New York Mortgage Trust Inc (NYMT) 2024 Q4 法說會逐字稿

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

女士們、先生們，早安，謝謝大家的支持。

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

歡迎參加紐約抵押貸款信託 2024 年第四季業績電話會議。

(Operator Instructions) This conference is being recorded on Thursday, February 20, 2025.

（操作員指示）本次會議於 2025 年 2 月 20 日星期四進行錄製。

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

現在，我想將會議交給投資者關係部門的 Kristi Mussallem。

Please go ahead.

請繼續。

Welcome to the Fourth Quarter 2024 Earnings Call for New York Mortgage Trust.

歡迎參加紐約抵押貸款信託 2024 年第四季財報電話會議。

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

昨天發布了一份新聞稿和補充財務報告，其中包含紐約抵押貸款信託公司 2024 年第四季的業績。

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 上查閱。

Additionally, we are hosting a live webcast of today's call, which you can access in the Events and Presentations section of the company's website.

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」部分中訪問。

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.

此時，管理階層希望我通知您，電話會議期間所作的某些非歷史性的陳述可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

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 expectations will be attained.

儘管紐約抵押貸款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，但它無法保證預期一定會實現。

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.

可能導致實際結果與預期存在重大差異的因素和風險已在昨天的新聞稿中以及公司不時提交給美國證券交易委員會的文件中詳細說明。

Now at this time,

現在這個時候，

I would like to introduce Jason Serrano, Chief Executive Officer.

我想介紹執行長 Jason Serrano。

Jason, please go ahead.

傑森，請繼續。

Good morning.

早安.

Thank you for joining New York Mortgage Trust's fourth quarter earnings call.

感謝您參加紐約抵押貸款信託公司第四季財報電話會議。

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

今天與我一起出席的是總裁 Nick Mah；以及財務長 Kristine Nario。

As I discussed a full year recap and insights into 2025, Kristine will provide commentary on fourth quarter results, and Nick will follow with an update to our portfolio positioning and focus.

正如我討論全年回顧和對 2025 年的見解一樣，克里斯汀 (Kristine) 將對第四季度的業績發表評論，隨後尼克 (Nick) 將更新我們的投資組合定位和重點。

After restrictive monetary campaign by the Fed that began in early 2022 to slow inflation, the policy stands reversed in 2024 with 100 basis points of rate cuts.

聯準會於 2022 年初開始採取限制性貨幣政策以抑制通膨，但該政策在 2024 年出現逆轉，利率下調 100 個基點。

However, mortgage rates remained elevated as the market focused on the supply side of heavy treasury issuance calendar for years to come.

不過，由於市場關注未來幾年國債發行行程表的供應面，房貸利率仍維持在高位。

With the new administration, the market will be attempting to assess the benefits of the new policies against the current forecast of slowing macroeconomic data.

隨著新政府的上台，市場將試圖根據當前宏觀經濟數據放緩的預測來評估新政策的好處。

For example, the benefits of onshoring manufacturing jobs and deregulation to spur economic growth may be neutralized by a slowing economy reinforced by cuts to the federal spending.

例如，由於聯邦支出削減導致的經濟放緩，製造業就業回流和放鬆管制對經濟成長的好處可能會被抵消。

When look directly at the US. housing fundamentals, the market continues to show signs of resiliency with strong fundamentals.

當直視美國。住房基本面方面，市場持續表現出復甦跡象，基本面強勁。

Due to the low average mortgage rates held by the US homeowners of just over 4%, the higher rate environment will continue to keep housing supply in check.

由於美國房主持有的平均抵押貸款利率較低（僅略高於4%），較高的利率環境將繼續抑制房屋供應。

Stable housing trends and the presence of a positive sloping yield curve has the potential to enhance company earnings.

穩定的房屋趨勢和正向傾斜的殖利率曲線有可能提高公司獲利。

This can be achieved by focusing on sustainable recurring income through strategic deployment of excess liquidity.

這可以透過策略性地部署過剩流動性來專注於可持續的經常性收入來實現。

With this goal in 2024, the company's portfolio grew by 44% relative to the same time in 2023, driven by $4.1 billion of acquisitions and primarily liquid agency bonds and through higher spread bridge loans.

隨著 2024 年這一目標的實現，該公司的投資組合較 2023 年同期增長了 44%，這得益於 41 億美元的收購和主要流動性機構債券以及利差過橋貸款。

As a result, the adjusted interest income rose 60% year-over-year.

因此，調整後的利息收入年增60%。

After consideration of financing costs, adjusted net interest income contributed $0.36 to EPS in Q4, a $0.10 improvement from a year earlier.

考慮融資成本後，調整後的淨利息收入對第四季度的每股收益貢獻為 0.36 美元，比去年同期增加了 0.10 美元。

Strong balance sheet growth in 2024 was necessary following a period of low investment activity for the company.

