Lument Finance Trust Inc (LFT) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for joining the Lument Finance Trust first-quarter 2026 earnings call. Today's call is being recorded and will be made available via webcast on the company's website.

下午好，感謝您參加 Lument Finance Trust 2026 年第一季財報電話會議。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。

I would now like to turn the call over to Andrew Tsang, with Investor Relations at Lument Investment Management. Please go ahead.

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 afternoon, everyone. Thank you for joining our call to discuss Lument Finance Trust's first quarter 2026 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. This morning, we issued a press release to provide details on our recent financial results. We also provided a supplemental earnings presentation, which can be found on our website. We intend to file our 10-Q with the SEC this afternoon after market close.

各位下午好。感謝您參加本次電話會議，討論 Lument Finance Trust 2026 年第一季財務結果。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。今天早上，我們發布新聞稿，提供近期財務結果的細節。我們也提供了補充的財報簡報，可在我們的網站上取得。我們預計在今天下午收盤後向美國證券交易委員會（SEC）提交 10-Q。

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.

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。

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 in the Risk Factors sections of our Form 10-K and Form 10-Qs.

此類前瞻性陳述受到各種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 these forward-looking statements. The company also undertakes no obligation to update any of these forward-looking statements. Further, certain non-GAAP financial measures will be discussed on this 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這些前瞻性陳述。公司亦不承擔更新任何前瞻性陳述的義務。此外，本次電話會議將討論若干非 GAAP 財務衡量指標。

A presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. 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.

此等資訊之呈現不應被視為可單獨解讀，亦不應作為依 GAAP 編製之財務資訊的替代。這些非 GAAP 財務衡量指標與依 GAAP 編製之最可比衡量指標之調節表，可透過我們向 SEC 提交的文件取得。

For the first quarter 2026, we reported a GAAP net loss of $0.02 and distributable earnings of $0.02 per share of common stock. In March, we declared a quarterly dividend of $0.04 per common share with respect to the first quarter in line with the prior quarterly dividend.

2026 年第一季，我們報告 GAAP 每股淨虧損 0.02 美元，普通股每股可分配盈餘為 0.02 美元。3 月，我們就第一季宣告每股普通股 0.04 美元的季度股利，與前一季股利水準一致。

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

現在我將把電話交給 Jim Flynn。請開始。

Thank you, Andrew. Good afternoon, everyone. Welcome to the Lument Finance Trust earnings call for the first quarter of 2026. We appreciate everyone joining us today. Looking at the market economic conditions in the US continue to remain fundamentally stable, although uncertainty continues to outweigh momentum.

謝謝你，Andrew。各位下午好。歡迎參加 Lument Finance Trust 2026 年第一季財報電話會議。感謝各位今天與會。就市場而言，美國的總體經濟狀況基本上仍然穩定，但不確定性仍然大於動能。

And while the Fed reserve has shifted toward a more accommodative stance, the pace and extent any future rate cuts remain data dependent, including inflation, labor, market conditions and broader financial stability. Geopolitical uncertainty continues to weigh on investment environment, reinforcing a cautious approach to capital allocation.

此外，儘管聯準會已轉向較為寬鬆的立場，但未來任何降息的速度與幅度仍取決於數據，包括通膨、勞動力、市場狀況以及更廣泛的金融穩定。地緣政治不確定性持續對投資環境造成壓力，強化了對資本配置採取審慎態度的必要性。

Within multifamily, operating fundamentals are gradually stabilizing as the sectors move through the later stages of an elevated supply cycle. Construction starts have declined sharply, setting the stage for a meaningful reduction in new supply through '26 and '27. Rent growth remains modest at the national level, but improving performance in supply-constrained markets.

