MFA Financial, Inc. (MFA) 2026 Q1 法說會逐字稿

Greetings, and welcome to the MFA Financial first quarter 2026 financial results. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 MFA Financial 2026 年第一季財務業績說明。（接線員指示）。提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Hal Schwartz, General Counsel, to begin. Thank you.

現在我想把電話交給總法律顧問 Hal Schwartz 以開始會議。謝謝。

Thank you, operator, and good morning, everyone. The information discussed on this conference call today may contain or refer to forward-looking statements regarding MFA Financial, Inc., which reflect management's beliefs, expectations and assumptions as to MFA's future performance and operations. When used, statements that are not historical in nature, including those containing words such as will, believe, expect, anticipate, estimate, should, could, would or similar expressions are intended to identify forward-looking statements.

謝謝，接線員，大家早安。今天在本次電話會議中討論或提及的資訊，可能包含或涉及關於 MFA Financial, Inc. 的前瞻性陳述，反映管理層對 MFA 未來表現與營運的信念、預期與假設。凡非歷史性質之陳述，包括含有「將」、「相信」、「預期」、「預見」、「估計」、「應該」、「可能」、「會」或類似用語者，均旨在辨識為前瞻性陳述。

All forward-looking statements speak only as of the date on which they are made. These types of statements are subject to various known and unknown risks, uncertainties, assumptions and other factors, including those described in MFA's annual report on Form 10-K the year ended December 31, 2025, and other reports that it may file from time to time with the Securities and Exchange Commission.

所有前瞻性陳述僅截至其作成之日有效。此類陳述受各種已知與未知之風險、不確定性、假設及其他因素影響，包括 MFA 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報，以及其不時向美國證券交易委員會提交的其他報告中所述者。

These risks, uncertainties and other factors could cause MFA's actual results to differ materially from those projected expressed or implied in any forward-looking statements it makes. For additional information regarding MFA's use of forward-looking statements, please see the relevant disclosure in the press release announcing MFA's first quarter 2026 results.

上述風險、不確定性及其他因素，可能導致 MFA 的實際結果與其所作任何前瞻性陳述中所預測、表述或暗示者出現重大差異。關於 MFA 使用前瞻性陳述的更多資訊，請參閱公布 MFA 2026 年第一季業績之新聞稿中的相關揭露。

Thank you for your time. I would now like to turn this call over to MFA's CEO, Craig Knutson.

感謝各位撥冗。現在我想把電話交給 MFA 的執行長 Craig Knutson。

Thank you, Hal. Good morning, everyone, and thank you for joining us for MFA Financial's first quarter 2026 earnings call. With me today are Bryan Wulfsohn, our President and Chief Investment Officer; Mike Roper, our Chief Financial Officer; and other members of our senior management team. I will offer some general remarks on the macro economic and political landscape and will then provide an update on MFA's business initiatives and portfolio activities.

謝謝你，Hal。各位早安，感謝各位參加 MFA Financial 2026 年第一季法說會。今天與我一同出席的有：總裁兼投資長 Bryan Wulfsohn、財務長 Mike Roper，以及其他資深管理團隊成員。我將先就總體經濟與政治環境做一些概括性評論，接著更新 MFA 的業務推動事項與投資組合活動。

Then I'll turn the call over to Mike, followed by Bryan before we open up the call for questions. Moving to market conditions in the first quarter of 2026, it was very much a tale of two market environments. Fixed income markets began the year with a continuation of strong investor demand and low volatility that we experienced in the second half of 2025.

之後我會把電話交給 Mike，再由 Bryan 接續，最後我們將開放提問。談到 2026 年第一季的市場狀況，這非常像是兩種市場環境交織的故事。固定收益市場在年初延續了 2025 年下半年我們所見的強勁投資人需求與低波動。

The economy continued to exhibit resiliency and the labor market seemed to stabilize, particularly with a surprisingly robust January nonfarm payroll print in early February. Mortgages performed particularly well, aided also by a directive for the GSEs to purchase $200 billion of agency mortgage-backed securities in early January. Unfortunately, the party ended abruptly with the onset of a war in Iran, which spiked volatility, pushed rates sharply higher and dramatically raised oil prices.

經濟持續展現韌性，勞動市場似乎趨於穩定，尤其是在 2 月初公布的 1 月非農就業數據意外強勁。房貸資產表現特別亮眼，亦受惠於 1 月初要求 GSEs 購買 2,000 億美元機構不動產抵押擔保證券（agency MBS）的指令。不幸的是，隨著伊朗戰爭爆發，這場盛宴戛然而止，波動性飆升、利率大幅走高，並使油價顯著上漲。

Higher energy prices renewed fears of inflation and markets adjusted expectations for fewer or even no rate cuts later this year. Mortgage spreads widened significantly against this backdrop and contributed to an economic return for MFA in the first quarter of negative 1.2%. However, despite the market volatility and heightened geopolitical tension, markets remained open and orderly. We priced two non-QM securitizations in March. And while spreads were modestly wider, the market function normally.

