New York Mortgage Trust Inc (NYMT) 2024 Q3 法說會逐字稿

(audio in progress)

（音訊進行中）

Good morning, ladies and gentleman and thank you for standing by Now at this time, I would like to introduce Jason Serrano, Chief Executive Officer Jason. Please go ahead.

早安，女士們、先生們，感謝大家的支持。請繼續。

Hi, good morning. Thank you for joining Morge to third quarter. Earnest call. Joining me today is Nick Ma President and Kristine AOS CFO. The company reported sharply higher levels of income in the third quarter with earnings per share at 36¢. The improved earnings were a result of a portfolio plan which began over a year ago. The internal view was to build a consistent foundation of recurring earnings through interest income versus the previous strategy of relying on the monetization of total returns to support a dividend.

嗨，早安。感謝您加入莫爾吉第三季。誠摯的呼喚。今天加入我的是 Nick Ma 總裁和 Kristine AOS 財務長。該公司第三季的營收水準大幅提高，每股收益為 36 美分。收益的改善是一年多前開始的投資組合計劃的結果。內部觀點是透過利息收入為經常性收益建立一致的基礎，而不是先前依靠總回報貨幣化來支持股息的策略。

Thus, we began decreasing exposure to assets that contained either no carry or very low level of current interest primarily found within our multifamily portfolio and rotate that capital into high coupon short duration credit loans and agency RBS widespread with this activity. We believe we could obtain the dual benefit of meeting equity return targets set for our capital while also maintaining the flexibility for future capital mobilization said simply we wanted to retain option value of raising our earnings power through the higher return opportunities in event of subsequent market dislocation.

因此，我們開始減少對主要在我們的多戶投資組合中發現的無利差或當前利息水平非常低的資產的敞口，並將這些資本轉向高息票短期信用貸款和機構蘇格蘭皇家銀行（RBS ）。我們相信，我們可以獲得雙重好處，即滿足為我們的資本設定的股本回報目標，同時保持未來資本動員的靈活性，簡單地說，我們希望保留期權價值，透過在隨後的市場混亂中獲得更高的回報機會來提高我們的獲利能力。

As we stated previously, we are concerned about a slowing us economy and the consequences it may bring to certain sectors that we monitor. Last quarter. We shared a graph of record high us consumer debt against a depressed consumer savings rate. Today, on page 8 of our supplemental, we show a similar predicament but on a much larger scale, the federal government is running a large primary deficit despite very low unemployment, which is historically a rare bet.

正如我們之前所說，我們擔心美國經濟放緩及其可能對我們監測的某些行業帶來的後果。上個季度。我們分享了一張美國消費者債務創歷史新高與消費者儲蓄率低迷對比的圖表。今天，在我們的補充資料的第8 頁，我們展示了類似的困境，但在更大的範圍內，儘管失業率非常低，但聯邦政府仍存在巨額基本赤字，這在歷史上是罕見的賭注。

Ultimately, we are concerned about persistently high us debt levels and its potential to crowd out private market trades. With that said the market is performing extremely well. Today, there's plenty of liquidity within the warehouse financing and markets. We will further discuss our activity here of meeting our leverage objectives to minimize recourse mark to market financing risk with credit investments. On page 9, we show some important developments related to our balance sheet growth. We increased our portfolio by $1 billion or 17% from last quarter. Stepping back, the company's portfolio grew over third of your date.

最終，我們擔心美國債務水準持續居高不下及其可能擠出私人市場交易。話雖如此，市場表現非常好。如今，倉庫融資和市場中有充足的流動性。我們將在此進一步討論我們為實現槓桿目標而開展的活動，以最大限度地減少信貸投資對市場融資風險的追索權。在第 9 頁，我們展示了與資產負債表成長相關的一些重要進展。與上季相比，我們的投資組合增加了 10 億美元，即 17%。退一步來說，該公司的投資組合成長了超過您日期的三分之一。

Admittedly, we were underinvested earlier in the year and consequently did not achieve our earnings potential with 20 years of buyside experience in these markets. Our management team was in touch with large opportunities throughout the year to accelerate growth. However, we felt it was extremely important to maintain the course of a deliberate approach to balance sheet growth by prioritizing investments containing fundamentally income. It did not veer from our objectives. Despite a measured pace of capital employment each quarter, we have finally seen the momentum of the cumulative impact to our growth. We had over $100 million of adjusted interest income in the third quarter. A 39% year-to-date increase and a 22% year-to-date increase to adjusted net interest income.

