Arbor Realty Trust Inc (ABR) 2025 Q2 法說會逐字稿

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

女士們、先生們，早安，歡迎參加 2025 年第二季 Arbor Realty Trust 收益電話會議。（操作員指令）。請注意，今天的會議正在錄製。

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

現在我想將會議交給今天的發言人、財務長保羅‧埃萊尼奧 (Paul Elenio)。請繼續。

Thank you, Stephanie, and good morning, everyone. Welcome to the quarterly earnings of Arbor Realty Trust. This morning, we'll discuss the results for the quarter ended June 30, 2025. With me on the call today is Ivan Kaufman, our President and Chief Executive Officer.

謝謝你，史蒂芬妮，大家早安。歡迎閱讀 Arbor Realty Trust 的季度收益報告。今天上午，我們將討論截至 2025 年 6 月 30 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. Factors that could cause actual results to differ materially from Arbor's expectations in these forward-looking statements are detailed in our SEC reports.

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，並考慮到我們目前掌握的資訊。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。

Listeners are cautioned not to place undue reliance on 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.

敬請聽眾不要過度依賴前瞻性陳述，這些陳述僅代表今天的觀點，Arbor 不承擔公開更新或修改這些前瞻性陳述以反映今天之後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 to everyone for joining on today's call. As you can see from this morning's press release, we have an active and productive quarter as we continue to make substantial improvements on the right side of our balance sheet significant progress in working through our delinquencies and REO assets despite the challenging environment.

謝謝你，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，我們度過了一個活躍而富有成效的季度，儘管面臨嚴峻的環境，我們仍在資產負債表右側繼續取得實質性改善，在處理拖欠和 REO 資產方面取得了重大進展。

We had a very active first half of the year with many significant accomplishments. We recently completed our first high-yield unsecured debt offering, raising $500 million of capital that we used to pay off all of our convertible debt and added $200 million of additional liquidity to fund the growth in our platform. This is a tremendous accomplishment, especially in this environment, we're very pleased to report that as part of this offering, we received a BB rating on our corporate credit from both Moody's and Fitch, reinforcing the quality of our platform and the value of our diversified business model.

我們上半年的工作非常活躍，並取得了許多重大成就。我們最近完成了首次高收益無擔保債務發行，籌集了 5 億美元的資金，用於償還所有可轉換債務，並增加了 2 億美元的額外流動資金來資助我們平台的成長。這是一項巨大的成就，特別是在這種環境下，我們很高興地報告，作為此次發行的一部分，我們獲得了穆迪和惠譽對我們企業信用的 BB 評級，這增強了我們平台的質量和多元化商業模式的價值。

Clearly, having access to this highly liquid market will allow us to further diversify our funding sources and push out and stagger our long-term debt maturities and continue to grow our platform and drive strong returns on our capital.

顯然，進入這個流動性很強的市場將使我們能夠進一步實現資金來源多樣化，延長和錯開我們的長期債務到期日，繼續發展我們的平台並推動我們的資本獲得強勁回報。

This was a transformational deal for the franchise, capital of a string of significant capital market transactions totaling $2.5 billion that we successfully completed over the first half of this year. One of these significant transactions occurred earlier in the second quarter when we issued the first build-to-rent securitization in the industry, totaling $800 million with pricing that was well inside our warehousing lines, and contains enhanced leverage and a three year replenishment period which allows us to substitute collateral when loans pay off.

這對特許經營來說是一項轉型交易，也是我們在今年上半年成功完成的總額達 25 億美元的一系列重大資本市場交易之一。其中一項重大交易發生在第二季度初，當時我們發行了業內首個「建後出租」證券，總額達 8 億美元，定價遠低於我們的倉儲線，並包含增強的槓桿和三年的補充期，使我們能夠在貸款還清時替換抵押品。

As I mentioned many times, we love the single-family rental business, and it provides us returns on our capital through construction, bridge and permanent agency execution, and this landmark transaction has now paved the way to building our securitization platform for this business. which will not only increase our leverage returns significantly but will also drive substantial efficiencies with our bank lines now that there is a takeout to a CLO market. And building this type of securitization platform will allow us to scale up this business and gain market share as these efficiencies will further increase our competitive advantage in the space.

正如我多次提到的，我們熱愛單戶住宅租賃業務，它通過建設、過橋和永久代理執行為我們提供資本回報，而這一具有里程碑意義的交易現在為我們為該業務構建證券化平台鋪平了道路。這不僅將顯著提高我們的槓桿回報，而且由於現在有 CLO 市場的出現，也將大大提高我們銀行業務的效率。建立這種證券化平台將使我們能夠擴大業務規模並獲得市場份額，因為這些效率將進一步提高我們在該領域的競爭優勢。

These transformational deals, these two combined with a $1.1 billion repurchase facility, which we closed in the first half -- the first quarter with JPMorgan to redeem two of our CLOs tremendous examples of our ability to make substantial improvements to the right side of our balance sheet to drive higher returns on our capital.

這些轉型交易，加上我們在上半年（第一季）與摩根大通達成的 11 億美元回購協議，贖回了我們的兩筆 CLO，充分證明了我們有能力對資產負債表的右側進行實質改進，從而提高資本回報率。

And given the strong securitization market and a highly constructive liquid environment we are currently seeing with other banks, we are confident we will continue to make meaningful progress in this area and create additional efficiencies that will help mitigate the drag from some of our interest-earning assets.

鑑於我們目前在其他銀行看到的強勁的證券化市場和高度建設性的流動性環境，我們有信心繼續在這一領域取得有意義的進展，並創造額外的效率，這將有助於減輕部分生息資產的拖累。

As discussed in our last few calls, the prolonged elevated rate environment has created a very challenging climate that is affecting the agency origination business and ability for bars to transition to fixed rate loans and recap their deals. We continue to see a tremendous amount of volatility and uncertainty in the market that has resulted in large wins in the 5 and 10 year indexes at times which we believe could continue in the short term, making it very difficult to predict where rates will go for the balance of the year.

正如我們在前幾次電話會議中所討論的那樣，長期的高利率環境創造了一個非常具有挑戰性的環境，影響了代理商發起業務以及酒吧過渡到固定利率貸款和重新制定交易的能力。我們繼續看到市場中存在巨大的波動性和不確定性，導致 5 年期和 10 年期指數大幅上漲，我們認為這種趨勢在短期內可能會持續下去，因此很難預測今年剩餘時間利率的走向。

We will continue to monitor the market environment and the effect that we'll have business for the balance of 2025. And again, as we've discussed in the past, if we see a meaningful sustained reduction in the 5- and 10-year interest rates, it will be a positive catalyst for our business by driving increased origination 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.

我們將繼續監測市場環境及其對 2025 年業務的影響。而且，正如我們過去所討論的，如果我們看到 5 年期和 10 年期利率持續大幅下降，這將成為我們業務的積極催化劑，因為它將推動貸款發放量增加，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 an effective job of managing through our loan book despite the fact that we have been dealing with elevated rate environment over three years now. To date, we've had great success in getting borrowers to recap the deals and purchase interest rate caps as well as bringing new sponsor takeover assets, either essentially or through foreclosure.

儘管我們已經面臨三年多的高利率環境，但我們仍然繼續有效地管理我們的貸款帳簿。到目前為止，我們在讓借款人重新完成交易、購買利率上限以及引入新的發起人收購資產（無論是實質上還是透過取消抵押品贖回權）方面取得了巨大成功。

In the second quarter, we took back approximately $188 million of REO assets, $115 million of which we were able to flip to new sponsors and assume our debt. This brings our REO book to approximately $300 million as of June 30.

在第二季度，我們收回了約 1.88 億美元的 REO 資產，其中 1.15 億美元我們能夠轉移到新的贊助商並承擔我們的債務。截至 6 月 30 日，我們的 REO 帳面價值已達到約 3 億美元。

We do expect to take back additional assets in the future, which net of dispositions we estimate will result in owning and operating approximately $400 million to $600 million in REO assets is slightly above our previous guidance of $400 million to $500 million. This is reflective of some of the recent trends we have seen this quarter.

