Nexpoint Real Estate Finance Inc (NREF) 2023 Q4 法說會逐字稿

My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Real Estate Finance fourth quarter 2023 conference call. (Operator Instructions)

我叫丹尼斯，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 NexPoint 房地產金融 2023 年第四季電話會議。（操作員說明）

I would now like to turn the conference over to Kristen Thomas, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的克里斯汀·托馬斯 (Kristen Thomas)。請繼續。

Thank you. Good day, everyone. And welcome to NexPoint Real Estate Finance conference call to review the company’s results for the fourth quarter ended December 31, 2023. On the call today are Brian Mitts, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Paul Richards, Vice President of Originations and Investment.

謝謝。今天是個好日子。歡迎參加 NexPoint Real Estate Finance 電話會議，並回顧本公司截至 2023 年 12 月 31 日的第四季業績。今天參加電話會議的是執行副總裁兼財務長 Brian Mitts； Matt McGraner，執行副總裁兼首席投資長；以及發起和投資副總裁 Paul Richards。

As a reminder, this call is being broadcast through the company’s website at nref.nexpoint.com.

謹此提醒，本次電話會議將透過該公司網站 nref.nexpoint.com 進行廣播。

Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the management’s current expectations, assumptions, and beliefs. Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company’s annual report on Form 10-K and the company’s other filings with the SEC for a more complete discussion of risks and other factors that could affect the forward-looking statements.

在開始之前，我想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，這些陳述是基於管理層當前的預期、假設和信念。聽眾不應過度依賴任何前瞻性陳述，並鼓勵聽眾查看公司的 10-K 表格年度報告以及公司向 SEC 提交的其他文件，以便更全面地討論風險和其他因素這可能會影響前瞻性陳述。

The statements made during this conference call speak only as of today’s date and except as required by law, NREF does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes analysis of non-GAAP financial measures. For a more complete discussion of these non-GAAP financial measures, see the company’s presentation filed earlier today.

本次電話會議期間發表的聲明僅代表今天的情況，除非法律要求，NREF 不承擔公開更新或修改任何前瞻性聲明的義務。本次電話會議也包括非公認會計準則財務指標的分析。有關這些非公認會計準則財務指標的更完整討論，請參閱該公司今天早些時候提交的簡報。

I would now like to turn the call over to Brian Mitts. Please go ahead, Brian.

我現在想把電話轉給布萊恩·米茨。請繼續，布萊恩。

Thank you, Kristen, appreciate everyone joining us this morning. I'm going to briefly discuss our quarterly and year to date results, and then we'll go through some portfolio metrics, talk about the balance sheet a little bit, and then provide guidance for next quarter. Then I'll turn it over to Matt and Paul to discuss the portfolio a little more depth in the macro lending environment.

謝謝克里斯汀，感謝今天早上加入我們的大家。我將簡要討論我們的季度和年度迄今為止的業績，然後我們將討論一些投資組合指標，稍微討論一下資產負債表，然後為下個季度提供指導。然後我將把它交給馬特和保羅，在宏觀貸款環境中更深入地討論投資組合。

So starting with our fourth quarter results, they are as follows. Reported net income $0.74 per diluted share compared to net loss of $0.17 per diluted share for the fourth quarter of 2022. The increase was largely driven by mark-to-market adjustments on our common stock investments and changes in our net assets related to our consolidated CMBS VIEs. Net interest income increased to $3.8 million for the fourth quarter of '23 from $0.3 million in the fourth quarter of '22.

從我們第四季的業績開始，情況如下。報告的每股攤薄淨利潤為 0.74 美元，而 2022 年第四季攤薄每股淨虧損為 0.17 美元。這一增長主要是由於我們普通股投資的按市價調整以及與合併的 CMBS VIE 相關的淨資產變化所致。淨利息收入從 22 年第四季的 30 萬美元增至 23 年第四季的 380 萬美元。

Increase was driven primarily by more originations preferred equity investments with higher yields and partially offset by higher financing costs in 2023. Earnings available for distribution was $0.44 per diluted share in the fourth quarter, compared to $0.42 per diluted share in the same period of 2022 and $0.43 per diluted share in the third quarter of '23.

成長主要是由於更多的優先股投資和更高的收益率所推動的，但部分被 2023 年更高的融資成本所抵消。第四季可供分配的稀釋後每股收益為 0.44 美元，而 2022 年同期稀釋後每股收益為 0.42 美元，2023 年第三季稀釋後每股收益為 0.43 美元。

Cash available for distribution was $0.51 per diluted share in the fourth quarter, compared to $0.45 per diluted share in the fourth quarter of '22. The increase in earnings available for distribution and cash available for distribution to the prior year was partially driven by originations of additional private preferred investments. We paid a dividend of $0.50 per share in fourth quarter and the Board declared a dividend of $0.50 per share payable for the first quarter of '24.

第四季可用於分配的現金為稀釋後每股 0.51 美元，而 2022 年第四季稀釋後每股為 0.45 美元。上一年可供分配的收益和可供分配的現金的增加部分是由於額外的私人優先投資的發起。我們在第四季度支付了每股 0.50 美元的股息，董事會宣布 2024 年第一季支付每股 0.50 美元的股息。

Our dividend for fourth quarter was 0.88 times covered by earnings available for distribution and 1.02 times covered by cash flow distribution. Book value per share decreased 10.4% year over year and increased 0.7% quarter over quarter to $17.93 per diluted share, a decrease year over year being primarily due to the sudden $0.04 special dividends paid out during the year and the increase of prior quarter being primarily driven by mark-to-market increases.

