Arbor Realty Trust Inc (ABR) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Third Quarter 2023 Arbor Realty Trust's 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.

早安，女士們、先生們，歡迎參加 Arbor Realty Trust 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將電話轉給今天的發言人，財務長 Paul Elenio。請繼續。

Okay. Thank you, Mike, and good morning, everyone, and welcome to the quarterly earnings call for Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended September 30, 2023.

好的。謝謝麥克，大家早上好，歡迎參加 Arbor Realty Trust 的季度收益電話會議。今天早上，我們將討論截至 2023 年 9 月 30 日的季度業績。

With me on the call today is Ivan Kaufman, our President and Chief Executive Officer.

今天與我一起參加電話會議的是我們的總裁兼執行長 Ivan Kaufman。

Before we begin, I need to inform you statements made in this earnings call may be deemed forward-looking statements and 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，並受到風險和不確定性的影響，包括有關我們業務未來可能或假設結果、財務狀況、流動性、營運結果的資訊、計劃和目標。這些陳述是基於我們對未來業績的信念、假設和預期，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 or the occurrences of unanticipated events.

我們的 SEC 報告詳細介紹了可能導致實際結果與 Arbor 在這些前瞻性聲明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陳述，這些陳述僅截至今天為止。 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的事件或情況或意外事件發生的義務。

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

現在我將把電話轉給 Arbor 的總裁兼執行長 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 maintain one of the lowest dividend payout ratios in the industry, which was 78% in the third quarter. Additionally and very significantly despite being in a very challenging environment over the last several quarters, we've managed to maintain our book value while reporting reserves with potential future losses, which clearly differentiates us from every one of our peers.

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，我們又經歷了一個出色的季度，因為我們多元化的業務模式繼續產生遠遠超過股息的收益。這使我們能夠保持行業最低的股息支付率之一，第三季為 78%。此外，非常重要的是，儘管過去幾季面臨著非常具有挑戰性的環境，但我們仍設法維持了帳面價值，同時報告了未來潛在損失的準備金，這顯然使我們與其他同行區分開來。

In fact, we are one of the only companies in our space who have experienced significant book value appreciation over the last 3 years with roughly 40% growth from around $9 a share to nearly $13 a share. As we discussed on our last call, we feel we are right in the thick of this dislocation. Operating our business with the expectation that the next 2 or 3 quarters will be the most challenging part of this cycle. We have been laser focused over the last 2 years preparing for this environment. One of our primary focuses has been and continues to be preserving and building up a strong liquidity position.

事實上，我們是該領域中僅有的在過去 3 年裡帳面價值大幅升值的公司之一，成長了約 40%，從每股 9 美元左右增長到每股近 13 美元。正如我們在上次電話會議中所討論的那樣，我們覺得我們正處於這種混亂的最嚴重階段。經營我們的業務時預計未來 2 或 3 個季度將是本週期中最具挑戰性的部分。在過去的兩年裡，我們一直專注於為這種環境做準備。我們的主要關注點之一一直是並將繼續保持和建立強大的流動性頭寸。

We're very pleased to report that we currently have approximately $1 billion in cash what gives us tremendous amount of flexibility to manage through this downturn and provides us with the unique ability to take advantage of the opportunities that will exist to generate superior returns on our capital. Clearly, given the current interest rate environment, we expect to experience additional stress. We need a tremendous amount of discipline and expertise to successfully navigate this market. And we're very pleased to have a tenured senior management team with a track record of managing through multiple cycles as well as what I consider to the best asset management team in the industry.

我們非常高興地報告，我們目前擁有約10 億美元的現金，這為我們提供了巨大的靈活性來應對這次經濟低迷，並為我們提供了獨特的能力，可以利用現有的機會，為我們的業務創造卓越的回報。首都。顯然，考慮到當前的利率環境，我們預計將面臨額外的壓力。我們需要大量的紀律和專業知識才能成功駕馭這個市場。我們非常高興擁有一支終身任職的高階管理團隊，他們擁有多個週期的管理記錄，也是我認為業界最好的資產管理團隊。

This is an extremely challenging environment, and I'm very pleased with the level of success we've had to date in managing through this downturn, which is a real testament to the quality of our franchise and the extraordinary efforts being put forth by our entire organization. As we have said before, we feel we are very well positioned compared to our peers given our strong liquidity position, multifamily-centric portfolio, the depth and skill of our management team and the strength of our balance sheet and the versatility of franchise. We also believe we are uniquely positioned to step back into the lending market and done some very accretive opportunities to continue to grow our platform. While others in the space will be dealing with significant internal issues, we feel we are well positioned which allows us to reenter the lending market at a time when there was a great opportunity to put some of the high-quality loans with attractive returns while the competition is less active.

這是一個極具挑戰性的環境，我對迄今為止我們在應對經濟低迷方面所取得的成功感到非常滿意，這真正證明了我們特許經營的品質以及我們的團隊所付出的非凡努力。整個組織。正如我們之前所說，鑑於我們強大的流動性狀況、以多戶家庭為中心的投資組合、管理團隊的深度和技能、資產負債表的實力以及特許經營的多功能性，我們認為與同行相比，我們處於非常有利的地位。我們也相信，我們處於獨特的地位，可以重返貸款市場，並提供了一些非常增值的機會來繼續發展我們的平台。雖然該領域的其他人將處理重大的內部問題，但我們認為我們處於有利位置，這使我們能夠重新進入貸款市場，當時有很好的機會提供一些具有有吸引力回報的高品質貸款，同時競爭不太活躍。

In addition, we recently launched our first construction lending business, which is something we are very excited about, and we believe we can generate 10% to 12% unlevered returns on our capital and eventually leverage this business and produce mid- to high teens returns. We also believe this product is a very appropriate for our platform as it offers us returns on our capital through construction, bridge and permanent agency lending opportunities. We are very committed to this business. And as a result, we went out and hired some of the best and top people in the construction lending field. We are extremely pleased with how quickly we're able to roll out this product and get ahead of the market and build an incredibly talented team to execute this strategy.

此外，我們最近推出了首個建築貸款業務，這是我們非常興奮的事情，我們相信我們的資本可以產生 10% 到 12% 的無槓桿回報，並最終利用這項業務產生中到高的回報。我們也相信該產品非常適合我們的平台，因為它透過建造、橋樑和永久代理貸款機會為我們提供資本回報。我們非常致力於這項業務。因此，我們聘請了建築貸款領域的一些最優秀的頂尖人才。我們非常高興能夠如此迅速地推出該產品並領先於市場並建立一支非常有才華的團隊來執行該策略。

Turning now to our third quarter performance. As Paul will discuss in more detail, our quarterly financial results were once again remarkable. We've produced distributable earnings of $0.55 per share, which is well in excess of our current dividend, representing a payout ratio of around 78%. The dividend policy that we have implemented with our Board of keeping such a wide disparity between our earnings and dividend has provided us with a large cushion and was very strategic knowing full well that we're entering to a market dislocation. And we certainly could have raised our dividend again this quarter based on a substantial cushion and continue to show earnings, the Board decided to keep it flat since we believe we are not getting credit for raising it in this environment and will be more prudent to preserve a large cushion as we head into the most challenging part of the cycle.

現在轉向我們第三季的業績。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。我們產生了每股 0.55 美元的可分配收益，遠遠超過了我們目前的股息，相當於 78% 左右的派息率。我們與董事會一起實施的股息政策，使我們的收益和股息之間保持如此巨大的差距，為我們提供了很大的緩衝，並且非常具有戰略意義，因為我們充分了解我們正在進入市場混亂。我們當然可以在本季度基於實質性緩衝再次提高股息並繼續顯示收益，董事會決定保持不變，因為我們相信在這種環境下我們不會因提高股息而獲得信用，並且會更加謹慎地保留股息當當我們進入周期中最具挑戰性的部分時，這是一個很大的緩衝。

We're also the only company in this space that has been able to consistently grow our dividend with approximately 40% growth over the last 3 years, all while maintaining the lowest dividend payout ratio in the industry. Just as importantly, in a time of tremendous test, we've managed to maintain a book value of our according reserves for future losses, which clearly differentiates us from our peers. And we believe our diverse business model uniquely positions us as one of the only companies in the space with the ability to preserve our book value and continue to provide a very stable protected dividend even in this extremely challenging environment.

我們也是該領域唯一一家能夠持續提高股息的公司，在過去 3 年中成長率約為 40%，同時保持行業最低的股息支付率。同樣重要的是，在面臨巨大考驗的時期，我們成功地維持了未來損失準​​備金的帳面價值，這顯然使我們與同行區分開來。我們相信，我們多元化的業務模式使我們成為該領域唯一有能力保持帳面價值並繼續提供非常穩定的受保護股息的公司之一，即使在這個極具挑戰性的環境中也是如此。

In our balance sheet lending business, we remain focused on converting on multifamily bridge loans into agency product allow us to recapture a substantial amount of our invested capital and produce significant long-dated constraints. In the third quarter, we continued to have success in this area with another $665 million of balance sheet runoff, $350 million or 53%, which was captured into new agency loan originations. As a result, we're able to recoup approximately $100 million of capital and continue to build up our cash position, which again currently sits at around $1 billion. And again, we're excited about the opportunities. We think we'll be -- available to us over the next 3 to 6 months to reenter the market, grow our balance sheet loan book and generate very attractive returns on our capital while continuing to build up our pipeline for future Agency Business.

