Adamas Trust Inc (ADAM) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Adamas Trust third quarter 2025 results conference call. (Operator Instructions)

女士們、先生們，早安，感謝各位的耐心等待。歡迎參加 Adamas Trust 2025 年第三季業績電話會議。（操作說明）

This conference is being recorded on Thursday, October 30, 2025. I would now like to turn the call over to Kristi Mussallem, Investor Relations. Please go ahead.

本次會議將於2025年10月30日星期四進行錄製。現在我將把電話轉交給投資者關係部的克里斯蒂·穆薩勒姆。請繼續。

Good morning and welcome to the third quarter 2025 earnings call for Adamas Trust. A press release and supplemental financial presentation with Adamas Trust's third quarter 2025 results was released yesterday.

早上好，歡迎參加 Adamas Trust 2025 年第三季財報電話會議。Adamas Trust 於昨日發布了 2025 年第三季業績的新聞稿和補充財務報表。

Both the press release and supplemental financial presentation are available on the company's website at www.adamasre.com. Additionally, we are hosting a live webcast of today's call, which you can access in the events and presentation section of the company's website.

新聞稿和補充財務報表均可在本公司網站 www.adamasre.com 上查閱。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「活動與演示」版塊訪問直播連結。

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. Although Adamas 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.

此時，管理階層希望我告知各位，在電話會議期間所作的某些陳述並非歷史事實，可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。儘管 Adamas Trust 認為任何前瞻性聲明中反映的預期都是基於合理的假設，但它無法保證這些預期能夠實現。

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.

可能導致實際結果與預期結果有重大差異的因素和風險已在昨天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，我謹向大家介紹執行長傑森·塞拉諾。傑森，請繼續。

Good morning. Joining me today to describe our third quarter results are Nick Mah, President, and Kristine Nario, CFO. Kristine will provide commentary on quarter results, and Nick will follow with an update on the progress of our business plan. Before we begin, I want to thank you for being part of our first earnings call as Adamas Trust. Our company rebranding reflects a broader strategic vision, moving beyond any geographic affiliation. The name Adamas, meaning firm, unbreakable, and lasting, symbolizes the vision of strength and durability that guides our company's future. We fully embrace this theme as the third quarter marked a strategically significant period for Adamas.

早安.今天和我一起介紹我們第三季業績的是總裁尼克·馬赫和財務長克里斯汀·納裡奧。Kristine 將對季度業績進行點評，Nick 將隨後報告我們業務計劃的進展。在正式開始之前，我要感謝各位參加 Adamas Trust 的首次財報電話會議。我們公司的品牌重塑體現了更廣泛的策略願景，超越了任何地理限制。Adamas 這個名字意為堅固、牢不可破、持久，象徵著我們公司未來發展所秉持的力量和持久的願景。我們完全認同這個主題，因為第三季對 Adamas 而言是一個具有戰略意義的時期。

EAD rose to $0.24 per share for the quarter, compared with $0.22 in Q2, marking our sixth consecutive quarterly increase, this consistent earnings growth supported a meaningful dividend increase to $0.23 per share, which highlights the strength of our cap rotation strategy into a period where the Fed restarted its easing cycle in September, with the 25 basis points cut, its first rate reduction in 2025.

本季每股收益 (EAD) 增至 0.24 美元，而第二季為 0.22 美元，這是我們連續第六個季度實現成長。持續的獲利成長支撐了股息大幅提高至每股 0.23 美元，這凸顯了我們資本輪動策略的優勢。同時，聯準會在 9 月重啟了寬鬆週期，降息 25 個基點，這是自 2025 年以來的首次降息。

As treasury yield declined in the quarter across the curve, with a steepening bias as inflation moderated, we took a more aggressive path to increase exposure to the agency sector. In fact, the third quarter includes the highest level of quarterly net investment activity in the company's history, with an increase of $1.8 billion, or 20%. The strong event, led by disciplined and deliberate rotation of our capital from multifamily exposure into highly liquid agency RMBS and other core residential credit strategies, positioned our balance sheet for greater earnings durability and long-term shareholder value.

由於本季美國公債殖利率曲線整體下降，且隨著通膨放緩，殖利率曲線趨於陡峭，我們採取了更積極的措施來增加對機構債券產業的投資。事實上，第三季是該公司歷史上季度淨投資活動水準最高的一年，成長了 18 億美元，增幅達 20%。這次強勁的事件，得益於我們有條不紊、深思熟慮地將資本從多戶住宅投資轉向高流動性機構RMBS和其他核心住宅信貸策略，使我們的資產負債表能夠實現更持久的盈利和長期的股東價值。

We ended the quarter with agency RMBS representing 57% of total capital, nearly tripling our capital allocation from a year earlier. This rotation was designed to enhance liquidity and drive higher earnings developer distribution, attracted market spreads. We are pleased with the high-quality portfolio we have aggregated over the past two years.

