AG Mortgage Investment Trust Inc (MITT) 2025 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 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 AG Mortgage Investment Trust, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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 second 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 年第二季財報電話會議。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 and 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. 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 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已在我們提交給美國證券交易委員會的文件中概述，包括有關前瞻性陳述、風險因素和管理層討論與分析的警告聲明。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，以及我們隨後不時向美國證券交易委員會提交的報告。

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 Q2 2025 earnings presentation on the home page. Again, welcome to the call, and thank you for joining us today. With that, I'd like to turn the call over to T.J.

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，然後單擊主頁上 2025 年第二季度收益演示的連結。再次歡迎您參加電話會議，感謝您今天的參與。說完這些，我想把電話轉給 T.J.

Thank you, Jenny. Good morning, everyone. I'm pleased to report our second quarter earnings, which showcases the continued execution of our core business strategy and industry-leading results, particularly around book value stability. During the second quarter, we increased our common dividend by 5% or $0.01 per share. Focusing on the second quarter, Liberation week in April created volatility in the broader markets we hadn't seen in some time.

謝謝你，珍妮。大家早安。我很高興地報告我們的第二季度收益，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。在第二季度，我們將普通股股息提高了 5%，即每股 0.01 美元。放眼第二季度，四月份的解放週為大盤帶來了一段時間以來未曾見過的波動。

The merits of our core strategy and discipline around terming out warehouses with securitization showed in the continued strength of our capital structure. We entered this heightened period of vol with materially less financial leverage and smarter leverage like our non-mark-to-market whole loan warehouses.

我們圍繞著透過證券化終止倉庫租賃的核心策略和紀律的優點體現在我們資本結構的持續強勁。我們進入了這個波動性增強的時期，財務槓桿大幅減少，槓桿率也變得更為智能，例如我們的非以市價計價的全額貸款倉庫。

This setup means we are not as vulnerable to force delevering or panic delta hedging. As a result, we saw a modest book value decline of 2.4% and moving from $10.65 to $10.39 while supporting and paying our increased $0.21 dividend. Therefore, producing roughly breakeven quarterly economic return on equity for our shareholders in a very difficult quarter for the mREIT space.

這種設定意味著我們不太容易受到強制去槓桿或恐慌性 delta 對沖的影響。結果，我們看到帳面價值小幅下降 2.4%，從 10.65 美元降至 10.39 美元，同時支持並支付增加的 0.21 美元股息。因此，在 mREIT 領域非常困難的一個季度裡，我們為股東創造了大致收支平衡的季度經濟股本回報率。

We hope our shareholders can appreciate the results of MITT's differentiated business strategy and disciplined around risk coming out of such a challenging quarter. For the second quarter, we experienced what we expect to be a one-time drop in EAD, mostly related to three of our remaining CRE loans to one borrower from the WMC acquisition hitting their maturity date.

我們希望我們的股東能夠欣賞 MITT 差異化業務策略的成果，並在如此充滿挑戰的季度中嚴格控制風險。對於第二季度，我們預計 EAD 會出現一次性下降，這主要與我們在收購 WMC 時向一位借款人發放的剩餘三筆 CRE 貸款到期有關。

And therefore, we're taking off accrual as we work towards the ultimate resolution, which we believe should be by year-end. A more positive and longer-term note, subsequent to quarter end, refinance the expensive structured repo we inherited from the WMC acquisition into current market terms, which will have a significant lift to go-forward EAD, which Nick will give more details on later.

因此，我們正在努力爭取最終解決方案，我們認為最終解決方案應該在年底前完成。季度末之後，我們將以更積極和更長期的票據，對從 WMC 收購中繼承的昂貴結構性回購進行再融資，使其符合當前市場條件，這將對未來的 EAD 產生重大推動作用，Nick 稍後將提供更多詳細信息。

In addition to our normal activity during the quarter, we are excited to announce a strategic transaction for the company. This morning, MITT acquired an additional 21.4% of Arc Home from original seed investors and private funds managed by TPG AG.

