New York Mortgage Trust Inc (NYMT) 2025 Q2 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，謝謝你們的支持。

Welcome to the New York Mortgage Trust second-quarter 2025 results conference call. (Operator Instructions) This conference is being recorded on Thursday, July 31, 2025.

歡迎參加紐約抵押貸款信託 2025 年第二季業績電話會議。（操作員指示）本次會議將於 2025 年 7 月 31 日星期四錄製。

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

現在我想將電話轉給投資人關係部的 Kristi Mussallem。請繼續。

Good morning and welcome to the second quarter 2025 earnings call for New York Mortgage Trust.

早安，歡迎參加紐約抵押貸款信託 2025 年第二季財報電話會議。

A press release and supplemental financial presentation with New York Mortgage Trust second-quarter 2025 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com. Additionally, we are hosting a live webcast of today's call, which you can access in the Events and Presentation section of the company's website.

紐約抵押貸款信託公司昨天發布了一份新聞稿和補充財務報告，其中包含 2025 年第二季的表現。新聞稿和補充財務報告均可在本公司網站 www.nymtrust.com 上查閱。此外，我們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」部分觀看。

At this time, management would like you 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 Security Litigation Reform Act of 1995. Although New York Mortgage Trust believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

此時，管理階層希望您告知，電話會議期間所做的某些非歷史性的陳述可能被視為《1995 年私人安全訴訟改革法案》所定義的前瞻性陳述。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，但它不能保證其預期能夠實現。

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.

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以及公司向美國證券交易委員會提交的文件中詳細說明。

Now at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

現在，我想介紹執行長 Jason Serrano。傑森，請繼續。

Good morning.

早安.

Thank you for joining NYMT's second-quarter earnings call. Joining me today is Nick Mah, President; and Kristine Nario, CFO. Kristine will provide commentary on second-quarter results and Nick will follow with an update on the progress of our business plan.

感謝您參加 NYMT 第二季財報電話會議。今天與我一起出席的還有總裁 Nick Mah 和財務長 Kristine Nario。克里斯汀將對第二季的業績發表評論，尼克將隨後介紹我們業務計劃的進展。

We have a lot to cover this Thursday morning as we share our second quarter recap and insights into Q3 developments. NYMT's reported strong second-quarter performance with EAD surpassing our current common dividend by $0.02. This success demonstrates the effective execution of our long-term capital allocation strategy and the strength of our liquidity position.

本週四上午，我們有很多內容要講，我們將分享第二季的回顧和對第三季發展的見解。NYMT 報告稱，第二季業績強勁，每股盈餘 (EAD) 比我們目前的普通股股息高出 0.02 美元。這一成功體現了我們長期資本配置策略的有效執行以及我們強勁的流動性狀況。

We maintain strong investment meant in the second quarter, deploying nearly $800 million into single family opportunities, aligned with our core strategies of agency RMBS and business purpose loans and compelling return profiles. The marked backdrop remained supportive for our balance sheet growth with volatility easing as investors look past tariff related concerns and progress made on trade agreements, as well as foreign suppliers absorbing part of the impact.

我們在第二季度保持強勁的投資，向單戶住宅投資機會投入近 8 億美元，這與我們的機構 RMBS 和商業用途貸款以及引人注目的回報狀況的核心戰略相一致。由於投資者不再關注關稅相關問題、貿易協定的進展以及外國供應商吸收了部分影響，顯著的背景仍然支持我們的資產負債表增長，波動性有所緩解。

Macroeconomic indicators softened slightly in the second quarter, prompting some economists to lower full year GDP forecast for 2025 and '26. We anticipate a steep annual curve in the months ahead. We believe our portfolio composition is well positioned to benefit from lower short-term rates. While housing prices remain elevated, several formerly high growth markets from the post-COVID era have begun to cool, showing modest year-over-year price declines. Meanwhile, rental demand continues to rise with national homeownership rate declining to 65% resembling levels in 1980s.

第二季宏觀經濟指標略有疲軟，促使一些經濟學家下調了2025年和2026年全年GDP預測。我們預計未來幾個月的年度曲線將會急劇上升。我們相信，我們的投資組合結構能夠從較低的短期利率中受益。儘管房價仍高企，但後疫情時代幾個曾經高成長的市場已經開始降溫，價格較去年同期略有下降。同時，租賃需求持續上升，全國住房自有率下降至 65%，與 20 世紀 80 年代的水準相似。

Seeing a long-term potential to meet the growing demand for non-agency credit and rental housing, we announced the full acquisition of Constructive on July 15. The transaction marks a pivotal milestone, accelerating our expansion into residential business purpose lending and further diversifying our balance sheet to deliver greater value to our shareholders. Investor demand for BPL Rental loans is robust.

鑑於滿足非機構信貸和租賃住房日益增長的需求的長期潛力，我們於 7 月 15 日宣布全面收購 Constructive。這項交易標誌著一個關鍵的里程碑，加速了我們向住宅商業用途貸款的擴張，並進一步豐富了我們的資產負債表，為股東帶來更大的價值。投資者對 BPL 租賃貸款的需求強勁。

Hallmark traits in the sector include loans supported by property level rental income, borrower guarantees, and five-year prepay protection. A few years back, we identified Constructive Loans as a leading operator in space with a proven track record of originating and distributing BPLs to institutional buyers, generating attractive gain on sale income.

該行業的標誌性特徵包括由房地產租金收入支持的貸款、借款人擔保和五年預付保護。幾年前，我們認為 Constructive Loans 是該領域的領先營運商，其在發起和向機構買家分銷 BPL 方面擁有良好的業績記錄，並產生了可觀的銷售收益。

Consistent with NYMT's conservative approach, we closely tracked the region's performance before moving into full control of the company with a $38.4 million acquisition just a few weeks ago, further meaning 50%. This transaction was a milestone in NYMT's history, reinforcing our long-term commitment to the BPL space while advancing our key strategic objectives. Constructive Loans will aid as a compliment to NYMT's growing investments by further diversifying the portfolio recurring earnings.

