Greystone Housing Impact Investors LP (GHI) 2025 Q1 法說會逐字稿

Greetings and welcome to first quarter of 2025 earnings call for Graystone Housing Impact Investors.

大家好，歡迎參加 Graystone Housing Impact Investors 2025 年第一季財報電話會議。

(Operator Instructions).

（操作員指令）。

I would now like to turn the conference over to your host, Jesse Coury.

現在我想將會議交給主持人傑西·庫裡 (Jesse Coury)。

--I would like to welcome everyone to the Graystone housing Impact Investors LP, NYSE ticker symbol GHI first quarter of 2025, earnings conference call.

——歡迎大家參加 Graystone Housing Impact Investors LP（NYSE：GHI）2025 年第一季財報電話會議。

During the presentation, all participants will be in a listen-only mode.

演示期間，所有參與者將處於僅聆聽模式。

After management presents its over groove, Q1 2025, you will be invited to participate in a question and answer session.

在管理層介紹其 2025 年第一季的計劃後，您將被邀請參加問答環節。

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

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.

在本次電話會議中，有關 GHI 的評論並非歷史事實，而是前瞻性陳述，受風險和不確定性的影響，可能導致實際未來事件或結果與這些陳述有重大差異。

Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

此類前瞻性聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

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諸如可能、應該、預期、計劃、打算、重點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截至今日的觀點。

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、商業、競爭、監管和其他因素的變化可能會導致我們的實際結果與今天所做的預測或前瞻性陳述所表達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。

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

我們期望所依據的內部預測和信念可能會改變，但如果它們發生了變化，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準則衡量標準，並將在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.

我們想讓您知道，GHI 是根據美國證券交易委員會 (SEC) 的 FD 條例運營的，並鼓勵您充分利用問答環節。

Thank you for your participation and interest in Greystone Housing Impact Investors LP. I would now like to turn the call over to our Chief Executive Officer, Kenneth Rogozinski.

感謝您對 Greystone Housing Impact Investors LP 的參與與關注。現在我想將電話轉給我們的執行長肯尼斯·羅戈津斯基 (Kenneth Rogozinski)。

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's first quarter 2025, investor call.

大家下午好。歡迎參加 Greystone Housing Impact Investors LP 2025 年第一季投資者電話會議。

Thank you for joining.

感謝您的加入。

I will start with an overview of our portfolio.

我首先將概述我們的投資組合。

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

我們的財務長 Jesse Coury 隨後將介紹合夥企業的財務表現。

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.

接下來，我們期待回答您的問題。

As far as the performance of the investment portfolio is concerned, we have had no forbearance requests for multi-family mortgage revenue bonds, and all of our borrowers are current on their principal and interest payments as of March 30, 2025.

就投資組合的表現而言，我們沒有收到多戶型抵押貸款收入債券的延期請求，截至 2025 年 3 月 30 日，我們所有的借款人均按時償還本金和利息。

Physical occupancy on the underlying properties was at 89.5% for the stabilized mortgage revenue bond portfolio as of March 30, 2025.

截至 2025 年 3 月 30 日，穩定抵押貸款收入債券投資組合中標的物業的實際入住率為 89.5%。

We continued to advance funds to borrowers under our mortgage revenue bond, governmental issuer loan, and related investments during the first quarter consistent with our funding commitments.

第一季度，我們繼續根據我們的融資承諾，透過抵押貸款收入債券、政府發行貸款和相關投資向借款人預付資金。

Our Vantage joint venture equity investments consists of interest in five properties as of today, four where construction is complete, and one site being evaluated for development or sale.

截至目前，我們的 Vantage 合資股權投資包括五處房產的權益，其中四處已完工，還有一處地塊正在評估開發或出售。

For those properties in their initial lease up phase, we continue to see good leasing activity.

對於那些處於初始租賃階段的房產，我們繼續看到良好的租賃活動。

Lease turns at the properties that have been leasing for a longer period have been driven by local submarket conditions.

租賃期間較長的物業的租賃週轉率受到當地子市場條件的影響。

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.

正如我們過去的經驗，Vantage 集團作為每個專案所有者實體的管理成員，將在穩定後定位待出售的房產。

As previously announced, the Vantage of Tomball project was sold in January 2025.

正如之前宣布的那樣，Vantage of Tomball 項目於 2025 年 1 月出售。

In our announcement earlier today, we noted that the vantage at Helotes property was sold earlier this week.

在我們今天早些時候的公告中，我們指出 Helotes 房地產的優勢已在本週早些時候出售。

Jesse will go into the details that this was a unique sale where the project was acquired by a local housing authority and an affordable housing nonprofit who funded their acquisition with the proceeds of a tax-exempt bond.

傑西將詳細介紹這是一次獨特的銷售，該項目由當地住房管理局和經濟適用房非營利組織收購，他們用免稅債券的收益為收購提供資金。

The managing members of Vantage at Huddo and Vantage at Loveland completed refinancing of the respective construction loans in the first quarter to lower their interest rates by over 100 basis points each.

Vantage at Huddo 和 Vantage at Loveland 的管理成員在第一季完成了各自建設貸款的再融資，分別將其利率降低了 100 多個基點。

We have four joint venture equity investments with the Freestone Development Group.

我們與 Freestone Development Group 有四項合資股權投資。

One for a project in Colorado and three projects in Texas.

