Onity Group Inc (ONIT) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加今天的 Onity Group 第二季財報和業務更新電話會議。（操作員指示）請注意，此通話正在錄音，如果您需要協助，我將隨時待命。

It is now my pleasure to turn today's program over to Valerie Haertel. You may begin.

現在我很高興將今天的節目交給瓦萊麗·哈特爾 (Valerie Haertel)。你可以開始了。

Thank you, Emma. Good morning, everyone, and welcome to Onity Group's second quarter 2025 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, Glen Messina; and Chief Financial Officer, Sean O'Neil.

謝謝你，艾瑪。大家早安，歡迎參加 Onity Group 2025 年第二季財報電話會議。請注意，我們的收益報告和簡報可在我們的網站 onitygroup.com 上查閱。董事長、總裁兼執行長 Glen Messina 和財務長 Sean O'Neil 將出席電話會議並發表演講。

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 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的安全港條款做出的前瞻性陳述。這些陳述可能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 involved 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.

前瞻性陳述僅代表其作出之日的觀點，並涉及假設、風險和不確定性，包括我們向美國證券交易委員會提交的文件中所述的假設、風險和不確定性。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 pre-tax 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，此簡報和我們的評論包含對非公認會計準則財務指標（例如調整後的稅前收入）的引用。我們認為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，因為它們是管理階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 and the appendix to the investor presentation.

非公認會計準則衡量指標應被視為公司報告的公認會計準則結果的補充，而不是替代。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對照表以及管理層將其納入的理由可在新聞稿和投資者介紹附錄中找到。

Now I would like to turn the call over to Glen Messina.

現在我想將電話轉給格倫梅西納 (Glen Messina)。

Thanks, Valerie. Good morning, everyone, and thank you for joining our call. We're looking forward to sharing a few highlights for the second quarter as well as review our strategy and financial objectives to deliver long-term value for our shareholders.

謝謝，瓦萊麗。大家早安，感謝你們參加我們的電話會議。我們期待分享第二季的一些亮點，並回顧我們的策略和財務目標，為我們的股東創造長期價值。

Let's get started on slide 3. I want to start with three key themes today. First, for the second quarter, we delivered robust net income and continued to grow book value, demonstrating our sound strategy and high-caliber execution.

讓我們從第 3 張投影片開始。今天我想從三個關鍵主題開始。首先，第二季度，我們實現了強勁的淨收入並繼續增加帳面價值，這證明了我們合理的策略和高效的執行力。

Second, our balanced business is delivering sustainable results across origination and servicing amid market volatility. Finally, we are reaffirming our annual adjusted ROE guidance, underscoring our commitment to strong shareholder returns.

其次，在市場波動的情況下，我們均衡的業務在發起和服務方面提供了可持續的成果。最後，我們重申年度調整後的 ROE 指引，強調我們對強勁股東回報的承諾。

Let's turn to slide 4 to review a few highlights for the quarter. Despite volatile and unpredictable market conditions, we delivered steady financial performance in the second quarter with GAAP net income attributable to common shareholders of $20 million or $2.40 per share fully diluted, reflecting an annualized ROE of 17%.

讓我們翻到投影片 4 來回顧本季的一些亮點。儘管市場環境動盪且難以預測，我們在第二季度仍實現了穩定的財務業績，歸屬於普通股股東的 GAAP 淨利潤為 2000 萬美元，即每股攤薄收益 2.40 美元，年化 ROE 為 17%。

Adjusted pre-tax income of $16 million is annualized and an annualized adjusted ROE of 14%, reflect a $4 million unfavorable impact of market volatility on originations revenue and margins as well as increased MSR runoff from higher prepayments and reverse asset fair value changes compared to prior periods. Average servicing UPB continued to grow steadily, fueled by year-over-year originations volume growth, which exceeded total industry originations growth for the same period.

調整後的稅前收入為 1,600 萬美元，按年計算，調整後的年化 ROE 為 14%，反映了市場波動對發起收入和利潤率的 400 萬美元不利影響，以及與前期相比，預付款增加和資產公允價值逆轉導致的 MSR 流失增加。平均服務 UPB 繼續穩步增長，這得益於同比發起量的增長，超過了同期行業發起量的總增長。

And finally, book value increased to $60 per share, up 5% versus prior year. We believe the structural changes we've made to our business over the past several years have positioned us to successfully and profitably navigate volatile and unpredictable market conditions.

最後，帳面價值增加至每股 60 美元，比上年增長 5%。我們相信，過去幾年來我們對業務進行的結構性變革使我們能夠成功且有利地應對動盪和不可預測的市場狀況。

Let's turn to slide 5 to discuss the market environment in the second quarter and our expectations for the balance of the year. The second quarter unfolded consistent with the expectations we discussed on our last earnings call. We saw high financial market volatility in the early part of the quarter, which adversely impacted origination revenue and margins and increased MSR hedging costs for a brief period.

