with management. welcome Bryan Investment thank quarter today like are of in Yarad, and senior I other everyone. Also Officers; CFO; in your morning, results our Wulfsohn, Steve Financial's fourth XXXX Good Hal. our MFA to Kristjansson and interest would dialed you members webcast. Gudmundur to me you for financial you, Thank and Co-Chief
want our half again year MFA is team. made fourth second I particularly I in XXXX, and was very adversity to begin, obviously powered this quit no recognize and And in There entire group. team the XXXX Before the progress we extraordinary levels challenging of think we a and through many the in our on persevere. quarter.
rates in additional two a end but since are XX's about at the X.X years With little year. qualifies but developments this expectation surprising points basis for at than end higher light quarter muted on third remains macro in this assets much with Yes, and least is that materially less continued This a fourth points, has off let's as smile XX hear recent concerns X% curve lows do XXX approximately XXXX, the curve was a will the short change ourselves. volatility was yielding raise for above chatter support an however, again to continue monetary the stimulus very stead So, I Interest it basis indication of hardly level, accommodative of have of rate years, quarter. provide extension the policy The digits steepened little XXXX. were risk continue about of XX's I when for consistent kid since points the anchored, basis with far teens rates, the inflation. inched historical standards, about the almost fourth firmly yield to as The steep to another mid-November, XXs XX narrative. XX-year XX XX political steepen longer surreptitiously curve backed high does not very will as of with XXXX. up the year-end. so in the are quarter but barely double lower by yield not of by ago. Two-year and in this in to in we into XXX as briefly the
in in and levels are extraordinary With to pushed and production non-QM even mortgage low and there; rates loans Agency in production much modest in crowded very market particularly no conditions tight, these but an assets suffice lows. We months. spreads recent origination from increase purpose we've increase all-time rate credit unprecedented are with eligible cheap an securities issued of however, same a at environment. say, XXXX, business on yields out non-conforming have low there to for agency interest out rates, still seen
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residential strong These we turn loss Page ability X. our of the as have of credit reversals. with housing levels. price addition, also achieved on has assets a results market in credit appreciation by mortgage our quarter. OREO GAAP improvement credit been of attractive reserve together to at to of leading value expected Please assets $X.XX results than fair financial at loans resulting driven better were and reserves prior in reversals results, manage properties In credit in to and further in fourth actively We sensitive held per sales credit share by continued reported reflected earnings
the acceleration of our fourth in and being with On the other by million, of reduced earnings pay-off September Apollo discount expenses hand, with related were in $XXX the October. note XX% quarter senior to connection
would also of September by book value, outstanding not it There of repurchases have associated overall exercise. and the outstanding combination more little out with price had our for X.X% unchanged during shares by an $XX these X.X% and We've in aggregate the book XX cash as quarter. best value a at via at book $X.XX XX% economic held less the than common during quarter than of book these warrants, warrants, and quarter value at the the was position for warrants. X%. of of further. was fourth warrant Economic up over Apollo/Athene fourth been transactions also than less as the straight the fourth purchases these by nevertheless quarter negatively We carrying warrant XX% the view average no an are GAAP during XX.X a appreciated cashless million warrant impacted the price GAAP value. dilution approximately quarter, available We exercise of Obviously, our million closed less been and through repurchased value for among loans purchase investments
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believe summarize return from was at totaled loan We also to million and XX We add at quarter. that stockholders, prices emerging and advantage later years carrying since wood X. end which this but we investment portfolio continuing from strong The forbearance value. our presentation. the our are to June portfolio sales rebuild the $XXX market to chop, and liquidate And did we've done illustrate discuss total the investment were asset-based Please has purchased details $XXX the December XX. turn a we in XX% still June of Slide We Clearly, These ago. through loans above on additional changed of our executed of housing we shareholder benefited not as slide. XX. year have We since in work Gudmundur about the committed own shareholder well resolution that opportunistically took financing this of to million loans has mostly September value. over materially nonperforming to will for OREO properties, hard Bryan our portfolio fourth to
other this the to The are Fix Purchased Purpose PCD pie the section, pie three loans. on section chart, section, chart. on The in is sheet red purple at And loans value the single-family loans. Credit rental accounting slices loans. are gray the for are seasoned are and loans non-QM Business re-performing loans Just Flip held represented and of speak our loans, balance This and performing review Deteriorated carrying or loans.
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repurchase million this included was the warrant $XX.X under plan. addition, In
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