Lument Finance Trust Inc (LFT) 2024 Q2 法說會逐字稿

Good afternoon. And thank you for joining the Lument Finance Trust Second Quarter 2024 Earnings Call. Today it's being recorded and will be made available via webcast on the company's Web site. I would now like to turn the call over to Andrew Tsang at Lument Investment Management. Please go ahead.

午安.感謝您參加 Lument Finance Trust 2024 年第二季財報電話會議。今天，該影片正在錄製中，並將透過公司網站上的網路廣播進行播放。我現在想把電話轉給 Lument 投資管理公司的 Andrew Tsang。請繼續。

Good afternoon, everyone. Thank you for joining our call to discuss Lument Finance Trust's second quarter 2023 financial results. With me on the call today are Jim Flynn, our CEO; Jim Briggs, our CFO; Jim Henson, our President; and Zachary Halpern, our Managing Director of Portfolio Management.

大家下午好。感謝您參加我們的電話會議，討論 Lument Finance Trust 2023 年第二季的財務表現。今天與我一起參加電話會議的是我們的執行長吉姆‧弗林 (Jim Flynn)；吉姆‧布里格斯，我們的財務長；吉姆漢森，我們的總裁；以及我們的投資組合管理董事總經理 Zachary Halpern。

On Monday, August the 12, we filed our 10-Q with the SEC and issued a press release to provide details on our second quarter results. We also provided a supplemental earnings presentation, which can be found on our Web site.

8 月 12 日星期一，我們向 SEC 提交了 10-Q 報告，並發布了一份新聞稿，提供有關我們第二季業績的詳細資訊。我們還提供了補充收益演示，您可以在我們的網站上找到該演示。

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

在將電話會議交給 Jim Flynn 之前，我想提醒大家，在本次電話會議過程中做出的某些陳述並非基於歷史信息，可能構成《證券法》第 27A 條含義內的前瞻性陳述1933 年證券交易法及1934 年證券交易法第21E 條。

Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from the (technical difficulty) forward-looking statements. These risks and uncertainties are discussed in the company's reports filed with the SEC, in particular, the Risk Factors section of our Form 10-K.

此類前瞻性陳述受到各種風險和不確定性的影響，可能導致實際結果與（技術難度）前瞻性陳述有重大差異。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，特別是我們的 10-K 表格的風險因素部分。

It is not possible to predict or identify all such risks and listeners are cautioned to not to place undue reliance on these forward-looking statements. The company undertakes no obligation to update any of these forward-looking statements. Further, certain non-GAAP financial measures that we discuss on this conference call.

不可能預測或識別所有此類風險，請聽眾不要過度依賴這些前瞻性陳述。該公司不承擔更新任何這些前瞻性陳述的義務。此外，我們在本次電話會議上討論了某些非公認會計準則財務指標。

A 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 to the most comparable measures prepared in accordance with GAAP can be accessed through our filings with the SEC.

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 GAAP 財務指標與根據 GAAP 制定的最具可比性的指標的調整表可以透過我們向 SEC 提交的文件進行查看。

For the second quarter of 2024, we reported GAAP net income of $0.07 and distributable earnings of $0.09 per share of common stock, respectively. In June, we also declared a dividend of $0.08 per share with respect to the Q2, which represented a 14% increase over the first quarter dividend of $0.07 per share of common stock.

2024 年第二季度，我們公佈的 GAAP 淨利為 0.07 美元，每股普通股可分配收益為 0.09 美元。6 月份，我們也宣布第二季股息為每股 0.08 美元，比第一季普通股每股 0.07 美元的股息增加了 14%。

I will now turn the call over to Jim Flynn. Please go ahead.

我現在將把電話轉給吉姆·弗林。請繼續。

Thank you, Andrew. And good day, everyone. Welcome to the Lument Finance Trust earnings call for the second quarter of 2024. We appreciate everyone joining today. Through the first half of 2024, the US economy largely outperformed consensus expectations.

謝謝你，安德魯。大家好。歡迎參加 Lument Finance Trust 2024 年第二季財報電話會議。我們感謝今天大家的加入。到了2024年上半年，美國經濟的表現基本上超出普遍預期。

However, the CPI measured in June showed a declining rate of growth in the consumer price index and August jobs reports were weaker than expected. As a result, the market seems to have renewed confidence that the Fed will start its easing cycle in September as reflected in the 10 year treasury remaining below 400 basis points since the beginning of August.

然而，6月的CPI顯示消費者物價指數成長下降，8月的就業報告弱於預期。因此，市場似乎對聯準會將在 9 月開始寬鬆週期重新燃起信心，這一點從 10 年期國債自 8 月初以來一直保持在 400 個基點以下即可反映出來。

While such easing will likely be beneficial to a number of sectors including commercial real estate, we expect to proceed cautiously as the economy remains at elevated risk of recession. While the economic data has generally outperformed, commercial real estate has suffered due to high rate and inflationary environment.

雖然此類寬鬆政策可能有利於包括商業房地產在內的許多行業，但由於經濟仍面臨較高的衰退風險，我們預計將謹慎行事。雖然經濟數據普遍跑贏大市，但商業房地產卻因高利率和通膨環境而遭受損失。

Improvements in the rate environment and the bottoming of property values should translate into a thawing of capital markets and an uneven recovery of transaction flow in the commercial real estate sector. Despite the modest softening of multifamily fundamentals impacted by a large supply of newly constructed units coming online over the last six months, we believe that multifamily and particularly middle market multifamily will continue to remain a strong performing asset class in the long term.

利率環境的改善和房地產價值的觸底應該會轉化為資本市場的解凍和商業房地產領域交易流的不平衡復甦。儘管受過去六個月大量新建公寓供應影響，多戶住宅基本面略有疲軟，但我們相信，從長遠來看，多戶住宅，尤其是中端市場多戶住宅仍將是表現強勁的資產類別。

We firmly believe the LFT has differentiated itself from its peer group through its deliberate focus on middle market multifamily credit, which has enabled the company to deliver a sustainable, stable dividend to our shareholders and preserve shareholder capital during this challenging part of the cycle.

我們堅信，LFT 透過對中間市場多戶信貸的刻意關注，使自己在同行中脫穎而出，這使公司能夠為股東提供可持續、穩定的股息，並在這個充滿挑戰的周期中保留股東資本。

Our expertise in the origination, underwriting and active asset management of multifamily mortgage investments has been and we expect will remain central to the company's identity for the foreseeable future. Coupled with the strong sponsorship from the broader Lument and ORIX platforms, we believe that LFT represents a truly unique value proposition in the public markets today.

