Ready Capital Corp (RC) 2024 Q3 法說會逐字稿

Greetings and welcome to the Ready Capital third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Andrew Ahlborn, Chief Financial Officer. Thank you. You may be good.

問候並歡迎參加 Ready Capital 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹財務長安德魯‧阿爾伯恩 (Andrew Ahlborn)。謝謝。你可能很好。

Thank you, operator, and good morning to those of you on the call. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them.

謝謝接線員，通話中的各位早安。我們今天的一些評論將是聯邦證券法含義內的前瞻性陳述。此類聲明受多種風險和不確定因素的影響，可能導致實際結果與我們的預期有重大差異。因此，您在解釋和依賴它們時應謹慎。

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

請您參閱我們向美國證券交易委員會提交的文件，以便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。在電話會議中，我們將討論我們認為有助於評估公司經營績效的非公認會計準則指標。這些措施不應被孤立地考慮，或作為我們按照 GAAP 編制的財務結果的替代方案。這些指標與最直接可比較的 GAAP 指標的對帳可在我們的 2024 年第三季財報和補充資訊中找到，這些資訊可在 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 和我之外，參加今天電話會議的還有 Ready Capital 的首席信貸官 Adam Zausmer。現在我將把麥克風交給執行長湯姆‧卡帕斯 (Tom Capasse)。

Thanks, Andrew. Good morning, everyone, and thank you for joining the call today.

謝謝，安德魯。大家早安，感謝大家參加今天的電話會議。

The third quarter marked what we believe to be at or near the bottom of the commercial real estate cycle, particularly in our core multi-family sector. We're seeing stabilization in both rent growth and property prices, driven by three key factors: rate cuts, a nearly 50% reduction in multi-family starts, and strong occupant demand. To those points, we should begin to see the benefit of the improving market conditions over the coming quarters.

我們認為第三季已達到或接近商業房地產週期的底部，特別是在我們核心的多戶型住宅領域。我們看到租金成長和房價都趨於穩定，這主要受三個關鍵因素推動：降息、多戶型住宅開工率減少近 50% 以及強勁的居住需求。就這些而言，我們應該開始看到未來幾季市場狀況改善的好處。

Our CRE portfolio is showing stabilizing credit metrics while our small business lending operations are achieving record growth, supported by strength in the broader economy. At Ready Capital, we continue to make significant progress on the strategic portfolio initiatives outlined at the start of the year which focus on repositioning non-performing loans.

我們的商業房地產組合顯示出穩定的信貸指標，同時在整體經濟強勁的支持下，我們的小型企業貸款業務實現了創紀錄的成長。在 Ready Capital，我們繼續在年初概述的以重新定位不良貸款為重點的策略投資組合計劃上取得重大進展。

Our $8.1 billion CRE portfolio consists of two segments, originated and M&A, representing 90% and 10% of the total respectively at quarter end. The originated portfolio declined 6% in a quarter to $7.3 billion. The rate of negative credit migration in the portfolio continues to stabilize. 60-day plus delinquencies in the portfolio increased marginally by $53 million and equaled 6.2% of the total portfolio at quarter end. Within our originated portfolio, 21% has been modified with term extensions through the third quarter of 2025 being the primary modification.

我們價值 81 億美元的 CRE 投資組合包括兩個部分，即發起投資和併購投資，截至季末分別佔總投資組合的 90% 和 10%。發起投資組合在一個季度內下降了 6%，至 73 億美元。投資組合中的負信貸遷移率持續保持穩定。投資組合中 60 天以上的拖欠金額小幅增加了 5,300 萬美元，相當於季末投資組合總額的 6.2%。在我們發起的投資組合中，21% 已被修改，主要修改是將期限延長至 2025 年第三季。

These modified loans are predominantly multi-family at 76%, with average stabilized LTVs of 73%. These loans, while modified, continue to produce cash flow and carry contractual interest rate of 9.2% with 66% being cash paying. More broadly, the CRE portfolio features a 9% contractual rate, of which 78% is cash paying.

這些修改後的貸款主要是多戶住宅貸款，佔 76%，平均穩定 LTV 為 73%。這些貸款雖然經過修改，但仍持續產生現金流，合約利率為 9.2%，其中 66% 為現金支付。更廣泛地說，CRE投資組合的合約利率為9%，其中78%是現金支付。

Stronger multi-family fundamentals have increased transaction volume leading to increased payoffs of $490 million. The majority of these proceeds went to reduce leverage in our existing CRE CLO structures. We are also gradually increasing our offensive stance, executing $246 million of new originations. And our pipeline has grown 34% since the second quarter to $730 million.

更強勁的多戶型基本面增加了交易量，導致收益增加 4.9 億美元。這些收益大部分用於降低我們現有 CRE CLO 結構中的槓桿率。我們也正在逐步加強我們的進攻姿態，執行 2.46 億美元的新融資。自第二季以來，我們的通路成長了 34%，達到 7.3 億美元。

Our M&A strategy has historically focused on acquiring and liquidating legacy non-core assets, then reinvesting the proceeds into our core CRE lending business. We continue to reduce our M&A portfolio which now stands at $850 million, a 17% improvement. Our active asset management has stabilized 60-day delinquencies at 16%. The levered yield in our remaining M&A portfolio has increased to 13.7%.

我們的併購策略歷來專注於收購和清算遺留非核心資產，然後將收益再投資於我們的核心商業房地產貸款業務。我們繼續減少我們的併購組合，目前為 8.5 億美元，成長 17%。我們的主動資產管理已將60天拖欠率穩定在16%。我們剩餘的併購投資組合的槓桿殖利率已升至 13.7%。

With the capital invested in our small business lending segment, Ready Capital has become a leading national non-bank lender to small businesses providing a full suite of loan options from $10,000 unsecured working capital loans to $25 million plus real estate-backed USDA loans.

憑藉對我們小型企業貸款部門的投資，Ready Capital 已成為全國領先的非銀行小型企業貸款機構，為小型企業提供全套貸款選擇，從 10,000 美元的無擔保營運資金貸款到 2500 萬美元的房地產支持的 USDA 貸款。

This resulted in record quarterly originations of $440 million. This consists of $355 million of Small Business Administration or SBA 7(a) loans, $39 million of USDA loans, and $46 million of small business working capital loans.

這導致季度資金發放金額達到創紀錄的 4.4 億美元。其中包括 3.55 億美元的小型企業管理局或 SBA 7(a) 貸款、3,900 萬美元的美國農業部貸款以及 4,600 萬美元的小型企業營運資金貸款。

Our dual SBA 7(a) strategy targeting, both large and small loans, has now exceeded our $1 billion annual target. This quarter's volume was split between our traditional large loan channel up to $5 million at 53% and our small loan channel below $350,000 at 47%.

我們的雙重 SBA 7（a）戰略目標（包括大額貸款和小額貸款）現已超過年度 10 億美元的目標。本季度，我們傳統的高達 500 萬美元的大額貸款管道佔 53%，而 35 萬美元以下的小額貸款管道佔 47%。

Our fintech iBusiness has grown to be a market leader in the origination of small SBA 7(a) loans. The strategic mix has generated higher SBA guarantee percentages and gain on sale premiums averaging 81% and 11% respectively. We are now the number one non-bank and fourth overall SBA lender in the country. We continue to execute four initiatives to navigate this CRE credit cycle. First, 72% of our portfolio repositioning efforts are complete, following the settlement of $331 million in loan and REO sales across 44 assets. These sales generated $55 million in net proceeds and reduced negative carry by $0.08 per share.

