Brightspire Capital Inc (BRSP) 2024 Q3 法說會逐字稿

Good day and Welcome to the Bright Spire Capital Inc third quarter, 2024 earnings call.

大家好，歡迎參加 Bright Spire Capital Inc 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to David Palame, General Counsel. Please go ahead.

現在，我想將會議交給總法律顧問戴維·帕拉姆 (David Palame)。請繼續。

Good morning and Welcome to BrightSpire Capital's third quarter, 2024 earnings conference call.

早安，歡迎參加 BrightSpire Capital 2024 年第三季財報電話會議。

We will refer to Bright Spire Capital as BrightSpire BRSP or the company throughout this call. Speaking on the call today are the company's Chief Executive Officer, Mike Mazzei, President and Chief Operating Officer, Andy Witt and Chief Financial Officer Frank Saracino.

在整個電話會議中，我們將把 Bright Spire Capital 稱為 BrightSpire BRSP 或該公司。今天參加電話會議的有公司執行長 Mike Mazzei、總裁兼營運長 Andy Witt 和財務長 Frank Saracino。

Before I end the call over, please note that on this call, certain information presented contains forward-looking statements. These statements which are based on management's current expectations are subject to risks, uncertainties and assumptions, potential risks and uncertainties could cause the company's business and financial results to differ materially.

在我結束通話之前，請注意，本次通話中提供的某些資訊包含前瞻性陳述。這些基於管理層目前預期的聲明受到風險、不確定性和假設的影響，潛在風險和不確定性可能導致公司業務和財務結果產生重大差異。

For a discussion of risks that could affect results. Please see the risk factors section of our most recent 10-K and other risk factors and forward-looking statements in the company's current and periodic reports filed with the SEC from time to time. All information discussed on this call is as of today, October 30,2024 and the company does not intend and undertakes no duty to update for future events or circumstances.

討論可能影響結果的風險。請參閱我們最新的 10-K 中的風險因素部分以及本公司不時向美國證券交易委員會提交的當前和定期報告中的其他風險因素和前瞻性陳述。本次電話會議上討論的所有資訊均截至今天（2024 年 10 月 30 日），本公司不打算也不承擔更新未來事件或情況的義務。

In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release and supplemental presentation which was released yesterday afternoon and is available on the company's website presents reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

此外，本次電話會議中提供的某些財務資訊代表非公認會計準則財務指標。該公司的收益報告和補充報告於昨天下午發布，可在公司網站上查閱，其中提供了與適當的 GAAP 指標的對賬，並解釋了公司為何認為這些非 GAAP 財務指標對投資者有用。

Before I turn the call over to Mike, I will provide a brief recap on our third quarter, 2024 results. The company reported GAAP net income attributable to common stockholders of $12.7 million or $0.10 per share distributable earnings of $17.9 million or $0.14 per share and adjusted distributable earnings of $27 million or $0.21per share.

在將電話轉給麥克之前，我將簡要回顧我們 2024 年第三季的業績。該公司報告的 GAAP 普通股股東淨利潤為 1,270 萬美元或每股 0.10 美元，可分配收益為 1,790 萬美元或每股 0.14 美元，調整後可分配收益為 2,700 萬美元或每股 0.21 美元。

Current liquidity stands at $416 million of which $251 million is unrestricted cash. The company also reported GAAP net book value of $8 and $0.39 per share and undepreciated book value of $9 and $0.11 per share as of September 302024. Finally, during this call management may refer to distributable earnings as DE with that. I would now like to turn the call over to Mike.

目前流動資金為 4.16 億美元，其中 2.51 億美元為無限制現金。該公司還報告稱，截至 2024 年 9 月 30 日，GAAP 淨帳面價值為 8 美元和每股 0.39 美元，未折舊帳面價值為 9 美元和每股 0.11 美元。最後，在本次通話中，管理階層可能會將可分配收益稱為 DE。現在我想將電話轉給麥克。

Thank you David. Welcome to our third quarter, 2024 earning call and thank you for joining us this morning.

謝謝你，大衛。歡迎參加我們 2024 年第三季的財報電話會議，感謝您今天上午的加入。

I am pleased to report that since our last call, not only have market conditions improved but our continued focus and ongoing efforts on the portfolio have yielded tangible results this quarter. This meaningful progress on our existing portfolio and balance sheet has strengthened Bryce bars position.

我很高興地報告，自上次電話會議以來，不僅市場狀況有所改善，而且我們對投資組合的持續關注和持續努力在本季度取得了切實的成果。我們現有的投資組合和資產負債表取得了這一有意義的進展，增強了 Bryce 酒吧的地位。

As a result, we have started new loan originations while maintaining our financial flexibility to proactively manage remaining watch list loans and REO. The commercial real estate debt markets are very active. Both CMBS and CLO capital markets issuances have made a strong comeback year over year.

因此，我們開始發放新的貸款，同時保持財務靈活性，以主動管理剩餘的觀察名單貸款和 REO。商業房地產債務市場非常活躍。CMBS 和 CLO 資本市場發行均較去年同期強勢回歸。

We've also seen tightening of both loan and securitization credit spreads. In addition, bank warehouse spreads have been following suit. Furthermore, the ongoing reduction in short term rates obviously bodes well for the commercial real estate markets. Within this positive context, we can confidently say that our warehouse banking partners as well as CLO investors are incredibly supportive of BrightSpire underscoring the broad confidence in our brand.

我們也看到貸款和證券化信用利差都在收緊。此外，銀行倉單利差也隨之上升。此外，短期利率持續下降顯然對商業房地產市場來說是個好兆頭。在這種正面的背景下，我們可以自信地說，我們的倉儲銀行合作夥伴以及 CLO 投資者都非常支持 BrightSpire，這凸顯了他們對我們品牌的廣泛信心。

On that note during the quarter price bar completed its third CLO. This transaction was $675 million and features both an $85 million ramp as well as a two-year reinvestment period for further expanding our lending capacity and flexibility for future investments. This market leading transaction was the first re-CLO comprised of entirely season loans.

值得注意的是，本季價格欄完成了其第三個 CLO。這筆交易價值 6.75 億美元，其中包括 8,500 萬美元的增量以及兩年的再投資期，以進一步擴大我們的貸款能力和未來投資的靈活性。這筆市場領先的交易是第一個完全由季節性貸款組成的重新 CLO。

The collateral for this new CLO were a combination of loans from our warehouse lines as well as our 2019 CLO. These loans have a remaining final term of just 24 months. Therefore, given the short tenure of the loans, the likelihood of a complete turnover during the CLOS two-year reinvestment period is very high.

這份新 CLO 的抵押品是我們倉庫線的貸款以及 2019 年 CLO 的組合。這些貸款的剩餘最終期限僅為 24 個月。因此，考慮到貸款期限較短，在 CLOS 兩年再投資期間內完全週轉的可能性非常高。

Importantly, the optionality embedded in the CLO further enhances our asset and liability profile. This transaction was well received with 20 investors participating across all offered tranches including the sale of the lowest rated investment grade tranche. Lastly, this transaction meaningfully added to our cash liquidity, which as of today is $251 million. This is our largest cash balance in 18 months.

重要的是，CLO 中嵌入的可選性進一步增強了我們的資產和負債狀況。這項交易獲得了熱烈反響，共有 20 位投資者參與了所有發行部分的發售，包括評級最低的投資級部分的發售。最後，這筆交易大大增加了我們的現金流動性，截至今天已達 2.51 億美元。這是我們18個月以來最大的現金餘額。

On our last earnings call, we mentioned that we would restart loan originations. On that note, subsequent to quarter end, we closed on our first loan and another loan is in process. While it may seem insignificant to mention one loan closing, it marks an inflection point for our company while still early in the process, our team is now consistently quoting new loans as we work to rebuild our pipeline.

在我們上次的收益電話會議上，我們提到我們將重新啟動貸款發放。就此而言，在季度末之後，我們結清了第一筆貸款，另一筆貸款正在處理中。雖然提及一筆貸款結算似乎微不足道，但它標誌著我們公司的一個轉折點，儘管仍處於流程的早期階段，但我們的團隊現在正在不斷地為新貸款報價，同時努力重建我們的管道。

While capital market conditions for CRE lending have dramatically improved and should continue demand for CRE credit is still gradually recovering. But the continued improvement in the capital markets along with ensuing rate cuts will serve as the much-needed catalyst for CRE asset sales and demand for credit in 2025. It's a very exciting time to be back on offense with a view toward growing the loan portfolio and earnings.

