Brightspire Capital Inc (BRSP) 2025 Q2 法說會逐字稿

Good day, and welcome to the BrightSpire Capital second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to David Palame, General Counsel. Please go ahead, sir.

大家好，歡迎參加 BrightSpire Capital 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給總法律顧問戴維·帕拉梅 (David Palame)。先生，請繼續。

Good morning, and welcome to BrightSpire Capital's second-quarter 2025 earnings conference call. We will refer to BrightSpire 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.

早安，歡迎參加 BrightSpire Capital 2025 年第二季財報電話會議。在本次電話會議中，我們將把 BrightSpire 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 hand 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.

在我轉交電話之前，請注意，本次電話會議中提供的某些資訊包含前瞻性陳述。這些聲明是基於管理層目前的預期，受風險、不確定性和假設的影響。潛在的風險和不確定性可能導致公司的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.

有關可能影響結果的風險的討論，請參閱我們最新的 10-K 中的風險因素部分以及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。

All information discussed on this call is as of today, July 30, 2025, and the company does not intend and undertakes no duty to update for future events or circumstances.

本次電話會議中討論的所有資訊均截至今天（2025 年 7 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，本次電話會議上提供的某些財務資訊代表非公認會計準則財務指標。該公司的獲利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此類非 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 results. The company reported second quarter GAAP net loss attributable to common stockholders of $23.1 million or $0.19 per share, distributable earnings of $3.4 million or $0.03 per share and adjusted distributable earnings of $22.9 million or $0.18 per share. Current liquidity stands at $325 million, of which $106 million is unrestricted cash. The company also reported GAAP net book value of $7.65 per share and undepreciated book value of $8.75 per share as of June 30, 2025.

在我將電話轉給麥克之前，我將簡要回顧我們的結果。該公司公佈第二季歸屬於普通股股東的 GAAP 淨虧損為 2,310 萬美元或每股 0.19 美元，可分配收益為 340 萬美元或每股 0.03 美元，調整後可分配收益為 2,290 萬美元或每股 0.18 美元。目前流動資金為 3.25 億美元，其中 1.06 億美元為無限制現金。該公司還報告稱，截至 2025 年 6 月 30 日，GAAP 淨帳面價值為每股 7.65 美元，未折舊帳面價值為每股 8.75 美元。

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.

最後，在本次電話會議中，管理階層可能會將可分配收益稱為 DE。說完這些，我現在想把電話轉給麥克。

Thanks, David, and welcome to our second quarter earnings call. We had a solid second quarter and are pleased with our progress and the results. Our dividend was covered by adjusted DE, while our undepreciated book value remained unchanged.

謝謝，大衛，歡迎參加我們的第二季財報電話會議。我們在第二季度表現穩健，對我們的進展和結果感到滿意。我們的股利由調整後的 DE 覆蓋，而我們的未折舊帳面價值保持不變。

In addition, our net loan originations were again positive for the quarter. Most importantly, we made substantial headway in reducing exposure to watch list loans, thus making further progress in continuing to derisk the portfolio. We also, of course, remain actively engaged in managing the resolution of REO assets.

此外，本季我們的淨貸款發放量再次呈正成長。最重要的是，我們在減少關註名單貸款風險敞口方面取得了實質進展，從而在繼續降低投資組合風險方面取得了進一步進展。當然，我們也持續積極參與管理 REO 資產的處置。

Turning briefly to the markets. We saw a notable improvement in market conditions and a welcome decline in volatility since our call in April. Commercial real estate debt markets appear to be largely unaffected by the headlines over the last 90 days.

簡單回顧一下市場。自從四月召開電話會議以來，我們看到市場狀況明顯改善，波動性也出現可喜的下降。商業房地產債務市場似乎基本上沒有受到過去 90 天新聞的影響。

We've seen credit and lending spreads stabilize, loan inquiry has increased steadily, and the CMBS market has returned to normal and is quite active. Moreover, bank warehouse lenders have remained ready, willing and engaged to provide competitive financing throughout the second quarter. These recent improvements are encouraging and provide optimism for the CRE market's continued progress.

我們看到信貸和貸款利差趨於穩定，貸款諮詢穩步增加，CMBS市場恢復正常並相當活躍。此外，銀行倉儲貸款機構在整個第二季度始終準備、願意並致力於提供有競爭力的融資。這些近期的改善令人鼓舞，並為 CRE 市場的持續發展帶來了樂觀。

Now turning briefly to our balance sheet. During the quarter and subsequently, we have reduced the watch list on a net basis by 50%. The most notable reduction was the result of foreclosing on the San Jose Hotel loan. We now own the property free and clear with no financing in place. During the protracted foreclosure process, the hotel experienced meaningful deferred maintenance that we are now in the process of addressing.

現在簡單回顧一下我們的資產負債表。在本季及隨後的季度中，我們將觀察名單淨減少了 50%。最顯著的減少是由於取消了聖何塞酒店貸款。我們現在擁有該房產，無需任何融資。在漫長的止贖過程中，飯店經歷了嚴重的延期維護，我們目前正在解決這個問題。

Our intention is to make much needed and neglected physical and operational improvements to the property ahead of significant events taking place in the Bay Area through mid-2026. This is most notably the Super Bowl and the World Cup. We will look to sell the asset sometime in 2026.

我們的目的是在 2026 年中期灣區舉辦重大活動之前，對該物業進行急需但被忽視的實體和營運改進。最引人注目的是超級盃和世界盃。我們將在 2026 年的某個時候出售該資產。

However, while the asset remains unlevered, it is currently cash flow positive and is now contributing to earnings. In the interim, given the asset is unlevered, it also serves as a significant source of immediate liquidity as a result of committed but undrawn financing capacity.

然而，儘管該資產仍處於無槓桿狀態，但目前其現金流為正，並且正在為盈利做出貢獻。在此期間，由於該資產沒有槓桿，它還可以作為承諾但尚未提取的融資能力的重要即時流動性來源。

On the origination side, as anticipated and highlighted in our last call, we experienced a lull in new loan closings during the second quarter. This quarter's origination dynamics were mirrored by a slowdown in payoffs in our own loan portfolio.

在貸款發起方面，正如我們上次電話會議所預期和強調的那樣，我們在第二季度經歷了新貸款結算的低迷。本季的貸款發放動態反映出我們自己的貸款組合還款速度放緩。

As a result, on a net basis, we experienced positive growth in the loan book. We expect loan origination conditions to improve in the second half of the year as we already have an additional 6 loans for $114 million that have closed or are in execution.

