Ready Capital Corp (RC) 2025 Q3 法說會逐字稿

Greetings and welcome to the Ready Capital third quarter 2025 earnings call. (Operator Instructions)

各位好，歡迎參加 Ready Capital 2025 年第三季財報電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrew Ahlborn, Chief Financial Officer. Thank you. You may begin.

再次提醒，本次會議正在錄影。現在我榮幸地向大家介紹主持人，財務長安德魯·阿爾伯恩。謝謝。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，也祝各位通話中的朋友們早安。我們今天的一些評論將構成聯邦證券法意義上的前瞻性陳述。此類聲明存在許多風險和不確定因素，可能導致實際結果與我們的預期有重大差異。因此，在解讀和依賴這些內容時應謹慎。有關可能影響我們未來經營業績和財務狀況的風險的更詳細討論，請參閱我們向美國證券交易委員會提交的文件。

During the call we will discuss our non-GAAP measures which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our third quarter 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GAAP指標。這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。這些措施與最直接可比較的 GAAP 措施的調整表可在 Ready Capital 網站的投資者關係部分找到，詳見我們 2025 年第三季財報和補充資料。

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.

除了我和 Tom 之外，今天參加電話會議的還有 Ready Capital 的首席信貸官 Adam Zausmer。現在我將把發言權交給執行長湯姆·卡帕斯。

Thanks, Andrew. Good morning, everyone, and thank you for joining the call today. Our focus remains on returning the company to financial health and profitability via rehabilitation of the portfolio yield, growth of our small business lending operations, and management of our 2026 debt maturities. Begin, we continue to make progress on our balance sheet repositioning via reductions in our CRE loan exposure using sales of low yielding assets in conjunction with our traditional asset management strategies.

謝謝你，安德魯。各位早安，感謝大家今天參加電話會議。我們將繼續致力於透過改善投資組合收益率、發展小型企業貸款業務以及管理 2026 年到期的債務，使公司恢復財務健康和盈利能力。首先，我們將繼續透過出售低收益資產並結合傳統的資產管理策略，減少商業房地產貸款敞口，從而在資產負債表重組方面取得進展。

To that end, we completed two portfolio sales. The first discussed in the second quarter call was the sale of 21 loans with an unpaid principal balance of $665 million at a price of [78]. The transaction netted $85 million and provided incremental earnings of $0.02 per share in the quarter, with $0.05 per share expected for the pro forma full quarter. The second, the sale of 196 small balance loans with high servicing costs, an unpaid principal balance of $93 million at a price of [97] netting $24 million.

為此，我們完成了兩筆投資組合出售。第二季電話會議上討論的第一件事是出售21筆貸款，這些貸款的未償還本金餘額為6.65億美元，售價為[78]該交易淨賺 8,500 萬美元，並在本季度帶來了每股 0.02 美元的額外收益，預計按備考完整季度計算，每股收益將達到 0.05 美元。第二筆交易是出售 196 筆小額貸款，這些貸款的償還成本很高，未償還的本金餘額為 9,300 萬美元，售價為 [97]，淨賺 2,400 萬美元。

At quarter end post completion of the sales, along with normal principal paydowns of $410 million, the portfolio totaled 1,120 loans with an unpaid principal balance of $5.4 billion and carrying value of $5.2 billion split 94% in the core portfolio and 6% non-core portfolio. In the core portfolio, in the absence of adding new loans, we anticipate that the denominator effect will prevail as payoffs accelerate with portfolio seasoning, and some loans migrate to delinquency net of modifications.

季度末，在完成銷售後，加上正常的本金償還 4.1 億美元，該投資組合共有 1,120 筆貸款，未償還本金餘額為 54 億美元，帳面價值為 52 億美元，其中 94% 為核心投資組合，6% 為非核心投資組合。在核心投資組合中，如果沒有新增貸款，我們預期隨著投資組合的成熟，收益會加速，導致分母效應占主導地位，一些貸款在扣除修改後的淨額後會轉為違約。

In the quarter, there were $40 billion of new core net delinquencies. $131 million of core migrated to 60-day plus, of which $91 million were resolved via modification or liquidation. As a result, delinquencies increased to 5.9% of the total. Leverage yields in the portfolio increased 10 basis points to 11%.