我們在多戶抵押貸款投資的發起、承銷和主動資產管理方面的專業知識一直是而且我們預計在可預見的未來仍將是公司形象的核心。再加上更廣泛的 Lument 和 ORIX 平台的大力支持，我們相信 LFT 代表了當今公開市場上真正獨特的價值主張。

In an environment where others have found it challenging to sustain stable dividend levels, we are proud to have been able to benefit our shareholders and raise the common dividend in June by $0.01, which represents a 14% sequential increase over Q1.

在其他人發現維持穩定股息水平具有挑戰性的環境中，我們很自豪能夠使我們的股東受益，並將 6 月份的普通股息提高 0.01 美元，比第一季連續增長 14%。

Approximately a year ago, we closed the LMF secured financing transaction, which provided the company with additional investment capacity and extended our runway for future reinvestment. By the end of 2023, we were successful in fully deploying our capital into strong predominantly multifamily credits. Since that time, we've been focused on actively managing our loan investment portfolio.

大約一年前，我們完成了 LMF 擔保融資交易，這為公司提供了額外的投資能力，並延長了我們未來再投資的範圍。到 2023 年底，我們成功地將資本充分配置到以多戶家庭為主的強大信貸。從那時起，我們一直專注於積極管理我們的貸款投資組合。

Although, we experienced a slight decline in our weighted average risk rating to 3.6 as compared to 3.5 as of March 31, we believe our investments have continued to perform well on a relative basis, thanks to our heavy focus on multifamily, which has generally outperformed other CRE asset classes, our prudent upfront underwriting and our active approach to asset management.

儘管我們的加權平均風險評級從 3 月 31 日的 3.5 輕微下降至 3.6，但我們相信，由於我們高度關注多戶型住宅（其表現普遍優於大盤），我們的投資相對而言仍表現良好。商業房地產資產類別、我們審慎的前期承保以及我們積極的資產管理方法。

We continue to maintain a strong liquidity position ending the quarter with approximately $65 million of unrestricted cash on our balance sheet. The persistence of elevated short term rates has allowed us to generate attractive returns on our cash balances while we continue to intentionally take a defensive cash position to provide us with flexibility in managing the more challenging credits in our portfolio.

截至本季末，我們繼續保持強勁的流動性頭寸，資產負債表上約有 6,500 萬美元的非限制性現金。短期利率的持續走高使我們能夠在現金餘額上產生有吸引力的回報，同時我們繼續有意採取防禦性現金頭寸，以便為我們管理投資組合中更具挑戰性的信貸提供靈活性。

As discussed on prior earnings calls, our loan portfolio is financed with long dated, secured financings that are not subject to mark-to-market or margin costs. The LMF financing transaction has a reinvestment period that continues into July 2025 and we intend to reinvest capital into new loan investments as liquidity becomes available through repayments of existing collateral.

正如之前的財報電話會議中所討論的那樣，我們的貸款組合是透過長期、有擔保的融資進行融資的，這些融資不受按市值計價或保證金成本的影響。LMF 融資交易的再投資期持續到 2025 年 7 月，隨著透過償還現有抵押品獲得流動性，我們打算將資本再投資到新的貸款投資中。

On the other hand, the reinvestment period of our 2021 [CLO] ended in December of 2023 and we are actively exploring alternatives to recapitalize this structure. As of quarter end, the cost of funds for FL1 was swaps plus 161 and the effective -- for swaps, and the effective advanced rate was approximately 80%, which we believe will represent attractive terms relative to other secured financing options currently available in the market.

另一方面，我們 2021 年 [CLO] 的再投資期於 2023 年 12 月結束，我們正在積極探索對該結構進行資本重組的替代方案。截至季末，FL1 的資金成本為掉期​​加上 161 和有效的掉期利率，有效預付利率約為 80%，我們認為相對於目前可用的其他擔保融資選項，這將是有吸引力的條款。市場。

We have observed that the issuance of new CRE CLO transactions remain muted with just one managed vehicle pricing in the market last quarter and just three since the start of the year. With that, I'd like to turn the call over to Jim Briggs, who will provide us details on our financial results. Jim?

我們觀察到，新的 CRE CLO 交易的發行仍然低迷，上季市場上只有一種託管車輛定價，自今年年初以來只有三種。接下來，我想將電話轉給吉姆·布里格斯（Jim Briggs），他將為我們提供有關財務業績的詳細資訊。吉姆？

Thanks, Jim. Good afternoon, everyone. Yesterday, we filed our quarterly report on Form 10-Q and provided a supplemental investor presentation on our web site, which we'll be referencing during our remarks. Supplemental investor presentation has been uploaded to the webcast as well for your reference.

謝謝，吉姆。大家下午好。昨天，我們以 10-Q 表格提交了季度報告，並在我們的網站上提供了補充投資者演示文稿，我們將在發言中引用該演示文稿。補充投資人簡報也已上傳至網路廣播，供您參考。

On pages 4 through 7 of the presentation, you will find key updates and earnings summary for the quarter. For the second quarter of 2024 reported net income to common stockholders of approximately $3.4 million or $0.07 per share. We also reported distributable earnings of approximately $4.8 million or $0.09 per share.

在簡報的第 4 頁至第 7 頁上，您將找到該季度的重要更新和收益摘要。2024 年第二季向普通股股東報告的淨利潤約為 340 萬美元，即每股 0.07 美元。我們還報告可分配收益約為 480 萬美元或每股 0.09 美元。

There are a few items I'd like to highlight regarding the activity during the period. Our Q2 net interest income was $9.5 million compared to $13 million in Q1 of '24. Sequential decrease was primarily attributable to the company recognizing in the prior quarter approximately $3 million of one time past due income related to the resolution of two defaulted loans, one collateralized by an office property located in Columbus, Ohio, in which we reduced our carrying value to zero and another collateralized by multifamily property located at Virginia Beach, Virginia, which was modified and brought current through Q1 and which remains performing and risk rated for.

關於這段時間的活動，我想強調幾點。我們第二季的淨利息收入為 950 萬美元，而 2024 年第一季的淨利息收入為 1,300 萬美元。連續減少的主要原因是公司在上一季確認了約300 萬美元的一次性逾期收入，這些收入與兩筆違約貸款的解決有關，其中一筆以位於俄亥俄州哥倫布市的一處辦公物業為抵押，我們減少了賬面價值零，另一個由位於弗吉尼亞州弗吉尼亞海灘的多戶房產抵押，該房產經過修改並在第一季通電，並且仍然保持績效和風險評級。

One component of the sequential variance in net interest income was also a result of average outstanding loan portfolio size decreasing versus the prior quarter as we received approximately $98 million of principal payoffs within the FL1 securitization, which is no longer within its reinvestment period.