其中一個項目位於科羅拉多州，另外三個項目位於德克薩斯州。

One project has completed construction and has begun leasing units.

一個項目已經完工並開始出租單位。

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

其中兩個項目已開工建設，一個項目已開始現場工作。

Our joint venture equity investment in Village Senior Living Carson Valley, a 102 bed seniors housing property located in Minden, Nevada, has received its certificate of occupancy and is expected to open for business operations shortly.

我們對位於內華達州明登的 Village Senior Living Carson Valley 的合資股權投資，是一處擁有 102 個床位的老年人住房，已獲得入住許可證，預計很快就會開始營業。

The project currently has lease deposits for over 70 of the property's 102 beds.

該項目目前已支付了該物業 102 張床位中 70 多張的租賃押金。

Our joint venture equity investment in the Jessam at Hays farm, a new construction 318 unit market rate multi-family property located in Huntsville, Alabama, is approaching construction completion and has begun leasing activities.

我們對 Jessam at Hays 農場的合資股權投資，是位於阿拉巴馬州亨茨維爾的一處新建的 318 個單元市場價多戶型物業，即將竣工並已開始租賃活動。

With that, I will turn things over to Jesse Coury, our CFO, to discuss the financial data for the first quarter of 2025.

接下來，我將把主題交給我們的財務長 Jesse Coury，討論 2025 年第一季的財務數據。

Thank you, Ken.

謝謝你，肯。

Earlier today we reported earnings for our first quarter ended March 31.

今天早些時候，我們公佈了截至 3 月 31 日的第一季財報。

We reported GAAP net income of $3.3 million, 11 per unit, basic and diluted.

我們報告的 GAAP 淨收入為 330 萬美元，基本和稀釋後每單位淨收入 11 美元。

We reported cash available for distribution, or CAD, a non-GAAP measure of $7.1 million 31 per unit.

我們報告的可供分配現金（CAD）為每單位 710 萬美元 31（非 GAAP 指標）。

Our first quarter GAAP net income was significantly impacted by $3.9 million of non-cash unrealized losses on our interest rate derivatives during the quarter, or approximately $0.17 per unit.

我們第一季的 GAAP 淨收入受到本季利率衍生性商品 390 萬美元非現金未實現損失（約每單位 0.17 美元）的嚴重影響。

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

我們根據會計準則每季將利率衍生性商品的價值調整為公允價值，並將公允價值的變動計入淨收入。

Despite a decrease in the fair value of our interest rate derivatives, we expect this to have a minimal impact on our net cash flows as decreases in projected future swap settlement payments are expected to be offset by lower interest costs on our variable rate debt financing.

儘管我們的利率衍生性商品的公允價值有所下降，但我們預計這對我們的淨現金流的影響很小，因為預計未來掉期結算支付的減少預計將被我們浮動利率債務融資的利息成本降低所抵消。

Unrealized gains and losses are added back to net income to calculate CA.

未實現損益被加回淨收入中以計算CA。

Also impacting our first quarter results was approximately $2.2 million of investment income, or approximately $0.10 per unit, related to preferred return received from Vantage at Loveland upon refinancing of the property's original construction loan.

同樣影響我們第一季業績的還有約 220 萬美元的投資收益，或每單位約 0.10 美元，這與 Vantage at Loveland 在對該物業的原始建設貸款進行再融資時獲得的優先回報有關。

Our book value per unit as of March 31, on a diluted basis was $12.59 which is a decrease of $0.56 from December 31.

截至 3 月 31 日，我們的每單位帳面價值（以稀釋後計算）為 12.59 美元，比 12 月 31 日減少 0.56 美元。

The decrease is primarily the result of a $0.24 per unit decrease in the fair value of our mortgage revenue bond portfolio and the difference between reported GAAP net income of $0.11 per unit versus distributions declared of $0.37 per unit for the quarter.

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每單位下降了 0.24 美元，以及本季度報告的 GAAP 淨收入每單位 0.11 美元與宣布的每單位分配 0.37 美元之間的差額。

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 reported CAD.

提醒一下，我們現在並預計我們將繼續長期持有以固定利率抵押貸款收入債券為主的投資，因此我們預計公允價值的變化不會對我們的營運現金流量、淨收入或報告的 CAD 產生直接影響。

I will also note that our reported net book value includes our joint venture equity investments at carrying value, not fair value. They are not mark to market.

我還要指出的是，我們報告的帳面淨值包括我們的合資股權投資的帳面價值，而不是公允價值。它們不是以市價計價的。

As a result, reported net book value excludes any potential gains or additional income that may be realized upon transactional events such as debt financing, refinancing, or sales of the underlying properties above our carrying value.

因此，報告的帳面淨值不包括在債務融資、再融資或高於帳面價值的標的資產銷售等交易事件中可能實現的任何潛在收益或額外收入。

As the market closed yesterday, May 6, our closing unit price on the New York Stock Exchange was $11.63 which is an 8% discount to our net book value per unit as of March 31.

截至昨天（5 月 6 日）市場收盤，我們在紐約證券交易所的收盤單位價格為 11.63 美元，比 3 月 31 日的每單位淨帳面價值折讓 8%。

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.

我們定期監控我們的流動性，以資助我們的投資承諾，並在資產價值大幅下降時防止潛在的債務去槓桿事件。

As of March 31, we reported unrestricted cash and cash equivalents $51.4 million which is up significantly from $14.7 million as of December 31.

