Ready Capital Corp (RC) 2024 Q1 法說會逐字稿

Greetings and welcome to Ready Capital first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Andrew Ahlborn. Thank you. You may begin.

您好，歡迎參加 Ready Capital 2024 年第一季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給主持人安德魯·阿爾伯恩 (Andrew Ahlborn)。謝謝。你可以開始了。

We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

我們建議您參閱我們向 SEC 提交的文件，以更詳細地討論可能影響我們未來經營業績和財務狀況的風險。在電話會議期間，我們將討論我們的非公認會計準則衡量標準，我們相信這些衡量標準有助於評估公司的營運績效。這些措施不應被孤立地考慮，也不應取代我們根據公認會計準則編制的財務表現。

A reconciliation of these measures to the most directly comparable GAAP measure is available in our first quarter 2024 earnings release and our supplemental information, which can be found in the Investors section of the Ready Capital website.

這些指標與最直接可比較的 GAAP 指標的調節可在我們的 2024 年第一季收益發布和補充資訊中找到，這些資訊可以在 Ready Capital 網站的投資者部分找到。

In addition to Tom and myself on today's call, we are also joined by Adam Zausmer, Ready Capital's Chief Credit Officer. I will now turn it over to Chief Executive Officer, Tom Capasse.

除了 Tom 和我自己參加今天的電話會議外，Ready Capital 首席信貸官 Adam Zausmer 也參加了我們的會議。我現在將其移交給執行長湯姆·卡帕斯 (Tom Capasse)。

Thanks, Andrew. Good morning, everyone, and thank you for joining the call today. Persistence of higher rates and inflationary pressures continue to weigh on the commercial real estate sector at this point and the CRE credit cycle RCs near term are we profiled impacted by three diverging trends. First, reduce our OE. from credit impairment in the originated portfolio due to late cycle stress in the multifamily sector. Second increased ROE from ongoing liquidation of the M&A portfolio, reduced operating expenses and growth in our small business segment.

謝謝，安德魯。大家早安，感謝您今天加入電話會議。目前，持續較高的利率和通膨壓力繼續給商業房地產行業帶來壓力，我們認為近期的商業房地產信貸週期RC受到三種不同趨勢的影響。首先，減少我們的OE。由於多戶住宅領域的後期週期壓力，原始投資組合出現信用減損。其次，淨資產收益率的提高得益於併購投資組合的持續清算、營運費用的減少以及我們小型業務部門的成長。

The M&A portfolio comprises assets from the '22 Mosaic and '23 Broadmark acquisitions. And third, more aggressive liquidation of targeted nonperforming loans in our portfolio. In the quarter, we transferred $655 million of loans into held for sale, taking $146 million valuation allowance against those loans. We have determined that the right path forward for this population, including all office loans without a short-term resolution to reposition the capital into market yielding and cash flowing investments.

併購投資組合包括來自 '22 Mosaic 和 '23 Broadmark 收購的資產。第三，更積極地清算我們投資組合中的目標不良貸款。本季度，我們將 6.55 億美元的貸款轉為持有待售，並對這些貸款採取了 1.46 億美元的估值備抵。我們已經確定了該人群的正確前進道路，包括所有沒有短期解決方案的辦公貸款，以將資本重新配置為市場收益和現金流投資。

NPV of repositioning of this capital is greater than holding these assets through recovery and absorbing carry costs through the process. Book value per share decline of 4.5% will be recaptured through reinvestment and share repurchases. In this regard, for analytical purposes, we have bifurcated our $9.4 billion gross portfolio into the originated 87% of the total and M&A portfolios, which is 13%.

重新定位該資本的淨現值大於透過回收和吸收過程中的持有成本來持有這些資產。每股帳面價值下降4.5%將透過再投資和股票回購予以彌補。在這方面，出於分析目的，我們將 94 億美元的總投資組合分為 87% 的原始投資組合和 13% 的併購投資組合。

Before we delve into credit metrics, it's important to reiterate that tail risk in our portfolio is mitigated by three factors. First, our concentration in multifamily and mixed use at 78% of our portfolio. Although overall market multifamily delinquencies increase in the first quarter longer term valuations are supported by demand with the average median of home payment, $3,000 exceeding rent by 50%. Current distress in multifamily, particularly transitional loans is a trifecta of higher rates, declining rent growth from oversupply in certain markets and inflationary increases in OpEx.

在我們深入研究信用指標之前，有必要重申一下，我們投資組合中的尾部風險可以透過三個因素來緩解。首先，我們的投資組合中 78% 專注於多戶型和混合用途。儘管第一季整體市場多戶住宅拖欠率有所增加，但長期估值受到需求的支撐，平均房屋付款中位數為 3,000 美元，比租金高出 50%。當前多戶家庭面臨的困境，尤其是過渡性貸款，是由利率上升、某些市場供應過剩導致的租金增長下降以及營運支出通膨增加三重因素造成的。

Compared to the peer group. As it relates to rent growth, our 2020, '22 vintages benefited from our proprietary geo tier model, which ranks markets one through five, one being the best with projected negative absorption, a major factor. Recent data shows significant dispersion in rent metrics with supply influx in overbuilt markets causing mid-single digit rent declines. As of March 31, 91% of our originated portfolio is in markets ranked three or better.

與同齡群體相比。由於與租金成長相關，我們的2020 年22 年份葡萄酒受益於我們專有的地理層級模型，該模型將市場排名從一到五，其中一個是預計負吸收率最好的市場，這是一個主要因素。最近的數據顯示，隨著供應湧入過度建設的市場，租金指標出現顯著分散，導致租金出現中位數下降。截至 3 月 31 日，我們 91% 的原始投資組合位於排名第三或更好的市場。

Overall multifamily industry prices are down 16% from 22p with an additional 5% forecast for the 2024 bottom. Given our going in LTV of 62%. These changes result in a portfolio mark to market under 100% versus office, where a 50% decline has created over 100% LTVs. We do not believe the increased delinquency in our multi-family portfolio is indicative of further principal loss.

多戶住宅產業整體價格較 22 便士下跌 16%，預計 2024 年觸底將再下跌 5%。鑑於我們的 LTV 為 62%。這些變化導致投資組合的市值低於辦公室的 100%，辦公室的 LTV 下降 50%，創造了超過 100% 的生命週期價值。我們認為，我們的多戶投資組合拖欠率的增加並不表示本金進一步損失。

Differential effect will be short term earnings pressure for the interim period between default and modification forbearance or refinance unlike other CRE sectors, subject to the vagaries of the regional bank and CMBS markets, multifamily benefits from the government put with $150 billion of annual GSE allocation, providing a pathway for take-up of bridge loans requiring additional time to execute a business plan.

與其他CRE 行業不同，不同的影響將是違約和修改寬限或再融資之間過渡期間的短期收益壓力，受區域銀行和CMBS 市場變幻莫測的影響，政府每年GSE 撥款1500 億美元的多戶家庭福利，為需要額外時間執行業務計劃的過橋貸款提供途徑。

Across the $1.3 billion of our loans that reached initial maturity over the last 12 months, 42% paid off with 90% of the remaining loans qualifying for extension. Second, our concentration in lower to middle market loans. Our $9.4 billion. Total portfolio includes approximately 800 loans with an average balance of $4.4 million, avoiding single-asset concentration risks in the broader multifamily sector. The disparity on refinance risk is wide, where 95% of loans under $25 million paid off at maturity compared to 55% of loans over $25 million.

在過去 12 個月內首次到期的 13 億美元貸款中，42% 已償還，其餘貸款中的 90% 符合延期條件。其次，我們專注於中低階市場貸款。我們的 94 億美元。總投資組合包括約 800 筆貸款，平均餘額為 440 萬美元，避免了更廣泛的多戶住宅領域的單一資產集中風險。再融資風險差異很大，2,500 萬美元以下的貸款中有 95% 會在到期時償還，而 2,500 萬美元以上的貸款只有 55% 會在到期時償還。

We've seen this in our originated portfolio where 16% of loans over $25 million are 60 days delinquent compared to 7% of loans under $25 million and last limited office exposure as of March 31, our office portfolio consisted of 167 assets totaling $456 million, only 4.4% of our total portfolio. Further only 11 of those loans had a balance of over $10 million and were concentrated in central business districts.

