Redwood Trust Inc (RWT) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Redwood Trust, Incorporated Fourth Quarter 2022 Financial Results Conference Call. Today's conference is being recorded.

下午好，歡迎來到 Redwood Trust, Incorporated 2022 年第四季度財務業績電話會議。今天的會議正在錄製中。

I will now turn the call over to Kaitlyn Mauritz of Investor Relations. Please go ahead, ma'am.

我現在將把電話轉給投資者關係部的 Kaitlyn Mauritz。請繼續，女士。

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's fourth quarter 2022 earnings conference call. With me on today's call are Christopher Abate, Chief Executive Officer; Dash Robinson, President; and Brooke Carillo, Chief Financial Officer.

謝謝你，運營商。大家好，感謝您今天加入我們參加 Redwood 2022 年第四季度財報電話會議。與我一起參加今天電話會議的有首席執行官克里斯托弗·阿巴特 (Christopher Abate)；達什·羅賓遜，總裁；首席財務官 Brooke Carillo。

Before we begin, I want to remind you that certain statements made during management's presentation today with respect to future financial or business performance may constitute forward-looking statements. Forward-looking statements are based on current expectations, forecasts and assumptions and involve risks and uncertainties that could cause actual results to differ materially. We encourage you to read the company's annual report on Form 10-K, which provides a description of some of the factors that could have a material impact on the company's performance and cause actual results to differ from those that may be expressed in forward-looking statements.

在我們開始之前，我想提醒您，在今天的管理層介紹中就未來財務或業務表現所做的某些陳述可能構成前瞻性陳述。前瞻性陳述基於當前的預期、預測和假設，涉及可能導致實際結果出現重大差異的風險和不確定性。我們鼓勵您閱讀公司關於 10-K 表格的年度報告，其中描述了一些可能對公司業績產生重大影響並導致實際結果與前瞻性陳述中可能表達的結果不同的因素聲明。

On this call, we may also refer to both GAAP and non-GAAP financial measures. The non-GAAP financial measures provided should not be utilized in isolation or considered as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures are provided in our fourth quarter Redwood review, which is also available on our website at redwoodtrust.com. As a reminder, the company's financial statement audit for the year ended December 31, 2022, is not yet complete, and the results we are reporting today are unaudited and may vary from the company's audited financial results for the year ended December 31, 2022, presented in our annual report on Form 10-K for 2022, including due to the completion of audit procedures relating to the valuation of our deferred tax assets at December 31, 2022.

在這次電話會議上，我們還可以參考 GAAP 和非 GAAP 財務指標。所提供的非 GAAP 財務指標不應單獨使用或被視為替代根據 GAAP 編制的財務業績指標。我們的第四季度 Redwood 審查中提供了 GAAP 和非 GAAP 財務措施之間的對賬，也可以在我們的網站 redwoodtrust.com 上找到。提醒一下，公司截至 2022 年 12 月 31 日止年度的財務報表審計尚未完成，我們今天報告的結果未經審計，可能與公司截至 2022 年 12 月 31 日止年度的經審計財務結果有所不同，在我們 2022 年 10-K 表格的年度報告中提出，包括由於在 2022 年 12 月 31 日完成了與我們的遞延稅資產估值相關的審計程序。

The company's 2022 annual financial statement audit is scheduled to conclude on schedule in late February in advance of our Form 10-K filing. Also note that the content of today's conference call contains time-sensitive information that's only accurate as of today, and we do not intend and undertake no obligation to update this information to reflect subsequent events or circumstances. Finally, today's call is being recorded and will be available on our website later today.

公司的 2022 年年度財務報表審計定於 2 月下旬在我們提交 10-K 表格之前如期結束。另請注意，今天電話會議的內容包含時效性信息，這些信息僅在今天準確，我們不打算也不承擔更新此信息以反映後續事件或情況的義務。最後，今天的通話正在錄製中，今天晚些時候將在我們的網站上提供。

I will now turn the call over to Chris for opening remarks.

我現在將把電話轉給克里斯，讓他發表開場白。

Thanks, Kate, and thanks to everyone for tuning in this afternoon. We're excited to have the opportunity to speak with you today in our fourth quarter results and also update you on our performance in the first month or so of 2023. We'll also touch on how we view the opportunity in front of us for the remainder of the year. As you probably suspect, I'll cover off on the high points, and then Dash and Brooke will handle our business and financial performance in greater detail.

謝謝，凱特，感謝大家今天下午的調音。我們很高興今天有機會與您討論我們第四季度的業績，並向您介紹我們在 2023 年第一個月左右的業績。我們還將談談我們如何看待我們面前的機會今年剩下的時間。正如您可能猜想的那樣，我會先介紹一下重點，然後 Dash 和 Brooke 將更詳細地處理我們的業務和財務業績。

The fourth quarter rounded out a year that brought about sudden change to the mortgage markets in a manner that was markedly different than we've seen through previous downturns and past housing cycles. In 2022, the Federal Reserve's efforts to curb inflation, led to the most pronounced jump in rates in over 40 years, largely freezing mortgage refinance activity and profoundly affecting consumer behavior in the housing market. Significant increases in rates, severe spread widening and ongoing bouts of volatility characterized much of the second half of the year. While our results during this period certainly didn't meet our expectations, we focused on prudently protecting our book value, managing risk and positioning our company for the path forward. As we all know, long-term focal points such as these are sometimes only fully appreciated in hindsight.

第四季度結束了一年，抵押貸款市場發生了突然變化，其方式與我們在以往的經濟低迷和過去的房地產週期中所看到的截然不同。 2022 年，美聯儲遏制通貨膨脹的努力導致利率出現 40 多年來最明顯的上漲，抵押貸款再融資活動在很大程度上凍結，並深刻影響了房地產市場的消費者行為。利率顯著上升、利差嚴重擴大和持續波動是下半年的大部分時間。雖然我們在此期間的業績肯定沒有達到我們的預期，但我們專注於謹慎地保護我們的賬面價值、管理風險和為公司的前進道路定位。眾所周知，諸如此類的長期焦點有時只能在事後才得到充分理解。

With such a challenging year now behind us, we resolved to break the huddle in early January and quickly build momentum towards our 2023 priorities. That's exactly what we've done, realizing a welcome uptick of activity and a few accomplishments worth noting that have helped to improve our GAAP book value thus far in 2023. Already this year, we completed a preferred stock offering, reopening a segment of the market that has seen little activity last year while expanding our balance sheet to an alternative source of capital.

面對如此充滿挑戰的一年，我們決定在 1 月初打破僵局，並迅速為我們 2023 年的優先事項建立勢頭。這正是我們所做的，實現了受歡迎的活動增長和一些值得注意的成就，這些成就幫助我們在 2023 年迄今為止提高了 GAAP 賬面價值。今年，我們已經完成了優先股發行，重新開放了一部分去年幾乎沒有活動的市場，同時將我們的資產負債表擴大到另一種資本來源。

Next up, we completed a sale of $213 million of business purpose lending or BPL loans to a top institutional partner at accretive terms for both firms. The sale of this pool of loans was a bellwether of sorts for us and created forward momentum for the platform that has positively impacted our new loan pricing and reaffirmed our BPL business potential to build from last year's record volumes.

接下來，我們以增值條款完成了向頂級機構合作夥伴出售 2.13 億美元的商業目的貸款或 BPL 貸款。出售這批貸款對我們來說是一個領頭羊，並為該平台創造了前進動力，對我們的新貸款定價產生了積極影響，並重申了我們的 BPL 業務潛力從去年創紀錄的數量開始增長。

In tandem with our BPL loan sale, in late January, our residential team completed our first Sequoia securitization in over a year. Once again, this deal helped reset the market and has now influenced a significant expansion of the RMBS issuance calendar by other sponsors, a good fact for all market participants. Investor demand for our securitization was the strongest we've seen for any private label deal in over a year, and it allowed us to increase bond prices and boost our GAAP gain on sale. Through these actions as well as other optimizations across our balance sheet, we grew our unrestricted cash position to just over $400 million at February 7. This robust liquidity puts us in a strong position when considering our future debt maturities will allow us to proceed opportunistically in our markets, including through M&A and other accretive investments.

與我們的 BPL 貸款銷售一起，在 1 月下旬，我們的住宅團隊完成了我們一年多來的第一次紅杉證券化。這筆交易再次幫助重置了市場，現在已經影響了其他發起人對 RMBS 發行日曆的顯著擴展，這對所有市場參與者來說都是一個好事實。投資者對我們證券化的需求是我們在一年多以來看到的所有自有品牌交易中最強勁的，這使我們能夠提高債券價格並提高我們的 GAAP 銷售收益。通過這些行動以及我們資產負債表的其他優化，我們的無限制現金頭寸在 2 月 7 日增加到略高於 4 億美元。這種強勁的流動性使我們在考慮未來債務到期時處於有利地位，這將使我們能夠在機會主義的情況下繼續進行我們的市場，包括通過併購和其他增值投資。

Accompanying this boost in available capital has been a significant reduction in our go-forward operating expenses. As Brooke will touch on, the primary focus here has been to reduce costs that can flex with loan volumes. We've been very strategic in this regard, managing costs while preserving full optionality to take advantage of market conditions as opportunities arise. As we think about capital allocation going forward, we expect consumer mortgage volumes to remain challenged as the majority of homeowners are not financially incentivized to refinance their existing home or move to a new one with the prospect of assuming a much higher mortgage rate. In response, we have reduced working capital allocated to our residential mortgage banking business by about 70% throughout 2022.

伴隨著可用資本的增加，我們的前期運營費用大幅減少。正如 Brooke 將談到的那樣，這裡的主要重點是降低可以隨貸款量而變化的成本。我們在這方面一直非常具有戰略性，在管理成本的同時保留完全的可選性，以便在機會出現時利用市場條件。在我們考慮未來的資本配置時，我們預計消費者抵押貸款量仍將面臨挑戰，因為大多數房主在經濟上沒有動力為他們現有的房屋再融資或搬到新房屋，並可能承擔更高的抵押貸款利率。作為回應，我們在整個 2022 年將分配給住宅抵押貸款銀行業務的營運資金減少了約 70%。

We acknowledge that January brought about some much needed stability to the market, which was partially due to a modest decline in mortgage rates. It's simply too early to tell, however, if this is the start of a trend or simply pent-up demand following a slow fourth quarter. In the meantime, strategic focus of ours remains tending to our seller base and ensuring we have products that meet their needs as the market evolves. This includes refinement of our expanded prime products as well as investor products that cater to consumers who own second homes or looking to finance a single rental property.

