Ready Capital Corp (RC) 2025 Q1 法說會逐字稿

Greetings. Welcome to Ready Capital's first quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Ready Capital 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'll now turn the conference over to Andrew Ahlborn, Chief Financial Officer. Mr. Ahlborn, you may begin your presentation.

現在我將會議交給財務長安德魯‧阿爾伯恩 (Andrew Ahlborn)。阿爾伯恩先生，您可以開始您的演講了。

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 uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risk that could impact our future operating results and financial condition.

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。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。

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 first quarter 2025 earnings release, and our supplemental information, which can be found in the Investors Section of the Ready Capital website.

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。我們的 2025 年第一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. In terms of the first-quarter macro backdrop, while the recovery in the CRE market has been affected by tariffs and increased recession risks, the impact on our core multi-family sector has been muted. Deliveries appear to have peaked in '24 with excess demand, resulting in a 1% increase in rents in 1Q '25.

謝謝，安德魯。大家早安，感謝大家參加今天的電話會議。從第一季的宏觀背景來看，雖然商業房地產市場的復甦受到關稅和經濟衰退風險增加的影響，但對我們核心的多戶型住宅部門的影響卻不大。由於需求過剩，交付量似乎在 24 年達到頂峰，導致 25 年第一季租金上漲 1%。

With this context in the fourth quarter, we initiated a defensive late cycle posture and reset the balance sheet. In the first quarter, we've made progress on several fronts, including stabilizing book value per share, completing targeted liquidations, closing the UDF merger at accretive economics, and successfully raised liquidity through capital markets execution, including debt issuance and collapsing existing CLOs.

在第四季度的這種背景下，我們啟動了防禦性後期週期態勢並重置了資產負債表。在第一季度，我們在多個方面取得了進展，包括穩定每股帳面價值、完成有針對性的清算、以增值經濟的方式完成 UDF 合併，並透過資本市場執行（包括發行債務和折疊現有 CLO）成功提高流動性。

To start, book value per share quarter over quarter was flat at $10.61 per share. We benefited this quarter from an $0.11 per share increase in the repurchase of 3.4 million shares and $0.14 per share from the closing of the UDF merger. When accounting for the UDF merger, the dividend shortfall was primarily due to a reduction in net interest income as assets in the non-core portfolio transitioned to non-accrual status.

首先，每股帳面價值與上一季持平，為每股 10.61 美元。本季度，我們因回購 340 萬股而每股收益增加 0.11 美元，因 UDF 合併完成而每股收益增加 0.14 美元。在核算 UDF 合併時，股利短缺主要是由於非核心投資組合中的資產轉為非應計狀態導致淨利息收入減少。

We have provided additional transparency to aid in evaluating the recovery in our net interest margin, or NIM. To this point, we have bifurcated our $7.1 billion total CRE loan portfolio into a $5.9 billion core, higher yield, better credit bridge loans, and $1.2 billion non-core comprising two segments: $740 million of low yield distressed credit bridge loans and our $430 million Portland, Oregon mixed use asset segments.

我們提供了額外的透明度來幫助評估我們的淨利差（NIM）的恢復情況。到目前為止，我們已將 71 億美元的 CRE 貸款總額組合分為 59 億美元的核心、高收益、更好的信用過橋貸款和 12 億美元的非核心貸款，後者包含兩個部分：7.4 億美元的低收益不良信用過橋貸款和 4.3 億美元的俄勒岡州波特蘭混合用途資產部分。

Payoffs from bridge loans resulted in a 5% decline in the core portfolio to $5.9 billion a quarter end, comprising 1,400 loans with 78% concentration in multi-family. Credit metrics remained healthy with little negative migration.

過橋貸款的償還導致核心投資組合下降 5% 至季末的 59 億美元，包括 1,400 筆貸款，其中 78% 集中在多戶型住宅上。信貸指標保持健康，負面遷移很少。

60 day-plus delinquencies remain relatively low at 4%, a $117 million increase quarter over quarter. Our expectation is that 52% of the quarter one additions are resolved in the second quarter. Risk-rated 4 and 5 loans increased to 7.5% of the total, and underlying property fundamentals remains strong, with a rated average debt yield of 7%.

60 天以上的拖欠率仍相對較低，為 4%，較上季增加 1.17 億美元。我們預計第一季新增的 52% 將在第二季解決。風險評級為 4 和 5 的貸款佔總數的比例上升至 7.5%，且基本房地產基本面依然強勁，評級平均債務收益率為 7%。

In the core portfolio, we modified five loans totaling $312 million, increasing the percentage of modified loans to 18%. The five [mods] comprise three short-term forbearances providing borrowers a bridge to a longer-term modification, and two with current pay reductions.

在核心投資組合中，我們修改了五筆總額為 3.12 億美元的貸款，將修改後的貸款比例提高到 18%。這五項[修改]包括三項短期延期，為借款人提供通往長期修改的橋樑，以及兩項當前的薪資削減。

We believe the core portfolio earnings profile provides a foundation for starting to rebuild NIM in the coming quarters. A levered yield of 10.2% generated $43.4 million of net interest income, or $0.26 per share, 80% of which is current pay.

我們相信核心投資組合的獲利狀況為未來幾季開始重建淨利差奠定了基礎。10.2% 的槓桿收益率產生了 4,340 萬美元的淨利息收入，即每股 0.26 美元，其中 80% 為當前工資。

In our non-core bridge loan portfolio, largely comprised of assets where the net present value of sale exceeds on balance sheet management strategies, we surpassed first-quarter liquidation targets by close to 2x. We liquidated $51 million at a 102% premium to our mark, generating $28 million of liquidity and reducing the non-core portfolio by 6% to $740 million.

