Franklin BSP Realty Trust Inc (FBRT) 2024 Q1 法說會逐字稿

Good day and welcome to the Franklin BSP Realty Trust first quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Lindsey Crabbe Please go ahead, ma'am.

美好的一天，歡迎參加富蘭克林 BSP 房地產信託 2024 年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。現在我想將會議交給 Lindsey Crabbe 女士，請繼續，女士。

Good morning. Thank you check for Hosting our call today. Welcome to the Franklin BSP Realty Trust First Quarter 2024 earnings conference call. As the operator mentioned, I'm on the call with me on the call today are Richard Byrne, Chairman and CEO of FBRT; Jerry Baglien, Chief Financial Officer and Chief Operating Officer of FBRT; and Michael Comparato, President of FBRT.

早安.感謝您今天主持我們的電話會議。歡迎參加富蘭克林 BSP 房地產信託 2024 年第一季財報電話會議。正如接線員所提到的，今天與我通話的是 FBRT 董事長兼執行長 Richard Byrne； Jerry Baglien，FBRT 財務長兼營運長；以及 FBRT 總裁 Michael Comparato。

Before I begin, I want to mention that some of today's comments are forward-looking statements and are based on certain assumptions. Those comments and assumptions are subject to inherent risks and uncertainties as described in our most recently filed SEC periodic reports and actual future results may differ materially. The information conveyed on this call is current only as of the date of this call, April 30th, 2024. The Company assumes no obligation to update any statements made during the call, including any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

在開始之前，我想提一下，今天的一些評論是前瞻性陳述，並且基於某些假設。這些評論和假設受到我們最近提交的 SEC 定期報告中所述的固有風險和不確定性的影響，未來的實際結果可能會存在重大差異。本次電話會議所傳達的訊息僅截至本次電話會議日（2024 年 4 月 30 日）為止。除非法律要求，否則本公司不承擔更新電話會議期間所做的任何聲明（包括任何前瞻性聲明）的義務，無論是由於新資訊、未來事件或其他原因。

Additionally, we will refer to certain non-GAAP financial measures, which are reconciled to GAAP figures in our earnings release and supplementary slide deck, each of which are available on our website at www.FBRTRE. dot com. We will refer to the supplementary slide deck on today's call.

此外，我們將參考某些非 GAAP 財務指標，這些指標與我們的收益發布和補充幻燈片中的 GAAP 數據一致，每項指標均可在我們的網站 www.FBRTRE 上取得。 .com。我們將在今天的電話會議上參考補充幻燈片。

With that, I'll turn the call over to Rich.

這樣，我會將電話轉給 Rich。

Thanks, Lindsay, and good morning, everyone, and thank you for joining us today. As Lindsay mentioned, our earnings release and supplemental deck were published to our website yesterday. We will begin today's call on slide 4, and I'm going to review our first quarter results and then open the call up as always for your questions.

謝謝林賽，大家早安，謝謝你們今天加入我們。正如 Lindsay 所提到的，我們的收益報告和補充資料昨天已發佈到我們的網站上。我們將從投影片 4 開始今天的電話會議，我將回顧我們第一季的業績，然後像往常一樣開始電話會議，回答大家的問題。

First, we were pleased with our first quarter results. FDRT.'s distributable earnings increased to $0.41 per fully converted share compared to $0.39 in the prior quarter. This equates to a 10.4% distributable earnings return on common equity. Our distributable earnings dividend coverage for the quarter was 115%. Our strong earnings are the result of stable portfolio size throughout most of the quarter, which add to the continued benefit of higher base rates as well as a strong contribution from our conduit business, our conduit as an alternative business line that can be an earnings enhancer. Cmbs CMBS has again become one of the lower-cost financing options in the market. So we remain cautiously optimistic that conduit revenues will continue to benefit our earnings in future quarters.

首先，我們對第一季的業績感到滿意。FDRT. 的可分配收益增至每股完全轉換股 0.41 美元，而上一季為 0.39 美元。這相當於普通股可分配收益報酬率為 10.4%。本季我們的可分配收益股利覆蓋率為 115%。我們強勁的收益是本季大部分時間投資組合規模穩定的結果，這增加了較高基本利率的持續收益以及我們的管道業務的強勁貢獻，我們的管道作為替代業務線可以增強收益。Cmbs CMBS 再次成為市場上成本較低的融資選擇之一。因此，我們對管道收入將繼續有利於我們未來幾季的獲利保持謹慎樂觀。

Our core portfolio ended the quarter at $5.2 billion of principal balance, which is an increase from the core from the last quarter. This was due to very strong originations in Q one. In fact, Q1 was our fourth largest origination quarter since the inception of our company, we added $591 million of new loan commitments in the quarter and committed to $756 million of originations through the entire year to date. As of yesterday, most of our Q1 portfolio growth happened towards the back half of the quarter. So we did not see the full benefit of the larger portfolio in our first quarter net interest margin. We expect to enjoy this positive income impact in future quarters. Multi-family CONTINUED continues to be our main sector, and this represents 75% of our commercial real estate loan portfolio. We closed the quarter with 1 billion in available liquidity, including 240 million of unrestricted cash. Our cash balance decreased by $98 million in the quarter versus Q4 due to our active deployment into new originations. Our strong liquidity position allows us to capitalize on the current abundance of attractive new investment opportunities and provides us flexibility to resolve credit issues the extent they arise.

本季末，我們的核心投資組合本金餘額為 52 億美元，較上季核心增加。這是由於第一個問題的強烈起源。事實上，第一季是我們自公司成立以來的第四大發放季度，我們在該季度增加了 5.91 億美元的新貸款承諾，並承諾全年迄今發放 7.56 億美元的貸款。截至昨天，我們第一季投資組合的成長大部分發生在本季後半段。因此，我們在第一季的淨利差中沒有看到更大的投資組合的全部好處。我們預計在未來幾季將享受這種積極的收入影響。多戶住宅（續）仍然是我們的主要領域，占我們商業房地產貸款組合的 75%。本季結束時，我們擁有 10 億美元的可用流動資金，其中包括 2.4 億美元的非限制性現金。由於我們積極部署新業務，本季現金餘額比第四季減少了 9,800 萬美元。我們強大的流動性狀況使我們能夠利用當前大量有吸引力的新投資機會，並為我們提供靈活性來解決出現的信貸問題。

Turning to our watch list, we ended the quarter with six loans with a risk rating of four on our watch list. Our watch list represents approximately 5% of our core portfolio. As previously disclosed, one asset was removed from our watch list during this quarter taken as REO and then liquidated at a at a modest gain. We have been successful in working through problem loans and achieving positive outcomes. While there will continue to be changes to our watch list each quarter with loans potentially being added and or removed. We are optimistic about our team's ability to continue to manage this process Mike will provide more watchlists detail in his comments, including promising feedback on several assets.

