Ready Capital Corp (RC) 2024 Q4 法說會逐字稿

Greetings and welcome to Ready Capital fourth-quarter 2024 earnings conference call. At this time, all participants are on a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Ready Capital 2024 年第四季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Andrew Ahlborn, Chief Financial Officer. Thank you, sir. You may begin.

現在我很高興向大家介紹主持人、財務長安德魯‧阿爾伯恩 (Andrew Ahlborn)。謝謝您，先生。你可以開始了。

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 uncertainty 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，各位接聽電話的各位早安。我們今天的一些評論將屬於聯邦證券法所定義的前瞻性陳述。此類聲明受多種風險和不確定性的影響，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.

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取代我們根據 GAAP 編制的財務結果。

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

我們的 2024 年第四季財報和補充資訊中提供了這些指標與最直接可比較的 GAAP 指標的對賬，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.

除了湯姆和我參加今天的電話會議外，Ready Capital 的首席信貸官亞當·扎斯默 (Adam Zausmer) 也參加了會議。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. The fourth-quarter concludes a year of mixed results in our business. In 2024, we and the broader CREIT sector continue to be impacted by the later innings of this cycle in our transitional CRE lending business.

謝謝，安德魯。大家早安，感謝大家參加今天的電話會議。第四季為我們業務好壞參半的一年畫上了句號。2024 年，我們和更廣泛的 CREIT 產業將繼續受到我們過渡性 CRE 貸款業務中本週期後期的影響。

However, entering 2025, aggressive reserving on problem loans, right sizing of the dividend, the current cash earnings, and an improving multi-family market will accelerate the path to recovery. In contrast, our Small Business Lending operations experience significant origination growth of 1.7x harvesting capital investments made over the preceding years.

然而，進入 2025 年，積極的不良貸款準備金、適當的股息規模、當前的現金收益以及不斷改善的多戶型市場將加速復甦之路。相較之下，我們的小型企業貸款業務的發放量顯著增長，前幾年的收穫資本投資增長了 1.7 倍。

To begin, we have undertaken two aggressive actions to reset the balance sheet and go forward earnings profile. The first, a $284 million combined CECL and valuation allowances, which marks 100% of our non-performing loans to current values. This reserve results in a 14% reduction in book value per share to $10.61 but by [ring fencing] 100% of the problem loans in REO sets a bottom.

首先，我們採取了兩項積極的措施來重置資產負債表並改善獲利狀況。第一，CECL 和估值準備金合計 2.84 億美元，這標誌著我們的不良貸款 100% 達到當前價值。該儲備導致每股帳面價值減少 14% 至 10.61 美元，但透過 [圈定]，REO 中 100% 的問題貸款設定了底線。

This action lowers our basis in non-performing loans, providing asset managers with more options for accelerated resolutions generating liquidity for reinvestment and higher yield new originations, and in turn a recovery in our net interest margin, or NIM.

這項措施降低了我們的不良貸款基礎，為資產管理者提供了更多的加速解決方案的選擇，為再投資和更高收益的新貸款創造了流動性，進而恢復了我們的淨利差（NIM）。

The second, a reduction of the dividend to $0.125 per share for the first quarter to better align the dividend with projected cash earnings in the short term and to preserve book value. It will be our expectation to grow the dividend from this new level with improved earnings in future periods. We also set it at this level to preserve capital for reinvestment in our core portfolio and to allow for more aggressive utilization of the recently announced $150 million share repurchase program.

第二，將第一季的股息減少至每股 0.125 美元，以使股息與短期預計的現金收益更好地保持一致，並保持帳面價值。我們期望隨著未來獲利的提高，股息將從這一新水平上增長。我們還將其設定在這個水平，以保留用於核心投資組合再投資的資本，並允許更積極地利用最近宣布的 1.5 億美元股票回購計劃。

To be clear, we believe these actions will establish the bottom for both book value per share and the dividend. In this context, to better frame the evaluation of future earnings and book value per share and further enhance transparency, our late cycle portfolio asset management strategy involves splitting the CRE portfolio into two buckets. First, core assets designated as hold to maturity with strong credit metrics that generate competitive returns, and second, non-core assets both originated in M&A.

需要明確的是，我們相信這些措施將為每股帳面價值和股利奠定基礎。在此背景下，為了更好地評估未來收益和每股帳面價值並進一步提高透明度，我們的後期週期投資組合資產管理策略涉及將 CRE 投資組合分成兩個部分。首先，核心資產被指定為持有至到期資產，其信用指標強勁，可產生有競爭力的回報；其次，非核心資產均源自併購。

This bifurcation provides additional transparency to track our primary asset management strategy, aggressive liquidation of the 3.1% cash yield non-core book, and reinvestment of liquidity into 15%-plus ROE core loans, providing a path to recovery in NIM.

這種分叉提供了額外的透明度，以追蹤我們的主要資產管理策略、3.1%現金收益率非核心帳簿的積極清算，以及將流動性再投資於15%以上ROE核心貸款，為NIM的復甦提供了途徑。

With the M&A portfolio successfully reduced to under 10% of the total year-end CRE portfolio, the prior classification of originated in M&A is no longer relevant. At year end, the CRE loan portfolio totals $7.2 billion split 83% core and 17% non-core. Our $6 billion core portfolio across approximately 1,500 loans evidences strong credit metric and yield metrics, providing a solid foundation for the net interest margin to recover in 2025, contractual yield of 8% with a 93% pay rate.

隨著併購投資組合成功減少至年底企業房地產投資組合總額的 10% 以下，先前源自併購的分類已不再適用。截至年底，CRE 貸款組合總額為 72 億美元，其中核心貸款 83%，非核心貸款 17%。我們約 1,500 筆貸款的 60 億美元核心投資組合顯示出強勁的信用指標和收益率指標，為 2025 年淨利差的回升奠定了堅實的基礎，合約收益率為 8%，支付率為 93%。

60-day-plus delinquencies are only 2%, with an average risk rating of 2.2. 86% is multi-family and mixed use or industrial. Average mark to market LTV is 78%. Average debt yields are 9.7%, and the average maturity is 20 months.

60天以上的拖欠率僅2%，平均風險評等為2.2。 86% 為多戶住宅和混合用途或工業用地。平均市值 LTV 為 78%。平均債務收益率為9.7%，平均期限為20個月。

In 2024, the core portfolio contracted $1.3 billion as loans matured with reinvestment in new production limited to $485 million resulting in 840 basis points, contribution to distributable ROE before realized losses versus our long-term target of 11% to 13%.

2024 年，核心投資組合收縮 13 億美元，因為貸款到期，對新生產的再投資限制在 4.85 億美元，導致可分配 ROE 在實現損失前的貢獻為 840 個基點，而我們的長期目標為 11% 至 13%。

In 2025 through our various liquidity initiatives, notably liquidation of the non-core portfolio and collapse and reissuance of our CRE CLO book, we expect to originate between 1 billion and 1.5 billion of new production in lower middle markets CRE loans with increased pace as we move through the year.

2025 年，透過我們的各種流動性舉措，特別是非核心投資組合的清算以及 CRE CLO 帳簿的崩潰和重新發行，我們預計將在中低端市場發放 10 億至 15 億美元的新 CRE 貸款，並且這一速度將在全年不斷加快。

In addition to the attractive return profile, vintage credit fundamentals of Titan with LTVs in the low 60s and debt yields over 8, versus 2021 with mid 70s LTV 6% -- and mid 6% debt yield. Of note, the current debt yield support refinancing into agency permanent loans with an 8% required for 12-month debt yield based on the current forward yield curve.