我們第四季的股利是可分配收益的 0.88 倍，是現金流分配的 1.02 倍。每股帳面價值年減 10.4%，環比增長 0.7%，至稀釋後每股 17.93 美元，同比下降主要是由於年內突然派發 0.04 美元的特別股息，而上一季的增長主要是由於受按市價計算的成長推動。

During the quarter, we contributed to five preferred equity investments with $16.5 million of outstanding principal and originated one loan with $15.3 million outstanding principal. These six investments had a blended all-in yield of 11.5%. We had three senior loans redeemed for $29.5 million of outstanding principal and one preferred investment redeemed for $3.5 million of outstanding principal.

本季度，我們投資了五項優先股投資，未償還本金為 1,650 萬美元，並發放了一筆貸款，未償還本金為 1,530 萬美元。這六項投資的綜合總收益率為 11.5%。我們以 2,950 萬美元的未償本金贖回了三筆高級貸款，以 350 萬美元的未償本金贖回了一筆優先投資。

So moving to year-to-date results, they are as follows: we reported net income of $0.60 per diluted share, compared to net income of $0.22 per diluted share in 2022. The increase was largely driven by changes in net assets related to our consolidated CMBS VIEs as compared to 2022.

因此，轉向今年迄今的業績，結果如下：我們報告的稀釋後每股淨利潤為 0.60 美元，而 2022 年稀釋後每股淨利潤為 0.22 美元。與 2022 年相比，這一增長主要是由於與我們合併的 CMBS VIE 相關的淨資產變化所致。

Net interest income decreased 55.5% to $16.8 million, $37.7 million in 2022. The decrease was driven primarily by prepayments on our SFR loans and CMBS portfolio and higher financing costs in 2023.

淨利息收入下降 55.5%，至 1,680 萬美元，2022 年為 3,770 萬美元。這一下降主要是由於我們的 SFR 貸款和 CMBS 投資組合的預付款以及 2023 年融資成本上升所致。

Earnings available for distribution was $1.51 per diluted share in 2023, compared to $2.50 per share in 2022. Cash available for distribution was $1.67 per diluted share, compared to $2.97 per diluted share in 2022. The decrease in earnings available for distribution and cash available distribution for the year was partially driven by higher weighted average share accounts, increased financing costs, as well as our prepayments on SFR loans in 2023.

2023 年可供分配的稀釋後每股收益為 1.51 美元，而 2022 年為每股 2.50 美元。可用於分配的現金為稀釋後每股 1.67 美元，而 2022 年稀釋後每股為 2.97 美元。本年度可分配收益和可用現金分配減少的部分原因是加權平均股票帳戶增加、融資成本增加以及我們 2023 年 SFR 貸款的預付款。

Moving to the portfolio, our portfolio is comprised of 87 investments with a total outstanding balance of $1.6 billion. Our investments are allocated across the following sectors: 47.2% multifamily, 46% single-family, 5.2% life sciences, 1.5% storage.

轉向投資組合，我們的投資組合由 87 項投資組成，未償餘額總額為 16 億美元。我們的投資分佈在以下領域：47.2% 多戶住宅、46% 單戶住宅、5.2% 生命科學、1.5% 倉儲。

Our portfolio is allocated across the following investment categories: 41.4% senior loans, 30.8% CMBS B-Pieces, 12.5% preferred equity investments, 8.5% mezzanine loans, 3.5% I/O strips, and 3.3% MBS and MSCR notes.

我們的投資組合分佈在以下投資類別：41.4% 優先貸款、30.8% CMBS B-Pieces、12.5% 優先股權投資、8.5% 夾層貸款、3.5% I/O strip 以及 3.3% MBS 和 MSCR 票據。

The assets collateralizing our investments are allocated geographically as follows: 20% Georgia, 17% Florida, 15% Texas, 7% California, 4% Maryland, 5% Minnesota, and 3% North Carolina, with 29% across states with less than 2.5% exposure. All this reflecting our heavy preference for Sun Belt investments. The collateral on our portfolio is 89.9% stabilized with a 68.8% loan-to-value and a weighted average DSCR of 1.72 times.

The assets collateralizing our investments are allocated geographically as follows: 20% Georgia, 17% Florida, 15% Texas, 7% California, 4% Maryland, 5% Minnesota, and 3% North Carolina, with 29% across states with less than 2.5 % 曝露.所有這些都反映出我們對陽光地帶投資的強烈偏好。我們投資組合中的抵押品穩定性為 89.9%，貸款價值比為 68.8%，加權平均 DSCR 為 1.72 倍。

Moving to the balance sheet, we have $1.3 billion of debt outstanding. Of this, $304 million or 24% is short-term debt. Our weighted average cost of debt is 4.23% and has a weighted average maturity of 3.1 years. Our debt is collateralized by $1.7 billion collateral with a weighted average maturity of 5.6 years. Our debt-to-equity ratio is 2.9 times.

看看資產負債表，我們有 13 億美元的未償債務。其中，3.04 億美元（24%）是短期債務。我們的加權平均債務成本為 4.23%，加權平均期限為 3.1 年。我們的債務以 17 億美元的抵押品作為抵押，加權平均期限為 5.6 年。我們的負債股本比是2.9倍。

A couple other notes. In December, we launched a continuous offering of Series B 9% deferred equity. To-date, we have -- through February, we’ve raised $30 million of gross proceeds, which will be used to make accretive investments with low-to-mid double-digit yields.

