Greystone Housing Impact Investors LP (GHI) 2024 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Greystone Housing Impact Investors second quarter 2024 earnings conference call. It is now my pleasure to introduce your host, Jesse Cory. Please go ahead.

女士們、先生們，大家好，歡迎參加 Greystone Housing Impact Investors 2024 年第二季財報電話會議。現在我很高興向大家介紹你們的主持人傑西·科里。請繼續。

Well, I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, second quarter of 2024 earnings conference call. During the presentation, all participants will be in a listen only mode. After management presents this overview of Q2 2024, you will be invited to participate in a question-and-answer session. As a reminder, this conference call is being recorded.

好吧，我歡迎大家參加 Greystone Housing Impact Investors LP（NYSE GHI）2024 年第二季財報電話會議。在演示期間，所有參與者將處於僅聽模式。管理層介紹 2024 年第二季的概述後，您將被邀請參加問答環節。謹此提醒，本次電話會議正在錄音中。

During this conference call, comments made regarding GHI, which are not historical facts, are forward-looking statements that 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.

在本次電話會議期間，有關 GHI 的評論並非歷史事實，而是前瞻性陳述，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。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。

Forward-looking statements can be identified using the words like may, should, expect, plan, intend, focus and other similar terms. You are cautioned that these forward-looking statements speak only as of today's date. Changes in 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.

前瞻性陳述可以使用「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。請注意，這些前瞻性陳述僅代表今天的情況。經濟、商業、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所做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 risk 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.

有關這些風險因素和可能影響我們業務的其他風險的更多詳細信息，請查看我們不時向美國證券交易委員會提交的定期報告和其他文件。我們的期望所依據的內在預測和信念可能會改變。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.

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 would now like to turn the call over to our Chief Executive Officer, Ken Rogozinski.

我現在想將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 second quarter 2024 investor call. Thank you for joining.

大家下午好。歡迎參加 Greystone Housing Impact Investors LP 的 2024 年第二季投資者電話會議。感謝您的加入。

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.

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。

Following that, we look forward to taking your questions. For the second quarter of 2024 the Partnership reported net income of $0.19 per unit and $0.27 of cash available for distribution or CAD per unit. In past quarters, we have noted that net income includes non-cash gains and losses that reflects the mark-to-market associated with our interest rate swap portfolio for the quarter.

接下來，我們期待回答您的問題。2024 年第二季度，該合夥企業報告每單位淨利潤為 0.19 美元，每單位可分配現金或加元為 0.27 美元。在過去的幾個季度中，我們注意到淨利潤包括非現金損益，反映了與我們本季利率掉期投資組合相關的按市值計價。

During the second quarter, we recognized a non-cash unrealized gain of $211,000 from that source. We are currently a net receiver on substantially all of our interest rate swaps as we received compounded sulfur, which is now 5.35% and pay a weighted average fixed rate of 3.49% on our approximately $366 million in swap notional amounts as of June 30, 2024.

在第二季度，我們從該來源確認了 211,000 美元的非現金未實現收益。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5.35%，並為截至2024 年6 月30 日約3.66 億美元的掉期名義金額支付了3.49% 的加權平均固定利率。

Assuming that the compounded sulfur level stays constant over the next six months. That 186 basis point spread would result in us receiving approximately $3.6 million in cash payments from our swap counterparties, which would not be reflected in our net income, but would be reflected as an additional $0.16 per unit in cash.

假設複合硫含量在接下來的六個月內保持不變。186 個基點的利差將導致我們從掉期對手方收到約 360 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 0.16 美元的現金。

We also reported a book value of $13.98 per unit on $1.53 billion of assets and a leverage ratio as defined by the partnership of 73% on June 12, we announced a regular quarterly cash distribution of $0.37 per unit, which was paid on July 31, 2024.

我們也報告了15.3 億美元資產的每單位帳面價值為13.98 美元，合夥企業定義的槓桿率為73%，6 月12 日，我們宣布定期季度現金分配為每單位0.37 美元，並於7 月31 日支付， 2024 年。

In terms of the partnership's investment portfolio, we currently hold $1.3 billion of affordable multifamily investments in the form of mortgage revenue bonds, governmental issuer loans and property loans, and $158 million in joint venture equity investments.

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 13 億美元的經濟適用多戶住宅投資，以及 1.58 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 91.9% for the stabilized mortgage revenue bond portfolio as of June 30, 2024. Our Vantage joint venture equity investments consists of interest in seven properties, four where construction is complete with the remaining three properties either under construction or in the planning stage, two of which have achieved over 95% construction completion.

截至 2024 年 6 月 30 日，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 91.9%。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，其中兩處已完成 95% 以上的建設。

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 and the Vantage group as the managing member of each project owning entity, will position the 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。正如我們過去的經驗一樣，Vantage 集團作為每個專案擁有實體的管理成員，將在穩定後定位該物業出售。

As previously announced, the Vantage at Tombo 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. Two projects have commenced construction.

如同先前所宣布的，Vantage at Tombo 房產已掛牌出售。我們與 Freestone Development Group 進行了四個合資股權投資，其中一個項目位於科羅拉多州，三個項目位於德克薩斯州。兩個項目已開工。

Our joint venture equity investment in Village Senior Living, Carson Valley, a 102-bed seniors' housing property located in Minden, Nevada is under construction, and the project currently has leased deposits for 55 of the properties 102 units.