讓我們翻到第 5 張投影片來討論第二季的市場環境以及我們對今年剩餘時間的預期。第二季的表現與我們上次在財報電話會議上討論的預期一致。本季度初，我們看到金融市場波動劇烈，這對發起收入和利潤產生了不利影響，並在短時間內增加了 MSR 對沖成本。

Despite challenging market conditions, origination volumes were strong and the Mortgage Bankers Association Refinance Application Index was up 43% over prior year. Another M&A transaction was announced with Bayview Purchasing Guild and several economists improved their outlook for the economy versus the end of the first quarter.

儘管市場環境充滿挑戰，但貸款發放量仍然強勁，抵押貸款銀行家協會再融資申請指數比前一年上漲了 43%。另一項與 Bayview Purchasing Guild 的併購交易已宣布，一些經濟學家改善了對第一季末經濟的展望。

Looking ahead, we're expecting continued interest rate volatility and uncertainty. The Mortgage Bankers Association and Fannie Mae estimates for originations volume growth has been lowered to 14% year-over-year, largely due to interest rate expectations and slower home sales.

展望未來，我們預期利率波動和不確定性將持續存在。抵押貸款銀行家協會和房利美對貸款發放量增長的估計已下調至同比增長 14%，這主要是由於利率預期和房屋銷售放緩。

Refinancing opportunity will be tied to interest rates and consumers are likely to refinance at the earliest opportunity. The longer rates stay high, the more likely it is there will be continued industry consolidation. And while the economy has been strong thus far, the longer-term picture is less clear.

再融資機會將與利率掛鉤，消費者可能會儘早進行再融資。利率維持在高點的時間越長，產業持續整合的可能性就越大。儘管迄今為止經濟表現強勁，但長期前景並不明朗。

We believe our balanced business is well positioned for this dynamic market environment, including elevated interest rates and unpredictable periods of market volatility. And as always, we're maintaining agility to find opportunities to create value for shareholders.

我們相信，我們均衡的業務能夠很好地適應這種動態的市場環境，包括高利率和不可預測的市場波動時期。像往常一樣，我們保持敏捷，尋找機會為股東創造價值。

Let's turn to slide 6 for more about our balanced business. We believe our scale in both servicing and originations enables us to perform well with high or low interest rates. As you can see, even with the sharp increase in interest rates from 2021, our total business is delivering improved performance, driven today by our servicing platform.

讓我們翻到第 6 張投影片來了解更多關於我們平衡業務的資訊。我們相信，我們在服務和發起方面的規模使我們能夠在高利率或低利率下表現良好。如您所見，即使從 2021 年開始利率大幅上升，在我們的服務平台的推動下，我們的整體業務仍在實現業績提升。

As in 2021, if interest rates were to materially decline, we believe industry originations volume and margins would typically expand while servicing runoff would increase. In this scenario, we would expect originations to deliver most of our earnings. Given the current outlook for interest rates, we expect servicing will continue to be the predominant earnings contributor for 2025 with industry originations volume projected to increase modestly.

與 2021 年一樣，如果利率大幅下降，我們相信產業發起量和利潤率通常會擴大，而服務流失將會增加。在這種情況下，我們預期發起業務將帶來大部分收益。鑑於當前的利率前景，我們預計服務業務將繼續成為 2025 年的主要獲利貢獻者，產業發起量預計將小幅成長。

Let's turn to slide 7 for more about our growth actions. We're continuing to drive growth in our total servicing portfolio, while executing prudent and opportunistic asset management. We've been steadily increasing our owned MSR portfolio, consistent with our objectives to retain more MSRs to grow book earnings and book value as well as reload our portfolio for recapture opportunity.

讓我們翻到第 7 張投影片來了解有關我們的成長行動的更多資訊。我們將繼續推動整體服務組合的成長，同時執行審慎和機會主義的資產管理。我們一直在穩步增加我們擁有的 MSR 投資組合，這與我們的目標一致，即保留更多的 MSR 來增加帳面收益和帳面價值，並重新加載我們的投資組合以重新獲得機會。

Ending total servicing in the second quarter is up approximately $5 billion or 2% year-over-year, with $36 billion in servicing additions, net of runoff more than offsetting opportunistic asset sales and planned transfers to Rythm.

第二季的期末總服務費用比去年同期增加了約 50 億美元，即 2%，新增服務費用為 360 億美元，扣除流失部分後，超過了機會性資產出售和計劃向 Rythm 轉移的費用。

Dynamic asset management is an integral element of our strategy. And last year, both Onity and MAV took advantage of the robust bulk market to opportunistically sell MSRs above our book value. In the case of the MSRs Onity sold, these were an instrumental component of our corporate debt refinancing strategy.

動態資產管理是我們策略的一個組成部分。去年，Onity 和 MAV 都利用強勁的散貨市場，以高於帳面價值的價格機會性地出售 MSR。就 Onity 出售的 MSR 而言，它們是我們企業債務再融資策略的重要組成部分。

With respect to the assets sold by MAV, we recognized our pro rata share of favorable fair value realization commensurate with the 15% joint venture interest we maintained at that time. I believe our agility and ability to replenish the growth in the portfolio, while executing our asset management actions highlights the power of our origination's capability and success of our growth strategy.