與 NYMT 的保守做法一致，我們密切追蹤該地區的表現，然後在幾週前以 3,840 萬美元的收購完全控制了該公司，這意味著 50% 的股權。這項交易是 NYMT 歷史上的一個里程碑，它加強了我們對 BPL 領域的長期承諾，同時推進了我們的關鍵策略目標。建設性貸款將透過進一步分散投資組合的經常性收益，補充 NYMT 不斷增長的投資。

We expect this platform acquisition to be immediately creative to EAD and are focused on scaling Constructive Loans under NYMT's ownership, especially as we entered the third quarter with the $416 million of liquidity to play. In addition, the successful bond amendment to increase our recourse leverage limit from 4 times to 8 times on our five and three quarter senior notes due to 2026 provides us with flexibility to continue expanding our agency RMBS holdings, which is now 57% of the portfolio assets and 38% of capital at quarter end.

我們預計此次平台收購將立即為 EAD 帶來創新，並專注於擴大 NYMT 旗下的建設性貸款規模，特別是當我們進入第三季並擁有 4.16 億美元的流動資金時。此外，成功的債券修訂將我們的 2026 年到期的五年期和三季優先票據的追索槓桿限額從 4 倍提高到 8 倍，這為我們繼續擴大機構 RMBS 持有量提供了靈活性，目前佔投資組合資產的 57%，佔季度末資本的 38%。

With a stable foundation of net income supported by our expanded agency and residential credit portfolio, we are well positioned to grow earnings available for distribution, further enhanced by the compelling upside potential of our BPL origination platform. We believe NYMT's equity remains a compelling opportunity, the shares trading around 70% of book value, a significant discount. Our Q2 results which showed recurring earnings exceeding the dividend and ample liquidity to drive future growth, reinforced our view that NYMT shares offer exceptional value at current levels.

憑藉我們不斷擴大的代理和住宅信貸組合所支持的穩定的淨收入基礎，我們完全有能力增加可供分配的收益，而我們的 BPL 發起平台所具有的巨大上行潛力則進一步增強了我們的收益。我們認為 NYMT 的股權仍然是一個極具吸引力的機會，其股票交易價格約為帳面價值的 70%，這是一個很大的折扣。我們第二季的業績顯示，經常性收益超過股息，且充足的流動性可推動未來成長，這強化了我們的觀點，即 NYMT 股票在當前水準上具有非凡的價值。

At this time, I'll pass the call over to Kristine to provide our second-quarter financial highlights.

現在，我將把電話轉給克里斯汀，讓她提供我們第二季的財務亮點。

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早安。

I'll cover the key factors behind our second quarter financial results. As we shared last quarter, we are pleased with the progress we've made in expanding our balance sheet.

我將介紹我們第二季財務業績背後的關鍵因素。正如我們上個季度所分享的，我們對擴大資產負債表所取得的進展感到滿意。

Our momentum and portfolio acquisition activity continued in the second quarter. We acquired an additional $915 million in assets during the quarter, bringing total acquisitions for the first half of 2025 to over $2.8 billion. This portfolio growth, along with continued rotation in interest earning assets, contributed to a 10% quarter-over-quarter increase in EAD per share to $0.22 from $0.20 last quarter. Adjusted net interest income per share also rose 10% quarter over quarter and 47% year over year to $0.44 per share up from $0.40 per share in the prior quarter and $0.30 per share a year ago.

我們的勢頭和投資組合收購活動在第二季度繼續保持。我們在本季又收購了價值 9.15 億美元的資產，使 2025 年上半年的收購總額超過 28 億美元。投資組合的成長，加上生息資產的持續輪換，導致每股 EAD 環比增長 10%，從上一季的 0.20 美元增加到 0.22 美元。調整後的每股淨利息收入也比上一季成長 10%，比去年同期成長 47%，達到每股 0.44 美元，高於上一季的每股 0.40 美元和去年同期的每股 0.30 美元。

Our net interest spread also increased to 150 basis points from 132 basis points in the first quarter. This was driven primarily by a 17 basis point reduction in average financing costs supported by lower base rates, improved repurchase financing terms and more favorable terms achieved through revolver securitizations completed in the previous quarters.

我們的淨利差也從第一季的132個基點增加到150個基點。這主要是由於基準利率降低、回購融資條款改善以及透過前幾季完成的循環證券化實現的更優惠條款，導致平均融資成本降低了 17 個基點。

During the quarter, we recorded $24.6 million in net unrealized gains, largely attributable to improve valuations in our agency RMBS and residential loan portfolios. These gains were offset by $36.3 million in unrealized losses on derivative instruments, primarily interest rate swaps.

本季度，我們錄得 2,460 萬美元的淨未實現收益，主要歸因於我們機構 RMBS 和住宅貸款組合估值的提高。這些收益被衍生性工具（主要是利率互換）的 3,630 萬美元未實現損失所抵銷。

We also realized net losses of approximately $3.8 million, mainly from accounting basis reductions on certain investment securities and conversions of residential loans into foreclosed properties that remain on balance sheets. However, these realized losses were mostly offset by the reversal of previously recognized unrealized losses on the same assets.

我們還實現了約 380 萬美元的淨虧損，主要來自某些投資證券的會計基礎減少以及將住宅貸款轉換為仍留在資產負債表上的止贖財產。然而，這些已實現的損失大部分被同一資產先前確認的未實現損失的沖銷所抵消。

Net loss from real estate increased slightly to $3 million in the quarter, primarily due to higher operating expenses, mainly insurance and property tax expenses. Importantly, following quarter end, we fully exited our remaining four joint venture equity positions and multifamily properties. These properties were disposed of at or near carrying value as of June 30. And our remaining exposure to multifamily real estate is now limited to our mezzanine lending and cross collateralized mezzanine lending portfolio.

