Farmland Partners Inc (FPI) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everyone to the Farmland Partners Inc Q1 2026 earnings conference call. (Operator Instructions) Thank you.

感謝您耐心等候。我叫 Janice，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Farmland Partners Inc 2026 年第一季財報電話會議。(接線員指示) 謝謝。

And I would now like to turn the conference over to Luca Fabbri, President and Chief Executive. Please go ahead.

接下來我想把電話會議交給總裁兼執行長 Luca Fabbri。請開始。

Thank you, Janice. Good morning, everybody, and welcome to Farmland Partners first quarter 2026 earnings conference call and webcast. We truly appreciate you taking the time to join us for these calls because we see them as a very important opportunity to share with you, our thinking and our strategy in a format less formal and more interactive than public filings and press releases.

謝謝你，Janice。各位早安，歡迎收聽 Farmland Partners 2026 年第一季財報電話會議與網路直播。我們非常感謝各位撥冗參與這些電話會議，因為我們認為這是非常重要的機會，能以比公開申報文件與新聞稿更不正式、也更具互動性的方式，與各位分享我們的想法與策略。

I will now turn the call over to our General Counsel, Christine Garrison, for some customary preliminary remarks. Christine?

接下來我將把電話會議交給我們的總法律顧問 Christine Garrison，進行一些慣例性的開場說明。Christine？

Thank you, Luca, and thank you to everyone on the call. The press release announcing our first quarter earnings was distributed after market close yesterday. The supplemental package has been posted to the Investor Relations section of our website under the sub-header Events and Presentations. For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, April 30, and will not be updated subsequent to this call.

謝謝你，Luca，也謝謝所有參與本次電話會議的各位。我們公布第一季財報的新聞稿已於昨日收盤後發布。補充資料包已上傳至我們網站投資人關係專區的「活動與簡報」子標題下。對於收聽本次簡報錄音的聽眾，我們提醒：本次發言係截至今日 4 月 30 日之資訊，且在本次電話會議後不會再更新。

During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities, business development opportunities as well as comments on our outlook for our business rents and the broader agricultural markets.

在本次電話會議中，我們將發表前瞻性陳述，包括與我們投資組合未來表現、已識別及潛在的收購與處分、收購/處分與融資活動之影響、業務發展機會，以及我們對租金業務與更廣泛農業市場展望相關的評論。

We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDAre and Adjusted EBITDAre. Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the company's press release announcing first quarter 2026 earnings, which is available on our website, farmlandpartners.com, and is furnished as an exhibit to our current report on Form 8-K dated April 29, 2026.

我們也將討論若干非 GAAP 財務衡量指標，包括淨營運收入、FFO、調整後 FFO、EBITDAre 與調整後 EBITDAre。這些非 GAAP 指標的定義以及與最可比 GAAP 指標的調節表，均載於公司公布 2026 年第一季財報的新聞稿中；該新聞稿可於我們網站 farmlandpartners.com 查閱，並作為我們日期為 2026 年 4 月 29 日之 Form 8-K 當期報告的附件提供。

Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the risk factors discussed in our press release distributed yesterday and the documents we have filed with or furnished to the SEC.

提醒聽眾注意：上述陳述受若干風險與不確定性影響，其中許多難以預測且通常超出我們的控制範圍。這些風險與不確定性可能導致實際結果與我們目前預期存在重大差異；我們建議聽眾查閱昨日發布之新聞稿中所討論的風險因素，以及我們向 SEC 提交或提供的文件。

I would now like to turn the call to our Executive Chairman, Paul Pittman. Paul?

接下來我想把電話會議交給我們的執行董事長 Paul Pittman。Paul？

Thank you, Christine. It's all in all, a pretty good quarter. I'm just going to address a couple of issues in my prepared comments, and then I'll turn it over to Luca. So the first issue is we've been getting some questions about what's the impact of the war in Iran on fertilizer, grain prices, farmer outlook, et cetera.

