Nexpoint Real Estate Finance Inc (NREF) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Amy and I will be your conference operator for today. At this time, I would like to welcome you to the NexPoint Real Estate Finance Q2 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫艾米，我將擔任今天的會議接線生。現在，我歡迎您參加 NexPoint Real Estate Finance 2024 年第二季財報電話會議。（操作員說明）

It is now my pleasure to turn the call over to Kristen Thomas, Investor Relations. Please begin.

現在我很高興將電話轉給投資者關係部門的克里斯汀·托馬斯 (Kristen Thomas)。請開始。

Thank you. Good day everyone, and welcome to NexPoint Real Estate Finance conference call to review the company's results for the second quarter ended June 30, 2024. 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 Originations and Investments. As a reminder, this call is being webcasted through the company's website at nref.nexpoint.com.

謝謝。大家好，歡迎參加 NexPoint Real Estate Finance 電話會議，回顧該公司截至 2024 年 6 月 30 日的第二季業績。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；和保羅理查茲 (Paul Richards)，發起和投資副總裁。提醒一下，本次電話會議正在透過公司網站 nref.nexpoint.com 進行網路直播。

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 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 more a 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 10-K 表格上的年度報告以及公司向 SEC 提交的其他文件，以便更全面地討論可能影響前瞻性陳述的風險和其他因素。 。

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.

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 不承擔任何公開更新或修改任何前瞻性聲明的義務。

This conference call also includes an analysis of non-GAAP financial measures. For a more complete discussion of these non-GAAP financial measures see the company's presentation that was filed earlier today.

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. I appreciate everyone joining us today. I'm going to briefly discuss our quarterly results and then give our guidance for the next quarter, before turning it over to the team for a detailed commentary on the portfolio and the macro lending environment. Q2 results are as follows.

謝謝你，克里斯汀。我感謝今天大家加入我們。我將簡要討論我們的季度業績，然後給出下一季的指導，然後將其交給團隊以對投資組合和宏觀貸款環境進行詳細評論。第二季結果如下。

For the second quarter, we reported net income of $0.40 per diluted share compared to net income of $0.33 per diluted share for the second quarter of 2023. The increase in net income for the quarter was due to the change in net assets related to consolidated CMBS [DIEs], including the sale of CMBS BPs for a realized gain of $6.2 million.

我們報告第二季稀釋後每股淨利潤為 0.40 美元，而 2023 年第二季稀釋後每股淨利潤為 0.33 美元。本季淨利的成長是由於與合併的 CMBS [DIE] 相關的淨資產變化，包括出售 CMBS BP 以獲得 620 萬美元的已實現收益。

Net interest income increased by $2.5 million to $6.7 million in the second quarter from $4.2 million in the second quarter of 2023. The increase was driven by an increase in interest income, which was driven by higher rates as well as lower interest expense from deleveraging that occurred in the first quarter this year. Earnings available for distribution was $0.68 per diluted share in Q2 compared $0.50 per diluted share in the same period of 2023.

第二季淨利息收入從 2023 年第二季的 420 萬美元增加了 250 萬美元，達到 670 萬美元。這一增長是由利息收入增加推動的，利息收入增加是由於利率上升以及今年第一季去槓桿化帶來的利息支出下降所致。第二季可供分配的稀釋後每股收益為 0.68 美元，而 2023 年同期稀釋後每股收益為 0.50 美元。

Cash available for distribution was $0.64 per diluted share in Q2 compared to $0.53 per diluted share in the same period of 2023. The increase in earnings available for distribution was driven by the increase in net income for the quarter. We paid a regular dividend of $0.50 per share in the second quarter and the Board has declared a dividend of $0.50 per share payable for the third quarter of 2024.

第二季可分配的現金為稀釋後每股 0.64 美元，而 2023 年同期稀釋後每股為 0.53 美元。可分配收益的增加是由本季淨利潤的成長所推動的。我們在第二季支付了每股 0.50 美元的定期股息，董事會已宣布 2024 年第三季支付每股 0.50 美元的股息。

Our regular dividend in the second quarter was 1.28 times covered by cash flow available for distribution. Book value per share decreased 1.1% from Q1 2024 to $16.51 per diluted share, with the decrease being primarily due to the decrease in fair value marks on our common stock investments.

