Velocity Financial Inc (VEL) 2026 Q1 法說會逐字稿

Good day, and welcome to the Velocity Financial first quarter of 2026 results conference call. Please note that today's event is being recorded. (Operator Instructions)

大家好，歡迎參加 Velocity Financial 2026 年第一季業績電話會議。請注意，今天的活動將被錄音。(接線員指示)

I would now like to turn the call over to the Treasurer, Chris Oltmann. Please go ahead.

我現在把電話交給財務主管（Treasurer）Chris Oltmann。請開始。

Thanks, Joe. Hello, everyone, and thank you for joining us today for the discussion of Velocity's first quarter 2026 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 a press release with our first quarter results, and you can find the press release and accompanying presentation that we will refer to during this call on our Investor Relations website at www.velfinance.com. I'd like to remind everybody 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.

謝謝你，Joe。各位好，感謝大家今天加入我們，一同討論 Velocity 2026 年第一季的業績。今天與我一同出席的有 Velocity 總裁兼執行長 Chris Farrar，以及 Velocity 財務長 Mark Szczepaniak。今天下午稍早，我們已發布第一季業績新聞稿；您可至我們的投資人關係網站 www.velfinance.com 取得新聞稿及本次電話會議將引用的簡報資料。

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.

關於可能影響業績的部分風險及其他因素之討論，請參閱我們與股東之溝通文件中的風險因素及其他警示性聲明，包括我們向美國證券交易委員會（SEC）提交文件中所揭露的風險因素。

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. We may also refer to certain non-GAAP measures on this call. For reconciliations 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.

另請注意，本次電話會議內容包含具時效性的資訊，僅以今日為準；我們不承擔更新任何前瞻性陳述之義務。本次電話會議亦可能提及若干非 GAAP 指標。關於該等非 GAAP 指標之調節表，請參閱我們投資人關係網站上的財報相關資料。最後，今天的電話會議將被錄音，並將於今日稍晚在公司網站提供回放。

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

接下來，我把電話交給 Chris Farrar。

Thank you, Chris, and good evening, everyone. We appreciate you taking the time to join us today. First off, I want to apologize to everyone on our last call. We had technical difficulties, and we've been assured that by our vendor that won't happen again. So hopefully, things go well here for us.

謝謝你，Chris，各位晚安。感謝大家撥冗參與今天的會議。首先，我想就我們上一次電話會議向各位致歉。當時我們遇到技術問題，供應商已向我們保證不會再發生。因此希望這次一切順利。

I'll start off with a few words on the environment then walk through our Q1 performance. Mark will take you and through the rest of the financials in detail before we open up for questions. The first quarter of 2026 was obviously volatile from a macro perspective, but quite steady in our corner of the world. Our end real estate markets are functioning well, our pipeline is growing and our fixed income markets are well bid. In our view, making low LTV loans secured by real estate is a smart way to generate healthy risk-adjusted returns and our Q1 results speak to the durability of what we've built at Velocity.

我先簡要談談整體環境，接著說明我們第一季的表現。在我們開放提問之前，Mark 會帶各位更詳細地檢視其餘財務數據。從總體面來看，2026 年第一季顯然波動較大，但在我們所處的領域則相當穩健。我們所服務的終端不動產市場運作良好，我們的案源管線正在成長，而固定收益市場的買盤也相當積極。我們認為，以不動產作擔保、承作低 LTV 貸款，是創造良好風險調整後報酬的明智方式；而我們第一季的結果也展現了 Velocity 所建立業務的韌性。

In the first quarter, we delivered results that were in line with our expectations and importantly, consistent with the trajectory we laid out at the start of the year. Portfolio growth was measured and deliberate, NPL recoveries remained strong, and we continue to generate reliable net interest income from a well-seasoned book. Our story is about consistently compounding our capital. And in this environment, I believe consistency is exactly what our investors, our borrowers and our originator partners need to see from us. Credit is always a top priority, and this quarter reinforced that discipline.