能源價格上漲再度引發通膨疑慮，市場也調整預期，認為今年稍晚降息次數將更少，甚至可能不降息。在此背景下，房貸利差顯著擴大，導致 MFA 第一季經濟報酬率為負 1.2%。然而，儘管市場波動與地緣政治緊張升高，市場仍維持開放且運作有序。我們在 3 月完成兩筆非 QM 證券化定價。雖然利差略為走寬，但市場運作正常。

This is a testament to the expansion, maturity and depth of these markets over the last 4 years. The second of these two non-QM securitizations was a re-lever of two previous deals, which is a good example of what we often refer to as an underappreciated source of optionality that our ability to call these deals as they season and pay down, enabling us to lower borrowing costs and unlock additional capital.

這證明了過去 4 年來這些市場的擴張、成熟與深度。兩筆非 QM 證券化中的第二筆，是對先前兩筆交易進行再加槓桿（re-lever），這是我們常提到的一個常被低估的選擇權來源之良好例證：我們能在交易隨時間累積（season）並償還本金後行使提前贖回（call），從而降低借款成本並釋放額外資本。

We grew our investment portfolio to $12.5 billion in the first quarter adding almost $700 million of agencies, including TBAs, $471 million of non-QM loans and Lima One originated $219 million of business purpose loans. Our asset management team continues to work diligently to resolve delinquent loans in the portfolio.

第一季我們將投資組合擴大至 125 億美元，新增近 7 億美元的機構資產（含 TBA）、4.71 億美元的非 QM 貸款，且 Lima One 發起（originated）2.19 億美元的商業用途貸款（business purpose loans）。我們的資產管理團隊持續努力處理投資組合中的逾期貸款。

This can be madly time consuming, but our team has been working out delinquent loans for over a decade the majority of which were purchased as non-performing loans, and they're the best in the business at this and uniquely suited to the task.

這可能非常耗時，但我們的團隊在過去十多年一直在處理逾期貸款，其中多數是以不良貸款（non-performing loans）形式購入；在這方面他們是業界最佳，且特別適任此項工作。

Finally, our listeners will recall that we began a program in the third quarter of last year to issue additional shares of our two outstanding preferred stock issues via an ATM and use the proceeds to repurchase common shares at a significant discount to book. While this program is modest in size thus far, this is very accretive. And importantly, because we are issuing equity in the form of preferred stock, we are not shrinking our equity base despite repurchasing common stock.

最後，各位聽眾應該記得，我們在去年第三季啟動一項計畫，透過 ATM 方式增發我們兩檔在外流通的優先股，並將所得用於以相對於帳面價值的大幅折價回購普通股。雖然目前此計畫規模仍不大，但其增厚效果（accretive）非常顯著。更重要的是，由於我們以優先股形式發行權益，因此即使回購普通股，我們的權益基礎並未縮小。

Finally, we continue to pursue expense reductions, both at MFA and at Lima One, which Mike will discuss shortly. I will note that we have added an additional distributable earnings metric that we are introducing in response to requests from analysts and investors, distributable earnings prior to realized credit losses and Mike will describe this in more detail shortly.

此外，我們持續推動 MFA 與 Lima One 的費用降低，Mike 稍後將進一步說明。我也要提到，因應分析師與投資人的要求，我們新增一項可分配盈餘（DE）指標：扣除已實現信用損失前的可分配盈餘（distributable earnings prior to realized credit losses），Mike 稍後會更詳細說明。

We believe that this new DE metric offers a useful representation of how we think about the earnings power of the portfolio. And for those of you that follow commercial mortgage REITs, this should be a very familiar concept.

我們相信，這項新的 DE 指標能有效呈現我們如何看待投資組合的獲利能力。對於關注商用不動產抵押 REIT 的各位而言，這應該是非常熟悉的概念。

Taken together, MFA has a diversified business strategy that includes multiple attractive target asset classes with a robust ability to source these assets, a reliable and proven ability to obtain durable non-recourse leverage to generate attractive ROEs, a highly confident in-house asset management capability, a keen focus on expense management and a demonstrated responsible capital issuance philosophy.

綜合而言，MFA 擁有多元化的業務策略，涵蓋多個具吸引力的目標資產類別，並具備強健的資產取得能力；同時也具備可靠且經驗證的能力，取得具持久性的無追索權槓桿（non-recourse leverage）以創造具吸引力的股東權益報酬率（ROE）；擁有高度自信的內部資產管理能力；專注於費用管理；並展現負責任的資本發行理念。

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

現在我把電話交給 Mike，請他說明我們的財務結果。

Thanks, Craig, and good morning, everyone. At March 31, GAAP book value was $12.70 per share and economic book value was $13.22 per share, each down approximately 3.8% from the end of 2025. MFA again paid a common dividend of $0.36 and delivered a quarterly total economic return of negative 1.2%.

