Granite Point Mortgage Trust Inc (GPMT) 2023 Q4 法說會逐字稿

Good morning. My name is Donna and I will be your conference facilitator. At this time, I would like to welcome everyone to the Granite Point Mortgage Trust's fourth-quarter and full-year 2023 financial results conference call. (Operator Instructions) Please note, today's call is being recorded.

早安.我的名字是唐娜，我將成為您的會議主持人。此時此刻，我謹歡迎大家參加 Granite Point Mortgage Trust 2023 年第四季和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。

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

我現在想將電話轉給 Granite Point 投資者關係部的 Chris Petta。請繼續。

Thank you and good morning, everyone. Thank you for joining our call to discuss Granite Point's fourth-quarter and full-year 2023 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，早安。感謝您參加我們的電話會議，討論 Granite Point 的第四季和 2023 年全年財務業績。今天早上和我一起參加電話會議的是我們的總裁兼執行長傑克泰勒 (Jack Taylor)； Marcin Urbaszek，我們的財務長； Steve Alpart，我們的首席投資長兼發起聯合主管； Peter Morral，我們的首席開發長兼創始聯合主管；以及我們的營運長 Steve Plust。

After my introductory comments, Jack will provide a brief recap of market conditions and review our current business activities. Steve Alpart will discuss our portfolio, and Marcin will highlight key items from our financial results and capitalization. The press release, financial tables, and earnings supplemental 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 in the coming weeks.

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 將重點介紹我們的財務表現和資本化的關鍵項目。與今天電話會議相關的新聞稿、財務表格和收益補充資料已於昨天向美國證券交易委員會提交，可在我們網站的投資者關係部分查看。我們預計在未來幾週內提交 10-K 表格。

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 outside the company's control. 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.

我想提醒您，管理層在本次電話會議中發表的言論和支持幻燈片可能包含前瞻性陳述，這些陳述在公司的控制範圍之外具有不確定性。前瞻性陳述反映了我們對未來事件的看法，並受到不確定性的影響，可能導致實際結果與預期有重大差異。請參閱我們向 SEC 提交的文件，以了解我們可能影響結果的一些風險的討論。

We do not undertake any obligation to update any forward-looking statements. We will also refer to certain non-GAAP measures on this call. This information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures to most comparable GAAP measures can be found in our earnings release and slides which are available on our website.

我們不承擔更新任何前瞻性陳述的義務。我們也將在本次電話會議上提及某些非公認會計原則措施。該資訊不應單獨考慮或取代根據 GAAP 提供的財務資訊。這些非公認會計原則財務指標與大多數可比較公認會計原則財務指標的調節可以在我們網站上提供的收益發布和幻燈片中找到。

I will now turn the call over to Jack.

我現在會把電話轉給傑克。

Thank you, Chris, and good morning, everyone. We would like to welcome you and thank you for joining us for Granite Point's fourth-quarter and full-year 2023 earnings call.

謝謝你，克里斯，大家早安。我們歡迎並感謝您參加 Granite Point 的第四季和 2023 年全年財報電話會議。

2023 was another challenging year for the commercial real estate industry for both property owners and lenders. Transaction volumes have remained extremely low. High interest rates have continued to increase the cost of capital, pressuring property values across sectors. They have also created a low visibility for market participants about the future cost of capital and so further reduced liquidity in the sector.

對於商業房地產行業的業主和貸款人來說，2023 年又是充滿挑戰的一年。交易量仍然極低。高利率持續增加資本成本，對各行業的房地產價值帶來壓力。它們還導致市場參與者對未來資本成本的了解度較低，從而進一步減少了該行業的流動性。

Heading into 2023, we communicated our cautious approach to the market while putting more emphasis on maintaining higher liquidity and proactively managing our portfolio to protect our balance sheet and investors' capital.

進入 2023 年，我們向市場傳達了我們的謹慎態度，同時更加重視保持較高的流動性並積極管理我們的投資組合，以保護我們的資產負債表和投資者的資本。

Our team has decades of experience managing various real estate lending businesses through market volatility caused by various economic, credit, and interest rate cycles. As such, we firmly believe that during challenging periods like today, emphasizing balance sheet stability and protecting the downside is the prudent strategy, both to effectively navigate market uncertainty and to position the business for future success and growth opportunities, even though such steps pressure the company's returns and profitability in the near-term.

我們的團隊擁有數十年的經驗，在各種經濟、信貸和利率週期引起的市場波動中管理各種房地產貸款業務。因此，我們堅信，在像今天這樣充滿挑戰的時期，強調資產負債表穩定性和保護下行是審慎的策略，既可以有效應對市場不確定性，又可以為業務定位未來的成功和成長機會，儘管這些措施給企業帶來了壓力。公司的短期回報和獲利能力。

In mid-2022, with the expectation of continued Federal Reserve actions and the resulting impact on commercial real estate fundamentals and valuations, we shifted our strategy from new loan originations to increasing liquidity to further diversifying our funding sources and to proactively managing our portfolio by collaboratively working with our borrowers.

2022 年中期，由於預計聯準會將繼續採取行動，並對商業房地產基本面和估值產生影響，我們將策略從發放新貸款轉向增加流動性，進一步實現融資來源多元化，並透過合作主動管理我們的投資組合。與我們的借款人合作。

We're pleased to report that in using this approach, we have accomplished a number of our goals in navigating the market challenges: we have reduced our leverage to one of the lowest levels in the industry and well below our target range; we realized a significant volume of loan repayments, paydowns, and resolutions, totaling over $725 million last year, illustrating the liquidity embedded in our portfolio; and we resolved several non-accrual loans as we addressed select credit issues.

我們很高興地報告，透過使用這種方法，我們已經實現了應對市場挑戰的許多目標：我們已將槓桿率降低至行業最低水平之一，並且遠低於我們的目標範圍；去年，我們實現了大量貸款償還、還款和決議，總額超過 7.25 億美元，這說明了我們投資組合中蘊含的流動性；我們在解決選定的信貸問題時解決了幾筆非應計貸款。

Our proactive balance sheet management strategy also enabled us to repay, with cash, two convertible bond maturities totaling over $275 million within ten months of each other, the latest of which was in October of 2023, as we did not want to access the capital markets during this challenging period.

我們積極主動的資產負債表管理策略也使我們能夠在十個月內以現金償還兩筆總額超過 2.75 億美元的可轉換債券，最近一次是在 2023 年 10 月，因為我們不想進入資本市場在這個充滿挑戰的時期。

We have also opportunistically deployed capital into our own securities. As part of our flexible capital allocation strategy, and given the attractive relative value, over the course of 2023, we repurchased about 2 million shares of our common stock, representing some 3.8% of our shares outstanding, generating book value accretion of about $0.35 per common share. We currently have a little over 4 million shares remaining under our existing authorization, and we intend to remain opportunistic with respect to any future buyback activity.

我們也機會主義地將資本配置到我們自己的證券中。作為我們靈活資本配置策略的一部分，並考慮到有吸引力的相對價值，在2023 年期間，我們回購了約200 萬股普通股，約占我們已發行股票的3.8%，每股帳面價值增加約0.35 美元共同分享。目前，我們的現有授權剩餘股份略多於 400 萬股，我們打算對未來的任何回購活動保持機會主義。

We believe that despite the significant market challenges our industry has faced over the last couple of years, our granular senior floating rate loan portfolio has delivered relatively attractive returns benefiting from higher short-term rates and diversification across property types, many markets, and many sponsors who generally remain supportive of their investments. Although transaction volumes have remained subdued across the real estate market, our portfolio has benefited from its broad diversification and middle market focus. And as I mentioned earlier, we realized a strong pace of loan repayments last year of over 20% of our portfolio.

