New York Mortgage Trust Inc (NYMT) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter 2022 Results Conference Call. (Operator Instructions) This conference is being recorded on Wednesday, August 3, 2022.

早上好，女士們，先生們，謝謝你們的支持。歡迎參加紐約抵押信託基金 2022 年第二季度業績電話會議。 （操作員說明）本次會議將於 2022 年 8 月 3 日星期三錄製。

A press release and supplemental financial presentation with New York Mortgage Trust's second quarter 2022 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com. Additionally, we are hosting a live webcast of today's call, which you can access in the Events & Presentations section of the company's website.

紐約抵押信託基金 2022 年第二季度業績的新聞稿和補充財務報告於昨天發布。新聞稿和補充財務報告均可在公司網站 www.nymtrust.com 上查閱。此外，我們正在主持今天電話會議的現場網絡直播，您可以在公司網站的“活動和演示”部分進行訪問。

At this time, management would like me to inform you that certain statements made during the conference call which are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although New York Mortgage Trust believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in company's filings with the Securities and Exchange Commission.

此時，管理層希望我通知您，在電話會議期間做出的某些非歷史性陳述可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。儘管紐約抵押貸款信託基金認為任何前瞻性陳述中反映的預期均基於合理的假設，因此無法保證其預期會實現。昨天的新聞稿以及公司不時向美國證券交易委員會提交的文件中詳細說明了可能導致實際結果與預期存在重大差異的因素和風險。

Now at this time, I would like to introduce Jason Serrano, CEO and President. Jason, please go ahead.

現在，我想介紹一下首席執行官兼總裁 Jason Serrano。傑森，請繼續。

Thank you very much. Good morning. Thank you for taking the time to join our earnings call this morning. I'm here joined with Kristine Nario-Eng, our CFO. We are excited to talk to you this morning about the developments in this market. We have seen the market actually transition to a buyer's market for the first time in quite some time. And we believe the construction of our balance sheet will allow us to take advantage of these latest trends.

非常感謝。早上好。感謝您抽出寶貴時間參加今天早上的財報電話會議。我在這裡加入了我們的首席財務官 Kristine Nario-Eng。我們很高興今天早上與您討論這個市場的發展。我們已經看到市場在相當長的一段時間內第一次真正轉變為買方市場。我們相信，我們資產負債表的構建將使我們能夠利用這些最新趨勢。

But before we get into this, let's cover our second quarter highlights. In the quarter, we incurred a loss of $0.22 per share. This was a function largely of an unrealized losses that we incurred on our balance sheet, resulting in a negative 0.4% loss to our book value in the quarter.

但在我們開始之前，讓我們先介紹一下第二季度的亮點。本季度，我們每股虧損 0.22 美元。這主要是由於我們在資產負債表上發生的未實現虧損，導致本季度賬面價值出現負 0.4% 的虧損。

Now, due to the increase of allocations to -- sorry, to bridge loans over the course of the last 18 months as well as holding recourse leverage below 1x, we were able to limit losses given the extreme volatility that we saw in the interest rate markets. Now after declaring a $0.10 dividend, our quarterly economic return on undepreciated book value resulted in negative 2.5%.

現在，由於在過去 18 個月中增加了對貸款的分配——抱歉，為了過渡貸款以及將追索權槓桿保持在 1 倍以下，鑑於我們看到的利率極度波動，我們能夠限制損失市場。現在，在宣布派發 0.10 美元的股息後，我們未折舊賬面價值的季度經濟回報率為 2.5%。

We also, in the quarter, saw an opportunity to repurchase some of our shares, which is the first time we've done that in quite some time. We saw an opportunity to do so, where we repurchased 2.8 million shares in the quarter and 0.9 million shares thereafter -- slightly after the end of the quarter -- beginning of the following quarter.

在本季度，我們還看到了回購部分股票的機會，這是我們很長一段時間以來第一次這樣做。我們看到了這樣做的機會，我們在本季度回購了 280 萬股，之後回購了 90 萬股——略在本季度末之後——下個季度開始。

We're able to use an attractive pricing of $2.69 for the company and $2.73 per share. In the quarter, we acquired $890 million of investments. I'll be talking about how this was a tale of 2 quarters of activity given the latest moves. The acquisitions was highly dominated in bridge loans, and we also started seeing an opportunity to look to sell and monetize some of our JV positions in multifamily equity, which I'll talk about in a minute.

我們能夠為公司使用 2.69 美元和每股 2.73 美元的有吸引力的定價。本季度，我們獲得了 8.9 億美元的投資。鑑於最新舉措，我將談論這是一個關於 2 個季度活動的故事。收購在過渡貸款中占主導地位，我們也開始看到機會出售我們在多戶家庭股權中的一些合資企業頭寸並將其貨幣化，我稍後會談到。

In the quarter, we also obtained $876 million of financing, 77%, which was non-mark-to-market. This allowed us to continuously increase our mark-to-market financing on our balance sheet and also allowed us to finance some of the acquisitions we've made in that quarter.

本季度，我們還獲得了 8.76 億美元的融資，佔比 77%，為非盯市融資。這使我們能夠在資產負債表上不斷增加按市值計價的融資，也使我們能夠為我們在該季度進行的一些收購提供資金。

We ended the quarter with very low leverage at 0.7x and a recourse leverage ratio and a portfolio basis at 0.6x. $383 million of cash was held in the balance sheet, and we should be -- we're expecting this number to increase over time as we are seeing opportunities to rotate our balance sheet into higher-yielding assets.

我們在本季度末的槓桿率非常低，為 0.7 倍，追索權槓桿率和投資組合基礎為 0.6 倍。資產負債表中持有 3.83 億美元現金，我們應該——我們預計這個數字會隨著時間的推移而增加，因為我們看到了將資產負債表轉向高收益資產的機會。

At this time, I'll pass the call over to Kristine to talk more thoroughly about our financials. Kristine?

在這個時候，我會把電話轉給克里斯汀，讓她更徹底地談論我們的財務狀況。克里斯汀？

Thank you, Jason. Good morning, everyone, and thank you again for being on the call. In discussing the financial results for the quarter, I will be using some of the information from the quarterly comparative financial information section included in Slides 24 to 35 of the supplemental presentation.

謝謝你，傑森。大家早上好，再次感謝您的來電。在討論本季度的財務業績時，我將使用補充演示文稿的幻燈片 24 至 35 中包含的季度比較財務信息部分的一些信息。

Our financial snapshot on Slide 9 covers key portfolio metrics on a quarter-over-quarter comparison. The company had GAAP loss per share of $0.22, an undepreciated loss per share of $0.13. We paid a $0.10 per common share dividend, which was unchanged from the previous quarter.

我們在幻燈片 9 上的財務快照涵蓋了季度比較的主要投資組合指標。該公司的 GAAP 每股虧損為 0.22 美元，未折舊每股虧損為 0.13 美元。我們支付了每股 0.10 美元的普通股股息，與上一季度持平。

GAAP book value per share was $4.06 and undepreciated book value per share ended at $4.24, down 4.7% from March 31, and translated to a negative 2.5% economic return on undepreciated book value during the quarter.

GAAP 每股賬面價值為 4.06 美元，每股未折舊賬面價值為 4.24 美元，較 3 月 31 日下降 4.7%，並轉化為本季度未折舊賬面價值的 2.5% 負經濟回報。

Our undepreciated book value decline during the quarter included $0.18 per share of unrealized losses primarily due to credit spread widening and increase in interest rates that resulted in a decline in the fair values of our residential loans and first loss securities we own in Consolidated SLST.

本季度未折舊賬面價值下降包括每股 0.18 美元的未實現虧損，這主要是由於信用利差擴大和利率上升導致我們在綜合 SLST 中擁有的住宅貸款和首次虧損證券的公允價值下降。

Our portfolio net interest margin for the quarter was 3.48%, a decrease of 39 basis points from the previous quarter. Rising interest rates in the second quarter impacted our portfolio of financing costs, resulting in an increase of 28 basis points from the prior quarter.

本季度我們的投資組合淨息差為 3.48%，比上一季度下降 39 個基點。第二季度利率上升影響了我們的融資成本組合，導致比上一季度增加 28 個基點。

We also experienced an 11 basis point decrease in our portfolio yield on average interest-earning assets driven by a lower yield on our investment in Consolidated SLST, and to a lesser extent, as a result of the overall composition of our BPL bridge loan portfolio with a quarter end weighted average coupon of 8.41%, down from 8.53% at March 31.

我們的平均生息資產的投資組合收益率也下降了 11 個基點，原因是我們對合併 SLST 的投資收益率較低，並且在較小程度上是由於我們的 BPL 過橋貸款組合的整體構成與一季度末加權平均票面利率為 8.41%，低於 3 月 31 日的 8.53%。

The company's recourse leverage ratio and portfolio -- portfolio recourse leverage ratio remained low at 0.7x and 0.6x, respectively.

公司追索權槓桿率和投資組合——投資組合的追索權槓桿率分別維持在0.7x和0.6x的低位。

Slide 10 details our financial results, and Slide 25 details the components of net interest income. Our portfolio net interest income increased by $1.9 million during the quarter, primarily due to the following.

