Arbor Realty Trust Inc (ABR) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the first quarter 2025 Arbor Realty Trust earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，早安，歡迎參加 2025 年第一季 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。（操作員指示）

I will now like to turn the call over to your speaker today, Paul Elenio, Chief Financial Officer. Please go ahead.

現在我想將電話轉給今天的發言人、財務長保羅‧埃萊尼奧 (Paul Elenio)。請繼續。

Thank you, David, 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 March 31, 2025. With me on the call today is Ivan Kaufman, our President and Chief Executive Officer.

謝謝你，大衛，大家早上好，歡迎參加 Arbor Realty Trust 的季度財報電話會議。今天上午，我們將討論截至 2025 年 3 月 31 日的季度業績。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 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所作的陳述可能被視為前瞻性陳述，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 or 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。敬請聽眾不要過度依賴這些前瞻性陳述，因為它們僅代表截至今天的觀點。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 總裁兼執行長 Ivan Kaufman。

Thank you, Paul, and thanks, everyone, for joining us on today's call. As you can see from this morning's press release, we had an active and productive quarter with many notable accomplishments, including substantial improvements to the right side of our balance sheet and significant progress on working through our delinquencies and REO assets despite the challenging environment.

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，我們度過了一個活躍而富有成效的季度，取得了許多顯著的成就，包括資產負債表右側的實質性改善，以及在充滿挑戰的環境下處理拖欠和 REO 資產方面取得的重大進展。

We have been heavily focused on creating efficiencies in our financing facilities to continue to drive higher returns on our capital. In fact, in March, we announced a transformational deal, in which we entered into a $1.1 billion repurchase facility to finance assets in two of our existing CLO vehicles with JPMorgan. This allowed us to redeem at par and full, all invested capital in these vehicles while creating tremendous efficiencies through significantly reduced pricing enhanced leverage and guaranteed, and generated approximately $80 million of additional liquidity.

我們一直致力於提高融資效率，以持續提高資本報酬率。事實上，今年 3 月，我們宣布了一項轉型協議，與摩根大通達成了一項 11 億美元的回購協議，為我們現有的兩款 CLO 工具的資產提供融資。這使我們能夠以面額全額贖回這些工具中的所有投資資本，同時透過大幅降低定價、增強槓桿和擔保創造了巨大的效率，並產生了約 8000 萬美元的額外流動性。

Additionally and very significantly, the facility is 88% nonrecourse and provides us with a two year replenishment period to substitute collateral when loans run off. This is essentially like issuing a new CLO with significantly improved terms. And since every loan finance in this facility has been recently appraised, this transaction also very importantly, reinforces the quality of our loan book.

此外，非常重要的是，該貸款具有 88% 的無追索權，並為我們提供兩年的補充期，以便在貸款用完時替代抵押品。這本質上就像是發行條款得到顯著改善的新 CLO。而且由於該機構中的每筆貸款融資都最近都經過了評估，因此這筆交易也非常重要的是增強了我們貸款帳簿的品質。

We're extremely pleased with this innovative transaction, and we believe demonstrates the quality of our brand and the depth of our banking relationships and again, will drive higher earnings in the future.

我們對這項創新交易感到非常高興，我們相信這反映了我們品牌的品質和銀行關係的深度，並將在未來再次推動更高的收益。

We also saw a very strong demand in our first quarter in the CLO securitization market. We've been the leader in this space for over 20 years and have been extremely active in access in this market. These vehicles are very attractive to us as they allow us to fund our loans with nonrecourse, non-mark-to-market debt with replenishment rights and generate outsized returns on our capital.

我們也看到第一季 CLO 證券化市場的需求非常強勁。20 多年來，我們一直是該領域的領導者，並且一直非常活躍地進入該市場。這些工具對我們來說非常有吸引力，因為它們允許我們用無追索權、非以市價計價的債務以及補充權來為我們的貸款提供資金，並產生超額的資本回報。

And while this market has cooled off a little in the last few weeks, there is a significant amount of liquidity in the space that we expect will drive a very robust CLO market going forward. We will continue to be an active player in this space, which again is a big part of our strategy, and will help drive increased future earnings through these low-cost, long-dated funding sources.

儘管該市場在過去幾週有所降溫，但該領域仍有大量流動性，我們預計這將推動未來 CLO 市場非常強勁的發展。我們將繼續積極參與這一領域，這也是我們策略的重要組成部分，並將透過這些低成本、長期的融資來源幫助推動未來收益的成長。

On our last call, we discussed how the significant backup and long-term rates will create substantial headwinds for everybody in this space. We talked about how this environment, which created a very challenging originations climate, as it relates to our agency business, and how it was also going to result in a curtailed ability for borrowers to transition to fixed rate loans and recap their deals.

在我們上次的電話會議中，我們討論了大量的備份和長期利率將如何為這個領域的每個人帶來巨大的阻力。我們討論了這種環境如何為我們的代理業務創造了一個極具挑戰性的貸款發放環境，以及它將如何導致借款人轉向固定利率貸款和重新進行交易的能力受到限制。

Since the announcement of the Trump tariffs and the trade wars that have ensued, we have seen a tremendous amount of uncertainty and rate volatility that has resulted a large swing in the 5 and 10 year indexes and what feels like -- feels that time is a constantly changing economic forecast.

自從川普宣布徵收關稅以及隨之而來的貿易戰以來，我們看到了巨大的不確定性和利率波動，導致 5 年期和 10 年期指數大幅波動，感覺就像——時間是一個不斷變化的經濟預測。

It will be very hard to predict where all has settled out for the balance of the year and where interest rates will go as a result. We expect, at least in the short term for there to be a tremendous amount of volatility and uncertainty. We will continue to monitor the market environment and determine the effect that will have on our business for the balance of 2025.

很難預測今年餘下的時間裡一切將如何解決以及利率將如何變動。我們預計，至少在短期內會出現巨大的波動性和不確定性。我們將繼續監測市場環境，並確定其對 2025 年業務的影響。

We were very prudent with the guidance we gave on last quarter's call for 2025, which is based on a similar market conditions to what we are experiencing. Very recently, we have seen a reduction in the 5 and 10 year interest rates, which, if this trend continues, will be a positive catalyst for our business by driving increased agency volumes and allow us to move more loans off our balance sheet, which will increase our earnings run rate and position us well for 2026.

我們對上個季度對 2025 年的預測非常謹慎，該預測基於與我們正在經歷的類似的市場狀況。最近，我們看到 5 年期和 10 年期利率有所下降，如果這種趨勢持續下去，這將成為我們業務的積極催化劑，因為它將推動代理業務量的增加，並使我們能夠將更多貸款從資產負債表中轉移出去，這將提高我們的盈利運行率，並為我們 2026 年做好準備。

We continue to do a very effective job despite the elevated rates of working through our loan portfolio by getting borrowers to recap their deals and purchase interest rate caps as well as bring in new sponsors to take over assets, either consensually or through foreclosure.

儘管我們的貸款組合處理率不斷上升，但我們仍然透過讓借款人重新修訂交易、購買利率上限以及引入新的贊助商以協商一致或透過取消抵押品贖回權的方式接管資產，繼續有效地完成工作。

These are very important strategies that have resulted in (technical difficulty) I'm sorry, that resulted in our ability to reposition as the performance of these assets is greatly affected by poor management and from being undercapitalized, which resulted a very low occupancy -- I'm sorry, excuse me one second.

這些都是非常重要的策略，但卻導致了（技術困難）很抱歉，這導致我們無法重新定位，因為這些資產的表現受到管理不善和資本不足的極大影響，導致入住率非常低——對不起，請稍等一下。

These are very important strategies that have resulted in a large portion of our loan book being successfully repositioned as performing assets with enhanced collateral values and experienced sponsors and have created a more predictable future income stream.

