Granite Point Mortgage Trust Inc (GPMT) 2022 Q4 法說會逐字稿

Good morning. My name is Diego, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Granite Point Mortgage Trust Fourth Quarter and Full Year 2022 Financial Results Conference Call. (Operator Instructions) Please Note today's call is being recorded.

早上好。我叫 Diego，我將擔任你們的會議主持人。此時，我想歡迎大家參加 Granite Point Mortgage Trust 第四季度和 2022 年全年財務業績電話會議。 （操作員說明）請注意今天的通話正在錄音中。

I would now like to turn the call -- over the call to Chris Petta with Investor Relations for Granite Point.

我現在想把電話轉給 Granite Point 投資者關係部的 Chris Petta。

Thank you, and good morning, everyone. Thank you for joining our call to discuss Granite Point's Fourth Quarter and Full Year 2022 financial results. With me on the call this morning are Jack Taylor, our President and Chief Executive Officer; Marcin Urbaszek, our Chief Financial Officer; Steve Alpart, our Chief Investment Officer and Co-Head of Originations; Peter Morral, our Chief Development Officer and Co-Head of Originations; and Steve Plust, our Chief Operating Officer.

謝謝大家，早上好。感謝您加入我們討論 Granite Point 第四季度和 2022 年全年財務業績的電話會議。今天早上和我一起打電話的是我們的總裁兼首席執行官 Jack Taylor；我們的首席財務官 Marcin Urbaszek； Steve Alpart，我們的首席投資官兼發起聯席主管； Peter Morral，我們的首席開發官兼創意聯席主管；和我們的首席運營官 Steve Plust。

After my introductory comments, Jack will provide a brief recap of market conditions and review of our current business activities. Steve Alpart will discuss our portfolio, and Marcin will highlight key items from our financial results. The press release and financial tables associated with today's call were filed yesterday with the SEC and are available in the Investor Relations section of our website. We expect to file our Form 10-K next week. I would like to remind you that remarks made by management during this call and the supporting slides may include forward-looking statements, which are uncertain and outside of the company's control.

在我的介紹性評論之後，傑克將簡要回顧市場狀況並回顧我們當前的業務活動。 Steve Alpart 將討論我們的投資組合，Marcin 將重點介紹我們財務業績中的關鍵項目。與今天的電話會議相關的新聞稿和財務表格已於昨天提交給美國證券交易委員會，可在我們網站的投資者關係部分獲取。我們預計下週提交 10-K 表格。我想提醒您，管理層在本次電話會議和支持幻燈片中發表的言論可能包含前瞻性陳述，這些陳述是不確定的，並且不在公司的控制範圍內。

Forward-looking statements reflect our views regarding future events and are subject to uncertainties that could cause actual results to differ materially from expectations. Please see our filings with the SEC for a discussion of some of our risks that could affect results. We do not undertake any obligation to update any forward-looking statements. We will also refer to non-GAAP measures on this call. This information is not intended to be considered in isolation or a substitute for the financial information presented in accordance with GAAP. A reconciliation of those non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and slides, which are available on our website.

前瞻性陳述反映了我們對未來事件的看法，並受到可能導致實際結果與預期存在重大差異的不確定性的影響。請參閱我們提交給美國證券交易委員會的文件，了解我們可能影響結果的一些風險的討論。我們不承擔任何更新任何前瞻性陳述的義務。我們還將在此次電話會議上提及非 GAAP 措施。此信息不應被孤立地考慮或替代根據 GAAP 提供的財務信息。這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬可以在我們的收益發布和幻燈片中找到，這些可以在我們的網站上找到。

I'll now turn the call over to Jack.

我現在將電話轉給傑克。

Thank you, Chris, and good morning, everyone. We would like to welcome you to our fourth quarter and full year 2022 earnings call, and thank you for joining us today. Despite the challenging market backdrop and the Fed's dramatic actions in raising interest rates, we successfully navigated this unstable environment and accomplished many of our objectives over the course of 2022. Earlier in the year, we opportunistically grew our equity base through the $87.5 million add-on preferred equity offering and repaid the remainder of our higher cost term loan borrowings. We refinanced 2 of our legacy delevered funding vehicles, releasing a substantial amount of capital, further strengthening our liquidity position.

謝謝克里斯，大家早上好。歡迎您參加我們的 2022 年第四季度和全年財報電話會議，感謝您今天加入我們。儘管市場背景充滿挑戰且美聯儲采取了大幅加息行動，但我們成功度過了這種不穩定的環境，並在 2022 年實現了我們的許多目標。今年早些時候，我們通過增持 8750 萬美元機會主義地擴大了我們的股權基礎優先股發行並償還了我們剩餘的較高成本定期貸款借款。我們為 2 個遺留的去槓桿化融資工具進行了再融資，釋放了大量資本，進一步加強了我們的流動性狀況。

During the second half of the year, we closed on 2 new credit facilities with an aggregate borrowing capacity of up to $300 million, which are designed to fund performing, sub-performing and nonperforming loans on a non-mark-to-market basis. These facilities highlight our ability to add to our already diverse funding sources and provide us with more asset management and liquidity flexibility during the current volatile environment.

今年下半年，我們關閉了 2 個新的信貸額度，總借貸能力高達 3 億美元，旨在以非按市值計價的方式為良好、次佳和不良貸款提供資金。這些設施突出了我們增加我們已經多樣化的資金來源的能力，並在當前動蕩的環境中為我們提供更多的資產管理和流動性靈活性。

In anticipation of potential macroeconomic challenges and consistent with our conservative approach to managing our business, early in the first half of 2022, we shifted our business objectives from originating new loans and growing our portfolio to preserving our liquidity to further bolster our balance sheet. For example, we further emphasized proactive asset management, working with our borrowers and driving loan repayments through active dialogue well in advance of loan maturities. This contributed to a healthy volume of loan repayments of about $1 billion over the course of the year. These and other actions allowed us to strengthen our balance sheet while also redeeming the $144 million of convertible notes that matured in December with cash on hand without needing to access the funds in the capital markets, which were quite difficult at the time.

