New York Mortgage Trust Inc (NYMT) 2022 Q4 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. Welcome to The New York Mortgage Trust Fourth Quarter and Full Year 2022 Results Conference Call (Operator Instructions). This conference is being recorded on Thursday, February 23, 2023.

女士們先生們早上好，感謝你們的支持。歡迎參加紐約抵押貸款信託第四季度和 2022 年全年業績電話會議（操作員說明）。本次會議將於 2023 年 2 月 23 日星期四錄製。

A press release and supplemental financial presentation with New York Mortgage Trust fourth quarter and full year 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 at today's call, which you can access in the Events and Presentation section of the company's website.

昨天發布了紐約抵押信託第四季度和 2022 年全年業績的新聞稿和補充財務報告。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，我們將在今天的電話會議上進行網絡直播，您可以在公司網站的“活動和演示”部分訪問。

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 beliefs 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 the 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公司相信任何前瞻性陳述中反映的預期都是基於合理的假設，它不能保證其預期會實現。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, Chief Executive Officer. Jason, please go ahead.

現在，我想介紹一下首席執行官 Jason Serrano。傑森，請繼續。

Thank you, and thanks everybody for joining the fourth quarter earnings call. I'm joined today by our CFO, Kristine Nario; and President, Nick Mah. Nick work alongside of me since 2004 at Fortress, then at Blackstone and more recently at Oak Hill. He joined New York Mortgage Trust in 2018. And after 4 years in the managing director role, I'm excited to have Nick joined the senior management ranks as President at the end of this year, end of 2022, sorry and be available to you today and on future calls.

謝謝，也感謝大家參加第四季度財報電話會議。今天，我們的首席財務官 Kristine Nario 加入了我的行列；和總裁 Nick Mah。自 2004 年以來，Nick 在 Fortress 與我一起工作，然後在 Blackstone，最近在 Oak Hill。他於 2018 年加入紐約抵押貸款信託。在擔任董事總經理 4 年後，我很高興尼克在今年年底，即 2022 年底加入高級管理層擔任總裁，抱歉，有空今天和未來的電話。

I'm eager to speak to you today about our fourth quarter results along with a brief first quarter update. I will also discuss how we aligned the company with mark -- with the market and why we feel primed for growth in a high return distressed environment. I'll initially provide commentary around this points and handover to Kristine and Nick to provide greater detail around our financials and portfolio management.

今天我很想和你們談談我們第四季度的業績以及第一季度的簡短更新。我還將討論我們如何使公司與市場保持一致，以及為什麼我們為在高回報的困境環境中實現增長做好了準備。我將首先圍繞這一點提供評論，並移交給 Kristine 和 Nick，以提供有關我們財務和投資組合管理的更多細節。

Now, we have been documenting our take on the market roadmap, which is on Page 7 for a few quarters now. We believe our market calls have aligned well with actual quarterly progression and honest assessment from investors in our sector throughout the second half of 2022. And even (inaudible) 2023 likely contains a high degree of buyer's remarks. The market shifted. The market shift starting in April 2022 with the (inaudible) laid out the game plan for historic rate increase due to inflation not witnessed since the 70s.

現在，我們一直在記錄我們對市場路線圖的看法，現在已經有幾個季度在第 7 頁了。我們認為，我們的市場預測與整個 2022 年下半年我們行業的實際季度進展和投資者的誠實評估非常吻合。甚至（聽不清）2023 年也可能包含大量買家評論。市場發生了變化。市場轉變始於 2022 年 4 月，（聽不清）制定了由於自 70 年代以來未見的通貨膨脹而導致的歷史性加息的遊戲計劃。

In one month, the market went from historic securitization financing efficiency to market dislocation. As common bond investors brushed off fears of missing out and instead, sat on the sidelines. And in the mid second quarter of last year, we took decisive action to eliminate near-term investment pipelines at the time we were generating over $1 billion of new acquisitions per quarter. We ended the third quarter with $119 million of investments in mostly short duration VPLs and followed up in the last quarter with just $106 million.

在一個月內，市場從歷史性的證券化融資效率轉變為市場錯位。由於普通債券投資者擺脫了對錯失良機的恐懼，轉而袖手旁觀。去年第二季度中期，我們採取果斷行動消除近期投資渠道，當時我們每季度產生超過 10 億美元的新收購。我們在第三季度結束時對大部分短期 VPL 進行了 1.19 億美元的投資，而在上一季度僅投資了 1.06 億美元。

Reducing our portfolio pipeline took great effort. We have the ability to add multiples of our fourth quarter investment activity on our balance sheet. Today, Nick will discuss this in more detail. However, at this time, we don't see a great risk reward proposition to aggregate in this market. We believe opportunity cost of capital right now is extremely high and prudent to wait for better entry points. In many ways, we see this first quarter to be inferior buyer's market than that of the third quarter of last year. Our story is much more than avoiding stapling losses with acquisitions from the second half of last year.

減少我們的投資組合管道需要付出很大的努力。我們有能力在我們的資產負債表上增加我們第四季度投資活動的倍數。今天，尼克將更詳細地討論這個問題。然而，目前，我們沒有看到在這個市場上聚合的巨大風險回報提議。我們認為目前的資本機會成本非常高，謹慎等待更好的切入點。在許多方面，我們認為今年第一季度的買方市場不如去年第三季度。我們的故事遠不止是通過去年下半年的收購來避免彌補虧損。

In fact, we avoided tying up capital along profit -- or losing propositions and human capital on managing these assets through a distress environment in downside risk. However, we have a clear path plan to drive EPS higher with portfolio growth through this year and to do so without solutions for investors and incurring costly debt. The question is timing of this redeployment and what are the near-term catalysts to create the opportunity for us? Well, it's difficult to determine the day. What seems apparent is that we are in right now in the right season.

事實上，我們避免了將資本與利潤捆綁在一起——或者在下行風險的困境環境中失去管理這些資產的主張和人力資本。然而，我們有一個明確的路徑計劃，通過今年的投資組合增長來提高每股收益，並且在沒有為投資者提供解決方案和招致高額債務的情況下實現這一目標。問題是重新部署的時機以及為我們創造機會的近期催化劑是什麼？好吧，很難確定這一天。顯而易見的是，我們現在正處於正確的季節。

While there are many data points and telling graphs, one can use to judge timing of the market reset. I watched the data supporting these 2 graphs on Page 8 more closely. The graph on the left shows the U.S. consumer has been as abruptly then squeezed out of new loans and credit card products. Credit is what's rove our economy 2022 evidence by nearly $1 trillion of credit card debt that has been added by U.S. consumers, which is record high. Steeply rising credit card balances coupled with higher interest rate paid on such that as crushing household budgets, as high inflation deteriorates savings that many amassed during the pandemic.

雖然有很多數據點和圖表，但可以用來判斷市場重置的時機。我更仔細地觀察了第 8 頁上支持這兩個圖表的數據。左圖顯示美國消費者突然被擠出新貸款和信用卡產品。信貸是我們 2022 年經濟增長的證據，美國消費者增加了近 1 萬億美元的信用卡債務，創歷史新高。信用卡餘額急劇上升加上支付的利率上升，導致家庭預算崩潰，高通脹惡化了許多人在大流行病期間積累的儲蓄。

Personal savings rate now at 2.7% is one of the lowest points ever. Only 2006 and 2007 witness such vapor thin levels. A large poll by Bankrate recently showed only 57% of Americans can afford 1000 emergency expense. Now that the borrowing merry-go-round has ended. Many Americans will be looking through their monthly expenses and rejecting payments which was that low utility to everyday life. Including selected payment defaults represent little to no near-term consequence. Thus, it is almost certain that delinquencies will dramatically increase in a variety of asset classes, especially with loans originated over the past 18 months to low FICO score borrowers.

個人儲蓄率目前為 2.7%，是有史以來的最低點之一。只有 2006 年和 2007 年見證瞭如此稀薄的水汽水平。 Bankrate 最近的一項大型民意調查顯示，只有 57% 的美國人能夠負擔得起 1000 美元的緊急開支。現在，借貸旋轉木馬已經結束了。許多美國人會查看他們每月的開支並拒絕付款，因為這對日常生活的效用很低。包括選定的付款違約幾乎不會產生近期後果。因此，幾乎可以肯定的是，各種資產類別的拖欠率將急劇增加，尤其是過去 18 個月發放給低 FICO 評分借款人的貸款。

Overall, consumption is challenged and will significantly weigh on GDP in 2023. The graph to the right shows a tight escrow relationship between existing home supply and HPA record in the year. For the past 2 years, the market reached historically low supply at less than 2 months of homes inventory on the market. Today we still have very low supply levels at approximately 3 months. Supply is in check and to keep national prices pause in the near-term. As I discussed, the consumer is under significant pressure. Thus it should be -- it should not be a surprise to see supply to pick up from homeowners struggling to make ends meet for equity extraction.

總體而言，消費面臨挑戰，並將對 2023 年的 GDP 產生重大影響。右圖顯示了當年現有房屋供應與 HPA 記錄之間的緊密託管關係。在過去 2 年中，市場上的房屋庫存不足 2 個月，達到歷史最低水平。今天我們的供應水平仍然很低，大約 3 個月。供應受到控制，並使全國價格在短期內停滯不前。正如我所討論的，消費者承受著巨大的壓力。因此，應該是 - 看到房主努力維持生計以提取股權，供應量增加也就不足為奇了。

However, when observing the demand side, housing affordability is painfully high. U.S. mortgage rates more than doubled from the mid 3% range to above 7% in 2022. Housing expense to income is now approximately 35% higher than last year. New homebuyers and essential demographic for home price growth are faced with even worse affordability, not surprisingly after 2 years of double digit HPA and (inaudible) in the market 2022. This has happened in the previous year. On the ground, conversations should even create greater volatility in large traditional speculum markets such as Phoenix, Las Vegas and in small markets like Boise and Salt Lake. And these markets we see property investors willing to accept prices equal to their basis of 2 years ago, suggesting a home price decline of 25% for these investors.