誠然，我們今年稍早投資不足，因此沒有發揮我們在這些市場 20 年買方經驗的獲利潛力。我們的管理團隊全年都接觸到加速成長的巨大機會。然而，我們認為透過優先考慮包含基本收入的投資來維持資產負債表成長的審慎方法極為重要。它沒有偏離我們的目標。儘管每季的資本使用速度都有所衡量，但我們終於看到了對我們成長的累積影響的勢頭。第三季我們的調整後利息收入超過 1 億美元。調整後淨利息收入較年初至今成長 39%，較年初至今成長 22%。

Notably, we accomplished substantial portfolio growth without depleting our excess liquidity. At the end of the third quarter, we had $408 million or $6 million more than that of the first quarter of this year with strong levels of liquidity. We see tremendous opportunity for the company to build on quarterly earnings particularly without having near term corporate debt maturity to contend with. We're excited about extracting full earnings potential of our capital by continuing to rotate assets particularly from future expected redemptions received on nearly $300 million in our multifamily mezzanine lending book.

值得注意的是，我們在沒有耗盡過剩流動性的情況下實現了投資組合的大幅成長。截至第三季末，我們擁有 4.08 億美元，比今年第一季增加了 600 萬美元，流動性水準強勁。我們看到該公司有巨大的機會以季度收益為基礎，特別是在沒有短期公司債務到期需要應對的情況下。我們很高興能夠透過繼續輪換資產，特別是從我們的多戶夾層貸款帳簿中收到的近 3 億美元的未來預期贖回中，充分挖掘我們資本的獲利潛力。

Lastly, I wanted to wrap up my comments by discussing company book value. While Christine will comment on the details of the relatively fat quarterly move. I wanted to highlight the composition of the book particularly against a 930 trading market cap which is shown on page 10 of the supplemental to start. Our balance sheet is very different from recent past and contains a solid foundation to build off of at the end of the third quarter. $5.08 per share is attributed to cash and capital allocated to the agency RBS trades. We believe that a capital allocation of approximately 25% to 35% for the company in the agency sector in the near term will provide downside support to our market cap from potential broader market dislocation.

最後，我想透過討論公司帳面價值來結束我的評論。而Christine則會對相對較胖的季度舉措細節進行評論。我想強調這本書的組成，特別是針對 930 的交易市值，該市值顯示在補充資料的第 10 頁。我們的資產負債表與最近的情況有很大不同，並為第三季末奠定了堅實的基礎。每股 5.08 美元歸因於分配給蘇格蘭皇家銀行代理交易的現金和資本。我們認為，該公司在短期內在代理行業的資本配置約為 25% 至 35%，將為我們的市值提供下行支撐，以應對潛在的更廣泛的市場混亂。

Additionally, $3.22 per share is attributed to BPL bridge loans that is now mostly term finance inefficient securitizations. As Nick will show performance has been excellent, providing a steady source of recurring income to the company. After that, we show a total of 21¢ per share attributed to the Multifamily JV Equity Book. This strategy has been the primary source of previous book value volatility. However, after recent dispositions, which Christine will discuss $19 million of remaining exposures in material to the company today. Finally, the remainder of our asset less corporate financing is a $1.64 per share. An additional dollar 55¢ per share above book value can be potentially gained after consideration of our asset holdings maturing apart by maintaining a medium to long term view to shareholder value. We believe we are well positioned for growth in 2025 supported by a strong balance sheet and a growing income base. At this time. I'll pass the call over to Kristine to discuss our financial highlights, Kristine.

此外，每股 3.22 美元歸因於 BPL 過橋貸款，這些貸款目前主要是低效率證券化的定期融資。正如尼克所表現的那樣，他的表現非常出色，為公司提供了穩定的經常性收入來源。此後，我們顯示了歸屬於多戶型合資企業股權簿的每股 21 美分總計。這項策略是先前帳面價值波動的主要根源。然而，在最近的處置之後，克里斯汀今天將討論公司剩餘的 1,900 萬美元的材料風險敞口。最後，我們扣除資產後的剩餘企業融資為每股 1.64 美元。考慮到我們持有的資產到期後，透過保持中長期股東價值觀點，可能會額外獲得比帳面價值高出每股 55 美分的收益。我們相信，在強勁的資產負債表和不斷增長的收入基礎的支持下，我們已做好 2025 年成長的準備。此時。我會將電話轉接給克里斯汀，討論我們的財務亮點，克里斯汀。

Thank you, Jason. Good morning. I will focus on the commentary on the main drivers of our third quarter financial results and refer to the quarterly comparative financial information section of our supplemental as Jason highlighted our continued focus on investing in assets that provide recurring income resulted in undepreciated earnings per share of $0.39 in the third quarter. As compared to undepreciated loss per share of $0.25 in the second quarter.

