Greystone Housing Impact Investors LP (GHI) 2024 Q3 法說會逐字稿

Greetings and welcome to Greystone Housing Impact Investor LP third quarter, 2024 earnings conference call. (Operator Instructions)

歡迎參加 Greystone Housing Impact Investor LP 2024 年第三季財報電話會議。（操作員說明）

At this time, all participants are in a listen-only mode, a brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

此時，所有參與者都處於僅聽模式，正式演示之後將進行簡短的問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Jesse Coury, Chief Financial Officer.

現在我很高興向您介紹主持人，財務長 Jesse Coury 先生。

Thank you, Mr. Coury. You may begin.

謝謝你，庫裡先生。你可以開始了。

Thank you.

謝謝。

I would like to welcome everyone to the Graystone Housing Impact Investors. LP NYSE ticker symbol GHI third quarter of 2024 earnings conference call.

我歡迎大家加入 Graystone Housing Impact Investors。LP NYSE 股票代碼 GHI 2024 年第三季財報電話會議。

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.

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 1,995.

此類前瞻性聲明是根據 1,995 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 by the use of words like may should expect plan intend focus and other similar terms.

前瞻性陳述可以透過使用「可能應該預期、計劃、意圖重點」等詞語和其他類似術語來識別。

You are cautioned that these forward-looking statements speak only as of today's date.

請注意，這些前瞻性陳述僅代表今天的情況。

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.

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 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.

有關這些因素以及可能影響我們業務的其他風險的更多詳細資訊。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。

Internal projections and beliefs upon which we base our expectations may change. But if they do, you will not necessarily be informed.

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.

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。

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.

我們想讓您了解 GHI 是根據 SEC FD 法規運營的，並鼓勵您充分利用問答環節。

Thank you for your participation and interest in Graystone Housing impact investors. LP. I will now turn the call over to our Chief Executive Officer Kenneth C. Rogozinski.

感謝您對 Graystone Housing 影響力投資者的參與和興趣。LP。我現在將把電話轉給我們的執行長肯尼斯·C·羅戈津斯基 (Kenneth C. Rogozinski)。

Good afternoon, everyone. Welcome to Graystone Housing Impact Investors. LP's third quarter, 2024 investor call.

大家下午好。歡迎來到格雷斯通住房影響力投資者。LP 2024 年第三季投資者電話會議。

Thank you for joining.

感謝您的加入。

I will start with an overview of the quarter and our portfolio.

我將首先概述本季和我們的投資組合。

Jesse Coury, our Chief Financial Officer will then present the partnership's financial results.

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.

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 third quarter of 2024. The partnership reported a net loss of $0.23 per unit and $0.27of cash available for distribution or CAD per unit.

接下來，我們期待回答您關於 2024 年第三季的問題。該合夥企業報告每單位淨虧損 0.23 美元，每單位可分配現金或加幣 0.27 美元。

In past quarters, we have noted that net income includes non-cash, unrealized gains and losses that reflect the mark to market associated with our interest rate swap portfolio for the quarter.

在過去的幾個季度中，我們注意到淨利潤包括非現金、未實現的損益，反映了與本季度我們的利率掉期投資組合相關的按市價計價。

During the third quarter, we recognized a non-cash unrealized loss of 9.7 million from that source or approximately $0.42 per buck.

在第三季度，我們確認來自該來源的非現金未實現損失為 970 萬美元，約合每美元 0.42 美元。

We are currently a net receiver on all of our interest rate swaps as we receive compounded sour which is now 4.90% and pay a weighted average fixed rate of 3.52% on our approximately 393 million in swap notional amounts as of September 30, 2024. assuming that the compounded sulfur level stays constant over the next six months, that 138 basis point spread would result in us receiving approximately 2.8 million in cash payments from our swap counterparties, which would not be reflected in our net income but would be reflected as an additional $0.12 per unit in CAD.

我們目前是所有利率掉期的淨收受方，因為我們收到的複利利率目前為4.90%，並為截至2024 年9 月30 日的約3.93 億名目掉期金額支付了3.52% 的加權平均固定利率。利潤中，但會反映為額外的每單位 0.12 美元（加元）。

We also reported a book value of $14.15 per unit on 1.55 billion of assets and a leverage ratio as defined by the partnership of 47%. Excuse me, 74%.

我們也報告了 15.5 億資產的每單位帳面價值為 14.15 美元，合夥企業定義的槓桿率為 47%。對不起，74%。

On September 16, we announced a regular quarterly cash distribution of $0.37 per unit which was paid on October 31, 2024.

9 月 16 日，我們宣布定期季度現金分配，每單位 0.37 美元，並於 2024 年 10 月 31 日支付。

In terms of the partnership's investment portfolio, we currently hold 1.32 billion of affordable multifamily investments in the form of mortgage revenue bonds, governmental issuer loans and property loans and 169 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13.2億美元的經濟適用多戶住宅投資，以及1.69億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 and the underlying properties was 91.5% for the stabilized mortgage revenue bond portfolio. As of September 30, 2024, our vantage joint venture equity investments consist of interest in seven properties, six where construction is complete with the remaining property in the planning stage for the six properties where construction is complete. We continue to see good leasing activity.

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，所有此類借款人均按時支付本金和利息，實際入住率和基礎房產佔穩定抵押貸款收入的 91.5%債券投資組合。截至2024年9月30日，我們的優勢合資企業股權投資包括七項房產的權益，其中六項已完成建設，其餘六項已完成建設的房產正處於規劃階段。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 a property for sale upon stabilization.

我們仍然認為正在建造的優勢項目不會出現材料供應鏈或勞動力中斷的情況。正如我們過去在 vantage 集團所經歷的那樣，作為每個專案擁有實體的管理成員，將在穩定後出售房產。

As previously announced, the Vantage at Tomball and Vantage at HDO properties have been listed for sale.

如同先前所宣布的，Vantage at Tomball 和 Vantage at HDO 房產已掛牌出售。

We have 4 joint venture equity investments with the three stone Development Group, 14 project in Colorado and 3 projects in Texas.

我們與三石開發集團有4個合資股權投資，科羅拉多州有14個項目，德州有3個項目。

One project has nearly completed construction and has begun leasing units.