考慮到潛在的宏觀經濟挑戰，並與我們管理業務的保守方法相一致，我們在 2022 年上半年早些時候將業務目標從發放新貸款和增加投資組合轉變為保持流動性以進一步加強資產負債表。例如，我們進一步強調主動資產管理，與借款人合作，並在貸款到期前通過積極對話推動貸款償還。這有助於在這一年中償還約 10 億美元的貸款。這些和其他行動使我們能夠加強我們的資產負債表，同時還可以用手頭現金贖回 12 月到期的 1.44 億美元可轉換票據，而無需從資本市場獲得資金，這在當時是相當困難的。

As we have said in the past, we expect the commercial real estate and capital markets environment to remain challenging and uncertain in the nearer term. It remains unclear when the Fed will ultimately stop raising short-term interest rates or for how long they will keep them elevated, when the market environment will stabilize or when the commercial real estate markets will improve.

正如我們過去所說，我們預計商業房地產和資本市場環境在短期內仍將充滿挑戰和不確定性。目前尚不清楚美聯儲何時最終停止加息或將維持高利率多長時間，市場環境何時穩定或商業房地產市場何時改善。

While we continue to see headwinds in the office sector, they are impacting properties and markets very unevenly. In our portfolio, the biggest impact has been on those markets and properties more affected by the pandemic and work-from-home trends. And where a high-quality, well-located property with a strong sponsor has encountered a very tough leasing market.

雖然我們繼續看到寫字樓行業的逆風，但它們對房地產和市場的影響非常不均衡。在我們的投資組合中，最大的影響是那些受大流行病和在家工作趨勢影響更大的市場和房地產。擁有強大贊助商的優質、位置優越的房產遇到了非常艱難的租賃市場。

These trends, coupled with rising interest rates, have resulted in a few borrowers electing to stop funding additional equity. However, these loans have been very much the exception. In general, we are seeing ongoing commitment by our borrowers to their properties and the loan assets in our portfolio.

這些趨勢加上利率上升，導致一些借款人選擇停止為額外股權提供資金。然而，這些貸款非常例外。總的來說，我們看到借款人對他們的財產和我們投資組合中的貸款資產的持續承諾。

We recognize and are addressing the challenges in the office sector. And consistent with our intermediate term macro views, we have meaningfully increased our CECL reserves over the last couple of quarters to about 2.4% of our portfolio commitment as of the end of 2022.

我們認識到並正在應對辦公領域的挑戰。與我們的中期宏觀觀點一致，截至 2022 年底，我們已將過去幾個季度的 CECL 儲備顯著增加至我們投資組合承諾的 2.4% 左右。

In the nearer term, we will continue to manage our business in a conservative manner, protect our balance sheet and maintain lower leverage, while emphasizing liquidity and collaboratively working with our borrowers to maximize outcomes.

在短期內，我們將繼續以保守的方式管理我們的業務，保護我們的資產負債表並保持較低的槓桿率，同時強調流動性並與我們的借款人合作以最大化結果。

As we have seen during previous global dislocations, the U.S. commercial real estate market has always been viewed as a compelling place to invest over the long term and has attracted significant amounts of capital over time. Currently, a lot of capital is on the sidelines and is waiting for the more intermediate clarity and capital market stability. We believe that our significantly delevered balance sheet, combined with our team's proven expertise will allow us to both mitigate the effects on our portfolio of the market uncertainty and ultimately take advantage of attractive new market opportunities as we normalize our levels of leverage.

正如我們在之前的全球動盪中所看到的那樣，美國商業房地產市場一直被視為具有吸引力的長期投資場所，並且隨著時間的推移吸引了大量資金。目前，大量資金處於觀望狀態，等待更中間的明朗和資本市場的穩定。我們相信，我們顯著去槓桿化的資產負債表，加上我們團隊久經考驗的專業知識，將使我們能夠減輕市場不確定性對我們投資組合的影響，並最終在我們將槓桿水平正常化時利用有吸引力的新市場機會。

We believe that our strategy of targeting middle market and moderately leveraged U.S. commercial real estate loans with an average loan size of about $37 million with significant borrower equity cushion is more resilient in a market like this. As our loan sizes are suited to a broader universe of potential refinancing lenders and property buyers. Given the environment, we intend to maintain our cautious stance while drawing on the broad expertise and experience of our team, to successfully navigate the challenges as we have done over our long careers in real estate lending.

我們認為，我們的戰略是針對中間市場和中等槓桿的美國商業房地產貸款，平均貸款規模約為 3700 萬美元，具有大量借款人股本緩衝，在這樣的市場中更具彈性。由於我們的貸款規模適合更廣泛的潛在再融資貸方和購房者。鑑於環境，我們打算在利用我們團隊廣泛的專業知識和經驗的同時保持謹慎的態度，以成功應對挑戰，就像我們在房地產貸款領域的長期職業生涯中所做的那樣。

I would now like to turn the call over to Steve Alpart to discuss our portfolio activities in more detail.

我現在想把電話轉給 Steve Alpart 來更詳細地討論我們的投資組合活動。

Thank you, Jack, and thank you all for joining our call this morning. During 2022, we funded approximately $565 million of loan balances with an average balance of $38 million. Our reduced origination pace for the year reflected our cautious approach to an uncertain market environment and our goal of increasing liquidity.

謝謝杰克，感謝大家今天早上加入我們的電話會議。 2022 年期間，我們為大約 5.65 億美元的貸款餘額提供資金，平均餘額為 3800 萬美元。我們今年降低的發起速度反映了我們對不確定的市場環境採取的謹慎態度以及我們增加流動性的目標。

We ended the quarter with an aggregate committed balance of $3.6 billion, and a principal balance of about $3.4 billion, including $230 million of future funding commitments, which accounts for approximately 6% of our total commitments down from a high of over $750 million in Q1 2020 and reflective of the light transitional nature of our loans.

