Nexpoint Real Estate Finance Inc (NREF) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Real Estate Finance Q3 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫凱特，今天我將擔任你們的會議接線生。在此，我謹代表 NexPoint Real Estate Finance 2025 年第三季財報電話會議，歡迎各位參加。（操作說明）

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

現在我將把電話交給投資人關係部的克莉絲汀‧格里菲斯。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 third quarter ended September 30, 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. As a reminder, this call is being webcast through the company's website at nref.nexpoint.com.

謝謝。大家好，歡迎參加 NexPoint 房地產金融公司電話會議，本次會議將回顧該公司截至 2025 年 9 月 30 日的第三季業績。今天參加電話會議的有執行副總裁兼財務長保羅·理查茲，以及執行副總裁兼首席投資長馬特·麥格雷納。提醒各位，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 meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs.

在會議開始前，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》所界定的前瞻性陳述，這些陳述是基於管理階層目前的預期、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 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. 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.

聽眾不應過度依賴任何前瞻性陳述，建議查閱公司 10-K 表格年度報告以及公司向美國證券交易委員會提交的其他文件，以更全面地了解可能影響前瞻性陳述的風險和其他因素。本次電話會議中發表的聲明僅代表截至今日的觀點，除法律要求外，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GAAP財務指標的分析。有關這些非GAAP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 Paul Richards. Please go ahead, Paul.

現在我將把電話交給保羅理查茲。請繼續，保羅。

Thanks, 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 a detailed commentary on the portfolio and the macro lending environment.

謝謝克里斯汀，也歡迎各位今天早上加入我們。我將簡要討論一下我們的季度業績，然後介紹一下我們的資產負債表，最後，在將發言權交給 Matt 之前，我會對下一季的業績進行展望，以便他對投資組合和宏觀貸款環境進行詳細的評論。

Third quarter results are as follows: for the third quarter, we reported a net income of $1.12 per diluted share compared to net income of $0.74 per diluted share for the third quarter of 2024. The increase in net income for the quarter was due to an increase in unrealized gains on preferred stock and stock warrant investments between the third quarter 2025 and the third quarter 2024. Earnings available for distribution was $0.51 per diluted share in Q3 compared to $0.75 per diluted share in the same period of 2024.

第三季業績如下：第三季度，我們報告每股攤薄淨收入為 1.12 美元，而 2024 年第三季每股攤薄淨收入為 0.74 美元。本季淨收入的成長是由於 2025 年第三季至 2024 年第三季期間優先股和股票認股權證投資的未實現收益增加所致。第三季可供分配的每股攤薄收益為 0.51 美元，而 2024 年同期為 0.75 美元。

Cash available for distribution was $0.53 per diluted share in Q3 compared to $0.67 per diluted share in the same period of 2024. We paid a regular dividend of $0.50 per share in the third quarter, and the Board has declared a dividend of $0.50 per share payable for the fourth quarter of 2025.

第三季可供分配的現金為每股攤薄收益 0.53 美元，而 2024 年同期為每股攤薄收益 0.67 美元。我們在第三季派發了每股 0.50 美元的常規股息，董事會已宣布將於 2025 年第四季派發每股 0.50 美元的股息。

Our dividend in the third quarter was 1.06 times covered by cash available for distribution. Book value per share increased 8% from Q2 2025 to [$18.79] per diluted share, with the increase being primarily due to unrealized gain on our preferred stock investment and stock warrants.

第三季度，我們的股利支付金額為可供分配現金的 1.06 倍。2025 年第二季每股帳面價值成長 8% 至每股稀釋收益 18.79 美元，成長主要歸因於我們優先股投資和股票認股權證的未實現收益。

During the quarter, we funded $42.5 million on a life science preferred. During the quarter, the company funded $6.5 million on the loan that pays a monthly coupon of SOFR plus 900 basis points. The company sold a multifamily property for $60 million that resulted in a $3.7 million gain and raised $65.7 million in gross proceeds from the Series B preferred stock raise. On October 27, 2025, NREF announced a fourth quarter dividend of $0.50 per common share.

