Chimera Investment Corporation (CIM) 2026 Q3 法說會逐字稿

Greetings. Welcome to Chimera Investment Corporation's third quarter earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Chimera Investment Corporation 2026 年第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Tyra Whelton, Head of IR. Thank you, Tyra. You may begin.

現在我將把會議交給投資人關係主管 Tyra Whelton。謝謝你，Tyra。你可以開始了。

Thank you, Operator, and thank you, everyone, for joining us today. I'm Tyra Whelton, Head of Investor Relations. This morning, Chimera released its results for the third quarter of 2026. The earnings release and presentation for the quarter are both available on our website at chimerareit.com. Before we begin, I'd like to review the Safe Harbor Statement.

謝謝你，接線員，也謝謝各位今天加入我們。我是 Tyra Whelton，投資人關係主管。今天早上，Chimera 公布了 2026 年第三季業績。本季的財報新聞稿與簡報皆可於我們的網站 chimerareit.com 取得。在開始之前，我想先宣讀「安全港聲明」。

Today's remarks may contain forward-looking statements which are predictions, projections, or other statements about future events. These events are based on current expectations and assumptions that are subject to risks and uncertainties, which are outlined in the Risk Factors section in our most recent annual and quarterly SEC filings.

今天的發言可能包含前瞻性陳述，亦即對未來事件的預測、推估或其他陳述。這些事件係基於目前的預期與假設，並受風險與不確定性影響；相關內容已於我們最近一期年度與季度向 SEC 申報文件中的「風險因素」章節說明。

Actual events and results may differ materially from these forward-looking statements. We encourage you to read the forward-looking statement disclaimers in our earnings release and our quarterly and annual filings. During the call, we may also discuss non-GAAP financial measures.

實際事件與結果可能與這些前瞻性陳述存在重大差異。我們鼓勵各位閱讀我們財報新聞稿以及季度與年度申報文件中的前瞻性陳述免責聲明。在本次電話會議中，我們也可能討論非 GAAP 財務衡量指標。

Please refer to our SEC filings and earnings supplement for reconciliations to the most comparable GAAP measures. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date of this earnings call. We do not undertake and specifically disclaim any obligation to update or revise this information.

請參閱我們的 SEC 申報文件與財報補充資料，以取得與最可比 GAAP 指標之調節表。此外，本次電話會議內容可能包含具時效性的資訊，僅在本次財報電話會議當日為準確。我們不承擔且明確聲明不負有更新或修訂該等資訊之任何義務。

I will now turn the conference over to our President and Chief Executive Officer, Phil Kardis.

現在我將把會議交給我們的總裁兼執行長 Phil Kardis。

Thanks, Tyra. Good morning and welcome to Chimera Investment Corporation's third quarter 2026 earnings call. Joining me on the call are Subra Viswanathan, our Chief Financial Officer, Jack Macdowell, our Chief Investment Officer, and Kyle Walker, the President and CEO of HomeXpress Mortgage.

謝謝你，Tyra。各位早安，歡迎參加 Chimera Investment Corporation 2026 年第三季財報電話會議。與我一同參與本次電話會議的有：我們的財務長 Subra Viswanathan、投資長 Jack Macdowell，以及 HomeXpress Mortgage 的總裁兼執行長 Kyle Walker。

After my remarks, Subra will review the financial results, Jack will then review the investment portfolio, and then Kyle will review HomeXpress's results. The third quarter is a challenging period for the mortgage markets, marked by a sharp increase in interest rates, significant volatility, and a growing uncertainty about the direction of monetary policy.

在我發言之後，Subra 將回顧財務結果，接著 Jack 將回顧投資組合，然後 Kyle 將回顧 HomeXpress 的業績。第三季對房貸市場而言是一段充滿挑戰的期間，利率大幅上升、波動顯著，且對貨幣政策走向的不確定性日益增加。

In fact, the 10-year Treasury experienced the third largest quarterly increase in the past decade. But that doesn't fully capture what happened. By September, the sell-off had become a rout, and the 10-year Treasury yield increased by more than 50 basis points in that month alone, its largest monthly increase since 2022. And in our origination business, the speed at which rates move can matter just as much, if not more than the level of rates themselves. Kyle will discuss this in more detail, but the economics are straightforward.

事實上，10 年期美國公債殖利率出現了過去十年第三大的單季升幅。但這仍不足以完整反映所發生的情況。到了 9 月，拋售演變成全面性下跌，10 年期美國公債殖利率僅在該月就上升超過 50 個基點，為自 2022 年以來最大的單月升幅。而在我們的放款承作業務中，利率變動的速度可能與利率水準本身同等重要，甚至更重要。Kyle 會更詳細說明，但其經濟邏輯很直接。

The secondary market reprices almost immediately when interest rates rise. Mortgage originators, however, cannot move nearly as quickly. They have a pipeline of loans locked at rates established weeks earlier. When the market yields rise sharply, those loans become less valuable. To provide investors with the returns they now require, originators must sell those loans at a lower price.

當利率上升時，次級市場幾乎會立即重新定價。然而，房貸承作機構的調整速度遠遠跟不上。他們有一條以數週前所確定利率鎖定的貸款管線。當市場殖利率急升時，這些貸款的價值就會下降。為了讓投資人獲得其現在所要求的報酬，承作機構必須以較低的價格出售這些貸款。

That price adjustment comes directly out of the origination profitability. And that's precisely what happened at HomeXpress. Nevertheless, HomeXpress remained slightly profitable for the quarter. And I want to pause for a moment on this. We experienced the third largest rate move in the past 10 years, and yet HomeXpress was able to originate more than $1 billion of loans, a quarterly record, and still make a profit.

這種價格調整會直接侵蝕承作業務的獲利能力。而這正是 HomeXpress 所發生的情況。儘管如此，HomeXpress 本季仍維持小幅獲利。我想在此稍作停留強調一下。我們經歷了過去 10 年第三大的利率變動，但 HomeXpress 仍能承作超過 10 億美元的貸款（創單季新高），並且仍然獲利。

And they did all of that without sacrificing credit standards. While the origination-based business faced significant pressure, our investment portfolio performed well. Despite one of the most difficult interest rate environments in recent years, the portfolio generated $0.38 of EAD during the quarter.

而且他們是在不犧牲信用標準的情況下做到這一點。雖然以承作為主的業務面臨顯著壓力，我們的投資組合表現良好。儘管近年來利率環境極為艱難之一，本季投資組合仍產生每股 0.38 美元的 EAD。

For the first nine months of the year, EAD totaled $1.38 per share compared with $1.35 per share in dividends. That performance reflects the benefits of a diversified investment portfolio and the hedging strategy we've put in place.