幻燈片 10 詳細介紹了我們的財務業績，幻燈片 25 詳細介紹了淨利息收入的組成部分。我們的投資組合淨利息收入在本季度增加了 190 萬美元，主要是由於以下原因。

First, we had portfolio interest income of $61.8 million, an increase of $9.3 million as compared to the previous quarter, which is due to our continued investment in higher-yielding BPL bridge loans. This increase was partially offset by an increase in portfolio interest expense of $7.4 million, primarily due to increased utilization of our warehouse facilities to fund purchases of single-family investments during the quarter.

首先，我們的投資組合利息收入為 6180 萬美元，與上一季度相比增加了 930 萬美元，這是由於我們繼續投資於收益率更高的 BPL 過橋貸款。這一增長被 740 萬美元的投資組合利息支出增加部分抵消，這主要是由於本季度我們倉庫設施的利用率增加，以資助購買單戶家庭投資。

Total net interest income, which includes interest expense related to our corporate debt and mortgage payable on real estate decreased to $26.1 million as compared to the previous quarter.

與上一季度相比，總淨利息收入（包括與我們的公司債務和應付房地產抵押貸款相關的利息費用）減少至 2610 萬美元。

As you can see on Slide 25, the increase in non-portfolio related interest expenses is due to an increase in interest expense related to mortgages payable on real estate of $6.6 million from the previous quarter.

正如您在幻燈片 25 中看到的那樣，非投資組合相關利息費用的增加是由於與上一季度房地產應付抵押貸款相關的利息費用增加了 660 萬美元。

This increase is due to the full quarter impact of multifamily joint venture investments consolidated in the previous quarter, additional multifamily joint venture investments entered into and consolidated in the current quarter, and an increase in interest rates affecting 70% of the mortgage payable balance related to real estate or approximately $884 million of unpaid principal balance that is floating rate debt.

這一增長是由於上一季度合併的多戶合資企業投資對整個季度的影響、本季度新增並合併的多戶合資企業投資以及影響 70% 的抵押貸款應付餘額的利率上升房地產或約 8.84 億美元的未付本金餘額，即浮動利率債務。

We had non-interest related losses of $20.2 million, mostly from net unrealized losses of $67.7 million as a result of increases in interest rates and credit spread widening during the quarter. This loss was partially offset by a $2.4 million net realized gains from residential loan prepayment activity, $5.7 million of preferred returns generated by our mezzanine lending investments accounted for as equity, and $3.5 million of other income.

我們的非利息相關損失為 2020 萬美元，主要來自本季度利率上升和信貸利差擴大導致的 6770 萬美元未實現淨損失。這一損失被住宅貸款提前還款活動帶來的 240 萬美元淨實現收益、我們的夾層貸款投資產生的 570 萬美元優先回報（計入股權）以及 350 萬美元的其他收入部分抵消。

The other income is primarily comprised of redemption premiums recognized from early repayment of mezzanine lending investments during the quarter and unrealized gains recorded on an investment in an entity that originates residential loans.

其他收入主要包括從本季度提前償還夾層貸款投資中確認的贖回溢價以及對源自住宅貸款的實體的投資記錄的未實現收益。

We also generated $35.9 million of income from real estate, which includes income related to 2 consolidated multifamily apartment properties in which the company has equity investments in the form of preferred equity or common equity in our single-family rental portfolio.

我們還從房地產中獲得了 3590 萬美元的收入，其中包括與公司在我們的單戶租賃組合中以優先股或普通股形式進行股權投資的 2 處綜合多戶公寓物業相關的收入。

As discussed earlier, our real estate properties incurred interest expense of $13.2 million and also incurred other expense of $70.8 million. The other expenses incurred by these properties during the quarter are primarily related to depreciation expense and amortization of lease intangibles totaling $52.4 million.

如前所述，我們的房地產產生了 1320 萬美元的利息費用，還產生了 7080 萬美元的其他費用。這些物業在本季度發生的其他費用主要與折舊費用和租賃無形資產攤銷有關，總額為 5240 萬美元。

After reflecting the share of the losses to the minority partners of $18.9 million, in total, our investments in real estate properties incurred a GAAP net loss of $29.1 million for the quarter.

在將少數合夥人的損失份額反映為 1890 萬美元後，我們對房地產的投資在本季度產生了 2910 萬美元的 GAAP 淨虧損。

Excluding the company's share in depreciation and lease intangible amortization expenses, these properties generated $4.1 million and $9.6 million of undepreciated earnings during the quarter and year-to-date, respectively.

不包括公司在折舊和租賃無形攤銷費用中的份額，這些物業在本季度和年初至今分別產生了 410 萬美元和 960 萬美元的未折舊收益。

It is important to note that we pursue these investments for the potential participation in value appreciation of the underlying real estate, which is realized only upon sale of the multifamily assets in the future. As Jason mentioned earlier, we are continuing to consider opportunities to monetize the appreciated value in this portfolio.

值得注意的是，我們追求這些投資是為了潛在參與基礎房地產的價值升值，這只有在未來出售多戶資產時才能實現。正如 Jason 之前提到的，我們正在繼續考慮將這個投資組合中的增值價值貨幣化的機會。

As detailed on Slide 28, you'll see that both income from and expenses related to real estate increased in the second quarter. These changes consistent with our expectations are primarily related to the full quarter impact of multifamily joint venture investments made in the previous quarter as well as additional multifamily joint venture investments made during the current quarter, which required consolidation in our financial statements.

如幻燈片 28 所述，您會看到第二季度與房地產相關的收入和支出均有所增加。這些符合我們預期的變化主要與上一季度進行的多戶型合資企業投資以及本季度進行的額外多戶型合資企業投資的整個季度影響有關，這需要在我們的財務報表中進行合併。

We had total G&A expenses of $3.2 million, which decreased compared to the previous quarter due to a decrease in commission expenses. We had portfolio operating expenses of $12.7 million, which increased primarily due to the growth of our investment portfolio.

由於佣金費用減少，我們的 G&A 總費用為 320 萬美元，與上一季度相比有所減少。我們的投資組合運營費用為 1270 萬美元，這主要是由於我們的投資組合的增長。

I will now turn it over to Jason to go over the market and strategy update. Jason?

我現在將把它交給 Jason 來審查市場和戰略更新。傑森？

Thank you, Kristine. So the market is clearly undergoing a seismic shift. We laid out on Page 12, a diagram that describes the evolution of where this market and the transmission mechanism that's happening today.

謝謝你，克里斯汀。因此，市場顯然正在經歷一場翻天覆地的轉變。我們在第 12 頁上進行了展示，該圖表描述了該市場的演變以及當今正在發生的傳輸機制。

Starting with 2021 and up to basically the first quarter of 2022, as we all know that the market had extremely efficient financing, assets were trading at par plus from origination pipelines and the securitization market was very robust. During this time period, we selected to focus on shorter-duration loans where securitization financing is, while helpful, is not absolutely necessary to execute the strategy.

從 2021 年開始一直到 2022 年第一季度，眾所周知，市場的融資效率非常高，資產在發行渠道中的交易價格為面值以上，證券化市場非常強勁。在此期間，我們選擇專注於短期貸款，在這種情況下，證券化融資雖然有幫助，但對於執行該戰略並非絕對必要。

As we've talked about earlier, we did complete securitizations and take advantage of that funding that was available to us. But in the -- really in the second half of the second quarter, markets started changing quite a bit.

正如我們之前談到的，我們確實完成了證券化並利用了我們可用的資金。但是在第二季度的後半段，市場開始發生很大變化。

The market became a discount market in new originated assets given the rate changes we're trading at discounts, and the financing became inefficient. Inefficient in ways of the rate moved higher and also the buyer base related to the securitizations thinned out.

鑑於我們以折扣交易的利率變化，市場變成了新起源資產的折扣市場，融資變得低效。利率低效的方式走高，與證券化相關的買家基礎也逐漸減少。

So with respect to that, we saw this pattern starting developing. We became very cautious even related to the short duration bridge opportunities, which don't necessarily need securitization financing to execute the strategy.

因此，就這一點而言，我們看到這種模式開始發展。我們甚至對短期過渡機會也變得非常謹慎，這些機會不一定需要證券化融資來執行該策略。

Going to 2023, we see a market where there -- we believe there will be likely deep discount assets available to be purchased, where the market shifts from a financing spread model to a ROA or return on asset with no financing required in some of these subsectors that we're looking at.

到 2023 年，我們會看到一個市場——我們相信可能會有很大的折扣資產可供購買，市場從融資利差模型轉變為 ROA 或資產回報率，其中一些不需要融資我們正在研究的子行業。

It will be important at this time to have a portion of the unrestricted cash that will be available to access this market. And we believe this will end up being a market where liquidity and cash availability on an unrestricted basis will lead the opportunity and outperform the market as a whole. At this time, we will -- we look to become aggressive, looking for opportunities where our asset management team could really be deployed to unlock value there.

此時，擁有一部分可用於進入該市場的不受限制的現金將非常重要。我們相信這最終將成為一個流動性和現金可用性不受限制的市場，將引領機會並跑贏整個市場。在這個時候，我們將——我們希望變得積極進取，尋找可以真正部署我們的資產管理團隊以釋放價值的機會。

So the flexibility that we have on our -- with the assets we have in our balance sheet that have high turnover related to fixed and flip loans, also with monetization of certain strategies such as our multifamily equity portfolio, we were able to rotate these assets to higher-yielding returns in a buyer's market.

