Forum Markets, Inc (FRMM) 2026 Q1 法說會逐字稿

Hello, and welcome to Forum Markets' first-quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded on May 14, 2026, and a replay will be made available on Forum's Investor Relations website later today.

大家好，歡迎參加 Forum Markets 2026 年第一季財報電話會議。(接線員指示) 本次電話會議於 2026 年 5 月 14 日錄音，今日稍晚將在 Forum 的投資人關係網站提供重播。

I will now turn the call over to John Kristoff, Senior Vice President, Corporate Communications and Investor Relations.

現在我將把電話交給企業傳播與投資人關係資深副總裁 John Kristoff。

Thank you, Megan. Hello, and thank you all for joining Forum's first-quarter 2026 financial results conference call. Joining me on the call today are McAndrew Rudisill, Chairman and Chief Executive Officer; and John Saunders, Chief Financial Officer.

謝謝你，Megan。大家好，感謝各位參加 Forum 2026 年第一季財務業績電話會議。今天與我一同出席的有董事長兼執行長 McAndrew Rudisill，以及財務長 John Saunders。

We hope you've had an opportunity to review our first quarter financial results issued earlier this morning. We've also posted an earnings presentation to our Investor Relations website.

我們希望各位已經有機會查閱我們今天稍早發布的第一季財務結果。我們也已在投資人關係網站上發布了法說簡報。

As a reminder, some of the matters we'll be discussing on this morning's call are forward-looking in nature. Please keep in mind that actual results could differ materially from what is expressed in these forward-looking statements. Forum assumes no obligation to update the information, and we encourage you to refer to our most recent filings with the SEC for a discussion of factors that could cause actual results to differ materially from these statements.

提醒各位，我們今天上午電話會議中討論的部分事項屬於前瞻性陳述。請注意，實際結果可能與這些前瞻性陳述所表達的內容有重大差異。Forum 不承擔更新相關資訊之義務，並建議各位參閱我們最近向 SEC 提交的文件，其中討論了可能導致實際結果與上述陳述有重大差異的因素。

During our call, we will also reference certain non-GAAP financial measures, which we believe provide useful information for investors. A reconciliation of these non-GAAP measures to the corresponding GAAP measure can be found in our press release and presentation on our Investor Relations website.

在本次電話會議中，我們也將提及若干非 GAAP 財務衡量指標，我們認為這些指標可為投資人提供有用資訊。這些非 GAAP 指標與相對應 GAAP 指標之調節表，可在我們的新聞稿及投資人關係網站上的簡報中找到。

And with that, I'll turn the call over to McAndrew.

接下來，我把電話交給 McAndrew。

Thank you, John, and good morning, everyone.

謝謝你，John，各位早安。

Since our last call, our team has remained focused on executing our strategy of originating, structuring, and tokenizing institutional-grade cash flow-generating assets to modernize capital markets.

自上次電話會議以來，我們的團隊持續專注於執行我們的策略：發起、架構設計並代幣化具機構等級、可產生現金流的資產，以推動資本市場現代化。

We've made meaningful progress across the platform, expanding our asset origination pipelines by entering the AI infrastructure financing space and making significant progress on establishing strategic co-investment partnerships with major financial investment firms.

我們在整個平台上取得了實質進展，透過切入 AI 基礎設施融資領域擴大資產發起管線，並在與大型金融投資機構建立策略性共同投資夥伴關係方面取得重大進展。

At the same time, we recognize there is a meaningful disconnect between the market's current valuation of the company and the progress we are making and the intrinsic value of the platform that we are building.

同時，我們也認知到，市場目前對公司的估值與我們所取得的進展，以及我們正在打造的平台內在價值之間，存在顯著落差。

We've taken deliberate steps to directly address that gap, including activity through our share repurchase program and initiating a formal strategic review aimed at preserving the long-term opportunity in front of us.

我們已採取審慎措施直接縮小該落差，包括透過股份回購計畫進行相關行動，並啟動正式的策略檢討，以維護我們面前的長期機會。

On the share repurchase program, since our announcement in April, we repurchased approximately 5.8 million shares for an aggregate purchase price of approximately $24.9 million, representing approximately 28% of our shares outstanding.

就股份回購計畫而言，自我們於 4 月公告以來，我們已回購約 580 萬股，總買回金額約 2,490 萬美元，約占我們流通在外股份的 28%。

All shares under the program have been retired and canceled.

該計畫項下回購的所有股份均已註銷並取消。

Following these repurchases, we had approximately 14.5 million shares outstanding as of April 30th, 2026.

完成上述回購後，截至 2026 年 4 月 30 日，我們約有 1,450 萬股流通在外。

We view repurchasing shares at current levels as a highly accretive use of capital and a direct demonstration of our conviction in the intrinsic value of Forum.

我們認為在目前價位回購股份是高度增益性的資本運用方式，也直接展現我們對 Forum 內在價值的堅定信念。

Our Board authorized the program with the flexibility to act programmatically and opportunistically as market conditions permit.

董事會授權該計畫具備彈性，可在市場條件允許時，以系統性與機會性方式執行。

In parallel, the Board has established a special committee comprised of independent directors to formally evaluate a full range of strategic alternatives with the objective of maximizing shareholder value.

同時，董事會已成立由獨立董事組成的特別委員會，正式評估各種策略替代方案，以最大化股東價值為目標。

This includes engaging with parties that have already approached the company and proactively evaluating all available value creation pathways.