除了本季的正常活動外，我們還很高興地宣佈公司的一項策略交易。今天上午，MITT 從原始種子投資者和 TPG AG 管理的私募基金手中收購了 Arc Home 額外 21.4% 的股份。

A total of 2 million mid-shares were issued for consideration for their interest creating minimal dilution of 2% to June 30 book value while creating meaningful earnings accretion potential. The sellers are funds that are generally in the later or liquidating stage of their life cycle. We're obligated to register the shares pursuant to a registration rights agreement, which can take a bit of time, and there are various restrictions in that agreement governing timing of sales. Based on that, we don't expect the sellers to be able to sell meaningfully before year-end.

共發行了 200 萬股中股，以換取其權益，對 6 月 30 日的帳面價值產生 2% 的最低稀釋，同時創造了有意義的獲利成長潛力。賣方通常是處於生命週期後期或清算階段的基金。我們有義務根據登記權協議登記股份，這可能需要一些時間，而該協議對銷售時間有各種限制。基於此，我們預期賣家在年底前無法實現有意義的銷售。

When we embarked upon MITT 2.0 in 2021, we set out to be a best-in-class vertically integrated residential mortgage origination and securitization platform. We believe this is a logical next step for our company's business strategy. The transaction will bring many benefits to MITT with meaningful earnings accretion expected in 2026 driven by anticipated growth in the mortgage market and Arc's proven capability to be a leader in the non-QM space.

當我們在 2021 年啟動 MITT 2.0 時，我們立志成為一流的垂直整合住宅抵押貸款發放和證券化平台。我們相信這是我們公司業務策略合乎邏輯的下一步。這項交易將為 MITT 帶來許多好處，預計在抵押貸款市場的預期成長以及 Arc 在非 QM 領域成為領導者的能力的推動下，2026 年 MITT 的盈利將實現顯著增長。

There's also a positive step forward in scaling the company and enhancing our cap table. As we said on prior calls, we will continue to seek and pursue opportunities that further this goal, only where we believe the results are to enhance value for shareholders.

在擴大公司規模和增強我們的資本表方面也邁出了積極的一步。正如我們在先前的電話會議上所說的那樣，我們將繼續尋找和追求進一步實現這一目標的機會，但前提是我們相信結果能夠為股東提高價值。

Both Nick and Anthony will go into more detail on the transaction later in the call. I'll now hand it over to Nick.

尼克和安東尼將在稍後的電話會議中更詳細地討論這筆交易。我現在將其交給尼克。

Thank you, and good morning. During the quarter, MITT completed two securitizations. Gains from these transactions partially offset mark-to-market losses driven by broad risk asset weakness following Liberation Day in early April.

謝謝，早安。本季度，MITT 完成了兩次證券化。這些交易的收益部分抵消了 4 月初解放日之後普遍風險資產疲軟造成的以市價計價的損失。

The first was mid-second agency-eligible investor securitization of the year while the second was a joint venture with a leading HELOC originator. In addition to its securitization activity, MITT closed two residential mortgage warehouse facilities. These facilities are designed to reduce mark-to-market risk during the gestation period and enhanced cash management, which is expected to modestly improve VAD.

第一個是今年中期第二次機構合格投資者證券化，而第二個是與領先的 HELOC 發起人的合資企業。除了證券化活動外，MITT 還關閉了兩家住宅抵押貸款倉儲設施。這些措施旨在降低醞釀期間的市價風險並加強現金管理，預計將略微改善增值業務。

After the quarter end, the company refinanced high-cost inefficient debt backed by retained interest in WMC issued non-agency securitizations. The refinancing reduced the cost of capital by over 500 basis points and generated approximately $40 million additional cash for redeployment.

