Onity Group Inc (ONIT) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to this Onity Group's second-quarter earnings and business update conference call. (Operator Instructions) Please note today's session is being recorded, and I'll be standing by should you need any assistance.

大家好，歡迎參加 Onity Group 第二季財報和業務更新電話會議。（操作員說明）請注意，今天的會議正在錄製中，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn today's program over to Senior Vice President of Corporate Communications, Dico Akseraylian. Please go ahead, sir.

現在我很高興將今天的節目交給企業傳播資深副總裁 Dico Akseraylian。請繼續，先生。

Good morning, and welcome to Onity Group's second-quarter earnings call. Please note that our earnings release and presentation are available on our website at onitygroup.com. Speaking on the call will be Chair, President, and Chief Executive Officer, Glenn Messina; and Chief Financial Officer, Sean O'Neill.

早安，歡迎參加 Onity Group 第二季財報電話會議。請注意，我們的收益發布和演示可在我們的網站 onitygroup.com 上取得。董事長、總裁兼執行長格倫·梅西納 (Glenn Messina) 將在電話會議上發言。和財務長肖恩·奧尼爾。

As a reminder, our comments today may contain forward-looking statements made pursuant to the Safe Harbor provisions of the federal securities laws. These statements may be identified by reference to a future period or by use of forward-looking terminology and address matters that are uncertain.

提醒一下，我們今天的評論可能包含根據聯邦證券法安全港條款做出的前瞻性陳述。這些陳述可以透過參考未來時期或使用前瞻性術語來識別，並解決不確定的問題。

Forward-looking statements speak only as of the date they are made and involve assumptions, risks, and uncertainties, including those described in our SEC filings. In the past, actual results have differed materially from those suggested by forward-looking statements, and this may happen again.

前瞻性陳述僅代表截至其作出之日的情況，涉及假設、風險和不確定性，包括我們在 SEC 文件中描述的內容。過去，實際結果與前瞻性陳述所暗示的結果有重大差異，這種情況可能會再次發生。

In addition, the presentation and our comments contain references to non-GAAP financial measures, such as adjusted pretax income. We believe these non-GAAP measures provide a useful supplement to discussions and analysis of our financial condition because they are measures that management uses to assess the performance of our operations and allocate resources.

此外，簡報和我們的評論還引用了非公認會計準則財務指標，例如調整後的稅前收入。我們相信，這些非公認會計準則指標為我們財務狀況的討論和分析提供了有用的補充，因為它們是管理層用來評估我們營運績效和分配資源的指標。

Non-GAAP measures should be viewed in addition to, and not as an alternative for, the company's reported GAAP results. A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures and management's reasons for including them may be found in the press release in the appendix of the investor presentation.

非公認會計原則衡量指標應被視為公司報告的公認會計原則結果的補充，而不是替代。這些非公認會計準則衡量標準與其最直接可比較的公認會計準則衡量標準的協調表以及管理層將其納入其中的理由可在投資者介紹附錄的新聞稿中找到。

Now I will turn the call over to Glen Messina.

現在我將把電話轉給格倫·梅西納。

Thanks, Dico. And good morning, everyone, and thanks for joining our call. We're looking forward to sharing a few highlights for the second quarter and reviewing our strategy and financial objectives to deliver long-term value for our shareholders.

謝謝，迪科。大家早安，感謝您加入我們的電話會議。我們期待分享第二季的一些亮點，並審查我們的策略和財務目標，為股東帶來長期價值。

Please turn to slide 3. I'll begin with three key themes today. First, we delivered strong and compelling financial performance in the second quarter. We reported our seventh consecutive quarter of improved adjusted pretax income and the highest level in 11 quarters.

請翻到幻燈片 3。今天我將從三個關鍵主題開始。首先，我們在第二季度實現了強勁且引人注目的財務業績。我們報告了連續第七個季度調整後稅前收入有所改善，達到 11 個季度以來的最高水準。

We also continued to deleverage, increase book value, and deliver year-to-date return on equity on both a GAAP and an adjusted basis that is well above our target. Second, this quarter is the clearest demonstration yet that our strategy and financial objectives are sound, and our ability to execute and deliver results is consistent and strong.

我們也繼續去槓桿化，增加帳面價值，並根據公認會計準則和調整後的基礎實現年初至今的股本回報率，遠高於我們的目標。其次，本季最清楚地表明我們的策略和財務目標是健全的，我們執行和交付成果的能力是一致且強大的。

Finally, we believe with the continued execution of our strategy and financial objectives positions Onity to close the valuation gap to our peers and analyst price targets. And that would translate into substantial value creation for our shareholders.

最後，我們相信，隨著我們策略和財務目標的持續執行，Onity 將縮小與同業和分析師價格目標的估值差距。這將為我們的股東創造巨大的價值。

Let's start to explore the second quarter in more detail on slide 4. Our financial highlights for the quarter reflect improved performance across many of our key financial metrics.

讓我們開始在投影片 4 上更詳細地探討第二季。我們本季的財務亮點反映了我們許多關鍵財務指標的業績改善。

We reported adjusted pretax income of $32 million, which results in an annualized adjusted ROE of 28%. Both metrics have materially improved on a sequential-quarter and year-over-year basis, driven by strong performance in both servicing and originations.

我們公佈的調整後稅前收入為 3,200 萬美元，調整後的年化淨資產收益率為 28%。在服務和發起方面的強勁表現的推動下，這兩個指標環比和同比都有了實質改善。

We reported net income of $11 million and GAAP ROE of 10%. These results include tightened hedge costs from significant interest rate volatility. Average servicing and subservicing UPB increased on a year-over-year and sequential-quarter basis, driven by $19 billion of total servicing additions for the quarter. We continue to focus on driving capital-light growth, while we increased MSR originations to offset the impact of our recent MSR sales and maintain our targeted owned MSR range.