其中包括與已主動接觸公司的各方進行互動，並主動評估所有可行的價值創造途徑。

These actions reinforce rather than alter our view of the business.

這些行動強化而非改變我們對業務的看法。

We remain highly confident in our operating model, the long-term opportunity and tokenized real-world assets. And in our ability to generate revenue and cash flow as a stand-alone company.

我們對自身的營運模式、代幣化實體資產（real-world assets）的長期機會，仍然非常有信心。也對我們作為一家獨立公司創造營收與現金流的能力充滿信心。

This process reflects our disciplined commitment to ensuring the full value of the business is recognized.

此流程反映我們以紀律確保公司完整價值獲得認可的承諾。

While that review is underway, we remain focused on executing on our core strategy and continuing to build and scale the platform.

在檢討進行期間，我們仍專注於執行核心策略，並持續建置與擴大平台規模。

Turning to the platform, we have continued to expand our asset blaze and deploy capital into high-yield institutional-grade assets that generate income today and create future tokenization pipelines.

回到平台面，我們持續擴大資產版圖，並將資本投入於可帶來高收益、具機構等級且能在當下產生收益的資產，同時建立未來的代幣化管線。

Most recently, we announced our entry into AI infrastructure financing, specifically short-term bridge loans supporting the acquisition and deployment of NVIDIA GPUs.

最近，我們宣布進軍 AI 基礎設施融資領域，具體而言是支援採購與部署 NVIDIA GPU 的短期過橋貸款。

These loans finance the period between hardware purchase and long-term financing once the GPUs are operational, sourced to established partners with a clear path to repayment.

這些貸款用於硬體採購至 GPU 上線運作並取得長期融資之間的期間，來源為既有合作夥伴，且具備清晰的還款路徑。

We are targeting annualized returns in the mid-teens on these short-duration loans. Critically, these are income-producing assets that generate yield from day one, independent of tokenization.

我們目標是在這些短天期貸款上取得年化中十位數（約 15% 左右）的報酬率。關鍵在於，這些是可產生收益的資產，從第一天起即可產生殖利率，且不依賴代幣化。

While we intend to tokenize a portion of each deal, this structure allows us to put capital to work immediately while building out the pipeline of assets we can ultimately bring on-chain.

雖然我們計畫將每筆交易的一部分進行代幣化，但此結構讓我們能立即投入資本運作，同時建立最終可上鏈的資產管線。

Given the rapid expansion of demand for AI infrastructure, we view this as a repeatable, scalable opportunity set where we can deploy capital, earn yield, tokenize, and recycle into new transactions.

鑑於 AI 基礎設施需求快速擴張，我們認為這是一個可重複、可擴張的機會集合，我們可在其中部署資本、賺取收益、進行代幣化，並回收資金投入新交易。

We've made significant progress in establishing relationships with established well-known institutional investment firms to deploy capital into our asset origination pipelines, particularly our AI infrastructure financing and commercial aircraft engine leasing verticals.

我們在與成熟且知名的機構投資公司建立關係方面取得重大進展，以便將資本投入我們的資產發起管線，特別是 AI 基礎設施融資與商用飛機引擎租賃兩大垂直領域。

We are confident in our ability to generate meaningful capital deployment opportunities into our asset pipelines. Enabling Forum to earn revenue through origination and asset management fees as we source, structure and manage assets on behalf of our institutional counterparts, with more details to be announced once capital has been actively deployed into our pipelines.

我們對於在資產管線中創造具規模的資本部署機會充滿信心。隨著我們代表機構合作夥伴尋找、架構設計並管理資產，Forum 可透過發起費與資產管理費取得收入；待資本已實際部署至我們的管線後，我們將公布更多細節。

We view the progress we have made establishing these relationships as validation of our sourcing and structuring capabilities and as an early demonstration of how Forum can scale beyond our own balance sheet and access constrained double-digit yielding asset classes. More broadly, it illustrates the two distinct but complementary distribution paths we are building, retail access through tokenized products and institutional access through co-investment agreements and distribution agreements where we can white label our products on existing institutional platforms.

我們認為在建立這些關係方面取得的進展，驗證了我們的資產來源與架構設計能力，也初步展現 Forum 如何在自身資產負債表之外擴張，並取得供給受限、具雙位數收益率的資產類別。更廣泛而言，這也說明我們正在打造兩條彼此獨立但互補的分銷路徑：一是透過代幣化產品提供零售端的投資管道；二是透過共同投資協議與分銷協議提供機構端的投資管道，我們可在既有的機構平台上以白標方式提供我們的產品。

We continue to believe this is the right strategy and these opportunities are well aligned with our model and position us to grow meaningfully as we bring more assets onto the platform.

我們仍然相信這是正確的策略，而這些機會與我們的模式高度契合，並在我們將更多資產納入平台之際，使我們得以實現具實質意義的成長。

As we look ahead, our focus is on scaling the platform by expanding asset pipelines, increasing capital deployment, and broadening distribution.

展望未來，我們的重點在於透過擴大資產管線、提高資本投放，以及拓展分銷渠道來擴大平台規模。

Liquidity.io remains a core part of that strategy, enabling a broader set of investors to access institutional-grade opportunities and serving as our proof point for bringing real-world assets on chain.

Liquidity.io 仍是該策略的核心部分，使更廣泛的投資人能夠接觸到機構級機會，並作為我們將現實世界資產上鏈的驗證案例。

Importantly, Liquidity.io is currently undergoing a major platform upgrade that will significantly expand its capabilities. In addition to digital tokens. The enhanced platform will offer trading in stocks, bonds, cryptocurrency and private credit securities, a meaningfully broader product set that we expect to drive substantial growth in their user base.

