Greystone Housing Impact Investors LP (GHI) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Greystone HOUSING impact investor's conference call. At this time, I would like to turn the call over to your moderator today, Mr. Jesse Correa, CFO, for opening remarks. Thank you, sir. You may begin.

您好，歡迎參加 Greystone HOUSING 影響力投資者的電話會議。現在，我想將會議轉交給今天的主持人、財務長 Jesse Correa 先生，讓他致開幕詞。謝謝你，先生。你可以開始了。

Thank you. I would like to welcome everyone to the Greystone housing impact investors LP, NYSE ticker symbol GHI. first quarter of 2024 earnings conference call. During the presentation, all participate participants will be in a listen only mode. After management presents an overview of Q1 2024. You will be invited to participate in a question and answer session.

謝謝。我謹歡迎大家加入 Greystone 房屋影響投資者 LP（NYSE為 GHI）。 2024 年第一季財報電話會議。在演示期間，所有參與者將處於僅聽模式。管理層對 2024 年第一季進行了概述。您將被邀請參加問答環節。

As a reminder, this conference call is being recorded. During this conference call, comments made regarding GHI, which are not historical facts. Our 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. 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.

謹此提醒，本次電話會議正在錄音中。在這次電話會議中，有關GHI的評論並非歷史事實。我們的前瞻性陳述受到風險和不確定性的影響，這些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。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. 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, but if they do you will not necessarily be informed.

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。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，但如果他們這樣做，您不一定會被告知。

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

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 Investor LP 的參與和興趣。我現在將把電話轉給我們的執行長 Ken Rozanski。

Good afternoon, everyone. Welcome to Greystone housing impact investors LP's First Quarter 2024 investor call. Thank you for joining I will start with an overview of the quarter and our portfolio. Jesse Coury, our Chief Financial Officer, will then present the partnership's financial results. I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions for the first quarter of 2024.

大家下午好。歡迎參加 Greystone 房屋影響投資者 LP 的 2024 年第一季投資者電話會議。感謝您的加入，我將首先概述本季和我們的投資組合。我們的財務長 Jesse Coury 隨後將介紹合作夥伴的財務表現。最後，我將概述市場和我們的投資管道。接下來，我們期待回答您關於 2024 年第一季的問題。

The Partnership reported net income of $0.42 per unit and $0.23 of cash available for distribution or FAD per unit. Our first quarter reported net income of $0.42 per unit includes a $4.6 million non-cash gain that reflects the mark-to-market associated with our interest rate swap portfolio for the quarter. That translates to $0.20 per unit in noncash gain, which is not reflected in Canada. We are currently a net receiver on substantially all of our interest rate swaps as we receive compounded sulfur, which is now 5.31% and pay a weighted average fixed rate of 3.39% on our approximately $313 million in swap notional amounts as of March 31st, 2024, assuming that the compounded sulfur level stays constant over the next six months.

該合夥企業報告每單位淨利潤為 0.42 美元，每單位可分配現金或 FAD 為 0.23 美元。我們第一季報告的每單位淨利潤為 0.42 美元，包括 460 萬美元的非現金收益，反映了與本季我們的利率掉期投資組合相關的按市值計價的收益。這相當於每單位 0.20 美元的非現金收益，這在加拿大沒有反映出來。截至2024 年3 月31 日，我們幾乎是所有利率掉期的淨接收方，因為我們收到複合硫，目前利率為5.31%，並為我們約3.13 億美元的名義掉期金額支付3.39% 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 192 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 cash. We also reported a book value of $14.59 per unit on $1.45 billion of assets and a leverage ratio as defined by the partnership of 71%.

192 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，但會反映為每單位額外 0.14 美元的現金。我們也公佈了 14.5 億美元資產的每單位帳面價值 14.59 美元，合夥企業定義的槓桿率為 71%。

On March 13th, we announced a regularly 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 April 30th, 2024 in terms of the partnership's investment portfolio, we currently hold $1.22 billion of affordable multifamily investments in the form of mortgage revenue bonds, governmental issuer loans and property loans at $145 million in joint venture equity investments.

3 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進行每單位0.07 美元的補充分配，兩者均於2024 年4 月30 日在合夥企業的投資組合中支付，目前我們持有 12.2 億美元的經濟適用多戶住宅投資，形式包括抵押收益債券、政府發行人貸款和房地產貸款以及 1.45 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. Physical occupancy on the underlying properties was at 92.1% for the stabilized mortgage revenue bond portfolio. As of March 31st, 2024, our Vantage joint venture equity investments consist of interest in seven properties four where construction is complete with the remaining three properties either under construction or in the planning stage.

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時支付本金和利息。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 92.1%。截至 2024 年 3 月 31 日，我們的 Vantage 合資企業股權投資包括七處房產的權益，其中四處已完成建設，其餘三處房產正在建設或處於規劃階段。

For the four properties where construction is complete, we continue to see good leasing activity. 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.

對於已完工的四處物業，我們繼續看到良好的租賃活動。我們繼續看到正在建造的 Vantage 項目沒有發生重大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，將在穩定後出售房產。

As previously announced, the vantage of combo property has been listed for sale. We have four joint venture equity investments with the Freestone development group, one for a project in Colorado and three projects in Texas. Site work has commenced on two projects, and construction has commenced on one of the projects in Texas, our joint venture equity investment and blogs, Senior Living, Carson value Valley, a 102 bed seniors housing property located in Minden.