今年前九個月，EAD 合計為每股 1.38 美元，相較之下股利為每股 1.35 美元。這樣的表現反映了多元化投資組合以及我們所採取避險策略的效益。

Now, looking ahead, I want to be clear about the challenges we expect in the fourth quarter. While HomeXpress is currently locking and originating profitable loans, we expect their profitability to be roughly flat in the fourth quarter as they continue to dispose of the third quarter pipeline. We expect them to return to profitability in the first quarter of 2027.

接下來展望未來，我想清楚說明我們預期第四季將面臨的挑戰。雖然 HomeXpress 目前鎖定並承作的貸款具備獲利性，但由於他們仍在處理第三季的管線，我們預期其第四季獲利能力大致持平。我們預期他們將在 2027 年第一季恢復獲利成長。

In addition, though our investment portfolio continues to perform well, we acquired or committed to acquire loans for our securitization program. While we held these loans ahead of securitization, they were exposed to higher rate and wider spread environment, which we expect to impact our fourth quarter financials.

此外，儘管我們的投資組合持續表現良好，我們已為證券化計畫收購或承諾收購貸款。在證券化之前持有這些貸款期間，它們暴露於較高利率與較寬利差的環境中，我們預期這將影響第四季財務表現。

The extent of this impact will depend on market conditions through the end of the year. And yesterday's market move was a step in the right direction. We had several important accomplishments during the quarter that I don't want to get lost in a discussion of market volatility. First, we refinanced two maturing non-mark-to-market structured repurchase facilities. Jack will review the details, but we were able to reduce the rate and the haircut.

此影響程度將取決於年底前的市場狀況。而昨天的市場走勢朝正確方向邁進了一步。本季我們達成了幾項重要成果，我不希望在討論市場波動時被忽略。第一，我們為兩筆到期的、非按市價計價（non-mark-to-market）的結構性回購融資安排完成再融資。Jack 會說明細節，但我們成功降低了利率與折扣率（haircut）。

These are meaningful improvements. They reduce our financing costs, improve our capital efficiency, and provide greater funding stability. Second, our interest rate hedges worked as expected, covering the margin calls we received. Third, following quarter end, we completed the first securitization of HomeXpress loans through our new conduit, PRISM Capital. We priced PRISM 2026-HX1 in a particularly difficult market, but we believe the execution was good given the market conditions.

這些都是具實質意義的改善。它們降低了我們的融資成本、提升資本效率，並提供更高的資金來源穩定性。第二，我們的利率避險如預期發揮作用，涵蓋了我們收到的追繳保證金（margin calls）。第三，在季末之後，我們透過新的通道 PRISM Capital 完成了 HomeXpress 貸款的首次證券化。我們在特別艱難的市場中為 PRISM 2026-HX1 定價，但考量市場狀況，我們認為執行結果良好。

But the significance of this transaction goes beyond the pricing of a single securitization. It represents another step in bringing together three complementary capabilities within our platform: mortgage origination, asset management, and securitization. HomeXpress originates the loans, Palisades serves as asset manager, and our securitization capabilities provide a means of financing and distributing those assets to the capital market investors.

但這筆交易的重要性不僅在於單一證券化的定價。它代表我們平台內三項互補能力整合的又一步：房貸承作、資產管理與證券化。HomeXpress 負責承作貸款，Palisades 擔任資產管理人，而我們的證券化能力則提供一種將這些資產融資並分銷給資本市場投資人的方式。

Each of these businesses has value independently, but their real potential comes from how they work together. Over time, we expect this integrated platform to create efficiencies, improve our ability to respond to market opportunities, and provide greater control over the economics of the loans we originate and invest in.

這些業務各自獨立皆具價值，但其真正潛力來自於彼此如何協同運作。隨著時間推進，我們預期這個整合式平台將創造效率、提升我們回應市場機會的能力，並讓我們對所承作與投資之貸款的經濟效益擁有更高的掌控度。

This is an important part of our long-term strategy. As we look beyond the fourth quarter, we believe the fundamental outlook for our investment portfolio remains favorable. HomeXpress has restored the economics of new production, our financing position has improved, and our integrated origination and securitization platform continues to develop.

這是我們長期策略中的重要一環。展望第四季之後，我們認為投資組合的基本面前景仍然有利。HomeXpress 已恢復新承作的經濟效益，我們的融資狀況已改善，而我們整合式的承作與證券化平台也持續發展。

Those are the things that will matter long after the volatility of this particular quarter has passed. I want to conclude by noting that we cannot control interest rates, market volatility, or the timing of Federal Reserve decisions.

這些才是在本季特定波動過去之後，仍將長期重要的事項。我想在結語時指出，我們無法控制利率、市場波動，或聯準會決策的時點。

What we can control is the quality of our assets, discipline of our underwriting, the structure of our financing, adherence to prudent risk management, and how we allocate your capital. That is where our attention remains. And I believe the decisions we're making today will position us to deliver attractive, sustainable returns for shareholders over the long term.

我們能控制的是資產品質、承作審核的紀律、融資結構、遵循審慎的風險管理，以及我們如何配置各位的資本。我們的關注重點始終在此。我相信我們今天所做的決策，將使我們在長期內為股東帶來具吸引力且可持續的報酬。

I'll now turn the call over to Subra to discuss our financial results.

接下來我把電話會議交給 Subra，請他說明我們的財務結果。

Thanks, Phil. GAAP net loss for the third quarter was $193.6 million, with net loss of $191.2 million from our investment portfolio segment and $2.4 million from residential origination. We generated approximately $32 million of earnings available for distribution, or $0.38 per share.

謝謝你，Phil。第三季 GAAP 淨損為 1.936 億美元，其中投資組合部門淨損 1.912 億美元，住宅承作淨損 240 萬美元。我們產生約 3,200 萬美元可供分配之盈餘（Earnings Available for Distribution），或每股 0.38 美元。

GAAP book value per share declined 16.5% to $14.82, primarily reflecting the impact of higher rates and wider spreads during the quarter. Economic return on GAAP book value, defined as the change in book value plus dividends of $1.45 for the quarter, was negative 13.98% for the third quarter, while annualized EAD return on average common equity was 9.48%.

