Redwood Trust Inc (RWT) 2025 Q2 法說會逐字稿

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

問候並歡迎參加 Redwood Trust 2025 年第二季財務業績電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Kaitlyn Moritz, Head of Investor Relations. Kaitlyn, please go ahead.

現在我很高興將電話轉給投資者關係主管凱特琳莫里茲 (Kaitlyn Moritz)。凱特琳，請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's second 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 年第二季財報電話會議。和我一起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 today, 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. We encourage you to read the company's annual report on Form 10-K, which provides a description of some of the factors that could have a material impact on the company's performance and cause actual results to differ from those that may be expressed in forward-looking statements.

在我們今天開始之前，我想提醒大家，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。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 second quarter Redwood review, which is available on our website, redwoodtrust.com.

在本次電話會議中，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根據 GAAP 編制的財務績效指標的替代。我們在第二季的 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 contains 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.

也請注意，今天的電話會議內容包含時間敏感訊息，這些訊息僅在今天準確。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，今天的通話內容已被錄音，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，請他致開幕詞。

Thanks, Kate, and good morning, everyone. Our second quarter results reflected our decision to accelerate Redwood's strategic transition toward a more scalable and simplified operating model, an evolution we first articulated at our 2024 Investor Day. The avenues for growth we see today across our operating platforms are unequivocally transformative, particularly amid evolving market dynamics in single-family housing, shifts in bank lending practices and potential outcomes related to the GSEs.

謝謝，凱特，大家早安。我們第二季的業績反映了我們決定加速 Redwood 向更具可擴展性和簡化的營運模式的策略轉型，這是我們在 2024 年投資者日首次闡明的這一轉變。我們今天在各個營運平台上看到的成長途徑無疑具有變革性，特別是在單戶住宅市場動態不斷變化、銀行貸款實踐發生變化以及與政府支持企業相關的潛在結果變化的背景下。

In light of this, we took decisive steps to begin reducing exposure to holdings that now reside outside of our core operating footprint. These include our legacy multifamily bridge loan portfolio, third-party securities portfolio and other noncore legacy assets, the vast majority of which we have held for years. While these investments were initially aligned with our strategy and return thresholds, some are now fully valued, while others have underperformed as interest rates rose and have become a significant drag on our forward earnings.

有鑑於此，我們採取了果斷措施，開始減少對目前核心營運範圍之外的持股曝險。其中包括我們遺留的多戶過橋貸款組合、第三方證券組合和其他非核心遺留資產，其中絕大多數我們已經持有多年。雖然這些投資最初與我們的策略和回報門檻一致，但其中一些投資現在已被充分估值，而其他投資則因利率上升而表現不佳，並已成為我們未來收益的重大拖累。

In assessing the shifts now occurring in housing finance and the growth potential of our mortgage banking platforms, where capital allocation has grown by over $200 million in the past year, and we have generated combined GAAP returns north of 20% in each of the past four quarters, the opportunity cost of simply allowing legacy investments to naturally run off has become too great, prompting us to more proactively reposition our capital.

在評估當前住房金融領域發生的變化以及我們的抵押貸款銀行平台的成長潛力時，我們發現，在過去一年中，資本配置增長了 2 億多美元，並且在過去四個季度中，我們的綜合 GAAP 回報率均超過了 20%，因此，僅僅讓遺留投資自然流失的機會成本已經變得太大，這促使我們更加積極地重新配置我們的資本。

The decision to accelerate the wind down of our legacy portfolio resulted in approximately $0.79 per share of fair value and repositioning charges in the second quarter as we move forward with liquidations, term financings or other resolutions for these assets. This was the primary contributing factor to a reduction in our GAAP book value per share to $7.49 at June 30, 2025, as compared to $8.39 at March 31, 2025.

由於我們決定加速縮減遺留投資組合，因此隨著我們推進這些資產的清算、定期融資或其他解決方案，第二季度的公允價值和重新定位費用約為每股 0.79 美元。這是導致我們的每股 GAAP 帳面價值從 2025 年 3 月 31 日的 8.39 美元下降至 2025 年 6 月 30 日的 7.49 美元的主要原因。

However, our consistent use of fair value accounting standards as compared to cost accounting methods used by banks and other financial institutions positions us to reflect asset values at levels aligned with current market conditions, facilitating more expeditious outcomes. We estimate the total capital ultimately harvested from these legacy investments will total up to $200 million to $250 million by year-end 2025 and our ability to quickly redeploy that capital into our operating platforms will result in higher quality, more predictable earnings and a simplified revenue mix.

然而，與銀行和其他金融機構使用的成本會計方法相比，我們始終採用公允價值會計準則，這使我們能夠以與當前市場條件相符的水平反映資產價值，從而促進更迅速地取得成果。我們估計，到 2025 年底，從這些遺留投資中最終獲得的總資本將達到 2 億至 2.5 億美元，而我們能夠將這些資本快速重新部署到我們的營運平台，從而帶來更高品質、更可預測的收益和更簡化的收入組合。

In support of this transition, which is well underway, we recently began repurchasing our common shares, buying back 2.4 million shares since June 2025. Following today's second quarter earnings release, we plan to become more aggressive buyers of our common shares, having recently received an increased stock repurchase authorization to $150 million from our Board of Directors.

為了支持這項順利進行的轉型，我們最近開始回購普通股，自 2025 年 6 月以來已回購 240 萬股。在今天發布第二季財報後，我們計劃更積極地購買普通股，最近我們獲得了董事會增加的股票回購授權至 1.5 億美元。

As we continue to free up capital through our strategic portfolio transition, we expect utilization under this authorization to increase until our share price begins to more fairly value the go-forward earnings power of our platform, driven by the potential for continued strong mortgage banking returns at increased scale, fueled in part by under-earning capital freed up from our legacy activities.

隨著我們透過策略性投資組合轉型繼續釋放資本，我們預計此項授權下的利用率將會增加，直到我們的股價開始更公平地評估我們平台的未來盈利能力，這受到抵押貸款銀行業務在規模擴大後繼續獲得強勁回報的潛力的推動，部分原因是從我們的遺留活動中釋放了收益不足的資本。

Over the past year, we've allocated an additional $200 million of capital to our operating platforms, a trend we anticipate continuing as these operating platforms swiftly increase in scale. The well-documented retrenchment by banks in mortgage lending has enabled Redwood to meaningfully expand loan acquisition volumes and market share even as overall housing activity remains subdued.

在過去的一年裡，我們為營運平台額外分配了 2 億美元的資金，隨著這些營運平台規模的迅速擴大，我們預計這一趨勢將會持續下去。儘管整體房屋活動依然低迷，但銀行在抵押貸款方面的縮減使 Redwood 能夠大幅擴大貸款收購量和市場份額。

Through our network, we have seen increased demand from our bank partners for capital-efficient solutions that address a broader segment of their loan production. To offer context, we have sourced and are currently reviewing over $55 billion of seasoned bulk jumbo pool opportunities from regional banks. While some sales may require a modest improvement in benchmark interest rates, many are actionable now, reflecting conviction among many bank executives in the value of our partnership.

透過我們的網絡，我們看到銀行合作夥伴對資本高效的解決方案的需求不斷增加，這些解決方案可以解決其貸款生產的更廣泛領域。為了提供背景信息，我們已經從地區銀行獲得了超過 550 億美元的成熟大宗巨額資金池機會，目前正在對其進行審查。雖然有些銷售可能需要基準利率略有提高，但許多銷售現在都可以採取行動，這反映出許多銀行主管對我們合作價值的信心。

Additionally, the recent reemergence of bank M&A activity is expected to result in further portfolio dispositions as acquirers utilizing purchase accounting are motivated to sell these portfolios. More broadly, the prospect of transformative housing market reform or GSE privatization has the potential to create generational opportunities for us, particularly given that our core operating objectives closely resemble that of a private sector GSE.

