Lument Finance Trust Inc (LFT) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining the Lument Finance Trust fourth-quarter 2025 earnings call. Today's call is being recorded and will be made available via webcast on the company's website. I would now like to turn the call over to Andrew Tsang with Investor Relations at Lument Investment Management. Please go ahead.

早安，感謝各位參加 Lument Finance Trust 2025 年第四季財報電話會議。今天的會議將被錄音，並將透過公司網站的網路直播提供回放。現在我想把電話交給 Lument Investment Management 投資人關係部的 Andrew Tsang。請開始。

Good morning, everyone, and thank you for joining our call to discuss Lument Finance Trust's fourth-quarter and full-year 2025 financial results. With me on the call today are Jim Flynn, our CEO; Jim Briggs, our CFO; Greg Calvert, our President; and Zach Halpern, our Portfolio Manager. Last evening, we filed our 10-K with the SEC and issued a press release to provide details on our recent financial results. We also provide the supplemental earnings presentation, which can be found on our website.

各位早安，感謝各位參加我們的電話會議，討論 Lument Finance Trust 2025 年第四季與全年財務結果。今天與我一同出席的有我們的執行長 Jim Flynn、財務長 Jim Briggs、總裁 Greg Calvert，以及投資組合經理 Zach Halpern。昨晚，我們已向美國證券交易委員會（SEC）提交 10-K，並發布新聞稿，提供近期財務結果的細節。我們也提供補充的財報簡報，可在我們的網站上找到。

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 and 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. 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. 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 and Form 10-Qs.

在把電話交給 Jim Flynn 之前，我想提醒各位，本次電話會議中所作的某些陳述並非基於歷史資訊，且可能構成《1933 年證券法》第 27A 條及《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。此類前瞻性陳述受多項風險與不確定性影響，可能導致實際結果與前瞻性陳述中所載內容出現重大差異。這些風險與不確定性已在公司向 SEC 提交的報告中討論，特別是在我們 Form 10-K 與 Form 10-Q 的風險因素章節。

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

無法預測或辨識所有此類風險，並提醒聽眾不要過度依賴我們的前瞻性陳述。公司不承擔更新任何前瞻性陳述的義務。此外，本次電話會議也將討論某些非 GAAP 財務衡量指標。

Presentation of this information is not intended to be considered in isolation nor as a substitute for financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures, the more comparable measures prepared in accordance with GAAP can be accessed through our filings with the SEC.

提供此資訊並非意圖讓其被孤立看待，亦非用以取代依 GAAP 編製的財務資訊。這些非 GAAP 財務衡量指標與依 GAAP 編製之較可比衡量指標的調節表，可透過我們向 SEC 提交的文件取得。

For the fourth quarter and financial fiscal year of 2025, we reported GAAP net loss of $0.17 and $0.14 per share of common stock, respectively. For the fourth quarter of fiscal year 2025, we reported distributable earnings of approximately [$0.14] per share of common stock, respectively. In December, we declared a quarterly dividend of $0.04 per common share with respect to the fourth quarter, bringing our cumulative declared dividends for 2025 to $0.22 per common share. And then last Thursday, we declared a quarterly dividend of $0.04 per common share with respect to the first quarter of 2026, unchanged from Q4's quarterly dividend. I will now turn the call over to Jim Flynn. Please go ahead.

就 2025 年第四季及 2025 財政年度而言，我們分別報告 GAAP 每股普通股淨損失 0.17 美元與 0.14 美元。就 2025 財年第四季而言，我們分別報告每股普通股可分配盈餘約為 [0.14] 美元。12 月，我們就第四季宣告每股普通股 0.04 美元的季度股利，使我們 2025 年累計宣告股利達每股普通股 0.22 美元。接著在上週四，我們就 2026 年第一季宣告每股普通股 0.04 美元的季度股利，與第四季的季度股利持平。現在我把電話交給 Jim Flynn。請開始。

Thank you, Andrew. Good morning, everyone. Welcome to the Lument Finance Trust earnings call for the fourth quarter of 2025. Appreciate everyone joining us today. Beginning in a quick look at the market, the US economy continues to remain resilient, although growth is moderating and uncertainty has increased modestly due to evolving monetary policy, fiscal dynamics, and geopolitical risks and considerations.

謝謝你，Andrew。各位早安。歡迎參加 Lument Finance Trust 2025 年第四季財報電話會議。感謝各位今天加入我們。先快速看一下市場，美國經濟仍具韌性，儘管成長正在放緩，且由於貨幣政策、財政動態以及地緣政治風險與考量的演變，不確定性略有上升。

While the Federal Reserve began easing in 2025, the forward path of rates is expected to remain gradual and data dependent with inflation and labor market trends continuing to influence policy. Within commercial real estate, capital market conditions have improved with increased liquidity across both securitized and warehouse financing channels. However, transaction activity remains below historical averages as buyers and sellers continue to navigate pricing recovery and an elevated cost of capital environment.

