Lument Finance Trust Inc (LFT) 2023 Q4 法說會逐字稿

Good morning and thank you for joining the Lument Finance Trust Fourth Quarter 2023 Earnings Call. Today's call is being recorded and will be made available via webcast on the company's website. And I would like to turn the call over to Andrew Tsang with Investor Relations at Lumen Investment Management. Please go ahead, sir.

早安，感謝您參加 Lument Finance Trust 2023 年第四季財報電話會議。今天的通話正在錄音中，並將透過公司網站上的網路廣播進行播放。我想將電話轉給 Lumen Investment Management 投資者關係部的 Andrew Tsang。請繼續，先生。

Thank you, and good morning, everyone. Thank you for joining our call to discuss Lument Finance Trust's Fourth Quarter 2023 financial results with me on the call today are James Flynn, our CEO, James Briggs, our CFO, Jim Henson, our President, and Zachary Halpern, our Managing Director of Portfolio Management. On Friday, March 15th, we filed our 10-K with the SEC and issued a press release to provide details on our fourth quarter results. We also provided a supplemental earnings presentation, which can be found on our website.

謝謝大家，大家早安。感謝您加入我們今天與我一起討論Lument Finance Trust 2023 年第四季財務業績的電話會議，我們的執行長James Flynn、我們的財務長James Briggs、我們的總裁Jim Henson 和我們的投資組合董事總經理Zachary Halpern管理。3 月 15 日星期五，我們向 SEC 提交了 10-K 報告，並發布了一份新聞稿，提供有關我們第四季度業績的詳細資訊。我們還提供了補充收益演示，可以在我們的網站上找到。

Before handing the call over to James Flynn, I'd like to remind everyone that certain statements made during the course of this call are not based on historical information and may constitute forward-looking statements within the meaning of Section 27A. of the Securities Act of 1933 and Section 21 E. of the Securities Exchange Act of 1934.

在將電話轉交給 James Flynn 之前，我想提醒大家，在本次電話會議期間做出的某些陳述並非基於歷史信息，可能構成第 27A 條含義內的前瞻性陳述。 1933 年證券法及 1934 年證券交易法第 21 E 條。

When used in this conference call. Words like outlook for valuate, indicate, believes, will, anticipates, expects, intends, and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

在此電話會議中使用時。諸如「展望」、「評估」、「表明」、「相信」、「意願」、「預期」、「期望」、「打算」等詞語以及其他類似表達方式旨在識別前瞻性陳述。此類前瞻性陳述面臨各種風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。

These risks and uncertainties are discussed in the company's reports filed with the SEC, including its reports on Forms 8-K, 10-Q and 10-K, and in particular, the, Risk Factors section of our Form 10-K is not possible to predict our or identify all such risks. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and the Company undertakes no obligation to update any of these forward-looking statements. Furthermore, certain non-GAAP financial measures will be discussed on this conference call.

這些風險和不確定性在公司向 SEC 提交的報告中進行了討論，包括其表格 8-K、10-Q 和 10-K 的報告，特別是表格 10-K 的風險因素部分是不可能的預測我們或識別所有此類風險。請聽眾注意不要過度依賴這些前瞻性陳述，這些陳述僅代表截至本新聞稿發布之日的情況，本公司不承擔更新任何這些前瞻性陳述的義務。此外，本次電話會議也將討論某些非公認會計準則財務措施。

The presentation of this information is not intended to be considered in isolation nor as a substitute to the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures is the most comparable measures prepared in accordance with GAAP. These can be accessed through our filings with the SEC at www.sec.gov.

此資訊的呈現不應被孤立地考慮，也不能取代根據 GAAP 呈現的財務資訊。這些非公認會計原則財務指標的調節表是根據公認會計原則編製的最具可比性的指標。您可以透過我們向 SEC 提交的文件（www.sec.gov）取得這些資訊。

For the fourth quarter and fiscal year 2023, we reported GAAP net income of $0.07 per share and $0.29 per share of common stock, respectively. For the fourth quarter and fiscal year 2023, we reported distributed earnings of $0.1 and $0.26 per share common stock, respectively. This past December also declared a dividend of $0.07 per share.

對於 2023 年第四季和財年，我們報告的 GAAP 淨利潤分別為每股 0.07 美元和每股普通股 0.29 美元。對於 2023 年第四季和財年，我們報告的每股普通股分配收益分別為 0.1 美元和 0.26 美元。去年 12 月也宣布派發每股 0.07 美元的股息。

With respect to the fourth quarter, bringing our cumulative declared dividends for the year to $0.26 per share. I will now turn the call over to James Flynn. Please go ahead.

第四季度，我們全年累計宣派股息達到每股 0.26 美元。我現在將把電話轉給詹姆斯·弗林。請繼續。

Thank you, Andrew. Good morning, everyone, and welcome to the Lument Finance Trust earnings call for the fourth quarter of 2023. We appreciate everyone joining us this morning. I'll start with the macro perspective and twice. We're viewing 2024 with cautious optimism.

謝謝你，安德魯。大家早安，歡迎參加 Lument Finance Trust 2023 年第四季財報電話會議。我們感謝今天早上加入我們的大家。我將從宏觀角度開始，兩次。我們以謹慎樂觀的態度看待 2024 年。

Consensus expectation is that further hikes are now behind us, and most economists believe a soft landing is more probable in 2024 than just six months ago, US economy has remained resilient. Unemployment rates remaining below 4%. Inflation, albeit a bit a bit moving up and down is moving closer to that target rate of 2% with all the most recently seen available data. That being said, the risk of recession remains elevated as geopolitical uncertainty persists. It is yet to be seen how the Fed's current monetary policy, which operates on a lag fully plays out across the economic landscape.

一般預期進一步升息已成為過去，大多數經濟學家認為，與六個月前相比，2024 年軟著陸的可能性更大，美國經濟仍保持彈性。失業率維持在 4% 以下。根據所有最新可用數據，通膨率儘管略有上下波動，但正在接近 2% 的目標率。話雖如此，由於地緣政治不確定性持續存在，經濟衰退的風險仍然很高。聯準會目前的滯後貨幣政策如何在整個經濟格局中充分發揮作用還有待觀察。

That's good. Multi-family has its own set of opportunities and challenges in the short term. The property sales market continued continues to be primarily driven by forced sellers, significantly eliminating acquisition financing opportunities. In addition, the multifamily market is expected to experience slower NOI growth resulting from short term softening of short-term supply in some markets sorry, supply demand dynamics, I should say in some markets and higher property operating costs, including labor, insurance and maintenance. In addition to the impact, the higher rates have had across the industry.