在多戶住宅領域，隨著產業走過供給高峰週期的後期階段，營運基本面正逐步趨於穩定。新開工量已大幅下降，為 2026 年與 2027 年新供給顯著減少奠定基礎。全國層面的租金成長仍然溫和，但在供給受限的市場中表現正在改善。

There is some continued pressure in high delivery regions to continue to work through. Long-term demand drivers for rental housing remain intact, affordability constraints, limited for-sale inventory and elevated single-family mortgage rates continue to support renter demand. Longer-term interest rates remain a central constraint. Although short-term rates have declined from peak levels, elevated long-term rates continue to anchor cap rates, pressure asset values and limit asset to attractively priced permanent financing.

在交屋量較高的地區仍存在一些持續壓力需要消化。租賃住宅的長期需求驅動因素依然健全；可負擔性限制、待售房源不足以及偏高的獨棟住宅房貸利率，持續支撐租屋需求。長期利率仍是核心限制因素。雖然短期利率已自高點回落，但偏高的長期利率仍然錨定資本化率（cap rates）、壓抑資產價值，並限制資產取得具吸引力價格的永久性融資。

As a result, financing conditions have become more functional, but still remain selective. Liquidity across securitization markets, warehouse facilities and select balance sheet lenders has improved, supporting refinancing activity for well-capitalized assets with strong sponsors. The CRE CLO market remain a critical source of liquidity with issuance continuing into 2026 amid strong investor demand for floating rate exposure.

因此，融資環境已變得更具功能性，但仍然偏向選擇性。證券化市場、倉儲融資（warehouse facilities）以及部分資產負債表型放款機構的流動性已有所改善，支持資本結構健全、且贊助商實力強的資產進行再融資。商用不動產 CRE CLO 市場仍是關鍵流動性來源，在投資人對浮動利率曝險需求強勁的背景下，發行活動延續至 2026 年。

In the asset management side, portfolio management continues to be a central focus of our strategy. We remain closely engaged with borrowers across the portfolio and are actively managing our REO portfolio to protect shareholders' capital and long-term values. During the quarter, overall portfolio credit performance remained relatively stable. We continue to take a disciplined approach to reserve management, increasing reserves on certain legacy positions to reflect revised expectations and prevailing market conditions.

在資產管理方面，投資組合管理仍是我們策略的核心重點。我們持續與投資組合內的借款人保持密切互動，並積極管理我們的 REO（收回不動產）投資組合，以保護股東資本與長期價值。本季整體投資組合的信用表現相對穩定。我們持續以嚴謹方式管理備抵，並針對部分既有部位提高備抵，以反映修正後的預期與當前市場狀況。

In terms of activity and liquidity, we continue to execute on our intended financing strategy, as discussed on the prior quarter's call, this past February, we redeemed the remaining debt outstanding under LMF 2023-1 and refinanced the collateral through our warehouse facilities, as well as amended our secured corporate loan, extending the maturity to 2030 and upsizing to $50 million.

就活動與流動性而言，我們持續執行既定的融資策略。如同上一季電話會議所述，今年 2 月我們贖回了 LMF 2023-1 項下剩餘未償債務，並透過我們的倉儲融資安排為該等擔保品再融資；同時也修訂了我們的有擔保公司貸款，將到期日延長至 2030 年，並將額度提高至 5,000 萬美元。

We have been carefully managing equity and are selectively redeploying investable capital within FL3. During Q1, we generated $47 million of aggregate payoffs and used reinvestment principal proceeds to acquire two new multifamily loan assets for $47 million and a $1 million minority participated participation related to an existing loan asset.

我們一直審慎管理股權，並在 FL3 內選擇性地重新部署可投資資本。於第一季，我們合計取得 4,700 萬美元的回收款（payoffs），並運用再投資本金回收款購置兩筆新的多戶住宅貸款資產，金額合計 4,700 萬美元，另就一項既有貸款資產相關取得 100 萬美元的少數參與（minority participation）。

We ended the quarter with unrestricted cash of approximately $21 million, combined with our available warehouse capacity and ability to reinvest FL3's capital over the course of its 30-month reinvestment period, we believe our liquidity position remains appropriate to support portfolio management, asset resolution and select capital deployment. Our priorities remain making progress on resolving legacy assets and thoughtfully redeploying investable capital into attractive new loan asset opportunities.

