Redwood Trust Inc (RWT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Redwood Trust third quarter, 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Redwood Trust 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Kaitlyn Mauritz, head of Investor relations. Please go ahead.

現在我很高興向您介紹主持人，投資者關係主管凱特琳莫里茲 (Kaitlyn Mauritz)。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's third quarter 2024 earnings conference call. With me on today's call are Christopher Abate, Chief Executive Officer; Dashiell Robinson, President; and Brooke Carillo, Chief Financial Officer.

謝謝你，接線生。大家好，感謝您今天加入我們 Redwood 的 2024 年第三季財報電話會議。與我一起參加今天電話會議的是執行長 Christopher Abate；達希爾·羅賓遜，總裁；和財務長布魯克·卡里洛。

Before we begin, I want to remind you that certain statements made during management's presentation today with respect to future financial and business performance may constitute forward-looking statements. Forward-looking statements are based on current expectations, forecasts and assumptions, and include risks and uncertainties that cause actual results to differ materially. We encourage you to read the company's annual report on Form 10-K, which provide 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，管理層在今天的演講中做出的有關未來財務和業務業績的某些陳述可能構成前瞻性陳述。前瞻性陳述是基於目前的預期、預測和假設，並包括導致實際結果有重大差異的風險和不確定性。我們鼓勵您閱讀公司的 10-K 表格年度報告，其中描述了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表達的結果不同的一些因素聲明。

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 third quarter review, which is available on our website, redwoodtrust.com.

在這次電話會議上，我們也可能參考公認會計原則和非公認會計原則財務指標。所提供的非公認會計原則財務指標不應單獨使用，也不應被視為替代根據公認會計原則編制的財務績效指標。我們的第三季回顧中提供了 GAAP 和非 GAAP 財務指標之間的調整表，可在我們的網站 redwoodtrust.com 上查看。

Also note that the contents of today's call contain time-sensitive information that are only accurate as of today. 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. And with that, I'll turn the call over to Chris.

另請注意，今天通話的內容包含時間敏感訊息，僅在今天準確。我們不打算也不承擔任何義務更新此資訊以反映後續事件或情況。最後，今天的通話正在進行錄音，並將在今天晚些時候發佈在我們的網站上。這樣，我會將電話轉給克里斯。

Thanks, Kate. As we work towards the end of a productive year, we find ourselves at the dawn of a new rate regime and a too close to call presidential election, which is now less than a week away. Many macro questions remain, particularly with respect to the speed and impact of monetary and fiscal policy shifts. What we do know is that the US will have a new administration and a fresh take on improving access to quality housing, a challenge we have undertaken since Redwood's founding three decades ago.

謝謝，凱特。當我們努力結束富有成果的一年時，我們發現自己正處於新利率制度的黎明，以及距離現在不到一周的總統選舉。許多宏觀問題仍然存在，特別是貨幣和財政政策轉變的速度和影響方面。我們所知道的是，美國將迎來新政府，並在改善優質住房的獲取方面採取新的態度，這是我們自三十年前雷德伍德成立以來一直面臨的挑戰。

Each major party candidate has acknowledged the need for more scalable solutions with proposals that include enhanced down payment assistance programs, incentives for increased construction, and easing of the maze of local regulations that blend housing development. In an otherwise polarized environment, it seems many have found common cause for an issue that is central to our company's core mission.

每位主要政黨候選人都承認需要更具可擴展性的解決方案，其提案包括加強首付援助計劃、增加建設的激勵措施以及放寬混合住房開發的地方法規。在一個兩極化的環境中，似乎許多人都找到了對我們公司核心使命至關重要的問題的共同原因。

As we rise to meet this formidable challenge, our platform continues to make good operating progress. We recently increased our common dividend for the first time since 2021, up over 6% to $0.17 per share for the third quarter, reflecting continued growth in our operating activities. Our combined mortgage banking returns were the highest in over three years as each business unlocked operating leverage to achieve strong results.

在我們迎接這項艱鉅挑戰的同時，我們的平台也持續取得良好的營運進展。最近，我們自 2021 年以來首次增加了普通股股息，第三季上漲了 6% 以上，達到每股 0.17 美元，反映出我們經營活動的持續成長。由於每項業務都釋放了營運槓桿以取得強勁業績，我們的抵押貸款銀行業務綜合回報率達到了三年多以來的最高水平。

These were goals we outlined at our Investor Day earlier this year, and we're pleased with the progress we've made towards them. We continue to spend a significant amount of time collaborating with our loan sellers, particularly as higher mortgage rates appear to be returning after a short-lived reprieve. Rates today sit nearly 70 basis points higher than their September lows and are effectively back to levels we saw in early July.

這些是我們在今年稍早的投資者日上概述的目標，我們對實現這些目標所取得的進展感到高興。我們繼續花費大量時間與貸款賣家合作，特別是在短暫的緩刑後，抵押貸款利率似乎又出現了上漲。今天的利率比 9 月的低點高出近 70 個基點，實際上已回到 7 月初的水平。

In anticipation of this pickup, we've leveraged momentum in our distribution channels, the sellers securitized approximately $1.5 billion of jumbo collateral in October alone, an amount equal to our distribution for the entire third quarter. These efforts have contributed to us maintaining a flat book value per our estimation since quarter end.

考慮到這種回升，我們利用了分銷管道的勢頭，僅在 10 月份，賣家就將大約 15 億美元的巨額抵押品證券化，這一數額相當於我們整個第三季度的分配金額。這些努力有助於我們自季度末以來根據我們的估計保持帳面價值持平。

Though we expect to see continued rate volatility through the election with expectations for further Fed easing on the horizon, we still expect to see housing activity pick up in the coming quarters from the anemic levels we have witnessed over the past few years. With that in mind and with the prospect of a new administration in Washington, we continue to believe our platform's value proposition to the market will only grow, particularly as more regions of the country turn to the non-agency sector for creative solutions.

儘管我們預計大選期間利率將持續波動，並且預計聯準會即將進一步放鬆貨幣政策，但我們仍然預計未來幾季的房地產活動將從過去幾年的疲軟水平回升。考慮到這一點，並考慮到華盛頓新政府的前景，我們仍然相信我們平台對市場的價值主張只會增長，特別是隨著美國更多地區轉向非代理部門尋求創意解決方案。

The industry demands positive disruption as it continues to grapple with an estimated undersupply of 3 million to 4 million homes. In many corners of the market, there also remains a significant knowledge gap between prospective homeowners and the non-agency housing finance solutions available to them. That's why much of our focus heading into 2025 will be on mission expanding strategies that are designed to leverage areas of high potential growth, common sense use cases for prospective homeowners, and a strong nexus between technology and consumer adoption.

該行業需要積極的顛覆，因為該行業仍在努力解決估計有 300 萬至 400 萬套住房供應不足的問題。在市場的許多角落，潛在房主和他們可用的非機構住房融資解決方案之間仍然存在巨大的知識差距。這就是為什麼我們進入 2025 年的重點將放在任務擴展策略上，這些策略旨在利用高潛力成長領域、潛在房主的常識性用例以及技術與消費者採用之間的緊密聯繫。

As you may have seen in an earlier press release today, we have added senior leadership to support and drive this focus area. As always, this work will be coupled with expanded access to private credit investors, an area that now represents a deep competitive strength.

正如您可能在今天早些時候的新聞稿中看到的那樣，我們增加了高級領導層來支持和推動這一重點領域。與往常一樣，這項工作將與擴大私人信貸投資者的接觸範圍相結合，這一領域現在代表著深厚的競爭優勢。

I'll now turn the call over to Dash.

我現在將把電話轉給 Dash。

Thank you, Chris. Mortgage banking performance was a key driver of our strong third quarter performance with GAAP contribution from these businesses tripling versus the second quarter on strong margins and continued broadening of our distribution channels. Our residential consumer platform remains a valued partner to both banks and independent mortgage bankers or IMBs, with third quarter results benefiting from tightening securitization execution, accretive hedging and continued progress in capital efficiency.