我們確實希望在未來收回更多資產，我們估計扣除處置後，我們將擁有和營運價值約 4 億至 6 億美元的 REO 資產，略高於我們先前預測的 4 億至 5 億美元。這反映了我們本季看到的一些最新趨勢。

Turning now to our second quarter performance. As Paul will discuss in more detail, our quarterly results were in line with our guidance with us producing distributable earnings of $0.30 per share. We anticipate that the balance of this year will continue to be challenging due to the significant drag on earnings from REO assets and delinquencies and the effect is prolonged higher interest rate environment has happened in our originations business, all of which will make 2025 a transitional year, which is reflected in our current dividend.

現在來談談我們第二季的表現。正如保羅將更詳細地討論的那樣，我們的季度業績符合我們的預期，每股可分配收益為 0.30 美元。我們預計，由於 REO 資產和拖欠對收益造成嚴重拖累，並且我們的發起業務長期處於高利率環境，今年的餘額仍將面臨挑戰，所有這些都將使 2025 年成為過渡年，這反映在我們當前的股息中。

And as we successfully resolved these assets, and if we start to see a sustained rate relief, we believe we were well positioned to grow our earnings and dividend again in 2026.

隨著我們成功解決了這些資產問題，如果我們開始看到持續的利率下調，我們相信我們已準備好在 2026 年再次增加我們的收益和股息。

In our balance sheet lending platform, we are seeing an incredibly competitive landscape. There's a tremendous appetite for deals and a significant amount of capital out there chasing transactions. We are seeing shops consistently compromising on credit and structure, which is not something we will sacrifice to win a deal.

在我們的資產負債表貸款平台上，我們看到了極為激烈的競爭格局。人們對交易有著極大的興趣，並且有大量資本在追逐交易。我們看到商店不斷在信用和結構上做出妥協，而我們不會為了贏得交易而犧牲這些。

As a result, we are being highly selective have closed about $100 million in the second quarter and $215 million in July, putting us around $700 million of volume for the first seven months of the year. The guidance we gave at the beginning of the year of $1.5 billion to $2 billion of bridge loan production for 2025 was based on the current environment is something we still feel we can accomplish.

因此，我們非常謹慎，第二季的交易額約為 1 億美元，7 月的交易額為 2.15 億美元，今年前七個月的交易額約為 7 億美元。我們在年初給出的 2025 年發放 15 億至 20 億美元過橋貸款的指導是基於當前環境的，我們仍然認為我們可以實現這一目標。

It is highly competitive out there. And whether we come in on the low end or the high end of the range will be dependent upon the market conditions and the interest rate environment, which again has been volatile and unpredictable.

那裡的競爭非常激烈。而我們是否處於該範圍的低端或高端將取決於市場條件和利率環境，而市場條件和利率環境一直是不穩定且難以預測的。

And again, the bridge lending business is very attractive to us as it generates strong level returns on our capital in the short term while continuing to build up a significant pipeline of future agency deals, which is critical to part of our strategy.

再次強調，過橋貸款業務對我們來說非常有吸引力，因為它可以在短期內為我們的資本帶來強勁的回報，同時繼續建立大量未來代理交易管道，這對我們的部分策略至關重要。

And if we can continue to take advantage of the efficiencies in the securitization market with our commercial banks, we can drive higher level returns and increased returns on our capital substantially.

如果我們能夠繼續利用商業銀行證券化市場的效率，我們就能大幅提高回報水準和資本報酬率。

In the Agency business, we originated $850 million of loans in the second quarter and $1.5 billion for the first six months of the year. We have incredibly strong July originating an unprecedented $1 billion of agency loans, which includes a large deal that we have been working on for several months.

在代理業務方面，我們在第二季發放了 8.5 億美元的貸款，今年上半年發放了 15 億美元的貸款。7 月份，我們表現異常強勁，發放了史無前例的 10 億美元代理貸款，其中包括一筆我們已籌備數月的大額貸款。

We also have a very large pipeline, and we believe we could result in originating approximately $2 billion in the third quarter, which would be one of the single largest production quarters in our history. We are very fortunate to have such a resilient originations network with a very loyal bars, which allows us to capture some large off-market transactions despite an extremely challenging market.

我們還有一個非常大的管道，我們相信我們可以在第三季產生約 20 億美元的收益，這將是我們歷史上最大的單一生產季度之一。我們非常幸運，擁有如此有彈性的發起網絡和非常忠誠的酒吧，這使我們能夠在極具挑戰性的市場中捕獲一些大型場外交易。

And these tremendous results will put us in a position to meet and possibly be our guidance for 2025 of between $3.5 billion and $4 billion of origination volume. We continue to do an excellent job in growing our single-family rental business. We had a strong second quarter with approximately $230 million in new business, and our pipeline remains strong.

這些巨大的成果將使我們有能力實現並可能成為我們 2025 年目標，即 35 億美元至 40 億美元的貸款發放量。我們在發展單戶住宅租賃業務方面持續做得非常出色。我們第二季表現強勁，新業務價值約為 2.3 億美元，而且我們的業務管道依然強勁。

This is a great business as it offers three 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. We continue to have great success in executing our business plan, converting another $200 million of construction loans into new bridge loans this quarter and $335 million already for the first six months of the year.

這是一項偉大的業務，因為它透過建設、過橋和永久貸款機會為我們的資本提供了三次轉折，並在短期內產生了強勁的槓桿回報，同時透過進一步多樣化我們的收入來源提供了顯著的長期利益。我們在執行業務計劃方面繼續取得巨大成功，本季又將 2 億美元的建設貸款轉換為新的過橋貸款，今年前六個月已將 3.35 億美元的建設貸款轉換為新的過橋貸款。

And again, with the recent CLO we discussed, combined with enhanced efficiencies we are seeing in our bank lines, we are generating mid- to high returns on our capital which will contribute to increased future earnings, especially as we continue to scale up the business. We also continue to make great progress in our construction lending business, we believe this product is very important for our platform, and it also offers us return on our capital to construction bridge and permanent agency lending opportunities and generate mid- to high returns on equitable.

再次強調，透過我們最近討論的 CLO，加上我們在銀行業務中看到的效率提升，我們正在產生中高資本回報，這將有助於增加未來的收益，特別是在我們繼續擴大業務規模的情況下。我們在建築貸款業務方面也繼續取得長足進展，我們相信該產品對我們的平台非常重要，它還為我們提供資本回報，以建立橋樑和永久代理貸款機會，並產生中高股權回報。

We closed $265 million of deals in the first six months and closed another $144 million in July. We also have a strong line with roughly $100 million on application and $400 million of additional applications outstanding and $500 million of deals we're currently screening. And given the strong progress, we feel we will easily beat the guidance we gave of $250 million to $500 million of production for 2025, and we are very ahead of schedule for the first seven months of the year.

我們在上半年完成了 2.65 億美元的交易，並在 7 月完成了 1.44 億美元的交易。我們也擁有強大的資源，其中約 1 億美元的申請，4 億美元的額外申請尚未完成，還有 5 億美元的交易正在篩選中。鑑於取得的強勁進展，我們認為我們將輕鬆超越我們給出的 2025 年 2.5 億至 5 億美元產量的指導目標，而且今年前七個月我們的產量已經大大提前於計劃。

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

總而言之，上半年我們工作十分活躍，成果顯著。我們將繼續非常有效地執行我們的業務計劃，並符合目標和指導。顯然，這個領域存在著巨大的波動，特別是與我們對短期和長期利率的展望有關。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 have made great strides in improving the right side of our balance sheet through the securitization of public debt markets with our banking relationships that will continue to be a positive catalyst.

此外，透過與銀行建立關係，我們透過公共債務市場的證券化在改善資產負債表的右側方面取得了長足的進步，這將繼續成為積極的催化劑。

As I mentioned earlier, we view 2025 as a transitional year in which we will work exceedingly hard to successfully resolve our REO assets and delinquencies providing a strong earnings foundation, which we can build upon in 2026.

