Ready Capital Corp (RC) 2025 Q2 法說會逐字稿

Greetings. Welcome to Ready Capital's second quarter 2025 earnings call. (Operator Instructions) As a reminder, today's conference is being recorded.

問候。歡迎參加 Ready Capital 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的會議正在被錄音。

At this time, I'll now turn the conference over to Andrew Ahlborn, Chief Financial Officer. Andrew, you may begin.

現在，我將會議交給財務長安德魯‧阿爾伯恩 (Andrew Ahlborn)。安德魯，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 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 risks 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。我們建議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 certain 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 second 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，我們將討論某些非公認會計準則指標，我們認為這些指標有助於評估公司的營運表現。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 年第二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.

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。

I will now turn it over to Chief Executive Officer, Tom Capasse.

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 the second quarter, we completed three initiatives to continue the repositioning of the company's balance sheet coming out of the CRE cycle, the financial benefit of which will be visible in the second half of the year and beyond.

謝謝，安德魯。大家早安，感謝大家參加今天的電話會議。在第二季度，我們完成了三項舉措，繼續重新定位公司走出企業地產週期後的資產負債表，其財務效益將在今年下半年及以後顯現。

First, as part of the broader strategy, each loan in both the core and non-core portfolios is evaluated to determine whether the NPV of asset sales is more accretive to improving net interest margin by disposing of low-yield assets and reinvesting in new originations versus traditional on-balance sheet asset management strategies, such as loan modification.

首先，作為更廣泛策略的一部分，對核心和非核心投資組合中的每筆貸款進行評估，以確定資產出售的淨現值是否更有利於透過處置低收益資產和再投資於新貸款來提高淨息差，而不是傳統的表內資產管理策略（如貸款修改）。

In this regard, we completed our first bulk sale earlier this week, selling $494 million of legacy multifamily bridge assets, generating net proceeds of $85 million. While the transaction settled in the third quarter, it reflects a sale process initiated in the second. The pool included 73% non-core, 27% core, 40% were delinquent, 33% risk rated 4 or 5, and 92% non-accrual. An additional $26 million of REO included in this trade is expected to settle by mid-August. This transaction is strategically significant, eliminating 100% of 2021 vintage syndicated loans, while allowing potential upside through retention of a preferred return if certain performance targets are met by the buyer.

在這方面，我們本週稍早完成了首次批量銷售，出售了價值 4.94 億美元的遺留多戶型過橋資產，產生了 8,500 萬美元的淨收益。雖然該交易在第三季完成，但它反映了第二季啟動的銷售流程。該池中包括 73% 的非核心貸款、27% 的核心貸款、40% 的拖欠貸款、33% 的風險評級為 4 或 5 的貸款以及 92% 的非應計貸款。此次交易中另外價值 2,600 萬美元的 REO 預計將於 8 月中旬結算。這項交易具有重要的戰略意義，它將消除 2021 年所有銀團貸款，同時如果買方達到某些績效目標，還可以透過保留優先回報來實現潛在的上漲空間。

The pro forma financial benefit is twofold: immediate increase of $0.05 per share per quarter, representing the removal of the negative carry associated with these assets; and longer term, an additional $0.02 per share per quarter from the reinvestment of the equity into market yielding loans.

預計的財務收益是雙重的：每季每股立即增加 0.05 美元，代表著消除與這些資產相關的負收益；長期來看，透過將股權再投資於市場收益貸款，每季每股可額外增加 0.02 美元。

In the third quarter, the cumulative loss from the transaction will flow through distributable earnings, with no material expected impact on book value per share as the transaction was reserved in the second quarter.

在第三季度，交易產生的累積損失將流入可分配收益，由於該交易已在第二季度保留，因此預計不會對每股帳面價值產生重大影響。

Second, we took ownership of the Portland, Oregon, mixed-use asset, which includes a Ritz-Carlton Hotel and branded residences along with Class A office and retail space through a consensual transaction that closed on July 21. We avoided a lengthy and costly foreclosure process, with a net cash outlay in the third quarter of $10 million.

其次，我們透過 7 月 21 日完成的協商交易獲得了俄勒岡州波特蘭市混合用途資產的所有權，該資產包括麗思卡爾頓酒店和品牌住宅以及甲級辦公大樓和零售空間。我們避免了漫長而昂貴的止贖程序，第三季的淨現金支出為 1000 萬美元。

Since taking title and assuming operating control, we are moving quickly to stabilize the asset. We partnered with institutional property manager Lincoln Property Company and are evaluating residential brokers and Ritz resident sales strategies.

自從取得所有權並承擔經營控制權以來，我們正在迅速採取行動以穩定資產。我們與機構物業經理林肯物業公司合作，正在評估住宅經紀人和麗茲居民的銷售策略。

From a performance standpoint, in the second quarter, RevPAR at the hotel was $192. The retail component is 100% occupied. The office is 23% leased, and to date. 11 of the 132 residences were sold at an average price of $1,123 per square foot. The negative carry from the asset was $5.3 million or $0.03 per share for the quarter. Ready Cap fully intends to provide financial and operational support to maximize the value of this premier hospitality asset in the Portland market.

從業績角度來看，第二季該飯店的RevPAR為192美元。零售部分已 100% 被佔用。該辦公室的出租率為 23%，迄今為止，132 套住宅中已有 11 套以平均每平方英尺 1,123 美元的價格售出。本季該資產的負收益為 530 萬美元，即每股 0.03 美元。Ready Cap 全力提供財務和營運支持，以最大限度地提高波特蘭市場上這項頂級飯店資產的價值。

Now third, we took steps in the capital markets to enhance liquidity and increased warehouse capacity to support loan origination. In our CRE business, we collapsed two of the five outstanding series CLOs improving advance rates 7%, generating $71 million in proceeds, with nearly a 100 basis point improvement in financing cost.

第三，我們在資本市場採取措施，增強流動性，增加倉庫容量，以支持貸款發放。在我們的 CRE 業務中，我們合併了五個未償還系列 CLO 中的兩個，從而將預付率提高了 7%，產生了 7,100 萬美元的收益，融資成本提高了近 100 個基點。

In our SBA business, two of the three warehouse lines pending approval with the SBA were approved, adding $75 million of its traditional warehouse capacity that is expected to fund over $400 million of 7(a) production. Additionally, we closed a $100 million USDA warehouse facility, with a second $100 million facility anticipated to close in the third quarter. These two facilities will facilitate the ramp in USDA volume to our $300 million annual target.

在我們的 SBA 業務中，等待 SBA 批准的三條倉庫生產線中有兩條已獲得批准，增加了 7500 萬美元的傳統倉庫容量，預計將為超過 4 億美元的 7(a) 生產提供資金。此外，我們關閉了價值 1 億美元的美國農業部倉儲設施，第二個價值 1 億美元的設施預計將於第三季關閉。這兩個設施將促進美國農業部產量提升至每年 3 億美元的目標。

Collectively, these three actions, sale of underperforming loans, taking ownership of the Portland asset to accelerate its stabilization, and expanding our funding capacity generated $221 million of liquidity, providing capital for new loan originations to rebuild our NIM.