本季度結束時，我們的承諾餘額總額為 36 億美元，本金餘額約為 34 億美元，其中包括 2.3 億美元的未來資金承諾，占我們承諾總額的約 6%，低於第一季度超過 7.5 億美元的高位2020 年，反映了我們貸款的輕微過渡性質。

Our portfolio continues to benefit from broad diversification across property types and geographies with an average loan size of approximately $37 million. Our loans continue to deliver an attractive income stream with a favorable overall credit profile generating a yield of about 8.4% with a weighted average stabilized LTV at origination of 63%.

我們的投資組合繼續受益於資產類型和地域的廣泛多元化，平均貸款規模約為 3700 萬美元。我們的貸款繼續提供有吸引力的收入流，整體信用狀況良好，收益率約為 8.4%，加權平均穩定 LTV 為 63%。

During the fourth quarter, we funded about $109 million of total principal consisting of approximately $31 million on existing commitments and a $77 million acquisition financing related to the resolution of the Pasadena retail loan. We realized almost $1 billion from repayments and 2 loan sales during 2022, with about 44% of that being office loans. We believe this healthy pace of repayments is due to there being more liquidity in the middle market compared to the large loan market and validates our strategy of working with our borrowers to allow them time to execute their business plans and sell the property or refinance our loan while incrementally deleveraging our loans and/or enhancing our loan economics or structure.

在第四季度，我們為本金總額提供了約 1.09 億美元的資金，其中包括約 3100 萬美元的現有承諾和與解決帕薩迪納零售貸款相關的 7700 萬美元收購融資。 2022 年，我們通過還款和 2 筆貸款銷售實現了近 10 億美元的收入，其中約 44% 是辦公室貸款。我們認為，這種健康的還款速度是由於與大型貸款市場相比，中間市場有更多的流動性，並驗證了我們與借款人合作的戰略，讓他們有時間執行他們的商業計劃並出售房產或為我們的貸款再融資同時逐步去槓桿化我們的貸款和/或增強我們的貸款經濟或結構。

Our repayments continued throughout the year with about $362 million of loan repayments, paydowns and 1 loan sale in the fourth quarter, with approximately 47% of that being office loans. The repayments outpaced loan fundings in the fourth quarter, which resulted in a roughly $250 million decline in our portfolio balance. As of December 31, our portfolio weighted average risk rating was 2.5, which was largely unchanged from the prior quarter of 2.6.

我們的還款全年持續進行，第四季度的貸款還款、分期付款和 1 筆貸款出售約 3.62 億美元，其中約 47% 是辦公室貸款。第四季度的還款超過貸款資金，導致我們的投資組合餘額減少約 2.5 億美元。截至 12 月 31 日，我們的投資組合加權平均風險評級為 2.5，與上一季度的 2.6 基本持平。

During the quarter, we moved 1 of our office loans with a UPB of $32 million to a risk ranking of 5 and place it on nonaccrual status. We are in active discussions with the borrower and are evaluating a variety of potential resolution alternatives, and we'll provide more information as we have it.

在本季度，我們將 1 筆 UPB 為 3200 萬美元的辦公室貸款的風險等級調整為 5，並將其置於非應計貸款狀態。我們正在與借款人積極討論並評估各種潛在的解決方案，我們將提供更多信息。

With the addition of this 5-rated loan in the fourth quarter, and the resolution of the Pasadena retail loan, at 12/31, we have 4 loans totaling $247 million, with a risk rating of 5 and associated CECL reserves of about $39 million which were all secured by office properties. We remain very focused on pursuing various strategies on these loans with the exact timing and outcome being difficult to predict. We aim to maximize economic outcomes, release trapped capital and eliminate the meaningful drag these loans impose on our earnings as we successfully accomplished with the Pasadena retail loan during the fourth quarter.

隨著第四季度增加這 5 級貸款，以及帕薩迪納零售貸款的決議，在 12/31，我們有 4 筆貸款，總額為 2.47 億美元，風險評級為 5，相關的 CECL 準備金約為 3900 萬美元這些都是由辦公物業擔保的。我們仍然非常專注於對這些貸款採取各種策略，具體時間和結果很難預測。我們的目標是最大限度地提高經濟成果，釋放被困資本，並消除這些貸款對我們收益造成的重大拖累，因為我們在第四季度成功地完成了帕薩迪納零售貸款。

Apart from these 5-rated loans, our office portfolio is very granular with 28 loans across over 20 markets with an average size of about $34 million. Some of these properties are located in markets with positive fundamentals like Miami, Nashville, and the affluent suburbs in the New York City tri-state area. We're seeing capital improvement programs continuing and being completed.

除了這些 5 級貸款外，我們的辦公室貸款組合非常精細，在 20 多個市場有 28 筆貸款，平均規模約為 3400 萬美元。其中一些房產位於基本面積極的市場，如邁阿密、納什維爾和紐約市三州地區的富裕郊區。我們看到資本改善計劃仍在繼續並正在完成。

Rent collections have remained strong and continued sponsored financial commitment as exhibited by ongoing healthy equity contributions. It's also important to note that the vast majority of the office properties in our portfolio have been or are in the process of being substantially renovated and have or will have the amenities and other physical and locational features most desired by tenants. We'll continue to be proactive and vigilant with our borrowers as we manage through the year.

正如持續健康的股權貢獻所展示的那樣，租金收入一直保持強勁，並繼續贊助財務承諾。同樣重要的是要注意，我們投資組合中的絕大多數辦公物業已經或正在進行大規模翻新，並且擁有或將擁有租戶最想要的便利設施和其他物理和位置特徵。在我們管理全年的過程中，我們將繼續對我們的借款人保持積極主動和警惕。

In light of the slowdown in real estate transaction volume, pressure on property values, market uncertainty and our desire to increase liquidity, we expect to remain measured in our approach to originations. We don't expect to match the robust repayment pace we experienced in 2022. However, we do expect repayments to outpace new fundings. So as a result, we do expect to see a modest decline in our portfolio balance over the near term.

鑑於房地產交易量的放緩、房地產價值的壓力、市場的不確定性和我們增加流動性的願望，我們希望在我們的發起方式上保持謹慎。我們預計不會達到我們在 2022 年經歷的強勁還款速度。但是，我們確實預計還款速度將超過新資金。因此，我們確實預計短期內我們的投資組合餘額會適度下降。

I will now turn the call over to Marcin for a more detailed review of our financial results.