其他一些註釋。12月，我們推出了B系列9%遞延股權的持續發行。到目前為止，截至 2 月份，我們已籌集了 3,000 萬美元的總收益，這些資金將用於進行中低兩位數收益率的增值投資。

In Q1 of '24, we received a prepayment on an SFR senior loan of $509 million to principal of which $466 million was used to repay the debt associated with the loan. We also received a prepayment penalty of $9 million. The net proceeds $52 million will be redeployed in their creative investments with much higher yields, than the repaid senior loan.

2024 年第一季度，我們收到了一筆 5.09 億美元的 SFR 優先貸款本金預付款，其中 4.66 億美元用於償還與貸款相關的債務。我們也收到了 900 萬美元的預付款罰金。淨收益 5,200 萬美元將重新部署到他們的創意投資中，其收益率遠高於償還的高級貸款。

Moving to guidance, before I turn it over to the rest of the team. Earnings available for distribution for the first quarter of '24 is negative $0.45 per diluted share at the midpoint with a range of negative $0.50 in the low end and negative $0.40 cents in the high end. Earnings available for distribution will be negative for the quarter as a result of the $25 million reversal as an unamortized premium associated with the previously mentioned senior SFR loan that was prepaid in January.

在我交給團隊其他成員之前，先轉向指導。2024 年第一季可供分配的收益中點為每股攤薄後每股負 0.45 美元，低階為負 0.50 美元，高階為負 0.40 美分。由於與先前提到的 1 月份預付的高級 SFR 貸款相關的未攤銷溢價，本季度可供分配的收益將為負數。

Cash available for distributions were $0.58 per diluted share at the midpoint, with a range of $0.53 on the low end and $0.63 on the high end.

可用於分配的現金中點為攤薄後每股 0.58 美元，低端範圍為 0.53 美元，高端範圍為 0.63 美元。

So, with that, let me turn it over to Paul.

那麼，讓我把它交給保羅。

Thanks, Brian. The results from the fourth quarter showcased our overall strong performance across all of our investments and asset categories, especially within our CMBS B-Piece portfolio. Our strategy remains centered on investment areas where expertise in owning and operating commercial real estate gives us a unique edge. This dual role as both owner and lender in the commercial real estate market enables us to effectively utilize information, allowing us to underwrite and recognize value throughout the capital stack, with our aim in achieving superior risk-adjusted returns that exceed the average.

謝謝，布萊恩。第四季的業績展示了我們所有投資和資產類別的整體強勁表現，特別是在我們的 CMBS B-Piece 投資組合中。我們的策略仍然以投資領域為中心，擁有和經營商業房地產的專業知識為我們提供了獨特的優勢。在商業房地產市場中，作為所有者和貸款人的雙重角色使我們能夠有效地利用信息，使我們能夠承保並認識到整個資本堆棧的價值，我們的目標是實現超過平均水平的卓越的風險調整回報。

Our investment approach remains centered on credit investments and stable and near-stabilized assets, emphasizing cautious underwriting, low leverage, and relative debt basis, along with the lending to healthy sponsors to deliver steady and reliable value to our shareholders.

我們的投資方式仍以信貸投資和穩定及接近穩定的資產為中心，強調謹慎的承銷、低槓桿和相對債務基礎，以及向健康的發起人提供貸款，為股東提供穩定可靠的價值。

In the fourth quarter, despite challenging commercial real estate conditions, our loan portfolio maintained steady performance, consisting of 87 individual assets with approximately $1.6 billion in total outstanding principal.

第四季度，儘管商業房地產狀況充滿挑戰，我們的貸款組合仍保持穩定表現，包括 87 項單項資產，未償還本金總額約為 16 億美元。

The portfolio is geographically diverse with a bias towards the Sun Belt markets. Texas, Georgia and Florida continue to be our largest portion of our portfolio at approximately 52% as of year-end, though our Atlanta, Georgia, exposure has significantly decreased by more than 10% as our largest SFR whole loan was repaid in full as of Q1 of this year.

該投資組合分佈在不同的地區，並偏向陽光地帶市場。截至年底，德州、喬治亞州和佛羅裡達州仍然是我們投資組合中最大的部分，約佔52%，儘管我們在喬治亞州亞特蘭大的風險敞口已顯著減少了10% 以上，因為我們最大的SFR 全部貸款已全額償還，今年第一季。

From the beginning of the fourth quarter through today, the company has been very active in underwriting and employing capital. We executed on making both follow-on and new investments of $31.8 million of preferred equity investments with an all-in yield of 11.5% in both our SFR and life science verticals.

從第四季初至今，公司在承銷和運用資金方面一直非常活躍。我們執行了 3,180 萬美元優先股投資的後續投資和新投資，在 SFR 和生命科學垂直領域的總收益率均為 11.5%。

We also completed the purchase on a new issue, five-year fix, Freddie Mac B-Piece opportunity with extremely attractive specs. The overall securitization has a 59% LTV, a 1.34 DSCR and a diverse geographical footprint. The B-Piece will pay an all-in unlevered fixed rate of 9.75%, with modest leverage, we expect to generate a mid-team levered return on a very desirable collateral pool.

我們也完成了新發行、五年修復的 Freddie Mac B-Piece 機會的購買，其規格極具吸引力。整體證券化的 LTV 為 59%，DSCR 為 1.34，且涵蓋地域廣泛。B 部分將支付 9.75% 的全押無槓桿固定利率，在適度的槓桿作用下，我們預計將在非常理想的抵押品池上產生中等團隊的槓桿回報。

The company has also purchased new issue SFR ABS paper in the gross amount of approximately $44 million and prudently leveraged to achieve low-to-mid double-digit returns on a low LTV, high cash flowing, stabilized SFR property pool.