謝謝你，Christine。總體而言，這是一個相當不錯的季度。我會在事先準備的發言中談幾個議題，然後把時間交給 Luca。第一個議題是：我們收到一些問題，關於伊朗戰爭對化肥、穀物價格、農民展望等的影響。

So let me kind of hit a couple of key issues. And if anybody has follow-ups, we can deal with it in Q&A. The first is on fertilizer. Most of the US fertilizer does not come from the Middle East or from the Gulf generally. It frankly comes from the US and Canada. So all in all, the US farmer, while prices may be higher for fertilizer is sort of unaffected from a supply perspective on fertilizer.

我先談幾個關鍵點。如果有人有後續問題，我們可以在問答環節再處理。第一點是化肥。美國的大多數化肥並非來自中東或一般所稱的海灣地區。坦白說，主要來源是美國與加拿大。因此整體而言，對美國農民來說，雖然化肥價格可能較高，但就供應面而言，化肥供應大致不受影響。

So I think if this went on for another year, it would have some impact. But largely speaking, I haven't heard any reports about lack of fertilizer. What I have heard is some people changing crop decisions because cost of fertilizer is an issue, which may lead to slightly less corn being produced as opposed to soybeans in particular. So that's really kind of on the fertilizer front.

所以我認為如果這種情況再持續一年，可能會產生一些影響。但大體上，我尚未聽到任何關於化肥短缺的報告。我聽到的是，有些人因為化肥成本問題而改變作物決策，這可能導致玉米產量相對下降，尤其是相較於大豆。以上大致就是化肥方面的情況。

We have seen some grain price increases recently, particularly in wheat. The US is not a huge worldwide producer of wheat compared to some other places in the world. But you have seen -- wheat is also very fertilizer intensive. You may see less wheat grown or less yield on wheat in other parts of the world because of the limitation on fertilizer production coming out of the Gulf.

我們最近看到一些穀物價格上漲，尤其是小麥。相較於世界其他一些地區，美國並不是全球小麥的主要生產國。但你也看到——小麥同時是非常依賴化肥的作物。由於海灣地區化肥產出受限，世界其他地區可能會種植較少小麥，或小麥單產下降。

So we've seen some wheat price increases, some corn increases, as wheat price increases as well. I think that's at least as much due to drought in the US as it is to the war that's going on in Iran. The drought in the Southeastern portion of the US, which is a reasonably large wheat producer, is very, very significant. I read this morning, it's actually the worst drought that there's -- may have ever been at this point in the Southeast.

因此我們看到小麥價格上漲，也帶動玉米價格有所上升。我認為這至少同樣程度是因為美國乾旱，而不完全是伊朗正在發生的戰爭所致。美國東南部地區的乾旱——該地區也是相當大的小麥產區——非常、非常嚴重。我今天早上讀到，這可能是東南部在目前這個時間點所出現過的最嚴重乾旱。

So that will lead to probably lead to somewhat increases in grain prices. And then the final question we've been getting is about how all that might impact our next cycle of rent negotiations. And the real answer is it's really too early to tell. This doesn't move through the -- things like the war in Iran does not move through the farm economy overnight. It certainly doesn't move through nearly as quickly as the up and down of the public markets.

因此這可能會導致穀物價格有所上升。最後一個我們收到的問題是：這些因素可能如何影響我們下一輪的租金談判週期。真正的答案是：現在判斷還太早。像伊朗戰爭這類事件，不會在一夜之間傳導到農業經濟。當然，它的傳導速度也遠不如公開市場的漲跌那麼快。

So this is going to be a kind of slow-moving process. Higher grain prices obviously help us in our upcoming rent negotiations, which won't even start for another few months. And lower grain prices obviously hurt in those negotiations. But just to give context, hurt means we're -- largely flat and had a hard time getting increases, good times to there when we can get modest increases in rents.

因此這將是一個相對緩慢的過程。穀物價格上升顯然有利於我們即將到來的租金談判——而談判甚至還要再過幾個月才會開始。穀物價格下降則顯然不利於談判。但提供一點背景：所謂「不利」通常意味著我們的租金大致持平、較難爭取調升；而「有利」則是我們能取得溫和的租金調升。

The final issue I want to address before I turn it over to Luca is we did take some additional loan loss reserves, not because we're directly concerned that we won't collect but we are obviously making relatively high interest rate, high-risk loans, and we just think it's prudent to continue to make some reserves under the eventuality that we didn't collect everything.