我現在將把電話轉給 Marcin，以更詳細地審查我們的財務業績。

Thank you, Steve. Good morning, everyone, and thank you for joining us today. Yesterday afternoon, we reported a fourth quarter GAAP net loss of $9.9 million or $0.19 per basic share, which includes a provision for credit losses of $16.5 million or $0.32 per share and a loss on a loan sale of $1.7 million or $0.03 per share related to an opportunistic sale of a $22 million mixed-use office and retail loan.

謝謝你，史蒂夫。大家早上好，感謝您今天加入我們。昨天下午，我們報告了第四季度 GAAP 淨虧損 990 萬美元或每股基本股 0.19 美元，其中包括 1650 萬美元或每股 0.32 美元的信貸損失準備金以及 170 萬美元或每股 0.03 美元的貸款出售損失機會主義出售價值 2200 萬美元的混合用途辦公室和零售貸款。

Distributable loss for the fourth quarter was $8.2 million or $0.16 per basic share and includes a $15.5 million realized loss related to the resolution of our retail loan in Pasadena, which we previously disclosed. Adjusted for the realized losses, our Q4 distributable earnings were $9 million or $0.17 per basic share. Our fourth quarter book value declined by about $0.38 per common share to $14.86 and was mainly affected by the increase in our CECL reserves.

第四季度的可分配虧損為 820 萬美元或每股基本股 0.16 美元，其中包括與我們先前披露的帕薩迪納零售貸款決議相關的 1550 萬美元已實現虧損。根據已實現的虧損進行調整後，我們第四季度的可分配收益為 900 萬美元或每股基本股 0.17 美元。我們第四季度的賬面價值每股普通股下降約 0.38 美元至 14.86 美元，主要受到我們 CECL 儲備增加的影響。

For the full year, we reported GAAP net loss of $55.3 million or $1.04 per basic share which was mainly driven by a provision for credit losses of $69.3 million or $1.32 per basic share and loss on early extinguishment of debt of $18.8 million or $0.36 per basic share related to our repayment of the term loan borrowings earlier in the year.

全年，我們報告的 GAAP 淨虧損為 5530 萬美元或每股基本股 1.04 美元，這主要是由於信貸損失準備金 6930 萬美元或每股基本股 1.32 美元以及提前清償債務損失 1880 萬美元或每股基本股 0.36 美元與我們在今年早些時候償還定期貸款有關的份額。

Our full year 2022 distributable earnings were $14.7 million or $0.28 per basic share inclusive of $27.3 million or $0.61 (sic) [$0.48] per basic share realized losses related to the resolutions of 2 nonaccrual loans and the sale of 1 loan. Adjusted for the realized losses, our full year 2022 distributable earnings were $42 million or $0.79 per basic share.

我們 2022 年全年的可分配收益為 1470 萬美元或每股基本股 0.28 美元，其中包括 2730 萬美元或每股基本股 0.61 美元（原文如此）[0.48 美元] 與 2 筆非應計貸款的決議和 1 筆貸款的出售相關的已實現虧損。根據已實現的虧損進行調整後，我們 2022 年全年的可分配收益為 4200 萬美元或每股基本股 0.79 美元。

At quarter end, our CECL reserve totaled $86.6 million or $1.65 per common share and represented about 2.4% of our total loan commitments. Our allowance for credit losses includes about $39 million of reserves allocated to the 4 risk-rated 5 nonaccrual loans. The $16.5 million provision for credit losses in the fourth quarter was mainly driven by more conservative macroeconomic forecasts used in our analysis.

季度末，我們的 CECL 儲備金總計 8660 萬美元或每股普通股 1.65 美元，約占我們總貸款承諾的 2.4%。我們的信貸損失準備金包括分配給 4 風險評級 5 非應計貸款的約 3900 萬美元準備金。第四季度 1650 萬美元的信貸損失準備金主要是由於我們分析中使用的更為保守的宏觀經濟預測。

Turning to our capitalization and liquidity, our fourth quarter total debt-to-equity ratio decreased to 2.3x from 2.6x at the end of Q3, mainly due to the repayment of our $144 million convertible notes, which matured in December, and continued repayments within our loan portfolio. We ended the quarter with about $133 million in cash after repaying the convertible notes and continue to actively manage our liquidity and emphasize stable funding.

談到我們的資本化和流動性，我們第四季度的總債務權益比率從第三季度末的 2.6 倍降至 2.3 倍，這主要是由於我們償還了 12 月到期的 1.44 億美元可轉換票據，並繼續償還在我們的貸款組合中。我們在償還可轉換票據後以約 1.33 億美元的現金結束了本季度，並繼續積極管理我們的流動性並強調穩定的資金。

During the quarter, we added a new $100 million secured credit facility, providing us with loan level financing on a non-mark-to-market basis and allowing for additional funding flexibility, especially with respect to nonperforming loans, giving us more optionality within our capital structure as we continue to actively manage our balance sheet during this highly uncertain market environment. Thank you again for joining us today.

本季度，我們新增了 1 億美元的擔保信貸額度，為我們提供了非按市值計價的貸款融資，並提供了額外的融資靈活性，尤其是在不良貸款方面，讓我們在我們的業務範圍內擁有更多選擇權資本結構，因為我們在這個高度不確定的市場環境中繼續積極管理我們的資產負債表。再次感謝您今天加入我們。

And now I would like to open the call for questions.

現在我想開始提問。

(Operator Instructions). Our first question comes from Doug Harter with Credit Suisse.

（操作員說明）。我們的第一個問題來自瑞士信貸的 Doug Harter。

Hoping you could talk about your plans to generate more liquidity to handle the convert that comes due in the fourth quarter?

