For the quarter, we invested $283 million in cash to purchase excess MSRs non-agency RMBS. And then subsequent to quarter, we made our first investment in the senior housing sector.So investment activity, $220 million of the $283 that we invested was in excess mortgage servicing rights. Four different pools predominately the pools that we had agreed to purchase earlier in the year from Aurora. Aurora was the servicing operation of the bankrupt Lehman Brothers estate we committed to back in February. We had anticipated originally that transaction closing in May. It ended up closing close to the end of June. That was the big chunk of the un-invested capital. We expect the rate of return on this portfolio to be mid-teens, specifically 17.5%. We expect total cash flows from the portfolio to be about two times what we paid for it, $445 million and average life over the next six years.
Newcastle Investments's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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