Acres Commercial Realty Corp (ACR) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Second Quarter 2024 Acres Commercial Realty Corp Earnings Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session with instructions to follow at that time. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，美好的一天，歡迎參加 Acres Commercial Realty Corp 2024 年第二季財報電話會議。目前，所有參與者都處於僅監聽模式。稍後，我們將進行問答環節，並附上當時需要遵循的說明。（操作員說明）謹此提醒，此通話正在錄音。

I would now like to introduce your host for today's conference, Kyle Brengel, Vice President of Operations. Please go ahead.

現在我想介紹一下今天會議的主持人，營運副總裁凱爾布倫格爾 (Kyle Brengel)。請繼續。

Good morning, and thank you for joining our call. I would like to highlight that we have posted the second quarter 2024 earnings presentation to our website. This presentation contains summary and detailed information about the quarterly results of the company.

早安，感謝您加入我們的通話。我想強調的是，我們已在我們的網站上發布了 2024 年第二季財報。本簡報包含有關公司季度業績的摘要和詳細資訊。

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.

在開始之前，我想提醒大家，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」、「預期」等字眼和類似表達方式旨在識別前瞻性陳述。

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.

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，並受到多種趨勢、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有重大差異。

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向 SEC 提交的報告中進行了討論，包括表格 8-K、10-Q 和 10-K 的報告，特別是表格 10-K 的風險因素部分。請聽眾不要過度依賴這些前瞻性陳述，這些陳述僅代表截至本新聞稿發布之日的情況。該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.

此外，本次電話會議可能會討論某些非公認會計準則財務措施。我們提供的這些資訊並非旨在被孤立地考慮或作為根據 GAAP 提供的財務資訊的替代品。

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. With me on the call today are Mark Fogel, President and CEO, and Eldron Blackwell, ACR's CFO. Also available for Q&A is Andrew Fentress, Chairman of ACR. I will now turn the call over to Mark.

上一季的收益報告中包含了非公認會計原則財務指標與根據公認會計原則編制的最具可比性指標的調節表。今天與我一起參加電話會議的是總裁兼執行長 Mark Fogel 和 ACR 財務長 Eldron Blackwell。ACR 主席 Andrew Fentress 也參與了問答。我現在將把電話轉給馬克。

Good morning, everyone, and thank you for joining our call. Today. I will provide an overview of our loan operations, real estate investments and the health of the investment portfolio while Eldron Blackwell will discuss the financial statements, liquidity condition, book value and operating results for the second quarter, 2024. Of course, we look forward to your questions at the end of our prepared remarks.

大家早安，感謝您加入我們的通話。今天。我將概述我們的貸款業務、房地產投資和投資組合的健康狀況，而 Eldron Blackwell 將討論 2024 年第二季的財務報表、流動性狀況、帳面價值和營運績效。當然，我們期待您在我們準備好的演講結束時提出問題。

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.

Acres 團隊透過選擇性地發起高品質投資、積極管理投資組合併繼續專注於為股東增加收益和帳面價值，繼續執行我們的業務計劃。

Loan payoffs during the period were $71.2 million and net funded commitments during the quarter were $9.3 million, producing a net decrease to the loan portfolio of $61.9 million. The weighted average spread of the floating rate loans and our $1.7 billion commercial real estate loan portfolio is now 3.75% over one-month term SOFR rates. The portfolio generally continues to perform, demonstrating sound and consistent underwriting and proactive asset management.

該期間的貸款償還額為 7,120 萬美元，該季度的淨資助承諾為 930 萬美元，導致貸款組合淨減少 6,190 萬美元。浮動利率貸款和我們 17 億美元的商業房地產貸款組合的加權平均利差目前為 1 個月期限 SOFR 利率的 3.75%。該投資組合總體上繼續表現良好，表現出良好、一致的承保和積極主動的資產管理。

The company ended the quarter with $1.7 billion of commercial real estate loans across 64 individual investments. At June 30, there were 12 loans rated 4 or 5, which represented 21% of the par value of our portfolio, an increase of 4% respectively, as compared to the end of first quarter 2024, and our weighted average risk rating increased from 2.6 at March 31 to 2.7 at June 30.