然而，從需求端來看，住房負擔能力高得令人痛苦。到 2022 年，美國的抵押貸款利率從 3% 的中間值翻了一番多，達到 7% 以上。住房支出與收入之比現在比去年高出約 35%。新購房者和房價增長的重要人口面臨更差的負擔能力，這在 2 年兩位數的 HPA 和 2022 年市場（聽不清）之後並不奇怪。這在前一年發生過。在實地，對話甚至應該在鳳凰城、拉斯維加斯等大型傳統投機市場以及博伊西和鹽湖城等小型市場造成更大的波動。在這些市場上，我們看到房地產投資者願意接受與他們 2 年前的基價持平的價格，這表明這些投資者的房價下跌了 25%。

Thus we see significant home price pressure in these markets in the year despite historically tight housing supply. In summary, unsecured debt and high LTV products particularly late in the late 2021 and 2022 vintage will likely significantly underperform. Housing supply will most likely be pushed higher with the constrained buyer base. New construction, other types of pro forma underwriting will lead supply as these sales are often more distressed as homeowners. These homeowners are not a traditional long-term holder. Delinquencies will follow, financing will become more constrained, which you see as a likely catalyst for the opportunity we are focused on.

因此，儘管歷史上住房供應緊張，但我們看到今年這些市場的房價壓力很大。總而言之，無擔保債務和高 LTV 產品，尤其是在 2021 年末和 2022 年後期，可能會表現不佳。由於買家群受限，住房供應很可能會被推高。新建築、其他類型的備考承保將引領供應，因為這些銷售往往作為房主更加痛苦。這些房主不是傳統的長期持有者。拖欠將隨之而來，融資將變得更加受限，您認為這可能是我們關注的機會的催化劑。

Now switching over to quarter results, which you can find on Page 9. We ended the quarter with undepreciated loss per share of negative $0.12. In this quarter, we introduced adjusted book value per share mostly to capture the market -- mark-to-market change on our debt, most of which isn't security issues reform and other non-cash items. Kristine will elaborate further about these measures but as some of you pointed out earlier, we thought it would be helpful for consistency to disclose adjusted book value which declined by 4.8% quarter-over-quarter. Our after effect of our previously declared $0.10 dividend quarterly economic return on adjusted book value was negative 2.4%. Nearly all books that are lost in the quarter were unrealized and expected to be reversed over time. We ended the year with 2.6% G&A expense ratio, which we believe is one of the lowest in the market for the complexities of the sectors we are engaged in. Our low cost platform is deliberate. We focused on our costs and believe we can obtain additional savings in 2023.

現在轉到第 9 頁上的季度業績。我們在本季度結束時每股未折舊虧損為負 0.12 美元。在本季度，我們引入了調整後的每股賬面價值，主要是為了捕捉市場——我們債務的按市值計算的變化，其中大部分不是安全問題改革和其他非現金項目。 Kristine 將進一步詳細說明這些措施，但正如你們中的一些人早些時候指出的那樣，我們認為披露調整後的賬面價值（環比下降 4.8%）有助於保持一致性。我們之前宣布的調整後賬面價值的 0.10 美元股息季度經濟回報的後效應為負 2.4%。幾乎所有本季度丟失的賬簿都未變現，預計會隨著時間的推移被沖銷。我們以 2.6% 的 G&A 費用率結束了這一年，我們認為這是我們所從事行業複雜性市場中最低的之一。我們的低成本平台是經過深思熟慮的。我們專注於我們的成本，並相信我們可以在 2023 年獲得額外的節省。

As far as quarterly investment activity, our plan was to reduce risk and focus inwardly. As we bought some of our debt in the secondary market, as well as common shares. With a full team effort in both single family and multifamily business, we also strengthen our asset management platform, which we believe will lead us through the distressed opportunity set. We'll have more details around this next quarter at some new pieces of our platform being assembled now.

就季度投資活動而言，我們的計劃是降低風險並專注於內部。因為我們在二級市場上購買了一些債務以及普通股。通過在單一家族企業和多家族企業的全麵團隊努力，我們還加強了我們的資產管理平台，我們相信這將帶領我們度過困境。我們將在下個季度在我們正在組裝的平台的一些新部件上提供更多細節。

Finally, after issuing a term securitization in November, we reduced our leverage ratio to point 3 times and ended the quarter with $224 million of cash. Our cash balances will jump around a bit. The goal is to limit cash holdings and drag but under leveraging our portfolio. We want to avoid incurring additional financing costs with additional drawdowns on our facilities without reinvestment targets. Page 10 shows this relationship. We can raise up to $644 million of cash by utilizing financing options available to us with our own portfolio. Thus we can drive EPS higher without dilution to shareholders in an equity raise and also avoid expensive corporate debt placement.

最後，在 11 月發行定期證券化後，我們將槓桿率降低至 3 點，並以 2.24 億美元的現金結束了本季度。我們的現金餘額會略有增加。目標是限制現金持有量並拖累我們的投資組合。我們希望避免在沒有再投資目標的情況下額外提取我們的設施而產生額外的融資成本。第 10 頁顯示了這種關係。通過利用我們自己的投資組合可用的融資方案，我們可以籌集高達 6.44 億美元的現金。因此，我們可以在不稀釋股權融資股東的情況下提高每股收益，同時避免昂貴的公司債務配售。

By taking this additional asset based financing, our portfolio leverage would increase 2.4 times, 4.5 times at the company level. Thus we have the flexibility here to obtain incremental financing while also keeping our leverage at market leading multiples. Additional upside exists to our short duration portfolio. We have the luxury of reinvesting our asset turnover at higher yields available today, which the EPS illustration does not capture. We intentionally focused on organic fundraisers through our portfolio to drive earnings higher in a market which presents superior risk adjusted returns with a catalyst that may trigger a downturn now in view, we firmly see our differentiated patient approach as a winning one where our stockholders will benefit from a steadfast path to seeking value in a disrupted environment.

通過採用這種額外的基於資產的融資，我們的投資組合槓桿將增加 2.4 倍，在公司層面增加 4.5 倍。因此，我們在這裡可以靈活地獲得增量融資，同時將我們的槓桿率保持在市場領先的倍數。我們的短期投資組合還存在其他優勢。我們有幸以今天可用的更高收益率對我們的資產周轉率進行再投資，這是 EPS 插圖沒有體現的。我們有意通過我們的投資組合專注於有機籌款活動，以在市場上推高收益，該市場呈現出卓越的風險調整後回報，並且目前看來可能引發經濟低迷，我們堅信我們差異化的耐心方法是一種成功的方法，我們的股東將從中受益從堅定的道路到在混亂的環境中尋求價值。

At this time, I'll pass it over to Kristine to provide a deeper dive on our financial results and then Nick on the portfolio. Kristine?

此時，我會將其轉交給 Kristine 以更深入地了解我們的財務業績，然後再轉交給 Nick 的投資組合。克里斯汀？

Thank you, Jason. Good morning, everyone. In my comments today, I will focus my commentary on the main drivers of fourth quarter financial results. Our financial snapshot on Slide 9 covers key portfolio metrics for the quarter, and Slide 23 summarizes the financial results for the quarter. The company had undepreciated loss per share of $0.12 in the fourth quarter, an improvement of more than 50% as compared to undepreciated loss per share of $0.27 in the third quarter. The fair value changes related to our investment portfolio, continue to have a significant impact on our earnings. And during the quarter, we recognized $0.11 per share of unrealized losses, primarily due to an increase in interest rates and credit spreads widening that resulted in a decline in the fair values of our residential loans and investment in consolidated SOSC.

謝謝你，傑森。大家，早安。在我今天的評論中，我將重點關注第四季度財務業績的主要驅動因素。我們在幻燈片 9 上的財務快照涵蓋了本季度的關鍵投資組合指標，幻燈片 23 總結了本季度的財務結果。該公司第四季度每股未折舊虧損為 0.12 美元，與第三季度每股未折舊虧損 0.27 美元相比改善了 50% 以上。與我們的投資組合相關的公允價值變動繼續對我們的收益產生重大影響。在本季度，我們確認了每股 0.11 美元的未實現虧損，這主要是由於利率上升和信用利差擴大導致我們的住宅貸款和合併 SOSC 投資的公允價值下降。

We had net interest income of $22.2 million, a contribution of $0.6 per share down from $0.8 per share in the third quarter. The decrease can be attributed to a few factors. First, a decrease in average interest earning assets in our portfolio due to pay downs received during the quarter, as well as our decision to significantly curtail our investment activity starting at the end of the second quarter. In addition, financing costs in our investment portfolio were higher due to increases in base interest rates related to our repurchase agreements and as a result of residential loan securitization that we completed in the fourth quarter.