謝謝你，克里斯。抵押貸款銀行業務業績是我們第三季強勁業績的關鍵驅動力，由於強勁的利潤率和持續拓寬的分銷管道，這些業務的 GAAP 貢獻較第二季度增長了兩倍。我們的住宅消費者平台仍然是銀行和獨立抵押貸款銀行家或 IMB 的重要合作夥伴，第三季業績受益於加強證券化執行、增值對沖以及資本效率的持續進步。

The third quarter brought some notable shifts in the composition of our lock volumes, reflective of both market conditions and strategic progress with our origination partners. We locked $2.2 billion of loans during Q3 compared to $2.7 billion in the second quarter, essentially flat when adjusting for the large pool of seasoned hybrid ARMs we discussed on our second quarter call.

第三季我們的鎖定量組成發生了一些顯著變化，反映了市場狀況和我們與原始合作夥伴的策略進展。我們在第三季度鎖定了 22 億美元的貸款，而第二季度為 27 億美元，在對我們在第二季度電話會議上討論的大量經驗豐富的混合 ARM 進行調整後，基本上持平。

After a slow July marked by heightened market volatility that predated the significant rate rally later in the quarter, August and September volumes rebounded. In spite of the rate backup since quarter end, we are finishing up an equally active October, helped in part by a revamped set of guidelines on new production hybrid ARMs, which has been met with favorable early feedback across our seller base.

在經歷了 7 月緩慢的市場波動（在本季稍後利率大幅上漲之前）之後，8 月和 9 月的成交量出現反彈。儘管自季度末以來價格有所回升，但我們仍將迎來同樣活躍的10 月份，這在一定程度上得益於一套關於新生產混合ARM 的修訂指南，該指南在我們的賣家群體中得到了正面的早期回饋。

Third quarter volume was split evenly between bulk and flow with IMB volume accounting for close to 60% of total production. Our loan sourcing remains well-diversified across a deep seller base. And year-to-date, we have locked loans with over 160 discrete originators with no one seller representing more than 7% of total flow volume. Interest rates moved significantly throughout the third quarter, including a rally in the 10-year treasury yield to just under 3.6% that opened up a brief window for consumers seeking to refinance, a dynamic we haven't seen in meaningful size since early 2022.

第三季的產量在散裝和流動之間平均分配，IMB 產量佔總產量的近 60%。我們的貸款來源在深厚的賣家基礎上仍然保持多元化。今年迄今為止，我們已鎖定超過 160 個離散發起人的貸款，沒有一個賣家佔總流量的 7% 以上。第三季利率大幅波動，包括 10 年期公債殖利率升至略低於3.6%，這為尋求再融資的消費者打開了一個短暫的窗口，這是自2022 年初以來我們從未見過的有意義的動態。

Refinance activity represented 27% of our overall flow volume during the third quarter, more than double our recent run rate. With rates now almost 70 basis points higher than prior to September's FOMC announcement, refinance demand has ebbed, but the volume increase is evidence that homeowners and originators are prepared to transact once a more durable reprieve eventually emerges. The level of activity also serves as a good reminder that 10% of outstanding mortgages are 100 basis points or less out of the money, a potential boon to market activity into a traditional seasonal slowdown in the fourth quarter.

再融資活動佔第三季總流量的 27%，是近期運行率的兩倍多。目前利率比 9 月 FOMC 宣布之前高出近 70 個基點，再融資需求已經減弱，但數量的增加表明房主和發起人準備在最終出現更持久的緩解措施時進行交易。活動水平也很好地提醒人們，10% 的未償還抵押貸款處於 100 個基點或更少的價外狀態，這對於第四季度傳統季節性放緩的市場活動來說是一個潛在的利好。

We completed three Sequoia securitizations during the third quarter for $1.5 billion, maintaining a reliable monthly cadence that promotes strong execution levels, a measure of contrast with other market participants that issue more episodically. But our issuance pace also has an important impact on our capital efficiency, particularly critical amidst what until recently has been a persistently inverted yield curve.

我們在第三季完成了三筆紅杉證券化，金額為 15 億美元，保持了可靠的月度節奏，促進了強勁的執行水平，這與其他偶爾發行的市場參與者形成鮮明對比。但我們的發行速度也對我們的資本效率產生重要影響，尤其是在直到最近殖利率曲線持續倒掛的情況下。

Average days on balance sheet has decreased approximately 40% since 2023 to just under 40 days, freeing up capital for accretive alternative use, including hedging activities that drove significant outperformance during the third quarter. As Chris referenced, this momentum has continued into October. Our residential investor business built on its progress from the second quarter, sustaining overall production volume and executing on key distribution channels.

自 2023 年以來，資產負債表上的平均天數減少了約 40%，至近 40 天，從而釋放了資本用於增值的替代用途，包括在第三季度推動業績顯著超越的對沖活動。正如克里斯所提到的，這種勢頭一直持續到十月。我們的住宅投資者業務以第二季的進展為基礎，維持了整體產量並在主要分銷管道上執行。

We funded $458 million of investor loans during the third quarter, highlighted by another record quarter of single asset bridge or SAB originations and growth in bridge lines of credit, which offer borrowers ongoing funding capacity on a cross-collateralized basis. Term loan volumes in the quarter were impacted by sponsors taking a wait-and-see approach to the September Fed decision. With that now behind us, we've maintained a robust term loan funnel through a combination of new borrowers and opportunities within our existing portfolio.

我們在第三季度為投資者貸款提供了4.58 億美元的資金，其中單一資產橋或SAB 創紀錄的季度創紀錄的增長以及橋信貸額度的增長凸顯了這一點，這為借款人在交叉抵押的基礎上提供了持續的融資能力。本季的定期貸款量受到贊助商對 9 月聯準會決定採取觀望態度的影響。現在，我們已經透過新借款人和現有投資組合中的機會的結合，維持了強大的定期貸款管道。

Of note, 75% of second quarter term loan volume was either a purchase transaction or a refinance from outside our book, reflecting the strength of our lead generation and the potential growth impact of organic refinance activity. During the third quarter, we also made critical strides in running the residential investor business in a capital-efficient manner. Q3 was our first full quarter of operations with the CPP Investments joint venture, a partnership that allows us to capitalize more fully on a broadening set of products.

值得注意的是，第二季定期貸款量的 75% 是購買交易或來自我們帳簿之外的再融資，反映了我們潛在客戶開發的實力以及有機再融資活動的潛在成長影響。第三季度，我們在以資本效率方式經營住宅投資者業務方面也取得了關鍵進展。第三季度是我們與 CPP Investments 合資企業開展業務的第一個完整季度，這種合作關係使我們能夠更充分地利用更廣泛的產品。

Through October, we have contributed nearly $650 million of loans to our JVs, volume we expect to steadily ramp in conjunction with other emerging distribution outlets. Chief among these is whole loan sales. And already in the fourth quarter, we have agreed to sell a $200 million-plus pool of term loans to an institutional investor on the follow from our successful settlement of a $240 million term loan pool earlier this year. Taken together, this strategic progress in distribution gives the business differentiated alternatives to securitization while also reinforcing our positioning within the private capital ecosystem.

截至 10 月份，我們已向合資企業提供了近 6.5 億美元的貸款，我們預計這筆貸款量將與其他新興分銷網點一起穩步增長。其中最主要的是整體貸款銷售。繼今年稍早成功解決了 2.4 億美元的定期貸款池之後，我們已經在第四季度同意向機構投資者出售超過 2 億美元的定期貸款池。總而言之，分銷方面的這項策略進展為企業提供了差異化的證券化替代方案，同時也加強了我們在私人資本生態系統中的地位。

The market's largest asset allocators are increasingly looking to Redwood for scalable investment partnerships. Through time, this will have important benefits for shareholders, including a growing and durable revenue stream and the ability to serve even more facets of the market. Within the residential investor portfolio, overall repayment velocity increased by 19% from the second quarter with close to $380 million of total payoffs, including over $225 million in the bridge book.

市場上最大的資產配置者越來越多地向紅木尋求可擴展的投資夥伴關係。隨著時間的推移，這將為股東帶來重要的好處，包括不斷增長和持久的收入來源以及服務市場更多方面的能力。在住宅投資者投資組合中，整體還款速度較第二季成長了 19%，總回報接近 3.8 億美元，其中過渡帳簿中超過 2.25 億美元。

Delinquencies increased approximately 1% from the second quarter as resolutions were offset by a small number of loans entering delinquent status. While the process of resolving certain of these loans often isn't a straight line, successful execution will free up valuable capital for redeployment. Through the work of our asset management team, we have visibility on resolving close to half of the delinquent bridge portfolio by the end of the year or early in Q1 2025 at anticipated loss severities favorable to the net discount at which the overall bridge portfolio is currently marked.