轉向我們的觀察名單，本季結束時，我們的觀察名單上有六筆貸款，風險評級為四筆。我們的觀察名單約占我們核心投資組合的 5%。如同先前所揭露的，本季一項資產被從我們的觀察名單中刪除，被稱為 REO，然後以適度的收益進行清算。我們成功地解決了問題貸款並取得了積極成果。雖然我們的觀察名單每季都會繼續發生變化，可能會增加和/或刪除貸款。我們對我們的團隊繼續管理此流程的能力感到樂觀。

The risk for the risk profile of our portfolio remains low with an average overall risk rating of 2.3 at quarter end, unchanged from the prior quarter and 95% of our loans are risk rated three or better. Our foreclosure REO positions also remains unchanged. Sitting at three at quarter end. Walgreens' retail portfolio continues to make up most of this balance. And as we have said previously, the portfolio has is being actively marketed for sale in aggregate, our foreclosure REO positions represent 2.2% of our total assets.

我們投資組合的風險狀況仍然較低，季末平均整體風險評級為 2.3，與上一季持平，95% 的貸款風險評級為 3 或更高。我們取消抵押品贖回權的 REO 部位也維持不變。季度末坐在三點。沃爾格林的零售產品組合繼續佔據了這一平衡的大部分。正如我們之前所說，該投資組合正在積極進行市場銷售，我們的法拍 REO 部位占我們總資產的 2.2%。

Lastly, I want to mention that we purchased $1.9 million of FBRT. common stock during the first quarter, we continued to be active in the second quarter and so far we've repurchased an additional 2.1 200,000.0 excuse me, 2.0 million of our common stock through April 19th, 2024. This totals 3.8 million year to date in total, since our program began, the company and its advisor purchased $68 million of FBRT. common stock. Our Company buyback program is authorized through the end of 2024.

最後，我想提一下，我們買了 190 萬美元的 FBRT。我們在第一季回購了普通股，第二季繼續活躍，到目前為止，截至 2024 年 4 月 19 日，我們已經額外回購了 2.1 200,000.0 股普通股，即 200 萬股普通股。自我們的計劃開始以來，該公司及其顧問購買了 6,800 萬美元的 FBRT，今年迄今總計 380 萬美元。普通股。我們公司的回購計畫已獲得授權，截止日期為 2024 年底。

Finally, FBRT.'s first quarter was a strong start to 2020 for our distributable earnings, once again, comfortably exceeded our dividend level and we were able to grow our loan portfolio, adding what we would call a new vintage of loans that offers strong credit quality, which will also enhance FBRT.'s earnings power. While we continue to see a challenging environment for commercial real estate, especially as many loans reach initial maturity this year, we are confident in the resilience of our multifamily focused portfolio and our ability to effectively resolve challenging loans.

最後，FBRT. 的第一季是我們 2020 年可分配收益的強勁開局，再次輕鬆超過了我們的股息水平，我們能夠擴大我們的貸款組合，增加我們所說的新貸款年份，提供強勁的貸款信用質量，這也將增強FBRT. 的獲利能力。雖然我們仍然看到商業房地產面臨充滿挑戰的環境，特別是今年許多貸款達到初始到期日，但我們對以多戶型為主的投資組合的彈性以及有效解決具有挑戰性的貸款的能力充滿信心。

Now with all that Jerry, I'm going to turn things over to you to cover our financial results.

現在傑瑞，我要把事情交給你來報道我們的財務表現。

Thanks, Rich, and I appreciate everyone being on the call today. Moving onto our results, let's start on Slide 5, FPRT. generated GAAP earnings of $35.8 million, or $0.35 per diluted common share. That's an increase of $0.07 from the prior quarter and this earnings on earnings level represents an 8.9% return on common equity. In the first quarter, we earned 41 million in distributable earnings in the first quarter and a walk-through of our distributable earnings to GAAP net income can be found in the earnings release.

謝謝里奇，我很感謝今天大家來參加電話會議。轉到我們的結果，讓我們從幻燈片 5 FPRT 開始。產生了 3580 萬美元的 GAAP 收益，即每股稀釋普通股收益 0.35 美元。這比上一季增加了 0.07 美元，這一盈利水平意味著普通股回報率為 8.9%。第一季度，我們的可分配收益為 4,100 萬美元，我們的可分配收益與 GAAP 淨利潤的對比可以在收益發布中找到。

Our CECL reserve increased by 2.9 million during the quarter, which includes an asset-specific reserve of 700,000 on one of our watchlist loans. Seasonal increase resulted in a $0.03 per share reduction to GAAP earnings. This also impacted our first quarter book value, which ended the quarter at $15.68 per share.

我們的 CECL 準備金在本季度增加了 290 萬美元，其中包括我們的一項觀察名單貸款中的 70 萬美元的資產專用準備金。季節性成長導致 GAAP 每股收益減少 0.03 美元。這也影響了我們第一季的帳面價值，季末帳面價值為每股 15.68 美元。

Slide 7 summarizes our portfolio progression. As Rich said, our core portfolio ended the quarter with $5.2 billion in principal balance new commitments, future funding on existing loans and repayments this quarter resulted in a net increase of $199 million from last quarter. Nine loans were repaid in full. During the quarter, multifamily made up 70% of our repayments with hospitality, self-storage and office contributing to the remaining balance. We expect the pace of repayments to be similar in the coming quarters.

投影片 7 總結了我們的投資組合進展。正如里奇所說，我們的核心投資組合在本季末有 52 億美元的本金餘額新承諾，現有貸款的未來融資和本季的還款導致比上季淨增加 1.99 億美元。九筆貸款已全部償還。本季度，多戶家庭占我們還款的 70%，其餘餘額則用於招待、自助倉儲和辦公室。我們預計未來幾季的還款速度將會相似。

Turning to Slide 8. This provides a high-level snapshot of our capitalization. Our average cost of debt during the quarter was modestly lower at 7.8%. Our liability structure provides us with optionality. A large portion of our portfolio is financed through our CLOs. At quarter end 80%, 87% of our financing on our core book is nonrecourse and non-mark-to-market. The reinvestment period is still available on two of our five CLOs. And despite limited issuance, the CRE CLO market has seen some activity and offerings since our last deal in September. Our current funding position is strong.