對於MAV出售的資產，我們確認了與我們當時持有的15%合資權益相稱的按比例實現的有利公允價值份額。我相信，我們的靈活性和補充投資組合成長的能力，同時執行我們的資產管理行動，凸顯了我們發起能力的力量和成長策略的成功。

Please turn to slide 8 to discuss originations growth. In the second quarter, our originations team delivered 35% year-over-year growth versus the industry's 23% growth over the same period. Origination drives replenishment and growth in our servicing portfolio through all market cycles, leveraging an enterprise sales approach to deliver our wide range of products, delivery methods and services.

請翻到投影片 8 來討論發起成長。在第二季度，我們的發起團隊實現了年成長 35%，而同期產業成長率為 23%。Origination 在整個市場週期中推動我們服務組合的補充和成長，利用企業銷售方式提供我們廣泛的產品、交付方法和服務。

We have continuously invested in technology and process optimization to enhance the customer experience, reduce cost structure and improve scalability and competitiveness of our platform in both business-to-business and Consumer Direct channels.

我們持續投資於技術和流程優化，以增強客戶體驗、降低成本結構並提高我們平台在企業對企業和消費者直銷管道中的可擴展性和競爭力。

We're launching new and upgraded products and services to expand our addressable market opportunity, provide access to higher-margin market segments and create alternatives for our Consumer Direct platform to maintain operating capacity for surges in refinancing activity.

我們正在推出新的和升級的產品和服務，以擴大我們的潛在市場機會，提供進入更高利潤率細分市場的機會，並為我們的消費者直銷平台創造替代方案，以保持應對再融資活動激增的營運能力。

To highlight how far we've come in originations, the second quarter 2025 funded volume was almost equal to the level we recorded in the second quarter 2021 with a market opportunity that was twice the size of the current market.

為了凸顯我們在發起方面取得的進展，2025 年第二季的融資金額幾乎等於我們在 2021 年第二季記錄的水平，而市場機會是目前市場的兩倍。

Now please turn to slide 9 to discuss the progress we made in our recapture platform. Our Consumer Direct team is continuing to improve our recapture capability to industry top-tier performance levels, while working to ensure we maintain flexibility to address mortgage rate volatility.

現在請翻到投影片 9，討論我們在重新擷取平台方面所取得的進展。我們的消費者直銷團隊正在繼續提高我們的回收能力，以達到行業頂級績效水平，同時努力確保我們保持靈活性以應對抵押貸款利率波動。

As you can see on the left, funded volume in our Consumer Direct platform was up 2.4 times versus the second quarter of 2024 with an interest rate environment that is not much different between the two periods.

正如您在左側看到的，我們的消費者直銷平台的融資量與 2024 年第二季度相比增長了 2.4 倍，而兩個時期的利率環境並沒有太大差別。

Based on our refinance recapture benchmarking for the quarter and the last 12 months, excluding home equity products, we believe our platform is performing better than several of our public non-bank third-party origination-focused peers and the ICE reported average.

根據我們本季和過去 12 個月的再融資回收基準（不包括房屋淨值產品），我們認為我們的平台表現優於幾家專注於發行的非銀行第三方公共同行和 ICE 報告的平均水平。

And for the second quarter, our refinance recapture rate is slightly above all three of our peers. Even more notable, our refinance recapture rate for the past 12 months, where the previous loan was originated by our Consumer Direct channel is 88%.

而第二季度，我們的再融資回收率略高於所有三家同業。更值得注意的是，過去 12 個月，我們的再融資回收率為 88%，其中先前的貸款由我們的消費者直銷管道發放。

This points out the significant upside in recapture as we continue to improve our first-time recapture capability. To that end, we continue to invest in talent, technology, predictive analytics, products and marketing to further improve our capability.

這表明，隨著我們不斷提高首次奪回能力，奪回工作將具有顯著的優勢。為此，我們繼續投資人才、技術、預測分析、產品和行銷，以進一步提高我們的能力。

Let's turn to slide 10 to discuss our servicing platform. We've built a strong servicing platform, and our team is delivering top-tier performance on multiple dimensions. We service or subservice [1.4 million] loans on behalf of more than 3,900 investors and over 120 subservicing clients, including forward, reverse and business purpose residential mortgages.

讓我們翻到第 10 張投影片來討論我們的服務平台。我們建立了強大的服務平台，我們的團隊在多個維度上提供一流的表現。我們為 3,900 多名投資者和 120 多名次級服務客戶提供 [140 萬] 筆貸款服務和次級服務，包括正向、反向和商業用途住宅抵押貸款。

We've been recognized by Fannie Mae, Freddie Mac and HUD for industry-leading servicing performance. And we again compared favorably in the Mortgage Bankers Association 2025 servicing cost study with our fully loaded servicing operating expenses materially lower versus the large non-bank servicer average for performing and nonperforming loans.

