AG Mortgage Investment Trust Inc (MITT) 2025 Q1 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to the AG Mortgage Investment Trust, Inc.'s first-quarter 2025 earnings conference call.

大家好。感謝您的支持。歡迎參加 AG Mortgage Investment Trust, Inc. 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

(Operator Instructions)

（操作員指示）

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

現在我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 first-quarter 2025 earnings call for AG Mortgage Investment Trust. With me on the call today are T.J. Durkin, our CEO and President; Nick Smith, our Chief Investment Officer; and Anthony Rossiello, our Chief Financial Officer. Before we begin, please note that the information discussed in today's call may contain forward-looking statements.

謝謝。大家早安，歡迎參加 AG Mortgage Investment Trust 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的執行長兼總裁 T.J. Durkin、我們的首席投資長 Nick Smith 和我們的財務長 Anthony Rossiello。在我們開始之前，請注意今天電話會議中討論的資訊可能包含前瞻性陳述。

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 Statements regarding Forward-Looking Statements, Risk Factors and Management's Discussion and Analysis. 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, 2024, and our subsequent reports filed from time to time with the SEC.

今天電話會議上做出的任何前瞻性陳述都受到某些風險和不確定性的影響，這些風險和不確定性在我們提交給美國證券交易委員會的文件中有所概述，包括“關於前瞻性陳述的警告聲明”、“風險因素”和“管理層討論與分析”標題下的內容。公司的實際結果可能與這些聲明有重大差異。我們鼓勵您閱讀我們向美國證券交易委員會 (SEC) 提交的文件中包含的有關前瞻性聲明的披露，包括我們最近提交的截至 2024 年 12 月 31 日的年度 10-K 表格，以及我們不時向美國證券交易委員會提交的後續報告。

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.

除法律要求外，我們沒有義務也不打算更新、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，我們將參考某些非公認會計準則財務指標。

Please refer to our SEC filings for reconciliations to the most comparable GAAP measures. We will also reference the earnings presentation that was posted to our website this morning. To view the slide presentation, turn to our website, www.agmit.com and click on the link for the Q1 2025 earnings presentation on the home page. Again, welcome to the call, and thank you for joining us today.

請參閱我們向美國證券交易委員會 (SEC) 提交的文件，以了解與最具可比性的 GAAP 指標的對帳情況。我們也會參考今天早上發佈到我們網站上的收益報告。要查看幻燈片演示，請訪問我們的網站 www.agmit.com，然後點擊主頁上 2025 年第一季收益演示的連結。再次歡迎您參加電話會議，感謝您今天的參與。

With that, I'd like to turn the call over to T.J.

說完這些，我想把電話轉給 T.J.

Thank you, Jenny. I'm pleased to report our first quarter earnings, which showcases the continued execution of our core business strategy and industry-leading results, particularly around book value stability. I won't go into monologue about tariffs. The first quarter was clearly a tale of 2 distinct parts. The first 2 months saw a continuation of positive investor sentiment and very functional capital markets.

謝謝你，珍妮。我很高興地報告我們的第一季收益，這表明我們繼續執行核心業務策略和行業領先的業績，特別是在帳面價值穩定性方面。我不會對關稅發表長篇大論。第一季顯然是由兩個不同的部分組成的。前兩個月投資人情緒持續樂觀，資本市場運作良好。

Securitization discipline from the team and control around leverage led to MITT's strong financial performance during the first quarter. We saw book value largely unchanged, moving higher by $0.01 from $10.64 to $10.65 while supporting and paying our newly increased $0.20 dividend, therefore, producing a healthy quarterly economic return on equity of 2% for our shareholders.

團隊的證券化紀律和對槓桿的控制使得 MITT 在第一季表現出色。我們看到帳面價值基本上沒有變化，從 10.64 美元上漲 0.01 美元至 10.65 美元，同時支持並支付我們新增加的 0.20 美元股息，因此為我們的股東帶來了 2% 的健康季度經濟股本回報率。

The volatility that began in April -- that began in March continued through the majority of April. We have widened out spreads on our retained securities to reflect these market conditions and would estimate book value through April to be down approximately 3%. We are in a strong liquidity position to take advantage of any continued volatility.