我們對Village Senior Living, Carson Valley的合資股權投資，位於內華達州明登的一處擁有102個床位的老年人住宅物業正在建設中，該項目目前已為該物業的102個單元中的55個出租了押金。

Our joint venture equity investment in the Jessiman Hays Farm, a new construction 318-unit market-rate multifamily property located in Huntsville, Alabama has commenced construction as well.

我們對 Jessiman Hays Farm 的合資股權投資也已開始建設，該農場是一棟位於阿拉巴馬州亨茨維爾的新建 318 套市價多戶住宅。

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

接下來，我將把事情交給我們的財務長 Jesse Coury，討論 2024 年第二季的財務數據。

Thank you, Ken. Earlier today, we reported earnings for our second quarter ended June 30, we reported GAAP net income of $5.2 million and $0.19 per unit basic and diluted. We reported cash available for distribution or CAD, which is a non-GAAP measure of $6.3 million and $0.27 per unit.

謝謝你，肯。今天早些時候，我們報告了截至 6 月 30 日的第二季度收益，我們報告的 GAAP 淨利潤為 520 萬美元，每單位基本收益和稀釋收益為 0.19 美元。我們報告了可供分配的現金或加元，以非公認會計準則衡量，為 630 萬美元，每單位 0.27 美元。

Our book value per unit as of June 30 was on a diluted basis, $13.98 just a decrease of $0.61 from March 31. The decrease is primarily result of a decline in the fair value of our mortgage revenue bond portfolio and the difference between our reported net income per unit and the second quarter distribution. Our third party service providers estimate the fair value of our mortgage revenue bond investments quarterly with models that predominantly use NMDs tax-exempt multi-family yield curves.

截至 6 月 30 日，我們攤薄後的每單位帳面價值為 13.98 美元，僅比 3 月 31 日減少了 0.61 美元。下降的主要原因是我們的抵押貸款收入債券投資組合的公允價值下降以及我們報告的每單位淨利潤與第二季度分配之間的差異。我們的第三方服務提供者每季都會使用主要使用 NMD 免稅多戶殖利率曲線的模型來估算我們的抵押貸款收益債券投資的公允價值。

Tax-exempt rates increased approximately 15 basis points on average across the curve from March 31 to June 30, which resulted in a corresponding decrease in the fair value estimates for our mortgage revenue bond portfolio.

3 月 31 日至 6 月 30 日期間，免稅利率平均上升約 15 個基點，導致我們抵押貸款收入債券投資組合的公允價值估計相應下降。

We are and expect we will continue to be long-term holders of our predominantly fixed rate mortgage revenue, bond investments. We expect changes in fair value to have no direct impact on our operating cash flows, net income or CAD.

我們現在並且預計將繼續長期持有我們主要的固定利率抵押貸款收入和債券投資。我們預期公允價值的變動不會對我們的營運現金流量、淨利或加幣產生直接影響。

As the market closed yesterday, August 6, our closing unit price on the New York Stock Exchange was $14.33, which is a 2.5% premium over our net book value per unit as of June 30. We regularly monitor our liquidity to both take advantage of accretive investment opportunities and to protect against any potential debt deleveraging events if there are significant declines in asset values.

截至昨天（8 月 6 日）市場收盤時，我們在紐約證券交易所的收盤單位價格為 14.33 美元，比截至 6 月 30 日的每單位帳面淨值溢價 2.5%。我們定期監控我們的流動性，以利用增值投資機會，並在資產價值大幅下跌時防範任何潛在的債務去槓桿化事件。

As of June 30, we reported unrestricted cash and cash equivalents of $34 million. We also had approximately $56 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.

截至 6 月 30 日，我們報告的不受限制的現金和現金等價物為 3,400 萬美元。我們的擔保信貸額度還擁有約 5,600 萬美元的可用資金。在這些水平上，我們相信我們有能力為當前的融資承諾提供資金，我將在稍後討論。

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 93 of our 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.

我們透過利率敏感度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，並包含在表格 10-Q 第 93 頁。利率敏感度表顯示了考慮到市場利率的各種變化和其他各種管理假設，對我們的淨利息收入的影響。

Our base case uses the forward SOFR yield curve as of June 30, which includes market anticipated SOFR 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.

我們的基本情境使用截至 6 月 30 日的遠期 SOFR 殖利率曲線，其中包括市場預期的未來 12 個月 SOFR 利率下降。我們提出的情境假設，殖利率曲線立即發生變化，且我們在 12 個月內沒有採取任何因應措施。

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 approximately $1.7 million or $0.073 per unit. 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 $423,000 or approximately $0.018 per unit.

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約 170 萬美元或每單位 0.073 美元。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 423,000 美元，即每單位約 0.018 美元。

So we are largely hedged against large fluctuations in our net interest income from market rate movements in all scenarios, assuming no significant credit issues. Our debt investments portfolio, consisting of mortgage revenue bonds, governmental issuer loans and property loans totaled $1.3 billion as of June 30, were 85% of our total assets.