在我們的資產負債表貸款業務中，我們仍然專注於將多戶過橋貸款轉換為代理產品，使我們能夠收回大量投資資本並產生重大的長期限制。第三季度，我們在這一領域繼續取得成功，資產負債表流失額達到 6.65 億美元，其中 3.5 億美元或 53% 被納入新的機構貸款發放。因此，我們能夠收回約 1 億美元的資本，並繼續建立我們的現金頭寸，目前現金頭寸再次達到 10 億美元左右。我們再次對這些機會感到興奮。我們認為，我們將在未來 3 至 6 個月內重新進入市場，擴大我們的資產負債表貸款帳簿，並產生非常有吸引力的資本回報，同時繼續為未來的代理業務建立管道。

In our GSE/Agency Business, we had another solid quarter, originated $1.1 billion of loss in the third quarter, and our pipeline remains strong. Despite the significant recent rise in the tenure, we are poised to complete the year roughly in line with our 2022 originations numbers, which is a tremendous accomplishment in light of the fact that the agencies are down 20% to 25% production year-over-year. We have done a great job in continuing to gain market share and in converting our balance sheet loans into agency product which has always been one of our key strategies and a significant differentiator from our peers.

在我們的 GSE/代理商業務中，我們又經歷了一個穩健的季度，第三季度虧損了 11 億美元，但我們的管道仍然強勁。儘管近期任期大幅增加，但我們準備以大致與 2022 年的起始數字一致的方式完成今年的工作，鑑於這些機構的產量同比下降 20% 至 25%，這是一項巨大的成就。年。我們在繼續獲得市場份額以及將資產負債表貸款轉化為代理產品方面做得非常出色，這一直是我們的關鍵策略之一，也是與同行的顯著區別。

This Agency Business offers a premium value as it requires limited capital and generates significant long-dated, predictable in countries and produces significant annual cash flow. To this point, our $30 billion fee-based servicing portfolio, which grew another 2% in the third quarter and a 11% year-over-year, generates approximately $119 million a year in recurring cash flow. We also generate significant earnings on our escrow and cash balances, which acts as a natural hedge against interest rates.

該代理業務具有溢價價值，因為它需要有限的資本，並在各國產生大量長期、可預測的現金流，並產生大量的年度現金流。到目前為止，我們 300 億美元的收費服務組合在第三季又成長了 2%，年增 11%，每年產生約 1.19 億美元的經常性現金流。我們還透過託管和現金餘額產生可觀的收入，這可以作為利率的自然對沖。

In fact, we are now earning almost 5% and around [$2.9] billion of balances, roughly $140 million annually, which combined with our servicing income annuity, totaled approximately $260 million of annual gross cash earnings or $1.25 a share. This is in addition to the strong gain on sale margins we generate for our origination platform. And again, it's something that is completely unique to platform, providing a significant strategic advantage over our peers.

事實上，我們現在的收入接近 5%，餘額約為 2.9 億美元，每年約 1.4 億美元，加上我們的服務年金收入，年度總現金收入總計約 2.6 億美元，即每股 1.25 美元。除此之外，我們也為我們的原創平台帶來了強勁的銷售利潤成長。再說一次，它是平台完全獨特的東西，提供了比我們的同行顯著的策略優勢。

We remain very committed to our single-family rental business as we are one of the only remaining lenders in the space, allowing us to aggressively grow the platform. We had a strong third quarter with approximately $140 million of fundings and up $430 million of new commitments signed up, and we also have a very large pipeline. We love this business as it offers 3 turns on our capital through construction, bridge and permanent lending opportunities and generate strong levered 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.

我們仍然非常致力於我們的單戶租賃業務，因為我們是該領域僅存的貸款人之一，這使我們能夠積極發展該平台。我們的第三季表現強勁，籌集了約 1.4 億美元的資金，簽署了高達 4.3 億美元的新承諾，我們還擁有非常龐大的管道。我們喜歡這項業務，因為它透過建設、橋樑和永久貸款機會為我們的資本提供了3 倍的回報，並在短期內產生強勁的槓桿回報，同時透過進一步使我們的收入來源多樣化並允許我們繼續建立我們的業務，從而提供顯著的長期利益。特許經營權。

In summary, we had another great quarter, and we believe our unique business model clearly demonstrates our ability to generate strong earnings and dividends in all cycles. We understand very well the challenges that lie ahead, and we are very well positioned to manage through this cycle. Our earnings significantly exceed our dividend run rate. We 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.

總之，我們又度過了一個偉大的季度，我們相信我們獨特的商業模式清楚地表明了我們在所有周期中產生強勁收益和股息的能力。我們非常了解未來面臨的挑戰，我們已經做好了應對這一周期的準備。我們的收益大大超過了股息運行率。我們投資於負債結構非常穩定的正確資產類別，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 are well capitalized with significant liquidity, which has put us in a unique position to be able to manage through the downturn and take advantage of accretive opportunities that will exist in this environment. And again, with our best-in-class asset management capabilities and seasoned executive team, we are confident that we'll continue to be one of the top-performing companies in our space.

我們資本充足，流動性充足，這使我們處於獨特的地位，能夠渡過經濟低迷時期，並利用這種環境中存在的增值機會。憑藉我們一流的資產管理能力和經驗豐富的管理團隊，我們相信我們將繼續成為該領域表現最好的公司之一。

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，讓他向您介紹財務表現。

Thank you, Ivan. As Ivan mentioned, we had another very strong quarter, producing distributable earnings of $112 million or $0.55 per share. These results translated into industry high ROEs again, of approximately 18% for the third quarter, resulting in a dividend to earnings payout ratio of around 78%. Our quarterly results were slightly higher than our internal projections largely due to increased earnings on our cash and escrow balances from higher interest rates, combined with stronger gain on sale income from slightly higher agency sold loan volumes than we anticipated.

謝謝你，伊凡。正如 Ivan 所提到的，我們又度過了一個非常強勁的季度，可分配收益為 1.12 億美元，即每股 0.55 美元。這些業績再次轉化為業界最高的 ROE，第三季約為 18%，股息與獲利支付比率約為 78%。我們的季度業績略高於我們的內部預測，這主要是由於利率上升導致現金和託管餘額收益增加，加上代理銷售貸款量略高於我們預期，銷售收入增長強勁。

As Ivan mentioned, we do expect to continue to experience some level of stress as we manage through this very challenging environment. As a result, we recorded an additional $15 million in CECL reserves in our balance sheet loan book during the quarter. Additionally, we did see a slight net increase in delinquencies in the third quarter of approximately $28 million. We experienced $98 million of new delinquent loans and resolved a $70 million delinquent loan from last quarter through a successful restructuring. As Ivan said earlier, we are in the most challenging part of the cycle and new issues arise each day. We are very pleased with the level of success we've had to date and believe we are well positioned to manage through this downturn given our multifamily focused, strong liquidity position and our best-in-class dedicated asset management team with extensive experience in loan workouts and debt restructurings.

正如伊凡所提到的，在我們應對這個非常具有挑戰性的環境時，我們確實預期會繼續承受一定程度的壓力。因此，本季我們的資產負債表貸款帳簿中額外記錄了 1,500 萬美元的 CECL 準備金。此外，我們確實看到第三季的拖欠額淨增加約 2,800 萬美元。我們新增了 9,800 萬美元的拖欠貸款，並透過成功的重組解決了上季 7,000 萬美元的拖欠貸款。正如伊万早些時候所說，我們正處於週期中最具挑戰性的部分，每天都會出現新問題。我們對迄今為止所取得的成功水平感到非常滿意，並相信，鑑於我們以多戶家庭為重點、強大的流動性狀況以及在貸款方面擁有豐富經驗的一流專業資產管理團隊，我們有能力度過這次低迷期運動和債務重組。

It's very important to reiterate that despite booking approximately $70 million in CECL reserves across our platform over the last 9 months, we still grew our book value per share almost 2%, to $12.73 a share at 9/30 from $12.53 a share at 12/31/2022. And we are one of the only companies in our space that have seen significant book value appreciation over the last 3 years.

需要重申的是，儘管過去9 個月在我們的平台上預訂了約7000 萬美元的CECL 儲備，但我們的每股賬面價值仍然增長了近2%，從12/30 的每股12.53 美元增至9/30 的每股12.73 美元。31/2022 年。我們是過去三年中帳面價值大幅升值的唯一公司之一。

In our GSE/Agency Business, we had a strong third quarter of $1.1 billion in originations and $1.2 billion in loan sales. The margins on these loan sales came in at 1.48% this quarter compared to 1.67% last quarter, largely due to significantly more FHA loan sales in the second quarter. We are very pleased with the margins we've been able to generate over the first 9 months of the year, which are well ahead of last year's pace. We also recorded $14.1 million of mortgage servicing rights income related to $1.2 billion of committed loans in the third quarter, representing an average MSR rate of around 1.16% compared to 1.46% last quarter, mainly due to a higher percentage of Freddie Mac loan originations, combined with a greater mix of larger loans in the third quarter, both of which contain lower servicing fees.