第一期工程已接近完工，並已開始出租單位。

Two projects have commenced construction and one project has commenced site work.

2個項目已開工建設，1個項目已進行現場工作。

Our joint venture equity investment in V senior living Carson Valley, a 102 bed seniors housing property located in Minden Nevada is nearing completion, and the project currently has lease deposits for 65 of the property's 102 units.

我們對V Senior Living Carson Valley 的合資股權投資即將完成，V Senior Living Carson Valley 是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，該項目目前擁有該物業102 個單元中65 個單位的租賃押金。

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

我們對位於阿拉巴馬州亨茨維爾的 Hayes Farm 新建的 318 套多戶住宅的合資股權投資也已開始施工。

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

接下來，我將把事情交給我們的財務長 Jesse Coury，討論 2024 年第三季的財務數據。

Thank you, Ken.

謝謝你，肯。

Earlier today, we reported earnings for our third quarter ended September 30.

今天早些時候，我們公佈了截至 9 月 30 日的第三季財報。

We reported GAAP basis net loss of $4.6 million and $0.23 per unit basic and diluted. And we reported cash available for distributions or CAD of positive $6.2 million and $0.27 per unit.

我們報告的 GAAP 基礎淨虧損為 460 萬美元，每單位基本虧損和稀釋虧損為 0.23 美元。我們報告可用於分配的現金或加幣為正 620 萬美元，每單位 0.27 美元。

As Ken mentioned, our reported net loss was significantly impacted by $9.7 million of non-cash, unrealized losses on our interest rate derivatives during the quarter or approximately $0.42 per buck.

正如 Ken 所提到的，我們報告的淨虧損受到本季利率衍生性商品 970 萬美元非現金未實現損失的嚴重影響，即每美元約 0.42 美元。

We mark the value of our interest rate derivatives to fair value quarterly in accordance with accounting guidance and the change in fair value is reported with that within net income or loss.

我們根據會計指引，每季將利率衍生性商品的價值標記為公允價值，並將公允價值的變動與淨利或虧損中的變動一起報告。

Our interest rate swap portfolio has a weighted average remaining term of approximately three years. So, the valuation of our interest rate swap portfolio generally tracks changes in the three years. SOFR swap rate, the fair value of our interest rate derivatives declined sharply during the quarter due to a roughly 100 basis point decline in the three-year SOFR swap rate from June 30 to September 30.

我們的利率掉期投資組合的加權平均剩餘期限約為三年。因此，我們的利率掉期投資組合的估值總體上追蹤了三年的變化。SOFR 掉期利率，由於 6 月 30 日至 9 月 30 日期間三年期 SOFR 掉期利率下降了約 100 個基點，我們的利率衍生性商品公允價值在本季大幅下跌。

Despite the decline in fair value, we expect this to have a minimal impact on our net cash flows as declines in projected future swap settlement payments are expected to be offset by interest cost savings on our variable rate. Debt financings, unrealized losses are added back to net income or loss to calculate CAD.

儘管公允價值下降，但我們預計這對我們的淨現金流量影響很小，因為預計未來掉期結算付款的下降預計將被我們可變利率的利息成本節省所抵消。債務融資、未實現損失加回淨收入或損失中以計算加幣。

Our book value per unit as of September 30 was on a diluted basis, $14.15 which is an increase of $0.17 from June 30. The increase is primarily a result of an increase in the fair value of our mortgage revenue bond portfolio offset partially by the difference between our reported GAAP net loss per unit and the third quarter distribution.

截至 9 月 30 日，我們攤薄後的每單位帳面價值為 14.15 美元，較 6 月 30 日增加了 0.17 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，部分被我們報告的 GAAP 單位淨虧損與第三季分配之間的差異所抵消。

Our third-party service providers estimate the fair value of our mortgage revenue bond investments quarterly. With models that predominantly use MMD tax-exempt multifamily yield curves.

我們的第三方服務提供者每季估算我們的抵押貸款收入債券投資的公允價值。主要使用 MMD 免稅多戶殖利率曲線的模型。

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

從 6 月 30 日到 9 月 30 日，免稅利率平均下降約 31 個基點，這導致我們的抵押貸款收入債券投資組合的公允價值估計相應增加。

As a reminder, we are and expect we will continue to be long term holders of our predominantly fixed rate mortgage revenue bond investments. So, we expect changes in fair value to have no direct impact on our operating cash flows, net income or cap. As the market closed yesterday. November 5, our closing unit price on the New York Stock Exchange was $12.19 which is a 14% discount to our net book value per unit. As of September 30, we regularly monitor our liquidity to fund our investment commitments and to protect against potential debt, deleveraging events if there are significant declines in asset values.

提醒一下，我們現在並預計將繼續長期持有我們主要的固定利率抵押貸款收益債券投資。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、淨利或上限產生直接影響。由於昨天市場收盤。11 月 5 日，我們在紐約證券交易所的收盤單價為 12.19 美元，比我們的每單位帳面淨值折價 14%。截至 9 月 30 日，我們定期監控流動性，為我們的投資承諾提供資金，並在資產價值大幅下跌時防範潛在債務和去槓桿化事件。

As of September 30, we reported unrestricted cash and cash equivalents of $37.3 million.

截至 9 月 30 日，我們報告的不受限制的現金和現金等價物為 3730 萬美元。

We also had approximately $55.6 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.

我們的擔保信貸額度還擁有約 5,560 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 100 of our form 10-Q.

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，該分析每季報告一次，並包含在 10-Q 表格的第 100 頁上。

The interest rate sensitivity analysis shows the impact on our net interest income given various changes in market interest rates and other various management assumptions.

利率敏感度分析顯示了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 sulfur yield curve as of September 30, which includes market anticipated sulfur rate declines over the next 12 months.

我們的基本情境使用截至 9 月 30 日的遠期硫磺產量曲線，其中包括市場預期的未來 12 個月硫磺產量下降。

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。

The analysis shows that an immediate 200 basis point increase in rates will result in a decrease in our net interest income and CAD of $1.6 million or approximately $0.071 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加元減少 160 萬美元，即每單位約 0.071 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 cab of $410,000 or approximately $0.018 per unit.