該公司還購買了總金額約4400萬美元的新發行SFR ABS票據，並審慎地利用槓桿，在低LTV、高現金流、穩定的SFR財產池上實現低至中兩位數的回報。

Lastly, and Matt McGraner will touch more on this exciting investment during his prepared remarks, the company closed on a $218 million drawable first mortgage life science loan this past January. This specific loan carries an attractive 27% attachment point on current as-is appraisal valuation and provides SOFR plus [$900]pricing.

最後，馬特·麥格拉納(Matt McGraner) 將在他準備好的演講中更多地談到這項令人興奮的投資，該公司於今年1 月完成了一筆2.18 億美元的可提款第一抵押生命科學貸款。該特定貸款在當前原樣評估估值的基礎上具有有吸引力的 27% 附著點，並提供 SOFR 加 [900 美元] 定價。

On the disposition loan repayment side, as mentioned, we received approximately $500 million gross financing and around $60 million in net of financing on the portfolio’s SFR -- on the portfolio’s largest SFR loan was repaid in full and a few smaller SFR loans generating attractive overall IRR for investors.

在處置貸款償還方面，如前所述，我們收到了大約 5 億美元的總融資和大約 6000 萬美元的投資組合 SFR 融資淨額——投資組合中最大的 SFR 貸款已全額償還，還有一些規模較小的SFR 貸款可為投資者帶來有吸引力的整體IRR。

At the end of the quarter, we maintain a cautious approach to our repo financing with leverage standing at approximately 63% loan-to-value. We consistently engage in communication with our repo lending partners discussing the market conditions and status of our finance CMBS portfolio.

截至本季末，我們對回購融資保持謹慎態度，槓桿率約為 63% 的貸款價值比。我們始終與回購貸款合作夥伴進行溝通，討論我們的金融 CMBS 投資組合的市場狀況和狀況。

In summary, we continue to find attractive investment opportunities throughout our target markets and asset classes. We will continue to evaluate these opportunities with the goal of delivering value to our shareholders. We maintain a strong belief in the resilience of the residential sector, especially in the current interest rate environment. We consider investments multi-family and single-family verticals to be safe as demonstarted by our historical performance, and are extermely excited about our lifescience CDMO investment pipeline.

總之，我們繼續在目標市場和資產類別中尋找有吸引力的投資機會。我們將繼續評估這些機會，以期為股東創造價值。我們對住宅產業的彈性保持堅定信念，尤其是在當前的利率環境下。我們認為多戶型和單戶型垂直投資是安全的，正如我們的歷史表現所證明的那樣，並且對我們的生命科學 CDMO 投資管道感到非常興奮。

To finalise our prepared remarks before we turn it over for questions, I’d like to turn it over to Matt McGraner.

為了在我們將其轉交提問之前完成我們準備好的發言，我想將其轉交給馬特·麥格拉納。

Thank you, Paul. As he just mentioned, we are pleased with the solid Q4 and full year 2023 results, especially on a relative basis. Our portfolio continues to perform very well and despite short-term supply challenges in multifamily, underlying performance in multi-SFR, storage and life sciences remain relatively stable.

謝謝你，保羅。正如他剛才提到的，我們對第四季和 2023 年全年的穩健業績感到滿意，尤其是相對而言。我們的產品組合繼續表現出色，儘管多戶型住宅面臨短期供應挑戰，但多戶住宅、儲存和生命科學領域的基本表現仍然相對穩定。

As we announced last quarter, and as Brian mentioned, we have successfully launched an NREF Series B preferred and to-date have raised approximately $30 million over the past couple of months.

正如我們上季度宣布的，以及布萊恩所提到的，我們已經成功推出了 NREF B 系列優先股，迄今為止在過去幾個月中籌集了約 3000 萬美元。

At this current run rate paired with the pipeline investments that Paul just mentioned, we expect to increase cash available for distribution by 15% to 20% over the next 12 months.

按照目前的運行速度，再加上保羅剛才提到的管道投資，我們預計未來 12 個月內可用於分配的現金將增加 15% 至 20%。

The life science loan originated in January that Paul mentioned will alone provide $200 million of fundings over the next 12 months. We expect to match fund draws on this investment with proceeds from our Series B raise, providing maximum accretion to shareholders.

Paul 提到，這筆源自 1 月的生命科學貸款將在未來 12 個月內提供 2 億美元的資金。我們希望將本次投資的資金提取與 B 輪融資的收益相匹配，為股東提供最大的增值。

In addition, the large SFR loan payoff will create additional capital to deploy into our $300 million plus investment pipeline, but it also de-levers us by a full turn and now sit below two times leverage, the lowest of any commercial mortgage rate. This de-levering creates additional optionality in terms of sources of capital to the extent we wanted to re-leverage some of the balance sheet and to fund opportunistic investments.

此外，巨額SFR 貸款回報將創造額外的資本，用於部署到我們超過3 億美元的投資管道中，但它也使我們完全去槓桿化，現在槓桿率低於兩倍，這是所有商業抵押貸款利率中最低的。這種去槓桿化在資本來源方面創造了額外的選擇性，以至於我們希望重新利用部分資產負債表並為機會主義投資提供資金。

To close, we’re excited about these opportunities in the coming quarters. And pleased with the company’s continued stability and the opportunity to go on offense in this environment. As always, I want to thank the team for their hard work.

最後，我們對未來幾季的這些機會感到興奮。對公司的持續穩定以及在這種環境下繼續進攻的機會感到高興。一如既往，我要感謝團隊的辛勤工作。

And now I’d like to turn the call over to the Operator for questions.