轉到投影片 8。這提供了我們資本的高級快照。本季我們的平均債務成本略有下降，為 7.8%。我們的責任結構為我們提供了選擇性。我們投資組合的很大一部分是透過 CLO 融資的。截至季末，我們核心帳簿上 80%、87% 的融資是無追索權和非以市價計價的。我們的五份 CLO 中有兩份仍享有再投資期間。儘管發行量有限，但自從我們 9 月的上次交易以來，CRE CLO 市場已經出現了一些活動和產品。我們目前的資金狀況強勁。

However, we will remain opportunistic in accessing the capital markets when necessary in future quarters, we can strategically tap into CLO financing when market conditions are attractive and align with our future funding needs. Our liability structure is further enhanced by our warehouse facilities. We maintain strong relationships with a diverse group of six lenders, each demonstrating a healthy appetite for our loans.

然而，在未來幾個季度，我們將在必要時保持機會進入資本市場，當市場條件有吸引力並符合我們未來的融資需求時，我們可以策略性地利用CLO融資。我們的倉庫設施進一步增強了我們的責任結構。我們與六家不同的貸款機構保持著牢固的關係，每個貸款機構都對我們的貸款表現出良好的興趣。

This strong demand underscores the credit quality of our entire portfolio, encompassing both legacy assets and our recent originations, notably our new loans, both some of the highest credit quality we've seen in several years. We maintained a net leverage position of 2.4 times at quarter end. Importantly, we have consistently delivered relatively strong distributable earnings return on our equity without taking what we believe to be a outsized risk.

這種強勁的需求凸顯了我們整個投資組合的信貸質量，包括遺留資產和我們最近發放的貸款，尤其是我們的新貸款，這兩項貸款都是我們幾年來所見過的最高信貸品質。季度末我們的淨槓桿部位維持在 2.4 倍。重要的是，我們一直在股本上提供相對強勁的可分配收益回報，而沒有承擔我們認為過大的風險。

With that, I'll turn it over to Mike to review give you an update on our portfolio.

這樣，我會將其交給麥克進行審查，為您提供我們投資組合的最新資訊。

Thanks, Jerry, and good morning, everybody. Thank you for joining us, and I'm going to start on Slide 12. Our core portfolio ended the quarter at $5.2 billion, spread across 145 loans with an average size of 36 million. As you can see, 99% of our loans are senior secured and our exposure is 75% in the multifamily sector. We continue to be long-term bullish on the fundamentals of multifamily. As previously discussed the asset class offers compelling advantages due to its superior credit quality and robust liquidity profile. We're strategically concentrated on the Southeast and Southwest U.S. given the positive macroeconomic trends of the major metros within those geographies. These areas continue to be a focus for new investments.

謝謝傑瑞，大家早安。感謝您加入我們，我將從幻燈片 12 開始。本季末，我們的核心投資組合達到 52 億美元，涵蓋 145 筆貸款，平均規模為 3,600 萬筆。正如您所看到的，我們 99% 的貸款都是優先擔保的，並且 75% 的貸款屬於多戶住宅領域。我們繼續長期看好多戶住宅的基本面。正如前面所討論的，該資產類別由於其卓越的信用品質和強勁的流動性狀況而具有引人注目的優勢。鑑於美國東南部和西南部主要城市宏觀經濟的積極趨勢，我們將戰略重點集中在這些地區。這些領域仍然是新投資的重點。

Slide 13 highlights our origination activity. In the first quarter, we originated 11 loans at a weighted average spread of 464 basis points. While we had several unique transactions this quarter, this spread is indicative of the market opportunity previously mentioned the quality of the deal flow we are seeing is very attractive with strong terms, including higher debt yields and lower loan to values of revalued asset levels. This quarter, we originated loans in the multifamily industrial, hospitality and office sectors. And while we remain extremely bearish on office, the office loan we closed in March was a unique credit opportunity that came with very attractive economics. However, inclusive of this new loan, our off exposure, our office exposure still stands at only 6% across our entire portfolio and excluding our long-term net leased corporate headquarters and distribution facility our office exposure is under 5% of the portfolio. Our conduit program platform had an excellent quarter closing five transactions. Echoing Rich's earlier remarks. We are encouraged by the conduits momentum and in Q1, we securitized $101 million of loans with a weighted average profit margin of 5.5 points. We look to conduit revenue to continue to contribute to earnings in the coming quarter. But this is historically lumpy, lumpy revenue and difficult to model. We believe this is the first quarter in quite some time that we can say that all businesses within FERT. were hitting on all cylinders. That said, we recognize the current market presents challenges with increased borrowing costs and softening asset values. Fortunately, FBRT. benefits from being a part of BSP. is broader real estate platform and can leverage the team, we believe is among the industry's best our asset and senior management teams are actively working with borrowers to develop solutions and address any loan related issues that may arise.

幻燈片 13 重點介紹了我們的原創活動。第一季度，我們發放了 11 筆貸款，加權平均利差為 464 個基點。雖然我們本季進行了幾筆獨特的交易，但這種利差表明了前面提到的市場機會，我們看到的交易流品質非常有吸引力，條款也很強勁，包括更高的債務收益率和更低的貸款與重估資產水準的價值。本季度，我們在多戶工業、旅館和辦公領域發放了貸款。雖然我們仍然對辦公室極度悲觀，但我們在三月關閉的辦公室貸款是一個獨特的信貸機會，具有非常有吸引力的經濟效益。然而，包括這筆新貸款、我們的場外風險敞口在內，我們的辦公室風險敞口在整個投資組合中仍僅為6%，不包括我們長期淨租賃的公司總部和分銷設施，我們的辦公室風險敞口佔投資組合的比例低於5%。我們的通路規劃平台在本季表現出色，完成了五筆交易。呼應里奇之前的言論。我們對通路動能感到鼓舞，在第一季度，我們將 1.01 億美元的貸款證券化，加權平均利潤率為 5.5 個百分點。我們希望管道收入繼續為下一季的收益做出貢獻。但這從歷史上看是不穩定的，不穩定的收入並且難以建模。我們相信，這是相當長一段時間以來第一個季度，我們可以說 FERT 內的所有業務都實現了成長。正在撞擊所有氣缸。儘管如此，我們認識到當前市場面臨借貸成本上升和資產價值疲軟的挑戰。幸運的是，FBRT。成為 BSP 的一部分將受益匪淺。是更廣泛的房地產平台，並且可以利用團隊，我們相信是業內最好的資產之一，我們的高階管理團隊正在積極與借款人合作，制定解決方案並解決可能出現的任何貸款相關問題。

Moving to slide 14, you'll see a summary of our watch list activity. We ended the quarter with six loans on our watch list, all four rated with an aggregate value of $264 million. Last quarter. I provided detailed information on our risk rating process. And I'll remind you today that a rate of four rated asset is one that is an asset with an underperforming business plan with the potential of some interest loss, but still expecting a positive return on investments.