我們在我們的原始投資組合中看到了這一點，其中2500 萬美元以上的貸款有16% 拖欠60 天，而2500 萬美元以下的貸款為7%，截至3 月31 日，我們的辦公室投資組合由167 項資產組成，總價值為4.56 億美元，僅占我們總投資組合的 4.4%。此外，其中只有 11 筆貸款餘額超過 1,000 萬美元，並且集中在中央商務區。

31% of the office loans are delinquent. We believe that recovery of the current stress in the office sector is long-dated and the NPV of repositioning of this capital is greater than holding these assets through recovery and absorbing carry costs through the process. As such, 72% or $140 million of our delinquent office loans are included in the population transferred to held for sale. Post this transfer and liquidation. Our office exposure will decrease to 3.3% of the population.

31%的辦公貸款拖欠。我們認為，辦公大樓行業當前壓力的恢復是長期的，並且重新定位該資本的淨現值大於透過恢復持有這些資產並在此過程中吸收持有成本。因此，我們拖欠的辦公貸款中有 72%（即 1.4 億美元）包含在轉入待售人口中。過帳本次轉讓和清算。我們的辦公室接觸人口將減少至 3.3%。

Next, an update on the credit metrics in the originated portfolio. Please refer to slide 11 in the deck where we present 60 day plus delinquencies, nonaccrual and four to five risk-rated percentages. Overall, 60 day delinquencies increased to 9.9%, resulting in a rise in the nonaccrual loans to 7.2%. However, the four to five risk-rated loans, a leading indicator of future 60 day plus exhibited positive migrations, improving 29% to 9.6%.

接下來，更新原始投資組合中的信用指標。請參閱投影片 11，其中我們展示了 60 天加拖欠、非應計和四到五個風險評級百分比。整體而言，60 天拖欠率增加至 9.9%，導致非應計貸款增加至 7.2%。然而，四到五個風險評級貸款（未來 60 天以上的領先指標）表現出積極的遷移，提高了 29% 至 9.6%。

46% of our top 10 delinquencies totaling $137 million are included in our held for sale bucket and have been marked to expected liquidation values. Liquidity is being prioritized for capital solutions, including refinancing for five rated loans and protecting our CLOs. As of April 30, we had total liquidity of approximately $170 million. Year to date, we have either refinanced or repurchased $114 million of delinquent loans out of the CLOs with another under $90 million in process.

我們的十大拖欠總額為 1.37 億美元，其中 46% 包含在我們的待售類別中，並已標記為預期清算價值。資本解決方案優先考慮流動性，包括五項評級貸款的再融資和保護我們的 CLO。截至 4 月 30 日，我們的流動資金總額約為 1.7 億美元。今年迄今為止，我們已從 CLO 中再融資或回購了 1.14 億美元的拖欠貸款，還有不到 9,000 萬美元的貸款正在處理中。

For example, in March, we refinanced a $68 million loan on a Class A. multifamily property located in an Austin, Texas submarket, which went delinquent due to high operating costs and lower rents from oversupply. The 18-month extension provides a path to reach projected occupancy of 94% from 90% today and 5% annual rent increases to [16.91] a month. Both highly probable given the strength of the submarket and flattening absorption, the as is LTV and the new loan is 88% funded an interest reserve to cover the 18-month term was priced at. So for plus [585], resulting in a retained yield of 18%.

例如，今年3 月，我們為位於德克薩斯州奧斯汀子市場的一處A 級多戶住宅的6800 萬美元貸款進行了再融資，該房產由於運營成本高昂和供應過剩導致租金下降而拖欠貸款。18 個月的延期提供了一條途徑，使預計入住率從目前的 90% 達到 94%，並且年租金增加 5% 至每月 [16.91]。考慮到子市場的實力和吸收量趨於平緩，這兩種情況都極有可能發生，LTV 和新貸款的 88% 都由利息儲備提供，以涵蓋 18 個月的期限。因此，對於加 [585]，保留收益率為 18%。

In terms of projected liquidity through year end, accelerated asset sales will provide an additional $200 million for capital solutions. As of the April 25 remittance date, five of our CRE CLOs were in breach of either interest coverage or over-collateralization tests. To date, we have approved $161 million of loan modifications with another $732 million in process and under review, we expect the cumulative effect of repurchases, refinance and modifications to provide a path for compliance.

就預計到年底的流動性而言，加速資產出售將為資本解決方案提供額外的 2 億美元。截至 4 月 25 日匯款日，我們的 5 個 CRE CLO 違反了利息覆蓋率或超額抵押測試。迄今為止，我們已批准了 1.61 億美元的貸款修改，另有 7.32 億美元正在處理和審查中，我們預計回購、再融資和修改的累積效應將為合規提供一條途徑。

One important factor to reiterate underlying Ready Capital's peer group comparison, we use a third-party special servicer, which requires additional lag time and less flexibility to execute modifications. As such, our modification ratio is lower and delinquencies inflated versus the peer group. For example, according to a Deutsche Bank CRE CLO report on April remittances.

重申 Ready Capital 的同儕比較的一個重要因素是，我們使用第三方特殊服務商，這需要額外的延遲時間和較低的執行修改彈性。因此，與同業相比，我們的修改率較低，拖欠率也較高。例如，根據德意志銀行 CRE CLO 關於 4 月匯款的報告。

The top three commercial mortgage rates based on GAAP equity had averaged 71% modifications and under 1% 60-day delinquencies versus 5% and 11% for RC, the fourth largest. We continue to work with our existing special servicer to rectify this issue and if unsuccessful will implement alternatives such as another servicer or obtaining our own special servicer rating.

基於 GAAP 權益的前三名商業抵押貸款利率平均調整率為 71%，60 天拖欠率低於 1%，而第四大的 RC 為 5% 和 11%。我們將繼續與現有的特殊服務商合作來糾正此問題，如果不成功，我們將實施替代方案，例如另一家服務商或獲得我們自己的特殊服務商評級。

Furthermore, in our M&A portfolio. Please refer to slide 11 in the deck. Overall, credit improved 60 days plus decline 9%, resulting in a 5.6% improvement in the nonaccrual percentage. Meanwhile, a 16.5% decline in four or five risk rating loans suggests future improvements.

此外，在我們的併購投資組合中。請參閱投影片 11。總體而言，信貸改善了 60 天，並且下降了 9%，導致非應計百分比改善了 5.6%。同時，四到五個風險評級貸款下降 16.5%，顯示未來會有所改善。

Turning to earnings, as outlined in our fourth quarter earnings call, we continue to undertake five initiatives to improve ROE. First, reallocation of low yield assets from the M&A portfolio into 15% plus levered ROE. Current yields such as the 18% often refinance previously discussed as of quarter end, the M&A portfolio had a levered ROE of 7.2%. As it relates to Broadmark specifically, which comprises 51% of the M&A portfolio, we liquidated an additional $50 million of assets or 5% of the original portfolio at our basis.

談到收益，正如我們在第四季度收益電話會議中概述的那樣，我們繼續採取五項舉措來提高股本回報率。首先，將低收益資產從併購投資組合中重新配置為15%以上的槓桿ROE。截至季末，當前收益率（例如先前討論的 18% 再融資）的併購投資組合的槓桿 ROE 為 7.2%。由於它與 Broadmark 特別相關（佔併購投資組合的 51%），因此我們額外清算了 5,000 萬美元的資產，即原始投資組合的 5%。

Second, leverage current total leverage at quarter end was 3.4 times below our target of four times target leverage will be achieved from both accessing the corporate debt markets and the leveraging of new investments at better advance rates and terms. In April, we closed $150 million, five-year private term loan pricing at so for plus [550].

