New York Mortgage Trust Inc (NYMT) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust First Quarter 2023 Financial Results Conference Call. (Operator Instructions). This conference is being recorded on Thursday, May 4, 2023.

早上好，女士們，先生們，感謝你們的支持。歡迎參加紐約抵押貸款信託公司 2023 年第一季度財務業績電話會議。 （操作員說明）。本次會議將於 2023 年 5 月 4 日星期四錄製。

A press release and supplemental financial presentation with New York Mortgage Trust's first quarter 2023 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 and Presentations section of the company's website.

昨天發布了紐約抵押貸款信託公司 2023 年第一季度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，我們還舉辦了今天電話會議的網絡直播，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 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 the 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，電話會議期間作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。儘管紐約抵押信託相信任何前瞻性陳述中反映的預期都是基於合理的假設，它不能保證其預期將會實現。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 take it away.

現在，我想介紹一下首席執行官 Jason Serrano。傑森，請把它拿走。

Thank you, operator. Good morning, everyone. Thank you for joining our first quarter 2023 earnings call. On the call with me today is Nick Mah, President; and Kristine Nario, Chief Financial Officer. I'll begin by providing some market information and briefly touch on the first quarter performance before passing the call to Kristine, who will discuss our quarterly results in more detail. Nick will then discuss an update to our portfolio and market opportunity.

謝謝你，運營商。大家，早安。感謝您加入我們 2023 年第一季度的財報電話會議。今天與我通電話的是總裁 Nick Mah；和首席財務官 Kristine Nario。我首先提供一些市場信息並簡要介紹第一季度的業績，然後再將電話轉給克里斯汀，她將更詳細地討論我們的季度業績。然後尼克將討論我們的投資組合和市場機會的更新。

The first quarter was a challenging environment. And you saw the real beginnings of a risk-off mentality after regional banks entered a type of liquidity vortex related to their deposits. Distortions to 0 interest rates are on full display here. Left with a material portion of fixed rate assets or at below Fed funds rates, some regional banks are caught in liquidity crunch. Liquidity is locked up in these assets and pushed into the distant future. We recently witnessed 3 of the 4 largest banks failures in the U.S. history.

第一季度是充滿挑戰的環境。在地區性銀行進入一種與其存款相關的流動性漩渦之後，你看到了避險心態的真正開始。零利率的扭曲在這裡得到了充分展示。留下大量固定利率資產或低於聯邦基金利率，一些地區性銀行陷入流動性緊縮。流動性被鎖定在這些資產中，並被推向遙遠的未來。我們最近目睹了美國歷史上最大的 4 家銀行中的 3 家倒閉。

Total assets of the deposits are approximately $550 billion compared to a total in 2008 of $365 billion. Regional bank deposits issues seem far from over. Provisions taken on CRE loans, particularly office are still to come. These events have accelerated what we see as an end stage to the growth cycle. There are many market signals that show a recession is near. Last quarter, we showed a graph related to quarter-over-quarter change for lending standards, which were on the rise. And this was noted before the regional bank liquidity issues.

存款總資產約為 5500 億美元，而 2008 年的總資產為 3650 億美元。區域性銀行存款問題似乎遠未結束。對 CRE 貸款，特別是辦公室貸款的準備金仍未完成。這些事件加速了我們所認為的增長周期的結束階段。有許多市場信號表明經濟衰退即將來臨。上個季度，我們展示了一張與貸款標準環比變化相關的圖表，該標準呈上升趨勢。而這是之前註意到的區域性銀行流動性問題。

On Page 7 of our presentation, we highlighted the obvious fact that the entire yield curve is inverted, but the not so obvious fact is that the months of inversion are now beyond or very close to when recessions were previously triggered. Whether you look at the trends or M2, money supply growth or -- which is negative 1.1%, which is the lowest since the great recession or our manufacturing ISM index, a variety of other leading indicators.

在我們演示文稿的第 7 頁，我們強調了整個收益率曲線倒掛的明顯事實，但不那麼明顯的事實是，倒掛的月份現在已經超過或非常接近先前引發衰退的時間。無論你是看趨勢還是 M2、貨幣供應增長，還是——負 1.1%，這是自大衰退或我們的製造業 ISM 指數以來的最低水平，以及其他各種領先指標。

This is likely the most advertised recession in the U.S. history. No two recessions are the same, and we do not see U.S. housing leading the decline in this downturn. In fact, we believe U.S. housing including multifamily asset class will outperform in this market. On the right side of the Page 7, we discussed how the previous 2000 themes of the great financial crisis are simply not relevant today. Mainly the U.S. mortgage is predominantly fixed rate and underwritten with higher lending standards than 2007.

這可能是美國歷史上宣傳最多的衰退。沒有兩次衰退是相同的，我們沒有看到美國房地產在這次低迷中領跌。事實上，我們認為包括多戶資產類別在內的美國住房將在這個市場上表現出色。在第 7 頁的右側，我們討論了 2000 年前金融危機的主題如何與今天完全不相關。主要是美國抵押貸款以固定利率為主，並以比 2007 年更高的貸款標準承保。

Mortgage payment shocks are not an issue like it was in -- at that time with -- after the Fed's aggressive rate hikes. Also, the incentives for homeowners to walk away from their mortgage and rent across the street, which was a common theme in 2007 is an option that is out of money for today's homeowner. Besides the vast home equity that has been built up, the cheap cost of housing given 0 interest rate policy offered a few years back, makes this move uncompelling.

在美聯儲積極加息之後，抵押貸款支付沖擊不再像當時那樣成為問題。此外，房主放棄抵押貸款並在街對面租房的激勵措施是 2007 年的一個共同主題，但對於今天的房主來說，這是一個沒有錢的選擇。除了已經建立起來的大量房屋淨值外，幾年前提供的零利率政策下的低廉住房成本，使得此舉沒有吸引力。

The supply side of the housing remains stubbornly low. Less than 1 million units on sale in the United States are less than 3 months of supply. This is a comfortable area to keep HPA range bound. This is primarily due to a locked market where sellers do not want to lose their low cost of financing, but also may have issues finding replacement housing. On the other side, new home buyers are delaying purchase plans with borrowing costs above 5.5% and little inventory to choose from. However, we know that the housing market is not insulated from higher loan default risk. Wage loss due to layoffs, as an example, will push delinquencies higher.

