Velocity Financial Inc (VEL) 2025 Q2 法說會逐字稿

Good day and welcome to the Velocity Financial second quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Velocity Financial 2025 年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Chris Oltmann, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 Chris Oltmann。請繼續。

Thanks, Danielle. Hello everyone, and thank you for joining us today for the discussion of a lot the second quarter of 2025 results. Joining me today are Chris Farrar, Velocity's President and Chief Executive Officer; and Mark Szczepaniak, Velocity's Chief Financial Officer. Earlier this afternoon, we released the press release with our second quarter results, and you can find that press release in an accompanying presentation that we will refer to during this call on our Investor Relations website at www.velfinance.com.

謝謝，丹妮爾。大家好，感謝您今天加入我們，討論 2025 年第二季的業績。今天與我一起出席的還有 Velocity 總裁兼執行長 Chris Farrar 和 Velocity 財務長 Mark Szczepaniak。今天下午早些時候，我們發布了包含第二季度業績的新聞稿，您可以在我們投資者關係網站 www.velfinance.com 上的隨附演示文稿中找到該新聞稿，我們將在本次電話會議中參考該演示文稿。

I'd like to remind everyone that today's call may include forward-looking statements which are uncertain and outside of the company's control, and actual results may differ materially. For a discussion of some of the risks and other factors that could affect results, please see the risk factors and other cautionary statements made in our communications with shareholders, including the risk factors disclosed in our filings with the Securities and Exchange Commission. Please also note that the content of this conference call contains time sensitive information that is accurate only as of today, and we do not undertake any duty to update forward-looking statements.

我想提醒大家，今天的電話會議可能包含不確定且超出公司控制範圍的前瞻性陳述，實際結果可能有重大差異。有關可能影響結果的一些風險和其他因素的討論，請參閱我們與股東溝通中提出的風險因素和其他警告聲明，包括我們向美國證券交易委員會提交的文件中揭露的風險因素。另請注意，本次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，我們不承擔更新前瞻性陳述的任何義務。

We may also refer to certain non-GAAP measures on this call. For reconciliation of these non-GAAP measures, you should refer to the earnings materials on our Investor Relations website. And finally, today's call is being recorded and will be available on the company's website later today.

我們也可能在本次電話會議中參考某些非公認會計準則指標。為了對這些非公認會計準則指標進行調節，您應該參考我們投資者關係網站上的收益資料。最後，今天的電話會議正在錄音，並將於今天晚些時候在公司網站上發布。

And with that, I will now turn the call over to Chris Farrar.

現在，我將電話轉交給克里斯法拉爾 (Chris Farrar)。

Thanks, Chris, and welcome, everyone to our second quarter earnings call. After the close today, we reported record quarterly results with net income increasing 76% and new loan production up 72% versus Q2 '24. Obviously our business is performing exceptionally well across the board. I believe our people are our most important asset, and they deserve the credit for delivering this outstanding performance.

謝謝，克里斯，歡迎大家參加我們的第二季財報電話會議。今天收盤後，我們公佈了創紀錄的季度業績，淨收入與 2024 年第二季度相比增長了 76%，新貸款產量增長了 72%。顯然，我們的業務整體表現非常出色。我相信我們的員工是我們最重要的財富，他們因出色的表現而值得稱讚。

We grew revenue by $31 million managed expenses carefully, and saw pre-tax income increase by $14 million as operating leverage boosted our core pre-tax return on equity to 24%. With respect to our end markets, we saw a pick up in transactions during Q2, and investors are quite active, especially within our niche.

透過精心管理費用，我們的收入增加了 3,100 萬美元，由於營運槓桿將我們的核心稅前股本回報率提高到 24%，稅前收入增加了 1,400 萬美元。就我們的終端市場而言，我們在第二季度看到交易量有所回升，投資者非常活躍，尤其是在我們的利基市場內。

Year over year we increased the portfolio by just under $1.4 billion with commercial properties representing approximately $770 million of the increase. And residential properties, the other $600 million. Our ability to finance a broad range of property types is a unique strength that differentiates us from other mortgage lenders. We expect strong growth from each of these categories going forward.