因此，從淨額來看，我們的貸款帳簿實現了正成長。我們預計下半年貸款發放條件將會改善，因為我們已經有另外 6 筆 1.14 億美元的貸款已經結清或正在執行中。

Finally, during the quarter, we repurchased 561,000 shares at an average price of $5.19. BrightSpire continues to trade at a roughly 40% discount to its undepreciated book value. This equates to a discount of approximately $450 million to a book value, which includes a CECL reserve of $137 million or $1.06 per share. Given the recent improvements in our watch list and the consistency in book value, we feel the stock is significantly undervalued.

最後，在本季度，我們以平均5.19美元的價格回購了561,000股。 BrightSpire的股價目前仍比其未折舊帳面價值低約40%。這相當於帳面價值折價約 4.5 億美元，其中包括 1.37 億美元或每股 1.06 美元的 CECL 儲備金。鑑於我們關註名單的近期改善和帳面價值的一致性，我們認為該股票被嚴重低估。

In closing, we navigated a very dynamic first half of the year. We delivered net positive growth in our loan book, our adjusted distributable earnings covered the dividend, and we cut the watch list in half. We will continue to make progress on our remaining watch list loans as well as our REO resolutions.

最後，我們度過了充滿活力的上半年。我們的貸款帳簿實現了淨正成長，調整後的可分配收益覆蓋了股息，並且我們將關註名單減少了一半。我們將繼續推進剩餘的觀察名單貸款以及 REO 決議。

The REO resolution proceeds are a significant source of liquidity for future loan originations and the continued regrowth in our loan book. We enter the second half of the year with a more defined path forward to capitalize on the opportunities ahead.

REO 決議所得款項是我們未來貸款發放和貸款帳簿持續成長的重要流動資金來源。進入下半年，我們制定了更明確的前進道路，以抓住未來的機會。

With that, I will turn the call over to our President, Andy Witt. Andy?

說完這些，我將把電話轉給我們的總裁安迪威特 (Andy Witt)。安迪？

Thank you, Mike. Echoing Mike's comments, we continue to execute on our stated objectives, resulting in a positive quarter of significant watch list reductions, stable book value and meaningful progress on the portfolio management front. During the second quarter, the portfolio grew by approximately 3% or $70 million on a net basis, excluding the impact of the San Jose loan moving to REO.

謝謝你，麥克。與麥克的評論相呼應，我們將繼續執行我們既定的目標，從而在本季度取得了積極的成果，觀察名單大幅減少，賬面價值穩定，投資組合管理方面也取得了有意義的進展。在第二季度，該投資組合淨增長了約 3%，即 7000 萬美元，這還不包括聖荷西貸款轉移到 REO 的影響。

Capital deployment was relatively modest during the quarter, consisting of $98 million across two new senior loan originations and a cross-collateralized preferred equity investment as well as future fundings of $7 million, resulting in total deployment of $105 million.

本季的資本配置相對溫和，包括兩筆新的優先貸款發放和一筆交叉抵押優先股投資的 9,800 萬美元以及 700 萬美元的未來融資，總部署額為 1.05 億美元。

Repayments were insignificant, consisting of five partial paydowns. However, we anticipate repayment volume related to both loan payoffs and REO resolutions to increase over the next several quarters. The combination of current liquidity on balance sheet and resolution proceeds will be redeployed in the coming quarters in new loans.

償還金額很小，包括五次部分償還。然而，我們預計未來幾季與貸款償還和 REO 決議相關的還款量將會增加。資產負債表上的當前流動性和處置收益將在未來幾季重新部署到新貸款中。

During the quarter and subsequently, we continue to make progress on the watch list loans, reducing total watch list exposure by nearly 50% and by two loans on a net basis. The reduction in watch list exposure was primarily driven by the removal of our two risk ranked five loans.

在本季及隨後的季度中，我們繼續在關註名單貸款方面取得進展，將關註名單總敞口減少了近 50%，淨減少了兩筆貸款。觀察名單風險敞口的減少主要是因為我們取消了兩筆風險等級為五的貸款。

During the quarter and subsequently, we took ownership of the San Jose Hotel loan and the Santa Clara multifamily predevelopment loan. As a result, there are no risk ranked five loans on our watch list. Additionally, we upgraded two risk ranked four loans.

在本季及隨後的季度中，我們獲得了聖荷西飯店貸款和聖克拉拉多戶型預開發貸款的所有權。因此，我們的觀察名單上沒有風險排名前五的貸款。此外，我們也升級了兩筆風險等級為四級的貸款。

The loans were previously downgraded due to uncertainty. In both cases, the borrower contributed fresh equity to support the execution of the underlying business plan resulting in the upgrades. Also during the quarter, two loans were downgraded to a risk rank four, the Ontario, California industrial loan has faced challenges related to increased supply and most recently, tariff-related policy.

由於不確定性，這些貸款先前已被降級。在這兩種情況下，借款人都注入了新的股權來支援基礎業務計劃的執行，從而實現了升級。此外，在本季度，兩筆貸款的風險等級被降為四級，加州安大略省的工業貸款面臨與供應增加以及最近的關稅相關政策相關的挑戰。

Given the uncertainty the borrower is no longer supporting the property and BRSP is evaluating options, which include either a sale in the short term or potentially managing the property through this period of uncertainty. Additionally, we downgraded the Austin, Texas multifamily loan. Occupancy at the property has been stable. However, the supply glut in the market has put downward pressure on rental rates.

鑑於不確定性，借款人不再支持該房產，BRSP 正在評估各種選擇，包括短期出售或在不確定時期管理該房產。此外，我們降低了德州奧斯汀的多戶家庭貸款評級。該物業的入住率一直穩定。然而，市場供應過剩給租金帶來了下行壓力。

On a net basis, watch list loan exposure was reduced from $396 million at the end of Q1 to $202 million today or 9% of the loan portfolio. While the watch list experienced a significant reduction, our REO portfolio has grown commensurately.

從淨額來看，觀察名單貸款曝險從第一季末的 3.96 億美元減少到今天的 2.02 億美元，佔貸款組合的 9%。雖然觀察名單大幅減少，但我們的 REO 投資組合卻相應增加。

Currently, our REO portfolio is comprised of eight properties with an aggregate undepreciated gross book value of $379 million. The San Jose Hotel property accounts for $136 million or 36% of the REO portion of our portfolio. As Mike previously mentioned, our current plan for the property contemplates holding it in the near term to improve property level performance to maximize shareholder value.

目前，我們的 REO 投資組合由 8 處房產組成，未折舊總帳面價值總計 3.79 億美元。聖荷西酒店物業價值 1.36 億美元，占我們投資組合中 REO 部分的 36%。正如麥克之前提到的，我們目前對該物業的計劃是考慮在短期內持有它，以提高物業水平的表現，從而實現股東價值最大化。

The office portion of our REO portfolio is comprised of two Long Island City properties with a combined undepreciated gross book value of $60 million or 16% of the REO portfolio. We are focused on leasing up one of the properties where we have a tenant taking one full floor and are negotiating with another for significant space. Imminently, the second building will be marketed for sale.