始於 4 月的波動——始於 3 月的波動持續了整個 4 月。我們擴大了保留證券的利差以反映這些市場狀況，並估計截至 4 月的帳面價值將下降約 3%。我們擁有強大的流動性，可以利用任何持續的波動。

With that being said, we saw very little trading or forced capital markets activity during the peak volatility of early April, which we think bodes well for a potential quick rebound in spreads.

話雖如此，在 4 月初波動高峰期間，我們看到的交易或強制資本市場活動非常少，我們認為這預示著利差可能會快速反彈。

Lastly, I wanted to share our views on the impacts and opportunities around potential GSE reforms. While we have no knowledge of massive reform coming imminently, we do see clear signs of reduced footprint from the entities they manage.

最後，我想分享我們對潛在的政府支持企業改革的影響和機會的看法。雖然我們不知道即將進行大規模改革，但我們確實看到他們管理的實體的足跡減少的明顯跡象。

We believe that MITT is uniquely positioned to take advantage of these potential opportunities given our vertical integration with Arc Home, along with our well-established securitization shelf GCAT. When you add all together, we believe MITT is extremely undervalued at today's price. I'll now turn the call over to Nick.

我們相信，鑑於我們與 Arc Home 的垂直整合以及我們完善的證券化架 GCAT，MITT 具有獨特的優勢來利用這些潛在機會。綜合考慮所有因素，我們認為 MITT 的當前價格被嚴重低估了。我現在將電話轉給尼克。

Thanks, T.J., and good morning. The portfolio continues to perform well, delivering a 2% economic return while fully supporting the 5.3% increase in our dividend. We maintained a strong focus on protecting book value while growing the investment portfolio. Leverage increased modestly, yet remains well below peer averages, providing flexibility for rotation and growth into target asset classes. During the quarter, we increased our capital allocation to the home equity sector, a trend that we expect to continue.

謝謝，T.J.，早安。該投資組合持續表現良好，實現 2% 的經濟回報，同時全力支持我們的股息成長 5.3%。我們在擴大投資組合的同時，高度重視保護帳面價值。槓桿率略有上升，但仍遠低於同業平均水平，為目標資產類別的輪換和增長提供了靈活性。本季度，我們增加了房屋淨值領域的資本配置，我們預計這一趨勢將會持續下去。

This quarter, we partnered with a leading nonbank mortgage originator to issue a $500 million home equity securitization. We acquired approximately $130 million of additional home equity loans from various nonbank originators, and we established a new partnership to aggregate home equity exposure while collaborating on programmatic securitizations. Our team remains focused on expanding partnerships in this space. Turning to the macro landscape, the current positioning and the portfolio. The global market is undergoing a significant transformation as the U.S.

本季度，我們與一家領先的非銀行抵押貸款發起人合作發行了 5 億美元的房屋淨值證券。我們從各非銀行機構獲得了約 1.3 億美元的額外房屋淨值貸款，並建立了新的合作夥伴關係，以匯總房屋淨值風險敞口，同時合作進行程序化證券化。我們的團隊始終致力於擴大該領域的合作夥伴關係。轉向宏觀形勢、當前定位和投資組合。隨著美國的發展，全球市場正經歷重大轉型。

redefines its role in an evolving global order. While the worst of the recent volatility appears to be behind us, we are well positioned to navigate and capitalize on future market shifts. We have exercised prudence in leverage and discipline in capital allocation. We avoided chasing levered agency basis trades despite their popularity and as a result, preserved book value. We remain constructive on residential mortgage credit.

重新定義其在不斷發展的全球秩序中的角色。雖然近期波動最嚴重的時期似乎已經過去，但我們已做好準備，可以駕馭並利用未來的市場變化。我們在槓桿方面保持審慎，在資本配置方面也嚴守紀律。儘管槓桿代理基礎交易很受歡迎，但我們還是避免追逐這種交易，並因此保留了帳面價值。我們對住宅抵押貸款仍持樂觀態度。

As previously mentioned, we increased our capital allocation to home equity mortgages. We believe this sector is in the early stages of development and is set to outperform other residential mortgage credit sectors. We are lending exclusively to borrowers that have demonstrated ability to service their debts over a long period of time and who also are the beneficiaries of large increases in home prices, along with historically low interest rates. We believe this aligns with the goal of providing the best risk-adjusted returns in the residential sector.