在公司經歷了一段投資活動較低的時期後，2024 年資產負債表必須實現強勁成長。

This period also allowed us to execute a significant portfolio restructuring centered around the divestment of our underperforming multifamily JV equity holdings.

這段時間也使我們能夠進行重大的投資組合重組，重點是剝離表現不佳的多戶型合資股權。

We explained back in early 2022 that the effort would take time to complete and that we would be patient in our approach to focus on medium to long term value for our shareholders.

早在 2022 年初，我們就解釋過，這項工作需要時間才能完成，我們會耐心地專注於為股東實現中長期價值。

We are happy to note that we reached the final stages of this plan last year.

我們很高興地註意到，去年我們已經進入了該計劃的最後階段。

In 2024, we issued 6 securitizations and kicked off 2025 with an issuance of a BPL bridge securitization.

2024 年，我們發行了 6 隻證券化產品，並於 2025 年初發行了一隻 BPL 過橋證券化產品。

Alongside an $83 million baby bond issuance earlier in January, we continue to pursue attractive funding strategies to allow for prudent growth in our investment portfolio.

除 1 月初發行 8,300 萬美元的嬰兒債券外，我們還繼續推行有吸引力的融資策略，以實現投資組合的審慎成長。

Our goal is to focus on accessing nonrecourse, non mark to market leverage so we can efficiently access the company's excess liquidity totaling $343 million at the end of the year.

我們的目標是專注於取得無追索權、非以市價計價的槓桿，以便我們能夠有效地利用公司年底總額為 3.43 億美元的過剩流動資金。

Despite substantial growth in our portfolio, we were able to control costs with expense reduction plans to keep our G&A just above 3%.

儘管我們的投資組合大幅成長，但我們仍能夠透過削減費用計劃來控製成本，將我們的一般行政開支 (G&A) 保持在 3% 以上。

We believe our execution in the year provides the company with increased portfolio flexibility to pursue and optimize returns in 2025, and we look forward to accomplishing this task over the year.

我們相信，我們今年的執行將為公司提供更大的投資組合靈活性，以追求和優化 2025 年的回報，我們期待在今年完成這項任務。

Given this dynamic, we believe the NYMT share price presents compelling value with embedded upside as our reoccurring earnings continue to improve.

鑑於這種動態，我們相信，隨著我們的經常性收益持續改善，NYMT 股價將具有引人注目的價值，並具有上漲空間。

As illustrated on Page 10 of our Q4 supplemental, NYMT shares traded at a 41% discount to adjusted book value at year end.

正如我們第四季補充報告第 10 頁所示，NYMT 股票的交易價格較年底調整後的帳面價值折價 41%。

Market capitalization was 90% covered by the company's cash in the agency bond portfolio alone, with $388 million of book value or $4.29 per share potential upside to year end market capitalization.

僅機構債券投資組合中的公司現金就涵蓋了市值的 90%，帳面價值為 3.88 億美元，或每股 4.29 美元，預計將使年底市值上漲。

Furthermore, the company's balance sheet holds $272 million or $3.05 per share, a net discount to par assets, which can be recaptured through paydowns reversing the held discount.

此外，該公司的資產負債表上持有 2.72 億美元或每股 3.05 美元的淨折扣，這筆折扣額可以透過逆轉持有的折扣的還款來收回。

With additional income growth through access to the excess liquidity and utilization of our securitization market, we see significant value upside to our current market capitalization levels, especially after consideration of a 13% plus dividend yield.

透過獲得過剩流動性和利用我們的證券化市場來實現額外的收入成長，我們看到當前市值水準的價值顯著上升，特別是在考慮 13% 以上的股息殖利率之後。

At this time, I'll pass the call over to Kristine to provide for fourth quarter financial highlights.

現在，我將把電話轉給克里斯汀，以提供第四季度的財務亮點。

Kristine?

克里斯汀？

Thanks, Jason.

謝謝，傑森。

Good morning.

早安.

I'll cover the key factors behind our fourth quarter financial results and reference the comparative financial section in our supplemental.

我將介紹我們第四季度財務表現背後的關鍵因素，並參考我們補充文件中的比較財務部分。

The company had undepreciated loss per share of $0.44 in the fourth quarter as compared to undepreciated earnings per share of $0.39 in the third quarter.

該公司第四季每股未折舊虧損為 0.44 美元，而第三季每股未折舊收益為 0.39 美元。

Our ongoing commitment to investing in assets that generate recurring income has led to an increase in quarterly adjusted net interest income EPS contribution to $0.36 per share in the fourth quarter, compared to $0.32 per share in the third quarter, and $0.26 per share a year ago.

