AG Mortgage Investment Trust Inc (MITT) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the AG Mortgage Investment Trust, Inc. second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 AG Mortgage Investment Trust, Inc. 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

I'd now like to turn the call over to Jenny Neslin, General Counsel for the company. Please go ahead.

我現在想將電話轉給公司總法律顧問珍妮‧內斯林 (Jenny Neslin)。請繼續。

Thank you. Good morning, everyone, and welcome to the second quarter 2024 earnings call for AG Mortgage Investment Trust. With me on the call today are TJ Durkin, our CEO and President; Nicholas Smith, our Chief Investment Officer; and Anthony Rossiello, our Chief Financial Officer.

謝謝。大家早安，歡迎參加 AG 抵押投資信託公司 2024 年第二季財報電話會議。今天與我一起參加電話會議的是我們的執行長兼總裁 TJ Durkin；尼古拉斯‧史密斯，我們的首席投資長；和我們的財務長 Anthony Rossiello。

Before we begin, please note that the information discussed in today's call may contain forward-looking statements. Any forward-looking statements made during today's call are subject to certain risks and uncertainties which are outlined in our SEC filings, including under the headings Cautionary Statement Regarding Forward-Looking Statements, Risk Factors and Management's Discussion and Analysis.

在我們開始之前，請注意，今天的電話會議中討論的資訊可能包含前瞻性陳述。今天電話會議期間所做的任何前瞻性陳述都受到我們向美國證券交易委員會提交的文件中概述的某些風險和不確定性的影響，包括有關前瞻性陳述、風險因素以及管理層討論和分析的警告聲明標題下的風險和不確定性。

The company's actual results may differ materially from these statements. We encourage you to read the disclosure regarding forward-looking statements contained in our SEC filings, including our most recently filed Form 10-K for the year ended December 31, 2023, and our subsequent events -- subsequent reports filed from time to time with the SEC.

公司的實際結果可能與這些陳述有重大差異。我們鼓勵您閱讀我們向SEC 提交的文件中包含的有關前瞻性聲明的披露內容，包括我們最近提交的截至2023 年12 月31 日的年度10-K 表格，以及我們的後續事件——不時提交的後續報告美國證券交易委員會。

Except as required by law, we are not obligated and do not intend to update or to review or revise any forward-looking statements, whether as a result of new information, future events or otherwise. During the call today, we will refer to certain non-GAAP financial measures. Please refer to our SEC filings for reconciliations to the most comparable GAAP measures.

除法律要求外，我們沒有義務也不打算更新或審查或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。在今天的電話會議中，我們將提及某些非公認會計準則財務指標。請參閱我們向 SEC 提交的文件，以了解與最具可比性的 GAAP 衡量標準的對帳情況。

We will also reference the earnings presentation that was posted to our website this morning. To view this slide presentation turn to our website, www.agmit.com and click on the link for the Q2 2024 earnings presentation on the homepage. Again, welcome to the call, and thank you for joining us today.

我們也將參考今天早上發佈在我們網站上的收益報告。要查看此幻燈片演示文稿，請訪問我們的網站 www.agmit.com，然後單擊主頁上 2024 年第二季度收益演示文稿的連結。再次歡迎您致電，並感謝您今天加入我們。

And with that, I'd like to turn the call over to TJ.

說到這裡，我想把電話轉給 TJ。

Thank you, Jenny, -- I'm excited to report our second quarter financials, which show our continued execution of our core business strategy and the compelling benefits of our recent merger.

謝謝你，珍妮，我很高興報告我們第二季度的財務狀況，它顯示了我們對核心業務戰略的持續執行以及我們最近合併帶來的引人注目的好處。

Walking through mid-financial position. As of June 30, we saw adjusted book value modestly lowered from $10.58 to $10.37 producing a roughly breakeven economic return on equity for the quarter with it being too early to give an estimate of July's book value.