我們相信，儘管我們的行業在過去幾年中面臨著重大的市場挑戰，但受益於較高的短期利率以及跨房地產類型、許多市場和許多贊助商的多元化，我們精細的高級浮動利率貸款組合已帶來相對有吸引力的回報他們通常仍然支持他們的投資。儘管整個房地產市場的交易量仍然低迷，但我們的投資組合受益於其廣泛的多元化和對中間市場的關注。正如我之前提到的，去年我們的貸款償還速度強勁，占我們投資組合的 20% 以上。

The loan payoffs have been across property types, the largest of which, or about 35%, was related to loans collateralized by office properties. In fact, over the last couple of years, our exposure to office loans has significantly declined by over $500 million, or about 30%, primarily due to repayments and paydowns and also select loan resolutions. Many of our repayments have come from loans that have been previously amended to allow borrowers more time to progress on their business plans and complete their exits through either property sales or refinancing. This illustrates the benefit of working with our borrowers.

貸款回報涵蓋各種房產類型，其中最大的（約 35%）與辦公房產抵押的貸款有關。事實上，在過去幾年中，我們的辦公室貸款曝險已大幅下降超過 5 億美元，約 30%，這主要是由於還款和還款以及選擇貸款解決方案。我們的許多還款來自先前經過修改的貸款，以便藉款人有更多時間推進其業務計劃，並透過房地產銷售或再融資完成退出。這說明了與借款人合作的好處。

The pace of repayments remains volatile and uncertain, and we will continue to manage our business accordingly. While we believe our conservative underwriting has helped our portfolio performance, given the severity of market challenges, we are not immune to experiencing select credit issues, which we continue to proactively address, including the resolution of the San Diego office loan in the fourth quarter.

還款速度仍然不穩定且不確定，我們將繼續相應地管理我們的業務。儘管我們相信保守的核保有助於我們的投資組合表現，但考慮到市場挑戰的嚴重性，我們也不能倖免於遇到特定的信貸問題，我們將繼續積極解決這些問題，包括第四季度解決聖地牙哥辦公大樓貸款問題。

As we progress on various resolution strategies for certain loans, during the fourth quarter, we downgraded two loans from a risk rating of 4 to a risk rating of 5. Both the Baton Rouge mixed-use retail and office assets and the Chicago office assets are in various stages of resolutions involving potential property sales by their sponsors, which Steve will address shortly.

隨著我們針對某些貸款的各種解決策略取得進展，第四季度，我們將兩筆貸款的風險評級從 4 級下調至 5 級。巴吞魯日混合用途零售和辦公資產以及芝加哥辦公資產都處於涉及贊助商潛在房地產出售的解決方案的不同階段，史蒂夫將很快解決這個問題。

Our GAAP results include additional credit loss provisions mainly related to the 5-rated loans. While our overall fourth-quarter CECL reserve was 4.7% of total commitments versus about 4.9% last quarter. Overall market sentiment has improved somewhat over the past months following the recent shift in the Fed stance pointing to anticipated reductions in the federal funds target rate during 2024, and we believe that sentiment and activity will likely continue to improve, particularly during the second half of the year.

我們的 GAAP 結果包括主要與 5 級貸款相關的額外信用損失撥備。第四季 CECL 儲備總額佔承諾總額的 4.7%，而上季約為 4.9%。在聯準會近期立場轉變，預計 2024 年聯邦基金目標利率將下調之後，過去幾個月整體市場情緒有所改善，我們認為情緒和活動可能會繼續改善，特別是在下半年。那一年。

However, the continued strength in the labor market and consumer spending supporting the overall performance of the US economy may impact the timing of such interest rate cuts, which may further delay the recovery in the commercial real estate market.

然而，支撐美國經濟整體表現的勞動力市場和消費者支出的持續走強可能會影響此類降息的時機，從而可能進一步推遲商業房地產市場的復甦。

Although we have seen a modest pickup in transaction volumes in the industry, we believe the future path of macro trends remains uncertain. Fundamental performance across property types continues to be uneven and high interest rates all contribute to continued constrained liquidity in the real estate market. As such, in the near to medium term, we will continue to emphasize maintaining higher liquidity, working with our borrowers to facilitate repayments, and resolving our non-accrual loans, given their meaningful impact on our returns.

儘管我們看到產業交易量略有回升，但我們認為未來宏觀趨勢的走向仍存在不確定性。各種房地產類型的基本面表現仍然參差不齊，高利率都導致房地產市場的流動性持續受限。因此，在中短期內，我們將繼續強調保持較高的流動性，與借款人合作以促進還款，並解決我們的非應計貸款，因為它們對我們的回報產生了重大影響。

We believe that these actions over time will help improve our run rate profitability, while positioning us to redeploy our capital into attractive investments and grow our portfolio as the real estate market stabilizes.

我們相信，隨著時間的推移，這些行動將有助於提高我們的運行率盈利能力，同時使我們能夠將資本重新部署到有吸引力的投資中，並隨著房地產市場的穩定而擴大我們的投資組合。

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

我現在想將電話轉給 Steve Alpart，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. We ended the fourth quarter with total portfolio commitments of $2.9 billion and an outstanding principal balance of about $2.7 billion, with $160 million of future fundings accounting for only about 6% of total commitments.

謝謝傑克，也謝謝大家今天早上加入我們的電話會議。截至第四季末，我們的投資組合承諾總額為 29 億美元，未償本金餘額約為 27 億美元，未來資金 1.6 億美元僅佔承諾總額的 6% 左右。

Our portfolio remains well-diversified across regions and property types and include 73 loan investments with an average size of about $37 million. Both of our loans continued to benefit from higher short-term interest rates and deliver an attractive income stream and carry a generally favorable credit profile, with a weighted average stabilized LTV at origination of 64%. Our realized portfolio yield for the fourth quarter was about 8.3%, net of the impact of the non-accrual loans, which we estimate to have been about 90 basis points.

我們的投資組合在不同地區和房產類型上仍然保持多元化，包括 73 項貸款投資，平均規模約為 3,700 萬美元。我們的兩筆貸款繼續受益於較高的短期利率，提供有吸引力的收入流，並具有整體良好的信用狀況，加權平均穩定貸款價值比為 64%。在扣除非應計貸款的影響後，我們在第四季度實現的投資組合收益率約為 8.3%，我們估計約為 90 個基點。

During the fourth quarter, we funded $15 million of existing loan commitments and upsizes and one new loan for about $49 million related to the previously disclosed resolution of the risk-rated 5 San Diego office loan. So far in the first quarter, we have funded about $7 million of existing commitments.

在第四季度，我們為現有貸款承諾和擴大規模提供了1500 萬美元的資金，並為一筆約4900 萬美元的新貸款提供了資金，該貸款與之前披露的風險評級5 聖地亞哥辦公貸款決議相關。到目前為止，第一季我們已為現有承諾提供了約 700 萬美元的資金。

During 2023, we realized over $725 million of loan payoffs, including over $255 million in the fourth quarter, consisting of full loan repayments, principal paydowns, and select loan resolutions. About 35% of the repayment volume was related to office properties and about 28% were multifamily assets, with the balance allocated primarily between hotel and industrial loans.

