RMR Group Inc (RMR) 2025 Q4 法說會逐字稿

Good morning and welcome to the RMR Group fiscal 4th quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing, then 0 on your telephone keypad. Please note this event is being recorded. I would now like to turn the conference over to Bryan Maher, senior Vice President. Please go ahead.

早安，歡迎參加RMR集團2025財年第四季業績電話會議。所有參與者將處於唯讀模式。如果您需要協助，請按下電話鍵盤上的 0 鍵，然後按 0 鍵，即可聯絡會議專家。請注意，本次活動正在錄影。現在我將把會議交給高級副總裁布萊恩·馬赫。請繼續。

Thank you and good morning.

謝謝，早安。

Thank you for joining our March fiscal 4th quarter 2025 conference call. With me on today's call are President and CEO Adam Portnoy, Chief Operating Officer Matt Jordan, and Chief Financial Officer Matt Brown. In just a moment they will provide details about our business and quarterly results, followed by a question-and-answer session. I would also like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995 and other securities laws. These forward-looking statements are based on AR's beliefs and expectations as of today, November 13th, 2025, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at RMRgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we may discuss non-GAAP numbers during this call, including adjusted net income per share, distributable earnings, and adjusted EBITDA, a reconciliation of net income determined in accordance with US. Generally accepted accounting principles to these non-GAAP figures can be found in our financial results. I will now turn the call over to Adam.

感謝您參加我們 2025 財年第四季（3 月）的電話會議。今天和我一起參加電話會議的有總裁兼執行長亞當·波特諾伊、營運長馬特·喬丹和財務長馬特·布朗。稍後他們將詳細介紹我們的業務和季度業績，隨後進行問答環節。我還要指出，未經公司事先書面同意，禁止錄製和重播今天的電話會議。今天的電話會議包含 1995 年《私人證券訴訟改革法案》及其他證券法所指的前瞻性陳述。這些前瞻性聲明是基於 AR 截至 2025 年 11 月 13 日的信念和預期，實際結果可能與我們預測的結果有重大差異。本公司不承擔任何義務對今天電話會議中作出的前瞻性陳述進行修訂或公開披露修訂結果。有關可能導致這些差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，這些文件可在我們的網站RMRgroup.com上找到。投資者請勿過度依賴任何前瞻性陳述。此外，我們可能會在本次電話會議中討論非GAAP數據，包括調整後的每股淨收益、可分配收益和調整後的EBITDA，以及根據美國確定的淨收益的調節表。這些非GAAP資料的通用會計準則版本可在我們的財務表現中找到。現在我將把通話交給亞當。

Thanks, Brian, and thank you all for joining us this morning.

謝謝布萊恩，也謝謝各位今天早上收看我們的節目。

Yesterday we reported fourth quarter results that were in line with our expectations, highlighted by distributable earnings of $0.44 per share, adjusted net income of $0.22 per share, and adjusted EBITA of $20.5 million. Despite a continued unsettled economic environment, RMR was active this past quarter, executing on our clients' strategic initiatives. The majority of these activities took place in our managed equity BRL, where we completed nearly $2 billion of accretive debt financings at attractive rates, and we completed over $300 million in asset sales.

昨天我們公佈了第四季度業績，符合預期，其中可分配收益為每股 0.44 美元，調整後淨收入為每股 0.22 美元，調整後 EBITA 為 2,050 萬美元。儘管經濟環境持續不穩定，但RMR在上個季度仍積極開展工作，執行客戶的策略計畫。這些活動的大部分都發生在我們管理的權益 BRL 中，我們以優惠的利率完成了近 20 億美元的增值債務融資，並完成了超過 3 億美元的資產出售。

We believe these efforts are being recognized in the public markets as demonstrated by the share price improvements at both DHC and ILPT. These share price improvements have resulted in DHC and ILPT both accruing potential incentive fees for RMR, which highlights the alignment of interest RMR has with the shareholders of our managed equity rates. While subject to change, these potential incentive fees could be approximately $22 million in 2025.

我們相信這些努力正在公開市場中得到認可，DHC 和 ILPT 的股價上漲就證明了這一點。股價的這些改善使得 DHC 和 ILPT 都獲得了 RMR 的潛在激勵費用，這凸顯了 RMR 與我們管理的股權利率的股東的利益是一致的。雖然可能會有所變動，但這些潛在的激勵費用到 2025 年可能約為 2,200 萬美元。

Turning to a few notable updates and our perpetual capital clients, DHC posted solid quarterly results led by strong sector tailwinds benefiting DHC's senior housing segment, as well as the significant capital that has been invested in DHC's communities.