在我把時間交給 Luca 之前，最後一個我想談的議題是：我們提列了一些額外的貸款損失準備，不是因為我們直接擔心收不回款項，而是因為我們確實在承作相對高利率、較高風險的貸款；我們認為在可能無法全數收回的情況下，持續提列一些準備是審慎之舉。

Hopefully, those things get reversed, but we put them in our financials in an effort to be cautious and conservative given the risk profile of our loan program.

希望這些準備未來能夠回轉，但基於我們貸款計畫的風險特性，我們將其納入財務報表，以維持謹慎與保守的立場。

So with that, I'm going to turn it over to you, Luca, and I'll be back at the Q&A.

那麼接下來我把時間交給你，Luca，我會在問答環節再回來。

Thank you, Paul. This quarter was very much in line with expectations from an operational standpoint. The largest items of note, we actually already addressed in the prior call, which is the completed redemption of our Series A preferred units.

謝謝你，Paul。從營運角度來看，本季表現大致符合預期。最值得注意的幾個事項，其實我們在上一通電話會議中已經談過，也就是我們已完成對 A 系列優先單位的贖回。

They were a significant overhang on the company in case we had to convert them into common at prices that we consider at a significant discount to our intrinsic value. But we have prepared for this event for a long time by shoring up our liquidity reserves, and we were able to satisfy our Series A holders in cash. Despite that, we still have a very strong liquidity position. We have access to about $114 million in untapped liquidity on our lines of credit.

如果我們必須以我們認為相對於內在價值有顯著折價的價格將其轉換為普通股，這些單位曾對公司形成重大壓力。但我們為此事件已準備許久，透過強化流動性準備，我們得以以現金滿足 A 系列持有人。即便如此，我們仍維持非常強勁的流動性部位。我們在授信額度上仍有約 1.14 億美元的未動用流動性可供使用。

So we from a balance sheet perspective, our company is very, very strong at this point in time. On the portfolio side, we continue to marginally improve the overall quality of our portfolio. We disposed of another California property, which we consider a region subject to volatility and to risks. And therefore, we welcome the reduction to that kind of exposure.

因此，從資產負債表的角度來看，我們公司在目前這個時間點非常、非常強健。在投資組合方面，我們持續小幅提升整體投資組合的品質。我們處分了另一處加州資產；我們認為該地區容易出現波動並伴隨風險。因此，我們樂見這類曝險的降低。

Overall, in the global picture, if you set AI aside, this is a time of great uncertainty and volatility and so on and so forth. And in the -- in the agricultural sector, in particular, there is quite a bit of trepidation about what's going to happen on the cost side, as Paul was outlining. But overall, Farmland as an asset class is -- continues to demonstrate its strength and its resilience, and we remain a very, very strong believer in the quality of the asset class.

整體而言，從全球角度來看，如果先把 AI 放一邊，現在是一個充滿高度不確定性與波動的時期，等等。而在——在農業領域，尤其是，對於成本端接下來會發生什麼，正如 Paul 所概述的，確實有相當程度的憂慮。但總體來說，農地作為一種資產類別——仍持續展現其強勁與韌性，我們依然非常、非常相信這個資產類別的品質。

With that, I will turn the call over to our CFO, Susan Landi, for her overview of the company's financial performance. Susan?

接下來，我把電話交給我們的財務長 Susan Landi，由她概述公司的財務表現。Susan？

Thank you, Luca. I'm going to cover a few items today, including the summary of the three months ended March 31, 2026, a review of our capital structure and updated guidance for 2026. I'll be referring to the supplemental package, which is available in the Investor Relations section of our website under the subheader Events and Presentations.

