PennyMac Mortgage Investment Trust (PMT) 2026 Q2 法說會逐字稿

Thank you. Good afternoon, and welcome to PennyMac Mortgage Investment Trust's second quarter 2026 earnings call. (Operator Instructions) Additional earnings materials, including the presentation slides that will be referred to in the call, as well as an excel file with supplemental information, are available on the PennyMac Mortgage Investment Trust website at pmt.pennymac.com.

謝謝。下午好，歡迎參加 PennyMac Mortgage Investment Trust 2026 年第二季財報電話會議。(接線員指示) 其他財報資料（包括本次會議將引用的簡報投影片），以及含補充資訊的 Excel 檔案，可於 PennyMac Mortgage Investment Trust 官網 pmt.pennymac.com 取得。

Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on slide 2 of the earnings presentation that could cause the company's actual results to differ materially, as well as non-GAAP measures that have been reconciled to their GAAP equivalent in their earnings materials.

在開始之前，提醒各位，本次電話會議可能包含前瞻性陳述，相關風險已於財報簡報第 2 頁載明，可能導致公司實際結果與陳述存在重大差異；此外亦可能包含非 GAAP 指標，並已在財報資料中與其 GAAP 對應項目進行調節。

Now I'd like to introduce David Spector, PennyMac Mortgage Investment Trust Chairman and Chief Executive Officer; and Dan Perotti, PennyMac Mortgage Investment Trust Chief Financial Officer. Please go ahead.

現在我想介紹 David Spector，PennyMac Mortgage Investment Trust 董事長兼執行長；以及 Dan Perotti，PennyMac Mortgage Investment Trust 財務長。請開始。

Thank you, operator. Good afternoon and thank you to everyone for participating in our second quarter 2026 earnings call. Starting on slide 3. PMT's second quarter net income was $20 million, or $0.23 per diluted common share, representing a 6% annualized return on common equity.

謝謝接線員。下午好，感謝各位參與我們 2026 年第二季財報電話會議。從第 3 頁開始。PMT 第二季淨利為 2,000 萬美元，或每股稀釋普通股 0.23 美元，代表普通股權益年化報酬率為 6%。

These results were impacted by a lower contribution from our credit-sensitive strategies, driven primarily by market-driven value declines as well as lower contributions from our aggregation and securitization strategies, primarily due to lower volumes.

本季結果受到我們信用敏感型策略貢獻下降的影響，主要係市場驅動的價值下跌所致；同時，我們的整合與證券化策略貢獻亦下降，主要因交易量較低。

These impacts were partially offset by improved results in our interest rate-sensitive strategies. PMT paid a quarterly dividend of $0.40 per share, and book value per share at June 30, was $14.83, down 1% from the end of the prior quarter.

上述影響部分被我們利率敏感型策略表現改善所抵銷。PMT 每股發放季度股利 0.40 美元；截至 6 月 30 日每股帳面價值為 14.83 美元，較前一季季末下降 1%。

Turning to slide 4. During the second quarter, PMT acquired $2.6 billion in UPB of loans through correspondent production activities, for which PMT pays fulfillment fees to PFSI. This number was down 8% from the prior quarter and 17% from the second quarter of 2025. PMT also acquired $2.2 billion in UPB of loans from PFSI production for inclusion in private label securitizations, up 44% from the prior quarter and 123% from the second quarter of 2025. In total, during the second quarter, PMT acquired $4.8 billion in UPB of loans.

接著看第 4 頁。第二季期間，PMT 透過通路（correspondent）生產活動取得貸款未償本金（UPB）26 億美元；就此，PMT 向 PFSI 支付履約（fulfillment）費用。該數字較前一季下降 8%，較 2025 年第二季下降 17%。PMT 亦自 PFSI 生產取得貸款未償本金（UPB）22 億美元，以納入私募標籤（private label）證券化；較前一季增加 44%，較 2025 年第二季增加 123%。合計而言，第二季 PMT 取得貸款未償本金（UPB）48 億美元。

Beginning in June, PMT elected to stop acquiring Agency-eligible, conventional conforming loans through correspondent production, but will continue acquiring 100% of all non-Agency loan volume. This strategic decision allows us to optimize our capital allocation by pivoting away from MSR investments, which have faced return headwinds in recent periods, and accelerating the redeployment of our capital into higher-yielding, credit-sensitive investments created from our private label securitization program.