GAAP 每股帳面價值下滑 16.5% 至 14.82 美元，主要反映本季利率上升與利差擴大所帶來的影響。GAAP 帳面價值的經濟報酬率（定義為帳面價值變動加上本季股利 1.45 美元）第三季為負 13.98%；同時，年化 EAD 平均普通股權益報酬率為 9.48%。

Segment performance for the quarter was as follows. For the investment portfolio, economic net interest income was $69.4 million, while annualized economic net interest income return on average equity was 13.91%. The yield on average interest-earning assets was 5.9%. Our average cost of funds was 4.3%. And the resulting net interest spread was 1.6%.

本季各部門表現如下。就投資組合而言，經濟淨利息收入為 6,940 萬美元，而年化經濟淨利息收入對平均權益報酬率為 13.91%。平均計息資產收益率為 5.9%。我們的平均資金成本為 4.3%。因此淨利差為 1.6%。

For the residential origination segment, HomeXpress funded $1.12 billion in loans. EBITDA, defined as earnings before taxes, depreciation, and amortization, was $0.4 million, and annualized EBITDA ROE was 0.6%. With respect to leverage and liquidity, our total leverage was 6.5:1, while recourse leverage was 4.1:1.

就住宅承作部門而言，HomeXpress 撥款（funded）貸款 11.2 億美元。EBITDA（定義為稅前、折舊及攤銷前盈餘）為 40 萬美元，年化 EBITDA ROE 為 0.6%。在槓桿與流動性方面，我們的總槓桿為 6.5:1，而追索權槓桿（recourse leverage）為 4.1:1。

GAAP leverage and recourse leverage both increased during the quarter, reflecting higher loans held for sale in the investment portfolio as we accumulated assets for our PRISM securitization. We ended the quarter with $561 million in total cash and unencumbered assets, compared to $656 million last quarter.

本季 GAAP 槓桿與追索權槓桿皆上升，反映我們為累積 PRISM 證券化所需資產，使投資組合中持作出售的貸款增加。本季末我們的總現金與未設質資產合計為 5.61 億美元，較上季的 6.56 億美元下降。

Total consolidated secured financing outstanding was $8.6 billion. It was comprised of $801 million related to our residential origination warehouse loans, and the remaining approximately $7.8 billion was for our investment portfolio.

合併口徑的有擔保融資未償餘額合計為 86 億美元。其中 8.01 億美元與住宅承作的倉儲貸款（warehouse loans）相關，其餘約 78 億美元用於投資組合。

Within the investment portfolio, $5.5 billion of secured financing supported agency positions against which we maintained $3.4 billion in swaps, interest rate caps, and other hedges with varying maturities. In addition to a short position of $2.4 billion in TBAs during the quarter. Excluding loans held for sale, $1.7 billion was secured by residential credit assets, of which $1.2 billion or 73% carried non or limited mark-to-market features.

在投資組合內，55 億美元的有擔保融資支撐機構（agency）部位；針對該等部位，我們維持 34 億美元的利率交換（swaps）、利率上限（interest rate caps）及其他不同到期日的避險工具。此外，本季我們亦持有 24 億美元的 TBA 空頭部位。排除持作出售的貸款後，17 億美元以住宅信用資產作為擔保，其中 12 億美元（或 73%）具備無或有限的盯市（mark-to-market）特性。

And $716 million or 43% were fixed-rate facilities. Finally, on expenses, relative to the prior quarter, compensation and servicing expenses, as well as general and administrative expenses were relatively flat. Unlike the second quarter, we did not incur any transaction-related expense.

另有 7.16 億美元（或 43%）為固定利率融資工具。最後，就費用而言，相較前一季，薪酬與服務費用以及一般及行政費用大致持平。不同於第二季，我們未發生任何交易相關費用。

As our business has expanded, we have begun identifying ways to improve efficiency and better align our cost structure with the scale and mix of our operations. In summary, the third quarter was challenging with significant market volatility impacting asset valuations.

隨著業務擴張，我們已開始找出提升效率的方法，並使成本結構更能與營運規模與組合相匹配。總結而言，第三季在顯著的市場波動下充滿挑戰，並影響資產估值。

Despite this, our investment portfolio continued to generate EAD contribution greater than the second quarter while our residential origination segment was slightly profitable. As we approach year-end, we are focused on maintaining stronger liquidity, managing risk, and driving total shareholder returns over the long term.

儘管如此，我們的投資組合持續產生高於第二季的 EAD 貢獻，而住宅承作部門則小幅獲利。隨著接近年底，我們專注於維持更強的流動性、管理風險，並在長期推動股東總報酬。

With that, I'll turn the call over to Jack.

接下來我把電話會議交給 Jack。

Thanks, Subra, and good morning, everyone. The third quarter was defined by a sharp repricing of interest rates as persistent inflation, resilient economic activity, and geopolitical developments shifted expectations for Federal Reserve policy. The Fed raised rates by 25 basis points in September, while concerns about fiscal sustainability and Treasury supply added further pressure to longer-term yields.

謝謝你，Subra，各位早安。第三季的特徵是利率出現急劇重新定價；持續的通膨、具韌性的經濟活動，以及地緣政治發展改變了市場對聯準會政策的預期。聯準會於 9 月升息 25 個基點；同時，對財政可持續性的疑慮與公債供給增加，進一步對較長天期殖利率造成壓力。

In this environment, Agency MBS underperformed as higher rates and volatility contributed to wider mortgage spreads. Residential credit markets proved more resilient, supported by investor demand and continued securitization activity, although rising financing costs and risk impacted whole loan prices and securitization economics, with those pressures carrying into the fourth quarter.

在此環境下，機構 MBS 表現落後，因利率上升與波動加劇導致房貸利差擴大。住宅信用市場展現較強韌性，受投資人需求與持續的證券化活動支撐；然而，融資成本上升與風險因素影響整批貸款（whole loan）價格與證券化經濟性，而這些壓力延續至第四季。

Market dynamics drove a 16.5% decline in our book value during the quarter. Consolidated loans and securitizations accounted for roughly half of that adjustment, the Agency portfolio approximately 40%, and non-agencies representing the balance, partially offset by gains on our modest MSR investment.

市場動態使我們本季帳面價值下滑 16.5%。合併貸款與證券化約占該調整的一半，機構投資組合約占 40%，非機構（non-agency）占其餘部分；部分由我們規模不大的 MSR 投資收益所抵銷。

Importantly, these valuation adjustments were largely unrealized and primarily reflected the impact of higher interest rates, wider mortgage spreads, and increased volatility, rather than a deterioration in underlying credit fundamentals. Credit performance across our residential portfolio remained within expectations. We enter the quarter with a strong liquidity position, and most of our non-agency portfolio benefits from conservative non-mark-to-market financing structures.