這些都是非常重要的策略，使我們很大一部分的貸款成功地重新定位為具有增強的抵押品價值和經驗豐富的發起人的良好資產，並創造了更可預測的未來收入流。

We also continue to make progress on the $819 million of loans that will pass through as of December 31, in accordance with our previous guidance. In the first quarter, we successfully modified $38 million of these loans, at $39 million of loans become fully performing again, and took back approximately $197 million of REO assets. $31 million of which we are in the process of bringing responses to operate and assume our debt.

我們也將繼續按照先前的指導方針，推進截至 12 月 31 日將發放的 8.19 億美元貸款的發放。第一季度，我們成功修改了其中 3,800 萬美元的貸款，3,900 萬美元的貸款再次完全恢復正常，並收回了約 1.97 億美元的 REO 資產。其中 3,100 萬美元我們正在採取應對措施以運作並承擔我們的債務。

As expected, we did experience additional delinquencies during the quarter of approximately $109 million, bringing our total delinquencies out of March 31 to approximately $654 million. And our plans for resolving our remaining delinquencies are to take back as REO, including bringing new sponsorship approximately 30% of this pool, with the other roughly 65% either paying off or being modified in the future. This would put our REO assets on our balance sheet in the range of $400 million to $500 million, with another roughly $200 million that we will have brought in new sponsorship to operate.

正如預期的那樣，我們在本季確實經歷了約 1.09 億美元的額外拖欠，使我們 3 月 31 日的總拖欠金額達到約 6.54 億美元。我們解決剩餘拖欠款項的計劃是收回 REO，包括為新贊助商帶來約 30% 的資金，其餘約 65% 的資金要么償還，要么在未來進行修改。這將使我們資產負債表上的 REO 資產達到 4 億至 5 億美元，另外還有大約 2 億美元我們將引入新的贊助來運作。

As we discussed on last quarter's call, these REO assets will be heavy lifting position of our loan book, and we estimate it will take approximately 12 to 24 months to reposition as the performance of these assets have been greatly affected by poor management and from being undercapitalized, which has resulted in very low occupancies and NOIs. As a result, these REO assets will temporarily create the greatest drag on our earnings, which is a significant component of our revised guidance for 2025.

正如我們在上個季度的電話會議上所討論的那樣，這些 REO 資產將佔據我們貸款帳簿的重擔，我們估計需要大約 12 到 24 個月的時間進行重新定位，因為這些資產的表現受到管理不善和資本不足的極大影響，導致入住率和 NOI 非常低。因此，這些 REO 資產將暫時對我們的獲利造成最大的拖累，而獲利是我們 2025 年修訂指引的重要組成部分。

We do believe there is a great economic opportunity for us to step in and reposition these assets and significantly grow the occupancy and NOIs over the next 12 to 24 months, which will increase our future earnings substantially.

我們確實相信，這是一個巨大的經濟機會，我們可以介入並重新定位這些資產，並在未來 12 到 24 個月內大幅提高入住率和淨營業收入，這將大幅增加我們未來的收益。

We are working exceptionally hard in resolving our delinquencies, which have been significantly affected by the higher interest rate environment and again, was factored into our 2024 guidance. As I have said before, if rates come down sooner than we expect, we will have a positive impact on our ability to convert noninterest earning assets into income-producing investments, which will be accretive to our future earnings.

我們正在非常努力地解決拖欠問題，這些問題受到高利率環境的嚴重影響，並且再次被納入我們的 2024 年指導中。正如我之前所說，如果利率下降得比我們預期的要快，這將對我們將非利息收入資產轉換為創收投資的能力產生積極影響，這將增加我們未來的收益。

Turning now to our first quarter performance as Paul will discuss in more detail. Our quarterly results were in line with our previous guidance, with us producing distributable earnings of $0.31 per share in the first quarter. Based on these results and the environment we are currently operating, our Board has decided to reset the quarterly dividend to $0.30 a share, which again is in line with our guidance.

現在談談我們的第一季業績，保羅將進行更詳細的討論。我們的季度業績與先前的預期一致，第一季可分配收益為每股 0.31 美元。根據這些結果和我們目前的營運環境，董事會決定將季度股息重新調整為每股 0.30 美元，這再次符合我們的指導。

We anticipate that the next nine months will continue to be very challenging due to the significant drag on earnings from our REO assets and delinquencies and from the effect the higher interest rate environment is having on our originations business, all of which will make 2025 a transitional year, which is reflected in our revised dividend. As we successfully resolved these assets, and if we continue to see rate relief, we believe we will be well positioned to grow our earnings and dividends again in 2026.

我們預計，由於我們的 REO 資產和拖欠行為對盈利造成嚴重拖累，以及高利率環境對我們的發起業務產生影響，未來九個月仍將充滿挑戰，所有這些都將使 2025 年成為一個過渡年，這反映在我們修訂後的股息中。隨著我們成功解決了這些資產，如果我們繼續看到利率下調，我們相信我們將在 2026 年再次實現盈利和股息的成長。

In our balance sheet lending platform, we had an active first quarter, originating $370 million of new bridge loans. Last quarter, we guided to approximately $1.5 billion to $2 billion of bridge loan production for 2025, which we feel we are very on pace to accomplish.

在我們的資產負債表貸款平台中，我們第一季表現活躍，發放了 3.7 億美元的新過橋貸款。上個季度，我們預計 2025 年的過橋貸款產量約為 15 億至 20 億美元，我們認為我們能夠按計劃實現這一目標。

Whether we come in at the low end or the high end of the range is highly dependent upon market conditions and the interest rate environment, which, again, has been extremely volatile and unpredictable lately. This is a very attractive business as it generates a strong, leveraged returns on our capital, and in the short term, while continuing to build up significant pipeline of future agency deals, which is a critical part of our strategy.

我們是否處於範圍的低端或高端，在很大程度上取決於市場條件和利率環境，而最近，市場條件和利率環境極其不穩定且難以預測。這是一項非常有吸引力的業務，因為它能為我們的資本帶來強勁的槓桿回報，並且在短期內，它還能繼續建立重要的未來代理交易管道，這是我們策略的關鍵部分。

As we continue to take advantage of efficiencies in the securitization market with our commercial banks, we could drive higher levered returns and increased returns on our capital substantially.

隨著我們繼續與商業銀行一起利用證券化市場的效率，我們可以大幅提高槓桿回報並增加資本回報率。

As we talked about on our last call, we guided to $3.5 billion to $4 billion of agency volume in 2025, which is a much slower start -- with a much slower start in Q1 given the backup of rates that occurred last quarter. The first quarter did comment around what we expected or approximately $600 million of origination volume from the significant increase in the tenure, which has created a very challenging origination plan.

正如我們在上次電話會議上所討論的那樣，我們預計 2025 年的代理交易額將達到 35 億至 40 億美元，這是一個慢得多的開局——考慮到上個季度利率的回升，第一季度的開局要慢得多。第一季確實評論了我們預期的約 6 億美元發起量，這是由於任期的大幅增加，這為發起計畫帶來了極大的挑戰。

Again, there has been a very significant amount of volatility in the rate environment lately, with some dips in the 5 and 10 year rates that we were able to capitalize on growing our forward pipeline. In fact, our pipeline is approximately $2 billion today, which is up significantly from approximately $1.2 billion in late February when we started our last call. And this robust pipeline gives us confidence in our ability to deliver the range of guidance we gave in 2025 despite the slower first quarter.

再一次，最近利率環境出現了非常大的波動，5 年期和 10 年期利率出現了一些下降，我們可以利用這些下降來擴大我們的遠期管道。事實上，我們目前的融資管道約為 20 億美元，較我們上次 2 月底開始通話時的約 12 億美元大幅增加。儘管第一季成長放緩，但憑藉強勁的銷售管道，我們有信心實現 2025 年給出的一系列目標。

We continue to do an excellent job growing our single-family rental business. We had a solid first quarter with approximately $200 million in new business, and our pipeline remains strong. This is a great business that offers returns 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.