此外，近期銀行併購活動的重新興起預計將導致進一步的投資組合處置，因為採用購買會計的收購者有動機出售這些投資組合。更廣泛地說，房屋市場變革或政府支持企業私有化的前景有可能為我們創造世代機遇，特別是考慮到我們的核心營運目標與私部門政府支持企業非常相似。

As some may recall, Fannie Mae and Freddie Mac's previous market share as privatized companies was substantially below where it sits today with the GSE still enjoying the benefit of full backing by the federal government under conservatorship. We expect and are prepared for the role of the private sector to expand dramatically under any form of GSE privatization or as a result of any federal housing policy shifts aimed at reducing taxpayer exposure to housing finance.

有些人可能還記得，房利美和房地美私有化後的市場份額遠低於目前的水平，因為在託管下，兩家政府支持企業仍然享受著聯邦政府的全力支持。我們預計，在任何形式的政府支持企業私有化或任何旨在減少納稅人住房融資風險的聯邦住房政策轉變下，私營部門的作用都將大幅擴大，我們也做好了準備。

Given rapidly advancing narratives on the future of the GSEs in Washington, we remain deeply engaged with prominent regulatory and market stakeholders who are shaping housing policy and expect Redwood to be positioned advantageously irrespective of policy outcomes. I'll now turn the call over to Dash, who will cover our operating results.

鑑於華盛頓政府支持企業未來的敘述迅速發展，我們繼續與制定住房政策的知名監管和市場利益相關者保持密切聯繫，並預計無論政策結果如何，紅木都將處於有利地位。現在我將電話轉給 Dash，他將介紹我們的經營績效。

Thank you, Chris. Operating performance in the second quarter built on recent momentum as our mortgage banking platforms continue to deliver elevated returns driven by increased market share, operating efficiencies and accretive channels for distribution.

謝謝你，克里斯。由於我們的抵押貸款銀行平台在市場份額增加、營運效率提高和分銷管道增值的推動下繼續提供更高的回報，因此第二季度的營運業績建立在近期勢頭之上。

To start, Sequoia locked $3.3 billion of jumbo loans in the second quarter, representing a 15% increase in on the run or current coupon flow volume versus Q1. Notably, this was Sequoia's highest quarterly flow volume since 2021 when total industry volumes were more than 3 times current levels, underscoring meaningful growth in market share and increased opportunities to capture portfolios sold by banks and other institutions.

首先，紅杉資本在第二季鎖定了 33 億美元的巨額貸款，這意味著當前或當前的票面利率與第一季相比增加了 15%。值得注意的是，這是紅杉資本自 2021 年以來最高的季度流量，當時行業總流量是當前水平的 3 倍多，凸顯了市場份額的顯著增長以及獲取銀行和其他機構出售的投資組合的機會增加。

While seasoned bulk activity may remain episodic, as Chris mentioned, meaningful activity has commenced with approximately $15 billion of such pools trading in the first half of 2025. The resumption of bank M&A activity and more depositories seeking creative capital solutions for both legacy and newly originated books of business are expected to drive further activity for us going forward. Flow volume remained balanced between both banks and nonbanks, driven by sustained momentum across our expanding loan seller network, which now includes active relationships with sellers accounting for 80% of the jumbo origination market. Notably, we continue to grow our sourcing network by partnering with new sellers, several of whom are looking to sell their production for the first time and are engaging Redwood as their sole takeout partner.

正如克里斯所提到的，雖然成熟的大宗交易活動可能仍是偶發性的，但有意義的活動已經開始，2025 年上半年此類資金池的交易額約為 150 億美元。銀行併購活動的恢復以及更多存管機構為遺留和新成立的業務帳簿尋求創造性的資本解決方案預計將推動我們未來的進一步活動。在我們不斷擴大的貸款賣家網絡的持續推動下，銀行和非銀行之間的流量保持平衡，該網絡目前與佔巨額貸款發放市場 80% 的賣家建立了積極的關係。值得注意的是，我們透過與新賣家合作繼續擴大我們的採購網絡，其中一些賣家是首次尋求銷售他們的產品，並聘請 Redwood 作為他們唯一的外送合作夥伴。

Our ability to deliver flexible balance sheet solutions across a variety of loan types, including adjustable rate loans and certain specialized production segments continues to set us apart, and we remain in active collaboration with partners to develop tailored portfolio strategies. Importantly, Sequoia's distribution activity remained robust with gain on sale margins exceeding historical averages for the fourth consecutive quarter.

我們能夠為各種貸款類型（包括可調整利率貸款和某些專業生產部門）提供靈活的資產負債表解決方案，這使我們繼續脫穎而出，並且我們將繼續與合作夥伴積極合作，制定量身定制的投資組合策略。重要的是，紅杉資本的分銷活動依然強勁，銷售利潤率連續第四個季度超過歷史平均水準。

In the second quarter, we distributed nearly $3 billion of loans, primarily through four securitizations for $2 billion, maintaining our monthly pace of issuance and bringing total Sequoia year-to-date issuance to $5 billion. This represents our most active issuance period since 2021 and speaks to the continued investor demand for the platform's production.

在第二季度，我們發放了近 30 億美元的貸款，主要透過四次證券化發放了 20 億美元的貸款，保持了我們每月的發行速度，使紅杉資本今年迄今為止的總發行量達到 50 億美元。這是我們自 2021 年以來最活躍的發行期，顯示投資者對該平台產品的持續需求。

Our Aspire business built meaningful traction during the second quarter, reflecting the strength of our market positioning and depth of our originator relationships. As a reminder, Aspire's recently broadened mandate now includes acquisition of an expanded set of loan products from sellers as well as direct origination of home equity investments or HEI. Aspire's lock volume tripled sequentially to $330 million, driven by engagement from a growing network of originators. The platform remains in its early stages of scaling with expectations for meaningful growth across the next few quarters.

我們的 Aspire 業務在第二季取得了顯著的進展，反映了我們市場定位的實力和與發起人關係的深度。提醒一下，Aspire 最近擴大的授權範圍現在包括從賣家那裡收購一系列擴大的貸款產品以及直接發起房屋淨值投資或 HEI。受發起人網路不斷增長的參與推動，Aspire 的鎖定量連續成長了兩倍，達到 3.3 億美元。該平台仍處於擴展的早期階段，預計未來幾季將實現有意義的成長。

Activity in July alone has already surpassed second quarter lock volume, signaling continued momentum as we move the business forward. The credit profile of Aspire's production remains strong and in line with expectations. The current pipeline carries an average borrower credit score of 753 with an average LTV of just under 70%, balance between loans to owner-occupants whose financial profile warrants an alternative underwrite and smaller balance loans underwritten to rental income made to housing investors.

僅 7 月份的活動就已經超過了第二季度的鎖定量，這表明我們業務向前發展的勢頭持續強勁。Aspire 生產的信用狀況仍然強勁，符合預期。目前通路的借款人平均信用評分為 753，平均 LTV 略低於 70%，貸款餘額介於向財務狀況需要另行承保的自住業主提供的貸款和向住房投資者承保的租金收入的小額貸款之間。

The non-QM origination market grew over 60% last year, and industry estimates suggest that significant growth will continue in 2025 given growing borrower need for expanded loan products. Moreover, an important competitive advantage for Aspire that we anticipated has begun to emerge, namely the increased share of the expanded credit market captured by our existing seller network.