謝謝你，Luca。我今天將涵蓋幾個項目，包括截至 2026 年 3 月 31 日止三個月的摘要、我們資本結構的回顧，以及 2026 年最新的指引。我會參考補充資料包，該資料可在我們網站的投資人關係專區、於「活動與簡報」子標題下取得。

First, I will share a few financial metrics that appear on page 2. For the three months ended March 31, 2026, net income was $0.6 million or $0.01 per share available to common stockholders, which was lower than the same period for 2025. AFFO was $2.1 million versus $2.3 million for the same period of 2025 or $0.05 per weighted average share, which was the same as Q1 of 2025. Page 5 shows a more comprehensive look at the main drivers of the changes year-over-year.

首先，我將分享幾項出現在第 2 頁的財務指標。截至 2026 年 3 月 31 日止三個月，淨利為 60 萬美元，或每股 0.01 美元（可歸屬於普通股股東），低於 2025 年同期。AFFO 為 210 萬美元，相較 2025 年同期的 230 萬美元，或每加權平均股數 0.05 美元，與 2025 年第一季相同。第 5 頁更全面地呈現年對年變動的主要驅動因素。

On the revenue side, we were positively impacted by higher interest income due to a higher average balance on loans under the FPI loan program and financing receivables. An increase in amortization of points and higher proceeds from oil and gas royalties. These increases were partially offset by lower rental income due to asset dispositions, the absence of auction brokerage and third-party management income due to the sale of MWA in the fourth quarter of 2025.

在營收方面，由於 FPI 貸款計畫項下貸款與融資應收款的平均餘額較高，我們受惠於較高的利息收入。此外，點數（points）攤銷增加，以及石油與天然氣權利金收入提高。上述增幅部分被較低的租金收入所抵銷（因資產處分所致），以及因 2025 年第四季出售 MWA 而不再有拍賣經紀與第三方管理收入。

Operating expenses are slightly higher over the prior year due to the increase in the allowance for credit losses related to loans under the FPI loan program. This increase was partially offset by decreases in property operating and depreciation expenses, which are due to asset dispositions and savings on corporate and travel expenses as a result of the sale of MWA.

營運費用較前一年略高，主要因 FPI 貸款計畫項下貸款的預期信用損失備抵（allowance for credit losses）增加。此增加部分被不動產營運費用與折舊費用的下降所抵銷，這些下降源自資產處分，以及因出售 MWA 而在公司費用與差旅費用上的節省。

On page 12, there are a few capital structure items to point out. We had undrawn capacity on the lines of credit of approximately $114 million at the end of Q1 of 2026. Borrowings during the quarter were primarily used to redeem the remaining Series A preferred units. We had rate resets on three MetLife loans during the quarter. The aggregate amount of these loans was $19.3 million. The weighted average rate on these loans went from about 5.56% to 5.19%. The MetLife term loan number seven is scheduled to reprice in June.

在第 12 頁，有幾個資本結構項目值得指出。截至 2026 年第一季末，我們在信用額度項下尚有約 1.14 億美元的未動用額度。本季借款主要用於贖回剩餘的 A 系列優先單位。本季有三筆 MetLife 貸款進行利率重設。這些貸款合計金額為 1,930 萬美元。這些貸款的加權平均利率由約 5.56% 降至 5.19%。MetLife 第七號定期貸款預計於 6 月重新定價。

Moving on to page 15, you'll see our updated outlook for 2026. The assumptions are listed at the bottom of the page. On the revenue side, changes from the February guidance include management fees and interest income, which is higher due to the amendment and extensions of loans under the FPI loan program.

接著看第 15 頁，您會看到我們對 2026 年更新後的展望。相關假設列在頁面底部。在營收方面，相較 2 月指引的變動包括管理費與利息收入；由於 FPI 貸款計畫項下貸款的修訂與展期，利息收入較高。

On the expense side, changes from the February guidance include an increase in provision for credit loss allowance due to higher allowance on potential credit losses of loans. The forecasted range of AFFO is $13.2 million to $15.2 million or $0.30 to $0.35 per share, which is a decrease from the prior quarter on both the high and low end of the range.

