Ready Capital Corp (RC) 2026 Q1 法說會逐字稿

Greetings. Welcome to Ready Capital's first-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded. I'll now turn the conference over to Andrew Ahlborn, Chief Financial Officer. Thank you. You may now begin.

各位好。歡迎參加 Ready Capital 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給財務長 Andrew Ahlborn。謝謝。您現在可以開始。

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 more detailed discussion of the risks that could impact our future operating results and financial condition.

謝謝接線員，也向各位與會者道早安。我們今天的部分評論將構成《聯邦證券法》所定義的前瞻性陳述。此類陳述受多項風險與不確定性影響，可能導致實際結果與我們的預期存在重大差異。因此，您在解讀與依賴這些陳述時應審慎。我們建議您參閱我們向 SEC 提交的文件，以取得可能影響我們未來營運結果與財務狀況之風險的更詳細討論。

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 2026 earnings release and our supplemental information, which can be found in the Investors section of the Ready Capital website.

在本次電話會議中，我們將討論非 GAAP 指標；我們相信這些指標有助於評估公司的營運表現。這些指標不應被單獨視為依據，亦不應取代依 GAAP 編製的財務結果。這些指標與最直接可比之 GAAP 指標的調節表，已載於我們 2026 年第一季財報新聞稿及補充資料中，可於 Ready Capital 官網的投資人專區查閱。

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

我現在把時間交給執行長 Tom Capasse。

Thank you, Andrew. Good morning, everyone, and thank you for joining today's call. The first quarter of 2026 represents ongoing progress in our balance sheet repositioning strategy initiated in the fourth quarter of '25. First, year-to-date, we have generated $1.4 billion in cash from loan sales and liquidations. These proceeds have facilitated a paydown of over $1.1 billion in warehouse debt and generated $270 million in net liquidity, which was utilized to retire $184 million of corporate debt.

謝謝你，Andrew。各位早安，感謝各位參加今天的電話會議。2026 年第一季代表我們在 2025 年第四季啟動之資產負債表重新定位策略上持續取得進展。第一，截至今年迄今，我們已透過貸款出售與清算產生 14 億美元現金。這些款項促成償還超過 11 億美元的倉儲融資負債，並產生 2.7 億美元的淨流動性，用以償還 1.84 億美元的公司債務。

Second, we are continuing to resolve non- and self-performing positions to reduce earnings drag and facilitate recycling into current market-yielding opportunities. And third, we are transitioning the business model toward a lower leverage, more capital-efficient platform that positions the company for long-term sustainable earnings growth.

第二，我們持續處理不良與自我表現不佳的部位，以降低對獲利的拖累，並促進資金回收再投入至符合當前市場收益率的機會。第三，我們正將商業模式轉型為較低槓桿、資本效率更高的平台，使公司具備長期可持續的獲利成長定位。

As we stated in the fourth quarter of 2025, our liquidity plan is projected to span four quarters, and we are confident it is the right approach to reset the company's platform for success in the future. We began the year with $650 million of corporate debt across four different 2026 maturities.

如同我們在 2025 年第四季所述，我們的流動性計畫預計橫跨四個季度，我們有信心這是重置公司平台、為未來成功奠基的正確作法。我們在年初時有 6.5 億美元的公司債務，分布於四個不同的 2026 年到期日。

Given the company's current cost of funds and performance of the legacy portfolio, we made the decision to de-lever the balance sheet with aggressive asset management focused primarily on loan sales. We retired our $117 million, [5.75%] senior unsecured bond in February and our $67 million, 6.2% senior unsecured bond in April, leaving $450 million across our fourth-quarter '26 maturities.

鑑於公司目前的資金成本以及既有投資組合的表現，我們決定透過積極的資產管理（主要聚焦於貸款出售）來降低資產負債表槓桿。我們已於 2 月償還 1.17 億美元、[5.75%] 的高級無擔保債券，並於 4 月償還 6,700 萬美元、6.2% 的高級無擔保債券，剩餘 4.5 億美元將於 2026 年第四季到期。

Year-to-date, we have generated liquidity from two primary sources. First, the sale of 48 loans with total unpaid principal balance of approximately $1 billion across four transactions for a net liquidity of $177 million. These sales consisted of 66% performing and 30% non- and sub-performing loans. Second, portfolio runoff of $550 million provided $93 million in net liquidity.