或者，假設整個曲線上的利率下降 50 個基點，我們的淨利息收入和利息收入將增加 410,000 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 interest rate movements in all scenarios assuming no significant credit issues.

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。

This analysis is based on information as of September 30, 2024, and does not reflect subsequent activity. In October, we terminated our variable rate M31 TEBS Financing with Freddie Mac. Upon the scheduled termination date of Freddie Mac's liquidity facility, the principal repaid on the M31 TEBS Financing totaled approximately $65.6 million.

該分析基於截至 2024 年 9 月 30 日的信息，並不反映後續活動。10 月，我們終止了與 Freddie Mac 的可變利率 M31 TEBS 融資。在房地美流動性便利的預定終止日期，M31 TEBS 融資的本金償還總額約為 6,560 萬美元。

We then closed alternative financing for many of the mortgage revenue banks that were previously within the M31 TEBS facility.

然後，我們為許多以前在 M31 TEBS 設施內的抵押貸款收入銀行關閉了替代融資。

Also in October, we closed on a new securitization transaction which we refer to as our 2024 PFA Securitization Transaction. This transaction resulted in gross debt proceeds of approximately $75.4 million.

同樣在 10 月，我們完成了一項新的證券化交易，我們稱之為 2024 年 PFA 證券化交易。此交易產生的債務收益總額約為 7,540 萬美元。

The transaction is accounted for as debt financing by the partnership has a fixed interest rate is nonrecourse and is not subject to collateral posting as the variable rate. M 31 TEBS financing has in essence been replaced by the fixed rate 2024 PFA Securitization Transaction. We have further reduced our exposure to future changes in market interest rates.

該交易被視為合夥企業的債務融資，其固定利率是無追索權的，並且不受作為可變利率的抵押品過賬的影響。M 31 TEBS融資本質上已被固定利率2024 PFA證券交易所取代。我們進一步減少了未來市場利率變化的風險敞口。

Our debt investment portfolio consists of mortgage revenue bonds, governmental issuer loans and property loans totaling $1.32 billion as of September 30, or 85% of our total assets.

截至 9 月 30 日，我們的債務投資組合包括抵押收益債券、政府發行人貸款和房地產貸款，總額為 13.2 億美元，占我們總資產的 85%。

We currently own 87 mortgage revenue bonds that provide permanent financing for affordable multifamily properties across 14 states of these mortgage revenue bonds. 29% of our portfolio value relates to properties in California, 26% in Texas and 18% in South Carolina.

我們目前擁有 87 種抵押收益債券，這些債券為這些抵押收益債券中 14 個州的經濟適用多戶住宅提供永久融資。我們投資組合價值的 29% 與加州的房產有關，26% 與德州的房產有關，18% 與南卡羅來納州的房產有關。

During the third quarter, we advanced funds totaling $40.5 million for our mortgage revenue bond and related taxable mortgage revenue bond investments which was offset by redemptions totaling $24.5 million.

第三季度，我們為抵押收益債券和相關應稅抵押收益債券投資預付了總計 4,050 萬美元的資金，該資金被總計 2,450 萬美元的贖回所抵消。

We currently own eight governmental issuer loans to finance the construction or rehabilitation of affordable multifamily properties across five states.

我們目前擁有八項政府發行人貸款，為五個州的經濟適用多戶住宅的建設或修復提供資金。

Such loans often have companion property loans or taxable governmental issuer loans that share the first mortgage lien.

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 third quarter, we advanced funds totaling $17.5 million for our governmental issuer loan taxable governmental issuer loan and property loan commitments.

第三季度，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 1,750 萬美元的資金。

Redemptions of such investments totaled $32.8 million. During the third quarter, our outstanding future funding commitments for our mortgage revenue bond governmental issuer loan and related investments was $160.2 million. As of September 30, these commitments will be funded over approximately 18 months and will add to our income producing asset base.

此類投資的贖回總額為 3,280 萬美元。第三季度，我們對抵押貸款收入債券政府發行人貸款及相關投資的未償未來融資承諾為 1.602 億美元。截至 9 月 30 日，這些承諾將在大約 18 個月內提供資金，並將增加我們的創收資產基礎。

We also expect to receive redemption proceeds from our existing construction financing investments that are nearing maturity which will be redeployed into our remaining funding commitments.

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 cecil standard to establish credit loss reserves for our debt investments and related investment funding commitments.

我們採用cecil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。

We reduced our allowance for credit losses by $226,000 for the third quarter which was largely the result of 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.

我們將第三季的信貸損失準備金減少了 226,000 美元，這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縮短的結果。

We have adjusted back the impact of the provision for credit losses in calculating CAD, consistent with our historical treatment of loss allowances.

我們調整了計算加幣時信用損失撥備的影響，與我們歷史上損失準備金的處理方式一致。

Our joint venture equity investments portfolio consisted of 12 properties as of September 30, with a reported carrying value of approximately $169 million exclusive of one investment vantage at San Marcos that is reported on a consolidated basis.

截至 9 月 30 日，我們的合資企業股權投資組合包括 12 處房產，帳面價值約為 1.69 億美元，不包括在合併基礎上報告的聖馬科斯的一項投資優勢。

We advanced $10.4 million during the third quarter in this investment segment.

第三季我們在該投資領域預付了 1,040 萬美元。

Our remaining funding commitments for JD Equity investments totaled 37.7 million as of September 30.

截至 9 月 30 日，我們對京東股權投資的剩餘資金承諾總額為 3,770 萬美元。

Our debt financing facilities used to leverage our investments had an outstanding principal balance totaling approximately $1.6 billion as of September 30. This is up approximately $10 million from June 30.

截至 9 月 30 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約為 16 億美元。這比 6 月 30 日增加了約 1000 萬美元。

We manage and report our debt financing in four main categories on page 94 of our form 10-Q, three of the four categories, 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 generally insulated from changes in short term interest rates.

我們在表格10-Q 第94 頁上以四個主要類別管理和報告債務融資，四個類別中的三個：固定利率資產加固定利率債務、可變利率資產加可變利率債務以及固定利率資產加可變利率債務透過利率掉期避險的設計使得我們的淨報酬通常不受短期利率變動的影響。

These categories account for approximately $1 billion or 94.2% of our total debt financing.

