Arbor Realty Trust Inc (ABR) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Second Quarter 2023 Arbor Realty Trust Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions). I would now like to turn the call over to your speaker today, Paul Elenio, Chief Financial Officer. Please go ahead.

女士們、先生們，早安，歡迎參加 2023 年第二季 Arbor Realty Trust 收益電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指令）。現在，我想將電話轉給今天的發言人、財務長 Paul Elenio。請繼續。

Okay. Thank you, Todd, and good morning, everyone. Welcome to the quarterly earnings call for Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended June 30, 2023. With me on the call today is Ivan Kaufman, our President and Chief Executive Officer.

好的。謝謝你，托德，大家早安。歡迎參加 Arbor Realty Trust 的季度收益電話會議。今天上午，我們將討論截至 2023 年 6 月 30 日的季度業績。

Before we begin, I need to inform you that statements made in this earnings call may be deemed forward-looking statements that are subject to risks and uncertainties including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. These statements are based on our beliefs, assumptions and expectations of our future performance, taking into account the information currently available to us.

在我們開始之前，我需要通知您，本次收益電話會議中的陳述可能被視為前瞻性陳述，這些陳述受風險和不確定性的影響，包括有關我們業務的可能或假設的未來結果、財務狀況、流動性、經營成果、計劃和目標的信息。這些聲明是基於我們對未來表現的信念、假設和期望，並考慮了我們目前掌握的資訊。

Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today with the occurrences of unanticipated events.

我們的 SEC 報告中詳細說明了可能導致實際結果與 Arbor 在這些前瞻性陳述中的預期存在重大差異的因素。請聽眾不要過度依賴這些前瞻性的陳述，因為這些陳述僅代表今天的觀點。 Arbor 不承擔公開更新或修改這些前瞻性陳述以反映今天之後發生的事件或情況以及意外事件的義務。

I'll now turn the call over to Arbor's President and CEO, Ivan Kaufman.

現在我將電話轉給 Arbor 總裁兼執行長 Ivan Kaufman。

Thank you, Paul, and thanks to everyone for joining us on today's call. As you can see from this morning's press release, we had another outstanding quarter as our diverse business model continues to generate earnings that are well in excess of our dividend. This has allowed us to once again increase our dividend to $0.43, reflecting our 12th increase in the last 14 quarters or 43% growth over that time period, all while maintaining the lowest dividend payout ratio in the industry, which was 75% for the second quarter.

謝謝保羅，也謝謝大家參加今天的電話會議。正如您從今天早上的新聞稿中看到的那樣，我們又度過了一個出色的季度，因為我們多元化的業務模式繼續產生遠超我們股息的收益。這使得我們能夠再次將股息提高至 0.43 美元，這是過去 14 個季度中第 12 次增加股息，即該時間段內的 43% 的增長，同時保持行業最低的股息支付率，即第二季度的 75%。

In fact, we are the only company in our space that has continued to grow our dividend while many are either cutting their dividends or electing to pay out over 100% of their earnings. Additionally, and very significantly, we're also one of the only companies in the space to have experienced significant book value appreciation over the last 3 years, with roughly 45% growth from approximately $9 a share to nearly $13 a share. Put simply, we have increased both our dividend and book value by over 40%, all while maintaining the lowest dividend payout ratio in the industry.

事實上，在我們這個行業中，許多公司要么削減股息，要么選擇支付超過 100％ 的收益，而我們是唯一一家持續增加股息的公司。此外，非常值得注意的是，我們也是該領域唯一一家在過去 3 年內帳面價值大幅升值的公司之一，成長率約為 45%，從每股約 9 美元增至每股近 13 美元。簡而言之，我們的股息和帳面價值都增加了 40% 以上，同時保持了業界最低的股息支付率。

And despite being a very challenging environment over the last several quarters, we've managed to maintain our book value while we recorded reserves for potential future losses, which clearly differentiates us from every one of our peers. As we've discussed many times, we've been laser-focused over the last 2 years and preparing for what we felt would be a very challenging recessionary environment.

儘管過去幾季的環境非常具有挑戰性，但我們仍設法保持了帳面價值，並為潛在未來損失提列了準備金，這讓我們與同行明顯區別開來。正如我們多次討論過的，過去兩年我們一直集中精力，為我們認為的極具挑戰性的經濟衰退環境做準備。

In fact, unlike others in this space, we've been conducting ourselves as if we have been in a recession for over a year now. And as a result, one of our primary focus has been and continues to be preserving and building up a strong liquidity position. We are very pleased to report that we currently have approximately $1 billion in cash, which gives us a tremendous amount of flexibility to manage through this downturn and provide us with the unique ability to take advantage of the opportunities that will exist in this environment to generate superior returns on our capital.

事實上，與該領域的其他人不同，我們的行為方式就好像已經處於經濟衰退中一年多了。因此，我們的首要關注點之一一直是、並將繼續是保持和建立強大的流動性狀況。我們非常高興地報告，我們目前擁有約 10 億美元現金，這為我們渡過這次經濟衰退提供了極大的靈活性，並為我們提供了獨特的能力，讓我們能夠利用這種環境下存在的機會來獲得豐厚的資本回報。

There continues to be a significant amount of volatility in the market and we are well aware of the challenges that lie ahead. We feel we are right in the thick of this dislocation and are operating our business with the expectation that the next 2 to 3 quarters will be the most challenging part of the cycle. As in the case with any real estate cycle, there will be issues and challenges to contend with, some of which will be a high touch and require tremendous amount of discipline and expertise.

市場持續存在很大波動，我們非常清楚未來面臨的挑戰。我們感覺自己正處於這種混亂的最嚴重階段，並且在經營業務時預計未來 2 到 3 個季度將是整個週期中最具挑戰性的部分。正如任何房地產週期一樣，會出現一些需要應對的問題和挑戰，其中一些問題涉及面很廣，需要大量的紀律和專業知識。

We are extremely well positioned compared to our peers given our multifamily-centric portfolio, our asset management skills and tenured senior management experience with a track record of managing through multiple cycles and the strength of our balance sheet and versatility of our franchise.

鑑於我們以多戶型為中心的投資組合、我們的資產管理技能和長期的高級管理經驗以及經歷多個週期的管理記錄、以及我們資產負債表的強勁和特許經營的多功能性，我們與同行相比處於極其有利的地位。

Turning now to our second quarter performance. As Paul will discuss in more detail, our quarterly financial results were once again remarkable. We produced distributable earnings of $0.57 per share, which is well in excess of our current dividend, representing a payout ratio of around 75%. The dividend policy that we have implemented with our Board of keeping such a wide disparity between our earnings and dividend provides us with a huge cushion and was a very strategic -- was very strategic, knowing full well that we're entering into a market of dislocation.

現在來談談我們第二季的表現。正如保羅將更詳細地討論的那樣，我們的季度財務表現再次令人矚目。我們實現了每股 0.57 美元的可分配收益，遠遠超過我們目前的股息，股息率約為 75%。我們與董事會共同實施的股息政策保持了收益和股息之間的巨大差距，這為我們提供了巨大的緩衝，而且是非常有戰略意義的——非常有戰略意義，我們完全清楚我們正在進入一個混亂的市場。

This has enabled us to raise our dividend, grow our book value and create reserves. And we believe we're uniquely positioned as one of the only companies in our space with a very sustainable protected dividend even in this challenging environment.

這使我們能夠提高股息、增加帳面價值並創造儲備。我們相信，我們擁有獨特的優勢，即使在這個充滿挑戰的環境中，我們也是業內唯一能夠提供非常永續的受保護股息的公司之一。

In our balance sheet lending business, we remain very selective, focusing mainly on converting on multifamily bridge loans into agency product, allowing us to recapture a substantial amount of our invested capital and produce significant long-dated income streams. In the second quarter, we continued to have success in this area with another $685 million of balance sheet runoff, $435 million or 64%, which was recaptured into new agency loan originations. As a result, we're able to recoup $125 million of capital and continue to build out our cash position, which again currently sits at approximately $1 billion.

在我們的資產負債表貸款業務中，我們仍然非常謹慎，主要專注於將多戶過橋貸款轉換為代理產品，這使我們能夠收回大量投資資本並產生可觀的長期收入流。在第二季度，我們繼續在這一領域取得成功，又有 6.85 億美元的資產負債表流失，其中 4.35 億美元或 64% 被重新用於新機構貸款發放。結果，我們能夠收回 1.25 億美元的資本，並繼續擴大我們的現金頭寸，目前我們的現金頭寸約為 10 億美元。

In our GSE/Agency business, we had an exceptionally strong second quarter, originating $1.4 billion of loans, and our pipeline remains elevated. Clearly, with the continued inverted yield curve, the agencies are effectively the only game in town, which gives us confidence in our ability to continue to produce strong origination volumes for the balance of the year.

