Finance of America Companies Inc (FOA) 2024 Q1 法說會逐字稿

Hello. Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the finance of America First Quarter 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Michael fan, Senior Vice President Finance. You may begin.

你好。謝謝你的支持。我叫莎拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加美國2024年第一季財務財報電話會議。（操作員指示）我現在想將會議轉交給財務高級副總裁 Michael fan。你可以開始了。

Thank you, and good afternoon, everyone, and welcome to finance of America's First Quarter 2024 earnings call. With me today are Graham Fleming, Chief Executive Officer; Kristen Kristen N. Sieffert, President; and Matt Engel, Chief Financial Officer. As a reminder, this call is being recorded and you can find the earnings release on our Investor Relations website at www.financeofAmerica.com.

謝謝大家，大家下午好，歡迎參加美國 2024 年第一季財報電話會議。今天與我在一起的有執行長 Graham Fleming；克里斯汀·N·克里斯汀西弗特，總裁；和財務長馬特·恩格爾。謹此提醒，本次電話會議正在錄音，您可以在我們的投資者關係網站 www.financeofAmerica.com 上找到收益報告。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures discussed on today's call. To the extent available without unreasonable efforts in our earnings press release on the Investor Relations page of our website.

此外，我們將在本次電話會議上提及某些非公認會計準則財務指標。您可以找到今天電話會議上討論的非公認會計原則與公認會計原則財務指標的調節表。在我們網站投資者關係頁面上的收益新聞稿中，在沒有不合理努力的情況下。

Also, I would like to remind everyone that comments on this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's expected operating and financial performance for future periods, these statements are based on the Company's current expectations and are subject to the Safe Harbor statement for forward-looking statements that you will find in today's earnings release.

另外，我想提醒大家，本次電話會議的評論可能是 1995 年《私人證券訴訟改革法案》含義內的有關公司未來時期預期運營和財務業績的前瞻性陳述，這些陳述基於公司當前的預期並受前瞻性聲明的安全港聲明的約束，您將在今天的收益發布中找到這些前瞻性聲明。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors, including those that are described in the Risk Factors section of Finance of America's annual report on Form 10 K for the year ended December 31st, 2023, filed with the SEC on March 15th, 2024. The risk factors may be amended and updated in our subsequent filings with the SEC. We are not undertaking any commitment to update these statements if conditions change.

由於許多風險或其他因素，包括美國金融公司 10 K 表格年度報告的風險因素部分中所述的風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述明示或暗示的結果有重大差異。年12月31日的年度，於2024年3月15日向美國證券交易委員會提交。我們隨後向 SEC 提交的文件中可能會對風險因素進行修改和更新。我們不承諾在情況改變時更新這些聲明。

Please note that today we are discussing interim period financials, which are unaudited.

請注意，今天我們討論的是未經審計的中期財務數據。

Now I would like to turn the call over to finance of America's Chief Executive Officer, Graham Fleming. Graham?

現在我想將電話轉給美國執行長 Graham Fleming 的財務部。格雷厄姆？

Thank you, Michael, and good afternoon, everyone, and thank you for joining us on our first quarter 2024 earnings call. Financial American continues to deliver against its strategic plan. We believe the business is well positioned to return to sustained profitability and continues to be the leading provider of home equity based financing solutions for a modern retirement with the potential to reach tens of millions of customers nationwide.

謝謝邁克爾，大家下午好，謝謝您參加我們的 2024 年第一季財報電話會議。《金融美國》繼續實施其戰略計劃。我們相信，該業務已做好恢復持續盈利的準備，並繼續成為現代退休生活中基於房屋淨值的融資解決方案的領先提供商，並有可能覆蓋全國數千萬客戶。

To that end, we announced earlier today, our plans to consolidate our existing wholesale and retail branding, finance remark, reverse and AG under the single brand name of Finance of America. We believe that a unified brand will help elevate the Company's product offerings, which is crucial to our broader efforts to modernize how customers perceive and engage with the brands.

為此，我們今天稍早宣布，計劃將現有的批發和零售品牌、finance remark、reverse 和 AG 整合到 Finance of America 的單一品牌下。我們相信，統一的品牌將有助於提升公司的產品供應，這對於我們實現客戶對品牌的認知和互動方式現代化的更廣泛努力至關重要。

Looking at the numbers on a continuing operations basis, we recorded GAAP net loss of $16 million or $0.06 per basic share in the first quarter. These results were driven primarily by an improvement in operating performance compared to recent quarters as margins improved and remained strong through the quarter.