截至 3 月 31 日，我們報告的非限制現金和現金等價物為 5,140 萬美元，較 12 月 31 日的 1,470 萬美元大幅增長。

The increase is due to proceeds from the sale of Vantage at Tomball in January, redemptions of Gill investments in the normal course, and a $20 million Series B preferred unit issuance in March.

成長的原因是 1 月出售位於湯博爾的 Vantage 的收益、正常贖回 Gill 投資以及 3 月發行 2000 萬美元的 B 系列優先股。

We also had approximately $41.5 million of availability on our secured lines of credit as of March 31.

截至 3 月 31 日，我們的擔保信用額度還有約 4,150 萬美元的可用資金。

At our current liquidity levels, we believe that we are well positioned to fund our current financing commitments.

在我們目前的流動性水平下，我們相信我們有能力為當前的融資承諾提供資金。

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 86 of our Form 10Q.

我們透過利率敏感度分析定期監控我們對潛在利率上升的整體風險敞口，我們每季報告一次該分析，該分析包含在我們的 10Q 表第 86 頁中。

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.

利率敏感度表顯示了市場利率的各種變化以及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 March 31, which includes market anticipated sulfur rate declines over the next 12 months.

我們的基準情況採用了截至 3 月 31 日的遠期硫磺殖利率曲線，其中包括市場預期的未來 12 個月硫磺價格下降。

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 個月內不採取任何應對措施。

The analysis shows that an immediate 200 basis point increase in rates will result in a decrease in our net interest income and cap of $2.4 million or approximately $10.04 per unit.

分析顯示，利率立即增加 200 個基點將導致我們的淨利息收入減少，上限為 240 萬美元或每單位約 10.04 美元。

Alternatively, assuming a 100 basis point decrease in rates along the curve will result in an increase in our net interest income and CAD of $1.2 million or approximately $5.02 per unit.

或者，假設曲線利率下降 100 個基點，將導致我們的淨利息收入和 CAD 增加 120 萬美元或每單位約 5.02 美元。

We consider ourselves largely hedged against significant fluctuations in our net interest income from market interest rate movements in all scenarios, assuming no significant credit issues.

我們認為，在任何情況下，只要不存在重大信貸問題，我們基本上都可以對沖市場利率變動導致的淨利息收入大幅波動。

Our debt investment portfolio consists of mortgage revenue bonds, governmental issuer loans, and property loans totaling $1.29 billion as of March 31, or 84% of our total assets. We own 85 mortgage revenue bonds that provide permanent financing for affordable multi-family, seniors, and skilled nursing properties across 13 states with concentrations in Cholera in California, Texas, and South Carolina.

我們的債務投資組合包括抵押貸款收益債券、政府發行貸款和房地產貸款，截至 3 月 31 日總額為 12.9 億美元，占我們總資產的 84%。我們擁有 85 筆抵押收入債券，為 13 個州（主要集中在加州、德州和南卡羅來納州的霍亂地區）的經濟適用型多戶住宅、老年人住宅和專業護理機構提供永久融資。

We own 6 governmental issuer loans that finance the construction or rehabilitation of affordable multi-family properties across four states. Such loans often have companion property loans or taxable governmental issuer loans that share the first mortgage lien.

我們擁有 6 筆政府發行貸款，用於資助四個州的經濟適用型多戶住宅的建設或修復。此類貸款通常有伴隨財產貸款或應稅政府發行貸款，並共享第一個抵押權。

During the first quarter, we funded $60.6 million of our mortgage revenue bond, governmental issuer loan, and related investment commitments, and we experienced redemptions and pay downs of approximately $113 million in the normal course.

在第一季度，我們為抵押貸款收入債券、政府發行貸款和相關投資承諾提供了 6,060 萬美元的資金，並且在正常情況下我們經歷了約 1.13 億美元的贖回和償還。

Our outstanding future funding commitments for our debt investments was approximately $52 million as of March 31, excluding those investments that we expect to transfer to our construction lending joint venture with BlackRock during 2025.

截至 3 月 31 日，我們對債務投資的未償還未來融資承諾約為 5,200 萬美元，不包括我們預計在 2025 年轉移到與貝萊德的建築貸款合資企業的投資。

These commitments will be funded over approximately 12 months and will add to our income producing asset base.

這些承諾將在約 12 個月內到位，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 nearing maturity, which will be redeployed into our remaining funding commitments.

我們也預計將收到即將到期的現有建築融資投資的贖回收益，這些收益將重新部署到我們剩餘的融資承諾中。

We apply the CIO standard or current expected credit loss to establish credit loss reserves for our debt investments and related investment funding commitments. We reduced our allowance for credit losses by $172,000 for the first quarter due to the declining size of the portfolio of governmental issuer loan and related investments subject to Cecil.

我們採用 CIO 標準或當前預期信用損失為我們的債務投資和相關投資融資承諾建立信用損失準備金。由於受 Cecil 約束的政府發行人貸款及相關投資組合規模下降，我們第一季的信貸損失準備金減少了 172,000 美元。

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

我們在計算加幣時調整了信用損失準備金的影響，這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 11 properties as of March 31, with a reported carrying value of approximately $168 million exclusive of one investment, Vantage at San Marcos, that is reported on a consolidated basis.