現在我想將電話轉給接線員詢問問題。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）Crispin Love，Piper Sandler。

Thanks. Good morning everyone. First, can you talk about some of the opportunities that you’ve already begun to see or expect to see over the next several quarters in bridge multifamily? Have you started offering pref or mezz to borrowers in that space, and just how is that progressive or progressing? Are borrowers seeking you out, are you working with other lenders to help and do you expect this to be a key way for borrowers to get agency takeouts down the road?

謝謝。大家，早安。首先，您能談談您已經開始看到或預計在未來幾季在橋樑多戶住宅中看到的一些機會嗎？您是否已經開始向該領域的借款人提供 pref 或 mezz 服務？這進展如何？借款人是否正在尋找您？您是否正在與其他貸款機構合作提供協助？您是否認為這將成為借款人今後獲得代理商貸款的關鍵方式？

Yeah. Hey, Crispin. It’s Matt. Great question. We have started seeing both portfolio deals and individual one-off deals seeking for cash-in refinancing dollars, both on the agency and on the CRE CLO side. Borrowers are seeking money to fund replacement caps. They’re seemingly okay with being diluted, seemingly okay with the terms we’re providing in terms of risk mitigation and mezz and liens and the ability to take over the asset.

是的。嘿，克里斯平。這是馬特。很好的問題。我們已經開始看到投資組合交易和個人一次性交易都在尋求現金再融資，無論是在機構方面還是在 CRE CLO 方面。借款人正在尋求資金來資助更換上限。他們似乎同意被稀釋，也同意我們在風險緩解、中間層和留置權以及接管資產的能力方面提供的條款。

They’re being realistic as well on cap rates, so we’re getting a better debt yield than we otherwise normally would. We have $300 million of investment pipeline. I would consider this to be an additional $100 million to $150 million opportunity for us this year and they’re beginning to come more fast and furious than they were in the fourth quarter.

他們在上限利率上也很現實，因此我們獲得了比通常情況下更好的債務收益率。我們有 3 億美元的投資管道。我認為這對我們來說是今年額外 1 億至 1.5 億美元的機會，而且他們開始比第四季更快、更猛烈。

Okay. And just in this strategy of operating a pref or mezz to borrowers, I find it very interesting, but what do you view as kind of the key risks here as these borrowers are likely strapped with high LTVs and low DSCRs? So I’m curious what kind of LTVs you’re coming in at and just if there’s any risk that you think in this strategy?

好的。就這種為借款人提供優先或組件的策略而言，我覺得非常有趣，但您認為這裡的主要風險是什麼，因為這些借款人可能面臨高 LTV 和低 DSCR 的困境？所以我很好奇你們的生命週期價值是什麼，以及你們認為這個策略是否有任何風險？

Yeah. We -- I mean, we’re going to make sure that we can prime enough equity such that we can own the asset at an in-place cap rate that we think we can either sell the asset or refi into agency. Now, candidly, some of those are few and far between and we haven’t hit on one yet, but we are underwriting. We will target to be no more than probably 80% of the stack on as-is value today.

是的。我們——我的意思是，我們將確保我們能夠提供足夠的股本，以便我們能夠以適當的上限利率擁有該資產，我們認為我們可以出售該資產或重新融資給代理商。現在，坦白說，其中一些是很少見的，我們還沒有找到一個，但我們正在承保。我們的目標是不超過目前堆疊的 80%。

The structure of the investment, because of the cash flows, certainly in 2024, given supply will be challenged, we’ll probably carry a little bit more of a lower current pay. But the all-in pricing on that can still reach mid-teens.

考慮到現金流，投資結構肯定會在 2024 年，考慮到供應將受到挑戰，我們可能會承擔更多的當前較低的工資。但其總定價仍可達十幾歲左右。

So we’re selective. Again, we haven’t necessarily hit on one yet, but we are seeing opportunities come in the door on a daily basis from sponsors, from the large commercial real estate services companies, investment banks, et cetera. So we do expect to be active this year in that strategy.

所以我們是有選擇性的。再說一遍，我們還沒有找到一個機會，但我們每天都會看到來自贊助商、大型商業房地產服務公司、投資銀行等的機會。因此，我們確實預計今年將積極實施該策略。

Great. Thank you. That all makes sense, Matt. And then just one last question for me, just on the accelerated amortization of the premium with the prepayment on the senior loan you mentioned in the first quarter, which I think you expect to drive the negative EAD in the quarter. Can you give any more detail there? What drove the prepayment on that SFR loan, is there-- and is there anything out of the ordinary with that loan or borrower specifically?

偉大的。謝謝。這一切都有道理，馬特。最後一個問題是關於您在第一季度提到的優先貸款預付款的保費加速攤銷，我認為您預計這將導致本季度的負 EAD。能提供更多細節嗎？是什麼推動了該 SFR 貸款的提前還款？該貸款或借款人具體有什麼不尋常的地方嗎？

No. I wouldn’t say so. I mean, I -- they’ve been reaching out to us for several years to restructure it, and I think, they just got to a point now where they found other financing or had equity capital and were willing to prepay it. But I don’t think there’s anything, knowing that the company that had the loan, that there’s any issues with that.

不。我不會這麼說。我的意思是，我——他們多年來一直在聯繫我們進行重組，我認為，他們現在已經到了找到其他融資或擁有股本並願意提前支付的地步。但我不認為有什麼問題，因為我知道貸款的公司有任何問題。

I think I’d add to that, I think that, it’s a sign of a healthy ABS market in SFR. The sponsor is a well-heeled sponsor, very active, very well-known in the ABS space and it’s just -- it’s -- while we’re sad to see it go, it provides us with new capital and I think it’s a healthy sign for liquidity and commercial real estate in general.