本季房地產淨虧損略有增加，達 300 萬美元，主要原因是營運費用增加，主要是保險和財產稅費用。重要的是，在季度末之後，我們完全退出了剩餘的四個合資股權和多戶型物業。這些財產已按截至 6 月 30 日的帳面價值或接近帳面價值處置。我們對多戶型房地產的剩餘投資目前僅限於夾層貸款和交叉抵押夾層貸款組合。

General and administrative expenses declined by $628,000 during the quarter, reflecting the benefits of our earlier restructuring initiatives. Portfolio operating expenses were relatively flat and we incurred $750,000 in non-recurring costs related to a consensus solicitation from holders of our senior notes due 2026 and the replacement of an at the market preferred equity distribution agreement. GAAP of value and adjusted book value per share decreased to $9.11 and $10.26 respectively, representing a 2.8% and 1.6% decrease compared to March 31.

本季一般及行政開支減少了 628,000 美元，反映了我們早期重組措施帶來的好處。投資組合營運費用相對持平，我們發生了 75 萬美元的非經常性成本，與 2026 年到期的優先票據持有人的共識徵求以及市場優先股分配協議的替換有關。每股 GAAP 價值和調整後帳面價值分別下降至 9.11 美元和 10.26 美元，與 3 月 31 日相比分別下降 2.8% 和 1.6%。

Our recourse leverage ratio and portfolio recourse leverage ratio increased to 3.8 times and 3.6 times respectively, from 3.4 times and 3.2 times at March 31, primarily due to financing activity to support our agency RMBS acquisitions. Portfolio recourse leverage on our credit and other investments remain flat at 0.5 times.

我們的追索槓桿率和投資組合追索槓桿率分別從 3 月 31 日的 3.4 倍和 3.2 倍上升至 3.8 倍和 3.6 倍，這主要歸功於支持我們機構 RMBS 收購的融資活動。我們的信貸和其他投資的投資組合追索槓桿率仍維持在 0.5 倍。

As Jason mentioned, we acquired the remaining 50% interest in Constructive, a leading originator of business purpose loans. As a result, we now fully own the platform and will begin consolidating its financial results in the third quarter. We are in the process of completing the purchase price allocation and will provide further detail in our next quarterly filing.

正如 Jason 所提到的，我們收購了 Constructive 剩餘的 50% 的權益，Constructive 是一家領先的商業貸款發起人。因此，我們現在完全擁有該平台，並將在第三季開始合併其財務表現。我們正在完成購買價格分配，並將在下一個季度文件中提供更多詳細資訊。

Based on current expectations, we anticipate Constructive to deliver an annual equity return of approximately 15% with the potential to grow as origination volume increases, something Nick will speak more about shortly. We also expect the acquisition to increase our G&A expense ratio from 3.4% to the range of approximately 6.2% to 6.4% and to result in an increase in our recourse leverage ratio of approximately 0.2 times. We also issued $90 million of unsecured notes in July, which were predominantly used to acquire targeted assets.

根據目前的預期，我們預計 Constructive 的年股本回報率約為 15%，並且隨著發起量的增加，回報率還有可能增長，Nick 稍後會對此進行詳細介紹。我們也預計，此次收購將使我們的一般及行政費用率從 3.4% 上升至約 6.2% 至 6.4% 的範圍，並導致我們的追索槓桿率增加約 0.2 倍。我們也在 7 月發行了 9,000 萬美元的無擔保票據，主要用於收購目標資產。

Finally, our strategic repositioning efforts in recent years have significantly strengthened our ability to generate consistent recurring income. This has supported our quarterly dividend of $0.20 per share, which remained unchanged for the seventh consecutive quarter. With continued balance sheet growth, asset rotation, and the addition of Constructive origination and gain on sale capabilities, we are well positioned to generate earnings above our current dividend.

最後，我們近年來的策略重新定位努力大大增強了我們產生持續經常性收入的能力。這支持了我們每股 0.20 美元的季度股息，連續第七個季度保持不變。隨著資產負債表的持續成長、資產輪調以及建設性發起和銷售收益能力的增加，我們完全有能力創造高於當前股利的收益。

With that, I'll turn it over to Nick for a market and strategy update. Nick.

說完這些，我會把話題交給尼克，讓他介紹市場和策略的最新情況。缺口。

Thank you, Kristine.

謝謝你，克里斯汀。

We delivered another productive quarter of capital deployment. Focusing on expanding the investment portfolio, the further grow EAD. After the tariff announcements in early April, spreads widened across both residential credit and agency RMBS.

我們又完成了一個有成效的資本部署季度。著力擴大投資組合，進一步提升EAD。自 4 月初公佈關稅以來，住宅信貸和機構 RMBS 之間的利差均有所擴大。

In the latter half of the quarter, credit spreads did manage to recover some or all of the liberation day widening. During this period, however, agencies have lagged in the tightening that we saw in the other credit sectors. We took advantage of market conditions to continue to invest in our core strategies, allocating the majority of capital into agency RMBS.

在本季後半段，信用利差確實成功收復了部分或全部解放日擴大的幅度。然而，在此期間，各機構在緊縮政策方面落後於我們在其他信貸領域看到的情況。我們利用市場條件繼續投資於我們的核心策略，將大部分資金配置到機構RMBS中。

In the quarter, we deployed $504 million in agencies and $294 million in residential credit investments. The residential credit purchases were concentrated in $217 million of BPL Bridge loans and $61 million of BPL Rental loans. As we continue to rotate from our legacy positions into our core strategies, we view periods of wider spreads as attractive entry points to grow the portfolio for future earnings. We capitalize on the volatility in the second quarter to expand our agency portfolio.