總的來說，這三項行動，即出售表現不佳的貸款、取得波特蘭資產的所有權以加速其穩定以及擴大我們的融資能力，產生了 2.21 億美元的流動資金，為新貸款發放提供了資金，以重建我們的淨息差。

As of the quarter end, CRE loan portfolio totaled $6.1 billion, now clearly segmented into two parts: a $5.4 billion core portfolio, consisting of legacy loans favoring on-balance sheet hold-to-maturity asset management strategies; and a $695 million non-core portfolio, consisting of lower-yielding assets, where asset management strategies favor accelerated liquidation.

截至本季末，CRE貸款組合總額為61億美元，現在明確分為兩部分：54億美元的核心組合，包括傾向表內持有至到期資產管理策略的遺留貸款；6.95億美元的非核心組合，包括收益較低的資產，資產管理策略傾向於加速清算。

In the core portfolio, $527 million of payoffs and liquidations reduced the portfolio 8% in the quarter. As expected, negative credit migration in the portfolio was muted, with only 17 loans totaling $71 million transitioning to 60-day plus delinquency. 60% of this 50 basis point increase in the 60-day delinquency number was due to quarterly decline in the portfolio balance. Additionally, we modified 14 loans totaling $250 million, with a 40 basis point decline in expected yield on those assets.

在核心投資組合中，5.27 億美元的償付和清算導致本季投資組合減少了 8%。正如預期的那樣，投資組合中的負向信貸遷移較為溫和，只有 17 筆總額為 7,100 萬美元的貸款轉為 60 天以上的拖欠期。 60 天拖欠率增加 50 個基點，其中 60% 是由於投資組合餘額的季度下降造成的。此外，我們修改了總額為 2.5 億美元的 14 筆貸款，這些資產的預期收益率下降了 40 個基點。

Regarding the earnings impact of the core portfolio, the leverage yield decreased 20 basis points quarter over quarter to 10.9%, producing $43 million of net interest income or $0.26 per share. Several quarters of reduced originations and loan payoffs have reduced our CRE portfolio over 30% from its $10.5 billion peak in the second quarter of 2023.

就核心投資組合的獲利影響而言，槓桿收益率環比下降 20 個基點至 10.9%，產生 4,300 萬美元的淨利息收入或每股 0.26 美元。連續幾季的貸款發放量和貸款償還量減少，導致我們的 CRE 投資組合較 2023 年第二季的 105 億美元高峰減少了 30% 以上。

As discussed previously, our bridge portfolio was primarily financed via the issuance of static CRE CLOs, with industry-type CLO triggers, where weakening collateral performance resulted in loan payoffs, reducing senior bonds rather than providing capital for reinvestment. In turn, relative to the peer group, Ready Cap experienced more rapid deleveraging, with less free cash flow to make loans.

如前所述，我們的過橋投資組合主要透過發行靜態 CRE CLO 進行融資，並帶有行業類型的 CLO 觸發條件，其中抵押品表現的減弱導致貸款償還，減少優先債券而不是提供再投資資本。反過來，與同行相比，Ready Cap 經歷了更快的去槓桿化，用於發放貸款的自由現金流更少。

After a prolonged focus on stabilizing the portfolio, liquidating underperforming assets and collapsing five of our eight CLOs, we anticipate reentering the origination market in the third quarter. Originations will focus on high-quality multifamily bridge loans underwritten at a lower LTV and healthy in-place debt yield designed to rebuild the core portfolio and facilitate our return to the CLO market in early 2026. Current lending margins of SOFR plus 275 to 300 and a CLO AAA market spreads under 150 basis points support projected retained yields of 13% to 15%. Additionally, we continue to leverage our external manager waterfalls infrastructure to also allocate capital to more liquid CRE debt securities.

在長期致力於穩定投資組合、清算表現不佳的資產以及關閉八個 CLO 中的五個之後，我們預計將在第三季重新進入發起市場。貸款發放將專注於以較低 LTV 和健康的現有債務收益率承保的高品質多戶過橋貸款，旨在重建核心投資組合併促進我們在 2026 年初重返 CLO 市場。目前 SOFR 貸款保證金為 275 至 300，且 CLO AAA 市場利差低於 150 個基點，支持預計保留收益率為 13% 至 15%。此外，我們繼續利用外部經理瀑布基礎設施將資本分配給流動性更強的 CRE 債務證券。

In our non-core portfolio, we have met 78% of our second-quarter disposition targets, of which 3% settled in the quarter, with the remaining 97% closing post quarter end. In the second quarter, $9.6 million of loans were liquidated at 105% premium to our mark, generating $3.8 million of liquidity. Post settlement of the bulk sale, the non-core portfolio was reduced by an additional 52% to $333 million of carrying value, consisting of 39 loans with an average price of 79%.

在我們的非核心投資組合中，我們已經實現了第二季度處置目標的 78%，其中 3% 在本季度結算，其餘 97% 在季度末後結算。第二季度，960 萬美元的貸款以高於我們標準的 105% 的價格清算，產生了 380 萬美元的流動資金。大量出售結算後，非核心投資組合的帳面價值進一步減少 52%，至 3.33 億美元，包括 39 筆貸款，平均價格為 79%。

The quarterly yield on the non-core portfolio was negative 10.7%, resulting in a cost of $5.3 million or negative $0.03 per share. However, the continued liquidation of the non-core portfolio will minimize its financial drag. As of today, the combined non-core and REO portfolios totals 12% of the company's investments, down approximately 25% from the beginning of the year.

非核心投資組合的季度收益率為-10.7%，成本為 530 萬美元，即每股-0.03 美元。然而，非核心投資組合的持續清算將最大限度地減少其財務拖累。截至今日，非核心和 REO 投資組合占公司投資總額的 12%，較年初下降約 25%。

In our SBA business, as anticipated from the prior quarter's earnings call, quarterly origination volume decreased to $216 million due solely to capital constraints as we awaited on approval of increased warehouse capacity from the SBA. In addition to the approvals received to date, we anticipate an additional $100 million in warehouse capacity currently pending SBA approval. A planned future securitization to retain 7(a) unguaranteed interest would provide additional liquidity to fully fund the business.

在我們的 SBA 業務中，正如上一季財報電話會議所預測的那樣，由於等待 SBA 批准增加倉庫容量，本季發起量下降至 2.16 億美元，這完全是由於資本限制。除了迄今為止獲得的批准外，我們預計還有另外 1 億美元的倉庫容量正在等待 SBA 的批准。計劃中的未來證券化將保留 7（a）無擔保利息，從而提供額外的流動性，為企業提供充足的資金。

In 2024, we originated $1.1 billion of SBA 7(a) loans, and the platform has continued to carry the infrastructure and cost to originate more. Our current SBA pipeline in closing totaled $173 million.

2024 年，我們發放了 11 億美元的 SBA 7(a) 貸款，該平台繼續承擔發放更多貸款的基礎設施和成本。我們目前的 SBA 管道總額達到 1.73 億美元。

Now in terms of the outlook, there are three primary items that we expect to contribute to earnings improvement. First, the increase in new originations with capital generated from the continued liquidation of the non-core portfolio and other lower-yielding assets to further growth in net interest margin; second, stabilization of the Portland mixed-use asset, important for both reducing the current negative financial drag and to facilitate liquidation of the hospitality, office and residential components; and third, our return of SBA 7(a) lending volumes to over $325 million per quarter and the long-awaited entry of Ready Capital to the USDA market at scale.