前往投影片 14，您將看到我們的觀察清單活動的摘要。本季結束時，我們的觀察名單上有六筆貸款，所有四筆貸款的總價值為 2.64 億美元。上個季度。我提供了有關我們風險評級流程的詳細資訊。今天我要提醒您的是，四級評級資產是一種業務計劃表現不佳、可能會出現一些利息損失但仍期望獲得正投資回報的資產。

Six loans on our watch list are a CBD high-rise office building in Denver, Colorado. This loan was amended and extended maturity by two years and requires a 2 million principal paydown later in 2024. We have a Class A. suburban office building in Alpharetta, Georgia. This loan was also recently amended to extend maturity by one year. The borrower paid down the loan by approximately $1.4 million in 2023 and paid down an additional $1 million in the first quarter of 2020 for a full-service 279 key hotel in Dallas, Texas.

我們觀察名單上的六筆貸款是科羅拉多州丹佛市的一棟 CBD 高層辦公大樓。該貸款經過修改，期限延長了兩年，要求在 2024 年稍後償還 200 萬本金。我們在喬治亞州阿爾法利塔擁有一棟 A 級郊區辦公大樓。該貸款最近也進行了修改，將期限延長了一年。借款人於 2023 年償還了約 140 萬美元的貸款，並於 2020 年第一季額外償還了 100 萬美元，用於購買位於德克薩斯州達拉斯市的一家擁有 279 家全方位服務的酒店。

This property is finalizing its sale process and should pay off at or very close to our outstanding debt balance based on offers received to date, it's a 426 unit apartment property in Cleveland. Ohio is a new add this quarter and we are in active dialogue with the borrower. And the last two watchlist loans are 471 unit apartment community in Raleigh, North Carolina and a two property portfolio of apartment assets in Morrisville and Chapel Hill, North Carolina. We are in the process of foreclosing on these assets. And as of today, we expect to finalize their sale to third parties at or above our basis in the second quarter.

該房產正在完成其銷售流程，根據迄今為止收到的報價，應該可以償還或非常接近我們的未償債務餘額，這是克利夫蘭的 426 套公寓房產。俄亥俄州是本季新增的項目，我們正在與借款人積極對話。最後兩筆觀察名單貸款是北卡羅來納州羅利的 471 套公寓社區以及北卡羅來納州莫里斯維爾和教堂山的兩個公寓資產組合。我們正在取消這些資產的贖回權。截至今天，我們預計將在第二季以等於或高於我們的基準完成向第三方的銷售。

With respect to nonaccruals, we will highlight the four loans. One is a newly built multifamily asset in Las Vegas, where subsequent to quarter end, a mezzanine lender has taken control of the asset and the loan is now current. Another two assets are the two less watch list loans I just discussed. And lastly, we have a cross portfolio of multifamily assets that are also in the process process of being sold. It is important to note that while we place these assets on nonaccrual in Q1, we have been receiving payments and recognize that recognizing them on a cash basis. All in all, I believe we are making good progress through our watchlist loans, and we are hopeful the three remaining nonaccruals will be resolved in the second quarter.

關於非應計費用，我們將重點放在四筆貸款上。其中之一是拉斯維加斯新建的多戶家庭資產，季度末後，夾層貸款人已控制該資產，貸款現已有效。另外兩項資產是我剛才討論的兩項較少觀察名單的貸款。最後，我們擁有多戶資產的交叉投資組合，這些資產也正在出售。值得注意的是，雖然我們在第一季將這些資產列為非應計資產，但我們一直在收到付款並認識到以現金為基礎確認這些資產。總而言之，我相信我們在觀察名單貸款方面取得了良好進展，我們希望剩餘的三項非應計費用將在第二季度得到解決。

With respect to modifications, in Q1, we closed 17 credit positive loan modifications and negotiated pay-downs on nine loans representing 4.1% of their respective loan balance on on average, our borrowers contributed nearly 30 million of incremental equity related to extensions and modifications in the first quarter.

在修改方面，一季度，我們完成了17筆信用正貸款修改，並協商還款了9筆貸款，平均佔各自貸款餘額的4.1%，借款人貢獻了近3,000萬與延期和修改相關的增量權益。

Moving to slide 15, we had three foreclosure REO positions at quarter end. Those positions or report lists of our Portland office building, which we continue to believe is not the right time to exit the asset, a multifamily asset in Lubbock, Texas, where our asset management team continues to meaningfully improve the asset and increase occupancy. It is still classified as held for investment during But through our improvements and retenanting. And our last REO is our Walgreens portfolio. We hold 23 retail stores as part of this portfolio at quarter end all assets around the market for sale, and we are actively attempting to liquidate the entire portfolio. In aggregate, our foreclosure REO balance ended the quarter $122 million, which is approximately 2.2% of our total assets.

轉向投影片 15，我們在季度末有 3 個喪失抵押品贖回權的 REO 部位。我們波特蘭辦公大樓的這些職位或報告清單，我們仍然認為不是退出該資產的正確時機，該資產是德克薩斯州拉伯克的多戶資產，我們的資產管理團隊繼續有意義地改善該資產並增加入住率。但透過我們的改進和重新租賃，它仍然被歸類為投資持有。我們的最後一個 REO 是我們的沃爾格林投資組合。我們持有 23 家零售店作為該投資組合的一部分，截至季度末，所有資產均在市場上出售，我們正在積極嘗試清算整個投資組合。總的來說，本季末我們法拍 REO 餘額為 1.22 億美元，約占我們總資產的 2.2%。

Wrapping up, we are very bullish about the market opportunity for FERT. We have a legacy loan portfolio that will continue to require our focused attention. But at the same time, a combination of factors are leading to compelling new origination opportunities, which we are taking advantage of every new loan we originate improves the overall credit quality of our portfolio, and we will continue to be a market leader on new originations.