那挺好的。多戶住宅在短期內有其自身的機會和挑戰。房地產銷售市場繼續主要由強制賣家推動，大大消除了收購融資機會。此外，由於一些市場的短期供應短期疲軟，預計多戶住宅市場的 NOI 成長將放緩，我應該說，在某些市場，供應需求動態以及更高的房地產營運成本，包括勞動力、保險和維護成本。除了影響之外，更高的費率還對整個行業產生了影響。

Despite the challenges, multifamily remains a favored asset class among investors. Given its strong historical performance and constructive long-term fundamentals, a lower short-term rate environment in the latter half of 2024 could contribute to improved asset performance in our portfolio and perhaps a narrowing of the current bid ask spread between property buyers and sellers.

儘管面臨挑戰，多戶住宅仍是投資人青睞的資產類別。鑑於其強勁的歷史表現和建設性的長期基本面，2024年下半年較低的短期利率環境可能有助於改善我們投資組合中的資產表現，並可能縮小當前房地產買家和賣家之間的買賣價差。

Impact the valuation and in turn, debt proceeds. Further, we expect to see significant refinance opportunity on the horizon as the [NDA] and others in the industry are projecting well over $300 billion of multifamily loans expected to reach initial maturity by the end of 2025 and over $650 billion of multifamily loans are expected to mature within the next three years.

影響估值，進而影響債務收益。此外，我們預計即將出現重大再融資機會，因為[NDA] 和業內其他機構預計，預計到2025 年底，多戶家庭貸款將超過3000 億美元，首次到期，並且預計多戶家庭貸款將超過6500 億美元未來三年成熟。

As previously discussed on last quarter's call, the Company had a busy and successful year closing at $386 million secured financing in July that increased our levered investment capacity to approximately $1.4 billion. During the fourth quarter, we experienced $43 million of loan payoffs and acquired or funded an additional $77 million of loan assets.

正如之前在上季度電話會議上討論的那樣，公司度過了忙碌而成功的一年，7 月份獲得了 3.86 億美元的擔保融資，將我們的槓桿投資能力提高到約 14 億美元。第四季度，我們償還了 4,300 萬美元的貸款，並收購或資助了另外 7,700 萬美元的貸款資產。

As of year-end, our capital was effectively fully deployed with approximately 94% of our loan portfolio collateralized by multifamily assets and more than 75% of the portfolio risk rated three to moderate risk or better. We had only two assets identified as risk rated five and recorded no asset-specific reserves during that period. Five being highest risk.

截至年底，我們的資本已有效充分配置，約 94% 的貸款組合由多戶資產抵押，超過 75% 的組合風險評級為三級至中等風險或更高。我們只有兩項資產被確定為風險評級為 5 級，並且在此期間沒有記錄任何資產特定準備金。五是風險最高。

The company continued to maintain an attractive long-dated liabilities relying primarily on two secured financing structures to leverage investment portfolio. The reinvestment period of 2021 CRE CLO transaction ended this past December, with an 83% effective advance rate and a weighted average cost of SOFR plus 155 basis points.

該公司繼續保持有吸引力的長期負債，主要依靠兩種擔保融資結構來槓桿化投資組合。2021年CRE CLO交易的再投資期於去年12月結束，有效預付款率為83%，SOFR加權平均成本加155個基點。

Even as the transaction begins to delever, we expect the structure to continue to provide an attractive cost of capital relative to current securitization of warehousing alternatives in the market. We do, however, expect to explore and carefully consider refinance opportunities for that CLO over the coming quarters.

即使交易開始去槓桿化，我們預計相對於當前市場上倉儲替代品的證券化，該結構將繼續提供有吸引力的資本成本。然而，我們確實希望在未來幾季探索並仔細考慮該 CLO 的再融資機會。

With deep experience and expertise in multifamily lending policy remains committed to its existing investment strategy. We believe the Company provides its shareholders with a unique value proposition among comparable mortgage rates. Given our deliberate focus on middle market, multifamily credit success and active asset management and strong partnership from the product works platform company has been able to maintain a stable dividend better than average credit performance within its investment portal portfolio. And this is superior dividend yield relative to many of its peers.

憑藉著在多家庭貸款政策方面的豐富經驗和專業知識，我們仍然致力於現有的投資策略。我們相信，在可比較的抵押貸款利率中，該公司為其股東提供了獨特的價值主張。鑑於我們對中間市場的刻意關注、多戶信貸的成功、積極的資產管理以及產品工作平台的強有力的合作夥伴關係，公司已經能夠在其投資門戶投資組合中保持優於平均信貸表現的穩定股息。相對於許多同業來說，這是更高的股息殖利率。

That I'd like to turn the call over to Jim Briggs, who will provide details on our financial results. Jim?

我想將電話轉給吉姆·布里格斯（Jim Briggs），他將提供有關我們財務業績的詳細資訊。吉姆？

Good morning, everyone. last Friday evening, we filed our annual report on Form 10-K and provided a supplemental investor presentation on our website, which we will be referencing during our remarks supplemental investor presentation has been uploaded to the webcast as well. For your reference on Pages 4 through seven of the presentation, you will find key updates and an earnings summary for the quarter for the fourth quarter of '23 reported net income to common stockholders of approximately $3.8 million, or $0.07 per share. We also reported distributable earnings of approximately $5.2 million or $0.1 per share.

大家，早安。上週五晚上，我們提交了10-K 表格年度報告，並在我們的網站上提供了補充投資者演示文稿，我們將在我們的講話中引用該演示文稿，補充投資者演示文稿也已上傳到網路廣播。為了供您參考簡報的第 4 頁至第 7 頁，您將找到 23 年第四季的重要更新和收益摘要，報告給普通股股東的淨利潤約為 380 萬美元，即每股 0.07 美元。我們還報告了約 520 萬美元或每股 0.1 美元的可分配收益。

There are a few items I'd like to highlight with regard to the Q4 P&L. Our Q4 net interest income was $9.1 million compared to $9.5 million in Q3. While Q4 net income and net interest income benefited from a full quarter's worth of levered earnings from the LMF. 2023 dash one financing transaction that closed in July. A sequential Netflix decline was primarily driven by fewer payoffs during the period, which resulted in lower exit fees payoffs and paydowns during Q4 totaled $43 million as compared to $111 million in the prior quarter associated Q4 exit fees of 210,000 were down approximately 57% from the prior quarter. Reduced Q4 payoffs also impacted our total operating expenses as well.

關於第四季的損益表，我想強調幾點。我們第四季的淨利息收入為 910 萬美元，而第三季為 950 萬美元。而第四季的淨收入和淨利息收入則受益於 LMF 整個季度的槓桿收益。 2023 dash one 融資交易已於 7 月結束。Netflix 連續下滑的主要原因是該期間支付減少，導致第四季度退出費支付減少，支付總額為4,300 萬美元，而上一季的支付額為1.11 億美元，第四季度退出費為210,000 美元，較上一季下降了約57%。上一季。第四季收益的減少也影響了我們的總營運支出。

As reminder, when one of our loans are paid off in agency refinancing provided by an affiliate of our manager. The borrower exit fee is waived pursuant to the terms of our management agreement. In that instance, we do, however, receive a credit to expenses reimbursable to our manager of 50% of the waste exit fee.

