Greystone Housing Impact Investors LP (GHI) 2023 Q4 法說會逐字稿

Greetings, and welcome to Greystone Housing Impact Investors fourth quarter earnings conference call. (Operator Instructions) I would now like to turn the conference over to your host, Mr. Jesse Coury, thank you. You may begin.

您好，歡迎參加 Greystone Housing Impact Investors 第四季財報電話會議。（操作員指示）現在我想將會議轉交給主持人 Jesse Coury 先生，謝謝。你可以開始了。

I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI fourth quarter of 2023 earnings conference call. (Event Instructions)

我歡迎大家參加 Greystone Housing Impact Investors LP（NYSE GHI）2023 年第四季財報電話會議。（活動須知）

As a reminder, this conference call is being recorded. During this conference call, comments made regarding GHI, which are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from these statements.

謹此提醒，本次電話會議正在錄音中。在本次電話會議期間，有關 GHI 的評論並非歷史事實，屬於前瞻性陳述，並且存在風險和不確定性，可能導致未來實際事件或結果與這些陳述有重大差異。

Such forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words like, may, should, expect, plan, intend, focus and other similar terms.

此類前瞻性聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。前瞻性陳述可以透過使用「可能」、「應該」、「期望」、「計劃」、「打算」、「焦點」和其他類似術語等詞語來識別。

You are cautioned that these forward-looking statements speak only as of today's date, changes and economic business, competitive, regulatory and other factors could cause our actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today.

請注意，這些前瞻性陳述僅代表今天的情況，經濟業務、競爭、監管和其他因素的變化可能導致我們的實際結果與今天的預測或前瞻性陳述明示或暗示的結果有重大差異。

For more detailed information about these factors and other risks that may impact our business, please review the periodic reports and other documents filed from time to time by us with the Securities and Exchange Commission, internal projections and beliefs upon which we base our expectations may change.

有關可能影響我們業務的這些因素和其他風險的更多詳細信息，請查看我們不時向證券交易委員會提交的定期報告和其他文件，我們的預期所依據的內部預測和信念可能會發生變化。

But if they do, you will not necessarily be informed. Today's discussion will include non-GAAP measures and will be explained during this call. We want to make you aware that GHI is operating under the SEC regulation FD and encourage you to take full advantage of the question and answer session. Thank you for your participation and interest in Greystone Housing Impact Investors LP.

但如果他們這樣做，您不一定會被告知。今天的討論將包括非公認會計原則措施，並將在本次電話會議中進行解釋。我們想讓您了解 GHI 是根據 SEC 監管 FD 運營的，並鼓勵您充分利用問答環節。感謝您對 Greystone Housing Impact Investors LP 的參與和興趣。

I will now turn the call over to our Chief Executive Officer, Ken Rogozinski .

我現在將把電話轉給我們的執行長肯·羅戈津斯基 (Ken Rogozinski)。

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's fourth quarter 2023 investor call. Thank you for joining. I will start with an overview of the quarter, the year and our portfolio. Jesse Coury, our Chief Financial Officer, will then present the partnership's financial results.

大家下午好。歡迎參加 Greystone Housing Impact Investors LP 的 2023 年第四季投資者電話會議。感謝您的加入。我將首先概述本季、本年度和我們的投資組合。我們的財務長 Jesse Coury 隨後將介紹合作夥伴的財務表現。

I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions.

最後，我將概述市場和我們的投資管道。接下來，我們期待回答您的問題。

For the fourth quarter of 2023. The Partnership reported net income of $0.24 per unit and $0.27 of cash available for distribution CAD per unit. For 2023, the Partnership reported net income of $2.07 per unit and $1.93 of CAD per unit.

2023 年第四季。該合夥企業報告每單位淨利潤為 0.24 美元，每單位可分配現金為 0.27 美元。2023 年，該合夥企業報告每單位淨利潤為 2.07 美元，每單位淨利潤為 1.93 加元。

Our fourth quarter reported net income of $0.24 per unit includes a $10 million non-cash loss that reflects the mark to market associated with our interest rate swap portfolio for the quarter. That translates to $0.44 per unit in non-cash loss, which is not reflected in CAD. We also recognized in net income for the fourth quarter, $10.4 million, or $0.45 per BUC in gain on sale for the suites on for-sale multifamily property.

我們第四季度報告的每單位淨利潤為 0.24 美元，包括 1,000 萬美元的非現金損失，這反映了與本季我們的利率掉期投資組合相關的按市價計價。這相當於每單位 0.44 美元的非現金損失，未反映在加幣中。我們還在第四季度的淨利潤中確認了待售多戶房產套房的銷售收益 1,040 萬美元，即每 BUC 0.45 美元。

However, this gain is not reflected in CAD as it is due to the recovery of previous depreciation expense. For 2023, we recognized a non-cash mark-to-market loss on our interest rate swap portfolio of approximately $3.2 million or $0.14 per unit within net income. That is not reflected in our reported cash per unit for the year.

然而，這項收益並未反映在加幣中，因為它是由於先前折舊費用的恢復而產生的。2023 年，我們確認利率掉期投資組合的非現金以市值計價損失約為 320 萬美元，即淨利潤中每單位 0.14 美元。這並未反映在我們報告的本年度每單位現金中。

We are currently a net receiver on substantially all of our interest rate swaps as we received compounded sulfur, which is now 5.33% and pay a weighted average fixed rate of 3.13% on our approximately $333 million in swap notional amounts as of December 31, 2023. Assuming that the compounded sulfur level stays constant over the next six months.

目前，我們幾乎是所有利率掉期的淨接收者，因為我們收到了複合硫，目前利率為5.33%，並為截至2023 年12 月31 日約3.33 億美元的掉期名義金額支付了3.13% 的加權平均固定利率。假設複合硫含量在接下來的六個月內保持不變。

That 220 basis point spread would result in us receiving approximately $3.2 million in cash payments from our swap counterparties, which would not be reflected in our net income, but would be reflected as an additional $0.14 per unit in CAD. We also reported a book value of $15.17 per unit on $1.51 billion of assets and a leverage ratio as defined by the partnership of 72%.

220 個基點的利差將導致我們從掉期對手方收到約 320 萬美元的現金支付，這不會反映在我們的淨利潤中，但會以每單位 0.14 美元的加元形式額外反映。我們也公佈了 15.1 億美元資產的每單位帳面價值 15.17 美元，合夥企業定義的槓桿率為 72%。

On December 13, we announced a regular quarterly cash distribution of $0.37 per unit and a supplemental distribution of $0.07 per unit in the form of additional units, both of which were paid on January 31, 2024. In terms of the partnership's investment portfolio, we currently hold $1.27 billion of affordable multifamily investments in the form of mortgage revenue bonds, governmental issuer loans and property loans and $137 million in joint venture equity investments.