我們承認 1 月份為市場帶來了一些急需的穩定性，部分原因是抵押貸款利率溫和下降。然而，現在判斷這是趨勢的開始還是僅僅是第四季度放緩後被壓抑的需求還為時過早。與此同時，我們的戰略重點仍然傾向於我們的賣家群，並確保我們的產品隨著市場的發展而滿足他們的需求。這包括改進我們擴展的主要產品以及迎合擁有第二套住房或希望為單一出租物業融資的消費者的投資產品。

Despite our belief that consumer mortgage volumes will remain under pressure in the near term, there remains heightened demand for BPL products in a sector that is very much still in growth mode. BPL borrowers, unlike consumers aren't locked into low 30-year rates and are therefore not content to sit on the sideline. They are transaction-oriented executing on business plans and require liquidity from our loan products to fuel growth. The demand for rental is still elevated, we continue to see investors actively seeking the range of solutions we offer.

儘管我們相信消費者抵押貸款量在短期內仍將面臨壓力，但在一個仍處於增長模式的行業中，對 BPL 產品的需求仍然很高。與消費者不同，BPL 借款人並沒有被鎖定在 30 年期的低利率中，因此不滿足於袖手旁觀。他們以交易為導向執行業務計劃，需要我們貸款產品的流動性來推動增長。租賃需求仍然很高，我們繼續看到投資者積極尋求我們提供的一系列解決方案。

Rental market has been tasked to providing more alternatives for households, including multifamily, build-for-rents and workforce housing. Our focus remains on originating BPL loans secured by assets with strong fundamentals and quality sponsors. That's why we remain particularly bullish on our BPL business even with faced with the prospect of a potential recession in 2023.

租賃市場的任務是為家庭提供更多選擇，包括多戶住宅、建房出租和勞動力住房。我們的重點仍然是發起由具有強大基本面和優質贊助商的資產擔保的 BPL 貸款。這就是為什麼即使面臨 2023 年可能出現衰退的前景，我們仍然特別看好我們的 BPL 業務。

Perhaps the overall positive market sentiment at the start of the year matters most with respect to our investment portfolio as it remains a primary driver of our book value. While the fourth quarter mirrored much of 2022, with further credit spread widening, thus far in 2023, the story has been different. Market prices for securities have begun to firm up, reflecting lower mortgage rates, increased housing market activity and positive deal flow in securitization markets.

也許年初整體積極的市場情緒對我們的投資組合最重要，因為它仍然是我們賬面價值的主要驅動力。雖然第四季度反映了 2022 年的大部分時間，信用利差進一步擴大，但到 2023 年為止，情況有所不同。證券市場價格開始走強，反映出較低的抵押貸款利率、房地產市場活動增加以及證券化市場的積極交易流量。

I'd like to continue emphasizing that the vast majority of mark-to-market declines we incurred on the portfolio in 2022 remain largely detached from the underlying cash flows, with the book continuing to display strong credit fundamentals and low overall delinquencies. With a weighted average year-end carrying value of $0.62 to principal face value and a projected forward loss adjusted yield of 15%, our investment portfolio had approximately $500 million or $4.33 per share of net discount at year-end that we have the potential to realize the earnings over time.

我想繼續強調，我們在 2022 年對投資組合造成的絕大多數按市值計算的下跌在很大程度上仍與基礎現金流無關，賬面繼續顯示出強勁的信貸基本面和較低的整體拖欠率。我們的投資組合年末加權平均賬面價值為本金面值 0.62 美元，預計遠期虧損調整後收益率為 15%，我們有潛力在年末獲得約 5 億美元或每股 4.33 美元的淨折扣隨著時間的推移實現收益。

While the path of home prices and its impact on mortgage credit remains the critical question for 2023, we believe our portfolio construction with many seasoned assets and significant HPA realized to date makes it resilient to a wide range of downturn scenarios for the economy. With our strong cash position, we remain intentional about steering capital and resources towards markets that we believe perform better in this environment and assets we believe to be undervalued, including Redwood's corporate debt and equity.

雖然房價走勢及其對抵押貸款信貸的影響仍然是 2023 年的關鍵問題，但我們相信，我們的投資組合構建具有許多成熟的資產和迄今為止已實現的重要 HPA，使其能夠抵禦各種經濟低迷情景。憑藉我們強大的現金狀況，我們仍然有意將資本和資源轉向我們認為在這種環境下表現更好的市場和我們認為被低估的資產，包括 Redwood 的公司債務和股權。

We repurchased $88 million of our own securities in 2022 and have continued to be active in doing so in 2023. We intend to use our unrestricted cash position and other sources of available liquidity to address the remainder of our upcoming 2023 convertible bond maturity and remain opportunistic in repurchasing elsewhere across our convertible debt stack.

我們在 2022 年回購了 8800 萬美元的自有證券，並在 2023 年繼續積極回購。我們打算利用我們不受限制的現金頭寸和其他可用流動性來源來解決我們即將到期的 2023 年可轉換債券到期的剩餘部分，並保持機會主義在我們的可轉換債務堆棧的其他地方回購。

While uncertainty is likely to linger well into 2023, we believe we're in the late innings of this Fed cycle, we remain confident in our ability to navigate further challenges with the pillars of our diversification, strong balance sheet, and most importantly, our people. Our platform offers a compelling opportunity and a unique access point to invest in a very dynamic housing market.

雖然不確定性可能會持續到 2023 年，但我們相信我們正處於美聯儲周期的後期，我們仍然相信我們有能力通過多元化、強大的資產負債表以及最重要的是我們的支柱來應對進一步的挑戰。人們。我們的平台提供了一個極具吸引力的機會和獨特的接入點，可以投資於充滿活力的房地產市場。

And with that, I'll turn the call over to Dash Robinson, Redwood's President.

有了這個，我將把電話轉給 Redwood 的總裁 Dash Robinson。

Thank you, Chris. Following a turbulent 2022, we entered 2023 ready to take advantage of current market dynamics and drive accretive results across our operating businesses and investment portfolio. I will focus my commentary on the recent performance of these segments and our current outlook and positioning before turning the call over to Brooke for an overview of our financial performance.

謝謝你，克里斯。在經歷了動蕩的 2022 年之後，我們進入了 2023 年，準備利用當前的市場動態並在我們的運營業務和投資組合中推動增長成果。在將電話轉給 Brooke 以概述我們的財務業績之前，我將重點關注這些細分市場的近期表現以及我們目前的前景和定位。

Our investment portfolio, which now represents 84% of our allocated capital and remains a key driver of our dividend, continue to deliver strong fundamental performance in the fourth quarter, notwithstanding further unrealized fair value changes that impacted book value. Cash flow durability remained robust across the book, an important input into our ability to realize the net discount and carrying value that Chris referenced. Delinquency rates were stable to improving across the portfolio. For our organically created assets, a book that includes BPL loans and securities and retained bonds from our Sequoia shelf, quarter-end 90-plus day delinquency rate stood at 2%, down from 2.1% at the end of Q3. Elsewhere, delinquency rates on our core reperforming loan positions, what we refer to as SLST also improved, with 90-plus day delinquencies 0.5% lower quarter-over-quarter.

我們的投資組合目前占我們分配資本的 84%，並且仍然是我們股息的主要驅動力，在第四季度繼續提供強勁的基本面表現，儘管未實現的公允價值變動進一步影響了賬面價值。整個賬簿的現金流持久性仍然強勁，這是我們實現克里斯提到的淨折扣和賬面價值能力的重要輸入。整個投資組合的拖欠率穩定到有所改善。對於我們有機創造的資產，包括 BPL 貸款和證券以及我們紅杉貨架上的保留債券在內的賬簿，季度末 90 天以上的拖欠率為 2%，低於第三季度末的 2.1%。在其他地方，我們的核心重組貸款頭寸的拖欠率（我們稱之為 SLST）也有所改善，超過 90 天的拖欠率環比下降 0.5%。

Even with the recent slowing in HPA and modest home price declines in certain markets, equity continues to build in these underlying loans as borrowers remain consistent in their payments. In aggregate, we estimate that the loans underlying our securities portfolio have LTVs of approximately 50%. Results have also been favorable in our home equity investment option portfolio or HEI, the majority of which is either securitized or financed through the warehouse line that Brooke will touch on.

即使近期 HPA 放緩且某些市場的房價適度下跌，由於借款人的付款保持一致，這些基礎貸款的資產繼續增加。總的來說，我們估計我們證券投資組合所依據的貸款的 LTV 約為 50%。我們的房屋股權投資期權組合或 HEI 的結果也很有利，其中大部分證券化或通過 Brooke 將觸及的倉儲線融資。

Life-to-date speeds on our securitized portfolio have been approximately 20% and realized returns have been strong, protected in part by an average discount to initial home value of approximately 18%. This allows the holder of the HEI to withstand meaningful downward pressure in home prices before incurring loss of investment. Notwithstanding fundamental performance, fair values in our investment portfolio were once again impacted by spread widening during the fourth quarter in sympathy with trends across the market. As Brooke will describe in more detail, these adjustments continue to be largely unrealized and have begun to reverse meaningfully year-to-date.

我們證券化投資組合的生命週期迄今速度約為 20%，實現的回報率很高，部分受到初始房屋價值約 18% 的平均折扣的保護。這使得 HEI 的持有人能夠在遭受投資損失之前承受房價的顯著下行壓力。儘管基本面表現良好，但我們投資組合的公允價值再次受到第四季度利差擴大的影響，與整個市場趨勢一致。正如布魯克將更詳細地描述的那樣，這些調整在很大程度上仍未實現，並且今年迄今已開始出現有意義的逆轉。

As Chris referenced, our portfolio's net discount to face now stands at $4.33 per share, the realization of which comes into clearer view of each passing quarter of performance. We remained active in optimizing our capital deployment during the fourth quarter, putting approximately $100 million to work across organic and third-party investments and repurchases of our near-term convertible debt maturities at attractive discounts. While spreads have stabilized meaningfully year-to-date, we still see ample opportunity to deploy capital accretively across our operating platforms, third-party securities and our own capital structure. Our operating platforms have quickly turned the page on 2022 with strategic progress in the early weeks of the year, reversing some of the volatility induced P&L from the fourth quarter.