提醒一下，當我們的一筆貸款透過我們經理的附屬機構提供的機構再融資來償還。根據我們的管理協議條款，借款人退出費用被免除。然而，在這種情況下，我們確實會收到可向我們的經理報銷的廢棄物出口費的 50% 的費用抵免。

Total operating expenses were $2.7 million in Q4 versus $2.4 million in Q3. The majority of that expense increase is driven by lower weight exit fees and lower associated credit to expenses, driven by overall lower payoffs relative to Q3. Outside of that, operating expenses were largely flat quarter on quarter. Primary difference between reported net income and distributable earnings was the approximate $1.4 million net increase in our allowance for credit losses all with respect to our general reserves, the primary driver of that general reserve increase was a modest uptick in average risk rating from 3.4, 3.5 changes in the macroeconomic forecast and relative cautiousness in our estimate modeling.

第四季的總營運費用為 270 萬美元，第三季為 240 萬美元。費用增加的主要原因是重量退出費用降低以及相關費用抵免額降低，而相對於第三季整體回報較低。除此之外，營運費用較上季基本持平。報告的淨利潤和可分配收益之間的主要差異是我們的信用損失準備金淨增加了約140 萬美元，所有這些都與我們的一般準備金有關，一般準備金增加的主要驅動因素是平均風險評級從3.4、3.5 適度上升宏觀經濟預測的變化以及我們的估計模型相對謹慎。

As it relates to CRE pricing during this period where there has been very little transaction activity, we evaluate our five rated loans individually to determine whether asset-specific reserves for credit losses are necessary and determined that none were necessary as of December 31st, 23. In that context, I'd like to note some subsequent events related to the two five rated loans we had at year end with respect to the five rated loan on a multifamily property in Columbus, Ohio, that has been nonaccrual with collections accounted for on a cost recovery basis.

由於這與這段時期交易活動很少的商業地產定價有關，我們單獨評估了我們的五筆評級貸款，以確定是否有必要針對信用損失設立特定資產準備金，並確定截至23 日12 月31 日沒有必要。在這方面，我想指出一些與我們在年底獲得的兩筆五級貸款有關的後續事件，這些貸款涉及俄亥俄州哥倫布市一棟多戶住宅的五級貸款，該貸款是非應計的，收款計入成本回收基礎。

We received proceeds related to the loan in both Q4 and Q1 for carrying value and the loan was reduced to $8.9 million as of year-end from $12.8 million at the end of Q3. And with the $13.5 million in proceeds received in Q1, our carrying value in the asset will be reduced to zero after taking into consideration certain legal and other costs recoverable.

我們在第四季和第一季都收到了與貸款相關的帳面價值收益，截至年底，貸款從第三季末的 1,280 萬美元減少到了 890 萬美元。隨著第一季收到的 1,350 萬美元收益，在考慮到某些可收回的法律和其他成本後，我們的資產帳面價值將降至零。

We expect the net of the Q1 proceeds received to result in a gain of approximately $1.9 million in Q1 with respect to the $36.8 million by rated loan on a multifamily property in Virginia Beach, Virginia that was on non-accrual as of December 31st, due to monetary default, we entered into a loan modification with the borrower that, among other things, resulted in a $3.6 million principal paydown and all past dues being brought current, which will result in interest of approximately 500,000 that was unpaid as of year-end being recognized in Q1.

我們預計，第一季收到的淨收益將在第一季帶來約190 萬美元的收益，其中，截至12 月31 日，弗吉尼亞州弗吉尼亞海灘一棟多戶住宅的3,680 萬美元評級貸款為非應計利息，到期日為非應計利息。由於貨幣違約，我們與借款人進行了貸款修改，除其他外，導致本金償還360 萬美元，所有逾期欠款均轉為流動資金，這將導致截至年底未支付約50 萬美元的利息在第一季得到認可。

Jim will touch a bit more on this modification in his remarks. As of year-end, the Company's total equity was approximately $241 million. Total common book value was approximately $181 million or $3.46 per share, flat versus prior quarter. We ended fourth quarter with an unrestricted cash balance of $51 million and our investment capacity through our two secured financings where effectively what's effectively fully utilized.

吉姆將在他的演講中進一步討論這項修改。截至年底，公司總股本約為2.41億美元。普通帳面總價值約為 1.81 億美元，即每股 3.46 美元，與上一季持平。截至第四季末，我們的不受限制的現金餘額為 5,100 萬美元，我們透過兩項擔保融資的投資能力得到了有效的充分利用。

I will now turn the call over to James Henson to provide details on the Company's investment activity during the quarter and portfolio performance.

我現在將把電話轉給 James Henson，以提供有關公司本季投資活動和投資組合表現的詳細資訊。

Yes, thank you, Jim Briggs. I will now provide a brief summary of recent activity within our investment portfolio during the fourth quarter, we experienced a $34 million net increase in our loan portfolio after accounting for $43 million of loan payoffs and paydowns for the period for the full year we experienced a $388 million net increase in our loan portfolio after accounting for $271 million of loan payoffs for the period.

是的，謝謝你，吉姆·布里格斯。現在，我將簡要概述第四季度我們投資組合中的近期活動，在考慮到全年 4300 萬美元的貸款還款和還款後，我們的貸款組合淨增加了 3400 萬美元。計入本期2.71億美元的貸款還款後，我們的貸款組合淨增加3.88 億美元。

The growth of the portfolio was driven primarily by our success in executing the LMF. transaction in July as well as our manager's diligent efforts to redeploy capital through reinvestment features in our secured financing vehicles. Of the $77 million of loan investments acquired or funded during Q4, approximately 70% were collateralized by multifamily properties will be $660 million of loan investments acquired or funded. During the full year, approximately 95% are collateralized by multifamily properties.

投資組合的成長主要得益於我們成功執行 LMF。七月份的交易以及我們的經理透過我們的擔保融資工具的再投資功能重新部署資本的努力。在第四季度收購或資助的 7,700 萬美元貸款投資中，約 70% 由多戶房產抵押，這意味著收購或資助的貸款投資將達到 6.6 億美元。全年中，大約 95% 的抵押品是由多戶型房產抵押的。

As of year-end, our portfolio consisted of 88 floating rate loans with an aggregate unpaid principal balance of approximately $1.4 billion, with 94% of the portfolio collateralized by multi-family properties, 100% of our floating rate portfolio is indexed to one month.

截至年底，我們的投資組合由88 筆浮動利率貸款組成，未付本金餘額總計約14 億美元，其中94% 的投資組合由多戶房產抵押，我們的浮動利率投資組合100% 以一個月為指數。

So for our investment portfolio continued to perform well during the fourth quarter, and we ended the period with a little more than 75% of our portfolio risk rated a three or better and experienced on only a modest quarter-over-quarter increase in the weighted average risk rating going from 3.4 to 3.5, primarily driven by a migration of some of our risk-rated two assets to a risk rating of three of positive note, our five rated aggregate loan exposure decreased from three to own assets during the quarter.