12 月 13 日，我們宣布定期季度現金分配每單位 0.37 美元，並以額外單位的形式補充分配每單位 0.07 美元，兩者均於 2024 年 1 月 31 日支付。就合夥企業的投資組合而言，我們目前以抵押收益債券、政府發行人貸款和房地產貸款的形式持有 12.7 億美元的經濟適用多戶住宅投資，以及 1.37 億美元的合資企業股權投資。

As far as the performance of the investment portfolio is concerned, we have had no forbearance requests for multifamily mortgage revenue bonds and all such borrowers are current on their principal and interest payments.

就投資組合的表現而言，我們沒有對多戶抵押貸款收入債券提出延期請求，並且所有此類借款人均按期支付本金和利息。

Physical occupancy on the underlying properties was at 92.2% for the stabilized mortgage revenue bond portfolio. As of December 31, 2023, our Vantage joint venture equity investments consist of interest in seven properties for where construction is complete with the remaining three properties either under construction or in the planning stage for the four properties where construction is complete, we continue to see good leasing activity.

穩定抵押貸款收入債券投資組合的基礎房產實際入住率為 92.2%。截至 2023 年 12 月 31 日，我們的 Vantage 合資企業股權投資包括七處已完工房產的權益，其餘三處房產正在建設中或處於規劃階段，四處房產已完工，我們繼續看到良好的租賃活動。

We continue to see no material supply chain or labor disruptions on the Vantage projects under construction. As we have experienced in the past, the Vantage group as the managing member of each project owning entity will position of property for sale upon stabilization. As previously announced, the Vantage for Tomball property has been listed for sale.

我們仍然認為正在建造的 Vantage 項目沒有材料供應鏈或勞動力中斷。正如我們過去所經歷的那樣，Vantage集團作為每個項目擁有實體的管理成員，將在穩定後定位待售物業。如同先前所宣布的，Vantage for Tomball 房產已掛牌出售。

We have for joint venture equity investments with the Freestone development group, one for project in Colorado and three projects in Texas. Site work has commenced on the Colorado project, and construction has commenced on one of the projects in Texas. Our joint venture equity investment in Veladero senior living, Carson Valley, a 102 bed seniors housing project located in Minden.

我們與 Freestone 開發集團進行了合資股權投資，其中一個項目位於科羅拉多州，三個項目位於德克薩斯州。科羅拉多州計畫的現場工作已開始，德州的其中一個計畫也已開始施工。我們對卡森谷 Veladero 老年生活區的合資股權投資，這是一個位於明登的 102 個床位的老年人住房計畫。

Nevada has become vertical construction. Our joint venture equity investment in the [GSM at Hays] farm, a new construction 318 unit market rate. Multifamily property located in Huntsville, Alabama has commenced construction as well as previously announced in December 2023, we sold our final multifamily property investment suites on per sales student housing project for gross proceeds of approximately $40.7 million and partnership no longer owns any operating real estate property investments. Net proceeds from the sale will be deployed into our core multifamily investment strategies.

內華達州已成為垂直建築。我們的合資企業股權投資於[GSM at Hays]農場，新建318個單位市價。位於阿拉巴馬州亨茨維爾的多戶型房產已開始建設，並且之前於2023 年12 月宣布，我們出售了每個銷售學生住房項目的最終多戶型房產投資套房，總收益約為4,070 萬美元，合夥企業不再擁有任何營運中的房地產投資。出售所得淨收益將用於我們的核心多戶投資策略。

With that, I will turn things over to Jesse Coury, our CFO, to discuss the financial data for the fourth quarter of 2023.

接下來，我將把事情交給我們的財務長 Jesse Coury，討論 2023 年第四季的財務數據。

Thank you, Ken. As you can see earlier today, we reported earnings for our fourth quarter ended December 31, we reported GAAP net income of $6.2 million and $0.24 per unit basic and diluted. And we reported cash available for distribution or CAD of $6.2 million and $0.27 per unit.

謝謝你，肯。正如您今天早些時候所看到的，我們報告了截至 12 月 31 日的第四季度收益，我們報告的 GAAP 淨利潤為 620 萬美元，每單位基本收益和稀釋收益為 0.24 美元。我們報告可用於分配的現金或加幣為 620 萬美元，每單位 0.27 美元。

As Ken mentioned, our reported fourth quarter GAAP net income includes a $10 million non-cash unrealized loss on our interest rate swaps during the quarter. Changes in the fair value of our interest rate swap portfolio will cause variability in our reported net income in periods of interest rate volatility, which we have seen throughout 2023 such non-cash fair value adjustments are excluded in our calculation of Ken, I would like to note for listeners that starting in the fourth quarter of 2023.

正如 Ken 所提到的，我們報告的第四季 GAAP 淨利潤包括本季利率掉期的 1,000 萬美元非現金未實現損失。我們的利率互換投資組合公允價值的變化將導致我們在利率波動期間報告的淨利潤發生變化，我們在2023 年全年都看到這種非現金公允價值調整被排除在我們的Ken 計算中，我想請聽眾注意，從 2023 年第四季開始。

We reclassified gains and losses from our derivative interest instruments to a new line on our income statement titled net results from derivative transactions as well as providing additional detail on derivative gains and losses in footnote 18 of our consolidated financial statements.

我們將衍生利息工具的損益重新分類到損益表中的新行，標題為衍生性商品交易淨結果，並在合併財務報表註腳 18 中提供有關衍生性工具損益的更多詳細資訊。

These items were applied retroactively to our 2022 final financial statements as well. We believe these changes will provide useful information for readers regarding the volume and impact such derivatives have on our reported results, particularly on our reported net income.

這些項目也追溯適用於我們的 2022 年最終財務報表。我們相信這些變化將為讀者提供有用的信息，了解此類衍生品對我們報告的業績，特別是對我們報告的淨利潤的數量和影響。

For 2023, we reported net income of $54 million and $2.07 per unit basic and diluted and CAD $44.1 million and $1.93 per unit. These full-year results include three JV equity investments sales from Q1 and Q2 of 2023, which when combined contributed approximately $0.95 per unit to our full year net income and 10 after related expenses and tier two income allocable to our general partner.