正如先前宣布的，該組合物業的優勢已掛牌出售。我們與 Freestone 開發集團進行了四項合資股權投資，其中一項針對科羅拉多州的一個項目，另外三個針對德克薩斯州的項目。兩個項目的現場工作已經開始，其中一個位於德克薩斯州的項目已經開始建設，即我們的合資股權投資和博客，Senior Living，卡森價值谷，位於明登的一處102 個床位的老人住宅物業。

Nevada has begun vertical construction and the project currently has leased deposits for 48 of the properties, [110] units. Our joint venture equity investment in the GSM at Hays farms and new construction 318 unit market rate. Multifamily property located in Huntsville, Alabama has commenced vertical construction as well as previously announced in December 2023, we sold our final NF. property investment, the suites on the sales student housing project, the partnership no longer owns any operating real estate property investments.

內華達州已開始垂直建設，該項目目前已租賃 48 處房產（[110] 個單位）的押金。我們對海斯農場 GSM 的合資股權投資和新建 318 單位的市場價格。位於阿拉巴馬州亨茨維爾的多戶住宅已開始垂直建設，並且之前於 2023 年 12 月宣布，我們出售了最終的 NF。房地產投資，在銷售學生住房專案上的套房，合夥企業不再擁有任何經營房地產投資。

With that, I will turn things over to Jesse Coury, our CFO, to discuss the financial data for the first quarter of 2024.

接下來，我將把事情交給我們的財務長 Jesse Coury，討論 2024 年第一季的財務數據。

Thank you, Ken. Earlier today, we reported earnings for our first quarter ended March 31st, we reported GAAP net income of $10.6 million and $0.42 per unit basic and diluted. And we reported cash available for distribution or cap of $5.2 million and $0.23 per unit. As Ken mentioned, our reported first quarter GAAP net income includes a $4.6 million non-cash unrealized gain on our interest rate swaps. 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, so such non-cash fair value adjustments are excluded in our calculation of cash.

謝謝你，肯。今天早些時候，我們報告了截至 3 月 31 日的第一季收益，我們報告的 GAAP 淨利潤為 1060 萬美元，每單位基本收益和稀釋收益為 0.42 美元。我們報告可用於分配的現金或上限為 520 萬美元，每單位 0.23 美元。正如 Ken 所提到的，我們報告的第一季 GAAP 淨利潤包括利率掉期的 460 萬美元非現金未實現收益。我們的利率掉期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，因此此類非現金公允價值調整不包括在我們的現金計算中。

I will note that beginning in the fourth quarter of 2023, we reclassified gains and losses from our derivative instruments to a new line on our statement of operations titled net results from derivative transactions as well as providing additional detail on derivative gains and losses in Footnote 15 or page 36 of our Q. one Form 10 Q. These items were applied retroactively to our prior financial statements as well. We believe these changes provide useful information for readers regarding the volume impact such derivatives have on our reported results.

我要指出的是，從2023 年第四季開始，我們將衍生性工具的損益重新分類到營運報表中標題為衍生性商品交易淨結果的新行，並在腳註15 中提供有關衍生工具損益的更多詳細資訊或我們問題的第 36 頁。我們相信這些變化為讀者提供了有用的信息，了解此類衍生品對我們報告的結果的數量影響。

Our book value per unit as of March 31st was on a diluted basis, $14.59, which is a decrease of $0.58 from December 31st. The decrease is primarily a result of a decline in the fair value of our MRV portfolio from our third party service providers estimate the fair value of our mortgage revenue bond investments quarterly with models that predominantly use MMD.s tax-exempt multi-family yield curves, tax-exempt rates increased approximately 28 basis points on average across the curve from December 31st to March 31st, which resulted in a corresponding decrease in the fair value estimates of our MOB portfolio. As a reminder, we are and expect we will continue to be long-term holders of our predominantly fixed rate MRB investments. So we expect changes in fair value to have no direct impact on our operating cash flows.

截至 3 月 31 日，我們攤薄後的每單位帳面價值為 14.59 美元，比 12 月 31 日減少了 0.58 美元。下降的主要原因是我們的 MRV 投資組合的公允價值下降，第三方服務提供者使用主要使用 MMD.s 免稅多戶殖利率曲線的模型每季估算我們的抵押貸款收入債券投資的公允價值從12 月31 日到3 月31 日，免稅利率平均上升約28 個基點，導致我們MOB 投資組合的公允價值估計相應下降。謹此提醒，我們現在並預計將繼續長期持有我們以固定利率為主的 MRB 投資。因此，我們預期公允價值的變動不會對我們的經營現金流量產生直接影響。

Net income or cap as of market close yesterday, May seventh, our closing unit price on the New York Stock Exchange was $15.58, which is a 7% premium over our net book value per unit as of March 31st, we regularly monitor our liquidity to both take advantage of accretive investment opportunities and to protect against potential debt deleveraging events if there are significant declines in asset values.

截至 5 月 7 日昨天收盤時的淨利潤或上限，我們在紐約證券交易所的收盤單位價格為 15.58 美元，比截至 3 月 31 日的每單位賬面淨值溢價 7%，我們定期監控我們的流動性兩者都利用增值投資機會，並在資產價值大幅下跌時防範潛在的債務去槓桿化事件。

As of March 31st, we reported unrestricted cash and cash equivalents of $56.3 million. We also had approximately $75 million of availability on our secured lines of credit at these levels, we believe that we are well positioned to fund our current financing commitments, which I will discuss later 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 79 of our Q1 Form 10 Q. The interest rate sensitivity table shows the impact on our net interest income, given various changes in market interest rates and other various management assumptions.

截至 3 月 31 日，我們報告的不受限制的現金和現金等價物為 5,630 萬美元。在這些水平上，我們的擔保信貸額度還有大約 7500 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，我將在稍後討論這一點。季度報告一次，並包含在我們第一季表格10 Q 的第79 頁。

Our base case uses the forwards. So for a yield curve as of March 31st, which includes market anticipated, so for rate declines over the next 12 months, the scenarios we present assume that there is an immediate shift in the yield curve and that we do nothing in response for 12 months. The analysis shows that an immediate 200 basis point increase in rates will result in a decrease in our net interest income and cash of $209,000 or approximately [$0.009] per unit.