住房的供應量仍然很低。在美國銷售的不到 100 萬台是不到 3 個月的供應量。這是保持 HPA 範圍限制的舒適區域。這主要是由於市場鎖定，賣家不想失去低成本的融資，但也可能難以找到替代住房。另一方面，由於借貸成本高於 5.5% 且可供選擇的庫存很少，新購房者正在推遲購買計劃。然而，我們知道房地產市場並不能避免更高的貸款違約風險。例如，裁員造成的工資損失將推高拖欠率。

For the U.S. housing credit market, the loss given default should prove to what -- to be a somewhat stable parameter to underwrite, much different than 2017. We believe these factors will contribute to a favorable secondary market opportunity for distressed investors in U.S. housing. Given the persistent regional bank liquidity problems and recessionary concerns, we believe the opportunity will open up this year and add to attractive risk-adjusted returns in a dislocated market. With 2 decades of residential housing investments and loan and property-level asset management experience in both single-family and multifamily, we are well equipped to unlock value in this market.

對於美國住房信貸市場，違約損失應該證明是一個相對穩定的承保參數，與 2017 年大不相同。我們相信這些因素將有助於為陷入困境的美國住房投資者提供有利的二級市場機會。鑑於持續存在的區域銀行流動性問題和經濟衰退擔憂，我們相信今年機會將會出現，並在混亂的市場中增加有吸引力的風險調整後回報。憑藉 2 年的住宅投資和貸款以及單戶和多戶住宅物業級資產管理經驗，我們有能力在這個市場上釋放價值。

In fact, on Page 7 (sic) [Page 8] , we show that we have been preparing for the economic downturn for over a year. This is a time line we presented about a year ago, which has correctly illustrated the market transmission mechanism from a performing market with excess liquidity to what we believe will end in dislocation. After the first Fed hike in March 2022, we set plans to sharply reduce our investment pipeline, which was running at $1 billion per quarter.

事實上，在第 7 頁（原文如此）[第 8 頁]，我們表明我們已經為經濟衰退做了一年多的準備。這是我們大約一年前提出的時間線，它正確地說明了從流動性過剩的表現市場到我們認為將以混亂告終的市場傳導機制。在 2022 年 3 月美聯儲首次加息後，我們制定了大幅縮減投資管道的計劃，該管道的投資規模為每季度 10 億美元。

In Q3 2022, asset acquisitions totaled only $118 million and have stayed quite low since. We have remained steadfast in our defensive posture in order to be a meaningful offensive player in a down market. We believe the income potential in this new cycle will exceed earnings or capital over the past year if it was fully redeployed. Simply said, we believe the opportunity cost of holding cash over the past 12 months was at extraordinary level. We are confident the investment opportunity will be highly attractive and sizable to create a significant long-term value for the company.

2022 年第三季度，資產收購總額僅為 1.18 億美元，此後一直保持在相當低的水平。為了在低迷的市場中成為有意義的進攻者，我們一直保持堅定的防禦姿態。我們認為，如果完全重新部署，這個新周期的收入潛力將超過過去一年的收益或資本。簡而言之，我們認為過去 12 個月持有現金的機會成本處於非同尋常的水平。我們相信，投資機會將極具吸引力且規模可觀，可為公司創造重要的長期價值。

On Page 9, we show one of the outcomes as a result of this portfolio management strategy. On the right side, the graph shows our portfolio size over the past 5 quarters. In late 2020, we targeted bridge loans because we were attracted to high-coupon, low-LTV and short duration. In the second quarter of 2022, we reached a peak of business purpose loans despite multiple opportunities to continue growing the portfolio to increase our income over the past year, we continued to follow the plan to run off the short data portfolio.

在第 9 頁，我們展示了此投資組合管理策略的結果之一。右側的圖表顯示了我們過去 5 個季度的投資組合規模。在 2020 年底，我們將目標鎖定在過橋貸款上，因為我們被高息票、低 LTV 和短期限所吸引。在 2022 年第二季度，我們達到了商業目的貸款的高峰，儘管在過去一年中有多種機會繼續增加投資組合以增加我們的收入，但我們繼續按照計劃運行短期數據組合。

Consequently, the company's interest income declined from peak in the second quarter of 2022 of $69 million to $57 million in the first quarter of this year, a decline of 17%. As illustrated, the lack of BPL reinvestment accounted for nearly all the interest income decline. Our plan was to create $0.5 billion of dry power to be able to meaningfully participate in a downturn. The diagram on the bottom left illustrates this point. The $552 million of excess liquidity equates to 42% of our market capitalization as of quarter end. We are also prepared with $1.4 billion of borrowing capacity with warehouse facilities that are currently in place. The company has primed to be a liquidity provider in a downturn to grow earnings over a longer time horizon.

因此，該公司的利息收入從 2022 年第二季度的峰值 6900 萬美元下降到今年第一季度的 5700 萬美元，降幅為 17%。如圖所示，缺乏 BPL 再投資幾乎是利息收入下降的全部原因。我們的計劃是創造 5 億美元的干電，以便能夠有意義地參與經濟低迷時期。左下方的圖表說明了這一點。截至季度末，5.52 億美元的過剩流動性相當於我們市值的 42%。我們還準備了 14 億美元的借貸能力以及目前已到位的倉庫設施。該公司已準備好在經濟低迷時期成為流動性提供者，以在更長的時間範圍內增加收益。

On Page 10, we summarize our quarterly performance and activity. As discussed earlier, we prioritized book value protection, which consequently lowered quarterly interest income due to the lower investment activity. As such, the company generated comprehensive earnings of $0.12 per share in the first quarter. Adjusted book value was negative 3% quarter-over-quarter. And after our previously declared $0.40 dividend, the company's quarterly economic return on adjusted book value was negative 0.5%.

在第 10 頁，我們總結了季度業績和活動。如前所述，我們優先考慮賬面價值保護，因此由於投資活動減少而降低了季度利息收入。因此，該公司第一季度的綜合收益為每股 0.12 美元。調整後的賬面價值環比下降 3%。在我們之前宣布的 0.40 美元股息之後，公司調整後賬面價值的季度經濟回報率為負 0.5%。

Part of our strategy to keep competitive advantages was to hold G&A at a low level. We want the flexibility to transition between primary and secondary markets within the sector seamlessly. The lack of compelling risk-adjusted returns offered in today's market. We did use some of the capital to repurchase securitization debt, common shares and for the first time preferred stock in the first quarter. As discussed in previous quarters, we are in the process of monetizing our common equity interest in multifamily properties held on balance sheet. As updated and noted here, we have 6 properties in the sum stage of advanced sale process. Total investments amount related to these properties is $62 million.