重要的是，這些估值調整多屬未實現，且主要反映利率上升、房貸利差擴大與波動增加的影響，而非基礎信用基本面惡化。我們住宅投資組合的信用表現仍符合預期。我們以強勁的流動性部位進入本季，且我們的大部分非機構投資組合受益於保守的非盯市融資結構。

In addition, cash received on our hedges during the quarter helped offset margin requirements on our repo financing. As a result, we did not need to sell assets to meet margin calls, and our financing was uninterrupted.

此外，本季我們從避險部位收到的現金，有助於抵銷回購協議（repo）融資的保證金需求。因此，我們無需為滿足追繳保證金（margin calls）而出售資產，融資亦未中斷。

Toward the end of September, we tactically established a $2.4 billion short TBA position to reduce risk in response to heightened market volatility. We also increased liquidity to support the settlement of PRISM-related whole loan purchases. Turning to our investment portfolio, we actively managed our Agency MBS positions and advanced our PRISM mortgage banking and securitization initiatives during the quarter.

在 9 月底前後，我們因應市場波動升高，策略性建立 24 億美元的 TBA 空頭部位以降低風險。我們也提高流動性，以支應 PRISM 相關整批貸款購買的交割。談到投資組合方面，本季我們積極管理機構 MBS 部位，並推進 PRISM 房貸銀行與證券化計畫。

In agencies, we sold $226 million of CMOs and $1 billion of mostly lower coupon pass-throughs. We purchased approximately $1.9 billion of higher coupon securities offering more attractive carry in shorter durations. As a result, our average bond coupon increased from approximately 5.28% to 5.67% at quarter end, shortening portfolio duration by approximately nine months.

在機構資產方面，我們出售 2.26 億美元的 CMO，以及 10 億美元多為較低票息的穿透證券（pass-throughs）。我們買入約 19 億美元的較高票息證券，在較短存續期間提供更具吸引力的利差收益（carry）。因此，我們的平均債券票息由約 5.28% 提升至季末的 5.67%，並將投資組合存續期間縮短約九個月。

Despite the challenges during the quarter, September's repricing has created a more attractive investment environment for Agency MBS. Higher yields and wider spreads have improved prospective returns, while mortgage duration extension has reduced negative convexity as borrowers have moved further out of the money from a refinancing perspective.

儘管本季面臨挑戰，9 月的重新定價為機構 MBS 創造了更具吸引力的投資環境。較高的殖利率與更寬的利差提升了未來報酬展望，而隨著借款人從再融資角度進一步處於價外，房貸存續期間延長也降低了負凸性。

Taken together, we believe these dynamics have improved our risk-adjusted return opportunity. As volatility moderated in October, we unwound the short TBA position and returned the Agency portfolio toward a more normalized risk profile. This reflects our tactical approach to portfolio management, adjusting risk exposure as market conditions evolve while maintaining the flexibility to capitalize on attractive investment opportunities.

綜合而言，我們認為這些動態改善了我們的風險調整後報酬機會。隨著 10 月波動度趨緩，我們解除 TBA 空頭部位，並使機構投資組合回到較為正常化的風險輪廓。這反映我們在投資組合管理上的戰術性作法：隨市場狀況演變調整風險曝險，同時維持彈性以把握具吸引力的投資機會。

As part of our PRISM conduit and mortgage banking activities, we committed to purchase approximately $330 million of loans from HomeXpress and $467 million from third parties in the third quarter. As of the related trade dates, these pools carried interest rates of approximately 7.2%, LTVs of 71%, and average borrower credit scores of 745, consistent with the credit quality objectives of our PRISM program.

作為我們 PRISM 管道平台與房貸銀行業務的一部分，我們在第三季承諾向 HomeXpress 購買約 3.30 億美元貸款，並向第三方購買 4.67 億美元貸款。截至相關交易日，這些資產池的利率約為 7.2%、LTV 為 71%、借款人平均信用分數為 745，符合我們 PRISM 計畫的信用品質目標。

We hedged the pipeline's duration exposure and ended the quarter with $1.2 billion of swaps against $1.2 billion of settled and unsettled loans. With respect to the non-agency portfolio, we refinanced approximately $280 million across two maturing non-mark-to-market structured repo facilities, extending the maturities by two years and reducing our cost of funds.

我們對沖了管線的存續期間曝險，並在季末以 12 億美元的利率交換合約對應 12 億美元的已結算與未結算貸款。就非機構投資組合而言，我們在兩筆到期的非按市值計價（non-mark-to-market）結構型回購融資（repo）安排中，為約 2.80 億美元進行再融資，將到期日延長兩年並降低資金成本。

We also expanded the facilities to approximately $355 million, providing approximately $75 million of additional reinvestment capacity. Our capital allocation shifted during the quarter alongside the growth of our PRISM conduit and mortgage banking activities. As a result, Agency MBS accounted for 21% of invested capital at quarter end, a decrease of 5 percentage points.

我們亦將額度擴大至約 3.55 億美元，提供約 7,500 萬美元的額外再投資容量。隨著 PRISM 管道平台與房貸銀行業務成長，我們在本季的資本配置也隨之調整。因此，季末機構 MBS 佔已投資資本的 21%，下降 5 個百分點。

Residential credit and MSRs were broadly unchanged at 60% and 2% respectively. And the combined HomeXpress and PRISM mortgage banking activities increased by 5% to 17%. Turning to credit performance, underlying fundamentals across our residential loan portfolio remain stable and generally in line with expectations.

住宅信用資產與 MSR（抵押貸款服務權）分別維持在 60% 與 2% 左右，整體大致不變。而 HomeXpress 與 PRISM 房貸銀行業務合計占比增加 5% 至 17%。就信用表現而言，我們住宅貸款投資組合的基本面仍然穩定，整體大致符合預期。

Delinquencies in our legacy re-performing loan portfolio remained within the narrow range seen over the past several years, and prepayments were broadly consistent with historical levels. Our investor DSCR portfolio experienced a modest increase in September delinquencies that has since largely reversed as early-stage delinquent borrowers brought their loans current.

我們既有的再履約貸款（re-performing loan）投資組合之逾期率，仍維持在過去數年所見的狹窄區間內，而提前償還也大致與歷史水準一致。我們的投資人 DSCR 投資組合在 9 月逾期率小幅上升，但隨後多已回落，因早期逾期的借款人已將貸款恢復為正常狀態。

Importantly, this portfolio continues to outperform a comparable composite of 2022 and 2023 vintage non-QM loans from a credit perspective. Prepayments declined materially from the second quarter as higher mortgage rates reduced refinancing incentives in line with broader trends across the non-QM market. As Phil mentioned, following quarter end, we priced and closed PRISM 2026-HX1, our inaugural transaction under the PRISM shelf, backed by approximately $291 million of non-QM loans originated by HomeXpress.