謝謝，Craig，各位早安。截至 3 月 31 日，GAAP 帳面價值為每股 12.70 美元，經濟帳面價值為每股 13.22 美元，兩者均較 2025 年底下降約 3.8%。MFA 再次支付每股 0.36 美元的普通股股利，並實現單季總經濟報酬率為負 1.2%。

For the first quarter, MFA generated a GAAP loss of approximately $1 million or $0.11 per basic common share. Our GAAP results for the quarter were adversely impacted by net mark-to-market losses on the portfolio of approximately $28.8 million driven by higher rates and wider spreads on March 31.

第一季，MFA 依 GAAP 計算產生約 100 萬美元虧損，或每股基本普通股虧損 0.11 美元。本季 GAAP 結果受到投資組合淨按市價評價（mark-to-market）損失約 2,880 萬美元的不利影響，主要由 3 月 31 日利率上升與利差擴大所致。

Net interest income for the quarter was $59.2 million, an increase from $55.5 million in the fourth quarter driven by rate cuts late last year and growth in our investment portfolio. These benefits were partially offset by interest income reversals totaling $3.5 million associated with loans moving to nonaccrual status in our transitional loan portfolio during the quarter.

本季淨利息收入為5,920萬美元，較第四季的5,550萬美元增加，主要受惠於去年底的降息以及我們投資組合的成長。然而，這些利多部分被本季過渡性貸款組合中轉為停止計息（nonaccrual）狀態之貸款所產生、合計350萬美元的利息收入沖回所抵銷。

On the G&A front, we're happy to report that we again made significant progress with our cost reduction initiatives. In February, we entered into a series of agreements to relocate our corporate headquarters to a new location here in New York without paying any early lease termination fees.

在一般及行政費用（G&A）方面，我們很高興報告，我們的成本削減計畫再次取得顯著進展。2月，我們簽署一系列協議，將公司總部遷至紐約的新址，且無需支付任何提前終止租約費用。

As a result of these agreements, we expect some short-term noise in our reported G&A, including $2.4 million of accelerated noncash depreciation expense recognized this quarter an additional $5 million expected in the second quarter.

由於這些協議，我們預期短期內已揭露的G&A將出現一些雜訊，包括本季認列240萬美元的加速非現金折舊費用，且預計第二季還將額外認列500萬美元。

Following these accelerated noncash charges, we expect to realize run rate expense reductions of approximately $4 million per year related to the move or nearly $40 million in total over the remaining term of our prior lease. Including the expected savings from the relocation we now estimate that our expense reduction initiatives have achieved nearly $20 million per year of run rate overhead savings versus 2024 levels.

在完成上述加速的非現金費用後，我們預期因搬遷可實現約每年400萬美元的經常性費用（run rate）減少，或在原租約剩餘期間合計近4,000萬美元。納入此次搬遷的預期節省後，我們目前估計，相較於2024年水準，我們的費用削減計畫已達成接近每年2,000萬美元的經常性管理費用節省。

Moving to our DE Distributable earnings for the first quarter were approximately $31.1 million or $0.30 per share, up from $0.27 per share in the fourth quarter. The increase was primarily attributable to a $0.03 benefit associated with the lease modification and approximately $0.02 of higher mortgage banking income at Lima One.

接著談可分配盈餘（DE）：第一季可分配盈餘約為3,110萬美元，或每股0.30美元，高於第四季的每股0.27美元。增加主要來自與租約修改相關的每股0.03美元利益，以及Lima One按揭銀行業務收入提高所帶來約每股0.02美元的貢獻。

These benefits were partially offset by an aggregate $0.02 charge related to higher carrying costs on REO and higher realized credit losses on our fair value loans. We remain focused on growing ROEs, and we continue to expect that our DE will begin to reconverge with the level of our common dividend later this year.

上述利多部分被合計每股0.02美元的費用所抵銷，該費用與REO（收回不動產）較高的持有成本，以及我們以公允價值計量之貸款較高的已實現信用損失有關。我們仍專注於提升股東權益報酬率（ROE），並持續預期我們的DE將於今年稍晚開始重新趨近於普通股股利水準。

As Craig mentioned earlier, this quarter, we are introducing an additional non-GAAP measure, which further adjusts our distributable earnings to exclude realized credit losses on our residential whole loans held at fair value. We're providing this new disclosure to give additional context around our distributable earnings as credit losses on our legacy multifamily portfolio continued to flow through our DE.

如Craig先前提到的，本季我們將引入一項額外的非GAAP衡量指標，進一步調整可分配盈餘，以排除我們以公允價值持有之住宅整批貸款（residential whole loans）的已實現信用損失。我們提供這項新的揭露，是為了在我們的舊有多戶住宅（multifamily）投資組合信用損失持續反映在DE之際，為可分配盈餘提供更多脈絡。

As we've noted on prior calls, because resolving NPLs doesn't impact our DE until long after the loan has been marked down on our GAAP results and book value, these losses can potentially obscure the current earnings power of the portfolio. While credit losses are a normal and recurring part of investing in credit assets, we expect that the resolution of the legacy multifamily portfolio and improvements in processes and underwriting more broadly at Lima

如我們在先前電話會議中所指出，因為處理不良貸款（NPLs）對DE的影響，往往要在該筆貸款已於GAAP結果與帳面價值中被減記很久之後才會反映，因此這些損失可能會掩蓋投資組合當前的獲利能力。雖然信用損失是投資信用資產的正常且經常性的一部分，但我們預期，隨著舊有多戶住宅投資組合的處置完成，以及Lima在流程與承作審核（underwriting）方面更廣泛的改善，

One should result in significantly lower loss rates across more recent vintages of origination. As a result, we believe this new metric, alongside our reported GAAP results and our existing DE disclosure can give investors a clearer view of the underlying earnings capacity of our investment portfolio as we work through the resolution of these troubled legacy assets.