去年，非 QM 發起市場成長了 60% 以上，業內估計，鑑於借款人對擴大貸款產品的需求不斷增長，2025 年將繼續保持顯著增長。此外，我們預期的 Aspire 的一個重要競爭優勢已經開始顯現，即我們現有的賣家網路在擴大信貸市場中所佔據的份額增加。

We are just scratching the surface with our current network of jumbo sellers who, by our estimates now account for 50% to 60% of Aspire's addressable market. This is a significant runway of growth for Aspire with originators who know our platform and value consistency of client experience across a broad array of offerings. This group is now complemented by a cohort of sellers new to our platform who are primarily focused on Aspire's products and eager to diversify their distribution to include a platform like Redwoods.

我們目前的大型賣家網路才剛起步，據我們估計，這些賣家目前佔據了 Aspire 目標市場的 50% 到 60%。對於 Aspire 來說，這是一個重要的成長平台，我們的發起人了解我們的平台，並重視在廣泛的產品範圍內保持客戶體驗的一致性。現在，該平台又新增了一批賣家，他們主要專注於 Aspire 的產品，並渴望實現分銷管道多樣化，以包括 Redwoods 這樣的平台。

For now, Aspire's distribution remains focused on whole loan sales to a growing bench of capital partners, reflecting robust investor demand, including from insurance companies and asset managers. This dynamic creates an ideal ecosystem for Redwood, seamlessly connecting loan originators seeking reliable distribution channels with institutional investors pursuing attractive assets. Given the platform's strong initial performance, expanding seller base and alignment with Redwood's core strengths, we remain optimistic about Aspire's long-term growth potential and its role in capturing a growing market share.

目前，Aspire 的經銷業務仍專注於向越來越多的資本合作夥伴銷售整筆貸款，這反映了包括保險公司和資產管理公司在內的投資者的強勁需求。這種動態為 Redwood 創造了一個理想的生態系統，將尋求可靠分銷管道的貸款發起人與追求有吸引力資產的機構投資者無縫連接起來。鑑於該平台強勁的初始表現、不斷擴大的賣家基礎以及與 Redwood 核心優勢的一致性，我們仍然對 Aspire 的長期成長潛力及其在佔領不斷增長的市場份額方面的作用持樂觀態度。

Our business purpose lending platform, CoreVest, funded over $500 million in loans during the second quarter, a slight increase relative to the first quarter and its highest volume since mid-2022. Performance was driven by 20% plus quarterly growth in term loans, DSCR and smaller balance residential transition loans, or RTL, partially offset by a decline in other bridge volume. Borrower loyalty remains strong as evidenced by our high repeat customer rate during the quarter, an important indicator of stability amid signs of housing stress in select regions.

我們的商業用途貸款平台 CoreVest 在第二季發放了超過 5 億美元的貸款，較第一季略有增加，創下 2022 年中期以來的最高水準。業績成長主要得益於定期貸款、DSCR 和小額住宅過渡貸款（RTL）季度增長 20% 以上，但其他過橋貸款數量的下降部分抵消了這一增長。借款人的忠誠度依然很高，這從本季的高回頭客率就可以看出，這是在部分地區出現住房壓力跡象的情況下，穩定性的重要指標。

Our approach to credit risk remains dynamic, including targeted overlays, tightened leverage in more vulnerable markets and enhanced structural protections. As many other lenders in the space remain aggressive, we believe this measured approach to underwriting, coupled with strategic hires within our small balance product segment that are already meaningfully contributing position the platform for continued prudent growth.

我們應對信用風險的方法仍然是動態的，包括有針對性的覆蓋、在更脆弱的市場中收緊槓桿以及加強結構性保護。由於該領域的許多其他貸款機構仍然積極進取，我們相信這種審慎的承保方式，加上我們小額餘額產品部門的策略性招聘，已經為平台持續審慎增長做出了重大貢獻。

As with our other platforms, demand for CoreVest production remains elevated, and the second quarter represented CoreVest's high watermark for distribution activity, nearly $600 million through a combination of whole loan sales, sales to joint ventures and securitizations, including our first rated securitization backed by RTL and other bridge loans, an important benchmark for the business.

與我們的其他平台一樣，對 CoreVest 產品的需求仍然很高，第二季度代表了 CoreVest 分銷活動的高水位，透過整體貸款銷售、合資企業銷售和證券化，實現了近 6 億美元的收入，其中包括由 RTL 和其他過橋貸款支持的首個評級證券化，這是業務的重要基準。

Turning to overall bridge portfolio performance. 90-day plus delinquencies across the bridge portfolio were 11% at June 30, down from 12.1% at March 31. Of note, the Redwood review now presents this metric broken out between core and legacy bridge loan portfolios. As previously discussed, the performance of our legacy bridge portfolio has been a material drag on both earnings and overall investment performance. These loans primarily originated in 2021 and 2022, were underwritten during a period of significantly lower interest rates, more favorable financing conditions and different market fundamentals.

談到整體過橋投資組合的表現。 6 月 30 日，過橋投資組合的 90 天以上拖欠率為 11%，低於 3 月 31 日的 12.1%。值得注意的是，Redwood 審查現在將此指標分為核心過橋貸款組合和遺留過橋貸款組合。如前所述，我們遺留的過橋投資組合的表現對收益和整體投資表現造成了重大拖累。這些貸款主要發放於 2021 年和 2022 年，是在利率顯著降低、融資條件更為有利和市場基本面不同的時期承保的。

As Chris noted, during the second quarter, we took additional steps to reduce exposure to this portfolio, including loan and REO sales and other structured exits. Since March 31, 2025, and inclusive of activity thus far in July, approximately $425 million of total bridge loans repaid over 2022 vintages.

正如克里斯所指出的，在第二季度，我們採取了額外措施來減少對該投資組合的風險敞口，包括貸款和 REO 銷售以及其他結構化退出。自 2025 年 3 月 31 日起（包括 7 月迄今為止的活動），總計約 4.25 億美元的過橋貸款已在 2022 年內償還。

I'll now turn the call over to Brooke to discuss our financial results.

現在我將把電話轉給布魯克來討論我們的財務結果。

Thank you, Dash. We reported a GAAP net loss of $100.2 million or $0.76 per share for the second quarter. The net loss was primarily driven by our decision to accelerate the wind down of our legacy portfolio and the associated fair value changes that reflect realized and anticipated resolutions on legacy bridge loans and other noncore portfolios. GAAP book value per common share was $7.49 at June 30 relative to $8.39 per share at March 31.

謝謝你，達什。我們報告第二季的 GAAP 淨虧損為 1.002 億美元，即每股 0.76 美元。淨虧損主要是由於我們決定加速削減遺留投資組合以及相關的公允價值變動，這些變動反映了遺留過橋貸款和其他非核心投資組合的已實現和預期解決方案。6 月 30 日，每股 GAAP 帳面價值為 7.49 美元，而 3 月 31 日為每股 8.39 美元。

To enhance investor transparency, we've introduced a new reporting segment, Legacy Investments, which separately presents assets targeted for sale or other disposition. Core segment's earnings available for distribution or core segment's EAD is a newly introduced non-GAAP financial measure this quarter designed to provide investors with greater insight into the performance of our core business operations, which are Sequoia and CoreVest together with their related investments in an allocated portion of our Corporate segment by excluding the impact of our legacy Investment segment.