因此，我們擁有的靈活性——資產負債表中的資產與固定貸款和翻轉貸款相關的周轉率很高，以及某些策略（例如我們的多戶股權投資組合）的貨幣化，我們能夠輪換這些資產在買方市場中獲得更高收益的回報。

And we believe that -- the timing of this is the most important aspect of it. It's impossible to time it perfectly and hit the target. But what we're trying to do here is really just hit the side of the barn really as it relates to the timing of the strategy.

我們相信——時間安排是其中最重要的方面。不可能完美地計時並擊中目標。但我們在這裡嘗試做的實際上只是擊中穀倉的一側，因為它與策略的時機有關。

We're watching opportunities unfold and seeing portfolios from previously originated loans trade at discounts. But we believe that the market will offer better value over time. So with this selective approach, we expect to be able to drive value and also earnings related to our interest income and realized gains over time as the strategy continues to unfold.

我們正在觀察機會的展開，並看到來自先前發放的貸款的投資組合以折扣價交易。但我們相信，隨著時間的推移，市場將提供更好的價值。因此，通過這種選擇性方法，我們希望能夠隨著戰略的繼續展開，推動與利息收入和實現收益相關的價值和收益。

Now turning to Page 13. Market themes are very similar, but the way we're executing and the way we're thinking about involving ourselves in the market is a bit different. So in the residential housing markets, we're obviously seeing a slowdown a bit in existing home sales. That's also related to a drop of the existing inventory.

現在轉到第 13 頁。市場主題非常相似，但我們執行的方式和我們考慮讓自己參與市場的方式有點不同。因此，在住宅市場，我們顯然看到現房銷售有所放緩。這也與現有庫存的下降有關。

We've been at a historically low inventory levels. And the latest changes in inventory level has really been a function of the new home builds, which are not at the same price point as the existing homes and are showing a sequential increase in volume and units available for sale.

我們的庫存水平一直處於歷史低位。庫存水平的最新變化確實是新房建設的一個功能，新房的價格與現有房屋的價格不同，並且顯示出數量和可售單位的連續增加。

But given that the still very low units in the market on an existing basis, less than 1 million units is definitely stabilized markets against the rate increases.

但鑑於在現有基礎上市場上的單位仍然非常低，不到 100 萬單位肯定是穩定的市場對抗利率上漲。

In this space, in single-family, we're looking to selectively add here. This is not yet a full market opportunity where we're seeing basically sales at any price related to liquidity concerns, but we believe at some point, we will be able to recognize and earn returns based on that particular market construct.

在這個空間中，在單戶家庭中，我們希望有選擇地在此處添加。這還不是一個完整的市場機會，我們基本上可以看到與流動性問題相關的任何價格的銷售，但我們相信在某個時候，我們將能夠根據特定的市場結構識別並獲得回報。

So today, we are selectively adding in more of a whole basis and letting our portfolio rotate and mature and to allowing that to redeploy into future opportunities.

因此，今天，我們有選擇地添加更多的整體基礎，讓我們的投資組合輪換成熟，並允許將其重新部署到未來的機會中。

On the originator side, we're definitely seeing strange in the market. Obviously, we've all seen a couple of originators file for bankruptcy. We believe there's more to come, we're in early innings here. And given the stress we've seen to this date, we have seen portfolios trade in the Scratch & Dent space at a 30-point discount.

在發起人方面，我們肯定在市場上看到了奇怪的東西。顯然，我們都看到有幾個發起人申請破產。我們相信還會有更多的事情發生，我們在這里處於早期階段。鑑於迄今為止我們所看到的壓力，我們已經看到投資組合在 Scratch & Dent 領域以 30 個點的折扣進行交易。

Now this is a loan that would be originated and sold into market at 102.5, but 3 to 5 months later it's sold at 3 points loss. Now these are -- when you see these types of activities, this is obviously a desperate measure for liquidity and obviously an opportunity for us to provide that liquidity to the origination market. And particularly in the non-QM space that we're seeing some of that opportunity there.

現在這是一筆貸款，將以 102.5 的價格發起並出售到市場上，但 3 到 5 個月後，它以 3 個點的損失出售。現在這些是 - 當你看到這些類型的活動時，這顯然是對流動性的絕望衡量，顯然是我們向原始市場提供流動性的機會。尤其是在非 QM 領域，我們在那裡看到了一些機會。

So we're not at a point where now where we're seeing kind of warehouse lines being fully liquidated or anything similar to that matter. But we believe that there will be a time period in the not-too-distant future where that could be available to us. And we're hanging around the hoop for that opportunity.

因此，我們現在還沒有看到某種倉庫線被完全清算或類似的事情。但我們相信在不久的將來會有一段時間我們可以使用它。我們正在為這個機會而徘徊。

In the multifamily space, the rent rolls and property appreciation is still very strong, particularly in the South with the still positive migration trends and solid job markets. So in that -- with that said, it's an opportunity for us to take some gains that we had built in the portfolio, and we look to do so in the short term.

在多戶住宅領域，租金和房地產升值仍然非常強勁，特別是在移民趨勢仍然積極和就業市場穩固的南部地區。因此，話雖如此，我們有機會獲得我們在投資組合中建立的一些收益，我們希望在短期內這樣做。

In the medium term, we definitely see an opportunity to provide GAAP funding for opportunities where the sponsor had a property, particularly in the bridge loan, which we see more than $100 billion of bridge loans produced over the last 2 years with 3 year type of durations.

從中期來看，我們絕對看到了為贊助商擁有財產的機會提供 GAAP 資金的機會，特別是在過橋貸款中，我們看到過去 2 年產生了超過 1000 億美元的過橋貸款，其中 3 年類型為持續時間。

Unfortunately, in this market, you've had LTVs on senior financings come down anywhere from 10% to 15% on an LTV basis. And that presents an opportunity for us to provide GAAP funding at teens returns with very low LTVs. So that is an opportunity that's building, not here today.

不幸的是，在這個市場上，高級融資的 LTV 在 LTV 的基礎上下降了 10% 到 15%。這為我們提供了以非常低的 LTV 為青少年回報提供 GAAP 資金的機會。所以這是一個正在建立的機會，而不是今天。

The maturity wall of that schedule looks to start coming to fruition in later part of this year, but merely earnestly in beginning of 2023. So that is a definite opportunity and part of the reason why we want to clear cash for, what we think is going to be a very sizable market there.

該時間表的成熟期牆看起來將在今年晚些時候開始實現，但只是在 2023 年初才開始實現。所以這是一個明確的機會，也是我們想要清理現金的部分原因，我們認為是那裡將是一個非常大的市場。

Now turning to Page 14. The portfolio acquisition, I said earlier, we had $890 million of acquisitions in the quarter, but this was really a tale of 2 quarters. We had pretty strong proprietary flows in the first half, and unfortunately, for us, we saw the market not moving coupons up with lockstep with funding costs.

現在轉到第 14 頁。投資組合收購，我之前說過，我們在本季度進行了 8.9 億美元的收購，但這實際上是兩個季度的故事。上半年我們有相當強勁的自營資金流，不幸的是，對我們來說，我們看到市場沒有隨著資金成本的同步上漲優惠券。

It was a pretty frustrating environment for us in the back half of the second quarter. And for that reason, we significantly slowed our acquisition pace down there. And it seemed like the originators were really favoring volume versus attractively priced assets, which is the reason why we were seeing discounted sales thereafter, particularly into the third quarter.

在第二季度的後半段，這對我們來說是一個非常令人沮喪的環境。出於這個原因，我們在那里大大放慢了收購速度。似乎發起人真的更喜歡數量而不是價格有吸引力的資產，這就是我們看到此後銷售打折的原因，特別是到第三季度。

So with the market resetting and we'll talk a little bit later about the coupons increasing in these various asset classes, it presents an opportunity for us to jump back in.

因此，隨著市場的重新調整，我們稍後將討論這些不同資產類別的票息增加，這為我們提供了重新介入的機會。

With that said, we had $304 million of prepayments redemptions. Again, this is related to the fact that we have a very short duration portfolio. And within the multifamily space, particularly with respect to our assets we have, we're seeing redemptions there that after significant buildup of rent rolls and appreciation in home, it's not surprising that we're being taken out of some of our prepositions given the ability to recap our position or also sell the property.

話雖如此，我們有 3.04 億美元的預付款贖回。同樣，這與我們的投資組合期限非常短有關。在多戶家庭空間中，特別是就我們擁有的資產而言，我們在那裡看到了贖回，在租金大幅增加和家庭升值之後，鑑於重述我們的立場或出售財產的能力。

Turning to Page 15. On the portfolio financing side, we mentioned earlier that we increased the mark-to-market financing. As you see there, $756 million in that graph on the right side. That is a obviously is a continued focus for us. We want to build availability to the extent that we're looking for the short-term opportunities for -- to invest in this market, to have the availability of non-mark-to-market financing.

轉到第 15 頁。在投資組合融資方面，我們之前提到我們增加了按市值計價的融資。如您所見，右側圖中為 7.56 億美元。這顯然是我們持續關注的焦點。我們希望在我們正在尋找短期機會的範圍內建立可用性 - 投資這個市場，獲得非盯市融資的可用性。

And we have basically about $600 million of unutilized financing lines today to access this market. So we feel in pretty good position there. We think the market is going to reposition into more of an ROA opportunity where financing is likely not needed.

