NexPoint Real Estate Finance, Inc. (NREF) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the NexPoint Real Estate Finance quarter two 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 NexPoint Real Estate Finance 2026 年第二季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to Kristen Griffith, Investor Relations. Kristen, please go ahead.

現在我將把會議交給投資人關係部的 Kristen Griffith。Kristen，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, 2026. On the call today are Paul Richards, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Bonner McDermett, Vice President, Asset and Investment Management.

謝謝。各位日安，歡迎參加 NexPoint Real Estate Finance 的電話會議，回顧公司截至 2026 年 6 月 30 日止第二季的營運結果。今天與會者包括：執行副總裁兼財務長 Paul Richards；執行副總裁兼投資長 Matt McGraner；以及資產與投資管理副總裁 Bonner McDermett。

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

提醒各位，本次電話會議將透過公司網站 nxrt.nexpoint.com 進行網路直播。在開始之前，我想提醒各位，本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，該等陳述係基於管理層目前的預期、假設與信念。

Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company's most recent 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 any forward-looking statements. The statements made during this conference call speak only as of today's date, and except as required by law, NXRT 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，並建議查閱公司最新的 Form 10-K 年度報告以及公司向美國證券交易委員會（SEC）提交的其他文件，以更完整了解可能影響任何前瞻性陳述的風險及其他因素。本次電話會議中的陳述僅截至今日有效；除法律要求外，NXRT 不承擔公開更新或修訂任何前瞻性陳述的義務。

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 earnings release that was filed earlier today.

本次電話會議亦包含對非 GAAP 財務衡量指標的分析。關於這些非 GAAP 財務衡量指標的更完整說明，請參閱公司於今日稍早提交的財報新聞稿。

I would now like to turn the call over to Paul Richards. Please go ahead, Paul.

現在我想把電話交給 Paul Richards。Paul，請開始。

Thanks, Kristen, and good morning, everyone. I'll walk through our quarterly results, cover the balance sheet, and provide guidance for Q3 before turning it over to Matt for a deeper dive on the portfolio and macro lending environment.

謝謝你，Kristen，各位早安。我將說明本季業績、回顧資產負債表，並在交給 Matt 之前提供第三季指引，讓他更深入解析投資組合以及宏觀放貸環境。

For the second quarter, we reported a net income of $0.29 per diluted share compared to $0.54 for Q2 2025. The earnings available for distribution was $0.46 per diluted share in Q2 compared to $0.43 per diluted share in the same period of 2025. Cash available for distribution was $0.58 per diluted share in Q2, compared to $0.46 per diluted share in the same period of 2025. We paid a regular dividend of $0.50 per share in the second quarter, which was 1.16 times covered by cash available for distribution.

第二季我們每股稀釋後淨利為 0.29 美元，對比 2025 年第二季的 0.54 美元。第二季每股稀釋後可供分配盈餘為 0.46 美元，對比 2025 年同期的 0.43 美元。第二季每股稀釋後可供分配現金為 0.58 美元，對比 2025 年同期的 0.46 美元。我們在第二季支付每股 0.50 美元的例行股利，該股利以可供分配現金計算之覆蓋倍數為 1.16 倍。

On July 27, 2026, the Board declared a dividend of $0.50 per share payable for the third quarter of 2026. Book value per diluted share decreased by 1.9% from Q1 2026 to $18.60 per diluted share, primarily driven by a small unrealized loss on our stock warrant portfolio.

2026 年 7 月 27 日，董事會宣告 2026 年第三季每股 0.50 美元的股利。每股稀釋後帳面價值自 2026 年第一季下降 1.9% 至每股 18.60 美元，主要係由於我們股票認股權證投資組合出現小幅未實現損失所致。

Turning to new investments during the quarter. We have continued to originate new investments across our target asset classes, funded through a combination of retained operating cash flow, proceeds from our Series C preferred offering, and additional capacity under our secured financing facilities, reflecting our continued ability to identify and execute attractive opportunities that drives returns for our shareholders.

