Franklin BSP Realty Trust Inc (FBRT) 2024 Q2 法說會逐字稿

Good day and welcome to the Franklin BSP Realty Trust second quarter 2024 Earnings Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加富蘭克林 BSP 房地產信託 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Ms. Lindsey Crabbe, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係總監 Lindsey Crabbe 女士。請繼續。

Good morning. Thank you, Cole, for hosting our call today. Welcome to the Franklin BSP Realty Trust second quarter 2024 earnings call. As the operator mentioned, I'm Lindsey Crabbe.

早安.謝謝科爾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 年第二季財報電話會議。正如接線員所提到的，我是 Lindsey Crabbe。

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.

今天與我一起參加電話會議的是 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 we 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 report and actual future results may differ materially. The information conveyed on this call is current only as of the date of this call, August 01, 2024. The company assumes no obligation to update any statements made during this 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，我想指出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期（2024 年 8 月 1 日）為止。除非法律要求，否則本公司不承擔更新本次電話會議期間所做的任何聲明的義務，包括任何前瞻性聲明，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.fbrtreit.com. We will refer to the supplementary slide deck on today’s call.

此外，我們將參考某些非公認會計原則財務指標，這些指標與我們的收益發布和補充幻燈片中公認的會計原則數據一致。每一項都可以在我們的網站 www.fbrtreit.com 上找到。我們將在今天的電話會議上參考補充幻燈片。

With that, I will turn the call over to Rich Byrne.

這樣，我會將電話轉給里奇·伯恩。

Great. Thanks, Lindsey and good morning, everyone. Thank you for joining us today. Apologies in advance, I'm dialing in from a remote location. So if I'm not coming in loud and clear, I'll try to talk louder and clearer.

偉大的。謝謝，林賽，大家早安。感謝您今天加入我們。提前致歉，我是從遠端位置撥入的。因此，如果我的發言不夠大聲、清晰，我會試著說得更大聲、更清晰。

As Lindsey mentioned, our earnings release and supplemental deck were published to our website yesterday. I'm going to begin today's call on slide 4 by reviewing our second quarter results and then of course we'll open the call up as always to your questions.

正如 Lindsey 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。我將在投影片 4 上回顧我們第二季的業績來開始今天的電話會議，然後我們當然會像往常一樣開始電話會議，回答大家的問題。

The quarter was marked by several key developments. Jerry is going to detail our financial performance and Mike will cover market conditions in our watch list and REO portfolio, all of which in much greater detail, but first, I'm going to provide an overview of the quarter's most significant events.

本季有幾項關鍵進展。Jerry 將詳細介紹我們的財務業績，Mike 將介紹我們的觀察清單和 REO 投資組合中的市場狀況，所有這些都更加詳細，但首先，我將概述本季度最重要的事件。

First, our origination engine was extremely active. We continue to see great deal flow and originated $622 million in new commitments during the second quarter. Our year-to-date origination total is over $1.3 billion. The deals we have originated post the rise in interest rates are some of the best we've seen from a risk reward perspective in a very long time.

首先，我們的原創引擎非常活躍。我們繼續看到大量交易流，並在第二季產生了 6.22 億美元的新承諾。我們今年迄今的發起總額已超過 13 億美元。我們在利率上升後發起的交易是很長一段時間以來從風險回報角度來看最好的交易之一。

A substantial and growing portion of our portfolio is from this new vintage, approximately 25% of our loan portfolio was originated in the last 12 months. We continue to deploy capital and grow our balance sheet because of the confidence that we have in our portfolio. Each new loan we originate enhances the credit quality of our book.

我們的投資組合中很大一部分且不斷增長的部分來自這個新年份，我們的貸款組合中約 25% 源自過去 12 個月。由於我們對投資組合充滿信心，我們將繼續部署資本並擴大資產負債表。我們發放的每筆新貸款都會提高我們帳本的信用品質。

Second, during the quarter our CECL provision increased by $31.4 million. The increase was entirely related to a $32.3 million specific CECL provision on four watch list loans. This resulted in a $0.37 decrease to our second quarter book value and negatively affected GAAP earnings. The vast majority of the specific reserve relates to a Denver office property, which was downgraded to a risk rating of five this quarter.

其次，本季我們的 CECL 撥備增加了 3,140 萬美元。這一增長完全與針對四項觀察名單貸款的 3,230 萬美元特定 CECL 條款有關。這導致我們第二季的帳面價值下降了 0.37 美元，並對 GAAP 收益產生了負面影響。絕大多數特定準備金與丹佛的一處辦公物業有關，該物業本季的風險評級被下調至五級。

Next, there was a lot of movement within our watch list, which Mike will go over in some good detail, But I would be remiss if I didn't touch on a very positive note that between Q2 and shortly into Q3, we were able to liquidate 18 Walgreens properties very close to our marked basis.

接下來，我們的觀察清單中有很多變化，麥克將詳細介紹這些變化，但如果我沒有提到一個非常積極的方面，那就是我的疏忽，即在第二季度和第三季度不久之間，我們能夠清算 18 家沃爾格林資產，非常接近我們的標記基數。

We only have five remaining Walgreens stores REO. As it relates to watch list on REO, what we are experiencing now is very common at this point in the cycle, especially after the high volume of originations in the 2021 vintage and as Mike will detail, we already have had positive developments on some of our watch list names subsequent to quarter end.

我們只剩下五家沃爾格林商店 REO。由於它與REO 上的觀察名單相關，我們現在所經歷的情況在周期的這一點上非常常見，特別是在2021 年年份的原產地量很大之後，正如邁克將詳細介紹的那樣，我們已經在一些方面取得了積極的進展季度末後我們的觀察名單名稱。

Next at quarter end, we had $700 million in available liquidity. Our ability to grow our loan portfolio decreased our liquidity position from the first quarter but we are very comfortable with the amount of liquidity we have today.

接下來的季度末，我們有 7 億美元的可用流動資金。我們擴大貸款組合的能力從第一季開始減少了我們的流動性頭寸，但我們對今天擁有的流動性數量感到非常滿意。

Next, we purchased 3 million of FBRT common stock during the second quarter inclusive of the first quarter, we have repurchased almost 5 million of FBRT common shares in the first half of 2024. In total, since the program began, the company and its advisor have purchased nearly 69 million of FBRT common stock.

接下來，我們在第二季（包括第一季）購買了 300 萬股 FBRT 普通股，我們在 2024 年上半年回購了近 500 萬股 FBRT 普通股。自該計劃開始以來，該公司及其顧問總共購買了近 6,900 萬股 FBRT 普通股。

Lastly, notwithstanding Denver, it was a solid quarter. This is not to say we think we're completely out of the woods with respect to the pre-rate increase loans still on our balance sheet, but we like where FBRT is and where its overall positioning is. Our originations have been at favorable levels and we continue to support our stock. We believe our solid financial position will allow us to emerge from this period as a market leader.

最後，儘管丹佛隊表現不佳，但這個季度的表現還是不錯的。這並不是說我們認為我們已經完全擺脫了資產負債表上的加息前貸款的困境，但我們喜歡 FBRT 的現狀及其整體定位。我們的起源一直處於有利的水平，我們將繼續支持我們的股票。我們相信，我們穩健的財務狀況將使我們能夠擺脫這段時期，成為市場領導者。

With that, Jerry, let me turn things over to you.

那麼，傑瑞，讓我把事情交給你吧。

Great. Thanks, Rich, and thanks for everyone joining us on the call today. Let's move on to results and I'll start on slide 5. FBRT reported a GAAP loss of $3.8 million or $0.11 per diluted common share this quarter. The decline in GAAP net income is largely due to the increase in our CECL reserve as Rich mentioned and lower quarter-over-quarter conduit income.

偉大的。謝謝里奇，也感謝今天加入我們電話會議的所有人。讓我們繼續討論結果，我將從幻燈片 5 開始。FBRT 報告本季 GAAP 虧損 380 萬美元，即每股稀釋普通股虧損 0.11 美元。GAAP 淨利潤的下降主要是由於我們的 CECL 準備金的增加（正如 Rich 所提到的）以及季度環比管道收入的下降。

Our CECL reserve reflects a $32.3 million specific CECL provision across four watch list loans this quarter. It reduced GAAP earnings and book value per share by $0.37. Book value at quarter end was $15.27 which incorporates $0.93 per share of CECL reserves.

