Redwood Trust Inc (RWT) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Redwood Trust First Quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Redwood Trust 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Kate Mauritz, Head of Investor Relations

現在我很高興向大家介紹投資者關係主管 Kate Mauritz

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood’s first quarter 2025 earnings conference call. With me on today’s call are Chris Abate, Chief Executive Officer; Dash Robinson, President; and Brooke Carillo, Chief Financial Officer.

謝謝您，接線生。大家好，感謝您今天參加 Redwood 2025 年第一季財報電話會議。參加今天電話會議的還有執行長克里斯·阿巴特 (Chris Abate)、總裁達什·羅賓遜 (Dash Robinson) 和首席財務官布魯克·卡里略 (Brooke Carillo)。

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 could cause actual results to differ materially.

在我們開始之前，我想提醒您，今天管理層在演示中就未來財務和業務表現所做的某些陳述可能構成前瞻性陳述。前瞻性陳述基於目前的預期、預測和假設，包含可能導致實際結果大不相同的風險和不確定性。

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.

我們鼓勵您閱讀公司的 10-k 表格年度報告，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表達的結果不同的因素。

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

在本次電話會議上，我們也可能參考 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視為依照 GAAP 編製的財務績效指標的替代品。我們在第一季的 Redwood 回顧中提供了 GAAP 和非 GAAP 財務指標之間的對賬，您可以在我們的網站 redwoodtrust.com 上查閱。

Also note that the content of today’s conference 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.

還請注意，今天電話會議的內容包含時間敏感信息，這些信息僅在今天準確。我們不打算也不承擔更新此資訊以反映後續事件或情況的義務。最後，今天的通話將被錄音，並將於今天晚些時候在我們的網站上發布。

With that, I’ll turn the call over to Chris for opening remarks.

說完這些，我將把電話交給克里斯致開場白。

Thank you, Kate. Good afternoon, everyone, and thank you for joining Redwood’s first quarter conference call. A month into the second quarter, it’s safe to say that the latest new normal is now sweeping the markets, rendering most macro projections for 2025 either obsolete or at best under review.

謝謝你，凱特。大家下午好，謝謝大家參加 Redwood 第一季電話會議。第二季已過去一個月，可以肯定地說，最新的「新常態」正在席捲市場，使得大多數針對 2025 年的宏觀預測要么已經過時，要么最多只能接受審查。

Many have analogized this April with March of 2020 in terms of the extreme price and spread volatility we’ve seen across most financial markets. Fortunately, for the mortgage market, we have not seen any disproportionate effects this time around.

許多人將今年 4 月與 2020 年 3 月進行比較，因為我們在大多數金融市場上都看到了極端的價格和價差波動。幸運的是，對於抵押貸款市場來說，這次我們還沒有看到任何不成比例的影響。

Redwood continues to navigate this current out of market volatility from a position of strength. As mentioned in the Q1 shareholder letter we published last week, our GAAP book value per share was estimated at April 21 to be up 1% to 1.5% from quarter end and we believe that estimate still holds today.

Redwood 繼續憑藉其優勢地位來應對當前的市場波動。正如我們上週發布的第一季股東信中所提到的，我們 4 月 21 日的每股 GAAP 帳面價值估計將比季度末上漲 1% 至 1.5%，我們相信這一估計今天仍然成立。

As we move forward, it’s worth reiterating that the results of our strategic initiatives have begun to take hold. We believe the way mortgages are financed is undergoing a period of transformation. The risk reward balance has shifted for many originators, with banks actively looking for balance sheet solutions for both new production and legacy collateral.

隨著我們不斷前進，值得重申的是，我們的策略舉措的成果已開始顯現。我們認為抵押貸款融資方式正在經歷轉型期。對於許多發起人來說，風險回報平衡已經發生了變化，銀行正在積極尋找針對新產品和遺留抵押品的資產負債表解決方案。

To that end, we saw billions of dollars of seasoned jumbo loans change hands in the first quarter and we positioned ourselves to be in the hunt for much of that production. We are also in the early stages of shifts in housing finance policy in Washington that have the potential to create a significant greenfield for our platform.

為此，我們看到第一季有數十億美元的成熟巨額貸款易手，我們已做好準備，爭取獲得其中的大部分貸款。我們也正處於華盛頓住房金融政策轉變的早期階段，這有可能為我們的平台創造重要的綠地。

We have witnessed a flurry of activity at the GSEs, including mass voluntary and involuntary workforce reductions and an almost complete board level turnover that we believe reflects ideological shifts aimed at reassessing the GSE housing footprint. This isn’t a surprise to us.

我們目睹了政府支持企業 (GSE) 的一系列活動，包括大規模自願和非自願的裁員以及幾乎完全的董事會層面的人員變動，我們認為這反映了旨在重新評估 GSE 住房足蹟的意識形態轉變。這對我們來說並不意外。

In recent years, taxpayers have found themselves backstopping GSE mortgages with balances over $1 million, mortgages on investment and vacation homes, second lien mortgages, and other products not squarely aligned with the federal government’s housing mission.

近年來，納稅人發現自己正在為餘額超過 100 萬美元的政府支持企業抵押貸款、投資和度假屋抵押貸款、第二留置權抵押貸款以及其他與聯邦政府住房使命不完全一致的產品提供支援。

All of these are examples of products that we believe can and should be financed by the private sector without government support. We remain optimistic that over time, the GSEs can be reoriented back to their core housing missions with much of this work able to proceed any plan for a full release from conservatorship.

我們認為，所有這些產品都可以而且應該由私營部門在沒有政府支持的情況下進行融資。我們仍然樂觀地認為，隨著時間的推移，政府支持企業可以重新回到其核心住房使命，而其中的大部分工作能夠推進任何全面解除託管的計劃。

We’ve also recently been spending time in Washington to advocate to members of the new administration, as well as lawmakers on both sides of the aisle for a leveling of the playing field between private capital and the GSEs, particularly through streamlining regulatory burdens that drive up costs.

我們最近也在華盛頓花時間向新政府成員以及兩黨立法者呼籲，為私人資本和政府支持企業創造公平的競爭環境，特別是透過簡化推高成本的監管負擔。

For example, there is room to rationalize outdated securitization rules that are holding back private capital formation and to sensibly update disclosure and execution burdens that would make the mortgage capital markets far more efficient, ultimately benefiting mortgage borrowers and supporting broader housing finance reform.