接著談本季的新投資。我們持續在目標資產類別中承作新投資，資金來源包括保留的營運現金流、Series C 優先股發行所得款項，以及我們擔保融資額度下的新增可用額度，反映我們持續辨識並執行具吸引力機會的能力，為股東帶來報酬。

We funded a $20.2 million preferred equity investment in a multifamily property that pays a monthly coupon of 14%, a $42.6 million mezzanine loan secured by a life science property at a 14% coupon, and funded an additional $31.9 million on other existing commitments in the quarter.

我們完成一筆 2,020 萬美元的多戶住宅不動產優先股權投資，按月支付 14% 的票息；一筆 4,260 萬美元、以生命科學不動產作擔保且票息為 14% 的夾層貸款；並於本季就其他既有承諾額外撥款 3,190 萬美元。

I want to highlight what remains in our view the most important development year-to-date. We closed a $375 million drawable term loan facility with Mizuho Capital Markets, which we used to repay our $180 million, 5.75% senior unsecured notes at their May 1 maturity. As of today, there is $362.2 million outstanding on the facility. Concurrently, we entered into a TRS, or total return swap, with Mizuho, which reduces the effect of our net interest costs to SOFR plus 2.45%.

我想強調我們認為截至目前為止最重要的一項進展。我們與瑞穗資本市場（Mizuho Capital Markets）完成一項 3.75 億美元可動用的定期貸款融資額度，並用以償還我們於 5 月 1 日到期的 1.80 億美元、票面利率 5.75% 的高級無擔保票據。截至今日，該融資額度項下未償餘額為 3.622 億美元。同時，我們與瑞穗簽訂 TRS（total return swap，總報酬交換），將我們淨利息成本的影響降低至 SOFR 加 2.45%。

The transaction removed the largest near-term liability overhang on our balance sheet and replaced fixed-rate unsecured debt with a floating-rate asset-based financing structure that better aligns with our preference to have additional balance sheet flexibility in terms of prepayment ability and provides a back-leveraged solution to enhance returns on new investments. Combined with the $22.6 million we raised in our Series C preferred, we head into the back half of 2026 with what we believe to be one of the cleanest, most flexible capital structures in the commercial mortgage REIT sector.

此交易移除了我們資產負債表上近期最大的負債壓力，並以浮動利率、以資產為基礎的融資架構取代固定利率無擔保負債，更符合我們偏好在提前償還能力方面具備更高資產負債表彈性的方向，並提供一種後槓桿（back-leveraged）解決方案，以提升新投資的報酬。再加上我們透過 Series C 優先股募集的 2,260 萬美元資金，我們進入 2026 年下半年時，擁有我們認為在商用抵押貸款 REIT 產業中最乾淨、最具彈性的資本結構之一。

Moving to the portfolio and balance sheet, our portfolio is comprised of 85 investments with a total outstanding balance of $1.1 billion. Our investments are allocated across sectors are as follows: 39.4% life sciences, 37.6% multifamily, 15.1% single-family rental, 4.2% storage, 2.1% industrial, and 1.6% marina. Our fixed income portfolio is allocated across investments as follows: 27.8% preferred equity investments, 24.9% mezz loans, 17.5% CMBS B-Pieces, 17.3% revolving credit facilities, 6.2% senior loans, 4% IO strips, and 2.2% promissory notes.

談到投資組合與資產負債表，我們的投資組合包含 85 項投資，未償總額為 11 億美元。我們的投資按產業別配置如下：生命科學 39.4%、多戶住宅 37.6%、單戶出租住宅 15.1%、倉儲 4.2%、工業 2.1%、碼頭（marina）1.6%。我們的固定收益投資組合按投資類型配置如下：優先股權投資 27.8%、夾層貸款 24.9%、CMBS B-Pieces 17.5%、循環信用融資 17.3%、高級貸款 6.2%、IO strips 4%、本票（promissory notes）2.2%。

The assets collateralizing our investments are allocated geographically as follows: 31.2% Massachusetts, 16% Texas, 6% Florida, 4.6% Georgia, 5.2% California, 4.7% Maryland, with the remainder across states with less than 4% exposure, reflecting our heavy preference to Sunbelt markets, with Massachusetts and California exposure heavily weighted towards life science.