截至今年迄今，我們的流動性主要來自兩個來源。第一，透過四筆交易出售 48 筆貸款，未償本金總額約 10 億美元，帶來 1.77 億美元的淨流動性。這些出售的貸款中，66% 為正常履約，30% 為不良及次級表現貸款。第二，投資組合自然到期/回收（runoff）5.5 億美元，提供 9,300 萬美元的淨流動性。

As we look forward, our liquidity plan contemplates an incremental $400 million liquidity from the sale and runoff of $2 billion to $2.5 billion of CRE loans and REO assets through year-end. Based on current projections, we believe these remaining actions, along with current liquidity, are sufficient to retire our remaining '26 maturities and satisfy the future cash flow needs of the business.

展望未來，我們的流動性計畫預計在年底前，透過出售與回收 20 億至 25 億美元的商用不動產（CRE）貸款與 REO 資產，額外取得 4 億美元流動性。根據目前預測，我們認為這些剩餘行動加上現有流動性，足以償還 2026 年剩餘到期債務，並滿足業務未來的現金流需求。

Post completion of our liquidity plan and the payment of our fourth-quarter debt maturities, we believe that the remaining legacy CRE portfolio will total approximately $2 billion. We anticipate this will include $800 million, $900 million of sub- and non-performing loans and REO assets, which we believe have a better net present value via exit from aggressive asset management strategies versus sale and current market discounts. This sub-portfolio of non- and sub-performing assets has a current quarterly earnings drag of approximately $0.06 per share with cash outflows of $9.3 million per quarter.

在完成流動性計畫並支付第四季到期債務後，我們認為剩餘的既有 CRE 投資組合規模將約為 20 億美元。我們預期其中將包含 8 億至 9 億美元的不良與次級表現貸款及 REO 資產；相較於在目前市場折價下出售，我們認為透過積極資產管理策略退出可取得更佳的淨現值。此一不良與次級表現資產子組合目前每季對盈餘的拖累約為每股 0.06 美元，且每季現金流出約 930 萬美元。

Furthermore, we expect the anticipated long-term benefits of our repositioning plan will be a reset balance sheet to allow for future earnings growth and a more conservative leverage profile anticipated to stabilize around 2.5x. Upon the expected second-quarter completion of the final CRE loan pool sale contemplated in our liquidity plan, we anticipate the material book value pressure that the company has experienced in the past several quarters will be substantially behind us.

此外，我們預期重新定位計畫的長期效益包括：重置資產負債表以支持未來獲利成長，以及更保守的槓桿結構，預期將穩定在約 2.5 倍。隨著我們流動性計畫中所規劃的最後一筆 CRE 貸款池出售預計於第二季完成，我們預期公司在過去數季所承受的重大帳面價值壓力將大致告一段落。

We also expect several changes to the business model that we will discuss in greater detail in subsequent quarters. First, we intend to focus our investment activity on allocations to CRE sectors where we see best relative value. We expect average investment size to double relative to our historical average of $17 million.

我們也預期商業模式將出現若干變化，並將在後續季度更詳細說明。第一，我們計畫將投資活動聚焦於我們認為相對價值最佳的 CRE 產業領域。我們預期平均投資規模將較我們過去 1,700 萬美元的歷史平均值增加一倍。

Similarly, we expect that our financing strategy will be more opportunistic and less securitization-driven. Each change is intended to help scale the business with a more efficient operational footprint and allow us to be flexible in pursuing market opportunities.

同樣地，我們預期融資策略將更具機會主義色彩，並較不以證券化為驅動。每一項變革皆旨在以更有效率的營運規模來擴大業務，並使我們在追求市場機會時更具彈性。

Second, we intend to simplify our business model through increased integration with our external manager, Waterfall Asset Management, and to refocus on two core businesses, middle-market CRE debt vesting and SBA 7(a) lending. During this period of constrained investing, we can generate seed income in lieu of net interest margin by originating for Waterfall, where we have funded $172 million year-to-date, and for third parties, including through our new $1 billion flow arrangement.