較近期承作批次（vintages）的損失率應會顯著降低。因此，我們認為這項新指標，搭配我們已揭露的GAAP結果以及既有的DE揭露，能在我們處理這些問題較多的舊有資產之際，讓投資人更清楚看見我們投資組合的基礎獲利能力。

While the timing of loan resolutions and result in credit charges can be difficult to reliably forecast, we expect realized credit losses on the legacy transitional loan portfolio to accelerate meaningfully in the second quarter, before beginning to normalize as we move through the back half of 2026 and into the first half of 2027.

雖然貸款處置的時點及其導致的信用費用結果往往難以可靠預測，但我們預期舊有過渡性貸款組合的已實現信用損失將在第二季明顯加速，之後隨著我們進入2026年下半年並延續至2027年上半年，將開始回歸常態化。

As a result, we expect that the difference between DE and this new supplemental DE measure will narrow considerably over time. and we anticipate reassessing the usefulness of this new measure as the runoff transitional portfolio continues to wind down. Finally, subsequent to quarter end, we estimate that as of the close of business on Friday, our economic book value was approximately flat to the end of the first quarter.

因此，我們預期DE與這項新的補充DE衡量指標之間的差距將隨時間大幅縮小；且隨著縮減中的過渡性投資組合持續下降，我們也預計重新評估這項新指標的實用性。最後，在季後，我們估計截至上週五營業結束時，我們的經濟帳面價值（economic book value）相較第一季季末約持平。

I'd now like to turn the call over to Bryan, who will discuss our investment portfolio and Lima One.

接下來我想把電話會議交給Bryan，他將說明我們的投資組合以及Lima One。

Thanks, Mike. We acquired over $1 billion of residential mortgage assets in the first quarter. This included $471 million of non-QM loans, nearly $400 million of agency securities in addition to $300 million of TBAs and $219 million of business purpose loans originated by Lima One. Non QM remains our largest asset class. During the quarter, we grew our non-QM book to $5.5 billion.

謝謝，Mike。第一季我們收購了超過10億美元的住宅抵押資產。其中包括4.71億美元的非QM貸款、近4億美元的機構（agency）證券，另加上3億美元的TBA，以及由Lima One承作的2.19億美元商業用途貸款（business purpose loans）。非QM仍是我們最大的資產類別。本季我們將非QM帳面規模擴大至55億美元。

We added $471 million of new loans with an average coupon of 7% and an LTV of 68%. Although our portfolio has grown significantly in recent years, along with the broader non-QM industry, we remain highly focused on credit quality and continue to review every loan prior to acquisition. Credit performance in our non-QM book remained strong with a default rate just above 4%. During the quarter, we issued 2 securitizations.

我們新增4.71億美元的新貸款，平均票息為7%，LTV為68%。儘管近年來我們的投資組合隨著整體非QM產業一同顯著成長，我們仍高度重視信用品質，並持續在收購前審查每一筆貸款。我們的非QM投資組合信用表現仍然強勁，違約率略高於4%。本季我們完成了2筆證券化。

First, in early March, we issued our 22nd non-QM deal, selling $326 million of bonds at an average coupon of 5.12%. The newly originated loans in that deal carry an average coupon above 7%. Later in March, we re-securitized over $400 million of fees on non-QM loans that had been in two deals we issued several years ago.

首先，在3月初，我們發行第22筆非QM交易，以平均票息5.12%出售3.26億美元的債券。該交易中新承作貸款的平均票息超過7%。3月稍晚，我們對數年前發行的兩筆交易中、以非QM貸款所產生的超過4億美元費用（fees）進行再證券化（re-securitized）。

This re-lever unlocked approximately $40 million of cash and additional financing capacity. We expect this move to be accretive to our earnings moving forward. During the quarter, we continued to grow our agency portfolio, which now exceeds $3.5 billion in size.

這次再加槓桿（re-lever）釋放了約4,000萬美元現金及額外的融資能力。我們預期此舉將在未來增厚（accretive）我們的盈餘。本季我們也持續擴大機構投資組合，目前規模已超過35億美元。

Our investments this quarter continue to focus on low pay-up spec pools. After the escalation in the Middle East unleashed to broader sell-off, spreads widened by nearly 40 basis points from the tights, and we took advantage of the volatility establishing a $300 million TBA position in late March. Since quarter end, spreads have tightened about 10 basis points. We expect to add to the portfolio depending on market conditions and excess investment capacity. Turning to Lima One.