為了提高投資者透明度，我們引入了一個新的報告部門——遺留投資，該部門單獨列出待出售或以其他方式處置的資產。核心部門可供分配獲利或核心部門 EAD 是本季新推出的非 GAAP 財務指標，旨在幫助投資者更深入地了解我們核心業務營運的業績，這些核心業務包括紅杉資本和 CoreVest 及其在我們企業部門分配部分的相關投資，同時排除了我們傳統投資部門的影響。

Core segment's EAD for the quarter was $25 million or $0.18 per share, equating to a 14.5% annualized ROE. This is as compared to $28 million or $0.20 per share in the first quarter. Our results highlight the resilience and earnings power of our core platform. Collectively, our mortgage banking platforms continue to profitably scale. These businesses delivered combined returns exceeding 20% and mortgage banking gain on sale margins above target levels for the fourth consecutive quarter despite market volatility and persistently high interest rates.

核心部門本季的 EAD 為 2500 萬美元或每股 0.18 美元，相當於 14.5% 的年化 ROE。相比之下，第一季的營收為 2,800 萬美元，即每股 0.20 美元。我們的業績凸顯了我們核心平台的韌性和獲利能力。總體而言，我們的抵押貸款銀行平台持續實現獲利性擴張。儘管市場波動且利率持續居高不下，這些業務的綜合回報率仍超過 20%，且抵押貸款銀行銷售利潤率連續第四個季度高於目標水準。

Additionally, mortgage banking revenue increased 88% compared to the same period last year. Sequoia Mortgage Banking posted strong quarterly performance, generating segment net income of $22 million and a 19% annualized ROE. On the run or current production jumbo loan lock volume grew 15% sequentially to $3.3 billion, and Aspire loan volumes were $330 million, nearly triple the prior quarter's level as we continue to ramp that business.

此外，抵押貸款銀行業務收入與去年同期相比成長了88%。紅杉抵押貸款銀行 (Sequoia Mortgage Banking) 公佈了強勁的季度業績，部門淨收入達到 2,200 萬美元，年化 ROE 達到 19%。隨著我們繼續擴大該業務，在役或當前生產的巨額貸款鎖定量環比增長 15%，達到 33 億美元，Aspire 貸款量為 3.3 億美元，幾乎是上一季的三倍。

CoreVest Mortgage Banking achieved $6 million in segment net income and an annualized EAD ROE of 34%. The quarter's results underscore the ongoing strength of distribution as well as higher volumes, particularly given a 20% increase in activity in our higher-margin term loan production.

CoreVest 抵押貸款銀行業務實現了 600 萬美元的分部淨收入和 34% 的年化 EAD ROE。本季的業績凸顯了分銷的持續強勁以及交易量的增加，特別是考慮到我們高利潤定期貸款生產活動增加了 20%。

Redwood Investments, which now represents primarily residential housing investments sourced from our leading mortgage banking platforms, reported segment net income of $12 million compared to $25 million for the first quarter. This quarter saw more muted asset valuation gains relative to last quarter, but credit quality in the portfolio remained steady. During the quarter, we deployed $100 million into retained operating investments aligned with our mid-teens return targets.

Redwood Investments 目前主要代表來自我們領先的抵押貸款銀行平台的住宅投資，其報告的部門淨收入為 1,200 萬美元，而第一季為 2,500 萬美元。本季資產估值漲幅與上一季相比有所放緩，但投資組合的信貸品質保持穩定。在本季度，我們向保留的營運投資投入了 1 億美元，以實現我們中等水準的回報目標。

Legacy investments recorded $104 million loss for the quarter, primarily driven by incremental negative fair value adjustments and accelerated asset sales and resolutions. These factors, together with bridge loan paydowns, contributed to a 17% reduction in capital allocated to legacy investments since March 31, 2025. As we look ahead, we are focused on reducing our capital allocation for legacy investments to 20% by year-end from 33% at the end of the second quarter, positioning us to raise and reallocate approximately $200 million to $250 million of additional capital toward our higher earning core platforms.

本季遺留投資虧損 1.04 億美元，主要原因是公允價值調整增加且負值，資產出售及處置加速。這些因素加上過橋貸款償還，導致自 2025 年 3 月 31 日以來分配給遺留投資的資本減少了 17%。展望未來，我們致力於將遺留投資的資本配置從第二季末的 33% 減少到年底的 20%，從而使我們能夠籌集並重新分配約 2 億至 2.5 億美元的額外資本用於我們收益更高的核心平台。

Our long-term target remains to reduce our capital allocated to legacy investments to between 0% to 5% by the end of 2026. We anticipate our consolidated EAD returns will increase to a range of 9% to 12% by year-end, positioning us with the ability to cover our dividend level as we enter 2026 and providing potential for further earnings growth throughout the year.

我們的長期目標仍然是到 2026 年底將分配給遺留投資的資本減少到 0% 至 5% 之間。我們預計，到年底，我們的合併 EAD 回報率將增至 9% 至 12%，這將使我們能夠在進入 2026 年時覆蓋我們的股息水平，並為全年進一步的盈利增長提供潛力。

From a leverage perspective, total recourse financing increased modestly to $3.3 billion from $2.9 billion at March 31, primarily due to growth in short-term secured borrowings supporting increased jumbo volumes. These balances typically turn over within 30 days. This increase, coupled with the decline in tangible equity led to a rise in our recourse leverage ratio to 3.2 times from 2.5 times at the end of Q1. We proactively reduced marginable securities repo by 60% given the sale of certain third-party securities.

從槓桿角度來看，追索權融資總額從 3 月 31 日的 29 億美元小幅增加至 33 億美元，主要原因是短期擔保借款的成長支持了巨額交易量的增加。這些餘額通常會在 30 天內週轉。這一增長，加上有形權益的下降，導致我們的追索槓桿率從第一季末的 2.5 倍上升至 3.2 倍。鑑於某些第三方證券的出售，我們主動將可保證金證券回購減少了 60%。

Our liquidity remains solid as we ended the quarter with approximately $302 million in unrestricted cash. Reflecting our conviction in Redwood's intrinsic value, we increased share repurchases, buying back 2.4 million shares since the start of the second quarter and expect to be active in the third quarter, given Chris' comments related to our expanded authorization announced today.

我們的流動性依然穩健，本季末我們擁有約 3.02 億美元的無限現金。鑑於我們對 Redwood 內在價值的信心，我們增加了股票回購，自第二季開始以來已回購了 240 萬股，並考慮到 Chris 對我們今天宣布的擴大授權的評論，預計第三季將繼續活躍。

I'll close by reiterating our open comments. Redwood is at a strategic turning point. We are evolving towards a simpler operating platform, and we are confident this will result in sustainably higher profitability and long-term shareholder value creation.

最後，我想重申我們的開放性評論。紅木正處於戰略轉折點。我們正在朝著更簡單的營運平台發展，我們相信這將帶來持續更高的獲利能力和長期的股東價值創造。

And now I will turn it back to the operator for Q&A.

現在我將把問題交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Bose George, KBW.

博斯喬治，KBW。

Hey everyone, good morning. When we think about that 9% to 12% EAD for 2026, should we calculate that based on the $7.49 of book value? Or should we strip out the 20% of the capital that's still going to be in the legacy piece at the end of the year?

大家好，早安。當我們考慮 2026 年 9% 至 12% 的 EAD 時，我們是否應該根據 7.49 美元的帳面價值來計算？或者我們應該剝離年底仍屬於遺留部分的 20% 資本？

So that's a blended number inclusive of the legacy portfolio. So you would calculate on our full book value.

這是一個包含遺留投資組合的混合數字。因此，您可以根據我們的全部帳面價值進行計算。

Okay. Great. And then in terms of the home equity investments that was moved into the legacy piece, can you just talk about that portfolio, what changed? And yes, just the thought process there?

