Arbor Realty Trust Inc (ABR) 2025 Q3 法說會逐字稿

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

各位女士、先生，早安，歡迎參加 Arbor Realty Trust 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我將把電話交給今天的發言人，財務長保羅·埃萊尼奧。請繼續，先生。

Okay, thank you, David. And good morning, everyone, and welcome to quarterly earnings call for Arbor Realty Trust. This morning, we'll discuss the results for the quarter end of September 30, 2025. With me on the call today is Ivan Kaufman, our President and Chief Executive Officer.

好的，謝謝你，大衛。各位早安，歡迎參加 Arbor Realty Trust 的季度收益電話會議。今天上午，我們將討論截至 2025 年 9 月 30 日的季度業績。今天和我一起參加電話會議的有我們的總裁兼執行長伊凡·考夫曼。

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 risk and uncertainties, including information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives.

在開始之前，我需要告知各位，本次財報電話會議中發表的聲明可能被視為前瞻性聲明，這些聲明存在風險和不確定性，包括有關我們業務、財務狀況、流動性、經營業績、計劃和目標的可能或假設的未來結果的信息。

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.

這些聲明是基於我們對未來業績的信念、假設和預期，並考慮到我們目前掌握的資訊。可能導致實際結果與 Arbor 在這些前瞻性聲明中的預期存在重大差異的因素已在我們的 SEC 報告中詳細說明。

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.

聽眾請注意，不要過度依賴這些前瞻性陳述，這些陳述僅代表截至今日的情況。Arbor 不承擔任何義務公開更新或修改這些前瞻性聲明，以反映今天之後的事件或情況，或發生意外事件。

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

現在我將把電話交給 Arbor 的總裁兼執行長 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 another active and productive quarter with some very significant accomplishments that are worth noting. First, we continued our strong progress of creating substantial efficiencies on the right side of our balance sheets with a new $1 billion CLO that we issued in the third quarter with tremendously accreted terms.

謝謝保羅，也謝謝各位參加今天的電話會議。正如您從今天早上的新聞稿中看到的那樣，我們又度過了一個積極而富有成效的季度，並取得了一些非常值得注意的重大成就。首先，我們繼續在資產負債表右側取得顯著的效率提升，第三季發行了一筆新的 10 億美元 CLO，條款大幅增值。

This deal was priced at [$182] over, contained 89% leverage and a 30 month replenishment feature, and generated an additional $75 million of liquidity. The CLO securitization market is incredibly constructive, and we're very pleased to be such a prolific multi-family originator and have a seasonal well recognized securitization platform which allows us to consistently access the market and grow our platform.

這筆交易定價高於 [182] 美元，槓桿率為 89%，並有 30 個月的補充條款，產生了額外的 7,500 萬美元流動性。CLO證券化市場極具建設性，我們非常高興能夠成為如此多產的多戶住宅證券發起機構，並擁有一個季節性的、廣受認可的證券化平台，這使我們能夠持續進入市場並發展我們的平台。

And with the pricing levels we are seeing in the market, which has only gotten tighter since our last deal, we're able to compete very effectively in today's extremely competitive market and generate strong level of returns on our capital.

而且，鑑於目前市場上的價格水平（自我們上次交易以來，價格競爭更加激烈），我們能夠在當今競爭異常激烈的市場中非常有效地參與競爭，並獲得豐厚的資本回報。

We also successfully call one of our legacy CLOs in October, refinancing these assets with our current banking facilities, the bulk of which have replenishment features that allow us to substitute collateral as these loans run off.

10 月份，我們還成功贖回了一筆遺留的 CLO，利用我們現有的銀行信貸額度對這些資產進行了再融資，其中大部分信貸額度具有補充功能，允許我們在這些貸款到期時更換抵押品。

This was a great trade for us as the CLO was past its repunishment period and was delevering and becoming less efficient. After the [unmin], we are now financing these assets with these loans at similar prices to the CLO we redeemed and very significantly, we're able to pick up another $90 million of liquidity to enhanced leverage.

這筆交易對我們來說非常划算，因為 CLO 已經過了懲罰期，正在去槓桿化，效率也越來越低。在 [unmin] 之後，我們現在以與我們贖回的 CLO 類似的價格用這些貸款為這些資產融資，而且非常重要的是，我們能夠獲得另外 9000 萬美元的流動性來增強槓桿作用。

One of the more significant accomplishments we had this quarter was the realization of a $48 million gain from the sale of a portion of the assets in the Lexford portfolio. If you recall, our equity investment portfolio was the focus of the first short seller report, which claimed that this was a fraudulent transaction and that we were misleading our shareholders as to the value of these assets. In fact, the reality was exactly the opposite.

本季我們取得的最重要的成就之一是透過出售 Lexford 投資組合中的部分資產實現了 4,800 萬美元的收益。如果你還記得的話，我們的股權投資組合是第一份做空報告的重點，該報告聲稱這是一筆詐欺交易，並且我們誤導了股東，讓他們對這些資產的價值產生誤解。事實上，實際情況恰恰相反。

This was by far one of the best restructurings we have ever accomplished, including the large gain we recorded this quarter. This investment has generated over $100 million of income over its lifespan, the return of $67 million of preferred equity on top of us receiving all of our invested capital back.

這是我們迄今為止完成的最成功的重組之一，包括我們本季取得的巨大收益。這項投資在其存續期內產生了超過 1 億美元的收入，除了收回全部投資本金外，還獲得了 6,700 萬美元的優先股回報。

And there is still a portfolio of assets that we expect to be able to liquidate in the near future. We're also very successful in selling our interest in the legacy asset that we expect to close at the end of business today. This transaction will generate approximately $7 million of additional income in the fourth quarter, which combined with the gain from the electric transaction, totals $55 million of income that was generated from two of our legacy investments.

而且，我們還有一部分資產組合預計在不久的將來可以變現。我們在出售我們在遺留資產中的權益方面也取得了巨大成功，我們預計交易將於今天營業結束時完成。這項交易將在第四季產生約 700 萬美元的額外收入，加上電力交易的收益，我們兩項傳統投資的總收入達到 5,500 萬美元。

This gives us a tremendous amount of flexibility to be very aggressive in addressing our legacy issues. Our goal is to resolve these non-interest earning assets, which are creating a tremendous drag on earnings as quickly as possible. We believe it will take until the second quarter of next year to accomplish our goals.

這讓我們擁有極大的彈性，可以非常積極地解決我們所遺留的問題。我們的目標是盡快解決這些不產生利息的資產，這些資產對獲利造成了巨大的拖累。我們認為，要實現我們的目標，需要到明年第二季。

When completed, we will have effectively resolved a significant amount of our troubled assets and set up with a much better improved run rate of income, which will go a long way towards increasing our earnings and being able to grow our dividend again sometime in 2026. And very importantly, we will accomplish all of this with a very minimal impact on our book value, which is something no one else can say in our space.

完成後，我們將有效地解決大量不良資產問題，並建立起更穩定的收入運行率，這將大大有助於提高我們的收益，並使我們能夠在 2026 年的某個時候再次提高股息。更重要的是，我們將在對帳面價值影響極小的情況下完成所有這些工作，這是我們這個領域中其他任何人都無法做到的。

As I mentioned on the last call, the prolonged elevated rate environment has put certain borrowers in a position where they are running out of steam and are having difficulty raising additional equity to continue to manage their assets.

正如我在上次電話會議中提到的，長期高利率環境使一些借款人陷入了資金短缺的境地，他們難以籌集額外的資金來繼續管理其資產。

As we stated before, we believe that the third and fourth quarter of this year will be the bottom of the cycle, and again, we are working very hard to quickly work through our loan book and redeploy our capital into performing assets and improve our run rate of income for the future.

正如我們之前所說，我們認為今年第三季和第四季將是周期的底部，因此，我們正在努力盡快清理貸款組合，並將資金重新部署到表現良好的資產中，以提高我們未來的收入運行率。

Certainly with the two recent interest rate cuts and the likelihood that we could potentially see one more cut this year, we're starting to feel more optimistic about the rate environment moving forward, which we believe will provide some, some much needed relief for our borrowers.

當然，鑑於最近兩次降息，以及今年可能會再降一次息，我們開始對未來的利率環境感到更加樂觀，我們相信這將為我們的借款人提供一些急需的緩解。

This positive trend gives us some wind at our backs for the first time in a while, and if this trend continues, we believe we will be able to meaningfully grow our origination volumes and start to move more assets off our balance sheet, which will increase our earnings run rate and position as well for the future.

這一積極趨勢讓我們在一段時間以來第一次看到了希望，如果這一趨勢繼續下去，我們相信我們將能夠顯著提高貸款發放量，並開始將更多資產從資產負債表中轉移出去，這將提高我們的盈利速度，並為未來奠定基礎。

As I mentioned earlier, we're taking an aggressive approach to resolving our legacy assets through a myriad of different strategies, including modifying loans, taking back assets as REOs to own and operate, and bringing in new sponsors to take over assets and assume our debt and create a more current income stream.

正如我之前提到的，我們正在採取積極主動的方式來解決我們的遺留資產問題，透過各種不同的策略，包括修改貸款、將資產作為已收回的房地產所有權（REO）收回並擁有和運營，以及引入新的發起人來接管資產並承擔我們的債務，從而創造更穩定的收入來源。

We continue to examine all loans that are showing signs of distress and are accelerating the process of taking control of the real estate and working quickly towards a new freedom resolution. This has resulted in a temporary spike in other [leancies], and again we look to expedite the resolution process of these loans, a number of which we have targeted to take back as REO and flip to new sponsors.

我們將繼續審查所有出現不良跡象的貸款，加快接管房地產的進程，並迅速努力達成新的自由解決方案。這導致其他[貸款]暫時激增，我們再次尋求加快這些貸款的解決進程，其中一些貸款我們已計劃作為REO收回並轉交給新的發起人。

This will take a few quarters to complete, and in the interim will temporarily reduce our net interest spreads until we complete the resolution process. However, when the smoke clears, we will have cleaned up the vast majority of our legacy book and create a more stable and growing run rate of income in the future.

這將需要幾個季度才能完成，在此期間，在完成解決方案之前，我們的淨利差將暫時下降。然而，當一切塵埃落定，我們將清理掉絕大部分遺留帳目，並在未來創造更穩定、不斷成長的收入。

Turning now to our third quarter performance, as Paul will discuss in more detail, our quarterly results included the large gains from the likes of investment, as I mentioned earlier. This provides us with a unique ability to be able to very aggress, be very aggressive in accelerating the resolution of our problems without materially impacting our book value.