除了具有吸引力的回報狀況外，Titan 的老式信貸基本面還包括 LTV 在 60% 出頭、債務收益率超過 8，而 2021 年的 LTV 在 70% 左右、6% 左右，債務收益率在 6% 左右。值得注意的是，當前債務殖利率支持再融資為機構永久性貸款，根據當前遠期殖利率曲線，12 個月債務殖利率要求為 8%。

Our non-core $1.2 billion dollar portfolio is split into 59% RC originated loans, 8% M&A loans, and 33% in a high-quality Portland, Oregon mixed-use asset. Excluding the Portland asset, the non-core portfolio assets are tagged with aggressive liquidation strategies and have the following credit profile: cash yield of 3.1%; 60-day delinquencies of 36%; risk ratings comprise 24%, 5 rated; 13%, 4 rated; and 63% with a 3 or better rating; and 8% is concentrated in office and land.

我們的非核心 12 億美元投資組合分為 59% 的 RC 發起貸款、8% 的併購貸款和 33% 的俄勒岡州波特蘭優質混合用途資產。除波特蘭資產外，非核心投資組合資產均採用積極的清算策略，並具有以下信用狀況：現金收益率為 3.1%； 60天拖欠率為36%；風險評級佔24%，其中5個評級；13%，4 級；63% 的評分為 3 分或更高；8% 則集中在辦公室和土地上。

Based on our asset management plans, full liquidation in this portfolio will take approximately 7 to 10 quarters, with nine assets currently under contract expected to generate approximately $20 million of liquidity.

根據我們的資產管理計劃，該投資組合的完全清算將需要大約 7 到 10 個季度，目前簽訂合約的九項資產預計將產生約 2,000 萬美元的流動資金。

The Portland mixed-use asset is a $600 million construction project acquired in the 2022 Mosaic transaction where RC holds a $503 million senior loan and a $62 million preferred equity position. As discussed in our last earning call, construction was completed on the mixed-use property in the fourth quarter with the Ritz-Carlton Hotel opening in October 2023.

波特蘭混合用途資產是 2022 年 Mosaic 交易中收購的價值 6 億美元的建設項目，其中 RC 持有 5.03 億美元的優先貸款和 6,200 萬美元的優先股權。正如我們在上次收益電話會議上所討論的那樣，該混合用途物業的建設已於第四季度完工，麗思卡爾頓酒店將於 2023 年 10 月開業。

The property features the premier hospitality, retail office, and residential offerings in Portland, with each component now moving to stabilization. Currently, the hospitality RevPar is $188. The office and retail are leased 23% and 100%, respectively, and 8% of the condos are sold.

該物業提供波特蘭首屈一指的酒店、零售辦公室和住宅服務，目前每個部分都趨於穩定。目前，酒店 RevPar 為 188 美元。辦公室和零售店的出租率分別為 23% 和 100%，公寓的售出率為 8%。

While the original strategy was to refinance the construction into a bridge loan, the current appraisal and other factors favored ownership and serial asset disposition on the components as the best net present value outcome. The immediate impact to earnings is a quarterly reduction of $0.11 per share or 350 basis points on ROE.

雖然最初的策略是透過過橋貸款為建設項目進行再融資，但目前的評估和其他因素有利於組件的所有權和連續資產處置，這是最佳的淨現值結果。對收益的直接影響是每股收益每季減少 0.11 美元或 ROE 減少 350 個基點。

However, we expect to offset these changes by more immediate reinvestment of proceeds received upon bringing the financing of the property to market advance rates and for reinvestment of proceeds from asset sales coincident with stabilization.

然而，我們期望透過將房地產融資達到市場預付利率後獲得的收益進行更直接的再投資，以及將與穩定同時發生的資產出售收益進行再投資，來抵消這些變化。

We have reserved $130 million of our original exposure to mark the asset to its as is value based on a current appraisal. We also expect to recover our current senior loan basis over the next 10 quarters as we stabilize the property.

我們從原始風險敞口中預留了 1.3 億美元，以根據當前評估將該資產標記為其原始有價值。隨著我們穩定資產，我們也預計未來 10 個季度內恢復當前的優先貸款基礎。

Of note, the Mosaic loan represents an idiosyncratic position in our otherwise granular lower or middle market CRE loan portfolio, with the remaining top 10 loan positions representing only 9% of the gross portfolio.

值得注意的是，Mosaic 貸款在我們原本細粒度的中低端市場 CRE 貸款組合中佔據特殊地位，其餘前 10 大貸款僅佔總投資組合的 9%。

Turning to our Small Business Lending operations, Ready Capital has become a leading non-bank lender to small businesses, providing a full suite of loan options from a $10,000 unsecured working capital loans to $25 million-plus real estate-backed USDA loans. As of year end, Ready Capital was the number one non-bank lender and number four overall SBA 7(a) lender in the country.

談到我們的小型企業貸款業務，Ready Capital 已成為一家領先的小型企業非銀行貸款機構，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 萬美元以上的房地產支持 USDA 貸款。截至年底，Ready Capital 是全國第一大非銀行貸款機構和第四大 SBA 7(a) 貸款機構。

Fourth-quarter originations of $350 million across small business lending capped a record year of $1.2 billion including $1.1 billion of SBA loans, $78 million of unsecured working capital loans, and a $7 million of USDA production.

第四季小型企業貸款發放量達 3.5 億美元，創下全年 12 億美元的新高，其中包括 11 億美元的 SBA 貸款、7,800 萬美元的無擔保營運資金貸款和 700 萬美元的 USDA 生產貸款。

The earnings contribution from our Small Business Lending segment is outsized, representing only 8% of capital, but contributing $0.08 per share or 290 basis points of ROE. As the CRE NIM recovers with the liquidation of the non-core portfolio, the stable contribution from our small business lending activities is another attractive differentiator for the company in the CREIT sector.

我們的小型企業貸款部門的獲利貢獻非常大，僅佔資本的 8%，但貢獻了每股 0.08 美元或 290 個基點的 ROE。隨著非核心投資組合的清算，企業房地產淨利差開始恢復，而我們小型企業貸款活動帶來的穩定貢獻，則是該公司在企業房地產投資信託 (CREIT) 領域的另一個吸引人的區別因素。

Now turning back to our outlook for 2025. We expect that the recovery to a 10% stabilized core return will take us through 2025 with the following four key items providing the bridge to that goal.

現在回顧我們對 2025 年的展望。我們預計，到 2025 年，核心回報率將恢復至 10%，以下四個關鍵因素將為實現這一目標奠定基礎。

First, as summarized on page 7 of our supplemental deck, the liquidation of our non-core portfolio. As discussed previously, the liquidation of the non-core RC originated and M&A portfolio will result in an annual benefit of $0.18 per share, or 165 basis points on ROE. Given the projected liquidation timeline, the increased earnings contribution is expected to be fully realized in 2026.

首先，正如我們的補充文件第 7 頁所總結的那樣，我們非核心投資組合的清算。如前所述，非核心 RC 發起和併購投資組合的清算將產生每股 0.18 美元的年收益，或 ROE 的 165 個基點。考慮到預計的清算時間表，增加的收益貢獻預計將在 2026 年完全實現。

Serial disposition of the three components of the Ritz project over 10 quarters with the sale of hospitality office components occurring earlier upon stabilization. These sales are highly accretive and will result in an annual benefit of $0.31 per share or 275 basis points to ROE by replacing the future negative yield of the asset with 15%-plus retained yield bridge loans.