謝謝你，傑森。早安.我將重點放在對我們第三季度財務業績主要驅動因素的評論，並參考我們補充材料的季度比較財務資訊部分，因為Jason 強調我們繼續專注於投資提供經常性收入的資產，導致每股未折舊收益為0.39 美元在第三季。相比之下，第二季未折舊每股虧損為 0.25 美元。

Our earnings were positively impacted by valuation improvements on our residential loan and bond portfolios due to changes in interest rates contributing $1.07 per share of unrealized gains which were partially offset by 67¢ per share in losses. Recognizing in our derivative instruments primarily consisting of interest rate swaps with the intent of rotating our investment portfolio into interest income earning assets. Our investment portfolio increased on a net basis by approximately $1 billion and $1.8 billion during the third quarter and year-to-date respectively ending at $6.9 billion as of September. As a result, net interest income contribution increased to 22¢ in the current quarter from 21¢ in the second quarter and 18¢ a year ago. Our quarterly adjusted net interest income also increased by $1.4 million to two and $8.7 million in the third quarter from $27.3 million in the second quarter. And as detailed in slide, 27 our yield on average interest earning assets has steadily increased over the last few quarters growing by 23 basis points during the quarter and 48 basis points. Year-to-date net interest spread was slightly lower in the quarter but has increased by 30 basis points. Year-to-date our interest rate swaps also continue to benefit our portfolio reducing average dancing costs by 63 and 72 basis points. During the quarter and year-to-date respectively.

我們的獲利受到住宅貸款和債券投資組合估值改善的正面影響，這是由於利率變動貢獻了每股 1.07 美元的未實現收益，部分被每股 67 美分的損失所抵消。確認我們的衍生性商品主要包括利率掉期，其目的是將我們的投資組合轉變為賺取利息收入的資產。截至 9 月份，我們的投資組合在第三季和年初至今分別淨成長約 10 億美元和 18 億美元，截至 9 月達到 69 億美元。因此，淨利息收入貢獻從第二季的 21 美分和一年前的 18 美分增至本季的 22 美分。我們的季度調整後淨利息收入也從第二季的 2,730 萬美元增加到第三季的 2,700 萬美元，增加了 140 萬美元。如同幻燈片中詳細介紹的，27 我們的平均生息資產收益率在過去幾季中穩步增長，本季度分別增長了 23 個基點和 48 個基點。本季年初至今的淨利差略有下降，但增加了 30 個基點。今年迄今為止，我們的利率互換也繼續使我們的投資組合受益，將平均舞動成本降低了 63 和 72 個基點。分別在本季和年初至今。

We continue to make progress in the disposition of our multifamily real estate assets held on balance sheet during the quarter, we disposed of six multifamily real estate assets received and received net proceeds of approximately $34.7 million and realized $13.6 million of net gains for the company. These dispositions had a secondary positive impact that we will benefit from in subsequent quarters.

本季度，我們在資產負債表上持有的多戶房地產資產的處置方面繼續取得進展，我們處置了收到的六套多戶房地產資產，獲得了約3,470 萬美元的淨收益，並為公司實現了1360 萬美元的淨收益。這些處置產生了次要的正面影響，我們將在接下來的幾個季度中受益。

With these dispositions, we reduced the negative drag from these properties consequently decreasing our net loss from real estate from $13.1 million to $7.5 million. During the quarter, we are actively working to dispose of additional multifamily properties and we expect earnings to improve without the negative drag from these assets in the range of $1 million to $1.5 million per quarter.