本季新增核心淨違約貸款400億美元。其中1.31億美元核心貸款逾期60天以上，9,100萬美元透過債務修改或清算得到解決。因此，違約率上升至總數的 5.9%。投資組合的槓桿收益率上升了 10 個基點，達到 11%。

For core loans experiencing negative migration, our go forward asset management strategy will favor liquidations. In the non-core portfolio, we liquidated $503 million in the quarter, leaving 31 loans marked to 79% of UPB. In the quarter, the non-core portfolio had an $8 million drag on earnings for $0.05 per share.

對於出現負成長的核心貸款，我們未來的資產管理策略將傾向於清算。在非核心投資組合中，我們本季清算了 5.03 億美元，剩餘 31 筆貸款，佔未償付餘額的 79%。本季度，非核心投資組合拖累了每股收益 0.05 美元，損失達 800 萬美元。

We also have $648 million of REO across 28 positions, including the Portland mixed use asset comprising 66% of the total. The remaining REO book of $218 million comprises 27 assets with a $3.7 million average value, creating greater liquidity on exit.

我們還有價值 6.48 億美元的 REO（已收回房產），分佈在 28 個項目中，其中包括波特蘭的混合用途資產，佔總數的 66%。剩餘的 REO 資產總額為 2.18 億美元，包括 27 項資產，平均價值為 370 萬美元，在退出時能創造更大的流動性。

In the quarter, we sold 5 properties valued at $50 million and added 4 REO totaling $54 million via foreclosure. Of note, collapsing the majority of our CRE CLOs has provided more flexible asset management, particularly quicker execution of foreclosure deed and lieu transactions to sell liquid multi-family properties.

本季度，我們售出了 5 處房產，價值 5,000 萬美元，並透過止贖程序新增了 4 處 REO 房產，總價值為 5,400 萬美元。值得注意的是，我們的大部分 CRE CLO 的清算帶來了更靈活的資產管理，特別是更快地執行止贖契約和置換交易，以出售流動性強的多戶住宅物業。

The Portland mixed use asset represents 14% of quarter end equity and is segmented into three components: the Ritz branded hotel with 251 rooms, 169,000 square feet of office and retail space, and 132 Ritz residences. In the quarter, net operating loss on the hotel was $330,000 with occupancy of 48%, ADR $504 and revPAR of $240, both subsequentially quarter over quarter. After 24 months of operation, the hotel continues to near stabilization.

波特蘭混合用途資產佔季度末權益的 14%，分為三個部分：擁有 251 間客房的麗思卡爾頓酒店、169,000 平方英尺的辦公和零售空間以及 132 套麗思卡爾頓公寓。該季度飯店淨營業虧損為 33 萬美元，入住率為 48%，平均房價為 504 美元，每間可供出租客房收入為 240 美元，均較上一季下降。經過 24 個月的運營，酒店已接近穩定狀態。

The office and retail are currently 28% leased and hit breakeven. As discussed last quarter, our new property manager, Lincoln Property, a global platform with expertise in hospitality, is executing our business plan. We have had 6 prospective office tenants tour the space and taking the keys and expect to make significant progress and lease up over the next few quarters.

辦公和零售空間目前出租率為 28%，已達到收支平衡。正如上個季度所討論的，我們的新物業管理公司 Lincoln Property（一家在酒店業擁有專業知識的全球平台）正在執行我們的商業計劃。我們已經接待了 6 位潛在的辦公租戶參觀了場地並拿到了鑰匙，預計在接下來的幾個季度將取得重大進展並完成租賃。

Lastly, we have sold a total of 11 Ritz residences. We've engaged a top global firm in luxury condo sales and are launching a revised pricing strategy to improve future sales velocity. The net loss on the residences was $900,000. In total, the position is nearing breakeven on operations, the net operating loss of $1.3 million with an additional $3.7 million in interest carried. As previously stated, we will look to exit the position on the heels of ongoing stabilization, lease up, and sales.

最後，我們總共售出了 11 間麗思卡爾頓公寓。我們聘請了一家全球頂尖的豪華公寓銷售公司，並推出了一項修訂後的定價策略，以提高未來的銷售速度。這些住宅的淨虧損為 90 萬美元。整體而言，該部位的營運已接近損益平衡，淨營運虧損為 130 萬美元，另需支付 370 萬美元的利息。如前所述，我們將在持續的穩定、租賃和銷售完成後，尋求退出該部位。

In our small business lending operations, despite pressure from the government shutdown, we continue to see growth opportunities. In the quarter, we originated $175 million of Small Business Administration's 7A loans, 50% below our quarterly target.