儘管商業房地產貸款的資本市場條件已顯著改善並將持續下去，但商業房地產信貸的需求仍在逐漸恢復。但資本市場的持續改善以及隨之而來的降息將成為 2025 年商業房地產資產銷售和信貸需求急需的催化劑。現在是一個非常令人興奮的時刻，我們可以重新開始進攻，努力增加貸款組合和收益。

Moving to the watch list during the quarter, we reduced our exposure on a net basis through a combination of asset resolutions, loan upgrades and conversions to REO. In addition, we have begun resolving existing REO assets as we sold the Washington DC office property and have started marketing the Oakland office asset. Given our cash liquidity position. We've elected to delay the sale of our Phoenix multifamily asset until the second quarter of 2025.

在本季度，我們將其納入觀察名單，透過資產處置、貸款升級和轉換為 REO 等方式，減少了淨風險敞口。此外，我們已經開始解決現有的 REO 資產問題，因為我們已經出售了華盛頓特區的辦公物業，並已開始行銷奧克蘭辦公資產。考慮到我們的現金流動性狀況。我們決定將鳳凰城多戶型資產的出售延至 2025 年第二季。

While the property is stabilized, we expect to achieve further near-term performance improvements while also gaining to benefit from the impending rate cuts. During the course of 2025, we anticipate exiting a number of our assets that are REO or currently in foreclosure. Our current liquidity position and low leverage allow us to pursue resolutions in a measured way with an eye toward maximizing value.

隨著房地產市場趨於穩定，我們預計短期內業績將進一步改善，同時也將受益於即將到來的降息。在 2025 年期間，我們預計將退出一些 REO 或目前處於取消贖回權狀態的資產。我們目前的流動性狀況和低槓桿率使我們能夠以有節制的方式尋求解決方案，以期最大化價值。

Regarding our stock price, the current dividend yield of approximately 12% is roughly 200 basis points higher than the average for our peer group. Further BRSP is trading at a roughly 40% discount on our underappreciated book value of $9 and $0.11. As a reminder, this book value includes the CECIL reserve of a dollar 20 per share as well as a cash balance of $2 per share.

關於我們的股價，目前的股息殖利率約為 12%，比同業的平均水平高出約 200 個基點。此外，BRSP 的交易價格比我們低估的帳面價值 9 美元和 0.11 美元低約 40%。提醒一下，該帳面價值包括每股 20 美元的 CECIL 儲備以及每股 2 美元的現金餘額。

This discount to book value equates almost $4 per share and implies a nearly $500 million additional haircut to our common equity capital of $1.18 billion. The market price also implies no value attribution to being internally managed. We acted on this disconnect during the quarter and opportunistically repurchased $1.2 million shares at an average price of 552.

這筆帳面價值折價相當於每股近 4 美元，這意味著我們 11.8 億美元的普通股本將額外減少近 5 億美元。市場價格也意味著內部管理不具有價值歸屬。我們在本季針對這一脫節採取了行動，並趁機以平均 552 美元的價格回購了價值 120 萬美元的股票。

This buyback emphasizes our conviction of the embedded value in our current share price. Before I turn the call over to Andy, I would like to underscore the significant progress we made in the third quarter from the new CLO and our enhanced liquidity position to the share buyback, the return of loan originations and the positive results in our watch list. The bright star team has hit on all cylinders. We will continue to build on this progress and are encouraged about our ability to further strengthen and grow our loan book over time.

此次回購強調了我們對當前股價所蘊含價值的信心。在我將電話轉給安迪之前，我想強調一下我們在第三季度取得的重大進展，從新的 CLO 和增強的流動性狀況到股票回購、貸款發放的回歸以及我們關註名單中的積極結果。這支明星陣容已全力以赴。我們將繼續在此基礎上取得進展，並對我們隨著時間的推移進一步加強和增加貸款的能力感到鼓舞。

And with that, I will turn the call over to our President and Chief Operating Officer Andrew Witt Andrew.

接下來，我將把電話轉給我們的總裁兼營運長安德魯威特 (Andrew Witt Andrew)。

Thank you, Mike. During the third quarter, we received $146 million in repayments and resolution proceeds across 11 investments. Deployment for the quarter and subsequent to quarter end totaled 41 million inclusive of the recent news on origination and $15 million of future funding obligations during the quarter. As of quarter end future funding obligations stand at$108 million or 4% of outstanding commitments.

謝謝你，麥克。第三季度，我們從 11 項投資中獲得了 1.46 億美元的償還款和解決收益。本季及季末的部署總額為 4,100 萬美元，其中包括最近的發起消息和本季 1,500 萬美元的未來融資義務。截至季末，未來融資義務為 1.08 億美元，佔未償還承諾的 4%。

The remaining loan portfolio consists of 76 investments with an average loan balance of $34 million for the remainder of my prepared remarks. I will focus on the substantive progress we have made on the existing portfolio and more specifically the watch list. During the quarter, we initiated action on a significant portion of the watch list loans.

剩餘的貸款組合包括 76 項投資，在我接下來的準備發言中，平均貸款餘額為 3,400 萬美元。我將重點放在我們在現有投資組合以及更具體地說是觀察名單上所取得的實質進展。在本季度，我們對很大一部分關註名單上的貸款採取了行動。

Some of these we've been able to address in totality during the quarter. As a result of these efforts, the total number of watch list loans on a net basis has been reduced to nine from 12 last quarter inclusive of one downgraded Denver Multi Family loan. We fully resolved two multifamily watch list loans moved one loan to REO and upgraded one loan from a risk ranking of four to a three.

其中一些問題我們已經能夠在本季完全解決。由於這些努力，按淨額計算，觀察名單上的貸款總數已從上季度的 12 筆減少到 9 筆，其中包括一筆被降級的丹佛多戶家庭貸款。我們徹底解決了兩筆多戶型觀察名單貸款問題，將一筆貸款轉為 REO，並將一筆貸款的風險等級從四級提升至三級。

The Phoenix Multifamily loan whose underlying property was under contract for sale closed during the quarter. Additionally, during the quarter, we received a payoff in line with our CECIL adjusted basis on the Milpitas mezzanine loan which was placed on nonaccrual in Q1 of 2024. Last quarter, we downgraded the Las Vegas mezzanine loan given uncertainty around the borrower's go forward plan, the borrower has since committed significant additional capital to the property which will see the property through stabilization. Given this development and our renewed confidence in our loan basis. We upgraded the loan from a risk ranking of four to a three.

鳳凰城多戶家庭貸款的標的物業已簽訂銷售合同，並於本季度結清。此外，在本季度，我們根據 CECIL 調整後的基礎獲得了米爾皮塔斯夾層貸款的還款，該貸款於 2024 年第一季被列為非應計貸款。上個季度，我們下調了拉斯維加斯夾層貸款的評級，因為借款人的未來計劃存在不確定性，但藉款人此後已向該房產投入了大量額外資本，這將使該房產穩定下來。鑑於這一發展以及我們對貸款基礎重新抱持信心。我們將該貸款的風險等級從四級提升至三級。

The loan is expected to perform consistent with its original terms with no modifications. In aggregate, these three loans were held on our books at a collective $81 million as of Q2 2024. As for the $48 million Dallas Multifamily loan which was added to the watch list in the second quarter of 2023 we took control of the property during the third quarter of 2024 via preferred equity structure in the borrower.

預計該貸款將按照其原始條款執行，並不做任何修改。總體而言，截至 2024 年第二季度，我們帳面上持有的這三筆貸款總額為 8,100 萬美元。至於 2023 年第二季被列入關註名單的 4,800 萬美元達拉斯多戶型貸款，我們於 2024 年第三季透過借款人的優先股結構控制了該房產。

As such, we were able to quickly move it from a watch list loan to REO the go forward plan for this property is for BrightSpire to continue executing the value add business plan to stabilize the property and ultimately exit the asset using our in house vertically integrated asset management capabilities. We seek to follow a playbook consistent with the success we experienced with the Phoenix Multi Family REO property we foreclosed on late in the fourth quarter of 2023.