走過中期財務狀況。截至6 月30 日，我們看到調整後的帳面價值從10.58 美元小幅降至10.37 美元，該季度的股本經濟回報率大致達到盈虧平衡，但現在對7 月份的賬面價值進行估計還為時過早。

More notably on June 30, the Board voted unanimously to increase our dividend 5.6% to $0.19 per share. During the quarter, we earned $17.4 million of net interest income, negative $0.02 of earnings per share at $0.21 of EAD per share covering our newly set dividend previously declared by $0.02.

更值得注意的是，6 月 30 日，董事會一致投票決定將股息提高 5.6% 至每股 0.19 美元。本季度，我們獲得了 1740 萬美元的淨利息收入，每股收益負 0.02 美元，每股 EAD 為 0.21 美元，覆蓋了我們先前宣布的新設定的股息 0.02 美元。

One of the key areas of focus for us coming out of the WMC acquisition was efficiently addressing the impending maturity of their $86 million convertible notes due on September 15, 2024. We are happy to report during the quarter, we successfully issued a another $65 million of investment grade senior unsecured notes to more than cover the upcoming maturity, when considering our $34.5 million issuance from Q1 of this year.

收購 WMC 後，我們關注的關鍵領域之一是有效解決其 2024 年 9 月 15 日到期的 8,600 萬美元可轉換票據即將到期的問題。我們很高興地在本季度報告，考慮到今年第一季發行的 3,450 萬美元，我們成功發行了另外 6,500 萬美元的投資級高級無擔保票據，足以覆蓋即將到期的票據。

Effectively replacing the convertible debt with these senior unsecured notes physicians MITT with a materially more advantageous corporate debt structure going forward. As a result of these bond issuances and to avoid holding excess cash. We've invested a portion of these proceeds into Agency RMBS using only modest leverage in order to generate strong short-term risk-adjusted returns.

以這些優先無擔保票據有效地取代了可轉換債務，MITT 的公司債務結構在未來實質上更加有利。由於發行這些債券而避免持有過多現金。我們僅使用適度的槓桿將部分收益投資於代理 RMBS，以產生強勁的短期風險調整回報。

As a result, the company ended the quarter with $180 million of liquidity and -- moderately higher than normal leverage of 2.5 times. We would anticipate post repayment of the convertible notes at maturity in September, we will return to more historical levels of leverage at the company level.

結果，該公司在本季末擁有 1.8 億美元的流動資金，並且槓桿率略高於正常水平的 2.5 倍。我們預計，在 9 月到期的可轉換票據償還後，我們將恢復到公司層面的槓桿率歷史水準。

Including the WMC acquisition on December 6, of last year. Through quarter end, approximately $57 million of assets have already been monetized return at $41 million of equity to be rotated into our core strategy of newly originated residential mortgage loans.

包括去年12月6日收購WMC。截至季末，約 5,700 萬美元的資產已貨幣化，回報為 4,100 萬美元的股本，將轉入我們新發放的住宅抵押貸款的核心策略。

One significant result of the merger as our inclusion into the Russell 2000, as of June 28. We believe this is a critical step in both broadening our investor base and improving investor liquidity. As I stated last quarter, the team are very excited to show the market, the benefits we see in the power of the combined company.

截至 6 月 28 日，合併的一項重要成果是我們被納入 Russell 2000。我們相信，這是擴大投資者基礎和提高投資者流動性的關鍵一步。正如我上季度所說，團隊非常高興向市場展示我們在合併後公司的力量中看到的好處。

Now turn the call over to Nick.

現在將電話轉給尼克。

Thanks, TJ. This quarter, we saw the continuation of various themes we pointed out over recent quarters, elevated levels of interest rate volatility, continued outperformance of have seen a resilient residential mortgage borrower and modestly tighter residential credit spreads with outperformance in the lower rated parts of the capital stack.

謝謝，TJ。本季度，我們看到了近幾個季度指出的各種主題的延續，利率波動水平升高，房屋抵押貸款借款人表現持續出色，住宅信貸利差小幅收窄，首都評級較低的地區表現出色。堆。

The delinquency rate of our loan portfolio remains low at approximately 1% with a modest improvement quarter over quarter and an increase of only 10 basis points since the end of last year. The team executed two securitizations during the quarter. The second transaction of the quarter was in -- private label securitization backed by Fannie and Freddie eligible investor loans from one of the nation's largest mortgage originators where we acted as the co-sponsor.