接下來是一些值得關注的更新以及我們的永久資本客戶。 DHC 公佈了穩健的季度業績，這得益於強勁的行業利好因素，這些利好因素惠及了 DHC 的老年住房部門，以及對 DHC 社區的大量投資。

Consolidated Sho NOI increased 8% year over year to $29.6 million led by a 210 basis point increase in occupancy to 81.5% and a 5.3% increase in average monthly rates. Beyond its continued focus on shop operations, GHC has also been executing on its on its strategic transformation. More specifically, GHC announced the successful sale of non-core assets and attractive valuations as it further deleverage its balance sheet.

綜合 Sho NOI 年增 8% 至 2,960 萬美元，主要得益於入住率成長 210 個基點至 81.5% 以及平均月租金成長 5.3%。除了繼續專注於門市營運外，GHC 還一直在執行其策略轉型。更具體地說，GHC宣布成功出售非核心資產並獲得可觀的估值，從而進一步降低其資產負債比率。

During the quarter, DHC also began executing on its announced transition of 116 shop communities from Alaris Life to new operators that have proven track records and well established regional footprints. The transition of ALL116 communities is expected to occur by year-end 2025.

本季度，DHC 也開始執行其宣布的將 116 個社區商店從 Alaris Life 過渡到擁有良好業績記錄和穩固區域佈局的新營運商的計劃。ALL116 社區的過渡預計將在 2025 年底完成。

SVC continues to make significant progress selling non-core hotels to delever its balance sheet. During the quarter, SVC completed the sale of 40 hotels for over $292 million and is on pace to sell a total of 121 hotels in 2025 for $959 million. SVC also successfully completed a zero coupon bond offering that raised $490 million in net proceeds that were used to repay SVC's revolving credit facility and retire the remainder of SVC's 2026 debt maturities. Beyond the deleveraging efforts, we remain focused on helping SVC drive EBITDA growth across its hotel portfolio, despite softening demand and ongoing revenue displacement from from renovation activity. Further, our organization continues to keep SVC's triple net lease portfolio, which is anchored by the travel centers leased to investment grade rated BP, well leased to ensure SVC benefits from the stable cash flows these assets generate.

SVC 繼續透過出售非核心酒店來降低資產負債率，並取得了顯著進展。本季度，SVC完成了40家酒店的出售，總金額超過2.92億美元，並預計在2025年之前總共出售121家酒店，總金額達9.59億美元。此外，該公司還成功完成了零息債券發行，籌集了 4.9 億美元的淨收益，用於償還 SVC 的循環信貸額度並償還 SVC 2026 年到期的剩餘債務。除了去槓桿化努力之外，儘管需求疲軟且翻新活動持續造成收入損失，我們仍然專注於幫助 SVC 推動其酒店組合的 EBITDA 成長。此外，我們公司繼續保持 SVC 的三重淨租賃資產組合（以租賃給投資等級 BP 的旅行中心為核心）的良好租賃狀態，以確保 SVC 能夠從這些資產產生的穩定現金流中受益。

Seven Hills, our mortgage rate, delivered another solid quarter supported by a fully performing $642 million loan portfolio. Seven Hills has been exploring ways to generate new equity capital to ensure the REIT can continue to capitalize on the robust pipeline of investment opportunities our Tremont commercial lending team generates. To that end, Seven Hills recently announced a rights offering to raise approximately $65 million in new equity, which should allow for over $200 million in gross new loan investments.

Seven Hills 的抵押貸款利率在 6.42 億美元的貸款組合完全正常運作的支撐下，又一個季度表現穩健。Seven Hills 一直在探索籌集新股本的方法，以確保 REIT 能夠繼續利用我們 Tremont 商業貸款團隊創造的強勁投資機會。為此，Seven Hills 最近宣布了一項配股計劃，以籌集約 6,500 萬美元的新股權，這將使新增貸款投資總額超過 2 億美元。

The rights offering is structured so that shareholders of record on November 10th were given a transferable right to buy one new share for every two shares they currently own. Importantly, RMR, which is Seven Hills' largest shareholder, has agreed to backstop this offering, essentially acquiring any unexercised rights as a demonstration of our confidence in Seven Hills business prospects going forward.