在我們的政府支援企業/代理商業務中，我們第二季度表現異常強勁，發放了 14 億美元的貸款，而且我們的貸款管道仍然很暢通。顯然，隨著殖利率曲線的持續倒掛，機構實際上是唯一的選擇，這讓我們有信心有能力在今年餘下的時間裡繼續實現強勁的貸款發放量。

We also have a strategic advantage in that we focus on the workforce housing part of the market and of a large multifamily balance sheet book with -- that naturally feeds our Agency business. And again, this Agency business offers a premium value as it requires limited capital and generates significant long-dated predictable income streams and produces significant annual cash flow.

我們也具有戰略優勢，因為我們專注於市場的勞動力住房部分以及大型多戶型資產負債表，這自然會促進我們的代理業務。而且，這項代理業務具有溢價價值，因為它只需要有限的資本，但卻能產生大量長期可預測的收入流和可觀的年度現金流。

To this point, our $29.4 billion fee-based servicing portfolio, which grew another 2% in the second quarter, generates approximately $118 million a year in reoccurring cash flow. We also generate significant earnings on our escrows and cash balances, which acts as a natural hedge against interest rates. In fact, we are now earning approximately 4.5% on around $2.8 billion of balances or roughly $125 million annually, which, combined with our service income annuity, totals over $240 million of annual gross earnings or $1.20 a share. This is in addition to the strong gain on sale margins we generate from our originations platform. And again, it's something that is completely unique to our platform, providing us a significant strategic advantage over our peers.

到目前為止，我們 294 億美元的收費服務組合在第二季度又成長了 2%，每年產生約 1.18 億美元的經常性現金流。我們也從託管和現金餘額中產生了可觀的收益，這可以作為對沖利率的天然手段。事實上，我們現在在約 28 億美元的餘額或每年約 1.25 億美元的基礎上賺取約 4.5% 的收益，加上我們的服務收入年金，總計每年總收益超過 2.4 億美元或每股 1.20 美元。這是我們透過發起平台獲得的強勁銷售利潤率的補充。這是我們平台獨有的功能，為我們提供了相對於同業的顯著策略優勢。

We continue to expand our single-family rental business as we are the only -- one of the only remaining lenders in this space, allowing us to aggressively grow this platform. We remain committed to this business as it offers us 3 turns on our capital through construction bridge and permanent lending opportunities and generates strong level of returns in the short term while providing significant long-term benefits by further diversifying our income streams and allowing us to continue to build our franchise.

我們繼續擴大我們的單戶住宅租賃業務，因為我們是該領域僅存的貸款機構之一，這使我們能夠積極發展這個平台。我們將繼續致力於這項業務，因為它透過建造橋樑和永久性貸款機會為我們提供三次資本週轉，並在短期內產生強勁的回報，同時透過進一步多樣化我們的收入來源並允許我們繼續建立我們的特許經營權，提供顯著的長期利益。

In summary, we had a very strong first half of the year with exceptional results that once again clearly demonstrates our ability to generate strong earnings and dividends in all cycles. We understand very well the challenges that lie ahead and feel we are well-positioned to manage through this cycle. Our earnings significantly exceed our dividend run rate. We are invested in the right asset class with very stable liability structures, highlighted by a significant amount of nonrecourse, non-mark-to-market CLO debt with pricing that is well below the current market.

總而言之，我們今年上半年表現非常強勁，取得了卓越的業績，這再次清楚地證明了我們有能力在所有周期中創造強勁的盈利和股息。我們非常清楚未來面臨的挑戰，並認為我們有能力渡過這個週期。我們的收益大大超過了股利的發放率。我們投資了正確的資產類別，其負債結構非常穩定，其中突出的是大量無追索權、非以市價計價的 CLO 債務，其定價遠低於當前市場。

We're also well capitalized with significant liquidity, which has put us in a unique position to be able to manage through this downturn and take advantage of the accretive opportunities that will exist in this environment. And again, with our best-in-class asset management capability and a seasoned executive team, we are confident that we will continue to be the top performer company in our space.

我們的資本充足，流動性充足，這讓我們處於獨特的優勢，能夠度過這次經濟低迷，並利用這種環境下存在的增值機會。而且，憑藉我們一流的資產管理能力和經驗豐富的執行團隊，我們相信我們將繼續成為我們所在領域表現最出色的公司。

I will now turn the call over to Paul to take you through the financial results.

現在我將把電話轉給保羅，讓他向大家介紹財務結果。

Okay. Thank you, Ivan. As Ivan mentioned, we had another exceptional quarter, producing distributable earnings of $114 million or $0.57 a share. These results translated into industry high ROEs again of approximately 18% for the second quarter, allowing us to increase our dividend to an annual run rate of $1.72 a share, reflecting a dividend to earnings payout ratio of around 75% for the second quarter.

好的。謝謝你，伊凡。正如 Ivan 所提到的，我們又度過了一個出色的季度，可分配收益達到 1.14 億美元，即每股 0.57 美元。這些結果再次轉化為第二季度約 18% 的行業高 ROE，使我們能夠將股息提高到每股 1.72 美元的年運行率，反映出第二季度股息與收益支付率約為 75%。

Our quarterly results significantly beat our internal projections once again, largely due to substantially more gain on sale income from increased agency sold loan volumes, mainly due to stronger origination volumes in the second quarter than we anticipated. We also continue to see increased earnings on our floating rate loan book and on our cash and escrow balances in the second quarter from higher interest rates. And we generated approximately $6 million of income from our equity investments in the second quarter, which included $3.5 million of income from our residential banking joint venture from gains on servicing sales and a $2.5 million distribution from our Lexford investment.

我們的季度業績再次大幅超出我們的內部預測，這主要是由於代理銷售貸款量增加帶來的銷售收入大幅增加，這主要歸因於第二季度的貸款發放量超出我們的預期。我們還看到，由於利率上升，第二季度我們的浮動利率貸款帳簿收益以及現金和託管餘額繼續增加。我們在第二季度從股權投資中獲得了約 600 萬美元的收入，其中包括來自住宅銀行合資企業的服務銷售收益的 350 萬美元收入，以及來自萊克斯福德 (Lexford) 投資的 250 萬美元分配。

As a result of the servicing sales in our residential joint venture this quarter, our current income tax provision was higher than usual due to book-to-tax differences associated with these sales. As Ivan mentioned, we do expect some challenges ahead. And as a result, we recorded an additional $16 million in CECL reserves on our balance sheet loan book during the quarter. These reserves do not affect distributable earnings as we have not experienced any realized losses on these loans to date.

由於本季度我們住宅合資企業的服務銷售，我們目前的所得稅準備金高於平常，這是由於與這些銷售相關的帳面稅額差異造成的。正如 Ivan 所提到的，我們確實預計未來會面臨一些挑戰。因此，我們在本季的資產負債表貸款帳簿上額外記錄了 1,600 萬美元的 CECL 儲備金。這些儲備不會影響可分配收益，因為迄今為止我們尚未遭受這些貸款的任何已實現損失。

Our loan book did see an increase in delinquencies in the second quarter as a result of where we are in the cycle. Again, this is to be expected and we're confident in our ability to manage through this downturn as we believe we are well positioned given our multifamily focus, strong liquidity position and our best-in-class dedicated asset management team with extensive experience in loan workouts and debt restructurings.

由於我們處於週期階段，第二季度我們的貸款拖欠情況確實有所增加。再次，這是可以預料到的，我們有信心度過這次經濟衰退，因為我們相信，憑藉我們對多戶型住宅的關注、強大的流動性狀況以及在貸款重組和債務重組方面擁有豐富經驗的一流專業資產管理團隊，我們處於有利地位。

And it's very important to note that despite booking approximately $48 million in CECL reserves across our platform over the last 2 quarters, we still managed to grow our book value by -- per share by 1% to $12.67 at 6/30/2023, from $12.53 a share at 12/31/2022. And we're one of the only companies in our space that have seen significant book value appreciation over the last 3 years.

值得注意的是，儘管過去兩個季度我們平台上的 CECL 儲備金約為 4800 萬美元，但我們仍成功將帳面價值從 2022 年 12 月 31 日的每股 12.53 美元提高 1% 至 2023 年 6 月 30 日的每股 12.67 美元。我們是該領域內唯一幾家在過去 3 年內帳面價值大幅升值的公司之一。

In our GSE/Agency business, we had a very strong second quarter with $1.4 billion in originations and $1.3 billion in loan sales. The margins on the loan sales came in at 1.67% this quarter compared to 1.72% last quarter. We produced very strong margins over the first 6 months of the year, ahead of our projections, mainly due to an increase in our FHA loan production in the first 2 quarters that generate much higher margins.