現在來看看我們第三季的業績，正如保羅將要詳細討論的那樣，我們的季度業績包括了投資等方面的巨額收益，正如我之前提到的。這賦予了我們獨特的能力，即能夠在不實質影響帳面價值的情況下，非常積極主動地加快解決問題的步伐。

The timing of these resolutions will take place over the next few quarters, which creates some lumpiness in our quarterly earnings going forward. However, we are committed to continue to pay our currently quarter dividend for the balance of the year, and if we accomplish our goals effectively, we'll be able to improve our earnings run rate and put us in a good position to consider an increase in our dividend again sometime in 2026.

這些決議的落實將在未來幾季內分階段進行，這將導致我們未來的季度收益出現一些波動。但是，我們承諾在今年剩餘時間內繼續支付目前的季度股息，如果我們有效地實現目標，我們將能夠提高盈利運行率，並使我們處於有利地位，以便在 2026 年的某個時候再次考慮提高股息。

And I can't stress this enough. We are accomplishing all of these goals without a material change of book value, unlike the rest of our peers who've experienced significant book value deterioration. As I mentioned in our last call, the balance sheet lending business is incredibly competitive right now. There is a tremendous appetite for deals and a significant amount of capital out there chasing each transaction.

這一點我怎麼強調都不為過。我們實現了所有這些目標，而帳面價值卻沒有實質變化，這與我們其他同行帳面價值大幅下降的情況截然不同。正如我在上次通話中提到的，資產負債表貸款業務目前的競爭非常激烈。市場對交易的需求非常旺盛，而且有大量資金在追逐每一筆交易。

As a result, we are being highly selective and have closed about $400 million in the third quarter, putting us at around $850 million of buying for the first nine months of the year. The guidance we gave at the beginning of the year of [$1.5 billion to $2 billion] of bridge production for 2025 was reflective of our views that the market would become overheated and as a result, we dialed back our production numbers for 2025 to a more conservative level.

因此，我們採取了非常嚴格的篩選方式，第三季完成了約 4 億美元的交易，使我們今年前九個月的收購額達到約 8.5 億美元。今年年初我們給出的 2025 年橋樑建設產量預期為 15 億至 20 億美元，反映了我們認為市場將會過熱的觀點，因此，我們將 2025 年的產量預期下調至更為保守的水平。

We do have some large, highly -- high-quality deals on our pipeline, and we think we are likely to close by year end, which gives us comfort that we may be able to come in with our original guidance despite the extremely competitive landscape. The bridge lending business is an important part of our overall strategy as it generates strong leverage returns on our capital in the short-term while continuing to build up a pipeline of future agency deals.

我們目前有一些大型、高品質的交易正在洽談中，我們認為很可能在年底前完成，這讓我們有信心，儘管市場競爭異常激烈，我們仍然能夠實現最初的業績預期。過橋貸款業務是我們整體策略的重要組成部分，因為它可以在短期內為我們的資本帶來強勁的槓桿回報，同時繼續建立未來代理交易的管道。

And with the significant efficiencies we're seeing in the securitization market, we're able to continue to produce strong leverage returns on the capital despite this extremely competitive landscape. In the agency business, we had a tremendous third-quarter originating in $2 billion of loans, which is the second highest production quarter in our history.

鑑於證券化市場效率的顯著提高，即使在競爭異常激烈的市場環境中，我們仍能繼續獲得強勁的資本槓桿回報。在貸款代理業務方面，我們第三季取得了巨大的成功，發放了 20 億美元的貸款，這是我們歷史上第二高的季度業績。

We had a very strong October originating $750 million which puts us puts our 10 month volume numbers at $4.2 billion making us very comfortable that we'll easily surpass our origination guidance of $3.5 billion to $4 billion. And the best year of production number $4.5 billion as well. This is a tremendous accomplishment, especially given the rate environment which we which we were in for the better part of the year. This is a tremendous testament to the value of our franchise and the resiliency of our originations network with the loyal borrow base that we have cultivated over the many years.

10 月我們取得了非常強勁的業績，新增貸款額達到 7.5 億美元，使我們 10 個月的貸款總額達到 42 億美元，我們非常有信心能夠輕鬆超過 35 億至 40 億美元的新增貸款額預期。而產量最高的一年也達到了45億美元。這是一項巨大的成就，尤其是在我們今年大部分時間所處的利率環境下。這充分證明了我們特許經營的價值，以及我們多年來精心培育的忠實借款人群體所帶來的貸款發放網絡的韌性。

We could continue to do a strong, we continue to do an excellent job in growing our single family rental business. We originated approximately $150 million of new business in the third quarter and another $200 million in October, bringing our 10 month numbers to $1.2 billion. We also have a strong pipeline giving us a comfort that we're able to meet our internal guidance of between $1.5 billion to $2 billion of production for 2025.

我們能夠繼續保持強勁勢頭，我們在發展單戶住宅租賃業務方面一直做得非常出色。我們在第三季新增了約 1.5 億美元的業務，10 月又新增了 2 億美元，使我們前 10 個月的業務總額達到 12 億美元。我們強大的專案儲備也讓我們有信心實現2025年15億至20億美元的內部產量目標。

This is a great business that it offers us three turns on our capital through construction, bridge, and permanent lending opportunities, and generate strong levy returns in the short-term while providing us significant long-term benefits by further diversifying our income streams. And again with the enhanced efficiencies that we're seeing in the securitization market and in our bank lines, we are generating mid to high 10s returns on our capital, which will contribute to increased future earnings, especially as we continue to scale up this business.

這是一個很棒的業務，它透過建設、過渡和永久貸款機會，為我們提供三次資本回報，並在短期內產生強勁的稅收回報，同時透過進一步多元化我們的收入來源，為我們帶來顯著的長期收益。此外，隨著證券化市場和銀行信貸額度效率的提高，我們的資本回報率達到了 10% 到 10% 的中高水平，這將有助於提高未來的收益，尤其是在我們繼續擴大這項業務規模的情況下。

In our construction lending business, we are having a great success in growing out this platform with a real influx of new opportunities. We're seeing to do larger loans on high-quality assets with very experienced developers. In the third quarter, we closed $145 million of deals and another $65 million in October, bringing our 10 month numbers to around $500 million.

在我們的建築貸款業務中，我們透過拓展這個平台取得了巨大的成功，並獲得了大量新的機會。我們看到，我們正在為優質資產向經驗豐富的開發商發放更大規模的貸款。第三季度，我們完成了 1.45 億美元的交易，10 月又完成了 6,500 萬美元的交易，使我們前 10 個月的交易達到約 5 億美元。

We also have a very large pipeline of roughly $185 million on the application and another $675 million of additional applications outstanding and $900 million of deals we are currently screening giving us confidence that we can up our guidance to the year from an initial $250 million to $500 million to $750 million to $1 billion for 2025.

我們還有價值約 1.85 億美元的申請項目正在審批中，另有價值 6.75 億美元的申請項目尚未審批，以及價值 9 億美元的交易項目正在篩選中，這讓我們有信心將今年的業績預期從最初的 2.5 億美元提高到 5 億美元，再到 7.5 億美元，最終到 2025 年達到 10 億美元。

Additionally and very significantly, the size of our current pipeline gives us real visibility into how we will be starting our 2026, which by all indications we expect will produce meaningful growth over 2025 numbers. And so between our agency business, bridge lending program, SOFR and construction platform plus our [mes] and P/E business, we expect to originate between $8.5 billion and $9 billion in volume this year and what was, which was a very difficult environment for the vast majority of the year. And again, we're starting to feel more optimistic about the rate environment which we believe will lead to more robust origination volumes in the future.

此外，更重要的是，我們目前的專案儲備規模讓我們能夠真正了解 2026 年的開局情況，種種跡象表明，我們預計 2026 年將比 2025 年實現顯著增長。因此，加上我們的代理業務、過橋貸款計劃、SOFR 和建築平台，以及我們的[mes]和私募股權業務，我們預計今年將發放 85 億至 90 億美元的貸款，而今年大部分時間環境都非常艱難。我們再次開始對利率環境感到更加樂觀，我們相信這將導致未來貸款發放更加強勁。

In summary, we had a very active and productive quarter with many notable accomplishments. Clearly, the outlook for interest rate environment has significantly improved from where it was in the beginning of the year, and we're feeling more optimistic as a result. We feel we now have some wind at our backs and will allow us to continue to grow our origination volumes and generate stronger returns on our capital from the significant improvements in efficiencies we've created on the right side of our balance sheet.

總而言之，我們度過了一個非常活躍且富有成效的季度，並取得了許多顯著的成就。顯然，利率環境前景較年初已顯著改善，因此我們感到更加樂觀。我們感覺現在順風順水，這將使我們能夠繼續擴大貸款發放量，並透過我們在資產負債表右側創造的效率顯著提高，獲得更強勁的資本回報。

We also feel that the gains we have generated from our legacy investments puts us in a great position to accelerate the resolution of our legacy book and create a much improved run rate of income going forward without materially affecting our book value.

我們也認為，我們從歷史投資中獲得的收益使我們處於有利地位，可以加快解決歷史債務，並在未來創造更高的收入運行率，而不會對我們的帳面價值產生實質影響。

And these improvements coupled with the growth we are expecting in our originations platform will go a long way in allowing us to achieve our goals by being able to grow our earnings and dividends in the near future. I will now turn over the call to Paul to take you through our financial results.

這些改進，再加上我們預期貸款發放平台的成長，將極大地幫助我們實現目標，在不久的將來提高我們的收益和股息。現在我將把電話交給保羅，讓他為大家介紹我們的財務表現。

Okay, thank you, Ivan. In the third quarter, we produced distributable earnings of $73 million or $0.35 per share. As Ivan mentioned, a portion of these earnings were associated with the large gain we recorded this quarter from the Lexford investment, which will partially offset some of the accelerated losses and reduced interest income we will experience temporarily from the resolution of some of our problem loans over the next few quarters.

好的，謝謝你，伊凡。第三季度，我們實現了可分配收益 7,300 萬美元，即每股 0.35 美元。正如伊凡所提到的，這些收益的一部分與我們本季從 Lexford 投資中獲得的巨額收益有關，這將部分抵消我們在未來幾季解決一些問題貸款時將暫時經歷的加速損失和利息收入減少。

As discussed earlier, the resolution of these loans will likely occur over several months, which will cause our quarterly earnings to fluctuate during that time period. We will do our best to give as much forward guidance as we can as it relates to any realized losses we will incur as we continue to make progress in resolving the bulk of our legacy book.