我們的基本情況使用前鋒。因此，對於截至3 月31 日的殖利率曲線（包括市場預期），對於未來12 個月的利率下降，我們提出的情境假設殖利率曲線立即發生變化，並且我們在12 個月內沒有採取任何應對措施。分析顯示，利率立即上調 200 個基點將導致我們的淨利息收入和現金減少 209,000 美元，即每單位約 [0.009 美元]。

Alternatively, assuming a 50 basis point decrease in rates across the curve will result in an increase in our net interest income and cash of $52,000 or approximately [$0.002] per unit as such, we are largely hedged against large fluctuations in our net interest income from market rate movements in all scenarios, assuming no significant credit issues.

或者，假設整個曲線上的利率下降 50 個基點將導致我們的淨利息收入和現金增加 52,000 美元或每單位約 [$0.002]，我們在很大程度上對沖了淨利息收入的大幅波動假設沒有重大信貸問題，所有情況下的市場利率變動。

Our debt investments portfolio consisting of mortgage revenue bonds, governmental issuer loans and property loans totaled $1.22 billion as of March 31st were 83% of our total assets. This amount is down $74 million from December 31st, primarily due to paydowns and redemptions during the first quarter in February 2020 for the borrowers of three construction related investments elected to prepay approximately $72 million of property loans prior to property completion. So we still hold governmental issuer loan investments associated with these three properties. We currently own 86 mortgage revenue bonds that provide permanent financing for affordable multifamily properties across 15 states.

截至 3 月 31 日，我們的債務投資組合由抵押收益債券、政府發行人貸款和房地產貸款組成，總額為 12.2 億美元，占我們總資產的 83%。這筆金額較 12 月 31 日減少了 7,400 萬美元，主要是由於 2020 年 2 月第一季期間，三項建築相關投資的借款人選擇在房產竣工前預付約 7,200 萬美元的房產貸款。因此，我們仍然持有與這三個房產相關的政府發行人貸款投資。我們目前擁有 86 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。

Of these mortgage revenue bonds, 31% of our portfolio relates to properties in Texas, 27% in California and 20% in South Carolina. We currently have nine governmental issuer loans to finance the construction or rehabilitation of affordable multifamily properties across five states. Such loans often have companion property loans or taxable governmental issuer loans that share the first mortgage lien. During the first quarter, we advanced funds totaling $9.1 million for our governmental issuer loan taxable governmental issuer loan and property loan commitments.

在這些抵押收益債券中，我們投資組合的 31% 與德州的房產有關，27% 與加州的房產有關，20% 與南卡羅來納州的房產有關。目前，我們有九項政府發行人貸款，為五個州的經濟適用多戶住宅的建設或修復提供資金。此類貸款通常有伴隨財產貸款或共享第一抵押留置權的應稅政府發行人貸款。第一季度，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 910 萬美元的資金。

During the first quarter, we completed one conversion of our governmental issuer loan investment to permanent financing by Freddie, Freddie Mac. The governmental issuer loan investment was purchased at par value by Freddie Mac pursuant to its forward purchase commitments. In addition, our related taxable governmental issuer loan was repaid by the borrower at par redemption proceeds for the governmental issuer loan and taxable governmental issuer loan totaled $34 million, of which $28 million was used to pay off or related be that financing our outstanding future funding commitments for our mortgage revenue, bond, governmental issuer loan and related investments was $26 million as of March 31st.

在第一季度，我們完成了政府發行人貸款投資向房地美永久融資的轉換。政府發行人貸款投資由房地美根據其遠期購買承諾以票面價值購買。此外，我們的相關應稅政府發行人貸款已由借款人按政府發行人貸款的面值贖回收益償還，應稅政府發行人貸款總額為3400萬美元，其中2800萬美元用於償還或與我們未償還的未來資金融資有關截至 3 月 31 日，我們的抵押貸款收入、債券、政府發行人貸款和相關投資的承諾額為 2,600 萬美元。

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 nearing maturity, which will be redeployed into our remaining funding commitments. We apply the CECL standard to establish credit loss reserves for our debt investments and related investment funding commitments. We reported a negative provision for credit loss of $806,000 for the first quarter, largely driven by recent governmental issuer loan, taxable governmental issuer loan and property loan redemptions, and a reduction in the weighted average life of our remaining investment portfolio, we have adjusted back the impact of the provision for credit losses in calculating cash, consistent with our historical treatment of loss allowances.

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。我們也預計將從即將到期的現有建築融資投資中獲得贖回收益，這些收益將重新部署到我們剩餘的融資承諾中。我們採用CECL標準為債權投資及相關投資資金承諾設立信用損失準備金。我們報告第一季的信貸損失撥備為負數806,000 美元，主要是由於最近的政府發行人貸款、應稅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的縮短，我們已調整回來信用損失準備金對計算現金的影響，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 March 31st, with a reported carrying value of approximately $145 million. We advanced additional equity under our current funding commitments totaling $7 million during the first quarter. Our remaining funding commitments for JV equity investments totaled $54.3 million as of March 31st, our debt financing facilities are used to leverage our investments and had an outstanding principal balance totaling $980 million as of March 31st. This was down $37 million from December 31st, primarily due to debt repayments associated with redemptions of our debt investments. We manage and report our debt financing in four main categories on Page 73 of our Form 10 Q three categories.

