Ready Capital Corp (RC) 2026 Q2 法說會逐字稿

Thank you. Greetings and welcome to the Ready Capital Corporation second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝。各位好，歡迎參加 Ready Capital Corporation 2026 年第二季財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

I would now like to turn the call over to your host, Andrew Ahlborn, Chief Financial Officer. Thank you. You may begin.

現在我想把電話交給本次會議主持人、財務長 Andrew Ahlborn。謝謝。您可以開始了。

Thank you, operator. And good morning to those of you on the call.

謝謝，接線員。也向在線上的各位道聲早安。

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.

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預期存在重大差異。因此，您在解讀與依賴這些陳述時應謹慎。我們請您參閱我們向 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 second 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；我們認為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考量，亦不應作為依 GAAP 編製之財務結果的替代。這些指標與最直接可比的 GAAP 指標之調節表，已載於我們 2026 年第二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, Thomas Capasse.

接下來我把電話交給執行長 Thomas Capasse。

Thank you, Andrew. Good morning, everyone, and thank you for joining today's call.

謝謝你，Andrew。各位早安，感謝各位參加今天的電話會議。

The second quarter of 2026 demonstrates meaningful progress in our balance sheet repositioning strategy. At this juncture, we do not anticipate further large portfolio sales as our completed sales were successful in both raising liquidity and repositioning legacy assets. We also completed several important financings and believe that multiple initiatives are coming together to meet our corporate obligations as we build towards sustainable profitability.

2026 年第二季顯示我們在資產負債表重新配置策略上取得實質進展。在目前階段，我們不預期會再進行大規模投資組合出售，因為我們已完成的出售在提升流動性與重新配置既有資產方面都相當成功。我們也完成了數項重要融資，並相信多項措施正逐步到位，在我們邁向可持續獲利的同時，協助履行公司的各項義務。

We've been organizing our work this year around four priorities. First, strengthening liquidity to generate free cash flow in excess of our 2026 debt maturities. Second, resolving non- and sub-performing CRE assets to eliminate earnings drag. Third, transitioning to a lower-cost business model by divesting non-core business lines and integrating our CRE lending with our external manager, Waterfall. And fourth, focusing on growth in our small business SBA 7(a) lending.

今年我們的工作聚焦於四項優先事項。第一，強化流動性，以產生超過 2026 年到期債務所需的自由現金流。第二，處理不良與次級表現的商用不動產（CRE）資產，以消除對獲利的拖累。第三，透過剝離非核心業務線，並將我們的 CRE 放款與外部管理人 Waterfall 進一步整合，轉型為低成本的商業模式。第四，聚焦於小型企業 SBA 7(a) 放款的成長。

On liquidity, we are nearing completion of the initiatives we started at the end of 2025. Since our first quarter earnings, we have completed the following actions. First, the sale of our $167 million construction portfolio, generating $64 million of net liquidity and removing $172 million of future funding obligations. Second, the securitization of $158 million of unguaranteed SBA 7(a) loans at a 92% advance priced at SOFR plus 240 basis points. The transaction generated $25 million of net liquidity and $500 million of additional funding capacity for 7(a) production.

在流動性方面，我們接近完成於 2025 年底啟動的各項措施。自第一季財報以來，我們已完成以下行動。第一，出售 1.67 億美元的建築（construction）投資組合，帶來 6,400 萬美元的淨流動性，並移除 1.72 億美元的未來撥款義務。第二，以 92% 的預付比例（advance）將 1.58 億美元的非擔保 SBA 7(a) 貸款進行證券化，定價為 SOFR 加 240 個基點。該交易帶來 2,500 萬美元的淨流動性，並為 7(a) 放款產出提供額外 5 億美元的資金容量。

Third, the disposition of $445 million of CRE assets for net liquidity of $85 million. And fourth, the successful refinance of the Portland Ritz asset into a C-PACE loan. These items, together with prior loan sales and portfolio runoff, have generated approximately $1.9 billion of cash that has been used to pay down $1.7 billion of asset-level and corporate debt. We now have achieved approximately 81% of our target liquidity objective.