其次，槓桿率 目前季度末的總槓桿率比我們的目標低 3.4 倍，即透過進入公司債務市場以及以更好的預付率和條款利用新投資來實現四倍的目標槓桿率。4 月份，我們以 so for plus 的價格完成了 1.5 億美元的五年私人定期貸款定價[550]。

Third, the exit of residential mortgage banking, we continue to target the end of the second quarter to conclude our efforts to divest of our residential mortgage business. To that end, we are under contract to sell 40% of the MSRs with the remaining 60% currently marketed for sale with an expected July settlement. Distributable ROE and the business has lagged at 6.8%. Fourth, the growth of small business lending. Our stated long-term target for the platform is $1 billion in annual originations with $194 million in the first quarter, $47 million over the prior quarterly record.

第三，房屋抵押貸款業務的退出，我們繼續目標是在第二季末完成房屋抵押貸款業務的剝離。為此，我們簽訂了出售 40% 的 MSR 的合同，其餘 60% 目前正在銷售，預計 7 月結算。而該業務的可分配ROE則落後於6.8%。四是小企業貸款成長。我們為該平台設定的長期目標是年度發起額 10 億美元，其中第一季為 1.94 億美元，比上一季記錄高出 4,700 萬美元。

To support this growth, we appointed Gary Taylor as CEO of small business lending to continue the dual strategy of large and small loan seven a. originations through continued integration of our FinTech business. With the added benefit of cost efficiencies in loan origination and servicing. Additionally, we're excited to announce this week we signed a definitive purchase agreement to acquire the Madison one companies.

為了支持這一增長，我們任命加里·泰勒（Gary Taylor）為小型企業貸款首席執行官，繼續實施大額和小額貸款七a的雙重戰略。透過持續整合我們的金融科技業務而誕生。貸款發放和服務的成本效率也帶來了額外的好處。此外，我們很高興地宣布，本週我們簽署了一份最終收購協議，以收購 Madison one 公司。

The nation's second largest USDA originator. The transaction is expected to generate over $300 million of USDA volume annually, expanding our government guaranteed small business offerings while increasing the company's gain on sale earnings and last is OpEx. Given market conditions and expected activity levels, we reduced staffing 11% in April, resulting in annual savings of $8 million.

美國第二大美國農業部發起機構。該交易預計每年將為美國農業部帶來超過 3 億美元的收入，擴大政府擔保的小型企業產品，同時增加公司的銷售收入收益，最後是營運支出。鑑於市場狀況和預期活動水平，我們在 4 月減少了 11% 的人員配置，每年節省了 800 萬美元。

Those reductions in addition to $3 million in other fixed operating costs results in a 46 basis points improvement to current ROA. The total 200 to 300 basis points ROE accretion from these five initiatives provides a significant offset to the ROE drag from an increased nonaccrual percentage as the multifamily credit cycle matures.

除了 300 萬美元的其他固定營運成本之外，這些削減使當前的 ROA 提高了 46 個基點。這五項措施總共增加了 200 至 300 個基點的股本回報率，顯著抵消了隨著多戶家庭信貸週期的成熟，非應計百分比增加所帶來的股本回報率拖累。

With that, I'll turn it over to Andrew.

這樣，我就把它交給安德魯。

Thanks, Tom. Some quarterly GAAP and distributable earnings per common share were $0.44 loss and $0.29, respectively. Distributable earnings of $54 million equates to an 8.6% return on average stockholders' equity. Earnings were impacted by the following factors. First, revenue from net interest income, servicing income and gain on sale declined 1.6% quarter over quarter.

謝謝，湯姆。部分季度 GAAP 虧損和每股普通股可分配收益分別為 0.44 美元和 0.29 美元。可分配收益為 5,400 萬美元，相當於平均股東權益報酬率為 8.6%。盈利受以下因素影響。首先，來自淨利息收入、服務收入和銷售收益的收入環比下降 1.6%。

The $4 million decrease in net interest income was driven by the addition of $347 million of nonaccrual loans and the addition of $97 million of leverage for which proceeds have yet to be invested. This was partially offset by a $3.7 million increase in realized gains due to a 25% increase in gain on sale revenue driven by a record quarter and SBA 7A production. The levered yield in the portfolio remained flat quarter over quarter at 11.5% as negative migration was offset by the continued reduction and the equity allocated to our previous M&A deals.

淨利息收入減少 400 萬美元，因為增加了 3.47 億美元的非應計貸款，以及增加了 9,700 萬美元的槓桿（尚未投資）。這被已實現收益增加 370 萬美元所部分抵消，這是由於創紀錄的季度和 SBA 7A 產量推動銷售收入收益增加 25%。投資組合的槓桿收益率與上一季持平，為 11.5%，因為負遷移被持續減少和分配給我們先前併購交易的股權所抵消。

Second, operating costs improved 2% to $71 million. Absent the effects of REO impairment and ERC loss reserves, which equaled $18.8 million and are included in other operating expenses. Total operating costs declined 14% to $52.1 million. The improvement was primarily due to a reduction in employment costs associated with staffing reductions and lower professional fees associated with employee retention credits or ERC production. These improvements were partially offset by an additional $3.4 million of servicing advances made in the quarter.

其次，營運成本降低了 2%，達到 7,100 萬美元。不計 REO 減損和 ERC 損失準備金的影響，該準備金相當於 1,880 萬美元，包含在其他營運費用中。總營運成本下降 14% 至 5,210 萬美元。這項改善主要是由於與人員減少相關的僱用成本的降低以及與員工保留積分或 ERC 生產相關的專業費用的降低。這些改進被本季另外 340 萬美元的服務預付款部分抵銷。

Third, a $120 million combined provision for loan loss and valuation allowance, 56% of the increase relates to specific assets, primarily across office properties, each slated for liquidation in the coming months. At quarter end, the total provision and valuation allowance equaled 2% of the unpaid principal loan balance. Last, a $27 million reduction in ERC income was offset by $30.2 million income tax benefit. ERC production in the quarter totaled $2.5 million and is not expected to increase further going forward.

第三，貸款損失和估價準備金合計為 1.2 億美元，其中 56% 的成長與特定資產有關，主要是辦公物業，每項資產都計劃在未來幾個月內清算。截至季末，撥備和估價備抵總額相當於未付本金貸款餘額的 2%。最後，ERC 收入減少了 2,700 萬美元，但被 3,020 萬美元的所得稅優惠所抵消。本季 ERC 產量總計 250 萬美元，預計未來不會進一步增加。

The income tax benefit was the result of restructuring that allowed us to benefit from previously recognized losses on the balance sheet book value per share was $13.43 compared to $14.10 at December 31. The change was primarily due to the valuation allowance on loans held for sale. This was offset by a $0.07 increase from share repurchases, which totaled $2.1 million shares at an average price of $8.88.

所得稅優惠是重組的結果，使我們能夠從先前在資產負債表上確認的虧損中受益，每股帳面價值為 13.43 美元，而 12 月 31 日為 14.10 美元。此變更主要是由於持有待售貸款的估價備抵所致。這被股票回購增加的 0.07 美元所抵消，股票回購總額為 210 萬美元，平均價格為 8.88 美元。

In the capital markets, we renewed four warehouse facilities totaling over $1 billion in capacity each used to support our CRE business. 75% of those renewals were at either net even or improved economics with the other bringing under market terms to market on a go forward, we expect continued pressure on earnings processed with the benefits of the initiatives Tom outlined earlier reflected in earnings towards the end of 2024.

在資本市場，我們更新了四個倉庫設施，每個設施的容量總計超過 10 億美元，用於支援我們的商業房地產業務。其中75% 的續約要么處於淨平衡，要么經濟狀況有所改善，而其他續約將根據市場條款推向市場，我們預計，湯姆之前概述的舉措的好處將在年底的收益中反映出來，對收益的處理將繼續面臨壓力。

With that, we will open the line for questions.

至此，我們將開通提問專線。

(Operator Instructions) Steve Delaney, JMP Securities.

（操作員指示）Steve Delaney，JMP 證券。

Tom and Andrew, you guys have been busy, It sounds like. Just as a final point, Andrew, on the reserve on the [65] -- $600 million held for sale, does that work out to about $0.85 per share to book value?