第一季我們交出的成績符合預期，更重要的是，與我們在年初所提出的發展軌跡一致。投資組合成長節奏審慎且有計畫，不良貸款（NPL）回收仍然強勁，我們也持續從一個成熟度高的資產組合中，產生穩健的淨利息收入。我們的故事在於持續、穩定地複利累積資本。在目前的環境下，我相信一致性正是投資人、借款人以及我們的放款合作夥伴最希望從我們身上看到的特質。信用品質永遠是首要任務，而本季再次驗證了這項紀律。

Our nonperforming loan resolutions were very consistent with positive gains and significant interest income recognition. Our dedicated special servicing team continues to resolve assets efficiently while maximizing recovery rates. I said before that we optimize for asset valuation and that disciplined approach to valuation has served us well through several cycles now. And Q1 was no exception as evidenced by the weighted average LTV on new loan originations of 64.9%. On the origination side, we were intentional.

我們對不良貸款的處置結果相當一致，帶來正向收益並確認了可觀的利息收入。我們專責的特殊資產服務團隊持續以高效率處置資產，同時最大化回收率。我先前提過，我們以資產估值為優先，而這種嚴謹的估值方法已在多個景氣循環中證明其成效。第一季也不例外，新承作貸款的加權平均 LTV 為 64.9%，即為明證。在承作端，我們是有意識地控制節奏。

We did not chase volume for its own sake. We originated loans that met our return threshold in markets where we have depth of knowledge through originator relationships we trust. The result was a portfolio that grew nicely quarter-over-quarter with yields that remain attractive relative to our cost of funds. The most significant activity in the quarter was our first ever issuance of $500 million of unsecured corporate debt rated by Moody's and Fitch. The investor demand was broad and the deal was oversubscribed and comprised of high-quality, sophisticated investors that we are proud to call partners.

我們不會為了追求量而追求量。我們承作的是符合報酬門檻的貸款，並聚焦在我們透過可信賴的合作放款夥伴關係、具備深厚理解的市場。結果是投資組合季對季穩健成長，且收益率相對於我們的資金成本仍具吸引力。本季最重要的活動，是我們首次發行 5 億美元、由穆迪（Moody's）與惠譽（Fitch）評等的無擔保公司債。投資人需求廣泛，交易獲得超額認購，且投資人組成為高品質、成熟的機構投資人；我們很自豪能稱他們為合作夥伴。

This capital positions us well for future growth and strengthens our financial flexibility as we dramatically reduced our reliance on shorter term warehouse debt. As we look to the rest of 2026, we feel well positioned. Our balance sheet is clean, our funding is stable and we see a pipeline of origination opportunity that should translate into meaningful volume growth in the second half of the year. We remain confident in our ability to deliver on the objectives that we set at the beginning of the year. With that, I'll turn to the earnings presentation materials, starting on page 3.

這筆資金使我們在未來成長上具備良好條件，並強化財務彈性，因為我們大幅降低了對較短期倉儲融資（warehouse debt）的依賴。展望 2026 年其餘時間，我們認為自身處於有利位置。我們的資產負債表乾淨、資金來源穩定，且我們看到承作機會的案源管線，預期將在下半年轉化為具意義的放款量成長。我們仍對達成今年年初所設定的目標充滿信心。接下來我將翻到盈餘簡報資料，從第 3 頁開始。

As I mentioned in my remarks, a pretty stable, straightforward quarter, very simple. Core net income, up 30% over the prior year's quarter. NIM was very healthy and on target at just over 3.5%. Mentioned that the portfolio grew nicely, up 25% year-over-year. Continue to see positive gains on the NPL resolutions, again 102.3% and expanded our disclosures here to show the other recovered revenue on those NPLs of $4.6 million.

如我在談話中提到的，本季相當穩定、直接，整體很簡單。核心淨利較去年同期成長 30%。淨利差（NIM）非常健康，且符合目標，略高於 3.5%。也提到投資組合成長良好，年增 25%。我們持續在不良貸款（NPL）處置上看到正向收益，再次達到 102.3%；同時我們也擴充揭露內容，顯示這些 NPL 的其他回收收入為 460 萬美元。

In financing and capital, as I mentioned, the securitization markets are very healthy, and we've got another deal on the market that will price this week. Those markets are very supportive. In terms of capital and liquidity, we've never been in a stronger position. For us, it's a much larger amount of liquidity coming off that unsecured corporate debt issuance and really gives us, as I mentioned, the strength and the flexibility to navigate whatever market comes our way.

