New York Mortgage Trust Inc (NYMT) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by.

早安，女士們先生們，感謝你們的支持。

Welcome to the New York Mortgage Trust first-quarter 2024 results conference call.

歡迎參加紐約抵押信託 2024 年第一季業績電話會議。

(Operator Instructions) This conference is being recorded on Thursday, May 2, 2024.

（操作員說明）本次會議於 2024 年 5 月 2 日星期四錄製。

I would now like to turn the call over to Kristi Mussallem, Investor Relations.

我現在想將電話轉給投資者關係部門的 Kristi Mussallem。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Thank you for joining us today for our first-quarter 2024 earnings call.

感謝您今天參加我們的 2024 年第一季財報電話會議。

A press release and supplemental financial presentation with New York Mortgage Trust first-quarter 2024 results was released yesterday.

昨天發布了紐約抵押信託 2024 年第一季業績的新聞稿和補充財務報告。

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.

新聞稿和補充財務報告均可在本公司網站 www.nymtrust.com 上取得。此外，我們還將對今天的電話會議進行網路直播，您可以在公司網站的「活動和演示」部分進行觀看。

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.

目前，管理階層希望我通知您，電話會議期間所做的某些非歷史性陳述可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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.

儘管紐約抵押信託公司認為任何前瞻性陳述中反映的預期都是基於合理的假設，但它不能保證其預期將會實現。

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.

昨天的新聞稿以及該公司不時向美國證券交易委員會提交的文件中詳細介紹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.

現在，我想介紹一下執行長賈森·塞拉諾(Jason Serrano)。

Jason, please go ahead.

傑森，請繼續。

Hi, thank you for joining New York Mortgage Trust first-quarter earnings call.

您好，感謝您參加紐約抵押信託第一季財報電話會議。

Joining me today is Nick Mah, President; and Kristine Nario, CFO.

今天加入我的是總裁 Nick Mah；和財務長克里斯汀·納裡奧。

Starting with the first-quarter activity noted on page 7 of our Q1 supplemental, the company incurred earnings per share of negative $0.75 or $0.68 on an undepreciated basis.

從我們第一季補充資料第 7 頁所述的第一季活動開始，該公司在未折舊的基礎上每股收益為負 0.75 美元或 0.68 美元。

GAAP book value per share declined 9.73% or 9.08% on adjusted book value.

GAAP 每股帳面價值下降 9.73%，調整後帳面價值下降 9.08%。

As mentioned in my earlier statement, impairments to our JV equity positions are the primary driver of the book value and earnings decline.

正如我在先前的聲明中提到的，我們合資企業股權部位的減損是帳面價值和收益下降的主要驅動因素。

In the first quarter, divestments of the JV equity portfolio has been a challenge in a higher-rate environment alongside unfavorable market conditions impacting underlying property cash flows, both negatively impacting valuations.

第一季度，在利率較高的環境下，合資企業股權投資組合的撤資一直是一個挑戰，而且不利的市場條件影響了潛在的房地產現金流，兩者都對估值產生了負面影響。

We are focused on reducing our exposure to multi-family joint venture equity investments, which represent less than 5% of the company's capital allocation or less than 1% of portfolio assets at the end of the quarter.

我們專注於減少多家族合資企業股權投資的曝險，截至本季末，該投資占公司資本配置的比例不到 5%，或投資組合資產的比例不到 1%。

However, as exposure to JV equity approaches to zero and allocations to agency RMBS increases, we expect book value volatilities to subside.

然而，隨著合資企業股權風險接近零以及機構人民幣支持證券的配置增加，我們預期帳面價值波動將會減弱。

With the company's current liquidity, we are focused on moving from the volatility caused by our JV equity book to prudently grow the company's balance sheet for income growth in the year.

憑藉公司目前的流動性，我們的重點是擺脫合資企業股權帳簿造成的波動，審慎地擴大公司的資產負債表，以實現今年的收入成長。

In the first quarter, we continue to favor short-duration residential credit in the form of BPL bridge loans and an agency RMBS with $608 million of acquisitions.

第一季度，我們繼續青睞 BPL 過橋貸款和機構 RMBS 形式的短期住宅信貸，收購額為 6.08 億美元。

Nick will touch more on this later, but we see excellent risk-adjusted returns within these sectors in an economy that could be potentially facing an inflection point.

尼克稍後將對此進行更多討論，但我們看到，在可能面臨拐點的經濟中，這些行業的風險調整後回報率很高。

The Fed's Chair's surprised dovish comments late in Q4 is certainly now in the distant past.

聯準會主席在第四季末發表的令人驚訝的鴿派言論現在肯定已經成為遙遠的過去。

The market has repriced the rate curve in the first quarter.

市場對第一季的利率曲線進行了重新定價。

The five-year treasury yield has retraced some of the steady declines witnessed late last year by jumping from 3.9% to 4.2% in the first quarter.

五年期公債殖利率在第一季從 3.9% 躍升至 4.2%，收復了去年底的部分穩定跌幅。

The market anticipated six rate cuts in 2024 starting in March, which has given way to less than two cuts now, with the first cut expected only later in the year.

市場預計從 3 月開始，2024 年將有六次降息，但目前降息次數已少於兩次，預計首次降息將在今年稍後進行。

Contending with these assumptions was surprisingly low first-quarter GDP print.

與這些假設相矛盾的是，第一季 GDP 數據出人意料地低。

US growth has slowed from nearly 5% over six months ago to 1.6% today.

美國經濟成長已從六個月前的近 5% 放緩至目前的 1.6%。

The result would have been far worse if not for the US economy dipping into personal savings.

如果美國經濟沒有動用個人儲蓄，結果會更糟。

Holding the savings rate steady from the prior quarter of 3.6% would have resulted in a GDP print of approximately 50 basis points.

