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

Good morning, ladies and gentlemen.

早安，女士們先生們。

And thank you for standing by.

感謝您的支持。

Welcome to the New York Mortgage Trust third quarter, 2024 results conference call.

歡迎參加紐約抵押信託 2024 年第三季業績電話會議。

(Operator Instructions)

（操作員說明）

This conference is being recorded on Thursday, October 31, 2024.

本次會議於 2024 年 10 月 31 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。

Good morning and thank you all for joining New York Mortgage Trust third quarter, 2024 earnings call.

早安，感謝大家參加紐約抵押信託信託 2024 年第三季財報電話會議。

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

紐約抵押信託信託公司 2024 年第三季業績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.

新聞稿和補充財務報告均可在本公司網站 www.nymtrust.com 上取得。

Additionally, we're hosting a live webcast of today's call which you can access in the events and presentations section of the company's website.

此外，我們還將舉辦今天電話會議的現場網路直播，您可以在公司網站的活動和演示部分進行訪問。

At this time, management would like me to inform you that certain statements made during the conference call which are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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 the forward-looking statements are based on reasonable assumptions.

儘管紐約抵押信託信託公司認為前瞻性陳述中反映的預期是基於合理的假設。

It can give no assurance that its expectations will be obtained.

它不能保證其期望能夠實現。

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, good morning.

嗨，早安。

Thank you for joining New York Mortgage Trust third quarter earnest call.

感謝您加入紐約抵押信託第三季的誠摯電話。

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。

The company reported sharply higher levels of income in the third quarter with earnings per share at $0.36. The improved earnings were a result of a portfolio plan which began over a year ago.

該公司第三季的營收水準大幅提高，每股收益為 0.36 美元。收益的改善是一年多前開始的投資組合計劃的結果。

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.

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 widerspread.

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更廣泛的機構蘇格蘭皇家銀行。

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.

透過這項活動，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，我們希望保留透過更高回報機會提高獲利能力的期權價值。

As we stated previously, we are concerned about a slowing this economy and the consequences it may bring to certain sectors that we monitor.

正如我們之前所說，我們擔心經濟放緩及其可能對我們監測的某些行業帶來的後果。

Last quarter, we shared a graph of record high US consumer debt against a depressed consumer savings rate.

上個季度，我們分享了一張美國消費者債務創紀錄高點與消費者儲蓄率低迷對比的圖表。

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.

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.

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。

With that said the market is performing extremely well today.

話雖如此，今天的市場表現非常好。

There's plenty of liquidity within the warehouse financing and markets.

倉庫融資和市場中有充足的流動性。

Nick will further discuss our activity here of meeting our leverage objectives to minimize recourse mark to market financing risk with credit investments.

尼克將在此進一步討論我們為實現槓桿目標而進行的活動，以最大限度地減少信貸投資對市場融資風險的追索權。

On page 9, we show some important developments related to our balance sheet growth.

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。

We increased our portfolio by $1 billion or 17% from last quarter, stepping back, the company's portfolio grew over one third to date.

與上個季度相比，我們的投資組合增加了 10 億美元，即 17%，回過頭來看，該公司的投資組合迄今為止增長了三分之一以上。

Admittedly, we were underinvested earlier in the year and consequently did not achieve our earnings potential with 20 years of buyside experience in these market our management team was in touch with large opportunities throughout the year to accelerate growth.

誠然，我們在今年稍早投資不足，因此沒有實現我們在這些市場擁有 20 年買方經驗的獲利潛力，我們的管理團隊全年都在接觸大量機會來加速成長。

However, we felt it was extremely important to maintain the course of a deliberate approach to balance sheet growth by prioritizing investments containing fundamentally stable income.

然而，我們認為，透過優先考慮包含基本穩定收入的投資，維持資產負債表成長的審慎方法極為重要。

It did not veer from our objectives.

它沒有偏離我們的目標。

Despite a measured pace of capital employment each quarter, we have finally seen the momentum of the cumulative impact to our growth.

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。

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.

第三季我們的調整後利息收入超過 1 億美元，較年初至今成長 39%，調整後淨利息收入較年初至今成長 22%。

Notably, we accomplished substantial portfolio growth without depleting our excess liquidity.