好的。偉大的。那麼，就轉移到遺留部分的房屋淨值投資而言，您能談談該投資組合有什麼變化嗎？是的，只是那裡的思考過程？

Yeah, Bose. What -- the only thing that changed is speeding up the evolution of our operating model. So we've talked about capital light. We've talked about our franchise value sort of being towards sourcing assets and distributing assets through securitizations and into the hands of third parties, private credit and so. I think the HEI book on balance sheet had appreciated quite a bit over the years.

是的，Bose。唯一改變的是加快了我們的營運模式的演變。我們已經討論了資本之光。我們討論過我們的特許經營價值，即透過證券化獲取資產並將資產分配到第三方、私人信貸等手中。我認為 HEI 資產負債表上的帳面價值這些年來已經升值了不少。

And we've decided that recovering that capital and deploying it into the operating platforms is (technical difficulty) use at this point.

我們已經決定，收回這些資金並將其部署到營運平台是目前的（技術難題）。

Also, you started to see some trailing off of HPA in many sectors of the country. And I think there's a few good reasons to move on from that book. The good news, though, is that, that process is very much underway. We expect to have a lot more to talk about in Q3. But I think the overall message this quarter is our evolution to this capital-light structure where a lot of the sort of on-balance sheet investing that we've done in the past for balance sheet is going to turn into capital that moves into our operating platforms and co-investments with third parties.

此外，你也開始看到該國許多地區的 HPA 有所下降。我認為有一些很好的理由讓我們不再讀那本書。不過，好消息是，這一進程正在順利進行中。我們預計第三季還會有更多內容要討論。但我認為本季的整體資訊是我們向輕資本結構轉變，我們過去為資產負債表所做的大量表內投資將轉化為資本，流入我們的營運平台和與第三方的共同投資。

Okay. Great. And then just the losses this quarter, the charges, et cetera, that sort of incorporates what you expect to take as these loans are being disposed. So is it are you reasonably comfortable that this is kind of the marks on these legacy assets as they work their way through?

好的。偉大的。然後是本季的損失、費用等等，這些都包含了您在處置這些貸款時預計要承擔的費用。那麼，您是否可以合理地認為，這是這些遺留資產在運作過程中留下的痕跡？

Yeah. We obviously really leaned in this quarter. I think that reflects our conviction to hit the fast forward button on the transition of the operating model. Each of these legacy assets, particularly the bridge loans, each one is its own special situation. They're not homogenous pools like even HEI, for instance.

是的。顯然，我們在本季確實有所傾斜。我認為這反映了我們在營運模式轉型上按下快轉鍵的信念。每一項遺留資產，特別是過橋貸款，都有其特殊情況。例如，它們甚至不是像 HEI 那樣的同質池。

And so I think the -- we really leaned in on the marks and we did our best to reflect kind of actionable levels.

所以我認為——我們確實傾向於標記，並且我們盡力反映可操作的水平。

There continues to be fundamental challenges with some of these assets, which has also informed our thinking. So the operating environment there is not necessarily improving. But I do think that where this business is headed and where we need our internal focus, the right answer was to lean in as we did. And again, recovering that capital $250 and redeploying it is something we think we can do very quickly based on the opportunities we're seeing, which we talked about in the scripts. So that's really what's informed the number, and we're certainly hoping that, that reflects actionable levels.

其中一些資產仍面臨著根本性的挑戰，也影響了我們的思考。因此那裡的經營環境不一定會改善。但我確實認為，對於這項業務的發展方向以及我們需要內部關注的地方，正確的答案是像我們所做的那樣傾身投入。再次強調，我們認為，根據我們所看到的機會，我們可以非常快速地收回這 250 美元的資本並重新部署它，我們在腳本中已經討論過這一點。這就是真正決定數字的因素，我們當然希望這能反映出可操作的程度。

Great, that's helpful. Thank you.

太好了，很有幫助。謝謝。

Crispin Love from Piper's family.

來自派珀 (Piper) 家人的克里斯平·洛夫 (Crispin Love)。

Thank you, I appreciate you taking my questions. Just following up on that last question, the dispositions of the bridge loans and the legacy portfolio. So you're citing expected to generate up to $200 million to $250 million of incremental capital by year-end. What types of prices versus the prior marks do you expect to sell those loans at? And then who are you seeing broadly as potential buyers? And then how has that appetite been so far?

謝謝，感謝您回答我的問題。繼續回答最後一個問題，過橋貸款和遺留投資組合的處置。所以您說預計到年底將產生高達 2 億至 2.5 億美元的增量資本。與之前的價格相比，您預計以什麼價格出售這些貸款？那麼，您認為哪些人是潛在買家呢？那麼到目前為止，這種興趣又是如何呢？

Crispin, it's Dash. So to clarify, the $200 million to $250 million includes the overall legacy investments portfolio. Some of that's bridge and some of that is some of the other asset classes we talked about. But as Chris articulated, we have the position in mark commensurate with where we have been executing in the second quarter and through July through today, we've resolved about $200 million of that legacy portfolio. The marks also reflect actionable levels for another subset of that portfolio that we expect to monetize in the third quarter.

克里斯平，我是達許。因此需要澄清的是，2 億至 2.5 億美元包括整體遺留投資組合。其中一些是橋樑，一些是我們討論過的其他資產類別。但正如克里斯所言，我們的立場與我們在第二季度的執行情況相稱，截至 7 月，我們已經解決了約 2 億美元的遺留投資組合問題。這些標記也反映了我們預計將在第三季貨幣化的該投資組合的另一個子集的可操作水準。

In terms of the buyers and the overall market, I would say, as Chris said, each of these loans is its own story. We have had some success being more aggressive in just selling notes or REO. We have had a number of these loans refinanced out, which has been good. And so I would say that liquidity is pretty varied. There are buyers out there that would look at portfolios, but we've had success as well just working through these line by line.

就買家和整體市場而言，我想說，正如克里斯所說，每筆貸款都有自己的故事。我們在更積極地出售票據或 REO 方面取得了一些成功。我們已經對一些此類貸款進行了再融資，這是一件好事。所以我想說流動性是相當多元的。有些買家會查看投資組合，但我們透過逐行處理這些投資組合也取得了成功。

And I think the message is we're trying to do that more expeditiously because, frankly, the earn-back period on unlocking this capital is extremely short when you combine all the mortgage banking opportunities we've got, obviously, the share buyback announcement. The capital we can unlock here is extremely accretively deployed very, very quickly. It's not like it takes time to do that. It's pretty instant offense as we've seen. And so we're going to be intelligent at the prices at which we transact.

我認為，我們正試圖以更快的速度完成這項工作，因為坦白說，當你把我們擁有的所有抵押銀行業務機會（顯然還有股票回購公告）結合起來時，解鎖這筆資本的回報期非常短。我們在這裡可以釋放的資本將以極快的速度得到極其增值的方式部署。這並不需要花費時間。正如我們所見，這是相當即時的進攻。因此，我們將明智地選擇交易價格。

As you're well aware, just the overall operating conditions within the multifamily market broadly remain mixed or challenged, potentially better said.

如您所知，多戶住宅市場的整體營運狀況總體上仍然好壞參半或充滿挑戰，或者更確切地說。

And so I think some of this portfolio is a small subset of sort of a broader macro environment that a lot of others are dealing with significantly more quantum than we are, and we have to be cognizant of that as we try and transact. So we're trying to be as intelligent as we can and obviously maximize the value at which we exit these, but a big piece of that is the deployable capital we're unlocking, and that's a very, very important part of the story.