雖然聯準會在 2025 年開始降息，但利率的未來路徑預期仍將是循序漸進且取決於數據，通膨與勞動市場趨勢將持續影響政策。在商用不動產方面，資本市場狀況已改善，無論在證券化或倉儲融資管道，流動性均有所增加。然而，由於買賣雙方仍在因應價格修復以及資金成本偏高的環境，交易活動仍低於歷史平均水準。

In multifamily, fundamentals are stabilizing following the peak of the recent supply cycle. New deliveries remain elevated in certain Sunbelt markets, but are now expected to decline meaningfully until late '26 and '27 due to the sharply reduced starts over the past 18 months. As a result, rent growth remains modest, but is showing early signs of reacceleration in supply-constrained markets, while occupancy has remained relatively stable overall, albeit with some continued pressure in a few high-delivery regions.

在多戶住宅方面，基本面在近期供給循環高峰過後正趨於穩定。在部分陽光帶市場，新交付量仍偏高，但由於過去 18 個月新開工量大幅下降，預期新交付量將在 2026 年末至 2027 年前顯著下滑。因此，租金成長仍屬溫和，但在供給受限市場已出現重新加速的早期跡象；整體入住率則維持相對穩定，惟在少數高交付量地區仍持續承壓。

Importantly, structural demand drivers for rental housing remain intact. Affordability constraints in the single-family housing market coupled with the limited for-sale inventory and still elevated mortgage rates continue to support rent or demand as long-term multifamily fundamentals. From a financing perspective, lower short-term interest rates relative to peak levels, combined with the still positive forward curve, our constructive development for our borrowers.

重要的是，租賃住宅的結構性需求驅動因素仍然健在。獨棟住宅市場的可負擔性限制，加上待售庫存有限以及房貸利率仍偏高，持續支撐租屋需求，作為多戶住宅長期基本面的支柱。從融資角度來看，短期利率相較高峰水準已下降，再加上遠期曲線仍為正，對我們借款人而言是具建設性的發展。

While debt service coverage remains under pressure for certain transitional assets a modest easing in index rates and improved operating trends are helping to stabilize credit performance across the sector. The CRE CLO market remains an important source of liquidity with the issuance volumes in 2025 exceeding $30 billion and a solid pace of activity continuing into 2026. Investor demand for floating rate exposure remains healthy, particularly for well-structured transactions backed by institutional quality collateral. Spreads have tightened modestly, reflecting improved sentiment, though they remain wide relative to long-term averages.

雖然部分過渡型資產的債務償付覆蓋率仍承受壓力，但指標利率小幅下降與營運趨勢改善，正協助整體產業的信用表現趨於穩定。CRE CLO 市場仍是重要的流動性來源，2025 年發行量超過 300 億美元，且 2026 年仍延續穩健的活動步調。投資人對浮動利率曝險的需求仍然健康，尤其是對於結構完善、且以機構級抵押品作為支撐的交易。利差已小幅收斂，反映情緒改善，但相較長期平均仍偏寬。

Asset management -- active asset management remains our top priority. We continue to work closely with borrowers to drive outcomes that preserve capital and enhance long-term value, including modifications, extensions, and asset-level strategies where appropriate. Given the still uneven operating and financing environment, particularly for assets impacted by the recent supply or capital structure challenges, we remain proactive and disciplined in managing each position.

資產管理——積極的資產管理仍是我們的首要任務。我們持續與借款人密切合作，以推動能夠保全資本並提升長期價值的結果，包括在適當情況下進行修改、展期，以及資產層級策略。鑑於營運與融資環境仍不均衡，特別是對於受近期供給或資本結構挑戰影響的資產，我們在管理每一個部位時仍保持主動且嚴謹。

During the quarter, portfolio credit metrics improved sequentially, primarily driven by the acquisition of additional performing assets associated with our recent CLO execution. At the same time, we increased reserves on select challenge likely positions to reflect updated expectations and current market conditions. We have remained active in executing our financing strategy, taking advantage of improved but still selected capital markets conditions while maintaining a disciplined approach to leverage and cost of capital.