因此，我們能夠迅速將其從觀察名單貸款轉為 REO，該房產的未來計劃是讓 BrightSpire 繼續執行增值業務計劃以穩定房產，並最終利用我們內部垂直整合的資產管理能力退出資產。我們尋求遵循與我們在 2023 年第四季末止贖的鳳凰城多戶型 REO 房產的成功經驗一致的策略。

Lastly, as it relates to our watch list, our San Jose Hotel loan for $136 million is currently in default and we have taken additional steps in pursuit of a foreclosure during the second quarter of 2024 BrightSpire placed the loan on nonaccrual and downgraded the loan to a risk ranking of five from a four and commenced foreclosure proceedings. We are not in a position, nor do we think it would be prudent to provide incremental detail at this time.

最後，就我們的觀察名單而言，我們 1.36 億美元的聖荷西飯店貸款目前處於違約狀態，我們已在 2024 年第二季採取額外措施尋求止贖。我們目前還不方便、也不認為提供漸進細節是明智之舉。

This loan accounts for approximately one third of our total watch list exposure as of quarter end. As for REO updates the Washington DC office property sold as anticipated early in the quarter at RNAB. As Mike highlighted, we are also in the process of marketing for sale, the Oakland office property, we are continuing to pursue value enhancing strategies on our Long Island City properties. Lastly, as previously mentioned, we have made substantial progress on our Phoenix multifamily REO property. We have stabilized the property, and occupancy currently stands at approximately 90% when we took over the asset occupancy was in the low 60's.

截至季末，這筆貸款約占我們關註名單總風險敞口的三分之一。根據 REO 的最新情況，華盛頓特區辦公大樓已於本季初在 RNAB 按預期售出。正如麥克所強調的，我們也在行銷出售奧克蘭辦公大樓，我們將繼續推行長島市物業的增值策略。最後，如前所述，我們在鳳凰城多戶型 REO 房產方面取得了實質進展。我們已經穩定了資產，目前的入住率約為 90%，而當我們接管資產時，入住率在 60% 出頭。

We anticipate continuing to operate the property pushing occupancy up by another couple of 100 basis points and we'll look to list the property for sale in the first half of 2025. The progress made this quarter on our existing portfolio was substantial.

我們預計將繼續經營該物業，將入住率再提高數百個基點，並計劃在 2025 年上半年將該物業掛牌出售。本季我們現有投資組合取得了重大進展。

We anticipate the investment portfolio will continue tracking positively as we add newly originated loans and resolve our watch list and our REO. The actions taken during the quarter have further reduced uncertainty related to the underlying portfolio and it is carrying value. We look forward to growing the portfolio and driving earnings through new originations.

我們預計，隨著我們增加新發放貸款並解決我們的觀察名單和 REO，投資組合將繼續呈現正面趨勢。本季採取的行動進一步降低了與基礎投資組合及其帳面價值相關的不確定性。我們期待擴大投資組合併利用新資金推動獲利。

With that, I will turn the call over to Frank Saracino, our Chief Financial Officer to elaborate on the third quarter results. Right.

接下來，我將把電話轉給財務長弗蘭克·薩拉西諾 (Frank Saracino)，詳細說明第三季的業績。正確的。

Thank you Andy and Good morning, Everyone.

謝謝安迪，大家早安。

Before discussing our third quarter results, I want to mention that our third quarter, 2024 supplemental financial report is available on the investor relations section of our website. For the third quarter, we generated a just DE of $27 million or $0.21 per share. Third quarter DE was $17.9 million or $0.14 per share. DE includes specific reserves of approximately $9.1 million.

在討論我們的第三季業績之前，我想提一下，我們的 2024 年第三季補充財務報告可在我們網站的投資者關係部分查閱。第三季度，我們的淨利潤為 2,700 萬美元，即每股 0.21 美元。第三季的 DE 為 1,790 萬美元，即每股 0.14 美元。DE 包括約 910 萬美元的專用儲備金。

Additionally, we reported total company GAAP net income of $12.7 million or $0.10per share. Quarter over quarter total company GAAP net book value decreased to $8.39 from $8.41 per share. Unappreciated book value increased to $9.11 from $9.8 per share. The increase is mainly driven by adjusted DE in excess of dividends acquired and share repurchases during the quarter. Looking at reserves during third quarter, we recorded specific seats of reserves of $9.1 million related to both the Phoenix Arizona and Milpitas, California Multifamily loans.

此外，我們報告公司 GAAP 淨收入總額為 1,270 萬美元，即每股 0.10 美元。按季度計算，該公司 GAAP 淨帳面總值從每股 8.41 美元下降至 8.39 美元。未增值的帳面價值從每股 9.8 美元增至 9.11 美元。成長的主要原因是本季調整後的 DE 超出了所獲得的股息和股票回購。查看第三季的儲備金，我們記錄了與亞利桑那州鳳凰城和加州米爾皮塔斯多戶型貸款相關的 910 萬美元特定儲備金。

As Andy previously mentioned, both loans were resolved in line with our CECIL adjusted basis as both loans were resolved in the third quarter, we charged off their specific reserves. Additionally, we charge off reserves associated with the Dallas Multi Family loan where we took control of the property through a preferred equity instrument and moved it to REO. Our general CECIL provision stands at $155.7 million or 578 basis points of total loan commitments. A decrease of $16.1 million from the prior quarter. Decrease the general CECIL was primarily driven by the resolution of the three loans referenced above.

正如安迪之前提到的，這兩筆貸款都按照我們的 CECIL 調整後基礎解決，因為這兩筆貸款都在第三季解決，我們沖銷了其特定準備金。此外，我們還註銷了與達拉斯多戶家庭貸款相關的儲備金，我們透過優先股權工具控制了該房產並將其轉移到 REO。我們的一般 CECIL 準備金為 1.557 億美元，佔貸款承諾總額的 578 個基點。較上一季減少1610萬美元。減少整體 CECIL 主要是由於上述三筆貸款的解決。

Net, The general CECIL provision for the third quarter total $1 million. A slight increase from the conservative levels established over prior quarters. Turning to our dividend and earnings from cash flow for the third quarter, we paid a dividend of $0.16 per share and that earnings from cash flow of 0.17per share.

淨額，第三季的一般 CECIL 撥備總額為 100 萬美元。較前幾季所確定的保守水準略有增加。談到第三季的股息和現金流收益，我們支付了每股 0.16 美元的股息，每股支付了 0.17 美元的現金流收益。

This concludes our prepared remarks and with that, let's open it up for questions, operator.

我們的準備好的演講到此結束，現在讓我們開始提問，接線生。

We will now begin the question and answer session to ask a question.

我們現在開始問答環節來問一個問題。

(Operator Instructions)

（操作員指令）

And go ahead.

然後繼續。

Hi Good morning, First off congrats on an active quarter, you guys clearly got a lot done the past few months and appreciate the updates on all the assets. Andy.

早上好，首先祝賀這個活躍的季度，你們顯然在過去的幾個月裡完成了很多工作，並感謝所有資產的更新。安迪。

Mike wants to start maybe on the new investment kind of the return to offense you mentioned closed one loan in October and another one's looks like here soon. Can you talk about your outlook for portfolio size? You know, is this a place where you're looking to kind of reinvest repayments and maintain leverage or kind of given the ramp feature in the CLO? and current leverage levels, do you expect to see leverage grow over the next couple of quarters?

麥克可能想要開始新的投資，就像你提到的重返進攻那樣，十月份結清了一筆貸款，另一筆貸款似乎很快就會結清。能談談對投資組合規模的展望嗎？您知道，這是您希望重新投資償還款項並維持槓桿的地方嗎，或者考慮到 CLO 中的斜坡功能？和目前的槓桿水平，您是否預期未來幾季槓桿率會成長？

Hey, thanks. It's great to see you hear you. Yes, we expect leverage to grow. It did, that with the CLO in fact, because we took that up a portion of the portfolio up to something like 86% leverage. So, we picked up a little bit there. But yeah, we have under leverage across a lot of the assets here, on our watch list. Some of our hill assets are totally unencumbered. So, we expect our leverage to tick up to 2.5% maybe north of that, closer to where a normalization level should be as we, redeploy. Absolutely.

