Granite Point Mortgage Trust Inc (GPMT) 2025 Q1 法說會逐字稿

Good morning. My name is Paul, and I will be your conference facilitator. At this time, I would like to welcome everyone to Granite Point Mortgage Trust first quarter 2025 financial results conference call. (Operator instructions) Please note today's call is being recorded.

早安.我叫保羅，我將擔任您的會議主持人。現在，我歡迎大家參加 Granite Point Mortgage Trust 2025 年第一季財務業績電話會議。（操作員指示）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.

現在我想把電話轉給克里斯·佩塔。與 Granite Point 的投資者關係部門合作。

Thank you, and good morning, everyone. Thank you for joining our call to discuss Granite Point's first quarter 2025 financial results. Me on the call this morning are Jack Taylor, our President and Chief Executive Officer; Steve Alpart, our Chief Investment Officer and Co-Head of Originations; Blake Johnson, our Chief Financial Officer; Peter Morral, Chief Development Officer and Co-Head of Originations; and Ethan Leibowitz, 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 2025 年第一季的財務表現。今天早上參加電話會議的有我們的總裁兼首席執行官傑克·泰勒 (Jack Taylor)、我們的首席投資官兼發起業務聯席主管史蒂夫·阿爾帕特 (Steve Alpart)、我們的首席財務官布萊克·約翰遜 (Blake Johnson)、首席開發官兼發起業務聯席主管彼得·莫拉爾 (Peter Morral) 以及我們的首席營運官伊桑·萊博維茨 (Ethan Leibowitz)。

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 Blake will highlight key items from our financial results and capitalization.

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。史蒂夫·阿爾帕特 (Steve Alpart) 將討論我們的投資組合，布萊克 (Blake) 將重點介紹我們的財務表現和資本化中的關鍵項目。

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 along with our Form 10-Q.

與今天電話會議相關的新聞稿、財務表格和收益補充文件已於昨天提交給美國證券交易委員會 (SEC)，並可與我們的 10-Q 表格一起在我們網站的投資者關係部分查閱。

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. Forward-looking statements reflect our views regarding future events and are subject to uncertainties and could cause actual results that differ materially from expectations.

我想提醒您，管理層在本次電話會議和支援幻燈片中所發表的言論可能包括不確定且不受公司控制的前瞻性陳述。前瞻性陳述反映了我們對未來事件的看法，具有不確定性，可能導致實際結果與預期有重大差異。

Please see our SEC filings for a discussion of some of the risks that could affect results. We do not undertake any obligation to update any forward-looking statements. We also refer to certain non-GAAP measures on this call.

請參閱我們的美國證券交易委員會 (SEC) 文件，以了解可能影響結果的一些風險的討論。我們不承擔更新任何前瞻性陳述的義務。我們也在本次電話會議中參考了某些非公認會計準則指標。

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 the most comparable GAAP measures can be found in our earnings release and slides, which are available on our website.

此資訊不應被單獨考慮或取代根據 GAAP 呈現的財務資訊。這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳可以在我們網站上的收益報告和幻燈片中找到。

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 and thank you for joining us for Granite Point's first quarter 2025 earnings call. Before discussing our first quarter results, I'd like to take a moment to briefly discuss our recent Chief Operating Officer transition from Stephen [plus] to Ethan Lebowitz, which was successfully completed on May 1.

謝謝你，克里斯，大家早安。我們歡迎您並感謝您參加 Granite Point 2025 年第一季財報電話會議。在討論我們的第一季業績之前，我想花點時間簡要討論一下我們最近的首席營運長過渡，從 Stephen [plus] 到 Ethan Lebowitz，該過渡於 5 月 1 日成功完成。

As was previously announced, this transition was initiated as Steve expressed a desire to narrow and concentrate the scope of his business responsibilities going forward. He has been in the industry for over 40 years, and I am proud to say that we've worked together for over 30 of those years.

正如先前宣布的那樣，此次變動源於史蒂夫表達了希望縮小和集中其未來業務職責範圍的願望。他在這個行業工作了 40 多年，我很自豪地說，我們已經合作了 30 多年。

At the same time, we're also very excited to have Ethan as our newly appointed Chief Operating Officer. Ethan has been with the team since before Granite Point's inception, and I've worked with him for almost 20 years.

同時，我們也非常高興 Ethan 成為我們新任命的營運長。Ethan 在 Granite Point 成立之前就加入了這個團隊，我和他合作了近 20 年。

Ethan brings broad industry expertise, real estate acumen, and exceptional leadership capabilities. I am confident that his deep understanding of our business and extensive history with our team makes Ethan the perfect fit to advance our initiatives and drive shareholder returns as our Chief Operating Officer.

Ethan 擁有廣泛的行業專業知識、房地產敏銳度和卓越的領導能力。我相信，憑藉對我們業務的深刻理解以及與我們團隊的豐富合作經驗，Ethan 將成為我們首席營運長的最佳人選，能夠推動我們的計劃並推動股東回報。

Now turning to the market, the beginning of 2025 showed continued improving sentiment for commercial real estate with credit spreads tightening, enhanced liquidity, and greater transaction volume. However, in the past month following the tariff announcements, there has been renewed uncertainty about the path of interest rates and heightened concern about the possibility of a recession and the possible effects of both on commercial real estate.