本季投資組合信用指標較前一季改善，主要受惠於我們近期 CLO 執行所帶來的額外履約資產收購。同時，我們也針對部分可能具挑戰性的部位提高準備金，以反映更新後的預期與目前市場狀況。我們持續積極執行融資策略，在維持對槓桿與資金成本的嚴謹紀律之下，把握已改善但仍具選擇性的資本市場環境。

As referenced on last quarter's earnings call, in November of 2025, we entered into an unpermitted master repurchase agreement with JPMorgan Chase, which provides the company with up to $450 million borrowing capacity to finance first mortgage loans, controlling loan participations, and other commercial mortgage loan debt instruments secured by commercial real estate.

如同在上一季的財報電話會議中所提及，於2025年11月，我們與摩根大通（JPMorgan Chase）簽訂了一項未經許可的主回購協議，該協議為公司提供最高達4.5億美元的借款額度，用於為第一順位抵押貸款、控制型貸款參與份額，以及其他以商用不動產作為擔保的商業抵押貸款債務工具提供融資。

Further, in early December, we entered into a new loan agreement with Northeast Bank that provides the company with up to $50 million in advances to finance portions of investment portfolio. The catch term financing facility provides us with additional flexibility to resolve our REO holdings and achieve positive asset management outcomes. On the same day, the Northeast Bank facility closed, we executed the LMNT 2025-FL3 CLO transaction, $664 million transaction with an effective advance rate of 88% and a weighted average cost of funds of approximately 191 basis points over SOFR, excluding fees and transaction costs.

此外，在12月初，我們與Northeast Bank簽訂了一項新的貸款協議，該協議為公司提供最高達5,000萬美元的預支額度，用於為投資組合的部分資產提供融資。該「catch term」融資工具為我們提供額外彈性，以處置我們的REO持有部位並達成正向的資產管理成果。在Northeast Bank融資工具完成交割的同一天，我們完成了LMNT 2025-FL3 CLO交易，交易規模為6.64億美元，有效預支比率為88%，資金加權平均成本約為SOFR加191個基點（不含費用與交易成本）。

The initial collateral consisted of 32 first-lien floating mortgage loans, the participation secured by 49 multifamily and commercial real estate properties located across the United States. A portion of the collateral was owned by LFT prior to the closing and the remaining lateral was acquired by the company at fair market value plus accrued interest from the affiliate of Lument Investment Management LLC, the company's external manager. The weighted average collateral spread of the entire pool was approximately 321 basis points over one-month SOFR.

初始擔保品包含32筆第一順位浮動利率抵押貸款，以及一項以分布於美國各地的49處多戶住宅與商用不動產為擔保的貸款參與份額。其中一部分擔保品在交割前由LFT持有，其餘擔保品則由公司向Lument Investment Management LLC（公司外部管理人）的關聯方，以公平市價加計應計利息收購。整體資產池的擔保品加權平均利差約為較一個月期SOFR高321個基點。

The FL3 CLO includes a 30-month reinvestment period, which allows us to redeploy loan principal repayments and so new loan investments until June of 2028. In February, we redeemed the remaining outstanding loans and notes of LMF 2023-1 financing transaction and refinance the underlying pool with our existing warehouse facilities. Given the relatively high weighted average cost of capital and the low current leverage of LMF, the redemption provided the company the ability to redeploy a portion of its investable capital into levered loan assets at more attractive financing terms over time.

FL3 CLO包含30個月的再投資期間，使我們得以將貸款本金償還款重新部署並進行新的貸款投資，直至2028年6月。2月，我們贖回了LMF 2023-1融資交易中剩餘未償還的貸款與票據，並以我們現有的倉儲融資工具為其基礎資產池進行再融資。鑑於LMF的資本加權平均成本相對較高且目前槓桿偏低，此次贖回使公司得以將部分可投資資本重新部署至具槓桿的貸款資產，並隨時間以更具吸引力的融資條件進行配置。

Finally, subsequent to quarter end, we also amended the terms of our existing secured corporate term loan, extending the maturity date to 2030 and providing us with an incremental $2.3 million of liquidity before fees and deal expenses. The term loan going forward bears an interest rate of 9.75%. During Q4, we generated approximately $104 million of payoffs with proceeds primarily used to reduce securitization liabilities. We also deployed approximately $400 million into loan assets, largely in connection with the SL3 transaction.

最後，在季末之後，我們亦修訂了現有的有擔保公司定期貸款條款，將到期日延長至2030年，並在扣除費用與交易支出前為我們增加約230萬美元的流動性。該定期貸款未來的利率為9.75%。在第四季，我們產生約1.04億美元的回收款，所得主要用於降低證券化負債。我們亦投入約4億美元於貸款資產，主要與SL3交易相關。

We ended the year with approximately $23 million of unrestricted cash combined with our available warehouse capacity, we believe our liquidity position remains appropriate to support portfolio management, asset resolution, and selective capital deployment.

