Acres Commercial Realty Corp (ACR) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2022 ACRES Commercial Royalty Corp. Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們先生們，美好的一天，歡迎來到 ACRES Commercial Royalty Corp. 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，此通話正在錄音中。

I would now like to introduce your host for today's conference, Kyle Brengel, Vice President. You may begin.

現在我想介紹一下今天會議的主持人，副總裁 Kyle Brengel。你可以開始了。

Good afternoon, and thank you for joining our call.

下午好，感謝您加入我們的電話會議。

I would like to highlight that we have posted the fourth quarter earnings presentation to our website. This presentation contains summary and detailed information about the quarterly and year-end results of the company.

我想強調的是，我們已經在我們的網站上發布了第四季度的收益報告。本演示文稿包含有關公司季度和年末業績的摘要和詳細信息。

Before we begin, I want to remind everyone that certain statements made during this call are not based on historical information and may constitute forward-looking statements. When used in this conference call, the words believes, anticipates, expects and similar expressions are intended to identify forward-looking statements. Although the company believes that these forward-looking statements are based on reasonable assumptions, such statements are based on management's current expectations and beliefs and are subject to several trends, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

在我們開始之前，我想提醒大家，在本次電話會議中所做的某些陳述並非基於歷史信息，可能構成前瞻性陳述。在本次電話會議中使用相信、預期、期望和類似表達方式時，旨在識別前瞻性陳述。儘管公司認為這些前瞻性陳述是基於合理的假設，但此類陳述是基於管理層當前的預期和信念，並受多種趨勢、風險和不確定性的影響，這些趨勢、風險和不確定性可能導致實際結果與前瞻性陳述中包含的結果存在重大差異- 看起來陳述。

These risks and uncertainties are discussed in the company's reports filed with the SEC, including its reports on Forms 8-K, 10-Q and 10-K, and in particular, the Risk Factors section of its Form 10-K. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update any of these forward-looking statements.

這些風險和不確定性在公司提交給美國證券交易委員會的報告中進行了討論，包括其關於表格 8-K、10-Q 和 10-K 的報告，特別是其表格 10-K 的風險因素部分。告誡聽眾不要過分依賴這些前瞻性陳述，這些陳述僅代表截至本文發布之日的情況。公司不承擔更新任何這些前瞻性陳述的義務。

Furthermore, certain non-GAAP financial measures may be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or as a substitute to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most comparable measures prepared in accordance with generally accepted accounting principles are contained in the earnings presentation for the past quarter.

此外，本次電話會議可能會討論某些非 GAAP 財務措施。我們對這些信息的介紹並非旨在孤立地考慮或替代根據 GAAP 提供的財務信息。非 GAAP 財務指標與根據公認會計原則編制的最具可比性指標的對賬包含在上一季度的收益報告中。

With me on the call today are Mark Fogel, President and CEO; and Dave Bryant, ACRES' CFO. Also available for Q&A is Andrew Fentress, Chairman of ACR.

今天和我一起打電話的是總裁兼首席執行官 Mark Fogel；和 ACRES 的首席財務官 Dave Bryant。 ACR 主席 Andrew Fentress 也可參與問答環節。

I will now turn the call over to Mark.

我現在將把電話轉給馬克。

Good afternoon, everyone, and thank you for joining our call. Today, I will provide an overview of our loan originations, real estate investments and the health of the investment portfolio, while Dave Bryant will discuss the financial statements, liquidity condition, book value and operating results for the fourth quarter. Of course, we look forward to your questions at the end of our prepared remarks.

大家下午好，感謝您加入我們的電話會議。今天，我將概述我們的貸款發放、房地產投資和投資組合的健康狀況，而 Dave Bryant 將討論第四季度的財務報表、流動性狀況、賬面價值和經營業績。當然，我們期待您在我們準備好的評論結束時提出問題。

The ACRES team continues to execute on our business plan by selectively originating high-quality investments, actively managing the portfolio and continuing to focus on growing earnings and book value for our shareholders. We originated one $18 million new multifamily loan commitment in the fourth quarter. Loan payoffs during the period were $114.6 million, and net funded commitments during the quarter were $22 million, producing a net decrease to the portfolio of $74.6 million.