本季末，我們的非受限現金約為 2,100 萬美元。結合我們可用的倉儲額度，以及在 FL3 30 個月再投資期間內重新投資其資本的能力，我們認為目前的流動性部位足以支持投資組合管理、資產處置與選擇性資本部署。我們的優先事項仍是推進既有資產的處置進度，並審慎地將可投資資本重新部署至具吸引力的新貸款資產機會。

While credit markets become more constructive, the recovery across commercial real estate remains uneven. Performance differentiation by asset quality, location, sponsorship and capital structure continues to widen, underscoring the importance selectivity. In this environment, we remain cautious and deliberate in deploying capital, emphasizing strong underwriting, protective structures, compelling risk-adjusted returns and strong sponsors.

儘管信用市場趨於更具建設性，商用不動產的復甦仍不均衡。依資產品質、地點、贊助商與資本結構而產生的表現分化持續擴大，凸顯選擇性的重要性。在此環境下，我們在資本部署上仍保持審慎且有節制，強調嚴謹的承作審查（underwriting）、保護性結構、具吸引力的風險調整後報酬，以及強而有力的贊助商。

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

接下來，我想把電話交給 Jim Briggs，由他說明我們的財務結果細節。

Thanks, Jim. Good afternoon, everyone. This morning, we provided a supplemental investor presentation on our website, which we'll be referring to during our remarks. The supplemental investor presentation has been uploaded to the webcast as well for your reference.

謝謝你，Jim。各位下午好。今天早上，我們已在網站上提供補充投資人簡報，並將在發言中引用。該補充投資人簡報也已上傳至網路直播，供各位參考。

On pages 4 through 7 of the presentation, you will find key updates in the earnings summary for the quarter. Today, after market closes, we intend to file our quarterly report with the SEC on Form 10-Q. For the first quarter of 2026, we reported net loss to common stockholders of $1 million or $0.02 per share.

在簡報第 4 至第 7 頁，您將看到本季盈餘摘要中的關鍵更新。今天收盤後，我們預計以 Form 10-Q 向 SEC 提交季度報告。2026 年第一季，我們向普通股股東報告的淨虧損為 100 萬美元，或每股 0.02 美元。

We reported distributable earnings of $1.1 million or $0.02 per share. There are a few Q1 P&L items I'd like to highlight. Our Q1 net interest income was $5.7 million, a sequential improvement from $5.4 million recorded in Q4, this was largely driven by improved leverage and cost of funds through the FL3 CRE CLO, redemption mid-quarter of our LMF financing, which had a weighted average cost of funds at year-end of SOFR plus 331 and utilization of our other facilities.

我們報告可分配盈餘為 110 萬美元，或每股 0.02 美元。第一季損益表中有幾個項目我想特別說明。我們第一季淨利息收入為 570 萬美元，較第四季記錄的 540 萬美元呈現季增改善；這主要受惠於透過 FL3 CRE CLO 改善槓桿與資金成本、在季中贖回我們的 LMF 融資（其年末加權平均資金成本為 SOFR 加 331 個基點），以及我們其他融資工具的使用。

On the other hand, weighted average coupon of our loan portfolio declined to 709 basis points compared to 717 basis points in the prior quarter, due to payoffs of higher spread loans relative to newly acquired assets as well as a decline in the SOFR benchmark rate during the period. Given the active management of reinvestment capacity within FL3 ending outstanding UPB of the total portfolio remained materially flat quarter-over-quarter at $1.1 billion.

另一方面，由於相較於新取得資產，較高利差貸款的提前清償，以及期間 SOFR 基準利率下滑，我們貸款投資組合的加權平均票息由前一季的 717 個基點下降至 709 個基點。鑑於在 FL3 內積極管理再投資容量，截至期末整體投資組合的未償還 UPB 仍較前一季大致持平，維持在 11 億美元。

Our total operating expenses, including fees to our manager were slightly lower quarter-on-quarter at $3.7 million versus $3.8 million in Q4. Within these expenses, other operating expenses were lower sequentially, primarily due to discontinued deal costs we recorded in Q4, this was partially offset by reimbursable expenses being slightly higher this past quarter due to fewer waived exit fees on loan payoffs.