在我們的 GSE/代理業務中，我們第三季的貸款發放量和貸款銷售量分別為 11 億美元和 12 億美元，表現強勁。本季這些貸款銷售的利潤率為 1.48%，而上季為 1.67%，主要是由於第二季 FHA 貸款銷售大幅增加。我們對今年前 9 個月的利潤率感到非常滿意，遠遠超過了去年的水平。我們也記錄了與第三季12 億美元承諾貸款相關的1,410 萬美元抵押貸款服務權收入，平均MSR 率為1.16% 左右，而上季為1.46%，這主要是由於房地美貸款發放比例較高，再加上第三季大筆貸款的組合增多，這兩項貸款的服務費都較低。

Our fee-based servicing portfolio grew another 2% in the third quarter to approximately $30 billion at September 30, with a weighted average servicing fee of 40 basis points and an estimated remaining life of 8.3 years. This portfolio will continue to generate a predictable annuity of income going forward of around $119 million gross annually. In the third quarter, we also received $1 million in prepayment fees as compared to $3 million last quarter. And given the current rate environment, we are estimating the prepayment fees will likely remain nominal at around $1 million a quarter going forward.

截至 9 月 30 日，我們的收費服務組合第三季又成長了 2%，達到約 300 億美元，加權平均服務費為 40 個基點，預計剩餘壽命為 8.3 年。該投資組合將繼續產生每年約 1.19 億美元的可預測年金收入。第三季度，我們還收到了 100 萬美元的預付款費用，而上個季度為 300 萬美元。鑑於當前的利率環境，我們估計未來每季預付款費用可能仍維持在 100 萬美元左右。

In our balance sheet lending operation, our $13.1 billion investment portfolio had an all-in yield of 9.12% at September 30 compared to 9.07% at June 30, mainly due to increases in the benchmark interest rates, which was largely offset by an increase in nonperforming loans in the third quarter. The average balance in our core investments was $13.4 billion this quarter as compared to $13.6 billion last quarter due to runoff exceeding originations in the second and third quarter. The average yield on these assets increased slightly to 9.25% from 9.19% last quarter, mainly due to increases in the benchmark index rates which was largely offset by an increase in nonperforming loans.

在我們的資產負債表貸款業務中，我們131 億美元的投資組合截至9 月30 日的總收益率為9.12%，而6 月30 日為9.07%，這主要是由於基準利率的上升，而基準利率的上昇在很大程度上被基準利率的上升所抵消。第三季不良貸款情況。本季我們核心投資的平均餘額為 134 億美元，而上季為 136 億美元，原因是第二季和第三季的徑流超過了初始投資。這些資產的平均收益率從上季度的9.19%小幅上升至9.25%，主要是由於基準指數利率的上升，但不良貸款的增加在很大程度上抵消了這一上升。

The total on our core assets was approximately $11.9 billion at September 30, with an all-in debt cost of approximately 7.41% which was up from a debt cost of around 7.25% at June 30, mainly due to the increase in the benchmark rates. The average balance on our debt facilities was approximately $12 billion for the third quarter compared to $12.5 billion last quarter. The average cost of funds in our debt facilities was 7.37% for the third quarter compared to 7.11% for the second quarter, again, primarily due to the increase in benchmark index rates.

截至9月30日，我們的核心資產總額約為119億美元，總債務成本約為7.41%，較6月30日的約7.25%有所上升，主要是由於基準利率上升。第三季我們的債務融資平均餘額約為 120 億美元，而上季為 125 億美元。第三季債務融資的平均資金成本為 7.37%，而第二季為 7.11%，主要是由於基準指數利率的上升。

Our overall net interest spreads in our core assets decreased to 1.88% this quarter compared to 2.08 last quarter, and our overall spot net interest spreads were 1.71% at September 30 and 1.82% at June 30.

本季我們核心資產的整體淨利差從上季的2.08%下降至1.88%，9月30日和6月30日的整體即期淨利差分別為1.71%和1.82%。

Lastly, we believe it's important to continue to emphasize some of the significant advantages 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, increased escrow balances that are on significantly more income in today's higher interest rate environment.

最後，我們認為繼續強調我們業務模式的一些顯著優勢非常重要，這讓我們對繼續產生高品質、長期經常性收益的能力感到放心。我們擁有多樣化和反週期的收入來源，使我們能夠在所有周期中產生強勁的收益。其中最重要的是我們的代理平台，該平台資本較少，透過銷售利潤的強勁增長、長期服務和年金收入、增加的託管餘額（在當今利率較高的環境下收入顯著增加）產生非常高的股本回報率。

Additionally, we are multifamily-centric and have a substantial amount of non-mark-to-market, nonrecourse CLO debt outstanding with pricing that is well below the current market. We are 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 our ability to continue to outperform our peers.

此外，我們以多戶家庭為中心，擁有大量未以市價計價、無追索權的 CLO 債務，其定價遠低於當前市場。我們也擁有充足的資本和大量的流動性，並擁有一流的資產管理和高階管理團隊，他們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獨有的，讓我們對繼續超越同行的能力充滿信心。

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. Mike?

我們今天早上準備好的發言就到此結束了。我現在會將其轉回給接線員，以解答您此時可能遇到的任何問題。麥克風？

(Operator Instructions) And we will take our first question from Steve Delaney with JMP Securities.

（操作員說明）我們將回答 JMP 證券的 Steve Delaney 提出的第一個問題。

Congrats on another solid quarter, guys. The number that jumped out in the report to me was the $500 million of cash sitting in the CLOs. My thought there is -- and you did put $240 million to work in new structured loans I noted in the third quarter. So I guess the question is, first, the $240 million, were they done within the CLOs or outside of the CLOs? And what are your thoughts about how can you reduce or do you plan to reduce that $500 million meaningfully over the next couple of quarters?

夥計們，恭喜又一個穩定的季度。報告中跳出的數字是 CLO 中持有的 5 億美元現金。我的想法是——我在第三季注意到，你們確實投入了 2.4 億美元用於新的結構性貸款。所以我想問題是，首先，這 2.4 億美元是在 CLO 內部還是在 CLO 之外完成的？您對如何在接下來的幾季內減少或計劃有意義地減少這 5 億美元有何想法？

We've done a really good job in managing our cash balances in our CLOs and keeping them well. What we're seeing is a lot of payoffs coming at the end of the month. So when they come at the end of the month, it takes time to redeploy that money. It used to come more evenly over a period of time. So that's kind of what we're seeing. So there's probably a large number of payoffs. We are constantly looking at our inventory and moving stuff out of our bank lines into it and keeping that cash balance as low as possible, but it's a process, it's not always perfect.

我們在管理 CLO 現金餘額並保持良好狀態方面做得非常好。我們看到月底會有很多回報。因此，當他們在月底到來時，需要時間來重新部署這筆錢。它過去在一段時間內變得更加均勻。這就是我們所看到的。所以可能會有大量的回報。我們不斷地檢查我們的庫存，並將資金從我們的銀行額度中移入其中，並儘可能保持現金餘額較低，但這是一個過程，並不總是完美的。

Yes. Steve, it's Paul. Ivan is 100% correct. We did have some late runoff in the third quarter. To answer the rest of your questions of the $240 million we funded during the quarter, $140 million, as we said in our commentary, we're funding of prior commitments on our SFR business. So that all gets funded through our warehouse lines. And that business has been tremendously accretive for us. We're generating almost a 17% levered return on that business for the quarter. Of the other $100 million that was funded, $92 million were bridge loans and $8 million were mezz and PE behind our agency business. So the mezz and PE is obviously not financed and it's 13% yield on your money. And the other $92 million, I think $62 million of it went into one of our CLOs and the other ones on a bank line.

是的。史蒂夫，是保羅。伊万是100%正確的。我們在第三季確實有一些後期決勝。為了回答您關於我們在本季資助的 2.4 億美元的其餘問題，正如我們在評論中所說，1.4 億美元是我們為 SFR 業務先前承諾提供的資金。這樣所有的資金都透過我們的倉庫線獲得。這項業務為我們帶來了巨大的增值。本季該業務的槓桿回報率接近 17%。在另外 1 億美元的融資中，9,200 萬美元是過橋貸款，800 萬美元是我們代理業務背後的夾層貸款和私募股權投資。因此，夾層和 PE 顯然沒有融資，但資金收益率為 13%。另外 9,200 萬美元，我認為其中 6,200 萬美元進入了我們的一個 CLO 和銀行額度內的其他 CLO。

So that's kind of the breakout of how we financed our business. But as Ivan said, we've got $6.2 billion of replenishable CLOs at 170 over. We've got a nice amount of cash in those vehicles to reinvest. And as loans run off, it's a process of moving around and being efficient. But we've got a lot of dry powder to be able to execute very well going forward.

這就是我們業務融資方式的突破。但正如伊凡所說，我們有 62 億美元的可補充 CLO，年期超過 170 年。我們在這些車輛上有大量現金可以再投資。當貸款耗盡時，這是一個流動和高效的過程。但我們有很多乾粉，能夠很好地向前推進。

Got it. That leads into my follow-up. Ivan, -- which -- in terms of the new loan demand on the structured side, are you seeing long-term Arbor borrowers, people that you guys have had relationships for 10, 20 years, stepping up and looking to take on new projects, new multifamily projects in this environment? Or is it everything you're looking at really just refi-ying existing projects?