本季我們的投資仍聚焦於低溢價（pay-up）的特定池（spec pools）。在中東局勢升級引發更廣泛的拋售後，利差自最緊水準擴大近40個基點；我們把握波動，於3月下旬建立了3億美元的TBA部位。自季末以來，利差已收斂約10個基點。我們將視市場狀況與多餘投資能力，預期進一步增加投資組合。接著談Lima One。

Lima originated $219 million of business purpose loans during the first quarter. This included $145 million of new transitional loans and $74 million of rental term loans. We continue to sell the longer-duration rental loans at a premium to third-party investors. This quarter, we sold $81 million, generating $2.7 million of gain on sale income. Mortgage banking income at Lima One rose to $7.7 million, an increase of 34% from the fourth quarter.

Lima在第一季承作了2.19億美元的商業用途貸款。其中包括1.45億美元的新過渡性貸款，以及7,400萬美元的出租期貸（rental term loans）。我們持續以溢價將存續期間較長的出租貸款出售給第三方投資人。本季我們出售了8,100萬美元，產生270萬美元的出售收益（gain on sale）收入。Lima One的按揭銀行業務收入上升至770萬美元，較第四季增加34%。

During the quarter, Lima's monthly submissions and origination pipeline reached their highest level since 2024. With the recent opening of our wholesale channel and the relaunch of multifamily lending underway, we expect Lima One's contribution to our earnings to grow from here. Lastly, touching on our credit performance.

本季Lima的每月送件量（submissions）與承作管線（origination pipeline）達到自2024年以來的最高水準。隨著我們近期開通批發通路（wholesale channel）以及多戶住宅放款業務重新啟動的推進，我們預期Lima One對我們盈餘的貢獻將自此持續成長。最後，簡要談一下我們的信用表現。

During the quarter, delinquencies rose in our residential loan portfolio to 7.8%. The increase was driven primarily by elevated default activity in our legacy multifamily book which, as a reminder, has been in runoff mode for the past 2 years.

在本季度期間，我們住宅貸款投資組合的逾期率上升至 7.8%。此一上升主要是由我們存量的多戶住宅業務中較高的違約活動所帶動；提醒一下，該業務在過去 2 年一直處於縮減（runoff）模式。

We've made further progress shrinking that multifamily book and resolving nonperforming loans since quarter end, and our delinquency rate has already fallen back to 7.3%. We look forward to recycling that capital back into income-producing assets as we move through the year.

自季末以來，我們在縮減該多戶住宅業務及處理不良貸款方面又取得進一步進展，我們的逾期率已回落至 7.3%。隨著今年推進，我們期待將該資本再循環投入到可產生收益的資產中。

In summary, Q1 was a productive quarter for our investment platform. We grew the portfolio. We executed two non-QM securitizations, saw strong momentum at Lima One and continue to move our credit borrowings towards non-mark-to-market financing. We believe the current environment positions us well for the year ahead.

總結而言，第一季對我們的投資平台而言是富有成效的一季。我們擴大了投資組合。我們完成了兩筆非 QM 證券化交易，Lima One 動能強勁，並持續將我們的信用借款轉向非按市值計價（non-mark-to-market）的融資。我們相信目前的環境使我們在未來一年具備良好定位。

And with that, we'll turn the call over to the operator for questions.

接下來，我們把電話會議交給接線員進行提問。

Thank you. (Operator Instructions) Bose George, KBW.

謝謝。（接線員指示）Bose George，KBW。

Actually, how much capital was tied up in the remaining multifamily transitional portfolio at quarter end? And just your guidance on the convergence between the EAD and the dividend sort of include the redeployment of that as well?

其實，季末剩餘的多戶住宅過渡型投資組合中，有多少資本被占用？另外，關於 EAD 與股利之間的收斂，你們的指引是否也包含將這部分資本重新部署？

Yes, to answer your second question first. The forward guidance on DE reconverging by the end of the year does include anticipated pay downs of some of the troubled assets and redeploying into our target assets. To answer your question on how much capital is locked in that multi-family book, it's just over $100 million, $101 million at the end of the quarter.

是的，我先回答你的第二個問題。我們對 DE 在年底前重新收斂的前瞻指引，確實包含對部分問題資產的預期償付（pay downs），以及將資金重新部署到我們的目標資產中。至於你問多戶住宅那本帳上鎖住了多少資本，季末略高於 1 億美元，為 1.01 億美元。

Okay. Great, thanks. And then on the expenses, so after the second quarter when -- and that sort of noise is over with the depreciation, what's kind of a decent run rate for expenses going forward?

好的。太好了，謝謝。另外關於費用，第二季之後——折舊那部分的雜訊結束後——往後費用合理的常態化水準大概是多少？

Yeah. So I think there's always a little bit of noise from quarter-to-quarter in our G&A for various reasons. So for example, this quarter, we had about $4 million of accelerated noncash stock-based comp charges which is consistent with the first quarter of the past few years and then the [$2.4 million] of the accelerated depreciation.