嘿，謝謝。很高興看到您聽到您的聲音。是的，我們預期槓桿率會增加。事實上確實如此，因為我們將其作為投資組合的一部分，將槓桿率提高到了 86% 左右。因此，我們在那裡學到了一些東西。但是的，我們關注的許多資產的槓桿率都較低。我們的一些山地資產完全沒有受到任何抵押。因此，我們預計我們的槓桿率將上升至 2.5%，甚至更高，更接近我們重新部署時的正常化程度。絕對地。

Great. And then I wanted to ask about capital allocation clearly, stock reacting to the positive comments and the results, significant discount to book. How do you think about capital allocation between new investments and stock repurchases? Is it a situation where you continue to have the capacity to do both for some period of time? Just curious how you think about the trade off from a return standpoint and best use of capital.

偉大的。然後我想問一下資本配置情況，股票對正面評論和結果的反應，以及帳面價值的大幅折扣。您如何看待新投資和股票回購之間的資金配置？您是否在一段時間內繼續有能力同時做這兩件事？只是好奇您如何從回報的角度和最佳資本利用的角度來考慮這種權衡。

We have the capital to buy back stock. Yes, and we're still have, I think over $40 million of approval from the board to do so. The stock got to a level that we felt was kind of ridiculous at a 12% plus dividend yield. And, some of the points we made in the prepared remarks about at a 911, never say never, yes, there could be some things that happened in the portfolio. I don't think anyone can tell you that surprises can happen even this late in the game regarding CECIL reserve or some adjustments to book value.

我們有資金回購股票。是的，我認為我們仍然已經獲得了董事會超過 4,000 萬美元的批准。我們認為，股票價格達到一個有點荒謬的水平，即 12% 以上的股息殖利率。而且，我們在關於 911 事件的準備好的評論中提出的一些觀點，永不說永不，是的，投資組合中可能會發生一些事情。我認為沒有人可以告訴你，即使在遊戲的最後階段，關於 CECIL 儲備或帳面價值的一些調整還會發生意外。

But when you look at the dollar 20 per share, which is pretty relevant. And you look at the cash balance we have, and the cash balance really is what you need to maneuver assets in the balance sheet from a liquidity standpoint. When assets need to get pulled out of the CLO like we've done in the past, that liquidity allows you to harvest the book value and get closer to the book on resolution of assets.

但當你看到每股 20 美元時，你就明白這相當有意義了。看看我們的現金餘額，從流動性的角度來看，現金餘額確實是在資產負債表中調動資產所需要的。當資產需要從 CLO 中抽出（就像我們過去所做的那樣）時，這種流動性可以讓您收穫帳面價值，並更接近資產處置的帳面價值。

And as I said it's almost four bucks below the 911. So, to take out our material, take out our supplement, take out our CLO offerings. Even the CLO that we collapsed. There are a lot of information about assets there and go through it yourself. We give a lot of disclosure and, I challenge you to come up with four bucks. So, we kind of looked at it the same way and said it's so the stock is cheap, it's cheaper than what we could make in terms of investments right now, we have the capital, so we did that.

正如我所說，它比 911 便宜了近 4 美元。因此，拿出我們的材料，拿出我們的補充，拿出我們的 CLO 產品。甚至連我們崩潰的CLO也是如此。那裡有很多有關資產的信息，您可以自己查看。我們已經披露了很多信息，我挑戰你拿出四塊錢。因此，我們從同樣的角度看待它，並說股票很便宜，比我們現在的投資價格便宜，我們有資本，所以我們這樣做了。

We much prefer to do our business, which is make loans. But, you know, the market for loans right now is, are tight. It's still falling out. We talk about that later in this conversation. But at this point, we entered the market, we brought back to a $1.2 million.02 million shares, the window closed, and we'll continue to reassess that and yet the stock gets to these levels that we bought back before. Yeah, we think that's, we've made a statement. We think that's an attractive level.

我們更願意做我們的業務，也就是發放貸款。但是，你知道，目前貸款市場很緊張。它還在掉下來。我們將在稍後的對話中討論這個問題。但此時，我們進入市場，將股價帶回了 120 萬美元。是的，我們認為，我們已經發表了聲明。我們認為這是一個很有吸引力的水平。

Great. Appreciate the comments around your thought process there. Thanks Mike.

偉大的。感謝您對思考過程的評論。謝謝邁克。

Thank you for asking.

謝謝你的提問。

And our next question today comes from Steve Delaney with JMP Securities. Please go ahead.

今天的下一個問題來自 JMP Securities 的 Steve Delaney。請繼續。

Thanks.

謝謝。

Good morning, everyone. Congrats on the progress made in the third quarter. It's really nice to see the stock market reward your, BRSP shares this morning up of 9 to 10%. Just curious about the bridge loan opportunity, Mike and as you laid it out, with the current pick-up in demand, your portfolio is at $2.6 billion on September 30. If we look out to say the end of 2025 since this year is almost done. Just in rough dollar terms, do you have a figure in mind as to where that portfolio could reach in terms of principal balances outstanding by the end of next year? I'm talking about the bridge book. Thanks.

大家早安。恭喜第三季的進展。很高興看到股市為您帶來回報，BRSP 股價今早上漲了 9% 至 10%。我只是對過橋貸款的機會感到好奇，麥克，正如你所說，隨著目前需求的回升，你的投資組合在 9 月 30 日達到了 26 億美元。如果我們展望 2025 年末，那麼今年已經快結束了。僅以粗略的美元計算，您是否能估算出到明年年底該投資組合的未償還本金餘額將達到多少？我說的是橋牌書。謝謝。

Well, there's a where we want it to be and where it can be. And so obviously, we the market is just so as I said, just in the previous answer, it's still flying out, but we'd like that to be you know, a billion dollars bigger where it was.

嗯，我們希望它在哪裡，而且它可以在哪裡。顯然，我們的市場正如我之前回答中所說的那樣，仍然在飛速發展，但我們希望它比原來的市場規模大 10 億美元。

Yeah, there's no reason why. Yeah, we have the capacity to get with the cash we have on hand. Even if you look at even if you look at saying you want to maintain a cash balance of liquidity to support the portfolio's needs going forward and pick a number with that $75 million, we also have the revolver which we can use and we have not ever tapped but we have it there.

是啊，沒有理由。是的，我們有能力利用手邊的現金。即便你看一下，即便你看一下說你想保持現金流動性餘額以支持未來的投資組合需求，並用 7500 萬美元選擇一個數字，我們也有我們可以使用的循環信貸，我們從未動用過，但我們把它放在那裡。

But if you look at that a cash balance of something like [$50 75]million, you look at the cash we have today, you look at some of the under levered assets. We have the LIC or I should say, I'm sorry, I'm a New Yorker. So, I say LIC, I should say Long Island City. The Long Island City assets are unencumbered the San Jose Hotel asset is very low leverage.

但如果你看一下現金餘額（例如 5075 萬美元），看看我們今天擁有的現金，看看一些槓桿率較低的資產。我們有 LIC，或者我應該說，對不起，我是紐約人。所以，我說 LIC，我應該說長島市。長島市資產無抵押，聖荷西飯店資產槓桿率極低。

So we have a lot of equity embedded in some of those assets in addition to the cash that we have. So you just take, you take 150 bucks, 200 bucks and you say, okay, put a warehouse multiple on that and you could get to a billion dollars in new loans. So, yeah, we expect that. Now, the more we can talk about market conditions. I want you to do the follow up question. But we, then there's the market, right? Life comes at you.

因此，除了我們擁有的現金之外，我們在其中一些資產中還擁有大量股權。所以你只需拿出 150 美元、200 美元，然後說，好吧，將其乘以倉庫倍數，你就可以獲得 10 億美元的新貸款。是的，我們期待這一點。現在，我們可以多談談市場狀況。我希望你能回答後續問題。但是，我們還有市場，對嗎？生活向你走來。

So, Mike, I can't remember if I, probably had asked you this before on a call and I apologize. But, given your work experience and knowledge of the market. Do you see a day where you would see bright star evolving into doing fixed rate lending CMDS Conduit lending for takeout on your bridge book. Is there a evolution naturally from the bridge portfolio into you know, writing CMDS ones?

所以，麥克，我不記得我是否在之前電話中問過你這個問題，我很抱歉。但是，考慮到您的工作經驗和市場了解。您是否認為有一天，您會看到耀眼的明星逐漸發展成為從事固定利率貸款 CMDS 管道貸款，以供您的橋樑賬簿接管。從橋樑組合到編寫 CMDS 是否有一個自然的演變過程？

You just gave me a flashback to like 30 years of my career, which that's all I really did was the securitization lending.