正如 Chris 所提到的，我們的投資組合現在面臨的淨折扣為每股 4.33 美元，實現這一點可以更清楚地了解每個過去季度的業績。我們在第四季度繼續積極優化我們的資本配置，將大約 1 億美元用於有機和第三方投資以及以有吸引力的折扣回購我們的短期可轉換債券。雖然今年迄今利差已顯著穩定，但我們仍然看到有充足的機會在我們的運營平台、第三方證券和我們自己的資本結構中部署資本。我們的運營平台在 2022 年迅速翻開了新的一頁，在今年的前幾週取得了戰略進展，扭轉了第四季度以來由波動引起的損益。

In business-purpose mortgage banking, while broad market headwinds persisted through the end of the year, the team knocked some key wins that are already paying dividends in 2023, including advancing the Riverbend integration, growing our whole loan distribution capabilities and adding a new non-recourse borrowing line for bridge loans that meaningfully enhanced our overall financing flexibility. We originated $424 million of BPL loans in the fourth quarter, down 26% from Q3, but in line with our estimated volume trend for the market overall. Our production mix for the quarter between BPL bridge and term loans rebalance compared to other quarters in 2022, as more sponsors opted to lock in long-term fixed rates where possible in lieu of shorter-term floating rate bridge debt. BPL term production volume was up 36% quarter-over-quarter, driven by a significant increase in term multifamily funding.

在商業抵押貸款銀行業務方面，雖然廣泛的市場逆風持續到年底，但該團隊取得了一些已經在 2023 年帶來紅利的關鍵勝利，包括推進 Riverbend 整合、提高我們的整體貸款分配能力以及增加新的非- 過橋貸款的追索權借款額度顯著提高了我們的整體融資靈活性。我們在第四季度發放了 4.24 億美元的 BPL 貸款，比第三季度下降 26%，但符合我們對整個市場的估計數量趨勢。與 2022 年其他季度相比，我們在 BPL 橋樑和定期貸款之間的季度生產組合重新平衡，因為更多的發起人選擇盡可能鎖定長期固定利率，以代替短期浮動利率橋樑債務。 BPL 定期生產量環比增長 36%，這主要受定期多戶融資顯著增加的推動。

The fourth quarter's fundings rounded out full year production volumes of $2.8 billion, a record year for the platform that let increased importance to diversifying our distribution channels to position ourselves appropriately for 2023. We sold $92 million of BPL bridge and term loans during the fourth quarter and over $220 million more in January, recycling capital for a growing go-forward pipeline across our products. Distribution and profitability on new BPL term production has been particularly strong as we complement a best-in-class securitization platform with a deeper whole loan buyer base attracted to the structure and quality of our loans.

第四季度的資金使全年產量達到 28 億美元，創下了該平台創紀錄的一年，這讓我們更加重視多元化我們的分銷渠道，以便為 2023 年做好準備。我們在第四季度售出了 9200 萬美元的 BPL 過橋貸款和定期貸款1 月份增加了超過 2.2 億美元，用於為我們的產品不斷增長的後續管道回收資金。新 BPL 期限產品的分銷和盈利能力特別強勁，因為我們補充了一流的證券化平台，更深層次的整個貸款購買者基礎被我們的貸款結構和質量所吸引。

Importantly, the overall improvement in sentiment in January carried over to our sponsors, we are once again leaning in on refinance opportunities or taking advantage of more constructive conditions to put fresh capital to work, either through traditional acquisition channels or newer partnerships emerging as a result of dynamics between the for sale and for rent markets.

重要的是，1 月份情緒的整體改善傳遞給了我們的讚助商，我們再次依靠再融資機會或利用更具建設性的條件，通過傳統的收購渠道或因此出現的新合作夥伴關係來投入新資本出售和出租市場之間的動態。

Our progress in loan distribution has proven well timed amidst both improving sponsor demand and significant uncertainty around funding capacity at certain of our competitors. Additionally, we continue to optimize financing on our bridge loan portfolio. Inclusive of the $335 million financing line we completed in December, at year-end, 100% of our bridge portfolio continued to be financed on a non-marginable basis, with 70% of the financing also non-recourse. We maintained substantial excess capacity to support new production and future funding obligations on existing loans.

在讚助商需求增加和我們某些競爭對手的融資能力存在重大不確定性的情況下，我們在貸款分配方面取得的進展被證明是恰逢其時。此外，我們繼續優化過橋貸款組合的融資。包括我們在 12 月完成的 3.35 億美元融資額度在內，到年底，我們 100% 的橋樑投資組合繼續在無保證金的基礎上融資，其中 70% 的融資也是無追索權的。我們保持大量過剩產能以支持新生產和現有貸款的未來融資義務。

Notwithstanding more favorable market conditions and the equity backing our BPL loans, given the overall environment, we continue to expect increased engagement from our asset management team to 2023, including with bridge loan sponsors seeking to refinance and managing earlier-stage delinquencies within the term loan, which were up modestly at year-end.

儘管市場條件更加有利，而且我們的 BPL 貸款有股權支持，但考慮到整體環境，我們繼續預計我們的資產管理團隊會在 2023 年之前增加參與度，包括尋求再融資的過渡貸款發起人和管理期限內早期拖欠的貸款，在年底時小幅上漲。

As we have previously highlighted, our overall origination footprint in 2022, focused largely on sponsors with some sort of real estate stabilization strategy. Approximately 90% of originations were either bridge loans to sponsors improving and leasing up single and multifamily properties or fixed rate loans on already stabilized loans. Given our progress in integrating Riverbend in the past 6 months, we expect to round out that production mix with an increased emphasis on single asset bridge loans, focused on repeat customers of the Riverbend platform with strong liquidity profiles and track records. Importantly, capital markets distribution for these types of loans is relatively mature and we are well positioned to broaden our whole loan buyer partnerships and begin leveraging existing accretive financing to keep more on balance sheet.

正如我們之前強調的那樣，我們在 2022 年的總體發起足跡主要集中在具有某種房地產穩定策略的讚助商身上。大約 90% 的貸款要么是向贊助商提供改善和租賃單戶和多戶房產的過橋貸款，要么是對已經穩定的貸款提供固定利率貸款。鑑於過去 6 個月我們在整合 Riverbend 方面取得的進展，我們希望通過更加重視單一資產過橋貸款來完善該生產組合，重點關注具有強大流動性狀況和業績記錄的 Riverbend 平台的回頭客。重要的是，這些類型貸款的資本市場分佈相對成熟，我們有能力擴大我們的整個貸款買方合作夥伴關係，並開始利用現有的增值融資來保持資產負債表上的更多。

Our residential mortgage banking business maintained its defensive posturing in the fourth quarter, locking $43 million of loans and managing our lowest level of inventory since early to mid-2020. This was by design as jumbo mortgage rates during the quarter moved off their 7%-plus highs down to the [6s], an improvement but not enough to drive purchase money volumes higher in an environment in which refinance demand remains substantially muted. Improved market conditions in January allowed us to reverse much of the fourth quarter's widening of our residential inventory, which at year-end stood around $660 million and currently sits at roughly half that amount after several small whole loan sales and a successful completion of our January Sequoia issuance, our first in over a year. Execution on the securitization was indicative of improved market sentiment, with final pricing meaningfully through where the pipeline was carried at year-end.

我們的住宅抵押貸款銀行業務在第四季度保持了防禦態勢，鎖定了 4300 萬美元的貸款，並管理著自 2020 年初至中期以來的最低庫存水平。這是設計使然，因為本季度的巨型抵押貸款利率從 7% 以上的高位回落至 [6s]，這是一個改善，但不足以在再融資需求仍然大幅下降的環境中推動購買資金量增加。 1 月份市場狀況的改善使我們能夠扭轉第四季度住宅庫存的大部分擴大，年底時住宅庫存約為 6.6 億美元，在幾筆小額整體貸款銷售和我們 1 月份的成功完成之後，目前約為該數量的一半紅杉發行，這是我們一年多來的第一次發行。證券化的執行表明市場情緒有所改善，最終定價通過年底進行管道的地方有意義。

In monitoring market sentiment, we believe we will be able to further distribute the remaining pipeline at favorable levels. As Chris mentioned, capital and costs allocated to our residential business have been reduced commensurate with recent transaction volumes. However, we have preserved the optionality to lean back in as conditions warrant to continue serving our seller base, including through enhanced rollouts of our expanded prime product offerings. The recent exit of one of the largest players in the correspondent market highlights the durability of our partnerships even after a period of reduced activity as many of our sellers continue to prioritize capital efficiency and continued rightsizing of costs, they put as much value as ever in our consistent speed and reliability.

在監測市場情緒時，我們相信我們將能夠以有利的水平進一步分配剩餘的管道。正如克里斯提到的那樣，分配給我們住宅業務的資本和成本已根據最近的交易量減少。但是，我們保留了在條件允許的情況下向後傾斜的選擇權，以繼續為我們的賣家群提供服務，包括通過加強推出我們擴展的主要產品。最近代理市場最大的參與者之一的退出凸顯了我們合作夥伴關係的持久性，即使在活動減少一段時間後，我們的許多賣家繼續優先考慮資本效率和持續合理調整成本，他們一如既往地重視我們始終如一的速度和可靠性。

I will now turn the call over to Brooke to cover our financial results.

我現在將把電話轉給布魯克來報導我們的財務業績。

Thank you, Dash. In my comments today, I will provide an overview of our GAAP and non-GAAP results for the year and quarter ended December 31, 2022, and discuss select quarter-to-date metrics relating to the first quarter of 2023.

謝謝你，達什。在我今天的評論中，我將概述我們截至 2022 年 12 月 31 日的年度和季度的 GAAP 和非 GAAP 結果，並討論與 2023 年第一季度相關的精選季度至今指標。

We reported GAAP book value of $9.55 per share, reflecting an economic return on equity of negative 3.9% for the fourth quarter. The primary drivers of book value were a $0.40 loss in basic earnings per share and our dividend of $0.23 per share. GAAP earnings were impacted by negative investment fair value changes of $0.21 per share, which continue to substantially reflect unrealized mark-to-market changes. Earnings available for distribution was negative $0.11 per share in the fourth quarter as compared to $0.16 per share in the third quarter, driven by a loss of $0.28 per share from mortgage banking due to credit spread widening on both the residential and BPL inventories. More specifically, our lower marks on our inventories reflected a lack of activity and available distribution channels at year-end, a trend, as noted by Chris, that has reversed thus far in the first quarter.