我們今天基本上有大約 6 億美元的未使用融資額度來進入這個市場。所以我們在那裡感覺很好。我們認為市場將重新定位到更多可能不需要融資的 ROA 機會。

So I think incrementally, for us, we don't see a big need to continue to increase our financing lines there. But we do look for opportunities to take out assets in the securitization market today and we're looking for opportunities there.

所以我認為，對於我們來說，我們認為沒有太大的必要繼續在那裡增加我們的融資額度。但我們確實在尋找機會在今天的證券化市場中取出資產，我們正在那裡尋找機會。

Now on Page 16, we added this slide and I think it helps explain a lot of our positioning situations and also and strategy. We've had a number of questions through the quarter. And our attempt here was to answer some of these questions that came up inter-quarter and it really kind of address our positioning.

現在在第 16 頁，我們添加了這張幻燈片，我認為它有助於解釋我們的很多定位情況以及策略。我們在本季度遇到了許多問題。我們在這裡的嘗試是回答季度間出現的一些問題，這確實解決了我們的定位問題。

So on the left side of portfolio assets, again, 35% of our assets are in BPL Bridge, 12- to 18-month duration there, fast reinvestment or high turnover expectations at high coupons. This is an asset that you wouldn't like to have to roll for 2 to 3 years in continuing and trying to keep the portfolio elevated.

因此，在投資組合資產的左側，我們 35% 的資產再次位於 BPL 橋，那裡的存續期為 12 到 18 個月，快速再投資或高息票高周轉預期。這是一項資產，您不希望在 2 到 3 年內繼續滾動並試圖保持投資組合的高位。

But again, we entered into this strategy over 18 months ago with the expectation that at some point, we'd move the rotation -- we moved the asset rotation into longer-duration assets at discounted prices. And that strategy, while, again, not currently available today, we believe that is building, and our strategies will be executed.

但同樣，我們在 18 個月前進入了這一策略，並期望在某個時候，我們會移動輪換——我們將資產輪換以折扣價轉移到長期資產中。該策略雖然目前還沒有，但我們相信它正在建立，我們的策略將得到執行。

Going back down on the joint venture portfolio, again, focused recycling, some of the cash, the $399 million of capital we have in equity investments there as well as kind of the cash side of $383 million, covers 41% of our mark-to-market debt. Because of the high turnover over $300 million per quarter, we're expecting to grow that cash position for the opportunities that we see coming. On the right side, this is, I think, part of the story here that is really helpful to us kind of dig in. On the securitization side, with $1.1 billion of securitization debt, 100% fixed rate debt there.

再次回到合資企業投資組合，集中回收，部分現金，我們在股權投資中擁有的 3.99 億美元資本以及 3.83 億美元的現金部分，占我們標記的 41% -市場債務。由於每季度營業額超過 3 億美元，我們預計將增加現金頭寸，以迎接即將到來的機會。在右邊，我認為，這是對我們深入了解的故事的一部分。在證券化方面，有 11 億美元的證券化債務，那裡有 100% 的固定利率債務。

One thing that may not be obvious to everybody on the call, is that we do not fair market value these liabilities. If we did, we would see a 3.7% increase to our book value. The reason why we don't do that while many of our peers do, is simply while rates are higher and our cost of debt is fairly cheap at 2.77%, -- we still have the obligation of paying debt off at PAR, and therefore, taking a valuation increase on that liability, we think is inappropriate for us to do for balance sheet purposes, which is the reason why we keep it at par. But that would be a nice pickup if we were to change accounting measures there.

對於電話會議上的每個人來說，可能並不明顯的一件事是，我們沒有公平地評估這些負債的市場價值。如果我們這樣做了，我們的賬面價值將增加 3.7%。我們之所以不這樣做，而我們的許多同行這樣做，僅僅是因為利率較高，而我們的債務成本相當便宜，為 2.77%，我們仍然有義務以 PAR 償還債務，因此，對該負債進行估值增加，我們認為不適合我們出於資產負債表的目的，這就是我們將其保持在平價水平的原因。但是，如果我們要改變那裡的會計措施，那將是一個不錯的選擇。

Also, maybe not as quite obvious is that our debt outstanding on the corporate side is very low. We have one bond issue outstanding due 2026, close to $100 million of notes outstanding at 5.75%. That's something we refinanced previously and able to step down our financing costs there.

此外，也許不太明顯的是，我們在企業方面的未償債務非常低。我們有一筆 2026 年到期的未償債券，接近 1 億美元的未償票據，利率為 5.75%。這是我們之前再融資的東西，並且能夠降低我們在那裡的融資成本。

And two, trust preferred outstandings, very favorable financing there with a maturity of 2025. The reason why I point this out is that it's not just the cash we have on our balance sheet that is available, but also, there's the holdbacks related to corporate financing that we need to do for maturity payoffs and looking at a very challenged market in the corporate bond space. It's not something that we have to contend with. And therefore, when you look at our cash, we truly do have the flexibility to invest into this market.

第二，信託優先的未償債務，非常有利的融資，期限為 2025 年。我指出這一點的原因是，不僅我們資產負債表上的現金可用，而且還有與企業相關的阻礙我們需要為到期收益進行融資，並著眼於公司債券領域充滿挑戰的市場。這不是我們必須應對的事情。因此，當您查看我們的現金時，我們確實擁有投資這個市場的靈活性。

And as I said before, there's opportunities to further reduce our debt to equity as well, which is a very low level at 1.4x versus our peer average of the 3.7x debt level, and to further recourse the leverage outstanding there.

正如我之前所說，還有機會進一步減少我們的債務到股權，這是一個非常低的水平，為 1.4 倍，而我們的同行平均為 3.7 倍債務水平，並進一步利用那裡的未償槓桿。

Now turning to Page 17, just on the single-family portfolio. I did allude to earlier that we're seeing opportunities to invest in wider yields here. On the BPL bridge side, we're seeing about a 2% increase and total assets coupons.

現在轉到第 17 頁，僅關於單戶家庭投資組合。我之前確實提到過，我們在這裡看到了投資更廣泛收益率的機會。在 BPL 橋方面，我們看到大約 2% 的增長和總資產票息。

Again, this isn't an opportunity that was -- a very short duration opportunity that we're investing in. This market was slow to react to rate increases, primarily because of the short duration, which you'd expect. But we're finally seeing that market capitulate with increasing coupons there.

同樣，這不是一個機會——我們投資的期限很短。這個市場對加息的反應很慢，主要是因為你所期望的期限很短。但我們終於看到市場隨著優惠券的增加而屈服。

There's also been a lower demand base that has been pulling assets through that market. So the contention of other market participants in this market has obviously thinned out quite a bit, and there's a significant opportunity for us to grow. As long as we continue to see coupons grow there, we'll be active.

還有一個較低的需求基礎一直在通過該市場拉動資產。因此，這個市場上其他市場參與者的競爭顯然已經減少了很多，我們有很大的發展機會。只要我們繼續看到那裡的優惠券增長，我們就會很活躍。

On the BPL rental side, again, this has been one of the markets where we thought rates should have increased faster. We didn't see it. We slowed our production or purchasing there from production from originators.

在 BPL 租賃方面，這也是我們認為利率應該增長更快的市場之一。我們沒有看到。我們放慢了我們的生產或從原始生產商那裡購買的速度。

Today, we're not a buyer into this market, waiting for the kind of the selling out of the securitization market, which, again, as I said earlier, is very thin and unstable. So this doesn't present an opportunity for us to sort of buy and securitize into this market, which is why we're on hold there.

今天，我們不是這個市場的買家，而是等待證券化市場的那種拋售，正如我之前所說，這個市場非常薄弱且不穩定。因此，這並沒有為我們提供購買和證券化進入這個市場的機會，這就是我們在那裡擱置的原因。

In the Scratch & Dent space, building liquidity constraints with respect to originators, this is going to be a big opportunity for us. There are small pockets trading at 30 points discounts, as I said earlier. The market is anywhere from 70% to 90% depending on the assets and also the timing of when those coupons were struck. But we think there's more pressure there and better opportunity over time.

在 Scratch & Dent 領域，對發起人建立流動性約束，這對我們來說將是一個巨大的機會。正如我之前所說，有小口袋以 30 點折扣交易。市場在 70% 到 90% 之間，具體取決於資產以及這些票息的發行時間。但我們認為隨著時間的推移，那裡的壓力更大，機會也更好。

On the RPL space, there's nothing really to say. We've talked about this as a market, we have moved on from quite a bit over a year ago. We have 96% of our assets that are in this strategy that already in term securitization structures where we earn equity return, and that NIM is stable to the securitization.

在 RPL 領域，沒有什麼可說的。我們已經將其作為一個市場進行了討論，我們已經從一年多前開始前進。我們有 96% 的資產都在這個策略中，這些資產已經在我們賺取股票回報的定期證券化結構中，並且 NIM 對證券化是穩定的。

Delinquencies in this portfolio and across our entire book have been very -- very stable. In fact, we're now below kind of 2019 pre-COVID levels on total delinquency base and most of the strategies that we're focused on, particularly in the RPL strategy.

這個投資組合和我們整本書的拖欠情況非常非常穩定。事實上，我們現在的總拖欠率和我們關注的大多數策略，特別是在 RPL 策略中，都低於 2019 年 COVID 之前的水平。

This is high season assets, typical origination age of these loans were pre financial market meltdown in 2007. So lots of seasoning here, very low LTVs, lots of borrower alignment with us as the owner of the loan, and this is going to be, we believe, a stable portfolio going through time.