截至本季末，該公司在 64 項個人投資中提供了 17 億美元的商業房地產貸款。截至 6 月 30 日，評級為 4 或 5 級的貸款有 12 筆，占我們投資組合面值的 21%，較 2024 年第一季末分別增加 4%，我們的加權平均風險評級從3月31日2.6至6月30日2.7。

In April 2024, we resolved an $8 million whole loan collateralized by a retail property located in Elizabeth, New Jersey that was a risk rated 5 asset and had been under [within the falls] since December 2021. We went through a lengthy foreclosure and eventual bankruptcy process in the state of New Jersey that resulted in the sale of the asset just above par value plus we are able to recoup a majority of the legal expenses that we incurred.

2024 年4 月，我們解決了一筆800 萬美元的全額貸款，該貸款由新澤西州伊麗莎白市的一處零售物業抵押，該物業的風險評級為5 級，自2021 年12 月以來一直處於[跌幅範圍內]。我們在新澤西州經歷了漫長的止贖和最終的破產程序，導致資產的出售略高於票面價值，而且我們能夠收回我們所產生的大部分法律費用。

This successful completion is a credit to our patients to work through the legal process and achieve the value that we had placed on the asset. We continue to manage several investments in real estate that we expect to monetize the gains in the future. These anticipated gains will be offset by NOL carry-forwards, and we expect to retain the equity and reinvest potential gains into our loan portfolio.

此次成功完成是對我們的患者完成法律程序並實現我們對資產的價值的認可。我們持續管理多項房地產投資，預計未來將收益貨幣化。這些預期收益將被 NOL 結轉所抵消，我們預計將保留股權並將潛在收益再投資到我們的貸款組合中。

One such investment are Student Housing Development at Florida State University is on track to receive a certificate of occupancy in early August in time for the school year. The successful completion of this over $125 million project is a credit to our project development and asset management teams as well as our unaffiliated partners. The two new buildings are 95% pre-leased for the school year and the project includes amenities for a modern student living environment. We will provide updates in future quarters on the monetization of this asset.

其中一項投資是佛羅裡達州立大學的學生住房開發項目，預計將於 8 月初及時獲得本學年的入住證書。這個價值超過 1.25 億美元的專案的成功完成歸功於我們的專案開發和資產管理團隊以及我們的非附屬合作夥伴。兩座新建築本學年的預租率達到 95%，該計畫還配備了現代學生生活環境所需的設施。我們將在未來幾季提供有關該資產貨幣化的最新資訊。

In summary, the Acres team continues to be focused on the overall quality of the investment portfolio, including investments in real estate, with the goal of improving credit quality and recycling capital into performing categories.

總之，Acres 團隊繼續專注於投資組合的整體質量，包括房地產投資，目標是提高信貸品質並將資本回收到績效類別中。

We will now have ACRs CFO, Eldron Blackwell discuss the financial statements and operating results during the second quarter.

我們現在將請 ACR 財務長 Eldron Blackwell 討論第二季的財務報表和營運績效。

Thank you and good morning, everyone. GAAP net income allocable to common shares in the second quarter was $1.7 million or $0.21 per share. Included in net income is an increase to current expected credit losses or CECL reserves of $1.3 million or $0.17 per share as compared to CECL reserves during the first quarter of $4.9 million. The increase to the general CECL reserves is primarily driven by macroeconomic factors, putting pressure on CRE evaluation, offset by a decrease in modeled credit risk.

謝謝大家，早安。第二季分配給普通股的 GAAP 淨利潤為 170 萬美元，即每股 0.21 美元。淨利潤包括當前預期信貸損失或 CECL 準備金增加 130 萬美元或每股 0.17 美元，而第一季 CECL 準備金為 490 萬美元。CECL一般準備金的增加主要是由宏觀經濟因素推動的，這給CRE評估帶來了壓力，但被模型信用風險的下降所抵消。

The total allowance for credit losses at June 30 was $35 million, which represents 2.04% or 204 basis points on our $1.7 billion loan portfolio at par and comprised $4.7 million in specific reserves and $30.3 million and general credit reserves.