知道了。這就是我的後續行動。 Ivan，就結構性方面的新貸款需求而言，您是否看到長期 Arbor 借款人，即您已經建立了 10 年、20 年關係的人，正在加緊努力並尋求承擔新項目，在這種環境下新的多戶住宅項目？或者您所看到的一切實際上只是對現有項目的改造？

We've done some purchase activity, especially on the agency side. And I think that you still don't have the price discovery in the market and the buyers and sellers meeting of the eyes to have active transactions. So I don't think it's a very active part of the market. You are seeing some refis in the market, and you're seeing the existing bridge loss from time to time, get refi, perhaps some cash or restructure deals. But we're - we've been real cautious. We've been spending more of our time on the build to rent, where we feel the opportunities are a little greater. And now as I mentioned, we just launched a construction lending business, which we think is great, all the banks are kind of out of the market.

我們已經做了一些購買活動，特別是在代理商方面。我認為市場上仍然沒有價格發現能力，買家和賣家的目光也沒有達到活躍的交易水準。所以我認為這不是市場非常活躍的部分。你會在市場上看到一些再融資，並且你會不時看到現有的橋樑損失，進行再融資，也許是一些現金或重組交易。但我們——我們一直都非常謹慎。我們把更多的時間花在了出租上，我們覺得機會更大一些。現在正如我所提到的，我們剛剛推出了建築貸款業務，我們認為這很棒，所有銀行都退出了市場。

While there's concern about new deliveries, we think our timing is outstanding because the lending we're going to be doing now deliveries are going to be in about 36 to 48 months from now, where we think the absorption here and the lack of opportunities will create a good opportunity and our yields would be outsized, and that's kind of where we're putting the use of our capital.

雖然人們對新的交付感到擔憂，但我們認為我們的時機非常好，因為我們現在要做的貸款交付將在從現在起的大約36 至48 個月內完成，我們認為這裡的吸收和缺乏機會將在創造一個很好的機會，我們的收益就會非常大，這就是我們利用資本的地方。

And we have our next question from Stephen Laws with Raymond James.

史蒂芬·勞斯和雷蒙德·詹姆斯提出了下一個問題。

Congrats on the solid quarter in a very difficult environment. Ivan, I wanted to start, can we talk about -- you mentioned the next 2 to 3 quarters being most challenging. I know you said something similar to last quarter. When you look at the fourth quarter '21 origination volume, you had a pretty big quarter. 2-year loans would be hitting original maturity dates next quarter. So can you talk about how many of those have caps that might expire given this outlook increased since the last quarter, how does that impact your expected stress you think you may see in the next couple of months given where rates are? And maybe at a more detailed level, how many of those borrowers do you think are on track with their business plan? How many need more time versus how many have a real cap rate issue around the rate move?

恭喜您在非常困難的環境中實現了穩健的季度業績。伊万，我想首先，我們可以談談 - 你提到接下來的 2 到 3 個季度是最具挑戰性的。我知道你說過類似上個季度的話。當你查看 21 年第四季的發起量時，你會發現這是一個相當大的季度。兩年期貸款將於下季達到原定到期日。那麼，您能否談談考慮到自上個季度以來這一前景有所增加，其中有多少上限可能會到期，考慮到利率水平，這對您認為未來幾個月可能會看到的預期壓力有何影響？也許在更詳細的層面上，您認為這些借款人中有多少人正在按照他們的商業計劃進行？有多少人需要更多時間，又有多少人在利率變動上有真正的上限利率問題？

Yes. Most of our loans are 3-year loans with extensions, it's not 2-year loans. Just a correction on that comment. It's an ongoing process. We don't wait until the expiration of a rate cap or we don't wait for loans. People have come to us, we're very proactive. I think the biggest risks other than the rate cap which is a true risk, and that's just an economic issue because, of course, the new rate cap as a state dollar amount. For us, the real concern is performance and making sure that the assets are being managed. A lot of the bridge assets required execution to get to their business plan. There was a lot of upside in the rents and unit turns and getting them to market.

是的。我們的貸款大多是三年期貸款，可延期，而不是兩年期貸款。只是對該評論的更正。這是一個持續的過程。我們不會等到利率上限到期，也不會等待貸款。人們來找我們，我們非常積極主動。我認為除了利率上限之外，最大的風險是真正的風險，這只是一個經濟問題，因為當然，新的利率上限是以國家美元金額計算的。對我們來說，真正關心的是績效並確保資產得到管理。許多橋樑資產需要執行才能實現其業務計劃。租金和單位週轉率以及將其推向市場都有很大的上升空間。

And I think, if anything, is what we see in the industry is the lack of execution, which creates an economic risk for the borrowers and not getting to their numbers. So we're putting a lot of time and attention to managing these assets, staying on top of the bars, working with them to change management companies and recapitalize their deals well ahead of time. So it's an ongoing process. It's not get to the cliff and deal with it then.

我認為，如果有什麼不同的話，那就是我們在這個行業看到的是缺乏執行力，這給借款人帶來了經濟風險，而且無法達到他們的數字。因此，我們投入了大量的時間和精力來管理這些資產，保持領先地位，與他們合作改變管理公司，並提前對他們的交易進行資本重組。所以這是一個持續的過程。不是到了懸崖邊再處理的。

Makes sense. I appreciate the correction on the original maturity term. Paul, as a follow-up on the financing side. Couple of lines. I think in the Q, you mentioned that they're currently being discussed for extensions. I mean can you talk about how those conversations from all of counterparties, you expect those lines to be extended with no change in terms? As you think about CLO buyouts, did you buy any loans out? And if so, kind of what is the typical liquidity need to move out of -- loan out of a CLO onto a bank line?

說得通。我感謝對原始期限的更正。保羅，作為融資方面的後續行動。幾行。我想您在問題中提到目前正在討論擴展。我的意思是，您能否談談來自所有交易對手的對話，您希望這些額度在不改變條款的情況下得到延長？當您考慮 CLO 收購時，您是否購買了任何貸款？如果是這樣，那麼典型的流動性需求是什麼——從 CLO 貸款到銀行額度？

Sure. So we have some data for you, Steve. Thanks for the question. During the quarter, we have about $6.5 billion of committed warehouse lines, about 15 different relationships and $4 billion of that was extended during the quarter. If you go look at our Q, we had some maturities come due. We were very successful in extending pretty much all of them. I think there's one line left that we expect to have done by the end of the month. So no issues there. But the conversations have been pretty similar across the board. We've not seen much of a move, if any, on existing product that's being financed in the vehicle. So we've been able to hold the line and keep that pricing pretty consistent.

當然。所以我們有一些數據給你，史蒂夫。謝謝你的提問。本季度，我們擁有約 65 億美元的承諾倉庫線、約 15 種不同的關係，其中 40 億美元在本季度擴展。如果你看看我們的問題，我們有一些到期日。我們非常成功地擴展了幾乎所有這些。我認為我們預計在本月底之前完成剩下的一行。所以那裡沒有問題。但從整體來看，對話非常相似。我們還沒有看到車輛融資的現有產品有太大的變動（如果有的話）。因此，我們能夠堅持到底並保持定價相當一致。

What we're seeing is more of a conversation about new product and what the pricing would look like on new product. But for the most part, we've done a great job of having very deep relationships with our banks, very long-standing relationships and getting those lines to roll with no significant material changes to the terms that we have outstanding. So that's been really, really helpful.

我們看到的更多是關於新產品以及新產品定價的對話。但在大多數情況下，我們做得很好，與我們的銀行建立了非常深厚的關係，非常長期的關係，並在沒有對我們未償還的條款進行重大實質性改變的情況下使這些額度順利進行。所以這真的非常非常有幫助。

The second part of your question was around -- remind me again, it was...

你問題的第二部分是──再次提醒我，那是…

CLO buy outs and liquidity...

CLO 收購和流動性...

Sure. So as you know, from time to time when loans have issues, we do exercise our right to buy loans out of the vehicles, restructure and we then put them back into another vehicle put them into our warehouse lines. And that's a fluid process that happens each quarter. This quarter, I think we ended up buying $140 million of loans out of our vehicles. But one of those was a loan that I mentioned in my commentary that we restructured a $70 million defaulted loan late last quarter. That was restructured. So that was pulled out, restructured and then financed on one of our warehouse lines. So net, we probably had about, call it, $80 million of buyouts during the quarter.

當然。如您所知，有時當貸款出現問題時，我們確實行使從車輛中購買貸款的權利，進行重組，然後將它們放回另一輛車中，放入我們的倉庫中。這是一個每季都會發生的流動過程。本季度，我認為我們最終從車輛中購買了 1.4 億美元的貸款。但其中之一是我在評論中提到的一筆貸款，我們在上個季度末重組了一筆 7000 萬美元的違約貸款。那是重組的。因此，該專案被撤出、重組，然後透過我們的一條倉庫線進行融資。因此，本季我們可能進行了約 8,000 萬美元的收購。

And it changes every quarter. It depends on performance. Last quarter, we had $50 million. So it's just a fluid process from how loans perform and how you operate your vehicles.