我們的 REO 投資組合中的辦公部分由兩處長島市房產組成，其未折舊總帳面價值總計 6,000 萬美元，佔 REO 投資組合的 16%。我們專注於租賃其中一處房產，其中有一位租戶租用了整整一層樓，並且正在與另一位租戶協商租用較大的空間。很快，第二棟建築將開始出售。

The remaining portion of our REO portfolio is comprised of four multifamily properties and one multifamily predevelopment site for a combined undepreciated gross book value of $183 million or 48% of the REO portfolio. As it relates to the four multifamily properties, we're actively engaged in the execution of value-add business plans.

我們的 REO 投資組合的剩餘部分由四處多戶型物業和一處多戶型預開發地塊組成，合併未折舊帳面總價值為 1.83 億美元，佔 REO 投資組合的 48%。由於涉及四個多戶型物業，我們正積極參與執行增值業務計劃。

We anticipate resolving most of the multifamily portion of our REO portfolio over the next year or so, subject to how the market evolves. Currently, we are in the process of finalizing the sale of our Phoenix, Arizona multifamily property in line with our carrying value. We expect to close on the transaction next month or shortly thereafter.

我們預計在未來一年左右解決 REO 投資組合中大部分多戶型部分的問題，具體取決於市場的發展。目前，我們正在按照帳面價值完成亞利桑那州鳳凰城多戶住宅物業的出售。我們預計下個月或不久後完成交易。

As previously highlighted, our corporate business plan contemplates repatriating capital from this portion of our portfolio for redeployment in new loans. At present, our eight REO properties have an aggregate undepreciated gross carrying value of $379 million and a debt-to-assets ratio of approximately 31%, resulting in an undepreciated net carrying value of $263 million.

正如之前所強調的那樣，我們的公司業務計劃考慮從我們投資組合的這一部分中調回資本，用於重新部署新貸款。目前，我們的八處 REO 物業的未折舊帳面總價值總計 3.79 億美元，資產負債率約為 31%，因此未折舊帳面淨價值為 2.63 億美元。

As we look to execute our business plan, we'll exercise prudence with a focus on maximizing the value of our existing properties to provide fuel for loan portfolio growth over the next several quarters. Currently, the loan portfolio stands at $2.4 billion across 81 loans with an average loan balance of $30 million.

當我們執行業務計劃時，我們將謹慎行事，重點是最大化現有資產的價值，為未來幾季的貸款組合成長提供動力。目前，貸款組合總額為 81 筆，總額為 24 億美元，平均貸款餘額為 3,000 萬美元。

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

接下來，我將把電話轉給我們的財務長弗蘭克·薩拉西諾 (Frank Saracino)，詳細說明第二季的業績。坦率？

Thank you, Andy, and good morning, everyone. For the second quarter, we generated adjusted DE of $22.9 million or $0.18 per share. Second quarter DE was $3.4 million or $0.03 per share. DE includes specific reserves of approximately $19.5 million. Additionally, we reported total company GAAP net loss of $23.1 million or $0.19 per share.

謝謝你，安迪，大家早安。第二季度，我們的調整後 DE 為 2,290 萬美元，即每股 0.18 美元。第二季的 DE 為 340 萬美元，即每股 0.03 美元。DE 包括約 1,950 萬美元的專項儲備。此外，我們報告公司 GAAP 淨虧損總額為 2,310 萬美元，即每股 0.19 美元。

I would first like to provide an update on two of our legacy office equity investments. First, our Equinor Norway net lease asset reached a maturity default on its bond financing and the lenders foreclosed on the property. As a result, we deconsolidated all Equinor assets and liabilities from the balance sheet and recorded a GAAP impairment of approximately $49 million and an income tax benefit of approximately $22 million.

首先，我想介紹一下我們的兩項傳統辦公室股權投資的最新情況。首先，我們的 Equinor Norway 淨租賃資產的債券融資出現到期違約，貸方取消了該資產的贖回權。因此，我們將所有 Equinor 資產和負債從資產負債表中分離出來，並記錄了約 4,900 萬美元的 GAAP 減損和約 2,200 萬美元的所得稅收益。

As for the second of the two properties, in January earlier this year, we defaulted on the CMBS financing for our multi-tenanted office equity property located just outside Pittsburgh. Subsequent to quarter end, a receiver was appointed for the property, and as a result, we will deconsolidate the assets and liabilities from the company's consolidated balance sheet in the third quarter.

至於兩處房產中的第二處，今年 1 月初，我們拖欠了位於匹茲堡郊外的多租戶辦公股權房產的 CMBS 融資。季度末之後，我們已指定一名接管人接管該財產，因此，我們將在第三季將該資產和負債從公司的合併資產負債表中分離出來。

Accordingly, we reported a GAAP impairment of approximately $2 million related to the property. The combined items lowered second quarter total GAAP net book value to $7.65 per share from $7.92 per share in the first quarter.

因此，我們報告了與該財產相關的約 200 萬美元的 GAAP 減損。合併項目導致第二季 GAAP 總淨帳面價值從第一季的每股 7.92 美元降至每股 7.65 美元。

However, the impairment charges and offsetting tax benefit had no impact on our undepreciated book value as we had previously written both investments down to zero over a year ago. As such, for the second quarter, we reported undepreciated book value of $8.75, flat quarter-over-quarter.

然而，減損費用和抵銷稅務收益對我們的未折舊帳面價值沒有影響，因為我們一年前就已將這兩項投資減記為零。因此，我們報告的第二季未折舊帳面價值為 8.75 美元，與上一季持平。

Now I would like to quickly bridge the second quarter adjusted distributable earnings of $0.18 versus the $0.16 recorded in the first quarter. The change was primarily driven by loan originations and operating income from the San Jose Hotel.

現在我想快速將第二季調整後的可分配收益 0.18 美元與第一季的 0.16 美元進行比較。這項變更主要受聖荷西酒店的貸款發放和營業收入所推動。

Looking at reserves. During the second quarter, we recorded specific CECL reserves of approximately $19.5 million related to taking ownership of the properties associated with the San Jose Hotel loan and the Santa Clara, California multifamily predevelopment loan. As both loans were resolved during the quarter and subsequently, we charged off their reserves.