在融資與資本方面，如我所提，證券化市場非常健康，我們還有另一筆交易正在市場上，本週將完成定價。這些市場對我們非常支持。就資本與流動性而言，我們從未處於更強的狀態。對我們來說，這主要來自於那筆無擔保公司債發行所帶來的大幅流動性提升，並且如我所說，確實賦予我們實力與彈性，以因應未來任何可能出現的市場狀況。

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

那麼，接下來我把電話交給 Mark。

Thanks, Chris, and good evening, everyone. As Chris mentioned, the first quarter of '26 can kind of continue the consistent production that we saw during 2025. On page 4 of the presentation, our Q1 loan production was just a little over $639 million in UPB. That's consistent with just under $635 million for Q4 of '25. In Q1 of '26, there were over 1,600 loans funded.

謝謝你，Chris，各位晚安。如 Chris 所提，2026 年第一季大致延續了我們在 2025 年所看到的穩定產出。在簡報第 4 頁，我們第一季的放款產出（loan production）以未償本金（UPB）計略高於 6.39 億美元。這與 2025 年第四季略低於 6.35 億美元的水準一致。在 2026 年第一季，撥款的貸款筆數超過 1,600 筆。

The production during Q1 included the weighted average coupon on new held for investment originations continuing to come in strong at 10.1%, and the weighted average coupon on our held-for-investment originations for the last 5 quarter average trend has been at 10.3%. This growth in originations in Q1 also continued at tight credit levels with the weighted average loan-to-value for the quarter at 62.5% and on a 5-quarter average trend basis at 62.7%, so consistently tight credit levels. So strong Q1 production growth, the healthy WAC and the low LTV demonstrates a consistent trend, as Chris mentioned, of borrower demand for our product even through these recent challenging economic markets. If we go to page 5. As a result of the strong Q1 production, page 5 shows the growth in our overall loan portfolio at the end of Q1.

第一季的產出包括：新發放且列為持有供投資（HFI）的貸款，其加權平均票面利率（WAC）持續維持強勁，達到 10.1%；而我們持有供投資貸款發放在最近 5 個季度的平均趨勢，加權平均票面利率為 10.3%。第一季放款量的成長也仍維持在嚴格的授信水準下進行，本季加權平均貸款價值比（LTV）為 62.5%，以 5 季平均趨勢來看為 62.7%，因此授信水準一貫緊縮。因此，第一季強勁的產出成長、健康的 WAC 與偏低的 LTV，顯示出一個一致的趨勢——如 Chris 所提到——即便在近期具挑戰性的經濟市場環境中，借款人對我們產品的需求仍然存在。如果我們翻到第 5 頁。由於第一季產出強勁，第 5 頁顯示我們在第一季末整體貸款投資組合的成長。

The total loan portfolio as of March 31 was $6.8 billion in UPB, and that's a 5.3% increase from Q4 and a 25.6% increase in the portfolio year-over-year compared to Q1 of '25. The weighted average coupon on our loan portfolio as of March 31 was 9.75%, which is almost flat to Q4 '25 and a 16 basis point year-over-year increase compared to Q1 of '25. The total portfolio weighted average loan-to-value decreased to just under 65% as of March 31, and the loan portfolio continues to provide a healthy yield at these tight credit levels. Moving to page 6. Our first quarter net interest margin was 3.56%.

截至 3 月 31 日，貸款投資組合總額為 68 億美元（UPB，未償還本金餘額），較第四季增加 5.3%，並且相較於 2025 年第一季，年增 25.6%。截至 3 月 31 日，我們貸款投資組合的加權平均票面利率為 9.75%，與 2025 年第四季幾乎持平，並較 2025 年第一季年增 16 個基點。截至 3 月 31 日，整體投資組合加權平均貸款價值比下降至略低於 65%，在這些嚴格的授信水準下，貸款投資組合仍持續提供健康的收益率。接著看第 6 頁。我們第一季的淨利差（NIM）為 3.56%。

That's consistent with Q4's net interest margin of 3.59%. Kind of looking at the individual components over to the right of our net interest margin, our portfolio yield increased by 12 basis points year-over-year due to continued loan production at those healthy WACs. The higher portfolio yield in Q4 '25 was due to more cash being received during that period on our nonperforming loans. As we said, some of that cash in nonperforming loans kind of comes in lumpy time over time. So it was a little bit elevated in Q4.