而且每季都會改變。這取決於性能。上個季度，我們有 5000 萬美元。因此，從貸款的執行方式到您的車輛操作方式，這只是一個流動的過程。

And our next question comes from Jay McCanless with Wedbush.

我們的下一個問題來自韋德布希的傑伊·麥坎利斯。

The first question I had, if rates stay at these levels or even higher into '24 and '25, could you talk about what you think could potentially happen with the loan book?

我的第一個問題是，如果利率在 24 年和 25 年保持在這些水平甚至更高，您能否談談您認為貸款簿可能會發生什麼？

Yes. I mean rates are clearly at a very elevated level, and it's put a lot of stress on people being able to exit into the fixed rate market when rates were in the 3s. It was already stressful and borrowers, and we were encouraging borrowers to convert. The short-term rates have gone up a little bit, but they're maintaining it at these levels. Clearly, it's an elevated stress level. We're thinking we're going to stay at these levels for the next three quarters and are planning accordingly. But make no mistake about it. That's distress in the system.

是的。我的意思是，利率顯然處於非常高的水平，當利率在 3 美元左右時，這給人們退出固定利率市場帶來了巨大的壓力。借款人本來就壓力很大，我們鼓勵借款人轉換。短期利率略有上升，但仍維持在目前水準。顯然，壓力水平升高。我們認為未來三個季度我們將保持在這些水平，並正在製定相應的計劃。但請不要誤會。這就是系統的困境。

People, when they have their business plan, they exit to a fixed rate, and it was anticipated in their minds the tenure would be around 3, [3.50]. Now it's getting close to 5 sort of opportunity to exit is much more difficult. So they've got to bring more capital to the table or bring more capital to able to carry their assets. That's as simple as it is, and that's just stressing the [asset].

人們，當他們制定了商業計劃時，他們會以固定利率退出，並且他們預計任期將在 3 左右，[3.50]。現在已經接近5次了，退出的機會就更加困難了。因此，他們必須提供更多的資本，或提供更多的資本來承載他們的資產。這很簡單，只是強調[資產]。

Are rate caps even available in this market? And if so, what type of cost are people having to incur to extend or create a new rate cap?

這個市場是否有利率上限？如果是這樣，人們必須承擔什麼類型的成本才能延長或創建新的費率上限？

Rate caps are always available, at least they have been, they continue to be and costs vary. I think people have to bring roughly 3 points to the table to buy a rate cap in order to bring net debt service down to a level that this would make it a breakeven. So they have to make capital call to figure out ways to bring that capital to the table. So that's the cost to balance their loans. It's roughly 3 points.

費率上限總是存在的，至少曾經是，現在仍然是，而且成本各不相同。我認為人們必須拿出大約 3 個點來購買利率上限，才能將淨償債率降低到損益兩平的水平。因此，他們必須進行資本調用，以找出將這些資本帶到談判桌上的方法。這就是平衡貸款的成本。大概是3分吧。

Okay. And then if I may, one more. With the new construction lending opportunity you're discussing, are these loans going to be on actual new construction? Or is this -- are you going to be looking at maybe some transitional assets to bring on where banks are walking away from deals? So maybe just kind of what type of product are you envisioning for this new construction lending vehicle?

好的。如果可以的話，再來一張。對於您正在討論的新建築貸款機會，這些貸款是否將用於實際的新建築？或者是—您會考慮一些過渡性資產來實現銀行放棄交易的目標？那麼，您為這種新型建築貸款工具設想的產品類型可能是什麼？

It's pure ground-up multifamily, primary markets, primary sponsors, where we have the opportunity of construction lending trying to build bridge loan and get the end loan. That's what it is, the banks are out of that market. There are some local and regional banks. The advance rates, which used to be in the 75%, 80% range are in the 50% to 65% range, and the guarantees on the deals are very good. So we think it's a great opportunity, a great market, a great way to play our capital and where the short-term rates are or unlevered returns are very, very good, and our levered returns are outstanding.

這是純粹的多戶住宅、一級市場、一級贊助商，我們有機會進行建築貸款，試圖建立過渡貸款並獲得最終貸款。事實就是如此，銀行已退出該市場。有一些地方和區域銀行。以前的75%、80%的預付款率現在在50%到65%的範圍內，而且交易的保證非常好。因此，我們認為這是一個很好的機會，一個很好的市場，一個發揮我們資本的好方法，短期利率或無槓桿回報非常非常好，而且我們的槓桿回報非常出色。

Okay. Any just sense around what type of nominal rate for some of these projects right now?

好的。現在對其中一些項目的名目利率有什麼了解嗎？

I mean our borrowing rates will be between, I would say, average between 450 and 600 over. That's kind of where the (inaudible). So your unlevered returns are 11 -- my estimation 11.5% unlevered without fees and without the benefit of adding multiple products to what we're doing.

我的意思是，我們的平均借款利率將在 450 至 600 美元之間。這就是（聽不清楚）的地方。所以你的無槓桿回報是 11——我估計無槓桿回報是 11.5%，沒有費用，也沒有在我們正在做的事情中添加多種產品的好處。

(Operator Instructions) And our next question comes from with Jade Rahmani with KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Jade Rahmani。

I was definitely impressed by the very moderate increase in, I would say, the category of substandard and doubtful accounts, a very slight uptick. But overall, I wanted to ask, do you have a sense for what percentage of the balance sheet loans have been modified in recent quarters, problems dealt with? And what percentage in your view is remaining to go through some kind of modification?

我想說的是，不合格帳戶和可疑帳戶類別的溫和增長給我留下了深刻的印象，只是略有上升。但總的來說，我想問，您是否了解最近幾季修改了資產負債表貸款、解決了哪些問題？您認為還有多少百分比需要某種修改？

I don't have those numbers. I don't have those numbers ahead of me, but I will tell you this has been a process that began 2 years ago. We got out ahead of it. We started managing loans that we thought would be requiring adjustments and changes. It's an ongoing process. We resolved a few. We modified a few. We got a few new ones to come in. I see this trend continuing over the next 3 to 4 quarters in this elevated interest rate environment. So whether it ticks up a little bit, it should tick up a little bit, but it's been pretty consistent.

我沒有這些數字。我沒有這些數字，但我會告訴你這是一個兩年前開始的過程。我們提前出去了。我們開始管理我們認為需要調整和改變的貸款。這是一個持續的過程。我們解決了一些。我們修改了一些。我們引入了一些新產品。我認為在利率上升的環境下，這種趨勢將在未來 3 到 4 個季度持續下去。因此，無論它是否上漲一點點，它都應該會上漲一點點，但它一直非常穩定。

Yes Jade, it's Paul. I mean, it's been fairly nominal. We've been pleasantly surprised the last few quarters, as Ivan said, we're expecting continued stress. And we think over the next 2 quarters, we'll continue to have those conversations with borrowers, but during the quarter, we only had one material modification, which we disclosed, which was that $70 million loan I mentioned in my commentary. That was a defaulted loan last quarter that we were able to restructure and get to a performing loan. That was the only material modification we had in the quarter. So as a percentage, that's a pretty low percentage. And we've been fairly fortunate that those numbers have been quite low over the last few quarters.

是的，傑德，是保羅。我的意思是，這只是名義上的。正如伊万所說，過去幾季我們感到驚喜，我們預計壓力將持續存在。我們認為在接下來的兩個季度中，我們將繼續與借款人進行這些對話，但在本季度，我們只進行了一項重大修改，我們披露了這一點，那就是我在評論中提到的那筆7000 萬美元貸款。這是上個季度的違約貸款，我們能夠重組並獲得良好的貸款。這是我們本季唯一的重大修改。因此，從百分比來看，這是一個相當低的百分比。我們相當幸運，過去幾季這些數字相當低。

Nothing comes to mind that with a significant modification other than that item over the last few quarters, but that obviously could change in the next few quarters.

除了過去幾季的該項目之外，沒有想到任何重大修改，但顯然這可能會在接下來的幾個季度發生變化。

And cumulatively reviewing CLO surveillance performance, it does seem that the percentage would be in the 15% to 20% range over not just the last 2 quarters, but maybe, say, 18 months. Does that number strike you as too high or reasonable?

綜合審查 CLO 的監控表現，該百分比似乎不僅在過去 2 個季度甚至在 18 個月內都在 15% 到 20% 的範圍內。您認為這個數字過高還是合理？

I think that number is high. I have to look back. I mean, we did, as I said...

我認為這個數字很高。我必須回頭看看。我的意思是，正如我所說，我們做到了…

I think what you're referring to is loans that may be more credit risk under the terms of the business of it not loans that are being modified two different categories in 2 different times.

我認為您指的是根據其業務條款可能具有更大信用風險的貸款，而不是在兩次不同時間修改兩個不同類別的貸款。

Yes, there's a difference.

是的，有差別。

Okay. Turning to cash flow performance. I understand that when we look at the cash flow statement, there's timing of loan originations for Fannie and Freddie and then the loan sales, which take place 30 to 60 days after that. So adjusting for that, were there any items that drove negative working capital? There is a category called other assets and liabilities, that working capital account. I think in the quarter was negative $200 million, which doesn't usually occur. I wanted to see if you could provide any color on that.