本季度，我們部署了 5.04 億美元的機構信貸投資和 2.94 億美元的住宅信貸投資。住宅信貸購買主要集中在 2.17 億美元的 BPL 過橋貸款和 6,100 萬美元的 BPL 租賃貸款。隨著我們繼續從傳統部位轉向核心策略，我們將利差擴大的時期視為增加投資組合以獲得未來收益的有吸引力的切入點。我們利用第二季的波動來擴大我們的代理商組合。

We increased our equity concentration of agencies from 34% in the prior quarter to 38%. In the quarter, agency current coupon spreads to treasuries did widen to as much as 164 basis points before ending the quarter at 147 basis points, 3 basis points wider, quarter over quarter. Leverage in the agency book grew slightly from 8.4 times last quarter to 8.6 times, which are comfortable levels for the strategy within a broader portfolio.

我們將代理商的股權集中度從上一季的 34% 提高到 38%。本季，機構目前票面利率與國債的息差擴大至 164 個基點，而本季末則為 147 個基點，較上季擴大 3 個基點。代理商帳簿的槓桿率從上一季的 8.4 倍小幅上升至 8.6 倍，這對於更廣泛投資組合中的策略來說是舒適的水平。

Consistent with prior quarters, we concentrated our purchases at or near the current coupon, targeting five and five and a half coupon spec pools with minimal payups. With our portfolios average coupon of 5.59%, we are well positioned to benefit from a strong carry profile and one that should improve further if rates decline. We continue to favor agency RMBS for its superior liquidity, scalability and its historically widespread.

與前幾季一致，我們的購買重點是當前息票或接近當前息票的購買，目標是以最低的支付額購買五張和五張半息票的規格池。我們的投資組合平均票面利率為 5.59%，我們完全有能力從強勁的套利狀況中獲益，如果利率下降，我們的套利狀況還會進一步改善。我們繼續青睞機構 RMBS，因為它具有卓越的流動性、可擴展性以及歷史上廣泛的應用。

Over time, we expect that the agency portfolio will trend towards 50% of total equity. In BPL Bridge, performance remains stable with a continued decline of 60 plus day delinquent loans. From a trading perspective, there is a trend of a more competitive market environment forming for BPL Bridge. The growing use of rated securitizations has provided competitive financing to a broader segment of investors, tightening pass through yields and intensifying overall competition for BPL Bridge loans.

隨著時間的推移，我們預期代理投資組合將趨向於總股本的 50%。在 BPL Bridge 中，業績保持穩定，60 天以上的拖欠貸款持續下降。從交易角度來看，BPL Bridge 的市場環境正在形成更競爭的趨勢。評級證券化的使用日益增多，為更廣泛的投資者提供了有競爭力的融資，收緊了轉嫁收益率，並加劇了 BPL 過橋貸款的整體競爭。

Although we remain committed to this asset class, our comparative pace of acquisitions may decline as we continue to be selective on credit despite stronger investor demand for loans. BPL Rental has grown to our largest credit asset class within the portfolio. We have started to provide additional information in our supplemental materials for this product. The hallmark of our portfolio would be the overall credit composition. We target loans with high debt service coverage ratios, or DSCRs, with strong FICO's and favorable LTVs. Our portfolio has a solid average DSCR of 1.38 times.

儘管我們仍然致力於這一資產類別，但儘管投資者對貸款的需求更強，但我們在信貸方面仍然很挑剔，因此我們的收購速度可能會下降。BPL Rental 已發展成為我們投資組合中最大的信貸資產類別。我們已經開始在該產品的補充資料中提供更多資訊。我們的投資組合的標誌是整體信貸結構。我們的目標是具有高債務償還率（DSCR）、高 FICO 和有利 LTV 的貸款。我們的投資組合的平均 DSCR 為 1.38 倍。

Equally as important, only 1% of BPL Rental loans in our portfolio carry a DSCR below one times. Delinquency rates in our portfolio remain subdued, with only 2% of the portfolio's 60 plus days delinquent. We expect to have increased activity in BPL Rental loans in the future, which we see as a key area of growth for us within our residential credit portfolio, especially with the purchase of Constructive.

同樣重要的是，我們投資組合中只有 1% 的 BPL 租賃貸款的 DSCR 低於一倍。我們投資組合中的拖欠率仍然較低，只有 2% 的投資組合拖欠 60 天以上。我們預計未來 BPL 租賃貸款業務將會增加，我們認為這是我們住宅信貸組合中的關鍵成長領域，尤其是在收購 Constructive 之後。

In the multifamily sector, Kristine mentioned the milestone of fully exiting our remaining JV equity positions in July. This marks the end of a multi-month divestiture process of the larger multifamily JV equity portfolio that started in the third quarter of 2022 with 19 assets. We ended our acquisition program for this strategy back in April of 2022 as part of a broader strategic shift.

在多戶型住宅領域，克莉絲汀提到了 7 月完全退出剩餘合資股權部位的里程碑。這標誌著為期數月的大型多戶型合資股權投資組合剝離過程的結束，該過程始於 2022 年第三季度，當時包含 19 項資產。作為更廣泛的策略轉變的一部分，我們於 2022 年 4 月結束了該策略的收購計劃。

In our multifamily mezzanine loan portfolio, we continue to see steady performance with consistent payoff rates. In the quarter, the portfolio paid off at an annualized rate of 17%. We have previously highlighted the seasoning of these loans and the resulting equity buildup, creating an incentive for these borrowers to refinance or otherwise prepay.