我們的淨利息收入為 2220 萬美元，每股貢獻 0.6 美元，低於第三季度的每股 0.8 美元。減少可以歸因於幾個因素。首先，由於本季度收到的付款減少，以及我們決定從第二季度末開始大幅削減投資活動，我們投資組合中的平均生息資產有所減少。此外，由於與我們的回購協議相關的基準利率上升以及我們在第四季度完成的住宅貸款證券化，我們投資組合的融資成本更高。

While securitizations might incur greater interest expense relative to repurchase agreements, financings in general, they reduce our exposure to mark-to-market risks and allow us to better manage our liquidity. Securitizations also lock in financing costs versus floating rate repo, in that sense, if the Fed aggressively raises above expectations, it may even reduce interest expense versus repo over the medium term. Unlike in the third quarter, we had minimal sale activity, which resulted in a decrease in realized gains and other income during the quarter.

雖然與回購協議和一般融資相比，證券化可能會產生更大的利息支出，但它們減少了我們對按市值計價的風險敞口，並使我們能夠更好地管理我們的流動性。與浮動利率回購相比，證券化還鎖定了融資成本，從這個意義上說，如果美聯儲積極提高利率超過預期，它甚至可能在中期減少利息支出與回購。與第三季度不同，我們的銷售活動很少，導致本季度已實現收益和其他收入減少。

Also, as previously discussed, due to increases in interest rates and continued credit spread widening, prices on a majority of the assets in our portfolio declined during the quarter. Of the $42 million of unrealized losses, $35 million or $0.9 per share are attributed to residential loans, seldom securitization vehicles. Unlike some of our peers, we do not mark our securitization liabilities to fair value. Therefore, there is no corresponding unrealized gain recognized in our securitization liabilities to offset unrealized losses on the assets held in the securitization. More on this point later.

此外，如前所述，由於利率上升和信用利差持續擴大，我們投資組合中大部分資產的價格在本季度下跌。在 4200 萬美元的未實現虧損中，3500 萬美元或每股 0.9 美元歸因於住宅貸款，很少是證券化工具。與我們的一些同行不同，我們不將我們的證券化負債計入公允價值。因此，我們的證券化負債中沒有相應的未實現收益來抵消證券化資產的未實現損失。稍後會詳細介紹這一點。

Total general, administrative and operating expenses amounted to $68.2 million for the quarter, down from $91.6 million in the previous quarter, primarily due to one, reduction in amortization expense as a result of lease intangibles related to consolidated real estate. Being fully amortized in the prior quarter. Two, reduction in depreciation expense due to the application of held for sale accounting to consolidate real estate in the disposal group. And finally, due to residential loan portfolio runoff and minimal purchase activity, which will reduce portfolio operating expenses.

本季度總的一般、行政和運營費用為 6820 萬美元，低於上一季度的 9160 萬美元，主要原因之一是與合併房地產相關的租賃無形資產導致攤銷費用減少。在上一季度全額攤銷。二、因採用持有待售會計法合併處置組房地產，折舊費用減少。最後，由於住宅貸款組合的減少和購買活動的減少，這將減少投資組合的運營費用。

Note that these numbers will reflect the reclassification of interest expense related to our mortgages payable on consolidated real estate operating expenses in the fourth quarter and in prior periods. This quarter, we introduced a new metric. Adjusted book value, which is a non-GAAP financial measure replacing undepreciated book value. When presented in prior periods, undepreciate book value reflected the value for single family rental properties and JV equity investments that after undepreciated basis. Like, scooting from gap book value, the company's share of depreciation and lease intangible amortization expenses related to the operating real estate.

請注意，這些數字將反映與我們在第四季度和前期綜合房地產運營費用中應付抵押貸款相關的利息費用的重新分類。本季度，我們引入了一項新指標。調整後的賬面價值，這是一種替代未折舊賬面價值的非 GAAP 財務指標。在前期呈列時，未折舊賬面價值反映了未折舊基礎後的單戶出租物業和合資企業股權投資的價值。比如，從賬面價值差距來看，公司在與經營性房地產相關的折舊和租賃無形攤銷費用中所佔的份額。

Since we began disclosing undepreciated book value, we identified additional items as materially affecting our book value and believe they should also be incorporated to provide a more useful non-GAAP measure. Accordingly, adjusted book value begins with the same calculation as undepreciated book value and includes 2 additional adjustments to GAAP book value. First, we exclude the adjustment of redeemable NCI to an estimated redemption value. Redeemable NCI represents third party ownership in one of our consolidated JV structures. These third party owners have the ability to sell their ownership interest to us once a year for cash, which then increases our ownership stake in the consolidated JV structure.

自從我們開始披露未折舊賬面價值以來，我們發現其他項目對我們的賬面價值有重大影響，並認為它們也應該被納入以提供更有用的非 GAAP 衡量標準。因此，調整後的賬面價值從與未折舊賬面價值相同的計算開始，包括對 GAAP 賬面價值的 2 次額外調整。首先，我們排除了可贖回 NCI 對估計贖回價值的調整。可贖回 NCI 代表我們合併的合資企業結構之一的第三方所有權。這些第三方所有者有能力每年將其所有權權益出售給我們一次以換取現金，從而增加我們在合併後的合資企業結構中的所有權權益。

However, because the corresponding real estate are not reported at fair value, where unrealized gains or losses are taken into income, the adjustment of the redeemable NCI directly affects our GAAP book value. By excluding this adjustment, adjusted book value more closely aligned the accounting treatment applied to the real estate reflects our JV equity investments against at their undepreciated basis. Second, we adjust our liabilities at finance or investment portfolio to fair value. Most of our assets except our single family and consolidated multifamily real estate are financial instruments that are carried at fair value.

然而，由於相應的房地產沒有按公允價值報告，未實現損益計入收益時，可贖回 NCI 的調整直接影響我們的 GAAP 賬面價值。通過排除此調整，調整後的賬面價值更接近於應用於房地產的會計處理，反映了我們在未折舊基礎上的合資股權投資。其次，我們將金融或投資組合中的負債調整為公允價值。除了我們的單一家庭和綜合多戶房地產外，我們的大部分資產都是以公允價值計價的金融工具。

However, unlike our use of fair value option for these assets, the CDOs issued by our residential loan securitizations and corporate debt to finance or investment portfolio assets are carried at amortized costs on our balance sheet. By adjusting these financing instruments to fair value, adjusted book value reflects the company's net equity and investments on a comparable fair value basis. We believe that adjusted book value provides investors a more useful and consistent measure of our value and facilitates a comparison of our financial performance to that of our peers.

然而，與我們對這些資產使用公允價值期權不同的是，我們的住宅貸款證券化和公司債務融資或投資組合資產發行的 CDO 在我們的資產負債表上以攤餘成本列示。通過將這些融資工具調整為公允價值，調整後的賬面價值反映了公司在可比公允價值基礎上的淨權益和投資。我們認為，調整後的賬面價值為投資者提供了一種更有用和一致的價值衡量標準，並有助於將我們的財務業績與同行進行比較。

As Jason mentioned earlier, adjusted book value per share ended at 3.97%, down 4.8% from September 30 and translated to a negative 2.4% economic return on adjusted book value during the quarter. Consistent with our efforts to further strengthen our balance sheet and reduce mark-to-market risk, we completed a securitization of our business purpose loan rental book. With the completion of this securitization as of December 31, the company's recourse leverage ratio and portfolio leverage ratio decreased to 0.3x and 0.25x, respectively, from 0.5x and 0.4x, respectively, as of September 30.

正如傑森之前提到的，調整後的每股賬面價值為 3.97%，比 9 月 30 日下降了 4.8%，並轉化為本季度調整後賬面價值的負經濟回報率為 2.4%。與我們進一步加強資產負債表和降低按市值計價風險的努力一致，我們完成了商業目的貸款租賃賬簿的證券化。隨著截至 12 月 31 日該證券化的完成，公司的追索權槓桿率和投資組合槓桿率分別從 9 月 30 日的 0.5 倍和 0.4 倍降至 0.3 倍和 0.25 倍。

In addition, as indicated on Slide 13, only 13% of our total financing arrangements, which include CDOs or securitization structures is subject to mark-to-market margin call risk, down from 23% at September 30. You can also see on Slide 13 that we have limited corporate bond maturity exposure. We have $100 million of unsecured fixed debt due in 2026 and $45 million of subordinated bonds due in 2035. This helps us maximize our liquidity, particularly in dislocated markets. We paid a $0.10 per common share dividend, which was unchanged from the prior quarter. It's been the company's policy not to provide guidance or forward dividend projections. We evaluate our dividend policy each quarter and look at the 12- to 18-month projection of not only our net interest income, but also realize our capital gains that can be generated from our investment portfolio.

此外，如幻燈片 13 所示，我們的總融資安排（包括 CDO 或證券化結構）中只有 13% 受到按市值計算的追加保證金風險，低於 9 月 30 日的 23%。您還可以在幻燈片上看到13 我們的公司債券到期風險敞口有限。我們有 1 億美元的無擔保固定債務將於 2026 年到期，還有 4500 萬美元的次級債券將於 2035 年到期。這有助於我們最大限度地提高流動性，尤其是在混亂的市場中。我們支付了每股 0.10 美元的普通股股息，與上一季度持平。公司的政策是不提供指導或前瞻性股息預測。我們每個季度都會評估我們的股息政策，不僅會查看我們的淨利息收入的 12 到 18 個月的預測，還會實現我們的投資組合可以產生的資本收益。

And with that, I will now turn it over to Nick to go over the market and strategy update. Nick?

有了這個，我現在將把它交給尼克來審查市場和戰略更新。缺口？

Hi Kristine, and good morning, everyone. I will walk you through our overall portfolio positioning. Starting first with overall portfolio acquisitions, we have meaningfully slowed down our pipeline of purchases across both residential and multifamily. This really started at the end of the second quarter of 2022, and that trend continues through the fourth quarter. Our fourth quarter 2022 acquisitions at $106 million is 89% lower than our prior peak of acquisitions in the second quarter of last year. We have achieved this significant reduction of activity due to our flexible purchasing arrangements and the minimal economic entanglements that we have with our various trading counterparties.