現在轉向市場，2025 年初顯示商業房地產情緒持續改善，信貸利差收緊，流動性增強，交易量增加。然而，在關稅公告發布後的過去一個月裡，人們對利率走勢再次出現不確定性，人們對經濟衰退的可能性及其對商業房地產的可能影響的擔憂加劇。

While this has introduced some caution amongst commercial real estate market participants, it is too soon to tell how long this uncertainty will last and what the long-term impact of the tariffs will be. Fortunately, commercial real estate is better positioned today as the activities over the past few years have resulted in a lower reset basis across most property types and markets.

雖然這引起了商業房地產市場參與者的一些謹慎，但現在判斷這種不確定性將持續多久以及關稅的長期影響還為時過早。幸運的是，商業房地產目前處於更有利的地位，因為過去幾年的活動導致大多數房地產類型和市場的重置基數降低。

Commercial real estate also compares favorably to other asset classes and industries, as it represents a hard asset with intrinsic value and is a more defensive asset class during a period of uncertainty. Despite the market turbulence, we have made significant progress on our goals and objectives.

商業房地產與其他資產類別和行業相比也具有優勢，因為它代表具有內在價值的硬資產，並且在不確定時期是一種更具防禦性的資產類別。儘管市場動盪，但我們在實現目標和宗旨方面仍取得了重大進展。

During the first quarter of 2025, we resolved two of the risk rated 5 loans, both office properties, totaling about $97 million. Additionally, in the last week, we resolved two more risk graded 5 loans. We resolved the mixed use asset located in Baton Rouge, Louisiana.

2025 年第一季度，我們解決了兩筆風險評級為 5 的貸款，均為辦公大樓，總額約為 9,700 萬美元。此外，上週我們又解決了兩筆風險等級為 5 級的貸款。我們解決了位於路易斯安那州巴吞魯日的混合用途資產。

And we are pleased to share that the imminent resolution we wrote about in our press release yesterday with respect to the hotel asset located in Minneapolis did in fact close late yesterday. Steve Alpart will discuss both in greater detail shortly.

我們很高興地告訴大家，我們昨天在新聞稿中提到的有關位於明尼阿波利斯的酒店資產的即將達成的解決方案確實在昨天晚些時候達成。史蒂夫·阿爾帕特 (Steve Alpart) 將很快對這兩點進行更詳細的討論。

All of these resolutions have decreased our risk rated 5 loan count from seven at year end to three remaining today, as we have continued to make substantial progress on reducing our non-accrual loans.

所有這些決議使我們的風險評級為 5 的貸款數量從年底的 7 筆減少到今天剩下的 3 筆，因為我們在減少非應計貸款方面繼續取得了實質進展。

While the improvement in liquidity in commercial real estate is now facing some headwinds, the commercial real estate debt markets are open and functioning with significant liquidity for the floating rate bridge and transitional market sectors from both direct and warehouse lenders.

雖然商業房地產流動性的改善目前面臨一些阻力，但商業房地產債務市場仍然開放並正常運轉，來自直接貸款人和倉庫貸款人的浮動利率橋樑和過渡市場部門的流動性充足。

As previously noted, we extended all three of our repurchase facilities for approximately one year. We also continue to work with our borrowers and have seen steady loan repayments at par, including in the office loan sector.

如前所述，我們將所有三項回購措施延長約一年。我們也繼續與借款人合作，並看到貸款償還情況穩定，包括辦公室貸款領域。

Year-to-date we realized about $107 million of loan repayments, pay downs, and amortization. As we manage both sides of the balance sheet, we continue to navigate this period of high uncertainty and market volatility by maintaining higher liquidity, extending debt maturities, and engaging in other value enhancing activities.

今年迄今為止，我們已償還、分期償還和攤還了約 1.07 億美元的貸款。當我們管理資產負債表的兩邊時，我們透過保持更高的流動性、延長債務期限和參與其他增值活動，繼續度過這個高度不確定性和市場波動的時期。

To that point, we have also opportunistically deployed capital into our own securities. During the first quarter, we repurchased about 900,000 of our common shares. It is our view that the current market price does not reflect the value of the business nor the progress we have made to date, including the pace of our loan resolutions and our ongoing pace of repayments, despite recent headwinds.

至此，我們也抓住機會將資本投入自己的證券。第一季度，我們回購了約90萬股普通股。我們認為，目前的市場價格並未反映業務的價值，也沒有反映我們迄今為止的進展，包括我們的貸款解決速度和我們持續的還款速度（儘管最近遇到了阻力）。

We currently have about 3.9 million shares remaining under our existing authorization, and we intend to remain opportunistic with respect to any future buyback activity.

我們目前的授權股數約為 390 萬股，我們打算在未來的回購活動中保持機會。

We anticipate that with the continued resolutions and repayments, we will further pay down our remaining ex expensive debt and we'll be positioned to return to new originations in the latter part of the year, all of which will improve our run rate profitability and earnings over time.

我們預計，隨著持續的解決方案和償還，我們將進一步償還剩餘的高額債務，並準備在今年下半年恢復新的債務，所有這些都將提高我們的運行率盈利能力和收益。

I would not like to turn the call over to Steve Alpart to discuss our portfolio activities in more detail.

