Millrose Properties Inc (MRP) 2025 Q3 法說會逐字稿

(Operator Instructions)

（操作說明）

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Melrose Properties 3rd quarter 2025 earnings results conference call.

女士們、先生們，感謝你們的耐心等待。在此，我謹代表 Melrose Properties 公司歡迎各位參加 2025 年第三季收益業績電話會議。

I will now turn the call over to Jessie Ross, Melrose head of financial planning and analysis. Jessie, you may begin.

現在我將把電話轉給梅爾羅斯財務規劃與分析主管傑西·羅斯。傑西，你可以開始了。

Good morning.

早安.

Thank you for joining us. With us today to discuss our third quarter of 2025 results are Darren L. Richman, our Chief Executive Officer and President, Robert Nitkin, our Chief Operating Officer, Garett Rosenblum, our Chief Financial Officer, Adil Pasha, our Chief Technology Officer, and Stephen Hensley, our senior market risk analyst.

感謝您的參與。今天與我們一起討論 2025 年第三季業績的有：執行長兼總裁 Darren L. Richman、營運長 Robert Nitkin、財務長 Garett Rosenblum、首席技術長 Adil Pasha 和高級市場風險分析師 Stephen Hensley。

Before we begin, I'd like to remind everyone that this call may include forward-looking statements and discuss non-GAAP financial measures. Please refer to our 3rd quarter 2025 financial and operational results announcements, as well as the third quarter investor presentation we released and posted on our website under the investor relations heading for a discussion of these matters. With that, I'll turn the call over to Darren.

在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，並討論非GAAP財務指標。有關這些事項的討論，請參閱我們 2025 年第三季財務與營運業績公告，以及我們在公司網站投資人關係欄位下發布的第三季投資人簡報。接下來，我將把電話交給達倫。

Thank you, Jesse, and good morning everyone. I'm pleased to report that Melrose delivered another strong quarter, demonstrating the effectiveness of our disciplined capital deployment strategy and the growing demand for our home site option platform.

謝謝你，傑西，大家早安。我很高興地報告，梅爾羅斯又取得了強勁的季度業績，這證明了我們嚴謹的資本部署策略的有效性，以及市場對我們住宅用地選擇平台的需求不斷增長。

Our approach centers on recycling home site sale proceeds and investing newly raised capital to maximize returns for our shareholders.

我們的方法以回收住宅用地銷售所得資金並投資新籌集的資金為核心，以最大限度地提高股東回報。

This quarter, we generated 852 million in net cash proceeds from whole site sales, including 766 million from Lear.

本季度，我們從整個網站的銷售中獲得了 8.52 億淨現金收益，其中來自 Lear 的 7.66 億。

And redeployed 858 million in new land acquisitions and development funding with Lenar.

並與 Lenar 合作，重新部署了 8.58 億美元用於新的土地收購和開發資金。

We also saw 770 million in funding outside the Lenar master program agreement, which underscores the broad-based market demand and scalability of our platform.

我們也看到了 Lenar 主計畫協議之外的 7.7 億美元融資，這凸顯了我們平台廣泛的市場需求和可擴展性。

As we continue to expand our home builder relationships, we now partner with 12 distinct counterparties. Our invested capital outside of Lenoir reached 1.8 billion with home site inventory and other related assets totaling $2 billion at a weighted average yield of 11.3%. Our portfolio now spans approximately 139,000 home sites across 876 communities in 30 states, reflecting our national reach and operational excellence.

隨著我們不斷拓展與房屋建築商的合作關係，我們現在與 12 家不同的合作夥伴攜手共進。我們在萊諾以外的投資資本達到 18 億美元，住宅用地庫存和其他相關資產總計 20 億美元，加權平均收益率為 11.3%。目前，我們的投資組合涵蓋 30 個州的 876 個社區，約 139,000 個住宅用地，這體現了我們的全國影響力和卓越的營運能力。

A key differentiator for Melrose is our proprietary technology platform.

Melrose 的一個關鍵優勢在於我們專有的技術平台。

This strategic asset enables us to manage nearly 140,000 home sites, automate transaction management, and leverage AI for unique market insights and operational efficiency.

這項戰略資產使我們能夠管理近 14 萬個住宅用地，實現交易管理自動化，並利用人工智慧獲得獨特的市場洞察力和營運效率。

Our technology allows us to scale faster, integrate acquisition seamlessly, and deliver unmatched agility to our builder partners.

我們的技術使我們能夠更快地擴展規模，無縫整合收購，並為我們的建築合作夥伴提供無與倫比的敏捷性。

It also provides early warning indicators in real time when we see pace and price failing to meet underwriting expectations.

它還能在速度和價格未能達到承保預期時，即時提供預警指標。

This allows us to constantly recalibrate our due diligence monitors using real-time information.

這使我們能夠利用即時資訊不斷重新校準我們的盡職調查監控器。

We have Adel Pasha, our CTO on hand to profile our systems and the strategic mode that it represents.

我們邀請了技術長 Adel Pasha 為大家介紹我們的系統及其所代表的策略模式。

Our discipline underwriting and risk management are central to our business model. By structuring transactions with meaningful deposits and cross-termination pooling mechanisms, we continue to mitigate risk and maintain prudent standards even as we grow.

嚴謹的核保和風險管理是我們商業模式的核心。透過建構具有合理存款和交叉終止資金池機制的交易結構，即使在我們發展壯大的過程中，我們也能繼續降低風險並保持審慎的標準。

We further strengthen our balance sheet this quarter by completing $2 billion in senior note offerings, replacing short-term bridge capital with long-term debt at favorable rates.

本季度，我們透過完成 20 億美元的優先票據發行，以優惠利率將短期過渡性資金換成長期債務，進一步加強了資產負債表。

With approximately $1.6 billion in total liquidity and a conservative debt to capitalization ratio of 25%, Melrose is well positioned for continued growth and capital efficiency.

Melrose 擁有約 16 億美元的總流動資金，債務資本比率保守地控制在 25%，因此該公司在持續成長和資本效率方面處於有利地位。

Melrose is pioneering a new era in institutional land banking, offering a scalable asset-like capital solution for home builders.

Melrose 開創了機構土地儲備的新時代，為房屋建築商提供可擴展的資產型資本解決方案。

As the only national public platform dedicated solely to residential homesite capital, we provide certainty and reliability that private capital sources cannot match.

作為唯一一個專門致力於住宅用地資金的全國性公共平台，我們提供的確定性和可靠性是私人資金來源無法比擬的。

Our partners consistently tell us that this certainty is a key reason they choose Melrose.

我們的合作夥伴一直告訴我們，這種確定性是他們選擇梅爾羅斯的關鍵原因。

Despite ongoing market challenges, our business model resilience and risk mitigation features have enabled us to deliver strong performance and expand our partnerships. We maintain high conviction in the long-term housing market and are confident that Melrose is exceptionally well positioned to capture accelerated demand as conditions improve.

儘管市場挑戰不斷，但我們的商業模式韌性和風險緩解措施使我們能夠取得強勁的業績並擴大合作夥伴關係。我們對長期房屋市場充滿信心，並相信隨著市場狀況的改善，梅爾羅斯將佔據非常有利的地位，抓住加速成長的需求。

Our platform is helping builders navigate affordability pressures and inventory challenges, providing flexible capital solutions that support their growth and operational efficiency.

我們的平台幫助建築商應對資金壓力和庫存挑戰，提供靈活的資金解決方案，以支持他們的成長和營運效率。

It is important to highlight that we are quickly approaching the point of terminal velocity, where shareholders will benefit from the optimization of our balance sheet for an entire fiscal period.