如前所述，這些貸款的解決可能需要幾個月的時間，這將導致我們在此期間的季度收益出現波動。我們將盡最大努力，就我們在繼續解決大部分遺留債務問題過程中可能遭受的任何已實現損失，提供盡可能多的前瞻性指導。

As to the income I've been mentioned that we will generate in the fourth quarter from the sale of our legacy asset, this is related to a land development deal that we have, we've had on our books since 2006 called [Homewood]. We had $128 million of loans on this asset that were written down to $50 million many years ago, again on an asset that was originated prior to the great financial crisis.

至於我之前提到的我們將在第四季度從出售我們的遺留資產中獲得的收入，這與我們一項自2006年以來就一直記在賬上的土地開發交易有關，該交易名為…[霍姆伍德]。多年前，我們在這項資產上背負了 1.28 億美元的貸款，這些貸款被減記為 5,000 萬美元。而這項資產又是在金融危機之前產生的。

We sold the note for $59 million which should result in a $9 million reserve reversal and a $1 million distributor earnings charge in the fourth quarter. Additionally, some of these loans were in our TRS as they were not considered good read assets. And as a result, we will receive a $20 million tax deduction in the fourth quarter, which will reduce our tax expense by approximately $7.5 million and increase distributable earnings.

我們以 5,900 萬美元的價格出售了該票據，這將導致第四季度 900 萬美元的儲備金衝回和 100 萬美元的分銷商收益支出。此外，由於這些貸款不被視為優質資產，因此其中一些貸款被列入了我們的TRS名單。因此，我們將在第四季度獲得 2000 萬美元的稅收減免，這將減少我們約 750 萬美元的稅收支出，並增加可分配收益。

With respect to accrued interest on modified loans, in the third quarter, we reversed approximately $18 million of previously accrued interest, the majority of which were related to new delinquencies during the quarter, which, as we discussed earlier, is reflective of where we believe we are in the cycle.

關於修改貸款的應計利息，在第三季度，我們衝回了約 1800 萬美元的先前應計利息，其中大部分與該季度新增的違約有關，正如我們之前討論的那樣，這反映了我們認為我們所處的周期階段。

This adjustment combined with $6 million in back interest collected on a loan payoff in July, which we referred to on our last call, has resulted in us reducing the total accrued interest on modified loans by $13 million this quarter, even after accruing an additional $11 million in interest on modified loans that are performing in accordance with their terms.

這項調整，加上我們在上次電話會議中提到的 7 月份收回的 600 萬美元貸款利息，使得本季度我們對已修改貸款的累計利息總額減少了 1300 萬美元，即便在已修改貸款按條款履行的情況下，我們還額外計提了 1100 萬美元的利息。

We have also started the process of accelerating the resolution of problem assets by reworking some of our loans at lower interest rates in an effort to create a higher run rate of future earnings going forward on loans that were likely to default in the near future. This resulted in a reduction in interest income of approximately $8 million this quarter and will affect interest income going forward by about $4 million a quarter.

我們也啟動了加速解決不良資產的進程，透過降低部分貸款的利率來加快貸款的償還速度，以期提高那些近期可能違約的貸款的未來收益率。這導致本季利息收入減少了約 800 萬美元，未來每季利息收入將減少約 400 萬美元。

As stated earlier, we are taking an aggressive approach in dealing with our troubled assets, and as a result, our delinquencies have risen this quarter to $750 million at September 30 compared to $529 million on June 30.

如前所述，我們正在採取積極主動的方式來處理我們的不良資產，因此，截至 9 月 30 日，我們的違約金額已從 6 月 30 日的 5.29 億美元增至本季度的 7.5 億美元。

This peak stress reflects where we are in the cycle, and again, we're working very hard to take control of these assets quickly, and we rework these loans with higher quality sponsors and provide a more consistent run rate of income going forward. In fact, in October, we took back $110 million of these assets as REO and expecting another $40 million to be foreclosed on in November and December.

這種壓力高峰反映了我們所處的周期階段，我們再次努力盡快控制這些資產，並與更高品質的發起人重新協商這些貸款，從而在未來提供更穩定的收入。事實上，10 月我們收回了價值 1.1 億美元的 REO 資產，預計 11 月和 12 月還將有 4,000 萬美元被取消贖回權。

We're working very hard at bringing in new sponsors to take over assets and assume our debt over the next few quarters, which will create a longer-term benefit of creating a more predictable run rate of income. This will come with the short-term temporary effect of reducing interest income, as I mentioned earlier, as we accelerate the process.

我們正在努力引入新的贊助商，在未來幾季接管資產並承擔我們的債務，這將帶來更長期的好處，即創造更可預測的收入運行率。正如我之前提到的，隨著我們加快這一進程，短期內將會出現利息收入減少的暫時性影響。

This strategy will also result in a quicker ramp up in our REO book as we look to accelerate the process of bringing in new sponsors to take over the real estate and assume our debt. In the third-quarter, we took back $122 million of new REO assets, putting our REO book at $470 million at September 30. And as I mentioned earlier, we're expecting to take back another roughly $150 million of loans in the fourth quarter.

這項策略也將使我們的 REO 資產規模更快地成長，因為我們希望加快引入新的發起人來接管房地產並承擔我們的債務的進程。第三季度，我們收回了 1.22 億美元的新 REO 資產，截至 9 月 30 日，我們的 REO 資產總額達到 4.7 億美元。正如我之前提到的，我們預計在第四季將收回約 1.5 億美元的貸款。

And again, we're working hard to dispose of some of these assets very quickly, which should keep us in the range that we previously guided to of between $400 million to $600 million of REO assets that we will own and operate.

此外，我們正在努力盡快處置其中一些資產，這將使我們擁有和營運的 REO 資產保持在先前預期的 4 億美元至 6 億美元之間。

In the third quarter, we recorded an additional $20 million of net loan loss reserves on our balance sheet loan book, $15.5 million of which were specific reserves, with the remaining $4.5 million being general CECL reserves. The additional specific reserves that we recorded this quarter are consistent with our strategy of accelerating the resolution of problem loans as we look to mark certain loans that we are marketing for this position to where we think we can execute a sale.

第三季度，我們在資產負債表貸款帳簿中額外提列了 2,000 萬美元的淨貸款損失準備金，其中 1,550 萬美元為特定準備金，其餘 450 萬美元為一般 CECL 準備金。本季我們提列的額外特定準備金與我們加快解決不良貸款的策略一致，因為我們正在將某些貸款推向市場，並希望將其出售。

This could result in roughly $15 million to $20 million of realized losses next quarter if we're successful at liquidating all these assets quickly, which will be partially offset by the $7 million of income we generated from the sale of the homeward assets. And again this will very importantly allow us to increase our run rate of income going forward and create a more predictable earning stream.

如果我們能夠迅速清算所有這些資產，那麼下個季度可能會產生約 1500 萬至 2000 萬美元的已實現損失，而出售 Homeward 資產所獲得的 700 萬美元收入將部分抵消這些損失。而且，這將非常重要地使我們能夠提高未來的收入成長率，並創造更可預測的收入來源。

In our agency business, we had an outstanding third quarter, as I mentioned, with $2 billion in originations and $2 billion in loan sales, which generated $10 million more in gain on sale income this quarter. The margins on this business were 1.15%, which are down from prior quarter due to some large off-market portfolio deals we were able to capture which contain lower margins and smaller servicing fees.

正如我之前提到的，我們的代理業務第三季表現出色，貸款發放額達到 20 億美元，貸款銷售額達到 20 億美元，本季新增銷售收益收入 1,000 萬美元。該業務的利潤率為 1.15%，較上一季有所下降，原因是我們在非公開市場達成了一些利潤率較低、服務費較小的大型投資組合交易。

We also recorded $15.5 million in mortgage servicing rights income related to $2 billion of committed loans in the third quarter, representing an average MSR rate of around 100.78%, which again reflects the larger deals we close this quarter with lower servicing fees.

第三季度，我們還錄得與 20 億美元已承諾貸款相關的 1550 萬美元抵押貸款服務權收入，平均 MSR 率約為 100.78%，這再次反映了我們本季度完成的更大交易，服務費較低。

Our fee-based servicing portfolio grew 4% this quarter to approximately $35.2 billion on September 30 on record third quarter originations. This portfolio has a weighted average servicing fee of 36.2 basis points and an estimated remaining life of around six years and will continue to generate a predictable annuity of income going forward of around $127 million gross annually.

由於第三季貸款發放量創歷史新高，截至 9 月 30 日，我們的收費服務組合成長了 4%，達到約 352 億美元。該投資組合的加權平均服務費為 36.2 個基點，預計剩餘期限約為六年，並將繼續產生可預測的年金收入，每年總額約為 1.27 億美元。

In our balance sheet lending operation, our investment portfolio grew to $11.67 billion at September 30 from originations outpacing runoff for the third straight quarter. Our all-in yield in this portfolio was 7.27% of September 30 compared to 7.86% of June 30, mainly due to stopping the accrual of pick interest on certain loans, modifying some loans with rate reductions, new third quarter delinquencies, and a reduction in sulfur.

在我們的資產負債表貸款業務中，截至 9 月 30 日，我們的投資組合成長至 116.7 億美元，新增貸款連續第三個季度超過到期貸款。截至 9 月 30 日，該投資組合的綜合收益率為 7.27%，而 6 月 30 日為 7.86%，這主要是由於停止對某些貸款計提利息、透過降低利率修改一些貸款、第三季新增違約以及硫含量降低所致。

As mentioned earlier, we do expect this run rate to improve meaningfully over the next few quarters as we look to accelerate the resolution of our delinquencies. The average balance in our core investment was $11.76 billion this quarter compared to $11.53 billion last quarter from growth in the portfolio. The average yield in these assets decreased to 6.95% from 7.95% last quarter, mainly due to the significant non-recurring adjustments I spoke about earlier, including reversing accrued interest and lower rates on modified loans combined with the additional delinquencies we experienced in the third quarter.