與去年同期相比，我們的投資組合增加了近 14 億美元，其中商業房地產約佔 7.7 億美元。以及住宅物業，另外還有 6 億美元。我們能夠為多種類型的房產提供融資，這是我們有別於其他抵押貸款機構的獨特優勢。我們預計未來這些類別都將實現強勁成長。

In terms of the portfolio, our asset management team did a fantastic job of curing delinquent loans, which drove our NIM expansion and resolved NPAs with significant gains. This team knows our asset class well, and they continue to drive exceptional performance.

在投資組合方面，我們的資產管理團隊在清理逾期貸款方面做得非常出色，這推動了我們的淨利差擴張，並顯著解決了不良資產問題。這個團隊非常了解我們的資產類別，並且他們繼續推動著卓越的表現。

From a capital markets perspective, this is our busiest quarter ever, completing four securitizations, issuing just under $1 billion in securities. The strong support for our program and robust market conditions are important tailwinds which fuel our growth. As we look forward, the pipeline for new loans is very strong, and we expect continued growth and originations as we take market share. Our team is very proud of the earnings growth and the predictability of our unique business model, and we know that the value proposition for our investors is outstanding.

從資本市場的角度來看，這是我們有史以來最繁忙的季度，完成了四次證券化，發行了近 10 億美元的證券。對我們計劃的大力支持和強勁的市場條件是推動我們成長的重要順風。展望未來，新貸款管道非常強勁，我們預計隨著市場份額的擴大，貸款成長和發放將繼續保持。我們的團隊對我們獨特的商業模式的獲利成長和可預測性感到非常自豪，我們知道我們為投資者提供的價值主張是卓越的。

That concludes my prepared remarks and we'll turn to the presentation starting with page 3. In terms of earnings, as I mentioned, core net income, $27.5 million or $0.73 a share, new all-time record for the company. And NIM for the quarter was up to 3.82%, up 47 bps from just last quarter, and the large driver of that was really, as I mentioned earlier, the recapture of delinquent interest on non-performing loans. So our team did a great job on on those recoveries.

我的準備好的演講到此結束，我們將從第 3 頁開始進行演示。就收益而言，正如我所提到的，核心淨收入為 2750 萬美元或每股 0.73 美元，創下了公司的歷史新高。本季的淨利差 (NIM) 上升至 3.82%，比上一季上升了 47 個基點，而這其中最大的推動力實際上是，正如我之前提到的，收回了不良貸款的拖欠利息。所以我們的團隊在恢復工作上做得很好。

In terms of the portfolio, mentioned the record production and saw the portfolio grow by 30.8% on a year over year basis. In terms of the non-performing loans, those ticked down slightly to 10.3% as we continue to work hard to resolve delinquent borrowers. Most importantly, probably from the portfolio perspective, continued to see very positive gains of $3.6 million on just over $100 million of UPB that was resolved.

在投資組合方面，提到了創紀錄的產量，並且投資組合同比增長了 30.8%。就不良貸款而言，由於我們繼續努力解決拖欠貸款的問題，不良貸款率略有下降至 10.3%。最重要的是，可能從投資組合的角度來看，在解決的超過 1 億美元的 UPB 問題上，我們繼續獲得了 360 萬美元的非常積極的收益。

In terms of financing and capital, I mentioned the four securitizations. The most significant securitization we did was our MC 25-1, and that transaction freed up about $53.5 million of cash to continue to grow the portfolio. So that was really an important transaction for us, and Jeff and team did a great job from a capital markets perspective of getting great execution on that transaction. That increase in cash obviously drove strong results in our liquidity up to $139 million so we've got lots of liquidity to continue to fund our growth and plenty of warehouse capacity.

