MFA Financial, Inc. (MFA) 2026 Q2 法說會逐字稿

Greetings, welcome to the MFA Financial, Inc announced second-quarter 2026 financial results conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 MFA Financial, Inc 公布 2026 年第二季財務業績的電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Hal Schwartz, General Counsel at MFA Financial. Thank you, Hal. You may begin.

現在我將把會議交給 MFA Financial 的總法律顧問 Hal Schwartz。謝謝你，Hal。你可以開始了。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

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.

今天電話會議中討論的資訊可能包含或提及與 MFA Financial, Inc 相關的前瞻性陳述，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 will、believe、expect、anticipate、estimate、should、could、would 或類似用語者，均意在識別為前瞻性陳述。

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 the MFA's annual report on Form 10-K for 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出之日有效。此類陳述受多項已知與未知之風險、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 second-quarter 2026 financial results.

這些風險、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、表達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 年第二季財務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。現在我想把電話會議交給 MFA 的執行長 Craig Knutson。

Thank you, Hal. Good morning, everyone, and thank you for joining us for MFA Financial's second-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.

謝謝你，Hal。各位早安，感謝各位參加 MFA Financial 2026 年第二季財報電話會議。今天與我一同出席的有：我們的總裁兼投資長 Bryan Wulfsohn、財務長 Mike Roper，以及其他資深管理團隊成員。

I will offer some general remarks on the macroeconomic and political landscapes and will then provide an update on MFA's business initiatives and portfolio activities. I'll then turn the call over to Mike, followed by Bryan, before we open up the call for questions.

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。之後我會把電話交給 Mike，再由 Bryan 接續，最後開放提問。

Moving to market conditions, we entered April with markets still absorbing the geopolitical shock that ended the first quarter. After ending March at $118 per barrel, oil traded below $100 per barrel for much of April before spiking back to $118 at the end of April and then trading lower over the last two months of the quarter, closing out just below $73 per barrel at the end of June.

談到市場狀況，我們在 4 月初進入市場時，市場仍在消化第一季末的地緣政治衝擊。原油在 3 月以每桶 118 美元作收後，4 月大部分時間交易於每桶 100 美元以下，4 月底又飆回每桶 118 美元，隨後在本季最後兩個月走低，6 月底收在每桶 73 美元略下方。

In the REITs market, while volatility dampened considerably, rates themselves rose modestly higher during the quarter. The MOVE index closed out the first quarter around 100 but was in the mid-60s by the middle of April, spiked briefly in mid-May and then closed the quarter in the low 70s. The curve flattened materially during the quarter. Two-year treasury yields rose 40 basis points and 10 years sold off about 15 basis points, with the 210-spread flattening from 52 to 29 basis points.

在 REITs 市場方面，雖然波動性明顯降溫，但利率本身在本季小幅走高。MOVE 指數在第一季末約收在 100 左右，但到 4 月中旬已降至 60 多的中段，5 月中旬短暫飆升，之後本季收在 70 出頭的低位。殖利率曲線在本季顯著趨於平坦。兩年期公債殖利率上升 40 個基點，十年期約上升（價格下跌）15 個基點，2 年與 10 年利差由 52 個基點收斂至 29 個基點。

Kevin Walsh chaired his first set of FOMC meetings in mid-June, and his tone at the press conference was more hawkish than many had expected. Inflation data remains elevated, payroll numbers continue to be strong, and markets are now expecting a Fed funds increase later this year.

Kevin Walsh 於 6 月中旬主持了他首場 FOMC 會議，而他在記者會上的語氣比許多人預期更偏鷹派。通膨數據仍然偏高，就業薪資數據持續強勁，市場目前預期聯準會今年稍晚將上調聯邦基金利率。

The mortgage market remained constructive through the second quarter with spreads tightening modestly and securitization markets were well bid. Obviously, Kevin Walsh's second press conference last week did not go as well as his first, but I personally think the financial press was more upset than the markets. I remember when Alan Greenspan was the Fed Chair and he elevated Fedspeak to a unique level of incomprehensibility.