我們的 CECL 儲備反映了本季四筆觀察名單貸款中 3,230 萬美元的特定 CECL 撥備。GAAP 收益和每股帳面價值減少了 0.37 美元。季度末帳面價值為 15.27 美元，其中包含每股 0.93 美元的 CECL 儲備金。

The Walgreens assets sold close to our marked basis, but did result in GAAP net income being reduced by $4.3 million this quarter. That's net of minority interest. This consisted of $1.9 million in asset write downs based on the closing sale price of the 18 stores and $2.4 million of abated rent that was credited to the buyer in association with the sale. We earned 32 point in distributable earnings in the second quarter or $0.31 per fully converted share.

沃爾格林資產的出售接近我們的標記基數，但確實導致本季 GAAP 淨利潤減少了 430 萬美元。這是扣除少數股東權益後的淨值。其中包括根據 18 家商店的收盤價計算的 190 萬美元資產減記，以及與銷售相關的計入買方的 240 萬美元減免租金。第二季我們的可分配收益增加了 32 個百分點，即每股完全轉換的股票 0.31 美元。

Distributable earnings were lower this quarter largely because of the realization of the loss from the Walgreens that we had previously recognized in our GAAP earnings and that is now flowing through distributable earnings. There will be an additional impact to Q3 distributable earnings associated with the realization of the loss from the 16 additional stores that settled in Q3 and that's approximately $25 million.

本季可分配收益較低，主要是因為我們先前在 GAAP 收益中確認了沃爾格林的虧損，而現在虧損已透過可分配收益流入。第三季新增 16 家門市的虧損將對第三季可分配收益產生額外影響，約 2,500 萬美元。

On slide 7, you can see that we had strong portfolio growth of $195 million this quarter, driven by new loans exceeding repayments. Six loans were repaid during the quarter from the multifamily and hospitality sectors.

在投影片 7 上，您可以看到，在新增貸款超過還款額的推動下，本季我們的投資組合強勁成長了 1.95 億美元。本季度，多戶家庭和酒店業償還了六筆貸款。

Turning to slide 8, our average cost of debt on our core portfolio decreased slightly to 7.8%, although our average debt outstanding increased to support the growth in our portfolio. We continue to have available liquidity on our warehouse lines and increased demand from our lenders to finance new loans.

轉向投影片 8，我們核心投資組合的平均債務成本略有下降至 7.8%，儘管我們的平均未償債務增加以支持我們投資組合的成長。我們的倉庫繼續擁有可用流動性，貸款機構對新貸款融資的需求也不斷增加。

This strong interest reinforces the quality of our recent loans. On our core book, over 80% of our financings are non-recourse, non-mark to market. We have reinvest available on one of our CLOs as of today. While we're comfortable right now, we'll stay alert for opportunities in the capital markets down the road. This lets us strategically tap into CLO financing when aligns with our future funding needs and when market conditions are favorable.

這種濃厚的興趣增強了我們近期貸款的品質。在我們的核心書中，超過 80% 的融資都是無追索權、不以市價計價的。截至今天，我們已對其中一份 CLO 進行了再投資。雖然我們現在感覺很舒服，但我們仍將對未來資本市場的機會保持警惕。這使我們能夠在符合未來融資需求且市場條件有利時策略性地利用 CLO 融資。

Our net leverage position increased to 2.7 times at the end of the quarter. This increase in net leverage is mainly driven by the growth in our portfolio as we have found attractive investment opportunities throughout the second quarter.

截至本季末，我們的淨槓桿部位已增至 2.7 倍。淨槓桿率的增加主要是由我們的投資組合的成長所推動的，因為我們在整個第二季度發現了有吸引力的投資機會。

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

接下來，我會將其轉交給麥克，向您介紹我們的投資組合的最新情況。

Thanks, Jerry, and good morning, everyone. Thank you for joining us today. I'm going to start on slide 12. Our $5.4 billion core portfolio consists of 153 loans with an average size of $36 million. As you can see, 99% of our loans are senior mortgages.

謝謝傑瑞，大家早安。感謝您今天加入我們。我將從幻燈片 12 開始。我們 54 億美元的核心投資組合包括 153 筆貸款，平均規模為 3,600 萬美元。正如您所看到的，我們 99% 的貸款都是高級抵押貸款。

Our portfolio breakout has not changed. We are focused on originating predominantly high quality multifamily assets, while looking to other asset classes to add additional yield. We are confident in the playbook we have followed to build our current portfolio and believe it is the right way to approach and take advantage of the opportunities at hand.

我們的投資組合突破沒有改變。我們專注於開發優質的多戶型資產，同時尋求其他資產類別來增加額外收益。我們對建立當前投資組合所遵循的策略充滿信心，並相信這是處理和利用手頭機會的正確方法。

On previous calls, we've shared that we meaningfully reduced our originations backed by 1970s, 1980s vintage multifamily assets in the fourth quarter of 2021 and focused on higher quality, newer multifamily assets in large liquid markets. We have limited exposure to secondary markets and have nearly no exposure to tertiary markets. That decision was paramount to our current market advantage and our ability to actively originate new loans.

在先前的電話會議中，我們曾表示，我們在2021 年第四季有意義地減少了由1970 年代、1980 年代老式多戶型資產支持的起源，並專注於大型流動市場中更高品質、更新的多戶型資產。我們對二級市場的曝險有限，幾乎沒有三級市場的曝險。這項決定對於我們目前的市場優勢和我們積極發放新貸款的能力至關重要。

In recent quarters, I've touched on the mountain of equity capital searching for multifamily assets. It has only grown stronger. We've seen the largest names in the space from Blackstone to Brookfield to KKR acquire billions in large multifamily transactions in just the past six to eight weeks, but to put a finer point on just how deep transaction that we are currently selling in the Sunbelt from one of our managed equity vehicles.

最近幾個季度，我接觸到了大量尋找多戶型資產的股權資本。它只會變得更強大。在過去的六到八週內，我們看到從Blackstone 到Brookfield 再到KKR，該領域最大的公司收購了數十億美元的大型多戶住宅交易，但更具體地說，我們目前在陽光地帶銷售的交易有多深來自我們的一種管理股權工具。

The property was marketed by a national brokerage firm and we received 324 executed confidentiality agreements, conducted 46 site tours and ultimately received 47 written offers, 21 of which were inside of a five cap. That is a staggering amount of participants looking to put equity to work and reminds me of late 2009 early 2010 in terms of demand meaningfully outweighing supply coming out of a financial shock. Let me be clear, there is no lack of demand stabilized multifamily assets. What the market is experiencing is a lack of willing sellers.

該房產由一家全國性經紀公司銷售，我們收到了 324 份已簽署的保密協議，進行了 46 次實地考察，最終收到了 47 份書面報價，其中 21 份報價在 5 上限之內。希望將股權發揮作用的參與者數量驚人，這讓我想起了 2009 年底 2010 年初，金融衝擊導致需求明顯超過供應。讓我明確一點，穩定多戶資產的需求並不缺乏。市場面臨的問題是缺乏願意的賣家。

Moving on to slide 13, during the quarter, we originated 18 loans at a weighted average spread of 318 basis points. We continue to see solid opportunities this quarter and the forward pipeline is strong. The transactions we are adding to our portfolio offer highly accretive terms with better underlying credit metrics versus loans written over the past several quarters.

繼續看投影片 13，本季我們發放了 18 筆貸款，加權平均利差為 318 個基點。本季我們繼續看到堅實的機會，並且未來的管道也很強勁。與過去幾季發放的貸款相比，我們添加到投資組合中的交易提供了高度增值的條款，具有更好的基礎信用指標。

Our conduit platform was also active in the second quarter, although it generated lower income quarter-over-quarter. We do expect Conduit revenue to contribute to earnings in the coming quarters. We view the Conduit as an excellent earnings enhancer in good times, but also as a gain on sale business that can offset core balance sheet losses and more difficult market conditions. FBRT is on a very short list of mortgage REITs that benefit from having this gain on sale business.

我們的通路平台在第二季也很活躍，儘管它產生的收入環比較低。我們確實預計管道收入將為未來幾季的收益做出貢獻。我們認為管道在經濟繁榮時期是一個出色的獲利增強劑，同時也是銷售業務的收益，可以抵消核心資產負債表損失和更困難的市場條件。FBRT 是受益於銷售業務收益的抵押型 REIT 的一個非常短的名單。

Slide 14 is a summary of our watch list. We ended the quarter with seven loans on our watch list. Five loans are risk rated four and two loans are risk rated five. While neither of the five rated loans are in default nor have ever been in default, given our recent appraisals, it was difficult not to downgrade these two positions from last quarter.