重要的是，從信用角度來看，該投資組合仍持續優於可比的 2022 與 2023 年度（vintage）非 QM 貸款綜合樣本。由於較高的房貸利率降低再融資誘因，提前償還率較第二季明顯下滑，與非 QM 市場的整體趨勢一致。如 Phil 所提，季後我們為 PRISM 2026-HX1 完成定價並結案，這是我們在 PRISM 架構（shelf）下的首筆交易，標的為 HomeXpress 所承作、約 2.91 億美元的非 QM 貸款。

This was an important milestone, particularly given the challenging securitization market where higher interest rates, increased volatility, and investor concerns around extension risk have placed pressure on new issue spreads and transaction structures. Despite our first issuance under the PRISM shelf and Chimera's first securitization backed by HomeXpress-originated loans, we achieved competitive execution, pricing our AAA bonds at a spread of 160 basis points, in line with comparable non-QM transactions pricing in the 155 to 165 range during the same period.

這是一個重要里程碑，尤其是在證券化市場充滿挑戰之際：較高利率、波動加劇，以及投資人對展期風險（extension risk）的疑慮，對新發行利差與交易結構造成壓力。儘管這是我們在 PRISM 架構下的首次發行，也是 Chimera 首次以 HomeXpress 承作貸款作為擔保的證券化交易，我們仍取得具競爭力的執行成果：AAA 級債券以 160 個基點的利差定價，與同期間可比非 QM 交易 155 至 165 個基點的定價區間一致。

We believe this reflects the strength of Chimera's established presence and reputation in the residential securitization market. The transaction also demonstrates the value of our integrated platform, with HomeXpress originating the loans, Palisades providing asset-level diligence and ongoing asset management and servicing oversight, and Chimera leading the structuring capital markets execution.

我們認為這反映了 Chimera 在住宅證券化市場既有的布局與聲譽之優勢。該交易亦展現我們整合式平台的價值：由 HomeXpress 承作貸款、Palisades 提供資產層級盡職調查與持續的資產管理及服務監督，而 Chimera 主導結構設計與資本市場執行。

While we are pleased to have successfully launched PRISM, we recognize that the third quarter was a particularly challenging period to aggregate and finance loans. Nevertheless, we remain confident in the long-term potential of our integrated platform. HomeXpress's leading non-QM origination franchise, combined with the broader capabilities of Chimera and Palisades, provides a differentiated platform and a strong foundation for sustainable earnings.

雖然我們很高興成功啟動 PRISM，但我們也認知第三季在彙集與融資貸款方面是特別艱難的時期。儘管如此，我們仍對整合式平台的長期潛力保持信心。HomeXpress 領先的非 QM 承作特許經營，加上 Chimera 與 Palisades 更廣泛的能力，提供了差異化的平台，並為可持續獲利奠定堅實基礎。

As interest rates and market volatility stabilize, we expect its earnings potential to become increasingly evident. Subject to market conditions, we intend to establish PRISM as a regular issuer in the non-QM securitization market. The third quarter also reinforced the importance of maintaining a strong balance sheet and the flexibility to navigate rapidly changing market conditions.

隨著利率與市場波動趨於穩定，我們預期其獲利潛力將愈發明顯。在市場條件允許下，我們計畫將 PRISM 建立為非 QM 證券化市場的常態發行人。第三季也再次凸顯維持強健資產負債表與具備因應快速變動市場環境之彈性的必要性。

With geopolitical events, monetary policy, and other external developments creating uncertainty, liquidity, disciplined risk management, and capital preservation will remain central to our approach for the foreseeable future. Looking ahead, we want to acknowledge the work that our team has done over the past two years to reposition the portfolio, build new capabilities, and bring these various components of our platform together.

在地緣政治事件、貨幣政策及其他外部發展帶來不確定性之下，流動性、嚴謹的風險管理與資本保全，於可預見的未來仍將是我們方法論的核心。展望未來，我們也希望肯定團隊在過去兩年所做的工作：重新定位投資組合、建立新能力，並將平台的各項組成要素整合在一起。

While the current market presents challenges, we believe that work has meaningfully strengthened Chimera and positioned us to generate value in ways that were previously unavailable to us. Our priority now is to translate that progress into consistent financial performance and sustainable long-term earnings for our shareholders.

儘管目前市場充滿挑戰，我們相信這些工作已實質強化 Chimera，並使我們得以以過去無法做到的方式創造價值。我們現在的優先事項，是將這些進展轉化為穩定的財務表現，並為股東帶來可持續的長期獲利。

With that, I'll turn it over to Kyle to discuss residential origination.

接下來我把時間交給 Kyle，請他說明住宅貸款承作業務。

Thanks, Jack, and good morning, everyone. HomeXpress originated $1.12 billion in the third quarter, an increase of 27% from the third quarter of 2025 and 2% over the record second quarter. We achieved this result despite an increasingly challenging market, particularly in September with heightened interest rate volatility and wider bond spreads, pressured industry volumes, and economics.

謝謝你，Jack，各位早安。HomeXpress 第三季承作金額為 11.2 億美元，較 2025 年第三季成長 27%，並較創紀錄的第二季再增 2%。即便市場愈發艱難，尤其 9 月利率波動加劇、債券利差擴大，導致產業量能與經濟性承壓，我們仍達成此成果。

Year-over-year growth was broad-based, including continued expansion in our correspondent channel, which accounted for 16.8% of quarterly production. I'd like to spend a few minutes discussing quarterly profitability and the factors that shaped it.

年增成長相當廣泛，其中包括我們通路業務（correspondent channel）的持續擴張，該通路占本季產量的 16.8%。我想花幾分鐘談談本季獲利能力，以及影響獲利的因素。

We generated $430,000 in EBITDA, while our net origination margin was negative 7 basis points. We began the quarter strong, producing $3.1 million in EBITDA with a net origination margin of 74 basis points in July. As the quarter progressed, rising interest rates and significant rate volatility impacted our business.

我們的 EBITDA 為 43 萬美元，而淨承作利差為負 7 個基點。本季開局強勁，7 月 EBITDA 為 310 萬美元，淨承作利差為 74 個基點。隨著季度推進，利率上升與顯著的利率波動影響了我們的業務。

Competitors were slower to raise their rates while we remained disciplined, balancing competitive pricing with the true economics of each loan. At the same time, wider bond spreads and expectations for longer duration impacted the economics of loans already locked in our pipeline, along with loans originated earlier in the quarter.