截至6 月30 日，信貸損失準備金總額為3,500 萬美元，占我們按面值計算的17 億美元貸款組合的2.04%，即204 個基點，其中包括470 萬美元的特定準備金和3,030 萬美元的一般信貸準備金。

Earnings available for distribution or EAD for the second quarter was $0.51 per share as compared to $0.16 per share for the first quarter. The difference primarily being a $0.33 increase in real estate operations and an $0.11 decline in G&A operating expenses offset by an $0.08 run rate decline in net interest income, resulting from net payoffs and to a lesser extent loan modifications that occurred during the quarter and late in the first quarter.

第二季可供分配或 EAD 的收益為每股 0.51 美元，而第一季為每股 0.16 美元。差異主要是房地產業務增加了0.33 美元，一般管理費用減少了0.11 美元，但被淨利息收入運行率下降0.08 美元所抵消，這是由於淨支付以及本季度和末期發生的較小程度的貸款修改造成的。

GAAP book value per share was $27.20 on June 30 versus $27.25 on March 31. During the second quarter, we used $1.6 million to repurchase 115,000 common shares at an approximate 50% discount to book value. It was approximately $4.1 million remaining on the Board-approved program at quarter end. Available liquidity at June 30 was $98.4 million, which comprised $89.6 million of unrestricted cash and $8.8 million of projected financing available on unlevered assets.

6 月 30 日的 GAAP 每股帳面價值為 27.20 美元，3 月 31 日為 27.25 美元。第二季度，我們以 160 萬美元以較帳面價值約 50% 的折扣回購了 115,000 股普通股。截至季末，董事會批准的計劃還剩約 410 萬美元。截至 6 月 30 日，可用流動資金為 9,840 萬美元，其中包括 8,960 萬美元的非限制性現金和 880 萬美元的無槓桿資產預計可用融資。

Our GAAP debt to equity leverage ratio slightly decreased to 3.6x at June 30 from 3.7x at March 31, and our recourse debt leverage remained consistent at 1.1x at both June 30 and March 31.

我們的GAAP 債務與股權槓桿率從3 月31 日的3.7 倍小幅下降至6 月30 日的3.6 倍，我們的追索權債務槓桿率在6 月30 日和3 月31 日均維持在1.1 倍。

With that, I will turn the call to Andrew Fentress for closing remarks.

接下來，我將請安德魯‧芬特雷斯 (Andrew Fentress) 致閉幕詞。

Thank you, Eldron. We're pleased with the direction of the portfolio. Our team has been working diligently with our borrowers to create positive outcomes during this rate cycle. We're working to deploy available capital into accretive loan opportunities. And lastly, as Mark mentioned, we're in the process of monetizing our equity investments, returning the capital to the loan portfolio.

謝謝你，艾爾德隆。我們對產品組合的方向感到滿意。我們的團隊一直在與借款人努力合作，以在本利率週期中創造積極成果。我們正在努力將可用資本部署到增值貸款機會中。最後，正如馬克所提到的，我們正在將股權投資貨幣化，將資本回饋給貸款組合。

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

我們的開場白到此結束，我會將電話轉回給接線生詢問問題。

(Operator Instructions) Stephen Laws, Raymond James.

（操作員說明）Stephen Laws、Raymond James。

Yeah, hi, good morning. Nice quarter. Good to see the solid earnings and rebounding seasonally from Q1. And I wanted to start with the real estate portfolio, you know, can you maybe provide a little more color on potential asset sales in the back half of the year?

是的，嗨，早安。不錯的季度。很高興看到穩健的利潤和從第一季開始的季節性反彈。我想從房地產投資組合開始，你知道，你能否為下半年的潛在資產銷售提供更多資訊？

I know you mentioned the Florida State asset in your prepared remarks. But you know, if you kind of force rank these, which of the ones do you think are likely to be sold sooner rather than later? And if that is the key to kind of turn on new origination opportunities that portfolio has been running off in the last year or so. And curious to know when you think the portfolio size kind of trough and starts to grow again.

我知道您在準備好的演講中提到了佛羅裡達州資產。但你知道，如果你對這些進行強制排名，你認為哪些可能會盡快出售？如果這是開啟新的創始機會的關鍵，那麼該投資組合在過去一年左右的時間裡就已經耗盡了。我很想知道您認為投資組合規模何時會觸底並開始再次成長。

Thanks, Stephen. This is Mark. Look, we can't really determine at this juncture, when we will sell the assets. It's really a matter of where the market is for executing a good sale. We do know that our goal is to try to sell several of these assets prior to the end of 2025. The FSU asset probably is the closest one. It's opening up. We'll work with our partners to determine whether or not now is the right time to sell and monetize that asset.