你剛剛讓我回顧了我 30 年的職業生涯，而我實際上所做的就是證券化貸款。

And when I was working with my friend Brian, that was a big part of my duties at that company. And when you look at these transactions, Steve, you've got seven or eight participants in one deal. And I would say the street has done a fantastic job in the conduit business and healing it. But that is a very competitive market right now.

當我與我的朋友布萊恩一起工作時，這是我在那家公司職責的重要組成部分。史蒂夫，當你看看這些交易時，你會發現一筆交易中有七、八個參與者。我想說這條街在管道業務和修復方面做得非常出色。但目前的市場競爭非常激烈。

And I knowing what it takes to be in that market and manage risk, manage the rating agency process, manage BP Spire, manage your shelf partners, that takes an enormous amount of effort. And when you look at the dollars that these contributors are putting in deals, they range between, one loan to maybe $50 million. And so, while it's enticing to see that folks are making 2.5 points on five-year loans, really have to look at the barriers of entry there and they're pretty high.

我知道進入該市場需要什麼，管理風險，管理評級機構流程，管理 BP Spire，管理現有合作夥伴，這需要付出巨大的努力。當您查看這些捐款者在交易中投入的金額時，您會發現金額從一筆貸款到 5,000 萬美元不等。因此，雖然看到人們在五年期貸款中賺取 2.5 個點的利息很誘人，但真的要看看那裡的進入門檻，你會發現它們相當高。

We would love to have a TRS business. It's something that we definitely have the resources and capability of doing. You saw the execution we had on our CLO was the first time re-CLO had 100% of its collateral with the preexisting season loans and, when you look at what we got there, we've got the $85 million ramp in the two year reinvestment period.

我們非常樂意擁有一家 TRS 業務。我們確實有資源和能力去做這件事。您所看到的，我們在 CLO 上的執行情況是，CLO 首次以現有的季節性貸款作為 100% 的抵押品，當您查看我們在那裡取得的成果時，我們在兩年的再投資期內獲得了 8500 萬美元的增長。

So in terms of a brand, I think that we would be very welcome in some of these shelves and we have the capability, but in terms of allocation of resources and risk, I don't see a good return on that based on the resources we have to put into it right now.

因此，從品牌角度而言，我認為我們會在某些貨架上受到熱烈歡迎，而且我們有能力，但從資源和風險分配角度而言，基於我們目前投入的資源，我認為不會帶來良好的回報。

Yeah, and.

是啊，還有。

You've.

你已經。

Got.

得到。

Plenty of sorry for being so long winded.

非常抱歉，我說了這麼多。

No, that's quite all right. And then, that thing can evolve. I think what I'm hearing on the call, the opportunities that you guys have to grow earnings over the next 12 to 18 months just by managing your own assets and resolving issues is probably a much better use of your time and effort. You could always look at more strategic things, down the road once you've optimized your balance sheet. So congrats on the progress you made and.

不，沒關係。然後，那個東西就可以進化了。我認為我在電話會議上聽到的是，你們只需管理自己的資產和解決問題，就能在未來 12 到 18 個月內增加收益，這可能是對你們的時間和精力的更好利用。一旦優化了資產負債表，你就可以隨時考慮更具策略性的事情。所以要恭喜你所取得的進步。

Thank you, but we could do it. I mean, we do have the people here that and the systems that can do it. I will also just add there are some loans in the portfolio where we resize those loans to conduit standards to see what those takeouts could be. And there may be some loans that if the opportunity does arise, that we can convert a borrower to fixed and sell that loan to a Conduit contributor or share on the upside of that. We absolutely would do that.

謝謝，但我們可以做到。我的意思是，我們這裡確實有這樣的人才和這樣的系統可以做到這一點。我還要補充一點，我們根據投資組合中的一些貸款的規模來調整這些貸款的規模，以了解這些貸款的提取額是多少。如果有機會，我們可以將一些貸款轉為固定利率貸款，然後將該貸款出售給 Conduit 貢獻者，或分享其收益。我們絕對會這麼做。

Got it.

知道了。

Thanks so much, Mike.

非常感謝，麥克。

(Operator Instructions)

（操作員指令）

Our next question today comes from Jason Weaver with Jones trading. Please go ahead.

我們今天的下一個問題來自瓊斯交易的傑森·韋弗。請繼續。

Hey guys. Thanks for taking my question.

嘿，大家好。感謝您回答我的問題。

Thanks for the commentary on the, watch list transitions. I wonder if you could talk a bit more about the time lines for resolutions that you expect over the next couple quarters and if you have any color on, if that could lead to further General CECIL reserve releases.

感謝您對觀察名單轉變的評論。我想知道您是否可以再多談一下您預計未來幾個季度的解決方案時間表，以及如果您有任何詳細信息，這是否會導致進一步的 CECIL 儲備釋放。

I think we're, pretty comfortable with our CSO right now. There are potentially loans where you might be over see sold on that, so to speak. I just invented a word, I guess. But the, generally speaking, we're comfortable there and, I think we're, close enough to home if something would deviate. We feel that CECIL is substantial regarding resolutions.

我認為我們現在對我們的 CSO 非常滿意。可以這麼說，有些貸款是你可能被監管出售的。我想，我只是發明了一個字。但總體而言，我們在那裡過得很舒服，而且我認為，如果出現任何偏差，我們離家已經足夠近了。我們認為 CECIL 在決議方面具有實質意義。

You see that we moved alone to risk five. That's a, Texas multi family. Texas has very fast foreclosures. So we expect that to by next quarter to be in our REO bucket by then for sure. We are in the process of closing foreclosing on sorry, the San Jose hotel that is a public record. There is a public sale filing date. At this point, I wish I could say more about that, but I I'm going to be judicious and not comment on that.

您瞧，我們單獨行動，冒著五險。那是德州的一個多戶家庭。德州的止贖速度非常快。因此，我們預計到下個季度它肯定會進入我們的 REO 範圍。抱歉，我們正在對聖荷西酒店進行止贖，因為這是一份公共記錄。有一個公開出售提交日期。此時，我希望我可以對此多說一些，但我會謹慎行事，不會對此發表評論。

We'll let that play out. But generally speaking, if you look at our risk five, that's about 40% of our watch list is in foreclosure. So, we are moving those as quickly as possible, and they are what I would call actionable, and the risk rated four. If you look at the two, there are two multi families in that. There is the Vegas one and the one we just downgraded, which is in Aurora, Colorado. We expect faster resolutions on that.

我們會讓它發生。但一般來說，如果你看看我們的風險五級，我們的關註名單中大約有 40% 是喪失抵押品贖回權的。因此，我們正在盡快採取行動，我認為這些是可操作的，風險等級為四級。如果你看這兩個，你會發現其中有兩個多家庭。其中有一家位於拉斯維加斯，還有一家我們剛剛降級的，位於科羅拉多州的奧羅拉。我們期待該問題能得到更快的解決。

That one of them may result in an upgrade in the Vegas one. But we would go either way on that one. We, like that property, the other one we think will get resolved it, got into the watch list, unexpectedly given. I'll just say it's in Aurora, Colorado. We don't have any issues at the asset at all. But there was a little bit of a chilling effect there with a sale that we are now, following through it.

其中一個可能會導致拉斯維加斯的升級。但無論如何，我們都會選擇那一種。我們和那處房產一樣，我們認為另一處會得到解決，但卻被列入了觀察名單，這是出乎意料的。我只想說它在科羅拉多州的奧羅拉。我們的資產沒有任何問題。但現在我們正在跟進的銷售情況產生了一點寒蟬效應。

So we moved it down a category to risk for, but we expect those to get resolved quickly. So there, you've got about between those four assets, you have about 60% of the remaining watch list, which we think is could be moved on relatively quickly. Like I said, the San Jose Hotel loan, there that is in foreclosure, we have a sale, not state and we're going to play that through, but it's got 60% of the watch list, it's pretty meaningful.

因此，我們將其降低至風險類別，但我們希望這些問題很快就能解決。因此，您獲得了這四項資產中的約 60％ 的剩餘關註名單，我們認為這些資產可以相對快速地轉移。就像我說的，聖荷西酒店貸款，那裡是止贖，我們有銷售，不是州銷售，我們會把它處理好，但它有 60% 的關註名單，這非常有意義。

Got it that's helpful. And then, you know, it would seem after the dividend cut, at least to me, it seems like the trajectory remains for you to continue to over earn, looking ahead. Any implications for, policy going forward and would that in retrospect, would that be reflective of better than expected performance since when you set that back in the end of July?