淨利息收入環比變化的一個組成部分也是平均未償貸款投資組合規模較上一季度下降的結果，因為我們在FL1 證券化中收到了約9800 萬美元的本金償還，而該證券化已不再處於其再投資期間。

Aggregate payoffs and paydowns during Q2 totaled $98 million as mentioned as compared to $97 million in the prior quarter with exit and other fees similarly comparable quarter-on-quarter. Total operating expenses were $3.5 million in Q2 versus $4.3 million in Q1.

如前所述，第二季的總支付和支付總額為 9,800 萬美元，而上一季的支付和支付總額為 9,700 萬美元，退出費用和其他費用與上一季的情況類似。第二季的總營運費用為 350 萬美元，而第一季為 430 萬美元。

The majority of the decrease in expenses was driven primarily by a lower sequential accrual of incentive fees due to our manager, which are payable on a quarterly basis equal to 20% of the excess of core earnings as defined in the management agreement over an 8% per annum return threshold. Other general operating expenses were largely in line quarter-over-quarter.

費用減少的主要原因是我們的管理人應計獎勵費用的連續減少，這些費用按季度支付，相當於管理協議中定義的核心收益超額部分的 20%（超過 8%）。其他一般營運支出基本上與上一季持平。

The approximately $1.4 million difference between reported net income and distributable earnings to common was attributable to an increase in our allowance for credit losses. As of June 30, we had four loans risk weighted to 5. 1 was a $17 million loan collateralized by multifamily property imported in Brooklyn, New York and was risk rated at 5 due to maturity default.

報告的淨利潤與普通股可分配收益之間約有 140 萬美元的差異，這是由於我們的信貸損失準備金增加所致。截至 6 月 30 日，我們有四筆貸款風險加權為 5。

Othere was a $20 million loan collateralized by two multifamily properties Augusta, Georgia that was risk rated 5 due to monetary default. Third was a $15 million loan collateralized by two multifamily properties in Philadelphia, Pennsylvania, that was risk rated 5 due to monetary default.

另一項是一筆 2000 萬美元的貸款，由喬治亞州奧古斯塔的兩處多戶住宅抵押，由於貨幣違約，該貸款的風險評級為 5。第三筆貸款為 1500 萬美元，由賓州費城的兩處多戶住宅抵押，由於貨幣違約，該貸款的風險評級為 5。

All three of these loans have been placed on non-accrual status with cash received on Philadelphia property to be recognized on a cost recovery basis. Fourth, 5 risk weighted asset was a $32 million loan collateralized by multifamily property in Dallas, Texas that was in technical default.

所有三筆貸款均處於非應計狀態，費城房產收到的現金將在成本回收的基礎上確認。第四，5 風險加權資產是一筆 3,200 萬美元的貸款，由德州達拉斯市的多戶房產抵押，處於技術性違約狀態。

We evaluated these four 5 risk rated loans individually to determine whether asset specific reserves or credit losses were necessary. And after an analysis of the underlying collateral, we recorded a specific -- an allowance in Q2 of approximately $900,000. The general CECL reserve increased by approximately $500,000 during the period, driven primarily by changes in the macroeconomic forecast as well as [moderate] risk rating migration in the portfolio.

我們分別評估了這四筆 5 級風險評級的貸款，以確定是否需要資產特定準備金或信用損失。在對基礎抵押品進行分析後，我們在第二季度記錄了約 90 萬美元的具體補貼。在此期間，CECL 的一般準備金增加了約 50 萬美元，這主要是由於宏觀經濟預測的變化以及投資組合中的[中等]風險評級遷移所致。

Company's total equity at the end of the quarter was approximately $242 million. Total book value of common stock was approximately $182 million or $3.48 per share, largely flat from $3.50 per share as of March 31. We ended the second quarter with an unrestricted cash balance of $65 million and our investment capacity through our two secured financings was effectively fully deployed.

截至本季末，公司總股本約為 2.42 億美元。普通股總帳面價值約為 1.82 億美元，即每股 3.48 美元，與截至 3 月 31 日的每股 3.50 美元基本持平。第二季結束時，我們的無限現金餘額為 6,500 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部署。

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

我現在將把電話轉給吉姆漢森 (Jim Henson)，以提供有關該公司本季度投資活動和投資組合業績的詳細資訊。吉姆？

Thank you, Jim. Good afternoon, everyone. I will now share a brief summary of the recent activity in our investment portfolio. During the second quarter, LFT experienced $98 million of loan payoffs, a portion of these payoffs related to the defaulted loans discussed by Jim just few moments ago. We did not acquire or fund any new loan assets during the period.

謝謝你，吉姆。大家下午好。我現在將分享我們投資組合近期活動的簡要總結。第二季度，LFT 償還了 9,800 萬美元的貸款，其中一部分與吉姆剛才討論的違約貸款有關。在此期間，我們沒有收購或資助任何新的貸款資產。

As of June 30, our portfolio consists of 78 floating rate loans with an aggregate unpaid principal balance of approximately $1.2 billion. 100% of the portfolio was indexed to one month SOFR and 93% of the portfolio is collateralized by multifamily properties. While we endeavor to actively manage the maturity risk within our portfolios, it is worth noting that we had the foresight at the time of loan origination to include extension features within our loan investment documents.

截至 6 月 30 日，我們的投資組合由 78 筆浮動利率貸款組成，未付本金餘額總計約 12 億美元。 100% 的投資組合以一個月 SOFR 為索引，93% 的投資組合以多戶型房產作為抵押。雖然我們努力積極管理投資組合中的到期風險，但值得注意的是，我們在發放貸款時具有先見之明，將延期功能納入我們的貸款投資文件中。

As a result, the weighted average remaining term of our book is approximately 30 months, if all available extensions were to be exercised by our loan borrowers. As of the end of the second quarter, our portfolio had a weighted average floating note rate of SOFR plus 359 basis points and an unamortized aggregate purchase discount of $5.6 million.

因此，如果我們的貸款借款人行使所有可用的延期，我們帳簿的加權平均剩餘期限約為 30 個月。截至第二季末，我們的投資組合的加權平均浮動票據利率為 SOFR 加 359 個基點，未攤銷總計購買折扣為 560 萬美元。

As mentioned earlier, our secured financing remained attractive. The quarter ended with FL1, our CRE CLO transaction providing effective leverage of 79.5% at a weighted average cost of funds of SOFR plus 1.61. The LMF financing provided the portfolio with effective leverage of 82.2% at a weighted average cost of SOFR plus 314 basis points.

如前所述，我們的擔保融資仍然具有吸引力。本季結束時，我們的 CRE CLO 交易 FL1 提供了 79.5% 的有效槓桿，加權平均資金成本為 SOFR 加 1.61。 LMF 融資為投資組合提供了 82.2% 的有效槓桿率，加權平均成本為 SOFR 加 314 個基點。

On a combined basis, at the end of the quarter, our two securitizations provided our portfolio with effective leverage of 80.4% and a weighted average cost of funds of SOFR plus 212 basis points. As of June 30, approximately 63% of the loans in our portfolio were risk rated three or better, down from 77% in the prior quarter.