本季末，機構RMBS佔總資本的57%，比去年同期成長了近三倍。此次輪動旨在增強流動性，推動開發商獲得更高的收益分配，進而吸引市價差。我們對過去兩年累積的高品質投資組合感到滿意。

As announced on our previous earnings call, we also strengthened our position within the housing investment ecosystem in the third quarter by acquiring the remaining 50% interest in Constructive Loans, a leading business purpose loan platform. With housing affordability near historical lows and supply constraints persisting, we expect the national homeownership rate to remain pressured, gradually reverting from the mid-60% range today to the level lasting three decades ago.

正如我們在先前的財報電話會議上宣布的那樣，我們在第三季度還透過收購領先的商業用途貸款平台 Constructive Loans 的剩餘 50% 股份，加強了我們在住房投資生態系統中的地位。由於住房負擔能力接近歷史低位，且供應限制持續存在，我們預計全國住房擁有率將繼續承壓，從目前的 60% 左右逐漸回落到 30 年前的水平。

We view this dynamic as a long-term opportunity, creating a sustained tailwind for business purpose lending. Adamas is committed to realizing Constructive's full potential and translating that growth into lasting value for our stockholders.

我們認為這種動態是一個長期機遇，將為商業用途貸款創造持續的順風。Adamas致力於充分發揮Constructive的潛力，並將這種成長轉化為股東的持久價值。

We are encouraged by the strong results of the strategic pivot we made a couple of years ago to strengthen earnings stability, evident in the continued expansion of our agency RMBS portfolio and the compelling growth trajectory of Constructive's origination business.

幾年前，我們採取了策略轉型以增強獲利穩定性，並取得了顯著成果，這令我們倍感鼓舞。這體現在我們機構RMBS投資組合的持續擴張以及Constructive貸款業務令人矚目的成長軌跡。

We continue to believe that Adamas equity represents a compelling value opportunity. Shares trade at a meaningful discount of 30% to adjusted book value. And considering the adjusted book value of just Adamas's agency RMBS position alone, our shares are still discounted by 17% to this holding. We believe this clearly highlights the depth and durability of value embedded within our platform.

我們仍然認為 Adamas 的股權代表著極具吸引力的價值投資機會。股票交易價格較調整後的帳面價值有顯著折讓 30%。即使僅考慮 Adamas 持有的機構 RMBS 部位的調整後帳面價值，我們的股票相對於該持倉仍折價 17%。我們認為這充分體現了我們平台所蘊含的價值的深度和持久性。

After a historically active quarter for Adamas, the momentum generated to further advance EAD in the fourth quarter is obtainable, given a full quarter of interest income that we can generate. We look forward to further demonstrating Adamas's value with continued improvement to our recurring earnings. At this time, I'll pass the call over to Kristine to provide our third quarter financial highlights.

在 Adamas 經歷了一個歷史性的活躍季度之後，鑑於我們可以產生一個完整的季度利息收入，第四季度進一步推進 EAD 的勢頭是可以實現的。我們期待透過持續提高經常性收益來進一步證明 Adamas 的價值。此時，我將把電話交給克里斯汀，由她來介紹我們第三季的財務亮點。

Thank you, Jason, and good morning, everyone. I'll cover the key factors behind our third quarter financial results. Overall, the third quarter marked another period of strong earnings growth and balance sheet expansion.

謝謝你，傑森，大家早安。我將介紹我們第三季財務業績背後的關鍵因素。總體而言，第三季標誌著獲利強勁成長和資產負債表擴張的另一個時期。

As Jason noted, we increased our investment portfolio to $10.4 billion from $8.6 billion last quarter. This growth, along with continued rotation into interest earning assets, drove the 9% sequential increase in EAD per share.

正如傑森所指出的，我們的投資組合從上個季度的 86 億美元增加到 104 億美元。這一成長，加上持續輪動至生息資產，推動了每股 EAD 環比成長 9%。

Adjusted net interest income per share rose 7% quarter over quarter and 47% year over year to $0.47, reflecting our continued investment in agency securities, partially offset by higher corporate debt interest expense from the senior unsecured notes issuance in July.

經調整後每股淨利息收入環比增長 7%，同比增長 47%，達到 0.47 美元，這反映了我們對機構證券的持續投資，但部分被 7 月份發行的高級無擔保票據帶來的公司債務利息支出增加所抵消。

Our net interest spread remains stable at 150 basis points, reflecting the offsetting impact of lower financing costs and the decline in asset yields. We improved our average financing costs by 15 basis points, benefiting from lower base rates and more favorable securitization financing, following the redemption of higher cost securitizations.

我們的淨利差保持穩定在 150 個基點，反映了融資成本下降和資產收益率下降的相互抵銷影響。由於較低的基準利率和更有利的證券化融資，以及高成本證券化資產的贖回，我們的平均融資成本降低了 15 個基點。

Meanwhile, our yield on average interest earning assets declined by 15 basis points, reflecting our continued emphasis on lower yielding agency securities and BPL rental loans, relative to shorter duration BPL bridge loans.

同時，我們的平均生息資產收益率下降了 15 個基點，反映出我們繼續專注於收益率較低的機構證券和 BPL 租賃貸款，而不是期限較短的 BPL 過渡貸款。

During the quarter, we recorded $54.9 million in net unrealized gains, primarily driven by improved valuations in our agency RMBS and residential loan portfolios. These gains were partially offset by $13 million of losses on derivative instruments, primarily interest rate swaps, and $5.6 million of realized losses, mainly related to conversions of residential loans into foreclosed properties that remain on our balance sheet, as well as short payoffs on non-performing BPL-Bridge loans. Importantly, the realized losses on the residential loans were fully offset by the reversal of previously recognized unrealized losses on the same assets, resulting in minimal total P&L impact.