我們公佈的淨利潤為 1,100 萬美元，公認會計準則 ROE 為 10%。這些結果包括利率大幅波動導致的避險成本收緊。在本季總服務增量 190 億美元的推動下，平均 UPB 服務和輔助服務年比和季比均有所成長。我們繼續專注於推動輕資本成長，同時增加 MSR 起源，以抵消我們最近 MSR 銷售的影響力並維持我們目標自有 MSR 範圍。

Our strong financial performance also drove increased total liquidity, higher book value, and lower MSR debt versus the first quarter. And that, combined, allowed us to reach our near-term leverage objective. I would note that others are also taking notice of our performance trend, as witnessed by Moody's increasing our corporate family debt rating to B3 and KBW raising our [star] rating to outperform.

與第一季相比，我們強勁的財務表現也推動了總流動性的增加、帳面價值的提高以及 MSR 債務的降低。綜上所述，我們能夠實現近期槓桿目標。我想指出的是，其他人也在關注我們的業績趨勢，穆迪將我們的企業家族債務評級提高至 B3，KBW 將我們的[星級]評級提高至跑贏大盤，就證明了這一點。

The highlights have continued after quarter-end. I'm pleased to announce that we've entered into a letter of intent to acquire reverse mortgage assets from Waterfall Asset Management. More to come on this in a few minutes.

季度末後亮點仍在繼續。我很高興地宣布，我們已經簽署了一份意向書，從瀑布資產管理公司收購反向抵押資產。幾分鐘後還會有更多內容。

But we expect this accretive transaction will increase pretax income, strengthen our position in reverse servicing as a hedge to our forward servicing, provide incremental asset management opportunities, and improve our capital structure. We greatly appreciate the partnership we have with Waterfall and look forward to completing this important transaction and pursuing future opportunities together.

但我們預期這項增值交易將增加稅前收入，加強我們在反向服務方面的地位，作為我們正向服務的對沖，提供增量資產管理機會，並改善我們的資本結構。我們非常感謝與 Waterfall 的合作夥伴關係，並期待完成這項重要交易並共同尋求未來的機會。

Please turn to slide 5. Now I promise I'm not going to read each item on this page. But for those newer to the story, this gives you a sense of the high activity level of the company in recent years. Simply put, the financial results we achieved in the second quarter are the direct result of substantial and purposeful actions aligned with our strategy and financial objectives.

請翻到投影片 5。現在我保證我不會閱讀本頁上的每一項。但對於那些剛接觸這個故事的人來說，這讓你感受到該公司近年來的高活躍度。簡而言之，我們在第二季度取得的財務表現是與我們的策略和財務目標一致的實質和有目的的行動的直接結果。

The difference of where we are today versus where we come from is stark. Five years ago, we were a special servicer with large client concentrations, a shrinking portfolio, a bloated cost structure, and limited new business sources. Today, we're a growing, balanced, and diversified mortgage servicer and originator.

我們今天所處的位置與我們原來的位置有明顯的差異。五年前，我們是一家特別的服務商，客戶集中度高，產品組合不斷萎縮，成本結構臃腫，新業務來源有限。如今，我們是一家不斷發展、平衡且多元化的抵押貸款服務商和發起人。

We've invested heavily in technology throughout our operations and have an industry best-in-class servicing platform. And we've built broad capabilities. We've transformed our culture, bolstered our team with industry experts at many levels and across several disciplines.

我們在整個營運過程中對科技進行了大量投資，並擁有業界一流的服務平台。我們已經建立了廣泛的能力。我們改變了我們的文化，用多層次、跨多個學科的行業專家來增強我們的團隊。

We have a tremendous team who've done an amazing job during a dynamic time in the mortgage industry. We're not the same company we were just a few years ago. We're better, stronger, and we're delivering on our commitments.

我們擁有一支出色的團隊，他們在抵押貸款行業充滿活力的時期做出了出色的工作。我們已經不再是幾年前的同一家公司了。我們變得更好、更強，我們正在兌現我們的承諾。

Please turn to slide 6. To punctuate the fact that this is not the same company, on June 10, we officially rebranded to Onity and started trading under the ONIT ticker symbol.

請翻到幻燈片 6。為了強調這不是同一家公司，6 月 10 日，我們正式更名為 Onity，並開始以 ONIT 股票代碼進行交易。

Our rebranding symbolizes our transformation, growth, and expansion into a company that is delivering results. It reflects our ability to execute on stated strategic and financial priorities, the confidence we have in our future, and our commitment to getting it done for customers, partners, and shareholders.

我們的品牌重塑象徵著我們的轉型、成長和擴張，成為一家正在交付成果的公司。它反映了我們執行既定策略和財務優先事項的能力、我們對未來的信心以及我們為客戶、合作夥伴和股東實現目標的承諾。

Our brand stands for what we believe in, placing customers first and being unrelenting in creating success for our borrowers, clients, and investors; being better together and doing great things with our people, teams, customers, and partners; and doing what we'll say we'll do and delivering on our promises.

我們的品牌代表了我們的信念，將客戶放在第一位，並堅持不懈地為我們的借款人、客戶和投資者創造成功；與我們的員工、團隊、客戶和合作夥伴一起變得更好並做出偉大的事情；言出必行，兌現我們的承諾。

The Onity brand also provides a platform to reintroduce our company to the investment community. And we look forward to continuing to expand our outreach to investors and analysts.

Onity 品牌還提供了一個平台，將我們的公司重新介紹給投資界。我們期待繼續擴大與投資者和分析師的聯繫。

With that brief overview, I'll turn the call over to Sean to take us through the second-quarter financial results.

簡單概述後，我將把電話轉給肖恩，讓他向我們介紹第二季的財務表現。

Thank you, Glen. Please turn to slide 8 for second-quarter financial performance.

謝謝你，格倫。請參閱投影片 8 以了解第二季的財務表現。

This was a strong sequential quarter for financial results, both GAAP and adjusted pretax income. We continued the positive themes from the first quarter, with both our servicing and origination businesses extending their profitable trend. This resulted in a much-increased adjusted pretax income, as well as a positive GAAP net income and growth in book value per share this quarter.

本季的財務表現（包括公認會計準則和調整後的稅前收入）表現強勁。我們延續了第一季的正面主題，我們的服務和原始業務都擴大了獲利趨勢。這導致調整後稅前收入大幅增加，以及本季公認會計準則淨利潤和每股帳面價值的成長。

Starting with the blue column to the right of the table, GAAP net income was positive $11 million versus the prior quarter's $30 million. Operational performance, as reflected in our adjusted PTI was up $32 million for the quarter, driven by outperformance in both servicing and originations.

