Chicago Atlantic Real Estate Finance Inc (REFI) 2025 Q2 法說會逐字稿

Good day, and welcome to the Chicago Atlantic Real Estate Finance, Inc. second quarter 2025 earnings call. (Operator Instructions). Please note this event is being recorded.

大家好，歡迎參加芝加哥大西洋房地產金融公司2025年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to hand the call to Tripp Sullivan of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係部的特里普·沙利文。請繼續。

Thank you. Good morning. Welcome to the Chicago Atlantic Real Estate Finance conference call to review the company's results. On the call today will be Peter Sack, Co-Chief Executive Officer; David Kite, Chief Operating Officer; and Phil Silverman, Chief Financial Officer. Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our supplemental filed with the SEC.

謝謝。早安.歡迎參加芝加哥大西洋房地產金融公司電話會議，本次會議將回顧公司業績。今天參加電話會議的有：聯合執行長彼得薩克；營運長大衛凱特；以及財務長菲爾西爾弗曼。今天上午，我們發布了業績新聞稿，您可以在我們網站的投資者關係部分找到新聞稿，以及我們向美國證券交易委員會提交的補充文件。

A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call. During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans and other investments, future dividends and financing activities. All forward-looking statements represent Chicago Atlantic's judgment as of the date of this conference call and are subject to risks and uncertainties that can cause actual results to differ materially from our current expectations.

今天將提供本次電話會議的即時音訊網路直播。對於收聽本次網路直播回放的聽眾，我們提醒您，此處所作的發言僅代表截至今日的觀點，本次通話結束後將不再更新。在本次電話會議中，我們發表的某些評論和聲明可能被視為證券法規定意義上的前瞻性聲明，包括與我們投資組合的未來表現、我們潛在的貸款和其他投資項目、未來股息和融資活動相關的聲明。所有前瞻性陳述均代表芝加哥大西洋公司截至本次電話會議之日的判斷，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。

Investors are urged to carefully review various disclosures made by the company, including the risk and other information disclosed in the company's filings with the SEC. We also will discuss certain non-GAAP measures, including, but not limited to, distributable earnings. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC.

投資者應仔細審查公司所做的各種揭露，包括公司向美國證券交易委員會提交的文件中揭露的風險和其他資訊。我們也將討論一些非GAAP指標，包括但不限於可分配收益。這些非GAAP指標的定義以及與最可比較GAAP指標的調節表均包含在我們向美國證券交易委員會提交的文件中。

I'll now turn the call over to Peter Sack. Please go ahead.

現在我將把電話交給彼得·薩克。請繼續。

Thank you, Tripp. Good morning, everyone. While the cannabis equity markets have vacillated on the headlines surrounding the DEA and rescheduling and other capital providers have been inconsistent in their commitments to the industry, we've maintained our steady as-it-goes approach. We're deploying capital with consumer and product-focused operators in limited license jurisdictions at low leverage profiles to support fundamentally sound growth initiatives. And more importantly, we're staying disciplined and patient by making decisions based on credit and our ability to protect principal and achieve strong risk-adjusted returns.

謝謝你，特里普。各位早安。儘管大麻股票市場受到美國緝毒局和重新分類相關新聞的影響而波動，其他資本提供者對該行業的承諾也前後矛盾，但我們一直堅持走一步看一步的穩健方法。我們正在向受限牌照管轄區內以低槓桿率運作的、以消費者和產品為中心的營運商部署資本，以支援穩健的成長計畫。更重要的是，我們保持自律和耐心，根據信用狀況和我們保護本金的能力做出決策，以實現強勁的風險調整後收益。

The cannabis pipeline across the Chicago Atlantic platform has increased from $462 million a quarter ago to nearly $650 million today. We have a number of signed term sheets within this pipeline that should offset the early Q3 payoffs and keep us on track for net portfolio growth for the year.

芝加哥大西洋平台上的大麻貿易額已從上季度的 4.62 億美元增至如今的近 6.5 億美元。我們目前已簽署多項投資意向書，這些意向書應該可以抵消第三季初的收益，並使我們今年的投資組合淨成長目標得以實現。

Upcoming maturities in the market, M&A activity related to operational and balance sheet restructurings and a growing number of ESOP sale transactions drive recent pipeline growth. With our long history in the industry and over $2.2 billion of capital deployed in the cannabis industry alone, we continue to have the most robust platform to meet the growth of the industry. We enhanced our ability to support that growth with the recent extension of our credit facility with no change to the economic terms from June 30, 2026, to June 30, 2028.