我們保持競爭優勢的部分戰略是將 G&A 保持在較低水平。我們希望能夠靈活地在該行業內的一級市場和二級市場之間無縫過渡。當今市場缺乏令人信服的風險調整後回報。我們確實在第一季度使用部分資金回購了證券化債務、普通股和首次優先股。正如前幾個季度所討論的那樣，我們正在將我們在資產負債表上持有的多戶住宅的共同股權貨幣化。正如此處更新和指出的那樣，我們有 6 個物業處於高級銷售流程的匯總階段。與這些物業相關的總投資額為 6200 萬美元。

At this time, I'd like to pass the call to Kristine to provide more financial color and then to Nick to discuss our portfolio update and strategy. Kristine?

此時，我想將電話轉給 Kristine 以提供更多財務色彩，然後轉給 Nick 討論我們的投資組合更新和戰略。克里斯汀？

Thank you, Jason. Good morning. In my comments today, I will focus my commentary on main drivers of first quarter financial results. Our financial snapshot on Slide 12 covers key portfolio metrics for the quarter, and Slide 23 summarizes the financial results for the quarter. The company had undepreciated earnings per share of $0.14 in the first quarter as compared to undepreciated loss per share of $0.50 in the fourth quarter.

謝謝你，傑森。早上好。在我今天的評論中，我將重點關注第一季度財務業績的主要驅動因素。我們在幻燈片 12 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。該公司第一季度未折舊每股收益為 0.14 美元，而第四季度未折舊每股虧損為 0.50 美元。

The fair value changes related to our investment portfolio continued to have significant impact on our earnings. And during the quarter, we recognized $0.31 per share of unrealized gain, primarily due to improved pricing on our residential loans and bond portfolio. We had net interest income of $17.8 million, a contribution of $0.20 per share, down from $0.24 per share in the fourth quarter.

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 0.31 美元的未實現收益，這主要是由於我們的住宅貸款和債券組合的定價有所提高。我們的淨利息收入為 1780 萬美元，每股貢獻 0.20 美元，低於第四季度的每股 0.24 美元。

The decrease can be attributed to a combination of a few factors: first, a decrease in average interest-earning assets due to portfolio runoff in our short-duration BPL bridge loans as well as our conscious decision to be selective in pursuing investments in our targeted assets, which Jason covered earlier. Second, overall yield on our interest-earning assets decreased also due to portfolio runoff of higher-yielding BPL bridge loans and an uptick in maturity-related delinquencies primarily in our BPL bridge portfolio. Additionally, financing costs in our investment portfolio increased primarily due to paydowns and repurchases of our lower-cost securitizations and due to increases in interest rates related to our repurchase agreements.

減少可歸因於幾個因素的組合：首先，由於我們的短期 BPL 過橋貸款的投資組合流失導致平均生息資產減少，以及我們有意識地決定有選擇地投資於我們的目標Jason 之前介紹過的資產。其次，由於高收益 BPL 過橋貸款的投資組合流失以及主要在我們的 BPL 過橋投資組合中與到期相關的拖欠率上升，我們生息資產的整體收益率也有所下降。此外，我們投資組合的融資成本增加主要是由於我們低成本證券化的償還和回購以及與我們的回購協議相關的利率上升。

Although we've experienced an increase in these maturity-related delinquencies, we believe that through active management and our ability to work with borrowers to find a reasonable exit plan, we would be able to recoup our delinquent interest on these loans at pay off, which has been our experience historically.

儘管我們經歷了這些與到期相關的拖欠情況的增加，但我們相信，通過積極的管理以及我們與借款人合作尋找合理退出計劃的能力，我們將能夠在還清時收回這些貸款的拖欠利息，這是我們歷史上的經驗。

In the first quarter, we had noninterest-related income of $66.8 million or $0.73 per share. As previously discussed, prices in the majority of the assets in our investment portfolio increased during the quarter and contributed $0.31 per share in income. In addition, our consolidated multifamily JV properties contributed $0.46 per share in income, an increase from $0.44 per share in the fourth quarter as properties continue to implement business plans to drive rents and occupancy higher.

第一季度，我們的非利息相關收入為 6680 萬美元或每股 0.73 美元。如前所述，我們投資組合中大部分資產的價格在本季度上漲，並貢獻了每股 0.31 美元的收入。此外，由於物業繼續實施業務計劃以推高租金和入住率，我們合併的多戶家庭合資物業貢獻了每股 0.46 美元的收入，高於第四季度的每股 0.44 美元。

We are required from an accounting perspective to carry our multifamily real estate assets that are held for sale at lower cost or market value. We perform our valuations for the quarter and determined that 2 out of the 19 multifamily properties held for sale had lower property valuations as compared to our carrying costs, resulting in an impairment loss of $10.3 million during the quarter. Total general, administrative and operating expenses amounted to $70.4 million for the quarter, up slightly from $68.2 million in the previous quarter, primarily due to an increase in interest expense and mortgages payable on consolidated real estate due to change in base rates, partially offset by reduced portfolio operating expenses due to residential loan portfolio runoff and minimal purchase activity.

從會計角度來看，我們需要以較低的成本或市場價值持有待售的多戶房地產資產。我們對本季度進行了估值，並確定 19 處待售多戶住宅中有 2 處的房產估值低於我們的持有成本，導致本季度減值損失 1,030 萬美元。本季度總的一般、行政和運營費用為 7040 萬美元，略高於上一季度的 6820 萬美元，這主要是由於基準利率的變化導致綜合房地產的利息費用和應付抵押貸款增加，部分抵消了由於住宅貸款組合流失和購買活動減少，投資組合運營費用減少。

As Jason mentioned earlier, adjusted book value per share ended at $15.41, down 3.02% from December and translated to a negative 0.50% economic return on adjusted book value during the quarter. As of quarter end, the company's recourse leverage ratio and portfolio recourse leverage ratio increased slightly to 0.40x and 0.32x, respectively, from 0.33x and 0.25x, respectively, as of December 31.

正如 Jason 之前提到的，調整後每股賬面價值收於 15.41 美元，比 12 月下降 3.02%，並轉化為本季度調整後賬面價值的負經濟回報率 0.50%。截至季度末，公司的追索權槓桿率和投資組合追索權槓桿率分別從 12 月 31 日的 0.33 倍和 0.25 倍小幅上升至 0.40 倍和 0.32 倍。

While our average financing leverage still remains low, the slight increase in the quarter is primarily due to the financing of newly acquired Agency RMBS. We continue with our effort to enhance our debt structure by placing greater emphasis on longer-term and non-mark-to-market financing arrangements. Currently, only 20% of our debt is subject to mark-to-market margin calls, and remaining 80% have no exposure to collateral repricing of our counterparties. In addition, as you can see on Slide 13, we have $100 million of unsecured fixed debt due in 2026 and $45 million of subordinated bonds due in 2035.