我們因行業領先的服務表現而獲得了房利美、房地美和住房和城市發展部的認可。在抵押貸款銀行家協會 2025 年服務成本研究中，我們再次表現出色，我們的全額服務營運費用明顯低於大型非銀行服務機構的正常和不良貸款平均水平。

Our continuous improvement in customer experience is evidenced with high satisfaction ratings from our borrowers and subservicing clients. Most recently, Fitch upgraded all 6 of our residential servicing ratings and Moody's upgraded our second lien servicer rating following their upgrade of all of our forward servicing ratings in 2023.

我們不斷改善客戶體驗，借款人和次級服務客戶的高滿意度評級就是明證。最近，惠譽上調了我們所有 6 項住宅服務評級，而穆迪在 2023 年上調了我們所有遠期服務評級之後，又上調了我們的第二留置權服務商評級。

Fitch noted the upgrades reflect our effective enterprise risk management controls and processes and continuous technology enhancements among other attributes. While we are not the largest servicer in the industry, we deliver top-tier performance for customers and investors, and we are positioned to fiercely compete with anyone regardless of size.

惠譽指出，此次升級反映了我們有效的企業風險管理控制和流程以及持續的技術改進等特點。雖然我們不是業內最大的服務商，但我們為客戶和投資者提供一流的服務，我們有能力與任何規模的企業展開激烈競爭。

Let's turn to slide 11 to discuss our technology strategy. We've been investing across four categories of AI, robotics, natural language processing, vision and machine learning to improve business performance and competitiveness on several dimensions.

讓我們翻到第 11 張投影片來討論我們的技術策略。我們一直在人工智慧、機器人、自然語言處理、視覺和機器學習四大領域進行投資，以從多個維度提高業務績效和競爭力。

Our technology journey began almost seven years ago with the replacement of our core business systems and transition of our infrastructure to a cloud-based environment to create a solid, stable foundation for continued development.

我們的技術之旅始於大約七年前，當時我們更換了核心業務系統，並將基礎設施過渡到基於雲端的環境，為持續發展奠定了堅實、穩定的基礎。

We've cultivated our own robotic process automation center of excellence and technology innovation lab, which supports projects of increasing size and complexity focused on four desired outcomes, drive cost leadership, accelerate revenue growth, maximize customer retention and deliver superior operating performance.

我們已經建立了自己的機器人流程自動化卓越中心和技術創新實驗室，支援規模和複雜性不斷增加的項目，重點關註四個期望結果：推動成本領先、加速收入成長、最大限度地保留客戶並提供卓越的營運績效。

I'm proud of what the team has accomplished through focused and purposeful investment to enable a highly competitive servicing and origination platform, top-tier refinance recapture performance and an improved customer experience. We continue to utilize this 4-by-4 approach to technology development and innovation to ensure our investments are aligned with delivering outcomes that matter most to our stakeholders.

我為團隊透過專注和有目的的投資所取得的成就感到自豪，這些投資實現了極具競爭力的服務和發起平台、一流的再融資回收業績和改善的客戶體驗。我們將繼續採用這種 4x4 方法進行技術開發和創新，以確保我們的投資與為利害關係人提供最重要的成果相一致。

Let's turn to slide 12 to see what we've accomplished and where we are taking our technology program. We believe our AI investments have delivered meaningful process performance improvements, creating value for all Onity stakeholders.

讓我們翻到第 12 張投影片來看看我們取得了哪些成就以及我們的技術計畫將走向何方。我們相信，我們的人工智慧投資已經帶來了有意義的流程效能改進，為所有 Onity 利害關係人創造了價值。

Robotic process automation, optical character recognition and neural network-based data extraction have been deployed in over 190 processes, completing the work of roughly 400 people, saving approximately 57,000 hours per month of manual efforts year-to-date.

機器人流程自動化、光學字元辨識和基於神經網路的資料擷取已部署在 190 多個流程中，完成了大約 400 人的工作，年初至今每月節省了大約 57,000 小時的人工。

We are leveraging machine learning and predictive analytics to predict borrower behavior, which helps us maximize retention and collections outcomes. And 88% of our customer inquiries this year have been resolved through our digital interface channels supported by natural language processing and Gen AI.

我們利用機器學習和預測分析來預測借款人的行為，這有助於我們最大限度地提高保留和收款結果。今年，我們 88% 的客戶諮詢都是透過自然語言處理和 Gen AI 支援的數位介面管道解決的。

Our vision for the future of AI in our business is to integrate robotics, large language models and machine learning across all operations to eliminate inefficiencies, reduce cost and elevate accuracy.

我們對業務中人工智慧未來的願景是將機器人技術、大型語言模型和機器學習融入所有營運中，以消除低效率、降低成本並提高準確性。

Transforming every process with data-enabled intelligence and unifying operations under a single AI-driven framework, where every process is optimized, every decision is data informed and every outcome is superior. The opportunity here is exciting and the potential impact is incredibly powerful.