例如，我們可以對阻礙私人資本形成的過時的證券化規則進行合理化，並合理更新資訊揭露和執行負擔，以提高抵押貸款資本市場的效率，最終使抵押貸款借款人受益，並支持更廣泛的房屋金融改革。

As we look ahead, there remains strong demand for the assets we create, which trillions of dollars raised by private credit institutions were actively looking to crowd their capital into the residential mortgage space. The fact that they have not already done so in greater scale is a direct byproduct of the government’s outsized role in housing.

展望未來，我們創造的資產仍然需求強勁，私人信貸機構籌集的數萬億美元正積極尋求將其資本投入住宅抵押貸款領域。他們尚未大規模採取這項行動，這是政府在住房問題上發揮過大作用的直接後果。

As the landscape in Washington evolves, our role as an intermediary between these large capital sources and our extensive network of loan originators and sponsors has the potential to become transformative. As we pursue our 2025 volume objectives, strategic partnerships with entities on both the supply and demand side of this market will remain a key part of our growth initiatives.

隨著華盛頓情況的變化，我們作為這些大型資本來源和廣泛的貸款發起人和發起人網絡之間的中介角色有可能發生變革。在我們追求 2025 年銷售目標的過程中，與該市場供需雙方實體建立策略夥伴關係仍將是我們成長計畫的關鍵部分。

And with that, I’ll turn it over to Dash to cover our operating results for the first quarter.

接下來，我將向 Dash 介紹我們第一季的經營績效。

Thank you, Dash. We reported GAAP earnings of $14.4 million or $0.10 per share compared to a loss of $8.4 million or negative $07 per share in the fourth quarter. The sequential improvement was driven by strong performance across our operating platforms supported by improved fair value marks in the investment portfolio compared to the fourth quarter.

謝謝你，達什。我們報告的 GAAP 收益為 1,440 萬美元，即每股 0.10 美元，而第四季度的虧損為 840 萬美元，即每股虧損 7 美元。這項連續改善得益於我們各個營運平台的強勁表現，以及與第四季相比投資組合中公允價值的提升。

Book value per share ended the quarter at $8.39 a modest decline from $8.46 in the fourth quarter, translating to a positive economic return of 1.3% for the first quarter. Our shareholder letter published early last week noted that our estimated book value per share for the second quarter is 1% to 1.5% higher than at March 31, supported by our dynamic hedging and strong mortgage banking activity to start the second quarter.

本季末每股帳面價值為 8.39 美元，較第四季的 8.46 美元略有下降，這意味著第一季的經濟回報率為 1.3%。我們在上週初發布的致股東信中指出，受我們第二季初的動態對沖和強勁的抵押貸款銀行活動的支持，我們第二季的每股帳面價值預計比 3 月 31 日高出 1% 至 1.5%。

Earnings available for distribution or EAD for the first quarter was $19.8 million or $0.14 per share, up from $18.4 or $0.13 per share in the fourth quarter. These results reflect healthy contributions from mortgage banking and a continued focus on operational efficiency.

第一季可供分配的收益或 EAD 為 1980 萬美元或每股 0.14 美元，高於第四季的 1840 萬美元或每股 0.13 美元。這些結果反映了抵押銀行業務的健康貢獻以及對營運效率的持續關注。

Net income from Sequoia was $28.5 million representing a 28% ROE for the quarter, up from 23% in the previous quarter. Lock volume increased 73% quarter-over-quarter reaching $4 million the highest level since 2021, driven both by strong daily flow activity and bulk purchases from strategic partners.

紅杉資本的淨收入為 2,850 萬美元，本季淨資產收益率為 28%，高於上一季的 23%。鎖定量環比增長 73%，達到 400 萬美元，為 2021 年以來的最高水平，這得益於強勁的每日流量活動和戰略合作夥伴的批量購買。

Capital efficiency drove ROE improvement as the segment utilized less capital largely given heightened securitization activity on the quarter.

資本效率推動了 ROE 的提高，因為該部門利用的資本較少，這主要是因為本季證券化活動增加。

Gain on sale margins remained above our historic 75 basis points to 100 basis points range and Aspire’s early lock volumes just over $100 million tracked within the same gain on sale margin range. Aspire’s results remain consolidated under Sequoia at this stage, but through time we expect to break out metrics as the platform scales.

銷售收益利潤率仍高於我們歷史上的 75 個基點至 100 個基點的範圍，而 Aspire 的早期鎖定量略高於 1 億美元，處於相同的銷售收益利潤率範圍內。目前，Aspire 的表現仍在 Sequoia 的領導下鞏固，但隨著時間的推移，隨著平台規模的擴大，我們預計各項指標將會有所突破。

CoreVest generated net income of $1.3 million or $2.9 million excluding amortization of acquisition related intangibles, resulting in a 20% ROE for the quarter. While volumes were down slightly from the fourth quarter, we saw margin expansion in term loan production and continued strength in our smaller balance bridge and DSCR strategies.

CoreVest 的淨收入為 130 萬美元，扣除收購相關無形資產攤銷後為 290 萬美元，本季的 ROE 為 20%。雖然貸款量較第四季度略有下降，但我們看到定期貸款的利潤率擴大，並且我們的小額餘額橋和 DSCR 策略繼續保持強勁。

Despite recent investments in expanding our production capacity, efficiency metrics remain strong and within our target range, underscoring the scalability of our operating infrastructure. Redwood Investments generated $22.9 million of net income in the first quarter, up from $2.8 million in Q4. This reflects solid returns from our retained operating investments in third party portfolio offset by the continued pressure in our legacy bridge book, which we have broken out separately.

儘管我們最近投資擴大生產能力，但效率指標仍然強勁且在我們的目標範圍內，這凸顯了我們營運基礎設施的可擴展性。Redwood Investments 第一季淨收入為 2,290 萬美元，高於第四季的 280 萬美元。這反映了我們在第三方投資組合中保留的經營投資的穩健回報，但被我們單獨列出的遺留橋樑賬簿的持續壓力所抵消。

Dash reviewed, delinquency rates in the book rose due to credit migration on select vintage multifamily bridge loan exposures that we are actively pursuing resolutions for this group. From a capital and liquidity standpoint, we ended the quarter with unrestricted cash of $260 million up from $245 million at year end. Recourse leverage stood at 2.5 times compared to 2.4 times in the fourth quarter.

Dash 審查後發現，帳簿上的拖欠率由於部分老式多戶型過橋貸款的信用遷移而上升，我們正在積極為該群體尋求解決方案。從資本和流動性的角度來看，本季末我們的無限制現金為 2.6 億美元，高於去年年底的 2.45 億美元。追索槓桿為 2.5 倍，而第四季為 2.4 倍。

Following quarter end, accessed $50 million of additional capacity under our CPP investment partnership bolstering our near term liquidity as we prepare for continued market volatility. As we noted in our shareholder letter, market conditions have shifted materially in recent weeks. The impact of escalating trade policy and rate volatility has led to a broad risk off tone.