這些類別約占我們債務融資總額的 94.2%，即 10 億美元。

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.

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。

This category only represents $62 million or 5.8% of our total debt financing.

該類別僅佔 6,200 萬美元，占我們債務融資總額的 5.8%。

This analysis is as of September 30, 2024, and does not reflect any changes after that date.

該分析截至 2024 年 9 月 30 日，不反映該日期之後的任何變化。

As I previously mentioned in October 2024, we terminated our variable rate M31 TEBS financing facility and entered into our new fixed rate 2024 PFA securitization transaction as we have replaced variable rate debt with new fixed rate debt, we have further reduced our exposure to interest rate risk in the near term.

正如我之前在2024 年10 月提到的，我們終止了可變利率M31 TEBS 融資便利，並簽訂了新的固定利率2024 年PFA 證券化交易，因為我們已用新的固定利率債務取代了可變利率債務，我們進一步減少了利率風險短期內有風險。

On the preferred capital front, we continue to pursue additional issuances of Series B Preferred Units under an active offering.

在優先資本方面，我們繼續在主動發行中尋求額外發行 B 系列優先單位。

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.

謝謝傑西。

It's been an interesting three months since our last call in the fixed income markets as a whole and for municipal bonds as well.

自從我們上次對整個固定收益市場以及市政債券進行電話會議以來，這是一個有趣的三個月。

At the time of last quarter's call in August 10-year MMD was at 2.52% and 30-year MMD was at 3.40%.

在 8 月發布上季報告時，10 年期 MMD 為 2.52%，30 年期 MMD 為 3.40%。

As of yesterday's close, 10-year MMD was at 2.97% and 30-year MMD was at 3.83% both roughly 45 basis points higher in yield for those three months as of quarter end on September 30, 2024. 10-year MMD was at 2.54% and 30-year MMD was at 3.48%. So, most of the 90 days move higher came during October when the new market saw a record new issuance monthly supply of $56 billion. From market Technica's perspective including that record new issuance month in October, the 1st 10 months of the year saw 431 billion of gross issuant.

截至昨天收盤，10 年期 MMD 為 2.97%，30 年期 MMD 為 3.83%，截至 2024 年 9 月 30 日季度末的三個月，收益率均高出約 45 個基點。 %，30年MMD為3.48%。因此，90 天的上漲大部分發生在 10 月份，當時新市場的月度新發行供應量創下了 560 億美元的紀錄。從Market Technica的角度來看，包括10月創紀錄的新發行月，今年前10個月的發行總量為4,310億。

That's 155 billion of issuance over the past three months, that would put the market on track to potentially see over 500 billion in total issuance for the year, through October year-to-date fund and ETF inflows totaled 31 billion. According to Refinitiv, up almost 20 billion over the past three months for the month of October, saw the Bloomberg Municipal Index and the High-Yield Municipal Index each post a loss of 1.5%. They are both still in the black for 2024 on a year-to-date basis. As of October 31, 2024, with the investment grade index up 0.8% and the high yield index up 5.8%, three-year MMD is the low point of the current yield curve. As retail demand has focused on the shorter end of the curve leading to its outperformance.

過去三個月的發行量為 1,550 億美元，這將使市場今年的發行總量可能超過 5,000 億美元，截至 10 月份，今年迄今的基金和 ETF 流入總額為 310 億美元。根據 Refinitiv 的數據，10 月過去三個月上漲了近 200 億美元，彭博市政指數和高收益市政指數均下跌 1.5%。年初至今，他們在 2024 年仍保持獲利。截至2024年10月31日，投資等級指數上漲0.8%，高收益指數上漲5.8%，三年期MMD是當前殖利率曲線的低點。由於零售需求集中在曲線的較短端，導致其表現優異。

The 10-year Muni-to-treasury ratio is up to almost 70% reflecting October's sell off immunities.

10 年期市政債與國債的比率高達近 70%，反映出 10 月的拋售豁免。

We are excited about the new construction lending joint venture with blackrock impact opportunities.

我們對新的建築貸款合資企業與貝萊德影響機會感到興奮。

As we have mentioned on our past quarterly calls, we have seen a pullback in affordable construction lending by commercial banks as a result of the broader pressures on their commercial real estate loan portfolios that has created a window of opportunity for us to deepen our existing relationships with existing sponsors and to establish new sponsor relationships as we step in to help fill that void.

正如我們在過去的季度電話會議中提到的那樣，由於商業房地產貸款組合面臨更廣泛的壓力，我們看到商業銀行的負擔得起的建築貸款有所回落，這為我們深化現有關係創造了機會之窗與現有贊助商合作，並建立新的贊助商關係，以幫助填補這一空白。

Having a dedicated pool of capital available to us for that purpose allows us to effectively manage that potential pipeline and to offer our clients timely transaction execution to meet their needs.

為此，我們擁有專門的資金池，使我們能夠有效地管理潛在的管道，並為客戶提供及時的交易執行，以滿足他們的需求。

With regard to our merchant build joint venture equity strategies for market rate, multifamily development properties, we will continue to deploy capital there as well.

關於我們針對市場價格、多戶型開發物業的商人建立合資企業股權策略，我們也將繼續在那裡部署資本。

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. 3 to 5 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 with that Jessie and I are happy to take your questions.

我們相信，在其他贊助商面臨重大挑戰的同時啟動新項目將使我們在退出時處於更有利的位置，取得成功。未來3到5年。當新供應可能有限時，我們相信我們在 2023 年和 2024 年進行的新合資企業股權投資反映了這種方法，傑西和我很樂意回答您的問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

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 questions from the queue for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys one moment please. While we poll for questions.

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。您可以按星二號。如果您想從使用揚聲器裝置的參與者群組中刪除您的問題，可能需要先拿起聽筒，然後再按星號鍵。當我們投票詢問問題時。

The first question comes from the line of Matthew Erdner with Jonestrading. Please go ahead.

第一個問題來自 Jonestrading 的 Matthew Erdner。請繼續。

Hey, good afternoon, guys. Thanks for taking the question. You know, with the new change in administration happening next year, are there any foreseeable issues that you see within fiscal policy that might affect current credit or new issuance?