本季度，我們錄得 5,490 萬美元的未實現淨收益，主要得益於機構 RMBS 和房屋貸款組合估值的提高。這些收益部分被衍生性工具（主要是利率互換）的 1300 萬美元損失和已實現的 560 萬美元損失所抵消，這些損失主要與將住宅貸款轉換為仍保留在我們資產負債表上的止贖房產以及不良 BPL-Bridge 貸款的短期償還有關。重要的是，房屋貸款的已實現損失完全被先前確認的同一資產的未實現損失的衝回所抵消，從而對損益表總影響極小。

As discussed earlier, we completed the acquisition of the remaining 50% interest in Constructive, giving us full ownership of this leading business purpose loan originator. For the quarter, Constructive generated $14.1 million in mortgage banking income related to origination and sale activity, and incurred $3.8 million in direct loan origination costs and $8 million in direct G&A expenses, resulting in a $2.3 million return.

正如之前討論的那樣，我們完成了對 Constructive 剩餘 50% 股份的收購，從而完全擁有了這家領先的商業用途貸款發起機構。本季度，Constructive 的抵押貸款銀行業務收入為 1,410 萬美元，與貸款發放和銷售活動相關；同時，其直接貸款發放成本為 380 萬美元，直接一般及行政費用為 800 萬美元，最終實現收益 230 萬美元。

On a consolidated basis, the Constructive segment reported a net loss of $3.8 million, reflecting the transitional integration costs and allocations that we expect to decline over time. As integration progresses and efficiencies are realized, we believe Constructive is positioned to become a meaningful driver of earnings growth.

從合併層面來看，建設業務部門報告淨虧損 380 萬美元，反映了過渡整合成本和分配，我們預計這些成本和分配將隨著時間的推移而減少。隨著整合的推進和效率的提高，我們相信 Constructive 將成為獲利成長的重要驅動力。

G&A expenses increased during the quarter to $23.3 million from $11.8 million, primarily due to the consolidation of Constructive and higher incentive compensation accrual. Portfolio operating expenses declined, reflecting lower servicing fees on our BPL bridge portfolio as balances continue to decline.

本季一般及行政費用從 1,180 萬美元增至 2,330 萬美元，主要原因是合併了建設性支出和更高的激勵性薪資提列。投資組合營運費用下降，反映出隨著餘額持續下降，我們的 BPL 過橋貸款投資組合的服務費降低。

We also incurred $7.9 million of non-recurring costs related to the issuance of senior unsecured notes and two residential loan securitizations, which were fully expensed during the quarter due to a fair value election.

我們也產生了與發行優先無擔保票據和兩項房屋貸款證券化相關的 790 萬美元非經常性成本，由於採用了公允價值法，這些成本已在本季度全部計入費用。

GAAP and adjusted book value per share ended the quarter at $9.20 and $10.38 respectively, representing increases of 1% and 1.2% compared to June 30. Our recourse leverage ratio increased to 5 times, and portfolio recourse leverage to 4.7 times, up from 3.8 times and 3.6 times respectively, primarily reflecting financing activity to support agency RMBS acquisitions, the consolidation of Constructive, and the issuance of senior unsecured notes. Portfolio recourse leverage in our credit and other investments increased to 0.9 times from 0.5 times, driven by lower equity allocation.

以 GAAP 和調整後的每股帳面價值計算，本季末分別為 9.20 美元和 10.38 美元，與 6 月 30 日相比分別成長了 1% 和 1.2%。我們的追索權槓桿率增至 5 倍，投資組合追索權槓桿率增至 4.7 倍，分別高於之前的 3.8 倍和 3.6 倍，主要反映了為支持機構 RMBS 收購而進行的融資活動、Constructive 的合併以及高級無擔保票據的發行。由於股票配置比例下降，我們信貸和其他投資的投資組合追索槓桿率從 0.5 倍增加到 0.9 倍。

Overall, our strategic repositioning has strengthened our ability to generate consistent recurring income. With continued balance sheet growth and the integration of Constructive, we remain focused on delivering sustained earnings growth and stable returns for our stockholders. With that, I'll turn it over to Nick for a market and strategy update.

整體而言，我們的策略調整增強了我們產生持續經常性收入的能力。隨著資產負債表的持續成長和 Constructive 的整合，我們將繼續專注於為股東帶來持續的獲利成長和穩定的回報。接下來，我將把麥克風交給尼克，讓他為大家帶來最新的市場和策略分析。

Thanks, Kristine. This quarter, we achieved a record level of investment activity for the firm, surpassing the previous high reached in the first quarter. In total, we acquired $2.3 billion of residential investments, primarily concentrated in agency RMBS and whole loans.