市場即將成熟、與營運和資產負債表重組相關的併購活動以及越來越多的員工持股計畫 (ESOP) 出售交易推動了近期專案儲備的成長。憑藉我們在該行業的悠久歷史，以及僅在大麻行業就投入的超過 22 億美元的資金，我們繼續擁有最強大的平台來滿足該行業的成長需求。我們最近將信貸額度延長至 2028 年 6 月 30 日，經濟條款不變，從而增強了我們支持這一增長的能力。

Our overriding goal for our shareholders is to create a differentiated and low levered risk return profile that is insulated from cannabis equity volatility and outperforms our industry-agnostic mortgage REIT peers. While there has been some near-term divergence in the financial services industry due to uncertainty around tariffs and the direction of interest rate policy, we're confident that we will outperform long term and deliver strong returns to our shareholders.

我們為股東設定的首要目標是創造差異化且低槓桿的風險回報特徵，使其免受大麻股票波動的影響，並超越我們行業無關的抵押貸款 REIT 同行。儘管由於關稅和利率政策走向的不確定性，金融服務業短期內出現了一些分化，但我們相信，從長遠來看，我們將取得優異的業績，並為股東帶來豐厚的回報。

David, why don't you take up from here?

大衛，你接手吧？

Thank you, Peter. As of June 30, our loan portfolio principal totaled $421.9 million across 30 portfolio companies with a weighted average yield-to-maturity of 16.8% compared with 16.9% for the first quarter. Gross originations during the quarter were $16.5 million of principal fundings, of which $10 million was an upsize and refinance of loan number 7 and $6.5 million was funded to existing borrowers on delayed draw term loan facilities. These were partially offset by scheduled principal amortization payments received of $3.1 million.

謝謝你，彼得。截至 6 月 30 日，我們的貸款組合本金總額為 4.219 億美元，涵蓋 30 家投資組合公司，加權平均到期收益率為 16.8%，而第一季為 16.9%。本季發放的貸款總額為 1,650 萬美元本金，其中 1,000 萬美元是對第 7 號貸款的增額和再融資，650 萬美元是向現有借款人提供的延期提取定期貸款。這些損失部分被收到的310萬美元預定本金攤銷款項所抵銷。

As of June 30, 2025, the percentage of our portfolio comprised of fixed rate loans and floating rate loans was 40.7% and 59.3% respectively. Our floating rate loans are generally benchmarked against the prime rate. When factoring for prime rate floors, 70.9% of the portfolio would be unaffected by prime rate declines up to 50 basis points, and 91.2% of the portfolio would be unaffected by prime rate declines up to 75 basis points.

截至 2025 年 6 月 30 日，我們的投資組合中固定利率貸款和浮動利率貸款的比例分別為 40.7% 和 59.3%。我們的浮動利率貸款通常以優惠利率為基準。考慮到優惠利率下限，70.9% 的投資組合不會受到優惠利率下降 50 個基點的影響，91.2% 的投資組合不會受到優惠利率下降 75 個基點的影響。

Meanwhile, our floating rate loans are not exposed to interest rate caps. We believe the portfolio remains well positioned to limit the impact of interest rate declines should the Federal Reserve decide to adjust Fed funds target later in the year. Total leverage equaled 39% of book equity at June 30 compared to 28% as of March 31.

同時，我們的浮動利率貸款不受利率上限的限制。我們認為，如果聯準會決定在今年稍後調整聯邦基金目標利率，該投資組合仍能很好地限制利率下降的影響。截至 6 月 30 日，總槓桿率相當於帳面權益的 39%，而截至 3 月 31 日，比例為 28%。

Our debt service coverage ratio on a consolidated basis for the quarter was approximately 4.27:1 compared with the requirement of 1.35:1. As of June 30, we had $71.2 million outstanding on our senior secured revolving credit facility and $50 million outstanding on our unsecured term loan. As of today, we have approximately $97.6 million available on the senior credit facility with total liquidity net of estimated liabilities of approximately $94 million. The increase in availability under our leverage facility since quarter end results primarily from the application of approximately $56.8 million of proceeds from loan prepayments from six credit facilities subsequent to quarter end. To date in the third quarter, we recognized make-whole and prepayment fees on these prepayments of approximately $1 million.