作為我們投資之擔保品的資產，其地理分布如下：麻薩諸塞州 31.2%、德州 16%、佛羅里達州 6%、喬治亞州 4.6%、加州 5.2%、馬里蘭州 4.7%，其餘分布於各州且單一州曝險低於 4%；這反映我們對陽光帶（Sunbelt）市場的高度偏好，而麻薩諸塞州與加州的曝險則主要集中於生命科學。

The collateral in our portfolio is 80.3% stabilized, with a 63.4% loan-to-value and a weighted average DSCR of 1.39 times. We have $836.6 million of debt outstanding with a weighted average cost of 6.3% that has a weighted average maturity of 2.6 years. Our secured debt is collateralized by $1.4 billion of collateral with a weighted average maturity of 2.7 years and a debt-to-equity ratio of 0.88 times.

我們投資組合中的擔保品有 80.3% 已穩定營運，貸款價值比（LTV）為 63.4%，加權平均債務償付覆蓋率（DSCR）為 1.39 倍。我們未償債務為 8.366 億美元，加權平均成本為 6.3%，加權平均到期年限為 2.6 年。我們的擔保債務以 14 億美元的擔保品作抵押，加權平均到期年限為 2.7 年，負債對股東權益比率為 0.88 倍。

Moving to guidance for the third quarter. Earnings available for distribution, $0.43 per diluted share at the midpoint with a range of $0.38 on the low end and $0.48 on the high end. Cash available for distribution, $0.55 per diluted share at the midpoint with a range of $0.50 on the low end and $0.60 on the high end.

接著談第三季的指引。可供分配之盈餘（Earnings available for distribution）以稀釋後每股 0.43 美元為中位數，區間為低端 0.38 美元、高端 0.48 美元。可供分配之現金（Cash available for distribution）以稀釋後每股 0.55 美元為中位數，區間為低端 0.50 美元、高端 0.60 美元。

And with that, I'd like to turn it over to Matt for a detailed discussion of the portfolio and the current market environment. Matt?

接下來，我想把時間交給 Matt，請他就投資組合與目前市場環境做更詳細的說明。Matt？

Thanks, Paul. Another great quarter of consistent, solid execution, so appreciate it. The underlying recurring earnings power of the portfolio is continuing to tick up while we operate at the top of the commercial mortgage peer group on credit.

謝謝，Paul。又是一個持續且穩健執行的優異季度，感謝大家。在我們於信用表現上位居商用房貸同業群前段班的同時，投資組合的基礎經常性獲利能力仍在持續提升。

Now on to our verticals. As Paul noted, residential remains our largest exposure between SFR and multifamily. We believe residential fundamentals are turning and remain constructive. Blended lease trade-outs across our owned residential assets progressed from -1.7% in April to -1.2% in May, to -50 basis points in June and turned plus 30 basis points in July. That's the first positive blended print since early 2025. And new lease trade-outs remain the drag, but renewals have been holding up well.

接著談我們的各垂直領域。如 Paul 所提，住宅在 SFR（單戶出租）與多戶住宅之間仍是我們最大的曝險。我們認為住宅基本面正在轉向，且仍具建設性。我們自有住宅資產的混合租約換租（blended lease trade-outs）從 4 月的 -1.7%，改善至 5 月的 -1.2%，6 月為 -50 個基點，並在 7 月轉為 +30 個基點。這是自 2025 年初以來首次出現正向的混合數據。新租約換租仍是拖累來源，但續租表現維持得相當不錯。

The 2021 and 2022 vintage loans are where the compression risk still sits. And as you know, we did very little originations during this period. Net deliveries peaked at approximately 695,000 units in the trailing 12 months ending Q4 2024 against roughly 282,000 units of average annual delivery since 2001. CoStar forecasts 2026 deliveries down approximately 49% from 2025 with another 20% decline in 2027, and starts are running approximately 70% below the 2022 peak. Supply is what broke pricing power in 2024 and 2025, and supply is what is going to return it.