在我們的多戶型夾層貸款組合中，我們繼續看到穩定的表現和一致的還款率。本季度，該投資組合的年回報率為 17%。我們之前曾強調這些貸款的成熟度和由此產生的股權積累，從而激勵這些借款人進行再融資或提前還款。

Given our ongoing discussions with our borrowers, we believe that the future payoff activity for the rest of the year should occur at a higher run rate than what we saw in the second quarter. Overall, the proceeds from the multifamily JV equity exits along with future multifamily mezzanine payoffs will continue to be rotated into our single-family core strategies that we believe are more EAD-accretive.

鑑於我們與借款人的持續討論，我們相信今年剩餘時間的還款活動應該會比第二季的還款率更高。整體而言，多戶型合資股權退出的收益以及未來的多戶型夾層收益將繼續輪調到我們認為更能增加 EAD 的單戶型核心策略中。

Let's turn our attention now to the Constructive acquisition. We are thrilled to incorporate Constructive into our more comprehensive BPL strategy, which gives us direct control over the origination of highly coveted BPL assets. Since entering the BPL Bridge market in 2019, NYMP has grown our broader BPL portfolio to almost $2 billion.

現在讓我們把注意力轉向建設性收購。我們很高興將 Constructive 納入我們更全面的 BPL 策略，這使我們能夠直接控制備受追捧的 BPL 資產的起源。自 2019 年進入 BPL Bridge 市場以來，NYMP 已將我們的 BPL 投資組合擴大至近 20 億美元。

With this track record and our partial ownership in Constructive over the last two and a half years, it was a natural next step for us to bring Constructive in-house. Our longstanding relationship with Constructive facilitated the deal's efficient execution. Following that, the integration process has also been proceeding smoothly. Constructive's seasoned management team with 35 years of experience will help lead this best-in-class platform as a standalone subsidiary of NYMP.

憑藉這一業績記錄以及我們在過去兩年半中對 Constructive 的部分所有權，將 Constructive 納入我們公司內部是理所當然的。我們與 Constructive 的長期合作關係促進了該交易的高效執行。此後，整合進程也進展順利。Constructive 擁有 35 年經驗的資深管理團隊將作為 NYMP 的獨立子公司，協助領導這個一流的平台。

While we aim to grow our exposure in BPLs, we remain committed to preserving Constructive's originate-to-distribute model and their established trading relationships. Historically, NYMP has purchased only a modest share of Constructive's overall production, and we expect for that trend to continue in the future. This would allow us to expand Constructive's origination volume in a capital-light strategy to earn fee income.

雖然我們的目標是擴大我們在 BPL 中的曝光度，但我們仍然致力於維護 Constructive 的起源到分銷模式及其已建立的貿易關係。從歷史上看，NYMP 僅購買了 Constructive 整體產量的一小部分，我們預計這種趨勢在未來將繼續下去。這將使我們能夠以輕資本策略擴大 Constructive 的發起量，從而賺取費用收入。

We started with a bar-belled approach for NYMP to grow our highly liquid agency RMBS strategy and to consistently acquire whole loans. Now, adding the Constructive's platform's gain on sale earnings will provide incremental equity upside. Since its inception, Constructive has originated over $5.2 billion of business purpose loans across a national footprint. As an equity partner, we have witnessed that growth and the portfolio's stable loan performance firsthand. Constructive was profitable even through a period of rapidly rising interest rates from 2022 to 2023. This is a testament to the quality of the business and the management team.

我們首先對 NYMP 採取了槓鈴式的方法，以發展我們高流動性的代理商 RMBS 策略並持續收購全部貸款。現在，加上建設性平台的銷售收益，將帶來增量股權上漲。自成立以來，Constructive 已在全國各地發放了超過 52 億美元的商業貸款。身為股權合夥人，我們親眼見證了這一成長以及投資組合穩定的貸款表現。即使在 2022 年至 2023 年利率快速上升的時期，Constructive 仍保持獲利。這證明了業務和管理團隊的品質。

Above all, Constructive shares NYMP's commitment to high credit underwriting standards, aligning with NYMP's investment ethos in the BPL space. Constructive has a diversified lending footprint originating in 48 states and DC. They have strong production in the Northeast, Mid-Atlantic, Great Lakes, and the larger Sunbelt states.

最重要的是，Constructive 與 NYMP 一樣致力於高信用核保標準，這與 NYMP 在 BPL 領域的投資理念一致。Constructive 的貸款業務涵蓋美國 48 個州和華盛頓特區，業務範圍廣泛。其在東北部、中大西洋地區、五大湖區以及陽光地帶各州的貸款業務表現強勁。

Constructive's core product is heavily weighted to BPL Rental loans with mostly 30-year terms. That constitutes 93% of its product mix, with 7% in bridge loans with mainly one-year terms. Loan volume is generated primarily through the wholesale channel at 85%, with the remaining from their retail channel. Constructive is still primed for future growth.

Constructive 的核心產品主要為 BPL 租賃貸款，期限大多為 30 年。這佔其產品組合的 93%，其中 7% 為過橋貸款，期限主要為一年。貸款金額主要透過批發通路產生，佔85%，其餘來自零售通路。建設性仍為未來的成長做好準備。

In the near term, we can unlock synergies by providing more consistent capital to accelerate the origination volume and to procure more creative financing lines to fuel that expansion. Over the medium to longer term, we see expansive areas of growth in broadening the geographic footprint, diversifying origination channels, and scaling the nascent BPL Bridge business. We are excited about this new phase in the NYMP and Constructive partnership. We look forward to discussing more about Constructive and its impact on our business on our third quarter earnings call.

在短期內，我們可以透過提供更穩定的資本來加速發起量並獲得更具創造性的融資額度來推動擴張，從而釋放協同效應。從中期到長期來看，我們看到擴大地理覆蓋範圍、多樣化發起管道和擴大新興的 BPL Bridge 業務等廣泛的成長領域。我們對 NYMP 和建設性夥伴關係的新階段感到非常興奮。我們期待在第三季財報電話會議上進一步討論建設性及其對我們業務的影響。

Now, we will open up the call for questions. Operator.