我們報告的 GAAP 賬面價值為每股 9.55 美元，反映出第四季度的股本經濟回報率為負 3.9%。賬面價值的主要驅動因素是每股基本收益損失 0.40 美元和每股 0.23 美元的股息。 GAAP 收益受到每股 0.21 美元的負投資公允價值變動的影響，這繼續在很大程度上反映未實現的市值變動。第四季度可供分配的每股收益為負 0.11 美元，而第三季度為每股 0.16 美元，這是由於住宅和 BPL 庫存的信貸利差擴大導致抵押銀行業務每股虧損 0.28 美元。更具體地說，我們的庫存評分較低反映了年底缺乏活動和可用的分銷渠道，正如 Chris 指出的那樣，這一趨勢在第一季度已經逆轉。

Overall, GAAP net interest income decreased from the third quarter due to lower mortgage banking inventory as volumes and average balances declined in the fourth quarter, while our cost of debt increased, partially offset by higher average coupons for our bridge loan. As Dash mentioned, during the fourth quarter, we closed a new $150 million borrowing facility for HEI investment, which contributed to the increase in interest expense. Importantly, economic net interest income was nearly $6 million higher than GAAP, primarily due to higher average balance of economic investments from capital deployment. Liquidity was solid as of year-end and has been building. Unrestricted cash and equivalents increased by $141 million to $400 million from December 31 to February 7. This is a function of various activities already covered, such as the $70 million preferred stock offering as well as whole loan sales, securitization and financing optimization efforts.

總體而言，由於第四季度交易量和平均餘額下降，抵押銀行庫存減少，GAAP 淨利息收入較第三季度有所下降，而我們的債務成本增加，部分被我們過渡貸款的平均票息增加所抵消。正如 Dash 所提到的，在第四季度，我們為 HEI 投資關閉了一項新的 1.5 億美元的借款安排，這導致了利息支出的增加。重要的是，經濟淨利息收入比 GAAP 高出近 600 萬美元，這主要是由於資本配置帶來的經濟投資平均餘額較高。截至年底，流動性穩定，並且一直在增加。從 12 月 31 日到 2 月 7 日，不受限制的現金和等價物增加了 1.41 億美元，達到 4 億美元。這是已經涵蓋的各種活動的結果，例如 7000 萬美元的優先股發行以及整個貸款銷售、證券化和融資優化工作。

As we noted in our review, we also see incremental opportunities to generate over $100 million of liquidity beyond our existing cash position by financing a portion of our $300 million plus of unencumbered assets. While our total recourse debt balance of $2.9 billion was unchanged quarter-over-quarter, the decline in tangible equity drove a modest increase in leverage from 2.6x to 2.8x. Given the financing and capital markets activities we conducted thus far in 2023, our estimated total recourse leverage ratio fell to 2.2x at February 7. This decline in leverage is also attributable to our repurchase of nearly $60 million of convertible debt since the end of the third quarter, contributing both to reduced interest expense and realized gains for our shareholders.

正如我們在審查中指出的那樣，我們還看到了更多的機會，可以通過為我們 3 億美元以上的未支配資產中的一部分融資，在我們現有的現金頭寸之外產生超過 1 億美元的流動性。雖然我們的總追索權債務餘額為 29 億美元，環比沒有變化，但有形資產的下降推動槓桿率從 2.6 倍小幅上升至 2.8 倍。鑑於我們在 2023 年迄今開展的融資和資本市場活動，我們估計的總追索權槓桿率在 2 月 7 日降至 2.2 倍。槓桿率下降也歸因於我們自 2023 年底以來回購了近 6000 萬美元的可轉換債券第三季度，我們的股東既減少了利息支出又實現了收益。

With respect to the term structure of our liabilities, we have $1.8 billion of recourse leverage maturing in 2023. As financing markets remain orderly, we foresee no issues rolling these facilities in normal coolers. To further illustrate, during 2022, we renewed or established 18 financing facilities, representing $6 billion of total financing capacity. In terms of our outlook, we are currently estimating book value to be up 2% through February 7 in both GAAP and EAD earnings to re-approach our dividend level for the first quarter. We see several factors that support the return to more normalized return levels for the business throughout 2023. With the mark-to-market changes we've experienced, we are carrying the investment portfolio at a forward yield of approximately 15% and credit spreads affirming.

關於我們負債的期限結構，我們有 18 億美元的追索權槓桿將於 2023 年到期。由於融資市場保持有序，我們預計在普通冷卻器中滾動這些設施不會有問題。進一步說明，在 2022 年期間，我們更新或建立了 18 個融資設施，代表總融資能力 60 億美元。就我們的前景而言，我們目前估計到 2 月 7 日，GAAP 和 EAD 收益的賬面價值將增長 2%，以重新接近我們第一季度的股息水平。我們看到有幾個因素支持業務在整個 2023 年恢復到更正常的回報水平。隨著我們經歷的按市值計算的變化，我們的投資組合的遠期收益率約為 15%，信用利差肯定.

Across both mortgage banking platforms, we have largely cleared the inventory overhang from last year, which further improves our gain on sale and volume outlook. Furthermore, in business-purpose lending, we are building on our origination volumes from 2022 and are seeing profitable execution fueled by improved distribution alternatives. Our nimble capital allocation has underscored the diversity of our revenue streams and our ability to optimize the business dynamically based on where the best risk-adjusted returns are in the market.

在這兩個抵押貸款銀行平台上，我們基本上清除了去年的庫存積壓，這進一步改善了我們的銷售收益和銷量前景。此外，在商業貸款方面，我們將從 2022 年開始擴大我們的發起量，並看到改進的分銷替代方案推動了盈利執行。我們靈活的資本配置凸顯了我們收入來源的多樣性，以及我們根據市場上最佳風險調整回報率動態優化業務的能力。

We have a variable cost-driven model, which has allowed us to reduce operating expenses at the residential mortgage banking segment by 40% year-over-year, reduced capital allocated to the business by 70%, yet preserve the optionality of a flagship platform that has historically generated ROEs in excess of 15%. Given the changes we've made, even with a smaller opportunity set, maintaining our historical market share and margins are sufficient to generate normalized returns for this business.

我們有一個可變成本驅動的模型，這使我們能夠將住宅抵押貸款銀行部門的運營費用同比減少 40%，將分配給該業務的資本減少 70%，同時保留旗艦平台的可選性歷史上產生的 ROE 超過 15%。鑑於我們所做的改變，即使機會較少，保持我們的歷史市場份額和利潤率也足以為這項業務產生正常的回報。

And finally, in response to the challenging market conditions we faced this year, we have been focused on rationalizing our overall operating footprint. General and administrative or G&A expenses increased slightly from the third quarter, primarily due to employee severance and related transition expenses. However, for the full-year 2022, G&A expenses were down 20% relative to the prior year. Pro forma for expense reduction initiatives completed since September 30, we currently expect 2023 run rate G&A expense to be 5% to 10% lower than full year 2022 comparable level, in line with our guidance on last quarter's earnings call. We expect these changes to our cost structure to lead to improved profitability in 2023.

最後，為了應對我們今年面臨的充滿挑戰的市場環境，我們一直專注於合理化我們的整體運營足跡。一般和行政費用或 G&A 費用較第三季度略有增加，這主要是由於員工遣散費和相關的過渡費用。然而，就 2022 年全年而言，G&A 費用較上年下降了 20%。自 9 月 30 日以來完成的費用削減計劃備考，我們目前預計 2023 年運行率 G&A 費用將比 2022 年全年的可比水平低 5% 至 10%，這與我們對上一季度財報電話會議的指引一致。我們預計成本結構的這些變化將在 2023 年提高盈利能力。

And with that, I will turn the call over to the operator to open the line for Q&A.

有了這個，我會把電話轉給接線員打開問答線。

Thank you. And ladies and gentlemen, at this time, we will be conducting a question-and-answer session. (Operator Instructions) Our first question comes from Stephen Laws with Raymond James.

謝謝。女士們先生們，此時我們將進行問答環節。 （操作員說明）我們的第一個問題來自 Stephen Laws 和 Raymond James。

I guess, first I want to touch on the conduit business. I don't remember a year where we've seen it kind of move like it did, is volatile through the year. As you look forward, what do we need to see to kind of see more stabilized margins there and solid profitability, although obviously, on lower volumes? And what you've seen in the first Sequoia deal and some other transactions in the market year-to-date, do you feel we've turned the corner there? Or kind of what's your outlook on margins and margin volatility as we move to '23?

我想，首先我想談談管道業務。我不記得有哪一年我們看到它像過去那樣波動，全年都在波動。正如您所期待的那樣，我們需要看到什麼才能看到那裡更穩定的利潤率和穩固的盈利能力，儘管很明顯，銷量較低？你在紅杉的第一筆交易和今年迄今為止市場上的其他一些交易中看到的，你覺得我們已經在那裡度過了難關嗎？或者當我們進入 23 年時，您對利潤率和利潤率波動的看法是什麼？

Steven, it's Chris. Good question. I think for resi, in particular, obviously, it was a really tough year for mortgage banking and volumes and there's pretty well-known reasons for that. As far as turning the corner goes, I think the first thing that we got down this year was the Sequoia deal, we saw a much, much greater demand for the issuance. It was the first deal that we've done in over a year. And I think that as demand returns in the PLS markets, that will create greater confidence, certainly for aggregators like ourselves to begin acquiring and leaning in on rate. Now that said, we're still, I think, aways off in rate as far as where most people would be interested in reifying homes versus where current rates stand, north of 6% and in some cases, 7%.

史蒂文，是克里斯。好問題。我認為對於 resi 來說，特別是對於抵押貸款銀行業務和交易量來說，這是非常艱難的一年，這是有眾所周知的原因的。就轉折點而言，我認為我們今年達成的第一件事是紅杉的交易，我們看到對發行的需求要大得多。這是我們一年多來完成的第一筆交易。而且我認為，隨著 PLS 市場的需求回升，這將創造更大的信心，當然對於像我們這樣的聚合商來說，開始收購併依靠利率。話雖如此，我認為，就大多數人對具體化房屋感興趣的利率而言，與目前的利率相比，我們仍然相差 6%，在某些情況下，7%。

So, I think we're cautious in declaring victory here in the first quarter as far as things fully stabilizing. But we've built some optionality. As Brooke said, we've taken a lot of capital out of the business. And one of the great things about Redwood is we're a 29-year-old business, and we've got the ability to shift capital and resources to their highest and best use. And so I think when it's not a tremendously a great time to be issuing, it's usually a good time to be investing. And so I think we've created a lot of optionality there to be an investor in resi.

因此，我認為就事情完全穩定而言，我們在第一季度在這裡宣布勝利是謹慎的。但是我們已經建立了一些可選性。正如布魯克所說，我們已經從業務中抽走了很多資金。 Redwood 的一大優點是我們是一家擁有 29 年曆史的企業，我們有能力將資本和資源用於最高和最佳用途。所以我認為，當發行股票的時機不是特別好時，通常是投資的好時機。因此，我認為我們已經為 resi 的投資者創造了很多選擇權。

And so I think in 2023, we're going to proceed cautiously. Hopefully, we can continue issuing. We'd like to issue another securitization here at some point in the next -- in the coming months. But in the meantime, I think we're focusing on growth areas across the business and Dash had a lot of comments on the BPL business earlier on. And I think that for a lot of reasons, that business is something we're going to focus on in the first couple of quarters of the year.