我們的貸款組合的拖欠率仍然保持在 1% 左右的低水平，環比略有改善，自去年底以來僅增加了 10 個基點。該團隊在本季度執行了兩次證券化。本季的第二筆交易是由房利美和房地美合格投資者貸款支持的自有品牌證券化，這些貸款來自美國最大的抵押貸款發起人之一，我們是其中的聯合發起人。

For the next quarter and throughout the rest of the year, we expect to remain active and issue at a similar pace to the past two quarters.

在下一季和今年剩餘時間內，我們預計將保持活躍並以與過去兩個季度相似的速度發行。

Moving on to our call, we are excited to announce that Arc Home opportunistically agreed to sell its MSR portfolio at the end of April. Most of this year's peak in interest rates which settled subsequent to quarter end. This sale generated ample liquidity for continued growth in Arc Home's for business, along with capital that we expect to be deployed in compelling new opportunities developing in the residential mortgage origination market.

繼續我們的電話會議，我們很高興地宣布 Arc Home 機會主義地同意在 4 月底出售其 MSR 投資組合。今年的利率高峰大部分在季末後穩定下來。此次出售為 Arc Home 的業務持續成長創造了充足的流動性，同時我們預計這些資本將用於住宅抵押貸款發起市場中開發的引人注目的新機會。

As you can see on page 9, volumes grew considerably quarter-over-quarter, adding to the scale needed to be profitable. Additionally, Arc Home has seen modest increases in margins and is optimistic that these gains are not only durable but likely have room to improve as additional liquidity for non-agency residential mortgage loans enters the market from what has recently become a well-publicized pocket of capital.

正如您在第 9 頁上看到的，銷售量環比增長顯著，增加了盈利所需的規模。此外，Arc Home 的利潤率略有上升，並樂觀地認為，這些收益不僅是持久的，而且隨著非機構住宅抵押貸款的額外流動性從最近成為廣為人知的抵押貸款市場進入市場，這些收益可能還有改善的空間。

Now I'd like to turn the call over to Anthony.

現在我想把電話轉給安東尼。

Thank you, Nick, and good morning. It continued its positive momentum in second quarter, growing its investment portfolio, increasing its securitization activity and positioning ourselves to address the upcoming convertible note maturity while generating strong earnings available for distribution and increasing the common dividend.

謝謝你，尼克，早安。該公司在第二季度繼續保持積極勢頭，擴大了投資組合，增加了證券化活動，並為應對即將到來的可轉換票據到期做好了準備，同時產生了可分配的強勁收益並增加了普通股股息。

During the quarter, our book value of $10.63 per share, and our adjusted book value of $10.37 per share decreased by approximately 2% from March. When considering the $0.19 common dividend, our economic return was roughly breakeven. We recorded a GAAP net loss available to common shareholders of approximately $700,000 or $0.02 per share.

本季度，我們的帳面價值為每股 10.63 美元，調整後的帳面價值為每股 10.37 美元，較 3 月下降約 2%。考慮到 0.19 美元的普通股息，我們的經濟回報大致達到收支平衡。我們記錄的普通股股東可用的 GAAP 淨虧損約為 70 萬美元，即每股 0.02 美元。

The modest book value decline was driven by unrealized mark-to-market losses on our investment portfolio, partially offset by EAD exceeding our quarterly dividends and gains on our investment in Arc Home. The generated EAD of $0.21 per share for the second quarter.

帳面價值小幅下降是由於我們投資組合中未實現的按市值計價的損失，部分被 EAD 超過我們的季度股息和我們對 Arc Home 的投資收益所抵消。第二季產生的 EAD 為每股 0.21 美元。

Net interest income, inclusive of interest earned on our hedge portfolio was $0.67 per share, which exceeded our operating expenses and preferred dividends of $0.43, generating earnings of $0.24 per share. This was offset by a loss of $0.03 contributed from Arc Home, which continued to improve quarter over quarter.