我們在年底持有約2,300萬美元的不受限制現金；結合我們可用的倉儲融資額度，我們認為目前的流動性水位仍足以支持投資組合管理、資產處置，以及選擇性資本部署。

Our near-term focus remains on active asset management efficient resolution of legacy positions and disciplined balance sheet use. While we are encouraged by improving conditions across commercial real estate credit markets, the recovery remains uneven and will likely take time to fully normalize. We continue to expect the market characterized by selectivity with outcomes increasingly differentiated by asset quality, sponsorship, and capital structure.

我們短期內的重點仍在於積極的資產管理、有效處置歷史遺留部位，以及審慎運用資產負債表。儘管我們對商用不動產信貸市場狀況的改善感到鼓舞，但復甦仍不均衡，且可能需要時間才能完全回歸常態。我們仍預期市場將呈現「精挑細選」的特徵，且結果將愈發取決於資產品質、贊助方（sponsorship）以及資本結構而有所分化。

Against this backdrop, we remain cautious and highly selective in deploying capital with a focus on strong credit fundamentals, structural protections, and risk-adjusted returns. We believe this approach positions us well to navigate the current environment while preserving flexibility to capitalize on opportunities as market conditions continue to evolve.

在此背景下，我們在資本部署上仍保持審慎並高度選擇性，聚焦於強健的信用基本面、結構性保護，以及風險調整後報酬。我們相信此一作法使我們能在維持彈性的同時，順利因應當前環境，並在市場條件持續演變之際把握機會。

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

接下來，我想把電話會議交給Jim Briggs，由他說明我們的財務結果細節。

Thanks, Jim. Good morning. Last night we filed our annual report on Form 10-K and provided a supplemental investor presentation on our website, which we'll be referring to during our remarks. Supplemental investor presentation has been uploaded to the webcast as well for your reference. On pages 4 through 7 of the presentation, you'll find key updates in our earnings summary for the quarter.

謝謝，Jim。各位早安。昨晚我們已提交Form 10-K年度報告，並在我們的網站提供補充投資人簡報，我們在發言時將會引用該簡報內容。補充投資人簡報也已上傳至網路直播供各位參考。在簡報第4至第7頁，您將看到本季盈餘摘要中的重點更新。

For the fourth quarter of '25, we reported net loss to common stockholders of $8.9 million or $0.17 per share. We also reported distributable earnings of approximately $0. There are a few items I'd like to highlight with regards to the Q4 P&L. Our Q4 net interest income was $5.3 million, a slight improvement from $5.1 million recorded in Q3 and weighted average coupon of our loan portfolio declined sequentially to 717 basis points compared to 777 basis points in the prior quarter due to lower spreads on newly acquired loans and decline in the social benchmark rate.

2025年第四季，我們向普通股股東報告的淨損為890萬美元，或每股0.17美元。我們亦報告可分配盈餘約為0美元。關於第四季損益表（P&L），有幾點我想特別說明。第四季淨利息收入為530萬美元，較第三季的510萬美元小幅改善；同時，由於新收購貸款利差較低以及基準利率下降，我們貸款投資組合的加權平均票面利率（coupon）較前一季下滑至717個基點，前一季為777個基點。

The ending outstanding UPB of the portfolio increased due to the execution of the previously discussed FL3 CLO transaction in December, which we acquired approximately $383 million in assets from an affiliate of our manager.

由於我們在12月完成前述FL3 CLO交易，並自我們管理人的關聯方收購約3.83億美元資產，使得投資組合期末未償還本金餘額（UPB）增加。

Total operating expenses, including fees to our manager, were elevated quarter on quarter at $3.8 million versus $3.1 million in the prior quarter primarily attributable to one-time legal expenses related to REO assets, the previously mentioned FL1 redemption in November, as well as the financing initiative we elected not to proceed with after securing more attractive terms with the previously mentioned facilities. Primary difference between reported net income and distributable earnings for the fourth quarter was primarily attributable to $8.6 million of unrealized provision for credit losses, $200,000 realized loss on sale of REO, and approximately $296,000 of depreciation on REO.