我們的金融科技 iBusiness 已發展成為小型 SBA 7(a) 貸款發放領域的市場領導者。這個策略組合產生了更高的 SBA 擔保百分比和銷售溢價收益，平均分別達到 81% 和 11%。我們現在是全國第一大非銀行貸款機構和第四大 SBA 貸款機構。我們將繼續實施四項措施來引導這項商業房地產信貸週期。首先，在 44 項資產的 3.31 億美元貸款和 REO 銷售結算後，我們 72% 的投資組合重新定位工作已經完成。這些銷售產生了 5500 萬美元的淨收益，並減少了每股 0.08 美元的負收益。

Our remaining loan inventory includes 43 assets, totaling $218 million in carrying value, comprised of 40% originated loans and 60% M&A loans, of which 5% are office assets, 21% land assets, and a mix of multi-family and industrial properties. We have 26 REO assets valued at $140 million currently listed for sale. We expect monetization of the entire position to extend to the first half of 2025.

我們剩餘的貸款庫存包括 43 項資產，帳面價值總計 2.18 億美元，包括 40％ 的發放貸款和 60％ 的併購貸款，其中 5％ 為辦公資產，21％ 為土地資產，以及多戶住宅和工業地產的組合。我們目前有 26 項 REO 資產掛牌出售，價值 1.4 億美元。我們預計整個部位的貨幣化將延續到 2025 年上半年。

The second, our leverage position remains conservative. Our total leverage of 3.3x is below our long-term target of 4x. Improving sector liquidity has enabled us to pursue opportunity to raise a creative capital and optimize our existing capital structure.

第二，我們的槓桿狀況依然保守。我們的總槓桿率為 3.3 倍，低於我們的長期目標 4 倍。提高產業流動性使我們能夠尋求機會籌集創意資本並優化現有的資本結構。

Of our 17 outstanding CRE securitizations, 9 are eligible for call with an average current advance rate of 73%. In the third quarter, we call the legacy fixed rate securitization RCMT 2015-2 generating $9.3 million in liquidity and improving yields by 400 basis points.

在我們 17 個未償還的 CRE 證券化中，有 9 個符合贖回條件，平均目前預付率為 73%。在第三季度，我們稱之為傳統固定利率證券化 RCMT 2015-2，產生了 930 萬美元的流動性，並將收益率提高了 400 個基點。

As discussed on prior calls, our static CLOs have less flex flexibility than typical managed CLOs in managing delinquent loans, which affects peer group credit comparisons. However, our CLOs remain strong. Six of our eight outstanding issuances pass their interest coverage and over collateralization test. October remittances showed delinquencies and loans in special servicing improving to 8.7% and 17% respectively. We expect our next issuance in the first half of next year using collateral from both called legacy deals and new production.

如同先前的電話會議中所討論的，我們的靜態 CLO 在管理拖欠貸款方面的靈活性低於典型的管理 CLO，這會影響同儕群體的信用比較。然而，我們的 CLO 依然強勁。我們發行的八隻未償債券中有六隻通過了利息覆蓋率和超額抵押測試。十月匯款顯示拖欠率和特殊服務貸款分別改善至 8.7％ 和 17％。我們預計下一次發行將在明年上半年，使用遺留交易和新產品的抵押品。

Third, growth in our small business lending operations reached new heights this quarter, marking the highest earnings contribution from the platform in our history. In total, our small business lending segment generated $21 million of pretax distributable income or $0.12 per share. These results exclude any impact from Madison One, our USDA lender or Funding Circle, our small business lending platform acquired in the third quarter. Madison One and Funding Circle are expected to be accretive to earnings, once fully ramped.

第三，本季我們小型企業貸款業務的成長達到了新的高度，標誌著我們該平台的獲利貢獻達到了歷史上的最高水準。總體而言，我們的小型企業貸款部門產生了 2,100 萬美元的稅前可分配收入，即每股 0.12 美元。這些結果不包括我們在第三季收購的美國農業部貸款機構 Madison One 和小型企業貸款平台 Funding Circle 的影響。一旦全面投入運營，預計 Madison One 和 Funding Circle 的利潤將會增加。

During the quarter, these acquisitions posted a quarterly distributable earnings loss of $1.8 million or $0.01 per share. This loss was due to timing of building a forward pipeline in recognition of post-acquisition operating efficiencies.

在本季度，這些收購造成的季度可分配收益損失為 180 萬美元，即每股 0.01 美元。這項損失是由於為了提高收購後的營運效率而建立前瞻性管道的時機。

Looking forward, the scale and high ROE capital-light nature of our small business lending segment provides a clear differentiator amongst our peer group with the segment's book value at only 8% equity and a significantly higher market value. The growing earnings contribution along with normalization of our CRE business to historical levels should support a longer-term ROE premium to our peer group.

展望未來，我們小型企業貸款部門的規模和高 ROE 輕資本性質為我們的同行提供了明顯的區別，該部門的帳面價值僅為 8% 的股權和明顯更高的市場價值。獲利貢獻的不斷成長，以及我們 CRE 業務恢復至歷史水準的正常化，應能支持我們的長期 ROE 高於同業。

Fourth, our exit from residential mortgage banking progresses well. We are currently marketing our remaining MSRs with a settlement plan for late November, expected to generate approximately $40 million in net proceeds. The platform sale is expected to be completed over coming weeks with the settlement pending agency approval in early 2025.

第四，住宅抵押貸款銀行業務退出進展順利。我們目前正在行銷剩餘的 MSR，並製定了 11 月底的結算計劃，預計將產生約 4000 萬美元的淨收益。該平台出售預計將在未來幾週內完成，並需等待 2025 年初機構批准。

Ready Capital is well positioned to capitalize on the tailwinds in the CRE market. While it will take a few more quarters to fully realize the benefits, three key drivers will contribute to our future earnings growth. Our stabilizing CRE platform continue turnover of our M&A portfolio and sustain growth in our small business lending platform.

Ready Capital 已做好準備，利用 CRE 市場的順風優勢。雖然要完全實現這些好處還需要幾個季度的時間，但三大關鍵驅動因素將促進我們未來的獲利成長。我們穩定的企業房地產平台持續推動我們的併購組合週轉，並維持小型企業貸款平台的成長。

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

說完這些，我會把麥克風交給安德魯。

Thanks, Tom.

謝謝，湯姆。

Third-quarter GAAP losses per common share were $0.07 while distributable earnings showed a loss of $0.28. Excluding realized losses on asset sales, distributable earnings were $0.25 per common share, representing an 8.4% return on average stockholders' equity. The distributable loss primarily reflects the timing difference between the valuation allowances recorded in the first and second quarters and realized losses from settlements in the third quarter.

第三季每股 GAAP 虧損為 0.07 美元，可分配收益虧損 0.28 美元。不含資產出售的已實現損失，可分配收益為每股普通股 0.25 美元，相當於平均股東權益報酬率為 8.4%。可分配損失主要反映第一季和第二季記錄的估值準備金與第三季結算實現損失之間的時間差異。

Three key factors impacted our quarterly earnings. First, revenue from that interest income, servicing income, gain on sale, and origination income increased $19 million or 22% quarter over quarter to $104 million. The change is primarily driven by $8.7 million growth in gain on sale revenue from our small business lending business, with sales of $254.3 million generating gain on sale revenue of $24.2 million.