第二，我們計畫透過與外部管理人 Waterfall Asset Management 更深度整合來簡化商業模式，並重新聚焦於兩項核心業務：中型市場 CRE 債務投資，以及 SBA 7(a) 放款。在投資受限的期間，我們可透過為 Waterfall 進行承作來取得種子收入（seed income），以替代淨利差；截至今年迄今我們已為其提供 1.72 億美元資金，並亦為第三方承作，包括透過我們新的 10 億美元流量安排（flow arrangement）。

In the future, as we recycle legacy assets to generate liquidity for CRE investing, we expect that a combination of our right-sized CRE operations in concert with allocation from Waterfall's CRE desk will result in a lower operating expense ratio.

未來，隨著我們回收既有資產以產生 CRE 投資所需的流動性，我們預期經過適度調整規模的 CRE 營運，結合 Waterfall CRE 團隊的配置，將帶來較低的營運費用比率。

And third, we intend to increase capital allocation to our small business lending platform, which we expect to represent 20% of the company's capital going forward. Sequentially, we believe that the high relative ROE of this business will lead the earnings recovery over the period that the legacy CRE portfolio is recycled into new vintage CRE investments. Historically, the small business platform has provided 300 to 500 basis points of core ROE alongside the CRE net interest margin.

第三，我們計畫提高對小型企業放款平台的資本配置，預期未來將占公司資本的 20%。就季度序列而言，我們認為該業務相對較高的 ROE 將在既有 CRE 投資組合回收並轉投至新一代（new vintage）CRE 投資的期間，引領獲利復甦。歷史上，小型企業平台在 CRE 淨利差之外，提供了 300 至 500 個基點的核心 ROE。

I would also like to provide an update on two additional items. First, the risk property remains our largest single equity allocation, representing 18% of quarter-end stockholders' equity. On the condominiums, we have sold 43 units and have an additional four units under contract, which would bring our total sell-out to 36% of the 132 total units.

我也想就另外兩項事項提供最新進展。第一，該風險資產仍是我們單一最大的股權配置，占季末股東權益的 18%。就公寓（condominiums）而言，我們已售出 43 個單位，另有 4 個單位已簽約，這將使我們在 132 個總單位中的累計售出比例達到 36%。

The average selling price of the 32 condos sold year-to-date was $745 per square foot compared to $900 per square foot for all condos sold. This is a deliberate pricing strategy designed to drive momentum towards a full sell-out at higher average prices.

截至目前為止已售出的32戶公寓平均售價為每平方英尺745美元，相較於所有已售公寓的每平方英尺900美元。這是一項刻意的定價策略，旨在推動銷售動能，最終以更高的平均價格達成全面售罄。

The hotel's occupancy increased 5% year-over-year to 46%, marking steady progress towards our 60% target. This increased occupancy, along with a 1% increase in ADR to $482, resulted in a 13% increase in RevPAR to $221.

該飯店入住率年增5%至46%，顯示朝我們60%目標穩步推進。入住率提升，加上ADR年增1%至482美元，使RevPAR年增13%至221美元。

Separately, lower SBA 7(a) originations in the first quarter reflected the prioritization of capital to debt repayment, limiting new SBA deployment to existing warehouse capacity. We anticipate that will change with the pending launch of our $158 million SBA 7(a) securitization. We expect second-quarter securitization to generate capacity for a $500 million of incremental go-forward volume, resulting in the second-half of the year climbing toward historical production levels, which were $1.1 billion in 2024.

另外，第一季SBA 7(a)承作量較低，反映我們優先將資金用於償還債務，將新的SBA投放限制在既有倉儲額度之內。我們預期，隨著我們規模1.58億美元的SBA 7(a)證券化即將推出，情況將有所改變。我們預期第二季的證券化將釋放可用額度，帶來約5億美元的新增後續承作量，使下半年產量回升並朝歷史生產水準攀升；2024年的歷史生產水準為11億美元。

We continue to take deliberate steps to enhance liquidity and strengthen the platform. Specifically, we have generated 67% of our target liquidity and begun to streamline business lines to reduce operating costs in conjunction with greater integration with our external manager, Waterfall. There is certainly more work ahead, but we are encouraged by the progress made to date and remain focused on disciplined execution.

我們持續採取審慎措施以提升流動性並強化平台。具體而言，我們已達成目標流動性的67%，並開始精簡業務線以降低營運成本，同時加深與外部管理人Waterfall的整合。未來仍有許多工作要做，但我們對迄今的進展感到鼓舞，並將持續專注於紀律性的執行。

With that said, I'll now turn it over to Andrew for a detailed review of the quarterly results.