我不想將電話轉給史蒂夫·阿爾帕特 (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 first quarter earnings call. Before providing our business update, I'd like to congratulate Ethan Leibowitz on his recent promotion to Chief Operating Officer. Ethan is the ideal person to fill Steve's role and will be an excellent addition to the executive team and investment committee.

謝謝你，傑克，也謝謝大家參加我們第一季的財報電話會議。在提供我們的業務更新之前，我想祝賀 Ethan Leibowitz 最近晉升為營運長。伊森是接替史蒂夫的理想人選，並將成為執行團隊和投資委員會的優秀補充。

Now turning to our business. We ended the first quarter with $2 billion in total loan portfolio commitments and $1.9 billion in outstanding principal balance, with about $93 million of future fundings, which accounts for only about 5% of total commitments.

現在談談我們的業務。截至第一季度，我們的貸款組合承諾總額為 20 億美元，未償還本金餘額為 19 億美元，未來融資約為 9,300 萬美元，僅佔總承諾額的 5% 左右。

Our loan portfolio remains well diversified across regions and property types and includes 50 investments with an average UPB of about $39 million and a weighted average stabilized LTV of 64% at origination. As of March 31, our portfolio weighted average risk rating improved slightly to 3.0 with no new negative credit migration during the quarter.

我們的貸款組合在各個地區和房地產類型上保持了良好的多樣化，包括 50 項投資，平均 UPB 約為 3900 萬美元，發起時的加權平均穩定 LTV 為 64%。截至 3 月 31 日，我們的投資組合加權平均風險評級略有改善，至 3.0，本季沒有新的負面信用遷移。

The realize loan portfolio yield for the first quarter was 6.8%, which excluding non-accrual loans would be 8.5% or 1.7% higher. The prior quarter realized loan portfolio yield was 6.6% and excluding non-accrual loans was 8.8% or 2.2% higher.

第一季實際貸款組合收益率為 6.8%，若扣除非應計貸款，則為 8.5%，高出 1.7 個百分點。上一季實現的貸款組合收益率為 6.6%，不包括非應計貸款則為 8.8%，高出 2.2 個百分點。

The improvement in our overall loan portfolio yield of about 20 basis points is due to the lower amount of non-accrual loans relative to the total loan portfolio, partially offset by lower (inaudible)

我們整體貸款組合收益率提高約 20 個基點，是由於非應計貸款佔總貸款組合的比例較低，但部分抵消了（聽不清楚）

We had an active first quarter of loan repayments, paydowns, and resolutions totaling about $172 million including the par payoff of an office loan, and funded about $10 million on existing loan commitments, resulting in a net loan portfolio reduction of $161 million.

我們第一季積極償還、支付和解決貸款總額約為 1.72 億美元，其中包括辦公室貸款的票面還款，並為現有貸款承諾提供了約 1000 萬美元的資金，導致淨貸款組合減少 1.61 億美元。

During the first quarter, we successfully resolved two non-accrual loans totaling about $97 million in UPB. As previously disclosed, we took title to the office property in Miami Beach, which had been securing a $71 million loan.

第一季度，我們成功解決了 UPB 的兩筆非應計貸款，總額約為 9,700 萬美元。正如先前披露的，我們獲得了邁阿密海灘辦公大樓的所有權，該物業曾作為 7,100 萬美元貸款的擔保。

Additionally, the Boston CBD office property securing a $26 million loan was sold by the borrower in February. Given our emphasis on resolving our remaining non-accrual loans, we expect our loan portfolio balance to trend lower in the coming quarters.

此外，用於擔保 2,600 萬美元貸款的波士頓中央商務區辦公大樓已於 2 月被借款人出售。鑑於我們強調解決剩餘的非應計貸款，我們預計未來幾季我們的貸款組合餘額將呈下降趨勢。

So far in the second quarter, we have funded about $3 million of existing loan commitments and received about $32 million in full repayments on two additional office loans, which we note were repaid while the markets were in flux from the announcement of the tariff policies.

截至第二季度，我們已為現有貸款承諾提供了約 300 萬美元的資金，並收到了另外兩筆辦公大樓貸款約 3,200 萬美元的全額償還款，我們注意到，這些貸款是在關稅政策公佈後市場動盪時期償還的。

Additionally, we resolved two loans totaling about $132 million in UPB. Now we'd like to provide some color on the risk rated 5 loans. And March 31, we had five such loans with a total UPB of about $355 million. In May, we modified the loan secured by a hotel property located in Minneapolis, Minnesota.

此外，我們也解決了 UPB 的兩筆總額約 1.32 億美元的貸款。現在我們想對風險評級為 5 的貸款提供一些說明。截至 3 月 31 日，我們有五筆此類貸款，UPB 總額約為 3.55 億美元。五月份，我們修改了位於明尼蘇達州明尼阿波利斯的一處酒店物業的擔保貸款。

As of March 31, 2025, the loan was on non-accrual status with an unpaid principal balance of about $52 million and had a risk rating of 5. The modification restructured the loan into a $37 million senior and a $15 million subordinate note with the borrower investing additional equity in the property.

