Dynex Capital Inc (DX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Dynex Capital, Inc., first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Alison Griffin, VP, Investor Relations. Thank you. You may begin.

大家好，歡迎參加 Dynex Capital, Inc. 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁艾莉森‧格里芬 (Alison Griffin)。謝謝。你可以開始了。

Good morning. The press release associated with today's call was issued and filed with the SEC this morning, April 21, 2025. You may view the press release on the homepage of the Dynex website at dynexcapital.com, as well as on the SEC's website at sec.gov.

早安.與今天電話會議相關的新聞稿於 2025 年 4 月 21 日上午發布並提交給美國證券交易委員會 (SEC)。您可以在 Dynex 網站首頁 dynexcapital.com 以及美國證券交易委員會網站 sec.gov 上查看新聞稿。

Before we begin, we wish to remind you that this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, forecast, anticipate, estimate, project, plan, and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.

在開始之前，我們想提醒您，本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。相信、期望、預測、預期、估計、項目、計劃等詞語和類似表達方式表明前瞻性陳述本質上受風險和不確定性的影響，其中一些無法預測或量化。

The company's actual results and timing of certain events could differ considerably from those projected and/or contemplated by those forward-looking statements as a result of unforeseen external factors or risks. For additional information on these factors or risks, please refer to our disclosures filed with the SEC, which may be found on the Dynex website under Investors, as well as on the SEC's website.

由於不可預見的外部因素或風險，公司的實際結果和某些事件的時間可能與這些前瞻性陳述所預測和/或設想的結果和/或時間有很大差異。有關這些因素或風險的更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的披露文件，該文件可在 Dynex 網站的“投資者”部分以及美國證券交易委員會的網站上找到。

This conference call is being broadcast live over the Internet with a streaming slide presentation, which can be found through the webcast link on the homepage of our website. The slide presentation may also be referenced under Quarterly Reports on the Investor Center page.

本次電話會議將透過網路進行現場直播，並附帶串流幻燈片演示，您可以透過我們網站主頁上的網路直播連結找到。您也可以在投資者中心頁面的季度報告下參考該投影片簡報。

Joining me on the call today are Byron Boston, Chairman and Co-Chief Executive Officer; Smriti Popenoe, Co-Chief Executive Officer and President; Rob Colligan, Chief Financial Officer and Chief Operating Officer; and T.J. Connelly, Chief Investment Officer. I will now turn the call over to Smriti.

今天與我一起參加電話會議的還有董事長兼聯席首席執行官拜倫·波士頓 (Byron Boston)、聯席首席執行官兼總裁斯姆里蒂·波普諾 (Smriti Popenoe)、首席財務官兼首席營運官羅布·科利根 (Rob Colligan) 和首席投資官 T.J. 康納利 (T.J. Connelly)。現在我將把電話轉給 Smriti。

Thank you, Alison, and thanks to all of you for joining us on the call today. We have viewed and continue to view this environment as being favorable to our business model. The yield curve is steeper, asset prices are now reflecting higher risk premiums, financing costs are lower, and our ability to generate an above-average dividend yield remains largely intact. However, we must manage our business through the rapid transitions that are happening across the global and US economy.

謝謝你，艾莉森，也謝謝大家今天參加我們的電話會議。我們一直認為並且將繼續認為這種環境有利於我們的商業模式。殖利率曲線更加陡峭，資產價格現在反映出更高的風險溢價，融資成本更低，而我們產生高於平均的股息殖利率的能力基本上保持不變。然而，我們必須在全球和美國經濟正在發生的快速轉型中管理我們的業務。

My goal for you today is to leave our call with a better understanding of Dynex, our long-term approach to the business and why we continue to feel comfortable owning Dynex stock in our personal portfolios. From the very beginning of our time here at Dynex, we've been very disciplined in our approach, not being swayed by the hot investment ideas that crop up from time to time.

我今天的目標是讓您在通話結束後更好地了解 Dynex、我們對業務的長期方針以及為什麼我們繼續放心在個人投資組合中持有 Dynex 股票。從我們在 Dynex 成立之初，我們就非常嚴謹地遵循自己的方法，不會被時不時出現的熱門投資想法所左右。

We recognized very early in the last decade how investing in global markets continued to become more complex. We focus on the multiple demographic, social, and political factors that are interacting to create potential surprises. This thought process is the foundation of our approach to the markets and the management of our shareholders' capital.

早在上個十年，我們就意識到投資全球市場變得越來越複雜。我們關注的是多種人口、社會和政治因素，這些因素相互作用，可能會產生意想不到的意外。這個思考過程是我們對待市場和股東資本管理的基礎。

So what we're experiencing now is not unfamiliar territory for us. It's a moment we have planned and prepared for. Over the past several quarters, we have deliberately positioned ourselves for a more dynamic macro environment. We've taken decisive steps to build resilience, including raising capital at attractive terms, preserving liquidity, and adding flexibility across our portfolio. This proactive approach has given us optionality so that rather than react to market shocks, we can make strategic decisions from a position of strength.

因此，我們現在所經歷的對我們來說並不陌生。這是我們已計劃並準備好的時刻。在過去的幾個季度中，我們刻意為更具活力的宏觀環境做好了準備。我們採取果斷措施增強韌性，包括以優惠條件籌集資金、保持流動性以及增強投資組合的靈活性。這種積極主動的方法為我們提供了選擇權，使我們可以從優勢地位做出策略決策，而不是對市場衝擊做出反應。

To give you a better sense of the environment and how we're responding, I'm going to ask and answer a series of questions, and after that, I'll turn it over to Rob and T.J., who will give you more details. Let me start with why do we feel comfortable owning Dynex personally? It starts with the team and our process. Our experience and our mindset and discipline continue to serve us in making clear decisions.

為了讓您更了解環境以及我們的應對措施，我將提出並回答一系列問題，之後，我將把時間交給 Rob 和 T.J.，他們將向您提供更多詳細資訊。首先，我要談談為什麼我們個人對擁有 Dynex 感到放心？它始於團隊和我們的流程。我們的經驗、思維方式和紀律將繼續幫助我們做出明確的決定。

Our investment strategy is simple. And yes, we must make the right decisions through volatility. We are relying on our experience and our processes to do so. Finally, the dividend: it cushions a lot here. In these moments, dividend-paying stocks, particularly Dynex, where you can rely on the asset quality and the team, really shine.

我們的投資策略很簡單。是的，我們必須在波動中做出正確的決定。我們依靠我們的經驗和流程來做到這一點。最後，紅利：它在這裡起到很大的緩衝作用。在這些時刻，派息股票，尤其是 Dynex，因為您可以依賴其資產品質和團隊，所以真正大放異彩。

So what happened in the last three weeks? The April 2 tariff announcement was a shock for the markets. As announced, it was larger than anticipated and if implemented, could be described as one of the most significant trade policy changes in many decades. We've seen an immediate derisking to reflect the degree of uncertainty that this posture brings. Deleveraging of the riskiest positions such as treasury basis trades drove some of the moves. Many companies exposed to tariff uncertainty have experienced large declines in share prices. Credit spreads in both investment-grade and high-yield bonds are wider.

那麼過去三週發生了什麼事？4月2日的關稅公告令市場震驚。正如宣布的那樣，該協議的規模超出了預期，一旦實施，可以說是幾十年來最重要的貿易政策變化之一。我們已經看到風險立即降低，以反映這種姿態帶來的不確定性程度。國債基礎交易等風險最高的頭寸的去槓桿化推動了部分舉措。許多受到關稅不確定性影響的公司股價都大幅下跌。投資等級債券和高收益債券的信用利差均較大。

We also saw that long and treasury yields unexpectedly rose, reflecting some type of selling, and the dollar experienced weakness versus major currencies that has only been seen during times of severe crisis. So what did Dynex experience during this time? Most of the turbulence directly affecting us was in the treasury and swap market.