正如我之前提到的，我們將 2025 年視為一個過渡年，我們將竭盡全力成功解決我們的 REO 資產和拖欠問題，從而奠定強大的盈利基礎，以便我們在 2026 年繼續努力。

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

現在我將把電話轉給保羅，讓他向大家介紹財務結果。

Okay. Thank you, Ivan. In the second quarter, we produced distributable earnings of $52.1 million or $0.25 per share and $62.5 million or $0.30 a share, excluding $10.5 million of onetime realized losses from the sale of two REO assets in the second quarter and the $0.30 a share of distributable earnings translated to a 10% ROE for the second quarter.

好的。謝謝你，伊凡。在第二季度，我們產生的可分配收益分別為 5,210 萬美元或每股 0.25 美元和 6,250 萬美元或每股 0.30 美元，不包括第二季度出售兩項 REO 資產產生的 1,050 萬美元一次性實現損失，每股 0.30 美元的可分配收益轉化為第二季度 10% 的 ROE。

In the second quarter, we accrued an additional $10 million of net interest on paying accrual loans however, we only increased our interest receivable related to these loans by approximately $3 million during the quarter. Mainly due to some loans that either repaid in full or had much paydowns in which we received $7 million of back accrued interest that was outstanding on these loans.

在第二季度，我們在支付應計貸款時額外產生了 1000 萬美元的淨利息，然而，本季度我們與這些貸款相關的應收利息僅增加了約 300 萬美元。主要是由於一些貸款已全額償還或已償還大量款項，我們收到了這些貸款未償還的 700 萬美元應計利息。

And in July, we also received accrued interest of around $7 million related to a bridge and mezzanine loan we had on our books on the same property that paid off in full. We had $187 million of loans on this asset, which we paid with $167 million agency loan that we recaptured an outside preferred equity that came in through the borrowing group.

7 月份，我們還收到了約 700 萬美元的應計利息，這筆利息與我們帳面上同一處房產的過橋和夾層貸款有關，並且已經全部還清。我們在這項資產上有 1.87 億美元的貸款，我們用 1.67 億美元的代理貸款償還了這筆貸款，我們收回了透過借款集團獲得的外部優先股。

This is a perfect example of a tremendous execution where we generated strong returns on our invested capital, we captured the agency loan with a much lower detachment point and recouped all of our invested capital and back accrued interest.

這是一個完美執行的例子，我們在投資資本上獲得了豐厚的回報，我們以低得多的分離點獲得了代理貸款，收回了我們所有的投資資本和應計利息。

Our total delinquency came in at $529 million at June 30 compared to $654 million at March 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 quoting interest income on unless we believe the cash will be received.

截至 6 月 30 日，我們的拖欠總額為 5.29 億美元，而 3 月 31 日為 6.54 億美元。這些拖欠貸款包括兩類貸款，一類是逾期 60 天以上的貸款，另一類是逾期 60 天以內的貸款，除非我們相信能夠收到現金，否則我們不會報出利息收入。

The 60-plus day delinquent loans or NPLs were approximately $472 million this quarter compared to $511 million last quarter due to approximately $62 million of loans at the base as REO $36 million of modifications and $21 million of payoffs during the quarter, which was partially offset by $79 million of additional defaults for the quarter.

本季 60 天以上的拖欠貸款或不良貸款約為 4.72 億美元，而上季度為 5.11 億美元，原因是本季度約有 6200 萬美元的貸款作為 REO 的修改，3600 萬美元的修改和 2100 萬美元的還款，但被本季度 7900 萬美元的額外違約部分抵消。

The second bucket consisted of loans that are less 60 days past due came down to $57 million this quarter from $143 million last quarter due to $48 million in modifications and $48 million that we took back as REO, which was partially offset by approximately $10 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 1.43 億美元降至 5700 萬美元，原因是 4800 萬美元的修改和 4800 萬美元的 REO 收回，這部分被本季度約 1000 萬美元的新拖欠所抵消。

And while we're making steady progress in resolving these delinquencies, we do anticipate that we will continue to experience some new delinquencies, especially if the current environment persists. In accordance with our plan of resolving certain delinquent loans, we've continued to take back assets as REO, and we expect to take back more over the next few quarters, as Ivan mentioned.

雖然我們在解決這些違約問題上取得了穩步進展，但我們確實預計我們將繼續遇到一些新的違約問題，特別是如果當前的環境持續下去的話。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 所提到的，我們預計在未來幾個季度內收回更多資產。

The process of foreclosing on and working to improve these assets and create more of a current income stream take time, which again will temporarily impact our earnings.

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 second quarter, we took back $188 million of REO assets, we've been highly successful in bringing in new sponsors in certain assets to take over the real estate and assume our debt. This strategy is a very effective tool at returning dead capital in a nonperforming loan into an interest-earning asset, which will increase our future earnings. We sold $115 million of these assets in the second quarter, and we're in the process of bringing in new sponsors of another $40 million of REO assets, which we hope to close by the end of the third quarter.

在第二季度，我們收回了價值 1.88 億美元的 REO 資產，我們非常成功地引入了某些資產的新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死資本轉化為生息資產，從而增加我們未來的收益。我們在第二季度出售了價值 1.15 億美元的 REO 資產，並且正在引入另外價值 4000 萬美元的 REO 資產的新贊助商，我們希望在第三季末完成交易。

We recorded an additional $16 million of loan loss reserves on our balance sheet loan book in the second quarter, $6.5 million of which were specific reserves with the remaining $9.5 million being general CECL reserves as a result of changes in the outlook on real estate values from the outside service providers we use to assist us in determining our loss reserves.

我們在第二季度的資產負債表貸款帳簿上額外記錄了 1600 萬美元的貸款損失準備金，其中 650 萬美元為特定準備金，其餘 950 萬美元為一般 CECL 準備金，這是由於我們用來協助我們確定損失準備金的外部服務提供商對房地產價值前景的變化而導致的。

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 transaction we've been able to effectuate to date at or around our carrying values, net of reserves.

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以帳面價值或接近帳面價值（扣除儲備）完成的交易中可以看出。

In our agency business, we had a solid second quarter. And as Ivan mentioned, we are expected to have an exceptional third quarter as well. We produced $857 million in originations and $807 million in loan sales in the second quarter with very strong margins of 1.69%.

在我們的代理業務中，我們第二季度表現穩健。正如伊凡所提到的，我們預計第三季也將表現優異。我們在第二季的貸款發放額為 8.57 億美元，貸款銷售額為 8.07 億美元，利潤率高達 1.69%。

We also recorded $10.9 million of mortgage servicing rights income related to $853 million of committed loans a quarter, representing an average MSR rate of around 1.28%.

我們也記錄了每季 8.53 億美元承諾貸款相關的 1,090 萬美元抵押貸款服務權收入，平均 MSR 利率約為 1.28%。

Our fee-based services portfolio grew to approximately $33.8 billion at June 30, with a weighted average servicing fee of 37.4 basis points and an estimated remaining life of 6.5 years. This portfolio will continue to generate a predictable annuity of income going forward of around $126 million gross annually.

截至 6 月 30 日，我們的收費服務組合成長至約 338 億美元，加權平均服務費為 37.4 個基點，預計剩餘期限為 6.5 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 $11.6 billion at June 30 from originations outpacing runoff for the second straight quarter. Our all-in yield on this portfolio was 7.86% at June 30 compared to 7.85% at March 31, and due to taking back nonperforming assets as REO, which are separately stated on our balance sheet, which was partially offset by some new delinquencies in the second quarter.

在我們的資產負債表貸款業務中，截至 6 月 30 日，我們的投資組合成長至 116 億美元，連續第二季貸款發放量超過貸款減少量。截至 6 月 30 日，該投資組合的總收益率為 7.86%，而截至 3 月 31 日，該收益率為 7.85%，這是由於我們將不良資產作為 REO 收回，這些資產在我們的資產負債表中單獨列示，但第二季度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 $11.5 billion this quarter compared to $11.4 billion last quarter. The average yield of these asset decreased to 7.95% from 8.15% last quarter, mainly due to less back interest collected on our portfolio and some additional delinquencies in the second quarter.