由於決議被少數進入拖欠狀態的貸款所抵消，拖欠率比第二季度增加了約 1%。雖然解決某些貸款的過程通常不是一條直線，但成功執行將釋放寶貴的資金用於重新部署。透過我們資產管理團隊的工作，我們有能力在今年年底或 2025 年第一季初解決近一半的拖欠過橋投資組合，預期損失嚴重程度有利於整個過橋投資組合目前的淨折扣標記。

Credit quality within our broader investment portfolio has remained strong. Performance of our jumbo and seasoned reperforming loan securities continue to exceed expectations, supported by high levels of equity in the underlying loans. As Brooke will describe in more detail, our portfolio maintains a meaningful discount to par that we have begun to unlock through accretive secured financings, and that represents a potentially meaningful tailwind for shareholders with continued strong credit performance and a durable change in the rate cycle.

我們更廣泛的投資組合中的信用品質仍然強勁。在基礎貸款的高股本水準的支持下，我們的巨額和經驗豐富的再履行貸款證券的表現繼續超出預期。正如布魯克將更詳細地描述的那樣，我們的投資組合相對於面值保持了有意義的折扣，我們已經開始透過增值擔保融資釋放這一折扣，這對股東來說意味著持續強勁的信貸表現和利率週期持久變化的潛在有意義的推動力。

And with that, I will turn the call over to Brooke to discuss our financial performance during the third quarter.

接下來，我將把電話轉給布魯克，討論我們第三季的財務表現。

Thank you, Dash. We reported GAAP earnings of $13 million or $0.09 per share for the third quarter compared to $14 million or $0.10 per share in the prior quarter. Our earnings available for distribution or EAD, reached $25 million or $0.18 per share for the third quarter, up from $19 million or $0.13 per share in the prior quarter. This resulted in an EAD return on equity of 8.7%.

謝謝你，達什。我們公佈的第三季 GAAP 收益為 1,300 萬美元，即每股 0.09 美元，而上一季的 GAAP 收益為 1,400 萬美元，即每股 0.10 美元。第三季我們可供分配或 EAD 的收益達到 2,500 萬美元或每股 0.18 美元，高於上一季的 1,900 萬美元或每股 0.13 美元。這導致 EAD 股本回報率為 8.7%。

As highlighted, income from mortgage banking activities increased by $21 million, driving the nearly 40% increase in EAD. Book value per share increased slightly to $8.74, up from $8.73 as of June 30. Year-to-date, our total economic return is approaching 7%, positioning us to potentially exceed our dividend yield on book value annually, a testament to our ability to grow dividends and book value.

正如所強調的，抵押貸款銀行業務收入增加了 2,100 萬美元，推動 EAD 成長近 40%。每股帳面價值小幅上漲至 8.74 美元，高於 6 月 30 日的 8.73 美元。今年迄今為止，我們的總經濟回報率已接近 7%，這使我們每年有可能超過帳面價值的股息收益率，這證明了我們增加股息和帳面價值的能力。

Our residential consumer mortgage banking segment achieved a return on capital of 30%, up from 16% in Q2, while the residential investor segment EAD return on capital was 58% compared to 13% last quarter. The segment's return was driven both by higher earnings and lower working capital as Q3 marks the first full quarter with CPP investments partnership.

我們的住宅消費者抵押貸款銀行業務部門的資本回報率為 30%，高於第二季度的 16%，而住宅投資者部門 EAD 的資本回報率為 58%，而上季度為 13%。該部門的回報是由較高的收益和較低的營運資本推動的，因為第三季標誌著與 CPP 投資合作夥伴關係的第一個完整季度。

Higher residential consumer mortgage banking income was a result of lower rates, strategic positioning for interest rate volatility and spread tightening on our securitizations throughout the quarter. We anticipate that these elevated margins will normalize to our historical range of 75 to 100 basis points, particularly as longer-dated interest rates have reverted higher in the quarter. During Q3, we optimized the use of high advance rate facilities and partnerships with banks and distributed $242 million of loans into our JV entities to reduce overall capital needs per loan by approximately 15%.

住宅消費者抵押貸款銀行業務收入的增加是由於整個季度利率較低、利率波動的策略定位以及我們的證券化利差收緊所致。我們預計，這些提高的利潤率將正常化至 75 至 100 個基點的歷史範圍，特別是在本季長期利率恢復較高的情況下。第三季度，我們優化了高預付款便利的使用以及與銀行的合作關係，並向我們的合資實體發放了 2.42 億美元的貸款，從而將每筆貸款的總體資本需求減少了約 15%。

In the residential investor segment, income was modestly higher due to stable volume and slightly higher bridge and other fees. Margins remained relatively consistent as accretive whole loan sales and sales to joint ventures bolstered results. Net interest income this quarter was positively impacted by increased capital allocation to our Sequoia and third-party investment portfolios. As Dash noted, the smaller residential investor portfolio, coupled with a 50-basis point reduction in the weighted average accrual rate of the portfolio resulted in lower net interest income from bridge loans relative to the second quarter.

在住宅投資者領域，由於交易量穩定以及過橋費用和其他費用略高，收入略有增加。由於整體貸款銷售和合資企業銷售的增加提振了業績，利潤率保持相對穩定。本季的淨利息收入受到紅杉和第三方投資組合資本配置增加的正面影響。正如 Dash 指出的那樣，住宅投資者投資組合規模較小，加上投資組合加權平均應計利率下降 50 個基點，導致過橋貸款的淨利息收入較第二季下降。

Within the investment portfolio, while our credit securities benefited from steady fundamental performance and generally tighter spreads, those gains were more than offset as our interest rate hedges lost value into the rate rally and we took incremental reserves on bridge loans. At September 30, we had $2.09 of net discount in our securities portfolio. Approximately, 40% of this net discount was created during the Fed's tightening cycle between 2022 and 2023 and could unlock as interest rates begin to fall.

在投資組合中，雖然我們的信用證券受益於穩定的基本面表現和普遍收緊的利差，但由於我們的利率對沖在利率上漲中損失了價值，而且我們對過橋貸款採取了增量準備金，這些收益被抵銷了。截至 9 月 30 日，我們的證券投資組合有 2.09 美元的淨折扣。其中約 40% 的淨折扣是在 2022 年至 2023 年聯準會緊縮週期期間產生的，並且可能隨著利率開始下降而釋放。

We control the call rights on 97% of these assets and could unlock further value by calling this collateral and securitizing the loans at a premium. General and administrative or G&A expenses were $3 million higher in the quarter. While fixed costs declined another consecutive quarter, performance-based variable and equity compensation costs rose sequentially, reflecting improved earnings performance.

我們控制著 97% 的資產的贖回權，並且可以透過贖回該抵押品並將貸款溢價證券化來釋放進一步的價值。本季一般及行政或 G&A 費用增加了 300 萬美元。雖然固定成本又連續一個季度下降，但基於績效的變動成本和股權薪酬成本卻連續上升，反映出獲利績效的改善。

Cost metrics for both the residential and consumer and investor platforms remain within or below previously guided ranges, underscoring our progress towards long-term efficiency goals. Prudent balance sheet management has enabled us to capitalize on timely investments, particularly through more efficient financing facilities. This quarter, we closed two non-marginable financing deals secured by Capital and Sequoia Securities. We also secured or renewed $1.7 billion in financing capacity with key partners, supporting the growth of our operating platforms.

住宅、消費者和投資者平台的成本指標仍處於或低於先前的指導範圍，突顯了我們在實現長期效率目標方面取得的進展。審慎的資產負債表管理使我們能夠及時利用投資，特別是透過更有效率的融資設施。本季度，我們完成了兩筆由 Capital 和紅杉證券擔保的不可保證金融資交易。我們也與主要合作夥伴取得或更新了 17 億美元的融資能力，支持我們營運平台的發展。

During the third quarter, we repaid our 2024 convertible debt with cash on hand. And early in the fourth quarter, we took advantage of market conditions to reopen $40 million of our 775 convertible notes due 2027, mainly to retire our 2025 convertible notes. This extends our convertible debt maturity profile. Our outstanding convertible debt balance is now $364 million, and our recent financing actions extended nearly 80% of our term financing maturities to 2027 and beyond.