值得強調的是，我們正迅速接近最終速度點，屆時股東將在整個財政年度內受益於我們資產負債表的優化。

As our capital structure reaches its most efficient state, we anticipate that shareholders will increasingly realize the benefits of our scale and disciplined approach, enabling us to reinvest in higher return opportunities and maintain robust liquidity, all while supporting our competitive position in the sector.

隨著我們的資本結構達到最有效狀態，我們預期股東將越來越意識到我們規模和嚴謹方法的優勢，使我們能夠再投資於回報更高的機會並保持強勁的流動性，同時鞏固我們在該行業的競爭地位。

With these advantages, we are confident that we can continue to deliver value for our partners and stakeholders as we pioneer new solutions in institutional land banking and further solidify our leadership in the market.

憑藉這些優勢，我們有信心繼續為我們的合作夥伴和利益相關者創造價值，同時在機構土地儲備領域開創新的解決方案，並進一步鞏固我們在市場上的領導地位。

Our strong operational results enabled us to increase our quarterly dividend to $0.73 per share, representing an 8.2% dividend yield based on our book value.

我們強勁的營運業績使我們能夠將季度股息提高到每股 0.73 美元，以帳面價值計算，股息收益率為 8.2%。

Based on our momentum, we are raising our guidance for year-end AFFfo run rate to 74 to $0.76 per share.

根據我們目前的成長勢頭，我們將年底調整後營運資金運行率的預期上調至每股 0.76 美元至 74 美元。

And increasing our full year 2025 new transaction funding target under other agreements to 2.2 billion.

我們將根據其他協議，將 2025 年全年新交易融資目標提高到 22 億美元。

We are pleased to note that this target is above our reach goal of 2 billion.

我們很高興地註意到，這個目標超過了我們設定的20億的目標。

We remain committed to distributing 100% of our AFFfo to shareholders, reinforcing our alignment with shareholder interests.

我們將繼續致力於向股東分配 100% 的調整後營運資金，以加強我們與股東利益的一致性。

In closing, our 3rd quarter results demonstrate that our capital redeployment strategy is working effectively across all aspects of our business. We look forward to continuing this momentum and sharing our progress next quarter.

總之，我們第三季的業績表明，我們的資本重新部署策略在我們業務的各個方面都發揮了有效作用。我們期待保持這一勢頭，並在下個季度與大家分享我們的進展。

Thank you for your continued support, and with that, I'll hand the call over to Rob.

感謝您一直以來的支持，接下來我將把電話交給羅布。

Thank you, Darren, and good morning everyone. I'm pleased to report on the operational progress we achieved in the 3rd quarter and to share how we believe these initiatives position Melrose for continued success.

謝謝你，達倫，大家早安。我很高興地向大家報告我們在第三季度取得的營運進展，並分享我們認為這些舉措將如何使梅爾羅斯繼續取得成功。

Q3 was an active and productive quarter for Melrose. We deployed capitalist scale, expanded partnerships with new counterparties, and reinforced underwriting discipline as our national team continued to leverage the Melrose technology platform to rigorously evaluate each transaction.

第三季對梅爾羅斯來說是一個活躍且富有成效的季度。我們運用資本規模，擴大與新交易對手的合作關係，並加強承銷紀律，同時我們的國家團隊繼續利用 Melrose 技術平台嚴格評估每一筆交易。

We also strengthened our balance sheet, raising $2 billion of long-term debt at highly accretive rates. As Darren noted, our performance was fueled by accelerating transaction volumes and growing industry-wide adoption of our platform. Millrose was founded on the vision that a scaled national publicly traded home site capital solution could be an all-weather solution to deliver home sites on a just-in-time basis, and that vision is now being realized. Today, Millrose transacts with 12 distinct counterparties, and as we engage with our growing roster of home builder partners, we increasingly hear them highlight Millrose’s advantages over other private capital players.

我們也加強了資產負債表，以極具增值性的利率籌集了 20 億美元的長期債務。正如達倫所指出的，我們業績的提升得益於交易量的加速增長以及我們平台在全行業範圍內的日益普及。Millrose 的創立願景是，規模化的全國性上市住宅用地資本解決方案可以成為一種全天候的解決方案，以準時的方式交付住宅用地，而這一願景現在正在實現。如今，Millrose 與 12 個不同的交易對手進行交易，隨著我們與不斷增長的住宅建築商合作夥伴的互動，我們越來越聽到他們強調 Millrose 相對於其他私人資本參與者的優勢。

With unmatched scale, a national team of industry experts, and a portfolio spanning 30 states and 876 communities, we can execute the broadest range of transactions with speed and deep sector expertise. As a permanent capital solution dedicated to serving as the industry solution for residential home site capital, our partners avoid the constraints of private fund lifecycles and the uncertainty of opaque capital sources. Builders consistently tell us that certainty and reliability of capital often matters more than cost. With $2 billion raised in the quarter and $1.6 billion of publicly disclosed liquidity today, we deliver that certainty. Finally, as you’ll hear from our Chief Technology Officer, Adil Pascha, our technology platform reduces the operational burden on counterparties’ land planning and finance teams by automating home site purchase coordination and processing. At the same time, it captures transaction data that provides unique market insights to strengthen our underwriting.

憑藉著無可比擬的規模、一支由行業專家組成的全國性團隊，以及覆蓋 30 個州和 876 個社區的業務組合，我們可以快速高效地完成各種類型的交易，並擁有深厚的行業專業知識。作為致力於為住宅用地資本提供行業解決方案的永久性資本解決方案，我們的合作夥伴避免了私募股權基金生命週期的限制和不透明資本來源的不確定性。建築商總是告訴我們，資金的確定性和可靠性往往比成本更重要。本季我們籌集了 20 億美元資金，今天公開披露的流動資金為 16 億美元，我們能夠提供這種確定性。最後，正如您將從我們的技術長 Adil Pascha 那裡聽到的那樣，我們的技術平台透過自動化住宅用地購買協調和處理，減輕了交易對手的營運負擔，從而減輕了土地規劃和融資團隊的負擔。同時，它還能收集交易數據，提供獨特的市場洞察，進而加強我們的核保工作。

We believe that these structural advantages make Millrose the partner of choice for leading home builders. This is exemplified by large programmatic partnerships, such as our collaboration with Taylor Morrison’s Yardly build-to-rent brand, as well as our demonstrated experience as the first call for capital-efficient M&A. The strength of our platform is evident in our transaction terms and portfolio performance. We continue to generate compelling returns with a weighted average yield outside the LENR Master Program Agreement of 11.3% as of quarter end. We grew investments in this category by $770 million in acquisitions and development funding, bringing our invested capital to approximately $1.8 billion as of September 30th. Including LENR, our portfolio weighted average annualized yield rose to 9.1%, up 20 basis points from the prior quarter.

我們相信，這些結構優勢使 Millrose 成為領先的住宅建築商的首選合作夥伴。大型程式化合作關係就是最好的例證，例如我們與 Taylor Morrison 旗下的 Yardly 租賃品牌的合作，以及我們作為高效資本併購首選合作夥伴的經驗。我們的平台優勢體現在我們的交易條款和投資組合表現。截至季末，我們在 LENR 主計劃協議之外的加權平均收益率為 11.3%，繼續創造可觀的回報。我們透過收購和開發資金增加了該類別的投資 7.7 億美元，截至 9 月 30 日，我們的投資資本約為 18 億美元。包括 LENR 在內，我們的投資組合加權平均年化收益率升至 9.1%，比上一季增長 20 個基點。

While growth is important, we remain laser-focused on underwriting discipline, and as our portfolio expands, we continue to enhance our risk monitoring systems. Each transaction is evaluated against real-time sales and pricing trends within our portfolio, with overlaid local market insights from our asset management team. Our asset managers are constantly engaging with counterparties across the country, interfacing directly with the individual local builder divisions of our home builder partners. Through these channels, we’ve been able to capture unique quantitative and qualitative insights about the operating environment across markets and leverage these insights to maintain prudent underwriting standards and monitor risk. We also continue to structure transactions to mitigate risk, securing meaningful deposits as a share of total project costs and employing cross-termination pooling mechanisms Importantly, given the demand we’ve observed, we also have the ability to remain selective in our partnerships, avoiding builders who view land banking as a tool for risk mitigation rather than capital and operating efficiency. This has helped to buttress our portfolio during the recent market stress.