2023 年，我們實現了超過 7.25 億美元的貸款償還，其中第四季度超過 2.55 億美元，包括全額貸款償還、本金償還和部分貸款決議。約35%的還款額與辦公室物業有關，約28%與多戶型資產有關，餘額主要分配在旅館和工業貸款之間。

Despite the broader market challenges, our volume of loan repayments has been relatively healthy, including from office assets, as we have benefited from some more liquidity in the middle market and our broad portfolio diversification across primary and secondary markets. Given the market uncertainty, repayments are hard to predict. In the near-term, we anticipate our loan portfolio balance to trend lower as we maintain our cautious stance and continue to prioritize [meaning] higher levels of liquidity.

儘管面臨更廣泛的市場挑戰，但我們的貸款償還量（包括辦公資產的貸款償還量）相對健康，因為我們受益於中間市場更多的流動性以及我們在一級和二級市場的廣泛投資組合多元化。鑑於市場的不確定性，還款很難預測。短期內，我們預計我們的貸款組合餘額將呈下降趨勢，因為我們將保持謹慎立場並繼續優先考慮更高水準的流動性。

Interest rates follow the current consensus path and decline in the second half of the year. We would anticipate some continued improvement in the commercial real estate capital markets, with the real estate markets improving, transaction volumes increasing, and repayment levels normalizing. While higher interest rates have generally benefited our returns and those of our industry, increased capital costs and reduced liquidity have negatively affected certain borrowers, and in turn, the performance of several of our loans.

利率遵循目前的共識路徑，下半年下降。我們預期商業房地產資本市場將持續改善，房地產市場改善，交易量增加，還款水準正常化。雖然較高的利率總體上有利於我們和行業的回報，但資本成本的增加和流動性的減少對某些借款人產生了負面影響，進而對我們的幾筆貸款的績效產生了負面影響。

During the fourth quarter, we downgraded two loans from risk rankings of 4 to 5, including an $86 million senior loan collateralized by a mixed-use retail and office property in Baton Rouge, Louisiana, and an $80 million senior loan secured by an office property with a retail component in Chicago. We have been monitoring these assets for some time and both are in various stages of potential resolutions.

第四季度，我們將兩筆貸款的風險評級從4 級下調至5 級，其中包括由路易斯安那州巴吞魯日的一處混合用途零售和辦公物業抵押的8,600 萬美元高級貸款，以及由一處辦公物業抵押的8,000 萬美元高級貸款在芝加哥設有零售部門。我們監控這些資產已經有一段時間了，兩者都處於潛在解決方案的不同階段。

Borrower on the Baton Rouge loan has launched a sale process for the property. The process remains ongoing. And while it is difficult to predict the timing and ultimate outcome, we hope to reach a potential resolution in the next couple of quarters. Borrower on the Chicago property is also in negotiations to potentially sell the asset. However, the process is in its early stages.

巴吞魯日貸款的借款人已啟動該房產的出售流程。該過程仍在繼續。雖然很難預測時間和最終結果，但我們希望在接下來的幾個季度內達成可能的解決方案。芝加哥房產的借款人也在就出售該資產的可能性進行談判。然而，這一過程還處於早期階段。

In addition, during the quarter, we also moved to a risk ranking of 4 (technical difficulty) a smaller $26 million senior loan secured by an office property located in Boston that has been negatively impacted by the ongoing soft leasing environment in that market. We are in active discussions with the borrower on this asset as we evaluate potential next steps with respect to this loan. These actions, along with the repayments realized in the fourth quarter. resulted in a portfolio weighted average risk ranking of 2.8 as of December 31 compared to 2.7 in the prior period.

此外，在本季度，我們還將一筆規模較小的2,600 萬美元高級貸款的風險排名升至4（技術難度），該貸款由位於波士頓的一處辦公物業擔保，該物業受到該市場持續的軟租賃環境的負面影響。我們正在與借款人就該資產進行積極討論，同時評估該貸款的潛在後續步驟。這些行動以及第四季實現的還款。截至 12 月 31 日，投資組合加權平均風險排名為 2.8，而上期為 2.7。

As we previously disclosed, during the quarter, we resolved a non-accrual $93 million San Diego office loan through a coordinated deed-in-lieu transaction and a sale of the property to a new buyer, while providing $49 million senior floating rate acquisition loan to the new ownership who invested meaningful cash equity into the transaction. We worked collaboratively over many months with our previous borrower and the new owner to bring this transaction to a successful conclusion, and in the process, created an attractive earning asset at a reset basis.

正如我們之前披露的，在本季度，我們通過協調的替代契約交易以及將房產出售給新買家的方式解決了一筆9300 萬美元的非應計聖地亞哥辦公樓貸款，同時提供了4900 萬美元的高級浮動利率收購貸款新的所有者在交易中投入了大量的現金股權。我們與先前的借款人和新所有者合作了數月，成功完成了這筆交易，並在此過程中，在重置的基礎上創造了有吸引力的盈利資產。

As we discussed on our last call, during the quarter, we also opportunistically sold a $31.8 million senior loan collateralized by an office property located in Dallas. These two resolutions resulted in losses, most of which had been previously accounted for in our book value through our CECL reserves. Considering the impact of the non-performing loans have on our run rate profitability, we are actively pursuing various resolution paths for these assets to allow us to redeploy our capital and improve our operating results.

正如我們在上次電話會議中討論的那樣，在本季度，我們還趁機出售了由達拉斯一處辦公物業抵押的 3,180 萬美元高級貸款。這兩項決議導致了損失，其中大部分損失之前已透過我們的 CECL 儲備計入我們的帳面價值。考慮到不良貸款對我們的運行率盈利能力的影響，我們正在積極尋求這些資產的各種解決途徑，以便我們重新部署資本並改善我們的經營業績。

Borrower on a $28 million Minneapolis hotel loan has been conducting a sale process for the property, and that process remains ongoing. We are in active discussions with the sponsors on the $37 million LA mixed-use office and retail loan and the $93 million Minneapolis office loan regarding next steps and potential resolutions, both of which are likely to take longer than some of the other assets we are looking to resolve given local market conditions.

明尼阿波利斯 2800 萬美元酒店貸款的借款人一直在對該房產進行出售程序，並且該程序仍在進行中。我們正在與贊助商就後續步驟和潛在解決方案就3700 萬美元的洛杉磯混合用途辦公和零售貸款以及9300 萬美元的明尼阿波利斯辦公貸款進行積極討論，這兩項貸款可能比我們正在處理的其他一些資​​產需要更長的時間來鑑於當地市場條件，尋求解決。

With respect to the REO office property in Phoenix, we are actively asset managing the property, which continues to generate modestly positive operating income. We continue to evaluate potential next steps, including a sale process. We're pleased with our progress to date on these assets and remain focused on resolving all the non-performing loans. We're also pleased that the majority of our borrowers remain committed to their assets.