好的。我認為我們的 G&A（一般及行政費用）每季之間總會因各種原因有些雜訊。例如本季，我們有約 400 萬美元的加速認列非現金股票基礎薪酬費用，這與過去幾年第一季的情況一致，另外還有 [240 萬美元] 的加速折舊。

So if you sort of take this quarter and sort of normalize for those one timers and then it's about a penny a quarter for the -- or $1 million a quarter for the lease changes. I think that's a pretty good start for the run rate of G&A.

所以如果你把本季這些一次性項目做正常化調整，另外租賃變更大約是每季 1 美分——或每季約 100 萬美元。我認為這是估算 G&A 常態化費用水準的一個不錯起點。

Okay. And one -- and each 1Q will have that non-cash comp piece that kind of bumps it up a little bit.

了解。另外——每個第一季都會有那個非現金薪酬項目，使費用稍微墊高一些。

Yeah, exactly. So the accounting rules require us to expense awards made to retirement-eligible employees on the grant date instead of over the 3-year service period.

對，沒錯。會計規則要求我們對符合退休資格員工的獎勵在授予日一次性費用化，而不是在 3 年服務期間內攤提。

Marissa Lobo, UBS.

Marissa Lobo，UBS。

Thank you, and good morning. On the Agency MBS portfolio, how should we think about it? Is it ultimately something that you're going to rotate back into non-QM and BPL or is this a strategic reweighting in the portfolio?

謝謝，早安。關於 Agency MBS 投資組合，我們應該如何看待？最終你們會把它輪動回非 QM 與 BPL，還是這是投資組合中的策略性再加權？

Yeah. I would think we'll most likely have some exposure, but the level of exposure will be wound down a bit, depending on the attractiveness on the credit side. So as Lima does grow their production, you could expect that agency portfolio as we received paydowns and we could also sell bonds to help fund the growth at Lima One in addition to non-QM purchases as well.

是的。我認為我們很可能會保留一些曝險，但曝險水位會視信用端的吸引力而逐步降低一些。因此，隨著 Lima 的產量成長，你可以預期當我們收到償付（paydowns）時，該 Agency 投資組合會縮小；我們也可能出售債券，以協助為 Lima One 的成長提供資金，此外也會進行非 QM 的購買。

Okay. Great. And for Lima One, what is its posture on AI and automation with servicing underwriting? I mean, is there a cost target that you're willing to share for '26, '27 there?

好的。太好了。那對於 Lima One，在服務（servicing）與承銷方面，對 AI 與自動化的態度如何？我是說，你們是否願意分享 2026、2027 年的成本目標？

I know we were trying to reduce G&A there by sort of 10-plus percent and we were -- we're sort of on the way of doing that. We had some efficiencies gains in Q1. We are utilizing AI down there, utilizing the Claude and Anthropic's AI infrastructure to help accelerate those moves.

我知道我們一直希望把那邊的 G&A 降低大約 10% 以上，而我們——我們正在朝這個方向前進。我們在第一季取得了一些效率提升。我們也在那邊使用 AI，採用 Claude 以及 Anthropic 的 AI 基礎設施來加速這些推進。

It's unclear at what point if there was an exact percentage of cost reductions we can say AI will accrue to the business. But it's one of those things that we're exploring and will be sort of ongoing benefits as we utilize the AI code and agents down there.

目前還不清楚是否能給出一個精確的成本降幅百分比，說 AI 會為業務帶來多少。但這是我們正在探索的方向，隨著我們在那邊使用 AI 程式碼與代理（agents），將會帶來持續性的效益。

Matthew Erdner, JonesTrading.

Matthew Erdner，JonesTrading。

Hey, good morning, guys. Thanks for taking the question. Like you touched on the multifamily, is there anything that specifically drove the delinquencies to increase quarter-over-quarter significantly?

各位早安。謝謝讓我提問。你們提到多戶住宅，是否有什麼特定因素導致逾期率在本季相較上季顯著上升？

Well, the whole portfolio is really -- the loan structure was the 3-year with sort of 2-year extensions. So they're all really coming up on maturity and have been extended. So at this point, there might be some where the borrower has been out trying to get refinancing and they realize they can't get the same amount of proceeds that they borrowed initially.

嗯，整個投資組合其實——貸款結構是 3 年期，並帶有大約 2 年的展期。所以它們都差不多接近到期，且已經展期過。因此在這個時間點，可能有些借款人一直在尋求再融資，但他們發現無法取得與最初借款時相同金額的資金。

So then they're -- they sort of call it a day, and we have to deal with the property or work out a mutual resolution. But really, I think it's the fact that they're sort of towards the end of the life, you're going to see more delinquencies in certain cases where the borrower isn't been able to refi or sell the property timely.