湯姆和安德魯，聽起來你們很忙。最後一點，Andrew，關於 [65] 的準備金——持有待售的 6 億美元，這是否相當於每股帳面價值約 0.85 美元？

And they saved more area. Yes, sorry, I was on mute. Yes, that's about right. It was that of four relate to a 4.4% decline in the book value. So doing the math there, it's a little less than the 80s and the mid-60s.

他們節省了更多的面積。是的，抱歉，我當時處於靜音狀態。是的，差不多是這樣。其中四項涉及帳面價值下降 4.4%。算一算，比 80 年代和 60 年代中期少。

Okay, got it. And Tom, that is the of the held for sale, the $650 million. It reminds me a little bit about what we used to call what was a good bank bad bank back in RTC days, I guess or And back in the S&L crisis before that. How comprehensive, I mean in terms of identifying across different segments of the portfolio? Is this primarily one group, whether it's bridge loans or is it pretty comprehensive, a little bit of everything? And what's your confidence level that you know that you've circled 80%, 90% of the problems you're likely to have? Thank you.

好，知道了。湯姆，這是待售資產的 6.5 億美元。這讓我想起了 RTC 時代我們所說的好銀行壞帳銀行，我想或是在那之前的儲蓄貸款危機中。我的意思是在識別投資組合的不同部分方面有多全面？這主要是一個群體嗎，無論是過橋貸款還是相當全面，什麼都有一點？您知道自己已經圈出了 80%、90% 可能遇到的問題，您的信心水準是多少？謝謝。

Yes, no, that makes sense. And in terms of I now hand it off, Adam, maybe you can kind of give up Steve a little bit in even more detail in terms of the selection of the population. But what we've done analytically in this quarter is we've separated the gross portfolio into the originated portfolio, which includes the small amount of acquisitions that we've done over the years as well as the M&A portfolio.

是的，不，這是有道理的。就我現在將其移交而言，亞當，也許你可以在人口選擇方面更詳細地放棄史蒂夫。但我們在本季所做的分析是將總投資組合分為原始投資組合，其中包括我們多年來進行的少量收購以及併購投資組合。

So we selected from both of those with the idea to do a net present value analysis where the discount versus a book it is recaptured via the significant reinvestment opportunities we have, which are [15] to [20] low 20s, depending upon the direct lending or acquisitions. Yes, and supplemented by share repurchases, that's the broader strategy. So maybe you could give a little bit of a specific color around the selection of the population.

因此，我們從這兩個想法中進行選擇，進行淨現值分析，其中相對於一本書的折扣是透過我們擁有的重大再投資機會重新獲得的，這些機會是[15]到[20]低20，取決於直接貸款或收購。是的，並輔以股票回購，這是更廣泛的策略。所以也許你可以在人群的選擇上給出一些特定的顏色。

Yes, hasty, in terms of the selection of the portfolio, certainly office Yes, Tom highlighted our office exposure relative to our peers is still fairly low on, but I think as we evaluate the net present value of really repositioning on our capital we think that that's greater than holding these office assets through recovery and absorbing legal costs to foreclose and carry cost to operate the property. So certainly, office is a big component of that fund?

是的，倉促，就投資組合的選擇而言，當然是辦公室是的，湯姆強調，相對於同行，我們的辦公室風險仍然相當低，但我認為，當我們評估真正重新定位資本的淨現值時，我們認為這比透過收回和吸收取消抵押品贖回權的法律費用以及承擔營運財產的成本來持有這些辦公資產要好。那麼，辦公室肯定是該基金的重要組成部分嗎？

Secondly, I'd say on the on the Broadmark side, I think the continued high mortgage rates and construction costs. And I have certainly continued to impact our residential land and development portfolio from that merger, especially in secondary and tertiary markets. So it's really, you know, the non the non-core assets and really assets that would ultimately have large current carry costs and not part not part of your core ongoing lending programs is what I'm gathering.

其次，我想說的是，在布羅德馬克方面，我認為抵押貸款利率和建築成本持續居高不下。此次合併肯定會繼續影響我們的住宅用地和開發投資組合，尤其是在二級和三級市場。所以，你知道，我收集的實際上是非核心資產和真正的資產，這些資產最終會產生大量的流動成本，而不是你的核心持續貸款計劃的一部分。

That's exactly right. Yes, that you are saying the transactions not from your own you know, targeting that market and your own underwriting within ReadyTech?

完全正確。是的，您是說這些交易不是來自您自己的交易，您知道，針對該市場以及您自己在 ReadyTech 內的承銷嗎？

That's exactly right.

完全正確。

Yes. And so I'd say it's really more about as we said in the fourth quarter, this was the most impactful in terms of ROE accretion, selling lower, low yielding assets with long duration, which is essentially what this portfolio comprising Broadmark. And after this, our office will be down to nearly 3 -- a little over 3% salary. That's the that's how we selected the population.

是的。因此，我想說，正如我們在第四季度所說，這在 ROE 成長方面影響最大，出售較低、低收益且期限較長的資產，這本質上就是 Broadmark 的投資組合的組成部分。在此之後，我們的辦公室將減少到近 3 人——略高於 3% 的工資。這就是我們選擇人口的方式。

Thank you so much for the color.

非常感謝你的顏色。

Yes.

是的。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you very much. What do you think distributable earnings would have been excluding tax benefit and what's a reasonable range you think going forward, I estimated in our note $0.14, but I'm wondering to get your comment on that.

非常感謝。您認為不包括稅收優惠的可分配收益是多少？

Yes. So when you look at the tax benefit, roughly $20 million related to -- of the total related to the restructuring, which equates to around $0.12. And the one thing I will say is given the structure of the business, it does provide us the ability on a continual basis too, to optimize sort of the tax impact of our operating companies. And so certainly an outsized tax benefit this quarter. But I do expect that line item to be somewhat volatile as those businesses evolve on a go-forward basis.

是的。因此，當你看一下稅收優惠時，大約有 2000 萬美元與重組相關，相當於 0.12 美元左右。我要說的一件事是考慮到業務結構，它確實也為我們提供了持續的能力，以優化我們營運公司的稅收影響。因此，本季無疑會帶來巨大的稅收優惠。但我確實預計，隨著這些業務的不斷發展，該專案會有所波動。

When you look at core earnings, I think there are and there are several moving pieces here to take into account. I think the first is when you look at and the pace of putting nonaccrual loans back on accrual status, that certainly will have the one of the largest impacts on most of the revenue, the lost revenue on our nonaccrual population today is a little under $60 million.

當你查看核心收益時，我認為這裡有幾個動態因素需要考慮。我認為第一個是當你看到非應計貸款恢復應計狀態的步伐時，這肯定會對大部分收入產生最大的影響之一，今天我們非應計人口的收入損失略低於 60 美元百萬。

If you think about as we work with our special servicer to move through that. That equates to roughly call it $0.35 in annual core earnings, which is which is highly impactful. The next is obviously transitioning over that held for sale population and where the yields in that portfolio are negative today, I'm sorry that negative yield gets repositioned into market yielding assets.

如果您考慮一下我們與我們的特殊服務人員合作來解決這個問題。這大致相當於年度核心收益 0.35 美元，這是非常有影響力的。接下來顯然是持有待售人口的過渡，而今天該投資組合的收益率為負，我很抱歉負收益率被重新定位到市場收益率資產中。

We're seeing go-forward EPS accretion of in the range of $0.12 to $0.15. And so there's a variety of moving pieces and what what you will see as we work through those issues and clear out some of that, the under yielding assets that some of the sort of larger one-time items that have occurred over the last quarters you're seeing some of the tax benefits get replaced by a more steady stream of revenue that is approaching our 10% target.

我們預計未來每股收益將增加 0.12 美元至 0.15 美元。因此，有各種各樣的變化，當我們解決這些問題並清除其中一些問題時，您將看到什麼，即過去幾個季度發生的一些較大的一次性項目所產生的收益率較低的資產。

So just to put that together, distributable earnings was $0.29. There was around $0.12 of tax benefit related to restructuring. So that gets to $0.17. And then there's $0.35 per year or $0.09 per quarter of income from non-accruals.

總而言之，可分配收益為 0.29 美元。與重組相關的稅收優惠約為 0.12 美元。這樣就達到 0.17 美元。然後還有每年 0.35 美元或每季 0.09 美元的非應計收入。

So lost income. Lost income.