儘管受到政府停擺的壓力，但我們的小型企業貸款業務仍然看到了成長機會。本季，我們發放了1.75億美元的美國小型企業管理局7A貸款，比季度目標低了50%。

As discussed in prior calls, the primary hurdle to reaching target volumes has been access to the capital markets, which has been slow given SBA staff turnover earlier in the year. With that being said, the approval of our $75 million warehouse facility and two planned securitizations will open significant capacity for achieving volume growth in 2026. USDA production was $67 million in the quarter.

正如先前電話會議中所討論的，實現目標交易量的主要障礙是進入資本市場，由於美國小型企業管理局 (SBA) 今年早些時候人員流動，資本市場准入速度緩慢。也就是說，我們價值 7,500 萬美元的倉庫設施和兩項計畫中的證券化項目獲得批准，將為 2026 年實現銷售成長創造重大空間。美國農業部本季產量為6700萬美元。

Combined, the small business lending platform generated $11 million in net income, adding 280 basis points return on equity before realized losses to the company's total. This platform continues to be a strong counterbalance to our CRE business with nearly $400 million invested and represents significant tangible equity value.

合併後，小型企業貸款平台創造了 1,100 萬美元的淨收入，為公司總收益增加了 280 個基點的股本回報率（未實現虧損）。該平台持續為我們的商業房地產業務提供強有力的平衡，投資額近 4 億美元，代表著巨大的有形股權價值。

Turning to our balance sheet. In 2026, we have $650 million of debt maturing, which is our top priority. We have multiple pathways to address these obligations.

接下來來看看我們的資產負債表。2026年，我們有6.5億美元的債務到期，這是我們的首要任務。我們有多種途徑來履行這些義務。

First, we have $830 million of unencumbered assets, including $150 million of unrestricted cash. Second, we expect $425 million in net liquidity from portfolio maturities and pending asset resolutions over the next 12 months. Third, we intend to further accelerate sales as we move out of non-performing loan and REO positions. We expect a combination of these items to delever the balance sheet, which may pressure book value depending on the size, timing, and pricing of such actions.

首先，我們有 8.3 億美元的未抵押資產，其中包括 1.5 億美元的非限制性現金。其次，我們預計未來 12 個月內，投資組合到期和待決資產處分將帶來 4.25 億美元的淨流動性。第三，隨著我們逐步擺脫不良貸款和已收回房產，我們計劃進一步加快銷售。我們預計這些措施將降低資產負債率，這可能會對帳面價值造成壓力，具體取決於這些措施的規模、時間和定價。

And last, we've demonstrated our ability to access the capital markets, including our successful debt issuance earlier this year, and expect new debt issuance to replace a part of the maturing debt. We expect a more conservative posturing of the company regarding new investments and dividend policy as we work through our maturities.

最後，我們已經證明了我們進入資本市場的能力，包括今年稍早成功發行債務，並預計新的債務發行將取代部分到期債務。我們預計，隨著我們各項債務到期，公司在新的投資和股息政策方面將採取更保守的態度。

Regarding the dividend, we will evaluate the current level in December and determine at that time the most appropriate level in the context of progress in the business plan, liquidity levels for managing the 2026 maturities, and competing sources of liquidity. With that, I'll turn it over to Andrew to go through the quarterly results.

關於股息，我們將在 12 月評估目前的水平，並屆時根據業務計劃的進展情況、管理 2026 年到期債務的流動性水平以及相互競爭的流動性來源，確定最合適的水平。接下來，我會把時間交給安德魯，讓他來介紹季度表現。

Thanks, Tom. For the third quarter, we reported a GAAP loss from continuing operations of $0.13 per common share. Distributable earnings were a loss of $0.94 per common share and $0.04 per common share, excluding realized losses on asset sales. Several key factors impacted our quarterly results.

謝謝你，湯姆。第三季度，我們公佈的GAAP持續經營業務每股普通股虧損為0.13美元。可分配收益每股虧損 0.94 美元，若不計資產出售已實現損失，則每股虧損 0.04 美元。幾個關鍵因素影響了我們的季度業績。

First, net interest income declined to $10.5 million in the quarter. The movement was due to a $1.4 billion reduction in the Siri portfolio and $40 million of negative credit migration. In the core portfolio, the interest yield was 8.1% and the cash yield was 5.8%. The interest yield in the non-core portfolio was 3.1%.