在融資、資本方面，我提到了四次證券化。我們進行的最重要的證券化是 MC 25-1，該交易釋放了約 5,350 萬美元的現金以繼續擴大投資組合。所以這對我們來說確實是一筆重要的交易，從資本市場的角度來看，傑夫和他的團隊在交易執行上做得非常好。現金的增加顯然推動了我們的流動資金強勁增長至 1.39 億美元，因此我們擁有大量流動資金來繼續為我們的成長提供資金，並提供充足的倉庫容量。

Turning to page 4, this is a new slide that we're presenting. Something that we haven't presented before, but we really wanted to highlight the unique business structure being a C Corp that retains our earnings, which allows us to grow book value and our earnings as we reinvest those those earnings back into new assets. We really feel like we're unique and unlike a lot of other mortgage lenders that are out there.

翻到第 4 頁，這是我們正在展示的新投影片。這是我們之前沒有提出過的，但我們確實想強調的是，作為一家保留收益的 C 公司，我們獨特的業務結構使我們能夠在將這些收益重新投資於新資產時增加賬面價值和收益。我們確實感覺自己是獨一無二的，與許多其他抵押貸款機構不同。

You can see that there's tremendous performance here in all categories with earnings growing, equity growing, and ROE increasing, which is obviously pretty impressive to grow that ROE as much as we did with the equity base continuing to increase. So we're very pleased with those results and based on all these things we really feel like there's a tremendous value in the shares and that we trade in our view at a very low PE based on our growth profile and our ability to continue growing not only earnings but the portfolio as well.

您可以看到，所有類別都表現出色，獲利成長、股權成長、ROE 也在成長，隨著股權基礎的持續增加，ROE 的成長幅度顯然相當令人印象深刻。因此，我們對這些結果非常滿意，並且基於所有這些因素，我們確實認為這些股票具有巨大的價值，並且根據我們的成長狀況以及我們繼續成長獲利和投資組合的能力，我們認為市盈率非常低。

Turning to the next slide on page 5, I've seen this one before, again, continuing to highlight how our strategy builds book value as we retain those earnings and put them back into the business for future growth. All the way to the far right is our adjusted book value which represents the total value we think of our assets if we were allowed to mark everything to fair value.

翻到第 5 頁的下一張投影片，我之前見過這張投影片，它再次強調了我們的策略如何在保留這些收益並將其重新投入到業務中以實現未來成長的同時建立帳面價值。最右邊是我們的調整後帳面價值，它代表瞭如果我們允許將所有資產標記為公允價值，我們認為的資產總價值。

And I think from our perspective, from management's perspective, we will view this $17.60 a share really as a floor in terms of valuation. We feel like that's the minimum that that our company should ever trade for because that's really. The NPV of of what's on the balance sheet as of today and doesn't take into account the value of the platform and any future earnings or growth in the business, so. As we grow this book value, we expect to reward shareholders, but really feel like this puts a nice floor in terms of valuation.

我認為從我們的角度來看，從管理層的角度來看，我們會將每股 17.60 美元視為估值的底線。我們覺得這是我們公司應該交易的最低限度，因為那確實是。截至今日的資產負債表上的 NPV 並未考慮平台的價值以及業務的未來收益或成長，因此。隨著帳面價值的成長，我們期望回報股東，但確實感覺這在估值方面奠定了良好的基礎。

So with that I'll turn it back over to Mark to continue.

因此我將把話題交還給馬克繼續。

Thanks, Chris. Good afternoon and evening, everyone. In the second quarter, then we saw record production and continued strong earnings growth. If we take a look at the slide on page 6. Q2 had record low production, just over $725 million in UPB. That was a 13.3% increase from Q1, which was our previous record production, was Q1 of $640.4 million. So we've had two record productions in a row in two quarters. In Q2 there were over 1,600 loans funded.