第三，處分 4.45 億美元的 CRE 資產，取得 8,500 萬美元的淨流動性。第四，成功將波特蘭 Ritz 資產再融資為 C-PACE 貸款。上述事項連同先前的貸款出售與投資組合自然縮減（runoff），合計產生約 19 億美元現金，並已用於償還 17 億美元的資產層級與公司層級債務。目前我們已達成約 81% 的目標流動性目標。

Three initiatives to complete the final leg of our liquidity plan are underway. Optimizing the financing of approximately $950 million of CRE loans, the sale or financing of our $118 million joint venture position, and the second half anticipated runoff of approximately $900 million of CRE loans. Additionally, we continue to evaluate the potential refinance of a portion of the October maturity, which will help to further accelerate earnings recovery as we move into 2027.

為完成流動性計畫最後一段路程，三項措施正在進行中。包括：優化約 9.5 億美元 CRE 貸款的融資安排、出售或融資我們 1.18 億美元的合資（joint venture）持份，以及下半年預期約 9 億美元 CRE 貸款的自然縮減（runoff）。此外，我們也持續評估對 10 月到期債務部分進行再融資的可能性，這將有助於在邁入 2027 年時進一步加速獲利修復。

On the CRE portfolio, following this quarter's actions, the legacy loan book stands at approximately $2.7 billion across 172 positions, with an additional $218 million of CMBS exposure. 37% or roughly $1 billion of the loan book comprises sub- and non-performing assets whose current status produces a greater net present value for active asset management on our balance sheet versus sales in the secondary market.

就 CRE 投資組合而言，在本季採取相關行動後，既有貸款組合約為 27 億美元、共 172 個部位，另有 2.18 億美元的 CMBS 曝險。其中 37%（約 10 億美元）的貸款組合為次級表現與不良資產；就其目前狀態而言，透過在資產負債表上進行主動資產管理所能創造的淨現值，高於在次級市場出售。

We continuously monitor assets to determine the best path forward, maximizing value which may include sales. The sub- and non-performing loans have average duration of 11 months, average mark-to-market LTVs of 82%, and are marked at 85%. The current equity held in sub- and non-performing loans is $436 million. In our performing loan book, totaling $572 million in equity, leveraged yields equal 10.1%.

我們持續監控各項資產，以決定最佳前進路徑並最大化價值，其中可能包含出售。次級表現與不良貸款的平均存續期為 11 個月，平均按市價（mark-to-market）LTV 為 82%，並以 85% 入帳（marked at 85%）。目前次級表現與不良貸款所持有的權益為 4.36 億美元。在我們的正常履約（performing）貸款組合中，權益合計 5.72 億美元，槓桿後收益率為 10.1%。

As of quarter end, we had $588 million of REO across 24 properties. The Ritz property remains our largest REO asset, representing 66% of total REO and approximately 22% of quarter-end stockholders' equity. We believe our stabilization strategy is working. We now have sold 50 condominium units and have three under contract, bringing the sellout to 40% of the total. Sales progress remains consistent with our phased strategy of building momentum toward a full sellout.

截至季末，我們持有 5.88 億美元的 REO（收回不動產），共 24 項物業。Ritz 物業仍是我們最大的 REO 資產，占 REO 總額的 66%，約占季末股東權益的 22%。我們相信我們的穩定化策略正在奏效。目前我們已售出 50 戶公寓單位，另有 3 戶已簽約，累計售出比例達總量的 40%。銷售進度與我們分階段推進、逐步累積動能以達成全面售罄的策略一致。

On the hotel, we continue to realize linear improvement in operating performance. Hotel NOI was $1 million in the quarter. Trailing 12-month occupancy rose 10% to 52%, ADR decreased 4% to $468, and room RevPAR increased 20% to $244 compared to the same period last year. As we move forward, we will determine the optimal path forward for the property, whether that's continued stabilization or monetization. The current earnings drag across our non- and sub-performing and REO is $0.29 per share in the quarter.