雖然我們的平均融資槓桿仍然很低，但本季度的小幅增長主要是由於新收購的 Agency RMBS 的融資。我們繼續努力通過更加重視長期和非按市值計價的融資安排來改善我們的債務結構。目前，我們只有 20% 的債務需要按市值計價追加保證金，其餘 80% 的債務不會受到交易對手抵押品重新定價的影響。此外，正如您在幻燈片 13 中看到的那樣，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。

The maturity profile of our corporate debt allows us to have more flexibility by avoiding cash holdbacks related to near-term bond maturities. In addition, while longer term and non-mark-to-market financings may incur a greater expense relative to repurchase agreement financing that exposes to mark-to-market risk, we believe that over time, this weighting towards these type of financings better allow us to manage our liquidity and reduce exposure in dislocated markets.

我們公司債務的到期情況使我們能夠通過避免與近期債券到期相關的現金扣留來獲得更大的靈活性。此外，雖然長期和非按市值計價的融資相對於面臨按市值風險的回購協議融資可能會產生更大的費用，但我們認為，隨著時間的推移，這種對此類融資的權重更好地允許我們管理我們的流動性並減少混亂市場的風險敞口。

We paid a $0.40 per common share dividend, which was unchanged from the prior quarter, and 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.

我們支付了每股 0.40 美元的普通股股息，與上一季度相比沒有變化，我們每個季度都會評估我們的股息政策，並查看 12 至 18 個月的預測，不僅是我們的淨利息收入，而且還實現我們的資本收益可以從我們的投資組合中產生。

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？

Thank you, Kristine, and good morning, everyone. As Jason expounded on, we are still navigating a challenging investing environment. We are reminded that regional bank failures are still a concern, which has shifted the technical dynamics of banks being buyers to likely net sellers of mortgage risk. And all this happening prior to a potentially more distressed environment in the horizon. The portfolio activity over the last few quarters has been reflective of our views on the market, which is that on balance, we prefer the preservation of our liquidity and leverage today for the deployment into more compelling investment opportunities in the future.

謝謝你，克里斯汀，大家早上好。正如傑森所闡述的那樣，我們仍在充滿挑戰的投資環境中前行。我們被提醒，區域性銀行倒閉仍然是一個問題，這已經將銀行作為抵押貸款風險買家的技術動態轉變為可能的淨賣家。所有這一切都發生在地平線上可能更加痛苦的環境之前。過去幾個季度的投資組合活動反映了我們對市場的看法，即總的來說，我們更願意保留我們今天的流動性和槓桿，以便在未來部署到更具吸引力的投資機會。

We believe our portfolio and available capital is well positioned for what is to come. Relating to our purchases, our first quarter 2023 acquisitions of $219 million are still meaningfully lower than our fastest pace of acquisitions that we experienced at the peak in the second quarter of 2022. This quarter's activity is, however, almost double last quarter's lower base of investment volume of $106 million. The slight pickup in aggregate investments was partially driven by our opportunistically investing in $107 million of Agency MBS, given the spread widening we witnessed in February and March.

我們相信我們的投資組合和可用資本已為未來做好準備。關於我們的採購，我們 2023 年第一季度 2.19 億美元的收購仍然明顯低於我們在 2022 年第二季度高峰期經歷的最快收購速度。然而，本季度的活動幾乎是上一季度較低基數的兩倍投資額為1.06億美元。考慮到我們在 2 月和 3 月目睹的價差擴大，總投資的小幅回升部分是由於我們投機性地投資了 1.07 億美元的機構 MBS。

We mentioned in the prior earnings call that investing in agencies is something that we would consider given the noncredit nature of the asset class. This is further bolstered by its relative liquidity and historical outperformance during recessions. We will continue to selectively deploy in this asset class over the coming quarters as we await more attractive opportunities in residential and multifamily investments.

我們在之前的財報電話會議中提到，鑑於資產類別的非信貸性質，我們會考慮投資於機構。其相對流動性和經濟衰退期間的歷史表現進一步支持了這一點。我們將在未來幾個季度繼續有選擇地部署這一資產類別，因為我們等待住宅和多戶住宅投資中更具吸引力的機會。

Across all of our core credit strategies, you will also know that our pipeline of activity has marginally increased quarter-over-quarter. We continue to engage our sourcing channels, both new and old, to prepare for normalization to an increased investment base in the future. The portfolio's prepayments and redemptions have continued to be higher than our pace of acquisitions. This has the net effect of the reduction of our overall portfolio size. However, that gap is shrinking with only $70 million delta and portfolio declines should taper off in the coming quarters.

在我們所有的核心信貸策略中，您還會知道我們的活動渠道環比略有增加。我們繼續利用我們的新舊採購渠道，為未來增加投資基礎的正常化做準備。投資組合的預付款和贖回速度繼續高於我們的收購速度。這具有減少我們整體投資組合規模的淨效應。然而，這一差距正在縮小，只有 7000 萬美元的增量，投資組合的下降應該會在未來幾個季度逐漸減少。

We believe that overall portfolio is well situated today despite the market turmoil that we saw in the first quarter, driven by the regional bank crisis, our credit portfolio valuations improved. The LTV profiles of our book in the 60s provide a strong buffer amidst potential home price declines in the future as our borrowers have a sizable amount of buildup equity.

我們認為，儘管我們在第一季度看到在區域銀行危機的推動下出現市場動盪，但我們今天的整體投資組合狀況良好，我們的信貸投資組合估值有所改善。由於我們的借款人擁有大量累積資產，我們在 60 年代賬簿的 LTV 概況為未來潛在的房價下跌提供了強大的緩衝。

On a corporate level, we continue to maintain low portfolio recourse leverage ratios across our entire credit portfolio. The recent new additions to our investments would be our agency positions. We have recently been more focused on higher than current coupon spec pools where we are targeting low pay-up stories for prepayment protection. We have the benefit of being able to construct the portfolio from scratch, which has allowed us to avoid lower coupon bonds, which now face additional technical selling pressures from FDIC back selling. Higher coupon agency bonds also helped balance the convexity profile of the overall residential portfolio, where more of our seasoned assets have a potential for price appreciation but may not generate as much NIM.