雖然成長很重要，但我們始終專注於核保紀律，隨著業務組合的擴大，我們將繼續加強風險監控系統。每筆交易都會根據我們投資組合中的即時銷售和定價趨勢進行評估，並結合我們資產管理團隊提供的本地市場見解。我們的資產管理人員不斷與全國各地的交易對手進行溝通，直接與我們房屋建築合作夥伴的各個本地建築部門進行對接。透過這些管道，我們能夠獲取有關各個市場營運環境的獨特定量和定性見解，並利用這些見解來維持審慎的核保標準和監控風險。我們也持續調整交易結構以降低風險，確保取得相當於專案總成本一定比例的可觀保證金，並採用交叉終止資金池機制。重要的是，鑑於我們觀察到的需求，我們也有能力在合作夥伴關係方面保持選擇性，避免與那些將土地儲備視為風險緩解工具而不是資本和營運效率工具的建築商合作。這有助於在近期的市場壓力下支撐我們的投資組合。

We are proud of our third quarter performance and grateful for the significant contributions of the entire Millrose team in driving our continued growth. With the strength of our pipeline, capital capacity, and competitive position, we remain highly optimistic going forward.

我們為第三季的業績感到自豪，並感謝 Millrose 全體團隊為推動我們持續成長所做的重大貢獻。憑藉我們強大的產品線、雄厚的資金實力和競爭優勢，我們對未來仍保持高度樂觀。

With that, I’ll turn it over to Adil to share more on the Millrose technology platform.

接下來，我會把麥克風交給 Adil，讓他詳細介紹 Millrose 技術平台。

Thanks, Rob.

謝謝，羅布。

I want to highlight a core component of our strategy, the proprietary technology platform that complements the operational excellence of our servicing and investment teams. We are not simply building a tool, but a strategic mo that enables us to manage the scale and complexity unmatched in the land banking industry.

我想重點介紹我們策略的一個核心組成部分，即我們專有的技術平台，它與我們的服務和投資團隊的卓越營運相輔相成。我們不僅僅是在打造一個工具，而是一種策略模式，使我們能夠管理土地儲備產業中無可比擬的規模和複雜性。

To put our operations into perspective, we manage a portfolio of nearly 140,000 home sites. We recycle approximately 1/3 of our book value annually, which means we are in a constant cycle of redeploying capital with speed and precision.

為了讓您更清楚地了解我們的營運規模，我們管理著近 14 萬個住宅用地。我們每年大約回收帳面價值的三分之一，這意味著我們不斷地快速、精準地重新部署資本。

Our transactions typically range from $10 million to $30 million each.

我們的交易金額通常在每筆1000萬美元到3000萬美元之間。

We serve 12 distinct customers with more than 800 assets across diverse geographies and product types.

我們為 12 家不同的客戶提供服務，這些客戶擁有超過 800 項資產，業務遍及不同的地理和產品類型。

Managing this business on spreadsheets would be impossible. Our technology platform provides 3 distinct strategic advantages.

用電子表格來管理這項業務是不可能的。我們的技術平台提供 3 個獨特的策略優勢。

First, high velocity transaction processing. In the third quarter alone, we averaged 138 homesite takedowns per business day and processed over 3,500 land and development transactions.

首先，高速交易處理。僅在第三季度，我們平均每個工作日就完成了 138 個住宅用地拆除，並處理了超過 3,500 筆土地和開發交易。

Land banking relies on seamless technological and operational alignment with our builders.

土地儲備依賴於與建築商之間在技術和營運方面的無縫協作。

Our platform allows us to provide our builder partners with the operational flexibility they need to meet their goals, a level of agility that is simply unachievable with traditional systems and spreadsheets.

我們的平台能夠為我們的建造商合作夥伴提供他們實現目標所需的營運靈活性，這種靈活性是傳統系統和電子表格根本無法實現的。

Enhancing and expanding these integrations is a key priority which we believe will unlock further growth and strengthen these critical partnerships.

加強和擴展這些整合是我們的首要任務，我們相信這將釋放進一步成長潛力並加強這些關鍵的合作關係。

Second, a powerful data advantage. The sheer volume of our deal flow, transaction data, and builder sales reports has created a rich proprietary data set. This data mode gives us unique insights and underwriting transactions and monitoring market risk. We are also beginning to leverage AI to derive novel insights from this data set and further automate internal processes.

其次，擁有強大的數據優勢。我們龐大的交易量、交易資料和建築商銷售報告，已經創建了一個豐富的專有資料集。這種數據模式為我們提供了獨特的見解，有助於承保交易和監控市場風險。我們也開始利用人工智慧從該資料集中獲取新的見解，並進一步實現內部流程的自動化。

Finally, Unmatched M&A execution.

最後，併購執行力無與倫比。

We demonstrated this with the Melrose spinoff and the acquisition of Rausch and supporting new home in its acquisition of Lancy. Our ability to partner with builders to rapidly underwrite and integrate hundreds of communities is a direct result of our proprietary data platform, which automates the ingestion and management of all aspects of land banking data.

我們透過 Melrose 分拆和收購 Rausch 以及支持新家收購 Lancy 來證明這一點。我們能夠與建築商合作，快速承銷和整合數百個社區，這直接得益於我們專有的數據平台，該平台可自動攝取和管理土地儲備數據的各個方面。

Our capacity to close deals and provide immediate operational readiness for our builders is an unmatched capability in this market.

我們在達成交易和為建築商提供即時營運準備的能力，在這個市場上是無與倫比的。

Our technology is a core strategic asset. It allows us to scale faster, integrate acquisition seamlessly, and operate with greater agility. We are confident this platform provides a durable, competitive advantage that our competitors cannot easily replicate.

我們的技術是一項核心策略資產。它使我們能夠更快地擴大規模，無縫整合收購，並以更大的靈活性運作。我們相信，該平台能夠提供持久的競爭優勢，這是我們的競爭對手難以輕易複製的。

We look forward to releasing a set of features to extend these efficiencies directly to our builder partners.

我們期待推出一系列功能，將這些效率直接擴展到我們的建築合作夥伴。

We are excited to continue developing this platform to drive the future growth of Melrose. With that, I'll hand it over to Garrett to talk through our quarterly financial overview.

我們很高興能夠繼續開發這個平台，以推動梅爾羅斯的未來發展。接下來，我將把發言權交給加勒特，讓他來介紹我們的季度財務概況。

Thank you all and good morning everyone. I'm pleased to walk you through our third quarter of 2025 financial performance, which demonstrates the cash generating power of our business model and our disciplined approach to capital allocation.

謝謝大家，大家早安。我很高興向大家介紹我們 2025 年第三季的財務業績，這體現了我們商業模式的現金創造能力以及我們嚴謹的資本配置方法。

For the third quarter, we reported net income attributable to Melrose common shareholders of $105.1 million or $0.63 per share, driven by $179 million in option fees and development loan income. Our net income this quarter was negatively impacted by one-time expenses associated with our debt financing activities. These non-recurring expenses related to our debt transactions impacted our GAAP net income.