所以失去了收入。收入損失。

Yes. So yes, that $0.12 remaining is what are the economics (multiple speakers) until you redeploy capital?

是的。那麼，是的，在您重新部署資本之前，剩下的 0.12 美元是什麼經濟學（多個發言者）？

No, no, sorry. Just to be just to be clear, the the nonaccrual assets earning zero today, right to as they got. And so the impact of those in the recording stays nothing. And so as those come back into accrual status through the end of the work that we're doing with the special servicer, the financial impact on a go-forward basis will be a positive.

不，不，抱歉。需要澄清的是，非應計資產今天的收益為零，就如它們所獲得的。所以錄音中那些人的影響就消失了。因此，當我們與特殊服務機構的工作結束時，這些費用將恢復應計狀態，對未來的財務影響將是正面的。

Were those nonaccruals on non-accrual through the quarter?

這些非應計費用是整個季度的非應計費用嗎？

The majority of them, except for the additional ones I mentioned in the comments were there for the quarter.

除了我在評論中提到的其他內容外，其中大多數內容都在本季。

Okay. And then the next question would just be the loans held for sale. Do you know what the delinquency rate in that, Paul?

好的。那麼下一個問題就是持有待售的貸款。保羅，你知道拖欠率是多少嗎？

Yes. So out of that, the total pool that moved there on 70% of that is in some state of delinquency.

是的。因此，移至那裡的總資金池中有 70% 處於某種拖欠狀態。

Okay, I guess the constitution of that is the majority of that the acquired loans from Broadmark and Mosaic or is it originated loans?

好吧，我想其中大部分是從 Broadmark 和 Mosaic 獲得的貸款，還是起源貸款？

It is it is a little less than an even split. So 40% of that is coming from our M&A bucket and 53% is coming from, but as Tom described, an RC loan. So it's really a fairly even split.

它比平分稍微少一點。因此，其中 40% 來自我們的併購桶，53% 來自（但正如 Tom 所描述的）RC 貸款。所以這確實是一個相當均勻的分配。

And then just lastly, the GMFS transaction, do you already have a signed sale agreement? And is that expected could you give a range of, you know, consideration that's expected?

最後，關於 GMFS 交易，你們已經簽署了銷售協議嗎？這是預期的嗎？

Yes. So it being it will be broken up into three different components on the first two are the sale of the MSRs broken into the retail and non-retail, which is roughly 40% of the non 60% on the retail and the non-retail, we do have agreements to sell the multiple that is in the low to mid fives, which is right around where we are marked at year end that the retail component is currently getting ready to go to market.

是的。因此，它將分為三個不同的組成部分，前兩個組成部分是分為零售和非零售的 MSR 銷售，大約佔零售和非零售非 60% 的 40%，我們確實簽訂了出售市盈率的協議，該市盈率在五成左右，這正是我們在年底標記的零售部分目前正準備進入市場的位置。

I suspect that the execution there is also in the range of our mark and then the last component will be from the sale of the platform, which we do not have under contract yet, but suspect that that will take the form of now book value plus an earn out of [botox] was a slight premium and are now our expectation is that all of this gets cleared up over the next it's three to four months.

我懷疑那裡的執行也在我們的標記範圍內，然後最後一個組成部分將來自平台的銷售，我們尚未簽訂合同，但懷疑這將採取現在賬面價值加上的形式[肉毒桿菌] 的收入略有溢價，現在我們的期望是所有這些都將在接下來的三到四個月內解決。

What's the range of proceeds, just adding all that together?

將所有這些加在一起，收益範圍是多少？

Yes, we expect the net proceeds after financing to be somewhere between $70 million and $80 million.

是的，我們預計融資後的淨收益將在 7,000 萬至 8,000 萬美元之間。

Thanks a lot.

多謝。

Douglas Harter, UBS.

道格拉斯‧哈特，瑞銀集團。

Hi, this is Corey Johnson on for Doug. Tom. Hey, historically you generally issued about two to three CLOs per year. I don't believe you issued any year to date despite the CMBS market opening up on. Could you maybe explain a little bit like why why that is the case and we want to touch on that amount as origination volume is down currently. But maybe just discuss on the overall we see a series sales strategy.

大家好，我是道格的科里·約翰遜。湯姆.嘿，從歷史上看，您通常每年發行大約兩到三份 CLO。儘管 CMBS 市場開放，但我認為迄今為止您還沒有發行任何股票。您能否解釋為什麼會發生這種情況，我們想談談這個數字，因為目前的原始數量正在下降。但也許只是討論總體上我們看到的系列銷售策略。

Yes, so that I think the drop drop-off is just the dimension that Bridger originations have been lower in the platform this year. As I look at our backlog and our future pipeline, I think there is a chance we bring up see a lot of market as we move towards the end of the year, potentially in the first quarter of next year. It will continue to be a core part of how we financed the business.

是的，所以我認為下降只是今年 Bridger 起源在該平台上較低的維度。當我審視我們的積壓訂單和未來的管道時，我認為隨著我們接近年底（可能是明年第一季），我們有機會看到很多市場。它將繼續成為我們為業務融資的核心部分。

I think the structure it takes on whether it's a static or managed deal, whether we outsource special servicing or become a rated special servicer, all things we're working through in advance of that CLO, but it certainly will continue to be a core part of our financing strategy.

我認為它所採用的結構，無論是靜態交易還是託管交易，無論我們是外包特殊服務還是成為評級特殊服務商，我們在 CLO 之前正在處理的所有事情，但它肯定將繼續成為核心部分我們的融資策略。

Great. Thank you. That's it for me. THanks.

偉大的。謝謝。對我來說就是這樣。謝謝。

Stephen Laws, Raymond James.

史蒂芬勞斯，雷蒙德詹姆斯。

Good morning. I appreciate the comments so far. Wanted to touch base on the follow up on your comments in the prepared remarks about Zillow and service stream. What is the process or time line as far as changing our service are moving that internal on your CLOs or static I know you talked about that and the impact that has a lot on the last call, but but how we're changing the service or change your ability to either buyout loans before they die to or replace number modify more quickly?

早安.我很欣賞到目前為止的評論。希望根據您在準備好的有關 Zillow 和服務流的評論中的評論進行跟進。就改變我們的服務而言，流程或時間表是什麼？或改變您在貸款消失之前買斷貸款或更快地更換數字的能力？

Adam, you want to comment on that?

亞當，你想對此發表評論嗎？

Yes, hey, hey, hey, this is Adam. I'll just make some commentary around that I mean in terms of replacing the servicer on given that we're the direct and certificate holder on, we can certainly we can certainly do that very easily. And we just need to wind up on a an alternative rated servicer to put into the CLO arm. So that would allow us to move to move quickly. And then also we have certainly significant flexibility on the modification front.

是的，嘿嘿嘿，這是亞當。我只是做一些評論，我的意思是在更換服務商方面，鑑於我們是直接和證書持有者，我們當然可以很容易地做到這一點。我們只需要找到一家替代評級服務商，將其納入 CLO 部門即可。這樣我們就可以快速行動。然後我們在修改方面當然也有很大的彈性。

You're utilizing our own extremely experienced team that knows these assets well, et cetera. I'd say from the servicing standpoint on the issues really that we've been experiencing is that it's taking too long for the third-party servicer to efficiently process the resolutions, and we're certainly encouraging them to have a greater sense of urgency to effectuate what's really a backlog of pending resolutions on.

您正在利用我們自己經驗豐富的團隊，他們非常了解這些資產等等。我想說，從服務的角度來看，我們真正遇到的問題是第三方服務商有效處理解決方案花費的時間太長，我們當然鼓勵他們有更大的緊迫感落實積壓的待決決議。

So once we are assuming that we can get the special servicer there in terms of people moving quicker on, we've got like half a dozen and on modifications that are pending on effectively north of $500 million, which we think is at a high probability to get a very a very strong number of them resolved in this in this quarter.