因此，我認為這個投資組合的一部分只是更廣泛的宏觀環境的一小部分，許多其他人處理的量子程度比我們高得多，我們在嘗試交易時必須意識到這一點。因此，我們正在努力做到盡可能的智能，並且顯然要最大化我們退出的價值，但其中很大一部分是我們正在解鎖的可部署資本，這是故事中非常非常重要的一部分。

Great. I appreciate all the color there. And then just last question for me. Just on the Sequoia gain on sale margin, definitely outperformed as you have been. Can you discuss just some of the drivers there?

偉大的。我很欣賞那裡的所有色彩。接下來是我的最後一個問題。僅從紅杉的銷售利潤率來看，其表現肯定比你之前更好。您能討論一下其中的一些驅動因素嗎？

And do you think you could remain above that 75 to 100 basis point longer-term target over the near term? I don't think I heard any update on that on the -- in the prepared remarks.

您認為短期內能否維持在 75 至 100 個基點的長期目標水準之上？我認為我沒有在準備好的發言中聽到有關此事的任何最新消息。

Yeah. I mean we -- again, we're always hesitant to forecast above the range for obvious reasons, just the push and pull of the market and capacity corrections and so forth. But we have been able to generate strong returns in Sequoia. We were off to a very good start in Q3. We're off to a very good start in each of the platforms through July.

是的。我的意思是，我們——再說一次，我們總是猶豫是否要預測高於該範圍的數據，原因很明顯，只是市場的推拉和產能調整等等。但我們已經能夠在紅杉資本中獲得豐厚的回報。我們在第三季取得了非常好的開局。截至七月份，我們在每個平台上都取得了非常好的開局。

So there's optimism there that margins could remain elevated.

因此，人們樂觀地認為利潤率可能保持在較高水準。

We also -- the pricing of our Sequoia is extremely tight today. It's the best pricing we've seen in some time without getting into specifics. And so I think the execution, the fact that we've completed 8 deals through July, just being very regimented about our issuance. I think all of that's played into the efficiencies that are driving those margins. So we don't like to project higher than that long-term average.

我們也—今天我們的紅杉的定價非常緊張。這是我們一段時間以來見過的最佳定價，無需了解具體細節。因此，我認為執行情況，事實上我們在 7 月已經完成了 8 筆交易，對我們的發行非常嚴格。我認為所有這些都對提高利潤率的效率起到了作用。所以我們不喜歡預測高於長期平均的數字。

But certainly, we're optimistic that we can continue to generate strong returns in that segment.

但毫無疑問，我們樂觀地認為我們能夠繼續在該領域獲得強勁的回報。

Great, thanks for the call. I appreciate taking my questions.

太好了，謝謝你的來電。我很高興回答我的問題。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. I want to dig a little bit more into the $0.79 loss. Can you just help us sort of compartmentalize that loss? How much of that is future cash flow or losses that you would have recognized, but just over a longer time? How much of that is just kind of an acceleration of disposing under-earning assets? And kind of what was that expected time frame just as we can think about that payback period?

謝謝。我想更深入地探究一下 0.79 美元的損失。您能幫助我們區分這種損失嗎？其中有多少是未來現金流或損失，但只是在較長時間內實現的？其中有多少只是加速處分收益不足的資產？那麼，我們考慮一下回報期時預期的時間框架是怎麼樣的呢？

I'm happy to take that, Doug. I mean, in terms of the composition, it is largely driven by our older vintage multifamily and to a certain extent, just '21, early '22 vintage bridge, where we continue to see all of our delinquencies really focused. That is the vast majority of that breakdown. I would say the majority is where we see near-term resolutions or expected disposition. As Chris mentioned, fundamentals remain challenged.

我很高興接受這個，道格。我的意思是，就構成而言，它很大程度上是由我們較老的老式多戶型房屋驅動的，並且在一定程度上，只是 21 年、22 年初的老式橋樑，我們繼續看到我們所有的拖欠行為真正集中在一起。這就是故障的絕大部分。我想說，我們看到的大多數都是近期的解決方案或預期的處置。正如克里斯所提到的，基本面仍面臨挑戰。

So a portion also was driven by fundamentals and also some of our HEI and another third-party book that we mentioned was a part of that as well.

因此，一部分也是由基本面驅動的，我們的一些 HEI 和我們提到的另一本第三方書籍也是其中的一部分。

Doug, I would also add, those marks do reflect, as Dash noted, any situation where we feel like we have an active resolution strategy that we can execute in the near term. So as you know, most of these assets, certainly through many peers are booked using CECL and other sort of cost-based reserving methodologies. I think the downside of fair value accounting is you have to be closer to the bid side and it can be more volatile.

道格，我還要補充一點，正如達什所指出的，這些分數確實反映了我們覺得我們有一個可以在短期內執行的積極解決策略的情況。因此，如您所知，這些資產中的大多數，當然是透過許多同行使用 CECL 和其他基於成本的儲備方法進行預訂的。我認為公允價值會計的缺點是你必須更接近投標方，而且波動性可能更大。

But I think the optimism we have of kind of moving on from these legacy investments and again, steering all of our internal resources towards growing these platforms that definitely informed the decision to move now I feel it was absolutely the right decision for the company. And we're going to resolve these as quickly as we can, but we did want to lean in again and do our best to get the marks where we're seeing visibility and where we could potentially transact.

但我認為，我們對擺脫這些遺留投資抱持樂觀態度，並再次將我們所有的內部資源用於發展這些平台，這無疑為現在的轉變決策提供了依據，我認為這對公司來說絕對是正確的決定。我們將盡快解決這些問題，但我們確實希望再次努力，盡最大努力在我們看到可見性的地方以及我們可能進行交易的地方取得標記。

Got it. And you mentioned that you expect a relatively quick payback. Is there any way you can conceptualize that to kind of help us see the logic of kind of taking this hit upfront and kind of getting the higher earnings and just how to think about what that actual payback period is?

知道了。您提到您希望相對較快地獲得回報。您能否以某種方式將其概念化，以幫助我們了解預先承擔這種打擊並獲得更高收益的邏輯，以及如何考慮實際的回報期？

Yes, we can maybe tag team this one. But the first thing I'd say is we plan to be -- we plan to have, I would say, the most aggressive buyback posture we've had since I've been in my seat. We deeply care about shareholder value. And given where the stock has traded, the idea of freeing up this capital and buying back shares is extremely attractive and instantly accretive, as you know.

是的，我們也許可以組隊一起玩。但我想說的第一件事是，我們計劃採取——我想說，我們計劃採取自我任職以來最積極的回購姿態。我們非常關心股東價值。考慮到股票的交易情況，釋放這些資本併回購股票的想法非常有吸引力，並且可以立即增值，正如你所知。

So I think the buyback is going to be a meaningful portion of the other side of the story, if you will. And then the businesses are scaling, I think, as rapidly as we've seen certainly post-COVID. We've deployed a lot of capital. I think we said $200 million over the last year into these operating platforms. they are -- we have the capacity to do more.

因此，我認為回購將成為故事另一面的一個有意義的部分，如果你願意的話。我認為，業務正在以我們所見的速度迅速擴張，就像疫情之後一樣。我們已經投入了大量資金。我認為我們去年在這些營運平台上投入了 2 億美元。我們有能力做更多的事情。

It takes a lot of working capital to acquire loans for securitization or other distributions.

獲取證券化或其他分配的貸款需要大量的營運資金。

And if we have the capital to deploy there, I think the great thing about the operating platforms is we're locking loans every day. It's not as opportunistic as investing in third-party assets. It's a very consistent business. So I think the payback periods, we feel really, really good about. To be honest, the only question is how quickly this capital sort of comes back in-house.