好的。轉向現金流表現。據我所知，當我們查看現金流量表時，會看到房利美和房地美貸款發放的時間，然後是貸款銷售的時間，貸款銷售發生在這之後的 30 到 60 天。因此，對此進行調整後，是否有任何項目導致營運資本為負值？有一個類別稱為其他資產和負債，即營運資金帳戶。我認為本季虧損 2 億美元，這種情況通常不會發生。我想看看你是否可以提供任何顏色。

Yes. I have to look at what items you're talking about, a lot of things get netted into the cash flow. I'll take a look at the details, Jade, and I can call you after because there's a lot of things netted in there. But the cash flows were, I think, pretty stable compared to last quarter, but I'll get back to you on that item.

是的。我必須看看你在談論哪些項目，很多東西都被計入了現金流。我會看一下細節，傑德，之後我可以打電話給你，因為裡面有很多東西。但我認為，與上季相比，現金流相當穩定，但我會就該專案回覆您。

Okay. But just overall, your feeling about cash flow performance is that it remains strong and steady. Is that how you would characterize it?

好的。但總體而言，您對現金流表現的感覺是它仍然強勁且穩定。您會這樣描述它嗎？

Yes. That's how we look at it. I mean distributable earnings were $0.55. I mean that's the best representation of cash flow, right? It's the item, the metric we use to cover our dividend, right? So we look at it with a tremendous coverage ratio 55% versus 43%, but we've not seen a significant decline in cash flow. Obviously, we have a few more nonperforming loans. So that puts your cash flow a little bit.

是的。我們就是這樣看的。我的意思是可分配收益為 0.55 美元。我的意思是這是現金流的最佳代表，對吧？這是我們用來支付股息的項目，指標，對吧？因此，我們以 55% 和 43% 的巨大覆蓋率來看待它，但我們沒有看到現金流量顯著下降。顯然，我們還有一些不良貸款。這樣你的現金流就會減少一些。

But again, we're ramping up our SFR business, we're putting out some Mezz and PE. We've not seen a significant decline in that cash flow number yet.

但我們再次強調我們正在加強 SFR 業務，我們正在推出一些 Mezz 和 PE。我們還沒有看到現金流量顯著下降。

And we have our next question from Rick Shane with JPMorgan.

摩根大通的 Rick Shane 提出了下一個問題。

First, can we talk a little bit about the $70 million restructuring? What is the advance rate that you received on the facilities that you pledged it to? And was any of the mezz that was funded during the quarter associated with that restructuring?

首先，我們可以談談7000萬美元的重組嗎？您在承諾的設施上收到的預付款是多少？本季獲得資助的中間層是否與該重組相關？

Paul, before you answer that question, I want to give a little perspective on that Paul, because it kind of touches upon some of the questions that were asked, and I think it's a good case study. That was a very, very good asset and a very good market that required a certain execution of business plan. The borrower 100% failed on his execution. 100%. Couldn't execute. Whether it was distracted by other issues. We have no idea. We were able to bring in another operator and within this short period of time, he's already transitioned this asset because he knows the market, knows the asset quality and has done a remarkable job. So that's kind of the overview of that transaction. Great asset, great opportunity, bad management, bad execution, replaced with a good operator and a recapitalization. Paul, you can go now give the specifics.

保羅，在你回答這個問題之前，我想對保羅給予一些看法，因為它涉及了一些被問到的問題，我認為這是一個很好的案例研究。這是一個非常非常好的資產和非常好的市場，需要一定的商業計劃執行。借款人的執行100%失敗。 100%。無法執行。是否被其他問題分散了注意力。我們不知道。我們能夠引進另一位營運商，在這麼短的時間內，他已經完成了這項資產的過渡，因為他了解市場，了解資產品質並且做得非常出色。這就是該交易的概述。巨大的資產，巨大的機會，糟糕的管理，糟糕的執行力，取而代之的是優秀的經營者和資本重組。保羅，你現在可以給具體細節了。

Yes, sure. So exactly what Ivan said, right? Great asset, just sponsor was not getting this asset to plan like we thought he would, was behind on his payment last quarter had gone delinquent 2 months, and then we have the 3 months this quarter, which is 5 months. We restructured the deal and that we were able to get a payment of 3 months in back interest, so we did get [$1 million] recovery this quarter in interest. We structured a deal in which the property was sold to a third-party borrower, a third party, a new borrower assumed our debt and as part of the assumption of our debt, we modified our loan to a 3-year loan.

是的，當然。伊万說得對嗎？偉大的資產，只是贊助商沒有像我們想像的那樣讓這項資產按計劃進行，上個季度拖欠付款已經拖欠了 2 個月，然後我們這個季度有 3 個月，也就是 5 個月。我們重組了交易，我們能夠獲得 3 個月的利息支付，因此本季我們確實獲得了 [100 萬美元] 的利息回收。我們制定了一項交易，將房產出售給第三方借款人，第三方、新借款人承擔了我們的債務，作為承擔我們債務的一部分，我們將貸款修改為三年期貸款。

The first 18 months, the interest rate is 6% fixed, and then after that 18 months, it reverts back to its original [SFRs] plus 340. And as Ivan mentioned, a quality sponsor that has committed $10.5 million to the project, $2.5 million was funded day one as an interest reserve. And the other $8 million is capital improvements that are going to be made into the asset over the next 15 months. And if those are not made or if they've come up short, the borrower needs to post a rental reserve of the lesser $2.5 million and the difference between the $8 million capital improvements in what he spent.

前 18 個月，利率固定為 6%，然後 18 個月後，恢復到原來的 [SFR] 加 340。正如 Ivan 提到的，一位優質贊助商已向該項目承諾 1050 萬美元，2.5 美元第一天就提供了100 萬美元作為利息儲備。另外 800 萬美元是資本改善資金，將在未來 15 個月內用於該資產。如果這些資金沒有到位或資金不足，借款人需要繳納 250 萬美元的租金儲備金以及他所花費的 800 萬美元資本改善之間的差額。

And it's also important to note that he's guaranteed those $8 million of capital improvement. So that's a perfect example of what we're capable of. We took a borrower, who wasn't executing as planned. We brought in a new borrower who's committed significant capital to the asset. It's going to improve the asset, get it to stabilize value quicker. Took a slight reduction in interest rates for 18 months, but then it goes back to its original rate, and that's kind of the whole structure.

同樣重要的是要注意，他保證了這 800 萬美元的資本改善。這是我們能力的完美例子。我們找了一個借款人，但他沒有照計畫執行。我們引入了一位新借款人，他為該資產投入了大量資金。它將改善資產，使其更快地穩定價值。利率略有下降 18 個月，但隨後又回到原來的利率，整個結構就是這樣。

Got it. And that is Paul now carried apart, did you provide any mezz associated with that?

知道了。現在保羅已經被拆散了，你有提供任何與之相關的中音嗎？

We did not provide mezz on that loan, and we did not have a reserve on that loan because the loan -- and we like the asset a lot, and we think we're money good. We did end up restructuring that loan, putting into one of our facilities and getting a pretty standard advance rate. But we did not provide mezz against that loan.

我們沒有為那筆貸款提供中間層，我們也沒有為那筆貸款提供準備金，因為這筆貸款——我們非常喜歡這項資產，而且我們認為我們的錢很好。我們最終確實重組了這筆貸款，投入我們的一項設施並獲得了相當標準的預付款率。但我們沒有提供針對該貸款的夾層貸款。

That's helpful. Second question, there were $347 million of extensions in the quarter. Just curious if you can just sort of give us -- and I realize it's going to be idiosyncratic over a wide array of loans. But if you can give us some perspective on what extensions look like? What you are able to get in terms of pay downs and what you're requiring in terms of rate caps? And finally, what you're doing with coupons on those?

這很有幫助。第二個問題，本季有 3.47 億美元的延期。只是好奇你是否可以給我們一些——我意識到這對於各種各樣的貸款來說都是特殊的。但是您能否給我們一些關於擴充是什麼樣子的看法？您能夠獲得哪些頭期款以及您對利率上限有何要求？最後，你用這些優惠券做什麼？

Sure. So I can give a little color. Ivan, will probably be able to give the rest in the market, but most of all those extensions were as a bright extensions, which is what borrowers have if they're making their payments and they're doing the things they should be doing. They have an as a right extension. So there's not really much we do differently with they're entitled to that extension. They've executed their plan and that extension is part of their terms.

當然。所以我可以給一點顏色。伊凡（Ivan）可能能夠提供市場上的其餘部分，但最重要的是，這些延期都是明智的延期，如果借款人正在付款並且正在做他們應該做的事情，那麼他們就擁有這樣的延期。他們有一個作為正確的擴展。因此，對於他們有權獲得延期的情況，我們並沒有做太多不同的事情。他們已經執行了他們的計劃，並且延期是他們條款的一部分。

I think there was one loan in which the extension was granted and as a concession to grant extension, we ended up having a pay down of the loan of $2 million and increasing the actual interest rate for like a 3- or 6-month extension. But almost all of the extensions we did during the quarter were as of right extensions. Ivan, I don't know if you want to give a little color on that?