因此，我們的投資組合在第四季度繼續表現良好，在該季度結束時，我們的投資組合風險評級略高於 75%，評級為 3 或更高，並且加權平均季度環比略有增長。平均風險評級從3.4 上升至3.5，主要是由於我們的一些風險評級為2 的資產的風險評級遷移為3 的正面風險評級，本季度我們的5 項評級總貸款風險從3 降至自有資產。

As previously stated, as previously, as a previously rated five loan with an unpaid principal balance of $19.6 million was brought current with respect to interest payments and restored to accrual status during the fourth quarter, Jim touched on two five on the two five rated loans that remained at December 31st, 2023, and were evaluated for specific reserves.

如前所述，如前所述，由於先前未付本金餘額為1,960 萬美元的五級貸款已在第四季度支付利息並恢復到應計狀態，吉姆談到了兩筆五級貸款的兩筆五保留至 2023 年 12 月 31 日，並進行了特定儲備評估。

As noted, based on proceeds received on the Columbus, Ohio loan, we have no remaining asset on the books coming out of Q1. With respect to the modification on the $36.8 million or five rated loan collateralized by a multifamily property in Virginia Beach, Virginia. The modification of the loan increased the note rate to sulphur plus 400 basis points from sulfur plus 327 basis points. In addition to a principal paydown center, bringing current of all past due interest, escrows and reserves.

如前所述，根據俄亥俄州哥倫布市貸款收到的收益，我們第一季的帳簿上沒有剩餘資產。關於弗吉尼亞州弗吉尼亞海灘一處多戶住宅抵押的 3680 萬美元或五級貸款的修改。貸款修改將硫磺加327個基點的票據利率提高到硫磺加400個基點。除了本金償還中心外，還提供所有逾期利息、託管和準備金的流動。

The stated maturity of that loan has been amended to April 5th, 2024, with the ability for the borrower to extend under certain conditions to May 3rd, 2024, for very positive developments and indicative of the success in active asset management that Jim mentioned in his opening remarks. Despite the potential for further issues with specific loans, we remain confident in our ability to proactively manage and manage repayments and achieve positive asset management outcomes within our portfolio, particularly in light of successful results in recent months.

該貸款的規定期限已修改為2024 年4 月5 日，借款人可以在某些條件下將期限延長至2024 年5 月3 日，以取得非常積極的進展，並表明吉姆在他的報告中提到的主動資產管理取得了成功。開場白。儘管特定貸款可能會出現進一步問題，但我們仍然相信我們有能力主動管理和管理還款，並在我們的投資組合中實現積極的資產管理成果，特別是考慮到最近幾個月的成功成果。

With that, I will pass it back to Jim Flynn for some closing remarks.

接下來，我將把它傳回給吉姆·弗林，讓他發表一些結束語。

Thank you, Jim, and thanks again to our all of our guests on the call and appreciate your time and your interest. And I'd like to open the call up to questions.

謝謝你，吉姆，並再次感謝所有來電的客人，感謝您的時間和興趣。我想在電話會議中提出問題。

Thank you. Ladies and gentlemen, if you would like to ask a question, (Operator Instructions)

謝謝。女士們、先生們，如果你們想問一個問題，（操作員說明）

Crispin Love at Piper Sandler

派珀桑德勒 (Piper Sandler) 的克里斯平愛 (Crispin Love)

Thanks, good morning. Appreciate you taking my questions. So just first on the two 5-rated loans, I just want to make sure I got it right. Do you expect the gain in the Columbus loan based on kind of where you're holding it right now in the first quarter, first, kind of is that accurate? And then can you just go over the first quarter impact you expect on the Virginia Beach loan?

謝謝，早安。感謝您回答我的問題。因此，首先對於兩筆 5 級貸款，我只想確保我做對了。您是否期望哥倫布貸款的收益是基於您在第一季目前持有的情況，首先，這是否準確？然後您能否回顧一下您對弗吉尼亞海灘貸款的預期第一季影響？

Sure. So this is Jim Briggs here. Thanks, Crispin. Yeah, so on the Columbus loan, we have been accounting for that on a cost recovery basis. So we got as we receive proceeds, we've just been bringing the asset balance down. As I mentioned in my remarks, we did some of that in Q4 with some proceeds that we received and then we brought that asset value down to zero. It will be brought down to zero in Q1, and we're expecting based on those proceeds received of $13.5 million to book a gain book income in Q1 P&L of $1.9 million

當然。這是吉姆·布里格斯。謝謝，克里斯平。是的，對於哥倫布貸款，我們一直在成本回收的基礎上進行計算。因此，當我們收到收益時，我們只是在降低資產餘額。正如我在演講中提到的，我們在第四季度用收到的一些收益做了一些工作，然後我們將資產價值降至零。第一季將降至零，我們預計根據收到的 1,350 萬美元收益，第一季損益帳面收益將達到 190 萬美元

And for the on that JV is to clarify further, just as just to clarify, I mean the gain as a result of recovering all of the that furniture are deferred in truck, it went on nonaccrual.

對於合資公司要進一步澄清的問題，正如只是為了澄清一樣，我的意思是回收所有延遲在卡車上的家具所帶來的收益，它是非應計的。

Yeah, that's effectively what that $1.9 million is, as Jim mentioned. So that $1.9 million will be booked in Q1 very likely for the reason just described in the interest income line. And for the Virginia Beach loan, that had been on nonaccrual. The $500,000 debt we mentioned is the what was accrued what not accrued, what was due and unpaid and not accrued as of 12/31 of $500,000. That has been brought current and sort of the out-of-period impact. Q4 interest coming into Q1 will be about $500,000.

是的，正如 Jim 所提到的，這實際上就是 190 萬美元。因此，由於利息收入行中剛剛描述的原因，第一季將記入 190 萬美元。對於弗吉尼亞海灘貸款，這是非應計貸款。我們提到的 50 萬美元債務是指截至 12/31 的 50 萬美元中已應計、未應計、到期未付和未應計的債務。這已經帶來了當前的和某種過時的影響。第 4 季進入第 1 季的利息約為 50 萬美元。

Okay, thanks. That's helpful. And then just on multifamily bridge more generally, we've seen stress across the industry and some of your competitors' portfolios on balance sheet as well as pre-CLOs. But can you just discuss how kind of your performance is trending kind of more broadly kind of across the whole portfolio and what characteristics, if any, in your portfolio make Lument kind of different from some of the multifamily bridge peers that are experiencing more stress?

好的謝謝。這很有幫助。然後，就更廣泛的多戶家庭橋而言，我們已經看到整個行業以及資產負債表上的一些競爭對手的投資組合以及預 CLO 上的壓力。但是，您能否討論一下您的業績在整個投資組合中的趨勢如何，以及您的投資組合中的哪些特徵（如果有）使 Lument 與一些承受更大壓力的多戶橋同行有所不同？

Sure. I mean, look, I think that obviously we're virtually entirely multi-family, so that helps there are others that are that are there or close. So that's certainly been a positive. And while we have a meaningful component of our of our portfolio was originated in the toward the end of the on the peak of the cycle.