第三季度，我們用手頭現金償還了 2024 年可轉換債務。在第四季初，我們利用市場狀況重新發行了 2027 年到期的 775 張可轉換票據中的 4,000 萬美元，主要是為了退役我們的 2025 年可轉換票據。這延長了我們的可轉換債務到期期限。我們的未償可轉換債務餘額目前為 3.64 億美元，我們最近的融資行動將近 80% 的定期融資期限延長至 2027 年及以後。

Total recourse leverage increased to 2.5 times in Q3 from 2.1 times in Q2, mainly due to the increase in residential loan inventory, offset by converting $121 million of recourse debt on Sequoia securities to nonrecourse longer-term debt. Subsequent to quarter end, we distributed $1.5 billion of collateral on the residential consumer side, which has brought leverage down, and leverage should remain within a range of 2 to 2.5 times depending on the inventory of our loans on balance sheet.

總追索權槓桿從第二季的2.1 倍增至第三季的2.5 倍，主要是由於住宅貸款庫存的增加，但被紅杉證券的1.21 億美元追索權債務轉換為無追索權長期債務所抵消。季度末後，我們在住宅消費者方面分配了 15 億美元的抵押品，這降低了槓桿率，槓桿率應保持在 2 至 2.5 倍的範圍內，具體取決於我們資產負債表上的貸款庫存。

With $7.7 billion in total financing capacity, including $4.8 billion undrawn, we are well-positioned to support the growth of our platforms. Our capital deployment remained strong in Q3 with $157 million invested, a high point for the year, which we believe should drive incremental net interest income for the fourth quarter. Despite elevated capital deployment and the debt repayment, our cash position held relatively steady, ending the quarter at $254 million. Looking ahead, we remain committed to enhancing our operating platforms and deploying capital strategically to drive earnings growth.

我們擁有 77 億美元的總融資能力，其中包括 48 億美元的未動用資金，我們完全有能力支持我們平台的發展。第三季我們的資本部署依然強勁，投資了 1.57 億美元，這是今年的最高點，我們認為這將推動第四季淨利息收入的增量。儘管資本部署和債務償還有所增加，但我們的現金部位保持相對穩定，本季末為 2.54 億美元。展望未來，我們仍然致力於增強我們的營運平台並策略性地部署資本以推動獲利成長。

And now I'll turn the call over to the operator for Q&A.

現在我將把電話轉給接線員進行問答。

(Operator Instructions)

（操作員說明）

Richard Shane, JPMorgan.

理查謝恩，摩根大通。

Thanks everybody for taking my question this afternoon. I'm interested in slide 10, and it's obviously important, the net discount on the portfolio. You make the observation here that of the $2.09 of discount, $0.84 or about 40% has occurred since the Fed started tightening. And implicitly, that's a call on spreads. I am curious because I think that there are potentially different factors underlying the portfolio. And I'm curious, when you think about that, how much of this is attributable to -- and I'm going to call it the capital securities. Is there more credit risk there given what we're seeing in that business? And is that statement sort of factoring in the potential higher credit risk with that portfolio?

謝謝大家今天下午提出我的問題。我對幻燈片 10 很感興趣，它顯然很重要，即投資組合的淨折扣。您在此觀察到，自從聯準會開始緊縮以來，在 2.09 美元的折扣中，出現了 0.84 美元或約 40%。隱含地，這是對利差的呼籲。我很好奇，因為我認為投資組合背後可能有不同的因素。我很好奇，當你想到這一點時，其中有多少可歸因於——我稱之為資本證券。鑑於我們在該業務中看到的情況，是否存在更多的信用風險？該聲明是否考慮了該投資組合潛在的較高信用風險？

Rick, it's Dash. Great question. I can take that. I would say higher level, the discount is spread across a couple of principal asset classes, as you noted. The majority of it is still in the reperforming loan portfolio, where performance continues to be extremely strong. Those are consumers that have been in their houses for 15-plus years at this point. Estimated mark-to-market LTVs in the 40s have been prepaying in a very, very stable fashion. So I think it's a different kind of credit risk than the capital securities, which is obviously newer vintage loans. Average seasoning is probably three to four years in that portfolio.

瑞克，我是達什。很好的問題。我可以接受。正如您所指出的，我想說的是更高的水平，折扣分佈在幾個主要資產類別中。其中大部分仍屬於再執行貸款組合，其表現仍非常強勁。這些消費者目前已經在自己的​​房子裡待了 15 年以上。預計 40 多歲的按市值計算的 LTV 一直在以非常非常穩定的方式預付。所以我認為這是一種與資本證券不同的信用風險，資本證券顯然是較新的老式貸款。該投資組合的平均調味時間可能是三到四年。

There is a lot of built-up rental growth in our securities because we've been selling a lot more term loans recently. That portfolio has more seasoning to it than if we were securitizing on the run more regularly. So I think the risks are of a different type. Within the capital securities book, the other thing I would say is if you look at some of the realized severities we've had, they've generally been below 100 basis points where there have been severity. So the realized losses have been really low. But you're right, I mean, those loans are exposed to different dynamics in the market than RPL loans. So you're right to point that out, but I think the risks are just somewhat different in nature.

由於我們最近出售了更多的定期貸款，因此我們的證券租金大幅增加。與我們更頻繁地進行證券化相比，該投資組合具有更多的經驗。所以我認為風險是不同類型的。在資本證券帳簿中，我要說的另一件事是，如果你看看我們已經實現的一些嚴重程度，你會發現它們通常低於 100 個基點。因此，已實現的損失非常低。但你是對的，我的意思是，這些貸款面臨的市場動態與 RPL 貸款不同。所以你指出這一點是對的，但我認為風險本質上有些不同。

Hey, Rick. This is Chris. I'd also add to that, just not to lose the punch line, we do have this big investment portfolio, which is carried at a pretty significant discount. And I think the vast majority of that is recoverable. You mentioned that a huge portion of that has been due to spread widening since the Fed started tightening in late '22.

嘿，瑞克。這是克里斯。我還要補充一點，只是為了不失去妙語，我們確實有這個龐大的投資組合，而且折扣相當大。我認為其中絕大多數是可以恢復的。您提到其中很大一部分是由於自 22 世紀末聯準會開始緊縮以來利差擴大所致。

So now that we're sort of at the dawn of an easing cycle, we're pretty excited about how that's positioned. I think for the mortgage banking businesses, we're different to the path of rates, which we can certainly talk about. But for the book, we certainly stand to benefit if some of that is recovered through tightening here, which of course, we'd expect to start realizing over the course of the coming quarters.

因此，現在我們正處於寬鬆週期的黎明，我們對它的定位感到非常興奮。我認為對於抵押貸款銀行業務，我們與利率路徑不同，我們當然可以談論這一點。但對於這本書來說，如果透過這裡的緊縮政策恢復一些，我們肯定會受益，當然，我們預計在未來幾季開始實現這一點。

For sure. Look, I think the mortgage banking business and the return year-to-date -- the ROE on EAD or however you want to describe it, is good proof of concept. I'm just thinking about how we could see those discounts sort of evolve over time as well, because obviously, that's a big driver of another significant allocation of your capital. Thanks guys.

一定。聽著，我認為抵押貸款銀行業務和年初至今的回報——EAD 的 ROE 或無論你想如何描述它，都是很好的概念證明。我只是在考慮我們如何才能看到這些折扣隨著時間的推移而變化，因為顯然，這是另一個重大資本配置的重要驅動力。謝謝你們。

Bose George, KBW.

博斯·喬治，KBW。

Hey, everyone, good afternoon. In terms of the mortgage banking gains this quarter, is it possible to disaggregate that to some degree just in terms of the benefits you got from spread tightening? Just really trying to think about the cadence of the EAD growth from current levels?

嘿，大家下午好。就本季抵押貸款銀行業務的收益而言，是否有可能在某種程度上僅根據利差收緊帶來的好處來分解？只是想真正考慮一下 EAD 在當前水準上的成長節奏嗎？

Sure, Bose. I'm happy to do that. Since where a lot of the kind of alpha relative in margins relative to last quarter was centered around the residential consumer business, I'll start there. Roughly half of the total mortgage banking revenue was really driven by rates. And then it was fairly divided evenly between spread tightening. We saw about 12 ticks of spread tightening on securitization execution on average throughout the quarter, and the remainder was really gain on sale and carry.

