Ladder Capital Corp (LADR) 2025 Q1 法說會逐字稿

Good morning and welcome to Ladder Capital Corp's earnings call for the first quarter of 2025. As a reminder, today's call is being recorded. This morning, Ladder released its financial results for the quarter ended March 30, 2025. Before the call begins, I'd like to call your attention to the customary Safe Harbor disclosure in our earnings release regarding forward-looking statements.

早安，歡迎參加 Ladder Capital Corp 2025 年第一季財報電話會議。提醒一下，今天的通話正在錄音。今天上午，Ladder 發布了截至 2025 年 3 月 30 日的季度財務業績。在電話會議開始之前，我想提請您注意我們收益報告中有關前瞻性陳述的常規安全港披露。

Today's call may include forward-looking statements and projections, and we refer you to our most recent Form 10K for important factors that could cause actual results to differ materially from these statements and projections. We do not undertake any obligation to update our forward-looking statements or projections unless required by law.

今天的電話會議可能包括前瞻性陳述和預測，我們請您參閱我們最新的 10K 表格，以了解可能導致實際結果與這些陳述和預測有重大差異的重要因素。除非法律要求，我們不承擔更新前瞻性聲明或預測的任何義務。

In addition, Blatter will discuss certain non-GAAP financial measures on this call, which management believes are relevant to assessing the company's financial performance. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

此外，布拉特將在本次電話會議上討論某些非公認會計準則財務指標，管理階層認為這些指標與評估公司的財務表現有關。本公司呈現的這些資訊並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。

These measures are reconciled to GAAP figures in our earnings supplement presentation, which is available in the investor relations section of our website. We also refer you to our Form 10K and earnings supplement presentation for definitions of certain metrics which we may cite on today's call. At this time, I'd like to turn the call over to latter's President Pamela McCormack.

這些措施與我們收益補充報告中的 GAAP 數據一致，您可以在我們網站的投資者關係部分找到該數據。我們也請您參閱我們的 10K 表格和收益補充報告，以了解我們可能在今天的電話會議上引用的某些指標的定義。現在，我想將電話轉給後者總裁帕梅拉·麥科馬克。

Good morning. During the first quarter, latter generated distributable earnings of $25.5 million or $0.20 per share for a return on equity of 6.6% with modest adjusted leverage of just 1.4 times.

早安.在第一季度，後者創造了 2,550 萬美元的可分配收益，即每股 0.20 美元，股本回報率為 6.6%，調整後的槓桿率僅為 1.4 倍。

We remain pleased with ladder's positioning in 2025 following our strong performance in 2024. Over $1.7 billion or 51% of our balance sheet loans paid off in 2024, marking the highest annual payoff volume in Ladder's history, with nearly $600 million of proceeds from loan payoffs in the fourth quarter alone.

繼 2024 年的強勁表現之後，我們對 2025 年的 Ladder 定位仍然感到滿意。2024 年，我們償還了超過 17 億美元（佔資產負債表貸款的 51%）的貸款，這是 Ladder 歷史上最高的年度償還額，僅第四季度就從貸款償還中獲得了近 6 億美元的收益。

While the timing of these payoffs temporarily muted earnings, reinvestment momentum is now building. Getting paid back is the most important part of the mortgage business, and we're excited to redeploy the liquidity generated from loan payoffs into new loans at lower reset basis that better reflects current market conditions.

雖然這些支付的時間暫時抑制了收益，但再投資動能正在增強。獲得償還是抵押貸款業務中最重要的部分，我們很高興將貸款償還產生的流動性重新部署到新的貸款中，以更低的重置基準更好地反映當前的市場狀況。

During the first quarter, we originated $329 million in new loans and acquired $521 million in AAA securities, bringing our total first quarter investment activity to over $800 million. Our discipline model has firmly established our position as a leading middle market focused commercial real estate finance.

第一季度，我們發放了 3.29 億美元的新貸款，並收購了 5.21 億美元的 AAA 證券，使我們第一季的總投資活動超過 8 億美元。我們的學科模式已牢固確立了我們作為領先的專注於中端市場的商業房地產金融的地位。

Over the past several years, we have consistently delivered strong earnings, preserved book value, achieved record loan payoffs. Avoided material losses, enhanced and extended our liability structure, and maintained the highest credit ratings in the sector, all amid a challenging macroeconomic backdrop.

過去幾年來，我們持續強勁獲利、維持帳面價值、創紀錄的貸款償還。在充滿挑戰的宏觀經濟背景下，我們避免了重大損失，增強並擴展了我們的負債結構，並維持了業界最高的信用評級。

The strength of our platform was most recently evident through the return on equity ladder generated in 2024, one of the strongest in the sector. As we look ahead for the remainder of 2025, we recognize the continued possibility of market volatility and uncertainty.

我們平台的優勢最近透過 2024 年產生的股本回報率階梯得到了證明，這是該行業最強的回報率之一。展望 2025 年剩餘時間，我們認識到市場波動和不確定性的可能性仍將存在。

However, with substantial liquidity, modest leverage, and a robust balance sheet, including one of the lowest cost capital in our space, we're well prepared to navigate these challenges and capitalize on the opportunities they may create. Enhanced liquidity and credit ratings.

然而，憑藉著充足的流動性、適度的槓桿率和穩健的資產負債表（包括我們領域中最低的資本成本之一），我們已做好充分準備應對這些挑戰並利用它們可能創造的機會。增強流動性和信用評級。

As of March 30th, 2025, latter had $1.3 billion in liquidity, including $480 million or over 10% of total assets comprised of cash and cash equivalents. 83% of our asset base was unencumbered as a quarter end, and 72% of Ladder's debt was comprised of unsecured corporate bonds.

截至 2025 年 3 月 30 日，後者擁有 13 億美元的流動資金，其中包括 4.8 億美元或超過 10% 的總資產，由現金和現金等價物組成。截至本季末，我們 83% 的資產基礎無任何負擔，而 Ladder 72% 的債務由無擔保公司債組成。

Ladder remains on positive outlook from both Moody's and Fitch, with ratings just one la low investment grade, while S&P upgraded our credit rating by one notch in 2024. The recent expansion and upsizing of our $850 million unsecured corporate revolving credit facility, coupled with our $500 million unsecured bond issuance in 2024. Represent meaningful progress in our shift towards unsecured debt as our primary funding source, an important milestone on our path towards potential investment grade ratings.

穆迪和惠譽都對 Ladder 的前景保持樂觀，評級僅為低投資級，而標準普爾則在 2024 年將我們的信用評級上調了一個等級。我們最近擴大並增加了 8.5 億美元的無擔保公司循環信貸額度，加上我們在 2024 年發行的 5 億美元無擔保債券。代表我們在向無擔保債務作為主要資金來源轉變方面取得了有意義的進展，這是我們邁向潛在投資等級評級的重要里程碑。

Loan portfolio overview. As of March 31, 2025, our loan portfolio stood at $1.7 billion representing 38% of total assets with a weighted average yield of 8.7%. Our future funding commitments remain minimal, totaling just $40 million.