希望您能談談您計劃產生更多流動性以處理第四季度到期的轉換？

Sure. Thanks for joining us. Thanks for the question. This is Marcin. Yes. Look, we will remain opportunistic vis-a-vis any potential in our capital markets transactions, obviously, that we did not do that due -- in the fourth quarter to address the '22 maturities. We do have pretty delevered portfolio. So we're looking at opportunities to potentially refinance some of our delevered funding vehicles, which would provide pretty meaningful capital to help us address the bonds. So we may -- again, we'll remain opportunistic. We'll probably run the portfolio off a little bit. But if there's an opportunity to refinance them, we'll evaluate it as well.

當然。感謝您加入我們。謝謝你的問題。這是馬爾欽。是的。看，對於我們資本市場交易中的任何潛力，我們將保持機會主義，顯然，我們沒有這樣做——在第四季度到期，以解決 22 年到期的問題。我們確實有相當去槓桿化的投資組合。因此，我們正在尋找機會為我們的一些去槓桿融資工具進行潛在的再融資，這將提供非常有意義的資本來幫助我們解決債券問題。所以我們可能 - 再一次，我們將保持機會主義。我們可能會稍微減少投資組合。但如果有機會為他們再融資，我們也會對其進行評估。

Just following up on that comment about the underlevered portfolio. Just looking at Slide 12. I -- can you help us with the non-mark-to-market repurchase facility, the secured credit facility, what type of advance rates could you get on those facilities as we kind of think about the potential for finding liquidity there?

只是跟進關於槓桿不足的投資組合的評論。只看幻燈片 12。我 - 你能幫助我們解決非按市值計價的回購機制，有擔保的信貸機制，你能從這些機制中獲得什麼樣的預付利率，因為我們正在考慮在那裡尋找流動性？

Sure. It really varies by different assets. These facilities, I mean, you can see on this page, it's somewhere between 40% and 55% advance rate right now. It really varies on a particular loan. We set these facilities up to really help us with financing of some of the sub-performing and nonperforming loans, which we -- we're very happy with that. It's a great tool to help us manage overall liquidity. We see a lot of opportunity to potentially refinance FL2 with the second CLO, which is below 40% advance rate right now. So we're looking into that. But again, the portfolio, it's pretty delevered. So we believe we'll have some opportunities to maybe swap some of the corporate debt for some asset-related debt over time.

當然。它確實因不同的資產而異。這些設施，我的意思是，你可以在這個頁面上看到，它現在的推進率在 40% 到 55% 之間。它確實因特定貸款而異。我們設置這些設施是為了真正幫助我們為一些不良貸款提供融資，我們對此非常滿意。這是幫助我們管理整體流動性的好工具。我們看到很多機會可以用第二個 CLO 為 FL2 進行再融資，目前預付款率低於 40%。所以我們正在調查。但同樣，投資組合已經相當去槓桿化了。因此，我們相信隨著時間的推移，我們可能會有一些機會將一些公司債務換成一些與資產相關的債務。

Doug, this is Jack Taylor. I would just add one thing. I wouldn't use this an operative assumption that any refinancing of underlevered assets is put on to the $200 million non-mark-to-market repurchase facility or the secured credit facility.

道格，這是傑克泰勒。我只想補充一件事。我不會使用這個操作假設，即任何槓桿不足的資產的再融資都用於 2 億美元的非按市值計價的回購工具或有擔保的信貸工具。

Okay. I guess is that implying that refinancing -- or I guess, what is the appetite or the availability to get new financing facilities, secured financing facilities in the market today?

好的。我猜這意味著再融資——或者我猜，今天市場上獲得新融資工具、擔保融資工具的意願或可用性如何？

We're in good position with our existing banks and wouldn't need to reach out to new lenders. So we also have inquiry from new lenders as well.

我們在現有銀行中處於有利地位，不需要聯繫新的貸方。所以我們也有來自新貸方的詢問。

Our next question comes from Steve Delaney with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Steve Delaney。

The new 5-rated, I'm sure everyone on the call wants to learn a little more about the new 5-rated office loan in Dallas. I'm not really familiar with that market, but could you just generally describe which submarket, what part of Dallas, it's located in? And maybe some comments about the age of the building, the business plan for the sponsor and with the current occupancy and tenant mix looks like.

新的 5 級辦公室貸款，我相信電話中的每個人都想更多地了解達拉斯的新 5 級辦公室貸款。我不太熟悉那個市場，但你能不能大致描述一下它位於達拉斯的哪個子市場，哪個部分？也許還有一些關於建築物年齡、贊助商的商業計劃以及當前入住率和租戶組合的評論。

Steve, it's Steve Alpart. I'll keep this high level. So this is a small loan secured by an office property in Dallas, as you know. We moved this 1 to a 5 in the fourth quarter. We have had other Dallas office loans that have performed very well. We have another Dallas loan right now, which is nearby and is also performing very well. This 1 is -- has underperformed. The leasing has been sluggish. General area of Dallas is kind of North Dallas.

史蒂夫，我是史蒂夫·阿爾帕特。我會保持這個高水平。如您所知，這是一筆小額貸款，由達拉斯的辦公物業擔保。我們在第四節將這個 1 變成了 5。我們有其他表現非常好的達拉斯辦公室貸款。我們現在還有另一筆達拉斯貸款，就在附近，而且表現也很好。這 1 是——表現不佳。租賃一直不景氣。達拉斯的一般區域有點像北達拉斯。

But we have to get to -- you've heard us talk a little bit about how uneven performance has been across markets, within markets, by buildings. This one just underperformed. So we -- so those are the reasons why we moved to a 5. As far as potential outcomes here, it's the usual mix, but we're looking at a potential sale of the property. It could be a deed in lieu. The timing of the resolution is hard to predict. But we're very focused on resolving all the 5-rated assets and increasing run rate earnings.

但我們必須——你已經聽到我們談論了一些關於跨市場、市場內、建築物的表現是多麼不平衡的問題。這個只是表現不佳。所以我們 - 所以這些就是我們搬到 5 的原因。就這裡的潛在結果而言，這是通常的組合，但我們正在考慮潛在的房產銷售。這可能是一份替代契約。決議的時機很難預測。但我們非常專注於解決所有 5 級資產和增加運行率收益。

Understood. It was a 2017 loan. So I assume was it originally like 3 years and 2 1-year extensions. So is it pretty much part of the decision is that they kind of reached the end of their second extension.