截至 2025 年 3 月 31 日，該貸款處於非應計狀態，未償還本金餘額約為 5,200 萬美元，風險評級為 5。修改後，貸款重組為 3700 萬美元的優先票據和 1500 萬美元的次級票據，借款人對該房產進行了額外的股權投資。

As a result of the modification, the re-sized senior loan will be classified as performing, and the subordinate loan has been fully reserved through the previously recorded allowance. Also in May, we resolved the loan secured by the mixed-use office and retail property located in Baton Rouge, Louisiana, via a property sale.

修改後的結果是，調整後的優先貸款將被歸類為正常貸款，而次級貸款已透過先前記錄的準備金全額保留。此外，我們在 5 月透過出售位於路易斯安那州巴吞魯日的混合用途辦公室和零售物業解決了貸款。

As of March 31, 2025, the loan was on non-accrual status with an unpaid principal balance of about $80 million and a risk rating of 5. As a result of this resolution, we expect to realize a write-off of about $22 million, which previously had been reserved for through a recorded allowance.

截至 2025 年 3 月 31 日，該貸款處於非應計狀態，未償還本金餘額約為 8,000 萬美元，風險評級為 5。由於這項決議，我們預計將註銷約 2,200 萬美元，這筆款項此前是透過記錄的備抵金保留的。

As a result of these two resolutions, we currently have three remaining non-accrual loans rated 5 with a balance of about $223 million. The process for the office property securing our $80 million dollar loan in Chicago remains ongoing and should conclude over the next couple of quarters, likely through a sale of the property.

由於這兩項決議，我們目前還剩下三筆評級為 5 的非應計貸款，餘額約為 2.23 億美元。我們在芝加哥的 8000 萬美元貸款的辦公大樓擔保流程仍在進行中，並將在未來幾個季度內完成，很可能透過出售該物業的方式完成。

The resolution of the $50 million loan secured by a student housing property in Louisville, Kentucky remains ongoing and should conclude over the next couple of quarters also likely through a sale of the property. As previously mentioned, we anticipate a longer resolution timeline for our $93 million loan in Minneapolis, given the persistent local market challenges. Resolving these remaining 5 rated loans continues to be one of our top priorities.

位於肯塔基州路易斯維爾的一處學生公寓物業作為抵押的 5000 萬美元貸款的解決方案仍在進行中，並將在未來幾個季度內完成，也可能通過出售該物業的方式完成。如前所述，鑑於持續存在的當地市場挑戰，我們預計在明尼阿波利斯的 9300 萬美元貸款的解決時間會更長。解決剩餘的 5 筆評級貸款仍然是我們的首要任務之一。

Turning to our three REO assets, the Phoenix office property is under contract for sale with a hard deposit and a targeted closing in the coming months. We've had a number of positive leasing successes at the suburban Boston property, and we are actively working with our partner and the local jurisdiction on several value enhancing redevelopment opportunities.

談到我們的三個 REO 資產，鳳凰城辦公大樓物業已簽訂銷售合同，並已支付定金，目標是在未來幾個月內完成交易。我們在波士頓郊區的物業租賃方面取得了許多積極的成功，我們正在積極與我們的合作夥伴和當地司法部門合作，尋找幾個增值的再開發機會。

The Miami Beach office property is a Class A asset located in a strong submarket. We are reviewing potential resolution alternatives and are in active leasing discussions with a variety of tenants. The REO properties serve as a potential sources of additional liquidity, which we may access in the coming months.

邁阿密海灘辦公大樓物業是位於強勁子市場的 A 級資產。我們正在審查潛在的解決方案，並與各種租戶進行積極的租賃討論。REO 資產是額外流動性的潛在來源，我們可能在未來幾個月內利用這些資產。

In the near term, we will continue to prioritize maintaining higher liquidity which can allow more optionality to maximize value on these resolutions. With respect to new business, our seasoned origination team remains actively in touch with our borrower and brokerage networks, and we expect to begin originating new loans later in 2025.

在短期內，我們將繼續優先維持更高的流動性，這可以提供更多的選擇性，以最大化這些決議的價值。對於新業務，我們經驗豐富的發起團隊積極與借款人和經紀網絡保持聯繫，我們預計將在 2025 年稍後開始發起新貸款。

I will now turn the call over to Blake to discuss our financial results and capitalization.

現在我將把電話轉給布萊克，討論我們的財務表現和資本化。

Thank you, Steve. Good morning, everyone, and thank you for joining us today. Turning to our financial results, for the first quarter, we reported a GAAP net loss of $10.6 million, or negative $0.22 per basic common share, which includes a provision for credit losses of $3.8 million or negative $0.08 per basic common share, mainly related to collateral dependent loans.

謝謝你，史蒂夫。大家早安，感謝大家今天加入我們。談到我們的財務業績，第一季度，我們報告的 GAAP 淨虧損為 1060 萬美元，或每股基本普通股虧損 0.22 美元，其中包括 380 萬美元的信貸損失準備金，或每股基本普通股虧損 0.08 美元，主要與抵押品相關貸款有關。

Distributable loss for the quarter was $27.7 million or negative $0.57 per basic common share, including write-offs of $24.6 million or negative $0.51 per basic common share, which were largely previously reserved for.

