Nexpoint Real Estate Finance Inc (NREF) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the NexPoint Real Estate Financial first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.

女士們，先生們，感謝你們的支持，歡迎參加 NexPoint Real Estate Financial 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

(Operator Instructions).

（操作員指令）。

I will now hand today's call over to Kristin Griffith, Investor relations. Please go ahead.

現在我將今天的電話會議交給投資人關係部的 Kristin Griffith。請繼續。

Thank you. Good day, everyone, and welcome to an Nexpoint Real Estate Finance conference call to review the company's results for the first quarter and on March 1st, 2025. On the call today are Paul Richards, Executive Vice President and Chief Financial Officer, and Matt McGraner, executive Vice President and Chief Investment Officer.

謝謝。大家好，歡迎參加 Nexpoint 房地產金融電話會議，回顧該公司 2025 年第一季和 3 月 1 日的業績。今天參加電話會議的有執行副總裁兼財務長保羅理查茲 (Paul Richards) 和執行副總裁兼首席投資長馬特麥格拉納 (Matt McGraner)。

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

提醒一下，本次電話會議將透過公司網站 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 meetings of the Private Securities Litigation Reform Act of 1,995 that are based on management's current expectations, assumptions, and beliefs.

在我們開始之前，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》會議中的前瞻性陳述，這些陳述是基於管理層當前的預期、假設和信念。

Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company's annual report on Form 10k and the company's other filings of the SEC for a more complete discussion of risks and other factors that could affect forward-looking statements.

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 10k 表年度報告和公司向美國證券交易委員會提交的其他文件，以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, and ref did not undertake any obligation to publicly update or revise any forward-looking statements.

本次電話會議所作的聲明僅代表截至今日的觀點，除非法律另有規定，否則 ref 不承擔公開更新或修改任何前瞻性聲明的義務。

The conference call also includes an analysis of non-GAAP financial measures. For a more complete discussion of these non-gap financial measures, see the company's presentation that was filed earlier today. I would now like to turn the call over to Paul Richards. Please go ahead, Paul.

電話會議還包括對非公認會計準則財務指標的分析。有關這些非差距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。現在我想把電話轉給保羅理查茲。請繼續，保羅。

Thank you.

謝謝。

Kristen, and welcome everyone joining us this morning. I'm going to briefly discuss our quarterly results, move to our balance sheet, and lastly provide guidance for the next quarter before turning it over to Matt for detailed commentary on the portfolio and the macro lending environment. Quarter one results are as follows.

克里斯汀，歡迎大家今天早上加入我們。我將簡要討論我們的季度業績，然後轉到我們的資產負債表，最後提供下一季的指導，然後交給馬特對投資組合和宏觀貸款環境進行詳細評論。第一季結果如下。

For the first quarter, we reported net income of $0.70 per diluted share compared to a net loss of $0.83 per diluted share for the first quarter of 2024.

第一季度，我們報告每股攤薄淨收入為 0.70 美元，而 2024 年第一季每股攤薄淨虧損為 0.83 美元。

The increase in net income for the quarter was due to an increase in income between the first quarter of 2025 and the first quarter of 2024. Interest income increased $23.6 million to $22 million in the first quarter of 2025 from a net loss of $1.6 million in the first quarter of 2024. The increase was driven by an uptick in interest income driven by higher rates.

本季淨收入的增加是由於 2025 年第一季至 2024 年第一季之間的收入增加。2025 年第一季度，利息收入從 2024 年第一季的 160 萬美元淨虧損增加 2,360 萬美元至 2,200 萬美元。成長的原因是利率上升導致利息收入增加。

Interest expense decreased $0.7 million in the first quarter of 2025 compared to the same period in the prior year from the deleveraging that occurred in the first quarter of 2024. Earnings available for distribution was $0.41 per diluted common share in quarter one compared to negative $0.46 per diluted share in the same period of 2024.

由於 2024 年第一季的去槓桿化，2025 年第一季的利息支出與去年同期相比減少了 70 萬美元。第一季可供分配的收益為每股稀釋普通股 0.41 美元，而 2024 年同期每股稀釋普通股為負 0.46 美元。

Cash available for distribution was $0.45 per diluted common share in quarter one compared to $0.60 per diluted common share in the same period of 2024. The increase in earnings available for distribution was driven by an increase in net income for the quarter. We paid a regular dividend of $0.50 per share in the first quarter, and the board has declared a dividend of $0.50 per share payable for the second quarter of 2025.