本季合併後的負債償債比率約為 4.27:1，而要求為 1.35:1。截至 6 月 30 日，我們的優先擔保循環信貸額度未償還餘額為 7,120 萬美元，無擔保定期貸款未償還餘額為 5,000 萬美元。截至今日，我們在優先信貸安排下約有 9,760 萬美元可用資金，扣除估計負債後的總流動資金約為 9,400 萬美元。自季度末以來，我們槓桿融資管道的可用性增加，主要得益於季度末後六筆信貸融資的貸款提前償還款約 5,680 萬美元的使用。截至第三季末，我們已確認這些預付款項的補償費和預付款費用約為 100 萬美元。

I'll now turn it over to Phil.

現在我把麥克風交給菲爾。

Thanks, David. Our net interest income of $14.4 million for the second quarter represented a 10.6% increase from $13 million during the first quarter of 2025. The increase was primarily attributable to nonrecurring prepayment, make-whole, exit and structuring fees, which amounted to approximately $1.5 million for Q2 2025 compared with $0.4 million in Q1 as well as incremental gross interest income earned on our $16.5 million of new deployments.

謝謝你，大衛。第二季淨利息收入為 1,440 萬美元，比 2025 年第一季的 1,300 萬美元成長了 10.6%。成長主要歸因於非經常性預付款、補償金、退出費和結構化費用，2025 年第二季約為 150 萬美元，而第一季為 40 萬美元，以及我們在 1,650 萬美元新部署中獲得的增量毛利息收入。

Total interest expense, including noncash amortization of financing costs for the second quarter was consistent with Q1 at approximately $2.1 million. The weighted average borrowings on our Revolving Loan remained relatively consistent at $42.3 million compared to $41.6 million during the first quarter.

第二季總利息支出（包括非現金融資成本攤提）與第一季基本持平，約 210 萬美元。我們的循環貸款加權平均借款額保持相對穩定，為 4,230 萬美元，而第一季為 4,160 萬美元。

As David noted, the company has approximately $98 million available on our Revolving Loan. Our CECL reserve on our loans held for investment as of June 30, 2025, was approximately $4.4 million compared with $3.3 million as of March 31. During the second quarter, we placed loan number 6 on nonaccrual status, which partially contributed to the sequential increase in the reserve, and this loan is included in risk rating 4 as of June 30.

正如大衛所指出的，該公司目前有大約 9800 萬美元的循環貸款可用。截至 2025 年 6 月 30 日，我們投資貸款的 CECL 準備金約為 440 萬美元，而截至 3 月 31 日為 330 萬美元。第二季度，我們將第 6 號貸款置於非應計狀態，這在一定程度上導致了準備金的環比增加，截至 6 月 30 日，該貸款的風險評級為 4。

On a relative size basis, our reserve for expected credit losses represents approximately 1.1% of outstanding principal of our loan held for investment compared to 0.8% as of March 31. On a weighted average basis, our portfolio maintains strong real estate coverage of 1.2 times.

以相對規模計算，我們為預期信貸損失準備金約占我們投資貸款未償本金的 1.1%，而截至 3 月 31 日，比例為 0.8%。以加權平均計算，我們的投資組合維持著1.2倍的強勁房地產覆蓋率。

Our loans are secured by various forms of other collateral in addition to real estate, including UCC-1 all asset liens on our borrower credit parties. These other collateral types contribute to overall credit quality and lower loan-to-value ratios. Our portfolio has a loan-to-enterprise value ratio on a weighted average basis of 43.2% as of June 30, calculated as senior indebtedness of the borrower divided by the total fair value of total collateral to refi.