截至 3 月 31 日，我們的合資股權投資組合由 11 處房產組成，報告的帳面價值約為 1.68 億美元，不包括以合併方式報告的一項投資 Vantage at San Marcos。

Our remaining funding commitments for joint venture equity investments totaled $20.7 million as of March 30.

截至 3 月 30 日，我們對合資股權投資的剩餘資金承諾總額為 2,070 萬美元。

The vantage of Vantage at Tomball property was sold in January 2025, and we received proceeds of $14.2 million which is inclusive of our contributed capital and accrued preferred return.

Vantage at Tomball 房地產的優勢於 2025 年 1 月出售，我們獲得了 1,420 萬美元的收益，其中包括我們的投入資本和應計優先收益。

We did not report any related gain or loss in the first quarter.

我們在第一季沒有報告任何相關的收益或損失。

As Kent previously noted, in May 2025, the vantage at Helotes property was sold to a local housing authority and a nonprofit entity, and we received proceeds of $17.1 million inclusive of our $12.5 million dollar original cash investment in the project.

正如肯特之前指出的那樣，2025 年 5 月，Helotes 房地產的優勢被出售給了當地住房管理局和一家非營利實體，我們獲得了 1710 萬美元的收益，其中包括我們對該項目的 1250 萬美元原始現金投資。

We expect to report $1.8 million of investment income and a $163,000 gain on sale for this transaction in the second quarter, resulting in approximately $0.08 of net income per unit and CAD per unit.

我們預計第二季該交易的投資收益為 180 萬美元，銷售收益為 163,000 美元，每單位淨收入和每單位加元約為 0.08 美元。

The nonprofit buyer acquired a leasehold interest in the vantage at Helotes property and financed their purchase by issuing tax-exempt and taxable bonds in a public offering.

非營利買家獲得了 Helotes 地產優勢的租賃權益，並透過公開發行免稅和應稅債券為其購買提供資金。

The partnership purchased senior tax-exempt bonds for approximately $5.5 million and subordinate tax-exempt bonds for approximately $7.3 million from this offering.

該合夥企業透過此次發行購買了價值約 550 萬美元的優先免稅債券和價值約 730 萬美元的次級免稅債券。

Our debt financing facilities used to lever our investments have an outstanding principal balance totaling approximately $1.6 billion as of March 31.

截至 3 月 31 日，我們用於槓桿投資的債務融資工具未償還本金餘額總計約 16 億美元。

This is down approximately $37 million from December 31.

這比 12 月 31 日減少了約 3700 萬美元。

We managed to report our debt financing in 4 major categories on page 80 of our Form 10Q.

我們設法在 10Q 表第 80 頁上將我們的債務融資分為 4 個主要類別進行報告。

Three of the four categories are designed such that our net return is generally insulated from changes in short-term interest rates. These categories account for $885 million or 83.4% of our total debt financing.

四個類別中有三個類別的設計使得我們的淨報酬通常不受短期利率變動的影響。這些類別占我們總債務融資的 8.85 億美元或 83.4%。

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加上浮動利率債務，且沒有指定的對沖，這是我們短期內最容易面臨利率風險的。

This category represents $176 million or 16.6% of our total debt financing.

此類別占我們總債務融資的 1.76 億美元或 16.6%。

This category is up significantly from December 31.

此類別自 12 月 31 日以來大幅上升。

The vast majority of debt in this category is associated with mortgage revenue bond and governmental issuer loan investments that are scheduled to mature in the second half of 2025, for which redemption proceeds will repay the outstanding debt financing.

該類別中的絕大部分債務與抵押貸款收入債券和政府發行人貸款投資有關，這些債務計劃於 2025 年下半年到期，其贖回收益將償還未償還的債務融資。

So we expect the unhedged period to be relatively short for most of these balances.

因此，我們預計大多數此類餘額的未對沖期相對較短。

On the preferred capital front, we successfully issued $20 million of Series B preferred units to an existing preferred unit investor in March 2025.

在優先資本方面，我們於 2025 年 3 月成功向現有優先股投資者發行了 2,000 萬美元的 B 系列優先股。

We continue to pursue additional issuances of Series B preferred units to new and existing investors under an active offering.

我們將繼續透過主動發行的方式向新舊投資者增發 B 系列優先股。

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，請他介紹市場狀況和我們的投資管道。

Thanks Jesse.

謝謝傑西。

The first quarter of 2025 was not kind to the US municipal bond market.

2025 年第一季對美國市政債市場來說並不友善。

According to Barclays data, investment grade tax-exempt bonds were by far the worst performing US fixed income asset class during Q1 of 2025.

根據巴克萊的數據，投資等級免稅債券是 2025 年第一季表現最差的美國固定收益資產類別。

At the time of last quarter's call in February, 10-year MMD was at 3% and 30 year MMD was at 4.01%. At the end of March, those levels were at 3.26% and 4.24% respectively, which are 26 and 23 basis points higher.

在 2 月上一季的電話會議上，10 年期 MMD 為 3%，30 年期 MMD 為 4.01%。3 月底，上述利率水準分別為 3.26% 和 4.24%，分別高出 26 個和 23 個基點。

As of yesterday's close, 10-year MMD was at 3.33% and 30 year MMD was at 4.40%. The 10 year immunity to treasury ratio is currently at 77%, and the 30 year immunity to treasury ratio is currently 91%.