如前所述，我們預計未來幾季這一運行率將顯著提高，因為我們將加快解決拖欠款項的問題。由於投資組合的成長，本季我們核心投資的平均餘額為 117.6 億美元，而上季為 115.3 億美元。這些資產的平均收益率從上季度的 7.95% 下降到 6.95%，這主要是由於我之前提到的重大非經常性調整，包括衝回應計利息和降低修改後貸款的利率，以及我們在第三季度遇到的額外違約。

Total debt on our core assets was approximately $9.9 billion at September 30. The only cost of debt was approximately 6.72% at [$9.30 billion] or 6.88% at [$6.30 billion], mainly due to a reduction in sulfur. The average balance in our debt facilities was approximately $10 billion for the third quarter compared to $9.5 billion in the second quarter, mainly due to funding our third quarter growth and the addition of our new senior notes in July.

截至9月30日，我們核心資產的總債務約為99億美元。唯一的債務成本約為 6.72%（93 億美元）或 6.88%（63 億美元），主要是由於硫磺用量減少所致。第三季度，我們的債務融資平均餘額約為 100 億美元，而第二季度為 95 億美元，這主要是由於為第三季度的增長提供資金以及 7 月份新增的優先票據。

The average cost of funds on our debt facilities was 6.88% in the third quarter compared to 6.87% for the second 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.

第三季度，我們債務融資的平均資金成本為 6.88%，而第二季度為 6.87%，不包括我們 REO 資產槓桿產生的利息支出，該債務餘額在我們的資產負債表上單獨列示，因此不計入我們核心資產的總債務。

Our overall spot net interest spreads were 0.55% at September 30 compared to 0.98% at June 30, from stopping accrued interest on certain loans and from new delinquencies and modifications at lower rates. We estimate that this new run rate will temporarily reduce our quarterly earnings by $0.05 to $0.06 a share that again we believe we will be able to improve upon meaningfully as we resolved our troubled assets over the next few quarters.

截至 9 月 30 日，我們的整體即期淨利差為 0.55%，而 6 月 30 日為 0.98%，原因是停止支付某些貸款的應計利息，以及以較低利率進行的新違約和修改。我們估計，這一新的運行速度將暫時使我們的季度收益每股減少 0.05 至 0.06 美元，但我們相信，隨著我們在未來幾季解決不良資產問題，我們將能夠顯著改善這一狀況。

So, in summary, we're very pleased to produce significant gains from a few of our legacy investments, which will put us in a good position to be able to accelerate the resolution of our legacy book. This will take us some time to complete, and in the interim, we will experience some fluctuations in our quarterly earnings.

總而言之，我們非常高興能夠從一些遺留投資中獲得顯著收益，這將使我們處於有利地位，能夠加快解決遺留債務問題。這將需要一些時間才能完成，在此期間，我們的季度收益將會出現一些波動。

When completed, we will resolve the lion's share of our legacy assets and build up a more predictable and growing run rate of income for the future, which will complement the growth in the origination platforms that we're expecting from the improved rate environment and go a long way to helping us achieve our goal of growing our earnings and dividends in the future.

完成後，我們將解決大部分遺留資產問題，並為未來建立更可預測、不斷增長的收入運行率，這將與我們預期在利率環境改善的情況下貸款發放平台的增長相輔相成，並極大地幫助我們實現未來增加收益和股息的目標。

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

今天上午的發言稿就到這裡。現在我將把電話交還給接線員，由她來回答您可能有的任何問題。大衛？

(Operator Instructions)

（操作說明）

Steven Delaney, Citizens JMP.

Steven Delaney，Citizens JMP。

Good morning everyone. Thank you for taking the question. Well, thanks for a very detailed layout. I mean you guys -- have your hands full and kind of a multi front war, but you seem to understand, the game plan very well. I'm -- I'm trying to understand it seems to me that you're, you have three steps as you're looking at your portfolio.

大家早安。感謝您回答這個問題。非常感謝你提供的詳細佈局圖。我的意思是，你們現在忙得不可開交，像是在打多線戰爭，但你們似乎對作戰計畫理解得很好。我——我正在努力理解，在我看來，你在查看你的投資組合時似乎有三個步驟。

To modify, what you can where you have a viable partner and a property, it's not to foreclose and then obviously to eventually move those foreclosed properties to a sale. I guess in terms of let's start with the loan mods.

要進行修改，如果你有合適的合作夥伴和房產，就不能取消抵押品贖回權，然後最終顯然要將這些被取消抵押品贖回權的房產出售。我想，我們先從貸款修改方案開始吧。

Can you look at the portfolio now and guess or give us an estimate of like what inning we're in terms of --in terms of the loans that are left in the portfolio that are performing have not needed to be modified. Do you have a sense for how stable those properties and those loans might be over the next 6 to 12 months or do you have concerns that there could be slippage in that?

您現在能否看一下投資組合，並猜測或估算一下，就投資組合中剩餘的、表現良好的貸款而言，我們目前處於哪個階段——這些貸款無需進行修改。您認為這些房產和貸款在未來 6 到 12 個月內會有多穩定？或者您擔心可能會出現問題？

So I guess I'm are you down to solid borrowers with improving market conditions or this triage process, I'm trying to get a sense for how many additional potential loan mods might come up in the next couple of quarters. Thanks, and I apologize for that long [witted] question trying to express what I was getting at.

所以我想知道，你們是因為市場狀況改善而只專注於優質借款人，還是因為這個分診流程？我想了解一下，在接下來的幾個季度裡，可能會出現多少額外的潛在貸款修改方案。謝謝，很抱歉我問了這麼長一個（有點傻氣的）問題，想藉此表達我的意思。

Sure, let me walk through from a macro standpoint where we are and in terms of what inning we're in, it also depends on what market we're in different market react reacts a little differently. But generally when we do a modification, people are bringing capital to the table and remember this is a prolonged period of time that people have had to continue to bring capital to the table with the elevated interest rates.

當然，讓我從宏觀角度來分析我們目前的處境，以及我們所處的階段，這也取決於我們所處的市場，不同的市場反應會略有不同。但通常情況下，當我們進行調整時，人們會投入資金，而且要記住，這是一段很長的時間，在高利率的情況下，人們不得不繼續投入資金。

So it's one thing when you bring capital to the table and rates remain elevated and you keep on having to bring capital to the table. So most modifications have a duration to them. And then if rates remain elevated and the market doesn't recover, they have to bring more capital to the table or, there is a future modification potentially that will happen if the asset doesn't improve.

所以，當你投入資金，而利率仍然居高不下，你不得不繼續投入資金時，情況就是一回事。所以大多數修改都有其持續時間。如果利率持續高企且市場沒有復甦，他們就必須投入更多資金，否則，如果資產狀況沒有改善，未來可能會進行調整。

Where we become very aggressive is if the asset's not improving because the people are not managing effectively or don't have the capital to maintain that asset, that's where we become extraordinarily aggressive.

如果資產沒有改善，是因為管理不善或缺乏維護該資產的資金，那麼我們就會採取非常激進的措施。

So we don't want a deteriorating asset, and that's where we stepped up our efforts. We're at a different point in the cycle, and we also do that these assets with the right amount of capital and right amount of management. They will stabilize and that's why you see a little bit of a peak. There are certain markets that have been extraordinarily hard hit and kind of been whiplashed.

所以我們不希望資產不斷貶值，因此我們加大了力道。我們現在處於週期的不同階段，我們也用適量的資本和適量的管理來管理這些資產。它們會趨於穩定，所以你會看到一個小高峰。有些市場受到了異常嚴重的打擊，就像遭受了鞭笞一樣劇烈波動。

I would say markets like San Antonio, like Houston, those are markets that under the prior administration, the migrant situation really took over these assets and really, negatively impacted these assets, and there are quite a few of them, and we're not the only one who's had these happened to our assets it's across the board.

我想說，像聖安東尼奧、休士頓這樣的市場，在前政府執政期間，移民問題嚴重影響了這些資產，並對這些資產產生了負面影響。這樣的市場很多，我們並不是唯一一個資產受到影響的市場，這種情況很普遍。

And then of course with the change of administration that began to change and we got control back of those assets. Unfortunately with the new administration and what we've seen is they've had massive ice raids and an emptying of properties that were perhaps 88% or 90% occupied, and they're stripping down 20% to 25%.

當然，隨著政府換屆，情況開始發生變化，我們重新獲得了這些資產的控制權。不幸的是，新政府上台後，我們看到他們進行了大規模的房屋突襲，清空了入住率可能達到 88% 或 90% 的房產，現在入住率又下降了 20% 到 25%。

And that's why we've seen a little bit of an acceleration on our part, now in use and in those markets that are going to take control over those assets and restabilize those but that's a little unique to those markets. But what we are seeing, which is of great interest, is when we do take back assets where in the past maybe we had one or two people who are interested in buying these assets, we probably have three or four people, and the appetite for these assets is growing and growing and with the drop in rates and a little bit of return to liquidity, we're seeing some real strength.

這就是為什麼我們看到，現在這些市場正在加速使用和控制這些資產並重新穩定這些資產，但這在這些市場中有點特殊。但我們看到一個非常有趣的現象：當我們收回資產時，過去可能只有一兩個人對這些資產感興趣，現在可能有三、四個人，而且對這些資產的需求越來越大。隨著利率下降和流動性略有恢復，我們看到了真正的強勁勢頭。

We're also seeing a lot of benefit right now to good management, where if you have good management and you have the right cap back to improve your units, where we've had a lot of economic issues in terms of economic collections on some of these assets, we're seeing if these assets are wrong correctly, they'll fill up and they'll be the right paying tenants, and that's why we're stepping in as well.

我們現在也看到，良好的管理帶來了許多好處。如果你有良好的管理，並且有足夠的資金來改善你的單元，那麼我們之前在一些資產的經濟回收方面就遇到了很多問題。我們看到，如果這些資產得到正確的改造，它們就會被租出去，並且會有合適的租戶支付租金。這也是我們介入的原因。

So the peak in our delinquencies are reflective of our attitude that some of these ads are better in our hands or even transitioning to new people. Paul mentioned we have about [$750 million] of delinquencies. We have resolution and clear sight that within the next 45 days, about [$500 million] of those will be resolved either through recapitalization of modifications or finding new borrowers and stepping into those deals.

因此，我們違規行為的高峰反映了我們的態度，即某些廣告在我們手中或甚至移交給新人會更好。保羅提到我們有大約 7.5 億美元的拖欠款項。我們有決心和清晰的計劃，在接下來的 45 天內，其中約 5 億美元的債務將透過資本重組、債務修改或尋找新的借款人並參與這些交易來解決。

So we are being aggressive. We're very optimistic, that we'll get through those. We do expect one more wave in the fourth quarter, which we're prepared for if we're taking an aggressive approach to try and resolve the majority of these legacy issues.