如果我們有資金部署在那裡，我認為營運平台的偉大之處在於我們每天都在鎖定貸款。它不像投資第三方資產那樣具有機會主義。這是一項非常穩定的業務。所以我認為，我們對回報期感到非常非常滿意。說實話，唯一的問題是這些資本能多快回流到公司內部。

And I think that's why we specified by year-end, getting the legacy capital, getting a significant portion of it back. But each of these assets is its own story, and we're working them out. The good news is, as I said, is that we've started this earlier in the second quarter, and we feel like we're well on our way to moving this position and recovering the capital.

我認為這就是為什麼我們規定在年底前收回遺留資本，收回其中很大一部分。但每項資產都有自己的故事，我們正在努力解決它們。好消息是，正如我所說，我們在第二季度初就開始了這項工作，我們感覺我們正在順利地改變這一局面並收回資本。

Just one thing, Doug, our EAD ROE on our legacy book was negative 22%. So even forgetting removing all of the investment fair value losses associated with some of the changes in valuation this quarter, you saw a dramatic decline in net interest income. So there is a large -- we said the opportunity cost has never been higher. That's both from kind of a NIM perspective and full economic return.

道格，只有一件事，我們遺留帳簿上的 EAD ROE 是負 22%。因此，即使忘記消除本季與某些估值變化相關的所有投資公允價值損失，您也會看到淨利息收入大幅下降。因此，我們說機會成本從未如此高。這既是從 NIM 角度來看，也是從全部經濟回報角度來看。

We can immediately redeploy that negative 22% into our 20-plus percent operating businesses or our stock north of that. So in fact, for some of the resolutions we've seen, we've seen inside of a 1 quarter payback period.

我們可以立即將這負 22% 重新部署到我們 20% 以上的營運業務或高於該比例的股票中。事實上，對於我們所看到的一些解決方案，我們已經看到在 1 個季度內實現回報。

Very helpful. Thank you.

非常有幫助。謝謝。

Eric Hagen from BTIG.

BTIG 的 Eric Hagen。

Hey, thanks. Good morning guys. Maybe a follow-up around the margins in the jumbo channel. I mean, under what scenarios at this point could you see the margins there like really expand? I mean do you think originators have the capacity to handle an increase in demand when rates fall and the margin would stay kind of the same?

嘿，謝謝。大家早安。也許是圍繞巨型通道邊緣的後續行動。我的意思是，在什麼情況下你會看到利潤率真正擴大？我的意思是，當利率下降並且利潤率保持不變時，您是否認為發起人有能力應對需求的成長？

Yeah. I mean there's obviously a lot of capacity. The market has been slow. The spring selling season was slow. So from a housing activity perspective, I think everybody has been hoping for lower mortgage rates, and it just hasn't manifested.

是的。我的意思是顯然有很多容量。市場一直不景氣。春季銷售淡季。因此，從房屋活動的角度來看，我認為每個人都希望抵押貸款利率降低，但這並沒有實現。

So from that standpoint, we don't necessarily expect TAM to grow, but our wallet share has been growing significantly.

因此從這個角度來看，我們不一定期望 TAM 會成長，但我們的錢包份額一直在大幅增長。

And the way that we really expand those average margins is by bolting on bulk pools and opportunistic pools from banks, particularly to supplement our daily flow volume. So flow volumes very strong. It's the highest it's been in 2 or 3 years. If we can supplement that with bulk, that really leverages the operation, if you will. It leverages the team and you really start to see those efficiencies move towards net margins.

我們真正擴大平均利潤率的方式是透過從銀行引入大宗資金池和機會性資金池，特別是為了補充我們的每日流量。因此流量非常大。這是兩三年來的最高水準。如果我們可以透過批量補充來實現這一點，那麼這將真正有利於操作，如果你願意的話。它充分利用了團隊，你真的開始看到這些效率轉向淨利潤。

So, I think for us, it's still a volume story. It's a wallet share story. And the goal is to have a growing flow business where we're facing originators each day locking loans. And then we cited some very large opportunities that we're currently reviewing and evaluating, most of which we think we're seeing exclusively. So, if some of those come to pass this quarter, I think that will be a very positive part of the story for margins.

所以，我認為對我們來說，這仍然是一個數量問題。這是一個錢包分享的故事。我們的目標是讓流量業務不斷成長，我們每天都會面對發起人鎖定貸款。然後我們列舉了一些我們目前正在審查和評估的非常大的機會，其中大多數我們認為是我們獨有的。因此，如果本季其中一些目標得以實現，我認為這將對利潤率產生非常積極的影響。

The other thing I'd add, Eric, is just the overall universe of investors for jumbo compared to even a more nascent asset class like non-QM probably has some room to the ceiling to continue to grow. Our securitizations are very, very well subscribed, but there's still an opportunity to grow that buyer base, particularly as our issuance (technical difficulty) as robust as we're over a deal a month at this point.

艾瑞克，我想補充的另一件事是，與非量化市場等新興資產類別相比，巨額資產的投資者總體可能還有一定的成長空間。我們的證券化認購情況非常好，但仍有機會擴大買家基礎，特別是因為我們的發行（技術難度）非常強勁，目前我們每個月都能完成一筆交易。

To piggyback Chris' point as well, the seasoned portfolios, obviously, those come at a discount. That's a very different value proposition for a lot of pockets of capital who are hedging out premium and convexity risk elsewhere in their portfolios. Obviously, those discount pools create an interesting balance in terms of profile. And as Chris said, because we're just uniquely accessing those pools. We bought a couple of billion dollar pools already this year of discount.

同樣，為了支持克里斯的觀點，成熟的投資組合顯然是有折扣的。對於許多在其投資組合的其他地方對沖溢價和凸性風險的資本而言，這是一個非常不同的價值主張。顯然，這些折扣池在概況方面創造了一種有趣的平衡。正如克里斯所說，因為我們只是以獨特的方式訪問這些池子。我們今年已經以折扣價買了幾十億美元的游泳池。

There's a lot more to come, we hope. That's another opportunity for margin expansion to be able to control that type of convexity profile as a complement to our on-the-run business.

我們希望，未來還會有更多。這是擴大利潤率的另一個機會，能夠控制這種凸度分佈，作為我們在製品業務的補充。

Really helpful color. What's the feedback or outlook for the bridge portfolio in light of tariffs and other higher input costs? I mean is the expectation that a Fed rate cut would be a major catalyst for that portfolio, a refinancing opportunity for those loans? Could we actually see any mark-to-market upside for that portfolio when the Fed does cut?

確實有用的顏色。鑑於關稅和其他更高的投入成本，過橋投資組合的回饋或前景如何？我的意思是，聯準會降息的預期是否會成為該投資組合的主要催化劑，為這些貸款提供再融資機會？當聯準會降息時，我們真的能看到該投資組合以市價計價的上漲嗎？

Yes. Good question, Eric. I think -- look, certainly a Fed cut, any sort of recompression in overall cap rates would be helpful. Those are things we pay extremely close attention to in our on-the-run bridge business, where we're doing infill ground up or transition loan, fix and flip, just really paying close attention to those input costs.

是的。問得好，埃里克。我認為——聯準會降息肯定會對整體資本化率產生任何形式的壓縮，這都會有所幫助。這些都是我們在經營橋樑業務中密切關注的事情，我們在其中進行填充或過渡貸款、修復和翻轉，只是密切注意這些投入成本。

We're still seeing relatively healthy ROEs for the sponsors, which, as you know, is really the leading indicator for the health of that overall business. And what are these sponsors working for, how much cushion is there in the deals that they see. We've become more selective in certain markets for sure. Some of the input costs have certainly eased when you look at lumber and things like that. That's definitely been helpful.