截至 3 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 1.45 億美元。我們在第一季根據目前的融資承諾預付了總計 700 萬美元的額外股本。截至3 月31 日，我們對合資企業股權投資的剩餘資金承諾總額為5,430 萬美元，我們的債務融資便利用於槓桿化我們的投資，截至3 月31 日，未償本金餘額總計為9.8 億美元。這比 12 月 31 日減少了 3700 萬美元，主要是由於與我們的債務投資贖回相關的債務償還。我們在表格 10 Q 三個類別的第 73 頁上管理和報告四個主要類別的債務融資。

Three of the four categories are fixed rate assets with fixed rate debt, variable rate assets with variable rate debt and fixed rate assets with variable rate 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. These categories account for $921 million or 93.7% of our total debt financing. The fourth category is fixed rate assets with variable rate debt with no designated hedging, which is where we are most exposed to interest rate risk in the near term. This category only represents $60 million or 6.3% of our total debt financing. We regularly monitor our interest rate risk exposure for this category and may implement hedges in the future is considered appropriate.

這四類中的三類是帶有固定利率債務的固定利率資產、帶有可變利率債務的可變利率資產以及通過利率掉期對沖的帶有可變利率債務的固定利率資產，其設計使我們的淨回報通常不受短期變化的影響。這些類別占我們債務融資總額的 93.7%，即 9.21 億美元。第四類是固定利率資產和浮動利率債務，沒有指定對沖，這是我們近期面臨的利率風險最大的領域。該類別僅佔 6,000 萬美元，占我們債務融資總額的 6.3%。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。

On the preferred capital front, we executed two issuances of our Series B preferred units in the first quarter, the first issuance was $17.5 million of Series B preferred units that were exchanged for $17.5 million of previously issued Series A. preferred units. The second issuance was a sale of $5 million of Series B preferred units to IT and new investor for $5 million of gross proceeds. The earliest redemption date of the newly issued Series B preferred units in early 2030 with certain limited exceptions, these issuances provide nondilutive fixed rate and low cost institutional capital.

在優先資本方面，我們在第一季發行了兩次 B 系列優先單位，第一次發行的是 1,750 萬美元的 B 系列優先單位，兌換為先前發行的 1,750 萬美元的 A 系列優先單位。第二次發行是向 IT 和新投資者出售 500 萬美元的 B 系列優先單位，總收益為 500 萬美元。新發行的 B 系列優先股的最早贖回日期為 2030 年初，除某些有限的例外情況外，這些發行提供非稀釋性固定利率和低成本機構資本。

For executing our strategy, we redeemed our last remaining $10 million of Series A. preferred units in April 2024. After this redemption, the next earliest redemption date for our outstanding preferred units. It's not until April of 2028. We continue to pursue additional issuances of preferred units under active offerings for our Series A. one and Series B preferred units in March 2024 we reactivated our at-the-market or ATM offering to sell up to $50 million of newly issued units into the market. We sold 64,765 units under the ATM program for gross proceeds of approximately $1.1 million during the first quarter, units issued under the ATM program allowed us to raise additional capital without price to dilution and at a substantially reduced cost to a traditional follow-on offering.

為了執行我們的策略，我們於 2024 年 4 月贖回了最後剩餘的 1000 萬美元 A 輪優先股。此次贖回後，我們未償還優先單位的下一個最早贖回日期。直到2028年4月。我們繼續在 A 系列的主動發行中尋求額外發行優先單位。第一季度，我們根據ATM 計劃出售了64,765 個單位，總收益約為110 萬美元，根據ATM 計劃發行的單位使我們能夠籌集額外的資金，而無需稀釋價格，並且與傳統的後續發行相比，成本大大降低。

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 months of March and April saw rates in the muni bond market trend higher as fixed income investors came to grips with seeing potential Fed rate cuts first pushed further into the future due to persistent inflation. The Bloomberg municipal Index posted a total return of negative 1.2% for March and April. The Bloomberg high-yield municipal index generated a total return of positive 0.6% for the same two month period.

謝謝，傑西。3 月和 4 月，市政債券市場利率呈走高趨勢，因為固定收益投資者開始意識到，由於持續的通膨，聯準會降息的可能性將進一步推遲。彭博市政指數 3 月和 4 月的總回報率為負 1.2%。彭博高收益市政指數在同一兩個月內的總報酬率為 0.6%。

From a market technicals perspective, the first four months of the year saw [141 billion] of gross issuance with many market participants predicting 2024 total issuance of over [400 billion] through April. Year to date, fund and ETF inflows totaled [6.6 billion] according to Refinitiv. As of yesterday's close tenure and MD. is at 2.7% and 30-year and MD. is at 3.8%, roughly 25 basis points higher yield, respectively than at the time of last quarter's call.

從市場技術角度來看，今年前四個月的總發行量為[1,410億]，許多市場參與者預測2024年截至4月的總發行量將超過[4,000億]。根據 Refinitiv 的數據，今年迄今，基金和 ETF 流入總額為 [66 億]。截至昨天，任期與董事總經理關係密切。為 2.7%，30 年期和 MD。收益率為 3.8%，比上季度電話會議時的收益率高出約 25 個基點。

This is consistent with the Bear flattening of the broader fixed income yield curves that we have seen so far this year with this flattening trend tenure, N & D is actually the low point of the current yield curve. The 10-year muni to Treasury ratio was still approximately 60%, demonstrating the recent strength of munis, continued volatility in rates, the magnitude of interest rate increases in 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.