話說到這裡，我現在把時間交給Andrew，請他就本季業績做更詳細的說明。

First-quarter earnings and balance sheet reflect the continued effects of the repositioning plan outlined in Tom's remarks. For the quarter, we reported a GAAP loss from continuing operations of $1.25 per common share. Distributable earnings were a loss of $1 per common share and $0.33 per common share, excluding realized losses on asset sales.

第一季的獲利與資產負債表反映了Tom發言中所述之重新定位計畫的持續影響。本季我們報告持續營運的GAAP每股普通股虧損1.25美元。可分配盈餘為每股普通股虧損1美元；若排除資產出售的已實現損失，則為每股普通股0.33美元。

At quarter-end, book value per share was $7.43 versus $8.79 at year-end. The change was primarily due to a $0.42 per share loss on loan sales settled in the quarter, a $0.47 per share loss on additional CECL reserves and valuation allowances, and a $0.36 per share loss from operations.

截至季末，每股帳面價值為7.43美元，較年末的8.79美元下降。變動主要來自：本季結算的貸款出售造成每股0.42美元損失、額外CECL準備金與估值備抵造成每股0.47美元損失，以及營運造成每股0.36美元損失。

The net loss from normal operations was impacted by the following revenue and expense items. On the revenue side, reoccurring revenue was $16.2 million compared to $41.5 million in the prior quarter. The change is driven by a $28.5 million reduction in net interest income, offset by a $3 million increase in other income.

正常營運的淨損失受到以下收入與費用項目的影響。在收入方面，經常性收入為1,620萬美元，較前一季的4,150萬美元下降。變動主要由淨利息收入減少2,850萬美元所致，部分被其他收入增加300萬美元所抵銷。

The decline in interest income was primarily impacted by the following items. First, the liquidation of approximately $1.8 billion of loans across the last two quarters resulted in a $16.5 million quarter-over-quarter reduction in net interest income. Second, a $5.4 million reduction in cash receipts on loans currently on non-accrual, the majority of which was driven by two loans totaling $230 million that are scheduled for second quarter liquidations.

利息收入下滑主要受以下因素影響。第一，過去兩個季度合計清算約18億美元貸款，使淨利息收入較前一季減少1,650萬美元。第二，目前處於停計息（non-accrual）的貸款現金收款減少540萬美元，其中大部分來自兩筆合計2.30億美元、預計於第二季清算的貸款。

And third, the timing delay between liquidation of assets and the preceding paydown of corporate debt. We expect net interest income to be negative as we move through this transition period with improvement coming from the continued reduction in non-accrual loans in REO, the reduction of both asset level and corporate debt financing, and the recycling of capital back into market yields. Over this period, we expect a greater percentage of revenue to come from gain on sale and fee revenue.

第三，資產清算與先前公司債務償還之間存在時間落差。我們預期在此轉型期間，淨利息收入將為負；改善將來自：持續降低REO中的停計息貸款、降低資產層級與公司層級的債務融資，以及將資金回收再投入市場收益率。於此期間，我們預期收入中將有更高比例來自出售收益與手續費收入。

On the expense side, operating expenses increased $7.8 million quarter-over-quarter to $67.7 million. The change was primarily due to a $6.7 million increase in non-recurring advance payments made to servicers upon the collapse of the remaining CLOs and a $3.9 million decrease in the tax benefit.

在費用方面，營運費用較前一季增加780萬美元至6,770萬美元。變動主要由以下因素造成：在剩餘CLO崩解後，向服務機構支付的一次性預付款增加670萬美元，以及稅務利益減少390萬美元。

Regarding RC's liquidity and capitalization, we remained active in repositioning our liabilities. First-quarter activities included collapsing three CLOs totaling $900 million of collateral, the addition of a new $500 million [theory] warehouse facility, and the renewal of an additional two facilities. Earned total leverages 3 times, and we ended the quarter with $200 million of liquidity and $730 million of unencumbered assets.

關於RC的流動性與資本結構，我們仍積極進行負債端的重新定位。第一季的作為包括：結清三檔CLO、合計9億美元的抵押品；新增一項5億美元的[theory]倉儲融資；並續約另外兩項融資。我們的總槓桿為3倍，季末流動性為2億美元，且有7.30億美元的無擔保資產。

With that, we'll open the line for questions.