當然，博斯。我很高興這樣做。由於與上個季度相比，利潤率的大部分變化都集中在住宅消費業務上，因此我將從這裡開始。抵押貸款銀行總收入的大約一半實際上是由利率驅動的。然後，利差收緊之間的比例相當平均。整個季度，我們看到證券化執行的利差平均收緊了約 12 個點，其餘部分實際上是銷售和套利收益。

Okay, great. Thanks very much. And then in terms of the lock volume, can you talk about lock volume in September? And you noted that the sort of the cadence there was increasing over the course of the quarter. Can you just talk about the monthly trends in lock volume on the residential?

好的，太好了。非常感謝。那麼鎖倉量方面，可以談談9月的鎖倉量嗎？您注意到，這種節奏在本季中有所增加。您能談談住宅鎖定量的每月趨勢嗎？

Sure. On the consumer side, we ended the quarter with much higher sort of daily locks than we had seen where we started the quarter. I think there were some seasonal factors that came into play. And then certainly, the rate cut in September. I would say the fourth quarter has started out much more briskly than the third quarter did. So October, we're off to a great start. We did have in Q2, a big bulk deal that accounted for much of the difference in lock volume quarter-over-quarter.

當然。在消費者方面，本季結束時，我們的每日鎖定量比本季開始時高得多。我認為有一些季節性因素發揮了作用。當然，還有九月的降息。我想說，第四季的開局比第三季活躍得多。十月，我們迎來了一個好的開始。我們在第二季確實進行了一筆大宗交易，這在鎖定量環比差異中佔了很大一部分。

So backing that out and just kind of focusing on the run, we definitely like where things are tracking. And then obviously, the margin story was very good this past quarter. We continue to guide to the 75 to 100 basis points consumer business. But I would say we've been in the market each month with the securitization. We've been turning the capital over very efficiently. We've seen some real differentiation in pricing and execution versus some of the less episodic or more episodic issuers. So I think all of that's playing into the margins that we're realizing on the pipe. And hopefully, we're off to a good start in October. Hopefully, we can continue to do that.

因此，放棄這一點並專注於運行，我們絕對喜歡事情正在跟踪的地方。顯然，上個季度的利潤率非常好。我們持續引導消費業務75至100個基點。但我想說的是，我們每個月都在進行證券化市場。我們一直非常有效地週轉資本。與一些偶發性較低或偶發性較高的發行人相比，我們已經看到定價和執行方面存在一些真正的差異。所以我認為所有這些都在影響我們在管道上實現的利潤。希望我們在十月有一個好的開始。希望我們能夠繼續這樣做。

Okay, great. Thanks.

好的，太好了。謝謝。

Jason Weaver, Jones Trading.

賈森‧韋弗，瓊斯貿易公司。

Hi guys. Thanks for taking my question. Seeing in the deck the leverage picking up about 0.5 turn. I'm thinking that's more to do with a point in time as you've distributed so much in Q4. Can you give us some insight as to what that is currently? And also, how comfortable you are with the higher level of liquidity here?

嗨，大家好。感謝您提出我的問題。在甲板上看到槓桿上升了約 0.5 圈。我認為這與某個時間點有關，因為您在第四季度分發了很多內容。可以為我們介紹一下目前的情況嗎？另外，您對這裡較高的流動性水平感到滿意嗎？

Yes, Jason, I'm happy to take that. You're exactly right. Dash and others mentioned the $1.5 billion of distributions. We've been very encouraged by seeing a pickup in the whole loan sale activity on the residential consumer side. And we've done a lot of securitizations. So we really cleared the decks ahead of the election and potential further increase in volatility. Leverage has trended back down to start the quarter. It's probably close to where we were at Q2 around 2.2 times. That should really fluctuate throughout the rest of the quarter depending on pace of distributions versus our pipeline coming on balance sheet.

是的，傑森，我很高興接受。你說得完全正確。達世幣和其他人提到了 15 億美元的分配。看到住宅消費者方面整個貸款銷售活動的回升，我們感到非常鼓舞。我們已經做了很多證券化。因此，我們確實在大選之前清理了一切，波動性可能會進一步增加。本季初槓桿率已回落。這可能接近我們第二季的 2.2 倍左右。這實際上應該在本季度剩餘時間內波動，具體取決於分配速度與我們資產負債表上的管道的速度。

Yes. We're pretty pleased with our leverage, our recourse leverage being a two-handle or thereabouts, 2.5, 2 to 3. We operate with, I think, meaningfully lower leverage than much of the sector. And Brooke and the team have done a great job of adding more nonrecourse facilities, non-mark-to-market facilities. So quality of leverage, if you will, is quite a bit different than it's been in the past.

是的。我們對我們的槓桿非常滿意，我們的追索槓桿是兩個手柄或左右，2.5，2比3。我認為，我們的槓桿率明顯低於該行業的許多公司。布魯克和他的團隊在增加更多無追索權設施、非按市值計價設施方面做得非常出色。因此，如果你願意的話，槓桿品質與過去有很大不同。

Got it. And then just something I believe that Chris mentioned in his prepared remarks talking about the breadth of your seller partnerships from banks. Any sort of significant developments that have happened during the quarter or quarter-to-date expanding that number of partnerships?

知道了。然後我相信克里斯在他準備好的演講中提到了與銀行的賣家合作關係的廣度。本季或本季迄今發生的任何重大進展都擴大了合作夥伴數量嗎？

Well, it continues to expand. We've done business with, I think, 80%, 90% of our sellers this year. So the breadth is really, really strong. We're not overly concentrated to any individual seller, whether it's a bank or an IMB. I think banks are still trying to figure out the path of capital charges with Basel III. But we continue to add banks and we continue to build that business.

嗯，它還在繼續擴大。我認為今年我們已經與 80%、90% 的賣家開展了業務。所以廣度真的非常非常強。我們不會過度集中於任何個人賣家，無論是銀行或 IMB。我認為銀行仍在嘗試根據巴塞爾協議 III 確定資本要求的路徑。但我們繼續增加銀行並繼續發展該業務。

So with this backup in rates, I think it just reinforces the value proposition that we offer, particularly in the 30-year. We started to see more hybrid ARMs being originated. That's something that we're apt to participate in. And so, we've been rolling out those products. But I think overall, really pleased with the diversification of the seller base. And certainly, we continue to make traction with the banks. And I think for many of them, we're an exclusive partner.

因此，透過利率的支持，我認為它只會強化我們所提供的價值主張，特別是在 30 年期間。我們開始看到更多混合 ARM 的誕生。這是我們很容易參與的事情。因此，我們一直在推出這些產品。但我認為總體而言，我對賣家群體的多元化感到非常滿意。當然，我們繼續吸引銀行。我認為對於他們中的許多人來說，我們是獨家合作夥伴。

Great. That's helpful. Thank you again.

偉大的。這很有幫助。再次感謝您。

Douglas Harter, UBS.

道格拉斯‧哈特，瑞銀集團。

Thanks. Looking at the investment portfolio, it seems like HEI income was down pretty noticeably quarter-over-quarter. I was hoping you could give us a little more insight into that and how to think about that going forward?

謝謝。從投資組合來看，高等教育機構的收入似乎較上季明顯下降。我希望你能讓我們更深入地了解這一點，以及如何思考未來的發展？

Yes, happy to. On our portfolio, about $400 million, you should expect kind of baseline accretion or yield around $9 million as long as empirical HPA that we observed kind of falls in line with our assumptions. We saw both actual HPA come in above where we were modeling it. That was a stronger factor in the first half of the year where HEI income was elevated relative to our expectations. And so, while it was still above kind of modeled expectations for Q3, we expect it to revert as HPA assumptions have been coming down. That and discount rates are really the main drivers of that portfolio.