自 6 月起，PMT 選擇停止透過通路生產取得符合機構（Agency）資格的傳統型、符合規格（conforming）貸款，但將持續取得所有非機構（non-Agency）貸款量的 100%。此一策略決策使我們得以最佳化資本配置：轉離近期香港面臨報酬逆風的 MSR 投資，並加速將資本重新部署至由我們私募標籤證券化計畫所創造、收益率更高的信用敏感型投資。

Consistent with this objective, I am pleased to announce that after quarter-end, we entered into an agreement to sell $13 billion in UPB of low-coupon Agency MSRs, with a close expected at the end of August. Slide 5 highlights the continued success of our organic investment creation engine. During the quarter, we completed six private label securitizations totaling $2.2 billion in UPB.

為達成此目標，我很高興宣布在季後我們已簽署協議，出售票息較低的機構（Agency）MSR，對應貸款未償本金（UPB）130 億美元，預計於 8 月底完成交割。第 5 頁突顯我們有機投資創造引擎持續成功。本季我們完成 6 筆私募標籤證券化，合計貸款未償本金（UPB）22 億美元。

This activity resulted in the retention of $120 million of new subordinate bond investments in the credit-sensitive strategies. We also generated $31 million of new MSR investments. Our momentum has continued after quarter-end with two additional securitizations completed totaling $692 million in UPB, and we remain on pace to complete approximately 30 securitizations in 2026.

此活動使我們在信用敏感型策略中保留了 1.2 億美元的新次順位債券投資。我們亦新增 3,100 萬美元的 MSR 投資。季後動能持續，我們又完成另外 2 筆證券化，合計貸款未償本金（UPB）6.92 億美元；我們仍按計畫在 2026 年完成約 30 筆證券化。

In total, through 2026, we expect we will have added more than $600 million of retained investments, building a substantial foundation of investments with returns on equity in the low- to mid-teens to support future earnings.

總體而言，至 2026 年止，我們預期將新增超過 6 億美元的保留投資，建立具規模的投資基礎，其股東權益報酬率落在低至中十位數（low- to mid-teens），以支撐未來獲利。

On slide 6, we provided a snapshot of high-quality investments we are creating through our private label securitization program. At quarter-end, the fair value of retained bonds from this program totaled $936 million. 63% of this portfolio is comprised of bonds from nonowner-occupied loan securitizations, 21% is comprised of bonds from jumbo loan securitizations, with the remainder from Agency-eligible owner-occupied loan securitizations.

在第 6 頁，我們提供了透過私募標籤證券化計畫所創造之高品質投資概覽。截至季末，該計畫所保留債券的公允價值合計為 9.36 億美元。其中 63% 由非自住（nonowner-occupied）貸款證券化之債券構成，21% 由巨額（jumbo）貸款證券化之債券構成，其餘則來自符合機構（Agency）資格之自住（owner-occupied）貸款證券化。

As you can see, these investments feature exceptional credit characteristics, including a weighted average FICO at origination of 774, a weighted average LTV at origination of 72 and negligible delinquencies. The credit quality of these organically created assets underscores our ability to produce attractive, high-yielding investments in the current market.

如各位所見，這些投資具備卓越的信用特徵，包括：起貸時加權平均 FICO 為 774、起貸時加權平均 LTV 為 72，且逾期情形可忽略不計。這些有機創造資產的信用品質，凸顯我們在當前市場中產出具吸引力、高收益投資的能力。

On slide 7, approximately half of PMT shareholders' equity remains deployed to longstanding investments in MSRs, and 13% is comprised of our unique GSE credit risk transfer investments. Mortgage servicing rights provide stable cash flows from a portfolio with a low weighted average coupon of 3.9%. And our organically created GSE CRT investments consist of seasoned loans with a weighted average current loan-to-value of 45%.