這與第四季的淨利差 3.59% 一致。稍微看一下淨利差右側的各個組成項目，由於持續以健康的 WAC 進行放款生產，我們的投資組合收益率年增 12 個基點。2025 年第四季較高的投資組合收益率，主要是因為該期間我們從不良貸款收到較多現金回收。如我們所說，不良貸款的部分現金回收在不同期間會呈現不均勻（lumpy）的情況。因此第四季略為偏高。

Our portfolio cost of funds decreased by 14 basis points, both quarter-over-quarter and year-over-year compared to Q1 '26. And that's mainly due to paying down the portfolio warehouse lines in Q1 with proceeds from the unsecured corporate debt issuance that Chris had mentioned.

我們的投資組合資金成本較前一季及較去年同期（相較 2026 年第一季）均下降 14 個基點。這主要是因為我們在第一季使用 Chris 提到的無擔保公司債發行所得，償還了投資組合的倉儲融資額度（warehouse lines）。

On page 7, our nonperforming loan rate at the end of Q1 -- it's in the left table -- was 10.1%. That's a 70 basis point year-over-year decrease compared to Q1 of '25. We continue to see strong collection efforts by our special servicing department that have resulted in favorable gain resolutions of our nonperforming assets, which are comprised of both the nonperforming loans as well as the REOs.

在第 7 頁，第一季末我們的不良貸款率——在左側表格中——為 10.1%。這較 2025 年第一季年減 70 個基點。我們持續看到特殊資產服務部門（special servicing）強而有力的催收與處置作業，帶來不良資產有利的處置收益；不良資產包含不良貸款以及 REO（收回不動產）。

The table to the right shows our loans held for investment portfolio, including both our amortized cost loans and our fair value loans, and it shows the total year-over-year nonperforming loan valuation allowance we have for our nonperforming loans. As of March 31, '26, the amortized cost loan portfolio had a $4.9 million CECL loss reserve and the fair value loan portfolio had a $52.2 million valuation adjustment loss allowance for a combined valuation loss allowance of 83 basis points on the entire HFI portfolio. Both these valuation adjustments are required under U.S. GAAP. The unrealized loss valuation adjustment on our nonperforming fair value loans represents what could be achieved for those loans transacted between a willing buyer and a willing seller in the secondary market.

右側表格顯示我們持有供投資（HFI）的貸款投資組合，包含以攤銷成本衡量的貸款與以公允價值衡量的貸款，並呈現我們針對不良貸款所提列的年對年不良貸款估值備抵（valuation allowance）。截至 2026 年 3 月 31 日，攤銷成本貸款投資組合的 CECL（預期信用損失）損失準備為 490 萬美元；公允價值貸款投資組合的估值調整損失備抵為 5,220 萬美元；合計在整體 HFI 投資組合上的估值損失備抵為 83 個基點。這兩項估值調整均為美國GAAP（一般公認會計原則）所要求。我們不良公允價值貸款的未實現損失估值調整，代表在次級市場中，願買方與願賣方之間交易時，這些貸款可能達成的價格水準。

However, we do not plan on selling these NPL loans since our in-house special servicing department has a history of producing net gains on the resolutions of these nonperforming assets. And again, that 83 basis points of total loss allowance on our entire HFI portfolio, our actual historical trends on losses has been nowhere near that 83 basis points. It's been fractions of that. On page 8. page 8 just shows the CECL loan loss reserve activity.