淨利息收入（包括我們對沖投資組合賺取的利息）為每股 0.67 美元，超過我們的營運費用和 0.43 美元的優先股股息，每股收益為 0.24 美元。Arc Home 貢獻的 0.03 美元虧損抵消了這一損失，該虧損繼續逐季改善。

Our investment portfolio increased by approximately 11% to $6.9 billion through acquiring $423 million of residential mortgage loans and $428 million of Agency RMBS. As mentioned earlier, we were active in the securitization markets managing our exposure to mark-to-market financing.

透過收購 4.23 億美元的住宅抵押貸款和 4.28 億美元的代理 RMBS，我們的投資組合增加了約 11%，達到 69 億美元。如前所述，我們活躍於證券化市場，管理我們的以市價融資曝險。

We ended the quarter with $300 million of loans financed on warehouse lines, of which $87 million were sold in July, further reducing our risk profile and returning capital for reinvestment. Our economic leverage ratio at quarter end was 2.5x turns with approximately 1x turn relating to the Agency RMBS portfolio, which we anticipate will be removed in connection with the funding of the convertible note maturity in September.

本季末，我們透過倉儲線融資了 3 億美元貸款，其中 8,700 萬美元在 7 月出售，進一步降低了我們的風險狀況並返還了再投資資本。我們季度末的經濟槓桿率為 2.5 倍，其中與代理 RMBS 投資組合相關的槓桿率約為 1 倍，我們預計該槓桿率將因 9 月到期的可轉換票據融資而被消除。

Lastly, we ended the quarter with total liquidity of approximately $180 million, consisting of $120 million of cash and $59 million of unencumbered agency RMBS.

最後，本季結束時，我們的流動性總額約為 1.8 億美元，其中包括 1.2 億美元現金和 5,900 萬美元未支配機構 RMBS。

This concludes our prepared remarks, and we'd now like to open the call for questions. Operator?

我們準備好的發言到此結束，現在我們開始提問。操作員？

(Operator Instructions) Doug Harter, UBS.

（操作員說明）Doug Harter，UBS。

Thanks. Can you talk about the timeframe, you think it'll take to kind of rotate out of Agency RMBS into your core assets and what you think of kind of the return differential as you make that rotation?

謝謝。您能否談談時間框架，您認為從代理 RMBS 輪換到您的核心資產需要什麼時間，以及您認為輪換時的回報差異是什麼？

Yes, I think about it kind of is some sequencing. So I think we want to address the convertible note in September with obviously the liquidity that we have on balance sheet today. And then I think rotating that kind of excess liquidity will probably take no more than two quarters to three quarters kind of post that we're not using the if you look at sort of the agency rates we're using probably about half of the leverage there.

是的，我認為這有點排序。因此，我認為我們希望在 9 月解決可轉換票據問題，顯然我們今天的資產負債表上擁有流動性。然後我認為，輪換這種過剩的流動性可能需要不超過兩個季度到三個季度的時間，如果你看看我們正在使用的機構利率，我們可能不會使用大約一半的槓桿那裡。

So it's an interim kind of stopgap to earn some carry. So I think the ROEs are not applicable. I think worse targeting on the new origination side, I would call it mid-high-teens gross ROEs as part of the plan going forward, that's where we see the market.

所以這是一個賺取一些利差的臨時權宜之計。所以我認為 ROE 不適用。我認為針對新發起方的目標更糟糕，我稱之為中高青少年總股本回報率，作為未來計劃的一部分，這就是我們看到的市場。

And I guess just with I mean, you are taking lower leverage. Just how should we think about the book value risk that you're taking now kind of on the agencies given kind of the large moves in interest rates here, especially on days like today?

我想我的意思是，你正在採取較低的槓桿。鑑於利率大幅波動，尤其是像今天這樣的日子，我們應該如何考慮您現在對機構承擔的帳面價值風險？

Yes. I mean, I think, like I said, we probably got. I mean, we're running from a duration perspective. I think a consistent strategy, just less leverage in terms of our hedge ratios, et cetera. It should be muted virtually on a fully levered basis period.