第一季可供分配的現金為每股稀釋普通股 0.45 美元，而 2024 年同期每股稀釋普通股 0.60 美元。可供分配收益的增加是由於本季淨收入的增加。我們在第一季支付了每股 0.50 美元的定期股息，董事會宣布 2025 年第二季的股息為每股 0.50 美元。

Our dividend in the first quarter was 0.9 times covered by cash available for distribution. Book value per share increased 1.47% from quarter four 2024 to $17.22 per diluted common share, with the increase being primarily due to unrealized gain on our preferred stock investments.

我們第一季的股利是可供分配現金覆蓋的0.9倍。每股帳面價值較 2024 年第四季成長 1.47% 至每股稀釋普通股 17.22 美元，成長主要歸因於我們優先股投資的未實現收益。

During the quarter, we funded $55 million on a life science preferred, and we purchased a $150 million CMBS IO strip with a bond equivalent yield of 7.22%. During the first quarter, we sold $1.8 million shares of our Series B cumulative redeemable preferred for net proceeds of $44.7 million.

本季度，我們為生命科學優先股注資 5,500 萬美元，並購買了 1.5 億美元的 CMBS IO 剝離，債券當量收益率為 7.22%。第一季度，我們出售了價值 180 萬美元的 B 系列累積可贖回優先股，淨收益為 4,470 萬美元。

Moving to our portfolio and balance sheet. Our portfolio is comprised of 85 investments with a total outstanding balance of $1.2 billion. Our investments are allocated across the sectors of falls. 49.4% multi-family, 31.9% life sciences, 15.6% single family rental, 1.6% storage, 0.9% specialty manufacturing, and 0.6% marina.

轉向我們的投資組合和資產負債表。我們的投資組合由 85 項投資組成，總未償餘額為 12 億美元。我們的投資分佈在各個領域。 49.4% 用於多戶住宅，31.9% 用於生命科學，15.6% 用於單戶住宅租賃，1.6% 用於倉儲，0.9% 用於專業製造，0.6% 用於碼頭。

Our portfolio is allocated across investments as follows 28.4% CMBSDPs, 24.7% mezzanine loans, 19% preferred equity investments, 12.9% revolving credit facilities, 10.4% senior loans, 4.2% IO strips, and 0.3% promissory notes.

我們的投資組合在投資中的分配如下：28.4% 的 CMBSDP、24.7% 的夾層貸款、19% 的優先股投資、12.9% 的循環信貸額度、10.4% 的優先貸款、4.2% 的 IO 剝離和 0.3% 的本票。

The assets collateralizing our investments are allocated geographically as follows 26% Massachusetts, 16% Texas. 7% California, 6% Georgia, 5% Maryland, 4% Florida, with the remaining across states with less than 4% exposure, reflecting our heavy preference for Sun Belt markets with the Massachusetts and California exposure heavily weighted towards life science.

我們投資的抵押資產按地理分佈如下：馬薩諸塞州 26%，德克薩斯州 16%。7% 的投資者在加州，6% 的投資者在喬治亞州，5% 的投資者在馬裡蘭州，4% 的投資者在佛羅裡達州，其餘各州的投資者佔比均低於 4%，這反映出我們對陽光地帶市場的偏好，其中馬薩諸塞州和加州的投資者主要關註生命科學領域。

The collateral on our portfolio is 75.2% stabilized with 58.7% loan to value and a weighted average DSDR of 1.46 times. We have $831.5 million of debt outstanding of this $433.6 million or 52.1% of short-term debt. Our weighted average cost of debt is 6% and has a weighted average maturity of 1.2 years.

我們投資組合中的抵押品穩定性為 75.2%，貸款價值比為 58.7%，加權平均 DSDR 為 1.46 倍。我們有 8.315 億美元的未償債務，其中 4.336 億美元為短期債務，佔 52.1%。我們的加權平均債務成本為 6%，加權平均期限為 1.2 年。

Our debt is collateralized by $862.8 million of collateral with a weighted average maturity of four years. Our debt-to-equity ratio is 1.33 times.

我們的債務以 8.628 億美元的抵押品作為擔保，加權平均期限為 4 年。我們的負債權益比為1.33倍。

Moving on to guidance for the second quarter, we are guiding earnings available for distribution and cash available for distribution as follows. Earnings available for distribution of $0.43 per diluted common share at the midpoint with a range of $0.38 on the low end and $0.48 on the high end.

繼續討論第二季的指導，我們指導可供分配的收益和可供分配的現金如下。可供分配的每股稀釋普通股收益中位數為 0.43 美元，最低為 0.38 美元，最高為 0.48 美元。

Cash available for distribution of $0.48 per diluted share at the midpoint with a range of $0.43 on the low end and $0.53 on the high end. Now I'd like to turn over to Matt for a detailed discussion of the portfolio and markets.