在我們的非核心過橋貸款組合中，主要由銷售淨現值超過資產負債表管理策略的資產組成，我們超出第一季清算目標近 2 倍。我們以高於目標 102% 的價格清算了 5,100 萬美元，產生了 2,800 萬美元的流動資金，並將非核心投資組合減少了 6% 至 7.4 億美元。

In the second quarter, we expect to additionally reduce the non-core portfolio to approximately $270 million via an additional $470 million of liquidations. The target for year-end 2025 is a further reduction to $210 million through in-place asset management strategies. The cumulative go-forward earnings impact from these sales will be $0.24 per share, 70% from a reduction in negative carry, and 30% from the reinvestment of sale proceeds.

在第二季度，我們預計將透過額外 4.7 億美元的清算將非核心投資組合進一步減少至約 2.7 億美元。到 2025 年底，目標是透過現有資產管理策略進一步減少至 2.1 億美元。這些銷售對未來收益的累積影響將為每股 0.24 美元，其中 70% 來自負利差的減少，30% 來自銷售收益的再投資。

Our non-core portfolio includes the Portland mixed-use asset, a construction project completed in October 2023, Ready Capital had held a $516 million senior loan. The property features premier hospitality, retail, office, and residential offerings in Portland, with each component now moving to stabilization. In the fourth quarter, the position was marked down to $426 million and we are currently working to obtain title, after which we intend to move aggressively to stabilize the asset and generate upside from our current mark.

我們的非核心投資組合包括波特蘭混合用途資產，這是一項於 2023 年 10 月完工的建設項目，Ready Capital 持有 5.16 億美元的優先貸款。該物業是波特蘭首屈一指的酒店、零售、辦公和住宅物業，目前每個部分都趨於穩定。在第四季度，該頭寸被降至 4.26 億美元，我們目前正在努力獲得所有權，之後我們打算積極採取行動來穩定資產並從當前價格中獲利。

In the quarter, RevPAR and the hotel improved 11% to $209, leasing of the combined office and retail remained at 28%, and additional two condos were sold. The financial effect of the asset moving from performing construction loan to non-accrual was a quarter-over-quarter $0.13 per share reduction in earnings with the current carry expense in the quarter of $0.05 per share. We expect to sequentially exit the three components as they stabilize and remain fully committed to support the project both financially and operationally.

本季度，RevPAR 和飯店租金上漲 11% 至 209 美元，辦公室和零售店綜合租賃率維持在 28%，另外還售出了兩套公寓。資產從正常建設貸款轉為非應計貸款的財務影響是，收益環比減少每股 0.13 美元，本季的流動負債費用為每股 0.05 美元。我們期望隨著這三個組成部分的穩定而逐步退出，並繼續全力致力於在財務和營運上支持該專案。

In our SBA business, fourth quarter volumes remained high at $343 million. While we anticipate moderation and volume ahead, we view recent policy updates from the SBA as constructive towards reinforcing the program's long-term strength and integrity.

在我們的 SBA 業務中，第四季的交易量仍然高達 3.43 億美元。雖然我們預計未來會出現放緩和規模擴大的情況，但我們認為 SBA 最近的政策更新對於加強該計劃的長期實力和完整性具有建設性意義。

Ready Capital continues to deliver performance above industry benchmarks. Our 12-month default rate was 3.2% versus the industry average of 3.4%, and our five-year charge-off rate has now declined for the fourth consecutive quarter, reflecting the strength of our credit and servicing practices. Additionally, our 12-month repair and denial rate reached a historic low.

Ready Capital 繼續提供高於行業基準的業績。我們的 12 個月違約率為 3.2%，而行業平均為 3.4%，我們的五年沖銷率已連續第四個季度下降，反映了我們的信貸和服務實踐的強勁。此外，我們的 12 個月維修和拒絕率達到了歷史最低水準。

As the most established and active non-bank SBA lender, we remain confident in our ability to navigate a shifting policy landscape. Our current platform origination capacity is between $1.5 billion to $2 billion. Given current capital constraints, which include $175 million of additional warehouse capacity currently awaiting SBA approval, we expect 2025 volume to come under that $1.5 billion mark. However, adoption by Ready Capital to the new SBA underwriting guidelines and the proposed Made in America Finance Act legislation, which would increase the SBA loan cap from $5 million to $10 million for manufacturing facilities, provides the path to higher origination volume.

作為最成熟、最活躍的非銀行 SBA 貸款機構，我們對自己應對不斷變化的政策環境的能力充滿信心。我們目前的平台發起能力在15億美元到20億美元之間。考慮到目前的資本限制，其中包括目前正在等待 SBA 批准的 1.75 億美元的額外倉庫容量，我們預計 2025 年的倉儲容量將低於 15 億美元大關。然而，Ready Capital 採用了新的 SBA 承保指南和擬議的《美國製造金融法案》立法，這將使 SBA 對製造工廠的貸款上限從 500 萬美元提高到 1000 萬美元，從而為提高貸款發放量提供了途徑。

In terms of the outlook, as we mentioned earlier, we put in place a balance sheet repositioning plan in the fourth quarter where in liquidation of the non-core book would provide liquidity for reinvestment in the core portfolio to reinstate NIM to peer group levels. We believe the plan will be executed in 2025 with accretion in 2026.

就前景而言，正如我們之前提到的，我們在第四季度實施了一項資產負債表重新定位計劃，其中非核心賬簿的清算將為核心投資組合的再投資提供流動性，以將淨息差恢復到同行水平。我們相信該計劃將於 2025 年實施，並於 2026 年實現成長。

This assumes the continuation of the high current rate stressed economic environment offset by the strong bid for our multi-family non-core assets benefiting from the influx of opportunistic capital to the sector. In addition, upside exists from lower, short or long grades, quicker stabilization of the Portland asset, and faster implementation of the SBA changes. As such, absent further material deterioration in the macro environment, we expect our dividends to remain at its current level until the earnings profile warrants an increase.