在費用方面，相較 2 月指引的變動包括信用損失備抵提列增加，原因是對貸款潛在信用損失的備抵提高。AFFO 的預測區間為 1,320 萬至 1,520 萬美元，或每股 0.30 至 0.35 美元；相較前一季，區間高端與低端皆有所下調。

This summarizes where we stand today. We will keep you updated as we progress through the year. This wraps up our comments this morning. Thank you all for participating.

以上總結了我們目前的狀況。我們將在今年推進過程中持續向各位更新。我們今天上午的說明到此結束。感謝各位參與。

Operator, you can now begin the Q&A session.

主持人，您現在可以開始問答環節。

(Operator Instructions) John Massocca, B. Riley Securities.

（主持人指示）John Massocca，B. Riley Securities。

So maybe just to clarify on the loan reserve increase. Is that being tied to the performance of the borrower? I mean is there something specific you're seeing there? It just seems like it's an older loan, right? It's not a new loan necessarily creating more reserves. So just kind of curious why the change, it kind of seems like there wasn't a major change in the outlook for kind of farm valuations.

那我想先釐清一下貸款準備金增加的部分。這是與借款人的表現有關嗎？我的意思是，你們是否看到某些具體情況？看起來這是一筆比較舊的貸款，對吧？不一定是新貸款導致需要提更多準備金。所以我有點好奇為什麼會有這個變化；看起來農地估值的展望似乎並沒有出現重大改變。

Yes. We make loans to a variety of different folks. One of the lenders -- one of the borrowers continues to have sort of some critical challenges in their overall business and have negative news cycle, if you will.

是的。我們向各式各樣的對象放款。其中一位——其中一個借款人，其整體業務仍持續面臨一些關鍵挑戰，並且出現負面新聞循環（如果你願意這麼說的話）。

While we may feel secure about our specific loans, that negative news cycle always makes us nervous, which is really what's kind of driving the reserves. When things get messy for a borrower with other lenders, even though it may not directly affect our collateral position, it just makes the whole -- any situation more complicated. And in a non-sort of defined way, increases risk. And so that's what's driving those reserves.

即便我們可能對我們特定的貸款感到安心，那樣的負面新聞循環總是會讓我們緊張，而這正是推動準備金的原因。當借款人與其他放款機構之間的情況變得混亂時，即使未必直接影響我們的擔保品順位，也會讓整體——任何情況都更複雜。並且以一種不那麼明確的方式，提高風險。因此，這就是推動那些準備金的原因。

Are those issues caused at all about a certain crop type having headwinds? Or is it more just very specific to the borrower themselves?

那些問題是否在某種程度上是由特定作物類型面臨逆風所造成？還是說更偏向是借款人本身非常特定的因素？

No, it's very specific to that borrower. It's not a crop type issue.

不是，是非常特定於那位借款人。不是作物類型的問題。

And in terms of the size of the outstanding loan program, I mean, is any of that kind of maintained size and kind of growing interest income tied to extensions on that -- with that particular borrower? Or is it just kind of more broadly either extensions or new loans --

那就未償貸款計畫規模而言，我的意思是，其中任何維持規模、以及利息收入成長的部分，是否與那位——與那位特定借款人的展期有關？還是更廣泛地來自於展期或新貸款——

Some of the extensions and some of the increased interest rates are related to that buyer or that borrower.

部分展期以及部分利率上調，與那位買方或那位借款人有關。

Shifting gears maybe a little bit. Has the conflict in the Middle East and maybe some of the uncertainty around prices impacted the disposition market for transactions to the extent you're still really looking for more kind of sale opportunities within your portfolio in your noncore portfolio?

也許稍微換個話題。中東的衝突，以及可能圍繞價格的不確定性，是否影響了處分市場的交易情況？就你們仍在尋找更多出售機會、特別是在投資組合中的非核心資產而言？

No. What's going on in the Middle East doesn't have any kind of sort of direct line of sight impact on the transaction market for Farmland. What does have an impact is the general economy/general ag economy. And we are not in any real different situation than we were before hostilities in Iran started. We were in a somewhat challenging farm economy based on crop price versus cost of operation.