截至昨天收盤，10 年期 MMD 為 3.33%，30 年期 MMD 為 4.40%。目前10年期公債豁免率為77%，30年期公債豁免率為91%。

Those levels are up from 66% and 84% respectively in late February, underscoring the recent underperformance of Municipal versus treasuries.

這一水準較 2 月底的 66% 和 84% 上升，凸顯了近期市政債券的表現遜於國債。

As those current levels indicate, April was another challenging month for the Municipal market.

正如當前水準所表明的那樣，四月對於市政市場來說又是一個充滿挑戰的月份。

Uncertainty continues to be the common theme from Unibond investors, from the impact of tariffs on the broader economy.

不確定性仍然是 Unibond 投資者的共同主題，因為關稅會對整體經濟產生影響。

The potential impact on the uni bond market of changes that might be included in the tax bill by the new administration and Congress to increase market volatility across asset classes. The start of the year certainly hasn't been boring.

新政府和國會可能在稅收法案中納入一些變化，增加各資產類別的市場波動性，對單一債券市場產生潛在影響。今年的開始肯定不會無聊。

April saw some of the largest intraday swings in the high grade MMD index since the 2008 monoline bond insurer downgrades.

自 2008 年單一險種債券保險公司評級下調以來，4 月高等級 MMD 指數出現了最大盤中波動。

We have not observed a significant impact on our investments from the legislative and regulatory happenings in Washington.

我們並未發現華盛頓的立法和監管事件對我們的投資有重大影響。

The federal rental assistance program most associated with our investment properties, the Section 8 rent subsidy program, was specifically exempt from the broad federal funding freeze executive order issued in January.

與我們的投資物業最相關的聯邦租賃援助計劃，即第 8 節租金補貼計劃，被明確豁免於 1 月份發布的廣泛聯邦資金凍結行政命令。

From a market technical perspective, the market experienced elevated issuance months in January, February, and March and April with roughly $170 billion of gross issuance, an average monthly rate of $42.5 billion.

從市場技術角度來看，1月、2月、3月和4月是債券市場發行量較高的月份，總發行量約1,700億美元，月均發行量為425億美元。

Barclays forecasts another $40 to $44 billion of supply for May.

巴克萊預測5月還將有400億至440億美元的供應。

Total fund flows for the first quarter of 2025, were positive at about $11 billion between mutual funds and ETFs.

2025 年第一季度，共同基金和 ETF 之間的總資金流量為正，約 110 億美元。

However, the month of April saw $3.6 billion of outflows.

然而，4月資金流出36億美元。

The average weekly secondary market trading volume for the past 12 months was $35 billion.

過去 12 個月的每週平均二級市場交易量為 350 億美元。

The market ended the first quarter of 2025, with the Municipal high grade index generating a total return of negative 0.2% and the Municipal high yield index generating a positive total return of 0.8%. The belly of the high grade curve under before again this past quarter with 10 years versus, 5 years versus 10 year spreads reaching multi-year highs.

市場在 2025 年第一季結束時，市政高等級指數的總報酬率為負 0.2%，市政高收益指數的總報酬率為正 0.8%。上個季度，高品位債券曲線的底部再次下跌，10 年期債券與 5 年期債券與 10 年期債券的利差達到多年來的最高水準。

We continue to be excited about the new construction lending joint venture with Black Rock Impact opportunities.

我們繼續對與 Black Rock Impact 建立新的建築貸款合資企業的機會感到興奮。

We have mentioned on our past quarterly calls we've seen a pullback in affordable housing, construction lending by commercial banks as a result of the broader pressures on their commercial real estate loan portfolios.

我們在過去的季度電話會議上提到，由於商業房地產貸款組合面臨更廣泛的壓力，商業銀行的經濟適用房和建築貸款減少。

That has created a window of opportunity for us to deepen our relationships with existing sponsors and to establish new sponsor relationships as we step in to help fill that void.

這為我們加深與現有贊助商的關係以及建立新的贊助商關係創造了機會，因為我們可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.

為此目的，我們擁有專門的資金池，這使我們能夠有效地管理潛在的管道，並及時為我們的客戶提供交易執行，以滿足他們的需求。

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

因此，傑西和我很樂意回答您的問題。

Thank you. At this time we'll be conducting a question and answer session.

謝謝。這次我們將進行問答環節。

(Operator Instructions).

（操作員指令）。

Our first question comes from Matthew Erdner with Jones trading. Please proceed with your question.

我們的第一個問題來自瓊斯交易公司的馬修·埃德納。請繼續您的問題。

Hey, good afternoon guys. Thanks for taking the question. I appreciate all the color per usual, in the prepared comments, but, are any of the proposed shifts, I guess from federal to state to local governments likely to affect unique credit ratings and evaluations and if you just have any thoughts around that would be helpful.

嘿，大家下午好。感謝您回答這個問題。我很感謝大家在準備好的評論中一如既往的熱情，但是，我猜想從聯邦到州再到地方政府的任何提議的轉變都可能影響獨特的信用評級和評估，如果您對此有任何想法，那將會很有幫助。

Thank you.

謝謝。

Yeah.

是的。

Matt, it's Ken. I think it's still early in the process. We got the color. I think it was late last week of the administration's, I guess what's referred to as the skinny budget, with some of their high level philosophical goals for the upcoming budgeting and appropriation process through Congress, with particular regard to the HUD budget, there were, there are a number of proposals that were in there.