除了房地產外，我們的貸款還以各種其他形式的抵押品作為擔保，包括 UCC-1 所有資產留置權，這些留置權針對的是我們的借款人信用方。這些其他類型的抵押品有助於提高整體信用品質並降低貸款價值比。截至 6 月 30 日，我們的投資組合的貸款與企業價值比率（按加權平均計算）為 43.2%，計算方法為借款人的優先債務除以用於再融資的總抵押品的公允價值。

Distributable earnings per weighted average share on a basic and fully diluted basis were approximately $0.52 and $0.51 for the second quarter, an increase from $0.47 and $0.46 during the first quarter of this year. And in July, we distributed the first quarter dividend of $0.47 per common share declared by our Board in June 2025. During the second quarter, approximately 181,000 restricted stock awards previously granted under our employee incentive plan vested to common stock and accrued dividends since their respective grant dates of approximately $0.6 million, which were paid in June 2025. Our book value per common share outstanding was $14.71 as of June 30, and there were approximately 21.5 million common shares outstanding on a fully diluted basis as of such date.

第二季以基本和完全稀釋基準計算的加權平均每股可分配收益約為 0.52 美元和 0.51 美元，較今年第一季的 0.47 美元和 0.46 美元有所增長。7 月，我們派發了董事會於 2025 年 6 月宣布的第一季股息，每股普通股 0.47 美元。在第二季度，根據我們的員工激勵計劃先前授予的約 181,000 份限制性股票獎勵已歸屬為普通股，並且自各自的授予日期以來已累計支付約 60 萬美元的股息，這些股息已於 2025 年 6 月支付。截至 6 月 30 日，我們每股普通股帳面價值為 14.71 美元，截至該日，以完全稀釋基準計算，已發行普通股約 2,150 萬股。

We continue to expect to maintain a dividend payout ratio based on our basic distributable earnings per share of 90% to 100% for the 2025 tax year. If our taxable income requires additional distributions in excess of the regular quarterly dividend to meet our taxable income requirements, we expect to meet that requirement with a special dividend in the fourth quarter.

我們預計 2025 課稅年度將維持每股基本可分配收益 90% 至 100% 的股利支付率。如果我們的應稅收入需要額外分配，超出常規季度股息，才能滿足應稅收入要求，我們預計將在第四季度透過派發特別股息來滿足這項要求。

Operator, we're now ready to take questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Aaron Grey, Alliance Global Partners.

（操作說明）Aaron Grey，Alliance Global Partners。

So first question for me. Pipeline went up nicely Q-over-Q. Just want to get some color in terms of what you're seeing in the pipeline. I understand it can be for the whole Chicago Atlantic platform.

我的第一個問題是…管道運輸量較上季成長良好。只是想了解你們目前在研發管線中看到的情況。我知道這可能適用於整個芝加哥大西洋平台。

But was it more a function of operators realizing one of the limited options out there for capital? I just want to make sure there's no change in criteria qualifying for it to enter the pipeline or maybe just a function of larger potential opportunities that came in there. So any color that maybe drove some of the sequential increase in that pipeline?

但這是否更反映了營運商意識到市場上有限的資金選擇之一？我只是想確認一下，進入專案流程的資格標準是否有所改變，或者這只是因為出現了更大的潛在機會。那麼，究竟是什麼顏色導致了該生產線上的某些連續成長呢？

Thanks, Aaron. Pipeline growth is driven by increased number of increased activity in the market of M&A, largely M&A, whether that's operational reorganization, ESOP transactions and to a certain extent, refinancings of existing debt.

謝謝你，亞倫。管道成長是由併購市場活動增加所驅動的，主要是併購，無論是營運重組、員工持股計畫交易，或是在某種程度上對現有債務進行再融資。

Great. Peter, second question for me, you mentioned some increased liquidity from some prepayments that happened subsequent to the quarter. Just kind of more broadly speaking, how do you view prepayments occurring for the remainder of the portfolio, maybe just kind of sticking it out through the remainder of the year? Do you feel like there's a large number of loans where that could occur further? Do you feel like that's more limited in nature?

偉大的。Peter，我的第二個問題是，你提到季度末之後的一些預付款增加了流動性。更廣泛地說，您如何看待剩餘投資組合的提前還款，或許應該堅持到今年年底？你覺得有很多貸款可能會進一步出現這種情況嗎？你覺得這在本質上是否更具限制？

Just want to get more color in terms of how you're seeing the potential for prepayments and then also how you're seeing the yields for those potential loans that are being prepaid and how you can then deploy that out into new loans?