本季我們核心投資的平均餘額為 115 億美元，而上季為 114 億美元。這些資產的平均收益率從上一季的 8.15% 下降至 7.95%，主要原因是我們投資組合收取的利息減少以及第二季度出現了一些額外的拖欠。

Total debt on our core assets was approximately $9.6 billion at June 30. The all-in cost of debt was approximately 6.80% at 6/30 versus 6.82% at 3/31 and mainly due to slightly higher rates in our legacy CLOs from lower rate debt tranches being paid down runoff second quarter.

截至 6 月 30 日，我們核心資產的總債務約為 96 億美元。6 月 30 日的總債務成本約為 6.80%，而 3 月 31 日為 6.82%，這主要是因為我們遺留的 CLO 利率略高，因為低利率債務部分在第二季得到償還。

The average balance on our debt facilities was approximately $9.5 billion for the second quarter compared to $9.4 billion in the first quarter, mainly due to funding our second quarter growth. The average cost of funds on our debt facilities was 6.7% in the second quarter compared to 6.89% for the first 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 our total debt on core assets.

我們第二季的債務融資平均餘額約為 95 億美元，而第一季為 94 億美元，這主要是為了資助我們第二季的成長。我們債務融資的平均資金成本在第二季為 6.7%，而第一季為 6.89%，這不包括利用 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，因此不包括我們核心資產的總債務。

The slight reduction in the average cost of funds was mostly due to the full benefit of lower rates from the new JPMorgan facility that we closed in the first quarter compared to the CLOs that we redeemed.

資金平均成本略有下降，主要是因為我們在第一季關閉的摩根大通新貸款與我們贖回的 CLO 相比，享受了較低的利率。

Our overall net interest spreads in our core assets was down to 1.08% this quarter from 1.26% last quarter, largely due to more back interest collected last quarter on delinquent loans, combined with a few new nonperforming loans in the second quarter. And our overall spot net interest spread were 0.9% at June 30 compared to 1.03% at March 31.

我們核心資產的整體淨利差從上季的 1.26% 下降至本季的 1.08%，這主要是因為上季拖欠貸款收回的利息增加，再加上第二季出現了一些新的不良貸款。截至 6 月 30 日，我們的整體即期淨利差為 0.9%，而截至 3 月 31 日，我們的整體即期淨利差為 1.03%。

Lastly, and very significantly, we've managed to delever our business 25% during this very lengthy dislocation to a leverage ratio of 3:1 from a peak of around 4:1 nearly three years ago.

最後，非常重要的是，在這段漫長的混亂時期，我們成功地將業務槓桿率降低了 25%，從近三年前的峰值 4:1 降至 3:1。

And as Ivan mentioned, in early July, we issued our first unsecured rated debt deal, which will now provide us with a significant pocket of new institutional capital allowing us to transform our balance sheet and fund more of our business with unsecured long-term debt.

正如伊凡所提到的，7月初，我們發行了第一筆無擔保評級債務交易，這將為我們提供大量新的機構資本，使我們能夠改變資產負債表，並透過無擔保長期債務為我們的更多業務提供資金。

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

今天早上的準備演講到此結束，現在我將把時間交給接線員，回答大家可能提出的任何問題。史蒂芬妮？

(Operator Instructions) Steve Delaney, Citizens JMP.

（操作員指示）史蒂夫·德萊尼，公民 JMP。

First question, I guess, the drop in net interest income from $75 million in the first quarter to $69 million. Can you just explain what -- if there were any unusual items in there? Was it reversals when you took things into foreclosure, just any color there. And I apologize if I was trying to take good notes, but I probably -- you may have mentioned it and I didn't get it down.

我想第一個問題是，淨利息收入從第一季的 7,500 萬美元下降到 6,900 萬美元。你能解釋一下嗎——裡面是否有任何不尋常的物品？當你將物品帶入止贖時，是否發生了逆轉，那裡只有任何顏色。如果我試著做好筆記，我深感抱歉，但可能——你可能提到過，但我沒有記下來。

No, Steve, it's a great question. So yes, there's a couple of items. One, we had a few more delinquencies in the second quarter, as I mentioned in my commentary. We also had a little less back interest collected on previously delinquent loans. Obviously, as they move through the life cycle and become further and further delinquent, and we're lining it up to take them out as REO or reposition them.

不，史蒂夫，這是一個很好的問題。是的，有幾件物品。首先，正如我在評論中提到的，第二季我們出現了更多拖欠。我們從之前拖欠的貸款中收取的利息也減少了一點。顯然，隨著它們在生命週期中不斷演變，變得越來越不合規，我們就會將它們作為 REO 取出或重新定位。

The chances of getting back interest gets smaller and smaller as we're taking those assets back. So that had a little bit of an impact.

隨著我們收回這些資產，收回利息的機會也越來越小。所以這有一點影響。

But to your point, and as I mentioned in my commentary, we had recorded net new paying accruals of about $10 million for the quarter. It would have been about $15 million, but we reversed $5 million of paying accrual and $3 million of that were on loans that we foreclosed on, one of which we flipped that loss this quarter that we mentioned in our commentary.

但正如您所說，正如我在評論中提到的，我們本季記錄的淨新支付應計項目約為 1000 萬美元。本來應該是 1500 萬美元左右，但我們沖銷了 500 萬美元的應計付款，其中 300 萬美元是用於我們取消抵押品贖回權的貸款，其中一筆是我們在本季度轉嫁的損失，我們在評論中提到過。

So we do spend time every quarter looking at the performance of our assets and depending on where things are with a particular property in particular sponsor, we may make decisions to reverse certain again this quarter to the $2 million to $5 million, and that's really what's driving that difference.

因此，我們確實每個季度都會花時間關注資產的表現，並且根據特定贊助商的特定資產的狀況，我們可能會決定在本季度再次將某些資產逆轉至 200 萬至 500 萬美元，而這才是造成這種差異的真正原因。

And it sounds like you're being very proactive trying to move 5 rated loans into REO, so you control the situation. $365 million now at more than double $176 million at the year end of 2024. Paul, do you have some idea of just where that might peak out? And how high could that figure go over the next two quarters before it starts rolling down. And I know you're moving some off as you did this quarter. Where should we expect the peak?

聽起來你正在非常積極地嘗試將 5 級貸款轉移到 REO，這樣你就可以控制局面。現在為 3.65 億美元，到 2024 年底將達到 1.76 億美元的兩倍多。保羅，你知道這個高峰會出現在哪裡嗎？在開始下降之前，未來兩季這個數字會達到多高？我知道您在本季已經取得了一些進展。我們應該在哪裡預期峰值？

Yes. So Steve, let me give you a macro outlook in terms of how we're approaching it. As I said in my commentary, we're viewing 2025 a transitional year. So we want to try and accelerate this process as much as we can. And yet all of this behind us as much as possible behind us.

是的。那麼史蒂夫，讓我從宏觀角度來介紹我們如何處理這個問題。正如我在評論中所說，我們認為 2025 年是一個過渡年。因此，我們希望盡力加快這一進程。然而，我們盡可能地把這一切拋在身後。

Clearly, nonperforming loans is a bit of a drag. We've seen a little bit of a recent phenomenon, and we've expanded our potential REO by about $100 million. And it's a little bit of a different outlook. A lot of our REO that we have, we've mentioned are 12 to 24 months hold. We're seeing loans that are reasonable occupancies well above $80 million, like in the $85 million area where the sponsors are based of capital.