投影片 14 是我們觀察清單的摘要。本季結束時，我們的觀察名單上有七筆貸款。五筆貸款的風險評級為四級，兩筆貸款的風險評級為五級。儘管這五筆評級貸款都沒有違約，也從未違約過，但鑑於我們最近的評估，很難不從上季下調這兩項評級。

Subsequent to quarter end, we had positive updates on several of our watch list loans. The borrower sold a Dallas hospitality asset very close to our basis. We modified a 272-unit Fort Worth multifamily loan resulting in an additional principal pay down and a new rate cap being purchased and we came to a verbal agreement with the borrower on our Charlotte, North Carolina multifamily property to pay the loan down and extend the loan further. We expect that extension will be executed shortly.

季度末後，我們對幾筆觀察名單貸款進行了積極的更新。借款人以非常接近我們基礎的價格出售了達拉斯酒店資產。我們修改了沃斯堡272 套多戶住宅的貸款，導致額外的本金還款和新的利率上限的購買，並且我們與北卡羅來納州夏洛特多戶住宅的借款人達成了口頭協議，以支付首付貸款並延長還款期限。我們預計延期將很快執行。

The remaining loans on watch list are a portfolio of multifamily assets and various locations in the Sunbelt. This was $147 million cross collateralized loan backed by 15 multifamily assets. The loan has been paid down to approximately $102 million through five asset sales and five of the remaining 10 assets are currently under contract to be sold with the remaining five assets in various stages of the sale process. We are not accruing interest on a monthly basis on this loan, but we are sweeping all cash and recognizing cash income or recognizing interest income as it's received.

觀察名單上的其餘貸款是多戶資產和陽光地帶各個地點的投資組合。這是由 15 項多戶家庭資產支持的 1.47 億美元交叉抵押貸款。該貸款已透過五項資產出售償還至約 1.02 億美元，其餘 10 項資產中的 5 項目前已簽訂出售合同，其餘 5 項資產正處於出售過程的不同階段。我們不會對該貸款按月計息，但我們會清空所有現金並確認現金收入或在收到時確認利息收入。

A 176-unit apartment community in Fort Worth, Texas that we have commenced foreclosure proceedings, but are in active dialogue with the borrower. The CBD High Rise Office Building in Denver, Colorado. This is the loan that we took the majority of our specific CECL provision against in the second quarter. We made a significant modification to the loan collateralized by this office building and as part of that modification, we obtained a new appraisal for the collateral.

我們已啟動德克薩斯州沃思堡一個擁有 176 個單元的公寓社區的止贖程序，但正在與借款人積極對話。科羅拉多州丹佛市中央商務區高層辦公大樓。這是我們第二季大部分特定 CECL 撥備的貸款。我們對這棟辦公大樓抵押的貸款進行了重大修改，作為修改的一部分，我們對抵押品進行了新的評估。

The valuation difference between the appraisal and our loan balance drove the increased reserve. The loan has not been in default and has remained current on debt payments. The asset is now on our books at a substantial discount to its original principal value. I personally toured this asset just last week and I'm pleased to report the institutional sponsor has kept the property in very good condition and we will continue to work with them in coming quarters.

評估與貸款餘額之間的估值差異推動了準備金的增加。該貸款並未出現違約，仍按時償還債務。該資產現在以較其原始本金價值大幅折扣的價格記入我們的帳簿中。上週我親自參觀了該資產，我很高興地報告機構贊助商使該資產保持良好狀態，我們將在未來幾個季度繼續與他們合作。

The final loan on our watch list is a suburban Class A office building in Alpharetta, Georgia. he loan is not in default and the borrower has contributed millions of dollars of equity to pay down the loan and keep it current. We also had this asset appraised and took a specific reserve to adjust for the value differential.

我們觀察名單上的最後一筆貸款是喬治亞州阿爾法利塔郊區的一座甲級辦公大樓。該貸款沒有違約，借款人已出資數百萬美元的股本來償還貸款並保持其流動性。我們也對該資產進行了評估，並採取了特定的準備金來調整價值差異。

With regard to the rest of our office portfolio, excluding our largest office loan, a triple net lease headquarters and distribution facility, our pre 2024 originated office exposure has been reduced to only $178 million or 3.3% of our core portfolio with our second and third largest office loans having principal repayments in just the last 60 days.

至於我們辦公室投資組合的其餘部分，不包括我們最大的辦公室貸款、三重淨租賃總部和分銷設施，我們2024 年之前的辦公室風險敞口已減少至僅1.78 億美元，占我們核心投資組合的3.3% ，其中第二和第三在過去 60 天內償還本金的最大辦公室貸款。

In addition, excluding the Denver and Alpharetta office assets, our weighted average in place debt yield of our pre 2024 originated office portfolio is approximately 13.2%. We will continue to actively work towards zero exposure to pre 2024 originated office loans.

此外，不包括丹佛和阿爾法利塔的辦公資產，我們 2024 年之前的辦公大樓投資組合的加權平均到位債務收益率約為 13.2%。我們將繼續積極努力，實現 2024 年之前發放的辦公貸款的零風險。

Lastly, on office, just a quick note on the market and our 2024 originated office loan. That loan has performed exactly as expected with seven properties sold since origination and our original $55.8 million participation in FBRT has been paid down to $18.1 million. We could not be happier with the progress so far.

最後，關於辦公室，簡單介紹一下市場和我們在 2024 年發起的辦公室貸款。這筆貸款的表現完全符合預期，自發起以來已售出七處房產，我們最初參與 FBRT 的 5,580 萬美元已減少至 1,810 萬美元。我們對迄今為止的進展感到非常高興。

Sentiment for office is clearly off the lows. While the realization of losses has likely only just begun, the CMBS market is open for stabilized office buildings with good narratives and we've begun to see bridge lenders dip their toe back into the sector. In fact, a CRE/CLO was just priced last week that had an 8% office contribution. Lender appetite for office credit is opening up again, albeit very, very slowly and only for the right opportunities.

公職情緒顯然已脫離低谷。雖然虧損的實現可能才剛開始，但 CMBS 市場對具有良好敘事的穩定辦公大樓持開放態度，我們已經開始看到過橋貸款人重新涉足該行業。事實上，CRE/CLO 上週才剛定價，其中辦公室貢獻率為 8%。貸款人對辦公室信貸的興趣正在再次開放，儘管非常非常緩慢，而且只是為了合適的機會。

Moving to slide 15, we held six foreclosure REO positions at quarter end. These positions are a Portland office property, which we continue to believe is not the right time to exit the asset, a 426-unit apartment community in Cleveland, Ohio. This asset was taken via mezzanine foreclosure and was one of the resolutions to last quarter's watch list. Our asset management team is on-site regularly and we have installed the largest property manager in the country to manage day-to-day operations.

轉到投影片 15，我們在季度末持有 6 個取消抵押品贖回權的 REO 部位。這些職位是波特蘭的辦公物業，我們仍然認為這不是退出資產（俄亥俄州克利夫蘭擁有 426 套公寓社區）的合適時機。該資產是透過夾層取消抵押品贖回權獲得的，是上季度觀察名單的決議之一。我們的資產管理團隊定期駐守現場，並聘請了全國最大的物業管理公司來管理日常營運。

A 471-unit apartment community in Raleigh, North Carolina. This asset was also taken via foreclosure together with two other multifamily assets in Mooresville, North Carolina and Chapel Hill, North Carolina. We have installed one of the largest property managers in the country to run all three of the North Carolina assets overseen by our internal equity asset management group.

位於北卡羅來納州羅利的一個擁有 471 個單元的公寓社區。該資產還與北卡羅來納州穆爾斯維爾和北卡羅來納州教堂山的另外兩處多戶資產一起透過取消抵押品贖回權被收回。我們已經任命了全國最大的物業管理公司之一來管理由我們的內部股權資產管理小組監督的所有三個北卡羅來納州資產。

Mooresville is nearing 90% occupancy and should be headed to the market for sale shortly. As for the Raleigh and Chapel Hill assets, I also visited these properties just a few weeks ago. These are very solid assets and good locations. We will take the time needed to improve the assets, stabilize the assets and look to liquidate them in the future.

