New York Mortgage Trust Inc (NYMT) 2024 Q2 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 second-quarter 2024 results conference call.

歡迎參加紐約抵押信託 2024 年第二季業績電話會議。

(Operator Instructions) This conference is being recorded on Thursday, August 1, 2024.

（操作員說明）本次會議將於 2024 年 8 月 1 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 New York Mortgage Trust's second-quarter 2024 earnings call.

感謝您參加紐約抵押信託信託公司 2024 年第二季財報電話會議。

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

紐約抵押信託信託公司 2024 年第二季業績的新聞稿和補充財務報告於昨天發布。

Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com. Additionally, we are hosting a live webcast of today's call, which you can access in the Events & Presentations section of the company's website.

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.

你好。

Thank you for joining New York Mortgage Trust second-quarter earnings call.

感謝您參加紐約抵押信託第二季財報電話會議。

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。

With a US economy that is showing a sequential slowdown of organic growth, where personal savings drawdown as a factor to stabilize GDP, obvious concerns point to an inflection point in the economy at a time where consumer debt is at the highest level ever and demonstrating evidence that the US consumer is tapped out.

美國經濟的有機成長連續放緩，個人儲蓄下降成為穩定 GDP 的因素，在消費者債務處於歷史最高水平之際，明顯的擔憂表明經濟出現拐點，並有證據表明美國消費者已經被掏空了。

Our preparation for a slowdown began after the first rate hike in March 2022, which typically predicts the end of a growth cycle.

我們在 2022 年 3 月首次升息後就開始為經濟放緩做準備，這通常預示著成長週期的結束。

At this time, we installed a large-scale portfolio rotation plan where we have provided updates to this portfolio adjustment in each of the past seven quarters.

目前，我們制定了一項大規模的投資組合輪調計劃，在過去七個季度的每個季度中，我們都對該投資組合調整進行了更新。

To execute our goal to derisk the portfolio from longer-term credit and transition to a higher-level liquidity, we focused on high current interest-oriented strategies.

為了實現我們的目標，即降低投資組合的長期信貸風險並過渡到更高水準的流動性，我們專注於高當前利率導向的策略。

We understood a reduction to our balance sheet would occur and consequently, company earnings would dip in this period.

我們知道我們的資產負債表將會減少，因此，公司獲利在此期間將會下降。

We are pleased to show elevated second quarter adjusted interest income of $84 million, which is a 63% increase from the same period last year.

我們很高興看到第二季調整後利息收入增加了 8,400 萬美元，比去年同期成長了 63%。

We are still working to improve company income and find ourselves in a great liquidity position to add to this momentum over subsequent quarters.

我們仍在努力提高公司收入，並發現自己處於良好的流動性狀況，可以在接下來的幾個季度增加這一勢頭。

While the timing of our balance sheet reduction began in 2022 and frankly, could have been better timed by delaying such activity for up to two to three quarters, we believe being directionally correct outweighs the loss of earnings potential of being early.

雖然我們的資產負債表縮減時間是從2022 年開始的，坦白說，如果將此類活動推遲最多兩到三個季度，時間可能會更好，但我們認為方向正確勝過過早帶來的獲利潛力損失。

Balance sheet flexibility created in this period could bring about multiyear benefit.

這段時期創造的資產負債表彈性可能會帶來多年效益。

As a reminder, a year ago, we started the phase for balance sheet growth.

提醒一下，一年前，我們開始了資產負債表成長階段。

First, an early goal was to invest real property holdings, mostly related to our multifamily JV equity portfolio, which admittingly took longer to sell and was a primary factor in recent book volatility, which has been disappointing.

首先，早期的目標是投資持有的房地產，主要與我們的多戶合資股票投資組合有關，誠然，該投資組合的出售時間較長，也是近期帳面波動的主要因素，令人失望。

Given recent sales progress, the portfolio is now immaterial to our book, less than 1% of total company holdings.

鑑於最近的銷售進展，該投資組合現在對我們的帳簿來說並不重要，不到公司總持股的 1%。

Second, we raised company current interest income which has been a priority.

其次，我們優先提高公司當期利息收入。

In the past, we had high allocation strategies with attractive total returns but exhibited low current cash income.

過去，我們的配置策略較高，總回報頗具吸引力，但目前現金收入較低。

As an example, in the multifamily mezzanine lending sector, where we originated loans with double-digit returns contained a feature of a partial or total interest pick.

例如，在多戶夾層貸款領域，我們所發放的兩位數回報貸款包含部分或全部利息選擇的特徵。

While the market today provides an exciting backdrop to reestablish pipelines from multifamily mezzanine investments, we are focused on new funding model for future originations.

雖然現今的市場為重建多戶夾層投資管道提供了令人興奮的背景，但我們仍專注於未來發起的新融資模式。

We are happy to announce we are pursuing a joint venture constructed for NYMT-originated multifamily mezzanine loans with a third-party cap provider, which allows up to $300 million of funding.

我們很高興地宣布，我們正在尋求與第三方上限提供者建立合資企業，用於 NYMT 發起的多戶夾層貸款，該合資企業可提供高達 3 億美元的資金。

While this venture is still subject to final negotiations of a definitive agreement with the third party, we are hopeful of an early September launch date.

雖然該合資企業仍需與第三方就最終協議進行最終談判，但我們對 9 月初的啟動日期抱有希望。

Third, we wanted to remain liquid, but also increase company income.

第三，我們希望保持流動性，同時也增加公司收入。

Our core strategy is intended to achieve this goal by allocating capital to Agency RMBS and short-duration business purpose loans.

我們的核心策略旨在透過向代理 RMBS 和短期商業目的貸款配置資金來實現這一目標。

For different reasons, both investments' return of principal has accelerated in a near-term economic slowdown, which allows NYMT to organically raise cash on balance sheet.