季度結束後，該公司利用 WMC 發行的非機構證券化保留權益對高成本、低效率的債務進行了再融資。此次再融資使資本成本降低了 500 多個基點，並產生了約 4,000 萬美元的額外現金用於重新部署。

These proceeds have been redeployed through the home equity securitization partnership with a leading non-bank mortgage originator we first introduced in the first quarter. In addition, the company has a strong pipeline of residential mortgage loan acquisitions and anticipates issuing two more securitizations in the third quarter.

這些收益已透過我們在第一季首次推出的與領先的非銀行抵押貸款發起人的房屋淨值證券化合作夥伴關係重新部署。此外，該公司擁有強大的住宅抵押貸款收購管道，預計在第三季發行兩筆證券。

As T.J. mentioned, MITT increased its ownership of Arc Home. In the first quarter's prepared remarks, we reiterated our commitment to this business and outline how strategic investments in it were beginning to pay off.

正如 T.J. 所提到的，MITT 增加了對 Arc Home 的所有權。在第一季的準備好的評論中，我們重申了對這項業務的承諾，並概述了對該業務的策略投資如何開始獲得回報。

We saw a continuation of these trends throughout this quarter, which were offset by pipeline losses attributable to Liberation Day. A quick reversal in markets positioned Arc to recover most of these pipeline lawsuits, and provides insight into more normalized profitability. As Arc continues to execute on its plan to contribute to MITTs earnings available for distribution should increase.

我們看到這些趨勢在本季持續存在，但被解放日造成的管道損失所抵消。市場的快速逆轉使 Arc 能夠收回大部分管道訴訟，並為更正常化的盈利能力提供見解。隨著 Arc 繼續執行其為 MITT 做出貢獻的計劃，可供分配的收益應該會增加。

And with greater ownership share, this is expected to be an important driver of earnings. We are confident that Arc can continue to gain share in a growing and increasingly attractive corner of the mortgage market. I'll now turn the call over to Anthony.

隨著所有權份額的增加，這有望成為盈利的重要推動力。我們相信，Arc 能夠在不斷成長且越來越有吸引力的抵押貸款市場中繼續獲得份額。我現在將電話轉給安東尼。

Thank you, Nick. Good morning, everyone. Despite April's volatility, we ended the quarter with a book value of $10.39 per share, representing a modest 2.4% decline from prior quarter. We also increased our quarterly dividend by 5% to $0.21 per share. Including this dividend, our economic return was essentially flat at negative 0.5%, highlighting our ability to maintain shareholder value in a challenging quarter.

謝謝你，尼克。大家早安。儘管 4 月出現波動，但本季結束時我們的帳面價值仍為每股 10.39 美元，較上一季小幅下降 2.4%。我們也將季度股息提高 5% 至每股 0.21 美元。包括這筆股利在內，我們的經濟回報基本上持平於-0.5%，這凸顯了我們在充滿挑戰的季度中維護股東價值的能力。

We reported a GAAP net loss available to common shareholders of $1.4 million or $0.05 per share. We continue to see steady growth in net interest income from our residential investments as we deployed additional capital into core strategies. However, net interest income was down $1.1 million or 6% from prior quarter due to certain commercial loans that matured in May and were placed on nonaccrual.

我們報告的普通股股東的 GAAP 淨虧損為 140 萬美元，即每股 0.05 美元。隨著我們向核心策略投入更多資本，住宅投資的淨利息收入持續穩定成長。然而，由於 5 月到期的某些商業貸款被列為非應計貸款，淨利息收入較上一季下降 110 萬美元，降幅為 6%。

Our portfolio also recognized net unrealized losses on securitized loans from April spread widening although these were partly offset by unrealized gains recognized on our portfolio in May and June. Additionally, it's important to note that about 1% of book value decline was due to upfront transaction expenses related to a home equity loan securitization completed in early July.