2023 年，我們報告的淨利潤為 5,400 萬美元，每單位基本和稀釋淨利潤為 2.07 美元，每單位淨利潤為 4,410 萬加元，每單位 1.93 美元。這些全年業績包括2023 年第一季和第二季的三筆合資股權投資銷售，合計為我們的全年淨利潤貢獻了每單位約0.95 美元，以及扣除相關費用和分配給我們普通合夥人的二級收入後的10 美元。

Our book value per unit as of December 31, was on a diluted basis, $15.17, which is an increase of $2.20 from September 30. The increase is primarily a result of an increase in the fair value of our mortgage revenue bond portfolio during the quarter due to falling market yields.

截至 12 月 31 日，我們攤薄後的每單位帳面價值為 15.17 美元，比 9 月 30 日增加了 2.20 美元。這一增長主要是由於市場收益率下降導致本季度我們的抵押貸款收入債券投資組合的公允價值增加。

As a reminder, we use third party service providers to estimate the fair value of our mortgage revenue bond investments, third party valuation models predominantly use MMD's tax-exempt multifamily yield curves to estimate mortgage revenue bond fair values rates declined approximately 109 basis points on average across the curve from September 30 to December 31, which resulted in a corresponding increase in the fair value of our mortgage revenue bond portfolio.

提醒一下，我們使用第三方服務提供者來估計我們的抵押收益債券投資的公允價值，第三方估值模型主要使用MMD 的免稅多戶收益率曲線來估計抵押收益債券公允價值率平均下降約109 個基點9 月 30 日至 12 月 31 日期間，抵押貸款收益債券投資組合的公允價值相應增加。

I will note that our mortgage revenue bond investments have predominantly fixed interest rates. So the changes in fair value do not directly impact the interest income we receive from our positions. In addition, we are and expect we will continue to be long-term holders of our mortgage revenue bond investments until redemption or maturity. As such, we expect this change in fair value will have little to no direct impact on our operating cash flows.

我要指出的是，我們的抵押貸款收入債券投資主要採用固定利率。因此，公允價值的變動不會直接影響我們從部位所獲得的利息收入。此外，我們現在並預計將繼續長期持有抵押貸款收入債券投資，直至贖回或到期。因此，我們預期公允價值的變動對我們的經營現金流幾乎沒有直接影響。

Net income or cap as of market close yesterday, February 21, our closing unit price on the New York Stock Exchange was $16.40, which is an 8% premium over our net book value per unit. As of December 31, we regularly monitor our liquidity to both take advantage of accretive investment opportunities and to protect against potential debt deleveraging events.

截至昨天 2 月 21 日收盤時，我們在紐約證券交易所的收盤單位價格為 16.40 美元，比我們的每單位帳面淨值溢價 8%。截至 12 月 31 日，我們定期監控流動性，以利用增值投資機會並防範潛在的債務去槓桿化事件。

If there are significant declines in asset values. As of December 31, we reported unrestricted cash and cash equivalents of $37.9 million, and we also had $55.7 million of availability on our secured lines of credit at these levels, we believe we are well positioned to fund our current financing commitments, which I will discuss later.

如果資產價值顯著下降。截至12 月31 日，我們報告的不受限制的現金和現金等價物為3,790 萬美元，在這些水平上，我們的擔保信貸額度還有5,570 萬美元的可用資金，我們相信我們有能力為我們當前的融資承諾提供資金，我稍後會討論。

We regularly monitor our overall exposure to potential increases in interest rates through an interest rate sensitivity analysis, which we report quarterly and is included on page 74 of our Form 10-K. The interest rate sensitivity table shows the impact to our net interest income given various scenarios of changes in market interest rates and other various management assumptions.

我們透過利率敏感性分析定期監控利率潛在上漲的整體風險，我們每季報告一次，並包含在 10-K 表格第 74 頁上。利率敏感度表顯示了在各種市場利率變化情境和其他各種管理假設下對我們的淨利息收入的影響。

These scenarios assume that there's an immediate rise in interest rates and that we do nothing in response for 12 months. The analysis based on those assumptions shows that an immediate 200 basis point increase in rates as of December 31, that is sustained for a 12 month period will result in a decrease of approximately $870,000 in our net interest income and cash or approximately [$3.08] per unit.

這些情境假設利率立即上升，並且我們在 12 個月內沒有採取任何應對措施。基於這些假設的分析表明，截至 12 月 31 日，利率立即上漲 200 個基點並持續 12 個月，將導致我們的淨利息收入和現金減少約 870,000 美元，或每減少約 [3.08 美元]。

Now I'd like to share current information on our debt investments portfolio, consisting of mortgage revenue bonds, governmental issuer loans and property loans. These assets totaled $1.27 billion, which is up $44 million from September 30. The increase is primarily a result of an increase in fair value of our mortgage revenue bond investment portfolio.

現在我想分享有關我們債務投資組合的最新信息，包括抵押收益債券、政府發行人貸款和房地產貸款。這些資產總計 12.7 億美元，比 9 月 30 日增加了 4,400 萬美元。這一增長主要是由於我們的抵押貸款收入債券投資組合的公允價值增加。

As previously noted, these investments represent 84% of our total reported assets. We currently own 85 mortgage revenue bonds that provides permanent financing for affordable multifamily properties across 15 states of these mortgage revenue bonds, 32% of our portfolio value relates to properties in Texas, 25% in California and 21% in South Carolina.

如前所述，這些投資占我們報告資產總額的 84%。我們目前擁有85 種抵押收益債券，為15 個州的經濟適用多戶住宅提供永久融資。加州的房產有關，21% 與南卡羅來納州的房產有關。

We currently own 10 governmental issuer loans that finance the construction or rehabilitation of affordable multifamily properties across five states alongside our governmental issuer loan. We also commit to fund an additional property loan that shares the first mortgage lien or property loans typically fund after construction advances under the governmental issuer loans are completed.

我們目前擁有 10 筆政府發行人貸款，除了我們的政府發行人貸款外，還為五個州的經濟適用多戶住宅的建設或修復提供資金。我們還承諾為額外的房地產貸款提供資金，該貸款共享第一抵押留置權或房地產貸款，通常在政府發行人貸款下的建設預付款完成後提供資金。

During the fourth quarter, we advanced funds totaling $25 million for our governmental issuer loan, taxable governmental issuer loan and property loan commitments. During the fourth quarter, we completed one conversion of our governmental issuer loan investment to permanent financing by Freddie Mac.