在公司層面，我們繼續在整個信貸組合中保持較低的投資組合追索權槓桿率。我們最近新增的投資將是我們的代理職位。我們最近更加關注高於當前優惠券規格的池，我們將低支付故事作為預付款保護的目標。我們的好處是能夠從頭開始構建投資組合，這使我們能夠避免低息債券，這些債券現在面臨來自 FDIC 回售的額外技術拋售壓力。更高息票的機構債券也有助於平衡整體住宅投資組合的凸度，其中我們的更多經驗豐富的資產具有價格升值的潛力，但可能不會產生那麼多的淨息差。

Our largest exposure in residential credit is our BPL bridge loans, which we continue to cautiously deploy capital through a more conservative credit buy box. We see value in the short duration and the high coupon nature of the product. We have noted in the past that we continue to be active in the asset management of the BPL bridge portfolio, especially guiding the assets to resolution in a timely manner. The portfolio has declined from its peak of $1.7 billion in the second quarter of 2022 to $1.1 billion today, mostly through organic resolutions. With the curtailment in purchasing activity, our existing portfolio is seasoned about 14 months on average.

我們在住宅信貸方面最大的風險敞口是我們的 BPL 過橋貸款，我們繼續通過更保守的信貸購買箱謹慎地配置資本。我們看到了產品持續時間短和高優惠券性質的價值。過去我們注意到，我們繼續積極參與 BPL 橋樑組合的資產管理，特別是及時引導資產處置。該投資組合已從 2022 年第二季度 17 億美元的峰值下降到今天的 11 億美元，主要是通過有機決議。隨著採購活動的縮減，我們現有的產品組合平均陳舊約 14 個月。

So we have experience and will continue to face increasing maturity-related delinquencies. Our asset management team, alongside our third-party servicers and asset managers, continue to work with borrowers to a responsible exit plan. And to the extent that an extension is required to charge the borrowers the fees necessary to align them with our cost of continuing to hold on to the asset on our balance sheet. From a market standpoint, the time to resolution for bridge loans has increased for a couple of factors. First, the market for refinancing of these borrowers into other loan products is smaller than in the past, with tighter underwriting standards constraining the market. Also, borrowers are also having to align their original profitability assumptions in their projects amidst a less ebullient home price backdrop.

因此，我們有經驗，並將繼續面臨與到期相關的拖欠率越來越高的問題。我們的資產管理團隊與我們的第三方服務商和資產經理一起，繼續與借款人合作制定負責任的退出計劃。並且在需要延期的情況下，向借款人收取必要的費用，以使他們與我們繼續持有資產負債表上資產的成本保持一致。從市場的角度來看，由於幾個因素，過橋貸款的解決時間有所增加。首先，這些借款人再融資到其他貸款產品的市場比過去小，更嚴格的承銷標準限制了市場。此外，在房價不那麼樂觀的背景下，借款人還必須調整其項目中最初的盈利假設。

All in all, we do feel comfortable with the credit profile of our BPL portfolio given that the LTV ratios and the progress of the projects in our book. Losses in our BPL bridge portfolio to date continue to be less than 1 basis point across the $2.9 billion of bridge loan purchases we have made to date. Delinquencies across other parts of our residential book has declined quarter-over-quarter and still remain low.

總而言之，鑑於 LTV 比率和我們書中項目的進展，我們確實對我們 BPL 投資組合的信用狀況感到滿意。在我們迄今為止購買的 29 億美元過橋貸款中，迄今為止，我們 BPL 過橋投資組合的損失繼續低於 1 個基點。我們住宅賬簿其他部分的拖欠率環比下降，但仍然很低。

On the multifamily side, we are focused on selectively expanding our pipeline on the multifamily mezzanine loan program and on liquidating our joint venture equity portfolio. We remain focused on finding avenues for the disposition of those assets. On the multifamily mezz portfolio, we are constructive on the credit of our existing portfolio and for further investment in this space.

在多戶家庭方面，我們專注於有選擇地擴大我們在多家庭夾層貸款計劃上的渠道，並清算我們的合資企業股權投資組合。我們仍然專注於尋找處置這些資產的途徑。在多戶夾層投資組合中，我們對現有投資組合的信用以及對該領域的進一步投資持建設性態度。

First of all, the demographic trends have been positive in the areas that we primarily invest in, namely the South and Southeast. This can be seen through an 11% rental growth rate in 2022 with an additional 3% growth rate in the first quarter of 2023. This creates a positive valuation trend on the collateral underlying our mezz loans and helps offset operating cost increases that may have arisen through inflation. The performance of the portfolio is fantastic with only one delinquency that is expected to pay off in the near future.

首先，在我們主要投資的地區，即南部和東南部，人口趨勢是積極的。這可以從 2022 年 11% 的租金增長率和 2023 年第一季度 3% 的額外增長率中看出。這為我們的夾層貸款的抵押品創造了積極的估值趨勢，並有助於抵消可能出現的運營成本增加通過通貨膨脹。投資組合的表現非常出色，只有一項拖欠預計會在不久的將來得到回報。

Unlike the BPL bridge refinancing market, the multifamily and mezz financing market is relatively robust. For our stabilized properties, senior agency loans are still available with competitive rates in the mid-5%. Agencies also offer supplemental loans that can, in certain circumstances, where our LTV positioning has improved, refinance our mezz loans out. For our nonstabilized assets, such as our properties under construction, there is a natural outlet to refinance to a more efficient capital structure after stabilization. Overall, our mezzanine portfolio prepaid at a 32% rate last year, and we expect the heightened prepayment activity to continue into 2023, despite a slower Q1.

與 BPL 過橋再融資市場不同，多戶和夾層融資市場相對強勁。對於我們穩定的房產，高級代理貸款仍然可用，利率在 5% 左右，具有競爭力。機構還提供補充貸款，在某些情況下，如果我們的 LTV 定位有所改善，可以為我們的夾層貸款再融資。對於我們的不穩定資產，例如我們在建的物業，在穩定後有一個自然的渠道可以再融資到更有效的資本結構。總體而言，我們的夾層投資組合去年的預付率為 32%，儘管第一季度放緩，但我們預計預付活動的增加將持續到 2023 年。

I will now turn it back to Jason for any closing remarks.

我現在將把它轉回 Jason 的任何結束語。

Thank you, Nick. Success in this new environment may be achieved through organic creation of liquidity, tactical asset management and prudent liability management for our book value protection. And as a REIT, we are particularly excited about our excess liquidity advantages permanent capital can have in a dislocated market.

謝謝你，尼克。通過有機創造流動性、戰術資產管理和審慎的負債管理以保護我們的賬面價值，可以在這種新環境中取得成功。作為房地產投資信託基金，我們對永久資本在混亂的市場中可以擁有的過剩流動性優勢感到特別興奮。

So with that, I'll pass it back to the operator for questions.

因此，我會把它傳回給接線員詢問問題。

(Operator Instructions) Our first question will come from Doug Harter of Credit Suisse. Doug...