第二季期間，房貸市場維持建設性走勢，利差小幅收斂，證券化市場買盤強勁。顯然，Kevin Walsh 上週的第二場記者會不如第一場順利，但我個人認為金融媒體比市場更不滿。我記得 Alan Greenspan 擔任聯準會主席時，把「聯準會式語言」提升到一種獨特的難以理解程度。

Through the second quarter market volatility, MFA delivered a solid quarter and made real progress on the strategic initiatives we laid out for you late last year. Economic book value was essentially unchanged. We again declared a $0.36 dividend and we generated a total economic return of positive 2.6% for the quarter.

在第二季市場波動之下，MFA 交出穩健的一季，並在我們去年底向各位提出的策略性倡議上取得實質進展。經濟帳面價值基本持平。我們再次宣告每股 0.36 美元股利，並在本季創造正向 2.6% 的總經濟報酬。

First, we continued to prudently deploy capital and grow the balance sheet. Our investment portfolio ended the quarter at approximately $13 billion, up from $12.5 billion at March 31, and roughly 20% larger than a year ago, with growth concentrated in Agency MBS at what we believe remain attractive spreads.

第一，我們持續審慎部署資本並擴大資產負債表。本季末我們的投資組合約為 130 億美元，高於 3 月 31 日的 125 億美元，亦較一年前約增加 20%；成長主要集中於我們認為利差仍具吸引力的機構 MBS。

Second, and this was the defining effort of the quarter, we significantly accelerated the resolution of delinquent assets. We resolved approximately $200 million of previously delinquent loans during the quarter and our 60-plus day delinquency rate declined from 7.8% to 7.0%. Mike will walk through how these resolutions flow through our earnings metrics, and Bryan will provide more detail on the progress. But the headline is simple. We are converting unproductive assets back into earning capital and we're doing it faster.

第二，也是本季的關鍵工作，我們大幅加速處理逾期資產。本季我們處理了約 2 億美元先前逾期的貸款，60 天以上逾期率由 7.8% 降至 7.0%。Mike 將說明這些處理如何反映在我們的獲利指標中，Bryan 也會就進展提供更多細節。但重點很簡單。我們正把無法產生收益的資產轉回可賺取收益的資本，而且速度更快。

Thirdly, Lima's momentum continued to build with origination volume up nearly 45% from the first quarter. The efforts expended throughout much of last year to improve technology and add salespeople are beginning to pay off.

第三，Lima 的動能持續增強，承作量較第一季增加近 45%。我們在去年大部分時間投入的技術改善與增聘業務人員，正開始帶來成效。

Fourth, we completed the exit of our former corporate headquarters and continued to bring down our expense base. Mike will quantify the run rate savings for you.

第四，我們完成退出原公司總部，並持續降低費用基礎。Mike 將為各位量化其經常性節省金額。

And finally, we continued to repurchase common stock at a significant discount to economic book value, buying back over 500,000 shares during the quarter, funded largely by issuance of preferred stock through our ATM program.

最後，我們持續在相對於經濟帳面價值大幅折價的水準回購普通股，本季回購超過 50 萬股，資金主要來自我們透過 ATM 計畫發行優先股。

Taken together, a stable book value, a growing portfolio, a shrinking problem asset book, and a re-acceleration of origination franchise and a leaner expense base, we believe the earnings power of this portfolio is becoming increasingly visible as the legacy credit noise recedes.

綜合而言，帳面價值穩定、投資組合成長、問題資產規模縮小、承作平台重新加速，以及更精實的費用基礎，我們認為隨著既有信用雜音逐步消退，該投資組合的獲利能力正變得愈來愈清晰可見。

I'd like to turn the call over to Mike now to discuss our financial results.

現在我想把電話交給 Mike，請他說明我們的財務結果。

Thank you, Craig, and good morning, everyone. At June 30, GAAP book value was $12.71 per share and economic book value was $13.20 per share, each effectively unchanged from the end of the first quarter. MFA, again, paid a common dividend of $0.36 and delivered a quarterly total economic return of 2.6%.