馬特，我是肯。我認為這個過程還處於早期階段。我們得到了顏色。我認為那是在上週晚些時候，政府公佈了所謂的精簡預算，其中包含了他們對即將通過國會的預算和撥款程序的一些高層次的哲學目標，特別是關於住房和城市發展部的預算，其中有許多提案。

Some of them echo back to the first Trump administration and what I would view as kind of their philosophical opposition to high-level block grant programs. The skinny budget again proposed an elimination of the community development block grant program. They targeted grants for public housing authorities. But for the first time we at least saw a glimmer of discussion around a potential change in the allocation of Section 8 funding from a federal-based program to a state-based program. So I think we'll have to see how all that plays out through the congressional process.

他們中的一些人回想起第一屆川普政府以及我認為他們對高層撥款計劃的哲學反對。精簡的預算再次提議取消社區發展撥款計畫。他們的目標是為公共住宅管理局提供補助。但我們至少第一次看到了關於第 8 部分資金分配可能從聯邦計劃轉變為州計劃的討論的一絲曙光。所以我認為我們必須看看國會程序將如何進行。

As I said, a lot of these things were proposed in the Trump 1.0 administration. And never made it through that process. So I think it still remains to be seen what happens here, particularly with the slim Republican majority in the House and the you know sort of the potential impact that some of these things might have on either local municipalities or their programs, so the dialogue has started, but there's still a lot of road between here and where things actually end up with an appropriation bill before the start of the next fiscal year in October.

正如我所說，其中很多事情都是川普1.0政府提出的。並且從未完成該過程。因此，我認為這裡會發生什麼還有待觀察，特別是考慮到眾議院共和黨僅佔微弱多數，而且你知道，這些事情可能會對地方市政當局或其計劃產生某種潛在影響，所以對話已經開始，但是從現在到在 10 月下一個財政年度開始之前真正達成撥款法案，還有很長的路要走。

Got it, yeah, that makes sense. Thanks for taking the question. I appreciate it.

明白了，是的，這很有道理。感謝您回答這個問題。我很感激。

Our next question comes from Chris Muller with Citizens JMP Securities. Please proceed with your question.

我們的下一個問題來自 Citizens JMP Securities 的 Chris Muller。請繼續您的問題。

Hey guys, thanks for asking my question. So on the BlackRock JV, have the tariffs changed how you guys are thinking about this business in the near term given the impact on construction costs?

嘿夥計們，謝謝你們提出我的問題。那麼，關於貝萊德合資企業，考慮到對建築成本的影響，關稅是否會改變你們對這項業務的短期看法？

I think Chris immediately in terms of the deals that we have in our pipeline with the BlackRock JV from the discussions that we've had with the sponsors to date.

我認為克里斯會立即談到我們與貝萊德合資公司正在商討的交易，這是迄今為止我們與贊助商進行的討論的結果。

We haven't seen any significant changes from those sponsors in terms of their Pro forma based on higher tariffs on construction materials like lumber from Canada or other sort of electrical components or things of that nature. So at least as of right now we haven't seen a significant impact on that. By the time sponsors get to the point where they're actually bidding their GMPs and locking in prices with their subcontractors, we may see some more real-time data on that front, but at least for now we haven't seen any significant impact.

我們沒有看到這些發起方在基於對加拿大木材等建築材料或其他類型的電氣元件或類似物品徵收更高關稅的預測方面做出任何重大改變。因此至少截至目前為止我們還沒有看到顯著的影響。當贊助商真正開始競標 GMP 並與分包商鎖定價格時，我們可能會看到更多這方面的即時數據，但至少目前我們還沒有看到任何重大影響。

I think what I would mention is that two of the larger loans that we're evaluating.

我想提到的是我們正在評估的兩筆較大額的貸款。

One is a sort of more traditional high rise construction with concrete and steel as opposed to lumber, and the other is an act rehab transaction of an existing structure where there's not significant wood framing that's going to be done as part of that. So at least as we sit right now looking at the pipeline, we haven't seen any significant moves in the in the deals that we're evaluating.

一種是較傳統的高層建築，採用混凝土和鋼材而非木材；另一種是對現有結構進行修復交易，其中不需要大量的木結構。因此，至少當我們現在坐下來觀察管道時，我們還沒有看到我們正在評估的交易中出現任何重大舉措。

Got it and can you share a general size of that pipeline?

明白了，可以分享一下該管道的大致尺寸嗎？

It's consistent. We've got roughly $83 million of the committed capital to the joint venture with BlackRock. We're trying to deploy that roughly $450 million of lending capacity. We're trying to get that capital deployed or at least committed here within the next 12 to 18 months.

它是一致的。我們已向與貝萊德的合資企業投入約 8,300 萬美元的承諾資本。我們正試圖部署約 4.5 億美元的貸款能力。我們正努力在未來 12 到 18 個月內部署或至少承諾這些資金。

Got it. That's very helpful. And then you guys touched on this a little bit last quarter, but it looks like some of the gains you guys are seeing on the JV sales are lower than we saw in prior years, and you mentioned insurance costs as being a big part of that.

知道了。這非常有幫助。然後你們上個季度稍微談到了這一點，但看起來你們看到的合資銷售收益低於前幾年，而你們提到保險成本是其中很重要的一部分。

So should we assume going forward that the gains will be more muted than we saw historically? And are there any other factors that are impacting that aside from the insurance?