在我們的政府支援企業/代理商業務中，第二季表現非常強勁，發放貸款金額達 14 億美元，貸款銷售額達 13 億美元。本季貸款銷售利潤率為 1.67%，上一季為 1.72%。我們在今年前六個月實現了非常強勁的利潤率，超出了我們的預期，這主要是由於前兩個季度我們的聯邦住房管理局貸款產量增加，從而產生了更高的利潤率。

We also recorded $16.2 million of mortgage servicing right income related to $1.1 billion of committed loans in the second quarter, representing an average MSR rate of around 1.43% compared to 1.23% last quarter. Our fee-based servicing portfolio grew another 2% in the first quarter to approximately $29.4 billion at June 30 with a weighted average servicing fee of around 40 basis points and an estimated remaining life of 8.5 years. This portfolio will continue to generate a predictable annuity of income going forward of around $118 million gross annually.

我們也記錄了第二季與 11 億美元承諾貸款相關的 1,620 萬美元抵押貸款服務權收入，平均 MSR 利率約為 1.43%，而上一季為 1.23%。我們的收費服務組合在第一季又成長了 2%，截至 6 月 30 日達到約 294 億美元，加權平均服務費約為 40 個基點，預計剩餘壽命為 8.5 年。該投資組合將繼續產生可預測的年金收入，總額約為每年 1.18 億美元。

In the second quarter, we also received $3 million in prepayment fees as compared to $2 million last quarter. And given the current rate environment, we're estimating that prepayment fees will likely run around $2 million a quarter going forward. In our balance sheet lending operation, our $13.5 billion investment portfolio had an all-in yield of 9.07% at June 30 compared to 8.83% at March 31, mainly due to increases in LIBOR and SOFR rates, partially offset by an increase in nonperforming loans in the second quarter.

第二季度，我們也收到了 300 萬美元的預付費用，而上一季為 200 萬美元。鑑於當前的利率環境，我們估計未來每季的預付費用可能達到約 200 萬美元。在我們的資產負債表貸款業務中，我們 135 億美元的投資組合在 6 月 30 日的總收益率為 9.07%，而 3 月 31 日為 8.83%，這主要是由於 LIBOR 和 SOFR 利率上升，但第二季度不良貸款的增加部分抵消了這一影響。

The average balance in our core investments was $13.6 billion this quarter as compared to $14.1 billion last quarter due to law of exceeding originations in the first and second quarters. The average yield on these assets increased to 9.19% from 8.94% last quarter, mainly due to increases in SOFR and LIBOR rates, partially offset by an increase in nonperforming loans in the second quarter and from less acceleration of fees from early runoff.

由於第一季和第二季的超額發起法，本季我們的核心投資平均餘額為 136 億美元，而上季為 141 億美元。這些資產的平均收益率從上季度的 8.94% 上升至 9.19%，主要原因是 SOFR 和 LIBOR 利率上升，但第二季度不良貸款增加以及早期流失導致的費用加速減少部分抵消了這一影響。

Total debt on our core assets was approximately $12.1 billion at June 30 with an all-in debt cost of approximately 7.25%, which was up from a debt cost of around 6.97% on March 31, mainly due to increases in the benchmark index rates. The average balance in our debt facilities was approximately $12.5 billion for the second quarter compared to $13 billion last quarter. The average cost of funds in our debt facilities was 7.11% for the second quarter compared to 6.69% for the first quarter, again, primarily due to increases in the benchmark index rates, combined with the full effect of the unsecured notes we issued in March.

截至 6 月 30 日，我們核心資產的總債務約為 121 億美元，總債務成本約為 7.25%，高於 3 月 31 日的 6.97% 左右的債務成本，這主要是由於基準指數利率上升所致。我們第二季的債務平均餘額約為 125 億美元，而上一季為 130 億美元。我們債務融資的平均資金成本在第二季為 7.11%，而第一季為 6.69%，這主要歸因於基準指數利率上升，加上我們在 3 月發行的無擔保票據的全部影響。

Overall net interest spreads in our core assets decreased to 2.08% this quarter compared to 2.25% last quarter, and our overall spot net interest spreads were 1.82% at June 30 and 1.86% at March 31.

本季度，我們核心資產的整體淨利差從上季度的 2.25% 下降至 2.08%，截至 6 月 30 日的整體即期淨利差為 1.82%，截至 3 月 31 日的整體即期淨利差為 1.86%。

Lastly, we believe it's important to continue to emphasize some of the significant advantage of our business model, which gives us comfort in our ability to continue to generate high-quality, long-dated recurring earnings. We have several diverse and countercyclical income streams that allow us to produce strong earnings in all cycles. The most significant of which is our agency platform, which is capital-light and generates very high ROEs through strong gain on sale margins, long-dated service and annuity income and increased escrow balances that earn significantly more income in today's higher interest rate environment.

最後，我們認為繼續強調我們的商業模式的一些顯著優勢非常重要，這讓我們有信心繼續創造高品質、長期的經常性效益。我們擁有多種多樣且反週期的收入來源，使我們能夠在所有周期中產生強勁的盈利。其中最重要的是我們的代理平台，該平台資本輕，透過強勁的銷售利潤率、長期服務和年金收入以及增加的託管餘額產生非常高的淨資產收益率，在當今較高的利率環境下賺取更多的收入。

Additionally, we are multifamily-centric and have a substantial amount of our non-mark-to-market, nonrecourse CLO debt outstanding with pricing that is well below the current market. We're also well capitalized with significant liquidity and have a best-in-class asset management and senior management team that have tremendous experience and expertise in operating through multiple cycles. And we believe these features are unique to our platform, giving us confidence in the ability to continue to outperform our peers.

此外，我們以多戶型為中心，擁有大量非以市價計價、無追索權的 CLO 債務未償還，其定價遠低於當前市場。我們資本充足，流動性強，擁有一流的資產管理和高階管理團隊，在多個週期的營運方面擁有豐富的經驗和專業知識。我們相信這些功能是我們平台所獨有的，讓我們有信心繼續超越同行。

That completes our prepared remarks for this morning. I'll now turn it back to the operator to take any questions you may have at this time. Todd?

今天上午我們的準備演講到此結束。現在我將把電話轉回給接線員，以回答你們此時可能提出的任何問題。托德？

(Operator Instructions) We'll take our first question from Steve Delaney with JMP Securities.

（操作員指示）我們將回答 JMP Securities 的 Steve Delaney 提出的第一個問題。

Sure. Congrats on another strong quarter. Maybe I'll start off with something that was not the highlight of the quarter but I think important to discuss. You had the 3 new NPLs, all multifamily. I'm curious whether those were -- were they 3 loans to 3 distinct borrowers? And is there any common theme leading to the downgrades?

當然。恭喜您又一個強勁的季度。也許我應該從一些不是本季的亮點但我認為值得討論的事情開始。您有 3 筆新的不良貸款，皆為多戶貸款。我很好奇這些是不是——它們是向三個不同的借款人提供的三筆貸款？導致評級下調的共同原因是什麼？

Paul, why don't you take those?

保羅，你為什麼不拿著那些？

Yes. So -- Steve, it's Paul. Thanks for the question. So we did have 3 new nonperforming loans during the quarter on our balance sheet totaling about over $116 million. They were all to different borrowers. Two of the properties were in the Houston, Texas, area and the other was in the Atlanta, Georgia, area. I've gone -- the deals have gone 60 days delinquent this quarter, but that's kind of the geographics and the borrowers were all different borrowers.

是的。那麼 —— 史蒂夫，我是保羅。謝謝你的提問。因此，本季我們的資產負債表上確實有 3 筆新的不良貸款，總額約超過 1.16 億美元。它們都是向不同的借款人借款。其中兩處房產位於德州休士頓地區，另一處位於喬治亞州亞特蘭大地區。我已經知道 — — 本季度交易已逾期 60 天，但這是地理位置問題，借款人都是不同的借款人。

Yes. I mean the geo sounds good. Is it an interest rate problem? I mean is people just behind there? Is it cash flow or just leasing problem?

是的。我的意思是地理位置聽起來不錯。是利率問題嗎？我的意思是人們就在那後面嗎？這是現金流問題還是租賃問題？

Let me give a little bit of a view on it. I think generally, in particular with the assets we're talking about is you often have underperforming sponsors. The underperforming sponsors, it catches up to them a little bit. So when you see stress in the portfolio like we're seeing, it's a fact that the sponsors are not executing along their plan. And that's one part.