謝謝，克里斯。大家下午好、晚上好。在第二季度，我們看到了創紀錄的產量和持續強勁的獲利成長。如果我們看一下第 6 頁的投影片。第二季的產量創歷史新低，UPB 產量僅略高於 7.25 億美元。這比第一季成長了 13.3%，創下了我們之前的最高產量記錄，第一季的產量為 6.404 億美元。因此，我們在兩個季度內連續製作了兩張唱片。第二季度，已發放貸款超過 1,600 筆。

The strong production growth in Q2 included the weighted average coupon on new health for investment originations continuing to come in strong at 10.5%. The weighted average coupon on our HFI originations, if you just look back over the last five quarter average, has been at 10.7%, and the growth in originations in Q2 continued at tight credit levels, as you can see on the table. The weighted average loan to value for the quarter was at 62.7% and on a five quarter average trend, 63.2%, so very tight credit levels and good coupons.

第二季強勁的生產成長包括投資發起的新健康加權平均票息持續強勁成長至 10.5%。如果回顧過去五個季度的平均值，我們 HFI 發起的加權平均票面利率為 10.7%，並且第二季度的發起成長在信貸緊縮水平下持續，正如您在表格中看到的那樣。本季的加權平均貸款價值比為 62.7%，五個季度的平均趨勢為 63.2%，因此信貸水準非常緊張，票面利率也很好。

So the record growth at the healthy WAC and the low LTV continues to demonstrate a consistent trend of borrower demand for Velocity's product, even in the recent current volatile market.

因此，即使在近期動盪的市場中，健康的 WAC 和低 LTV 的創紀錄增長也繼續表明借款人對 Velocity 產品的需求呈現持續趨勢。

On page 7, as a result of the continued growth in production, we see a growth in Q2 for our overall loan portfolio. Our total portfolio as of June 30, was at $5.9 billion in UPB and a 7.5% increase from last quarter from Q1 and a 30.8%, almost a 31% increase year over year. The weighted average coupon on our total portfolios of June 30, was 9.67%, and that's 8 basis points higher from where it was at the end of Q1. It's 42 basis points higher on a weight average coupon basis compared to the second quarter of '24, so year over year. And the total portfolio weighted average loan to value remained consistently low at 65.8% as of June 30.

第 7 頁，由於產量持續成長，我們看到第二季的整體貸款組合有所成長。截至 6 月 30 日，我們的總投資組合為 UPB 59 億美元，比上一季成長 7.5%，比去年同期成長 30.8%，比去年同期成長近 31%。截至 6 月 30 日，我們總投資組合的加權平均票面利率為 9.67%，比第一季末高出 8 個基點。與 24 年第二季相比，以加權平均票面利率計算，該利率高出 42 個基點，因此較去年同期成長。截至 6 月 30 日，總投資組合加權平均貸款價值比一直維持在 65.8% 的低點。

Page 8, our Q2 NIM was at 3.82%. That's a 47 basis points increase over Q1. The NIM, if you look at the components of NIM, our portfolio yield increased by 54 basis points quarter over quarter due, as Chris mentioned, mainly because of higher cash interest received as a result of the special servicing efforts on non-performing loans and also to a secondary degree we just mentioned that our portfolio whack at the end of Q2 is 8 basis points higher than it was at the end of Q1, so you're getting some big pick up from a slightly increased total weighted average coupon on the portfolio. On the cost of funds side, our cost of funds increased by only 1 basis points quarter over quarter, which also contributed to a widening them.

第 8 頁，我們的第二季淨利差為 3.82%。這比第一季增加了 47 個基點。至於淨利息收益率 (NIM)，如果你看一下 NIM 的組成部分，我們的投資組合收益率環比增加了 54 個基點，正如克里斯提到的，這主要是因為不良貸款的特殊服務工作帶來了更高的現金利息，其次，我們剛才提到，我們第二季度末的投資組合收益率比第一季末高出 8 個基點，因此，投資組合略有加成。資金成本方面，我們的資金成本較上季僅增加1個基點，也導致了資金成本的擴大。

On page 9, our non-performing loan rate at the end of Q3 was 10.3%. That's down half a point from Q1. Our non-performing loan rate has remained consistent. If you look at the last five quarter end, it's been at 10.6%. We continue to see the strong collection efforts by special servicing that have resulted in favorable gain resolutions of all of our non-performing assets which are comprised of both non-performing loans and REOs.

