Adamas Trust Inc (ADAM) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the New York Mortgage Trust First Quarter 2025 Results Conference Call. During today’s presentation, all parties are in a listen only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star, followed by one, one on your touch tone phone.

女士們、先生們，早安。感謝您的支持。歡迎參加紐約抵押貸款信託 2025 年第一季業績電話會議。在今天的演講中，各方都處於只聽模式。演講結束後，會議將開放提問。如果您有疑問，請在按鍵電話上按星號，然後按 1, 1。

If you would like to withdraw your question, please press the star followed by one on your touch tone phone. If you would like to withdraw your question, please press the pound key. If you’re using speaker equipment, we do ask that you please lift the handset before making your selection. This conference is being recorded on Thursday May 1, 2025. I would now like to turn the call over to Kristi Mussallem, Investor Relations.

如果您想撤回您的問題，請在按鍵電話上按下星號，然後按下 1。如果您想撤回您的問題，請按井號鍵。如果您使用揚聲器設備，我們請您在做出選擇之前拿起聽筒。本次會議將於 2025 年 5 月 1 日星期四錄製。現在我想將電話轉給投資人關係部的 Kristi Mussallem。

Good morning and welcome to the first quarter of 2025 earnings call for New York Mortgage Trust. A press release and supplemental financial presentation with New York Mortgage Trust first quarter 2025 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com.

早安，歡迎參加紐約抵押貸款信託 2025 年第一季財報電話會議。紐約抵押貸款信託公司昨天發布了一份新聞稿和補充財務報告，其中包含 2025 年第一季的業績。新聞稿和補充財務報告均可在本公司網站 www.nymtrust.com 上查閱。

Additionally, we are hosting a live webcast of today’s call, which you can access in the Events and Presentations section of the company’s website. At this time, management would like me to inform you that certain statements made during the conference call, which are not historical, may be deemed forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

此外，我們還將對今天的電話會議進行網路直播，您可以在公司網站的「活動和演示」部分中訪問。此時，管理階層希望我通知您，電話會議期間所作的某些陳述並非歷史性的，但可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

Although New York Mortgage Trust believes the expectations reflected in any forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday’s press release and from time to time in the company’s filings with the Securities and Exchange Commission. Now, at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

儘管紐約抵押貸款信託公司認為任何前瞻性陳述中反映的預期都是基於合理的假設，但它不能保證其預期能夠實現。可能導致實際結果與預期存在重大差異的因素和風險已在昨日的新聞稿以及公司不時向美國證券交易委員會提交的文件中詳細說明。現在，我想介紹執行長 Jason Serrano。傑森，請繼續。

Good morning. Thank you for joining New York Mortgage Trust first quarter earnings call. Joining me today is Nick Mah, President and Kristine Nario, CFO. We are happy to spend time with you this Thursday morning as we share our first quarter recap and insights into our Q2 activity. Kristine will provide commentary on first quarter results, and Nick will provide an update to our portfolio positioning and focus.

早安.感謝您參加紐約抵押貸款信託第一季財報電話會議。今天與我一起出席的是總裁 Nick Mah 和財務長 Kristine Nario。我們很高興在本週四上午與您共度時光，分享我們第一季的回顧以及對第二季活動的見解。克里斯汀將對第一季的業績發表評論，尼克將更新我們的投資組合定位和重點。

This was a pivotal quarter for New York Mortgage Trust. During the first quarter, a more favorable market environment provided attractive entry points, and we capitalized on these conditions by meaningfully increasing investment activity. We began the quarter focused on raising interest income through portfolio optimization.

對於紐約抵押貸款信託公司來說，這是一個關鍵的季度。第一季度，更有利的市場環境提供了有吸引力的切入點，我們利用這些條件大幅增加投資活動。本季度開始時，我們專注於透過投資組合優化來增加利息收入。

As the quarter progressed, we unlocked company excess liquidity and as a result doubled last quarter’s investment pace. Consequently, we are pleased to report that reoccurring earnings in the first quarter increased to a level consistent with the company’s dividend of $0.20 per share.

隨著本季的進展，我們釋放了公司過剩的流動性，使上個季度的投資速度翻了一番。因此，我們很高興地報告，第一季的經常性收益增長至與公司每股 0.20 美元的股息一致的水平。

This achievement reflects the success of the strategic portfolio restructuring initiated two years ago, where we focused on sustainably enhancing interest income through investments in high liquid agency RMBS and through short duration credit assets in the residential BPL sector.