貸款組合概覽。截至 2025 年 3 月 31 日，我們的貸款組合為 17 億美元，佔總資產的 38%，加權平均收益率為 8.7%。我們未來的資金承諾仍然很少，總計僅為 4000 萬美元。

During the first quarter, new loan originations outpaced payoffs. We received $181 million in loan payoffs, including the full repayment of 9 loans. In contrast, we originated $329 million of new loans consisting of a $64 million fixed rate conduit loan with a coupon of 6.8% and $265 million in balance sheet loans at a weighted average spread of 394 basis points.

第一季度，新貸款發放量超過了還款量。我們收到了 1.81 億美元的貸款償還，其中包括 9 筆貸款的全部償還。相較之下，我們發放了 3.29 億美元的新貸款，其中包括 6,400 萬美元的固定利率管道貸款（票面利率為 6.8%）和 2.65 億美元的資產負債表貸款（加權平均利差為 394 個基點）。

Notably, 74% of these originations were backed by multi-family or industrial assets. Additionally, our pipeline continues to grow with approximately $250 million in new loans currently under application. Given the robust payoffs achieved in 2024, we expect muted payoffs for the remainder of the year. Asset repositioning and risk management.

值得注意的是，其中 74% 的貸款由多戶住宅或工業資產支持。此外，我們的貸款管道仍在擴大，目前正在申請的新貸款約為 2.5 億美元。鑑於 2024 年取得的豐厚回報，我們預計今年剩餘時間的回報將會較低。資產重新定位和風險管理。

During the first quarter, we placed 2 more loans totaling $38.7 million on non-accrual status. A $13.7 million dollar hotel loan and a $24.9 million office loan. Overall, our non-accrual loan balance represents only 2.6% of our assets. We did not take any impairments this quarter, and our [easeil] reserve remained at $52 million as of March 30th, 2025.

第一季度，我們又將兩筆總額為 3,870 萬美元的貸款置於非應計狀態。1370 萬美元的酒店貸款和 2490 萬美元的辦公室貸款。整體而言，我們的非應計貸款餘額僅占我們資產的2.6％。本季我們沒有提列任何減損，截至 2025 年 3 月 30 日，我們的 [easeil] 儲備金仍為 5,200 萬美元。

We continue to believe this reserve is sufficient to cover any potential losses we may incur, highlighting the strength of our underwriting and asset management, which remain a core driver of our success. Consistent carry income from our real estate portfolio.

我們仍然相信，該儲備足以彌補我們可能遭受的任何潛在損失，這凸顯了我們承保和資產管理的實力，這仍然是我們成功的核心驅動力。我們的房地產投資組合持續帶來收益。

Our $892 million real estate portfolio generated $12.2 million of net operating income during the first quarter. The portfolio primarily consists of net leased properties with long-term leases to investment grade rated tenants. In addition, we sold one net leased property generating a $900,000 gain in distributable earnings during the quarter.

我們價值 8.92 億美元的房地產投資組合在第一季創造了 1,220 萬美元的淨營業收入。此投資組合主要包括與投資等級租戶簽訂長期租賃協議的淨租賃物業。此外，我們在本季出售了一處淨租賃物業，產生了 90 萬美元的可分配收益。

Growing securities portfolio. During the first quarter, we acquired an additional $521 million in AAA rated securities at a weighted average unlevered yield of 5.79%. As of March 30th, first, our portfolio totaled $1.5 billion with a weighted average unlevered yield of 5.67%. Primarily comprised of AAA rated securities.

不斷增長的證券投資組合。第一季度，我們額外收購了價值 5.21 億美元的 AAA 級證券，加權平均無槓桿收益率為 5.79%。首先，截至 3 月 30 日，我們的投資組合總額為 15 億美元，加權平均無槓桿殖利率為 5.67%。主要由 AAA 級證券組成。

As Brian will cover in more detail, we continue to invest in securities during the second quarter as spreads widened, ensuring stable earnings and enhanced liquidity for the latter with the entire portfolio remaining unlevered.

正如 Brian 將更詳細地介紹的那樣，隨著利差擴大，我們在第二季度繼續投資證券，確保後者獲得穩定的收益並增強流動性，同時整個投資組合保持無槓桿。

2025 Outlook Blatter's business plan continues to prove effective amid a highly dynamic environment shaped by persistent interest rate volatility and geopolitical uncertainty, including the re-emergence of tariffs. These trade tensions have contributed to uncertainty and impacted commercial real estate demand, especially in sectors tied to global supply chains.

2025 年展望 在持續的利率波動和地緣政治不確定性（包括關稅的重新出現）所塑造的高度動態的環境中，布拉特的商業計劃繼續證明是有效的。這些貿易緊張局勢加劇了不確定性，並影響了商業房地產需求，尤其是與全球供應鏈相關的產業。

While this volatility may dampen price discovery and deal execution, it should also present attractive opportunities for well-capitalized platforms like latter. Our discipline, balance sheet strength, and real-time market intelligence gathered from our multi-cylinder business model are crucial in enabling us to proactively navigate market fluctuations and capitalize on opportunities with the best suggested returns when others may be constrained.

雖然這種波動可能會抑制價格發現和交易執行，但它也為後者等資金雄厚的平台提供了一個有吸引力的機會。我們的紀律、資產負債表實力以及從多缸業務模式中收集的即時市場情報對於我們能夠主動應對市場波動並在其他人可能受到限制時利用具有最佳建議回報的機會至關重要。

In conclusion, we remain highly liquid and very well situated to act with certainty and speed to deploy capital into new investments that can drive earnings growth and deliver long term value to our shareholders. With that, I'll turn the call over to Paul.

總而言之，我們仍然擁有高度的流動性，並且能夠以確定性和速度採取行動，將資本部署到可以推動獲利成長並為股東帶來長期價值的新投資。說完這些，我會把電話轉給保羅。

Thank you, Pamela. In the first quarter of 2025, the Ladder generated $25.5 million of distributable earnings or $0.20 per share of distributable EPS, achieving a return on average equity of 6.6% as our balance sheet remains flush with liquidity and low leverage after ending 2024, the record payoffs.

謝謝你，帕梅拉。2025 年第一季度，Ladder 產生了 2550 萬美元的可分配收益或每股 0.20 美元的可分配 EPS，實現了 6.6% 的平均股本回報率，因為我們的資產負債表在 2024 年底創下歷史新高後仍然保持著充足的流動性和低槓桿率。

As of March 31, 2025, latter's balance sheet remains strong, was primarily comprised of cash and a liquid AAA securities portfolio with room to grow leverage as we deploy our capital. As of March 31, 2025, Ladder's liquidity was $1.3 billion comprised of cash and cash equivalents and are newly upsized and extended $850 million unsecured revolver, which remains undrawn.

截至 2025 年 3 月 31 日，後者的資產負債表依然強勁，主要由現金和流動性 AAA 證券投資組合組成，隨著我們部署資本，槓桿率還有成長空間。截至 2025 年 3 月 31 日，Ladder 的流動資金為 13 億美元，包括現金和現金等價物，以及新增加和延長的 8.5 億美元無擔保循環信貸額度，該額度仍未提取。

Total gross leverage was 1.83 times as a quarter end, as we continue to deliver, far from our target range of between 2 times and 3 times leverage. As of March 31, 2025, 72% of our debt was comprised of unsecured corporate bonds with a weighted average remaining maturity of 3.5 years, an attractive weighted average fixed rate coupon of 5.2%.