我們也看到，長期和國債殖利率意外上升，反映出某種形式的拋售，美元兌主要貨幣出現疲軟，這種情況只有在嚴重危機時期才會出現。那麼 Dynex 在這段期間經歷了什麼？直接影響我們的大部分動盪都發生在國債和掉期市場。

And as T.J. will outline, it had some impact on our book value. Besides that, we followed our normal discipline. We have made minor adjustments to the portfolio. Margin and cash collateral changed hands in both directions as markets gyrated. Repo availability is excellent, and short-term fluctuations in interest rates seem reflective of the flows. We have had no trouble terming out our financing, and we remain engaged with our major counterparties as we have always prioritized openness and proactive communication.

正如 T.J. 所概述的，它對我們的帳面價值產生了一定的影響。除此之外，我們也遵守正常的紀律。我們對投資組合做了一些小的調整。隨著市場波動，保證金和現金抵押品雙向易手。回購可用性非常好，短期利率波動似乎反映了資金流動。我們在融資方面沒有遇到任何問題，我們始終與主要交易對手保持聯繫，因為我們始終優先考慮開放和主動溝通。

Next, how is your portfolio constructed today, given the global complex backdrop? First, we are long-term investors, and we've constructed the portfolio to perform in a variety of market environments. Second, our strategy is simple: to extract the spread between Agency RMBS and our hedge financing costs. Both instruments are dollar-denominated and they're relatively correlated.

接下來，考慮到全球複雜的背景，您今天的投資組合是如何建構的？首先，我們是長期投資者，我們所建構的投資組合可以在各種市場環境中發揮作用。其次，我們的策略很簡單：提取機構 RMBS 與我們的避險融資成本之間的利差。兩種工具均以美元計價，並且相對相關。

The most important decisions we make are our hedge ratio, how much liquidity to hold, and how much leverage risk to take. Our track record shows we have extensive experience and success making these decisions in some of the most volatile moments in markets over the last decade.

我們所做的最重要的決定是我們的對沖比率、持有多少流動性、承擔多少槓桿風險。我們的業績記錄表明，我們在過去十年中市場最動蕩的時刻做出了這些決策，擁有豐富的經驗並取得了成功。

In 2019, we began operating with a significantly higher liquidity position, a feature of our risk management process, which remains to this day. It's a core part of how we are able to withstand volatility like what we've just experienced without making significant adjustments or crystallizing losses. We are entering the coming period with a robust liquidity position and a liquid balance sheet, allowing us to remain agile even as the external environment shifts. We have also operated with generally lower leverage.

2019 年，我們開始以顯著更高的流動性狀況運營，這是我們風險管理流程的一個特點，至今仍是如此。這是我們如何能夠承受剛剛經歷的波動而不進行重大調整或造成損失的核心部分。我們將以強勁的流動性狀況和流動的資產負債表進入新時期，這使我們能夠在外部環境變化時保持敏捷。我們的營運槓桿也普遍較低。

Next question, why are you invested in Agency RMBS? Will there be changes to the GSEs? And what should we expect? So we have been up in credit and up in liquidity for several years now. We believe that Agency MBS are still an excellent choice in terms of where to allocate our shareholders' capital. T.J. will give you more details on how we are positioned within this market.

下一個問題，您為什麼要投資 Agency RMBS？政府支持企業 (GSE) 會改變嗎？我們該期待什麼？因此，幾年來我們的信貸和流動性一直在增加。我們相信，就股東資本的配置而言，機構 MBS 仍然是一個絕佳的選擇。T.J. 將向您詳細介紹我們在這個市場中的定位。

In terms of a change to the GSEs, here is our current thinking: the US housing finance system has underpinned the American Dream for over a century, helping millions of families build wealth and economic security through homeownership. It stands as one of the most effective and dynamic in the world.

關於政府支持企業的變革，我們目前的想法是：一個多世紀以來，美國住房金融體系一直是美國夢的基礎，幫助數百萬家庭透過擁有住房累積財富、獲得經濟保障。它是世界上最有效、最具活力的國家之一。

Agency MBS remain a foundational component of the US financial system, central to bank balance sheets, retail money market and bond mutual funds, and an integral part of the wealth of average Americans. With over $8 trillion in Agency MBS outstanding, any disruption to the current guarantee structure would have immediate and far-reaching implications for capital markets, mortgage rates, and systemic risk.

機構MBS仍然是美國金融體系的基礎組成部分，是銀行資產負債表、零售貨幣市場和債券共同基金的核心，也是一般美國人財富不可或缺的一部分。由於未償還的機構MBS超過8兆美元，任何對現有擔保結構的破壞都會對資本市場、抵押貸款利率和系統性風險產生直接而深遠的影響。

We are preparing for the possibility of accelerated policy action around the GSEs, evaluating outlier scenarios for market reactions, and we will take proactive steps to protect shareholder capital across our exposures. Regardless of the pace or path, our focus remains disciplined risk management and real-time adjustment as the regulatory and political landscape evolves.

我們正在為可能加速針對政府支持企業的政策行動做準備，評估市場反應的異常情景，並將採取積極措施保護我們風險敞口中的股東資本。無論步伐或路徑如何，我們的重點仍然是隨著監管和政治局勢的變化而進行嚴格的風險管理和即時調整。

How are we thinking about the dollar and the demand for US fixed income assets? Will that go down? How does that impact Dynex? The answer here is that it depends on how policy evolves. As it stands today, US equities and sovereign bonds represent 70% of total global market capitalization and outstandings.

我們如何看待美元和美國固定收益資產的需求？那會下降嗎？這對 Dynex 有何影響？答案是，這取決於政策如何演變。目前，美國股票和主權債券佔全球總市值和流通量的 70%。

So while investors could start to sell dollar assets in the short term, it will take a lot of time to move into other currencies because there just isn't enough out there to move into. We do believe that the trend will be towards some caution on the US due to shifting policy. So you could see some selling of bond holdings, including MBS, but that could present a more durable opportunity for Dynex to step in and earn those extra returns.

因此，儘管投資者可能在短期內開始拋售美元資產，但轉向其他貨幣仍需要很長時間，因為市場上可供轉向的美元資產不足。我們確實相信，由於政策的轉變，趨勢將對美國持謹慎態度。因此，您可能會看到一些債券持有量（包括 MBS）的拋售，但這可能為 Dynex 介入並獲得額外回報提供一個更持久的機會。

Next question, how are we preparing for changes across other fronts such as the structure of the Fed or other policy changes? Look, we recognize that change is not only inevitable, but it's accelerating. From tariffs to monetary policy to regulatory shifts and power dynamics, we are preparing for potential transitions across many fronts, often with little warning. Our strategy acknowledges this reality.

下一個問題是，我們如何為聯準會結構或其他政策變化等其他方面的變化做好準備？瞧，我們體認到改變不僅是不可避免的，而且還在加速。從關稅到貨幣政策，再到監管變化和權力動態，我們正在為許多方面的潛在轉變做準備，而且往往沒有任何預兆。我們的戰略承認了這個現實。

We're not waiting for stability to return; we're actually building for agility. That means maintaining a wide field of vision, engaging in disciplined scenario planning, keeping an open and flexible mindset, and ensuring our capital is protected and ready to be deployed when opportunities align with our risk framework. As we always say, we don't predict, we prepare.