（操作員說明）我們的第一個問題將來自瑞士信貸的道格哈特。道格...

Can you talk about the 2 properties where you took the impairment on the multifamily, and kind of what might differentiate those versus the other 17 in the portfolio?

你能談談你對多戶家庭進行減值的 2 處房產，以及它們與投資組合中的其他 17 處房產有什麼區別？

Yes. So the 2 properties are properties where we are in advanced stages of the sale. And this is a -- these 2 properties are in the middle of a transition plan. These are value-added Class B properties that we conducted a CapEx program. And we're deciding here that it may make sense to sell the property before the CapEx plan is fully completed. As we may -- as we find that the capital that we received back will add more value to the company and then keeping that asset in those markets with the CapEx plan in place.

是的。因此，這 2 處房產是我們處於銷售後期的房產。這是 - 這兩個屬性處於過渡計劃的中間。這些是我們進行資本支出計劃的增值 B 類資產。我們在此決定，在資本支出計劃完全完成之前出售該物業可能是有意義的。正如我們可能 - 因為我們發現我們收回的資本將為公司增加更多價值，然後通過資本支出計劃將資產保留在這些市場中。

So we're expecting a transition plan that would take probably another 15, 18 months. And I think what's exceptional about this property is that the decision to sell before the CapEx plan is completed is something we've realized and hence, the reason why we're taking the adjustment on our value.

因此，我們預計過渡計劃可能還需要 15、18 個月的時間。而且我認為該物業的特殊之處在於，我們已經意識到在資本支出計劃完成之前出售的決定，因此，這也是我們調整價值的原因。

And then so if that's 2 of the 6 that I guess you have agreements on, can you just talk about the other 4 sort of what the gains/losses relative to kind of where they're carried are?

然後，如果這是我猜你們達成協議的 6 項中的 2 項，您能否談談其他 4 項相對於它們的攜帶位置的收益/損失是什麼？

Yes. I mean, as Kristine mentioned, we take the lower of the value of the property or our cost. And given that we did not reduce the value of those properties, obviously, we feel like the properties are worth either our cost or more. We will disclose the sale proceeds and pricing related to those assets in the next quarter.

是的。我的意思是，正如 Kristine 提到的，我們採用財產價值或我們的成本中較低的一個。鑑於我們沒有降低這些財產的價值，顯然，我們覺得這些財產值得我們付出代價或更多。我們將在下一季度披露與這些資產相關的銷售收益和定價。

(Operator Instructions) And our next question comes from Matthew Howlett, B. Riley.

（操作員說明）我們的下一個問題來自 B. Riley 的 Matthew Howlett。

You guys have been very prudent with the capital management. I know you don't have a crystal ball here, but I mean, what could you tell us in looking at the next 12 months? Will all that excess liquidity be deployed? I mean, I think the issue with the financial crisis was things went down and then people (inaudible) and it went down further. So what do you need to see for things to bottom? And are things trading right now or are their clearing levels established?

你們在資本管理方面一直非常謹慎。我知道你在這裡沒有水晶球，但我的意思是，你能告訴我們未來 12 個月的情況嗎？是否會部署所有這些過剩的流動性？我的意思是，我認為金融危機的問題是事情開始下降，然後是人（聽不清），然後進一步下降。那麼，為了讓事情觸底，你需要看到什麼？事物現在正在交易還是它們的清算水平已經確定？

Yes. So thus far, we've seen a couple of regional bank sales. These are not of entities that have been seized by the FDIC. Those sales from the FDIC are mostly going to be low-coupon MBS, which is not a particular trading strategy for us. I mean, we think there's going to be lots of supply of that, that will be coming out. And obviously, it's very tough to make a NIM off of a 3.5% coupon MBS bond. So it's more capital appreciation, and that's more of a longer dated view on rates.

是的。到目前為止，我們已經看到了幾個地區性銀行的銷售。這些不是 FDIC 沒收的實體。 FDIC 的這些銷售主要是低息 MBS，這對我們來說不是特定的交易策略。我的意思是，我們認為會有大量的供應，那將會出現。顯然，很難從 3.5% 息票的 MBS 債券中獲得 NIM。所以它更多的是資本增值，這更像是對利率的更長期看法。

So at the end of the day, what we are looking at is -- single-family loan, we're looking at a market where you have about $120 billion of senior loans for multifamily properties that will be coming due. There may be a lot of gap financing possibilities there on the multifamily side. On the single-family side, obviously, there's a major reduction of credit availability that's occurred, and we highlighted that last quarter.

所以歸根結底，我們正在研究的是——單戶貸款，我們正在研究一個市場，在這個市場上，你有大約 1200 億美元的高級貸款用於即將到期的多戶住宅。多戶住宅方面可能存在很多缺口融資的可能性。顯然，在單戶家庭方面，信貸可用性大幅下降，我們在上個季度強調了這一點。

Powell mentioned that on his call yesterday that there's been a big pullback in lending, and that's an area that we could exploit more so on the secondary market side than the primary market side and that there'll be a lack of financing on some loans and then that hung and we can look to restructure those loans with our servicing capabilities.

鮑威爾在昨天的電話會議上提到，貸款出現了大幅回落，這是我們可以在二級市場方面比一級市場方面更多地利用的領域，一些貸款將缺乏融資，然後掛了，我們可以考慮用我們的服務能力重組這些貸款。

So we're excited about the opportunity. I mean, obviously, the market is experiencing some significant headwinds. We have been preparing for this for over a year, with our excess liquidity and low-margin debt as well as keeping our balance sheet clear of any near-term maturities, so we can use our cash to its fullest extent and not hold back for a maturity schedule. And I also believe that, as I said in my final comment, that our permanent capital will provide distinctive advantages in this new market. To your point, in 2007, you had a downturn in the market and things were cheap and then obviously, it turned lower in 2008 and '09 and then it finally recovered with the green shoots in 2010. I think that was a market also where pricing discovery and understanding the fact that there's such a thing as home price declines could exist in the United States. It was also a factor in a lot of the early exuberance of potential pricing. We've looked at this market. We've been in the market for 2 decades. We've analyzed 2007, have been involved in buying assets in that market through different cycles and on the multifamily side.