總而言之，我們非常看好 FERT 的市場機會。我們擁有遺留的貸款組合，將繼續需要我們的重點。但同時，多種因素正在帶來引人注目的新發放機會，我們正在利用我們發放的每筆新貸款來提高我們投資組合的整體信用質量，我們將繼續成為新發放的市場領導者。

With that, I would like to turn the call back to the operator and begin the Q&A session.

這樣，我想將電話轉回接線生並開始問答環節。

(Operator Instructions) Stephen Laws, Raymond James.

（操作員說明）Stephen Laws、Raymond James。

Just to start, Mike, appreciate all the comments on the portfolio. Can you touch on the nonperforming loans and what type of sponsors those are there? Any similarities or multiple loans to the same sponsor. And just generally, you know what you're seeing in multi-family around sponsor stress, especially given kind of this higher for longer rate outlook and decisions that the sponsors are making, whether to protect or walk away from like from assets?

首先，麥克，感謝對作品集的所有評論。您能否談談不良貸款以及這些不良貸款的發起人類型？任何相似之處或向同一贊助商提供的多次貸款。一般來說，您知道在多戶家庭中看到的圍繞贊助商壓力的情況，特別是考慮到贊助商正在做出的長期利率前景和決策，是保護還是放棄資產？

Sure. Thanks, Stephen, for the question, and thanks for joining this morning. I would say generally we're seeing more stress in the syndicated borrower structure than anything else. The typical GPLP. 95, five, 90 10 syndicated equity, where there's it's less controlled by the underlying sponsor and some of the decisions on capital calls are being made at the LP level. Again, I think we've seen our borrowers generally trying to work things out in a positive way. And I think strangely, one of the strongest positives is we're not even on negative outcomes having many sites, which is really helpful through the workout process. I think that a lot of borrowers. If they have decided the time has come, they are ready, willing and generally able to work with us quickly to resolve things. And we're not ending up in court, which is a positive for everybody.

當然。謝謝史蒂芬提出這個問題，也感謝您今天早上的加入。我想說的是，總的來說，我們在銀團借款人結構中看到的壓力比其他任何因素都大。典型的GPLP。 95, 5, 90 10 銀團股權，其中底層發起人的控制較少，並且一些關於資本需求的決定是在有限合夥人級別做出的。同樣，我認為我們已經看到借款人普遍試圖以積極的方式解決問題。我認為奇怪的是，最強烈的積極因素之一是我們甚至沒有在許多網站上出現負面結果，這在運動過程中確實很有幫助。我認為借款人很多。如果他們認為時機已到，他們就會準備好、願意並且通常能夠與我們快速合作解決問題。我們不會最終上法庭，這對每個人來說都是正面的。

Great. Appreciate the color there. And one quick follow up, but Jerry, you mentioned about the financing facilities and noticed, I think one with Atlas the capacity was was trimmed a bit. Can you talk to that decision and kind of how those discussions are with your financing line providers?

偉大的。欣賞那裡的顏色。一個快速的跟進，但是傑裡，你提到了融資設施並注意到，我認為阿特拉斯的產能被削減了一點。您能否談談這項決定以及與您的融資線路提供者的討論情況如何？

I mean, just generally in terms of how the conversations are. I think they've been very positive for us because we're primarily using those facilities to finance the new originations that were closing and space. So in terms of credits that we're putting to the banks today. They're all brand new lease prices as clean as you're going to get in some of the best credits we've seen in a long time. So all that's well received in terms of sizing, some of that's just rebalancing to somewhere where we want and where we're using capacity more and more, we're using it less. We don't want to carry more than we need it with certain counterparties. So we always assess kind of size and dispersion of availability across the set that we hold on our books has offerings.

我的意思是，一般來說，就對話的方式而言。我認為它們對我們來說非常積極，因為我們主要使用這些設施來為即將關閉的新項目和空間提供資金。就我們今天向銀行提供的信貸而言。它們都是全新的租賃價格，就像您將獲得我們長期以來看到的一些最好的信用一樣乾淨。因此，所有這些在規模方面都受到了好評，其中一些只是重新平衡到我們想要的地方，以及我們越來越多地使用容量的地方，我們使用它的越來越少。我們不想向某些交易對手攜帶超出我們所需的東西。因此，我們總是評估我們在帳簿上所提供產品的規模和可用性分佈。

Great. And then I guess one last one up, Mike, I think the Q1 originations were about four, 65 over, I believe. Can you talk about the spreads you've generated on the the 165 million originations quarter to date.

偉大的。然後我猜最後一個是，麥克，我認為第一季的起源大約是 4 個，我相信超過 65 個。您能否談談本季迄今 1.65 億個發起的利差。

I don't have the number on the quarter to date spreads. They're going to be tighter Steven? Yes, we as I mentioned, we closed that office loans in Q1 that was priced at so for nine 38. So that CO really offsetting our Q1 type number. So I can be comfortable in saying that we'll be inside of where it is for Sumant.

我沒有本季至今利差的數字。他們會變得更緊史蒂文？是的，正如我所提到的，我們在第一季關閉了辦公大樓貸款，其定價為 9 38。這樣 CO 確實抵消了我們的 Q1 型數字。因此，我可以放心地說，我們將在 Sumant 所在的位置內進行。

Okay. Understood. Appreciate the comments this morning.

好的。明白了。感謝今天早上的評論。

Steve Delaney, JMP Securities.

史蒂夫·德萊尼，JMP 證券。

Thanks. So congratulations on a solid start to 2024 everyone. Rich. There's a old saying among bankers that the only problem with making good loans is that they pay off too fast. I'm just curious if you feel when you look at the portfolio units today, do you think there is enough solid demand out there that you can maintain the portfolio above 5 billion. And on the other hand, with respect to potential new CLO, is there any chance to see net portfolio growth with your existing capital base? Thank you.