重要的是，Liquidity.io 目前正在進行重大平台升級，將大幅擴展其能力。除數位代幣之外。升級後的平台將提供股票、債券、加密貨幣及私募信貸證券的交易，產品組合將顯著擴大，我們預期這將推動其用戶基礎大幅成長。

We anticipate the updated platform will launch late second quarter or early third quarter.

我們預期更新後的平台將於第二季末或第三季初上線。

For Forum, a larger and more diverse Liquidity.io user base directly expands the buyer pool for our tokens on their exchange, which we view as an important catalyst for driving token distribution at scale.

對 Forum 而言，Liquidity.io 更大且更多元的用戶基礎，將直接擴大其交易所上我們代幣的買方池；我們視此為推動代幣規模化分銷的重要催化劑。

Combined with the institutional co-investment channels we are building, we are creating a multi-channel distribution model designed to serve both retail and institutional investors and to scale alongside our growing asset base.

結合我們正在建立的機構共同投資渠道，我們正在打造一個多渠道分銷模式，旨在同時服務零售與機構投資人，並隨著我們不斷成長的資產基礎一同擴張。

And as we noted previously, we will continue to evaluate potential capital raising opportunities with a focus on long-term value creation, balance sheet flexibility and shareholder alignment.

此外，正如我們先前所提到的，我們將持續評估潛在的募資機會，並聚焦於長期價值創造、資產負債表彈性以及與股東利益一致。

Overall, these steps positioned for him to build a durable income-generating platform that we can expand across asset classes and distribution channels as we continue to grow.

整體而言，這些步驟使我們得以建立一個可持續、可產生收益的平台，並在我們持續成長的同時，將其擴展至更多資產類別與分銷渠道。

The actions we have taken since our last call, aggressive share repurchases, a formal strategic review, developing institutional co-investment partnerships, and continued expansion into high-yielding asset verticals reflect both our conviction in this platform and our commitment to ensuring shareholders benefit from the value we are building.

自上次電話會議以來我們所採取的行動——積極的股票回購、正式的策略檢討、發展機構共同投資夥伴關係，以及持續擴展至高收益資產垂直領域——反映了我們對此平台的信念，以及我們致力於確保股東能分享我們正在打造之價值的承諾。

As capital markets continue to evolve, we believe platforms with the ability to uniquely identify, originate, and scale high-quality art assets will emerge as leaders. We believe FORM is well-positioned to be among them. With that, I'll turn the call over to John Saunders.

隨著資本市場持續演進，我們相信具備獨特能力去辨識、發起並規模化高品質藝術資產的平台將成為領導者。我們相信 FORM 已具備良好條件躋身其中。接下來，我將把電話會議交給 John Saunders。

Thank you, McAndrew. Good morning, everyone, and thank you for joining us. Before I walk through the quarter, I want to briefly note how our financial framework is evolving as the platform matures.

謝謝你，McAndrew。各位早安，感謝大家加入我們。在我回顧本季之前，我想先簡要說明，隨著平台日益成熟，我們的財務框架如何演進。

As McAndrew described, we have been active on multiple fronts since our last call, deploying capital into income-producing real-world assets, entering new high-yield verticals, including AI infrastructure financing, executing a significant share repurchase program, and initiating a formal strategic review process.

如 McAndrew 所述，自上次電話會議以來，我們在多個面向積極推進：將資本投放於可產生收益的現實世界資產、進入新的高收益垂直領域（包括 AI 基礎設施融資）、執行大規模股票回購計畫，並啟動正式的策略檢討流程。

Each of these reflects deliberate capital allocation decisions made with a view towards growing the underlying value of the platform.

上述每一項都反映了我們在資本配置上的審慎決策，目標是提升平台的內在價值。

The metrics we continue to focus on are assets under management, yield generated from the asset base, origination and structuring activity, and token issuance volume, and over time, the fee revenue associated with managing and distributing those assets at scale.

我們持續關注的指標包括：資產管理規模、資產基礎所產生的收益、資產發起與結構設計活動、代幣發行量，以及隨時間推進，與規模化管理與分銷這些資產相關的費用收入。

Turning to the first quarter, Forum generated revenue of approximately $2.9 million compared with $2.4 million in the fourth quarter of 2025.

回到第一季，Forum 的營收約為 290 萬美元，相較於 2025 年第四季的 240 萬美元。

Revenue in the quarter was driven primarily by staking revenue of $1.8 million and aircraft engine revenue of $1.1 million.

本季營收主要由 180 萬美元的質押收入，以及 110 萬美元的飛機引擎收入所帶動。

Results for the quarter reflect the timing of capital deployment and when assets begin contributing yield.

本季結果反映了資本投放的時點，以及資產何時開始貢獻收益。

As we noted last quarter, our revenue mix is continuing to shift away from legacy digital asset activity and increasingly toward income generated from real-world asset portfolios, financing activities. And over time, origination, structuring, and asset management fees.

如同我們上季所提到的，我們的營收組合正持續從傳統的數位資產活動轉移，並日益轉向由現實世界資產投資組合與融資活動所產生的收益。並且隨時間推進，轉向發起、結構設計與資產管理費用。

Selling general and administrative expenses were approximately $7.5 million in the first quarter. We continue to invest in the infrastructure, systems, and partnerships required to support platform growth, while maintaining a disciplined approach to operating expenses.