從持續經營的數據來看，我們第一季的 GAAP 淨虧損為 1,600 萬美元，即每股基本股 0.06 美元。這些結果主要是由於與最近幾季相比營運業績有所改善，因為本季利潤率有所改善並保持強勁。

On an adjusted basis, in the first quarter, we recognized a net loss of $7 million or $0.03 per fully diluted share. This is a 65% improvement from the net loss of $20 million or $0.09 per fully diluted share in the fourth quarter. These numbers point to an overall increase in operating profitability resulting from both higher revenue and lower costs.

在調整後的基礎上，第一季我們確認淨虧損為 700 萬美元，即完全稀釋每股虧損 0.03 美元。這比第四季淨虧損 2,000 萬美元或完全稀釋後每股虧損 0.09 美元減少了 65%。這些數字表明，由於收入增加和成本降低，營業利潤總體提高。

In fact, on an adjusted EBITDA basis, the Company improved from a loss of $18 million in the fourth quarter, so less than $1 million of loss in the first quarter of 2024. During the quarter, reversed volumes were down only 3% to the prior quarter as previously guided.

事實上，在調整後的 EBITDA 基礎上，該公司第四季的虧損 1,800 萬美元有所改善，因此 2024 年第一季的虧損不到 100 萬美元。在本季度，逆向交易量僅比上一季下降了 3%（如先前指引）。

However, improved margins led to a $5 million increase in revenue in our originations platform. Our net balance sheet markup due to outside factors was minimal for the quarter as spread tightening and home price appreciation improvements offset an increase in interest rates.

然而，利潤率的提高導致我們的原創平台收入增加了 500 萬美元。由於利差收緊和房價升值改善抵銷了利率的上升，本季我們因外部因素造成的資產負債表淨值增幅很小。

Looking forward as we come into the spring and summer months and begin to leverage our operational initiatives, we aim to generate an approximate 10% increase in origination volumes for the second quarter to between $465 million and $500 million

展望未來，當我們進入春季和夏季並開始利用我們的營運計劃時，我們的目標是將第二季的原始交易量增加約 10%，達到 4.65 億美元至 5 億美元之間

Let me now turn things over to Kristen for an update on our operations. Kristen?

現在讓我把事情交給克里斯汀，了解我們營運的最新情況。克里斯汀？

Thanks, Grant, and good afternoon, everyone. We're pleased to share that much of our previously communicated work to streamline our operations is now behind us and the integration of AIG's platform is complete. In early Q1, we finalized the transition onto one loan origination system. The last step in the full integration process.

謝謝格蘭特，大家下午好。我們很高興地告訴大家，我們之前溝通的旨在簡化營運的大部分工作現已完成，AIG 平台的整合也已完成。在第一季初，我們完成了向單一貸款發放系統的過渡。完整整合過程的最後一步。

Completing this integration paves the way for the next pillar of our strategic plan, which is to modernize our go-to-market strategy. The team is energized by the opportunity to broaden our customer base moving forward. The first step is to create a unified brand to optimize and maximize our resources and reach.

完成此次整合為我們戰略計劃的下一個支柱鋪平了道路，即實現我們的上市戰略現代化。該團隊因有機會擴大我們的客戶群而充滿活力。第一步是創建一個統一的品牌，以優化和最大化我們的資源和影響力。

This entails sunsetting both the Ag & Farm brands and unifying under a single brand name of Finance of America, subject to regulatory considerations. This change is expected to take effect in early Q3. In parallel, we have efforts underway to modernize our digital capabilities and integrate these modern experiences throughout the entire customer journey. We know that mainstream consumers have come to expect a frictionless and intuitive experience, which we intend to deliver through these efforts.

這需要根據監管方面的考慮，取消農業和農場品牌，並將其統一到美國金融的單一品牌名稱下。這項變更預計將於第三季初生效。同時，我們正在努力數位化能力的現代化，並將這些現代體驗整合到整個客戶旅程中。我們知道主流消費者已經開始期待無摩擦和直覺的體驗，我們打算透過這些努力來實現這一點。

Our team also continues to optimize our core business with a heightened focus on expanding our reach through our wholesale channel. We are seeing growing interest from larger traditional mortgage lenders and servicers, specifically around our home second lien product.

我們的團隊也持續優化我們的核心業務，並專注於透過批發管道擴大我們的業務範圍。我們看到大型傳統抵押貸款機構和服務機構的興趣日益濃厚，特別是對我們的房屋第二留置權產品。

In March, we expanded the reach of this product through a leading broker facing platform and approved the product to be offered through our principal agent channel, giving partners more flexibility in how they bring the product to market following the launch in the most recent loan origination system, we've seen interest in the product grow to over 6% of our overall submission volume.

