Acres Commercial Realty Corp (ACR) 2025 Q1 法說會逐字稿

Thank you. Good day, ladies and gentlemen, and welcome to the first quarter 2025 ACRES Commercial Realty Corp Earnings conference call Currently all participants are in a listed only mode. Later we will conduct a question-and-answer session with instructions to follow at that time.

謝謝。女士們、先生們，大家好，歡迎參加 2025 年第一季 ACRES Commercial Realty Corp 收益電話會議，目前所有參與者均處於僅列出模式。稍後我們將進行問答環節並提供屆時需要遵循的指示。

(Operator Instructions)

（操作員指示）

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

As now I would like to introduce your host for today conference, Kyle Brinil, Vice President operations. You may go ahead.

現在，我想介紹今天會議的主持人、營運副總裁 Kyle Brinil。你可以繼續。

Good morning and thank you for joining our call. I would like to highlight that we have posted the first quarter of 2025 Earnings presentation to our website. This presentation contains summary and detailed information about the quarterly results of the company.

早安，感謝您參加我們的電話會議。我想強調的是，我們已經將 2025 年第一季的收益報告發佈到我們的網站上。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.

在我們開始之前，我想提醒大家，本次電話會議中做出的某些陳述並非基於歷史信息，可能構成前瞻性陳述。

When used in this conference call, the words believes anticipates, expects, and similar expressions are intended to identify forward-looking statements.

在本次電話會議中使用「相信」、「預期」、「期望」等字眼和類似的表達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 forward-looking statements.

儘管公司認為這些前瞻性陳述是基於合理的假設，但這些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 8K, 10Q, and 10K, and in particular the risk factor section of its form 10K.

這些風險和不確定性在公司向美國證券交易委員會提交的報告中進行了討論，包括其 8K、10Q 和 10K 表格報告，特別是其 10K 表格中的風險因素部分。

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.

敬請聽眾不要過度依賴這些前瞻性陳述，因為這些陳述僅代表截至本文發布之日的觀點。該公司不承擔更新任何前瞻性陳述的義務。

Furthermore, certain non-gap 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缺口財務措施。我們呈現這些資訊並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。

Reconciliations of non-gap 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.

上一季的收益報告包含非缺口財務指標與依照公認會計原則編製的最具可比性的指標的對帳。

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

今天與我一起參加電話會議的還有總裁兼執行長 Mark Fogel 和 ACR 財務長 Eldron Blackwell。ACR 主席 Andrew Fentress 也可參與問答。現在我將電話轉給馬克。

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 first quarter of 2025 of course, we look forward to your questions at the end of our prepared remarks.

大家早安，感謝大家今天參加我們的電話會議。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 2025 年第一季的財務報表、流動性狀況、帳面價值和經營業績，當然，我們期待您在我們準備好的發言結束時提出問題。

The Acres team continues to execute on our business plan by developing a pipeline of high-quality investments, actively managing the portfolio, and focusing on growing earnings and book value for our shareholders.

Acres 團隊繼續執行我們的業務計劃，開發高品質的投資管道，積極管理投資組合，並專注於為股東增加收益和帳面價值。

Loan payoffs during the period were $115.9 million. We closed one new commitment of $15 million and funded existing loan commitments during the quarter of $12 million producing a net reduction of the loan portfolio of $109.6 million.

本期間貸款償還額為 1.159 億美元。我們完成了一項 1500 萬美元的新承諾，並在本季度為 1200 萬美元的現有貸款承諾提供了資金，導致貸款組合淨減少 1.096 億美元。

In addition, we sold two loans during the period, including a loan reported as held for sale at December 31, 2024, for $31.7 million in proceeds.

此外，我們在此期間出售了兩筆貸款，其中包括一筆報告為 2024 年 12 月 31 日持有待售的貸款，收益為 3,170 萬美元。

The weighted average spread of the floating rate loans in our $1.4 billion-dollar commercial real estate loan portfolio is now 3.67% over one month term floating rates.

我們 14 億美元商業房地產貸款組合中的浮動利率貸款的加權平均利差目前為一個月期限浮動利率的 3.67%。

The portfolio generally continues to perform, demonstrating sound and consistent underwriting and proactive asset management.

該投資組合總體上繼續表現良好，表現出良好且一致的承保和積極主動的資產管理。

The Company ended the quarter with $1.4 billion of commercial real estate loans across 48 individual investments.