我想補充一點，我認為這是 SFR ABS 市場健康的標誌。贊助商是一個富有的贊助商，非常活躍，在 ABS 領域非常知名，它只是 - 它 - 雖然我們很難過看到它消失，但它為我們提供了新的資本，我認為這對於流動性和商業房地產來說是一個健康的跡象。

Awesome. Thank you. I appreciate you all taking my questions.

驚人的。謝謝。感謝大家回答我的問題。

Thank you.

謝謝。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Hi, good morning. Congrats on a nice close to the year with the 4Q results. I'm going to make sure I get -- I want to make sure I understand the CAD as we move through the year. Matt, I think you mentioned in your comments the opportunity for a 15% to 20% growth in the next 12 months. As we think about moving through the year, does Q1 benefit from the $9 million repayment penalty and then we’ll see a drop in Q2 as you get a return capital fully redeployed. How do we think about the CAD migration through this year?

早安.恭喜第四季的業績為今年畫上了圓滿的句點。我要確保我明白——我想確保在這一年裡我理解 CAD。馬特，我認為您在評論中提到了未來 12 個月內增長 15% 至 20% 的機會。當我們考慮今年的情況時，第一季是否會從 900 萬美元的還款罰金中受益，然後我們會看到第二季的下降，因為你得到了完全重新部署的回報資本。我們如何看待今年的 CAD 遷移？

Yeah. That’s a good question. The Series B, the way we look at that is with our construction loan in the life science and the pipeline that Paul just mentioned, it’s about $0.04 to $0.05, about $0.05 per $25 million of Series B raised that’s accretive to CAD. So as we move through the year, that’s where I’m picking up that 15% to 20%, and perhaps, it could be more accretion.

是的。這是個好問題。B 輪融資，我們看待生命科學領域的建設貸款和保羅剛才提到的管道的方式，大約是 0.04 到 0.05 美元，每籌集 2500 萬美元的 B 輪融資大約 0.05 美元，這是增值的CAD。因此，當我們度過這一年時，這就是我獲得 15% 到 20% 的地方，也許，它可能會增加更多。

But your point, again, is well taken on the payoff. You will see a little bit of enhance in the first quarter and then, our job is to redeploy that in the second quarter and make sure that we’re fully funded. But again, I’m comfortable with the ability to be still being able to grow cash available for distribution while delivering a full term.

但你的觀點再次得到了很好的回報。您會在第一季看到一些增強，然後我們的工作是在第二季重新部署，並​​確保我們有充足的資金。但同樣，我對在履行整個任期的同時仍然能夠增加可用於分配的現金的能力感到滿意。

Appreciate those comments. And when you think about the new investment pipeline and redeploying that capital, given the large discounts above, how do you think about any stock repurchases? I know there’s some limits there just given the liquidity, but can you talk about how you think about the returns you’d have to see in stock repurchases versus new investments that you made?

感謝這些評論。當您考慮新的投資管道並重新部署資本時，鑑於上述大幅折扣，您如何看待股票回購？我知道考慮到流動性，存在一些限制，但是您能否談談您如何看待股票回購與新投資的回報？

Yeah. We have an obligation to fund another $175 million, $200 million of commitments to the extent that we are comfortable managing cash and funding those investments and getting other repayments and we have excess cash. It’s an absolute certainty that we’ll look to buy back stock at a -- at these levels.

是的。我們有義務再提供 1.75 億美元、2 億美元的承諾資金，只要我們能夠輕鬆管理現金、為這些投資提供資金並獲得其他還款，並且我們有多餘的現金。毫無疑問，我們將在這些水準上回購股票。

We’re going to, again, first and foremost fund what we have to fund and then with the excess capital and to the extent that our Series B preferred raise ramps, which we expected to. I like our chances to be in a position to buy back stock if we continue to trade at a discount.

我們將再次首先為我們必須提供的資金提供資金，然後用多餘的資金以及我們期望的 B 輪融資首選的融資坡道來提供資金。如果我們繼續以折扣價進行交易，我希望我們有機會回購股票。

Great. I appreciate the comment. Thanks, Matt.

偉大的。我很欣賞你的評論。謝謝，馬特。

Thanks, Stephen.

謝謝，史蒂芬。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you very much. On the SFR repayment, wasn’t there supposed to be a 20% prepayment penalty?

非常感謝。關於SFR還款，不是應該有20%的提前還款罰款嗎？

Hey, Jade. It’s Paul. Yeah. So, of course, it just matters based on yield maintenance calculations. So when rates were low back a year and a half ago and we discussed that, the prepayment penalty was a lot higher. Now that rates have traced back up to, that 5% land, the prepayment penalty was a lot less than what it was back when the rate market was a lot lower.

嘿，傑德。這是保羅。是的。因此，當然，這只是基於產量維持計算才重要。因此，當一年半前利率較低時，我們討論了這一點，提前還款罰款要高得多。現在，利率已經追溯到 5% 的土地，提前還款罰款比利率市場低得多時要少得多。

So there’s going to be a $9 million prepayment penalty, correct?

那麼將會有 900 萬美元的預付款罰金，對嗎？

That's correct.

這是正確的。

And that’s factored into the earnings, but there’s more than an offset to reverse the unamortized premium.

這已計入收益，但抵消未攤銷溢價的作用不僅僅是抵消。

That's correct.

這是正確的。

Okay. Do you know what pro forma book value should be for the reversal of the unamortized premium?

好的。您知道未攤銷溢價轉回的預計帳面價值應該是多少嗎？

Yeah. It’s around -- so the reversal of the unamortized premium, it’s about a little less than a $1 of book value.