這是旺季資產，這些貸款的典型發起年齡是 2007 年金融市場崩潰之前。所以這裡有很多調味品，LTV 非常低，很多藉款人與我們作為貸款的所有者保持一致，這將是，我們相信，一個穩定的投資組合會經歷時間。

Turning to Page 18. Again, given the size of our business purpose loan strategy, it's important to highlight the characteristics of these loans.

轉到第 18 頁。同樣，鑑於我們的商業目的貸款策略的規模，突出這些貸款的特徵很重要。

And what we're looking at is we focused on high borrower experience, where the borrowers in our portfolio have had at least 11.5 projects on average actually for previous experience before we lend to them. Delinquencies here is low at 5% on the short duration book.

我們關注的是我們專注於高借款人經驗，在我們貸款給他們之前，我們投資組合中的借款人實際上平均至少有 11.5 個項目實際上具有以前的經驗。在短期賬簿上，這裡的拖欠率低至 5%。

Typically, this is extension issues where the home is listed for sale or the marketing -- or the construction time line due to completion has extended.

通常，這是房屋掛牌出售或營銷的延期問題——或者由於完工而延長的建設時間線。

But given the low LTV at 73% at the cost of the home or after repair of 66%, and we expect full recovery on that pool. And also very important, we -- the project rehab costs. As you can see, at least 1/3 of our portfolio has actually very little to no rehab costs.

但考慮到以房屋為代價或維修後為 66% 的 LTV 低至 73%，我們預計該池將完全恢復。同樣重要的是，我們 - 項目修復成本。如您所見，我們的產品組合中至少有 1/3 實際上幾乎沒有康復費用。

We focused on that point to really keep the duration short and avoid extension risk issues and therefore, why we think we'll have consistent asset turnover. I said earlier, the $300 million per quarter, we expect to continue given the short duration book.

我們專注於這一點，以真正保持較短的持續時間並避免延期風險問題，因此，我們認為我們將擁有一致的資產周轉率。我之前說過，考慮到短期賬簿，我們預計每季度 3 億美元將繼續。

Now moving over to multifamily. As I said earlier, we're in a whole position for the mezzanine lending opportunities. We have a fantastic book, plenty of equity built up in here. We'll talk about it in a second. But at a 12% coupon, we have never experienced a loss in this asset class since we started originating loans in this space many years ago. And this is an opportunity that we think is growing.

現在搬到多戶家庭。正如我之前所說，我們處於夾層貸款機會的完整位置。我們有一本很棒的書，在這裡建立了大量的股權。我們一會兒再談。但以 12% 的票面利率計算，自從多年前我們開始在該領域發放貸款以來，我們從未在該資產類別中出現過虧損。這是一個我們認為正在增長的機會。

On the joint venture equity opportunity, we stepped into this opportunity to catch the tailwinds of the migration changes that were happening in the southern part of the United States. We thought there were better value to be held as an equity position versus a mezz position, particularly in the southern part of the United States.

在合資股權機會上，我們抓住了這個機會，以抓住美國南部正在發生的移民變化的順風。我們認為，與夾層頭寸相比，持有股權頭寸更有價值，尤其是在美國南部。

And therefore, we started looking at this equity opportunity back in late 2020, early 2021. We think we hit the market well with respect to timing, and we look forward to monetize part of this portfolio.

因此，我們早在 2020 年底、2021 年初就開始關注這個股票機會。我們認為我們在時機方面很好地擊中了市場，我們期待將部分投資組合貨幣化。

Turning to Page 20. Just to give more detail on our portfolio as it relates to multifamily, a lot of questions have come up on this point. As you can see on the top left corner, as it relates to the portfolio or the properties behind our mezz loans, 95% are occupied.

轉到第 20 頁。只是為了更詳細地介紹我們與多戶家庭相關的投資組合，在這一點上出現了很多問題。正如您在左上角看到的那樣，因為它與我們的夾層貸款背後的投資組合或房產有關，95% 已被佔用。

Rent growth has been extremely strong. 2021, our underlying properties had 8% rent growth and 2022, at 12%. This is a portfolio we expect to, at some point, to be redeemed on most of these -- on the 28 different positions over time. And in the quarter, we had 2 loans that were outstanding of $10 million were paid off.

租金增長非常強勁。 2021 年，我們的基礎物業租金增長 8%，到 2022 年增長 12%。這是一個我們期望在某個時候能夠贖回其中大部分的投資組合——隨著時間的推移，在 28 個不同的頭寸上。在本季度，我們還清了 2 筆 1000 萬美元的未償貸款。

What we like about this strategy is with the coupon in the 11.8%, there's upside opportunity here as we have minimum prepay multiples once the asset is paid off, in this case, 1.42x multiple. Given the increase of rents and value of properties, we do expect to continue seeing these prepay multiples increasing given the early prepayment trends that we're seeing in our book.

我們喜歡這個策略的地方在於 11.8% 的票息，這裡有上行機會，因為一旦資產還清，我們有最低的預付倍數，在這種情況下，是 1.42 倍。鑑於租金和物業價值的增加，鑑於我們在書中看到的早期預付款趨勢，我們確實預計這些預付款倍數會繼續增加。

And again, very strong performance. Only one loan currently is delinquent at 1.5% of the entire position. We expect this asset given the LTV to pay off at par.

再次，非常強勁的表現。目前只有一筆貸款拖欠，佔全部頭寸的 1.5%。鑑於 LTV，我們預計該資產將按面值償還。

Now turning to Page 21. This, again, is a new page, a little bit more disclosure here on our JV equity position. These are obviously 20 assets here that we are an equity position on that -- where there's no cross-correlation with respect to the underlying asset. So these 20 assets own outright.

現在轉到第 21 頁。這又是一個新的頁面，在此更多地披露我們的合資企業股權頭寸。顯然，這裡有 20 種資產，我們對此持有股權——與標的資產沒有交叉相關性。因此，這 20 項資產完全擁有。

As you can see in the second last column on the right gives our equity position in these properties, anywhere from 70% to kind of 95% ownership position. We gave the vintage of when the assets were acquired, particularly to show where some of the buildup in rent growth has happened.

正如您在右側倒數第二列中看到的那樣，我們在這些房產中的股權頭寸從 70% 到 95% 不等。我們給出了收購資產的年份，特別是為了顯示租金增長的一些積累發生在哪裡。

As I've noted here in 2021, we've had rent growth of 16% and then 17% respectively in 2022. We thought -- we think we timed the market well here, particularly in the markets that we're involved in. Most are in the southern part of the United States and some secondary markets such as Oklahoma City that has been kind of -- have been receiving some strength from some of the Dallas growth that's been there and pricing people out of that market to Oklahoma City, as an example.

正如我在 2021 年在這裡指出的那樣，我們的租金在 2022 年分別增長了 16% 和 17%。我們認為——我們認為我們在這裡很好地把握了市場時機，特別是在我們參與的市場中。大多數位於美國南部，一些二級市場，例如俄克拉荷馬城，已經從達拉斯的一些增長中獲得了一些力量，並將人們從該市場定價到俄克拉荷馬城，舉個例子。

But this is an asset with high occupancy where there's a transition story that we initially saw available to us to move rents up, particularly related to CapEx expenses or management changes. And we've been looking to execute that strategy across the $255 million of equity that we have outstanding in this market.

但這是一項具有高入住率的資產，我們最初看到有一個過渡故事可供我們提高租金，特別是與資本支出或管理變更有關。我們一直在尋求在我們在這個市場上擁有的 2.55 億美元股權中執行該戰略。

The market rallying in the southern part and the thesis that we'd see demand there back in 2020 has really paid off, and we were really excited about the opportunities we have to either monetize the portfolio or look at a corporate kind of structure opportunity here. So we're looking at all different opportunities here to monetize this book.

南部市場的反彈以及我們將在 2020 年看到那裡的需求的論點確實得到了回報，我們對我們必須將投資組合貨幣化或在這裡尋找公司結構機會的機會感到非常興奮.所以我們在這裡尋找所有不同的機會來通過這本書獲利。

And finally, on this last page here, we are, as I said earlier, in the face of a market transition that's clearly unfolding. The luxury that we have and has been built over the past 1.5 years has been being able to have a high asset rotation portfolio where we can redeploy our cash that is truly unrestricted into this market at higher-yielding opportunities. In an environment where deployable capital will be truly what differentiates us from the market and will be available to provide liquidity to the market in various areas, we're excited about this opportunity and talk to you further about it.

最後，在這裡的最後一頁，正如我之前所說，我們正面臨著明顯展開的市場轉型。在過去 1.5 年中，我們擁有並建立的奢侈品一直能夠擁有高資產周轉投資組合，我們可以將真正不受限制的現金重新部署到這個市場，獲得更高收益的機會。在可部署資本將真正使我們與市場區分開來並可以為各個領域的市場提供流動性的環境中，我們對這個機會感到興奮，並與您進一步討論。

So at this time, I'd like to pass the call over to the operator for questions.

所以在這個時候，我想把電話轉給接線員提問。

(Operator Instructions) And our first question comes from the line of Doug Harter with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Doug Harter。

Just on the multifamily JV portfolio. Can you talk about where you might -- what type of embedded gains you might have on that and remind us if that asset is mark-to-market on the balance sheet?