由於不同的原因，這兩項投資的本金回報在近期經濟放緩的情況下都加速了，這使得 NYMT 能夠有機地籌集資產負債表上的現金。

Furthermore, we anticipated MBS liquidity to spike after the first rate cut, which should be well-timed for pursuing opportunities with enhanced returns.

此外，我們預計首次降息後MBS流動性將飆升，這對於尋求更高回報的機會來說應該是個好時機。

Finally, maintaining minimal levels of recourse mark-to-market leverage in the credit space is an absolute goal for NYMT.

最後，將信貸領域的追索權以市價槓桿保持在最低水平是 NYMT 的絕對目標。

As the broader market demonstrated initial exuberance for potential accelerated rate cuts, an excellent opportunity to pursue non-recourse term funding structures at tighter spreads has developed.

隨著更廣泛的市場表現出對潛在加速降息的初步熱情，以更窄的利差追求無追索權定期融資結構的絕佳機會已經出現。

We continue to take advantage of pricing this market for funding needs.

我們繼續利用這個市場的定價來滿足融資需求。

I also want to mention that we're seeing opportunities with our own capital structure.

我還想提一下，我們在自己的資本結構中看到了機會。

As reinvestments accelerate and we continue to build out interest income, we evaluate opportunities to repurchase shares at a significant discount against our high-performing book that contains elevated concentrations of the agency and cash on balance sheet.

隨著再投資的加速以及我們繼續增加利息收入，我們評估以相對於我們的高性能帳簿（包含更高的機構集中度和資產負債表上的現金）大幅折扣回購股票的機會。

Lastly, we also look for additional accretive funding sources and seek to properly time the execution to maximize earnings impact.

最後，我們還尋找額外的增值資金來源，並尋求適當的執行時間，以最大限度地提高獲利影響。

On balance sheet, we opportunistically issued $60 million senior unsecured notes at 9.125% rate in the quarter for additional funding anticipation of wider spread opportunity in the agency space.

在資產負債表上，我們在本季以 9.125% 的利率趁機發行了 6,000 萬美元的優先無擔保票據，以期為機構領域更廣泛的利差機會提供額外資金。

Furthermore, given our extensive experience previously managing third-party capital at scale, we have evaluated several opportunities to focus on the right elements to seek external funding.

此外，鑑於我們先前大規模管理第三方資本的豐富經驗，我們評估了一些機會，並專注於正確的要素以尋求外部資金。

Page 8 of our supplemental illustrates our thought process related to this utilization.

我們補充資料的第 8 頁說明了我們與此利用相關的思考過程。

We look for the overlap of three factors: areas of team expertise and proven track record, strategies that provide compelling risk-adjusted returns at scale, and investment needs of third-parties and our own balance sheet.

我們尋找三個因素的重疊部分：團隊專業領域和良好的業績記錄、提供令人信服的大規模風險調整回報的策略，以及第三方和我們自己的資產負債表的投資需求。

As an example, delayed recognition of return or a low rate of current cash income will be a factor in seeking third-party capital.

例如，延遲確認回報或當期現金收入率較低將成為尋求第三方資本的因素。

We are focused on current cash income.

我們關注目前的現金收入。

As such, we see our multifamily mezzanine loans as a great fit for external capital funding.

因此，我們認為我們的多戶夾層貸款非常適合外部資本融資。

We are one of the largest originators of these loans over the past decade and carry an impeccable track record in a market where we have witnessed a significant pullback of regional bank lending when capital solutions are required against a $500 billion of CRL loans reaching maturity in each of the next four years.

我們是過去十年中此類貸款的最大發放者之一，並且在市場上擁有無可挑剔的記錄，當每個地區到期的5,000 億美元CRL 貸款需要資本解決方案時，我們目睹了區域銀行貸款的大幅縮減。

We are excited to utilize our platform backed by a third-party cap provider who is focused on attractive total return opportunities.

我們很高興能夠利用由第三方上限提供者支援的平台，該提供者專注於有吸引力的總回報機會。

We are encouraged that our portfolio reconstruction, which began just over two years ago, is well situated for an accommodative monetary policy response from the Fed.

我們感到鼓舞的是，兩年多前開始的投資組合重建非常適合聯準會採取寬鬆的貨幣政策。

We believe this decision will enable the company to generate sustainable earnings on a variety of on- and off-balance sheet options.

我們相信這項決定將使公司能夠透過各種表內和表外選項產生可持續的收益。

At this time, I'll pass the call over to Kristine to discuss our financials.

此時，我會將電話轉給克莉絲汀，討論我們的財務狀況。

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 our second-quarter financial results.

今天，我將重點放在我們第二季財務表現的主要驅動因素。

I will also be highlighting some of the information from the quarterly comparative financial information section included in slides 27 to 36 of the supplemental presentation.

我還將重點介紹補充簡報第 27 至 36 幻燈片中季度比較財務資訊部分的一些資訊。

Our financial snapshot on slide 12 covers key portfolio metrics for the quarter and slide 26 summarizes the financial results for the quarter.

我們的投影片 12 上的財務快照涵蓋了本季的關鍵投資組合指標，投影片 26 總結了本季的財務表現。

The company had undepreciated loss per share of $0.25 in the second quarter as compared to undepreciated loss per share of $0.68 in the first quarter.

該公司第二季未折舊每股虧損為 0.25 美元，而第一季每股未折舊虧損為 0.68 美元。

We experienced a solid momentum in our portfolio acquisitions in the first half of the year as we continue to utilize our excess liquidity and rotate our lower-yielding multifamily real property exposure into business purpose loans and Agency RMBS, increasing our investment portfolio on a net basis by approximately $0.6 billion and $0.8 billion during the second quarter and year-to-date, respectively, ending at $5.9 billion as of June 30.