本季度，我們對生命科學優先股進行了 4,250 萬美元的融資。本季度，該公司為一筆貸款提供了 650 萬美元的資金，該貸款每月支付 SOFR 加 900 個基點的利息。該公司以 6,000 萬美元的價格出售了一處多戶住宅，獲利 370 萬美元，並透過 B 輪優先股融資籌集了 6,570 萬美元的總收益。2025 年 10 月 27 日，NREF 宣布第四季每股普通股派發 0.50 美元的股息。

Moving to the portfolio and balance sheet. Our portfolio is comprised of 88 investments with a total outstanding balance of $1.1 billion. Our investments are allocated across sectors as follows: 47.3% multifamily, 33.9% life sciences, 15.9% single-family rental, 1.8% storage and 1.1% marina.

接下來分析投資組合和資產負債表。我們的投資組合由 88 項投資組成，未償餘額總額為 11 億美元。我們的投資在各領域的分配情況如下：47.3% 多戶住宅，33.9% 生命科學，15.9% 單戶住宅租賃，1.8% 倉儲和 1.1% 碼頭。

Our fixed income portfolio is allocated across investments as follows: 27% CMBS B-Pieces, 26.5% mezz loans, 18.6% preferred equity investments, 12.4% revolving credit facilities, 10% senior loans, 4.2% IO strips and 1.3% promissory notes.

我們的固定收益投資組合按以下方式分配：27% CMBS B 類證券，26.5% 夾層貸款，18.6% 優先股投資，12.4% 循環信貸額度，10% 高級貸款，4.2% 不計息剝離證券和 1.3% 本票。

The assets collateralizing our investments are allocated geographically as follows: 28.1% Massachusetts, 15.5% Texas, 8% Georgia, 5.3% California, 4.2% Maryland, 4% Florida, with the remainder across states with less than 4% exposure, reflecting our heavy preference for Sunbelt markets with Massachusetts and California exposure heavily weighted towards life science. The collateral on our portfolio is 87.4% stabilized with 54.9% loan-to-value and a weighted average DSCR of 1.41 times.

我們投資的抵押資產按地域分配如下：28.1% 馬薩諸塞州，15.5% 德克薩斯州，8% 佐治亞州，5.3% 加利福尼亞州，4.2% 馬裡蘭州，4% 佛羅裡達州，其餘資產分佈在各州，這些州的持股比例低於 4%，這反映了我們對陽光地帶市場的強烈偏好，其中許多國家的持股主要集中在加州科學領域和生命科學領域。我們投資組合中的抵押品已穩定 87.4%，貸款成數為 54.9%，加權平均負債償債比率為 1.41 倍。

We have $720.9 million of debt outstanding with a weighted average cost of 5.3%. Our debt is collateralized by $633.2 million of collateral with a weighted average maturity of 3.9 years and a debt-to-equity ratio of 0.93 times. After the quarter, we paid off our $36.5 million senior unsecured notes with a new senior unsecured note offering of $45 million. The coupon on the new notes is 7.875%, a slight increase to the 7.5% notes we issued in October of 2020 when interest rates were near 0%. The new notes carry a term of 2 years with the prepayment options, providing flexibility in this declining rate environment. We're pleased with this execution and look forward to terming out the remaining senior unsecured notes in the first half of '26.