第 9 頁顯示，我們第三季末的不良貸款率為 10.3%。這比第一季下降了半個百分點。我們的不良貸款率一直維持不變。如果你看過去五個季度末，這個數字已經達到了 10.6%。我們繼續看到特殊服務部門的強力催收努力，這使得我們所有不良資產（包括不良貸款和 REO）都獲得了有利的收益解決。

If you look at the table on page 10, it shows these positive results of our in-house special servicing NPA resolution efforts. For Q2, our nonperforming asset resolution gains were $3.6 million or 3.5% of about $104 million of NPA UPB resolved. And on a trend basis, we've continued to average that 3.5% quarterly NPA resolution gain over the last five quarters.

如果您查看第 10 頁的表格，它顯示了我們內部特殊服務 NPA 解決工作所取得的正面成果。對於第二季度，我們的不良資產處置收益為 360 萬美元，佔已處置不良資產 UPB 約 1.04 億美元的 3.5%。從趨勢來看，過去五個季度，我們的季度不良資產處置率平均持續維持 3.5% 的成長。

Turning to page 11, we see our CECL loan loss reserve and also our net loan charge off and gain loss on our activity. On the CECL reserve as of June 30, our CECL reserve is $4.9 million, or 22 basis points of our outstanding amortized costs held for investment portfolio, and our CECL reserve has been consistent with our last five quarter average running right around 20 basis points. Keep in mind the CECL loan loss reserve does not include loans carried at fair value. It's only the loans carried at amortized cost. And also for Q2, our net gain loss from loan charge offs netted with REO related activities recognized a net gain of $2 million and that's consistent if you look at the second quarter of '24, it's consistent year over year with a $2 million net gain recognized in Q2 of last year.

翻到第 11 頁，我們看到了我們的 CECL 貸款損失準備金以及我們的淨貸款沖銷和活動損益。截至 6 月 30 日的 CECL 儲備金中，我們的 CECL 儲備金為 490 萬美元，佔投資組合持有的未償還攤銷成本的 22 個基點，並且我們的 CECL 儲備金與我們過去五個季度的平均水平一致，約為 20 個基點。請記住，CECL 貸款損失準備金不包括以公允價值計價的貸款。這只是以攤餘成本計價的貸款。此外，對於第二季度，我們從貸款沖銷中獲得的淨收益損失與 REO 相關活動相抵，實現了 200 萬美元的淨收益，與 24 年第二季度相比，這一數字與去年同期持平，去年第二季度實現了 200 萬美元的淨收益。

Page 12 shows our durable funding and liquidity position at the end of Q2. Our total liquidity at the end of June was $139.2 million and comprised of about $80 million in actual cash and cash equivalents and another $59 million in available immediate liquidity on unfinanced loan collateral. As of June 30, our warehouse line capacity was $476 million almost $477 million on a maximum line capacity of $810. So again, plenty of capacity on our warehouse line and plenty of liquidity at the end of the quarter.

第 12 頁顯示了我們第二季末的持久資金和流動性狀況。截至 6 月底，我們的總流動資金為 1.392 億美元，其中包括約 8,000 萬美元的實際現金和現金等價物，以及 5,900 萬美元的未融資貸款抵押品的可用即時流動資金。截至 6 月 30 日，我們的倉庫線路容量為 4.76 億美元，最高線路容量為 8.10 億美元，接近 4.77 億美元。因此，我們的倉庫生產線擁有充足的容量，並且在本季末擁有充足的流動性。

As Chris mentioned earlier in Q2, we did issue four securitizations, including our second securitization ever collateralized by our short-term loan product which was leveraged new short-term collateral and re-leveraged existing short term collateral from collapsing our 2023 short term securitization.