第一季的銷售、一般及行政費用約為 750 萬美元。我們持續投資於支持平台成長所需的基礎設施、系統與合作夥伴關係，同時維持對營運費用的紀律性管理。

Net loss for the quarter totaled approximately $77.5 million, which was primarily attributable to realized losses on disposition of digital assets.

本季淨損約為 7,750 萬美元，主要歸因於處分數位資產所產生的已實現損失。

Adjusted EBITDA loss was $76 million as a result in price changes from digital assets.

由於數位資產價格變動，調整後 EBITDA 虧損為 7,600 萬美元。

We anticipate this is the last quarter we will experience large mark-to-market adjustments associated with digital assets.

我們預期這將是最後一個會出現與數位資產相關的大幅按市價評價調整的季度。

Turning to the balance sheet, during the quarter and subsequent period, we continue to allocate capital toward platform growth while also executing the share repurchase program McAndrew described, both reflecting our disciplined approach to deploying capital where we see the greatest value. And addressing the gap between our market value and our view of intrinsic value.

談到資產負債表，在本季及其後期間，我們持續將資本配置於平台成長，同時也執行 McAndrew 所描述的股票回購計畫；兩者皆反映我們在資本投放上秉持紀律，將資本投入我們認為最具價值之處。並處理我們市值與我們所認定的內在價值之間的落差。

Given the significant share repurchases that have occurred since quarter end, I want to walk through where we stand as of April 30, 2026. We believe this provides the most current and relevant picture of the platform's asset base.

鑑於季末以來已進行大量股票回購，我想說明截至 2026 年 4 月 30 日我們的最新狀況。我們相信這能提供平台資產基礎最即時且最具參考性的全貌。

As of April 30, Forum reported total assets of approximately $170.5 million exclusive of prepaid assets, accrued expenses, and accounts payable.

截至 4 月 30 日，Forum 報告的總資產約為 1.705 億美元（不含預付資產、應計費用及應付帳款）。

And cash and cash equivalents totaled approximately $62.5 million.

現金及約當現金合計約為 6,250 萬美元。

The asset base consisted of the following.

資產基礎由以下項目構成。

We held $17.6 million in aircraft engine assets net of depreciation, which continue to generate contracted lease income from major commercial carriers.

我們持有扣除折舊後的飛機引擎資產 1,760 萬美元，持續自主要商用航空公司產生合約租賃收入。

We held approximately $1.8 million in auto loans and warehouse facilities, $14.8 million in manufactured home loans, and approximately $28 million in ETH collateral, offset by our collateralized loan of approximately $26 million.

我們持有約 180 萬美元的汽車貸款與倉儲融資安排、1,480 萬美元的組合屋貸款，以及約 2,800 萬美元的 ETH 抵押品；並由約 2,600 萬美元的擔保貸款相抵。

We also held equity positions in our strategic partners, Satchel, Inc., Caris, and Zippy, valued at $13.7 million, $9.8 million, and $22.3 million, respectively.

我們亦持有策略合作夥伴 Satchel, Inc.、Caris 與 Zippy 的股權部位，估值分別為 1,370 萬美元、980 萬美元與 2,230 萬美元。

In aggregate, these assets support a net asset value of approximately $144.5 million or approximately $9.93 per share based on approximately 14.5 million shares outstanding as of April 30, 2026.

合計而言，這些資產支撐的淨資產價值約為 1.445 億美元；以截至 2026 年 4 月 30 日約 1,450 萬股流通在外股數計算，約為每股 9.93 美元。

We view NAV per share as a useful reference point in evaluating the underlying value of the business, particularly given the strength and quality of the asset base we continue to build.

我們將每股淨資產價值（NAV）視為評估業務內在價值的一個有用參考點，特別是鑑於我們持續打造的資產基礎之實力與品質。

Looking ahead, our capital allocation priorities remain focused on three areas, deploying capital into high-quality, cash-generating real-world assets, expanding origination and distribution capabilities across the platform, and preserving balance sheet flexibility as we scale.

展望未來，我們的資本配置優先事項仍聚焦於三個領域：將資本投入高品質、可產生現金流的實體世界資產；擴大平台的資產發起與分銷能力；以及在擴張規模的同時維持資產負債表的彈性。

With respect to guidance, we are adjusting our expectations for full year 2026 to reflect the capital allocated to share repurchases subsequent to our last call.

就財測指引而言，我們正在調整對2026全年之預期，以反映自上次電話會議後我們配置於股份回購的資本。

We now expect to exit 2026 with between $100 million and $175 million in assets under management across our tokenized and pre-tokenization credit portfolios, compared with our prior expectation of $125 million to $200 million.

我們目前預期在2026年底，於代幣化及代幣化前的信貸投資組合之管理資產規模（AUM）將介於1億至1.75億美元之間，較先前預期的1.25億至2億美元下調。

We also now expect full-year 2026 revenue to be in the range of $18 million to $22 million, compared with our prior expectation of $18 million to $26 million.

我們也將2026全年營收預期調整為1,800萬至2,200萬美元區間，較先前預期的1,800萬至2,600萬美元下調。

The updated range reflects a slower pace of near-term deployment, resulting from capital used for share repurchases, while still capturing yield income from the existing asset base, financing activities, and early-stage origination and structuring economics.

更新後的區間反映短期部署步伐較慢，原因在於部分資本用於股份回購；但仍涵蓋既有資產基礎的收益收入、融資活動，以及早期資產發起與結構設計所帶來的經濟效益。

We believe the business is building momentum across the drivers that matter most. Yield generation today, growing origination and structuring economics as the platform scales. And reoccurring asset management and distribution economics over time.