包含支付給管理人的費用在內，總營運費用較前一季上升至380萬美元（前一季為310萬美元），主要歸因於與REO資產相關的一次性法律費用、前述11月的FL1贖回，以及我們在取得前述融資工具更具吸引力的條件後，決定不再推進的融資方案所產生的相關費用。第四季報告淨利與可分配盈餘之間的主要差異，主要來自860萬美元的未實現信用損失準備、出售REO的20萬美元已實現損失，以及約29.6萬美元的REO折舊。

As of December 31, we had eight loans risk rated 5. All of these are collateralized by multifamily assets. Greg will provide a bit more detail in his remarks. With respect to the allowance for credit losses, we evaluated these eight risk-weighted 5 loans individually to determine whether asset-specific reserves were necessary. After an analysis of the underlying collateral, we recorded a provision for credit losses in the quarter of approximately $8.6 million. Our specific allowance for credit losses has increased as a result of $17.6 million compared to $8.3 million as of September 30. And our general allowance for credit losses decreased $5 million -- decreased to $5 million from $5.7 million in the prior quarter primarily driven by certain transfers to specific evaluation, payoffs during the quarter, and changes to the macroeconomic forecast.

截至12月31日，我們有8筆貸款的風險評等為5。這些貸款皆以多戶住宅資產作為擔保。Greg將在他的發言中提供更多細節。就信用損失備抵（allowance for credit losses）而言，我們逐筆評估這8筆風險評等為5的貸款，以判斷是否需要提列特定資產準備。在分析其基礎擔保品後，我們於本季提列約860萬美元的信用損失準備。因此，我們的特定信用損失備抵增加至1,760萬美元，9月30日為830萬美元。而我們的一般性信用損失備抵減少500萬美元——由前一季的570萬美元降至500萬美元，主要受部分轉列為特定評估、當季回收款，以及總體經濟預測變動所影響。

We ended 2025 with unrestricted cash balance of $23 million. And FL3, the CLO we closed in December was fully deployed. As Jim referenced earlier, FL3 provided effective leverage of 88% at a weighted average cost of funds of SOFR plus 191 basis points. The company's total book equity at the end of the quarter was approximately $219 million. Total book value of common stock was approximately $159 million or $3.03 per share, decreasing sequentially from $3.25 per share as of September 30.

我們在 2025 年底的非受限現金餘額為 2,300 萬美元。此外，我們於 12 月完成的 FL3（CLO）已全數完成投放。如 Jim 先前提到，FL3 提供 88% 的有效槓桿，資金加權平均成本為 SOFR 加 191 個基點。公司於本季末的帳面股東權益總額約為 2.19 億美元。普通股帳面價值總額約為 1.59 億美元，或每股 3.03 美元，較 9 月 30 日的每股 3.25 美元按季下降。

I'll now turn the call over to Greg Calvert to provide details on the company's investment activity and portfolio performance during the quarter. Greg?

接下來我將把電話交給 Greg Calvert，請他說明本季公司的投資活動與投資組合表現細節。Greg？

Thank you, Jim. During the fourth quarter, LFT acquired or funded $400 million of loan assets, the majority of which were obtained as initial collateral for the FL3 transaction. During the period, the company experienced $104 million of loan payoffs. As of December 31, our total loan portfolio consisted of 61 floating rate loans with an aggregate unpaid principal balance of approximately $1.1 billion, a weighted average floating rate of 333 basis points over SOFR and an unamortized aggregate purchase discount of $1.7 million. The weighted average remaining term of our book as of quarter end was approximately 21 months, assuming all available extensions are exercised by our borrowers, 100% portfolio was indexed to one-month SOFR and 93% of the portfolio was collateralized by multifamily properties.

謝謝你，Jim。在第四季，LFT 收購或撥款了 4 億美元的貸款資產，其中大部分是作為 FL3 交易的初始抵押品取得。期間，公司有 1.04 億美元的貸款提前清償。截至 12 月 31 日，我們的整體貸款投資組合包含 61 筆浮動利率貸款，未償本金總額約 11 億美元，浮動利率加權平均為較 SOFR 高 333 個基點，且未攤銷的合計購買折價為 170 萬美元。截至季末，在假設借款人行使所有可用展期的情況下，我們帳面投資組合的加權平均剩餘期限約為 21 個月；投資組合 100% 以 1 個月期 SOFR 為指標，其中 93% 以多戶住宅（multifamily）物業作為抵押。

As of December 31, approximately 83% of the loans in our portfolio were risk rated at 3 or better compared to 46% as of September 30. Our weighted average risk rate in quarter over quarter improved to 3.2% from 3.6%. This is primarily driven by the acquisition of additional loans for the period from an affiliate of the manager in connection with the FL3 transaction.

截至 12 月 31 日，我們投資組合中約 83% 的貸款風險評等為 3 或更佳，相較於 9 月 30 日的 46% 有所提升。我們的加權平均風險評等按季改善至 3.2，先前為 3.6。這主要是因為在 FL3 交易相關安排下，本期間自管理人之關係企業收購了額外貸款所致。

In the period, we transitioned one loan with a UPB of $9.8 million from a 5 risk rating as of September 30 to a 4 or better rating as of December 30 due to an execution of a loan modification which included a partial paydown of the loan by the borrower in exchange for an extension until Q4 2026.