透過這些處置，我們減少了這些房產的負面影響，從而將我們的房地產淨虧損從 1,310 萬美元減少到 750 萬美元。在本季度，我們正在積極努力處置額外的多戶房產，我們預計收益將有所改善，而不會受到這些資產每季度 100 萬至 150 萬美元的負面拖累。

Although total G&A expenses were essentially flat as compared to the previous quarter. The growth in our residential loan book resulted in an expected increase in portfolio operating expenses of $1.1 million. We also incurred debt issuance expenses of $2.4 million related to the issuance of two securitization deals which were fully expensed in the current quarter. And not amortized over a longer time horizon. Due to our fair value election, GAAP book value increased by 1.4% during the quarter. And adjusted book value per share ended $10.87 down 1.4 from the second quarter adjusted book value was lower due to a reduction in the fair value of our amortized cost. Liabilities caused by decreases in interest rates and a reduction in cumulative depreciation and amortization add back related to our multifamily property.

儘管總管理及行政費用與上一季相比基本持平。我們住宅貸款帳簿的成長導致投資組合營運費用預計增加 110 萬美元。我們還因發行兩項證券化交易而產生了 240 萬美元的債務發行費用，這些費用已在本季度全部支出。並且不會在較長時間內攤提。由於我們的公允價值選擇，GAAP 帳面價值在本季成長了 1.4%。調整後每股帳面價值為 10.87 美元，比第二季調整後帳面價值下降 1.4 美元，原因是攤餘成本公允價值下降。由於利率下降以及累計折舊和攤提減少而造成的負債又增加了與我們的多戶房產相關的負債。

As of quarter end, the company's recourse leverage ratio and portfolio recourse leverage ratio move higher to 2.6 times and 2.5 times respectively from 2.1 times and two times respectively as of June 30th, due to our continued financing of investment securities, primarily agency RMB.

截至季末，由於我們繼續對投資證券（主要是代理人民幣）進行融資，公司的追索槓桿率和投資組合追索槓桿率分別由截至6月30日的2.1倍和2倍上升至2.6倍和2.5倍。

Our portfolio recourse leverage and our credit and other investments stands at 0.8 times up from 0.5 times at June 30 due to acquisitions during the quarter, partially funded by recourse repurchase financing with our utilization of secure tax financing for our credit assets. We do not expect to see a linear increase in our credit portfolio recourse leverage with the growth in our credit book.

由於本季的收購，我們的投資組合追索槓桿以及信貸和其他投資從6 月30 日的0.5 倍上升到0.8 倍，部分資金由追索性回購融資提供，我們對信貸資產使用了安全稅收融資。我們預期我們的信貸組合追索槓桿不會隨著信貸帳簿的成長而線性增加。

We paid a 20¢ per common share dividend and change from the prior quarter. We remain committed to maintaining an attractive current yield for our shareholders and as we continue to rotate excess liquidity into reinvestment in assets that generate recurring income while optimizing expenses and growing fee revenue through third party joint venture arrangements, we expect recurrent earnings to move closer to the current dividend. I will now turn it over to Nick to go over the market and strategy update. Nic.

我們支付了每股普通股 20 美分的股息，與上一季相比有所變動。我們仍然致力於為股東維持有吸引力的當前收益率，並且隨著我們繼續將多餘的流動性用於對產生經常性收入的資產的再投資，同時透過第三方合資企業安排優化費用和增加費用收入，我們預期經常性收益將接近當前的股息。我現在將把它交給尼克來檢查市場和策略更新。尼克。

Thanks for staying the long awaited set pivot materialized in September with a sizable 50 basis points cut closing out an overall positive quarter for fixed income markets recently. However, volatility has increased due to robust labor market data, we are well positioned with a diversified mix of agency RMBS and credit investments to navigate this evolving market.

感謝大家期待已久的設定樞軸在 9 月實現，大幅降息 50 個基點，為固定收益市場最近帶來了整體積極的季度。然而，由於強勁的勞動力市場數據，波動性增加，我們已做好充分準備，透過機構人民幣支持證券和信貸投資的多元化組合來駕馭這個不斷變化的市場。

As Jason mentioned earlier, we also have meaningful capability and capacity to take advantage of market opportunities ahead.

正如傑森之前提到的，我們也擁有有意義的能力和能力來利用未來的市場機會。

We made over a billion dollars of residential investments in the third quarter led by $372 million of agency R&B S3, $178 million of short duration BP L bridge loans and $232 million of 30 year BP L rental loans. We have achieved seven consecutive quarters of increasing whole loan purchases. This steady uptick in capital deployment has been directly correlated with the growth and durability of overall adjusted interest income alongside the growth of our home loan investments. We were also a more active issuer of securitizations. This year, we have now completed a total of six securitizations in 2024 across several sectors making this our most active year of issuance in the firm's history.