在飯店方面，我們持續看到營運表現呈線性改善。本季飯店 NOI 為 100 萬美元。過去 12 個月的入住率上升 10% 至 52%，ADR 下降 4% 至 468 美元，而客房 RevPAR 較去年同期增加 20% 至 244 美元。展望未來，我們將決定該物業的最佳路徑，可能是持續穩定化或進行變現。本季我們的不良與次級表現資產以及 REO 合計對獲利的拖累為每股 0.29 美元。

In our SBA 7(a) platform, capital constraints at the start of the quarter resulted in second quarter origination volume of $82 million, which is well below production capacity. We've addressed those constraints with the completion of our SBA 7(a) securitization in June, which we believe will provide capital for approximately $500 million of incremental go-forward volume, and we intend to accelerate our capital levels through more frequent SBA 7(a) ABS offerings. Since completing the securitization, we have originated $43 million of 7(a) loans and have a current money-out pipeline of $78 million. We expect steady growth towards our annual target of $1.5 billion originations.

在我們的 SBA 7(a) 平台方面，由於本季初資本限制，第二季承作量為 8,200 萬美元，明顯低於產能。我們已於 6 月完成 SBA 7(a) 證券化以解決上述限制；我們相信這將為未來額外約 5 億美元的增量承作量提供資本，且我們計畫透過更頻繁的 SBA 7(a) ABS 發行來加速提升資本水位。自完成證券化以來，我們已承作 4,300 萬美元的 7(a) 貸款，目前可動用（money-out）案源管線為 7,800 萬美元。我們預期將穩健成長，朝年度 15 億美元承作目標邁進。

Turning to expenses, we are executing a targeted cost optimization program to align our cost structure with our go-forward business model. This includes targeted organizational efficiency initiatives, divestiture of non-core businesses and assets, and deeper integration of our CRE lending platform with Waterfall. We expect these initiatives will materially lower our operating expense ratio and improve operating leverage.

在費用方面，我們正執行一項具針對性的成本優化計畫，使成本結構與未來的商業模式一致。這包括有針對性的組織效率提升措施、剝離非核心業務與資產，以及將我們的 CRE 放款平台與 Waterfall 進一步深度整合。我們預期這些措施將顯著降低營運費用率並改善營運槓桿。

In summary, we remain equally focused on the completion of our liquidity plan and the action items needed to return the business to profitability. While we still have steps to complete in order to meet our 2026 corporate obligations, concurrent actions to accelerate resolutions, reduce operating costs, and increase capital deployment into new investments that focus on the business, on our SBA 7(a), and CRE platforms, position the company for improvement as we move forward.

總結而言，我們同樣專注於完成流動性計畫，以及推動使業務回到獲利所需的各項行動。雖然我們仍需完成若干步驟以履行 2026 年公司層級義務，但同時推進的加速處置、降低營運成本，以及將資本部署至聚焦於本業的新投資（包括我們的 SBA 7(a) 與 CRE 平台），將使公司在未來持續改善。

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

話雖如此，我現在把時間交給 Andrew，請他就本季業績做更詳細的說明。

Thanks, Tom.

謝謝你，Tom。

Second quarter earnings and balance sheet reflect the continuation of the repositioning plan Tom described, and importantly, a deceleration in the pressures that have weighed on our results. For the quarter, we reported a GAAP loss from continuing operations of $0.63 per common share, an improvement from the $1.25 loss in the first quarter. Distributable earnings were a loss of $0.47 per common share and a loss of $0.24 per common share, excluding realized losses on asset sales, compared to losses of $1.33, respectively, in the prior quarters.