有三個關鍵因素影響了我們的季度收益。首先，利息收入、服務收入、銷售收益和發起收入的收入環比增加 1,900 萬美元，達到 1.04 億美元，增幅為 22%。這項變更主要得益於我們小型企業貸款業務的銷售收益成長 870 萬美元，其中 2.543 億美元的銷售額帶來了 2,420 萬美元的銷售收益。

$6.6 million growth in origination income from small business working capital loans, through the Funding Circle platform, and higher SBA 7(a) production. $2.1 million growth in servicing income from MSRs acquired through the Madison One and Funding Circle acquisitions.

透過 Funding Circle 平台，小型企業營運資金貸款的發放收入成長了 660 萬美元，且 SBA 7(a) 產量也更高。透過收購 Madison One 和 Funding Circle 獲得的 MSR 服務收入成長了 210 萬美元。

Net interest income held steady quarter by quarter at $51 million. Interest income declined $7.6 million primarily from portfolio reductions to payoffs and liquidations. This is offset by lower interest expense from deleveraging of our CRE CLOs.

淨利息收入逐季保持穩定，為 5,100 萬美元。利息收入減少了 760 萬美元，主要由於投資組合減少、償還貸款和清算。這被我們 CRE CLO 去槓桿帶來的較低利息支出所抵銷。

Quarterly interest income was 73% cash and 27% accrued or paid in kind. This equates to a cash yield in the portfolio of 6.6%. Of the 27%, 50% related to construction assets acquired in the Mosaic transaction, of which 74% are expected to be repaid at the end of the year. Non-accrual balances remained stable at $260 million, representing 2.8% of the portfolio.

季度利息收入73%來自現金，27%來自應計或實物支付。這相當於投資組合的現金收益率為 6.6%。在這27%中，50%與Mosaic交易中收購的建築資產有關，其中74%預計將在年底償還。非應計餘額維持穩定，為 2.6 億美元，佔投資組合的 2.8%。

Second, the combined provision for loan loss and valuation allowance decreased $17.9 million. The $53.2 million increase in CECL reserves was due to a $4.6 million decrease in the general allowance plus $57.8 million of specific reserves on several assets. The decrease in the valuation allowance is due to an $88.2 million recovery from loan sales, all set by $17.2 million increase on loans remaining on the balance sheet at quarter end.

其次，貸款損失準備和估值準備金合計減少了 1,790 萬美元。CECL 儲備金增加 5,320 萬美元是由於一般準備金減少 460 萬美元加上多項資產的特定儲備金減少 5,780 萬美元。估值準備金的減少是由於貸款銷售收回了 8,820 萬美元，所有這些都是由季度末資產負債表上剩餘貸款增加 1,720 萬美元所致。

The release of the valuation allowances related to the settlement of $315.7 million of loans. Loan settlements had an incremental impact of $11.5 million net of tax.

估值準備金的釋放與 3.157 億美元貸款的清償有關。貸款結算的增量影響為稅後 1,150 萬美元。

Third, as expected, offering costs rose 1% to $60.4 million, reflecting $11.5 million in Funding Circle costs and a $4.1 million increase in variable costs related to production. Non-cash REO charge-offs included in other operating expenses were $525,000 in the quarter, down from $9.1 million in the second quarter.

第三，如預期，發行成本上漲 1% 至 6,040 萬美元，其中 Funding Circle 成本增加 1,150 萬美元，生產相關變動成本增加 410 萬美元。本季其他營運費用中包含的非現金 REO 沖銷額為 525,000 美元，低於第二季的 910 萬美元。

We recorded a $32.2 million bargain purchasing from the completion of the Funding Circle transaction, primarily driven by realizing a deferred tax asset, net of evaluation allowances. On the balance sheet, book value per share is now $12.59 per share versus $12.97 per share last quarter.

我們在 Funding Circle 交易完成後記錄了 3,220 萬美元的廉價購買，主要受實現遞延所得稅資產（扣除評估準備金）的推動。在資產負債表上，每股帳面價值現在為 12.59 美元，而上一季為每股 12.97 美元。

The change is primarily due to declines of $0.31 per share related to CECL, $0.11 per share related to net realized losses, and $0.06 per share reduction from net changes in cash flow hedges through other comprehensive income. These declines were partially offset by a $0.13 per share increase related to the bargain purchase gain. Distributable earnings, absent realized losses, cover the dividend. Our strong liquidity position includes $181 million in unrestricted cash and $20 million in committed but undrawn borrowings.

這項變更主要由於與 CECL 相關的每股下降 0.31 美元、與淨已實現損失相關的每股下降 0.11 美元以及透過其他綜合收益的現金流量套期淨變動每股減少 0.06 美元。這些下降被與廉價購買收益相關的每股 0.13 美元的增加部分抵消。可分配收益（不包括已實現損失）可支付股息。我們強大的流動性狀況包括 1.81 億美元的無限現金和 2000 萬美元已承諾但尚未提取的借款。

With that, we will open the line for questions.

現在，我們將開放問答熱線。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作員指示）克里斯賓·洛夫，派珀·桑德勒。

Thank you. Good morning, Tom and Andrew. First, can you just give a little more detail on the loan sales in the quarter? I saw the $110 million loss. What was the total sale amount and the discount you sold it at? And then on what's left to sell, is it $218 million or did I get that wrong?

謝謝。早上好，湯姆和安德魯。首先，您能否詳細介紹本季的貸款銷售情況？我看到了1.1億美元的損失。總銷售金額是多少？那麼還剩下多少錢可以賣呢，是 2.18 億美元嗎，還是我記錯了？

Hey. Good morning, Crispin. So we settled in the quarter a total of $331 million. The pricing was relatively in line with what we disclosed last quarter, which was right around [$70 million]. The sales generated roughly $55 million in proceeds. And the EPS impact of those sales in the quarter was $0.11 -- a loss of $0.11.

嘿。早上好，克里斯平。因此，我們本季的結算總額為 3.31 億美元。定價與我們上個季度披露的價格相對一致，大約是[7000萬美元]。此次銷售產生了約 5500 萬美元的收益。這些銷售對本季每股收益的影響為 0.11 美元——虧損 0.11 美元。

IN addition to that, we do have a population of $218 billion of loans remaining on the balance sheet that we anticipate selling. We took increased valuation allowances of roughly $15 million growth of the effects of tax. And that had a $0.13 effect on EPS.

除此之外，我們的資產負債表上還有 2,180 億美元的貸款需要出售。我們增加了約 1500 萬美元的估值準備金，以應對稅收的影響。這對每股收益產生了 0.13 美元的影響。

Okay, I appreciate that, Andrew. And then, just in the third quarter, can you disclose how much was -- how much interest income was from PIK and just expectations from PIK over the next few quarters?

好的，我很感激，安德魯。然後，僅在第三季度，您能否透露一下來自 PIK 的利息收入是多少以及未來幾季對 PIK 的預期是多少？

Yeah, as Tom said in his comments, a little over 20% was either PIK or accrued. When you break those two components down, the PIK component is coming from construction loans acquired in the Mosaic transaction. The expectation is that a large portion of those pushing 75% clear out in the fourth quarter and turn to actually through cash-paying investments. The other subset relates to the modified loans. As Tom also mentioned here, roughly 66% of that is cash paying with the component being accrued if the ultimate recoverable -- recoverability is supportable. So that's the breakdown.