首先，本季淨利息收入下降至 1,050 萬美元。此次變動是由於 Siri 投資組合減少了 14 億美元，以及 4,000 萬美元的負面信用遷移造成的。核心投資組合的利息收益率為 8.1%，現金收益率為 5.8%。非核心投資組合的報酬率為 3.1%。

Second, gain on sale income net of variable costs decreased $2.6 million to $20 million. The change was the result of lower USDA and SBA 7(a) volume. The income was driven by the sale of $130 million of guaranteed SBA 7(a) loans at average premiums of 9.3% and the sale of $57 million of USDA production at premiums averaging 10.6%. Realized gains from normal operations were offset by $189 million of realized losses from the sale of assets. These losses were offset by the release of $178 million of valuation allowances.

其次，扣除變動成本後的出售收益收入減少了 260 萬美元，降至 2,000 萬美元。這項變更是由於美國農業部和美國小型企業管理局 7(a) 計畫數量減少所造成的。收入主要來自以平均溢價 9.3% 出售的 1.3 億美元 SBA 7(a) 擔保貸款，以及以平均溢價 10.6% 出售的 5700 萬美元 USDA 生產資料。正常營運活動實現的收益被出售資產造成的 1.89 億美元已實現損失抵銷。這些損失被1.78億美元的估值準備金的釋放所抵銷。

Third, operating costs from normal operations were $52.5 million, representing an 8% improvement from the previous quarter. The change was the result of a $4.1 million reduction in compensation expense, servicing expense, and other fixed operating costs, along with an increased tax benefit of $5.6 million. These positive movements were partially offset by the inclusion of the Portland mixed-use assets, net operating loss, and carry costs, which totaled $5 million.

第三，正常營運成本為 5,250 萬美元，比上一季改善了 8%。這項變更是由於薪資支出、服務支出和其他固定營運成本減少了 410 萬美元，以及稅收優惠增加了 560 萬美元。這些積極進展被波特蘭混合用途資產、淨營業虧損和持有成本（總計 500 萬美元）部分抵消。

Further, the combined provision for loan loss and valuation allowance decreased $140.2 million. The net increase in provision for loan losses of $38 million was due to a net increase of $43.2 million of specific reserves offset by a slight decline in the general provision. The decrease in the valuation allowance of $178 million relates to the reversal of previous marks taken on the $665 million loan sale upon settlement.

此外，貸款損失準備金和估值準備金合計減少了 1.402 億美元。貸款損失準備金淨增加 3,800 萬美元，原因是專案準備金淨增加 4,320 萬美元，但一般準備金略有下降。估值準備金減少 1.78 億美元，與結算時對 6.65 億美元貸款出售所作先前標記的衝回有關。

And last, we reported a $24.5 million increase in the bargain purchase gain related to the closing of the UDF IV Merger. The increased bargain purchase gain was the result of additional future cash flows expected to be received on the portfolio, which required an increase to the day one valuation.

最後，我們報告稱，與 UDF IV 合併完成相關的低價收購收益增加了 2,450 萬美元。增加的低價買入收益是由於預期該投資組合未來將收到額外的現金流，因此需要提高第一天的估值。

Loss from normal operations net of tax, which can be found on page 11 of the financial supplement, improved quarter over quarter to a $5.2 million loss. Reoccurring revenue declined $2.6 million due to lower net interest income and lower gain on sale revenue, offset by increased earnings from our JV Investments. Operating expense improvement of $4.6 million offset the decline in revenue.

扣除稅款後的正常營運虧損（詳見財務補充文件第 11 頁）較上季改善，虧損額為 520 萬美元。由於淨利息收入和出售收益收入減少，經常性收入下降了 260 萬美元，但合資投資的收益增加抵消了這一影響。營運費用改善460萬美元，抵銷了收入下降的影響。

Book value per share was $10.28 at quarter end, down $0.16 from June 30. The change was primarily due to the dividend coverage shortfall, partially offset by the repurchase of 2.5 million shares at an average price of $4.17 which offset the reduction in book value per share by $0.09 per share. Liquidity remains strong with uncovered assets of $830 million including $150 million of unrestricted cash.

截至季末，每股帳面價值為 10.28 美元，較 6 月 30 日下降 0.16 美元。這項變更主要是由於股息覆蓋率不足，部分被以平均每股 4.17 美元的價格回購的 250 萬股股票所抵消，這抵消了每股帳面價值減少 0.09 美元的影響。流動性依然強勁，未覆蓋資產達 8.3 億美元，其中包括 1.5 億美元的非限制性現金。

With that, we will open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions) Doug Harter, UBS.