我們相信，業務正在於最關鍵的驅動因素上累積動能。當前的收益創造、以及隨平台擴張而成長的資產發起與結構設計經濟效益。並且隨時間推進，形成可重複的資產管理與分銷經濟效益。

The actions we took this quarter, expanding the asset base, repurchasing shares, and developing new institutional co-investment opportunities reflect our conviction in the platform and our focus on compounding its underlying value.

我們本季採取的行動——擴大資產基礎、回購股份、以及開發新的機構共同投資機會——反映我們對平台的信心，以及我們致力於複利提升其內在價值的聚焦。

We look forward to providing further updates as the quarter progresses.

隨著本季進展，我們期待提供更多更新。

And with that, I'll turn the call back over to the operator for questions.

接下來，我把電話交回給接線員進行問答。

(Operator Instructions) Brian Dobson, Clear Street.

(接線員指示) Brian Dobson，Clear Street。

Thanks so much for taking my question.

非常感謝讓我提問。

So now that you've had tokens live.

所以，現在你們的代幣已經上線了。

How are you seeing, call it, feedback from your products? And as you're looking through, call it, the next two years, which segments would you expect to see the most material growth?

你們如何看待，姑且說，市場對你們產品的回饋？另外，展望未來兩年，你們預期哪些細分領域會出現最顯著的成長？

Hey, Brian, this is McAndrew.

嗨，Brian，我是McAndrew。

Thank you for your question.

謝謝你的提問。

I think that tokens, based on feedback that we've gotten from communicating with a lot of institutional investors, are going to.

我認為，根據我們與許多機構投資人溝通所得到的回饋，代幣將會。

Received the most focus primarily from the retail side at this point.

目前主要是零售端給予最多關注。

From our conversations with institutions, they're a lot more interested in investing directly via sort of traditional structures in the assets that we're creating via like a large-scale structured product format, which ultimately could be tokenized. But I think where a lot of real-world asset tokenization is leading. Is being able to fractionalize these assets kind of into smaller increments that allow retail investors to access them. And that is why we commented on Liquidity.io and the platform build that they're undergoing right now. And to increase the aperture of that distribution, having stocks, bonds, options all in one place alongside tokens should create a much larger marketplace for individual investors to come buy these tokens. Where we've seen the most interest on the tokenization side, it's starting number one, aircraft engines, because there's going to be a pretty nice tax benefit to investing in those directly that we figured out. Number two, the AI infrastructure finance, we've seen a lot of institutional interest in investing directly in that. And I think that will translate into token interest at the retail level.

從我們與機構的對話來看，他們更有興趣透過較傳統的架構，直接投資於我們所創造的資產——例如以大型結構型產品的形式——而這些最終也可能被代幣化。但我認為，許多實體世界資產代幣化的發展方向，是能夠將這些資產分割成較小的單位，讓零售投資人也能夠參與。這也是我們提到Liquidity.io以及他們目前正在進行的平台建置的原因。為了擴大分銷的範圍，將股票、債券、選擇權與代幣放在同一個平台上，應能為個人投資人創造更大的市場，來購買這些代幣。在代幣化方面，我們看到最多興趣的領域，第一是飛機引擎，因為我們已經找出直接投資其中可帶來相當不錯的稅務效益。第二是AI基礎設施融資，我們看到許多機構對直接投資此領域很有興趣。我認為這也會在零售層面轉化為對代幣的興趣。

I'd say mortgages and auto loans, I would say equal interest, very durable yields, and kind of interestingly short duration on the auto loan warehouse product, which we think ultimately can slot into both stablecoin and money market products because of the really low capital duration and high yield that it generates. So that's a longer answer to your question, but I think you kind of have to bifurcate the market between institutional and retail from the work that we've done.

我會說房貸與汽車貸款的興趣程度相當，收益非常穩健；而且汽車貸款倉儲產品的存續期間相對較短，這點也很有意思。我們認為，最終它可以納入穩定幣與貨幣市場產品，因為其資本占用期間很短、且能產生較高收益。所以這是對你問題較長的回答，但我認為，依我們所做的工作，你必須將市場區分為機構與零售兩端來看。

Yeah, thanks. That's good color, I guess. And then as a follow-up to tokenization, right? How do you think about the trade-off between, continuing to make buybacks below NAV versus deploying that capital into something that can generate a yield? I guess, how are you approaching that question?

好的，謝謝。這些說明很有幫助。接著就代幣化再追問一下，對吧？你們如何權衡：在NAV以下持續回購，與把資本投入可產生收益的項目之間的取捨？也就是說，你們是如何看待並處理這個問題的？

I mean, we look at it from a mathematical perspective every day and to help.

我的意思是，我們每天都從數學角度來看這件事，並且用來協助。

Is it better to buyback shares or deploy capital into generating revenue? And I think we have to strike the right balance between both. I mean, we just gave you this new revised revenue guidance because of the share buybacks, and there's a direct correlation between the more shares we buyback, the less revenue that we generate. So we just have to take a balanced approach to it. And as I'll reiterate again, the buyback remains open.