假設當前高利率的壓力經濟環境持續存在，但機會資本湧入該行業，對我們多戶型非核心資產的強勁競購將抵消這一影響。此外，較低、短期或長期評級、波特蘭資產的更快穩定以及 SBA 變化的更快實施都存在上行空間。因此，如果宏觀環境沒有進一步惡化，我們預計股息將保持在當前水平，直到獲利狀況值得增加。

With that, I'll turn it over to Andrew to go through the quarterly results.

說完這些，我將把責任交給安德魯來審核季度業績。

Thanks, Tom. First-quarter GAAP earnings per common share were $0.47, while distributable earnings were a loss of $0.09 per common share and $0.00 excluding realized losses on asset sales. The following factors impacted our quarter earnings.

謝謝，湯姆。第一季 GAAP 每股普通股收益為 0.47 美元，可分配收益為每股普通股虧損 0.09 美元，不包括資產出售的已實現損失為 0.00 美元。以下因素影響了我們的季度收益。

First, as expected, net interest income declined to $14.6 million in the quarter. The reduction was primarily due to the movement of non-core assets to not accrual status, which generated a cash yield of 1.3%. In the core portfolio, the interest yield was 8.4% and the cash yield was 6.7%. In the quarter, $7.5 million of interest income recorded was non-cash and primarily relates to loans acquired in the UDF merger and certain modified loans.

首先，正如預期的那樣，本季淨利息收入下降至 1,460 萬美元。減少的主要原因是非核心資產轉為非應計狀態，產生了 1.3% 的現金收益率。核心投資組合的利息收益率為8.4%，現金收益率為6.7%。本季記錄的 750 萬美元利息收入為非現金收入，主要與 UDF 合併中獲得的貸款和某些修改後的貸款有關。

Second, gain on sale income net of variable cost decreased $835,000 to $20.1 million. This income was driven by the sale of $254 million of guaranteed SBA 7(a) loans at an average premium of 10.1%, and the sale of $43.3 million of Freddie Mac loans at premiums of 1.1%. Realized gains from normal operations were offset by $20.1 million of realized losses from the sale of assets, all of which were adequately reserved for in previous quarters.

其次，扣除變動成本後的銷售收益減少了 83.5 萬美元，至 2,010 萬美元。這筆收入主要來自以平均 10.1% 的溢價出售 2.54 億美元的 SBA 7(a) 擔保貸款，以及以 1.1% 的溢價出售 4,330 萬美元的 Freddie Mac 貸款。正常營運實現的收益被出售資產實現的 2,010 萬美元損失所抵消，這些損失均已在前幾個季度充分預留。

Third, operating costs from normal operations were $55.4 million, a 7.5% improvement from the previous quarter. Employee costs, professional fees, and other operating expenses improved $8 million. These savings were partially offset by incremental servicing advances of $3.4 million.

第三，正常營運的營運成本為 5,540 萬美元，較上一季改善 7.5%。員工成本、專業費用和其他營運費用改善了 800 萬美元。這些節省的部分被 340 萬美元的增量服務預付款所抵消。

Fourth, the combined provision for loan loss and valuation allowance declined $9.9 million. The recovery was primarily due to a $16.8 million release of reserves on liquidations offset by the addition of $6.9 million of reserves and loans held as of March 31.

第四，貸款損失準備金和估價準備金合計減少了 990 萬美元。復甦主要歸因於清算時釋放的 1,680 萬美元儲備金，但被截至 3 月 31 日持有的 690 萬美元儲備金和貸款所抵消。

And last, we booked a bargain purchase gain of $102.5 million related to the closing of the UDF IV merger. The bargain purchase gain represents the difference between the fair value of the assets acquired and the market value of the stock consideration issued at closing.

最後，我們記錄了與 UDF IV 合併結束相關的 1.025 億美元的廉價購買收益。廉價收購收益代表所收購資產的公允價值與交易結束時發行的股票對價的市場價值之間的差額。

Overall, the transaction added a $167.1 million of equity to the balance sheet, and it was 1.3% accretive to book value per share. The portfolio was booked at a weighted average price of 55.9% and included $97 million of performing assets and $61 million of credited impaired assets. The transaction has generated $96 million of liquidity via payoffs and financing since closing. It is important to note that the earnings profile for UDF will include both pick interest as contractually defined in the loan terms and the accretion of discount given our basis in the asset.

總體而言，此交易為資產負債表增加了 1.671 億美元的股權，並使每股帳面價值增加了 1.3%。該投資組合的加權平均價格為 55.9%，其中包括 9,700 萬美元的正常資產和 6,100 萬美元的減損資產。自交易結束以來，該交易已透過付款和融資產生了 9,600 萬美元的流動資金。值得注意的是，UDF 的獲利狀況將包括貸款條款中合約定義的選擇利息以及基於資產基礎的折扣累積。

On the balance sheet, book value per share was unchanged at $10.61 per share at quarter end, and total leverage declined to 3.5 times. Key balance sheet items included: first, the transfer of $722.8 million of loans to help for sale. These loans are slated for sale in the second quarter in our 75.7% non-core. There were no additional allowances taken on these loans.

在資產負債表上，季末每股帳面價值保持不變，為每股 10.61 美元，總槓桿率下降至 3.5 倍。關鍵資產負債表項目包括：首先，轉移 7.228 億美元的貸款以幫助銷售。這些貸款計劃於第二季以 75.7% 的非核心貸款形式出售。這些貸款沒有提列額外準備金。

Second, we collapsed three CRE CLOs totaling $1.2 billion of low collateral. The collapse resulted in a reduction in securitized debt of $756 million and an increase in warehouse debt of $834 million for net liquidity of $78 million. We expect to collapse two additional deals either at the end of the second quarter or beginning of the third quarter. Performance in the remaining CLOs remained under pressure with the three deals currently failing interest coverage test, but we expect improvements as the asset repositioning is executed.

