TPG Mortgage Investment Trust Inc (MITT) 2026 Q1 法說會逐字稿

(audio in progress) remains core to our strategy, and we believe this segment will provide the company compelling opportunities as this residential housing segment continues to grow. In addition to this transaction, we executed another securitization subsequent to quarter-end, comprised of approximately $430 million non-agency residential mortgage loans.

（音訊進行中）仍是我們策略的核心，我們相信隨著住宅住房這一細分市場持續成長，該業務將為公司帶來具吸引力的機會。除這筆交易外，我們在季末後又完成了另一筆證券化，標的為約4.30億美元的非機構住宅抵押貸款。

Importantly, we maintained our disciplined leverage profile. The company's economic leverage stands at a conservative 1.7 turns. While we have been able to grow earnings at these leverage ratios, we believe we can prudently move this up over time to drive additional earnings power. The credit performance of the company's residential portfolio continues to be a core strength. Serious delinquencies in our non-agency portfolio stand at just 1.3%, while our Home Equity portfolio is even lower at 0.4%.

重要的是，我們維持了嚴謹的槓桿水準。公司的經濟槓桿維持在保守的1.7倍。雖然我們已能在此槓桿比率下成長獲利，但我們相信可隨時間審慎提高槓桿，以帶動額外的獲利能力。公司住宅投資組合的信用表現仍是核心優勢。我們非機構投資組合的嚴重逾期率僅1.3%，而我們的房屋淨值（Home Equity）投資組合更低，為0.4%。

The portfolio is comprised of high-quality borrowers with significant equity in their homes. On average, the non-agency and Home Equity portfolios have a low 60% loan-to-value.

該投資組合由高品質借款人構成，且其房屋擁有可觀的自有權益。平均而言，非機構與房屋淨值投資組合的貸款價值比（LTV）約為60%出頭的低水準。

On the commercial side, we are seeing positive momentum as we manage our Legacy WMC commercial holdings to exit. We are focused on derisking these positions, which will further free up equity for redeployment in our core strategies, higher returning residential.

在商業端，隨著我們管理並逐步退出Legacy WMC商業持有部位，我們看到正向動能。我們專注於降低這些部位的風險，這將進一步釋放股權資本，以重新部署至我們的核心策略——報酬更高的住宅投資。

Moving on to Arc Home. Arc Home has reached a clear inflection point. Despite the macroeconomic headwinds this quarter, Arc Home delivered a meaningful contribution to our EAD of approximately $0.04 per share. We continue -- we saw continued strength in lock volumes of $1.3 billion, a 25% increase year-over-year, driven by strong non-agency originations. Our decision to increase ownership stake to 66% is starting to pay off as the platform gains market share and improved gain on sale margins.

接著談Arc Home。Arc Home已到達明確的轉折點。儘管本季面臨總體經濟逆風，Arc Home仍對我們的可分配盈餘（EAD）做出顯著貢獻，約為每股0.04美元。我們持續——我們看到鎖定量（lock volumes）持續強勁，達13億美元，年增25%，主要由強勁的非機構承作所帶動。我們將持股比例提高至66%的決策開始見到成效，因為該平台市占率提升，且出售收益率（gain on sale）利差改善。

Before handing the call over to Anthony, I'd like to close with some thoughts around our strategy and the macro outlook. We entered the second quarter with significant momentum. While market volatility impacted our book value this period, we see a path to recovery. Since quarter-end, we observed an improving, though admittedly fragile macroeconomic environment. If this continues, we expect a return to trends we saw in the earlier parts of this year and believe this environment is likely to lead the market to revisit the types of the year, which would reverse much, if not all, of the book value decline we saw in Q1.

在把電話交給Anthony之前，我想以一些對我們策略與總體展望的看法作結。我們帶著顯著動能進入第二季。雖然本期市場波動影響了我們的帳面價值，但我們看到復原的路徑。自季末以來，我們觀察到總體經濟環境有所改善，儘管坦白說仍相當脆弱。若此趨勢延續，我們預期將回到今年較早時期所見的走勢，並相信此環境可能促使市場重新回到今年年初那類型的水準，從而扭轉我們在第一季看到的帳面價值下滑，若非全部，至少大部分可望回補。

As TJ. mentioned in his remarks, at this point, we believe we've already recovered at least 50%. We are well positioned to navigate this volatility and continue to grow earnings while delivering superior risk-adjusted returns.