上半年，我們的投資組合收購勢頭強勁，我們繼續利用過剩的流動性，並將收益較低的多戶房地產投資轉向商業目的貸款和代理 RMBS，從而增加了我們的投資組合淨值第二季度和年初至今分別增加了約6 億美元和8 億美元，截至6 月30 日為59 億美元。

As a result, net interest income contribution increased to $0.21 in the current quarter from $0.20 in the first quarter.

因此，淨利息收入貢獻從第一季的 0.20 美元增加到本季的 0.21 美元。

Our quarterly adjusted net interest income, a non-GAAP financial measure, also increased by $1.1 million to $27.3 million in the second quarter from $26.2 million in the first quarter.

我們的季度調整後淨利息收入（一項非 GAAP 財務指標）也從第一季的 2,620 萬美元增加到第二季的 2,730 萬美元，增加了 110 萬美元。

And as detailed in slide 27, our net interest spread has steadily increased over the last few quarters, growing by 2 basis points during the quarter and 31 basis points year-to-date.

正如幻燈片 27 中所詳述的那樣，我們的淨利差在過去幾個季度中穩步上升，本季度增長了 2 個基點，今年迄今增長了 31 個基點。

Our interest rate swaps also continued to benefit our portfolio, reducing our average financing cost by 75 and 78 basis points during the quarter and year-to-date, respectively.

我們的利率互換也繼續使我們的投資組合受益，本季和年初至今，我們的平均融資成本分別降低了 75 和 78 個基點。

We have also reduced our net loss from real estate from $16.4 million to $13.1 million, primarily due to the disposition of two multifamily properties, which resulted in deconsolidation.

我們還將房地產淨虧損從 1,640 萬美元減少到 1,310 萬美元，這主要是由於處置了兩處多戶型房產，導致了合併。

We continue to make progress in the disposition of our multifamily real estate assets, and after quarter end, disposed of four underperforming assets.

我們在多戶型房地產資產的處置方面繼續取得進展，並在季度末後處置了四項表現不佳的資產。

We expect earnings to improve without the negative drag from these assets in the range of $2 million to $2.5 million per quarter.

我們預計，在不受到這些資產負面拖累的情況下，每季獲利將提高 200 萬至 250 萬美元。

Volatility in interest rates continued to impact valuation of our investments.

利率波動繼續影響我們投資的估值。

During the quarter, we recognized $16.5 million or $0.18 per share of unrealized losses due to lower asset prices, primarily in our Agency RMBS portfolio as a result of increases in interest rates in the final days of the quarter, which has subsequently reversed.

在本季度，由於資產價格下降，我們確認了1650 萬美元或每股0.18 美元的未實現損失，主要是由於本季度最後幾天利率上升而導致我們的代理RMBS 投資組合中的資產價格下降，但隨後這一情況已逆轉。

However, these unrealized losses were mostly offset by $0.17 per share in gains recognized in our derivative instruments, primarily consisting of interest rate swaps.

然而，這些未實現的損失大部分被我們的衍生工具（主要包括利率互換）確認的每股 0.17 美元的收益所抵銷。

We also recognized $7.5 million or $0.08 per share of losses, primarily incurred on foreclosed properties, or REO, still on balance sheet, which are carried at lower of cost or market due to lower valuations during the quarter.

我們也確認了750 萬美元或每股0.08 美元的損失，主要發生在資產負債表上的止贖財產(REO) 上，由於本季度估值較低，這些損失按成本或市場較低的價格列示。

We had total G&A expenses of $11.6 million, down from $13.1 million in the previous quarter, primarily due to decreases in compensation costs and nonrecurring professional fees.

我們的一般管理費用總額為 1,160 萬美元，低於上一季的 1,310 萬美元，主要是由於薪酬成本和一次性專業費用的減少。

We had portfolio operating expenses of $7.4 million, which declined slightly from the prior quarter.

我們的投資組合營運費用為 740 萬美元，比上一季略有下降。

We also incurred a one-time expense of $4.6 million related to the issuance of senior unsecured notes and a residential securitization, which Nick will touch on later.

我們還因發行高級無擔保票據和住宅證券化而產生了 460 萬美元的一次性費用，尼克稍後將談到這一點。

Adjusted book value per share ended at $11.02, down 4.3% from the first quarter.

調整後每股帳面價值為 11.02 美元，較第一季下降 4.3%。

The main drivers are $0.29 in basic loss per share, our declared dividend of $0.20 per share and a $0.05 per share reduction in cumulative depreciation and amortization add-back attributable to a consolidated multifamily property for which impairment was recognized during the quarter.

主要驅動因素是每股0.29 美元的基本虧損、我們宣布的每股0.20 美元的股息以及每股0.05 美元的累計折舊和攤銷回加減少，這歸因於本季度確認了減值的綜合多戶房產。

As of quarter end, the company's recourse leverage ratio and portfolio recourse leverage ratio moved higher to 2.1 times and 2 times, respectively, from 1.7 times and 1.6 times, respectively, as of March 31, due to the continued expansion of our Agency RMBS strategy and the issuance of $60 million in unsecured notes in June.

截至季末，由於我們代理RMBS策略的持續擴張，公司的追索槓桿率和投資組合追索槓桿率分別從截至3月31日的1.7倍和1.6倍升至2.1倍和2倍並於6 月份發行了6000 萬美元的無擔保票據。

Our portfolio recourse leverage on our credit book stands at 0.5 times, up from 0.3 times at March 31 due to acquisitions during the quarter, partially funded by recourse repurchase financing.

由於本季的收購，我們的信用帳簿上的投資組合追索槓桿率為 0.5 倍，高於 3 月 31 日的 0.3 倍，部分資金來自追索性回購融資。

However, we do not expect portfolio recourse leverage in our credit book to exceed 1 time as we intend to continue to prioritize procuring longer-term and non-mark-to-market financing arrangements for certain parts of our credit portfolio.