是的。我的意思是，我想，就像我說的，我們可能做到了。我的意思是，我們是從持續時間的角度來看的。我認為這是一個一致的策略，只是在我們的對沖比率等方面減少槓桿。它實際上應該在完全槓桿化的基礎上被抑制。

Makes sense. And then just on the Arc MSR sale and that extra capital that kind of gets freed up, does that stay within Arc or does some of that get distributed up to ultimate.

有道理。然後，就在 Arc MSR 銷售中，額外的資本被釋放出來，這些資本是留在 Arc 內部還是其中一些被分配到最終。

Morning, Doug, it's Nick. So our management team, along with Arc Homes management team, has evaluated the appropriate capitalization of the company. And at the moment, we expect there would be a likely return of capital.

早安，道格，我是尼克。因此，我們的管理團隊與 Arc Homes 管理團隊一起評估了公司的適當資本。目前，我們預計可能會出現資本回報。

Great. I appreciate that. Thank you, guys.

偉大的。我很欣賞這一點。謝謝你們，夥計們。

Bose George, KBW.

博斯·喬治，KBW。

Yes, good morning. But you wanted to ask first just about the trend in EAD, how do you do with the liquidity you'll be holding in the third quarter I mean, could we see a little downward pressure there? Or should it continue to trend up as you're deploying capital?

是的，早安。但您首先想問的是 EAD 的趨勢，您如何處理第三季持有的流動性，我的意思是，我們會看到那裡有一點下行壓力嗎？或者當你部署資本時它應該繼續呈上升趨勢嗎？

Yes. I mean, I guess I think you're thinking all right this is a and in the interim quarter, if you will, to kind of get through that September maturity. But I mean where we're certainly working towards avoiding cash drag and creating some ROE in the interim, but some yes, I would think of its kind of on a prospective basis that it will look like a more normalized bond portfolio to understand. I understand the logic of your question.

是的。我的意思是，我想我認為你在想，如果你願意的話，這是在中期季度，以度過九月的到期日。但我的意思是，我們肯定會努力避免現金拖累，並在此期間創造一些股本回報率，但有些是的，我會在前瞻性的基礎上認為它看起來像是一個更規範化的債券投資組合。我明白你問題的邏輯。

Okay. No, that makes sense. Thanks a lot. And then can you just give us an update on book value quarter-to-date? I guess before the noise of today. But yes, we're here this week.

好的。不，這是有道理的。多謝。那麼您能否提供我們本季至今帳面價值的最新情況呢？我想在今天的噪音之前。但是，是的，我們這週就在這裡。

We haven't produced a lot of clarity yet too early for conclude.

我們還沒有給出很多清晰的結論，但還為時過早。

Great. Thank you.

偉大的。謝謝。

Trevor Cranston, Citizen's, JMP.

Trevor Cranston，公民，JMP。

I guess first question, obviously, the securitization activity this quarter was focused on the agency eligible market. And can you give a little bit of color in general on what you guys are seeing in the loan markets and kind of where your where you're seeing the best opportunities are for securitization today?

我想第一個問題，顯然，本季的證券化活動主要集中在機構合格市場。您能否大致介紹一下您在貸款市場上看到的情況以及您現在看到的最佳證券化機會在哪裡？

Thanks. Yes, certainly. So obviously, as a non-agency focused three bombs, we focus on sort of the wider array rather than just steal one sort of non-agency asset. And in the Non-QM space, we continue to see the lowest cost of capital on being no longer levered credit buyers. Obviously, that could change.

謝謝。是的，當然。顯然，作為一個非機構專注於三枚炸彈，我們專注於更廣泛的陣列，而不僅僅是竊取一種非機構資產。在非 QM 領域，我們繼續看到不再槓桿信貸買家的資本成本最低。顯然，這可能會改變。

But at the moment, we believe it's prudent, best Arc Homes origination arm to those sort of buyers on deployment of capital and higher returning opportunities. Some of those opportunities actually are, I think, somewhat counterintuitively from the agency eligible positions.

但目前，我們認為對於此類買家來說，在資本部署和更高回報機會方面，它是謹慎、最好的 Arc Homes 發起機構。我認為，其中一些機會實際上與機構合格職位有些違反直覺。

We've added -- will actually price another one of those transactions later this morning come along with other sort of co-issue opportunities I mentioned in the script in that space. Some we're also paying close attention to home equity space and expect to be Arc, there.