這項成就反映了兩年前啟動的策略性投資組合重組的成功，當時我們專注於透過投資高流動性機構RMBS和住宅BPL領域的短期信貸資產來持續提高利息收入。

Well, maybe comes as a surprise, despite high investment deployment, company excess liquidity increased in the quarter. This was accomplished by taking prompt action in January before volatility took hold when we locked in $83 million senior unsecured five-year note followed by completing two securitizations in the BPL sector later in the quarter. Thus, after adding $1.8 billion investments, we ended the quarter with $407 million of excess liquidity, an increase of nearly 20% from the previous quarter. We are entering the second quarter from position of strength

好吧，也許令人驚訝的是，儘管投資部署較高，但本季公司的過剩流動性卻有所增加。這是透過在 1 月份市場波動加劇之前迅速採取行動實現的，當時我們鎖定了 8300 萬美元的五年期無擔保優先票據，隨後在本季度晚些時候完成了 BPL 領域的兩項證券化。因此，在增加 18 億美元的投資後，我們在本季結束時擁有 4.07 億美元的過剩流動資金，比上一季成長近 20%。我們正以強勢姿態進入第二季度

As we continue to grow our balance sheet, primarily focused on agency RMBS to maintain liquidity. Now, given the wider spreads after quarter end, the return potential of the portfolio has increased. Nick will further elaborate on this point later. Also, over the last twelve months, we have been able to reduce our run rate G and A through operational efficiencies, which has helped support our dividend coverage. In addition, we believe there is near term opportunity to generate additional revenue by leveraging our platform for service fee income in the year.

隨著我們的資產負債表不斷擴大，我們主要關注機構RMBS以維持流動性。現在，考慮到季度末之後利差擴大，投資組合的回報潛力已經增加。Nick 稍後會進一步闡述這一點。此外，在過去的十二個月中，我們透過提高營運效率降低了 G 和 A 的運作率，這有助於支持我們的股利覆蓋率。此外，我們相信，近期有機會透過利用我們的平台來獲取服務費收入來創造額外收入。

Before I pass the call over to Kristine to discuss the company’s financial results, I wanted to highlight two slides from our quarterly investor supplement available on our website. Page eight is essentially the same slide from last quarter, but it was correct to point out the interplay between federal deficit spending and trade wars back in February, its significance surprised the macro markets with intense volatility that ensued. The trade wars could bring about a stagflationary shock, lowering consumer confidence and with-it consumption.

在我將電話轉給克里斯汀討論公司的財務業績之前，我想重點介紹一下我們網站上季度投資者補充報告中的兩張幻燈片。第八頁基本上與上一季的幻燈片相同，但它正確地指出了二月份聯邦赤字支出與貿易戰之間的相互作用，其重要性令宏觀市場感到意外，並隨之引發了劇烈的波動。貿易戰可能帶來滯脹衝擊，降低消費者信心並隨之降低消費。

Inventory building in the second quarter will likely mask this effect, thus the impact may not be seen until the summer. In the REIT sector, the importance of choices made to drive earnings as far back as last year and up to this pivotal quarter for the economy cannot be understated. Reflecting some broader macro concern, the portfolio recourse leverage ratio at the company reduced to 0.5 times in Q1 from 1.1 times last quarter.

第二季的庫存增加可能會掩蓋這種影響，因此其影響可能要到夏季才會顯現。在房地產投資信託基金 (REIT) 領域，早在去年就做出的選擇對於推動盈利以及目前這個經濟關鍵季度而言至關重要，這一點不可低估。受更廣泛的宏觀擔憂影響，該公司第一季的投資組合追索槓桿率從上一季的 1.1 倍降至 0.5 倍。

Agency RMBS investments are now over 50% of company assets. Backed by twenty years of experience and proven expertise in navigating distressed mortgage markets, our team has made strategic changes to capitalize on heightened investment opportunities amid market dislocation. With that said, noted on page 10 of our supplemental, we believe NYMT’s equity significantly undervalued, trading in the low to mid-60% of book value.

機構RMBS投資目前占公司資產的50%以上。憑藉二十年的經驗和在困境抵押貸款市場中行進的成熟專業知識，我們的團隊做出了策略性變革，以利用市場混亂中湧現的投資機會。話雖如此，正如我們補充文件第 10 頁所述，我們認為 NYMT 的股權被嚴重低估，交易價格僅為帳面價值的 60% 左右。

Strikingly, NYMT’s equity trades at a 10% discount to a smaller cohort of company assets of just cash and agency RMBS. With full dividend support and real growth capacity through liquidity on balance sheet, we believe NYMP shares present exceptional value. And I can tell you our entire team is motivated to demonstrate this point. At this time, we’ll pass the call over to Kristine to provide our first quarter financial highlights. Kristine?