當然。我的意思是，你看，我認為顯然我們幾乎完全是多戶家庭，所以這對那裡或附近的其他人有幫助。所以這當然是正面的。雖然我們的投資組合中有一個有意義的組成部分，但它起源於週期高峰期的末期。

We still we've still got a number of assets that are longer dated that have been around for a longer period of time. Perhaps not valuations and some business plans are set prior to the peak that those two things are helping. But I think probably on one of the more critical aspects here or what's helped us and it doesn't necessarily relative to peers or not.

我們仍然擁有一些歷史較長、存在時間較長的資產。也許估值和一些商業計劃不是在這兩件事所幫助的高峰之前製定的。但我認為可能是這裡更關鍵的方面之一或對我們有幫助的方面，它不一定與同行相關。

But we've got a very experienced asset management team and that has that has worked out on assets and taking ownership of assets managed assets that has helped both in partnering with our sponsors and coming up with solutions, but has also helped us to act quickly when we find ourselves in a position of not being able to find a solution with the sponsor.

但我們擁有一支經驗豐富的資產管理團隊，他們對資產進行了研究並取得了資產管理資產的所有權，這不僅有助於與我們的贊助商合作並提出解決方案，而且還幫助我們迅速採取行動當我們發現自己無法與贊助商找到解決方案。

I think that that reputation has helped some of our sponsors to proactively work with us. We've had a few instances, even across the broader platform of the sponsor we make on as a sponsor of sponsors who are trying to negotiate, but maybe not doing things the way that you would want them to do to say the least.

我認為這種聲譽幫助我們的一些贊助商積極與我們合作。我們遇到過一些例子，即使在我們作為贊助商的贊助商的更廣泛的平台上，他們也試圖進行談判，但至少可以說，他們可能沒有按照您希望他們做的方式做事。

And now we've been able to kind of squash those pretty quickly, and it's resulted in us being reasonable with sponsors coming in putting forward a new consideration and legitimate plans to make an exit in exchange for more time or some relief, whatever it is that they're seeking. And usually we've been able to find an answer. I think we have high quality sponsors on some sponsors get into trouble in terms of liquidity. And there's not there's not much that they can do about it.

現在我們已經能夠很快地消除這些問題，這使得我們能夠合理地對待贊助商提出新的考慮和合法的計劃，以換取更多的時間或一些救濟，無論是什麼他們正在尋找的。通常我們都能找到答案。我認為我們有高品質的贊助商，有些贊助商在流動性方面遇到了麻煩。他們對此無能為力。

At the time, it's delayed, so to speak. But on with the exception of that, as long as we've got good sponsors, low capitalized, good managers with the plan, we've got folks that can help work with them to come up with a good plan and we've had, yes, great success rate for LST.

可以說，當時它已經延遲了。但除此之外，只要我們有好的贊助商、低資本、有計劃的優秀管理者，我們就有可以幫助與他們合作制定好的計劃的人，而且我們已經有了，是的，LST 的成功率很高。

On similarly in our in our parent company, are sponsors on balance sheet as well. So we'll just continue to focus on asset management. We're regularly speaking to and visiting assets, making sure we don't get too far behind when we see an asset physically struggling where proactively out there and either thinking about ways that we can step in or working with the sponsor and how we can resolve that issue immediately before things deteriorate. So active asset management is the number one reason why by any portfolio can perform in a stressful environment.

同樣，在我們的母公司中，資產負債表上也有贊助商。因此，我們將繼續專注於資產管理。我們定期與資產進行交談和走訪，確保當我們看到資產在積極地陷入困境時，我們不會落後太多，要么考慮我們可以介入的方式，要么與贊助商合作，以及我們如何能夠在事情惡化之前立即解決該問題。因此，積極的資產管理是任何投資組合能夠在壓力環境下表現的首要原因。

Perfect. Thanks. And that's helpful. And then just one last quick one from me. I think you had $20 million of self-storage payoffs. The corner, anything to call out there on to the past are pretty fast, both in that portfolio with that type of loan maturity or anything else at play there.?

完美的。謝謝。這很有幫助。然後是我的最後一則快訊。我認為您的自助倉儲收益為 2000 萬美元。? 在轉角處，任何可以喚起過去的事情都非常快，無論是在具有此類貸款到期日的投資組合中還是在其中發揮作用的其他任何東西中。

Yes, they were longer those were some older assets. So, it's not surprising and eventually we were able to see permanent not resolution, but permanent financing and have those assets move on the portfolio. I don't think there's anything particularly noteworthy. Those in fact, I don't know if someone on the call could correct me, but I mean those are probably maybe three years old or close to three years old if I am not mistaken. So they've been around a while.

是的，它們更長，那些是一些較舊的資產。因此，這並不奇怪，最終我們能夠看到永久性的不是解決方案，而是永久性的融資，並將這些資產轉移到投資組合中。我覺得沒有什麼特別值得注意的地方。事實上，我不知道電話裡的人是否可以糾正我，但我的意思是，如果我沒記錯的話，這些可能是三歲或接近三歲。所以他們已經存在了一段時間了。

Yeah, they've been around awhile, and I can jump in on our turnstiles, Zach and Tom.

是的，他們已經存在了一段時間了，我可以跳進我們的十字轉門，扎克和湯姆。

Yes, that asset sold on well above our own basis.

是的，該資產的售價遠高於我們自己的價格。

Quick resolution. Okay, great. Thank you. Appreciate taking my questions.

快速解決。好的，太好了。謝謝。感謝回答我的問題。

Thank you. Next question will be from Steve Delaney at Citizens BNP. Please go ahead.

謝謝。下一個問題將由公民 BNP 的 Steve Delaney 提出。請繼續。

Thanks. Good morning, everyone. And look, congratulations on a really solid quarter and the challenging environment that we that we have. So look, I know this is early on you all in the book. You hiked the dividend back in the third quarter, but very solid coverage here and we're hearing of some nice recoveries here in the first quarter. Jim Flynn, what do you think would be in your mind? And I guess more importantly, the Board, what do you want to see to have the confidence to make any further increase in the dividend during 2024? Thank you.

謝謝。大家，早安。看，恭喜我們度過了一個非常穩定的季度和我們所擁有的充滿挑戰的環境。所以看，我知道這是本書的早期內容。您在第三季提高了股息，但這裡的報導非常可靠，我們聽說第一季度出現了一些不錯的復甦。吉姆‧弗林，你覺得你心裡會怎麼想？我想更重要的是，董事會，您希望看到什麼，才有信心在 2024 年進一步增加股利？謝謝。

Thanks, Steve. Good to hear from you, sir. So, there's a number of there's a number of things that obviously we're talking to the Board. We feel we feel good about our liquidity position and relative to our size on including those recoveries, as you noted, and we feel we feel confident in the earnings.