正如克里斯在第二季早些時候提到的那樣，我們確實發行了四次證券化，其中包括我們的第二次以短期貸款產品為抵押的證券化，該產品利用了新的短期抵押品，並重新利用了現有的短期抵押品，以防止我們的 2023 年短期證券化崩潰。

And as Chris mentioned, we also collapsed and refinanced our 2022 mixed collateral securitization with the new 2025 mixed collateral securitization that generated over $50 million in additional liquidity.

正如克里斯所提到的，我們還透過新的 2025 年混合抵押品證券化對 2022 年混合抵押品證券化進行了再融資，產生了超過 5000 萬美元的額外流動資金。

That concludes my 2025 Q2 financial recap of a very strong quarter for the company, and now to turn the presentation back to Chris for his overview of Velocity's '25 outlook on our key business drivers.

這就是我對公司 2025 年第二季財務表現非常強勁的回顧，現在將演講交還給 Chris，請他概述 Velocity 對我們關鍵業務驅動因素的 25 年展望。

Thanks, Mark. Yeah, you can see from the points here on the slide that we feel really good about the future and about our growth prospects. Markets are healthy both on the end user side and the capital market side, so we're very bullish on the momentum that we have and expect it to continue in the next year or two.

謝謝，馬克。是的，您可以從幻燈片上的要點中看到，我們對未來和成長前景感到非常樂觀。無論是終端用戶還是資本市場，市場都很健康，因此我們非常看好目前的勢頭，並預計這種勢頭將在未來一兩年內持續下去。

So with that that that that concludes all of our prepared remarks, and we will open it up for questions please.

好了，我們準備好的發言到此結束，下面開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Hi, good evening. I was wondering if you can talk a little bit about them going into Q3, if you think you can maintain this level. Or if there's some pull forward and then if you can talk a little bit about the loan growth expectations for H2.

嗨，晚上好。我想知道您是否可以談談他們進入第三季的情況，您是否認為他們可以保持這個水平。或者如果有一些提前，那麼您可以談談下半年的貸款成長預期嗎？

Sure, hi Don. So yeah, I think our target is 3.5%. I think Q1 was a little light, Q2 was obviously very strong. We're trying to target 3.5% on a consistent basis. As Mark mentioned, resolving delinquent assets because they do go on a non accrual status, they tend to be very lumpy. So timing when that asset will cure is a little tricky. So there's there's some volatility around them depending on when we actually collect. We do ultimately believe we're going to collect it almost all the time. It's just a question of timing and when, so. If you average out the first two quarters, you're like [3.6], I think on them and we think that's very sustainable, going forward.

當然，嗨，唐。是的，我認為我們的目標是 3.5%。我認為 Q1 有點輕鬆，Q2 顯然非常強勁。我們正努力持續實現 3.5% 的目標。正如馬克所提到的，解決拖欠資產是因為它們確實處於非應計狀態，而且它們往往非常龐大。因此，確定該資產何時能夠恢復有點棘手。因此，根據我們實際收集的時間，它們會存在一些波動。我們最終確實相信我們幾乎會一直收集它。這只是一個時間和時間的問題。如果你把前兩季的平均數算出來，那就是 3.6，我認為這是相當可持續的。

Got it, in terms of the pace of loan growth in the next quarter or two.

明白了，就未來一、兩個季度的貸款成長速度而言。

Yeah, I think we still expect to grow. What we've seen historically is you kind of go in a step function. You know, it doesn't go up continuously every month, you sort of get to a new level, digest that level, and then take another step up so. A forecast for you on the actual rate of growth, but, we do expect to grow, going forward.

是的，我認為我們仍然希望實現成長。從歷史上看，我們看到的是，你以一種階梯函數的方式前進。你知道，它不會每個月都持續上漲，你會達到一個新的水平，消化這個水平，然後再進一步上升。我們為您預測實際成長率，但是，我們確實預期未來還會成長。

Steve Delaney, Citizens JMP.