第四季度，我們為政府發行人貸款、應稅政府發行人貸款和房地產貸款承諾預付了總計 2,500 萬美元的資金。在第四季度，我們完成了政府發行人貸款投資向房地美永久融資的一次轉換。

The governmental issuer loan investment was purchased at par by Freddie Mac pursuant to its forward purchase commitments. In addition, our related property loan was repaid by the borrower at par redemption. Proceeds from the governmental issuer loan and property loan totaled $53 million, of which $48 million was used to pay off our related TLB debt financing. In addition, another governmental issuer loan investment converted to Freddie Mac perm financing in January 2024.

政府發行人貸款投資由房地美依其遠期購買承諾以面額購買。此外，我們的相關房產貸款已由借款人以面額償還。政府發行人貸款和房地產貸款的收益總計 5,300 萬美元，其中 4,800 萬美元用於償還我們相關的 TLB 債務融資。此外，另一項政府發行人貸款投資於 2024 年 1 月轉換為房地美永久融資。

With redemption proceeds totaling $34 million, of which $30 million was used to pay off our related TLB financing. In total, our mortgage revenue, bond, governmental issuer loan and related debt investments had outstanding future funding commitments of approximately $308 million as of December 31.

贖回收益總計3,400萬美元，其中3,000萬美元用於償還我們相關的TLB融資。截至 12 月 31 日，我們的抵押貸款收入、債券、政府發行人貸款和相關債務投資的未償還未來融資承諾總額約為 3.08 億美元。

These commitments will be funded over approximately 24 months and will add to our income-producing asset base. We also expect to receive redemption proceeds from our existing construction financing investments that are nearing maturity that capital will be redeployed into our remaining funding commitments.

這些承諾將在大約 24 個月內提供資金，並將增加我們的創收資產基礎。我們也預計從我們現有的即將到期的建築融資投資中獲得贖回收益，這些資金將重新部署到我們剩餘的融資承諾中。

As a reminder, we adopted Accounting Standards Update 2016-13 or the CECL standard effective January 1, 2023, which materially impacted our reserve methodology for our governmental issuer loans, property loans and related investment funding commitments.

謹此提醒，我們採用了2016-13 版會計準則更新或2023 年1 月1 日生效的CECL 標準，這對我們的政府發行人貸款、房地產貸款和相關投資融資承諾的準備金計算方法產生了重大影響。

We reported a negative provision for credit loss of $466,000 for the fourth quarter, largely driven by recent governmental issuer loan and property loan redemptions and a reduction in the weighted average life of our remaining investment portfolio, we remove the impact of the provision for credit losses in calculating cash, consistent with our historical treatment of loss allowances.

我們報告第四季度信貸損失準備金為負數 466,000 美元，主要是由於最近政府發行人貸款和房地產貸款贖回以及我們剩餘投資組合的加權平均壽命縮短，我們消除了信貸損失準備金的影響在計算現金時，與我們對損失準備金的歷史處理方式一致。

Our joint venture equity investments portfolio consisted of 12 properties as of December 31, with a reported carrying value of approximately $137 million, exclusive of one investment that is reported on a consolidated basis, we advanced additional equity under our current funding commitments totaling $16.1 million during the fourth quarter.

截至12 月31 日，我們的合資企業股權投資組合包括12 處房產，帳面價值約為1.37 億美元，不包括在合併基礎上報告的一項投資，我們根據當前融資承諾預付了額外股權，總額為1,610 萬美元。

This amount includes equity contributed to our two new investments, Freestone, Greenville and Freestone Madera, both of which are in the planning phase. Our debt financing facilities used to leverage our investments had an outstanding principal balance totaling $1.02 billion as of December 31. This is down from $1.08 billion as of September 30, primarily due to the redemption of our previous secured notes and the maturity of our M24 TEDs financing in the fourth quarter.

該金額包括我們兩項新投資（Freestone、Greenville 和 Freestone Madera）的股權，這兩項投資均處於規劃階段。截至 12 月 31 日，我們用於槓桿投資的債務融資工具的未償本金餘額總計 10.2 億美元。這低於截至 9 月 30 日的 10.8 億美元，主要是由於我們先前的擔保票據的贖回以及我們的 M24 TED 融資在第四季度到期。

We manage and report our debt financing in four main categories on page 65 of our Form 10-K, three out of three of the four categories fixed rate debt for fixed rate assets with fixed rate debt, variable rate assets with variable rate debt and fixed rate assets with variable debt that is hedged with interest rate swaps are designed such that our net return is generally insulated from changes in short-term interest rates.

我們在表格10-K 第65 頁上以四個主要類別管理和報告債務融資，四類固定利率債務中的三類為固定利率資產與固定利率債務、可變利率資產與可變利率債務以及固定利率債務。

These categories account for $982 million or 96.5% of our total debt financing. The fourth category is variable rate debt associated with fixed rate assets with no designated hedging which is where we are most exposed to interest rate risk. In the near term, this category only represents $36 million or 3.5% of our total debt financing.

這些類別占我們債務融資總額的 96.5%，即 9.82 億美元。第四類是與沒有指定避險的固定利率資產相關的可變利率債務，這是我們面臨的利率風險最大的地方。短期內，此類別僅占我們債務融資總額的 3,600 萬美元或 3.5%。

This core category is down from 11.8% of debt financing as of September 30, due to closing of our fixed rate tender residual financing in November 2023 that replaced our previous variable rate secured notes. We regularly monitor our interest rate risk exposure for this category and may implement hedges in the future is considered appropriate.

截至 9 月 30 日，此核心類別佔債務融資的 11.8% 有所下降，原因是我們於 2023 年 11 月結束了固定利率招標剩餘融資，取代了先前的可變利率擔保票據。我們定期監控該類別的利率風險敞口，並可能在未來實施適當的避險。

I will now provide an update on our preferred unit activity. We redeemed $10 million of Series A preferred units in October 2023. It was funded with cash on hand. We executed two issuances of our Series D preferred units in early 2024. The first issuance was $17.5 million of Series B preferred units that were issued in exchange for $17.5 million of previously issued Series A preferred units. So this was a recycle of existing capital.