引人注目的是，NYMT 的股票交易價格比一小部分僅由現金和機構 RMBS 組成的公司資產低 10%。我們相信，憑藉全額股息支持和透過資產負債表流動性實現的實際成長能力，NYMP 股票將具有非凡的價值。我可以告訴你們，我們整個團隊都積極地想要證明這一點。現在，我們將把電話轉給克里斯汀，以提供我們第一季的財務亮點。克里斯汀？

Thank you, Jason. Good morning. I’ll cover the key factors behind our first quarter financial results. As we begin the New Year, we are pleased to introduce a new non-GAAP financial measure, earnings available for distribution or EAD, which replaces our previously reported undepreciated earnings.

謝謝你，傑森。早安.我將介紹我們第一季財務業績背後的關鍵因素。在新年伊始，我們很高興推出一項新的非公認會計準則財務指標——可供分配收益或 EAD，它取代了我們先前報告的未折舊收益。

Following two years of strategic portfolio repositioning, including divesting joint venture equity investments and multifamily properties and acquiring interest earning assets like agency RMBS and business purpose loans, we believe EAD better reflects our current income generating capability to support the company’s dividend.

經過兩年的策略投資組合重新定位，包括剝離合資股權投資和多戶型物業以及收購機構 RMBS 和商業用途貸款等生息資產，我們相信 EAD 更好地反映了我們當前的創收能力，以支持公司的股息。

EAD is defined as GAAP net income, excluding realized and unrealized gains and losses, derivative gains and losses other than net interest benefit from interest rate swaps, real estate impairments, non-cash items and certain other non-recurring items. As I discussed in last quarter’s earnings call, we are pleased with the progress we’ve made in expanding our balance sheet, rotating real property exposure into assets that generate interest income and reducing G&A.

EAD 定義為 GAAP 淨收入，不包括已實現和未實現的損益、除利率互換淨利息收益以外的衍生損益、房地產減值、非現金項目和某些其他非經常性項目。正如我在上個季度的收益電話會議上所討論的那樣，我們對在擴大資產負債表、將房地產風險敞口轉化為產生利息收入的資產以及降低一般及行政費用方面所取得的進展感到滿意。

Our efforts resulted in an increase in EAD per share to $0.20 in the first quarter of 2025 compared to $0.16 in the fourth quarter of 2024. This strategic shift also contributed to an increase in quarterly EPS contribution from adjusted net interest income to $0.40 per share, up from $0.36 per share in the prior quarter and $0.29 per share a year ago, representing an increase of 11% quarter-over-quarter and 38% year-over-year. Our net interest spread was 132 basis points for the quarter compared to 137 basis points in the prior quarter, reflecting a growing allocation in agency RMBS, which carry lower yields relative to business purpose loans.

我們的努力使得每股 EAD 從 2024 年第四季的 0.16 美元增加到 2025 年第一季的 0.20 美元。這一策略轉變也促使調整後淨利息收入的季度每股收益貢獻增加至每股 0.40 美元，高於上一季的每股 0.36 美元和去年同期的每股 0.29 美元，環比增長 11%，同比增長 38%。本季我們的淨利差為 132 個基點，而上一季為 137 個基點，反映出機構 RMBS 的配置不斷增加，其收益率低於商業用途貸款。

On a positive note, our average financing costs improved by five basis points benefiting from lower base rates and improved terms on repurchase agreements, as well as more advantageous financing terms achieved through securitizations completed during the quarter relative to repurchase financing.

從正面的方面來看，我們的平均融資成本提高了 5 個基點，這得益於較低的基準利率和改善的回購協議條款，以及本季完成的證券化相對於回購融資實現了更有利的融資條款。

We recognized net unrealized gains totaling $118.2 million during the quarter, primarily attributable to higher valuations in our agency RMBS portfolio and residential loan book. These gains were largely a result of a decline in interest rates, which more than offset the impact of spread widening.

我們在本季度確認了總計 1.182 億美元的淨未實現收益，這主要歸因於我們的機構 RMBS 投資組合和住宅貸款帳簿的估值較高。這些收益主要是由於利率下降，抵消了利差擴大的影響。

Partially offsetting these gains were unrealized losses of approximately $71.3 million from our derivative instruments, mainly interest rate swaps. We also recorded modest net realized losses of approximately $2.3 million from investment activity with $26.8 million in realized losses from sales of investment securities, largely offset by realized gains of $24.5 million from derivative instruments. Additionally, we recognize losses of approximately $14.3 million related to conversion of loans to foreclosed properties that we still hold on to balance sheet. These losses were largely offset by the reversal of previously recognized unrealized losses associated with the loans.

部分抵銷了這些收益的是我們的衍生性商品（主要是利率互換）約 7,130 萬美元的未實現損失。我們也記錄了投資活動約 230 萬美元的適度淨實現損失，其中投資證券銷售實現損失 2,680 萬美元，但大部分被衍生性工具實現的 2,450 萬美元收益所抵銷。此外，我們也確認了與將貸款轉換為我們仍持有在資產負債表上的止贖財產有關的約 1,430 萬美元的損失。這些損失大部分被先前確認的與貸款相關的未實現損失的沖銷所抵消。

The disposition of our multifamily joint venture equity investments in prior quarters further contributed to the reduction in negative earnings drag from real estate with net real estate losses declining from $5.9 million in the fourth quarter of 2024 to $2.2 million in the current quarter. General and administrative expenses increased slightly during the quarter, primarily due to non-recurring employee severance costs related to the company's restructuring initiatives, while portfolio operating expenses remain flat.