在本季末之後，我們透過 CPP 投資夥伴關係獲得了 5,000 萬美元的額外產能，以增強我們的短期流動性，為持續的市場波動做好準備。正如我們在致股東的信中指出的那樣，最近幾週市場狀況發生了重大變化。貿易政策升級和利率波動的影響已導致普遍的避險情緒。

With many economists now pricing in heightened recession risk, we’ve positioned our balance sheet to benefit modestly from declining rates and increased volatility. At quarter end, our debt profile remained predominantly linked to non-marginable loan warehouse lines or non-recourse securitization.

由於許多經濟學家現在都將經濟衰退風險加劇納入考量，我們已將資產負債表定位為從利率下降和波動性加劇中獲得適度收益。截至本季末，我們的債務狀況仍主要與非保證金貸款倉單或無追索權證券化掛鉤。

Only roughly a third of our $2.9 million of recourse debt is marginable, mainly tied to our prime jumbo pipeline where active hedging and fast capital turnover help mitigate exposure. In fact, we’ve reduced securities repo by 40% since March 31 following accretive sales and non-recourse financing transactions.

在我們 290 萬美元的追索權債務中，只有大約三分之一是可保證金的，主要與我們的主要巨型管道相關，積極的對沖和快速的資本週轉有助於降低風險敞口。事實上，自 3 月 31 日以來，透過增值銷售和無追索權融資交易，我們已將證券回購減少了 40%。

As it relates to our overall capital structure, we are evaluating alternatives including the potential for share repurchases, particularly in light of the current discount to book value, which we believe meaningfully exceeds downside credit risk under stress scenarios.

由於它與我們的整體資本結構有關，我們正在評估其他選擇，包括股票回購的可能性，特別是考慮到當前帳面價值的折扣，我們認為這大大超過了壓力情境下的下行信用風險。

As mentioned, we’ve made enhancements to our disclosures this quarter to clearly delineate the contributions from our strategies where we’re actively directing new capital deployment, namely our operating businesses.

如上所述，我們在本季度加強了資訊揭露，以明確描述我們積極引導新資本部署的策略（即我們的營運業務）的貢獻。

Goya, CoreVest and Aspire and the retained investments we create there versus opportunistic third party investments and legacy portfolios. These disclosures provide increased transparency around the strategic capital allocation decisions we’ve made and the resulting earnings contributions, which we believe will help investors better track our progress.

Goya、CoreVest 和 Aspire 以及我們在那裡創建的保留投資與機會主義第三方投資和遺留投資組合。這些揭露提高了我們所做的策略資本配置決策以及由此產生的收益貢獻的透明度，我們相信這將有助於投資者更好地追蹤我們的進展。

With Q4 earnings, we provided volume and return targets for each of our platforms and have expanded that with additional information in this quarter’s Redwood review. While the second quarter may see short term volume fluctuations due to market conditions, we continue to expect to achieve our full year target.

透過第四季度的收益，我們為每個平台提供了交易量和回報目標，並在本季度的 Redwood 回顧中提供了更多資訊。儘管第二季可能會因市場狀況而出現短期銷售波動，但我們仍有望實現全年目標。

For our year end 2025 run rate, we are targeting annualized EAD returns on equity in the 9% to 12% range, up from 7% in Q1. We aim to accomplish this by reallocating nearly 20% of capital towards our operating platforms and retained operating investments as we reduce exposure to our legacy bridge investments and other non-strategic third party securities. To date in Q2, we have sold approximately $50 million of such investments and anticipate continued activity throughout 2025.

對於我們 2025 年底的運行率，我們的目標是年化 EAD 股本回報率在 9% 至 12% 之間，高於第一季的 7%。我們的目標是透過將近 20% 的資本重新分配給我們的營運平台和保留的營運投資來實現這一目標，同時減少對傳統過橋投資和其他非策略性第三方證券的風險敞口。截至第二季度，我們已售出約 5,000 萬美元的此類投資，並預計在 2025 年全年將繼續保持這種活動。

And with that, operator, we will now open the line for questions.

接線員，我們現在可以開始回答問題了。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. Hoping you could walk through kind of the real life case study of April, how you guys hedge your portfolio and kind of how you made it through that period kind of with book value up?

謝謝。希望您能介紹一下四月份的真實案例研究，您如何對沖投資組合，以及如何度過那段時期並實現帳面價值上漲？

Sure, Doug. We aren’t going to get into the specifics of how we hedged other than to say, we consider the pipeline a moving business and we’re constantly trying to turn capital and move risk as quickly as we can. We’ve been in the markets with numerous Sequoia transactions at this point, and we’re always looking to sell loans in bulk. So I think it was kind of all of the above. Obviously TBAs underperformed and volatility was very high.

當然，道格。我們不會詳細討論我們如何進行對沖，只是說，我們認為管道是一個流動的業務，我們一直在努力盡快轉換資本和轉移風險。目前，我們已經在市場上進行了多筆紅杉交易，並且我們一直在尋求批量出售貸款。所以我認為以上都是這種情況。顯然，TBA 表現不佳且波動性非常高。

But I think we’ve learned a lot over the past few years particularly through the COVID experience and our positioning with respect to our pipeline, our non-marginal facilities, things of that sort, all of it kind of contributed to being able to manage that period effectively across the book.

但我認為，我們在過去幾年中學到了很多東西，特別是透過新冠疫情的經驗，以及我們在管道、非邊際設施等方面的定位，所有這些都有助於我們能夠有效地管理整個時期。

Great. And is there any way you could give us any sense as to kind of how Sequoia spreads have kind of fared and whether you think that has any impact on the ability to continue to generate kind of the target revenue margin on those loans?

偉大的。您能否告訴我們紅杉利差的表現如何，以及您是否認為這對繼續產生這些貸款的目標收入利潤率的能力有任何影響？

Yes. Market was obviously extremely volatile in April. We’ve I’d say we had somewhat of a risk off mindset in the first half of the month, which was extremely appropriate. Things have calmed down and spreads have come back. The last deal that we were in the market with spreads a point back of TBAs just kind of right back to more normalized levels. And so I think where Brooke was going in her prepared remarks, we still feel that it’s early in the year.

是的。四月份市場顯然極度動盪。我想說，我們在本月上半月有點避險心態，這是非常恰當的。形勢已經平靜下來，利差也已回升。我們在市場上進行的最後一筆交易使 TBA 的價差回到了更正常的水平。因此，我認為，布魯克在準備好的發言中表達的意思，我們仍然覺得現在還處於年初階段。

And just given the growth in the business and the trajectory, we obviously had a fantastic first quarter. We still feel confident we can generate margins that are at or in excess of our long term range of 75 to 100 basis points.