如前所述，我們增加了房屋淨值抵押貸款的資本配置。我們相信該行業正處於發展初期，並將超越其他住宅抵押貸款行業。我們專門向那些已證明有能力長期償還債務的借款人提供貸款，他們也是房價大幅上漲和歷史低利率的受益者。我們相信這與在住宅領域提供最佳風險調整回報的目標一致。

At a national level, housing continues to appear stable, which is supported by familiar narratives. Existing home sales have increased modestly from their lows a few years ago, but remain historically very low and the supply of newly constructed homes is slowly narrowing shortages in certain markets. Regionally, there are signs of pullback in markets that have seen some of the most significant increases in the recent past, but we believe these are contained.

從全國層面來看，房屋市場繼續呈現穩定，這得到了熟悉的敘述的支持。現有房屋銷售量較幾年前的低點略有增加，但仍處於歷史低位，新建房屋的供應正在慢慢縮小某些市場的短缺。從區域來看，近期出現一些最顯著成長的市場出現了回調跡象，但我們認為這種回調是可以控制的。

Similarly, we are seeing an uptick in delinquencies in certain cohorts of recent origination. In aggregate, underwriting standards remain historically tight. However, the past few years, we have seen expansion among certain participants, which is driving some of these recent increases. Despite the recent volatility and indications of modest weakness in certain housing markets and mortgage originations, it's important to note the strength of our portfolio.

同樣，我們發現近期某些群體的違約率有所上升。整體而言，承保標準仍維持歷史嚴格水準。然而，過去幾年，我們看到某些參與者的擴張，這推動了最近的一些成長。儘管近期某些房地產市場和抵押貸款發放出現波動和輕微疲軟跡象，但值得注意的是我們的投資組合實力。

At the end of the quarter, our current loan-to-value was approximately 59% and serious delinquencies were only 1.3%. When you put all these ingredients together, our low economic leverage, our disciplined capital allocation and our strong portfolio performance, we are confident in our ability to continue to deliver results through broader macro-driven volatility. Before handing the call over to Anthony, I'd like to reiterate some of the key messaging around MITT's originator, Arc Home. Strategic investments in a high-caliber management team and talent have delivered meaningful results in a short period. Arc Home has demonstrated strong performance with lock volumes increasing 50% year-over-year.

截至本季末，我們的目前貸款價值比約為 59%，嚴重拖欠率僅為 1.3%。將所有這些因素綜合起來，即我們的低經濟槓桿、嚴謹的資本配置和強勁的投資組合表現，我們有信心能夠在更廣泛的宏觀驅動波動中繼續取得成果。在將電話交給安東尼之前，我想重申有關 MITT 發起者 Arc Home 的一些關鍵訊息。對高素質管理團隊和人才的策略投資在短時間內取得了顯著的成果。Arc Home 表現強勁，鎖定量年增 50%。

Gain on sale margins also improved during the quarter, supporting the company's achievement of breakeven. We expect Arc Home to remain committed to driving growth across origination channels, enhancing the customer experience and expanding market share. As Arc Home continues to innovate and diversify its product offering, we anticipate growing contribution to our earnings available for distribution. Our ability to generate assets through Arc Home is a key differentiator, providing flexibility and a compelling value proposition for our shareholders.

本季銷售利潤率也有所提高，支持公司實現損益平衡。我們預期 Arc Home 將持續致力於推動各個發起管道的成長、提升客戶體驗和擴大市場佔有率。隨著 Arc Home 不斷創新和多樣化其產品，我們預計其對可供分配收益的貢獻將越來越大。我們透過 Arc Home 創造資產的能力是一個關鍵的區別因素，為我們的股東提供了靈活性和引人注目的價值主張。

With that, I'd like to turn the call over to Anthony.