我們目前有7.209億美元的未償債務，加權平均成本為5.3%。我們的債務有 6.332 億美元的抵押品作擔保，加權平均到期期限為 3.9 年，負債權益比率為 0.93 倍。本季結束後，我們透過發行新的 4,500 萬美元優先無擔保票據償還了 3,650 萬美元優先無擔保票據。新票據的票面利率為 7.875%，比我們在 2020 年 10 月發行的 7.5% 票據略有提高，當時的利率接近 0%。新票據期限為 2 年，並提供提前還款選項，在利率下降的環境下提供了靈活性。我們對此執行感到滿意，並期待在 2026 年上半年償還剩餘的優先無擔保票據。

Lastly, we have been making great strides in our Series B preferred raise, which has almost hit the $400 million offering limit. Given the heightened demand, we are now in the process of launching a Series C preferred, which will be a $200 million offering at an 8% coupon, where we will continue to deploy capital at 400 basis point plus spreads at the cost of this capital.

最後，我們的 B 輪優先股融資取得了巨大進展，幾乎達到了 4 億美元的發行上限。鑑於市場需求旺盛，我們目前正在籌備 C 輪優先股，發行規模為 2 億美元，票面利率為 8%。我們將繼續以 400 個基點的利率加上利差來部署資本，成本為該資本本身。

Moving to guidance for the fourth quarter. We are guiding an earnings available for distribution and cash available for distribution as follows: earnings available for distribution of $0.48 per diluted share at a midpoint with a range of $0.43 on the low end and $0.53 on the high end. Cash available for distribution of $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.

接下來公佈第四季業績指引。我們預計可供分配的收益和可供分配的現金如下：每股攤薄收益中位數為 0.48 美元，範圍下限為 0.43 美元，上限為 0.53 美元。可供分配的現金為每股稀釋後0.50美元（中點），範圍為每股0.45美元至0.55美元（下限）。

Now I would like to turn it over to Matt for a detailed discussion of the portfolio and markets.

現在我想把話題交給 Matt，讓他詳細討論一下投資組合和市場狀況。

Thank you, Paul, and appreciate all the team's hard work here on the asset management and sourcing front as we close out another successful quarter. I'd like to spend a few minutes discussing what we're seeing in our key verticals and then talk about our pipeline.

謝謝保羅，也感謝團隊在資產管理和採購方面付出的辛勤努力，我們又成功完成了一個季度。我想花幾分鐘時間討論我們在關鍵垂直領域看到的情況，然後再談談我們的產品線。

On the residential front, we're close to the end of a record national new multifamily supply cycle. CoStar issued annual net deliveries having peaked at 695,000 units in the trailing 12-month period ending fourth quarter of 2024. This compares to annual net delivered units of 351,000 units on average in the prior 5 years from 2014 to 2019, and then 282,000 units on average since 2001.

在住宅方面，我們即將結束創紀錄的全國新建多戶住宅供應週期。CoStar 發布的數據顯示，截至 2024 年第四季末的過去 12 個月內，年度淨交付量達到高峰 695,000 輛。相較之下，2014 年至 2019 年的前 5 年平均每年淨交付量為 351,000 台，而自 2001 年以來的平均淨交付量為 282,000 台。

CoStar forecasts net deliveries reached 697,000 units in 2024 and expected to be 508,000 units in 2025 before falling significantly year-over-year in 2026 by 49% and then another 20% in 2027. Q3 '25 deliveries are down 17% quarter-over-quarter and it is the last quarter with more than 100,000 units delivered. An increased expectation for the third quarter deliveries is followed by a significant drop-off to Q4 2025 that is now forecasted at just 69,000 units, down 52% year-over-year and 41% quarter-over-quarter. This ushers in a start of a lengthy period where deliveries are expected to be below the long-run national average.

CoStar 預測，2024 年淨交付量將達到 697,000 輛，2025 年預計為 508,000 輛，之後在 2026 年同比大幅下降 49%，然後在 2027 年再下降 20%。2025 年第三季交車量較上季下降 17%，是交車量超過 10 萬輛的最後一季。第三季交付量的預期有所提高，但隨後到 2025 年第四季將大幅下降，目前預計僅為 69,000 輛，年減 52%，環比下降 41%。這標誌著一段較長時期的開始，預計這段期間內的貨物交付量將低於長期全國平均水平。

For 2027 and 2028 delivery forecasts have also fallen. CoStar now expects 27 deliveries of 234,000 units, which compares to a forecast from December of last year of 283,000 units or a revision down by 17% and then 230,000 units for 2028, and that compares to a prior forecast of 308,000 units, which is down 27%. On the whole, cautious optimism best fits our rental market outlook and believe 2026 will usher in a positive revenue for the first time in several years.