我們繼續出色地發展我們的單戶住宅租賃業務。我們第一季表現穩健，新業務額約 2 億美元，而且我們的業務管道依然強勁。這是一項偉大的業務，它透過建設、過橋和永久貸款機會為我們的資本提供回報，並在短期內產生強勁的槓桿回報，同時透過進一步多樣化我們的收入來源提供顯著的長期利益。

In fact, the business plan is working well as we are starting to see more of our construction loans transition to new bridge loans as well as being able to capture new bridge loan business off of other lenders SFR books because of how vertically integrated we are.

事實上，該業務計劃進展順利，因為我們開始看到更多的建築貸款轉變為新的過橋貸款，並且由於我們的垂直整​​合程度，我們能夠從其他貸款機構的 SFR 帳簿中獲得新的過橋貸款業務。

In the first quarter, we closed $131 million of new bridge loans on top of the $270 million that we closed in 2024. And with the enhanced efficiencies we are seeing in the financing side of the business, we are generating mid to high returns on our capital, which will contribute to increased future earnings, especially as we continue to scale up this business.

第一季度，我們完成了 1.31 億美元的新過橋貸款，2024 年我們完成了 2.7 億美元的過橋貸款。隨著我們在業務融資方面看到的效率的提高，我們正在產生中等到高的資本回報，這將有助於增加未來的收益，特別是當我們繼續擴大這項業務時。

We also continue to make steady progress in our construction lending business. We believe this product is very appropriate for our platform as it also offers us returns on our capital through construction, bridge and permanent agency lending opportunities and generate mid to high-teens returns on our capital.

我們的建築貸款業務也持續穩步推進。我們相信該產品非常適合我們的平台，因為它還透過建造、橋樑和永久代理貸款機會為我們提供資本回報，並為我們的資本產生中到高水平的回報。

We closed $92 million of deals in the first quarter and another $58 million in April. We also have a growing pipeline with roughly $300 million under application and another $500 million of additional deals we are currently screening, which gives us confidence that we will easily make and likely beat the guidance we gave of $250 million to $500 million of production in 2025.

我們在第一季完成了價值 9,200 萬美元的交易，四月又完成了價值 5,800 萬美元的交易。我們還有不斷增長的項目管道，其中約 3 億美元的項目正在申請中，另外還有 5 億美元的額外交易正在篩選中，這使我們有信心輕鬆實現並可能超過我們給出的 2025 年 2.5 億至 5 億美元產量的預期。

In summary, we have an active and productive first quarter with many notable accomplishments. We continue to execute our business plan very effectively and in line with our objectives and guidance. Clearly, there's been a tremendous amount of volatility in this space, especially as it relates to the outlook of short-term and long-term rates. If the rate environment improves, it will have a positive impact on our business, and our outlook going forward.

總而言之，我們的第一季活躍而富有成效，取得了許多顯著的成就。我們將繼續非常有效地執行我們的業務計劃，並符合我們的目標和指導。顯然，這個領域存在著巨大的波動，特別是與短期和長期利率前景相關的波動。如果利率環境改善，將對我們的業務和未來前景產生正面影響。

Additionally, we continue to see efficiencies in the securitization market and our bank line set, we will continue to be a positive catalyst. As mentioned earlier, we view 2025 as a transitional year in which we will work extremely hard to successfully resolve our REO assets and delinquencies, providing strong earnings foundations, which we can build upon in 2026.

此外，我們繼續看到證券化市場和銀行額度設定的效率，我們將繼續成為積極的催化劑。如前所述，我們將 2025 年視為過渡年，我們將竭盡全力成功解決我們的 REO 資產和拖欠問題，提供強大的盈利基礎，為我們在 2026 年繼續努力奠定基礎。

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

現在我將把電話轉給保羅，讓他向您介紹我們的財務表現。保羅？

Thank you, Ivan. In the first quarter, we produced distributable earnings of $57.3 million or $0.28 per share and $0.31 a share, excluding $7 million of onetime realized losses from the sale of two REO assets that we previously reserved for, $6 million of which we guided to on last quarter's call. These results translated into ROEs of approximately 10% for the first quarter.

謝謝你，伊凡。在第一季度，我們實現了 5730 萬美元的可分配收益，即每股 0.28 美元和每股 0.31 美元，不包括我們之前預留的出售兩項 REO 資產的 700 萬美元的一次性實現損失，其中 600 萬美元是我們在上個季度的電話會議上預計的。這些結果轉化為第一季約 10% 的 ROE。

As Ivan mentioned, we reflected the current environment in our 2025 distributable earnings guidance of $0.30 to $0.35 per quarter. Additionally, as I mentioned on last quarter's call, we were expecting at least the first two quarters of this year to come in at the low end of that guidance due to the challenging climate we're experiencing from elevated rates.

正如 Ivan 所提到的，我們在 2025 年可分配收益預測（每季 0.30 美元至 0.35 美元）中反映了當前的環境。此外，正如我在上個季度的電話會議上提到的那樣，由於利率上升帶來的嚴峻形勢，我們預計至少今年前兩個季度的業績將處於該預期的低端。

Clearly, rates are playing a big factor in our earnings outlook, and future changes in the interest rate environment will most certainly dictate whether we stay at the low end of the range for the balance of the year or are able to grow our earnings quicker.

顯然，利率在我們的獲利前景中起著重要作用，未來利率環境的變化肯定會決定我們在今年剩餘時間內是否能維持在區間的低端，或者能否更快地實現盈利增長。

In the first quarter, we modified another 21 loans totaling $950 million, and approximately $850 million of these loans, we required borrowers to invest additional capital to recap their deals, with us providing some temporary relief through a paying a full feature.

在第一季度，我們修改了另外 21 筆貸款，總額為 9.5 億美元，其中約 8.5 億美元的貸款，我們要求借款人投入額外資本來重新完成交易，同時我們透過全額付款的方式提供了一些臨時的救濟。

The pay rates were modified on average to approximately 5.18%, with 2.56% of the residual interest due being deferred until maturity. $55 million of these loans were delinquent last quarter, and are now current in accordance with their modified terms.

平均支付率調整至約 5.18%，其中 2.56% 的剩餘利息將延期至到期付款。上個季度，其中 5,500 萬美元的貸款已逾期，目前已根據修改後的條款償還。

In the first quarter, we accrued $15.3 million of interest related to all modifications with paying accrual features, $2.3 million of which is on mezz and PE loans behind agency loans that have a pain accrual feature as part of their normal structure. This leaves $13 million worth of accrued interest in the first quarter related to the modifications of bridge loans, $3.8 million of which is related to our first quarter modifications.

在第一季度，我們累積產生了 1,530 萬美元的利息，這些利息與所有具有支付應計特徵的修改有關，其中 230 萬美元是來自夾層貸款和 PE 貸款，這些貸款位於代理貸款之後，其正常結構中具有痛苦應計特徵。這使得第一季與過橋貸款修改相關的應計利息為 1300 萬美元，其中 380 萬美元與我們第一季的修改有關。

Our total delinquencies are down 20% to $654 million at March 31 compared to $819 million at December 31. These delinquencies are made up of two buckets, loans that are greater than 60 days past due, and loans that are less than 60 days past due that we're not recording interest income on, unless we believe the cash will be received.