此次配股計畫的結構是，11月10日登記在冊的股東可以獲得可轉讓的權利，每持有兩股現有股份即可購買一股新股。重要的是，身為 Seven Hills 最大股東的 RMR 已同意為此發行提供支持，實質上收購任何未行使的權利，以表明我們對 Seven Hills 未來業務前景的信心。

Lastly, in late October, OPI, after exploring all possible strategies to address its capital structure, entered into a restructuring support agreement or RSA with certain holders of its senior secured notes to restructure its corporate debt. As part of the RSA, OPI voluntarily initiated initiated a court-supervised process under Chapter 11 of the US Bankruptcy Code. This agreement will meaningfully strengthen OPI's financial position and delever the balance sheet.

最後，在 10 月下旬，OPI 在探索了所有可能的策略來解決其資本結構問題後，與某些優先擔保票據持有人簽訂了重組支援協議 (RSA)，以重組其公司債務。作為 RSA 的一部分，OPI 自願啟動了美國破產法第 11 章規定的法院監督程序。該協議將切實增強 OPI 的財務狀況並降低其資產負債率。

As part of the RSA, RMR has agreed to continue managing OPI for a 5-year term that starts upon OPI's emergence from bankruptcy. RMR will receive a flat business management fee during the 1st 2 years of $14 million per year. And our property management agreement will remain unchanged. To support OPI's operations during this process, OPI entered into a debtor in possession financing of $125 million. We remain committed to supporting the assets, vendors, and tenants of OPI throughout this process and look forward to updating you as new information becomes available in the future.

作為 RSA 的一部分，RMR 已同意在 OPI 擺脫破產狀態後繼續管理 OPI，期限為 5 年。RMR在前兩年將獲得每年1,400萬美元的固定業務管理費。我們的物業管理協議將保持不變。為支持 OPI 在此過程中的運營，OPI 獲得了 1.25 億美元的破產保護融資。我們將繼續致力於在此過程中為 OPI 的資產、供應商和租戶提供支持，並期待在未來有新資訊時及時向您通報。

To conclude, we are pleased with the progress RMR has made over the past quarter, assisting our public company clients with their financial and strategic objectives. Our perpetual capital clients also provide RMR with stable cash flows, which we can use to pursue new growth initiatives in the private capital space to drive future revenue and earnings growth.

總而言之，我們對RMR在過去一個季度的進展感到滿意，RMR協助我們的上市公司客戶實現了他們的財務和策略目標。我們的永久資本客戶也為 RMR 提供穩定的現金流，我們可以利用這些現金流在私募資本領域開展新的成長計劃，以推動未來的收入和獲利成長。

With that, I'll now turn the call over to Matt Jordan, executive Vice President and Chief Operating Officer, to provide added insights on our platform and private capital growth initiatives.

接下來，我將把電話交給執行副總裁兼營運長馬特喬丹，讓他為我們的平台和私募資本成長計畫提供更多見解。

Thanks, Adam. Good morning, everyone. As Adam mentioned, this past quarter was active on a number of fronts across the Armar platform.

謝謝你，亞當。各位早安。正如亞當所提到的，上個季度Armar平台在多個方面都非常活躍。

From a non-residential leasing perspective, despite continued headwinds, this past quarter, Armar arranged almost 1.4 million square feet of leases, and for the full fiscal year, almost 8 million square feet of leases at rental rates approximately 14% higher than previous rents for the same space.

從非住宅租賃的角度來看，儘管持續面臨不利因素，但上個季度，Armar 安排了近 140 萬平方英尺的租賃，而整個財年，租賃面積接近 800 萬平方英尺，租金比之前相同空間的租金高出約 14%。

We believe these results speak to the hard work of our people proactively engaging both tenants and the brokerage community. Beyond leasing, the platform continues to invest in our people, technology, and brand building to ensure we stand out in a competitive fundraising environment.

我們相信，這些成果體現了我們員工的辛勤付出，他們積極主動地與租戶和經紀公司進行溝通。除了租賃業務外，該平台還持續投資於員工、技術和品牌建設，以確保我們在競爭激烈的籌款環境中脫穎而出。

While fundraising remains challenging, we believe 2026 will be a better year for institutional investments in real estate, as recent conversations our capital formation team is having with potential partners have reinforced commitments to the United States and many of the sectors we operate in.