我們的總營運費用（包含支付給管理人的費用）較上一季略降，為 370 萬美元，低於 Q4 的 380 萬美元。在這些費用中，其他營運費用按季下降，主要因為我們在 Q4 認列的已終止交易成本不再發生；但部分被本季可報銷費用略為上升所抵銷，原因是因貸款提前清償而被豁免的退出費較少。

As a reminder, when one of our loan asset pays off via an agency right refinancing, provided by an affiliate of our manager, the borrower's exit fee is waived pursuant to the terms of our management agreement, and the company receives a credit against expenses reimbursable to our manager equal to 50% of the waved exit fee.

提醒一下，當我們的某項貸款資產透過由我們管理人之關聯方提供的機構權利再融資而提前清償時，依據管理協議條款，借款人的退出費將被豁免，且公司將就可向管理人報銷的費用取得一項抵減，金額相當於被豁免退出費的 50%。

The difference between reported GAAP net loss and distributable earnings during the quarter was primarily attributable to $1.3 million unrealized impairment expense on REO assets held for sale, a $1.2 million loss on extinguishment of debt relating to the remaining unamortized deferred financing costs associated with the LMF financing structure that was redeemed in February, and $732,000 net release of provision for credit losses as well as $305,000 of depreciation on REO.

本季所報導的 GAAP 淨損失與可分配盈餘之間的差異，主要歸因於：持有待售之 REO 資產 130 萬美元的未實現減損費用；與 2 月贖回之 LMF 融資架構相關、剩餘未攤銷遞延融資成本所致的 120 萬美元債務清償損失；以及 73.2 萬美元的信用損失準備淨回轉，另有 30.5 萬美元的 REO 折舊。

As of March 31, we had 7 loans risk rated to 5, all of these loans are collateralized by multifamily assets. Greg will provide a bit more detail in his remarks. With respect to our allowance for credit losses, we evaluated these 7 risk-weighted 5 loans individually to determine whether asset-specific reserves were necessary.

截至 3 月 31 日，我們有 7 筆貸款風險評等為 5，且全部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。就我們的信用損失備抵而言，我們逐筆評估這 7 筆風險評等為 5 的貸款，以判斷是否需要提列資產特定準備。

After an analysis of the underlying collateral, we recorded a provision for specific reserves of approximately $550,000. This increase in specific reserves was offset by a $1.3 million decrease in our general allowance primarily driven by changes to the macroeconomic forecast. After factoring in $2.4 million charge-off to our specific allowance for an asset that transferred to REO, our specific reserves at 3/31 amounted to $15.8 million or approximately 15% of the associated loan UPB of specifically evaluated assets.

在分析其底層擔保品後，我們認列約 55 萬美元的特定準備提列。此特定準備的增加，被一般備抵減少 130 萬美元所抵銷，而一般備抵的下降主要由總體經濟預測變動所驅動。再加計一項轉入 REO 的資產對特定備抵的 240 萬美元沖銷後，截至 3/31 我們的特定準備為 1,580 萬美元，約占被特別評估資產之相關貸款 UPB 的 15%。

During the period, we also remeasured the fair value of the San Antonio and Houston REO properties classified as held for sale and recorded a $1.4 million unrealized impairment expense on those two properties. We will be noting in our subsequent events in the 10-Q that we completed the sale of the San Antonio property at the beginning of May for net proceeds of $12.4 million. There will be no Q2 P&L related to that REO sale.

期間內，我們亦重新衡量被分類為持有待售的聖安東尼奧與休士頓 REO 物業之公允價值，並就這兩項物業認列 140 萬美元的未實現減損費用。我們將在 10-Q 的後續事項中說明，我們已於 5 月初完成出售聖安東尼奧物業，淨收益為 1,240 萬美元。該 REO 出售在 Q2 不會產生任何損益表（P&L）影響。

At quarter end, we were substantially fully invested in our FL3 CLO, an approximate 88% advance rate and the cost of funds of SOFR plus 191. Period-end financing of performing and nonperforming and REO assets on the repurchase facility was at a weighted average advance rate of 69% and a weighted average cost of SOFR plus 200. Period-end financing of nonperforming an REO on our bank facility was at a weighted average advance rate of approximately 53% and a cost of SOFR plus 350.