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。

At the end of the third quarter, we had $408 million or $6 million more than that of the first quarter of this year.

截至第三季末，我們的營收為 4.08 億美元，比今年第一季增加了 600 萬美元。

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.

由於流動性水平強勁，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。

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.

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.

最後，我想透過討論公司帳面價值來結束我的評論。

While Kristine will comment on the details of the relatively fat quarterly move.

而Kristine則會對相對較胖的季度舉措細節進行評論。

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.

我想強調這本書的組成，特別是針對補充資料第 10 頁所示的 930 交易市值。

To start, our balance sheet is very different from recent past and contains a solid foundation to build off of.

首先，我們的資產負債表與最近有很大不同，並且包含一個堅實的基礎。

At the end of the third quarter $5.08 per share is attributed to cash and capital allocated to the agency RBS trades.

第三季末，每股 5.08 美元歸因於分配給蘇格蘭皇家銀行機構交易的現金和資本。

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.

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.

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。

As Nick will show performance has been excellent, providing a steady source of recurring income to the company.

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。

After that, we show a total of $0.21 per share attributed to the multifamily JV equity book.

此後，我們顯示歸屬於多家族合資企業股權帳簿的每股 0.21 美元總計。

This strategy has been the primary source of previous book value volatility however, after recent dispositions, which Kristine will discuss $19 million of remaining exposures in material to the company today.

然而，在最近的處置之後，這一策略一直是先前帳面價值波動的主要根源，克里斯汀今天將討論該公司剩餘的 1,900 萬美元的材料風險敞口。

Finally, the remainder of our asset less corporate financing is a $1.64 per share an additional $1.54 per share above book value can be potentially gained after consideration of our asset holdings maturing apart.

最後，我們剩餘的資產減去企業融資為每股 1.64 美元，考慮到我們持有的資產到期後，還有可能在帳面價值之上額外獲得每股 1.54 美元的收益。

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.

透過維持對股東價值的中長期看法，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，我們處於 2025 年增長的有利位置。

At this time.

此時。

I'll pass the call over to Kristine to discuss our financial highlights.

我會將電話轉接給克里斯汀，討論我們的財務亮點。

Kristine?

克里斯汀？

Thank you, Jason.

謝謝你，傑森。

Good morning.

早安.

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.

我將重點放在我們第三季財務表現的主要驅動因素，並參考我們補充資料的季度比較財務資訊部分。

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.

正如 Jason 所強調的那樣，我們繼續專注於投資提供經常性收入的資產，導致第三季未折舊每股收益為 0.39 美元。

As compared to undepreciated loss per share of $0.25 in the second quarter.

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 $0.67 per share in losses, recognizing in our derivative instruments primarily consisting of interest rate swaps.

由於利率變化，我們的住宅貸款和債券投資組合的估值改善對我們的盈利產生了積極影響，貢獻了每股1.07 美元的未實現收益，該收益被每股0.67 美元的損失部分抵消，在我們的衍生性工具中主要包括利率互換。

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.

為了將我們的投資組合轉變為賺取利息收入的資產，我們的投資組合在第三季和年初至今分別淨增加約10億美元和18億美元，截至9月截至9月為69億美元。

As a result, net interest income contribution increased to $0.22 in the current quarter from $0.21 in the second quarter and $0.18 a year ago.

因此，淨利息收入貢獻從第二季的 0.21 美元和一年前的 0.18 美元增加到本季的 0.22 美元。

Our quarterly adjusted net interest income also increased by $1.4 million to [$28.7 million] in the third quarter from $27.3 million in the second quarter.

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 [2,870 萬美元]。

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.

正如幻燈片 27 中所詳述的那樣，我們的平均生息資產收益率在過去幾個季度中穩步增長，本季度增長了 23 個基點，年初至今增長了 48 個基點。

Net interest spread was slightly lower in the quarter but has increased by 30 basis points year-to-date.

本季淨利差略有下降，但年初至今已增加 30 個基點。

Our interest rate swaps also continue to benefit our portfolio reducing average financing costs by 63 basis points and 72 basis points during the quarter and year-to-date respectively.