判斷是回購股票比較好，還是把資本部署去創造營收比較好？我認為我們必須在兩者之間取得適當平衡。我們剛剛提供了因股份回購而調整後的新營收指引，兩者之間存在直接關聯：我們回購的股份越多，所能產生的營收就越少。因此我們必須採取平衡的做法。我再重申一次，回購計畫仍然開放進行。

Yeah, very good. And then just one last one, if I may. Do you think you could walk us through your thought process on the credit underwriting for the GPU bridge and what gives you confidence in the takeout commitment?

好的，非常好。最後再問一個，如果可以的話。你能否帶我們了解一下，你們對GPU過橋融資的信用承作（underwriting）思路，以及是什麼讓你們對退出承諾（takeout commitment）有信心？

Sure.

當然。

Number one, most of the counterparties we are working with are.

第一，我們合作的大多數交易對手都。

Very well capitalized, whether from a private equity or venture capital perspective, or they are publicly traded entities that are pretty well capitalized in their own right. So that like step number one, we have to execute credit underwriting on the counterparty that we're working with on the data center build out. Two, most of them have really large offtake contracts with hyperscalers on the other side to provide compute. And those contracts are. Are included in the collateral package for the GPUs that we're providing.

資本實力非常雄厚，無論是從私募股權或創投的角度，或是本身為上市公司且自身資本也相當充足。所以第一步，我們必須對我們在資料中心建置案中合作的交易對手進行信用審查與承作。第二，他們多數在另一端與超大規模雲端服務商（hyperscalers）簽有非常大型的承購（offtake）合約，以提供算力。而這些合約。會被納入我們所提供GPU的擔保品組合之中。

And then number three, the way we've set up the takeout on the first couple is going to be in partnership with USDAI so that immediately after the bridge is complete, the long-term financing for the facility is taken out by a long-term loan that's put up by USDAI's facility. And I think you're starting to see other players step into the marketplace for the long-term financing as well. And it's going to be interesting to see what happens just from a. Yield perspective on long-term versus short-term financing in GPU finance, because the space we're playing is from point of purchase to completion of data center installation, and that's where there's a gap in the financing market right now.

接著第三點，我們在前幾筆交易的退出安排上，將與 USDAI 合作，因此在過橋融資完成後，該設施的長期融資會立即由 USDAI 設施所提供的一筆長期貸款來承接退出。而且我認為你也開始看到其他參與者進入市場，提供長期融資。從某種角度來看，接下來會發生什麼將會很有意思。就 GPU 融資中長期與短期融資的殖利率角度而言，因為我們所處的區間是從採購點到資料中心安裝完成，而這正是目前融資市場存在缺口的地方。

Brendan McCarthy, Sidoti.

Brendan McCarthy，Sidoti。

Great. Good morning, everyone. Thanks for taking my questions here.

很好。各位早安。感謝讓我在這裡提問。

Meganji, you touched on the upgrade that the Liquidity.io platform is currently undergoing.

Meganji，你提到 Liquidity.io 平台目前正在進行升級。

Can you provide additional color on those upgrades and maybe how it will impact your business going forward?

你能否就這些升級提供更多細節，並談談它未來可能如何影響你們的業務？

Of course.

當然可以。

So they have partnered with a new algorithmic trading system that's backed by some of the largest market makers in the United States. It's also backed by some very large VC firms that has an online marketplace for equities, options, and fixed income that tie into all the exchanges in the US and many exchanges internationally.

他們已與一套新的演算法交易系統合作，該系統由美國一些最大的做市商提供支持。同時也獲得一些非常大型的創投基金支持，並擁有一個涵蓋股票、選擇權與固定收益的線上市場，能連接美國所有交易所及許多國際交易所。

And then by doing this, it creates a hyper-liquid equity option and bond marketplace that people can trade all those securities on while simultaneously allowing co-listing of tokenized products right alongside the stocks.

透過這樣做，它會打造一個超高流動性的股票、選擇權與債券市場，讓人們可以在上面交易所有這些證券，同時也允許將代幣化產品與股票並列共同掛牌。

And they've got a whole team of programmers that they've brought in actually from one of the U.S. Exchanges, and they have been working to integrate that exchange platform directly into Liquidity. And the ultimate user interface on it, I think, is going to look a lot like what you see with some of the largest online brokerages today.

他們也組建了一整個程式開發團隊，實際上是從美國某家交易所延攬而來，並一直在把該交易所的平台直接整合進 Liquidity。而最終的使用者介面，我認為會很像你今天在一些最大型線上券商所看到的樣子。

We're simultaneously working with those market makers to then drive traffic to the site once we take it live.

我們也同時與這些做市商合作，在平台上線後為網站導入流量。

That makes sense. I appreciate the color there.

了解。謝謝你提供這些細節。

How do you kind of expect the impact to be reflected in the secondary market liquidity? Do you see that as maybe a gradual increase over time or do you see this upgrade as driving more substantial. Secondary market trading in the tokens? I guess I'm just curious as to maybe how this will impact the liquidity in the tokens.

你預期這會如何反映在次級市場的流動性上？你認為會隨時間逐步增加，還是你認為這次升級會帶動更顯著的次級市場代幣交易？我想我只是好奇，這可能會如何影響代幣的流動性。

Yeah, it's a great question. And I think we have to look at history as a guide on online exchanges as to how their user bases grew. And I would expect it to be gradual at first. I mean, I think we have to break it into user growth. Absolute user growth and then token growth. And so I think user growth is a function of advertising and marketing, which is going to be on liquidity's shoulders.