謝謝你，Craig，各位早安。截至 6 月 30 日，GAAP 帳面價值為每股 12.71 美元，經濟帳面價值為每股 13.20 美元，兩者相較第一季末皆幾乎沒有變動。MFA 再次支付每股 0.36 美元普通股股利，並交出 2.6% 的季度總經濟報酬。

Second-quarter GAAP net income was approximately $46.8 million or $0.35 per basic common share. Net interest income, including TBA dollar roll income, for the quarter was $59.6 million, a modest increase from $59.2 million in the first quarter. Lima One mortgage banking income rose to $8.4 million in connection with the significant growth in origination that Craig referenced earlier.

第二季 GAAP 淨利約為 4,680 萬美元，或每股普通股基本每股盈餘 0.35 美元。本季淨利息收入（含 TBA dollar roll 收入）為 5,960 萬美元，較第一季的 5,920 萬美元小幅增加。由於 Craig 先前提到的承作量顯著成長，Lima One 的房貸銀行業務收入上升至 840 萬美元。

G&A expenses totaled $31.2 million, including approximately $5 million of accelerated non-cash depreciation expense associated with our former corporate headquarters. Those assets are now fully depreciated, and we expect run-rate G&A to average approximately $26 million to $27 million per quarter over the remainder of the year. This run rate reflects the cumulative impact of our expense reduction initiatives and a decline of more than $6 million a quarter from the 2024 quarterly average of $33 million.

G&A費用合計3,120萬美元，其中包括約500萬美元與我們先前公司總部相關的加速非現金折舊費用。這些資產現已全數折舊完畢，我們預期今年剩餘期間的G&A常態化水準每季平均約2,600萬至2,700萬美元。此常態化水準反映我們費用削減措施的累積影響，並較2024年每季平均3,300萬美元下降逾600萬美元。

Moving to our distributable earnings. DE for the quarter was $12.2 million or $0.12 per share. The decline in our DE was driven by $24.5 million of realized credit losses on fair value loans as we resolved approximately $200 million of previously delinquent assets during the quarter.

接著談我們的可分配盈餘。本季DE為1,220萬美元，或每股0.12美元。我們DE的下滑主要是因為在本季處置約2億美元先前逾期資產的過程中，公平價值貸款產生2,450萬美元的已實現信用損失。

As we've discussed on prior calls, DE recognizes these losses only at resolution, while the economics are already embedded in our GAAP results and our book value from prior periods. Including the reversal of these previously recognized mark-to-market losses in our GAAP results, these same loans contributed $9.6 million of positive earnings for the quarter. DE prior to realized credit losses, the new metric we introduced last quarter, was $36.7 million or $0.35 per share, up from $0.34 per share last quarter.

如同我們在先前電話會議中所討論，DE僅在處置時才認列這些損失，而其經濟影響已在前期的GAAP結果與帳面價值中反映。若將GAAP結果中對先前已認列之按市價評價損失的回轉納入考量，這些相同貸款本季貢獻了960萬美元的正向盈餘。扣除已實現信用損失前的DE（我們上季引入的新指標）為3,670萬美元，或每股0.35美元，高於上季的每股0.34美元。

As a reminder, our Q1 results included approximately $0.03 of non-recurring benefit related to the early termination of the lease for our former corporate headquarters. Excluding that one-time item in the first quarter, DE prior to realized credit losses improved by $0.04 per share or approximately 14% sequentially, which we believe highlights the improving earnings power of the portfolio.

提醒一下，我們第一季結果包含約每股0.03美元的一次性利益，與提前終止我們先前公司總部租約相關。若排除第一季該一次性項目，扣除已實現信用損失前的DE較前一季改善每股0.04美元，或約14%的季增，我們認為這凸顯了投資組合獲利能力的提升。

Though we're disappointed with the credit charges realized this quarter, the benefits of moving non-performing loans off the books are significant. We redeploy capital into new mid-teen ROE assets. We reduce servicing, legal and other carrying costs, and we reduce the uncertainty of our future earnings.