第二季的獲利與資產負債表反映了 Tom 所描述之重新定位計畫的持續推進；更重要的是，先前拖累我們業績的壓力已出現放緩。本季我們持續營運業務的 GAAP 每股普通股虧損為 0.63 美元，較第一季每股虧損 1.25 美元有所改善。可分配盈餘為每股普通股虧損 0.47 美元；若排除資產出售的已實現損失，則為每股普通股虧損 0.24 美元；相較之下，前幾季分別為每股虧損 1.33 美元。

At quarter end, book value per share was $6.83 versus $7.43 at March 31. A decline of 8.1%, which is a substantial deceleration from the 15.5% and 14.5% per share declines in the two prior quarters and reflects the wind down of the loan sale program. The change was primarily due to approximately $0.23 per share of realized losses on asset sales, approximately $0.12 per share of net loan loss provisioning and valuation allowances, and the balance from the operating loss in the quarter.

截至季末，每股帳面價值為 6.83 美元，3 月 31 日為 7.43 美元。下滑 8.1%，相較前兩季每股分別下滑 15.5% 與 14.5% 明顯放緩，並反映貸款出售計畫逐步收尾。變動主要來自每股約 0.23 美元的資產出售已實現損失、每股約 0.12 美元的淨貸款損失提列與估值準備，其餘則來自本季營運虧損。

The net loss from normal operations was impacted by the following revenue and expense items. On the revenue side, reoccurring revenue was $15.3 million compared to $16.2 million in the prior quarter. The change is driven by an $8.7 million improvement in the net interest loss, offset by a $2 million reduction in gain-on-sale revenue, and a $7.5 million reduction in other reoccurring revenue.

正常營運的淨虧損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 1,530 萬美元，較前一季的 1,620 萬美元下降。變動主要由淨利息損失改善 870 萬美元所帶動，但被出售收益（gain-on-sale）收入減少 200 萬美元，以及其他經常性收入減少 750 萬美元所抵銷。

The improvement in the net interest loss was due to a $445 million reduction in secured borrowings and continued corporate debt paydown, more than offsetting $4.3 million in lower interest income which settled at $77.4 million as the CRE portfolio continued to contract. We expect net interest income to continue improving as non-accrual loans and REO are resolved, asset-level and corporate debt are reduced, and capital is recycled into current market yields.

淨利息損失的改善，主要來自擔保借款減少 4.45 億美元以及持續償還公司債務；這些改善足以抵銷利息收入減少 430 萬美元的影響。由於 CRE 投資組合持續收縮，利息收入落在 7,740 萬美元。我們預期，隨著不計息貸款與 REO（收回不動產）逐步處理、資產層級與公司層級負債下降，以及資本再投入至符合當前市場殖利率的資產，淨利息收入將持續改善。

On the expense side, operating expenses improved to $48.7 million from $67.7 million. This was primarily due to normalization of servicing expenses to $3.4 million from $15.4 million, which previously included $6.7 million of non-recurring servicer advance reimbursements tied to the first quarter CLO collapses. Additionally, the net loss on the Ritz position improved $1.2 million in the quarter.

在費用方面，營運費用由 6,770 萬美元改善至 4,870 萬美元。主要原因是服務（servicing）費用回歸正常水準，從 1,540 萬美元降至 340 萬美元；先前費用中包含 670 萬美元的一次性服務商墊款（servicer advance）償付，與第一季 CLO 崩解事件相關。此外，本季 Ritz 部位的淨損失也改善了 120 萬美元。

Other items included in earnings improved $80.2 million quarter-over-quarter to a loss of $68.3 million. The improvement was primarily due to lower realized losses, which equaled $27.9 million, and lower loan loss reserves and evaluation allowances, which equaled $20.1 million.

納入盈餘的其他項目，較上季改善 8,020 萬美元至虧損 6,830 萬美元。改善主要來自已實現損失降低（為 2,790 萬美元）以及貸款損失準備與估值準備降低（為 2,010 萬美元）。

Regarding liquidity and capitalization, we ended the quarter with $124.1 million of unrestricted cash. Total assets declined to $6.26 billion from $6.31 billion on March 31. Total leverage was 3 times trending towards our 2.5 times target, and we held $690 million of unencumbered assets at quarter end.