對於鳳凰城的 REO 辦公物業，我們正在積極對該物業進行資產管理，該物業繼續產生適度的正營業收入。我們將繼續評估潛在的後續步驟，包括銷售流程。我們對迄今為止在這些資產上取得的進展感到滿意，並將繼續專注於解決所有不良貸款。我們也很高興我們的大多數借款人仍然致力於其資產。

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

我現在將把電話轉給 Marcin，以便對我們的財務表現和資本進行更詳細的審查。

Thank you, Steve. Good morning, everyone, and thank you for joining us today. Yesterday afternoon, we reported a fourth-quarter GAAP net loss of $17.1 million or $0.33 per basic share, which includes a provision for credit losses of $21.6 million or $0.42 per basic share, mainly related to certain risk-rated 5 loans.

謝謝你，史蒂夫。大家早安，感謝您今天加入我們。昨天下午，我們報告第四季GAAP 淨虧損為1,710 萬美元，即每股基本股0.33 美元，其中包括信用損失準備金2,160 萬美元，即每股基本股0.42 美元，主要與某些風險評級為5的貸款有關。

Distributable loss for the quarter was $26.4 million or $0.52 per basic share, including a write-off of $33.3 million or $0.65 per basic share related to the resolution of our San Diego office loan we disclosed in December. Distributable earnings before realized losses was $7 million or $0.14 per basic share and reflects the impact of loan repayments and additional loans placed on non-accrual status during the quarter.

本季可分配虧損為 2,640 萬美元或每股基本股 0.52 美元，其中包括與我們 12 月披露的聖地牙哥辦公貸款決議相關的 3,330 萬美元或每股基本股 0.65 美元的沖銷。已實現虧損前的可分配收益為 700 萬美元，即每股基本股 0.14 美元，反映了本季貸款償還和非應計狀態額外貸款的影響。

Our book value at December 31 was $12.91 per common share, a decline of about $0.37 per share or about 2.7% from Q3. The decrease was primarily due to the loan loss provision, the impact of which was partially offset by our accretive repurchases of 1 million common shares during the quarter, which we estimate benefited book value by about $0.16 per share.

截至 12 月 31 日，我們的帳面價值為每股普通股 12.91 美元，較第三季每股下降約 0.37 美元，即下降約 2.7%。減少的主要原因是貸款損失撥備，其影響被我們在本季度增加回購 100 萬股普通股所部分抵消，我們估計每股帳面價值將受益約 0.16 美元。

Our CECL reserve at year end was about $137 million or $2.71 per share, representing about 4.7% of our portfolio commitments as compared to about $149 million or 4.9% of total commitments last quarter. The modest change in our CECL reserve was mainly related to the write-off of the allowance related to the San Diego asset, loan repayments, and slightly better macro assumptions used in estimating the general reserve, partially offset by additional specific allowance recorded on the two new risk-rated 5 loans. Two-thirds of our total CECL reserve or about $90 million is allocated to certain individually assessed loans, which implies an estimated loss severity of about 27%.

截至年底，我們的 CECL 準備金約為 1.37 億美元，即每股 2.71 美元，約占我們投資組合承諾的 4.7%，而上季度約為 1.49 億美元，佔總承諾的 4.9%。我們的CECL準備金的小幅變化主要與聖地亞哥資產相關準備金的沖銷、貸款償還以及估計一般準備金時使用的稍微好一些的宏觀假設有關，部分被兩項記錄的額外特定準備金所抵消新的風險評級為5 級的貸款。我們的 CECL 儲備金總額的三分之二（即約 9,000 萬美元）分配給某些單獨評估的貸款，這意味著預計損失嚴重程度約為 27%。

As of year-end, we had about $450 million of loans on non-accrual status, most of which are in various stages of resolutions. The additional loans that were placed on non-accrual accounted for over $5 million of interest income during the fourth quarter.

截至年底，我們擁有約 4.5 億美元的非應計貸款，其中大部分處於不同的決議階段。第四季的額外非應計貸款佔利息收入超過 500 萬美元。

Given the impact our non-performing assets have on run rate profitability, we anticipate our earnings to be below our dividend in the near-term. As we make progress on resolving these assets, we believe the company's profitability should improve over time, though the exact timing and ultimate outcomes remain difficult to predict.

考慮到我們的不良資產對運行率盈利能力的影響，我們預計短期內我們的收益將低於股息。隨著我們在解決這些資產問題上取得進展，我們相信公司的獲利能力應該會隨著時間的推移而提高，儘管確切的時間和最終結果仍然難以預測。

Turning to liquidity and capitalization. We ended the quarter with over $188 million of unrestricted cash, and our total leverage continued to modestly decline to 2.1 times in Q4 from 2.2 times in Q3, mainly due to loan payoffs and repayment of the convertible notes in October, which was partially offset by an additional $100 million in borrowings related to an upsizing of the JP Morgan facility during the quarter.

轉向流動性和資本化。截至本季末，我們擁有超過1.88 億美元的非限制性現金，我們的總槓桿率繼續從第三季的2.2 倍小幅下降至第四季的2.1 倍，這主要是由於10 月的貸款償還和可轉換票據的償還，部分抵消了本季與摩根大通融資規模擴大相關的額外 1 億美元借款。

Our funding mix remains well-diversified and stable and we enjoy continued support from our lenders, highlighting the strength of these long-standing relationships. Following the repayment of our convertible notes, we have no corporate debt maturities remaining. As of a few days ago, we carried about $170 million in unrestricted cash.

我們的資金組合維持多元化和穩定，我們得到貸款人的持續支持，凸顯了這些長期關係的力量。償還我們的可轉換票據後，我們沒有剩餘的公司債務到期日。截至幾天前，我們持有約 1.7 億美元的非限制性現金。

I would like to thank you again for joining us today and we will now open the call for questions.

我再次感謝您今天加入我們，我們現在開始提問。

(Operator Instructions) Steve Delaney, Citizens JMP.

（操作員說明）Steve Delaney，Citizens JMP。

Good morning. Thanks for taking the question. Steve Alpart, you mentioned in your comments a Boston loan. I believe you indicated it was downgraded to a 5. Was that an event that took place here in the first quarter of 2024? It's not listed on the page 11 on the 5-rated loans as of year-end.

早安.感謝您提出問題。史蒂夫阿爾帕特，您在評論中提到了波士頓貸款。我相信你表示它已被降級為 5。這是 2024 年第一季發生的事件嗎？截至年底，它並未列在 5 級貸款的第 11 頁。

Hey, Steve, good morning. Thanks for joining our call this morning. That loan was downgraded in the fourth quarter from a 3 to a 4, not to a 5.

嘿，史蒂夫，早安。感謝您今天早上加入我們的電話會議。該貸款在第四季度從 3 級下調至 4 級，而不是 5 級。

Okay, got it. And that leads me to my next question. What's left in 4-rated loans given the transition that you had to a couple of 5s in the fourth quarter? I believe it was 7 -- you said the 4s were 7% of the portfolio, which sounds like it could be about a couple -- $200 million. How many loans are in that 4 bucket currently?

好，知道了。這引出了我的下一個問題。考慮到第四季度的幾個 5 級貸款的過渡，4 級貸款還剩下什麼？我相信是 7——你說 4s 佔投資組合的 7%，聽起來可能大約是 2 億美元。目前這 4 個桶子裡有多少筆貸款？

Sure. There's four loans, Steve, in the 4 bucket as of December.

當然。史蒂夫，截至 12 月，第四個桶子中有四筆貸款。

Okay, great. That's helpful. Thank you very much. Okay. And I guess this is just kind of a general comment, but hearing you talk about your liquidity and retaining cash and Marcin's comments about near-term earnings coming in below the dividend, and we model that as well simply because of some assumed losses impacting distributable EPS.