雖然我們對本季已實現的信用費用感到失望，但將不良貸款自帳上移除的效益相當顯著。我們可將資本重新部署至新的、股東權益報酬率（ROE）約中十位數的資產。我們可降低服務、法律及其他持有成本，並降低未來盈餘的不確定性。

We currently expect realized credit losses to remain elevated in the third quarter, though below the level in Q2, before moderating significantly as we move into the end of the year and into the first half of 2027. We continue to expect that our DE will begin to reconverge the level of our common dividend as those credit losses subside to more normalized levels.

我們目前預期第三季已實現信用損失仍將維持在較高水準，但會低於第二季，之後在今年年底及進入2027年上半年時將顯著趨緩。我們仍預期，隨著信用損失回落至較正常水準，我們的DE將開始重新趨近於普通股股利水準。

Finally, subsequent to quarter end, we estimate that our economic book value has decreased by approximately 2% since the end of the second quarter, driven by higher market interest rates and modestly wider spreads.

最後，在季末之後，我們估計自第二季末以來，我們的經濟帳面價值約下降2%，主要受市場利率上升及利差小幅擴大所致。

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，他將討論我們的投資組合與Lima One。

We had a productive quarter expanding our investment portfolio. Reducing our legacy multifamily exposure, issuing and managing our securitizations, and growing Lima One. I'll touch on each of these.

本季我們在擴大投資組合方面進展良好。包括降低我們的既有多戶住宅曝險、發行並管理我們的證券化交易，以及擴張Lima One。我將逐一說明。

Starting with Non-QM, which remains our biggest asset class at $5.7 billion. We acquired $462 million of Non-QM loans with an average coupon of 6.9% and an LTV of 67%. We continue to source loans from long-standing relationships with a select group of originators. Loans are acquired through flow and mini bulk transactions and are diligenced carefully by our experienced investment team. Credit performance remains strong with a default rate just over 4%.

先從Non-QM開始，這仍是我們最大的資產類別，規模為57億美元。我們購入4.62億美元的Non-QM貸款，平均票面利率為6.9%，LTV為67%。我們持續透過與少數放款機構的長期合作關係來取得貸款來源。貸款透過持續供給（flow）與小型批量（mini bulk）交易取得，並由我們經驗豐富的投資團隊審慎盡職調查。信用表現仍然強勁，違約率略高於4%。

We issued our 24th non-QM securitization during the quarter, selling nearly $300 million of bonds at an average cost of just over 5.5%. The loans in that deal carry a weighted average coupon of 6.75%. Separately, we re-securitized over $500 million of Single-Family rental loans after calling three prior issuances, unlocking $48 million of cash and financing capacity, while reducing mark-to-market recourse leverage. This is the second consecutive quarter that we've re-levered older deals in order to unlock capital.

本季我們完成第24筆Non-QM證券化，出售近3億美元的債券，平均成本略高於5.5%。該交易中的貸款加權平均票面利率為6.75%。另外，在召回先前三筆發行後，我們對逾5億美元的單戶出租（Single-Family rental）貸款進行再證券化，釋放4,800萬美元現金與融資額度，同時降低按市價追繳（mark-to-market）追索槓桿。這是我們連續第二季對較舊交易重新加槓桿，以釋放資本。

Moving to our Agency portfolio. During the quarter, we purchased over $700 million of Agency bonds and grew that book to $4.1 billion. We again focused on low payoff spec pools, although we did further increase our TBA position to nearly $500 million. Should market conditions remain favorable, we intend to continue to roll this TBA position, generating drop income that is economically equivalent to the net carry from owning pools.

接著談我們的機構（Agency）投資組合。本季我們購入逾7億美元的Agency債券，並將該投資組合擴大至41億美元。我們再次聚焦於低提前清償特性（low payoff spec）的指定池（spec pools），同時也進一步將我們的TBA部位提高至接近5億美元。若市場條件仍然有利，我們打算持續展期（roll）該TBA部位，產生的drop income在經濟上等同於持有指定池所帶來的淨持有收益（net carry）。

Agencies now comprise nearly a third of our investment portfolio, and we believe they are an attractive complement to our credit assets. That said, their liquidity profile affords us the ability to dial that book up or down depending on market prices and opportunities elsewhere in the business.