所以我們採取了積極主動的策略。我們非常樂觀，相信我們能夠度過難關。我們預計第四季還會出現一波新的挑戰，如果我們採取積極主動的方式來解決大部分遺留問題，我們就能應付這種情況。

So we're hopeful that by the end of the fourth quarter, we would really addressed each and every one of these transition ones out of ownership that's not doing a good job and well to my comments that, by the end of the first quarter, we should be in a real position to change our run rate and get these either resolved income producing or disposed of appropriately. I want to point out that there's two aspects that we focus on maybe a little different than everybody else, which are important to note.

因此，我們希望在第四季末，能夠真正解決所有過渡期的問題，包括所有權變更不合理的問題。正如我之前所說，到第一季末，我們應該能夠真正改變我們的營運模式，並將這些問題要麼解決成可產生收入的問題，要麼妥善處置這些問題。我想指出，我們關注的兩個方面可能與其他人略有不同，這一點很重要。

We focus not only on our dividend, which of course has outperformed everybody else, and our guidance was to maintain our dividend for the year, because we believe that this is just a little lumpy right now. But more significantly, Steve, if you look at the company's performance, we really have a growth in book value of 23% over the last five years, and everybody else has declined 27%.

我們不僅關注股息（當然，我們的股息表現優於其他所有公司），而且我們的指導方針是維持今年的股息，因為我們認為目前的股息波動性有點大。但更重要的是，史蒂夫，如果你看看公司的業績，你會發現過去五年我們的帳面價值成長了 23%，而其他所有公司都下降了 27%。

There's a 50% change in book value relative to us and everybody else. So we're managing through this with a nominal change in book value with maintaining a tremendous dividend, and I think that is where we're looking at as business operators to manage both of those items. It's a long-winded response, but it wasn't an easy question.

相對於我們和其他所有公司，帳面價值變化了 50%。因此，我們透過維持巨額股息的同時，盡量減少帳面價值的變化來應對這種情況，我認為這就是我們作為企業經營者需要關注的，以兼顧這兩方面。回答雖然很長，但這的確是個不容易回答的問題。

I know it wasn't an easy question, and we do know that the stability in the book value because we've seen some big drops in some of your peers, with additional five rated loans. Just to wrap it up, and I really appreciate that thoughtful response. It seems like to me we're one to two quarters away of having the problem loans on your books is REO. The first step is to get it into REO and it seems like [55] mid certainly by mid-2026, you're going to be in a very active REO sales process as far as to finish the loan mod, take back what you have to take back in 2026, hopefully sell a lot of real estate.

我知道這不是一個容易回答的問題，我們也知道帳面價值的穩定性很重要，因為我們看到你們的一些同行出現了大幅下跌，而且還有五筆評級貸款。最後總結一下，我非常感謝您周到的回覆。在我看來，再過一到兩個季度，你們帳上的問題貸款就會變成已收回的房地產（REO）。第一步是將其納入 REO，而且看起來 [55] 到 2026 年年中，你肯定會進入一個非常活躍的 REO 銷售過程，以完成貸款修改，在 2026 年收回你必須收回的東西，希望能夠出售大量的房地產。

Yeah, but I want to point this out, and I think this is important because we're a little different than everybody else. We have a very diversified business with a lot of skill sets, and if you take a look at the Lexford transaction, which was something everybody said, oh my god, you're taking that back, we had $67 million of preferred equity on that portfolio.

是的，但我想指出一點，我認為這很重要，因為我們和其他人有點不同。我們擁有非常多元化的業務和豐富的技能，如果你看看 Lexford 的交易，當時每個人都說，哦我的天哪，你們要收回那筆交易，我們在該投資組合中持有 6700 萬美元的優先股。

Not only did I get back the $67 million not only do we make hundreds of millions of dollars on these and get a good income stream going forward, we took assets that were in the mid-80s, low 80s in occupancy, improved these assets, got them in a great position, had a great asset, and now look at the impact of creating another $50 million and we still have assets on our books.

我不僅收回了 6700 萬美元，而且我們還從中賺取了數億美元，並在未來獲得了良好的收入來源。我們接手了入住率在 80% 到 80% 之間的資產，改善了這些資產，使它們處於非常有利的地位，成為一項優質資產。現在看看我們又創造了 5000 萬美元的影響，而且我們的帳面上仍然有這些資產。

So we have to be guided as good operators as producing what we need to produce, and we have very diversified income streams. And yeah, we can generate gains and we can have the patience to have the right kind of gains. And what we'll do is we'll look at the REOs and see, is it quicker to dispose of them now at the right levels, or do we need to give them a little TLC and get them a little bit better? We can be patient unlike other people.

所以我們必須像優秀的經營者一樣，生產我們需要生產的產品，而且我們的收入來源非常多元化。是的，我們可以創造收益，我們也有足夠的耐心去獲得正確的利益。我們將對已收回房產進行審查，看看現在以合適的價格處置它們是否更快，還是我們需要對它們進行一些修繕，使它們狀況好一些？我們不像其他人那樣缺乏耐心。

Thank you so much for the call, Ivan.

伊万，非常感謝你的來電。

Okay.

好的。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thanks very much. The $18 million accrued interest reversal that was booked in the quarter, does that mean that the current level of interest income for the third quarter is a reasonable baseline to use, it was $208 million reflects, most recent interest rates as well as interest rates on modified loans. And then I think it sounds like you expect originations potentially to drive, either a flat to slightly higher portfolio in 4Q. So do you have any comments on the run rate of interest income?

非常感謝。本季提列的 1,800 萬美元應計利息衝回，是否意味著第三季目前的利息收入水準是一個合理的基準？ 2.08 億美元反映了最新的利率以及修改後貸款的利率。然後，我認為你似乎預期第四季度貸款發放量可能會保持平穩或略有增長。那麼，您對利息收入的運行速度有什麼看法？

Yes, hey Jade, it's Paul. It's a good question, and the answer is no to the first part, and let me give you some guidance, as I laid out in my prepared remarks. We did see, as Ivan mentioned, some elevated defaults this quarter given where we are in the cycle and how aggressive we're being to be able to resolve things quickly and take back assets before they deteriorate. So we did reverse $18 million of accrued interest, mostly related to delinquent loans and loans we remodified.

是的，嗨，Jade，我是Paul。這是一個很好的問題，第一個問題的答案是否定的，讓我給你一些指導，正如我在準備好的發言稿中闡述的那樣。正如伊凡所提到的那樣，鑑於我們目前所處的周期階段以及我們為快速解決問題並在資產惡化之前收回資產而採取的積極措施，本季度確實出現了一些較高的違約率。因此，我們衝回了 1800 萬美元的應計利息，主要與逾期貸款和我們重新調整的貸款有關。

But on a run rate, that's a one-time adjustment in my mind. On a run rate, that's going to cost us $4 million going forward because we reversed interest as of June 30 that we had accrued of $18 million but we're losing interest on those accruals going forward of about $4 million.

但就運行率而言，我認為這只需要一次性調整。以運行速度計算，這將使我們未來損失 400 萬美元，因為我們在 6 月 30 日沖銷了已累積的 1800 萬美元利息，但未來我們將因這些累積利息損失約 400 萬美元。

So the $18 million is one time, the $4 million is recurring. Additionally, we had modified loans during the quarter. Some we had to remodify where we gave additional relief. Due to the structure of some of those mods, it cost us $8 million for the quarter in interest, but it's only going to cost us $4 million going forward on the rate reduction.

所以，1800萬美元是一次性付款，400萬美元是經常性付款。此外，我們在本季也修改了貸款。有些地方我們不得不進行修改，給予額外的幫助。由於某些調整的結構，我們本季支付了 800 萬美元的利息，但未來降息只會讓我們支付 400 萬美元。

So we have $4 million going forward in a run rate reduction from stopping pick interest on certain loans. We have $4 million in reduction from lower interest rates on mods and on the new delinquencies right now, and I want to go through this, that would affect the run rate going forward by $8 million. If you add up those three numbers, that's $16 million in reduced interest income on a run rate going forward.

因此，透過停止對某些貸款收取利息，我們將在未來實現 400 萬美元的年度利率下降。目前，由於貸款修改和新增違約的利率降低，我們已經減少了 400 萬美元的支出，我想詳細說明一下，這將使未來的支出減少 800 萬美元。如果把這三個數字加起來，未來每年將減少 1,600 萬美元的利息收入。

However, that's before we resolve anything, and we've already agreed to on $225 million loans we've already agreed to reposition and sale with new interest rates of like SOFR plus [$250] for the most part, and that's picking us up $3 million in the fourth quarter alone before we even get into the items that I've been mentioned, getting our [$750] down even further to like [$250].

然而，這都是在我們解決任何問題之前的情況。我們已經同意重新定位並出售2.25億美元的貸款，新的利率大多為SOFR加250美元，僅在第四季度就能為我們帶來300萬美元的收入，這還不包括我之前提到的那些項目，這將使我們的750美元支出進一步降低到…[250 美元]

Some of that will happen at the end of the quarter. It won't impact the fourth quarter as much, but it'll impact the run rate in the first quarter going forward. So the long answer is interest income went down by about $34 million this quarter, roughly due to $18 million of reversed accrued interest, another $4 million from stopping the accrued interest, $8 million from modified loans, and $5 million from delinquencies that $34 million was offset by about $7 million or $8 million in back interest and fees we collected, and about $5 million in growth in our portfolio for a reduction in interest income of $22 million.

其中一些事情將在本季末發生。這不會對第四季造成太大影響，但會影響未來第一季的比賽節奏。因此，詳細來說，本季利息收入減少了約 3,400 萬美元，大致原因是 1,800 萬美元的應計利息被沖回，400 萬美元的應計利息停止計提，800 萬美元的貸款修改，以及 500 萬美元的違約。這 3,400 萬美元被我們收回的約 700 萬或 800 萬美元的利息和費用，以及我們投資組合約 500 萬美元的成長所抵消，最終利息收入減少了 2,200 萬美元。

I see the reduction of interest going forward starting at $16 million for the reasons I talked about, the $4 million of picks, the $4 million of mods, and the $8 million of delinquencies. But we've already improved that by $3 million on loans we know we've executed.