麗茲計畫的三個部分將在 10 個季度內分階段處置，其中酒店辦公部分將在穩定後提前出售。這些銷售具有很高的增值性，透過以 15% 以上的保留收益過橋貸款取代資產未來的負收益，將產生每股 0.31 美元的年收益或 ROE 275 個基點。

Second, liability management, both securitized and corporate. As discussed in prior quarters throughout 2024, the static structure of our CLOs resulted in rapidly deleveraging of the cheap AAA tranches, resulting in an inability to deploy payoffs into new loans and higher debt costs relative to the peer group.

第二，負債管理，包括證券化負債和公司負債。正如 2024 年前幾季所討論的那樣，我們的 CLO 的靜態結構導致廉價 AAA 級債券迅速去槓桿，從而無法將收益部署到新貸款中，並且債務成本相對於同類產品更高。

In 2025, our plan is to sequentially collapse the non-core CLOs once callable and reissue more collateral efficient managed deals. Of our eight outstanding deals, seven are currently callable, with the remaining deal collapsible in June this year.

2025 年，我們的計劃是逐步撤銷可贖回的非核心 CLO，並重新發行更多抵押品高效的管理交易。在我們八筆未完成的交易中，七筆目前可以贖回，剩餘的交易將於今年 6 月到期。

The first tranche of three deals totaling $1.3 billion of collateral will be called reissued in March with the higher advance rate providing reinvestment of $60 million of liquidity projected to increase earnings $0.05 per share or 45 basis point ROE.

總額為 13 億美元的三筆抵押品交易中的第一筆將於 3 月重新發行，其中較高的預付利率可提供 6,000 萬美元的流動性再投資，預計將使每股收益增加 0.05 美元或 ROE 增加 45 個基點。

With AAA series CLO tranches declining 65 basis points from first-quarter '24 to 140 basis points currently, serial reissuance would not only generate liquidity to grow the core portfolio, but reduce liability costs, providing accretion to net interest margin.

由於 AAA 系列 CLO 檔位從 2024 年第一季下降了 65 個基點至目前的 140 個基點，因此連續重新發行不僅可以產生流動性來擴大核心投資組合，還可以降低負債成本，從而增加淨息差。

Additionally, the receptive corporate debt market, where we've completed two issues totaling $350 million since December 2024, provides the additional provides for additional recourse leverage which at 1.3x remains below our 1.5x to 2x target.

此外，接受度較高的企業債務市場（自 2024 年 12 月以來，我們已在該市場完成了兩次總額為 3.5 億美元的發行）提供了額外的追索槓桿，但 1.3 倍的槓桿率仍低於我們的 1.5 倍至 2 倍的目標。

Third, growth in our Small Business lending segment, which is positioned for additional growth in 2025 despite 1.7x growth in '24. Specifically, we anticipate $1.5 billion to be originated in our SBA 7(a) lending business, which should contribute $0.05 per share and 45 basis points ROE. Through February, 7(a) lending volume was $229 million up 91% from the same period last year.

第三，我們的小型企業貸款部門實現了成長，儘管 2024 年增長了 1.7 倍，但預計 2025 年還將實現進一步增長。具體來說，我們預計 SBA 7(a) 貸款業務將帶來 15 億美元的收益，這將貢獻每股 0.05 美元和 45 個基點的 ROE。截至 2 月份，7(a) 貸款金額為 2.29 億美元，較去年同期成長 91%。

Additionally, Madison One, the USDA lender acquired last June, is expected to originate $300 million in volume in 2025. Due to larger loan sizes and complexity, USDA volume is more variable quarterly, but the platform is expected to deliver incremental earnings of $0.05 per share or 45 basis points on ROE.

此外，美國農業部去年 6 月收購的貸款機構 Madison One 預計在 2025 年發放 3 億美元的貸款。由於貸款規模較大且較為複雜，USDA 貸款量每季波動較大，但該平台預計將帶來每股 0.05 美元的增量收益或 ROE 45 個基點。

Fourth, the closing of the UDF IV merger, which we expect to close in March, estimated to provide annual incremental earnings of 17% per share or 150 basis points on ROE.

第四，我們預計 UDF IV 合併將於 3 月完成，預計合併將帶來每股 17% 的年度增量收益或 ROE 150 個基點。

The cumulative effect of the currency area cycle is transitory pressure on earnings followed by subsequent recovery in ROE as we execute on our plan. With that, I'll turn it over to Andrew to go through the quarterly results.

貨幣區週期的累積效應是，隨著我們執行計劃，獲利將面臨暫時的壓力，隨後 ROE 將隨之回升。說完這些，我將把責任交給安德魯來審核季度業績。

Thanks, Tom. Fourth-quarter GAAP losses per common share were $1.90 while distributable earnings showed a loss of $0.03. Excluding real life losses on asset sales, distributable earnings were $0.23 per common share, representing a 7.1% return on average stockholders' equity.

謝謝，湯姆。第四季每股 GAAP 虧損為 1.90 美元，可分配收益虧損 0.03 美元。不含資產出售的實際損失，可分配收益為每股普通股 0.23 美元，相當於平均股東權益報酬率為 7.1%。

The distributable loss primarily reflects timing differences between valuation allowances previously recorded and realized losses from settlements in the fourth quarter. Four key factors impacted our quarterly earnings.

可分配損失主要反映了先前記錄的估值準備金與第四季度結算實現的損失之間的時間差異。四個關鍵因素影響了我們的季度收益。

Revenue from core operations, which includes net interest income, gain on sale income, net of variable costs, servicing income, and other investment income, decreased $12.4 million or 12% quarter over quarter to $91.6 million. The change was primarily due to first $900,000 of lower net interest income due to a 7% decline in portfolio assets quarter over quarter and a slight increase in non-accrual loans, which averaged 4.6% in the quarter.

核心業務收入（包括淨利息收入、銷售收益、扣除變動成本、服務收入和其他投資收入）較上季減少 1,240 萬美元（即 12%）至 9,160 萬美元。這項變更主要是由於投資組合資產環比下降 7% 以及非應計貸款略有增加（本季平均為 4.6%），導致淨利息收入減少 90 萬美元。

The gross interest yield in the quarter was 8.7% and the cash yield was 7%. $20.6 million of interest income recorded in the quarter was paid in time interest on our construction loans, and $14.7 million of interest income recorded was accrued on modified loans.

本季毛利息收益率為8.7%，現金收益率為7%。本季記錄的利息收入中有 2,060 萬美元是按時支付的建築貸款利息，記錄的利息收入中有 1,470 萬美元是修改後的貸款產生的。

Second, gain on sale income net of variable costs decreased $5.4 million to $20.9 million. This income was driven by the sale of $211 million of guaranteed SBA 7A(a) loans at average premiums of 10.4% and the sale of $116 million of Freddie Mac loans at premiums of 0.9%. Third, servicing income was off $1.3 million in the quarter due to a $1.6 million dollar non-cash impairment in the SBA 7(a) MSR due to a change in discount rates. The total service balance across all products averaged $9 billion in a quarter.