史蒂夫·德萊尼 (Steve Delaney)，公民 JMP。

Congrats on a great quarter. Really remarkable, with the numbers, the name and the ROE, I guess Christopher, when you look at where you are. Pretty darn good. Where are the opportunities? Are there opportunities for improvement, or is this sort of the range at which you would consider to be optimal and optimal high performance or are there any things that you lay awake at night thinking, gosh, if I could just get this number a little bit better how you look at the results and the future.

恭喜本季取得優異成績。我想，克里斯托弗，當你看看你所在的位置時，這些數字、名字和 ROE 確實令人驚嘆。相當不錯。機會在哪裡？是否存在改進的機會，或者這是您認為最佳和最佳高性能的範圍，或者是否存在一些讓您夜不能寐的事情，讓您想，天哪，如果我能讓這個數字稍微好一點，您會如何看待結果和未來。

Appreciate it, Steve. Yeah, it's funny, I remember a long time ago I go to an game and this soccer coach told all the parents. The worst thing you can do is watch your kid's best game and then go out every week and expect your kid to perform at that level, so. I get your point, but I do think this is, I don't think it's the high point for us. It's we're doing exceptionally well. That's true, and we did see, kind of that big pick up in the name and some of those things, so some of those things are timing issues, but I still feel like we have room to improve and the biggest areas that we're working on and just staying focused in our knitting is.

非常感謝，史蒂夫。是的，這很有趣，我記得很久以前我去看了一場比賽，這位足球教練告訴了所有的家長。你能做的最糟糕的事情就是觀看你孩子最擅長的比賽，然後每週出去並期望你的孩子也能達到那個水平。我明白你的意思，但我確實認為這不是我們的最高點。我們做得非常好。確實如此，我們確實看到了名稱和其他一些方面的巨大進步，所以其中一些是時間問題，但我仍然覺得我們還有改進的空間，我們正在努力的最大領域是繼續專注於我們的編織。

Technology we're undertaking a program right now over the next 12 to 18 months where we're breaking down our entire process and looking where we can apply technology to improve processes and make our team more productive, so I don't think we're at peak performance. I think we're very strong performance, but I think it's sustainable going forward and I do think we can improve on the efficiency side of the business as a very small example, we just recently rolled out some technology in our post closing department where that makes our people probably 5 times more productive than they were, with the old process, so. Those won't be massive gains every quarter, but over the next year and a half, we think we can drive some more performance and some more efficiency out of the business.

技術方面，我們目前正在實施一項計劃，在未來 12 到 18 個月內，我們將分解整個流程，尋找可以應用技術來改進流程並提高團隊生產力的地方，所以我認為我們的表現還沒有達到最佳。我認為我們的表現非常強勁，但我認為這種表現是可持續的，而且我確實認為我們可以在業務效率方面有所提高。舉個小例子，我們最近在結帳後部門推出了一些技術，這使得我們員工的生產力比使用舊流程時提高了 5 倍。雖然每個季度都不會有巨大的收益，但在未來一年半的時間裡，我們認為我們可以提高業務的績效和效率。

Got it. Yeah, I think everyone likes to have better technology or at least keep up.

知道了。是的，我認為每個人都希望擁有更好的技術，或至少跟上技術的發展。

Yeah.

是的。

Geography, you guys are out on the west coast and it's a big country. Do you In your current markets you're operating in, maybe describe, concentration, west coast, how broad is your origination platform? How far can you reach, and I'm just curious if you're can touch the Southeast or possibly touch the Florida market with your existing set up and structure.

從地理位置來看，你們位於西海岸，這是一個很大的國家。在您目前經營的市場中，或許可以描述一下集中度、西岸，您的發起平台有多廣？您的影響力能達到多遠？我只是好奇您是否可以利用現有的設置和結構來觸及東南部或佛羅裡達市場。

Yeah, good question. So we like to concentrate on the major MSAs. We have loans in 48 states, so we have deep reach across the country and we like the diversity in the portfolio. You mentioned Florida. We do have an office in Miami, and they're one of our highest producing offices per capita. So they do a fantastic job for us and, you tend to see the portfolio kind of barbelled between the coasts and then some of the southern states, so kind of, the smile if you will, so. I think we'll stay with that footprint largely, and we think there's plenty of runway to expand there.