其次，我們關閉了三筆總額達 12 億美元的低抵押品 CRE CLO。此次倒閉導致證券化債務減少 7.56 億美元，倉儲債務增加 8.34 億美元，淨流動資金為 7,800 萬美元。我們預計將在第二季末或第三季初完成另外兩筆交易。其餘 CLO 的表現仍面臨壓力，目前有三筆交易未通過利息覆蓋率測試，但我們預計隨著資產重新定位的實施，情況會有所改善。

And last, we continue to reduce our short- to medium-term debt maturities. In the quarter, we closed the $220 million senior secured offering and subsequent to quarter end, increased the offering by $50 million. Proceeds were used to pay off for $120 million April 2025 maturity and retire $111 million of 2026 maturities.

最後，我們繼續減少短期和中期債務的到期日。在本季度，我們完成了 2.2 億美元的優先擔保發行，並在季度末之後將發行金額增加了 5,000 萬美元。所得款項用於償還 2025 年 4 月到期的 1.2 億美元債券，以及贖回 2026 年到期的 1.11 億美元債券。

As of today, we have a total of $650 million of corporate debt maturing through 2026, including current maturities of $131 million. We are focused on extending that maturity over the upcoming quarters. Liquidity remains healthy with unrestricted cash at over $200 million and $1 billion of total unencumbered assets.

截至今天，我們共有 6.5 億美元的公司債務將於 2026 年到期，其中包括 1.31 億美元的當前到期債務。我們致力於在未來幾季延續這種成熟度。流動性依然健康，無限制現金超過 2 億美元，無抵押資產總額達 10 億美元。

With that we'll open the line for questions.

我們將開始回答大家的提問。

Thank you, we'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝，我們現在進行問答環節。（操作員指示）

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. You highlighted that you're expecting a large portion of kind of the non-core book to kind of pay off in the second quarter. Can you talk about any impact to those expectations on April's volatility and kind of how those conversations are going?

謝謝。您強調說，您預計非核心帳簿的很大一部分將在第二季獲得回報。您能否談談這些預期對四月波動的影響以及這些對話的進展？

Andrew or Adam, do you want to comment on that?

安德魯或亞當，你們想對此發表評論嗎？

Yeah, so the loan sales. We're talking to various parties on one liquidations, but then also just the normal course of certain loans paying off from the borrowers, whether it's selling an asset or getting a refinance. In terms of the volatility in April, I don't expect that it's going to have much impact on our exits that are in progress.

是的，貸款銷售也是。我們正在與各方就清算事宜進行談判，但同時也在討論借款人償還某些貸款的正常程序，無論是出售資產還是進行再融資。就四月份的波動而言，我預計它不會對我們正在進行的退出產生太大影響。

The parties that we're dealing with have been through due diligence periods and are working on various strategies. We're in purchase and sale agreement with various parties. So I think things are certainly moving in the right direction. And we don't expect any material diversion from where those exits are strike from a price perspective or from a timing perspective.

我們正在打交道的各方已經經歷了盡職調查期，並且正在製定各種策略。我們與各方簽訂了購買和銷售協議。所以我認為事情肯定正朝著正確的方向發展。從價格角度或時間角度來看，我們預期這些退出不會帶來任何實質的轉變。

Yeah, Doug, just to add to that. The highlight in terms of the macro volatility as we come in the earnings called script. But basically, the multi-family sector is a relative outperformer, just given the fundamentals with peak deliveries having been reached in 2024 and the rents actually because of excess demand increased 1% in the first quarter.

是的，道格，我補充一下。當我們談到收益時，宏觀波動方面的亮點被稱為腳本。但基本上，多戶型住宅領域表現相對較好，因為基本面來看，2024 年交付量已達到峰值，而且由於需求過剩，第一季租金實際上上漲了 1%。

And on the heels of that, if you look at the inflows of opportunistic capital into the dislocation real estate, CRE real estate equity trade, you're definitely seeing a lot of excess capital flowing into that sector and we see that in terms of inbound inquiries and trades that are occurring with distressed breach loan portfolios from private debt lenders in the secondary market. So there's a very active trading market, which is a little bit divorced from the overall tariffs and macro factors.

緊接著，如果你觀察一下機會資本流入錯位房地產、CRE 房地產股權交易的情況，你肯定會看到大量過剩資本流入該行業，而且我們從二級市場上私人債務貸款機構對不良違約貸款組合的入站詢價和交易中可以看到這一點。因此，交易市場非常活躍，與整體關稅和宏觀因素有點脫節。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you. Good morning. You took a lot of decisive actions in the fourth quarter, but you did see delinquencies increase in the first, in both at the core and the non-core portfolios, but you did call out the macro putting some pressure out there broadly. But can you share your near-term expectations for the distributable earnings trajectory and when you believe that you could begin covering the 12.5% dividend and get back to your target ROE?

謝謝。早安.您在第四季度採取了很多果斷的行動，但您確實看到第一季拖欠率有所增加，無論是核心投資組合還是非核心投資組合，但您確實指出宏觀經濟普遍帶來了一些壓力。但是，您能否分享您對可分配收益軌蹟的近期預期，以及您認為何時可以開始支付 12.5% 的股息並回到目標 ROE？

Hey, good morning, Chris. So the real catalyst for a change in direction of where we're at in the first quarter really relates to the repositioning of the assets we outlined in the prepared remarks. When you look at the financial effects of those -- currently, they're fairly pronounced. The interest expense of carrying those on the balance sheet today is roughly $0.16, $0.17. The equity, reinvested market yields is roughly $0.07. So I think post the exit of the majority of that in the second quarter and the reinvestment which may take a handful of months then you'll start to see material movement the other way.