我們並不是等待穩定的回歸；我們實際上是在為敏捷性而建立。這意味著要保持廣闊的視野，進行嚴謹的情境規劃，保持開放和靈活的心態，並確保我們的資本受到保護，並在機會與我們的風險框架相符時隨時可以部署。正如我們常說的，我們不是預測，而是準備。

Next, will the global financial and economic environments continue their volatile trend? The short answer to this question is that we are prepared for yes. We have talked about this for the last 11 years. We expect the future will be full of surprises, and we will be managing our business from this perspective.

接下來全球金融、經濟環境還會延續震盪走勢嗎？這個問題的簡短回答是，我們已經做好了肯定的準備。我們已經談論這個問題11年了。我們預計未來將充滿驚喜，我們將從這個角度來管理我們的業務。

Finally, how are we thinking about the dividend? The dividend is a long-term decision that we make very carefully, and we have made it in the context of a capital risk management decision. We set our dividend based on many factors, including our view on long-term returns, availability of capital, yields on comparable instruments, liquidity risk, overall risk, and taxable income.

最後，我們如何考慮股利？股利是我們非常謹慎的長期決定，我們是在資本風險管理決策的背景下做出的。我們根據多種因素設定股息，包括對長期回報、資本可用性、可比較工具收益率、流動性風險、整體風險和應稅收入的看法。

We raised our monthly dividend in February, reflecting our confidence in our continued ability to generate attractive returns. In the long term, we're operating at the intersection of global capital markets and the US housing finance system. This is a business we feel is strongly supported by demographic trends. In the shorter term, we believe Agency MBS are still an excellent choice in terms of where to allocate our shareholders' capital, and we are managing our risk in this sector with the rigor and discipline I have outlined for you thus far.

我們在二月提高了月度股息，這反映了我們對持續產生可觀回報的能力的信心。從長遠來看，我們的營運處於全球資本市場和美國住房金融體系的交匯處。我們認為這項業務受到人口趨勢的強烈支持。從短期來看，我們認為機構 MBS 仍然是我們股東資本配置的絕佳選擇，而且我們正在按照我迄今為止為您概述的嚴謹性和紀律來管理這一領域的風險。

I'll now turn it over to Rob and T.J.

現在我將把發言權交給 Rob 和 T.J.

Thank you, Smriti. We have several highlights this quarter that we'd like to share. First, as you can see from our results, net interest income continues to trend up as new investments carrying attractive yields are added to our portfolio and financing costs continue to trend down. Despite another quarter of volatile rates and a 70 basis point intra-quarter move in the 10-year treasury, the mark-to-market impact of our MBS investments compared to our hedges was close to neutral.

謝謝你，Smriti。本季我們有幾個亮點想與大家分享。首先，正如您從我們的業績中看到的那樣，隨著具有誘人收益的新投資加入我們的投資組合，且融資成本持續下降，淨利息收入持續呈上升趨勢。儘管本季利率波動較大，且 10 年期公債季度內波動了 70 個基點，但與我們的對沖相比，我們的 MBS 投資的市價影響接近中性。

This year, we've significantly strengthened our capital position. Year-to-date, we've raised $270 million of new capital. And given the strength in our stock during the first quarter, we raised capital at a premium to book value, which is accretive to shareholders. Raising capital above book value has allowed us to grow, achieve scale, and deploy into an attractive market. We have invested some of the new capital into the agency portfolio, which T.J. will cover, but we also continue to keep ample levels of liquidity to maintain flexibility going forward.

今年，我們顯著加強了資本狀況。今年迄今為止，我們已籌集 2.7 億美元的新資本。鑑於我們股票在第一季的強勁表現，我們以高於帳面價值的價格籌集了資本，這對股東來說是增值的。將資本籌集到帳面價值以上使我們能夠成長、擴大規模並進入有吸引力的市場。我們已將部分新資本投入到代理投資組合中，T.J. 將負責該投資組合，但我們也將繼續保持充足的流動性，以保持未來的靈活性。

Similar to last year's first quarter, this quarter, we had an accelerated vesting condition for equity compensation. The impact of this acceleration compared to a standard vesting schedule was about $1 million during the quarter. While expenses are up this quarter, I do expect expenses to level out and trend down over the course of the year, and combined with our equity growth, we are planning for a lower expense ratio this year compared to 2024. We continue to have a commitment for expense efficiency, which drives shareholder value over the long term.

與去年第一季類似，本季我們對股權補償實施了加速歸屬條件。與標準歸屬計畫相比，這種加速的影響在本季約為 100 萬美元。雖然本季的支出有所增加，但我預計全年支出將趨於平穩並呈下降趨勢，再加上我們的股權成長，我們計劃今年的支出率將低於 2024 年。我們將繼續致力於提高費用效率，以長期推動股東價值。

I'll now turn it over to T.J. for the investment portfolio outlook.

現在我將把投資組合展望交給 T.J.。

Thank you, Rob. I'll cover our performance and decisions for the first quarter before addressing quarter-to-date changes and our outlook. Our 2.6% TER was delivered during the quarter with significant swings in rates. Current coupon mortgage yields, for example, moved over 70 basis points high to low and the yield curve moved 20 basis points flatter before steepening again. This performance validates what I have long emphasized about this market regime.

謝謝你，羅布。在討論本季迄今的變化和展望之前，我將介紹我們第一季的業績和決策。本季度，我們的 TER 為 2.6%，利率大幅波動。例如，當前票面抵押貸款殖利率從高點到低點波動了 70 多個基點，殖利率曲線從平緩位置移動了 20 個基點，然後再次變陡。這一表現證實了我長期以來所強調的有關這一市場制度的觀點。

Skilled investors can earn substantial risk premiums from mortgage-backed securities, while effectively hedging interest rate risk. The portfolio generated a solid total return despite mortgage spreads widening from around 138 basis points on the current coupon versus seven-year treasuries to around 144 basis points by the end of the quarter.

熟練的投資者可以從抵押貸款支持證券中獲得可觀的風險溢價，同時有效地對沖利率風險。儘管抵押貸款利差從當前票面利率相對於七年期公債的約 138 個基點擴大至本季末的約 144 個基點，但該投資組合仍產生了穩健的總回報。

As Rob mentioned, we raised a significant amount of capital and regularly deployed it. We invested about two-third and held the balance to allow us to remain flexible, which served as a cushion during the post-tariff market turbulence. We also chose to shift our exposures down in coupon towards more duration stability, added some call swaptions, and maintained our portfolio bias towards neutral duration with a curve steepening bias. Most of our hedges are concentrated in the long end of the yield curve. By quarter-end, our leverage had declined to 7.4 times.

正如 Rob 所提到的，我們籌集了大量資金並定期部署。我們投資了大約三分之二，並持有餘額以保持靈活性，這在關稅後市場動盪期間起到了緩衝作用。我們也選擇降低票面利率曝險，以提高期限穩定性，增加一些買權互換選擇權，並維持投資組合期限中性傾向，同時增加曲線陡化傾向。我們的對沖大多集中在殖利率曲線的長端。截至季末，我們的槓桿率已下降至 7.4 倍。

Turning to the current quarter. The April 2 tariff announcement was a vol event, not a mortgage event. Initially, we saw a classic risk-off reaction that started with equity price declines and then interest rates dropping sharply. However, this quickly evolved as investor concerns about potential de-dollarization and treasury selling caused yields to spike. We also experienced a tightening in swap spreads as some hedge funds were forced to unwind overleveraged positions.

轉向本季。4 月 2 日的關稅公告是波動率事件，而不是抵押貸款事件。最初，我們看到了典型的避險反應，首先是股價下跌，然後是利率急劇下降。然而，由於投資者對潛在去美元化和國債拋售的擔憂導致收益率飆升，這種情況迅速演變。由於一些對沖基金被迫平掉過度槓桿的頭寸，我們也經歷了掉期利差的收緊。

Some of the price action in these markets was very volatile, indicative of poor market depth. By last week, realized volatility has subsided modestly and uncertainty still remains high. Agency RMBS spreads widened sharply this month. Spreads have ranged from 145 basis points to 160 basis points over treasuries or nearly 200 basis points over interest rate swaps.