顯然，不良貸款是一個拖累因素。我們最近看到了一些現象，我們將潛在的 REO 擴大了約 1 億美元。這是一種稍微不同的觀點。我們提到的許多 REO 的持有期限為 12 至 24 個月。我們看到合理佔用率遠高於 8,000 萬美元的貸款，例如發起人資本所依據的 8,500 萬美元區域。

And we feel without them putting in additional capital to continue with the unit turns and keep the assets up or by rate caps, we're making decisions now that we're better off facilitating the disposition of those assets and bringing in new sponsors.

我們認為，如果他們不投入額外資本來繼續單位週轉並保持資產增值或利率上限，我們現在做出的決定是，我們最好促進這些資產的處置並引入新的贊助商。

So as a result, there will be on our books for a shorter period of time as we go through those for closures, maybe 90 to 120 days does not have much to do with those assets. So there'll be a little bit of a drag and we may bubble off a little bit more in REO, but it's a lot lighter touch and we're doing it at or about where these assets are marked on our balance sheet.

因此，當我們完成這些關閉操作時，我們的帳簿上的時間會更短，也許 90 到 120 天與這些資產沒有太大關係。因此，會有一點阻力，我們可能會在 REO 中出現更多泡沫，但這種影響要輕得多，而且我們正在資產負債表上標記這些資產的位置或附近進行操作。

And also when we do that, as I previously mentioned, we ended up with a lot of recourse liability to see spots which we feel will create additional income in future what takes time back. So we've adjusted our philosophy of being a lot more aggressive looking at this year as a transitional year and really taking to reposition more aggressively.

而且當我們這樣做時，正如我之前提到的，我們最終承擔了很多追索責任，以發現我們認為將來會創造額外收入的點，這需要時間。因此，我們調整了我們的理念，更加積極地將今年視為過渡年，並真正採取更積極的重新定位。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

We've seen your tighter lending spreads, as I think you noted in your comments and a pickup in theory capital markets activity with lenders across the board being much more active, including the GSEs and multifamily still remains in favor, broadly speaking.

我們已經看到你們的貸款利差收窄，我想您在評論中已經提到了這一點，而且理論上資本市場活動有所回升，各方面的貸款機構都更加活躍，包括政府支持企業和多戶型企業在內，總體上仍然受到青睞。

So the question is if this is translating into Arbor's portfolio, the increased interest from outside parties in the REO book in the sub-performing loan book and also an uptick in repayment activities. Just if you could comment on that, that would be great.

因此，問題是，這是否會轉化為 Arbor 的投資組合，外部各方對 REO 帳簿中表現不佳的貸款帳簿的興趣增加，以及還款活動的增加。如果您能對此發表評論，那就太好了。

So clearly, that has a lot to do with the perception of where interest rates are. And as you can see, rates are moving down, every time rates move up, it creates an opportunity to people get at the fixed rates. There is a tremendous amount of dollars chasing distressed. And then when we do have a deal that's in the distress, we have multiple bidders and it's a very competitive landscape -- but as rates move down, all of that, as I said in my commentary will be in our favor.

顯然，這與對利率的看法有很大關係。正如您所看到的，利率正在下降，每次利率上升，都會為人們創造獲得固定利率的機會。有大量的美元追逐不良資產。然後，當我們確實達成一項陷入困境的交易時，我們會有多個競標者，這是一個競爭非常激烈的局面——但隨著利率下降，正如我在評論中所說的那樣，所有這些都對我們有利。

Even as small move like today of over the last maybe seven days of a 20 basis points drop in the five year, I could tell you, we're converting a couple of hundred million dollars off our balance sheet today and tomorrow, just with that move.

即使是像今天這樣的小幅波動，或者在過去七天裡五年內下降了 20 個基點，我可以告訴你，僅憑這一舉措，我們今天和明天就會從資產負債表中轉出幾億美元。

So that will accelerate a transition for people and an attraction of capital. And without a question, multifamily, the asset class has always been a great asset class. There's been a dislocation, but we feel it's extraordinarily resilient. We're seeing a lot of money into this space.

這將加速人員的轉變和資本的吸引。毫無疑問，多戶型資產類別一直是個很棒的資產類別。雖然出現了混亂，但我們感覺它具有極強的恢復力。我們看到大量資金投入這個領域。

I was also wondering if you think that there is an opportunity for Arbor to own key assets within the portfolio, if you've identified any assets that seem attractive because we know there's a shortage of affordable housing in the market, and the outlook probably will improve for this asset class post the current period of elevated delinquency and non-performance?

我還想知道，您是否認為 Arbor 有機會擁有投資組合中的關鍵資產，您是否已經確定了任何看起來很有吸引力的資產，因為我們知道市場上經濟適用房短缺，並且在當前拖欠和不履行率上升的時期之後，這種資產類別的前景可能會有所改善？

Yes. We're not afraid. Historically, we've done a great job of taking back assets doing extraordinarily well on them on our balance sheet. And then if the appropriate time selling them. So clearly, it's within our philosophy and capability to do that.

是的。我們不害怕。從歷史上看，我們在收回資產方面做得非常出色，在我們的資產負債表上表現非常出色。然後在適當的時候出售它們。顯然，這符合我們的理念和能力。

So when we do take back these REOs, we feel we can improve them, manage them and get great execution. So I think giving guidance to $400 million to $600 million of assets owned when we get to a certain level, we make a decision whether it's optimum to sell it. But we do believe in workforce housing. We think that a lot of these assets have been capital starved and under managed and bringing the right management and the right amount of capital to reposition them is not only a good opportunity to get full realization on our debt, but hopefully do better than that as well.

因此，當我們收回這些 REO 時，我們覺得我們可以改進它們、管理它們並獲得出色的執行。因此，我認為，當我們達到一定水平時，我們會對所擁有的 4 億至 6 億美元的資產給予指導，然後決定是否將其出售。但我們確實相信勞動力住房。我們認為，許多此類資產都面臨資金匱乏和管理不善的問題，而透過正確的管理和適量的資本來重新配置這些資產，不僅是充分實現債務的良好機會，而且希望能夠做得更好。

And on the GSE side, could you comment on credit trends within that portfolio? We can see the delinquencies pick up?

從政府支持企業 (GSE) 方面來說，您能評論一下該投資組合內的信貸趨勢嗎？我們能看到拖欠率上升嗎？

Yes. I think across the board in the agencies, you've seen a level of increase in delinquencies. I think we're at the bottom of the cycle. And I think that every time you're at this bottom of the side, you'll see them peak. I've met with the agencies, I've been with them.

是的。我認為，各機構的拖欠率都有上升。我認為我們正處於週期的底部。我認為每次當你處於這個底部時，你都會看到他們的巔峰。我曾與這些機構會面，也曾與他們共事。

They've taken about a record number of REOs relative to the last several quarters, they feel they're peaking as well. But I think borrowers are at that peak stress point, and they're running out of capital. So I think you're in this period of time where you've seen a bit of a peak. We think that will continue through the next couple of quarters. And clearly, what happens with interest rates has a major impact on that as rates go down people find a way to sell their assets or attract new capital.

與過去幾個季度相比，他們已經獲得了創紀錄數量的 REO，他們感覺自己也達到了頂峰。但我認為借款人正處於壓力的頂峰，而且他們的資金正在耗盡。所以我認為你正處於一個巔峰時期。我們認為這種情況將持續到接下來的幾季。顯然，利率的變化對此有重大影響，因為利率下降，人們會想辦法出售資產或吸引新資本。

But we definitely are in the peak of it. And I think the next two quarters will reflect a little bit of what's happened in the last quarter, but we think we're at the bottom.

但我們確實正處於巔峰狀態。我認為接下來的兩個季度將會反映出上個季度的一些情況，但我們認為我們處於底部。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Okay. So you realized $10.5 million of losses related to REO this quarter. It sounds like one property basically, you foreclosed on or took delinquency and sold right away. The other one, perhaps more seasoned. Is that the way to look at this?