本季末，該公司在 48 個獨立投資中獲得了 14 億美元的商業房地產貸款。

Our weighted average risk rating was 2.9% at the end of both Q1 2025 and Q4 2024, and the number of loans rated four or five decreased by one from 12 at the end of last year to 11 at the end of this quarter.

我們的加權平均風險評級在 2025 年第一季和 2024 年第四季末均為 2.9%，評級為四、五級的貸款數量從去年末的 12 筆減少了 1 筆，至本季末為 11 筆。

In March, we sold a $20.6 million dollar loan at par on an underperforming self-storage facility in Miami that had a poor risk rating.

3 月份，我們以票面價格向邁阿密一家業績不佳、風險評級較低的自助倉儲設施出售了 2,060 萬美元的貸款。

This quarter we also had a charge off to EAD of $700,000 or $0.10 per share related to a loan we sold on an underperforming hotel in Orlando that was as held for sale at December 31st. Continue to manage several investments in real estate that we expect to monetize at gains in the future.

本季度，我們也向 EAD 沖銷了 70 萬美元或每股 0.10 美元，這筆費用與我們出售的奧蘭多一家業績不佳的酒店的貸款有關，該酒店在 12 月 31 日處於待售狀態。繼續管理幾項房地產投資，我們預計未來這些投資將實現盈利。

These anticipated gains will be offset by deferred tax assets. We will provide updates in future quarters on the monetization of these assets.

這些預期收益將被遞延稅務資產所抵銷。我們將在未來幾季提供這些資產貨幣化的最新情況。

As we exit our real estate investments and the loan portfolio continues to amortize, we expect to redo capital into attractive CRE loans. As always, we will seek to optimize our portfolio leverage in order to drive equity returns.

隨著我們退出房地產投資並且貸款組合繼續攤銷，我們期望將資本重新投入到有吸引力的商業房地產貸款中。像往常一樣，我們將尋求優化投資組合槓桿，以推動股權回報。

During the quarter, we closed a new $940 million dollar financing facility with JPMorgan. The facility includes a two-year reinvestment period that will provide for reinvestment of principal proceeds from asset repayments into qualifying replacement assets.

本季度，我們與摩根大通達成了一項新的 9.4 億美元融資協議。該工具包括兩年的再投資期，將用於將資產償還的本金收益再投資於合格的替代資產。

Facility allowed us to refinance collateral from our two 2021 CRA securitizations, pay off a majority of the balances on our warehouse lines.

該工具使我們能夠為 2021 年兩次 CRA 證券化的抵押品進行再融資，並償還倉庫線上的大部分餘額。

As a result of the financing, we incurred a non-recurring charge of $1.5 million or $0.20 per share related to Unamortized debt issuance cost at the two CRE securitizations.

由於融資，我們在兩筆 CRE 證券化中產生了與未攤銷債務發行成本相關的 150 萬美元或每股 0.20 美元的非經常性費用。

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 new investments to enhance shareholder value.

總而言之，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新的投資中，以提高股東價值。

We will now have ACR CFO Eldron Blackwell just the financial statements and operating results during the quarter.

我們現在將請 ACR 財務長 Eldron Blackwell 匯報本季的財務報表和經營業績。

Thank you and good morning, everyone.

謝謝大家，早安。

GAAP net loss allocable to common shares in the first quarter was $5.9 million or $0.80 per share diluted.

第一季分配給普通股的 GAAP 淨虧損為 590 萬美元，即每股攤薄虧損 0.80 美元。

GAAP net loss for the quarter included $5.6 million in net interest income and net loss on real estate operations of $2 million which included depreciation of $1 million.

本季的 GAAP 淨虧損包括 560 萬美元的淨利息收入和 200 萬美元的房地產營運淨虧損（其中包括 100 萬美元的折舊）。

We saw a decrease in current expected credit losses or Cecil reserves of $1.7 million or $0.23 per share, as compared to a decrease in Cecil reserves during the fourth quarter of $1.2 million.

我們發現目前預期信用損失或 Cecil 儲備減少了 170 萬美元或每股 0.23 美元，而第四季度 Cecil 儲備減少了 120 萬美元。

The first quarter, 2025 reversal and Cecil of $1.7 million was primarily driven by loan payoffs. The total allowance for credit losses at March 31 was $31.1 million and represented 2.26% or 226 basis points on a $1.4 billion dollar loan portfolio at par and comprised $4.7 million in specific reserves and $26.4 million in general reserves.