謝謝你，克里斯汀。本季度，公司投資活動創下歷史新高，超過了第一季創下的歷史最高紀錄。我們總共收購了 23 億美元的住宅投資，主要集中在機構住宅抵押貸款支持證券 (RMBS) 和整筆貸款。

Within our core strategies, we deployed $1.8 billion in agency RMBS, $260 million in BPL rental, and $262 million in BPL bridge. During the quarter, we had meaningful inflows of capital from multiple sources, which we channeled towards funding our elevated investment volume.

在我們的核心策略中，我們部署了 18 億美元的機構 RMBS、2.6 億美元的 BPL 租賃和 2.62 億美元的 BPL 過橋貸款。本季度，我們從多個管道獲得了可觀的資金流入，並將這些資金用於滿足我們不斷增長的投資規模。

Key sources of this capital include $115 million baby bond issuances in July, two securitizations executed at competitive advance rates, and asset resolutions across both our core and non-core portfolios.

該資金的主要來源包括 7 月發行的 1.15 億美元小型債券、以具有競爭力的預付款率執行的兩項證券化交易，以及我們核心和非核心投資組合中的資產處置。

Following the quarter's acquisitions, our overall investment portfolio has risen above $10 billion. Strong and sustained asset growth over the past few quarters has contributed to steadily increasing recurring earnings. This has culminated in a key milestone of raising our dividend. With a solid base of productive assets, our goal of continued portfolio expansion will power future earnings growth.

完成本季收購後，我們的整體投資組合已超過 100 億美元。過去幾季強勁且持續的資產成長，為經常性收益的穩定成長做出了貢獻。這一切最終促成了我們提高股利這一重要里程碑。憑藉堅實的生產性資產基礎，我們持續擴大投資組合的目標將推動未來的獲利成長。

Interest rate volatility has declined steadily since April, serving as a major tailwind for agency spreads. This was especially pronounced in the third quarter, as current coupon agency spreads tightened by 20 basis points to 126 basis points.

自 4 月以來，利率波動性持續下降，這對機構利差構成了主要利好因素。第三季尤其明顯，目前票息代理利差收窄了 20 個基點，至 126 個基點。

While agency spreads to treasuries have normalized over the quarter, agency spreads to swaps have tightened, but still remain compelling by historical standards. After a record quarter of agency purchases, our agency portfolio currently stands at $6.7 billion.

雖然本季機構債券與國債的利差已經恢復正常，但機構債券與互換債券的利差有所收窄，不過以歷史標準來看，仍然很有吸引力。在經歷了創紀錄的季度代理收購後，我們的代理資產組合目前價值 67 億美元。

Despite the increased pace of investments, agency leverage has declined from 8.6 times to 7.8 times. In terms of portfolio construction, we have continued to target 5 and 5.5 coupon spec pools with lower payoffs. Given the mix of current purchases, the average coupon of our agency portfolio declined slightly from 5.59% to 5.51% in the quarter. Going forward, we plan to target production coupons to maintain a modest carry and lower duration profile.

儘管投資成長加快，但代理商槓桿率已從 8.6 倍下降至 7.8 倍。在投資組合建構方面，我們繼續瞄準收益較低的票息為 5 和 5.5 的投機性債券池。鑑於目前採購組合的情況，本季我們代理商組合的平均票息略有下降，從 5.59% 降至 5.51%。展望未來，我們計劃以生產優惠券為目標，以維持適度的持有量和較短的期限。

In the third quarter, we surpassed our 50% target capital allocation to agencies. Since the first quarter of 2023, we strategically built and scaled our agency RMBS portfolio, capitalizing on attractive spread levels while achieving broad diversification from our credit assets. Today, with spreads tighter and the portfolio more balanced between agencies and credit, we intend to take a more measured approach to agency allocation in the future. Our expectation is that while agency allocation will continue to grow in the near term, it will come at a more deliberate pace.

第三季度，我們超額完成了各機構 50% 的目標資本分配。自 2023 年第一季以來，我們策略性地建構並擴大了機構 RMBS 投資組合，利用了有吸引力的利差水平，同時實現了信貸資產的廣泛多元化。如今，隨著利差收窄，機構債券和信貸債券的投資組合更加平衡，我們打算未來對機構債券的配置採取更謹慎的態度。我們預計，雖然短期內代理資金分配將持續成長，但成長速度會更加穩健。

Residential securitization markets were highly active in the third quarter with $57 billion worth of issuance. Strong investor appetite supported steady deal flow across the full spectrum of residential credit, tightening spreads and maintaining a well-functioning market throughout the quarter.

第三季住宅證券化市場非常活躍，發行額達 570 億美元。強勁的投資者需求支撐了住宅信貸各個領域的穩定交易，收窄了利差，並在整個季度保持了良好的市場運作。

Against this backdrop, Adamas successfully priced two securitizations. The first was a $370 million re-levered securitization of reperforming and performing loans, and the second was a $275 million securitization of BPL rental loans. We achieved attractive pricing and structure for both deals.