嗨，克里斯汀，大家早上好。我將向您介紹我們的整體投資組合定位。首先從整體投資組合收購開始，我們有意義地放慢了住宅和多戶住宅的採購渠道。這真正開始於 2022 年第二季度末，並且這種趨勢一直持續到第四季度。我們 2022 年第四季度的收購額為 1.06 億美元，比去年第二季度的收購高峰期低 89%。由於我們靈活的採購安排以及我們與各種貿易對手的最小經濟糾葛，我們已經實現了活動的顯著減少。

Overall, the portfolio's prepayments and redemptions have outpaced our investments over the last 2 quarters, which was part of the plan. We do, however, have an eye towards the future. We continue to stay actively engaged with our partners to bolster our ability to scale up our investments when the time is right. We continue to test and refine our credit criteria in the market to ascertain the availability of the different types of assets that we historically buy. We have also continued to onboard new originators, borrowers and trading partners during this temporary lull in purchase activity.

總體而言，投資組合的預付款和贖回超過了我們過去兩個季度的投資，這是計劃的一部分。然而，我們確實著眼於未來。我們繼續與我們的合作夥伴積極接觸，以增強我們在適當的時候擴大投資的能力。我們繼續在市場上測試和完善我們的信用標準，以確定我們過去購買的不同類型資產的可用性。在購買活動暫時停滯期間，我們還繼續招募新的發起人、借款人和貿易夥伴。

Now delving into single family. If you look across the board in our resi portfolio, we have consciously targeted a lower LTV profile to create a margin of safety. The portfolio across the board has LTVs in the 60s, which, in most cases, should be sufficient for par payoff even in a challenging economic environment. Furthermore, the parts and purchases in the second quarter of 2022 as housing prices peaked also means that we have less exposure to the loans that are most offside on underwriting versus what we have recently experienced, which was several months of home price declines. From a financing standpoint, we have most of our BPL rental and RPL loans in securitizations or similar structures.

現在研究單身家庭。如果您全面了解我們的 resi 投資組合，我們有意識地以較低的 LTV 概況為目標，以創造安全邊際。整個投資組合的 LTV 都在 60 年代，在大多數情況下，即使在充滿挑戰的經濟環境中，這也足以實現平價回報。此外，隨著房價見頂，2022 年第二季度的零部件和採購也意味著，與我們最近經歷的幾個月的房價下跌相比，我們對承保越位貸款的風險敞口更少。從融資的角度來看，我們的大部分 BPL 租金和 RPL 貸款都採用證券化或類似結構。

We moved the majority of our rental loan collateral into a securitization in the fourth quarter, further reducing mark-to-market margin call exposure. We continue to prioritize utilizing non-mark-to-market financings for our assets, in particular for assets that may have more duration or inherent price volatility. If you're looking at Page 17 of our supplemental, you can see that the total portfolio leverage ratios are quite high for an asset class like RPLs at 18.6x. This is due to the total portfolio leverage being a GAAP measure and does not factor in the change of the valuation of liabilities against the shifting valuation of the underlying assets. If we were to adjust for this valuation of liabilities, similar to our adjusted book value concept that Kristine mentioned earlier, the total portfolio leverage for RPLs will be closer to 7x.

我們在第四季度將大部分租賃貸款抵押品進行了證券化，進一步降低了按市值計價的追加保證金風險敞口。我們繼續優先考慮為我們的資產使用非按市值計價的融資，特別是對於可能具有更長期限或固有價格波動的資產。如果您正在查看我們補充的第 17 頁，您會發現對於像 RPL 這樣的資產類別，總投資組合槓桿比率相當高，為 18.6 倍。這是因為總投資組合槓桿是 GAAP 衡量標準，並未考慮負債估值隨標的資產估值變化而變化的因素。如果我們針對這種負債估值進行調整，類似於 Kristine 之前提到的我們調整後的賬面價值概念，RPL 的總投資組合槓桿將接近 7 倍。

Moving on, we continue to see value in concentrating our portfolio in short-term BPL bridge loans. The duration of these loans keeps the turnover of the portfolio high while also generating a compelling near-term return opportunity. We are seeing coupons widen under a more conservative credit box, and this allows us the flexibility to grow the portfolio within this asset class or to rotate when we see other opportunities.

繼續前進，我們繼續看到將我們的投資組合集中在短期 BPL 過橋貸款中的價值。這些貸款的期限使投資組合的周轉率保持在較高水平，同時也產生了令人信服的短期回報機會。我們看到優惠券在更保守的信貸箱下擴大，這使我們能夠靈活地在該資產類別中增加投資組合，或者在我們看到其他機會時進行輪換。

As an organization, we continue to invest in asset management resources for bridge and our other resi loans that will differentiate our ability to capitalize on secondary market opportunities in the future. I will note that unlike other parts of the resi portfolio where delinquencies have been relatively stable quarter-over-quarter, the delinquencies in bridge loans has increased from 8% to 13.5%. This is due to the late-stage cycle of the bridge portfolio, given the limited amount of new investment activity in the last 2 quarters and also due to the corresponding short tenor of these assets.

作為一個組織，我們繼續投資於橋樑和其他 resi 貸款的資產管理資源，這將使我們在未來利用二級市場機會的能力脫穎而出。我會注意到，與拖欠率環比相對穩定的 resi 投資組合的其他部分不同，過橋貸款的拖欠率從 8% 增加到 13.5%。這是由於橋樑投資組合的後期週期，鑑於過去 2 個季度的新投資活動數量有限以及這些資產相應的短期期限。

The majority of these delinquencies are due to loans not making their expected balloon payment at maturity, which occurs frequently in this space, and it's often worked through by our asset managers to an extension, a sale or refinance. Overall, the portfolio has experienced de minimis amounts of realized principal losses, less than 1 basis points of the $2.9 billion of bridge loan purchases we have made to date. On the multifamily side, the positive demographic trends in our target markets in the south and southeast still remain at play. What is attractive about the evolving opportunity here in mezz-lending is the further downside protection that we can get access to given lower senior financing leverage generally available in the market.

這些拖欠的大部分是由於貸款沒有在到期時進行預期的大筆付款，這在這個領域經常發生，而且我們的資產經理經常通過延期、出售或再融資來解決這個問題。總體而言，該投資組合經歷了微量的已實現本金損失，不到我們迄今為止購買的 29 億美元過橋貸款的 1 個基點。在多戶住宅方面，我們南部和東南部目標市場的積極人口趨勢仍在發揮作用。夾層貸款中不斷發展的機會的吸引力在於，我們可以獲得進一步的下行保護，因為市場上普遍存在較低的高級融資槓桿。

We should be able to access a thicker mezzanine tranche with approximately 5 to 10 additional LTV points of cushion, which should serve as additional credit enhancement in a recessionary environment. It is, however, important to note that valuation declines has thus far been muted in our portfolio, given the availability of cost-efficient senior financing and strong underlying fundamentals. As we mentioned in the previous quarter, we are waiting for yield in mezz-lending to move towards the 13% to 15% range. This has started to materialize in some respects, and we hope to build a small pipeline here.

我們應該能夠獲得具有大約 5 到 10 個額外 LTV 緩衝點的更厚的夾層部分，這應該在經濟衰退的環境中作為額外的信用增強。然而，重要的是要注意，鑑於具有成本效益的高級融資的可用性和強勁的基本面，迄今為止我們投資組合的估值下降幅度不大。正如我們在上一季度提到的，我們正在等待夾層貸款的收益率向 13% 至 15% 的範圍移動。這在某些方面已經開始實現，我們希望在這裡建立一個小管道。

As the growing maturity wall of senior debt coming due in 2023 and 2024, but with equivalent senior financing only available at lower leverage points, there is an opportunity for mezz-lending on -- to provide mezz-lending on a GAAP basis. We believe the yield profile will continue to move towards the 13% to 15% target over the coming months due to this dynamic.

隨著 2023 年和 2024 年到期的高級債務的到期壁壘越來越大，但只有在較低的槓桿點才能獲得同等的高級融資，夾層貸款才有機會在 GAAP 基礎上提供夾層貸款。我們認為，由於這種動態，未來幾個月收益率將繼續朝著 13% 至 15% 的目標邁進。

On multifamily JV, as we previously discussed, we are in the process of divesting the assets in our portfolio, and that is ongoing. Relating to the multifamily portfolio performance, once again, fundamentals are strong. The portfolio experienced rental growth of 11% in 2022 after an 8% growth in 2021. Portfolio occupancy is stable at 93% at the end of 2022. The resolutions in our portfolio also continued to occur at expectation with $36 million paying off at a 12.5% IRR.

正如我們之前討論的那樣，在多戶合資企業中，我們正在剝離我們投資組合中的資產，並且正在進行中。關於多戶型投資組合的表現，基本面再次強勁。在 2021 年增長 8% 之後，該投資組合的租金在 2022 年增長了 11%。到 2022 年底，投資組合的入住率穩定在 93%。我們的投資組合中的解決方案也繼續按預期發生，3600 萬美元的回報率為 12.5 % 內部收益率。

Delinquencies remain low in our mezz book with only 1 loan delinquent that is expected to pay off. We are pleased with the performance of this portfolio, and we will leverage the extensive sourcing and asset management ability of our team to drive further returns here in the future.