就流動性與資本結構而言，我們在季末持有 1.241 億美元的不受限制現金。總資產由 3 月 31 日的 63.1 億美元降至 62.6 億美元。總槓桿為 3 倍，正朝我們 2.5 倍的目標趨近；此外，季末我們持有 6.90 億美元的未設抵押資產。

With that, we will open the line for questions.

接下來我們開放提問。

(Operator Instructions) Crispin Love, Piper Sandler.

（接線員指示）Crispin Love，Piper Sandler。

First, on meeting the fourth quarter debt maturities, can you share just what else needs to be done to be able to do that? Is it driven by continued sales of loans? And then just how close are you to accomplishing that? And then what are you targeting for the remainder of 2026 as it relates for CRE and REO dispositions and runoff?

首先，關於滿足第四季到期的債務，你們能分享還需要做哪些事情才能達成嗎？這是否主要取決於持續出售貸款？另外，你們距離完成這件事還有多近？最後，針對 2026 年剩餘期間，你們在 CRE 與 REO 的處分與自然到期縮表（runoff）方面的目標是什麼？

Yes, just to contextualize that, Crispin, we embarked on the liquidity plan in the fourth quarter and then through organic liquidity, which is portfolio runoff, and supplemented by loan sales, we raised almost $2 billion, which was used to pay down $1.7 billion of CRE corporate debt and secured debt.

好的，Crispin，先補充一下背景：我們在第四季啟動流動性計畫，之後透過自然流動性（也就是投資組合縮表）並搭配貸款出售，合計籌得將近 20 億美元，用於償還 17 億美元的 CRE 公司債務與擔保債務。

So as of today, we're in the, I'd characterize it as the eighth inning, and the only major difference here is that we are no longer budgeting loan sales at this stage, maybe opportunistically at the loan level here and there as part of an asset management strategy, but the balance of what we're looking at is optimization of financing on $950 million of performing and non-performing loans and runoff on $900 million, and potential sale or financing on a $118 million joint venture position. There's a few other incremental liquidity initiatives, but we're confident that those three key drivers at the end, absent loan sales, which are not currently budgeted, will generate liquidity in excess of the 2026 remaining maturities.

因此截至今天，我會形容我們已進入第八局；而此處唯一的重大差異是，我們在現階段不再把貸款出售納入預算，可能僅在個別貸款層級視機會、作為資產管理策略的一部分進行。接下來我們關注的重點，是對 9.5 億美元的正常與不良貸款進行融資最佳化、對 9 億美元資產進行縮表（runoff），以及對 1.18 億美元的合資（joint venture）部位進行潛在出售或融資。另外還有一些增量的流動性措施，但我們有信心，最後這三個關鍵驅動因素——在不依賴貸款出售（目前未列入預算）的情況下——將可產生超過 2026 年剩餘到期債務所需的流動性。

Okay. That's helpful. And then just on the Portland mixed-use property, Tom, I believe you discussed potential monetization for that property. Is that beyond the Ritz kind of hotel and residences? And then can you discuss the process there and when you might decide if that's the right path for the property and what you need to look at to see if that's the right path.

了解。這很有幫助。另外關於波特蘭（Portland）的複合用途（mixed-use）資產，Tom，我記得你提到可能會將該資產變現。這是否超出 Ritz 那個飯店與住宅的範圍？你能談談那邊的流程，以及你們何時可能決定這是否是該資產的正確路徑、以及需要觀察哪些因素來判斷是否合適嗎？

Yes, I'll give a high level and I'll have Adam, our Chief Credit Officer, comment. But as you may recall, there's three components to that mixed-use project. One is the, obviously the core is the Ritz-Carlton Hotel, which continues to meet its stabilization target as measured by, you know, RevPAR, occupancy, et cetera. And, you know, one of the big decisions we've made there, which has been very successful is working with Marriott to reduce the ADR to increase occupancy. So that strategy, that is about 50% of the value and that continues on a trajectory.