在此背景下，阿達馬斯成功地為兩項證券化項目定價。第一筆是 3.7 億美元的再槓桿化證券化，用於償還不良貸款和正常貸款；第二筆是 2.75 億美元的 BPL 租賃貸款證券化。兩筆交易我們都爭取到了極具吸引力的價格和結構。

During the quarter, AAA spreads in BPL rental and in broader non-QM securitizations tightened by 10 to 20 basis points to around 130 basis points, providing a favorable environment of continued deal issuance for the rest of the year. This securitization market supports our expanding whole loan activity and strengthens the strategic fit of Constructive to our business.

本季度，BPL 租賃和更廣泛的非合格市場證券化 AAA 級債券的利差收窄了 10 至 20 個基點，達到約 130 個基點，為今年剩餘時間繼續發行債券提供了有利環境。證券化市場支持我們不斷擴大的整筆貸款業務，並加強了 Constructive 與我們業務的策略契合度。

BPL rental has grown to our largest concentration of residential credit exposure at $1.16 billion, reflecting a 24% quarter over quarter growth. This remains our core strategy with the greatest growth potential, as Adamas sources the majority of its BPL rental loans from Constructive.

BPL 租賃業務已發展成為我們最大的住宅信貸敞口，達到 11.6 億美元，環比增長 24%。這仍然是我們最具成長潛力的核心策略，因為 Adamas 的大部分 BPL 租賃貸款都來自 Constructive。

In aggregate, 98% of our BPL rental loans have prepayment penalties to help mitigate the negative convexity of the portfolio. We also prioritize acquiring loans with strong DSCR ratios, targeting property-related cash flow coverage as a buffer against credit deterioration. Our credit selection criteria remains restrictive on BPL rental loans with DSCRs less than 1, with only 1% of our BPL rental loan portfolio falling into that category.

整體而言，我們 98% 的 BPL 租賃貸款都有提前還款罰金，以幫助減輕投資組合的負凸性。我們也優先收購 DSCR 比率較高的貸款，以與房地產相關的現金流覆蓋作為抵禦信用惡化的緩衝。對於 DSCR 低於 1 的 BPL 租賃貸款，我們的信貸選擇標準仍然很嚴格，只有 1% 的 BPL 租賃貸款組合屬於這一類別。

Overall, our BPL rental strategy continues to perform well, with 60-plus days delinquencies hovering at 1.3%. We see the potential for this asset class to outperform across a range of economic outcomes.

總體而言，我們的 BPL 租賃策略持續表現良好，逾期 60 天以上的拖欠率徘徊在 1.3% 左右。我們認為，這類資產在各種經濟情勢下都有可能跑贏大盤。

The BPL bridge market remains highly competitive. Robust securitization markets have enabled new market entrants and repeat issuers to access debt capital through revolving bond structures. This increased capital availability, coupled with increasing investor demand, has intensified competition for assets within the BPL bridge market. This has in turn applied pressure to both purchase volumes and available pass-through rates.

BPL橋樑市場競爭依然非常激烈。穩健的證券化市場使新進入市場者和再次發行者能夠透過循環債券結構獲得債務資本。資本可用性的提高，加上投資者需求的增加，加劇了BPL過橋貸款市場資產的競爭。這反過來又對採購量和可用的轉嫁率都造成了壓力。

Maintaining our credit selection standards, we have intentionally reduced acquisition volumes ahead of our revolving securitizations, exiting the reinvestment periods in 2026. In the quarter, the BPL bridge portfolio declined by 4% to $919 million.

在維持信貸選擇標準的前提下，我們有意減少了循環證券化之前的收購量，並將於 2026 年結束再投資期間。本季度，BPL 過渡性貸款組合下降 4% 至 9.19 億美元。

As the BPL bridge portfolio shrinks, we are actively working to reduce delinquent loan exposure while maintaining disciplined credit standards to exclude outlier risk profiles on our go-forward purchases. We expect that near-term BPL bridge allocations will continue to decline, and we will deploy recycled capital to agency RMBS or BPL rental. We maintain flexibility to increase portfolio exposure if more favorable market conditions return.

隨著 BPL 過渡貸款組合的縮減，我們正在積極努力減少不良貸款曝險，同時保持嚴格的信貸標準，以排除未來購買中的異常風險狀況。我們預計近期 BPL 過渡性貸款分配將持續下降，我們將把回收資金投入機構 RMBS 或 BPL 租約。如果市場條件好轉，我們將保持彈性，增加投資組合的配置比例。

Within our multifamily segment, as Kristine noted, we successfully completed the exit of our joint venture portfolio during the quarter. The full wind-down of the JV equity book allows our multifamily team to focus exclusively on advancing the resolution of our mezzanine lending portfolio.

正如 Kristine 指出的那樣，在我們的多戶住宅業務領域，我們在本季度成功完成了合資企業投資組合的退出。合資股權組合的全面清算使我們的多戶住宅團隊能夠專注於推進夾層貸款組合的解決方案。

Performance metrics remain strong, with occupancy rates at 92% and only one asset in the portfolio that is non-performing. The mezzanine portfolio generated a 32.4% payoff rate in the quarter, well above the historical average of 25.8%. We expect payoff activity to continue as the portfolio continues to season.