2025 年第一季的逆轉和 170 萬美元的塞西爾 (Cecil) 主要是由貸款償還所致。截至 3 月 31 日，信貸損失準備金總額為 3,110 萬美元，佔 14 億美元貸款組合的 2.26% 或 226 個基點，其中包括 470 萬美元的專用準備金和 2,640 萬美元的一般準備金。

Earnings available for distribution or EAD for the quarter, 2020 for the first quarter of 2025 was a loss of $0.86 per share as compared to earnings of $0.48 per share for the fourth quarter.

2025 年第一季可供分配的收益或 EAD 為每股虧損 0.86 美元，而第四季每股收益為 0.48 美元。

Quarter over quarter, EAD saw $0.41 decrease in net interest income, a 10% decrease from the realized loss on the loan held for sale, and a $0.09 decrease from real estate operation.

與上一季相比，EAD 的淨利息收入減少 0.41 美元，待售貸款的實現損失減少 10%，房地產營運減少 0.09 美元。

The decreases in net interest income were driven by loan payoffs, so for declines, and the aforementioned DDI accelerations related to the refinancing of our two CIE securitization.

淨利息收入的下降是由於貸款償還所致，因此下降，以及前面提到的與我們兩項 CIE 證券化再融資相關的 DDI 加速。

The decreases in real estate operations are primarily due to seasonality and operation. GAAP book value per share was $28.50 on March 31st versus $28.87 on December 31st.

房地產業務的減少主要是由於季節性和營運原因。3 月 31 日每股 GAAP 帳面價值為 28.50 美元，而 12 月 31 日每股 GAAP 帳面價值為 28.87 美元。

Additionally, during the quarter, we used $4.4 million to repurchase 220,000 common shares at an approximate 30% discount to book value on March 31st.

此外，在本季度，我們使用了 440 萬美元以較 3 月 31 日帳面價值約 30% 的折扣回購了 220,000 股普通股。

There were approximately $426,000 remaining on the border pre-program at quartered.

邊境預計劃中大約還剩餘 426,000 美元。

Available liquidity at March 31st was $87 million which comprised $66 million of unrestricted cash and $21 million of projected financing available on unlevered assets.

3 月 31 日的可用流動資金為 8,700 萬美元，其中包括 6,600 萬美元的非限制性現金和 2,100 萬美元的非槓桿資產預計融資。

Our GAAP debt to equity leverage ratio slightly decreased to 2.9 times at March 31st from 3 times at December 31st, primarily resulting from loan payoffs, and our recourse debt leverage ratio increased to 2.9 times at March 31st from 1.1 times at December 31st, primarily as a result of the liquidation of our two CRE securitizations and the closing of our new financing ability.

我們的 GAAP 債務與股權槓桿率從 12 月 31 日的 3 倍略微下降至 3 月 31 日的 2.9 倍，主要由於貸款償還，而我們的追索權債務槓桿率從 12 月 31 日的 1.1 倍上升至 3 月 31 日的 2.9 倍，主要由於我們的清算和 3 月 31 日的 2.9 倍，主要由於我們的 CRE 融資能力關閉和 2.9 倍，主要由於我們的清算和 3 月 31 日的 2.9 倍，主要由於我們的 CRE 融資能力關閉的 CRE 2.9 倍，主要由於我們的清算和 3 月 31 日的 2.9 倍，主要由於 2.9 倍，主要由於我們的 CRE 融資

At the end of Q1, the company's net operating loss carry forwards worth $32.1 million or approximately $4.44 per share.

截至第一季末，該公司淨營業虧損結轉價值 3,210 萬美元，約合每股 4.44 美元。

And with that, I will now turn the call to Andrew Fentress for closing remarks.

現在，我請安德魯‧芬特雷斯致閉幕詞。

Thank you, Eldron. As previously discussed, the small portfolio size, seasonal expenses, one-time DDI charges related to the recent refinancing of FL1, FL2 securitizations, and seasonally slow hospitality drove negative performance in the quarter.

謝謝你，艾爾德隆。如前所述，較小的投資組合規模、季節性支出、與近期 FL1、FL2 證券化再融資相關的一次性 DDI 費用以及季節性低迷的酒店業導致本季度業績不佳。

We expect Q1 to represent a trough on the portfolio size. Our plan is to utilize capital from recent loan repayments, proceeds from asset sales, and available liquidity from our lending partners to rampant securitization in the second half of the year.

我們預計第一季的投資組合規模將達到低谷。我們的計劃是利用近期貸款償還的資金、資產出售的收益以及貸款合作夥伴提供的流動性，在下半年大力推動證券化。

The investment landscape is attractive. We're actively closing new loans across the acre's platform. As has been the foundation of our philosophy, credit quality of the current portfolio remains strong, and we continue to monitor each of the names for any changes to our underwriting.