本季可分配虧損為 2,770 萬美元，即每股基本普通股虧損 0.57 美元，其中包括 2,460 萬美元或每股基本普通股虧損 0.51 美元的沖銷額，這些金額大部分是先前預留的。

The write-offs are related to the two non-accrual loan resolutions that Steve discussed earlier. Our book value at March 31 was $8.24 per common share, a decline of about $0.23 per share from Q4, which was primarily due to our GAAP net loss to common, partially upset by the creative share buybacks, which we estimate benefited book value by about $0.10 per common share.

這些註銷與史蒂夫之前討論過的兩項非應計貸款決議有關。我們 3 月 31 日的帳面價值為每股普通股 8.24 美元，較第四季度下降約 0.23 美元，這主要是由於我們的 GAAP 普通股淨虧損，部分原因是創意股票回購，我們估計每股普通股的帳面價值受益約 0.10 美元。

Our aggregate CECL reserve at March 31 was about $180 million or $3.72 per common share, as compared to $201 million last quarter, or $4.12 per common share. The $21 million decline in our CECL reserve was driven by $24.6 million of write-offs related to the two resolutions partially offset by an increase from provision for credit losses of $3.8 million.

截至 3 月 31 日，我們的 CECL 儲備總額約為 1.8 億美元，即每股普通股 3.72 美元，而上一季為 2.01 億美元，即每股普通股 4.12 美元。我們的 CECL 儲備金減少 2,100 萬美元，是由於與兩項決議相關的 2,460 萬美元註銷，但信用損失準備金增加 380 萬美元，部分抵消了這一影響。

Approximately 75% of our total allowance, or $134 million is allocated to individually assessed loans. With the two resolutions that occurred subsequent to quarter end, we expect to recognize a realized write-off of approximately $37 million, which we previously reserved for in our allowance.

我們的總準備金中約有 75%（即 1.34 億美元）分配給了單獨評估的貸款。隨著季度末之後發生的兩項決議，我們預計將實現約 3700 萬美元的註銷，這筆金額是我們之前在準備金中預留的。

We believe we are appropriately reserved for, and further resolutions should meaningfully reduce our total CECL reserve balance. As of today, we have about $223 million of principal balance on three loans on non-accrual status.

我們相信我們已經進行了適當的保留，並且進一步的解決方案應該可以有效減少我們的 CECL 儲備金總額。截至今天，我們有三筆非應計貸款的本金餘額約為 2.23 億美元。

All three of these loans are on cost recovery, and any incoming interest is applied to reduce loan principle rather than being recognized in earnings. We anticipate the run rate profitability of the company to improve as we continue to resolve non-earning assets, repay expensive debt, and reinvest our capital over time, though the exact timing and magnitude remain difficult to predict and will also be dependent on the volume of loan repayments and the level of short-term interest rates.

這三筆貸款均用於成本回收，任何利息都用於減少貸款本金，而不是計入收益。我們預計，隨著我們繼續解決非營利資產、償還昂貴債務並隨著時間的推移重新投資我們的資本，公司的運行盈利能力將會提高，儘管確切的時間和幅度仍然難以預測，並且還將取決於貸款償還和短期利率水平。

Turning to liquidity and capitalization, we ended the quarter with about $86 million of unrestricted cash, and total leverage remained unchanged at 2.2 times relative to the prior quarter. Our funding mix remains well diversified and stable.

談到流動性和資本化，本季末我們擁有約 8,600 萬美元的非限制現金，總槓桿率與上一季相比保持不變，為 2.2 倍。我們的融資結構保持多樣化和穩定。

And we continue to have very constructive relationships with our financing counterparties who know our assets very well, as evidenced by the recent extensions of our repo facilities. We expect to expand our financing capacity once we return to originating new loans more actively.

我們與非常了解我們資產的融資交易對手繼續保持著非常建設性的關係，我們最近回購協議的延期證明了這一點。一旦我們恢復更積極地發放新貸款，我們預計將擴大我們的融資能力。

As of a few days ago, we carried about $86 million in cash that we expect to increase in the near term from further loan repayments and potential financing of our REO assets.

截至幾天前，我們持有約 8,600 萬美元的現金，我們預計短期內透過進一步償還貸款和 REO 資產的潛在融資，我們的現金將會增加。

I will now ask the operator to open the line for questions.

我現在請接線員開通熱線來回答問題。

(Operator instructions)

（操作員指示）

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. You mentioned potentially starting, originations back up in the second half of the year. You have been active in buying back stock, but given the current discount to book, how do you think about, maybe accelerating the pace of buyback versus originating new loans?

謝謝。您提到了可能在下半年開始恢復起源。您一直在積極回購股票，但考慮到目前的帳面折扣，您如何看待加快回購速度而不是發放新貸款？

Hey Doug, this is Jack. Thank you for joining us this morning.

嘿，道格，我是傑克。感謝您今天上午加入我們。

It is a balance that we have to strike right now. We're in a mode of having a preservation of liquidity and directing what liquidity we do have has been put towards stock buybacks. And we don't, directly comment on our potential buybacks, but I'll point out that this we've been fairly active in it and we have authorization for another [3.9 million] as we reported, we bought back about 900,000 of our (inaudible) in the last quarter.