現在就前景而言，我們預計有三個主要因素將有助於獲利改善。首先，透過持續清算非核心投資組合和其他低收益資產，新發起資金不斷增加，從而進一步提高淨息差；其次，波特蘭混合用途資產的穩定，這對於減少當前的負面財務拖累以及促進酒店、辦公和住宅部分的清算都很重要；第三，我們將 SBA 7(a) 貸款額恢復到每季度 3.25 億美元以上，並且 Ready Capital 長期進入美國農業部。

We expect modest earnings growth in the back half of 2025 from these initiatives relative to the first and second quarter results. Assuming no significant deterioration in the macro environment, we expect to maintain our current dividend level until our earnings profile warrants an increase.

我們預計，相對於第一季和第二季的業績，這些措施將在 2025 年下半年帶來溫和的獲利成長。假設宏觀環境沒有顯著惡化，我們預計將維持目前的股息水平，直到我們的獲利狀況值得增加。

With that, I'll turn it over to Andrew to go through 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. For the second quarter, we reported a GAAP loss from continuing operations of $0.31 per common share. Distributable earnings were a loss of $0.14 per common share and $0.10 per common share, excluding realized losses on asset sales.

謝謝，湯姆。第二季度，我們報告的 GAAP 持續經營虧損為每股 0.31 美元。可分配收益分別為每股普通股虧損 0.14 美元及每股普通股虧損 0.10 美元，不包括資產出售的已實現損失。

Several key factors impacted our quarterly results. First, net interest income increased to $17 million in the quarter. The improvement was due to a full quarter of interest income from the UDF transaction and lower interest expense from lower leverage and a 5 basis point reduction in borrowing costs, which averaged 6.8% for the quarter. In the core portfolio, the interest yield was 8.1%, and the cash yield was 6.1%. The interest yield in the non-core portfolio was 2.4%.

有幾個關鍵因素影響了我們的季度業績。首先，本季淨利息收入增加至1,700萬美元。業績改善的原因是來自 UDF 交易的整整一個季​​度的利息收入、更低槓桿帶來的更低的利息支出以及借貸成本降低 5 個基點（本季度平均為 6.8%）。核心投資組合的利息收益率為8.1%，現金收益率為6.1%。非核心投資組合的利息報酬率為2.4%。

Second, gain on sale income, net of variable costs, increased $2.5 million to $22.7 million. The change was the result of higher USDA and Freddie affordable volume, offset by lower SBA 7(a) volumes due to the pending approval of warehouse line increases with the SBA.

其次，扣除變動成本後的銷售收益增加了 250 萬美元，達到 2,270 萬美元。這項變更是由於美國農業部和房地美可負擔貸款量增加，而美國小型企業管理局 (SBA) 7(a) 貸款量因等待美國小型企業管理局 (SBA) 批准增加倉庫限額而下降所致。

The income was driven by the sale of $121.2 million of guaranteed SBA 7(a) loans at average premiums of 9.9%. The sale of $151 million of Freddie Mac loans at premiums of 265 basis points and the sale of $41.9 million of USDA production at premiums averaging 9.7%. Realized gains from normal operations were offset by $8.9 million of realized losses from the sale of assets, all of which were adequately reserved for in previous quarters.

該收入主要來自出售價值 1.212 億美元的 SBA 7(a) 擔保貸款，平均保費為 9.9%。以 265 個基點的溢價出售 1.51 億美元的房地美貸款，以平均 9.7% 的溢價出售 4,190 萬美元的美國農業部產品。正常營運實現的收益被出售資產實現的 890 萬美元損失所抵消，這些損失均已在前幾個季度充分保留。

Third, operating costs from normal operations were $58 million, representing a 5% increase from the previous quarter.

第三，正常營運的營運成本為 5,800 萬美元，比上一季增加 5%。

Fourth, the combined provision for loan loss and valuation allowance increased $48.4 million. The additional $39.7 million valuation allowance was due to pricing adjustments on the trade Tom mentioned, which settled this week. The $173 million cumulative valuation allowance related to this trade will flip to a realized loss in the third quarter and be included in distributable earnings. The $8.6 million provision for loan loss was due to a net increase in the general provision of $800,000 and $7.8 million of specific reserves on assets which experienced deterioration in the quarter.

第四，貸款損失準備金和估價準備金合計增加了 4,840 萬美元。額外的 3970 萬美元估值準備金是由於湯姆提到的交易的價格調整，該交易已於本週結算。與該交易相關的 1.73 億美元累計估值準備金將在第三季轉為已實現虧損，併計入可分配收益。860 萬美元的貸款損失準備金是由於本季一般準備金淨增加 80 萬美元，以及資產專項準備金淨增加 780 萬美元，這些資產均出現了惡化。

And last, other items of significance included a $14.4 million reduction in the bargain purchase gain related to the closing of the UDF IV merger, $6.5 million of non-cash impairment of the SBA and USDA servicing assets related to movements in the discount rate and a $41.6 million tax benefit from losses associated with the loan pool sale.

最後，其他重要事項包括與 UDF IV 合併結束相關的廉價購買收益減少 1,440 萬美元、與折現率變動相關的 SBA 和 USDA 服務資產非現金減損 650 萬美元，以及與貸款池出售相關的損失產生的 4,160 萬美元稅收優惠。

Income from normal operations net of tax, which can be found on page 11 of the financial supplement, decreased $6.7 million to a $7.3 million loss in the quarter. Reoccurring revenue increases of $809,000 due to higher net interest income and higher gain on sale revenue were offset by a $7.5 million increase in operating costs due to higher accruals and a $4.8 million reduction in the tax benefit.

財務補充報告第 11 頁上顯示的稅後正常營運收入在本季減少了 670 萬美元，虧損 730 萬美元。由於淨利息收入增加和銷售收入收益增加，經常性收入增加了 809,000 美元，但由於應計費用增加和稅收優惠減少 480 萬美元，導致營運成本增加了 750 萬美元，從而抵消了這一增長。

On the balance sheet, a few key items to highlight. First, we completed the sale of our residential mortgage banking business, GMFS. Proceeds from the sale included cash equal to the adjusted book value of the business and an earnout over the next 30 months. The transaction resulted in a cumulative loss and disposition of $3 million.

在資產負債表上，有幾個關鍵項目需要強調。首先，我們完成了住宅抵押貸款銀行業務 GMFS 的出售。出售所得包括相當於企業調整後帳面價值的現金以及未來 30 個月的利潤。該交易導致累計損失和處置金額達 300 萬美元。

And second, we continue to reduce our short- to medium-term debt maturities. In the quarter, we retired $50 million of corporate debt using proceeds raised from the upside of our initial Q1 $220 million senior secured issuance. As of today, we have a total of $650 million of corporate debt maturing through 2026, including current maturities of $132 million. We are focused on extending those maturities over the upcoming quarters.

其次，我們持續減少短期和中期債務期限。本季度，我們利用第一季首次發行 2.2 億美元優先擔保債券所得收益償還了 5,000 萬美元的公司債務。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 1.32 億美元的當前到期債務。我們專注於在未來幾季延長這些期限。

Book value per share was $10.44 at quarter end, down $0.17 from March 31. The decline was primarily due to the dividend coverage shortfall, partially offset by the repurchase of 8.5 million shares at an average price of $4.41, which offset the reduction in book value per share by $0.31 per share. Liquidity remains strong, with unrestricted cash at over $150 million and just under $1 billion of total unencumbered assets.