這與今年迄今為止我們所看到的更廣泛的固定收益殖利率曲線的熊市扁平化是一致的，在這種扁平化趨勢的期限內，N＆D實際上是當前殖利率曲線的低點。10 年期市政債券與國庫券的比率仍約為 60%，這表明市政債券近期強勁、利率持續波動、過去 18 個月的利率上升幅度（特別是在曲線的短端）以及成本通膨已經上升。我們的開發者客戶帶來了新交易的挑戰。

Our affordable housing developer clients continue to rely on more and more governmental subsidies and other sources of soft money to make their transactions financially feasible. We continue to work with our clients to deliver the most cost effective capital possible, especially the use of the Freddie Mac tax-exempt loan forward commitment in association with our construction lending, we will continue to look for other opportunities to deploy capital in our JV equity strategy on a selective basis. We believe that getting new projects underway now while other sponsors face significant challenges, we'll 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 made in 2023 and 2024 are reflective of that approach.

我們的經濟適用房開發商客戶繼續依賴越來越多的政府補貼和其他軟資金來源來使他們的交易在財務上可行。我們將繼續與客戶合作，提供盡可能最具成本效益的資本，特別是使用房地美免稅貸款遠期承諾與我們的建築貸款相結合，我們將繼續尋找其他機會在我們的合資企業中部署資本選擇性的股權策略。我們相信，當其他贊助商面臨重大挑戰時，現在正在進行新項目，我們將在三到五年後退出時，使我們處於更有利的位置，以取得成功，屆時新的供應可能會受到限制，我們相信我們新的合資企業股權投資2023 年和 2024 年制定的計劃反映了這種方法。

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

傑西和我很樂意回答您的問題。

Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, you may press star two. If you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that's star one at this time. One moment while we poll for our first question, our first question comes from Jason Weaver with JonesTrading. Please proceed.

謝謝。我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中，您可以按星號二。如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要在按星號鍵之前拿起聽筒。再說一次，這是此時的第一顆星。當我們對第一個問題進行投票時，我們的第一個問題來自 JonesTrading 的 Jason Weaver。請繼續。

Hi. Thanks for taking my question. First, I was wondering about on the JV equity investments, could you talk a bit about specifically those that are in construction or in the lease-up phase, whether that they're adhering to original business plan timelines.

你好。感謝您提出我的問題。首先，我想知道關於合資企業股權投資的問題，您能否具體談談那些正在建造或處於租賃階段的合資企業股權投資，它們是否遵守最初的業務計劃時間表。

That's something that we monitor on a regular basis. Jason, we continually look at the progress of the individual projects, both in terms of construction, completion schedules, lease up and how the projects are performing from a revenue and expense perspective versus the originally underwritten pro forma there and from a timing perspective, but we have not seen any significant delays versus the original pro formas. There have been some assets who've had individual challenges, be it weather delays or local governmental approvals and things like that, but nothing at this point in time.

這是我們定期監控的事情。傑森，我們不斷關注各個項目的進展情況，包括建設、竣工時間表、租賃以及項目從收入和支出角度與最初承保的預計情況以及時間角度的表現情況，但是與最初的預計相比，我們沒有看到任何重大延誤。有一些資產遇到了個人挑戰，無論是天氣延誤還是當地政府批准之類的問題，但目前還沒有。

That has been, at least from our perspective, a significant deviation from the plan we expected to see there from a from a leasing perspective, the deals that are either stabilized or close to stabilized, we believe have adhered well to the original underwriting pro forma on those transactions and for the deals that have just started leasing, I think it's a little too soon to tell on that on that front. But it is something that we continue to monitor on a regular basis.

至少從我們的角度來看，這與我們預期從租賃角度看到的計劃存在重大偏差，我們認為穩定或接近穩定的交易很好​​地遵守了最初的承銷備考形式對於這些交易以及剛開始租賃的交易，我認為現在就這方面進行判斷還為時過早。但這是我們繼續定期監控的事情。

All right, thank you. That's actually very helpful. I was wondering on your priority for capital deployment, if you could discuss that broadly within the asset classes that you're in right now and where you see are you where you can ballpark incremental sort of ROE?

好吧。這實際上非常有幫助。我想知道您的資本部署優先事項，您是否可以在您現在所處的資產類別中廣泛討論這一點，以及您認為可以在哪裡進行增量股本回報率？

So in terms of capital deployment, you one thing you need to keep in mind is the limitation that we have under our limited partnership agreement that 75% of our assets have to be invested in mortgage investments. And those are the mortgage revenue bonds, the governmental issuer loans and the associated property loans. So it's not like Jesse and I can wake up tomorrow morning and decide that we would want to become the JV equity kings of the Midwest and deploying our capital. In that way, we have that we have that limit are built within the partnership agreement.

因此，在資本配置方面，您需要記住的一件事是，我們的有限合夥協議規定我們 75% 的資產必須投資於抵押貸款投資。這些是抵押收益債券、政府發行人貸款和相關的房地產貸款。因此，傑西和我明天早上醒來並決定我們想要成為中西部的合資企業股權之王並部署我們的資本。這樣，我們就可以在合夥協議中建立限制。

So we keep our focus there yes, I think in terms of generating the regular level of income that we'd like to see from that debt investment portfolio as opposed to the lumpier income that we see from our joint venture equity investments. We strive to keep the right balance there on that front. So really at the end of the day, as we evaluate the individual investment opportunities that come before us.

因此，我們的重點是，是的，我認為就產生我們希望從債務投資組合中看到的常規收入水平而言，而不是我們從合資企業股權投資中看到的不穩定收入。我們努力在這方面保持適當的平衡。因此，歸根結底，當我們評估擺在我們面前的個人投資機會時。

The first standard or the first test that we apply really is that accretion versus our current dividend level to make sure that we can price either our lending product or expect the return from our JV equity investments to be consistent with both our current dividend yield and the historic returns that we've seen for taking that kind of risk and so that is that is really the focus that we have that we have. I don't think we really prioritize one over the other. I think it's a question of evaluating the opportunities that we see from our origination force. And as I mentioned in my comments, just sort of particularly with the with the current landscape with our JV equity investments are really keeping our eye on the ball there in terms of the markets that are that we're entering and the partners that we're working with.