接下來，我們開放提問。

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Where do you expect balance sheet total assets to end after you're done with the planned asset sales? What size balance sheet do you expect Ready Capital to have?

在完成計畫中的資產出售後，你們預期資產負債表的總資產會落在什麼水準？你們預期Ready Capital的資產負債表規模會是多少？

Andrew, do you want to touch on the pro forma?

Andrew，你要不要談一下備考（pro forma）？

Yeah, and the total assets, as Tom said in his remarks, we expect another $2 billion to $2.5 billion reduction in the loan portfolio. So based on current total assets of roughly $6.3 billion, we'd expect that number to come down closer to $4 billion.

好的。就總資產而言，如Tom在發言中所說，我們預期貸款組合還會再減少20億至25億美元。因此，以目前總資產約63億美元計算，我們預期該數字將下降至更接近40億美元。

Okay. Do you have a range of pro forma book value per share you expect the $2.5 billion for the reduction to result in?

了解。你們是否有一個備考每股帳面價值的區間，預期這25億美元的縮減會帶來什麼結果？

We're not providing guidance. Go ahead, Andrew.

我們不提供指引。Andrew，你請繼續。

Yeah. What I would say is the change in book value between the first quarter and where we end up in the second quarter base is going to be highly dependent on how much of that $2.5 billion we end up selling to cover the remaining liquidity needs to get through the '26 maturities. So there's a little bit of variability based on the execution of those upcoming trades.

好的。我想說的是，第一季到我們在第二季結束時的基礎情境之間，每股帳面價值的變動將高度取決於：在那25億美元中，我們最終賣出多少以滿足剩餘的流動性需求，從而度過2026年到期的債務。因此，基於接下來交易執行的情況，會有一些變動性。

The remaining $800 million to $900 million of sub-performing loans, that's not including any of the REO?

剩餘8億至9億美元的次級表現（sub-performing）貸款，這不包含任何REO嗎？

That includes the REO portfolio.

這包含REO組合。

That includes the portfolio REO.

這包含投資組合中的REO。

That's correct.

沒錯。

Okay. And then just lastly, in other assets of $466 million, do you have the balance of deferred tax assets and tax receivables? Because my worry is that there's write-down risk for those assets as the recoverability in earnings is reduced, driven by ongoing operating losses and the lack of earnings to materialize those deferred tax assets.

了解。最後一點，在其他資產4.66億美元中，你們是否能提供遞延所得稅資產與應收稅款的餘額？因為我的擔憂是，隨著可回收的獲利能力下降，這些資產存在減記風險；而可回收性下降是由持續的營運虧損以及缺乏足夠獲利來實現這些遞延所得稅資產所驅動。

Yeah. The current deferred tax balance sheet is a little over $200 million, $201.6 million. Then the tax receivable is [$16.7 million]. What I would say is there is a heavy focus on growing the SBA business. And as Tom mentioned, it's really been limited by the existing warehouse capacity.

好的。目前遞延所得稅在資產負債表上的餘額略高於2億美元，為2.016億美元。應收稅款為[1,670萬美元]。我想說的是，我們非常專注於擴大SBA業務。而如Tom所提到，這主要一直受限於既有的倉儲額度。

If that opens up, I would expect that business to return toward profitability more similar to where we were running in '24. So we do think that deferred tax asset has value, but certainly, we are aware of the magnitude.

如果這部分額度打開，我預期該業務將回到更接近我們在2024年運行時的獲利水準。因此，我們確實認為該遞延所得稅資產具有價值，但當然，我們也意識到其規模的重要性。

Yeah. I mean, just to add to Andrew's remarks, there's a clear path forward for our earnings -- recovery in earnings and sequentially over a relatively short period of time led by the SBA small business, which has historically thrown off around 300 to 500 basis points of ROE.

是的。我的意思是，補充一下 Andrew 的評論，我們的盈餘有一條清晰的前進路徑——盈餘復甦並在相對較短的時間內逐季改善，主要由 SBA 小型企業業務帶動；該業務歷來可貢獻約 300 到 500 個基點的 ROE。

Secondly, there will be OpEx reductions consistent with the simplification of the business model. And thirdly, the remaining non-performing assets post the final tranche of the loan sales is a relatively small pool of assets to include the risk, which is experiencing positive financial momentum. And that is about a two-year underlying duration of those assets is probably about 1.5 years.

