We develop dynamical theory for the family of holomorphic correspondences $\mathcal{ F}_a$ proved by the current authors to be matings between the modular group and parabolic rational maps in the Milnor slice $Per_1(1)$ (in 'Mating quadratic maps with the modular group II'). Such a mating endows the complement of the limit set of $\mathcal{ F}_a$ with the geometry of the hyperbolic plane, equipped with the action of the modular group. We introduce bi-infinite coding sequences for geodesics in this complement, utilising continued fraction expressions of end points; we prove landing theorems for periodic and preperiodic geodesics, and we establish a stronger Yoccoz inequality for repelling fixed points of these correspondences than Yoccoz's classical inequality for quadratic polynomials. We deduce that the connectedness locus of the family $\mathcal{ F}_a$ is contained in a particular lune in parameter space.
Categories: math.DS