Agency資產目前約占我們投資組合的三分之一，我們認為其是對我們信用資產的具吸引力補充。不過，其流動性特徵也使我們能依市場價格與公司其他業務機會，彈性調高或調低該投資組合規模。

Turning to Lima One, we are pleased to report that origination volume at Lima One rose by 44% during the quarter to $316 million. This included $220 million of new short-term transitional loans and $96 million of 30-year rental loans. As a reminder, originations had dropped over the past two years as we overhauled Lima's underwriting process and made significant personnel changes across the organization.

轉到Lima One，我們很高興報告Lima One本季的承作量（origination volume）成長44%，達3.16億美元。其中包括2.20億美元的新短期過渡性貸款，以及9,600萬美元的30年期出租貸款。提醒一下，過去兩年承作量曾下滑，因為我們全面改造Lima的承作審核（underwriting）流程，並在整個組織進行重大人事調整。

Those changes are beginning to bear fruit across the business. Credit performance on more recent production at Lima One continues to be encouraging with delinquency on recent vintages tracking meaningfully better than earlier years.

這些變革正開始在各項業務中展現成果。Lima One較近期承作的信用表現持續令人鼓舞，近期批次（vintages）的逾期情況明顯優於早年。

We also invested heavily in technology improvements and rebuilt Lima's salesforce. As we communicated in May, submissions have grown and Lima's origination pipeline has reached levels not seen since 2024. While origination is inherently lumpy and won't grow in a straight line, the direction is decidedly higher. We are excited about Lima's prospects as the team works hard to continuously improve the business.

我們也大幅投資於技術改善，並重建Lima的銷售團隊。如同我們在5月所溝通，送件量（submissions）已成長，且Lima的承作管線已達到自2024年以來未見的水準。雖然承作量本質上具有波動性，不會呈直線成長，但方向明確向上。隨著團隊努力持續改善業務，我們對Lima的前景感到振奮。

Finally, we made substantial progress resolving non-performing assets during Q2. As Craig mentioned, the delinquency rate across our entire loan portfolio declined by 80 basis points to 7%. In particular, we continue to shrink our legacy Multifamily book, resolving $65 million of delinquent loans and reducing the portfolio to $360 million, less than half the size of the portfolio from a year ago. Multifamily transitional loans now comprises just 2% of our investment portfolio.

最後，我們在第二季處置不良資產方面取得重大進展。如Craig所提及，我們整體貸款投資組合的逾期率下降80個基點至7%。尤其是，我們持續縮減既有的多戶住宅（Multifamily）投資組合，處置6,500萬美元的逾期貸款，並將投資組合降至3.60億美元，不到一年前規模的一半。多戶住宅過渡性貸款目前僅占我們投資組合的2%。

Overall, the quarter reflected strong progress on several fronts. We added $1.6 billion of our target assets at expected ROEs in the mid-teens, funded in part by optimizing our securitizations to unlock capital, while further reducing our reliance on mark-to-market borrowings against credit assets. Lima One grew both in volume and profitability, and we cut delinquencies across the loan portfolio meaningfully.

整體而言，本季在多個面向都展現了強勁進展。我們新增16億美元的目標資產，預期ROE為中十位數；部分資金來源為透過最佳化證券化以釋放資本，同時進一步降低我們對以信用資產作為擔保之按市價借款（mark-to-market borrowings）的依賴。Lima One在規模與獲利能力上皆有所成長，我們也顯著降低了整體貸款投資組合的逾期水準。

Taken together, these actions leave us with a bigger and higher yielding portfolio, better structured financing, and a growing origination platform that we believe positions us well to build value from here.

綜合來看，這些行動讓我們擁有規模更大、收益率更高的投資組合，更完善的融資結構，以及持續成長的承作平台；我們相信這使我們處於有利位置，能從現在開始持續創造價值。

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. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在開始進行問答環節。(接線員指示)

Bose George, KBW.

Bose George，KBW。

Just on the remaining multifamily timeframe, what's the timeframe on resolving the remaining multifamily loans, I didn't know if you said that. And also, the current -- the equity you have remaining, that $84 million, what's the EAD on just that piece?