可以，我先做高層次說明，並請我們的首席信貸長 Adam 補充。如你所記得，該複合用途專案有三個組成部分。第一個部分，當然核心是 Ritz-Carlton 飯店；以 RevPAR、住房率等指標衡量，持續達成其穩定化目標。而我們在那裡做出的其中一個重大決策、且非常成功的，是與 Marriott 合作下調 ADR 以提高住房率。因此這項策略約占價值的 50%，並且仍在既定軌道上推進。

The second component, which is about 40%, is the condos and we've embarked with Christie's on a four-phase project going back to late last year. We're in Phase 2 now and we're on target in terms of both pricing and number, actually ahead of schedule on number of units sold. With those under contract plus what we've sold, we're at about 40% at this stage.

第二個部分約占 40%，是公寓（condos）；我們與 Christie's 自去年底起啟動一個四階段專案。目前在第二階段，無論在定價或數量方面都符合目標，且在已售出單位數上實際上超前進度。加上已簽約與已售出的部分，目前約達到 40% 的進度。

And finally, there's the office, which is about I think 26% occupied which we're continuing to look at. We're getting some tenant traffic there but that's only 10%. So all of that together is we have a very aggressive plan for, which is on or ahead of target. And so that will lead, to answer your question, that will lead to a decision to monetize it at some point in the coming quarters.

最後是辦公室部分，我想目前出租率約 26%，我們仍在持續評估。那邊有一些承租方來看，但那部分只占 10%。綜合以上，我們有一個非常積極的計畫，目前達標或超前。因此，回答你的問題，這將在未來幾季的某個時間點促成我們做出是否將其變現的決策。

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Can you say more about the $118 million joint venture investment? What is that exactly?

你能多談談那筆 1.18 億美元的合資投資嗎？那具體是什麼？

Yeah, Jade, that was historically, Ready Capital had purchased equity interests in CRE equity from the external manager who had a strategy around accessing those investments at a very cheap level in the context of the fair value options on CMBS deals. So that was in turn converted into a -- a fund was raised around that strategy, and Ready Capital converted its interest in those CRE equity investments into an investment in the fund. So it's essentially an LP interest in a Waterfall-managed CRE fund, which is currently unencumbered.

好的，Jade。歷史上，Ready Capital 曾向外部管理人購買 CRE 股權（CRE equity）的股權權益；該管理人的策略是在 CMBS 交易的公允價值選擇權（fair value options）架構下，以非常低的價格取得這些投資。之後，圍繞該策略募集了一支基金，而 Ready Capital 也將其在這些 CRE 股權投資中的權益轉換為對該基金的投資。因此本質上，這是一個由 Waterfall 管理的 CRE 基金之有限合夥人（LP）權益，目前未設抵押。

Okay, but I assume that the underlying investments have leverage on them, or do they not?

好的，但我假設底層投資是有槓桿的，還是沒有？

They're just traditional CRE equity investments. There's about 30-line items in the portfolio.

它們只是傳統的商用不動產（CRE）股權投資。投資組合大約有 30 個明細項目。

So this can be leveraged, this investment?

所以這項投資是可以加槓桿的，對嗎？

Yeah, it's a straight-up LP interest in a fund that's in its harvest period. So it's very short duration. And so there's, as you probably know, there's a whole growth area in the banking industry and non-banks with these fund finance projects, fund financing on LP interest as well as a secondary market for sale. So that's what we've been evaluating in the context of this being a good asset that's unlevered.

是的，這是對一檔處於收割期的基金之直接 LP 權益。所以存續期間非常短。而且如你可能知道的，銀行業與非銀行機構在基金融資專案方面有一個很大的成長領域，包括以 LP 權益作為融資標的的基金融資，以及用於出售的次級市場。因此，我們一直在評估：在此情境下，這是一項未加槓桿的優質資產。

And the $2.7 billion CRE loan book, how much leverage, both secured and unsecured, is currently on that portfolio?