我們的投資組合也確認了 4 月利差擴大導致的證券化貸款淨未實現損失，儘管這些損失被 5 月和 6 月投資組合確認的未實現收益部分抵銷。此外，值得注意的是，帳面價值下降約 1% 是由於 7 月初完成的房屋淨值貸款證券化相關的前期交易費用。

During the quarter, we recognized EAD of $0.18 per share. Net interest income, inclusive of our hedge portfolio, was $0.64, exceeding operating expenses and preferred dividends of $0.46. The slight decline in EAD from prior quarter was largely due to placing commercial loans on nonaccrual. However, we expect this to be temporary as we work towards recovering and redeploying this capital into target assets during the second half of the year. EAD also benefited from a slight decline in operating expenses and Arc Home's contribution to EAD remained breakeven consistent with prior quarter.

在本季度，我們確認的 EAD 為每股 0.18 美元。包含對沖投資組合的淨利息收入為0.64美元，超過0.46美元的營運支出和優先股股息。應收帳款淨利較上一季略為下降，主要原因是商業貸款計入非應計項目。然而，我們預計這只是暫時的，因為我們將努力在下半年收回這些資本並將其重新部署到目標資產中。EAD 還受益於營運費用的輕微下降，而 Arc Home 對 EAD 的貢獻與上一季保持收支平衡。

Our investment portfolio grew 2.3% in the quarter to $7.3 billion, with additional activity continuing into July. We maintained a low economic leverage ratio ending the quarter at 1.3 turns. During the quarter, we purchased and securitized $341 million of agency eligible loans and purchased $104 million of home equity loans securitizing substantially all of our home equity loans in early July.

我們的投資組合在本季成長了 2.3%，達到 73 億美元，並且 7 月也將繼續保持成長勢頭。本季末，我們的經濟槓桿率維持在 1.3 倍的較低水準。在本季度，我們購買並證券化了 3.41 億美元的機構合格貸款，併購買了 1.04 億美元的房屋淨值貸款，並在 7 月初將我們幾乎所有的房屋淨值貸款證券化。

These deals not only reduce our warehouse risk, but also positioned us well for future growth. In July, we also replaced high-cost debt financing securitized loans acquired from WMC, significantly reducing our cost and freeing up $39 million of capital that was immediately reinvested to strengthen our earnings profile.

這些交易不僅降低了我們的倉庫風險，而且為我們未來的成長做好了準備。7 月份，我們還用從 WMC 收購的高成本債務融資證券化貸款替代了這些貸款，從而大幅降低了成本，並釋放了 3900 萬美元的資本，這些資本立即被重新投資以增強我們的盈利狀況。

With these proceeds, we sponsored a securitization backed by $647 million of closed end second loans and continue to expand our home equity portfolio. As previously mentioned, Today, we acquired an additional 21.4% interest in Arc Home, taking our ownership to 66%. This represents an incremental investment of $16 million, purchased through the issuance of approximately 2 million common shares.

利用這些收益，我們發起了一項由 6.47 億美元封閉式第二筆貸款支持的證券化，並繼續擴大我們的房屋淨值投資組合。如前所述，今天我們又收購了 Arc Home 的 21.4% 的權益，使我們的所有權達到 66%。這代表著透過發行約 200 萬股普通股購買的 1,600 萬美元增量投資。

The dilution impact on book value from this acquisition is minimal, and we expect the transaction to be accretive for our shareholders in 2026 as Arc Home continues to execute on its strategic growth initiatives. Our increased ownership interest will continue to be reported as an equity method investment at fair value on our balance sheet, which was valued at 1 times book as of June 30.

此次收購對帳面價值的稀釋影響微乎其微，我們預計，隨著 Arc Home 繼續執行其策略性成長計劃，該交易將在 2026 年為我們的股東帶來增值。我們增加的所有權權益將繼續在我們的資產負債表中以公允價值的權益法投資形式報告，截至 6 月 30 日，其價值為帳面價值的 1 倍。

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

我們的準備好的演講到此結束，現在我們開始提問。操作員？

(Operator Instructions) Crispin Love, Piper Sandler.