截至 3 月 31 日，我們的拖欠總額為 6.54 億美元，較 12 月 31 日的 8.19 億美元下降 20%。這些拖欠貸款分為兩類：逾期超過 60 天的貸款和逾期少於 60 天的貸款，我們不會記錄利息收入，除非我們相信會收到現金。

The 60-plus day delinquent loans or NPLs were approximately $511 million this quarter compared to $652 million last quarter due to approximately $197 million of loans that we took back as REO and $38 million of modifications during the quarter, which was partially offset by $82 million of loans progressing from less than 60 days delinquent to greater than 60 days past due and $13 million of additional defaults during the quarter.

本季度 60 天以上的逾期貸款或不良貸款約為 5.11 億美元，而上季度為 6.52 億美元，原因是本季度我們以 REO 形式收回了約 1.97 億美元的貸款，並進行了 3800 萬美元的修改，但部分抵消了本季度 8200 萬美元的貸款從逾期超過 60 萬美元的新收入以及逾期超過 60 天。

The second bucket, consisting of loans that are less than 60 days past due, came down to $143 million this quarter from $167 million last quarter due to $38 million of modifications and $82 million of loans progressing to greater than 60 days past due, which was partially offset by approximately $96 million of new delinquencies during the quarter.

第二類貸款包括逾期 60 天以內的貸款，本季從上一季的 1.67 億美元降至 1.43 億美元，原因是 3,800 萬美元的修改和 8,200 萬美元的貸款逾期超過 60 天，但本季約 9,600 萬美元的新拖欠貸款部分抵消了這一影響。

And while we were making very good progress in resolving these delinquencies, at the same time, we do anticipate that we will continue to experience some new delinquencies, especially if this current rate environment persists.

雖然我們在解決這些拖欠問題上取得了很大進展，但與此同時，我們預計我們將繼續遇到一些新的拖欠問題，特別是如果當前的利率環境持續下去的話。

In accordance with our plan on resolving certain delinquent loans, we have continued to take back assets as REO, and we expect to take back more over the next few quarters, as Ivan mentioned earlier. The process of foreclosing on and working to improve these assets and create more of a current income stream takes time, which again will temporarily impact our earnings.

根據我們解決某些拖欠貸款的計劃，我們繼續以 REO 的形式收回資產，正如 Ivan 之前提到的，我們預計在未來幾個季度內將收回更多資產。取消抵押品贖回權並努力改善這些資產並創造更多當前收入流的過程需要時間，這又會暫時影響我們的收入。

In the first quarter, we took back $197 million of REO assets. We've been highly successful at bringing in new sponsors on certain assets to take over the real estate and assume our debt. This strategy is a very effective tool at turning debt capital in a nonperforming loan into an interest-earning asset, which will increase our future earnings.

第一季度，我們收回了1.97億美元的REO資產。我們非常成功地為某些資產引入了新的贊助商來接管房地產並承擔我們的債務。這項策略是一種非常有效的工具，可以將不良貸款中的債務資本轉化為生息資產，從而增加我們未來的收益。

As Ivan mentioned, we're in the process of bringing in new sponsors on two of the REO assets we took back in the first quarter, which we hope to close by the end of the third quarter. We have no loan loss reserves against these assets as we expect to sell these assets at or above our current debt levels.

正如 Ivan 所提到的，我們正在為第一季收回的兩項 REO 資產引入新的贊助商，我們希望在第三季末完成。我們沒有針對這些資產的貸款損失準備金，因為我們預計以當前債務水平或高於當前債務水平出售這些資產。

As a result of this environment, we recorded an additional $16 million in specific reserves in our balance sheet loan book in the first quarter. And again, we believe we've done a good job of putting the appropriate level of reserves on our assets, which is evident by the transactions we've been able to effectuate to date, at or around our carrying values net of reserves.

由於這種環境，我們在第一季的資產負債表貸款帳簿中額外記錄了 1,600 萬美元的特定儲備金。我們再次相信，我們在為資產設定適當水準的儲備方面做得很好，這一點從我們迄今為止能夠完成的交易中可以看出，這些交易達到或接近我們的帳面價值減去儲備金後的淨額。

In our agency business, we had a slow first quarter as expected due to the significant headwinds from higher rates. We produced $606 million originations and $731 million in loan sales, with very strong margins of 1.75% for the first quarter, which was equal to our margins from last quarter.

在我們的代理業務中，由於利率上升帶來的巨大阻力，我們第一季的業績如預期般放緩。我們發放了 6.06 億美元的貸款，銷售了 7.31 億美元的貸款，第一季的利潤率非常高，達到 1.75%，與上一季的利潤率持平。

We also recorded $8.1 million of mortgage servicing rights income related to $645 million of committed loans in the first quarter, representing an average MSR rate of around 1.26%, which is up from 1% last quarter due to a higher mix of Fannie Mae loans in the first quarter, which contain higher servicing fees.

我們還記錄了與第一季 6.45 億美元承諾貸款相關的 810 萬美元抵押貸款服務權收入，平均 MSR 利率約為 1.26%，高於上一季的 1%，原因是第一季房利美貸款組合較高，其中包含更高的服務費。

Our fee-based servicing portfolio is at approximately $33.5 billion at March 31, with a weighted average servicing fee of 37.5 basis points and an estimated remaining life of around seven years. This portfolio will continue to generate a predictable annuity of income going forward of around $126 million gross annually.

截至 3 月 31 日，我們的收費服務組合約為 335 億美元，加權平均服務費為 37.5 個基點，預計剩餘期限約為 7 年。該投資組合將繼續產生可預測的年金收入，每年總額約為 1.26 億美元。

In our balance sheet lending operation, our investment portfolio grew to $11.5 billion at March 31 from originations outpacing runoff in the first quarter. Our all-in yield on this portfolio was 7.85% at March 31, compared to 7.80% at December 31, mainly due to taking back nonperforming assets as REO, which are separately stated on our balance sheet, partially offset by some new delinquencies in the first quarter.

在我們的資產負債表貸款業務中，截至 3 月 31 日，我們的投資組合成長至 115 億美元，因為第一季的貸款發放量超過了流失量。截至 3 月 31 日，該投資組合的總收益率為 7.85%，而截至 12 月 31 日，該收益率為 7.80%，這主要是由於將不良資產作為 REO 收回了這一影響（這些資產在我們的資產負債表中單獨列示），但第一季的一些新拖欠款項部分抵消了這一影響。

The average balance in our core investments was $11.4 billion this quarter compared to $11.5 billion last quarter. The average yield on these assets decreased to 8.15% from 8.52% last quarter, mainly due to a reduction in the average SOFR rate and less back interest collected this quarter on loan modifications and delinquencies versus last quarter.

本季我們核心投資的平均餘額為 114 億美元，而上季為 115 億美元。這些資產的平均收益率從上一季的 8.52% 下降至 8.15%，主要原因是平均 SOFR 利率下降，以及本季因貸款修改和拖欠而收取的利息與上一季相比減少。

Total debt on our core assets was approximately $9.5 billion at March 31 and December 31. The all-in cost of debt was down to approximately 6.82% at 3/31 versus 6.88% at 12/31, mainly due to a 40 basis point reduction in rate on the new JPMorgan facility as compared to the rates we were paying on the CLOs at the time they were redeemed.

截至 3 月 31 日和 12 月 31 日，我們核心資產的總債務約為 95 億美元。截至 3 月 31 日，債務總成本已降至約 6.82%，而截至 12 月 31 日，該成本為 6.88%，這主要是因為與我​​們贖回 CLO 時支付的利率相比，摩根大通新貸款的利率降低了 40 個基點。

The average balance on our debt facilities was down to approximately $9.4 billion for the first quarter compared to $9.7 billion in the fourth quarter, mainly due to pay downs in our CLO vehicles from runoff in the fourth and first quarters.