謝謝，史蒂芬。這是馬克。聽著，我們現在還不能真正確定何時出售資產。這實際上是一個執行良好銷售的市場所在的問題。我們確實知道，我們的目標是嘗試在 2025 年底之前出售其中部分資產。FSU 資產可能是最接近的一種。它正在開放。我們將與合作夥伴合作，確定現在是否是出售該資產並將其貨幣化的合適時機。

And we're always looking to the market trying to determine when and if it's the right time to sell and if the properties are operating in the right place and cap rates are cooperating with us. Yeah, we're actively looking at new originations. I think the market is getting stronger and stronger for good opportunities. The CLO market is starting to come back a little bit. We have liquidity. And I think all the elements are starting to come together, too. Still a bit more active on the origination front.

我們一直在關注市場，試圖確定何時以及是否是出售的正確時機，以及房產是否在正確的地點運作以及資本化率是否與我們合作。是的，我們正在積極尋找新的起源。我認為市場越來越強，有很好的機會。CLO 市場開始回升。我們有流動性。我認為所有元素也開始融合在一起。在起源方面仍然更加活躍。

Great. Appreciate the color there. Can you touch maybe a little bit on the watch list loans? Obviously, there's some net shrinkage of the portfolio, which pushed that number up a little bit. But then you resolved one 5 had a couple of new loans on the watch list. So can you talk about expected resolutions there, particularly of the two 5 rated loans?

偉大的。欣賞那裡的顏色。能稍微談談觀察名單貸款嗎？顯然，投資組合出現了一些淨收縮，這使得該數字略有上升。但後來你發現 5 在觀察名單上有幾筆新貸款。那麼您能否談談預期的解決方案，特別是兩筆 5 級貸款的解決方案？

Again, in fact the one of the five loans that we foreclosed on at the beginning of the Q3, a office building in Austin, where we have a basis that we believe below our value. That's an asset, just like the Broad Street deal that we just resolved, where we feel like we will get our money back and perhaps more upon a sale. So that one is charging towards resolution. It has been in our portfolio for quite some time, thinks since 2019.

事實上，我們在第三季初取消贖回權的五筆貸款之一是奧斯汀的一棟辦公大樓，我們認為那裡的基礎低於我們的價值。這是一項資產，就像我們剛剛解決的布羅德街交易一樣，我們覺得我們將在出售時收回我們的錢，甚至可能更多。因此，人們正在努力解決問題。自 2019 年以來，它已經出現在我們的產品組合中相當長一段時間了。

And then the other five asset is just the mez loan on an office building in Pittsburgh, where we have a full specific reserve. We're working actively with the first mortgage special servicer to trying to determine an outcome, but that still is sort of an unknown. And look, the four assets are good assets. It's good real estate. They're just a little bit behind plan, but we expect to have good resolution on all of those assets.

另外五項資產只是匹茲堡一棟辦公大樓的中間貸款，我們在那裡有完整的特定儲備。我們正在與第一家抵押貸款特別服務機構積極合作，試圖確定結果，但這仍然是一個未知數。看起來，這四項資產都是好資產。這是一個很好的房地產。他們只是稍微落後於計劃，但我們希望對所有這些資產都有良好的解決方案。

Right. And then I noticed in your slide deck, the interest rate caps, 86%, but I believe almost half of those caps mature in the third quarter. Can you talk about discussions with borrowers of whether you expect them to buy new caps? Continue to perform on their own without caps. How do you expect the maturity of those interest rate caps to impact portfolio performance?

正確的。然後我在幻燈片中註意到利率上限為 86%，但我相信這些上限中幾乎一半會在第三季到期。您能談談與借款人是否希望他們購買新上限的討論嗎？繼續自己表演，沒有上限。您預計這些利率上限的到期將如何影響投資組合的表現？

Look, I think the date, we've been very successful in working with the borrowers to put new interest rate caps in place. And I expect that to continue. As I've said in prior quarters, in every one of those loans where interest rate caps are expiring, there is a significant amount of real equity invested by the borrowers and a lot to protect. So we believe that we will be successful in working with them to put new caps in place.