因此，假設沒有重大信貸問題，我們在很大程度上對沖了所有情況下市場利率變動導致的淨利息收入的大幅波動。截至 6 月 30 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 13 億美元，占我們總資產的 85%。

This amount is up $83 billion from March 31, primarily due to funding of our investment commitments and the acquisition of additional mortgage revenue bonds. We currently own 87 mortgage revenue bonds that provide permanent financing for affordable multifamily properties across 12 states, of these mortgage revenue bonds 29% of our portfolio value relates to properties in Texas, 27% in California, and 19% in South Carolina.

這筆金額較 3 月 31 日增加了 830 億美元，主要是由於我們的投資承諾的融資以及收購了額外的抵押貸款收入債券。我們目前擁有87 只抵押收益債券，為12 個州的經濟適用多戶住宅提供永久融資，其中，我們投資組合價值的29% 與德克薩斯州的房產有關，27% 與加州的房產有關，19% 與南卡羅來納州的房產有關。

During the second quarter, we advanced funds totaling $83.5 million for our mortgage revenue bond and related taxable mortgage revenue bond investments. We currently own 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.

第二季度，我們為抵押貸款收入債券和相關應稅抵押貸款收入債券投資預付了總計 8,350 萬美元的資金。我們目前擁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。

During the second quarter, we advanced funds totaling $19.5 million for our governmental issuer loan, taxable governmental issuer loan and related property loan commitments. Our outstanding future funding commitments for our mortgage revenue bonds, governmental issuer loans and related investments was $214 million as of June 30.

第二季度，我們為政府發行人貸款、應稅政府發行人貸款和相關房地產貸款承諾預付了總計 1,950 萬美元的資金。截至 6 月 30 日，我們對抵押貸款收入債券、政府發行人貸款和相關投資的未償未來融資承諾為 2.14 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 nearing maturity, which 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。

We apply the CECL standard to established credit loss reserves for our debt investments and related investment funding commitments. We reported a minimal provision for credit loss of $20,000 for the second quarter. This was the result of the initial provision on a new property loan investment during the quarter, offset by a $169,000 recovery of prior credit losses associated with the final resolution of the provision center mortgage revenue bond bankruptcy process.

我們採用CECL標準為債權投資及相關投資融資承諾設立信用損失準備金。我們報告第二季的信用損失最低準備金為 20,000 美元。這是本季新房地產貸款投資的初始撥備的結果，被與撥備中心抵押收入債券破產程序的最終解決方案相關的先前信貸損失的 169,000 美元的收回所抵消。

We have adjusted back the impact of the provision for credit losses in calculating cash, consistent with our historical treatment of loss allowances. Our joint venture equity investments portfolio consisted of 12 properties as of June 30, with a reported carrying value of approximately $158 million, exclusive of one investment that is reported on a consolidated basis.

我們調整了信用損失撥備對計算現金的影響，與我們對損失準備金的歷史處理方式一致。截至 6 月 30 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 1.58 億美元，不包括一項合併報告的投資。

We advanced equity totaling $11.7 million during the second quarter. Our remaining funding commitments for JV equity investments totaled $45.6 million as of June 30. We used debt financing facilities to leverage our investments that had an outstanding principal balance totaling approximately $1.5 billion as of June 30.

第二季我們預付股本總額為 1,170 萬美元。截至 6 月 30 日，我們對合資企業股權投資的剩餘資金承諾總額為 4,560 萬美元。截至 6 月 30 日，我們利用債務融資工具來槓桿化我們的未償還本金餘額總計約 15 億美元的投資。

This is up $74 million from March 31 as a result of TOB financing proceeds associated with funding of our mortgage revenue, bond, governmental issuer loan and related investments in the second quarter. We manage and report our debt financing in four main categories on page 88 of our Form 10-Q. Three categories of the four, which 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.

這比 3 月 31 日增加了 7,400 萬美元，這是由於與第二季度我們的抵押貸款收入、債券、政府發行人貸款和相關投資相關的 TOB 融資收益所致。我們在表格 10-Q 第 88 頁上以四個主要類別管理和報告債務融資。這四種資產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總體上不受變化影響在短期利率方面。

These categories account for $990 million or 93.8% 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 $65 million or 6.2% of our total debt financing.

這些類別占我們債務融資總額的 93.8%，即 9.9 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。此類別僅占我們債務融資總額的 6.2%，即 6,500 萬美元。

We regularly monitor our interest rate risk exposure for this category and may implement hedges in the future if considered appropriate. On the preferred capital front, we redeemed our remaining $10 million of Series A preferred units in April 2024. After this redemption, the next earliest redemption date for our outstanding preferred units is not until April 2028.

我們定期監控該類別的利率風險敞口，並在認為合適的情況下在未來實施對沖。在優先資本方面，我們在 2024 年 4 月贖回了剩餘的 1000 萬美元 A 系列優先單位。這次贖回後，我們未償還優先股的下一個最早贖回日期要到 2028 年 4 月。

We continue to pursue additional issuances of preferred units under our active offering. In March 2024, we reactivated our at-the-market or ATM offering to sell up to $50 million of newly issued books into the market. We sold 28,037 units under the ATM program for gross proceeds of approximately $450,000 during the second quarter. Units issued under the ATM program allow us to raise additional capital without price dilution and at a substantially reduced cost to a traditional follow-on offering.