第一季度，我們的債務融資平均餘額降至約 94 億美元，而第四季為 97 億美元，這主要是由於第四季和第一季我們的 CLO 工具的償還減少。

The average cost of funds in our debt facilities was 6.89% in the first quarter compared to 7.08% for the fourth quarter, excluding interest expense from levering our REO assets, the debt balance of which is separately stated on our balance sheet and therefore, not included in our total debt on core assets. This reduction in the average cost of funds was from a decline in SOFR, which was partially offset by the lower rate tranche, lower debt tranche is being paid down from CLO runoff in the first quarter.

我們債務融資的平均資金成本在第一季為 6.89%，而第四季為 7.08%，這還不包括利用 REO 資產產生的利息支出，其債務餘額在我們的資產負債表中單獨列示，因此不包括在我們核心資產的總債務中。平均資金成本的下降是由於 SOFR 的下降，但這一下降被較低利率部分所抵消，較低債務部分正在從第一季的 CLO 流失中償還。

Our overall net interest spreads in our core assets was down to 1.26% this quarter from 1.44% last quarter, largely due to more back interest being collected last quarter on delinquent loans, combined with a decline in SOFR.

我們核心資產的整體淨利差從上季的 1.44% 下降至本季的 1.26%，主要是因為上季拖欠貸款的利息增加，同時 SOFR 有所下降。

And our overall spot net interest spread was up to 1.03% at March 31 compared to 0.92% at December 31, from the removal of some loans that went REO and from better pricing on the new JPMorgan line that we closed in March.

由於取消了部分 REO 貸款，並且 3 月我們關閉了新的摩根大通產品線，因此我們的整體即期淨利差在 3 月 31 日上升至 1.03%，而 12 月 31 日為 0.92%。

And lastly and very significantly, we've managed to delever our business 30% during this very lengthy dislocation to a leverage ratio of 2.8:1 from a peak of around 4.0:1 over two years ago.

最後，非常重要的一點是，在這段漫長的動盪時期，我們成功地將業務槓桿率降低了 30%，從兩年前的峰值 4.0:1 降至 2.8:1。

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

今天早上我們準備的演講到此結束，現在我將把發言交還給接線員，以回答大家此時可能提出的任何問題。戴維？

(Operator Instructions)

（操作員指示）

Steven DeLaney, Citizens JMP Securities.

史蒂文‧德萊尼 (Steven DeLaney)，Citizens JMP Securities。

Thank you. Good morning, Ivan, Paul, good to be on with you. It sounds like -- I mean, gosh, you covered a lot there in three or four different business lines. But the thing that caught my year, it sounds like the CLO market is very attractive right now in terms of both structure and pricing.

謝謝。早安，伊凡、保羅，很高興和你們在一起。聽起來——我的意思是，天哪，你在三到四個不同的業務線上涵蓋了很多內容。但今年讓我感到驚訝的是，就結構和定價而言，CLO 市場目前似乎非常有吸引力。

And a lot of folks have pulled back from bridge loans because of the credit problems that occurred on the earlier vintages. I'm just wondering when you look at the bridge portfolio, $11.5 billion, do you expect net growth there in 2025? And do you have a target level for where that portfolio might grow by the end of this year? Thank you.

由於前幾年出現的信貸問題，許多人已經不再使用過橋貸款。我只是想知道，當您查看 115 億美元的過橋投資組合時，您是否預計 2025 年會出現淨增長？您對今年底該投資組合的成長目標水準有何看法？謝謝。

Let me give a little bit of an overview of our business and what our outlook is. And I think it's a combination of three factors. Number one, how much new bridge business we expect. And in my comments, it will be about $1.5 billion to $2 billion runoff. I think we did run off of $400 million in the first quarter, $200 million in April. We expect runoff to be anywhere between $1.5 billion to $3 billion, depending on where interest rates are.

讓我簡單介紹一下我們的業務和前景。我認為這是三個因素的結合。第一，我們預計有多少新的橋樑業務。我的評論是，這將花費大約 15 億美元到 20 億美元。我認為我們在第一季確實耗費了 4 億美元，在 4 月耗費了 2 億美元。我們預計損失金額將在 15 億美元至 30 億美元之間，具體取決於利率水準。

And then we're going to fund up our construction business, and we're going to fund up our SFR business. So you're going to see a good net growth number. And then you're going to see the composition of our balance sheet hopefully, by the end of the year or maybe the first quarter, where the majority of what's on our book will be new production as opposed to legacy, and that's transformational when the legacy book gets shrunk to a minority of our book. And that's our goal. That's where we're going.

然後我們將為我們的建築業務提供資金，我們將為我們的 SFR 業務提供資金。因此，您將會看到一個良好的淨成長數字。然後，您將預計在年底或第一季看到我們的資產負債表的組成，屆時我們帳簿上的大部分將是新產品，而不是遺留產品，而當遺留產品帳簿縮減到我們帳簿的一小部分時，這將是一場變革。這就是我們的目標。那就是我們要去的地方。

A lot of this will be fueled by a very robust securitization market. There's been some pull back, as I mentioned in my comments, that with what happened with the tariffs, what was one of the most aggressive securitization markets has been pulled back, but pay very close attention. There are a couple of deals in the market now, but we think they're going to be extraordinarily well received.

這在很大程度上將受到非常強勁的證券化市場的推動。正如我在評論中提到的那樣，由於關稅的影響，曾經最激進的證券化市場之一已經出現回落，但請密切注意。目前市場上有幾筆交易，但我們認為它們將會受到熱烈歡迎。

The net inflows and outflows on the securitization market is very clear that there's a lot of liquidity, a lot of demand. And we expect as a firm to be able to really benefit of a the leverage from that business as well as the cost of funds in that business, and we think it will be very accretive to earnings. And that's why a lot of what we spoke about was 2025 being a transition year and set us up very, very strongly for 2026.

證券化市場的淨流入和淨流出非常明顯，流動性很大，需求很大。我們期望公司能夠真正受益於該業務的槓桿作用以及該業務的資金成本，我們認為這將大大增加收益。這就是為什麼我們經常談論 2025 年是過渡年，我們為 2026 年做好了充分準備。

I mean just a quick follow-up. When you look at the loans that you're making today on the bridge loan side of the business. And clearly, you just said that you expect some growth, and you really found that attractive. Why did so many people -- just in a very simple term, what was the number one or number two, the primary weaknesses on why that 2022, 2023 vintages have performed so poorly? And you're going to obviously planning to correct that with your 2025 loans.

我的意思只是快速跟進。當您查看今天在過橋貸款業務方面發放的貸款時。顯然，您剛才說您期待一定的成長，而且您確實發現這很有吸引力。為什麼這麼多人——用一個非常簡單的術語來說，2022 年、2023 年葡萄酒表現如此糟糕的首要或次要弱點是什麼？而且您顯然計劃透過 2025 年的貸款來糾正這一問題。

So I think that's a great question. And I think we all have to understand that on the multifamily side of the business, you had to run from 2010 all the way up to now with very few corrections. And every market has a lot of corrections. I think we're going back to three years from now, two or three years. Everybody would say as they do in every market that things can only get better, right? Rates will never go up and rates will only grow and rents will always rise.

所以我認為這是一個很好的問題。我認為我們都必須明白，在多戶型業務方面，你必須從 2010 年一直經營到現在，幾乎沒有進行任何調整。每個市場都會經歷大量的調整。我認為我們將在三年、兩年或三年後回歸。就像每個市場中那樣，每個人都會說事情只會變得更好，對嗎？利率永遠不會上漲，利率只會成長，租金也會一直上漲。

I think the biggest mistakes were always made at the top of the market. Those are the facts. We see it in every curve and everybody says, hey, if I only knew what I know now, I wouldn't have been where I was. It doesn't always work that way. We as a firm, pull back a little quicker than everybody else.