第三季度，歸屬於 Melrose 普通股股東的淨利潤為 1.051 億美元，即每股 0.63 美元，主要得益於 1.79 億美元的期權費和開發貸款收入。本季我們的淨收入受到與債務融資活動相關的一次性支出的負面影響。與債務交易相關的這些非經常性支出影響了我們的 GAAP 淨收入。

These are one-time items incurred in connection with our business reaching scale and don't affect the underlying cash generating capacity of our business. Adjusted funds from operations or AFfofo was $122.5 million or $0.74 per share, which provides the basis of our distributable earnings by adjusting for these one-time costs and other non-cash items. As we discussed last quarter, AFFfo offers enhanced transparency into the recurring distributable earnings power of our business.

這些是與我們業務規模擴大相關的一次性項目，不會影響我們業務的基本現金創造能力。經過調整後的營運資金（AFfofo）為 1.225 億美元，即每股 0.74 美元，這為我們可分配收益的基礎進行了調整，調整因素包括這​​些一次性成本和其他非現金項目。正如我們上個季度所討論的，AFFfo 提高了我們業務經常性可分配收益能力的透明度。

Our book value per share at the end of the quarter stood at $35.29.

本季末，我們的每股帳面價值為 35.29 美元。

Our management fee expense was $25.9 million which is calculated transparently at 1.25% of gross tangible assets. Interest expense was $43.7 million and income tax expense was $5.9 million.

我們的管理費支出為 2,590 萬美元，計算方法透明，為有形資產總額的 1.25%。利息支出為 4,370 萬美元，所得稅支出為 590 萬美元。

On September 202, we declared a quarterly dividend of 121.2 million, or $0.73 per share, representing an 8.2% dividend yield based on book value per share that demonstrates our strong profitability and commitment to shareholder value. Melrose is committed to distributing 100% of our earnings to shareholders.

2020 年 9 月，我們宣布派發季度股息 1.212 億美元，即每股 0.73 美元，以每股帳面價值計算，股息收益率為 8.2%，這表明我們盈利能力強勁，並致力於為股東創造價值。Melrose承諾將100%的收益分配給股東。

Turning to our balance sheet and capitalization, we significantly strengthened our financial position this quarter through a strategic debt race. We successfully completed $2 billion in senior note offerings, including 1.25 billion of 6 and 3 senior notes through 2030 and $750 million of 6.25 senior notes to 2032, both upsized due to strong investor demand. We use the proceeds to repay our $1 billion and $0.01 year term loan and reduce the outstanding borrowings under our revolving credit facility by $450 million.

從資產負債表和資本狀況來看，本季我們透過策略性債務重組顯著增強了財務實力。我們成功完成了 20 億美元的高級票據發行，其中包括 12.5 億美元的 6 和 3 級高級票據（到期日為 2030 年）以及 7.5 億美元的 6.25 級高級票據（到期日為 2032 年），由於投資者需求強勁，這兩筆票據的發行規模均有所擴大。我們將所得款項用於償還 10 億美元、期限為 0.01 年的定期貸款，並將循環信貸額度下的未償借款減少 4.5 億美元。

These transactions eliminated near-term refinancing risk while securing a tract of long-term financing and combined with our $1.3 billion revolving credit facility provide us with approximately $1.6 billion in total liquidity as of quarter end, which provides ample financial resources to continue to grow the business.

這些交易消除了近期再融資風險，同時確保了長期融資，加上我們 13 億美元的循環信貸額度，截至季度末，我們擁有約 16 億美元的總流動資金，這為我們繼續發展業務提供了充足的財務資源。

As of September 30th, we reported total assets of approximately $9 billion and total debt of $2 billion with a debt to capitalization ratio of approximately 25%. We continue to expect to adhere to a conservative maximum debt to capitalization ratio of 33%, underscoring our discipline approach to capital management.

截至 9 月 30 日，我們報告的總資產約為 90 億美元，總債務為 20 億美元，債務資本比率約為 25%。我們將繼續堅持保守的33%的最高債務資本比率，凸顯了我們對資本管理的嚴謹態度。

Based on our strong performance and continued momentum and other agreements, we are raising our guidance for full year 2025 new transaction funding under other agreements to 2.2 billion up from previous guidance. Accordingly, we are also raising our year-end AFFfo quarterly run rate guidance to a range of $0.74 to $0.76 per share.

基於我們強勁的業績和持續的成長勢頭以及其他協議，我們將 2025 年全年其他協議項下的新交易融資預期從先前的預期上調至 22 億美元。因此，我們也上調了年底調整後營運資金季度運行率預期，至每股 0.74 美元至 0.76 美元。

We remain focused on delivering value to shareholders through consistent earnings growth, prudent capital allocation, and maintaining our conservative balance sheet while capitalizing on the significant opportunities ahead. With that, I'll turn the call back to Darren.

我們將繼續專注於透過持續的獲利成長、審慎的資本配置和維持穩健的資產負債表，為股東創造價值，同時把握未來的重大機會。這樣，我就把電話轉回給達倫了。

To close, our 3rd quarter results demonstrate that our capital redeployment strategy is working effectively across all aspects of our business.

最後，我們的第三季業績表明，我們的資本重新部署策略在我們業務的各個方面都發揮了有效作用。

From an organic growth in other agreements to optimizing our capital structure and increasing shareholder returns, we continue to execute on our mission to redefine how capital flows to meet housing demand.

從其他協議的有機成長到優化資本結構和提高股東回報，我們不斷履行使命，重新定義資本流動方式以滿足住房需求。

Our business model's resilience through challenging market conditions, combined with our strong liquidity position and growing pipeline of opportunities, gives us confidence in our ability to continue delivering attractive returns to shareholders while serving as an essential capital partner to the homebuilding industry.

在充滿挑戰的市場環境下，我們的商業模式展現了強大的韌性，再加上我們強勁的流動性和不斷增長的機會儲備，使我們有信心繼續為股東帶來可觀的回報，同時成為住宅建築行業的重要資本合作夥伴。

We look forward to continuing this momentum and sharing our progress next quarter.

我們期待保持這一勢頭，並在下個季度與大家分享我們的進展。

Thank you again for your continued support and with that operator, let's open the call up to Q&A.

再次感謝您一直以來的支持，現在讓我們和接線生一起進入問答環節。

I would like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.

我想提醒大家，要提問，請按星號鍵，然後按電話鍵盤上的數字 1。我們稍作停頓，整理一下問答環節的名單。

Your first question comes from Julian Brown with Goldman Sachs.

你的第一個問題來自高盛的朱利安布朗。

Thank you for the question. So your new deployment guidance of $2.2 billion implies just another $200 million of deployment in the fourth quarter, which is quite a bit below your year-to-date run rate.

謝謝你的提問。因此，您新的 22 億美元部署指引意味著第四季僅需額外部署 2 億美元，遠低於您今年迄今為止的運行速度。

I guess, is that a reflection of a pullback in activity you're seeing from home builders or is there some sort of like normal seasonality where activity dips in the 4th quarter? Is it driven by conservatism? How should we sort of think about that?

我想，這是否反映了您觀察到的房屋建築商活動的減少，還是某種正常的季節性因素，即第四季度活動有所下降？它是由保守主義驅動的嗎？我們該如何看待這個問題？

Yeah, sure, thanks for the question, Julian. So just one quick correction. So as of the end of the third quarter, our invested capital in this category outside of the Lenar master program agreement is $1.8 billion. So originally our stretch target was $2 billion. It's $1.8 billion as of the end of the third quarter. And so our revised target is $2.2 billion meaning that it's not a $200 million dollar increase. We're guiding towards it's a $400 million dollar increase. And that's our best guess based on still a very strong continued set of demands from the builders, certainly no slowdown, but that's our best guess based on where we are today. Does that make sense?