讓我對此發表一點看法。我認為一般來說，特別是對於我們所談論的資產，你經常會遇到表現不佳的贊助商。表現不佳的贊助商會稍微遇到一些困難。因此，當您看到投資組合中出現壓力時，事實是發起人沒有按照他們的計劃執行。這只是其中的一部分。

The second part is that we are in the cycle a long period of time and these elevated interest rates do put stress on these assets. The rates are up anywhere between 10% to 100%, so they run into payment issues and often they're late in the payment, trying to raise additional capital and try and get them in a proper position. But what we're seeing most of all with a stress on some of these loans, a lot of it is execution.

第二部分是，我們處於一個長期的周期中，而這些上升的利率確實給這些資產帶來了壓力。利率上漲了 10% 到 100%，因此他們會遇到付款問題，並且經常會延遲付款，試圖籌集額外的資金並嘗試讓他們處於適當的地位。但我們最關注的是這些貸款面臨的最大壓力，很大一部分來自於執行方面。

I mean there are other factors as well: elevated interest rates, increased insurance costs and increased taxes and increased labor costs. So it's a combination of all. But generally, if you have good operators, they're able to manage effectively. The poor operator catches up with them a little bit.

我的意思是還有其他因素：利率上升、保險成本增加、稅收增加和勞動成本增加。所以它是所有事物的結合。但一般來說，如果你有優秀的操作員，他們就能夠有效地管理。可憐的操作員一點點追上他們。

Okay. Great. And Paul, did I understand that on -- when you put these in as nonperforming that you added $5 million into your reserve for these 3 loans, is that correct?

好的。偉大的。保羅，我是否理解為——當您將這些貸款列為不良貸款時，您為這 3 筆貸款增加了 500 萬美元的儲備金，對嗎？

That's correct, Steve. We did record a specific CECL reserve of $5 million related to one of the loans that is nonperforming. The other two, we believe the values are fine. The borrowers are just seeing a little stress, as Ivan mentioned, and we're working hard with those borrowers to get those deals to perform, but we don't see right now any need for reserves on the other two. So we did take a $5 million reserve related to one of the assets.

沒錯，史蒂夫。我們確實記錄了與其中一筆不良貸款相關的 500 萬美元特定 CECL 準備金。我們認為另外兩個價值觀很好。正如伊凡所提到的，借款人只是感受到了一點壓力，我們正在與這些借款人努力合作以完成這些交易，但我們目前認為另外兩筆交易不需要儲備。因此，我們確實為其中一項資產提取了 500 萬美元的儲備金。

Yes. And I will take a note as of yesterday, the borrower made -- has made one of his payments. So I think he is fine, he is making efforts to make it. He still remains a little bit behind, but he's made progress. And he's getting there. He's just in a very slow process.

是的。我會記錄下，截至昨天，借款人已經支付了一筆款項。所以我認為他很好，他正在努力實現這一目標。他雖然還是有點落後，但是已經取得了進步。他正在到達那裡。他只是處在一個非常緩慢的過程中。

We'll take our next question from Stephen Laws with Raymond James.

我們將回答雷蒙德詹姆斯 (Raymond James) 的史蒂芬勞斯 (Stephen Laws) 提出的下一個問題。

First off, congrats, another strong quarter, another dividend increase, a lot of those in the past couple of years and a lot of positives in the quarter. But Ivan, I wanted to follow up on your comment. You started with talking about the next 2 to 3 quarters being the most challenging. And I think it's likely due to the issues you just mentioned in your answer to Steve Delaney.

首先，恭喜你，又一個強勁的季度，股息再次增加，過去幾年中許多股息都增加，本季也有很多正面因素。但是伊万，我想跟進你的評論。您一開始就說接下來的 2 到 3 個季度將最具挑戰性。我認為這可能是由於您在回答史蒂夫·德萊尼時提到的問題。

Is it interest rate caps rolling off? I mean can you talk of it, is it behind business plans, the good operators, bad operators? Do we think about this being really a wave of stress from originations, say, 2 years ago? Or is it a bigger sample size given different maturity dates?

利率上限正在取消嗎？我的意思是，您能談談它嗎，它背後是商業計劃、好的運營商還是壞的運營商？我們是否認為這實際上是兩年前起源的一波壓力？或者說，鑑於不同的到期日，樣本量是否更大？

So let me give you a little bit of a macro view on this one that we've had for quite some time, one that has obviously put us in a very favorable position in terms of liquidity and strategy and personnel and resources. It's been our view that generally, these downturns last 18 to 24 months and on the outside of it. And if it's a downturn, that's a short term, it's 15 months.

因此，讓我為您提供一些宏觀的觀點，我們已經擁有相當長一段時間了，這顯然使我們在流動性、策略、人員和資源方面處於非常有利的地位。我們認為，一般來說，這些經濟衰退會持續 18 到 24 個月。如果是經濟衰退，也是短期的，大概是 15 個月。

We've been at this already for at least 5 quarters and that's why we think that there could be another 2 to 3 quarters left. Having been through multiple cycles, we feel now we're pretty much on the bottom of the cycle and that we're going to work our way out of it shortly. But the bottom is the most difficult period of time.

我們已經持續了至少 5 個季度，因此我們認為可能還會剩下 2 到 3 個季度。經歷了多個週期後，我們感覺現在基本上已經處於週期的底部，我們很快就會走出週期。但低潮是最困難的時期。

Our borrowers are working really, really hard to manage their loans and their portfolios. And this is a peak of their stress right now, we feel it. They're working hard to raise capital, get their assets in a good position. So we're just thinking and planning for a little bit more elevated than it's been in the last quarter and we think the next 2 quarters, given where we are in the cycle and what our outlook is, is going to be a little bit tougher. So the borrowers are -- put a lot of resources in, stretched on their resources. Interest rates have remained elevated. The cost of labor, even though it's coming down, put a lot of stress on people's portfolios.

我們的借款人正在非常非常努力地管理他們的貸款和投資組合。我們感受到了，現在他們的壓力達到了頂峰。他們正在努力籌集資金，使資產處於良好狀態。因此，我們只是在思考和計劃，使其比上一季略有提高，並且考慮到我們所處的周期位置和我們的前景，我們認為接下來的兩個季度將會更加艱難。因此，借款人投入了大量的資源，資源緊張。利率仍然維持在高點。儘管勞動成本正在下降，但仍給人們的投資組合帶來很大壓力。

And the other aspect, which is beginning to fade a little bit, which people don't talk about but I've talked about on our prior calls, is the economic vacancy, specifically in areas like New York and New Jersey and other areas like that, where the economic vacancy, the ability to get rid of nonpaying tenants has been extremely elevated and it is going to begin to come down.

而另一個方面，也開始有所減弱，人們沒有談論，但我在之前的電話會議中談到過，那就是經濟空置，特別是在紐約和新澤西等地區，這些地區的經濟空置率、擺脫不付房租租戶的能力已經非常高，而這種能力將開始下降。

In certain markets, we have physical occupancy of 97% to 98%. You have economic vacancy of 10% to 12%, and that's been putting a lot of stress, so we think the economic vacancy is going to begin to come down. Our outlook in terms of interest rates is, at this point, a little bit more favorable than it was 6 months ago and 9 months ago. And the ability for people now to really put their time and attention to managing their assets have become much more focused. But we do think that the next 2 quarters will be the worst of the quarters and that's what we're seeing. But economic vacancy has played a pretty significant part in terms of making -- having these borrowers struggle.

在某些市場，我們的實體入住率達到 97% 至 98%。目前的經濟空置率達到 10% 到 12%，這帶來了很大的壓力，因此我們認為經濟空置率將會開始下降。目前，我們對利率的展望比六個月前和九個月前略微有利一些。人們現在真正把時間和精力投入到管理資產的能力已經變得更加集中。但我們確實認為接下來的兩個季度將是最糟糕的季度，而這正是我們所看到的。但經濟空置在讓這些借款人陷入困境方面發揮了相當大的作用。

And a follow-up, Paul, can you -- given the outlook for kind of a couple of challenging quarters to continue through this, what gives you confidence that the current reserves are appropriate? How are you looking at the losses? And what's the risk that those reserve levels need to increase possibly materially in the next couple of quarters?