三月份，我們透過面向領先經紀商的平台擴大了該產品的覆蓋範圍，並批准透過我們的委託代理管道提供該產品，使合作夥伴在最近的貸款發放中推出該產品後，可以更加靈活地將產品推向市場系統後，我們發現對該產品的興趣成長到我們提交總量的 6% 以上。

And the second is a great example of our commitment to innovating to attract new kinds of borrowers and serve those who already have a low rate primary mortgage, but want the convenience of a flexible second lien with no monthly mortgage payments required.

第二個是我們致力於創新的一個很好的例子，以吸引新類型的借款人，並為那些已經擁有低利率主要抵押貸款，但希望獲得靈活的第二留置權的便利且無需每月支付抵押貸款的人提供服務。

There's much dialogue about homeowners being locked into their current home due to rising rates and limited inventory. Those homeowners, many of whom have been turned for a traditional kiosk because of concerns surrounding the ability to make additional debt service payments have few options to tap their equity.

有很多關於房主因利率上升和庫存有限而被鎖定在當前房屋的討論。這些房主中的許多人由於擔心支付額外債務的能力而轉向傳統的自助服務終端，但他們幾乎沒有選擇利用自己的資產。

We are optimistic we can continue to increase volume of this product as interest rates remain higher for longer. Our product suite is of growing interest to our customer base. And we're excited about our increasing pipeline volumes when you consider the number of seniors who are financially unprepared for retirement, while simultaneously holding a record amount of home equity. It's clear that our home equity based products can be a solution for many older homeowners.

我們樂觀地認為，隨著利率在較長時間內保持較高水平，我們可以繼續增加該產品的數量。我們的客戶群對我們的產品套件越來越感興趣。當你考慮到在經濟上沒有為退休做好準備、同時持有創紀錄數量的房屋淨值的老年人數量時，我們對不斷增加的管道數量感到興奮。顯然，我們基於房屋淨值的產品可以成為許多老年房主的解決方案。

Now I'll turn it over to Matt to discuss our financials.

現在我將把它交給馬特討論我們的財務狀況。

Thank you, Kristen. Good afternoon, everyone. Within our continuing operations for the first quarter, we recognized GAAP net loss of $16 million, or $0.06 per basic share on an adjusted basis, the Company recognized a net loss of $7 million for the quarter or $0.03 per fully diluted share.

謝謝你，克里斯汀。大家下午好。在我們第一季的持續經營業務中，我們確認GAAP 淨虧損為1,600 萬美元，或調整後每股基本股0.06 美元，公司確認本季淨虧損700 萬美元，或每股完全稀釋每股0.03 美元。

It's 65% improvement over the fourth quarter. Now outperforming every quarter in 2023. The key driver was the strong top line revenues within our Retirement Solutions business of $46 million for the quarter. As expected, funded volumes were modestly down from the fourth quarter as we completed the LOS consolidation.

比第四季提高了 65%。現在到 2023 年每季的表現都優於預期。關鍵驅動因素是我們的退休解決方案業務本季 4,600 萬美元的強勁營收。正如預期的那樣，隨著我們完成 LOS 合併，融資量較第四季度略有下降。

However, revenue margins for the segment equated to 10.8% or a 17% increase over the fourth quarter. This is due to spread tightening across our suite of products leading to improved margins. Expenses decreased from the prior quarter as the Company continues to align our infrastructure to our current business model.

然而，該部門的收入利潤率為 10.8%，比第四季度增加了 17%。這是由於我們一系列產品的價差收緊導致利潤率提高。由於公司繼續根據當前的業務模式調整我們的基礎設施，因此費用較上一季下降。

Turning to the balance sheet, our unrestricted cash balance was $48 million at the end of the first quarter, comparable to December as additional working capital financing was used to cover operating cash needs. We completed two proprietary securitizations during the quarter, but increased production of our home safe products suite kept our loan balances available for securitization at roughly the same as the end of December.

轉向資產負債表，第一季末我們的無限現金餘額為 4800 萬美元，與 12 月相當，因為額外的營運資本融資用於滿足營運現金需求。我們在本季完成了兩項自營證券化，但家庭安全產品套件產量的增加使我們可用於證券化的貸款餘額與 12 月底大致相同。

Our residuals at the end of the first quarter were valued at $250 million as tightening spreads and increases to home price appreciation assumptions mostly offset the increase in market rates in the quarter, validating our continued confidence in the long-term value of these assets.