是的，很高興。在我們的投資組合中，只要我們觀察到的經驗 HPA 與我們的假設相符，您就應該預期大約 4 億美元的基線增值或收益率約為 900 萬美元。我們看到兩個實際的 HPA 都位於我們建模的上方。這是今年上半年的一個更強有力的因素，高等教育機構的收入相對於我們的預期有所提高。因此，雖然它仍然高於第三季的模型預期，但我們預計它會隨著 HPA 假設的下降而恢復。這和折扣率確實是該投資組合的主要驅動力。

And I guess just more broadly on that, delivered a 12% return on equity or return on capital this quarter. You've been kind of targeting returns well north of that for quite some time. How should we think about what the segment can result and try to square those two numbers?

我想更廣泛地說，本季的股本回報率或資本回報率為 12%。相當長一段時間以來，你的目標報酬率一直在這個水準之上。我們應該如何考慮該段會產生什麼結果並嘗試將這兩個數字平方？

Well, with respect to HEI, I think as Brooke said, a big part of it is the path of home prices and discount rates. So I think in the long run, we're very bullish on HPA. Obviously, housing activity has been very slow. So there hasn't been any near-term catalysts to move that one way or the other. The huge undersupply of homes is just a great technical support, we think, for that asset class.

那麼，關於HEI，我認為正如Brooke所說，很大一部分是房價和折扣率的路徑。所以我認為從長遠來看，我們非常看好 HPA。顯然，房地產活動一直非常緩慢。因此，短期內沒有任何催化劑可以推動這項進程。我們認為，住房供應嚴重不足只是對該資產類別的一個巨大的技術支援。

But over time, it's going to come down to efficient financing and ultimately, the path of home prices. So well, 12 is double digits and is fine. We still think there's real upside to unlock in that portfolio. And then certainly, as we focus on potentially originating more of those pricing, price discovery will be a big part of that.

但隨著時間的推移，這將取決於高效的融資，並最終取決於房價的走勢。那麼，12 是兩位數就可以了。我們仍然認為該投資組合有真正的優勢可以釋放。當然，當我們關注潛在的更多定價時，價格發現將成為其中的重要組成部分。

Great. Thank you.

偉大的。謝謝。

Donald Fandetti, Wells Fargo.

唐納德‧范德蒂，富國銀行。

Yes. Can you talk a bit about how the rate move? Higher rates in Q4 has impacted book value and any EAD considerations for Q4? I guess, gain on sale margins will be more normalized? Anything else to consider?

是的。您能談談利率的變化嗎？第四季較高的利率影響了帳面價值，第四季的 EAD 考慮因素有哪些？我想，銷售利潤率的成長會更正常化嗎？還有什麼要考慮的嗎？

Yes. I think I mentioned in my remarks that book value was flat. We think that's pretty consequential, because as rates have backed up, I think many would assume that either the pipes down or certainly the sector has been impacted, but we're really pleased with how we've hedged the pipeline and how we've managed distribution.

是的。我想我在發言中提到帳面價值持平。我們認為這是非常重要的，因為隨著利率的回升，我認為許多人會認為要么是管道下降，要么肯定是該行業受到了影響，但我們對我們如何對沖管道以及我們如何管理分配。

So for us, it's not been a headwind per se. And in fact, as I mentioned before, the banks, as things have backed up, become more engaged versus wanting to put more 30-year fixed rate mortgages on their balance sheets. So we think EAD, certainly, we had some onetime items. In Q3, margins were very elevated. We continue to guide to normalized margins, particularly for the consumer business. That said, we're pretty happy with how the quarter has begun, how October certainly has begun from a volume standpoint. So we're optimistic that there's enough levers to continue the momentum that we've been able to generate.

所以對我們來說，這本身並不是一個逆風。事實上，正如我之前提到的，隨著情況的好轉，銀行變得更加積極參與，而不是希望將更多的 30 年期固定利率抵押貸款納入其資產負債表。所以我們認為 EAD 當然，我們有一些一次性的物品。第三季度，利潤率非常高。我們持續引導利潤率正常化，特別是對於消費者業務。也就是說，我們對本季的開始感到非常滿意，從銷售的角度來看，十月的開始也是如此。因此，我們樂觀地認為，有足夠的槓桿來繼續我們已經能夠產生的勢頭。

Sorry, the one thing I would just add to that in terms of EAD and the hedging is, Brooke and Chris both referenced this earlier in the Q&A and in the remarks, where we've sort of pivoted from a hedging strategy perspective has had an impact on carry, but also on the contingent and risk capital we have to hold against our hedging instruments.

抱歉，我要在 EAD 和對沖方面補充的一件事是，布魯克和克里斯都在早些時候的問答和評論中提到了這一點，我們從對沖策略的角度出發，有一個對套利的影響，也對我們針對對沖工具所持有的或有資本和風險資本的影響。

So it's a use of capital, but it's accretive to NII, and also accretive to the amount of risk capital we have to hold just based on how those instruments are marginable or not. So as Chris said, that strategy has paid some dividends here, particularly early in the fourth quarter as rates have backed up, and they were also a meaningful driver of mortgage banking income in the third quarter.

所以這是一種資本的使用，但它會增加NII，也會增加我們必須持有的風險資本數量，這取決於這些工具是否可以保證金。正如克里斯所說，這項策略已經帶來了一些紅利，特別是在第四季初，因為利率已經回升，而且它們也是第三季抵押貸款銀行收入的重要推動力。

Got it. Okay.

知道了。好的。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Eric are you there? Operator, we can go to the next question. Operator? Please hold so we connect with the operator.

艾瑞克你在嗎？接線員，我們可以進入下一個問題。操作員？請稍候，以便我們與接線員聯繫。

Kristen, your line is unmuted. If you could please ask your question.

克里斯汀，你的線路已取消靜音。如果可以的話請問你的問題。

This is [Bradley] on for Kristen. Can you just speak on your current thoughts on the dividend? Obviously, your operating earnings covered the dividend this quarter. But wanted to get your thoughts if you and the Board believe you're at the right level now at $0.17 when you look at rate outlook? And what do you need to see to continue covering the dividend with EAD?

這是克里斯汀的[布拉德利]。您能談談您目前對股息的看法嗎？顯然，您的營業收入涵蓋了本季的股息。但如果您和董事會在考慮利率前景時認為目前處於 0.17 美元的正確水平，想了解一下您的想法嗎？您需要注意什麼才能繼續用 EAD 支付股息？

Yes. So we can certainly dig into specifics if that's helpful. But I think at a high level, we were pleased to raise it this quarter. And I would say, we believe that most shareholders continue to value the dividend and particularly a growing dividend as does the Board. So we'll continue to look for ways to raise it incrementally as the quarters progress. I think we were certainly tracking to ahead of schedule on EAD this quarter.

是的。因此，如果有幫助的話，我們當然可以深入研究細節。但我認為，從高水準來看，我們很高興在本季提出這項要求。我想說的是，我們相信大多數股東繼續重視股息，特別是像董事會一樣不斷增長的股息。因此，隨著季度的進展，我們將繼續尋找逐步提高資金的方法。我認為本季我們的 EAD 肯定比計劃提前了。

We probably cite the guidance that we gave at our Investor Day in March as far as the path to growing the dividend. So we're very happy that we got there a little bit ahead of schedule. But I think from a sustainability perspective, we want to continue to tether to that guidance and continue to build over the coming quarters. But certainly, I think the Board was pleased to raise it and we'll continue to value an increasing dividend as the quarters progress.

關於增加股利的途徑，我們可能會引用我們在三月投資者日提供的指導。所以我們很高興我們比計劃提前了一點。但我認為，從永續發展的角度來看，我們希望繼續遵循這項指導方針，並在未來幾季繼續發展。但當然，我認為董事會很高興提高股息，隨著季度的進展，我們將繼續重視增加股息。

One other thing I'd add is just that heading into a more accommodative rate cycle. We've been really focused on earnings available for distribution. But Rick very nicely pointed out the discount inherent in our book. We really should have an opportunity for our GAAP earnings to meet and exceed our earnings available for distribution over the next cycle as we pull forward a lot of the discount from the investment portfolio even as we progress through time and recover some of what we have lost from technical spread and rate volatility over the last two years. And really the impact of SOFR on the front-end for us, we have about $1 billion more floating rate debt and assets. And with our fixed rate residential pipeline, we could see somewhat of an immediate pickup to NIM there.