其次，扣除變動成本後的銷售收益減少 540 萬美元，至 2,090 萬美元。這筆收入主要來自以平均保費 10.4% 出售 2.11 億美元 SBA 7A(a) 擔保貸款，以及以 0.9% 保費出售 1.16 億美元 Freddie Mac 貸款。第三，由於折扣率變化導致 SBA 7(a) MSR 中出現 160 萬美元的非現金減值，本季服務收入減少 130 萬美元。所有產品的總服務餘額每季平均為 90 億美元。

And last, revenue from other investment activities, which include the collection of rent, proceeds from the sale of working capital loans, and income on JV investments decreased $20.6 million. These other revenue sources are reoccurring.

最後，其他投資活動的收入（包括收取租金、出售營運資金貸款所得以及合資投資收入）減少了 2,060 萬美元。這些其他收入來源正在不斷出現。

Turning to operating costs from normal operations, which were $57.9 million compared to $53.1 million in the prior quarter. The increase in operating costs is primarily due to higher legal expenses related to corporate development activities and an increase in servicing fees and advances.

轉向正常營運的營運成本，為 5,790 萬美元，而上一季為 5,310 萬美元。營運成本的增加主要是由於與企業發展活動相關的法律費用增加以及服務費和預付款的增加。

We expect operating expenses to decline as we move out of the non-core portfolio and our OpEx ratio to decline upon closing of the UDF merger. Moving on, the combined provision for loan loss and valuation allowance increased $253.8 million. The additional $242.7 million in CECL reserves was primarily due to an increase of reserves on non-core assets.

我們預計，隨著我們退出非核心投資組合，營運費用將會下降，並且我們的營運支出比率將在 UDF 合併完成後下降。接下來，貸款損失準備金和估值準備金合計增加了 2.538 億美元。CECL 儲備金增加 2.427 億美元，主要是由於非核心資產儲備金增加。

The reduction in the evaluation allowance is due to a $64.5 million recovery from loan sales and foreclosures, offset by a $5.9 million increase on loans remaining on the balance sheet at quarter end. The release of the valuation allowances relates to the settlement of $116 million of loan sales.

評估準備金的減少是由於從貸款出售和止贖中收回了 6,450 萬美元，但被季度末資產負債表上剩餘貸款增加 590 萬美元所抵消。估值準備金的釋放與 1.16 億美元貸款銷售的結算有關。

And the last piece that impacted earnings were several items not generated or incurred in our normal operations. These include, amongst others, a $17.2 million dollar loss on discontinued operations, which reflects a mark to final realizable value upon settlement of the sale, mark to market loss is a $12.9 million unfair value positions and $4.6 million of transaction expenses related to debt and M&A activity. Non-cash REO charge-offs included in other operating expenses were $29.9 million in the quarter.

影響收益的最後一項是一些在我們的正常運作中未產生或發生的項目。其中包括：停止經營業務的 1,720 萬美元損失（反映了銷售結算時的最終可實現價值）；以市價計價的損失（1,290 萬美元的不公平價值頭寸）；以及與債務和併購活動有關的 460 萬美元交易費用。本季其他營運費用中包含的非現金 REO 沖銷金額為 2,990 萬美元。

We have included an updated presentation of the earnings from slide 12 of the financial supplement to distinguish between normalized operations and other items affecting profitability. On the balance sheet, book value per share is now $10.61 per share versus $12.59 per share last quarter. The book value change is due to an increase in the combined CECL and valuation allowance and a $0.43 shortfall on dividend coverage from earnings absent the increase in combined allowance.

我們在財務補充報告的第 12 張投影片中加入了更新的收益介紹，以區分正常化營運和影響獲利能力的其他項目。在資產負債表上，每股帳面價值現在為 10.61 美元，而上一季為 12.59 美元。帳面價值變動是由於 CECL 和估值準備金總額增加，以及在沒有增加綜合準備金的情況下，收益中的股利覆蓋缺口為 0.43 美元。

These changes were offset by $0.18 per share increase due to share repurchases which total 5.8 million shares with an average price of $7.35 per share. As Tom mentioned, we expect to begin to execute on a new $150 million share repurchase program which will contribute to enhancing shareholder returns this year.

由於股票回購，這些變化被每股 0.18 美元的增加所抵消，股票回購總量為 580 萬股，平均價格為每股 7.35 美元。正如湯姆所提到的，我們預計將開始執行一項新的 1.5 億美元股票回購計劃，這將有助於提高今年的股東回報。

Liquidity remains strong, with $185 million of unrestricted cash and is expected to improve. Since the last earnings call, we have raised $350 million of corporate financing across two transactions. The most recent announced last week was a $220 million senior secured note issued out of the taxable [REIT] subsidiary.

流動性依然強勁，擁有 1.85 億美元的無限現金，預計還會改善。自上次財報電話會議以來，我們已透過兩筆交易籌集了 3.5 億美元的企業融資。上週最新宣布的是由應稅 [REIT] 子公司發行的 2.2 億美元優先擔保票據。

$182 million of the proceeds from this offering will go towards retiring our senior notes due April 2025 and a portion of our 2026 maturity. The remaining $38 million will be invested into the business.

此次發行所得款項中的 1.82 億美元將用於償還 2025 年 4 月到期的優先票據以及 2026 年到期的部分票據。剩餘的 3800 萬美元將投資於該業務。

With that, we will open the line for questions.

接下來，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。

First, on the dividend and quarter earnings power, you've cut the dividend to $0.125. Starting in the first quarter, would you expect cash earnings to cover that level? And then just how do you think about the earnings power over the next several quarters on a cash and non-cash basis?

首先，關於股息和季度獲利能力，您已將股息削減至 0.125 美元。從第一季開始，您預計現金收益能夠達到這一水平嗎？那麼，您如何看待未來幾季現金和非現金基礎上的獲利能力？

So the first quarter is definitely going to be the lowest quarter of the year, primarily impacted by the fact that The majority of the non-core bucket, will go on (inaudible) and be booked on a cash basis given the liquidation strategy, so the effect, the cumulative effect of that including the [REIT] is roughly a $0.14 drawdown from where those assets were in '24, so I -- the expectation is over the course of the year that we cover the dividend approximately 1.5 times.

因此，第一季度肯定是今年最低的一個季度，主要受到以下事實的影響：考慮到清算策略，大部分非核心資產將繼續（聽不清）並以現金方式入賬，因此包括 [REIT] 在內的累積效應大約是從 24 年這些資產的水平下降 0.14 美元，所以我 — — 預計在一年內我們將支付 1.5 次股息。

But the earnings profile will ramp up to further coverage as we move along in the year, and the bridge to that, is a couple items, the first I just explained what the drawdown is going to be based on the non-core portfolio. OpEx savings mainly from further cuts in funding circle as well as staffing and some other overhead should generate an annual benefit of $0.05 from this level that'll be -- have a more immediate impact.

但隨著時間的推移，獲利狀況將會進一步提升，而實現這一目標的橋樑有幾個，首先我剛才解釋了基於非核心投資組合的提款將是多少。營運支出節省主要來自於進一步削減資金周期以及人員配備和一些其他管理費用，從這個水平來看，每年應該會產生 0.05 美元的收益，這將產生更直接的影響。

Madison One, which is our USDA lender, is expected to come online towards the back half of the first quarter and into the second quarter. We expect that to generate, $0.05 of incremental orders in the year. The SBA business as Tom mentioned in his comments, continues to experience exponential growth. We think that that volume growth of [2] to 500 million will add an incremental $0.03 to $0.07 per share.