綜合來看，截至本季末，我們的兩項證券化為我們的投資組合提供了 80.4% 的有效槓桿率和 SOFR 加 212 個基點的加權平均資金成本。截至 6 月 30 日，我們投資組合中約 63% 的貸款風險評級為三級或以上，低於上一季的 77%。

Our weighted average risk rating was 3.6, a slight deterioration from 3.5 sequentially. While both loan assets that had been risk rated 5 as of March 31 were fully resolved during the second quarter, our aggregate loan exposure on the four newly risk rated 5 loans was approximately $84 million at the end of the second quarter, up from an aggregate $38 million at the end of the first quarter.

我們的加權平均風險評級為 3.6，較上一季的 3.5 略有下降。雖然截至3 月31 日風險評級為5 的兩筆貸款資產均已在第二季度完全解決，但截至第二季度末，我們對四筆新風險評級為5 的貸款的總貸款敞口約為8,400 萬美元，高於總計。

As Jim Briggs outlined earlier, we evaluated the four 5 rated loans individually to determine whether asset specific reserves for credit losses were necessary. And after an analysis of the underlying collateral, we recorded the specific allowance of approximately $900,000 in the second quarter.

正如吉姆·布里格斯（Jim Briggs）之前概述的那樣，我們分別評估了四筆 5 級貸款，以確定是否有必要針對信用損失準備特定資產準備金。在對基礎抵押品進行分析後，我們在第二季度記錄了大約 90 萬美元的特定準備金。

We expect to continue to rely on the expertise of our talented asset management team to actively resolve these 5 rated loan assets, protecting our investors' capital and maximizing value for our shareholders. I will now pass it back to Jim Flynn for closing remarks and questions.

我們期望繼續依靠我們優秀的資產管理團隊的專業知識，積極解決這5項評級貸款資產，保護投資者的資本並為股東最大化價值。我現在將其傳回吉姆·弗林以供結束語和提問。

Thank you, Jim, and Jim, and appreciate everyone joining, but we'll open the call to questions.

謝謝吉姆和吉姆，感謝大家的加入，但我們將開始提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions). Crispin Love, Piper Sandler.

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）。克里斯平·洛夫，派珀·桑德勒。

Just first off on credit quality, you have had pretty stable credit for several quarters now, but did see some degradation here in the second quarter related to some non-performers migration, rated 5 loans and then the allowance bill that you discussed.

首先是信貸質量，您現在幾個季度的信貸都相當穩定，但在第二季度確實看到了一些惡化，這與一些不良貸款、評級為 5 的貸款以及您討論的津貼法案有關。

Can you just discuss the credit outlook as we stand today? Do you believe that we've reached a peak stress in multifamily credit during this cycle and just your intermediate term outlook just given the environment and how you look at the portfolio?

您能談談我們今天的信用前景嗎？您是否認為在這個週期中我們已經達到了多戶信貸的峰值壓力，並且考慮到環境以及您如何看待投資組合，您的中期前景是否如此？

I think -- I mean, it's hard to -- we've all kind of been a little bit off here for the last six quarters on predicting the market, but there does seem to be some expectation that we're kind of at or near that peak stress period. We do see rate reductions on the horizon, both obviously long term, we've seen their tenure come down and expectations around SOFR cuts, which will -- or Fed cuts, which will impact, directly impact, these floating rate borrowers.

我認為——我的意思是，這很難——在過去的六個季度裡，我們在預測市場方面都有點偏離，但似乎確實有人期望我們處於或接近壓力高峰期。我們確實看到降息即將到來，這顯然是長期的，我們已經看到他們的任期縮短以及對 SOFR 削減的預期，這將 - 或者美聯儲降息，這將直接影響這些浮動利率借款人。

So those things are obviously beneficial to the credit quality of the portfolio, certainly in a vacuum. They come on the heels of other economic data and news, which generally isn't positive. But I think if you take a look at multifamily and how it performed throughout cycles, near term and long term, it's done pretty well.

因此，這些事情顯然有利於投資組合的信用質量，當然是在真空中。緊接著其他經濟數據和新聞發布，這些數據和新聞總體上並不樂觀。但我認為，如果你看看多戶住宅及其在整個週期、近期和長期的表現，你會發現它做得相當不錯。

And the supply demand dynamic in the country isn't changing and in fact probably getting worse. And so there's some stability even in times of economic stress. Now that being said, with respect to our portfolio, and Zach and others can provide some more detail I'm sure we'll have some other questions, we've seen more stress over the last couple of quarters as we've gone -- continue to go through this cycle.

該國的供需動態沒有變化，事實上可能會變得更糟。因此，即使在經濟困難時期也有一定的穩定性。話雖這麼說，關於我們的投資組合，扎克和其他人可以提供更多細節，我相信我們還會有一些其他問題，我們在過去幾個季度中看到了更多的壓力 - ——繼續經歷這個循環。

And we've continued to actively manage those and feel pretty good about our ability to do so, but we have to work through issues. We've had elevated risk assets in the past that we've been able to resolve from a value standpoint, we still feel pretty good.

我們繼續積極管理這些問題，並對我們這樣做的能力感到非常滿意，但我們必須解決問題。過去我們的風險資產較高，但從價值的角度來看，我們已經能夠解決這些問題，我們仍然感覺很好。

We did take a reserve on one asset as was noted in the K, that is consistent with how we've looked at value throughout our history managing this entity. We do and we'll continue to work toward resolution of that without a loss or minimizing a loss. But from a GAAP and consistent standpoint, we felt the it was appropriate to take a reserve on that asset.

正如 K 中所指出的，我們確實對一項資產採取了準備金，這與我們在管理該實體的整個歷史中對價值的看法是一致的。我們確實這樣做了，我們將繼續努力解決這個問題，不造成損失或將損失降至最低。但從公認會計準則和一致的角度來看，我們認為對該資產採取儲備金是適當的。

And with respect to the other assets, there's -- we have a great team here that is daily managing those and speaking to the sponsors on those assets and helping to participate and creating plans to improve the asset's performance. And as we've discussed in the past, we do have the ability to really add operational expertise where needed with our sponsors or without.

至於其他資產，我們有一支優秀的團隊，負責日常管理這些資產，並與贊助商就這些資產進行交流，並幫助參與和製定計劃以提高資產的績效。正如我們過去所討論的，我們確實有能力在需要時與贊助商或不合作的情況下真正增加營運專業知識。

So yes, we're in a period of elevated stress. We still continue to feel pretty confident in the quality of our portfolio but do need to continue to work through some of these more challenging assets.