如TJ在發言中提到的，就目前而言，我們相信至少已回補了50%。我們具備良好條件因應這些波動，並在持續成長獲利的同時，提供更優異的風險調整後報酬。

Anthony, over to you.

Anthony，交給你。

Thank you, Nick, and good morning, everyone. During the first quarter, we continued to focus on rotating capital into our Home Equity portfolio. We successfully executed one Home Equity loan securitization and maintained our momentum in the securitization markets with an additional deal in April.

謝謝你，Nick，各位早安。第一季期間，我們持續專注於將資本輪動至我們的房屋淨值投資組合。我們成功完成一筆房屋淨值貸款證券化，並於4月再完成一筆交易，延續我們在證券化市場的動能。

Most importantly, we realized continued strength in our earnings available for distribution, or EAD. This performance was supported by earnings growth at Arc Home despite a volatile quarter, which resulted in our EAD once again exceeding our increased dividend level. Reflecting this ongoing improvement in earnings, we announced our fourth dividend increase since the beginning of 2025, raising our quarterly dividend to $0.24 per share.

最重要的是，我們的可分配盈餘（EAD）持續展現強勁表現。此表現受惠於Arc Home在波動的一季中仍實現獲利成長，使我們的EAD再次高於我們調升後的股利水準。反映這項持續的獲利改善，我們宣布自2025年初以來第四次調升股利，將季度股利提高至每股0.24美元。

Moving to our financial results. Book value decreased 4.9% to $9.97 per share, resulting in a negative 2.6% economic return when considering our $0.24 dividend. We reported a GAAP net loss of approximately $8.7 million or $0.27 per share, entirely driven by net unrealized losses on our investment portfolio, which were partially offset by gains on our hedge portfolio and investment in Arc Home.

接著看我們的財務結果。帳面價值下滑4.9%至每股9.97美元，若將每股0.24美元股利納入考量，經濟報酬率為負2.6%。我們依GAAP認列淨損約870萬美元或每股0.27美元，完全由投資組合的未實現淨損所致，部分由避險投資組合與對Arc Home投資的收益所抵銷。

Overall, these unrealized losses reflect the March macroeconomic volatility, which drove rates higher and caused spreads to widen. Despite these unrealized losses, which have begun to retrace in April, the company's operating performance remained strong, delivering durable net interest income, earnings growth at Arc Home, and a controlled expense load, all of which supported our increased dividend and demonstrate the embedded value of our strategy.

整體而言，這些未實現損失反映了3月的總體經濟波動，該波動推升利率並導致利差擴大。儘管有這些未實現損失（且在4月已開始回吐），公司的營運表現仍維持強勁，提供穩健的淨利息收入、Arc Home的獲利成長，以及受控的費用負擔；上述因素支撐了我們調升後的股利，並展現我們策略所內含的價值。

Specifically, EAD of $0.26 per share increased from the prior quarter and fully covered our $0.24 dividend. Net interest income, including hedge income was $0.67, which exceeded $0.45 of operating expenses and preferred dividends to generate net earnings of $0.22 per share. Arc Home contributed an additional $0.04 to EAD, driven by continued strength in origination volumes and improved gain on sale margins.

具體而言，每股EAD為0.26美元，較前一季增加，並完全覆蓋我們每股0.24美元的股利。淨利息收入（含避險收益）為0.67美元，超過0.45美元的營運費用與特別股股利，進而產生每股0.22美元的淨收益。Arc Home另對EAD貢獻每股0.04美元，主要受惠於承作量持續強勁以及出售收益率（gain on sale）利差改善。

While the performance of our investment portfolio and Arc Home delivered a double-digit ROE on book value, we see meaningful upside as we optimize the balance sheet. Specifically, the deployment of liquidity from unlevered Home Equity loans and the resolution of nonaccrual commercial loans represent clear catalysts to deploy capital into higher-yielding residential investments, further enhancing shareholder returns.