我們的美國農業部貸款機構 Madison One 預計將在第一季後半段和第二季上線。我們預計今年將產生 0.05 美元的增量訂單。正如湯姆在評論中提到的，SBA 業務繼續呈指數級增長。我們認為，銷量成長 [2] 至 5 億將使每股收益增加 0.03 美元至 0.07 美元。

And then as I mentioned, UDF, which we expect to close in March, should add an incremental $0.17. So we think, on a pro forma basis, not even taking into consideration the reinvestment of core, the non-core loans upon liquidation, so we get to that 1.5 times coverage on the current dividend level.

然後，正如我所提到的，我們預計將於 3 月完成的 UDF 應該會增加 0.17 美元。因此，我們認為，在備考基礎上，甚至不考慮清算時的核心、非核心貸款的再投資，我們就能達到目前股利水準的 1.5 倍覆蓋率。

Doug Harter, UBS.

瑞銀的道格·哈特。

I was hoping you could talk a little bit more around the decision on UDF and I guess putting that in context, if you look back at the prior acquired deals you've done and kind of given the credit challenges from those portfolios, how do you think that the returns you penciled out to this point and why acquiring another highly distressed portfolio makes sense.

我希望您能就 UDF 的決定再多談一點，我想結合上下文，如果您回顧一下您之前完成的收購交易，並考慮到這些投資組合面臨的信用挑戰，您認為到目前為止您計算出的回報如何，以及為什麼收購另一個高度困境的投資組合是有意義的。

Yeah, Andrew, you want to touch on that in particular the basis under which we require in the portfolio the 10-year history, I believe -- 10-year history of buying a little over $100 million of loans and the stress tests around the -- GFC stress tests around the home prices.

是的，安德魯，你想特別談談我們在投資組合中要求的 10 年曆史基礎，我相信——10 年曆史，購買略超過 1 億美元的貸款，以及圍繞房價進行的壓力測試——全球金融危機 (GFC) 壓力測試。

Yeah, so the mechanics of the merger, called for some fairly aggressive discounts on the current basis in those projects. So we think, given the actual basis Ready Capital is booking on those loans that even in a pretty aggressive downturn, the principal in the trade is covered. Now there may be some yield pressure if that happens, but the basis is at a level where we are highly confident that from a credit perspective, it is secure.

是的，合併的機制要求在這些項目的當前基礎上給予相當大的折扣。因此我們認為，考慮到 Ready Capital 對這些貸款的實際記帳基礎，即使在經濟大幅下滑的情況下，交易的本金也能得到保障。如果發生這種情況，現在可能會有一些收益壓力，但從信貸角度來看，我們非常有信心基礎處於安全的水平。

I'd say the other thing that gives us comfort is, as Tom mentioned, over the years we've done $100 million of loans. Many of those loans are in the projects and some of the projects that we are acquiring as part of the M&A. And so we have a very good knowledge base on these projects, the historical performance of those loans has been pristine.

我想說的另一件讓我們感到安慰的事情是，正如湯姆所提到的，多年來我們已經發放了 1 億美元的貸款。這些貸款中有許多是用於項目，還有一些是我們作為併購的一部分收購的項目。因此，我們對這些項目有著非常好的知識基礎，這些貸款的歷史表現一直非常完美。

So I think the combination of the bases and the underwriting and our experience in these actual projects gives us that comfort.

因此，我認為基礎、承保和我們在這些實際項目中的經驗的結合給了我們這種安慰。

Okay, and then you mentioned, kind of the reserve actions this quarter looking to ring fence, the known problem assets. How do you think about the remaining assets and the risk of kind of additional problems and how should we take comfort that there won't be needs for additional significant reserving actions?

好的，然後您提到，本季的儲備行動旨在保護已知的問題資產。您如何看待剩餘資產和其他問題的風險？我們如何確保不需要採取額外的重大儲備行動？

Yeah, Adam, you want to touch on the methodology under which we bifurcated the portfolio. It was with -- Doug, I think the specific reference is to potential negative migration from the core portfolio where the risk rating is only [two]?

是的，亞當，你想談談我們分割投資組合的方法。這是——道格，我認為具體指的是核心投資組合的潛在負面遷移，其中風險評級只是[二]？

Correct.

正確的。

So maybe to discuss the methodology into which we bifurcated the existing portfolio and then from there we'll call it if you will, the potential higher risk elements of the otherwise, strong credit core portfolio, particularly the modified loans that were previously modified.

因此，也許可以討論一下我們將現有投資組合分成兩類的方法，然後從那裡，如果您願意的話，我們可以稱之為原本強勁的信用核心投資組合中潛在的高風險因素，特別是之前修改過的修改後的貸款。

Yeah, sure. The core portfolio, which is 83% of the overall portfolio, these are really assets that we deem to be long-term holds where you have healthy credit metrics that generate good returns. We have minimal future losses expected on those. The majority of those are, call it, 86% is multi-family and industrial. The average maturity of that portfolio is 20 months.

是的，當然。核心投資組合佔整體投資組合的 83%，這些是我們認為真正值得長期持有的資產，它們擁有健康的信用指標，可以產生良好的回報。我們預計未來這些損失將很小。其中大多數是，86%是多戶住宅和工業建築。此投資組合的平均期限為20個月。

The mods within the core portfolio, the majority are cash flowing with healthier debt yields, we bifurcated into core where sponsors have equity that they put into these new mods, and the collateral is really closer to executing on the business plan. So we feel that the probability of takeout at maturity is significantly higher versus the noncore.

核心投資組合中的模組，大多數是現金流，具有更健康的債務收益率，我們將其分為核心，其中發起人擁有股權，他們將其投入到這些新的模組中，而抵押品實際上更接近於執行商業計劃。因此，我們認為，到期時被取出的機率比非核心的機率要高得多。

On the non-core, this is really the bucket of more challenging loans that we've deemed this represents 17% of the portfolio. These are where we're going to have short term holdings and the primary asset management strategy is, as Tom mentioned, really an expeditious liquidation. These assets have lower yields, less viable path to stabilization and takeout, the multi-family specifically agency takeout, little or no fresh equity from the borrowers inside of those modifications. And we feel that ultimately, if we don't liquidate specifically on the loan side, there'll be a higher probability of foreclosure.

就非核心貸款而言，這實際上是一類更具挑戰性的貸款，我們認為這部分貸款佔投資組合的 17%。這些是我們將進行短期持有的地方，主要的資產管理策略就像湯姆提到的那樣，實際上是迅速清算。這些資產的收益率較低，穩定和收購的可行途徑較少，特別是多戶型機構的收購，在這些修改中藉款人幾乎沒有新的股權。我們認為，最終，如果我們不專門針對貸款方面進行清算，那麼喪失抵押品贖回權的可能性就會更高。

So we really bifurcated the two where we -- our laser beam focused on the non-core, on the expeditious liquidations that we expect to execute over the next 7 to 10 quarters.

因此，我們實際上將兩者一分為二——我們的雷射光束集中在非核心上，集中在我們預計將在未來 7 到 10 個季度內執行的快速清算上。

Yeah, and I want to just add to that, Doug, the -- yeah, I think this is systemic to the industry, especially on the multi-family side where you look to bridge to -- I'm sorry -- to loans that have been made it through the rate hike period and 2025.

是的，道格，我想補充一點——是的，我認為這對行業來說是系統性的，特別是在多戶型住宅方面，你希望過渡到——對不起——那些在加息期和 2025 年期間發放的貸款。

There's an old saying a year ago, you stay alive to '25. Well, rates didn't go down. So what you're now seeing is loans that were previously modified split into two buckets. One is strong projects, good sponsors, liquidity, mark to market LTVs, and the -- in that kind of where we are here in this portfolio in the upper 70s.