利用數據支援的智慧轉變每個流程，並在單一人工智慧驅動的框架下統一操作，其中每個流程都得到優化，每個決策都基於數據，每個結果都是卓越的。這裡的機會令人興奮，其潛在影響也極為強大。

Now I'll turn it over to Sean to discuss our results for the quarter in more detail.

現在我將把時間交給肖恩來更詳細地討論我們本季的業績。

Thanks, Glen. Please turn to slide 13 for a recap of our net income. 2025 continues to be a strong year for us, and you can see that with net income up 2 times year-over-year and GAAP return on equity of over 17% for the second quarter.

謝謝，格倫。請翻到投影片 13 查看我們淨收入的回顧。 2025 年對我們來說仍然是強勁的一年，您可以看到，第二季的淨收入年增 2 倍，GAAP 股本回報率超過 17%。

Our adjusted return on equity was 14%, and we'll discuss that on the following slide. Our ability to deliver steady net income added approximately $3 to book value per share year-over-year. This quarter, we continued to add scale to our servicing platform and grew our originations business in an uncertain interest rate and geopolitical environment.

我們的調整後股本回報率為 14%，我們將在下一張投影片中討論這一點。我們能夠提供穩定的淨收入，這使得每股帳面價值比去年同期增加約 3 美元。本季度，我們繼續擴大服務平台規模，並在不確定的利率和地緣政治環境中發展我們的發起業務。

Please turn to slide 14 for a historical trend of our adjusted pre-tax income, which is positive for the 11th straight quarter. We posted a good second quarter for adjusted PTI. However, it was lower than the second quarter of '24 due to several factors.

請翻到投影片 14 查看我們調整後的稅前收入的歷史趨勢，該趨勢連續第 11 季為正。我們第二季的調整後 PTI 表現良好。然而，由於多種因素，這一數字低於24年第二季。

First, we added about $7 million of pre-tax income from both growth in owned MSRs and from lower debt interest expense resulting from our 2024 debt restructuring. Offsetting those gains was the absence of a 15% equity return on MAV, April volatility impairing originations margins and a fair value mark on reverse servicing assets.

首先，我們增加了約 700 萬美元的稅前收入，這既來自自有 MSR 的成長，也來自 2024 年債務重組導致的債務利息支出降低。抵銷這些收益的因素包括 MAV 未能實現 15% 的股權回報率、4 月份波動損害了發起利潤率以及反向服務資產的公允價值標記。

Finally, MSR runoff was higher than a year ago, partially due to higher prepayment speeds. This component of runoff was approximately $8 million higher than a year ago. The year-to-date adjusted ROE is 17.9% at the upper end of our 2025 guidance. We continue to maintain our adjusted ROE guidance at 16% to 18% for full year '25.

最後，MSR 的流失量高於一年前，部分原因是預付速度加快。這部分徑流比一年前高出約 800 萬美元。年初至今的調整後 ROE 為 17.9%，處於我們 2025 年預期的上限。我們繼續維持 25 年全年調整後的 ROE 預期在 16% 至 18% 之間。

As discussed, GAAP ROE was 17%, and the appendix has a walk from net income to adjusted PTI to help you understand the differences.

如上所述，GAAP ROE 為 17%，附錄中列出了從淨收入到調整後 PTI 的走勢，以幫助您理解差異。

Now let's turn to slide 15 for the pre-tax income results on our Origination segment. Originations adjusted PTI was slightly lower year-over-year, driven primarily by the interest rate volatility we experienced in April that impacted our originations profitability by over $4 million.

現在讓我們翻到第 15 張投影片，查看我們的 Origination 部門的稅前收入結果。發起調整後的 PTI 年比略有下降，主要原因是我們 4 月經歷的利率波動對我們的發起獲利能力產生了超過 400 萬美元的影響。

Consumer Direct continued another strong quarter of recapture results. This quarter, our recapture rate outpaced our closest peers. We also saw higher loss volume versus last year and continued strong performance in the improved closed-end second product that we launched in the first quarter.

消費者直銷公司又延續了強勁的季度業績。本季度，我們的回收率超過了最接近的同業。與去年相比，我們的虧損額也有所增加，但第一季推出的改良封閉式第二款產品持續表現強勁。

Reverse Orig maintained profitability amid an uncertain interest rate environment, where higher rates for an extended period have limited the amount of benefit a reverse borrower can realize on a new loan. Overall, we're pleased with the performance of our Originations business. We continue to operate profitably in a variety of rate environments.

在利率不確定的環境下，Reverse Orig 仍保持獲利，長期較高的利率限制了反向借款人從新貸款中可以獲得的收益。總體而言，我們對我們的起源業務的表現感到滿意。我們在各種利率環境下繼續獲利營運。

Slide 16 gives you the volume and margin review of the Originations segment. The left side shows improved volumes for the Consumer Direct and B2B origination channels on a sequential quarter and year-over-year basis with flat to declining margins. Reverse experienced lower volume on lower margins but was still able to deliver a profitable quarter.