我們第二季的定期股利是可分配現金流覆蓋的1.28倍。每股帳面價值較 2024 年第一季下降 1.1%，至稀釋後每股 16.51 美元，下降的主因是我們普通股投資的公允價值標記下降。

During the quarter we funded $55.1 million on the drawable first mortgage on the life science development property in Cambridge. We originated $150 million promissory note funding $67.5 million, which yields 16.5% and purchased a $31.9 million CMBS BPs with a bond equivalent of 9.5%. During the quarter we sold 1.5 million shares of our Series B cumulative preferred or redeemable preferred for net proceeds of $32.6 million.

本季度，我們為劍橋生命科學開發財產的可提取第一筆抵押貸款提供了 5,510 萬美元。我們發行了 1.5 億美元的期票，融資 6,750 萬美元，收益率為 16.5%，併購買了 3,190 萬美元的 CMBS BP，債券等值率為 9.5%。本季度，我們出售了 150 萬股 B 系列累積優先股或可贖回優先股，淨收益為 3,260 萬美元。

Our portfolio is comprised of 85 investments with a total outstanding balance of $1.2 billion. Our investments are allocated across sectors as follows; 18.8% in single family rental, 56.9% in multifamily, 22.2% in life sciences, 1.5% in storage and 0.6% in marinas.

我們的投資組合由 85 項投資組成，未償餘額總額為 12 億美元。我們的投資在各部門的分配如下：單戶租賃佔 18.8%，多戶租賃佔 56.9%，生命科學佔 22.2%，倉儲佔 1.5%，碼頭佔 0.6%。

The fixed income portfolio is allocated across investments as follows;.11.5% Senior loans, 36.7% CMBS B-Pieces, 20.7% preferred equity investments, 19.5% mezzanine loans, 4.2% I/O strips, 1.6% MBS and 5.8% promissory notes. Assets collateralizing our investments are allocated geographically as follows; 17% in Texas, 14% in Massachusetts, 8% in California, 7% in Florida, 6% in Georgia, 4% in Maryland, with the remainder across states with less than 4% exposure reflecting our heavy preference for sunbelt markets.

固定收益投資組合在投資中的分配如下：11.5% 優先貸款、36.7% CMBS B-Pieces、20.7% 優先股權投資、19.5% 夾層貸款、4.2% I/O Strip、1.6% MBS 和 5.8% 本票。我們投資的抵押資產按地理分佈如下：德州為17%，麻州為14%，加州為8%，佛州為7%，喬治亞州為6%，馬裡蘭州為4%，其餘各州的投資比例低於4%，反映出我們對陽光地帶市場的強烈偏好。

Collateral on our portfolio is 80.3% stabilized with a 62.3% loan to value and weighted average DSCR of 1.52 times. We have $861 million debt outstanding, of this $281 million or 32.6% in short-term debt. Our weighted average cost of debt is 6.2% and has a weighted average maturity of 1.6 years. Our debt is collateralized by $1.1 billion of collateral with a weighted average maturity of 4.9 years and our debt-to-equity ratio is 1.78 times.

我們投資組合的抵押品穩定性為 80.3%，貸款價值率為 62.3%，加權平均 DSCR 為 1.52 倍。我們有 8.61 億美元的未償債務，其中 2.81 億美元為短期債務，佔 32.6%。我們的加權平均債務成本為 6.2%，加權平均期限為 1.6 年。我們的債務以 11 億美元的抵押品作為抵押，加權平均期限為 4.9 年，負債股本比率為 1.78 倍。

Moving to guidance for the second quarter, we are guiding to earnings available for distribution and cash available for distribution as follows. Earnings available for distribution is $0.50 per diluted share at the midpoint with a range of $0.45 on the low-end and $0.55 on the high-end. Cash available for distribution is $0.45 per diluted share at the midpoint with a range of $0.40 on the low end and $0.50 on the high end.

轉向第二季的指導，我們對可分配的收益和可分配的現金的指導如下。可供分配的收益中點為每股攤薄後每股 0.50 美元，低階範圍為 0.45 美元，高端範圍為 0.55 美元。可用於分配的現金中點為稀釋後每股 0.45 美元，低端範圍為 0.40 美元，高端範圍為 0.50 美元。

So with that, I'd like to turn it over to Paul for a discussion of our portfolio.