好的，太好了。這很有幫助。非常感謝。好的。我想這只是一種一般性評論，但聽到你談論你的流動性和保留現金，以及馬辛關於近期收益低於股息的評論，我們也對此進行了建模，僅僅是因為一些假設的損失影響了可分配的收益每股收益。

Jack, I guess I'll direct this to you. You have been using your buyback. Looking at where things stand now, would it not make sense for the Board to consider trimming the dividend -- the yield now is mid-teens or higher today -- trim the dividend and allocate more of that cash capital into buying back the shares down here, less than 50% of book? Just curious your thoughts on that suggestion.

傑克，我想我會把這個轉給你。你一直在使用你的回購。看看現在的情況，董事會考慮削減股息（目前的收益率為十幾歲左右或更高）是否有意義？削減股息並分配更多現金資本來回購股票這裡，還不到書的50%？只是好奇你對此建議的想法。

Hi Steve, this is Jack. It's good to speak with you, and thank you for joining us. Sure, I'll answer that. And first, I'll start out by saying it's our policy and our goal to provide an attractive income stream through the dividend to our stockholders, and dividend sustainability and the desire for it to be supported by our expectations for the run rate. Operating profitability is a key in our mind, and that's also with a view of the long-term profitability.

嗨，史蒂夫，我是傑克。很高興與您交談，感謝您加入我們。當然，我會回答這個問題。首先，我首先要說的是，我們的政策和目標是透過股息向股東提供有吸引力的收入流，以及股息的可持續性以及我們對運行率預期的支持的願望。營運獲利能力是我們關注的重點，也是著眼於長期獲利能力。

Given the really uncertain environment, making projections is really pretty difficult and the estimates is very challenging. And we recognize that during this period and other periods of credit challenges, we and others in the industry may underearn the dividend for a period of time, especially as we work on resolving the non-accrual loans, as you pointed out. And so as we mentioned in our prepared remarks, we anticipate that our earnings will be below the current dividend in the near-term. And as we resolve these non-performing assets, and they have, as we pointed out, a meaningful drag on our profitability.

鑑於環境確實不確定，做出預測確實相當困難，估計也非常具有挑戰性。我們認識到，在這段時期和其他信貸挑戰時期，我們和業內其他人可能會在一段時間內無法獲得股息，特別是當我們致力於解決非應計貸款時，正如您所指出的那樣。因此，正如我們在準備好的發言中所提到的，我們預計短期內我們的收益將低於當前股息。當我們解決這些不良資產時，正如我們所指出的，它們對我們的獲利能力產生了重大拖累。

Now, we don't anticipate that. We certainly don't anticipate that to be a permanent situation. But we don't know how long that is going to take and how long the resolutions will take. So management, along with our Board, will continue to evaluate the company's dividend in respect to future quarters. And the dividend is, of course, ultimately a decision of the Board.

現在，我們預計不會出現這種情況。我們當然不認為這種情況會持續下去。但我們不知道這需要多長時間以及決議需要多長時間。因此，管理層和董事會將繼續評估公司未來幾季的股利。當然，股息最終由董事會決定。

But all these factors we're taking into account, including what you were saying about stock buybacks and our flexible capital strategy allows us, as we have in the past. And we have authorization for it to take advantage of what we consider to be a very deep discount against value in our stock buybacks.

但我們正在考慮的所有這些因素，包括您所說的股票回購以及我們靈活的資本策略使我們能夠像過去一樣。我們有權利用我們認為相對於我們的股票回購價值的大幅折扣。

I appreciate that, Jack. Can you say what the remaining buyback authorization was as of the end of 2023?

我很感激，傑克。您能透露截至 2023 年底剩餘的回購授權是多少嗎？

I believe we have $4 million. Yes, we have $4 million of buyback authorization remaining. I think it's a little bit more, but it's a four-point something, like $4.1 million.

我相信我們有 400 萬美元。是的，我們還剩下 400 萬美元的回購授權。我覺得有點多，但是四點的東西，像是 410 萬美元。

Okay, great. That’s helpful. Okay, well, thanks for the comments.

好的，太好了。這很有幫助。好的，好的，謝謝評論。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Hi, good morning.

早安.

Good morning.

早安.

A couple of questions around the NPLs. I guess, first -- and Steve Alpart, I appreciate the color as you kind of ran through them. Certainly, it seems like you said LA mixed use in the [Minneapolis] maybe are going to be longer resolutions. But as you try to bucket the others that you went through, any thoughts on which ones could be resolved first-half 2024, which ones maybe second half? Or is there a way to somewhat force rank what can be addressed sooner rather than later as you think about those loans?

關於不良貸款的幾個問題。我想，首先——史蒂夫·阿爾帕特（Steve Alpart），我很欣賞你瀏覽它們時的顏色。當然，你似乎說過，洛杉磯在[明尼阿波利斯]的混合用途可能會是更長的決議。但是，當您嘗試將所經歷的其他問題進行比較時，您有沒有想過哪些問題可以在 2024 年上半年解決，哪些問題可以在下半年解決？或者有沒有一種方法可以在您考慮這些貸款時強制排序可以儘早解決的問題？

Sure. Steve, good morning. Thanks for joining our call this morning. Good to talk to you. So as we said earlier, the LA mixed-use and the Minneapolis office asset, just given what's happening in those two markets, we think that those are probably -- take a little bit longer than some of the others. The Baton Rouge mixed use, just to come to a quick march here, that borrower has launched a sale process to sell the property. That process is ongoing as we speak. It's difficult in this market to predict timing, but that's when I would say we hope to resolve in the next couple of quarters.

當然。史蒂夫，早安。感謝您今天早上加入我們的電話會議。很高興和你說話。正如我們之前所說，洛杉磯混合用途資產和明尼阿波利斯辦公資產，考慮到這兩個市場正在發生的情況，我們認為這些資產可能比其他一些市場需要更長的時間。巴吞魯日混合用途，只是為了快速進軍這裡，借款人已經啟動了出售房產的銷售程序。就在我們說話的時候，這個過程正在進行中。在這個市場上很難預測時機，但我想說的是，我們希望在接下來的幾個季度內解決這個問題。

The Chicago office deal, which has a retail component as well, we're working with that borrower. They are in negotiations to potentially sell the property. It's early stages. We're hopeful for a resolution. I would probably characterize that one as more intermediate term. Again, the timing is hard to predict. This is an FYI. We have no other office exposure in that market.

芝加哥辦公室交易也包含零售部分，我們正在與該借款人合作。他們正在就出售該房產的事宜進行談判。現在還處於早期階段。我們對解決方案充滿希望。我可能會將其描述為更中期的術語。同樣，時間很難預測。這是僅供參考。我們在該市場沒有其他辦公室業務。

The Minneapolis hotel loan, that borrower is also conducting a sale process, also ongoing. We'll evaluate next steps with them once they have more feedback, which hopefully is soon. Again, timing is hard to predict, but that one is also ongoing. And then the Phoenix REO asset, we've talked on some prior quarters that that configuration lays out well for potential conversion to residential. So there's some optionality, whether it's multifamily, whether it's office. We're actively managing that one right now. We're evaluating next steps that could include a potential sale process, and we'll share more information on that one as it develops.