考慮到業務的成長和發展軌跡，我們顯然度過了一個出色的第一季。我們仍然有信心，我們可以實現達到或超過我們長期預期的 75 至 100 個基點的利潤率。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Hey guys, thanks for taking my question. It’s actually kind of the other side of the coin of Doug’s question. I’m looking at the tremendous growth that you guys are experiencing and the volatility of the markets that we’re also all experiencing.

嘿夥計們，謝謝你們回答我的問題。這實際上是 Doug 問題的另一面。我看到你們正在經歷巨大的成長，也看到我們都在經歷的市場波動。

Dash talked I think you alluded to this a little bit, but, I’m curious as you do things like lock $4 billion worth of volume in a quarter, how you manage the liquidity and execution risk associated with that? It’s kind of interesting actually.

Dash 談到了這一點，我想您稍微提到了這一點，但是，我很好奇，當您在一個季度內鎖定價值 40 億美元的交易量時，您如何管理與此相關的流動性和執行風險？事實上這很有趣。

The average capital allocation, it looks to me like ticked down for the quarter. You alluded to the fact that there was a lot of velocity in terms Sequoia execution. And it sounds like post quarter there’s been additional. But I would love to understand in the context of things, what is the risk, that you guys take on when you, for example, put lot $4 billion in an environment where maybe the markets go away the next day?

在我看來，本季的平均資本配置有所下降。您提到，Sequoia 的執行速度非常快。聽起來本季之後還會有更多。但我很想了解，在現實情況下，當你們在第二天市場可能就會崩盤的環境中投入 40 億美元時，你們承擔的風險是什麼？

Sure, Rick. I can take that. Thank you for the question. As Chris referenced, speed is in this industry the hardest thing to teach and our ability to turn over the risk efficiently and have risk presold or know where partners are lined up to execute, I think is a really big deal.

當然，里克。我可以接受。謝謝你的提問。正如克里斯所提到的，在這個行業中，速度是最難教的東西，而我們有效地轉移風險、預售風險或知道合作夥伴在哪裡排隊執行的能力，我認為是一件非常重要的事情。

Just to put some math around that, the pipeline we are carrying into the end of the quarter, half of that has already been sold or securitized since March 31. That’s both whole loan sales, largely to banks as I talked about, as well as securitization. So just understanding the shock absorbers in the market and where risk can be cleared day in, day out.

簡單算一下，我們在本季末所持有的管道中，有一半自 3 月 31 日以來已經出售或證券化。這包括全部貸款銷售（主要是我提到的向銀行銷售的貸款）以及證券化。因此，只要了解市場中的避震器以及每天可以清除風險的地方。

In April, was intraday. As you know at 10:00 AM, that was a different answer than 03:00 PM on a number of days. And just always knowing where that risk can clear is the best mitigant. And I think Q1 was a good example of that.

四月份，是盤中。如您所知，上午 10:00 的答案與許多天下午 03:00 的答案是不同的。而始終知道哪裡可以消除風險才是最好的緩解措施。我認為 Q1 就是一個很好的例子。

We’ve probably never felt better about our depth and distribution. As Chris articulated, private label securitization and this has not always been the case amidst macro volatility has really hung in there. It’s been really orderly, even amidst huge swings in rates and obviously equities that as Chris articulated, we haven’t seen in five years.

我們可能從未對我們的深度和分佈感到如此滿意。正如克里斯所言，私人標籤證券化在宏觀波動中並不總是如此，但它確實一直存在。一切都秩序井然，即使在利率和股市出現巨大波動的情況下也是如此，正如克里斯所說，我們已經五年沒有見過這樣的波動了。

And so I think that’s a testament to a number of things, including our platform and being able to get Sequoia deals up and down and being the only phone call that a lot of loan buyers will take in its bouts of volatility. They’re taking our call, they’re not taking others. And so I think that’s a big part of it.

所以我認為這證明了很多事情，包括我們的平台，能夠讓紅杉資本達成交易，並且是許多貸款買家在市場波動時唯一會接聽的電話。他們接聽我們的電話，不接其他人的電話。所以我認為這是其中很重要的一部分。

As Brooke said in her remarks, we’ve been positioned for a while to benefit from lower rates and increase in volatility. We obviously saw a fair amount of that certainly on the ball side in April. So I think that continues to serve us well. But a lot of it Rick is the same as we’ve always done which is just speed and knowing where the market is at all times.

正如布魯克在演講中所說，我們已經做好準備，從較低的利率和波動性的增加中獲益。顯然，我們在四月的球場上看到了相當多這樣的情況。所以我認為這對我們繼續很有利。但很多時候，里克和我們一直在做的那樣，就是速度和隨時了解市場狀況。

One follow-up. And this kind of reflects the limits of an equity analyst’s understanding of your business or at least my understanding of your business and the nomenclature. So you guys had $1.9 billion of bulk purchases. I think you said that those were seasoned loans from a depository. That is you know, it’s categorized as part of the forward purchases.

一次後續行動。這在某種程度上反映了股票分析師對您的業務的理解的局限性，或至少是我對您的業務和術語的理解的局限性。所以你們有 19 億美元的大量採購。我認為您說過那些是來自存款機構的定期貸款。也就是說，它被歸類為遠期購買的一部分。

But I’m assuming those are closed loans. Is that something where when you take on that $1.9 billion you are basically within 24 hours that’s going that’s being funded in a permanent structure as opposed to flow loans on a lock basis?

但我假設那些是已結清的貸款。是當你接手那 19 億美元時，基本上會在 24 小時內以永久性結構提供資金，而不是以鎖定方式提供流動貸款？

I’ll take that Rick. And you’ve been around the hoop for decades, so I know --.

我會接受的，瑞克。你已經打籃球幾十年了，所以我知道--.

Forever.

永遠。

You know more than you’re letting on. The closed end pools or the closed pools, season pools, things that we’re seeing from banks, We include that because that’s really become a bonafide addressable market for us at this point. We’re seeing pools regularly.

你知道的比你透露的還要多。封閉式投注池或封閉式投注池、季節性投注池，這些都是我們從銀行看到的，我們將其包括在內，因為這確實成為了我們目前的一個真正的可尋址市場。我們經常看到游泳池。

Now, obviously there was a big TD pool that traded and got a lot of headlines in January. We were very focused on that and certainly following that, we’ve seen, some additional pools and have been in touch with our regional bank partners. So what we’re seeing causes us to position to view that as an addressable market and make sure that we’ve got the resources and the hedging parameters in place and the distribution.