好的，謝謝你的提問，朱利安。僅作一處快速更正。因此，截至第三季末，除 Lenar 主計畫協議外，我們在該類別的投資資本為 18 億美元。所以最初我們的目標金額是20億美元。截至第三季末，該數字為18億美元。因此，我們修訂後的目標是 22 億美元，這意味著目標金額並沒有增加 2 億美元。我們預計增幅將達到 4 億美元。這是我們根據建築商持續強勁的需求做出的最佳猜測，肯定不會放緩，但這是我們根據目前情況做出的最佳猜測。這樣說得通嗎？

Yeah, okay, I see, so it's $2 billion of home side inventory, funded.

好的，我明白了，所以是價值 20 億美元的住宅庫存，資金已到位。

Okay, that makes sense, and then I guess just as we think about, where the stock trades today and how you're thinking about equity issuance going forward.

好的，這很有道理。那我想，就像我們思考股票目前的交易情況以及你對未來股權發行的看法一樣。

I mean, how should we think about that? Is it something where you would consider issuing equity as and when you trade at book value? Is it maybe something more like you could wait and see if the market ascribed some premium to book value? And then how do you balance those considerations against the risk of running out of deployable debt capacity, as you're starting to push up against this 33%. A self-imposed debt to cap limit and potentially being stuck if you're still trading below book value.

我的意思是，我們該如何看待這個問題？當公司以帳面價值進行交易時，你會考慮發行股票嗎？或許可以等等看，市場是否會給予帳面價值一定的溢價？那麼，當你開始逼近 33% 的門檻時，你該如何權衡這些因素與可用債務能力耗盡的風險呢？自我設定的債務上限，以及如果交易價格仍然低於帳面價值，則可能陷入困境。

Yeah, Julian, it's Darren. We have ample runway. We, as we said in our prepared remarks, we have about $1.6 billion of firepower which includes cash and room under the revolver. I think we've communicated in the past and we'll, I'll reiterate it today is our goal is really to optimize the balance sheet first before we pivot to equity issuances.

是的，朱利安，我是達倫。我們有充足的跑道。正如我們在準備好的演講稿中所說，我們擁有約 16 億美元的火力，其中包括現金和備用金。我認為我們過去已經溝通過，今天我再次重申，我們的目標是在轉向股權發行之前，先優化資產負債表。

We've had a couple of, new equity initiations that are well above book value and, Just as an editorial note, we buy into it. We definitely buy into the story beyond book value and as we had kind of communicated with you and others in the past, the goal isn't just to get to book value and declare victory. We think that the ultimate returns that expector investors would expect and demand.

我們最近發行了幾隻新股，價格遠高於帳面價值，順便提一句，我們買了這些新股。我們絕對相信股價背後的故事，而不僅僅是帳面價值。正如我們過去與您和其他人溝通過的那樣，我們的目標不僅僅是達到帳面價值然後宣布勝利。我們認為，這是投資者期望和要求的最終回報。

Could result in this stock trading, well above book value. And so to answer your question, it really is about optimizing the balance sheet using our debt capacity and then seeing where we are as a company and where that the stock is to then think about equity issuances.

這可能導致該股票的交易價格遠高於帳面價值。所以，要回答你的問題，這實際上是利用我們的債務能力來優化資產負債表，然後看看我們公司目前的狀況以及股票的狀況，然後再考慮發行股票。

Got it, thank you, very helpful.

明白了，謝謝，很有幫助。

(Operator Instructions)

（操作說明）

Your next question comes from Eric Wolf with Citigroup.

下一個問題來自花旗集團的艾瑞克·沃爾夫。

Hey, thanks. Good morning. I know you've had very little if any credit loss since you launched the business, but is there a way that you internally think about long-term credit loss? So if you're getting, say 11 to 12% on option rate, maybe that's more like 10 to 11% after some assumption around terminations and the ability to recover a value from that collateral, just trying to understand internally how you think about sort of the total return profile of the business after credit loss.

嘿，謝謝。早安.我知道自從你創辦公司以來，幾乎沒有出現過信用損失，但是你們公司內部有沒有考慮過長期信用損失的問題呢？所以，如果你的選擇利率是 11% 到 12%，那麼在考慮終止合約和從抵押品中收回價值等因素後，實際利率可能只有 10% 到 11%。我只是想了解一下，在信用損失之後，你們是如何看待企業的整體回報狀況的。

Yeah, this is Darren. I mean, I'll start and then Rob can jump in. We In the history of our land banking experience, we haven't had a home builder walkway.

是的，這是達倫。我的意思是，我先開始，然後羅布可以加入。在我們以往的土地儲備經驗中，我們從未有過房屋建造者走道。

We haven't had a home builder look to renegotiate a contract. It's not to say that it won't happen or it can happen, but I can only say looking at using history as a guide, it hasn't happened yet. And I would argue that it really comes down to our underwriting standards. The use of technology that Adel spoke about it the due diligence screening that we do as part of our overlay is really the glue that holds this all together and on top of that we're also looking for a counter party that is really a partner and we're looking for counter parties that are looking.

我們還沒有遇到房屋建築商想要重新協商合約的情況。這並不是說它不會發生或會發生，但我只能說，以歷史為鑑，它還沒有發生過。我認為，這實際上取決於我們的承保標準。阿德爾提到的技術應用，以及我們作為補充流程一部分進行的盡職調查篩選，實際上是將這一切粘合在一起的關鍵。除此之外，我們還在尋找真正的合作夥伴，我們也在尋找那些真正有誠意的交易對手。

To do business for capital efficiency, not risk mitigation, and we know that because these are counterparties that are willing to sign up upfront to pooling agreements. Again, even the pooling agreements, investors, home builders can walk away from those, so I don't want to suggest that even with pooling that folks couldn't walk away, but it really does become a self selection.

開展業務的目的是為了提高資本效率，而不是降低風險，我們知道這一點是因為這些交易對手願意預先簽署資金池協議。再說一遍，即使是聯合投資協議，投資者和房屋建築商也可以退出，所以我並不是說即使有了聯合投資，人們也不能退出，但這確實變成了一種自我選擇。

Opportunity for us to know what type of relationship the homebuilder is looking for. I rather if there's something out.

這讓我們有機會了解房屋建築商希望建立什麼樣的合作關係。我更希望有其他選擇。

Yeah, I would just add that, to come up with something like that would require ascribing some probability to not just the option termination but an actual loss in the recovery value of the land that we owned fee simple, have underwritten net of the deposit we hold against it. Which is obviously, as a result of our work, it's not a scenario, we think it's likely, again, I say it won't happen, but there's no clear methodology, that would make sense to us to use for that.

是的，我還要補充一點，要得出這樣的結論，不僅需要對期權終止賦予一定的概率，還需要對我們擁有完全所有權的土地的回收價值（扣除我們為此持有的定金後）的實際損失賦予一定的概率。顯然，根據我們的工作，這不是一個可能發生的情況，我們認為它很可能發生，我再次強調，它不會發生，但是目前還沒有一個清晰的方法論，對我們來說是有意義的。

Got it. And I know it's only 340,000, so not much, but there's a a small provision for credit loss expense on the income statement looks like maybe on development loan receivables, I guess what is that and sort of how did you estimate that?

知道了。我知道只有 34 萬，不算多，但是損益表上有一筆數額較小的信貸損失準備金，看起來像是開發貸款應收款，我想知道這是什麼，以及你是如何估算的？

Hey Eric, it's Garrett. That's a GAAP required, adjustment under what's called Cecil or as far as the credit loss pronouncement, which basically requires us to basically estimate potential credit losses. It can't be zero.