我們持續致力於投資能產生經常性收入的資產，這使得第四季度調整後的淨利息收入每股收益 (EPS) 增至每股 0.36 美元，而第三季度為每股 0.32 美元，去年同期為每股 0.26 美元。

This represents a 12.5% increase in the fourth quarter compared to the third quarter and a 38% increase year-over-year.

這意味著第四季度環比增長了 12.5%，同比增長了 38%。

Additionally, as detailed in Slide 25, our net interest spread has shown improvement over recent quarters, increasing by 5 basis points in the quarter and 35 basis points year to date.

此外，如投影片 25 所述，我們的淨利差在最近幾季有所改善，本季增加了 5 個基點，今年迄今增加了 35 個基點。

Moreover, our interest rate swaps have continued to benefit our portfolio, reducing our average financing cost by 38 basis points for the quarter and 61 basis points year to date.

此外，我們的利率互換繼續使我們的投資組合受益，使本季的平均融資成本降低了 38 個基點，年初至今降低了 61 個基點。

Our earnings were primarily affected by higher benchmark interest rates, which reduced the fair valuation of our residential loan and bond portfolios.

我們的收益主要受到基準利率上升的影響，這降低了我們的住宅貸款和債券投資組合的公允估值。

During the quarter, we recognized net unrealized losses totaling $131.6 million due to lower asset prices, primarily in our Agency RMBS portfolio and residential loan book.

在本季度，由於資產價格下跌，我們確認了總計 1.316 億美元的淨未實現損失，主要原因是我們的機構 RMBS 投資組合和住宅貸款帳簿。

These unrealized losses were partially offset by $92 million in gains from our derivative instruments, mainly interest rate swaps.

這些未實現損失被我們衍生性工具（主要是利率互換）的 9,200 萬美元收益部分抵銷。

Additionally, we recognized losses of $9.9 million or $0.11 per share, primarily from foreclosed properties that still remain on balance sheet, which are carried at lower cost market due to lower valuations compared to their previous carrying costs.

此外，我們確認了 990 萬美元或每股 0.11 美元的損失，主要來自仍在資產負債表上的止贖財產，由於估值低於其先前的持有成本，因此以較低的市場成本持有。

We are nearing the completion of our divestment of multifamily JV equity with only 4 assets remaining, totaling $21 million as of December 31.

我們即將完成多戶型合資企業股權的剝離，截至 12 月 31 日，僅剩下 4 項資產，總額為 2,100 萬美元。

During the quarter, we successfully disposed of 5 multifamily real estate assets, resulting in net gains of $4.9 million attributable to the company.

本季度，我們成功處分了5處多戶型房地產資產，為公司帶來490萬美元的淨收益。

These transactions have also created a secondary positive impact that will benefit us in future quarters by reducing the negative earnings drag from these properties on a go forward basis.

這些交易也產生了次要的正面影響，透過減少這些資產對獲利造成的負面拖累，將使我們在未來幾季受益。

In the quarter, these dispositions decreased our net loss from real estate from $7.5 million to $5.9 million.

本季度，這些處置使我們的房地產淨損失從 750 萬美元減少至 590 萬美元。

Total G&A expenses remained essentially unchanged compared to the previous quarter, and portfolio operating expenses decreased by $1.5 million, primarily due to reduced expenses associated with our nonperforming residential loan portfolio.

與上一季相比，總一般及行政費用基本上保持不變，而投資組合營運費用減少了 150 萬美元，這主要由於與我們的不良住宅貸款組合相關的費用減少。

Additionally, we incurred debt issuance expenses of $1.9 million related to a BPL rental securitization.

此外，我們還發生了與 BPL 租賃證券化相關的 190 萬美元的債務發行費用。

These expenses were fully recognized in the current quarter rather than amortized over a longer period due to our fair value election.

由於我們選擇了公允價值，這些費用在本季度全額確認，而不是在更長時間內攤提。

GAAP book value decreased by 5.6% during the quarter and adjusted book value per share ended at $10.35, down 4.8% from the third quarter.

本季 GAAP 帳面價值下降 5.6%，調整後每股帳面價值最終為 10.35 美元，較第三季下降 4.8%。

Our adjusted book value per share was positively impacted by the reduction in the fair value of our amortized cost liabilities primarily due to the increase in rates.

我們調整後的每股帳面價值受到攤銷成本負債公允價值減少的正面影響，這主要歸因於利率上升。

As of quarter end, the company's recourse leverage ratio and portfolio recourse leverage ratio moved higher to 3x and 2.9x from 2.6x and 2.5x, respectively, as of September 30, due to our continued financing of investment securities, primarily Agency RMBS.

截至季末，由於我們繼續為投資證券（主要是機構 RMBS）提供融資，公司的追索槓桿率和投資組合追索槓桿率分別從 9 月 30 日的 2.6 倍和 2.5 倍上升至 3 倍和 2.9 倍。

Our portfolio recourse leverage on our credit and other investments rose to 1.1x from 0.8x at September 30, resulting from partial recourse repurchase financing of fourth quarter acquisitions.