所以我認為在 2023 年，我們將謹慎行事。希望我們可以繼續發行。我們想在接下來的某個時間點在這裡發行另一次證券化 - 在未來幾個月內。但與此同時，我認為我們正在關注整個業務的增長領域，而 Dash 早些時候對 BPL 業務發表了很多評論。而且我認為出於很多原因，該業務是我們將在今年前幾個季度重點關注的事情。

And maybe to follow-up on one of the options on the resi side. The home equity investments, you've seen the deck, new financing facility put in place in the fourth quarter. Can you talk about the opportunities there? Is that an area you view as attractive now? Or kind of how do you force-rank your options for the investment side as far as new capital being deployed?

也許會跟進 resi 方面的其中一個選項。家庭股權投資，你已經看到了甲板，新的融資機制在第四季度到位。你能談談那裡的機會嗎？那是你現在認為有吸引力的領域嗎？或者，就部署的新資本而言，您如何強制對投資方面的選擇進行排序？

Yes, I think it's very exciting. That's a great example of some of the optionality that we've built into the platform. Certainly, if people are not incentivized to move or refinance their homes, they'd like to extract trapped equity within their homes. And anybody that's bought a home in the last 2 or 3 years is sitting on quite a bit of equity by and large. And so our HEI initiative is really meant to sort of modernize the home equity process and we'll have a lot more to say about it, I think, in the coming months. But certainly, we see strong demand. We've completed the securitization in the past and Brooke's team completed a financing, a warehouse financing of that product very recently. So, we're excited about things starting to institutionalize there and we expect that to be a big focus area of ours in 2023.

是的，我認為這非常令人興奮。這是我們在平台中內置的一些可選性的一個很好的例子。當然，如果人們沒有動力去搬家或為他們的房屋再融資，他們就會想要提取房屋內的資產。任何在過去 2 或 3 年內買房的人總的來說都坐擁相當多的資產。因此，我們的 HEI 計劃實際上是為了使房屋淨值流程現代化，我認為，在接下來的幾個月裡，我們將有更多話要說。但可以肯定的是，我們看到了強勁的需求。我們過去已經完成了證券化，布魯克的團隊最近完成了該產品的融資，即倉庫融資。因此，我們對那裡開始製度化的事情感到興奮，我們預計這將成為我們 2023 年的一個重點領域。

Our next question comes from Rick Shane with JPMorgan.

我們的下一個問題來自摩根大通的 Rick Shane。

I'd love to talk a little bit about how to think of the residential mortgage banking income line and the loss in the fourth quarter. I'm assuming that because of the execution that some of that was mark-to-market from pipeline from the third quarter. And I'm wondering with the Sequoia sale in the first quarter if some of that's sort of been reversed. I'm just trying to understand the locks and the purchases and the fundings and the timing of everything.

我想談談如何看待住宅抵押貸款銀行收入線和第四季度的虧損。我假設由於執行，其中一些是從第三季度開始按市值計算的。我想知道第一季度紅杉的銷售情況是否有所逆轉。我只是想了解鎖、購買、資金和一切的時間安排。

Sure, Rick, it's Dash. I can take that. You're right. It was largely the resi mortgage banking outcomes for Q4 were largely a result of the mark-to-market on the book we held at 9/30. And as we noted, we locked a little over $40 million of loans in Q4, so the position did not move meaningfully between 9/30 and the end of the year. So, the revenue outcomes for resi mortgage banking were really a result of just spread widening in the market. You're right. And some of Brooke's commentary on book value also includes an improvement in the carrying value of the pipeline here in January or in the early part of the year, half of which has been realized through the Sequoia deal that we executed. So, the position since 9/30 has been fairly easy to trace just because we did -- we added to it barely in Q4. And you're right, much of that has reversed thus far in January with the Sequoia execution of the prospects, as Chris said, of doing another one.

當然，瑞克，這是達什。我可以接受。你說得對。這主要是第四季度的 resi 抵押貸款銀行業務結果主要是我們在 9/30 持有的賬簿按市值計價的結果。正如我們所指出的，我們在第四季度鎖定了略高於 4000 萬美元的貸款，因此在 9 月 30 日和年底之間頭寸沒有發生有意義的變動。因此，resi 抵押貸款銀行業務的收入結果實際上是市場利差擴大的結果。你說得對。布魯克對賬面價值的一些評論還包括 1 月份或今年年初管道賬面價值的提高，其中一半是通過我們執行的紅杉資本交易實現的。因此，自 9 月 30 日以來的頭寸一直很容易追踪，因為我們做了——我們在第四季度幾乎沒有增加。你是對的，正如克里斯所說，隨著紅杉對前景的執行，1 月份到目前為止，大部分情況已經逆轉。

And again, looking at the loan sales in the fourth quarter, it was only $131 million. So, there was presumably a realized loss on the $131 million, but the remainder, whatever the outcome is on the Sequoia transaction, we'll see in a few months?

再看看第四季度的貸款銷售額，僅為 1.31 億美元。因此，大概有 1.31 億美元的已實現損失，但其餘部分，無論紅杉交易的結果如何，我們將在幾個月後看到？

Yes. I mean we -- whether it was mark-to-market adjustments or realized losses, we reflected the value of that pipe at December 31 and I think that is the right way to think about it. Since then, things have firmed up quite a bit in resi. We wanted -- we anticipated that and we prepared to issue that transaction right out of the gate. So, it was a successful deal. And those again are some of the green shoots we did see in that space with investor demand, especially back for AAAs to feel confident to really lean into our rate sheets because ultimately, we control the volumes. It's just a matter of all the pieces coming together around inventories and volatility.

是的。我的意思是我們——無論是按市價調整還是已實現的損失，我們都反映了 12 月 31 日該管道的價值，我認為這是正確的思考方式。從那以後，事情在resi中變得相當穩固。我們想要——我們預料到了這一點，我們準備立即發布該交易。所以，這是一筆成功的交易。這些又是我們在投資者需求領域確實看到的一些綠芽，尤其是讓 AAA 有信心真正依賴我們的費率表，因為最終，我們控制了交易量。這只是圍繞庫存和波動性整合所有因素的問題。

Look, there are a lot of moving parts here. But at the end of the day, the economics at Redwood are really determined by credit performance. You've alluded to related to the securities portfolio, no deterioration, no variance versus model. Can you talk a little bit and provide some additional insight in terms of what you are seeing pockets of strength, pockets of weakness in residential mortgage credit at this point from a credit perspective?

看，這裡有很多活動部件。但歸根結底，Redwood 的經濟狀況實際上取決於信用表現。你提到與證券投資組合相關，沒有惡化，與模型沒有差異。您能否就目前從信貸角度看到的住宅抵押貸款的優勢和劣勢談一談，並提供一些額外的見解？

Yes. I mean I'll touch on consumer resi quickly and then Dash can touch on BPL because at the end of the day, all of our businesses are, as you said, somehow tethered to resi credit. Our consumer resi book, which is our traditional jumbo, our expanded line and our RPLs or reperforming loan books just continues to perform remarkably well. Delinquencies have been essentially flat and in many cases, declining. These are largely seasoned loans, most of which have participated in significant HPA over the past few years.

是的。我的意思是我會快速觸及消費者 resi，然後 Dash 可以觸及 BPL，因為在一天結束時，正如你所說，我們所有的業務都以某種方式束縛在 resi 信貸上。我們的消費者 resi 書籍，這是我們傳統的巨型書籍，我們擴展的產品線和我們的 RPL 或重新執行貸款書籍繼續表現非常好。拖欠率基本持平，而且在許多情況下還在下降。這些主要是經驗豐富的貸款，其中大部分在過去幾年中參與了重要的 HPA。

Just looking at some numbers, our Select book, our estimate for average HPA adjusted LTV is under 40, Choice is around 40, just over 40 and the RPL book is in the mid-40s. So, when you think about our embedded discounts there, which again for Select is [$28 million], Choice is [$34 million] and RPL is [$278 million]. They're sitting on significant, significant home equity before any of these physicians incur meaningful losses. So, we continue to feel very, very good about where the book is positioned. Certainly, including with some downside scenarios with a recession. And I think we're -- our job is just to keep maintaining, monitoring the book and managing credit.

看看一些數字，我們的 Select book，我們對平均 HPA 調整後 LTV 的估計低於 40，Choice 在 40 左右，剛好超過 40，而 RPL book 在 40 多歲。因此，當您考慮我們在那裡的嵌入式折扣時，Select 的折扣為 [2800 萬美元]，Choice 為 [3400 萬美元]，RPL 為 [2.78 億美元]。在這些醫生中的任何一個遭受重大損失之前，他們就坐擁大量的房屋淨值。因此，我們繼續對這本書的定位感到非常非常滿意。當然，包括一些經濟衰退的不利情況。而且我認為我們 - 我們的工作只是繼續維護、監控賬簿和管理信用。

But why don't I let Dash speak to BPL, which is the other piece of the puzzle.

但為什麼我不讓 Dash 與 BPL 對話，這是另一個難題。

Sure. Thanks, Chris. I would say similar to the consumer part of the book, the empirical performance within BPL remains really, really good. Bridge delinquencies were down from where they were earlier in the year, now just over 2%, very strong level. The single-family rental book, which is largely securitized, as I mentioned in my prepared remarks, we saw a slight uptick in early-stage delinquencies in that book at year-end, that has been trending in the right direction already year-to-date, just with our asset management team as they always are, just engaging very directly with borrowers.

當然。謝謝，克里斯。我想說的是，與本書的消費者部分類似，BPL 中的實證性能仍然非常非常好。橋樑拖欠率較今年早些時候有所下降，目前略高於 2%，非常強勁。正如我在準備好的發言中提到的那樣，主要是證券化的單戶租賃書籍，我們在年底看到該書籍的早期拖欠率略有上升，今年以來一直在朝著正確的方向發展-日期，與我們的資產管理團隊一如既往，只是與借款人直接接觸。

So just as a reminder, on the bridge portfolio, the vast majority around 90% of what we finance are in some shape or form rental or stabilization strategy. And so while the durability of the cash flows remain really, really good, what we do is look around the corner and try to anticipate where the areas of stress are going to be. And we try and guard that upfront with our underwriting. Our multifamily loans are typically underwritten to close to a 9% debt yield or higher. We're very careful about how we trend rents and all of that's overlaid. We're focusing on the most sophisticated sponsors with the best liquidity.