我們的利率交換也繼續使我們的投資組合受益，本季和年初至今分別將平均融資成本降低了 63 個基點和 72 個基點。

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.

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。

These dispositions had a secondary positive impact that we will benefit from in subsequent quarters.

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.

透過這些處置，我們減少了這些房產的負面影響，從而將本季房地產淨虧損從 1,310 萬美元減少到 750 萬美元。

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.

我們正在積極努力處置更多的多戶型房產，我們預計收益將有所改善，而不會受到這些資產每季 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.

儘管總管理及行政費用與上一季相比基本持平，但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。

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.

我們還產生了與發行兩項證券化交易相關的 240 萬美元的債務發行費用，這些費用在本季度已全部支出，並且由於我們的公允價值選擇而沒有在較長時間內攤銷。

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.

本季 GAAP 帳面價值成長 1.4%，調整後每股帳面價值為 10.87 美元，較第二季下降 1.4 美元。

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.

調整後的帳面價值較低，是由於利率下降以及與我們的多戶房產相關的累計折舊和攤銷加回的減少導致我們的攤餘成本負債的公允價值減少。

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 2 times respectively as of June 30, due to our continued financing of investment securities, primarily agency RMBS.

截至季末，公司的追索槓桿率和投資組合追索槓桿率分別從截至6 月30 日的2.1 倍和2 倍上升至2.6 倍和2.5 倍，這得益於我們對投資證券（主要是代理RMBS）的持續融資。

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.

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，部分資金來自追索性回購融資。

With our utilization of securitize financing for a credit assets we do not expect to see a linear increase in our credit portfolio recourse leverage with the growth in our credit book.

透過對信貸資產進行證券化融資，我們預期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 $0.20 per common share dividend and change from the prior quarter.

我們支付了每股普通股 0.20 美元的股息，與上一季相比有所變動。

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.

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。

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。

Thanks Kristine.

謝謝克里斯汀。

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.

期待已久的設定樞軸在 9 月實現，大幅下調 50 個基點，為固定收益市場帶來了整體積極的季度業績。

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.

然而，最近由於強勁的勞動力市場數據，波動性有所增加，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 $1 billion of residential investments in the third quarter led by $372 million of agency RMBS $378 million of short duration BPL bridge loans and $232 million of 30 year BPL rental loans.

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 億美元的機構 RMBS、3.78 億美元的短期 BPL 過橋貸款和 2.32 億美元的 30 年期 BPL 租賃貸款。

We have achieved seven consecutive quarters of increasing whole loan purchases.

我們已連續七季實現整體貸款購買量的成長。

This steady uptick in capital deployment has been directly correlated with the growth and durability of overall adjusted interest income.

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直接相關。

Alongside the growth of our home loan investments, we were also a more active issuer of securitizations this year.

除了房屋貸款投資的成長之外，今年我們也是更活躍的證券化發行人。

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.

2024 年，我們在多個領域總共完成了六項證券化，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.

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。

Overall execution of these deals has improved compared to conventional repo financing.

與傳統回購融資相比，這些交易的整體執行有所改善。

Trimming out financing of our loans into non-mark to market securitizations will contribute to more stable liquidity management in the future.

將我們的貸款融資削減為無記價市場證券化，將有助於未來更穩定的流動性管理。

In executing our BPL bridge securitizations, we currently have $706 million of revolving debt that we can recycle to fund future purchases.

在執行我們的 BPL 過渡證券化過程中，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。

We also have access to additional financing from $2.2 billion of available home loan repo capacity.

我們還可以從 22 億美元的可用房屋貸款回購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 BPL bridge securitizations.

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 BPL 過橋證券化評級的參數。

We have now completed 2 rated BPL bridge deals executing on our second one in the third quarter with a $238 million size at a 5.65% effective cost of funds.

目前，我們已經完成了 2 筆評級 BPL 過橋交易，第二筆交易在第三季執行，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 BPL bridge deal issued in the second quarter and more than 140 basis points lower effective cost compared to repo.

與我們第二季發行的首個評級 BPL 過渡交易相比，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。

These incremental cost savings will aid in bolstering future net interest income.

這些增量成本節省將有助於增加未來的淨利息收入。

We have restarted our BPL rental program this year and recently issued our first securitization in this sector since 2022.