這是我們現在必須要達成的平衡。我們正處於流動性保存模式，並將現有的流動性用於股票回購。我們不會直接評論我們的潛在回購，但我要指出的是，我們在這方面一直相當活躍，並且我們已獲得另外 390 萬股的授權，正如我們所報告的，我們在上個季度回購了大約 90 萬股（聽不清）。

And so our flexibility is to continue with that, and then later in the year to balance it further against new originations which would be, as we have said in the back end of the year.

因此，我們的靈活性是繼續這樣做，然後在今年稍後進一步平衡新發起，正如我們在年底所說的那樣。

Great, appreciate that, Jack. And then, you've made progress on working down the fives, I guess as you look at, kind of the 4 rated assets and even the threes, how do you assess kind of the any event risk whether that's maturity or other lease expirations or anything like that could potentially lead to downgrades. On threes or fours that would kind of [problem] assets.

太好了，謝謝你，傑克。然後，您在研究五個方面取得了進展，我想當您查看 4 個評級資產甚至三個評級資產時，您如何評估任何事件風險，無論是到期還是其他租約到期或任何類似情況都可能導致評級下調。三、四件這樣的資產都會造成問題。

Hey Doug. It's Steve Alpart. Good morning. Hope you're well. So just I guess high level, I mean the majority of the portfolio has been performing well and as we just talked about, we continue to work through these loan resolutions which mainly relate to the office sector and the effect of elevated rates.

嘿，道格。我是史蒂夫·阿爾帕特。早安.希望你一切都好。因此，我猜想高水平，我的意思是大部分投資組合都表現良好，正如我們剛才談到的，我們將繼續努力解決這些貸款問題，這些問題主要涉及辦公部門和利率上升的影響。

We do have more work to do, but as we just talked about, we're pleased with all the resolutions we've had in 2024 and the ones we've had so far year-to-date in 2025 with no negative credit migration in the first quarter and only one rating change overall, which was an upgrade.

我們確實還有更多工作要做，但正如我們剛才談到的，我們對 2024 年做出的所有決議以及 2025 年迄今為止做出的決議感到滿意，第一季度沒有出現負面信用遷移，總體上只有一次評級變化，即升級。

As far as the 4 rated loans, they're all behind on business plan. Some of them have been affected by the local market. Other factors, we're watching all of them carefully. We're working with all those sponsors.

至於 4 筆評級貸款，它們都落後於商業計劃。其中一些受到了當地市場的影響。其他因素，我們正在密切關注。我們正在與所有這些贊助商合作。

It's always possible that there could be negative credit migration, but we also hope to have positive credit migration as we've had in the past, and that relates to both the 4s and the 3s, but we're comfortable with where they're marked today.

負信用遷移的情況總是有可能的，但我們也希望出現正信用遷移，就像我們過去所經歷的那樣，這與 4 和 3 都有關，但我們對它們今天的標記位置感到滿意。

Great. Thank you.

偉大的。謝謝。

Steve Delaney, Citizens JMP.

史蒂夫·德萊尼 (Steve Delaney)，公民 JMP。

Good morning, everyone. Thanks for taking the question. I do want to applaud the buyback. I know you can't do it so much, but every little bit helps, so, glad you could stick with that as conditions allow. I heard two figures mentioned dollar amounts for write-offs or realized losses. I think someone mentioned a $22 million write-off in the in (inaudible) and then further in comments I heard a $37 million realized loss.

大家早安。感謝您回答這個問題。我確實想對這次回購表示讚賞。我知道你做不到那麼多，但每一點都有幫助，所以很高興你能在條件允許的情況下堅持下去。我聽到兩個數字提到了註銷或已實現損失的美元金額。我認為有人在（聽不清楚）中提到了 2200 萬美元的註銷，然後在評論中我聽說已經實現了 3700 萬美元的損失。

Could you just clarify those two -- did I hear those items right and can you clarify for us the expected timing of when the $22 million and the $37 million would actually be realized in your distributable EPS. Thanks.

您能否澄清一下這兩個問題——我聽得對嗎？您能否為我們澄清一下 2200 萬美元和 3700 萬美元實際在可分配每股收益中實現的預期時間？謝謝。

And the first part, the $37 million is related to --

第一部分，3700萬美元與--

Hey Blake, we can't hear you. If you could speak up.

嘿，布萊克，我們聽不到你說話。如果你能說出來的話。

I apologize about that. Good morning, Steve. Thank you for the question. Sure, so the two write ups that occurred subsequent to the quarter end, that is actually what was equal to the $37 million and included in that $37 million, correct, and included in that $37 million was $22 million related to one resolution and around [15.4] related to the second.

我對此表示歉意。早安，史蒂夫。謝謝你的提問。當然，所以在季度末之後發生的兩次增記，實際上等於 3700 萬美元，並且包含在 3700 萬美元中，是正確的，並且包含在 3700 萬美元中的是與一項決議相關的 2200 萬美元，與第二項決議相關的約為 [15.4]。

Got it. So a $22 million and a 15. Excellent. And with these resolved, how many 5 rated loans, remain after these two have been resolved?

知道了。因此，一個是 2200 萬美元，另一個是 1500 萬美元。出色的。解決了這些問題後，還剩下多少 5 級貸款？

Yeah, so as of 331 we had five outstanding and then as of these two resolutions occurred we'll have three outstanding.