我們在前幾季處置了多戶型合資股權投資，進一步減少了房地產帶來的負面獲利拖累，淨房地產損失從 2024 年第四季的 590 萬美元下降到本季的 220 萬美元。本季度，一般及行政開支略有增加，主要由於與公司重組計劃相關的非經常性員工遣散費用，而投資組合運營開支則保持平穩。

We also incurred $5.4 million in debt issuance costs related to the issuance of senior unsecured notes and completion of two securitizations which were fully expensed during the quarter due to our fair value election. GAAP of value and adjusted book value per share increased to $9.37 and $10.43 respectively, representing a 1% increase compared to December 31, 2024. Our recourse leverage ratio and portfolio recourse leverage ratio increased to 3.4 times and 3.2 times respectively from three times and 2.9 times at year end.

我們也產生了 540 萬美元的債務發行成本，與發行無擔保優先票據和完成兩次證券化有關，由於我們選擇了公允價值，這些成本在本季度已全部計入費用。每股 GAAP 價值和調整後帳面價值分別增至 9.37 美元和 10.43 美元，與 2024 年 12 月 31 日相比增長 1%。我們的追索槓桿率和組合追索槓桿率分別由年末的3倍和2.9倍上升至3.4倍和3.2倍。

Primarily due to the issuance of senior unsecured notes and continued financing activity related to agency RMBS acquisitions. Portfolio recourse leverage on our credit and other investments declined to 0.5 times from 1.1 times, reflecting the successful completion of two residential loan securitizations during the quarter.

主要是由於發行無擔保優先票據以及與機構RMBS收購相關的持續融資活動。我們的信貸和其他投資的投資組合追索槓桿從 1.1 倍下降至 0.5 倍，反映了本季兩次住宅貸款證券化的成功完成。

Finally, the restructuring and repositioning of our investment portfolio in recent years have meaningfully enhanced our ability to generate recurring income in support of our current dividend of $0.20 per share, which remains unchanged for the sixth consecutive quarter. With that, I’ll turn it over to Nick to go over the market and strategy update. Nick?

最後，近年來我們對投資組合進行了重組和重新定位，顯著增強了我們產生經常性收入的能力，以支持我們目前的每股 0.20 美元的股息，該股息連續第六個季度保持不變。說完這些，我會把話題交給尼克，讓他來介紹市場和策略更新。缺口？

Thanks, Kristine. In the first quarter, the market experienced spread widening in Agency RMBS and residential credit. Treasury rates crept higher in the first couple of weeks of the year but trended lower by the end of the quarter. We took advantage of the higher spreads and interest rate gyrations to meaningfully increase our quarterly purchases concentrated in Agency RMBS. We bought approximately $1.5 billion of Agency RMBS in the quarter.

謝謝，克里斯汀。第一季度，機構RMBS和住宅信貸市場的利差擴大。國債利率在今年頭幾週緩慢上升，但到本季末呈下降趨勢。我們利用更高的利差和利率波動，大幅增加了集中在機構 RMBS 上的季度購買量。我們在本季購買了約 15 億美元的機構 RMBS。

This was almost four times more investments in this sector than in the prior quarter and 53% more than our last historical peak of Agency RMBS purchases in the third quarter of 2023. The heightened acquisition pace contributed to the considerable expansion of EAD this quarter. Within residential credit, we purchased $397 million of whole loans. More specifically, we acquired $232 million of bridge and $163 million of rental loans within the BPL sector.

這幾乎是上一季該領域投資的四倍，比我們 2023 年第三季機構 RMBS 購買量的上一個歷史高峰高出 53%。收購步伐加快導致 EAD 本季大幅擴張。在住宅信貸方面，我們購買了 3.97 億美元的全部貸款。更具體地說，我們在 BPL 領域獲得了 2.32 億美元的過橋貸款和 1.63 億美元的租賃貸款。

Consistent with prior quarters, investment activity tilted more towards bridge loans, but rental loans have now become a regular portion of our volume since the restart of our purchase program in the first quarter of 2024. We liked the credit profile of BPL rental, and we were comfortable adding duration to the portfolio during a period where rates would trend lower.