現在，顯然有一個大型 TD 池在一月份進行交易並成為頭條新聞。我們非常關注這一點，並且在此之後，我們看到了一些額外的資金池，並且已經與我們的區域銀行合作夥伴取得了聯繫。因此，我們所看到的情況促使我們將其視為可尋址市場，並確保我們擁有資源和對沖參數以及分配。

So we’re selling to banks again. We’ve been very focused on buying from banks, but there’s certain regional banks that still need collateral. And that’s been the two way exchanges with banks has been very good for us.

所以我們再次向銀行銷售。我們一直非常注重從銀行購買，但某些地區性銀行仍然需要抵押品。與銀行的雙向交流對我們非常有利。

So I think it’s really something we’ve built some competencies around and if we know that there’s a pool that we intend on purchasing, the same day, the same moment, we’re focused on how we’re going to distribute it. So that’s been working pretty well for us this year

所以我認為這確實是我們建立的一些能力，如果我們知道有一個我們打算購買的游泳池，那麼在同一天、同一時刻，我們就會專注於如何分配它。所以今年我們的表現非常好

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Hi, good evening. Can you talk a little bit, I just wanted to clarify the on the bridge loans, I guess, the net capital net of resolutions of $1.60 Is that all of your bridge loans, both securitized and unsecured?

嗨，晚上好。你能稍微談一下嗎，我只是想澄清一下過橋貸款，我想，扣除決議後的淨資本淨額為 1.60 美元，這是你們所有的過橋貸款，包括證券化貸款和無擔保貸款嗎？

Thanks, Don. It’s Dash. I can take that. That $1.60 share is specific to 2022 and earlier vintage multifamily bridge, which as we’ve said has been the area where we’ve seen the most density of issues. And so just trying to convey as we’ve continued to optimize financing against that part of the book, continue resolutions, continue to see pay downs. We thought it was useful to frame, on a per share basis, the unsecuritized portion that’s sort of older vintage multifamily.

謝謝，唐。它是 Dash。我可以接受。該 1.60 美元份額專門針對 2022 年及更早的老式多戶型橋樑，正如我們所說，這是我們看到問題最密集的領域。因此，我們只是想傳達，我們一直在繼續優化針對該部分書籍的融資，繼續解決問題，並繼續看到償還。我們認為，以每股為基礎，建構一種老式多戶型非證券化部分是有用的。

Got it. And I mean, how should we think about kind of the manifestation of that risk? Obviously, delinquencies, as you highlighted, were up a good bit this quarter, but you’re resolving them and your resolutions are probably coming in pretty close to your carrying value, think. How are you thinking about that risk to the book? Is there enough liquidity in multifamily where you can resolve these and it’s pretty clean?

知道了。我的意思是，我們應該如何看待這種風險的表現？顯然，正如您所強調的，本季拖欠率有所上升，但您正在解決這些問題，而且您的解決方案可能非常接近您的帳面價值，想想看。您如何看待這本書面臨的風險？多戶住宅是否有足夠的流動性來解決這些問題，而且相當乾淨？

As I mentioned, we are always focused on the highest net present value of resolution. And to be candid, that evolves quarter-by-quarter, loan by loan, depending on the market, depending on how the sponsor is progressing with the project. We’ve talked in recent quarters about our willingness for an engaged sponsor who’s working on their project to maybe offer some short term rate relief. We’ve done that in certain cases.

正如我所提到的，我們始終專注於解決方案的最高淨現值。坦白說，這會根據市場狀況、根據發起人的專案進度，逐季度、逐筆貸款地發生變化。最近幾個季度，我們談到了我們是否願意為參與其專案的贊助商提供一些短期利率減免。在某些情況下我們已經這樣做了。

I think the uptick in delinquency we saw this quarter, was a function frankly of decisions we made where we felt it was best to pursue alternative resolutions, potentially selling the note or getting to the real estate to get out of the risk more efficiently.

我認為本季拖欠率的上升，坦白說，是我們做出的決定的結果，我們認為最好尋求替代解決方案，可能出售票據或購買房地產以更有效地擺脫風險。

And that’s what’s important. This is a short duration book. There’s a lot of maturities that have already occurred or coming up in the next six to twelve months. And we have the ability to control our outcomes if we want to continue to work with a sponsor or not.

這才是最重要的。這是一本短篇小說。許多債務已經到期，或在未來六到十二個月內到期。無論我們是否想繼續與贊助商合作，我們都能控制結果。

We do expect these to continue to resolve throughout the year. Some are certainly taking from a timeline perspective longer than we expect. But we are it will be a combination of working with the borrower through time to get them to some sort of refinance away from us or potentially getting out of the risk ourselves without the borrower involved. I would say in general, in multifamily has been fine. It’s certainly market specific as you go across the country.

我們確實希望這些問題能夠在全年繼續解決。從時間角度來看，有些肯定比我們預期的要長。但我們將採取多種方式與借款人合作，讓他們從我們這裡獲得某種形式的再融資，或在沒有借款人參與的情況下自行擺脫風險。我想說，整體來說，多戶住宅的情況還不錯。當你走遍全國時，它肯定是特定於市場的。

In general, obviously, multifamily starts are down a lot. We expect that supply demand ultimately sort of reassess or realign here in the coming quarters as starts are down and demand stays where it is or improves.

整體而言，多戶住宅開工率明顯大幅下降。我們預計，隨著開工率下降、需求保持不變或改善，未來幾季的供需最終將重新評估或調整。

So again, it’s loan specific and The important thing is that we’re determining our outcome as it relates to continuing to work with these borrowers or not. The move in delinquency up this quarter reflected situations where we felt moving on and dealing with the real estate ourselves or in partnership with another capital partner was the best answer.

所以，這又是針對特定貸款的，重要的是我們要確定我們的結果，因為這與是否繼續與這些借款人合作有關。本季拖欠率的上升反映了我們覺得繼續前進並自行處理房地產或與另一個資本夥伴合作是最好的答案的情況。

Operator, can take our next question.

接線員，可以回答我們的下一個問題。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thanks. Good afternoon. Appreciate taking my question. First, can you talk a little bit about your EAD ROE guide for 2025? Brooke, believe you called out 9% to 12% for the full year.

謝謝。午安.感謝您回答我的問題。首先，您能簡單談談 2025 年的 EAD ROE 指南嗎？布魯克，相信你預測全年增長率為 9% 至 12%。

Still early, but that assumes a decent ramp from the first quarter. So can you just speak a little bit to the cadence you might expect throughout the year and what that might mean for dividend coverage throughout 2025 from EAD?