謝謝。恭喜大家 2024 年有一個好的開始。富有的。銀行家中有句老話說，發放優質貸款的唯一問題是還款太快。我只是好奇，當您今天查看投資組合單位時，您是否認為有足夠的穩定需求，可以將投資組合維持在 50 億美元以上。另一方面，就潛在的新 CLO 而言，您現有的資本基礎是否有機會看到投資組合的淨成長？謝謝。

Well, since you called me out, Steve, I'll start at that answer. I agree, but I'm what the whole industry is dealing with now is all of those loans that record origination quarters across the street. All occurred in late 2020, mostly 2021 and beginning of 2022, all that stuff coming due. So your first problem is just resolving all that.

好吧，既然你叫我出來了，史蒂夫，我就從這個答案開始吧。我同意，但整個行業現在正在處理的是所有記錄街對面發放季度的貸款。所有這些都發生在 2020 年底，大部分是 2021 年和 2022 年初，所有這些事情都會到期。所以你的第一個問題就是解決所有這些問題。

And then getting on to the next vintage, we're really excited about this vintage because, as Mike said, you're resetting asset values and making new loans there and there isn't a lot of competition. Banks are on the sidelines. A lot of our peers are on the sidelines, and we're getting looks at great loans, maybe some loans we may never reviewed and have seen and as you know, better better terms. So I think that's the opportunity as far as being able to continue to grow the portfolio.

然後進入下一個年份，我們對這個年份感到非常興奮，因為正如麥克所說，你正在重置資產價值並在那裡發放新貸款，並且沒有太多競爭。銀行處於觀望狀態。我們的許多同行都在觀望，我們正在尋找優質貸款，也許有些貸款我們可能從未審查過，但正如你所知，我們已經看到了更好的條件。因此，我認為這就是能夠繼續擴大投資組合的機會。

Yes, I mean we have over 200 million of cash. We have a Walgreens book, that's another 100 million. That's really earning something resembling cash that when those assets get sold, we can redeploy and we're only running it 2.4 times leverage. You know, we don't we never really go much higher than that, but certainly provides us with some capacity to grow the book from there. So as we've said, I mean, I think people are going to look on this vintage of deals as one being one of the best, you know, I think when you look back on it that we've ever seen or certainly that we've seen in a long time, and we're going to continue to actively originate into this opportunity appreciate that color, Mike.

是的，我的意思是我們有超過2億的現金。我們有一本沃爾格林的書，那又是一億本。這確實賺到了類似現金的東西，當這些資產被出售時，我們可以重新部署，而且我們只運行 2.4 倍的槓桿。你知道，我們從來沒有真正達到比這更高的水平，但肯定為我們提供了一些能力來發展這本書。正如我們所說，我的意思是，我認為人們會將這段時期的交易視為最好的交易之一，你知道，我認為當你回顧它時，我們曾經見過，或者肯定是我們已經看到很長一段時間了，我們將繼續積極利用這個機會來欣賞這種顏色，麥克。

One for you. First quarter, obviously, we're here. We've seen CMBS, certainly spreads tightening. It seems that it's encouraging more people to refi and go into fixed-rate conduit loans. And after a slow, you know, 2023 is sort of the light green and pedal to the metal on conduit. And and obviously 5% is probably not replicable every quarter. Just give us some sense for whether conduit lending this year could come close to the 384 million you did in 2022. What kind of a range tighter range might you suggest to us for gain on sale? Thank you very much.

一份給你。顯然，第一季我們就在這裡。我們已經看到了 CMBS，利差肯定在收緊。它似乎鼓勵更多的人進行再融資並進入固定利率管道貸款。慢慢地，你知道，2023 年是一種淺綠色，在管道上猛踩油門。顯然 5% 可能無法每季都複製。請讓我們了解今年的管道貸款是否會接近 2022 年的 3.84 億美元。您可能會向我們建議什麼樣的較窄範圍以獲得銷售收益？非常感謝。

Thanks, Steve. Yes, I mean, first, it's a double GreenLight. We are originating as much as we can as fast as we can and more importantly, securitizing it as fast as we can because as tighter spreads can go in, they can can go the other way. So we want them to be touch and go on the balance sheet. But no, the group is very active in the space.

謝謝，史蒂夫。是的，我的意思是，首先，它是雙綠燈。我們正在盡可能快地發起盡可能多的資金，更重要的是，盡快將其證券化，因為隨著利差收窄，它們也可能會走向相反的方向。所以我們希望它們能夠被觸及並進入資產負債表。但事實並非如此，該組織在該領域非常活躍。

And yes, I do think the Q. one on a profit margin basis is harder. I repeat and hard to repeat and scale. I think generally speaking where I would be very happy if we could do just $2 million a quarter for the rest of 2024 in the conduit, that would be really great. And if we can go exceed that in any given quarter, that's just a cherry on top, but an additional five, six 7 million of conduit revenue through the balance of 2024, I think would be a really good earnings stabilizer for us.

是的，我確實認為基於利潤率的第一個問題更難。我重複並且很難重複和擴展。我認為總的來說，如果我們能夠在 2024 年剩餘時間裡每季在通路中投入 200 萬美元，我會非常高興，那真是太棒了。如果我們能夠在任何特定季度超過這個數字，那隻是錦上添花，但到2024 年剩餘時間將增加5、6、700 萬的管道收入，我認為這對我們來說將是一個非常好的收益穩定劑。

That's great. That's helpful. And we can we can pick and choose their volume and margin numbers you. That's that's very helpful guidance for us on on what you expect from the Group for the year. Appreciate both your comments today. Thanks.

那太棒了。這很有幫助。我們可以為您挑選和選擇他們的交易量和保證金數字。這對於我們了解您對集團今年的期望非常有幫助。感謝您今天的評論。謝謝。

Matthew Erdner, JonesTrading.

馬修‧艾德納，瓊斯交易公司。

Your Morning, guys. Thanks for your question. Could you talk a little bit about cap rates and what you're underwriting to going in and exiting on these new deals?

你們早安，夥計們。謝謝你的提問。您能否談談上限利率以及您為這些新交易的進入和退出承保的費用？

I'm sure, Matt. I mean, do you want it across all asset classes or specific to multi? I mean, the more color you're willing to give I think that would be great. Sure. So multifamily is kind of a tale of two worlds today. And I would say that that's stabilized multifamily and non-stabilized multi-family, right, stabilized multifamily. Generally speaking for the past several quarters, we're seeing cap rates pretty much on top of where 10 year. Fannie Freddie coupons are.