鑑於我之前談到的原因，我認為未來利息支出將從 1600 萬美元開始減少，其中包括 400 萬美元的選股、400 萬美元的修改以及 800 萬美元的違約金。但我們已經透過已執行的貸款，將這一數字提高了 300 萬美元。

So now I'm down to $13 million of a reduced interest income going forward, and that's my $0.05 to $0.06 I was referring to. However, having said that $3 million that we improved already in the fourth quarter was just the fourth quarter impact, and those done like mid quarter. So the first quarter will be impacted by $5 million instead of $3 million. So that brings that $13 million down to $11 million. And then everything I've talked about we're working on will likely bring it down further.

所以現在我未來的利息收入減少了 1300 萬美元，這就是我之前提到的 0.05 到 0.06 美元。不過，話雖如此，我們在第四季已經改善的 300 萬美元只是第四季度的影響，而那些是在季度中期完成的。因此，第一季將受到 500 萬美元的影響，而不是 300 萬美元。這樣一來，1300萬美元就降到了1100萬美元。然後，我剛才提到的我們正在努力的所有措施，很可能會進一步降低它的價格。

So we look at this as the third quarter got hit by some reversals and some elevated delinquencies. The fourth quarter will be hit but by a lot less, and then the first quarter and second quarter should see drastic improvements to our run rate to get us back to where we were and then above.

所以我們認為第三季受到了一些逆轉和一些拖欠款項增加的影響。第四季會受到影響，但影響會小得多，然後第一季和第二季我們的勝率應該會大幅提高，使我們回到之前的水平，甚至更高。

Hey, Jade, I want to make one comment, Paul mentioned that, we reduced our spread on the loan to [$250]. I want to be very clear that the market spreads today on the originations of [$225 to $275]. So some of the relief that we're giving is really reflective of where the market is and adjusting the borrowers down to today's market and giving them consideration for where lending spreads are.

嘿，Jade，我想補充一點，Paul提到過，我們降低了貸款利差。[250 美元]我想非常明確地指出，如今的市價差取決於貸款發放情況。[225 美元至 275 美元]。因此，我們提供的一些救濟措施確實反映了市場現狀，將借款人的貸款額度調整到當前的市場水平，並考慮貸款利差。

So while we're seeing spreads come in a little bit, it's really reflective of the current market spreads. It's not really a discounted spread to the market.

所以雖然我們看到價差略有收窄，但這實際上反映了當前的市場價差。這並非真正意義上的市場折扣價差。

Thanks for that. That's helpful. I'll have to go through the numbers in more detail after this, but on interest expense, similar question, went in the wrong direction despite the, positive developments on financing. So were there any one-time items in interest expense causing it to be elevated for the structured business it's at $176.2 million for the third quarter?

謝謝。那很有幫助。之後我需要更詳細地分析這些數字，但關於利息支出，情況類似，儘管融資方面取得了積極進展，但結果卻朝著錯誤的方向發展。那麼，是否存在一次性利息支出項目導致結構化業務的利息支出偏高，第三季達到 1.762 億美元？

Yeah, so Jay, there was a couple of things. One, so interest income you saw it went down by $22 million. I just laid out all the pieces for you there. The other side of it is interest expense went up about $10 million. $5 million of that, some of that is growth in our portfolio, right? So I had $5 million, I had $6 million or $7 million of income from growth in my portfolio, and then I had debt increase obviously as I leveraged the growth of that growth in that portfolio.

是的，傑伊，有幾件事。第一，利息收入減少了 2,200 萬美元。我已經把所有細節都擺在你面前了。另一方面，利息支出增加了約 1000 萬美元。其中 500 萬美元，一部分是由於我們投資組合的成長，對吧？所以我有 500 萬美元，我的投資組合成長帶來了 600 萬或 700 萬美元的收入，然後很明顯，隨著我利用投資組合的成長進行槓桿操作，我的債務也增加了。

But we also issued the $500 million of senior bonds in early July. So that full effect was in the third-quarter, as we laid out in our last quarter for our run rate, and also we had a little bit of double interest in the third quarter, which won't repeat because we paid off our converts in August, but we issued the senior bonds in July. So we weren't allowed to pay our converts off until August, so we had a like a one month of double interest on those two bonds that will go away.

但我們也在7月初發行了5億美元的優先債券。因此，正如我們在上一季對運行率所做的規劃一樣，這種影響在第三季完全顯現。此外，我們在第三季還出現了一點雙倍利息，這種情況不會再發生了，因為我們在 8 月償還了可轉換債券，但我們在 7 月發行了優先債券。所以直到八月我們才被允許償還轉換債券，因此我們這兩張債券大約有一個月的雙倍利息，現在這些利息都消失了。

But the big reason that the interest expenses up is because we issued $500 million of senior bonds to grow our portfolio.

但利息支出增加的主要原因是我們發行了 5 億美元的優先債券來擴大我們的投資組合。

Got it. That's clear. Lastly, if I could, GAC credit has been pretty benign. I don't know if you follow Greystone, which is owned in a joint venture by a [Si] services company, but it looks like they had a big spike in credit loss provisions in their agency multi-family business. Now I'm seeing Arbor's results and the provision was for risk sharing $8 million double what it was last quarter and higher than the recent run rate.

知道了。這一點很清楚。最後，如果可以的話，我想說GAC學分一直都相當有利。我不知道你是否關注 Greystone，它是由一家 [Si] 服務公司合資擁有的，但看起來他們在代理多戶住宅業務中的信貸損失準備金出現了大幅飆升。現在我看到了 Arbor 的業績，其中風險分擔準備金為 800 萬美元，是上個季度的兩倍，也高於最近的正常水平。

So can you comment on what drove the increase, if there were any loan book putbacks, any cases of fraud, or if it's just broader credit deterioration and if that's something that'll be a headwind going forward.

那麼，您能否評論一下導致成長的原因，是否存在貸款帳簿回購、詐欺案件，或者只是更廣泛的信貸惡化，以及這是否會成為未來發展的不利因素？

Yeah, I think if you look at Fannie Mae and if you look at all of their numbers, they're in, we're in the peak part of that delinquency. You run that at very low delinquency and then of times of right now, it increases a little bit like all lenders who had a little bit of a, portfolio in New York City, you've had some distress on the rent control and rent stabilization.

是的，我認為如果你看看房利美，看看他們所有的數據，你會發現，我們正處於拖欠率最高的時期。你的貸款違約率非常低，但就像現在這樣，違約率略有上升，就像所有在紐約市擁有少量貸款組合的貸款機構一樣，你也會因為租金管制和租金穩定政策而感到一些困擾。

Not material, but it does move the needle a little bit. We're all working through a change in the economic climate which shows and across the board the [Lincoln] sees that the agencies is just where we are in the cycle.

雖然不是實質的改變，但確實起到了一定的作用。我們都在努力適應經濟環境的變化，這表明，林肯公司全面認識到，我們目前正處於經濟週期的哪個階段。

Yeah, Jade, and given Ivan's commentary, like we said with everything else, we think peak stress is Q3, Q4 leaking into Q1 a little bit, so we are expecting, I guess, similar reserves for Q4, maybe a little bit less than Q1, given where we are, but it's just based on where the where the peak stress is.

是的，Jade，根據Ivan的評論，就像我們之前說的那樣，我們認為壓力峰值出現在第三季度，第四季度可能會稍微影響到第一季度，所以我們預計第四季度的儲備金會和第一季度差不多，可能會比第一季度略少一些，考慮到我們目前的狀況，但這只是基於壓力峰值出現的時間點差不多。

Okay, thank you.

好的，謝謝。

Rick Shane, JP Morgan.

Rick Shane，摩根大通。

Thanks for taking my questions this morning. Excuse me. First, if we could talk a little bit about Homewood and the sale there, it looks based on the disclosures that you're selling that property basically at the reserve value, maybe a slight uptick versus the reserve value, but the original carrying value of the loans was $112 million.

謝謝您今天上午回答我的問題。打擾一下。首先，如果我們可以稍微談談霍姆伍德和那裡的出售情況，根據披露的資訊來看，您基本上是以底價出售該房產，可能比底價略高一些，但貸款的原始帳面價值為 1.12 億美元。

I'm curious if there is some realized or excuse me, the original cost base is well above that because there's a $71 million reserve. Is there going to be a realized loss in the quarter that we need to think about in terms of distributable income?

我很好奇是否已經實現了，或者抱歉，最初的成本基礎遠高於此，因為有 7,100 萬美元的儲備金。本季是否會出現已實現虧損，我們需要考慮這是否會影響可分配收入？

Yeah, so, hey Rick, it's Paul. Great question, and I'm glad you asked it, and I'll give a lot of color on it. So we did have between all the Homewood pieces we had about $128 million of UPB on the loans. We wrote it down to $50 million by taking almost $80 million reserves many years ago. All but $10 million of those reserves that brought it to a net carry of [$50 million] were taken way before COVID when AFFO and FFO reflected reserves as losses.

是的，嗨，瑞克，我是保羅。問得好，很高興你問了這個問題，我會詳細解答。所以，所有 Homewood 專案的貸款未償餘額約為 1.28 億美元。多年前，我們動用了近 8,000 萬美元的儲備金，將帳面價值減至 5,000 萬美元。除了 1000 萬美元的儲備金外，其餘的儲備金（使其淨結轉為 5000 萬美元）都是在 COVID-19 之前提取的，當時 AFFO 和 FFO 都反映出儲備金為虧損。

So the only portion that has not been brought into AFFO, FFO, which has been superseded by distributable earnings, was $10 million of reserves we took around the time of COVID. So as you pointed out, we have a carry value of $50 million. We sold it for $59 million. When the accounting gets done, we believe what's going to happen is we're going to have a reversal of $9 million, right, because we have more reserve than we sold it for, but we'll have a distributable earnings hit of $1 million because technically the distributable earnings carrying value is [$60 million] and we sold it for [$59 million].

因此，唯一沒有計入 AFFO 和 FFO（已被可分配收益取代）的部分，是我們大約在 COVID 疫情期間提取的 1000 萬美元儲備金。正如你所指出的，我們的帳面價值為 5000 萬美元。我們以5900萬美元的價格賣掉了它。會計核算完成後，我們認為將會出現900萬美元的衝回，因為我們的儲備金高於出售價格，但可分配收益將減少100萬美元，因為理論上可分配收益的帳面價值為6000萬美元，而我們出售的價格為6000萬美元。[5900萬美元]

So we'll have only a $1 million realized loss we believe, on that sale because all the other reserves had already been taken through AFFO and FFO before we went to distributable earnings because this is an asset that goes way before the great financial crisis, as and then we're going to pick up $7.5 million of real GAAP income and distributable income and book value growth from the savings on the tax side because a lot of these loans are in our TRS and we are a taxpaying entity in the TRS and we get to save the taxes on that.