關於剩餘的多戶住宅（multifamily）部分，解決剩餘多戶住宅貸款的時間表是什麼？我不確定你是否提到過。另外，目前——你們剩餘的那筆 8,400 萬美元權益，僅就那一部分的 EAD 是多少？

So I'll answer the first and pass it over to Mike to answer the second. We believe that really, we're probably a few quarters away from resolving the portfolio, there are loans that are still paying that are extended and we're giving time for the owners of those properties to resolve their loans through either refinance or sale the property. And then the loans that are delinquent, we can work through rather quickly to acquire the property and sell that subsequently.

我先回答第一個問題，第二個問題我交給 Mike 來回答。我們認為，實際上我們大概還需要幾個季度才能把整個投資組合處理完；其中有些貸款仍在正常還款、但已展期，我們會給這些物業的業主一些時間，讓他們透過再融資或出售物業來解決貸款。至於已逾期的貸款，我們可以相對快速地推進，取得物業並在之後出售。

So really, in terms of resolving the entire thing, I think we're probably a few quarters away, but the material losses, credit losses are really here in the next quarter.

所以就解決整體而言，我認為我們大概還需要幾個季度；但重大的損失、信用損失主要會在下一個季度出現。

And then, Bose, I understand your question directly, are you asking what the impact would be if we were to redeploy that full $84 million? Or are you asking what the lossless portion of the book generated for the quarter.

另外，Bose，我想確認你問題的重點：你是想問如果我們把那整筆 8,400 萬美元全部重新部署，影響會是什麼？還是你在問本季帳簿中無損部分所產生的收益？

Yeah, just trying to understand the impact of the redeployment, like is that a negative EAD at the moment or is that zero or just like, yeah, but trying to calculate the benefit of the redeployment.

對，我主要是想了解重新部署的影響：目前那部分的 EAD 是負的、是零，還是怎樣？就是想計算重新部署所帶來的效益。

Sure. So if you account for all the non-performing assets in that book and then obviously the credit losses, that obviously would go away if we were to liquidate the rest of the book. Thinking about the $84 million deployed at like a mid-teens ROE, you're talking about a marginal, call it $14 million, $15 million a year of additional earnings. And clearly, there's going to be normalized losses on that, not the heightened credit losses we see today.

當然。如果你把那本帳上的所有不良資產以及相應的信用損失都納入考量，那麼如果我們清算剩餘帳簿，這些當然就會消失。以 8,400 萬美元、約中十幾％的 ROE 來重新部署，你談的是邊際上每年大約新增 1,400 萬到 1,500 萬美元的收益。而且很明顯，會有正常化的損失，但不會是我們今天看到的那種較高的信用損失。

Okay, great. And then on the Agency, just given the what's happened with Agency spreads, how do you see the risk reward in that market? And then just where do you see the best risk reward for deploying incremental capital?

好的，很棒。另外關於 Agency（機構）方面，考量到 Agency 利差的變化，你怎麼看那個市場的風險報酬？以及你認為部署增量資本的最佳風險報酬在哪裡？

Yeah, I mean, we still see agencies are attractive given spreads have widened, say, 8 basis points to 10 basis points since the quarter. Still think it's mid-teens ROEs are achievable. Really our highest ROE business is still growth at Lima One in terms of origination, the double-digit type coupons financed at say 6% to 7% offers a very good spread and very high ROEs.

是的，我們仍然認為機構資產具吸引力，因為自本季以來利差已擴大，例如擴大了 8 到 10 個基點。我們仍認為可達成中十幾％的 ROE。真正 ROE 最高的業務仍是 Lima One 的承作成長；以約 6% 到 7% 的資金成本去融資雙位數票息的資產，能提供非常好的利差與非常高的 ROE。

So that's still the most attractive, but Non-QM continues to be attractive as well. So that which ROEs are really in the mid-teens there too. So we're really pressing on all fronts, deploying the additional capital, and obviously things can change quarter to quarter, and we'll reallocate depending on where spread and ROEs move.

所以那仍是最具吸引力的，但 Non-QM 也持續具吸引力。那邊的 ROE 也大致在中十幾％。因此我們在各方面都在加速推進、部署額外資本；當然情況可能每季變動，我們也會依利差與 ROE 的變化來重新配置。

Mikhail Goberman, Citizens JMP.