然而，我們並不打算出售這些不良貸款（NPL），因為我們內部的特殊資產服務部門在處置這些不良資產時，歷來能產生淨收益。再者，整體 HFI 投資組合 83 個基點的總損失備抵，我們實際的歷史損失趨勢遠低於 83 個基點。只有其中的一小部分。在第 8 頁。第 8 頁僅顯示 CECL 貸款損失準備的變動情形。

The CECL reserve, remember, is only applicable on the amortized cost loan portfolio, which is continuing to pay down as all our new loans are fair value. So it does not include the fair value portfolio. And again, that CECL reserve at the end of the quarter was $4.9 million or 25 basis points of our outstanding amortized cost portfolio. So it's been very consistent.

請記得，CECL 準備僅適用於攤銷成本貸款投資組合；由於我們所有新貸款皆以公允價值衡量，該攤銷成本組合持續在下降（pay down）。因此不包含公允價值投資組合。同樣地，本季末 CECL 準備為 490 萬美元，約為我們未償攤銷成本投資組合的 25 個基點。因此一直非常一致。

Moving to page 10 on the real estate owned, it's -- I'm sorry, page 9, we go to page 9. Get my pages straight here. page 9 shows the real estate owned activity. And the left-hand side just shows the percentage of our real estate assets to the total HFI portfolio. And you can see year-over-year, it's been very, very consistent. You're talking about basis point movement from 1.5% to 1.9%.

接著看第 10 頁關於收回不動產（REO）——抱歉，是第 9 頁，我們看第 9 頁。我把頁碼弄清楚。第 9 頁顯示收回不動產（REO）的活動情形。左側顯示我們不動產資產占整體 HFI 投資組合的比例。你可以看到，年對年來看一直非常、非常一致。大約只是從 1.5% 到 1.9% 的基點變動。

On the right-hand side, it's an expanded disclosure that we have on total gain or loss on REO activity. And what we've done on this page is we've actually broken out the gain or loss activity on new REOs compared to the gain or loss on existing REOs. So the top half of the table shows the gain or loss from recording new REOs in that period, and it segregates that REO activity between being sourced from either the amortized cost or the fair value loan portfolios.

右側則是我們對 REO 活動總收益或損失的擴充揭露。在這一頁，我們實際上把新取得的 REO 與既有 REO 的收益或損失活動分開列示。因此，表格上半部顯示該期間因將不良貸款轉列為新 REO 而認列的收益或損失，並將該 REO 活動區分為來源於攤銷成本或公允價值貸款投資組合。

As you can see in Q1 of '26, there was a total $6.8 million gain on transfers of nonperforming loans to new REOs in the quarter compared to $4.4 million gain year-over-year in Q1 '25. The second half of that table shows the gain or loss on activities on existing REOs subsequent to the initial recording of the REO in future periods or subsequent periods, reflecting our lower of cost or market accounting.

如你所見，2026 年第一季，將不良貸款轉列為新 REO 的移轉共認列 680 萬美元收益；相較之下，2025 年第一季年對年為 440 萬美元收益。表格下半部顯示既有 REO 在初始認列後、於後續期間所發生的活動所產生的收益或損失，反映我們採用成本與市價孰低法（lower of cost or market）的會計處理。

For Q1 of '26, it was a $3.3 million loss on REO activities compared to $1.8 million in Q1. And if you take those 2 sections combined, that presents a holistic picture of our overall REO P&L activity for the period, which for Q1 of '26 was a net gain of $3.5 million compared to a net gain of $2.7 million for Q1 of '25. I think to keep in mind there is the REOs in that bottom half are not the same REOs. The REOs in the top half are new REOs that have come on. The bottom half is the activities of REOs that we've had on the books for a while are now making adjustments to based on requirements of GAAP under lower of cost or market accounting.

2026 年第一季，REO 活動為 330 萬美元損失，相較於第一季的 180 萬美元。若將這兩個部分合併，就能呈現該期間我們整體 REO 損益（P&L）活動的全貌；2026 年第一季為淨收益 350 萬美元，相較於 2025 年第一季淨收益 270 萬美元。我認為需要記住的是，下半部的 REO 並不是同一批 REO。上半部的 REO 是新進來的新 REO。下半部是我們帳上持有一段時間的 REO 之活動，現在依 GAAP 在成本與市價孰低法的要求下進行調整。

That kind of gives you the full picture of all the REO activity. On page 10. page 10 shows our nonperforming loan resolutions. Chris mentioned, continued very, very strong resolutions of our nonperforming assets. In Q1 of '26, we resolved a little over $70 million in UPB of nonperforming loans and had total resolution dollars recovered, including the past due net contractual interest of $4.6 million or 6.5% over the UPB principal of the loans.