保羅，接下來的幾個季度，情況仍將充滿挑戰，您如何確信當前的儲備是合適的？您如何看待這些損失？那麼，未來幾季這些儲備水準可能需要大幅增加的風險是什麼？

Sure, Steve, thanks. So we do look at this in a very detailed level. A lot of the reserve building you're seeing is from stress in the portfolio, as Ivan said, and what we think could happen over the next couple of quarters. A lot of it's the macroeconomic view out there on commercial real estate.

當然，史蒂夫，謝謝。所以我們確實非常詳細地研究了這個問題。正如伊凡所說，您所看到的大量儲備金的增加是由於投資組合的壓力，我們認為這種情況可能會在接下來的幾個季度發生。其中很大一部分是人們對商業房地產的宏觀經濟觀點。

We obviously think we have adequate reserves today. We built $48 million of reserves across our platform, both on the agency and the balance sheet side in the last 2 quarters. But I think it's a great question and I think -- I don't know what others are saying out there in our space, but I do expect, over the next couple of quarters, to continue to see reserve building, maybe similar to where we were this quarter, maybe a little higher, maybe a little lower, but that's my expectation.

我們顯然認為今天我們有足夠的儲備。在過去兩個季度中，我們在代理商和資產負債表方面在整個平台上建立了 4800 萬美元的儲備金。但我認為這是一個很好的問題，我認為——我不知道我們這個領域的其他人在說什麼，但我確實預計，在接下來的幾個季度裡，將繼續看到儲備建設，可能與本季度的水平相似，可能高一點，可能低一點，但這是我的預期。

Obviously, we'll see where rates go and what happens in the market. But my expectation is that there will be some reserve building over the next 2 to 3 quarters, probably consistent or slightly consistent to where we were in the last couple of quarters.

顯然，我們將關注利率走向以及市場發生什麼情況。但我預計未來 2 至 3 個季度將有一些儲備建設，可能與過去幾季的水平一致或略微一致。

Ivan, would you agree with that?

伊万，你同意嗎？

Yes. And I think it's extraordinarily important to focus on the fact that as we've put reserves on the books, we've maintained our book value and we have an excellent book value. And our cushion between our dividend and our earnings is so large, and as I mentioned in my comments, that's always been very critical to us and the Board to make sure that we have that. Knowing we're going into a recession and knowing we're going into a difficult environment, it's normal to have reserves.

是的。我認為，極其重要的是要專注於這樣一個事實：由於我們在帳面上增加了儲備，所以我們保持了帳面價值，而且我們的帳面價值非常出色。我們的股息和收益之間的緩衝空間非常大，正如我在評論中提到的那樣，這對我們和董事會來說始終非常重要，以確保我們能夠擁有這一點。我們知道我們正陷入經濟衰退，我們知道我們正陷入一個困難的環境，所以擁有儲備是正常的。

I think the fact that we're able to create these reserves, which are against future losses and that decrease our book value or maintain it is remarkable and a real testament to how we've managed through the cycle. But I do agree with Paul. I do think that what we've seen in this quarter could continue for another quarter or 2. And our balance sheet is well positioned to handle it.

我認為，我們能夠創建這些儲備金，以應對未來的損失，並降低我們的帳面價值或維持它，這是非常了不起的，也是我們如何度過這個週期的真實證明。但我確實同意保羅的觀點。我確實認為，本季看到的情況可能會持續一兩個季度。

We'll take our next question from Crispin Love with Piper Sandler.

我們將從克里斯賓·洛夫 (Crispin Love) 和派珀·桑德勒 (Piper Sandler) 那裡回答下一個問題。

First, can you just speak to your ability to roll your repo facilities that are coming up? And then just what percent of your loans have interest rate caps right now?

首先，您能否談談您推出即將推出的回購機制的能力？那麼，目前你們的貸款中到底有多少比例有利率上限呢？

Yes. I mean the repo facilities and that a major concern with us is very diversified and they've come down dramatically. And we've continued to renew them and, in fact, the banks are more aggressive, they want to do business with them as the outstands keep coming down. And as you're watching the securitization market, the securitization market is returning, the CLO market is returning. We're not far from readdressing some of that and even bringing our outstandings at our bank down and continue to meet with management and treasury with the different institutions. And they're aggressive to continue to have more outstanding.

是的。我的意思是回購工具以及我們主要關注的問題是極其多樣化的，而它們已經大幅下降了。我們一直在續簽貸款協議，事實上，隨著未償還貸款不斷下降，銀行也更加積極地希望與我們做生意。正如你所觀察的證券化市場一樣，證券化市場正在回歸，CLO 市場也正在回歸。我們很快就能重新解決其中的一些問題，甚至會降低我們銀行的未償還債務，並繼續與不同機構的管理階層和財務部門會面。他們積極進取，不斷取得更多優異成績。

So that's the least of our issues and if we look at our outstandings on repo and our ratios, they are extremely healthy. So we feel really good about it, and we feel really good about accessing the CLO market and actually creating greater efficiencies than we have today, and we're pretty efficient. So that's our view on that.

所以這是我們最不關心的問題，如果我們看看我們的回購未償還餘額和比率，我們會發現它們是非常健康的。所以我們對此感覺非常好，我們對進入 CLO 市場感到非常高興，並且實際上創造了比現在更高的效率，而且我們的效率相當高。這就是我們對此的看法。

With respect to caps and everything, Paul, you can address that and give us some commentary as well.

關於上限和所有一切，保羅，你可以解決這個問題，也可以給我們一些評論。

Yes. I think, Crispin, just to add on to Ivan's comments on the repos. I mean I think we've done a great job of continuing to delever the balance sheet from natural runoff in the portfolio. Obviously, there's no balance sheet lending going on right now that makes any sense. So as loans run off, we're naturally delevering the balance sheet. And I think we've done a great job of managing the efficiency in our CLO vehicles to help do that. I think currently today, we stand with 70% of our secured indebtedness in nonrecourse, non-mark-to-market vehicles. And as you look, those leverage numbers continue to come down quarter-over-quarter.

是的。我認為，克里斯平，只是想補充伊凡對回購的評論。我的意思是，我認為我們在繼續降低資產負債表對投資組合自然流失的槓桿率方面做得很好。顯然，目前不存在任何有意義的資產負債表借貸。因此，隨著貸款減少，我們自然會降低資產負債表的槓桿率。我認為我們在管理 CLO 車輛效率方面做得很好，有助於實現這一目標。我認為，目前，我們的 70% 的擔保債務都是以無追索權、非以市價計價的工具形式持有的。正如您所看到的，這些槓桿率數字逐季度持續下降。

So while we're very confident that our repo lines are healthy and we'll have no issue rolling them as we've never had, and as Ivan said, the banks are getting more aggressive, just prudently, we're delevering the balance sheet and putting us in a much better spot. So I think we've been focusing on that for a while knowing how you go through these cycles.

因此，雖然我們非常有信心我們的回購額度是健康的，而且我們不會像以前那樣遇到任何問題，而且正如伊万所說，銀行正變得更加積極、審慎，我們正在降低資產負債表的槓桿率，使我們處於更好的境地。因此我認為我們一直在關注這個問題，了解你是如何經歷這些週期的。

As far as the rate caps in our book, it's always been a big part of our strategy to have certain structural efficiencies in our loans and a good portion of our loan book have rate caps. I think it's somewhere in the high 60s for low 70s, but also a good portion of our loans have interest reserves and interest reserve replenishment guarantees probably in the same range, probably about 60%. And then there's a crossover. There's certain loans that have rate caps and interest rate reserves. I don't have that percentage handy, but a good portion of our book has rate caps and interest reserves.

就我們帳簿上的利率上限而言，在貸款中保持一定的結構效率一直是我們策略的重要組成部分，而且我們很大一部分貸款都有利率上限。我認為這個數字在 60% 到 70% 之間，但我們很大一部分貸款也有利息準備金，利息準備金補充擔保可能在同一範圍內，大概是 60% 左右。然後就出現了交叉。某些貸款有利率上限和利率儲備。我手頭上沒有這個百分比，但我們帳面上的很大一部分都有利率上限和利息儲備。

Okay. I appreciate that. And then just during the quarter, did you buy any loan to add in your CLOs? And if so, are you able to size that?

好的。我很感激。那麼就在本季度，您是否購買了任何貸款來添加到您的 CLO 中？如果是的話，您能確定其大小嗎？

I don't recall doing that during the quarter, I have to look. We do have similar amount of credit risk assets designated in our CLOs as we did last quarter, $114 million. But Ivan, do you know if we purchased anything back? I'm not aware. If we did, it was one loan, but I have to look.