（操作員指示）克里斯賓·洛夫、派珀·桑德勒。

Good morning and congrats on the additional Arc Home ownership. Just on Arc Home. Can you talk a little bit about long-term plans there? Is it over time owning the whole company? Who owns the remaining portion today? And then can you just dig into a little bit of the accretion potential in earnings as you look over the near and long term? Thank you.

早安，恭喜您再次擁有 Arc Home 的所有權。就在 Arc Home 上。您能談談那裡的長期計劃嗎？隨著時間的推移，它會擁有整個公司嗎？如今剩餘部分歸誰所有？那麼，您能否從短期和長期的角度深入探討收益的成長潛力？謝謝。

Yeah, good morning, Crispin. So I think to answer your first question, other funds managed by TPG AG own the balance. At this point, there's no other transactions kind of pending or in the pipeline. And so they'll remain co-owners with MITT. I think, as Nick mentioned, we're seeing -- we've been investing in or both in people and process, and we're seeing the results. You see it in the volume growth.

是的，早上好，克里斯平。所以我認為回答你的第一個問題，TPG AG 管理的其他基金擁有餘額。此時，沒有其他待處理或正在進行的交易。因此他們仍將與 MITT 共同擁有所有權。我認為，正如尼克所提到的，我們看到——我們一直在對人員和流程進行投資，並且我們看到了成果。您可以從銷售成長中看到這一點。

And so assuming that trajectory holds, we're going from, call it, breakeven at Arc to a more profitable company, and we're largely hitting those goals. So that's what we see as the positive earnings contribution going forward in late '25 and really in earnest of '26. So strategic long-term hold. And we think just execute the business plan, not having to do anything additional will be positive to EAD in '26.

因此，假設該軌跡保持不變，我們將從 Arc 的收支平衡轉變為更盈利的公司，而我們基本上正在實現這些目標。因此，我們認為這將對 2025 年末以及 2026 年的獲利產生正面影響。因此要進行策略性的長期持有。我們認為，只需執行業務計劃，而不必做任何額外的事情，這將對 26 年的 EAD 產生積極影響。

Great. That makes sense. And then just a second question for me on securitization demand from investors, definitely a volatile second quarter of April, specifically around the Liberation Day. But curious on recent demand appetite for securitizations and then just recent spread trends?

偉大的。這很有道理。然後，我再問第二個問題，關於投資者的證券化需求，四月第二季肯定是一個動盪的時期，特別是在解放日前後。但您對近期證券化的需求興趣以及近期的利差趨勢感到好奇嗎？

Look, this is Nick. As the sector has grown, we've seen more and more stability in the issuance of the debt. Had you rewind on the clock, not too far back, like it would have been more volatile. Post-Liberation Day, the markets return very, very quickly. Folks, including ourselves issued, and it was well received and spreads have behaved very well and in line with a lot of other asset classes or better.

看，這是尼克。隨著該行業的發展，我們看到債務發行越來越穩定。如果你把時鐘倒回去，不要回溯太久，那麼情況就會更加不穩定。解放後，市場恢復得非常非常快。包括我們自己在內的人們都發行了這種債券，它受到了熱烈歡迎，利差表現非常好，與許多其他資產類別一致或更好。

Great. Thank you. I appreciate taking my questions.

偉大的。謝謝。我很感謝回答我的問題。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. Can you just talk about the 1 times book that you were able to acquire your additional stake. It seems like there were some other transactions that went for significant premiums in the market. Just how -- how you got to that price, how you're arriving at the current carrying value?

謝謝。您能否談談您能夠獲得額外股份的 1 倍帳簿。看起來市場上還有其他一些交易獲得了大幅溢價。究竟是如何－您是如何得到這個價格的，如何得出當前的帳面價值的？

Yeah. So I think in terms of the transaction, the MITT Board engaged KBW actually for a fairness opinion and the Board, including all the independent directors, sort of approved that. So we went to a true third party. I think, all these originators are a different scale and profitability, which I think also factors into maybe what you've seen in some of the other recent transactions.