截至季末，總槓桿率為 1.83 倍，我們繼續交付，遠低於 2 倍至 3 倍槓桿的目標範圍。截至 2025 年 3 月 31 日，我們 72% 的債務由無擔保公司債組成，加權平均剩餘期限為 3.5 年，有吸引力的加權平均固定利率為 5.2%。

In the first quarter, we were purchased $20 million in principal value of our unsecured bonds, including $8 million of our 2025 bonds maturing this October, which now have $288 million in principle that remains outstanding. In the first quarter we called our FL2 CLO as they continue to advertise. In total, in the first quarter we repaid $323 million of secured CLO debt.

在第一季度，我們購買了價值 2,000 萬美元的無擔保債券，其中包括 800 萬美元的 2025 年債券，將於今年 10 月到期，目前未償還本金為 2.88 億美元。在第一季度，我們打電話給我們的 FL2 CLO，因為他們繼續做廣告。總體而言，第一季我們償還了 3.23 億美元的擔保 CLO 債務。

As Pamela noted, the latter remains on positive outlook, one notch from an investment grade credit rating with two rating agencies. Blatter is currently running a balance sheet within many of the investment grade metrics of the rating agencies.

正如帕梅拉所指出的，後者仍然保持樂觀的前景，距離兩家評級機構的投資級信用評級僅差一級。布拉特目前正在根據評級機構的多項投資等級指標來編制資產負債表。

Given our long track record as a disciplined and prudent manager of capital, we are hopeful we will become an investment graded company in the near term. As of March 31st, 2025, our unencumbered asset pool stood at $3.7 billion or 83% of total assets. 85% of this unencumbered asset pool is comprised the first mortgage loans, securities, and unrestricted cash and cash equivalents.

鑑於我們長期以來作為嚴謹和審慎的資本管理者的記錄，我們希望在短期內成為一家投資級公司。截至 2025 年 3 月 31 日，我們的無抵押資產池為 37 億美元，佔總資產的 83%。其中 85% 的無抵押資產池由第一抵押貸款、證券以及無限制現金和現金等價物組成。

As of March 31, 2025, latter's undepreciated book value per share was $13.66 which is net of $0.41 per share of Cecil General reserve established. In the first quarter of 2025, we repurchased 71,000 shares of our common stock at a weighted average price of $11.42 per share.

截至 2025 年 3 月 31 日，後者每股未折舊帳面價值為 13.66 美元，扣除每股 0.41 美元的 Cecil General 儲備金。2025 年第一季度，我們以每股 11.42 美元的加權平均價格回購了 71,000 股普通股。

As of March 31st, 2025, $66.8 million remains outstanding on Ladder stock repurchase program. Subsequent quarter ends in April, Ladder's board of directors approved an increase to Ladder's share buyback authorization to $100 million.

截至 2025 年 3 月 31 日，Ladder 股票回購計畫仍未償還金額為 6,680 萬美元。隨後的季度於 4 月結束，Ladder 董事會批准將 Ladder 的股票回購授權增加至 1 億美元。

In the first quarter, Ladder declared a $0.23 per share dividend, which was paid on April 15, 2025. As we continue to deploy the liquidity we've amassed for successful payoffs in 2024 and begin to prudently add leverage to our delivered balance sheet, we are hopeful we return to consistent dividend coverage in the coming quarters.

第一季度，Ladder 宣布每股股利 0.23 美元，將於 2025 年 4 月 15 日支付。隨著我們繼續部署為 2024 年成功還款而累積的流動資金，並開始審慎地為已交付的資產負債表增加槓桿，我們希望在未來幾季恢復穩定的股息覆蓋率。

As Pamela discussed our performance in detail, I will highlight a few additional points regarding the performance of each of our segments from the first quarter. As of March 31, 2025, our non-accrual loan balance was $116 million across four loans, and our Cecil reserve was $52 million or $0.41 per share as I previously mentioned.

由於帕梅拉詳細討論了我們的業績，我將重點介紹第一季我們各個部門業績的幾個額外要點。截至 2025 年 3 月 31 日，我們的四筆貸款的非應計貸款餘額為 1.16 億美元，我們的 Cecil 儲備金為 5,200 萬美元，即每股 0.41 美元，正如我之前提到的。

We believe this reserve level is adequate to cover any potential loss in our loan portfolio, including consideration of the continued macroeconomic shifts ongoing in the global economy. As of March 30, 2025, the carrying value of our securities portfolio is $1.5 billion up to 37% from the year end, with a weighted average yield of 5.67% as we continue to rotate capital out of T bills and into AAA securities while we allow for a loan pipeline to build.

我們相信，這項儲備水準足以彌補我們貸款組合中的任何潛在損失，包括考慮到全球經濟正在持續發生的宏觀經濟轉變。截至 2025 年 3 月 30 日，我們的證券投資組合的帳面價值為 15 億美元，較年底上升 37%，加權平均收益率為 5.67%，因為我們繼續將資本從國庫券轉出到 AAA 證券，同時允許建立貸款管道。

As of March 30, 2025, 99% of the securities portfolio was investment grade rated, with 96% being AAA rated. As mentioned, the entire portfolio of predominantly AAA securities is unencumbered and readily financeable, providing an additional source of potential liquidity, complementing the $1.3 billion of same day liquidity we maintain.

截至 2025 年 3 月 30 日，99% 的證券投資組合評級為投資等級，其中 96% 的評級為 AAA。如上所述，整個投資組合主要由 AAA 級證券組成，沒有任何抵押，且易於融資，從而提供了額外的潛在流動性來源，補充了我們維持的 13 億美元當日流動性。

Our $892 million real estate segment continued to generate stable net operating income in the first quarter of 2025. The portfolio includes 149 net lease properties, primarily investment graded credits, committed to long-term leases with a weighted average remaining lease term of 7.5 years. In the first quarter, we sold one net lease property for $13 million of proceeds, generating a $0.9 million gain.

我們價值 8.92 億美元的房地產部門在 2025 年第一季繼續產生穩定的淨營業收入。該投資組合包括 149 處淨租賃資產，主要為投資等級信貸，承諾長期租賃，加權平均剩餘租賃期限為 7.5 年。第一季度，我們出售了一處淨租賃物業，收益為 1,300 萬美元，產生 90 萬美元的收益。

For distributable earnings and a $3.8 million gain for GAAP, which includes the recapture of previously recorded depreciation and amortization expense. In conclusion, looking back over the five years since the onset of COVID-19 in March of 2020, latter has maintained a remarkably steady book equity of approximately $1.5 billion.

對於可分配收益和 380 萬美元的 GAAP 收益，其中包括重新收回先前記錄的折舊和攤銷費用。總而言之，回顧自 2020 年 3 月 COVID-19 爆發以來的五年，後者一直保持著約 15 億美元的非常穩定的帳面權益。

We believe this is a testament to our long held focus on principal preservation first and return on equity second, with a consistent strategy of financing our three core businesses, primarily with unsecured debt and modest leverage.