這大致能讓你完整掌握所有 REO 活動的全貌。請看第 10 頁。第 10 頁展示了我們不良貸款的處置情況。如 Chris 提到的，我們對不良資產的處置仍然非常、非常強勁。在 2026 年第一季，我們處置了略高於 7,000 萬美元 UPB 的不良貸款，總回收處置金額（包含逾期的淨合約利息）為 460 萬美元，較貸款 UPB 本金高出 6.5%。

And that's compared to $68 million in UPB of loans resolved in Q1 of '25 with $5.2 million in total recovered revenue or 7.6% over. And if you want to know just the gain based on the default interest and prepayment fees, that's still there, and that would be in the column that just says gains. So for the first quarter of '26, the total gains on just on default interest and prepayment would be $1.6 million of that $4.6 million, with the difference being all the collection of that past due accrued interest.

相較之下，2025 年第一季處置的貸款 UPB 為 6,800 萬美元，總回收收入為 520 萬美元，較本金高出 7.6%。如果你想了解僅基於違約利息與提前清償費所產生的收益，那部分仍然在，會列在僅標示為 gains（收益）的欄位中。因此，2026 年第一季僅就違約利息與提前清償所產生的總收益為 160 萬美元（在該 460 萬美元之中），其餘差額則是收回那些逾期累計利息。

Turning to page 11 on the durable funding and liquidity. Our position at the end of the first quarter, total liquidity as of March 31 was $329 million. That's comprised of $87 million in cash and cash equivalents, and almost another $242 million in available liquidity on unfinanced collateral. The available warehouse line capacity at the end of the quarter was $835.6 million with a maximum line capacity of $935 million.

接著看第 11 頁，關於穩健的資金來源與流動性。在第一季末，我們截至 3 月 31 日的總流動性為 3.29 億美元。其中包括 8,700 萬美元的現金及約當現金，以及在未融資抵押品上可動用的流動性將近 2.42 億美元。季末可用的倉儲融資額度為 8.356 億美元，最高額度上限為 9.35 億美元。

During Q1, as Chris mentioned, we issued our first publicly rated unsecured debt deal, a $500 million deal. We used the proceeds to pay off our 2022 corporate secured note of $215 million. So we paid off the secured note of $215 million that was issued in '22. And then we also paid down a number of our warehouse lines with those proceeds.

在第一季，如 Chris 提到的，我們發行了第一筆公開評級的無擔保債券交易，規模為 5 億美元。我們用該筆資金償還了 2022 年發行的 2.15 億美元公司有擔保票據。因此，我們償清了 2022 年發行的 2.15 億美元有擔保票據。另外，我們也用這些資金償還了多條倉儲融資額度的部分餘額。

Also in Q1, we issued the first regular securitization of the year, 2026 to one. That had a little over $335 million in securities issued. And we issued another private security 2026-P1 and that had about $178 million in securities issued. And then looking at the bottom table, our recourse debt-to-equity ratio at the end of Q1 remained very low at 1.0x. And our total debt-to-equity ratio, which includes all the nonrecourse securitizations that we do, was at 9.6x as of the end of the quarter. That kind of wraps up my Q1 '26 financial recap.

同樣在第一季，我們完成了今年第一筆常規證券化交易，2026-1。該交易發行的證券略高於 3.35 億美元。我們也發行了另一筆私募證券 2026-P1，發行證券約 1.78 億美元。再看底部表格，第一季末我們的追索權負債對股東權益比率仍維持在非常低的 1.0 倍；而包含我們所有無追索權證券化在內的總負債對股東權益比率，季末為 9.6 倍。以上大致就是我對 2026 年第一季財務的回顧。

And with that, I'll turn the presentation back over to Chris for an overview of Velocity's outlook on key business drivers this year. Chris?