好的。因此，本季您實現了與 REO 相關的 1050 萬美元的損失。這聽起來基本上就像是一處房產，你取消了贖回權或拖欠了債務，然後立即出售。另一個人也許更老練。是這樣看待這個問題的嗎？

Yes. So Rick, I'll let Ivan give the details on the one property. But yes, there was a an asset that we took back right away as soon as it went delinquent. It went delinquent in the quarter, we took it back right away and flipped it to a quality sponsor and took a loss from where we had it marked. We had it marked at about $4 million loss. We ended up taking about a $9.5 million loss. So a little deeper than our reserve, and Ivan can talk to why we did that.

是的。那麼里克，我會讓伊凡提供有關這處房產的詳細資訊。但是，是的，一旦出現拖欠，我們就會立即收回一項資產。它在本季度出現拖欠，我們立即將其收回，並將其轉交給優質贊助商，並從我們標記的位置承擔損失。我們將其標記為損失約 400 萬美元。我們最終損失了約 950 萬美元。因此，比我們的儲備更深一點，伊凡可以談談我們為什麼這樣做。

The other asset we took back during the quarter as well, but we had it marked pretty much right on top of the value we flipped it, I think, for a $1 million loss from where we had it marked. So the one was deeper. The other one was pretty much right on top. But I can't give the details on the one asset at the $10 million loss.

我們在本季度也收回了另一項資產，但我們對它的標記幾乎是在它被翻轉的價值之上，我想，我們標記的地方損失了 100 萬美元。所以其中一個更深。另一個幾乎就在最上面。但我無法透露有關損失 1000 萬美元的資產的詳細資訊。

We just made a decision on that particular asset that if we didn't get our management and the asset could suffer significantly, management, it was stopping to put capital in payables were accruing the asset eventually. So we just thought it would be best to foreclose on it, settle out with the sponsors and moving into capable hands.

我們只是對該特定資產做出了決定，如果我們不進行管理，該資產可能會遭受重大損失，管理層將停止將資本投入應付款項，最終將累積資產。因此我們認為最好的辦法是取消抵押品贖回權，與贊助商達成和解，然後轉交給有能力的人。

That asset has been moving to capable hands on interest-earning asset on our balance sheet will improve occupancies up. And we think we made the right decision. It was in the market where there was a lot of competition for tenants.

該資產已轉移到我們資產負債表上能夠產生利息的資產，這將提高入住率。我們認為我們做了正確的決定。市場上的租戶競爭非常激烈。

And we thought the existing management group was not capable of continuing to maintain the value and we felt we were at risk of potential a deterioration of value. So that was our decision that, that period of time to move that asset out.

我們認為現有的管理團隊沒有能力繼續維持價值，並且我們感到我們面臨價值潛在貶值的風險。所以這就是我們的決定，在那段時間內將該資產轉移出去。

Totally makes sense. And I also very much appreciate the transparency about the -- where you were where you sold it versus where your marks were. Can we talk a little bit about given the increasing contribution from PIK the amount of crude interest on the balance sheet. I'm assuming that, that's being capitalized in the loan balances, but want to make sure and if we can just get some numbers around that to understand how that's building over time, that would be really helpful.

完全有道理。我也非常欣賞這種透明度——你在哪裡銷售產品以及你的商標在哪裡。鑑於 PIK 的貢獻不斷增加，我們能否稍微談談資產負債表上的原油利息金額。我假設，這是在貸款餘額中資本化的，但想確保的是，如果我們能得到一些數字來了解它是如何隨著時間的推移而建立的，那將非常有幫助。

Sure, Rick. Absolutely. So we're sitting at June 30 with $95 million of PIK on our balance sheet as a receivable. $15 million of that pick is related to mezz and PE, most of which is behind our agency where there’s a pay rate and then some accrual rate as part of the normal course of doing those loans. I will say that in my commentary, I mentioned we did get a payoff yesterday on $187 million loan.

當然，里克。絕對地。因此，截至 6 月 30 日，我們的資產負債表上有 9,500 萬美元的 PIK 作為應收帳款。其中 1500 萬美元與夾層貸款和 PE 有關，其中大部分在我們機構後面，其中有一個支付率，然後是一些應計率，作為發放這些貸款的正常過程的一部分。我想說的是，在我的評論中，我提到我們昨天確實償還了 1.87 億美元的貸款。

It was a bridge loan and a mezz loan, and we did get back $7 million of that PIK. So that $15 million now goes down to $8 million effectively after that payoff, which is a really nice execution for us.

這是一筆過橋貸款和夾層貸款，我們確實收回了 700 萬美元的 PIK。因此，在支付了這筆款項後，1500 萬美元實際上就降到了 800 萬美元，這對我們來說是一個非常好的執行。

The other $80 million is in bridge lending. And just to put some numbers around it, we’re accruing about 75% of the loans we modified. So there’s about 25% of loans we’ve modified that we’re not accruing the interest on.

其餘 8000 萬美元為過橋貸款。舉幾個數字來說明一下，我們修改的貸款總額約為 75%。因此，我們修改的貸款中約有 25% 不會產生利息。

It’s been running about $15 million a quarter, as I’ve said in the past. It would have ran around that number this quarter, but we elected to take back and reverse some at about $5 million, $2 million or $3 million of it was related to the one asset, REO asset that we sold at a loss.

正如我過去所說的那樣，它每季的營運成本約為 1500 萬美元。本季的金額本來應該在這個數字左右，但我們選擇收回並逆轉其中約 500 萬美元、200 萬美元或 300 萬美元，這些資金與我們虧本出售的一項資產 REO 資產有關。

And we’ll probably have some of that going forward. As Ivan and I look at the next couple of quarters, we see it to be continually challenging with people running out of steam. And we keep looking every day and every quarter on what we think we’re going to collect and what we’re not going to collect.

我們未來可能還會有這樣的情況。當伊凡和我展望接下來的幾個季度時，我們看到它將繼續面臨挑戰，人們將精疲力竭。我們每天、每季都會關注哪些稅金我們認為應該徵收，哪些稅金我們認為不該徵收。

And as the situations change and things are real time, we’ll make decisions to reverse some of that at times. We did reverse some of it this quarter. That trend may continue as we go forward. But we are adding that interest to the carry value of the loan. And then we continue to look at the value of those loans every quarter when we do CECL.

隨著情況的變化和事物的即時性，我們有時會做出決定來扭轉其中的一些情況。本季我們確實扭轉了部分局面。隨著我們不斷前進，這種趨勢可能會持續下去。但我們將利息添加到貸款的持有價值中。然後，當我們進行 CECL 時，我們每個季度都會繼續查看這些貸款的價值。

And if the value is under our carry then we’re writing it down. So that’s been our procedure. That’s something we’ll continue to do. And that’s the way we’re approaching it.

如果價值低於我們的承受能力，那麼我們就會將其減記。這就是我們的程式。我們會繼續這樣做。這就是我們處理這個問題的方式。

Got it. And then last question for me. Ivan, you discussed tactically some of the decisions related to REO this quarter and sort of hey these were two first loss best loss type properties. You now have almost $4 million of REO as Jay pointed out, we're kind of reaching probably the cyclical peak in terms of deliveries of multifamily.

知道了。這是我的最後一個問題。伊万，您從戰術上討論了本季度與 REO 相關的一些決策，嘿，這是兩個首次虧損最佳虧損類型的房產。正如傑伊指出的那樣，現在您擁有近 400 萬美元的 REO，就多戶住宅的交付而言，我們可能已經達到了周期性高峰。

Can you talk a little about the absorption of vacancy on the properties where you're seeing strength, where you're seeing weakness and how that's dictating your start about what you're going to sell quickly versus what you're willing to hold to potentially enhance value.

您能否簡單談談您認為實力較強、實力較弱的房產的空置率吸收情況，以及這如何決定您要快速出售哪些房產以及您願意持有哪些房產以潛在地提高價值。

Sure. First, the absorption issue that most people talk about is on Class A deliveries and some of the major metropolitan areas where there's been an oversupply in a bigger way. We don't really have much concentration in that area. That doesn't affect us, but that's how people really look at it, whether you go to areas like Austin or Nashville or Atlanta, where there was tremendous Class A deliveries in Charlotte, that really doesn't affect our portfolio. What we really have is a lot of workforce housing in certain areas where you have some operators who operate inefficiently.