將儲蓄率保持在上一季 3.6% 的基礎上穩定，將使 GDP 成長約 50 個基點。

Consumer expenditure drawing on savings, coupled with record credit card debt utilization, is not sustainable method of continuing GDP growth.

利用儲蓄的消費者支出，加上創紀錄的信用卡債務利用率，並不是持續 GDP 成長的可持續方法。

Also, I wanted to quickly point out that the BEA's release of the year-over-year core PCE, which is the Fed's preferred inflation measure, jumped up slightly in March.

另外，我想快速指出，BEA 發布的核心 PCE（聯準會首選的通膨指標）在 3 月略有上升。

The story is not the magnitude, but the fact that it's going in the wrong direction.

這個故事不在於規模大小，而在於它正朝著錯誤的方向發展。

However, looking deeper into the result, the increase in price was predominantly related to the service sector, which is an imputed number.

然而，深入研究結果發現，價格上漲主要與服務業有關，這是估算數字。

Observable durable goods prices were lower in the month, which could provide better insight into the future core PCE expectations.

本月可觀察耐用品價格較低，這可以更好地洞察未來核心 PCE 預期。

In either case, the final 80 basis points to meet the Fed's inflation target of 2% is proving to be sticky, and the market is adjusting to this issue.

無論哪種情況，事實證明，實現聯準會 2% 通膨目標的最終 80 個基點都具有黏性，市場正在針對此問題進行調整。

We believe the economy is signaling potential late-stage cycle conditions.

我們認為，經濟正在發出潛在的後期週期狀況的訊號。

We expect slow-to-moderate growth for the rest of the year and increase in the risk of recession.

我們預計今年剩餘時間經濟將緩慢至溫和成長，經濟衰退風險將會增加。

In response, we continue to take a balanced approach to opportunities by intentionally lowering credit exposure or by avoiding identifiable risks.

對此，我們繼續採取平衡的態度來把握機會，有意降低信用風險或避免可識別的風險。

We believe that fixed income investments, particularly short-duration mortgage credit and agency RMBS, continue to provide compelling returns within this economic backdrop.

我們相信，固定收益投資，特別是短期抵押貸款信貸和機構 RMBS，將繼續在這種經濟背景下提供令人矚目的回報。

Focusing on these assets have led to a 35% first-quarter year-over-year increase in adjusted interest income at the company.

專注於這些資產導致該公司第一季調整後利息收入年增 35%。

After seasonality effects, which typically depress market activity in Q1, we are focused on increasing interest income to portfolio growth to drive earnings.

在季節性影響（通常會抑制第一季的市場活動）之後，我們專注於增加投資組合成長的利息收入，以推動收益。

We expect to deploy the company's excess liquidity of $402 million into this higher rate environment.

我們預計將該公司 4.02 億美元的過剩流動性配置到這種利率較高的環境中。

At this time, I will pass the call over to Kristine for additional comments on our financials, and then to Nick for portfolio management discussion.

此時，我會將電話轉接給克里斯汀（Kristine）以獲取有關我們財務狀況的更多評論，然後轉接給尼克（Nick）進行投資組合管理討論。

Kristine?

克里斯汀？

Thank you, Jason.

謝謝你，傑森。

Good morning.

早安.

Today, I will focus my commentary on the main drivers of first-quarter financial results.

今天，我將重點放在第一季財務表現的主要驅動因素。

Our financial snapshot on slide 11 covers key portfolio metrics for the quarter, and slide 25 summarizes the financial results for the quarter.

我們的投影片 11 上的財務快照涵蓋了本季的關鍵投資組合指標，投影片 25 總結了本季的財務表現。

As Jason just covered, the company had undepreciated loss per share of $0.68 in the first quarter, as compared to undepreciated earnings per share of $0.37 in the fourth quarter.

正如傑森剛剛報導的，該公司第一季未折舊每股虧損為 0.68 美元，而第四季未折舊每股收益為 0.37 美元。

Our earnings were impacted by our recognition of $0.56 per share of losses, primarily on certain multi-family real estate assets held by JV equity investments due to a decrease in the estimated fair value of the real estate as compared to the carrying costs, and the reclassification of one of our JV equity investments in multi-family properties from held for sale to held and used.

我們的獲利受到每股 0.56 美元損失的影響，主要是由於與持有成本相比，房地產的估計公允價值下降，以及合資企業股權投資持有的某些多戶房地產資產。的一項合資股權投資從持有待售重新分類為持有和使用。

We had net interest income of $17.9 million, a contribution of $0.20 per share, up from $0.19 per share in the fourth quarter.

我們的淨利息收入為 1,790 萬美元，每股貢獻 0.20 美元，高於第四季的每股 0.19 美元。

Our quarterly adjusted interest income, a non-GAAP financial measure, increased by $5.6 million to $78.1 million in the first quarter, from $72.5 million in the fourth quarter.

我們的季度調整後利息收入（一項非公認會計準則財務指標）從第四季的 7,250 萬美元增加到第一季的 7,810 萬美元，增加了 560 萬美元。

The increase is due to the growth in our interest-earning assets, resulting from $608 million in investments made in agency RMBS and short-duration business purpose loans.

這一增長是由於我們生息資產的增長，這是由於對機構 RMBS 和短期商業目的貸款的 6.08 億美元投資所致。

The increase in adjusted interest income was offset by a $2.9 million increase in adjusted interest expense due to the financing of investments made during the quarter.

調整後利息收入的增加被本季投資融資導致的調整後利息支出增加 290 萬美元所抵銷。

Our interest rate swaps continue to benefit our portfolio, reducing our adjusted interest expense by $8.3 million during the quarter.