我不記得在本季做過那件事，我必須看看。我們在 CLO 中指定的信用風險資產數量與上一季相似，為 1.14 億美元。但是伊万，你知道我們是否買了什麼東西嗎？我不知道。如果我們這樣做了，那就是一筆貸款，但我必須看看。

Yes. I don't recall off it.

是的。我不記得了。

We'll take our next question from Jay McCanless with Wedbush.

下一個問題來自韋德布希 (Wedbush) 的傑伊·麥坎利斯 (Jay McCanless)。

It looks like special mentioned loans in the multifamily portfolio went up about $500 million from the first quarter to the second quarter. Could you maybe talk about what drove that decision? Is there any type of geographic or vintage risk we need to be mindful of with that book and the loans that moved to special mention?

看起來，多戶型房屋投資組合中的特別提及的貸款從第一季到第二季增加了約 5 億美元。您能否談一談促使您做出這項決定的原因？對於該書以及被納入特別提及的貸款，我們需要注意什麼地理或年份風險嗎？

Sure. Yes. So it's a natural progression as loans get closer to maturity and move on to have your ratings move all around. I will preface this that we originate loans that are special mention. Special mention is not a category that gives us a concern that there's a pending loss or delinquency or nonperformance coming. It's just one of the tools we use as a management tool to focus more on a loan if we think certain things are changing or certain things in the market are changing.

當然。是的。因此，隨著貸款越來越接近到期日，評級也隨之變化，這是一個自然的過程。首先我想說的是，我們發放的是特別提及的貸款。特別提及並不是一個讓我們擔心即將發生損失或拖欠或不履行義務的類別。如果我們認為某些事情正在發生變化或市場中的某些事情正在發生變化，它只是我們用來更加關注貸款的管理工具之一。

I have the numbers going up from 32% last quarter to 37% this quarter in special mention. But there's nothing specific I can say related to a group of loans, a geographic location. It's just the natural progression of our loans.

我特別提到，這一數字從上一季的 32% 上升至本季的 37%。但我無法透露有關一組貸款和地理位置的具體資訊。這只是我們貸款的自然發展。

We did have, as you saw, a little bit of a move, but not much in the substandard and doubtful, which is related to the nonperforming loans we put on the books this quarter and a little more stress. But the special mention doesn't give us a level of concern that there's going to be a loss or a default. It's just things we look at when we look at the loans to highlight more of a focus on the loan.

正如您所看到的，我們確實有一些變動，但在次級和可疑類貸款方面變動並不大，這與我們本季度記入賬目的不良貸款以及更大的壓力有關。但這項特別提及並沒有讓我們擔心會出現損失或違約。這只是我們在審查貸款時所關注的事情，目的是更加關注貸款。

Okay. Sounds great. The second question, could you please repeat the comments you made about moving bridge loans into agency volume? I guess, how much of that are you doing and what type of mezzanine financing would Arbor be putting in to make those deals happen?

好的。聽起來不錯。第二個問題，您能否重複一下關於將過橋貸款轉入代理商規模的評論？我想，你們做了多少這樣的事情，Arbor 將投入什麼類型的夾層融資來實現這些交易？

So we had a fairly effective reduction in our balance sheet and a conversion into fixed rate loans with the agencies. A lot of that is the loan (inaudible) they got it out of bridge, they get stabilized. With the tenure being so volatile, the lower the tenure, the greater the opportunity there is. And with an inverted yield curve, it's a natural shift from floating rate loans into fixed rate loans, and that's something we've been doing consistently.

因此，我們相當有效地減少了資產負債表，並將其轉換為與機構的固定利率貸款。其中很多是貸款（聽不清楚），他們從過橋貸款中獲得了穩定性。由於任期波動很大，任期越短，機會越大。隨著殖利率曲線倒掛，浮動利率貸款自然會轉變為固定利率貸款，這也是我們一直在做的事情。

From time to time, and I don't have the numbers, Paul may have it, we will be -- we do put some mezzanine lending on some of those loans, not that much (inaudible) a lot of those loans are 65% loan-to-value and have a certain coverage and sometimes when the borrowers are paying down those loans, putting more equity, we'll also put some mezzanine lending into that to facilitate those transactions.

時不時地，我沒有數字，保羅可能有，我們會 - 我們確實在其中一些貸款上放了一些夾層貸款，不是那麼多（聽不清楚）很多貸款的貸款價值比是 65％，並且有一定的覆蓋率，有時當借款人償還這些貸款時，投入更多的股權，我們也會將一些夾層貸款放入其中以促進這些交易。

We like that kind of lending. We think the returns are extraordinarily healthy and this is a good part of our business. But it's not a very big part of our business. And Paul, maybe you can comment on how much money we put out in the quarter for that kind of business.

我們喜歡那種借貸。我們認為回報非常豐厚，這是我們業務的一個很好的部分。但這並不是我們業務的很大一部分。保羅，也許您可以評論一下我們本季為這類業務投入了多少錢。

Yes. I think it's exactly what Ivan said. It's not a big part of our business, but it is some of our business and it was pretty benign this quarter. We had $685 million of balance sheet runoff. We recaptured $435 million of that into the agencies, which was 64% recapture rate, very high, and we only gave $1.5 million of mezz behind one of those agency loans.

是的。我認為這正是 Ivan 所說的。這雖然不是我們業務的主要部分，但確實是我們的部分業務，而且本季的業務表現還算良好。我們的資產負債表虧損達 6.85 億美元。我們將其中的 4.35 億美元收回給了各機構，收回率為 64%，非常高，而且我們只為其中一筆機構貸款提供了 150 萬美元的夾層貸款。

In the first quarter, we had like $1.2 billion of runoff. We recaptured just under 50% of that and we put $5 million in mezz behind the agency. So it's not been a very big part of our business. It's helpful, but we've seen a really, really nice recapture rate, almost about 50%, for the first 2 quarters here in runoff that we brought over to our agency book, which is the way we model our business.

第一季度，我們的虧損額約為 12 億美元。我們收回了其中將近 50% 的資金，並為該機構注入了 500 萬美元的夾層資金。因此它並不是我們業務的很大一部分。這很有幫助，但是我們看到了非常非常好的回收率，幾乎約為 50%，這是我們在前兩個季度帶入代理商帳簿的流失率，這是我們模擬業務的方式。

We happen to like that mezzanine lending. We know the collateral, we know the cash flow of the yields. We generally run 13%, and it's long-dated. So it's a good part of our book. But at the end of the day, even though it's something that borrowers look into, sometimes they just change their mind and say it's better to raise the equity and pay down the loan themselves. So we're not putting out as much as we thought we would.

我們剛好喜歡那種夾層貸款。我們知道抵押品，我們知道收益的現金流。我們的利率一般為 13%，而且是長期的。所以這是我們書中的一個很好的部分。但到最後，儘管這是藉款人會考慮的事情，但有時他們還是會改變主意，認為最好自己增加股本並償還貸款。因此，我們付出的並不如我們想像的那麼多。

We'll take our next question from Jade Rahmani with KBW.

我們將回答 KBW 的 Jade Rahmani 提出的下一個問題。

A follow-up to the last question from Jay. You said the better for the borrowers to raise equity, so I assume that means they're raising preferred equity because in the refi, the GSEs or another lender would consider the preferred equity as equity. Is Arbor providing any preferred equity? And is that an attractive opportunity? You all have had these loans on your balance sheet, so would know the credit pretty well.

這是傑伊上一個問題的後續。您說借款人增加股本越好，所以我認為這意味著他們正在增加優先股，因為在再融資中，政府支持企業或其他貸方會將優先股視為股權。 Arbor 是否提供任何優先股？這是一個有吸引力的機會嗎？你們的資產負債表上都有這些貸款，因此對信用狀況非常了解。

Yes. So when we mentioned mezz, I also looked at the same as preferred. For us, it's structural. We always like mezz better. It has better revenues. But I think it's one and the same for us, whether we talk about preferred or mezz. So we're open to doing both depending on whether it's Fannie or Freddie or what the structural enhancements are.

是的。因此，當我們提到 mezz 時，我也將其視為與 preferred 相同。對我們來說，這是結構性的。我們總是更喜歡 mezz。它有更好的收入。但我認為，對我們來說，無論是優先股還是中間股，都是一樣的。因此，我們願意同時採取這兩種做法，這取決於是房利美還是房地美，或是結構性增強情況如何。

And we think since we know the assets, since we know the borrowers, it's often very good opportunities. And what we're uniquely positioned for is it often small pieces, they can run anywhere from $500,000 to $5 million and for them to bring in an outside provider, the cost of inefficiencies are really, really, really high. So with us having full knowledge of the borrower and the collateral and being able to implement those in a very cost-effective way, it puts us in a strategic position to be the provider.