我認為最大的錯誤總是發生在市場巔峰。這些都是事實。我們在每條曲線上都看到它，每個人都說，嘿，如果我早知道我現在所知道的，我就不會在那個地方了。但事情並不總是這樣。作為一家公司，我們比其他任何人都撤退得更快一些。

Now the one thing that we've done a great job with is certainly, as you know, the structure of our loans and the recourse of our loans has been very effective and mitigated some of the deterioration and real estate fundamentals. And there has been a deterioration fundamentals, but they're starting to strengthen up again.

現在我們做得很好的一件事當然是，正如你所知，我們的貸款結構和貸款追索權非常有效，緩解了一些惡化和房地產基本面的影響。基本面曾經有所惡化，但現在正開始恢復強勢。

I think, after COVID, which nobody could have ever expected, you had a lot of delinquencies, a lot of rent issues, tremendous number of economic vacancy issues due to people not being able to move out the slow core system. You saw all the factors which were anticipated, an increase in insurance rates and increase in tax rates. The insurance was a big factor.

我認為，在新冠疫情之後，這是任何人都無法預料到的，由於人們無法搬出緩慢的核心系統，出現了大量的拖欠現象、大量的租金問題和大量的經濟空置問題。您看到了所有預期的因素，保險費率上漲和稅率上漲。保險是一個重要因素。

What nobody also anticipated was a number of new entrants into the business and the fact that they didn't have a level of experience in management. And when the trend is only positive, you kind of lose sight of some of the negative factors.

沒有人預料到會有大量新人進入該行業，而且他們缺乏管理經驗。當趨勢只是正面的時候，你就會忽略一些負面因素。

So every cycle, you get better. We've been through a lot of cycles. But I do want to comment on one thing. In our career of this being the fifth cycle we've been through, this is the longest peak to trough. Most of the time, the cycles go for 18 months, 20 months, 16 months, and you recover. This has been over 36 months and still going. There have been bits of recovery, bits of setback. So this is a lot longer of a cycle than most people are accustomed to.

因此，每個週期你都會變得更好。我們已經經歷了很多周期。但我確實想評論一件事。在我們的職業生涯中，這是我們經歷的第五個週期，也是最長的高峰到低谷。大多數情況下，週期為 18 個月、20 個月、16 個月，然後您就會恢復。這已經過去了 36 個多月，並且仍在繼續。有一些復甦，也有一些挫折。因此，這個週期比大多數人習慣的週期要長得多。

But we're starting to see some elements of recovery. We are starting to see better occupancies and better growth, and things of that nature. But there's a lot to learn from every cycle. Every firm gets better. So that's my commentary on what happened then and hopefully how we're better positioned now.

但我們開始看到一些復甦的跡象。我們開始看到更好的入住率和更好的成長，以及諸如此類的事情。但從每個週期我們都可以學到很多。每家公司都會變得更好。這就是我對當時發生的事情的評論，希望我們現在能處於更好的位置。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Thanks, Steve.

謝謝，史蒂夫。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. Wanted to start with a liquidity update. What are you expecting cash and liquidity to do? Just looking ahead at earnings, the reset dividend, your expectations regarding NPLs and REO?

非常感謝。想要從流動性更新開始。您期望現金和流動性發揮什麼作用？僅展望收益、重置股息、您對不良貸款和 REO 的預期？

Sure. Hey Jade, it's Paul. So we're sitting right now, as you could see, like $325 million of cash and liquidity. I think one of the things that was in my commentary that's very important to note is that during this lengthy dislocation, we made a strategic decision to delever the business due to the uncertainty, and we delevered that business 30%. In the peak of the market prior to the dislocation occurring, we were 4.0:1 levered and humming along. We're now 2.8 levered, and we've been at that level for a few quarters now.

當然。嘿，Jade，我是Paul。所以，如您所見，我們現在擁有 3.25 億美元的現金和流動資金。我認為我的評論中非常值得注意的一點是，在這種長期混亂期間，由於不確定性，我們做出了降低業務槓桿率的策略決策，並且我們將該業務的槓桿率降低了 30%。在市場混亂發生之前的高峰期，我們的槓桿是 4.0:1，並且發展順利。現在我們的槓桿率為 2.8，並且已經連續幾個季度保持在這個水平。

As with Ivan's commentary on what we're seeing in the securitization market and with the banks being so engaged and so constructive lately, evident by the JPMorgan line we just put in place, which was obviously an extremely good deal for us, we're seeing the opportunity now where leverage -- we can enhance our leverage and grow our liquidity.

正如伊凡對我們在證券化市場所看到的情況的評論一樣，最近銀行如此積極參與並具有建設性，這從我們剛剛實施的摩根大通產品線就可以看出，這對我們來說顯然是一筆非常好的交易，我們現在看到了利用槓桿的機會——我們可以提高槓桿率並增加流動性。

So we expect to be able to, over the next 6 to 9, 12 months to totally fully take advantage one, the securitization market and two, the constructiveness of the banks and the liquidity that's out there in the banking system to increase our leverage and grow our liquidity.

因此，我們預計在未來 6 到 9 個月、12 個月內能夠充分利用證券化市場，以及銀行的建設性和銀行系統中的流動性，以提高我們的槓桿率並增加我們的流動性。

Secondly, as Ivan mentioned, runoff is a big part of where our liquidity will go. And it's -- we toggle it based on our origination objectives and what our runoff does. We did have $400 million of runoff in Q1. It was a little light given where interest rates were for the last three or four months. Interest rates have backed off a little bit recently as we said, and we did get about $200 million of runoff in April. So it's -- it could -- runoff could go anywhere from $1.5 billion to $3 billion, depending on where interest rates go, and that's also a source of liquidity.

其次，正如伊凡所提到的，資金流失是我們流動性去向的重要組成部分。而且 — — 我們根據我們的起源目標和我們的決選結果來切換它。我們在第一季確實出現了 4 億美元的虧損。考慮到過去三、四個月的利率水平，這個數字略顯低迷。正如我們所說，最近利率已經有所下降，我們在 4 月確實獲得了約 2 億美元的淨流出。因此，根據利率走勢，流失金額可能達到 15 億美元至 30 億美元，這也是流動性的來源。

And then the last piece that I wanted to mention is the debt markets are very, very open and active. As you know, we've been a serial issuer of debt through the unsecured debt market through the preferreds and all those types of instruments, to the converts.

最後我想說的是，債務市場非常開放且活躍。如您所知，我們一直在無擔保債務市場透過優先股和所有那些類型的工具向轉換者發行債務。

Term Loan B, high-yield debt, convert market, it's all pretty open right now. So we will continue to do what we do, be good stewards of capital. And if we see good growth opportunities and we think there's good origination opportunities and the runoff is slowing, we will continue to access those markets as well. So that's kind of the three pegs of the stool that drive our liquidity and why we feel comfortable we'll have adequate liquidity.

定期貸款 B、高收益債務、轉換市場，目前都很開放。因此，我們將繼續做好我們的工作，並做好資本的管理者。如果我們看到良好的成長機會，並且認為存在良好的發起機會並且流失正在放緩，我們也會繼續進入這些市場。因此，這就像推動我們流動性的三個支柱，也是我們感到放心擁有充足流動性的原因。

Thanks. You didn't mention NPLs and REO. Could you talk about where you expect each to go? And also proceeds, do you expect proceeds from either category?

謝謝。您沒有提到不良貸款 (NPL) 和 REO。你能談談你希望每個人去哪裡嗎？還有收益，您預期這兩個類別都會帶來收益嗎？

Let me comment on the REO. As I commented on my comments, we expect the REO to go up to between $400 million and $500 million, and we're going to be extraordinarily aggressive. Where there's bad management and when there's asset deterioration to pursue that REO, reposition them.