因此，我想將其交給 Paul 來討論我們的投資組合。

Thanks, Brian. The second-quarter results exhibited strong performance across each of our investment sectors. Our approach continues to center on areas where expertise in owning and operating commercial real estate provides a distinct advantage. This dual role as both owner and lender allows us to effectively leverage information to assess and identify value across the entire capital stack, aiming to deliver outside risk adjusted returns.

謝謝，布萊恩。第二季業績顯示我們每個投資領域均表現強勁。我們的方法繼續以擁有和經營商業房地產的專業知識提供明顯優勢的領域為中心。作為所有者和貸款人的雙重角色使我們能夠有效地利用資訊來評估和識別整個資本堆疊的價值，旨在提供外部風險調整後的回報。

Our investment strategy continues to focus on credit investments and assets that are stable or nearly stabilized, prioritizing careful underwriting, minimal leverage and a moderate debt basis. We also emphasize lending to reputable sponsors to consistently provide dependable value to our shareholders. In the second quarter, despite improving yet still less than ideal conditions in the commercial real estate market, we were able to deploy capital in accretive investments as well as take advantage of strong bids in the secondary bond market and recycle more seasoned bonds into other opportunities.

我們的投資策略持續專注於穩定或接近穩定的信貸投資和資產，優先考慮謹慎承銷、最低槓桿和適度的債務基礎。我們也強調向信譽良好的贊助商提供貸款，以持續為我們的股東提供可靠的價值。第二季度，儘管商業房地產市場狀況有所改善，但仍不理想，但我們能夠將資金配置到增值投資中，並利用二級債券市場的強勁出價，並將更成熟的債券回收到其他機會中。

Our loan portfolio continued to remain stable, comprising of 85 individual assets with approximately $1.2 billion in total outstanding principal. The portfolio is geographically diverse with a preference towards Sunbelt markets. From the beginning of the first quarter through today, the company has been very active in underwriting and deploying capital.

我們的貸款組合持續保持穩定，包括 85 項個人資產，未償還本金總額約為 12 億美元。該投資組合分佈在不同的地區，並且偏愛陽光地帶市場。從第一季初至今，公司承銷和資金配置一直非常積極。

During the quarter, we completed the purchase of a new issue five-year fixed Freddie Mac B-Piece investment with attractive metrics. The securitization has high 50% LTV, 1.3 x plus DSCR and a diverse geographical footprint with great sponsorships. The B-Piece will yield an all-in unlevered fixed rate of 9.5% and with utilizing reasonable leverage we expect to generate a mid-teen lever return on a strong collateral pool.

本季度，我們完成了新發行的五年期固定房地美 B-Piece 投資的購買，其指標具有吸引力。此證券化具有高達 50% 的 LTV、1.3 倍以上的 DSCR 以及廣泛的地理覆蓋範圍和大量贊助。B-Piece 將產生 9.5% 的總無槓桿固定利率，透過利用合理的槓桿，我們預計將在強大的抵押品池上產生中等的槓桿回報。

The company also funded an additional $55 million of life science senior loan which bears an interest rate of SOFR plus 900. On the disposition loan repayment side, as mentioned, we sold a bond which generated a very healthy gain which was redeployed into newly originated and accretive deals.

該公司還額外提供了 5500 萬美元的生命科學高級貸款，利率為 SOFR 加 900。在處置貸款償還方面，如上所述，我們出售了一隻債券，該債券產生了非常健康的收益，該收益被重新部署到新發起的增值交易中。

At the end of the quarter, we remain committed in maintaining a cautious approach to repo financing with the leverage standing in the 60% loan to value range and delevering our repo lines by approximately $60 million and further decreasing our overall debt-to-book value ratio to 1.78x from over 2.0x from the prior quarter. We consistently engaged in communications with our repo lending partners discussing the market conditions and the status of our finance CMBS portfolio.

到本季末，我們仍致力於對回購融資保持謹慎態度，槓桿率保持在貸款價值比60% 的範圍內，並將回購額度去槓桿化約6000 萬美元，進一步降低我們的整體債務與帳面價值比率從上一季的 2.0 倍增至 1.78 倍。我們始終與回購貸款合作夥伴進行溝通，討論市場狀況和我們的金融 CMBS 投資組合的狀況。

In summary, we are consistently identifying appealing investment opportunities across our target markets and asset classes. We are committed to meticulously evaluating these opportunities to enhance shareholder value. We have a strong confidence in the resilience of the residential sector, particularly given the current and straight climate.