是的，正如湯姆在評論中所說，略高於 20% 的是 PIK 或應計金額。當你將這兩個部分分解開來時，PIK 部分來自 Mosaic 交易中獲得的建築貸款。預計，其中 75% 的投資者將在第四季度退出，並轉向現金支付投資。另一子集與修改後的貸款有關。正如湯姆在這裡提到的，其中大約 66% 是現金支付，如果最終可回收性（可回收性）可支持，則該部分將被提列。這就是故障現象。

Okay, great. And then, sorry, but is that 20% that's PIK -- is that 20% of interest income or net interest income?

好的，太好了。然後，抱歉，但那 20% 是 PIK 嗎——那是利息收入的 20% 還是淨利息收入？

It's on the top line.

它位於最上方。

Douglas Harter, UBS.

瑞銀的道格拉斯·哈特。

Thanks. I guess thinking of the originated portfolio, how do you expect the trajectory of either delinquents or non-accrual assets to perform both resolutions and inflows of potential new problem assets?

謝謝。我想，考慮到起源的投資組合，您如何預期拖欠資產或非應計資產的軌跡能夠同時解決潛在新問題資產的問題並流入其中？

Yeah, Andrew, do you want to comment on that? And just actually I think one thing to underscore is the so-called denominator effect, which we're seeing in the industry in terms of the portfolio decline being greater than the new assets -- I'm sorry, new 60-day delinquents, but maybe, Adam, just comment on that more broadly.

是的，安德魯，你想對此發表評論嗎？實際上，我認為需要強調的一點是所謂的分母效應，我們在行業中看到的情況是投資組合的下降幅度大於新資產 - 對不起，新的 60 天拖欠者，但也許，亞當，只是更廣泛地評論一下這一點。

Yes, sure. On the originated portfolio, as we've been highlighting, the majority is multi-family product, right? So it's 70%-plus in multi. We feel that there's strong equity in these deals. And certainly, the market is improving. And as Tom and Andrew highlighted the commercial real estate space, specifically the multi-family area where we're so heavily exposed is certainly on a stabilizing path, especially as rates begin to ease the fundamentals are certainly more favorable.

是的，當然。在發起的投資組合中，正如我們一直強調的那樣，大多數是多戶型產品，對嗎？因此，在多項式中，其比例超過 70%。我們認為這些交易具有很強的公平性。確實，市場正在改善。正如湯姆和安德魯所強調的商業房地產領域，特別是我們重點關注的多戶型住宅領域，無疑正處於穩定的軌道上，尤其是隨著利率開始下降，基本面肯定更加有利。

I'd say that it -- delinquency will remain volatile, right, as we work through the portfolio. But as we've highlighted, it's certainly peaked our delinquency. And also, the denominator effect as we're originating less new loans today, that denominator is going -- is going down as loans are paying off.

我想說的是，當我們處理投資組合時，拖欠率將保持不穩定。但正如我們所強調的，它確實使我們的犯罪率達到了頂峰。而且，由於我們今天發放的新貸款減少，分母效應也隨之產生，隨著貸款的償還，分母也會下降。

So we had about $700 million of exits this year, which is certainly reducing that denominator. We've only had about $50 million of new $60 million-plus delinquency in the quarter. And so that's -- although there was a 90% -- sorry, a 90 basis-point increase in the $60 million-plus, it's only attributable to about $50 million of new $60 million-plus. So as Tom highlights, that denominator effect is certainly impacting the delinquency increase.

因此，我們今年的退出金額約為 7 億美元，這肯定會減少這個分母。本季度，我們僅發生了約 5000 萬美元的新的 6000 萬美元以上的拖欠款項。因此，儘管 6,000 多萬美元的金額增加了 90% — — 抱歉，是 90 個基點，但這僅歸因於新的 6,000 多萬美元中的約 5,000 萬美元。正如湯姆所強調的那樣，分母效應肯定會影響犯罪率的上升。

I appreciate that. And as you think about kind of the pace of recovery within commercial real estate, how do you -- or how do you think about the difference maybe between lower short-term rates but kind of a backup in longer-term rates, and which one of those is likely to have more of an impact on the market?

我很感激。當您思考商業房地產的復甦速度時，您如何看待短期利率較低但長期利率回升之間的差異，哪一個可能對市場產生更大的影響？

Yeah, I mean, certainly.

是的，我的意思當然是。

I was going to say just on the more broadly, we're definitely seeing unequivocally a flattening in the curve on the multi-family space, especially lower-middle market. Delinquencies on [costar] were flat at 5.8% for the first time in four or five quarters. Vacancy rate is 5.8% and rent growth is kind of flat-lined at around 0.3% and even some of the negative markets you're starting to see like Austin, which was down year over year 7%, you're starting to see that flatten out as well.

我想說的是，從更廣泛的角度來看，我們確實看到多戶型住宅領域的曲線明顯趨於平緩，特別是中低端市場。[costar] 的拖欠率四、五個季度以來首次持平於 5.8%。空置率為 5.8%，租金成長率基本上持平在 0.3% 左右，甚至一些您開始看到的負面市場，如奧斯汀，其租金成長率則同比下降了 7%，您也開始看到這一趨勢趨於平穩。

So that's -- on the asset side, that's -- you're seeing a definitive stabilization in cap rates and property values. and our mark-to-market LTV is well under 100, especially on the loans that are -- have been modified or have some four or five risk rating. So that's the relative, a positive there.

所以，從資產方面來看，你會看到資本化率和房地產價值明顯趨於穩定。我們的市值貸款價值比遠低於 100，特別是那些已經修改或具有四到五級風險評級的貸款。因此，這是相對的，是積極的。

As far as rates, it's an interesting dynamic. The short rates, as the curve steepened, as you see a -- steepening in the curve, the short -- decline in short rates will definitely benefit our modified loans by improving the debt service coverage ratio, all else being equal, while they work out their business plans and on a delayed basis and improve NOI.

就利率而言，這是一個有趣的動態。短期利率，隨著曲線變陡，正如你所看到的 - 曲線變陡，短期 - 短期利率的下降肯定會使我們的修改後的貸款受益，通過提高債務償還覆蓋率，在其他條件相同的情況下，同時他們制定業務計劃並延遲並改善淨營業收入。

So there's kind of a -- on the back end of the cycle, you're seeing the benefit of the debt service coverage expansion, which got crushed during the -- when rates gapped out in 2022. So I think that's going to benefit us. And then another sell thing we're seeing is that there's a lot of new private debt capital coming into the -- into this multi-family market. And we're seeing some of our better loans that have that were extended and modified being taken out by bridge on bridge from private debt.

因此，在周期的後端，您會看到債務償還覆蓋率擴大帶來的好處，但在 2022 年利率出現缺口時，這一好處遭到了壓制。所以我認為這對我們有利。我們看到的另一個賣點是，大量的新私人債務資本正在進入這個多戶型住宅市場。我們看到，我們的一些品質較好的貸款已透過延期和修改的方式從私人債務中取出。

So that dynamic is going to -- is a tailwind. The headwind is, however, though, is to the extent long rates, the 10-year stays elevated at above 4.5. That means the takeout from -- our takeout is focused on GSE, Fannie, Freddie, is going to be harder to hit that debt yield on a takeout. So those are the two countervailing trends in terms of rates.