我們的利率掉期繼續使我們的投資組合受益，使本季調整後的利息支出減少了 830 萬美元。

Overall, the operations of our consolidated multi-family JV properties contributed a net loss of $0.18 per share during the quarter, an increase from a net loss of $0.08 per share in the fourth quarter.

總體而言，本季我們合併的多戶合資物業的營運貢獻了每股 0.18 美元的淨虧損，較第四季每股 0.08 美元的淨虧損有所增加。

The increase in net loss is a result of, one, an increase in depreciation expense related to operating real estate as a result of the reclassification of certain multi-family real estate assets owned by entities, in which we have a JV equity investment from held for sale to held and used at the end of the fourth quarter; second, an increase in lease intangible amortization due to a consolidation of a preferred equity investment at the end of the fourth quarter and a decrease in income from real estate due to the full-quarter impact of the deconsolidation of two multi-family real estate assets; and as a result of non-recurring income recognized in the fourth quarter related to earnest money proceeds received from a canceled sale.

淨虧損增加的原因之一是，由於對實體擁有的某些多戶房地產資產進行重新分類，導致與經營性房地產相關的折舊費用增加，其中我們持有合資企業股權投資出售以在第四季度末持有和使用；其次，由於第四季度末合併一項優先股投資導致租賃無形攤銷增加，以及由於兩個多戶房地產資產取消合併對全季度的影響導致房地產收入減少;由於第四季度確認了與取消銷售收到的保證金收益相關的非經常性收入。

As mentioned earlier, during the quarter, we recognized $50.8 million or $0.56 per share of losses related to the following: first, a $36.2 million or $0.40 per share loss from impairment charges on real estate due primarily to lower net operating income estimates and wider cap rates resulting in lower property valuations as compared to our carrying costs; and second, a $14.6 million or $0.16 per share loss related to the reclassification of our multi-family properties from held for sale to held and used as of March 31, as it no longer met the criteria to be held for sale in conformity with GAAP.

如前所述，在本季度，我們確認了與以下相關的損失5,080 萬美元或每股0.56 美元：首先，房地產減損費用造成3,620 萬美元或每股0.40 美元的損失，主要是由於淨營業收入預測較低和上限擴大所致與我們的持有成本相比，利率導致財產估值較低；其次，截至 3 月 31 日，我們的多戶房產從持有待售重新分類為持有和使用，導致 1,460 萬美元或每股 0.16 美元的損失，因為它不再符合 GAAP 持有待售的標準。

We continue to market for sale our JV equity investments in three multi-family properties.

我們繼續出售我們對三個多戶住宅的合資股權投資。

But we can provide no assurance of the timing or success of our ultimate exit from these investments.

但我們無法保證我們最終退出這些投資的時間或成功。

The fair value changes related to our investment portfolio continue to have a significant impact on our earnings.

與我們的投資組合相關的公允價值變動持續對我們的收益產生重大影響。

During the quarter, we recognized $39.4 million or $0.43 per share of unrealized losses due to lower asset prices, primarily in our agency RMBS portfolio, as a result of increases in interest rates.

在本季度，我們確認了 3,940 萬美元或每股 0.43 美元的未實現損失，這是由於利率上升導致資產價格下降（主要是我們的機構 RMBS 投資組合）。

These losses were offset by $0.54 per share in gains recognized in our derivative instruments, primarily consisting of interest rate swaps and caps.

這些損失被我們的衍生性商品（主要包括利率掉期和利率上限）確認的每股 0.54 美元收益所抵銷。

We also recognized $10.5 million or $0.12 per share of realized losses related to the sale of certain non-performing and performing residential loans and losses incurred on foreclosed properties due to lower valuations during the first quarter.

我們還確認了與出售某些不良和正常住宅貸款相關的已實現損失 1050 萬美元或每股 0.12 美元，以及由於第一季估值較低而導致止贖房產產生的損失。

We had total G&A of $13.1 million, up from $11.7 million in the previous quarter, primarily due to non-recurring professional fees and consulting fees incurred during the quarter.

我們的一般管理費用總額為 1,310 萬美元，高於上一季的 1,170 萬美元，主要是由於本季產生的非經常性專業費用和諮詢費用。

We had portfolio operating expenses of $11.3 million, which increased primarily due to debt issuance costs related to securitizations issued during the quarter, that were expenses incurred as a result of the fair value option election of the CDOs issued and increased expenses related to asset management of our BPL bridge portfolio.

我們的投資組合營運費用為1,130 萬美元，增加的主要原因是與本季發行的證券化相關的債務發行成本，這是由於發行的CDO 的公允價值選擇權而產生的費用，以及與資產管理相關的費用增加我們的 BPL 橋產品組合。

Adjusted book value per share ended at $11.51, down 9% from year-end.

調整後每股帳面價值為 11.51 美元，較去年年底下降 9%。

The main drivers were -- adjusted book value change were $0.75 in basic loss per share, a reduction of $0.20 per share related to our declared dividend, and a negative $0.12 per share change in estimated fair value of our amortized cost liabilities.

主要驅動因素是－調整後的帳面價值變動為每股基本虧損 0.75 美元，與我們宣派股利相關的每股減少 0.20 美元，以及我們攤餘成本負債估計公允價值每股 0.12 美元的負變動。

As of quarter-end, the company's recourse leverage ratio and portfolio recourse leverage ratio increased to 1.7 and 1.6, respectively, from 1.6 and 1.5, respectively as of December 31.

截至季末，該公司的追索槓桿率和投資組合追索槓桿率分別從截至12月31日的1.6和1.5增至1.7和1.6。

While our financing leverage remains low relative to historical levels, we would expect our leverage to move higher as we continue to expand our holdings of highly liquid agency RMBS.