我認為有一筆貸款被授予了延期，作為授予延期的讓步，我們最終支付了 200 萬美元的貸款，並提高了實際利率，例如 3 或 6 個月的延期。但我們在本季所做的幾乎所有延期都是正確的延期。伊万，我不知道你是否願意對此發表一些看法？

Yes. Listen, if it does it right, there's not much to talk about. But if it's not as of right, we usually seek a level of consideration to warrant that extension to put the asset and our loan in a better position. So each one is individually analyzed to see how we can improve our position on a particular asset.

是的。聽著，如果做得對，那就沒什麼好說的了。但如果不正確，我們通常會尋求一定程度的考慮以保證延期，以使資產和我們的貸款處於更好的位置。因此，我們對每一項資產都進行了單獨分析，以了解如何改善我們在特定資產上的部位。

Does as of right require getting a rate cap extension as well?

是否也需要延長費率上限？

It depends. If it is -- if that's part of it, then it was right, if it's not, then it's not.

這取決於。如果是——如果這是其中的一部分，那麼它就是對的，如果不是，那麼它就不是。

Got it. Okay. And then not to answer Jade's question, but I think it ties into something that we didn't fully understand in terms of the cash flows. There was commentary in the 10-Q related to a $211 million -- $211.7 million related party transaction on servicing, is that...

知道了。好的。然後不回答傑德的問題，但我認為這與我們在現金流方面沒有完全理解的事情有關。 10-Q 中有評論涉及 2.11 億美元至 2.117 億美元的服務關聯方交易，是…

Yes, I just looked it up and I was going to respond to Jade. So this is timing, and this is what we talked about early in the commentary, Steve Delaney asked the question. We had very, very late run off in the quarter, which sometimes happens, doesn't always happen. When that run-off occurs, it runs off in our servicing shop, which is off balance sheet. And so we have to create a due from related party because that money is moved a day later.

是的，我剛剛查了一下，然後我準備回覆 Jade。所以這就是時機，這就是我們在評論中早期討論的內容，史蒂夫·德萊尼提出了這個問題。我們在本季度的比賽非常非常晚，這種情況有時會發生，但並非總是會發生。當這種徑流發生時，它會流到我們的維修店，這是資產負債表外的。因此，我們必須向關聯方收取應付款，因為這筆錢會在一天後轉移。

So if loans are paying off at the end of the month on 9/30, the money is sitting in our off-balance sheet servicer. But it's removed out of our portfolio, and it's a receivable that comes in the next day. So that cash flow change that you see of $200 million is all to do with the change in the related party line -- to do from related party line, which is totally timing and all that money came in on October 1.

因此，如果貸款在月底 9 月 30 日還清，這筆錢就會存放在我們的表外服務商中。但它已從我們的投資組合中刪除，並且是第二天收到的應收帳款。因此，您看到的 2 億美元現金流量變化完全與關聯方額度的變化有關——來自關聯方額度，這完全是時機，所有資金都是在 10 月 1 日進來的。

Got it. Okay. And then last question. Stock is now trading pretty much at book value. You guys have issued $185 million this year, repurchased 35 million. What are the parameters as we think about this, what is the premium you should be trading at book to approach the ATM? And what is the discount where you would consider repurchasing? And I'm assuming that at really close to par, you're doing neither.

知道了。好的。然後是最後一個問題。股票現在的交易價格幾乎是帳面價值。你們今年發行了1.85億美元，回購了3,500萬美元。當我們考慮這個問題時，參數是什麼？您在 ATM 機上帳面交易的溢價應該是多少？您會考慮回購的折扣是多少？我假設在非常接近標準的情況下，你兩者都沒有做。

We can't answer that in a vacuum. There's too many factors. It all depends on our liquidity position. The obligation is we have to fund the opportunities that we have in front of us, where the market dislocation is. So each circumstance presents us a different opportunity. Certainly buying back our stock at the right value is a great opportunity for us. If we have liquidity, it's something that would be extraordinarily attractive. We always feel our best investment is within our own sphere on the other -- on one hand.

我們無法憑空回答這個問題。因素太多了。這完全取決於我們的流動性狀況。我們的義務是，我們必須為我們面前的機會提供資金，因為市場混亂。因此，每種情況都為我們提供了不同的機會。當然，以正確的價格回購我們的股票對我們來說是一個很好的機會。如果我們有流動性，這將是非常有吸引力的。另一方面，我們總是覺得最好的投資是在自己的領域內。

On the other hand, we always want to grow our franchise and our business. And if it'd be really great lending opportunities through our franchise, we keep our eye on that as well. So it's a balancing act based on a variety of factors.

另一方面，我們始終希望發展我們的特許經營權和業務。如果透過我們的特許經營權確實有很好的貸款機會，我們也會密切關注。所以這是一個基於多種因素的平衡行為。

Got it. Now the balance sheet has continued to shrink this year. I think assets are down about 6%. You've issued equity into that. If the balance sheet continues to run off, would you continue to issue equity? Or is this something that will sort of stall until you have objectives of growing the balance sheet again?

知道了。現在今年資產負債表持續萎縮。我認為資產下降了大約 6%。你已經發行了股權。如果資產負債表繼續縮減，你會繼續發行股票嗎？或者，這會陷入停滯，直到您有再次擴大資產負債表的目標為止？

Well, let's keep in mind that we booked a lot of SFR business and that SFR business funds over time. So when we're booking business, we have a capital obligation and we try and match our capital obligations and keep our cash very, very constant in this kind of environment. So we're really sensitized to the opportunities on capital needs and keeping our cash balances at a very heightened level during this economic cycle. So that's one of the things we pay a lot of attention to.

好吧，請記住，我們預訂了大量 SFR 業務，隨著時間的推移，SFR 業務資金也會增加。因此，當我們預訂業務時，我們有資本義務，我們會盡力匹配我們的資本義務，並在這種環境下保持我們的現金非常非常穩定。因此，我們對資本需求的機會非常敏感，並在這個經濟週期中將我們的現金餘額保持在非常高的水平。所以這是我們非常關注的事情之一。

Clearly, when our book was high, and we're able to raise capital and then increase the amount of lending we did on the SFR side, we thought that was a really good match to generate 16% and 18% returns. And we'll manage that and monitor that accordingly.

顯然，當我們的帳面價值很高時，我們能夠籌集資金，然後增加我們在 SFR 方面的貸款金額，我們認為這是一個非常好的匹配，可以產生 16% 和 18% 的回報。我們將對此進行管理並進行相應的監控。

Got it. Okay. That's very helpful. And last question, I promise. There is -- and it ties into what you just said. There is a $56.9 million mezz commitment. I am curious what the CECL reserve levels are for unfunded commitments on mezz?

知道了。好的。這非常有幫助。最後一個問題，我保證。有——而且它與你剛才所說的有關。夾層承諾金額為 5,690 萬美元。我很好奇 CECL 對於夾層無資金承諾的儲備水準是多少？

Yes. It's a model that we run. I don't have that at my fingertips, Rick. I mean the models are run, obviously, subordinated paper gets a higher CECL reserve than obviously, first lien senior bridge stuff. We do have roughly right now, we're sitting with about $73 million in general CECL on our balance sheet. I don't have it in front of me. It may actually be disclosed. I'm not sure, but we can get you that on how much is related to mezz and what's related to unfunded commitments. It's just -- it factors into the model. It certainly factors in at a higher loss level because of the subordinate position to it.

是的。這是我們運行的一個模型。我手邊沒有這個，瑞克。我的意思是，模型運行後，顯然，附屬文件獲得的 CECL 儲備金明顯高於第一留置權高級橋樑材料。目前我們的資產負債表上確實有約 7,300 萬美元的 CECL。我面前沒有它。實際上可能會被披露。我不確定，但我們可以讓您了解有多少與夾層相關，以及哪些與無資金承諾相關。只是——它會影響模型。由於其從屬地位，它肯定會造成更高的損失水平。

And we have our next question from Crispin Love with Piper Sandler.

我們有克里斯平·洛夫 (Crispin Love) 和派珀·桑德勒 (Piper Sandler) 提出的下一個問題。

Just looking at the nonperformers in the quarter, you added 5 loans there, but only $16 million. Just curious a little bit more detail there. Are those smaller loans? Or was that to resolve in that delinquency you mentioned? And just any additional info in detail on the new nonperformers and credit generally would be helpful.

只要看看本季的不良貸款，您就增加了 5 筆貸款，但只有 1600 萬美元。只是好奇那裡有更多細節。那些是小額貸款嗎？還是為了解決你提到的違法行為？一般而言，有關新的不良企業和信用的任何其他詳細資訊都會有所幫助。

Sure. So we added actually six new nonperforming loans during the quarter for a total of about $98 million in total UPB. So they range anywhere from $10 million to $30 million of the assets, and then we resolved the $70 million asset that I took Rick through on the change in the terms. So the net change was $28 million during the quarter. The assets are not particularly different than the type of assets we've done. They're all multifamily, all bridge, they're throughout the country and the LTVs on these assets range anywhere from high 60s to 90s and then one we have 100, because we took a reserve against it of $1.5 million. But really nothing different than the type of assets we've had in the past.