所以這種動態將會成為一種順風。然而，不利因素在於長期利率水平，10 年期利率仍維持在 4.5 以上的高點。這意味著——我們的收購重點是政府支持企業 (GSE)、房利美 (Fannie)、房地美 (Freddie)，將更難達到收購的債務收益率。因此，從利率角度而言，這是兩種相反的趨勢。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. Other assets is a category I've been tracking, and the large components include deferred loan fees and accrued interest about 25%, goodwill and intangible similar ratio and then deferred asset -- deferred tax assets. Is there any risk of write-down or impairment of any of these categories as you sell non-performing loans since presumably some portion of the deferred loan fees, accrued interest relate to that and potentially some of the goodwill relates to the Mosaic and Broadmark acquisitions?

非常感謝。其他資產是我一直在追蹤的一個類別，其中較大的組成部分包括遞延貸款費用和應計利息約25%，商譽和無形資產相似比率，然後是遞延資產——遞延稅項資產。由於部分遞延貸款費用和應計利息可能與此相關，且部分商譽可能與 Mosaic 和 Broadmark 收購相關，因此在您出售不良貸款時，是否存在這些類別的資產減記或減損的風險？

Good morning, Jade. So I'll take them in the components. So the deferred tax asset gets evaluated regularly. And impair based on profitability expectations down at the TRS. We don't expect any impairment issues there based on the trajectory of those businesses.

早安，傑德。因此我將把它們放入組件中。因此，遞延所得稅資產會定期進行評估。並根據 TRS 的獲利預期進行減損。根據這些業務的發展軌跡，我們預計不會有任何減損問題。

On the accrued interest, we are only accruing interest that we believe to be recoverable. With that being said, there are certain circumstances where the asset management staff may recommend something like a DPO. And in that case, the accrued interest would be part of the write-off though. Although we believe that the effect of that to be fairly minimal.

對於應計利息，我們只累積我們認為可以收回的利息。話雖如此，在某些情況下資產管理人員可能會推薦類似 DPO 的人員。在這種情況下，應計利息將成為沖銷的一部分。儘管我們認為其影響相當小。

Goodwill also gets evaluated regularly. At this time, we don't see any impairment on the goodwill.

商譽也會定期評估。目前，我們沒有發現商譽有任何減損。

And does any of the goodwill relate to Broadmark or Mosaic?

這些商譽是否與 Broadmark 或 Mosaic 有關？

Both of those were bargain purchase gains.

這兩項都是廉價購買所得。

So is that a no?

那麼答案是否定的嗎？

Yeah. So the goodwill -- you can't have goodwill if you have a bargain purchase gain, so no. They do not [relate to trades].

是的。所以商譽——如果你有廉價購買收益，你就不可能擁有商譽，所以不行。他們沒有[與交易相關]。

Okay. Thank you for clarifying that. And then just, in your mind, the balance -- because I know there's a lot of moving parts across the portfolio. Some of the non-performing loans and REO were inherited through M&A. And clearly, you anticipated some of that. But what's the balance today of non-performing loans and REO?

好的。感謝您澄清這一點。然後，在你的腦海中，就是平衡——因為我知道整個投資組合中有很多變動的部分。部分不良貸款和REO是透過併購的方式繼承的。顯然，你預料到了其中的一些情況。但如今不良貸款和 REO 的餘額是多少？

Yeah, Andrew, do you want to touch on that in the context of the -- yeah, Jade, the way we bifurcate the portfolio is the originated portfolio of $7.3 billion. And then the M&A portfolio now is down to, what is it, it's only 10% of our total $800 million.

是的，安德魯，你想在這樣的背景下談談這個問題嗎？現在的併購組合規模只有 8 億美元，佔總數的 10%。

So maybe frame that question -- the answer to that question in the context of those two portfolios.

因此，也許可以在這兩個投資組合的背景下建立這個問題的答案。

Yeah, Adam, you want to touch on the bifurcation there?

是的，亞當，你想談談那裡的分歧嗎？

Yeah, so from a dollar perspective -- pardon me, just do the math here. So the originated has delinquency of about $400 million -- just north of $400 million. And then on the acquired portfolio, the M&A piece, it is -- excuse me, one minute. It is $150 million.

是的，從美元的角度來看 - 請原諒我，只需在這裡計算一下。因此，原始拖欠金額約為 4 億美元 -- 略高於 4 億美元。然後關於收購的投資組合、併購部分，抱歉，請稍等片刻。金額是1.5億美元。

And the balance of REO?

REO 的餘額是多少？

The REO is $160 million.

REO 為 1.6 億美元。

Okay.

好的。

In a sale process today.

今天正在進行銷售過程。

Okay. Could you give the dollar value of modifications completed in the quarter? The 20% PIK is a really high number. It implies $45 million of PIK interest in the quarter, which I think was up from, you said, last quarter $21 million. So it basically doubled. If you could just give the dollar value of modifications and correct me if any of those numbers are not right.

好的。您能給出本季完成的修改的美元價值嗎？20% PIK 是一個非常高的數字。這意味著本季的 PIK 利息為 4500 萬美元，我認為這比您所說的上一季的 2100 萬美元有所增加。因此它基本上翻了一番。如果您能給出修改的美元價值並糾正我，如果其中任何一個數字不正確。

Yeah. So the modifications on the bridge book were about $250 million in the quarter. Previous quarter, it was approximately $700 million. So across the entire bridge portfolio, the modifications are roughly $1 billion dollars across 32 assets and the vast majority of those sit within CLOs.

是的。因此，本季對過渡帳簿的修改約為 2.5 億美元。上一季度，該數字約為 7 億美元。因此，在整個過橋投資組合中，涉及 32 項資產的修改金額約為 10 億美元，其中絕大多數位於 CLO 內。

Okay. But it is around $45 million of interest income. Do you think the $45 million increases or stay stable, decreases?

好的。但利息收入約4500萬美元。您認為 4500 萬美元會增加、保持穩定還是會減少？

Jade, as I said earlier, a good chunk of that is coming from those construction loans acquired in the Mosaic transaction. And the expectation is that 77% of that balance pays off at quarter end or rolled into a cash flow loan at quarter end. So I think that number is going to come down.

傑德，正如我之前所說，其中很大一部分來自 Mosaic 交易中獲得的建築貸款。預計其中 77% 的餘額將在季度末還清或在季度末轉為現金流貸款。因此我認為這個數字將會下降。

Okay. And when those pay off, you think they're going to pay off at par and there won't be issues -- credit issues there.

好的。當這些債務得到償還時，你會認為它們將按面值償還，並且不會出現任何信用問題。

Well, the takeout of those loans can take a variety of forms. Part of the platform we built is being involved in the economics of these projects through the life cycle. And so the payoff could in the form of an actual payoff via refi somewhere else or move it into a cash flow bridge loan on our balance sheet. So it could take a variety of different forms.