現在，我們將開始提問。操作員。

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

Thanks, and good morning.

謝謝，早安。

I was hoping to talk a little bit more about the equity allocation strategy. You kind of mentioned agency trending towards 50%. Do you view that as kind of a core long-term positioning or is that more reflective of the current opportunity and how dynamic do you expect to be in that equity allocation?

我希望進一步談論股權配置策略。您提到代理商的趨勢是 50%。您是否認為這是一種核心的長期定位，還是更多地反映了當前的機會以及您預計該股權配置的動態如何？

Hi, yes, thank you for your question. This is Jason.

你好，是的，謝謝你的提問。這是傑森。

Yes, we do see this as a more of a medium-term allocation strategy for us. Historically, NYMT's held an agency position on their balance sheet, which we removed after the -- in March 2020 after COVID. That was about a $1 billion. And then about two years later, we reestablished that position. We think that NYMT will continue to hold a position in the agency space, potentially not as high as 50% over time, but we see that as a core investment strategy for the company.

是的，我們確實認為這對我們來說更像是一種中期配置策略。從歷史上看，NYMT 在其資產負債表上持有代理頭寸，但在 2020 年 3 月 COVID 疫情過後，我們將其移除。那大約是10億美元。大約兩年後，我們重新確立了這個地位。我們認為 NYMT 將繼續在代理商領域佔有一席之地，隨著時間的推移，其比例可能不會高達 50%，但我們認為這是該公司的核心投資策略。

Great, and then on Constructive, you mentioned that you would expect that to kind of be more of a capital light approach. Again, are there conditions, are there times where you would look to balance sheet of those loans or is kind of given the product mix that you would kind of generally foresee kind of being more of a distributor of those loans versus holding them?

太好了，然後關於建設性，您提到您希望這是一種更輕資本的方法。再說一次，是否存在條件，有時您會查看這些貸款的資產負債表，或者考慮到產品組合，您是否會普遍預見到自己會更多地充當這些貸款的分銷商而不是持有者？

Hi, Doug, this is Nick.

你好，道格，我是尼克。

Historically, with our relationship with Constructive, we have been buying part of their production. So from a historical perspective, we have purchased approximately 25%, about a quarter of their overall production. For the time being, we see that continuing. We have a desire for those assets. We believe those assets are accretive to the REIT.

從歷史上看，憑藉與 Constructive 的關係，我們一直在購買他們的部分產品。因此，從歷史角度來看，我們購買了大約 25%，約佔其總產量的四分之一。目前，我們看到這種情況仍在繼續。我們渴望獲得這些資產。我們相信這些資產將為房地產投資信託基金帶來增值。

At the same time, we do see a benefit for the overall business to be able to generate gain on sale income in a capital light way. So for the time being, I think that we will continue to purchase some portion of production on a go-forward basis. As I mentioned earlier, it's probably not going to be the majority share. And overall, I think that the main goal is to increase volume through various means, increase margin through various means, and I think all sides will benefit. Great, appreciate that.

同時，我們確實看到，以輕資本的方式產生銷售收入收益對整體業務有利。因此，就目前而言，我認為我們將繼續購買部分產品。正如我之前提到的，它可能不會佔多數份額。總的來說，我認為主要目標是透過各種方式增加銷量，透過各種方式增加利潤，我認為各方都會受益。太好了，非常感謝。

And has there been any meaningful change in your book value so far in July?

到 7 月為止，您的帳面價值有發生任何有意義的變化嗎？

Sure, as an update, we see a adjusted book value down slightly from quarter end. So as of July 29, we see a adjusted book value down somewhere between zero to 1%.

當然，作為最新消息，我們看到調整後的帳面價值較季度末略有下降。因此，截至 7 月 29 日，我們看到調整後的帳面價值下降了 0 到 1% 之間。

Thank you so much.

太感謝了。

Randy Binner, B. Riley Securities.

蘭迪·賓納 (Randy Binner)，B. Riley 證券。

Hi, thank you for taking the question.

您好，感謝您回答這個問題。

This is Tim D'Agostino on for Randy Binner. First, congrats on the closing of the Constructive acquisition. My question relates more to, we've noticed that generally mortgage activity, whether that's origination or acquisition, was lower in the second quarter. And we're just wondering what you're seeing in the market now in the beginning of the third quarter here in July, and what your kind of perspective is going throughout the year.

這是 Tim D'Agostino，代替 Randy Binner。首先，恭喜 Constructive 收購成功完成。我的問題更涉及，我們注意到，總體而言，第二季度的抵押貸款活動（無論是發起還是收購）都較低。我們只是想知道，在七月第三季初，您看到了什麼市場狀況，以及您對全年的看法如何。

Sure, I would say from the Constructive perspective, and once again, they're more involved in business purpose loans, that their volumes have been strong in 2024.

當然，我想從建設性的角度來看，他們更多地參與商業用途貸款，因此他們的貸款量在 2024 年會很強勁。

In 2025, thus far, you are correct, it has moderated somewhat. But we do see areas of growth and areas for improvement. And I think overall, clearly, there's been a fair amount of rate volatility that we have seen over the past quarter. And that definitely will have an impact, especially when the rate volatility also includes rates moving higher, especially on the long end, so not surprising from our perspective in terms of seeing a little bit of quarter over quarter moderating growth in terms of origination volume.

到 2025 年為止，您說得對，它已經有所緩和。但我們確實看到了成長領域和需要改進的領域。我認為總體而言，過去一個季度我們已經看到了相當大的利率波動。這肯定會產生影響，特別是當利率波動也包括利率走高時，尤其是在長期利率方面，因此從我們的角度來看，看到貸款發放量逐季略有放緩的增長並不奇怪。

But I think from a long-term trend perspective, I do believe that there is a strong path for originations to continue to grow, especially within the context of DSCR, which we have already seen is a growing area within the non-QM market. And non-QM just generally within the overall mortgage market has also been growing. So from a sector trend perspective, we think that there is strong tailwinds for originations within this particular asset class to grow.