謝謝，史蒂夫。很高興收到你的來信，先生。因此，顯然我們正在與董事會討論很多事情。正如您所指出的，我們對自己的流動性狀況以及相對於包括這些復甦在內的規模感到滿意，並且我們對盈利充滿信心。

So, there's a lot of positives there. I would say in discussion with the Board, we're looking at the broader market. And what we'd like to see is see how the next quarter or two goes in terms of what's the macro-economic environment looks like.

所以，那裡有很多正面的一面。我想說，在與董事會的討論中，我們正在關注更廣泛的市場。我們希望看到的是未來一、兩個季度的宏觀經濟環境會如何。

Are we going to continue to see some improvement or more importantly stability. That's really what I would say. The focus is is do we have stability on the capital markets have been a bit spotty, we like to see and so more transactions than we are working to that and looking at our own refinance activity and what we did at the corporate level and what we might be.

我們會繼續看到一些改進或更重要的是穩定性嗎？這就是我想說的話。重點是我們在資本市場上的穩定性是否有點參差不齊，我們希望看到更多的交易比我們正在努力的，並看看我們自己的再融資活動以及我們在公司層面所做的事情以及我們所做的事情可能。

So all of those things as we expect them to play out or hook up our view, our base view would be that they still continue on the on the trajectory and as well, we get clarity on those issues. I think that will help guide the dividend discussion with the Board. 333

因此，當我們期望所有這些事情發揮作用或與我們的觀點掛鉤時，我們的基本觀點是它們仍然繼續沿著軌道發展，而且我們對這些問題也有了清晰的認識。我認為這將有助於指導與董事會的股息討論。第333章

But I would say from a from a corporate standpoint, taking a look at the market as a whole, I'm having some concern about some of the maturity issues, maybe less so on the on the multi side, certainly there's a lot coming up. I think a lot of loans will extend, which is what kind of stress the market sees, what kind of stress we see from some of our peers and perhaps in some of the other asset classes and making sure that we're in a position to manage any of those issues are kind of macroeconomic stress that comes up.

但我想說，從企業的角度來看，從整個市場來看，我對一些成熟度問題有些擔憂，從多方面來看可能不那麼擔心，當然還會有很多事情發生。我認為很多貸款將會延長，這就是市場看到的壓力，我們從一些同行以及其他一些資​​產類別看到的壓力，並確保我們能夠管理這些問題中的任何一個都會出現宏觀經濟壓力。

And if things continue on the on the base path that we are projecting, then we're going to be looking at it may be using some of that incremental cash to make new investments and there are ample opportunities for diversify a little bit from bridge loans in the multifamily space, whether that's come out in some of the mass and craft capital available out there whether that's looking at participating and some construction activity in those in the areas that are seeing, but which will be almost everywhere, no deliveries over the next after 2025 so there's some opportunity there.

如果事情繼續按照我們預測的基本路徑發展，那麼我們將考慮可能會使用一些增量現金進行新的投資，並且有充足的機會從過橋貸款中實現多元化在多戶住宅空間中，這是否會出現在現有的一些大眾和手工藝資本中，是否正在考慮參與和在所看到的地區進行一些建設活動，但這些活動幾乎無處不在，接下來不會交付2025 年之後，這裡還有一些機會。

We could make some new investments as well. But right now, we think that it's prudent to maintain our liquidity position and ensure that the market is continues to move in the right direction as it does. I think we'll be continuing to discuss with the Board.

我們也可以進行一些新的投資。但目前，我們認為維持流動性部位並確保市場繼續朝著正確的方向發展是謹慎的做法。我認為我們將繼續與董事會討論。

That's a very helpful overview. Gentlemen, looks like you guys have I do have a lot of optionality moving forward, especially if we do, in fact, see lower rate sometime here in the next couple of quarters.

這是一個非常有幫助的概述。先生們，看起來你們確實有很多前進的選擇，特別是如果我們確實在接下來的幾個季度的某個時候看到較低的利率。

Thank you for the comments, restaurant.

謝謝您的評論，餐廳。

Thank you. Next question will be from Matthew Irma at Jones Trading. Please go ahead.

謝謝。下一個問題將來自瓊斯貿易公司的馬修·艾爾瑪。請繼續。

Hey, good morning, guys. Thanks for taking the question. Do you know what percentage of the loan portfolio extends or on is fully extended through 2024. And you know, because the average weighted term is 13 months. So just what's your expectation for payoffs this year?

嘿，早上好，夥計們。感謝您提出問題。您知道貸款組合中延長或完全延長到 2024 年的百分比是多少嗎？你知道，因為平均加權期限是 13 個月。那麼您對今年的回報有何期望呢？

So there's very few. In fact, we can pull that one very fewer at the extended maturity in 2024, fully extended. I mean, we're still anticipating about 30% on payoffs, which is frankly a bit a bit high, I think relative to where the market is, but that is a function of the portfolio being more seasoned than it's been over the past several years as we've seen fewer payoffs, are we seeing loans move further down further along their path on their business plan?

所以數量很少。事實上，我們可以在 2024 年延長期限、完全延長期限時提取較少的資金。我的意思是，我們仍然預計 30% 左右的回報，坦白說，相對於市場狀況來說，這個數字有點高，但這是由於投資組合比過去幾年更加成熟的結果。多年來，我們看到的回報越來越少，我們是否看到貸款沿著其商業計劃的路徑進一步下降？

And Tom, I think that the you've seen a lot more activity of kind of the neutral or modest caching refinancing or financing in the market overall. And so, we've we think we're going to be at that number 30% as funding. That was kind of a normal number from '16, '17 through 2020 plus some years even higher. So, we do think we're going to end up in and around that that percentage. But again, I think the reason is less about in the past it was kind of assets basically being flipped into the new sale or new owner because values are so much gone so much higher so quickly.

湯姆，我認為您已經在整個市場上看到了更多中性或適度的緩存再融資或融資活動。因此，我們認為我們的資金比例將達到 30%。從 16 年、17 年到 2020 年，這個數字是正常的，有些年份甚至更高。所以，我們確實認為我們最終會達到這個百分比。但我再次認為，原因與過去無關，而是一種資產基本上被轉入新的銷售或新的所有者，因為價值如此之快地上漲瞭如此之多。

And I think here we're in an environment where a lot of a lot of owners are either looking to sell at recover some equity or to a cash-in refi because they're there relative optimism on significant rate jobs has become muted. And so there's a little bit more of a settling into the current environment of that, Catherine, I don't know if you have that.

我認為，我們所處的環境是，許多業主要么尋求出售以收回部分股權，要么尋求現金再融資，因為他們對高利率工作的相對樂觀情緒已經減弱。所以，凱瑟琳，我不知道你是否適應了當前的環境。

Yes. I can jump in with a little context there. We do have one asset that is near its final maturity. This is an asset that we previously addressed on the call. I assume that you guys have asked us to CRE CLO data and such. And as you review those, you would see that that asset has received a substantial pay down. And so we do expect that asset to refinance near term. Aside from that, we don't have any assets in that had their final maturity in 2024. Keep in mind that is past initial maturities or upcoming maturities. There are also extension fees if the borrowers choose to extend, which Lument Finance Trust will benefit from that as well.