是的，這是個很好的問題。我認為我們必須以歷史作為參考，看看線上交易所的用戶基礎是如何成長的。我預期一開始會是逐步的。我的意思是，我們得把它拆成用戶成長。絕對用戶成長，然後是代幣成長。因此我認為用戶成長取決於廣告與行銷，而這會由 Liquidity 來承擔。

And then I do think you'll see a gradual growth in users, and then it should start to quickly inflect as it compounds, which you've seen with a lot of the other online marketplaces.

接著我確實認為你會看到用戶逐步成長，然後隨著複利效應累積，成長應該會開始快速出現拐點，這在許多其他線上市場都看得到。

And then as that user growth starts to accelerate, having the tokens front and center right next to stocks, we think it'll be a.

然後當用戶成長開始加速時，讓代幣在介面上與股票並列、置於顯眼位置，我們認為這會是一個……

Slow ramp, and then at some point, there should be a breakthrough in people buying tokens in the same way that they buy stocks or they buy bonds. I just think the reality is in the token marketplace today in the United States, there are really not a lot of tokens that are available for people to buy that are outside of effectively money market/Treasury bill oriented tokens, and they have to be bought and really.

先緩慢爬升，然後在某個時間點，應該會出現突破，讓人們以購買股票或債券的方式來購買代幣。我認為現實是，在美國當前的代幣市場中，真正可供大眾購買的代幣其實不多，除了基本上偏向貨幣市場／國庫券導向的代幣之外，而且它們必須以相當……

Large increments, oftentimes in multi-million dollar increments. And the marketplace has just not yet developed for growth equity tokens or cash flow oriented tokens. And I think it's we're right at the precipice right now where there's a lot of different token exchanges that are trying to increase their product load. And one of the things that we're working on with liquidity is to cross-list across those other token exchanges so that you create more liquidity in the marketplace the same way. That the equity marketplace has built up liquidity by cross-listing assets across multiple regional exchanges. And I think that's the way you get the most eyeballs on it. So there's going to have to be a lot of kind of participation agreements with the other token exchanges, which we're actively working on.

大額的方式購買，往往是數百萬美元等級的大額。而市場對於成長型股權代幣或以現金流為導向的代幣，尚未真正發展起來。我認為我們現在正處於臨界點，因為有許多不同的代幣交易所正試圖增加其產品供給。我們與 Liquidity 正在推動的一件事，是與其他代幣交易所進行跨平台共同掛牌，藉此提升市場流動性，就像……股票市場透過在多個區域性交易所之間交叉掛牌資產來建立流動性一樣。我認為這是讓最多人看到的方式。因此需要與其他代幣交易所簽訂大量的參與協議，而我們正在積極推進。

We're literally creating the marketplace for these real-world asset tokens.

我們正在實際打造這些現實世界資產（RWA）代幣的市場。

Understood. Really appreciate the detail there. I think it'll be interesting to see how that develops over time.

了解。非常感謝你提供這麼詳細的說明。我想看看它隨時間如何發展會很有意思。

And then switching gears to the institutional side, you mentioned you're working on co-investment channels with larger institutions. Can you provide any detail on the color, or I'm sorry, of the timing of a potential rollout there?

接著把焦點轉到機構端，你提到你們正在與大型機構合作建立共同投資通路。你能否提供一些細節，或者抱歉，我是想問潛在上線的時間點？

Yeah.

好的。

Well, I think what we need to do is deploy the balance sheet capital in conjunction with some of these institutional partners to demonstrate the scalability. And then once we do that, we're going to be able to talk about it. To give you a little more color, we're talking to people both on the bank side of the equation with U.S. Investment banks, as well as U.S. Asset managers that can deploy large amounts of capital, whether it be out of their funds balance sheets, off their own balance sheets, or through their retail distribution networks, so that these products that are multi-billion dollar TAM products that we've created can just be rapidly scaled up. So I think we've created.

我認為我們需要與其中一些機構合作夥伴一起部署資產負債表資本，以證明其可擴展性。然後一旦做到這點，我們就能對外談論。再補充一些細節：我們正在與一些人洽談，包括方程式中的銀行端——美國投資銀行——以及美國資產管理公司，他們能部署大量資本，不論是透過其基金資產負債表、其自有資產負債表，或透過其零售分銷網路，讓我們打造的、具數十億美元 TAM 的產品能夠快速擴張。所以我認為我們已經打造了。

The structure and the wrapper, now we're executing on the distribution. And I'd say that's coming in the near term.

結構與包裝都已就緒，現在我們正在推進分銷執行。我會說這會在近期發生。

Understood.

了解。

Which is a more attractive distribution channel in your view? Is it more retail or institutional over time?

以您的觀點來看，哪一種分銷通路更具吸引力？長期而言，是零售端還是機構端更有利？

Well, high net worth retail is equivalently attractive to co-investment with institutional investors from a just pure revenue perspective.

嗯，從純粹營收角度來看，高淨值零售客戶與機構投資人共同投資同樣具有吸引力。

Retail tokenization is even a higher fee structure than the institutional structure, so you can't put as much scale into it today. Does that make sense?

零售代幣化的費率結構甚至高於機構端的結構，所以目前你無法把它做到那麼大的規模。這樣說有道理嗎？

Got it.

明白了。

Yes.

是的。

That makes sense. That makes sense.

這有道理。這有道理。

Last question for me, just while the distribution is in development, well, I guess let me back up. How much is left on the buyback authorization at this point?

我最後一個問題：在分銷仍在開發的同時，嗯，我想我先退一步問。目前回購授權還剩多少額度？

I believe the original buyback authorization was $200 million. So I mean, we're working off that original authorization. We in theory could use all the capital on the balance sheet and buyback stock.