在第 7 頁，PMT 股東權益約有一半仍配置於長期持有的 MSR 投資，另有 13% 由我們獨特的 GSE 信用風險移轉（CRT）投資構成。房貸服務權（MSR）可自加權平均票息較低（3.9%）的投資組合提供穩定現金流。而我們有機創造的 GSE CRT 投資由已具一定存續期（seasoned）的貸款構成，其加權平均目前貸款價值比（current loan-to-value）為 45%。

Turning to slide 8. While our diversified portfolio is constructed of investments with strong underlying fundamentals, we acknowledge our earnings, excluding market-driven value changes, have been below our dividend level for the past several quarters. As you can see, we are showing an average run rate return of $0.33 per quarter for the next year, up from the $0.31 projection in the prior quarter. In the credit-sensitive strategies, return dynamics are similar to the prior quarter.

接著看第 8 頁。雖然我們的多元化投資組合係由基本面強勁的投資所構成，但我們也承認，排除市場驅動的價值變動後，我們的獲利在過去數季低於股利水準。如各位所見，我們預估未來一年平均每季的常態化報酬（run rate）為 0.33 美元，高於前一季預估的 0.31 美元。在信用敏感型策略方面，報酬動態與前一季相近。

The improvement of the overall run rate versus the prior quarter is driven by reallocation of equity to subordinate bond investments and higher expected returns of our MSR assets in a higher rate environment. As is our standard practice, we continue to monitor our portfolio mix and allocate capital towards investments with the most attractive return potential.

整體常態化報酬較前一季改善，主要來自將權益重新配置至次順位債券投資，以及在較高利率環境下我們 MSR 資產的預期報酬提高。依我們一貫作法，我們將持續監控投資組合配置，並將資本投入至具最具吸引力報酬潛力的投資。

Our momentum in organic investment creation remains strong, and we have successfully positioned PMT as a leader in the private label securitization market. Given the success of our securitization program, we are shifting our equity allocation towards creative credit-sensitive strategies, and I am confident this realignment of our balance sheet will bolster PMT's return profile to deliver attractive total returns over the long term.

我們在有機投資創造方面的動能依然強勁，並已成功將 PMT 定位為私募標籤證券化市場的領導者。鑑於我們證券化計畫的成功，我們正將權益配置轉向創造型的信用敏感型策略；我有信心，這項資產負債表的重新調整將強化 PMT 的報酬輪廓，並在長期提供具吸引力的總報酬。

Now I'll turn it over to Dan to review the second quarter financial performance.

接下來我把時間交給 Dan，請他回顧第二季的財務表現。

Thank you, David. Net income to common shareholders was $20 million, or $0.23 per diluted common share in the second quarter, or a 6% annualized return on equity to common shareholders. Our credit-sensitive strategies contributed $11 million to pre-tax income, generating an annualized return on equity of 11%.

謝謝你，David。第二季歸屬普通股股東的淨利為 2,000 萬美元，或每股稀釋普通股 0.23 美元，相當於普通股股東權益年化報酬率 6%。我們的信用敏感型策略對稅前收益貢獻 1,100 萬美元，產生 11% 的年化股東權益報酬率。

The contribution to pre-tax income from organically created CRT investments was $6 million, which included $7 million of realized gains in carry and $1 million of market-driven value declines. Investments in subordinate MBS from our private label securitizations generated gains of $5 million, down from $6 million in the prior quarter, primarily due to lower valuation-related gains.