是的，截至 331 日，我們有 5 項未決決議，而截至這兩項決議出台，我們將有 3 項未決決議。

Only 3. Okay, excellent. Okay, that's what I had. I appreciate the comment. That clarifies.

只有 3 個。好的，非常好。好的，這就是我所擁有的。我很感謝你的評論。這澄清了。

Thank you for joining us, Steve.

感謝您加入我們，史蒂夫。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. The portfolio currently has 0.6 years of remaining term to maturity, so that implies nearly all loans in the portfolio should reach maturity this year. Is that correct?

非常感謝。該投資組合目前剩餘到期期限為 0.6 年，這意味著投資組合中的幾乎所有貸款都應在今年到期。對嗎？

Hey Jade, it's Steve. That is not correct. There's loans that are maturing in '25, there's loans maturing in '26, that's probably the majority of it, and there's a few that go out a little further into '27. There's a couple that are a little longer data pieces of paper, but it's a mix of '25, '26, and then some into '27 and beyond.

嘿，Jade，我是史蒂夫。那是不對的。有些貸款將在 2025 年到期，有些貸款將在 2026 年到期，這大概佔了大部分，還有一些貸款將在 2027 年稍晚一些到期。其中有幾張是稍長的數據紙，但都是 25 年、26 年以及 27 年及以後的數據的混合。

Okay, do you know generally what percentage, by the way, that statistic is from the 10Q, so I don't know if anything needs to be updated there.

好的，順便問一下，您知道該統計數據來自 10Q 的百分比大概是多少嗎，所以我不知道是否需要更新任何內容。

Hey Jay, this is Blake. If you go to the table, there's actually a helpful footnote at the bottom of it. That actual 0.6 is based on the contractual maturity date. So if you look at certain loans are subject to certain contractual extension options, and that is included here.

嘿，傑伊，我是布萊克。如果你看一下表格，你會發現表格底部有一個有用的腳註。實際的 0.6 是基於合約到期日的。因此，如果您查看某些貸款是否受某些合約延期選項的約束，這些都包含在這裡。

Okay, so do you know what percentage of the portfolio matures in 2025?

好的，那麼您知道 2025 年投資組合中有多少百分比到期嗎？

Yeah, so if you look at it, Jade, it's Steve, if you look at it in terms of, fully extended maturity date, which is what my comment relates to, it's probably a little over 20% of the portfolio has a final maturity in 2025.

是的，Jade，史蒂夫，如果你從完全延長的到期日的角度來看待它，這就是我的評論所涉及的，那麼可能有超過 20% 的投資組合將在 2025 年最終到期。

Okay.

好的。

And if you dig into that, some of those are the 5 rated loans that we've talked about, there's other loans in there that are expected to pay off, some of them will extend as of right, and then others, if we don't have a payoff, we'll have to -- we are having conversations with those borrowers, but that's a little early for that right now.

如果你深入研究一下，你會發現其中一些是我們討論過的 5 級貸款，其中還有其他預計會還清的貸款，其中一些會立即延期，而其他貸款，如果我們沒有還清，我們將不得不 - 我們正在與這些借款人進行對話，但現在還為時過早。

Okay. I've been looking at the commercial mortgage REIT and their approach toward CECL reserve, and it's clear that the company is heavily reserve on risk 5 rated loans, then they take a very low reserve on risk 4 rated loans and almost nothing on everything else, in contrast to banks. So could you say what the reserve is on the risk for rated loans?

好的。我一直在研究商業抵押貸款房地產投資信託基金 (REIT) 及其對 CECL 儲備的態度，很明顯，與銀行不同，該公司對風險等級為 5 的貸款持有大量儲備，而對風險等級為 4 的貸款持有非常低的儲備，對其他貸款幾乎不持有任何儲備。那麼，您能否說一下評級貸款的風險準備金是多少？

Right now the total allowance is $177.3 million. What dollar amount relates to risk 4 rated loans?

目前總補貼為1.773億美元。與風險 4 級貸款相關的金額是多少？

Blake, do you want to answer that?

布萊克，你想回答這個問題嗎？

Yeah, sure, I could take that. So if you actually look at our risk rated for loans, it's around $13.1 million as a quarter end.

是的，當然，我可以接受。因此，如果你實際看一下我們對貸款的風險評級，你會發現本季末的貸款風險約為 1,310 萬美元。

Okay. On what balance of loans does that relate to?

好的。這與哪些貸款餘額有關？

Sure, $174 million.

當然，1.74億美元。

Okay. So $13.1 million over $174 million, so that's a 7.5% reserve. Better than the -- $13.1 million on -- did you say $174 million?

好的。因此，1.74 億美元中超過 1,310 萬美元，即 7.5% 的儲備金。比 1,310 萬美元更好——您說的是 1.74 億美元嗎？

Yes.

是的。

(inaudible) rated for lunch. Okay, better than the other mortgage rates. Do you expect any incremental credit provisions? You identified the realized losses that would be expected in the second quarter, but do you expect any incremental loan loss provisions?