說完這些，我想把電話轉給安東尼。

Thank you, Nick, and good morning, everyone. MITT maintained positive momentum during the first quarter. We increased our investment portfolio by continuing to acquire agency eligible and home equity loans. Additionally, we remain active in the securitization market, executing two deals during the quarter. Importantly, despite the market volatility that began in March, we protected our book value, grew our earnings available for distribution and increased our quarterly dividend by 5.3% to $0.20 per share.

謝謝你，尼克，大家早安。MITT 在第一季保持了積極的勢頭。我們透過繼續收購機構合格貸款和房屋淨值貸款來增加我們的投資組合。此外，我們仍然活躍於證券化市場，本季執行了兩筆交易。重要的是，儘管 3 月市場開始波動，我們仍然保護了帳面價值，增加了可供分配的收益，並將季度股息提高了 5.3%，達到每股 0.20 美元。

During the quarter, our book value remained stable with a slight increase of 0.1% to $10.65 per share. Including our common dividend of $0.20 per share, we generated a 2% economic return for our shareholders. GAAP net income available to common shareholders was $6.2 million or $0.21 per share. Net interest income earned on our investment and swap portfolios increased by $1 million or 5% from prior quarter, primarily driven by continued capital deployment into target assets.

本季度，我們的帳面價值保持穩定，小幅上漲 0.1% 至每股 10.65 美元。包括每股 0.20 美元的普通股股息在內，我們為股東創造了 2% 的經濟回報。普通股股東可獲得的 GAAP 淨收入為 620 萬美元，即每股 0.21 美元。我們的投資和掉期投資組合產生的淨利息收入較上一季增加了 100 萬美元，即 5%，這主要得益於持續向目標資產的資本部署。

Our investment portfolio recognized modest net realized and unrealized gains on a hedge-adjusted basis, reflecting continued strength in home equity assets and our securitized loan portfolio. In addition, our earnings from equity method investments was $1.2 million during the quarter, which includes gains on our investment in Arc Home valued at 1x book. These gains were partially offset by $1.1 million of transaction expenses primarily related to securitization activity.

我們的投資組合在對沖調整的基礎上實現了適度的淨已實現和未實現收益，反映了房屋淨值資產和證券化貸款組合的持續強勁。此外，本季我們的權益法投資收益為 120 萬美元，其中包括我們對 Arc Home 的投資收益，其價值為帳面價值的 1 倍。這些收益被主要與證券化活動相關的 110 萬美元交易費用部分抵銷。

We recorded EAD of $0.20 per share, which increased from $0.18 in the prior quarter and covered our first quarter common dividend. Net interest income, including interest earned on our swap portfolio, totaled $0.68 per share. After accounting for operating expenses and preferred dividends of $0.48, this resulted in net earnings of $0.20 per share. Arc Home's contribution to EAD improved by $0.02 compared to last quarter and was breakeven in Q1, bolstered by continued strength in volumes and improving gain on sale margins.

我們記錄的 EAD 為每股 0.20 美元，高於上一季的 0.18 美元，並涵蓋了我們第一季的普通股股息。淨利息收入（包括我們的掉期投資組合所賺取的利息）總計為每股 0.68 美元。扣除營運費用和 0.48 美元的優先股股息後，每股淨收益為 0.20 美元。Arc Home 對 EAD 的貢獻與上一季相比增加了 0.02 美元，並且在第一季度實現了收支平衡，這得益於銷量持續強勁以及銷售利潤率的提高。

During the quarter, we grew our investment portfolio by 6.2% to $7.1 billion and maintained focus on expanding our presence in the Home Equity space. Specifically, we purchased $367 million of Agency Eligible loans and subsequently securitized $423 million of UPB. We also purchased $128 million of home equity loans, increasing our portfolio to $228 million as of quarter end, while continuing to build in April, acquiring an additional $52 million.