我現在將提供我們首選單位活動的最新資訊。我們於 2023 年 10 月贖回了 1000 萬美元的 A 系列優先單位。它是由手頭現金資助的。我們於 2024 年初發行了兩次 D 系列優先股。首次發行價值 1,750 萬美元的 B 系列優先單位，以換取先前發行的 1,750 萬美元的 A 系列優先單位。所以這是對現有資本的回收。

Second issuance issue was the sale of $5 million of Series B preferred units to a new investor for $5 million of gross proceeds. The earliest redemption date for these newly issued Series B preferred units is early 2023, with certain limited exceptions these issuances provide nondilutive fixed rate and low cost institutional capital for executing our strategy, we continue to pursue issuing additional preferred units under our active offerings for our Series A-1 and Series B preferred units.

第二次發行是向新投資者出售 500 萬美元的 B 系列優先股，總收益為 500 萬美元。這些新發行的B 系列優先股的最早贖回日期是2023 年初，除了某些有限的例外情況外，這些發行為執行我們的策略提供了非稀釋性固定利率和低成本機構資本，我們將繼續在我們的主動發行中尋求發行更多優先股，以實現我們的目標。

I'll now turn the call over to Ken for his update on market conditions and our investment pipeline.

現在我將把電話轉給肯，詢問他有關市場狀況和我們投資管道的最新情況。

Thanks, Jesse. The fourth quarter of 2023 was a much improved quarter for the fixed income markets and municipal bonds were no exception. A strong performance overcame the softness earlier in the year. The Bloomberg municipal Index posted a total return of positive 6.4% for 2023.

謝謝，傑西。2023 年第四季是固定收益市場大幅改善的季度，市政債券也不例外。強勁的表現克服了今年早些時候的疲軟表現。彭博市政指數 2023 年的總報酬率為 6.4%。

The Bloomberg high-yield municipal index generated a total return of 9.2% for the year from a market technicals perspective, while fund flows were still negative on the year at minus $15 billion, the pace slowed significantly from 2022 to a record $122 billion in outflows 2023 ended with $376 billion of mini bond issuance, 4% lower than the previous year.

從市場技術角度來看，彭博高收益市政指數全年總回報率為9.2%，而全年資金流向仍為負值，為負150 億美元，但流出速度較2022 年大幅放緩，流出額達到創紀錄的1220 億美元2023 年末，迷你債券發行量為 3,760 億美元，比上年減少 4%。

As of yesterday's close, 10-year NMD is at 2.48% and 30-year NMD is at 3.62%, roughly 70 basis points lower yield, respectively than at the time of last quarter's call. With the inversion in the yield curve, five year NMD. is actually the low point of the current yield curve.

截至昨天收盤，10 年期 NMD 為 2.48%，30 年期 NMD 為 3.62%，殖利率分別比上季電話會議時低約 70 個基點。隨著殖利率曲線倒掛，五年期NMD。實際上是當前殖利率曲線的低點。

10-year mini the treasury ratio was approximately 60%, a significant move lower from last quarter's 73% ratio level, demonstrating the recent strength of mini's continued volatility in rates. The magnitude of the interest rate increases over the past 18 months, particularly in the short end of the curve and cost inflation have presented challenges to our developer clients on new transactions.

10 年期迷你債券的國債比率約為 60%，較上季 73% 的比率水準大幅下降，顯示近期迷你債券利率持續波動的實力。過去 18 個月的利率上漲幅度（尤其是在曲線的短端）和成本通膨給我們的開發商客戶的新交易帶來了挑戰。

The interest cost of the new construction financing at 30 days. So for plus 350 basis points is approaching 9%. Our affordable developer clients are needing to rely more and more on governmental subsidies and other sources of soft money to make their transactions financially feasible.

新建工程融資的利息成本為30天。因此升息 350 個基點接近 9%。我們負擔得起的開發商客戶需要越來越多地依賴政府補貼和其他軟資金來源，以使他們的交易在財務上可行。

We will continue to work with our clients to deliver the most cost-effective capital possible, especially through the use of the Freddie Mac tax-exempt loan forward commitments in association with our construction lending, we will continue to look for other opportunities to deploy capital in our JV equity strategies on selective basis.

我們將繼續與客戶合作，提供盡可能最具成本效益的資本，特別是透過將房地美免稅貸款遠期承諾與我們的建築貸款結合起來，我們將繼續尋找其他機會來部署資本選擇性地參與我們的合資企業股權策略。

We believe that getting new projects underway now, while other sponsors face significant challenges will put us in a better position for success with our exits three to five years down the road when new supply may be limited. We believe that our new JV equity investments completed year to date are reflective of that approach.

我們相信，在其他贊助商面臨重大挑戰的同時，現在啟動新項目將使我們處於更好的位置，以便在三到五年後新供應可能有限時退出，從而取得成功。我們相信，我們今年迄今完成的新合資企業股權投資反映了這種方法。

With that, Jesse and I are happy to take your questions.

傑西和我很樂意回答您的問題。

(Opeartor Instructions)

（操作員說明）

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Hi, good afternoon. Ken, I want to start with a comment from the press release. You may have touched on it there at the end, but you talk about the recycling capital from the proceeds on the sale of suites, can you talk about the returns available in new investments, whether they're MRB or GIL.? And how accretive could those be to earnings versus the returns you were making on that equity?

嗨，下午好。肯，我想從新聞稿中的評論開始。您可能在最後談到了這一點，但您談到了出售套房的收益中的回收資本，您能談談新投資的回報嗎，無論是 MRB 還是 GIL。與您從該股權上獲得的回報相比，這些對收益的增值有多大？

Thanks, Stephen. Well, a couple of things that I'll mention to you there on the what I would call the fixed income side when we look at new mortgage revenue bond or governmental issuer loan investments going forward, we go through our rigorous accretion analysis here on our end that takes into account the cost of the funding position that we will do and the associated interest rate hedging.

謝謝，史蒂芬。好吧，當我們考慮未來的新抵押貸款收入債券或政府發行人貸款投資時，我將在我所說的固定收益方面向您提到幾件事，我們在這裡對我們的資產進行嚴格的增值分析。

So when we price our product to a project sponsor for a construction loan or a construction permanent loan. We are making sure that we set that price at a level that's accretive to the partnership. How accretive it is really a question of each of the individual circumstances of the project, the market, the project sponsor, the competition in the marketplace, but that's an exercise that we routinely go through.

因此，當我們向專案發起人定價我們的產品以獲取建築貸款或建築永久貸款時。我們確保將價格設定在有利於合作關係的水平。它的增值程度實際上取決於專案、市場、專案發起人、市場競爭的具體情況，但這是我們經常進行的練習。

And from a management philosophy perspective, we won't we will not close on new lending investments that aren't accretive versus our part dividend on the joint venture equity side. Certainly the environment that we're looking at today for new projects is different from the landscape that we've seen over the past couple of years.