我們的夾層賬簿中的拖欠率仍然很低，只有 1 筆拖欠貸款預計會還清。我們對這個投資組合的表現感到滿意，我們將利用我們團隊廣泛的採購和資產管理能力來推動未來的進一步回報。

With that, I will pass it back to Jason for any closing comments.

有了這個，我會把它傳回給 Jason 以徵求任何結束意見。

Thank you, Nick. We are primed to utilize our strong liquidity under our low-cost structure to afford greater flexibility. While we remain selective across the residential housing sector in anticipation of near-term market dislocation, so we can participate in what we see as a coming buyers market. We want to invest through our asset management platform, and we believe this will be key to unlocking value in this distressed cycle. So at this time, we'd like to pass the call back to the operator and open it up for questions.

謝謝你，尼克。我們準備利用我們低成本結構下的強大流動性來提供更大的靈活性。雖然我們在預期近期市場混亂的情況下仍對住宅行業保持選擇性，但我們可以參與我們認為即將到來的買家市場。我們希望通過我們的資產管理平台進行投資，我們相信這將是在這個陷入困境的周期中釋放價值的關鍵。所以在這個時候，我們想把電話轉回給接線員，並公開提問。

Thank you. At this time, we will conduct a question-and-answer session (Operator Instructions). Our first question comes from Stephen Laws with Raymond James.

謝謝。此時，我們將進行問答環節（Operator Instructions）。我們的第一個問題來自 Stephen Laws 和 Raymond James。

Jason, I guess to start, first question for you. When you look at the JV multifamily of the JV equity portfolio, I think you've announced your intent to monetize that in September. So it's been 5 months. Can you talk about where you stand with making some traction on monetizing some of those assets and kind of how you see that playing out over the course of the year I think that's across roughly what, 20 assets, I think?

傑森，我想開始，第一個問題是你。當您查看 JV 股權投資組合的 JV 多戶時，我認為您已經宣布打算在 9 月將其貨幣化。就這樣過了5個月。你能談談你在將其中一些資產貨幣化方面的立場，以及你如何看待這一年中的表現，我認為這大約是 20 種資產，我認為？

Yes. Thank you. It's 19 assets. We are looking at a variety of options. We have assets that are out in the market for sale. We have investors looking at different components of our book to take us out of our -- even our LP position. We're in conversations on different parts of the portfolio. So it's active. I mean, as you can understand, the market was very quiet in December, legging into it in January. We see some pent-up demand given lack of investment activity in multifamily space over the last couple of months. The market kind of shut down prematurely in November, given some of the volatility that was out there. But we're getting good traction on investors taking a look at our properties, and we look forward to sharing more details about that.

是的。謝謝。這是19項資產。我們正在考慮多種選擇。我們有在市場上出售的資產。我們有投資者在查看我們書中的不同部分，以將我們從我們的 - 甚至是我們的 LP 位置中移除。我們正在就投資組合的不同部分進行對話。所以它是活躍的。我的意思是，如您所知，市場在 12 月非常平靜，在 1 月進入市場。鑑於過去幾個月多戶住宅領域缺乏投資活動，我們看到了一些被壓抑的需求。鑑於市場存在一些波動，市場在 11 月過早關閉。但我們對看我們房產的投資者有很好的吸引力，我們期待分享更多相關細節。

As we said earlier on calls, we're not going to provide for guidance on time lines or total returns related to those assets as they're being marketed now. And obviously, it's too speculative at this point to provide further detail there.

正如我們之前在電話會議上所說，我們不會提供與這些資產相關的時間表或總回報的指導，因為它們現在正在銷售。顯然，在這一點上提供進一步的細節過於推測。

Okay. Appreciate the comments, Jason. To maybe follow up on -- as you look forward, I know Kristine made a comment around the dividend, I believe, that it kind of takes a 12- or 18-month outlook. But when we think about the somewhat unknown kind of monetization process of those investments, and it sounds like from the deck in prepared remarks, you guys are currently pretty patient right now as far as new investment activity, leverage kind of ticked down. Are there thoughts to kind of what run rate earnings are going to be for the next year? And does it make any sense to bring the dividend down near-term and take it back up once you've kind of rotated capital and redeployed into new investments?

好的。感謝評論，傑森。也許可以跟進——正如你所期待的那樣，我知道克里斯汀對股息發表了評論，我相信，這需要 12 或 18 個月的展望。但是，當我們考慮這些投資的某種不為人知的貨幣化過程時，從準備好的發言中聽起來，你們目前對新的投資活動非常耐心，槓桿率有所下降。是否有關於明年的運行率收益的想法？在您進行某種輪換資本並重新部署到新投資中後，在短期內降低股息並恢復它是否有意義？

I know you used the word aggressive position the company to aggressively move in your closing the deck. Kind of just wanted to get your thoughts around earnings through the year and how that compares to where the dividend currently is?

我知道你在關閉甲板時使用了公司積極定位這個詞來積極移動。有點只是想了解您對全年收益的看法，以及與目前的股息相比如何？

Yes. So as you may recall, our company has historically been a company of kind of 2 paths for earnings. One is through the interest income, the other is through realized gains. So what -- when we look at our -- and as Kristine mentioned, we look at our dividend policy and the dividend with our Board. We're looking at 18-month forecast based on both activity related to interest income and costs and also activity related to realize gains. We have over $300 million portfolio of assets where we have not recognized any gains on those assets to date due to our GAAP measures. And so that provides a little bit of difficulty on kind of smoothing out a earnings calendar given the volatility of when these assets are sold and what those results look like.

是的。因此，您可能還記得，我們公司歷來是一家有兩種盈利方式的公司。一種是通過利息收入，另一種是通過已實現收益。那麼——當我們審視我們的——正如克里斯汀提到的那樣，我們與董事會一起審視我們的股息政策和股息。我們正在根據與利息收入和成本相關的活動以及與實現收益相關的活動來查看 18 個月的預測。我們擁有超過 3 億美元的資產組合，但由於我們的 GAAP 措施，我們迄今尚未確認這些資產的任何收益。因此，考慮到這些資產何時出售以及這些結果是什麼樣子的波動性，這給平滑收益日曆帶來了一些困難。

So when we look at the entirety of our portfolio and look at what we're doing on a quarterly basis for these inwardly kind of investment concepts, which is repurchases of our debt, selective purchases of assets in the market, we see that the purpose of providing the $0.10 dividend for the fourth quarter. And this is something that we discuss with the Board regularly. So we as a company, we do not provide forward guidance on our dividend. However, the point that you're bringing is that we have slowed investment activity, we see a better opportunity in the future. And the only other thing I'd add into that equation that you're looking at for earnings is the realized activity that we can generate through our sales.

因此，當我們查看我們的整個投資組合併查看我們每個季度為這些內部投資概念所做的事情時，即回購我們的債務，在市場上選擇性地購買資產，我們會看到目的為第四季度提供 0.10 美元的股息。這是我們定期與董事會討論的內容。因此，作為一家公司，我們不提供有關股息的前瞻性指引。然而，你提出的觀點是我們已經放緩了投資活動，我們看到了未來更好的機會。我要添加到你正在尋找收入的方程式中的唯一另一件事是我們可以通過銷售產生的已實現活動。

So we're going to look at all those things together and we'll continuously set what we believe is a prudent dividend policy going forward.

因此，我們將一起研究所有這些事情，我們將繼續制定我們認為是謹慎的未來股息政策。

Thanks for that color. Lastly, and you touched on it in your comments there, but you've repurchased some of your debt both in Q4 and again in February. Can you talk about the decisions behind that capital allocation and really what makes that attractive to you right now given you're generally cautious on your other options?

謝謝你的顏色。最後，您在評論中提到了這一點，但您已經在第四季度和二月份再次回購了部分債務。你能談談資本配置背後的決定嗎？考慮到你對其他選擇通常持謹慎態度，現在是什麼讓你對它有吸引力？

Yes. So when we look at the market and look at the capital we have to deploy, we do see teams returns opportunity in single-family, multifamily, mostly within the bridge loan opportunity space and within multifamily pre-mezzanine lending. We do -- we believe we can achieve that. Now the question is, are we better -- what are the opportunity cost of that capital today by allocating to a 14% return when we have been circling around and seeing these opportunities that we think will percolate in the near-term, that could provide greater returns than that. So in a market where we're trading at a discount, it's difficult to raise new capital that won't be dilutive to our shareholders.

是的。因此，當我們審視市場並審視我們必須部署的資本時，我們確實看到了單戶、多戶的團隊回報機會，主要是在過橋貸款機會空間和多戶預夾層貸款中。我們做到了 - 我們相信我們可以實現這一目標。現在的問題是，我們是否更好——當我們一直在盤旋並看到我們認為會在短期內滲透的這些機會時，通過分配 14% 的回報率，今天該資本的機會成本是多少？比這更大的回報。因此，在我們以折扣價交易的市場中，很難籌集到不會稀釋我們股東的新資本。

Instead, we'd rather hold that cash back and wait for that better return. And it's really a forecast over kind of a 2- to 3-year total return on our capital versus making that incremental return in the next couple of months. So that's kind of the view that we're taking on the asset deployment. As it relates to repurchases, we do see in the secondary market, we traffic that market quite a bit. And we do see opportunities to buy some of our securitization debt back at discounts. We find that accretive, obviously, you can monetize this account immediately on those assets on that debt, but also provides us greater flexibility for calling transactions in the future, given our bigger equity piece that we have through the creation of monetizing that debt that we just repurchased. It gives us more flexibility on that capital stack going forward.