2021 與 2022 年批次（vintage）的貸款仍是壓縮風險所在。而如各位所知，我們在那段期間的放款起案（originations）非常少。截至 2024 年第四季止的過去 12 個月，淨交付量（net deliveries）高峰約為 695,000 戶，相較自 2001 年以來平均每年約 282,000 戶的交付量。CoStar 預測 2026 年交付量將較 2025 年下降約 49%，2027 年再下降 20%，而新開工量（starts）目前約較 2022 年高峰低 70%。供給是 2024 與 2025 年削弱定價能力的原因，而供給也將是讓定價能力回歸的關鍵。

The structural backdrop has not changed. The cost to own in our markets remains roughly 3 times the cost to rent, and there's no reasonable mortgage rate path that closes that gap quickly.

結構性背景並未改變。在我們的市場中，購屋成本仍約為租屋成本的 3 倍，而且沒有任何合理的房貸利率路徑能在短期內快速縮小這個差距。

Now on to life science. Alewife is now tracking to be 85% leased, up from 71% leased, anchored by Lila Sciences on a long-term lease for 245,000 square feet with expansion options. While Lila indeed does keep expanding their plan and programming at the asset, obviously a great sign and accretive to our collateral.

接著談生命科學。Alewife 目前的出租率預計可達 85%，高於先前的 71%；主要由 Lila Sciences 以長期租約承租 245,000 平方英尺並附帶擴租選擇權作為錨定租戶。Lila 的確持續在該資產擴大其規劃與配置，這顯然是非常好的訊號，也能提升我們擔保品的增益性（accretive）。

The demand funnel for our life science collateral has widened materially because of AI and not in spite of it. AI companies need the same purpose-built infrastructure traditional lab tenants need, that is, power density, cooling capacity, structural floor loads, ventilation, vibration and vibration tolerances. They cannot retrofit older converted assets at any rent.

由於 AI 的推動，我們生命科學擔保品的需求漏斗已顯著擴大，而不是被 AI 排擠。AI 公司需要與傳統實驗室租戶相同的專用基礎設施，也就是電力密度、冷卻能力、結構樓板載重、通風、振動以及振動容忍度。他們無法在任何租金水準下，將較老的改造型資產回頭翻修成符合需求的空間。

Alewife has the bones. It's in the right submarket, adjacent to MIT and the broader Cambridge cluster. Our exposure here is not a generic bet on the sector. It's a concentrated bet on first-to-fill, infrastructure-grade assets in elite educational districts that are now also AI corridors. The credit profile is improving as the tenant universe widens.

Alewife 的骨架條件具備。它位於正確的次市場，緊鄰 MIT 與更大的劍橋聚落。我們在此的曝險並非對整個產業的泛泛押注。這是一個集中押注：在頂尖教育區、同時也正成為 AI 走廊的地帶，投向最先被填滿（first-to-fill）、具備基礎設施等級（infrastructure-grade）的資產。隨著租戶群擴大，信用輪廓正在改善。

On to self-storage. Our NSP portfolio continues to outperform with occupancy in the low 90s, and with rent growth and NOI materially ahead of the sector.

接著談自助倉儲（self-storage）。我們的 NSP 投資組合持續優於同業，入住率維持在 90% 出頭，且租金成長與 NOI（淨營運收益）明顯領先整體產業。

On the upcoming pipeline, in April, we walked through $190 million-plus of NREF investment across 11 active deals and $225 million-plus of structured product -- credit opportunities. And as Paul mentioned, we successfully closed in excess of $70 million of this pipeline during the quarter. The pipeline's blended return profile remains well in excess of our cost of capital on the TRS facility. And even with the move higher in the forward curve, pricing power remains with disciplined solution capital providers.

關於即將到來的案源（pipeline），4 月時我們說明了 NREF 在 11 筆進行中交易上的投資合計超過 1.90 億美元，以及結構型產品（structured product）—信用機會—合計超過 2.25 億美元。如 Paul 所提，我們在本季成功完成並結案（closed）其中超過 7,000 萬美元。該案源的混合報酬輪廓仍明顯高於我們在 TRS 額度（facility）上的資金成本。即便遠期曲線上移，定價能力仍掌握在紀律嚴謹的解決方案型資本提供者手中。

To close and summarize, earnings are ahead of guidance we gave in April. Credit continues to hold well. The April pipeline converted into funded assets at double-digit coupons, a residential supply trough that is now visible in operating data rather than forecast, life science collateral that keeps de-risking, storage is bottoming, and a balance sheet purpose-built for exactly the rate environment we are in.