第一季末我們的殘值價值為 2.5 億美元，因為利差收緊和房價升值假設的增加大部分抵消了本季度市場利率的增長，這證實了我們對這些資產的長期價值的持續信心。

For additional information, last month, we published a presentation on our Investor Relations website that addresses the value of these residuals and how we think about our portfolio.

如需了解更多信息，上個月，我們在投資者關係網站上發布了一份演示文稿，闡述了這些殘差的價值以及我們如何看待我們的投資組合。

Finally, I want to touch briefly on our balance sheet and more specifically the high-yield debt, which matures in November 2025. We are moving proactively to review our options and holding productive conversations with the necessary parties to identify an optimal path forward. While it is premature to discuss specifics, we are encouraged by the early conversations.

最後，我想簡單談談我們的資產負債表，更具體地說是將於 2025 年 11 月到期的高收益債務。我們正在積極審查我們的選擇，並與必要的各方進行富有成效的對話，以確定最佳的前進道路。雖然現在討論具體細節還為時過早，但我們對早期的對話感到鼓舞。

With that, let me hand it back to Graham for closing remarks.

接下來，讓我將其交還給格雷厄姆進行結束語。

Just thinking about throughout the first quarter, financial American continued to execute against its strategic priorities and remains on track to return to sustained profitability as the leading provider of home equity based financing solutions for a modern retirement, we are well positioned to benefit from home price appreciation and a growing senior homeowner population.

想想整個第一季度，美國金融公司繼續執行其戰略重點，並繼續保持盈利能力，作為現代退休房屋淨值融資解決方案的領先提供商，我們處於有利地位，可以從房價中受益升值和不斷增長的老年房主人口。

And with that, we'll open the call for any questions.

至此，我們將開始電話詢問任何問題。

Thank you.(Operator Instructions)

謝謝。

Douglas Harter, UBS.

道格拉斯‧哈特，瑞銀集團。

Are things hoping you could talk about kind of how you see them the market and more specifically your volumes progressing and now that you're continuing to make progress on the integration with AG?

希望您能談談您如何看待市場，更具體地說，您的銷售進展，以及現在您在與 AG 的整合方面繼續取得進展嗎？

Yes. So Doug, as we look at the outcome, as we look at our pipelines here at the end of end of April, Tom, but it's clear, we've probably got the largest pipeline that we've had over the course of '23 and '24. So in my remarks, I guided to about 10% volume increase quarter over quarter.

是的。所以道格，當我們查看結果時，當我們查看四月底的管道時，湯姆，但很明顯，我們可能擁有 23 年以來最大的管道和'24。因此，在我的演講中，我指導銷量季度環比增長約 10%。

We'd hope to continue that pace on. But obviously, it's a little early to comment on Q3 and Q4, but we're feeling pretty confident, right, that will be between $460 million and $500 million and that Q2 would be a 10% increase quarter over quarter.

我們希望繼續保持這樣的步伐。但顯然，現在評論第三季和第四季還為時過早，但我們感到非常有信心，對吧，這將在 4.6 億美元到 5 億美元之間，第二季將環比增長 10%。

And I guess within that, how are you seeing kind of the demand for your different products, some seconds, private tech items kind of is one has one product resonating more in the market than than others right now?

我想在這之中，您如何看待對不同產品的需求，幾秒鐘內，私人科技產品是否有一種產品比其他產品在市場上更能引起共鳴？

I think the one that's not been impacted as much by rates is the Homesafe second product with our with the Haggen product and the regular Homesafe product. As the rates rise, the LTVs are compressed a little bit. We don't have that dynamic on the Homesafe second.

我認為受費率影響較小的是 Homesafe 第二種產品，即我們的哈根產品和常規 Homesafe 產品。隨著費率上升，LTV 會稍微壓縮。我們在 Homesafe 方面沒有這種動態。

And so it's freeing up more capital for people to access the cash that they need. We see that as one of the bigger growth opportunities for us, especially in conversations with larger traditional mortgage bankers and servicers that have portfolios of products that borrowers are looking for different solutions that the traditional products just aren't filling the needs right now.

因此，它為人們釋放了更多資金來獲取他們需要的現金。我們認為這是我們更大的成長機會之一，特別是在與大型傳統抵押貸款銀行家和服務商的對話中，這些銀行家和服務商擁有產品組合，借款人正在尋找不同的解決方案，而傳統產品目前無法滿足需求。

Great. Thank you.