績效指標依然強勁，入住率達 92%，投資組合中只有一項資產表現不佳。該季度夾層投資組合的收益率為 32.4%，遠高於 25.8% 的歷史平均值。我們預計隨著投資組合的不斷成熟，收益活動將會持續進行。

Finally, we are pleased to announce the successful integration of Constructive into Adamas in the third quarter. The Constructive business has not missed a step. Origination volumes remained strong through the transition, reaching $439 million in the third quarter, 9% higher than the prior quarter. Originations over the last 12 months were heavily weighted towards BPL rental loans, comprising 94% of total production, with BPL bridge accounting for the remaining share.

最後，我們很高興地宣布，Constructive 已於第三季成功併入 Adamas。建設性業務並未停滯不前。過渡期間，貸款發放量保持強勁，第三季達到 4.39 億美元，比上一季成長 9%。過去 12 個月的貸款發放中，BPL 租屋貸款佔比很高，達到總發放量的 94%，BPL 過橋貸款佔剩餘部分。

Given the strength of the securitization market, competition for loans is more pronounced. Our near-term objectives are to continue prioritizing origination quality by enhancing underwriting standards and streamlining origination processes, while maintaining a diversified distribution network.

鑑於證券化市場的強勁勢頭，貸款競爭更加激烈。我們近期的目標是繼續優先考慮貸款發放質量，提高承保標準，簡化貸款發放流程，同時保持多元化的分銷網絡。

In the quarter, Adamas purchased less than half of Constructive's originations, demonstrating the continuation of Constructive's broad market access. We expect Constructive to play an increasingly important role in Adamas's profitability and strategic positioning in 2026 and beyond. I will now turn the call back to the operator for Q&A.

本季度，Adamas 購買了 Constructive 不到一半的貸款，這表明 Constructive 繼續保持廣泛的市場准入。我們預計 Constructive 將在 2026 年及以後在 Adamas 的獲利能力和策略定位中發揮越來越重要的作用。現在我將把電話轉回給接線生進行問答環節。

(Operator Instructions) Doug Harter, UBS.

（操作說明）道格·哈特，瑞銀集團。

Good morning. It's actually Marissa Lobo on for Doug today. I was hoping you could talk to us about how developments with the GSEs are impacting your thinking around capital allocations and what are some of the regulatory factors that are impacting how you position in the BPL space.

早安.今天代替道格主持節目的是瑪麗莎·洛博。我希望您能和我們談談政府支持企業 (GSE) 的發展如何影響您對資本配置的想法，以及有哪些監管因素正在影響您在貧窮線以下 (BPL) 領域的定位。

Yeah, thank you for the question. So I think overall, you know, there's been a lot of talk about GSE reform, what that could mean for the sector as a whole. I think every component of the mortgage sector, particularly in the non-agency space, would create a massive tailwind for opportunities.

是的，謝謝你的提問。所以總的來說，大家都在談論政府支持企業（GSE）改革，以及這對整個產業可能意味著什麼。我認為抵押貸款行業的每一個組成部分，特別是非機構領域，都將為機會創造巨大的順風。

However, I think that we're more balanced on what we think that opportunity would look like for the company, given that there's a lot that needs to happen for a full removal of the guarantee, and what that would do to the credit availability to the mortgage sector and borrowers across the United States.

然而，考慮到要完全取消擔保還有很多事情要做，以及這將對美國抵押貸款行業和借款人的信貸供應產生什麼影響，我認為我們對公司而言，這個機會的前景更加平衡。

We know the administration's goal is to increase housing affordability and reduce rates, and I think that would go in the opposite direction with a guarantee that has been removed. So I think overall, we're continuing to run our business without planning for that particular event to happen. However, we know if it does, there will be a tailwind, particularly in areas in the non-agency space.

我們知道政府的目標是提高住房可負擔性並降低利率，我認為取消這項保障措施會適得其反。所以我覺得總體而言，我們將繼續開展業務，而沒有為該特定事件的發生做好計劃。但我們知道，如果這種情況發生，將會出現順風，尤其是在非機構領域。

Constructive, we believe, would be able to access many new channels in that situation. But again, that's not something that we see as being a primary opportunity for us at the moment.

我們認為，在這種情況下，建設性力量將能夠獲得許多新的管道。但話說回來，目前我們並不認為這是我們面臨的主要機會。

Great, thank you. And just if you could expand on the decision to buy the rest of the originator Constructive, and what that means for ongoing capital allocation. I think you mentioned a 50% target, right, agency. So how should we think about that going forward?

太好了，謝謝。如果您能詳細說明收購 Constructive 剩餘股份的決定，以及這對持續的資本配置意味著什麼，那就太好了。我想你剛剛提到過50%的目標，對吧，代理商？那麼，我們接下來該如何看待這個問題呢？

Yeah, so the opportunity for us was when we first initially took the first 50% was to really understand the business. It was a slow approach to the full acquisition, but we wanted to look at how the market was developing, and this was multiple years ago on the opportunity.

是的，所以對我們來說，機會在於我們最初接手50%的股份時，真正了解了這項業務。我們採取了較為緩慢的收購方式，但我們想觀察市場的發展情況，而這早在幾年前就看到了機會。

So the advancement of the full acquisition of the company was a result of seeing some long-term tailwinds that would help Constructive grow, particularly in homeownership rates and affordability, etc. The other side was we really wanted to step in a position to control the outcomes of origination and product development.