第三季度，我們進行了超過 10 億美元的住宅投資，其中包括 3.72 億美元的 R&B S3 機構投資、1.78 億美元的短期 BP L 過橋貸款和 2.32 億美元的 30 年期 BP L 租賃貸款。我們已連續七季實現整體貸款購買量的成長。資本配置的穩定上升與整體調整後利息收入的成長和持久性以及我們房屋貸款投資的成長直接相關。我們也是更積極的證券化發行人。今年，我們已在 2024 年完成了涉及多個領域的總共六項證券化，這使得今年成為我們公司歷史上發行最活躍的一年。

Not only have base rates been trending lower but a healthy economy has been germane to lower credit spreads. Overall execution of these deals has improved compared to conventional repo financing, turning out financing of our loans into nonmark to market securitizations will contribute to more stable liquidity management in the future.

不僅基本利率呈下降趨勢，健康的經濟也與降低信貸利差密切相關。與傳統回購融資相比，這些交易的整體執行情況有所改善，將我們的貸款融資轉變為無記名市場證券化將有助於未來更穩定的流動性管理。

In executing our BP L bridge securitizations, we currently have $706 million of revolving debt that we can recycle to fund future purchases. We also have access to additional financing from $2.2 billion of available home loan rebuild capacity.

在執行 BP L 橋證券化時，我們目前擁有 7.06 億美元的循環債務，我們可以回收這些債務來為未來的購買提供資金。我們還可以從 22 億美元的可用房屋貸款重建能力中獲得額外融資。

With the combination of revolving securitizations and repo, we can more efficiently utilize leverage and fund future investments.

透過循環證券化和回購的結合，我們可以更有效地利用槓桿並為未來的投資提供資金。

As we mentioned previously, our conservative loan selection criteria also fits well within the parameters of rated BP L bridge securitizations. We have now completed two rated BP L bridge deals executing on our second one in the third quarter with a $238 million size at a 5.65% effective cost of funds.

正如我們之前提到的，我們保守的貸款選擇標準也非常符合 BP L 過橋證券化評級的參數。我們現已完成了兩筆評級為 BP L 的過橋交易，第二筆交易已於第三季執行，規模為 2.38 億美元，有效資金成本為 5.65%。

This represents 112 basis points lower effective cost compared to our inaugural rated BP L bridge deal issued in the second quarter and more than 140 basis points lower effective cost compared to repo these incremental cost savings will aid in bolstering future net interest income.

與我們第二季發布的首個評級BP L 橋交易相比，這意味著有效成本降低了112 個基點，與回購協議相比，有效成本降低了140 個基點以上，這些增量成本節省將有助於提高未來的淨利息收入。

We have restarted our BPL rental program this year and recently issued our first securitization in this sector since 2022 we were dormant in the BPL rental asset class for several quarters during a period of tightening monetary policy where the market experience heightened pricing volatility.

我們今年重新啟動了BPL 租賃計劃，最近發行了自2022 年以來該領域的首次證券化。 。

However, at the end of the fed hiking cycle came into view, we pivoted to increasing our exposure to BP L rental loans. Generally BP L rental loans have prepayment protection through prepayment penalties which can be beneficial in the declining rate environment.

然而，在聯準會升息週期即將結束時，我們轉向增加英國石油公司租賃貸款的曝險。一般來說，BP L 租賃貸款透過提前還款罰金提供提前還款保護，這在利率下降的環境中可能是有利的。

Like our philosophy in BPL Bridge, we target high quality loans with strong characteristics and shy away from the incremental yield at the periphery of credit eligibility.

就像我們在 BPL Bridge 的理念一樣，我們的目標是具有強烈特色的高品質貸款，並迴避信貸資格外圍的增量收益率。

We will continue to opportunistically participate in this strategy on a go forward basis. With the goal of continuing to finance these assets through securitization.

我們將繼續機會主義地參與這項策略。目標是繼續透過證券化為這些資產融資。

In agency RMBS, current coupon mortgage spreads declined from 148 basis points to 129 basis points in the quarter as interest rate volatility declined.

在機構 RMBS 中，隨著利率波動性下降，本季目前的息票抵押貸款利差從 148 個基點下降至 129 個基點。

Given the decline in spreads, we have slowed the pace of acquisitions with a 20% drop in agency purchase volume quarter over quarter overall. However, the portfolio is still growing.