相反，我們寧願保留現金並等待更好的回報。這實際上是對我們資本 2 到 3 年總回報率的預測，而不是在未來幾個月內實現增量回報。這就是我們對資產部署的看法。由於與回購有關，我們確實在二級市場上看到，我們對該市場進行了大量交易。我們確實看到了以折扣價回購部分證券化債務的機會。我們發現，顯然，您可以通過該債務的那些資產立即將這個賬戶貨幣化，但也為我們提供了更大的靈活性，以便在未來調用交易，因為我們通過創建我們所擁有的貨幣化該債務而擁有更大的股權。剛剛回購。它使我們在未來的資本堆棧上具有更大的靈活性。

So what we're trying to do is here is to provide more options for us and at the same time, have something that we're buying is accretive and lowers the risk profile for the company. So that's -- we do see them in the market. We're not -- there's some that we're not looking at buying all the asphalt of debt that we see in the market related to our securities, but we do see some that make more sense than others.

因此，我們在這裡要做的是為我們提供更多選擇，同時，讓我們購買的東西能夠增加並降低公司的風險狀況。那就是——我們確實在市場上看到了它們。我們不是——有些我們不打算購買我們在市場上看到的與我們的證券相關的所有債務，但我們確實看到一些比其他更有意義。

And then obviously, just take it a little bit further. And on share repurchases, we -- I'm sure this question will come up. We do see opportunities to utilize our capital for share repurchases. It's accretive to our balance sheet at a discount in the market. We just re-upped our repurchase program, $200 million, and we'll continuously look into the market for opportunities there. And the last thing I'll mention is one of the other ways of kind of bridging the gap, if you will, on earnings for interest income as we wait for this opportunity is outside of the credit markets. And in that area, we're looking at agencies as a way of deferring some of the kind of the running cost today, putting assets to work and having downside protection through a principal protected asset class.

然後很明顯，只是更進一步。在股票回購方面，我們——我相信這個問題會出現。我們確實看到了利用我們的資金回購股票的機會。它以市場折扣價增加了我們的資產負債表。我們剛剛重新增加了我們的回購計劃，2 億美元，我們將繼續研究市場，尋找機會。我要提到的最後一件事是彌合差距的其他方法之一，如果你願意的話，在我們等待這個機會的時候，利息收入的收益是在信貸市場之外的。在那個領域，我們正在將機構視為一種推遲當今某些運營成本、讓資產發揮作用並通過本金保護資產類別獲得下行保護的方式。

So I think the expectation is in the next quarter that you will see that we're starting to leg into the agency market. And we'll do so even more so if we feel like this opportunity or the catalyst I described earlier is taking longer to develop.

所以我認為下個季度你會看到我們開始涉足代理市場。如果我們覺得這個機會或我之前描述的催化劑需要更長的時間來開發，我們會做得更多。

Our next question comes from Doug Harter with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Harter。

Just on that last point about possibly deploying some capital into agency. I guess how do you think about the volatility of that capital and kind of the risk that you're willing to take with that capital as it's -- as you kind of -- it sounds like you're viewing it more as a placeholder versus kind of the core strategy?

關於可能將一些資本部署到代理機構的最後一點。我想你如何看待該資本的波動性以及你願意用該資本承擔的風險，因為它 - 就像你一樣 - 聽起來你更像是將其視為佔位符而不是什麼樣的核心戰略？

That's right. We've traditionally -- our company has originally invested in agency market. We've had a position there for quite some time. We took it off when we felt like there was a better opportunity in the credit space. And we've been looking at this sector ever since we took it off, it's just not a core strategy for us, but it is a strategy of more of a cash management tool. And obviously, the market has experienced quite a bit of volatility in the agency space given rates, which is the reason why we haven't allocated to that to date despite the low investment activity. We've always had that as an option for us and we decided against it.

這是正確的。我們傳統上 - 我們公司最初投資於代理市場。我們在那裡佔有一席之地已經有一段時間了。當我們覺得信貸領域有更好的機會時，我們就取消了它。自從我們取消這個部門以來，我們一直在關注這個部門，這對我們來說不是核心戰略，但它更像是一種現金管理工具的戰略。顯然，鑑於利率，市場在代理空間經歷了相當大的波動，這就是為什麼儘管投資活動低但我們迄今為止還沒有分配給它的原因。我們一直把它作為我們的一個選擇，但我們決定反對它。

We do see parts of the market that look interesting for that particular vet today. And yes, you're right, it is a shorter-term strategy hold. But I can see going through this cycle that we actually may keep a position in that space on a near- or medium-term basis, just then on a near-term basis. So we're -- we've been trafficking in this market, and we believe it's -- we're at a time now where we can start legging into the trade, given some of the volatility has passed. Now there's definitely more volatility to come. We look to fully interest rate hedge our position to mute some of that volatility from the rate markets and look for agency assets that have a better degree of extension given some of the spec pools that are out there. So we'll be focusing on that part of the market, but doing so solely and taking consideration the volatility that may come.

我們確實看到市場的某些部分對今天的特定獸醫來說很有趣。是的，你是對的，這是一個短期策略持有。但我可以看到，在這個週期中，我們實際上可能會在近期或中期保留該領域的頭寸，然後才在近期。所以我們 - 我們一直在這個市場上交易，我們相信它 - 我們現在正處於可以開始進入交易的時間，因為一些波動已經過去。現在肯定會有更多的波動。我們希望對我們的頭寸進行全面的利率對沖，以消除利率市場的一些波動性，並尋找在現有的一些投機池中具有更好擴展程度的機構資產。因此，我們專注於市場的這一部分，但只這樣做並考慮可能出現的波動。

And then earlier, you guys mentioned that you're still kind of prioritizing the shorter duration BPL loans. Can you just talk about kind of (inaudible) way kind of the advantages of those shorter duration versus the opportunity to kind of lock in spreads that are relatively wide today for a longer duration?

然後早些時候，你們提到你們仍然在優先考慮期限較短的 BPL 貸款。你能談談那種（聽不清）較短期限的優勢與鎖定今天相對較寬的利差較長期限的機會嗎？

Sure, Doug. This is Nick. We still believe that there is probably going to be more compelling opportunities for assets with potentially more credit risk or potentially more duration in the future. So that's really what's informing us in terms of trying to focus more on the short-term bridge. And furthermore, that can also build -- potentially build up interest income, which is something that we do have lots of parts of our portfolio that have -- could potentially already have embedded realized gains, such as our multifamily JV. So it would be good to balance that with residential products of shorter duration that generates a high degree of interest income.

當然，道格。這是尼克。我們仍然相信，對於未來可能具有更高信用風險或更長期限的資產，可能會有更多引人注目的機會。所以這真的告訴我們要更多地關注短期橋樑。此外，這還可以建立——可能增加利息收入，這是我們投資組合中的很多部分——可能已經嵌入了已實現的收益，比如我們的多戶合資企業。因此，最好將其與產生高利息收入的較短期限的住宅產品進行平衡。

I'll add to that point real quick, which is something that we've been looking at and feel is likely to happen in the near-term. But there's a lot of market participants that went into the BPL space that doesn't have the asset management capability to manage that through distress cycle. I mean, if you can go back to 2007, have a lot of originators origining loans, once like, went above 3%, kind of the wheels fall off for asset management on those portfolios, which allowed all types of anomalies in asset management for those delinquencies.

我會很快補充這一點，這是我們一直在關注並認為可能在短期內發生的事情。但是有很多進入 BPL 領域的市場參與者沒有資產管理能力來管理它度過困境週期。我的意思是，如果你能回到 2007 年，有很多發起人發放貸款，曾經超過 3%，這些投資組合的資產管理的輪子有點脫落，這允許資產管理中的所有類型的異常那些欠款。

We see similar patterns here in this space where you have an investor that came in and bought a portfolio they back it up with a strong asset management capability, but we looked at it as more of a performing asset class. So we see opportunities where we can step in and help those problems that may emulate through poor management, and that's where some of the distressed and dislocation, we think, will be attractive for us to leg in to.

我們在這個領域看到了類似的模式，你有一個投資者進來併購買了一個投資組合，他們以強大的資產管理能力支持它，但我們更多地將其視為一種表現良好的資產類別。因此，我們看到了我們可以介入的機會，並幫助解決那些可能因管理不善而出現的問題，而我們認為，這就是一些苦惱和混亂的地方，對我們來說很有吸引力。

So when I said earlier that we're focused on inwardly in our asset management capability, we see an opportunity for both service income -- fee income, managing -- helping manage others with their portfolios as well as taking out portfolios down that are difficult to manage for those investors.

因此，當我之前說過我們專注於我們的資產管理能力時，我們看到了服務收入——費用收入、管理——幫助管理他人的投資組合以及降低投資組合的機會。為這些投資者管理。

And just you mentioned the delinquency rate on the portfolio today. I guess if you could just give us a context of kind of where that run kind of a range that you've experienced kind of in your portfolio over time?

剛才你提到了今天投資組合的拖欠率。我想你是否可以給我們一個背景，說明你在投資組合中經歷過的範圍？

Yes. So the numbers that I quoted earlier was on the BPL Bridge. That delinquency range is on the higher end of where we have historically experienced but there hasn't been a time period where our -- the pace of our investments in that particular asset class has slowed. So a couple of -- over the last couple of quarters, we have not really invested a lot in there. So our overall portfolio seasoning has just been at the back end. So as I mentioned earlier, there is -- it's fairly common for borrowers as they approach maturity to either in an effort to preserve capital and then pay it off after a refinance or a sale that they do go delinquent.