查看儲備。在第二季度，我們記錄了約 1,950 萬美元的特定 CECL 儲備，用於取得與聖荷西飯店貸款和加州聖克拉拉多戶型預開發貸款相關的房產所有權。由於這兩筆貸款均在本季度得到解決，因此我們註銷了其儲備金。

Our general CECL provision stands at $137 million or 549 basis points on total loan commitments. This is approximately $20 million lower than the prior quarter. As the CECL provision is flat quarter-over-quarter, the decrease is primarily driven by the charge-offs. Our debt-to-assets ratio is 63%, and our debt-to-equity ratio is 2.0 times. We have no corporate debt or final maturities due until 2027.

我們的一般 CECL 準備金為 1.37 億美元，即貸款承諾總額的 549 個基點。這比上一季低了約 2000 萬美元。由於 CECL 撥備環比持平，因此減少主要是由於沖銷所致。我們的資產負債比率為63%，股權負債比率為2.0倍。我們沒有 2027 年到期的公司債務或最終到期債務。

Lastly, our liquidity as of today stands at approximately $325 million. This comprises $106 million in current cash, $165 million under our credit facility and approximately $54 million of approved but undrawn borrowings available on our warehouse lines.

最後，截至今天我們的流動資金約為 3.25 億美元。其中包括 1.06 億美元的現金、1.65 億美元的信貸額度以及約 5,400 萬美元已獲批准但尚未提取的倉庫借款。

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，讓我們開始提問吧。操作員？

(Operator Instructions)

（操作員指示）

Randy Binner, B. Riley FBR.

蘭迪·賓納 (Randy Binner)，B. Riley FBR。

Hey, good morning. So that was well covered. Good quarter. I guess my question here is related to the REO portfolio, specifically the San Jose Hotel, the multifamily properties you mentioned. Can you just give a little color kind of like on value-added activities you mentioned? And then in San Jose, I think there's events coming to that market. I'd just like to -- love to hear like a little bit of color about like how the outlook is going for managing those and adding value to the process, as you said.

嘿，早安。所以這部分已經得到很好的報導。好季度。我想我的問題與 REO 投資組合有關，特別是您提到的聖荷西酒店和多戶住宅物業。能否稍微介紹一下您提到的增值活動？然後在聖何塞，我認為那裡的市場將會有活動。我只是想——想聽聽關於如何管理這些並為流程增加價值的前景的一些細節，正如您所說。

Hey Randy, how are you? This is Mike. I'll discuss the San Jose asset, and Andy is deeply involved in the multifamily assets. So he could tell you what we're doing there, which is -- some of them are very heavy lifts and the team is doing a great job.

嘿，蘭迪，你好嗎？這是麥克。我將討論聖荷西資產，安迪深度參與多戶資產。所以他可以告訴你我們在那裡做什麼，其中一些是非常繁重的工作，但團隊做得很好。

On the San Jose Hotel, again, as I said, it was a very protracted process and ended up foreclosing on the asset. There is a considerable amount of deferred maintenance at the asset given that the foreclosure process was a long one, and there was some distress at the asset.

關於聖荷西酒店，正如我所說，這是一個非常漫長的過程，最終導致資產被取消贖回權。由於止贖過程漫長，且資產存在一些問題，因此存在大量延期維護費用。

There were just basic things like elevators. Some elevators were not operating and offline. So there are things like that, that we need to address. So when I talk about getting -- doing those things, there are some big events that are coming up. You obviously want the hotel fully operational in its best condition.

只有電梯等基本設施。部分電梯未運行，處於離線狀態。所以有這樣的問題，我們需要解決。因此，當我談到要做這些事情時，一些大事件即將發生。您顯然希望酒店能夠以最佳狀態全面運作。

So we are going to be investing capital over the next six months into the hotel for deferred CapEx and things that need to be addressed. There are some big events coming up. I believe the fall is the peak season. We also have, as I said in the prepared remarks, the Super Bowl coming in the World Cup to Levi's Stadium, which is a very close proximity to our hotel. And then we have the March Madness in San Jose in March, obviously.

因此，我們將在未來六個月內向飯店投資資金，以支付遞延資本支出和需要解決的問題。一些大事件即將發生。我認為秋天是旺季。正如我在準備好的發言中所說的那樣，世界盃超級盃比賽將在李維斯體育場舉行，該體育場距離我們的酒店非常近。顯然，三月我們將在聖荷西舉辦瘋狂三月。

So we want to do things that we need to do to get that hotel fully operational in peak condition before those events. So we would envision because it's going to take some time to get some of these things addressed. Probably about six months, we're going to hold the asset certainly to do that, address the CapEx that's being deferred and then prepare for these big events. And that's why I think we'll look to potentially sell the hotel sometime in mid of 2026, but we don't really have a time line for it yet. It is contributing to earnings.

因此，我們希望採取必要的措施，確保飯店在這些事件發生之前全面恢復營運並達到最佳狀態。所以我們會預見，因為解決這些問題需要一些時間。大概六個月的時間，我們肯定會持有資產來做到這一點，解決被推遲的資本支出，然後為這些重大事件做好準備。這就是為什麼我認為我們可能會在 2026 年中期出售這家酒店，但我們還沒有具體的時間表。它正在為盈利做出貢獻。

The hotel is -- the NOI is above OpEx. So there is a positive NOI, but it's still in a trough and the ROE on that asset is still low. We don't have it encumbered right now. We can draw a modest amount against it on our preapproved capacity with our lender, something like $60 million in terms of potential liquidity. But right now, we're going to keep it unencumbered.

該飯店－淨營業收入高於營運支出。因此，NOI 為正，但仍處於低谷，且該資產的 ROE 仍然較低。我們現在沒有受到任何阻礙。我們可以根據貸款人預先批准的額度提取少量資金，潛在流動性約為 6,000 萬美元。但現在，我們將保持不受阻礙。

The ROE is low, but hopefully, the cash flow will increase. And again, we'll look to address this in 2026. And now I'll turn it over to Andy to talk a little bit about some of the multifamily REO that we have.

ROE較低，但希望現金流會增加。我們再次期待在 2026 年解決這個問題。現在我將讓安迪來談談我們擁有的一些多戶型 REO。

Thank you, Mike. So as it relates to our multifamily REO, we've got one that's on the precipice of being sold. And then for the remaining assets, the business plan is largely comprised of addressing deferred CapEx, addressing some of the unit improvements, leasing up the property, in some cases, improving the curb appeal. But these are relatively straightforward executions. And in most of the cases here, we're well along the way in terms of the execution of that business plan.

謝謝你，麥克。因此，就我們的多戶型 REO 而言，我們有一個即將出售的房產。對於剩餘資產，商業計劃主要包括解決遞延資本支出、解決部分單位改善、租賃財產，在某些情況下還包括提高吸引力。但這些都是相對簡單的執行。在大多數情況下，我們在執行該商業計劃方面已經取得了良好的進展。

And it's essentially taking an asset that is leased at a below market rate, improving the look and feel of the asset and driving towards market occupancy. And so we anticipate exiting the other 3 assets over the next several quarters.