沒有。中東正在發生的事情，對農地交易市場並沒有任何可直接觀察到的影響。真正會造成影響的是整體經濟／整體農業經濟。而我們目前所處的情況，與伊朗爆發敵對行動之前相比，並沒有實質不同。基於作物價格相對於營運成本，我們原本就處於一個相對具挑戰性的農業景氣環境。

That makes farmers less aggressive bidders on properties. And as we always talk about, the farmers are the most aggressive bidders and really sort of set the price for properties. This -- again, this is not -- you don't have a pendulum here that swings very far. Good times are, okay, 5% if you're really lucky, 7% or 8% increases in land values on a per annual basis.

這會讓農民在競標不動產時不那麼積極。而且如同我們一直在談的，農民是最積極的競標者，某種程度上也真正決定了不動產的價格。再說一次，這並不是——你不會看到擺盪幅度很大的鐘擺。景氣好的時候，如果你真的很幸運，土地價值按年計大概上漲 5%，或 7% 到 8%。

And bad times are only up 1% or 2% or maybe flat or maybe even down 1% or 2%. I think it's just incredibly important to always recognize that we're in an industry with a very slow, steady upward march in asset values due to scarcity and fundamentally due to food demand. Those are not things that all of us involved in the public markets have a hard time grasping this. You just don't get the kind of volatility swings we're used to seeing in asset values or crop price or anything else. It's very glacial in terms of -- with a pretty strong upward trend, but it just doesn't move quickly no matter what.

而景氣差的時候也只是上漲 1% 或 2%，或許持平，甚至可能下跌 1% 或 2%。我認為非常重要的是要一直認知到：我們所處的產業，由於稀缺性、以及根本上由於食品需求，資產價值呈現非常緩慢、穩定的向上趨勢。這些並不是我們這些參與公開市場的人都很容易理解的事情。你不會看到我們習慣於在資產價值、作物價格或其他任何事物上所見到的那種劇烈波動。就變動速度而言非常緩慢——雖然有相當強的上升趨勢，但無論如何它就是不會快速變動。

Okay. And then you talked a little bit about kind of the impact or non-impact of fertilizer prices. This is someone who's much closer to kind of the farm economy than most other people on the call. How impactful has the increase in diesel prices been? And is that something that can maybe be even more meaningful for farmers versus fertilizer or something where it's just a relatively small portion of the overall cost of running the farm?

好的。接著你也稍微談到肥料價格的影響或不影響。你是這通電話裡比大多數人更貼近農業經濟的人。柴油價格上漲的影響有多大？這是否可能對農民而言比肥料更有意義？還是說它在整體農場營運成本中只占相對小的一部分？

So it's a relatively small portion is the answer. So a couple of things to grasp here. Number one, most farmers -- most farmers of scale do some level of hedging or prebuying of their diesel fuel. It's quite common for a farmer to have 10,000 gallons or multiple 10,000 gallon tanks of diesel on their farm. And they probably bought that sometime last winter, well before the Iranian hostilities began.

答案是：它占比相對小。這裡有幾點需要理解。第一，大多數農民——規模較大的農民——都會對柴油做某種程度的避險或預先採購。農民在農場裡有 10,000 加侖、甚至多個 10,000 加侖柴油槽是很常見的。而他們很可能是在去年冬天、也就是伊朗衝突開始之前就買好了。

So not a huge, huge impact. But obviously, as they look forward on their budgets, they'll run out of that fuel sometime this summer, have to replace it. When they start trucking this fall, diesel will affect trucking costs. So it's certainly not positive for their P&L.

所以影響不算非常、非常大。但顯然，當他們往前看編列預算時，他們會在今年夏天某個時候用完那些燃料，必須補貨。等到今年秋天開始運輸時，柴油會影響運輸成本。因此這對他們的損益表（P&L）當然不是正面因素。

But again, it just doesn't come through very quickly because of the amount of kind of prebought capacity on diesel. Round numbers, diesel might be in the neighborhood of 10% of a farmer's crop budget, maybe a little less. So it's just not -- it's not a huge impact overall and probably less impactful than fertilizer cost on the corn and wheat crops. I hope that helps.