明尼阿波利斯酒店貸款，借款人也在進行銷售過程，也在進行中。一旦他們收到更多回饋（希望很快），我們將與他們一起評估下一步。同樣，時間很難預測，但這一過程仍在進行中。然後是鳳凰城 REO 資產，我們在之前的幾個季度中已經討論過，該配置為潛在的住宅轉換奠定了良好的基礎。因此，無論是多戶住宅還是辦公室，都有一些選擇。我們現在正在積極管理這個問題。我們正在評估後續步驟，其中可能包括潛在的銷售流程，隨著該流程的發展，我們將分享更多相關資訊。

Great. And then I guess as a follow-up to those, will we see you offer any buyers kind of seller financing or financing all the new assets the way you did with San Diego? Or are there certain assets that [you] don't want to have exposure to going forward? How do you think about the willingness to provide financing to the ultimate buyer in the sales process?

偉大的。然後我想作為這些的後續行動，我們會看到你們為任何買家提供賣方融資或為所有新資產提供融資，就像你們在聖地牙哥所做的那樣？或是有某些資產（您）不想繼續接觸？您如何看待在銷售過程中向最終買家提供融資的意願？

Sure. So it's something that we've done in the past. It's something in the toolkit. We can do it where it's necessary, certainly where it's necessary to facilitate a sale. In this market, particularly for some of these assets, the office lending market obviously is difficult. So we would probably expect for a lot of these office resolutions that we're probably going to be providing some type of financing. That's not necessarily the case. We didn't provide any financing on the Dallas office note sale. So it's something we can do case-by-case. We've done it. We'll evaluate it case-by-case.

當然。所以這是我們過去做過的事情。這是工具包裡的東西。我們可以在有必要的地方這樣做，當然在有必要促進銷售的地方。在這個市場上，特別是對於其中一些資產來說，辦公室貸款市場顯然是困難的。因此，我們可能希望對於許多這樣的辦公室決議，我們可能會提供某種類型的融資。情況不一定如此。我們沒有為達拉斯辦公票據銷售提供任何融資。所以這是我們可以根據具體情況做的事情。我們已經做到了。我們將根據具體情況進行評估。

Great. And then lastly, maybe for Marcin. When you think about the NPLs and financing that may be in place [on in], can you talk about what the drag on run rate earnings are? Is there some way to quantify that as far as once you get some resolutions and you're able to pay off the associated financing, kind of what the potential benefit is as you look at those assets?

偉大的。最後，也許是對馬爾辛來說。當您考慮不良貸款和可能到位的融資時，您能談談對營運率收益的拖累是什麼嗎？是否有某種方法可以量化，只要您獲得一些解決方案並且能夠償還相關融資，當您查看這些資產時，潛在的好處是什麼？

Sure, good morning, Stephen. Thank you for joining us. I would say the biggest impacts on those assets, and as I said in prepared remarks, it's over $400 million of them as of the end of the year, is sort of interest income. They're financed sort of in a variety of different ways, but I would say most of the positive impact from resolutions would come from potentially turning them into earning assets, as Steve Alpart just talked about if we decide to provide financing or repaying some of the expense of debt, but it's pretty meaningful.

當然，早安，史蒂芬。感謝您加入我們。我想說，對這些資產的最大影響是利息收入，正如我在準備好的演講中所說，截至今年年底，其中超過 4 億美元。它們的融資方式多種多樣，但我想說，決議的大部分積極影響將來自於將它們轉化為盈利資產的可能性，正如史蒂夫·阿爾帕特剛剛談到的，如果我們決定提供融資或償還部分資金，債務費用，但非常有意義。

As you heard us say, they sort of accounted for about 90 basis points of yield from an interest income perspective. So that's pretty meaningful. So it's sort of hard to quantify depending on which resolution happens on which loan, but it's in double-digits in earnings per share per quarter, for sure.

正如您所聽到的，從利息收入的角度來看，它們約佔收益率的 90 個基點。所以這是非常有意義的。因此，很難根據哪筆貸款採取哪種解決方案來量化，但可以肯定的是，每季每股收益達到兩位數。

Yes, that’s the math I was getting to, too. I appreciate the color on that. Thanks for your comments this morning.

是的，這也是我正在研究的數學問題。我很欣賞它的顏色。感謝您今天早上的評論。

Thank you.

謝謝。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Thanks. Can you talk about your upcoming 2024 maturities just in the context of helping us get comfortable that you have -- in the current risk ratings have your arms around potential new problems?

謝謝。您能否談談您即將到來的 2024 年到期日，以幫助我們了解您在目前的風險評級中是否能夠解決潛在的新問題？

Hey, Doug, good morning. It's Steve. Thanks for joining the call. So as we look out into 2024, 2025, I think we have a pretty good handle. Some of these loans, we'll pay off in the normal course. You saw last year in 2023, 2022, we've had pretty good repayment pace on these loans. So some of these loans, we'll continue to just pay off in the normal course. Some of them we'll extend [upright], some of them won't qualify for an extension, some of them may be coming up on a final maturity. I think that's a question you're getting at. We have a playbook for working -- for resolving those.

嘿，道格，早安。是史蒂夫。感謝您加入通話。因此，當我們展望 2024 年、2025 年時，我認為我們的應對能力相當不錯。其中一些貸款，我們將按正常方式還清。去年，也就是 2023 年、2022 年，我們對這些貸款的還款速度相當不錯。因此，我們將繼續以正常方式還清其中一些貸款。其中一些我們將延期[直立]，其中一些不符合延期資格，其中一些可能即將到期。我想這就是你要問的問題。我們有一個工作手冊來解決這些問題。

In general, if something is coming up and we've got a good borrower doing all the right things, and they're financially committed to the asset, we'll come up with a plan to potentially give more time to get loan pay downs, to get debt service reserves replenished to try and create some kind of a win-win situation. And what I just described will handle the bulk of it. And then there will be a smaller cohort of loans, the 5s, for example, where we have to kind of take a different approach. And that may be a note sale, could be a property sale, can be working with our borrowers to sell the property.

一般來說，如果出現問題，並且我們有一個好的借款人做了所有正確的事情，並且他們在財務上致力於該資產，我們將提出一項計劃，可能會給予更多時間來償還貸款，補充償債儲備，試圖創造某種雙贏的局面。我剛才描述的內容將處理大部分內容。然後會有一小批貸款，例如 5s，我們必須採取不同的方法。這可能是票據銷售，可能是財產銷售，可以與我們的借款人合作出售財產。

Going to the earlier question, case-by-case, we can provide seller financing. So it's kind of a range of outcomes or range of tools that we have. We're obviously very focused on this. The tone with our borrowers for the majority of our assets is very positive. People are still putting money into these deals. But look, we recognize the environment is challenging for a lot of these loans, particularly office loans. And that's why you've seen us increase our CECL reserve, which I think are about doubled since Q4 2022. It's something we're very focused on.

回到前面的問題，根據具體情況，我們可以提供賣方融資。所以這是我們擁有的一系列成果或一系列工具。顯然我們非常關注這一點。我們的大部分資產的借款人的態度非常積極。人們仍在向這些交易投入資金。但我們認識到，對於許多此類貸款，尤其是辦公室貸款來說，環境充滿挑戰。這就是為什麼我們增加了 CECL 儲備，我認為自 2022 年第四季以來該儲備大約增加了一倍。這是我們非常關注的事情。

Great. And then how are you thinking about your current liquidity? With no corporate debt maturities, how much of that liquidity could be used for buyback versus how much do you need to save for potential defensive portfolio actions?