2027 年和 2028 年的交付預測也已下調。CoStar 目前預計交付 27 批共 234,000 台，而去年 12 月的預測為 283,000 台，下調了 17%；2028 年的預測為 230,000 台，而此前的預測為 308,000 台，下調了 27%。整體而言，謹慎樂觀最符合我們對租賃市場的展望，我們相信 2026 年將迎來幾年來首次正收益。

On the storage front, second quarter earnings for the REITs were consistent with guidance and more or less in line with sell-side estimates. Expectation is that Q3 same-store revenue will be flat year-over-year and same-store NOI will be slightly down. That is the expectation for the full year for the sector, flattish revenue and 50 to 150 basis points decline in NOI.

在倉儲方面，房地產投資信託基金第二季的收益與預期一致，也與賣方的預期基本相符。預計第三季同店營收將與去年同期持平，同店淨營業收入將略有下降。這是對全年該行業的預期，收入基本持平，淨營業收入下降 50 至 150 個基點。

The peak leasing season was again a little shorter and choppier than in the pre-COVID era. April and May were great months, and June and July were a little less great. As stated in past reports, the sector has been negatively impacted by the lack of movement in the housing sector, which is a large demand driver for self-storage.

與新冠疫情前相比，今年的租賃旺季再次略短且波動較大。四月和五月是很好的月份，六月和七月稍遜一籌。正如過去的報告所述，由於住房市場缺乏流動性，自助倉儲行業受到了負面影響，而住房市場是自助倉儲需求的主要驅動因素。

The news is a lot better on the rate front. After 8 or so quarters of falling rates with some rates down as much as 20% from COVID era highs, rates have begun to move up again. John Good, our CEO of our storage platform, attended EXR's Partners Conference last week, during which they informed us that across their 4,000 store universe, rates universally rose in each of June through September. There is a lag effect on rising rates, but this trend should provide optimism that 2026 revenue growth will be healthier than 2025 and NOI growth should resume.

利率方面的消息要好得多。在經歷了大約 8 個季度的利率下降（部分利率甚至比新冠疫情時期的高點下降了 20%）之後，利率又開始回升。我們儲存平台的執行長 John Good 上週參加了 EXR 的合作夥伴大會，會上他們告知我們，在其 4,000 家門市中，6 月至 9 月期間的儲存費率普遍上漲。利率上升存在滯後效應，但這一趨勢應該會帶來樂觀情緒，即 2026 年的收入成長將比 2025 年更健康，淨營業收入成長也將恢復。

Supply remains muted. Facilities under construction according to Yardi are less than 3% of existing supply, which is the benchmark for equilibrium. Yardi predicts that deliveries for the next couple of years could be as low as 1% of new supply, which should bring pricing power back to the industry and allow revenue and NOI growth to return to the 3% to 5% range within which it has traditionally operated.

供應依然疲軟。據 Yardi 稱，在建設施佔現有供應量的不到 3%，而現有供應量是達到平衡的基準。Yardi 預測，未來幾年的交付量可能低至新供應量的 1%，這將使定價權重新回到行業手中，並使收入和淨營業收入增長恢復到其傳統運營的 3% 至 5% 的範圍內。

Anecdotally, in talking to experienced developers, bank financing is still very difficult to find and as expensive as land continues to be expensive also. There's been continued inflation in materials costs, all of which has negatively affected prospective returns and has deterred some developers from moving forward with new supply. Interest rates continue to be much higher than they were during the 2015 to 2020 development cycle, again, supporting revenue growth into '26.