嗯，這些貸款的提取可以採取多種形式。我們建構的平台的一部分是參與這些專案整個生命週期的經濟活動。因此，回報可以透過在其他地方進行再融資以實際回報的形式出現，或者將其轉移到我們資產負債表上的現金流過橋貸款。所以它可以採取多種不同的形式。

Yeah, that's important differentiation, Jade. Well, our business model now is to the whole life cycle. So you start with ground up construction and once the project is near stabilization, it slipped into a bridge loan. And ultimately, if it's multi-family, we'll a GSE -- multi-GSE loan. But we're looking to stay with these sponsors across the project life cycle.

是的，這是重要的區別，Jade。那麼我們現在的商業模式是面向整個生命週期的。因此，您從徹底的建設開始，一旦項目接近穩定，它就會轉為過橋貸款。最後，如果是多戶家庭，我們將提供多 GSE 貸款。但我們希望在整個專案生命週期中與這些贊助商保持合作。

Steven Laws, Raymond James.

史蒂文勞斯、雷蒙詹姆斯。

Hi, good morning. Tom and Andrew, appreciate the color you guys have provided so far, you've covered a lot. Wanted to touch on CECL. Can you talk about the reserve build and how that's allocated between general and specific? And what assets drove that CECL reserve build this quarter? And I guess, confidence around this level or considerations about potential increases in that as we move forward?

嗨，早安。湯姆和安德魯，感謝你們迄今為止提供的顏色，你們已經涵蓋了很多內容。想要談談 CECL。您能談談預備役的建設以及如何在一般和特定之間分配嗎？那麼，哪些資產推動了本季 CECL 儲備的增加？我想，對於這個層次的信心，或者對於我們前進過程中可能出現的成長的考慮？

Yeah. So I'll let Adam talk on the specifics. But overall, the CECL reserve is a little over 1% and 32% of the total CECL is in the general bucket.

是的。所以我讓亞當談談具體細節。但整體而言，CECL 儲備略高於 1%，且總 CECL 的 32% 屬於一般儲備。

Adam, do you want to talk on the movements this quarter?

亞當，你想談談本季的動向嗎？

Yeah, and then the movements this quarter, that $50 million, it's almost entirely in the M&A portfolio across a broad range of property types, office, industrial. And there's some multi in there.

是的，本季的動向是，那 5,000 萬美元幾乎全部用於多種類型的房地產、辦公大樓和工業等的併購組合。其中還有一些。

Okay, great. Appreciate some color there. And as we think about the distributable earnings number. ex-loss is $0.25. As we think about sequential change moving into Q4, what are the one-time items in that number that we need to think about? Or do you feel comfortable that distributable earnings ex-losses can continue to cover the $0.25 dividend?

好的，太好了。欣賞那裡的一些色彩。當我們考慮可分配收益數字時。除損為 0.25 美元。當我們考慮進入第四季度的連續變化時，我們需要考慮該數字中的哪些一次性項目？或者您認為可分配獲利扣除虧損後可以繼續覆蓋 0.25 美元的股息？

Yeah, I think the $0.25 level is a good baseline. When I think about go forward earnings, I think there are a few things that are important. The first is the contribution of the small business lending platform, given all the growth and capital investments we've made over the last couple of quarters and years, is now substantial to the totality of the company, contributing over 350 basis points of return to the overall platform. And that is a level we expect is sustainable and grows as some of the businesses we've purchased come online.

是的，我認為 0.25 美元的水平是一個很好的基準。當我考慮未來收益時，我認為有幾件事很重要。首先是小型企業貸款平台的貢獻，考慮到我們過去幾季和幾年所做的所有成長和資本投資，現在對整個公司的貢獻已經相當可觀，為整個平台貢獻了超過 350 個基點的回報。我們預計，這一水平是可持續的，而且隨著我們收購的一些企業上線，這一水平還會增長。

And so when you think about how that affects go forward earnings as the CRE portion of our business, which accounts for the majority of the equity, rebounds and migrates back to historical return levels, as the portfolio turns over and the M&A portfolio is repositioned, migrates back to that 600, 800 basis point return level. We get closer to our original thesis of building the business this way, which is having that small business lending platform provide a premium to competitive commercial real estate returns.

因此，當您考慮這會如何影響未來收益時，因為我們業務的 CRE 部分（佔股權的大部分）會反彈並回到歷史回報水平，隨著投資組合的周轉和併購投資組合的重新定位，會回到 600、800 個基點的回報水平。透過這種方式，我們更接近我們最初的業務建立理念，即讓小型企業貸款平台提供比有競爭力的商業房地產回報更高的溢價。

And so I think there's a growth path from these levels. There are no one-time items, and I'm aware with the exception of there's still a bucket of loans held for sale where you are going to have the impact of realized losses flow through the distributor earnings cap. But absent those losses, I think there is a growth path headed into 2025.

所以我認為從這些層面來看，存在著一條成長路徑。沒有任何一次性項目，我知道，除了仍有一批待售貸款外，已實現損失的影響將透過分銷商收益上限產生。但如果沒有這些損失，我認為到 2025 年仍將保持成長路徑。

Great. I wanted to touch on the CLOs. You guys talked about them, I think, every quarter this -- every call this year. They're different, as you mentioned, the static nature. And earlier this year, you talked about the special servicer and your thoughts on potentially changing that or doing it in-house.

偉大的。我想要談談 CLO。我想，你們今年每季、每次電話會議都會談論這些問題。正如您所說，它們是不同的，具有靜態性質。今年早些時候，您談到了特殊服務商，以及對可能進行更改或在內部進行的想法。

Can you talk about how that relationship is and your ability to kind of manage some of these assets? And how quickly you can start? Or do you have to continue to let them go bad before you can actually step in and start to do something?

您能談談這種關係是怎樣的以及您管理這些資產的能力嗎？您多快可以開始？或者你必須繼續讓它們變壞，然後你才能真正介入並開始做某事？

Adam, maybe kind of frame it in the context of the relative success we've had with the existing servicer in terms of changing the protocols around how quickly we address mods and that dynamic with our asset management team. So maybe touch on that.

亞當，也許我們可以將其框定在我們與現有服務商合作所取得的相對成功的背景下，即改變我們處理模組速度的協議以及與我們的資產管理團隊的動態。所以也許可以談談這一點。

Yeah, I think at the onset of this stress due to the rate environment and towards the end of the last year, I think as we started to see relief requests from our clients, I think the special servicing industry struggled with how to address the environment, what type of modifications they would employ. I think, early on, we certainly struggled to execute market modifications and to provide our clients with relief.

是的，我認為在利率環境造成這種壓力之初以及去年年底，當我們開始看到客戶的救濟請求時，特殊服務行業在如何應對環境、將採用何種修改方面遇到了困難。我認為，早期我們確實努力執行市場修改並為客戶提供救濟。

I think, in Q2 and especially this quarter, we have made significant progress with our special servicer, again, continuing to industry -- sorry, continuing to execute industry standard mods to help. These projects have some breathing room to navigate through this challenging environment.

我認為，在第二季度，特別是在本季度，我們的特殊服務商取得了重大進展，再次繼續為行業提供服務 - 抱歉，繼續執行行業標準模式來提供幫助。這些項目有一定的喘息空間來應對這一充滿挑戰的環境。

These modifications help the tenant base in terms of putting capital into these projects and not having to utilize different alternatives versus a mod. So in summary, I'd say our relationship with our special servicer remains healthy. And the pace at which we are executing solutions for our clients is healthy as well.