當然。因此，我們在本季實際上新增了 6 筆不良貸款，UPB 總額約為 9,800 萬美元。因此，資產的範圍從 1000 萬美元到 3000 萬美元不等，然後我們解決了我讓 Rick 接受條款變更的 7000 萬美元資產問題。因此，本季的淨變化為 2800 萬美元。這些資產與我們所做的資產類型沒有特別不同。它們都是多戶型、橋型，分佈在全國各地，這些資產的 LTV 範圍從 60 多歲到 90 多歲不等，我們有 100 多戶，因為我們為此準備了 150 萬美元的準備金。但實際上與我們過去擁有的資產類型沒有什麼不同。

Okay. Great. That's helpful. And then just if we're in a higher for longer scenario, which you alluded to, I think, Ivan, you said that at rates to be somewhat stable over 3 quarters. How would you expect that to impact the structured loan book in originations? I think as expected, bridge continues to soften a bit, but you have been seeing some nice solid activity in SFR. So curious on your thoughts on forward originations in this great backdrop in both of those areas.

好的。偉大的。這很有幫助。然後，如果我們處於長期較高的情況下，我想，伊万，你提到了這一點，你說利率將在三個季度內保持穩定。您預計這會對發起的結構性貸款帳目產生什麼影響？我認為正如預期的那樣，橋樑繼續軟化一點，但您已經在 SFR 中看到了一些不錯的穩定活動。很好奇您對這兩個領域的大背景下的前瞻性起源的想法。

Listen, if rates drop, our Agency Business will explode as a lot of our balance sheet is really well positioned to be transferred into fixed -- long-term fixed rate. So that's where the opportunities will come in the growth of the Agency Business. With respect to the floating rate business, when there's price capitulation, people want to buy assets that need improvement or short term in nature. You'll see that business pick up. So a drop in rates will create great opportunities. And we don't expect that to happen until perhaps the third quarter or maybe even the fourth.

聽著，如果利率下降，我們的代理業務將會爆炸，因為我們的許多資產負債表確實處於有利位置，可以轉換為固定的長期固定利率。這就是代理業務成長的機會所在。對於浮動利率業務，當價格下跌時，人們希望購買需要改善或短期的資產。你會看到生意好轉。因此，利率下降將創造巨大的機會。我們預計這種情況可能要到第三季甚至第四季才會發生。

Okay. And then I guess just following up on that and looking at the Agency Business, 10-year right now, it's about 480. In order for you to kind of see a meaningful pickup in agency originations. Do you think -- how do you think about that when you're looking at 10-year?

好的。然後我想，只要跟進這一點，看看代理業務，現在 10 年，大約是 480。為了讓你看到代理起源的有意義的增長。當你考慮 10 年時，你會如何看待這個問題？

It will pick up at each level, 450, you'll see an increase in a quarter, you'll see a bigger increase or you're seeing increase sub-cord or explode. So as the tenure drops, the agency business will ratchet it up and the deeper it goes, the more exponential it will be.

它會在每個級別上升，450，你會看到四分之一的增長，你會看到更大的增長，或者你看到子線增加或爆炸。因此，隨著任期的縮短，代理業務將會加速發展，而且發展得越深入，就會呈指數級增長。

And we now have our next question from Stephen Laws with Raymond James.

現在我們有史蒂芬·勞斯和雷蒙德·詹姆斯提出的下一個問題。

I just wanted to ask a quick follow-up. We touched a lot on Arbor specific stuff. But can you maybe give us your views more macro on the fundamental side of multifamily kind of around new supply in the near term, maybe a lack of supply in the medium term, slowing rent growth for near term related to that? And then on the expense side, anything around property taxes or insurance-related costs given the type of multifamily assets you guys play in and the regions you're in?

我只是想快速跟進一下。我們接觸了很多關於 Arbor 的具體內容。但您能否就近期新增供應的多戶型基本面提供更宏觀的看法，也許中期供應不足，從而減緩與此相關的近期租金增長？然後在費用方面，考慮到你們所玩的多戶資產類型以及你們所在的地區，有什麼關於財產稅或保險相關成本的事情嗎？

Listen, I think new construction, the absorption is slower. We all see that. Rent growth has slowed, expenses are a little higher than everybody thought. In your primary markets, you're looking at a flat rent growth to expense. So that's the way we've looked at it for quite some time now. But the markets with new deliveries, Class A, the absorption of concessions are higher than expected. And it's going to take a little bit to absorb. Given the housing market where it is, people aren't really buying houses. So I think that the demand for rentals continue to be fairly strong.

聽著，我認為新建築的吸收速度較慢。我們都看到了。租金成長放緩，費用比大家想像的還要高。在您的主要市場中，您會看到租金與費用的成長持平。這就是我們長期以來的看法。但新交付的A級市場，吸收的優惠量高於預期。並且需要一點時間來吸收。考慮到當前的房地產市場，人們並沒有真正買房。所以我認為租賃需求仍然相當強勁。

And we have our next question from Jade Rahmani with KBW.

KBW 的 Jade Rahmani 提出了下一個問題。

The stock had been up in response to the results, but is now down 2%. Just a big picture question. What do you think is most misunderstood by the market as it relates to whether it be the book value or the credit risk or the earnings outlook?

該股曾因業績而上漲，但目前下跌 2%。只是一個大問題。您認為市場最容易誤解的是帳面價值、信用風險還是獲利前景？

Listen, we can't speak to that. All we can speak is that the whole sector is down. We've outperformed the sector and in terms of the company's performance. And it's a hard mentality that is a large concern in the sector. The sector is down. We're just going to continue to perform through our thing to outperform our peers. And I think it's patience, and it's hard for me to speak to the investment mentality. We just run our company of consistent performance. And sometimes you get grouped in and sometimes just -- there were just headwinds, a lot of headwinds in the market.

聽著，我們不能談論這個。我們只能說整個產業都在下滑。就公司業績而言，我們的表現優於同業。這種強硬的心態是該行業的一大擔憂。該行業正在下滑。我們將繼續透過我們的工作來超越我們的同行。而且我覺得就是耐心，投資心態我很難講。我們只是以一致的績效來經營我們的公司。有時你會陷入困境，有時只是——市場上有很多逆風。

And on the NPL side, maybe this gets to the point. It's $138 million per day, 1% of loans. What do you think the peak number of that will be?

在 NPL 方面，也許這就是重點。每天 1.38 億美元，佔貸款的 1%。您認為峰值數量會是多少？

It's not something we forecast. I will talk to -- Paul, do you have any comment on that?

這不是我們預測的事。我會和──保羅談談，你對此有什麼評論嗎？

I don't. I mean, as we've said in our commentary, Jade, is new issues arise every day. We knock them down and when we get new ones. I can't tell you where that number goes. I think we've done a great job of managing it to date and putting our efforts where it needs to be, but it's -- I don't have a crystal ball and what happens to the market and where that number goes, but first 2 quarters have been okay.

我不。我的意思是，正如我們在評論中所說，Jade，每天都會出現新問題。當我們得到新的時，我們會把它們擊倒。我無法告訴你這個數字去哪了。我認為到目前為止，我們在管理方面做得很好，並將我們的努力投入到需要的地方，但我沒有水晶球，也不知道市場會發生什麼以及這個數字會去哪裡，但首先2個季度都還好。

And on the cash flow number, the cash flow performance number, you talked in response to Rick's question about the other liabilities and the due from related party line item. So that line resolved October 1, average cash flow was very strong in the fourth. Is that how we look at that?

關於現金流量數字，現金流量績效數字，您在回答里克關於其他負債和關聯方應收款項的問題時談到了這一點。因此該線於 10 月 1 日解決，第四季度的平均現金流量非常強勁。我們是這樣看的嗎？

Yes, that's right. It's just timing. We had a bunch of loans pay off late by the end of the month, 9/30, 9/29. Those loans, the cash is not remitted to us until October 1. It takes a day or 2 to get it out of our service shop once they process it. So yes, so that's why that number is down so much in the cash flow. But again, it's timing. That was it was late.

恩，那就對了。這只是時機。我們有一大堆貸款在月底（9月30日、9月29日）還清。這些貸款，現金要到10月1日才匯給我們。他們處理完後，需要一兩天才能從我們的服務店取出。是的，這就是現金流量下降如此之多的原因。但話又說回來，現在正是時候。那是已經太晚了。

That would imply about $140 million of cash from operations in the quarter. And the dividend costs, $90 million -- sorry, about $95 million, including the preferred. So cash flow is continuing to be in excess of the dividend.

這意味著本季的營運現金約為 1.4 億美元。股息成本為 9000 萬美元——抱歉，大約 9500 萬美元，包括優先股。因此，現金流持續超過股利。

That's correct.

這是正確的。

And we have reached out allotted time for our Q&A session today. I will now turn the call back over to Ivan Kaufman for any closing remarks.

我們今天已經安排了問答環節。現在，我將把電話轉回伊凡·考夫曼（Ivan Kaufman），讓其發表結束語。

(inaudible)?

（聽不清楚）？

Yes, we're done with our questions. Well, we certainly appreciate everyone's support. We think our results have been outstanding and above our peers, and we continue to grind forward, and we continue to have confidence in our ability to manage through the downturn. Hope everybody has a great weekend.

是的，我們的問題已經問完了。嗯，我們當然感謝大家的支持。我們認為我們的業績非常出色，高於同行，我們將繼續努力前進，我們仍然對我們度過低迷時期的能力充滿信心。希望大家週末愉快。

Thank you. This does conclude today's teleconference. Thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。