從表格右側的藍色欄位開始，GAAP 淨利潤為正 1,100 萬美元，而上一季為 3,000 萬美元。正如我們調整後的 PTI 所反映的，本季的營運績效成長了 3,200 萬美元，這得益於服務和發起方面的出色表現。

Our MSR valuation adjustment, net of hedge, somewhat offset our strong adjusted PTI. But we had robust returns with a 10% GAAP ROE and an adjusted pretax ROE of 28%.

我們的 MSR 估值調整（扣除對沖後）在一定程度上抵消了我們強勁調整後的 PTI。但我們的報酬強勁，公認會計原則 ROE 為 10%，調整後稅前 ROE 為 28%。

Other key shareholder metrics include diluted earnings per share of $1.33 and $1.37 increase in book value per share to approximately $57. I'd like to point out that over the last two quarters, our book value per share has grown an impressive $4.59 or 9%. Total liquidity remained strong in the quarter, ending at over $230 million. Finally, total servicing UPB grew by about $14 billion, bringing the quarter average to $305 billion.

其他主要股東指標包括稀釋後每股收益 1.33 美元以及每股帳面價值增加 1.37 美元至約 57 美元。我想指出的是，在過去兩個季度中，我們的每股帳面價值增長了令人印象深刻的 4.59 美元，即 9%。本季總流動性依然強勁，最終超過 2.3 億美元。最後，UPB 服務總額增加了約 140 億美元，使季度平均值達到 3,050 億美元。

Please turn to slide 9. The second quarter was another sequential-quarter improvement in adjusted pretax income and adjusted ROE, reflecting the execution of our strategy and financial objectives. Our financial objectives start with sustained adjusted pretax income performance and reduced earnings volatility. Next, we focus on improving ROE and capital ratios, including deleveraging metrics.

請翻到投影片 9。第二季調整後稅前收入和調整後股本回報率再次環比改善，反映了我們策略和財務目標的執行情況。我們的財務目標始於持續調整的稅前收入表現和減少收益波動。接下來，我們將重點放在改善 ROE 和資本比率，包括去槓桿指標。

Finally, we capitalized on market cycle opportunities. This can range from selling or buying MSRs at the right time to some of our more recent asset management activities, either in the reverse or private label arenas. This came to fruition this quarter with an impressive adjusted pretax income result. Both servicing and originations contributed to this $18 million growth in profitability, reflecting a strong and balanced business.

最後，我們利用了市場週期機會。範圍包括在正確的時間出售或購買 MSR 到我們最近在反向或自有品牌領域的一些資產管理活動。這一目標在本季度得到了實現，調整後的稅前收入結果令人印象深刻。服務和起源都為這 1800 萬美元的盈利增長做出了貢獻，反映了強勁而平衡的業務。

Please turn to slide 10 for an overview of our servicing segment in both forward and reverse. Servicing, again, improved its contribution to adjusted pretax for the quarter. This was driven by the forward servicing business, where higher revenues, including higher servicing fees and seasonally higher float plus continued improvements in our cost structure, combined to generate an additional $16 million in adjusted PTI versus the prior quarter.

請參閱投影片 10，以了解我們的正向和反向服務部門的概述。服務業再次提高了本季調整後稅前的貢獻。這是由遠期服務業務推動的，該業務的收入增加，包括更高的服務費和季節性更高的浮存金，加上我們成本結構的持續改進，調整後的PTI 與上一季相比增加了1600 萬美元。

Our average subservicing volumes grew significantly in the quarter as we added over $8 billion of UPB to the business plus seasonal improvements in MSR runoff. Our capital partners and subservicing client base remain highly productive.

我們的平均服務量在本季顯著成長，因為我們為業務增加了超過 80 億美元的 UPB，加上 MSR 流量的季節性改善。我們的資本合作夥伴和服務客戶群仍然保持高生產力。

We anticipate an additional $9 billion of bulk portfolios, plus additional flow volume, to board in the second half of this year. More detail on how our servicing portfolio diversifies risk between the owned and subservice books, plus detail on various investor types, such as Ginnies or the GSEs, can be found on page 25.

我們預計今年下半年將新增 90 億美元的大宗投資組合以及額外的流量。有關我們的服務投資組合如何在自有服務賬簿和子服務賬簿之間分散風險的更多詳細信息，以及有關各種投資者類型（例如吉尼斯或 GSE）的詳細信息，請參閱第 25 頁。

For an overview of the originations, both forward and reverse, please turn to page 11. Originations had a strong second quarter with the B2B channel, which is correspondent lending and co-issue, driving the bulk of the improvements. All of our origination channels had higher volumes quarter over quarter to drive the 51% increase in funded volume, where we hit $7 billion for the quarter.

有關正向和反向起源的概述，請參閱第 11 頁。Originations 在第二季的 B2B 通路表現強勁，該通路是代理借貸和共同發行，推動了大部分改進。我們所有的發起管道的交易量均比上一季增加，推動融資金額成長 51%，本季達到 70 億美元。

Details by channel are on page 26. Higher margins in the forward channel and enhancements to our cost per loan metric and other related metrics added to our improved results. Overall, we continue to operate an originations business that is profitable and able to adapt to any interest rate environment.

各通路的詳細資訊請參閱第 26 頁。遠期通路的利潤率更高，每筆貸款成本指標和其他相關指標的增強也增加了我們業績的改善。總體而言，我們繼續經營可獲利且能夠適應任何利率環境的發起業務。

Please turn to slide 12. The left side shows the growth in subservicing, accelerated by our capital-light approach. It also shows the impact of harvesting some opportunistic gains with targeted MSR sales of about $6 billion UPB that we alluded to last quarter. These sales provide room for originations to ramp up volume to replenish the owned portfolio with higher-coupon current MSRs.