因此，提醒一下，在橋樑投資組合中，我們融資的絕大多數大約 90% 都處於某種形式或形成租賃或穩定策略。因此，儘管現金流的持久性仍然非常非常好，但我們所做的是環顧四周，並試圖預測壓力領域將會出現在哪裡。我們嘗試通過我們的承銷來預先保護這一點。我們的多戶家庭貸款通常承保接近 9% 或更高的債務收益率。我們非常小心我們如何趨勢租金和所有這些都是重疊的。我們專注於具有最佳流動性的最老練的讚助商。

I think the reality, Rick, even as rates have come down, the 10-year sits right now, probably 55 basis points below its peak from Q4. The reality is across the bridge space, there will likely be sponsors that need to come out of pocket by a few LTV points to refinance into an agency loan, et cetera. Our focus is making sure we're with sponsors that have the capital to do that and they're executing on their business plans. We have a lot of bites at the apple, as I think you know, in terms of our draws and ensuring that reserves are rebalanced and we're revaluing properties.

我認為現實，里克，即使利率已經下降，10 年期國債目前仍處於低位，可能比第四季度的峰值低 55 個基點。現實是跨過橋樑空間，可能會有發起人需要從口袋裡掏出幾個 LTV 點來再融資為代理貸款，等等。我們的重點是確保我們與有資金這樣做的讚助商合作，並且他們正在執行他們的商業計劃。正如我想你知道的那樣，在我們的抽獎和確保儲備重新平衡以及我們正在重估財產方面，我們有很多咬蘋果的地方。

And so as we -- as more and more of those data points come in, we're more and more heartened by how those sponsors are executing. But that's the areas you can imagine of increased focus here. Rental growth has obviously tapered a bit. We expect that, but we're still seeing strength in average hourly earnings, which is a direct input into how we think the underlying tenants are going to perform. So again, the empirical performance has been really, really good, but that's -- all that stuff that I just mentioned is really top of mind for us for the next few quarters.

因此，隨著越來越多的數據點出現，我們對這些贊助商的執行方式越來越感到鼓舞。但這是您可以想像到的重點領域。租金增長明顯放緩。我們預計會這樣，但我們仍然看到平均時薪強勁，這是對我們認為潛在租戶將如何表現的直接投入。再說一遍，實證表現真的非常好，但是那是——我剛才提到的所有這些東西在接下來的幾個季度裡確實是我們最關心的問題。

Our next question comes from Eric Hagen with BTIG.

我們的下一個問題來自 BTIG 的 Eric Hagen。

I think I have 3 questions so just bear with me here. I mean how would you say the return on capital and securitizing both the jumbo and BPL compares, say, now versus a year ago when spreads were at some of their tightest levels? And then is the capital that you have in the jumbo segment more or less kind of the minimum that you envision just given where the market is? Is there any scale that you can achieve with the capital that you have there if origination volume improves? And do you see Wells Fargo exit -- their exit from the correspondent channel being an opportunity? And then on the originations and BPL, how often would you say agency funding is a viable takeout for those loans? I think I just heard you mention that in some cases, it is. Like is there any connectivity to the fact that GSEs have risen for those loans? And in cases where it's not an agency loan, which does supply the takeout, what is the source of capital that typically does?

我想我有 3 個問題，所以請耐心等待。我的意思是，與一年前利差處於最窄水平的一年相比，你怎麼說資本回報率以及巨型和 BPL 的證券化？然後你在巨型車領域擁有的資本或多或少是你所設想的最低限度嗎？如果發起量增加，你可以用現有的資本實現任何規模嗎？您是否看到 Wells Fargo 退出——他們退出記者頻道是一個機會？然後關於起源和 BPL，您多久會說機構資金是這些貸款的可行外賣？我想我剛剛聽到你提到在某些情況下，它是。就像 GSE 為這些貸款增加的事實有什麼聯繫嗎？在提供外賣的不是代理貸款的情況下，通常提供的資金來源是什麼？

Well, we'll try to divide and conquer here. On the resi front, spreads, obviously, were quite a bit tighter a year ago. But I think the bigger story is what's happened in the past few months. And in early December, mid-December, prime jumbo AAAs were trading 2 to 3 points back of agencies. Now, it's closer to [1 and 5/8] or so. So, there's been a big snap back, which has significantly improved the economics of securitization. Again, for us, that's a very good sign. But running that business and leaning in on rate involves a lot of different moving parts, one of which is you've got to carry fixed rate mortgages with an inverted yield curve, you're incurring all of the spread volatility. So, getting up and down in a securitization requires additional risk, frankly.

好吧，我們將在這裡嘗試分而治之。在 resi 方面，利差顯然在一年前收窄了很多。但我認為更大的故事是過去幾個月發生的事情。在 12 月初和 12 月中旬，大型 AAA 級股票的交易價格比機構低 2 到 3 個百分點。現在，它更接近 [1 和 5/8] 左右。因此，出現了大幅反彈，顯著改善了證券化的經濟效益。同樣，對我們來說，這是一個非常好的跡象。但是經營這項業務並依靠利率涉及許多不同的活動部分，其中之一是你必須持有收益率曲線倒置的固定利率抵押貸款，你會招致所有利差波動。因此，坦率地說，在證券化中起起伏伏需要額外的風險。

So, I think what we're trying to do is continue to get more efficient with that business. And we mentioned that we lowered the capital by 70% over the course of the year. As we look to distribute our remaining sort of last year inventory, we think that capital number can go down further, it could probably go down to something closer to $50 million. And really what that does is it creates a nice base case to lean back in when we're ready to go. And that money doesn't disappear, they can be redeployed and all of this sort of pencils out into the $400-plus million of unrestricted cash that we've amassed here in the last few weeks and months. So, all of that can be deployed. It can be invested. It can be used to buy back debt, buy back stock. So, I think the goal of the fourth quarter was, in some sense, a modest restructuring to get us in a position to kind of go back on offense, which is exactly what we've done to start the year.

所以，我認為我們正在努力做的是繼續提高該業務的效率。我們提到我們在這一年中將資本減少了 70%。當我們考慮分配去年剩餘的庫存時，我們認為資本數量可能會進一步下降，可能會下降到接近 5000 萬美元。真正的作用是它創建了一個很好的基本案例，可以在我們準備好出發時向後傾斜。這筆錢不會消失，它們可以重新部署，所有這些鉛筆都投入了過去幾周和幾個月我們在這裡積累的 400 多萬美元的無限制現金中。因此，所有這些都可以部署。它可以投資。它可以用來買回債務，買回股票。所以，我認為第四季度的目標在某種意義上是適度的重組，讓我們能夠重新進攻，這正是我們在年初所做的。

On the Wells front, which I think you referred to. I think that's a tremendous, tremendous long-term opportunity for us and for our long-term minded shareholders. That's somewhat of a bellwether of sorts. I would say Wells by and large, has been the largest correspondent aggregator in non-agency, particularly jumbo since the great financial crisis. So, exiting that space really is a profound opportunity for us and potentially others. So, it's not an overnight shift. But I think for -- again, for a company that's heading into its 29th year, our business is the resi business. And as things evolve here, we expect that to significantly support our competitiveness in the space with a major, major force like Wells stepping back. So, I do think that's very notable and potentially a very big long-term tailwind for us. But in the near term, the real emphasis is the Fed, its stability in rates and particularly in housing and the economy that we're most focused on.

在威爾斯前線，我想你提到過。我認為這對我們和我們有長遠眼光的股東來說是一個巨大的、巨大的長期機會。這有點像某種領頭羊。我想說的是，總的來說，Wells 一直是非代理機構中最大的代理聚合器，特別是自金融危機以來的巨無霸。因此，退出該領域對我們和潛在的其他人來說確實是一個意義重大的機會。所以，這不是一夜之間的轉變。但我認為 - 再一次，對於一家即將進入第 29 個年頭的公司來說，我們的業務是 resi 業務。隨著事情的發展，我們預計這將極大地支持我們在該領域的競爭力，而像 Wells 這樣的主要力量退後一步。所以，我確實認為這對我們來說非常值得注意，並且可能是一個非常大的長期順風。但在短期內，真正的重點是美聯儲，它的利率穩定性，尤其是我們最關注的住房和經濟。

Eric, to take your questions around BPL, if you sort of divide the bridge portfolio into 3 areas, multifamily, build-for-rent and then the single-family stabilization strategy, I would say, in the majority of cases on the multifamily side for a sponsor that wants to hold on to the property and has the capital tenor to do that, Plan A would likely be most of the time an agency or a HUD takeout. Some of that, as you know, is going to depend upon the nature of the underlying tenants, the affordability angle, things of that nature.

埃里克，圍繞 BPL 提出你的問題，如果你將橋樑投資組合分為 3 個領域，多戶住宅，出租建築，然後是單戶住宅穩定策略，我會說，在大多數情況下，多戶住宅方面對於想要持有房產並有資本期限的讚助商來說，A 計劃在大多數情況下可能是代理機構或 HUD 收購。如您所知，其中一些將取決於潛在租戶的性質、負擔能力的角度，以及那種性質的事情。

Agency and HUD takeouts are we see that very commonly to the extent the sponsor wants to stay in the investment. And -- but many of our multifamily sponsors, I'd say most do focus on tenants where the GSEs and UD are actually in a spot of continuing to lean in around housing affordability and things of that nature. So, those have historically led to more favorable execution outcomes that we would expect that to continue, notwithstanding your point around the GP just given where the mission footprint is with the GSEs.

代理機構和 HUD 外賣是我們看到的非常普遍的讚助商希望留在投資中的程度。而且——但是我們的許多多戶家庭贊助商，我想說的是，大多數確實關注租戶，在這些租戶中，GSE 和 UD 實際上處於繼續傾向於圍繞住房負擔能力和類似性質的東西。因此，從歷史上看，這些已經導致了更有利的執行結果，我們希望這種情況會繼續下去，儘管您剛剛給出了 GSE 的任務足跡所在的 GP 周圍的觀點。

We have often refinanced multi into our own term product, which we securitize. That tends to occur when the GSEs hit their caps, which they have annually, as you know. We also can do that when a sponsor is stabilized and views it as more efficient to refinance private label as opposed to waiting the number of months of seasoning required by the GSEs at certain stabilization levels. So, we do see opportunities like that. On the build-for-rent side, some of those are eligible for agency. That depends upon how the property is parceled. And then typically for single-family bridge stabilization strategies, it's a win-win for us to be the takeout. That's a huge source of our term business, which we securitize as our bridge book or sponsors refinance with us into a longer-term fixed rate.