競爭對手調升利率的速度較慢，而我們仍維持紀律，在具競爭力的定價與每筆貸款的真實經濟性之間取得平衡。同時，更寬的債券利差與對更長存續期間的預期，影響了我們管線中已鎖定貸款的經濟性，也影響了本季較早承作的貸款。

It also affected pricing on new production. Tighter origination margins and less favorable secondary market execution more than offset the benefit of our higher volume levels, weighing on quarterly profitability. It's important to distinguish between the level of interest rates and the speed at which they change.

這也影響了新承作的定價。承作利差收窄與次級市場執行不利，抵銷了我們較高承作量所帶來的效益，拖累本季獲利能力。重要的是，要區分利率水準本身與利率變動的速度。

Loans can be priced effectively across a range of interest rates, durations, and bond spread environments. The challenge arises when markets are extremely volatile and move so quickly that they create uncertainty around pricing and execution for both lenders and whole loan investors.

貸款可以在各種利率、期限以及債券利差環境下有效定價。當市場極度波動且變動速度過快時，挑戰就會出現，因為這會讓放款人與整筆貸款投資人對定價與執行產生不確定性。

Although we are quick to respond to such fluctuations by adjusting our lending rate sheets, the magnitude and pace of bond spread volatility and changing duration expectations made the transition difficult. Because we cannot dictate market conditions or competitors' pricing decisions, we concentrate on what we can influence: competing selectively, actively managing our operating cost base, and maintaining disciplined credit standards.

雖然我們會迅速透過調整放款利率表來回應這類波動，但債券利差波動的幅度與速度，以及久期預期的變化，使得轉換變得困難。由於我們無法左右市場狀況或競爭對手的定價決策，我們專注於可控事項：選擇性競爭、積極管理營運成本基礎，並維持嚴謹的授信標準。

First, as competition intensified, some lenders held pricing steady despite changes in the interest rate environment to preserve their origination volume. We chose a different path. As I noted last quarter, we are not seeking to win every loan.

首先，隨著競爭加劇，一些放款人為了維持其承作量，即使利率環境改變仍維持定價不變。我們選擇了不同的路徑。如我在上季所提到的，我們並不追求贏下每一筆貸款。

We continue to compete where we saw opportunities to strengthen valuable broker relationships, but remained selective about loan pricing and quality. That discipline limited our volume growth during the quarter.

我們持續在看見可強化重要經紀人關係的機會時參與競爭，但在貸款定價與品質上仍保持選擇性。這份紀律限制了本季的量能成長。

Second, we are strengthening the business's underlying economics by investing in our platform and supporting our origination network. We ended the quarter with more than 6,300 approved brokers supported by 145 account executives and related sales staff. Our broad network and trusted broker partnerships position us well to capture growth as market conditions improve.

第二，我們透過投資平台並支援承作網路，來強化業務的底層經濟性。本季結束時，我們有超過6,300位核准經紀人，由145位客戶經理及相關銷售人員提供支援。我們廣泛的網路與受信任的經紀人夥伴關係，使我們在市場條件改善時能夠有效掌握成長。

Network size, however, is only one part of the equation. Brokers also need comprehensive and flexible loan products, reliable execution, and excellent customer service. We continue to invest in these capabilities and in our correspondent channel, with certain costs being incurred today ahead of the volume they are structured to support.

然而，網路規模只是方程式的一部分。經紀人也需要完整且具彈性的貸款產品、可靠的執行能力，以及優質的客戶服務。我們持續投資這些能力以及我們的通訊行（correspondent）通路，其中部分成本是在今日先行發生，以支援其所設計承載的未來量能。

Finally, and most importantly, we did not compromise our underwriting standards, even as our originations grew modestly in a more competitive market and margins tightened later in the quarter. The weighted average FICO score for third quarter originations was 743 compared with 742 last quarter, while weighted average LTV was 72.39% compared with 71.56%.

最後，也是最重要的，即使在競爭更激烈的市場中我們的承作量僅小幅成長，且本季後段利差收窄，我們也沒有犧牲核貸標準。第三季承作的加權平均FICO分數為743，較上季的742略高；加權平均LTV為72.39%，較上季的71.56%為高。

Credit discipline remains fundamental to how we operate. We also continued working with our warehouse partners to improve financing economics. At quarter end, we had $1.65 billion of warehouse capacity across seven facilities, providing more than sufficient funding to support current production levels. For the remainder of the year, we will maintain credit discipline, compete selectively, and improve our operating efficiency while continuing to build the scale we have developed into meaningful earnings over time.

授信紀律仍是我們營運方式的根本。我們也持續與倉儲融資合作夥伴合作，以改善融資經濟性。截至季末，我們在七個融資機制下的倉儲額度為16.5億美元，提供了綽綽有餘的資金以支援目前的生產水準。在今年剩餘時間，我們將維持授信紀律、選擇性競爭並提升營運效率，同時持續擴大規模，並隨時間推進將其轉化為具意義的獲利。

With that, I'll turn the call back over to Phil.

接下來，我把電話交回給Phil。

Thanks, Kyle, and we'll now open the call for questions.

謝謝你，Kyle，我們現在開放提問。

(Operator Instructions) Marissa Lobo, UBS. Please go ahead.

(接線員指示) UBS的Marissa Lobo，請發言。

Could you talk about your outlook for the agency basis following September widening and how you're comparing incremental returns for agency versus new residential credit opportunities today?

能否談談在9月利差擴大之後，你們對機構基差（agency basis）的展望，以及你們目前如何比較機構資產相對於新的住宅信用機會的邊際報酬？

Yes, sure. Hey, Marissa. Yes, I mean, obviously, especially after yesterday's move, it's been shifting around a little bit, but I mean, we see returns for agencies somewhere in that mid-teens, call it 16%, 17% range as we sit here today.

可以，當然。嗨，Marissa。是的，我的意思是，顯然，尤其在昨天那一波變動之後，情況有些變來變去；但就我們目前所見，機構資產的報酬大約在十幾%的中段，我們現在大概估在16%、17%的區間。

And from a portfolio outlook, allocation standpoint, I would say that the marginal dollar, if you will, as we talked about in the past, goes to agencies with respect to our liquidity bucket. We see that as an opportunity to generate a nice nominal cash flow yield while at the same time enjoying the liquid nature of that and the optionality that allows us to draw on it and allocate to other elements of the business as we see opportunities.