然而，我們預計信貸帳簿中的投資組合追索槓桿不會超過 1 倍，因為我們打算繼續優先考慮為信貸投資組合的某些部分尋求長期和非按市價計價的融資安排。

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

我們支付了每股 0.20 美元的普通股股息，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 or capital gains that can be generated from an investment 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，還關注投資組合可產生的已實現收益或資本利得的 12 至 18 個月預測。

We remain committed to maintaining an attractive current yield for our shareholders, and we expect undepreciated earnings per share to move closer to the current dividend as we continue to rotate excess liquidity for reinvestment and assets that generate recurring income while optimizing expenses.

我們仍然致力於為股東維持有吸引力的當前收益率，隨著我們繼續將多餘的流動性用於再投資和產生經常性收入的資產，同時優化支出，我們預計未折舊每股收益將更接近當前股息。

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。

As Jason discussed, readings of softening inflation and signs of a cooling labor market have heightened expectations for potential rate cuts later this year.

正如傑森所討論的，通膨疲軟的數據和勞動市場降溫的跡象提高了人們對今年稍後可能降息的預期。

The active growth of the portfolio over the past several quarters aligns with what is likely a more favorable period for fixed income assets in the near future.

過去幾季投資組合的正面成長與近期固定收益資產可能更為有利的時期相一致。

We have made meaningful progress in our goal of achieving a higher rate of recurring net interest income through the deployment of our available capital.

透過利用我們的可用資本，我們在實現更高的經常性淨利息收入這一目標方面取得了有意義的進展。

In the quarter, we had $934 million of total acquisitions, representing a 54% increase from the prior quarter.

本季度，我們的收購總額為 9.34 億美元，比上一季成長 54%。

We are pleased to have growing volumes in our core strategies of Agency RMBS and BPL loans.

我們很高興我們的代理 RMBS 和 BPL 貸款核心策略的數量不斷增長。

In Agency RMBS, we purchased $467 million in the quarter, and we continue to be opportunistic in the cadence of our deployment activity.

在機構 RMBS 中，我們在本季度購買了 4.67 億美元，並且我們在部署活動的節奏上繼續保持機會主義。

More than half of the quarter's agency purchases, or $252 million, occurred in late June when treasury yields and mortgage spreads move wider.

本季超過一半的機構購買（2.52 億美元）發生在 6 月下旬，當時國債殖利率和抵押貸款利差擴大。

In BPLs, we purchased $412 million of loans in the quarter.

在 BPL 中，我們本季購買了 4.12 億美元的貸款。

BPL acquisitions were split across $344 million of BPL bridge loans and $68 million of BPL rental loans.

BPL 收購分為 3.44 億美元的 BPL 過橋貸款和 6,800 萬美元的 BPL 租賃貸款。

In BPL bridge loans, we continue to drive higher volumes through our partnership of originators, and we'll expect this trend to continue in the third quarter.

在 BPL 過橋貸款中，我們透過與發起人的合作繼續推動更高的交易量，我們預計這一趨勢將在第三季度繼續下去。

Delving first into Agency RMBS.

首先深入研究代理 RMBS。

Current coupon mortgage spreads widened by 10 basis points to 148 basis points in the quarter.

本季目前的抵押貸款息票利差擴大了 10 個基點，達到 148 個基點。

The minor difference in quarter-over-quarter spread levels belied the larger intra-quarter moves in both spreads and rates.

季度與季度利差水準的微小差異掩蓋了利差和利率的較大季度內變動。

In conjunction with issuing a senior unsecured corporate bond deal in late June, we took advantage of relatively higher spreads late in the quarter to increase the pace of acquisitions.

結合六月下旬發行高級無擔保公司債交易，我們利用本季末利差相對較高的機會加快了收購步伐。

Having no near-term corporate maturities or other obligations, afforded us the flexibility to focus our available capital on portfolio growth.

由於沒有短期公司到期日或其他義務，我們可以靈活地將可用資本集中在投資組合成長上。

At $2.6 billion of market value, the Agency RMBS portfolio represents 44% of our asset portfolio and 20% of our capital allocation.

機構 RMBS 投資組合的市值為 26 億美元，占我們資產組合的 44% 和資本配置的 20%。

Strategically, we continue to target higher carry assets.

從策略上講，我們繼續瞄準更高的利差資產。

In the quarter, we predominantly purchased 6% coupon lower payout spec pools, increasing the spec pool portfolio WAC by 3 basis points to 5.87%.

本季度，我們主要購買了 6% 息票較低支付的投機池，將投機池投資組合 WAC 增加了 3 個基點，達到 5.87%。

Agency RMBS remains a core strategy for us at these historically wider spread levels.

在這些歷史上更廣泛的利差水準上，代理 RMBS 仍然是我們的核心策略。

We believe that Agency RMBS is a liquid asset class that can outperform through a future rate easing cycle.

我們認為，機構 RMBS 是一種流動性資產類別，可以在未來的利率寬鬆週期中跑贏大盤。

It also can exhibit resiliency through a recessionary environment, at which time, we can rotate the capital into discounted higher-return opportunities.

它還可以在經濟衰退的環境中表現出彈性，此時，我們可以將資本轉向折扣更高回報的機會。

We intend to increase our exposure in this sector as it aligns with our broader portfolio management strategy.

我們打算增加在該領域的投資，因為它符合我們更廣泛的投資組合管理策略。

On BPL bridge loans, we have been expanding our pipeline of future loan purchases.

在 BPL 過橋貸款方面，我們一直在擴大未來貸款購買管道。

To date, we have purchased from 15 different originator and aggregator companies, and we are currently actively buying from eight of them.