我們已經補充道，今天上午晚些時候，我們將實際對其中另一筆交易進行定價，以及我在該領域的腳本中提到的其他類型的聯合發行機會。我們也密切關注房屋淨值空間，並期望 Arc 在那裡。

Okay. Got it. That's helpful. And then I appreciate that you don't have a book value update for July. But I guess when you look at the portfolio as of June 30, can you talk about that kind of what you think the overall net duration positioning of Lubriquip?

好的。知道了。這很有幫助。然後我很感激你們沒有七月的帳面價值更新。但我想當您查看截至 6 月 30 日的投資組合時，您能談談您對 Lubriquip 整體淨久期定位的看法嗎？

Right, but I don't think we have anything sort of published, however.

是的，但是我認為我們還沒有發布任何內容。

Okay, let's turn -- Thank you.

好的，我們轉向——謝謝。

Brad Capuzzi, Piper Sandler.

布拉德·卡普齊，派珀·桑德勒。

Actually my question and appreciate all the commentary. Can I you just talk about the bid for securitizations you're seeing? I know you mentioned on last on the last dollar still tends to be less supply than demand. If you can just shed any color on what you're seeing there would be helpful.

實際上是我的問題並感謝所有評論。您能談談您所看到的證券化投標嗎？我知道你最後提到的最後一美元仍然是供給少於需求。如果您可以為您所看到的內容添加任何顏色，那將會有所幫助。

It's sort of sector by sector on I think I spoke a little bit earlier on answering Trevor's question in sort of Non-QM space. If anything, as more loans get sold to real money, there's been less supply in that space on so that debt has done better relative to maybe some of the other sectors. The prime jumbo market as of late has been under pressure.

我想我之前曾在非 QM 領域回答過 Trevor 的問題，這是按部門劃分的。如果有什麼不同的話，那就是，隨著更多的貸款被出售為真實貨幣，該領域的供應量減少了，因此債務相對於其他一些行業可能表現更好。優質大型飛機市場近來一直面臨壓力。

There is no release valve if you will, to non-securitization outlets today, which is why any doubt that widen out that space has which has been increase of issuance. But in general, the market has been healthy across residential credit up and down the stack. So any widening in that previously mentioned assets, but have been truly marginal from an historical standpoint, if anything, in the Non-QM space we're sitting at that local.

如果你願意的話，今天的非證券化管道沒有釋放閥，這就是為什麼對擴大這一空間的任何懷疑都會導致發行量的增加。但總體而言，整個住宅信貸市場一直健康發展。因此，前面提到的資產的任何擴大，但從歷史的角度來看，如果有的話，在我們所處的非 QM 領域確實是微不足道的。

Thanks, and I appreciate the color. And then giving you a view on where you see volumes trending for Arc Home's as we exit 2024 and into 2025 after posting a strong quarter in 2Q? And what type of rate scenario would you need to see play out before we see a more normalized origination environment there? Thanks.

謝謝，我很欣賞這個顏色。然後讓您了解在第二季度發布強勁季度後，隨著我們退出 2024 年並進入 2025 年，Arc Home 的銷售趨勢如何？在我們看到更規範化的發起環境之前，您需要看到什麼類型的費率場景？謝謝。

We've said previously on that scale and you obviously can look at the MBA forecast. So I don't I don't think we're going to deviate a ton from sort of RMBA forecast, a lot of our gains we've just been from being more competitive and more efficient on rather than sort of market conditions on US.

我們之前已經說過這​​個規模，你顯然可以看看 MBA 的預測。所以我不認為我們會偏離人民幣銀行的預測，我們的許多收益只是來自於更具競爭力和更有高效，而不是美國的市場條件。

I also think there's going to be a lot of seasonality to these businesses as you as you would expect, given much of how much for purchase money at home is reliant Arc Home, but I think the trends you've seen should be similar and if you were to seasonally adjust sort of where we are today, I think that's what you would expect.