請翻到投影片 12。左側顯示了服務的成長，我們的輕資本方法加速了這種成長。它還顯示了我們上季度提到的約 60 億美元 UPB 目標 MSR 銷售額收穫一些機會主義收益的影響。這些銷售為新創公司提供了增加銷售的空間，以更高息票的當前 MSR 來補充自有投資組合。

This will be beneficial to our recapture strategy in a down-rate environment. Currently, the mortgage servicing rights that we originate are more cost effective to produce organically versus purchasing in the bulk market, in part, to our continued focus on higher-margin channels.

這將有利於我們在降價環境下的奪回策略。目前，與在大宗市場購買相比，我們發起的抵押貸款服務權的有機生產更具成本效益，部分原因是我們繼續專注於高利潤管道。

Please turn to page 13 for details on the recent reverse mortgage asset transaction that Glenn alluded to. We are excited to announce a signed letter of intent with Waterfall Asset Management to acquire reverse mortgage assets, with a projected UPB of $3 billion and a target total asset value of approximately $55 million. This deal is enabled by issuing preferred equity with a par amount of $51.7 million.

請參閱第 13 頁，以了解格倫提到的最近反向抵押資產交易的詳細資訊。我們很高興地宣布與 Waterfall Asset Management 簽署了收購反向抵押資產的意向書，預計 UPB 為 30 億美元，目標總資產價值約為 5,500 萬美元。此次交易是透過發行面額 5,170 萬美元的優先股實現的。

The preferred is nonconvertible, cumulative, and carries a 7.87% dividend, with a step-up after year five. It is callable by Onity at any point after year four. This transaction strengthens and expands an already healthy relationship between our two firms, as the Waterfall affiliate MAM has been a subservicing client of ours for some time now. So we know these assets well from a performance perspective.

優先股是不可轉換的、累積的，股息率為 7.87%，並在第五年後增加。Onity 可以在第四年之後的任何時間調用它。這項交易加強並擴大了我們兩家公司之間本已健康的關係，因為 Waterfall 附屬公司 MAM 長期以來一直是我們的服務客戶。因此，我們從性能角度非常了解這些資產。

This deal is also accompanied by seller-provided financing, and it is accretive to both earnings per share and cash. Our intent is that, on close, we'll use the proceeds to further reduce corporate debt by an anticipated amount of $40 million. The right side provides some of the key transaction metrics that I haven't mentioned.

這筆交易還伴隨著賣方提供的融資，並且增加了每股收益和現金。我們的目的是，交易完成後，我們將利用所得款項進一步減少公司債務，預計金額為 4,000 萬美元。右側提供了一些我沒有提到的關鍵交易指標。

And on the next page, I will talk about how this transaction accelerates our deleveraging strategy. Our stretch goal is to close this transaction in the third quarter, subject to all required approvals from regulators.

在下一頁，我將討論這筆交易如何加速我們的去槓桿化策略。我們的目標是在第三季完成這筆交易，前提是獲得監管機構的所有必要批准。

Please turn to page 14 for an update on our deleveraging strategy. In the second quarter, we had already exceeded our full-year 2024 guidance by attaining a 3.9 debt-to-equity ratio. We will continue to work to drive this metric even lower.

請參閱第 14 頁以了解我們去槓桿策略的最新資訊。第二季度，我們的負債股本比率達到 3.9，超越了 2024 年全年指引。我們將繼續努力降低這項指標。

We did not retire any corporate debt in this quarter, partly, due to the higher price and subsequently lower yield. But we did lower MSR debt amounts by $36 million or 4% quarter over quarter.

本季我們沒有償還任何公司債務，部分原因是價格較高，隨後收益率較低。但我們確實將 MSR 債務金額較上季降低了 3,600 萬美元，即 4%。

As I mentioned on the prior page, we expect the transaction with Waterfall will provide liquidity to pay down additional debt, and it will also increase equity through the preferred. We have included a pro forma second-quarter debt-to-equity ratio to illustrate the impact of just this transaction, which should achieve a debt-to-equity ratio below 3.5:1.

正如我在上一頁提到的，我們預計與 Waterfall 的交易將提供流動性來償還額外債務，並且還將透過優先股增加股本。我們提供了預期的第二季負債股本比率來說明本次交易的影響，該交易應使負債股本比率低於 3.5:1。

We expect all these efforts and others will lead to our ultimate goal for our corporate debt, which is a cost-effective refinance in the next three quarters. We are pursuing some other transactions that could provide additional liquidity to facilitate more deleveraging in the second half.

我們預計所有這些努力和其他努力將實現我們公司債務的最終目標，即在未來三個季度進行具有成本效益的再融資。我們正在尋求一些其他交易，這些交易可以提供額外的流動性，以促進下半年進一步去槓桿化。

Back to you, Glenn.

回到你身邊，格倫。

Thanks, Sean. I'd ask everybody now to please turn to slide 16.

謝謝，肖恩。我現在請大家翻到幻燈片 16。

The financial results Sean just covered are powerful and a direct result of our actions to transform the business. Our evolution starts with our culture, our people, and focusing on our mission, which is to create positive outcomes for homeowners, clients, investors, and communities.

肖恩剛剛報導的財務表現非常強大，是我們業務轉型行動的直接結果。我們的發展始於我們的文化、我們的員工，並專注於我們的使命，為房主、客戶、投資者和社區創造積極的成果。

For those not as familiar with the company, our actions are guided by our five-point strategy and our financial objectives: balance and diversification, to deliver strong financial performance through interest rate cycles; prudent capital-light growth, to reduce capital demand and interest rate risk exposure; industry-leading cost structure, to enhance our competitiveness, value proposition, and financial performance; top-tier operating performance and capabilities, to enable positive outcomes for borrowers, clients, and investors, and improve the customer experience; and dynamic asset management, to enhance earnings and cash flow.

對於那些不太熟悉公司的人來說，我們的行動以我們的五點策略和財務目標為指導：平衡和多元化，透過利率週期實現強勁的財務表現；審慎輕資本成長，減少資本需求及利率風險暴露；業界領先的成本結構，以提高我們的競爭力、價值主張和財務績效；一流的營運績效和能力，為借款人、客戶和投資者帶來正面成果，並改善客戶體驗；動態資產管理，以提高收益和現金流。

Our financial objectives remain consistent: sustaining adjusted pretax income performance through growth and continuous cost improvement; reducing earnings volatility associated with MSR fair value changes; improving return on equity and capital ratios by reducing debt and driving capital-light growth; and capitalizing on market cycle opportunities to enhance cash flow and returns.