這些市場中的一些價格行為非常不穩定，顯示市場深度較差。截至上週，實際波動率已略有下降，但不確定性仍然很高。本月機構RMBS利差大幅擴大。利差範圍為國債利差 145 個基點至 160 個基點，或利率互換利差近 200 個基點。

Trading in the Agency RMBS market has been orderly. While bid offers widened during certain periods, we have not experienced the gappy price action we saw during the COVID crisis, the LDI crisis, or even the volatility of October 2023. Our book value as of Thursday's market close was estimated between $11.55 and $11.65 per share. Leverage to total capital was at [7.8, up $0.04] since quarter-end due entirely to lower book value.

機構RMBS市場交易有序進行。雖然在某些時期買賣報價有所擴大，但我們並未經歷 COVID 危機、LDI 危機，甚至 2023 年 10 月波動期間出現的價差走勢。截至週四收盤時，我們的帳面價值估計在每股 11.55 美元至 11.65 美元之間。自季末以來，總資本槓桿率為 [7.8，上漲 0.04 美元]，完全是由於帳面價值下降。

We have followed our disciplined, liquidity-focused risk management process. We continue to keep an open and flexible mind as we navigate the markets. Our robust liquidity position placed us in a position of strength where we were not forced to crystallize losses or adjust positions amid the volatility. We are actively managing several risk factors.

我們遵循了嚴謹的、以流動性為重點的風險管理流程。我們在探索市場時始終保持開放和靈活的心態。我們強大的流動性狀況使我們處於強勢地位，在市場波動的情況下，我們不會被迫承擔損失或調整頭寸。我們正在積極管理多種風險因素。

First, volatility risk. The April tariff-induced volatility underscores the importance of our hedging strategy and liquidity management. We expect options will be a core part of our hedging strategy going forward. Second, prepayment risk. This has intensified following Rocket Mortgage's acquisition of Mr. Cooper, creating a formidable originator servicer capable of offering expedited refinancing. We've adjusted our portfolio to focus on specified pools with strong prepayment protection, and we shifted our exposures towards lower coupon mortgages backed by borrowers with lower mortgage rates.

第一，波動風險。四月關稅引發的波動凸顯了我們的對沖策略和流動性管理的重要性。我們預計選擇權將成為我們未來對沖策略的核心部分。二是提前還款風險。在 Rocket Mortgage 收購 Mr. Cooper 之後，這一情況進一步加劇，從而創建了一家能夠提供快速再融資的強大發起服務商。我們已調整投資組合，將重點放在具有強大提前還款保護措施的特定資產池上，並將敞口轉向由抵押貸款利率較低的借款人支持的低利率抵押貸款。

Third, GSE transition. The FHFA continues to implement changes at Fannie Mae and Freddie Mac that could introduce spread volatility. Our team remains engaged with Washington policymakers to stay ahead of these developments. Finally, regulatory changes. The regime is changing rapidly, and there is scope for sharp movement in assets as capital requirements for banks evolve in both the short and medium term.

第三，政府支持企業轉型。聯邦住房金融局繼續對房利美和房地美實施改革，可能會引發利差波動。我們的團隊一直與華盛頓的政策制定者保持聯繫，以掌握這些發展的先機。最後，監管變化。制度正在迅速變化，隨著銀行資本要求在短期和中期發生變化，資產可能會出現急劇變動。

In the short term, we could see changes to the supplemental leverage ratio that could make it easier for banks to hold treasury securities. And there is also scope for broader changes that will lessen the bank regulatory burden and ease capital treatment for many of their assets.

短期內，我們可能會看到補充槓桿率的變化，這可能會使銀行更容易持有國債。此外，還有更廣泛的改革空間，以減輕銀行監管負擔並簡化其許多資產的資本處理。

Looking ahead, the recent volatility and spread widening have strengthened our conviction in the opportunity to earn attractive returns through the spread premium available in Agency RMBS. Mortgage spreads to swaps and treasuries remain close to historic wides, offering double-digit ROEs, positioning us to generate solid returns even without spread tightening from today's historically wide levels.

展望未來，近期的波動和利差擴大增強了我們的信心，即有機會透過機構RMBS的利差溢價獲得可觀的回報。抵押貸款與掉期和國債的利差仍然接近歷史高位，提供了兩位數的淨資產收益率，即使利差沒有從目前的歷史高點收窄，我們也能夠獲得穩健的回報。

The supply and demand balance in the market remains healthy. While money managers saw redemptions as investors reallocated from bonds to stocks after the equity price decline, we expect a broader trend in fund flows towards income-producing assets to resume. Demographics still strongly support a need for income in portfolios. Moreover, there is scope for bank demand, which was strong early in the first quarter to reaccelerate as the monetary and regulatory policy environments become less uncertain.

市場供需平衡仍健康。儘管在股價下跌後，投資人將資金從債券轉向股票，導致基金經理人出現贖回，但我們預期資金流向創收資產的更廣泛趨勢將會恢復。人口統計數據仍然強烈支持投資組合收入的需求。此外，隨著貨幣和監管政策環境的不確定性降低，銀行需求在第一季初表現強勁，未來可望再次加速成長。

Spread tightening from today's levels will be a function of a reduction in overall macroeconomic uncertainty and policy uncertainty. If we enter any type of recession as expected by many in the market, Agency RMBS should outperform credit-sensitive assets as investors rotate away from default risk. In this scenario, lower financing costs could also support strong returns.

利差從目前的水平收緊將是由於整體宏觀經濟不確定性和政策不確定性的減少。如果我們像市場上許多人預期的那樣進入任何類型的衰退，那麼隨著投資者遠離違約風險，機構 RMBS 的表現應該會優於信貸敏感型資產。在這種情況下，較低的融資成本也可能支持強勁的回報。

While our portfolio can generate outsized returns from spread tightening, my optimism is tempered with a deep respect for the complexity of the global macroeconomic environment. Even in quarters without a major vol event like we've seen this month, we expect realized volatility will remain above average.

雖然我們的投資組合可以透過縮小利差獲得超額回報，但我對全球宏觀經濟環境的複雜性深感擔憂。即使在沒有出現本月所見的重大波動事件的季度中，我們預計實際波動率仍將高於平均水平。

In addition to insulating our portfolio from these moves by adjusting our exposure and adding swaptions, as I mentioned, we have continued to pursue opportunities in the Agency CMBS market, where we can add credit-protected bonds with much more certain durations. We added exposures to Fannie Mae DUS in the first quarter and expect to make further additions in the coming quarters as opportunities arise.

除了透過調整風險敞口和增加掉期選擇權來使我們的投資組合免受這些變動的影響之外，正如我所提到的，我們還繼續在機構 CMBS 市場中尋找機會，我們可以在該市場中添加期限更確定的信用保護債券。我們在第一季增加了對 Fannie Mae DUS 的投資，並預計在未來幾季隨著機會的出現而進一步增加。

Financing markets were remarkably stable throughout the recent volatility, and we expect repo rates relative to SOFR to remain in a tight 15 basis point to 20 basis point range. Availability of funding is good with nearly $7 trillion in money market fund balances. Our disciplined approach to leverage and expert management of liquidity, hallmarks of Dynex Capital, will be needed to navigate us through this environment. That is something this team is very proud to have demonstrated over more cycles than any other publicly traded mortgage REIT.