嘿，下午好，夥計們。感謝您提出問題。您知道，隨著明年政府的新變化，您認為財政政策中是否存在可能影響當前信貸或新發行的可預見問題？

Thanks Matt. I think it's still a little too early to tell pending the results of the house race at this point in time to see who ends up in control. I think there's historically been strong bipartisan support for in particular, the low income housing tax credit program.

謝謝馬特。我認為現在判斷眾議院比賽的結果還為時過早，看看誰最終會取得控制權。我認為歷來兩黨都強烈支持低收入住房稅收抵免計劃。

There have been a number of anticipated legislative changes that might help the efficiency of the program. Whether or not that's going to become a legislative priority for the next Congress, I think is still open to debate, particularly when you've got a lot of the provisions of the 2017 tax cuts and Jobs Act that are potentially sunsetting during 2025 that might need to be dealt with.

有一些預期的立法變化可能有助於提高該計劃的效率。我認為這是否會成為下一屆國會的立法優先事項，仍有待商榷，特別是當 2017 年減稅和就業法案的許多條款可能在 2025 年廢除時，這些條款可能會被取消。

But I think in my experience, the fact that there actually is going to be a tax bill early on in this next congress might be a good vehicle for some of those potential legislative changes to be made to the tax credit program. So, you know, that, that's certainly my hope going into the next congress, we'll just have to see whether or not that really plays itself out.

但我認為，根據我的經驗，事實上，在下一次國會初期實際上將有一項稅收法案，這可能是對稅收抵免計劃進行一些潛在立法變革的一個很好的工具。所以，你知道，這當然是我對下一次大會的希望，我們只需要看看這是否真的能夠實現。

Yeah. Right. That's helpful there.

是的。正確的。這很有幫助。

And then, you know, kind of touching on the Blackrock partnership. You know, how do you vision envision deploying this capital? You know, I guess from a timeline perspective, you know, are you going to use some of it this quarter? Like could you just kind of expand on that program as a whole for a little bit as if, if you could, please?

然後，你知道，有點觸及貝萊德的合作關係。您知道如何部署這筆資金嗎？你知道，我想從時間軸的角度來看，你知道，這個季度你會使用其中的一些嗎？就像你能稍微擴充一下整個程式嗎？

Thank you.

謝謝。

Sure, happy to do that, Matt. So, from an operational perspective, the the product that we're offering to our sponsor relationships is the exact same product that we have used historically in the past, directly off the partnership's balance sheet.

當然，很高興這樣做，馬特。因此，從營運角度來看，我們向贊助商關係提供的產品與我們過去使用的產品完全相同，直接從合作夥伴的資產負債表中扣除。

We're going to be offering a fixed and floating rate construction loans that will ultimately be taken out by Freddie Mac forward permanent loan. So that part of the process really hasn't changed. It's it's only going to be the source of the capital to fund those loans, you know, rather than doing that execution directly off the partnership's balance sheet.

我們將提供固定利率和浮動利率的建築貸款，這些貸款最終將由房地美遠期永久貸款支付。所以這部分流程確實沒有改變。你知道，它只是為這些貸款提供資金的資金來源，而不是直接在合夥企業的資產負債表上執行。

Given the scale of the opportunity that we're currently seeing in the marketplace. We as a management team felt that it was better for the long-term business strategy for us to have a dedicated pool of capital that we could rely on to fund those loans as opposed to being in a position where the partnership doing it itself may have to raise capital through traditional means that might not be the most efficient source.

鑑於我們目前在市場上看到的機會規模。作為一個管理團隊，我們認為，對於我們的長期業務策略來說，擁有一個專門的資本池，我們可以依靠它來為這些貸款提供資金，而不是處於合夥企業本身可能會面臨的境地。籌集資金，這可能不是最有效的來源。

So that to us is the big benefit that we see of the joint venture with Blackrock, that we're able to continue to serve our client base with a relatively stable and reliable source of that capital without having to worry about doing that off the partnership's balance sheet directly ourselves. So, we're excited about that. We're excited about the new lending capacity that's been created by that joint venture. And we're looking forward to between the direct GHI origination team and the broader gray or origination platform being able to put that money to work.

因此，對我們來說，與貝萊德成立合資企業的巨大好處是，我們能夠繼續以相對穩定和可靠的資金來源為我們的客戶群提供服務，而不必擔心透過合作夥伴關係來做到這一點。所以，我們對此感到興奮。我們對該合資企業創造的新貸款能力感到興奮。我們期待直接的 GHI 發起團隊和更廣泛的灰色或發起平台能夠將這筆錢投入工作。

Yeah, that's great. That's very helpful. Thank you.

是的，那太好了。這非常有幫助。謝謝。

Thank you.

謝謝。

Next question comes from the line of Jason Stewart with Janney. Please go ahead.

下一個問題來自傑森·史都華和珍妮的台詞。請繼續。

Hey, thanks, Ken. I was hoping you could address recent rate volatility. I mean, it's sort of extended and exacerbated today, but in general, it's been elevated for some period of months.

嘿，謝謝，肯。我希望你能解決最近的利率波動問題。我的意思是，今天它的情況有所延長和加劇，但總的來說，它已經持續了幾個月的時間。

How that's impacted demand for loans that you're seeing in the market today.

這如何影響您今天在市場上看到的貸款需求。

Thanks Jason. You know, in terms of demand for loans, we we really haven't seen that, you know, interest rates in and of themselves having a significant impact on our core lending products of the, of the governmental issuer loans and the mortgage revenue bonds.

謝謝傑森。你知道，就貸款需求而言，我們確實沒有看到利率本身對我們的核心貸款產品（政府發行人貸款和抵押收益債券）產生重大影響。

We still have sponsors with allocation of private activity volume cap and low-income housing tax credits from state allocating agencies that they need to get done. Even in the higher interest rate environment, people have figured out ways for their deals to continue to pencil. It may have been more challenging, but it hasn't stopped that business pipeline dead in its tracks.

我們仍然有贊助商從國家分配機構分配私人活動量上限和低收入住房稅收抵免，他們需要完成這些任務。即使在利率較高的環境下，人們也找到了讓交易繼續減少的方法。這可能更具挑戰性，但它並沒有阻止業務管道停滯不前。

So, you know, we continue to, you know to see inbound inquiry from our sponsor relationships and from new sponsor relationships who are looking to get deals executed either with current allocations that they've got for the remaining balance of the fourth quarter or those project sponsors who have new cap allocation applications that they're expecting to submit early in the new year and then look to transact with us there.