我們的財務目標保持一致：透過成長和持續成本改善來維持調整後的稅前收入績效；減少與 MSR 公允價值變動相關的收益波動；透過減少債務和推動輕資本增長來提高股本回報率和資本比率；利用市場週期機會增強現金流和回報。

I'd like to briefly discuss how these strategies drive our performance and create value for shareholders, starting on slide 17. Our continued focus on balance and diversification positions us to operate profitably in both high- and low-interest-rate environments.

我想從投影片 17 開始簡要討論這些策略如何推動我們的績效並為股東創造價值。我們對平衡和多元化的持續關注使我們能夠在高利率和低利率環境下實現盈利。

For instance, while originations today is a modest earnings contributor, in 2021, when interest rates were lower, originations drove our earnings. As interest rates have risen, profitability and servicing has increased, offsetting the contraction in origination earnings. This balance between originations and servicing positions our business to deliver strong, consistent financial performance through interest rate cycles.

例如，雖然今天的起源對收入貢獻不大，但在 2021 年，當利率較低時，起源推動了我們的收入。隨著利率上升，獲利能力和服務增加，抵消了原始收益的收縮。起源和服務之間的這種平衡使我們的業務能夠在整個利率週期中提供強勁、一致的財務表現。

Let's turn to slide 18 to review our origination capabilities. With the increasing likelihood for lower interest rates, we believe our broad and capable originations platform is well positioned to support portfolio replenishment and growth, which we demonstrated in the second quarter.

讓我們轉向投影片 18 來回顧我們的原創能力。隨著利率下降的可能性越來越大，我們相信我們廣泛而強大的創始平台能夠很好地支持投資組合的補充和成長，這一點我們在第二季就得到了證明。

Our portfolio exposure to refinancing is consistent with industry average, with roughly 22% of our portfolio having note rates above 5%. Our recapture platform is delivering 1.7 times the industry average recapture performance as reported by ICE Mortgage Monitor.

我們的投資組合的再融資風險與產業平均值一致，約 22% 的投資組合的票據利率高於 5%。根據 ICE Mortgage Monitor 的報告，我們的回收平台的回收性能是業界平均回收性能的 1.7 倍。

This platform is now staffed with talent from some of the best recapture operators in the industry. And we believe it's only a matter of time before we realize the upside to industry best practice performance levels.

該平台目前擁有來自業內一些最優秀的奪回營運商的人才。我們相信，我們遲早會認識到業界最佳實踐績效水準的優勢。

Our originations platform, which we started largely from scratch back in mid-2019, is now a top 10 correspondent lender, top 5 reverse mortgage originator, and we also participate in the agency MSR exchanges.

我們的發起平台主要是在 2019 年中期從頭開始啟動的，現在是排名前 10 的代理貸方、排名前 5 的反向抵押貸款發起人，並且我們還參與了機構 MSR 交易所。

We believe our position as a top reverse lender creates additional earnings upside opportunity with lower interest rates. Reverse originations volume and profitability have historically increased with falling interest rates.

我們相信，我們作為頂級反向貸款機構的地位可以透過較低的利率創造額外的收益上升機會。從歷史上看，反向發起量和獲利能力隨著利率下降而增加。

Turning to slide 19, I'd like to make a few points about our core strength in servicing. We've built a strong and capable servicing platform that delivers industry-leading performance. We are continually winning new clients and have added nearly $30 billion of new subservicing UPB this year.

轉向投影片 19，我想就我們在服務上的核心優勢談幾點。我們建立了一個強大而有能力的服務平台，可提供業界領先的效能。我們持續贏得新客戶，今年已增加近 300 億美元的新 UPB 服務。

We support more than 1.3 million homeowners, over 100 clients, and over 150 investors with the servicing portfolio size of over $300 billion. We service forward, reverse, and small-balance commercial mortgage loans. And our clients include some of the largest financial investors and institutions in the US.

我們為超過 130 萬名房主、超過 100 名客戶和超過 150 名投資者提供支持，服務投資組合規模超過 3,000 億美元。我們提供遠期、反向和小額商業抵押貸款服務。我們的客戶包括美國一些最大的金融投資者和機構。

Our platform is scalable, with a highly competitive cost structure. We believe our cost structure will continue to deliver increased profitability as we grow total servicing UPB. We've been recognized by Fannie Mae, Freddie Mac, and HUD for industry-leading servicing performance for the past several years.

我們的平台具有可擴展性，具有極具競爭力的成本結構。我們相信，隨著 UPB 服務總量的成長，我們的成本結構將繼續提高獲利能力。過去幾年，我們因業界領先的服務表現而獲得房利美 (Fannie Mae)、房地美 (Freddie Mac) 和 HUD 的認可。

And our progress in investment in technology has recently been awarded for Best-in-Class Intelligent Automation Center of Excellence. Our servicing performance has been a fundamental reason why we've been able to grow our portfolio largely through organic growth.

我們在技術投資方面的進步最近被授予「一流智慧自動化卓越中心」獎。我們的服務績效是我們能夠主要透過有機成長來擴大我們的產品組合的根本原因。

Please turn to slide 20 to discuss our value creation potential. While we've meaningfully improved business performance capabilities and potential for growth, we do not believe our share price reflects the results we've delivered nor the potential for our business.

請翻到投影片 20 來討論我們的價值創造潛力。雖然我們顯著提高了業務績效能力和成長潛力，但我們認為我們的股價並沒有反映我們所交付的結果或我們的業務潛力。

We believe this spells opportunity for both existing and new investors. While several of our peers are trading at over book value, we're trading at a discount to both book and our analyst price targets. We're focused on closing the valuation gap relative to our peers through the continued execution of our strategy, delivering strong financial performance, ongoing deleveraging, and increased investor awareness.