由於第四季度收購的部分追索權回購融資，我們的信貸和其他投資的投資組合追索權槓桿從 ​​9 月 30 日的 0.8 倍上升至 1.1 倍。

Given our continued use of securitized financing for our credit assets, we expect the growth in our credit portfolio recourse leverage to be slower than the growth in our credit book.

鑑於我們繼續使用證券化融資來支持我們的信貸資產，我們預計我們的信貸組合追索槓桿的成長將低於我們的信貸帳簿的成長。

We are dedicated to ensuring a competitive current yield for our shareholders and have maintained a dividend of $0.20 per common share, unchanged for 5 quarters.

我們致力於確保為股東提供有競爭力的當前收益率，並將每股普通股的股息維持在 0.20 美元，並連續 5 個季度保持不變。

We also issued $82.5 million of unsecured notes in January of this year, which were earmarked and now have been fully deployed into asset acquisitions.

我們也在今年 1 月發行了 8,250 萬美元的無擔保票據，這些票據已指定用途並已全部用於資產收購。

The significant portfolio restructuring over the past 3 years has enhanced our ability to generate recurring earnings that align closely with the current dividend.

過去三年的重大投資組合重組增強了我們產生與當前股息緊密相關的經常性收益的能力。

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

現在我將把話題交給尼克，讓他討論市場和策略更新。

Nick?

缺口？

Thank you, Kristine. 2024 was the firm's most productive year in asset acquisitions.

謝謝你，克里斯汀。 2024年是該公司資產收購成果最豐碩的一年。

The fourth quarter activity was just as robust with the company entering into $923 million of residential investments.

第四季的業務活動同樣強勁，該公司已完成 9.23 億美元的住宅投資。

Around 61% of these purchases were in residential credit investments and the rest were in Agency RMBS.

其中約 61% 的購買是住宅信貸投資，其餘為機構 RMBS。

In the quarter, the largest sectors of residential credit investments were BPL bridge loans with $345 million of purchases and BPL rental loans with $188 million.

本季度，住宅信貸投資最大的領域是 BPL 過橋貸款（購買金額為 3.45 億美元）和 BPL 租賃貸款（1.88 億美元）。

We expect acquisition volume to be more balanced between BPL bridge loans and BPL rental loans in 2025.

我們預計，2025 年 BPL 過橋貸款和 BPL 租賃貸款之間的收購量將更加平衡。

Throughout 2024, relatively range bound agency spreads allowed us to steadily deploy capital into this sector at attractive return profiles.

在整個 2024 年，相對區間波動的機構利差使我們能夠以具有吸引力的回報率穩步向該行業部署資本。

While we try to increase the pace of acquisitions during periods of wider spreads in the markets, the portfolio has been on a consistent growth trajectory over the last eight quarters.

雖然我們試圖在市價差擴大期間加快收購步伐，但投資組合在過去八個季度一直保持著穩定的成長軌跡。

As a core strategy, the Agency RMBS portfolio is currently $3.1 billion market value as of quarter end, which is 42% of our asset portfolio and 23% of our net equity.

作為核心策略，截至季末，機構 RMBS 投資組合的市值目前為 31 億美元，占我們資產組合的 42% 和淨資產的 23%。

We still see a favorable environment to invest in Agency RMBS, given the still attractive spread levels as we enter a monetary easing cycle.

由於我們進入貨幣寬鬆週期，利差水準仍然具有吸引力，我們仍然認為機構 RMBS 的投資環境有利。

We will continue to take advantage of the opportunity with our available capital.

我們將繼續利用現有資本來抓住機會。

Over the quarter, current coupon mortgage spreads widened by 6 basis points to 135 basis points.

本季度，目前息票抵押貸款利差擴大了 6 個基點，至 135 個基點。

The intra quarter volatility was noteworthy, however, with spreads peaking at 154 basis points right before the election before normalizing into year end.

不過，季度內的波動值得注意，利差在選舉前達到 154 個基點的峰值，隨後在年底回歸正常。

These spread movements provided us better entry points into Agency RMBS trades.

這些價差變動為我們進入機構 RMBS 交易提供了更好的切入點。

Furthermore, persistently high spreads are positive for us as portfolio growth remains our goal.

此外，持續的高利差對我們來說是有利的，因為投資組合成長仍然是我們的目標。

Our strategy in agencies over the course of the year was to prioritize positive carry profiles across low pay up spec pools.

我們全年在代理商的策略是優先考慮低支付規格池中的積極利差概況。

In the quarter, we targeted close to current coupon spec pools for purchase.