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

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.

在貨幣政策緊縮期間，市場價格波動加劇，我們在 BPL 租賃資產類別中休眠了幾個季度。

However, at the end of the fed hiking cycle came into view, we pivoted to increasing our exposure to BPL rental loans.

然而，在聯準會升息週期即將結束時，我們轉向增加 BPL 租賃貸款的曝險。

Generally BPL rental loans have prepayment protection through prepayment penalties which can be beneficial in the declining rate environment.

一般來說，BPL 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益的。

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 橋上的理念一樣，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.

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%。

Overall however, the portfolio is still growing.

但總體而言，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.

機構 RMBS 帳簿目前接近 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.

此外，我們機構的 RMBS 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，或在利差擴大時轉向該策略。

Our target assets are still current coupon spec pools due to the favorable carry profile.

由於有利的利差狀況，我們的目標資產仍然是當前的息票投機池。

But we have also started to diversify our purchases to include some belly coupons as well.

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.

本季購買的規格池的加權平均優惠券為 [5.34]，在 BPL Bridge 中混合了 [65] 和 [4.5] 優惠券規格，自 2019 年戰略啟動以來，我們迄今為止已投資超過 45 億美元。

We are focused on traditional credit profiles within this sector.

我們專注於該行業的傳統信用狀況。

Because of this, we have been rewarded by improving credit fundamentals along with preferential execution and bond investor interest in our rated securitization program.

正因為如此，我們透過改善信用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 BPL 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 BPL 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.

鑑於我們持續收購的重點是更傳統的橋樑產品，這些利基產業在我們投資組合中的比例持續下降。

In multifamily, we expect continued redemptions in our mezzanine lending and cross collateralized mezzanine lending portfolios.

在多戶家庭中，我們預計夾層貸款和交叉抵押夾層貸款投資組合將持續贖回。

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.

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優先債務的組合，從而保持較低的融資成本並支持房地產層面的整體NOY。

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.

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。

We are proactively building a pipeline of investments in parallel to onboarding a JV partner in this space.

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環節。操作員。

(Operator Instructions)

（操作員說明）

Bose George, KBW.

博斯·喬治，KBW。

Everyone, good morning.

大家早安。

In terms of your book value now, you noted that the JV piece now is pretty small.

就您現在的帳面價值而言，您注意到合資企業現在的規模相當小。

So do you feel like your book value is largely bottomed or is there stuff on the in the multifamily piece that we should keep an eye on as well?

那麼，您是否認為您的帳面價值已基本觸底，或者多戶住宅中是否有我們也應該關注的內容？

Yeah, thank you.

是的，謝謝。

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.

正如我們在前幾季所指出的，帳面價值波動源自於我們的合資企業股權帳簿，正如我們所指出的，我們在該部位剩餘 1,900 萬美元。

And in that position, there's seven total assets, on the seven, four of them we have near term, near site visibility into resolutions, our current holding value represents the the price of receiving in those LOIs and then the remaining three is roughly about $1.4 million of total value.

在這個位置上，有七項總資產，在七項中，其中四項我們對決議有近期、近現場的可見性，我們當前的持有價值代表了接收這些意向書的價格，然後剩下的三項約為1.4 美元總價值萬元。

So when you look through where that volatility has come from, it has been centered around the JVE 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 OIs in place, we see that book value, that volatility will have given you this portfolio has now moved on.

因此，當你仔細研究波動性的來源時，你會發現它主要圍繞著 JVE 賬簿，事實上，在這些 OIs 到位後，我們非常接近實際清償幾乎所有資產，剩餘價值為 140 萬美元，讓我們看看帳面價值，波動性會為你帶來這個投資組合現在已經轉移了。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then actually can we just get an update on book value quarter to date?

那麼實際上我們是否可以獲得季度至今帳面價值的最新資訊？

Any changes?

有什麼變化嗎？

Sure.

當然。

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

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.

好的，太好了。

Thanks.

謝謝。

Jason Weaver, Janney Montgomery.

傑森‧韋弗，珍妮‧蒙哥馬利。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您提出問題。

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 BPL side.