嘿，早上好，克里斯。因此，第一季我們改變方向的真正催化劑實際上與我們在準備好的評論中概述的資產重新定位有關。如果你看一下這些因素的財務影響——目前，它們相當明顯。目前將這些資產計入資產負債表的利息支出約為0.16美元或0.17美元。股票再投資的市佔率約為0.07美元。因此，我認為，在第二季大部分資產退出，以及再投資（可能需要幾個月的時間）之後，你會開始看到反向的實質變化。

Now there are several other items that are currently impacting or putting pressure on earnings. For example, in a lot of the operating companies we own, the operational expense that we're carrying today supports origination volumes substantially above where we're at. And so as those operating companies rebound, whether it be the USDA business or affordable business, you'll start to see the rightsizing of the revenue to the OpEx play out.

目前還有其他幾個項目正在影響或給盈利帶來壓力。例如，在我們擁有的許多營運公司中，我們今天承擔的營運費用所支援的起源量大大高於我們現在的水平。因此，隨著這些營運公司的反彈，無論是美國農業部業務還是可負擔業務，您都會開始看到收入與營運支出的適當調整。

I'd say some of that, the headwinds we face are potential declines in SBA volume, at least in the short term as we navigate some of the policy changes that Tom mentioned, as well as just the cost of potentially the refinance of our corporate debt. So I'd say the second-quarter earnings profile is going to be similar to what we experienced in the first quarter and that the upward trend really will start upon reinvestment of that equity I just described.

我想說，我們面臨的一些阻力是 SBA 交易量可能下降，至少在短期內，因為我們正在應對湯姆提到的一些政策變化，以及可能的公司債務再融資成本。因此，我認為第二季的獲利狀況將與我們在第一季經歷的類似，並且上升趨勢將在我剛才描述的股權再投資後真正開始。

Great, thank you. I appreciate all that color. And then second for me, you did repurchase shares in the quarter, but can you just discuss your current views and philosophy on repurchasing shares versus preserving liquidity in this type of environment and how you've thought about that decision and expect to over the next few quarters or at least over the near term?

太好了，謝謝。我很欣賞所有這些顏色。其次，對我來說，您在本季度確實回購了股票，但您能否討論一下您目前對回購股票與在這種環境下保持流動性的看法和理念，以及您如何看待這個決定，並預計在未來幾個季度或至少在短期內會怎樣？

Yeah, we certainly on a consistent basis are weighing the financial benefits and long-term benefits of repurchasing shares with the outstanding maturity ladder we have today, which is roughly $650 million as we described.

是的，我們確實一直在權衡回購股票的財務利益和長期利益，以及我們目前擁有的未償還到期債務，正如我們所描述的，這個數字大約是 6.5 億美元。

Now I think we have demonstrated, continue to demonstrate that we have the ability to access the capital markets. So we feel confident in our ability to refi out a lot of that upcoming debt, half of which is unsecured, but we have a lot of unencumbered assets and collateral available to do secured deals if necessary.

現在我認為我們已經證明，並將繼續證明我們有能力進入資本市場。因此，我們對自己重新融資大量即將到期的債務的能力充滿信心，其中一半是無擔保的，但我們擁有大量無抵押資產和抵押品，可在必要時進行擔保交易。

And then, no, the other item that is obviously important in the current balance sheet earnings profile is reestablishing the net interest income. And so we'll continue to balance the benefits of share repurchases with those other two items.

然後，不，當前資產負債表收益狀況中顯然重要的另一項是重新確定淨利息收入。因此，我們將繼續平衡股票回購與其他兩項的好處。

Great, thank you, Andrew. I appreciate you taking my questions.

太好了，謝謝你，安德魯。感謝您回答我的問題。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭、拉登堡塔爾曼。

Hey, guys. First of all, I want to congratulate you. You took some hard actions in the last quarter. And you know it's not easy, but definitely reset the table and I think the first quarter results are still a little bumpy showed much improvement. So kudos to you guys.

嘿，大家好。首先我要向你表示祝賀。你們在上個季度採取了一些強硬的行動。你知道這並不容易，但肯定會重新設定表格，我認為第一季的業績仍然有點坎坷，顯示出很大的改善。所以向你們表示敬意。

I'm following the last question. Are you guys continuing to do repurchases in this quarter?

我正在關注最後一個問題。你們本季會繼續回購嗎？

Good morning. Yeah, we'll re-evaluate where we're at post earnings here and go from there. With that being said, liquidity remains extremely healthy, and there's several liquidity initiatives that will generate additional cash coming into the business, whether that be the upcoming collapses of two additional CLOs or the continued financing of the UDF portfolio. So we certainly think there's a liquidity to balance, the three items I talked about previously.

早安.是的，我們將重新評估目前的獲利狀況，並從那裡開始。話雖如此，流動性仍然非常健康，並且有幾項流動性舉措將為企業帶來額外的現金流入，無論是即將推出的兩個額外 CLO 崩潰還是 UDF 投資組合的持續融資。因此，我們當然認為需要平衡流動性，也就是我之前談到的三件事。

And then on the collapse CLO, two things. One is you mentioned they weren't doing the interest coverage. What's the catalyst for that? Are rents coming in lighter than they expected? And two, will there be any impact from these collapses on your leverage ratios? That's it for me.

然後關於 CLO 的崩潰，有兩件事。一是你提到他們沒有提供利息保障。其催化劑是什麼？租金收入是否低於他們的預期？第二，這些崩潰會對您的槓桿率產生影響嗎？對我來說就是這樣。

We'll take the second one and let Adam talk about the first one. So in terms of the leverage ratios, they tend to have slight upticks in leverage as we take the advanced rates from the CLOs to warehouse advance rates.