我們將繼續在我們的主動發行中尋求額外發行優先股。2024 年 3 月，我們重新啟動了市場銷售或 ATM 銷售，向市場銷售高達 5,000 萬美元的新發行書籍。第二季度，我們根據 ATM 計劃售出了 28,037 台設備，總收益約為 450,000 美元。根據 ATM 計劃發行的單位使我們能夠在不稀釋價格的情況下籌集額外資金，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. Pressured by higher US treasury yields and MMD US treasury ratios, the muni investment grade index ended up in the red for the first half of 2024.

謝謝，傑西。受美國公債殖利率和MMD美國公債比率上升的壓力，市政投資等級指數在2024年上半年最終出現虧損。

It was a different story for high-yield bonds with a high yield muni index up 4.2%. July was a better month with the Bloomberg municipal index posting a total return of 0.9%. Moving it back into the black for the year and the muni high yield index, adding another 1.1% of total return.

對於高收益債券來說，情況則不同，高收益市政債券指數上漲了 4.2%。7 月表現較好，彭博市政指數總報酬率為 0.9%。今年和市政高收益指數重新轉虧為盈，總回報率增加了 1.1%。

From a market technicals perspective, the first seven months of the year saw $275 billion of gross issuance with many market participants still predicting 2024 total issuance of over $400 billion. Through July year-to-date fund and ETF flows totaled $11.5 billion according to Refinitiv, an increase of almost $5 billion during the three months of May to July.

從市場技術角度來看，今年前 7 個月的總發行量為 2,750 億美元，許多市場參與者仍預測 2024 年總發行量將超過 4,000 億美元。根據 Refinitiv 的數據，截至 7 月份，今年迄今的基金和 ETF 流量總計 115 億美元，比 5 月至 7 月的三個月增加了近 50 億美元。

As of yesterday's close 10-year MMD is at 2.54% and 30-year and MMD is at 3.43%, roughly 15 and 35 basis points lower yield, respectively, than at the time of last quarter's call. A lot of that move has occurred since last week's jobs and unemployment data release. Five to seven-year MMD is the low point of the current muni yield curve as retail demand has expanded and rallied the belly of the curve, there were over $1.1 billion in muni mutual fund inflows just last week, a high for 2024. The 10-year muni-to-treasury ratio, however, is up to 65%.

截至昨天收盤，10 年期 MMD 為 2.54%，30 年期 MMD 為 3.43%，收益率分別比上個季度電話會議時低約 15 個基點和 35 個基點。自從上週就業和失業數據發布以來，大部分措施都已發生。5 至 7 年期 MMD 是當前市政債券殖利率曲線的低點，因為零售需求擴大並收緊曲線腹部，僅上週市政共同基金流入量就超過 11 億美元，創 2024 年新高。然而，10 年期市政債與國債的比率高達 65%。

Continued volatility in rates, persistently higher interest rates and cost inflation and presented challenges to our developer clients on new transactions. Our affordable housing developer clients continue to rely more and more on 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 commitments in association with our construction lending.

利率的持續波動、持續較高的利率和成本通膨給我們的開發商客戶的新交易帶來了挑戰。我們的經濟適用房開發商客戶繼續越來越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。我們繼續與客戶合作，提供盡可能最具成本效益的資本，特別是使用與我們的建築貸款相關的房地美免稅貸款遠期承諾。

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 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 made in 2023 and 2024 are reflective of that approach.

我們將繼續尋找其他機會，有選擇地在我們的合資股權策略中部署資本。我們相信，在其他贊助商面臨重大挑戰的情況下立即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。我們認為，我們在 2023 年和 2024 年進行的新合資企業股權投資反映了這種做法。

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. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在將進行問答環節。（操作員說明）

Jason Weaver, JonesTrading.

賈森‧韋弗，瓊斯交易公司。

Good afternoon. Thanks for taking my question. So it looks like at least on a gross basis, your deployment rate was nearly 3 times that or so of first quarter. Can you comment a little bit on match the timing and your expectation in terms of yields? I know you raised some capital has reduced redemptions coming your way, but it just seems like the market might have been getting a lot more attractive to you.

午安.感謝您提出我的問題。因此，至少從總體來看，您的部署率幾乎是第一季的 3 倍左右。您能否對時間安排和您對收益率的預期進行一些評論？我知道你籌集了一些資金，減少了你的贖回，但看起來市場對你的吸引力可能變得更大了。

Jason, I would say as we've said for a couple of quarters now. We continue to see attractive opportunities in all of our business lines. And so we did have a pretty decent amount of redemptions in Q1, and we're able to deploy that capital into new investment opportunities. I wouldn't necessarily say we're seeing a big increase in the number of investment opportunities, but just solid investment opportunities that we've seen for a while now.

傑森，我想說的是我們幾個季度以來所說的那樣。我們繼續在所有業務領域看到有吸引力的機會。因此，我們在第一季確實有相當多的贖回，我們能夠將這些資本部署到新的投資機會中。我不一定會說我們看到投資機​​會數量大幅增加，但只是我們已經看到了一段時間的可靠投資機會。

I think the other thing to keep in mind, Jason, is that part of the deployment of capital that you see is drawdowns on our existing construction financing commitments as projects really get into the heart of their construction process. That's going to accelerate the time line because again, we make a we make a full loan commitment upfront at closing, but that capital is drawn by project sponsors as they make their construction expenditures.