投影片 16 為您提供了起源部分的交易量和利潤回顧。左側顯示消費者直銷和 B2B 發起通路的銷量按季度和按年均有所提高，但利潤率持平或下降。Reverse 的銷量和利潤率均有所下降，但本季仍實現了盈利。

Consumer Direct's recapture was helped both by better data analytics and improved processes to better connect loan officers with borrowers interested in refinancing. The graphs on the right show the extreme impact that market volatility had in the month of April, where pronounced dip in margins in the various channels drove a $4 million revenue impact in that month alone. Absent the extreme market volatility, originations would likely have posted a growth quarter versus a slight decline.

更好的數據分析和改進的流程有助於消費者直銷公司重新獲得收益，從而更好地將貸款人員與有興趣再融資的借款人聯繫起來。右側的圖表顯示了 4 月份市場波動造成的極大影響，光是 4 月份，各個通路的利潤率大幅下降就對收入造成了 400 萬美元的影響。如果沒有極端的市場波動，貸款發放量本季可能會成長，而不是小幅下降。

Please turn to slide 17 for the Servicing segment performance. Our Servicing segment remained a solid contributor to adjusted pre-tax income with $31 million for the quarter. Forward servicing experienced a growth in average UPB with higher revenue both sequentially and year-over-year. The revenue lift from servicing growth was offset by higher runoff in Q2, driven by more owned MSR and higher prepay fees.

請翻到投影片 17 了解服務部門的表現。我們的服務部門仍然是本季調整後稅前收入的堅實貢獻者，達到 3,100 萬美元。遠期服務的平均 UPB 有所增長，收入環比和同比均有所增加。由於自有 MSR 增加和預付費用增加，第二季的服務收入增加被更高的流失所抵消。

While reverse servicing pre-tax income declined in the quarter, primarily driven by the negative valuation adjustments on reverse buyout loans, the reverse channel continues to help us in a number of ways. It delivers scale to our servicing platform.

雖然本季反向服務稅前收入有所下降，主要原因是反向收購貸款的負面估值調整，但反向管道繼續在許多方面為我們提供幫助。它為我們的服務平台提供了規模。

It typically provides a cost-effective hedge to forward MSR. It adds to the breadth of our product suite, which helps attract and retain corresponding clients. It provides us with operational expertise to acquire assets that generate significant liquidity on subsequent securitizations on our [OLED] shelf. And as a reminder, reverse servicing has been profitable 12 of the 13 quarters prior to this quarter.

它通常為轉發 MSR 提供​​一種具有成本效益的對沖方式。它擴大了我們產品套件的廣度，有助於吸引和留住相應的客戶。它為我們提供了營運專業知識，以收購那些在我們 [OLED] 貨架上的後續證券化中產生大量流動性的資產。需要提醒的是，在本季之前的 13 個季度中，逆向服務有 12 個季度實現了盈利。

With respect to delinquency, our owned MSR portfolio exhibited improved delinquency stats in the second quarter, both sequentially and year-over-year. There's an MSR valuation page in the appendix on page 25 with more details. Finally, we continue to pursue new subservicing clients and anticipate subservicing additions over the next four quarters.

就拖欠率而言，我們擁有的 MSR 投資組合在第二季度的拖欠率統計數據環比和同比均有所改善。在第 25 頁的附錄中有一個 MSR 估值頁面，其中有更多詳細資訊。最後，我們將繼續尋找新的次級服務客戶，並預計在未來四個季度內增加次級服務。

Please turn to slide 18 for an assessment of our improved hedging performance. Our MSR hedge strategy continues to perform well and as intended. Our strategy is designed to mitigate interest rate risk, and our hedge has been effective in minimizing the impact of interest rates on our MSR valuation, as you can see in the graph.

請翻到第 18 張投影片來評估我們改進的對沖表現。我們的 MSR 對沖策略持續表現良好並符合預期。我們的策略旨在降低利率風險，我們的對沖有效地將利率對 MSR 估值的影響降至最低，正如您在圖表中所看到的那樣。

Over the last two-plus years, we have increased our hedge coverage ratio such that by the end of 2023, we were seeking to hedge the majority of our interest rate risk. When we compare our results with information in the public domain, we believe we provide an effective MSR hedge at a relatively efficient cost versus our peers, who hedge a significant portion of their book.

在過去兩年多的時間裡，我們提高了對沖覆蓋率，到 2023 年底，我們力求對沖大部分利率風險。當我們將我們的結果與公共領域的資訊進行比較時，我們相信，與對沖了其帳面很大一部分的同行相比，我們以相對高效的成本提供了有效的 MSR 對沖。

Given that an MSR hedge is dependent on interest rate markets and related derivative markets, we frequently review and assess our hedge strategy to manage risk and optimize liquidity and returns. As such, we adjusted our hedge target to 80% to 100% range following the April market volatility, and we were pleased with the quarterly results. We will continue to assess our hedge strategy going forward as we have done in the past.