雖然我們的投資組合與Arc Home的表現，已在帳面價值基礎上帶來兩位數的股東權益報酬率（ROE），但隨著我們優化資產負債表，我們仍看到可觀的上行空間。具體而言，將未加槓桿的房屋淨值貸款所形成的流動性加以部署，以及解決停止計息的商用貸款，都是明確的催化劑，可將資本投入至收益率更高的住宅投資，進一步提升股東報酬。

Lastly, we ended the quarter with approximately $100 million in total liquidity, consisting of $49 million in cash, $50 million of committed financing on unlevered Home Equity loans and $1 million of unencumbered Agency RMBS.

最後，我們在季末的總流動性約為1億美元，包括4,900萬美元現金、5,000萬美元針對未加槓桿房屋淨值貸款的承諾融資，以及100萬美元未設質押的機構RMBS。

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

以上為我們的準備發言，接下來我們想開放提問。

Operator.

接線員。

Thank you. (Operator Instructions) We'll take our first question from Doug Harter with BTIG. Your line is open. Please go ahead.

謝謝。（接線員指示）我們的第一個問題來自BTIG的Doug Harter。您的線路已開通。請發問。

Can you talk about your thoughts on increase -- continuing to increase the dividend versus some ability to retain some capital just given your commentary that you expect further upside in earnings power?

你們能談談對於提高——持續提高股利的想法，相較於保留部分資本的能力嗎？尤其考量你們提到預期獲利能力還有進一步上行空間。

Yes, Doug, it's TJ. Good to hear from you. I think we're running fairly conservative economic leverage. So in terms of having excess liquidity for margin call risk, I think we've done a good job of alleviating a cash drag.

好的，Doug，我是TJ。很高興聽到你的聲音。我認為我們目前的經濟槓桿相當保守。因此，就因應追繳保證金風險所需的額外流動性而言，我認為我們在降低現金拖累方面做得不錯。

And then as we think about growing earnings power, continuing to rotate the equity out of the CRE loans, which I'm happy to talk about and then other capital rotation from potentially calling seasoned deals, et cetera. So I mean, I think we see a pretty linear path of how you rotate capital without needing to reserve a ton for other purposes.

接著談到如何提升獲利能力，我們會持續把股權從CRE貸款中輪動出來——我也很樂意進一步說明——以及其他資本輪動，例如可能召回（call）已存續一段時間的交易等。所以我的意思是，我們看到一條相當線性的路徑，能在不需要為其他用途預留大量資本的情況下完成資本輪動。

You're right. But I guess just as you think about that increased earnings power, how do you think about how much of that kind of gets passed through the dividend versus how much of that could be retained for -- to support future growth?

你說得對。但我想，就像你在思考那個提升的獲利能力一樣，你怎麼看其中有多少會透過股利分配給股東、又有多少可能會被保留——用來支持未來成長？

I mean -- I think we're looking to continue to pass that through to our shareholders in the form of the dividend and then satisfy the REIT tests.

我的意思是——我認為我們會持續以股利的形式把這些回饋給股東，然後同時滿足 REIT 的測試要求。

Great, appreciate that. And TJ., if I could take you up on your offer to kind of talk a little bit more about the CRE loans and kind of how we should think about the timing of resolution there and freeing up that capital?

很好，感謝說明。另外 TJ，如果可以的話，我想接著你剛才的提議，再多談一點 CRE 貸款，以及我們應該如何看待那邊解決時點與釋放資本的節奏？

Yes. I think big picture, we're making good progress on the remaining assets. It's taking longer than any of us would like. I think this is evidenced -- the progress is evidenced. We've been able to extend our facility with our lender out 6 months. So we have clean financing through September of this year.