可供分配的現金中位數為每股稀釋後 0.48 美元，最低為 0.43 美元，最高為 0.53 美元。現在我想請馬特詳細討論投資組合和市場。

Thank you, Paul. And as you just mentioned, we're pleased to report another strong quarter amidst the challenging macro backdrop.

謝謝你，保羅。正如您剛才提到的，我們很高興地報告，在充滿挑戰的宏觀背景下，我們又迎來了一個強勁的季度。

I'd like to spend a few minutes this morning here discussing our verticals and what we're seeing. On the life science front, lab leasing generally continues to be challenging, particularly given the tariff and NIH funding uncertainty under the new administration.

今天早上我想花幾分鐘在這裡討論一下我們的垂直領域和我們所看到的情況。在生命科學方面，實驗室租賃總體上仍然充滿挑戰，尤其是在新政府的關稅和 NIH 資金不確定性的情況下。

This uncertainty has, in our view, delayed capital allocation decisions temporarily, but we do expect those decisions to eventually be made in the near term.

我們認為，這種不確定性暫時推遲了資本配置決策，但我們預期這些決策最終將在短期內做出。

Even amidst this uncertainty, we still see green shoots, including at our own projects, most notably our AI project. The sponsors negotiating leases now on 2/3 of the project, which they're optimistic will be inked in the second quarter. These leases would result in a 10 plus percent debt yield for again just 2/3 of the project.

即使面臨這種不確定性，我們仍然看到了復甦的跡象，包括我們自己的項目，尤其是我們的人工智慧項目。發起人目前正在就該項目 2/3 的部分進行租約談判，他們樂觀地認為該協議將在第二季簽署。這些租賃將導致僅佔該項目三分之二的債務收益率達到 10% 以上。

We also remain bullish on CGMP and advanced manufacturing assets as the reshoring of supply chain wave accelerates. Indeed, contrary to what has happened in the lab market, the new administration and its policies have catalysed many high profile announcements to build manufacturing plants on US soil, most recently by Apple, Roche, Novartis, Intel, and Lilly, to name a few.

隨著供應鏈回流浪潮的加速，我們仍然看好 CGMP 和先進製造資產。事實上，與實驗室市場的情況相反，新政府及其政策催生了許多高調宣佈在美國本土建立製造工廠的消息，最近有蘋果、羅氏、諾華、英特爾和禮來等公司宣佈在美國建立製造工廠。

We are seeing an uptick in build to suit requirements across the board from semiconductors, nutrition, and pharmaceutical manufacturing, and expect this trend to continue over the near term.

我們看到半導體、營養和製藥製造等領域的全面需求都在上升，預計這一趨勢將在短期內持續下去。

On the resi front, after a record year of absorption in 2024, 667,000 multi-family units, we saw continued strong demand in the first quarter. Nationally, over 138,000 units were absorbed, another record first quarter of leasing and demand performance. There was strength across the board, even with even Sunbelt markets capturing a vast majority of the Top10 markets for quarter one absorption.

在住宅方面，繼 2024 年創下 667,000 套多戶型住宅吸收紀錄之後，我們看到第一季需求持續強勁。全國範圍內，共吸收超過 138,000 套住房，創下第一季租賃和需求表現的新高。各大市場均表現強勁，甚至連陽光地帶市場也佔據了第一季十大市場吸收量的絕大多數。

And with tepid new starts and a worsening housing affordability picture, we believe the rental resi sector is bottomed and believe there's optimism for rental growth and increased transaction volume in the coming quarters.

由於新開工率不高以及住房負擔能力狀況惡化，我們認為租賃住宅行業已經觸底，並相信未來幾季租金將上漲，交易量將增加。

Indeed, in our owned rental portfolio, we have seen positive new lease growth across 40% of our portfolio, and that's up from just 5% in quarter four of 2024. Prospective purchasers can now underwrite positive rental growth again for the first time in many quarters, which in our view, will lead to increased liquidity and stable, if not increasing valuations. Again, our goal is to do as much as we can in the resi sector this year.

事實上，在我們擁有的租賃組合中，40% 的投資組合實現了正向新租賃成長，而 2024 年第四季這一數字僅為 5%。潛在買家現在可以在多個季度內首次再次承保正租金成長，我們認為，這將導致流動性增加和估值穩定（即使不是上升）。再次強調，我們的目標是今年在住宅領域盡我們所能。

As we said last quarter on the self-storage front, we've been able to source, underwrite, and commit to four very attractive self-storage development opportunities. These projects range from an 8.1% to 8.5% yield on cost, are geographically diversified and sponsored by a developer that we've successfully completed over $250 million of deals with.