嘿，艾瑞克，我是加勒特。這是根據所謂的塞西爾準則或信用損失聲明進行的 GAAP 要求的調整，它基本上要求我們估計潛在的信用損失。不可能是零。

We basically estimated it, and that could change as we go forward, but again, this is merely a GAAP required estimate and not an indication of what we actually expect.

我們基本上是估算的，而且隨著事態發展，估算結果可能會有所改變，但再次強調，這只是符合公認會計準則的估算，並不代表我們實際的預期。

Got it. And then for the 770 million that you deployed outside of Lanar, were those all with existing relationships or were there some new relationships in there? I think you said 12, and I can't remember what you said on last quarter's call, but just curious if there's some new relationships that were entered into the quarter and if they're, public home builders, regional builders, just the profile of the new relationships, that that you're forming.

知道了。那麼，在 Lanar 之外部署的 7.7 億資金，都是基於現有關係還是其中包含一些新的關係？我想你說過是 12，我不記得你在上個季度的電話會議上說了什麼，但我只是好奇本季度是否建立了一些新的合作關係，如果是的話，是上市住宅建築商還是區域建築商，只是想了解一下你們正在建立的新合作關係的概況。

Yeah, so last quarter we mentioned we had 11 distinct counterparties. We added one this quarter, so we have 12 distinct counterparties. So we did add that counterparty, but really a lot of this is, most of that increase you mentioned is driven by just further penetration in the partnerships that we've set up. We've had a lot of success, just continued to integrate operationally and continue to do more business with our really high-quality builder counterparties.

是的，上個季度我們提到我們有 11 個不同的交易對手。本季我們新增了一家交易對手，因此我們現在有 12 個不同的交易對手。所以我們確實增加了那個交易對手，但實際上，你提到的大部分成長都是由我們建立的合作關係的進一步滲透所驅動的。我們取得了巨大的成功，我們一直在不斷整合運營，並繼續與我們高品質的建築商合作夥伴開展更多業務。

Yeah and then just last question for me, you know there have been a lot of headlines from the government and tweets about wanting to sort of improve housing affordability I guess are there any policies that you're hoping for? You think it's for more construction or be good for your business? Just curious if there's certain things that you've seen, that have been proposed that you think could could help your business.

好的，最後一個問題，你知道，最近政府和推特上有很多關於改善住房負擔能力的新聞報道，我想你希望看到哪些政策？你認為這有利於更多建設還是對你的業務有好處？我只是好奇，您是否見過或聽說過一些您認為可能對您的業務有幫助的建議或方案。

So a few things. One, we all know affordability is a real challenge, and so the fact that the administration is focused on making housing more available and more affordable, certainly makes sense to us.

有幾件事。首先，我們都知道住房負擔能力是一個真正的挑戰，因此，政府致力於讓住房更容易獲得、更經濟實惠，這對我們來說當然是有意義的。

It all of the headlines and the articles we've read would suggest that more product it relates to more production is obviously good for our business. It creates more certainty around the land that we own and gives us more confidence in the land that we own.

從我們讀過的所有新聞標題和文章來看，更多的產品（意味著更多的生產）顯然對我們的業務有好處。它讓我們對所擁有的土地更有確定性，也讓我們對所擁有的土地更有信心。

Outside of that, I know that there are a lot of kind of conversations that are happening behind the scenes. In the industry and the industry is definitely working to do their part to come up with creative solutions to the challenges.

除此之外，我知道幕後還有很多類似的對話正在進行中。業內人士和業界人士都在努力盡自己的一份力量，為應對挑戰提出創造性的解決方案。

Got it thanks for taking my questions.

明白了，謝謝你回答我的問題。

(Operation Instructions)

（操作說明）

Your next question comes from Craig Cassera with Lucid Capital Markets.

下一個問題來自 Lucid Capital Markets 的 Craig Cassera。

Yeah, hey, good morning guys. Can you give us a breakout on how much of the third-party investment in the 3rd quarter was affiliate affiliated with the Yardley?

是啊，嘿，大家早安。能否具體說明第三季第三方投資中有多少是與雅德利有關的投資？

Yeah, we haven't disclosed a specific volume by counterparty, but I will say that we have had a lot of success, that there is a decent portion of that number, that is the penetration with Yardley, and that has ramped up and been a great successful partnership with the folks over at the Yardley team at Taylor Morrison. So it's going really well. It has started to close and we're feeling really excited about it, but beyond that we haven't given any disclosure at this point.

是的，我們沒有透露與交易對手的具體交易量，但我可以說我們取得了很大的成功，其中相當一部分來自 Yardley 的交易，而且這種合作一直在加速，我們與 Taylor Morrison 的 Yardley 團隊建立了非常成功的合作關係。所以一切進展順利。這個項目已經開始收尾，我們對此感到非常興奮，但除此之外，目前我們還沒有透露任何其他資訊。

Okay, fair enough.

好的，很公平。

You did have a breakout of the development loan receivables and in this quarter. Were those formally wrapped up in inventory and reported differently, or are those all sort of originated here in the 3rd quarter?

本季度，你們確實公佈了開發貸款應收款的明細。這些是否正式計入庫存並以不同的方式報告，還是它們都起源於第三季？

Hey Greg, it's Garrett. They were grouped in with inventory, at the beginning, and we felt it prudent to break it out going forward as this continues to be

嘿，格雷格，我是加勒特。起初，它們被歸類為庫存，但鑑於這種情況持續發展，我們認為謹慎起見，今後應將其單獨列出。

Significant part of our business. And it's not a new line of business for us, as being a, trying to serve the interest of our builder clients. This is how certain of our clients want to access our land banking capital is through developer partnerships. This has always been part of our strategy and our product offering. It's just as Garrett said, it got to a point where it's now big enough and scaled enough that the accounts have asked us to break it out separately, but it doesn't represent a new strategy for us.

這是我們業務的重要組成部分。對我們來說，這並不是一項新的業務，因為我們一直致力於服務建築商客戶的利益。我們的一些客戶希望透過與開發商合作來獲取我們的土地儲備資金。這始終是我們策略和產品供應的一部分。正如加勒特所說，它現在已經發展到足夠大、規模足夠大的程度，以至於客戶要求我們將其單獨列出，但這並不代表我們的新策略。

Got it. And I think in the queue there's a reference that that's actually paid in kind interest. Is that the case here in the 3rd quarter?

知道了。而且我認為在排隊等候名單中有一個參考資料，表明這實際上是以實物利息的形式支付的。第三季的情況也是如此嗎？

Yes, let's give you the short answer there.

是的，我們先給你一個簡短的回答。

Okay.

好的。

Changing gears, some of the commentary from Lenar on their 3rd quarter earnings call reference, slowing down some of their volume and taking a pause to adjust the market conditions. Did that translate at all to Lenar executing any of their pause periods with Melrose?

換個話題，Lenar 在第三季財報電話會議上的一些評論提到，他們放緩了部分交易量，並暫停交易以調整市場狀況。這是否意味著萊納在與梅爾羅斯的合作中沒有執行任何暫停期？

Not outside of the contractual provisions that they're allowed to. So if you're asking about the pause periods where they're declaring a six month pause, absolutely not. But there are always adjustments regardless of the period related to certain communities and all of these, anything that was done was done within the contractual allowances for them, and for others.