是的。我想從大方向來看，我們在剩餘資產上取得了不錯的進展。這花的時間比我們任何人希望的都更久。我認為這點是有跡可循的——進展是有體現的。我們已經能把與放款人的融資安排延長 6 個月。因此我們到今年 9 月之前都有穩健、明確的融資。

From an asset perspective, I would really sort of break it up into 3 distinct situations. The retail asset sale process is moving along nicely. We would hope to have much more detailed information to share with you on next quarter's call. And then two of the four hotel assets have a signed LOI, and we're progressing accordingly, albeit behind probably where the retail asset process is.

從資產角度來看，我會把它大致分成 3 種不同情況。零售資產的出售流程進展順利。我們希望在下季的電話會議上，能與各位分享更詳細的資訊。另外，四個飯店資產中的兩個已簽署 LOI（意向書），我們也在依此推進，雖然進度可能落後於零售資產的流程。

And then I think the last two hotel assets are going to be behind that and take a bit longer. And we're working through those locations and hope to have them sort of wrapped up by the end of this year, but it may drift into '27 for the last two.

至於最後兩個飯店資產，我認為會更落後一些、需要更長時間。我們正在處理這些據點，並希望在今年底前大致收尾，但最後兩個可能會延到 2027 年。

Great. Appreciate it. Thank you.

很好。感謝。謝謝你。

Thank you. We'll move next to Marissa Lobo with UBS. Your line is open.

謝謝。接下來是 UBS 的 Marissa Lobo。你的線路已開通。

Thank you. Can you give us some more information on (inaudible) exercise call ride? How does that mean (inaudible) to be executed? How do you feel about the current (inaudible)?

謝謝。你能否提供更多關於（聽不清）行使 call 的資訊？這代表（聽不清）會如何執行？你對目前的（聽不清）有什麼看法？

Thanks for the question, Marissa. So as we stated in previous prepared remarks and Q&A historically, a lot of that has to do with outright levels of spreads and interest rates. Obviously, over the last quarter, we saw retracement to higher rates, higher volatility, higher spreads. Into the beginning of this quarter, obviously, we've gotten a good amount of that back, maybe not completely in the front end of the curve.

謝謝你的問題，Marissa。如同我們在先前的事先準備發言以及過往的 Q&A 中所提到的，這很大一部分取決於利差與利率的絕對水準。很明顯地，在上一季我們看到利率回升、波動性上升、利差擴大。進入本季初，我們顯然已經收復了其中相當一部分，雖然在殖利率曲線前端可能還沒有完全回到原先水準。

All of these elements play into what the economics on calling transactions. We're not going to hold out for every last penny, but we'll look for stabilization of the market, which is happening pretty quickly.

所有這些因素都會影響行使 call 交易的經濟性。我們不會為了最後一分錢而硬撐，但我們會尋求市場的穩定，而這正在相當快速地發生。

So hopefully, we have good news in the coming quarters on actually executing on them and then sort of the path forward from there, if that answers your question.

所以希望在接下來幾季，我們能在實際執行方面帶來好消息，並說明之後的推進路徑；如果這樣有回答到你的問題的話。

It does. Thank you. And could you also expand on the opportunity in agency eligible loans? What is your outlook there for volume and (inaudible) in the near term?

有的。謝謝。另外，你也能談談 agency eligible 貸款的機會嗎？你對近期的量能與（聽不清）的展望是什麼？

I mean on the agency eligible side, we've done a decent amount of this issuance in previous years, previous quarters. A lot of our focus has really been more on higher returning opportunities in the non-agency and Home Equity space. There's still compelling opportunities, although less compelling in our view.

我的意思是，在 agency eligible 這一端，我們在過去幾年、過去幾季做了相當多的發行。我們的重點其實更多放在 non-agency 與房屋淨值（Home Equity）領域中報酬更高的機會。那邊仍然有具吸引力的機會，只是以我們的觀點來看，吸引力相對沒那麼強。

There have been market participants that have entered that space with lower cost of capital, which maybe makes it a little bit less interesting to ourselves. That being said, I do expect to see others continue to grow and participate in that marketplace.

有一些市場參與者以較低的資金成本進入該領域，這可能讓它對我們而言變得稍微沒那麼有趣。即便如此，我確實預期仍會看到其他人持續成長並參與那個市場。

Thank you. Appreciate the color.

