Booorrringgg. No significant announcements. The numbers were ok. They show $800M in cash+marketable securities on balance sheet. The drop from $832M last quarter is completely explained by the losses this quarter, as expected.
(Note: When I use M, I mean Million. I know some financial weenies use M to mean thousand and MM to mean Million, but they are weenies. M is Million. I also reject Roman numerals.)
Originations just a hair over last quarter. Looks like things going right direction, but slowly.
As investors in their product, we want boring from our bankers, so that's fine. Stock investors are probably not thrilled.
Scott did say they're targeting 6% platform average loan/note returns going forward. (I'm paraphrasing from memory.) I don't think recent vintages will achieve that, so perhaps he expects 2015 vintages to be swamped out by better performance of 2016 & 2017 vintages. Love to see him target a higher average return for us, but he's got market forces on both sides. His coverage of this issue was I think one whole sentence, so not a big emphasis.
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