是的。大約是 - 因此，未攤銷溢價的逆轉，大約比賬面價值 1 美元略少一些。

So we should expect book value to decline by $1?

那麼我們應該預期帳面價值會下降 1 美元嗎？

In a vacuum, if that was the only variable, yes. Of course, there could be mark-to-market movements, et cetera, on the CMBS book.

在真空中，如果這是唯一的變量，是的。當然，CMBS 帳簿上可能存在按市值計價的變動等。

Okay. Do you know to date where the mark-to-market is on CMBS?

好的。您知道 CMBS 的以市價計價的日期是多少嗎？

It’s flat to relatively up a little bit. It’s not going game busters by any means, but it’s some bonds have been doing well from mark-to-market basis, but overall up a little bit through January. So we’ll get marks in February coming up, and then, of course, in March and see how that works.

它是持平到相對上漲一點點。無論如何，這不會破壞遊戲規則，但一些債券從以市價計算的基礎上表現良好，但整個一月份略有上漲。因此，我們將在二月獲得分數，當然，然後在三月，看看效果如何。

Being active, Jade, in the CMBS and ABS markets in the first couple months of the year, we’ve seen spreads come in quite a bit as the indices rise and as more liquidity returns. So, as we sit here today, we feel like the March will be strong.

Jade，今年前幾個月在 CMBS 和 ABS 市場上表現活躍，我們看到隨著指數上漲和更多流動性回歸，價差大幅上升。因此，當我們今天坐在這裡時，我們感覺遊行將會很強大。

Okay. So that will hopefully be a partial offset to the book value impact?

好的。那麼這有望部分抵銷帳面價值的影響嗎？

Yeah. I mean, again, too, we like -- in terms of the trade-offs, we did de-leverage by $500 million, which is good.

是的。我的意思是，我們也喜歡——就權衡而言，我們確實去槓桿化了 5 億美元，這很好。

I was going through Howard Hughes’s transcript and their comments about the construction loan market really caught my attention. I mean, they basically said they’ve never seen a market like this, where even getting a multifamily loan is challenging. The banks are being told to not do office. It’s totally redlined and to pull back everywhere else. So how do you all feel about that?

我正在查看霍華德·休斯的筆錄，他們對建築貸款市場的評論確實引起了我的注意。我的意思是，他們基本上說他們從未見過這樣的市場，即使獲得多戶家庭貸款也充滿挑戰。銀行被告知不要辦公。它完全是紅線，其他地方都要撤退。那麼大家對此有何感想呢？

And on the life science sounds like it is a construction loan, based on the magnitude of future fundings and the attachment point being so low. That’s a pro forma LTC estimate. So is construction an area you’re looking to get more active in?

在生命科學領域，鑑於未來資金的規模和附著點如此之低，這聽起來像是一筆建設貸款。這是 LTC 的預估估算。那麼建築業是您希望更積極參與的領域嗎？

Yeah. I think so. I’d say two things. One is the $220 million construction loan is on a 27-acre site in Cambridge, where the sponsor is a well-heeled repeat sponsor of ours and has roughly $420 million in equity into the project. This opportunity was born out of banks pulling back, trying to syndicate the senior mortgage. We were, in fact, going to do the mezz on this loan.

是的。我想是這樣。我想說兩件事。其中之一是 2.2 億美元的建設貸款位於劍橋的一塊 27 英畝的土地上，贊助商是我們的富有的重複贊助商，並在該項目中擁有約 4.2 億美元的股本。這個機會源於銀行的撤退，試圖聯合高級抵押貸款。事實上，我們打算在這筆貸款中擔任夾層。

And so, when the banks pulled back, we just stepped in and did a senior mortgage at basically the same rate, lower detachment point, creating a pretty attractive risk return profile. The project was also already funded in terms of equity. Two of the three buildings were built. The third is about to top out. So from a risk reward, this one was a good one.

因此，當銀行撤資時，我們介入並以基本相同的利率、較低的分離點辦理了高級抵押貸款，創造了相當有吸引力的風險回報狀況。該專案也已獲得股權融資。三座建築物中的兩座已建成。第三次即將達到頂峰。因此，從風險回報來看，這是一個不錯的選擇。

Our storage platform has through the past decade, through our storage team, led by John Good, had a construction development pipeline whereby they would fund construction loans to developers of self-storage and take a profit participation interest. I would expect us to get more active in that space, as well as the multifamily space, as well.

在過去的十年裡，我們的儲存平台透過約翰古德（John Good）領導的儲存團隊擁有了一條建設開發管道，他們可以透過該管道向自助倉儲開發商提供建設貸款並獲取利潤參與利息。我希望我們在這個空間以及多戶住宅空間中更加活躍。

Because, as you mentioned-- and this bodes well for multifamily and really all property types of performance in 2025 and 2026. But over the past 9 to 18 months you -- if you’re a developer, you’re hurting and can’t find access to capital. So it is a good time, it is on our radar and we’ve already been doing it. So your bunny has a good nose.

因為，正如您所提到的，這對多戶住宅和所有房產類型在 2025 年和 2026 年的表現來說是個好兆頭。但在過去的 9 到 18 個月裡，如果您是開發商，您就會受到傷害，並且無法獲得資金。所以這是一個很好的時機，它已經在我們的關注範圍內，而且我們已經在這樣做了。所以你的兔子有一個很好的鼻子。

On the life science, is there a tenant already signed up? Because I know there’s quite a lot of supply expected to hit this year and next year.