儘管我們的融資槓桿率相對於歷史水準仍然較低，但隨著我們繼續擴大高流動性機構人民幣支持證券的持有量，我們預計我們的槓桿率將會上升。

Our portfolio recourse leverage on our credit book is down at 0.3 times when compared to 0.4 times from the previous quarter due to the completion of two securitizations this quarter, of which a portion of the proceeds were used to replace recourse repurchased financing.

由於本季完成了兩項證券化，其中部分收益用於替代追索性回購融資，我們的信用帳簿投資組合追索槓桿較上季的0.4倍下降了0.3倍。

Consequently, our debt, subject to mark-to-market margin calls, reduced to 56% from 58% in prior quarter.

因此，根據市值計價的追加保證金通知，我們的債務從上一季的 58% 減少至 56%。

The remaining 44% of our debt as of March 31 has no exposure to collateral repricing by our counterparties.

截至 3 月 31 日，我們剩餘 44% 的債務不存在交易對手抵押品重新定價的風險。

We paid a $0.20 per common share dividend, unchanged from the prior quarter.

我們支付了每股普通股 0.20 美元的股息，與上一季持平。

We continue to evaluate our dividend policy each quarter and look at the 12-to-18-month projection of not only our net interest income, but also realized gains -- realized or capital gains that can be generated from our portfolio.

我們繼續每季評估我們的股利政策，不僅關注我們的淨利息收入，而且關注已實現收益——我們的投資組合可以產生的已實現收益或資本收益的 12 至 18 個月預測。

We remain committed to maintaining an attractive current yield for our shareholders.

我們仍然致力於為股東維持有吸引力的當前收益率。

However, we expect undepreciated earnings per share to remain below the current dividend, as we continue to rotate excess liquidity for reinvestment in a more attractively priced market.

然而，我們預計未折舊每股盈餘仍將低於當前股息，因為我們將繼續將多餘的流動性用於價格更具吸引力的市場的再投資。

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

我現在將把它交給尼克來檢查市場和策略更新。

Nick?

缺口？

Thank you, Kristine.

謝謝你，克里斯汀。

In the first quarter, we saw upside surprises in inflation data amidst a still resilient labor market.

第一季度，在勞動市場依然堅韌的情況下，我們看到通膨數據意外上行。

This showed just how challenging the last mile of the Fed's journey to tame inflation was going to be.

這表明聯準會抑制通膨的最後一英里將是多麼具有挑戰性。

On a positive note, the healthy economic environment and the strong real money demand for paper have allowed for mortgage and residential credit spreads to remain stable in the quarter.

從積極的角度來看，健康的經濟環境和強勁的票據實際貨幣需求使得抵押貸款和住宅信貸利差在本季保持穩定。

Amidst this market backdrop, we continue to make inroads in our goal of generating more consistent earnings through growth in our investment portfolio.

在這種市場背景下，我們繼續努力實現透過投資組合成長創造更穩定收益的目標。

In the quarter, we acquired $608 million of assets, primarily concentrated in $298 million of agency RMBS and $302 million of BPL loans.

本季度，我們收購了 6.08 億美元的資產，主要集中在 2.98 億美元的機構 RMBS 和 3.02 億美元的 BPL 貸款。

Investment activity this quarter has been more evenly balanced between agency RMBS and BPL, with acquisitions of agencies decreasing and BPL increasing quarter over quarter.

本季機構 RMBS 和 BPL 之間的投資活動更加平衡，機構收購減少，BPL 逐季增加。

The relative value assessment of agency RMBS has tempered the pace of our agency RMBS acquisitions due to the tightening of spreads over the past six months.

由於過去六個月利差收緊，機構 RMBS 的相對價值評估減緩了我們機構 RMBS 收購的步伐。

The current coupon mortgage spread to interpolated 5- and 10-year treasuries was in the high 130 basis points at the end of Q1.

截至第一季末，目前 5 年期和 10 年期公債的息票抵押貸款息差高達 130 個基點。

Even though this level was relatively unchanged quarter over quarter, there were more attractive opportunities for capital deployment in the prior year.

儘管這一水平與上一季相比相對沒有變化，但去年有更有吸引力的資本配置機會。

For example, in agency RMBS, our average ZV spread of spec pool purchases in Q1 was 149 basis points compared to 176 basis points in Q4 of last year.

例如，在機構 RMBS 中，我們第一季購買投機池的平均 ZV 利差為 149 個基點，而去年第四季為 176 個基點。

Our agency RMBS strategy remains unchanged, as we see the asset class as complementary to our overall residential credit portfolio.

我們的機構 RMBS 策略保持不變，因為我們認為該資產類別是我們整體住宅信貸投資組合的補充。

We are targeting current coupon spec pools with current coupons currently in the 5.5% to 6.0% coupon range.

我們的目標是目前優惠券規格池，目前優惠券目前處於 5.5% 至 6.0% 優惠券範圍內。

Over the quarter, our overall average coupon on the portfolio remained relatively unchanged at 5.84%.

本季度，我們投資組合的整體平均票息保持相對不變，為 5.84%。

We also continue to prioritize lower pay-up spec pools, particularly in credit stories like high LTV and low FICO, for some additional prepayment protection.

我們也繼續優先考慮較低的付款規格池，特別是在高 LTV 和低 FICO 等信用故事中，以獲得一些額外的預付款保護。

Leverage in this agency strategy is at 8.1 times, which is higher than the last quarter's ratio of 6.7 times, primarily due to lower bond prices in the quarter.

此代理策略的槓桿率為8.1倍，高於上季的6.7倍，主要是由於本季債券價格較低。

This is still within our acceptable leverage range to manage this strategy.