是的，好問題。因此，我們喜歡專注於主要的 MSA。我們在 48 個州提供貸款，因此我們在全國範圍內具有廣泛的影響力，我們喜歡投資組合的多樣性。您提到了佛羅裡達。我們在邁阿密確實有一個辦事處，它是我們人均生產力最高的辦事處之一。所以他們為我們做了出色的工作，而且，你往往會看到投資組合在沿海地區和一些南部州之間分佈，所以，如果你願意的話，這是一種微笑。我認為我們基本上會保持這一足跡，並且我們認為那裡有足夠的擴張空間。

(Operator Instructions)

（操作員指示）

Tim Chang, BTIG.

Tim Chang，BTIG。

Hey, this is Eric Hagan, BTIG. You guys have historically leaned into securitization as basically the only source of longer term financing, but with all this private capital that's being raised right now in the market, I mean, do you think there could be an opportunity to incorporate loan sales into the routine. And what alternative financing sources maybe allow you guys to grow more quickly?

嘿，我是 BTIG 的 Eric Hagan。你們歷來傾向於將證券化作為長期融資的唯一來源，但隨著目前市場上籌集的大量私人資本，我的意思是，你們是否認為有機會將貸款銷售納入常規。還有什麼其他融資管道可以讓你們更快發展？

Yeah, hi Eric, good question. We are getting reverse inquiries from some of these private credit sources, and I do think there's some opportunities for us to put financing in place to grow the portfolio. We have looked at whole loans in the past. I don't I don't expect that that'll be a big source for us, but I do think that maybe there's some private structures that might work that could help us expand another leg of the stool, if you will.

是的，嗨，艾瑞克，這個問題問得好。我們從一些私人信貸來源獲得了反向詢問，我確實認為我們有機會進行融資以擴大投資組合。我們過去曾研究過全部貸款。我不認為這會成為我們的一個重要來源，但我確實認為，也許有一些私人結構可能會起作用，可以幫助我們擴展凳子的另一條腿，如果你願意的話。

Okay, that's interesting, thank you. We're looking at the prepayment rate and how it increased quarter over quarter, and I realize these are longer duration assets to begin with and a pre-payment rate and kind of, is less applicable maybe to the strategy, but you know what's driving that? I imagine it's not really an interest rate incentive because the coupons don't really move around a lot. So what's the context behind, pre-payment activity?

好的，這很有趣，謝謝。我們正在研究預付利率及其逐季成長情況，我意識到這些是期限較長的資產，預付利率可能不太適用於該策略，但您知道是什麼推動了這一趨勢嗎？我想這並不是真正的利率激勵，因為息票實際上不會有太大變動。那麼預付款活動背後的背景是什麼呢？

Yeah, good question. So we've studied that in the past and we found roughly about half the time folks are selling the property and about half the time they're refinancing somewhere else. So we've always kind of positioned the firm as a medium term lender that, the borrower has some immediate need for capital and they utilize our capital for call it one to five years depending on their situation.

是的，好問題。我們過去對此進行研究，發現大約有一半的時間人們在出售房產，而大約有一半的時間他們在其他地方進行再融資。因此，我們始終將公司定位為中期貸款機構，借款人對資本有迫切的需求，他們可以根據自己的情況利用我們的資本一到五年。

And then they tend to move on. So it's pretty typical for our business as we collect pre-payment penalty fees in those cases to maintain our yields. We're indifferent if they do choose to leave. It's largely driven by their unique circumstance and their situation and whether or not they're refinancing or selling the property.

然後他們就會繼續前進。因此，對於我們的業務來說，這很典型，因為在這些情況下，我們會收取預付款罰金來維持我們的收益。如果他們真的選擇離開，我們也不會在乎。這很大程度上取決於他們的獨特情況和處境，以及他們是否正在再融資或出售房產。

This concludes our question and answer session, and the conference has now been concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。