本季度，我們的投資組合成長了 6.2%，達到 71 億美元，並繼續專注於擴大我們在房屋淨值領域的影響力。具體來說，我們購買了 3.67 億美元的機構合格貸款，隨後將 4.23 億美元的 UPB 證券化。我們還購買了價值 1.28 億美元的房屋淨值貸款，使我們的投資組合在季度末增至 2.28 億美元，同時在 4 月份繼續增加，又獲得了 5,200 萬美元。

Further, expanding on home equity, we cosponsored a securitization of $492 million UPB of closed-end seconds, retaining $26 million of non-Agency RMBS securities. From a financing perspective, we continue to operate with a low economic leverage ratio, which is 1.6x at quarter end. We have prudently managed our leverage exposure through our programmatic securitizations, ending the quarter with only $223 million of warehouse financing, primarily related to Home Equity loans. And lastly, we ended the quarter with total liquidity of approximately $133 million, consisting of $116 million of cash and $17 million of unencumbered Agency RMBS. This concludes our prepared remarks, and we'd now like to open the call for questions.

此外，在擴大房屋淨值的同時，我們共同發起了價值 4.92 億美元的 UPB 封閉式二級證券證券化，保留了價值 2,600 萬美元的非機構 RMBS 證券。從融資角度來看，我們繼續以較低的經濟槓桿率運營，季末為 1.6 倍。我們透過程序化證券化謹慎地管理了槓桿敞口，本季末的倉庫融資僅為 2.23 億美元，主要與房屋淨值貸款有關。最後，本季結束時，我們的總流動資金約為 1.33 億美元，其中包括 1.16 億美元現金和 1,700 萬美元無抵押機構 RMBS。我們的準備好的演講到此結束，現在我們想開始提問。

Operator?

操作員？

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

You have one of the legacy commercial mortgage loans that's set to mature this month. Just hoping you could give us an update on that and how much capital that would free up for investing?

您有一筆遺留的商業抵押貸款將於本月到期。只是希望您能向我們提供有關該問題的最新進展以及可以釋放多少資金用於投資？

Yes. So we have one of those two loans legacy from the WMC acquisition maturing this month. We expect that to go into kind of pre-negotiated forbearance. So we've been actively in dialogue with the borrower and the rest of the lender group, and we feel reasonably confident that we'll get to a positive outcome there in the short term and then ultimately, within a realistic time frame kind of culminate in a full payoff probably within 2025. And it's about $16 million of equity capital.

是的。因此，我們從 WMC 收購中繼承的兩筆貸款中的一筆將於本月到期。我們期望這能夠成為一種預先協商好的忍耐。因此，我們一直在積極地與借款人和其他貸款方進行對話，我們有信心在短期內取得積極成果，並最終在現實的時間範圍內，大概在 2025 年內實現全額還款。其股本約為 1600 萬美元。

Got it. And then I guess, away from that, how do you think about your current capacity to continue to fund new loan acquisitions like the $50 million of Home Equity that you did in April?

知道了。然後我想，除此之外，您如何看待您目前繼續為新的貸款收購提供資金的能力，例如您在 4 月份進行的 5000 萬美元的房屋淨值收購？

Doug, this is Nick. we alluded to in the prepared remarks, sort of our ability to increase leverage. We've also commented in the past on some inefficient financings that are rolling off from the WMC acquisition, along with sort of the combination of the commercial. So we actually think we have a good amount of runway over the next, call it, 2, 3 quarters to, one, rotate capital and then two, take some of that additional leverage into the Home Equity space.

道格，我是尼克。我們在準備好的發言中提到了我們增加槓桿的能力。我們過去也曾評論過 WMC 收購中產生的一些低效率融資以及商業組合。因此，我們實際上認為，在接下來的 2、3 個季度中，我們擁有充足的資金，第一，進行資本輪換，第二，將部分額外的槓桿帶入房屋淨值領域。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Can you talk about the health of the securitization markets over the last several months, especially amid the recent volatility and then how they might be performing today?

您能否談談過去幾個月證券化市場的健康狀況，特別是在最近的波動中，以及它們今天的表現如何？

Yes. So I think we saw markets perform fairly well through March despite maybe broader sort of equity turbulence. When you got to Liberation Day, call it, the first 2 weeks of April, we saw them effectively close. And I think that was in a glass half full way, it was -- no one was forced to issue. People sat out the volatility.