在本季度，我們的目標是接近當前的優惠券規格池進行購買。

The positively sloping yield curve that materialized in the fourth quarter will allow us to participate in a wider range of coupons in the future and still maintain a positive NIM.

第四季實現的正向傾斜殖利率曲線將使我們能夠在未來參與更廣泛的息票，同時仍保持正的淨利差。

In the quarter, we predominantly purchased 5.5 coupon spec pools, lowering the weighted average coupon of the portfolio down slightly to 5.77% from 5.80%.

本季度，我們主要購買了 5.5 個票息規格池，將投資組合的加權平均票面利率從 5.80% 小幅降低至 5.77%。

The portfolio is still a relatively differentiated high coupon portfolio.

該投資組合仍是一個相對差異化的高利投資組合。

We continue to favor the liquidity and return profile of the Agency RMBS strategy.

我們繼續看好機構 RMBS 策略的流動性和回報狀況。

In BPL bridge loans, we have now invested over $4.8 billion in this strategy to date since 2019, bolstered by consistent purchase activity over the last few quarters.

在 BPL 過橋貸款方面，自 2019 年以來，我們迄今已按照這項策略投資了超過 48 億美元，這得益於過去幾季的持續購買活動。

Having executed on three BPL bridge securitizations in 2024, we now have $706 million of revolving debt that can be recycled to fund future investments.

我們於 2024 年執行了三次 BPL 過橋證券化，目前擁有 7.06 億美元的循環債務，可以回收用於資助未來的投資。

The bridge securitization market saw deal issuance grow from $3 billion in 2023 to $8 billion in 2024, with momentum for further growth this year. 2024 also saw the emergence of rated bridge securitizations, improving the institutionalization of the asset class.

過橋證券化市場的交易發行額從 2023 年的 30 億美元成長到 2024 年的 80 億美元，今年還有進一步成長的動能。 2024年也出現了評級過橋證券化，提高了該資產類別的製度化程度。

The combination of efficient securitization financing and strong housing market technicals will fuel the continued growth in this market.

高效的證券化融資和強大的房地產市場技術相結合將推動該市場的持續成長。

As the US. is still grappling with low housing inventories and an aging housing stock, there is a market need for fix and flip projects and its associated loans.

如同美國。仍在努力解決住房庫存低和住房存量老化的問題，市場對修復和翻新項目及其相關貸款有需求。

Our target assets remain within the tight band of conservatively underwritten single family bridge loans, minimizing ground up construction and avoiding multifamily bridge altogether.

我們的目標資產保持在保守承保的單戶過橋貸款的嚴格範圍內，從而最大限度地減少從頭開始的建設，並完全避免多戶過橋貸款。

Our credit philosophy has resonated with bond investors and has enabled us to be a repeat issuer in the rated BPL bridge securitization space.

我們的信用理念引起了債券投資者的共鳴，並使我們成為評級 BPL 過橋證券化領域的重複發行人。

In BPL Rental, we issued a $295 million securitization in the fourth quarter, our first in this sector since 2022.

在 BPL 租賃方面，我們在第四季度發行了 2.95 億美元的證券化，這是我們自 2022 年以來在該領域的首次證券化。

We continue to allocate capital to the BPL rental strategy and expect to be a more consistent issuer of securitizations in this asset class in 2025.

我們將繼續為 BPL 租賃策略配置資金，並預計在 2025 年成為該資產類別證券化的更穩定發行人。

We source most of these loans through the same channels as our BPL bridge loans.

我們的大部分貸款都是透過與 BPL 過橋貸款相同的管道獲得的。

By providing a more holistic takeout across more product lines for our originator partners, we also strengthened our overall sourcing capability.

透過為我們的原創合作夥伴提供更多產品線的更全面的外帶服務，我們也增強了我們的整體採購能力。

Furthermore, this aligns with our goal of increasing our duration exposure to residential credit as we enter into a potentially lower rate environment.

此外，這符合我們在進入潛在低利率環境時增加住宅信貸期限曝險的目標。

The recent steepening of the yield curve in the fourth quarter has already been accretive to the overall securitization economics for these loans.

第四季殖利率曲線的陡化已經對這些貸款的整體證券化經濟產生了增值作用。

Expanding the asset classes that we participate in across residential credit will support the pace of growth of our investment portfolio and interest income over time.

擴大我們參與的住宅信貸資產類別將支持我們的投資組合和利息收入的成長速度。

The multifamily segment was a detractor of earnings for us in 2024, but the restructuring of the portfolio has put us on a positive trajectory for the coming year.

多戶型住宅部分是我們 2024 年獲利的拖累因素，但投資組合的重組使我們在來年走上了積極的軌道。

In 2024, we made significant progress in winding down the JV equity book to an immaterial size relative to our broader investment portfolio.