它的本質是利用以低於市場價格租賃的資產，改善資產的外觀和感覺，並推動市場佔有率。因此，我們預計將在未來幾季內退出其他 3 項資產。

They're in various phases of that business plan that I laid out. So they'll kind of come in sequence. So we're encouraged by what we're seeing in terms of the demand for the underlying product and we anticipate executing these plans and getting them to market.

他們正處於我所製定的商業計劃的不同階段。所以它們會依照順序出現。因此，我們對基礎產品的需求感到鼓舞，我們期待執行這些計劃並將其推向市場。

Okay, great, that's great. Go ahead. I'm sorry, Randy.

好的，太好了，太好了。前進。對不起，蘭迪。

No, I was going to say that's super helpful on both fronts, but Mike, you were going to say?

不，我本來想說這對兩方面都非常有幫助，但是麥克，你想說什麼？

No, thank you. That's it.

不，謝謝。就是這樣。

Steve Delaney, Citizens JMP.

史蒂夫·德萊尼 (Steve Delaney)，公民 JMP。

Hello, everyone. Thanks for taking the question, and also congratulations on your stock up 6% today. Mike, just a little kind of theoretical question to start. If we look at bridge loans that you're underwriting today, especially after having worked through some 4s and 5s of bridge loans made in 2022 or 2023.

大家好。感謝您回答這個問題，也恭喜您的股票今天上漲了 6%。麥克，首先我想問一個小理論問題。如果我們看一下您今天承保的過橋貸款，特別是在處理了 2022 年或 2023 年發放的一些 4 期和 5 期過橋貸款之後。

Is there a difference in the quality of the borrowers or the properties of the structures? What have we as an industry, I'm throwing myself in there as an analyst, but the interim bridge lending, commercial real estate lending apparatus in the country.

借款人的素質或結構的性質是否有差異？作為一個行業，我們有什麼，我以分析師的身份投身其中，但是該國有臨時過橋貸款和商業房地產貸款機構。

Has there been a lesson learned? Is the bridge loan business today meaningfully different from what was being done post-COVID 2022 with lower rates? I'm just curious if there's something kind of cyclical going on there or the new version, if you will, is 2.0 going to be better than 1.0?

有沒有吸取教訓？今天的過橋貸款業務與 2022 年新冠疫情後利率較低的業務有何顯著不同？我只是好奇那裡是否存在某種週期性的事情，或者新版本，如果你願意的話，2.0 會比 1.0 更好嗎？

I feel like I'm talking to my daddy. Yes, there's been a lesson learned. We had a bubble market. We stopped lending in early 2022 because we saw it. We wish we stopped lending a quarter or two earlier.

我感覺就像在跟爸爸說話。是的，我們已經吸取了教訓。我們經歷了泡沫市場。我們在 2022 年初停止了放貸，因為我們看到了這一點。我們希望我們能早一、兩個季度停止放款。

One of the things that were driving the market before that we've spoken about in past calls have been the syndicators, and they've largely gone. And that's a huge positive. We're also operating in a different rate environment, and we're also operating where some of these properties, the values are getting reset. And so that's also very positive. So right now, we're looking at going in debt yields that are much better than we were before and exit debt yields also better.

我們在過去的電話會議中談到的推動市場發展的因素之一是辛迪加，而它們基本上已經消失了。這是一個巨大的正面因素。我們也在不同的利率環境中運營，並且我們的一些資產的價值正在重置。這也是非常正面的。因此，現在，我們預期的債務收益率比以前好得多，退出債務收益率也更好。

I think the backdrop of capital markets are looking very good, CLO market. We have a deal that's in the market, not us, but another lender that should price shortly, spreads look like it may tighten on that. The CMBS market, as you've heard on other calls today, the CMBS market is wide open and doing well.

我認為資本市場、CLO 市場的背景看起來非常好。我們在市場上有一筆交易，不是我們，而是另一個應該很快定價的貸款機構，利差看起來可能會變窄。CMBS 市場，正如您今天在其他電話會議上聽到的那樣，CMBS 市場全面開放並且運作良好。

We mentioned on our call the bank warehouse lenders are very active. As you know, Freddie and Fannie, probably from your GSE lender calls, Freddie and Fannie are robust lending activity, very aggressive, and hopefully, we'll have a Fed cut in September.

我們在電話會議中提到，銀行倉庫貸款人非常活躍。如您所知，房地美和房利美，可能從您的政府支持企業貸款人電話中得知，房地美和房利美的貸款活動非常活躍，非常積極，希望美聯儲能在 9 月份降息。

So the capital markets are feeling very good after this quarter. We're very constructive on multifamily. We feel like the recovery is U-shaped and we're at the bottom of that trough. We're still seeing concessions that are given, but construction lending is down considerably than where it was in our previous cycle in 2020, '21 and '22. The rent versus own proposition is looking stronger than ever, which bodes very well for multifamily.

因此，本季之後資本市場表現非常好。我們對多戶型住宅非常有建設性。我們感覺復甦呈 U 型，我們正處於低谷。我們仍然看到給予的優惠，但建築貸款與 2020 年、2021 年和 2022 年的上一個週期相比大幅下降。租房與買房的對比看起來比以往任何時候都更加強烈，這對多戶家庭來說是一個好兆頭。

So we think that in 2026, '27, you're going to see rent concession, burn-offs and rent increases. And hopefully, our credit people are recovering from the PDSD over the past two years, and they're seeing that, and we're trying to lean into the underwriting more because we do believe that, that market will tighten. We are picking our spots.

因此我們認為，在 2026 年、2027 年，你會看到租金減免、租金削減和租金上漲。希望我們的信貸人員能夠從過去兩年的 PDSD 中恢復過來，他們看到了這一點，我們正試圖更多地依靠承保，因為我們確實相信市場將會收緊。我們正在挑選我們的地點。

We would prefer new construction takeout and properties, obviously, brand new in areas where we're seeing higher household incomes where you could potentially push rents further than in other older vintage multifamily. We still think it's a lender-driven market.

我們更傾向於新建外送和房產，顯然，在家庭收入較高的地區，全新的房產更有利於提高租金，而這些地區的租金可能會比其他老式多戶住宅更高。我們仍然認為這是一個由貸方驅動的市場。

We've said that repeatedly on the last two or three calls, meaning that there's billions of dollars coming up for refinancing in the next two years which bodes well for the bridge market. And the lenders are at the end of the rope with regard to loan extensions without putting equity in the deals.