從投資組合展望與配置角度來看，我會說邊際資金（marginal dollar），如同我們過去談過的，會配置到機構資產，作為我們流動性資產池的一部分。我們認為這是一個機會：一方面可產生不錯的名目現金流收益率，同時也享有其流動性特質與選擇權價值，讓我們在看到機會時可以動用並配置到業務的其他部分。

And we actually, as I think I mentioned in my prepared remarks, we did that toward the end of the third quarter, as we needed to settle loans for our PRISM conduit mortgage banking activities, we would draw down on the agencies. As you sit here today, from a relative value perspective, we certainly do look at agencies as the benchmark as we look to deploy capital across other parts of the business. And right now we see the Agency ROEs on a nominal basis, at least, looking pretty attractive.

而且實際上，正如我在事先準備的發言中提到的，我們在第三季末就這麼做了；當我們需要為PRISM通道（conduit）的房貸銀行業務交割貸款時，我們會從機構資產部位中提取資金。以目前的相對價值角度來看，我們確實把機構資產視為基準，用來衡量我們在業務其他部分部署資本。而就名目基礎而言，我們目前看到機構資產的ROE看起來相當具吸引力。

Great. And looking at liquidity and leverage, with leverage higher, additional loans being accumulated for securitization, how are you thinking about the minimum liquidity buffer needed to operate the origination strategy through another period of volatility?

了解。再看流動性與槓桿，槓桿較高、且為了證券化而累積更多貸款的情況下，你們如何思考在另一段波動期中，為了執行承作策略所需的最低流動性緩衝？

Yes, well, I mean, as you point out, leverage did increase, and that was purely a function, I would say, of adding the loans in anticipation of securitizing them. So that number is going to go up and down as we aggregate loans and securitize them. If you think about it, though, if you have $800 million of loans in the pipeline for securitization, let's just say you're going to hold about 10% or so, 10% to 12% of capital against that.

是的，如你所指出，槓桿確實上升了，而那純粹是因為我們在預期將其證券化之前先增加了貸款部位。因此，這個數字會隨著我們彙集貸款並進行證券化而上下波動。不過如果你這樣想：假設有8億美元的貸款在證券化管線中，那麼你大概會針對其中約10%左右，也就是10%到12%的部分配置資本。

So you're not talking about huge amounts of capital required to sustain, at least where we are today with respect to our PRISM conduit activities. But when we think about the size of the agency portfolio and the ability to draw down on that capital to support PRISM, we feel like having 20% allocated to agencies, which is where we are today, or 21%—and I think we were at 26%, 27% last quarter—so that gives us plenty of capacity to draw down on the agencies to support PRISM.

所以，就我們目前PRISM通道業務的狀況而言，維持運作所需的資本量並不算很大。但當我們思考機構資產投資組合的規模，以及可動用該資本來支援PRISM的能力時，我們認為把20%配置到機構資產（這是我們目前的水位），或21%——我想上季我們是26%、27%——這讓我們有充足的空間可以從機構資產部位中提取資金來支援PRISM。

And then when we do the securitization and extract capital, we can then put that back into agencies until we need it, you know, for another investment down the road.

接著當我們完成證券化並釋放資本後，就可以把資本再放回機構資產，直到未來需要用於另一項投資為止。

Great. Appreciate the answers.

很好。感謝你的回答。

Trevor Cranston, Citizens.

Citizens的Trevor Cranston。

I think you said in the prepared comments that you've lifted the TBA short position subsequent to quarter end. Looking at the agency book on slide 11, it looks like you had also discussed taking the swap portfolio down significantly at some point in 3Q. So can you comment on where the hedge portfolio has gone since quarter end if the TBA has been lifted?

我想你在事先準備的評論中提到，你們在季末之後已經解除（lifted）TBA空頭部位。看投影片11的機構資產部位，你們似乎也提到在第三季某個時點大幅降低了交換（swap）投資組合。所以如果TBA已解除，能否評論一下季末以來避險投資組合的變化？

Yes. Hey, Trevor. The TBA was lifted incrementally over the course of October as volatility came down. So, as we sit here today, the TBA short is off. And if you're referring to the other parts of the hedge complex, what we tend to do, we're not looking to take rate views in the agency portfolio, so we do try to manage to a pretty tight duration gap there.

是的。嗨，Trevor。隨著波動下降，TBA是在10月期間逐步解除的。所以就我們目前而言，TBA空頭已經沒有了。至於你提到避險組合的其他部分，我們通常的做法是：我們不打算在機構資產投資組合上押注利率方向，因此我們會努力把久期缺口管理在相當緊的範圍內。

In the case of in-the-money caps as well as swaps, over the course of the quarter as we moved up in coupon, we shortened the duration of the portfolio, and it did shift around our hedge complex a little bit from swaps and caps and so forth. But at the end of the day, we're really not looking to take views and we're managing to a pretty tight gap.

就價內上限（in-the-money caps）以及利率交換而言，在本季期間，隨著我們往較高票息移動，我們縮短了投資組合的久期，這也讓我們的避險組合在交換、上限等工具之間有些調整。但歸根結底，我們並不是要表達任何方向性觀點，而是把缺口控制在相當緊的範圍內。

Okay, got it. That's helpful. And then can you comment on how you guys are generally thinking about potential for doing share buybacks relative to continuing to deploy capital into the investment portfolio at this point?

好的，了解。這很有幫助。接著你們能否談談，現階段你們整體如何看待進行股票回購的可能性，相較於持續把資本投入投資組合？

Yes, this is Phil. So as we've said in the past, I think right now as we look at our investment opportunities, we continue to believe that investing is preferable to doing share buybacks is what our view has been.

是的，我是 Phil。正如我們過去所說，我認為目前當我們檢視投資機會時，我們仍然相信投資比進行股票回購更可取，這一直是我們的看法。

Okay, that's fair. Thank you.

好的，這很合理。謝謝。

George Bose, KBW.

George Bose，KBW。

This is Frank Labetti on for Bose. I just want to get a little color on the non-QM market and the current trends you're seeing there. Across your portfolio you have noticed some increases in delinquency rates. What are you seeing there? And also maybe you can touch on execution across the non-QM securitization market.

我是 Frank Labetti，代 Bose 發言。我想多了解一些非 QM 市場以及你們目前看到的趨勢。在你們的投資組合中，你們注意到逾期率有一些上升。你們那邊看到的是什麼情況？另外也許你們可以談談非 QM 證券化市場的發行執行情況。

Thanks.