因此，我們相信此次出售只會造成 100 萬美元的已實現虧損，因為所有其他儲備金在計入可分配收益之前就已經透過 AFFO 和 FFO 扣除了，因為這是一筆遠在金融危機之前就存在的資產。此外，我們將從稅收方面的節省中獲得 750 萬美元的實際 GAAP 收入、可分配收入和帳面價值增長，因為這些貸款中的許多都在我們的 TRS 計劃中，而我們是 TRS 計劃中的納稅實體，因此我們可以節省這部分稅款。

Got it. Okay, that makes sense and thank you for walking me down, GAAP accounting memory lane. I did not actually remember that, so that's very helpful. The other thing is that contractually that was a loan that had about a 10% coupon. And you did not accrue interest on that. Is there any accrual reversal associated with that, or should we just look at this as you sold a loan that was effectively generating a 0% interest rate, and there was no cash flow associated with that, so there's no nuance there.

知道了。好的，明白了，謝謝你帶我重溫GAAP會計準則的記憶。我之前確實不記得這件事了，所以這很有幫助。另一方面，從合約來看，這是一筆年利率約 10% 的貸款。而且你也沒有從中獲得利息。這其中是否存在應計利息的衝回？或者我們應該簡單地將其視為您出售了一筆實際產生 0% 利率的貸款，並且沒有相關的現金流，因此不存在任何細微差別？

Yeah, so there's a couple of nuances we should talk about. You're exactly right per disclosures, which you read correctly. This loan had an accrual rate for many years, but when it was struggling, we did not accrue any of that interest. None of that interest is accrued in my books, so there's no reversal of interest. And in this deal, as Ivan will point out, we are ending up, we are providing a little bit of self-financing, and we are ending up with a performing loan now at 10%.

是的，所以有一些細節需要我們討論一下。根據披露訊息，你的理解完全正確，你對披露資訊的解讀也正確無誤。這筆貸款多年來一直按期計息，但當它陷入困境時，我們沒有獲得任何利息。我的帳簿上不會產生任何利息，因此不存在利息回饋的情況。正如伊凡會指出的那樣，在這筆交易中，我們最終實現了部分自籌資金，最終獲得了一筆利率為 10% 的正常貸款。

So not only are we going from a loan that was zero. We're getting about $6 million or $7 million of cash in the door. We're saving $7.5 million in taxes with an offset of about $1 million distributor earnings hit, but we have like a $53 million loan that's going to earn 10% now and be current. So we took an asset that was earning [zero]. We created some cash, we created some income GAAP and distributable, and we have a performing asset going forward that's adding to our run rate.

所以我們不僅要從零貸款開始。我們大概可以拿到 600 萬到 700 萬美元的現金。我們節省了 750 萬美元的稅款，但同時也損失了約 100 萬美元的經銷商收入。然而，我們還有一筆 5,300 萬美元的貸款，這筆貸款現在可以獲得 10% 的收益，並且能夠按時償還。所以我們選擇了一項正在獲利的資產[零]。我們創造了一些現金，創造了一些符合美國通用會計準則且可分配的收入，而且我們還有一項正在穩步發展的資產，這將提高我們的營運效率。

Got it. And was that loan unlevered on your balance sheet?

知道了。那筆貸款在你的資產負債表上是無槓桿貸款嗎？

Yes.

是的。

Okay, thank you for that. That's really helpful. The other, thing I'd just like to talk about is when we look at, the income from REO property income fell 20% sequentially, and property operating expenses went up modestly. And that's despite the fact that there is more REO. So trying to understand what is going on there and would like to understand potentially the implications for lower cash flows in terms of recovery values.

好的，謝謝。這真的很有幫助。另外，我想談談的是，我們來看，REO 房產收入較上季下降了 20%，而房產營運費用略有上升。儘管REO（已收回房產）數量更多，但情況依然如此。因此，我想了解那裡發生了什麼，並想了解這可能對回收價值的現金流降低的影響。

Sure. I'm going to let Ivan talk globally about the REOs. Let me give you some numbers and then he's going to go into where the market is. You have to remember, some of the loans we're taking back is REO we're taking them back because we want to make sure that we don't see significant deterioration. Some of them are coming back and we've been emptying parts of the building. Their occupancies are super low, probably, 40% occupancy.

當然。我將讓伊凡在全球談論REO（已收回房產）問題。我先給你一些數據，然後他會分析市場現況。你要記住，我們收回的一些貸款是已收回的房產（REO），我們收回這些貸款是因為我們想確保不會出現嚴重的惡化。他們中的一些人正在返回，我們一直在清空大樓的部分區域。他們的入住率非常低，可能只有 40%。

So now our job is to go in there, do what we need to do to get to manage these assets and get the occupancies up. So right now some of those assets are, as you said, throwing off negative NOI, and I think it was about [$3 million] for the quarter in third quarter and that's spiked up because we took some more assets back and we're getting, our hands around those assets.

所以現在我們的任務是進入那裡，採取必要的措施來管理這些資產，並提高入住率。所以正如你所說，目前其中一些資產正在產生負的淨營業收入，我認為第三季大約是 300 萬美元，而且由於我們收回了一些資產，並且正在掌控這些資產，所以這個數字飆升了。

We are taking back more REO. I have it probably projecting around the same number despite bringing more REO back, but that number will improve quickly, and I'll let Ivan talk about it as we get in there and we rework these assets. You're going to see occupancy go up a lot. And when it does, that NOI will turn positive at some point. Correct, Ivan?

我們正在收回更多已收回的房地產資產。儘管收回了更多已收回的資產，但我預計最終數字可能與之前大致相同，但這個數字會很快改善，等我們開始重新調整這些資產時，我會讓伊凡來談談這件事。你會看到入住率大幅上升。當這種情況發生時，淨營業收入（NOI）遲早會轉正。沒錯吧，伊凡？

Yeah, and I think Rick, you're hitting on something very important. When we take back REOs that are that need a lot of work, we will empty those building out those building out and do the work and get the occupancy up. When the occupancy gets up, we're going to sell those assets. So you'll see a little bit of a spike. You'll see them all go down, and then as they get leased up, those will be disposed of and then new ones will come in.

是的，瑞克，我覺得你說到了一個很重要的問題。當我們收回那些需要大量修繕的房產時，我們會清空房屋，進行修繕工作，提高入住率。當入住率提高後，我們將出售這些資產。所以你會看到一個小幅波動。你會看到它們全部倒塌，然後隨著出租，這些倒塌的房屋將被拆除，然後新的房屋將被建造出來。

So expect that to go up and down. We track that, we track, we tracked the occupancy, we track the CapEx, and we've had a few on our books that we've actually stripped down to zero. We have all the units and now they're going to start to lease up very quickly.

所以預計價格會有波動。我們會追蹤這些數據，我們會追蹤入住率，我們會追蹤資本支出，而且我們帳面上有一些項目，我們實際上已經將其削減至零。我們已經擁有所有單元房，現在它們很快就會開始出租。

And we're targeting those which were deeply damaged to dispose of in the third quarter of next year. And right now they're going from zero and they're gaining like 10 points to 20 points in occupancy. And when they get to [70, 75], we'll look to dispose of those. So it's going to be very lumpy, but the philosophy is strip them down, take the pain, and then move them on.

我們將重點處置那些受損嚴重的建築物，並計劃在明年第三季進行處置。現在他們的入住率從零開始，增加了大約 10 到 20 個百分點。當它們達到 [70, 75] 時，我們將考慮處理掉它們。所以過程會非常曲折，但理念是剝去它們的外衣，承受痛苦，然後繼續前進。

Okay, that's very helpful to understand what's going on and then just one last housekeeping question associated with it. It sounds like when you were doing this, you're obviously making significant investments in the properties. Are you capitalizing those investments or are you expensing them?

好的，這有助於了解事情的來龍去脈，最後還有一個相關的瑣碎問題。聽起來你做這件事的時候，顯然對這些房產進行了大量投資。您是將這些投資計入資本還是計入費用？

Yeah, most of the times, if you're making improvements, to the real estate, you're capitalizing them, it's increasing your basis. Most of the work is done to improve the assets value, correct.

是的，大多數情況下，如果你對房地產進行改造，你就是在將這些改造資本化，從而增加你的成本基礎。大部分工作都是為了提高資產價值，沒錯。

Okay. That's it for me. Thank you.

好的。就這些了。謝謝。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thank you. Good morning. I appreciate you taking my questions. Paul, just based on your comments on an earlier question on interest income, there was a lot there, so I just want to make sure I'm thinking about it correctly. It seems that you're confident that the third quarter is the trough and NII just given the one-time hits being larger than the go forward impacts, is that accurate or at least prior to potential forward stress that could impact that run rate?

謝謝。早安.感謝您回答我的問題。保羅，根據你之前對利息收入問題的評論，內容很多，所以我只是想確保我的理解是正確的。您似乎很有信心認為第三季是低谷，而 NII 只是因為一次性衝擊大於未來影響而受到影響，這種說法準確嗎？或至少是在可能影響運行率的潛在未來壓力出現之前是這樣認為的？

Yeah, I think that's accurate. So the way we look at it is, we do expect we'll have some more delinquencies, but we're going to resolve a lot more than we're going to have new. So we think this is probably peak. There was some one-time adjustments and reversals of the accrued interest I mentioned on some delinquencies that we accelerated, but yes, we expect this to be, we do not expect the fourth quarter to have the same run rate as the third quarter.

是的，我覺得這個說法很準確。所以我們的看法是，我們預計還會出現一些違約情況，但我們會解決的違約問題比新增的違約問題多得多。所以我們認為這可能是巔峰時期了。對於我之前提到的一些加速到期的欠款，我們做出了一些一次性的調整和應計利息的沖銷，但是，是的，我們預計第四季度的增長率不會像第三季度那樣高。

In fact, if you look at numbers that we gave in the press release today and I spoke about in my commentary Crispin, we're showing a spot rate of 7.27% going forward as of [$930]. That's an all in yield on our $11.7 billion book. It was 7.86% spot rate as of June 30. If you do the math, that's $16 million. So what I'm telling you is net interest income came down $22 million after growth, but it really came down $34 million for all the adjustments I laid out. Now we're saying it's going to go down $16 million, but that spot has already been improved by $3 million, as I mentioned, on loans we've already worked out and sold.