是的。我可以先介紹一些背景狀況。我們確實有一項資產接近最終到期日。這是我們之前在電話會議上討論過的資產。我假設你們已經要求我們提供 CRE CLO 數據等。當您查看這些內容時，您會發現該資產已獲得大幅償付。因此，我們確實預期該資產將在短期內進行再融資。除此之外，我們沒有任何在 2024 年最終到期的資產。請記住，這是過去的初始到期日或即將到期的到期日。如果借款人選擇延期，也會收取延期費用，Lument Finance Trust 也將從中受益。

Awesome. Thank you, guys.

驚人的。感謝你們。

Stephen Laws from Raymond James

雷蒙德詹姆斯的史蒂芬勞斯

Hi, thanks for taking my questions. This is Clare Halotel on for Stephen Laws. First, could you please talk about your new investment pipeline and the overall competitive landscape and what were credit spreads on the new investments this quarter and how do you see credit spreads on new investments trending over the course of this year? Thanks.

您好，感謝您回答我的問題。我是史蒂芬·勞斯的克萊爾·哈洛特爾。首先，您能談談您的新投資管道和整體競爭格局嗎？本季新投資的信用利差是多少？您如何看待今年新投資的信用利差趨勢？謝謝。

Yes, I'll let Zach give some color on the specifics of that. Look, we've certainly seen an uptick in the recent months of assets under review. Credit spreads is they've been pretty wide, but they've stayed I would say roughly in the 300s, depending on the location maybe you get something closer to 400. I don't expect significant movement there. I think that's probably about where we end up.

是的，我會讓札克詳細說明這一點。看，我們確實看到最近幾個月接受審查的資產增加。信用利差相當大，但我想說，它們一直保持在大約 300 左右，根據地點的不同，也許你會得到接近 400 左右的利差。我預計那裡不會有重大變動。我想這可能就是我們最終的結局。

You've seen some lower spreads for low levered, high-quality sponsors, but that's kind of where it's been. So, I do see I think there's pickup for a couple of reasons. One, we have seen some sellers needing to get out of their assets and so it's created some transaction momentum. We're still significantly below any normal environment, forget about just 2021.

您已經看到低槓桿、高品質贊助商的點差較低，但情況就是這樣。所以，我確實認為有幾個原因導致了這種情況的發生。第一，我們看到一些賣家需要出售他們的資產，因此這創造了一些交易動力。我們仍然遠低於任何正常環境，更不用說 2021 年了。

We've also seen these recap financing options where bridge loans whether ours or more cases from other lenders or other places where either a new borrower or current borrower is coming in with capital to complete a business plan at what are now the current levels or new levels. So we have seen anecdotally some new opportunities. We're not near the point where I would say it's robust like it was a few years ago but encouraging. Zach, do you want to add a little to that?

我們也看到了這些重述融資選項，其中無論是我們的還是來自其他貸方或其他地方的過橋貸款，新借款人或當前借款人都將帶著資金以現在的當前水平或新的水平完成業務計劃水平。因此，我們偶爾看到了一些新的機會。我們還沒有達到我所說的像幾年前那樣強勁但令人鼓舞的程度。札克，​​你想補充一點嗎？

Sure. I mean, if I understood, speaking generalizations and multifamily spreads, I would say, in 2023 perhaps the wide to multifamily bridge was somewhere around 425 over SOFR. I think, as Jim Flynn alluded to, spreads have trended tighter. I think that baseline is somewhere between 350, 375 over SOFR right now.

當然。我的意思是，如果我理解的話，就概括和多戶型分佈而言，我會說，到 2023 年，寬型到多戶型的橋樑可能比 SOFR 大約高出 425。我認為，正如吉姆·弗林所提到的那樣，利差已經趨於收緊。我認為目前 SOFR 的基線在 350 到 375 之間。

I think we've all seen the graphs of multifamily acquisition activity on the property side, and we know that, that remains substantially muted, which has caused now a lot of supply, and still enough lenders to keep the demand for loans escalated. I think that we settle into this sort of spread range here. Keep in mind that things like warehouse line. CREs, CLOs spreads have also tightened in sympathy. And so economics are still in line despite tighter spreads.

我想我們都已經看到了房地產方面多戶住宅收購活動的圖表，我們知道，這種情況仍然相當低迷，這導致了現在的大量供應，並且仍然有足夠的貸款人來保持貸款需求的上升。我認為我們已經進入了這種價差範圍。請記住諸如倉庫線之類的事情。CRE、CLO 利差也因同情而收緊。因此，儘管利差收窄，但經濟狀況仍穩定。

Great, thank you. And then my last question is just given the positive resolutions of the two 5-rated loans since year-end, how do you think about your CECL reserve, do you think there'll be a reserve release in Q1? Thanks.

太好了謝謝。然後我的最後一個問題是，考慮到年底以來兩筆5級貸款的積極決議，您如何看待您的CECL準備金，您認為第一季會釋放準備金嗎？謝謝。

Today. I mean from Yes. I mean, yes, I mean you're going to have a couple of things there. Jim talked about what is the macroeconomic environment that we're going to see, right. So we have a one-year forecast period there. And the reserve is going to be driven by what we see there. I think from the positive resolutions our feeling is there'll be some stability in our risk ratings. So that shouldn't be a driver. I think it's going to be driven more by the macroeconomic environment and what your views are of that and what reality ends up being.

今天。我的意思是從是的。我的意思是，是的，我的意思是你會在那裡得到一些東西。吉姆談到了我們將看到的宏觀經濟環境，對吧。所以我們有一個一年的預測期。儲備將由我們在那裡看到的情況驅動。我認為，從積極的決議來看，我們的感覺是我們的風險評級將會保持一定的穩定性。所以這不應該是一個司機。我認為這將更多地受到宏觀經濟環境以及您對此的看法以及現實最終如何的推動。

Okay.

好的。

Please, do you have any further questions? Thank you.

請問您還有其他問題嗎？謝謝。

No, that’s it. Thank you.

不，就是這樣。謝謝。

Thank you. Once again, as a reminder, ladies and gentlemen, if you do have any questions, (Operator Instructions)

謝謝。再次提醒女士們先生們，如果您有任何疑問，（操作員說明）

Christopher Nolan from Ladenburg Thalmann

克里斯多福諾蘭 飾 拉登堡塔爾曼

Hi, given your comments in terms of landlords having a narrower operating margins, can you give any color in terms of where the interest coverage is for your portfolio in the fourth quarter, where it is compared to where it might have been in previous quarters?