謝謝。感謝補充說明。

Thank you. We'll move on now to Crispin Love with Piper Sandler. Your line is now open.

謝謝。接下來是 Piper Sandler 的 Crispin Love。你的線路現在已開通。

I have a follow-up on the earnings power and ROEs. You're generating, I think, roughly 10% core ROE today. I'm curious where you think that could trend, what ROE targets are attainable and over what time frame as Arc continues to be a larger contributor to EAD and as you rotate capital into higher return resi investments as the WMC investments mature.

我想追問一下獲利能力與 ROE。你們目前大約產生 10% 的核心 ROE。我想了解你認為它可能會如何走勢、可達成的 ROE 目標是什麼，以及在 Arc 持續成為 EAD 更大貢獻者、且隨著 WMC 投資到期你們把資本輪轉到報酬更高的住宅投資時，這會在什麼時間框架內發生。

So this is Nick. When you think about you're growing the ROE of the company, it's going to be derived from three primary sources, which we've said over previous quarters, really the returning of equity capital in the commercial book, growing ROEs at our home and then the calls.

我是 Nick。當你思考提升公司 ROE 時，它主要會來自三個來源；我們在前幾季也提過：商業投資組合的股權資本回收、我們住宅端 ROE 的提升，以及 call。

All of that gives us line of sight into sort of achieving the ROEs that are being achieved across the broader business as we have disclosed in the earnings presentation. And that's really the path forward, is really just taking those pockets and redeploying capital.

這些都讓我們能看得到達成 ROE 的路徑，也就是如我們在財報簡報中所揭露、整體業務所達成的 ROE 水準。而前進的方式，就是把那些區塊的資本回收後再重新配置。

Obviously, on the Arc Home side, that's less of a redeployment story, but we believe that there's strong momentum there, and we expect that to continue.

當然，在 Arc Home 這一端，這比較不是重新配置的故事，但我們相信那裡有很強的動能，而且我們預期會持續下去。

Okay. Great. And then just on Arc Home, can you discuss a little bit what you've seen so far in the second quarter, just high-level trends, volumes, mortgage rates peaked around quarter-end, have improved since -- improved a bit since then.

好的。很好。另外關於 Arc Home，你能否談談你們在第二季迄今看到的情況，例如高層次的趨勢、量能？房貸利率在季末附近見頂，之後有所改善——改善了一點。

So getting into a little bit of a seasonally more conducive environment for mortgage, but still a little bit of a challenging backdrop. So just curious where you stand right now on Arc Home and trends you're seeing.

目前進入對房貸而言季節性較有利的環境，但整體背景仍有些具挑戰。所以想請教你們目前對 Arc Home 的看法，以及你們看到的趨勢。

Yes. Normalizing for the seasonality, maybe slightly below budget, but it's still early. We're still seeing gains. So maybe that just speaks to the ambition of the budget -- of our ambition of our budget there.

是的。若把季節性因素調整掉，可能略低於預算，但現在還早。我們仍看到改善。所以這也許反映了我們預算目標——我們在那邊的預算企圖心。

So there has been a lot of healing. The gain on sales have been healthy and the expectation is that the budgeted volumes will normalize and achieve what we originally penciled out. So early signs are good for Q2. And as you alluded to, obviously, seasonally, this is an important part of the year for them.

確實已經有很多修復與改善。銷售收益（gain on sales）表現健康，我們預期預算中的量能會回到常態，並達成我們原先估算的水準。所以第二季目前的早期跡象是正面的。而如你所提到的，從季節性來看，這段時間對他們而言確實是一年中很重要的時期。

I appreciate it. Thank you for taking my questions.

感謝。謝謝你回答我的問題。

Thank you. We'll move next to Bose George with KBW. Your line is open.

謝謝。接下來我們請 KBW 的 Bose George 提問。您的線路已開通。

Thank you. Good morning. This is Frank Labetti on for Bose. I just want to start with a follow-up on the commercial discussion. Do you think we could expect additional marks on some of the sales? I know that they continue to be ongoing, but any color there would be great.