第二，營業費用（OpEx）將隨著商業模式簡化而相應下降。第三，在最後一批貸款出售完成後，剩餘的不良資產是一個相對較小的資產池，包含的風險也較有限；而且該部分正呈現正向的財務動能。這些資產的底層存續期間約為兩年，實際上可能約 1.5 年。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（接線員指示）Christopher Nolan，Ladenburg Thalmann。

I want to preface this saying that you're skiing down some very difficult terrain, and I've got to give you kudos for navigating this so far. The non-performers for the overall portfolio increase materially quarter over quarter. Can you give some color as to why the core CRE portfolio deteriorated?

我想先說，你們正在非常艱難的地形上滑雪，我必須稱讚你們目前為止的應對。整體投資組合的不良資產（non-performers）季對季大幅增加。你們能否說明一下，為什麼核心 CRE 投資組合惡化了？

Yeah. I'll let Dom get into some of the details, but I will say that, to some extent, the legacy book traditional metrics like [60%-plus] are becoming not irrelevant, but less of a metric on loan quality because when we look to do a sale of assets, if it's sub-performing with a -- relative, let's say, low single-digit debt yield, we'll purposely execute asset management strategies, which improve the secondary market price of that sale, i.e., not providing additional modifications, et cetera. So that creates a roll rate that amplifies the additional impact of the denominator effect, which is the sale of the -- sale of performing loans.

是的。我先讓 Dom 談一些細節，但我想說的是，在某種程度上，傳統存量投資組合的指標，例如 [60%-plus]，並非變得不重要，但作為貸款品質衡量指標的重要性正在下降。因為當我們要出售資產時，如果它是次級表現（sub-performing），且——相對而言，例如債務收益率（debt yield）為低個位數，我們會刻意採取資產管理策略來提升該筆出售在次級市場的價格，也就是不再提供額外的修改（modifications）等。因此，這會造成一種滾動率（roll rate），並放大分母效應的額外影響——也就是出售——出售表現良好貸款所帶來的分母縮小效應。

So Dom, maybe just touch on that as well?

所以 Dom，你也可以順便談一下這點嗎？

Yeah. Sure. Good morning. Yeah, just to stress what Tom was referencing, I think the designation with core and non-core as we work through this liquidity strategy is likely to become less relevant. But just to give you some summary information, so if you look at Q4 quarter-end compared to Q1 quarter-end, I think we're up about 8 percentage points.

好的。當然。早安。是的，強調 Tom 剛才提到的，我認為在我們推進這項流動性策略的過程中，核心與非核心的劃分可能會變得不那麼相關。不過給你一些摘要資訊：如果你比較第四季季末與第一季季末，我們大約上升了 8 個百分點。

As we identify assets for sale to generate liquidity, some of those assets will be and have been performing assets, so just keep that in mind. But I'd say the breakout of that increase would be a third credit migration with a few assets moving to like the workout stage. But the majority of that is predominantly situated with a denominator effect as we sell through some of the performing loans.

當我們為了產生流動性而辨識可出售資產時，其中一些資產將是、而且已經是表現良好的資產，請記住這點。但我會說，這個增加的拆解大概是三分之一來自信用遷徙（credit migration），有少數資產進入類似重整/處置（workout）階段；而大多數主要是分母效應，因為我們出售了一部分表現良好的貸款。

Okay. And then I guess, Andrew, what does all of the changing or deteriorating credit metrics and everything else mean for the reserve allowance going forward? And where do you see leverage ratios once this transition is over?

好的。那我想問 Andrew，所有這些變動或惡化的信用指標以及其他因素，對未來的備抵（reserve allowance）意味著什麼？另外，等這次轉型結束後，你們認為槓桿比率會落在什麼水準？

Yeah. We had an additional provision of a little under $71 million in the quarter. As we sell through this remaining portfolio, as Tom mentioned, the amount of loans on the book and particularly loans that are non- and self-performing is going to be fairly limited. It's somewhere between $300 million and $400 million and only across 30 or so line items.

是的。本季我們額外提列了略低於 7,100 萬美元的備抵。隨著我們出售剩餘投資組合，如 Tom 所提，帳上貸款的規模，尤其是非表現及自我表現（non- and self-performing）的貸款，將會相當有限。大約在 3 億到 4 億美元之間，而且僅分布在約 30 個左右的項目。

So it's pretty good line of sight into how those assets are going to perform. So you may see marginal increases in reserving around those, but I think the biggest change that is or a fact that is remaining in the book is just the execution of the sales in the $2 billion to $2.5 billion portfolio. And then leverage, we expect to stabilize around 2.5 times.