一年前有句老話說，你能活到 25 歲。嗯，利率沒有下降。所以您現在看到的是之前修改過的貸款被分成了兩個部分。一是強大的項目、良好的贊助商、流動性、以市價計價的貸款價值比，以及——我們目前的投資組合處於 70 多美元的水平。

And those are -- those will qualify -- highly likely to qualify for either a bridge to bridge or stabilized takeout with the Freddie Fannie loan. And I point out that the metric there is a debt yield on the core portfolio is 9.7%. And Adam, what's the current debt yield required for refi in the current market?

而那些符合資格的人很可能有資格獲得過橋貸款或透過房地美房利美貸款進行穩定的收購。我指出，核心投資組合的負債報酬率指標為 9.7%。亞當，目前市場中再融資所需的債務報酬率是多少？

Yeah, it costs, average 8 to 9 (inaudible).

是的，平均花費 8 到 9（聽不清楚）。

You have almost 200 basis point premium on that book versus the non-core, which is a significantly lower debt yield. So that, I think -- and again the other thing about our Freddie, Freddie is that our series CLOs are static so there's no hiding, if you will, a strong word, but no ability to not disclose the nature of the status of the bridge loans.

與非核心債務相比，該債務的溢價幾乎為 200 個基點，這意味著債務收益率明顯較低。所以，我認為——關於我們的 Freddie，Freddie 的另一件事是，我們的系列 CLO 是靜態的，所以如果你願意的話，沒有辦法隱藏一個強有力的詞，但沒有能力不披露過橋貸款的狀況性質。

So what we were doing here is we're taking a very conservative approach to bifurcating the loans that we think are best suited for accelerated resolution strategies, that's about the non-core, it's about a billion dollars marked at $0.82 and then highlight the non-core book. And then going forward, we're able from a transparency perspective, investors were able to track the migration from liquidation of the core and the credit performance of the core portfolio.

因此，我們在這裡所做的是，我們採取非常保守的方法來劃分我們認為最適合加速解決策略的貸款，這是非核心的，大約 10 億美元，標記為 0.82 美元，然後突出顯示非核心帳簿。展望未來，從透明度的角度來看，投資者能夠追蹤核心清算的遷移以及核心投資組合的信用表現。

Great. Appreciate those answers. Thank you.

偉大的。感謝這些答案。謝謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Regarding the 2026 maturities, what's the plan to address those? I think it's -- I estimated about $760 million.

關於 2026 年到期的問題，有什麼計畫可以解決？我認為——我估計約為 7.6 億美元。

So we started to address some of it with our -- the senior secured notes we issued last week. A portion of the proceeds that we said in the prepared remarks are go to retire those. So when we look out, there are a handful of maturities in the beginning part of the year, so there's $158 million due in February, $90 million due in July.

因此，我們開始透過上週發行的優先擔保票據來解決其中的一些問題。我們在準備好的評論中說過，部分收益將用於退休。因此，當我們觀察時，會發現年初有少量債券到期，例如 2 月有 1.58 億美元到期，7 月有 9,000 萬美元到期。

We -- for those two maturity, certainly the projected cash flow, and liquidity profile of the business, the Board taking those out in cash, but our preference will be to access the markets as we move into the summer months.

對於這兩個到期日，當然還有預期的現金流和業務的流動性狀況，董事會將以現金提取這些資金，但我們更傾向於在進入夏季時進入市場。

And then looking out, further into '26 there's a senior secure note, $350 million that comes due in October in a smaller issuance that comes due in November, which is roughly $100 million. Our plan is to continue to position the business over the course of this year such that the financial profile allows us to start thinking about some of the larger debt market to handle those securities, those debt [issuances], but we continue to believe we've proven -- add that to a variety of corporate markets, we will continue to lean into those markets.

然後展望未來，進一步到 26 年，有一筆 3.5 億美元的優先擔保票據將於 10 月到期，還有一筆較小規模的擔保票據將於 11 月到期，金額約為 1 億美元。我們的計劃是在今年繼續定位業務，以便財務狀況使我們能夠開始考慮一些更大的債務市場來處理這些證券、這些債務（發行），但我們仍然相信我們已經證明——加上各種企業市場，我們將繼續傾向於這些市場。

And then the only thing I -- the other thing I'd point out, Jade, is that the asset maturity ladder aligns very closely with the liability ladder, so those are the various paths where we'll undertake to take care of this.

然後我要指出的唯一一件事——Jade，另一件事是資產到期階梯與負債階梯非常緊密地結合在一起，因此這些是我們將採取的各種途徑來解決這個問題。

Thank you. On the UDF IV merger, is the rationale that you see compelling value in the assets an upside to the basis at which you're acquiring the assets, or alternatively, are you looking to replenish the unencumbered asset pool that the company has in order to maintain unsecured access? I mean, that really would explain. The logic behind the broad mark and mosaic mergers because those unencumbered assets allow you to issue debt and so this kind of a deal is somewhat necessary in order to replenish that pool of unencumbered assets.

謝謝。關於 UDF IV 合併，您認為資產具有引人注目的價值，這一理由是否對您收購資產的基礎有利，或者您是否希望補充公司擁有的無抵押資產池，以維持無擔保訪問權？我的意思是，這確實可以解釋。廣泛標記和馬賽克合併背後的邏輯是因為這些無抵押資產允許您發行債務，因此這種交易對於補充無抵押資產池是必要的。

Andrew you could comment on it. Jade, but I'd say the raison d'etre for the transaction is 95% number one. It's highly accretive on an EPS basis unlevered, and that's how we viewed the transaction.

安德魯，你可以對此發表評論。傑德，但我想說，交易的存在理由 95% 是第一位的。它在無槓桿情況下的每股盈餘上具有很高的增值性，這就是我們對這筆交易的看法。

The icing on the cake, if you will, is the ability to create leverage given the fact that it is unlevered, but we evaluated at the Board and the management team evaluated this based on, again, a 10-year relationship with the company. We'll view it as one of our non-bridge strategies going forward in terms of the whole residential lot loan market.

如果你願意的話，錦上添花的是，鑑於它是無槓桿的，它能夠創造槓桿作用，但我們在董事會進行了評估，管理團隊也根據與公司 10 年的關係對此進行了評估。我們將把它視為整個住宅地塊貸款市場未來的非過橋策略之一。

So that -- just to answer your question, I think that that's how we viewed the transaction lest the -- again the leverage was not really considered it was really more the accretion to EPS from the actual asset yield itself. I don't know Adam -- Andrew, if you'd anything to that.

所以——只是為了回答你的問題，我認為這就是我們對交易的看法，以免——再次強調，我們並沒有真正考慮槓桿，而更多的是實際資產收益率本身對每股收益的增加。我不知道亞當——安德魯，你對此有什麼看法。

No, I think that's right. I think that, Jade, there's an incremental benefit. As you alluded to of bringing on unlevered equity and improves the leverage ratios, it'll improve the unencumbered asset pool so that the financial profile of the balance sheet, from a debt metric standpoint improves post-merger, which will, allow us, should we choose to pull debt out of that equity over time, but the main driver of this transaction was the earnings profile.

不，我認為是這樣。傑德，我認為這會帶來增量效益。正如您所提到的，引入無槓桿股權並提高槓桿率，它將改善無抵押資產池，以便從債務指標的角度來看，資產負債表的財務狀況在合併後得到改善，這將允許我們隨著時間的推移從股權中抽出債務，但這筆交易的主要驅動力是盈利狀況。

Okay, fair enough. I mean, I find that somewhat surprising because we're in the middle of a credit cycle. There's so many uncertainties, so taking on additional problem assets to work out adds further stress to the business model, and it might not be the right time for that, but I understand what you're saying about the potential for accretion.