明白了。這是一筆2017年的貸款。所以我假設它最初是 3 年和 2 個 1 年延期。因此，決定的很大一部分是他們的第二次延期已經結束了。

Yes, that's a fair assumption. Most of these loans are -- There was a couple of extension options. This 1 is passed the maturity. So those are all the factors that went into moving this 1 to a 5, just the underperformance and the maturity. But look, we're talking to the borrower. The conversations like almost all these deals are very cooperative. We have to just kind of just look at the range of options.

是的，這是一個合理的假設。這些貸款中的大部分是——有幾個延期選項。這1已經過期了。所以這些都是將這個 1 提升到 5 的所有因素，只是表現不佳和成熟度。但是，看，我們正在與借款人交談。幾乎所有這些交易的對話都非常合作。我們只需要看看選項的範圍。

Got it. Jack, a comment in your opening remarks, we've seen -- all seen a lot of cycles over the years. a lot of real estate equity capital on the sidelines. I assume some of that could be considered distressed or rescue capital. I'm sure they're credit funds that play in that. As you see the market and where we are right now, what do we need as a flash point to see some of that money come in? Is it sort of wait and see the Fed's endgame and when we know kind of people then expect terminal rates. And just if you could share some thoughts about over the next year or more, when might there be some capital coming into the commercial real estate market from that type of source?

知道了。傑克，在你的開場白中的評論，我們已經看到 - 多年來都看到了很多周期。不少房地產股權資本在觀望。我假設其中一些可以被視為不良資本或救助資本。我敢肯定他們是參與其中的信貸基金。正如你所看到的市場和我們現在所處的位置，我們需要什麼作為一個閃點來看到一些錢進來？是不是有點等著看美聯儲的結局，當我們知道有些人會期待最終利率時。如果你能分享一些關於未來一年或更長時間的想法，什麼時候會有一些資本從這種來源進入商業房地產市場？

Well, thank you for the question, and good to speak with you. I think it's an excellent question, and it goes to, I think, a very fundamental point, which is the commercial real estate market is not monolithic. It's composed of many different types of investors with different objectives and needs. So the credit-oriented funds or capital that's been raised or is being raised will probably come in when there's more distressed selling and opportunities for them to realize their higher yields or access to the properties through buying notes that will get to the properties very quickly and then they can operate on the properties themselves and hold on for a longer period of time.

嗯，謝謝你的提問，很高興和你交談。我認為這是一個很好的問題，我認為它涉及到一個非常基本的觀點，即商業房地產市場並不是單一的。它由具有不同目標和需求的許多不同類型的投資者組成。因此，當有更多的低價拋售和機會讓他們實現更高的收益率或通過購買將很快到達房產的票據獲得房產時，已經籌集或正在籌集的信貸導向基金或資本可能會進入然後他們可以自己操作這些房產並持有更長的時間。

The bigger issue, I think, is the inflection point. And my view is that the primary driver for so much of the healing in the capital markets and all will be more clarity about when rates are going to stop being raised and how long they'll be there. And that's a very iterative process. There's been a lot of head fakes in both directions over the last 6 months. You can look at not only official statements, but prognosticators.

我認為更大的問題是拐點。我的觀點是，資本市場如此多複甦的主要驅動力，以及利率何時停止上調以及利率上調持續多長時間將變得更加清晰。這是一個非常反复的過程。在過去的 6 個月裡，兩個方向都有很多假頭像。您不僅可以查看官方聲明，還可以查看預測者。

I think that the general view is that once the Fed pivots or the market believes they've pivoted there will be a ratchet back up in not only transaction volume but capital moving into the space and leveling off of the problems. Most people can't entertain a longer-term hold on a property or an acquisition if they don't know what their liabilities cost. And all liabilities are being driven by that uncertainty right now.

我認為普遍的觀點是，一旦美聯儲轉向或市場認為他們已經轉向，不僅交易量會出現棘輪迴升，而且資本會進入該領域並解決問題。如果大多數人不知道他們的負債成本是多少，他們就無法長期持有房產或收購。現在，所有負債都受到這種不確定性的驅動。

And the equity markets. I mean, the 10-year is 50 basis points higher this morning than it was on February 2. So thank you, February.

還有股票市場。我的意思是，今天早上 10 年期國債比 2 月 2 日高出 50 個基點。謝謝你，二月。

(Operator Instructions) Our next question comes from Stephen Laws with Raymond James.

（操作員說明）我們的下一個問題來自 Stephen Laws 和 Raymond James。

A couple things but I wanted to have a follow-up on the new financing facility. Jack, can you talk about the parameters for financing the nonperforming loans, kind of what type of advance rate do you get on that line? And what is the cost of that financing to put that in place on a nonmark 3-year basis?

有幾件事，但我想跟進新的融資機制。傑克，你能談談為不良貸款融資的參數嗎？你在那條線上獲得什麼樣的預付利率？在非標記的 3 年期基礎上進行融資的成本是多少？

I'll actually turn that over to Marcin.

實際上，我會把它交給 Marcin。

Stephen, it's Marcin. Good question. So when you look at our Page 12, it's 6.50% over so for -- and again, as I mentioned to Doug earlier, the advance rates will sort of differ based on different loans, somewhere between 40% and 60%. And but it really is asset-specific as it is with any type of financing on any type of facility. It's all really highly dependent on a particular asset that you're financing at the time.

斯蒂芬，我是馬爾欽。好問題。因此，當您查看我們的第 12 頁時，它超過了 6.50%——而且，正如我之前向 Doug 提到的那樣，預付利率會根據不同的貸款而有所不同，大約在 40% 到 60% 之間。但它確實是特定於資產的，因為它適用於任何類型的設施的任何類型的融資。這一切都高度依賴於你當時融資的特定資產。

Our next question comes from Jade Rahmani with KBW.