就在多戶合資企業投資組合中。你能談談你可能在哪裡 - 你可能在這方面獲得什麼類型的嵌入式收益，並提醒我們該資產是否在資產負債表上按市值計價？

Yes. So I'll start with the mark-to-market. These assets are held at cost basis less depreciation and amortization on a depreciated basis. And obviously, that is below our cost basis. So that's where we currently hold these assets on our balance sheet today. We are looking at -- we've had some reverse inquiry on our portfolio and other kind of corporate transaction opportunities. We look forward to sharing more about that in the coming quarter.

是的。因此，我將從按市值計價開始。這些資產以成本基礎減去折舊和折舊攤銷後的基礎持有。顯然，這低於我們的成本基礎。這就是我們目前在資產負債表上持有這些資產的地方。我們正在研究——我們已經對我們的投資組合和其他類型的公司交易機會進行了一些反向調查。我們期待在下一季度分享更多相關信息。

But at this moment, this is still in the kind of preliminary stage. I mean, we're showing here some movement growth that can help understand the valuation increases that we've seen in our portfolio. But that's not something we're going to comment on this call.

但此時此刻，這還處於那種初步階段。我的意思是，我們在這裡展示了一些運動增長，可以幫助理解我們在投資組合中看到的估值增長。但這不是我們要對這次電話會議發表評論的事情。

All right. And then as you think about the potential for some sort of monetization event, I guess how do you think about the timing of wanting to do that to line up with the opportunities that, I guess, you see building over the coming months? I guess, just how do you think about kind of matching up the timing?

好的。然後，當您考慮某種貨幣化事件的潛力時，我想您如何看待想要這樣做的時機，以便與您看到的未來幾個月內建立的機會保持一致？我想，你如何看待匹配時間？

Yes. So I mean we have enough cash that is coming through our BPL portfolio to access that opportunity. So it necessarily doesn't depend on rotating our multifamily equity book for that. We think that the -- while -- if we just keep it within the multifamily sector, the opportunity for I just described earlier, which is that kind of that bridge lending GAAP funding capital that we think will be necessary more in 2023, is a more of a medium-term opportunity for us, while we think the monetization of components of this portfolio or a corporate transaction is more of a short-term opportunity.

是的。所以我的意思是我們有足夠的現金通過我們的 BPL 投資組合來獲得這個機會。因此，它不一定依賴於輪換我們的多戶家庭股權賬簿。我們認為——雖然——如果我們只將其保留在多戶家庭領域，我剛才描述的機會，即我們認為在 2023 年將更加必要的那種橋樑貸款 GAAP 融資資本，是一個對我們來說更多的是一個中期機會，而我們認為這個投資組合的組成部分或公司交易的貨幣化更多的是一個短期機會。

And our next question comes from the line of [Jim Misago] from FactSet.

我們的下一個問題來自 FactSet 的 [Jim Misago]。

Move to the next question.

轉到下一個問題。

Our next question is from the line of Christopher Nolan from Ladenburg Tallman.

我們的下一個問題來自 Ladenburg Tallman 的 Christopher Nolan。

Just a bunch of questions. And related to the strategy, should we -- what -- I know you mentioned gap funding in your terminology. I mean, should we look at that as hard money lending? Or are you directly investing in additional common equity into these properties? I mean what sort of strategies are you looking to invest in?

只是一堆問題。與戰略相關，我們是否應該 - 什麼 - 我知道你在術語中提到了缺口資金。我的意思是，我們應該將其視為硬通貨貸款嗎？或者您是否直接投資於這些房產的額外普通股？我的意思是你想投資什麼樣的策略？

Yes. We think the opportunity is going to circle around -- when we say gap funding, what I mean by that, in particular, is that we -- senior lending in the multifamily space was mid- to high 70s, and we're seeing regional community banks, et cetera, cut back their LTV in this market environment to anywhere from 50 to 65 even into low 70s. So we think there's about 10% to 15% minimum of kind of where -- if you were going to refinance a particular asset, which is going to be a bridge loan that's coming up for maturity, then you'll need some additional capital to get that asset recapitalized.

是的。我們認為機會將圍繞 - 當我們說缺口資金時，我的意思是，特別是我們 - 多戶家庭領域的高級貸款是 70 年代中期到高，我們看到區域性社區銀行等將其在這種市場環境下的 LTV 削減至 50 至 65 甚至低至 70 多歲。所以我們認為至少有大約 10% 到 15% 的地方——如果你要為特定資產再融資，這將是即將到期的過橋貸款，那麼你將需要一些額外的資金來對資產進行資本重組。

And then that's where we can come in. And we see -- that's where we see the opportunity. So it would be in the form of lending, the -- and not equity. And the opportunity from a duration standpoint, we believe the loans will be quite short and really attempting for allowing the underlying sponsor to access probably more favorable funding through this time period, particularly in kind of 10-year fixed funding that is available through the agencies.

然後這就是我們可以進入的地方。我們看到 - 這就是我們看到機會的地方。所以它將是以貸款的形式，而不是股權。從期限的角度來看，機會是，我們認為貸款將非常短，並且真正試圖讓潛在的讚助商在這段時間內獲得可能更有利的資金，特別是通過機構提供的 10 年期固定資金.

So the -- what is -- what we little discuss here is that the fact that there's a very strong agency senior financing market for multifamily properties across this country within Fannie and Freddie Mac. And that has very much stabilized the funding source of the opportunity for underlying sponsors, and why we believe that this market will outperform through this next cycle, simply because that funding is strong.

所以 - 什麼是 - 我們在這裡很少討論的是，在房利美和房地美內部，全國多戶住宅的代理高級融資市場非常強大。這極大地穩定了潛在讚助商機會的資金來源，以及為什麼我們相信這個市場將在下一個週期中表現出色，僅僅是因為資金充足。

And with respect to Fannie and Freddie, they have budgets for financing availability that they're going to provide to the market, and they've consistently been kind of under budget, particularly as the market has slowed. So there's plenty of available funding for good assets with good stories behind good managers. And those are the assets that we want to help support in this new cycle.

至於房利美和房地美，他們有將向市場提供的融資可用性預算，而且他們一直在預算不足，尤其是在市場放緩的情況下。因此，有大量可用資金用於優質資產，優秀經理背後有好故事。這些是我們希望在這個新周期中幫助支持的資產。

And as a follow-up, are you looking -- it sounds like the sponsors are coming from a point of weakness. And I mean, are they being compelled by their banker or Fannie Mae to raise the equity? And if that's the case, do you have any protections in terms of the sponsor sort of going belly up? I mean, are you putting the title of the property in Escrow or something? It's -- because you're sort of going into potentially dangerous waters at time. Just a little clarification would be helpful.

作為後續行動，您是否正在尋找 - 聽起來贊助商來自弱點。我的意思是，他們是否被他們的銀行家或房利美強迫提高股權？如果是這樣的話，在讚助商破產方面你有什麼保護措施嗎？我的意思是，你是把房產的所有權放在 Escrow 還是什麼的？這是 - 因為你有時會進入潛在的危險水域。稍微澄清一下會很有幫助。

Yes. So I mean the opportunity is a case where there's no real requirement coming from Fannie or Freddie for this purpose. It's really a function of the debt structures that were produced back in 2020-2021, which were, for the most part, $100 billion plus of short duration, 2- to 3-year senior financing. So there is a maturity wall that is in front of many of these sponsors across the United States. And the question is how do they get through that and get through that. To get through it meaning, if they're not going to sell the property and they want to recapitalize, this is the opportunity for us.

是的。所以我的意思是這個機會是指房利美或房地美沒有為此目的提出真正要求的情況。這實際上是 2020-2021 年產生的債務結構的一個功能，其中大部分是 1000 億美元加上短期、2 至 3 年的高級融資。因此，在美國的許多贊助商面前有一堵成熟的牆。問題是他們如何度過難關並度過難關。要通過它意味著，如果他們不打算出售房產並且他們想要進行資本重組，這就是我們的機會。

So this is not necessarily coming from a distressed point of view in that the property has gotten where DSCR ratio has dropped below 1x. This is coming from strength of the sponsor in that they want to continue holding these assets. They don't want to liquidate today, but they've obviously seen a buildup in rental rate increases and property value through their holding period from when they struck these loans back a couple of years ago.

因此，這不一定是從令人痛苦的角度來看，因為該物業已經達到 DSCR 比率已降至 1 倍以下的位置。這來自讚助商的實力，因為他們希望繼續持有這些資產。他們今天不想清算，但從幾年前收回這些貸款開始，他們顯然在持有期間看到了租金上漲和房產價值的增加。

So the opportunity for us is to be that lender where they can access that senior paper at -- or a senior fixed rate paper with 10-year maturities, which is obviously very stable for them, so they can continue on with their planning -- their business plan with the property. That's where we see the opportunity today. Obviously, a lot could change from now until then. We wanted to highlight that if we're -- the rotation that we're looking at with respect to our portfolio is not in continuing in the equity strategy, but more on the lending side is what we're looking to allocate in the future.

因此，我們的機會是成為貸方，他們可以在其中獲得高級票據 - 或 10 年期的高級固定利率票據，這對他們來說顯然非常穩定，因此他們可以繼續他們的計劃 -他們與該物業的商業計劃。這就是我們今天看到機會的地方。顯然，從現在到那時，很多事情都可能發生變化。我們想強調的是，如果我們 - 我們正在考慮的關於我們的投資組合的輪換不是繼續在股票策略中，而是更多的貸款方面是我們希望在未來分配的.