Mooresville 的入住率接近 90%，應該很快就會上市出售。至於羅利和教堂山的資產，幾週前我也參觀了這些資產。這些都是非常堅實的資產和良好的地理位置。我們會花時間改善資產，穩定資產，並著眼於未來清算它們。

The Lubbock multifamily property occupancy is up 30 points in the last 90 days and our asset management team continues to meaningfully improve the asset. We expect to be in a position to liquidate the asset in the coming quarters, and our last foreclosure REO is our Walgreens portfolio, which Rich and Jerry have already covered, but I will happily reiterate that we only have five locations remaining.

拉伯克多戶住宅的入住率在過去 90 天內上升了 30 個百分點，我們的資產管理團隊繼續有效地改善資產。我們預計能夠在未來幾季清算該資產，我們最後一個止贖REO 是我們的沃爾格林投資組合，Rich 和Jerry 已經涵蓋了該投資組合，但我很高興地重申，我們只剩下五個地點。

I want to add a note regarding our liquidation of the multifamily assets we've taken back as REO. While I previously mentioned the mountain of equity looking for multifamily acquisitions, there is a meaningful pricing gap between stabilized assets and non-stabilized assets. We firmly believe that taking over an asset, stabilizing it and liquidating it will result in higher recovery value than a loan liquidation or an as is sale of a non-stabilized asset.

我想補充一點關於我們作為 REO 收回的多戶資產的清算情況。雖然我之前提到大量的股權正在尋求多戶家庭收購，但穩定資產和非穩定資產之間存在很大的定價差距。我們堅信，接管資產、穩定資產並對其進行清算將比貸款清算或按原樣出售非穩定資產獲得更高的回收價值。

In addition, we continue to be overall bullish on the next few years in the multifamily market. With rates hopefully declining and new supply burning off, owning some real estate right now isn't necessarily a bad thing.

此外，我們繼續總體看好未來幾年的多戶住宅市場。隨著利率有望下降和新供應的消耗，現在擁有一些房地產不一定是壞事。

Lastly, contrary to prevailing view, not all multifamily loans originated in late 2021 early 2022 are problematic. Property location, vintage and loan structure influenced loan performance, asset liquidity and value. Year-to-date, we have been successfully repaid on approximately $521 million in multifamily loans, loans, of which $462 million, or almost 90% were originated in Q3 and Q4 of 2021 or Q1 of 2022. While we acknowledge challenges exist within this vintage, it is inaccurate to generalize about the entire vintage other than to collectively agree it was a recent peak valuation for the multifamily sector.

最後，與一般觀點相反，並非所有 2021 年底 2022 年初發放的多戶貸款都有問題。房產位置、年份和貸款結構影響貸款績效、資產流動性和價值。今年迄今為止，我們已成功償還約 5.21 億美元的多戶貸款，其中 4.62 億美元（即近 90%）源自 2021 年第三季和第四季或 2022 年第一季。雖然我們承認這段時期存在挑戰，但對整個時期進行概括是不準確的，除非大家一致認為這是多戶住宅領域最近的估值高峰。

As we look at the company's overall positioning, we believe FBRT will emerge as a market leader once this repricing cycle at hand plays out. Current industry challenges will likely persist for the next several quarters and our asset management team is working to resolve loans in REO in a manner that will ultimately maximize recovery value for shareholders.

當我們審視公司的整體定位時，我們相信一旦當前的重新定價週期結束，FBRT 將成為市場領導者。當前的行業挑戰可能會在未來幾季持續存在，我們的資產管理團隊正在努力解決 REO 的貸款問題，最終為股東帶來最大的回收價值。

To conclude, we will continue to lead with transparency and we will provide updates as we make progress on final loan and REO resolutions. The current opportunity in CRE credit has been and continues to be compelling and we are excited by what this vintage of new loans adds to our portfolio.

最後，我們將繼續保持透明度，並在最終貸款和 REO 決議取得進展時提供最新資訊。當前商業房地產信貸的機會一直並將繼續具有吸引力，我們對這段時期的新貸款為我們的投資組合增添的內容感到興奮。

And with that, I would like to turn it back to the operator to begin the Q&A session.

就這樣，我想將其轉回操作員以開始問答環節。

Thank you. (Operator Instructions). Matthew Erdner, JonesTrading.

謝謝。（操作員說明）。馬修‧艾德納，瓊斯交易公司。

Hi good morning guys. Thanks for taking the question. Jerry, the first one is for you. Can you repeat what happened with the Walgreens and that kind of $25 million that's going to hit next quarter?

嗨，大家早安。感謝您提出問題。傑瑞，第一個是給你的。您能重述一下沃爾格林的情況以及下個季度將要達到的 2500 萬美元的金額嗎？

Sure. The $25 million that I referenced is essentially the realization difference in Q3. So we sold 18 stores and most of those settle in Q3. Our distributable is meant to capture the cash effect of our earnings and so that cash effect or the realization effect that rolls through in Q3 not Q2 and so that's why I mentioned that in Q3 you'll have that flowing through the distributable portion of our earnings. We obviously already ran that through GAAP, so you won't have a change to the book value, but in order to kind of keep the consistency between what we show in distributable, what we show in our GAAP earnings, it's going to come through there. So it's really just a reminder in terms of how we flow through that income effect on our transactions.

當然。我提到的 2500 萬美元本質上是第三季的實現差異。所以我們賣掉了 18 家商店，其中大部分在第三季落腳。我們的可分配旨在捕捉我們收益的現金效應，以便現金效應或變現效應在第三季度而不是第二季度滾動，這就是為什麼我提到在第三季度你將通過我們收益的可分配部分流動。顯然，我們已經透過 GAAP 進行了計算，因此帳面價值不會發生變化，但為了保持我們在可分配中顯示的內容與我們在 GAAP 收益中顯示的內容之間的一致性，它將通過那裡。因此，這其實只是提醒我們如何應對收入對交易的影響。

Yes, that's very helpful, and then I want to touch on the Denver asset a little bit. You mentioned that you are talks with the BAR over there and had good conversation. Is there any kid of additional timeline that you guys are able to get around that asset and then what are your thoughts on if you have to take it on, how long would you guys look to hold that and would it be similar to the Portland one?

是的，這非常有幫助，然後我想談談丹佛的資產。你提到你正在與那邊的BAR進行會談，並且進行了很好的交談。你們是否有任何額外的時間表可以繞過該資產，然後如果你們必須接受它，你們有什麼想法，你們希望持有該資產多長時間，它是否與波特蘭的類似？

Hey, Matt, it's Mike. Thanks for the question. Look, I think we just entered into I think it was a quarter or two ago and we mentioned it when it happened a quarter or two ago. We just entered into this modification with them. The asset continues to perform generally in the same spot. As I mentioned today, it's not in default. It's never been in default and I think both sides are doing everything that they can to push this out and see where the market goes.

嘿，馬特，我是麥克。謝謝你的提問。聽著，我想我們剛剛進入，我想那是一兩個季度前，我們在一兩個季度前發生的時候提到過它。我們剛剛與他們進行了這次修改。該資產繼續總體表現在同一位置。正如我今天提到的，它不是預設的。它從來沒有違約過，我認為雙方都在盡一切努力推動這一進程，看看市場走向何方。

Clearly, office is the worst asset class in the industry by a long shot. Liquidating assets today is not an enjoyable experience. So, I think everybody is looking for time. Again, I think the fact that they've done a great job keeping the asset in the condition it's in. They have an exceptional amount of equity invested into the property.

顯然，辦公大樓絕對是業界最差的資產類別。如今，清算資產並不是一種愉快的經驗。所以，我認為每個人都在尋找時間。再說一次，我認為他們在維持資產現狀方面做得很好。他們擁有大量的股權投資於該房產。

All we can do is continue having phone calls, continue having dialogue and going from there. If it ends up being REO at some time in future quarters, obviously, we'll have to reassess it at that time and where the market is, but for now, not in default, continue having conversations and we'll continue to try to be as constructive as we can.

我們所能做的就是繼續打電話，繼續對話，然後繼續前進。如果它最終在未來幾個季度的某個時候成為 REO，顯然，我們將不得不重新評估當時的市場狀況，但就目前而言，不默認，繼續進行對話，我們將繼續嘗試盡可能具有建設性。

Thanks for that.

謝謝你。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Hi, good morning. First, Jerry, maybe if I could start, what was the NII drag this quarter from loans that you're not accruing interest or using any interest received to pay down loan balance and then as you think about resolutions, Mike, I appreciate you running through a lot of details. It seems like a few of these assets are potentially second half resolutions. Could you make highlight which ones you think, can potentially get resolved this year?