謝謝。早安。我是 Frank Labetti，代 Bose 發言。我想先就商業地產的討論追問一下。您認為我們是否可能會在部分出售案上看到額外的估值調整（mark）？我知道這些交易仍在進行中，但若能提供一些看法會很有幫助。

Yes. So I think as we continue to go through the sales process, get more information from the market, I think we're generally reflecting that in the current valuation. So barring surprises, I would say the answer is no.

是的。我認為，隨著我們持續推進出售流程、從市場取得更多資訊，我們大致已將這些反映在目前的估值中。因此，除非出現意外，我會說答案是否定的。

Okay. Great. Then pivoting to the home equity, you scaled it nicely over the past few quarters. Trying to think about how large can that get as a percentage of the portfolio? And then you note 29% ROEs.

好的。很好。接著轉到房屋淨值（home equity），你們在過去幾季擴張得很不錯。我想了解，這一塊在投資組合中最高大概能成長到多大的占比？另外你們提到 29% 的 ROE。

Is that -- are those returns still available on new production today? And where is the best risk-adjusted returns in that market today?

這樣的報酬率——在今天的新承作（new production）上仍然可取得嗎？以及在目前的市場中，哪裡能取得最佳的風險調整後報酬？

Yes. Thanks, Frank. So this market has expanded pretty, with a good pace, call it, 25% a year really in earnest since, call it, '23. We expect that pace to continue or to accelerate. We expect it to be the largest non-agency sort of -- or securitized product nonagency sector in this -- at some point this year, if not next.

是的。謝謝你，Frank。這個市場擴張得相當快，真正明顯加速大約是從 2023 年開始，年增速大概可說是 25%。我們預期這個速度會持續，甚至可能加快。我們預期它將在今年某個時點（若非明年）成為此領域中最大的非機構（non-agency）——或說證券化產品的非機構板塊。

So we still think there's a lot of runway for the opportunity. From a return standpoint, while there is increased competition, it's not nearly as competitive as other segments of the non-agency market. And that's despite its performance having been a standout versus the broader non-agency market.

因此我們仍認為這個機會還有很長的跑道。就報酬而言，雖然競爭有所增加，但相較於非機構市場的其他分支，競爭程度仍沒有那麼激烈。而這是在其表現相對整體非機構市場特別突出的情況下仍然如此。

So we still continue to see a good amount of opportunity in this segment. And from a deployable capital standpoint, we don't have any concerns on being able to recycle capital into this segment for May.

所以我們仍持續在這個分支看到相當多的機會。從可部署資本的角度來看，我們對於能在 5 月將資本回收並再投入到這個分支並沒有任何疑慮。

Great. Thank you.

很好。謝謝。

Thank you. And we'll take our next question from Trevor Cranston with Citizens. Your line is now open.

謝謝。接下來我們請 Citizens 的 Trevor Cranston 提問。您的線路現在已開通。

Hey, thanks. There's been some reports about increasing delinquency levels in some of the recent vintage non-QM products. Can you guys comment specifically on your non-QM segment of the portfolio if you guys are seeing any sort of deterioration in performance? Or just an update there would be great.

嗨，謝謝。近期有一些報導提到，部分較新批次（recent vintage）的非 QM 產品逾期率正在上升。你們能否就你們投資組合中的非 QM 分部具體評論一下，是否看到任何績效惡化？或是提供一下最新狀況也會很有幫助。

Yes. So one, the sort of underperformance of non-QM is less relevant to MITT given our transitioning over to other segments over 2 years ago, most notably really the agency eligible segment and then the Home Equity segment. Our agency eligible book is performing better than prime jumbo, which is shocking to say out loud, but that's a fact.

是的。第一，非 QM 的相對弱勢表現，對 MITT 來說相關性較低，因為我們在兩年前就已轉向其他分支，最主要是可符合機構（agency eligible）分支，然後是房屋淨值（Home Equity）分支。我們的可符合機構投資組合表現甚至優於優質巨額房貸（prime jumbo），這說出來很令人意外，但這是事實。

And then our Home Equity segment, the delinquencies are less than one-quarter of the delinquencies of the broader non-QM market, which is where most of the concern is. So MITT as a vehicle is inflated versus sort of the underperformance versus underwrite. We still are constructive broadly in the non-QM space. But I think it's worth noting that generally, our credit selection has been tighter than the broader universe, which is driving some of that outperformance.