從管理理念的角度來看，我們不會關閉新的貸款投資，因為這些投資與我們在合資企業股權方面的部分股息相比沒有增值作用。當然，我們今天為新項目尋找的環境與我們過去幾年看到的環境有所不同。

Construction costs are higher, interest rates are higher and in some markets, we've seen a a leveling off of the significant increases on a year-over-year basis in rents that we saw 2021 and 2022. So it's definitely being more challenging from a JV equity investment to deal find deals that that fit our profile and fit our return requirements.

建築成本更高，利率更高，在一些市場，我們看到 2021 年和 2022 年租金同比大幅增長趨於平穩。因此，從合資股權投資中尋找適合我們的概況和回報要求的交易肯定更具挑戰性。

We're having to be more selective about markets that we go into. We may be moving, for example, you're a little further out in terms of the locations that our JV equity partners are identifying for potential investment. But and from a from a going in yield perspective, we're trying to stay as consistent as we can with our historical pro forma underwriting assumptions from an investment committee perspective.

我們必須對我們進入的市場更有選擇性。例如，我們可能會搬遷，而您在我們的合資股權合作夥伴正在確定的潛在投資地點方面則走得更遠。但是，從收益率的角度來看，我們正在努力與投資委員會的歷史備考承保假設保持一致。

Great. Appreciate the comments on that Canada, and I'm going to jump to my third question here. But given your comments on the JV equity side, I noticed that on page [142 of the K], it looks like year to date you've put it in about $3 million capital to cover it has additional construction and interest costs. Is that on one specific area above your original commitment?

偉大的。感謝有關加拿大的評論，我將在這裡跳到我的第三個問題。但考慮到您對合資企業股權方面的評論，我注意到在第 [K 的 142] 頁上，今年迄今為止您似乎已投入約 300 萬美元的資本來支付額外的建設和利息成本。是否在某個特定領域超越了您最初的承諾？

I believe you said is that on a specific asset. Is that kind of in general across the assets that are in development? Or can you talk about that subsequent to that that's mentioned in the K?

我相信你說的是特定資產。正在開發的資產中普遍存在這種情況嗎？或者您能在 K 中提到的內容之後談談嗎？

Yes, Stephen, this suggests the I can take that one. So though that additional capital that was contributed was across four different vantage projects, and it's primarily due to interest cost overruns and a lot of these deals that are reaching kind of that stabilization or have stabilized, were initiated and late 2020, or 2021 in a very different interest environment.

是的，史蒂芬，這表明我可以接受那個。因此，儘管貢獻的額外資本來自四個不同的優勢項目，但這主要是由於利息成本超支，而且許多此類交易正在達到某種程度的穩定或已經穩定，是在 2020 年末或 2021 年啟動的興趣環境截然不同。

And have seen interest cost overruns. So we have elected to put additional equity into those properties, but we've done that selectively and that we think we can still meet our return metrics on that additional contributed capital.

並且已經看到利息成本超支。因此，我們選擇向這些財產投入額外的股本，但我們是有選擇地這樣做的，我們認為我們仍然可以滿足額外投入資本的回報指標。

Great. I appreciate those comments, Jesse. And regarding the Tomball asset broker lifting in October, any update on that? I think it's a March sale. Do you think it's more of a Q2 event? Or is it still just kind of unknown given the current market environment, but any update on the process on that of that asset.

偉大的。我很欣賞這些評論，傑西。關於 10 月 Tomball 資產經紀人解禁，有什麼最新消息嗎？我認為這是三月份的促銷活動。您認為這更像是第二季的事件嗎？或者考慮到當前的市場環境，它仍然是未知的，但該資產的流程有任何更新嗎？

Yes, Steve, I think all I can tell you at this point in time is that the process is ongoing yet. There really isn't any more definitive timing that I can give you at this point.

是的，史蒂夫，我想我現在能告訴你的是，這個過程仍在進行中。目前我確實沒有更明確的時間可以給你。

Understood. And one last one, if you don't mind on Jesse, appreciate you talking about the rate sensitivity. I noticed that your tables skewed to higher rates. Can you talk about in the decreasing rate environment? Is it pretty linear?

明白了。最後一點，如果您不介意傑西，請感謝您談論利率敏感度。我注意到你們的表格偏向更高的利率。能談談在降息環境下的情況嗎？是不是很線性？

If we take the 25 basis points and look as we think about where rates rates may be in 25? And given an outlook where rates may decline over the next 18 months, is there any consideration to increasing your mix of fixed rate assets with unhedged variable financing to maybe look at the attractive yield, coupled with declining financing costs over time? I know you mentioned that's the smallest component of your mix, but your thoughts around that?

如果我們考慮 25 個基點並思考 25 個基點的利率可能會在哪裡？考慮到利率可能在未來 18 個月內下降的前景，是否考慮增加固定利率資產與未對沖可變融資的組合，以期獲得有吸引力的收益率，同時融資成本隨著時間的推移而下降？我知道你提到這是你的組合中最小的組成部分，但你對此有何想法？

Yeah, you're right. We do we do have four interest rate rise scenarios in that analysis and one, 25 basis point reduction. Generally, those scenarios are linear it may become less linear, the lower we get due to various floors on some of our investment assets.

是啊，你說得對。在該分析中，我們確實有四種升息情境和一種降息 25 個基點的情境。一般來說，這些情況是線性的，但由於我們的一些投資資產的下限不同，我們獲得的收益越低，線性可能會變得越差。

But if in that analysis, our minus 25 basis point scenario is a positive [$0.5] for half a half a penny of CAD and net interest income impact, and that's going to be fairly consistent and it will be I would say fairly small because we have hedged our interest rate risk and that works both ways.

但如果在該分析中，我們的負 25 個基點情境對於半美分加元和淨利息收入影響是正面的 [0.5 美元]，那麼這將相當一致，我會說相當小，因為我們對沖了我們的利率風險，這是雙向的。

It protects us in a rising rate environment because we'll pay more on our variable financing but we'll receive more on our interest rate swaps and it works exactly the opposite on the way down where we'll receive less on our swaps as our interest costs are falling so in terms of additional scenarios, it's something we are considering and will consider for future quarters.

它在利率上升的環境中保護我們，因為我們將為可變融資支付更多費用，但我們會從利率互換中獲得更多收益，而在利率下降的情況下，它的作用恰恰相反，我們在互換融資中獲得的收益會減少利息成本正在下降，因此就其他情況而言，這是我們正在考慮並將在未來幾個季度考慮的事情。

But Stephen, it's Ken. I think the only thing that I can add from from a management perspective is that the decisions that we make about having something other than a matched funding on it is really driven by the yes, the form of the underlying investments that were financing.