有機創造的 CRT 投資對稅前收益的貢獻為 600 萬美元，其中包含 700 萬美元的持有收益（carry）已實現收益，以及 100 萬美元的市場驅動價值下跌。我們私募標籤證券化所產生之次順位 MBS 投資帶來 500 萬美元收益，低於前一季的 600 萬美元，主要因估值相關收益較低。

The interest rate-sensitive strategies contributed pre-tax income of $9 million for an annualized ROE of 3%. Income excluding market-driven value changes for this segment was $20 million, up from $11 million in the prior quarter, as decreased prepayment speeds during the quarter, particularly on higher note rate MSRs, drove slower runoff of our MSR asset. During the quarter, we purchased $486 million of Agency floating-rate MBS, and the fair value of our MBS portfolio increased to $4.1 billion at June 30, up from $3.8 billion at March 31.

對利率敏感的策略貢獻了稅前收入900萬美元，年化ROE為3%。本分部剔除市場驅動的價值變動後之收入為2,000萬美元，高於前一季的1,100萬美元，原因是本季提前還款速度下降，特別是在票面利率較高的MSR上，帶動我們MSR資產的攤銷／流失速度放緩。本季我們買入了4.86億美元的機構浮動利率MBS，而我們MBS投資組合的公允價值於6月30日增至41億美元，高於3月31日的38億美元。

Regarding market-driven fair value changes, our hedging activities during the quarter effectively mitigated our interest rate risk exposure, as the $18 million MSR fair value increase was offset by $18 million of net declines in fair value of MBS and interest rate hedges, including the related tax benefits. The Aggregation and Securitization segment reported pre-tax income of $11 million, down from $16 million in the prior quarter.

就市場驅動的公允價值變動而言，我們本季的避險活動有效降低了利率風險曝險，因為MSR公允價值增加1,800萬美元，被MBS及利率避險工具公允價值合計淨下降1,800萬美元（含相關稅務利益）所抵銷。聚合與證券化（Aggregation and Securitization）分部稅前收入為1,100萬美元，低於前一季的1,600萬美元。

Net gains on loans acquired for sale declined by approximately $8 million from the prior quarter, primarily due to lower volumes. In total, PMT reported $32 million of net income across its strategies, excluding market-driven value changes, up from $28 million in the prior quarter, primarily due to an increased contribution from the interest rate-sensitive strategies. I want to address our dividend in the context of our current results and the updated run-rate return potential.

出售而取得之貸款的淨收益較前一季減少約800萬美元，主要由於量能較低。整體而言，PMT在其各項策略中（剔除市場驅動的價值變動）淨利為3,200萬美元，高於前一季的2,800萬美元，主要因對利率敏感策略的貢獻增加。我想在目前業績表現與更新後的常態化報酬潛力（run-rate return potential）的脈絡下，談談我們的股利。

While projections for income excluding market-driven value changes remain below the dividend level, it is important to note that we expect to maintain the common share dividend at $0.40 per share. This is supported by our taxable income, which we expect to be sufficient to fully cover the dividend at its current level in coming periods.

雖然剔除市場驅動價值變動後的收入預估仍低於股利水準，但重要的是，我們預期將維持普通股股利每股0.40美元。此一水準有我們的應稅所得支持；我們預期未來期間的應稅所得將足以在目前水準下完全覆蓋股利。

Turning to slide 12, we highlight the flexible and sophisticated financing structures PMT has in place to support its diversified portfolio of investments. And finally, on slide 13, we continue to believe that debt-to-equity excluding non-recourse debt is the best metric for measuring our core leverage. That ratio increased to 6.2 times at quarter-end from 5.6 times at the prior quarter-end due to growth in loans held for sale and remains in line with our expected levels.

接著看第12頁投影片，我們重點說明PMT已建立具彈性且精密的融資架構，以支持其多元化的投資組合。最後，在第13頁投影片，我們仍認為，剔除無追索權負債後的負債對股東權益比（debt-to-equity）是衡量核心槓桿的最佳指標。由於持作出售貸款（loans held for sale）成長，該比率於季末由前一季季末的5.6倍上升至6.2倍，且仍符合我們的預期水準。

PMT's total debt-to-equity increased to approximately 12 to 1 from 11 to 1 at March 31, as we continue to retain investments from securitizations. The increase in our total debt-to-equity ratio reflects growth in non-recourse debt associated with these transactions, where all securitized loans are required to be consolidated on our balance sheet for accounting purposes.