那麼，我們是否應該認為未來的漲幅將比歷史上看到的更溫和？除了保險之外，還有其他因素影響這種情況嗎？

I think the cost was really Specific to the tumble asset that we saw the sale with in January, that's located in Harris County, and we did experience a significant 3.5 times increase in the insurance cost there from from the original Pro forma underwriting there. So that singular change in expense.

我認為成本實際上是針對我們在一月份銷售的位於哈里斯縣的滾動資產而言的，而且我們確實經歷了那裡的保險成本從最初的備考承保增加了 3.5 倍。因此費用發生了獨特的變化。

Significant impact on the outcome of that sale for the for the Vantage Helotes asset which just closed earlier this week, that's located in San Antonio, so we didn't see that same single line item specific increase in expense that we that we experienced on the on the tomball asset.

這項出售對本週早些時候剛完成交易的位於聖安東尼奧的 Vantage Helotes 資產的結果產生了重大影響，因此，我們並沒有看到像在 Tomball 資產上經歷的那樣，單一項目的具體費用增加。

There was a meaningful difference in the in the sales prices on both of those assets, I think, as reflected in the in the overall funds that were distributed to us at closing on both of those assets. So it's something that we're going to continue to monitor. It's not been, I don't think that the multi-family market investment from an investment perspective has quite turned the corner yet.

我認為這兩項資產的銷售價格有顯著差異，這反映在交易結束時分配給我們的整體資金。因此，我們將繼續監控此事。事實並非如此，我認為從投資角度來看，多戶型住宅市場投資尚未完全出現轉機。

We still see pressure on rates with the tenure where it is, I don't think that we've seen.

我們仍然看到利率在任期內有壓力，我認為我們還沒有看到這種情況。

Significant movements in the market's expectation of cap rates on multi-family acquisitions. So I think kind of the headwinds that we had faced starting in late 2023 into 2024. That's led to the delayed timeline of some of these sales.

市場對多戶型收購資本化率的預期有重大變化。所以我認為我們從 2023 年底到 2024 年開始面臨的阻力。這導致部分銷售時間表被推遲。

It really hasn't hasn't left the building yet. So we'll continue to monitor that as we evaluate the other stabilized assets in the advantage portfolio and of course as always talk to our partners and see what their thinking is with regard to the timing of those sales.

它確實還沒有離開大樓。因此，我們將繼續監控這一點，同時評估優勢投資組合中的其他穩定資產，當然，我們也將一如既往地與我們的合作夥伴交談，以了解他們對這些銷售時機的想法。

Got it. Thanks for the clarification on that insurance. That's really helpful and thanks for taking the question.

知道了。感謝您對該保險的澄清。這真的很有幫助，感謝您提出這個問題。

Our next question comes from Jason Stewart with Janny Montgomery Scott. Please proceed with your question.

我們的下一個問題來自 Jason Stewart 和 Janny Montgomery Scott。請繼續您的問題。

Hey, thank you. Follow up on Vantage, while it's certainly I think disappointing to see that you're not generating as much gain of pill as you historically did on those properties, your balance sheets able to withstand that volatility. How is the partner Vantage holding up given the lower levels Of profitability?

嘿，謝謝你。跟進 Vantage，雖然我認為看到你們沒有像過去那樣從這些資產上獲得那麼多收益確實令人失望，但你們的資產負債表能夠承受這種波動。在獲利水準較低的情況下，合作夥伴 Vantage 的狀況如何？

I think from from their perspective, Jason, it's really hard for us to talk about their kind of their business model.

傑森，我認為從他們的角度來看，我們很難談論他們的商業模式。

It's not just gain on sale from their perspective. There are developer fees that are built into the overall models that they earn along the way, so it's not 100% a capital gain driven business from their perspectives.

從他們的角度來看，這不僅僅是銷售收益。開發商的費用已經包含在他們一路賺取的整體模型中，所以從他們的角度來看，這並不是 100% 由資本收益驅動的業務。

In terms of their their time and attention and oversight of the portfolio, they're economically motivated the same way that we are and our interests are aligned in terms of maximizing the return that we collectively earn. On these opportunities, so I don't think we have any concern at this point in time in terms of the continued partnership that we have on these assets and anything other than the alignment of our interests and being able to work productively together to earn the highest possible returns here.

就他們投入的時間、精力和對投資組合的監督而言，他們的經濟動機與我們相同，而且我們的利益在最大化我們共同獲得的回報方面是一致的。對於這些機會，我認為我們目前並不擔心我們在這些資產上的持續合作，除了我們的利益一致、能夠富有成效地合作以獲得最高的回報之外，我們還有其他任何事情。

Okay, I got it.

好的，我明白了。

Thank you. That's helpful color, and then just in terms of sort of maybe if you give us a more real-time update on gross ROEs and the MRB and GIL business relative to where they were at 331, that would be super helpful.

謝謝。這是很有幫助的顏色，然後就某種程度而言，如果您能給我們關於總 ROE 以及 MRB 和 GIL 業務相對於 331 時情況的更實時的更新，那將非常有幫助。

I think as Jesse mentioned earlier, the hedging program that we've undertaken here has really synthetically fixed the large majority of our of our floating rate funding costs on some of our assets. So when you look at that bucketing again between the floating, the floating, the fixed to fix, the fixed to synthetic fixed, there's not a lot of change in those trades over time because of that approach. So, the capital posted isn't changing significantly.