總之，我們不斷在目標市場和資產類別中尋找有吸引力的投資機會。我們致力於仔細評估這些機會以提高股東價值。我們對住宅產業的彈性充滿信心，特別是考慮到當前的嚴峻情況。

Our investments in the multifamily and single family verticals are considered secure as evidenced by the historical performance and current rent versus ownership dynamic providing a long-term sector tailwind. Additionally, we continue to be very enthusiastic about our investment pipeline in the life science CDMO sector.

我們對多戶型和單戶型垂直行業的投資被認為是安全的，歷史表現和當前的租金與所有權動態提供了長期的行業順風就證明了這一點。此外，我們仍然對生命科學 CDMO 領域的投資管道充滿熱情。

To finalize 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。

I appreciate it Paul. As he just mentioned, Q2 was an active investment quarter in which we originated $200 million worth of deals across multifamily and life science verticals. The $150 million bridge loan originated during the quarter is emblematic of great opportunities in the market turn outsized, risk adjusted returns. We are seeing wonderful opportunities to make senior secured loans on new construction, redevelopment and increasingly last mile TI funding in the life sciences sector at great bases. These loans are underwriting to mid-50% LTVs with all-in mid-double-digit returns.

我很欣賞保羅。正如他剛才提到的，第二季度是一個活躍的投資季度，我們在多戶家庭和生命科學垂直領域發起了價值 2 億美元的交易。本季發放的 1.5 億美元過橋貸款象徵著市場中的巨大機會將帶來巨大的風險調整回報。我們看到了在生命科學領域為新建、再開發以及越來越多的最後一哩 TI 融資提供優先擔保貸款的絕佳機會。這些貸款承保的 LTV 為 50% 左右，總回報率為中兩位數。

The other material investments made during the quarter were in the Freddie Mac program, where multifamily credit quality and underlying performance continues to outperform expectations even in the face of record supply. Same-store NOI growth continues to improve in the residential sector broadly, with demand being quite exceptional during the first half of the year. Supply is expected to peak in the second half of the year, and I'd like to share a couple of stats from our research tracking starts and deliveries.

本季進行的其他重大投資是房地美計劃，即使面臨創紀錄的供應量，多戶家庭的信貸品質和基本業績仍繼續超出預期。住宅領域的同店 NOI 成長持續普遍改善，上半年的需求非常異常。預計供應量將在下半年達到峰值，我想分享一些我們研究追蹤啟動和交付的統計數據。

Annual starts in the multifamily sector are now at their lowest level in 10 years, approximately 280,000 units per year. The year-over-year drawdown in starts from 2023 is approximately 40%. 2Q 2024 quarterly starts came in at just 38,000 units nationally, which would represent an annual run rate of 150,000 new units or 50% of the trailing 10-year average. Trailing 12-month starts are way down from the peak across all major metros including Sunbelt markets, down anywhere from 40% to 60% versus 2020s peak.

多戶住宅領域的年度開工量目前處於 10 年來的最低水平，每年約為 28 萬套。從 2023 年開始，年減約 40%。2024 年第二季全國季開工量僅為 38,000 套，這意味著每年新開工量為 15 萬套，相當於過去 10 年平均水準的 50%。包括 Sunbelt 市場在內的所有主要大都市的過去 12 個月開工率均遠低於峰值，與 2020 年代的峰值相比下降了 40% 至 60%。

Finally, real page forecasts return to normal 2% to 4% annual organic rent growth in 2025. Meanwhile, we remain pleased with our solid Q2 results, especially on a relative basis. Our portfolio continues to perform exceptionally well and despite these short-term supply challenges in multifamily, underlying performance in multi-SFR storage and life sciences remain stable.

最後，實際頁面預測到 2025 年有機租金年增長率將恢復到 2% 至 4% 的正常水平。同時，我們對第二季的穩健業績仍然感到滿意，尤其是相對而言。我們的產品組合繼續表現出色，儘管多戶住宅面臨短期供應挑戰，但多 SFR 儲存和生命科學的基本表現仍然穩定。

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，並對公司的持續穩定和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 we'd like to turn the call over to the operator for questions.

現在我們想將電話轉給接線員詢問問題。

(Operator Instructions) Stephen Laws, Raymond James.

（操作員說明）Stephen Laws、Raymond James。

Hi. Good morning. Nice quarter. I appreciate the comments and the guidance as always. I wanted to touch base just how you think about the capital raising with the perpetual Series B, as well as the funding of the life sciences investment? Do those two things sort of match up as the drawdown matches the capital raising? And then outside of that, where do you stand on redeploying the capital that was supporting the large repayment that occurred in Q1?