雖然現在還為時過早，但可以預見的是，第一季將會大幅成長。那麼，您能否簡單談談您預期的全年節奏，以及這對 2025 年 EAD 的股息覆蓋率意味著什麼？

Sure. I’m happy to. Yes, so as I laid out in some of my prepared remarks, and we did include a slide on this in the Redwood Review, page 13 this quarter. But we have this has been an ongoing trend. You’ve seen us continue to deemphasize some of our non-strategic investments in the investment portfolio in favor of redeploying capital into our operating businesses where we’ve seen this quarter we had a 20%, 28% ROE for our operating businesses.

當然。我很樂意。是的，正如我在一些準備好的演講中提到的那樣，我們在本季度的《Redwood Review》第 13 頁中也確實添加了有關此問題的幻燈片。但我們已經看到這是一個持續的趨勢。你已經看到我們繼續淡化投資組合中的一些非策略性投資，轉而將資本重新部署到我們的營運業務中，本季我們的營運業務的 ROE 達到 20% 至 28%。

I think we from several of the already made comments, we see really strong opportunities for both increasing our flow activity with new banking partners through our Sequoia business and large bulk opportunities as well obviously be more episodic.

我認為，從我們已經發表的幾條評論來看，我們看到了非常強大的機會，既可以透過我們的紅杉業務增加與新銀行合作夥伴的流量活動，也可以透過大宗交易機會增加，而且顯然會更加偶發。

But then in CoreVest some of the smaller balance products that where we are underpenetrated in the market, those all serve as kind of key areas for growth and will require incremental working capital to fund growth of our pipelines there.

但在 CoreVest 中，一些我們在市場上滲透率較低的小型平衡產品都是成長的關鍵領域，需要增加營運資金來資助我們在那裡的管道成長。

So I think we had guided at the beginning of the year that we locked about $9 billion of loans last year and we thought we could see 30% increase in some of our consumer volumes. Just if you draw a line through the first quarter, which obviously was very heavily weighted towards a couple of bulk transactions, we think that we could exceed our initial projections there. And so this is really a $200 million to $225 million rotation out of some of the third party investments that are really under levered today.

所以我認為我們在年初就已經預測，去年我們鎖定了約 90 億美元的貸款，並且我們認為我們的部分消費者數量可能會增加 30%。如果你在第一季畫一條線，很明顯這在很大程度上取決於幾筆大宗交易，我們認為我們可能會超出最初的預測。因此，這實際上是從目前槓桿率過低的一些第三方投資中輪換出 2 億至 2.25 億美元。

We carry very low leverage in our investment portfolio, which serves as a nice area to funnel that redeployment. We obviously made commentary on just book value accretion possible through share buybacks today, which is not reflected in that guidance that we gave in the 9% to 12%, but could hit the accelerator button there. So I think a lot of this will just depend on when we see those opportunities manifest in the operating businesses and comparing that to opportunities within our capital structure today. But you’ll see it really throughout the year as we continue this reallocation driven by payoffs, resolution activities and financing optimization.

我們的投資組合槓桿率非常低，這對於資金重新部署來說是一個很好的領域。我們今天顯然只是對透過股票回購實現帳面價值增值做出了評論，這並沒有反映在我們給出的 9% 至 12% 的指導中，但可以在那裡按下加速按鈕。因此，我認為這在很大程度上取決於我們何時看到這些機會在營運業務中體現，並將其與我們當前資本結構中的機會進行比較。但隨著我們繼續進行由收益、解決活動和融資優化驅動的重新分配，您將在全年看到它。

Great. And I’m looking at that slide now and I see you target year end ’25 run rate of 9% to 12%. So does that mean for the full year you’re expecting 9% to 12% or once you get to the fourth?

偉大的。我現在正在看那張投影片，我看到您的目標在 25 年底運行率為 9% 至 12%。那麼，這是否意味著您預計全年成長率將達到 9% 至 12%，或進入第四季後成長率將達到 9% 至 12%？

It’s like second we’ll call that a second half of the year run rate.

就像我們稱之為下半年的運行率一樣。

Okay. Sounds good. And then can you just expand on your comments on share repurchases? Do you have an authorization in place today? And what would you need to see to become more active there?

好的。聽起來不錯。那麼能否詳細說明一下您對股票回購的評論？您今天有授權嗎？您需要看到什麼才能在那裡變得更加活躍？

Yes. So we do have a current authorization. It’s over just over $100 million. We have bought back stock before and we are actively evaluating that. As I said in my commentary, think some of it is just freeing up the capital that we’ve laid out on this through this plan today to make sure that we feel like given the volatile markets that we face today that we feel like we have sufficient capital to manage our business and excess capital to deploy it back into our own stock. But we feel like the levels today are certainly attractive.

是的。所以我們確實有當前授權。總額超過 1 億美元。我們之前已經回購過股票，並且正在積極評估。正如我在評論中所說，我認為其中一部分只是透過今天的計劃釋放我們為此投入的資本，以確保我們覺得，鑑於我們今天面臨的動盪市場，我們有足夠的資本來管理我們的業務，並將多餘的資本重新部署到我們自己的股票中。但我們覺得今天的水平確實很有吸引力。

Yes. I’d also add, when we look at our debt maturity ladder, we have a convert maturing later this year. I think it’s around $109,000,000 or so, which if you look in the past three, four, five years, that’s about the lowest amount of maturities we’ve had to manage in quite some time by a wide margin. So when we look at organically internally sourced capital, and our uses, the stock is definitely something that we’re going to pay close attention in the coming weeks and months, particularly because we have the authorization in place.

是的。我還要補充一點，當我們查看債務到期階梯時，我們會發現有一筆可轉換債券將在今年稍後到期。我認為大約是 1.09 億美元左右，如果你回顧過去三、四、五年，你會發現這是我們相當長一段時間內必須管理的最低到期金額，而且差距很大。因此，當我們審視內部有機資本及其用途時，股票肯定是我們在未來幾週和幾個月內要密切關注的事情，特別是因為我們已經獲得授權。

Eric Hagen, BTIG.

BTIG 的 Eric Hagen。

Hey, thanks. Good afternoon. Okay. So a bone of contention to some degree in the securitization market, as you guys know, has been the high level of credit enhancement, especially in the prime jumbo and the non QM securitization deals relative to that risk that’s embedded in those loans. Do you guys see any catalysts which could maybe alleviate that constraint where like the rating agencies get more constructive?