2024 年，我們在縮減合資股權帳簿方面取得了重大進展，相對於我們更廣泛的投資組合而言，其規模並不大。

The mezzanine lending and cross collateralized mezzanine lending assets have been stable investments for the company and provided excellent risk adjusted returns.

夾層貸款和交叉抵押夾層貸款資產一直是該公司的穩定投資，並提供了出色的風險調整回報。

Our combined portfolio of mezzanine loans has experienced high payoff rates at year end with 11% redeeming in the fourth quarter.

我們的夾層貸款組合在年底的償還率很高，第四季的償還率為 11%。

Due to the seasoning of this portfolio and our loan call features, we expect the pace of payoffs to accelerate in 2025.

由於該投資組合的成熟和我們的貸款調用功能，我們預計 2025 年的還款速度將會加快。

We will reinvest this capital into higher yielding and more liquid assets.

我們將把這些資本重新投資於收益更高、流動性更強的資產。

Across both single family and multifamily, we achieved milestones in our portfolio in 2024, and we are excited about the prospects for this upcoming year.

無論是單戶住宅還是多戶住宅，我們的投資組合在 2024 年都取得了里程碑式的成就，我們對即將到來的一年的前景感到興奮。

We will now open the call for Q&A.

我們現在開始問答環節。

Operator?

操作員？

(Operator Instructions) Bose George of KBW

（操作員指示）KBW 的 Bose George

Everyone, good morning.

大家早安。

Actually, I was just trying to think about sort of normalized earnings.

實際上，我只是試著思考某種正常化的收入。

Like if you strip out the mark to market, the unrealized gains, losses and then the foreclosure costs that you guys mentioned, what would the run rate earnings look like?

例如，如果你去掉以市價計算的收入、未實現收益、損失以及你們提到的止贖成本，那麼運行率收益會是什麼樣的？

So what do you think the ROE is like if you pull out all that noise now that you've largely exited from those the JV stuff?

那麼，既然您已經基本上退出了合資企業，如果您消除所有這些幹擾，您認為 ROE 會是什麼樣子？

Well, I think the growth in earnings for 2024 with in our prepared commentary with adjusted interest income increasing to $0.36 this quarter compared to $0.26 a year ago, along with really rotation of underperforming assets and pace of acquisitions in the fourth quarter and also really good acquisition activity here in the last few months of the year of 2025, supports that we have e are getting close to aligning with our current dividend in terms of recurring earnings.

嗯，我認為，根據我們準備好的評論，2024 年收益的增長，本季度調整後的利息收入從去年同期的 0.26 美元增加到 0.36 美元，再加上第四季度表現不佳的資產的真正輪換和收購速度，以及 2025 年最後幾個月的良好收購活動，這些支持因素使我們在經常性收益方面接近與我們當前的股息保持一致。

We have $0.20 dividend of .20 of current dividend rate and anticipate that our recurring earnings will align with that dividend.

我們的股息為當前股息率 0.20 的 0.20 美元，預計我們的經常性收益將與該股息保持一致。

Okay, great.

好的，太好了。

And then just in terms of the excess liquidity, how would you characterize that at the moment?

那麼就流動性過剩而言，您目前如何描述它？

I missed the last part of the question, but as it relates to our excess liquidity, our goal is to continue looking to rotate that into both the agency market and within residential credit.

我錯過了問題的最後一部分，但由於它與我們的過剩流動性有關，我們的目標是繼續尋求將其轉移到代理市場和住宅信貸。

On the residential credit side, we've noted in the past that we've kept our durations shorter by accessing the BPL bridge loan markets.

在住宅信貸方面，我們過去曾指出，透過進入 BPL 過橋貸款市場，我們的期限已經縮短。

We think that aligns well with our view with respect to the outlook of the US. housing market and the economy as a whole.

我們認為這與我們對美國前景的看法一致。房地產市場和整個經濟。

We are more constructive on the balance with respect to agency bond acquisitions earlier in this year and likely in the short term here due to the normalization of the interest rate curve, which has been effective for spreads and NIMs, as well as just looking at the different effects of the new administration, and different policies that will likely cause some volatility with respect to some macro data, particularly rates.

我們對今年稍早以及短期內機構債券收購的平衡持更積極的態度，因為利率曲線的正常化對利差和淨利息收益率產生了影響，而且新政府和不同政策的不同影響可能會導致一些宏觀數據（特別是利率）出現波動。

So our goal is to help portfolio be immunized through kind of rate volatility as well as some credit weakening.

因此，我們的目標是幫助投資組合免受利率波動以及信貸弱化的影響。

And in that space, we'd like to see our portfolio shorter on the credit side and in a liquid agency market, which we see returns in the 14% to 16% range today.

在這一領域，我們希望看到我們的投資組合在信貸方面和流動性代理市場中減少，目前我們看到的回報率在 14% 到 16% 之間。

Okay, great.