與前幾季一致，投資活動更傾向於過橋貸款，但自 2024 年第一季重新啟動購買計畫以來，租賃貸款現已成為我們業務量的常規部分。我們喜歡 BPL 租賃的信用狀況，並且我們願意在利率趨於下降的時期增加投資組合的期限。

We completed a $254 million securitization of rental loans in the first quarter, which was our second deal issued in this asset class in the last five months. In the first quarter, we funded our purchase pipeline primarily with proceeds from a combination of an unsecured bond issuance in January, securitization financings, and the continued resolution of non-core assets. Despite a record amount of purchases, we ended the quarter with a higher available cash balance than what we had at the end of 2024.

我們在第一季完成了 2.54 億美元的租賃貸款證券化，這是我們在過去五個月內發行的第二筆此類資產交易。在第一季度，我們主要透過一月份發行無擔保債券、證券化融資以及持續解決非核心資產的收益來為我們的購買管道提供資金。儘管購買量創下了紀錄，但本季末我們的可用現金餘額仍高於 2024 年底的水平。

We have a nice runway to utilize our capital to further grow the portfolio at attractive levels due to the recent market turmoil. In the near to medium term, we expect further bouts of volatility as this complex geopolitical situation finds its eventual equilibrium. So far in the second quarter we are deploying our liquidity to invest in assets of these compelling returns, but we are doing so at a more measured pace versus the first quarter. We seek to preserve some capital for better entry points and new opportunities that we expect to arise in the future.

由於最近的市場動盪，我們擁有良好的發展空間來利用我們的資本，以有吸引力的水平進一步擴大投資組合。在中短期內，隨著複雜的地緣政治局勢最終達到平衡，我們預期市場將進一步波動。到目前為止，在第二季度，我們正在部署我們的流動性來投資這些具有引人注目的回報的資產，但與第一季相比，我們的投資速度更加穩健。我們尋求保留一些資本，以便獲得更好的切入點和未來可能出現的新機會。

More importantly, we want to highlight our flexibility to shift capital allocation into either agency RMBS or residential credit depending on market conditions. Over several quarters, we created this optionality by limiting credit leverage and expanding into more liquid agency RMBS. With this flexibility, we can better navigate the evolving market turbulence while pursuing continued portfolio growth. As was the case in the first quarter, we currently see better value in agency RMBS relative to residential credit.

更重要的是，我們希望強調我們的靈活性，根據市場情況將資本配置轉移到機構 RMBS 或住宅信貸。經過幾個季度的努力，我們透過限制信貸槓桿和擴展到更具流動性的機構RMBS 創造了這種可選性。憑藉這種靈活性，我們可以更好地應對不斷變化的市場動盪，同時追求投資組合的持續成長。與第一季的情況一樣，我們目前認為機構 RMBS 相對於住宅信貸具有更高的價值。

The substantial widening of agency spreads under the backdrop of an increasing possibility of a recession presents an ideal environment to invest in the sector. Back in the first quarter, which feels like ages ago, current coupon agency spreads widened from 135 basis points to 143 basis points. This coincided with our initial sizable ramp up of Agency RMBS purchases.

在經濟衰退可能性增加的背景下，代理利差大幅擴大，為該產業的投資提供了理想的環境。回想第一季度，感覺已經是好久以前的事了，當時的票面利率代理利差從 135 個基點擴大到了 143 個基點。這與我們最初大幅增加機構 RMBS 購買量相吻合。

This price action was soon overshadowed by larger moves that we have seen thus far in the second quarter. Agency current coupon spreads to treasuries blew out from 143 basis points to 163 basis points in the first three weeks of April, a 20-basis point swing.

這一價格走勢很快就被我們在第二季迄今看到的更大幅度的波動所掩蓋。4 月前三週，機構目前債券與國債的息差從 143 個基點飆升至 163 個基點，波動幅度達 20 個基點。

Swap spreads were also sharply moving into more negative territory. In spread to swaps terms, spreads moved from 181 basis points to two thirteen basis points, a larger 32 basis points spread widening in that same time period. Recently, (inaudible) has subsided and spreads have settled lower, although still high by historical standards. Also, the repo markets continue to operate in a healthy manner, unlike what we experienced in March of 2020.

掉期利差也急劇下降至負值區域。就掉期利差而言，利差從 181 個基點變成 2 個 13 個基點，同一時期利差擴大了 32 個基點。最近，（聽不清楚）已經消退，利差也已經降低，儘管以歷史標準來看仍然很高。此外，回購市場繼續健康運作，這與 2020 年 3 月的情況不同。

This further bolsters our desire to continue to increase our agency RMBS capital allocation in the future. Factoring the Fed’s rate cuts thus far, a greater portion of the coupon stack now offers an attractive carry profile. In the first quarter, we primarily targeted five and a half percent coupon specs with some allocation to fives. However, we will likely allocate more to fives than five and a halfs in the near term.