但我認為，從長期趨勢來看，我確實相信發起業務有強勁的成長勢頭，特別是在 DSCR 的背景下，我們已經看到它是非 QM 市場中的一個成長領域。總體而言，非 QM 抵押貸款市場也一直在成長。因此，從行業趨勢的角度來看，我們認為這一特定資產類別的起源存在著強勁的成長動力。

Okay, great, thank you for that.

好的，太好了，謝謝你。

And then with stronger tailwinds, just in terms of leverage on the portfolio, is there like a target that you're aiming or should we just, how should we think about leverage going forward?

那麼，在更強勁的順風條件下，就投資組合的槓桿率而言，您是否有一個目標，或者我們應該如何看待未來的槓桿率？

Well, so from a leverage perspective, obviously a lot of it is market dependent, number one. Number two is also dependent on the mix of assets that we have. You've seen our recourse leverage ratio in our residential credit book being relatively low, right? So 0.5 times. In our agency book, 8.6 times. So if you take a look at some of our earlier comments about how we expect our agency portfolio to trend higher to about 50%, and if you kind of do the math once again, keeping leverage ratios constant, we get to around 4.5 times across the business.

那麼，從槓桿的角度來看，顯然很大程度上取決於市場，這是第一點。第二點也取決於我們擁有的資產組合。您已經看到我們住宅信貸帳簿中的追索槓桿率相對較低，對嗎？所以是0.5倍。在我們的代理帳簿中，這個數字是8.6倍。因此，如果您看一下我們之前關於我們如何預期我們的代理投資組合將上升至約 50% 的一些評論，並且如果您再做一次計算，保持槓桿率不變，我們整個業務的槓桿率將達到約 4.5 倍。

But once again, we can flex up and flex down the different asset classes leverage. For example, in residential credit, if we are ramping up towards a securitization, we will be taking on a little bit more recourse leverage before that comes back down.

但再次強調，我們可以靈活調整不同資產類別的槓桿率。例如，在住宅信貸方面，如果我們加強證券化力度，那麼在證券化力度回落之前，我們將採取更多的追索槓桿。

On the agency side, we could flex up leverage to increase acquisitions, and then it could come back down again. So there's still flex within the particular asset classes, but I think that's, I think, some guidance in terms of what we're thinking.

在代理商方面，我們可以利用槓桿來增加收購，然後價格可能會再次下降。因此，特定資產類別中仍然存在靈活性，但我認為，就我們的想法而言，這是一些指導。

Great. Thank you so much for taking our questions today. That's all from us.

偉大的。非常感謝您今天回答我們的問題。我們就講到這裡。

George Bose, KBW.

喬治·博斯，KBW。

Hey, guys, good morning.

嘿，大家早安。

What's the ROE on the agency allocation versus what you're seeing on the credit side?

與信貸方面相比，代理分配的 ROE 是多少？

I think you're breaking up a little bit, but I think the question was relating to the ROE on agencies. We see, at least where we're investing right now in 5 and 5.5s. we see ROE is on a fully hedged basis, somewhere in the mid-teens. It can flex up to the high teens to the extent that we leverage. For the time being, we are purchasing assets on a fully hedged basis as we're ramping up.

我認為您有點分心了，但我認為問題與機構的 ROE 有關。我們看到，至少我們現在投資的是 5 和 5.5。我們看到 ROE 是在完全對沖的基礎上，大約在十幾歲左右。它可以靈活地達到我們所利用的程度。目前，我們正在以完全對沖的方式購買資產，以加快發展。

Okay, great.

好的，太好了。

And then how does that compare to what you're seeing on the credit side? And then that allocation you have to the multifamily piece, what's the ROE on that piece?

那麼這與你在信用方面看到的情況相比如何？然後，您對多戶型部分的分配，該部分的 ROE 是多少？

Sounds good.

聽起來不錯。

So on the credit side, let's spend some time on the BPLs, both BPL Bridge and BPL Rental. BPL Rental, we see somewhere in the mid to high teens. BPL Bridge is also within that generic context. I didn't mention the increased competition within BPL Bridge, so with pass-through rates coming down, I do see pressure on those ROEs on a levered basis coming down somewhat.

因此，在信用方面，讓我們花一些時間研究一下 BPL，包括 BPL Bridge 和 BPL Rental。BPL 租賃，我們看到的利率在十幾到十幾左右。BPL Bridge 也屬於這一通用背景。我沒有提到 BPL Bridge 內部競爭的加劇，因此隨著傳遞率的下降，我確實看到槓桿基礎上的 ROE 壓力有所下降。

On the multifamily side, on the multifamily mezzanine loan side, we see ROEs in the low double digits to potentially low teens. So it does make sense for us from a pure economic perspective to rotate out a multifamily into some of the core strategies.

在多戶型住宅方面，在多戶型夾層貸款方面，我們看到 ROE 處於低兩位數到潛在的低十幾位數之間。因此，從純粹的經濟角度來看，將多戶型住宅納入一些核心策略確實有意義。

Okay, great. Thank you.

好的，太好了。謝謝。

Eric Hagen, BTIG.

BTIG 的 Eric Hagen。

Hey, thanks.

嘿，謝謝。

Good morning, guys. Would you say you prefer the BPL Bridge or the Rental product right now? And in the rental portfolio, do you feel like there's a lot of flexibility to charge a higher coupon when the DSCR ratio is lower?