賈森，我認為要記住的另一件事是，隨著專案真正進入其建設過程的核心，您看到的資本部署的一部分是我們現有的建設融資承諾的縮減。這將加快時間線，因為我們再次在成交時預先做出全額貸款承諾，但資金是由專案發起人在支付建設支出時提取的。

So I think the alignment was not in terms of capital deployment wasn't necessarily your all new transactions. I think there was a fair amount in there of just the draws made by our project sponsors on accelerated construction spending.

因此，我認為這種調整並不在於資本部署方面，也不一定是所有新交易。我認為其中有相當多的資金是我們的計畫贊助商為加速建設支出而進行的。

Got it. That's helpful. And then along the same lines, what's your general comfort level around just level of cash on the balance sheet? I know you re-upped a credit line at the end of the quarter, less in March or starting in June?

知道了。這很有幫助。同樣，您對資產負債表上的現金水準的整體舒適度是多少？我知道你們在季度末重新提高了信用額度，是在三月減少還是從六月開始？

So we have two lines of credit that we maintain what is a general line of credit that we can use for any purposes. That's up to $50 million or second is an acquisition line of credit that we used to do initial fundings on asset acquisitions. And then we have cash on our balance sheet as you mentioned.

因此，我們有兩條信用額度，我們維持的是可用於任何目的的一般信用額度。高達 5,000 萬美元的收購信貸額度是我們用來為資產收購提供初始資金的。正如您所提到的，我們的資產負債表上有現金。

So we always like to keep a decent amount of cash on hand to be able to be both reactive to opportunities and as well as cover any deal cash needs from asset volatility or mark-to-market collateral calls that we need to be made. I wouldn't say that we peg ourselves to any particular level of cash. It's really whatever we think we need to have on the balance sheet to be able to be responsive to those potential cash needs.

因此，我們總是希望手頭上保留適量的現金，以便能夠對機會做出反應，並滿足資產波動或我們需要進行的按市價計價的抵押品調用所產生的任何交易現金需求。我不會說我們將自己與任何特定的現金水平掛鉤。這實際上是我們認為我們需要在資產負債表上擁有的任何內容，以便能夠回應這些潛在的現金需求。

Got it. Okay. And then one final one, Ken, I think you mentioned the estimate of $400 million in issuance this year on a market-wide basis. Do you think there's an upside to that number given what we've seen since Monday and the general direction of rates.

知道了。好的。最後一個，Ken，我想你提到了今年整個市場發行量估計為 4 億美元。考慮到我們自周一以來所看到的情況以及利率的總體方向，您認為這個數字有上升空間嗎？

I think certainly, if the trend in rates continues that we saw from the end of the trading week last week that you'll see more muni issuers get into the marketplace and tried to take advantage of the of the window of opportunity there. It's been a little quiet on the on the refunding front over the past year or so in my experience, as a former muni investment banker, when those windows of opportunities, open-up issuers like to trying to take advantage of it. So it wouldn't surprise me to see a building forward calendar on the broader muni bond landscape and to, as a result, see a higher total volume level for the year.

我當然認為，如果利率趨勢繼續下去，就像我們從上週交易週結束時看到的那樣，你會看到更多的市政債券發行人進入市場並試圖利用那裡的機會之窗。根據我作為前市政投資銀行家的經驗，在過去一年左右的時間裡，退款方面有點安靜，當這些機會之窗、開放的發行人喜歡嘗試利用它時。因此，看到更廣泛的市政債券前景不斷增強，並因此看到今年的總交易量水平更高，我不會感到驚訝。

Okay, great. That's it for me. That's great color. I appreciate it.

好的，太好了。對我來說就是這樣。那顏色真棒。我很感激。

Chris Muller, JMP Securities.

克里斯·穆勒，JMP 證券。

Yeah, thanks for taking the questions. And so I guess was what drove the sale of the MRB in the quarter? It looks like there was a $1 million gain with that? And would you look so take any more gains on that portfolio as rates are coming down? Or is hold to maturity kind of the prevailing strategy there.

是的，感謝您提出問題。所以我猜是什麼推動了本季 MRB 的銷售？看起來好像賺了100萬美元？隨著利率下降，您是否會從該投資組合中獲得更多收益？或者說是堅持到成熟是那裡的主流策略。

That was really a unique situation, Chris, that was a transaction where it had it wasn't MRB., but the underlying project was sold by the developer. And so as a result, the bonds were de-feesed to their call date, which I believe Jesse was November of 2024. So it had a little bit of short duration on it.

這確實是一個獨特的情況，克里斯，這是一筆不是 MRB 的交易，但底層項目是由開發商出售的。因此，這些債券在贖回日被取消，我相信 Jesse 是 2024 年 11 月。所以它的持續時間有點短。

The other thing was that we could have funded that interest held on to the maturity date. But given that was a legacy AMT bond, that was going to be difficult for us to fund on an effective basis and so we talked to a couple of dealers. We got some indicative levels for people. We liked the price that we were seeing from the marketplace on that and decided that the right thing to do was for us to go ahead and sell that primary in the secondary market.

另一件事是，我們可以為持有至到期日的利息提供資金。但鑑於這是傳統的 AMT 債券，我們很難有效地提供資金，因此我們與幾家經銷商進行了交談。我們為人們提供了一些指示性水平。我們喜歡從市場上看到的價格，並認為正確的做法是繼續在二級市場上出售該初級產品。

So yeah, a real from my perspective, a real unique set of set of circumstances there that that led us to make that decision as opposed to a more holistic philosophic change where it's like. We're going to continue to cull our portfolio by selling things on an opportunistic basis. I think that was really more of a one-off trade given those unique factors or circumstances surrounding that particular bond position.