截至季末，我們在 FL3 CLO 中幾乎已全數投資，預付款比率約 88%，資金成本為 SOFR 加 191。季末在回購融資安排下，對履約、非履約及 REO 資產的融資，其加權平均預付款比率為 69%，加權平均資金成本為 SOFR 加 200。季末在我們的銀行融資安排下，對非履約及 REO 的融資，其加權平均預付款比率約 53%，資金成本為 SOFR 加 350。

We ended Q1 with an unrestricted cash balance of $21 million and FL3 was substantially fully deployed (inaudible) at the end of the quarter was approximately $216 million. Total book value of common stock was approximately $156 million or $2.97 per share, decreasing sequentially from $3.03 at December 31.

我們在 Q1 結束時的非受限現金餘額為 2,100 萬美元，且 FL3 於季末幾乎已全數部署（聽不清）約為 2.16 億美元。普通股總帳面價值約為 1.56 億美元，或每股 2.97 美元，較 12 月 31 日的每股 3.03 美元按季下降。

We'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?

接下來我們把電話交給 Greg Calvert，請他說明公司本季的投資活動與投資組合表現。Greg？

Thank you, Jim. During the first quarter, LFT acquired or funded $48 million of loan assets, effectively redeploying approximately the same amount of aggregate principal loan repayments received during the period. As of March 31, our total loan portfolio consisted of 57 floating rate loans with an aggregate unpaid principal balance of approximately $1.1 billion, a weighted average floated rate of 331 basis points over SOFR and an unamortized aggregate purchase discount of $1.3 million.

謝謝你，Jim。第一季期間，LFT 取得或撥款 4,800 萬美元的貸款資產，實質上重新部署了本期收到的約同等金額之貸款本金償還。截至 3 月 31 日，我們的整體貸款投資組合包含 57 筆浮動利率貸款，未償本金餘額合計約 11 億美元，加權平均浮動利率為較 SOFR 加 331 個基點，且未攤銷的合計購買折價為 130 萬美元。

The weighted average remaining term of our book as of quarter end was approximately 19 months, assuming all available extensions are exercised by our borrowers. 100% of the portfolio was indexed to 1-month SOFR and 93% of the portfolio is collateralized by multifamily properties.

截至季末，在假設借款人行使所有可用展期的情況下，我們投資組合的加權平均剩餘期限約為 19 個月。投資組合 100% 以 1 個月期 SOFR 為指標，且 93% 以多戶住宅物業作為擔保。

As of March 31, approximately 77% of the loans in our portfolio were risk rated at 3 or better, compared to 83% as of December 31. Our weighted average risk rating quarter-over-quarter improved to 3.1% from 3.2%, primarily driven by 1 risk rated 5 loan asset as we'll discuss in a moment. This loan was being transferred to REO during the period.

截至 3 月 31 日，我們投資組合中約 77% 的貸款風險評等為 3 或更佳，低於 12 月 31 日的 83%。我們的加權平均風險評等按季改善至 3.1（由 3.2 改善），主要受 1 筆風險評等為 5 的貸款資產影響，我們稍後會討論。該筆貸款於期間內正被轉入 REO。

As of March 31, we had 7 risk-rated 5 loans with an aggregate principal amount of approximately $108 million or approximately 10% of the unpaid principal balance of our quarter end investment portfolio. These loans were also risk-rated 5 as of the prior quarter. They included three loans in maturity default with an aggregate UPB of $51 million collateralized by multifamily properties in Philadelphia, Pennsylvania; Arlington, Texas; Cedar Park, Texas.