因此，一旦我們假設我們可以在那裡獲得特殊服務，以加快人們的移動速度，那麼我們就有六項和待修改的服務，這些服務實際上需要 5 億美元以上，我們認為這很有可能在本季度解決大量問題。

Second, I think you asked about us becoming a rated special servicer on that. That is that that full process from start to finish would take somewhere from six to nine months. I think we have a solid team in place, strong, strong guidelines on pretty good technology and whatnot.

其次，我認為您詢問過我們是否成為這方面的評級特殊服務商。也就是說，從開始到結束的整個過程將需要六到九個月的時間。我認為我們擁有一支堅實的團隊，在良好的技術等方面有強大的指導方針。

But I think again, it would be like six, six to nine months. So we're certainly we're continue to have regular conversations with a third-party special servicer on, but we're also, as Tom and Andrew noted earlier, certainly exploring other alternatives to give us more flexibility on as we work through the crisis.

但我又想，大概要六、六到九個月。因此，我們當然會繼續與第三方特殊服務商進行定期對話，但正如湯姆和安德魯之前指出的那樣，我們當然也會探索其他替代方案，以便在我們解決問題時給予我們更大的靈活性。 。

Yes. And just to add to Adam's comments, we we've had we as recently as this week put in place an action plan with the existing servicer. We do have a relationship with another special servicer who is a lot, but with a lot of experience in the transitional loan space. So that is definitely an option we're pursuing and pursuing it aggressively.

是的。為了補充 Adam 的評論，我們最近在本週與現有服務商制定了一項行動計劃。我們確實與另一位特殊服務商建立了合作關係，該服務商數量很多，但在過渡貸款領域擁有豐富的經驗。因此，這絕對是我們正在追求並積極追求的選擇。

Great. And then as a follow-up to the previous question, as regarding future CLOs and issuance. Do you really think about that as new origination volume or any deal is going to be collapsed or collateral rolled in? And as you think about those structures. Will you look to do managed deals? Do you feel like you get better pricing with the static nature that you have with the existing kind of how do you think about how you structure those future CLOs?

偉大的。然後作為上一個問題的後續，關於未來的 CLO 和發行。您是否真的認為新的發起量或任何交易都會崩潰或抵押品滾滾而來？當你思考這些結構時。您會尋求進行託管交易嗎？您是否覺得透過現有類型的靜態性質可以獲得更好的定價？

Well, historically, we have Ready Capital. If you look at the universe of probably what Adam, a dozen or more issuers market at about $30 billion a year in '21, '22. We're the fourth largest issuer issuer since inception. Our deals unequivocally have the most investor-friendly structures, and that's A, static, B, our triggers are triggers like, for example, what's the VOC test at Adamas two and the industry's five.

嗯，從歷史上看，我們有 Ready Capital。如果你看看亞當的宇宙，十幾個或更多的發行人在 21 年、22 年每年的市值約為 300 億美元。自成立以來，我們是第四大發行人。我們的交易毫無疑問擁有最有利於投資者的結構，即A，靜態，B，我們的觸發因素是觸發因素，例如，Adamas 2 和行業 5 的 VOC 測試是什麼。

So that's how we structure the deal (multiple speakers)

這就是我們建立交易的方式（多個發言者）

One. One actually.

一。實際上是一個。

I'm sorry, 1% even worse. Are you excited even more conservative investor friendly so that data afford us a pricing on the triples best in class in the peer group. Now in the current market, we're probably now more leaning. We're looking at our refis in our existing our book and leaning more towards the managed structure, but they were through the external manager, which manages our securitizations.

抱歉，還差1%。您是否對更保守的投資者友好感到興奮，以便數據為我們提供同業中同類最佳三倍的定價。現在在當前的市場上，我們現在可能更傾向。我們正在現有的書中審視我們的再融資，並更傾向於託管結構，但它們是透過管理我們的證券化的外部經理進行的。

We're one of the largest issuers across a broad array of ABS sectors. And I think at this stage of the credit cycle, we're probably lean more towards more flexibility in exchange for some slightly higher spreads on the triples.

我們是 ABS 眾多領域的最大發行人之一。我認為在信用週期的現階段，我們可能更傾向於更大的彈性，以換取三元組利差稍高。

Right. And then it gets better, I'll just say just Thomas, in terms of the I think I think the pool would be really a combination of legacy assets in some collapses on some new issuance. And I think Tom's wanted to. Yes, certainly evaluating the managed structure or some hybrid structure with a certainly greater flexibility.

正確的。然後情況會變得更好，我只想說托馬斯，就我認為我認為該池實際上是一些新發行的一些崩潰中的遺留資產的組合而言。我想湯姆也想這麼做。是的，當然可以評估託管結構或某種具有更大靈活性的混合結構。

Right. Appreciate the color on this.

正確的。欣賞這上面的顏色。

Thank you, your questions.

謝謝你，你的問題。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thanks. Good morning, everyone. I'm just looking at the delinquency rates on the lower middle market slide at the presentation. Firstly, those rates include the loans held for sale? And if so, what would those delinquency rates look like absent the term $55 million of loans held for sale on a portfolio basis? And any other color that you think would be helpful yet or it are.

謝謝。大家，早安。我只是在演示中查看中低端市場幻燈片的拖欠率。首先，這些利率包括待售貸款？如果是這樣，如果沒有以投資組合為基礎持有待售貸款 5500 萬美元，這些拖欠率會是什麼樣子？以及您認為有用或有用的任何其他顏色。

Yes, Adam --

是的，亞當--

Look at that it isn't looking to garner (multiple speakers) Andrew, go ahead.

看看它並不打算吸引（多個發言者）安德魯，繼續吧。

And those numbers do include the delinquency rates from the held for sale on loans. So it's inclusive of the entire portfolio. When you look at and the held for sale delinquency rates, as I said before, there are much higher so roughly 70% of that population is in some state of delinquency. So on a comparative basis, once those are sold, we expect the delinquency rate to come down quite a bit.

這些數字確實包括持有待售貸款的拖欠率。所以它包含了整個投資組合。正如我之前所說，當您查看持有待售的拖欠率時，會發現該比率要高得多，因此大約 70% 的人口處於某種拖欠狀態。因此，相較之下，一旦這些產品出售，我們預計拖欠率會大幅下降。

Okay, great. That's helpful. And then just following up on Jay's question earlier, just how do you expect that the movement of loans held for sale to impact near term net interest income and distributable earnings. And I guess just relatedly, what are your near-term projections for core ROE? And Andrew said like it, it sounded like you said that you expect it to trend closer to the 10% target, but just curious over the next couple of quarters.

好的，太好了。這很有幫助。然後繼續回答傑伊之前的問題，您預計待售貸款的變動將如何影響近期淨利息收入和可分配收益。我想與之相關的是，您對核心股本回報率的近期預測是什麼？安德魯說，聽起來就像你說你預計它會接近 10% 的目標，但只是對接下來的幾個季度感到好奇。

Yes. So in the in the short term and on a net interest income standpoint, I think this population of loans will continue to have very minimal effect given that the majority of them are not accruing today as we move out of them and we are working to do so over the next three months. And that capital gets repositioned either into new originations at market yields or refinancings of existing loans at market yields.

是的。因此，從短期來看，從淨利息收入的角度來看，我認為這些貸款的影響將繼續非常小，因為大多數貸款在我們擺脫貸款時都不會累積，而且我們正在努力做到這一點所以在接下來的三個月裡。這些資本要麼以市場收益率重新配置為新的資金來源，要麼以市場收益率對現有貸款進行再融資。

It should add an incremental 12 to 15 of go-forward EPS prior to the combination of that repositioning and the modification work that's being done in the CLO, which we expect to have let's call it a $0.09 per quarter impact on EPS and pushes as we move to the back of this year, core earnings back towards that 10% target. I think in the interim period, though, while we work through those, the financial effects will be fairly de minimus.

在重新定位和 CLO 中正在進行的修改工作相結合之前，它應該增加 12 到 15 的前進 EPS，我們預計這對 EPS 產生每季度 0.09 美元的影響，並推動我們這樣做。又回到了10%的目標。不過，我認為在過渡時期，當我們努力解決這些問題時，財務影響將相當微不足道。

Okay, great. And then just one last question on when do you think the loans held for sale will be sold? And are you already in discussions with buyers for these loans? And just any gauge on what kinds of buyers are looking at them, whether it's passive managers or mortgage rates or mortgage finance companies. Just anything that would be awesome. Thank you.