我們認為，既然我們了解資產，既然我們了解借款人，那麼這通常是非常好的機會。我們的獨特之處在於，這些零件通常很小，價值從 50 萬到 500 萬美元不等，如果讓它們引入外部供應商，效率低下的成本會非常非常高。因此，由於我們充分了解借款人和抵押品，並且能夠以非常經濟有效的方式實施這些，這使我們處於作為提供者的戰略地位。

Are you surprised that there hasn't been more back? Or is it that the borrowers are raising pref equity from someone else?

您對沒有更多回報感到驚訝嗎？還是藉款人正在從其他人那裡籌集優先股權益？

We thought there'd be more, but there isn't. I think we had forecast, I think, in our numbers, we would probably put out between pref and mezz about $10 million a month. That's what was in our cash projections and we're not hitting those numbers by any means. So we're well behind what our own views were.

我們原以為還會有更多，但事實並非如此。我想我們已經預測過了，在我們的數據中，我們可能每月會在優先股和中間股之間投入約 1000 萬美元。這就是我們的現金預測，但我們無論如何都無法達到這些數字。所以我們遠遠落後於自己的觀點。

How they're getting the capital, where they're getting the capital, I don't get that involved in. I'm just happy with the conversion from the balance sheet into an agency loan that provides us a long-dated income stream and fits our business model. So I'm not always familiar with how they achieve their goal.

他們如何獲得資本，從哪裡獲得資本，我並不參與其中。所以我並不總是了解他們如何實現他們的目標。

On modifications, is it reasonable to assume that you're doing about 15% -- that you will be modifying about 15% of the portfolio?

關於修改，是否可以合理地假設您將進行大約 15% 的修改——即您將修改大約 15% 的投資組合？

I think it's very fluid. So there are -- it's just consistently different and I can't -- I don't have a particular number at all. It's just a point in time, so I don't have a stat on that.

我認為它非常流暢。所以有——它只是始終不同，我無法——我根本沒有一個具體的數字。這只是一個時間點，所以我沒有這方面的統計數據。

And just last question would be when you think the right time would be to ramp up originations, considering the strong liquidity, are you hoarding liquidity just to get through these next 2 to 3 quarters in which you think the stress will play out and [originate] afterwards because clearly, post this, the yields will probably be lower than where they are today.

最後一個問題是，考慮到強勁的流動性，您認為何時是增加貸款發放的正確時機，您是否會囤積流動性以度過接下來的 2 到 3 個季度，您認為壓力會在這 2 到 3 個季度結束後才進行發放，因為很明顯，在此之後，收益率可能會低於今天的水平。

So that's a great question. And in my comments, we talked about our single-family business in terms of the build-to-rent business in that business. We are extremely aggressive, we have ramped that up, and we want to continue to grow that. And we like that business, and we are ramped up and we want to dominate that business, and we will be one of the bigger lenders.

這是一個很好的問題。在我的評論中，我們從建房出租業務的角度討論了我們的單戶住宅業務。我們非常積極，我們已經加大了力度，並且希望繼續發展。我們喜歡這個業務，我們正在加大力度，希望主導這個業務，成為最大的貸款機構之一。

I think on the multifamily side, I do believe that business will return. We've talked about it. We've put together programs. And I do believe the second half of 2024 will be a very, very good year for the multifamily bridge loan business. We will get aggressive, we'll start to get aggressive at the end of the fourth quarter, maybe first quarter. We have liquidity for it and we also have the outlook that SOFR will come down and that multifamily transactions will start to occur and people will want to borrow floating rate business.

我認為，就多戶型住宅方面而言，我確實相信業務將會復甦。我們已經討論過了。我們已經制定了計劃。我確實相信 2024 年下半年對於多戶過橋貸款業務來說將是非常好的一年。我們會變得積極進取，我們會在第四季末，或許是第一季末開始變得積極進取。我們擁有流動性，我們也預計 SOFR 將會下降，多戶型交易將開始出現，人們將希望藉入浮動利率業務。

And there will be a great opportunity and we want to be a leader on that side, too. It's early right now. I think you're a quarter early for that business. I think fourth quarter, it will start to pick up. And definitely, in the first quarter, we aim to be extraordinarily aggressive in that business.

這將是一個巨大的機遇，我們也想成為這方面的領導者。現在還很早。我認為你完成這項業務已經提前了一個季度了。我認為第四季它將開始回升。毫無疑問，在第一季度，我們的目標是非常積極地開展這項業務。

We'll take our next question from Rick Shane with JPMorgan.

下一個問題我們將由摩根大通的 Rick Shane 提出。

Most have been asked and answered. But I did want to ask the restricted cash on the balance sheet came down sharply. What drives that just so we understand it?

大部分問題都已經提出並得到解答。但我確實想問資產負債表上的受限現金是否大幅下降。是什麼推動了這個過程以便我們理解它？

Rick, it's Paul. So a couple of things. One, we had one vehicle, we were delevering. And as you may have seen, we called one of the vehicles during the quarter and took out one of our CLOs. But as runoff is occurring in certain vehicles that may be past their replenishment period, you can -- that restricted cash goes down to pay debt. That happened during the quarter in the vehicle that we retired and one of the vehicles we're delevering.

瑞克，我是保羅。有幾件事。首先，我們有一輛汽車，我們正在去槓桿。正如您可能已經看到的，我們在本季度調用了其中一輛汽車並取出了我們的一名 CLO。但是，由於某些車輛的資金流失，可能已經超過了補給期，您可以使用受限制的現金來償還債務。這發生在我們退役的車輛和我們正在去槓桿的車輛之一的本季。

And then just generally, when there's loan runoff, if you can put loans in from your balance sheet book that are on your repo lines into the CLOs, then you're chewing up restricted cash. So we've seen a little bit of more efficiency this quarter and moving loans off our balance sheet, delevering and putting them into vehicles and then you've got the natural wind down of a couple of vehicles that starts to reduce restricted cash. That restricted cash ends up coming into corporate cash, but that's the natural progression of why that number has changed this quarter.

一般來說，當出現貸款流失時，如果您可以將資產負債表中的回購額度內的貸款放入 CLO，那麼您就會消耗受限現金。因此，我們在本季度看到了一些效率的提高，我們將貸款從資產負債表中轉移出去，去槓桿，並將其投入到投資工具中，然後你會看到幾筆投資工具的自然減少，從而開始減少受限現金。這些受限制的現金最終會轉化為公司現金，但這也是本季數字變化的自然結果。

Got it. Okay. That's very helpful. And then I'd love to circle back on Jade's question about the mods and extensions. And he said at a 15% number and, Ivan, understandably, you kind of said that number moves around. Can we just get some context of sort of during the second quarter, the value -- the notional value of loans that were modified and extended both on balance sheet and within the CLOs?

知道了。好的。這非常有幫助。然後我很樂意回到 Jade 關於模組和擴充功能的問題。他說這個數字是 15%，伊万，可以理解的是，你說這個數字會波動。我們能否了解一下第二季在資產負債表和 CLO 中修改和延長的貸款名義價值的情況？

I don't have that offhand. And it is a fluid process between extensions and modifications, and it's something that we could take a look at the data. It's just something that's constantly changing.

我暫時沒有這個。這是擴展和修改之間的一個流暢過程，我們可以查看數據。它只是一些不斷變化的事物。

Yes. I don't have it in front of me, Rick, but my recollection is it wasn't very significant at all this quarter, but that could change. It all depends on the cycle and where we are, but we haven't seen significant modifications that I'm aware of in either of those vehicles to date.

是的。里克，我面前沒有這個數字，但我記得本季它並不是很重要，但這可能會改變。這一切都取決於週期和我們所處的位置，但據我所知，到目前為止，我們還沒有看到這兩款車有任何重大的改變。

Got it. And then last question for me. Ivan, you've talked about the next 2 to 3 quarters being the most challenging. You've also spoken of sort of the fluidity of what's going on. Just curious what you're seeing in terms of loan performance in July.

知道了。這是我的最後一個問題。伊万，您說過接下來的 2 到 3 個季度將是最具挑戰性的。您還談到了正在發生的事情的流動性。我只是好奇您看到七月份的貸款表現如何。

I think when we're talking about it, we're not even talking about June, we're talking about where we are today. I don't really reflect on that as a June conversation. I reflect on it as of timing as of the moment and what we're in the middle of. So it's pretty much along my comments and our outlook is that we should have somewhat of, as Paul mentioned, a continuation in terms of reserves and outlook for the third and fourth quarters, similar to what we had in the second quarter.