這些修改有助於租戶群體將資金投入這些項目，而不必利用與修改不同的替代方案。總而言之，我想說我們與特殊服務商的關係仍然健康。我們為客戶執行解決方案的速度也很健康。

Great. I appreciate the color on that and good to see that relationship is improving. So I appreciate the comments today and I hope you all have a very good day.

偉大的。我很欣賞這種風格，很高興看到這種關係正在改善。所以我很感謝今天的評論，並希望大家度過愉快的一天。

Christopher Nolan, Ladenberg Thalmann.

克里斯多福諾蘭，拉登伯格塔爾曼。

Tom, am I correct to that your comments earlier were sort of you're thinking that you're through the worst of the commercial real estate cycle for Ready Capital?

湯姆，你之前的評論是否正確，你是否認為 Ready Capital 已經度過了商業房地產週期中最糟糕的時期？

Yeah, we're definitively seeing, as evidenced by Adam's comments, in terms of the kind of sawtooth down in the absolute dollar delinquencies. And what we're seeing in terms of the migration of the four, five assets as it relates to the originated portfolio, it definitely is mirroring what you're seeing in terms of the macro data on in the multi-family sector.

是的，正如亞當的評論所證明的那樣，我們確實看到美元絕對違約率呈鋸齒狀下降。就與發起投資組合相關的四、五項資產的遷移而言，我們所看到的絕對反映了您在多戶型領域宏觀資料所看到的情況。

Great. And then in your earlier comments, in terms of lower interest rates, improved coverage ratio, is your coverage ratio calculation before or after property taxes and other municipal fees?

偉大的。然後在您之前的評論中，關於降低利率、提高覆蓋率，您的覆蓋率計算是在房產稅和其他市政費用之前還是之後？

Adam, do you want to comment that in terms of the calculation on the debt DSCR? I mean, it's somewhat formulaic because we look at it from a Fannie Freddie methodology, but maybe, Andrew, a comment on that in terms of the OpEx.

亞當，你想就債務 DSCR 的計算發表一下評論嗎？我的意思是，它有點公式化，因為我們是從房利美房地美的方法論的角度來看待它的，但也許，安德魯，從運營支出的角度來看待它。

Yes, sure. Yeah, the coverage ratios are after taxes and reserves.

是的，當然。是的，覆蓋率是扣除稅金和準備金後的比率。

And final question is given all that, what's the outlook for the 10% distributable ROE target you guys discussed in previous quarters?

最後一個問題是，考慮到所有這些，你們在前幾個季度討論的 10% 可分配 ROE 目標的前景如何？

Andrew (multiple speakers)

安德魯（多位發言者）

I think we are -- so absent the realized losses, is in the mid-8%s this quarter. Given my comment before about the sustainability of profitability from the small business lending segment. As the CRE part of the business recovers, I think we march towards that 10% target.

我認為，除去實際損失，本季的損失在 8% 左右。鑑於我之前對小企業貸款領域盈利可持續性的評論。隨著商業房地產部分的復甦，我認為我們將朝著 10% 的目標邁進。

Okay. So the calculation should be excluding realized losses going forward because before I didn't think that was really an issue.

好的。因此，計算時應排除未來的已實現損失，因為之前我並不認為那是一個真正的問題。

So the realized losses that we posted are related to the population of assets we transferred into health for sale primarily and so not 100% of that bucket settled in the third quarter. So you are going to see some noise as the remaining $218 million settles into next year. So the economic impact of that transfer, for the most part, has been felt through the book value of the company but you will see the realized components flow through distributable earnings.

因此，我們公佈的已實現損失主要與我們轉移到醫療保健領域的資產總量有關，因此第三季並非 100% 的資產都已結算。因此，當剩餘的 2.18 億美元進入明年結算時，你會看到一些噪音。因此，這種轉移的經濟影響在很大程度上是透過公司的帳面價值體現出來的，但你會看到已實現的部分流入可分配收益。

We think that distribute earnings less realized losses is an important metric just to have comparability of the core operations of the business across periods.

我們認為，分配收益減去已實現損失是一個重要指標，可以比較不同時期企業的核心營運。

Matt Howlett, B. Riley Securities.

Matt Howlett，B. Riley Securities。

Oh, hey. Thanks, Tom and Andrew. Did you say you freed up $55 million in cash from the loan sales of this quarter?

哦，嘿。謝謝，湯姆和安德魯。您是否說過您從本季的貸款銷售中釋放了 5500 萬美元現金？

Yes.

是的。

So what would be -- just walk me through the cadence of the loan sales in the fourth quarter. You get the mortgage company. How much cash are you going to continue to free up in the next few quarters from these sales?

那麼，請向我介紹一下第四季度貸款銷售的節奏。你找到了抵押貸款公司。在接下來的幾個季度裡，您將從這些銷售中繼續釋放多少現金？

Yeah, so the -- maybe take the component. So on the resi side, as Tom mentioned, the MSRs are currently in market. The expectation is the sale of those, none of any financing clears roughly $40 million of incremental cash. The platform itself most likely settles in the first quarter of next year. And the impact of that transaction is roughly $10 million in that range. So there'll be some earn out component, but the upfront cash will be roughly $10 million.

是的，所以——也許可以採用這個元件。因此在住宅方面，正如湯姆所提到的，MSR 目前已進入市場。預計出售這些資產後，任何融資都無法清除約 4,000 萬美元的增量現金。該平臺本身很可能在明年第一季完成。該交易的影響約為 1000 萬美元。因此會有一些獲利部分，但預付現金約為 1,000 萬美元。

Absent that, we do expect the settlement of the remaining assets to flow into next year. And that should clear roughly $40 million or so of cash as well. And then you're just going to have the normal cadence of the portfolio paying off. But those are the main items.

除此之外，我們確實預計剩餘資產的結算將在明年進行。這應該也能清除約 4,000 萬美元左右的現金。然後你就會以正常的節奏獲得投資組合的回報。但這些是主要項目。

Okay? So you have $180 million in cash. It seems like that's going to obviously go up with those sales. My question is -- you have one small maturity next year like $120 million. My question is this -- I mean, financing, are you talking to the banks? We're hearing the banks are out there. They want to lend.

好的？所以你有1.8億美元現金。看起來這個數字顯然會隨著銷售額而上升。我的問題是——明年您將有一筆小額到期款項，例如 1.2 億美元。我的問題是：我是說，融資，您正在與銀行談判嗎？我們聽說銀行就在那裡。他們想藉錢。

Can you -- do you have assets in secured costs? Could you do an unsecured deal? And then two, I'm assuming you didn't buy back any stock this quarter. Why wouldn't you really get aggressive with the buyback since the worst is over. Docks at 60% of the book. Obviously, this value in SBA, this is not reflected in book. I think we'll both agree to that. Why wouldn't you get aggressive here and take advantage of this discount? The worse is over.

您可以—您有擔保成本資產嗎？你能做無擔保交易嗎？其次，我假設你本季沒有回購任何股票。既然最糟糕的時期已經過去，為什麼你不積極進行回購呢？停靠在書的 60% 處。顯然，SBA 中的這個值，在書中沒有被體現。我想我們都會同意這一點。為什麼你不積極主動並利用這個折扣？更糟糕的事情已經過去了。

(multiple speakers) It's two components there. On the debt maturity for next year, we are certainly talking to all of our banking counterparts and previous lenders about refi-ing that into a new issue. And with that being said, we are positioning the company to take care of that maturity in cash, should those not materialize.