我們的下一個問題來自 KBW 的 Jade Rahmani。

When we look at the leverage of the company, I'm puzzled as to why there isn't more leverage available. Just looking at many of your peers, quite a lot of them have on the asset level north of 4x leverage. And when I look at GPMT the leverage really never got to those levels and now is among the lower of peers, yet it doesn't seem that there's an immediate source of liquidity aside from cash. So what do you think the main reasons are for that if the credit performance is likely to be resilient, given the lower average loan size versus those that play in, say, the $100 million plus range.

當我們審視公司的槓桿作用時，我很困惑為什麼沒有更多可用的槓桿作用。看看你的許多同行，他們中的很多人的資產水平都在 4 倍以上。當我查看 GPMT 時，槓桿率確實從未達到過這些水平，現在處於同行中較低的水平，但除了現金之外似乎沒有直接的流動性來源。那麼，鑑於平均貸款規模低於 1 億美元以上的貸款規模，如果信貸表現可能具有彈性，您認為主要原因是什麼。

Jade, it's Marcin. Thanks for the question. Look, I think when you look at the overall leverage of the company, obviously, there's a lot of factors that go into it, and it's very funding source specific. So if you look at some of our CLO financing, it's sort of at 80% or north of 80% financing, right? So you can get a lot of financing in the CLO market, which all of us have, right? And then as the CLO sort of delever as we have with the second CLO, it's below 40%.

傑德，是馬爾欽。謝謝你的問題。看，我認為當你看公司的整體槓桿時，顯然，有很多因素參與其中，而且資金來源非常具體。所以，如果你看一下我們的一些 CLO 融資，它有點像 80% 或 80% 以上的融資，對吧？所以你可以在我們所有人都有的 CLO 市場上獲得很多融資，對吧？然後當 CLO 像我們對第二個 CLO 那樣去槓桿化時，它低於 40%。

So when -- you have to look at it sort of on a specific source of funds because the total leverage on the company is obviously a estimation of all of those. So we have, as you just sort of say, we have availability to lever up certain assets, and we intend to do so over time. We are maintaining lower leverage right now as due to the uncertainty in the markets, we obviously have the bonds coming due at the end of the year. So we're planning on that. So it's a holistic approach, but we definitely have sources of financing to relever the company, we just have to wait for some market stability to do that.

所以當 - 你必須在某種特定的資金來源上看它，因為公司的總槓桿顯然是對所有這些的估計。因此，正如您剛才所說，我們有能力利用某些資產，並且我們打算隨著時間的推移這樣做。由於市場的不確定性，我們現在保持較低的槓桿率，顯然我們的債券將在年底到期。所以我們正在計劃。所以這是一個整體的方法，但我們肯定有融資來源來重新利用公司，我們只需要等待一些市場穩定就可以做到這一點。

And with respect to the existing repurchase facilities that were in place, excluding the new facility, that was added, the $100 million. Is there unused capacity that's currently available based on the existing collateral that's on hand to get to like a 75% advance rate?

關於現有的回購設施，不包括新設施，增加了 1 億美元。根據手頭現有的抵押品，目前是否有未使用的容量可以達到 75% 的預付率？

There is. We chose not to go there yet, but there's opportunities to relever some of those assets. But again, it's asset-specific and it obviously depends on the loan facility and a particular loan. So -- but we are -- as Jack said earlier, we're in good standing with our lenders. And they actually want to do more business with us. So we're obviously taking all that into consideration.

有。我們選擇不去那裡，但有機會重新利用其中一些資產。但同樣，它是特定於資產的，顯然取決於貸款工具和特定貸款。所以 - 但我們 - 正如傑克早些時候所說，我們在我們的貸方中信譽良好。他們實際上想與我們做更多的生意。所以我們顯然正在考慮所有這些。

How much capacity do you think there is? I don't have the 10-K, I don't think it's yet. But as of September 30, it was something around $700 million.

你覺得容量有多大？我沒有 10-K，我認為還沒有。但截至 9 月 30 日，這一數字約為 7 億美元。

Yes, that hasn't really changed that much.

是的，這並沒有真正改變那麼多。

Okay. But you said it's asset-specific. So not all of the $700 million would be available.

好的。但是你說它是特定於資產的。因此，並非所有 7 億美元都可用。

Correct.

正確的。

Okay. And then the second question would just be about more of a strategic approach to the business. I've seen mortgage REITs trade at these kind of levels relative to book value, and there's lots of reasons for that. One of the reasons is investors are looking forward. So they're applying a discount to forward book value, modeling in CECL reserves, they would expect book value to go down and also perhaps the dividend being above GAAP earnings. But in addition to that, it's where the next source of capital comes from to sort of bridge any gap the company has.

好的。然後第二個問題將更多地是關於業務的戰略方法。我已經看到抵押房地產投資信託基金以相對於賬面價值的這種水平進行交易，這有很多原因。原因之一是投資者期待。因此，他們對遠期賬面價值應用折扣，在 CECL 儲備中建模，他們預計賬面價值會下降，而且股息可能會高於 GAAP 收益。但除此之外，它是下一個資金來源，可以彌補公司存在的任何差距。

Is there a chance to change the conversation to perhaps buyback stock or partner with an outside investor to perhaps do some sort of creative financing that might be in combination like a preferred and common stock or perhaps a convert of some sort, warrants, perhaps that could really be accretive to shareholders on a book value basis and provide leverageable capital to put the company in a totally different position.

是否有機會將談話改為回購股票或與外部投資者合作，或許可以進行某種創造性的融資，這些融資可能會結合在一起，比如優先股和普通股，或者可能是某種轉換，認股權證，也許這可以真正以賬面價值為基礎增加股東的收益，並提供可槓桿化的資本，使公司處於完全不同的位置。

Jade, this is Jack. Nice to speak with you. And so we -- on things like stock buybacks and other things, we don't comment on that. So I won't go to anything specific or fundamental, but it is part of our thinking about accretive capital raises, whether in the public or private market that could provide more momentum because we do believe we're confident that our trading value at the stock is not reflective of the inherent value of the company. So we will be analyzing these things, are analyzing them and will be proceeding. But we can't comment specifically about it, but of course, we think about our strategic future in terms of accessing more capital.