我們仍然看到發起人的 ROE 相對健康，正如你所知，這實際上是整體業務健康狀況的領先指標。這些贊助商在努力實現什麼目標？他們所看到的交易中有多少緩衝空間。我們在某些​​市場上肯定會變得更加挑剔。當你考慮木材和類似的東西時，一些投入成本肯定已經降低。這絕對是有幫助的。

But yes, it could definitely help and overall reduction in mortgage rate could also increase just the overall velocity of those businesses. Sponsors are able to get out of their projects more quickly and redeploy. So there would be a number of ancillary benefits there for sure.

但是的，它肯定會有所幫助，而且抵押貸款利率的整體降低也可以提高這些企業的整體速度。贊助商能夠更快地退出他們的專案並重新部署。因此一定會有很多附帶好處。

Really good stuff thank you. Guys.

真的是好東西，謝謝。夥計們。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Yes. Can you just remind us of your sensitivity if the Fed does cut in terms of NII, there's some modest pickup. Is that correct?

是的。您能否提醒我們，如果聯準會確實削減 NII，您的敏感度就會增加。對嗎？

Yes. Tom, we did see that through the last couple of Fed cuts. We do have some sensitivity there between our fixed rate Sequoia pipeline and the floating liabilities that finance it. That is where the vast majority of our recourse leverage sits today. So if mortgage rates remain elevated, we would expect to pick up a modest benefit there as well as some other parts of our fixed rate portfolio.

是的。湯姆，我們確實在聯準會最近幾次降息中看到了這一點。我們的固定利率紅杉管道和為其融資的浮動負債之間確實存在一些敏感性。這就是我們今天絕大多數追索槓桿的位置。因此，如果抵押貸款利率繼續保持高位，我們預計該部分以及我們的固定利率投資組合的其他部分都將獲得適度收益。

Another area we've been locking more ARMs than we have historically through the Sequoia platform and represented over 12% of our production year-to-date, and we've -- it's a big focus area for us in terms of some of these seasoned bulk portfolios and how we distribute them efficiently. So we would expect that production to continue to pick up as well.

另一個領域是，我們透過紅杉平台鎖定了比以往更多的 ARM，占我們今年迄今為止產量的 12% 以上，而且就一些成熟的批量投資組合以及我們如何有效地分配它們而言，這是我們關注的一個重點領域。因此我們預計產量也將持續回升。

Steve Delaney from JMP Securities.

JMP 證券的史蒂夫德萊尼。

So look, it's never easy as a public company to be bold, but I have to applaud you pushing a little harder on the strategy reset button in the second quarter. Best to kind of focus on the future, not the problems of the past. With that said, thinking big picture about the core housing market, the owner-occupied market. It seems to me we're in a situation right now where we're seeing record HPA in terms of home prices, but interest rates are kind of holding things back. I'm curious from sort of like a product offering standpoint, as the Fed begins easing probably not much until '26, and that has some impact on the longer end, and we see 30-year rates coming down.

所以，作為一家上市公司，大膽行動從來都不是一件容易的事，但我必須讚揚你們在第二季度更加努力地推動戰略重置按鈕。最好專注於未來，而不是過去的問題。話雖如此，但要從宏觀角度考慮核心房屋市場，即自住房屋市場。在我看來，我們現在的情況是，房價創下了歷史新高，但利率卻在某種程度上阻礙了房價上漲。從產品提供的角度來看，我很好奇，因為聯準會可能要到 26 年才會開始放鬆政策，這對長期利率有一定影響，我們會看到 30 年期利率下降。

Do you have some thoughts of how to recapture sort of maybe a once in a 5-year refi opportunity within the prime jumbo segment? Because we really just don't -- we don't hear people talking about that because people have got a lot of HPA, but they don't like mortgage rates. And I'm just curious if there's a plan on how to maximize that opportunity when that activity picks up again.

您是否想過如何重新獲得優質巨額債券市場中五年一次的再融資機會？因為我們真的沒有——我們沒有聽到人們談論這個，因為人們有很多 HPA，但他們不喜歡抵押貸款利率。我只是好奇，當這種活動再次活躍起來時，是否有計劃如何最大限度地利用這一機會。

Yes, Steve, it's been a tough issue for homeowners. This lockout effect is very real and many people are 300, 400 basis points kind of out of the money as far as where they could take out a mortgage today versus sitting with the one they got at home. So that's a real issue and things like closed-end seconds and other ways to bank the consumer, we're very focused on.

是的，史蒂夫，這對房主來說是一個棘手的問題。這種鎖定效應非常真實，許多人今天無法獲得抵押貸款，而現在卻可以繼續使用家中的抵押貸款，因此他們的資金缺口高達 300 到 400 個基點。所以這是一個真正的問題，我們非常關注諸如封閉式秒卡和其他為消費者提供銀行服務的方式。

As far as refis go, slowly, more and more of the market just by way of people moving and changing jobs and growing their families, a much bigger percentage, I think closing in on 15% or 20% of mortgages are actually much closer to the current rate. in the high 6s. And so those mortgages could very easily be refinanced with a few Fed rate cuts and some help on the long end.

就再融資而言，慢慢地，透過人們搬家、換工作和增加家庭規模，越來越多的市場，我認為接近 15% 或 20% 的抵押貸款比例實際上更接近當前利率。在 6% 的高位。因此，只要聯準會幾次降息，並給予一些長期幫助，這些抵押貸款就很容易實現再融資。

So I think it's a riddle we're all trying to solve. It's been a tough market. But I think if you look at our strategy, where we've been focused is market share because of this. If you can't -- if half the business is traditionally refis and that market has been very, very slow, you got to take share, and that's exactly what we're doing. The good news for us is if rates do come down, that will just be an accelerator on the business.

所以我認為這是我們所有人都在努力解決的謎題。這是一個艱難的市場。但我認為，如果你看一下我們的策略，你會發現我們一直關注的是市場佔有率。如果你不能——如果一半的業務是傳統的再融資，而市場一直非常非常緩慢，你就必須佔領市場份額，而這正是我們正在做的。對我們來說，好消息是，如果利率確實下降，這將成為業務的加速器。

So if we've got higher wallet share today and rates come down, we would expect to preserve that share.

因此，如果我們今天擁有更高的錢包份額並且利率下降，我們預計可以保留該份額。

So certainly, there's been a lot of headwinds in mortgage. I think candidly, it's been significantly worse in multifamily, where I think everybody is dealing with some of those challenges, including the GSEs. But in single-family housing, I think it's -- the jumbo market has been extremely resilient. And we're constantly looking for ways to rebank the consumer and make sure that we retain the relationships.

因此，抵押貸款領域確實存在著許多阻力。坦白說，我認為多戶住宅的情況要糟糕得多，我認為每個人都在應對其中的一些挑戰，包括政府支持企業 (GSE)。但在獨棟住宅方面，我認為──大型住宅市場一直極具彈性。我們一直在尋找方法重新吸引消費者並確保維持良好的關係。

Appreciate the comments Chris thanks.

感謝克里斯的評論，謝謝。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you, operator, and thank you, everyone, for joining today. We appreciate the continued sponsorship and engagement, and we wish you a good rest of your day.

謝謝接線生，也謝謝大家今天的參與。我們感謝您一直以來的贊助和參與，並祝福您今天過得愉快。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。