（操作說明）道格·哈特，瑞銀集團。

Thanks. We talked about having a more conservative posture for the company going forward. Can you talk about where you think the right level of leverage to run the business, and so, kind of in thinking about how much debt you need to refinance versus pay down?

謝謝。我們討論了公司未來要採取更保守的策略。您能否談談您認為經營業務的合適槓桿水平是多少？以及在考慮需要進行多少債務再融資還是償還債務時，應該如何權衡？

Hey, Doug. Right now, our current gross leverage is around 3.5. I think we're looking at a turn less than that on a pro forma basis.

嘿，道格。目前，我們的總槓桿率約為 3.5。我認為，以預測計算，我們的槓桿率會低於這個數字。

And then I guess, how do you think about what is the target mix of secured versus unsecured?

那麼，您認為擔保貸款與無擔保貸款的目標比例應該是多少呢？

Andrew, do you want to comment on the target mix?

安德魯，你想對目標組合發表一下意見嗎？

Yeah, I expect at least on the corporate side, the majority of our debt to be secured, at least for the immediate future. With that being said, we've accessed the unsecured markets via the baby bond market over the years quite frequently. So to the extent that market's open, I think we will tap that, but I expect more secured issuance at least at this point.

是的，我預計至少在企業方面，我們的大部分債務都會有擔保，至少在近期內是如此。也就是說，多年來我們經常透過嬰兒債券市場進入無擔保市場。所以，只要市場開放，我認為我們就會利用這個市場，但我預計至少在目前階段會有更多有擔保的債券發行。

Great. Thank you.

偉大的。謝謝。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thank you very much. Can you tell me what the current covenant is on the unencumbered asset ratio? I'm not sure if it's 1.25 or 1.2, and the slide deck shows 1.2 as the current ratio.

非常感謝。請問目前關於未抵押資產比率的契約條款是什麼？我不確定是 1.25 還是 1.2，投影片顯示目前的比率是 1.2。

Morning, Jade. How are you? So the unencumbered acid test, we are well covered within that 1.2 range, so the covenant is well in excess of that.

早安，傑德。你好嗎？因此，在不受任何限制的嚴峻考驗下，我們完全符合 1.2 的範圍，所以該契約遠遠超過了這個範圍。

The covenant -- what -- is the covenant minimum 1.2?

該盟約——什麼——該盟約的最低標準是 1.2 嗎？

No, 1.2 is our current coverage of that. The only debt we have that has that ratio is $350 million, and that's at a 1.1. So we're well covered.

不，我們目前對該領域的覆蓋範圍是 1.2。我們目前只有3.5億美元的債務符合這個比例，比例為1.1。所以我們的償債能力很強。

Okay. So there's no requirement to be at 1.25?

好的。所以並沒有要求必須是 1.25 嗎？

No, it's just the $350 million at 1.1.

不，只是 3.5 億美元，賠率為 1.1。

Okay. The comment about the restoration of financial health is well taken. The dividend cost as you know, around, I think, $80 million a year seems unjustifiable to continue paying it. And also, spending money to buy back stock in the face of these corporate maturities and the company's plans to reduce leverage, so it just doesn't seem justifiable to continue to pay dividend and to also buy back stock. Can you please explain the rationale and what the plan is going forward?

好的。關於恢復金融健康的評論很有道理。如你所知，每年約 8000 萬美元的股息成本似乎不合理，繼續支付下去似乎毫無道理。此外，考慮到公司目前的財務狀況以及降低槓桿率的計劃，花錢回購股票似乎並不合理，因此繼續支付股息併回購股票就顯得不合理了。請解釋一下背後的原因以及接下來的計劃？

So Jade, the company is adopting a very aggressive approach to repositioning the balance sheet. And in the context of your question, we think about it in terms of the rank order of liquidity. We currently have $150 million of cash, $150 million of warehouse lines, and organic projected maturities of about 400 -- $425 million to $450 million. We're going to supplement that with --- we have $800 million of unencumbered assets that'll be supplemented by additional senior and unsecured issuance, as well as asset sales to plug the gap.