鑑於價差下降，我們放慢了收購步伐，整體代理採購量較上季下降了 20%。然而，投資組合仍在成長。

The Agency rmbs book is now almost $3 billion which constitutes 42% of our asset portfolio and 23% of our capital allocation.

該機構人民幣帳面現接近 30 億美元，占我們資產組合的 42% 和資本配置的 23%。

We expect the portfolio to continue to grow as Agency RMBS remains a core strategy for us in the near term.

我們預計該投資組合將繼續成長，因為代理 RMBS 仍然是我們近期的核心策略。

The strategy trades at historically widespread and provides diversification for the credit portfolio.

該策略的交易歷史悠久，並為信貸投資組合提供了多元化。

Furthermore, the liquidity in our agency rmbs strategy allows us to rotate from this asset class when other opportunities arise or to lean into the strategy. When spreads move wider, our target assets are still current coupon spec pools due to the favorable carry profile. But we have also started to diversify our purchases to include some belly coupons as well.

此外，我們的機構人民幣策略的流動性使我們能夠在其他機會出現時從該資產類別中轉向或轉向該策略。當利差擴大時，由於利差狀況良好，我們的目標資產仍然是目前的票面投機池。但我們也開始多樣化購買，包括一些腹部優惠券。

The weighted average coupon of spec pools purchased was 5.34 this quarter across a mix of 65 and 4.5 coupon specs in BPL Bridge, we have invested over $4.5 billion to date since the inception of our strategy in 2019, we are focused on traditional credit profiles within this sector because of this, we have been rewarded by improving credit fundamentals along with preferential execution and bond investor interest in our rated securitization program.

本季度購買的規格池的加權平均息票為 5.34，在 BPL Bridge 中混合了 65 和 4.5 息票規格，自 2019 年戰略啟動以來，我們迄今已投資超過 45 億美元，我們專注於傳統信用狀況因此，我們透過改善信貸基本面以及優先執行和債券投資者對我們的評級證券化計劃的興趣而獲得回報。

We experienced a steady increase in our portfolio size through our acquisition pipeline with delinquencies continuing to decline on both an absolute and percentage basis.

透過收購管道，我們的投資組合規模穩定成長，拖欠率在絕對值和百分比上持續下降。

We continue to avoid niche strategies such as ground up construction and multifamily lending with these assets accounting for only 18% of our overall BP L bridge portfolio.

我們繼續避免地面建設和多戶貸款等利基策略，這些資產僅占我們整體 BP L 橋樑投資組合的 18%。

The percentage of these niche sectors in our portfolio continues to decline. Given the focus on more traditional bridge product for our ongoing acquisitions in multifamily, we expect continued redemptions in our mezzanine lending and cross collateralized mezzanine lending portfolios. The strength of the portfolio lies in our borrowers having a combination of fixed rate, senior debt or hedged floating rate, senior debt keeping financing costs lower and supporting overall noy at the property level.

這些利基產業在我們投資組合中的比例持續下降。鑑於我們對多戶家庭的持續收購重點關注更傳統的過渡產品，我們預計夾層貸款和交叉抵押夾層貸款投資組合將繼續贖回。此投資組合的優點在於我們的借款人擁有固定利率、優先債務或對沖浮動利率的組合，優先債務可維持較低的融資成本並支撐房地產層面的整體噪音。

In the third quarter, our combined mezzanine lending and cross collateralized mezzanine lending portfolio redeemed at an approximately 6% rate.

第三季度，我們的夾層貸款和交叉抵押夾層貸款組合的贖回率約為 6%。

We will reallocate this and future redemption proceeds into our core strategies to further drive interest income growth.

我們將把本次和未來的贖回收益重新分配到我們的核心策略中，以進一步推動利息收入成長。

As we noted last quarter, we look forward to deploying capital into multifamily strategies through third party capital partnerships. We are proactively building a pipeline of investments in parallel to onboarding a JV partner in this space.

正如我們上季度指出的那樣，我們期待透過第三方資本合作夥伴關係將資本部署到多戶型策略中。我們正在積極建立一系列投資管道，同時在該領域引入合資合作夥伴。

We will now open up the call for Q&A operator.

我們現在將開放問答接線員的電話。

Thank you. At this time, we will conduct the question and answer session. As a reminder to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again. Please stand by while we compile the Q&A roster.

謝謝。這時，我們將進行問答環節。作為提問提醒，您需要按電話上的星號 11，並等待宣布您的名字才能撤回您的問題。請再按星號 11。我們正在整理問答名單，請稍候。

Our first question comes from the line of Bose George with KBW. Your line is now open.