是的。因此，我認為，儘管股市可能出現更大範圍的動盪，但 3 月市場表現仍然相當良好。當進入解放日，也就是四月的頭兩週時，我們看到它們實際上已經關閉了。我認為這是好事，沒有人被迫這麼做。人們袖手旁觀，逃避動盪。

By the end of the month, you saw deals coming back to market and quite a decent amount of them by the last 2 weeks of April and into the beginning of May. And I would say their Capital Markets are fully open. I think spreads are wider, right? So I think if you look at where we're retaining securities, I think there may be [50 to 75] wider based on where we're seeing pricing today. And so I think that's how we're thinking about book value in April.

到月底，您會看到交易重新回到市場，其中相當一部分交易在 4 月最後兩週和 5 月初回歸。我想說他們的資本市場是完全開放的。我認為價差更大，對嗎？因此，我認為，如果你看看我們保留證券的位置，根據我們今天看到的定價，我認為可能會有 [50 到 75] 的差距。所以我認為這就是我們對四月份帳面價值的看法。

But I would say the markets are back open.

但我想說市場已經重新開放。

Perfect. Makes sense. I appreciate the color there. And then can you expand and share your views on the home equity market. It was a good chunk of your prepared remarks and just the attractiveness opportunities that you doubled your exposure in the quarter off of a relatively small base, remained active in April.

完美的。有道理。我很欣賞那裡的色彩。然後您能否擴展並分享您對房屋淨值市場的看法。這是您準備好的發言中的很大一部分，而且您在本季度以相對較小的基數將曝光率翻了一番，這些吸引人的機會在 4 月份仍然保持活躍。

But curious on your longer-term views there, especially if the rate outlook changes meaningfully from current levels?

但我很好奇您對那裡的長期看法，特別是如果利率前景從當前水平發生重大變化？

Yes. We get the question a lot about the rate outlook. So taking that part first, like we do believe that this is a durable place for us to commit capital in the future because rates can rally a tremendous amount, whether it be the front end, rally, no matter wherever it is. The lock-in effect from the stimulus eras during COVID. And for there to be any sort of degradation of the addressable market, you need a very, very significant rate rally.

是的。我們經常被問到有關利率前景的問題。因此，首先從這一部分來看，我們確實相信這是我們未來投入資本的持久之地，因為利率可能會大幅上漲，無論是前端上漲，還是上漲，無論它在哪裡。新冠疫情期間刺激政策的鎖定效應。而對於潛在市場的任何形式的衰退，都需要利率出現非常非常顯著的上漲。

So we remain confident in our ability to -- of this being the relatively early stages of emerging asset class. To that end, we're seeing more and more originators ramp up this production and folks that were originating a decent amount of production, call it, a year back we're seeing a near doubling sort of sequentially year-over-year, and we expect sort of that momentum to continue.

因此，我們對我們的能力仍然充滿信心——這是新興資產類別的相對早期階段。為此，我們看到越來越多的發起人加大了產量，而那些一年前發起了相當數量產量的人，我們看到產量同比增長近一倍，我們預計這種勢頭將繼續下去。

Bose George, KBW.

博斯喬治，KBW。

Just wanted to continue on Arc. Can you just talk about volume trends in the second quarter, the spread widening you noted in the securitization markets? Has that been able -- can you pass that on to consumers? Is that impacting the demand there? Just color on that?

只是想繼續使用 Arc。您能否談談第二季的交易量趨勢以及您注意到的證券化市場利差擴大的情況？您能將其傳遞給消費者嗎？這會影響那裡的需求嗎？只需在上面塗上顏色？

Yes. So I think it's been widely publicized in the NBA, and we'll see if the trend continues. But the consumer has pulled back slightly on home purchases. Obviously, it's early in sort of the purchasing cycle. So we would expect the overall market to be down, but we do think Arc is somewhat insulated given where it attaches itself to the market.