所以，你知道，我們繼續看到來自我們的贊助商關係和新的贊助商關係的入站詢問，他們希望利用他們在第四季度剩餘餘額中獲得的當前分配或那些資金來執行交易。人們希望在新年伊始提交新的上限分配申請，然後希望在那裡與我們進行交易。

So, from that perspective, it certainly made things more challenging, but we continue to see from our, from our sponsor relationships deals in the pipeline. That makes sense for them. And we're, we're optimistic about our ability in particular to deploy this new capital allocation we have with the Blackrock JV.

因此，從這個角度來看，這確實讓事情變得更具挑戰性，但我們繼續從我們的贊助商關係交易中看到正在進行的交易。這對他們來說很有意義。我們對我們的能力感到樂觀，特別是部署我們與貝萊德合資公司的新資本配置。

Great. That's helpful. And then you touched on the market rate side, and I sort of, I was hoping you could expand on your comment there. You know, just given the cadence of sales activity has slowed, which is I think normal and, and somewhat expected, but it does not sound like that's impacted your commitment to continue to put shovels in the ground and expand. That is that right? And maybe you could talk a little bit more about what you're seeing in terms of maybe secular opportunity and market rate. Multi thanks.

偉大的。這很有幫助。然後你談到了市場利率方面，我有點希望你能在那裡擴展你的評論。你知道，考慮到銷售活動的節奏已經放緩，我認為這是正常的，並且在某種程度上是預料之中的，但這聽起來並沒有影響你繼續鏟土和擴張的承諾。是這樣嗎？也許你可以多談談你所看到的長期機會和市場利率。多謝。

Yeah, thanks Jason.

是的，謝謝傑森。

I think that's a, that's a fair statement.

我認為這是一個公平的說法。

We've continued to be, I would say safe to say, you know, more selective about the opportunities that we're evaluating on the merchant build JV equity side in terms of the sponsors that we're doing business with and the markets that those investments are being made into, you know, certainly with, with some of the volatility in the marketplace, we've been evaluating the overall risk profile of the strategy and what we can do from a management perspective to try to, you know, to try to derisk things there.

我可以肯定地說，我們對我們正在評估的商業建立合資企業股權方面的機會，在與我們開展業務的讚助商和市場方面，仍然更加有選擇性。著市場的一些波動，我們一直在評估該策略的整體風險狀況，以及我們從管理角度可以做些什麼來嘗試，你知道，試圖消除那裡的事情的風險。

So that's something that we're actively taking a look at on, on new investment opportunities. But as I said earlier, we continue to believe that given the, you know, the lack of activity that we see in a lot of the markets that we've historically been invested in good opportunities for good well structured deals such that 36 to 48 months down the road, given the difficulty that other sponsors may have in terms of sourcing capital for those types of investments, we think that's going to stand us in good stead as those assets look to be harvested at the direction of our, of our JD partners at that point in time.

因此，這是我們正在積極關注的新投資機會。但正如我之前所說，我們仍然相信，鑑於我們在許多市場上看到的缺乏活動，我們歷來投資於結構良好的交易的良好機會，例如 36 至 48幾個月後，考慮到其他贊助商在為此類投資籌集資金方面可能會遇到困難，我們認為這將對我們有利，因為這些資產有望按照我們京東的方向收穫當時的合作夥伴。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Thank you.

謝謝。

Next question comes from the line of Chris Muller with Citizens JMP. Please go ahead.

下一個問題來自公民 JMP 的 Chris Muller。請繼續。

Hey guys, thanks for taking the questions.

嘿夥計們，感謝您提出問題。

So, I'm curious on, on your thoughts on capital deployment into year end and then into 2025. So, we expect to see investment portfolios just trending higher slowly and then I guess where are you guys thinking that capital deployment may be, it looks like the MRB portfolio has grown in recent quarters.

因此，我很好奇您對年底和 2025 年資本部署的想法。因此，我們預計投資組合將緩慢走高，然後我想你們認為資本部署可能在哪裡，看起來 MRB 投資組合在最近幾季有所成長。

Do you expect that dynamic to continue? And I guess how much visibility do you have into the pipeline for those type of things?

您預計這種動態會持續下去嗎？我猜你對這類事情的流程有多少了解？

Thanks. So, Chris, I think I'll start at a high level in terms of the investment philosophy. We as a management team take we as a as sort of a starting point for discussion or evaluation are requiring that assets be accretive to our current level of dividend yield. So if you look at where we stand in the marketplace today, at least based on you know, the the trading earlier on the day, you know, we're give or take at a 12.5% current dividend yield. So all of the investment opportunities that we're evaluating as a starting point, you have to meet that threshold from our, from our board guidance and from our investment committee criteria.

謝謝。所以，克里斯，我想我會在投資理念方面從高水準開始。作為管理團隊，我們將我們作為討論或評估的起點，要求資產能夠增加我們目前的股息殖利率水準。因此，如果你看看我們今天在市場上的立場，至少根據當天早些時候的交易，你知道，我們的當前股息收益率為 12.5%。因此，我們作為起點評估的所有投資機會，您都必須滿足我們的董事會指導和投資委員會標準的門檻。

So, you know, depending on where that level of shakes out in the balance of the fourth quarter, that's going to have an impact on the opportunities that we're able to to pursue there, be it new governmental issuer loans or MRBs or potential merchant build JV, equity investments. So, you know that that is a starting threshold at what we look at you layer into that the, you know, the new capital allocation that we have from the Black Rock Construction lending JV.

所以，你知道，根據第四季度餘額中的震盪水平，這將對我們能夠在那裡尋求的機會產生影響，無論是新的政府發行人貸款或 MRB 還是潛在的機會商人建立合資企業、股權投資。所以，你知道，這是我們從 Black Rock Construction 貸款合資公司獲得的新資本配置的起始門檻。

Our goal there is to find transactions that meet the investment criteria that we have with with BlackRock to try to put that work in that or put that capital in that specific strategy to work as quickly as we can. Because I think our goal as a management team is to, is to show the BlackRock team and other institutional investors who may want to follow a similar strategy, our ability to to at least commit that capital with potential new construction lending opportunities and put ourselves in a position to grow that in the future.