你好。早安.不錯的季度。我一如既往地感謝您的評論和指導。我想了解一下您對永續 B 輪融資以及生命科學投資的融資有何看法？當回撤與籌集資金相符時，這兩件事是否相符？除此之外，您對重新部署支援第一季巨額還款的資本有何看法？

Yes. Hey Steve, and I'll start. It's Matt. Good morning. On the capital raising front with the Series B, it's actually matching up pretty well. We're raising roughly $15 million or so approximately a month in that. And that fairly matches draws of about $15 million to $20 million a month. So from a timing perspective, it's actually working out really well. And one reason why we think that, why we are forecasting guidance covering our dividend going into the second half of the year and feel good about that.

是的。嘿史蒂夫，我要開始了。是馬特。早安.在 B 輪融資方面，實際上匹配得很好。我們大約每月籌集約 1500 萬美元左右的資金。這與每月約 1500 萬至 2000 萬美元的抽獎相當。因此，從時間角度來看，它實際上效果非常好。我們這麼認為的原因之一，就是為什麼我們預測下半年的股利指引，並對此感覺良好。

And then in terms of redeploying the payback from the loan payoffs, we've largely delevered by that. And then we're reviewing several capital markets options on how best to re-lever the balance sheet and match new investments with those opportunities. But for now, the Series B is kind of making it easier and consistent for us to redeploy the capital and match fund the Cambridge loan.

然後，在重新部署貸款償還的回報方面，我們已經在很大程度上去槓桿化了。然後我們正在審查幾個資本市場選項，以了解如何最好地重新調整資產負債表並將新投資與這些機會相匹配。但就目前而言，B 輪融資讓我們更容易、更一致地重新部署資本並為劍橋貸款提供配套資金。

Great. And as a follow-up, I wanted to talk about the kind of, I hate to say transition, but a little bit of a shift in the portfolio and probably the right time in the cycle to do it. I imagine it's a little less stabilized, a little lower DSCR, but it's also seen the LTV drop a good bit. So it seems like you're looking at maybe taking advantage of financing market inefficiencies and some people that have left the sector. But can you talk about kind of where you're seeing the most attractive risk adjusted returns and kind of what's driving that focus as you put new money to work today?

偉大的。作為後續行動，我想談談我討厭說的那種轉變，但投資組合的一點轉變，以及可能是周期中進行轉變的正確時間。我想它的穩定性有點差，DSCR 有點低，但 LTV 也下降了很多。因此，您似乎正在考慮利用融資市場效率低下和一些離開該行業的人。但您能否談談您在哪些方面看到了最具吸引力的風險調整回報，以及當您今天投入新資金時，是什麼推動了這一焦點？

Yes, I mean, I think you're alluding to our activity increasing in life sciences sector and from our vantage point, it is just that. It's a retrenchment of a number of different types of lenders into the space at a time when you're really seeing not a hockey stick, but a resurgence of growth in the second quarter they had releasing of over a million square feet, 300,000 square feet in new development.

是的，我的意思是，我認為您是在暗示我們在生命科學領域的活動不斷增加，從我們的角度來看，事實就是如此。這是許多不同類型的貸款機構在該領域的緊縮，當時你真正看到的不是曲棍球棒，而是第二季度的增長復甦，他們釋放了超過 100 萬平方英尺、30 萬平方英尺的面積在新的發展中。

We're seeing some of the same things across our investments in life sciences without really any lender support. And so you have projects that were started in 2020, 2021, 2022 that raised a ton of capital. We can come in and prime that capital that's been raised and fund the last dollars to finish out some of these TIs and other warm shell components and be at a basis of $700 to $800 a square foot on projects that are finished that are worth $1,500 to $1,600 a square foot all-in with rates that are probably mispriced in a normalized environment.

我們在生命科學領域的投資中看到了一些相同的情況，但實際上沒有任何貸款人的支持。因此，有一些計畫於 2020 年、2021 年、2022 年啟動，籌集了大量資金。我們可以介入並籌集已籌集的資金，並為最後的美元提供資金以完成其中一些TI 和其他暖殼組件，並以每平方英尺700 至800 美元的價格為基礎，完成價值1,500 美元至1,500 美元的項目。

Meanwhile, on the multifamily side, you have a ton of liquidity coming into that space and spreads have dramatically come in. We just announced yesterday or two days ago with NXRT, a $1.5 billion refinancing at a borrower spread of 109 basis points over so far. So that should give you some indication as well as the Blackstone AIRC CMBS deal that's about to go off or just did. It was upsized by almost a third from $2.1 billion I think, to $2.9 billion.