是的。所以我認為這在 NBA 中已經得到了廣泛的宣傳，我們將看看這種趨勢是否會持續下去。但消費者的購屋意願略有下降。顯然，現在正處於購買週期的早期階段。因此，我們預計整體市場將會下滑，但我們確實認為，考慮到 Arc 與市場的關係，它在某種程度上不會受到影響。

As far as gain on sale margins, we do expect them to normalize/maybe gain a little bit into this volatility. Certain segments have been better bid versus others, if anything, maybe creating a little bit of opportunity. But we're still optimistic coming into this part of the buying season.

就銷售利潤率的收益而言，我們確實預計它們將在這種波動中恢復正常/可能略有收益。某些細分市場的出價比其他細分市場更高，如果有的話，也許會創造一點機會。但我們對於進入這個購買季節仍然持樂觀態度。

Okay. Great. And then in terms of earnings at MITT, so you've reached breakeven. Can you just talk about the expectations there for EAD, assuming volumes remain kind of subdued this year?

好的。偉大的。就 MITT 的收益而言，您已經達到收支平衡。假設今年的交易量仍然低迷，您能否談談對 EAD 的預期？

Yes. I think as we've said in the past, we bifurcate sort of how our equity is allocated, right? You've got a large chunk of it in what we call the investment portfolio. I think that's largely been doing its job both from a book value perspective as well as an earnings perspective. And then we had the headwind of kind of negative EAD coming out of Arc.

是的。我認為，正如我們過去所說的那樣，我們對股權的分配方式進行了區分，對嗎？我們所說的投資組合中，你擁有很大一部分資金。我認為從帳面價值和收益的角度來看，這基本上都發揮了作用。然後我們遇到了 Arc 帶來的負面 EAD 的逆風。

We've now hit breakeven. And we think sort of $0.01, $0.02, $0.03 from Arc is just effectively adding to what that stable kind of earnings power has been on the investment side. So I think that's how we build forward earnings growth. It's effectively keep doing what we're doing on the investment side. And now we're seeing some positive contribution from Arc, and that should directly kind of increase what has been our kind of steady-state EAD range.

我們現在已經達到損益兩平。我們認為 Arc 的 0.01 美元、0.02 美元或 0.03 美元可以有效增強投資方面的穩定盈利能力。所以我認為這就是我們實現未來獲利成長的方式。這實際上就是繼續我們在投資方面所做的事情。現在我們看到 Arc 做出了一些積極的貢獻，這應該會直接增加我們穩定狀態的 EAD 範圍。

Jason Weaver, JonesTrading.

傑森·韋弗（Jason Weaver），JonesTrading。

First, on the home equity securitization, can you talk a little bit more about that, what advance rates and sort of execution levels you were able to achieve there?

首先，關於房屋淨值證券化，您能否再多談一下，您在那裡能夠實現的預付率和執行水平是多少？

Yes. So the advance -- I want to maybe just starting with the collateral. We're talking mid-700s FICO, high 60%, low 70% type LTV. The advances to the non-IG part of the stack, which what we retain, generally is, call it, 95%-ish of market value. From sort of where you're funding that, that's changed a little bit.

是的。因此，對於預付款——我可能只想從抵押品開始。我們討論的是 700 年代中期的 FICO、60% 的高、70% 的低類型的 LTV。我們保留的非 IG 部分資金的預付款一般佔市場價值的 95% 左右。從資助來源來看，情況已經發生了一些變化。

As T.J. alluded to earlier, slightly wider, but you're funding that, call it, [200-ish] context, plus or minus 10, 15 basis points today.

正如 T.J. 之前提到的，稍微寬一點，但你為其提供資金，稱之為 [200-ish] 背景，今天加減 10、15 個基點。

Got it. And maybe just to hone in a little bit more on Bose's question. Is there a level of originations that you need to see within Arc to maintain that sort of like $0.01 to $0.03 of profitability for the rest of the year?