嗨，早安。首先，傑瑞，也許我可以先說一下，本季度的國家資訊基礎設施（NII）對您沒有產生利息或沒有使用收到的任何利息來償還貸款餘額的貸款造成的拖累是什麼，然後當您考慮決議時，麥克，我很欣賞您的競選活動通過很多細節。其中一些資產似乎可能是下半年的解決方案。您能否強調一下您認為哪些問題可能在今年解決？

Jerry, why don't you start?

傑瑞，你為什麼不開始呢？

Yeah. In terms of the drag, it's a mix of different things kind of coming in and out in terms of nonaccrual for us also has the two different buckets, stuff that's on pure cost recovery where we're actually reducing the basis and then the other income where like Mike mentioned before, we're not accruing, but we're recognizing the cash interest income as received. So it's roughly a $4 million difference in terms of the drag that puts on the portfolio. So even with all the portfolio growth, there is a little built in drag there from what I would call the friction of turning over some of these assets as we kind of work through them.

是的。就拖累而言，它是各種不同的東西的混合，就非應計收益而言，我們也有兩個不同的部分，這些東西是純粹的成本回收，我們實際上是在減少基礎收入，然後是其他收入正如麥克之前提到的，我們沒有應計利息，但我們確認收到的現金利息收入。因此，就對投資組合造成的拖累而言，差異約為 400 萬美元。因此，即使投資組合不斷成長，在我們處理這些資產時，也會產生一些內在的阻力，我稱之為轉交其中一些資產的摩擦。

Great. And on that, you know, working through them, Mike, kind of thoughts on which ones can get resolved in the back half of this year?

偉大的。關於這一點，你知道，麥克，透過這些問題進行研究，想知道哪些問題可以在今年下半年解決？

Yes. So, Stephen, obviously, we're subject to market and what we can do. As I said in the prepared remarks, we think it's far more important to stabilize these assets before liquidating them and I think the team is on-site regularly doing what needs to be done to get them in those positions.

是的。所以，史蒂芬，顯然，我們受市場和我們能做什麼的影響。正如我在準備好的演講中所說，我們認為在清算這些資產之前穩定這些資產更為重要，我認為該團隊正在現場定期做一些需要做的事情，以使它們處於這些位置。

I would hope that the asset in Mooresville and Lubbock are resolved by year end. I think, there's a chance that Raleigh and Chapel Hill could be resolved as well by year end and then the watch list loans, we just continue to work through those, right? The large portfolio, the $102 million outstanding today, they've got five under contract. They've got the other 5 in various stages of LOI or contract negotiation. So, hopefully, that loan will be lower next quarter than it was this quarter and we just keep chopping away kind of on all of these things.

我希望穆爾斯維爾和拉伯克的資產問題能夠在年底前解決。我認為，羅利和教堂山的問題也有可能在年底前得到解決，然後是觀察名單貸款，我們只需繼續解決這些問題，對嗎？龐大的投資組合，今天未償還的 1.02 億美元，其中 5 個處於合約狀態。其他 5 家公司正處於意向書或合約談判的不同階段。因此，希望下個季度的貸款將低於本季度，我們只是繼續削減所有這些事情。

It's an active part of our everyday and as we said here, there's seven loans that we put on watch list, but just from quarter end to this call, we have resolutions on almost half the watch list. So, it's just one of those things that this is going to requires a lot of communication with everybody because it's moving and changing literally on a daily basis as we make progress through the watch list.

這是我們日常生活中的一個活躍部分，正如我們在這裡所說的，我們將七筆貸款列入觀察名單，但就從季度末到本次電話會議，我們對幾乎一半的觀察名單做出了決議。因此，這只是需要與每個人進行大量溝通的事情之一，因為隨著我們在觀察名單上取得進展，它每天都在變化。

Thanks, Mike. I think that certainly, highlights the liquidity around multifamily, that you that you mentioned in your prepared remarks. You know, one last question more on the offense side of new originations. Can you talk about you know, you guys have done a ton of originations this year continue to be active. What's really separating you winning those deals? There's not a lot of transactions out there. It's pretty competitive. So can you talk about your positioning against peers in the in the lending market today? And then what's your capacity for continued growth as you think about, you know, where what leverage levels you'd like to operate and kind of how much more, capacity do you have to bring on new originations?

謝謝，麥克。我認為這當然凸顯了您在準備好的發言中提到的多戶家庭的流動性。你知道，最後一個問題是關於新起源的進攻方面的。可以談談嗎？真正讓您贏得這些交易的因素是什麼？那裡沒有太多交易。這是相當有競爭力的。那麼您能談談您在當今貸款市場上相對於同行的定位嗎？然後，當您考慮時，您持續成長的能力是什麼，您想在什麼槓桿水平上運作，以及您還必須帶來多少能力來創造新的創新？

Yes. So I think the banking sector historically has provided about half of the market for credit and CRE and the banks are largely on the sidelines and we continue to think that they will be on the sidelines for the next 12 to 24 months, and even when they come back into the pool, it's never a cannonball for the banks, right. It's dipping a toe and getting to the ankle and then the knee. So I don't think banks are coming back as a meaningful competitor anytime soon.

是的。因此，我認為銀行業歷來為信貸和商業房地產提供了約一半的市場，而銀行在很大程度上處於觀望狀態，我們仍然認為他們將在未來 12 至 24 個月內處於觀望狀態，甚至當他們回到泳池裡，這對銀行來說永遠不是砲彈，對吧。它先是浸入腳趾，然後到達腳踝，然後到達膝蓋。因此，我認為銀行不會很快重新成為一個有意義的競爭對手。

The balance of the mortgage REIT sector is I think a few of them might start slowly originating again, but the reality as we all know is a lot of industry peers have 30%, 40% exposure to legacy office loans and that's just really difficult to originate in the face of that, and I think they're having to hold capital to solve those issues in the future.

抵押貸款 REIT 行業的平衡是，我認為其中一些可能會再次開始緩慢地重新開始，但眾所周知，現實是許多行業同行有 30%、40% 的遺留辦公貸款敞口，這真的很難面對這種情況，我認為他們必須持有資本來解決未來的這些問題。

So, the competitive landscape today is meaningfully less than what it was in 2021, but then again, it only takes three or four competitors to create a fairly competitive market. So I'm not going to sit here and say that, you know, it's us and nobody else. Clearly, that's not the case. Where I do think that our platform is meaningfully differentiated from others is we do everything and I think if you look at the middle market, which clearly that's where we're looking to compete kind of in that $25 million to $100 million loan range that the middle market is generally populated with a bunch of non-align lenders, right.

因此，今天的競爭格局明顯低於 2021 年，但話又說回來，只需要三到四個競爭對手就可以創造一個相當競爭的市場。所以我不會坐在這裡說，你知道，是我們而不是別人。顯然，事實並非如此。我確實認為我們的平台與其他平台的顯著區別在於我們所做的一切，我認為如果你看看中間市場，這顯然就是我們希望在 2500 萬至 1 億美元貸款範圍內競爭的地方。通常充斥著一群不結盟的貸款人，對吧。

They do one thing. They're a mezzanine lender only or they're a bridge lender only or they're a construction lender only or some of them only focus on one asset class. Yes, we do everything and I think that all of those products really has been driving our origination because it's a few $100 million in all of those different categories.

他們只做一件事。他們只是夾層貸款人，或者他們只是過渡貸款人，或者他們只是建築貸款人，或者其中一些只專注於一種資產類別。是的，我們做了一切事情，我認為所有這些產品確實推動了我們的創立，因為所有這些不同類別的銷售額都達到了數億美元。

So, as I said last quarter, I believe, it was the first quarter in a long time where all of the cylinders were hitting from the construction loan business, the bridge loan business to the conduit business, and I just think we're slightly differentiated given the breadth of our products and that's been driving our origination.

因此，正如我上個季度所說，我相信這是很長一段時間以來的第一個季度，從建築貸款業務、過橋貸款業務到管道業務，所有汽缸都在運轉，我只是認為我們稍微有點鑑於我們產品的廣度，我們的差異化一直在推動我們的誕生。

Great. Appreciate the comments this morning. Thank you.