因此，全面收購該公司的進展是基於對一些長期利好因素的預見，這些因素將有助於 Constructive 的發展，尤其是在房屋擁有率和可負擔性等方面。另一方面，我們也確實希望能夠掌控專案發起和產品開發的結果。

And so taking the 100% of the business was a function of controlling some of the underwriting aspects as well as distribution. So in that end, we thought it would be necessary to take that, and also we saw great opportunity in origin, particularly with capitalizing the company through Adamas.

因此，獲得 100% 的業務控制權，意味著要控制一些承保方面以及分銷方面。因此，最終我們認為有必要採取這一行動，而且我們也看到了起源方面的巨大機遇，特別是透過 Adamas 為公司注資。

So we think it's an excellent opportunity. We think there's lots of new development and products that could be offered through the company. We think we have an excellent management team, an experienced management team that's been looking at non-agency and BPL opportunities for over a decade. So we are excited to take the next step with Constructive.

所以我們認為這是一個絕佳的機會。我們認為公司可以推出許多新的產品和新的發展項目。我們認為我們擁有一支優秀的管理團隊，一支經驗豐富的管理團隊，十多年來一直在尋找非代理商和BPL機會。所以我們很高興能與 Constructive 攜手邁出下一步。

Great, thank you. And if you could just provide an update for us on how book value is varying quarter to date.

太好了，謝謝。如果您能提供本季迄今為止帳面價值的變化情況，那就太好了。

Sure. As of October 28, we see adjusted book value up somewhere between 2.5% to 3%.

當然。截至 10 月 28 日，我們預計調整後的帳面價值將成長 2.5% 至 3%。

Bose George, KBW.

博斯·喬治，KBW。

Hey everyone, good morning. Actually, I just want to follow up on the book value question. Is the increase coming from both sides this quarter, the agencies and credit, or more on one versus the other?

大家好，早安。實際上，我只是想就帳面價值的問題再補充一下。本季成長是來自機構和信貸兩方面，還是其中一方占主導地位？

It's coming from both sides. We have seen, thus far as of October 28, that rates have come down generally. Spreads on the agency side have come in. On the non-agency or whole loan side, spreads have come in, but not as much. But overall, positive trends on both sides.

雙方都有這種傾向。截至10月28日，我們已經看到利率總體上有所下降。代理機構方面的數據已經出爐。在非機構貸款或整筆貸款方面，利差有所出現，但幅度不大。但整體而言，雙方都呈現正面趨勢。

Okay, great. Thanks. And then in terms of leverage, your leverage on the credit side remains low, but it went up to 0.9 times from 0.5. What's an appropriate level of leverage for that piece? And then on the agency side, is the leverage kind of where the run rate there is, kind of where does this quarter?

好的，太好了。謝謝。就槓桿而言，你們的信貸槓桿仍然很低，但從 0.5 倍上升到了 0.9 倍。這部分合適的槓桿水平是多少？那麼就代理商而言，槓桿作用是否取決於目前的運行速度，以及本季的運行速度？

Yeah, so the way we think about leverage is balancing it with the opportunity that we have. And as we mentioned, accessing the securitization market to us is important. So the leverage will ebb and flow based on the accessibility and our ramp with respect to our DSCR channels. And so you would see it bounce around a little bit due to the timing of those securitizations.

是的，所以我們看待槓桿作用的方式是，將其與我們所擁有的機會進行平衡。正如我們之前提到的，進入證券化市場對我們來說非常重要。因此，槓桿作用將根據我們DSCR管道的可及性和成長速度而波動。因此，由於這些證券化的時機，你會看到價格出現一些波動。

We think below one time is actually quite low for just a credit rate in general. And we've looked to utilize securitization markets as a primary source of financing for our credit book over the long term, and you should expect us to continue utilizing that path.

我們認為，低於一倍的利率對於一般的信用利率來說實際上相當低。我們一直致力於將證券化市場作為我們信貸組合的主要融資來源，並且你們應該預料到我們會繼續採用這種方式。

And so in that end, it's a pretty efficient model for us to finance to generate recurring earnings on our whole loan position. And what was the second part of your question?

因此，從長遠來看，這是一個相當有效率的融資模式，可以幫助我們為整個貸款部位產生持續收益。你問題的第二部分是什麼？

On the agency side, the leverage should be expected to kind of roughly the same?

就代理機構而言，其影響力應該大致相同吧？

Yeah, the leverage on the agency side, we're looking to keep that around 8 times, and so this is a comfortable level for us.

是的，我們希望將代理商的槓桿率保持在 8 倍左右，所以這對我們來說是一個比較合適的水平。

Okay, great, thanks.

好的，太好了，謝謝。

Jason Weaver, Jones Trading.

Jason Weaver，Jones Trading。

Hey guys, good morning. Thanks for taking my question. Given Nick's comments that capital allocated to agencies above target and will be more measured ahead, what are you thinking is possible avenues for deployment for the capital coming back from the mezz and bridge investments, and would share repurchase become a bigger part of the strategy given the discount?