好的，太好了。

Douglas Harter of UBS.

瑞銀的道格拉斯·哈特。

Thanks.

謝謝。

Can you talk about the G&A and portfolio expense outlook?

能談談一般及行政費用和投資組合費用的前景嗎？

How do you think that trends in 2025 if you continue to kind of deploy capital and grow the portfolio?

如果您繼續部署資本並擴大投資組合，您認為 2025 年的趨勢會如何？

From a portfolio operating perspective, we did see a decrease in the quarter related to lower expenses or reduced expenses on nonperforming book due to some resolutions that we've completed in the quarter as well in previous quarters.

從投資組合營運的角度來看，由於我們在本季度以及前幾季完成了一些解決方案，我們確實看到本季度的費用降低或不良帳簿費用減少導致的支出減少。

In terms of G&A, we do anticipate and see opportunities of it decreasing as we continue efforts similar to those in 2024 in identifying and implementing further measures to further reduce our G&A costs.

就 G&A 而言，我們確實預計並看到其減少的機會，因為我們將繼續做出與 2024 年類似的努力，確定並實施進一步措施以進一步降低我們的 G&A 成本。

And maybe you're looking at a run rate for G&A sorry, maybe a run rate on G&A of $11 million to $11.5 million per quarter.

或許您正在查看 G&A 的運行率，抱歉，或許 G&A 的運行率為每季 1100 萬美元至 1150 萬美元。

Great.

偉大的。

Appreciate that clarity.

感謝您的清晰度。

Any update you can give us on how book value has performed so far in the first quarter?

您能向我們提供有關第一季迄今為止帳面價值表現的最新資訊嗎？

Sure, we see as of this week that, just the book value is up somewhere between 1% to 2%.

當然，我們看到截至本週，帳面價值上漲了 1% 到 2% 之間。

Thank you.

謝謝。

Matthew Erdner of Jones Trading.

瓊斯貿易公司的馬修‧艾德納 (Matthew Erdner)。

Hey, good morning guys, thanks for taking the question.

嘿，大家早安，感謝你們回答這個問題。

So I'd like to kind of touch on these four remaining multifamily assets within the JV.

所以我想談談合資公司內剩下的四個多戶型資產。

Last quarter on the call, you guys mentioned that you had line of sight kind of into a resolution of four multifamily assets.

上個季度的電話會議上，你們提到，你們已經看到了解決四個多戶型資產問題的想法。

I was curious if that is these four and if there's any update that you can kind of provide there?

我很好奇是不是這四個，以及您是否可以提供任何更新資訊？

Yes.

是的。

So we have four remaining JV equity assets on our balance sheet.

因此我們的資產負債表上還剩下四項合資股權資產。

There's two distinct strategies between the four, two of the assets located in Florida with an equity basis of about $19 million are in the market for sale.

這四家公司有兩種不同的策略，其中兩處位於佛羅裡達州的淨值約為 1,900 萬美元，目前正在市場上出售。

So we have been marketing those assets and expect to sell those assets in the near term.

因此，我們一直在行銷這些資產，並預計在短期內出售這些資產。

So that's just the line of sight in thinking of where that is going, and the fact that it's out on the market.

所以這只是思考其發展方向的視線，以及它已經進入市場的事實。

And we've positioned the property, we think to receive a decent offering on those properties.

我們已經對這些房產進行了定位，我們認為這些房產將會獲得不錯的報價。

Two assets that are with a they're both located in Texas, the equity basis on that is about $1.3 million.

兩項資產均位於德州，其股權基礎約為 130 萬美元。

And those two, we've had a recent improvement in occupancy rates on those portfolios from high 80s to kind of low 90s, and we see actually improvement from there.

這兩個物業的入住率最近都有所提高，從 80% 的高位上升到了 90% 的低位，而且我們確實看到了改善。

So our view on those two properties is to kind of wait out and show the improvement in income on those units before we actually market for sale, which we think will have a better sale price in the medium term relative to selling those assets given the recent improvement in occupancy and NOI in the portfolio.

因此，我們對這兩處房產的看法是，先等待這些單位的收入有所改善，然後再實際出售，考慮到近期入住率和投資組合中的淨運營收入有所改善，我們認為，從中期來看，相對於出售這些資產，這些房產的售價會更好。

So again, that's $1.3 million and we expect to exit that over the course of the year.

所以，這個金額是 130 萬美元，我們預計今年內退出。

Got it.

知道了。

That's very helpful color there.

那顏色非常有用。

And then kind of as we think going forward, you mentioned the mezz portfolio kind of running off.

然後，正如我們展望未來時所提到的，夾層投資組合正在逐漸消失。

In an ideal scenario, what would the capital allocation be between the agency strategy and the resi credit strategy?

理想情況下，代理策略和住宅信貸策略之間的資本配置應該如何？

Yes.