到目前為止，我們已從 15 家不同的發起者和聚合公司購買，目前我們正在積極從其中 8 家購買。

From the beginning, we have chosen to participate in the BPL bridge business with a light operating model by being an investor and not an originator in the BPL bridge space.

從一開始，我們就選擇以輕營運模式參與 BPL 橋接業務，作為 BPL 橋接空間的投資者而不是發起者。

Over the past few years, buying from external sellers has allowed us the flexibility to scale up and down with the market opportunity.

在過去的幾年裡，從外部賣家購買使我們能夠根據市場機會靈活地擴大和縮小規模。

Furthermore, we bear a lower operational cost while still being able to gain exposure to assets at compelling coupons.

此外，我們承擔較低的營運成本，同時仍能以令人信服的優惠券獲得資產敞口。

More importantly, however, we have avoided subsectors such as multifamily bridge and more involved projects like ground-up construction.

然而，更重要的是，我們避開了多戶橋樑等子行業以及地面建設等涉及更多的項目。

It is at these fringes where default management tends to be difficult for loss avoidance.

正是在這些邊緣，違約管理往往難以避免損失。

Our reasons for being selective are for downside protection and to maximize liquidity and financeability of the loans that we buy.

我們做出選擇的原因是為了防止下行風險，並最大限度地提高我們購買的貸款的流動性和融資能力。

Tangentially, our tighter credit criteria has coincided with the advent of rated securitizations, where financing execution on our type of collateral profile has been superior.

順便說一句，我們更嚴格的信用標準與評級證券化的出現同時發生，我們的抵押品類型的融資執行情況非常出色。

In the quarter, we executed our first rated BPL bridge securitization, which was the third such deal in history.

本季度，我們執行了首筆評級 BPL 過橋證券化，這是歷史上第三筆此類交易。

Overall, our $244 million deal provided a higher advance rate and a savings of over 80 basis points on overall rate than what was available on whole loan repo.

總體而言，我們 2.44 億美元的交易提供了更高的預付款利率，並且整體利率比整個貸款回購節省了 80 個基點以上。

Execution of our rated securitization has also delivered a comparable advance rate to our unrated deal that we did in the first quarter, but also an approximate 65 basis points of savings on overall rate.

我們的評級證券化的執行也為我們在第一季進行的未評級交易帶來了可比較的預付款率，而且總體利率也節省了大約 65 個基點。

Our intent is to use the rated securitization structure as the preferred source of financing for our BPL bridge business on a go-forward basis.

我們的目的是使用評級證券化結構作為我們 BPL 橋樑業務未來的首選融資來源。

Also, this year, we restarted the purchases of 30-year BPL rental loans after pausing the program in 2022 due to the rising rate environment.

此外，由於利率上升環境，我們在 2022 年暫停該計劃後，今年重新啟動了 30 年期 BPL 租賃貸款的購買。

Given the improvement in securitization market execution and the evolving economic landscape, we are comfortable selectively adding some duration in the residential credit portfolio today.

鑑於證券化市場執行的改善和不斷變化的經濟形勢，我們今天有選擇地在住宅信貸投資組合中增加一些期限。

The pace of purchases should arrive at the critical mass for securitization later this year.

購買速度應該會在今年稍後達到證券化的臨界規模。

Moving on to multifamily.

轉向多戶家庭。

Starting first with JV equity.

首先從合資企業股權開始。

With the JV equity portfolio now at $39 million, this constitutes less than 1% of our overall portfolio, and we now have limited exposure of this asset class on our balance sheet.

目前合資企業股權投資組合為 3,900 萬美元，僅占我們整體投資組合的不到 1%，而且我們現在資產負債表上此類資產的曝險有限。

We continue to make progress relating to dispositions of this portfolio, and we aim to free up the remaining capital to rotate into our core strategies.

我們繼續在該投資組合的處置方面取得進展，我們的目標是釋放剩餘資本以輪換到我們的核心策略。

In our supplemental presentation, we have isolated the cross-collateralized mezzanine lending asset, which was historically at certain points, combined with our JV equity category.

在我們的補充介紹中，我們將交叉抵押夾層貸款資產（歷史上在某些時刻）與我們的合資企業股權類別結合。

This asset is one mezzanine loan over 13 properties with a cross-collateralization benefit to NYMT.

該資產是一項針對 13 處房產的夾層貸款，可為 NYMT 帶來交叉抵押收益。

We also provided additional information on the loan on page 21.

我們還在第 21 頁提供了有關貸款的更多資訊。

The cross-collateralized mezzanine lending position has many similarities in profile compared to our mezzanine lending book.

與我們的夾層貸款手冊相比，交叉抵押夾層貸款部位在外形上有許多相似之處。

The average adjusted LTVs are in the 80s and the average portfolio coupons are in the low double digits.

平均調整後生命週期價值在 80 年代，平均投資組合票面利率較低的兩位數。

And even more favorable trade is that 100% of the cross-collateralized mezzanine lending properties have senior debt above us that is either a low fixed rate or is hedged with an existing interest rate cap.

更有利的交易是，100% 的交叉抵押夾層貸款財產都擁有高於我們的優先債務，這些債務要么是較低的固定利率，要么是用現有的利率上限進行對沖。

This has the benefit of maintaining lower and predictable senior debt service payments that are accretive to the underlying property NOI.

這樣做的好處是維持較低且可預測的優先債務還本付息，從而增加基礎財產 NOI。

Across the mezzanine portfolio, in general, the collateral performance continues to be remarkable.

整體而言，在夾層投資組合中，抵押品的表現仍然非常出色。

We have not experienced a principal loss to date on any mezzanine or cross-collateralized mezzanine lending position since our initial investment into this asset class in 2012.