謝謝。

Sure, I'm happy to take that. So just if you're looking in our investor deck on the non-QM delinquency chart, on our investor DSCR portfolio, you saw a small uptick there, as I mentioned in the prepared remarks. That's a 2022-2023 vintage portfolio, and it is performing, I would say, meaningfully inside where composite loans from that vintage are running from a delinquency standpoint.

當然，我很樂意回答。如果你看我們投資人簡報中非 QM 的逾期圖表，在我們的投資人 DSCR 投資組合上，你會看到如我在事先準備的發言中提到的，有小幅上升。那是一個 2022-2023 年批次（vintage）的投資組合，我會說它的表現相當不錯；就逾期的角度來看，它明顯優於同批次的綜合貸款表現。

But I would say more broadly speaking, and this goes for the entire non-QM market, is that as you see delinquency in that mid-single-digit range, I think if you talk to just about anybody, nobody is commenting that losses are exceeding their expectations. Losses have been nominal at best across the non-QM space.

但更廣泛來說，這也適用於整個非 QM 市場：當你看到逾期率在中個位數區間時，我想你跟幾乎任何人聊，沒有人會說損失超出他們的預期。整體非 QM 領域的損失充其量都非常有限。

So that's consistent with what we're seeing in our portfolio as well as the broader market. In terms of just securitization execution, I'm sure you're probably aware that over the course of the quarter as rates sold off and deals came to market with lower interest rates on the underlying loans, securitization structures shifted a little bit, and that has impacted securitization economics overall for some of those lower interest rate pools.

因此，這與我們在自身投資組合以及更廣泛市場看到的情況一致。就證券化發行執行而言，我相信你可能也注意到，本季期間隨著利率走高（rates sold off），而且市場上的交易其底層貸款利率較低，證券化結構有些微調整，這也影響了部分較低利率資產池的整體證券化經濟性。

But I will say, and as we alluded to in our prepared remarks, we were exceptionally pleased with respect to the execution on our initial PRISM transaction, the HX1 deal. If you just look at where AAAs were pricing the week before and the week after we did our deal, putting us right in the middle there, you saw issuers that were on their 12th, 13th deal of the year, and they were pricing the AAAs in the 155 to 165 area, and we got our deal done at 160, so again, we were exceptionally pleased. And when we had originally modeled this out, we were expecting some concession for it being our first-time deal.

但我想說，正如我們在事先準備的發言中提到的，我們對於首次 PRISM 交易（HX1 交易）的執行結果感到非常滿意。如果你看我們交易前一週與後一週 AAA 的定價水準，我們的定價正好落在中間；你會看到一些今年已做第 12、13 筆交易的發行人，他們 AAA 的定價大約在 155 到 165 之間，而我們以 160 完成交易，所以我們再次強調，對結果非常滿意。而且我們原先建模時，預期因為是首次交易會需要讓利一些。

And we think that's a testament to the historical presence that Chimera has had in the securitization market. And last thing I would say about that is just the fact that it's a really important transaction for us just in the sense that it does bring together all the different components of the business together in a synergistic and complementary way. And we see this as being a pretty important component of our ongoing business strategy.

我們認為這也證明了 Chimera 在證券化市場長期以來的歷史能見度與存在感。最後我想補充的是，這筆交易對我們非常重要，因為它確實以協同且互補的方式，把業務的各個不同組成部分整合在一起。我們認為這將是我們持續業務策略中相當重要的一個組成要素。

Great. That's very helpful. I don't know if I missed this. Did you provide an update to book value quarter to date? And if so, can you just discuss what's moving it, if it's spreads or rates?

很好。這非常有幫助。我不確定我是否漏聽了。你們有提供本季迄今的每股淨值（book value）更新嗎？如果有，能否談談是什麼在推動變動，是利差還是利率？

Yes, sure. So, as of the 3rd, I guess, we were up 5%, and that was really a function of rates have tightened and spreads have tightened quarter to date. So, unlike the breakdown that we gave in the prepared remarks, the composition of that was probably more toward the Agency piece, just from a book value attribution component, than it was over the course of the third quarter.

有的，當然。截至 3 日，我想，我們上升了 5%，這主要是因為本季迄今利率收斂、利差也收斂。因此，不同於我們在事先準備的發言中提供的拆解，從每股淨值歸因的角度來看，這次的組成可能更偏向機構（Agency）部分，而不像第三季期間那樣。

Great. Thank you for taking my questions.

很好。謝謝你回答我的問題。

(Operator Instructions) Doug Harder, BTIG.

（接線員指示）Doug Harder，BTIG。

Thanks. It's actually Will Nasta on for Doug this morning. I know you cited macro volatility as a main driver of the lower HomeXpress margins in the quarter, but I was just hoping you could talk a little bit more about how you're thinking about margins there in the higher rate environment and I guess how that evolves as volatility comes down.

謝謝。今天早上其實是我 Will Nasta 代 Doug 發言。我知道你們提到宏觀波動是本季 HomeXpress 利潤率較低的主要原因，但我希望你們能再多談一些，在高利率環境下你們如何看待那邊的利潤率，以及當波動下降時它會如何演變。

Yes, this is Kyle. We had to go through a transition from a lower interest rate environment to a higher interest rate environment. That means most of our loans are locked on 30 days, so there was a transition of about 30 days where you had to deal with loans that weren't profitable.

是的，我是 Kyle。我們必須經歷從低利率環境轉換到高利率環境。這表示我們大多數貸款的利率鎖定期是 30 天，因此大約有 30 天的過渡期，你必須處理一些不具獲利性的貸款。

Today, our pipeline, we believe, is profitable, near 8%. And so, we're still working through, I think, about one more pool that is maybe slightly profitable, and then we think we'll be back into a profitable margin business at the end of the fourth quarter into the first quarter.

目前，我們認為我們的管線是有獲利的，接近 8%。因此，我們仍在消化我想大概還有一個資產池可能只是略有獲利，之後我們認為在第四季末到第一季，我們將回到一個具獲利利潤率的業務狀態。

Got it. Thanks for taking my question.

了解。謝謝你回答我的問題。

We have reached the end of the question and answer session. I would like to turn the floor back over to Mr. Kardis for closing comments.

問答環節到此結束。我想把時間交還給 Kardis 先生作結語。

Thank you. I'd like to thank all of our shareholders for their support, and also like to thank all of our employees for the hard work that they went through, given the volatility of the quarter. And we look forward to talking to you early next year. Thank you.

謝謝。我要感謝所有股東的支持，也要感謝所有員工在本季波動之下所付出的辛勤努力。我們期待在明年年初再與各位交流。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. This live transcript is auto-generated without human intervention or review.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。本即時逐字稿為自動生成，未經人工介入或審閱。