這仍然在我們管理該策略可接受的槓桿範圍內。

Overall, we believe that agency RMBS is an asset class that will outperform in this market environment.

整體而言，我們認為機構 RMBS 是在當前市場環境下表現優異的資產類別。

At these levels, agency RMBs spreads are anchored at the higher range of historical returns.

在這些水準上，機構人民幣利差錨定在歷史報酬率的較高範圍內。

So we aim to add to our agency RMBS positions every quarter.

因此，我們的目標是每季增加我們的機構 RMBS 部位。

However, we will be opportunistic and continually adjust the pace of purchases based on market spread moves as we did throughout 2023.

然而，我們將抓住機會，根據市價差變動不斷調整購買節奏，就像我們在 2023 年所做的那樣。

We believe that uneven economic data and market fluctuations may create periods during the year where spreads move wider.

我們認為，不均衡的經濟數據和市場波動可能會在一年中造成利差擴大的時期。

And we can ramp up the pace of capital commitment into this sector.

我們可以加快對該產業的資本投入步伐。

Relating to BPLs, we have had recent success in growing the acquisition pipeline from our origination partners.

就 BPL 而言，我們最近在擴大來自原始合作夥伴的收購管道方面取得了成功。

The $302 million of purchases this quarter represents a 30% increase from the prior quarter.

本季採購額為 3.02 億美元，較上一季成長 30%。

These BPL purchases consist of $273 million of BPL bridge loans and $29 million of 30-year BPL rental loans.

這些 BPL 購買包括 2.73 億美元的 BPL 過橋貸款和 2,900 萬美元的 30 年期 BPL 租賃貸款。

We have restarted our acquisitions of longer-term BPL rental loans to prudently add some duration to the portfolio.

我們已重新開始收購長期 BPL 租賃貸款，以審慎增加投資組合的期限。

The BPL rental program is now also supported by a healthy securitization market for term funding.

BPL 租賃計劃現在也得到了健康的定期融資證券化市場的支持。

We are in an advantageous position to source BPL loans, given our longstanding market position.

鑑於我們長期的市場地位，我們在獲取 BPL 貸款方面處於有利地位。

We expect continued growth in future acquisitions in both BPL bridge and BPL rentals in the coming quarters, as we refine pricing and credit guidelines with new and existing origination partners.

我們預計，隨著我們與新舊合作夥伴完善定價和信用指南，未來幾季 BPL 橋樑和 BPL 租賃業務的收購量將持續成長。

On BPL bridge, this remains a core strategy for us, as the short-duration profile and high carry are suitable for this uncertain market environment.

在 BPL 橋上，這仍然是我們的核心策略，因為短期配置和高利差適合這種不確定的市場環境。

Furthermore, total principal losses remain at a low level, currently below 15 basis points on total purchases to date of $3.8 billion as of the end of the first quarter.

此外，總本金損失仍處於較低水平，截至第一季末迄今的購買總額為 38 億美元，目前低於 15 個基點。

We have chosen to pursue BPL bridge loans where the credit profile and the liquidity of the underlying assets are sound.

我們選擇在基礎資產的信用狀況和流動性良好的情況下尋求 BPL 過橋貸款。

We continue to limit exposure to fin sectors of lending in ground-up construction loans and multi-family bridge loans, both combining to comprise only 5% of this quarter's BPL bridge purchases.

我們繼續限制對基礎建設貸款和多戶過橋貸款等金融業貸款的曝險，這兩筆貸款合計僅佔本季度 BPL 過橋貸款購買量的 5%。

As I mentioned last quarter, the introduction of rated securitizations in the BPL bridge market now confers better financing execution to the more mainstream and credit-secure BPL bridge product.

正如我上季度提到的，BPL 過橋市場引入評級證券化現在為更主流和信用安全的 BPL 過橋產品提供了更好的融資執行力。

We are exploring rated securitization vehicles as another future means of funding our BPL bridge program.

我們正在探索評級證券化工具，作為未來為我們的 BPL 過渡計劃提供資金的另一種方式。

The securitization market has been more conducive to issuance in 2024 thus far.

迄今為止，證券化市場更有利於2024年的發行。

The limited supply of investable residential assets has met an increasing demand for bonds from a broader investor base.

可投資住宅資產的有限供應滿足了更廣泛的投資者群體對債券日益增長的需求。

We issued two securitizations in the first quarter, and we hope to be a more frequent issuer for the rest of the year.

我們在第一季發行了兩筆證券化產品，我們希望在今年剩餘時間內成為更頻繁的發行人。

Our first securitization executed this year was a $225 million revolver securitization backed by BPL bridge, with an effective cost of 7.43%.

我們今年執行的第一筆證券化是由 BPL Bridge 支持的 2.25 億美元左輪手槍證券化，有效成本為 7.43%。

We are utilizing the two-year revolver structure to finance our existing and future BPL bridge purchases.

我們正在利用兩年循環結構為我們現有和未來的 BPL 橋樑採購提供資金。

The second deal we did this year was a $276 million performing and re-performing loan rated securitization, with a 5.75% effective cost issued in March.

我們今年完成的第二筆交易是 2.76 億美元的履約和再履約貸款評級證券化，3 月發行的有效成本為 5.75%。

Although we have not been purchasing any meaningful amount of performing or re-performing loans in the last couple of years, we use the securitization to optimize the financing on some of our existing assets.

儘管我們在過去幾年中沒有購買任何有意義數量的履約或再履約貸款，但我們利用證券化來優化一些現有資產的融資。

This year, our increase in purchasing activity in whole loans will allow for us to more consistently access the securitization markets.

今年，我們整體貸款購買活動的增加將使我們能夠更持續地進入證券化市場。

Shifting our focus to multi-family mezzanine lending, we currently have $207 million of allocated investments.