我們在過去的兩三次電話會議中一再提到這一點，這意味著未來兩年將有數十億美元的資金用於再融資，這對過橋市場來說是個好兆頭。而貸款方在沒有在交易中投入股權的情況下，在貸款延期方面已經走投無路。

And so the borrowers that are coming to us are still looking, and this is why inquiry has increased dramatically. 75% of it is still refi. The reason why the hit ratio is still low is because those borrowers are seeking to do better than the paydowns required by their existing lenders.

因此，來找我們的借款人仍在尋找貸款，這就是諮詢量大幅增加的原因。其中 75% 仍為再融資。貸款命中率仍然較低的原因是，這些借款人希望獲得比現有貸款人要求的更好的還款額。

So they're coming to the market asking for an equity-neutral refinancing. And those are still a struggle. And so as the lenders that they currently have are working with them, we're starting to see those refi requests turn into sales, and we're seeing more acquisition activity, which we largely prefer over bridge to bridge lending.

因此他們來到市場要求進行股權中性再融資。而這些仍是一場鬥爭。因此，隨著他們目前的貸款機構與他們合作，我們開始看到這些再融資請求轉化為銷售，並且我們看到更多的收購活動，與過橋貸款相比，我們更喜歡收購活動。

So hopefully, that investment sale activity will continue to grow as lenders are pushing their borrowers into the market saying sell the property or pay down the loan. So we're pretty constructive in the market right now, especially for multifamily.

因此，隨著貸款機構將借款人推向市場，要求出售房產或償還貸款，投資銷售活動預計將繼續成長。因此，我們現在對市場持相當積極的態度，尤其是對於多戶住宅而言。

And we think that this is a much different lending market than you're seeing. And evidenced by the fact, Steve, you're seeing the advance rate on CLOs about 5 percentage points higher than they were in 2022 because the debt yields going in are much better than what we saw in 2022.

我們認為這是一個與你所看到的截然不同的借貸市場。事實證明，史蒂夫，您看到 CLO 的預付率比 2022 年高出約 5 個百分點，因為債務收益率比我們在 2022 年看到的要好得多。

That's very helpful. Great look back and roll forward to where we sit here today. And given where we are today at June 30, your portfolio was $2.4 billion. If you look -- and maybe, Andy, wants to -- whoever wants to answer it, I guess, I'll address it to the team. But looking at your capital base today in that portfolio, how much incremental loan portfolio growth do you believe you have with your existing capital base to maybe move beyond the $2.4 billion portfolio at June 30?

這非常有幫助。回顧過去，展望今天。考慮到今天（6 月 30 日）的情況，您的投資組合價值為 24 億美元。如果你看 — — 也許，安迪，想要 — — 無論誰想回答這個問題，我想，我都會把它提交給團隊。但看看您目前在該投資組合中的資本基礎，您認為在現有資本基礎上，您的貸款組合增量增長了多少，才有可能超越 6 月 30 日的 24 億美元投資組合？

Thanks. Well, I'm going to turn it over to Andy because he did say and he'll clarify further from what his prepared remarks were about how much embedded capital we have in our REO. Andy?

謝謝。好吧，我將把它交給安迪，因為他確實說過，並且他將根據他準備好的發言進一步澄清我們在 REO 中有多少嵌入式資本。安迪？

So in terms of portfolio growth, right now, today, we're sitting on about $260 million of net book value in our REO portfolio. And so we're incredibly focused on getting to liquidity as it relates to those underlying positions. We're also sitting on a healthy cash position. So we're deploying capital.

因此，就投資組合成長而言，目前，我們的 REO 投資組合的淨帳面價值約為 2.6 億美元。因此，我們非常注重獲得與這些基礎部位相關的流動性。我們的現金狀況也十分健康。所以我們正在部署資本。

But as we look forward, we think the portfolio has the opportunity to grow to about $3.5 billion given our existing capital base. Now that's going to happen over time. Obviously, you're going to have repayments occurred during that period of time. Our deployment is going to be somewhat moderated by our ability to dispose of the existing REO, but that's certainly the focus of the organization at this point.

但展望未來，我們認為，考慮到我們現有的資本基礎，投資組合有機會成長至約 35 億美元。隨著時間的推移，這種情況將會發生。顯然，您將在那段時間內進行還款。我們的部署將在一定程度上受到我們處理現有 REO 的能力的限制，但這無疑是該組織目前的重點。

Well, thank you for that, all for your comments. That's very helpful.

好吧，謝謝大家的評論。這非常有幫助。

Thank you, Steve.

謝謝你，史蒂夫。

John Nikodemus, BTIG.

約翰·尼科德姆斯，BTIG。

Hello, good morning, everyone. Somewhat related to Steve's last question, something that Andy, you went over in your prepared remarks, the repayments. Obviously, you noticed that they were low in the second quarter.

哈嘍，大家早安。這與史蒂夫的最後一個問題有些相關，安迪，你在準備好的發言中已經討論過這個問題，即償還問題。顯然，你注意到他們在第二季表現很低。

Good to hear that they're going to be bouncing back. We did note that there were just $7 million total so far in July. Is that something that looks like it will be happening before the end of the third quarter or deeper into the year? I'm just kind of curious what the repayment trajectory is looking like throughout the rest of 2025?

很高興聽到他們將會恢復元氣。我們確實注意到，截至 7 月份，總額僅 700 萬美元。這看起來會在第三季末或今年晚些時候發生嗎？我只是有點好奇 ​​2025 年剩餘時間的還款軌跡是什麼樣的？

Yeah, as always, it's difficult to predict with a high degree of accuracy what the repayment schedule will look like. And getting to the REO proceeds, but we're certainly going to see an uptick over Q2 without a doubt. We've got some rather significant positions that we've got a clear line of sight in terms of resolving. So I think over the back half of the year, you are going to see some rather material resolutions, both in the existing REO portfolio and as it relates to repayments. And it's really difficult to size that.

是的，一如既往，很難高度準確地預測還款計劃會是什麼樣子。並獲得 REO 收益，但毫無疑問，我們肯定會在第二季看到上升趨勢。我們有一些相當重要的立場，在解決這些問題方面我們有明確的思路。因此我認為，在今年下半年，您將看到一些相當實質的解決方案，包括現有的 REO 投資組合以及與償還相關的解決方案。而要確定其規模確實非常困難。

I will also -- I'll add to that, that we are seeing -- we had some -- a modest paydown on one of the risk-weighted floor office loans. We expect a small office loan to pay off at the end of the month. We also are seeing on some of the larger office loan assets that we have -- I think, hopefully, next quarter, we should have this discussion about some underlying leasing that we're seeing there.