我相信原始的回購授權是2億美元。所以我們是依據那個原始授權在執行。理論上我們可以動用資產負債表上的所有資金來回購股票。

Yeah.

是。

And is it fair to assume that you'll just continue to buy back stock? I mean, 50% discount the NAV, fair to assume you'll just buy back stock in the near term as these distribution channels, ultimately develop.

那是否可以合理假設你們會持續回購股票？我的意思是，股價相對NAV有50%的折價，是否可以合理假設在近期、在這些分銷通路最終發展完成之前，你們會持續回購股票？

Yeah, I mean, we're going to stay active on the buyback as sort of said, I mean, we just have to balance.

是的，我的意思是，我們會保持回購的積極性，正如我剛才所說，我們只是必須在兩者之間取得平衡。

Revenue generation versus buyback. They go hand in hand, and we're going to have to be running both in parallel.

營收創造與回購。兩者相輔相成，我們必須並行推進。

That makes sense. I appreciate your time. That's all for me. Thanks.

了解。感謝您撥冗。我這邊就到這裡。謝謝。

Okay, thanks.

好的，謝謝。

Mark Palmer, Benchmark StoneX.

Mark Palmer，Benchmark StoneX。

Yes, good morning. Thanks for taking my question. A little bit of a bigger picture question.

是的，早安。謝謝讓我提問。這是一個比較宏觀的問題。

The company has been, leaning into the AI infrastructure financing space of late.

公司最近一直在加碼AI基礎設施融資領域。

At the same time, the other verticals in aircraft, auto, manufactured housing, if we were to look out into, end of '26, end of '27, how should investors think about what the company's mix will look like in terms of.

同時，其他垂直領域如航空、汽車、製造型住宅等，如果我們展望到2026年底、2027年底，投資人應該如何看待公司在組合上的配置，包含

Activity, revenue, EBITDA contribution and the like, how do you see all of those proportions working out over time?

業務活動、營收、EBITDA貢獻等方面，您如何看待這些比例隨時間的變化？

Thank you.

謝謝。

Good question, Mark.

好問題，Mark。

Right now, you can see we're equally balanced between the modular mortgages and the aircraft assets.

目前你可以看到，我們在模組化房貸與飛機資產之間大致各半。

I think you'll see our investment in AI infrastructure rapidly scale up in the next.

我認為你會看到我們在AI基礎設施方面的投資在接下來迅速放大，

Weeks, if not months. The opportunity is gargantuan. The demand pipeline that we're looking at is really big. And I think the absolute yield opportunity is high. So we're working with the data centers, the neo clouds, and we're working with all the new edge compute companies on what their data centers are going to look like. And that opportunity set is large. So I think that's going to become a huge percentage of the balance sheet. And then we mentioned earlier.

可能是幾週內，甚至幾個月內。機會非常龐大。我們看到的需求管線非常大。而且我認為絕對收益率的機會很高。因此我們正與資料中心、neo clouds（新型雲端業者）合作，也與所有新的邊緣運算公司合作，討論他們的資料中心將會長什麼樣子。這個機會集合很大。所以我認為這將成為資產負債表上很大的一個比例。另外我們先前也提到。

The aircraft engine opportunity is quite large because of the relationships we now have with two of the largest commercial airlines in the United States, and we have master services agreements with them. They have a lot more appetite to continue leasing with us. And so we could scale that up pretty quickly, too. So I think those two places are going to be a focus for us now to ramp our activity up.

飛機引擎的機會相當大，因為我們現在與美國兩家最大的商業航空公司建立了關係，並且與他們簽有主服務協議。他們更有意願持續與我們進行租賃。因此我們也能很快把那一塊規模做大。所以我認為這兩個領域將是我們接下來提升活動量的重點。

Thank you.

謝謝。

Just one quick question with regard to the strategic review.

關於策略檢討（strategic review），我再快速問一個問題。

Anything that you can share with us with regard to the timing, when that could proceed through and when it might conclude?

就時程而言，您是否能分享一下，這個流程何時可能往下推進，以及何時可能結束？

Thank you.

謝謝。

Yes. All right. Good question.

是的。好。好問題。

The special committee is meeting on a regular basis being advised by ClearStreet Investment Bank.

特別委員會在ClearStreet Investment Bank的建議下，定期開會。

There's been a lot of interesting opportunities presented. They're being actively evaluated. New opportunities keep arising from the work we're doing and the work that Clear Street is doing.

目前出現了許多有趣的機會。正在積極評估中。隨著我們的工作以及Clear Street所做的工作，新的機會也不斷出現。

And I think that we, just to be prudent, need to give it at a minimum until the end of the year. And I think the process will probably conclude for that. But that's the focus of the committee is to evaluate all the opportunities and give everything sort of a fair look.

我認為，為了審慎起見，至少需要讓它進行到年底。我也認為流程大概會在那之前結束。但委員會的重點是評估所有機會，並讓每一項都有公平的檢視。

Very good.

很好。

Thank you.

謝謝。

There are no more questions at this time. I'd now like to turn the call over to Jon-Christof for closing remarks.

目前沒有更多問題。現在我想把電話交回給Jon-Christof做結語。

Yes.

是的。

Thank you, everyone, for joining us this morning. And as always, if you have follow-up questions, please feel free to reach out to me directly. Thanks again.

感謝各位今天早上參與。一如往常，如果你們有後續問題，歡迎直接與我聯繫。再次感謝。