我想更詳細地了解您如何看待提前還款的潛力，以及您如何看待這些潛在提前還款貸款的收益率，以及如何將這些收益用於新的貸款？

We -- sometimes it's difficult to predict prepayments and prepayments are both good and bad. They're a marker of success of the portfolio and quality of the portfolio. But they also are capital that is to be redeployed into new opportunities. I think the prepayments that occurred in early Q3 were particularly large and greater than I would expect for the balance of the year. But again, it's difficult to predict. That being said, they don't necessarily come at a bad time given the pipeline of opportunities that we have.

我們——有時很難預測提前付款，而且提前付款既有好處也有壞處。它們是衡量投資組合成功與否和投資組合品質的標誌。但它們也是需要重新部署到新機會中的資本。我認為第三季初發生的預付款金額特別大，比我預期的今年剩餘時間的預付款金額要高得多。但同樣，這很難預測。話雖如此，考慮到我們目前擁有的機會儲備，這些機會的到來也未必是壞事。

Okay, great, thanks so much for that call, Peter. I'll jump back into the queue.

好的，太好了，非常感謝你的來電，彼得。我重新排隊。

(Operator Instructions) Pablo Zuanic, Zuanic Associates.

（操作說明）Pablo Zuanic，Zuanic Associates。

Peter, can you just give an update on New York in terms of the relationship there with the agency, how the program is going? How many stores have you funded? What color can you share with us in that regard?

彼得，你能否簡要介紹紐約方面的情況，包括與該機構的關係以及計畫的進展？你投資了多少家店？在這方面，您能和我們分享一下您喜歡的顏色嗎？

Yes. Relationship with the New York Social Equity Fund and the Dormitory Authority of New York is strong. We have a lot of faith in the program. They've built close to 23 dispensaries that are operating relatively successfully.

是的。與紐約社會公平基金和紐約宿舍管理局的關係牢固。我們對這個項目充滿信心。他們已經建立了近 23 家藥房，這些藥房的運作都相對成功。

And we're really proud of what they've accomplished for those entrepreneurs. Those entrepreneurs that have been able to get their dispensaries open and are operating well. There's been a large amount of news around that market with regulations changing and controversy around how dispensaries were cited. But I'm confident that the governor's office and the legislature will find a solution and work their way through because it's in everyone's interest to do so.

我們為他們為這些創業者所取得的成就感到非常自豪。那些已經成功開設藥房並運作良好的企業家。圍繞在市場，新聞層出不窮，法規不斷變化，藥房的處罰方式也引發了爭議。但我相信州長辦公室和立法機構會找到解決方案並努力解決，因為這符合每個人的利益。

And I think the New York market as a whole has been developing quite well in 2025. The wholesale market is developing, product quality and diversity has improved significantly and the ecosystem of dispensary operators has become nicely developed. And that's important for the ability of the legal market to compete with the illegal market. We've always said that there's three important prongs of a healthy legal operating market.

我認為2025年紐約整體市場發展得相當不錯。批發市場正在發展，產品品質和多樣性得到了顯著提高，藥房營運商的生態系統也發展得相當完善。這對於合法市場與非法市場競爭的能力至關重要。我們一直認為，一個健康的法律營運市場有三個重要面向。

You need access to dispensaries ideally within minutes of 15-minute walk of your front door. You need high-quality, reliable product grown indoors year-round. And you need pricing that's competitive, including taxes with potential legal competitors, and New York is getting that.

理想情況下，您需要家門口步行 15 分鐘或幾分鐘內就能到達藥局。你需要全年室內種植的高品質、可靠的產品。而且你需要具有競爭力的價格，包括與潛在合法競爭對手的稅收，而紐約正在獲得這種價格。

That's good. And then just bigger picture, obviously, we're all aware of many companies coming -- having maturities coming up over the next 12, 18 months. Can you talk about the landscape?

那挺好的。從更宏觀的角度來看，我們都知道，未來 12 到 18 個月內，許多公司的債務將到期。你能描述一下這裡的風景嗎？

Because when we ask the companies, it seems to me that some of them are in a wait-and-see mode, waiting for reform at the federal level or positive news flow at the state level. If you can talk about how the demand side of things is playing out right now. And by the same token, it's -- I always ask you a question about competition, but it seems to me that there are some of your peers or other competitors in other asset classes perhaps being more aggressive in terms of terms and financing. So maybe talk about the demand and the supply side of the market right now?