所以，Jade公司正在採取非常積極的方式來調整資產負債表。就您的問題而言，我們是從流動性的排序角度來考慮的。我們目前擁有 1.5 億美元的現金、1.5 億美元的倉儲信貸額度，以及約 4 億美元的預計到期債務——4.25 億美元至 4.5 億美元。我們將透過以下方式補充資金——我們有 8 億美元的未抵押資產，這些資產將透過發行更多高級和無抵押債券以及出售資產來彌補資金缺口。

In that context, we're going to evaluate obviously the dividend in December to determine the appropriate policy in that context. But the rank order of liquidity will be to a, reduce leverage; b, exit low yielding assets, and in regenerating the resulting liquidity with a prioritization on the debt and then subsequently the potential for asset repurchases and then reinvestment of ultimate free cash flow into new loans to rehabilitate the net interest margin.

在這種情況下，我們顯然會在 12 月評估股息，以確定在這種情況下合適的政策。但流動性的優先順序是：a. 降低槓桿率；b. 退出低收益資產；以及透過優先償還債務來恢復由此產生的流動性，然後是潛在的資產回購，最後將最終的自由現金流再投資於新貸款，以恢復淨利差。

Okay. Thank you very much. Just one more, which would be on the other assets category which continues to increase to now 5.7% of assets and 25% of equity. I guess that I assume will be evaluated at year end as part of the audit. It includes significant deferred tax assets and the duration of being able to absorb such assets seems quite long given current profitability and allocation of G&A to the SBA business. So do you think that that category of assets will be evaluated at your end as part of the audit process? Thank you for taking the questions.

好的。非常感謝。還有一個，屬於其他資產類別，該類別持續成長，目前佔資產的 5.7% 和權益的 25%。我猜想這會在年終審計中進行評估。其中包括大量遞延所得稅資產，考慮到目前的盈利能力以及將一般及行政費用分配給 SBA 業務，消化這些資產的時間似乎相當長。那麼，您認為貴方會在審計過程中對這類資產進行評估嗎？感謝您回答這些問題。

We certainly reevaluate the deferred tax asset on an ongoing basis, including at the year-end asset -- year-end audit. You know, what I would say is our expectation is that profitability in those businesses grow as origination volume grows to, you know, our target levels.

我們當然會持續重新評估遞延所得稅資產，包括在年末資產——年末審計時進行評估。我想說的是，我們預期隨著貸款發放量成長到我們的目標水平，這些業務的獲利能力也會成長。

And then the second thing I would add is to the extent we monetize those businesses at some point inside the TRS, you know that tax benefit can be used in that way as well. So there's no limitations on the time period in which they can be used, and we think the pro forma profitability of those businesses, as well as the fair value of those businesses in excess of their current book value provides a window to utilize those over time.

其次，我想補充的是，如果我們在 TRS 內部的某個時候將這些業務貨幣化，那麼稅收優惠也可以以這種方式使用。因此，這些資金的使用期限沒有任何限制，我們認為這些企業的備考盈利能力，以及這些企業的公允價值超過其當前賬面價值的部分，為隨著時間的推移利用這些資金提供了機會。

(Operator Instructions) Christopher Nolan, Ladenburg Thalman.

（操作說明）克里斯多福諾蘭，拉登堡塔爾曼。

Hey, guys. On the Portland property, is that being carried at fair value or at cost?

嘿，夥計們。波特蘭房產的帳面價值是以公允價值還是成本計算的？

A fair value of the current appraised value of 425.

公允價值為目前評估價值 425。

Okay. And then because I... Yeah, please go ahead.

好的。然後因為我…好的，請繼續。

Just one thing, the property, is actually broken out into two components. So the condos are being held for sale, and they're at fair value. And then the other two components are held for use, so they're being carried at cost. But both were put on the balance sheet at the time of taking the property are at fair value.

只有一件事，即該屬性，實際上分為兩個部分。所以這些公寓正在出售，而且價格合理。另外兩個組件則留作備用，因此以成本價持有。但兩者在取得該房產時均已列入資產負債表，且價值均為公允價值。

Okay. And with the Portland property be categorized as one of the unencumbered assets that Tom alluded to earlier?

好的。而波特蘭的房產是否會被歸類為湯姆之前提到的未抵押資產之一呢？

No, there's currently leverage on that desk.

不，目前那張桌子上還有槓桿。

Okay. And I guess the final question is, I saw somewhere where there's a large office building in Portland, the Big Pink I think it's called. I think it was the US Bancorp headquarters, and it recently sold for $45 million. It was originally prior value was 373 million, like 5 or 10 years ago. And given that, and apparently, it's a marquee property in Portland. I mean, doesn't that for some -- for as nice as this property seems, doesn't it seem like the valuations on these things is really going to take a dive, just like your comments.