在最近的波動中，融資市場非常穩定，我們預計相對於 SOFR 的回購利率將保持在 15 個基點至 20 個基點的窄幅範圍內。資金供應良好，貨幣市場基金餘額接近 7 兆美元。我們需要以嚴謹的槓桿方式和專業的流動性管理（Dynex Capital 的標誌）來引導我們度過這個環境。與任何其他公開交易的抵押房地產投資信託基金相比，該團隊在更多周期內證明了這一點，對此我們感到非常自豪。

With that, I'd like to turn the call to our Chairman and Co-CEO, Byron Boston.

接下來，我想將電話轉給我們的董事長兼聯席執行長拜倫波士頓 (Byron Boston)。

Thank you, T.J. Our goal today is to give you a clear picture of the complex environment in which we currently invest. For our shareholders, we would like to leave you with the reinforced impression that you can continue to trust your capital with this management team. We came into this decade believing the globe was complex. We have continued to make deliberate decisions for capital management, personnel, technology, risk and investments with this mindset.

謝謝你，T.J。我們今天的目標是讓大家清楚了解我們目前投資的複雜環境。對於我們的股東，我們希望讓你們留下更深刻的印象：你們可以繼續把資金交給這個管理團隊。進入這個十年以來，我們相信地球是複雜的。我們一直以這種心態對資本管理、人員、技術、風險和投資做出深思熟慮的決策。

Let me reiterate, we continue to see a compelling opportunity to invest in agency residential mortgage-backed securities, but we must manage our company through a rapidly changing landscape. We have ample dry powder to protect our capital and take advantage of attractive investment opportunities as they develop.

讓我重申一下，我們仍然看到投資機​​構住宅抵押貸款支持證券的絕佳機會，但我們必須在快速變化的環境中管理我們的公司。我們擁有充足的資金來保護我們的資本，並利用正在發展的有吸引力的投資機會。

Second, it is important now more than ever to be able to rely on our team. We have been building our bench for the long term, and the experience we have will be critical to developing the strategy and navigating this complex environment.

其次，現在比以往任何時候都更重要的是能夠依靠我們的團隊。我們一直在長期建立我們的人才隊伍，我們的經驗對於制定策略和應對複雜的環境至關重要。

It's also important to have transparency in your investments. The Dynex balance sheet can be clearly and cleanly valued. All of our assets are marked and reflected in earnings and book value. We do not have any held-to-maturity investments or other unrealized losses that are hidden from sight. These are essential aspects in assessing not only who manages your capital, but where your capital is invested. We take responsibility as managers and stewards of your savings very seriously.

投資透明度也很重要。Dynex 資產負債表的估值清晰明確。我們的所有資產都經過標記並反映在收益和帳面價值中。我們沒有任何持有至到期的投資或其他隱藏的未實現損失。這些不僅是評估誰管理您的資本，而且也是評估您的資本投資於何處的重要方面。作為您的儲蓄的管理者和管理者，我們非常重視自己的責任。

The Dynex team is personally invested alongside our existing shareholders, and we will continue to manage risk and invest as we see value. As stewards of your capital, we want you to know we're in this together. The executive team collectively owns nearly 2% of the company, making us the fourth largest shareholder with a significant portion of our personal net worth invested alongside yours through long-term incentive grants and direct ownership, aligning our interest fully with yours for the long haul.

Dynex 團隊與我們現有的股東一起進行個人投資，我們將繼續管理風險並根據我們看到的價值進行投資。作為您資本的管理者，我們希望您知道我們在一起。執行團隊總共擁有公司近 2% 的股份，使我們成為第四大股東，並將我們的很大一部分個人淨資產透過長期激勵贈款和直接所有權與您的一起進行投資，使我們的利益與您的長期利益完全一致。

I thank you for your trust, and I look forward to updating you on our performance and the environment next quarter. I'll now open the line to questions. Operator?

感謝您的信任，並期待下個季度向您報告我們的業績和環境。我現在開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Bose George, KBW.

博斯喬治，KBW。

The first question is just on the repo. I guess it sounds like the availability remains strong. Can you just provide more color on repo funding costs? Have you seen much in terms of increases?

第一個問題只是關於 repo。我想這聽起來好像可用性仍然很高。您能否提供更多有關回購融資成本的資訊？您是否看到了很大的成長？

Repo funding costs have been very -- remarkably stable between 15 basis points and 17 basis points over SOFR across -- maybe on the longer end. Now, of course, the forward SOFRs are moving quickly, but maybe on six months, you're 3 or 4 basis points wider than where we were before this. But overall, it's been impressive how much availability there is in the financing markets, and it's a testament to -- the plumbing of the system working very well.

回購融資成本一直非常穩定，在 SOFR 利率上方 15 個基點至 17 個基點之間，或許在較長時期內如此。當然，現在遠期 SOFR 正在快速變動，但也許在六個月內，它會比之前高出 3 或 4 個基點。但總體而言，融資市場的可用性令人印象深刻，這證明該系統的管道運作良好。

Okay. Great. And then, just on the hedging side, given the volatility, is there anything that changes your views on whether to hedge with treasuries versus swaps? Yes, any change there?

好的。偉大的。那麼，就對沖方面而言，考慮到波動性，有什麼會改變您對是否使用國債或掉期進行對沖的看法嗎？是的，有什麼改變嗎？

I'd say, broadly, swaps tend to be a more natural hedge for a mortgage portfolio. We are very comfortable with how we're set up at this point in terms of the hedge composition. There is some room for us to adjust in both directions as opportunities arise. But I think where we are today is a very natural position for the portfolio at this point.

我想說，從廣義上講，掉期往往是抵押貸款組合更自然的對沖方式。就對沖結構而言，我們對目前的設定非常滿意。當機會出現時，我們在兩個方向上都有一些調整的空間。但我認為，我們目前所處的位置對於投資組合來說是一個非常自然的位置。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Jason Weaver, JonesTrading.

傑森·韋弗（Jason Weaver），JonesTrading。

Maybe for T.J., I was wondering if you might be able to frame the investing opportunity you see today versus historically. Steeper curve and wide spreads seem to imply some really high ROE potential. But how do you frame that against what is increasingly a more volatile interest rate backdrop?

也許對於 T.J. 來說，我想知道您是否能夠將您今天看到的投資機會與歷史上看到的投資機會進行比較。更陡峭的曲線和更大的利差似乎意味著 ROE 潛力非常高。但在利率波動日益加劇的背景下，您該如何看待這一點？

Yeah. Great question, Jason. As you said, the steeper curve environment, spreads are wider. We're out to around 200 basis points versus interest rate swap hedges. There's opportunity for significant ROE.

是的。很好的問題，傑森。正如您所說，曲線環境越陡峭，利差就越大。與利率互換對沖相比，我們的利率約為 200 個基點。存在獲得顯著 ROE 的機會。

And against the volatility -- to your question, how do you balance it versus the volatility, some of it is really -- number one, there's no better free lunch in the marketplace than diversification. So we have a nice opportunity to diversify the portfolio across the coupon stack, as you've seen this quarter, or last quarter, rather. And that enables us to get a little more duration certainty into the book.

而對於波動性——對於你的問題，你如何平衡它與波動性，其中一些確實是——第一，市場上沒有比多樣化更好的免費午餐。因此，我們有一個很好的機會來實現整個優惠券堆疊的投資組合多元化，正如您在本季度或上個季度所看到的那樣。這使我們能夠對本書的持續時間有更多的確定性。

And now, at this point, you also have opportunities arising on the Agency CMBS side of things, which I think is increasingly interesting. So yes, to your point, it is a great environment for things going forward with a lot of positive carry.