鑑於 MSR 對沖依賴利率市場和相關衍生性商品市場，我們經常審查和評估我們的對沖策略，以管理風險並優化流動性和回報。因此，在 4 月市場波動之後，我們將對沖目標調整為 80% 至 100% 的範圍，我們對季度業績感到滿意。我們將一如既往地繼續評估我們的對沖策略。

On slide 19, we continue to confirm our guidance for 2025. Our financial objectives remain unchanged. And following another strong GAAP net income quarter, we are maintaining the guidance we provided for '25, details are shown here.

在第 19 張投影片上，我們繼續確認 2025 年的指導。我們的財務目標維持不變。在又一個強勁的 GAAP 淨收入季度之後，我們維持了 25 年提供的指導，詳情請見此處。

Note that our adjusted ROE guidance is not dependent on the release of some or all of the valuation allowance that offsets our deferred tax asset but is rather driven by our view of the strength of our operating businesses. Overall, I'm pleased to report another good quarter that grew book value per share and delivered a continued strong return on equity for our shareholders.

請注意，我們調整後的 ROE 指引並不取決於抵銷遞延稅項資產的部分或全部估值準備金的釋放，而是由我們對經營業務實力的看法決定的。總體而言，我很高興地報告本季又取得了良好的業績，每股帳面價值有所增長，並為股東帶來了持續強勁的股本回報率。

Back to you, Glen.

回到你身邊，格倫。

Thanks, Sean. Let's turn to slide 20 for a few comments before we open the call for questions. For the second quarter, we delivered sustained robust net income and book value growth, demonstrating our sound strategy and high-caliber execution.

謝謝，肖恩。在我們開始提問之前，讓我們翻到第 20 張投影片來聽聽大家的一些評論。第二季度，我們的淨收入和帳面價值持續強勁成長，證明了我們合理的策略和高效的執行力。

Our balanced business is delivering steady results across origination and servicing amid market volatility. And we're reaffirming our annual adjusted ROE guidance, underscoring our commitment to strong shareholder returns.

在市場波動的情況下，我們均衡的業務在發起和服務方面提供了穩定的表現。我們重申年度調整後的 ROE 指引，強調我們對強勁股東回報的承諾。

We believe the changes we've made to our business over the past several years has positioned us to successfully and profitably navigate volatile and unpredictable market conditions. Our execution is driven by our experienced business team, who are relentlessly focused on delivering on our commitments and providing excellent service to our customers.

我們相信，過去幾年來我們對業務所做的改變使我們能夠成功且有利地應對動盪和不可預測的市場狀況。我們的執行由經驗豐富的業務團隊推動，他們堅持不懈地致力於兌現我們的承諾並為客戶提供優質的服務。

All of this comes together to suggest a share price that we believe has significant upside, and we intend to continue to take the necessary actions and maintain agility in a dynamic market to harvest that value for the benefit of all shareholders. Overall, we could not be more optimistic about the potential for our business.

所有這些因素綜合起來表明，我們認為股價具有顯著的上漲空間，我們打算繼續採取必要的行動，在動態市場中保持靈活性，以獲取這一價值，造福所有股東。總體而言，我們對我們的業務潛力非常樂觀。

With that, Emma, let's open up the call for questions.

艾瑪，讓我們開始提問吧。

(Operator Instructions) Bose George, KBW.

（操作員指示）Bose George，KBW。

Hey, guys. Good morning. Actually, first, just one on expenses. There was a dip in the professional services line item quarter-over-quarter. Can you remind us, was there something unusual last quarter? And are the expenses this quarter fairly normalized?

嘿，大家好。早安.實際上，首先，我們只討論費用。專業服務項目較上季下降。您能提醒我們一下，上個季度是否發生了一些不尋常的事情？本季的支出是否比較正常？

Good morning, Bose. Sean, do you want to take that?

早上好，Bose。肖恩，你想接受這個嗎？

Sure. Bose, the professional expenses can vary occasionally based on either setting up financing structures, where we're paying legal fees or other litigation activities that could either wax or wane. There's nothing particularly significant, I think, in the change that you're looking at.

當然。Bose，專業費用偶爾會有所不同，這取決於建立融資結構、支付法律費用或其他訴訟活動，這些活動可能會增加或減少。我認為，您所看到的變化並沒有什麼特別重大的意義。

Yeah, okay, great, thanks. And then actually, just a couple on the deferred tax asset. Can you just walk through the variables that determine whether all of it comes back or some of it comes back?

是的，好的，太好了，謝謝。實際上，關於遞延稅務資產只有幾點。能否簡單介紹一下決定全部恢復還是部分恢復的變數？

And then from a credit counterparty standpoint, your capital obviously increases. Do counterparties see your capital levels as being improved once that deferred tax asset increases your equity? Or do they look through that?

然後從信用交易對手的角度來看，您的資本顯然增加了。一旦遞延稅項資產增加了您的權益，交易對手是否會認為您的資本水準得到了提高？或者他們看透了這一點？

Sure. I'll do it in reverse order. Basically, as the deferred tax asset flows through and hits the equity, as you just described, that's the normalized view of any corporation. And so, we expect that most counterparties will view that as an improvement in total equity or book value.