所以，是的，從我的角度來看，這是一個真實的、真正獨特的環境，導致我們做出這個決定，而不是更全面的哲學變革。我們將繼續透過機會主義的方式出售產品來精選我們的投資組合。我認為，考慮到圍繞特定債券部位的獨特因素或環境，這實際上更像是一次性交易。

Got it. Yeah, you guys are really in the business of a bond trader so that it makes complete sense. And so I also saw there were a couple of extensions on I think there's two GILs in the subsequent events section of the Q. Are there any common themes there? And I guess, why are borrowers asking for extensions at this point or just any more color you can give on that would be helpful.

知道了。是的，你們確實從事債券交易員的業務，所以這是完全合理的。所以我還看到有一些擴展，我認為問題的後續事件部分有兩個 GIL。我想，為什麼借款人現在要求延期，或者你可以提供更多的顏色，這會有所幫助。

So it is a common theme on those extensions. And this really sort of gets into the weeds of how the Freddie Mac tell forward perm loan product works. Freddie Mac in their in their underwriting and in their forward commitment gives project sponsors the ability to upsize their loan by 10% from the original forward commitment amount if the permanent conversion underwriting supports that higher loan amounts.

所以這是這些擴充的共同主題。這確實涉及到房地美遠期永久貸款產品的運作方式。如果永久轉換承銷支持更高的貸款金額，房地美在其承銷和遠期承諾中使專案發起人能夠將其貸款額在原始遠期承諾金額的基礎上增加 10%。

And so since a lot of these deals had their perm loan amount rate loss, 30 to 36 months ago, they're at pretty attractive rates versus the current market. And so what we're seeing project sponsors do is really trying to optimize their gross potential rent and their underwriting in Hawaii because they really only have one bite at the apple with this conversion upsizing with Freddie Mac.

因此，由於許多此類交易的永久貸款金額利率在 30 至 36 個月前有所下降，因此與當前市場相比，它們的利率相當有吸引力。因此，我們看到專案發起人所做的實際上是在努力優化他們在夏威夷的潛在總租金和承保，因為透過房地美的改造升級，他們實際上只咬了一口蘋果。

And so that's really the common theme there is that the sponsors are trying to squeeze every dime of underwriting in a way that they can out of these properties in order to take advantage to the maximum extent possible of that upsizing at an interest rate that was rate lock three years ago.

因此，這確實是一個共同的主題，即贊助商正試圖以一種他們可以從這些財產中擠出的每一分錢的承銷費用，以便最大程度地利用以利率擴大的規模。鎖。

So I think we're going to continue to see that theme as some of our GIL investments get closer to their perm conversion dates because I think it just makes economic sense from the owner's perspective, we tried to get as much leverage as that at a favourable rate as you can in this in this current environment.

因此，我認為隨著我們的一些GIL 投資越來越接近其永久轉換日期，我們將繼續看到這個主題，因為我認為從所有者的角度來看，這才具有經濟意義，我們試圖獲得盡可能多的槓桿作用在當前環境下，您可以享受盡可能優惠的利率。

Got it, that makes sense. And then I can just squeeze one more in for Jesse on I guess you probably don't have a post June 30 book value estimate, given your models or quarterly. But I guess can you just comment on the post June 30 move in book value? I mean, I guess the 10-year has come down, I guess, about 40 basis points since June 30. So just curious how you guys are seeing that number move post quarter?

明白了，這很有道理。然後我可以再為傑西再擠一個，我猜你可能沒有 6 月 30 日後的賬面價值估計，考慮到你的模型或季度。但我想您能否對 6 月 30 日後帳面價值的變動發表評論？我的意思是，我猜 10 年期公債自 6 月 30 日以來已經下跌了約 40 個基點。所以只是好奇你們如何看待這個數字在季度後的變化？

Yeah, you're right, Chris. We only do those valuation models on a quarterly basis. The color I'll give you there is that we've primarily pegged to the single A tax-exempt multifamily MMD curve and what we saw from December 31 to June 30 was about a 43 basis point increase across the curve.

是的，你是對的，克里斯。我們只按季度進行這些估值模型。我要給你的顏色是，我們主要與單一 A 免稅多戶 MMD 曲線掛鉤，我們從 12 月 31 日到 6 月 30 日看到，整個曲線增長了大約 43 個基點。

And then from June 30 to early August, we saw a reversal of essentially 34 basis points to 35 basis points of that reversal. So in terms of what that means for our balance sheet, you will if we were to mark today, we would see an appreciation in those value of those MRB's, probably something close to what we had at the beginning of the of this year or the end of 2023. But we don't have that exact number available.

然後從 6 月 30 日到 8 月初，我們看到了 34 個基點到 35 個基點的逆轉。因此，就這對我們的資產負債表意味著什麼而言，如果我們今天進行標記，我們會看到這些 MRB 的價值升值，可能接近今年年初或2023 年底。但我們沒有確切的數字。

I think -- the only other color that I would give you is just looking at 10-year high-grade MMD as a proxy for the broader muni market. It's not the A rated multifamily curve that Jesse was talking about. But if you just look at the at the move that we've seen in rates there from the close on July 24, 10-year MMD was at 280.