季度末每股帳面價值為 10.44 美元，較 3 月 31 日下降 0.17 美元。下降的主要原因是股息覆蓋不足，部分抵消了以平均價格 4.41 美元回購 850 萬股的影響，這抵消了每股帳面價值減少 0.31 美元的影響。流動性依然強勁，無限制現金超過 1.5 億美元，無抵押資產總額略低於 10 億美元。

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, Tom, you mentioned that you're reentering the origination market in the third quarter, and you said you expect modest earnings growth. I was wondering if you could just put a little bit of a finer point on that. Does that mean that you still expect distributable earnings losses in the near term? And then when do you think you can get to profitability and then closer to dividend coverage?

首先，湯姆，您提到您將在第三季度重新進入發起市場，並且您表示預計盈利將溫和增長。我想知道您是否可以對此進行更詳細的說明。這是否意味著您仍預期短期內可分配收益將出現損失？那麼，您認為什麼時候可以實現盈利並更接近股息覆蓋率？

Yeah. I'll let Andrew touch on that, but with one adjunct comment, which is the origination is gearing up to target if you will, the new vintage multifamily bridge, probably at a 5 point lower attachment point and higher debt yields than in the peak of this last cycle. And that will take some -- the pathway for that is probably like 120 days. However, in the interim, we have access to the external manager significant CMBS trading capabilities. So we would look to deploy cash immediately into those instruments to provide some kind of, if you will, the first leg of the rebuilding.

是的。我會讓安德魯談一下這一點，但有一個附加評論，即如果你願意的話，發起人正在準備瞄準新的老式多戶型橋樑，其附著點可能比上一個週期的峰值低 5 個點，債務收益率更高。這可能需要一些時間——整個過程大概需要 120 天。然而，在此期間，我們可以利用外部經理重要的 CMBS 交易能力。因此，我們希望立即將現金投入這些工具，以提供某種形式的重建的第一階段。

So Andrew, maybe with that backdrop, maybe touch on Crispin's question regarding the ramp in the earnings.

因此，安德魯，也許在這樣的背景下，也許可以談談克里斯平關於收益成長的問題。

Crispin, so if you start from what I'll call normalized earnings in the quarter, which were a loss of $0.04 and the difference between that and distributable being mainly things like MSR impairment, there are a couple of items that Tom mentioned in his prepared remarks that are sort of already baked.

克里斯平，如果你從我稱之為本季度正常化收益的數據開始，即虧損 0.04 美元，而該虧損與可分配虧損之間的差額主要包括 MSR 減值等，那麼湯姆在準備好的發言中提到的幾個項目就已經確定了。

The first is that JV sale, where the negative carry will increase -- the reduction in negative carry will increase EPS by $0.05 a quarter. We anticipate that the reinvestment of that equity, which will occur over the third and fourth quarters to generate another $0.02. So that will bridge the gap into positive normalized earnings.

首先是合資企業出售，其中負利差將會增加——負利差的減少將使每股收益每季增加 0.05 美元。我們預計，該股權的再投資將在第三季和第四季產生0.02美元的收益。這將彌補缺口，實現正的正常化收益。

There are a couple of other items that happened in the third quarter. One, we paid off a $75 million repo on the retained interest of one of our CLOs. That's going to generate $0.01.

第三季還發生了其他一些事情。首先，我們用一份 CLO 的保留權益償還了 7,500 萬美元的回購款項。這將產生 0.01 美元。

And then you move into production increases in our small business lending segments. So our expectation is once the USDA platform gets to a normalized ramp of roughly $300 million annually, that will increase earnings $0.02 a share. And the return of SBA volume to where we were running at the back half of '24 is expected to increase earnings another $0.03 to $0.05.

然後，我們小企業貸款部門的產量就會增加。因此，我們的預期是，一旦美國農業部平台達到每年約 3 億美元的正常成長，每股收益將增加 0.02 美元。SBA 交易量恢復到 24 年下半年的水平，預計將使收益再增加 0.03 美元至 0.05 美元。

Now some of that is going to be offset by, obviously, the need to refinance the corporate debt, where if you just take the delta between where the cost and the debt today and where we priced our last deal, we expect it to increase -- decrease earnings $0.03 to $0.05. So those are the most immediate-term ramps. Growth from there is going to come from turnover of the portfolio, as Tom mentioned.

現在，顯然，部分成長會被公司債務再融資的需求所抵銷。如果將當前成本與債務的差額與我們上一筆交易的定價進行比較，我們預計這會導致收益減少 0.03 美元到 0.05 美元。所以，這些都是最短期的收益成長。正如湯姆所提到的，那裡的成長將來自投資組合的周轉。

Perfect. Thank you. I appreciate you laying all that out. And then on the bulk sale of legacy bridge loans, can you first describe the type of buyer here broadly? And then how much is left to sell? And I think you might have said that the -- that's all from the 2021 vintage. And then also, if you can dig into a little bit the pricing of that sale versus initial originated values and then pricing prior to those Q2 final marks.

完美的。謝謝。我很感謝你把這些都說出來。然後，關於遺留過橋貸款的大量銷售，您能否先大致描述一下這裡的買家類型？那還剩下多少可以賣呢？我想你可能會說——這些都是 2021 年份的。然後，如果您可以深入了解該銷售的定價與初始起源價值以及第二季最終標記之前的定價。

Yeah, I'll let maybe -- Adam, you could tackle this. But just as a preparatory comment, Crispin, in the private funds market, the external manager, we see this firsthand. But there's been a lot of money raised in real estate private equity, which is targeting the multifamily sector, which is viewed as fundamentally solid in terms of the buy -- the supply-demand dynamics and the -- basically in '25 and '26, the oversupply from the boom years of '21 through '23, are now working its way through the market. So you're starting to see firmness in rents.

是的，我可能會讓──亞當，你可以解決這個問題。但克里斯平，作為準備性評論，在私募基金市場，外部經理，我們親眼目睹了這一點。但是，房地產私募股權已經籌集了大量資金，這些資金瞄準了多戶型住宅領域，該領域在購買方面被視為基本面穩固——供需動態以及——基本上在 25 年和 26 年，21 年至 23 年繁榮時期的供應過剩正在影響市場。因此，你開始看到租金的堅挺。

So anyway, long way of saying that there's probably been at least $300 billion, $400 billion of opportunity capital that has -- is looking for these assets. And what they'll do is they'll look to undertake to purchase the debt to essentially own and operate the properties.

所以，無論如何，長話短說，可能至少有 3,000 億美元、4,000 億美元的機會資本正在尋找這些資產。他們將會採取的措施是尋求購買債務，以便實質上擁有和經營這些房產。

So with that backdrop, Adam, maybe just provide some additional color.

因此，亞當，在這樣的背景下，也許可以提供一些額外的色彩。

Yeah, sure. The partners here are a multifamily operator with a few thousand units and a fund partner that has AUM of about $1.5 billion. They came together and are the buyer of this portfolio.

是的，當然。這裡的合作夥伴是一個擁有數千個單元的多戶型營運商和一個擁有約 15 億美元資產管理規模的基金合作夥伴。他們走到一起，成為了這個投資組合的買家。

From a price perspective, the price is around 77% of the UPB. And I think it's important to highlight here that this portfolio had a sponsor concentration of specifically two syndicators, GVA and Tides. So we are virtually removing 100% of exposure to those two sponsors. And I think as Tom highlighted in his remarks, about 40% of that portfolio was 60-plus days delinquent, non-core; 31% core -- sorry, 31% of the 60-plus was in non-core. And there was REO in here as well of about $31 million in this portfolio.