本期間，我們將一筆未償本金（UPB）為 980 萬美元的貸款之風險評等，從 9 月 30 日的 5 調整為截至 12 月 30 日的 4 或更佳，原因是完成了一項貸款修改；該修改包含借款人部分償還貸款，以換取展期至 2026 年第四季。

As of December 31, 2025, we had eight risk-rated five loans with an aggregate principal amount of approximately $117 million or approximately 10% of the unpaid principal balance of the quarter end investment portfolio. These included one loan in maturity default that was downgraded to a risk rating of 5 during the quarter with a balance of $22 million collateralized by a multifamily property in Arlington, Texas. One loan in monetary default that was downgraded to a risk rating of 5 during the quarter with a balance of $18 million collateralized by a multifamily property in Tampa, Florida. Three loans and maturity default that continue to be risk rated 5 with an aggregate principal balance of $40 million collateralized by multifamily properties in Philadelphia, Colorado Springs, and Cedar Park, Texas. And three loans in monetary default that continue to be risk rated 5 with an aggregate principal balance of $38 million, collateralized by multifamily properties in Des Moines, Iowa, Tallahassee, Florida and Ypsilanti, Michigan.

截至 2025 年 12 月 31 日，我們有 8 筆風險評等為 5 的貸款，合計本金約 1.17 億美元，約占季末投資組合未償本金餘額的 10%。其中包括一筆到期違約貸款，本季下調至風險評等 5，餘額 2,200 萬美元，以德州阿靈頓（Arlington）的多戶住宅物業作為抵押。另有一筆金流（付款）違約貸款，本季下調至風險評等 5，餘額 1,800 萬美元，以佛州坦帕（Tampa）的多戶住宅物業作為抵押。另有三筆到期違約貸款，仍維持風險評等 5，合計本金餘額 4,000 萬美元，以費城、科羅拉多泉（Colorado Springs）及德州錫達帕克（Cedar Park）的多戶住宅物業作為抵押。以及三筆金流（付款）違約貸款，仍維持風險評等 5，合計本金餘額 3,800 萬美元，以愛荷華州得梅因（Des Moines）、佛州塔拉哈西（Tallahassee）及密西根州伊普西蘭蒂（Ypsilanti）的多戶住宅物業作為抵押。

During 2025, the company foreclosed on four REO assets. In late December, we sold one of the properties located in San Antonio, Texas to a third party for $8.2 million and recognized a $500,000 loss in the fourth quarter on the sale. As of December 31, our REO was comprised of three multifamily properties. Two of these remaining properties are located in San Antonio, and the other is in Houston, Texas.

在 2025 年期間，公司對四項 REO 資產完成了法拍取得。於 12 月下旬，我們以 820 萬美元將位於德州聖安東尼奧（San Antonio）的一處物業出售予第三方，並於第四季就該出售認列 50 萬美元損失。截至 12 月 31 日，我們的 REO 由三處多戶住宅物業構成。其中兩處剩餘物業位於聖安東尼奧，另一處位於德州休士頓（Houston）。

As of quarter end, the properties had a weighted average occupancy rate of 69%. And achieving positive asset management resolutions and maximizing recovery values remains our priority.

截至季末，這些物業的加權平均入住率為 69%。而達成正向的資產管理處置結果並最大化回收價值，仍是我們的首要任務。

With that, I will pass it back to Jim Flynn for closing remarks and any questions.

接下來我把電話交回 Jim Flynn，請他做結語並回答問題。

Thank you, Greg. Thank you all for joining, and we appreciate your continued partnership and support. And with that, I'd like to ask the operator to turn the call over to questions.

謝謝你，Greg。感謝各位參與，我們也感謝各位持續的合作夥伴關係與支持。接下來我想請接線員將電話轉入問答環節。

(Operator Instructions) Jason Weaver, JonesTrading.

(接線員指示) Jason Weaver，JonesTrading。

I was wondering, can you give some context on how you review -- how you view the risk/reward opportunity today for new capital deployment against the last few weeks backdrop of elevated rate volatility?

我想請教，能否提供一些背景說明：在過去幾週利率波動偏高的情況下，你們如何檢視——如何看待——目前新資金投放的風險／報酬機會？

Sure. I mean, obviously, the very current market environment has created some incremental challenges when reviewing the assets. But the starting point is still what is focused on the sponsoring market, what the expectations are for growth in that market and what the supply dynamics are low with the demand. So that is certainly an evaluation or part of the evaluation kind of the geopolitical volatility here. But we do still firmly feel resolved in the strength of the multifamily market and have to take a bit of a longer view.