但他們不會超出合約規定的權限範圍。所以，如果你問的是他們宣布暫停六個月的暫停期，答案是絕對不可能。但無論與某些社區相關的時期如何，總是會有一些調整，所有這些調整都是在合約允許的範圍內進行的，對其他社區也是如此。

Okay, that makes sense. Just a couple more for me. You booked some rating agencies expenses this quarter. Can you give a sense of the time frame of what you might think you might get a rating and what it might mean to your debt costs relative to what you currently have, whether that's what you issued in the quarter or, the spread on your Revolver.

嗯，有道理。我再吃幾個就好。本季您已計入一些評等機構的費用。您能否大致說明一下您預計何時能獲得評級，以及評級結果對您目前的債務成本（無論是本季度發行的債券還是循環信貸的利差）的影響？

We're already rated, so, just to clear that up and so we're rated by Fitch, S&P, and Moody's.

我們已經獲得了評級，所以，澄清一下，我們獲得了惠譽、標普和穆迪的評級。

Yeah, and it's worth reiterating actually one of the big achievements we're quite proud of in the quarter is that, going from a company without ratings to 3 ratings from those organizations, including an investment grade rating from one of them, and being able to access the deepest public credit markets to raise $2 billion of bonds. At an interest rate that we think that is highly accreted to our business has been a big win for us just to strengthen our balance sheet, and that's part of what really opened up the $1.6 billion of liquidity that we have today heading into the fourth quarter that really makes us op optimistic about our ability to sort of attack the the opportunity in front of us and becomes a really strong. Competitive advantage versus other players that we can just speak to that publicly available $1.6 billion of liquidity and the strength of our balance sheet.

是的，值得重申的是，我們本季最引以為傲的成就之一是，公司從一家沒有評級機構的公司，發展到獲得 3 個評級機構的評級，其中包括其中一個機構的投資級評級，並且能夠進入最深厚的公共信貸市場，籌集 20 億美元的債券。我們認為目前的利率對我們的業務來說是一個巨大的勝利，它增強了我們的資產負債表，這也是我們今天在進入第四季度時擁有 16 億美元流動性的部分原因，這讓我們對抓住眼前的機會充滿信心，並成為一個非常強大的公司。與其他競爭者相比，我們的競爭優勢體現在我們公開可用的 16 億美元流動資金和強大的資產負債表上。

Got it. Just one more for me, a lot of the call you reference risk monitoring. I know you closed $770 million dollars of deals this quarter with third parties, but can you talk about the total dollar value of deals you underwrote and, maybe elected not to move forward with?

知道了。還有一個問題，你提到的很多通話都與風險監控有關。我知道您本季與第三方達成了價值 7.7 億美元的交易，但您能否談談您承銷但可能選擇不繼續推進的交易的總金額？

Yeah, we haven't disclosed the past portion, but there is certainly a substantial amount of past deals. I mean, part of our risk underwriting is that we're always, as we said, always evaluating a home builder's assumptions around price and pace and ultimately the gross margin they project on those communities and we in this quarter, just as all other quarters turned down a substantial amount of deals. Because we didn't think they were set up for success in that our own unique independent data sources were not necessarily consistent with the builder's underwriting.

是的，我們沒有透露過去的交易細節，但過去確實有很多交易。我的意思是，我們風險承保的一部分是，正如我們所說，我們始終在評估房屋建築商對價格和進度的假設，以及他們最終對這些社區的毛利率的預測。在這個季度，就像其他所有季度一樣，我們拒絕了大量的交易。因為我們認為他們沒有做好成功的準備，因為我們自己獨特的獨立資料來源不一定與建築商的承保情況一致。

To that there? Yeah.

到那邊去？是的。

No, the only other thing I'd add is, it's a good question and it's a good point in the sense that there are counterparties that we have decided not to do business with.

不，我唯一要補充的是，這是一個很好的問題，也是一個很好的觀點，因為確實有一些交易對手我們已經決定不與之開展業務。

Because they've historically used land banking for risk mitigation.

因為他們歷來都利用土地儲備來降低風險。

We know that, they know that, and again, it's we'd rather pass on those relationships than TRY to eke out a little bit more spread but taking a lot more risk in times like we've we've experienced in the last year.

我們知道這一點，他們也知道這一點，而且，我們寧願放棄這些關係，也不願為了勉強擴大一點影響力而冒更大的風險，尤其是在我們過去一年所經歷的那種時期。

Got it. Okay.

知道了。好的。

I appreciate the call thanks. (Operatior Instructions)

謝謝您的來電。（操作說明）

Your next question comes from Erin Hake with Citizens Bank.

下一個問題來自 Citizens Bank 的 Erin Hake。

Hey guys, thanks for having me on the call, just wondering in terms of the contracts that you currently have in place.

大家好，感謝邀請我參加電話會議，我只是想了解你們目前簽訂的合約狀況。

How much more capital or how many more partners clients can you sign up given the schedule that they've provided and your assumptions underlying the cash inflows and outflows, I'm just trying to get a sense of.

根據他們提供的時間表以及你對現金流入和流出的假設，你還能增加多少資金或多少合作夥伴客戶？我只是想了解一下。

How many more deals you can do or how the the balance of your capital outstanding will trend just based on what's expected to come in your contracts today.

根據您今天合約中預期達成的協議，您可以達成多少筆交易，或者您的未償資本餘額將如何變化。

Yeah, I would just say, it's part of our cash flow planning every day that we track our peak capital, including all the development funding and all of our commitments, and so, we're comfortable based on all the liquidity we have today in our capital pipeline that we conserve everything and there there does remain additional capacity to bring on new customers.

是的，我想說的是，我們每天的現金流計劃中都會追蹤我們的高峰資本，包括所有開發資金和所有承諾，因此，基於我們目前資本儲備中的所有流動性，我們有信心能夠節省所有資金，並且還有額外的能力來吸引新客戶。

Yeah, ample. I mean, that that's really the reason why we keep highlighting the 1.6 billion.

是的，很充足。我的意思是，這才是我們一直強調16億這個數字的真正原因。

It is because almost all of that is really meant for new third-party business and that's exactly why we we highlighted Adel and the work that he's done is because given the scale and complexity of the business that we have and the fact that we do give up about a third of our book value every year. This constant recycling and planning is so important and vital to making sure that our balance sheet is optimized at all times and we're not sitting on cash, and we haven't on the other side over committed cash and are not able to fund.

這是因為幾乎所有這些資金實際上都是為了新的第三方業務，而這正是我們重點介紹 Adel 和他所做的工作的原因，因為考慮到我們業務的規模和複雜性，以及我們每年損失大約三分之一的帳面價值。這種持續的循環利用和規劃對於確保我們的資產負債表始終處於最佳狀態至關重要，這樣我們就不會積壓現金，也不會出現過度承諾現金而無法融資的情況。

Yeah, I guess that that's what I was trying to get at, is there, the inflows and outflows sound like they could get so complicated that there could be big fluctuations just based on the commitments that you have already.

是的，我想這就是我想表達的意思，資金流入和流出聽起來可能會變得非常複雜，僅僅基於你已經做出的承諾，就可能出現很大的波動。

Second question around your data sets and the technology platform that you guys talked about, is there any way to monetize that without giving up, proprietary information, for the Melrose shareholder like data sets that you can provide, to the general public on home building or or whatnot.

關於你們提到的資料集和技術平台，第二個問題是，有沒有辦法在不放棄專有資訊（例如，Melrose 股東可以向公眾提供的關於房屋建造或其他方面的資料集）的情況下將其貨幣化？

Just kind of wondering any any way to monetize that.

我只是想知道有沒有什麼方法可以把它變現。

Yeah, that's a great.

是的，那太好了。

Question. It's not something that we're focused on right now we're really looking to use that data set to drive our operational underwriting efficiencies, and you know we're always evaluating kind of strategic partnerships in the home building.