正如我們上個季度在自助倉儲方面所說的那樣，我們已經能夠尋找、承保並承諾四個非常有吸引力的自助倉儲開發機會。這些項目的成本收益率從 8.1% 到 8.5% 不等，地理分佈廣泛，並由我們已成功與其完成超過 2.5 億美元交易的開發商贊助。

After utilizing reasonable a not leverage, we expect our returns on these assets to be approximately 18.5%.

在利用合理的槓桿後，我們預期這些資產的報酬率約為 18.5%。

In addition, we're actively marketing several equity investments to monetize this quarter and hopefully throughout the rest of the year, which would generate approximately $75 million of new equity to re lever and deploy into income producing assets. Given these assets do not earn a yield today, the potential for cat accretion resulting from our efforts is quite promising.

此外，我們正在積極推銷幾項股權投資，以便在本季度實現貨幣化，並希望在今年剩餘時間內實現貨幣化，這將產生約 7,500 萬美元的新股權，以重新利用並部署到創收資產中。鑑於這些資產目前無法產生收益，透過我們的努力實現巨額財富累積的潛力是相當可觀的。

Again, we're very pleased with the quarter, the progress on the life science side and the backdrop for residential assets over the near and intermediate term. We remain active and open for business across our key verticals and look forward to continued growth in the coming quarters. As always, I want to thank the team here for their hard work, and now we'd like to turn the call over to the operator for questions.

再次，我們對本季、生命科學方面的進展以及近期和中期住宅資產的背景感到非常滿意。我們在主要垂直領域保持活躍並開展業務，並期待未來幾季繼續成長。像往常一樣，我要感謝這裡的團隊的辛勤工作，現在我們想將電話交給接線員回答問題。

(Operator Instructions)

（操作員指示）

Your first question is from the line of Jay Ramani with KBW.

您的第一個問題來自 KBW 的 Jay Ramani。

Thank you very much. Can you comment as to what you're seeing on the credit side? There was a notable credit loss provision, wondering if that pertains to specific assets and more broadly, have you seen any impact from macro uncertainty.

非常感謝。您能否評論一下您在信用方面看到的情況？有一項值得注意的信用損失準備金，想知道這是否涉及特定資產，更廣泛地說，您是否看到宏觀不確定性的影響。

Hey Jay, yeah, great question. This is Paul. So, for the last quarter we implemented a weighted average base case and downside scenario for sea reserve. That was part of it. And then there was also a private preferred that we've had our eye on that we decided to be proactive and apply a reserve for.

嘿，傑伊，是的，很好的問題。這是保羅。因此，在上個季度，我們對海上儲備實施了加權平均基準情況和下行情境。這是其中的一部分。此外，我們還關註了一支私人優先股，並決定積極主動地為其申請儲備。

So that's where you see the uptick. Overall, still, a very low sea reserve, amongst our peers just given our credit profile and multi-family as of far and storage and our life science. But overall, I'll let Matt speak after me, but it's been a very, sturdy portfolio with, we've seen great performance overall.

這就是你看到的上升趨勢。總體而言，儘管我們的信用狀況、多戶型、儲存和生命科學在同行中處於領先地位，但我們的海上儲備仍然很低。但總的來說，我會讓馬特在我之後發言，但這是一個非常穩健的作品集，我們總體上看到了出色的表現。

On the broader question, Jay, I think, yeah, the, as I said in the prepared remarks, the life science sector, and other, I would say. A tariff-based, portions of the economy are seeing, I think, a temporary halt. We don't expect that to continue, beyond, I think the latest resolutions are planned, June or July, but there is liquidity for most assets, or most property types, including and especially on the residential front we've seen.

關於更廣泛的問題，傑伊，我認為，是的，正如我在準備好的演講中所說，我想說的是生命科學領域和其他領域。我認為，受關稅影響，部分經濟領域正面臨暫時停滯。我們預計這種情況不會持續下去，我認為最新的決議是在六月或七月計劃的，但大多數資產或大多數房地產類型都具有流動性，尤其是我們所看到的住宅方面。

Probably only increased interest tariffs aren't, really pausing anything on the residential sector. In fact, they're just making, housing affordability decisions either be delayed, causing the rental sector to be stronger, and we do really, believe this set up for residential assets over the next, two or three years is going to be pretty special. So, short term blip, but overall, no real impact.