最後做個結語與摘要：獲利表現優於我們 4 月給出的指引。信用狀況持續維持良好。4 月的案源已轉化為以兩位數票息（double-digit coupons）計價的已撥款資產；住宅供給的谷底如今已在營運數據中可見，而不僅是預測；生命科學擔保品持續去風險化；倉儲正在觸底；而我們的資產負債表是為我們目前所處的利率環境量身打造。

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

一如往常，我要感謝團隊的辛勤付出；接下來我們把電話會議交給各位提問。

(Operator Instructions)

（接線員指示）

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good morning. I appreciate you taking my question. First, on the portfolio makeup side, life sciences, I think it's now nearly 40%, exceeds multifamily, I think, for the first time for you guys. So, when you take a longer-term horizon lookout, how do you think about portfolio sizing with regards to multifamily and life sciences, where those could trend directionally, especially with the AI theme, but also kind of positive themes across multi as well as you look at the next several quarters and years.

謝謝。早安。感謝讓我提問。首先，就投資組合結構而言，生命科學我想現在接近 40%，我認為這是你們首次超過多戶住宅。因此，若以較長期的視角來看，你們如何思考多戶住宅與生命科學在投資組合中的配置規模，以及它們可能的方向性趨勢？尤其是在 AI 主題之下，同時多戶住宅也有一些正向主題；展望未來幾季與未來幾年，你們怎麼看？

Yes, that's a great question, Crispin, and one that we talk about often. I think in a normalized environment, we'd probably like to keep life sciences to be about a one-third -- or I'd say life science and advanced manufacturing, kind of biomanufacturing, those type of assets in around one-third of the pie chart. Obviously, in the recent kind of 12 to 18 months, Alewife is a one-off, pretty special opportunity that we were able to take advantage of.

是的，這是個很好的問題，Crispin，也是我們經常討論的議題。我認為在正常化的環境下，我們大概會希望生命科學約占三分之一——或者我會說生命科學與先進製造（advanced manufacturing），例如生物製造（biomanufacturing）這類資產，合計約占圓餅圖的三分之一。顯然，在最近約 12 到 18 個月，Alewife 是一次性的、相當特殊的機會，我們得以把握。

But going forward, I think we'd like to have it be one-third and have residential kind of be 50%. One thing I talk about the exposure on life science, we are expecting probably to get some of that capital back. The sponsor on Alewife is out running a refi process to recap the Alewife whole campus, and we would get a substantial amount of capital back to then go redeploy. And our goal would be to probably redeploy most of those proceeds into residential assets.

但往前看，我們希望它維持在三分之一，而住宅則約為 50%。關於生命科學的曝險，有一點我想補充：我們預期可能會收回其中一部分資金。Alewife 的贊助方正在推進再融資（refi）流程，以對 Alewife 整個園區進行資本重整（recap），而我們將可收回相當可觀的資金，之後再重新部署。而我們的目標大概是把大部分這些回收款項重新部署到住宅資產上。

Perfect. That makes sense. I know there's definitely a unique situation there. And then just on the dividend and the outlook, CAD has been ahead of the dividend for some time, but earnings available for distribution has been below for several quarters. So curious if you have a line of sight where you think -- when you think both EAD and CAD could be above the dividend on a sustainable basis. And are you just -- are you comfortable with the cost at the current level given the CAD coverage?

完美。這很有道理。我知道那裡確實有一個獨特的情況。接著就股利與展望而言，CAD 一段時間以來一直高於股利，但可供分配的盈餘（EAD）已連續好幾季低於股利。所以想請教你是否看得到一條清晰路徑：你認為在什麼時點，EAD 與 CAD 都能在可持續的基礎上高於股利。另外，就目前 CAD 覆蓋率而言，你是否對當前水準的成本感到安心？

Yeah, another great question, Crispin. We're definitely comfortable with the CAD coverage, which is our gold standard when it comes to distributions and when we discuss with the Board those opportunities for quarterly distributions.