所以，是的，我們正處於壓力很大的時期。我們仍然對我們的投資組合的品質充滿信心，但確實需要繼續解決其中一些更具挑戰性的資產。

And then just on deployment for the second quarter, didn't add any new investments, but I think you had nearly $100 million of pay off. So what's keeping you from being more active here? Is it a concerted effort as you focus on asset management on the current portfolio, or are there also a lack of opportunities out there? And how would you expect kind of the opportunity landscape to change as rates do come down in the coming months?

然後就在第二季的部署中，沒有增加任何新的投資，但我認為您已經獲得了近 1 億美元的回報。那麼是什麼阻礙了你在這裡更加活躍呢？是你們目前專注於資產管理的共同努力，還是也缺乏機會？隨著未來幾個月利率的下降，您預期機會模式會發生怎樣的變化？

So first on the capacity standpoint. So as I mentioned at the end of my remarks, the larger CLO, the 2001 CLO is through its investment -- reinvestment period. And so that securitization is de-levering. It's still an attractive financing swap, SOFR plus 161 and 80% leverage even with those payoffs. So we do intend to continue to evaluate options there as we move through the next few quarters.

首先從容量的角度來看。正如我在演講最後提到的，更大的CLO，2001年的CLO正在經歷其投資——再投資時期。因此，證券化正在去槓桿化。即使有這些回報，它仍然是一個有吸引力的融資互換，SOFR 加上 161 和 80% 的槓桿。因此，我們確實打算在接下來的幾個季度中繼續評估那裡的選擇。

But that's part of the reason, right, that capacity is just really deleveraging. On the LMF transaction, we've generally remained fully deployed, some timing as that asset pays off. And we've kept for the size of our entity a relatively high cash position, in large part just to ensure that when needed we can offensively manage the portfolio with our sponsors.

但這就是部分原因，對吧，產能確實在去槓桿化。在 LMF 交易中，我們通常保持全面部署，直到該資產獲得回報時才進行部署。對於我們實體的規模，我們保持了相對較高的現金頭寸，這在很大程度上只是為了確保在需要時我們可以與贊助商一起進攻性地管理投資組合。

In terms of the market, we are seeing more opportunities today than what we've seen over the last handful of quarters of high quality deals. There's -- it’s competitive, it's not the volume that you would like to see but it's starting to appear. There's anecdotal evidence out there and on some of the calls from the peer group you've heard of the competitive environment for acquisitions.

就市場而言，我們今天看到的機會比過去幾季的高品質交易要多。這是——它是有競爭力的，這不是你想要看到的數量，但它已經開始出現。有一些軼事證據，在同行團體的一些電話中，您已經聽說了收購的競爭環境。

The thing that's really slowed this market down has been the lack of assets changing hands. There's very active buyer community out there and there does seem to be some loosening on the seller side for folks to exchange assets, and that will help find good deals for the bridge market.

真正減緩這個市場發展的是缺乏資產易手。那裡有非常活躍的買家社區，而賣家方面似乎確實有一些放鬆，人們可以交換資產，這將有助於為橋樑市場找到好的交易。

The other tailwind on the transaction side is these deliveries, particularly in the Sunbelt of all those construction assets coming online or at least coming through the construction period and maybe need a lease-up period, and that provides some opportunity in the bridge space. So I do think that we're going to continue to see transaction opportunities increase over the coming quarters.

交易方面的另一個推動因素是這些交付，特別是在陽光地帶，所有這些建築資產都將上線或至少完成施工期，可能需要租賃期，這為橋樑空間提供了一些機會。因此，我確實認為未來幾季我們將繼續看到交易機會增加。

It may be a little slower than we'd like to see but it will at least be going forward, which is a welcome change to where it's been.

它可能比我們希望看到的要慢一些，但至少會繼續前進，這對它的現狀來說是一個可喜的變化。

Great. Thank you so much that I had for questions. Appreciate it.

偉大的。非常感謝您提出問題。欣賞它。

Matthew Erdner, Jones Trading.

馬修‧艾德納，瓊斯貿易公司。

Could you talk about the timing of the payoffs this quarter and kind of what led to the sequential decline in commercial loan income?

您能否談談本季的還款時間以及導致商業貸款收入連續下降的原因？

Jim and Zach, I guess, if you guys want to

吉姆和札克，我想，如果你們願意的話

Zach, you want to touch just timing? I mean, I think it was just sort of normal course.

札克，​​你想碰一下時機嗎？我的意思是，我認為這只是正常的過程。

Well, were the payoffs kind of towards the beginning of the quarter rather than the end, which led to it kind of being $5 million less than the prior quarter.

嗯，是不是在季度初而不是季度末才獲得回報，這導致它比上一季少了 500 萬美元。

Yes, I mean, when I look at sort of low and balance of the REIT by month, really similar around 1.3 at March 31, 1.3 April 30 and then a drop off to 1.25 May 31 and 1.2 June 30. So I don't know, I think it sequentially moved down pretty steadily throughout.

是的，我的意思是，當我按月查看REIT 的低點和余額時，3 月31 日為1.3，4 月30 日為1.3，然後下降至5 月31 日為1.25，6 月30 日為1.2。所以我不知道，我認為它自始至終都在穩定下降。

And then, yes, as a follow-up, what are you guys seeing within your portfolio in the secondary and tertiary markets, given the two Augusta multi-families, the default and then they kind of move to non-accrual there? And then also, following up on that, how are you guys working through these loans once they defaulted?

然後，是的，作為後續行動，考慮到兩個奧古斯塔多戶家庭，你們在二級和三級市場的投資組合中看到了什麼，默認情況下，然後他們在那裡轉向非應計利息？然後，跟進一下，一旦這些貸款違約，你們如何處理這些貸款？

Are you looking to get more equity in the deal or are you guys making the borrowers kind of list the market or list the property on the market, just how are you guys working through the process and going after these loans?

你們是否希望在交易中獲得更多股權，或者你們是否讓借款人在市場上列出或在市場上列出房產，你們是如何完成整個過程並追索這些貸款的？

So as it pertains to secondary, tertiary, I wouldn't say that we have specific issues that I'd point to there. I'd say that all the issues that we have been idiosyncratic, things like upcoming maturities and need for interest rate caps, which have brought borrowers back to the table in terms of negotiation.

因此，由於它涉及中學、高等教育，我不會說我們有我要指出的具體問題。我想說的是，我們遇到的所有問題都很特殊，例如即將到期的到期日和利率上限的需要，這些都讓借款人回到了談判桌前。

As it pertains to working through these assets, if and when they default, our asset management team is taking a very active -- proactive approach with our sponsors. And all the above in terms of bringing them back to the table, whether that be cash contributions or negotiating top line recourse, reviewing business plans, aiming for lower interest rate cap, such that they prepaid debt service or pushing them along towards refinancing somewhere else.