明白了，很有幫助。然後，你知道，在削減股息之後，至少對我來說，展望未來，你的獲利軌跡似乎仍然能夠繼續超額完成。這對未來的政策有何影響？

Well, we set it back, but right now this quarter, we covered dividend on DE and on cash and we have, we were really focused on the cash coverage aspect and when we, cut the dividend, it was really more like a coverage, cash coverage that we felt we would hover around break even. And there is a chance that we can, dip slightly below that and that we may have leakage over the course of the next 12 months and that really depends on capital deployment.

好吧，我們把它推遲了，但就本季度而言，我們用 DE 和現金支付了股息，我們確實專注於現金覆蓋方面，而當我們削減股息時，它實際上更像是一種覆蓋，現金覆蓋，我們覺得我們會徘徊在盈虧平衡點附近。並且有可能，我們可能會略微跌至該水平以下，並且在未來 12 個月內可能會出現洩漏，這實際上取決於資本部署。

So the, the sooner we get dollars out the door and the sooner we can get into the market and execute our fourth CLO that will really support earnings a lot better and support that dividend. As I mentioned earlier, we have a number of under levered assets which are drag. So, the bottom line is we're going to hover around that number. That could be some leakage, and it all depends on how fast we can deploy.

因此，我們越早投入資金，就能越早進入市場並執行我們的第四個 CLO，這將真正更好地支持盈利並支持股息。正如我之前提到的，我們有許多槓桿率過低的資產，它們對我們構成了拖累。因此，底線是我們將徘徊在該數字附近。這可能會有一些洩漏，而這完全取決於我們部署的速度。

That's helpful. Thank you for your time right now as far as we can see, we cut that dividend, we understood when we cut it with the board. Everything I just said. And so there's nothing there at me that tells me things will change in the, in that horizon.

這很有幫助。感謝您現在抽出時間，就我們所知，我們削減了股息，我們在與董事會削減股息時就明白了這一點。我剛才說的一切。所以，沒有任何東西可以告訴我，在那個視野裡，事情會改變。

Got it. Thanks Mike.

知道了。謝謝邁克。

And our next question today comes from Eric Dre with Bank of America. Please go ahead.

今天的下一個問題來自美國銀行的 Eric Dre。請繼續。

Hey, everyone. Good morning. Mike, you kind of feel like talked around this, but I was just curious about your insight onto the pipeline growth and you talked about how demand is kind of gradually building, but was curious about timing on, how long it's going to take to kind of build out that pipeline, any areas you guys are focused on specifically and then kind of timing on when we go from the pipeline filling up to seeing originations, kind of really tick up.

嘿，大家好。早安.麥克，你似乎有點繞過這個話題，但我只是好奇你對管道增長的見解，你談到需求是如何逐漸建立的，但我很好奇時間安排，需要多長時間才能建成這個管道，你們特別關注的任何領域，然後是從管道填滿到看到起源的時間，真的有點上升。

Okay. So, I'm going to, I'll give you some insights as to how we see the landscape. I think this will be consistent to what you've heard on previous calls this quarter. And Andy can tell you a little bit about what we're seeing in terms of product type. And I, we don't to get to the end of your answer. Obviously, we don't, we don't have a handle on that as we rebuild the pipeline. I don't think anybody really can.

好的。所以，我將向你們提供一些關於我們如何看待這一情況的見解。我認為這與您在本季之前的電話會議中聽到的內容一致。安迪 (Andy) 可以向您稍微介紹一下我們所看到的產品類型。而我，我們不想聽到你的答案。顯然，在重建管道時，我們無法解決這個問題。我認為沒人能真正做到這一點。

The landscape right now is, when we're seeing about, I guess a third in terms of inquiry of what we've seen, you know, in kind of like late '21 or early '22. You're seeing billions of dollars of products that come in the door. Absolutely. But it is in terms of actionable product, actionable loans, that's a little bit of a different story.

現在的情況是，當我們觀察時，我想我們所看到的是三分之一的調查，你知道，就像 21 年末或 22 年初。你會看到價值數十億美元的產品湧入。絕對地。但就可操作的產品和可操作的貸款而言，情況就有些不同了。

On the acquisition side, consistent what you may have heard on other calls, we are seeing a pickup in acquisitions financing. I think that has a lot to do with the capital markets with the fed and spreads tightening and we think that we know, I've spoken to with our team, a lot of the brokers out there on the investment sales side, they think, that in Q1 activity is going to pick up dramatically and I think some of the earnings calls for some of the larger national brokers are indicating, indicating the same with regard to the refi market.

在收購方面，與您在其他電話會議上聽到的一致，我們看到收購融資有所回升。我認為這與美聯儲和利差收緊等資本市場有很大關係，我認為我們知道，我已經與我們的團隊進行了交談，很多從事投資銷售的經紀人認為，第一季度的活動將大幅增加，我認為一些大型全國經紀人的盈利電話會議也表明，再融資市場的情況也是如此。

The smaller banks are they're not selling assets. They're trying to reduce commercial real estate exposure. But they're really not reducing risk. Meaning they're not selling the assets that are, fully performing. They're going to try to kick the can on those. So you have this kind of like long walk and in commercial that you have in single family only for different reasons. Borrowers are locked into their loans from a not just a rate perspective but from a credit perspective.

規模較小的銀行不會出售資產。他們正試圖減少商業房地產的風險。但他們實際上並沒有降低風險。這意味著他們不會出售那些表現良好的資產。他們將試圖解決這些問題。因此，您會因為不同的原因而在單戶住宅中看到這種長途步行和商業步行。借款人不僅從利率角度被鎖定在貸款中，而且從信用角度也被鎖定。

So from the smaller banks, we're seeing we file inquiry come out of those banks mostly out of construction loans where the bank is not rolling into a mini perm for lease up. They want out of the construction; the borrower wants out of the construction loan because they want out from under the construction loan guarantees. But what they want from us and from the lending market is they want to get the same proceeds they had in the construction loan; they want you to fund closing costs and if they had to fund overruns in construction, they want that equity back too.

因此，從較小的銀行來看，我們看到，我們提交的調查結果顯示，這些銀行大多來自建築貸款，而這些銀行並沒有轉入小型租賃許可。他們想要離開這棟建築；借款人希望退出建築貸款，因為他們想擺脫建築貸款擔保。但他們希望從我們和貸款市場獲得與建築貸款相同的收益；他們希望你支付成交成本，如果他們必須支付建設超支的費用，他們也希望收回那筆股權。

So it's just, that's just not happening. And so, we're seeing a lot of inquiry come in for refi, but, I'll use a word that others have used in previous calls. We have not yet seen that reset, yet and something has to force that reset to happen. Certainly, the banks are pushing these borrowers out saying we don't want to roll into the mini perm. Now, when you look at the other side, when we, when you think about how you, how you look at the pipeline going forward, there's a huge supply of credit out there.

所以這根本沒發生。因此，我們看到很多關於再融資的詢問，但是，我會使用其他人在之前的電話會議中使用過的一個詞。我們還沒有看到這種重置，但必須有某種因素強制發生這種重置。當然，銀行正在將這些借款人排除在外，並表示他們不想進入迷你貸款計畫。現在，當你從另一個角度看，當我們思考如何看待未來的管道時，你會發現那裡有大量的信貸供應。

So the non-banks are back in the market and as we are this quarter, others are already in others are entering. So there's a tremendous supply of credit, but the reset is still on the demand side has still been it's still been gradual. You're seeing a lot of activity in the CMBS market, but it's still a fraction of what it's been in the past.

因此，非銀行機構重返市場，正如本季一樣，其他機構也已進入市場。因此，信貸供給量龐大，但需求方面的重置仍是漸進的。你會看到 CMBS 市場非常活躍，但這仍然只是過去的一小部分。

I would also add that, you know, we are very constructive on spreads for a lot of reasons. Just then, as I said, there is a huge supply of credit that means willingness to lend and investors willingness to buy securities. So we expect the cost of funds on our CLO and warehouse lines to continue to drop commensurately with spreads on the lending side. And we think that spreads will continue to tighten. There's a dearth of product out there, whether it's whole loan, product, wholesale, product or securitized product as a dearth of product. The banks are very much willing to lend on the warehouse side.