聽著，我認為到目前為止，我們在與借款人合作制定新的利率上限方面非常成功。我希望這種情況能夠持續下去。正如我在前幾個季度所說的那樣，在利率上限即將到期的每一筆貸款中，借款人都投資了大量的實際股本，並且有很多需要保護的資產。因此，我們相信我們將成功地與他們合作制定新的上限。

And at the same time, we've been flexible. We work with them on, you know, either buying a cap or maybe depositing dollars to an interest reserve in lieu of a cap. But today, we've been very successful in working closely with our borrowers to ensure that these assets are in the right place with respect to caps.

同時，我們一直保持靈活性。你知道，我們與他們合作，要么購買上限，要么將美元存入利息儲備來代替上限。但今天，我們非常成功地與借款人密切合作，確保這些資產在上限方面處於正確的位置。

Great. And I'm guessing that the forward curve shifting a little primate those caps a little more affordable.

偉大的。我猜遠期曲線會稍微移動一些，這些上限會比較便宜一些。

Lastly, can you talk about considerations around capital and returning it to shareholders and others. You've got the NOLs which you've been able to use your buying back stock. Still very accretive to book, although not as accretive as you know, with the stock up 40% year to date, roughly.

最後，您能談談關於資本以及將其返還給股東和其他人的考慮嗎？您已經獲得了可以使用回購股票的 NOL。預訂仍然非常增值，儘管不像你知道的那樣增值，今年迄今為止，該股大約上漲了 40%。

How do you think about a dividend? And with that, you know, potentially helping close the gap towards valuation of peers that have similar asset mix and performance, yet they traded at higher stock multiples. So how do you think about dividend versus repurchase versus continuing the use of NOLs?

您如何看待股息？由此，您知道，這可能有助於縮小與具有相似資產組合和業績但股票市盈率較高的同行的估值差距。那麼，您如何看待股利、回購以及繼續使用 NOL？

Yeah. This is Andrew. I'll take that one, Steve. The basic objective for capital deployment is a 15% return on equity target. So that's what we're striving for as a minimum in the loan book and to the extent we can do better than that through share repurchases, we're doing that additionally.

是的。這是安德魯。我會接受那個，史蒂夫。資本配置的基本目標是15%的股本報酬率目標。因此，這就是我們在貸款帳簿中爭取的最低限度，並且在我們可以透過股票回購做得更好的範圍內，我們正在額外這樣做。

We're limited in what we can repurchase just in terms of volume and as you've seen, we've been able to build up a reasonable amount of liquidity. And so I think you'll see both happening, both repurchases and deployment into the loan book for the balance of this year. It has been and continues to be an objective of ours to reinstate the dividend.

我們可以回購的數量有限，正如您所看到的，我們已經能夠建立合理數量的流動性。因此，我認為您會看到這兩種情況發生，即回購和部署到今年剩餘時間的貸款帳簿中。恢復股息一直是並將繼續是我們的目標。

What we're hoping to do is to have the assets that were purchased, sold that equity capital then redeployed back into the loan book, driving higher EAD and then taking that EAD and distributing it to shareholders in the form of a dividend. So that's the thought process. It's ongoing. There's some timing considerations around the last two items. Mark mentioned, our objective is to sell these assets and redeploy. The timing is a little bit uncertain, but it's definitely our mission to do that.

我們希望做的是購買資產，出售股權資本，然後重新部署回貸款帳簿，推動更高的EAD，然後將EAD以股息的形式分配給股東。這就是思考過程。它正在進行中。圍繞最後兩項需要一些時間考慮。馬克提到，我們的目標是出售這些資產並重新部署。雖然時間有點不確定，但這絕對是我們的使命。

Great. Well, I look forward to watching execute that playbook and appreciate trends.

偉大的。嗯，我期待著觀看該劇本的執行並欣賞趨勢。

Thanks.

謝謝。

Chris Mueller, Citizens JMP.