我還認為，正如您所期望的那樣，這些業務將有很多季節性，因為購買房屋的資金很大程度上依賴於 Arc Home，但我認為您看到的趨勢應該是相似的，如果您將根據我們今天的情況進行季節性調整，我想這就是你們所期望的。

So look, we're still in growth mode. We're still trying to grow. Is it bigger, better, more efficient? So yes, trajectory still up, but yes, condition and that it will be highly seasonal.

所以看，我們仍處於成長模式。我們仍在努力成長。它更大、更好、更有效率嗎？所以，是的，軌跡仍然向上，但是，是的，條件是，它將是高度季節性的。

Thanks. I appreciate you taking my questions.

謝謝。感謝您回答我的問題。

Eric Hagen with BTIG.

哈根 (Eric Hagen)，來自 BTIG。

Morning. This is Jake Katsikas on for Eric Hagen Thanks for taking my questions. First one, just going back to leverage in the agency RMBS portfolio. I know you talked about it a little, but just hearing some things that would maybe lead you guys to raise leverage in the portfolio and if you guys’ kind of have a target range for just some color there would be helpful. Thank you.

早晨。我是傑克卡西卡斯 (Jake Katsikas) 為 Eric Hagen 發言，感謝您回答我的問題。第一個，回到機構 RMBS 投資組合中的槓桿。我知道你們談過一些，但只是聽到一些可能會導致你們提高投資組合槓桿的事情，如果你們對某種顏色有一個目標範圍，那將會有所幫助。謝謝。

I think if we fast forward through next quarter, because we were kind of expect to be materially smaller agencies and kind of returning to the old one hand, all of economic leverage that we've had running the company at over the past, four or six quarters. So this is just an interim I'm stock absent some carry on the cash proceeds. We raised from the bond offering.

我認為，如果我們快轉到下個季度，因為我們預計機構規模會大幅縮小，並且會回到過去的狀態，我們過去四個或四個月所擁有的所有經濟槓桿六個季度。所以這只是一個臨時的情況，我的股票沒有一些現金收益。我們透過債券發行籌集了資金。

Got you. Thank you. And then my other one, turning to the Non-QM portfolio, do you guys have a sense or estimate for how much prepayment speeds could accelerate and if they were to increase how that would translate to earnings or spreads in the portfolio? Thank you.

明白你了。謝謝。然後我的另一個問題，轉向非 QM 投資組合，你們是否知道或估計預付款速度可以加快多少？謝謝。

Yes, it would be the vast majority of the loan book and you can see this -- in our presentations is yield far out of the money like our securitized coupon. If you look at it is 5% to 4%, which if you think about even where conforming rates are, it's way out of the money.

是的，這將是貸款簿的絕大多數，你可以看到這一點——在我們的演示中，收益率遠遠超出了貨幣，就像我們的證券化優惠券一樣。如果你看看它是 5% 到 4%，如果你考慮一下即使符合標準的利率，這也是不划算的。

So obviously, we're very focused on prepayment speeds and the inverted curve and sort of efficiencies entering the market, but you have the need. The bulk of this book of business is fairly well protected from any convexity event or expected connexity events.

顯然，我們非常關注預付款速度、倒置曲線以及進入市場的效率，但您有需求。本書的大部分內容都得到了很好的保護，免受任何凸性事件或預期的連接事件的影響。

Got you. Thank you for that.

明白你了。謝謝你。

Thank you. At this time, I'm showing no further questions in queue. I'll turn the call back to management for any additional or closing remarks.

謝謝。目前，我在隊列中沒有顯示任何其他問題。我會將電話轉回給管理層，以獲取任何補充或結束語。

Well, thank you to everyone for joining us and for your questions, are we greatly appreciate it and look forward and so when you again next quarter.

好吧，感謝大家加入我們並提出問題，我們非常感謝並期待您下個季度再次光臨。

Thank you. This does conclude the AG Mortgage Investment Trust, Inc. second quarter 2024 earnings conference call. You may disconnect your line at this time and have a wonderful day.

謝謝。AG Mortgage Investment Trust, Inc. 2024 年第二季財報電話會議到此結束。此時您可以斷開線路並度過美好的一天。