我確信，馬特。我的意思是，您希望它適用於所有資產類別還是特定於多種資產？我的意思是，你願意提供的顏色越多，我認為那就太好了。當然。所以，今天的多戶家庭是兩個世界的故事。我想說的是，這是一個穩定的多戶家庭和非穩定的多戶家庭，對吧，穩定的多戶家庭。一般來說，在過去的幾個季度中，我們看到資本化率幾乎高於 10 年。房利美房地美優惠券是。

So if you can borrow from Fannie Freddie on a 60 LTVLTCIO. 10-year loan at 5.5, you're going to see cap rates generally 5.5%. I think on the non-stabilized multi front, where we're seeing those are being bought on a cap rate basis. We're seeing people generally, we look at them as yield cost versus replacement cost on buying an asset that was built in 2020 for 225,000 a key and to rebuild that asset today would cost me 300 so that they're not really trading on cap rate basis.

因此，如果您可以向房利美 (Fannie Freddie) 借 60 LVLTCIO。 10 年期貸款利率為 5.5，您會看到上限利率通常為 5.5%。我認為在不穩定的多方面，我們看到這些是在上限利率的基礎上購買的。我們通常會看到人們，我們將其視為購買2020 年建造的資產（一把鑰匙225,000 美元）的收益率成本與重置成本，而今天重建該資產將花費我300 美元，因此他們並不是真正按上限進行交易費率基礎。

They're more just your gross exposure or basis on a per unit on a per unit basis, I would say industrial is probably just a few ticks wider than multi-family on stabilized basis at retail. If you want to add another, maybe 100 basis points of that, again, depending on what it is, grocery-anchored is going to trade inside of power center, anchored strip and hospitality. We're still seeing kind of 7.5 to 8.5 depending on asset quality and market.

它們更只是您的總風險敞口或以每單位為單位的基礎上，我想說工業可能只比穩定的零售多戶家庭寬幾個刻度。如果你想再增加一個，也許是 100 個基點，同樣，取決於它是什麼，雜貨錨定將在電力中心、錨定地帶和酒店內進行交易。我們仍然會看到 7.5 到 8.5 之間的情況，具體取決於資產品質和市場。

And then office, I don't think office is trading based on a cap rate at all. That's just yield. The few trades that we are seeing steel price per pound and market and basically just a long term bet that you're buying it so cheap, that you'll be okay, five or 10 years from now?

然後是辦公大樓，我認為辦公大樓根本不是根據上限利率進行交易的。這只是收益率。我們看到的每磅鋼材價格和市場價格的少數交易基本上只是一個長期賭注，你以如此便宜的價格購買它，從現在起五年或十年後你會沒事的？

Yes, right. That makes sense. And that's very helpful and good color there. And then are you guys still seeing opportunities for construction loans and, you know, what's your appetite going forward on that we are I think the stress at the bank level really hasn't abated. And with rates generally higher for longer, it doesn't appear that it's going to abate anytime soon. So I think they're squarely on the sidelines for the balance of 2024 and perhaps a decent part of 2025, right?

是的，沒錯。這就說得通了。這非常有幫助，顏色也很好。然後你們是否仍然看到建築貸款的機會，你們知道，你們對我們未來的胃口是什麼，我認為銀行層面的壓力確實沒有減輕。由於利率普遍較高的時間較長，因此似乎不會很快減弱。因此，我認為他們在 2024 年的剩餘時間以及 2025 年的大部分時間都處於觀望狀態，對嗎？

Banks don't typically jump into the pool cannonball style when they come back in, it's going to be a tone than an ankle than a knee, and that's going to take some time. So we do view it as an opportunity. We continue to close construction loans in Q1. I think some of our best risk returns are in our construction book. The issue is they're just inefficient assets for us because they dribble capital out little pieces over an extended period of time. So I love them from a risk return standpoint, not so great in terms of efficiency of capital deployment, but overall continuing to see opportunities and will continue to be active in the space, provided those opportunities persist for some.

班克斯回來後通常不會像砲彈那樣跳進泳池，這將是一種比腳踝比膝蓋更重要的音調，而且這需要一些時間。所以我們確實將其視為一個機會。我們繼續在第一季關閉建築貸款。我認為我們最好的風險回報都在我們的建設書中。問題是，它們對我們來說只是低效率的資產，因為它們會在很長一段時間內將資本從小部分流失。因此，從風險回報的角度來看，我喜歡他們，就資本部署效率而言，他們的表現不是很好，但總體而言，他們繼續看到機會，並將繼續活躍在該領域，前提是這些機會對某些人來說持續存在。

Thank you, guys. Appreciate it.

感謝你們。欣賞它。

Matthew Howlett, B. Riley.

馬修·豪利特，B.萊利。

Thanks for taking my question. Just on your ROEs, I mean, I think you kind of asked in terms of targets this year, looks like clearly, the 8.9% was under you sort of there was some drag on that artificial drags this quarter going forward with the portfolio growth with the buyback would potentially some of the cash freed up from real estate sales. What's not to prevent that from going to say 12, 13% in that case?

感謝您提出我的問題。就你的股本回報率而言，我的意思是，我認為你問了今年的目標，看起來很明顯，8.9% 低於你的水平，本季度的投資組合增長對人為拖累有一些拖累回購可能會部分從房地產銷售中釋放出來的現金。在這種情況下，有什麼可以阻止 12%、13% 的出現呢？

Would you raise it? Hey, Matt, good morning and thank you for such a direct question. So I think I think we've all your rich, Jerry and myself have been pretty open that we do think the future is bright. We do think that we've got investable capital and are growing the portfolio. Every group we grew in Q1, and I think we're one of the most active originators in the market today. So we clearly want to continue to grow the portfolio. We have a path to grow the portfolio.

你會提出嗎？嘿，馬特，早安，謝謝你提出這樣一個直接的問題。所以我想我們都很富有，傑瑞和我自己都非常開放，我們確實認為未來是光明的。我們確實認為我們已經擁有可投資資本並且正在擴大投資組合。我們在第一季成長的每個群體，我認為我們是當今市場上最活躍的發起者之一。因此，我們顯然希望繼續擴大產品組合。我們有一條擴大投資組合的途徑。

There doesn't appear to be any massive walls preventing us from from growing the portfolio. So the short answer is yes, to everything you said, we would like to grow the portfolio. We would like to enhance our OE. and at the appropriate time. Obviously, in conjunction with conversations with the Board, if we feel we've adequately address the legacy portfolio and feel like we're comfortable, could we address the dividend going higher in the future?