Mikhail Goberman，Citizens JMP。

Just wanted to get your thoughts on potential further improvements in operating leverage, expense reduction going forward. I know you guys are doing good work with the changeover in the corporate headquarters and all that. Just your general thoughts on expenses going forward.

想請教你們對未來營運槓桿進一步改善、以及費用持續下降的看法。我知道你們在公司總部搬遷/更換等方面做了不少工作。想聽聽你們對未來費用走勢的整體看法。

And also, the second part of the question with regards to Lima One, I know you've touched on Lima One already. Just what, in terms of the products that Lima One is offering, just thoughts on that and how you see the third quarter shaping up for Lima One in terms of maybe continuing the really good momentum you saw in the second quarter?

另外，第二部分是關於 Lima One：我知道你們已經提到 Lima One。就 Lima One 提供的產品而言，你們怎麼看？以及你們如何看第三季 Lima One 的表現——是否能延續第二季看到的強勁動能？

I'll take the first part of your question and maybe Bryan can take the second part there. On the G&A expenses, we provided the guidance in the prepared remarks. Really because there's been a lot of noise as we worked through those initiatives that we've talked about for some time now. I think a lot of those one-time blips, if you will, and the expenses are reaching a point of normalization.

我先回答你問題的第一部分，第二部分也許 Bryan 可以回答。關於 G&A（一般及行政）費用，我們在事先準備的發言中已提供指引。主要是因為在推進我們談了好一段時間的那些措施時，期間有很多雜訊。我認為其中許多一次性的波動（如果你願意這麼說）以及費用，正逐步回到正常化水準。

With that said, we continuously evaluate the business for opportunities to be more efficient and clearly, we're committed to expense discipline across the business, including Lima One. There's a couple of smaller items that will continue to flush through over the remainder of the year, including some expected savings from AI initiatives across the firm. But I think most of the big-ticket items are accounted for at this point in terms of the run rate G&A.

即便如此，我們仍持續評估業務，尋找提升效率的機會；而且我們明確承諾在全公司維持費用紀律，包括 Lima One。在今年剩餘期間，還會有幾個較小項目陸續反映出來，包括全公司 AI 計畫帶來的一些預期節省。但就 G&A 的常態化費用率而言，我認為目前大部分重大項目都已納入考量。

And as it relates to Lima One, given the nature of the housing stock being fairly high-priced, we've been focusing more on the ground up construction space because that's where the opportunity is for investors. And that's where we've seen the materiality of the production out of Lima, that in addition to bridge loans. But really, in terms of volumes for the third quarter, we've seen we see a strong pipeline today, we saw good submissions in July.

至於 Lima One，鑑於房屋存量的價格相對偏高，我們更聚焦於從零開始的新建（ground up construction）領域，因為那裡是投資人機會所在。我們也看到 Lima 的產出在這方面具相當規模，此外還包括過橋貸款（bridge loans）。但就第三季的量而言，我們目前看到強勁的案源管線，7 月的送件也不錯。

But there's still a couple of months left of the quarter, we're -- it's unclear, we do expect there to be growth. But as I mentioned in the earlier remarks, I'm not sure it's going to be the same jump that we saw from Q1 to Q2, because there's also some seasonality impacts when you go from there earlier in the year, the winter months into the spring and summer.

不過本季還剩下幾個月，我們——目前仍不明朗；我們確實預期會成長。但如我先前所提，我不確定會不會出現像第一季到第二季那樣的跳升，因為從年初的冬季進入春夏，也會有一些季節性影響。

(Operator Instructions)

(接線員指示)

We have reached the end of the question-and-answer session. If you would like to -- I would like to turn the floor back over to Craig Knutson for closing comments.

我們已到達問答環節的結束。如果您願意——我想把時間交還給 Craig Knutson 作結語。

Thank you. Well, thanks, everyone, for your interest in MFA Financial, and we look forward to speaking with you again in November when we announce third quarter results.

謝謝。也謝謝各位對 MFA Financial 的關注，我們期待在 11 月公布第三季業績時，再次與各位交流。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。