private before type are markets re-correlate expected significantly with residential converging rates lending reach until the benchmark
know crisis accommodate and of for mortgage investors. facilities, funding namely that the would reimagined structuring for traditional in mind. and the of loan needs exposure need securities another business aggregating, thresholds the also always We scale, to be diversification financing and The loan sources aggregators, distributing mortgage health whole loans return warehouse to with potential is required to of
of quality pricing the financed assets and facilities. the the drove these past, the structure In the of
Going most of another resulting impacts U.S. the market we'll performance the associated of assume COVID-XX wave the or of or significant pandemic, the shutdown another effects. to the forward, and prospect need of economy many of health
counterparties regrowing our Working to to necessary facilities borrowing acquisition loan lending recast our these with our as origination step a with and volumes. factors mind in
already of previously residential meaningful business XX, In financing fact, April facilities. closed our we've marginable financed warehouse made the loans provide facilities facilities. progress marginable loans nonmarginal Since replacing warehouse purpose whole new two on to we
which cohort should believe this discipline of loan product the and to amongst Reforms crisis. well coupled investors to perform have purpose products, business a housing high-quality financial created originators and both perspective, residential in continue undertaken a with crisis, since From great credit. through continue we
in recovery by our recent crisis. sector should years relative the Substantial improvements exhibited private accelerate last to mortgage the market's
strength the and that or underwriting believe forward. also originated of to loans platform the our differentiate potential has flowed conduits We our the through we've knowledge our going of
there manage the page on must turning before this challenges fully But significant remains we crisis.
requested credit market, originated housing been to We otherwise as Unhelpful perpetuated unified where to due terms loan and newly Federal One health the this efforts trends home health Washington be uncertainty are market stemming lenders monitor officials rhetoric and the the whether already tighter forbearance has stakeholders has Congress, the impacted other consumers and support pandemic. Reserve, continue closely in and to and treasury loans. financial as there of that from borrower diluted for servicers. significantly liquidity well through reliable purchase experiencing will rich borrowers loan in amongst area is panic
biggest opportunities. said, greatest the can But often as challenges present
enhanced that of into of Our will recession possible our the in while to franchise crisis a prolonged model the shareholders is of focus likelihood coming this taking months. our emerging value and resurgence with meaningful remains delivering capable COVID-XX intact, account from be and business
our our need capabilities, how we around remain be at manage believe will and in with forward significant business the path sourcing structure structuring criteria The find best and posture we strong. across with the especially we expected to will But remain defensive significantly competition will for tighter banks risks. reduced, lines these underwriting
my prepared the to That remarks. now President. over turn call Dash, concludes Redwood's I'll