我們的目標是找到符合我們與貝萊德製定的投資標準的交易，以嘗試將工作投入其中或將資金投入特定策略中，以盡快發揮作用。因為我認為，作為管理團隊，我們的目標是向貝萊德團隊和其他可能希望遵循類似策略的機構投資者展示，我們至少有能力將這些資本投入到潛在的新建築貸款機會中，並將我們自己置於其中未來發展的地位。

So, you know, that's sort of the approach that we're taking at a high level as we evaluate new investments. And I think it's really going to be a question of where we see up windows of opportunity that meet that sort of baseline hurdle or threshold from our perspective.

所以，你知道，這就是我們在評估新投資時所採取的高水準方法。我認為這實際上是一個問題，從我們的角度來看，我們在哪裡看到滿足這種基線障礙或閾值的機會之窗。

Got it. That's very helpful.

知道了。這非常有幫助。

And then I guess on, on the JV, the New Construction JV with Blackrock, I see the initial commitment is only 8.3 million from you guys. Do you plan to scale that larger or is the size kind of capped due to partnership restrictions similar to some of the other JVs?

然後我想，關於合資企業，與貝萊德的新建合資企業，我看到你們最初的承諾只有 830 萬美元。您是否計劃擴大規模，或者由於與其他一些合資企業類似的合作限制，規模受到限制？

So, the size really isn't cap from, from a partnership perspective because given that the end investments are in qualified mortgage investments under the partnership agreement, we don't have the same limitation that we have there with our traditional JV equity investments. So, I think in terms of the partnership itself allocating additional capital to that strategy.

因此，從合夥企業的角度來看，規模實際上並沒有上限，因為考慮到最終投資是合夥協議下的合格抵押貸款投資，我們沒有傳統合資股權投資那樣的限制。因此，我認為就合作夥伴關係本身而言，應該為該策略分配額外的資本。

As I said, I think it's a question of us seeing the right opportunities and having additional capital available to us either through a potential expansion of commitment from BlackRock or the involvement of other potential institutional investors into that strategy itself.

正如我所說，我認為問題在於我們是否看到了正確的機會，並透過貝萊德潛在的承諾擴大或其他潛在機構投資者參與該策略本身來獲得額外的資本。

But at least as of where we sit right now, that's the initial allocation of capital that you know, that we've got to put to work within the parameters of the initial allocation that we have from BlackRock to the strategy.

但至少就我們現在所處的情況而言，這是您所知道的初始資本配置，我們必須在貝萊德對策略的初始配置參數範圍內進行操作。

Got it. That's very helpful. And that's, that's great that you guys can scale that up as you need it.

知道了。這非常有幫助。那就是，你們可以根據需要擴大規模，這真是太棒了。

And thanks for taking my questions.

感謝您回答我的問題。

Thanks, Chris.

謝謝，克里斯。

Thank you. Next question comes from the line of Larry Linden with GHI, please go ahead.

謝謝。下一個問題來自 GHI 的 Larry Linden，請繼續。

Thank you. I have a question that's preceded by a statement. Over the past year, GHI has seen its value decrease by almost 27%. (technical difficulty) This one-year volatility ranges from a low of today. 1,185 to 1,755 is extremely troublesome in disquieting. From January to September 2019, 5 years ago, I bought considerable shares valued between $19 and $23.

謝謝。我有一個問題，前面有一個聲明。去年，GHI 的價值下降了近 27%。（技術難度）這一年的波動範圍從今天的低點開始。 1,185到1,755是非常令人不安的。5年前，從2019年1月到2019年9月，我買了相當多的股票，價值在19美元到23美元之間。

This investment has lost 50% of its paper value. The only reason I have stayed with GH I is because of its dividends, but I fear that if GHI continues to sink in value at some point it will be inevitable that its ability to pay dividends will be dramatically impacted and diminished.

這項投資已經損失了 50% 的帳面價值。我留在 GH I 的唯一原因是因為它的股息，但我擔心，如果 GHI 在某個時候繼續貶值，其支付股息的能力將不可避免地受到巨大影響和削弱。

Please honestly and clearly explain what is happening and clarify the reasons for this continuous unabated, accelerating decline in value and its impact on future dividends.

請誠實、清楚地解釋發生的情況，並澄清價值持續不減、加速下跌的原因及其對未來股利的影響。

Thank you.

謝謝。

Well, Mr Linden, I can't give you any answers in terms of what drives the price of the stock, either on a day-to-day basis or over an extended period of time that's driven by the marketplace.

好吧，林登先生，關於股票價格的驅動因素，無論是日常基礎上還是在市場驅動的較長時間內，我無法給您任何答案。

All I can really talk about is the the investment strategy and that has been implemented by the management team and what we've done there. And there has not been a significant change in our core investment strategy over that five year time horizon since Graystone acquired the general partner of the, of the partnership.

我真正能談論的是管理團隊已經實施的投資策略以及我們在那裡所做的事情。自從 Graystone 收購該合夥企業的普通合夥人以來，我們的核心投資策略在五年內沒有發生重大變化。

You know, from our, from our perspective and historically, from the board's perspective, the determination of the distribution has really been driven by the the cash available for distribution and other factors as we look at our overall investment portfolio.

你知道，從我們的角度和歷史上看，從董事會的角度來看，當我們審視我們的整體投資組合時，分配的決定實際上是由可用於分配的現金和其他因素驅動的。

So, you know, the historically, distribution decisions have not been made based on the, you know, the then current market price of the units in the secondary market. It's really been driven by that cash available for distribution and the core earnings power of the of the partnership's investment portfolio itself.

所以，你知道，從歷史上看，分配決策並不是根據二級市場上單位當時的市場價格做出的。它實際上是由可用於分配的現金和合夥企業投資組合本身的核心盈利能力所驅動的。

So that is something that we as a management team do not see changing. You know, I can't speak to the market's view of the value of the, of the units themselves. But all I can talk about is the strategy that, you know, that we've been consistent with over the years and that we've continued to try to implement here as a management team.