我要補充的另一件事是，進入一個更寬鬆的利率週期。我們一直非常關注可分配的收益。但里克很好地指出了我們書中固有的折扣。我們確實應該有機會讓我們的 GAAP 收益達到並超過我們在下一個週期可分配的收益，因為我們從投資組合中提取了大量折扣，即使我們隨著時間的推移取得進展並恢復了一些損失。年的技術利差和利率波動。事實上，SOFR 對我們前端的影響是，我們的浮動利率債務和資產增加了約 10 億美元。透過我們的固定費率住宅管道，我們可以看到那裡的 NIM 立即回升。

We've done a lot in terms of capital deployment on the year that should continue to provide a tailwind to both net interest income and earnings available for distribution. And then mortgage banking, as we keep rescaling those businesses, that should be a longer-term benefit to both GAAP earnings and earnings available for distribution as we move through this next cycle. So those are all longer-term tailwinds that we're seeing, that gave the Board comfort in raising it soon and should provide additional room for growth in the dividend as we move through time.

今年我們在資本配置方面做了很多工作，這應該會繼續為淨利息收入和可分配收益提供動力。然後是抵押貸款銀行業務，隨著我們不斷調整這些業務規模，這應該對我們進入下一個週期時的公認會計原則收益和可供分配的收益產生長期好處。因此，這些都是我們看到的長期有利因素，這讓董事會很快就提高了股息，並且隨著時間的推移，應該為股息的成長提供額外的空間。

Thanks for that detail. And then Chris, in your prepared remarks, you mentioned the election. I was just wondering if you could expand on election implications for Redwood. We see rate moves, potential volatility, housing implications. I was just curious on how you are thinking about it and positioning the company both over the near and intermediate-term on potential impacts on Redwood? Thanks

謝謝你的詳細資料。然後克里斯，在你準備好的發言中，你提到了選舉。我只是想知道您是否可以詳細闡述對雷德伍德的選舉影響。我們看到利率變動、潛在波動、房屋影響。我只是好奇您如何看待這個問題，以及如何在近期和中期對紅木的潛在影響對公司進行定位？謝謝

Sure. Well, I actually think this cycle is pretty unique in that you have strong alignment between both major party candidates in the critical need to address home accessibility. So it's literally the mission of this firm. And so, in past cycles, we've probably been rooting for one side or the other as far as how it helps or hurts the business. I think this time around both candidates or both parties will be focused on this issue because it's a very big issue in the swing states.

當然。嗯，我實際上認為這個週期非常獨特，因為兩個主要政黨候選人在解決家庭無障礙問題的迫切需求上有著強烈的一致性。所以這確實是這家公司的使命。因此，在過去的周期中，我們可能一直支持某一方或另一方，看看它如何幫助或損害業務。我認為這次兩位候選人或雙方都會關注這個問題，因為這在搖擺州是一個非常大的問題。

We spent a lot of time in the Midwest and other places. And home prices are just very high, and it's very tough first-time homebuyers or certainly others to access housing. So I think whether it's on the supply side or the demand side, we'll see programs implemented that we think will leverage our business and our products, particularly in the non-agency space. As far as rates, for many reasons, we are planning for the long end of the curve to stay elevated, if not go higher.

我們在中西部和其他地方度過了很多時間。房價非常高，首次購屋者或其他人很難獲得住房。因此，我認為無論是在供應方還是需求方，我們都會看到一些計劃的實施，我們認為這些計劃將利用我們的業務和產品，特別是在非代理領域。就利率而言，由於多種原因，我們計劃曲線的長端保持在高位，甚至更高。

Big reason why we've been focusing on expanding our distribution and certainly our seller base is for wallet share, if you will. And with the banks, in particular, if rates stay elevated, we think they'll be less apt to resume portfolio lending. So that's a huge opportunity for us and why, in many ways, higher rates, higher mortgage rates could actually be a good thing for our mortgage banking businesses.

我們一直專注於擴大我們的分銷範圍以及我們的賣家基礎的一個重要原因是為了錢包份額（如果你願意的話）。尤其是對於銀行來說，如果利率維持在高位，我們認為他們將不太願意恢復投資組合貸款。所以這對我們來說是一個巨大的機會，為什麼從很多方面來說，更高的利率、更高的抵押貸款利率實際上對我們的抵押貸款銀行業務來說是一件好事。

But ultimately, we think that the volatility associated or that we've seen recently is mostly due to maybe the Fed getting ahead of itself. We've had some really strong good GDP print today. Strong employment numbers. I think the volatility has as much to do with that as it does an election outcome. So those are things that we've been managing in the past few years, and we'll continue to manage. But ultimately, I'm quite excited by the prospect of being a solution provider as the candidates focus on housing accessibility.

但歸根結底，我們認為相關的波動或我們最近看到的波動主要是由於聯準會的超前行為所致。今天我們公佈了一些非常強勁且良好的 GDP 數據。強勁的就業數據。我認為波動性與選舉結果的關係同樣重要。這些是我們過去幾年一直在管理的事情，我們將繼續管理。但最終，我對成為解決方案提供者的前景感到非常興奮，因為候選人關注的是住房的無障礙性。

Thank you. That's it for me.

謝謝。對我來說就是這樣。

Steven DeLaney, JMP Securities.

史蒂文·德萊尼，JMP 證券。

Good afternoon, everyone. Thanks for taking the question. Obviously, everyone's a lot of comments on rate moves. Dash, I'd like to go to the real rate, not so much just following the 10-year, but could you comment on where your 30-year fixed rate prime jumbo loan coupons, where are you quoting those today to your IMBs and to the banks compared to where the low was, I guess, late summer or maybe in September? Just like what does it cost? What are your customers paying, your borrowers paying as we sit here today on prime jumbo?

大家下午好。感謝您提出問題。顯然，每個人都對利率變動發表了很多評論。Dash，我想談談實際利率，而不是僅僅關注 10 年期利率，但是您能否評論一下您的 30 年期固定利率優質巨額貸款優惠券，您今天在哪裡向您的 IMB 引用這些利率以及與銀行的最低點相比，我猜是夏末或九月？就像它的成本是多少？當我們今天坐在這裡時，您的客戶支付什麼，您的借款人支付什麼？

Sure. You want me to quote the Steve Delaney rate or more generic rate sheet?

當然。您希望我引用 Steve Delaney 費率或更通用的費率表嗎？

No, don't, I don't, I don't deserve a good guy rate probably. But, you know, just the straight up. No, no good guy discount.

不，不要，我不，我可能不值得獲得好人評價。但是，你知道，只是直截了當。不，沒有好人折扣。

No, I appreciate the question. Currently, obviously, we have LLPAs and things of that nature depending on the nature of the risk in the loan. But generically, at the moment, our 30-year fixed rate is sort of very high 6s, very low 7s. That's where it sits today. That's probably 5.8 to 0.75 point in rate over the lows that we hit over the summer. And just a couple of observations around that, Steve, because as you know, a lot of this is borrower psychology, notwithstanding that the 30-year fixed rate is prepayable at any time.

不，我很欣賞這個問題。目前，顯然我們有有限責任合夥人和類似性質的事情，這取決於貸款風險的性質。但總的來說，目前我們的 30 年期固定利率是非常高的 6 分和非常低的 7 分。這就是今天的位置。與我們在夏季觸及的低點相比，這可能是 5.8 至 0.75 個百分點。史蒂夫，對此我有幾點觀察，因為正如你所知，這很大程度上是藉款人的心理，儘管 30 年期固定利率是可以隨時提前償還的。

There is a psychology element to when. Number one, consumers will come off the sideline for a rate, but also the relative in the moneyness which it would take them to move and where that rate is versus where their current mortgages and what can get housing turnover rates finally higher. We definitely, I think the whole market saw some really interesting empirical evidence as we got into the low sixs.

何時有一個心理學因素。第一，消費者會對利率持觀望態度，但也會考慮他們需要轉移的資金量、利率與當前抵押貸款的關係以及什麼可以使住房週轉率最終更高。當然，我認為當我們進入低六時，整個市場都看到了一些非常有趣的經驗證據。

Not only did refinance pick up, as we talked about, it was over a quarter of our flow volume in the third quarter, it's been at least six quarters since refi volume was that much of our production. But we also saw purchase money pick up as well. And so, you definitely started to see the benefit. But as Chris articulated, October has been on par, so to speak, from a volume perspective with August and September. And I think that speaks to more of the wallet share piece and us continuing to gain share in the market. So just some additional perspective there.