當然。首先，大多數人談論的吸收問題涉及 A 級交付和一些主要大都市地區，這些地區的供應過剩程度較大。我們實際上並沒有在那個領域投入太多精力。這並不影響我們，但人們確實是這樣看待它的，無論你去奧斯汀、納許維爾還是亞特蘭大這樣的地區，夏洛特的 A 級交付量都很大，但這實際上不會影響我們的投資組合。我們確實在某些地區擁有大量勞動力住房，但這些地區的一些經營者經營效率低。

You have a lot of cover overhang and economic occupancy issues that exist previous calls economic occupancy -- was as high as 12%.

您面臨許多覆蓋率過剩和經濟佔用率問題，以前所說的經濟佔用率高達 12%。

So we're seeing tremendous growth on the REO book that we have in terms of occupancies. Our initial REOs that we took back, were very deep, very neglected properties, very poorly run properties. And those are all being repositioned, and you'll see steady, steady growth in occupancy. I think the occupancy will grow, I think our deep REO book was probably in the mid-30%. We think that will grow over 12 month period steadily and increase at about 5 to 10 points a month.

因此，我們看到 REO 帳簿上的入住率出現了巨大的成長。我們最初收回的 REO 都是非常深厚、非常被忽視、管理非常差的資產。這些都正在重新定位，你會看到入住率穩定成長。我認為入住率將會成長，我認為我們的深度 REO 預訂量可能在 30% 左右。我們認為這一數字將在 12 個月內穩步增長，每月增長約 5 到 10 個百分點。

The more recent stuff we’re looking at taking back, which is why we want to be aggressive, we’re looking at occupancies in the low to mid-80s, even some at 90. And we want to take that stuff back because the sponsors are not going to manage the unit turns, increase occupancy, and improve that property. So we think that will be very short term in duration.

我們正在考慮收回最近的東西，這就是我們想要積極進取的原因，我們考慮將入住率控制在 80% 左右，甚至有些可以達到 90%。我們想收回這些東西，因為贊助商不會管理單位週轉、增加入住率並改善該物業。因此我們認為持續時間會非常短。

We think that we’ll take them back. We can transition them very quickly, some simultaneously, some maybe 30, 60, 90 and 120 days. The absorption will be fine on those. It will be normal. We’ll get with the right capital improvements. We’ll get those back up to the high 80s, low 90s. And once you’re at that level, if the market’s right, then we’ll look to dispose those.

我們認為我們會把它們帶回來。我們可以非常快速地轉變它們，有些是同時的，有些可能需要 30、60、90 或 120 天。這些的吸收效果會很好。一切都會正常。我們將獲得正確的資本改善。我們將使這些數字恢復到 80 多度、90 多度。一旦達到該水平，如果市場情況良好，我們就會考慮處置它們。

So that's kind of my overall outlook. But the absorption issue doesn't materially affect us. That's more Class A. You do have certain areas like San Antonio and Houston. We have a lot of migraine issues. You had a lot of economic occupancy issues due to the migrant issues, that's turning over. That's a transition market, and we think that market will show constant improvement in occupancy and have all the right trends.

這就是我的整體看法。但吸收問題對我們沒有實質的影響。這更像是 A 級。你確實有一些地區，例如聖安東尼奧和休斯頓。我們有很多偏頭痛問題。由於移民問題，你們面臨許多經濟佔用問題，現在情況正在好轉。這是一個過渡市場，我們認為該市場將顯示出入住率的持續改善並呈現所有正確的趨勢。

And I apologize, I am going to ask one last follow-up on that. Hopefully, it's a quick answer. Given the size of the portfolio and your description of repositioning some of it and optimizing it, what type of capital expenditure should we expect on the portfolio over the next 6 to 12 months?

我很抱歉，我將就此提出最後一個後續問題。希望這是一個快速的答案。考慮到投資組合的規模以及您對重新定位和優化部分投資組合的描述，我們應該預期未來 6 到 12 個月內投資組合將出現哪些類型的資本支出？

Yes. So it's a good question. I've got to get some numbers and maybe Ivan can help, but there's two categories, right? There's the more heavy lifting assets that we're owning and operating that need some reposition need some capital in the lighter touch stuff that Ivan has been talking about recently. I don't know if Ivan, you have in your head what you think we would invest in the assets we have on our balance sheet right now to get them repositioned.

是的。所以這是一個好問題。我必須得到一些數字，也許伊万可以幫忙，但有兩個類別，對嗎？我們擁有和經營的資產負擔更重，需要重新定位，需要一些資金來處理伊凡最近談到的輕鬆業務。我不知道伊万，您是否想過我們應該對現在資產負債表上的資產進行哪些投資，以重新調整它們。

Yes. We'll get back to you. We do have a budget on that. They've all been forecasted and budgeting. The more recent stuff we're talking about is very nominal.

是的。我們會回覆您。我們確實有這方面的預算。他們都已經進行了預測和預算。我們正在談論的最近的事情非常名義上。

It's not a huge amount of money. I mean guessing right now, I think it's probably on everything, $25 million to $50 million. (multiple speakers)

這筆錢不算多。我的意思是現在猜測，我認為它可能在所有方面都達到 2500 萬美元到 5000 萬美元。（多位發言者）

That will be a high number. Rather than high -- (multiple speakers) we’ll get back to on that number.

這將是一個很高的數字。而不是高——（多位發言者）我們會回到這個數字。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

First on agency originations. Fannie increase materially, but Freddie has been lower in recent quarters. Can you discuss some of the dynamics there? And then also just what the key drivers of the very strong July were despite up rates being relatively stable?

首先是代理商的起源。房利美大幅增加，但房地美近幾季卻有所下降。您能討論一下那裡的一些動態嗎？那麼，儘管利率相對穩定，但 7 月表現強勁的主要驅動因素究竟是什麼？

So first of all, it's good to have two agencies that compete with each other and sometimes one more competitor than the other. And sometimes, one provides quicker service and in all varies. We’ve traditionally done a lot more Fannie Mae business than we’ve done Freddie. Freddie has been really stepping up our relationship recently and sometimes they’re more aggressive on certain loan types, in particular some of the bigger loans. So we're pleased to be able to have both agencies and do a really good job on it.

因此，首先，有兩個相互競爭的機構是件好事，有時其中一個機構的競爭對手比另一個機構的競爭對手更多。有時，人們會提供更快、更多樣化的服務。傳統上，我們與房利美的業務往來比與房地美的業務多得多。房地美最近一直在加強我們的關係，有時他們對某些類型的貸款，特別是一些較大的貸款，採取更積極的措施。因此，我們很高興能夠與這兩家機構合作並出色地完成這項工作。

We've been working on some really significant transactions throughout the year and as Paul mentioned, July was probably the biggest month we've been a long time closing $1 billion. They represented a couple of marquee big transactions with some of our sponsors were very loyal to us. So we've done a good job. Our pipeline remains extremely strong, and we're very bullish in our numbers for the third quarter, which will put us back on track to meet or exceed what our projections are.

我們全年都在進行一些非常重要的交易，正如保羅所提到的，7 月可能是我們長期以來交易額最大的月份，交易達到了 10 億美元。他們與我們的一些贊助商進行了幾筆重大交易，這些贊助商對我們非常忠誠。所以我們做得很好。我們的管道仍然非常強勁，我們對第三季的數據非常樂觀，這將使我們重回正軌，達到或超過我們的預期。

We're looking today at a drop in the five years, as I mentioned, within an hour this morning, we already had about $200 million worth of loans that are going to convert off our balance sheet just from that drop. So if the rate environment continues to drop, we should continue to increase originations above our full forecast. But right now, we're looking at a pretty good third quarter.