我們的第一個問題來自 Bose George 和 KBW 的路線。您的線路現已開通。

Everyone. Good morning in terms of your book value. Now, you noted that the JV piece now is pretty small. So do you feel like your book value is largely bottomed or is there, you know stuff on the in the multifamily piece that we should keep an eye on as well?

每個人。就您的帳面價值而言，早安。現在，您注意到合資企業的規模現在很小。那麼，您是否認為您的帳面價值已基本觸底，或者是否存在，您知道多戶住宅中我們也應該關注的內容？

Yeah, thank you. As you know, as we noted in prior quarters, the book value volatility stemmed from our JV Equity book, as we noted, we have $19 million remaining in that position.

是的，謝謝。如您所知，正如我們在前幾個季度所指出的，帳面價值波動源於我們的合資企業股權帳簿，正如我們所指出的，我們在該頭寸上剩餘 1900 萬美元。

And in that position, there's seven total assets, you know, on the 74 of them, we have near near term near site visibility into resolutions. Our current holding value represents the the price of receiving in those lois and then the remainder remaining three is roughly about $1.4 million of total value. So when you look through, you know where that volatility has come from, you know, it has been centered around the JBF book and the fact that we're very close to actually winding down nearly all the assets with remaining value of $1.4 million after these oo I are in place, we see that book value, you know, that volatility will have given you this portfolio has now moved on.

在這個位置上，總共有 7 個資產，您知道，在其中 74 個資產中，我們對決議有近期的近站點可見度。我們目前的持有價值代表了收到這些 Lois 的價格，其餘 3 個 Lois 的總價值約為 140 萬美元。因此，當您仔細查看時，您就會知道波動性從何而來，您知道，它一直以JBF 賬簿為中心，而且事實上我們非常接近實際清償幾乎所有資產，其剩餘價值為140 萬美元。

Okay, great. Thanks. And then actually can we just get an update on book value? Where is your date? Any changes?

好的，太好了。謝謝。那麼實際上我們可以獲得帳面價值的更新嗎？你的約會地點在哪裡？有什麼變化嗎？

Sure. As of this week, we see adjusted book value down somewhere between 1 to 2%.

當然。截至本週，我們預計調整後帳面價值將下降 1% 至 2% 之間。

Okay, great. Thanks.

好的，太好了。謝謝。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Jason Stewart with Janney Montgomery Scott. Your line is now open.

我們的下一個問題來自傑森·史都華和詹尼·蒙哥馬利·斯科特。您的線路現已開通。

Hey, good morning. Thanks for taking the question. Jason maybe Nick, could you just give us a high level take on where you see Gross ROE by strategy and maybe specifically on the agency side and the BP L side.

嘿，早安。感謝您提出問題。傑森（Jason）或尼克（Nick），您能否向我們介紹一下您在策略方面（尤其是在機構方面和 BP L 方面）對總股本回報率的看法。

Sure. So I'll start with the BPL bridge side since we've done a few securitizations recently this year and have a pretty decent color in terms of where things are pricing out. So execution there continues to be very robust, just given the advent of rated rated RPL securitizations this particular year. So for that particular strategy, we do see 20 plus percent type gross roes on that on a leverage basis. On the agency side, there's been a fair amount of volatility. So end of the quarter, relatively tight on a spread basis has widened out to today a little bit wider. So I would say that there are somewhere in the mid 10s in terms of some of the other strategies that we have, we mentioned BPL rental strategy, which we've also had recent securitization prints. We see that something in the mid to high 10s type roes.

當然。因此，我將從 BPL 橋方面開始，因為我們今年最近進行了一些證券化，並且在定價方面有相當不錯的色彩。因此，鑑於今年評級 RPL 證券化的出現，該地區的執行仍然非常強勁。因此，對於該特定策略，我們確實看到基於槓桿的 20% 以上類型的總收益。在代理機構方面，存在相當大的波動。因此，到了本季末，利差相對緊張的情況已經擴大到今天稍微擴大了一些。所以我想說，就我們擁有的其他一些策略而言，我們提到了 BPL 租賃策略，我們最近也有該策略的證券化印刷品。我們看到了 10 種中高類型的魚子。

Okay. Thanks. And then on the agency side, given that you mentioned the volatility, I mean spreads are wider. So are we probably at the higher end of that range? Have you shifted capital allocation at all into that leaning into the widening?