同時，在多戶住宅方面，大量流動性進入該領域，利差急劇擴大。我們昨天或兩天前剛宣布與 NXRT 進行 15 億美元的再融資，迄今為止借款人利差為 109 個基點。因此，這應該會給您一些指示，以及即將進行或剛完成的 Blackstone AIRC CMBS 交易。它的規模增加了近三分之一，從我認為的 21 億美元增加到 29 億美元。

So the market is really there for certain property types right now and we want to take advantage of where it's not and have enough conviction and belief and see it on the ground. Liquidity will return probably in 2025 and certainly 2026 and we can make investments today that will bear fruit over the long term for our shareholders.

因此，目前某些房地產類型的市場確實存在，我們希望利用尚未存在的市場，並有足夠的信念和信念並實地考察。流動性可能會在 2025 年、當然在 2026 年恢復，我們現在就可以進行投資，長遠來看將為我們的股東帶來成果。

I appreciate the comments this morning, Matt. Thanks.

我很欣賞今天早上的評論，馬特。謝謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you very much. What are you seeing in terms of multifamily deal flow? Are you seeing any pickup from the agencies? And what do you think is driving their behavior this year?

非常感謝。您對多戶住宅交易流程有何看法？您看到代理有任何接送嗎？您認為是什麼推動了他們今年的行為？

I missed the second part of the question Jade, can you repeat that for me?

我錯過了問題的第二部分 Jade，你能為我重複嗎？

And what do you think is driving their behavior this year? They seem somewhat conservative on multifamily lending.

您認為是什麼推動了他們今年的行為？他們似乎對多戶家庭貸款有些保守。

Yes, I think from our perspective, it's just the deal flow. I guess the first part of your question. I'll answer the second part of the question. The deal flow is still very, very muted. Negative leverage persists. Cap rates for good quality product that agencies would typically finance are still 5% or we bid on a deal in South Florida that was 4.5% cap rate, ended up going off at a 4.5% cap rate. So leverage is still negative in most cases, which is having some impact to deal flow.

是的，我認為從我們的角度來看，這只是交易流程。我猜你問題的第一部分。我將回答問題的第二部分。交易流程仍然非常非常平靜。負槓桿持續存在。機構通常資助的優質產品的資本化率仍然為 5%，或者我們在南佛羅裡達州競標的一項資本化率為 4.5% 的交易，最終以 4.5% 的資本化率下降。因此，在大多數情況下，槓桿率仍然為負，這對交易流量產生了一些影響。

That being said, you did see the KKR-Lennar deal go off, and obviously the $20 billion worth of private equity multifamily transactions in the first quarter. So large deals are getting done. I would say individual smaller deals are still down. I think the last status was 40%, again, year over year down in transaction volume. I think it's from an agency standpoint, not that they're being overly conservative.

話雖這麼說，你確實看到了 KKR-Lennar 交易的成功，顯然還有第一季價值 200 億美元的私募股權多戶住宅交易。如此大的交易正在完成。我想說的是，個別較小的交易仍然在下降。我認為最後的情況是交易量比去年同期下降了 40%。我認為這是從機構的角度來看的，而不是他們太保守。

And Paul, I'll kick this to you after this for your comments. But it's just, there's just not a lot of products. When we went to them with our pool of multifamily loans, the $1.5 billion, they were pretty excited about the opportunity because they haven't seen the bulk, if you will.

保羅，我會在這之後把這個問題交給你徵求意見。但只是產品不多。當我們帶著 15 億美元的多戶家庭貸款去找他們時，他們對這個機會感到非常興奮，因為如果你願意的話，他們還沒有看到大部分貸款。

Paul, I don't know if you have anything to add to that.

保羅，我不知道你是否還有什麼要補充的。

Yes, I think in the past you saw a lot of 10-year fix, seven-year floats. We've been seeing new originations have been more than five-year fixed, as we close on two from this year alone. So a shorter term, but if you see treasury rates today, they're five years down to 385. And if that sticks, I think you might see some more deal flow as treasuries continue to rally. But as of right now, it seems like it's unfalling, but still a little like, as Matt pointed out, a little tight in the agency space for deal flow.