是的。所以我之前引用的數字是在 BPL 橋上。該拖欠率範圍處於我們歷史上經歷過的較高水平，但我們在該特定資產類別上的投資步伐從未放緩過一段時間。所以幾個 - 在過去的幾個季度裡，我們並沒有真正投入太多。因此，我們的整體投資組合調味料剛剛處於後端。因此，正如我之前提到的，對於借款人來說，這是相當普遍的，因為他們接近到期時要么努力保存資本，然後在他們確實拖欠的再融資或出售後還清。

So from our perspective, we monitor this very closely. We -- in fact, one of the things that we do is we actually try to engage the borrower to execute extensions and try to charge the appropriate amount for these extensions because the cost of capital of that debt on our balance sheet is high. So for borrowers to just extend comfortably is something which we will not do. So we want to engage these borrowers. We will charge them the appropriate offer extensions. And that sometimes that negotiation results in some amount of delinquency as we work that through.

因此，從我們的角度來看，我們會非常密切地監控這一點。我們 - 事實上，我們所做的其中一件事是我們實際上試圖讓借款人執行延期並嘗試為這些延期收取適當的金額，因為我們資產負債表上該債務的資本成本很高。因此，我們不會讓借款人舒舒服服地延期。所以我們想吸引這些借款人。我們將向他們收取適當的優惠延期費用。有時，在我們解決問題的過程中，談判會導致一定程度的拖欠。

So overall, we continue to monitor the progress of the performance of the portfolio. We're still very happy with where it is. Given the seasoning of the portfolio, a lot of these projects, when they're complete, we'll still be profitable for these investors. So we don't see the distress in that particular area to come. So with that, we're going to continue to focus on asset management, and we're going to continue to monitor the levels of delinquency, but this is something that we expected as we slow down investment activity over the last couple of quarters.

因此，總體而言，我們將繼續監控投資組合績效的進展。我們仍然對它的位置感到非常滿意。考慮到投資組合的成熟度，其中很多項目在完成後仍將為這些投資者帶來利潤。所以我們看不到那個特定領域的困境即將到來。因此，我們將繼續專注於資產管理，我們將繼續監控拖欠水平，但這是我們在過去幾個季度放慢投資活動時所預期的。

(Operator Instructions) Our next question comes from Bose George with KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Bose George。

This is actually Mike Smyth on for Bose. Maybe just one-one on credit in the BPL business. How much of the pickup in delinquency rate has been driven by home sales freezing up versus the lack of availability of permanent financing? Do you see any trends here or is it kind of mix across the board?

這實際上是 Bose 的 Mike Smyth。也許只是 BPL 業務中的一對一信貸。房屋銷售凍結與缺乏永久融資的可用性推動了拖欠率的上升？您在這裡看到任何趨勢還是全面混合？

I will say that probably what these borrowers feel more is the fact that there is just less lending available, generally speaking. So a lot of these borrowers who would require more time to finish these projects would typically seek out refinancings. And the refinancing availability is just lower. So because of that, we tend to work with these borrowers to keep them with us and then sizing the return or the extension fees that we would charge appropriately.

我要說的是，這些借款人可能更感受到的是，一般來說，可用貸款較少。因此，許多需要更多時間來完成這些項目的借款人通常會尋求再融資。再融資的可用性就更低了。因此，正因為如此，我們傾向於與這些借款人合作，讓他們留在我們身邊，然後確定我們將適當收取的回報或延期費用。

One thing I'd like to add there is that you have a portfolio that we purposely have targeted low percent of capital required for the completion, right? So we looked at projects with easy to complete. But even in those situations, if anybody is finishing a home and refurbishing different parts of the house, I mean, the time lines that from a -- early 2021 origination, the talents have extended to get work done, and that's just a fact across the entire United States. So it's not surprising to see that you have sell of the portfolio that needs more time to finish the project, which is where a lot of the extensions and delinquencies come up that Nick is referring to.

我想補充的一件事是，你有一個投資組合，我們有意將完成所需資本的百分比定為目標，對嗎？因此，我們查看了易於完成的項目。但即使在那些情況下，如果有人正在裝修房屋並翻新房子的不同部分，我的意思是，從 2021 年初開始的時間線，人才已經延長到完成工作，這只是一個事實整個美國。因此，看到您出售需要更多時間來完成項目的投資組合也就不足為奇了，這就是尼克所指的許多延期和拖欠的地方。

So we want to provide that time line to complete the job, even though it is a lower percent of total value of the home that we've approved for completions, but we do so in making it aligning the bar with us, and that's the point of the cost, which is additional return on our investment related to those assets. We don't make it easy. We want the alignment. We want to make it difficult and make it somewhat painful to have those extensions put in place. But we do see that there is lots of situations where it pops up where the bar needs more time to complete where the house is under a sale agreement and it's a 45-day close with the financing, it just takes time. So we allow for those types of things.

所以我們想提供完成工作的時間表，即使它占我們批准完成的房屋總價值的百分比較低，但我們這樣做是為了讓它與我們保持一致，這就是成本的一部分，這是我們與這些資產相關的投資的額外回報。我們並不容易。我們想要對齊。我們想讓實施這些擴展變得困難和痛苦。但我們確實看到，在很多情況下，它會突然出現，酒吧需要更多時間才能完成，而房子處於銷售協議之下，融資需要 45 天，這只是需要時間。所以我們允許這些類型的事情。

And then maybe just from an asset management perspective, what's the time line usually look like fees, et cetera, in terms of kind of getting these loans resolved? And then can you kind of talk about the capacity on your end to the extent the delinquency rate continues to increase from this 13%, 14% range?

然後，也許只是從資產管理的角度來看，就解決這些貸款而言，時間線通常看起來像費用等等？然後你能談談拖欠率從這個 13%、14% 的範圍繼續增加的程度嗎？

Sure. So we have an internal asset management team that has capacity to take on significantly more of these delinquencies. It's also important to note that we have servicers and asset managers on this portfolio on the third-party side that is doing a lot of the leg work in terms of communication with the borrowers and making sure that these borrowers understand what our processes are relating to extensions and so on and so forth.

當然。因此，我們有一個內部資產管理團隊，有能力承擔更多的此類拖欠。同樣重要的是要注意，我們在第三方的這個投資組合中有服務商和資產經理，他們在與借款人的溝通方面做了大量的腿部工作，並確保這些借款人了解我們的流程與什麼有關擴展等等。

In terms of timing, it usually takes, let's say, if someone approaches that maturity, usually takes anywhere between, let's say, 3 to 6 months to resolve. In some cases, sooner, it really depends on what the -- what -- why they are -- why it's taking longer. Is it -- are they waiting for a sale or are they waiting for refinance? And then with regards to just making sure that the cost of capital is aligned, we are seeing our extension fees increase over the past, let's say, 6 to 12 months. So typically now, we're charging 100 to 200 basis points for a 3-month extension. And that -- the 100 to 200 basis points will be dependent on whether or not that is paid upfront or is paid in the back end.

就時間而言，比方說，如果有人接近那個成熟度，通常需要 3 到 6 個月之間的任何時間來解決。在某些情況下，更快，這實際上取決於它們是什麼 - 為什麼 - 為什麼需要更長的時間。是——他們是在等待出售還是在等待再融資？然後關於確保資本成本保持一致，我們看到我們的延期費用在過去增加了，比方說，6 到 12 個月。所以通常現在，我們對 3 個月的延期收取 100 到 200 個基點的費用。而且 - 100 到 200 個基點將取決於是預先支付還是在後端支付。

That's really helpful color. And maybe just one more, have you seen any changes to your book size so far in the first quarter?

那是非常有用的顏色。也許還有一個，到目前為止，您是否看到第一季度的書籍大小有任何變化？

Yes. So the quarter-to-date, we estimate our adjusted book value to be up between 3% to 4%.

是的。因此，本季度至今，我們估計調整後的賬面價值將增長 3% 至 4%。

(Operator Instructions) Our next question comes from Christopher Nolan with Ladenburg.

（操作員說明）我們的下一個問題來自拉登堡的克里斯托弗諾蘭。

Nick, welcome. Kristine, the decline in interest expenses quarter-over-quarter, was that related to -- last quarter had interest expense from mortgage payables. Was that absent this quarter?

尼克，歡迎。克里斯汀的利息支出環比下降與上一季度的抵押貸款應付利息支出有關。這個季度缺席了嗎？

No. It was reclassified from interest expense to expenses related to real estate, Chris. So that resulted in that number being lower. But if you look at our filings and our press release, those have been reclassified also and shown in the prior periods as being reclassed to expenses related to operating real estate.

不，它已從利息支出重新分類為與房地產相關的支出，克里斯。因此，這導致該數字較低。但是，如果您查看我們的文件和新聞稿，這些文件和新聞稿也已重新分類，並在前期顯示為重新分類為與經營房地產相關的費用。

So it's just a shifting categories, right?

所以這只是一個不斷變化的類別，對吧？

That's right.

這是正確的。

And then on the follow-up on the multifamily, I have noticed that the interest coverage quarter-over-quarter has declined from 170, 179 to 150. But the LTVs have remained relatively steady quarter-over-quarter. How frequently are the valuations done that go into that LTV formula?

然後在多戶家庭的後續行動中，我注意到利息覆蓋率環比從 170、179 下降到 150。但 LTV 環比保持相對穩定。 LTV 公式中的估值多久進行一次？

So the valuations are done for our held for sale portfolio on a quarterly basis as part of our impairment exercise. In terms of the portfolio, that's not for sale or not part of the disposal group, that appraisal is really done on a yearly basis, consistent with our agreements. So that is updated yearly. So portion would be quarterly -- a portion of it will be quarterly. That's the $244 million portfolio that we have will be refreshed quarterly, and then the $140-something million that we have on one JV structure will be refreshed yearly.