我們相信這對現有投資者和新投資者來說都意味著機會。雖然我們的部分同業的交易價格高於帳面價值，但我們的交易價格低於帳面目標價和分析師目標價。我們致力於透過持續執行我們的策略、實現強勁的財務業績、持續去槓桿化和提高投資者意識來縮小相對於同業的估值差距。

Turning to slide 21, I'd like to make a few points to wrap up. I'm proud of the enormous progress our team has made. I believe we are well positioned to navigate the market environment ahead and deliver long-term value for our shareholders. We've delivered a robust increase in profitability and returns in the first half of 2024 and made meaningful progress against our strategic and financial objectives.

轉到投影片 21，我想總結幾點。我為我們團隊的巨大進步感到自豪。我相信我們有能力駕馭未來的市場環境並為股東創造長期價值。2024 年上半年，我們的獲利能力和回報實現了強勁成長，並在實現我們的策略和財務目標方面取得了有意義的進展。

Our performance is driven by our demonstrated operational excellence, focus on prudent capital-light growth, and commitment to deleveraging the balance sheet while maintaining solid liquidity levels. All of this comes together to suggest a share price that we believe has excellent upside. And we intend to continue to take the necessary actions and extend the outreach to close that gap for the benefit of all shareholders.

我們的業績是由我們表現出的卓越運營、注重審慎的輕資本增長以及致力於去槓桿化資產負債表同時保持穩健的流動性水平推動的。所有這些綜合起來表明我們認為股價具有巨大的上漲空間。我們打算繼續採取必要的行動並擴大外展範圍，以縮小這一差距，以造福所有股東。

Overall, we could not be more optimistic about the potential for our business. With that, Jim, let's open up the call for questions.

總的來說，我們對我們業務的潛力非常樂觀。吉姆，接下來我們開始提問。

(Operator Instructions) Bose George, KBW.

（操作員說明）Bose George，KBW。

Hey, everyone. Good morning. I wanted to start with just a question on leverage. So you spoke about potential transactions over the next few quarters that could reduce leverage further.

嘿，大家。早安.我想從一個關於槓桿的問題開始。因此，您談到了未來幾季可能進一步降低槓桿率的潛在交易。

Would they look sort of like the preferred to Waterfall? Could you see MSR sales where you switch that to subservicing? Or just give us a little color on what some of these could look like. Thanks.

它們看起來會比瀑布更受歡迎嗎？您能看到 MSR 銷售將其轉換為訂閱服務嗎？或者只是給我們一些關於其中一些可能會是什麼樣子的顏色。謝謝。

Good morning, Bose. Yeah, some of the transactions we're thinking about are really more in the asset management realm. So it's more of executing similar asset management transactions we've done in the past, which have been great cash flow generators for the business. And we've been able to use that cash flow to help delever our corporate debt.

早上好，博斯。是的，我們正在考慮的一些交易實際上更多地屬於資產管理領域。因此，更多的是執行我們過去做過的類似資產管理交易，這些交易為企業帶來了巨大的現金流量。我們已經能夠利用這些現金流來幫助降低我們的公司債務。

Okay. Yeah, that makes a lot of sense. Thanks. And then just switching over to the Waterfall deal, a couple of little questions, what's the step-up after year five on the coupon?

好的。是的，這很有意義。謝謝。然後切換到瀑布交易，有幾個小問題，優惠券第五年之後的升級是什麼？

Yeah. Sean, do you want to take those questions?

是的。肖恩，你想回答這些問題嗎？

Sure thing. Yeah, those -- the step-up is 2.5% per year.

當然可以。是的，這些——每年增幅為 2.5%。

Per year. Okay. And then just on the MSR that you'll be acquiring, what's the unlevered yield? And then what's -- in general, on the reverse, how does the returns on that compared to the forward servicing?

每年。好的。然後，就您將要獲得的 MSR 而言，無槓桿收益率是多少？那麼，總的來說，反過來，與遠期服務相比，其回報如何？

In terms of reverse servicing, the returns are very strong. It just happens to be a smaller business. It's a smaller pool of either subservicing candidates or just fewer assets to originate and own.

就逆向服務而言，回報非常豐厚。它只是碰巧是一個較小的企業。它要么是一個較小的服務候選人池，要么是更少的可發起和擁有的資產。

So as you can imagine, there is a correspondent and a broker market on the originations reverse side that we do participate in to acquire the reverse MSRs. But that doesn't have quite the volume that the forward market has, continues to be profitable for us.

正如您可以想像的那樣，我們確實參與了原始反向的通訊商和經紀商市場以獲得反向 MSR。但這並沒有遠期市場那麼大的交易量，但仍然對我們有利可圖。

And then what was the question more specifically on just the Waterfall transaction within reverse?

那麼，關於反向瀑布交易，更具體的問題是什麼？

Yeah, just the expected -- sort of the way to think about the return on that, either ROE, return on the asset, or just ways to think about the return from that deal.

是的，這只是預期的——某種思考回報的方式，無論是股本回報率、資產回報，還是只是思考該交易回報的方式。

We haven't disclosed any returns yet because we're waiting for the deal to close and receive final valuation on both the assets and the preferred. But we expect that it will be a strong return. As I mentioned, it is both accretive to cash and earnings per share.

我們尚未披露任何回報，因為我們正在等待交易完成並獲得資產和優先股的最終估值。但我們預計這將是一個強勁的回報。正如我所提到的，它既能增加現金，又能增加每股盈餘。

Okay, great.

好的，太好了。

Yeah. Bose, maybe to help you frame that a little bit, as we think about target returns and yields that we're seeing in the marketplace, generally, GSE MSRs are probably in the 9% to 10% range. Ginnie Mae's in the 11% to 12% range. And reverse servicing tends to be a little bit higher than Ginnie's, around 12% to 13%. So that's how we see the economics based on our economic modeling assumptions.

是的。Bose，也許可以幫助您稍微了解一下，當我們考慮我們在市場上看到的目標回報和收益率時，一般來說，GSE MSR 可能在 9% 到 10% 的範圍內。吉利美 (Ginnie Mae) 的比例在 11% 到 12% 之間。反向服務往往比吉利的略高一些，約為 12% 至 13%。這就是我們根據經濟模型假設來看待經濟學的方式。

Okay. Great. Very helpful. Thanks, Glen.