當然。我將按相反的順序進行。基本上，正如您剛才所描述的，隨著遞延稅項資產流入並影響股權，這是任何公司的正常化觀點。因此，我們預期大多數交易對手會將其視為總權益或帳面價值的提高。

With respect to the various components that we have to assess before we make a decision on the degree of the valuation allowance that is lifted, the simplest thing to do is look at the various deferred tax asset lines that sit in our K. We only update it once a year. So the 2024 K has all the DTA components.

對於我們在決定取消的估值準備金程度之前必須評估的各個組成部分，最簡單的做法是查看 K 中的各種遞延稅項資產行。我們每年只更新一次。因此 2024 K 擁有所有 DTA 組件。

And there, you can see the various aspects that we have to do analytics on as part of a tax planning process. So I can't really go into the details of each line item. The simple ones are the federal and the state tax NOLs. Those are pretty static and unremarkable. And then the other line items are where the variation can occur.

在那裡，您可以看到我們在稅務規劃過程中必須進行分析的各個方面。因此我無法真正深入介紹每個項目的細節。簡單的是聯邦稅和州稅 NOL。這些都是相當靜態且不起眼的。然後其他項目就是可能會改變的地方。

Okay. Actually, just one more on the DTA. Do they expire or are most of them sort of indefinite?

好的。實際上，關於 DTA 只剩下一個了。它們會過期嗎？還是大多數都是無限期的？

The bulk of our federal NOLs are indefinite. They're post -- end of 2017 when the last tax law changed the timing of NOLs. Some of the state NOLs will expire over time. They're also used on a FIFO basis. So we typically anticipate we can use those prior to any expiration.

我們的聯邦 NOL 大多是無限期的。它們是在 2017 年底之後，當時最新的稅法改變了 NOL 的時間。一些州的 NOL 將會隨著時間的推移而失效。它們也是按照先進先出 (FIFO) 的原則使用的。因此，我們通常預計我們可以在任何到期之前使用它們。

(Operator Instructions) Randy Binner, B. Riley Securities.

（操作員指示） Randy Binner，B. Riley Securities。

Hi. Thank you for taking the question. This is Tim D'Agostino on for Randy Binner. On M&A, we think of deal as more origination focused. Do you have a view on M&A activity in servicing? Thank you.

你好。感謝您回答這個問題。這是 Tim D'Agostino 代替 Randy Binner 上場的。對於併購，我們認為交易更注重起源。您對服務業的併購活動有何看法？謝謝。

Hey, Tim. So yeah, look, I do think if you look over the past two years, maybe three years, there's been somewhat of a balance in M&A activity between some servicing platforms that have gone up for sale where people have essentially purchased them for scale and just adding either MSRs or subservicing UPB.

嘿，提姆。所以，是的，我確實認為，如果你回顧過去兩年或三年，你會發現，在一些待售的服務平台（人們主要是為了擴大規模而購買它們）和僅僅添加 MSR 或為 UPB 提供次級服務平台之間的併購活動之間存在某種平衡。

But I think as we know, as the higher interest rates stay for longer, does put pressure on origination-focused shops, and we would expect to see some consolidation there. Look, in terms of whether or not there will be continued M&A in the servicing sector is really going to be a function of the supply-demand for servicing in the marketplace and to the extent that the bulk markets continue to be robust with a large influx of MSRs at reasonable prices.

但我認為，正如我們所知，隨著高利率持續更長時間，確實會給以發起為重點的商店帶來壓力，我們預計會看到一些整合。看起來，就服務業是否會繼續進行併購而言，實際上將取決於市場上對服務的供需，以及大宗市場是否繼續保持強勁，以及大量 MSR 以合理的價格湧入。

I think people who are looking to continue to grow servicing scale would look to the bulk market. To the extent that volume diminishes, then I think you may be able to see -- and demand is still high for MSRs and our servicing assets, you'll continue to see some level of M&A activity on the servicing side. But it's a trade-off between do you do M&A or do you go to the bulk market fundamentally. That really is what I think people are looking at in the industry.

我認為那些希望繼續擴大服務規模的人會關注批量市場。在交易量減少的範圍內，我認為您可能會看到 - 而且對 MSR 和我們的服務資產的需求仍然很高，您將繼續看到服務方面的一定程度的併購活動。但從根本上來說，這是一個進行併購還是進入大宗市場之間的權衡。我認為這確實是業內人士所關注的問題。

(Operator Instructions) It appears there are no further questions at this time. I will now turn the program back over to Glen for closing remarks.

（操作員指示）目前似乎沒有其他問題。現在我將節目交還給格倫，請他作結束語。

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

謝謝，艾瑪。我還要感謝我們的股東和主要業務夥伴對我們業務的支持。我還要感謝並讚揚董事會和全球業務團隊為我們的成功所做的努力和承諾。我期待在下一季的收益電話會議上向大家通報我們的進度。謝謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。