從價格角度來看，價格約為UPB的77%左右。我認為需要在此強調的是，該投資組合的贊助商集中在兩個辛迪加，即 GVA 和 Tides。因此，我們實際上正在 100% 消除對這兩個贊助商的曝光。我認為，正如湯姆在他的評論中所強調的那樣，該投資組合中約有 40% 是拖欠 60 多天的非核心資產；31% 是核心資產——抱​​歉，60 多天中的 31% 是非核心資產。這個投資組合中還有價值約 3,100 萬美元的 REO。

I don't know ,Crispin, if you have other questions or I answered you here.

我不知道，克里斯平，您是否還有其他問題，或者我是否在這裡回答了您。

Yeah. Just one last kind of quick follow-up. Is there anything left from the 2021 vintage in your portfolio, either core or non-core?

是的。這只是最後一種快速跟進。您的投資組合中還剩下 2021 年份的資產嗎，無論是核心資產還是非核心資產？

Yes. There certainly is in the core portfolio.

是的。核心投資組合中肯定存在這樣的情況。

Great. Thank you. I appreciate taking my questions.

偉大的。謝謝。我很感謝回答我的問題。

Doug Harter, UBS.

瑞銀的道格·哈特。

You talked kind of SBA volumes picking up. Can you talk about what is going to be the driver of that and your confidence as to the timing and as to when you're going to start to see that?

您談到了 SBA 交易量正在回升。您能否談談這現象的驅動因素以及您對時機和何時開始看到這現象的信心？

Well, if you look at the industry volume, when the new administration came in, there was an industry-wide decline in volume. I think, what is it, Andrew, was like 10%, 15% metric? I'm referring to the 7(a) program, which typically runs $25 billion to $30 billion per year based on annual approval by authorization by Congress. And that was mainly due to changes in the -- some of the Biden rules we call the standard operating procedures regarding small loans in particular.

嗯，如果你看一下產業交易量，你會發現新政府上台後，整個產業的交易量都出現了下降。安德魯，我想，這個數字是多少，是 10% 還是 15% 呢？我指的是 7(a) 計劃，該計劃通常每年根據國會的授權批准運行 250 億至 300 億美元。這主要是由於拜登的一些規則發生了變化——我們稱之為特別是關於小額貸款的標準作業程序。

So we -- the industry has undergone those changes and has rebooted credit guidelines, which are more incrementally more conservative. I'll point out that we preemptively in our small loan program actually implemented those guidelines about three months ahead of the SBA's changes. So we feel comfortable there.

因此，我們——該行業經歷了這些變化，並重新啟動了信貸指南，這些指南逐漸變得更加保守。我要指出的是，我們在小額貸款計劃中預先實施了這些指導方針，比 SBA 的變更提前了大約三個月。所以我們在那裡感覺很舒服。

So we're going to see a ramp in demand for -- we were just seeing demand for small business loans, especially M&A or business acquisitions remains strong. And of course, we're a leader in the small loan program via our FinTech business.

因此，我們將看到需求的成長——我們剛剛看到對小型企業貸款的需求，尤其是併購或企業收購的需求仍然強勁。當然，我們透過金融科技業務在小額貸款項目方面處於領先地位。

So yeah, so the main constraint we have faced has been the approval of warehouse lines by the SBA. Obviously, there are some constraints with the turnover in the governments -- throughout the government agency staffing. So we now see a path forward to sequentially increase the line. The next line limit is, I think, is slated for around $75 million, $100 million.

是的，我們面臨的主要限制是 SBA 對倉庫線路的批准。顯然，政府機構的人員流動存在一些限制。因此，我們現在看到了一條逐步增加生產線的前進道路。我認為下一個限額預計在 7500 萬美元到 1 億美元左右。

So that's from an industry perspective and from our own specific perspective is what's accounted for the drop in this quarter -- 7(a) originations. And bolted on to that, however, is the ramp in our USDA business, which is a top three lender historically, and that will add an incremental increase in the P&L and our small business segment.

因此，從產業角度和我們自己的特定角度來看，這就是本季 7(a) 起源下降的原因。同時，我們的美國農業部業務也呈現成長勢頭，該業務歷史上位列前三大貸款機構之一，這將為我們的損益表和小型企業部門帶來增量成長。

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

所以安德魯，我不知道你是否願意補充這一點。

Yeah. I think you will see volumes in the third quarter remain somewhat consistent with where they are in the second quarter. As Tom mentioned, the pending approval of that third warehouse line with the SBA will certainly open capacity. But the full ramp back to a targeted $1.2 billion to $1.5 billion in annual originations is really going to come from clearing the existing warehouse lines through some capital markets transaction, as Tom mentioned.

是的。我認為你會看到第三季的交易量與第二季的水平基本保持一致。正如湯姆所提到的，小型企業管理局即將批准第三條倉庫生產線，這必將釋放出新的產能。但正如湯姆所提到的那樣，要完全恢復到每年 12 億美元至 15 億美元的目標，實際上需要透過一些資本市場交易來清理現有的倉庫線路。

Whether that be a normal way securitization of 7(a) loans, which we've done a handful of, or participation sales, that will be the driver to really increase capital needed to get back to those levels. So I would expect a ramp back there to happen more towards the back half of the second half of the year.

無論是以正常方式對 7(a) 貸款進行證券化（我們已經做過一些了），還是參與銷售，都將成為真正增加回到這些水平所需資本的驅動力。因此我預計今年下半年後半段會出現更多成長。

Yeah. And just one last comment on SBA. We are fully supportive of the regulatory changes since under the new administration. And there is a bid for Congress to increase the guarantee from the cap from $5 million to $10 million for manufacturing facilities. And we're working -- we're targeting to the extent that we support that legislation. And to that extent, it's proved we're developing targeted originations strategies around that. So there is some upside to the -- in terms of the -- going into fourth quarter and early 2026.

是的。最後再對 SBA 發表一點評論。我們全力支持新政府實施的監理改革。而國會正在提議將製造設施的擔保上限從 500 萬美元提高到 1000 萬美元。我們正在努力——我們的目標是盡可能地支持這項立法。從這個程度上來說，這證明我們正在圍繞這一點制定有針對性的發起策略。因此，就進入第四季和 2026 年初而言，存在一些好處。

Great. Appreciate that. And then on the unsecured issuance, can you just talk about your plans there given the higher costs you're seeing there now? Does that market still make sense financially? Or is it an important part of the capital structure that you want to continue even though the costs are elevated today?

偉大的。非常感謝。然後關於無擔保發行，考慮到目前成本較高，您能否談談您的計劃？從經濟角度來看，這個市場還有意義嗎？或者它是資本結構的重要組成部分，即使今天成本上升，您仍想繼續下去？

Yeah. If you look at $650 million we have coming due, around $300 million of that is unsecured. Some of that being $25 par deals. So we think that market will play a part in the refinance of a portion of that $650 million. I do believe that the majority of that pending debt though will probably get placed through a secured issuance, whether it be utilizing the $100 million still available on our Q1 issuance or new security.