所以他們——某種程度上就選擇到此為止，而我們必須處理該物業或協商一個雙方同意的解決方案。但我認為主要原因是：在接近生命週期末端時，你會在某些案例看到更多逾期，因為借款人無法及時再融資或出售物業。

Got it. And then as it relates to that, should we expect you guys to kind of bring some of these properties in, stabilize and then sell? Or are you guys going to look for them to kind of just hit the market, go out, see what they can get and then move on from the asset?

了解。那與此相關，你們是否預期會把其中一些物業收回來、穩定營運後再出售？還是你們會讓它們直接進入市場，看看能賣到什麼價格，然後就從該資產退出？

I mean it's really a case-by-case basis. Some assets, we will try to stabilize where it makes sense, depending on the time and capital required to do so. But in some instances, it just makes sense to hit the bid and move on.

我的意思是，這真的要視個案而定。有些資產在合理的情況下我們會嘗試穩定營運，取決於所需的時間與資本投入。但在某些情況下，直接接受市場出價、然後往前走會更合理。

Got it. That's helpful. And then one last one for me as it relates to this. I appreciate you throwing in the adjustment there for DE, should we expect a number kind of similar to 3Q, 2Q of last year? When you say you expect the losses to accelerate meaningfully at 2Q?

了解。這很有幫助。那最後一個問題也與此相關。謝謝你們在 DE 上提供那個調整；當你們說預期在第二季損失會明顯加速時，我們是否應該預期數字大致類似去年第三季、第二季的水準？

Yeah. So listen, as I said in my prepared remarks, it's really hard to have a reliable forecast of when exactly the losses are going to hit. Every foreclosure is different, every borrower is different and there can be some timing differences from quarter-to-quarter pretty easily.

是的。所以聽著，正如我在事先準備的發言中所說，要對損失究竟會在何時入帳做出可靠的預測，真的很困難。每一筆法拍都不同、每一位借款人都不同，而且季度與季度之間很容易就會出現一些時間上的差異。

I think with that said, in the immediate term, and we expect this primarily in the second quarter, we're expecting somewhere in, call it, the high teens of credit losses on multifamily resolutions. Like I said, it's -- and part of the reason why our guidance is the back half of 2026 is one of these bad multifamily loans rolling into the next quarter can be a $0.03 or $0.04 swing in DE or the timing of that resolution.

話雖如此，就短期而言——我們預期主要會在第二季——我們預計多戶住宅處置（resolution）的信用損失大約會落在十幾個百分點的高端區間。如我所說，這——而我們把指引放在2026年下半年，其中一個原因是：其中一筆不良的多戶住宅貸款若延到下一季才處置，可能就會讓可分配盈餘（DE）出現0.03或0.04美元的波動，或是影響該處置的時間點。

But our base case is somewhere in the mid- to high teens of credit losses for the second quarter before beginning to normalize in the back half of the year and into '27.

但我們的基本情境是：第二季的信用損失大約在十幾個百分點的中高端，之後在下半年並延續到2027年開始逐步正常化。

Mikhail Goberman, Citizens JMP.

Mikhail Goberman，Citizens JMP。

Hey, good morning, guys. Hope everybody is doing well. If I could just to clear up one thing. When you talk about distributable earnings converging with the $0.36 dividend in the latter half of the year, are you referring to the current $0.30 figure you printed in Q1 or the $0.34 prior to realized credit losses figure?

各位早安。希望大家都一切順利。我想釐清一件事。當你們談到今年下半年可分配盈餘（DE）會與0.36美元股利收斂時，你們指的是第一季公布的目前0.30美元數字，還是指扣除已實現信用損失前的0.34美元數字？

Yeah, that's referring to our $0.30 DE or the DE with loss adjustments.

是的，那指的是我們0.30美元的DE，也就是經損失調整後的DE。

Got you. And sort of in -- looking at the Lima One pipeline, what do you guys see the product mix of that going forward? Obviously, a very good quarter to start the year. You guys see momentum picking up in Q2, Q3? And just kind of your thoughts on the product mix there going forward?

了解。另外，從Lima One的管線來看，你們未來看到的產品組合會是什麼樣子？顯然今年開局是一個非常好的季度。你們看到第二季、第三季動能會加速嗎？以及你們對未來產品組合的看法？

Yeah. I mean, so right now, the mix is really split between the transitional and the rentals. As we sort of bring wholesale more online, we could see growth on the rental side, which could accelerate. But we're also seeing great growth on the transitional.

是的。我的意思是，目前的組合大致在過渡型（transitional）與出租（rentals）之間各占一半。隨著我們讓批發通路（wholesale）更全面上線，我們可能會看到出租端的成長，且可能加速。但我們也看到過渡型業務有很好的成長。

So when we said pipeline is sort of the highest it's been in the past couple of years, right, that's plus or minus $20 million at the moment and you think about what pipeline converts to actual loan, usually might be, say, 50% to 60% to 75%, so depending on coupon timing, what have you.

所以當我們說管線是過去幾年來最高水準時，對吧，目前大約是正負2,000萬美元；而你再想想管線轉成實際放款的比例，通常可能是50%到60%到75%，這取決於票息（coupon）時點等等因素。

So that might go to like $100 million or plus or minus per month in the near term, and we still expect to grow from there. And one thing we haven't really hit upon yet is multi-family is relaunched, but the pipeline and submissions that's really not including the multi-family figures.