好的，太好了。最後一個問題是，您認為何時出售待售貸款？您是否已經在與買家討論這些貸款？以及衡量哪些類型的買家正在關注他們的任何指標，無論是被動管理者、抵押貸款利率還是抵押貸款金融公司。任何東西都會很棒。謝謝。

Yes, Andrew, maybe up to Adam, maybe you can comment on the overall strategy with specific brokers. And I would comment, though, and in terms of buyers wouldn't definitely not a higher mortgage rate. It's more private credit funds that have raised a lot of capital around the distress CRE space and as well as a mom-and-pop for these smaller Broadmark assets. But Adam, maybe just comment on that.

是的，安德魯，也許由亞當決定，也許你可以對特定經紀人的整體策略發表評論。不過，我要評論的是，就買家而言，絕對不會提高抵押貸款利率。更多的是私人信貸基金圍繞陷入困境的 CRE 領域籌集了大量資金，以及這些規模較小的 Broadmark 資產的夫妻店。但是亞當，也許只是對此發表評論。

Yes, sure. I mean, listen, we've got a very large portfolio. This subset of loans, certainly very granular, mixed bags of mostly NPL and REO on. I'd say a lot of the assets are already with on brokers or and or have purchase and sale agreements executed. So specifically, around the REO bucket, the majority of those are with individual on with individual brokers in the market.

是的，當然。我的意思是，聽著，我們有一個非常大的投資組合。這部分貸款當然非常細化，大部分是 NPL 和 REO 的混合包。我想說，很多資產已經在經紀人手中，或是已經執行了購買和銷售協議。因此，具體而言，圍繞 REO 類別，其中大多數是與市場上的個人經紀人合作的。

On the loan side, the plan is to is to likely fill out the bulk sale on on and across a few different pools. I think the the buyer for these, I think, is going to be regional folks that want to take these assets on given that their NPL on and really come up with a new business plan to redevelop the assets. And then certainly there's going to be debt funds, looking at the at these assets for some of the larger office deals where they can come in with operating partners for development, I think you have asked.

在貸款方面，計劃可能會在幾個不同的池上和跨池完成批量銷售。我認為這些資產的買家將是那些想要接受這些資產的地區人士，因為他們的不良貸款已經開始，並真正提出了一個新的業務計劃來重新開發這些資產。當然，還會有債務基金，著眼於這些資產進行一些較大的辦公室交易，它們可以與營運合作夥伴一起進行開發，我想你已經問過了。

Chris, are you all taking my questions?

克里斯，你們都在回答我的問題嗎？

Matt Howlett, B. Riley Securities.

馬特‧豪利特 (Matt Howlett)，B. 萊利證券 (Riley Securities)。

Okay. Thanks for taking my question. I had just big first question from a high level. I mean, Tom, where are we in the commercial real estate cycle I-Mab? I'm assuming a lot of these delinquencies were [21] low cap rate vintages given, can you give us indication whether you think the worst is over here?

好的。感謝您提出我的問題。我剛剛從高層提出了第一個問題。我的意思是，湯姆，我們在商業房地產週期中處於什麼位置？我假設這些拖欠中有很多都是 [21] 低資本化率年份造成的，您能否告訴我們您是否認為最糟糕的情況已經過去了？

Yes.

是的。

I mean, there's eight food groups in the Moody's and Preakness eight answers to that question. But the one that's relevant for ready is obviously multi, and that's 80% of our exposure. So to answer that very briefly, we believe that it's a rotational bottoms in sub markets, which are tied to a negative supply hitting the market that the multifamily starts were up since 2020.

我的意思是，穆迪和普里克尼斯對這個問題的八個答案中有八個食物組。但與準備就緒相關的顯然是多方面的，這占我們曝光的 80%。因此，簡單地回答這個問題，我們認為這是子市場的輪換底部，這與自 2020 年以來多戶住宅開工量上升而對市場造成的負供給有關。

I think to the big early this year or late last year, up like 50%, 60%, they're down year over year, 35%. So what you're seeing is it price declines and rent and rent, therefore, rent declines in select submarkets where there's a lot of supply hitting the market. And so certain markets have so to figure the bottoms and each of the markets, you look at the amount of supply and how long it takes to absorb that excess supply before the market bottoms.

我認為今年年初或去年年底的大公司，上漲了 50%、60%，但比去年同期下降了 35%。所以你看到的是價格下降和租金下降，因此，在有大量供應進入市場的特定子市場中，租金下降。因此，某些市場必須要計算底部，而對於每個市場，您都會查看供應量以及在市場觸底之前吸收多餘供應所需的時間。

And overall, we're down 16% in multifamily prices. We think we have another five to go, but broadly speaking, we think the bottom is sometime in the late the later latter half of '24 with very significant variations in markets. And again, to reemphasize what we said in the earnings call, we use a geo tier model for years to come and break markets one through five and one major input in model is negative absorption, supply, negative absorption. So we've dodged a lot of the big bullets like in Austin, Texas, for example, some.

總體而言，多戶住宅價格下降了 16%。我們認為還有五年的時間，但從廣義上講，我們認為底部是在 24 年下半年的某個時候，市場變化非常大。再次強調我們在財報電話會議中所說的內容，我們在未來幾年使用地理層級模型，並打破一到五個市場，模型中的一個主要輸入是負吸收、供應、負吸收。因此，我們躲過了很多大子彈，例如在德克薩斯州奧斯汀的一些子彈。

But that's so that's so we think at the end of the day, the multifamily valuations are our floored based on the huge delta in buy versus rent. And the average monthly payment United States now has nearly $3,000 for a medium priced home and the average rent is a little under $2,000. That's a that's a 50-year high so that that will underpin the demand for them, apartments in relation to as single-family and also create a floor on our multifamily valuations.

但事實就是如此，我們認為最終，多戶住宅的估值是我們根據購買與租金的巨大差異得出的底線。現在美國中等價位房屋的平均每月付款接近 3,000 美元，平均租金略低於 2,000 美元。這是 50 年來的最高點，因此這將支撐對單戶公寓的需求，並為我們的多戶住宅估值創造一個下限。

Which is why we're highly confident in our legacy book because of the going in LTV of low 60s on even with these declines there's a government take-out through Fannie, Freddie, and they just need some time to work through the business plans and some. But the valuations we think are unlike office, which is a we think a five-year secular decline, multifamily and solid getting into leads the way you explain it makes complete sense.

這就是為什麼我們對我們的遺產書充滿信心，因為即使出現這些下降，LTV 仍將達到 60 多歲，政府通過房利美、房地美進行了外賣，他們只需要一些時間來完成業務計劃和一些。但我們認為的估值與辦公室的估值不同，我們認為辦公室的估值會持續五年的下降，多戶住宅和穩固的進入領先，正如你所解釋的那樣，這是完全合理的。

And I appreciate that additional color. And perhaps I should have started off with the first question, I should congratulate everybody with the share repurchases, particularly in April. And we can all do the math feel in terms of the NPV of buying back shares here selling loans and buying back shares at 100% upside potentially.

我很欣賞這種額外的顏色。也許我應該從第一個問題開始，我應該要恭喜大家回購股票，特別是在四月。我們都可以計算一下回購股票的淨現值（NPV），在這裡出售貸款並以 100% 的上漲潛力回購股票。

What can you tell me in terms of the pace of repurchases are up in April versus the first quarter. Would you like to see that April base continue? Could we see Dutch tenders when you get big pools of capital? And just curious on a share repurchase and that that's really commend everybody, therefore, for buying back shares.

您能告訴我的是，與第一季相比，四月份的回購速度有所加快。您希望看到四月的基地繼續下去嗎？當你獲得大量資金時，我們能看到荷蘭招標嗎？只是對股票回購感到好奇，因此，這真的值得每個人回購股票。

Thanks. Andrew, you want to comment.