我們真正應用的第一個標準或第一個測試是相對於我們當前的股息水平的增值，以確保我們可以為我們的貸款產品定價或期望我們的合資股權投資的回報與我們當前的股息收益率和我們在承擔這種風險時看到了歷史性的回報，所以這才是我們真正關注的焦點。我認為我們並沒有真正優先考慮其中之一。我認為這是一個評估我們從我們的創始力量中看到的機會的問題。正如我在評論中提到的，特別是在我們合資企業股權投資的當前形勢下，我們確實在密切關注我們正在進入的市場和我們的合作夥伴。

All right. Thanks for that color. And just one final one. I don't know if you run a random month-end valuation on the existing holdings as of April, but do you have an updated assuming a book value?

好的。謝謝那個顏色。還有最後一件事。我不知道您是否對截至 4 月的現有持股進行了隨機月末估值，但您是否有更新的帳面價值假設？

Jason, we don't have an estimate of that value that we can share on will I've refer back to one of my remarks that we're really a net spread business and we're focused on generating income and cash flows for our unitholders.

傑森，我們沒有可以分享的價值估計，我會回顧一下我的言論之一，即我們實際上是一家淨利差業務，我們專注於為我們的公司創造收入和現金流單位持有人。

So in terms of the changing values in the mortgage revenue bond or governmental issuer loan portfolio due to market rate changes we don't focus on that too much more than that spread that we can generate from those investments. Essentially the net between our interest income and the interest expense on our related debt financing.

因此，就由於市場利率變化而導致的抵押收益債券或政府發行人貸款組合的價值變化而言，我們不會過度關注這些投資所能產生的利差。本質上是我們的利息收入和相關債務融資的利息支出之間的淨額。

Jason, and the only color I have there is that's not something that we hedge to. No, we're not hedging the kind of thought yield for the quarterly or the monthly mark-to-market value of our underlying investments, unlike some of the other industry peers that we have out there and we're our interest rate swap portfolio is almost exclusively to hedge the interest cost of our financing in order to really lock in that net interest margin on our in our investments as Jesse described. So we do get some benefit of that, albeit flowing through the income statement as opposed to on a book value basis. But historically, the of the management team at the partnership has really not hedged or not managed against the book value of the underlying portfolio since we are at our core, a buy-and-hold investor.

傑森，我唯一擁有的顏色是，這不是我們所迴避的。不，我們不會對沖我們基礎投資的季度或每月按市值計價的思想收益率，這與我們現有的一些其他行業同行不同，我們是我們的利率掉期投資組合正如傑西所描述的，幾乎完全是為了對沖我們融資的利息成本，以便真正鎖定我們投資的淨利差。因此，我們確實從中得到了一些好處，儘管是透過損益表而不是帳面價值來計算的。但從歷史上看，合夥企業的管理團隊實際上並沒有對沖或管理基礎投資組合的帳面價值，因為我們的核心是買入並持有的投資者。

The next question comes from Chris Miller with GMP Securities. Please proceed.

下一個問題來自 GMP 證券公司的 Chris Miller。請繼續。

Yes. Thanks for taking the questions. So on the supplemental distribution, is that something that we should expect to stay in place for the remainder of 2024. And can you just remind me, is that something that the Board looks at quarterly or are they looking and on an annual basis?

是的。感謝您提出問題。因此，關於補充分配，我們預計將在 2024 年剩餘時間內保持不變。您能否提醒我，這是董事會每季都會考慮的事情，還是每年都會考慮的事情？

I think there, Chris, in terms of the communication that we and the Board made around the supplemental distributions over the past couple of years as they've been made, it's really been focused on a supplement to our sort of our core base dividend based on transactional activity. We had a we had a couple of quarters there where we saw significant gains from some of our joint venture equity investments liquidations and the Board took the approach of making those supplemental distributions either in the form of cash or additional units. So that philosophy, I think it will continue to be have you implemented or managed by them. So it's really going to be driven largely by by what we see over the remainder of this year.

克里斯，我認為，就我們和董事會在過去幾年中圍繞補充分配進行的溝通而言，它實際上專注於對我們基於核心基本股息的補充。我們在那裡度過了幾個季度，我們從一些合資企業股權投資清算中看到了巨大的收益，董事會採取了以現金或額外單位的形式進行補充分配的方法。因此，我認為這種理念將繼續由他們實施或管理。因此，這實際上很大程度上取決於我們在今年剩餘時間內看到的情況。

In terms of the potential gains that might be generated from any of the JV equity investments and that we have that are sort of poised for sale at this point in time. So there's not a there's not a particular formula that they apply, so to speak. But I think based on what they've communicated in the past, that was the genesis for the implementation of those supplemental distributions and I think they'll stay consistent in terms of looking to apply that methodology in the future, depending on what the actual results are of any potential JV equity investment reductions.

就任何合資股權投資可能產生的潛在收益而言，我們目前已準備好出售這些收益。所以可以這麼說，他們沒有應用特定的公式。但我認為，根據他們過去所傳達的內容，這是實施這些補充發行版的起源，我認為他們在未來應用該方法方面將保持一致，具體取決於實際情況結果是任何潛在的合資企業股權投資減少。

The only thing I would add is that the Board looks at a quarterly when they're announcing or declaring their distribution, but they take a longer term view of returns and aren't setting the distribution based on the quarterly fluctuations in our earnings metrics.

我唯一要補充的是，董事會在宣布或宣布分配時會考慮季度，但他們對回報採取更長遠的看法，並且不會根據我們獲利指標的季度波動來設定分配。

And then the natural timeframe is the annual timeframe because we have schedule K. ones that we issue to unit holders and they have to pay taxes on the income allocated on during that period or during that, that tax year. So that's probably a better alignment of how the Board is looking at it from a longer-term perspective.