ACRES 團隊通過有選擇地發起高質量投資、積極管理投資組合併繼續專注於為股東增加收益和賬面價值，繼續執行我們的業務計劃。我們在第四季度發起了一項 1800 萬美元的新多戶貸款承諾。本季度的貸款還款額為 1.146 億美元，本季度的淨資金承諾為 2200 萬美元，使投資組合淨減少 7460 萬美元。

The newly originated loan pays coupon interest at 1-month SOFR plus a weighted average spread of 4.8%. The weighted average spread of the floating rate loans in our $2.1 billion commercial real estate loan portfolio increased to 3.78% over the 1-month benchmark rates. We expect to maintain an investment portfolio of $2 billion to $2.3 billion through 2023.

新發放的貸款按 1 個月 SOFR 加上 4.8% 的加權平均利差支付息票利息。我們 21 億美元商業房地產貸款組合中浮動利率貸款的加權平均利差較 1 個月基準利率上升至 3.78%。我們預計到 2023 年將保持 20 億至 23 億美元的投資組合。

Finally, a few comments on balance sheet items as we know this topic is top of mind for many investors given the recent market volatility and base rate increases. During the quarter, the company finalized terms with MassMutual under its non-mark-to-market agreement to upsize the commitment to provide for individual loan series, which will each have 5-year term for the date -- from the date of issuance.

最後，鑑於近期市場波動和基準利率上升，我們知道這個話題是許多投資者最關心的話題。在本季度，該公司根據其非按市值計價協議與 MassMutual 敲定了條款，以擴大提供個人貸款系列的承諾，每系列貸款的期限為 5 年，從發行之日起計算。

The company as well has lines open with JPMorgan and Morgan Stanley with performing collateral on each. In addition, we have had the reinvestment window available on our 2 ACR securitizations through May 2023 and December 2023. The bulk of the company's current portfolio was originated in 2021 and 2022, comprising 84% of the current par balance and have initial maturities of 2024 or later and extended maturities of 2026 or later.

該公司還與摩根大通和摩根士丹利開通了線路，並為每家銀行提供抵押品。此外，到 2023 年 5 月和 2023 年 12 月，我們的 2 個 ACR 證券化的再投資窗口可用。公司當前投資組合的大部分起源於 2021 年和 2022 年，佔當前票面餘額的 84%，初始期限為 2024 年或更晚以及 2026 年或更晚的延長期限。

The portfolio generally continues to perform, demonstrating sound and consistent underwriting and proactive asset management. We ended the quarter with $2.1 billion of commercial real estate loans across 82 individual investments. As of December 31, 2022, there were 5 watch-list loans, including 3 delinquent loans representing 5.4% of the portfolio. This represents a decrease from December 31, 2021, at which there were 11 watch-list loans, representing 8.1% of the portfolio.

該投資組合總體上繼續表現良好，表現出穩健一致的承銷和積極主動的資產管理。本季度末，我們通過 82 項個人投資獲得了 21 億美元的商業房地產貸款。截至 2022 年 12 月 31 日，有 5 筆觀察名單貸款，其中 3 筆拖欠貸款佔投資組合的 5.4%。這比 2021 年 12 月 31 日有所減少，當時有 11 筆觀察名單貸款，佔投資組合的 8.1%。

In January 2023, one watch-list loan on a hotel portfolio in the Southwest region with a par value of $56.5 million was paid off in full, which reduced the value of our watch-list loans in half as compared to year-end 2022. We had 1 specific credit event during the quarter. We reserved 100% against the remaining mezzanine loan from our acquisition of the company in 2020. The mezzanine loan has a par value of $4.7 million and the underlying collateral is an office property in the Northeast region. As ACRES does not originate mezzanine loans, you should not expect to see investments in this part of the capital structure again.

2023 年 1 月，一筆面值 5650 萬美元的西南地區酒店投資組合的觀察名單貸款已全額還清，與 2022 年底相比，我們的觀察名單貸款價值減少了一半。本季度我們有 1 個特定的信用事件。我們為 2020 年收購該公司的剩餘夾層貸款保留了 100%。夾層貸款的面值為 470 萬美元，標的抵押品是東北地區的辦公物業。由於 ACRES 不提供夾層貸款，因此您不應期望再次看到對這部分資本結構的投資。

We continue to hold 4 investments in real estate that we expect to monetize at gains in the future. These anticipated gains will be offset by the existing NOL carryforwards with equity retained and reinvested into the loan portfolio.