嘿，謝謝。午安.好的。因此，正如你們所知，證券化市場中爭論的焦點在某種程度上是高水準的信用增進，特別是在優質巨額債券和非合格中間債券證券化交易中，相對於這些貸款中蘊含的風險。你們是否看到任何可能緩解這種限制的催化劑，例如評級機構變得更具建設性？

And how do you think that conversation potentially evolves as the GSEs potentially exit conservatorship and there’s more demand for funding that sort of needs to go into the private label securitization market?

隨著政府支援企業可能退出託管，以及對進入自有品牌證券化市場的資金需求增加，您認為這種對話可能會如何發展？

Eric, it’s hard to say other than when we engage with the rating agencies, their models and the timing of when they change their models is kind of all over the map. They use a lot of empirical and historical data. So it’s not just what have we seen over the past year, but what have we seen over the past cycle or few cycles.

艾瑞克，除了我們與評級機構接觸時，他們的模型以及他們改變模型的時機都是完全不同的之外，很難說。他們使用了大量的經驗和歷史數據。因此，這不僅是我們在過去一年中看到的情況，也是我們在過去一個週期或幾個週期中看到的情況。

As far as like what really opens up securitization, as you know, we were just in Washington and we’ve been re advocating for some of the basic changes such as changes to Reg AB2 and some other things that would make public securitization in particular viable. One thing I can tell you is there’s a lot of capital out there.

至於真正開放證券化的條件，正如你所知，我們剛剛在華盛頓重新倡導一些基本變革，例如對 Reg AB2 的變革以及其他一些能夠使公共證券化變得可行的變革。我可以告訴你的一件事是，那裡有很多資本。

One of the boogeyman arguments within the Beltway is there’s not enough private capital. I mean, go look at how many trillions of dollars have been raised in private credit over the past few years. There’s tons of capital, but it’s not a level playing field. There was a great article, op ed that just dropped today in the journal about the GSEs. I would encourage, everyone to read it.

華盛頓特區內部最令人擔憂的論點之一是私人資本不足。我的意思是，看看過去幾年私人信貸籌集了多少萬億美元。雖然有大量的資本，但競爭環境並不公平。今天，期刊上剛發表了一篇關於政府支持企業 (GSE) 的精彩文章和專欄文章。我鼓勵每個人都讀一讀它。

There’s definitely a growing need for, private sector capital, private sector securitizations, public securitizations, all of these things we’ll continue to pursue. And hopefully with, change in Washington, we can get a few these few of the low hanging fruit changes implemented that we think could have a big impact.

私部門資本、私部門證券化、公共證券化的需求肯定在不斷增長，我們將繼續追求所有這些目標。希望隨著華盛頓的變革，我們可以實施一些我們認為可能產生重大影響的、唾手可得的變革。

Okay. So for the CoreVest loans that were originated in the quarter, maybe a couple of questions there. Any color on how the expected returns have maybe changed from the perspective of the investors themselves?

好的。因此，對於本季發放的 CoreVest 貸款，可能有幾個問題。從投資人本身的角度來看，預期報酬可能發生了怎樣的變化？

And in this environment where the macro is maybe a little bit more challenging or sensitive, do you think it’s more effective to like tighten the credit box or your underwriting standards? Or is it more effective to just raise the cost of credit, like the loan coupon?

在這種宏觀環境可能更具挑戰性或敏感性的情況下，您認為收緊信貸限製或承保標準是否更有效？或者僅僅提高信貸成本（如貸款息票）是否更有效？

Hey, Eric, it’s Dash. Those are great questions. I’ll take them. Terms of return expectations, I don’t know that those have changed a ton. I think the ways in which these loans are financed continues to evolve. As you’re well aware, there’s now a fairly robust market for rated securitizations for residential transition loans. We’re exploring doing one of those this quarter, which I think has helped bring efficiency to the market, particularly for some of those smaller balance single family bridge products.

嘿，Eric，我是 Dash。這些都是很好的問題。我會接受它們。就回報預期而言，我不知道這些是否發生了很大變化。我認為這些貸款的融資方式不斷發展。如您所知，目前住宅過渡貸款評級證券化的市場相當活躍。我們正在探索本季實施其中一項措施，我認為這有助於提高市場效率，特別是對於一些餘額較小的單戶過橋產品。

I would say, however, that a competitive tailwind for us for sure is the market in terms of lenders leaning in or stepping back feels about as fragmented as it has in a while. Maybe some of that is a function of your point around geography, which I’ll get to in a second. But also I think a lot of it is just overall corporate posture for some of these shops where that’s a huge advantage for us frankly where good borrowers we haven’t served before are coming to us because of a failure to execute by certain of our competitors.

然而，我想說的是，對我們來說，一個肯定的競爭順風是，就貸款方而言，市場是傾向於還是退出，感覺就像一段時間以來一樣分散。也許其中一些內容與您關於地理的觀點有關，我馬上就會談到。但我也認為，這在很大程度上只是一些商店的整體企業姿態，坦率地說，這對我們來說是一個巨大的優勢，因為由於我們的某些競爭對手未能執行，我們以前沒有服務過的優質借款人開始向我們尋求幫助。

So I say that because not so much that that in and of itself is going to cause us to move spreads higher, but it certainly is a competitive tailwind and something that we are hoping to take advantage of particularly in some of these smaller balanced products whereas as Brook articulated we’re still not as penetrated as we could be given the depth of our platform and frankly most importantly the strength of our distribution.

所以我這麼說，因為這本身不會導致我們的利差上升，但它無疑是一個競爭的順風，我們希望利用這一點，特別是在一些規模較小的平衡產品中，而正如布魯克所說，考慮到我們平台的深度，坦率地說，最重要的是我們的分銷實力，我們的滲透率仍然沒有達到應有的水平。

So I think there’s a long runway there, but we are pleased as we talked about earlier in the call about how these markets have hung in there from a securitization perspective and the emergence of these rated deals is certainly one we’re following and hope to be a participant in more directly soon.

所以我認為這裡還有很長的路要走，但我們很高興，正如我們在電話會議早些時候談到的，從證券化的角度來看，這些市場已經堅持了下來，這些評級交易的出現肯定是我們正在關注的，並希望很快能夠更直接地參與其中。

As it relates to geography, think what we found over the years is that there’s not many instances where extra spread can compensate for where lower leverage should have been employed. And so I think when you look at areas, parts of Texas, Florida, obviously parts of the Southwest, we have probably aired more on the side of reducing leverage.

就地理位置而言，我們認為，多年來我們發現，沒有太多情況可以透過額外的利差來彌補應該採用的較低槓桿。所以我認為，當你看看德克薩斯州、佛羅裡達州的部分地區，顯然還有西南部的部分地區時，我們可能更傾向於降低槓桿率。

We haven’t really gotten a lot of pushback frankly when we’ve tried to do that. And so I think in markets where you’re worried about supply demand challenges, etcetera, I think our general view is that it’s better to adjust for that through credit policy rather than an expectation of return.