嘿，各位，早安。謝謝您回答我的問題。鑑於 Nick 表示分配給機構的資金高於目標，並且未來將更加謹慎，您認為從夾層融資和過橋投資中收回的資金有哪些可能的部署途徑？考慮到目前的折價，股票回購是否會成為該策略中更重要的一部分？

Yeah, so on the capital allocation side, we saw a tremendous opportunity in the quarter to advance our balance sheet with respect to the agency book. We were looking for certain events to happen for some spread tightening. We saw that there's still supply in the agency RMBS market against pretty robust demand in the market for the asset.

是的，在資本配置方面，我們看到本季有一個巨大的機會來改善我們在代理貸款方面的資產負債表。我們當時在等待某些特定事件的發生，以縮小價差。我們看到，儘管市場對RMBS資產的需求相當強勁，但機構RMBS市場仍存在供應。

So ROEs still remained about 15%, which is accretive for many avenues of capital. And therefore, we took part of that story in the quarter with historic purchases for the company.

因此，淨資產收益率仍然保持在 15% 左右，這對許多資本管道來說都是有利的。因此，我們在本季透過公司歷史性的收購，講述了這個故事的一部分。

Going forward, with agency spreads now clearly below about 120 basis points, the opportunity is more balanced between what we see on the credit side and agency side. Again, we're looking to maximize ROE based on availability of the opportunity.

展望未來，由於機構利差目前明顯低於 120 個基點左右，信貸方面和機構的投資機會更加平衡。再次強調，我們希望在機會允許的情況下最大化淨資產收益率。

We're not wedded to a certain ratio of agency versus credit on our balance sheet. It's very much opportunistic to the extent that we see spreads continue tightening on the agency side, and we will look to allocate more on the whole loan side of the equation.

我們並非拘泥於資產負債表上代理貸款與信貸的特定比例。鑑於機構貸款利差持續收窄，我們將把握機會，增加對整個貸款市場的配置。

In particular, we're excited about the advancement of Constructive and seeing higher origination volumes there, and we think there's avenues to increase it from here. So that's going to be a focal point for us as well.

尤其令我們感到興奮的是，建設性貸款業務取得了進展，貸款發放量有所增加，我們認為未來還有進一步成長的途徑。所以這也將成為我們關注的重點。

On the share repurchase side, in the last two quarters we did access that and did look to take advantage of where our shares trade in the market at discount. But I would say, we think of it as an incremental investment strategy, like another avenue to allocate capital. We are very conscious about the equity shrinkage caused by the repurchase and not being able to produce long-term returns on that capital that's been used for repurchases.

在股票回購方面，過去兩季我們確實動用了這項資源，並試圖利用我們的股票在市場上折價交易的機會。但我認為，我們將其視為一種漸進式投資策略，就像另一種配置資本的途徑。我們非常清楚回購造成的權益縮水，以及無法從用於回購的資本中獲得長期回報。

We balance that with the opportunity. Again, last two quarters, first quarter, second quarter, we took advantage of that. In this quarter, third quarter, with our historic purchases in the market, we thought that the balance went to the asset portfolio. So it's something that's considered, but we do look at the long-term impact of taking our capital and removing it with the share repurchase versus the asset opportunity.

我們權衡利弊，同時也抓住機會。同樣，在過去的兩個季度，第一季和第二季度，我們都充分利用了這一點。在本季（第三季），考慮到我們在市場上的歷史性採購，我們認為剩餘資金將流向資產組合。所以我們會考慮這個問題，但我們會權衡將資金用於股票回購與投資資產機會相比的長期影響。

Got it. Thank you. And then just to clarify, with the size of the, I think you said 32% paydown on the mezz, and you expect that to remain elevated going forward, is it a more muted pace or are we still looking at 25 or so million coming back every quarter?

知道了。謝謝。然後為了澄清一下，關於您提到的夾層融資償還比例為 32% 的情況，您預計未來這一比例將保持較高水平，那麼償還速度會放緩，還是我們仍然會看到每個季度有大約 2500 萬美元的資金收回？

I think that the historical average is a good barometer. I think we may trend slightly higher as the seasoning of the portfolio starts to take hold and also the continued conversations that our team has with the various borrowers.

我認為歷史平均值是一個很好的晴雨表。我認為隨著投資組合逐漸成熟，以及我們團隊與各借款人持續溝通，我們的績效可能會略有上升。

But I think from a long-term, I don't expect that the long-term average is going to be, in the future once everything's resolved, it's going to be too different. But for the next few quarters, it may be a little bit higher.

但我認為從長遠來看，我預計長期平均值不會有太大變化，未來一切塵埃落定後，情況會大不相同。但在接下來的幾個季度裡，這個數字可能會略高一些。

Got it. Alright, I appreciate the color, guys.

知道了。好吧，夥計們，我很喜歡這個顏色。

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Jason Serrano for closing remarks.

謝謝。我目前沒有其他問題要問。我想把時間交還給傑森·塞拉諾，讓他做總結發言。

Yes, thank you for joining us this morning. We look forward to discussing our fourth quarter results with you in February. Have a great day.

是的，感謝您今天早上收看我們的節目。我們期待在二月與您討論我們第四季度的業績。祝你有美好的一天。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。