傑德，這是傑克。很高興和你說話。因此，對於股票回購和其他事情，我們不予置評。所以我不會談任何具體或基本面的事情，但這是我們考慮增加資本籌集的一部分，無論是在公共市場還是私人市場，這都可以提供更多動力，因為我們確實相信我們有信心我們的交易價值在股票不能反映公司的內在價值。所以我們將分析這些事情，正在分析它們並將繼續進行。但我們不能對此發表具體評論，但當然，我們會從獲得更多資本的角度考慮我們的戰略未來。

And do you think that... yes, go ahead.

你認為......是的，繼續吧。

Just to add to that just in terms of profitability. We have a lot of capital and sort of earnings, capital trapped and earnings drag from these nonaccrual loans, right? So I mean we estimate that the nonaccruals cost us over $4 million in interest income in the fourth quarter. So that's a pretty significant amount. So we are really obviously focused on resolving these. And once we do that, you sort of got a double benefit from releasing some trapped capital, but also turning them into earning assets. So the run rate profitability can improve dramatically once those loans are resolved and they can be then financed in a more in a more efficient way. So it's sort of a combination of the 2.

只是為了增加盈利能力。我們有大量的資本和收入，這些非應計貸款拖累了資本和收入，對吧？所以我的意思是，我們估計第四季度非應計項目使我們損失了超過 400 萬美元的利息收入。所以這是一個相當可觀的數額。所以我們真的很明顯專注於解決這些問題。一旦我們這樣做了，你就會從釋放一些被困資本中獲得雙重好處，同時也將它們轉化為盈利資產。因此，一旦這些貸款得到解決，運行率盈利能力就會顯著提高，然後可以以更有效的方式為它們融資。所以它是兩者的結合。

And going into the pandemic, we were 3.5x leveraged on a total company basis. So there's definitely an opportunity to relever back up, but we're looking at all the different potential outcomes here.

進入大流行期間，我們在整個公司基礎上的槓桿率為 3.5 倍。所以肯定有機會重新啟動，但我們正在研究這裡所有不同的潛在結果。

But I think once those loans are resolved, I mean, there's probably going to be a pipeline of other loans that go through issues I mean considering what's playing out in the office sector, considering what's playing out in real estate more broadly and the price correction. So I think, hopefully, some kind of capital plan is priority #1 rather than resolving those risk-5 rated loans and thinking that, that will produce earnings and that will get the stock up.

但我認為，一旦這些貸款得到解決，我的意思是，可能會有一系列其他貸款遇到問題，我的意思是考慮辦公部門正在發生的事情，考慮更廣泛的房地產正在發生的事情以及價格調整.所以我認為，有希望地，某種資本計劃是第一要務，而不是解決那些風險為 5 級的貸款，並認為這將產生收益並使股票上漲。

I have a couple of comments about that. One, our CECL reserve process takes into account what we -- our current thoughts are, we can speak to that a little more. But the -- in terms of the pipeline, the market is very, very uncertain. But the extent of the problem loans that you're thinking about, I think, is different than how we view it.

我對此有幾點看法。第一，我們的 CECL 儲備流程考慮到了我們——我們目前的想法，我們可以多談一點。但是——就管道而言，市場非常、非常不確定。但我認為，您所考慮的問題貸款的範圍與我們的看法不同。

And so our -- as I responded to, we are looking at ways to bolster the balance sheet of all sorts, the resolution of the nonaccruals doesn't mean that we're blind to the fact that there might be some more depending on what goes on in the market. We are quite aware of the dynamics in the office market. We think our portfolio is largely misunderstood because of the idea that only bigger is better. And we think that our portfolio is quite resilient as we've said, though, we'll probably encounter problems as borrowers grapple with the rising cost of carry and all these things. There will be somebody probably somewhere who will approach us and say, "We need to extend with this add another relief," something like that. We're not blind to those type of eventualities but we've categorized them in our risk rankings and in our reserves. And even if we're off by some measure, it's not going to be the type of thing, I think, that you're thinking of.

因此，正如我回應的那樣，我們正在尋找加強各種資產負債表的方法，非應計項目的解決並不意味著我們對這樣一個事實視而不見，即可能會有更多取決於什麼在市場上繼續。我們非常了解寫字樓市場的動態。我們認為我們的投資組合在很大程度上被誤解了，因為只有越大越好的想法。我們認為我們的投資組合具有很強的彈性，正如我們所說的那樣，但是，隨著借款人努力應對不斷上漲的持有成本和所有這些問題，我們可能會遇到問題。可能會有人在某個地方接近我們並說，“我們需要延長這個時間，增加另一個緩解措施，”諸如此類。我們並非對這些類型的不測事件視而不見，但我們已將它們分類在我們的風險排名和儲備中。即使我們在某種程度上有所偏離，我認為這也不會是您正在考慮的那種事情。

Okay. And I wasn't pointing to GPMT's portfolio, in particular, but just the environmental overall.

好的。我並不是特別指 GPMT 的投資組合，而是指整體環境。

And there are no further questions at this time. So I'll hand the floor back to Jack Taylor for closing remarks.

目前沒有其他問題。因此，我將把發言權交還給 Jack Taylor，讓他發表閉幕詞。

I would like to thank everybody for participating in the call today specifically want to include our team, not only in the C-suite, but throughout the company for all the hard work they're doing to support this company and to move through these challenging markets. It's been superb efforts on everybody's part and a fantastic execution being exhibited. Most importantly, I want to thank our shareholders for continuing to support our company. Thank you very much.

我要感謝今天參加電話會議的每一個人，特別是要包括我們的團隊，不僅是在最高管理層，而且是在整個公司，感謝他們為支持這家公司並度過這些具有挑戰性的工作所做的所有辛勤工作市場。每個人都付出了巨大的努力，並展示了出色的執行力。最重要的是，我要感謝我們的股東繼續支持我們的公司。非常感謝。

Thank you. And that concludes today's conference for today. All parties may disconnect. Have a good day.

謝謝。今天的會議到此結束。各方可能會斷開連接。祝你有美好的一天。