生命科學方面，有租戶已經簽約嗎？因為我知道今年和明年預計會有大量供應。

Yeah. That’s a rumor. A lot of the supply hitting has been pushed out to '27 and '28. I think half of what was planned to deliver over the next 12 months, it won’t deliver. So if you dig into the numbers and we’re happy to share those with you. I think the supply in life sciences is fairly overstated.

是的。那是謠言。大部分供應量已推遲到 27 年和 28 年。我認為計劃在未來 12 個月內交付的產品有一半無法交付。因此，如果您深入研究這些數字，我們很樂意與您分享。我認為生命科學領域的供應被相當誇大了。

This particular project is one of the last to be developed in Cambridge before moratorium hits. And the location, the size, the ability to take full blocks of 395,000 square feet total, we expect to be very attractive. And again, it opens its COs in 2025. It’s not like this is a far out project. So, we expect leasing velocity to do very well here. But as of today, there is no tenant. But our basis is below --

這個特殊項目是暫停先前在劍橋開發的最後一個項目之一。我們預計，其位置、規模以及佔用總面積 395,000 平方英尺的整棟建築的能力將非常有吸引力。再次，它將於 2025 年開設 CO。這並不是一個遙不可及的項目。因此，我們預計租賃速度在這裡表現良好。但截至今天，還沒有租客。但我們的基礎如下--

Okay.

好的。

Our basis -- I would just add one thing, our basis is land value, so.

我們的基礎——我只想補充一件事，我們的基礎是土地價值，所以。

Okay. And then, on multifamily, lots of noise, lots of -- there’s CLO reports showing delinquencies. There’s a lot of scrutiny on some of your peers, mortgage REIT peers. But at the same time, the GSEs are showing pretty low delinquencies in their stabilized servicing portfolios that, others like Walker and Dunlop manage. So can you just give us a sense, since you’re so active even on the equity side, of what’s going on on the ground with multifamily, some of the supply challenges and yet what looks like pretty decent credit performance?

好的。然後，在多戶家庭中，有很多噪音，很多——CLO 報告顯示存在拖欠行為。您的一些同行（抵押貸款房地產投資信託同行）受到了很多審查。但同時，GSE 在其穩定的服務組合中表現出相當低的拖欠率，而 Walker 和 Dunlop 等其他公司則管理這些服務組合。既然您在股權方面也如此活躍，您能否讓我們了解一下多戶住宅的實際情況、一些供應挑戰以及看起來相當不錯的信用表現？

Yeah. You bet. I think it -- I think you got to bifurcate agency versus non-agency. And just, I guess, generally in multifamily, right now, Q2 -- Q1, Q2, Q3 is the eye of the storm, the supply storm, so to speak. And then, supply wanes throughout 2024 and into 2025, it gets -- the dynamic really flips in the landlord’s favor.

是的。你打賭。我認為——我認為你必須將代理與非代理分開。我想，一般來說，在多戶家庭中，現在，Q2 - Q1、Q2、Q3 是風暴的中心，可以說是供應風暴。然後，供應量在 2024 年和 2025 年期間逐漸減少，情況確實對房東有利。

On the ground, the CRE CLO loans, obviously, probably, lower quality collateral are hitting air pockets. Their cash flows starve. They’re almost zombie deals to the extent that there is no cash flow to fund operations or rehabs or business plans that were conducted or created a couple years ago.

從實際情況來看，CRE CLO 貸款顯然可能是品質較低的抵押品正在陷入空氣袋。他們的現金流匱乏。它們幾乎是殭屍交易，因為沒有現金流來資助幾年前進行或創建的營運、修復或商業計劃。

So those deals are challenged and I’m not going to say you can’t work through it. Multifamily is the easiest to work through. But those are where you’re seeing the most weakness. The agency portfolios, including our own, have held up a lot better, and that makes sense, right? They’re particularly better sponsors, maybe well-located, they go through a bunch of different layers of underwriting and they’re more diversified.

因此，這些交易受到了挑戰，我不會說你無法完成它。多戶家庭是最容易解決的。但這些正是您看到的最弱點。包括我們自己在內的機構投資組合表現得更好，這是有道理的，對嗎？他們是特別好的贊助商，也許地理位置優越，他們經歷了一系列不同層次的承銷，而且更加多元化。

And so I think those deals will continue to be fine and be able to be refinanced, especially as we get through the next three or four quarters, which I think things, once the Fed decides to actually pivot, that’ll ease some pressure on the system and then getting through the supply will also help. So a little bit of a rough time in the next two or three quarters, but I do think there’s light at the end of the tunnel.

因此，我認為這些交易將繼續良好，並且能夠進行再融資，特別是當我們度過接下來的三到四個季度時，我認為一旦美聯儲決定真正轉向，這將減輕一些壓力系統上然後接通電源也會有所幫助。因此，在接下來的兩到三個季度裡，會經歷一段艱難的時期，但我確實認為隧道盡頭有曙光。

Thanks a lot.

多謝。

Thanks, Jade.

謝謝，傑德。

This concludes the Q&A session of today's call. I will now turn the call back to the management team for closing remarks.

今天電話會議的問答環節到此結束。現在我將把電話轉回給管理團隊以供結束語。

I appreciate everybody's time and great questions today. And look forward to speaking again soon. Thank you.

我感謝大家今天抽出寶貴的時間並提出了很好的問題。並期待很快再次發言。謝謝。

This concludes the NexPoint Real Estate Finance fourth quarter 2023 conference call. Thank you for your participation. You may now disconnect.

NexPoint 房地產金融 2023 年第四季電話會議到此結束。感謝您的參與。您現在可以斷開連線。