因為當我們詢問這些公司時，我覺得其中一些公司處於觀望狀態，等待聯邦層級的改革或州層面的正面消息。如果您能談談目前需求方面的情況就更好了。同樣地，我總是問你關於競爭的問題，但我覺得你的一些同行或其他資產類別的競爭對手在條款和融資方面可能更加激進。那麼，我們現在或許可以談談市場的需求端與供給端？

Among the large-cap public operators are strong participants in the market, and we've participated and deployed capital into that segment of the market selectively. But that part of the market has never been our primary focus.

大型上市業者是市場上的重要參與者，我們有選擇地參與並向該市場領域投入了資金。但那部分市場從來都不是我們主要的關注點。

Our primary focus tends to be operators that are one or two level smaller, successful strong private multistate operators and single-state operators. We do find that among some of the larger public operators, ones that are large enough to have access to, for instance, the bond market, they do bring in a slightly different profile of lenders at times. But we don't really view them as -- we view them as a different class of competition simply because that's a segment of the market that we don't focus on.

我們主要關注的是規模小一到兩級的營運商，以及成功的實力雄厚的跨州私營營運商和單州營運商。我們發現，在一些規模較大的公共營運商中，例如那些規模足夠大、可以進入債券市場的營運商，他們有時會引入略有不同的貸款人類型。但我們並不真正將他們視為——我們把他們視為不同類別的競爭對手，只是因為我們沒有關注那部分市場。

I think the wait-and-see approach makes sense given cost of capital options. A lot of the bond maturities and debt maturities that are coming up in 2026 were priced at a time when overall interest rates were a lot lower and cannabis interest rates and cannabis access to capital was lower. And so that's -- and so in that context, I think the wait-and-see approach makes a lot of sense.

考慮到資金成本的選擇，我認為採取觀望態度是合理的。2026 年即將到期的許多債券和債務都是在整體利率較低、大麻利率和大麻融資管道也較窄的情況下定價的。所以，在這種情況下，我認為採取觀望態度是很有意義的。

And one last one, and only if you can talk about this, but when I think about Chicago Atlantic, I think about the group on the private side, I think about the BDC, right? That's listed. And I think about you guys. And I'm trying to understand with the BDC involved right now, the group as a whole has more tools in approaching the clients, the demand side. Can you talk about how that's helping you working out right now, again, in terms of what you can share?

最後一個問題，如果你能談論這個問題的話，那就是當我想到芝加哥大西洋公司時，我會想到私營方面的集團，我會想到 BDC，對吧？已列入清單。我常常想起你們。我現在試著了解，有了 BDC 的參與，整個集團在接觸客戶和需求方方面擁有了更多工具。你能再談談這對你目前的鍛鍊有什麼幫助嗎？能不能分享一下你的經驗？

Yes, absolutely. Absolutely. Having multiple funding sources allows us to be a stronger, more competitive and more flexible partner to our clients, to our borrowers. And that's important because the lifeline of private credit and debt financing what underscores the quality of our portfolio ultimately stems from the quality of our pipeline. And the broader that we can make that pipeline, the largest number of opportunities that we can generate creates greater selection and ultimately creates better quality.

是的，絕對的。絕對地。擁有多種資金來源使我們能夠成為客戶和借款人更強大、更具競爭力和更靈活的合作夥伴。這一點很重要，因為私人信貸和債務融資這條生命線，最終決定了我們投資組合的質量，而這最終源自於我們專案儲備的品質。我們越能拓寬人才管道，就能創造越多的機會，進而帶來更多選擇，最終創造更高品質的人才。

And so, this is why we think that there's extreme value to being part of a broader -- for each of our funds, there's extreme value to being part of a broader platform that can take advantage of sourcing capabilities, underwriting capabilities that ultimately leads to a higher quality, more diversified portfolio in each of the vehicles that we manage.

因此，我們認為加入一個更廣泛的平台具有極大的價值——對於我們的每個基金而言，加入一個更廣泛的平台具有極大的價值，該平台可以利用資源獲取能力、承銷能力，最終使我們管理的每個工具的投資組合更加高品質、更加多元化。

This concludes our question-and-answer session. The conference has now also concluded. Thank you for attending today's presentation, and you may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講，現在可以斷開連接了。