知道了。也許只是為了更深入地探討 Bose 的問題。您是否需要看到 Arc 內部的發起水平達到一定水平，才能在今年剩餘時間內保持 0.01 美元到 0.03 美元的盈利能力？

So one, I think one, I think we're focused more on growing the top line there to be -- to exceed that. So obviously, there's a breakeven and volumes -- volumes and outright levels of margins will impact it. As we've shown in the past quarter, obviously, we broke even. There's been some volatility, but we think that we're sort of at those origination volumes today. But to make it more profitable, obviously, we have to continue to grow the top line.

所以，首先，我認為我們更專注於提高營業額，甚至超越這個水準。因此顯然，存在盈虧平衡和銷量——銷量和利潤的絕對水平都會對其產生影響。正如我們上個季度所展示的那樣，顯然我們實現了收支平衡。雖然出現了一些波動，但我們認為今天的發起量大致是如此。但為了提高獲利能力，顯然我們必須繼續增加營收。

(Operator Instructions) Eric Hagen, BTIG.

（操作員指示）Eric Hagen，BTIG。

I want to dive in a little bit more on how we're like responding to volatility and such. And when mortgage spreads are wider, I mean, do you see that as an opportunity to maybe add risk and like add leverage? And do you see some of the typical non-QM originators retrench from the market when mortgage spreads are widening? Or just like what's the behavior in the market right now?

我想更深入地探討我們如何應對波動等。當抵押貸款利差擴大時，您是否認為這是一個增加風險和增加槓桿的機會？當抵押貸款利差擴大時，您是否看到一些典型的非 QM 發起人退出市場？或者就像現在市場的行為是什麼樣的？

Yes. I mean I think, Eric, the volatility in early April was, I would say, more in like the macro spaces. So you saw it in rates, in equities and the closest derivative would be the basis on the agency side. And I think -- we think our shareholders are expecting us to kind of operate in the non-agency space and not try and time tactical trades there. So we've been disciplined in not taking debate there.

是的。艾瑞克，我認為 4 月初的波動更像是宏觀空間的波動。因此，您可以在利率、股票和最接近的衍生品中看到它，它是代理方的基礎。我認為——我們的股東希望我們在非代理領域開展業務，而不是嘗試在那裡進行戰術交易。因此，我們嚴格遵守紀律，不在那裡進行辯論。

At the end of the day, there wasn't that much for selling of whether it be home equity loans or non-QM loans or even securities backed by those products. So it was -- from our opinion, it's probably in the rearview mirror at this point. And so it's kind of back to business as usual.

到最後，無論是房屋淨值貸款還是非 QM 貸款，甚至是這些產品支持的證券，可供出售的數量都不多。所以——從我們的觀點來看，現在這件事可能已經成為過去了。所以一切又恢復正常了。

Got you. Okay. On the securitized non-QM loans that you guys show on Slide 11, it looks like the yield to your cost basis is 5.7%. But how should we think about like a market yield for that portfolio at this point? Because it looks like the cost of funds that you're showing is probably a market cost of funds.

明白了。好的。在投影片 11 中展示的證券化非 QM 貸款中，成本基礎收益率似乎為 5.7%。但我們現在該如何考慮該投資組合的市場報酬率呢？因為看起來您所顯示的資金成本可能是市場資金成本。

So how should we think about like the economic spread that you're earning in that portfolio right now?

那麼我們應該如何看待您現在在該投資組合中獲得的經濟利差呢？

I mean I think we would probably point to the ROE on the right side.

我的意思是，我認為我們可能會指向右側的 ROE。

Okay. Okay. So that ROE is more like a market ROE and not an ROE using a cost basis?

好的。好的。那麼 ROE 更像是市場 ROE 而不是使用成本基礎的 ROE？

That's right.

這是正確的。

And there are no further questions on the line at this time. I will return the program to our speakers for any additional or closing remarks.

目前我們還沒有其他問題。我將把節目單交還給演講者，以便他們發表任何補充或結束語。

Thank you to everyone for joining us and for your questions. We very much appreciate it and look forward to speaking again next quarter. Have a great day.

感謝大家的參與與提問。我們非常感激並期待下個季度再次交談。祝你有美好的一天。

This does conclude today's program. Thank you for your participation, and you may now disconnect..

今天的節目到此結束。感謝您的參與，您現在可以斷開連接了。