但是史蒂芬，是肯。我認為，從管理的角度來看，我唯一可以補充的是，我們做出的除了配套資金之外的其他決定實際上是由融資的基礎投資形式所驅動的。

So if there are unique characteristics that make us feel that a fixed rate asset with a with floating rate funding should stay unhedged, it's really not being driven by a specific view on rates that we have. It's really being driven by in a lot of cases, the variability associated with potential principal repayments associated with fees, but the underlying investment.

因此，如果有一些獨特的特徵讓我們覺得帶有浮動利率融資的固定利率資產應該保持不對沖，那麼它實際上並不是由我們對利率的特定觀點所驅動的。在很多情況下，它實際上是由與費用相關的潛在本金償還相關的可變性驅動的，但基礎投資。

So that's that one remaining bucket of fixed rate assets with floating rate financing that we have is set up that way exactly because of that dynamic. So it's not because we have a particular view on what's going to happen with short rates in this year or next year. It's really based on the uncertainty of principal repayment, timing associated with that asset.

因此，我們所擁有的剩餘一桶具有浮動利率融資的固定利率資產正是由於這種動態而以這種方式設定的。所以這並不是因為我們對今年或明年的短期利率會發生什麼事有特殊的看法。它實際上是基於本金償還的不確定性以及與該資產相關的時間安排。

And I think that's that's something at least from a management team perspective that I think we're going to stick pretty consistent with in terms of not trying to really take a specific view on rates by our hedging.

我認為，至少從管理團隊的角度來看，我們將堅持非常一致，不會試圖透過對沖來真正對利率採取具體的看法。

I appreciate the comments this afternoon. I have a good evening. Ken, Thank you.

我很欣賞今天下午的評論。我有一個美好的夜晚。肯，謝謝你。

Matthew Erdner, JonesTrading.

馬修‧艾德納，瓊斯交易公司。

Hey, guys, thanks for taking the questions. So given the stress in regional banks recently, you think that this has benefited you guys with your investment opportunities in the MRB and Gil space?

嘿，夥計們，感謝您提出問題。因此，考慮到最近地區銀行面臨的壓力，您認為這對您在 MRB 和 Gil 領域的投資機會有利嗎？

Thanks, Matt. Definitely, from what we're seeing from from our perspective on the regional banks are probably the core providers of construction financing for affordable housing projects across the country. Certainly you have your your large money center banks like the cities and JPMorgan Chase's and P&C's of the world who are very active in their more urban CRA footprints.

謝謝，馬特。當然，從我們的角度來看，區域銀行可能是全國經濟適用房專案建設融資的核心提供者。當然，你們有大型貨幣中心銀行，例如世界各地的城市、摩根大通和財產保險公司，它們在城市 CRA 足跡中非常活躍。

But for the large majority of the rest of the country, it's your it's your smaller to mid-sized regional banks who are providing that construction financing for affordable housing projects. So with the stress that that market has seen, yes, since last March, with the or with the wind downs of Silicon Valley Bank and First Republic, and in Signature Bank in New York.

但對於該國其他大部分地區來說，是您的中小型區域銀行為經濟適用房專案提供建設融資。因此，自去年 3 月以來，隨著矽谷銀行、第一共和銀行以及紐約 Signature 銀行的倒閉，該市場已經面臨壓力。

We, from our perspective, have certainly seen a pullback in appetite, our inlet for that kind of lending with the with our regional bank competitors and so we believe it's a it's a good window of opportunity for us going into the balance of this year, trying to take advantage of that.

從我們的角度來看，我們確實看到了興趣的回落，我們與區域銀行競爭對手進行此類貸款的入口，因此我們相信這對我們進入今年的餘額來說是一個很好的機會之窗，試圖利用這一點。

And again, sort of like we did during the early days of COVID really gives us an opportunity to to strengthen and expand our relationships with some of the larger affordable housing sponsors in the country because of the pressure that their historic lending relationships with those kinds of institutions might have.

再說一次，就像我們在新冠疫情初期所做的那樣，確實給了我們一個機會來加強和擴大我們與國內一些較大的經濟適用房贊助商的關係，因為他們與這些類型的歷史貸款關係存在壓力。

Yeah, that's great. And then I got two quick ones. Are there any asset-specific CECL reserves? I saw the live nine to nine apartments, but I was curious if there's an asset specific there?

是的，那太好了。然後我得到了兩個快速的。CECL 是否有特定資產儲備？我看到了朝九晚九的公寓，但我很好奇那裡是否有特定的資產？

So there is a roughly $500,000 asset-specific reserve on a property loan for the live 99 apartments. But the rest of our allowance on are held to maturity debt securities as general reserves. And I will note that on our mortgage revenue bond portfolio.

因此，99 套公寓的房產貸款有大約 50 萬美元的特定資產準備金。但我們的準備金的其餘部分則作為一般準備金持有至到期債務證券。我會在我們的抵押貸款收入債券投資組合中註意到這一點。

Those are available for sale securities and subject to a different reserve model. And those are all specific reserves and there are approximately $10 million related to that provision center which is nearing resolution, and we expect to resolve itself fully in 2024 and the live 99 mortgage revenue bond investment.

這些證券可供出售，並採用不同的準備金模式。這些都是特定準備金，大約有 1000 萬美元與該供應中心相關，該中心即將解決，我們預計將在 2024 年完全解決，以及實時 99 抵押貸款收入債券投資。

That's helpful. Thanks for the color there. And then can you remind me of what book value was?

這很有幫助。感謝那裡的顏色。然後你能提醒我帳面價值是多少嗎？

Yes, on a diluted basis, we have book value of $15.17 per year.

是的，以稀釋後計算，我們的帳面價值為每年 15.17 美元。

Got it. Thank you.

知道了。謝謝。

Chris Muller, JMP Securities.

克里斯·穆勒，JMP 證券。

Hey, guys, thanks for taking the questions on. So I believe there's some legislation out there that has passed the House and is now sitting in the Senate that would improve the low income housing tax credit program. First, I guess, do you think that's something that gets across the finish line? And if so, how would that benefit your business? Thank you.