根據我與一些經驗豐富的開發商交談得知，銀行貸款仍然非常難找，而且土地價格仍然很高。材料成本持續上漲，所有這些都對預期收益產生了負面影響，並阻礙了一些開發商推進新的供應項目。利率仍然遠高於 2015 年至 2020 年發展週期期間的水平，這再次支撐了 2026 年的收入成長。

On the life science front, our Alewife project did land the flagship pioneering-backed AI and life science company, Lila Sciences on a long-term lease for 245,000 square feet with options to take more space in the future. The Lila lease stabilizes the project and gives it a powerful base from which to drive leasing momentum and catalyze a new AI cluster at the broader Alewife project. This lease creates additional capital market optionality for both NREF and the borrower as is the first of many green shoots we're seeing in our opportunistic base life science investments.

在生命科學領域，我們的 Alewife 計畫確實吸引了旗艦先鋒人工智慧和生命科學公司 Lila Sciences 簽訂了一份 245,000 平方英尺的長期租賃合同，並可選擇在未來租用更多空間。Lila 的租賃穩定了該項目，並為其提供了強大的基礎，從而推動租賃勢頭，並在更廣泛的 Alewife 項目中催生一個新的 AI 集群。這項租賃為 NREF 和借款人創造了額外的資本市場選擇權，這是我們在機會主義基礎生命科學投資中看到的眾多積極跡像中的第一個。

I'm also very pleased with our pipeline today and menu of capital options available to us to capitalize on these opportunities. Today, the pipeline consists of over $350 million of investments in $120 million of multifamily, $75 million of BTR, $45 million of small bay industrial storage and $80 million of life sciences and advanced manufacturing loans.

我對我們目前的專案儲備以及可用於把握這些機會的各種資金選擇方案感到非常滿意。目前，該項目儲備金超過 3.5 億美元，其中包括 1.2 億美元的多戶住宅投資、7,500 萬美元的租賃住宅投資、4,500 萬美元的小型工業倉儲投資以及 8,000 萬美元的生命科學和先進製造業貸款。

In closing, our underlying credit profile -- portfolio remains very strong at top of the commercial mortgage REIT sector. Moreover, we continue to have some of the lowest leverage profile of any commercial mortgage REIT, which allows us a variety of capital options to pursue accretive growth to fund our exciting pipeline of investments.

最後，我們的基本信用狀況－投資組合依然非常強勁，在商業抵押貸款 REIT 領域名列前茅。此外，我們仍然是商業抵押貸款 REIT 中槓桿率最低的群體之一，這使我們能夠擁有多種資本選擇，以追求增值成長，為我們令人興奮的投資項目提供資金。

Given our healthy dividend coverage, very low leverage, stable book value and capital options available to us, you can expect that we will also buy back stock opportunistically while pursuing these new investments. Indeed, we're excited about our growth in particular and cautiously optimistic about the overall market dynamics going into 2026.

鑑於我們健康的股利覆蓋率、極低的槓桿率、穩定的帳面價值以及我們可用的資本選擇，您可以預期，在進行這些新投資的同時，我們也會擇機回購股票。的確，我們對自身的成長感到興奮，並對2026年的整體市場動態持謹慎樂觀態度。

As always, I want to thank this team for their hard work. And now we'd like to turn the call over to the operator to take your questions.

和往常一樣，我要感謝團隊的辛勤付出。現在我們把電話交給接線員，由他來回答您的問題。

(Operator Instruction).

（操作說明）

Jason Sabshon, KBW.

Jason Sabshon，KBW。

Thanks for taking my question and good morning. It would be helpful to hear just your updated view on the life science sector. We're seeing soft tenant demand and oversupply in some markets. And then specifically, as it relates to NREF's exposure, just your thoughts there. And if there's any color you can provide on leasing at the asset, that would be helpful.