Jason 或 Nick，您能否向我們介紹您在策略方面（尤其是在機構方面和 BPL 方面）所看到的總 ROE 的情況。

Sure.

當然。

So I'll start with the BPL bridge side since we've done a few securitizations.

因此，我將從 BPL 橋方面開始，因為我們已經完成了一些證券化。

Recently this year, I've have a pretty decent color in terms of where things are pricing out.

今年最近，就商品定價而言，我有一個相當不錯的顏色。

So execution there continues to be very robust, just given the advent of rated BPL securitizations this particular year.

因此，鑑於今年評級 BPL 證券化的出現，該地區的執行仍然非常強勁。

So for that particular strategy, we do see 20%-plus percent type gross ROEs on that on a leverage basis.

因此，對於該特定策略，我們確實看到基於槓桿的總 ROE 超過 20% 以上。

On the agency side, there's been a fair amount of volatility.

在代理機構方面，存在相當大的波動。

So end of the quarter, relatively tight on a these spread basis has widened out to today a little bit wider.

因此，到了本季末，在這些利差基礎上相對緊張的情況已經擴大到今天稍微擴大了一些。

So I would say that there ROE somewhere in the mid teens.

所以我想說，ROE 大約在十幾歲左右。

In terms of some of the other strategies that we have, we mentioned BPL rental strategy, which we've also had recent securitization trends.

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趨勢。

We see that something in the mid to high teens type ROEs.

我們看到 ROE 處於中高青少年類型。

Okay.

好的。

Thanks.

謝謝。

And then on the agency side, given that you mentioned the volatility, I mean spreads are wider.

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。

So are we probably at the higher end of that range?

那麼我們可能處於該範圍的高端嗎？

Have you shifted capital allocation at all into that leaning into the widening?

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.

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。

We intend to grow this portfolio, but we don't have to do it all in one particular quarter.

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。

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.

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.

好的，謝謝。

Just one last question on the overall.

關於整體的最後一個問題。

Just macro just curious, your take, I know multifamily on the JV side is down to something pretty nominal both.

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都是名義上的。

And how is this increase in volatility rate, volatility impacted CRE and maybe especially multifamily deal activity.

波動率的增加如何影響商業房地產，尤其是多戶住宅交易活動。

Yeah.

是的。

So on the deal activity side, it certainly has slowed overall, activity in the market purchase activity of properties.

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。

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.

我們正在對合資協議進行最後的修改，重點是向第三方資本添加夾層貸款。

We noted last quarter that could be up to about $300 million.

我們在上個季度指出，這一數字可能高達約 3 億美元。

And what we're seeing, overall relating to our pipelines in that asset class for that third party capital is that it's definitely, lower year on year, quarter over quarter.

我們所看到的，總體而言，與我們在該資產類別中第三方資本的管道相關的是，它肯定是逐年下降、逐季下降。

I think this latest rate move deal activity was starting to be positive quarter.

我認為最新的利率調整交易活動開始出現正面的季度。

And then all of a sudden, 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.

然後突然之間，那些沒有鎖定固定利率優惠券或沒有進行對沖的人，我們看到房產脫離市場，購買的商品最終消失。

So I think overall, 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 -- looking at what are the economic plans of whoever is in office and what that would mean for rates and, deficit growth, et cetera to then step into the market as a whole.

因此，我認為總體而言，特別是在選舉方面，該領域沒有很多人願意將長期風險納入其資產負債表，然後展望 - 看看誰的經濟計劃是什麼在任期間，這對利率和赤字增長等意味著什麼，然後進入整個市場。

So, the market is, I think has been basically been curved a little bit as it relates to the timing of activity.

因此，我認為市場基本上已經有點彎曲，因為它與活動的時間有關。

We're not going to see a lot of activity in November in this space and then generally December, cyclically is a low month.

我們不會在 11 月看到這個領域的大量活動，然後一般來說 12 月是一個低月。

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.

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.

偉大的。

Thanks guys.

謝謝你們。

Appreciate it.

欣賞它。

(Operator Instructions)

（操作員說明）

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。

Thank you for your time this morning.

感謝您今天早上抽出時間。

We look forward to sharing our fourth quarter financial results early next year.

我們期待明年初分享我們第四季的財務表現。

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 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。