然後自然的時間範圍是年度時間範圍，因為我們有向單位持有人發行的附表 K.，他們必須為該期間或該納稅年度分配的收入納稅。因此，這可能更好地協調了董事會從長遠角度看待這個問題的方式。

Yes, that's helpful. And it sounds like we could see another possible sale to sale or two this year. So we can read between the lines there.

是的，這很有幫助。聽起來我們今年可能會看到另一筆或兩筆銷售。所以我們可以從字裡行間看出。

I guess the other question I have. So I looks like cash balances up a little bit quarter over quarter. Was that just related to the timing of redemptions or are you guys trying to build a little more liquidity?

我想我還有另一個問題。所以我看起來現金餘額比上季略有增加。這只是與贖回的時間有關還是你們試圖增加一點流動性？

It was largely the result of redemptions. We had roughly $120 million of debt investments that were redeemed during the quarter, which net of the related TOB financing that got paid down was a significant increase in cash during the quarter, which we'll look to deploy here into our investment commitments in the next probably one or two quarters kind of.

這很大程度上是贖回的結果。我們在本季贖回了約 1.2 億美元的債務投資，扣除已償還的相關 TOB 融資後，本季現金大幅增加，我們將在本季度將其部署到我們的投資承諾中。兩個季度。

The next question comes from Stephen Laws with Raymond James. Please proceed.

下一個問題來自史蒂芬·勞斯和雷蒙德·詹姆斯。請繼續。

Good afternoon. I appreciate the commentary so far, Ken, wanted to circle back, you talked about the higher rate and just kind of the impact that was having on borrowers developers that you work with. Can you can you talk a little bit more about that as far as discussions and that impact is, is it stabilizing rates as opposed to this up 50 down 50 every three months. So we seem to be saying is that more helpful or do you know, is there some magic number of rates going back to fourth quarter four are lower that car that they really need kind of. Can you talk a little bit more about the distress they're experiencing and what what rate environment would benefit them?

午安.我很欣賞到目前為止的評論，肯，想回頭，你談到了更高的利率以及對與你合作的借款人開發商的影響。您能多談談這個問題嗎？所以我們似乎想說的是，更有幫助，或者你知道嗎，第四季度的利率是否有一些神奇的數字，比他們真正需要的汽車要低。您能否多談談他們正在經歷的困境以及什麼樣的利率環境將使他們受益？

It's a combination of factors. I'd say, Stephen, the first is if you look at the normal capital stack of blend, our new construction of 4% Lightech transactions, you not only have the debt, but you have the value of the equity that they're just indicating that there is a portion and simple.

這是多種因素的結合。我想說，史蒂芬，首先，如果你看看混合的正常資本堆棧，我們新構建的 4% Lightech 交易，你不僅有債務，而且還有股權的價值，它們只是表明有一部分且簡單。

Yes, as yields in other markets, Club does low-income housing tax are going to be looking to achieve higher yields as well, which translates into lower pricing. You're making the sources increases harder to flush because getting less dollars come in in the form of equity of credits issued by the ones that so I think that's one area we're just the the overall level of rates is having a negative impact because of how tax credit investors are pricing you have.

是的，與其他市場的收益率一樣，俱樂部低收入住房稅也將尋求更高的收益率，這意味著更低的定價。你正在使資金來源增加更難沖走，因為以信貸股權形式獲得的美元減少了，所以我認為這是一個領域，我們只是整體利率水平產生了負面影響，因為稅收抵免投資者如何為您定價。

The other thing is on the level of rates that we see for the for, for example, the Freddie tail forward perm loans that are that are part of our financing structure at higher rates. There are translating into lower perm loan proceeds for sponsors since, but in our experience, most of the deals end up being debt service coverage constrained from a perm loan underwriting perspective. And so you have you have lower permanent sources of capital there as well. And so developers get this squeeze of lower perm loan proceeds, lower Lightech proceeds. Their normal solution to that is deferring more of their developer fee.

另一件事是我們看到的利率水平，例如房地美尾部遠期永久貸款，它們是我們利率較高的融資結構的一部分。此後，贊助商的永久貸款收益就降低了，但根據我們的經驗，從永久貸款承銷的角度來看，大多數交易最終都是償債覆蓋。因此，那裡的永久資本來源也較低。因此，開發商得到了較低的永久貸款收益和較低的 Lightech 收益的擠壓。他們對此的正常解決方案是推遲支付更多的開發人員費用。

At some point in time, you hit the limits of the ability to do that based on the tax parameters and what the state housing finance agencies have as their criteria for deferred developer fees. So it's really a combination of all of those factors on generally, it is no surprise lower rates would be better for them, but kind of this 50-basis point trading range on the 10-year that we seem to be stuck in versus the Fed cutting rates on the on the short end of the curve, I think everybody would love to see lower construction financing cost. But quite candidly, we don't see a lot of our project sponsors, particularly on the low-income housing tax credit deals doing floating rate construction financing because they're their tax credit equity investors don't like seeing that risk in the transaction.

在某個時間點，根據稅收參數以及州住房金融機構遞延開發商費用的標準，您會達到這樣做的能力極限。因此，總的來說，這實際上是所有這些因素的結合，毫不奇怪，較低的利率對他們來說更好，但我們似乎陷入了與聯準會相比的10 年期50 個基點的交易區間在曲線短端降低利率，我認為每個人都希望看到建築融資成本降低。但坦白說，我們沒有看到很多專案發起人，特別是在低收入住房稅收抵免交易中進行浮動利率建設融資，因為他們是稅收抵免股權投資者，不喜歡在交易中看到這種風險。

So a long answer, but I think, Jim, it's an overall lower cost actions that I think will ultimately translate. We have a better understanding for the industry, and I think we'll just have to wait and see that if and when the first round of Fed It happened this year, what the market reaction process, whether we see kind of a Keno breakout from this trading range that we've been into a tailwind.