當涉及到處理這些資產時，如果它們違約，我們的資產管理團隊將與我們的贊助商採取非常積極主動的方法。上述所有這些都是為了讓他們回到談判桌上，無論是現金捐助還是談判頂線追索權，審查商業計劃，旨在降低利率上限，以便他們預付債務還本付息或推動他們在其他地方進行再融資。

All the above are options, initiating foreclosure is an option as well as need be. We hope not to generally get there. But we continue to be active and proactive as it pertains to deal with the costs.

以上都是選擇，啟動止贖是一種選擇，也是必要的。我們希望一般不會到達那裡。但我們在處理成本方面將繼續積極主動。

Steve Delaney, Citizens JMP.

史蒂夫·德萊尼 (Steve Delaney)，公民 JMP。

We noticed that you don't, at this point, have any REO real estate owned on your balance sheet. There is an investment related receivable for about $33 million. Could you tell us what that asset represents?

我們注意到，此時您的資產負債表上沒有任何 REO 房地產。與投資相關的應收帳款約為 3,300 萬美元。您能告訴我們該資產代表什麼嗎？

When -- we've gotten borrower proceeds but it's past the remittance date from servicing, so it's cash sitting with them that we haven't received from servicing yet, we'll put it as an investment related receivable. So there's not risk to the borrower there. We just haven't received the cash from our servicer yet.

當我們已經收到借款人收益，但已經過了服務匯款日期，因此我們尚未從服務中收到現金時，我們會將其視為與投資相關的應收款。因此，借款人不存在風險。我們只是還沒有從服務商收到現金。

From the servicer, okay. So it could be a mixture of principal interest, all of that.

從服務員那裡來的，好吧。所以它可能是主要利益的混合體，所有這些。

And it sounds like you're having some maturity default, some business plans not working out, but as evidenced in, by the way that disclosure in the Q on the four new five rated loans that was that we've exceptional. We're not accustomed to receiving that kind of detail and really understanding the story. So thank you for that. But the it does sound like there is a workout or resolution, but are you guys do you envision that?

聽起來好像你有一些到期違約，一些商業計劃沒有實施，但正如 Q 中所披露的四項新的五級貸款所證明的那樣，我們是例外的。我們不習慣接收這種細節並真正理解這個故事。所以謝謝你。但聽起來確實有一個鍛煉或解決方案，但是你們能想到嗎？

That's going to be -- we'll still have the interest accrual on the books, but we'll record that as a pay down from the borrower, so you won't see it in the loan balance. You'll see it as the investment related receivable until we actually receive the cash. So think of that as money good.

那就是——我們的帳簿上仍然會有應計利息，但我們會將其記錄為借款人的首付，所以你不會在貸款餘額中看到它。在我們實際收到現金之前，您會將其視為與投資相關的應收款項。所以認為這是金錢的好處。

We just haven't gotten it in the bank (multiple speakers). And that is related just to go back to Crispin's question before, that $33 million is related to an FL1 asset. So that will be used to pay down bonds once the cash is received.

我們只是還沒到銀行提款（多個發言者）。回到 Crispin 之前的問題，這 3300 萬美元與 FL1 資產相關。因此，一旦收到現金，這筆資金將用於償還債券。

And it sounds like you're having some maturity defaults, some business plans not working out. But as evidenced -- and by the way, that disclosure in the Q on the four new 5 rated loans, that was exceptional. We're not accustomed to receiving that kind of detail and really understanding the story, so thank you for that. Those sound like there is a workout or resolution.

聽起來你有一些到期違約，有些商業計劃沒有成功。但正如所證明的那樣——順便說一下，Q 中對四筆新的 5 級貸款的披露，這是例外的。我們不習慣接收這種細節並真正理解這個故事，所以謝謝你。這些聽起來像是有一個運動或解決方案。

But are you guys -- do you envision that we are, as Jim Flynn said, in a challenging market, it probably could get a little worse before it gets better. But do you envision that either any of those four loans or that you may end up having to take a property back in the next year?

但你們是否認為，正如吉姆·弗林所說，我們正處於一個充滿挑戰的市場，在好轉之前，情況可能會變得更糟。但您是否認為這四筆貸款中的任何一個或您最終可能不得不在明年收回房產？

I know that's a what if question, but just curious how much you all think about that and whether you see that as a likelihood that you will have some REO on your books at some point.

我知道這是一個假設問題，但只是好奇你們對此有多少想法，以及你們是否認為在某個時候你們的帳本上可能會有一些 REO。

The way I would answer that is, obviously, our strong desire is to not have any REO. And in most cases, and as you know, Lument and its broader sponsorship and we have a $51 billion servicing book, we're seeing a lot of activity in assets across the country outside of just what we have here at LFT.

我的回答是，顯然，我們強烈的願望是不要有任何 REO。在大多數情況下，如您所知，Lument 及其更廣泛的贊助以及我們擁有 510 億美元的服務帳簿，除了 LFT 之外，我們還看到全國範圍內有很多資產活動。

When we've had good borrowers who have done the right thing and worked with us and are still capable of managing their assets and improving operations, we've been able to work with them to find resolution to what we hope are short term issues, whether it's valuation, cash flow or both. Where we've discussed REO broadly or foreclosure broadly as a platform not just LFT is where we don't have cooperative borrowers.

當我們擁有良好的借款人，他們做了正確的事情並與我們合作，並且仍然有能力管理他們的資產並改善營運時，我們就能夠與他們合作，找到我們希望的短期問題的解決方案，無論是估值、現金流還是兩者兼具。當我們廣泛討論 REO 或廣泛取消抵押品贖回權作為平台而不僅僅是 LFT 時，我們沒有合作借款人。

And in the overwhelming majority of those cases, it's not something that ends up having to come to fruition. And so I would like to think that that will be the case here. But we do have a very seasoned, capable and sizable group that manages our special servicing, and in particular, REO for LFT and for Lument as a whole.

在絕大多數情況下，這並不是最終必須實現的事情。所以我想這裡的情況也是。但我們確實擁有一支經驗豐富、能力強且規模龐大的團隊來管理我們的特殊服務，特別是 LFT 和整個 Lument 的 REO。

And what we've shown is that we're more than capable operators but more importantly with our sponsors, say, hey, we're here to help and work with you, but we're not going to go down the path of using default as kind of a negotiating technique.

我們所展示的是，我們不僅僅是有能力的運營商，更重要的是我們的贊助商，比如說，嘿，我們在這裡為您提供幫助並與您合作，但我們不會走上使用默認作為一種談判技巧。

I remember several quarters ago, I think Ivan Kaufman at Arbor mentioned that --- in a call that he saw borrowers kind of strategically defaulting or trying to use that as a negotiation tactic. It may have been four or five quarters ago, and I think that largely went away.