PMT的總負債對股東權益比由3月31日的約11比1上升至約12比1，因我們持續保留證券化交易中的投資部位。總負債對股東權益比上升，反映與這些交易相關的無追索權負債增加；依會計規定，所有已證券化貸款均須併入我們的資產負債表。

As a reminder, the source of repayment for this debt is limited to the cash flows from the associated loans in each private label securitization, mitigating any additional exposure to PMT. We expect the divergence between these two metrics to continue increasing as our securitization program continues to grow. We'll now open it up for questions. Operator?

提醒一下，該等負債的償付來源僅限於各筆私標證券化（private label securitization）中相關貸款的現金流，從而降低PMT的任何額外曝險。隨著我們的證券化計畫持續成長，我們預期這兩項指標之間的差距將持續擴大。接下來我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Bose George, KBW.

Bose George，KBW。

Just in terms of the move, we've had in rates since quarter-end, can you just talk about the impact of that on the run rate earnings? Does that help with the MSR returns? Just color on that would be great.

就季末以來利率的變動而言，你們能否談談這對常態化獲利（run rate earnings）的影響？這是否有助於MSR報酬？若能提供一些說明就太好了。

Yes, overall -- thanks for the question, Bose. Overall, as interest rates move higher and particularly -- in particular, long rates, and we talked about this a little bit before, it's beneficial to the expected earnings and run rate, especially with the MSR.

是的，整體而言——謝謝你的問題，Bose。整體來看，當利率走高，尤其是——特別是長端利率；我們之前也稍微談過，這對預期獲利與常態化水準是有利的，尤其是對MSR。

So we mentioned it in the context of the run rate that as interest rates have moved higher, it's driven up our expectation for the returns of the MSR portfolio. As rates, as or if rates continue to move higher, longer rates and mortgage rates, that further dampens the prepayment speeds on the MSR and could drive additional increases in the MSR returns, which would help to further bolster the MSR returns.

因此我們在談常態化水準時提到，隨著利率走高，已推升我們對MSR投資組合報酬的預期。若利率持續走高，長端利率與房貸利率上升，將進一步抑制MSR的提前還款速度，並可能帶動MSR報酬進一步提高，從而進一步強化MSR報酬。

I would say a little bit of an offset to that is that to the extent that short rates increase meaningfully or the Fed increases short rates meaningfully, that has a bit of a dampening effect on the overall returns as that would drive up our financing costs for any of our longer-dated fixed-rate assets, in particular in the interest rate-sensitive strategies and with respect to our subordinate bonds.

我會說其中稍微的抵銷因素是：若短端利率明顯上升，或聯準會明顯調升短端利率，整體報酬會受到一些抑制，因為這將推升我們對任何較長天期固定利率資產的融資成本，特別是在利率敏感策略中，以及就我們的次順位債券而言。

You know, we have -- with some of our investments in recent periods, we've invested those in assets that are less sensitive to that, in particular CMO floaters, but those are the two sort of offsetting potential impacts from interest rates increasing.

你知道的，我們在近期的一些投資中——我們把資金投向對此較不敏感的資產，特別是CMO浮動利率券；但利率上升大致就是這兩種相互抵銷的潛在影響。

Okay. But net-net, could we be a couple of pennies higher than the $0.33 that you showed?

好的。但整體而言，是否可能比你們展示的0.33美元高出幾美分？

Given our concentration in mortgage servicing rights and the fact that we've generally seen the long rates, I'd say, move up a bit faster than we expect short rates to, it would generally be beneficial to the run rate.