我們繼續持有 4 項房地產投資，我們預計這些投資將在未來獲利。這些預期收益將被現有的 NOL 結轉抵消，保留股權並將其再投資到貸款組合中。

In February 2023, we sold 1 hotel asset located in Plymouth Meeting, Pennsylvania, with a basis of approximately $14 million that we received through a deed in lieu of foreclosure in July 2022. We expect to record a modest gain on the sale in the first quarter of 2023.

2023 年 2 月，我們出售了位於賓夕法尼亞州普利茅斯會議的 1 處酒店資產，我們在 2022 年 7 月通過一份替代止贖契約收到了約 1400 萬美元的基礎。我們預計在第一筆出售中獲得適度收益2023 年季度。

In summary, the ACRES team is pleased with the quality of the investment portfolio, including investments in real estate, along with the improved balance sheet profile and the prospects for new originations and capital appreciation going forward.

總而言之，ACRES 團隊對投資組合的質量（包括房地產投資）、資產負債表狀況的改善以及未來新發源地和資本增值的前景感到滿意。

We will now have ACR's CFO, Dave Bryant, discuss the financial statements and operating results during the fourth quarter of 2022.

我們現在將請 ACR 的首席財務官 Dave Bryant 討論 2022 年第四季度的財務報表和經營業績。

Thank you, Mark, and good afternoon.

謝謝你，馬克，下午好。

GAAP net loss applicable to common shares in the fourth quarter was $7.4 million or $0.87 per share. Our guidance was for between $0.10 and $0.20 per share of GAAP net income for the year, and we ended 2022 with a $1 net loss, which was largely a result of the $1.28 per share of CECL reserves recorded in the fourth quarter.

第四季度適用於普通股的 GAAP 淨虧損為 740 萬美元或每股 0.87 美元。我們的指導意見是全年每股 GAAP 淨收入在 0.10 美元至 0.20 美元之間，我們在 2022 年結束時淨虧損 1 美元，這主要是由於第四季度記錄的 CECL 儲備每股 1.28 美元。

The company recorded a fourth quarter increase in CECL reserves of $11 million. The increase includes $6.5 million attributable primarily to a decline in the macroeconomic outlook and a specific provision to fully reserve the previously mentioned mezzanine loan with a par value of $4.7 million. The total allowance for credit losses at December 31 was $18.8 million, which represents 0.91% or 91 basis points of the $2.1 billion loan portfolio at par.

該公司第四季度的 CECL 儲備增加了 1100 萬美元。增加的金額包括 650 萬美元，這主要歸因於宏觀經濟前景的下滑，以及用於完全保留前面提到的面值為 470 萬美元的夾層貸款的特定準備金。截至 12 月 31 日，信貸損失準備金總額為 1880 萬美元，佔 21 億美元貸款組合的 0.91% 或 91 個基點。

Earnings available for distribution or EAD for the fourth quarter were $0.60 per share. GAAP book value per share decreased to $24.54 on December 31 from $25.08 on September 30.

第四季度可供分配的收益或 EAD 為每股 0.60 美元。 GAAP 每股賬面價值從 9 月 30 日的 25.08 美元降至 12 月 31 日的 24.54 美元。

Available liquidity at December 31, 2022, was approximately $118 million, which comprised approximately $66 million of unrestricted cash, $14 million of projected financing available on unlevered assets and $38 million of reinvestable cash available in CRE securitizations.

截至 2022 年 12 月 31 日，可用流動資金約為 1.18 億美元，其中包括約 6600 萬美元的非限制性現金、1400 萬美元的無槓桿資產預計可用融資和 3800 萬美元的可用於 CRE 證券化的可再投資現金。

Our GAAP debt-to-equity leverage ratio decreased marginally to 4.2x on December 31 from 4.3x on September 30. Our recourse debt leverage ratio also decreased marginally to 1.4x on December 31 from 1.5x on September 30. The decreases to the leverage and recourse debt leverage ratios were primarily due to decreased borrowings on our bank term facilities as a result of net loan payoffs during the period.