當然。我的意思是，很明顯地，當前的市場環境在審視資產時帶來了一些額外挑戰。但起點仍然是：我們關注贊助方所處的市場、對該市場成長的預期，以及供給動態相對於需求的情況。因此，這當然是評估的一部分，也會把當前的地緣政治波動納入考量。但我們仍然堅定看好多戶住宅市場的韌性，並且必須採取較長期的視角。

Our deals are typically structured with interest rate caps. So on the short-term basis, we're protecting ourselves during the initial term of the loan. But we do stress those scenarios, but I think the most important aspects of evaluating the risk around sponsor and market still carry the day even in the most volatile times. And then structurally, you do your best to protect yourselves both from a leverage standpoint and an interest rate volatility standpoint with structure and caps. But again, sponsor and market are going to be critical to that certainly, the hope is that over the two- to three-year period of a bridge loan, you have some stability return to the market hopefully sooner than later, but it's obviously a consideration as we deploy capital. And again, I think those first components even more important.

我們的交易通常會設計利率上限（interest rate caps）。因此在短期內，我們在貸款初始期限中能保護自己。我們也會對這些情境進行壓力測試，但我認為評估風險時最重要的面向——贊助方與市場——即使在最波動的時期仍然是關鍵。此外，在結構上，你會盡力從槓桿與利率波動兩個面向，透過交易結構與上限來保護自己。但再說一次，贊助方與市場對此至關重要；我們希望在一筆過橋貸款兩到三年的期間內，市場能恢復一些穩定，最好是越快越好，但在我們投放資金時這顯然是一項考量。而且我認為前述那些首要要素會變得更加重要。

Got it. And to that point, with the new CLO closed, is there an updated comfort zone for leverage over the near term?

了解。就這一點而言，隨著新的CLO完成募集，短期內對槓桿水準是否有更新的舒適區間？

On a loan-level basis? Is that what you mean? Or like is that --

是以單筆貸款層級來看嗎？你的意思是這個嗎？還是說那是--

Yeah, well, just overall really.

對，就是整體而言。

I mean on the loan-level basis, I would say, on average over the last couple of years, since call '23, really '24. Average leverage at the asset level has declined relative to historical bridge-lending activity. So you're seeing particularly on the lease-up side, construction deals coming out construction, but you're seeing -- regularly seeing assets in the 60s% and low 70s% pretty much across the board, and you're seeing very few in the up into the 80% or higher rate.

我的意思是，以單筆貸款層級來看，我會說，過去幾年平均而言，從23年初以來，實際上到24年。資產層級的平均槓桿相較於歷史上的過橋貸款活動已經下降。所以你會看到，特別是在出租率提升（lease-up）這一端，建築案從施工期轉出後，你會看到——經常看到資產的槓桿大多落在60%多到70%出頭，幾乎全面如此，而槓桿上到80%或更高的案例非常少。

So you've come down pretty meaningfully from what we were seeing in the late teens and early 2020s on a loan-level basis. And overall, I mean corporately, we've been around the same leverage. The leverage i CLOs is slightly higher than historic norms. Obviously, we would want to take advantage of, but aside from that, we're not anticipating any material changes to the fully deployed leverage of the LFT vehicle.

所以以單筆貸款層級來看，槓桿已經相較於我們在2010年代末期與2020年代初期看到的水準明顯下降。而整體而言，也就是公司層面，我們的槓桿大致維持在相同水準。CLO中的槓桿略高於歷史常態。顯然，我們希望能加以利用，但除此之外，我們不預期LFT載體在完全投放（fully deployed）後的槓桿會有任何重大變化。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

So it looks like nonaccruals as a percent of the portfolio improved in the quarter, which I assume is mostly due to the $400 million of new loans. What was the balance of nonaccruals at year-end? And do you guys have how much of a drag on earnings those assets are?

看起來本季不計息資產（nonaccruals）占投資組合的比例有所改善，我猜主要是因為新增了4億美元的新貸款。年末不計息資產的餘額是多少？另外，你們是否有估算這些資產對獲利造成多少拖累？

Chris, the nonaccruals, which we touch on in the footnotes individually is -- let me just quickly add this up. All right. The drag is about $0.02 and the UPB is $102 million.