我們將重點轉向多戶夾層貸款，目前已分配投資 2.07 億美元。

We are focused on recycling the return capital into similar assets or into our core strategies as the portfolio continues to payoff.

隨著投資組合不斷獲得回報，我們專注於將回報資本回收到類似資產或我們的核心策略。

Through Q1, a seasonally slow payoff period, the annualized payoff rate is at 11%, driven by the resolution of a $6 million loan at a 14% IRR.

第一季是季節性緩慢還款期，在以 14% 的 IRR 解決了 600 萬美元貸款的推動下，年化還款率為 11%。

This annual payoff rate is lower than the historical average of 27%, but we do expect the payoff rate to increase over the year.

這一年度回報率低於 27% 的歷史平均水平，但我們預計回報率將在年內上升。

We continue to see built-up equity below our mezzanine position due to the seasoning of the portfolio, which creates incentive for sponsors to unlock equity through a sale or recapitalization.

由於投資組合的老化，我們繼續看到累積股本低於我們的夾層位置，這為贊助商透過出售或資本重組釋放股本創造了動力。

Additionally, overall occupancy numbers at 90% point to a mature and stabilized portfolio.

此外，90% 的總體入住率表明投資組合成熟且穩定。

We experienced impairment losses totaling $36 million and additional reclassification losses of $15 million in the quarter, primarily in our JV equity portfolio.

本季我們經歷了總計 3,600 萬美元的減損損失和 1,500 萬美元的額外重新分類損失，主要是在我們的合資企業股權投資組合中。

The impairments on our JV equity portfolio in the quarter are driven by several factors.

本季我們合資企業股權投資組合的減損是由多個因素造成的。

First is the expectation of lower current and future rents at the properties, reflecting supply pressure from competing new builds being delivered in the same markets.

首先是對這些物業當前和未來租金下降的預期，反映出同一市場上交付的競爭性新建築的供應壓力。

This supply glut has the potential to resolve in the future, after which we can expect more normalized rent growth.

這種供應過剩的情況有可能在未來解決，之後我們可以預期租金成長將更加正常化。

Operating expenses on average have also been higher, driven by senior debt costs, insurance, and property taxes.

由於優先債務成本、保險和財產稅的推動，平均營運支出也有所增加。

Finally, cap rates on the properties have also drifted slightly higher due to rates.

最後，由於利率的影響，房地產的資本化率也略有上升。

We do expect that being left with the remaining portfolio of $52 million means that any future losses within this portfolio should be range bound, given the size of the exposure.

我們確實預計，鑑於風險敞口的規模，剩下 5,200 萬美元的投資組合意味著該投資組合未來的任何損失都應該是在一定範圍內的。

We continue to invest asset management resources to maintain and improve the underlying drivers of higher valuation, such as improving rent growth or value at rehab.

我們繼續投資資產管理資源，以維持和改善更高估值的潛在驅動因素，例如改善租金成長或康復價值。

At the same time, we are also continuing to pursue resolutions for assets that are held for sale and to maintain and improve NOI for our held-and-used assets.

同時，我們也將繼續尋求持有待售資產的解決方案，並維持和改善我們持有和使用的資產的NOI。

At this time, we will open the call for Q&A.

此時，我們將開啟問答環節。

(Operator Instructions) Bose George, KBW.

（操作員說明）Bose George，KBW。

Good morning.

早安.

Actually, how big could agency MBS become as a part of your total capital and assuming spreads remain reasonably attractive?

實際上，假設利差仍然具有相當的吸引力，那麼機構 MBS 佔您總資本的比例會有多大？

Yeah.

是的。

So I think -- this is Nick.

所以我想——這是尼克。

We do expect to continue to grow the portfolio.

我們確實希望繼續擴大投資組合。

The pace of investments just given where -- how much spreads have come in, the pace of that will decline somewhat, although we do expect that to continue to grow.

考慮到投資的速度——利差有多大，投資的速度將會下降，儘管我們確實預計這一速度將繼續成長。

So right now, we have approximately in the low $2 billion-type exposure.

所以現在，我們的風險敞口大約在 20 億美元左右。

I would not be surprised if this continue to grow to the end of the year or something under $3 billion.

如果這個數字繼續增長到今年年底或低於 30 億美元，我不會感到驚訝。

But we believe that market conditions have to meaningfully widen out for us to really hit that $3 billion number.

但我們相信，市場條件必須大幅擴大，我們才能真正達到 30 億美元的數字。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then actually, is there anything you can do on the cost side to help the ROEs, or will that require more of the -- until the disposition of the JV properties?

實際上，在成本方面您可以做些什麼來幫助 ROE，或者這需要更多 - 直到處置合資企業財產嗎？

Is that -- the expense side remain kind of harder to control?

是不是——費用方面仍然更難控制？

Just curious what levers you have to pull there.

只是好奇你必須拉動什麼槓桿。

Yeah.

是的。

So on the expense side -- this is Jason Serrano.

在費用方面，我是賈森·塞拉諾（Jason Serrano）。

On the expense side, we do see some opportunities.

在費用方面，我們確實看到了一些機會。

We're implementing those now and expect to see some relief on that side of the equation.

我們現在正在實施這些措施，並期望在這一方面看到一些緩解。

That's going to be something that we're going to be implementing through the course of the year.

這將是我們將在今年實施的事情。

So it won't show up in any one particular quarter in a meaningful way.

因此，它不會以有意義的方式出現在任何一個特定季度。

But I think over the course of the year, you'll see our expenses come in, which is the current game plan today.

但我認為在這一年中，你會看到我們的開支進來，這就是今天的當前計劃。

Okay, great.

好的，太好了。

Thanks.