我記得幾個季度前，Arbor 的 Ivan Kaufman 在一次電話會議中提到過這一點，他看到借款人有某種戰略性違約或試圖將其用作談判策略。這可能是四、五個季度前的事了，我認為這基本上已經消失了。

But I will say that I think with this most recent decline in the 10 year and the rate cuts on the horizon in the very near term and probably fairly extensive over the next 18 months, I feel like I've seen a little bit of that from some borrowers trying to maybe see if they can take advantage of that.

但我要說的是，我認為，鑑於 10 年來最近一次的下降以及近期內即將出現的降息，並且在未來 18 個月內可能會相當廣泛，我覺得我已經看到了一些這樣的情況一些借款人試圖看看他們是否可以利用這一點。

We feel very confident in our ability to manage the borrowers and manage the assets. So our goal is to not have any REO. But if we were to have REO, it would mean that we've done the math on what's the highest value to our shareholders and concluded that that's the action we can take and we're capable of doing so, but obviously the goal is to not have that happen.

我們對自己管理借款人和管理資產的能力非常有信心。所以我們的目標是沒有任何 REO。但如果我們有 REO，那就意味著我們已經計算過什麼對我們的股東來說是最高價值，並得出結論，這是我們可以採取的行動，我們有能力這樣做，但顯然我們的目標是不會發生這種情況。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Just one quick one on the three new non-accruals and covered a good bit. But can you let us know when those went on non-accrual or asked other way, how much interest income did they contribute to the second quarter?

只是簡單介紹一下三項新的非應計費用，並涵蓋了許多內容。但您能否告訴我們，當這些利息轉為非應計利息或以其他方式詢問時，它們為第二季貢獻了多少利息收入？

Yes, I mean, actually Stephen, two of those were fours last quarter -- were 5s last quarter, so only two new ones. The two new 5s are the Philadelphia loan that I talked about that's going to be on a cost recovery basis and the Dallas loan that's in technical default, we actually came out of last quarter with the other two.

是的，我的意思是，實際上史蒂芬，上個季度其中兩個是四分——上個季度是五分，所以只有兩個新的。這兩個新的 5s 是我談到的費城貸款，它將在成本回收的基礎上，以及技術性違約的達拉斯貸款，我們實際上是在上個季度與另外兩個貸款一起完成的。

We are receiving payments on a cash basis for a couple of those, And I believe it was about 200 grand was the impact for non-accrual in the current quarter, right? It's tough to predict those that are in non-accrual whether we're going to continue to get cash payments or not.

我們收到了其中幾筆現金付款，我相信本季非應計費用的影響約為 200 格蘭特，對吧？很難預測那些非應計款項我們是否會繼續獲得現金付款。

But in the current quarter, we're looking at about a couple of hundred thousand shortfall net for non-accrual.

但在本季度，我們預計非應計費用淨缺口約為數十萬。

Switching over to the financing side, another competitor out of CLO done, I think, last week or this week with some legacy stuff, but that market is there. Can you talk about what you would like to see to grow, do you have a financing facility with the parent you could use to ramp, to pool assets ahead of a deal?

轉向融資方面，我認為 CLO 的另一個競爭對手上週或本週完成了一些遺留的工作，但市場就在那裡。您能談談您希望看到什麼成長嗎？

Would you look to get one possibly at the mortgage REIT level, a bank line to allow you to use -- to pull some loans, new investments? Or how do you think the market, how do you look at potentially doing another deal to grow even -- I realize the CLO one is still attractive, but it is going to continue to de-lever.

您是否希望獲得一個可能處於抵押房地產投資信託級別的銀行額度，以便您可以使用 - 提取一些貸款，進行新的投資？或者你如何看待市場，你如何看待可能進行另一筆交易以實現成長——我意識到 CLO 交易仍然有吸引力，但它將繼續去槓桿化。

So I’m just curious to get your thoughts on how you may manage the balance sheet in order to price a new deal sometime over the next say six or 12 months?

所以我只是想知道您對如何管理資產負債表以便在未來（例如 6 或 12 個月）的某個時間為新交易定價的想法？

So let me just say one thing. So since we -- just on the ramp and then Zach can give you some more detail. But since we took over management of this vehicle, when Hunt took it over and then since ORIX acquired Hunt and we became Lument. We've always continued to originate bridge assets on our corporate balance sheet outside of LFT and we'll continue to do so.

所以讓我只說一件事。既然我們——就在坡道上，那麼扎克可以給你一些更多的細節。但自從我們接手了這輛車的管理，當 Hunt 接管它，然後自從 ORIX 收購 Hunt 後，我們就變成了 Lument。我們一直在繼續在 LFT 之外的公司資產負債表上創建過渡資產，並且我們將繼續這樣做。

LFT is a vehicle that has the first look and where we always looking to place assets, but obviously has full capacity, we continue to originate. And for all of our securitizations these two plus the others we've done, historically, at least some if not majority of the assets included in those securitizations were assets that were pooled on the corporate balance sheet.

LFT 是一種具有第一眼特徵的工具，我們總是希望在其中放置資產，但顯然已經具備了全部能力，因此我們繼續起源。對於我們所有的證券化來說，這兩項以及我們所做的其他證券化，從歷史上看，至少有一些（如果不是大部分）包含在這些證券化中的資產是匯集在公司資產負債表上的資產。

And when the REIT LFT had a high capacity would be transferred as part of that securitization to the REIT. So from that standpoint, we'll continue to operate that way, we operate that way today and nothing about that will change. And I'll let Zach handle the capital markets aspect there.

當 REIT LFT 具有高容量時，將作為證券化的一部分轉移到 REIT。因此，從這個角度來看，我們將繼續以這種方式運作，我們今天也以這種方式運作，這一點不會改變。我會讓札克處理資本市場方面的問題。

From capital market standpoint, we're continuing to explore -- really starting to explore options as FL1 dips below 80% advanced rate. Options include an entirely new securitization or a combination of warehouse financing with a smaller securitization or warehouse financing, remains to be decided based on prevailing market conditions. These are active conversations at least internally and, yes, things we’re exploring.

從資本市場的角度來看，我們正在繼續探索——隨著 FL1 跌破 80% 的預付利率，我們真正開始探索各種選擇。選擇包括全新的證券化或倉庫融資與規模較小的證券化或倉庫融資的組合，仍有待根據當前市場狀況決定。至少在內部，這些都是正面的對話，是的，我們正在探索這些事情。

And then I guess to follow-up with that, I mean around timing, it sounds like it depends a lot on repayments. So can you give us an outlook over the back half of the year of what your repayment expectations are? I've been running about 90 million a quarter. Is that level likely to continue or do you expect more or less than that over the back half of the year?