我們經常將 multi 再融資到我們自己的定期產品中，並將其證券化。如您所知，這往往發生在 GSE 達到上限時，他們每年都會達到上限。我們也可以在讚助商穩定下來並認為為自有品牌再融資比等待 GSE 在某些穩定水平下所需的調味月數更有效時，我們也可以這樣做。所以，我們確實看到了這樣的機會。在建房出租方面，其中一些有資格獲得代理。這取決於財產的分割方式。然後通常對於單戶橋樑穩定策略，我們成為外賣是雙贏的。這是我們定期業務的巨大來源，我們將其證券化為我們的橋樑書或贊助商與我們再融資為長期固定利率。

Our next question comes from Derek Sommers with Jefferies.

我們的下一個問題來自 Jefferies 的 Derek Sommers。

With Wells exiting correspondent and some other smaller non-QM lenders hitting some speed bumps, do you see that as more of a volume opportunity or a margin opportunity in the near term or a combination of both? And then just to tap into the capital allocation to the mortgage lending, I know you guys said you reduced it by 70%, but how flexible is that capital allocation on the flip side on a quarter-to-quarter basis when you want to dial it back up?

隨著 Wells 退出通訊員和其他一些較小的非 QM 貸方遇到一些減速帶，您認為這是短期內更多的交易機會還是利潤機會，還是兩者的結合？然後只是為了利用抵押貸款的資本配置，我知道你們說你們減少了 70%，但另一方面，當你想撥號時，資本配置在季度到季度的基礎上有多靈活它備份？

Well, as I noted, I think it's most fair to characterize the Wells exit as a long-term opportunity. Frankly, Wells and other money center banks remain very competitive on the retail side, on the branch side in mortgage. So, that piece of the puzzle hasn't meaningfully changed. But I do think as things stabilize, it could be quite a game changer for us in particular. As far as the flexibility of the capital, I think it's very, very flexible. I think we put ourselves in a position where we can be very nimble with allocating capital. And we've got a workforce that's pretty attuned to operating and investment capacity as well as an issuance capacity. So, moving the capital around and optimizing it is one of the hallmarks of the platform. And I think what our goal is in residential mortgage banking is to preserve full optionality.

好吧，正如我指出的那樣，我認為將 Wells 退出描述為一個長期機會是最公平的。坦率地說，Wells 和其他貨幣中心銀行在零售方面、在抵押貸款的分支方面仍然非常有競爭力。所以，這塊拼圖並沒有發生有意義的變化。但我確實認為，隨著事情的穩定，這對我們來說可能是一個相當大的遊戲規則改變者。至於資本的靈活性，我認為它非常非常靈活。我認為我們將自己置於可以非常靈活地分配資本的位置。我們擁有一支非常適合運營和投資能力以及發行能力的員工隊伍。因此，轉移資金並對其進行優化是該平台的標誌之一。我認為我們在住宅抵押貸款銀行業務中的目標是保留完全的選擇性。

We focused on variable costs. But as far as the integrity of the platform, the relationship of the seller base, the technology, we continue to make investments in technology, all of that is something we focus on, on a day-to-day basis. So, as far as leaning in, again, we control the rate sheet. So, the points at which we feel comfortable from a risk standpoint, getting more aggressive with Wells. I do think that we need to see a little bit more here in the first quarter and potentially into the second quarter to really get that flywheel turning as rapidly as we'd like. But like I also mentioned, we've got a lot of uses for the capital and growing NIM right now is a big, big focus of ours.

我們專注於可變成本。但就平台的完整性、賣家群的關係、技術而言，我們繼續對技術進行投資，所有這些都是我們每天關注的事情。因此，就傾斜而言，我們再次控制費率表。因此，從風險的角度來看，我們對 Wells 變得更加激進。我確實認為我們需要在第一季度在這裡看到更多，並可能進入第二季度才能真正讓飛輪像我們想要的那樣快速轉動。但就像我也提到的那樣，我們對資本有很多用途，現在增加 NIM 是我們的一大重點。

And our next question comes from Doug Harter with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Harter。

Can you talk about how long do you think kind of aggregation periods are now, whether that's to securitization or the whole loan sale and kind of what you might be able to do to even shorten that time further just kind of given the volatile period that we just went through?

你能談談你認為現在的聚合期有多長嗎，無論是證券化還是整個貸款銷售，以及你可以做些什麼來進一步縮短那個時間，只是考慮到我們的波動期剛剛經歷？

Yes. I mean we -- again, we can speak to both businesses. On the resi side, I think the way what we've most focused on is clearing out some of the 2022 inventory and we were very fortunate to stay on top of it and not be a forced issuer, if you will, as others were. We took a year off essentially between securitizations. So, when the moment was right, we were able to hit the market pretty quickly, and we did a few weeks ago. That spoke for a substantial amount of our inventory.

是的。我的意思是我們 - 再次，我們可以與兩家公司交談。在 resi 方面，我認為我們最關注的方式是清理 2022 年的一些庫存，我們很幸運能夠保持領先地位，而不是像其他人那樣成為被迫發行人。我們基本上在證券化之間休息了一年。所以，當時機成熟時，我們能夠很快進入市場，幾週前我們就做到了。這說明了我們的大量庫存。

And as we've mentioned, we're hoping to do another deal here in the coming weeks or months. But going forward, I think capital turnover is going to be important because of the shape of the yield curve. So, pricing in a healthy margin and as far as the rate sheet goes, it's going to be important just to factor in the extra hedging costs. I also think focusing on" mini bulk" and selling loans as smaller bulk pools to investors is going to be an emphasis of ours. So, I think there's ways to manage it. But ultimately, what we really like to do is get back to kind of the regular way aggregation that we've seen in the past few years, we just -- we're just proceeding cautiously.

正如我們所提到的，我們希望在未來幾週或幾個月內在這里達成另一筆交易。但展望未來，我認為由於收益率曲線的形狀，資本周轉率將變得很重要。因此，以健康的利潤率定價，就費率表而言，僅考慮額外的對沖成本將很重要。我還認為，專注於“小型批量”並將貸款作為較小的批量池出售給投資者將是我們的重點。所以，我認為有辦法管理它。但最終，我們真正想做的是回到過去幾年我們看到的那種常規方式聚合，我們只是 - 我們只是謹慎行事。

And then can you just talk about kind of how you envision your capital structure, obviously, the converts coming due this year, you issued the preferred kind of what you see the optimal mix of the capital structure?

然後你能不能談談你如何設想你的資本結構，顯然，今年到期的轉換，你發行了你認為最佳資本結構組合的首選類型？

It's a good question. We -- you probably saw from our materials that through the first quarter and the fourth quarter, we bought back about $55 million of our ['23s and '25s]. Since we started buying back our converts, we've actually seen our capital structure tightening quite nicely, which I think was also aided by our preferred equity offering that priced inside our convertible debt stack as well. I think we did a small inaugural issuance of preferred intentionally. And it is expensive, but relative to the cost of convertible and other unsecured forms of debt. We think their perpetual capital, it actually has a nice place in our capital structure and our future issuance, we expect to be tighter on the follow of that.

這是個好問題。我們——你可能從我們的材料中看到，在第一季度和第四季度，我們回購了大約 5500 萬美元的 [23 歲和 25 歲]。自從我們開始回購我們的轉換公司以來，我們實際上已經看到我們的資本結構收緊得很好，我認為這也得益於我們的優先股發行，該股票也在我們的可轉換債務堆棧中定價。我認為我們有意發行了一個小規模的首發發行。而且它很昂貴，但相對於可轉換債務和其他無擔保債務形式的成本而言。我們認為他們的永久資本實際上在我們的資本結構和我們未來的發行中佔有一席之地，我們預計接下來會收緊。

So we -- and you also probably noted from our materials and prepared remarks that we have done a nice job continuing to raise cash on hand. So, we have sit with $400 million. We have $300 million in total unsecured that matures through 2024. So, we will likely see us continue to either repurchase that at discounts or to seize it. If you even think about the level of cost that we have in our 2023 maturity, you can cover that interest expense with 6-month T-bill today, which is quite amazing. So, I think we will continue to address our term maturities, while balancing it nicely with other accretive forms of capital and the capital structure.

所以我們 - 你也可能從我們的材料和準備好的評論中註意到，我們在繼續籌集手頭現金方面做得很好。因此，我們坐擁 4 億美元。到 2024 年，我們總共有 3 億美元的無擔保資產到期。因此，我們很可能會看到我們繼續以折扣價回購或抓住它。如果你甚至考慮我們在 2023 年到期時的成本水平，你今天可以用 6 個月的國庫券支付利息費用，這非常驚人。因此，我認為我們將繼續解決我們的期限到期問題，同時將其與其他增值形式的資本和資本結構很好地平衡。

And our next question comes from Don Fandetti with Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

Yes. Brooke, could you talk a little bit about how you're thinking about net interest income in Q1 and then maybe some of the pluses and minuses as you work through the year?

是的。 Brooke，你能談談你是如何考慮第一季度的淨利息收入的，然後是你全年工作的一些利弊嗎？

Yes. It is a good question. I think what you've seen out of our net interest income line item is stability. In the fourth quarter, we reached what we really view to be a good run rate. We've had a lot of more one-time season income that have come into net interest income over the course of the year and those represent upside from the levels we saw in the fourth quarter, but items such as yield maintenance has been as high as $4 million to $5 million or $7 million in different quarters throughout the last year, that was essentially flat in the fourth quarter. And so we think GAAP net interest income in the fourth quarter represents a good run rate, as I mentioned.

是的。這是一個很好的問題。我認為您從我們的淨利息收入項目中看到的是穩定性。在第四季度，我們達到了我們真正認為的良好運行率。在這一年中，我們有更多的一次性收入進入淨利息收入，這些收入比我們在第四季度看到的水平高，但收益率維持等項目一直很高去年不同季度的銷售額分別為 400 萬至 500 萬美元或 700 萬美元，與第四季度基本持平。因此，正如我提到的，我們認為第四季度的 GAAP 淨利息收入代表了良好的運行率。

We are continuing to deploy capital into bridge, which continues to be a nice tailwind for NIM. Actually, it contributed to positive $4 million to net interest income on the quarter. It generated a 27% return on the capital for the quarter. So, in terms of deployment opportunities, especially with the amount of cash that we're sitting on today, that continues to be an area of focus. We actually saw that was driven not only by volume, which was actually done in the quarter, but weighted average coupons on bridge were about 50 basis points higher than cost of funds increases.