因此，作為減值工作的一部分，我們每季度對持有待售的投資組合進行估值。就投資組合而言，不出售或不屬於處置組的一部分，評估實際上是每年進行一次，符合我們的協議。所以每年更新一次。所以部分將是季度 - 其中一部分將是季度。那是我們擁有的 2.44 億美元的投資組合將每季度更新一次，然後我們在一個合資企業結構上擁有的 1.4 億美元的投資組合將每年更新一次。

So is it fair to say that the DSCR ratios are current, but the LTVs are lagging?

那麼可以說 DSCR 比率是最新的，但 LTV 滯後嗎？

Yes, that's a fair statement.

是的，這是一個公平的聲明。

And then is the intention for the multifamily mezz portfolio to just simply run that off given the more defensive characteristic of your investment approach you says?

然後，鑑於您所說的投資方法更具防禦性，多戶夾層投資組合的目的是簡單地運行它嗎？

Yes. So in the multifamily space, given that is also kind of a short duration financing that we put in place, we are seeing -- as we report every quarter, we are seeing high paydowns related to that portfolio. What we do see in that space is the catalyst there is related to about $120 billion of senior financing that will be coming due over the next 18 months. And that capital that is -- that debt financing on multifamily profits across the United States that is coming due is coming due with LTVs or advance rates that are 10% to 15% lower than they were at the time of financing.

是的。因此，在多戶住宅領域，鑑於這也是我們實施的短期融資，我們看到——正如我們每個季度報告的那樣，我們看到與該投資組合相關的高回報。我們在該領域看到的是與未來 18 個月到期的約 1200 億美元高級融資相關的催化劑。那筆資金——即將到期的美國多戶家庭利潤的債務融資將以比融資時低 10% 至 15% 的 LTV 或預付利率到期。

So we're -- the market -- the lending market has obviously lowered their advance rate given the turmoil that the market is experiencing. And what is -- what we see as an opportunity there is basically GAAP funding on a short-term basis related to some of that refinancing activities take place. We think we can do that, as Nick mentioned on the call, we think we can do that at 10% to 15% royalties than we have today on our portfolio and origination and also raise our coupon anywhere from 200, 300 basis points from where we are today.

所以我們 - 市場 - 鑑於市場正在經歷的動盪，貸款市場顯然降低了他們的提前利率。什麼是 - 我們認為這是一個機會，基本上是與一些再融資活動相關的短期 GAAP 資金。我們認為我們可以做到這一點，正如 Nick 在電話會議上提到的那樣，我們認為我們可以比現在的投資組合和起源收取 10% 到 15% 的特許權使用費，並將我們的優惠券提高 200、300 個基點我們今天。

So we're kind of targeting a 14% to 15% kind of coupon in that space with total turn economics on make-wholes that would put us in the teens. We're not quite there yet in the market. It's definitely wider, and it's wider quarter-over-quarter sequentially. But there will be some pressure that we're going to see in that space on the refinancing side. So I wouldn't say that it's going to be a roll down of the portfolio. It's more of a wait and see in this bridge loan GAAP funding opportunity that we think is coming to a market soon.

因此，我們的目標是在該領域提供 14% 至 15% 的優惠券，並在整個生產過程中實現整體經濟，這將使我們處於青少年時期。我們還沒有進入市場。它肯定更寬，而且比上一季度更寬。但在再融資方面，我們將在該領域看到一些壓力。所以我不會說這將是投資組合的縮減。我們認為這個過渡貸款 GAAP 融資機會更多的是觀望，我們認為它很快就會進入市場。

(Operator Instructions) Our next question comes from Eric Hagen with BTIG.

（操作員說明）我們的下一個問題來自 BTIG 的 Eric Hagen。

I hope you guys are doing all right. A couple for me. Is any of the multifamily portfolio pledged as collateral for financing? And are those assets included in the unencumbered assets that you advertise having? And then the $26.5 million margin call that you received in the fourth quarter, can you describe which assets in the portfolio drove that margin call and when in the quarter it was kind of concentrated? Like, is that $26.5 million like a net margin call for the quarter kind of like how big did it maybe get when spreads were really wide in October?

我希望你們一切都好。對我來說一對。是否有任何多戶家庭投資組合被抵押為融資抵押品？這些資產是否包含在您宣傳的未抵押資產中？然後你在第四季度收到了 2650 萬美元的追加保證金通知，你能描述一下投資組合中的哪些資產推動了追加保證金通知，以及它在本季度什麼時候比較集中嗎？比如，2650 萬美元是否像本季度的淨保證金要求一樣，就像 10 月份利差真的很寬時它可能有多大？

So I'll answer the first question. So the unencumbered, the multifamily portfolio is not levered. So there's no leverage on them. And then the unencumbered assets that we do disclose in our supplemental does not include that portfolio as well. In terms of the margin call, that's mostly related to residential loans, and that's the number that we've actually paid out during the quarter.

所以我會回答第一個問題。因此，無負擔的多戶投資組合沒有槓桿作用。所以他們沒有任何影響力。然後，我們在補充文件中披露的未支配資產也不包括該投資組合。就追加保證金而言，這主要與住宅貸款有關，這是我們在本季度實際支付的數字。

Was that a net margin call for the quarter? Like in October, when spreads were really wide, what was the margin call you may have received in the loan portfolio?

這是本季度的淨利潤要求嗎？就像在 10 月份，當利差非常大時，您在貸款組合中收到的追加保證金通知是多少？

That's the gross number, Eric.

這是總數，埃里克。

That's the first number. We have -- if you look at our portfolio, we have a very -- a small portion of it on mark-to-market repo. A lot of it is non-mark-to-market facilities or securitizations, hence a smaller number.

這是第一個數字。我們有——如果你看一下我們的投資組合，我們有一小部分是按市值計價的回購協議。其中很多是非按市值計價的設施或證券化，因此數量較少。

(Operator Instructions) Our next question comes from [Wes Martins] with JLS.

（操作員說明）我們的下一個問題來自 [Wes Martins] 和 JLS。

My name is Wes, I'm a small investor. Just looking at the results and the (inaudible) in the room for me is the 4:1 split. I just wanted to know what was your main focus, main reason for turning the 4:1 split?

我叫韋斯，我是一名小投資者。只看結果，房間裡的（聽不清）對我來說就是 4:1 的分配。我只是想知道你的主要關注點是什麼，將 4:1 拆分的主要原因是什麼？

Yes. So I mean, obviously, nothing material occurs from a reverse split of our shares. We do find that some of our investors who could afford more flexibility in our share activity in the market through better liquidity with a higher share price, which is simply the reason why we did that. It does bring some liquidity to the market given the share price at that level versus below $5 level. So obviously, not much of a change materially to the company or to the metrics, simply it was a measure for helping on the balance liquidity for our shares.

是的。所以我的意思是，很明顯，我們的股份反向分割不會產生任何實質性影響。我們確實發現，我們的一些投資者可以通過更好的流動性和更高的股價來為我們在市場上的股票活動提供更大的靈活性，這就是我們這樣做的原因。鑑於該水平的股價與低於 5 美元的水平相比，它確實為市場帶來了一些流動性。很明顯，對公司或指標沒有太大的改變，只是一種幫助平衡我們股票流動性的措施。

And how -- the next step that interest rate hike, they're talking about more interest rate hikes. How is that going to affect the bottom line here?

以及如何 - 下一步加息，他們正在談論更多的加息。這將如何影響這裡的底線？

Are you referring to the future expected Fed hike?

你指的是未來預期的美聯儲加息嗎？

Yes, exactly.

對，就是這樣。

So I mean, look, we have obviously have endured historic rate increases in our portfolio to date. We have a very short duration portfolio in both multifamily and single family. When you look at our assets, they're paying off at a high rate. We had a fit of our portfolio that paid down -- that paid off in the last quarter through our portfolio reduction. We have our multifamily JV equity assets, which benefit from inflation through higher rental rates. We also have caps against those positions for our financing costs that exists. So we feel that we're well covered there. So -- and ultimately, we think, see it as an opportunity where the assets could be kind of shaken out a little bit further in the market and part of the catalyst that we see to legging into better risk-adjusted returns in the future.

所以我的意思是，到目前為止，我們的投資組合顯然已經經歷了歷史性的利率上漲。我們在多戶型和單戶型中的投資組合持續時間非常短。當您查看我們的資產時，它們的回報率很高。我們有一個合適的投資組合已經付清了——在上個季度通過我們的投資組合減少得到了回報。我們擁有我們的多戶合資股權資產，這些資產通過更高的租金率從通貨膨脹中受益。我們還對現有融資成本的這些頭寸設置了上限。所以我們覺得我們在那裡被很好地覆蓋了。因此 - 我們認為，最終，將其視為一個機會，可以在市場上進一步動搖資產，並成為我們認為在未來獲得更好的風險調整後回報的催化劑的一部分。

I'm showing no further questions at this time. I'd now like to turn it back to Jason Serrano for closing remarks.

我現在沒有進一步的問題。我現在想把它轉回給 Jason Serrano 作結束語。

Yes. Thank you for spending time with us this morning. We look forward to discussing our Q1 results on our next call. Have a great day.

是的。感謝您今天早上與我們共度時光。我們期待在下次電話會議上討論第一季度的結果。祝你有美好的一天。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程序到此結束。您現在可以斷開連接。