我們的 GAAP 債務股本槓桿率從 9 月 30 日的 4.3 倍小幅下降至 12 月 31 日的 4.2 倍。我們的追索權債務槓桿率也從 9 月 30 日的 1.5 倍小幅下降至 12 月 31 日的 1.4 倍。槓桿率下降追索權債務槓桿率主要是由於本期間的淨貸款還款導致我們銀行定期貸款的借款減少。

Turning to results from the company's real estate investments. Net loss from real estate investments remained relatively flat at $369,000 in the fourth quarter. Included in the fourth quarter property operating loss was approximately $811,000 of noncash depreciation and amortization.

轉向公司房地產投資的結果。第四季度房地產投資淨虧損保持相對平穩，為 369,000 美元。包括在第四季度的財產經營虧損約為 811,000 美元的非現金折舊和攤銷。

Focusing on G&A, the fourth quarter expense of $2.6 million versus third quarter of $2.1 million reflects the seasonality for quarterly G&A, primarily due to the incurrence of the year-end audit expense.

專注於 G&A，第四季度的費用為 260 萬美元，而第三季度為 210 萬美元，反映了季度 G&A 的季節性，這主要是由於年終審計費用的產生。

Regarding share repurchases, during the fourth quarter, the company used 934,000 of the share repurchase plan to redeem 98,000 shares at an approximate 61% discount to book value per share on December 31. There is approximately 7.2 million remaining on the Board-approved program at year-end.

關於股份回購，在第四季度，公司使用股份回購計劃中的 934,000 股以每股帳面價值約 61% 的折扣在 12 月 31 日贖回了 98,000 股。董事會批准的計劃剩餘約 720 萬股年底。

With net loan growth of $190 million in calendar year 2022, we expect to have net income and for our earnings available for distribution to remain positive and steadily grow in 2023. Of note, we expect to see a reduction in EAD during the first quarter of 2023, driven primarily by the seasonality in G&A expenses and hotel operations, along with anticipated net loan payoff activity.

隨著 2022 日曆年的淨貸款增長 1.9 億美元，我們預計 2023 年淨收入和可供分配的收益將保持正數並穩步增長。值得注意的是，我們預計 EAD 在第一季度會減少2023 年，主要受 G&A 費用和酒店運營的季節性以及預期的淨貸款償還活動的推動。

We currently project that the company will produce GAAP income in a range of $1.25 to $1.75 per share and EAD in a range of $1.75 to $2.25 per share for the calendar year 2023. Our projection remains subject to benchmark rate volatility, loan payoff volume, CECL reserve adjustments and other nonrecurring or unexpected items that may arise during the year.

我們目前預計該公司 2023 年的 GAAP 收入將在每股 1.25 美元至 1.75 美元之間，EAD 將在每股 1.75 美元至 2.25 美元之間。我們的預測仍受基準利率波動、貸款償還量、CECL 的影響年內可能出現的準備金調整和其他非經常性或意外項目。

Now I will turn the call to Andrew Fentress for closing remarks.

現在我將把電話轉給 Andrew Fentress 作結束語。

Thank you, Dave. As we close the fourth quarter on a productive year at ACRES, we want to recognize the entire extended team and say thank you to everyone that works to deliver these results. We also want to recognize our shareholders for trusting us to execute on our strategy. We remain committed and available at any time for questions and requests for information.

謝謝你，戴夫。在我們結束 ACRES 富有成效的一年的第四季度時，我們想要表彰整個擴展團隊，並感謝所有為取得這些成果而努力的人。我們還想感謝我們的股東信任我們執行我們的戰略。我們始終承諾並隨時準備回答問題和信息請求。

As I've said previously, we are mindful of the changes in the rate market and corresponding volatility in asset prices has created a heightened sense of anxiety. As you've heard from our CEO, Mark, and CFO, Dave, the company is performing well, has a strong portfolio, ample liquidity and is managed by a team of professionals, who have been through several cycles during their careers.

正如我之前所說，我們注意到利率市場的變化和資產價格的相應波動已經引起了高度的焦慮感。正如您從我們的首席執行官馬克和首席財務官戴夫那裡聽到的那樣，該公司表現良好，擁有強大的投資組合、充足的流動性，並由一支在職業生涯中經歷過多個週期的專業團隊管理。

We remain vigilant in our mission to deliver shareholders' value over the long term. We do this by investing in and managing high-quality assets that will produce stable and growing book value for our shareholders.