And then finally, are you seeing with more of your sponsors where their cap rates where they invest in these properties is now -- their funding costs are now higher than their cap rates?

最後，您是否與更多的讚助商一起看到他們現在投資這些房產的上限利率 - 他們的資金成本現在高於他們的上限利率？

So when you talk about cap rates, there's many ways to look at it. And the interesting point about cap rates in this market is you typically don't have the types of rental increases that we -- that I just described earlier in these markets. So when you look at a cap rate at a purchase cap rate, typically, you have inflationary type of rent rolls, where here you're having double-digit rent rolls. So if somebody entered in a property at a 4.25% cap rate in the market is 5.25% today, that is off of assumption that the 4.25% you haven't had rent rate -- haven't any income gains in the portfolio through rental rate increases.

因此，當您談論上限利率時，有很多方法可以看待它。關於這個市場的上限利率的有趣之處在於，您通常沒有我們之前在這些市場中描述的租金上漲類型。因此，當您以購買上限率查看上限率時，通常會出現通貨膨脹類型的租金卷，在這裡您有兩位數的租金卷。因此，如果有人在市場上以 4.25% 的上限率進入房產，今天是 5.25%，這是假設您沒有租金率的 4.25%——投資組合中沒有通過租金獲得任何收入收益率增加。

And so while the cap rates have moved out up to 100 basis points, you do also have rent raises that have also offset some of those costs and therefore, could support higher coupons in this market. So it's really a function of where that asset is located and what kind of rent rolls they've seen, where that -- what your point here you're driving, which is how can they fund these properties when the costs are greater than their return, it could be offset. So it really depends on the market.

因此，雖然上限利率已上移至 100 個基點，但租金上漲也抵消了部分成本，因此可能支持該市場更高的票息。因此，這實際上取決於該資產所在的位置以及他們所看到的租金類型，在哪裡 - 你在這裡的觀點是什麼，當成本高於他們的成本時，他們如何為這些房產提供資金返回，它可以被抵消。所以這真的取決於市場。

Typically, what we're seeing in the south is that there -- the gains on the portfolio have outstripped the increased funding costs, and that's keeping the opportunity very much in focus for those sponsors.

通常，我們在南方看到的是——投資組合的收益超過了增加的資金成本，這使得這些贊助商非常關注機會。

Our next question is from the line of Eric Hagen with BTIG.

我們的下一個問題來自 BTIG 的 Eric Hagen。

Maybe just a couple for me. When you talk about this being a buyer's market, would you say that the hurdle rate you're aiming to achieve has also changed, or would you say that the hurdle rate has changed specifically for the bridge product? And then in the SLST portfolio, can you repeat what the mark-to-market changes were last quarter? And based on the way the asset is financed there, can you relever that debt? Or is that not releverable?

也許對我來說只是一對。當你說這是買方市場時，你是說你想要達到的門檻率也發生了變化，還是你說門檻率已經改變了專門針對過橋產品？然後在 SLST 投資組合中，你能重複上個季度的市值變化嗎？根據那裡的資產融資方式，你能重新平衡債務嗎？或者那是不可靠的？

So as it relates to buyers' market, what we're seeing is for the first time in many quarters that the discounted portfolios are trading in this market. Obviously, the market was very efficiently financed earlier. We didn't see discounts on new originated products other than in the Scratch & Dent spaces, which we've been playing for quite some time. But in BPLs and DSCR and non-QM, we did not see that, and we're obviously seeing it now. And we believe that opportunity will be building.

因此，由於它與買方市場有關，我們看到的是在許多季度中第一次看到折現投資組合在這個市場上交易。顯然，市場在早期得到了非常有效的融資。除了我們已經玩了很長時間的 Scratch & Dent 空間之外，我們沒有看到新產品的折扣。但是在 BPL、DSCR 和非 QM 中，我們沒有看到這一點，而且我們現在顯然已經看到了。我們相信機會將會不斷增加。

So with respect to your question on increase of returns, yes, we definitely expect the returns and the different strategies that we're focusing on to increase. We talked about on-the-run coupons in BPLs 200 basis points higher, and that is obviously an easy story to understand, and that any new investment there would be a 2% increase in coupon.

因此，關於您關於收益增加的問題，是的，我們絕對期望收益和我們關注的不同策略會增加。我們談到了 BPL 中高出 200 個基點的流動票息，這顯然是一個容易理解的故事，任何新的投資都會使票息增加 2%。

But -- what we're -- the focus is really, there's a lot of origination product out there that was originated without really being priced in to deal with the financing cost increases on 30-year kind of loan products. And that's where we're seeing some of the market get stuck and where our liquidity may be used in the future. So that is an unfolding story. It's not here or now, but there's definitely markings that are showing that, that could accelerate, particularly in early 2023. As it relates to SLST, I'll pass that over to Kristine.

但是——我們是——真正的重點是，有很多原始產品是在沒有真正定價的情況下產生的，以應對 30 年期貸款產品的融資成本增加。這就是我們看到一些市場陷入困境的地方，以及我們未來可能會使用流動性的地方。所以這是一個正在展開的故事。它不在這里或現在，但肯定有跡象表明，這可能會加速，尤其是在 2023 年初。由於它與 SLST 有關，我將把它交給克里斯汀。

For SLST, you'll see it on Slide 26, Eric. First quarter, we had about $15 million of losses there unrealized, and we have, for the second quarter, about $4 million in losses. And then as to your question as it relates to being levered, so we own first loss securities in the securitization as well as IO securities. So what -- we can lever that, we can put it out on repo to answer your question.

對於 SLST，您將在幻燈片 26 上看到它，Eric。第一季度，我們有大約 1500 萬美元的虧損未實現，第二季度我們有大約 400 萬美元的虧損。然後關於你的問題，因為它與被槓桿化有關，所以我們擁有證券化中的第一個虧損證券以及 IO 證券。那又怎樣——我們可以利用它，我們可以把它放在回購上來回答你的問題。

Yes. And furthermore, we could also look to securitize it. At this point, obviously, it's a difficult market for the securitization space, given the fact this is an RPL book with staple financing from Freddie Mac, we prefer to not finance it through a securitization strategy just yet. But that's something that is available to us.

是的。此外，我們還可以尋求將其證券化。在這一點上，顯然，對於證券化領域來說，這是一個困難的市場，鑑於這是一本由房地美主要融資的 RPL 書籍，我們寧願暫時不通過證券化策略為其融資。但這是我們可以使用的。

Our next question comes from the line of Stephen Laws with Raymond James.

我們的下一個問題來自斯蒂芬·勞斯和雷蒙德·詹姆斯的觀點。

I wanted to follow up, I guess, a little bit on Doug and on others questions around the real estate. How should we think about -- I think you have one asset under contract for Q3. How should we think about the gain that we need to put into our model, and then just think about modeling that going forward?

我想，我想對 Doug 和其他有關房地產的問題進行一些跟進。我們應該如何考慮-我認為您在第三季度有一項合同資產。我們應該如何考慮我們需要投入到我們的模型中的收益，然後只考慮未來的建模？

Yes. So I mean, again, we talked about where our basis is in these assets, and we've talked about some of the market input factors that are creating an output of a higher value with respect to these properties. At this point, we're not going to comment on future realized gain activity with respect to that portfolio.

是的。所以我的意思是，我們再次討論了我們在這些資產中的基礎，我們已經討論了一些市場投入因素，這些因素正在為這些資產創造更高價值的產出。在這一點上，我們不會就該投資組合的未來實現收益活動發表評論。

This is obviously a developing situation for us. We have been responding to both reverse inquiry and as well as some other market opportunities that are there. We hope to share more color with respect to this book on our next call and further explain where this portfolio is going. But at this point, it's too premature to have that discussion.

這對我們來說顯然是一個發展中的情況。我們一直在回應反向詢價以及其他一些市場機會。我們希望在下次電話會議上分享更多關於這本書的色彩，並進一步解釋這個投資組合的發展方向。但在這一點上，討論還為時過早。

Following Doug again with leverage, but gradually moving higher here, talking about the recourse metric. And it sounds like there's great opportunities now. You've got some monetizations in the pipeline coming. So how do we think about what you see as a normalized or steady state or target leverage number, so to speak, as we think about how capital is being deployed and what the expected kind of repayments and sales look like?

再次利用槓桿跟隨道格，但在這裡逐漸走高，談論追索權指標。聽起來現在有很大的機會。你有一些正在籌劃中的貨幣化。那麼，當我們考慮資本的配置方式以及預期的還款和銷售方式時，我們如何看待您認為的正常化或穩定狀態或目標槓桿數？

Yes. So with respect to leverage, we expect leverage to stay low in this kind of context. We did increase our leverage -- recourse leverage -- with respect to some of the strong growth we had in the quarter, the first half of that quarter. That's why we've seen an increase of our leverage there. It was just a function of our pipelines.

是的。因此，關於槓桿率，我們預計在這種情況下槓桿率將保持在較低水平。我們確實增加了我們的槓桿 - 追索槓桿 - 相對於我們在該季度的一些強勁增長，該季度的上半年。這就是為什麼我們在那裡看到我們的槓桿增加的原因。這只是我們管道的一個功能。

But given where we stand today and some of the monetization themes that we're talking about as well as an asset opportunity where it may not require financing to achieve that targeted return. We don't see material increases to this. In fact, we think it should go the other way, which is a decrease of our leverage ratios over time.