截至 3 月 31 日，我們有 7 筆風險評等為 5 的貸款，本金合計約 1.08 億美元，約占季末投資組合未償本金餘額的 10%。這些貸款在前一季亦為風險評等 5。其中包含 3 筆到期違約貸款，合計 UPB 為 5,100 萬美元，擔保品為位於賓夕法尼亞州費城；德州阿靈頓；德州錫達帕克的多戶住宅物業。

And also 4 loans in monetary default with an aggregate UPB of $57 million collateralized by multifamily properties in Tampa, Florida; Des Moines, Iowa; Tallahassee, Florida and Ypsilanti, Michigan.

另外還有 4 筆金錢違約貸款，合計 UPB 為 5,700 萬美元，擔保品為位於佛羅里達州坦帕；愛荷華州得梅因；佛羅里達州塔拉哈西，以及密西根州伊普西蘭蒂的多戶住宅物業。

During Q1, the company foreclosed on 1 loan asset collateralized by a multifamily property located in Colorado Springs. This asset had an aggregate net carry value of $8.2 million, net of specific reserves of $4.2 million. As of quarter end, the REO portfolio in total consisted of 4 multifamily properties with an aggregate carry value of $57 million and a weighted average occupancy rate, 72%.

在 Q1 期間，公司對 1 筆以科羅拉多泉一處多戶住宅物業作為擔保的貸款資產完成止贖。該資產的合計淨帳面價值為 820 萬美元，已扣除 420 萬美元的特定準備。截至季末，REO 投資組合合計包含 4 處多戶住宅物業，合計帳面價值為 5,700 萬美元，加權平均入住率為 72%。

As Jim noted previously, we completed the sale of San Antonio REO property at the beginning of May. Additionally, we note in our filing that subsequent to quarter end in Arlington, Texas defaulted loan asset was foreclosed on, that asset had a net carry value of $18.2 million, net of specific reserves of $3.6 million, achieving positive asset resolution and maximizing recovery values remains our priority.

如 Jim 先前所提，我們已於 5 月初完成出售聖安東尼奧 REO 物業。此外，我們在申報文件中也提到，季末後德州阿靈頓的一筆違約貸款資產已完成止贖；該資產的淨帳面價值為 1,820 萬美元，已扣除 360 萬美元的特定準備。達成正向的資產處置結果並最大化回收價值仍是我們的首要任務。

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

接下來我把電話交回給 Jim Flynn，進行結語與問答。

Thank you, Greg. I appreciate everyone joining us today and the continued support and partnership. I appreciate all of you attending today and would now like to open the call to questions.

謝謝你，Greg。感謝各位今天加入我們，並持續給予支持與合作夥伴關係。也感謝各位今天出席，現在我想開放電話進行提問。

(Operator Instructions)

（接線員指示）

Jason Weaver, Jones Trading.

Jason Weaver，Jones Trading。

Hey, good afternoon. This is (inaudible) here filling in for Jason Weber. How are you guys thinking about the dividend sustainability and what kind of combination of redeployment SOFR environment or credit normalization would be needed to recover the current dividend on a run rate basis?

嗨，下午好。我是（聽不清）今天代替 Jason Weber。你們如何看待股利的可持續性？以及需要什麼樣的資金再部署、SOFR 環境或信用正常化的組合，才能在按運行率（run rate）計算的基礎上恢復目前的股利水準？

So the first -- the answer to the first question is, our expectations are to ensure that our annual earnings are covering our annual dividend. And so we do look at the transition and have been as we moved from underdeployed for much of 2025 and even going back a little bit further, deleveraging in our 2 CLOs and managing liquidity for some of the troubled assets, which, as you heard today, we're working through those in a pretty good fashion, maintaining value, but certainly taking a little bit more time in order to do so.