坦白說，當我們嘗試這樣做時，我們並沒有遇到太多阻力。因此，我認為，在擔心供需挑戰等問題的市場中，我們的普遍觀點是，最好透過信貸政策而不是回報預期來調整。

Steve Delaney, Citizens JMP

史蒂夫·德萊尼，公民JMP

Thanks. And I’d like to thank Chris for getting to the details on the existing buyback. With all this volatility, it seems like it’s essential you guys have that tool in your pocket just to take advantage of for the benefit of the shareholders.

謝謝。我要感謝克里斯介紹現有回購的細節。面對如此大的波動，似乎有必要掌握這項工具，以便為股東謀福利。

Talking about volatility, and we had a 10 year at 4.8% in January, it’s under 4.2% now. Just curious, Dash, as far as how that primary bond market indicator has impacted your prime jumbo 30 year, kind of your vanilla jumbo loan product, fixed rate, of course, what the range has been this year that you find yourself quoting and kind of where is it today versus what was likely, I guess, a high back in January or February? Just any color you can give on that would be helpful.

談到波動性，1 月 10 年期公債殖利率為 4.8%，現在已低於 4.2%。只是好奇，Dash，至於主要債券市場指標如何影響您的 30 年期優質巨額貸款產品，即普通巨額貸款產品，當然是固定利率，您今年引用的範圍是多少，以及與 1 月或 2 月可能達到的高點相比，現在的利率水平如何？只要您提供任何顏色，都會有所幫助。

Sure. Brooke can supplement here too. We’ve probably moved within a 100 bp range on rate for thirty year prime jumbo since January 1. As you articulated, the real story there is the relationship of that rate where benchmark rates are. And as Chris pointed out earlier in the Q&A, I think mortgage spreads are wide right now.

當然。布魯克也可以在這裡補充。自 1 月 1 日以來，30 年期特大優惠利率大概已在 100 個基點的範圍內波動。正如您所說，真正的情況是該利率與基準利率之間的關係。正如克里斯早些時候在問答中指出的那樣，我認為目前抵押貸款利差很大。

Probably very high sixes, seven handle, 30 year fixed. To your point, that’s versus a sub-four 20, 10 year. That’s as wide as we’ve seen in some time. In these markets that can be a headwind obviously because rates are higher and rates at this level continue at a macro level to continue to put a lid on overall housing supply. The other side of that coin is that spreads are wide, mortgages versus benchmarks.

可能是非常高的六，七個手柄，30年固定。正如您所說，這是相對於 20 年、10 年以下的 4 年而言的。這是我們一段時間以來所見過的最寬的。在這些市場中，這顯然可能成為一種阻力，因為利率較高，而這種水平的利率在宏觀層面上持續存在，將繼續限制整體住房供應。另一方面，抵押貸款與基準利率之間的利差很大。

And, I think that’s been a part of some of the execution efficiency. You often see this when mortgage spreads are wide notwithstanding the volatility that allows us to price at a tighter spread back of TBAs, which as Chris said, we’ve consistently done here even through April where we saw a ton of volatility.

而且我認為這是執行效率的一部分。儘管存在波動性，但抵押貸款利差仍然很大時，您經常會看到這種情況，這使我們能夠以低於 TBA 的較小利差進行定價，正如克里斯所說，即使在 4 月份出現大量波動時，我們也一直這樣做。

So mortgages locally here continue to be very, very wide, but that is translated on a sort of a total return basis versus TBAs and versus benchmarks, I think of continuously attractive levels where we’ve continued to able to lock loans and do so profitably.

因此，這裡的本地抵押貸款範圍仍然非常非常廣泛，但這是在與 TBA 和基準相比的總回報基礎上轉化的，我認為這是一個持續有吸引力的水平，我們可以繼續鎖定貸款並從中獲利。

And I’ve had some portfolio managers in CMBS and RMBS mentioned that they’re finding just really attractive opportunities. And has this resulted kind of from dislocation post the big tariff blow up a couple of weeks ago and that obviously the tenure is going to get the safety bid, but credit bonds, obviously, it sounds like they’re widening out. Is that sort of what you’re seeing in the last several weeks?

我曾聽過一些 CMBS 和 RMBS 的投資組合經理說過，他們發現了非常有吸引力的機會。這是否是由於幾週前電價大幅上漲導致的混亂，顯然期限債券將獲得安全出價，但信用債券顯然正在擴大。這就是您在過去幾週看到的情況嗎？

Steve, we’ve seen some widening in sympathy to the broader markets. Certainly, it’s been tough across the board. But mortgage was disproportionately impacted in the early days of COVID a few years back, and we didn’t observe that this time around. It was more in tune with the broader markets. One thing that has consistently shown up for our sector more recently is private credit.

史蒂夫，我們看到更廣泛的市場有所擴大。確實，從各方面來看，這都是很艱難的。但幾年前，在新冠疫情初期，抵押貸款受到了不成比例的影響，而這次我們並沒有觀察到這種情況。它與更廣泛的市場更加協調。最近，我們這個行業不斷出現的一個現象就是私人信貸。

There’s so much money that’s been raised and that gets to my early comment about private capital, and being able to do more, in housing finance. As spreads widen, it just seems like that bid shows back up consistently. And so I think that really kept things from gapping too far in the midst of some of the April volatility. And we’ve been in the market with a deal as recently as this week and things have felt quite orderly relative to all the chaos in the broader markets.

已經籌集瞭如此多的資金，這也引出了我之前關於私人資本以及在住房融資方面能夠發揮更多作用的評論。隨著價差擴大，買入價似乎不斷回升。因此，我認為這確實可以避免 4 月市場波動中出現太大差距。就在本週，我們剛剛進入市場並達成了一項協議，相對於整體市場的混亂，一切都顯得相當有序。

Thank you. There are no further questions at this time. I’d like to hand the floor back over to Kate Mauritz for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給凱特莫里茲 (Kate Mauritz)，請她發表最後評論。

Thank you operator, and thank you everyone for joining today. We appreciate the questions and engagement. If you haven't already done so, we also encourage you to check out our shareholder letter and Redwood review on our website for additional commentary. Thanks and have a good afternoon.

謝謝接線員，也謝謝大家今天的參與。我們感謝您的提問和參與。如果您還沒有這樣做，我們也鼓勵您查看我們網站上的股東信和 Redwood 評論，以獲取更多評論。謝謝，祝您下午愉快。

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。