可能只有提高利息稅才不會真正暫停住宅領域的任何行動。事實上，他們只是在推遲住房負擔能力的決定，從而導致租賃行業更加強勁，我們確實相信，未來兩三年內，住宅資產的這種設置將非常特殊。因此，這只是短期波動，但總體而言，沒有真正的影響。

And what was the breakout between the weighted average base case downside scenario and the private preferred? Was it evenly split between the two, or was it more weighted to one or the other?

加權平均基準下行情境和私人優先股之間的差異是什麼？它是在兩者之間平均分配的，還是更側重於其中之一？

It was about fifty-fifty.

大約是五五開。

Okay. And then in terms of the life science after the leasing, the positive leasing momentum you cited, what percentage leased will that project be or pre-leased will it be?

好的。那麼就租賃後的生命科學而言，您提到的積極租賃勢頭，該項目的租賃百分比或預租賃百分比是多少？

Is it a multi-tenant project or is it a single tenant? Can you give any more colour on that?

它是一個多租戶專案還是單一租戶專案？您能對此做進一步說明嗎？

Yeah, it'll be 2/3 leased and then that that income from the two, those leases for the 2/3 of the project would result in a 10, almost 11% debt yield, and it's across two tenants.

是的，2/3 會被出租，那麼從這兩個租賃中獲得的收入，即該項目 2/3 的租賃將產生 10% 到近 11% 的債務收益率，而且它涉及兩個租戶。

And how much is there left to be funded?

還有多少資金需要資助？

Left to be funded on that project.

該項目尚待資金支持。

About $40 million.

約4000萬美元。

Okay. That's NAf's commitment.

好的。這是 NAf 的承諾。

Yes, that's correct. Wow, so that's really good news because life science leasing has been extremely weak, including in that market, so it sounds like it's a pretty special asset.

是的，正確。哇，這真是個好消息，因為生命科學租賃一直非常疲軟，包括在那個市場，所以這聽起來像是一項非常特殊的資產。

It is, yeah, we agree.

是的，我們同意。

And then just broadly in the environment, what are you seeing in terms of interesting opportunities are you going to be focused on the residential space doing preferred or will you be ramping up CMBSB pieces, what's going to be the plan going forward?

那麼從大體環境來看，您看到了哪些有趣的機會呢？您是否會專注於住宅領域的優先投資，還是會加強 CMBSB 的投資力度？未來的計劃是什麼？

I think the latter two, we're going to participate and have been actively participating in the K deals with Freddie, and then on the, some of this uncertainty and delay has caused some stretch senior opportunities in the and what I would describe as the CFO or the multi-family pre-leasing deals that have, come out of the ground.

我認為後兩者，我們將參與並一直積極參與與 Freddie 的 K 交易，然後，其中一些不確定性和延遲已經導致了某些高級機會的出現，我稱之為 CFO 或多戶型預租賃交易。

They have gotten a certificate of occupancy, but they're not, prime for agency financing, but they're past their, bank life, so to speak, or their construction loan life. So we think there's a lot of interesting opportunities that we're underwriting in that in that kind of shorter term stretch senior to get these assets stabilized.

他們已經獲得了居住許可證，但他們還沒有達到獲得代理融資的最佳水平，可以說他們已經過了銀行貸款年限，或者說建築貸款年限。因此，我們認為，我們在這種短期優先承保中有很多有趣的機會，可以穩定這些資產。

And to facilitate the lease up on the resi front, we think that you can earn a $250 to $350 spread on those assets at a reasonable detachment point. So, spending a lot of time there and hope to transact on, like I said, after re leverage $150 million of those opportunities along with those four developments of self-storage, which, will take longer to materialize, but they're still really good investments.

為了促進住宅租賃，我們認為您可以在合理的分離點從這些資產中賺取 250 至 350 美元的利差。因此，我在那裡花了很多時間，希望進行交易，就像我說的，在重新利用其中的 1.5 億美元機會以及這四個自助存儲開發項目之後，雖然需要更長的時間才能實現，但它們仍然是非常好的投資。

Thanks very much.

非常感謝。

Thanks Jay.

謝謝傑伊。

(Operator Instructions)

（操作員指示）

At this time, there are no further questions. I will now have to call back over to management for closing remarks.

目前，沒有其他問題。我現在必須再次致電管理層並徵求他們的最後意見。

Thank you very much. I appreciate everyone's time, this morning and look forward to speaking to you next quarter. Thanks again. Goodbye.

非常感謝。我感謝大家今天上午的時間，並期待下個季度與大家交談。再次感謝。再見。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。現在您可以斷開線路了。