大家早安。您現在更喜歡 BPL Bridge 還是租賃產品？在租賃組合中，您是否覺得當 DSCR 比率較低時，有很大靈活性可以收取更高的票面利率？

So on the first part of the question, yes, we do see more room for growth in the BPL Rental side for the reasons that I mentioned. We obviously now have Constructive where the majority of the production is within BPL Rental. We do see an area of growth there in terms of additional volume. On BPL Bridge, some competitive pressure is there. So we still expect to continue to invest there, but I think from a growth perspective, my expectation is that BPL Rental will increase.

因此，關於問題的第一部分，是的，由於我提到的原因，我們確實看到 BPL 租賃方面有更大的成長空間。顯然，我們現在有了 Constructive，其中大部分生產都在 BPL Rental 內部進行。我們確實看到了額外產量方面的成長。在 BPL 橋上，存在一些競爭壓力。因此，我們仍然希望繼續在那裡投資，但我認為從成長角度來看，我預計 BPL 租賃將會增加。

With regards to the second part of your question, can we charge higher coupon rates if the DSCR has come down? Yes, I believe that within the matrix, there is adjustments based on how LTV moves, how DSCR moves. Clearly, a lower DSCR loan is riskier and therefore should demand a higher coupon. From our perspective though, we, and this is really our philosophy throughout the credit book, we don't necessarily prioritize additional risk for marginal amounts more of coupon or spread. We like the fact that the DSCR portfolio has a high DSCR rate, and that's effectively part of the market that we're targeting. So we're very happy with the coupon rates, the levels, the yields, and the DSCR composition as we have it today.

關於你問題的第二部分，如果 DSCR 下降，我們可以收取更高的票面利率嗎？是的，我相信在矩陣內部，會根據 LTV 的變動方式、DSCR 的變動方式進行調整。顯然，較低的 DSCR 貸款風險更大，因此應該要求更高的票面利率。然而，從我們的角度來看，這實際上是我們在整個信用帳簿中的理念，我們不一定優先考慮額外的風險，以獲得更多的邊際票息或利差。我們喜歡 DSCR 投資組合具有高 DSCR 率這一事實，這實際上是我們所針對的市場的一部分。因此，我們對今天的票面利率、水準、收益率和 DSCR 組成非常滿意。

Right, okay, that's helpful.

好的，好的，這很有幫助。

Just curious how the securitizations might benefit from the Fed cutting rates and how your financing costs might change on the back of that. I mean, I guess we don't think about a lot of interest rate duration in the resi credit portfolio, but if the Fed cuts rates, I mean, how should we think about the mark to market on both the asset and liability side of the balance sheet, especially as it applies to the securitizations you guys have open?

只是好奇證券化如何從聯準會降息中受益，以及你的融資成本如何在此背景下改變。我的意思是，我想我們不會考慮住宅信貸組合中的許多利率持續時間，但如果聯準會降息，我的意思是，我們應該如何看待資產負債表的資產和負債方面的市價，特別是當它適用於你們已經開放的證券化時？

Yeah, I think obviously cutting rates, depending on the context, will be, should be helpful to overall securitization execution. The cutting of rates has a very direct impact on shorter term financing like repo because SOFR is directly impacted. In terms of securitizations, we tend to issue within, let's call it, the two to five year space.

是的，我認為，根據具體情況，降低利率顯然應該有助於整體證券化的執行。降息對回購等短期融資有非常直接的影響，因為 SOFR 會受到直接影響。就證券化而言，我們傾向於在兩到五年的時間內發行。

And generally speaking, from what we have seen in interest rate moves, that part of the curve has been more stable than the longer end of the curve. And because of that, our expectation is that if rate cuts occur, and if they occur in a more consistent and meaningful way, that that should also bring not only the really front end, but also the two to five-year part of curve down as well. And that will benefit securitization execution for sure.

整體而言，從我們所看到的利率變動來看，曲線的這一部分比曲線的較長端更穩定。正因為如此，我們預計，如果降息發生，並且以更一致、更有意義的方式發生，那麼不僅前端利率會下降，而且兩到五年期利率也會下降。這肯定會有利於證券化的執行。

Let's hope in the back book of securitization though, right, the existing securitizations that you have in the portfolio now, is it all fixed rate or is there any benefit that you get from the Fed cutting rates on those financing costs?

不過，讓我們期待證券化的背後，對吧，您現在投資組合中的現有證券化，都是固定利率嗎，還是聯準會降低這些融資成本會為您帶來任何好處？

Oh, from the liabilities as to whether or not they're fixed or floating, right? That's the question?

哦，從負債是否固定或浮動來看，對嗎？這就是問題嗎？

Yep. It within the securitization market. Oh, yeah, so for most of our securitizations, they are fixed rate. So you're not going to see, we're effectively locked in the financing execution on that.

是的。它屬於證券化市場。哦，是的，對於我們的大多數證券化來說，它們都是固定利率。所以你不會看到，我們實際上被鎖定在融資執行上。

Okay. I mean, one quick thing that you could see some benefit with respect to our call optionality in those deals and being able to call the own refinance into a lower rate environment, which would be accretive to our NIM.

好的。我的意思是，您可以看到我們在這些交易中的看漲期權有一些好處，並且能夠將自己的再融資轉換為較低的利率環境，這將增加我們的淨利差。

Yep. All right, that's helpful. Thank you, guys, so much. Thank you. This concludes our question-and-answer session. I would now like to turn it back to Jason Serrano for closing remarks.

是的。好的，這很有幫助。非常感謝你們。謝謝。我們的問答環節到此結束。現在我想請傑森‧塞拉諾 (Jason Serrano) 致結束語。

Yes, thank you for your time this morning. We look forward to discussing third quarter results in October. Have a great day.

是的，感謝您今天上午抽出時間。我們期待十月份討論第三季的業績。祝你有美好的一天。

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

感謝大家參加今天的會議。該計劃確實就此結束。您可以斷開連線。