但鑑於我們今天的立場以及我們正在談論的一些貨幣化主題以及可能不需要融資來實現目標回報的資產機會。我們沒有看到這方面的實質性增加。事實上，我們認為它應該採取相反的方式，即隨著時間的推移我們的槓桿率會降低。

And that's a function of just having more unlevered, unencumbered assets on our balance sheet in this new market environment.

這是在這個新的市場環境下，我們的資產負債表上有更多無槓桿、無抵押資產的功能。

Great. And then lastly, maybe for Kristine. I appreciate the new Slide 16, and I know Jason touched on some of the fixed rate debt. But can you maybe talk about a net interest rate sensitivity or exposure? I think in your prepared remarks, you mentioned some floating rate debt on the real estate. But maybe as you think about those sides of the balance sheet, how do you view the net sensitivity to, say, 50, 100 bps increase in rates?

偉大的。最後，也許是為了克里斯汀。我很欣賞新的幻燈片 16，我知道傑森談到了一些固定利率債務。但是你能談談淨利率敏感性或風險敞口嗎？我認為在你準備好的評論中，你提到了房地產的一些浮動利率債務。但也許當您考慮資產負債表的這些方面時，您如何看待對利率增加 50、100 個基點的淨敏感度？

We should expect that to go up in the future as it relates to our floating rate debt. But if you look at our multifamily investments, especially the consolidated investments, that's really looking at our share in the equity there. So it's not a full kind of pick-up in terms of gains and losses. It's going to depend -- it's still going to be related to like the performance of the property. So what we would expect on multifamily is that as they continue to improve the property, there will be rental growth there. So you'll see income as it relates to our consolidated JV investments to improve.

我們應該預計未來會上升，因為它與我們的浮動利率債務有關。但如果你看看我們的多戶投資，尤其是綜合投資，那真的是在看我們在那裡的股權份額。因此，就收益和損失而言，這並不是一種全面的回升。這將取決於 - 它仍然與房產的表現有關。所以我們對多戶家庭的期望是，隨著他們繼續改善房產，那裡的租金將會增長。因此，您會看到與我們合併的合資企業投資相關的收入有所改善。

And as it relates to -- looking at Page -- on this page here, where we broke out the corporate debt, a lot of the repo financing we've conducted is in the BPL space, and that is a short duration strategy. So while we expect funding costs to increase there, we also expect the portfolio to decline. So the full effect of kind of the rate increase over a 2 to 3-year period wouldn't be felt in that portfolio.

因為它涉及到 - 看看 Page - 在這個頁面上，我們打破了公司債務，我們進行的很多回購融資都在 BPL 領域，這是一個短期策略。因此，雖然我們預計那裡的融資成本會增加，但我們也預計投資組合會下降。因此，在該投資組合中不會感受到 2 到 3 年期間加息的全部影響。

Our next question is from Matthew Howlett with B. Riley Financials.

我們的下一個問題來自 B. Riley Financials 的 Matthew Howlett。

Jason, just on the dividend, you've got a lot of moving parts here. I really like the strategy, and I appreciate the Page 26 here. Are you going to be generating a lot of gains here, it looks like going forward?

傑森，就股息而言，你在這裡有很多活動的部分。我真的很喜歡這個策略，我很欣賞這裡的第 26 頁。你會在這裡產生很多收益嗎，看起來像前進？

I think previously, you've talked about getting NII up to cover the dividend, like a sort of a lot of mortgage rates try to do. I mean, how should investors look at earnings and dividend coverage going forward? Or is just something we have to always sort of take in realized gains as part of the core strategy?

我認為以前，您已經談到讓 NII 來支付股息，就像很多抵押貸款利率試圖做的那樣。我的意思是，投資者應該如何看待未來的收益和股息覆蓋率？還是只是我們必須始終將已實現收益作為核心戰略的一部分？

Yes. I mean that's been consistent with our activity for many years now where a component of our return is in the realized gain sector -- a section of our balance sheet, income statement. And we did see opportunities to increase interest income in our portfolio through these higher-yielding strategies in the BPL space and other related strategies, and pref lending within our mezzanine book.

是的。我的意思是這與我們多年來的活動是一致的，我們的回報的一部分是在已實現收益領域——我們資產負債表的一部分，損益表。我們確實看到了通過 BPL 領域的這些高收益策略和其他相關策略以及我們夾層簿中的優先貸款來增加我們投資組合中利息收入的機會。

However, the market is not functioning well at this point, given the inefficient financing in the securitization market to continue looking to grow interest income through a kind of a levered yield basis, leverage model.

然而，鑑於證券化市場的融資效率低下，市場目前運作不佳，無法繼續尋求通過一種槓桿收益率基礎，即槓桿模型來增加利息收入。

So as the market transitions into -- what we see is unfolding today -- transitions into a lower-levered opportunity with discounted asset availability, obviously, the story changes a bit into expectation of not only interest income but also in unrealized gain activity through that discount that we would be looking to purchase those assets.

因此，隨著市場轉變為——我們今天所看到的——轉變為具有折扣資產可用性的低杠桿機會，顯然，故事有點轉變為對利息收入和未實現收益活動的預期。我們希望購買這些資產的折扣。

So that is going to be a function of our story and has been for quite some time. Our dividend policy is an 18-month forecast on earnings, including the realized gain activity and not a look back in the last 3 months of interest income. So it's a very complete picture of where we expect our earnings to come in, obviously, given the unrealized activity. It's typically choppy. You don't have a smooth process as it relates to asset liquidations.

所以這將成為我們故事的一個功能，並且已經有很長一段時間了。我們的股息政策是對收益的 18 個月預測，包括已實現的收益活動，而不是回顧過去 3 個月的利息收入。因此，很明顯，考慮到未實現的活動，這是我們預期收入來源的非常完整的圖景。它通常是波濤洶湧的。你沒有一個順利的過程，因為它與資產清算有關。

So it needs to -- the dividend policy needs to be over a more extended period of time to capture the unrealized gain activity that we expect to generate through the portfolio.

所以它需要 - 股息政策需要在更長的時間內捕捉到我們期望通過投資組合產生的未實現收益活動。

So we have to think about this different than what we typically model. You see in mortgage rates and the strategy obviously is different than what you see in some of the larger mortgage rates out there. So I certainly -- I understand that. And the second thing was you also -- I mean, we'll wait for details obviously on the multifamily gains and the sales are going to come with that, but you mentioned also -- I think you said corporate strategic alternatives, would -- are you speaking of something like a spin-off, another subsidiary with regards to multifamily investments?

所以我們必須考慮這與我們通常建模的不同。您在抵押貸款利率中看到的策略顯然與您在一些較大的抵押貸款利率中看到的不同。所以我當然——我明白這一點。第二件事是你也是——我的意思是，我們顯然會等待多戶家庭收益的細節，銷售將隨之而來，但你也提到——我認為你說企業戰略選擇，會——你說的是分拆，另一個關於多戶投資的子公司嗎？

Yes. So all options are on the table. I mean, we're coming from a position of strength. We have a great portfolio, and we see the market as demand, an increased demand for what we have generated here. So whether corporate or a monetization through a sale, we're looking at both options. We did put one asset and purchased a sale agreement, just to see how the market is functioning relating to some of the earlier gains we had. It's gone extremely well.

是的。因此，所有選項都擺在桌面上。我的意思是，我們正處於強勢地位。我們有一個很好的投資組合，我們將市場視為需求，對我們在這裡產生的東西的需求增加。因此，無論是公司化還是通過銷售獲利，我們都在考慮這兩種選擇。我們確實投入了一項資產併購買了一份銷售協議，只是為了看看市場如何與我們之前的一些收益相關聯。它非常順利。

So I think everything you said is on the table, and we're going to look to maximize value for our shareholders in the most efficient and least cost manner for this book. So this is a -- we're focused on timing, we're focusing on efficiency, and we're going to focus on the total expected value that we think we've generated and being able to monetize that fully. And any of those options are on the table for us to evaluate, and we'll be working through that over the course of the quarter.

因此，我認為您所說的一切都已擺在桌面上，我們將尋求以最有效和成本最低的方式為我們的股東創造最大價值。所以這是一個 - 我們專注於時間，我們專注於效率，我們將專注於我們認為我們已經產生並能夠充分貨幣化的總預期價值。這些選項中的任何一個都擺在桌面上供我們評估，我們將在本季度完成這些工作。

Good. And I just -- I was glad to see you guys buying back stock. It just looks like the book is understated and it's quite -- I'm happy to see you taking advantage of the discount.

好的。我只是 - 我很高興看到你們回購股票。看起來這本書被低估了，而且相當 - 我很高興看到你利用折扣。

Thank you. I would now like to turn the conference back to management for closing remarks.

謝謝你。我現在想把會議交還給管理層做閉幕詞。

Well, thanks, everyone, for joining the call. We really appreciate your support and the time you spent with us. Looking forward to speaking to you again on our third quarter call. Have a great day, and enjoy the rest of your summer. Take care.

好吧，謝謝大家加入電話會議。我們非常感謝您的支持以及您與我們共度的時間。期待在我們的第三季度電話會議上再次與您交談。度過美好的一天，享受剩下的夏天。小心。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。