我認為當我們談論它時，我們甚至不是在談論六月，而是在談論我們今天所處的位置。我其實並沒有將此視為六月的談話內容。我反思當下的時機和我們正處於的境地。因此，這與我的評論基本一致，我們的展望是，正如保羅所提到的那樣，我們應該在第三季和第四季的儲備和前景方面延續與第二季類似的情況。

We'll take our next question from Lee Cooperman with Omega Family Office.

我們將回答 Omega Family Office 的 Lee Cooperman 提出的下一個問題。

Let me just first say, I congratulate you on your performance. I've been investing in the company for about a decade. In the last couple of years, you've spoken to me very conservatively assessing the outlook and I think the company's performance is not an accident. This is a result of your positioning them, and I congratulate you on your correct reading of the environment.

首先我要說的是，我對你的表現表示祝賀。我已經投資這家公司大約十年了。在過去的幾年裡，您跟我談過非常保守地評估前景，我認為公司的表現並非偶然。這是你對它們進行定位的結果，祝賀你正確地解讀了環境。

Now let me -- if I can get on to some other questions. Your distributable earnings of $0.57, do you think there's a lot of push and pulls? Do you think that's close to recurring earnings? Or you think you overearned in this quarter?

現在請允許我——如果我可以繼續回答一些其他問題的話。您的可分配收益為 0.57 美元，您認為有很大的推拉因素嗎？您認為這接近經常性收入嗎？還是您認為本季您的獲利超額了？

Yes. I think we don't give a financial outlook, Lee, but I would say that we're expecting that those numbers will be not that strong in the third and fourth quarter, but I don't know how much different. We've had a couple of things during the quarter. I'll give you an example. We had $1.3 billion of loan sales in our GSE/Agency business. We have excessively high second quarter volume.

是的。李，我想我們不會給出財務前景，但我想說，我們預計第三季和第四季的數字不會那麼強勁，但我不知道會有多大差異。本季我們發生了幾件事。我給你舉個例子。我們的政府支持企業/代理商業務的貸款銷售額為 13 億美元。我們第二季的銷量非常高。

Given that rates rose to about 4% for a short period of time and they have come back down, we see a little backlog in that business. We expect that business to be strong for the balance of the year, but I'm projecting $1 billion, $1.1 billion versus $1.4 billion in Agency business in the third quarter and probably something stronger than that in the fourth quarter.

鑑於利率在短時間內升至約 4% 並且已經回落，我們發現該業務存在一些積壓。我們預計該業務在今年餘下時間裡將表現強勁，但我預計第三季度代理業務的銷售額將達到 10 億美元、11 億美元和 14 億美元，而第四季度的銷售額可能會比這更好一些。

So I expect our Agency business to come in for the year higher than we did last year, but I do expect a dip down in the third quarter and then a big rise in the fourth quarter. So that gain on sale associated with those sales will change and likely end up with a reduction in gain on sale and a slightly less distributable earnings.

因此，我預計今年我們的代理業務收入將高於去年，但我確實預計第三季會出現下滑，第四季將大幅成長。因此，與這些銷售相關的銷售收益將發生變化，並可能最終導致銷售收益減少和可分配收益略有減少。

Also, we are expecting the portfolio to continue to run down as there is no balance sheet lending and runoff has been naturally brought over to our Agency business. So I don't know if it's easy for us to say that, that's a recurring number. I can't tell you what the number is going to be, but those are a couple of items that I think could make it slightly less going forward.

此外，我們預計投資組合將繼續減少，因為沒有資產負債表貸款，而減少自然轉移到了我們的代理業務。所以我不知道我們是否能輕易地說出這一點，這是一個重複的數字。我無法告訴你具體數字，但我認為這幾個因素可能會使未來數字略有減少。

Having said that, we still think the number is substantially higher going forward than where our dividend is today, right, Ivan?

話雖如此，我們仍然認為未來的數字將比我們今天的股息高得多，對吧，伊凡？

Yes. So as we get to it, I think that the $0.57 is probably higher now than it will be in another couple of quarters, but I suspect that the earnings will be above the dividend.

是的。因此，當我們談到這一點時，我認為現在的 0.57 美元可能比接下來幾季的水平要高，但我懷疑收益將高於股息。

We feel very confident about that, Lee. We don't like to comment on the distributable borrowing because if we did, we did wrong, every time we've exceeded everybody's expectations including ours.

李先生，我們對此非常有信心。我們不喜歡對可分配借款發表評論，因為如果我們這樣做了，那我們就做錯了，每次我們都超出了包括我們自己在內的所有人的預期。

The 3 loans that were highlighted as being issues, what is the loan-to-value ratio on average for those 3 loans?

被重點指出有問題的 3 筆貸款，其平均貸款成數是多少？

I don't have them offhand. But one, we took a reserve against and we didn't expect payment, but we got payment. We got our June payment. The other one is a great asset, just poorly managed, so we have to take a look at what the stabilized value of that asset is.

我手上沒有這些。但是，我們設立了儲備金，我們不指望得到付款，但我們得到了付款。我們收到了六月的付款。另一個是優質資產，只是管理不善，所以我們必須看看該資產的穩定價值是多少。

And you have to also keep in mind that on a lot of these loans, we have a lot of recourse on these loans with substantial sponsors. So we look at a combination of not just the asset but the sponsor and the recourse liability that we have. So it's a combination of multiple factors on each of these different assets.

而且您還必須記住，對於許多此類貸款，我們擁有向主要擔保人索取的多種追索權。因此，我們不僅考慮資產，還考慮發起人和追索責任。因此，這是每個不同資產的多種因素的組合。

Last question, just an observation. What do you think the [shorts] are thinking about? The fully diluted share count is 187 million shares. If I take what you own, what the employees own, what BlackRock owns and Blackstone owns and what I own, These guys are short of a meaningful percentage of the float. And what do you think they're thinking?

最後一個問題，只是一個觀察。您認為 [短褲] 在想什麼？全面攤薄後股數為1.87億股。如果我把你擁有的、員工擁有的、貝萊德擁有的、黑石擁有的、我擁有的東西加在一起，這些人的流通股比例就不足為奇了。您認為他們在想什麼？

All I can say is they didn't properly understand the company. When they shorted the stock, the information, as we've talked about on the calls before, was inaccurate. And on the face of it is all of the analysts and everybody else made no sense. So I think whatever they did, they've made a tremendous error in their analysis. I mean our performance has certainly been contrary to all their comments. And more significantly, they just didn't understand the fundamentals of our company relative to our peers.

我只能說他們沒有正確了解這家公司。當他們做空股票時，正如我們之前在電話中談到的那樣，資訊是不準確的。從表面上看，所有分析師和其他所有人的觀點都毫無道理。所以我認為，無論他們做了什麼，他們的分析都犯了巨大的錯誤。我的意思是我們的表現確實與他們的所有評論相反。更重要的是，他們只是不了解我們公司相對於同業的基本面。

But Paul, if you have any comment on that?

但是保羅，你對此有什麼評論嗎？

No. I think that's it. I mean I don't know who's shorting the stock, Lee. I'm not involved in who's shorting it. But I don't know what their thinking is, but a lot of times, these are just financial (inaudible) and they either work or they don't. But we just continue to do what we do, continue to perform really well, and the results of our performance will be what they are for those people.

不，我認為就是這樣。我的意思是，我不知道誰在做空股票，李。我沒有參與決定誰在做空。但我不知道他們怎麼想，但很多時候，這些只是財務上的（聽不清楚），它們要麼有效，要麼無效。但我們只是繼續做我們在做的事情，繼續表現出色，而我們表現的結果將是那些人想要的。

At this time, I would like to turn the call back to Ivan Kaufman for any closing remarks.

現在，我想將電話轉回伊凡·考夫曼，請他做最後發言。

Sure. Well, thank you, everybody, for participating on the call and being shareholders of the company. We once again had an extraordinary quarter, raising our dividend, having great earnings and are very prepared to manage through the rest of the year. And everybody, have a great weekend. Take care.

當然。好吧，感謝大家參加電話會議並成為公司股東。我們又一次度過了一個非凡的季度，提高了股息，獲得了可觀的收益，並且做好了度過今年剩餘時間的準備。祝大家週末愉快。小心。

Thanks, everyone.

謝謝大家。

Thank you. This does conclude the second quarter 2023 Arbor Realty Trust earnings conference call. You may disconnect at this time and have a wonderful day.

謝謝。這確實結束了 2023 年第二季 Arbor Realty Trust 收益電話會議。現在您可以斷開連接並享受美好的一天。