正如我們所討論的，再融資不僅有所增加，而且超過了第三季度我們流量的四分之一，自從再融資量占我們產量的大部分以來，已經至少有六個季度了。但我們也看到購買資金也在增加。因此，您肯定開始看到好處。但正如克里斯所闡述的那樣，從成交量的角度來看，可以說，十月與八月和九月持平。我認為這更多地說明了錢包份額以及我們繼續獲得市場份額。所以只是一些額外的觀點。

That's very helpful. And Kate, a quick question for you. Chris mentioned something about senior leadership. I didn't see anything in the press release. I haven't been all the way through. Where can we find that in your disclosures in your information?

這非常有幫助。凱特，問你一個簡單的問題。克里斯提到了一些關於高階領導力的事情。我在新聞稿中沒有看到任何內容。我還沒完全走完。我們在哪裡可以找到您揭露的資訊？

Hey, Steve, the press release is up on our website under the news section. I can send it to you as well, but that came.

嘿，史蒂夫，新聞稿位於我們網站的新聞部分。我也可以寄給你，但那已經來了。

It's a separate stand-alone press release. I apologize. I wasn't looking at my newsfeed.

這是一份單獨的新聞稿。我道歉。我沒有看我的新聞推送。

You for the question.

你這個問題。

Thanks, Steve.

謝謝，史蒂夫。

Brian Violino, Wedbush Securities.

布萊恩‧維奧利諾，韋德布希證券公司。

Great. Thanks for taking my question. I think there was a mention of a 50 basis point reduction in the accrual rate on the bridge portfolio this quarter, which had a negative NII impact. But at the same time, it sounds like you're expecting some incremental NII growth in the fourth quarter from capital deployment. I was just wondering if you could give some more detail on your outlook related to overall NII in the fourth quarter and just going forward in general?

偉大的。感謝您提出我的問題。我認為有人提到本季橋樑投資組合的應計利率降低了 50 個基點，這對 NII 產生了負面影響。但同時，聽起來您預計第四季度的國家資訊基礎設施將因資本部署而有所增長。我只是想知道您是否可以提供更多有關第四季度整體 NII 以及未來整體前景的詳細資訊？

Sure. I'm happy to. The $157 million of capital deployment that we put to work should more than offset what we saw in terms of some modifications we made to rates with borrowers on the quarter. So in that regard, we expect some catalyst for growth to NII from here. We also mentioned -- Dash mentioned that we are expecting to resolve or aiming to resolve about half of our focused asset portfolio by the end of the first quarter, which should provide a material pickup in earnings available for distribution and capital available for redeployment.

當然。我很高興。我們投入的 1.57 億美元資本配置應該足以抵消我們在本季對借款人利率所做的一些修改所看到的影響。因此，在這方面，我們預計這裡會出現一些促進 NII 成長的催化劑。我們還提到——達世幣提到，我們預計或計劃在第一季末解決我們重點資產組合的大約一半問題，這應該會大幅增加可用於分配的收益和可用於重新部署的資本。

Great. Thank you very much.

偉大的。非常感謝。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Hey, thanks. Am I coming through now?

嘿，謝謝。我現在能通過嗎？

Okay, super wanted. I wanted to follow up on the HPA discussion. What are your expectations for the loan limit increases from the GSEs that we should get here in about a month? Do you think that will create any new opportunities in areas where home prices have grown faster than the national average?

好吧，超級想要。我想跟進 HPA 的討論。您對政府支持企業約一個月後提高貸款限額有何期望？您認為這會在房價成長快於全國平均水準的地區創造新的機會嗎？

Eric, those are largely already priced in. A lot of the originators are -- it's basically a math formula, so modestly higher, not nearly as big of a jump as we've seen in recent years. Certainly, there's opportunities. We've been very competitive on agency high balance as well as nonowner-occupied for some time now. So to the extent some markets become more attractive, our guys will definitely be running the numbers and make sure that we're pricing for that. But I think overall, it's not quite as big of a story as it's been in past years.

艾瑞克，這些基本上已經定價了。很多創始人都是——它基本上是一個數學公式，所以稍微高一些，不像我們近年來看到的那麼大的跳躍。當然，還有機會。一段時間以來，我們在代理高餘額和非業主自用方面一直非常有競爭力。因此，當某些市場變得更具吸引力時，我們的人員肯定會計算數據並確保我們為此定價。但我認為總體而言，這並不像過去幾年那樣是一個大故事。

To me, the bigger story is back to some of the mission stuff. ADUs in California are one in five new homes. Some of the expanded non-QM products that we're focused on. There's a number of underserved consumers out there, particularly ones that are dealing in high-cost areas like California where we are. So having the right product mix is really important. And then certainly, on non-agency, we feel like we've got the best pricing, particularly because it's been a heavy year for securitization and our deals have priced obviously, very well, which allows us to pass that on in rates. So we're pretty well-positioned for the increase to answer your question. But I don't expect it to have as much of an effect as it's had in recent years.

對我來說，更大的故事又回到了一些任務內容。加州的 ADU 佔新建住宅的五分之一。我們重點關注的一些擴展的非品質管理產品。有許多消費者得不到充分的服務，特別是那些在高成本地區（例如我們所在的加州）進行交易的消費者。因此，擁有正確的產品組合非常重要。當然，在非代理機構方面，我們覺得我們已經獲得了最好的定價，特別是因為今年是證券化的艱難一年，而且我們的交易定價顯然非常好，這使我們能夠通過利率傳遞這一點。因此，我們已經做好了充分準備來回答您的問題。但我不認為它會像近年來那樣產生如此大的影響。

Yeah. Okay. That's helpful. I actually have another one here on jumbo. I mean, do you have an estimate or any visibility into how much jumbo supply we could see next year at these rates and spreads? And are there any scenarios where you could actually see more jumbo securitization without rates necessarily falling? And if that were the case, like how do you think you could respond and take advantage of that if rates are higher and you need more capital to meet that opportunity. But again, rates are higher?

是的。好的。這很有幫助。實際上我這裡還有一張巨型的。我的意思是，您對明年按照這些費率和價差可以看到多少巨額供應有估計或了解嗎？在任何情況下，您實際上可以看到更多的大型證券化，而利率不一定會下降嗎？如果是這樣的話，例如如果利率更高並且您需要更多的資金來抓住這個機會，您認為您可以如何應對並利用這一點。但話又說回來，利率更高嗎？

Yeah, I mean, this year, I think, is tracking closer to 2020 as far as prime issuance goes and jumbo PLS, 2021 was probably double what we'll see this year. So the capacity of the market is definitely there. From a funding perspective, we're funded very efficiently, particularly in that business. So it definitely won't be a matter of having the capital. I think it's a matter of supply, like you said.

是的，我的意思是，我認為今年距離 2020 年越來越近，就 Prime 發行而言，2021 年的 Jumbo PLS 可能是我們今年看到的兩倍。所以市場容量是肯定有的。從融資的角度來看，我們的融資非常有效，尤其是在這個業務領域。所以絕對不是有資本的問題。正如你所說，我認為這是一個供應問題。

And again, the vast majority of non-agency, particularly jumbo mortgages since the great financial crisis have been originated by banks for portfolio. And that's why we keep talking about that opportunity. The biggest driver of the PLS market has been bank lending. And to the extent rates remain high, it's going to be a huge opportunity for us to partner with these banks and securitize more collateral. So we could definitely see issuance levels continue to grow from here.

再說一次，自金融危機以來，絕大多數的非機構貸款，尤其是巨額抵押貸款都是由銀行為投資組合而發起的。這就是我們不斷談論這個機會的原因。PLS 市場的最大動力是銀行貸款。如果利率仍然很高，這將是我們與這些銀行合作並將更多抵押品證券化的巨大機會。因此，我們肯定會看到發行水準繼續成長。

That's really helpful. Thank you, guys.

這真的很有幫助。謝謝你們，夥計們。

Thank you, ladies and gentlemen. This now concludes the earnings call. You may now disconnect your lines and thank you for your participation.

謝謝你們，女士們、先生們。財報電話會議到此結束。現在您可以斷開線路並感謝您的參與。