自 2012 年首次投資該資產類別以來，迄今為止，我們在任何夾層或交叉抵押夾層貸款頭寸上尚未出現本金損失。

Currently, in the portfolio, there is only one delinquent loan and only one other loan that was either restructured or extended.

目前，在投資組合中，只有一筆拖欠貸款和另一筆重組或延期的貸款。

Mezzanine loans are held at fair value with marks reflective of the status and performance of the low.

夾層貸款以公允價值持有，其標記反映低點的狀況和績效。

As Jason discussed, mezzanine lending may be a better fit for third-party capital instead of the REIT balance sheet as the asset generally generates a higher total return than a current return.

正如傑森所討論的，夾層貸款可能更適合第三方資本，而不是房地產投資信託基金的資產負債表，因為該資產通常產生比當前回報更高的總回報。

Our strong track record, along with our deep experience in sourcing and managing this asset class provides us with the ability to raise and deploy third-party capital to take advantage of what we see as compelling future opportunities in this space.

我們良好的業績記錄，以及我們在採購和管理此類資產方面的豐富經驗，使我們能夠籌集和部署第三方資本，以利用我們認為該領域引人注目的未來機會。

We will now open the call for Q&A.

我們現在將開始問答徵集。

(Operator Instructions) Doug Harter, UBS.

（操作員說明）Doug Harter，UBS。

Thanks.

謝謝。

Can you just talk a little bit more about the decision to continue to hold a high level of liquidity and the trade-offs that you see there, the potential for wider spreads at some point in the future, but offsetting that is the strong securitization markets you talked about where you see returns today and how that would compare to the returns you think you might see in the future?

您能否再多談談繼續持有高水平流動性的決定以及您所看到的權衡，未來某個時候利差擴大的潛力，但強勁的證券化市場可以抵消這一點您談到了您今天看到的回報以及與您認為未來可能看到的回報相比如何？

Yeah, I'll start with that.

是的，我將從那裡開始。

It's Jason.

是傑森。

The opportunity that we see in front of us today has -- there's -- I'd call it, two different avenues you can go down, one in which there is a core asset class that's available that has the double-digit teens type of equity returns after financing or securitization.

我們今天在我們面前看到的機會有——我稱之為，有兩種不同的途徑，其中一種是有一種核心資產類別，具有兩位數的青少年類型融資或證券化後的股權回報。

That is more limited in total scale, given just general lack of production in the market, lack of transaction activity as well.

由於市場普遍缺乏生產和交易活動，因此總規模更加有限。

There is a growing area in the market that has -- that is generally new to the market from the previous, let's call it three to four years, which is a larger scale of what's called multifamily middle-market origination activity and ground-up activity.

市場上有一個不斷增長的領域——通常是過去三到四年內才進入市場的領域，這是所謂的多戶型中間市場發起活動和基礎活動的更大規模。

So when we do see volume in the market, we have to be careful on which part of the market we're focused on and we're being selective in our growth.

因此，當我們確實看到市場容量時，我們必須小心我們關注的市場部分，並且我們在成長方面要有選擇性。

So the purchase path that -- the pace that we're utilizing is in the consideration of the selective nature of the assets that we're seeing available and the growth pattern that takes place there.

因此，我們正在採用的購買路徑是考慮到我們所看到的可用資產的選擇性性質以及在那裡發生的成長模式。

On the agency side, there are -- it's been very volatile over the past six months.

在機構方面，過去六個月的情況非常不穩定。

We've been very selective on when to enter into the market.

我們對於何時進入市場非常有選擇性。

We do want to grow our -- as Nick mentioned, grow our portfolio in that space but are looking for better opportunities to leg in over the course of the year.

正如尼克所提到的，我們確實希望擴大我們在該領域的投資組合，但我們正在尋找更好的機會在這一年中介入。

Spreads have moved out wider just recently, and we took advantage of that in large form, and we'll continue to look for this pricing to the market to leg in.

最近利差已經擴大，我們充分利用了這一點，我們將繼續尋找市場的定價來介入。

So we want to be patient.

所以我們要保持耐心。

Assets we're buying today have a five-year consequence.

我們今天購買的資產會產生五年的影響。

And we want to -- we're looking at a more of a medium-term and long-term value proposition for our excess capital today.

我們希望——我們正在為我們今天的過剩資本尋找更多的中長期價值主張。

Great.

偉大的。

Appreciate it.

欣賞它。

Thank you, Jason.

謝謝你，傑森。

Jason Weaver, JonesTrading.

賈森‧韋弗，瓊斯交易公司。

Hey.

嘿。

Good morning.

早安.

Along with some of the softer economic data we've seen as of late, I think we've had a 70-basis-point rally in the 10-year and then we're talking about possible rate cuts coming up with high probability of them being priced in right now.

加上我們最近看到的一些較疲軟的經濟數據，我認為我們在 10 年內已經上漲了 70 個基點，然後我們談論可能的降息，並且很有可能它們現在正在定價。

Nick, you said you were focusing on the 6.0 coupon sector in agencies.

Nick，您說過您關注的是代理商中的 6.0 優惠券部門。

And I'm just curious about what you think about -- how you're thinking about prepay risk going forward.

我只是好奇你的想法——你如何看待未來的預付風險。

I did see one comment from a famous fixed income investor yesterday that expects the 10-year trade in the low 3s by this time next year.

昨天我確實看到一位著名固定收益投資者的評論，預計明年這個時候 10 年期交易將跌至 3 美元以下。

So taking that into account.

所以考慮到這一點。

Yeah.

是的。

I think, clearly, there has been a fair amount of movement in terms of expectation of rates.

我認為，顯然，利率預期發生了相當大的變化。

And I would say, generally speaking, this has been positive to the agency space in general as interest rate volatility and the spectrum of potential interest rate paths in the future declining.