問題。這不是我們目前關注的重點，我們真正希望利用該數據集來提高我們的營運承保效率，而且你知道，我們一直在評估房屋建造領域的戰略合作夥伴關係。

Space, where we could create a value chain.

太空，我們可以在這裡創造價值鏈。

That that really complicate complements our our capital solution.

這使得我們的資本解決方案更加複雜且完善。

But it is, look, this data is so important using it in our ecosystem to make real-time judgments. I mean, there was a question asked earlier about deals we've passed on. Remember, every deal we pass on, in addition to the deals we do, we're capturing all that data real time.

但是，你看，這些數據非常重要，我們可以利用這些數據在我們的生態系統中做出即時判斷。我的意思是，之前有人問過我們放棄的交易。請記住，我們放棄的每一筆交易，以及我們完成的每一筆交易，我們都會即時收集所有這些數據。

And we're ingesting it and using it to make informed judgments as part of our due diligence, and we have Steve Hensley here, who oversees that analytics again making sure that we're underinvesting in hot areas that are not performing well and finding ways to put money to work. In areas that are performing well and will continue to perform well where there's a shortage of housing relative to job growth.

我們正在吸收這些信息，並將其用於盡職調查，以便做出明智的判斷。史蒂夫·亨斯利在這裡負責監督這些分析工作，確保我們不會在一些熱門但表現不佳的領域投資不足，並找到讓資金發揮作用的方法。在住房供應相對於就業成長不足，且目前住房供應良好並將繼續保持良好勢頭的地區。

Appreciate it guys.

謝謝各位。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Your next question comes from Julian Blo with Goldman Sachs.

下一個問題來自高盛的朱利安·布洛。

Yeah thank you thank you for the follow-up so you're clearly a really valuable partner to the builders and I'm just wondering in terms of the current environment, it is one of the ways you're providing value to them is by sort of providing accommodations or allowing them to sort of pause or slow down their takedowns per per the per the agreements you have with them.

是的，謝謝您的跟進。顯然，您是建築商非常寶貴的合作夥伴。我只是想了解一下，在目前的環境下，您為他們提供價值的方式之一，就是根據您與他們達成的協議，為他們提供便利，允許他們暫停或減緩拆除工作。

Look, we haven't really had to do so outside of what the builders are contractually entitled to.

你看，除了建築商合約規定的權利之外，我們其實並不需要這樣做。

But I've said this before, Julian, you've definitely heard me say it. If if a builder came to us.

但我以前說過，朱利安，你一定聽我說過。如果建築商來找我們的話。

In the ordinary course and said, hey, we were taking down 4 homes per community per month. The contract says we need to take down 3. We'd like to take down 2, and we don't have additional needs for that capital. It probably means we're going to slow down development as well, and we'd rather the capital working for as long as we can keep it. And so. We're always thinking through accommodating any client request as long as we don't have an additional need for that capital and why would we cause somebody to buy back a home site at a time when it doesn't work for them? All we're doing is losing book value on which we would earn our option rate. So, to answer the question very specifically, we haven't had to make accommodations outside of what. Our builder counterparties are entitled to, but we would definitely be open if asked, making sure that we have the capital to do it.

按照慣例，我們每個月在每個社區拆除 4 棟房屋。合約規定我們需要拆除3個。我們想拆除 2 棟大樓，我們不需要額外的資金。這可能意味著我們也要放慢開發速度，我們寧願讓資金盡可能長時間地發揮作用。所以。我們總是會考慮如何滿足客戶的任何要求，只要我們沒有額外的資金需求。我們為什麼要讓別人在不適合的時候買回他們的宅基地呢？我們現在所做的只是損失帳面價值，而我們原本可以從中獲得選擇權收益。所以，具體來說，除了什麼之外，我們不需要做任何調整。我們的建築商合作夥伴有權這樣做，但如果被要求，我們肯定會持開放態度，並確保我們有足夠的資金來這樣做。

Understood and I guess in terms of what they're contractually entitled to, what is the sort of the flexibility they have within their current contractual agreements and sort of how much are they exercising that flexibility maybe to currently sort of slow down their pace.

我明白了。我想，就他們根據合約享有的權利而言，他們在目前的合約協議中擁有怎樣的靈活性，以及​​他們目前在多大程度上行使了這種靈活性，例如放慢了步伐。

Yeah, you can see, I mean, the Lenar option agreement is publicly available, so you can see some examples of a finite amount of quarterly takedown extensions such that the final takedown cannot be extended, and so that's an example of that kind of flexibility and one of the many reasons that builders look at this kind of capital partnership better than than debt, which is less flexible for a variety of reasons, but generally speaking.

是的，你可以看到，我的意思是，Lenar 的期權協議是公開的，所以你可以看到一些有限次數的季度收購延期的例子，最終收購不能延期，這就是這種靈活性的一個例子，也是建築商認為這種資本合作關係比債務更好的眾多原因之一，債務由於各種原因靈活性較差，但總的來說。

Even above that, the benefit is that we've individually underwritten every asset, and so we have the ability, our team really can make a judgment call around around pace and the right takedowns, particularly in the context of a business that had over $800 million of home site sale proceeds just in a quarter. So we have such ample liquidity and by that number you can see the builders are still taking down their their home sites largely on schedule, but that would be one example to answer your question.

除此之外，好處在於我們對每項資產都進行了單獨承銷，因此我們有能力，我們的團隊確實可以對收購速度和正確的收購方式做出判斷，尤其是在一個季度內住宅用地銷售收入超過 8 億美元的業務背景下。因此，我們擁有非常充足的流動資金，從這個數字可以看出，建築商仍在基本按計劃拆除他們的住宅工地，但這只是回答你問題的一個例子。

But I just want to go to the point, maybe the heart of it is we really haven't seen.

但我只想直奔主題，也許問題的核心是我們還沒有真正看到。

Any change in our business, and I think that's what people are pulsing around like what are we seeing from builders and we really haven't seen any change, any real change in their behavior, that causes us any concern, we would highlight it and we just haven't seen it. It really has been sort of business as usual for us, which has been great, and it's not like we haven't seen. What's going on in the backdrop, but you got to remember we've underwritten all these assets. These are mission critical assets.

我們業務的任何變化，我認為人們都在關注的是，我們從建築商那裡看到了什麼，但我們真的沒有看到任何變化，他們的行為有任何真正的變化，這讓我們感到擔憂，我們會強調這一點，但我們確實沒有看到。對我們來說，一切真的都和往常一樣，這很好，我們也不是沒看到這種情況。雖然背景情況可能有所不同，但你必須記住，我們已經為所有這些資產提供了擔保。這些都是執行任務的關鍵資產。

These are irreplaceable assets by and large, and we would expect that the builders would continue to take them down almost regardless of what is going on in the backdrop. So, I just want to make sure that we're making the point that it really has been and continues to be business as usual for us.

這些資產總體上是不可替代的，我們預計，無論外部環境如何變化，建築商都會繼續拆除它們。所以，我只是想確保我們強調的是，對我們來說，一切照常進行，而且這種情況還會持續下去。

Great.

偉大的。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作說明）

At this time there are no further questions. I'll now turn the call back over to Darren Richmond for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給達倫·里士滿，請他作總結發言。

Thank you. Look, I just want to thank everybody once again for joining us, today, for following the story. We're all available, should have, should anybody have follow-up questions.

謝謝。最後，我想再次感謝大家今天收看我們的節目，感謝大家關注這個故事。如果有人有後續問題，我們隨時都可以解答。

Thank you again and we wish you a great day.

再次感謝，祝您今天過得愉快。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining. You may now disconnect.

感謝您的參與。您現在可以斷開連線。