我們將討論第二個問題，讓亞當討論第一個問題。因此，就槓桿率而言，當我們將 CLO 的預付利率轉換為倉庫預付利率時，它們的槓桿率往往會略微上升。

So just as an example, the Q1 classes went from a low 60s advance rates to a low 70s advance rate. So you see that movement and you also see the movement to some degree from non-recourse to recourse. So that'll be the effects on leverage. Now the benefit is that they obviously generate a significant amount of liquidity, and the yield profile on that pool of assets improves on the collapse. I'll let Adam talk about the personal.

舉個例子，Q1 等級的推進率從 60 秒的低點上升到了 70 秒的低點。因此，您會看到這種運動，並且您還會看到某種程度上從無追索權到有追索權的運動。這就是對槓桿的影響。現在的好處是，它們顯然產生了大量流動性，而且該資產池的收益率狀況在崩潰時得到改善。我讓亞當談談個人的事情。

Yeah, good morning, Christopher. Yeah, I mean, listen, NOIs are certainly continuing to be impacted by the current environment, rates remaining elevated. And we're certainly seeing a higher degree of modifications in our portfolio, which is coupled with pressure on business plans as well, which is why you're kind of seeing that increased stress within the CLOs.

是的，早上好，克里斯多福。是的，我的意思是，聽著，NOI 肯定會繼續受到當前環境的影響，利率仍然居高不下。而且我們確實看到我們的投資組合發生了更大程度的修改，這也伴隨著商業計劃的壓力，這就是為什麼你會看到 CLO 內部壓力增加的原因。

Okay, thank you.

好的，謝謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. On the Portland assets, will the position be held unlevered? And is there any contemplation of exiting the position? What's the decision behind holding it? Seems like it's going to be a big earnings track.

非常感謝。對於波特蘭資產，持倉是否不使用槓桿？是否有退出該職位的考慮？舉辦這個活動的背後是什麼決定？看起來這將會是一條巨大的獲利之路。

Hey, good morning, Jade, this is Adam. So the position is levered today, and it will remain levered once we obtain title to the project. And then secondly, our decision to obviously pursue title here is that from -- it's really the best economic outcome for the firm for a public read, to get the keys to this asset will give confidence to prospective condo buyers, prospective office tenants where there's tenant improvement dollars that are needed at the project.

嘿，早安，Jade，我是Adam。因此，今天該頭寸已處於槓桿狀態，一旦我們獲得該項目所有權，該頭寸仍將處於槓桿狀態。其次，我們決定在這裡追求所有權，顯然是因為——從公眾角度來看，這對公司來說確實是最好的經濟結果，獲得這項資產的鑰匙將為潛在的公寓買家、潛在的辦公室租戶帶來信心，因為該項目需要租戶改善資金。

And the plan is to -- as we work to stabilize the three components of the assets would be to sequentially exit those three components. So specifically as you know the hospitality stabilizes, the office stabilizes, we'll look to the market to see really have like a pricing discovery and see where we can exit those assets.

我們的計劃是——當我們努力穩定資產的三個組成部分時，我們將依次退出這三個組成部分。因此，具體來說，正如您所知，酒店業和辦公室業趨於穩定，我們將關注市場，看看是否真的有定價發現，看看我們可以在哪裡退出這些資產。

But it's certainly going to require some time for us to hold it, operate it. We are certainly committed from a capital perspective and from an operational perspective to see this asset through. It's a trophy asset in the Portland market, certainly very important for the city and members of the community. And the plan is really for Ready Cap take title and see this asset through and get this thing to a much better position than it's in today.

但我們肯定需要一些時間來掌握它、操作它。從資本角度和營運角度來看，我們當然致力於完成這項資產。它是波特蘭市場的一項標誌性資產，對於這座城市和社區成員來說無疑非常重要。該計劃實際上是讓 Ready Cap 取得所有權，看好這項資產，並使它的地位比現在好得多。

Okay. And I guess how much dollars are needed and over what time period are we looking? I mean, there were two condo sales in the quarter. I'm assuming this is all going to take years, we're talking.

好的。我猜我們需要多少美元以及我們需要在什麼時間內進行投資？我的意思是，本季有兩套公寓銷售。我認為這一切都將需要數年時間，我們正在討論。

Yeah, it'll take -- to reach stabilization, certainly, the office and the hospitality will be stabilization first with the condos taking, I think, to fully sell those condo units where we're pegging anywhere from two to three years. Clearly, the interest rate environment is causing stress on that sector. But the city of Portland has certainly shown tremendous signs of improvement, so we feel good there.

是的，要達到穩定，當然，辦公室和酒店業首先要穩定下來，而公寓則需要，我認為，要完全出售這些公寓單元，我們計劃在兩到三年內實現穩定。顯然，利率環境正在給該行業帶來壓力。但波特蘭市確實已經顯示出巨大的進步跡象，所以我們對此感到滿意。

I think, Adam, it's important to point out the basis in the most liquid components, the Ritz Hotel and the office is what as a percentage of the total?

亞當，我認為有必要指出最具流動性的組成部分中，麗茲酒店和辦公室佔總數的百分比是多少？

Yeah, Tom, it's around 70%.

是的，湯姆，大約是 70%。

Yeah, so Jade, the two largest slugs will have a shorter fuse in terms of stabilization, and obviously, they're relatively liquid markets for that scaled Ritz and as well as most of the office tenants in that, it's really A+ office in that sector. So we got some law firms, et cetera, for tenants. So we expect a front loaded exit of the -- those two components with a linear sale of the condos, which tends to pick up once the hotel is stabilized as well if you're familiar with the Ritz residences concept.