然後我想跟進一下，我的意思是關於時間，聽起來這在很大程度上取決於還款。那麼您能否為我們展望下半年的還款預期呢？我每季運行大約 9000 萬。這個水平可能會持續下去，還是您預計今年下半年會比這個水平更高還是更低？

I think that's a good estimation at the moment. Just over the near term in the next month or two it looks like another 70 to 80, so it's right in that range. It's possible that it accelerates as maturities are upcoming, but tough to say.

我認為目前這是一個很好的估計。就在接下來的一兩個月內，看起來還會有 70 到 80 個，所以它就在這個範圍內。隨著到期日的臨近，它可能會加速，但很難說。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

The loan to value ratios on your 10-Q, are those at the time of origination of the loan?

您的 10-Q 上的貸款成數是貸款發放時的比率嗎？

Yes.

是的。

And then if I'm looking at the table correctly, it looks like a lot of the loans were originated in 2021 and into 2022. So it looks like a fair number of your loans sort of predate the Fed tightening cycle. Is that a correct view of that?

如果我沒看錯表格，看起來很多貸款都是在 2021 年和 2022 年發放的。因此，看起來您的相當一部分貸款是在聯準會緊縮週期之前出現的。這樣的看法正確嗎？

Yes.

是的。

And so on that basis, is it fair to say that the loan to value ratio is now significantly higher than what's shown in the Q?

因此，在此基礎上，可以公平地說現在的貸款價值比率明顯高於 Q 中顯示的水平嗎？

It depends. Keep in mind these are all transitional properties with business plans. And so when you do a bridge loan, you have the as is valuation and you also receive a stabilized valuation from the appraiser assuming that the business plan has been executed.

這取決於。請記住，這些都是具有商業計劃的過渡性財產。因此，當您進行過橋貸款時，您可以獲得原樣的估值，並且假設商業計劃已經執行，您還可以從評估師那裡獲得穩定的估值。

And so as an example, as the valuation was 75 and the stabilized valuation was 65, you’d assume that if the borrower asked you their business plan and market conditions did not change the value would -- or the asset would then be 65 LTV to your point overlying market movements on their -- the LTV could be higher.

舉個例子，由於估值為 75，穩定估值為 65，您會假設如果借款人問您他們的商業計劃和市場狀況沒有改變，那麼價值將會改變，或者資產將為 65就你的觀點而言，LTV 與市場走勢重疊——LTV 可能會更高。

So it's a kind of convoluted way of saying it depends on how all the borrower executed their business plan, both its market movements and sub-market movements.

因此，這是一種令人費解的說法，這取決於所有借款人如何執行其業務計劃，包括市場趨勢和子市場趨勢。

I guess just a logical follow-up to that is to sort of dovetails into your earlier comments that sounds like a lot of these borrowers are upside down on their loans potentially?

我想，一個合乎邏輯的後續行動就是與您之前的評論相吻合，聽起來很多藉款人的貸款可能都顛倒了？

I would say that their equity has been impacted. So yes, maybe their expected LTVs when they entered the deals are higher than what they thought they would be. But their equity -- I don't know if I'd say upside down, but their equity has been impacted. There's no question about that and that's probably true on most assets, but that doesn't necessarily translate to the loan being upside down.

我想說他們的權益受到了影響。所以，是的，也許他們在簽訂交易時預期的生命週期價值比他們想像的要高。但他們的權益——我不知道我是否會說顛倒，但他們的權益受到了影響。毫無疑問，這對大多數資產來說可能都是如此，但這並不一定意味著貸款顛倒。

And I think it is fair to say that perhaps the value today, the loan to value today is higher than where it was projected to be, it may not be that much higher depending on which loan in the performance than where it was entering.

我認為可以公平地說，也許今天的價值，今天的貸款價值比預期要高，但根據哪筆貸款的績效比它進入的水平可能不會高很多。

The reality is those owners invested capital into the deals and haven't gotten the full recognition of value that they anticipated, at least not yet, which is frankly why I think we've seen so many multifamily deals being held because of the expectation that if you're able to hold on to assets, you will realize that value over the next couple of years, just not necessarily the full value today.

現實情況是，這些業主在交易中投入了資金，但尚未充分認識到他們預期的價值，至少目前還沒有，坦率地說，這就是為什麼我認為我們看到如此多的多戶住宅交易正在進行，因為人們期望如果您能夠持有資產，您將在未來幾年內實現其價值，但不一定是今天的全部價值。

I don't think that trend is going to dramatically change but I do think there is -- with this reduction in rates and you may see more transactions, more people putting current financing on things like that, but that's where we are.

我不認為這種趨勢會發生巨大的變化，但我確實認為，隨著利率的降低，你可能會看到更多的交易，更多的人將當前的融資投入到類似的事情上，但這就是我們所處的情況。

And Jim Briggs, so were there any non-recurring items in earnings?

吉姆·布里格斯（Jim Briggs），那麼收益中是否有非經常性項目？

Not for this quarter. There was a big impact from the non-recurring from last quarter. So if you were looking sequentially, as I spoke to, interest income or net interest income has come down pretty significantly from last quarter, but we had a bunch of one timers last quarter for catch up on a couple of resolutions that we spoke about last quarter. So outside of that, no. I do speak to the operating expenses came down.

不適用於本季。上季的非經常性影響很大。So if you were looking sequentially, as I spoke to, interest income or net interest income has come down pretty significantly from last quarter, but we had a bunch of one timers last quarter for catch up on a couple of resolutions that we spoke about last四分之一.所以除此之外，沒有。我確實談到營運費用下降了。

If you recall, the incentive fee that we accrued last quarter was about $1.3 million, it was around $700,000 for this quarter. So that came down, I'd expect that 700,000 as it's trailing 12 month CALC that takes into account payments over those 12 months, but that'll come down.

如果你還記得的話，我們上個季度應計的激勵費約為 130 萬美元，本季約為 70 萬美元。因此，我預計會下降 700,000，因為它是過去 12 個月的 CALC，考慮了這 12 個月的付款，但這會下降。

So you can maybe look at that as a bit of a one timer on the expense side that will come down for the next quarter or two before it normalizes.

因此，您也許可以將其視為費用方面的一次性計時器，在其正常化之前，該費用將在下一兩個季度下降。

(Operator Instructions) There are no further question at this time. I would like to turn the call back over to our speakers for final closing remarks. Please go ahead.

（操作員說明） 目前沒有進一步的問題。我想將電話轉回給我們的發言人做最後的總結發言。請繼續。

I just want to thank everyone for joining today. We look forward to speaking again next quarter. Thanks all.

我只想感謝大家今天的加入。我們期待下個季度再次發言。謝謝大家。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。