因此，作為管理團隊，我們認為這一點不會改變。你知道，我無法說出市場對單位本身價值的看法。但我能談論的只是我們多年來一直堅持的策略，而我們作為管理團隊一直在努力實施這項策略。

I just want to pursue this as a layman, but an investor. I'm just curious, what was the, the tenor of the market five years ago that enabled it to go from up to $23 a share. and whereas now it's 11plus a share, I mean, what what factors took place over that five-year period that caused such a precipitous drop in the share value?

我只是想以一個外行人的身份，而不是一個投資者的身份來追求這個。我只是很好奇，五年前的市場走勢是什麼，讓它從每股 23 美元上漲。現在是每股 11 多美元，我的意思是，在這五年期間發生了哪些因素導致了股價的急劇下跌？

Well, again, Mr Linden, I can't, I can't explain the market's view as expressed through our, our trading price of our units.

好吧，林登先生，我不能、我無法解釋市場透過我們的單位交易價格所表達的觀點。

You know, what I can say at a high level is that, you know, one thing since we are an income-oriented investment has been, you know, there's been a significant change in interest rates over that five-year time horizon. You know, if you look back five years ago where short term rates were basically at zero, and you had you know, longer term interest rates at levels significantly lower than they were today.

你知道，我可以在高層次上說的是，你知道，由於我們是一項以收入為導向的投資，因此，你知道，在這五年的時間範圍內，利率發生了重大變化。你知道，如果你回顧五年前，短期利率基本上是零，你就會知道，長期利率的水平明顯低於今天。

That to me has been the sort of the primary change that we've seen in the overall investment landscape and from a fixed income perspective to you to sort of get us to where we are today you know, the dividend distribution made by the partnership is basically for all intents and purposes, the same as it was in the fall of 2019, you know, on a, on a split adjusted basis, it was $0.50 then and we're at $1.48 now.

對我來說，這是我們在整體投資格局中看到的主要變化，從固定收益的角度來看，讓我們達到今天的水平，你知道，合夥企業的股息分配是基本上出於所有意圖和目的，與2019 年秋季相同，你知道，在分割調整的基礎上，當時是0.50 美元，現在是1.48 美元。

So, you know, that level hasn't changed. It's really been, you know, the market's view of, you know, what is the required yield on the investment, you know, generating those same dollars of return to the unit holders?

所以，你知道，這個水平沒有改變。你知道，市場的觀點實際上是，你知道，為單位持有人產生同樣美元的回報所需的投資報酬率是多少？

Thank you.

謝謝。

Thank you. A reminder to all the participants that you may press star and want to ask a question.

謝謝。提醒所有參與者，您可以按星號並想提問。

Ladies and gentlemen, we have a question here. It is from Jim Merrick private investor. Please go ahead.

女士們先生們，我們有一個問題。它來自私人投資者吉姆梅里克。請繼續。

Thanks, guys, for taking my call with the book value being 1,415 and the price and the stock being a lot less than that. Does that make sense to do share buybacks at this point?

謝謝各位接聽我的電話，帳面價值是 1,415，而價格和股票遠低於這個數字。此時進行股票回購有意義嗎？

Thank you, Mister Merrick. I think from our perspective when we, when we look at making new investments, as I was speaking with one of the analysts earlier, you know, we're looking at the returns that we can generate being a creative versus the that current dividend yield.

謝謝你，梅里克先生。我認為，從我們的角度來看，當我們考慮進行新投資時，正如我之前與一位分析師交談時，我們正在考慮的是我們可以透過創造性方式產生的回報與當前股息收益率的比較。

So from our perspective, if we look at the return on the partnership's capital that we would expect from, you know, either these new construction loans we're making through the through the BlackRock joint venture or other potential JV equity investments on the, you know, on the merchant build side for market rate multifamily, I think our expectation would be that as long as we're able to see a creative investments there that a better use of the partnership's capital for the long term is actually making those investments as opposed to utilizing that capital to buy it's back in the secondary market.

因此，從我們的角度來看，如果我們考慮合夥企業的資本回報率，我們期望從我們透過貝萊德合資企業發放的這些新建設貸款或其他潛在的合資企業股權投資中獲得，您知道。知道，在市場利率多戶住宅的商業建設方面，我認為我們的期望是，只要我們能夠在那裡看到創造性的投資，從長遠來看，更好地利用合夥企業的資本實際上就是將這些投資作為反對利用這筆資金在二級市場上回購。

So, I think from our perspective until we see that dynamic change, that really is the sort of the preferred approach or the preferred philosophy from us as a management team going forward?

因此，我認為，從我們的角度來看，在我們看到這種動態變化之前，這確實是我們作為管理團隊未來的首選方法或首選理念？

Okay. Thank you.

好的。謝謝。

Is there any chance to give a small investor a little more hope to see some of the insiders purchase some of the stock at these prices? I know that's kind of a personal question and maybe it's not the right question, but I decided to ask it anyway.

是否有機會讓小投資者多一點希望看到一些內部人士以這些價格購買一些股票？我知道這是一個個人問題，也許這不是正確的問題，但我還是決定問這個問題。

Well, all I can tell you is that at least for, for insiders in advance of our 10-Q filing today, our window has been, has been closed for activity and so we will have to see whether or not after today's announcement that the partnership is in a position that that window could be opened for, for insiders' activity.

好吧，我只能告訴你的是，至少對於今天提交 10-Q 報告之前的內部人士來說，我們的活動窗口已經關閉，因此我們必須看看在今天的公告之後，合作夥伴關係處於可以為內部人員活動開啟該視窗的位置。

Okay, great. Thanks a lot, Guys.

好的，太好了。非常感謝，夥計們。

Appreciate it.

欣賞它。

Thank you, ladies and gentlemen, we have reached the end of question-and-answer session.

謝謝女士們、先生們，問答環節已經結束。

I would now like to turn the floor over to Kenneth Rogozinski for closing comments.

現在我想請肯尼斯·羅戈津斯基發表總結意見。

Thank you everyone for joining us today.

感謝大家今天加入我們。

We look forward to chatting with you again next quarter.

我們期待下個季度再次與您交談。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。

Thank you for your participation. (Operator Instructions)

感謝您的參與。 （操作員說明）