是的，所以 Jade，這兩個最大的 slug 在穩定性方面會更短一些，而且顯然，對於規模龐大的 Ritz 來說，它們是相對流動的市場，而且那裡的大多數辦公室租戶，都是該領域真正的 A+ 辦公室。因此，我們為租戶找到了一些律師事務所等等。因此，我們預計這兩個部分會先期退出，並線性銷售公寓，如果你熟悉麗茲公寓的概念，那麼一旦酒店穩定下來，公寓的銷售也會回升。

I am. Well, thanks a lot. On the SBA business, considerable uncertainty in that space. And you all have invested heavily, building up the origination capabilities. Could you talk about what level of moderation and volumes you expect? I think you said below the $1.5 billion, but if you could provide any additional color.

我是。嗯，非常感謝。對於 SBA 業務而言，該領域存在相當大的不確定性。你們都投入了大量資金來建立發起能力。您能談談您期望的審核等級和數量嗎？我認為您說的是低於 15 億美元，但您是否可以提供更多資訊。

And then gain on sale margins also, which was 10.1% in the first quarter. What do you expect there going forward?

銷售利潤率也隨之增加，第一季為 10.1%。您對未來有何期待？

Yeah. Just a broader comment. With the SBA, like a number of government agencies, has had a significant reduction in staff. I think they publicly stated around a little over 40%. And so that has, in terms of normal administrative process, has extended timelines, et cetera.

是的。只是一個更廣泛的評論。與許多政府機構一樣，小型企業管理局也大幅裁減了員工。我認為他們公開表示的比例大約是 40% 多一點。因此，就正常的行政程序而言，這延長了時間表等等。

But from a policy perspective, there has been a reassessment of, in particular, small loans and some of the credit guidelines of which we are fully supportive and have active dialogue with the SBA. And we're the fourth largest SBA lender in the -- by far the largest non-bank.

但從政策角度來看，我們已經重新評估了小額貸款和一些信貸指南，我們對此完全支持，並與小型企業管理局進行了積極的對話。我們是 SBA 第四大貸款機構——迄今為止最大的非銀行貸款機構。

And so again, we're very constructive on it and supportive of the SBA changes. So we currently are working with the SBA to modify our origination guidelines. And I'll point out that we did preemptively reduce our credit standards for small loans, well in excess. I think it was -- Andrew, was it third quarter of last year? And so and our relative credit metrics compare favorably with the peer group.

因此，我們對此非常有建設性，並支持 SBA 的變革。因此，我們目前正在與 SBA 合作修改我們的發起指南。我要指出的是，我們確實預先降低了小額貸款的信用標準，而且幅度過大。我認為是──安德魯，是去年第三季嗎？因此，我們的相對信用指標與同業相比具有優勢。

So I think, Jade, there's a transition period for the industry, not just Ready Cap, but a number of other lenders to recalibrate with the policy changes that are currently underway with some administrative delays due to the staffing issues. But -- so putting all that down, I think we would be in -- and Andrew, feel free to chime in. We'd be at the low end of our platform as the capacity of a $1.5 billion to $2 billion, I would say, it'd be at the -- below that $1.5 billion range for at least a couple of quarters.

因此，Jade，我認為，對於整個行業來說，有一個過渡期，不僅僅是 Ready Cap，而且還有許多其他貸款機構，需要重新調整目前正在進行的政策變化，由於人員配備問題導致了一些行政延誤。但是 — — 把所有這些都放下來，我想我們會 — — 安德魯，請隨意加入。我們的平台容量處於低端，為 15 億美元至 20 億美元，我想說，至少在幾個季度內，它的容量會處於 15 億美元以下。

I don't know, Andrew, if you want to add to that.

我不知道，安德魯，你是否想補充這一點。

No, I think that's right. I think, Jade, when we look about at the outlook, at least in the short term, I don't think it would be unreasonable for the company to run in that $1 billion to $1.2 billion range in terms of total small business lending.

不，我認為是這樣。傑德，我認為，當我們展望前景時，至少在短期內，我認為該公司在小型企業貸款總額方面達到 10 億美元至 12 億美元並不是不合理的。

And then on the premium side, they historically averaged even previous to the Biden era sort of similar items right around in that 10% range. You may see some movement as the mix in our originations change. So for example, the threshold for small loans was reduced. Those loans typically are priced out and have higher premiums. So you may see some movement just based on the portfolio mix. But the historical average has always been right around that 10% mark.

然後在保費方面，從歷史上看，甚至在拜登時代之前，類似商品的平均保費也都在 10% 左右。隨著我們的起源組合發生變化，您可能會看到一些動靜。例如，小額貸款的門檻就降低了。這些貸款通常價格昂貴，而且保費較高。因此，您可能會看到僅基於投資組合的一些變動。但歷史平均一直都在10%左右。

Thanks. That's helpful. Freddie Mac had been -- that's a real asset for the company. The volume was pretty muted in the first quarter. A lot of noise out of the FHFA. So just wanted to check in on what you expect for that business.

謝謝。這很有幫助。房地美曾經是──這對公司來說是一筆真正的資產。第一季的交易量相當低迷。聯邦住房金融局 (FHFA) 發出了很多噪音。所以只是想了解一下您對該業務的期望。

Yeah. Hey, Jade. It's Adam again. Yeah, certainly, our Freddie Mac volume was down in Q1. I think -- really, I think the key piece of that is, Ready Capital, our Freddie business, the majority of our loans are sourced through mortgage bankers. And so the Freddie Mac has given fraud that that was in the market specifically from Meridian, as you probably recall. They have tightened up the process that mortgage brokers and the lenders go through.