我想說，一般來說，隨著利率波動和未來潛在利率路徑的範圍不斷縮小，這對整個機構空間來說是正面的。

So we do think that there is an ability for spreads to tighten from here in the longer term.

因此，我們確實認為，從長遠來看，利差有可能收緊。

Clearly, there's going to be pockets of time where things widen out and tighten in.

顯然，在某些時候事情會變得更加寬廣和收緊。

So as Jason alluded to, we try to be opportunistic on that.

正如傑森所提到的，我們試圖在這方面投機取巧。

To answer your question, yeah, we have been targeting the 6% coupons because of the higher carry profile.

回答你的問題，是的，我們一直瞄準 6% 優惠券，因為它具有更高的利差。

We do have, in our residential credit book, more discounted assets there that due to different coupon profile that has the ability to accrete if rates continue to come down and spreads continue to tighten.

在我們的住宅信貸帳簿中，我們確實有更多的貼現資產，由於不同的票面配置，如果利率繼續下降且利差繼續收緊，這些資產有能力增值。

With that said, though, we are continuously looking at our agency strategy.

儘管如此，我們仍在不斷研究我們的代理策略。

And I think that we're going to start gravitating a little bit more towards belly coupons as well.

我認為我們也將開始更多地關注腹部優惠券。

So diversifying a little bit, given the size of the agency portfolio has grown to where it is today.

鑑於代理商投資組合的規模已經發展到今天的規模，因此要進行一點多元化。

Got it.

知道了。

Thank you for that.

謝謝你。

And then, Jason, I appreciate your comments regarding the repositioning of the portfolio and focusing more towards on current income.

然後，傑森，我感謝您對投資組合的重新定位以及更多地關注當前收入的評論。

I was wondering, with that -- taking that into account, how do you think about the sustainability of the dividend?

我想知道，考慮到這一點，您如何看待股息的可持續性？

And then also the visibility of the sustainability of the dividend within your reporting as you complete that transition.

然後，當您完成過渡時，您的報告中也會顯示股息可持續性的可見性。

Yeah, I'll start with comments and I'll pass it over to Kristine.

是的，我將從評論開始，然後將其傳遞給克里斯汀。

We evaluate this with our Board every single month and look at the projections we have relating to our growth plan with respect to our assets as well as our liability structures and the excess spread and NIM that we're achieving on our book.

我們每個月都會與董事會進行評估，並查看與我們的成長計畫有關的預測，包括我們的資產、負債結構以及我們帳面上實現的超額利差和淨利差。

There are a number of parts of our portfolio that were underperforming for our current income approach.

我們的投資組合中有許多部分對於我們目前的收入方法來說表現不佳。

One of those is JV equity.

其中之一是合資企業股權。

Another one is within the SFR space.

另一個是在 SFR 空間內。

And those asset classes are oriented as total return, but don't meet the current dividend so -- as a portfolio holding.

這些資產類別以總回報為導向，但不滿足當前股息—作為投資組合持有。

So in those cases, we're looking to rotate those assets into either a program or to other assets that can achieve our goals.

因此，在這些情況下，我們希望將這些資產輪調到可以實現我們目標的計劃或其他資產。

So that's just one component of our portfolio that is underneath the surface here that actually has real earnings potential that's hidden behind the scenes.

因此，這只是我們投資組合的一個組成部分，它實際上隱藏在幕後，具有真正的獲利潛力。

And with respect to that, I'll pass it over, Kristine, to enumerate other items.

關於這一點，克里斯汀，我將跳過它，列舉其他項目。

Yeah.

是的。

So essentially, we're comfortable with our progress and continuing to move closer to our current dividend.

所以本質上，我們對我們的進展感到滿意，並繼續接近我們目前的股息。

As Jason mentioned, we've increased activity as it relates to our investing.

正如傑森所提到的，我們增加了與我們的投資相關的活動。

We've rotated some of our lower-yielding assets into more -- into assets that generate recurring income.

我們已將一些低收益資產轉向更多收益的資產——產生經常性收入的資產。

And we've also implemented measures to optimize our expenses, essentially eliminating higher operating cost strategies such as our JV book, and we see other opportunities in lowering our operating costs.

我們也採取了優化支出的措施，從根本上消除了合資企業等較高營運成本的策略，並且我們看到了降低營運成本的其他機會。

Got it.

知道了。

All right.

好的。

Thanks, guys.

謝謝，夥計們。

That's helpful color.

這是有用的顏色。

Bose George, KBW.

博斯·喬治，KBW。

Hi.

你好。

Good morning.

早安.

This is actually Frank Labetti filling in for Bose.

這實際上是 Frank Labetti 接替 Bose 的工作。

Can we get an update on adjusted book value quarter to date, please?

我們可以取得季度至今調整後帳面價值的最新資訊嗎？

Sure.

當然。

We estimate adjusted book value to be up somewhere between 2% to 3% quarter to date.

我們預計本季迄今調整後帳面價值將上漲 2% 至 3%。

Awesome.

驚人的。

Thank you.

謝謝。

And then to the extent the Fed does cut multiple times over the next year, how does that change your outlook for the portfolio going forward?

那麼，如果聯準會在明年確實多次降息，這將如何改變您對未來投資組合的前景？

I think that will be a positive outcome for the portfolio, and I think we are trying to position ourselves by growing the book and by picking the assets that we are picking to be able to capitalize on that.

我認為這對投資組合來說將是一個積極的結果，我認為我們正在努力透過增加帳簿和選擇我們正在選擇的能夠利用這一點的資產來定位自己。

So we believe that if the rate cuts come and arguable as to whether or not it's going to be one or two or several more this year, but we do believe that, that will lead to a repricing of the rate curve and would be positive for fixed income assets.