好吧，夠公平。我的意思是，我發現這有點令人驚訝，因為我們正處於信貸週期的中期。存在太多的不確定性，因此承擔額外的問題資產會給商業模式帶來進一步的壓力，現在可能不是合適的時機，但我明白你所說的增值潛力。

The last question is on the SBA business. We like to look around corners and see risks that we may not see coming right now. And I did notice with the SBA lenders, 4Q results showed a notable deterioration in the fourth quarter. It doesn't seem like we saw that within Ready Capital's portfolio, but can you discuss the credit trends you're seeing in SBA and on the DOGE side, any administrative changes to SBA you're seeing that could potentially impact the business.

最後一個問題是關於 SBA 業務的。我們喜歡環顧四周，發現我們現在可能還未發現的風險。我確實注意到，SBA 貸款機構的第四季度業績顯示第四季度出現了明顯惡化。我們似乎沒有在 Ready Capital 的投資組合中看到這種情況，但您能否討論一下您在 SBA 和 DOGE 方面看到的信貸趨勢，以及您所看到的 SBA 的任何可能對業務產生影響的行政變化。

Yeah, actually, let's tackle the first -- the second one first. And Andrew, maybe you could comment on some of the relatively differentiated credit trends we're seeing in our portfolio. Yeah, so we're the largest non-bank lender and the second -- fourth largest overall. And we've undertaken a strategy where we have a dual strategy whereby we use the more traditional loan officer approach for large loans where the average balance has been running, goes up to $5 million in the SPA and our average balance in that program has been running $1.5 million.

是的，實際上，讓我們先解決第一個問題——第二個問題。安德魯，也許您可以評論一下我們在投資組合中看到的一些相對差異化的信貸趨勢。是的，我們是最大的非銀行貸款機構，也是第二到第四大貸款機構。我們採取了雙重策略，即對大額貸款採取更傳統的貸款專員方法，其中 SPA 中的平均餘額高達 500 萬美元，而該計劃中的平均餘額為 150 萬美元。

And then we have the small loan program which uses a scorecard and that's part of our fintech, which is essentially a lender service provider to the SPL, the Small Business Lending company. So -- and that, and we have about a healthy 50-50 mix there and we've had very strong credit trends in both of those which Andrew, you can maybe touch on some of the what you're seeing with -- what we're seeing with the industry as a whole.

然後我們有使用記分卡的小額貸款計劃，這是我們金融科技的一部分，它本質上是 SPL（小型企業貸款公司）的貸款服務提供者。所以 — — 而且，我們在那裡擁有大約 50-50 的健康組合，並且在這兩個方面我們都擁有非常強勁的信貸趨勢，安德魯，你也許可以談談你所看到的 — — 我們在整個行業中看到的一些情況。

But just to -- on the DOGE side, so I've had a couple of conversations, Jade, with the President of our business, Gary Taylor, has had a number of conversations with the SBA and bottom line is it's mom and apple pie on both sides of the aisle. It always has been. Yeah, there's some concerns about what occurred during PPP with fraud and losses there and that sort of thing.

但就 DOGE 方面而言，我和 Jade 以及我們公司的總裁 Gary Taylor 進行了幾次對話，還和 SBA 進行了多次對話，底線是雙方都對此表示贊同。一直都是這樣。是的，人們對 PPP 期間發生的詐欺和損失等事情感到擔憂。

But we haven't heard anything that would significantly impact the commitment in terms of the authorization of the -- it's usually about $25 billion to $30 billion year from Congress, so there may be a few accelerated retirements, but we haven't heard anything specific about any sort of major overhaul of the program which would impact the commitments, the authorization of congressional authorization of the 7(a) program on an ongoing basis.

但我們還沒有聽到任何會對授權承諾產生重大影響的消息——國會通常每年撥款約 250 億美元至 300 億美元，因此可能會有一些加速退休的舉措，但我們還沒有聽到任何關於對該計劃進行重大改革的具體消息，這將影響承諾，即國會對 7(a) 計劃的持續授權。

So Andrew, maybe with that, maybe we just touch on some of the terms of our risk management reviews, what we've been seeing in terms of credit trends in the SBA versus the industry.

因此，安德魯，也許我們可以談談風險管理審查的一些條款，以及我們所看到的 SBA 與行業信貸趨勢。

Yeah, on the credit side for small business, the 60-plus delinquencies remain at a moderate level, so they're 2.8% today, certainly doing, over the past year to year and a half, certainly seeing more growth in our small balance in micro loans, which historically, given the non-real estate component, have had higher delinquency levels, which is expected for those small loans.

是的，在小企業信貸方面，60歲以上的拖欠率仍處於中等水平，所以今天的比例是2.8%，當然，在過去的一年到一年半里，我們的小額貸款餘額肯定有了更多的增長，從歷史上看，考慮到非房地產部分，小額貸款的拖欠率一直較高，這對於這些小額貸款來說是意料之中的。

That bucket today sits at about 2.4%, 60-plus on the small balance and micro loans. I think from a business perspective, we're still -- lodging is still our largest asset class, and it's historically performed extremely well even through the pandemic. These are really hospitality assets that are in smaller markets, limited service, mom-and-pop operators that have historically performed well.

目前該比例約為 2.4%，小額餘額和微型貸款佔 60% 以上。我認為從業務角度來看，住宿仍然是我們最大的資產類別，即使在疫情期間，住宿的歷史表現也非常出色。這些其實是規模較小的市場、服務有限、夫妻店經營的旅館資產，歷史上表現良好。

But yeah, I mean, it's -- expectation is that delinquencies could shift up given the growth in the small balance in micro, but you know at this point, we're -- the asset management teams are monitoring the portfolio carefully and we don't see any concerning trends.

但是的，我的意思是，考慮到微型貸款小額餘額的成長，預計拖欠率可能會上升，但你知道，目前，我們——資產管理團隊正在仔細監控投資組合，我們沒有看到任何令人擔憂的趨勢。

Stephen Laws, Raymond James.

史蒂芬勞斯、雷蒙詹姆斯。

[You've done] most of our topics, but one follow up on the SBA segment. Can you talk about the cash flow or what is the operating cash flow look like versus the gain on sale of loans and kind of how do we think about the mix there?

[您已經完成了] 我們的大多數主題，但還有一個關於 SBA 部分的後續內容。能談談現金流或經營現金流與貸款銷售收益相比的情況嗎？我們如何看待這種組合？

Andrew, do you want to touch on that?

安德魯，你想談談這個嗎？

Yeah, from a pre-cashflow perspective, the SBA business, it's highly positive when you think about the process of the loan, we are basically recovering our full basis in that origination very, very quickly through both sale and financing on the unguaranteed piece. So as we move forward, the incremental growth in that business and the gain on sale that comes off that business is going to be a key part of improving the free cash flow from operations of the overall company.

是的，從現金流前的角度來看，SBA 業務，當你考慮貸款流程時，它是非常積極的，我們基本上透過對無擔保部分的銷售和融資非常非常快地收回了發起的全部基礎。因此，隨著我們不斷前進，該業務的增量成長和銷售收益將成為改善整個公司營運自由現金流的關鍵部分。

Now, the one thing I will say is over the last couple months here we have been contributing quite a bit of capital down into that business as several warehouse lines with approval for the SBA. So we currently have three warehouse lines that are in the process of approval and we expect approval totaling $100 million and so the financial profile of the SBA business, given that there's been more equity invested into it over the last couple of months, has declined slightly.