是的。因此，我認為就交易而言，MITT 董事會實際上聘請了 KBW 來徵求公平意見，董事會（包括所有獨立董事）都批准了這一點。所以我們找到了真正的第三方。我認為，所有這些發起人的規模和盈利能力都不同，我認為這也可能是您在其他一些近期交易中看到的情況的因素。

Great. And I guess now as you have a larger ownership stake, do you envision that changing any of the hold strategy for any of the originations? Or like as you ramp up non-QM, would you plan on holding any of that? Or are you still want to sell it? So any change in that strategy?

偉大的。我想，現在您擁有了更大的所有權，您是否設想改變任何發起的持有策略？或者當您增加非 QM 時，您是否計劃保留其中任何一項？還是你仍想賣掉它？那麼該策略有什麼改變嗎？

Yeah. I think, from an operating perspective, the management team at Arc is business as usual and continuing. There's no change in the strategy at that level.

是的。我認為，從營運角度來看，Arc 的管理團隊將照常開展業務並繼續營運。在那個層面上，策略沒有改變。

Great. And then Lastly, just can you give us some more detail on those commercial loans? I guess, what changed that led them to be put on non-accrual. Can you help talk through your comfort in being able to recognize the capital that is in those loans and the time frame for when you would expect to receive that?

偉大的。最後，您能否向我們詳細介紹這些商業貸款？我猜，是什麼變化導致他們被列入非應計類別。您能否談談您對能夠確認這些貸款中的資本以及您預計何時能夠收到這些資本的感到滿意嗎？

Yes, of course. So I think as I'm sure you're following a lot of the commercial REITs like the maturity dates are flexible to say the least. And so this borrower on those three properties, one borrower for the hospitality loans is working through an asset disposition plan. And so we're in constant contact and working towards a productive solution there.

是的當然。因此，我認為，正如我確信您所關注的，許多商業房地產投資信託基金的到期日至少是靈活的。因此，這三處房產的借款人，也就是飯店貸款的借款人，正在製定資產處置計畫。因此，我們一直保持聯繫並努力尋求有效的解決方案。

Got it. And I guess since they're working on that plan, I guess you feel comfortable that that plan should cover your current carrying basis for those loans?

知道了。我想，既然他們正在製定該計劃，您是否覺得該計劃應該涵蓋這些貸款的當前帳面基礎？

Yeah. Based on the information we have today, yes.

是的。根據我們今天掌握的信息，是的。

Okay. Appreciate it. Thank you.

好的。非常感謝。謝謝。

Jason Weaver, JonesTrading.

傑森·韋弗（Jason Weaver），JonesTrading。

Hi guys, good morning. First of all, can you comment on your comfort level with the $89 million of liquidity here? And what sort of approach you're likely to take to adjust that? I know you have some things coming up in Q3, but with the deferral on WMC and not having that capital come back in right away before year-end?

大家好，早安。首先，您能否評論一下您對這裡 8900 萬美元流動資金的舒適度？您可能會採取什麼樣的方法來調整這種狀況？我知道您在第三季有一些事情要做，但是由於 WMC 的延期以及年底前無法立即收回資金？

Yeah. We're comfortable with the current cash positioning. We've enhanced some of the ways that we finance the balance sheet as alluded to in the prepared remarks and think that this is a level that is likely to be a range that will be in and maybe even slightly lower in the future.

是的。我們對目前的現金狀況感到滿意。正如準備好的評論中所提到的，我們已經增強了一些為資產負債表融資的方式，並認為這個水準在未來可能會處於一個範圍內，甚至可能略低。

Got it. Got it. And Nick had mentioned something about refinancing the repo and the legacy WMC. Can you comment on the economics there?

知道了。知道了。尼克曾提到有關再融資回購和遺留 WMC 的事情。您能評論一下那裡的經濟狀況嗎？

Look, we -- as mentioned in the prepared remarks, we had $40 million of cash come back as additional proceeds through debt refinancing, and we lowered the cost considerably -- and have already redeployed that capital in the third quarter.