那 27 億美元的 CRE 放款資產組合，目前在該投資組合上（包含有擔保與無擔保）加了多少槓桿？

Andrew, you want to comment?

Andrew，你要補充說明嗎？

Yeah. So on the asset-level side, to the extent not securitized, average advance rates are in the low 60s. So the majority of that book is levered with the exception of the unencumbered portfolio, which on the loan side is roughly $300 million or so.

好的。就資產層級而言，在未證券化的部分，平均預支比率大約在 60% 出頭。因此，該放款簿的大多數是有槓桿的，例外是未設抵押的投資組合；就放款端而言大約是 3 億美元左右。

And then on the securitized side, it's really, given all the CLOs have been collapsed, it's really limited to our legacy fixed-rate product, as well as some of the small-balance commercial loans we bought at the start of the company. So typically, the warehouse leverage advance rates are in the low 60s.

至於證券化那一側，因為所有 CLO 都已經被清算/終止，所以主要只剩我們的存量固定利率產品，以及公司成立初期買入的一些小額商用貸款。因此一般來說，倉儲融資的槓桿預支比率也在 60% 出頭。

But in aggregate, that doesn't include the corporate leverage. So the 60s advance rate goes up, including the corporate leverage. So what's the total leverage that you would associate with the $2.7 billion portfolio?

但整體而言，這不包含公司層級的槓桿。所以把公司層級槓桿算進去，60% 多的預支比率會再提高。那你會把 27 億美元投資組合對應的總槓桿視為多少？

Yes, so the corporate leverage on the secured side, the majority of that secured debt is sort of equity pledges of, you know, entities throughout the structure. The majority or a good portion of that equity is in CRE assets. So that's really how it's done. It's not a direct pledge of that CRE collateral.

是的，公司層級在有擔保端的槓桿，其中大部分的擔保債務，基本上是以整個架構中各實體的股權質押作為擔保。而這些股權中，多數或相當一部分是 CRE 資產。大致上就是這樣操作的。它不是直接質押那些 CRE 抵押品。

So I mean, just from my vantage point as an outsider looking at this, it seems challenging to raise $450 million of equity capital in order to pay off the upcoming maturities. So I'm surprised to hear that the loan asset sale program has been, that you're not going to be doing that. I would have thought you'd continue to do that as a way to make sure you meet these maturities.

所以以我這個外部人士的角度來看，為了償還即將到期的債務，要募到 4.5 億美元的股權資金似乎很具挑戰。因此我很驚訝聽到你們的放款資產出售計畫——你們不打算做了。我原本以為你們會繼續這麼做，以確保能如期應付這些到期債務。

Jade, I totally understand the comment, but what we constantly evaluate is the discount for sale in the secondary market versus on-balance sheet strategies. And we're talking about a smaller number of line items now. The $1 billion non-performing portfolio, for example, is down to 44 assets. So it's very finite. And so we have very strong, away from loan sales, we have very strong financing counterparties.

Jade，我完全理解你的評論，但我們一直在評估的是：在次級市場出售所需承受的折價，與留在資產負債表上的策略相比孰優孰劣。而且我們現在談的是更少的明細項目。例如，10 億美元的不良投資組合已降到 44 項資產。所以範圍非常有限。因此，除了出售放款之外，我們也有非常強的融資對手方。

There's a lot of liquidity available for these assets. So what we've done is we've focused on optimization of the existing remaining legacy book as an alternative to loan sales. And that is generating that plus cash on hand and the other liquidity initiatives that we've talked about or the runoff on the portfolio, those three items, which will have enough cash to pay off the debt with a comfortable margin.