鑑於我們在房貸服務權（MSR）的集中度，以及我們普遍看到長端利率——我會說——上升速度比我們預期短端利率上升更快，整體而言這通常對常態化水準是有利的。

Okay, great. And then just on the MSR sales, could we see more MSR sales? It seems like the market for low-coupon MSRs at least is very strong. And would it make sense to potentially do that, maybe park some in Agency MBSs if it happens?

好的，很好。另外關於MSR出售，我們是否會看到更多MSR出售？看起來至少低票息MSR的市場非常強勁。如果真的發生，把部分資金暫時停放在機構MBS上是否合理？

Look, we have -- as you know, Bose, we've become much more active in terms of managing the portfolio. And I think as we look at the opportunities and we see the returns in securitizations, combined with the fact that there is a very robust bid for MSRs with low note rates, that's something that we're clearly looking at.

你看，我們已經——如你所知，Bose，我們在投資組合管理方面變得更積極。我認為當我們評估機會、並看到證券化的報酬，同時市場對低票面利率MSR有非常強勁的買盤時，這確實是我們正在明確關注的方向。

Marissa Lobo, UBS.

Marissa Lobo，瑞銀（UBS）。

Just on the shift and the relationship to PFSI on the shift to 100% non-Agency acquisition. I mean, how does that alter the economic relationship or the management agreement with PFSI?

關於轉變，以及與PFSI之間在轉向100%非機構（non-Agency）收購方面的關係。我的意思是，這會如何改變與PFSI的經濟關係或管理協議？

So it doesn't alter the management agreement. Really, overall, the impacts that, that would have is that there are less loans flowing through the correspondent arrangement or the fulfillment agreement. So we do -- PMT does pay a fulfillment fee to PFSI for all of the loans that come through that correspondent loan arrangement or correspondent loan channel directly to PMT.

所以這不會改變管理協議。整體而言，其影響在於，透過通訊行（correspondent）安排或履約（fulfillment）協議流轉的貸款會變少。因此我們——PMT確實會就所有透過該通訊行貸款安排或通訊行貸款渠道直接進入PMT的貸款，向PFSI支付履約費（fulfillment fee）。

So to the extent that there's a lower number of loans, none of the Agency-eligible conventional loans flowing through that correspondent arrangement, that would be a bit lower gain on sale being generated at PMT from those loans, but lower fulfillment fees flowing back to PFSI.

因此，若貸款數量下降、且沒有符合機構（Agency）資格的傳統型（conventional）貸款透過該通訊行安排流入，PMT從這些貸款所產生的出售收益（gain on sale）會略為降低，但回流至PFSI的履約費也會降低。

Just to emphasize, the reason or rationale for that change is really -- getting back to the allocation of equity -- to reduce the amount of capital that continues to be invested in MSRs, in particular, higher-rate MSRs, where we believe PMT has a better allocation of equity into the subordinate bonds that it's generating from its private label securitizations.

再強調一次，這項變更的原因或理據主要是——回到股權資本配置——降低持續投入MSR的資本金額，特別是較高利率的MSR；我們認為PMT將股權資本更好地配置到其私標證券化所產生的次順位債券上。

And so that drives -- we expect to drive more beneficial and increased run rate over time through the reallocation of that equity.

因此，透過重新配置該等股權，我們預期隨著時間推移，將帶來更有利且更高的經常性運行水準。

Okay, got it. And on rate sensitivity, following the sale of the MSR and your capital redeployment, I mean, how should we think about PMT's interest rate sensitivity and book value volatility versus today?

好的，了解。關於利率敏感度，在出售 MSR 並重新部署資本之後，我是說，我們應該如何看待 PMT 的利率敏感度以及帳面價值波動，相較於目前的情況？

Overall, should be very similar. Our hedging practices remain the same as they have been, and our overall strategy at PMT has generally been to insulate it from significant book value changes due to interest rate movements.