所以第一個——對第一個問題的回答是，我們的預期是確保年度盈餘能覆蓋年度股利。因此，我們確實在關注這個轉換；而且在我們從 2025 年大部分時間資金未充分部署（underdeployed）的狀態走出來、甚至再往前一些，在我們的兩個 CLO 中去槓桿，並為一些有問題的資產管理流動性時，我們一直在做這件事。正如你今天聽到的，我們正以相當不錯的方式處理這些資產，維持價值，但當然也需要多花一點時間才能做到。

So that transition, we're hopeful to see the ability to execute a new securitization transaction at some point in the relative near future. It is dependent on some of the resolutions that we have planned occurring at the asset level. And so the biggest driver of returning to a fully covered and higher dividend that we've seen in the past is to be able to deploy our capital in an efficient way.

因此，對於這個轉換，我們希望在相對不遠的未來某個時間點能夠執行一筆新的證券化交易。這取決於我們在資產層面規劃的一些處置/解決方案能否落地。因此，在我看來，回到過去那種能完全覆蓋且更高的股利水準的最大驅動因素，是能夠以有效率的方式部署我們的資本。

And that requires us to be able to use the capital markets to be able to use the capital that's not currently invested in the securitization to put that into a securitization. So that is the biggest trigger for coverage in my opinion, and how we're anticipating doing that in the coming quarters.

而這需要我們能夠運用資本市場，把目前尚未投資於證券化中的資本，投入到一個證券化中。因此，我認為這是股利覆蓋率的最大觸發因素，也是我們預期在未來幾個季度將如何推進的方向。

In terms of SOFR, it's -- obviously, that has an impact on earnings. But again, the bigger impact is the leverage you can get in the securitization, finding appropriate deals with good spreads or decent spreads and having a capital markets environment that is healthy on the liability side, which it continues to be as of today, and we expect it to in the future.

就 SOFR 而言——顯然它會影響盈餘。但同樣，更大的影響在於你在證券化中能取得的槓桿水準、找到具有良好利差或尚可利差的合適交易，以及負債端資本市場環境是否健康；截至今天它仍然健康，我們也預期未來會持續如此。

So we certainly are talking to the Board and looking at our projections and looking at our midterm view over the next several quarters and long-term view over the next several years, and ensuring that our expectations and the projections are to be able to cover -- fully cover a dividend and obviously, hopefully, as we continue to resolve the portfolio and reinvest it to be able to eventually grow the dividend.

因此，我們確實在與董事會討論、檢視我們的預測，並看我們未來幾個季度的中期觀點以及未來幾年的長期觀點，確保我們的預期與預測能夠——完全覆蓋股利；當然也希望隨著我們持續處置投資組合並再投資，最終能夠提高股利。

Great. Thank you. Appreciate it.

很好。謝謝。感謝你的說明。

(Operator Instructions) There are no further questions at this time. I will now turn the call over to James for closing remarks.

（接線員指示）目前沒有進一步的問題。我現在把電話交給 James 作結語。

Lee Zulch, Overcap.

Lee Zulch，Overcap。

Good. Thank you very much for taking my question. Very positive news on the San Antonio property. Can you provide a little color on the other REO properties? What characteristics did San Antonio have that it's sold these other ones? Is there issues that, just how did that work out and how the ones going forward? How do you see them being sold in the future?

好的。非常感謝讓我提問。聖安東尼奧（San Antonio）物業的消息非常正面。你能否就其他 REO 物業提供一些補充說明？聖安東尼奧具備哪些特徵，使它能賣出而其他的還沒？是否存在一些問題——具體是怎麼運作的？以及接下來那些物業你們怎麼看？你們如何看待它們未來的出售？

Sure. Let me answer that from a little bit more of a macro level. And then Greg and Zach can give you maybe a little more color on those. But from a macro level, the path of action is it's somewhat simple. So the first is we have a -- with the support of the sponsor for LP, a much larger organization, we have a very sophisticated group of asset managers of REO experts and people who can run and manage property within the manager.

當然。我先從更宏觀的層面回答，然後 Greg 和 Zach 也許可以再補充一些細節。但從宏觀層面來看，行動路徑其實相對簡單。第一，我們——在 LP 的贊助方支持下（其為更大型的組織），我們有一個非常成熟的資產管理團隊，包含 REO 專家以及能在管理人內部營運與管理物業的人員。

And when we're looking at an asset, the first question is, are we able to improve this asset in any meaningful way over a, call it, 6 months or last period without too much capital? And if the answer is yes, then we're going to hold the asset for those couple of quarters, maybe two or three quarters, improve on the low-hanging fruit that's been typically neglected by the existing sponsor and then market the asset for sale at the appropriate kind of market timing, that's another piece of it.