感謝您回答我的問題，早安。如果您能聽聽您對生命科學領域的最新看法，那就太好了。我們看到一些市場出現租戶需求疲軟和供應過剩的情況。然後，具體來說，就 NREF 的曝光而言，您有什麼想法？如果您能提供一些關於該資產租賃方面的信息，那就太好了。

Yeah, you bet. I think that the good news about our life sciences book is we didn't start making life science loans until 2024. Most of the distress within the sector was for projects that were capitalized shortly after COVID during the extreme liquidity that was there and all the rage.

當然。我認為我們生命科學書籍的好消息是我們直到 2024 年才開始發放生命科學貸款。該行業的大部分困境都源於新冠疫情爆發後不久，在流動性極強、風靡一時的情況下籌集資金的項目。

Where you do see weakness, like, for example, in Alexandria's reports is more or less in their -- and they said this, their core -- or excuse me, their B assets in their noncore markets. Where they are showing strength in leasing and having good tenant demand is in the gateway markets of San Diego, San Francisco and their master planned communities or campuses in Cambridge and Boston. And that's where our exposure is.

例如，在亞歷山大的報告中，我們可以看到一些弱點，這些弱點或多或少在於他們的——他們說，他們的核心資產——或者抱歉，他們的非核心市場的 B 類資產。他們在聖地牙哥、舊金山等門戶市場以及劍橋和波士頓的整體規劃社區或園區，租賃業務表現強勁，租戶需求旺盛。這就是我們面臨的風險所在。

We're highly focused on first-to-fill assets, including the Alewife project, which again is roughly a 30% loan to cost. And that's the majority of our life sciences exposure. The good news is this first lease with Lila backed by Mag 7 style investors is going to create the cluster, if you will, at the project. We're already getting more looks at the project for leasing.

我們非常關注率先投入使用的資產，包括 Alewife 項目，該項目的貸款成本比約為 30%。這就是我們接觸生命科學的大部分。好消息是，Lila 與 Mag 7 式投資者簽訂的首份租賃協議，將在該專案中形成群聚效應。我們已經開始更專注於該專案的租賃事宜。

And as the project stabilized being two-thirds now occupied and the tenant taking space towards the end of the year, we can do a number of things to take advantage of the liquidity that the lease provides. We could A note it, we can be refi out. We could sell the loan given that it's SOFR 900, which is mispriced now at a stabilized life science project.

隨著工程逐漸穩定，目前已有三分之二的面積被佔用，租戶將在年底前入駐，我們可以採取一些措施來利用租賃合約提供的流動性。我們可以記下來，我們可以進行再融資。鑑於該貸款的利率為 SOFR 900，而目前對於一個穩定的生命科學項目而言，該利率定價錯誤，我們可以出售該貸款。

So I think this lease just solidifies our precision-based investments, taking advantage opportunistically at a time when there was no liquidity in the space and very proud to see that the first of -- kind of one of the first investments that we made in life science is bearing fruit for the company and the shareholders.

所以我認為這份租賃合約鞏固了我們基於精準的投資，在當時該領域缺乏流動性的情況下抓住了機會，我非常自豪地看到，我們在生命科學領域進行的首批投資之一正在為公司和股東帶來成果。

Great. And then just to shift to multifamily. Now pretty clear from your remarks that you see the supply backdrop as improving. So -- but at the same time, we have seen some pressure in the bridge lending space.

偉大的。然後就轉向多戶住宅。從你的演講中可以很明顯地看出，你認為供應環境正在改善。所以——但同時，我們也看到過橋貸款領域面臨一些壓力。

So I guess as it turns -- as it relates to deployment, where would you preference deploying capital into senior loans versus mezzanine or preferred versus equity ownership? And kind of just your view on some of the softness that we've seen in the bridge space? Thank you.