我還要補充一點，我們看到，我們對一筆風險加權樓層辦公室貸款進行了適度償還。我們預計一小筆辦公室貸款將在月底還清。我們還看到了我們擁有的一些較大的辦公室貸款資產——我想，希望在下個季度，我們應該討論一下我們在那裡看到的一些基礎租賃。

In the Phoenix office asset, they are in the process of working on a lease that could be meaningful for the building. We cannot speak for the borrower, but there is a chance that, that borrower in executing that lease, we'll put that asset up for sale.

在鳳凰城辦公資產方面，他們正在製定一份對建築物可能有意義的租約。我們不能代表借款人發言，但有可能，借款人在執行租約時，我們會將該資產出售。

So we're hopeful of that. Again, we can't speak to their goals and what their intentions are, but we would hope that, that would be the case. In Baltimore, that asset is a relatively highly leased asset, that office asset. And it is competing for a number of leases for state agencies.

所以我們對此充滿希望。再說一次，我們無法說出他們的目標和意圖，但我們希望情況就是這樣。在巴爾的摩，該資產是租賃率相對較高的資產，即辦公資產。該公司也正在競爭多個政府機構的租約。

There was a state agency building that was owned by the Maryland government that they are deciding not to invest new capital in, and they've told those tenants, those nine agencies in the building for about 250,000 square feet to go find some new space.

馬裡蘭州政府擁有一棟州政府機構大樓，他們決定不再投入新資金，並告知大樓內約 25 萬平方英尺的九個機構租戶去尋找新的空間。

And our building is -- our owner or borrower is competing for some of that space. And again, we can't speak on their behalf, but we -- hopefully, that will get done, and that may lead to that property being sold. And if we can get the office portfolio down, by about 20% from where it is today. It shrunk over time. That would bring it down to like a 5 handle, $500-ish million.

我們的建築物－我們的業主或借款人正在爭奪其中的部分空間。再說一次，我們不能代表他們發言，但我們希望這件事能完成，並可能導致該房產被出售。如果我們能夠將辦公室投資組合從現在的水平降低約 20%。隨著時間的推移，它逐漸縮小。這會使其價值降至 5 億美元左右。

Then I think we would potentially look at the market for doing new office loans. The CMBS market is accepting office properties more than it has over the past year. So we're optimistic that we can get some one-off deals done in the office market again, we have to shrink the office portfolio. And then I would also add that in Long Island City, Andy alluded to this, one of the buildings, we have leased one floor. And we're all working with a state agency.

然後我認為我們可能會考慮開展新的辦公室貸款市場。CMBS 市場對辦公大樓的接受度比過去一年有所提高。因此，我們樂觀地認為，我們可以再次在辦公市場完成一些一次性交易，我們必須縮減辦公室投資組合。然後我還要補充一點，在長島市，安迪提到了這一點，其中一棟建築，我們租了一層。我們都在與國家機構合作。

We were selected in an RFP process. We are in lease negotiations with that agency. I would put a grain of salt on that, please, because anything could happen, but there is some positive momentum there. Hopefully, that lease gets done. It's probably a little premature to say that because it's not fully baked.

我們在 RFP 流程中被選取。我們正在與該機構進行租賃談判。我對此持保留態度，因為任何事情都可能發生，但其中也存在一些積極的勢頭。希望租約能夠順利完成。現在這麼說可能有點太早，因為一切都還未完全成熟。

Hopefully, we'll have more to say about that positively next quarter.

希望下個季度我們能對此有更多正面的評價。

Thanks so much Mike and Andy. That's some great color and definitely exciting to hear what's coming through. Then for my follow-up, little bit more of a pivot, and I know this is something we've discussed before, I believe, in the spring with your team.

非常感謝 Mike 和 Andy。那是一些很棒的顏色，聽到正在發生的事情絕對令人興奮。然後，對於我的後續行動，我會稍微關註一下，我知道這是我們之前討論過的事情，我相信，在春天的時候，我們會和你的團隊討論過。

Just wanted to hear any updates your team might have now that Texas has moved to change its legislation on traveling HFCs. Has that changed how your team is looking at your existing loans as well as any future loans there, just given your Texas multifamily exposure?

只是想聽聽你們團隊現在可能獲得的任何最新消息，因為德克薩斯州已經開始改變有關旅行 HFC 的立法。考慮到您在德州的多戶住宅投資，這是否改變了您的團隊對現有貸款以及未來貸款的看法？

We made -- we have executed on some of the HFCs and we understand what the new legislation says, it gives us a two-year benefit in taxes, unless we sell the assets, we will probably -- we will be selling the assets before that two-year horizon. So that is what it is.

我們已經執行了部分氫氟碳化物交易，我們了解新立法的內容，它為我們提供了兩年的稅收優惠，除非我們出售這些資產，否則我們可能會在兩年期限之前出售這些資產。事實就是這樣。

And we think that -- that will have really no impact on our strategy in executing on those REOs. We are, right now, almost complete with complete CapEx on the Fort Worth asset, and I think that will probably see the light of day in terms of a sale after we list the Mesa multifamily asset. That will be the next one that goes up.

我們認為，這實際上不會對我們執行這些 REO 的策略產生任何影響。目前，我們幾乎完成了沃斯堡資產的全部資本支出，我認為，在我們列出梅薩多戶型資產後，這項資產的出售可能會有眉目。那將是下一個上升的。

The Fort Worth asset is experiencing extensive leasing progress after the refurbishments that we put in place. And we'll put that one on the market, my guess around first quarter of 2026. And then after that asset, the next one that will follow will be the one in Arlington, Texas. And that will probably be around the second quarter of 2026.

在我們實施翻新工程之後，沃斯堡資產的租賃工作正在取得重大進展。我們將把該產品投放市場，我猜大約在 2026 年第一季。繼該資產之後，下一個資產將是位於德克薩斯州阿靈頓的資產。這可能發生在 2026 年第二季左右。

Great thank you so much Mike appreciate it and that's all for me.

非常感謝麥克，我很感激，對我來說就這些了。

Jason Weaver, JonesTrading.

傑森·韋弗，JonesTrading。

Good morning, guys. Thanks for taking my question. Just looking at the decline in property operating margin in the quarter, I assume a good portion of that from the two you took back specifically San Jose. But how should we be thinking about the trajectory from here moving forward? Andy, you mentioned in your prepared remarks, there was a lot of deferred maintenance. Did that contribute to the extra expense burden there?