但再說一次，由於柴油預先採購的量相當可觀，所以影響不會很快反映出來。粗略來看，柴油可能約占農民作物預算的 10%，也可能略低一些。所以整體而言影響不大，而且對玉米與小麥作物來說，影響可能還不如肥料成本那麼大。希望這有幫助。

Tousley Hyde, Raymond James.

Tousley Hyde，Raymond James。

Sorry to sneak this one in. Just a quick follow-up on the FPI loan program. So you have probably somewhere around $30 million coming in later this year. Are there any kind of priorities for capital allocation we should be thinking about share repurchases, deleveraging the balance sheet a little bit further, extending new loans? Any kind of color you can provide would be very helpful.

抱歉插問一下。針對 FPI 貸款計畫做個簡短追問。所以你們今年稍晚大概會有約 3,000 萬美元回收進來。在資本配置上有沒有什麼優先順序是我們應該思考的，例如庫藏股回購、進一步降低資產負債表槓桿、或發放新貸款？任何你能提供的補充說明都會很有幫助。

Yes. I would say that most of that capital when it gets returned to us is likely to go for continued deleveraging the balance sheet. If we -- I think our stock is still a relative bargain, although not as big a bargain as it has been in times past. So you could see us buy stock back depending on stock price, but more likely deleveraging would be my current thinking. Luca or Susan, if you have a point of view on this, feel free to express it even if it's frankly different than mine.

有。我會說，這筆資金回到我們手上後，大部分很可能會用於持續降低資產負債表槓桿。如果我們——我認為我們的股票仍相對便宜，雖然不像過去某些時候那麼便宜。因此視股價而定，你可能會看到我們回購股票，但以我目前的想法，更可能是去槓桿。Luca 或 Susan，如果你們對此有看法，歡迎提出，即使坦白說跟我的不同也沒關係。

No. As we've discussed, that's our priority right now on capital allocation is, frankly, deleveraging. But we remain, as Paul mentioned, we remain very, very opportunistic on the stock price and watching it and implementing potential stock repurchases.

沒有。如同我們討論過的，我們目前資本配置的優先事項，坦白說，就是去槓桿。但我們仍然如 Paul 所提到的，會非常、非常機會主義地關注股價，並視情況執行可能的股票回購。

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

Yes. Just a quick follow-up one. Any kind of outlook currently for what you would expect the rate to be on the repricing of the term loan number seven?

是。再快速追問一個。目前對第七筆定期貸款重新定價時的利率，你們有任何展望嗎？

I'm going to turn that over to Luca or Susan, if you want to make a comment there.

我把這題交給 Luca 或 Susan，你們若想評論的話。

At this point, we're expecting it to be fairly in line with what we did with the two that occurred in Q1.

就目前而言，我們預期會與第一季發生的那兩筆大致一致。

Yes. I would expect to add on that, the -- expect the spread to be consistent. But of course, your guess on rates is as good as mine.

是。我補充一下——我預期利差會保持一致。但當然，你對利率的猜測跟我一樣準。

Right. And is that locking in, in June? Or is it locking in, in advance of the actual change?

了解。那是 6 月鎖定嗎？還是會在實際變更之前就先鎖定？

It locks just before.

會在之前不久鎖定。

Yes, it will be late May or early June.

是，會在 5 月下旬或 6 月上旬。

There's no questions in queue at this time. That concludes our Q&A session. I will now turn the conference back over to Luca Fabbri for closing remarks. Please go ahead.

目前佇列中沒有問題。問答環節到此結束。我現在把會議交回 Luca Fabbri 作結語。請開始。

Thanks, Janice. We appreciate your interest in our company and look forward to updating you on our activities and results in the coming quarters. Have a great day, everybody.

謝謝你，Janice。感謝各位對本公司的關注，我們也期待在接下來幾個季度向各位更新我們的活動與成果。祝大家今天愉快。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。