好的。偉大的。非常有幫助。謝謝，格倫。

Derek Sommers, Jefferies.

德里克·薩默斯，傑弗里斯。

Hey, good morning, everyone. I was wondering if you could talk about the growth you guys saw in the correspondent co-issue originations. Maybe kind of break that down between what was correspondent and what was co-issue. And then kind of also seeing some pretty healthy incremental margins there, and talk about those dynamics as well.

嘿，大家早安。我想知道你們是否可以談談你們在通訊聯合發行中看到的成長。也許可以分為通訊版和共同刊。然後還看到了一些相當健康的增量利潤，並討論了這些動態。

Yeah. I'll provide some high-level comments. Then, Sean, I know you've got a page in the appendix. You can take us through some of the details on the specific channel details.

是的。我將提供一些高水準的評論。那麼，肖恩，我知道附錄中有一頁。您可以帶我們了解特定頻道的一些細節。

But Derek, we saw -- yeah, the origination team did a great job in the second quarter, 55% increase in MSR originations volume. The B2B channels for us have been a core staple for our business. We do pretty much everything in the correspondent space, mandatory best efforts, non-delegated. And we participate in the MSR exchanges, SMP, CRX, and Ginnie Mae PIIT.

但是 Derek，我們看到 - 是的，發起團隊在第二季度做得很好，MSR 發起量增加了 55%。B2B 通路一直是我們業務的核心支柱。我們在通訊領域做了幾乎所有的事情，強制盡最大努力，非授權。我們也參與了MSR交易所、SMP、CRX和Ginnie Mae PIIT。

And our approach is -- look, we are, on a relative basis, agnostic to the delivery channel. Our customer wants to deliver product to us through. And if it makes more sense for them to go through the MSR exchange, it's great. If they want to go through mandatory best efforts non-del, great. Then we'll support that as well, too.

我們的方法是－看，相對而言，我們對交付管道是不可知的。我們的客戶希望透過以下方式向我們交付產品。如果他們透過 MSR 交換更有意義，那就太好了。如果他們想透過強制性的最大努力非刪除，那就太好了。那我們也會支持這一點。

So it's all part of a comprehensive strategy to meet the customer at the place where they want to transact and do business. Sean, maybe you could take us through some of the details on originations?

因此，這都是在客戶想要進行交易和開展業務的地方與客戶會面的綜合策略的一部分。肖恩，也許你可以向我們介紹一些起源的細節？

Sure thing. Good morning, Derek. If you look at page 26, you'll see -- we don't split out volumes between co-issue and correspondent. But you can see collectively that -- we just call that B2B or business to business. You can see collectively that that channel increased substantially both in volume and in margins. So it's not like we were paying up to get more volume.

當然可以。早上好，德瑞克。如果您查看第 26 頁，您會發現 — 我們不會將合刊和通訊版分開。但你可以從總體上看到——我們稱之為 B2B 或企業對企業。總的來說，您可以看到該管道的數量和利潤都大幅增加。所以我們並不是為了獲得更多銷量而付費。

We just have a pretty deep and broad range of correspondent clients that we work with. And we also participate heavily in the various agency MSR exchange markets. Obviously, the co-issue just results in an MSR moving over. So you can also look at funded volume on loans and make some inferences from that as well.

我們有相當深入且廣泛的合作客戶。我們也大量參與各種代理MSR交易市場。顯然，共同問題只會導致 MSR 轉移。因此，您也可以查看貸款的資金量並從中做出一些推論。

Got it. Thank you. And then just staying on page 26, is there any kind of color you guys could give on kind of run rates for August and the consumer direct channel have been trending? It seems like the 30-year rate is starting to cooperate with us a little bit.

知道了。謝謝。然後就停留在第 26 頁，你們可以對 8 月份的運作率和消費者直接管道的趨勢給出任何顏色嗎？看來30年利率開始有點配合我們了。

Yeah. Generally, for consumer direct, look, the team has done a great job. As you can see by quarter, they've been inching up their performance from a funded volume perspective.

是的。總的來說，對於消費者直接看，團隊做得很好。正如您所看到的，每個季度，他們從資金量的角度來看都在逐步提高業績。

And look, we laid out in our investor presentation, we've got portions of our portfolio stratified by note-rate band. And assuming that the average consumer, typically, is willing to refinance it with a 50-basis-point incentive, our team is poised and ready to go. So as mortgage rates are coming down, our team is on it.

看，我們在投資者演示中列出了我們的部分投資組合按票據利率區間分層。假設一般消費者通常願意以 50 個基點的誘因為其再融資，我們的團隊就已經做好了準備。因此，隨著抵押貸款利率下降，我們的團隊正在採取行動。

And they're engaging with customers and doing everything they can to drive higher and better recapture rate, which is already performing at 1.7 times the industry average. And again, we think there's upside to industry best-practice levels.

他們正在與客戶互動，盡一切努力提高更高更好的重新捕獲率，該比率已經是行業平均水平的 1.7 倍。同樣，我們認為業界最佳實踐水準還有上升空間。

Got it. Thanks for the color. That's all for me.

知道了。謝謝你的顏色。這就是我的全部。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Amortization expense on the servicing portfolio in the quarter, do you have that handy?

本季服務組合的攤銷費用，手邊有嗎？

Eric, your -- the first part of your question, it was chopped off. We didn't get your full question.

艾瑞克，你的問題的第一部分被砍掉了。我們沒有收到您的完整問題。

Looking for the amortization expense on the MSR portfolio in the quarter, if you guys have that handy?

正在尋找本季 MSR 投資組合的攤銷費用，如果你們方便的話？

Yeah. Sean, do you have that handy. It may have been in our press release.

是的。肖恩，你有那個方便嗎？它可能已經出現在我們的新聞稿中。

Yeah. Hey, Eric, MSR valuation adjustments net for June 30, 2024, was $32.7 million.

是的。嘿，Eric，截至 2024 年 6 月 30 日，MSR 估值調整淨額為 3,270 萬美元。

Okay. Yeah, looking for the -- just the cash flow amortization expense portion of that. But maybe we could switch to, like, how you guys are hedging the MSR portfolio for lower rates?