我們將繼續向 bridge 投入資金，這對 NIM 來說仍然是一個不錯的順風。實際上，它為本季度的淨利息收入貢獻了 400 萬美元。它在本季度產生了 27% 的資本回報率。因此，就部署機會而言，尤其是我們今天坐擁的現金數量，這仍然是一個重點領域。我們實際上看到，這不僅受到本季度實際完成的交易量的推動，而且橋樑的加權平均票息比資金成本增加約 50 個基點。

I would really point you to economic net interest income as we head forward. That was $6 million higher, as I mentioned in my prepared remarks, in GAAP net interest income. That's driven by some discount accretion and also effective interest on certain assets that aren't captured in our GAAP net interest income, but rather through investment fair value changes. But those are run rate -- that is run rate income for us. So, I think we will do a better job highlighting economic net interest income. But we see tailwinds for economic NII to continue to grow, both from deployment and certain of those assets whose affected yields will continue to be realized through it.

在我們前進的過程中，我真的會向您指出經濟淨利息收入。正如我在準備好的評論中提到的那樣，這比 GAAP 淨利息收入高出 600 萬美元。這是由一些折扣增加和某些資產的實際利息驅動的，這些資產未包含在我們的 GAAP 淨利息收入中，而是通過投資公允價值變化。但那些是運行率——這就是我們的運行率收入。因此，我認為我們會更好地突出經濟淨利息收入。但我們看到經濟 NII 繼續增長的有利因素，既來自部署，也來自某些資產，其受影響的收益率將繼續通過它實現。

I would also just now our financing costs, they were up about 100 basis points last quarter, but they've really stabilized. So, with the projected front end of the curve and also spreads on renewals, we've seen really stabilized. We have been seeing spreads widen a bit on financing lines throughout kind of the mid- to second half of the year and those we view to be very stable. So, we continue to have more floating rate exposure on the asset side of our portfolio than on the debt side of the portfolio. So, any further increases to rates should actually be a tailwind to them.

我現在還想知道我們的融資成本，上個季度它們上漲了大約 100 個基點，但它們確實已經穩定下來。因此，隨著曲線前端的預計以及續訂的利差，我們已經看到真正穩定下來。在今年中下半年，我們一直看到融資額度的利差有所擴大，我們認為這些利差非常穩定。因此，與投資組合的債務方面相比，我們在投資組合的資產方面繼續擁有更多的浮動利率敞口。因此，利率的任何進一步提高實際上應該對他們有利。

And our next question comes from Bose George with KBW. Boss George, your line is open.

我們的下一個問題來自 KBW 的 Bose George。喬治老闆，您的電話開通了。

Sorry, I was on mute. Just wanted to ask about returns on for investment opportunities, sort of the best investment opportunities that you're seeing and how returns compare to that 15% in-force yield on your existing portfolio?

對不起，我是靜音的。只是想問一下投資機會的回報率，你看到的最好的投資機會，以及回報率與你現有投資組合的 15% 有效收益率相比如何？

Bose, this is Dash. I can take that. The organic creation largely through BPL, as Brooke just articulated, in that mid-teens context or better for both bridge as well as the residual pieces that we can create through securitizing SFR loans are very much in that context too. Obviously, some of this is aided by the fact that we're in a higher total rate of return environment with benchmarks and also our lending spreads have certainly widened in sympathy with the market over the past year or so, although they have tightened up given the market dynamics in the past few weeks.

Bose，這是 Dash。我可以接受。正如 Brooke 剛剛闡明的那樣，主要通過 BPL 進行有機創造，在那個十幾歲的背景下或更好地為橋樑以及我們可以通過證券化 SFR 貸款創造的剩餘部分也在這種背景下。顯然，部分原因是我們處於更高的基準總回報率環境中，而且在過去一年左右的時間裡，我們的貸款利差肯定隨著市場的發展而擴大，儘管它們已經收緊了過去幾週的市場動態。

Away from that, as Chris articulated earlier on the call, given market dynamics, we're definitely seeing more interesting opportunities on the third-party side as well. We've been a regular investor in agency CRT securities. Those have certainly tightened in this year, but those potentially remain interesting. There's some other shorter-dated opportunities as well, more senior non-rated cash flows that others are issuing that we're focused on as well as other types of return profiles. We won't be investing in mortgage servicing rights, but obviously, with the potential for certain banks to be divesting of those, there might be some interesting opportunities there as well. So in general, these will chin the bar with that mid-teens or higher still based on where we see the market right now.

除此之外，正如克里斯早些時候在電話會議上闡明的那樣，鑑於市場動態，我們肯定也會在第三方方面看到更多有趣的機會。我們一直是機構 CRT 證券的常規投資者。今年這些政策肯定收緊了，但這些政策可能仍然很有趣。還有一些其他較短期的機會，我們關注的是其他人正在發行的更高級的非評級現金流量以及其他類型的回報概況。我們不會投資抵押貸款服務權，但顯然，由於某些銀行有可能剝離這些權利，因此那裡也可能存在一些有趣的機會。因此，總的來說，這些將根據我們目前對市場的看法，將標準提高到十幾歲或更高。

And then actually, just going back to the resi mortgage banking business, in terms of getting back to normalized returns, do you need to see some pickup in refi activity or as sort of industry capacity gets pulled out over time, you think you can sort of get to normalized returns that way?

然後實際上，回到 resi 抵押貸款銀行業務，就恢復正常化回報而言，您是否需要看到 refi 活動有所回升，或者隨著時間的推移某種行業產能被抽出，您認為您可以排序以這種方式獲得標準化回報？

Yes. It's kind of all of the above. I think the first and most important thing is stability in rates. I think that rate volatility have kept a lot of consumers on the sidelines with respect to buying homes, obviously, refinancing homes. But the business can function in high rate environments. I think the housing -- demand in the housing market has picked up in January, and we'll be heading into the spring selling season here. So, I think the capacity issue is a real issue. It's a bigger issue, I think, for mortgage originators than it is for us.

是的。以上都是。我認為首先也是最重要的是利率的穩定。我認為利率波動讓很多消費者對買房持觀望態度，顯然是為房屋再融資。但業務可以在高速率環境中運行。我認為住房——住房市場的需求在 1 月份有所回升，我們將在這裡進入春季銷售旺季。所以，我認為容量問題是一個真正的問題。我認為，對於抵押貸款發起人而言，這是一個比我們更大的問題。

If anything, with the Wells announcement, there's going to be fewer players. So, that piece is a positive. But I think the real answer is rate stability because it not only drives consumer behavior but also demand for our bonds. And I think once we had a really good January, frankly, and if we can continue the momentum here, I could certainly see the economics penciling out much better for the business in the coming months and certainly in the coming quarters.

如果有的話，隨著威爾斯的宣布，球員將會減少。所以，那篇文章是積極的。但我認為真正的答案是利率穩定，因為它不僅會推動消費者行為，還會推動對我們債券的需求。坦率地說，我認為，一旦我們在 1 月份度過了一個非常美好的時光，並且如果我們能夠繼續保持這種勢頭，我肯定會看到未來幾個月乃至未來幾個季度的經濟狀況對企業的影響要大得多。

Our next question comes from Steve Delaney with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Steve Delaney。

I was a little late getting on. But I wanted to ask you, if you haven't already covered it, your January Sequoia deal, the prime jumbo deal, if you talked about that, did you mention what the -- we see the 5% coupon on the notes sold. Did you mention what the WACC was on the loan pool?

我上車有點晚了。但我想問你，如果你還沒有談到它，你的 1 月紅杉交易，主要的巨額交易，如果你談到這個，你有沒有提到 - 我們在售出的票據上看到 5% 的優惠券。您是否提到了貸款池中的 WACC？

Yes, it was about [5 1/4% gross], so a little bit above that, Steve.

是的，它大約是 [總收入的 5 1/4%]，比那個高一點，史蒂夫。

So, pretty tight. And was that -- both of you mentioned sort of this mid-teen kind of target hurdle. Was that deal -- the execution there, did that get you there? Or do you -- was there something unique about that, that you needed to clear those out, get those permanently financed? But at the margin today with current loans that your purchase money, jumbo loans that you're originating in pricing, do you think that 15% ROE hurdle is doable on this loan product?

所以，很緊。那就是——你們兩個都提到了這種青少年中期的目標障礙。是那筆交易——那裡的處決，讓你到達那裡了嗎？或者你 - 這有什麼獨特之處，你需要清除那些，讓那些永久資助？但在今天的保證金中，你購買的當前貸款，你在定價中產生的巨額貸款，你認為 15% 的 ROE 障礙在這個貸款產品上可行嗎？

Yes. So, the portfolio we securitized was probably among the more season that we've ever securitized. Someone else asked the question, I think it was like we typically securitize jumbos within a month or 2, as you can probably glean by the coupon, these were a bit more seasoned than just we saw a market opportunity early January and securitize them. And as you recall, Steve, the pieces that we keep from those Sequoia deals tend to be a lot thinner. And so yes, they -- the piece we kept was sort of in that low- to mid-teens context, but it was sort of 1% or less of the capital structure. And if you look at where current coupon as I think Chris sort of hit on it, yes, if you look at the model, mid-to-high 6s note rates just from a term perspective, should be able to get you there, the challenges with the rate stability and all of that and the consumer demand is getting to actually be able to do that.

是的。因此，我們證券化的投資組合可能是我們證券化的最多的季節之一。其他人問了這個問題，我認為這就像我們通常在一兩個月內將巨型股票證券化，正如您可能會通過優惠券收集到的那樣，這些比我們在 1 月初看到市場機會並將其證券化要成熟一些。正如你所記得的那樣，史蒂夫，我們從那些紅杉交易中保留下來的部分往往要薄得多。所以是的，他們——我們保留的部分是在十幾歲到十幾歲的背景下，但它只佔資本結構的 1% 或更少。如果你看看當前的優惠券，我認為 Chris 有點喜歡它，是的，如果你看看這個模型，從期限的角度來看，中高 6s 票據利率應該能夠讓你到達那裡，利率穩定性和所有這些方面的挑戰以及消費者需求實際上能夠做到這一點。

And I appreciate Chris' comments about this volatility and people just decided, okay, let's wait it out. But we get into the spring, people need houses. I think the purchase side will pick up. And it's nice that you've tested the waters here. Everybody knows the SMT brand, and we'll see what the rest of the year brings. But I hope we'll get some more momentum in the purchase market for sure.

我很欣賞克里斯對這種波動的評論，人們剛剛決定，好吧，讓我們等一下。但是我們進入春天，人們需要房子。我認為採購方會回暖。很高興你在這裡試水了。每個人都知道 SMT 品牌，我們將看看今年餘下時間會帶來什麼。但我希望我們肯定會在採購市場上獲得更多動力。

Thanks, Steve.

謝謝，史蒂夫。

Thank you. And ladies and gentlemen, that was our final question for today. That also concludes today's conference call. All parties may now disconnect. Have a great evening.

謝謝。女士們，先生們，這是我們今天的最後一個問題。今天的電話會議也到此結束。所有各方現在都可以斷開連接。祝你有個愉快的夜晚。