謝謝。

(Operator Instructions) Doug Harter, UBS.

（操作員說明）Doug Harter，UBS。

Thanks.

謝謝。

I know you touched on the dividend in the prepared remarks, but just hoping to get a little bit more clarity on kind of how you're thinking about the outlook.

我知道您在準備好的發言中談到了股息，但只是希望能更清楚地了解您對前景的看法。

Kind of when we're looking at net interest income less your operating and portfolio expenses, less the preferred dividend, it seems like there is a long way to go to kind of get back to the dividend level.

當我們考慮淨利息收入減去營運和投資組合費用，減去優先股股息時，似乎要回到股息水平還有很長的路要走。

Just curious as to kind of how you're thinking about the right level kind of in that construct.

只是好奇您如何考慮該構造中的正確級別。

Hi, this is Kristine.

嗨，這是克里斯汀。

So in our prepared comments, we did say undepreciated earnings, we expected to be a little bit below our dividend.

因此，在我們準備好的評論中，我們確實說過未折舊收益，我們預計會略低於股息。

And this is really a function of our conscious decision in 2022 to significantly curtail our investment activity after the Fed first rate hike.

這實際上是我們在 2022 年聯準會首次升息後有意識地大幅削減投資活動的決定的結果。

And this allowed us to, essentially, we believe preserve liquidity and limit our material risk if we were to underwrite investments in the peak valuations in 2022.

我們認為，如果我們要在 2022 年的高峰估值下承銷投資，這本質上使我們能夠保留流動性並限制我們的重大風險。

But we stabilized our portfolio holdings, adding about 50% or increasing our interest income by 50% if you compare it to last quarter of 2023.

但我們穩定了我們的投資組合持股，如果與 2023 年最後一個季度相比，我們的投資組合增加了約 50%，或者說我們的利息收入增加了 50%。

And we will continue to opportunistically dispose assets in our portfolio.

我們將繼續機會主義地處置我們投資組合中的資產。

And our goal is to generate high portfolio turnover to transition these investments into mid-type-teens return.

我們的目標是產生高投資組合週轉率，將這些投資轉變為中等青少年回報。

Okay.

好的。

Thank you.

謝謝。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Hey, just for modeling, I mean, what's the cost of financing now on the $1.7 billion of securitized debt?

嘿，只是為了建模，我的意思是，現在 17 億美元的證券化債務的融資成本是多少？

How does that compare to the cost of financing for the mark-to-market repo on the credit portfolio?

與信貸投資組合以市值計價回購的融資成本相比如何？

Yeah.

是的。

So from a securitization perspective, it is a lower cost of debt relative to repo for the time being, which is one of the reasons why we are trying to move more of our assets into the securitization space.

因此，從證券化的角度來看，目前相對於回購來說，債務成本較低，這也是我們試圖將更多資產轉移到證券化領域的原因之一。

So just generally speaking, from a finance -- from a repo cost perspective, it's usually struck at SOFR anywhere between, let's call it, 200 to 300 basis points.

所以一般來說，從金融角度來看——從回購成本的角度來看，SOFR 通常會在 200 到 300 個基點之間的任何地方進行。

And depending on asset class and depending on the securitizations that you're doing, whether it's rated or unrated, you could achieve probably, let's call it, 25 to 50 basis points of savings, depending on where you are.

根據資產類別和您正在進行的證券化，無論是評級還是未評級，您可能可以節省 25 到 50 個基點，具體取決於您所處的位置。

But there is also a benefit of securitizations being executed with -- at a tenor that is longer than what is implied by just SOFR.

但執行證券化也有一個好處——期限比 SOFR 所暗示的期限更長。

So you're also getting the benefit of the inverted yield curve.

因此，您也可以從反向殖利率曲線中受益。

Okay, that's helpful.

好的，這很有幫助。

Any perspectives on delinquencies that we're seeing in the BPL bridge space and how your portfolio kind of compares to some of the trends that we've seen elsewhere in the market, and how much appetite you might even have to extend loans in cases where the sponsor is struggling from higher interest rates?

對我們在BPL 橋樑空間中看到的拖欠問題的任何看法，以及您的投資組合與我們在市場其他地方看到的一些趨勢的比較，以及在以下情況下您甚至可能需要延長貸款的興趣有多大：贊助商因利率上升而苦苦掙扎？

Yeah.

是的。

So I mean, we do disclose our delinquency rates on our BPL bridge portfolio.

所以我的意思是，我們確實揭露了 BPL 橋投資組合的拖欠率。

You can see that it's been relatively stable over the last few quarters.

您可以看到，過去幾個季度它相對穩定。

If you remember, our portfolio, given the fact that we have slowed our purchases a couple of years ago, we have seen those delinquencies, numbers pick up as the portfolio approaches maturity.

如果你還記得的話，我們的投資組合，考慮到幾年前我們已經放慢了購買速度，我們已經看到了這些拖欠，隨著投資組合接近成熟，拖欠的數字有所增加。

So now, the dynamics are clearly different.

所以現在，動態明顯不同了。

We continue to buy assets.

我們繼續購買資產。

But even then, just the dollar value of delinquencies have remained relatively stable.

但即便如此，僅拖欠的美元價值仍保持相對穩定。

And we expect that to continue to be the case as this goes on.

我們預計這種情況將持續下去。

So we've effectively already gone through one full cycle on the portfolio that we have already displayed in terms of public information.

因此，我們實際上已經對我們已經在公開資訊中展示的投資組合進行了一個完整的週期。

Relating to our propensity to pursue extensions, it's -- we do continue to look at that.

關於我們尋求延期的傾向，我們確實會繼續關注這一點。

That is a very common part of the BPL bridge portfolio.