是的。如果你看一下我們即將到期的 6.5 億美元，其中約 3 億美元是無擔保的。其中一些是面值 25 美元的交易。因此我們認為市場將在 6.5 億美元部分資金的再融資中發揮作用。我確實相信，大部分未償債務可能會透過擔保發行的方式進行，無論是利用我們第一季發行的 1 億美元還是新擔保。

And when you look at unencumbered assets and even excess coverage in existing deals, there's a significant amount of, what I'll call, clean performing product to support those issuance. So we remain confident in the ability to refi those out. But certainly, acknowledge that the increased cost of the debt will put pressure on the earnings, as I described earlier.

當你查看現有交易中的無抵押資產甚至超額保險時，你會發現有大量（我稱之為）表現良好的產品來支持這些發行。因此，我們仍然對再融資的能力充滿信心。但當然，正如我之前所描述的，債務成本的增加將給獲利帶來壓力。

Great. Appreciate it. Thank you.

偉大的。非常感謝。謝謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

So much to go through here, but I'll try to be somewhat brief. Just on Portland, will the assets be held on the balance sheet at $432 million? And the $5.3 million carrying costs you cited reflect a full quarter impact. What's the 3Q estimate?

這裡有太多內容要講，但我會盡量簡短。光是在波特蘭，資產負債表上的資產是否會達到 4.32 億美元？您所提到的 530 萬美元的持有成本反映了整個季度的影響。第三季的預測是多少？

Yeah, I can answer the first question, Jade, and then I'll let Adam talk about the operations. Yeah, the initial valuation will be put on at that [$425 million] and then evaluated for impairment going forward from there.

是的，我可以回答第一個問題，Jade，然後我會讓 Adam 談談操作。是的，初始估值將定為 4.25 億美元，然後以此為基礎進行減損評估。

Okay. And then the quarterly carrying cost estimate?

好的。那麼季度持有成本估算呢？

Yeah. Jade, I'm sorry, your question is what on the $5.3 million?

是的。傑德，對不起，你的問題是 530 萬美元要做什麼？

Yes. Is that a full quarter estimate for the carrying cost?

是的。這是持有成本的整個季度的估計嗎？

Yeah, that was the full quarter impact.

是的，這是整個季度的影響。

That affected the second quarter?

這對第二季有影響嗎？

Correct. That $5.3 million was in the second quarter.

正確的。這 530 萬美元是第二季的。

But you foreclosed in July.

但你在七月就取消了贖回權。

Yeah, but we were holding it as a nonperforming loan in the second quarter. So that's instead a net expense.

是的，但我們在第二季將其視為不良貸款。所以這反而是淨支出。

Now that you own it, what will the carrying cost be?

現在您擁有它了，持有成本是多少？

Yeah. I think that's a fairly good estimate going forward. There are a couple of things that we are working on to help reduce that. One is to lower the financing cost associated with that asset. And then obviously, as the loan stabilizes, whether it be leasing of the office or a reduction in the amount of unsold condos, that number will come down.

是的。我認為這是一個相當不錯的未來估計。我們正在採取一些措施來減少這種情況。一是降低與該資產相關的融資成本。顯然，隨著貸款的穩定，無論是辦公室租賃還是未售出公寓數量的減少，這個數字都會下降。

Yeah. I think, Jade, I think the material -- I think the material operating cost would be what we'd call like good news money, where we get an office tenant, and we're required to put up tenant improvements to get that tenant into the office space and improve their space. So again, I think the material cost would be where the asset is improving significantly, and we're putting in good news investment.

是的。我認為，Jade，我認為材料——我認為材料運營成本就是我們所說的好消息錢，我們得到一個辦公室租戶，我們需要對租戶進行改進，以讓該租戶進入辦公空間並改善他們的空間。因此，我再次認為材料成本是資產顯著改善的地方，我們正在進行好消息投資。

How much capital will need to be put in across the three categories?

這三個類別需要投入多少資金？

Yeah. I mean, look, it depends on the type of --

是的。我的意思是，這取決於--

(inaudible) sales spending.

（聽不清楚）銷售支出。

I'm sorry. I missed that last comment.

對不起。我錯過了最後一則評論。

How much capital will need to be put in, including marketing and sales spending?

需要投入多少資金，包括行銷和銷售支出？

Look, we got the asset about two weeks ago. So our partner, Lincoln, who is -- we're partnering with on the asset management. The asset is putting together a budget. As of right now, again, the material spends are on marketing the condo units, which, again, we're putting together a budget for that. That will be a driver.

你看，我們大約兩週前就獲得了該資產。所以我們的合作夥伴林肯——我們正在與他進行資產管理的合作。該資產正在製定預算。截至目前，材料支出再次用於行銷公寓單元，我們正在為此制定預算。那將是一個驅動因素。

The tenant improvements, depends on the type of tenant that comes in, but we're looking at, from a tenant improvement cost, probably around $150 a square foot to $200 a square foot for TIs for the office tenants. And we've got approximately 66% remaining to lease up. And then, yeah, I mean, look, there's other costs associated with the HOA on the condo and other aspects of marketing this property.

租戶改善費用取決於入駐的租戶類型，但從租戶改善成本來看，對於辦公室租戶的 TI 來說，大概是每平方英尺 150 美元到每平方英尺 200 美元左右。我們還剩下大約 66% 的面積需要出租。然後，是的，我的意思是，你看，還有與公寓的 HOA 和行銷該房產的其他方面相關的其他費用。

But I think just as one comment, Adam, correct me if I'm wrong, but in relation to, say, for example, office, and you look at a future projected CapEx in relation to our basis, over 50% is a Ritz-Carlton that opened up in October of '23, which is on its way to stabilization. Trailing 12 RevPAR was a little bit over $200. So that per se doesn't require significant CapEx. And then the CapEx on the office, how many square feet of the 66% that's left, Adam?

但我認為就像一條評論，亞當，如果我錯了，請糾正我，但就比如說辦公室而言，你看一下與我們的基礎相關的未來預計的資本支出，超過 50% 是 1923 年 10 月開業的麗思卡爾頓酒店，該酒店正在走向穩定。過去 12 個月的 RevPAR 略高於 200 美元。因此，這本身並不需要大量的資本支出。然後是辦公室的資本支出，剩下的 66% 有多少平方英尺，亞當？

Yeah, it's about 70,000.

是的，大約有7萬。

So it's 70,000 square feet. It's de minimis in relation to true office property. So that's, Jade, where you might have some CapEx. But again, that, along with the marketing strategies around the residences, the branded residences are -- will incrementally have some CapEx. But nothing in relation, much less than what you have with, for example, other office -- I'm sorry, other sectors like the office space.

面積是 70,000 平方英尺。相對於真正的辦公財產而言，這是微不足道的。所以，Jade，你可能有一些資本支出。但是，同樣，隨著住宅的營銷策略，品牌住宅將逐步產生一些資本支出。但與之相關的卻很少，例如其他辦公室——對不起，是辦公空間等其他部門。

Okay. Secondly, just on the dividend, conveying some sentiment from institutional investors that have been in touch with, the company has a very large deferred tax asset, so plenty of shield to avoid having to pay a dividend. So based on current management expectations, why not eliminate the dividend and reallocate that capital toward, number one, debt repayment because there's significant maturities at a very high cost that was referred to, and then number two, once you feel really comfortable, you could allocate that towards the buybacks, which are continuing, which would stabilize value and protect the company's equity base?