我們相信，這證明了我們長期以來首先關注本金保全，其次關注股本回報率，並始終如一地採用無擔保債務和適度槓桿為我們的三大核心業務提供融資。

For further details on our first quarter 2025 operating results, please refer to our earnings supplement, which is available on our website, and Ladder's quarterly report on Form 10, which we expect to file in the coming days. With that, I'll turn it over to Brian.

有關我們 2025 年第一季度經營業績的更多詳細信息，請參閱我們網站上提供的收益補充文件，以及我們預計將在未來幾天提交的 Ladder 10 號表格季度報告。說完這些，我就把麥克風交給 Brian。

Thanks, Paul. At the end of 2024, we held about $1.3 billion in cash and T-bills following a high volume of loan payoffs in the second half of the year. In the first quarter of 2025, we began to deploy that capital into new investments in a post-pandemic, post-election, higher interest rate environment.

謝謝，保羅。截至 2024 年底，由於下半年償還了大量貸款，我們持有約 13 億美元的現金和國庫券。2025 年第一季度，我們開始將這些資金投入疫情後、選舉後、利率上升的環境中的新投資。

As the year began. We felt like loan requests coming out of the refi Channel were unattractive and largely relating to older properties with broken business plans with too much existing leverage in place. We tried to focus on originating mortgage loans on new acquisitions and on newer properties where we could find them.

隨著新年的開始。我們覺得來自再融資管道的貸款申請缺乏吸引力，主要涉及商業計劃失敗且現有槓桿過高的老舊房產。我們盡力集中精力為新收購的資產和我們能找到的較新的房產發放抵押貸款。

By the end of the first quarter, we were seeing much more attractive lending opportunities with acquisitions becoming more common, along with newly built multi-family units coming off construction loans and in their initial lease up phase.

到第一季末，我們看到了更具吸引力的貸款機會，收購變得越來越普遍，新建的多戶型住宅也已還清建築貸款，並進入初始租賃階段。

We were pleased to have originated $265 million of first lien balance sheet loans at credit spreads ranging from 270 to 700 basis points and averaging 394 basis points over one month so far. We also originated the $64 million fixed rate mortgage that we plan to securitize at some point this year when we accumulate enough of these kind of fixed rate loans to participate in a conduit securitization. This loan was a refinance of a $76 million loan we made to the same sponsor 10 years ago.

我們很高興已經發放了 2.65 億美元的第一留置權資產負債表貸款，信用利差範圍為 270 至 700 個基點，迄今為止一個月的平均利差為 394 個基點。我們還發起了 6,400 萬美元的固定利率抵押貸款，並計劃在今年某個時候將其證券化，屆時我們將累積足夠的此類固定利率貸款來參與通路證券化。這筆貸款是我們 10 年前向同一發起人提供的 7,600 萬美元貸款的再融資。

Further investments in the first quarter included the addition of $521 million of AAA securities, and as volatility gripped capital markets as April began, we added over $160 million more of AAA securities so far this month.

第一季的進一步投資包括增加 5.21 億美元的 AAA 證券，隨著 4 月初資本市場的波動，本月迄今我們又增加了超過 1.6 億美元的 AAA 證券。

For the remainder of the year, we expect to favor more investments in loans, but when volatility causes spikes in credit spreads as it did in early April, we benefit from the ability to pivot and add more highly rated liquid securities to our inventory.

在今年剩餘的時間裡，我們預計將更多地投資於貸款，但當波動性導致信貸利差飆升（就像 4 月初那樣）時，我們將受益於調整併在我們的庫存中添加更多高評級流動性證券的能力。

In short, we expect to add similar assets in the quarters ahead with a preference for higher yielding loans versus securities. On the right side of the balance sheet, we called one of our two CLOs issued in 2021 after payoffs in the pool of mortgage loans eliminated the A class.

簡而言之，我們預計未來幾季將增加類似的資產，但優先考慮收益率較高的貸款而非證券。在資產負債表的右側，我們稱 2021 年發行的兩份 CLO 中的一份是在抵押貸款池中的還款消除了 A 類之後發行的。

Overall secured debt was paid down by $346 million in the first quarter. If market volatility decreases, we hope to issue another corporate unsecured bond as summer approaches, but I would note that with an undrawn revolver of $850 million and $1.5 billion of unlevered securities, we are under no pressure to issue any new debt and we'll only do so if we believe conditions are attractive.

第一季度，總體擔保債務償還額為 3.46 億美元。如果市場波動性降低，我們希望在夏季臨近時發行另一筆公司無擔保債券，但我要指出的是，由於尚未提取的循環信貸額度為 8.5 億美元，並且還有 15 億美元的無槓桿證券，因此我們沒有發行任何新債券的壓力，而且只有在我們認為條件具有吸引力的情況下我們才會這樣做。

To wrap things up today, looking forward, we expect the treasury curve to steepen with short term rates falling, while longer term rates will be rising. This is not a great scenario for the overall economy, as savers earn less interest and costs to service most forms of debt increase. We believe this scenario should be supportive of a larger opportunity to participate more meaningfully in conduit securitizations.

今天總結一下，展望未來，我們預期國債殖利率曲線將趨於陡峭，短期利率將下降，而長期利率將上升。對於整體經濟而言，這不是一個好的情況，因為儲蓄者賺取的利息減少，而償還大多數債務的成本增加。我們相信這種情況應該會為更有意義地參與管道證券化提供更大的機會。

While it has been a while since we had meaningful earnings contribution from our conduit business owing in part to an inverted yield curve that persisted for years. This product is the highest ROE product in our product mix, and we would welcome the return of the conduit business at latter.

然而，我們已經有一段時間沒有從管道業務中獲得有意義的獲利貢獻了，部分原因是殖利率曲線倒掛持續了多年。該產品是我們產品組合中ROE最高的產品，我們歡迎後期導管業務的回歸。

We expect the Fed will start to cut short-term rates in the near term, primarily because of where we see the two year Treasury yield versus the Fed funds rate that the Fed controls. We believe the long end of the Treasury curve will rise as inflation picks up and the deficit increases.

我們預期聯準會將在短期內開始降低短期利率，主要是因為我們看到了兩年期公債殖利率與聯準會控制的聯邦基金利率的關係。我們相信，隨著通膨上升和赤字增加，國債殖利率曲線的長端將會上升。

While such rise would generally not be a great sign for the economy, we believe it would be an environment that an operation like ours can thrive in, given the strength of our balance sheet and overall liquidity position. Thanks for listening today. I think we can take some questions now.

雖然這種成長通常對經濟來說並不是一個好兆頭，但我們相信，考慮到我們資產負債表的強勁和整體流動性狀況，這將是我們這樣的業務能夠蓬勃發展的環境。感謝您今天的收聽。我想我們現在可以回答一些問題。

(Operator Instructions)

（操作員指示）

Randy Benner with B. Riley. Please proceed.

蘭迪·本納 (Randy Benner) 和 B. Riley。請繼續。

Hey, thanks. I guess I'll start on the origination activity which was positive.