是的。

In the mezzanine portfolio, we do expect to see increase in prepayment activity.

在夾層投資組合中，我們確實預期預付款活動會增加。

There are certain call features that are embedded in those deals that we hold and can drive higher prepayment activity, and we intend to do that throughout the course of the year.

我們持有的交易中嵌入了某些通話功能，可以推動更高的預付款活動，我們打算全年都這樣做。

So we do expect to see that continue to increase.

因此我們確實預計這一數字將繼續增長。

As I mentioned earlier, on the balance, we're more constructive related to the agency market versus credit.

正如我之前提到的，總的來說，我們對代理市場比信貸市場更持建設性態度。

So the expectation is that we would continue rolling that with a higher allocation to the Agency RMBS market versus single family mortgage loans.

因此，我們預期，我們將繼續增加對機構 RMBS 市場的配置，而非單戶住宅抵押貸款。

But at the end of the day, we will be investing in both asset classes, but I think over the particularly from last quarter, where we had our purchase pipeline higher in the residential credit space, I think that will reverse, and we'll see higher pipelines in the Agency RMBS markets.

但最終，我們將對這兩種資產類別進行投資，但我認為，特別是從上個季度開始，我們在住宅信貸領域的購買管道更高，我認為這將發生逆轉，我們將在機構 RMBS 市場看到更高的管道。

Awesome thank you for.

太棒了謝謝你。

Eric Hagen of BTIG.

BTIG 的 Eric Hagen。

Hey, good morning.

嘿，早安。

This is Jake Katzika on for Eric.

傑克·卡茲卡 (Jake Katzika) 代替埃里克 (Eric) 發言。

Thanks for taking my questions.

感謝您回答我的問題。

First one, could you talk about your outlook this year for pre payment speeds in the RPL portfolio?

首先，您能談談今年對 RPL 投資組合預付款速度的展望嗎？

Sure.

當然。

We think that the RPL portfolio has exhibited pretty consistent speeds through 2024.

我們認為，到 2024 年，RPL 投資組合將展現出相當穩定的速度。

And as you may know, that the speeds are relatively robust.

您可能知道，速度相對較快。

They range anywhere in the 50s of CPR to 60s of CPR.

其心肺復甦術水準範圍在 50 到 60 之間。

We have seen that hold through effectively different types of rate environments as these projects are, in some ways, interest rate sensitive insensitive and it's really driven by the fact that these projects are at that point of completion and then they eventually get sold or they get refinanced into longer term debt.

我們已經看到，這些項目在某種程度上對利率敏感，但對不同類型的利率環境卻沒有影響，這是因為這些項目已經完工，最終會被出售或再融資為長期債務。

So we for 2025, regardless of rate outlook, we actually e do see that the prepayments will still remain relatively robust.

因此，對於 2025 年，無論利率前景如何，我們實際上確實可以看到預付款仍將保持相對強勁。

Great.

偉大的。

And then do you see any opportunities to potentially call and relever any of your securitized debt this year?

那麼，您是否看到今年有任何可能贖回和重新槓桿化您的證券化債務的機會？

And are any of the deals currently callable?

目前有哪些交易是可以取消的？

Yes.

是的。

We do have several deals that are callable today.

我們今天確實有幾筆交易可以兌現。

We that is a strategy that we do employ.

這是我們確實採用的策略。

Sometimes it is an economic decision.

有時這是一個經濟決策。

There are some pieces of debt that with coupon rate step ups are still cheaper than executing a new deal in the market.

有些債務即使票面利率上調，其成本仍比在市場上執行新交易低。

But then there are also benefits in terms of being able to relever and take out additional capital where you can then redeploy.

但這樣做也有好處，因為你能夠重新利用槓桿並提取額外資本，然後重新部署。

So that is the decision that we make on a deal by deal basis and an asset class by asset class basis.

所以，這是我們根據每個交易和每個資產類別所做的決定。

So yes, I mean, that is going to be part of our portfolio and part of our portfolio strategy.

是的，我的意思是，這將成為我們投資組合的一部分和投資組合策略的一部分。

And given the robust nature of the securitization market really from last year going to this year, we do expect that trend to continue.

鑑於證券化市場從去年到今年的強勁表現，我們預計這一趨勢將會持續下去。

Great, thank you guys.

太好了，謝謝你們。

(Operator Instructions) At this time, I'm showing no more questions in the queue.

（操作員指示）目前，隊列中沒有其他問題。

Now I'd like to turn the call back over to Jason Serrano for closing remarks.

現在我想將電話轉回給 Jason Serrano 做結束語。

Please go ahead.

請繼續。

Well, thank you for your time today.

好吧，感謝您今天抽出時間。

We look forward to speaking to you regarding our first quarter results.

我們期待與您討論我們的第一季業績。

Have a great day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。