你看，正如我們在準備好的評論中所提到的，我們透過債務再融資獲得了 4000 萬美元的現金作為額外收益，並且我們大幅降低了成本，並且已經在第三季度重新部署了這筆資金。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

Michael Silberman, Citizens JMP.

邁克爾·西爾伯曼，公民 JMP。

Hey, good morning, gentlemen. Thank you for taking the questions. If I may just ask about a sort of a big picture view on the housing market. What is your view on home prices right now? And given some of the news that's coming out from some states, Texas, Florida, that prices are starting to sort of flat line, if not go down. Any geographies that you're avoiding? And if you're typing any underwriting standards at all?

嘿，先生們，早安。感謝您回答這些問題。我可以問一下關於房地產市場的整體情況嗎？您對目前的房價有何看法？根據德州、佛羅裡達州等州傳出的消息，價格開始趨於平穩，甚至下降。您要避開哪些地理位置？如果您輸入任何承保標準呢？

Yeah. Good question. So I think our view is in line with consensus. Obviously, there's been some weakness in some of the markets that supply has returned to sort of pre-COVID levels. the weakness is still relatively modest, and then there are certain regions that are still hanging in tight still getting good gains. So from a guideline standpoint, like nothing changes because we've always had adjustments for weaker markets, we think that's relatively consistent across the whole business. But we pay very close attention to the trajectory of that and -- but still believe that it's more or less steady as she goes or some [leaner] reversion.

是的。好問題。所以我認為我們的觀點是符合共識的。顯然，一些市場出現了一些疲軟，供應已恢復到疫情之前的水平。疲軟程度仍然相對溫和，而且某些地區仍然堅持不懈，仍然獲得了良好的收益。因此，從指導方針的角度來看，沒有什麼變化，因為我們一直在針對較弱的市場進行調整，我們認為這在整個業務中是相對一致的。但我們非常密切地關注著它的走勢，並且仍然相信，隨著它的走勢，它或多或少會保持穩定，或者出現某種[更精簡的]回歸。

Great. And if I may, sneak in a question, any update on current book value through the quarter?

偉大的。如果可以的話，我想偷偷問一個問題，本季的當前帳面價值有任何更新嗎？

No. Just as of -- just given where we stand in the calendar, still working through our process and update at this time.

不。就像 - 只是考慮到我們在日曆中的位置，我們仍在進行我們的流程和更新。

Gotcha.

明白了。

Bose George, KBW.

博斯喬治，KBW。

Hey guys, good morning. Actually a couple on the mortgage banking. At Arc Home, the pipeline hedging in volatility in April, does that impact the EAD -- or does it impact the EAD.

大家好，早安。實際上是一對從事抵押銀行業務的夫婦。在 Arc Home，4 月份的管道對沖波動是否會影響 EAD - 或是否會影響 EAD。

Yes. But that flows through EAD. You can see the impact to EAD from Arc Home this quarter was a loss of $130,000 in -- so April was largely offset by positive earnings in May and June at Arc Home.

是的。但這是透過 EAD 進行的。您可以看到 Arc Home 本季度對 EAD 的影響是虧損 130,000 美元 - 因此 4 月份的虧損很大程度上被 Arc Home 5 月份和 6 月份的正收益所抵消。

So okay. So the setup given the stability this quarter suggests that it should be a positive number.

好吧。因此，考慮到本季度的穩定性，設置表明它應該是一個正數。

Yes.

是的。

Okay. That's great. And then can you just talk about the gain on sale margin differential between the first lien and the second lien and just talk about the outlook for further growth in the second lien market, which has already obviously been pretty strong.