您好，鑑於您對房東經營利潤率較窄的評論，您能否說明第四季度您的投資組合的利息覆蓋率與前幾季相比的情況？

Let me try to step into that one. Keep in mind that all of our loans well, the vast majority of our loans do have interest rate caps, meaning that the borrowers have bought options, if so, for rises in the majority of those capturing money. Fourth quarter versus third quarter, interest coverage really hasn't changed all that much. SOFR has been pretty consistent.

讓我嘗試進入這一領域。請記住，我們所有的貸款都很好，我們的絕大多數貸款確實有利率上限，這意味著借款人已經購買了選擇權，如果是的話，那麼大多數獲取資金的貸款都會上漲。第四季與第三季相比，利息覆蓋率確實沒有太大變化。SOFR 一直相當穩定。

If I look at debt yield, which is an easier sort of metric to speak to, the yield has been fairly consistent. These loans are generally transitional bridge loans and so yes, margins are all else equal tighter. However, these loans are getting towards the point of their business plans where rents are picking up and perhaps occupancies may be increasing as these units are leasing up post renovation. And so I wouldn't say that we're seeing systematic stress quarter-over-quarter although just like any portfolio, there are heterogeneous things that pop up here and there.

如果我看一下債務收益率（這是更容易討論的指標），收益率相當穩定。這些貸款通常是過渡性過橋貸款，因此，是的，其他方面的利潤率也同樣收緊。然而，這些貸款正接近其商業計劃的階段，租金正在上漲，而且隨著這些單位在裝修後出租，入住率可能會增加。因此，我不會說我們每個季度都看到系統性壓力，儘管就像任何投資組合一樣，到處都會出現不同的東西。

This is Jim Briggs, I'll just add on to that. Zach mentioned interest rate caps. We disclosed in our MD&A at [12/31], 97.7% of performing loans had interest rate caps and the weighted average strike was 2.5%.

這是吉姆·布里格斯（Jim Briggs），我將補充一下。扎克提到了利率上限。我們在 [12/31] 的 MD&A 中揭露，97.7% 的不良貸款有利率上限，加權平均利率為 2.5%。

Okay. And then--

好的。進而 -

Yes, go ahead.

好，去吧。

No, no, please go ahead, I was going to go to another question, but go ahead.

不，不，請繼續，我本來要回答另一個問題，但請繼續。

No, no, I'm just going to say, I think Zach makes a good point that many of these assets have obviously gone through the stressful period that we've seen with rates increasing, that was preceded with every other cost increasing. But many of them were in the middle or early parts of their business plans.

不，不，我只是想說，我認為扎克提出了一個很好的觀點，即許多這些資產顯然已經經歷了我們所看到的利率上漲的壓力時期，而在此之前，所有其他成本都在增加。但他們中的許多人正處於商業計劃的中期或早期階段。

So even those that are it really is an asset-by-asset look, meaning some assets are truly still turning units and putting new tenants in. And so much of the portfolio is still positively progressing in terms of debt yield, in terms of coverage, but most are not progressing at the original rate of their business plan.

因此，即使是那些確實是逐一資產的外觀，這意味著某些資產確實仍在轉變單元並引入新租戶。就債務收益率和覆蓋範圍而言，投資組合中的大部分仍取得積極進展，但大多數並沒有按照其業務計劃的原始速度取得進展。

It doesn't mean that they're not having success in many cases, but it does mean that the success is the increase in NOI is less than anticipated, but from a business standpoint, it still makes sense. The dollars being expended to increase NOI are still accretive to us as lender and to the sponsor. So it is a difficult question to answer as the whole portfolio because you really have to individually look at each asset and determine is this asset just deteriorating in performance, which in most cases, the answer is no. But are they how are they executing on their business plan.

這並不意味著他們在許多情況下沒有取得成功，但它確實意味著成功是NOI的成長低於預期，但從商業角度來看，這仍然是有意義的。用於增加 NOI 的資金對於我們作為貸方和贊助商來說仍然是增值的。因此，作為整個投資組合，這是一個很難回答的問題，因為您確實必須單獨查看每項資產，並確定該資產的績效是否正在惡化，在大多數情況下，答案是否定的。但他們的商業計劃執行如何？

Right. Okay. Turning to capital management. Your stock is trading roughly 63% of your book value in considerations in terms of buybacks and if not, at what point would you consider buybacks?

正確的。好的。轉向資本管理。考慮到回購，您的股票交易金額約為帳面價值的 63%，如果不是，您會在什麼時候考慮回購？

The buybacks are something we do discuss with the Board. And there's no kind of if we're at this level, we would do it. We do think that our stock trades at a discount to fair value, particularly relative to the peers and to the expected full recovery of our portfolio. The challenge that we've always had with discussion around buybacks has been, one is we're already undersized and under scale and reducing our growth even further. What impact would that have on long term on the stock price.

回購是我們與董事會討論的事情。如果我們處於這個水平，我們就不會這麼做。我們確實認為我們的股票交易價格低於公允價值，特別是相對於同業以及我們投資組合的預期全面復甦。我們在討論回購時一直面臨的挑戰是，一是我們的規模已經過小，並且進一步降低了我們的成長速度。這會對股價產生長期影響。

And also, how does that impact our desire, which is to actually find ways to expand the common equity base. So that those are always the push and pull. There isn't a specific answer that says if we're at 50% of book, we're going to do a buyback. But in terms of where our stock trades and relative to management's view and the Board's view of value, it's a topic of discussion broadly every quarter.

而且，這對我們的願望有何影響，即真正找到擴大普通股基礎的方法。因此，這些始終是推力和拉力。沒有具體的答案顯示如果我們達到了帳面價值的 50%，我們就會進行回購。但就我們的股票交易地點以及相對於管理層的觀點和董事會的價值觀點而言，這是每個季度廣泛討論的話題。

Well, on the point, your stock has really taken a nose dive ever since you did the rights offering a couple of years ago. And I'm just trying to think in terms of under scale, I totally get that. But at some point, it makes more sense just to buy back your stock as opposed to investing in and do multifamily loans?

好吧，就這一點而言，自從幾年前進行配股發行以來，您的股票確實暴跌了。我只是想從規模不足的角度思考，我完全明白。但在某種程度上，回購股票比投資多戶家庭貸款更有意義？

I think that certainly, the Board and we have to respect those alternatives and options, and will continue to do so.

我認為，董事會和我們當然必須尊重這些替代方案和選擇，並將繼續這樣做。

Okay, that’s it from me. Thank you.

好的，這就是我的。謝謝。

Thank you. And at this time, Mr. Flynn, we have no other questions registered. Please proceed.

謝謝。弗林先生，目前我們沒有其他問題。請繼續。

Okay. I want to thank you all for your time today and interest and look forward to speaking again next quarter. Thank you, all

好的。我要感謝大家今天抽出寶貴的時間和興趣，並期待下季再次發言。謝謝你們

Thank you, ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending and at this time, we do ask that you please disconnect your lines. Enjoy the rest of your day.

謝謝女士們、先生們，今天的電話會議到此結束。再次感謝您的出席，此時，我們懇請您斷開線路。享受你一天剩下的時間。