讓我對 REO 做出評論。正如我在我的評論中所評論的那樣，我們預計 REO 將上升到 4 億至 5 億美元之間，而且我們將採取非常積極的行動。當管理不善或資產惡化時，為了追求 REO，需要重新定位它們。

A lot of them are heavy lift. We started a process. And to the extent that we can reposition those assets, they are timing up liquidity, and we will look to liquidate them once we get to a certain level and generate liquidity there. Paul, you can give a little overview on the NPLs and how that's moving along.

其中很多都是很重的負擔。我們開始了一個進程。在我們能夠重新配置這些資產的範圍內，它們正在加速流動性，一旦達到一定水準並產生流動性，我們就會尋求清算它們。保羅，你可以簡單介紹一下不良貸款的情況以及其進展。

Sure. So as we said in the commentary, we're sitting with $511 million of NPLs, about $140 million of less than 60 days, and they go through a natural progression, Jade. And as we laid out, as Ivan laid out in his commentary, we think about 35% of that pool, that $654 million, will take back its REO. We're sitting with $300 million of REO right now on our balance sheet, but $37 million of that, as we mentioned, is going to get sold in the next couple of quarters. And then there's some legacy stuff on there that's been on before the crisis.

當然。因此，正如我們在評論中所說，我們面臨 5.11 億美元的不良貸款，其中約 1.4 億美元的不良貸款期限少於 60 天，而且它們會經歷自然發展，Jade。正如我們和伊凡在其評論中所述，我們認為該資金池中的 35%（即 6.54 億美元）將收回其 REO。我們的資產負債表上目前有 3 億美元的 REO，但正如我們所提到的，其中 3,700 萬美元將在未來幾季內出售。還有一些危機前遺留的東西。

So we're sitting at about, call it, $210 million, $220 million of REO after we sell those two from this cycle, and we're expecting to take back about 35% of that $654 million. So that will grow it to the $400 million to $500 million, as Ivan mentioned.

因此，在我們出售本週期的這兩筆交易後，我們的 REO 價值約為 2.1 億美元或 2.2 億美元，我們預計將收回這 6.54 億美元中的約 35%。正如 Ivan 所提到的那樣，這將增長到 4 億到 5 億美元。

And we know that the NOIs and the occupancy are low, and we're going to work through those assets, put a little money into them, rehab them, get them to a level where they are now contributing to our earnings, and then we'll make a decision whether we want to liquidate them or keep owning and operating them at what level. That's kind of the way we're looking at it.

我們知道，淨營業利潤和入住率都很低，我們將處理這些資產，投入一些資金，對其進行修復，使其達到現在為我們的收益做出貢獻的水平，然後我們將決定是否要清算它們或繼續擁有和運營它們。這就是我們看待這個問題的方式。

But as we mentioned, it's a big drag on our 2025 earnings, and that's why we believe it's a transitional year. And that's why we gave the guidance we gave last quarter.

但正如我們所提到的，這會對我們 2025 年的盈利造成很大的拖累，這就是我們認為這是一個過渡年的原因。這就是我們上個季度給出指導的原因。

Thanks. If I could ask one more. It's just about the overall economic sensitivity of the portfolio. You mentioned the 36-month cycle, but that's really an interest rate cycle. We haven't even gone through an economic cycle in terms of unemployment spiking or a recession. So could you touch on your views there?

謝謝。如果我可以再問一個。這只是關於投資組合的整體經濟敏感度。您提到了 36 個月的周期，但這實際上是一個利率週期。我們甚至還沒有經歷過失業率飆升或經濟衰退的經濟週期。那麼您能談談您的看法嗎？

We're actually seeing the occupancy firm up in a lot of our assets and we're seeing better performance. And I think in many of the markets we've hit bottom that we're seeing, a lot of it was a product of what was, I would say, COVID, post-COVID, the difficulty of getting tenants out, and that is firmed up. So in many ways, we feel we've really bottomed out in a lot of these markets.

事實上，我們看到許多資產的入住率都在上升，而且業績也在改善。我認為，我們看到的許多市場都已經觸底，其中很大一部分原因是新冠疫情和後疫情時代租客搬離的困難，而這種情況已經加劇。因此，從很多方面來看，我們感覺很多市場已經觸底。

With respect to REOs, which we experienced, it was really poor management and what we've seen now is bringing in the right management, we've been able to really take underperforming assets and bring them up to market. A lot of what we have is workforce housing, and we're seeing good data on that in general. So I think we've seen from -- on the economic side of the coin, the worst side of it, and we've been to a very tough side of it.

就我們所經歷的 REO 而言，它的管理確實很差，而我們現在看到的是引入正確的管理，我們能夠真正吸收表現不佳的資產並將其推向市場。我們擁有的許多住房都是勞動力住房，總體而言，我們看到了良好的數據。所以我認為，從經濟角度來看，我們已經看到了最糟糕的一面，我們已經處於非常艱難的一面。

Thank you very much.

非常感謝。

Thanks, Jade.

謝謝，Jade。

(Operator Instructions)

（操作員指示）

Rick Shane, JP Morgan.

摩根大通的里克·沙恩。

Hey guys, thanks for taking my questions this morning. Look, interaction feedback we're getting, there's a lot of focus on liquidity, dividend, sustainability and noncash income. Cash is down 65% year over year, 38% quarter over quarter. And that I'm not including the restricted cash because of the paydown of the CLO.

嘿夥計們，感謝你們今天早上回答我的問題。你看，我們得到的互動回饋主要關注流動性、股利、永續性和非現金收入。現金年減 65%，季減 38%。由於 CLO 的償還，我沒有包括受限現金。

Repayments were at their lowest level back to the pandemic at $421 million, I think. Originations in the quarter were $747 million. So you consumed about $300 million on originations. I'm curious, how much of those originations really were on new projects as opposed to reinvesting in existing?

我認為，還款額是疫情以來的最低水平，為 4.21 億美元。本季的發起額為 7.47 億美元。所以你在發起上花了大約 3 億美元。我很好奇，這些資金中有多少是真正用於新專案而不是現有專案的再投資？

Sure. So I can give you some of those numbers, Rick. So of the $747 million that we did in originations, $367 million were brand-new bridge loans, not on existing projects, brand-new bridge loans in the market we're in today. $131 million were bridge loans that came off our SFR business with that business working nicely. So construction got to lease up and then those loans turned into bridge loans.

當然。所以我可以給你一些數字，瑞克。因此，在我們發放的 7.47 億美元貸款中，有 3.67 億美元是全新的過橋貸款，不是針對現有項目的貸款，而是我們目前所在市場上的全新過橋貸款。 1.31 億美元是來自我們 SFR 業務的過橋貸款，該業務運作良好。因此，建築業開始租賃，然後這些貸款變成了過橋貸款。

And then in addition to that, we had about $223 million of fundings on our unfunded SFR business. As you know, we have commitments outstanding, and then we fund that business over time. And then about $19 million was funding on construction loans in our newly created construction business and $4.5 million was met. So pretty much all of that product that I mentioned is a new product to us. It's not on existing.

除此之外，我們也為尚未融資的 SFR 業務注入了約 2.23 億美元的資金。如您所知，我們有未履行的承諾，並且我們會隨著時間的推移為該業務提供資金。然後，我們為新成立的建築業務提供了約 1900 萬美元的建築貸款，其中 450 萬美元已得到滿足。所以我提到的幾乎所有產品對我們來說都是新產品。它並不存在於現存的。

Great. That's -- I really appreciate the clarity there, Paul. Second question is you guys reported $57 million of distributable earnings. How much of the reported income was -- or interest was noncash?