好的。我想最後一個問題是，我看到波特蘭有一棟大型辦公大樓，我記得它叫做「大粉紅」。我認為那是美國合眾銀行的總部，它最近以 4500 萬美元的價格售出。它的原值是 3.73 億，大約是 5 到 10 年前的價格。有鑑於此，顯然，它是波特蘭的一處標誌性房產。我的意思是，對某些人來說——儘管這處房產看起來很不錯，但這些房產的估值不會像你的評論那樣大幅下跌嗎？

Yeah, no, I appreciate it, Chris. There really is apples and oranges comparison. And as you're probably well aware, the office sector, especially for -- I think the Big Pink was an 80s-ish property, maybe a B-, and it had very large tenant concentrations and there was an out outflow from the poor quality at the BC space into newer space.

是啊，謝謝你，克里斯。這根本就是蘋果和橘子無法比較的兩件事。您可能很清楚，辦公大樓市場，尤其是——我認為大粉紅大樓是 80 年代的房產，可能是 B 級，租戶非常集中，BC 辦公空間品質差，導致租戶外流到更新的辦公空間。

Actually, we're benefiting from that with the small amount of office we have in the in the Ritz. But the Ritz is really a hospitality asset, right, a luxury hospitality asset and it's the only -- in the Portland market, it's the only luxury branded hotel. And most of what you have in Portland is on the luxury end is more on the boutique side, so this is a one-of-a-kind property.

事實上，我們在麗茲卡爾頓酒店擁有的那間面積不大的辦公室讓我們受益匪淺。但麗茲卡爾頓酒店確實是一家酒店業的寶貴資產，對吧？豪華酒店業的寶貴資產，而且它是波特蘭市場上唯一的豪華品牌酒店。波特蘭的大部分房產都屬於高端精品酒店，所以這處房產是獨一無二的。

So I think the economic forces that are driving the loss of tenancy in the Big Pink are actually benefiting a brand new Class A office like the small amount we have, and then the hospitality is completely different. It's really not affected by the office trend. And as we noted, revPAR has been increased sequentially. And with the new Lincoln Property is they're best-in-class and have had a lot of experience not only just in the Portland market but globally in these hospitality properties.

所以我認為，導致大粉紅區租戶流失的經濟力量，實際上有利於像我們這樣數量不多的全新甲級辦公大樓，而酒店業的情況則完全不同。它其實不受辦公潮流的影響。正如我們所指出的，每間可供出租客房收入（revPAR）逐年成長。而林肯地產公司是一家業內領先的企業，不僅在波特蘭市場，而且在全球酒店房地產領域都擁有豐富的經驗。

And so, we're two years into the stabilization and we continue to see positive trends in the hospitality, in the revPAR at the hotel which ultimately will drive condo sales where we're -- we've hired a national firm to that has experience with Ritz residences to drive a different pricing policy there to get some momentum on the heels of the stabilization of the hotel. So anyways, duly noted on the Big Pink, but it is really an apples and oranges comparison.

因此，在酒店業穩定運營兩年後，我們繼續看到酒店業的積極趨勢，酒店的每間可供出租客房收入（revPAR）也在增長，這最終將推動我們公寓的銷售——我們已經聘請了一家在麗思卡爾頓公寓方面有經驗的全國性公司，以推動不同的定價策略，從而在酒店穩定運營之後獲得一些動力。總而言之，大粉紅號上已經記錄了此事，但​​這實際上是蘋果和橘子之間的比較。

Okay. Thank you for the clarification, Tom.

好的。謝謝你的解釋，湯姆。

There are no further questions at this time. I would like to turn the floor back over to Mr. Capasse for closing comments.

目前沒有其他問題了。我想把發言權交還給卡帕斯先生，請他作總結發言。

We appreciate everybody's time today and again wanted to underscore the commitment of the management team to continue to drive the repositioning of the company. We're very confident of our ability to refinance our pending debt maturities and we look to the fourth quarter call pending. Thank you for your time.

我們感謝大家今天抽出時間，並再次強調管理團隊致力於繼續推動公司重新定位的決心。我們非常有信心能夠為即將到期的債務進行再融資，並期待第四季度的業績報告。感謝您抽出時間。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。