好的。其次，僅就股息而言，傳達一些與之接觸的機構投資者的情緒，該公司擁有非常大的遞延稅項資產，因此有足夠的保護來避免支付股息。那麼，根據目前的管理層預期，為什麼不取消股息，並將資本重新分配用於以下方面：第一，償還債務，因為正如所提到的，有大量債務到期，成本非常高；第二，一旦你感覺真的舒服了，你可以將資本分配給正在持續的回購，這將穩定價值並保護公司的股權基礎？

So right now, the dividend is still quite costly. It would seem to make more sense to suspend it and then recommence once we're kind of out of the woods in this period of stress.

因此，目前股息仍然相當昂貴。似乎更有意義的是暫停這一進程，等我們擺脫這段壓力時期的困境後再重新開始。

Yeah, I mean, that's a fair question. And a lot of it has to do with our repositioning strategy. And right now, for example, in this quarter, we achieved, with a month or two delay, the goal to eliminate half of our non-core portfolio and the significant drag there, and you saw the bridge to covering the dividend.

是的，我的意思是，這是一個公平的問題。這在很大程度上與我們的重新定位策略有關。而現在，例如在本季度，我們雖然延遲了一兩個月，但還是實現了消除一半非核心投資組合以及其中重大拖累的目標，並且您看到了支付股息的橋樑。

But maybe, Andrew, if you could just discuss in that context the -- some color, some thoughts around Jade's question.

但是，安德魯，也許你可以在這個背景下討論一下——一些關於傑德問題的顏色和想法。

Yeah, I think it's a good question. As I mentioned earlier to Crispin's question, there is a bridge to an earnings profile, assuming further deterioration in the core portfolio, that gets close to that coverage. Now it's going to take some time, as I mentioned. But I think the Board will continue to evaluate the performance of the core portfolio as well as the progress on that walk I made earlier in evaluating the dividend.

是的，我認為這是個好問題。正如我之前在回答 Crispin 的問題時提到的那樣，假設核心投資組合進一步惡化，那麼盈利狀況就有一條橋樑可以接近這一覆蓋範圍。正如我所提到的，現在這需要一些時間。但我認為董事會將繼續評估核心投資組合的表現以及我先前在評估股利方面的進展。

Thanks very much.

非常感謝。

Randy Binner, B. Riley Securities.

蘭迪·賓納 (Randy Binner)，B. Riley 證券。

I think I just kind of have follow-ups to some of the questions. I guess the first one is on just, Andrew, going with your walk, the EPS walk to dividend coverage. Did that -- I think at the end, you said there was some negative for higher anticipated interest expense as you kind of deal with the debt maturity for '26. Was the drag from the Portland property also populated in that EPS walk?

我想我只是對一些問題進行了跟進。我想第一個問題是，安德魯，按照你的思路，從每股盈餘到股息覆蓋率。是嗎？我想最後您說過，在處理 26 年的債務到期時，預期利息支出增加會帶來一些負面影響。波特蘭地產的拖累是否也出現在 EPS 步行中？

Yes. So the current -- that EPS walk assumes, as I mentioned, to Jade, that the Q2 negative carry of that stays somewhat consistent. To the extent there are, as I mentioned, good news money that goes out, that may in a way but then results in higher revenue. So the drag is already included in that upfront number.

是的。因此，正如我向 Jade 提到的那樣，當前的 EPS 步調假設 Q2 的負面影響保持相對一致。正如我所提到的，在某種程度上，好消息資金的流出可能會帶來更高的收入。因此，阻力已經包含在預付金額中。

Okay. But it would -- I mean, it's at least two quarters, if not three quarters, the way I'm putting these number together. Before, you'd be at $0.125.

好的。但它會——我的意思是，按照我把這些數字加在一起的方式，它至少是兩個季度，如果不是三個季度的話。之前，您的價格是 0.125 美元。

I think that's right.

我認為那是對的。

Okay. Well, the dividend question was covered. Just going back, I think Crispin asked about this, but I just want to make sure I'm crystal clear on this. So the $85 million of net proceeds from the loan sale, I think in the answer to -- it was held at 77% of UPB. I don't know if I heard that correctly, but I'm just trying to understand, was it a -- you sold $494 million worth, and $85 million was all the proceeds, that was the net proceeds after kind of other offsets. I just wanted to make sure it's clear on that.

好的。好了，股利問題已經講完了。回想一下，我認為克里斯平問過這個問題，但我只是想確保我對此非常清楚。因此，我認為，貸款出售的 8,500 萬美元淨收益佔 UPB 的 77%。我不知道我是否聽得正確，但我只是想了解一下，這是——你賣出了價值 4.94 億美元的產品，其中 8500 萬美元是全部收益，這是扣除其他抵消後的淨收益。我只是想確保這一點清楚。

Yeah. So all of these assets were financed, whether that be on warehouse or inside our CLOs. So roughly $308 million went to pay off our warehouse lenders and then there was another $128 million that went to repurchase those loans out of the CLOs, which is how we get to that $85 million of cash.

是的。因此，所有這些資產都得到了融資，無論是在倉庫還是在我們的 CLO 內。因此，大約有 3.08 億美元用於償還倉庫貸款人，然後另外還有 1.28 億美元用於從 CLO 中回購這些貸款，這就是我們獲得 8500 萬美元現金的方式。

Okay. Understood. Yeah. Got it. And then just on the -- you did issue the $50 million and you have $85 million proceeds there. And so Andrew, I heard you, I mean, you referred to the $650 million maturity wall coming up for 2026. But is it kind of on a -- when we talk to investors and think about it pro forma, these raises, I mean, is it really more like $600 million or even lower? Would we assume that the $50 million issued and then these proceeds would kind of pay down debt? Or is that going to other purposes and the $650 million stands on its own and would be refied independently, if that makes sense?

好的。明白了。是的。知道了。然後就在——你確實發行了 5000 萬美元，並且獲得了 8500 萬美元的收益。安德魯，我聽到了你所說的話，我的意思是，你提到了 2026 年即將達到的 6.5 億美元到期牆。但是，當我們與投資者交談並考慮這些加薪時，我的意思是，它真的更像是 6 億美元甚至更低嗎？我們是否可以假設發行的 5000 萬美元以及這些收益可以償還債務？或者這筆錢是否會用於其他目的，而這 6.5 億美元將單獨存續並單獨進行償還，如果這樣說有道理的話？

I'm trying to handicap like what '26 maturity number is net of everything we've discussed on this call.

我試著計算一下我們在這次電話會議上討論的所有事項的淨值，例如 26 個到期數字是多少。

Yeah. No, understood. I do think that a portion of that $650 million will come from just natural paydowns or repurchases in the market by the company. So I don't anticipate dealing with that maturity ladder fully through the issuance of new debt. With that being said, not 100% of the cash flow coming off the portfolio is going to go towards delevering for the simple fact that rebuilding the net interest income, as Tom mentioned, is really important to getting the earnings profile going in the right direction.

是的。不，明白了。我確實認為這 6.5 億美元的一部分將來自公司在市場上的自然償還或回購。因此，我並不認為透過發行新債可以完全解決這個到期階梯問題。話雖如此，投資組合產生的現金流不會 100% 用於去槓桿，原因很簡單，正如湯姆提到的，重建淨利息收入對於盈利狀況朝著正確的方向發展非常重要。

And we have confidence in that just based on a lot of the work we've done over the last few months on the accessibility of the market to help deal with that $650 million. But to your point, I don't anticipate 100% of that being refied. Some of it's going to come from us using the organic liquidity of the company to lower that amount.