投資前景頗具吸引力。我們正在積極地透過 Acre 平台完成新的貸款。正如我們理念的基礎一樣，當前投資組合的信用品質仍然強勁，並且我們將繼續監控每個名稱，以防我們的承保發生任何變化。

We look forward to your questions and speaking with you over the coming weeks.

我們期待您提出問題並在接下來的幾週內與您交談。

This concludes our opening remarks. I now turn the call back over to the operator for questions.

我們的開場白到此結束。我現在將電話轉回給接線員以回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Matthew Erdner with Jones Trading. Your line is open.

瓊斯貿易公司的馬修‧艾德納 (Matthew Erdner)。您的線路已開通。

Hey, good morning, guys, thanks for taking the question. Could you talk a little bit about the more of the portfolio and the payoffs that occurred during the quarter, were those expected to come through or some of them early?

嘿，大家早安，感謝你們回答這個問題。您能否稍微談談投資組合的更多情況以及本季發生的收益，這些收益是預計會實現還是其中一些會提前實現？

Hey Matt, this is Mark. No, those were expected to come through. We had five loan payoffs, four through refinancing into permanent vehicles. One of them was an asset that was sold and then as we indicated, we had one note that we sold, actually two notes that we sold during the quarter, and that really represents the entire amount of the payoffs, but none were not expected.

嘿，馬特，我是馬克。不，這些預計都會實現。我們有五筆貸款還清，其中四筆透過再融資成為永久性工具。其中一項是出售的資產，然後正如我們所指出的，我們出售了一張票據，實際上我們在本季度出售了兩張票據，這實際上代表了全部收益，但沒有預期到任何收益。

Got it. And then, as kind of a follow up to that, fully extended, it looks like there's $101 million for the remainder of the year, should we expect a little more kind of maybe towards the back half, some early payments I guess so to speak, and then.

知道了。然後，作為對此的後續行動，全面延期後，看起來今年剩餘時間的支出為 1.01 億美元，我們是否應該預計在下半年會有更多的支出，我猜是一些早期付款，然後。

As that occurs, what should we expect in terms of portfolio growth, because spreads kind of tighten there in terms of, I guess multi-family lending, so I guess what the opportunities you guys are seeing now and just kind of talk about where you'd like to see the portfolio to get that securitization off.

當這種情況發生時，我們應該對投資組合的成長抱有怎樣的期望，因為就多戶型貸款而言，利差有點收緊，所以我想你們現在看到了什麼機會，並且只是談論一下你們希望看到投資組合在哪裡實現證券化。

Yeah, great question. Look, I think payoffs are good.

是的，很好的問題。瞧，我認為回報是好的。

It shows that we have a healthy portfolio, and we do expect that there will be more payoffs throughout the year through refinancing or sales of assets, the multi-family market is very healthy, and I think because of that you're going to see sales and refinancings across the board with all lenders.

這表明我們擁有健康的投資組合，我們確實預計全年將透過再融資或資產出售獲得更多回報，多戶型市場非常健康，我認為正因為如此，你會看到所有貸款機構的全面銷售和再融資。

We expect to grow the portfolio though despite the payoffs, as I indicated last quarter, our expectation is that through the end of the year we'll have net growth in the portfolio somewhere between $300 million and $500 million.

儘管有回報，但我們預計投資組合仍將成長，正如我上個季度所指出的，我們預計到今年年底，投資組合的淨成長將在 3 億至 5 億美元之間。

There's certainly opportunity in multi-family, but you know we don't limit ourselves to just that asset class. We are looking across the board at assets like student housing and self-storage and retail, but multi-family will continue to be the the bulk of what we do on a go forward basis.

多戶型住宅肯定存在機會，但你知道我們不會將自己局限於這個資產類別。我們正在全面考察學生公寓、自助倉儲和零售等資產，但多戶住宅仍將是我們的主業。

Got it that's helpful, thank you guys.

明白了，這很有幫助，謝謝大家。

Chris Muller with Citizens Capital Markets. Your line is open.

公民資本市場 (Citizens Capital Markets) 的克里斯穆勒 (Chris Muller)。您的線路已開通。

Hey guys, thanks for taking the questions. So, I wanted to start on the loan sales, and I think I heard Mark, I think he said that one of the loans was sold at par, but I didn't catch the other loan. So is that sold below par and just any details you could give us would be helpful.