儘管籌款仍然充滿挑戰，但我們相信 2026 年對於房地產領域的機構投資來說將會是更好的一年，因為我們資本形成團隊最近與潛在合作夥伴進行的對話鞏固了對美國以及我們運營的許多行業的承諾。

Further, while many private capital investors are limiting how many new manager relationships they form, given the effort associated with underwriting a new manager. The breadth and scale of our platform remains an attractive differentiator.

此外，考慮到承銷新經理人需要付出諸多努力，許多私人資本投資者都在限制他們建立的新經理人關係的數量。我們平台的廣度和規模仍然是一個有吸引力的差異化優勢。

Our current fundraising efforts remain focused on residential credit and select development opportunities, though, as I noted, the diversity and scale of our platform will allow us to pivot quickly based on investor feedback. As it relates to Armar Residential, which currently manages almost $5 billion in value-add residential real estate.

不過，正如我所指出的，我們目前的籌款工作仍然集中在住宅信貸和特定開發機會上，但我們平台的多元化和規模將使我們能夠根據投資者的反饋迅速調整策略。這與 Armar Residential 有關，該公司目前管理著近 50 億美元的增值型住宅房地產。

We formally launched fundraising for the Enhanced Growth Venture in early September. Our efforts are focused on finding up to 3 large investors to invest approximately $250 million in multi-family real estate. This venture is targeting value add returns and provides investors the ability to share in property level and general partner economics.

我們在 9 月初正式啟動了增強成長創投項目的募款活動。我們的目標是找到最多 3 位大型投資者，投資約 2.5 億美元用於多戶住宅房地產。該專案旨在實現增值回報，並讓投資者有機會分享物業層級和普通合夥人的財務利益。

Armar's commitment via almost $100 million in seed investments provides investors certainty that committed monies can be immediately put to work as well as providing them a portfolio they can readily underwrite. The seed investments include the two acquisitions closed this quarter for a gross aggregate cost of $143.4 million.

Armar 透過近 1 億美元的種子投資做出的承諾，讓投資者確信承諾的資金可以立即投入使用，並為他們提供了一個可以隨時承銷的投資組合。種子投資包括本季完成的兩項收購，總成本為 1.434 億美元。

One is a 266-unit property near Raleigh, North Carolina, and the other is a 275 unit property near Orlando, Florida. We expect there to be a meaningful, to be meaningful updates regarding the enhanced growth venture by early spring.

其中一處是位於北卡羅來納州羅利附近的一處擁有 266 個單元的房產，另一處是位於佛羅裡達州奧蘭多附近的一處擁有 275 個單元的房產。我們預計到早春時，關於這項增強型成長計畫將會有有意義的更新。

Within the retail sector, we continue to source investment opportunities as we build a portfolio of value-add multi-tenant retail properties as part of establishing a track record in this sector. Our first investment, a $21 million community shopping center outside of Chicago, closed earlier this year and is executing on its underwritten business plan.

在零售領域，我們不斷尋找投資機會，建立增值型多租戶零售物業組合，以便在該領域建立良好的業績記錄。我們的第一筆投資，即芝加哥郊區一座價值 2,100 萬美元的社區購物中心，已於今年稍早完成，目前正在執行其承銷的商業計劃。

We are currently assessing market opportunities with the goal of adding at least 2 more similarly sized deals. As it relates to our credit strategy, although we expect to close on the sale of two loans that are on our balance sheet later this month, we continue to explore opportunities to form a strategic venture with institutional capital. Real estate credit remains a high conviction strategy, and we believe Tremont's track record, middle market focus, and strong underwriting and asset management teams are attractive differentiators. With that, I'll now turn the call over to Matt Brown, executive Vice President and our Chief Financial Officer.

我們目前正在評估市場機會，目標是至少再增加兩筆類似規模的交易。就我們的信貸策略而言，儘管我們預計將在本月稍後完成資產負債表上兩筆貸款的出售，但我們仍在探索與機構資本組成策略合資企業的機會。房地產信貸仍然是一項極具信心的策略，我們相信 Tremont 的業績記錄、對中端市場的關注以及強大的承銷和資產管理團隊都是極具吸引力的差異化優勢。接下來，我將把電話交給執行副總裁兼財務長馬特布朗。

Thanks, Matt, and good morning everyone.

謝謝馬特，大家早安。

As Adam highlighted this quarter, we reported adjusted EPITA of $20.5 million distributable earnings of $0.44 per share, and adjusted net income of $0.22 per share, all of which were in line with our expectations. Recurring service revenues were approximately $45.5 million a sequential quarter increase of approximately $1.5 million driven primarily by increases in enterprise values at DHC, ILPT, and SVC and higher construction supervision fees.