我想——我能給你的唯一其他顏色就是將 10 年期高級 MMD 作為更廣泛的市政市場的代表。這不是傑西所說的 A 級多戶住宅曲線。但如果你只看一下我們在 7 月 24 日收盤時看到的利率走勢，你會發現 10 年期 MMD 為 280。

And then we had the market traded off a little bit today, but you saw the even the closing 10, your MMD yesterday at 2.54%. So a 26 basis point move in the muni MMD index. It pertained to report in the curve in just that we own roughly 10 trading day window. So give you some sense of what's happened in the muni space along with what's been shown in the broader fixed income markets.

然後我們今天市場出現了一些交易，但您看到了即使是收盤 10 點，您昨天的 MMD 也為 2.54%。因此，市政 MMD 指數上漲了 26 個基點。它與曲線中的報告有關，因為我們擁有大約 10 個交易日的視窗。因此，請讓您了解市政領域發生的事情以及更廣泛的固定收益市場所顯示的情況。

Got it. That's all very helpful. Thank you for your comments.

知道了。這一切都非常有幫助。感謝您的評論。

Jason Stewart, Janney.

傑森史都華、珍妮.

Thank you for taking the questions. A couple on the liability side. First, it looks like the $10 million pref redemption was funded through the general line of credit. Can you give us a sense for how that's going to be going forward? Are you going to leave it on that line, are there more cost effective ways to fund that redemption?

感謝您提出問題。一對夫婦承擔責任。首先，1000 萬美元的預付款贖回似乎是透過一般信貸額度提供的。您能為我們介紹一下未來的發展嗎？您是否打算將其留在該行，是否有更具成本效益的方式來為贖回提供資金？

And then secondly, just more generally, as we're looking at forward rates, can we expect you to drop the hedge ratio on the overall portfolio or maybe think about a different way sort of removing swaps as you grow, just let that ratio fall a little bit.

其次，更一般地說，當我們考慮遠期利率時，我們是否可以期望您降低整個投資組合的對沖比率，或者考慮隨著您的增長採取不同的方式消除掉期，只是讓該比率下降一點點。

Hi, Jason, I'll take the first one. In terms of the $10 million pref redemption, it's not tied directly to the draw the line of credit, but ended up being that way. Just given how our capital and cash position move throughout the quarter. We don't tie it to any particular event. We looked at cash and available liquidity holistically, and we'll wait to see when we get redemption proceeds and maybe potential proceeds from JV sales in the future, if we can better pay down that line of credit and be a little more cost effective as you mentioned.

嗨，傑森，我選擇第一個。就1000萬美元的預贖回而言，它並沒有直接與信用額度的提取掛鉤，但最終卻是如此。剛剛考慮到我們的資本和現金狀況在整個季度的變化。我們不會將其與任何特定事件聯繫起來。我們從整體上考慮了現金和可用流動性，我們將拭​​目以待，看看我們何時能獲得贖回收益，或許還有未來合資企業銷售的潛在收益，如果我們能夠更好地償還信貸額度，並更具成本效益，你提到的。

Jason, it's Ken. I think the only thing that I would \add there is, as Jesse mentioned, we still do have that active Series B preferred equity offering outstanding. So the extent that we are successful in raising more of that low-cost ERA oriented capital through that offering, that would be that would be helpful there as well.

傑森，是肯。我想我唯一要補充的是，正如傑西所提到的，我們仍然有活躍的 B 輪優先股發行。因此，如果我們能夠透過該發行成功籌集更多以低成本 ERA 為導向的資本，那也會有所幫助。

Pivoting here to your second question, part of it is really being driven by the demand that we're seeing from the sponsor side, starting in the second half of 2022, we really saw our construction lending business pivot from one had historically been floating rate construction financing to fixed rate construction financing. And that was really driven by the risk appetite of the low-income housing tax credit equity investors on those deals, they didn't want to see the risk of rising rates, particularly potentially putting the debt financing in jeopardy on those deals.

現在轉向你的第二個問題，部分原因實際上是由我們從贊助商方面看到的需求驅動的，從 2022 年下半年開始，我們確實看到我們的建築貸款業務從歷史上的浮動利率轉向建築融資轉向固定利率建築融資。這實際上是由低收入住房稅收抵免股權投資者對這些交易的風險偏好所驅動的，他們不希望看到利率上升的風險，特別是可能使這些交易的債務融資面臨風險。

And so they got more conservative. They wanted their project sponsors to do fixed rate debt fell from our perspective, being relatively agnostic to rates and not wanting to take a view one way or another that was really what led us to the significant hedging program that we undertook on the funding of those positions to make sure we didn't have any kind of asset liability mismatch there.

所以他們變得更加保守。他們希望他們的專案發起人做固定利率債務，從我們的角度來看，他們對利率相對不可知，並且不想以某種方式採取觀點，這才是我們為這些專案的融資所採取的重大對沖計劃的真正原因。

I think it's really going to change is really going to depend on a change in that low-income housing tax credit investor appetite flipped back to floating rate financing in whatever one expects to be a declining short-term interest rate environment over the next over the next year or so, whether or not that back kind of our philosophy comes back to the marketplace.