整體而言，應該會非常相近。我們的避險作法維持不變，與過去一樣；而 PMT 的整體策略一向是盡量隔離利率變動對帳面價值造成的重大影響。

As you can see from this quarter's hedge results in particular have been successful in accomplishing that, and we expect that to continue as we reallocate equity away from MSRs and into the private label securitizations. So we do include -- those holdings from the private label securitizations, those are also included in our global interest rate hedging and management and so are considered in terms of our hedging positions.

從本季的避險結果可以看出，尤其是，本季在達成該目標方面相當成功；而隨著我們將股權自 MSR 轉向私標證券化，我們預期這種情況會持續。因此，我們確實會納入——來自私標證券化的那些持倉也納入我們的整體利率避險與管理之中，並在設定避險部位時一併考量。

Appreciate the answers.

感謝你的回答。

Trevor Cranston, Citizens JMP.

Trevor Cranston，Citizens JMP。

As we think about the pace of capital transition going forward, it seems like broadly speaking, kind of non-Agency securitization activity has been fairly robust recently. Are you guys finding any opportunities to potentially deploy capital into third-party securitizations? Or should the expectation be more so that you guys will continue to focus on your own organically created investments?

在思考未來資本轉換的速度時，看起來大體而言，近期非機構（non-Agency）證券化活動相當活躍。你們是否看到任何機會，可能將資本投入第三方證券化？還是說，預期你們會更著重於持續聚焦自家有機生成的投資？

So we look at a lot of bonds being offered by Street desks. We buy smaller pieces here and there, not because we have any bias necessarily to wanting to do the organic creation, but we believe in the economic value of it.

我們會看很多由華爾街交易台提供的債券。我們會不時買一些較小的部位，並不是因為我們特別偏好一定要做有機生成，而是因為我們相信那樣做具有經濟價值。

I think given the fact that our manager is servicing the loans and we have the investment in the loans and our manager has done the diligence on the loans, we feel very, very comfortable with the underlying assets in the securitization versus buying in the secondary market from other originators for loans that are being serviced by others.

我想，鑑於我們的管理人負責貸款服務，我們也投資於這些貸款，而且管理人已對貸款做過盡職調查，因此相較於在次級市場向其他承作機構購買、且由他人提供服務的貸款，我們對證券化中的底層資產感到非常、非常安心。

But it's not -- like it's not a policy we won't do it for what we believe an appropriate return. We have bought in the past and we will buy in the future, but it's just, from a best execution standpoint, the best path to redeploying the capital is to redeploy it into the securitizations that we have been doing.

但這並不是——也不是說我們有政策絕不做；只要我們認為能取得適當的報酬。我們過去買過，未來也會買；只是從最佳執行的角度來看，重新部署資本的最佳途徑，是把資本重新部署到我們一直在做的那些證券化上。

Doug Harter, BTIG.

Doug Harter，BTIG。

Can you talk about the pacing of securitization activity? To the extent that you're able to free up more capital through MSR sales, do you think that could accelerate? Or is the pace that you've been operating at kind of the pace that the market that you see the opportunity as today?

你能談談證券化活動的節奏嗎？如果你們能透過出售 MSR 釋放更多資本，你認為這會加速嗎？或者你們目前的節奏，大致就是你們今天所看到的市場機會所允許的節奏？

No, look, this is the advantage that PMT has given its synergistic relationship with PFSI. And look, I think that as we have capital to deploy, I can see us doing the larger securitizations to create larger investments. We've been redeploying some of the capital into the floaters, but I don't -- I think that we have -- look, with the leading -- PFSI is the leading correspondent aggregator. There's securitization activity around, call it 25% to 30% of the owner-occupied loans that go to the GSEs. There's securitization activity around the investor and second homes that go to the GSEs.