克里斯·穆勒 (Chris Mueller)，公民 JMP。

Hey, guys. Thanks for taking the questions and congrats on a nice quarter. So it looks like leverage is moving lower as the CLO is delevering. Should we expect that to continue in the near term until lending ramps back up? And just any thoughts on timing for a new CLOs? Is that more a 2025 type thing? Thanks.

嘿，夥計們。感謝您提出問題，並祝賀您度過了一個愉快的季度。因此，隨著 CLO 去槓桿化，槓桿率似乎正在走低。我們是否應該預期這種情況在短期內持續下去，直到貸款回升？對於新的 CLO 的時機有什麼想法嗎？這更像是 2025 年的事嗎？謝謝。

Thanks, Chris. This is Mark. Yeah, we expect that the CLOs will continue to delever. It's just a natural runoff of the portfolio, and that may actually increase even more as the 10-year treasury drops, if it continues to drop as people in our portfolio look to. The permanent loan markets, Fannie, Freddie, to refinance the loans that they have with us on the bridge side.

謝謝，克里斯。這是馬克。是的，我們預期貸款抵押債券將繼續去槓桿化。這只是投資組合的自然流失，如果十年期國債繼續按照我們投資組合中的人們的預期下跌，那麼隨著 10 年期國債的下跌，這一流失實際上可能會增加更多。永久貸款市場，房利美，房地美，為他們在橋樑方面向我們提供的貸款進行再融資。

Yes, we are actively looking at the CLO market to try to determine whether or not it's in a place where we will execute on a new CLO. And obviously, once the old CLOs get to the point where they're delevering -- they've deleveraged to the point where the return on equity is not where we need it to be or want it to be. Certainly, a CLO execution is in the cards as long as the markets cooperating.

是的，我們正在積極關注 CLO 市場，試圖確定它是否適合我們執行新的 CLO。顯然，一旦舊的 CLO 達到了去槓桿化的地步，他們就已經去槓桿化到了股本回報率達不到我們需要或希望的程度。當然，只要市場合作，CLO 執行就有可能實現。

Got. That's helpful. And maybe one for Eldron. How much, I guess potential upside to book value is there remaining from the tax loss carryforwards or have you guys already been able to capture the bulk of that? I know you used to put a slide in the deck, but I think you took that out a couple of quarters ago. So just curious about what that potential upside remaining as banks?

得到。這很有幫助。也許還有艾爾德隆的一份。我猜稅收損失結轉還剩下多少帳面價值的潛在上漲空間，或者你們已經能夠抓住其中的大部分了嗎？我知道你曾經在甲板上放了一張幻燈片，但我認為你在幾個季度前就把它拿出來了。那麼只是好奇銀行的潛在優勢是什麼？

I think we've capped very well. It's to be said, but I think we've captured the majority of that as Mark and Andrew laid out. Majority of that's going to be coming from the sale of our FSU property. We don't know what that value is currently, but that's for the most part where the value of our NOLs are going to be like going forward.

我認為我們已經做得很好了。話雖如此，我認為我們已經掌握了馬克和安德魯所闡述的大部分內容。其中大部分將來自我們 FSU 財產的出售。我們目前不知道這個價值是多少，但這在很大程度上是我們未來 NOL 的價值。

Got it. So it will be chunky going forward. That makes sense.

知道了。因此，未來的發展將會很艱難。這是有道理的。

It will be chunky. That's right.

它會很粗。這是正確的。

Alright. Thanks for taking the questions.

好吧。感謝您提出問題。

Thanks, Chris.

謝謝，克里斯。

(Operator Instructions) And there are no further questions on the line at this time. I'll return the call to our speakers for any additional or closing remarks.

（操作員說明） 此時線路上沒有其他問題。我會將電話回覆給我們的發言人，以徵求任何補充或結束語。

This is Andrew. Thanks again for everyone participating in this morning's call. We greatly appreciate the questions as always, and we're always available for additional follow-ups as they arise. Enjoy the rest of the summer, everybody, and we'll look forward to speaking to you in the fall. Thanks.

這是安德魯。再次感謝大家參加今天早上的電話會議。我們一如既往地非常感謝您提出的問題，並且我們隨時可以在出現問題時進行進一步的跟進。大家享受夏天剩下的時間，我們期待在秋天與您交談。謝謝。

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。