大家早安。感謝您回答我的問題。僅從本季房地產營業利潤率的下降來看，我認為其中很大一部分來自於你們收回的兩個項目，特別是聖荷西。但是我們該如何思考未來的發展軌跡呢？安迪，你在準備好的發言中提到，有很多維護工作被推遲了。這是否增加了額外的費用負擔？

I mean, for -- this is operating during the quarter, remember, we foreclosed on Signia San Jose Hotel. So that would have not only increased property income but as well as property expenditures during the quarter. So maybe that combination that's looking odd, but CapEx wouldn't affect the NOI.

我的意思是——這是在本季度運營的，記住，我們取消了 Signia San Jose 酒店的贖回權。因此，這不僅會增加本季的房地產收入，還會增加房地產支出。因此，這種組合看起來很奇怪，但資本支出不會影響淨營業收入。

Got it. So can you point to anything else that is affecting the operating margin there? It declined about 10 points is what I'm getting.

知道了。那麼，您能指出其他影響營業利益率的因素嗎？我得到的結果是它下降了大約 10 個百分點。

No. I'm failing to get the gist of where you're going.

不。我不明白你的意思。

We can revisit, no worries. Second, maybe related to Steve's question, it seems like many of the peers out there, a few have reported that they're still having some difficulty seeing net growth in their portfolios. Anything that you can point to from a competitive perspective on why you've been able to win more mandates, whether that's pricing, covenant structures, et cetera?

我們可以再去看看，不用擔心。其次，可能與史蒂夫的問題有關，似乎許多同行，其中一些報告說，他們仍然難以看到投資組合的淨增長。從競爭角度來看，您能指出為什麼您能夠贏得更多授權，無論是定價、契約結構等等？

Yeah, I'll be perfectly honest with you here. I mean, we feel -- we're disappointed in the second quarter. We said that going into last quarter that we would have a low, and quite frankly, hats off to some of our competitors.

是的，我會非常坦誠地告訴你。我的意思是，我們對第二季感到失望。我們說過，進入上個季度，我們會對我們的一些競爭對手錶示敬意，坦白說。

We've looked at our friends at TRTX have done a great job for the quarter, and we look to follow suit. We feel like the inquiry that we've gotten has increased, as I said in the prepared remarks, dramatically year-over-year.

我們看到 TRTX 的朋友們在本季表現出色，我們也希望能效仿。正如我在準備好的演講中所說，我們感覺我們收到的詢問逐年大幅增加。

So we're getting the looks that we want, and that's the main thing that we want to see as much as possible that's out there. And then it's up to us about the hit ratio. The struggle has been a lot of the borrowers coming to us for refis are looking, as I said earlier, for these cash-neutral deals, or to get a better deal than their current lender is asking of them. And so that has been a little bit of a struggle. But I think over time, we're seeing the lenders really pushing on the borrowers to move on.

因此，我們得到了我們想要的外觀，這也是我們希望盡可能多地看到的主要內容。然後命中率就由我們來決定了。正如我之前所說，困難在於許多來我們這裡尋求再融資的借款人都在尋找這些現金中性交易，或者尋求比他們目前的貸款人要求的更好的交易。所以這確實有點困難。但我認為，隨著時間的推移，我們會看到貸款人確實在推動借款人繼續前進。

And we're starting to see more acquisition financing. So that's why we're optimistic for the back half of the year, especially if there's a Fed cut in September. But in terms of our peer group, I would not thank you for the generous remarks, but I don't necessarily think that we've done or outperformed our peer group in originations this quarter.

我們開始看到更多的收購融資。這就是我們對下半年持樂觀態度的原因，尤其是如果聯準會 9 月降息的話。但就我們的同行而言，我不會感謝您的慷慨評論，但我並不認為我們在本季度的發起方面已經做得比我們的同行更好或做得更好。

Alright, thank you for that Keller.

好的，謝謝你，凱勒。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I was hoping to get some more color on the cross-collateralized preferred equity investments that you guys had in 2Q '25.

是的，謝謝。早安.我希望能更了解你們在 2025 年第二季進行的交叉抵押優先股投資。

Sure. This is Andy. I'll take that question. So this is related to the pref equity position that we originated during the quarter, correct?

當然。這是安迪。我來回答這個問題。那麼這與我們在本季發起的優先股持股有關，對嗎？

Yes.

是的。

Okay. So this is a cross-collateralized pref across six properties or loans. They're all located in Phoenix. These were existing loans. So this was crossing the performance of those 6 properties under this pref equity agreement.

好的。因此，這是一項涉及六處房產或貸款的交叉抵押優先股。它們都位於鳳凰城。這些是現有貸款。因此，這與優先股權協議下這 6 處房產的表現相符。

And the underlying collateral consists of just over 900 units, and the occupancy is about 92%, 93%. In terms of the rate on that particular instrument, I believe it was 14%. I don't know if you had any other questions as it related to this particular loan.

基礎抵押品僅包括900多個單位，入住率約92％至93％。就該特定工具的利率而言，我認為是 14%。我不知道您是否還有其他與這筆特定貸款相關的問題。

No, that's helpful. And as a follow-up, I wanted to ask you on the Santa Clara multifamily that's in REO. I look at the carry value of $39 million, it seems like it's different than $57 million that was reported when it was in the watch list. Just wanted to get some more color on the difference in the carry value.

不，這很有幫助。作為後續問題，我想問您有關 REO 中的聖克拉拉多戶住宅的問題。我看了看 3900 萬美元的持有價值，似乎與觀察名單中報告的 5700 萬美元有所不同。只是想進一步了解攜帶價值的差異。

Which asset?

哪種資產？

So that's -- so the difference -- essentially you're seeing the charge-off of the CECL that's related to that. So that was a decrease. This was our CECL reserve that we had against it and that accounts for the difference.

所以這就是差異——本質上你看到的是與此相關的 CECL 的沖銷。所以這是一個下降。這是我們為此準備的 CECL 儲備，這也是造成差異的原因。

Okay, understood, thank you, that's all I had.

好的，明白了，謝謝，我就知道這麼多。

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

我們的問答環節到此結束。我想將會議交還給 Mike Mazzei 並請他做最後發言。

Thank you. Okay. In closing, we would like to mention to the families, friends and colleagues of the victims of the 345 Park Avenue tragedy and our friends and industry colleagues at Blackstone and Rudin that we offer our thoughts and prayers and deepest condolences. And thank you to the NYPD, the first responders and to all of the building security staffs who keep us safe. Thank you. And thank you for joining us today. This ends our call.

謝謝。好的。最後，我們想向 345 公園大道悲劇的受害者的家人、朋友和同事以及 Blackstone 和 Rudin 的朋友和業內同事表示我們的思念、祈禱和最深切的哀悼。感謝紐約警察局、急救人員以及所有保護我們安全的建築保全人員。謝謝。感謝您今天加入我們。我們的通話到此結束。

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。