所以我們對這個機會感到興奮。我的意思是，很明顯，市場正在經歷一些重大的逆風。我們已經為此準備了一年多，我們的流動性過剩，債務利潤率低，資產負債表上沒有任何短期到期的債務，因此我們可以最大程度地使用我們的現金，而不是保留到期時間表。我也相信，正如我在最後評論中所說，我們的永久資本將在這個新市場中提供獨特的優勢。就你的觀點而言，2007 年市場低迷，物價低廉，然後顯然在 2008 年和 09 年走低，然後在 2010 年終於復蘇，出現了新芽。我認為那也是一個市場定價發現並了解美國可能存在房價下跌這樣的事實。這也是潛在定價早期繁榮的一個因素。我們已經看過這個市場。我們已經進入市場 2 年了。我們對 2007 年進行了分析，參與了通過不同周期和多戶家庭購買該市場的資產。

We feel pretty confident about our ability to understand the values in this market. It's impossible time to bottom. We're -- so -- and our view is that, that's where the permanent capital advantages come in place where we feel we can earn equity-type returns on a senior loan is an exciting opportunity for us. And given the confidence we have in our capability, we're not going to be shy to put capital to work and looking forward to generating what we believe is going to be exceptionally risk-adjusted returns over the subsequent year. So very -- we think we're positioned well and excited for the opportunity.

我們對自己理解這個市場價值的能力充滿信心。這是不可能的時間觸底。我們 - 所以 - 我們的觀點是，這就是永久性資本優勢出現的地方，我們認為我們可以通過高級貸款獲得股權類型的回報，這對我們來說是一個令人興奮的機會。鑑於我們對自己的能力充滿信心，我們不會羞於投入資金，並期待在接下來的一年中產生我們認為會帶來異常風險調整後的回報。所以非常 - 我們認為我們的定位很好並且對這個機會感到興奮。

Well said. And look, of more interest is always that history of being visionary sort of your leaders sort of out of the financial crisis or doing interesting trades and investing in interesting assets. And what can you tell us -- again, I know you don't have a crystal ball, but a year from now, I mean, with all you skipping up all these cheap assets, you have the asset manager, which is great. When you look longer term, is there -- would -- New York Mortgage Trust, would they look to acquire an operating business? Do you see a secular change happening with the banks maybe coming out that you could take NYMT in a new direction. Anything that could be -- you've got all this capital. Excess capital is terrific going into this market. But long term, do you look at buying an originator or still staying away from that or doing something else?

說得好。看，更有趣的總是你的領導者在擺脫金融危機或進行有趣的交易和投資有趣的資產時富有遠見的歷史。你能告訴我們什麼——再一次，我知道你沒有水晶球，但是一年後，我的意思是，在你跳過所有這些廉價資產的情況下，你有了資產經理，這很棒。從長遠來看，紐約抵押貸款信託基金是否會尋求收購一家運營企業？您是否看到銀行發生的長期變化可能會出現，您可以將 NYMT 帶向新的方向。任何可能的東西——你已經擁有了所有這些資本。過剩的資本進入這個市場是極好的。但從長遠來看，你是考慮購買原創者還是仍然遠離它或做其他事情？

Yes. So you're keying on a particular point, which is our G&A level that we kept low. And the reason why it's low is because we haven't vertically integrated into a significant originator servicing platform in just the single-family loan markets. We have looked at kind of originators in investor loan markets. But your point is well taken in that the -- we do believe there's opportunity for us on the operational side. We have looked at various platforms to date last year that there was many platforms available for sale. We didn't feel like the timing was right there. In a dislocated market, we think we can pick up operating businesses for a little cash or potentially get paid to take them in some cases. And those are the opportunities we're looking for. We think it also helps generate a sourcing in a distressed environment. So we're excited about opportunities that may come from that. But yes, absolutely, we're focused on that, and we will, I think, likely use some of our excess liquidity to find some of those opportunities. So we still believe the timing is not quite there. But we think it's -- given the lack of origination, the liquidity concerns that exist, entities like us become pretty attractive partners given our lack of debt and also a high cash. So yes, that's something we're definitely looking forward to.

是的。因此，您要重點關註一個特定點，即我們保持較低的 G&A 水平。它之所以低，是因為我們還沒有垂直整合到單戶貸款市場的重要發起人服務平台中。我們已經研究了投資者貸款市場中的發起人。但是你的觀點得到了很好的理解——我們確實相信我們在運營方面有機會。去年到目前為止，我們已經查看了各種平台，有許多平台可供銷售。我們覺得時機不對。在一個錯位的市場中，我們認為我們可以用少量現金收購經營業務，或者在某些情況下可能會獲得報酬來收購它們。這些就是我們正在尋找的機會。我們認為這也有助於在困境中產生採購。因此，我們對由此可能帶來的機會感到興奮。但是，是的，我們絕對專注於此，我認為我們可能會利用我們的一些過剩流動性來尋找其中的一些機會。所以我們仍然認為時機還不成熟。但我們認為，由於缺乏起源，存在流動性問題，鑑於我們缺乏債務和高現金，像我們這樣的實體成為非常有吸引力的合作夥伴。所以是的，這是我們非常期待的事情。

Yes. Look, you certainly have the lowest leverage in the space and I certainly acknowledge the low operating cost. So we will look forward to that.

是的。看，你在這個領域的槓桿率肯定是最低的，我當然承認運營成本低。因此，我們對此充滿期待。

And our next question will come from Eric Hagen with BTIG.

我們的下一個問題將來自 BTIG 的 Eric Hagen。

Maybe starting off here, just how should investors think about a duration of the portfolio? Like how much cash flow do you expect maybe on a -- to take in on maybe like a quarterly basis? If you wanted to delever the portfolio just from paydowns, how capable do you feel like you are of doing that? And then a sort of related question on top of that is like is there a way to think about the earnings, which are cash versus noncash or discount accretion in the portfolio right now?

也許從這裡開始，投資者應該如何考慮投資組合的期限？就像你期望有多少現金流——可能像每季度一樣？如果你只想從回報中去槓桿化投資組合，你覺得自己有多大能力做到這一點？然後最重要的一個相關問題是，有沒有一種方法可以考慮收益，即現在投資組合中的現金與非現金或折扣增值？

Yes. Thank you. So as it relates to duration, I mean, we -- starting basically at the end of 2020, we focused on BPLs. We grew that portfolio to about $1.7 billion, which is the peak in second quarter of 2022. We've mentioned this multiple times in calls, which is -- this was a trade for us, not necessarily a business in that we felt that -- using our cash in this manner where you could basically organically raise capital by just letting the portfolio wind down was probably the most prudent thing we could have done a couple of years ago.