當我們評估一項資產時，第一個問題是：在大約 6 個月或最後一段期間內，在不投入太多資本的情況下，我們是否能以任何有意義的方式改善這項資產？如果答案是肯定的，那我們就會持有該資產幾個季度，可能兩到三個季度，先改善那些通常被原贊助方忽視的「低垂果實」，然後在合適的市場時點把資產推向市場出售——這也是其中一個考量。

So typically, we're not going to -- the winter is like the worst time to trying to be renting and things like that. So we have to take that into account. The second longer-term view is if we invest capital, can we have a return -- an appropriate return on capital for the investors that incremental capital and return a greater value to the current shareholders because our team has a view in that market and that asset that it is far undervalued and has been poorly managed, and with some limited reinvestment, we can really improve the bottom line for the shareholders. In that case, we might hold a bit longer, so a year plus.

因此通常我們不會——冬季是最不適合招租等工作的時期。所以我們必須把這點納入考量。第二個較長期的觀點是：如果我們投入資本，是否能為投資人帶來——對那筆增量資本而言——適當的資本報酬，並為現有股東帶來更高價值？因為我們的團隊對該市場與該資產有看法，認為它被嚴重低估且管理不善；透過有限的再投資，我們可以真正改善股東的最終收益。在這種情況下，我們可能會持有更久一些，可能一年以上。

And then for those assets where we feel that they're really struggling. It's a difficult market. And the best course of action is to resolve it and get out of it as quickly as possible. So it's really asset and market specific, which would, frankly, answer the question at hand here. But maybe Greg and Zach, you can add a little more color on those couple of deals.

然後，對於那些我們認為確實很吃力的資產——市場困難，而最佳行動方針是盡快解決並退出——我們就會採取快速處置。因此這真的取決於資產與市場的具體情況；坦白說，這也就是對你這個問題的答案。不過 Greg 和 Zach，也許你們可以就那幾筆交易再補充一些細節。

Well, I think you did a good job, Jim, of the macro approach. But the one thing I will add is, and Jim was alluding to this, our business on the REO and the disposition and asset management side of the micro business, it's driven by the specific assets at the specific locations and the market fundamentals that we're up against at the time. Spring is a good time to dispose of assets, right at the leasing season, so many of them we're looking at now, we've kind of plotted out when our best exit would be.

嗯，我認為你在宏觀方法上講得很好，Jim。不過我想補充的一點是——Jim 也提到了——我們在 REO、處置以及資產管理這一端的微觀業務，是由特定資產、特定地點，以及當時我們所面對的市場基本面所驅動的。春季是處置資產的好時機，正值租賃旺季，所以我們現在在看的很多資產，我們已經大致規劃出最佳退出時點。

Back to the market specifics. We have a pretty broad broker network and investor network in these markets. Rising interest rates puts downward pressure on our exit abilities, but we've overall seen a real general interest in our multifamily assets that we're bringing to market. I'll stop there for now.

回到市場的具體情況。我們在這些市場有相當廣泛的經紀人網絡與投資人網絡。利率上升會對我們的退出能力造成下行壓力，但整體而言，我們看到市場對我們推向市場的多戶型（multifamily）資產仍有相當普遍的興趣。我先說到這裡。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

There are no further questions at this time. I will now turn the call over to James for closing remarks.

目前沒有進一步的問題。我現在把電話交給 James 作結語。

Thank you, operator, and thank you all for joining and expressing interest in the platform. We appreciate your investments. Look forward to speaking to you in the coming quarters.

謝謝接線員，也謝謝各位加入並對本平台表達興趣。我們感謝各位的投資。期待在接下來幾個季度與各位交流。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請各位掛斷電話線。