我還要補充一點，你知道，基於很多原因，我們對利差持非常建設性的態度。就在那時，正如我所說的，有大量的信貸供應，這意味著借貸意願和投資者購買證券的意願。因此，我們預計 CLO 和倉儲線路的資金成本將繼續與貸款方面的利差同步下降。我們認為利差將繼續縮小。目前存在產品短缺，無論是整體貸款、產品、批發產品或證券化產品。銀行非常願意為倉庫提供貸款。

Warehouse lending has been the best performing asset. Not only does it get the lowest risk rating versus whole loan. But also in terms of ROE and default rates, it's truly outperformed the banks generally their loan portfolio. So very constructive on spreads. But in terms of supply, we still, need that that calling out, Andy , Can you can you give a little bit of a context because I think we can answer a lot in this one question here. Can you give some context on what we're seeing product wise?

倉儲貸款一直是表現最好的資產。它不僅獲得了全部貸款中最低的風險評級。但從股本報酬率和違約率來看，它的表現確實優於銀行的貸款組合。因此對利差非常有建設性。但在供應方面，我們仍然需要呼籲，安迪，你能否提供一些背景信息，因為我認為我們可以在這個問題上回答很多問題。您能否介紹一下我們所看到的產品狀況？

Sure Mike. So, in terms of our pipeline and we're focused as our, brethren on, primarily multi family, industrial and then to a lesser extent retail and hospitality and in terms of the housing opportunity or residential opportunity, what we're seeing is construction, takeout opportunities.

當然可以，麥克。因此，就我們的通路而言，我們主要關注多戶型、工業，其次是零售和酒店業，而就住房機會或住宅機會而言，我們看到的是建築和外賣機會。

We're seeing the recapitalization of the existing multifamily housing stock. And then we're also, I've seen quite a bit of build to rent product, and I would say in terms of our portfolio or rather the pipeline, about 50% of what we're seeing a little bit over 50% has been in the residential sector. And then the rest of the asset classes make up the remaining.

我們正在見證現有多戶住宅存量的資本重組。然後，我也看到了相當多的建造用於出租的產品，我想說，就我們的投資組合或管道而言，我們看到的約 50% 或略超過 50% 是在住宅領域。然後其餘的資產類別構成了剩餘的部分。

Got it super really appreciate all that color. That's, really great. And then I guess going from really wide to a little narrower focused seems like the REO is kind of moving quickly, which is great to hear. Was just kind of curious about the Long Island City, assets and, maybe a little color on kind of the plan there and it sounds like that one might be a little bit of a longer process. So any color there would be great.

明白了，非常欣賞所有這些顏色。那真是太棒了。然後我想，從非常廣泛的範圍到稍微狹窄的關注範圍，REO 似乎正在快速發展，聽到這個消息真是太好了。只是對長島市的資產有點好奇，也許對那裡的計劃有點了解，聽起來這個過程可能會更長一些。所以任何顏色都很好。

You know, when you were saying that the REO assets are moving quickly, I immediately thought about the Long Island City assets and you got there a little later. The, the Long Island City assets have been a little bit on the slower side, than we'd like. Obviously, we are getting a little bit more traction in terms of inquiry.

您知道，當您說 REO 資產正在快速流動時，我立即想到了長島市資產，而您稍後才想到了這一點。長島市的資產成長速度比我們希望的要慢一些。顯然，我們在調查方面取得了更多的進展。

Certainly on what I would call the Paragon building, which is the building that sits on top of the subway system. We have a number of schools that were interested in the site and we've got it getting a lot of government agency, type of interest in the asset.

當然是我所說的 Paragon 大廈，它是位於地鐵系統之上的建築。有許多學校對該地塊感興趣，而且還有很多政府機構對該資產感興趣。

So that's a long way of saying we've got interest inquiry, but we're not, nowhere near where we want to be. I think there is an end date on that where we've got a lot of capital tied up in those when you look at imputing like a 12 ROE in terms of what you want to do in terms of the cost of that capital and the opportunity away from that. There's going to be a point in time where we kind of cut that off and say, what, let's give this to somebody else. We think the valuations we have reflect that we've gotten BOV's pre you know, rate cuts.

所以，雖然說我們有興趣進行探究，但是我們還沒有達到我們想要的水平。我認為，這個有一個結束日期，屆時我們會將大量的資本投入其中，當您以 12 ROE 來估算時，您會考慮想要在這些資本成本和由此帶來的機會方面做什麼。在某個時間點，我們會將其切斷，然後說，怎麼樣，讓我們將其給予其他人。我們認為，我們的估值反映了 BOV 的預先降息。

So we think that as a cost of capital and negative carry, improve that sell those assets will be easier than when we attempted to sell them, a year and a half ago. So I would say some, we'll give it probably somewhere around midyear and if we don't have the leasing traction that we want, we will fish and cut bait, I'm sorry, stop fishing.

因此，我們認為，作為資本成本和負利差，出售這些資產將比我們一年半前試圖出售時更容易。因此我想說的是，我們可能會在年中左右給出這個時間，如果我們沒有獲得想要的租賃吸引力，我們就會釣魚然後放棄，對不起，停止釣魚。

Great. Thank you guys.

偉大的。謝謝你們。

And our next question today comes from Matthew Howlett with B Riley. Please go ahead.

今天的下一個問題來自 B Riley 的 Matthew Howlett。請繼續。

Oh, hi, Mike. Hi, everybody. Thanks for taking my question. Like your reference, you think funding costs are going to tighten the conjunction with loan spreads and we've seen tightening, in the origination market, particularly on the multifamily side. Can you just kind of walk over when you do a CLO, I'm assuming you're targeting mid next year, something that's [6 700 million]. What type of ROE do you think you can generate a CLO or if you put them on warehouse lines, in today's origination market where spreads, I guess. What? Sub 300 on multi.

哦，嗨，麥克。大家好。感謝您回答我的問題。正如您所提到的，您認為融資成本將與貸款利差緊密結合，而且我們已經看到發起市場，特別是多戶型住房市場的利差收緊。你能不能在做 CLO 的時候直接過去，我猜你的目標是明年年中，那是[67億]。您認為您可以產生什麼類型的 ROE 來獲得 CLO，或者如果您將它們放在倉庫線上，在今天的起源市場中，價差是多少，我猜。什麼？多款售價低於 300。

I think you could, let's talk about the relative value pick up. I think you can pick up, let's at least several 100 basis points in the CLO. The advance rates are roughly 86%- 87% versus 2021 for instance, where they were kind of low 80s, 81 to 3%. So, the advanced rates are higher. And we think that CLO spreads will really outperform our lending spread. So we do think that there's going to still be a pick up.

我認為你可以，讓我們來討論一下相對價值的提升。我認為您可以看到，CLO 至少有幾百個基點。例如，預付率約為 86%-87%，而 2021 年則略低於 80%，為 81% 至 3%。因此，預付利率較高。我們認為 CLO 利差實際上將超過我們的貸款利差。因此我們確實認為，銷量仍將回升。

We're not concerned that with spread tightening can diminish. We're seeing spreads tighten at least commensurately. On the CLO side, let me give you an example, you know, so you could be 300 multifamily spreads, maybe have gone to 275 not maybe they've gone to 275 and can they go tighter? Yes, they can. When you look at, our CLO in 2021 with a lower advanced rate, the cost of funds and that was a weighted average of, of about 150 a spread of 150.

我們並不擔心利差收緊會減弱。我們看到利差至少相應縮窄。在 CLO 方面，讓我給你舉個例子，你知道，所以你可能有 300 個多戶型利差，可能已經達到 275，而不是可能已經達到 275，它們可以變得更緊密嗎？是的，可以。您可以看到，2021 年我們的 CLO 具有較低的預付利率，資金成本的加權平均值約為 150，利差為 150。

And we look at the CLO we just did, the weighted average cost of funds is probably 100 about 100 wider than that with a higher advance rate. Spreads on CLOs across the funds were 100 tighter in 2021 the base rate. The so far was zero.

讓我們來看看剛剛做的 CLO，加權平均資金成本可能比預付率更高的成本高出 100 左右。2021 年，各基金的 CLO 利差較基準利率收窄 100%。目前為止為零。

There was an awful amount of supply coming and the collateral had, much lower going in dividend yields, dividend yields that were 3%or4%, or sometimes lower with exits of like 6% dividend yield 7% dividend yield. So you have got better collateral, you've got a higher base rate and spreads are substantially wider. So you've got a dearth of issuance. So I would expect that securitization spreads well, outpaced any tightening in the whole loan market.