因此短期內每月可能會變成大約1億美元左右、正負一些的放款量，而且我們仍預期會在此基礎上繼續成長。另外一點我們還沒真正提到的是：多戶住宅已重新啟動，但目前的管線與送件（submissions）其實並未把多戶住宅的數字納入。

So we still think it's sort of -- we're in a slow growth mode. We took -- looked at a lot of loans -- but we haven't really -- we haven't closed anything yet. So the hope is as that really comes online maybe back half of the year that could really help accelerate sort of the growth on top of what we're doing on the transitional and rental side.

所以我們仍認為目前算是——處於緩慢成長模式。我們看了很多筆貸款——但我們還沒有——還沒有成交任何一筆。因此希望當那部分真正上線、可能在今年下半年時，除了我們在過渡型與出租端所做的之外，還能在此之上進一步加速成長。

(Operator Instructions). Doug Harter, BTIG.

（接線員指示）。Doug Harter，BTIG。

Thanks. On the transitional loans, if you could just remind us sort of at what level those are marked and just how we should think about resolutions and working through that book and any impact that should have on book value?

謝謝。關於過渡型貸款，能否請你們提醒一下目前大概是以什麼水準做估值（mark），以及我們應該如何看待處置（resolution）、消化這個投資組合的進展，還有這對每股淨值（book value）可能造成的影響？

Yeah, I'll speak to the second half of your question first. We mark these loans every quarter to fair value, and that's not just what we would expect in a credit loss situation. It's what we think we could solve a loan for. So there's not a huge market for delinquent transitional loans. So a loan rolling delinquent can have a pretty big impact on fair value, even if we think the LTV is good enough to be picked on that asset.

好的，我先回答你問題的後半段。我們每季都會把這些貸款按公允價值（fair value）重新估值，而這不僅僅是我們在發生信用損失情境下的預期。而是我們認為可以用什麼價格把一筆貸款解決掉（solve）。所以，對於逾期的過渡型貸款，市場其實不大。因此，一筆貸款一旦轉為逾期，即便我們認為該資產的貸款價值比（LTV）足夠好、可以被接手，公允價值仍可能受到相當大的影響。

As far as the market level, I think as I kind of said a second ago, it's sort of the current loans versus the delinquent loans. The current loans with their, call it, 10%, 11% coupon tend to be marked just slightly below par, whereas the delinquent loans, it's really on a loan-by-loan basis.

至於市場水準，我想就像我剛才提到的，主要取決於是正常貸款還是逾期貸款。正常貸款的票息大約10%、11%，通常估值會略低於面值（par）；而逾期貸款則真的是逐筆貸款（loan-by-loan）來看。

I think the weighted average for the portfolio, or I should say, the total discount for the portfolio in multi-family is just over $50 million. And then single family, it's probably closer to about $15 million to $20 million discount.

我認為就整體投資組合的加權平均而言——或者我應該說，多戶住宅投資組合的總折價（discount）略高於5,000萬美元。而單戶住宅方面，折價可能更接近1,500萬到2,000萬美元。

Great. So I mean, I guess, so it just depends on the ultimate resolution, but you feel like on the delinquent loans, you've been fairly conservative.

很好。所以我的意思是，這取決於最終的處置結果，但你們覺得對逾期貸款的估值已經相當保守。

Yeah, for sure. We've always taken great pride in our marks process and have extreme confidence in the level of our marks. I think we've said over the last few quarters that as we've resolved some of these delinquent loans were generally -- not generally almost entirely generating gains.

是的，絕對是。我們一直以我們的估值流程為傲，並且對我們估值的水準非常有信心。我想我們在過去幾季也提到，當我們處置掉一些逾期貸款時，通常——其實幾乎完全——都在產生收益（gains）。

This quarter, we resolved another, I think it's $160 million of delinquent loans and the P&L versus our prior mark on those assets generated a gain of about $14 million this quarter. So again, all of the empirical evidence, including where we've executed loan sales in prior quarters, gives us a lot of confidence in where we have these assets marked.

本季我們又處置了另一批逾期貸款，我想規模是1.6億美元；而相較於我們先前對這些資產的估值，本季在損益表（P&L）上產生了約1,400萬美元的收益。所以再次強調，所有實證證據——包括我們在前幾季執行的貸款出售價格——都讓我們對這些資產目前的估值水準非常有信心。

Thank you. And there are no further questions at this time. So I'll hand it back to Craig Knutson for closing remarks. Thank you.

謝謝。目前沒有其他問題。那我把電話交回給Craig Knutson做結語。謝謝。

All right. Well, thanks, everyone, for your interest in MFA Financial, and we look forward to speaking with you again in August when we announce second quarter results.

好的。感謝各位對MFA Financial的關注，我們期待在8月公布第二季業績時再與各位交流。

Thank you. And that concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。各方可掛線。祝各位有美好的一天。