Chris，不計息資產我們在附註中逐一提到——我快速加總一下。好。拖累大約是0.02美元，而未償本金（UPB）是1.02億美元。

Got it. And then I guess on a similar note, how are you guys thinking about the path to dividend coverage this year? And I guess how it's related, can you guys get there by cleaning up the existing portfolio in REO? Or do we need to see some portfolio growth to get back to that $0.04 level?

了解。那我想問一個類似的問題，你們今年如何看待股利覆蓋率（dividend coverage）的達成路徑？以及相關地，你們能否透過清理現有投資組合中的REO來達成？還是需要看到投資組合成長，才能回到0.04美元那個水準？

So that is the primary topic that we've been focused on and focused on with our Board. The short answer is probably a little bit of both. I think on a fully deployed level, we feel that the dividend would be more than covered. What we've looked at is the timing for the anticipated timing that we see on the horizon for some of these assets, including those but also some other payoffs that are anticipated and then redeploying that capital into newer performing assets, along with the potential for a future financing -- of future portfolio level financing, whether that be a new CLO, which certainly we'd like to be able to do. But if not a CLO some broader performing loan portfolio financing to basically have two large vehicles similar to the current CLO that we have outstanding.

這確實是我們一直聚焦、也與董事會重點討論的主要議題。簡短的答案可能兩者都需要一些。我認為在完全投放的狀態下，我們覺得股利會有相當充足的覆蓋。我們評估的是：我們在可預見的範圍內，對部分資產的預期時點，包括這些資產以及其他預期的回收（payoffs），然後把資本再投放到新的、表現良好的資產；同時也考量未來可能的融資——未來投資組合層級的融資，不論是新的CLO（我們當然希望能做），但若不是CLO，也可能是更廣泛的、以表現良好貸款投資組合為基礎的融資，基本上形成兩個大型載體，類似我們目前仍在存續的那個CLO。

So when we put together the schedule of the timing for resolution and payoffs in the portfolio, the redeployment into performing loans, and the potential for more attractive financing in the future, we weigh those things together and feel that it's appropriate to keep the dividend where it is and move through this year and move back toward full coverage of that dividend.

因此，當我們把投資組合中解決（resolution）與回收的時程表、再投放到表現良好貸款的安排，以及未來可能更具吸引力的融資機會放在一起權衡後，我們認為把股利維持在目前水準是合適的，並在今年推進，朝向該股利的完全覆蓋回歸。

Le Zulch, Overcap.

Le Zulch，Overcap。

Could you give some color on Q1 2026?

你能談談2026年第一季的情況嗎？

I mean, I can't give you too much, obviously, as that's forward-looking, but our most critically, I suppose, I would say, is our asset management and where we see resolutions and asset performance and it's in line with our expectations on a timing standpoint as we evaluated the plan for the dividend and the earnings release, et cetera.

我的意思是，我不能說太多，顯然那屬於前瞻性資訊；但我想最關鍵的是，我會說在資產管理方面，以及我們看到的解決進度與資產表現，在時程上符合我們的預期，這也是我們在評估股利規劃與財報發布等事項時所依據的。

So that's kind of -- I guess, what I would say, where we've had the ability to redeploy capital with payoffs, you've been able to do so successfully with new performing loans. And obviously, the flurry of new financing activity between the CLO, the two warehouses, the refinancing of the term loan have all stabilized the credit side of our balance sheet. And now we're really fully focused on resolving some of these legacy assets that have been on the books for a while, and they're moving forward.

所以這大概——我想我會這麼說：在我們能夠透過回收來再投放資本的地方，你們已經能成功把資金投到新的、表現良好的貸款上。而且顯然，CLO、兩個倉儲融資（warehouse）、以及定期貸款再融資等一連串新的融資活動，都已經穩定了我們資產負債表的信用端。現在我們真正全力聚焦在解決一些已在帳上存在一段時間的歷史遺留資產，它們正在往前推進。

We'd like to see everything move a little bit more quickly, but they are moving according to plan and relatively on schedule.

我們希望所有事情能再快一些，但它們正依照計畫推進，且大致按時程進行。

I would just mention as well as Jim Briggs mentioned in the earnings call, we did call that 2023 financing transaction with that at the higher cost of funds.

我也補充一下，正如Jim Briggs在財報電話會議中提到的，我們確實在2023年進行了那筆融資交易，當時資金成本較高。

Thank you, also important.

謝謝，也很重要。

Thank you. As there are no more questions, I will pass back to James Flynn for any closing remarks.

謝謝。由於沒有更多問題，我將交回給James Flynn作結語。

Thank you. Again, thank you for your participation and continued interest in the platform. We look forward to speaking to you again next quarter.

謝謝。再次感謝各位的參與，以及對本平台持續的關注。我們期待在下個季度再次與各位交流。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。