我們對實現股東長期價值的使命保持警惕。我們通過投資和管理優質資產來實現這一目標，這些資產將為我們的股東帶來穩定且不斷增長的賬面價值。

This concludes our opening remarks, and I'll now turn the call back to the operator for questions.

我們的開場白到此結束，現在我將把電話轉回給接線員提問。

(Operator Instructions) And the first question will be from Stephen Laws from Raymond James.

（操作員說明）第一個問題將來自 Raymond James 的 Stephen Laws。

I guess first off, congratulations on the nice quarter. I know GAAP was impacted by CECL, but net interest income looks really solid on what smaller portfolio than I was looking for and a solid distributable earnings number. So a nice close to the year.

我想首先，祝賀這個美好的季度。我知道 GAAP 受到 CECL 的影響，但淨利息收入在比我期待的更小的投資組合和可靠的可分配收益數字上看起來確實很穩固。離這一年很近了。

Having said that, can you talk about, Mark, a little bit about your near-term appetite investments versus repayments, repayments outstripped new originations or outpaced a little bit in Q4? How are you thinking about that in the first half of the year? Should we expect the portfolio size kind of flat, net down, net up, as we look out over the next couple of quarters?

話雖如此，馬克，你能談談你的近期胃口投資與還款，還款超過新的起源或在第四季度超過一點點嗎？您如何看待上半年的情況？當我們展望未來幾個季度時，我們是否應該期望投資組合規模持平、淨下降、淨上升？

Steve, thanks for the comments. We expect through the -- at least the first half of this year, probably throughout the year to remain relatively flat with respect to net production.

史蒂夫，感謝您的評論。我們預計至少在今年上半年，可能全年淨產量將保持相對平穩。

When you're looking at the turnover there, I know you talked about there's not a lot of turnover, but with the replenishment, kind of where are you putting new assets spreads today versus things you're seeing paying off?

當您查看那裡的營業額時，我知道您談到營業額不多，但是隨著補貨，您將今天的新資產利差與您看到的回報相比較？

So for the most part, you're seeing loans paying off that are probably spreads of 3.5% to 4.5%. Today, we're putting spreads on the books that are between 4.5% and 5.5%.

因此，在大多數情況下，您看到貸款還清的利差可能在 3.5% 到 4.5% 之間。今天，我們將賬面價差設置在 4.5% 到 5.5% 之間。

Okay. So a little bit of pick up there on the turnover. And I wanted to touch base, maybe a clarification first. I think on the real estate page in the deck, the footnote mentions an asset that was sold subsequent to year-end. Is that the same one you referenced in your prepared remarks that's going to lead to a small, I guess, gain in Q1?

好的。所以營業額有一點回升。我想觸及底線，也許首先要澄清一下。我認為在甲板上的房地產頁面上，腳註提到了年底後出售的資產。你在準備好的評論中提到的那個會導致第一季度的小幅增長嗎？

That's correct. It was a small limited service hotel in Pennsylvania.

這是正確的。這是賓夕法尼亞州的一家小型有限服務酒店。

(Operator Instructions) The next question is from Steve Delaney from JMP Securities.

（操作員說明）下一個問題來自 JMP Securities 的 Steve Delaney。

You mentioned the CECL reserve at $18.8 million at year-end. and I jotted down a figure of $6.5 million. Was that intended to be the specific reserve within the $18.8 million?

你在年底提到 CECL 儲備金為 1880 萬美元。我記下了 650 萬美元的數字。這是否打算作為 1880 萬美元中的特定儲備金？

Well, Steve...

嗯，史蒂夫...

That was -- go ahead, Dave.

那是——繼續，戴夫。

Yes. Sorry, Mark. So Steve, the $11 million was the period expense and reserve. $6.5 million of that was general reserve, primarily caused by a worsened macroeconomic outlook. The other $4.5 million got the mezzanine loan to a full reserve of $4.7 million. So I previously had a couple of hundred thousand done through the CECL model, but now that we are evaluating that loan specifically, we added $4.5 million to it and got it to the full reserve of $4.7 million.

是的。對不起，馬克。所以史蒂夫，1100 萬美元是期間費用和儲備金。其中 650 萬美元是一般準備金，主要原因是宏觀經濟前景惡化。另外 450 萬美元的夾層貸款達到了 470 萬美元的全額準備金。所以我之前通過 CECL 模型完成了幾十萬，但現在我們正在具體評估那筆貸款，我們增加了 450 萬美元並使其達到 470 萬美元的全部儲備。

Got it. So as of now that, that has gone, are there any more specific reserves on your books as we sit here today?