有大量的供應湧入，而抵押品的股息收益率卻低得多，股息收益率為 3% 或 4%，有時甚至更低，退出時的股息收益率為 6% 或 7%。因此，您可以獲得更好的抵押品，獲得更高的基準利率，並且利差也會更大。因此，發行量不足。因此我預期證券化將會良好蔓延，超過整個貸款市場的緊縮步伐。

So Howlett you're talking sort of mid 10s are, you know, ROE's on these.

所以，豪利特，你剛才說的大概是 10% 左右，你知道，這些就是 ROE。

Midteens, I'm sorry, I gave you the relative. I didn't give you the absolute yes, Midteens.

中青，對不起，我把親戚給你了。我並沒有給你絕對的肯定答复，Midteens。

Well, that's obviously very attractive. I thought it would be less than that but, and you said you did a managed deal. So you're saying there is there going to be like reinvestment windows for the, deal you're, going to do next year or is that just the one specific towards the refinancing you did this year?

嗯，這顯然非常有吸引力。我以為會比這個少，但你說你做了一個管理交易。所以您的意思是，對於您明年要做的交易，會有再投資窗口嗎，還是這只是針對您今年所做的再融資？

We expect the reinvestment period in every deal we do. Yes and certainly given that we've gotten the reinvestment and the deal, as I said in the prepared remarks where we expect the entire portfolio is going to turn over. Investors did comment to us that they're giving us effectively a blank check because they know that what, they see today is not going to be the portfolio they see tomorrow because those loans will mature all within inside the reinvestment window.

我們預計我們所做的每筆交易都會有一個再投資期。是的，當然，鑑於我們已經獲得了再投資和交易，正如我在準備好的評論中所說的那樣，我們預計整個投資組合將會發生轉變。投資者確實對我們說，他們實際上是給了我們一張空白支票，因為他們知道，他們今天看到的不會是他們明天看到的投資組合，因為這些貸款將在再投資窗口內到期。

So that give it once they've given us that, I mean to give us a reinvestment window on a new deal, is use the word a layup compared to the leap of faith that investors gave us. And the reason why they did, they made that leap with us is because they saw the performance that we had in supporting our first two CLOs. We did not let loans linger in the CLO that went sideways, we pull them out using our balance sheet over the course of two years.

所以，一旦他們給了我們這些，我的意思是給我們一個新交易的再投資窗口，用上籃這個詞來形容，與投資者給我們的信心飛躍相比。他們之所以這麼做，與我們一起實現這一飛躍，是因為他們看到了我們在支持前兩位 CLO 時的表現。我們不會讓出現問題的貸款滯留在 CLO 中，而是在兩年內利用資產負債表將它們取出。

And investors remember that and we did that for that reason that we wanted to protect our brand and demonstrate to investors that we view them as our lender effectively and that we were going to treat them that way so that we got the halo effect and we got that halo effect in this deal and we expect to get that going forward.

投資者記住了這一點，我們這樣做的原因是，我們想保護我們的品牌，並向投資者表明，我們有效地將他們視為我們的貸款人，我們也會如此對待他們，這樣我們就獲得了光環效應，我們在這筆交易中獲得了光環效應，我們希望在未來繼續獲得這種效應。

No, I appreciate that. And that, and that really leads me to my next question. We could do the math, and it tells me you could generate with your, efficient, internally managed operating base. You could probably do a double digit or after expenses on those type of returns. My question is this, we all look at the stock, we see the big discount to adjusted book.

不，我很感激。這就是，這也引出了我的下一個問題。我們可以進行計算，結果告訴我，你可以透過高效的內部管理營運基礎來創造收益。您可能會在這些類型的回報上獲得兩位數或扣除費用後的回報。我的問題是這樣的，我們都看著股票，看到調整後的帳面價值有很大的折扣。

We see the higher dividend with the PS you guys internalized the structure several years ago. Obviously, you went through this rate cycle. I want to hear like, what you think the differentiation with price buyer is versus the others out there? I mean, you didn't really get, you know, rate started rising after you internalize it.

我們看到了更高的股息，幾年前你們就內部化了這個結構。顯然，你經歷了這個利率週期。我想聽聽，您認為價格買家與其他買家的差異是什麼？我的意思是，你並沒有真正意識到，在你內化它之後，利率就開始上升了。

We talk, is it, the internalization? Is it the vertically integrated asset manager? What's the differentiator as you as you get going as you kind of stick your head out, the same you get going again. What can you tell investors is the differentiator between borrow versus the others?

我們談論的是內化嗎？它是垂直整合的資產管理者嗎？當你開始行動時，當你伸出頭時，和你再次行動時，有什麼不同呢？您能告訴投資者藉入與其他借入之間的差異是什麼？

I would say that we our asset management and the fact that we are a special servicer with a name and rated special servicer on all of our CLOs again, the market, not just the rating agencies, but investors have given us a huge thumbs up as a special, not only as an issuer, but as a special servicer on our own deals and when you carry that infrastructure internally into managing our own assets, I think the team has done an amazing job and we've gotten a lot of high marks from the brokers community where they correspond with borrowers, their clients who've also given us a thumbs up of how we have handled the process with them.

我想說的是，我們的資產管理以及我​​​​們是一家特殊服務商的事實，我們所有的 CLO 都有名稱和評級的特殊服務商，市場，不僅僅是評級機構，投資者都對我們給予了極大的讚賞，不僅作為發行人，而且作為我們自己交易的特殊服務商，當你將這種基礎設施內部帶入管理我們自己的資產時，我認為團隊做得非常出色，我們從經紀人社區獲得了很多高度評價，他們與借款人、他們的客戶進行交流，他們也對我們處理流程的方式表示讚賞。

They're dealing directly with us directly with our leadership team and our asset managers. There are no third parties involved. Everything is contained inside BrightSpire. So from origination, credit underwriting all the way through our asset management and at the tail end, securitizing a loan and becoming the special servicer, our borrower contact from cradle to refinancing or sell is a high touch all the way through the process. And that is a big differentiating factor for us.

他們直接與我們的領導團隊和資產經理打交道。沒有第三方參與。一切都包含在 BrightSpire 中。因此，從發起、信用承銷一直到我們的資產管理，以及最後的貸款證券化和成為特殊服務商，我們與借款人的聯繫從搖籃到再融資或出售，在整個過程中都是高度接觸的。這對我們來說是一個很大的差異化因素。

And I'm assuming you could double the portfolio, you wouldn't really add that many incremental operating costs and there you probably don't need a higher.

我假設你可以將投資組合擴大一倍，你實際上不會增加那麼多的增量營運成本，而且你可能不需要更高的成本。

Given, what we just went through and what others have gone through in this period of time where everything was high touch. So, you know, you could have 80 loans. It felt like you had three times the number of those loans because of the amount of effort you were watching, putting into watching over the portfolio corresponding with borrowers on extensions and buying caps and things like that.

考慮到我們剛剛經歷的一切以及其他人在這個一切都高度接觸的時期所經歷的一切。所以，你知道，你可以有 80 筆貸款。感覺你擁有的貸款數量是原來的三倍，因為你投入了大量精力來關注與借款人相對應的投資組合的延期和購買上限等事情。

So, managing a much larger portfolio, we have the resources to do that. And so as I said, adding, a billion dollars in loans out of $30 million average loan balances would be very easy.

因此，透過管理更大的投資組合，我們有資源來做到這一點。正如我所說的，從 3000 萬美元的平均貸款餘額中增加 10 億美元貸款將非常容易。

I really appreciate no, additional infrastructure needs.

我真的很感激，沒有額外的基礎設施需求。

Absolutely. Thank you.

絕對地。謝謝。

Includes our question and answer session. I would like to turn the conference back over to Mike Mazzei for any closing remarks.

包括我們的問答環節。我想將會議交還給 Mike Mazzei 並請他作最後發言。

Thank you all for joining us today. We're very excited as you can hear from us and prepared remarks and answers that we're very excited about what's coming ahead in the fourth quarter, and we look forward to reconnecting with you all in 2025. Thank you.

感謝大家今天的參與。我們非常高興，因為您可以聽到我們的消息並準備好評論和答复，我們對第四季度即將發生的事情感到非常興奮，我們期待在 2025 年與大家重新聯繫。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。