（多位發言者）它有兩個組成部分。關於明年到期的債務，我們肯定會與所有銀行同行以及之前的貸款人進行談判，討論將其重新融資為新債務。話雖如此，如果這些未能實現，我們將安排公司以現金形式處理到期債務。

And then on the buyback program, I think we agree at this price, the stock looks attractive from the -- from a buyback perspective. And I do expect it's something you will see from the company in the upcoming months.

然後關於回購計劃，我認為我們同意這個價格，從回購的角度來看，該股看起來很有吸引力。我確實期待您能在接下來的幾個月裡在公司看到這一點。

Okay. No, I mean, obviously we can do the math, but it's enormously accretive at this discount. But when you say paying into cash, why -- I mean could you -- I mean, are there any financing -- other financing options may not really lever it on a recourse basis? I mean there are other assets you could play. I mean (multiple speakers)

好的。不，我的意思是，我們顯然可以算一下，但在這個折扣下，它的增值幅度是巨大的。但是當您說以現金支付時，為什麼 - 我的意思是您可以 - 我的意思是，有任何融資嗎 - 其他融資選擇可能無法真正利用追索權？我的意思是您還可以發揮其他資產的作用。我是說（多位發言者）

Yeah, sure. We're exploring -- sorry to cut you off. Yeah, we are exploring all those. Refi-ing into an unsecured issuance. We have a significant amount of unencumbered assets on the balance sheet that we could use for secured issuance. There's a variety of other structures we are also exploring. So that is obviously the preferred path. I think just to be conservative, we are also planning the company's liquidity profile to make sure that debt maturity is not an issue for us in the upcoming months.

是的，當然。我們正在探索—很抱歉打斷您。是的，我們正在探索所有這些。再融資為無擔保發行。我們的資產負債表上有大量無抵押資產，可以用於擔保發行。我們還在探索各種其他結構。因此這顯然是首選路徑。我認為，為了保守起見，我們也正在規劃公司的流動性狀況，以確保未來幾個月債務到期不會成為我們的問題。

Got you. Okay, good. Look, we look forward to that. Obviously, I think you -- I think the market will applaud any type of share repurchases at these discounts.

明白了。好的，很好。瞧，我們期待這一點。顯然，我認為市場會歡迎以這些折扣進行的任何類型的股票回購。

I guess the last question is, on the SBA, I mean, that digital business, the iBusiness and the SBA, maybe what could you do with that? Any sort of -- how is that doing? I mean, you got this digital business. I mean it could, obviously, in the world of fintechs get a much better multiple on its own. I just would love to hear [to set up] something you don't see in mortgage rates, and you guys have one.

我想最後一個問題是，關於 SBA，我的意思是，數位業務、iBusiness 和 SBA，也許您可以用它們做什麼？任何種類的－情況怎麼樣？我的意思是，你擁有這個數位業務。我的意思是，顯然，在金融科技領域，它自己可以獲得更好的倍數。我只是想聽聽你們在抵押貸款利率中看不到的東西，而你們已經有一個了。

Yeah, you can see the -- and I think it's significantly underappreciated in our peer group, just given that it is a nuanced regulated capital-light insurance business. But in terms of the iBusiness aspect, we purchased them back in 2019. They were a leader in unsecured small business lending.

是的，你可以看到——我認為它在我們的同行中被嚴重低估了，因為它是一個受到細緻監管的輕資本保險業務。但就 iBusiness 方面而言，我們在 2019 年就購買了它們。他們是無擔保小型企業貸款領域的領導者。

And then, they adopted their tech to the PPP, which was very accretive. And since then, there's been the initiative within the SBA to emphasize small loans below $350,000, which many times are minority women-owned businesses. And so, that's been a significant initiative by the SBA. So what we've done -- and there you could use a scorecard methodology, which is very similar to how you underwrite unsecured loans.

然後，他們將他們的技術應用到 PPP 中，這非常具有增值作用。自那時起，小型企業管理局開始著力強調 35 萬美元以下的小額貸款，這些貸款往往是少數族裔女性擁有的企業。這是 SBA 的一項重大舉措。所以我們所做的是——您可以使用記分卡方法，這與您承銷無擔保貸款的方式非常相似。

So what we've done is we've developed -- the iBusiness has developed a tech stack, which is now being mark marketed as a third-party underwriting model for banks. Banks just do not focus at all. Even if they do SBA loans, it's mostly for larger loans again above the $350,000 to the $5 million.

因此，我們所做的就是開發——iBusiness 開發了一個技術堆疊，現在它被標記為銀行的第三方核保模式。銀行根本就不關注。即使他們提供 SBA 貸款，也大多是金額在 35 萬至 500 萬美元以上的大額貸款。

So this -- iBusiness, the idea with iBusiness is to grow the, if you will, the revenue stream from this software-based business. And then once it achieves, as you pointed out, the valuation in a mortgage REIT, it's nowhere near what it would be in a standalone C corp. So the idea would be to look at a backdoor IPO via a tax free spin off to shareholders.

所以這個——iBusiness，iBusiness 的理念是，如果你願意的話，增加這個基於軟體的業務的收入來源。然後，正如您所指出的，一旦它達到抵押房地產投資信託基金的估值，它就遠遠達不到獨立 C 公司的估值。因此，我們的想法是透過向股東免稅分拆的方式，實現後門 IPO。

I mean, again, that's kind of how we think of Ready Cap in a way, it -- for these capital like businesses that achieve scale. It's like as if we're a private equity or fund that has the ability to finance these businesses very cheaply versus venture capital and then spin it off.

我的意思是，在某種程度上，這就是我們對 Ready Cap 的看法，它適用於這些實現規模化的資本類企業。這就好像我們是一家私募股權或基金，有能力以非常低廉的價格（而非創投）為這些企業提供融資，然後將其剝離出去。

So anyway, so long way to answer to your question, but that this -- the growth you've seen in the SBA 7(a) business is testimony to that strategy in that they've -- we're achieving in our traditional large loan around $500 million and roughly $500 million this past -- on a run-rate basis this past quarter in the small loan as well.

不管怎樣，回答你的問題要花很長時間，但你在 SBA 7（a）業務中看到的增長證明了這一戰略，因為我們在傳統大額貸款中實現了約 5 億美元，在上個季度的小額貸款中也按運行率實現了約 5 億美元。

But will you be -- I mean that could trade-off a multiple to revenue. Will you begin providing a separate data on that it's employed? What it's doing and the financials on it?

但是你會嗎—我的意思是這可能會以倍數來衡量收入。您是否會開始提供有關其用途的單獨數據？它在做什麼？

Yeah, as the business scales and achieves what we believe to be scale in terms of the number of bank customers and revenue streams as it relates to that, we would look to do segment reporting.

是的，隨著業務規模擴大並達到我們所認為的銀行客戶數量和與此相關的收入來源的規模，我們會考慮進行分部報告。

Thank you. That concludes our question-and-answer session. I'd like to hand the call back over to Thomas Capasse for any closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉回給托馬斯·卡帕斯 (Thomas Capasse)，讓他做最後發言。

We appreciate everybody's time and look forward to next quarter's call.

我們感謝大家的時間並期待下一季的電話會議。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。祝你剩餘的時光愉快。