這進一步增強了我們未來繼續增加機構RMBS資本配置的意願。考慮到聯準會迄今的降息，現在大部分息票債券都具有吸引力。在第一季度，我們主要針對 5.5% 的優惠券規格，其中一部分分配給 5%。不過，短期內我們分配給 5 美元的份額可能會比分配給 5 美元半的份額多。

We aim to optimize the overall expected return and EAD contribution of the agency portfolio while maintaining a healthier convexity profile if rates do decline from here, especially if we encounter a US economic slowdown. In the BPL sector, we have seen stable pricing on BPL bridge loans through the recent volatility.

如果利率從現在開始下降，特別是當我們遇到美國經濟放緩時，我們的目標是優化機構投資組合的整體預期回報和 EAD 貢獻，同時保持更健康的凸度狀況。在 BPL 領域，我們看到 BPL 過橋貸款的定價在近期波動中保持穩定。

Competition for BPL bridge loans has steadily increased with rated securitizations becoming more commonplace. This has led to stickier purchase yields due to the locked in nature of the financing. Under these market conditions, our goal is to maintain our disciplined credit selection process, which will likely limit any additional equity capital allocation to BPL Bridge in the near term.

隨著評級證券化變得越來越普遍，BPL 過橋貸款的競爭也穩定加劇。由於融資的鎖定性質，這導致購買收益率更加穩定。在這樣的市場條件下，我們的目標是維持嚴謹的信貸選擇流程，這很可能會在短期內限制對 BPL Bridge 的任何額外股權資本配置。

We do intend to have a pipeline of investments in BPL Bridge as we fully utilize the $706 million of revolving securitization debt that we have available. In BPO rental, we have seen spread widening commensurate with other longer duration assets, and we’ll continue to pursue investments here.

我們確實打算對 BPL Bridge 進行一系列投資，因為我們充分利用了現有的 7.06 億美元循環證券化債務。在 BPO 租賃領域，我們看到利差與其他長期資產的利差同步擴大，我們將繼續在該領域進行投資。

The securitization markets continue to function well despite some modest spread widening in AAAs and a steeper credit curve. We still favor this credit sector versus BPL bridge due to the winding yields and strong liquidity, given the deeper set of institutional investors that participate in these loans. In multifamily, our capital allocation to this sector has declined from 27% at the beginning of last year to 19% at the end of this first quarter.

儘管 AAA 級債券的利差略有擴大且信用曲線趨於陡峭，但證券化市場仍繼續運作良好。由於參與這些貸款的機構投資者群體更深入，我們仍然看好這一信貸領域，而非 BPL 過橋貸款，因為其收益率更高、流動性更強。在多戶型住宅領域，我們對該領域的資本配置從去年年初的 27% 下降到今年第一季末的 19%。

We have reduced our JV equity exposure to less than one percent of our overall portfolio over this time period. Within the combined multifamily mezzanine loan portfolio, we experienced sizable resolution activity year to date, with 10% of the book paying off thus far. We have invested the payoff proceeds into our core residential strategies.

在此期間，我們已將合資企業的股權曝險減少到總投資組合的 1% 以下。在合併的多戶型夾層貸款組合中，我們今年迄今經歷了大規模的處置活動，迄今已有 10% 的帳面貸款得到償還。我們已將收益投資於我們的核心住宅策略。

We believe that the structural elements in our portfolio, like the equity buildup due to seasoning, can provide a strong impetus for robust payoff rates in 2025, despite a mark year economic outlook. Overall, our disciplined approach to balance sheet growth over the past several quarters enabled us to reach an important goal this quarter, to meet our dividend rate with our recurring earnings.

我們相信，儘管今年的經濟前景不容樂觀，但我們投資組合中的結構性要素（例如由於經驗積累而積累的股權）可以為 2025 年的強勁回報率提供強勁動力。總體而言，過去幾季我們對資產負債表成長採取的嚴謹態度使我們能夠在本季度實現一個重要目標，即透過經常性收益來滿足我們的股息率。

We are eager to build on this momentum for the future. I will now pass the call back to the operator for Q&A.

我們渴望在未來繼續保持這股勢頭。我現在將把電話轉回給接線員進行問答。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員指示）

Randy Binner, your line from B Riley Securities, your line is now open.

蘭迪·賓納 (Randy Binner)，我是 B Riley Securities 的接線員，您的路線現已開通。

Hi, thank you for taking the question. This is Tim Dagostino on for Randy Binner. Congrats on the quarter. With more commentary and changes FHFA and the GSEs, we’d love to hear your thoughts on the impact on your business and the mortgage market with the potential GSE reform. Thank you.