所以我想說的是——就資金部署而言，您會更傾向於將資金部署到優先貸款還是夾層貸款，或者優先股還是股權所有權？那麼，您對我們在橋樑領域看到的一些柔化趨勢有什麼看法呢？謝謝。

Yeah, you bet. I think most of the softness in the bridge space was the floating rate bridge loans that were originated in '21, '22 with two-, three-year maturities that can't be refied out today. So there's been a lot of folks extending and pretending, which I think is the right -- which is the right thing to do as my comments, my prepared remarks stated. There is light at the end of the tunnel. It's not a question of if, it's just when.

當然。我認為過橋貸款市場的大部分疲軟是由於 2021 年、2022 年發放的浮動利率過橋貸款，這些貸款的期限為兩到三年，現在無法進行調整。所以很多人都在推擠和假裝，我認為這是正確的——正如我的評論、我準備好的發言稿中所述，這是應該做的。隧道盡頭有光亮。這不是會不會發生的問題，而是何時發生的問題。

In the recent months, August and September across the multifamily sector were a little bit weaker than expected, but there is now new lease growth inflecting across most of the major top 50 MSAs. Particularly, you're starting to see new lease growth inflecting in the markets where supply is always constrained, such as San Francisco, New York and Chicago.

近幾個月來，8 月和 9 月多戶住宅市場表現略低於預期，但目前前 50 大都會統計區 (MSA) 的大多數主要市場都出現了新租賃成長。尤其是在舊金山、紐約和芝加哥等供應始終受限的市場，新租賃成長開始出現轉機。

Sunbelt is still tough, but there's infinite job growth demand for multifamily in the Sunbelt Smile. It will take a little bit longer to work its way through the system into, I think, the second quarter, third quarter of 2026, where we believe we'll start seeing new lease growth inflect higher in the Sunbelt market. So that's the reason for optimism.

陽光地帶的市場依然充滿挑戰，但陽光地帶對多戶住宅的需求卻有無限的成長空間。我認為這需要更長的時間才能在系統中體現，我認為要到 2026 年第二季或第三季度，我們才會開始看到陽光地帶市場的新租賃成長出現上升趨勢。這就是樂觀的理由。

And if you do have a bridge loan and you can wait it out, whether you're a borrower or a lender, you want to give yourself the opportunity to take advantage of that new lease growth. So there is a little bit of pressure, but I think it's workable. It's not -- this is an office or hotel or anything with extreme heavy CapEx. The multifamily and the residential market will correct. It's dramatically undersupplied.

如果你有一筆過渡貸款，而且你可以等到還款期結束，無論你是藉款人還是貸款人，你都應該給自己一個機會，利用新的租賃成長。所以確實有點壓力，但我認為這是可以克服的。不是的——這裡不是辦公大樓，也不是飯店，更不是任何需要巨額資本支出的項目。多戶住宅和獨立住宅市場將會調整。供應嚴重不足。

And then once you do see new lease growth come and inflect next year, capital will follow. Equity cost of capital will become key again, and I expect transaction volumes to pick up dramatically in 2026. So you're right, it's still a little bit tough, but there are reasons for Supreme optimism going forward.

一旦明年出現新的租賃成長並產生影響，資本就會隨之而來。股權資本成本將再次成為關鍵因素，我預計 2026 年交易量將大幅成長。所以你說得對，現在還是有點難，但未來還是有理由保持樂觀的。

Great, thank you.

太好了，謝謝。

Thank You.

謝謝。

I will now turn the call back to management team for closing remarks.

現在我將把電話轉回給管理團隊，請他們作總結發言。

Thank you all for your participation today, and look forward to speaking next quarter. Thanks again here for the team at NexPoint, and good day.

感謝各位今日的參與，期待下季與大家交流。再次感謝NexPoint團隊，祝您今天愉快。

Ladies and gentlemen, that includes today's call. You may know disconnect. Thank you and have a great day.

女士們、先生們，這其中也包括今天的電話會議。您可能知道斷開連線。謝謝，祝您今天過得愉快。