答案很長，但我認為，吉姆，我認為最終會實現整體成本較低的行動。我們對這個行業有了更好的了解，我認為我們只需要等待，看看今年第一輪美聯儲是否以及何時發生，市場反應過程如何，我們是否會看到基諾突破這個交易區間讓我們處於順風狀態。

Yes. Great. Appreciate the comments on that. Ken, wanted to touch on your in the higher rate environment with multifamily cap rates moving a little higher. And I know you've you've mentioned you don't control the sale decision on these assets. But when you talk with Vantage, they look at are they in the business more to recycle capital and they want to look at exits to find their next development arm. And you mentioned how it's an attractive time to start those given deliveries in three to five years? Or do you think any of these assets advantage would look at it as holding for a couple of years, just given the -- to looked to sell into a more attractive cap rate environment on multifamily?

是的。偉大的。感謝對此的評論。肯，想談談您在較高利率環境的情況，多戶家庭資本化率略高。我知道您已經提到您無法控制這些資產的出售決定。但當你與 Vantage 交談時，他們會考慮他們是否更多地參與該業務以回收資本，並且他們希望尋求退出以尋找下一個發展部門。您提到現在是在三到五年內開始交付的好時機嗎？或者，您是否認為這些資產優勢中的任何一個都會將其視為持有幾年，只是考慮到希望出售到多戶住宅更具吸引力的上限利率環境中？

As you said, Stephen, the decision is there. It's not something that we control how much their business model historically has this merchant build strategy they're not really long term owner operators of these assets. So I speaking only from our perspective, as as their limited partner on these deals, I think our expectation would be that that business format continues. We really don't have a mechanic within our operating agreement that would that would allow for them to sort of opt to switch to a long term long term. So I believe that the from our perspective, the strategy would look to stay consistent going forward.

正如你所說，史蒂芬，決定就在那裡。我們無法控制他們的商業模式歷史上有多少這種商家建立策略，他們並不是這些資產的真正長期所有者經營者。因此，我僅從我們的角度出發，作為這些交易的有限合夥人，我認為我們的期望是這種業務形式繼續下去。我們的營運協議中確實沒有一個機制可以讓他們選擇轉向長期長期。因此，我相信，從我們的角度來看，該策略將在未來保持一致。

And I think you know, the real real value that can be added in this process, we start to see the maximization of close front end and fine tune projects as they get ready for sale, but also looking for potential different investor class to buy these assets and not necessarily focusing on same family office or temporary strange investors who may have historically been pictures of our projects. You look at either nonprofit purchasers or purchasers or people have access to different sources of capital that might not be pricing the same way that popular pages for bridge loan financing might for your typical for-profit institutional owners.

我想你知道，在這個過程中可以增加的真正價值，我們開始看到封閉前端的最大化，並在項目準備出售時進行微調，同時也在尋找潛在的不同投資者類別來購買這些項目資產，不一定關注同一個家族辦公室或臨時陌生的投資者，他們可能曾經是我們專案的歷史照片。您可以查看非營利購買者或購買者或擁有不同資金來源的人，這些資金來源的定價方式可能與典型的營利性機構所有者的過橋貸款融資的流行頁面不同。

I appreciate that color. And one final one on you mentioned, you know, now being a good time potentially to continue to build out additional JV multifamily. Do you think you'll do that with the existing sponsors and I was Vantage for a long time. You added Freestone, Camden Iusacell on the senior living. Do you think the future deals will be with your existing partners are you looking to expand the partners you're working with as well?

我很欣賞那種顏色。您提到的最後一項，您知道，現在是繼續建造更多合資多戶住宅的好時機。你認為你會和現有的贊助商一起做這件事嗎？您在高級生活方面添加了 Freestone、Camden Iusacell。您認為未來的交易將與您現有的合作夥伴進行嗎？

I think, Stephen, it depends on the opportunities that we that we see probably our existing partners continue to present opportunities for us that that we evaluate. But being part of the broader Greystone platform, there's no shortage of introductions and contacts to other sponsors that we see for that network of operations center.

我認為，史蒂芬，這取決於我們看到的機會，可能是我們現有的合作夥伴繼續為我們提供我們評估的機會。但作為更廣泛的灰石平台的一部分，我們看到該營運中心網絡不乏與其他贊助商的介紹和聯繫。

I think from our perspective, as we get a little further into the year to see what potential sensitivity is going to be and capital we might have to recycle and what additional capital might have, right. We'll have those regular conversations with our existing partners will share with us if there may be other opportunities that come across the transom, there but we decide that we want to play with a stable of foreign partner, not right now, and I feel confident to generic of the continued to show good quality.

我認為，從我們的角度來看，隨著我們進入今年進一步了解潛在的敏感性以及我們可能需要回收的資本以及可能有哪些額外的資本，對吧。我們將與我們現有的合作夥伴進行定期對話，如果可能有其他機會出現在橫樑上，我們會與我們分享，但我們決定與穩定的外國合作夥伴一起玩，而不是現在，我覺得有信心讓通用化持續展現優良品質。

Once again to ask a question at this time, please press star one on your telephone keypad. Okay, there are no further questions in queue at this time, I would like to turn the conference back to Mr. Ken Robin Detsky for closing comments.

此時再次提問，請按下電話鍵盤上的星號一。好的，目前沒有其他問題了，我想將會議轉回給 Ken Robin Detsky 先生進行總結評論。

Thank you very much, everyone, for joining us today and we look forward to speaking with you 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您交談。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。