您好，感謝您回答這個問題。這是 Tim Dagostino 代替 Randy Binner 報導的。恭喜本季取得佳績。隨著對 FHFA 和 GSE 的更多評論和變化，我們很樂意聽到您對潛在的 GSE 改革對您的業務和抵押貸款市場的影響的看法。謝謝。

Yeah, thanks for your question. So, you know what we do outside on the credit side of the GSE landscape, in more investor loan type of credit applications, Obviously, within the agency space, that’s an impact in Agency RMBS market. I think overall, there’s a lot of considerations that have to take place for GSE reform. It could likely bring higher mortgage rates, liquidity issues and also, there’s also like interplays between even different risk-based pricing that could come about with a private issuance, such as like geography, which doesn’t really come up and it’s not an issue with GSE current issuance.

是的，謝謝你的提問。因此，您知道我們在 GSE 領域的信貸方面所做的工作，在更多的投資者貸款類型的信貸申請中，顯然在代理領域內，這對代理 RMBS 市場產生了影響。我認為整體而言，政府支持企業改革需要考慮很多因素。它可能會帶來更高的抵押貸款利率和流動性問題，而且，私人發行還可能產生不同的基於風險的定價之間的相互作用，例如地理位置，但這實際上不會出現，而且它也不是政府支持企業當前發行的問題。

So, I think overall, with the mandate of creating homeownership and also financeability for that with a homeownership rate that’s actually moved down a little bit about 60 basis points, just from year over year from last quarter. I think, it’s just going to take some time for this to come about. And we don’t see it happening under the Trump administration over the next four years. It’s just the timeline to actually move off to a private, particularly with increasing taking a 3% capital, for the GSEs, which is, required.

因此，我認為總體而言，隨著創造房屋所有權和融資能力的提高，房屋所有權率實際上比上一季同比下降了約 60 個基點。我認為，這只是需要一些時間才能實現。我們認為，在未來四年川普政府的領導下，這種情況不會發生。這只是實際轉向私有化的時間表，特別是對於政府支持企業來說，增加 3% 的資本，這是必要的。

Calabria did mention earlier that, when he was FHA for director, that it would, the GSEs could be released under a consent decree, but activities that would have to take place, to manage that transition would take years. So, in the near term and medium term, we don’t see that being an influence in our activities.

卡拉布里亞之前確實提到過，當他擔任聯邦住房管理局局長時，政府支持企業可以根據同意令釋放，但管理這項過渡所需的活動將需要數年時間。因此，從短期和中期來看，我們認為這不會對我們的活動產生影響。

Okay great thank you so much and congrats on the quarter.

好的，非常感謝，並祝賀本季取得佳績。

Thank you.

謝謝。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

Our next question comes from Doug Harter of UBS. Your line is now open.

下一個問題來自瑞銀的道格·哈特。您的線路現已開通。

I’m Marissa Lobo on for Doug. I was hoping you could give us an update on book value performance so far in the second quarter.

我是瑪麗莎‧洛博 (Marissa Lobo)，代替道格 (Doug)。我希望您能向我們提供第二季迄今的帳面價值表現的最新情況。

Sure. As of April month end, which was yesterday, we estimate that adjusted book value is down approximately 1.5%.

當然。截至昨天的 4 月底，我們估計調整後的帳面價值下降了約 1.5%。

Got it. Thanks for that. And secondly, and you spoke a bit about the capital allocation strategy. Given the current market volatility and opportunity set, is the core still Agency RMBS and BPL? Or is there appetite for expanding the credit investment side?

知道了。謝謝。其次，您談到了資本配置策略。鑑於當前的市場波動和機遇，核心仍然是機構 RMBS 和 BPL 嗎？或是有擴大信貸投資方面的興趣？

Yeah, I would say that within our core strategies, we are still interested in Agency RMBS, in particular, as we noted a little bit earlier. Within BPLs, we do see robust activity. We are on the margin, preferring BPL rental over BPL bridge. Relating to other potential asset classes that may creep into our core strategies, we understand right now that the market is fluid. There is credit spread widening.

是的，我想說，在我們的核心策略中，我們仍然對機構 RMBS 感興趣，特別是正如我們之前提到的。在 BPL 內部，我們確實看到了強勁的活動。我們處於邊緣，更喜歡 BPL 租賃而不是 BPL 橋樑。對於可能滲入我們核心策略的其他潛在資產類別，我們現在了解市場是流動的。信用利差正在擴大。

There is an increased possibility of a recession. I would say within credit, though, although we have seen spread widening, we haven’t really materially we haven’t seen any material changes relating to loss assumptions or delinquency assumptions that one would assume if the possibility of recession is higher.

出現經濟衰退的可能性正在增加。我想說，在信貸領域，雖然我們看到利差擴大，但我們並沒有看到與損失假設或拖欠假設相關的任何實質變化，如果經濟衰退的可能性更高，人們就會假設這些變化。

Given our backgrounds in investing in distressed assets, historically, we would need to see more of that occur for us to be excited about deploying additional capital within residential credit, just given where the market is today. Within Agency RMBS, we still see historically wide spreads, and this particular asset class does outperform in recessionary scenarios. So those two things, cause us to be very excited about, deploying additional capital, at least in the near term, with the Agency RMBS.