事實上，如果你看一下我們今天在新聞稿中公佈的數據，以及我在評論中提到的克里斯平的數據，我們可以看到，截至目前，即期利率為7.27%。[930 美元]這就是我們117億美元帳面價值的全部收益率。截至6月30日，即期匯率為7.86%。算一下，那就是1600萬美元。所以我想告訴你們的是，扣除成長因素後，淨利息收入減少了 2,200 萬美元，但考慮到我列出的所有調整，實際上減少了​​ 3,400 萬美元。現在我們說要降價 1600 萬美元，但正如我之前提到的，那塊地已經通過我們已經安排好並出售的貸款，改善了 300 萬美元。

So now I'm down to $13 million, and yeah, new ones will come on, but we're also, as I've been mentioned, real-time conversations which aren't in my numbers, we're resolving a lot more of this [7.50] than we originally plan we do quickly. So by the end of the fourth quarter, I hope to have a lot more of that resolved and that run rate will improve drastically in the first and second quarter of next year.

所以現在我的預算只剩下 1300 萬美元了，是的，新的項目會陸續推出，但正如我之前提到的，我們還有一些實時對話沒有計入我的預算，我們正在快速解決比原計劃多得多的問題 [7.50]。因此，我希望到第四季末，這些問題能夠得到更多解決，並且明年第一季和第二季的運行率將大幅提高。

So that's why when we laid out our commentary, we said it'll take us to probably around the second quarter of next year to accomplish our goals. And when we accomplish all of those goals, our run rate will be back up, plus the growth in our portfolio from the improved environment and our origination platforms, we'll start to see that turn.

所以，這就是為什麼我們在闡述我們的預測時說，我們可能要等到明年第二季左右才能實現我們的目標。當我們實現所有這些目標後，我們的營運速度將會恢復，再加上環境改善和我們的貸款發放平台帶來的投資組合成長，我們將開始看到這種轉變。

Great, thank you. And then just on the $48 million gain on the Lexford portfolio, can you just give a little bit more detail on that transaction? How long has that been in process and who was the buyer there?

太好了，謝謝。關於 Lexford 投資組合的 4,800 萬美元收益，您能否詳細介紹這筆交易？這個專案進行了多久？買家是誰？

So I guess, it's an asset that, we took back from the great financial crisis and we've been managing that and owning it and creating significant gains, and I guess we made a decision based on where we are in the cycle that it would be good to monetize those gains.

所以我想，這是我們從金融危機中重新獲得的一項資產，我們一直在管理和持有它，並創造了巨大的收益，我想我們根據我們所處的周期階段做出了決定，認為將這些收益變現是件好事。

And especially in light of the criticism that we got that they were really degraded and caused a latter the short interest in the short reports as bad transactions. So for us, I wanted to be very clear that they were good transactions, and that not only were they good, there was substantial profitability.

尤其是考慮到我們收到的批評，即這些報告實際上已經貶低了市場，並導致賣空報告中的空頭興趣下降，這些報告被認為是糟糕的交易。所以，我想非常明確地表明，這些都是很好的交易，不僅如此，它們還帶來了可觀的利潤。

As an operator, we felt by creating those gains, it would give us a lot of flexibility. In trying to manage our business and accelerate these legacy issues, and keep in mind we still have a good portion of those assets left, as I said in my script.

作為營運商，我們認為透過創造這些收益，可以為我們帶來很大的靈活性。正如我在稿子裡所說，在努力管理我們的業務並加速解決這些遺留問題的同時，請記住我們仍然保留著相當一部分資產。

So we just thought it was good timing. It spoke about the credibility of our performance on those assets, and it really negated, some of the accusations that have been thrown at us with clarity, and that's kind of the reason we did it. In terms of the buyers, we don't really disclose.

所以我們認為時機正好。它談到了我們在這些資產上的業績可信度，並且清晰地駁斥了一些針對我們的指控，而這正是我們這樣做的原因。至於買家方面，我們通常不會透露。

We very heavy interest. We had five buyers for them. It was a very competitive process, and it was a good portfolio. We had a great experience with the buyer. It's a public record. I'm not really exposed to who they are, but they were well bid, and there's a deep audience for that portfolio as well as for the balance of the portfolio that we have.

我們對此非常感興趣。我們找到了五個買家。這是一個競爭非常激烈的過程，而且作品集也很不錯。我們與買家的合作非常愉快。這是公開記錄。我不太了解他們是誰，但他們的出價很高，而且該作品集以及我們投資組合中的其他部分都有龐大的受眾群體。

Okay, great. And then just a final question you mentioned so the $48 million gain, but you did talk about in the prepared remarks I believe, an additional $7 million you expect to come through, should that come through in income from equity affiliates as well?

好的，太好了。最後一個問題，您提到了 4800 萬美元的收益，但我相信您在準備好的發言稿中也提到了，您預計還會獲得額外的 700 萬美元，這筆錢是否也會以股權關聯公司的收入形式到賬？

No, that's $7 million Crispin, was referred to the homeward transaction. So what we said is that we have a $48 million gain. What we said in our prepared remarks is we have a $48 million gain from Lexford. We still have a portfolio of assets that we'll look to dispose of in the near future.

不，那是 700 萬美元，克里斯平被提到了回國交易。所以我們說，我們獲得了 4800 萬美元的收益。我們在事先準備好的演講稿中提到，我們從萊克斯福德獲得了 4800 萬美元的收益。我們仍有一些資產組合，我們將在不久的將來予以處置。

So whatever comes out of that comes out of that when it happens. And then in addition to that in October, which should close today. We're closing on the sale of the Homewood note, which will generate about, $6.5 million, $7 million of GAAP income and distributable income in the fourth quarter.

所以，事情發生的時候，結果自然會水落石出。此外，還有十月份的那部分，應該今天就結束了。我們即將完成 Homewood 票據的出售，這將在第四季度產生約 650 萬美元至 700 萬美元的 GAAP 收入和可分配收入。

Okay, great, thanks. Thanks for clarifying that. I appreciate you taking my question.

好的，太好了，謝謝。謝謝你的解釋。感謝您回答我的問題。

Leon Cooperman, Omega Family Office.

Leon Cooperman，Omega家族辦公室。

Thank you. It's an observation and a question. The observation is, I think that your experience when you take control of this real estate shows that the real estate was well underwritten when it was originally underwritten when you foreclose and the fall the property, your experience has been very good.

謝謝。這既是一個觀察，也是一個問題。觀察結果是，我認為您在接管這處房產後的經歷表明，這處房產在最初承銷時承銷得很好。當您取消抵押品贖回權並導致房產倒閉時，您的經歷非常好。

So should you not take a bow for that -- and one, and number two, when the stock is now trading below book value with you having an optimistic outlook in the second half of next year. Do you -- are you willing to part with some capital, or would you want to hold on to the capital?

所以，你不該為此感到自豪嗎？而且，第二點，當股票目前的交易價格低於帳面價值，而你對明年下半年的前景持樂觀態度時，更是如此。你願意投入一些資金嗎？還是想保留這些資金？

With respect to, we have a share buyback program out there. We'll look at, the best use of our capital. As a lot of our insiders, including me, continue to buy stock as it goes below book and when the company has the right capital, we'll make that evaluation, so we do view that as an opportunity.

關於這一點，我們有一個股票回購計劃。我們將研究如何最有效地利用我們的資金。包括我在內的許多內部人士都會繼續在股價低於帳面價值時買入股票，當公司擁有合適的資金時，我們會進行評估，所以我們確實認為這是一個機會。

With respect to the REOs. It's very interesting. If I said to everybody on this call that the loans that we originating today, I would say that they could withstand, as I said back four or five years ago, they could withstand this either underwritten to a certain rate spike. Keep in mind that when we took these loans on, so if it was a quarter, it went up to [5], nobody could have underwritten the [4.75] increase in SOFR.

關於已收回的房地產。這很有意思。如果我對參加這次電話會議的每個人說，我們今天發放的貸款，就像我四、五年前說的那樣，能夠承受一定的利率飆升，那麼它們就能承受住這種衝擊。請記住，當我們獲得這些貸款時，如果是季度貸款，利率上升到 [5]，沒有人能夠承銷 SOFR 的 [4.75] 增長。

We always said we can underwrite a 200 to 250 basis point spike and so forth. This, these are, this is unprecedented. Also keep in mind that the Treasury was [150, 125, 150]. The treasury went up to [5]. These are unusual moves and they're prolonged. So there has actually been, a very difficult environment, but we do feel that when we get these REOs back.

我們一直都說我們可以承受 200 到 250 個基點的波動等等。這是前所未有的。還要記住，財政部是[150, 125, 150]。國庫升至[5].這些舉措不同尋常，而且持續時間很長。所以實際上，環境非常艱難，但我們確實覺得，當我們收回這些REO房產時。

If we improve them and put them back in order, we're doing very well at getting, very close to where we mark them, sometimes a little above, sometimes a little around it, but our marks are pretty accurate, and we've been doing a really good job.

如果我們改進它們並將它們重新排序，我們在達到我們標記的目標方面做得非常好，有時略高於目標，有時略高於目標，但我們的標記相當準確，我們一直做得很好。

So we have the skill set to do it and we're very effective at it and we're very pleased with the ones that we've taken back and as I said earlier, we'll look to dispose those probably in the third quarter and we're comfortable with how those are going.

所以我們具備這樣的技能，而且我們在這方面非常有效，我們對收回的球員非常滿意，正如我之前所說，我們可能會在第三季度處理掉這些球員，我們對這些球員的去向感到滿意。

I was actually giving me credit for that.

我其實是在給自己打分數。

Thank you, Leon.

謝謝你，萊昂。

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

目前沒有其他問題需要提問。我將把發言權交還給伊凡·考夫曼，讓他作補充或總結發言。

Okay, thank you everybody for participating. We are at a very difficult point in the cycle. We're prepared for it. We've actually anticipated it. We'd rather not be here, but as operators, we're addressing it. We have a lot of tools to address it. Thanks for your participation, and look forward to next quarter's call. Take care. Have a great weekend.

好的，謝謝大家的參與。我們正處於週期中一個非常艱難的階段。我們已經做好準備。我們其實早就預料到了。我們不想走到這一步，但作為營運方，我們必須解決這個問題。我們有很多工具可以解決這個問題。感謝您的參與，期待下個季度的電話會議。小心。祝你周末愉快。

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了。