偉大的。那是——我真的很欣賞你的清晰度，保羅。第二個問題是，你們報告的可分配收益為 5700 萬美元。報告的收入或利息中有多少是非現金的？

Yeah. So that's what I put in my commentary. We booked $15.3 million of PIK during the quarter, which was down from last quarter because we make adjustments as we go, some loans pay. And on the amount of loans that we've modified that we have put a pay an accrual feature on, we're accruing about 78% of those loans and about 22% we've put on nonaccrual but it was $15.3 million for the quarter. And as I put in my commentary, a certain amount of that is mezz and PE, which is part of the normal structure and the rest is on our bridge loans.

是的。這就是我在評論中寫的內容。我們在本季度預訂了 1530 萬美元的 PIK，這一數字比上一季度有所下降，因為我們會根據情況進行調整，一些貸款會得到償還。就我們修改過的、已設定應計付款功能的貸款金額而言，我們已設定了約 78% 的應計貸款，約 22% 的貸款為非應計貸款，但本季為 1,530 萬美元。正如我在評論中所說，其中一定比例是夾層融資和 PE，這是正常結構的一部分，其餘部分則是我們的過橋貸款。

Got it. And as we look through the year and look to your guidance both in terms of dividend outlook and expectations of an increase in PE in the back half of the year, is that $15 million run rate a good way to -- is that a good level of expectations?

知道了。當我們回顧這一年並查看您對股息前景和下半年市盈率增長預期的指導時，1500 萬美元的運行率是否是一個好方法 - 這是一個好的預期水平嗎？

I think it is. It's a hard question because things change, right? So this quarter, if you look at our 10-Q, you'll see we reversed some prior [cool interest on some loans that we moted] and defaulted, and then we had some new ones. So it's a constantly moving number.

我認為是的。這是一個很難的問題，因為事情會發生變化，對嗎？因此，本季度，如果您查看我們的 10-Q，您會發現我們撤銷了一些先前的 [我們已審核的一些貸款的冷靜利息] 並違約，然後我們又有一些新的貸款。所以這是一個不斷變化的數字。

And we sit down every quarter and we go through with asset management and we look through and say, which ones do we think are going to pay, which ones we think are going to struggle. Once we think they struggle, we're going to be conservative. But I think that's a pretty good run rate right now.

我們每季都會坐下來進行資產管理，仔細研究並判斷哪些資產我們認為會有回報，哪些資產我們認為會陷入困境。一旦我們認為他們陷入困境，我們就會採取保守態度。但我認為目前的運行率相當不錯。

We may have some more mods in the second quarter, I'm not sure, and you'll have the first quarter mods full effect, but we'll see runoff. We're working on a couple of big deals now that if they get over the line given where interest rates are, we could see a chunk of that get paid. So it's all a moving number. So I would just say that $15 million is probably a good estimate going forward.

我不確定，我們可能會在第二季進行更多修改，並且第一季的修改將完全生效，但我們會看到最終結果。我們現在正在進行幾筆大交易，如果這些交易能夠達到目前的利率水平，我們就能獲得一大筆回報。所以這一切都是一個移動的數字。因此，我只想說，1500 萬美元可能是未來一個不錯的估計。

Terrific. Thank you and thank you as always for taking my question.

了不起。謝謝您，一如既往地感謝您回答我的問題。

Sure. Thanks, sir.

當然。謝謝，先生。

Leon Cooperman, Omega Family Office.

歐米茄家族辦公室的 Leon Cooperman。

Thank you. So far, everything I've heard is in line with what you previously have indicated. I had this discussion in the past is why do you take interest rates are too high. I guess the I way I look at the macro economy, stock market's right near high. The speculation in the market is very rapid. And I see no indication interest rates are too high. Why do you feel the interest rates going to go down?

謝謝。到目前為止，我所聽到的一切都與您之前所說的一致。我過去曾討論過這個問題，為什麼利率會過高。我想，從我看待宏觀經濟的角度來看，股市正接近高點。市場投機活動十分迅速。我沒有發現任何跡象表明利率過高。為什麼您覺得利率會下降？

It's not that I feel whether they go down or up. It's how we think the business will be managed in a different rate environment. I mean, clearly, when rates moved up as they did three or four months, three months ago on our last quarter, we were very bearish and we gave a certain outlook of cash going forward in our dividend going forward. Rates have improved a little bit and improvement of rate has a dramatic impact on our business.

我感覺不到它們是下降還是上升。我們認為這就是在不同的利率環境下管理業務的方式。我的意思是，顯然，當利率像三、四個月前，也就是我們上一季的三個月那樣上升時，我們非常悲觀，並且我們對未來股息中的現金流做出了一定的展望。利率略有提高，利率提高對我們的業務產生了巨大影響。

As I mentioned in my comments, our pipeline grew from $1.2 billion to $2 billion in a very short period of time with that rate down. So I don't -- while I may feel rates may go down, I could just tell you how the different rate environment affects our business. And we're at a point in time with this rate environment where it is today, we feel good about it.

正如我在評論中提到的那樣，我們的管道在很短的時間內從 12 億美元增長到 20 億美元，而且成長率還在下降。因此，雖然我可能感覺到利率可能會下降，但我可以告訴你不同的利率環境如何影響我們的業務。對於目前這樣的利率環境，我們感覺很好。

If rates move down even low, we feel better. If rates move back up, we feel worse. So rates have moved from down about 50 basis points. It's had a dramatic impact on us already. If it moves lower, it will have even a better impact. So I comment more in terms of how a this will function in a different rate environment.

如果利率下降，即使只是很低，我們也會感覺更好。如果利率再次上升，我們的感覺就會更糟。因此利率已下降約 50 個基點。它已經對我們產生了巨大的影響。如果進一步降低，其影響將更為顯著。因此，我更多地是從不同利率環境下其將如何發揮作用的角度進行評論。

Got you. Second question for Paul. I got to this call very late. I apologize because I had another call. What was the book value at the end of the quarter?

明白了。第二個問題是保羅。我很晚才接到這個電話。我很抱歉，因為我還有另一個電話。本季末的帳面價值是多少？

Sure. The book value was [11.98] at the end of the quarter, Lee.

當然。李，本季末的帳面價值為 [11.98]。

Right. Okay, [11.98]. And in the past, you had an authorization to buy back stock. Is the current environment such that you would rather keep your liquidity and net by stock back below book value? (multiple speakers) I think the question is.

正確的。好的，[11.98]。過去，您有權回購股票。目前的環境是否使得您寧願將流動性和股票淨值保持在帳面價值以下？（多位發言者）我認為問題是。

Yeah. Leon, clearly, our liquidity is a very important item for us. We'll manage our liquidity, we'll manage our opportunities and we'll keep in line on everything. If we see the stock go down and we have an opportunity to gain liquidity in other areas, it's a good return on investment for how we raise our capital and something we would evaluate.

是的。萊昂，顯然，流動性對我們來說非常重要。我們將管理我們的流動性，我們將管理我們的機會，我們將對一切保持一致。如果我們看到股票下跌，並且我們有機會在其他領域獲得流動性，那麼這對我們籌集資金的方式來說是一個很好的投資回報，也是我們會評估的事情。

Got you. So you would not -- you're not committed to do a buyback, but you're going to basically look at the various alternatives in the market environment?

明白了。所以你不會——你不會承諾回購，但你會從根本上考慮市場環境中的各種替代方案？

Correct.

正確的。

All right. Very good. Thank you.

好的。非常好。謝謝。

Thanks, Leon.

謝謝，萊昂。

And there are no further questions on the line at this time. I'll turn the call back to Ivan Kaufman for any closing remarks.

目前我們還沒有其他問題。我將把電話轉回給伊凡·考夫曼，請他做最後發言。

Okay. Thank you all for your participation today and your support. Look forward to next quarterly call. Everybody, have a great day and a great weekend.

好的。感謝大家今天的參與與支持。期待下次季度電話會議。祝大家有個愉快的一天和愉快的週末。

This does conclude today's program. Thank you for your participation and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。