是的。嘿，Jade。又是亞當。是的，我們的房地美交易量在第一季確實下降了。我認為——實際上，我認為其中的關鍵部分是 Ready Capital，我們的 Freddie 業務，我們的大部分貸款都是透過抵押貸款銀行獲得的。因此，正如您可能還記得的那樣，房地美 (Freddie Mac) 已經向 Meridian 公司提出了欺詐行為。他們已經加強了抵押貸款經紀人和貸款人所經歷的流程。

And so what's happened is a lot of the brokers and the clients look to other sources of capital for these small balance loans and specifically banks and credit unions that have similar rate and term and it just makes for an easier process. And also, many of these borrowers, brokers are also tapping into to the Fannie's platform, where they control the process.

因此，許多經紀人和客戶都會尋找其他資金來源來獲得這些小額貸款，特別是具有類似利率和期限的銀行和信用合作社，這使得流程更加簡單。此外，許多藉款人和經紀人也正在利用房利美平台來控制整個流程。

And then Freddie rates are really just okay, which is why I think folks are kind of pivoting to banks and credit unions and Fannie. So we're certainly seeing a decrease in Freddie Mac SBL volume in our Q2 pipeline, certainly more robust, somewhere around $40 million, $45 million today.

然後，房地美利率確實還可以，這就是為什麼我認為人們會轉向銀行、信用合作社和房利美。因此，我們確實看到第二季房地美 SBL 貸款量有所下降，但幅度肯定更大，目前約為 4,000 萬美元至 4,500 萬美元。

And then on the affordable side, volume also down there, but pretty healthy pipeline of about -- a little bit north of $200 million as we go into the second half of the year. So strong pipeline there, although down versus historical numbers. There's been some equity raise for capital into that business which should help improve the pipeline as we enter the second half.

然後，在可負擔的方面，數量也下降了，但相當健康的管道大約 - 當我們進入下半年時，數量略高於 2 億美元。儘管與歷史數據相比有所下降，但那裡的管道仍然很強大。我們已為該業務注入了一些股權資本，這將有助於改善我們進入下半年的管道。

Okay, thanks. I just have a couple others and these are investor questions. But is the full performer share count for UDF IV [172.5]? I just want to make sure we're not ignoring any transaction related additional shares or timing effects.

好的，謝謝。我還有一些其他問題，這些是投資者的問題。但 UDF IV 的全部表演者份額是否[172.5]？我只是想確保我們不會忽略任何與交易相關的額外股票或時間效應。

That's right, Jade. The only item that may influence future shares would be the CVR, which converts into shares if it is earned at book value. But that's a couple of years out, but your pro forma today is correct.

沒錯，Jade。唯一可能影響未來股票的項目是 CVR，如果以帳面價值賺取，則轉換為股票。但那是幾年後的事了，但您今天的形式是正確的。

And how many shares would that be?

那會有多少股呢？

Well, it's hard to put a number on it today because it's dependent upon the actual execution of the CVR. So it really depends on performance going forward, so it's not a defined number.

嗯，今天很難給出一個數字，因為它取決於 CVR 的實際執行情況。所以這實際上取決於未來的表現，所以這不是一個確定的數字。

And lastly, do you have operating cash flow for the quarter, if possible, excluding loan sales?

最後，如果可能的話，您是否有本季的營運現金流（不包括貸款銷售）？

Yeah, so the total operating cash flow for the quarter was 89 -- included -- or sorry, $80 million. Included in that was $99 million related to loan sales. Some of that is realized gains. So it's closer to break even than it has been running, Jade.

是的，所以本季的總營運現金流為 89（包括）或 8,000 萬美元。其中包括與貸款銷售相關的 9,900 萬美元。其中一些是已實現的收益。因此，它比以往更接近收支平衡，Jade。

Okay, great. Thanks for taking all the questions. Oh, sorry, I should ask one last one, which is, receptivity of the debt capital markets today. I think there's probably been improvement the last couple of days, but definitely been choppy, so what are your thoughts around that?

好的，太好了。感謝您回答所有問題。哦，抱歉，我應該問最後一個問題，即當今債務資本市場的接受度。我認為最近幾天情況可能有所改善，但肯定不太穩定，那麼您對此有何看法？

Yeah, so certainly, we were in the markets over the last couple weeks and months, where we had a successful execution on the secured side. Based on the conversations we've been having in the markets, we feel pretty comfortable about the ability to refinance out the outstanding debt we have.

是的，當然，過去幾週和幾個月我們一直在市場上，並且在擔保方面取得了成功。根據我們在市場上的對話，我們對償還未償債務的能力感到非常有信心。

Now the one thing I'll point out is with the exception of the $350 million at the end of next year, a lot of that is unsecured debt. And so we certainly think in the absence of being able to refinance all of that in the unsecured debt markets that the collateral, the unencumbered asset pool we have plus the excess collateral on existing secure deals provides a significant amount of room to refi some of that out into secure debt. And so we are going to continue to prioritize extending those maturities and feel good about our ability to do so.

現在我要指出的一點是，除了明年年底的 3.5 億美元外，其中許多都是無擔保債務。因此，我們當然認為，在無法在無擔保債務市場上為所有這些資產進行再融資的情況下，抵押品、我們擁有的無抵押資產池加上現有擔保交易中的超額抵押品，為將其中一部分資產再融資為擔保債務提供了相當大的空間。因此，我們將繼續優先考慮延長這些期限，並對我們這樣做的能力感到滿意。

Thank you so much.

太感謝了。

Thank you. At this time, we've reached the end of the question-answer session. I'll turn the call over to Mr. Capasse for closing remarks.

謝謝。至此，問答環節已經結束。我將把電話轉給卡帕斯先生，請他做最後發言。

Again, I appreciate everybody's time on this quarterly call and look forward to the second-quarter call.

再次感謝大家參加本季電話會議的時間，並期待第二季的電話會議。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。