好的。是的，只是尋找其中的現金流攤銷費用部分。但也許我們可以轉向，例如，你們如何對沖 MSR 投資組合以獲得較低的利率？

I mean, do you feel like there's a lot of mark-to-market risk in the MSR if the Fed does cut rates? How does the outlook for MSR volatility maybe change your outlook for buying back the debt that you guys are focused on doing? Thank you.

我的意思是，如果聯準會確實降息，您是否認為 MSR 存在很大的按市值計價的風險？MSR 波動性的前景可能會如何改變你們回購你們專注於的債務的前景？謝謝。

Yeah. Eric, as you know, we continue to target a relatively higher hedge coverage ratio than we have in the past. We're still operating in that 90% to 110% range, with an eye towards falling rates.

是的。艾瑞克，如你所知，我們繼續以比過去更高的對沖覆蓋率為目標。我們仍然在 90% 到 110% 的範圍內運營，並著眼於利率下降。

We want to protect book value and hedge that MSR as tightly as we can. We're evaluating our hedging strategy continuously to optimize the basket of instruments and make sure that we're maintaining that strong hedge performance.

我們希望保護帳面價值並盡可能嚴格地對沖 MSR。我們正在不斷評估我們的對沖策略，以優化一籃子工具，並確保我們保持強勁的對沖表現。

Generally speaking, I'd say we are still seeing bids in the MSR bulk market that are at or above the (inaudible) for MSR. And that's as recently as trades that occurred this past week, quite frankly. So I don't know that we're actually seeing any degradation in market levels of MSR pricing with the prospect for declining rates. So that's not something we're necessarily concerned about here in the very near term.

一般來說，我想說我們仍然看到 MSR 散裝市場的出價等於或高於 MSR 的（聽不清楚）。坦白說，這只是上週發生的最新交易。因此，我不知道我們是否真的看到 MSR 定價的市場水平出現任何下降，而且利率可能會下降。因此，這不是我們短期內必須擔心的事情。

Yeah. So we -- again, I think we've got good hedge coverage, good hedge protection. And we've got a recapture platform that's outperforming industry average by a wide margin with, I think, good upside potential.

是的。因此，我再次認為我們擁有良好的對沖覆蓋範圍和良好的對沖保護。我們擁有一個重新奪回平台，其表現遠遠超出行業平均水平，我認為具有良好的上升潛力。

Okay. Yeah, that's helpful. Following up on the leverage. I mean, do you have a target leverage range in mind as you repurchase some of the unsecured debt? And with the leverage -- would that range maybe change if rates were lower? Or how do you see that range kind of evolving with rates?

好的。是的，這很有幫助。跟進槓桿。我的意思是，當您回購一些無擔保債務時，您是否有目標槓桿範圍？有了槓桿，如果利率降低，這個範圍可能會改變嗎？或者您如何看待該範圍隨利率的變化？

Yeah. So obviously, we consider our leverage targets in the context of what's happening in the overall market. Right now, our objective is to continue to drive the leverage down to peer normative levels. Look, it takes time to get there. We recognize that.

是的。顯然，我們會根據整個市場的情況來考慮我們的槓桿目標。目前，我們的目標是繼續將槓桿率降低至同儕規範水準。瞧，到達那裡需要時間。我們認識到這一點。

I think we've delivered substantive progress in a very short period of time and hit our target -- our near-term target about midyear and demonstrated that, with a Waterfall transaction, we could drive it even lower. And as Sean mentioned, we're considering additional transactions to drive the leverage even lower.

我認為我們在很短的時間內取得了實質進展，並達到了我們的目標——我們在年中的近期目標，並證明，透過瀑布交易，我們可以將其推得更低。正如肖恩所提到的，我們正在考慮進行額外的交易以進一步降低槓桿率。

I think as you know, a large portion of our capital structure -- actually, the largest portion of our capital structure is not really corporate debt, either the Onity Group debt or the PHH debt. It really is MSR financing. And MSR financing will decline as MSR values decline, and that's one of the reasons why we hedge.

我認為如您所知，我們資本結構的很大一部分——實際上，我們資本結構的最大部分並不是真正的公司債務，無論是 Onity Group 債務還是 PHH 債務。這確實是MSR融資。隨著MSR價值的下降，MSR融資也會下降，這也是我們進行避險的原因之一。

And we hedge with a high hedge coverage ratio so that it's fundamentally any -- the design is such that any margin calls in MSR that is offset by cash proceeds from our hedge and our derivatives. So the derivative portfolio, basically, will help fundamentally pay back and deleverage the MSR debt.

我們以高對沖覆蓋率進行對沖，因此從根本上講，這種設計是這樣的：MSR 中的任何追加保證金通知都會被我們對沖和衍生品的現金收益所抵消。因此，衍生性商品投資組合基本上將有助於從根本上償還 MSR 債務並實現去槓桿化。

Yup. Okay. That's very helpful. Thank you.

是的。好的。這非常有幫助。謝謝。

(Operator Instructions) And we have no signals from our phone audience. I'd like to turn it back to the Onity leadership team for any additional or closing remarks.

（操作員指示）我們的電話觀眾沒有任何訊號。我想將其轉回 Onity 領導團隊以獲取任何補充或結束語。

Great. Jim, thanks so much. And look, I'd like to thank our shareholders and key business partners for their support of our business.

偉大的。吉姆，非常感謝。我要感謝我們的股東和主要業務夥伴對我們業務的支持。

I'd also like to thank and recognize our Board of Directors and global business team for all their hard work and their commitment to our success. And I look forward to updating everyone on our progress on our next quarter earnings call. Thank you.

我還要感謝並認可我們的董事會和全球業務團隊的辛勤工作以及對我們成功的承諾。我期待在下個季度的財報電話會議上向大家通報我們的最新進展。謝謝。

Ladies and gentlemen, this does conclude today's teleconference, and we do thank you all for your participation. You may now disconnect your lines, and have a great day.

女士們、先生們，今天的電話會議到此結束，我們非常感謝大家的參與。現在您可以斷開線路，祝您有美好的一天。