是的，我想過去你看過很多10年固定利率、7年浮動利率。我們已經看到新的起源已經修復了五年多，光是今年我們就關閉了兩個。期限較短，但如果你看看今天的國庫券利率，你會發現五年後的國債利率已降至 385。如果這種情況持續下去，我認為隨著國債繼續上漲，您可能會看到更多的交易流。但截至目前，情況似乎並未下降，但正如馬特指出的那樣，交易流的代理空間仍然有點緊張。

The NXRT refinancing that 100 to 110 basis points better.

NXRT再融資認為100到110個基點比較好。

It was 109 basis points over SOFR.

比 SOFR 高 109 個基點。

And so in your mind, when you look at the weighted average cost of capital and maybe some expectation of rate moderation, what do you think the -- how do you look at the all-in cost of capital of that debt deal?

因此，在您看來，當您考慮加權平均資本成本以及利率調整的預期時，您認為如何看待該債務交易的全部資本成本？

Well, that deal is sort of different because we have $1.250 billion of swaps at an average blend of 1.36%. So borrowing cost is just an additional 190 basis points over that. But the swaps are burning off in 2026. So for that company it's amazingly accretive in keeping flexibility on a floating rate to buy and refinance and have zero defeasance or yield maintenance penalty.

嗯，這筆交易有點不同，因為我們有 12.5 億美元的掉期，平均利率為 1.36%。因此，借貸成本僅比此多 190 個基點。但到 2026 年，互換將會消失。因此，對於該公司來說，它在保持浮動利率購買和再融資的靈活性以及零廢止或收益維持懲罰方面具有驚人的增值作用。

So that's a one off situation. But it does, I think illustrate the agencies, Freddie in particular, rolling up their sleeves, digging in and trying to come up with a bespoke solution to one of those, their select sponsors.

所以這是一次性的情況。但我認為，這確實說明了各機構，尤其是弗雷迪，捲起袖子，全力以赴，試圖為他們選定的贊助商之一提出定制的解決方案。

And more broadly, when you look at a multifamily acquisition, maybe for NXRT, you mentioned some bidding on something that sold at a 4.5. Let's say you were bidding maybe at a 5-ish. How are you looking at levered returns in that kind of situation?

更廣泛地說，當您考慮多戶住宅收購時，也許是 NXRT，您提到了以 4.5 的價格出售的東西的一些競標。假設您的出價可能是 5 左右。在這種情況下，您如何看待槓桿回報？

Yes, I mean I think it's all, it depends on who you are and in our case, we're a public company that has an implied cap rate sitting out there at 6.25. And the transaction market is still tight. The private transaction market is still tight at 5% or lower cap rate. So we have the opportunity to sell assets there and buy back stock and that's what we continue to do.

是的，我的意思是我認為這就是全部，這取決於你是誰，就我們而言，我們是一家上市公司，隱含資本化率為 6.25。而成交市場依然緊張。私募交易市場的資本化率仍然緊張，為 5% 或更低。因此，我們有機會在那裡出售資產並回購股票，而這就是我們繼續做的事情。

But in terms of underwriting new levered returns, the way that we look at it historically is try to go in plus or minus 5% cap rate and move that cap rate to a 6.5 to 7 over the course of three or four years by adding value and renovating units and then, and then deciding whether to sell or refinance.

但就承銷新的槓桿回報而言，我們歷史上看待它的方式是嘗試將資本化率提高到正負 5%，並通過增加價值在三到四年內將資本化率提高到 6.5 至 7然後翻新單位，然後決定是否出售或再融資。

Okay. And then lastly on the book value per share, do you have a post quarter or intra quarter update? How do you think it compares with quarter end book value?

好的。最後，關於每股帳面價值，您有季度後或季度內的更新嗎？您認為它與季末帳面價值相比如何？

Are you talking about from 6/30 to today or --

你是說從 6/30 到今天還是--

Yes. Just the mark-to-market impact of where book value might be if there's been an improvement based on spreads?

是的。如果利差有所改善，那麼帳面價值可能會受到以市值計價的影響嗎？

Hey, that's a great question. We are seeing more of a reflation this past month on mark to market just from treasury rates alone on our mark to market book on CMBS. So yes, you are seeing an uptick in those values. So I would say that we have clawed back some percentage points this past month just on the mark to market of those CMBS.