偉大的。那麼您如何看待當前的流動性？由於沒有公司債務到期日，有多少流動性可以用於回購，而您需要為潛在的防禦性投資組合行動儲蓄多少？

Hey, Doug, this is Jack. Good to speak with you. Thank you for joining us. Well, we've been maintaining a focus on keeping an elevated level of liquidity. And even during that period of time, we have deployed some into purchasing our shares. And so we don't predict when we might and when, but we have the ability to do so, and we'll remain opportunistic with respect to that.

嘿，道格，這是傑克。很高興與你交談。感謝您加入我們。嗯，我們一直致力於保持較高的流動性水準。即使在那段時間裡，我們也部署了一些資金來購買我們的股票。因此，我們不會預測何時會這樣做，但我們有能力這樣做，並且我們將在這方面保持機會主義。

We've had tremendous success so far with providing ourselves more financial liquidity in our asset management of our loan portfolio in addressing potential credit events. As we've said in our prepared remarks, we're going to maintain that position.

到目前為止，我們在貸款組合的資產管理中為自己提供了更多的財務流動性，以應對潛在的信貸事件，並取得了巨大的成功。正如我們在準備好的發言中所說，我們將維持這一立場。

In prior calls, we've stated that our general goal is to maintain about 10% to 15% of our capital base in cash. Now that obviously varies quarter-to-quarter, and we're currently north of that. But given market dynamics, we believe it's prudent to keep it elevated but we'll remain opportunistic with respect to managing our balance sheet. And if there are opportunities to further improve our capitalization, we'll consider them, like we've done in the past. And if there's opportunities to deploy the capital in accretive ways, we'll do that as well.

在先前的電話會議中，我們曾表示，我們的總體目標是維持現金資本基礎的 10% 至 15% 左右。現在顯然每個季度都有所不同，而我們目前已經超出了這個範圍。但考慮到市場動態，我們認為保持較高水準是謹慎的做法，但我們將在管理資產負債表方面保持機會主義。如果有機會進一步提高我們的資本化，我們會考慮它們，就像我們過去所做的那樣。如果有機會以增值方式部署資本，我們也會這樣做。

Great. Thank you, Jack.

偉大的。謝謝你，傑克。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Since we won't have the 10-K for some time, could you please provide the balance of non-performing loans and non-accrual loans? I guess, the 10-Q had total loans past due as of September 30 of $231.8 million and non-accrual loans of $165.9 million. So just looking for an update on those two numbers.

由於我們在一段時間內不會有10-K，請您提供不良貸款和非應計貸款的餘額嗎？我猜想，截至 9 月 30 日，10-Q 逾期貸款總額為 2.318 億美元，非應計貸款為 1.659 億美元。所以只是尋找這兩個數字的更新。

Sure, good morning, Jade. Thank you for joining us. Thank you for the question. As I mentioned in my prepared remarks, given sort of the downgrades that we had, at the end of the year, we had about $450 million of loans that are non-accrual status.

當然，早上好，傑德。感謝您加入我們。感謝你的提問。正如我在準備好的演講中提到的，考慮到我們的評級被下調，到年底，我們有大約 4.5 億美元的非應計貸款。

And do you have the non-performing loans, the total past due?

您是否有不良貸款、逾期貸款總額？

That's pretty much the same number.

這幾乎是相同的數字。

Okay. Has there been any change so far this year in terms of credit?

好的。今年以來信貸方面有什麼變化嗎？

Hey, Jade, let me ask you if you could clarify. Are you saying over the past 12 months or since the beginning of Jan 1?

嘿，傑德，讓我問你能否澄清一下。您是說過去 12 個月還是 1 月 1 日以來？

Since Jan 1.

自1月1日起。

Yes. Well, we've had -- there's no update to the risk rankings or report that we just gave. I would say that we're observing a couple of things in the market. And from our borrowers, there is some increase. So there's nothing official to report as of post Jan 1 event. But what I would say is that we have -- a subset of the borrowers are watching the Fed even more closely in terms of the calibration of how much more money to put in for how long. There's just general fatigue throughout the market, we believe, including some of our borrowers.

是的。嗯，我們剛剛提供的風險排名或報告沒有更新。我想說的是，我們正在觀察市場上的一些事情。我們的借款人也有所增加。因此，截至 1 月 1 日事件發生後，還沒有任何官方消息可供報導。但我要說的是，我們有一部分借款人正在更加密切地關注聯準會，以調整要投入多少資金多久。我們認為，整個市場普遍感到疲倦，包括我們的一些借款人。

Steve Alpart can talk to this in the multifamily sector. We know that there's increasing concern in general about the multifamily sector in the market. We're still seeing a pretty good response from our borrowers and performance of our properties. And given our locations and our sponsors, we're not troubled by that portfolio, but that's what I would answer your question.

史蒂夫·阿爾帕特（Steve Alpart）可以在多戶住宅領域談論這個問題。我們知道，市場上對多戶住宅的普遍關注度越來越高。我們仍然看到借款人的反應非常好，我們的房產表現也很好。考慮到我們的地點和贊助商，我們不會受到該投資組合的困擾，但這就是我要回答你的問題。

Okay, that's good to hear. Steve, did you want to provide any additional color on that question or perhaps multifamily?

好的，很高興聽到這個消息。史蒂夫，你想就這個問題或多戶家庭提供任何額外的資訊嗎？

Sure. No, I guess on the multifamily, Jade. We talked about this on our call last quarter. I'm commenting specifically on the multifamily. It's still generally stable and healthy in the markets that we're in, including in the Sunbelt, which is I think where there's a lot of concern about heightened new supply, which we obviously see.

當然。不，我猜是多戶家庭，傑德。我們在上個季度的電話會議上討論了這個問題。我專門針對多戶家庭發表評論。我們所在的市場總體上仍然保持穩定和健康，包括陽光地帶，我認為人們對新供應增加有很多擔憂，我們顯然看到了這一點。

We have assets in places like the Carolinas. They're doing fine, Savannah doing well, Birmingham, very little new supply. So the supply even of the Sunbelt is not uniform. We are watching some of the markets in Texas. We've seen, and you've heard on some of the other calls, about overbuilding in Austin. We're not in Austin.

我們在卡羅來納州等地擁有資產。他們做得很好，薩凡納做得很好，伯明翰做得很好，但新供應很少。因此，即使是陽光地帶的供應也不一致。我們正在關注德克薩斯州的一些市場。我們已經看到，你們也已經在其他一些電話中聽到關於奧斯汀過度建設的問題。我們不在奧斯汀。

We definitely have seen rent growth slow, but our business plans aren't primarily based on rent growth. Our business plans are usually based on doing a value-add renovation, looking to get rent bumps. We still are seeing that borrowers are getting rent bumps. It may not be exactly what was underwritten, but we think that if you turn the rent roll one or two times, they're likely to get there.

我們確實看到租金成長緩慢，但我們的業務計劃並非主要基於租金成長。我們的商業計劃通常基於進行增值改造，尋求租金上漲。我們仍然看到借款人的租金上漲。這可能不完全是承保的，但我們認為，如果你將租金捲轉一兩次，他們很可能會到達那裡。

Would not be surprised to see some multifamily assets fall a little bit behind plan. But what we're seeing so far is that we just think it will just maybe take an extra year or two. We didn't do a ton of loans at the [peak]. We did some. We didn't do a ton. And the loans that we were doing, call it, second half of 2021 or early 2022, we were increasing our kind of exit debt yield. So the leverage was probably down 5 or 10 points. The borrowers have a good amount of equity to protect. So I think the general trend on multifamily is stable and positive. But we are seeing the headlines and we are all watching it very carefully.