現在，我要說的一件事是，在過去的幾個月裡，我們已經為該業務投入了相當多的資金，因為有幾條倉庫生產線獲得了 SBA 的批准。因此，我們目前有三條倉庫線正在審批中，我們預計審批總額將達到 1 億美元，因此，考慮到過去幾個月對 SBA 業務的股權投資增加，其財務狀況略有下降。

But we do expect that to rebound and for the majority of that business to be run through those warehouse lines as we move into the second quarter. But to answer your direct question, the incremental growth in that business, basically drops right to the bottom line in terms of improving free cash flows.

但我們確實預計，隨著進入第二季度，這一數字將會反彈，並且大部分業務將透過這些倉庫線完成。但要直接回答你的問題，就改善自由現金流而言，該業務的增量成長基本上直接下降到了底線。

Great. Appreciate it. Thank you.

偉大的。非常感謝。謝謝。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（操作員指示）克里斯多福諾蘭、拉登堡塔爾曼。

Hi, for the acquisition, what -- and because the comments was the deal is expected to be immediately accretive to earnings, what's your assumption of delinquencies in that portfolio developing over the next couple quarters?

您好，對於此次收購，由於評論稱該交易預計將立即增加收益，那麼您對未來幾季該投資組合的拖欠情況有何假設？

Yeah, I think Adam, it'd be helpful if you could answer that. But just to frame it, it's important to understand that the UDF portfolio represents a very seasoned portfolio of residential lot loans that are essentially the land banking business where these loans [via] projects are approved on a serial basis over many years.

是的，我認為亞當，如果你能回答這個問題會很有幫助。但簡單地概括一下，重要的是要理解 UDF 投資組合代表著一個非常成熟的住宅地塊貸款投資組合，其本質上是土地銀行業務，這些貸款 [通過] 項目在多年內連續獲得批准。

We've been doing business for a decade with the company, and the residential lot loan business is a very well understood private credit asset class in the private markets. So -- and I think there was a prior comment that quote the portfolio is problem loans.

我們與該公司已有十年的業務往來，住宅地塊貸款業務是私人市場上非常容易理解的私人信貸資產類別。所以——我認為之前有一則評論提到投資組合是問題貸款。

These loans are not, these are really strong projects in the Dallas metroplex with very strong offtake from home builders. So Adam, maybe just comment broadly on the question and the portfolio itself and the yield and cash flow profile in terms of the, for example, the amount of liquidity we've seen in the portfolio today versus when we did the transaction in -- I looked at the transaction in September.

這些貸款不是，這些都是達拉斯大都會區真正強大的項目，受到房屋建築商的強烈追捧。因此，亞當，也許只是對這個問題和投資組合本身以及收益率和現金流狀況進行廣泛的評論，例如，我們今天在投資組合中看到的流動性與我們進行交易時相比——我查看了 9 月份的交易。

Just to answer your first question regarding delinquencies, this portfolio is fully performing today. Every loan, is -- has, excuse me, has a maturity through the end of 2028, and these loans, the way these landlocked loans are structured, they have accrued interest component. So through the end of 2028, we don't expect any delinquency in this portfolio.

僅回答您關於拖欠的第一個問題，該投資組合今天表現良好。對不起，每筆貸款的到期日都是 2028 年底，而這些貸款，這些內陸貸款的結構方式，都有應計利息部分。因此，到 2028 年底，我們預計該投資組合不會出現任何拖欠情況。

The portfolios comprise, I think, as land lot loans, entirely in the state of Texas that continues to show extremely strong metrics in regards to population growth, job growth. And the projects continuing to build home -- national and regional home builders are out of these projects continuing to build, multiple phases at these sites, I think, given the maturity here and the basis that we acquired this -- sorry, the basis that we'll be acquiring these assets that we feel very comfortable in the credit profile and the recoveries at our basis.

我認為，這些投資組合全部由土地貸款組成，位於德克薩斯州，該州在人口增長和就業增長方面繼續表現出極其強勁的指標。而且這些項目仍在繼續建造房屋——國家和地區的房屋建築商仍在繼續建設這些項目，這些地點分多個階段建設，我認為，考慮到這裡的成熟度和我們收購這些資產的基礎——抱歉，我們將收購這些資產的基礎，我們對信用狀況和回收率感到非常滿意。

And separate topic, what is the pace of repurchases you're expecting because you guys have a lot of headwinds going on just with the sector and so forth and maturity is coming up and it seems like capital is going to be quite scarce even though it might be really attractive to buy back stock, but what's the timeline for the share repurchases.

另外，您預期回購的速度是怎樣的，因為你們在行業等方面面臨很多阻力，而且成熟期即將到來，雖然回購股票可能真的很有吸引力，但資本似乎會相當稀缺，但股票回購的時間表是怎樣的。

Yeah, so I think there's a variety of liquidity events happening over the next couple of months here that are expected to generate growth from where we're at today at $185 million. The class of the CLOs in March is expected to generate $60 million. Certainly, the sales of the non-core portfolio are expected to generate a significant amount of liquidity. And so that -- the pace throughout the year, is going to be somewhat dependent upon the timing of those items, but given the return profile, it is certainly going to be a key part of our plan to deliver shareholder return.

是的，所以我認為未來幾個月將會發生各種流動性事件，預計這些事件將在目前的 1.85 億美元基礎上實現增長。預計 3 月的 CLO 課程將產生 6,000 萬美元的收入。當然，非核心投資組合的出售預計將產生大量流動性。因此，全年的步伐將在一定程度上取決於這些項目的時機，但考慮到回報狀況，這肯定將成為我們實現股東回報計畫的關鍵部分。

With that being said, certainly we continue to position the business to carry a higher level of cash given the environment we're operating in so there is some limitation there, but we expect to be active in the repurchase program throughout the year.

話雖如此，考慮到我們所處的營運環境，我們肯定會繼續保持業務的更高現金水平，因此存在一些限制，但我們預計全年都會積極參與回購計劃。

Great. And then just as a comment, going forward, if you guys could provide more time for us to review the earnings released before the call because it was less than an hour, and it's quite a complex company [moving parts] so if you can keep that in consideration that'd be appreciated.

偉大的。然後，順便說一句，展望未來，如果你們能給我們更多時間審查電話會議前發布的收益，因為會議時間不到一個小時，而且這是一家相當複雜的公司，所以如果你們能考慮到這一點，我們將不勝感激。

Yeah, we appreciate that and we'll undertake to address that.

是的，我們對此表示感謝，並將努力解決這個問題。

Thank you. At this time, I would like to turn the floor back over to Mr. Capasse for closing comments.

謝謝。現在，我想把發言權交還給卡帕塞先生，請他發表最後評論。

So with the dividend cut and the CECL reserves, we expect that these actions were critical to accelerate the recovery in net interest margin and ROE over the succeeding year. We are fully, highly confident in terms of our ability to develop those goals and look forward to the next quarter's earnings call. Thanks everybody and have a good day.

因此，透過削減股利和增加 CECL 儲備，我們預計這些措施對於加速未來一年淨利差和 ROE 的復甦至關重要。我們對實現這些目標的能力充滿信心，並期待下一季的收益電話會議。謝謝大家，祝大家有個愉快的一天。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。