我們對此充滿信心，因為過去幾個月我們為提高市場准入水準做了大量工作，以幫助解決這 6.5 億美元的問題。但就你的觀點而言，我並不認為 100% 的答案都會被證實。其中一部分將來自我們利用公司的有機流動性來降低該金額。

Okay, great. That's all I had. Thank you.

好的，太好了。這就是我所擁有的一切。謝謝。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭、拉登堡塔爾曼。

Was the Portland asset acquired? Or was that a legacy of Ready Capital?

波特蘭資產被收購了嗎？還是這是 Ready Capital 的遺產？

That was an asset that was acquired through the Mosaic merger.

這是透過與 Mosaic 合併而獲得的資產。

Okay. And then I guess looking back on all the fast and furious mergers that you guys did over the past years. And many of them seem, at least to the outsider, more as a financing vehicle. Going forward, what's your M&A strategy? Has it changed when you come back to that? Or is it still looking to capitalize on cheap underlevered balance sheets?

好的。然後我想回顧一下你們過去幾年進行的所有快速而激烈的合併。其中許多至少在局外人看來更像是一種融資工具。展望未來，您的併購策略是什麼？當你回來時，情況有改變嗎？或者它仍在尋求利用廉價的低槓桿資產負債表？

I mean, beyond the M&A transactions, the history of Ready Cap and the external managers has been since the GFC acquiring portfolios of distressed assets. And so I think that was a strategy leading into the rate rise and the turn in the credit cycle. Obviously, we have had less reliance on that since 2023, albeit we did have a very accretive acquisition of the UDF lot loan business where we would look at some point down the road to deploy additional capital because it's a very high ROE business with a lot less -- limited -- less exposure to the CRE market more broadly speaking. But I would say we'd have less of a reliance in the near term on M&A unless it's highly accretive.

我的意思是，除了併購交易之外，Ready Cap 和外部管理者的歷史自全球金融危機以來就一直在收購不良資產組合。所以我認為這是導致利率上升和信用週期轉變的策略。顯然，自 2023 年以來，我們對此的依賴已經減少，儘管我們確實對 UDF 地塊貸款業務進行了非常增值的收購，但我們會考慮在未來的某個時候部署額外的資本，因為這是一項 ROE 非常高的業務，而且從更廣泛的意義上講，對 CRE 市場的敞口要小得多——有限——少得多。但我想說，短期內我們不會太依賴併購，除非它能帶來很高的增值效益。

Now I'll add, Andrew, if you comment on that as well.

現在我要補充一下，安德魯，如果你也對此發表評論的話。

Yeah, nothing there.

是的，那裡什麼都沒有。

And Tom, on that small business comment, should we look for the equity allocation to small business to increase in coming quarters?

湯姆，關於小型企業的評論，我們是否應該期待未來幾季小型企業的股權配置增加？

Yeah. We would look to continue to allocate equity to that business. As we said in the past, it has a lot of inherent leverage given that you sell off 75% of the 7(a) loans on a participation basis. And then you can -- under the SBA rules, you can borrow against, I think, it's 60% of that.

是的。我們希望繼續為該企業分配股權。正如我們過去所說的那樣，鑑於您以參與方式出售 75% 的 7(a) 貸款，它具有很大的固有槓桿作用。然後你就可以——根據 SBA 規則，你可以藉款，我想，這是其中的 60%。

So but to support, it's a very high ROE business, very -- barriers to entry with the limit on non-bank license. And then, of course, there's the growth of the USDA business, which support loans. What are they, Andrew? Up to $50 million or $20 million -- $50 million or $20 million, I can't remember the exact number. But I'd say so the long way to answer your question is, yes, we would look to continue to allocate capital to that business where -- to support growth in the volume.

因此，但為了支持，這是一個非常高的 ROE 業務，非常——非銀行牌照限制的進入障礙。當然，美國農業部的業務也在成長，它支持貸款。它們是什麼，安德魯？最多 5000 萬美元或 2000 萬美元——5000 萬美元或 2000 萬美元，我不記得具體的數字了。但我想說，回答你的問題的方式很長，是的，我們會考慮繼續向該業務分配資金——以支持銷量的成長。

Great. And then final question. I think Adam commented earlier about private equity entering in for multifamily. Should we look at that as sort of being opportunistic money given there's a large wall of maturing commercial real estate paper out there and the private equity is trying to get into the asset class on the cheap? Sort of is it a cyclical play by private equity playing into multifamily?

偉大的。接下來是最後一個問題。我認為亞當之前曾評論過私募股權進入多戶住宅領域。鑑於市場上有大量到期的商業房地產票據，而私募股權正試圖以低價進入該資產類別，我們是否應該將其視為一種機會主義資金？這是否是私募股權投資於多戶住宅的周期性行為？

Yeah. It's unequivocally a cyclical play. They bucket it as opportunistic CRE in the pension fund world. And as a result of that, and Adam could comment, we get constant reverse inquiries from the acquisition specialists at these CRE equity shops, given the fact that we have a significant -- rather than buying onesie, twosies in the broker market, there's very few opportunities for both sales like we just executed today.

是的。這無疑是一場循環遊戲。他們將其歸類為退休基金領域中的機會主義企業房地產。因此，亞當可以評論說，我們不斷收到來自這些 CRE 股權商店的收購專家的反向詢問，因為我們在經紀市場上擁有大量資產，而不是購買連身衣或兩件套，因此像我們今天剛剛執行的那樣，同時進行銷售的機會非常少。

So as a result of that, and it was part of the commentary in our prepared remarks, one of the things we do in the -- both -- obviously, the core, which is papers accelerated liquidation, but also the non-core, our asset managers will always have an overlay evaluation of looking at sale in the secondary market. To the extent that the on-balance sheet asset management strategies created a lower yield. And given the focus on rebuilding the net interest margin, if we can sell at a discount and then use that net proceeds to rapidly recover that discount versus on balance sheet, we would look to undertake both sales.

因此，作為結果，這是我們準備好的評論的一部分，我們所做的事情之一——顯然是核心，即票據加速清算，但也是非核心，我們的資產管理者將始終對二級市場的銷售進行覆蓋評估。在某種程度上，表內資產管理策略創造了較低的報酬率。鑑於重建淨利差的重點，如果我們能夠以折扣價出售，然後使用該淨收益來快速收回與資產負債表上的折扣，我們將考慮進行這兩項銷售。

But yeah, the reason that, that exists -- that opportunity exists is the cyclical influx of capital into targeting the multifamily space. And obviously, we have a large legacy book that can benefit from that.

但是，是的，存在這個機會的原因是資本週期性地湧入多戶型住宅領域。顯然，我們有大量遺產可以從中受益。

Okay. Thank you very much for taking my questions.

好的。非常感謝您回答我的問題。

Thank you. We've reached the end of the question-and-answer session. And I'll turn the call back over to management for closing remarks.

謝謝。問答環節已經結束。我將把電話轉回給管理階層，請他們作最後發言。

We appreciate everybody's time and look forward to the third-quarter call.

我們感謝大家的時間並期待第三季的電話會議。

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

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。