如果看到一些多戶家庭資產稍微落後於計劃，我們不會感到驚訝。但到目前為止，我們認為這可能還需要一兩年的時間。我們沒有在銀行發放大量貸款[頂峰]。我們做了一些。我們沒有做很多事。我們正在做的貸款，稱之為 2021 年下半年或 2022 年初，我們正在增加我們的退出債務收益率。所以槓桿可能下降了5或10個點。借款人有大量的資產需要保護。所以我認為多戶住宅的總體趨勢是穩定和積極的。但我們看到了頭條新聞，我們都在非常仔細地關注。

Thanks very much. Since they're older originations, could you give an update on the Illinois multifamily? Originations data is 12/19; and also New York mixed use, since it's quite a large loan, $96 million, originations is 12/18. Are those risk-rated 3 loans? Is there any reserve against those? And what's going on with those plans? Should we expect any potential loss on those two?

非常感謝。由於他們的起源較早，您能否介紹一下伊利諾伊州多戶家庭的最新情況？起始數據為 12/19；還有紐約的混合用途，因為這是一筆相當大的貸款，9600萬美元，起源是12/18。這些是風險評級為 3 的貸款嗎？有針對這些的保留嗎？這些計劃進展如何了？我們是否應該預期這兩者可能會遭受損失？

Yes, they're both risk-ranked 3. The first thing you mentioned was the Illinois multifamily; there's actually two. Is it one in particular you were looking at?

是的，它們的風險排名都是第三。你首先提到的是伊利諾州的多戶家庭；其實有兩個。這是您特別關注的一個嗎？

Yes, last quarter, it was about $109 million carrying value.

是的，上個季度，帳面價值約為 1.09 億美元。

Got it. Okay, right. Got that one. No real specific update on that one. That one is doing fine. It's kind of, I would say, directionally on plan. The New York mixed-use one, that one is office with ground floor retail. The retail is largely leased. The business plan really revolves around leasing up the office space. The sponsors put in more capital to support the asset. It's currently ranked 4. It's really, at this point, about leasing up the office space.

知道了。好吧，對。明白了。沒有真正具體的更新。那個人做得很好。我想說，這有點按計劃進行。紐約的多功能大樓，一樓設有零售店的辦公室。零售業主要是租賃的。該商業計劃實際上是圍繞租賃辦公空間展開的。發起人投入更多資金來支持該資產。目前排名第4。目前，這實際上是關於租賃辦公空間的問題。

Is there a reserve against that? Because this is a really old origination. So if the office is still trying to lease up, what are the risks that there's going to be an impairment on this? And what's the reserve held against it at this point?

有儲備金嗎？因為這是一個非常古老的起源。那麼，如果辦公室仍在嘗試出租，那麼會有哪些減損風險呢？目前針對它的儲備量是多少？

Yes, this loan, obviously, has a reserve on it; it's part of our general pool being risk-rated 4. I think it's safe to assume that it has higher reserve than some of the other assets that are in the pool. It is a loan that we are obviously watching closely, given the New York and what's going on here. And it's hard to predict about what may or may not happen here, but it is definitely -- given that it's a 4-rated loan, it's obviously on our, quote unquote, watch list, and we're watching it closely, and we'll see what happens there.

是的，這筆貸款顯然是有準備金的；它是我們風險評級為 4 的總池的一部分。我認為可以肯定的是，它的儲備金高於池中的其他一些資​​產。考慮到紐約和這裡正在發生的事情，我們顯然正在密切關注這筆貸款。很難預測這裡可能會發生什麼，也可能不會發生什麼，但它肯定是——考慮到這是一筆 4 級貸款，它顯然在我們的觀察名單上，我們正​​在密切關注它，我們會看看那裡會發生什麼事。

Okay. Thanks. And then the general reserve, I can't think of any others. I may be wrong, though, but I can't think of any others that have taken the general reserves down by the magnitude that you all have. And I know there's management discretion. The macroeconomic variables are unemployment and interest rates. Clearly, those improved in the fourth quarter. Interest rates are up this year. But management has discretion there. So why take down the (technical difficulty) if we see headwinds still in the market?

好的。謝謝。然後是一般儲備，我想不出其他的了。不過，我可能是錯的，但我想不出有其他人能像你們一樣將一般儲備減少到如此程度。我知道管理階層有自由裁量權。宏觀經濟變數是失業率和利率。顯然，這些情況在第四季有所改善。今年利率上調了。但管理階層有自由裁量權。那麼，如果我們看到市場上仍然存在阻力，為什麼要降低（技術難度）？

Thanks for the question. It's a function of movement in the portfolio. Obviously, as there are some downgrades from 4 to 5 and some of the 4-rated loans may have some higher reserves, like I said earlier, than the rest of the pool as they sort of migrate, that reserve sort of migrates from the general to specifics, so that's part of it.

謝謝你的提問。它是投資組合變動的函數。顯然，由於評級從4 級降到5 級，並且正如我之前所說，一些4 級貸款的準備金可能比池中的其他貸款更高，因為當它們在遷移時，該準備金有點從一般貸款遷移而來。具體來說，這就是其中的一部分。

Repayments is another part and so there's this general movement within the portfolio. So we remain cautious. Our general pool is still close to 2%. But as the portfolio sort of shifts and continues to run off a little bit and you have some of these downgrades, I think you will -- you have -- we have seen, to a varying degree, across the peer group where sort of you have that migration between the general and the specific pool in January, and that's what you would expect as sort of the cycle continues.

還款是另一部分，因此投資組合中存在這種總體變動。所以我們保持謹慎。我們的總池仍然接近 2%。但是，隨著投資組合發生變化並繼續略有下降，並且您會出現一些降級，我認為您會 - 您已經 - 我們已經在不同程度上看到，在同行群體中，您會一月份在一般池和特定池之間進行遷移，隨著循環的繼續，這就是您所期望的。

Okay, that's good color. That makes sense because the specific reserves did increase, and then there were repayments. So probably movement out of the general into the specific, and then decline in the general due to loans that paid off.

不錯，這個顏色不錯這是有道理的，因為特定準備金確實增加了，然後還款了。因此，可能會從一般性轉向具體性，然後由於還清貸款而導致一般性下降。

Correct.

正確的。

All right. Thanks for taking the questions.

好的。感謝您提出問題。

Thank you. At this time, I'd like to turn the floor back over to Mr. Taylor for closing comments.

謝謝。現在，我想把發言權交還給泰勒先生以結束發言。

Thank you, operator, and thank you, everybody, for joining our call. And as I always would, and want to make sure I do, I want to thank our investors for their support and our team for their hard work, and we look forward to speaking with you again next quarter. Thank you.

謝謝接線員，也謝謝大家加入我們的通話。正如我一直以來所做的那樣，我要感謝我們的投資者的支持和我們的團隊的辛勤工作，我們期待下個季度再次與您交談。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log-off the webcast at this time. Enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以中斷線路或登出網路廣播。享受你一天剩下的時間。