嘿，謝謝。我想我將開始積極的發起活動。

In the quarter and then the blended 394 basis point spread you noted but it was pretty wide like 270 by 700 think and so the question is, we kind of thought of over, kind of 300 is a good level of where you're able to put money to work, you was there exceptionally good activity in the first quarter that had that elevated or can we think like high 300 is where. A loan originations money can be put to work this year.

在本季度，您注意到混合 394 個基點的利差，但它相當寬，就像 270 乘以 700，所以問題是，我們認為 300 是一個很好的水平，你可以在這個水平上投入資金，第一季度是否有非常好的活動，從而提高了這個水平，或者我們可以認為 300 的高點在哪裡。今年可以將貸款發放資金投入使用。

Okay, Randy, thank you. This is Brian. The quarter, as you can imagine with all the volatility that commercial real estate's been going through in the last few years, not since the inauguration. There are difficult situations out there. There are lenders that want to be paid off and might be willing to take a discount they weren't willing to take a while ago.

好的，蘭迪，謝謝你。這是布萊恩。正如你可以想像的那樣，本季商業房地產經歷了過去幾年的波動，而不是自就職典禮以來的波動。外面的情況很困難。有些貸款人希望得到償付，並且可能願意接受他們之前不願意接受的折扣。

There are also a lot of acquisitions going on at different reset prices, and I think what happens sometimes in markets like that is I'll call it special situations. They always pop up once in a while, but I would expect to see more coming out of a downturn. And sometimes what's very important is that you move quickly.

還有很多收購以不同的重置價格進行，我認為在這樣的市場中有時會發生這種情況，我稱之為特殊情況。它們總是會偶爾出現，但我預計在經濟低迷時期會出現更多。有時，行動迅速非常重要。

And when someone is buying something that they feel is very cheap and they want to move fast on it, sometimes they're not overly worried about, what the rate is as long as you get them to the closing very quickly. So, there were some situations like that. And we're because we hold things on our balance sheet and we're not beholden to BP's buyers or rating agency subordination levels, we can pretty much just make a credit decision and because we're all in one house and we don't, there's no third parties outside the building making the determination.

當有人購買他們認為非常便宜的東西並想快速行動時，有時他們並不會過分擔心價格是多少，只要你能讓他們快速完成交易即可。所以，確實存在一些這樣的情況。因為我們把資產負債表上的東西都記在心裡，我們不受 BP 買家或評級機構從屬級別的約束，所以我們幾乎可以自己做出信用決策，因為我們都在一個屋子裡，所以沒有大樓外的第三方來做決定。

I think we can drive a premium cost once in a while to on yield to us. And also, the one thing I've been noticing, as I said, was we seem to be looking at a whole lot of brand-new multi-family properties that are coming off construction loans and in lease up. That market is, 225 to 275, and depending on what state you're in and what the leverage point is.

我認為我們可以偶爾提高溢價成本來提高收益。而且，正如我所說，我注意到的一件事是，我們似乎正在關注大量即將還清建築貸款並處於租賃狀態的全新多戶型住宅。該市場是 225 到 275，取決於您所在的州和槓桿點。

So, we do see that that is the most prevalent product we're seeing financing opportunities for. So, but I don't think I would TRY to indicate to you we're going to start being at 2,250 to 270 most of the time because I do think that we will continue to see bar belling situations pop up and I also hesitate to draw too many conclusions around a sample size of $200 and change a million dollars, $260 million because one loan could really swing things around a little there.

因此，我們確實看到這是我們看到的融資機會最普遍的產品。所以，但我不認為我會試圖向你表明我們大多數時候都會從 2,250 到 270 開始，因為我確實認為我們會繼續看到酒吧鈴聲的情況出現，而且我也不願意圍繞 200 美元的樣本量得出太多結論，改變一百萬美元，2.6 億美元，因為一筆貸款真的可以稍微改變一下情況。

But this is the kind of market where you will see opportunities to receive premium pricing for your liquidity and speed. So, hope that answers.

但在這種市場中，您將有機會憑藉自己的流動性和速度獲得溢價。因此，希望能夠得到答案。

Yeah, that's helpful. Just one quick clarification or follow up is the, I think of that origination in the quarter there was a percentage that was multi-family and industrial. I just, I missed that. How much of it was in those two classes?

是的，這很有幫助。只需快速澄清或跟進一下，我認為本季度的起源中有一定比例是多戶型和工業的。我只是，我錯過了。這兩節課的內容有多少？

I think they said 74%, but I'm not sure. Craig, do you have, Adam, if you know the answer, yeah, the 74%, the old man, okay, the old man got it right.

我認為他們說的是 74%，但我不確定。克雷格，亞當，如果你知道答案，是的，74%，老人，好的，老人答對了。

Super. Okay, thanks, appreciate it.

極好的。好的，謝謝，感激不盡。

Jade Rahmani with KBW. Please proceed.

KBW 的 Jade Rahmani。請繼續。

Thanks very much. I was wondering if you expect origination to maintain or exceed the pace that, you generated in the first quarter.

非常感謝。我想知道您是否預計發起速度將保持或超過第一季的速度。

I would expect them to exceed it.

我希望他們能夠超越它。

Okay, has there been any slow down? I think you may have alluded to this, post quarter end.

好的，有任何減緩嗎？我想您可能已經提到過這一點，即季度末之後。

Slowdown in which part of the python is the part where they are signing applications and posting deposits or closings or securitizations because there's definitely been a slowdown in securitizations with all the volatility. However, we were not looking to participate in anything anyway.

蟒蛇的哪一部分放緩是他們簽署申請和發佈存款或結算或證券化的部分，因為隨著所有波動，證券化肯定已經放緩。然而，無論如何我們都不想參加任何事情。

But on the origination side, I think that they're like many businesses, a lot of borrowers are kind of freezing until they get a sense as to what's going on here and at 10 o'clock in the morning it looks one way and at 3 o'clock it looks different. So there that will dampen activity but coming off of what we've gone through in the last two years, we're effectively we're an asset management operation trying to get capital back in the building, wildly successful in getting paid off.

但在發起方面，我認為他們就像許多企業一樣，許多藉款人都有些不知所措，直到他們了解到這裡發生了什麼，而早上 10 點看起來是一種情況，而 3 點看起來又不一樣了。因此，這會抑制活動，但從我們過去兩年的經驗來看，我們實際上是一家資產管理公司，試圖將資本重新投入到建設中，並非常成功地獲得了回報。

Then we turned on the jets the other way and started, making investments of over $800 million in the quarter. So, while spreads have been widening out, I haven't seen a fall off in activity. And but it's not hard to see an acceleration of activity when you're originating $300 million in a quarter. I would expect us to originate in excess of that.

然後我們又轉向另一個方向並開始投資，本季投資超過 8 億美元。因此，儘管利差不斷擴大，但我並未看到活動量下降。但是，當你在一個季度內籌集到 3 億美元時，不難看出活動的加速。我希望我們能夠超越這一點。

So it was really a start as opposed to an average quarter, I think. So I think you can expect us regardless of the volatility in the space, I mean things can go too far, but I think in general you'll see these numbers going up as we and we're planning to migrate out of those securities that we purchased into the loan platforms.