另外，我們的房屋淨值分部，其逾期率不到整體非 QM 市場逾期率的四分之一，而市場主要的擔憂正是在那裡。因此，就「相對於承作標準（underwrite）的弱勢表現」而言，MITT 這個載體其實被誇大了。我們整體上仍對非 QM 領域持建設性看法。但值得注意的是，一般而言，我們的信用挑選比整體市場更嚴格，這也帶動了部分超額表現。

So we don't view our book as a comp versus other folks over the years, but there's been some degradation in performance for various reasons. We don't see MITT as being exposed to that.

因此我們不會把我們的投資組合視為可與其他同業多年來直接對比的樣本；但由於各種原因，市場確實出現了一些績效下滑。我們不認為 MITT 會暴露在那種風險之下。

Okay, great. Appreciate the comments. Thank you.

好的，很好。感謝你的說明。謝謝。

We'll move on to Jason Weaver with Jones Trading. Your line is open.

接下來我們請 Jones Trading 的 Jason Weaver 提問。您的線路已開通。

I was just curious about the 9.5% notes of '29. Those are obviously the most expensive part of the capital stack right now. It's 3 years out, but I believe they'll become callable relatively shortly. And with your EAD coverage, have you -- tell us how you're thinking about maybe doing a refinancing, tender partial paydown. Any thoughts there?

我想請教一下 2029 年到期、票息 9.5% 的票據。顯然它們目前是資本結構中成本最高的部分。雖然距離到期還有 3 年，但我相信它們很快就會進入可贖回（callable）狀態。在你們的 EAD 覆蓋之下，你們是否——能否談談你們對可能進行再融資、要約收購（tender）或部分償還（partial paydown）的思考？有什麼想法嗎？

Yes. No. I mean we're always evaluating the entire capital structure. To your point, they are becoming callable. There's 2 separate notes that were issued not too far away from each other, and they'll be coming up later this year to extent rates in the market, move in the right direction, we'll certainly be looking to explore refinancing or delevering those.

是的。當然。我們一直都在評估整體資本結構。如你所說，它們即將進入可贖回狀態。有兩筆不同的票據，發行時間相隔不遠，而它們會在今年稍晚到期（進入相關時點）；若市場利率走勢朝正確方向發展，我們肯定會考慮探索再融資或降低槓桿來處理它們。

Got it. And then on just overall purchase activity, your volume this quarter was well below the fourth quarter, I think, $87 million versus $284 million or so. Is that more of a strategic or a timing issue over time? Were you waiting for wider spreads to get involved? Or can you talk about that a bit?

了解。另外就整體購買活動而言，你們本季的量明顯低於第四季，我想大概是 8,700 萬美元對 2.84 億美元左右。這比較是策略因素，還是時間點的問題？你們是在等利差擴大後再進場嗎？能否多談一點？

It's a little more complicated than that. So while the portfolio decreased on a GAAP basis, it's really because the structures of the most recent transactions, resulted in the company not consolidating these deals. Had we consolidated those deals, we actually would have had modest growth. So I think there's a little bit of form over substance given those nuances.

這比那個更複雜一些。雖然投資組合在 GAAP 口徑下是下降的，但主要是因為最近幾筆交易的結構，使得公司不需要將這些交易納入合併報表（consolidate）。如果我們把那些交易納入合併，其實我們會出現小幅成長。所以考量到這些細節，我認為這有點是形式大於實質。

All right, that makes sense. Thank you for that color.

好，這就說得通了。謝謝你提供這些補充說明。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to our hosts for any closing comments.

謝謝。目前問題隊列中已無其他提問。我現在把會議交回給主辦方，請他們做任何結語。

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

感謝各位今天早上參與並提出問題。我們非常感謝，也期待在下個季度再次與各位交流。祝各位有美好的一天。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗參與。您現在可以斷線。