嘿，這是一個很好的問題。上個月，我們在 CMBS 的以市價計價帳簿上僅從國債利率來看，就看到了更多按市價計價的通貨再膨脹。所以，是的，你看到這些價值觀上升。因此，我想說，上個月我們在這些 CMBS 的市值上已經收回了一些百分點。

It's a good question, Jade. And then in addition, I wanted to mention that part of the book value decline was from our storage portfolio a bit. I think we're doing a pretty big refinancing there on some of the debt that we'll expect to accrete to value for the storage portfolio in a SASB later on in the year, probably in the third quarter, if not in the third quarter, late third quarter or early Q4. In that portfolio, I'm pleased to report is for the first time in history, given it was all development back in 2017, 2018, 2019, is now 90% stabilized, 90% leased and occupied, and is performing well. So we'd expect some reflation in that market as well.

這是個好問題，傑德。另外，我想提一下，帳面價值下降的部分原因是我們的儲存投資組合。我認為我們正在對一些債務進行相當大的再融資，我們預計這些債務將在今年晚些時候為 SASB 中的存儲投資組合增值，如果不是在第三季度，可能是在第三季度，第三季度末或第四季初。在該投資組合中，我很高興地報告這是歷史上的第一次，因為它的所有開發都是在2017 年、2018 年、2019 年進行的，現在90% 已穩定，90% 已出租和佔用，並且表現良好。因此，我們預期該市場也會出現一些通貨再膨脹。

Thank you. Just on the preferred issuance, I know that you're now excluding potential dilution from the share count, and just to reduce any confusion, how do you think of that? Do you believe that those shares would eventually be settled in cash and so it makes sense to exclude the dilution?

謝謝。就優先發行而言，我知道您現在將潛在的稀釋排除在股票數量之外，只是為了減少任何混亂，您對此有何看法？您是否認為這些股票最終會以現金結算，因此排除稀釋是有意義的嗎？

Yes, that's another good question. So there are a couple of factors of how we came to that methodology. First and foremost, there's a two-year lockout for the company to even redeem shares. The second point is there's a mechanism where only 20% of the actual outstanding prep can be redeemed per year, so there's a cap on it. So there wouldn't be any event where the full prep would be fully redeemed at any one point in time. There are also large penalties for investors to redeem. That stair steps down over time, but currently there's, I believe, an 11% penalty for investors to redeem at this point in time.

是的，這是另一個好問題。因此，我們如何得出這種方法有幾個因素。首先也是最重要的是，該公司有兩年的禁售期，甚至無法贖回股票。第二點是有一個機制，每年只能贖回實際未償還prep的20%，所以有上限。因此，不會有任何事件會在任何一個時間點完全兌換全部準備金。投資者贖回時還面臨巨額罰款。隨著時間的推移，這個階梯會逐漸下降，但我認為，目前投資者在此時贖回將面臨 11% 的罰款。

And the last point, I think that you guys have seen in NXRT, NREF all our vehicles. Our plan is never to dilute the company when we're trading below book value. It's just not helpful. And so we would look to settle in cash in the future. So that's why we came to the conclusion of using this specific share count versus a fully diluted with the Series B shares included.

最後一點，我想你們已經在 NXRT、NREF 中看到了我們所有的車輛。當我們的交易價格低於帳面價值時，我們的計劃是永遠不會稀釋公司的股權。這只是沒有幫助。因此，我們未來將尋求以現金結算。這就是為什麼我們得出的結論是使用這個特定的股票數量，而不是使用 B 系列股票進行完全稀釋。

Thanks very much. That's helpful.

非常感謝。這很有幫助。

(Operator Instructions) At this time, there are no further questions. I would like to turn the call back over to the management team for closing remarks.

（操作員說明） 此時，沒有進一步的問題。我想將電話轉回給管理團隊進行總結發言。

Thank you. Sorry, Matt, go ahead.

謝謝。抱歉，馬特，請繼續。

No, go ahead. I appreciate it. Thanks for everyone's time. We'll talk to you next quarter.

不，繼續吧。我很感激。感謝大家的時間。我們將在下個季度與您交談。

That concludes the call for today. Thank you so much. You may now disconnect.

今天的電話會議到此結束。太感謝了。您現在可以斷開連線。