我認為，正如傑西之前提到的，我們在這裡實施的對沖計劃實際上已經綜合地固定了我們部分資產的大部分浮動利率融資成本。因此，當您再次查看浮動、固定到固定、固定到合成固定之間的分類時，由於這種方法，這些交易隨著時間的推移不會發生太大變化。因此，公佈的資本並沒有重大變化。

The net interest margin on the individual positions. Isn't changing dramatically. So from from an ROE perspective, we expect that to stay, relatively constant over the over the investment time horizon. So you know we're not seeing a lot of variability there. I think that as Jesse mentioned in his remarks, we have that, we have the one.

個別頭寸的淨息差。沒有變化。因此，從 ROE 的角度來看，我們預計在投資時間範圍內它將保持相對穩定。所以你知道我們沒有看到太多的改變。我認為，正如傑西在演講中提到的那樣，我們有這個，我們有那個。

Governmental issuer and mortgage revenue bond investment where where the hedge rolled off right there at the end of Q1 and given what we expect to be the short runway to the conversion of perm there, we chose not to enter into a new swap at that point in time. That sponsor exercised their 6 month extension with Freddie Mac on their forward commitment for the financing there.

政府發行人和抵押貸款收入債券投資的對沖在第一季末就結束了，考慮到我們預計那裡的永久轉換時間很短，我們選擇當時不進行新的掉期交易。該發起人已與房地美 (Freddie Mac) 簽訂了為期 6 個月的延期協議，以履行其在那裡進行融資的遠期承諾。

So I think given that the swap rate was and where the current spot sulfur rate is with that change, we don't expect to see a significant change in the ROE on that one particular investment. So at a high level, I don't think that we see the potential for a significant change on that front.

因此，我認為，考慮到掉期利率以及當前現貨硫磺價格的變化，我們預計該特定投資的 ROE 不會發生重大變化。因此，從高層次來看，我認為我們看不到這方面發生重大變化的可能性。

Okay, one last one for me on the helote sale, of the 5.5% and 7.3% combined investment in in the bonds, do you know how can you share with us how much of the total bonds that was, how much of the total bonds you issued you bought, and then maybe you could give us a sense of ROE on that transaction on the hedge basis that that would help.

好的，最後一個關於 helote 銷售的問題，在債券的 5.5% 和 7.3% 的合併投資中，您能否與我們分享一下這佔債券總額的多少，您購買了您發行的債券總額的多少，然後也許您可以讓我們了解一下在對沖基礎上該交易的 ROE，這會有所幫助。

So on the senior bonds on a face amount, those bonds were issued at an originally issued discount, but on a face amount, I'd say approximately 15% of the senior A1 bonds we purchased a little over $6 million of what I believe was a close to $42 million face amount there. On the, the Series B bonds, we bought roughly 50% of that issue with the other 50% being bought by one of your traditional high yield bond funds.

因此，就票面金額而言，這些優先債券是以最初發行的折扣發行的，但就票面金額而言，我認為我們購買的優先 A1 債券中約有 15% 的票面金額略高於 600 萬美元，而我認為票面金額接近 4200 萬美元。對於 B 系列債券，我們購買了大約 50%，另外 50% 由你們的一個傳統高收益債券基金購買。

Okay, and if you don't mind just giving a a ballpark ROE on that, on maybe blended or if you want to do a senior so that would it'd be fine too.

好的，如果您不介意給出一個大概的 ROE，也許是混合的，或者如果您想做一個高級的，那麼也可以。

We haven't finalized the terms of our leverage on that yet, Jason.

傑森，我們還沒有最終確定我們的槓桿條款。

That deal just closed yesterday, so we have we have an idea at this point in time of where that's going to be, but we don't have final details yet, so we'd be happy to follow up with you on that once the once the TAB funding has happened on those positions.

該交易昨天剛結束，因此我們目前對該交易的進展情況有一個大致的了解，但還沒有最終細節，因此，一旦 TAB 為這些職位提供資金，我們很樂意與您跟進。

Okay, thanks for taking the questions.

好的，感謝您回答這些問題。

I just to give you some color in terms of the of the gross coupon on those bonds, the Series B bonds were at 8%, and the Series A1 tax-exempt bonds were priced as 6 quarters to yield 6 to 7,8. So I think you look at those rates and you compare them to. The coupons that we've earned on our other MRB and governmental issuer loan investments, they're in that same zip code.

我只是想給你一些關於這些債券的總票面利率的信息，B 系列債券的票面利率為 8%，A1 系列免稅債券的定價為 6 個季度，收益率為 6 至 7.8。所以我認為你看一下這些比率並進行比較。我們在其他 MRB 和政府發行貸款投資中獲得的票面都位於同一郵遞區號中。

Got it. Okay.

知道了。好的。

Thank you.

謝謝。

As a reminder, if you'd like to ask a question, please press one on your telephone keypad. One moment please, while we poll for questions.

提醒一下，如果您想提問，請按電話鍵盤上的 1。請稍等片刻，我們正在調查問題。

There are no further questions. I'd like to turn the call back over to Ken Rogozinski for closing comments.

沒有其他問題了。我想將電話轉回給肯·羅戈津斯基 (Ken Rogozinski) 來做最後發言。

Thank you everyone for joining us today. We look forward to speaking again next quarter.

感謝大家今天的參與。我們期待下個季度再次交談。

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

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。