是的，又是一個很好的問題，Crispin。我們對 CAD 的覆蓋率絕對感到放心；在談到配息，以及我們與董事會討論季度配息機會時，這是我們的黃金標準。

And over time we do think both EAD and CAD will converge, and what you've seen, too, is the increase in CAD over the past few quarters, as we discussed in prior calls, due to the redeployment accretively into investments via using proceeds from our Series B and now Series C preferred raising. So hope that answers your question.

隨著時間推移，我們確實認為 EAD 與 CAD 會趨於一致；而你也看到，過去幾季 CAD 有所提升，正如我們在先前電話會議中討論的，原因在於我們利用 Series B、以及現在 Series C 優先股募資所得款項，將資金以增益方式重新部署到投資中。希望這回答了你的問題。

Perfect. Thank you and appreciate you taking the question.

完美。謝謝，也感謝你回答這個問題。

Jade Rahmani, KBW.

KBW 的 Jade Rahmani。

Thank you very much. What are you seeing in terms of underlying credit performance in the multifamily book? Maybe you could touch on both the preferred equity exposure and also the B-Piece exposure.

非常感謝。在多戶住宅投資組合的底層信用表現方面，你們看到了什麼？也許你可以談談優先股權（preferred equity）曝險，以及 B-Piece 曝險。

Yeah, thanks, Jade. I think as it relates to our multifamily exposure, I think we benefited from largely investing and focusing on assets that were agency quality. So Fannie and Freddie underwritten assets that were first screened by a JLL, Walker, et cetera, and then underwritten by our team. So we did very little of sort of the non-bank, floating-rate bridge loans that I think some of our peers have done and gotten in trouble with.

好的，謝謝你，Jade。就我們的多戶住宅曝險而言，我認為我們受益於主要投資並聚焦於機構等級（agency quality）的資產。也就是由 JLL、Walker 等先行篩選，並由房利美（Fannie）與房地美（Freddie）承作/核保的資產，之後再由我們團隊進一步核保。因此，我們幾乎沒有做那種非銀行、浮動利率的過橋貸款（bridge loans）；我認為一些同業做了這類交易，後來也因此遇到麻煩。

Most of our collateral on the pref book does sit behind agency loans to the extent that we've had to take over projects like in Alexandria or Alexander at the District, for example. I think now about a year ago, that deal is now leased up and healthy.

我們在優先股權投資組合上的大多數擔保品，都是位於機構貸款之後（subordinate to agency loans）；就我們曾需要接管的專案而言，例如 Alexandria 或 Alexander at the District。我想大約一年前，那筆交易現在已完成出租（leased up）且狀況健康。

But the underlying kind of, I guess, credit profile of our assets, both on the B-Piece and preferred qualitatively, I think, are of a higher standard than our peer group, number 1. Number 2, most of that exposure was originated in kind of 2018 to 2020. And then some COVID-era lean-ins on the B-Pieces where we got some outstanding collateral and terms and got paid for it.

但就我們資產的底層、我想是信用輪廓而言，無論是 B-Piece 還是優先股權，從質的角度看，我認為都比同業更高標準，這是第一點。第二點，多數曝險是在 2018 到 2020 年間承作。另外在 COVID 時期，我們在 B-Piece 上也有一些加碼，拿到了非常出色的擔保品與條款，而且也獲得了相應報酬。

Didn't do much in '22, '23, and now we're kind of back in the market. The higher-for-longer rate environment, I think, helps us a little bit on the multifamily because you are -- you can see some cracks forming for folks that need to find cash and collateral to refi on the extension test.

我們在 2022、2023 年做得不多，而現在我們算是回到市場。我認為「利率維持較高且更久」的環境，對多戶住宅反而在某種程度上對我們有利，因為你會看到一些需要籌措現金與擔保品、以通過展期測試（extension test）並進行再融資（refi）的人開始出現裂縫。

But so far, so good on the B-Piece collateral. I don't think we took any provisions or saw any credit leaks on that side, nor on the pref book. To the extent that anything happens there, we certainly have the team to take over the asset and nurture it back to health and then -- pretty constructive on the transaction market going forward.