不，你看，這正是 PMT 的優勢，因為它與 PFSI 之間具有協同關係。而且你看，我認為只要我們有資本可部署，我可以想像我們會做更大規模的證券化，以建立更大的投資部位。我們已將部分資本重新部署到浮動利率證券上，但我不——我認為我們有——你看，PFSI 是領先的——PFSI 是領先的通訊通路（correspondent）聚合商。針對流向 GSE 的自住型貸款，大約有 25% 到 30% 會進行證券化活動。針對流向 GSE 的投資房與第二住宅，也有證券化活動。

We in PMT could do jumbo securitizations. And given the pace of activity of non-QM that we're doing in PMT, combined with the fact that PFSI is doing a robust amount out of its broker division and is selling in the secondary market from which PMT could buy, we could do a non-QM securitization, which I'm hopeful we can get one done in the second half of the year.

我們 PMT 也可以做巨額（jumbo）證券化。而且考量到我們在 PMT 所做的非 QM 活動節奏，再加上 PFSI 的經紀部門也有相當可觀的量，並且在次級市場出售、PMT 也可以從中買入，我們可以做一筆非 QM 證券化；我希望我們能在今年下半年完成一筆。

And so there is a lot of opportunity for us to deploy capital into the securitization market. So it's not necessarily a function of redeployment as we sell assets. It's understanding that if we're going to sell servicing, what the servicing landscape looks like. And identifying that, are we maximizing the capital upon the sale in addition to maximizing the return upon the redeployment.

因此，我們有很多機會把資本部署到證券化市場。所以這不一定是隨著我們出售資產而重新部署的函數。而是要理解：如果我們要出售服務權，服務權的市場版圖會是什麼樣子。並在此基礎上辨識：我們是否在出售時把資本價值最大化，同時也在重新部署時把報酬最大化。

Appreciate that, David. And can you just briefly talk what impact, if any, do you think the move higher in rates that we've seen will have on kind of securitization execution?

感謝你，David。你能否簡要談談：你認為我們看到的利率上升，對證券化的執行會有什麼影響（如果有的話）？

Look, any time you move higher in rates, it does have an effect on production. But I will tell you, we've been running at, I would say, slower levels over the past, call it, two months. And I think that you're going to continue to see things slow down.

你看，任何時候利率上升，確實都會對產量（production）產生影響。但我可以告訴你，過去大概兩個月，我們的運行水準，我會說，是比較慢的。而我認為你會繼續看到活動放緩。

There's still a lot of activity on the origination side and the non-QM space. There's a lot of activity on the investor and second home space, and there's a good amount of activity in cash-out refinances. But there's no escaping the fact that mortgage is a cyclical endeavor, and as rates go up, activity does slow down.

在承作端與非 QM 領域仍然有很多活動。在投資房與第二住宅領域也有很多活動，現金回收再融資（cash-out refinance）也有相當程度的活動。但無可避免的是，房貸是一個具週期性的業務，而當利率上升時，活動確實會放緩。

With respect to the execution, a bit of the offset to that too, though, when we're talking about execution, is that to the extent that there's less supply flowing into the market, that can help in terms of investor demand for the securitization, just because there's less overall supply.

就執行面而言，另外也有一點抵銷因素：當我們談到執行時，若流入市場的供給減少，這反而可能有助於投資人對證券化的需求，因為整體供給變少了。

And so to the extent that there's still a good amount of loans, as David was talking about, sort of raw material to generate the securitizations coming through from PMT's partnership with PFSI, that does give us that advantage and potentially a little bit of tailwinds with respect to the securitization execution.

因此，只要仍有相當數量的貸款——如 David 所說，作為生成證券化的某種「原料」——透過 PMT 與 PFSI 的合作持續流入，這確實會帶給我們優勢，並且在證券化執行方面可能帶來一些順風。

There are no further questions at this time. I will now turn the call back to David Spector for closing remarks.

目前沒有其他問題。我現在把電話交回給 David Spector 作結語。

Thank you, operator, and thank you all for joining us. If you have any additional questions, please don't hesitate to reach out to our investor relations team. Thank you so much.

謝謝接線員，也謝謝各位參與。若您有任何其他問題，請隨時與我們的投資人關係團隊聯繫。非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。