（聽不清楚）被評為午餐。好的，比其他抵押貸款利率好。您是否期望有任何增量信貸規定？您確定了第二季預計實現的損失，但您是否預計會出現任何增量貸款損失準備？

As far as the CECL process goes, this actually happens at quarter end, so we go through a full assessment when we get to the end of the month of June, and we haven't yet done that. As far as whether we expect to have incremental losses, it's too early to tell. We could have incremental gains or losses. It really depends on the actual forecast we lose in our general reserve modeling and also additional information that we obtain on the collateral dependent loans.

就 CECL 流程而言，這實際上發生在季度末，因此我們會在六月底進行全面評估，但我們還沒有這樣做。至於我們是否預期會出現增量損失，現在下結論還為時過早。我們可能會有增量收益或損失。這實際上取決於我們在一般儲備模型中損失的實際預測以及我們在抵押相關貸款中獲得的額外資訊。

Okay. The Miami office that you're taking REO. That's a 2016 vintage. So I mean, can you just give any color as to whether the asset produces any income, Miami is a pretty strong market, so what the issues are there. Just some commentary around that.

好的。您正在接受 REO 的邁阿密辦公室。這是 2016 年份的葡萄酒。所以我的意思是，你能否說明該資產是否產生任何收入，邁阿密是一個相當強勁的市場，那麼那裡存在什麼問題呢？僅對此進行一些評論。

Sure, so as of quarter end, we actually have three properties that are on our books as REO, and then when you look at the individual assets, I would say on a combined basis we do expect positive NOI. So I would say roughly around $225 a quarter.

當然，截至季度末，我們實際上有三處房產作為 REO 記在我們的賬簿上，然後當您查看單個資產時，我想說，從總體上看，我們確實預計 NOI 為正。所以我認為大約每季 225 美元。

When you look at our earnings, it's a little bit different just NOY is a non-GAAP measure, and if you look at our earnings, it shows a loss and that's largely because of the depreciation.

當你查看我們的收益時，你會發現有點不同，因為 NOY 是一個非 GAAP 指標，如果你查看我們的收益，它顯示虧損，這主要是因為折舊。

But I think maybe Steve you could, I think your question --

但我認為也許史蒂夫你可以，我認為你的問題--

I can get the color on the --

我可以得到--

Right Jack, go ahead.

好的，傑克，繼續吧。

Oh, you go ahead. I was going to ask you to do so.

噢，你先去吧。我正要請你這麼做。

Oh sure, so I could say it's a high quality Class A property in a strong market. It's got a lot of potential. The issue here was really around the prior owner who had distress in their larger portfolio. They just were not able to invest in this property or execute the business plan due to those issues. The market, I think you alluded to it's got compelling fundamentals, we thought this one made sense to take back.

哦，當然，所以我可以說這是強勁市場中的高品質 A 級房產。它有很大的潛力。這裡的問題實際上在於前任所有者對其較大的投資組合感到困擾。由於這些問題，他們無法投資該房產或執行商業計劃。我認為您提到過，市場具有令人信服的基本面，我們認為收回這一價格是合理的。

We're actively reviewing potential resolution alternatives, we're in active leasing discussions with a bunch of tenants, and we'll have more to share on that in the coming quarters.

我們正在積極審查潛在的解決方案，並與一群租戶進行積極的租賃討論，我們將在未來幾季分享更多相關資訊。

Okay, do you know what the basis is? That you'll be taking it into REO?

好的，你知道依據是什麼嗎？您會把它帶入 REO 嗎？

Well yeah, we did do that and Blake if you would address that.

嗯，是的，我們確實這樣做了，布萊克，你能否談談這個問題？

The basis like price per square foot.

基礎價格如每平方英尺的價格。

I don't have that handy, so the total number that we actually put on our books is $72.5 million. I don't know if Steve, you have that handy.

我手邊沒有這個數字，所以我們帳上的實際總額是 7,250 萬美元。我不知道史蒂夫，你是否方便擁有它。

Yeah, I believe we do disclose the square footage, right?

是的，我相信我們確實披露了平方英尺數，對嗎？

We can come back to you on that if it's not readily advanced Steve.

如果這個問題還沒有解決，我們可以再向您報告，史蒂夫。

I mean, do you think it's reasonable that there could be a gain in that property if it's Class A, the prior owner didn't invest in it, you're in discussions with a bunch of tenants, potential tenants.

我的意思是，如果該房產是 A 級房產，而之前的所有者沒有對其進行投資，而您正在與一群租戶、潛在租戶進行討論，那麼您認為該房產可能帶來收益是合理的嗎？

The answer is depending on the resolution path and timing, yes.

答案是取決於解決路徑和時間。

Okay. Great, well, thanks for taking the questions.

好的。很好，謝謝您回答這些問題。

Great, thank you, Jade. We appreciate your time.

太好了，謝謝你，Jade。感謝您的時間。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Jack Taylor for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給傑克泰勒 (Jack Taylor)，請他發表最後評論。

Well, we're very pleased with the progress we've made, and we very much appreciate all the attention and time and focus that you all have shown to our company and support, and we look forward to reporting to you in the next quarter. Thank you very much.

嗯，我們對所取得的進展感到非常高興，我們非常感謝大家對我們公司和支持所表現出的關注、時間和精力，我們期待著下個季度向你們匯報。非常感謝。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。