但到目前為止，B-Piece 的擔保品一切良好。我不認為我們在那一端有提列任何準備，或看到任何信用滲漏（credit leaks）；優先股權投資組合也沒有。若那邊真的發生任何狀況，我們當然有團隊可以接管資產、把它照料回到健康狀態；並且——我們對未來的交易市場相當建設性（偏正面）。

I think in Q4, as new leasing -- we believe new leasing, as I said in my prepared comments, will inflect higher in Q4. That should attract capital providers, both on the debt and the equity side. And we're starting to see that in the transaction market.

我認為在第四季，隨著新的租賃——正如我在事先準備的發言中所說，我們相信新的租賃將在第四季向上拐點。這應該會吸引資本提供者，無論是債務端或股權端。而我們也開始在交易市場看到這種情況。

So long-winded answer, but I think that we like our credit exposure and certainly like the setup for supply and demand in the next two, three, four quarters.

所以回答得有點長，但我認為我們喜歡我們的信用曝險，也確實喜歡未來兩、三、四個季度供需面的布局。

Thanks very much. Alewife seems like a great asset. So definitely produced very high returns, but outside of that exposure, life science still remains quite challenged. What are you seeing in the rest of the life science exposure?

非常感謝。Alewife 看起來是一個很棒的資產。確實帶來非常高的報酬，但除了那筆曝險之外，生命科學仍然相當具挑戰。你們在其餘生命科學曝險上看到了什麼？

Yeah, Alewife is doing extremely well. And unfortunately and fortunately, I think we'll probably get that capital back sometime in the fourth quarter. It'll be a great result. The broader exposure on our life science book continues to sequentially get better.

是的，Alewife 表現非常好。不幸也幸運的是，我想我們可能會在第四季某個時候把那筆資金收回。那會是一個很好的結果。我們生命科學投資組合的整體曝險，仍在逐季改善。

Tours and our TIMs, the tenants in the market list, sequentially over Q1 into Q2, were up 30%. And more in works. We're already seeing in July, even with the holiday soaking up the first two weeks, that the third quarter is tracking to be ahead in terms of tour activity.

看屋（tours）以及我們的 TIMs（tenants in the market list，市場中的承租方名單），從第一季到第二季逐季增加了 30%。而且還有更多正在進行中。我們已經在 7 月看到，即使假期占用了前兩週，第三季在看屋活動方面仍有望領先。

So we like our kind of broader exposure beyond Alewife and some of our investors and analysts toured those assets and then I think would agree they're first-to-fill, great, well-located. I'd say that beyond our exposure, the other important point to make is, again, when we originated it, most of it was done kind of in the distressed era, '24, '25, '26 at a reset basis. And so we're not originating the loans back in the go-go days in '21 and '22 that you're seeing some credit creep and some trouble with our peers. So-

所以我們喜歡 Alewife 以外更廣泛的曝險；我們的一些投資人與分析師也參觀了那些資產，我想他們會同意，這些資產會是最先被填滿（first-to-fill）的，品質很好、位置也佳。我想再補充一個重點：同樣地，當我們承作時，多數是在困境時期做的，大概是 '24、'25、'26，以重設後的基礎（reset basis）進行。因此，我們並不是在你看到一些同業出現信用惡化與麻煩的 '21、'22 那種景氣火熱時期去承作貸款。所以——

There are no further questions at this time. I will now turn the call back to the management team for closing remarks.

目前沒有進一步的問題。我現在把電話交回管理團隊作結語。

All right, well, thanks very much for everyone's participation and interest today. And thanks to the teams here at NexPoint and I look forward to speaking after the Q3 call.

好的，非常感謝各位今天的參與與關注。也感謝 NexPoint 這裡的團隊，我期待在第三季電話會議後再與各位交流。

So have a good day. Thank you. Bye-bye.

祝各位有美好的一天。謝謝。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。