因此，我們認為，如果降息到來，對於今年是否會降息一次、兩次或幾次還有爭議，但我們確實相信，這將導致利率曲線重新定價，並對經濟產生積極影響。

So yeah, I think we have that firmly in mind as we are ramping up the portfolio and our asset selection is also gearing towards that eventual outcome.

所以，是的，我認為我們在擴大投資組合時牢牢記住了這一點，我們的資產選擇也面向最終結果。

Thank you.

謝謝。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Hey.

嘿。

Thanks.

謝謝。

Good morning.

早安.

Just following up on maybe some of the interest rate sensitivity.

只是跟進一些利率敏感度。

I mean I know that we don't typically think of RPLs as being very interest rate sensitive or maybe as interest rate sensitive as agency loans.

我的意思是，我知道我們通常不認為 RPL 對利率非常敏感，或者可能不像機構貸款那樣對利率敏感。

But is it reasonable to expect a pickup in voluntary prepayment activity in your portfolio if rates are coming down?

但如果利率下降，您的投資組合中自願提前還款活動的增加是否合理？

And are you mentioning -- are you talking about RTLs or RPLs, like transitional loans?

您是否提到 - 您是否在談論 RTL 或 RPL，例如過渡貸款？

Sorry, the reperforming loans -- the legacy reperforming loans in your portfolio.

抱歉，再履行貸款—您投資組合中遺留的再履行貸款。

Legacy reperforming.

舊作重演。

Yeah.

是的。

We believe that at the margin, there could be a higher increase in prepayments.

我們認為，從邊際角度來看，預付款可能會出現更高的成長。

The prepayment rate right now is somewhere in the mid-single digits.

目前的預付款率約為個位數中間。

A lot of these borrowers are -- have pretty out-of-the-money coupons relative to where on-the-run coupons are.

相對於即時優惠券，這些借款人中的許多人都擁有相當虛值的優惠券。

So we believe that it could increase, but not substantially.

因此我們認為它可能會增加，但不會大幅增加。

Also, RPLs have a history of potential choppy pay credit profile.

此外，RPL 的薪資信用狀況也有可能不穩定的歷史。

So that also creates somewhat of a cap in terms of the prepayments.

因此，這也對預付款造成了一定程度的限制。

But overall, as we have seen historically, when rates do come down and there are other options for these borrowers, we do expect prepayments to move up slightly.

但總體而言，正如我們從歷史上看到的那樣，當利率確實下降並且這些借款人有其他選擇時，我們確實預計預付款會略有上升。

Okay.

好的。

Just a little bit more on the resi credit portfolio.

關於 Resi 信貸投資組合的更多資訊。

I mean how do you think real estate values might respond to the higher cost and the more limited supply of homeowners insurance?

我的意思是，您認為房地產價值可能如何應對更高的成本和更有限的房屋保險供應？

Do you see that being a risk for housing values?

您認為這對房屋價值構成風險嗎？

And like is there a way to potentially even manage that risk?

有沒有一種方法可以管理這種風險？

Yeah.

是的。

This is Jason.

這是傑森。

So overall, that is absolutely happening, particularly in the South and also within the multifamily space as well.

總的來說，這種情況絕對正在發生，特別是在南方以及多戶住宅空間內。

And that definitely is a headwind to further HPA growth.

這絕對是 HPA 進一步成長的阻力。

I think where you see that, the concern that I have with respect to that and also taxes going higher due to increase in valuations is in the short-term rental markets.

我認為你看到的這一點，我對此以及由於估值增加而導致的稅收上漲的擔憂是在短期租賃市場。

And in those markets, you're -- particularly with the slowdown of rentals throughout the month and increasing costs, you can see an increase in supply on the market, given the NOI of those short-term investment -- short-term rental investments have waned.

在這些市場中，特別是隨著整個月租金的放緩和成本的增加，考慮到這些短期投資的 NOI，您可以看到市場上的供應增加——短期租賃投資已經減弱。

So I think that's part of the reason why you're seeing historical increase in supply in markets like Austin, where literally in the last six months, you just had a massive pickup in supply side.

因此，我認為這就是為什麼奧斯汀等市場的供應出現歷史性增長的部分原因，實際上在過去的六個月裡，供應方面出現了大幅回升。

Supply side has kept the market intact, given the high funding costs as the higher levels of home prices and lack of affordability.

鑑於房價上漲和缺乏負擔能力導致融資成本高昂，供應方面保持了市場完好無損。

So when you look through all of that, you still have the super majority part of the country that has a fixed rate mortgage that is not affected, but -- and then incrementally, that insurance cost weighs in, but it's still a smaller piece of the entire puzzle.

因此，當您仔細查看所有這些內容時，您仍然會發現該國絕大多數地區的固定利率抵押貸款不受影響，但是 - 然後逐漸地，保險成本會產生影響，但它仍然是一小部分整個拼圖。

It's where the NOI gets really impacted, and I think that's where our concerns are.

這是 NOI 真正受到影響的地方，我認為這也是我們擔心的地方。

So those are the markets that we're watching very carefully and particularly within our BPL bridge book is where we're looking to minimize exposure.

因此，我們正在非常仔細地關注這些市場，特別是在我們的 BPL 過渡書中，我們希望最大限度地減少風險敞口。

That's interesting.

那很有意思。

Interesting comments.

有趣的評論。

Thank you so much.

太感謝了。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

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

現在我想請賈森·塞拉諾 (Jason Serrano) 致閉幕詞。

Well, thank you all very much for joining us on this call, and we look forward to speaking to you about our third-quarter results.

非常感謝大家參加這次電話會議，我們期待與您討論我們的第三季業績。

Have a great day.

祝你有美好的一天。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the program.

程式到此結束。

You may now disconnect.

您現在可以斷開連線。