偉大的。感謝今天早上的評論。謝謝。

Tom Catherwood, BTIG

湯姆·卡瑟伍德，BT​​IG

Thank you and good morning everybody. Maybe starting with Rich, you mentioned how 25% of the loan portfolio has been originated within the last year. When do you think the portfolio reaches an earnings inflection point where contributions from these new originations fully offset any drag from non-accrual and REO migrations?

謝謝大家，大家早安。也許從 Rich 開始，您提到了 25% 的貸款組合是如何在去年產生的。您認為投資組合何時會達到獲利拐點，使這些新來源的貢獻完全抵銷非應計利潤和 REO 遷移帶來的拖累？

Thanks, Tom. Good question.

謝謝，湯姆。好問題。

Yeah, I mean, we're going to start tracking our post sort of rate increase portfolio exposure on an ongoing basis. Obviously, it's going to be a function of two ends. One is new loans that we originate as well as resolutions on the existing portfolio. Just simply put, the vast majority of ours and probably most of our peers portfolios reach final maturity over the vast majority of the loans if they haven't already over the next handful of quarters.

是的，我的意思是，我們將開始持續追蹤升息後的投資組合風險敞口。顯然，這將是兩端的函數。一是我們發放的新貸款以及對現有投資組合的決議。簡而言之，我們的絕大多數以及可能大多數同行的投資組合中的絕大多數貸款都將達到最終到期日（如果它們在接下來的季度中尚未到期）。

Of course, some modifications or extensions that will have that play out over most likely over a longer period of time for all of us, but as Mike said, we just continue to chip away at the watch list and REO portfolios. We sort of think of it as work in progress. You have raw material, you have finished goods is what gets out the other side and then in the middle is just the work it takes. So sort of artificially at the end of every quarter, in this case, 630, we'll always have things drop into that spot.

當然，一些修改或擴展很可能會在更長的時間內對我們所有人產生影響，但正如麥克所說，我們只是繼續削減觀察名單和 REO 投資組合。我們認為它是正在進行中的工作。你有原料，你有成品，從另一邊出來的，然後在中間就是它所需要的工作。因此，在每個季度末，在本例中為 630，我們總是會人為地將東西放到該位置。

So, long way of saying that it's going to take a few quarters to, and you'll see meaningful improvement, but to get to the other end of getting out of all your 2021 vintage exposure, it might take obviously longer than that.

因此，長話短說，您將需要幾個季度的時間才能看到有意義的改進，但要擺脫所有 2021 年年份酒的影響，可能需要的時間顯然比這更長。

Understood. Thank you.

明白了。謝謝。

Thank you for that, Rich and then, Mike, appreciate all the color on the watch list and REO assets and commentary about which ones we could see kind of sales activity on through the end of the year. Specifically, on the Raleigh and Chapel Hill assets, how much more needs to be done to get to stabilization there? Is it just blocking and tackling on the leasing front? Or is there more work to be done on the assets themselves, more capital that needs to be put to work?

謝謝你，Rich，然後，Mike，感謝觀察清單和 REO 資產上的所有顏色，以及關於我們可以在年底看到哪些銷售活動的評論。具體來說，在羅利和教堂山資產方面，還需要做多少工作才能實現穩定？難道只是在租賃方面進行阻擊嗎？還是資產本身還有更多工作要做，需要投入更多資本？

We were on-site yesterday, and I would say the feedback is generally blocking and tackling. I think the better question and Tom, I've been doing this for 30 years and I've been on the equity side of the business and the credit side of the business. I think the question that we're also asking ourselves is, does it make sense to own some of these for a little bit, right? I mean, going back to my prepared remarks, if Blackstone and Brookfield and KKR are backing up the truck buying multifamily, maybe these things are going to be worth meaningfully more, 12, 18, 24 months from now.

昨天我們到了現場，我想說，回饋意見總體上是阻塞和處理的。我認為這個問題更好，湯姆，我從事這行已經 30 年了，我一直在企業的股權方面和企業的信貸方面工作。我認為我們也在問自己的問題是，暫時擁有其中一些是否有意義，對嗎？我的意思是，回到我準備好的發言，如果 Blackstone、Brookfield 和 KKR 支持購買多戶型卡車，也許這些東西在 12、18、24 個月後會更有價值。

So it's not just a matter of let's fill it and sell it fast as humanly possible. We are looking at this through a lens of opportunity. Are there chances to make money on some of these assets. So, I think we're in that we're in the process of figuring that out now. We certainly want to get the stabilization as fast as we possibly can and then we're going to evaluate, does it make sense to liquidate today or do we think that these could be worth meaningfully more in the future and the reality is, while we're dealing with this wave of supply, it is not only coming to a screeching halt in the multifamily sector, it is falling off a cliff and I think we are going to be grossly undersupplied in multifamily in 2026, 2027 and 2028.

因此，這不僅僅是讓我們盡可能快地填充並出售它的問題。我們從機會的角度來看這個問題。是否有機會利用其中一些資產賺錢？所以，我認為我們現在正在解決這個問題。我們當然希望盡快實現穩定，然後我們將評估，今天清算是否有意義，或者我們是否認為這些在未來可能更有價值，而現實是，雖然我們正在應對這一波供應浪潮，它不僅在多戶住宅領域戛然而止，而且正在跌落懸崖，我認為2026 年、2027 年和2028 年，多戶住宅的供應將嚴重不足。

So, I think there is a very reasonable chance that you could go back to very strong rent growth, see a lot of NOI growth and so, again, we're going to always do what we think is best for shareholders. That could be fill it and sell it as fast as possible, but in certain instances, if we see a real opportunity to make dollars, we're not going to just hand those profit opportunities to other parties.

因此，我認為有一個非常合理的機會，您可以回到非常強勁的租金成長，看到大量 NOI 成長，因此，我們將始終做我們認為對股東最有利的事情。這可以是盡快填充並出售它，但在某些情況下，如果我們看到真正的賺錢機會，我們不會只是將這些盈利機會交給其他方。

Appreciate those answers. Very much looking forward to see how that all comes together.

感謝這些答案。非常期待看到這一切如何結合在一起。

And then maybe last one for me, Jerry, on the funding side, what are your thoughts about putting the new originations on the repo line at this point versus tapping the CLO market and kind of how wide is the gap in the spread between the two maybe before you would be more willing to pursue more CLOs?

然後也許是我的最後一個問題，Jerry，在資金方面，您對此時將新的起源放在回購線上與利用 CLO 市場有何想法，以及兩者之間的利差有多大也許在此之前你會更願意追求更多的CLO？

Great question and something we keep a very close eye on. I'm sure you're not surprised to hear. Right now what we're seeing in terms of pricing on bank lines is extremely accretive. I think and I believe I've said this before, loans that are recently originated kind of on adjusted basis that we're lending on with prices down where they are, the attachment points are pretty phenomenal.

這是一個很好的問題，也是我們密切關注的問題。我相信你聽到這個消息不會感到驚訝。目前，我們所看到的銀行額度定價非常增值。我認為並且我相信我之前已經說過，最近發放的貸款是在調整後的基礎上發放的，我們以較低的價格提供貸款，附著點非常驚人。

So the pricing we're getting on the bank side is really good. So I think we have the luxury of being a little patient in terms of waiting to get a deal together, looking for the right point in the market and being particular about when we go out and getting all the structure points that we want.

所以我們在銀行方面得到的定價非常好。因此，我認為我們可以有一點耐心，等待達成交易，在市場上尋找正確的點，並特別注意何時出去並獲得我們想要的所有結構點。

In terms of differential, I think it's a little hard to say. It's probably slightly wider on the CLO side than the bank side on a combined cost of funds, but the differential you have to consider is the amount of leverage you can get, obviously get the non-mark to mark reinvest in some ramp. So I think you have to look through the concept in its totality and I think it's getting closer to the point where it probably makes sense. So I would guess at some point later this year, we're probably active in that market.

說到差異化，我覺得有點難說。就資金綜合成本而言，CLO 方面可能比銀行方面稍寬一些，但您必須考慮的差異是您可以獲得的槓桿數量，顯然是在某些斜坡上獲得非標記標記再投資。所以我認為你必須從整體上審視這個概念，而且我認為它已經越來越接近可能有意義的地步了。所以我猜想在今年稍後的某個時候，我們可能會活躍在這個市場上。

Understood. I appreciate those thoughts. That's it for me. Thanks everyone.