是的。謝謝。因此，就持續時間而言，我的意思是，我們——基本上從 2020 年底開始，我們專注於 BPL。我們將該投資組合增加到約 17 億美元，這是 2022 年第二季度的峰值。我們在電話中多次提到這一點，也就是說——這對我們來說是一項交易，不一定是我們認為的業務—— - 以這種方式使用我們的現金，你基本上可以通過讓投資組合逐漸結束來有機地籌集資金，這可能是我們幾年前可以做的最謹慎的事情。

We had -- the timing of when the dislocation would come was very tough. But what you wanted to do was be early on the call on slowing down your pipeline, so you can get that cash back in time for opportunities. So we're -- as you -- we indicated on Page 9 of our presentation, we're letting that plan play out. That plan has taken our portfolio from $1.7 billion to $1.1 billion. And as Nick mentioned, we are in a very seasoned stage of our portfolio related to an 18-month kind of maturity type of loan.

我們有 - 錯位發生的時間非常艱難。但是你想做的是儘早打電話給放慢你的管道，這樣你就可以及時收回現金以獲得機會。所以我們 - 就像你一樣 - 我們在演示文稿的第 9 頁表示，我們正在讓這個計劃發揮作用。該計劃使我們的投資組合從 17 億美元增加到 11 億美元。正如尼克所提到的，我們正處於與 18 個月到期類型貸款相關的投資組合的一個非常成熟的階段。

So we do expect that portfolio to pay down pretty quickly and also to pay down our debt as a result. So that with also our pref -- the mezzanine pref book, we're experiencing roughly around 15% of the loans that are paying off on a quarterly basis. That's also a very seasoned portfolio, also a portfolio that we stopped really allocating meaningful capital back in Q2 of 2022. So that is allowing us to run off as well.

因此，我們確實希望該投資組合能夠很快還清債務，並因此償還我們的債務。因此，對於我們的首選項——夾層首選項簿，我們大約有 15% 的貸款按季度還清。這也是一個非常老練的投資組合，也是我們在 2022 年第二季度停止真正分配有意義的資本的投資組合。所以這也讓我們能夠逃脫。

On top of that, we have our JV equity portfolio, which I mentioned are 6 assets that are in the late-stage process for sale. We're looking to monetize the entire portfolio. We're focused on reducing our exposure there and using that capital for lending opportunities. So there's a lot of things that we're doing organically just letting portfolio run off. There's the JV equity, which is a capital market sale. And then on the remainder of the portfolio, we don't have a lot of capital allocated to margin deck. Kristine mentioned that point and that we've been systematically reducing margin debt from our portfolio. We have various points in our presentation that showed that effort. So not a lot of exposure there. And the transition from kind of repo debt from March 2020 to securitizations and nonmargin, more longer-term financing facilities is something we set to complete, which we have been working on over for now 2 years. So we feel like we're in a good position there.

最重要的是，我們有我們的合資股權投資組合，我提到的是 6 項處於後期出售過程中的資產。我們希望通過整個投資組合獲利。我們專注於減少我們在那裡的風險敞口，並將這些資金用於貸款機會。因此，我們正在有機地做很多事情，只是讓投資組合流失。有合資股權，這是資本市場出售。然後在投資組合的其餘部分，我們沒有太多資金分配給保證金平台。克里斯汀提到了這一點，我們一直在系統地減少我們投資組合中的保證金債務。我們在演示文稿中有多個要點表明了這種努力。所以那裡的曝光率不高。從 2020 年 3 月開始的回購債務向證券化和非保證金、更多長期融資工具的過渡是我們準備完成的事情，我們已經為此努力了 2 年。所以我們覺得我們在那里處於有利地位。

That was really good detail. I appreciate that. One more on the BPL. How would you characterize maybe the conditions for the borrower? Like is there a way to compare the returns that they're getting or expecting now versus, call it, 12 or 18 months ago when the cost of debt was lower, but home prices may have been higher and conditions were obviously a little different.

那真是很好的細節。我很感激。另一個關於 BPL。您如何描述借款人的條件？就像有沒有一種方法可以將他們現在獲得或預期的回報與 12 或 18 個月前的回報進行比較，當時債務成本較低，但房價可能更高，而且情況顯然有點不同。

Yes. I think the borrower expectation on it. I mean, it's hard to estimate exactly what they're going to be thinking because that's going to be highly dependent on home price appreciation. Oftentimes when the projects come to us, the business plan really is putting in some degree of rehab and then capturing value through that rehab and not really relying on home price appreciation. However, there has been a very strong HPA environment over the last few years. So regardless -- so there was just a much larger margin of error to the extent that you don't execute as well or your projections were off, home price appreciation did help you.

是的。我認為藉款人的期望就可以了。我的意思是，很難準確估計他們的想法，因為這在很大程度上取決於房價上漲。通常當項目來到我們這裡時，商業計劃實際上是在進行某種程度的修復，然後通過修復獲取價值，而不是真正依賴房價升值。但是，在過去幾年中，HPA 環境非常強大。因此，無論如何 - 所以在您執行不佳或您的預測偏離的範圍內存在更大的誤差幅度，房價升值確實對您有所幫助。

Now it's a slightly different environment. And I would say that for what we're seeing is that we're having more experienced borrowers come through the pipeline in terms of new purchases today than newer borrowers. And I think it's because the more seasoned professionals have a better way to execute and they feel more confident in the way that they can execute. So because of that, they don't have to rely as much on home price appreciation. So I think the dynamics have definitely changed, and it's really coming from both sides. On the lending side, lenders are less inclined to lend to people without the experience. And then in terms of people looking -- seeking out this more expensive debt, it tends to be more of the seasoned professionals that have -- they're -- have confidence in their ability to execute are the ones who are actually taking on this debt and taking on this market for future opportunities.

現在環境略有不同。我要說的是，就我們所看到的而言，與新借款人相比，我們今天有更多有經驗的借款人在新購買方面通過管道。我認為這是因為經驗豐富的專業人士有更好的執行方式，他們對自己的執行方式更有信心。因此，他們不必過分依賴房價上漲。所以我認為動態肯定發生了變化，而且確實來自雙方。在貸款方面，貸款人不太願意貸款給沒有經驗的人。然後就人們而言——尋找這種更昂貴的債務，往往是更多經驗豐富的專業人士——他們是——對自己的執行能力有信心的人才是真正承擔這個債務的人債務並在這個市場上尋找未來的機會。

Yes. It's definitely a market that's growing quickly.

是的。這絕對是一個快速增長的市場。

Thank you for your questions. I would now like to turn it over to Jason Serrano, CEO, for closing remarks. Go ahead, Jason.

謝謝你的問題。我現在想把它交給首席執行官 Jason Serrano 作結束語。來吧，傑森。

Yes. Thank you for your time today. We look forward to speaking with you on our second quarterly earnings call. Have a great day.

是的。謝謝你今天的時間。我們期待在我們的第二季度財報電話會議上與您交談。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。