謝謝。安德魯，你想發表評論。

So we know we have $50 million remaining on our existing share repurchase program. And I think we will continue to utilize the program while also balancing the need to use liquidity, both in terms of we're taking our CLOs as well as putting money to work in a very attractive environment.

因此，我們知道現有的股票回購計畫還剩 5,000 萬美元。我認為我們將繼續利用該計劃，同時平衡使用流動性的需求，無論是我們使用 CLO 還是在一個非常有吸引力的環境中投入資金。

Yes.

是的。

As you mentioned, the return profile on repurchasing shares is very attractive at these levels on and certainly as we as proceeds come in from the sales and payoffs. We'll evaluate whether the $50 million is a it's a sufficient amount allocated to the repurchase when we get through it all. But I do expect that repurchases, assuming liquidity levels remain healthy and margin risks in the portfolio remains really small.

正如您所提到的，回購股票的回報率在這些水平上非常有吸引力，當然，因為我們的收益來自銷售和支付。當我們完成這一切後，我們將評估這 5,000 萬美元是否足夠分配給回購。但我確實預計會回購，假設流動性水平保持健康並且投資組合的保證金風險仍然很小。

I do expect it to be a part of what we do going forward.

我確實希望它成為我們未來工作的一部分。

My two central, what it's worth is that you can put capital to work. Some of it could be worth 100% up for sale I know you're getting 20% on new investments, but clearly share repurchases at these type of discount NAV, it just look like the best use of capital. I mean, obviously, in the context of all the other liquidity that you're managing and I appreciate you guys are out there doing it and it's nice to see.

我的兩個中心，它的價值在於你可以把資本投入工作。其中一些可能值得 100% 出售，我知道你可以從新投資中獲得 20%，但顯然以此類折扣資產淨值進行股票回購，這看起來像是資本的最佳利用。我的意思是，顯然，在你們正在管理的所有其他流動性的背景下，我很感激你們在那裡這樣做，很高興看到。

And last question, Andrew, what was the coupon on the term loan and then we're seeing the readout now issuing five-year paper in oh 8%, 9% unsecured. What is what can you tell me if on the on your on the unsecured side, are you going to be out in the market? Is that a channel open to you?

最後一個問題，安德魯，定期貸款的息票是多少，然後我們看到現在正在發行 8%、9% 無抵押五年期票據。如果您是無擔保一方，您打算進入市場嗎？這是一個向您開放的頻道嗎？

Yes. So that the term on price and so for plus [550] on it. I'm not tax effected, though. So we will be able to tax effect the interest cost of this, so issuance, which will bring it down into the into the seventh time in terms of accessing other corporate markets, we certainly see deals get done and we have for them on a continuous basis. I do think as we move forward, and we evaluate the liquidity needs of the company at all. We'll consider all options.

是的。這樣就對價格等項加了[550]就可以了。不過，我沒有繳稅。因此，我們將能夠對利息成本進行徵稅，因此發行，這將使其在進入其他企業市場方面進入第七次，我們當然會看到交易完成，並且我們將持續為他們提供服務基礎。我確實認為，隨著我們前進，我們會評估公司的流動性需求。我們會考慮所有的選擇。

Great. Look forward to that Century.

偉大的。期待那個世紀。

(Operator Instructions) Jade Rahmani, KBW.

（操作員說明）Jade Rahmani，KBW。

Thank you very much. Can you give any color on the other income line, which is around $15 million and also the other operating expenses, which was about $30 million?

非常感謝。您能否對另一條收入線（約 1500 萬美元）以及其他營運支出（約 3000 萬美元）進行說明？

Yes. So in the the other income, the biggest driver is going to be the contingent equity write down, which was offset by and losses that are also included in core. So the net impact of that is zero. On the DI operating side, the biggest one in there is impairment on REO, which flow through that come through that line item.

是的。因此，在其他收入中，最大的驅動因素將是或有權益減記，它被也包含在核心中的損失所抵消。因此，其淨影響為零。在 DI 營運方面，最大的減損是 REO，它流經該行專案。

That was roughly $17 million in the quarter.

該季度的金額約為 1700 萬美元。

There's also carry cost scenario like tax expenses, et cetera, that flow through there. But the main one was the REO impairment is correct.

還有諸如稅收費用之類的持有成本場景會流經那裡。但最主要的一點是 REO 減損是正確的。

So I guess on the $15 million of other income. I mean, in the 10-K, the description is that it includes a whole variety of stuff. Your 10-Q is not out but origination income change in repair and denial reserve, employee retention, credit consulting income, are those line items expected to continue?

所以我猜想還有 1500 萬美元的其他收入。我的意思是，在 10-K 中，描述是它包括各種各樣的東西。您的 10-Q 尚未結束，但修復和拒絕準備金、員工保留、信用諮詢收入等原始收入變化，這些項目預計會繼續嗎？

Origination income will continue sort of go through. There are mainly fees received from Red Stone. That was down slightly down $2 million quarter over quarter. So that will be a continuous item. The repair and denial reserve relates to the reserve we put on the books on the guaranteed portion of seven a. loans. And in the event that a loan goes delinquent, and we do have to repair the SBA for that default, it's there in the income line item is that when we purchased the business from CIT., there's a fairly large reserve put in and I would expect that dollar, that line item to get smaller over time.

原始收入將持續經歷。主要是從紅石收取費用。這一數字比上一季略有下降 200 萬美元。所以這將是一個連續的項目。維修和拒絕準備金與我們在七a的保證部分上記入的準備金有關。貸款。如果貸款拖欠，我們確實必須修復 SBA 的違約行為，收入行項目中的內容是，當我們從 CIT 購買業務時，存入了相當大的準備金，我會預計隨著時間的推移，該美元、該行項目會變得越來越小。

Employee Retention Credit income in that line item was down $27 million per quarter. That's not included $2.5 million in Q1. I would expect that to trend towards zero as we move throughout the other income throughout the rest of the year.

該專案的員工保留信貸收入每季下降 2,700 萬美元。這還不包括第一季的 250 萬美元。我預計，隨著我們在今年剩餘時間內轉移其他收入，這一數字將趨向於零。

And then on the contingent equity, right, which is sort of the last remaining bucket that's flowing through there on will also fade away as we get to the end of the Mosaic transaction. So the main items inside other income, absent other things that come through the business in the future really is going to be our origination income.

然後，在或有資產上，右邊，當我們到達馬賽克交易結束時，它是流經那裡的最後一個剩餘的桶，也將逐漸消失。因此，如果未來業務中沒有其他內容，其他收入中的主要項目實際上將是我們的原始收入。

Okay.

好的。

That's great. And then on capital plans, aside from a potential CLO, are you contemplating anything at this point.

那太棒了。然後在資本計劃上，除了潛在的 CLO 之外，您此時是否正在考慮任何事情。

We are not.

我們不是。

Okay.

好的。

I thought there was a plan for some sort of unsecured debt or preferred, I guess the term loan was issued and maybe that's what you were previously referring to.

我認為有某種無擔保債務或優先債務的計劃，我猜定期貸款已經發行，也許這就是您之前提到的。

Yes, with the execution of the term loan, the proceeds from the sale of the held-for-sale loans as well as just the natural liquidity projections in the business we're pretty well positioned for the immediate term as it obviously, as we move to the back half of the year, we will balance them the opportunity set on the investment side with the and the opportunities for raising additional debt at that point. But in the short term and the liquidity forecast for the company is quite healthy.

是的，隨著定期貸款的執行、出售持有待售貸款的收益以及業務中的自然流動性預測，我們在短期內處於相當有利的位置，顯然，因為我們到今年下半年，我們將在投資方面的機會與當時籌集額外債務的機會之間進行平衡。但從短期來看，公司的流動性預測相當健康。

Thanks a lot.

多謝。

As we have reached the end of the question-and-answer session. I'd now like to turn the call back over to Tom capacity for closing comments.

當我們在問答環節結束時。我現在想將電話轉回給 Tom 進行結束評論。

Appreciate everybody's time and look forward to the year second quarter earnings call.

感謝大家抽出時間並期待今年第二季的財報電話會議。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。