鑑於我們歷史上投資不良資產的背景，我們需要看到更多這樣的情況發生，我們才會對在住宅信貸領域部署額外資本感到興奮，因為考慮到目前的市場狀況。在機構RMBS中，我們仍然看到歷史上較大的利差，而這種特定的資產類別在經濟衰退的情況下確實表現優異。因此，這兩件事讓我們非常興奮，至少在短期內，我們將利用機構 RMBS 部署額外資本。

Thank you. One moment for our next question.

謝謝。請稍等片刻，回答我們的下一個問題。

Our next question comes from Matthew Eder from Jones Trading. Your line is now open.

我們的下一個問題來自 Jones Trading 的 Matthew Eder。您的線路現已開通。

Hey, guys. Thanks for taking the question this morning. Congrats on a great quarter. Could you talk a little bit about the timing surrounding the mezz and multifamily? In the deck, it says you expect redemptions to continue to accelerate and then was that 10% number year-to-date or as of 331?

嘿，大家好。感謝您今天上午回答這個問題。恭喜本季取得優異成績。您能否稍微談談夾層住宅和多戶住宅的時機問題？在簡報中，它說您預計贖回率將繼續加速，那麼這個數字是今年迄今的 10% 還是截至 331 年的 10%？

That 10% number was a year-to-date number as of early April. And with regards to the continued paydown, we do believe that the combined multifamily mezzanine portfolio, we do see a healthy pipeline of continued resolutions. So as I mentioned earlier, we do believe that the 2025 payoff rates are going to be robust. On the JV equity portfolio, which has shrunk considerably, we are making inroads in terms of resolutions over the next few months.

10% 這個數字是截至 4 月初的年初至今的數字。關於持續償還債務，我們確實相信，合併後的多戶型夾層投資組合中，我們確實看到了健康的持續解決方案管道。正如我之前提到的，我們確實相信 2025 年的回報率將會很高。對於大幅縮水的合資股權投資組合，我們將在未來幾個月內取得進展。

Got it. That's helpful there. And then, as that capital comes back and you kind of talk about, a little more with the allocation there, ideally two years from now, where you'd like to be, whether it be a 70/30 agency credit split, I guess how are you guys thinking about it once this capital does come back?

知道了。這很有幫助。然後，隨著資本的回流，你會談論那裡的分配，理想情況下是兩年後，你想要達到的水平，無論是 70/30 的代理信貸分割，我想一旦資本回流，你們會怎麼想？

I can tell you right now from near term perspective, we do like Agency RMBS more. It is an evolving situation. So we are still investing in residential credit on the BPL side. We do expect more opportunities to materialize over the next few months. And we may shift our focus depending on where things go. So, looking forward within kind of like a two-year time frame, especially in a market like this, is a little bit difficult. We do know what we are excited about today. We do see a very strong pipeline in terms of being able to continue to invest, continue to grow recurring earnings and continue to build a strong portfolio.

我現在就可以告訴你，從短期來看，我們確實更喜歡 Agency RMBS。情況正在不斷演變。因此，我們仍在投資 BPL 方面的住宅信貸。我們確實期望未來幾個月內會出現更多的機會。我們可能會根據事情的進展來轉移注意力。因此，展望未來兩年的時間範圍，尤其是在這樣的市場中，有點困難。我們確實知道今天令我們興奮的是什麼。我們確實看到了非常強勁的潛力，能夠繼續投資，並繼續增加經常性收益，並繼續建立強大的投資組合。

But you know one of the key things that we mentioned before is that we want to have that flexibility. We understand that in periods of dislocation like this, there could be new opportunities that will arise. There is a timeline by which the multi-family portfolio will eventually return the proceeds. That is not immediate, and as that time slowly materializes, we will be making the decisions based on the best adjusted returns that we see in the market.

但您知道我們之前提到的一個關鍵點是我們希望擁有這種靈活性。我們明白，在這樣的混亂時期，可能會出現新的機會。多戶型投資組合最終返還收益有一個時間表。這不是立即發生的，隨著時間的慢慢臨近，我們將根據市場上看到的最佳調整回報做出決策。

Got it. That's helpful information. I appreciate it guys.

知道了。這是很有幫助的資訊。我很感謝你們。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Jason Serrano for closing remarks.

謝謝。問答環節到此結束。現在我想請傑森‧塞拉諾 (Jason Serrano) 作最後發言。

Thank you for joining the call this morning. We look forward to speaking to you on our second quarter earnings call. Have a great day.

感謝您今天上午參加電話會議。我們期待在第二季財報電話會議上與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。