明白了。我很欣賞這些想法。對我來說就是這樣。謝謝大家。

Chris Muller, Citizens JMP

Chris Muller，公民 JMP

Thanks for taking the questions. So I guess given the pullback in rates recently and likelihood of rate cuts starting in September, how are you thinking about volumes in the conduit business in the coming quarters? And do you have any expectations for margins there going forward?

感謝您提出問題。因此，我想考慮到最近利率的回落以及 9 月開始降息的可能性，您如何看待未來幾季管道業務的銷售？您對未來的利潤率有什麼期望嗎？

Thanks for the question, Chris. Look, I think conduit has become a low cost of capital option again, and so people are gravitating back to it. The reality is the volume that we're seeing today is multiples of what we saw in 2021 and 2022 and 2023. So, we are going to continue to be as active and as aggressive as we can in that space, right? It's kind of the one business, as I said again in the prepared remarks, where we can make meaningful millions of dollars in any given quarter. That's either an earnings enhancer in the good times, but also can offset losses in the tough times as we get through kind of the rest of this repricing cycle.

謝謝你的提問，克里斯。聽著，我認為管道已再次成為一種低成本的資本選擇，因此人們又回到了它。現實情況是，我們今天看到的數量是 2021 年、2022 年和 2023 年看到的數量的倍數。因此，我們將繼續在該領域保持積極和積極的態度，對吧？正如我在準備好的演講中再次說過的那樣，這是一項單一業務，我們可以在任何特定季度賺取數百萬美元。這既可以在經濟繁榮時期增強盈利，也可以在我們度過這個重新定價週期的剩餘階段時抵消困難時期的損失。

We historically have made anywhere from two to five points on our conduit business. I think we're clearly not a volume focused originator. We're a margin and P&L focused originator and I would suggest that we will continue to target that kind of margin going forward. We're just not in the business of writing conduit loans to make a half point. That's not the best use of our capital.

從歷史上看，我們在管道業務上已經取得了兩到五點的成績。我認為我們顯然不是一個專注於銷售的發起者。我們是一家專注於利潤和損益的發起者，我建議我們未來將繼續以這種利潤為目標。我們只是不做管道貸款來賺半點錢。這不是我們資本的最佳用途。

Got it. That's helpful. And then, I guess, the follow-up I have. So on the multifamily North Carolina foreclosures, were those all with the same sponsor? And if so, do you have any other exposure to that sponsor?

知道了。這很有幫助。然後，我想，我有後續行動。那麼，在北卡羅來納州喪失抵押品贖回權的多戶家庭中，這些家庭的擔保人都是同一個嗎？如果是這樣，您是否還接觸過該贊助商？

They all were with the same sponsor and we do have additional exposure to that sponsor. I will say we've been in very active dialogue with them on all of the loans that we have with them and some will be repaid in full, some will be repaid a little bit less than full, some we will take back in REO. It just kind of stretches across the gamut but look, at the end of the day, I would rather have almost any multifamily asset versus an office asset today. So we continue to like where we're positioned overall compared to the balance of the industry.

他們都來自同一個贊助商，我們確實對該贊助商有更多的接觸。我想說的是，我們一直在與他們就我們向他們提供的所有貸款進行非常積極的對話，有些將全額償還，有些將略低於全額償還，有些我們將以 REO 收回。它只是涵蓋了所有領域，但歸根結底，我寧願擁有幾乎任何多戶資產，而不是今天的辦公室資產。因此，與行業平衡相比，我們仍然喜歡我們的整體定位。

Got it. That’s very helpful. Thanks for talking questions.

知道了。這非常有幫助。感謝大家踴躍提問。

Matthew Howlett, B. Riley

馬修·豪利特、B·萊利

Hey, thanks for taking my question. Just on pricing, I mean you originate a little over 300 basis points, but just what are you seeing between the various asset classes in terms of when we're hearing multi, new multi now is under 300. Talk a little bit about that, talk a little bit about where the floors are, that you're originating?

嘿，謝謝你回答我的問題。就定價而言，我的意思是，你的定價略高於 300 個基點，但當我們聽到多重、新的多重現在低於 300 時，你在各種資產類別之間看到了什麼。談談這個，談談地板在哪裡，你的起源？

Hey, Matthew. Good morning. Yeah, I would say very middle of the fairway multifamily origination today is probably in the sub-three hundred pricing range and I would say construction lending on multifamily is probably 200 basis points to 250 basis points wider than that at lower attachment points.

嘿，馬修。早安.是的，我想說，今天球道多戶住宅起源的中間位置可能在 300 以下的定價範圍內，我想說多戶住宅的建築貸款可能比較低附著點的貸款寬 200 到 250 個基點。

We continue to think the construction lending business is probably the best risk return of anything out there. Unfortunately, it's just not an efficient asset, right. We don't get to put the capital to work all right away. It dribs and drabs over the 18-month construction period and then I would say hospitality is probably 150 basis points to 200 basis points wide of where multifamily is pricing depending on the specifics. Industrial largely pricing very close to multifamily.

我們仍然認為建築貸款業務可能是風險回報最好的業務。不幸的是，它並不是一種有效的資產，對吧。我們無法立即將資金投入使用。在 18 個月的建設期間，我想說，酒店業的定價可能比多戶住宅的定價高出 150 到 200 個基點，具體取決於具體情況。工業大部分定價非常接近多戶住宅。

In terms of sulfur floors, I would say we're generally getting sulfur floors anywhere between 3% and 4% on new origination, with the occasional outlier in either direction.

就硫地板而言，我想說的是，我們通常在新產品上獲得 3% 到 4% 之間的硫地板，偶爾在任何方向上都有異常值。

And when you see attachment points, were we talking 40% for I mean on the construction side?

當你看到附著點時，我們所說的 40% 是指在施工方面嗎？

No, I mean I think the generic market today again for an existing multifamily asset that's a light touch transitional or a TCO takeout just to fill it up, generally a senior loan today is about 70% loan to cost and on construction, you're seeing kind of low to mid-60s loan to cost. So maybe 5 to 10 points lower in loan to cost attachment, but a 250 basis point premium on pricing, which is, again, when you're focused on three-story stick build multifamily and suburbia anywhere USA, we just believe that that pricing premium for the construction risk is outstanding, right, this isn’t a complicated construction. This is conduction that any GC can complete and we really like the space, but again, it's just not an efficient asset for a mortgage REIT. So, we kind of limit the overall exposure that we have there.

不，我的意思是，我認為今天的通用市場再次適用於現有的多戶資產，這是一種輕量級的過渡或TCO 外賣只是為了填補它，一般來說，今天的高級貸款約為成本和建設貸款的70％，你是看到貸款成本在 60 多歲左右。因此，貸款成本附加率可能會降低5 到10 個百分點，但定價會高出250 個基點，也就是說，當您專注於在美國任何地方建造三層樓的多戶住宅和郊區時，我們只是相信該定價施工風險的溢價是突出的，對吧，這不是一個複雜的施工。這是任何 GC 都可以完成的傳導，我們真的很喜歡這個空間，但同樣，它對抵押房地產投資信託來說並不是一種有效的資產。因此，我們限制了我們在那裡的整體曝光。

But the banks must have really backed away from that construction lending site recently?

但銀行最近一定真的退出那個建築貸款網站了嗎？

Well, Well, they went from probably 90% to 95% market share to completely out of the business, I would say, from March or April of 2023 to maybe six months ago. We've anecdotally heard about a few of them stepping back into the market closer to like the 50% loan to cost range and then borrowers are still going out looking for mezzanine and/or preferred equity to kind of get the debt stack to the mid-60s in terms of construction loans but look, the reality is you can buy almost any asset across the country for less than what you can build it for today. So putting a shovel in the ground from an economic standpoint on building a new multifamily asset, it's really, really difficult to make those numbers work. You know, does that dynamic change over the next few years? You know, obviously, remains to be seen but when it's cheaper to buy than it is to build, you don't typically see a lot of shovels going into the ground.

好吧，好吧，我想說，從 2023 年 3 月或 4 月到大約六個月前，他們的市佔率從 90% 上升到 95%，最後完全退出了這個行業。有趣的是，我們聽說其中一些人重返市場，接近 50% 的貸款成本範圍，然後藉款人仍在尋找夾層和/或優先股，以使債務堆棧達到中間水平就建築貸款而言，-60年代，但現實是，你可以以低於今天建造資產的價格購買全國範圍內的幾乎任何資產。因此，從經濟角度來看，要建立新的多戶型資產，要讓這些數字發揮作用真的非常非常困難。你知道，這種動態在未來幾年會改變嗎？你知道，顯然，這還有待觀察，但當購買比建造便宜時，你通常不會看到很多鏟子進入地下。

Right. That's a great opportunity for you guys and look forward to growth in the platform.