偉大的。謝謝。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Hi, good afternoon and congrats on the continuing to move forward and nice successes over the last couple of quarters, making some progress as we think about on margins. I know you just touched on volumes. Do you think the 10.8 holds up how do you how do you think about margins and ERS where spreads are today and that you may have mentioned it roughly in your prepared remarks as far as the loans available for four amortization, but can you talk about securitization pipeline and kind of the pace of deals that you expect over the next few months?

大家好，下午好，祝賀您在過去幾個季度中繼續前進並取得了良好的成功，在我們考慮利潤率方面取得了一些進展。我知道你剛剛談到了卷。您認為 10.8 是否成立？ 您如何看待今天的利差和 ERS？個月的交易管道和交易節奏如何？

Sure, Stephen. It's I think that the spreads have been pretty steady now for C&I trends. We've seen the effect of that in both of our HMBS vehicles are built to our proprietary securitizations. During the quarter. We did do a couple of securitizations, but I guess a little bit our shift of product mix during the quarter, maybe tilted a little bit more towards the Homesafe product as we still had, have in excess of $200 million available for securitization.

當然，史蒂芬。我認為工商業趨勢的價差現在已經相當穩定。我們已經在我們的兩種 HMBS 工具中看到了這種效果，這些工具都是根據我們專有的證券化而建構的。本季期間。我們確實進行了幾次證券化，但我想我們在本季度對產品結構進行了一些轉變，也許像我們仍然擁有的那樣，更加傾向於 Homesafe 產品，有超過 2 億美元可用於證券化。

I think as we look out over the next year or so, we anticipate doing a Homesafe securitization some magnitude, $300 million range every quarter throughout throughout the rest of this year and maybe into Q1 of next year. And of course, they said, yes, we do monthly that's really kind of the cadence we're on. The only thing I'd add on top of that is occasionally we have some seasoned deals that we will call and reissue and opportunistically as we see some opportunities there. And so maybe every other quarter, so you might expect to see year, I call it the issues.

我認為，展望未來一年左右，我們預計將在今年剩餘時間內，甚至明年第一季度，每個季度進行一定規模的 Homesafe 證券化，規模為 3 億美元。當然，他們說，是的，我們每個月都會這樣做，這確實是我們目前的節奏。除此之外，我唯一要補充的是，我們偶爾會進行一些經驗豐富的交易，當我們看到那裡的一些機會時，我們會機會主義地調用和重新發行這些交易。所以也許每隔一個季度，所以你可能會期望看到一年，我稱之為問題。

Great. I guess we're almost to the middle of the quarter, but in Yum. Any color on fair value marks quarter to date? I know there's a few different things that go into it. Rates have been up but now they seem to have moved lower. A little bit comments on kind of how spreads and HPA assumptions have moved up quarter to date?

偉大的。我想我們已經快到本季的中期了，但是在百勝餐飲集團。季至今公允價值標記上有任何顏色嗎？我知道其中涉及一些不同的事情。利率一直在上漲，但現在似乎有所下降。對迄今為止本季利差和 HPA 假設如何上升有何評論？

So we update we have we only update EBITDA quarterly when we get the Moody's. So when we get the Moody's report on, right, I would I would say everything that we read now lets us know that HBO remains robust on. So more than likely, there might be some pickup for HBA in Q2. Obviously, rates they did tick up in April, which is a negative.

因此，我們只有在獲得穆迪評級後才每季更新 EBITDA。因此，當我們收到穆迪的報告時，對吧，我會說，我們現在讀到的所有內容都讓我們知道 HBO 仍然很強大。因此，HBA 很有可能在第二季出現一些回升。顯然，四月的利率確實有所上升，這是一個負面影響。

They've started to come down again. So we really have to wait till the end of the quarter, Stephen, to see some. But as rates go up, it's a negative as HPA goes up. It's positive and obviously, as spreads tighten and it's a positive. But as Matt said, spreads have remained consistent. We think there's HPABHP. HPA growth in Q2 and we'll just have to see where rates end at the end of the energy.

他們又開始下降了。因此，史蒂芬，我們確實必須等到本季末才能看到一些結果。但隨著利率上升，HPA 上升就會產生負面影響。這是積極的，而且很明顯，隨著利差收緊，這是積極的。但正如馬特所說，利差保持一致。我們認為有 HPABHP。第二季 HPA 成長，我們只需要看看能源結束時費率的終點。

Great. And then as you think about us, you want to talk about this on an ANI basis or frankly, EBITDA, you're almost at breakeven, really close and in Q1. But now when you think about where margins are today and then you look at the plus 10% and on the volume outlook, do you think ENI, is that or is that a 2Q event that we see at a breakeven or is it 3Q or how do you think about the breakeven point and then profitability growth in the back half of the year.