嘿，夥計們，感謝您提出問題。因此，我相信有一些立法已經在眾議院獲得通過，目前正在參議院審議，該法案將改善低收入住房稅收抵免計劃。首先，我想，你認為這是跨越終點線的事嗎？如果是這樣，這對您的業務有何好處？謝謝。

Thanks, Chris. I can only speculate on that. But based on the bipartisan level of voting that we saw in the house on that. And I think some of the other tax credits like the child tax credit that's included in that to what I would call overall package of tax extenders. My [hunch] would be that there is favorable action by the Senate on this, and something does end up getting done on that front.

謝謝，克里斯。我只能推測這一點。但基於我們在眾議院看到的兩黨投票水準。我認為其他一些稅收抵免，例如兒童稅收抵免，也包含在我所說的整體稅收延期計劃中。我的[預感]是參議院對此採取了有利的行動，並且最終確實在這方面取得了進展。

With regard to the low-income housing tax credits. It's really a lot of technical changes that are included in the bill. But the the biggest is the reduction of what we commonly call in the industry. The 50% test.

關於低收入住房稅收抵免。該法案中確實包含了許多技術變化。但最大的還是我們業內俗稱的減少。50%測試。

So if you think about our normal 4% low-income housing tax credit, new construction capital stack, we depending on the state and depending on the state's availability of volume gap, you're on some of our larger transactions in the North and the more popular states like California or Georgia or Florida, you see a much larger use of property loans are taxable governmental issuer loans because of the scarcity of buying cap in those states.

因此，如果您考慮我們正常的4% 低收入住房稅收抵免、新建建築資本堆棧，我們取決於各州以及各州的可用成交量缺口，那麼您就參與了我們在北部和東部的一些較大交易。

But you always have to be over 50% because of this test that's included in the IRS code in terms of the allocation of the low-income housing tax credits that goes along with the productivity volume cap. So the new bill that passed the House lowers that percentage from 50% to 30%. And so what that really does is in the states where our volume cap is a scarce resource and it allows them to allocate that over a larger number of projects and really get more bang for their buck, so to speak.

但你總是必須超過 50%，因為這項測試包含在 IRS 代碼中，涉及低收入住房稅收抵免的分配以及生產力上限。因此眾議院通過的新法案將這一比例從 50% 降低到 30%。因此，這真正起作用的是在我們的數量上限是稀缺資源的州，它允許他們將其分配給更多的項目，並真正獲得更多的收益，可以這麼說。

So from a from a lending perspective, going forward, doing deals in those buying cap challenged states, it probably wouldn't surprise us to see the percentage of tax-exempt governmental issuer loan financing on those transactions decreased closer to that 30% to 35% level from sort of the current 50% to 55% level, which means there'll be more taxable companion bonds.

因此，從貸款的角度來看，展望未來，在那些購買上限受到挑戰的州進行交易，看到這些交易中免稅政府發行人貸款融資的百分比下降到接近30% 至35%，我們可能不會感到驚訝。

But hopefully, given that it's a scarce resource, it allows more projects to receive awards of private activity, volume cap and tax credits, which I think is a is a good thing for the industry as a whole.

但希望，鑑於它是一種稀缺資源，它可以讓更多的項目獲得私人活動、數量上限和稅收抵免的獎勵，我認為這對整個行業來說是一件好事。

Yes, that's helpful. And then I guess can you remind me with the way the housing tax credits are allocated, they're allocated at the beginning of the year, but do and do the borrowers are they are quick to turn those around, I guess, where does that end up flowing through throughout the year?

是的，這很有幫助。然後我想你能提醒我一下住房稅收抵免的分配方式嗎？流經全年？

Every state is different, Chris, it's Neil. On January 1, the IRS makes the allocation of private activity volume cap to each individual state and each state has their own what's called QAP qualified allocation plan that where they individually determine how they allocate buying cap.

每個州都不一樣，克里斯，是尼爾。1 月 1 日，美國國稅局 (IRS) 向每個州分配私人活動量上限，每個州都有自己的 QAP 合格分配計劃，由他們單獨決定如何分配購買上限。

So for example, in a state like Florida, there's a regional allocation of the State of Florida's volume cap across, I believe it's 12 or 14 regions. And then there's a sort of a central pool that is held back over the course of the year. And then project sponsors are free to make applications for allocations of that private activity buying cap in those different regions.

例如，在佛羅裡達州這樣的州，佛羅裡達州的交易量上限有一個區域分配，我相信是 12 或 14 個區域。然後有一個中央池，在一年中被保留。然後專案發起人可以自由申請在這些不同地區分配私人活動購買上限。

There are other states that you have a certain number of rounds each year on California as an example of that, where I believe they have three rounds of buying cap allocation that occur at different points in time during the year. And so project sponsors get their applications into the into the debt limit allocation committee there in California in order to participate in those rounds.

還有其他州每年都會有一定數量的回合，以加州為例，我相信他們在一年中的不同時間點進行了三輪購買上限分配。因此，專案發起人將其申請提交給加州的債務限額分配委員會，以便參與這些輪次。

So it really varies on a state-by-state basis. And so it's hard to it's hard to generalize, but I think it's safe to say that in most circumstances, it's not like all the buying cap has gone by the end of January. I think in most of the states that you see who are active, allocating private activity, cap to, affordable multifamily projects.

因此，每個州的情況確實有所不同。因此，很難一概而論，但我認為可以肯定地說，在大多數情況下，到 1 月底，所有購買上限並沒有消失。我認為在大多數州，你會看到誰在積極分配私人活動，上限是負擔得起的多戶住宅項目。

That there is a a fairly consistent allocation over the course of the year and then in some circumstances, you do see once we get into the fourth quarter and they have a better picture of what's actually been used for the year kind of a cleanup around that goes along with them in terms of making last-minute allocations to projects that are ready to close.

一年中的分配相當一致，然後在某些情況下，一旦我們進入第四季度，您就會看到，他們對今年實際使用的內容有了更好的了解，並進行了清理與他們一起為準備結束的項目進行最後一刻的撥款。

Got it. And certainly helpful. Thank you for the context.

知道了。當然也有幫助。謝謝你的背景。

(Operator Instructions) One moment, please while we poll for question, there are no further questions at this time.

（操作員指示）請稍等，我們正在投票詢問問題，目前沒有其他問題。

I'd like to turn the call back over Ken Rogozinski for closing comments.

我想將電話轉回 Ken Rogozinski 以徵求結束意見。

Thank you very much, everyone, for joining us today, and we look forward to talking with you all again, next quarter.

非常感謝大家今天加入我們，我們期待下個季度再次與大家交談。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。