好的。那太棒了。然後，您能否談談第一留置權和第二留置權之間的銷售利潤差異，並談談第二留置權市場進一步增長的前景，顯然第二留置權市場已經相當強勁。

So the gain on sale quarter-over-quarter for sort of the non-QM market has been somewhat consistent -- we expect that to remain the same going forward, given sort of the demand profile that I think has been fairly well telegraphed out there. On the second liens, of a lot of the -- when we think about that versus the origination business, a lot of that is being acquired by non-affiliate third parties. And so we don't think about that business as much, but a gain on sale, like it more as investors, although there has been decent gain on sales driven by some of the spread tightening and capital efficiencies we've been able to achieve.

因此，非 QM 市場銷售額的環比增長一直比較穩定 - 我們預計未來這一趨勢將保持不變，因為我認為需求狀況已經得到了相當充分的體現。關於第二留置權，當我們將其與發起業務進行比較時，我們發現許多第二留置權都是由非關聯第三方收購的。因此，我們不太考慮這項業務，而是考慮銷售收益，作為投資者我們更喜歡它，儘管由於我們能夠實現的一些利差收緊和資本效率，銷售取得了不錯的收益。

Okay. So that's more of an investment product, essentially. So you look at it more on the capital that you deploy.

好的。所以從本質上來說，這更像是一種投資產品。因此，您要更專注於所部署的資本。

That's right. That could evolve over the coming quarters to year. But at the moment, that's a fair statement.

這是正確的。這種情況可能會在未來幾季甚至一年內發生變化。但目前，這是一個公平的說法。

Okay.

好的。

(Operator Instructions) Eric Hagen, BTIG.

（操作員指示）Eric Hagen，BTIG。

Thanks. Can you say what the return on capital was that you expect from the closed end second that you picked up from redeployed that $40 million. And were those loans originated by Arc Home or by a third party?

謝謝。您能否說一下，您預期從重新部署的 4000 萬美元中獲得的封閉式第二筆資金的資本回報率是多少？這些貸款是由 Arc Home 還是第三方發放的？

Those loans were originated by third parties. We expect returns there to be blended across the different parts we provided in the mid- to high teens.

這些貸款是由第三方發放的。我們預計，我們提供的不同部分的回報將達到十幾歲到十幾歲的水平。

But okay. Going to Arc Home can you give us a quick snapshot of what the leverage and the capital structure looks like at Arc Home, -- like how much total equity is in the business? How much sort of long-term debt.

不過好吧。談到 Arc Home，您能否向我們簡單介紹一下 Arc Home 的槓桿率和資本結構？例如，該企業的總股本是多少？有多少種長期債務。

There's no long-term debt. They use obviously warehouses for their own sort of origination gestation, but there's no long-term debt in the company.

沒有長期債務。他們顯然使用倉庫來進行自己的起源孕育，但公司沒有長期債務。

All right, are there any security.

好的，有保全嗎？

Eric, if you think about the balance sheet of Arc Home, it's essentially cash and loans on warehouse with approximately $70 million of equity at that level.

埃里克，如果你看一下 Arc Home 的資產負債表，它基本上是倉庫現金和貸款，其中股權約為 7000 萬美元。

Okay. Got it. So there's no securities that are capitalized on the balance sheet?

好的。知道了。那麼資產負債表上沒有資本化的證券嗎？

No securities or anything.

沒有證券或任何東西。

Okay, thank you guys so much.

好的，非常感謝你們。

(Operator Instructions) At this time, it does not appear we have any further questions. Speakers, do you have any closing remarks you'd like to have.

（操作員指示）目前，我們似乎沒有其他問題。各位發言者，還有什麼想說的結束語嗎？

Just thank you to everyone for joining us and for your questions. We appreciate it and look forward to speaking with you again next quarter. Thanks, and have a good day.

非常感謝大家的參與與提問。我們對此表示感謝，並期待下個季度再次與您交談。謝謝，祝您有美好的一天。

Thank you. We'd like to thank everybody for joining. Please feel free to disconnect your line at any time.

謝謝。我們感謝大家的加入。請隨時斷開您的線路。