因此，我認為這確實是一個開始，而不是一個平均的季度。因此，我認為無論空間波動如何，您都可以期待我們，我的意思是事情可能會走得太遠，但我認為總的來說，您會看到這些數字上升，因為我們計劃將購買的那些證券遷移到貸款平台。

Thank you. How are you thinking about the net lease portfolio longer term? Do you plan to grow it? Do you plan to sell, continue to sell down properties before leases come due? Is there a core set of the portfolio where you will hold the properties even as lease maturity approaches? Overall, what are your views regarding that portfolio?

謝謝。您如何看待長期淨租賃組合？你打算種植它嗎？您是否計劃在租約到期前出售或繼續出售房產？即使租賃期即將到期，您是否仍將持有一組核心投資組合中的房產？整體而言，您對該投資組合有何看法？

We actually have a very, Non-proprietary view of holding onto those assets. They're for sale every day, one and all, and oftentimes people will call us and sometimes if it's a small asset, it'll be somebody who knows the neighborhood. I think we sold one supermarket in Oklahoma, and it isn't because we put it up for sale and marketed it. We answered the phone.

實際上，我們對持有這些資產抱持非常非專有的看法。它們每天都在出售，而且經常有人會給我們打電話，有時如果是小資產，那麼就會有熟悉週邊環境的人來電。我認為我們在俄克拉荷馬州賣掉了一家超市，這並不是因為我們把它掛牌出售並進行行銷。我們接了電話。

And it was somebody who had purchased another supermarket from us previously, so nice easy process, and it added a little bit to earnings and got some, it proves out that GAAP in book value, from what the underappreciated book value number. We are usually an act. Discussions on people who want to buy those things. Those conversations take place more when the stock market is higher for strange reasons.

這個人之前從我們這裡購買了另一家超市，所以過程非常簡單，而且它增加了一點收益，證明了 GAAP 的帳面價值，來自被低估的帳面價值數字。我們通常都是表演。關於想要購買這些東西的人的討論。由於一些奇怪的原因，當股市上漲時，這類對話就會更加頻繁。

But with the with stocks falling, people are less apt to be doing things. But I want you to know that we're not actively managing, trying to sell it. We're prepared to hold all of them. And when we make that purchase, there's always a price where we target a sale. In fact, the day we close, we have a targeted sale. We have a date and a price that we're, we think we're going to sell it at. But after we write that down, we don't on that day put the property up for sale at that price.

但隨著股市下跌，人們不太願意做事。但我想讓你知道，我們並沒有積極管理或試圖出售它。我們已做好迎接所有挑戰的準備。當我們進行購買時，我們總是會設定一個目標銷售價格。事實上，我們結束交易的那天，我們有一個目標銷售。我們有一個日期和一個我們認為我們會出售它的價格。但在我們記下這些之後，我們不會在當天就以這個價格出售該房產。

We just kind of use it as a guideline as to if we get a bid here, why don't we TRY this? Because we're not in any need of capital, there's no active attempts to sell things. Happy to add to that portfolio, happy to grow it, but I think I've said on numerous calls like this that will take place more frequently in a steep yield curve.

我們只是將其用作指導方針，如果我們在這裡得到出價，為什麼我們不嘗試一下呢？因為我們不需要任何資金，所以沒有主動嘗試出售東西。很高興能增加這個投資組合，很高興能使其成長，但我想我已經在很多電話會議上說過，在殖利率曲線陡峭的情況下，這種情況會更頻繁地發生。

Where you can borrow money at lower on the short end of the curve and purchase long-term cash flows on the long end of the curve, that creates a wonderful arbitrage. So, we're not there yet, so we're not eyeing anything. We, there have been a couple of triple net portfolios that have come across our desks recently. But we're not active there. But I suspect that portfolio will probably go down just a bit in the next two quarters, and I think it'll probably go up after that. But precedent being that the yield curve is a little steeper.

您可以以較低的利率在短期曲線上借入資金，並以較長的利率在長期曲線上購買長期現金流，從而實現絕佳的套利機會。所以，我們還沒有到達那裡，所以我們沒有關注任何事情。我們最近遇到了幾個三重淨投資組合。但我們在那裡並不活躍。但我懷疑該投資組合在未來兩個季度可能會略有下降，但之後可能會上升。但先例是殖利率曲線略微陡峭一些。

Thank you very much.

非常感謝。

Steve Delaney with Citizens JMP Securities. Please proceed.

公民 JMP 證券公司的史蒂夫·德萊尼 (Steve Delaney)。請繼續。

Hey, good morning, everyone. So, Brian, interesting, the ten your comments about the steeper curve and it's making that more attractive for Net lease. So, well, we're down 6 basis points today to 432 on the 10 year.

嘿，大家早安。所以，布萊恩，有趣的是，你關於更陡曲線的十條評論使得淨租賃更具吸引力。因此，今天 10 年期利率下降了 6 個基點，至 432 個基點。

In your crystal ball, like over the next 6 months, where do you think it could rise to, and what are you looking for to get to take advantage of it? Do you need up to 50 basis points or is it something more modest than that?

在您的水晶球中，例如在接下來的 6 個月內，您認為它會上升到什麼程度，您希望獲得什麼來利用它？您是否需要高達 50 個基點，還是需要比這更適中的等級？

Thank you.

謝謝。

It actually, Steve, rather than you know trying to figure out, I mean, I think the tenure is going to go higher first of all because the US has a massive deficit and they're going to have to fund it and so much dollars are going into interest now that what we, you're old enough at this point to remember crowding out.

事實上，史蒂夫，與其試圖弄清楚，我的意思是，我認為任期首先會更長，因為美國有巨大的赤字，他們將不得不為其提供資金，現在有如此多的美元被用於支付利息，以至於我們，你現在已經足夠大了，可以記得擠出效應。

So, when the government is borrowing an enormous amount of money, there's less credit available for people who want to do other things that are a little more productive than paying interest. So, I think it would, the 10 years will go higher. I also think the short end will go lower.

因此，當政府借入巨額資金時，那些想做比支付利息更有成效的事情的人所能獲得的信貸就會減少。所以，我認為 10 年後會更高。我還認為短端將會走低。

We're seeing an indication of that right now if you look at where the 2 year is versus 1 month so far. You might remember a couple of years back where we got out in front of a scenario where we thought rates were going to rise rapidly. And on the short end, and we, I remember the day we were on a phone call, I think we had just borrowed money for 7 years at 4.25%, and we were being chastised for paying too much interest because LIBOR was at 25 basis points.

如果你看一下 2 年與 1 個月迄今為止的情況，我們現在就可以看到這一點。您可能還記得幾年前我們曾認為利率將會快速上升。而在短期方面，我記得我們打電話的那天，我們剛剛以 4.25% 的利率借了 7 年的錢，我們因為支付了太多利息而受到指責，因為 LIBOR 為 25 個基點。

And we indicated we would play the long game there as opposed to where things were right now and you know we felt LIBOR was going to go up dramatically because the two year was rocketing higher. And so as much as the TVs like to talk about, Trump and Powell and arguments and who does what, at the end of the day, the 2 year driving where that short end is going to go.