好的。謝謝。然後在機構方面，鑑於您提到了波動性，我的意思是利差更大。那麼我們可能處於該範圍的高端嗎？您是否已經將資本配置轉向了擴張的傾向？

Yeah, so I mean, you're seeing it from our activity that we're pretty market driven on the agency strategy, the trend line will still be higher. We intend to grow this portfolio, but we don't have to do it all in one particular quarter. So last particular quarter as spreads are tightened in, we have the emphasized agencies now with wider spreads, we expect to be more active in the agency space.

是的，所以我的意思是，你從我們的活動中看到，我們的代理策略相當受市場驅動，趨勢線仍然會更高。我們打算擴大這個投資組合，但我們不必在一個特定季度完成這一切。因此，隨著上個季度利差收緊，我們重點關注的機構現在利差擴大，我們預計在機構領域會更加活躍。

Okay, thanks. Just one last question on the overall. Just macro just curious, your take, I know multifamily on the JV side is down to something pretty nominal. But how is this increase in volatility rate, volatility impacted CRE and maybe especially multifamily deal activity.

好的，謝謝。關於整體的最後一個問題。只是宏觀只是好奇，你的看法是，我知道合資企業方面的多戶家庭是相當名義上的。但波動率的增加如何影響 CRE，尤其是多戶住宅交易活動。

So on the deal activity side, it certainly has slowed overall, you know, activity in the market purchase activity of properties. You know, we have a putting together the final touches of a JV agreement where we're focused on adding mezzanine loans to a third party capital that we noted last quarter. That could be up to about $300 million. And what we're seeing, you know, overall relating to our pipelines in that asset class for that third party capital is that it's, it's definitely, you know, lower your rear quarter recorder. I think this latest rate move higher, you know, deal activity was starting to be positive quarter record.

因此，在交易活動方面，房地產市場購買活動總體上肯定有所放緩。你知道，我們正在對合資協議進行最後的修改，我們的重點是在我們上季度提到的第三方資本中添加夾層貸款。這可能高達約 3 億美元。我們所看到的，你知道，與我們在該資產類別中第三方資本的管道總體相關的是，它肯定會降低你的後季度記錄。我認為最新的利率走高，交易活動開始創下正面的季度記錄。

And then all of a sudden, you know, those who did not lock in fixed rate coupons or didn't have the hedges in place. We saw properties come off market and purchases that ended up just moving away. So I think overall, you know, particularly with respect to the election, there's not a lot of folks in the space that want to put long term duration risk on their balance sheet and then looking forward towards, you know, looking at what are the economic plans of whoever is in office and you know what that would mean for rates and, you know, deficit growth, et cetera to then step into the market as a whole. So, you know, the market is, I think has been basically been curbed a little bit as it relates to the timing of activity. You know, we're not going to see a lot of activity in November in this space and then generally December, CYCL is a low month. So I think you're going to see robust activity back into January and February given the slowdown of the last two months of this year.

然後突然之間，你知道，那些沒有鎖定固定利率優惠券或沒有採取對沖措施的人。我們看到房產退出市場，購買的商品最終也消失了。所以我認為總的來說，你知道，特別是在選舉方面，這個領域沒有很多人願意將長期風險納入他們的資產負債表，然後展望，你知道，看看有什麼無論誰在任，你都知道這對利率和赤字成長等意味著什麼，然後進入整個市場。所以，你知道，我認為市場基本上受到了一點抑制，因為這與活動的時間有關。你知道，我們不會在 11 月看到這個領域有很多活動，然後一般來說 12 月，CYCL 是一個低月。因此，鑑於今年最後兩個月的放緩，我認為一月和二月將會出現強勁的活動。

Great. Thanks guys.

偉大的。謝謝你們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

As a reminder to ask a question, you will need to press star one on your telephone and wait for your name to be announced one moment, please.

作為提問提醒，您需要按電話上的星號一，然後稍等一下您的名字被宣布。

This concludes the question and answer session. I would now like to turn it back to Jason Serrano for closing remarks.

問答環節到此結束。現在我想請賈森·塞拉諾（Jason Serrano）發表結束語。

Thank you for your time this morning. We look forward to sharing our fourth quarter financial results early next year. Have a great.

感謝您今天早上抽出時間。我們期待明年初分享我們第四季的財務表現。祝你玩得開心。

Day.

天。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。