這些資產有大量可用的流動性。所以我們所做的是，聚焦於把現存剩餘的存量放款簿做最佳化，作為出售放款的替代方案。而這會產生現金流，再加上手上現金，以及我們談到的其他流動性措施，或投資組合自然縮減（runoff），這三項合計將有足夠現金以相當寬裕的幅度償還債務。

Okay. And so, post all of this, do you think the company can get back to profitability based on its existing capital base, whatever that will look like after all of these remaining actions are effectuated?

了解。那在完成所有這些之後，你認為公司能否在既有資本基礎上恢復獲利？當然那個資本基礎會在這些剩餘行動落實後呈現不同樣貌。

Yes, and it's a very straightforward answer. As you know, in one shade of gray or another, many in the sector are undertaking this exercise. But with respect to Ready, the first is the recycling of the legacy book, which is $2.7 billion, and we've changed the characterization of the portfolio, performing, non-performing, to enable analysts and investors to track the success there. But I do point out that the duration of that book is, the $1 billion of non-performing is only 11 months. So it's a very quick runoff and 44 assets.

可以，而且答案很直接。如你所知，在某種程度上，這個產業裡很多公司都在進行這樣的調整。但就 Ready 而言，第一是存量放款簿的回收/再循環（recycling），規模為 27 億美元；我們也改變了投資組合的分類方式（履約/不履約），讓分析師與投資人能追蹤其成效。不過我要指出的是，該放款簿的存續期間——其中 10 億美元的不履約部分——只有 11 個月。所以它會非常快速地自然縮減，而且只有 44 項資產。

The other component of the legacy book, obviously, is the 24 REO units of which the Ritz is the largest. And those have very defined, relatively short duration runoff too. So the big part, the first leg of the stool on the reboot of the earnings is the runoff of the legacy book, which we're highly confident that it is short duration and will be realized, and we're also looking at joint ventures and other ideas, quasi-securitizations to accelerate that effort.

存量放款簿的另一個組成部分，顯然是 24 個 REO 單位，其中 Ritz 規模最大。而這些也有非常明確、相對短期的自然縮減時程。因此，獲利重啟的第一個支柱，就是存量放款簿的自然縮減；我們非常有信心其存續期間短且可實現，同時也在研究合資與其他想法、類證券化（quasi-securitizations）等方式來加速這項工作。

The second thing is, obviously, now that we've fixed the liquidity and warehouse line structure in our SBA business, that is obviously highly profitable, and that will be the ramp in originations there, will be the second leg of the stool.

第二點很明顯，現在我們已經修復了 SBA 業務的流動性與倉儲額度結構，那塊業務顯然非常獲利；而那邊放款承作量的爬坡，將是第二個支柱。

And finally, OpEx. We expect through three approaches. One is just a natural reduction in staffing and vendors associated with the portfolio runoff. The second thing being divestiture of ancillary businesses, all of which are in flight. And the third is integration with the external manager's CRE lending businesses to source investments. Those three things will result in a targeted 25% to 35% reduction in OpEx.

最後是營運費用（OpEx）。我們預期透過三種方式。第一是隨著投資組合自然縮減，相關人力與供應商會自然減少。第二是出售非核心業務，這些都正在進行中。第三是與外部管理人的 CRE 放款業務整合，以取得投資來源。這三項將帶來目標為 25% 到 35% 的 OpEx 降幅。

So those are the three legs to the stool, the runoff of the legacy book, focus on and doubling down on the SBA business, and the OpEx right-sizing in that context, which will enable us to return to profitability.

所以這就是三個支柱：存量放款簿的自然縮減、聚焦並加碼 SBA 業務，以及在此背景下調整 OpEx 規模，這將使我們能回到獲利。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Capasse for any final comments.

謝謝。各位女士先生，我們的問答環節到此結束。我把時間交回給 Capasse 先生做最後結語。

We appreciate everybody's time today. We look forward to next quarter in terms of final updates on our repositioning plan. Thank you, everybody. Have a good day.

感謝各位今天撥冗參與。我們期待在下個季度就我們的重新定位計畫提供最終更新。謝謝各位。祝大家有美好的一天。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。