這是 BPL 橋接器產品組合中非常常見的部分。

I would say that we haven't really changed in terms of the frequency by which we approve extensions.

我想說的是，我們批准延期的頻率並沒有真正改變。

The one thing to note is that we do here that there are more borrowers who just need more time to refinance, either into another BPL bridge loan or into a longer-term investor loan.

需要注意的一件事是，我們在這裡做的是，有更多的借款人只是需要更多的時間進行再融資，要么進入另一筆 BPL 過橋貸款，要么進入長期投資者貸款。

And that is something that we explore with them in terms of the viability of whether or not that is something that is likely to happen or that is just a hope.

這是我們與他們一起探討的事情，無論這是否可能發生，或只是一個希望。

And to the extent that this is something that we believe is true -- and we have clearly a very good sense in the market given that we do buy both those types of assets, and we do talk to originators all the time.

在某種程度上，我們相信這是真的——而且我們顯然對市場有很好的判斷力，因為我們確實購買了這兩種類型的資產，而且我們確實一直在與發起人交談。

To the extent that we do believe that there is a viable path for them to get refinanced in the near future, we will grant those extensions.

如果我們確實相信他們在不久的將來有可行的再​​融資途徑，我們將批准這些延期。

Yeah, that's helpful.

是的，這很有幫助。

Last one from me.

我的最後一張。

I mean, the three properties that you mentioned, you're actively marketing and seeking a disposition on for the multi-family portfolio.

我的意思是，您提到的三處房產，您正在積極行銷並尋求多戶投資組合的處置。

Any idea where that could shake out relative to your cost basis and where you're carrying it right now?

知道相對於您的成本基礎以及您現在的情況，這會在哪些方面發生變化嗎？

Yeah.

是的。

I mean, look -- so I think overall, I think it would be helpful to just provide a little bit of backdrop on the 13.

我的意思是，看——所以我認為總的來說，我認為提供一些關於 13 號的背景知識會很有幫助。

I know you mentioned the three.

我知道你提到了這三個。

All of the entire portfolio is a portfolio that we are looking to monetize over time, that we just think there's different timelines related to the three versus the remainder.

整個投資組合都是我們希望隨著時間的推移貨幣化的投資組合，我們只是認為這三個投資組合與其餘的投資組合有不同的時間表。

And this is a portfolio where -- these were mostly that added value programs that we bought about three years ago.

這是一個投資組合，其中大部分是我們大約三年前購買的增值項目。

And unfortunately, the timing of the lease-up activity on those added value, which I've mentioned earlier -- like there's this J-curve phenomenon where you're fixing units up, putting back to market, getting the units to be released at higher rental rates, is the goal.

不幸的是，我之前提到過，這些附加價值的租賃活動的時機——就像這種 J 曲線現像一樣，你要修復單位，放回市場，讓單位被釋放以更高的租金率，是我們的目標。

We faced in the markets -- which is part of the impairment and unrealized losses we took in the quarter.

我們面臨市場——這是我們在本季遭受的減損和未實現損失的一部分。

We faced a market where you have also new supply in the market that's also going through absorption.

我們面臨的市場是，市場上也有新的供應，但這些供應也正在經歷吸收。

And that depressed expected rents in the near term.

這壓低了短期內的預期租金。

We held that, basically, a part of the impairment -- unrealized losses was reflecting the weakness in rents we see in these markets.

我們認為，基本上，減損的一部分——未實現的損失反映了我們在這些市場看到的租金疲軟。

The absorption rate we expect to be -- to alleviate the rental pressure over the course of the year.

我們預計的吸收率將緩解全年的租金壓力。

So we expect to see, hopefully, gains related to that in the rental rates.

因此，我們希望看到與租金率相關的收益。

But overall, the timing of it is very difficult.

但總體而言，時機非常困難。

It's been a really challenging experience here with respect to the market and our timing, which, obviously, was unknown back three years ago, that we'd be facing -- is higher cap rate environment at this type of level, and then the step back of demand in the multi-family market.

就市場和我們的時機而言，這是一次真正具有挑戰性的經歷，顯然，三年前我們所面臨的情況是未知的——在這種水平上，資本化率較高，然後採取步驟多戶型市場的需求回升。

So we're going through that.

所以我們正在經歷這件事。

We think we are appropriately marked on our assets using fair value analysis.

我們認為，我們透過公允價值分析對我們的資產進行了適當的標記。

And we're expecting our book to be stable -- more stable over time than we've had.

我們期望我們的書能夠穩定——隨著時間的推移，比我們以前更穩定。

And it is less than 5% of our capital, less than 1% of our portfolio.

它不到我們資本的 5%，不到我們投資組合的 1%。

So that the impact to our earnings will be -- is just less meaningful than it was [nine -- two] quarters ago.

因此，對我們收益的影響將比[九個至兩個]季度前有意義。

So our asset management team is working hard to get these assets disposed.

所以我們的資產管理團隊正在努力處置這些資產。

But we have to take in light the fact that there's these kind of short-term pressures that have impacted valuations.

但我們必須考慮到這樣一個事實，即這些短期壓力影響了估值。

And we're looking for some relief related to that.

我們正在尋找與此相關的一些緩解措施。

That's helpful.

這很有幫助。

Thanks for flushing that out.

謝謝你把它沖掉。

Appreciate you guys.

感謝你們。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back to Jason Serrano for closing remarks.

現在我想請賈森·塞拉諾（Jason Serrano）發表結束語。

Yeah.

是的。

Thank you for joining our first-quarter earnings call.

感謝您參加我們的第一季財報電話會議。

Our second-quarter call will be done -- will be conducted in August, and we look forward to talking to you.

我們的第二季電話會議將於八月舉行，我們期待與您交談。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。