我們表示，與目前的情況不同，我們將進行長期博弈，您知道，我們認為 LIBOR 將大幅上漲，因為兩年期利率正在飆升。儘管電視上喜歡談論川普和鮑威爾之間的爭論以及誰做了什麼，但最終，這兩年的時間將決定這個短期政策的走向。

And so I am now of the opinion that Powell will cut rates and not because I think he wants to satisfy Trump. I think that Powell will cut rates because the 2 year is going to force him into it. So, the You can, I think you can expect a lower short end and a higher long end which will create the differential is what we worry about there.

因此我現在認為鮑威爾將降息，並不是因為我認為他想滿足川普。我認為鮑威爾會降息，因為兩年期利率將迫使他這麼做。所以，我認為你可以預期較低的短端和較高的長端，這將產生差異，這就是我們所擔心的。

So, I don't care how much the 2 year goes down if the 10 year goes up a lot, if the 2 year stays right where it is, it's okay, but I don't think that's what's going to happen. I do think that that we're in for a little bit of a. Slow down here and that should precipitate the Fed to make a move lower and I think that's what all the forward curves are saying anyway.

因此，如果 10 年期債券大幅上漲，我不在乎 2 年期債券下跌多少，如果 2 年期債券保持在原位，那就沒問題，但我不認為會發生這種情況。我確實認為我們正處於一個有點困境之中。在這裡放慢速度，這應該會促使聯準會採取更低的行動，我認為無論如何，所有遠期曲線都表明了這一點。

The real question is how much of a of a stomach does the administration have for a 10 year at 5% or 475? Throwing darts is not what I do for a living. I would probably tell you the 10 year will probably get up around 475.

真正的問題是，政府對 10 年內 5% 或 475% 的利率能有多少承受能力？投擲飛鏢並不是我的謀生方式。我可能會告訴你，10 年內可能會漲到 475 左右。

Okay, yeah. optically that's a little more attractive I think for, especially for the real estate market in their 5 handles, you obviously CMBS RMBS. non agency, of course, things have blown out, right? And much wider you put some money to work.

好的，是的。從視覺上看，我認為這更有吸引力，特別是對於房地產市場，在他們的 5 個手把中，你顯然是 CMBS RMBS。非機構，當然，事情已經爆發了，對吧？而且，你還可以把一些錢投入更廣泛的工作。

Interestingly on that, and I mean I guess you're looking when you step in there you what are you looking at 5 to 7 year kind of durations and how do you protect yourself if you add a lot of CMBS fixed rate CMBS against the seeing, do you, put some swaps on, how do you take advantage of the CMBS basis widening without taking interest rate risk.

有趣的是，我的意思是，我想當你介入時，你會考慮 5 到 7 年的期限，如果你增加大量 CMBS 固定利率 CMBS，你如何保護自己，你是否進行一些掉期交易，你如何利用 CMBS 基礎擴大而不承擔利率風險。

I would say that what we call the CMBS, the mortgage-backed securities business, covers a lot of different products, and CMBS has widened really with the rest of the world. And if you take a look at some of the residential mortgage rates, they've been suffering some book value declines. Spreads are blowing out, and they keep issuing shares to buy more.

我想說，我們所說的 CMBS，即抵押貸款支持證券業務，涵蓋了許多不同的產品，而且 CMBS 已經真正擴展到了世界其他地區。如果你看一些住宅抵押貸款利率，你會發現它們的帳面價值一直在下降。利差不斷擴大，他們不斷發行股票來買進更多股票。

So, these are at very historically wide credit spreads. And so, the way I was taught a long time ago that the best hedge is that the price you buy it at. And so, the way we protect ourselves in an environment where we have said for a while we suspect, rates will go up if the government doesn't get the tenure on the sorry, I can't remember the word now, the deficit at least under some kind of a game plan.

因此，這些信用利差處於歷史上非常大的水平。所以，很久以前我就被教導說，最好的對沖方式就是以你買的價格。因此，我們保護自己的方式是，在我們已經說過一段時間我們懷疑的環境中，如果政府不能在某種遊戲計劃下獲得任期內的赤字，利率就會上升，對不起，我現在不記得這個詞了。

And so, we don't really own a lot of 10 year instruments except fixed rate that we plan on securitizing. So, right now we own very little of that. And what we do have on, we do hedge with swaps. We don't ever hedge 1 to 1. So, we own that one loan that we did at 6.8%, so we have that hedged about 50% right now. And but that's a daily occurrence. We move that around Austin.

因此，除了我們計劃證券化的固定利率債券外，我們實際上並沒有擁有很多 10 年期債券。所以，目前我們擁有的很少。對於我們確實持有的，我們會透過掉期來對沖。我們從不進行 1 比 1 的對沖。因此，我們擁有一筆利率為 6.8% 的貸款，因此我們目前已對沖了約 50%。但這是每天都會發生的事情。我們將其移至奧斯汀周圍。

The way we really avoid, a credit blowout and a lot of volatility is you buy floating rate instruments that are two-year AAAs, and that leads you to another part of the mortgage-backed security world which is CLOs. And the CLOs that are out there right now, there's been a slowdown in production of these also where people are just saying, they're going to wait till volatility calms down. All that translates to is I don't like where I have to sell bonds.

我們真正避免信貸井噴和大幅波動的方法是購買兩年期 AAA 浮動利率工具，這將帶你進入抵押貸款支持證券領域的另一部分，即 CLO。而現在，CLO 的生產也已經放緩，人們只是說，他們要等到波動性平息下來。這一切意味著我不喜歡出售債券。

So, and that and you hear us expressing a view that we like buying bonds here, which is what you would expect. So, the way, we don't leverage ourselves aggressively at all. In fact, I think we have $1.5 billion of AAA securities with no leverage at all. So, we finance ourselves as we're now at a mature phase of this company where we finance ourselves through long-term corporate debt that's not have mark to market in its process. So, those are all vehicles that hedge you against volatility.

所以，您聽到我們表達了我們喜歡在這裡購買債券的觀點，這正是您所期望的。因此，我們根本不會積極地利用自己的優勢。事實上，我認為我們擁有價值 15 億美元的 AAA 級證券，而且沒有任何槓桿。因此，我們自行融資，因為我們現在正處於公司的成熟階段，我們透過不以市價計價的長期公司債務自行融資。所以，這些都是可以對沖波動性的工具。

Appreciate the comments, Brian. Sounds like you've got some attractive opportunities out here over the next quarter two. Thank you.

感謝您的評論，布萊恩。聽起來您在接下來的第二季會遇到一些有吸引力的機會。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

John Nicodemus with BTIG. Please proceed.

BTIG 的 John Nicodemus。請繼續。

Morning everyone. I was looking at your slide 6 in the latest supplemental just sort of the percentages between the different assets in your portfolio. Obviously I've seen cash come down a bunch, securities go up a bunch, and then also loans start to creep back up with, loan portfolio growth returning. I'm just curious kind of how you're envisioning.