現在，在這一點上，您在機構 CMBS 方面也有機會，我認為這越來越有趣。是的，正如您所說，這為事情的進展提供了良好的環境，具有很大的積極意義。

Got it. And just one follow-up. I was curious about your sort of pace of capital deployment from the ending of the first quarter into the second, if it's been relatively even?

知道了。僅剩一個後續行動。我很好奇，從第一季末到第二季度，你們的資本配置速度是否相對平衡？

Jason, so I think we announced that the leverage had gone up from 7.4 times to 7.8 times, and that was entirely due to book value decline.

傑森，所以我認為我們宣布槓桿率從 7.4 倍上升到 7.8 倍，這完全是由於帳面價值下降造成的。

All right. Okay. That's fair. Thank you.

好的。好的。這很公平。謝謝。

Doug Harter, UBS.

瑞銀的道格·哈特。

Just first off, hoping to get a clarification on the book value update you gave and how that factors in the dividend that goes ex this week.

首先，希望您能澄清一下您提供的帳面價值更新以及該更新如何影響本週除息的股息。

Doug, the dividend is -- the book value I stated includes the dividend accrued through Thursday, through that day where I quoted the book value.

道格，股利是－我所說的帳面價值包括截至週四、也就是我引用帳面價值的那一天所累積的股利。

Great. Appreciate that. And as you just mentioned, leverage is at 7.8 times. How do you think about the right range of leverage in this environment where things are volatile, spreads are wide? How do you think about that and in the context of kind of earning -- attempting to kind of earn the dividend?

偉大的。非常感謝。正如您剛才提到的，槓桿率為 7.8 倍。在這種波動性大、利差大的環境下，您如何看待適當的槓桿範圍？您如何看待這一點？在獲利的背景下－試圖賺取股息？

Doug, yeah, thank you for the question. So this is really like a tale of two situations, right? One is -- the good situation is that you have mortgages at [200] over swaps. These are really good returns. On the other hand, you're managing through a world in transition. And so, one of the things we respect, as you know, as long as you've been covering us, I think we've been saying the globe is complex and managing our business in this environment requires a great deal of respect. So yes, there are returns available, and we must manage ourselves through this environment.

道格，是的，謝謝你的提問。所以這真的就像是兩個情況的故事，對嗎？一是－好的情況是，你的房貸利率是 [200] 掉期利率。這確實是一筆不錯的回報。另一方面，您正在應對一個處於轉型期的世界。因此，正如您所知，我們尊重的事情之一就是，只要您一直在報道我們，我想我們就會一直在說全球是複雜的，在這種環境下管理我們的業務需要很大的尊重。所以是的，我們有回報，而且我們必須在這種環境下管理好自己。

And so, for now, what I would say is we're watching and seeing how things develop. The bar to add risk here is quite high. So I would say that's something definitely a mindset in which we're operating. We have operated with lower leverage coming into this quarter. And so, that just is reflective of our stance on this environment.

因此，就目前而言，我想說的是，我們正在觀察事態如何發展。這裡增加風險的門檻相當高。所以我想說這絕對是我們經營的心態。進入本季度，我們的營運槓桿率較低。所以，這只是反映了我們對這個環境的立場。

And I guess, along the lines of the bar being high to add risk, how do you think about continuing to use the ATM to add to the portfolio at these spreads?

我想，按照增加風險的門檻較高的思路，您如何看待繼續使用 ATM 以這樣的利差增加投資組合？

Yeah. Once again, I think we've always followed the discipline of when there are risk-adjusted returns that are available to us that we feel are accretive to the cost of capital, we should raise capital and deploy that capital. We are looking at the risk environment with -- somebody else just asked a question, how do we see these returns in the context of historical returns? These are very, very good long-term returns on capital. So, that is driving some of our thought process with respect to capital raising. And as you can imagine, raising capital above book was very good for us in the first quarter.

是的。我再次強調，我認為我們始終遵循這樣的原則：當我們獲得經風險調整的回報，我們認為這些回報能夠增加資本成本時，我們就應該籌集資本並部署這些資本。我們正在審視風險環境──剛才有人問了一個問題，我們如何在歷史回報的脈絡中看待這些回報？這些都是非常非常好的長期資本報酬率。因此，這推動了我們在籌集資金方面的一些思考過程。正如您所想像的，第一季籌集到的超出帳面價值的資本對我們來說非常有利。

As the stock has declined and book value commensurately, you can see -- you expect us to adjust our thought process around that as well. We've been very disciplined generally in terms of when and how much capital that we're raising. And really, we think of it as just us doing the same thing on the equity side as we do on the investing side. So we're opportunistic about that as well.

隨著股價和帳面價值相應下跌，你可以看到——你也希望我們根據這一點調整我們的思考過程。我們在何時以及籌集多少資金方面一直非常自律。實際上，我們認為我們在股權方面所做的和在投資方面所做的是一樣的。因此，我們對此也抱持有機遇態度。

Great. Appreciate the answers. Thank you, guys.

偉大的。感謝您的回答。謝謝你們。

Trevor Cranston, Citizens JMP.

特雷弗·克蘭斯頓 (Trevor Cranston)，公民 JMP。

I appreciate all the color you guys have given this morning. I wanted to follow up on your commentary around kind of how you guys approach risk and thinking about your scenario planning. Two of the things you mentioned were potential for changes at the GSEs and also some potential for foreign selling, including in MBS. I was wondering if you could just provide some context around kind of how you think about those scenarios and how much sort of incremental spread widening they could cause in MBS from where we are today?

我很感謝你們今天早上給我的所有色彩。我想跟進您的評論，了解您如何處理風險以及思考情境規劃。您提到的兩件事是政府支持企業 (GSE) 可能發生的變化以及外國出售（包括 MBS）的可能性。我想知道您是否可以提供一些背景信息，說明您如何看待這些情景，以及從目前的情況來看，它們會導致 MBS 的利差擴大多少？

Yeah. Thanks, Trevor. Yes, of course. So I'll tackle the GSE question first. As I mentioned in my comments, it's very interesting. This is a market that is not only big in the US economy in terms of its size with respect to just housing, but it's also super embedded in the financial system, right? So banks own $2.8 trillion of Agency RMBS. The Fed owns another $2 trillion. And any changes to the guarantee thought process in and of itself is going to have consequences, directly affects the mortgage rate and so on.

是的。謝謝，特雷弗。是的當然。因此我將首先解決 GSE 問題。正如我在評論中提到的，這非常有趣。這個市場不僅在房屋規模上對美國經濟影響巨大，而且在金融體系中也根深蒂固，對嗎？因此，銀行擁有 2.8 兆美元的機構 RMBS。聯準會還擁有另外 2 兆美元。擔保思考過程本身的任何改變都會產生後果，直接影響抵押貸款利率等等。

So logic would have it that when something is so entrenched and entwined in the system, there would be a fair amount of caution with respect to changing those things, right? And so, if you think logically, yes, things could go just fine.

因此，邏輯上來說，當某些東西在系統中根深蒂固且交織在一起時，在改變它們時就會相當謹慎，對嗎？所以，如果你邏輯地思考，是的，事情會進展順利。

And so, what we're preparing for is if things don't go fine. We're looking to scenario analysis to say how much could mortgages really widen? Should there be some kind of announcement that changes the level of pricing? You can look to the non-agency market as an indicator there in terms of that spread. So we've thought through those types of scenarios.

所以，我們正在為事情進展不順利的情況做準備。我們正在透過情境分析來判斷抵押貸款的利率究竟能擴大多少？是否應該發布某種公告來改變定價水平？您可以將非代理市場視為價差方面的指標。我們已經考慮過這些類型的場景。

And in reality, what our framework is that there will be an announcement of some sort that maybe the market doesn't like. The market reacts to that, and then there's an adjustment in the policy. So it's what the market prices versus what actually happens. That's something we really focus on in terms of the framework. So I hope that helps you understand how we're thinking GSE-wise. Logic would have it that things would be well thought out, and we're just prepared for some kind of shock in the event that it isn't.