嘿夥計們，感謝你們回答問題。所以，我想開始了解貸款銷售情況，我想我聽到了馬克說的話，我想他說其中一筆貸款是按票面價格出售的，但我沒有聽到另一筆貸款的情況。那麼，這是否低於票面價格出售？如果您能提供任何詳細信息，我們將很有幫助。

Yes, the one was sold at par during the quarter. The other one was on a non-performing hotel property where we were offered $0.94 on the dollar. We took a $700,000 loss on that asset and it was in my view the right thing to do as opposed to letting the asset continue to not perform within our portfolio.

是的，該季度以面額出售。另一起案件則涉及業績不佳的飯店，當時報價為 0.94 美元。我們在這項資產上損失了 70 萬美元，我認為，這是正確的做法，而不是讓該資產繼續在我們的投資組合中表現不佳。

Got it. That's helpful and then I guess looking at the income statement you guys touched on this a little bit in your, prepared remarks, but it looks like the real estate expenses jumped, and REO is kind of a drag on first quarter or first quarter earnings. Can you talk us through that dynamic? Is it mostly seasonality? And then just a second part of that question should we expect to see any REO sales in 2025, or is that looking too far ahead?

知道了。這很有幫助，然後我想看看你們在準備好的發言中稍微提到了這一點的損益表，但看起來房地產費用猛增，而 REO 對第一季或第一季的收益造成了一定拖累。您能跟我們講講這個動態嗎？主要是季節性嗎？然後，問題的第二部分是，我們是否應該預期 2025 年會出現 REO 銷售，還是說這個預期太遠了？

Yeah, the drag is in Q1, I think if you went back to last year, you'd see the same dynamic. It's a seasonality issue with respect to the hotels that we own, you'll see, I think as we go forward in Q2, Q3 and Q4 that that will flip over to sort of a flat or positive number versus a loss on REO operations.

是的，拖累出現在第一季度，我想如果你回顧去年，你會看到同樣的動態。對於我們旗下的飯店來說，這是一個季節性問題，您會看到，我認為隨著第二季、第三季和第四季的推進，這個數字將轉為持平或正數，而不是 REO 營運的虧損。

As far as sales of assets go, we are actively in the market with several of our real estate investments. I don't have anything to report right now, but my expectation is that in the next quarter, or maybe the following quarter we'll have something more to report.

就資產銷售而言，我們正積極地在市場上進行多項房地產投資。我現在沒有什麼可報告的，但我預計在下個季度，或者再下一個季度我們會有更多內容要報告。

Got it. Very helpful. If I could just squeeze one more, just on your comments for the last question, so I guess with the expectations of $300 to $500 million of growth in 2025, how's the pipeline looking and have you seen any impacts on the pipeline, given some of the recent market volatility?

知道了。非常有幫助。如果我可以再擠出一點，就您對最後一個問題的評論而言，那麼我猜想，預計 2025 年將增長 3 億至 5 億美元，考慮到最近的一些市場波動，管道狀況如何？您是否看到管道受到任何影響？

No, in fact, the pipeline has been stronger than ever. I think.

不，事實上，管道比以往任何時候都更加強大。我認為。

There's a lot of opportunities out there. We are quoting deals, more so than ever at this point. I think, in fact, the volatility has caused some of the lenders to move to the sidelines and wait, which is pushing a lot more deals our way in the ways of those that are continuing to be active.

那裡有很多機會。我們正在報價交易，目前比以前任何時候都多。我認為，事實上，市場波動已經導致一些貸款機構轉而觀望，而這為那些繼續保持活躍的機構帶來了更多的交易機會。

So, we see a lot of really good opportunities and we are absolutely quoting three to four deals a day, and I expect that growth will not be a problem along the lines of what I mentioned earlier.

因此，我們看到了很多非常好的機會，我們每天肯定會報價三到四筆交易，而且我預計成長不會像我之前提到的那樣成為問題。

Yeah, it's great to hear. Look forward to seeing the story play out this year and thanks for taking the questions.

是的，聽到這個消息真是太好了。期待今年看到這個故事的進展，並感謝您回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

And it appears we have no further questions at this time. I'm now turn the program back over to our presenters for any additional or closing remarks.

目前看來我們沒有其他問題了。現在我將節目交還給主持人，請他們發表補充演講或結束語。

Thank you everyone for joining our call. We look forward to gathering again in Q2.

感謝大家參加我們的電話會議。我們期待第二季度再次相聚。

Thank you, ladies and gentlemen. This concludes today's event. You may now disconnect.

謝謝各位，女士們、先生們。今天的活動到此結束。您現在可以斷開連線。