偉大的。然後，當您想到我們時，您想在 ANI 的基礎上談論這個問題，或者坦率地說，EBITDA，您幾乎處於盈虧平衡，非常接近，並且處於第一季。但現在，當你考慮今天的利潤率，然後看看+ 10% 和銷量前景時，你認為 ENI 是這樣還是我們在盈虧平衡時看到的第二季度事件，還是第三季度或如何您是否考慮過下半年的損益平衡點和獲利成長？

So I think I mean somewhere in that timeframe, but the I appreciate the comments, and we've certainly made a lot of progress over the over the past year. Now that the integration of AG is really completed, we have to kind of call the legacy discontinued operations kind of wound down, really able to kind of focus on our core business.

所以我想我的意思是在那個時間範圍內的某個地方，但我很欣賞這些評論，而且我們在過去的一年裡確實取得了很多進展。既然 AG 的整合真正完成了，我們必須將遺留的停產業務稱為“逐步結束”，真正能夠專注於我們的核心業務。

Starting to increase the top-line revenue, get the production back up and frankly continue to work on our expenses, which have been trending down and we think that will continue to be the case of course of next year. It kind of depends, but you're kind of spot on or right in that ballpark. Now we're into Q2 cost per Q. three. We think we can turn the corner based on the current trajectory that we have going.

開始增加營收，恢復生產，坦白說，繼續致力於我們的支出，支出一直呈下降趨勢，我們認為明年的情況將繼續如此。這取決於情況，但你是在那個範圍內或正好在那個範圍內。現在我們進入第二季每第三季的成本。我們認為，根據目前的發展軌跡，我們可以扭轉局面。

Great. And one final and can you talk to your financing lines, warehouse facility. Is your capacity there? How are conversations with those lenders and, you know, you have what you need in place to support the your growth outlook.

偉大的。最後，您能談談您的融資線路、倉庫設施嗎？你的能力在嗎？與這些貸方的對話情況如何，您知道，您擁有支持您的成長前景所需的一切。

We do in our core financing, we have really adequate financing of every sort of kind of the two areas where we're really looking and for some change or change in the financing mixes line, can we obtain additional leverage on the MSR asset. Right?

我們在核心融資方面確實做到了，我們真正在尋找的兩個領域的各種類型都有足夠的融資，並且如果融資組合線發生一些變化或變化，我們能否獲得對 MSR 資產的額外槓桿作用。正確的？

As you look at the supplemental materials we posted in April to our investor website, we talk a little bit about that and get additional leverage on the MSR, which has been a bit of a difficult asset to finance over the past 12 months.

當您查看我們 4 月在投資者網站上發布的補充資料時，我們對此進行了一些討論，並獲得了 MSR 的額外槓桿，在過去 12 個月中，MSR 一直是一項難以融資的資產。

And then separately, as also, we mentioned we'll be looking into do something with our high-yield debt, which matures at the end of 2025, but possibly something creative with that. But it's just too soon to speak to specifics there. But definitely on our radar is one of the five facilities with a potentially a great partner.

然後，我們也提到，我們將考慮對 2025 年底到期的高收益債務採取一些措施，但可能會採取一些創意措施。但現在談具體細節還為時過早。但我們肯定會關注到擁有潛在優秀合作夥伴的五個設施之一。

Great. You're working diligently on that. Look forward to the update when you have one done, provide the market. Appreciate the comments this afternoon.

偉大的。你正在為此努力。完成後期待更新，提供市場。感謝今天下午的評論。

There are no further questions at this time. I'll turn the call to Graham Fleming for closing remarks.

目前沒有其他問題。我將把電話轉給格雷厄姆·弗萊明，讓其致閉幕詞。

So thank you, everybody, for joining our Q1 call. We look forward to having the call in August and updating you on our progress around Q2 and providing some information around what we see for Q3. So thank you, everybody, for joining the call today.

謝謝大家參加我們的第一季電話會議。我們期待在 8 月召開電話會議，向您通報我們第二季的進展情況，並提供一些有關我們對第三季的情況的資訊。謝謝大家今天加入電話會議。

This concludes today's conference call. Thank you for joining. You may now disconnect your line.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。