今天我們看到的是五年來的下降，正如我所提到的，今天早上一個小時內，我們已經有價值約 2 億美元的貸款將從我們的資產負債表中轉出。因此，如果利率環境持續下降，我們應該繼續增加貸款發放量，使其高於我們的全面預測。但目前，我們預計第三季表現相當不錯。

Great. And then also in the quarter, you had a big pickup in SFR originations. How do you think about the longer-term strategy of SFR versus Bridge multifamily for Arbor?

偉大的。而且在本季度，SFR 發起量也大幅增加。您如何看待 Arbor 的 SFR 與 Bridge 多戶住宅的長期策略？

So the SFR market is growing dramatically, and there's been a lot of -- even in this location, a lot of capital put into that space. Doing the construction lending part of that requires a real level of expertise that a lot of people don't have. And if we're able to provide the whole gamut of services for those borrowers, meaning construction bridge and permanent. We're in a great competitive advantage.

因此，SFR 市場正在急劇增長，並且已經有很多——甚至在這個位置，也有大量資本投入該領域。從事建築貸款業務需要相當高的專業水平，但很多人並不具備。如果我們能夠為這些借款人提供全方位的服務，包括建造橋樑和永久性設施。我們擁有巨大的競爭優勢。

Having done the CLO, it gives us the ability to really expand out how much we do. We were always concerned with being too reliant on commercial banks without having that outlet. Once we did that securitization, we really stepped up our appetite and we'd like to increase and be a little more dominant.

完成 CLO 後，我們能夠真正擴展我們的工作範圍。我們一直擔心過度依賴商業銀行而沒有管道。一旦我們完成了證券化，我們確實增強了我們的胃口，我們希望增加並佔據更大的主導地位。

So we were a little cautious having too much concentration without having a CLO origination capability and nonrecourse non-mark-to-market financing. Now that we have that, we can be a little bit more aggressive. And our returns have been exceptional. So we're going to put a big effort to continue to build our market share in that space.

因此，我們有點謹慎，沒有過多的集中精力，沒有 CLO 發起能力和無追索權的非按市價計價融資。現在我們有了這些，我們就可以更積極一些。我們的回報非常豐厚。因此，我們將竭盡全力繼續擴大我們在該領域的市場份額。

Great. And then just one last one for me. Can you share your thoughts on the net interest income trajectory over the near term in the current environment and kind of where you might expect it to bottom?

偉大的。對我來說，還有最後一個。您能否分享一下對當前環境下短期淨利息收入走勢的看法，以及您預計它會在何處觸底？

Yes, good question, Crispin. It's a tough one to answer. We are seeing, as Ivan said, we are seeing a challenging environment that we expect to continue for the third and fourth quarter. Obviously, if rates move down, that will certainly help but we are expecting it to the bottom out here over the next quarter or two. A couple of things that could offset it to the positive, though, are things we've talked about in our commentary.

是的，克里斯平，問得好。這是一個很難回答的問題。正如伊凡所說，我們看到了一個充滿挑戰的環境，我們預計這種環境將在第三季和第四季持續下去。顯然，如果利率下降，那肯定會有所幫助，但我們預計利率將在未來一兩個季度內觸底。不過，我們在評論中討論過一些可以抵消其正面影響的事情。

One is all the efficiencies we've been getting on the right side of our balance sheet is certainly helping some of that drag. And we're also seeing growth in the portfolio. As you mentioned, our SFR business building. We're doing a nice job of converting construction with the bridge loans, which is helping. We're also still growing, even though it's very competitive, the balance sheet book.

一是我們在資產負債表右側獲得的所有效率肯定有助於緩解一些拖累。我們也看到投資組合的成長。正如您所提到的，我們的 SFR 商務大樓。我們正在利用過橋貸款很好地完成建築改造工作，這很有幫助。儘管競爭非常激烈，但我們的資產負債表仍在成長。

So I think that growth will help offset a little bit of that drag. But we do expect it to bottom out here over the next quarter or two, given what we're seeing in the market.

因此我認為成長將有助於抵消一點阻力。但根據目前的市場狀況，我們確實預計它將在未來一兩個季度內觸底。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thanks very much. I’m curious if you might be interested in launching a fund to put some of the REO and non-performing assets into raised capital around bifurcate the portfolio, create a fee stream and also create some participation in the upside in those assets and allow the company to invest and add value there. Is that something you might consider?

非常感謝。我很好奇您是否有興趣推出一隻基金，將部分 REO 和不良資產投入到籌集的資本中，以分叉投資組合，創造費用流，並參與這些資產的上漲，並允許公司在那裡投資和增加價值。您會考慮這個嗎？

A few people have approached us on it. We're going to have to evaluate how much it can be transitional, how much we're going to end up with and whether we have a core big enough to do that. So it is something that management has been discussing. But I think it's probably a little bit premature. We want to see where interest rates go over the next month or so. Because of interest rates drop, I think that will be a real stimulus to move those assets out more quickly, but we will evaluate that option.

有幾個人就此與我們進行了聯繫。我們必須評估它在多大程度上具有過渡性，我們最終會得到多少，以及我們是否有足夠大的核心來做到這一點。這是管理層一直在討論的事情。但我認為這可能有點為時過早。我們想看看未來一個月左右利率的走勢。由於利率下降，我認為這將真正刺激這些資產更快流出，但我們會評估這個選擇。

And then just on the agency business, there's quite a lot of noise with what the Trump administration might do, whether they try to take the GSEs public. I guess, number one, is that affecting the business at all in terms of the plan to originate new bridge loans and eventually get a GSE takeout. So that's just number one.

然後就代理業務而言，對於川普政府可能採取的行動，無論他們是否試圖讓政府支持企業上市，都存在著許多爭議。我想，首先，這會對發放新過橋貸款並最終獲得政府支持企業收購的計畫業務產生影響。這只是第一點。

And number two, one of your peers of Mortgage REIT made an acquisition. They acquired another license and pretty good valuation, would you be interested in potentially JVing with other firms that are interested in the agency business?

第二，你們的一位同行 Mortgage REIT 進行了收購。他們獲得了另一個許可證和相當不錯的估值，您是否有興趣與其他對代理商業務感興趣的公司進行合資？

Listen, we’re always would like to increase our agency business originations and whether we partner up with them directly or indirectly if there are other firms who want an affiliation to access our agency originations on the from their bridge lending, we’re happy to do it.

聽著，我們一直希望增加我們的代理業務來源，無論我們是直接還是間接地與他們合作，如果有其他公司希望透過他們的過橋貸款與我們的代理業務來源建立聯繫，我們都很樂意這樣做。

But I think the landscape is going to change a little bit. We’ve talked in the past about how we’ve been the only effective lender to be able to do balance sheet lending and agency lending. We now have somebody else trying to replicate that. It took us years and years to be able to perfect that. It’s not an easy thing to do.

但我認為情況將會發生一些變化。我們過去曾談到，我們是唯一能夠進行資產負債表貸款和代理貸款的有效貸方。現在我們有其他人嘗試複製這一點。我們花了很多年才能夠完善這一點。這不是一件容易的事。

So we’ll see how effective they are. I wish them luck. It is a process. It takes a long time to create the right culture and we continue to be very effective at it. But we do everything we can to increase our partnerships with other people who can contribute to our agency originations.

所以我們將看看它們的效果如何。我祝他們好運。這是一個過程。創造正確的文化需要很長時間，而我們在這方面一直非常有效。但我們會盡一切努力加強與其他可以為我們的代理商起源做出貢獻的人的合作。

This does conclude our question-and-answer session for today. I'd like to return the call back to Mr. Ivan Kaufman for any closing or additional remarks.

今天的問答環節到此結束。我希望能回電給伊凡·考夫曼先生，請他發表任何結束語或補充意見。

All right. Thank you, everybody for your participation and support. Have a great week and enjoy the rest of the summer.

好的。謝謝大家的參與與支持。祝您有個愉快的一周並享受剩餘的夏天。

Thank you. Ladies and gentlemen, this does concludes presentation. You may now disconnect.

謝謝。女士們、先生們，演講到此結束。您現在可以斷開連線。