因此，我們對這些資產將如何表現有相當清晰的能見度。你可能會看到針對這些資產的備抵有些微增加，但我認為帳上最大的變化或仍然存在的事實，是執行出售 20 億到 25 億美元投資組合的交易。至於槓桿，我們預期將穩定在約 2.5 倍。

Great. And Tom, you mentioned less securitization. Does that mean less 7(a) securitization?

很好。Tom，你提到較少證券化。這是否意味著較少 7(a) 證券化？

No, I think the SBA securitizations are relatively very liquid and a lot of demand in the ABS market, so that was more of a reference to the series CLOs with a focus on the single sector, in this case, historically, multifamily, because the -- what's very important to understand is that the third leg sequentially of the reboot of the earnings is going to come from recycling of these remaining (technical difficulty) and it's very finite number of REO and NPL assets that have a negative drag of about 2 points currently in ROE.

不，我認為 SBA 的證券化相對非常具流動性，而且在 ABS 市場需求很大；我指的是系列 CLO，並聚焦於單一產業部位——在本案中歷來是多戶住宅（multifamily）。因為——非常重要的一點是，盈餘重啟（reboot）的第三個逐季推進的支柱，將來自於回收再投資這些剩餘的（technical difficulty），而這是一個非常有限數量的 REO 與 NPL 資產；它們目前對 ROE 造成約 2 個點的負向拖累。

We will -- we are integrating our operations, our current origination team, et cetera, with the external manager who has very large investment capacity around a broad array of CRE sectors and we look at best relative value along the lines of being becoming sector agnostic.

我們將——把我們的營運、目前的承作（origination）團隊等，與外部管理人整合；該外部管理人在廣泛的 CRE 產業領域具備非常大的投資能力，而我們會以最佳相對價值為導向，朝向不再偏重特定產業（sector agnostic）的方向。

And then to specifically answer your question, many times, those transactions are funded with non-recourse bank debt, which matches maturity of the underlying loans, which in turn, are probably at most three-year exposure, if you look at the external manager's trailing five-year track record and types of investment.

然後具體回答你的問題，很多時候，這些交易會以無追索權的銀行債務（non-recourse bank debt）來融資，其到期日與底層貸款的到期日相匹配；反過來看，若參考外部管理人過去五年的績效紀錄與投資類型，這些投資的曝險期間最多大概是三年。

So I think that -- but what's important to understand is once you free up equity from an NPL resolution, which we have finite plans for the small number of line items, that's immediately accretive because we could -- rather than building an origination pipeline, we're able to immediately get an allocation of that investment from the external manager, which is immediately accretive.

所以我認為——但重要的是，一旦你從 NPL 的處置/解決中釋放出股權（equity），而我們對少數幾個項目有明確且有限的計畫，那就會立刻具增益性（immediately accretive），因為我們可以——不必去建立承作管線（origination pipeline），而是能立即從外部管理人那裡取得該投資的配置（allocation），並且立即具增益性。

They're usually -- right now, those investments are running in the low to upper-teens, probably in that [14%] handle. So anyway, that's just to answer your question. That's how our view is with respect to the positioning of a lot -- if you will, a more conservative positioning of the liability management relative on a secured basis.

通常——就目前而言，這些投資的報酬率落在十幾個百分點的低到高區間，大概在 [14%] 左右。總之，這是為了回答你的問題：這就是我們對於定位的看法——如果你願意這麼說的話，在負債管理上採取更保守的定位，並以擔保（secured）基礎來進行相對配置。

Thank you. At this time, I'll turn the floor back to management for closing comments.

謝謝。此時我把時間交回管理層做結語。

We appreciate everybody's time and focus on this call. We look forward to the second-quarter earnings call, whereas as we continue to execute and complete our liquidity plan.

感謝各位撥冗並專注參與本次電話會議。我們期待第二季的財報電話會議，屆時我們將持續執行並完成我們的流動性計畫。

Thank you. Ladies and gentlemen, you may now disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

謝謝。各位女士先生，您現在可以掛斷電話線路。感謝您的參與，祝您有美好的一天。