知道了。那麼到目前為止，那已經過去了，我們今天坐在這裡時，您的書上是否還有更多具體的儲備？

None as we sit here today.

沒有，因為我們今天坐在這裡。

Excellent. Okay. Your guidance...

出色的。好的。您的指導...

That was the only mezzanine loan we had on our books.

那是我們賬面上唯一的夾層貸款。

Understood. You've got that. So everything is first deeds now. Got that. So thank you for the guidance for the full year. In the EAD, which is actually higher than your GAAP. GAAP, I guess, is certainly going to reflect any additional CECL reserves that you have to put up. Within your EAD, are you trying to build in any expectation for realized losses that might occur in the year, which would then reduce EAD?

明白了。你明白了。所以現在一切都是第一件事。了解。因此，感謝您全年的指導。在 EAD 中，它實際上高於您的 GAAP。我猜 GAAP 肯定會反映您必須提供的任何額外 CECL 儲備。在您的 EAD 中，您是否試圖建立對當年可能發生的已實現損失的任何預期，這將減少 EAD？

There may be a small amount of that, Steve. It's not a particularly meaningful number. I would say that the biggest assumption in that guidance is that we expect -- we're keeping the CECL reserve at that 91 basis point level that we ended the year at. Of course, that could change during 2023, but we don't know enough now to meaningfully or accurately predict what that might be.

史蒂夫，可能會有少量。這不是一個特別有意義的數字。我想說的是，該指導中最大的假設是我們預計——我們將 CECL 儲備保持在我們年底的 91 個基點水平。當然，這可能會在 2023 年發生變化，但我們現在了解的還不夠，無法有意義或準確地預測可能會發生什麼。

I understand. So the consensus you've got is with the 91 basis point CECL reserve will be sort of a constant within that is what I'm hearing you say, David.

我明白。所以你達成的共識是 91 個基點的 CECL 儲備將在某種程度上保持不變，這就是我聽到你說的，大衛。

Correct.

正確的。

Okay. Great. Okay. And just stepping back, one kind of big picture thing. We are in a different market today than we were maybe 6 months ago in terms of commercial real estate, certainly 12 months ago. The capital loss carryforward you have, just speaking with several of you over the last year or so, the thought is that it probably is hard real estate that is the asset class that will generate potential capital gains.

好的。偉大的。好的。只是退後一步，一種大局。就商業房地產而言，我們今天所處的市場與 6 個月前不同，當然是 12 個月前。你擁有的資本損失結轉，在過去一年左右的時間裡與你們中的幾個人交談，他們的想法是硬房地產可能是將產生潛在資本收益的資產類別。

I'm curious in this less certain market, how proactive you may be and what you're seeing in attractively valued commercial real estate properties that you might decide to invest in, in order to hopefully utilize your capital loss carryforward?

我很好奇這個不太確定的市場，您可能有多積極，以及您在可能決定投資的具有吸引力的商業房地產中看到了什麼，以便有希望利用您的資本損失結轉？

Steve, thanks for the question. I wouldn't expect us to be too active in going after additional equity investments. I think what we have for now is what we'll stick with for the remainder of the year at least. Our business is making commercial mortgage loans and not really making equity investments.

史蒂夫，謝謝你的提問。我不認為我們會過於積極地進行額外的股權投資。我認為我們現在所擁有的是我們至少在今年剩餘時間裡會堅持的東西。我們的業務是提供商業抵押貸款，而不是真正進行股權投資。

So I would think that if there is distressed opportunities out there, it's probably not something that we're going to be going after.

所以我認為，如果存在令人沮喪的機會，那可能不是我們要追求的東西。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Mark Fogel for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回給 Mark Fogel 作任何閉幕詞。

Well, thank you, everybody, for joining us today. We appreciate everybody's support, and we look forward to speaking again in the first quarter of 2023 and hopefully, having some robust earnings to discuss. Talk soon.

好吧，謝謝大家今天加入我們。我們感謝大家的支持，我們期待在 2023 年第一季度再次發言，並希望能討論一些強勁的收益。一會再聊。

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。