似乎沒有任何巨大的牆壁阻止我們擴大投資組合。所以簡短的回答是肯定的，對於你所說的一切，我們希望擴大產品組合。我們希望增強我們的 OE。並在適當的時間。顯然，結合與董事會的對話，如果我們認為我們已經充分解決了遺留投資組合問題並且感覺我們感到滿意，那麼我們可以解決未來股息上漲的問題嗎？

Absolutely.

絕對地。

Yes. Do I think that that's a 2024 event? Probably not. But I do think that is a very, very real possibility. And one we talk about fairly regularly. And I guess I'm not asking for guidance, but you look at the second quarter number, clearly with the late stage portfolio growth in the first quarter, the drag from some of those not onetime-ish nonaccruals. And then with the buyback, accelerate me clearly got to distribute the US is on pace to be up in second quarter from the first quarter yes, all.

是的。我認為那是 2024 年的活動嗎？可能不會。但我確實認為這是一種非常非常現實的可能性。我們經常談論這一點。我想我並不是在尋求指導，但你看看第二季度的數字，顯然是第一季後期投資組合的增長，其中一些不是一次性的非應計項目的拖累。然後，隨著回購，我顯然必須加速分配，美國第二季度的成長將比第一季度有所上升，是的，全部。

I mean, look, I think it's I think this is really my focus is less on looking out the windshield and more through the rearview mirror. And I think we've got a meaningful portfolio that we think we need to work through the rest of this year. And we just want to make sure that the legacy book has been cleaned up to a level where we don't have surprises right? There just wants to be a very, very we want to have a high conviction rate if we're going to address a dividend. And I think the legacy portfolio plays more of a role in that conversation than forward-looking origination yet, Matt, as those rates, I think the whole world is now convinced on higher for longer, which is making us skeptical.

我的意思是，看，我認為這確實是我的注意力不再是看擋風玻璃，而是更多地通過後視鏡。我認為我們已經有了一個有意義的投資組合，我們認為我們需要在今年剩餘的時間裡繼續努力。我們只是想確保遺留書已被清理到不會讓我們感到意外的水平，對嗎？如果我們要解決股利問題，我們只是希望有一個非常非常高的定罪率。我認為，遺留投資組合在這場對話中比前瞻性的起源發揮了更多的作用，馬特，因為這些利率，我認為全世界現在都相信利率會在更長的時間內保持較高水平，這讓我們持懷疑態度。

But right, you've got a lot of factors at play right now. And obviously the rates are part of that legacy book that come together. And the last thing I mean, the Walgreens and I think us analysts, I'm not sure how to model that that could be significant. If you can reinvest, we can get out of that and reinvest those into today's new originations, what you said or the best you've seen in years, just an update, what can you can you tell us to expect anything this year?

但是，現在有很多因素在起作用。顯然，這些費率是那本遺留書的一部分。我的最後一件事是，沃爾格林和我認為我們的分析師，我不知道如何建模這可能是重要的。如果您可以進行再投資，我們可以擺脫這種情況，並將其重新投資到今天的新產品中，您所說的或您多年來看到的最好的產品，只是更新，您能告訴我們今年會發生什麼事嗎？

Is it just going to be opportunistic if someone hits your bid? Any color on how that process is going would be appreciated.

如果有人達到你的出價，這只是機會主義嗎？任何關於該過程如何進行的顏色都將受到讚賞。

I mean where we're actively working on selling the portfolio, we recognize exactly what you recognize, right. We've got roughly $100 million of capital locked up, as Rich pointed out, making cash like returns when we historically are originating loans at much better than cash type returns. So we see the opportunity. We have a few stores under contract today. We have a few stores under letter of intent today. I'm hoping next quarter we can give you guys a more robust, a summary of where those stand, but not we're still in the process of getting these contracts nonrefundable actually closing. So we thought it was premature to address that today, but this is a front burner issue for us. It is clearly a place that we can improve the portfolio fastest and easiest. And we are we are very, very focused on getting as much of Walgreens resolved in 2024 as we can.

我的意思是，在我們積極致力於銷售投資組合的地方，我們完全認識到您所認識到的，對吧。正如 Rich 指出的那樣，我們鎖定了大約 1 億美元的資本，在我們歷史上以遠高於現金類型回報的方式發放貸款時，我們獲得了類似現金的回報。所以我們看到了機會。今天我們有幾家商店簽訂了合約。今天我們有幾家商店簽訂了意向書。我希望下個季度我們能夠為你們提供更可靠的總結，說明這些情況，但我們仍在使這些合約不可退款，實際結束。因此，我們認為今天解決這個問題還為時過早，但這對我們來說是一個首要問題。顯然，這是我們可以最快、最簡單地改進投資組合的地方。我們非常非常專注於在 2024 年盡可能解決沃爾格林問題。

And the good news is we 22 hundred over 200, $240 million of cash to get us to spend first. So it's not like we're missing an opportunity now. We have plenty of liquidity even without it. So we're trying to be, as Mike pointed out, as disciplined as possible. You know, we want to sell into strength. So but with an eye towards sooner rather than later.

好消息是我們 2200 人，200 人，2.4 億美元的現金讓我們先花掉。所以我們現在並不是錯過了一個機會。即使沒有流動性，我們也有充足的流動性。因此，正如麥克指出的那樣，我們正在努力盡可能遵守紀律。你知道，我們想要賣出實力。因此，但著眼於宜早不宜遲。

And there's no debt on that. I really have there's no financing on that at all Janos free and clear, right, that's going to be all cash back to you.

而且沒有任何債務。我真的沒有任何資金支持，Janos 完全免費且明確，對吧，這將全部現金返還給你。

We look forward to that.

我們對此充滿期待。

Yes, this concludes our question and answer session. I would like to turn the conference back over to Ms. Lindsey Crabbe for any closing remarks. Please go ahead, ma'am.

是的，我們的問答環節到此結束。我想將會議轉回給 Lindsey Crabbe 女士做閉幕致詞。請繼續，女士。

We appreciate you joining us today. If you have any further questions, please reach out to me or our team. Thank you.

我們感謝您今天加入我們。如果您還有任何疑問，請聯絡我或我們的團隊。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。