實際上，我們的框架是，市場可能會發布某種不喜歡的公告。市場對此做出反應，然後政策進行調整。因此，這就是市場價格與實際情況的對比。就框架而言，這是我們真正關注的重點。所以我希望這能幫助您了解我們對 GSE 的看法。從邏輯上講，事情都會經過深思熟慮，而我們只是做好了準備，以防事情並非如此，從而遭受某種衝擊。

On the second question that you asked about kind of selling of MBS or just negative sentiment on the dollar, et cetera, et cetera, there's a short, medium and long-term aspect to these things. In the short term, obviously, there's been a knee-jerk reaction. The dollar is selling off. We've seen some mutual fund selling or bond fund selling of Agency MBS.

關於您詢問的第二個問題，關於 MBS 的拋售或對美元的負面情緒等等，這些事情都有短期、中期和長期三個面向。顯然，短期內會出現下意識的反應。美元正在遭受拋售。我們看到一些共同基金或債券基金正在拋售機構MBS。

But again, in the long term, as I mentioned, it's super difficult for large investors to really reallocate away from the dollar and reallocate from dollar instruments. So over time, could that happen? Will that happen? We're actually preparing for that to happen. And then, on the spread widening side, very difficult to really say how much that could widen spreads. And again, we want scenarios for all of this stuff.

但正如我所提到的，從長遠來看，大型投資者很難真正從美元重新配置資金，也很難從美元工具中重新配置資金。那麼隨著時間的推移，這種情況會發生嗎？這會發生嗎？我們實際上正在為此做準備。然後，就利差擴大而言，很難真正說出利差擴大的幅度。再次強調，我們希望為所有這些事情制定場景。

Yeah. And I would just add on the supply and demand balance there in the mortgage market, as we forecast out the year and look at supply relative to potential demand this year, we really were not assuming anything in the way of demand from foreign investors.

是的。我想補充一下抵押貸款市場的供需平衡，當我們預測今年的情況並查看今年相對於潛在需求的供應量時，我們實際上並沒有假設外國投資者的需求會有什麼變化。

And I expect that selling -- and I don't think we'll see much selling, right? Their portfolios, even on the treasury side, official portfolios anyway, are fairly short in duration, and they can just allow a lot of these securities to mature and roll off. And on the mortgage side, we really haven't been very active players for some time now.

我預計會有拋售——但我認為我們不會看到太多拋售，對嗎？他們的投資組合，即使是國庫券方面的，官方投資組合，期限都相當短，他們可以讓許多證券到期並展期。在抵押貸款方面，我們確實已經有一段時間沒有非常活躍了。

Got it. Okay. That's helpful. Thank you.

知道了。好的。這很有幫助。謝謝。

Eric Hagen, BTIG.

BTIG 的 Eric Hagen。

Maybe just a follow-up on the portfolio here. I mean, how much yield do you think you pick up in the current coupon in the TBAs? And is there a scenario in which you would actually maybe crystallize the losses in these lower coupons and reinvest in the current coupon? Or are we basically sitting with those bonds at this point? And is there even a scenario in which you'd add to the lower coupons at this point?

也許只是對這裡的作品集進行跟進。我的意思是，您認為在 TBA 中的當前優惠券能帶來多少收益？是否存在這樣一種情況，您實際上可能會將這些較低息票的損失具體化，並重新投資於當前息票？或者我們現在基本上就坐在這些債券上？是否存在這樣一種情況，即此時您會增加較低的優惠券？

Yeah. I think the lower coupons actually offer a lot of value. They have tremendous amount of duration certainty to them at this point. The -- to speak as a mortgage guy, the convexity of those securities is very compelling relative to the rest of the coupon stack. And I think there's a place for those in our portfolio, at least as far as I can have an outlook on things at this point.

是的。我認為較低的優惠券實際上具有很大的價值。目前，他們對於持續時間有著極大的確定性。作為一名抵押貸款人，這些證券的凸性相對於其餘的票面證券而言非常引人注目。我認為這些股票在我們的投資組合中佔有一席之地，至少就我目前對情況的展望而言是如此。

So in terms of yield available, you're talking about 155 basis points or more of spread to treasuries, [205, even 210, 220 at points] of spread versus the interest rate swap curve. So yeah, that -- I think there's a tremendous amount of yield available to be earned. And a lot of cushion. Really, when you think about that yield, it's a tremendous amount of cushion relative to any sort of duration uncertainty, sort of the classic metrics that at times can make it difficult to manage a mortgage portfolio.

因此，就可用收益率而言，您談論的是與國債的利差為 155 個基點或更多，與利率互換曲線的利差為 [205，甚至 210、220 個基點]。是的，我認為可以獲得巨大的收益。還有很多緩衝墊。實際上，當你考慮收益率時，相對於任何類型的期限不確定性，它都是一個巨大的緩衝，這些經典指標有時會使抵押貸款組合的管理變得困難。

So -- and some of those -- the other thing I'll point out is relative to some mortgage portfolios in our space, we have -- we do have a bias towards higher coupons because we're very cognizant of the prepayment risk on the higher coupons. We saw kind of what I'll call a refi wavelet in September, and it was really nasty. And to be honest, that's some of what our economy needs.

所以 — — 我要指出的另一件事是，相對於我們領域的一些抵押貸款組合，我們 — — 我們確實傾向於更高的息票，因為我們非常清楚更高息票的提前還款風險。我們在九月看到了所謂的再融資浪潮，這真的很糟糕。說實話，這正是我們的經濟所需要的。

Those borrowers who are sitting with rates that are 6%-plus are consumers, and they're being pinched in a big way. So they're going to need to refinance at some point in order to continue to drive the economy forward. So I think it's a very reasonable probability at this point. So yes, highly diversified coupon stack makes a ton of sense, avoiding those borrowers who could be the fastest to prepay, and the overall yield spread available today gives a tremendous amount of cushion for the mortgage market.

那些承受著 6% 以上利率的借款人是消費者，他們正遭受巨大的壓力。因此，他們需要在某個時候進行再融資，以繼續推動經濟。所以我認為目前這是一個非常合理的可能性。所以，是的，高度多樣化的票面利率非常有意義，可以避免那些可能最快提前還款的借款人，而目前可用的整體收益率差為抵押貸款市場提供了巨大的緩衝。

Got you. That's really helpful. All right. Just to maybe drill down a little bit on the capital and liquidity, I hear you on the leverage and where that currently stands. But of the $240 million that you raised last quarter, how much has actually been deployed up to this point? And what's your current liquidity after these last couple of weeks of spread widening?

明白了。這真的很有幫助。好的。也許只是為了深入了解資本和流動性，我聽到了您對槓桿率及其當前狀況的看法。但是，上個季度籌集的 2.4 億美元中，到目前為止實際上已經部署了多少？在過去幾週利差擴大之後，您目前的流動性如何？

And then, I've another follow-up. I was going to say, is there an internal philosophy for how much liquidity you guys keep as a percentage of your capital base? Or how are you benchmarking your liquidity right now?

然後，我還有另一個後續問題。我想說的是，你們對於將多少流動性作為資本基礎的百分比保留下來，是否有一個內部理念？或者您現在如何衡量您的流動性？

I'll take [that one].

我會接受[那個]。

Go ahead [and take].

前進[並採取]。

Well, just the last question because I think that will help you with the detail. So yes, we have been running a higher level of liquidity in general versus our total capital. That is how we think about it. We also think about it in terms of how much cash we have relative to unencumbered assets.