接下來，我把簡報交回給 Chris，請他概述 Velocity 對今年關鍵業務驅動因素的展望。Chris？

Thanks, Mark. On page 12, we think the markets are healthy and continue to see strong demand. Credit remains very stable for us and where we expect it to be. In terms of capital, I mentioned that all capital markets are healthy and functioning well. So we're in really good shape there.

謝謝，Mark。在第 12 頁，我們認為市場狀況健康，並持續看到強勁需求。就我們而言，信用表現仍然非常穩定，符合我們的預期。在資本方面，我提到所有資本市場都很健康且運作良好。因此，我們在這方面的狀況非常好。

And from an earnings perspective, we continue to expect a 3.5% NIM and the portfolio to continue to grow this year as we see origination volumes pick up in the latter half of the year. That concludes our prepared remarks, and we can open it up for questions.

從獲利角度來看，我們仍預期淨利差（NIM）為 3.5%，且隨著我們看到今年下半年承作量回升，投資組合今年將持續成長。以上是我們事先準備的說明，接下來可以開放提問。

(Operator Instructions) Chris Muller, Citizens.

(接線員指示) Chris Muller，Citizens。

So originations feel like they've been on a pretty steady pace here for, I guess, the last year, 1.5 years or so. Do you guys expect origination volumes in 2026 to continue on a similar path to what we saw last year with a pickup later in the year?

所以承作量看起來在這裡一直維持相當穩定的步調，我想大概過去一年到一年半左右。你們是否預期 2026 年的承作量會延續與去年類似的走勢，並在年內後段回升？

Yes. Yes, we do. I think we felt like -- we felt a little bit of a slowdown kind of the end of the year and the beginning of this year. I think that was more seasonal in nature. Maybe it was the market, I'm not sure, but we've already seen kind of new origination volumes starting to pick up a little bit.

是的。是的，我們是這麼預期。我想我們感覺到——在去年年底到今年年初有些放緩。我認為那比較偏向季節性因素。也可能是市場因素，我不確定，但我們已經看到新的承作量開始有些回升。

And we think similar to last year, kind of Q2, Q3, those volumes will accelerate.

而且我們認為會和去年類似，大概在第二季、第三季，這些量會加速。

Got it. And then you guys are generating some really impressive ROEs. Do you think that that can hold in the high teens? It seems like a bunch of the inputs are suggesting that it can hold there, at least in the near term. So how are you guys thinking about ROEs going forward?

了解。另外，你們創造的 ROE 相當亮眼。你們認為 ROE 能維持在十幾%的高檔嗎？看起來很多投入因素都顯示至少在短期內可以維持在那個水準。所以你們如何看待未來的 ROE？

Yes, we expect them to hold in there. As I mentioned, we're very disciplined on margin. The margin is probably the most important thing to us. We treat our capital as precious and we need to make sure we earn those returns. So we don't have to chase volume because we have this in-place portfolio.

是的，我們預期會維持在那個區間。如我提到的，我們對利差非常自律。利差可能是對我們最重要的事情。我們把資本視為珍貴資源，必須確保能賺到那些報酬。因此我們不必去追逐量，因為我們已有這個既有投資組合。

We're far more focused on maintaining margin, which obviously translates into ROE. So yes is the short answer.

我們更專注於維持利差，而這顯然會轉化為 ROE。所以簡短回答是：是的。

This concludes our question-and-answer session. I'd like to turn the conference back over to Chris Farrar for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Chris Farrar，請他做任何結語。

Great. Thanks, everyone, who joined us today. We appreciate your continued interest in Velocity. As always, the Investor Relations team is available for follow-up conversations, and we look forward to speaking with many of you over the coming weeks. Have a great evening.

好的。感謝今天加入我們的各位。我們感謝大家持續關注 Velocity。一如往常，投資人關係團隊可供後續聯繫交流，我們也期待在接下來幾週與各位中的許多人進一步對談。祝各位今晚愉快。

Thank you, everybody. Have a nice evening.

謝謝大家。祝各位今晚愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛斷電話。