正確的。這對你們來說是一個很好的機會，並期待在這個平台上的發展。

Turning to funding, I know you've addressed the bank lines and the CLOs. We keep hearing from the calls, people are buying AAA, how great that market is and are looking at the CLO market, $190 million, $200 million over. I don't know what the latest deal price at, but I mean, is that market going to tighten? If you look at it and say, hey, well, this market is going to tighten significantly at some point and we're going to do a CLO deal. We've heard maybe you could comment on advance rates like 85% we've heard on that and if you can get great execution will you refinance some of the CLOs or other reinvestment period that are deleveraging, just walk me through that market because you guys have been great at it and the execution over the years have just been tremendous. Just comment on where the market is and what you'll do to tap it?

談到資金問題，我知道您已經解決了銀行額度和貸款抵押貸款的問題。我們不斷接到電話，人們正在購買 AAA，這個市場有多棒，並且正在關注 CLO 市場，1.9 億美元，超過 2 億美元。我不知道最新的交易價格是多少，但我的意思是，市場會收緊嗎？如果你看著它並說，嘿，好吧，這個市場將在某個時候顯著收緊，我們將進行 CLO 交易。我們聽說也許你可以對預付率發表評論，例如我們聽說過的85%，如果你能獲得出色的執行力，你會為一些正在去槓桿化的CLO 或其他再投資期進行再融資嗎？請帶我了解這個市場，因為你們夥伴們在這方面做得很好，多年來的執行力也非常出色。只需評論一下市場在哪裡以及您將採取什麼措施來開發它？

Yes, I mean, I think we're one of the most active players in the market from all sides, right? We're active buyers of bonds and we're also a very active issuer and while we have bought AAA in the past, if you believe that values are at least troughing or close to troughing today, from a relative value standpoint, I think we find more value in buying the credit bonds in the bottom part of the stack. Right? You're achieving nine handle coupons on investment grade bonds, you know, single A or triple B bonds and maybe sulfur tightens a little bit, but still an eight handle on that is a really nice investment. Clearly, you're giving up some liquidity versus the liquidity in the AAA tranche, but we don't view them as trading instruments. Yes, they have a CUSIP, yes, they're liquid, but when we buy these, they typically go to bond heaven and we just hold them until maturity.

是的，我的意思是，我認為我們是市場上各個方面最活躍的參與者之一，對吧？我們是債券的積極買家，我們也是非常活躍的發行人，雖然我們過去購買過 AAA，但如果你認為今天的價值至少已經觸底或接近觸底，從相對價值的角度來看，我認為我們在購買堆疊底部的信用債券時發現更有價值。正確的？你在投資等級債券上獲得了九個手柄優惠券，你知道，單 A 或三 B 債券，也許硫磺稍微收緊了一點，但仍然是一個非常好的投資。顯然，與 AAA 等級的流動性相比，您放棄了一些流動性，但我們不會將它們視為交易工具。是的，它們有 CUSIP，是的，它們具有流動性，但當我們購買這些時，它們通常會進入債券天堂，而我們只是持有它們直至到期。

In terms of issuance, it's a conversation that we have with the Capital Markets Desk and Jerry multiple times a month and the analysis is actually very simple, right, because the non-economic benefits of the CRE/CLO just massively outweigh the non-economic benefits of warehouse financing. Right? You take a nonrecourse, non-mark to market match term funded liability, you know, that we're going to pick that every time. So then it really just comes down to economics. So if the economics are equal to a warehouse facility, you issue the CRE/CLO as fast as you can. If they're better, you run even faster. Really the only analysis is when the economics of keeping a loan on warehouse far outweigh the economics of the CRE/CLO execution, that's where you have to think about the non-loan specific things. Do we want extra cash? Do we want this. So, it's a constant conversation that we have. I think the market is incredibly undersupplied at the moment. Almost any SaaS B deal, CRE/CLO that's coming to the market is getting gobbled up very, very quickly. So, we're looking at it today. We're looking at it constantly and we're always going to execute where we think is best for shareholders.

在發行方面，我們每個月都會與資本市場部門和 Jerry 進行多次對話，分析實際上非常簡單，對吧，因為 CRE/CLO 的非經濟收益遠遠超過了非經濟收益。正確的？您承擔無追索權、非以市價計價的匹配期限融資負債，您知道，我們每次都會選擇它。那麼這其實就歸結為經濟問題了。因此，如果經濟性與倉庫設施相當，您可以盡快簽發 CRE/CLO。如果它們更好，你就會跑得更快。實際上，唯一的分析是，當在倉庫保留貸款的經濟性遠遠超過 CRE/CLO 執行的經濟性時，您必須考慮非貸款特定的事情。我們需要額外的現金嗎？我們想要這個嗎？所以，這是我們不斷的對話。我認為目前市場供應嚴重不足。幾乎所有進入市場的 SaaS B 交易、CRE/CLO 都會非常非常快速地被吞噬。所以，我們今天就來看看。我們不斷關注這個問題，並且始終會執行我們認為對股東最有利的做法。

I mean, trying to read between the lines, so would you when you get ready would you be running to that market today and given what you said things are getting gobbled up and maybe more supply will help tighten those spreads, but it sounds like latency advance rates are just like incredibly 85% and obviously the non-recourse feature, so why wouldn't you just tap that market whenever you can now?

我的意思是，試著讀懂字裡行間的意思，所以當你準備好時，你今天會跑到那個市場嗎？這些價差，但這聽起來像是延遲預付款率高達令人難以置信的 85%，並且顯然具有無追索權功能，那麼您為什麼不趁現在就開發這個市場呢？

Yeah, I mean we're now we're getting into the weeds which I love, but look, I think while cap rates have widened, I don't want to get into the agency underwriting business, but as cap rates widen, you know, agency kind of stress cap rates have stayed constant for 30 years, so leverage available in these CRE/CLOs is going up and while that's available, I'm not sure that we want to use all of that. Right? I'm not sure that we want to be, you know, five times levered on a CRE/CLO. And in fact, I can tell you definitively, we don't want to be five times levered on the CRE/CLO.

是的，我的意思是，我們現在正在進入我喜歡的雜草，但是看，我認為雖然上限利率已經擴大，但我不想進入代理承保業務，但是隨著上限利率的擴大，你我們知道，機構類型的壓力上限率已經保持了30 年不變，因此這些CRE/CLO 中的可用槓桿正在上升，儘管可用，但我不確定我們是否想要使用所有這些槓桿。正確的？我不確定我們是否想在 CRE/CLO 上獲得五倍的槓桿。事實上，我可以明確地告訴你，我們不想在 CRE/CLO 上獲得五倍的槓桿。

So, regardless of those leverage points, I think we always typically want to be holding the bottom 20% to 25% of any CRE/CLO that we issue. The market is open. The market is liquid. I think we get probably today a little bit better leverage than warehouse, a little bit lesser pricing than warehouse, but net-net, the economics are probably very close to each other. So, yeah, we're actively looking at the opportunity to issue today.

因此，無論這些槓桿點如何，我認為我們通常總是希望持有我們發行的任何 CRE/CLO 的底部 20% 至 25%。市場是開放的。市場是流動的。我認為我們今天的槓桿率可能比倉庫好一點，定價比倉庫低一點，但是淨淨，經濟學可能非常接近。所以，是的，我們今天正在積極尋找發行的機會。

Yeah. Well, I'll just say equity investors get very excited when you start creating the CLO deals at double digit ROEs and you guys have done a great job track record of doing that. So look forward to continued success and thanks for taking my questions.

是的。好吧，我只想說，當你開始以兩位數的 ROE 進行 CLO 交易時，股權投資者會感到非常興奮，而且你們在這方面做得很好。因此，期待繼續取得成功，並感謝您提出我的問題。

This will conclude our question and answer session. I'd like to turn the conference back over to Lindsey Crabbe for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給林賽·克拉布（Lindsey Crabbe）發表閉幕詞。

We really appreciate you joining us today. Please reach out if you have any further questions. We look forward to speaking with you soon. Thanks and have a great day.

我們非常感謝您今天加入我們。如果您還有任何疑問，請與我們聯絡。我們期待盡快與您交談。謝謝，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。此時您可以斷開線路。