大家早安。我正在查看最新補充資料中的第 6 張投影片，其中列出了您投資組合中不同資產之間的百分比。顯然，我看到現金大幅下降，證券大幅上漲，然後貸款也開始回升，貸款組合成長也開始回升。我只是好奇你是怎麼想的。

This slide or just this allocation proceeding as the year goes on given, the $160 million of AAA is being added in April alone also sounds like originations are going to keep ramping and then based on what you're seeing right now, do you have a sort of steady state and mix that you're looking at for the different percentages allocated to each asset class. Thanks.

這張投影片或只是這種分配隨著年份的推移而進行，僅在 4 月就增加了 1.6 億美元的 AAA，這聽起來也表明發起量將繼續增加，然後根據您現在看到的情況，您是否有一種穩定狀態和組合，您正在查看分配給每個資產類別的不同百分比。謝謝。

Sure, we don't have any game plan as to, what concentrations we want in anything. We run the company from an overarching perspective of we want to have a lot of liquidity around during anything that's coming, but particularly in the volatility we've been seeing here. So, in that scenario, we generally like having AAA securities, especially when they're yielding.

當然，我們沒有任何關於我們想要在任何事情上集中什麼的計劃。我們經營公司時始終堅持一個整體原則：我們希望在任何可能發生的情況下都擁有充足的流動性，尤其是在我們目前所看到的波動性中。因此，在這種情況下，我們通常喜歡持有 AAA 證券，尤其是當它們產生收益時。

If we were to lever them, and as I said, we have not, but we're competing with people who do leverage them. So, we have to be mindful of that. But if we were to take a billion dollars of AAA securities and borrow $900 million. The $100 million left would probably be yielding, in the 12, 13, 14 area depending on what the price was that we bought the securities at. But that to me is that's a, that's an episodic relationship. If things tighten, we will sell all of the securities.

如果我們要利用它們，正如我所說，我們還沒有，但我們正在與利用它們的人競爭。所以，我們必須注意這一點。但如果我們拿出 10 億美元的 AAA 證券並借入 9 億美元。剩下的 1 億美元可能會產生收益，在 12、13、14 左右，取決於我們購買證券的價格。但對我來說，那是一種偶發關係。如果情況緊張，我們將出售所有證券。

And if things really widen a lot, then we'll buy a lot more of them. But for the most part we worry, we know what our financing cost is. It doesn't move around a lot because it's fixed rate primarily 72% of our assets. Our liabilities are fixed rate corporate debt. So, I think our cost of funds there is 5.3%, and right now we're not having any trouble at all, accomplishing an arm there.

如果面積真的擴大了很多，那麼我們就會買更多。但在大多數情況下，我們知道我們的融資成本是多少。它不會發生太大變動，因為它的利率主要是固定的，占我們資產的 72%。我們的負債是固定利率公司債務。所以，我認為我們在那裡的資金成本是 5.3%，目前我們在那裡開展業務沒有任何困難。

So, but I would expect because we're now coming out if the country goes into a recession, and I think it might, I don't think it'll be a horrific one, but I think it might go into one. The commercial real estate is still coming out of a recession. And it was in 3 years ago and it's coming out first, so we are seeing improvement in fundamentals, and I think that follows people who are concerned about possibly losing their jobs.

所以，但我預計，因為我們現在正在走出衰退，如果國家陷入衰退，我認為可能會，我不認為這會是一場可怕的衰退，但我認為它可能會陷入衰退。商業房地產仍在走出衰退。這是三年前的事了，現在它率先出爐，所以我們看到基本面有所改善，我認為這與那些擔心可能失去工作的人有關。

There, there's a lot less moving around and so and when people start opening their 401ks at the end of the quarter, they might decide to sell their house with a 3% mortgage. And move to Florida. So we TRY to get in front of those things, but I, for the company, having done this through many cycles, you will see more loans on our balance sheet going forward.

在那裡，流動性要小得多，因此，當人們在季度末開始開設 401k 帳戶時，他們可能會決定以 3% 的抵押貸款出售他們的房子。並搬到佛羅裡達州。因此，我們試圖解決這些問題，但就我而言，對於公司而言，我已經經歷了多個週期，您將在未來看到我們的資產負債表上出現更多貸款。

You will see more participation in the conduit if the yield curve steepens, and you'll see less securities and less cash on our balance sheet. And the reason for the less cash, don't think we're becoming cowboys, we have an $850 million revolver.

如果殖利率曲線變陡，你會看到更多的人參與到通路中，而你會看到我們的資產負債表上的證券和現金減少。至於現金減少的原因，不要以為我們變成牛仔，我們有一把 8.5 億美元的左輪手槍了。

Great, that's really helpful, Brian. I appreciate that. And then other one for me is just the origination pipeline. I know Pamela said 74% of what came in in the first quarter was either multi-family or industrial. Is it a similar sort of balance you're seeing, with what you're looking at for the rest of the year, or is that shifting at all, especially given the recent tariff news? Thanks.

太好了，這真的很有幫助，布萊恩。我很感激。對我來說，另一個就是起源管道。我知道帕梅拉說過，第一季 74% 的新增房屋來自多戶住宅或工業建築。您所看到的平衡與您對今年剩餘時間的預期是否類似，或者是否會發生轉變，尤其是考慮到最近的關稅消息？謝謝。

I think Pamela, if you want to take that one, or I'm happy to. Okay.

我想帕梅拉，如果你想接受那個，我很樂意。好的。

Again, because of the fallout right now, it's, all subject to change, but right now it looks like a very similar 70% multi-family contribution on what's under app, but if we find these one-off opportunities, the barbelling, that could change a little bit, but I think generally speaking I would expect it to be, a majority of our originations.

再說一次，由於現在的後果，一切都可能發生變化，但現在看起來，在應用程式下，多戶家庭的貢獻率非常相似，為 70%，但如果我們發現這些一次性的機會，槓鈴，可能會有一點改變，但我認為一般來說，我預計這是我們大多數的起源。

Great, thanks a lot, Pamela that's all for me.

太好了，非常感謝，帕梅拉，對我來說就這些了。

There are no further questions at this time. I would like to turn the floor back over to Brian Harris for closing remarks.

目前沒有其他問題。我想把發言權交還給布萊恩·哈里斯，請他做最後發言。

Okay, thank you for all listening live or later, and I look forward to our next call, but our business plan is unfolding the way we've indicated it would. We migrated cash out of cash and T bills and into securities where they're waiting to be called upon to head for the runway as we write loans that that will be higher yielding.

好的，感謝大家現場或稍後收聽，我期待我們的下一次通話，但我們的商業計劃正在按照我們所指示的方式展開。我們將現金從現金和國庫券轉移到證券中，當我們發放收益較高的貸款時，這些證券就等著被叫到跑道。

So, we look forward to having shared that with you over the following three quarters, but it looks like we've got ourselves in a very good position with a lot of liquidity. And at a time where there's a widespread and high rates and a lack of competitiveness in the market. So, I look forward to this and we'll catch you next quarter.

因此，我們期待在接下來的三個季度與您分享這一點，但看起來我們已經處於非常有利的地位，擁有大量流動性。目前，市場普遍存在利率過高和缺乏競爭力的情況。所以，我對此充滿期待，我們將在下個季度與您見面。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。