我認為這確實會發生變化，這實際上取決於低收入住房稅收抵免投資者的興趣是否會轉向浮動利率融資，無論人們預計接下來的短期利率環境會下降。理念是否會回到市場。

And if it does, then we'll sort of switch back to our prior business model of not hedging those positions because they're match funded with floating rate assets and floating rate liabilities. So that's the theme there. I think at the highest level is again, we're not trying to take a view on rates through our decisions to either hedge or not to hedge.

如果確實如此，那麼我們將回到先前的業務模式，即不對沖這些頭寸，因為它們是由浮動利率資產和浮動利率負債提供匹配資金的。這就是主題。我認為，在最高層，我們並不是試圖透過對沖或不對沖的決定來表達對利率的看法。

I think our what our philosophy has been is what's really trying to minimize the interest rate volatility associated with our net income in our CAD and really be in a position when we can to lock in a stable net interest margin such that we've got a replicable base of net income and CAD on those fixed income positions as we put them on.

我認為我們的理念是真正努力最小化與加元淨收入相關的利率波動，並真正處於能夠鎖定穩定淨息差的位置，這樣我們就有了我們所建立的固定收益頭寸的可複製淨利潤和加元基礎。

Okay. That's it. I was trying to give you credit for being really a great prognosticator on rate because I think you took that position from something like 40% floating down to where it is today. But it sounds like that's that you're comfortable with that low single digit or something in that area. We're not going back to a quarter plus of the balance sheet exposed to rate is what you're saying.

好的。就是這樣。我試圖讚揚你確實是一位出色的利率預測者，因為我認為你的立場從 40% 左右浮動到了今天的水平。但聽起來你對那個低個位數或該區域的某些東西感到滿意。我們不會回到你所說的資產負債表的四分之一以上受到利率影響的情況。

Certainly not from the discussions that we've had it as a management team, and we've really gotten no direction from our Board to give consideration to that either.

當然不是來自我們作為管理團隊的討論，而且我們也確實沒有從董事會得到任何指示來考慮這一點。

Okay. That's fair. One other one for me. Just in general, I mean, as we take a look at, you mentioned that the profit be in there with just the overall capital raising environment. Just given the comments on how attractive investments are your pipeline, does it make sense to get more aggressive on capital raising here?

好的。這很公平。另一張給我。總的來說，我的意思是，正如我們所看到的，您提到利潤與整體融資環境有關。剛剛考慮到您的管道投資有多有吸引力的評論，在這裡更積極地籌集資金是否有意義？

And I know it's tough because, as spreads change, book value changes, you want to be at least thoughtful about where you do capital raises relative to book, but just think -- give me a sense of how you're thinking about that in this environment of whether it makes sense to be more aggressive there?

我知道這很困難，因為隨著利差的變化，賬面價值的變化，你至少要考慮一下相對於賬面價值而言，你在哪裡進行融資，但只要想想——讓我了解一下你是如何考慮這一點的在這種環境下採取更激進的做法是否有意義？

I think at a high level, as Jesse noted, we are seeing good opportunities at accretive return levels to us. Leverage is still available. There are really no constraints on us from a from that perspective. So to the extent that we will see what we believe are, I'm kind of outside the normal range of opportunities in credits or asset classes that you that we feel comfortable with. We're going to want to tried to pursue those and wanting to trying to pursue those is going to dictate us raising the capital to be able to fund those positions.

我認為，正如傑西指出的那樣，從高水準來看，我們看到了增加回報水準的良好機會。槓桿還是有的。從這個角度來看，我們確實沒有受到任何限制。因此，就我們將看到我們所相信的情況而言，我在信貸或資產類別方面的機會超出了我們感到滿意的正常範圍。我們將想要努力實現這些目標，而想要努力實現這些目標將要求我們籌集資金，以便能夠為這些職位提供資金。

So here, I think to the extent that opportunities present themselves, we're certainly going to take a hard look at them. We're going to be and we're going to press on things like that. Preferred B offering take advantage of the low six year fixed rate cost of that cost of that capital.

因此，我認為，只要機會出現，我們肯定會認真對待它們。我們將會並且將會推動類似的事情。優先 B 發行利用了該資本成本較低的六年固定利率成本。

And we'll continue to look at other opportunities that might be available to us as well, again, driven primarily by having those investment opportunities open to us. I don't think at least us as a management team are of a philosophy where we just raise capital for the sake of raising capital. It's really driven by what we're seeing on the investment opportunity front.

我們將繼續尋找其他可能提供給我們的機會，這主要是因為這些投資機會向我們開放。我不認為至少我們作為管理團隊的理念是為了籌集資金而籌集資金。這實際上是由我們在投資機會方面看到的情況所推動的。

Right. Okay. That's helpful. Thank you and appreciate the time.

正確的。好的。這很有幫助。謝謝您並珍惜寶貴的時間。

Thanks, Jason.

謝謝，傑森。

Thank you. (Operator Instructions) As there are no further questions, I would now hand the conference over to Ken Rogozinski, Chief Executive Officer, for his closing comments.

謝謝。（操作員指示）由於沒有其他問題，我現在將會議交給執行長 Ken Rogozinski 發表總結評論。

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. The conference of Greystone Housing Impact Investors LP has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。Greystone Housing Impact Investors LP 的會議現已結束。感謝您的參與。現在您可以斷開線路。