好吧，這只是最後一個問題，因為我認為這將有助於您了解細節。所以是的，總體而言，相對於我們的總資本，我們的流動性水平較高。我們就是這樣想的。我們也會從現金相對於無抵押資產的數量的角度來考慮這個問題。

In times like these, you'll see us run with a higher level of cash as a total of unencumbered plus unencumbered. And then we'll also -- you also see us running somewhere between -- we try to target between 6% and 7% of equity over time. And that's typically how we think about liquidity as a level of -- versus capital.

在這樣的時期，您會看到我們擁有更高的現金水平，即無抵押加上無抵押的總現金水平。然後，您還會看到我們處於某種水平——我們試圖隨著時間的推移將股權目標設定在 6% 到 7% 之間。這就是我們通常認為流動性是相對於資本的一個水準。

That's really helpful.

這真的很有幫助。

[That's versus] assets actually. It's versus assets, right, yeah, not capital.

這實際上是相對於資產而言的。這是相對於資產而言的，對，是的，不是相對於資本而言的。

Okay.

好的。

60% to 70% of equity. That's --

60%至70%的股權。那是--

Of equity, right, yeah, exactly. And in terms of the amount that we've deployed -- I think about two-third, as I mentioned, of that capital was deployed, and the remaining has been a buffer for liquidity. And I'll note that some of the reason you carry so much liquidity in a portfolio like this is because there is a lot of margin movement between the assets and the liability sides of the portfolio, and that has been functioning extremely well. So again, it's another part of the system that has been very healthy throughout all this volatility.

公平，對，是的，沒錯。就我們部署的金額而言——正如我所提到的，我認為大約三分之二的資本已經部署，其餘的則作為流動性的緩衝。我要指出的是，你在這樣的投資組合中擁有如此多流動性的原因之一是，投資組合的資產和負債方之間存在大量的保證金流動，而且這種流動一直運作得非常好。所以，再說一次，這是系統的另一個部分，在整個波動過程中它一直非常健康。

Got you. Thank you, guys, very much.

明白了。非常感謝你們。

Jason Stewart, Janney Montgomery.

傑森史都華、珍妮蒙哥馬利。

Can we go back to the GSE question for a moment? Pick your number in terms of where spreads would go to. But what are the ways you are preparing for that potential price action?

我們能暫時回到 GSE 問題嗎？根據利差的走向來選擇您的號碼。但是您為潛在的價格行動做了哪些準備呢？

So really, there's -- it starts -- the number one thing is having the liquidity available to withstand a price shock, right? So pick a number, 25 basis points, 30 basis points, 50 basis points. One of the things that we do is we stress our liquidity to make sure that we can withstand a significant degree of shock.

所以實際上，最重要的是擁有足夠的流動性來抵禦價格衝擊，對嗎？因此，選擇一個數字，25 個基點、30 個基點、50 個基點。我們所做的事情之一就是強調我們的流動性，以確保我們能夠承受相當大的衝擊。

The second piece is just our mindset as we're coming into this situation, we are operating with lower levels of leverage. We are thinking about dry powder. And there has to be, as I mentioned, a very high bar right now to raise levels of risk in the portfolio. So the number one defense against any of this stuff is the ability to withstand a shock, and that starts with our liquidity position.

第二點是我們的心態，當我們面臨這種情況時，我們會以較低的槓桿率運作。我們正在考慮乾粉。正如我所提到的，現在必須有一個非常高的標準來提高投資組合的風險等級。因此，抵禦任何此類事件的首要防禦能力是抵禦衝擊的能力，而這首先要從我們的流動性狀況開始。

Okay. That's helpful. And then, obviously, it's an uncertain environment, but is there any marker that you're looking at in particular for this acceleration in GSE policy action?

好的。這很有幫助。顯然，這是一個不確定的環境，但是您是否特別關注 GSE 政策行動加速的標誌？

I mean, it's interesting. I think there's a massive recognition by people in charge that how big the mortgage market is and what an integral part it is of the US economy. I think there's also been a stated objective of bringing mortgage rates down. So if we listen to the rhetoric or what's out there, those are things that go in the favor of saying, okay, there's some recognition of how important this is.

我的意思是，這很有趣。我認為，負責人普遍認識到抵押貸款市場有多麼龐大，以及它是美國經濟多麼不可或缺的一部分。我認為降低抵押貸款利率也是既定目標。因此，如果我們聽聽外界的言論或看法，就會發現這些都有利於我們說，好吧，人們已經認識到了這一點的重要性。

On the other hand, there are steps that could be taken that get misunderstood by the market. And that's the part that we really get concerned about more than sort of a deliberate policy in one direction or another. So that's what we're really preparing for more of like a surprise for the market that then gets adjusted somehow.

另一方面，有些措施可能會被市場誤解。這才是我們真正關心的部分，而不是某個方向的刻意政策。所以我們真正準備的更像是給市場一個驚喜，然後以某種方式進行調整。

Got it. Okay. And then, on the hedge portfolio, were there any notable changes since quarter-end to the hedge construction?

知道了。好的。那麼，就對沖投資組合而言，自季度末以來，對沖構建有什麼顯著變化嗎？

We've made very minor adjustments is what we mentioned on the call.

我們在電話中提到，我們做了非常小的調整。

Okay. And so, I mean, it looks like four-plus rate cuts are priced in. Historically, you've taken the opportunity when forward rate markets price in a substantial amount of cuts to lock in some of that lower funding costs. Is this a particular -- I guess, maybe just speak to how you think about maybe forwards on the short end of the curve, the hedge portfolio and how you see that evolving and the hedge portfolio moving going forward.

好的。所以，我的意思是，四次以上的降息似乎已經被計入價格了。從歷史上看，當遠期利率市場反映出大幅降息的影響時，你就抓住了機會，鎖定了部分較低的融資成本。這是一個特別的——我想，也許只是談談您如何看待曲線短端的遠期走勢、對沖投資組合，以及您如何看待它的發展以及對沖投資組合未來的走勢。

Yeah, we're thinking a lot about that in terms of where we position the repo portfolio. And there are opportunities to extend out. You also have a lot of uncertainty coming this summer. We still have to deal with debt ceiling, things of that nature. So we're considering all of those when we think about where and how to position the repo book.

是的，我們在回購投資組合的定位方面對此進行了大量的思考。並且還有延伸的機會。今年夏天你還會面臨很多不確定性。我們仍然需要處理債務上限等問題。因此，當我們考慮回購簿的位置和放置方式時，我們會考慮所有這些因素。

And in the context of that, the nice thing is we have the opportunity to hedge across the spectrum of SOFR futures and interest rate swap options. So it is a great environment in that sense. There's been a lot of opportunity both up and down to lock in lower funding costs over time.

在此背景下，好消息是我們有機會對沖一系列 SOFR 期貨和利率互換選擇權。從這個意義上來說，這是一個很好的環境。隨著時間的推移，無論是上漲或下跌，都存在大量鎖定較低融資成本的機會。

Okay. Got it. Thanks for taking the questions. Appreciate it.

好的。知道了。感謝您回答這些問題。非常感謝。

That does conclude our question-and-answer session. I would now like to turn the floor back over to Smriti Popenoe for closing comments.

我們的問答環節到此結束。現在我想把發言權交還給 Smriti Popenoe，請她發表最後評論。

Great. Thank you, everyone, for your attention today, and we look forward to updating you on our call next week -- next month -- next quarter, I beg your pardon.

偉大的。謝謝大家今天的關注，我們期待在下週、下個月、下個季度的電話會議上向您通報最新情況，請原諒。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines. Have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。現在您可以斷開線路了。祝您有美好的一天。