正如亞當在本季重點強調的那樣，我們報告的調整後 EPITA 為 2050 萬美元，可分配收益為每股 0.44 美元，調整後淨收入為每股 0.22 美元，所有這些都符合我們的預期。經常性服務收入約 4,550 萬美元，比上一季成長約 150 萬美元，主要得益於 DHC、ILPT 和 SVC 的企業價值成長以及施工監管費的提高。

Next quarter we expect recurring service revenues to decrease to approximately $42.5 million driven by lost fee revenue from the announced sale of Olaris Life's business and decreases in certain of our managed BRL enterprise values from accretive debt financings and asset sales as we strategically manage their debt levels.

下個季度，我們預計經常性服務收入將下降至約 4,250 萬美元，主要原因是宣佈出售 Olaris Life 的業務導致費用收入損失，以及由於增值債務融資和資產出售，我們管理的某些 BRL 企業價值下降（因為我們正在戰略性地管理其債務水平）。

Turning to expenses, recurring cash compensation was $38.5 million this quarter, which was consistent with the prior quarter. Looking ahead to next quarter, we expect cash compensation to decline to approximately $37 million as recent cost containment measures continue to positively impact earnings. We expect our cash compensation reimbursement rate to be between 46% and 47% going forward.

就支出而言，本季經常性現金補償為 3,850 萬美元，與上一季持平。展望下一季度，我們預計現金補償將下降至約 3700 萬美元，因為近期的成本控制措施繼續對收益產生積極影響。我們預計未來現金補償報銷率將在 46% 至 47% 之間。

Recurring G&A this quarter was $10.1 million a modest sequential quarter increase driven by costs associated with our ongoing private capital fundraising efforts. We expect recurring G&A to remain at these levels over the next couple of quarters. Interest expense this quarter increased to $1.7 million following the acquisitions of two leveraged residential properties that Matt highlighted. Interest expense next quarter is expected to increase to approximately $2.6 million as we incur a full quarter of interest on these new mortgages.

本季經常性一般及行政費用為 1,010 萬美元，較上一季略有成長，主要原因是與我們持續進行的私人資本募集工作相關的成本。我們預計未來幾季經常性一般及行政費用將維持在這些水準。馬特重點提到，由於收購了兩處槓桿住宅物業，本季利息支出增加至 170 萬美元。由於這些新抵押貸款需要支付一整個季度的利息，預計下一季的利息支出將增加到約 260 萬美元。

It is also worth noting that this quarter's income tax rate of 21.4% reflects year-end adjustments primarily related to stock-based compensation. For modeling purposes, we expect our tax rate to decline to approximately 15% in Q1 based on our current forecast for incentive fees we may earn for calendar year 2025 and to approximately 18% for Q2 to Q4.

值得注意的是，本季 21.4% 的所得稅率反映了年末調整，主要與股票選擇權激勵有關。出於建模目的，根據我們目前對 2025 年日曆年可能獲得的激勵費用的預測，我們預計第一季的稅率將下降到約 15%，第二季至第四季將下降到約 18%。

As Matt mentioned on the call last quarter, we believe cash flow measures such as adjusted EBITA and distributable earnings per share are becoming more relevant when comparing our results to prior periods and other alternative asset managers. Our private capital business is accretive to our cash flow, but as we continue to use RMR's strong balance sheet for strategic growth initiatives, expenses such as depreciation and interest will have an adverse impact on certain financial metrics such as adjusted net income per share.

正如 Matt 在上個季度的電話會議上提到的那樣，我們認為，在將我們的業績與前期業績和其他另類資產管理公司進行比較時，調整後的 EBITA 和每股可分配收益等現金流指標變得越來越重要。我們的私募股權業務增加了我們的現金流，但隨著我們繼續利用RMR強勁的資產負債表進行策略性成長計劃，折舊和利息等費用將對某些財務指標（如調整後的每股淨收入）產生不利影響。

Aggregating the collective assumptions I've outlined, next quarter we expect adjusted EBITA to be between 18 to $20 million distributable earnings to be between $42.44 per share, and adjusted net income to be between $16.18 per share. This expected decline in quarterly results is mainly due to the sale of Elaris Life's business. For the fiscal fourth quarter and full year, we earned 1.4 and $5.7 million respectively of fee revenue on the Alaris Life contract.

綜合我上面列出的各項假設，我們預計下一季度調整後的 EBITA 將在 1800 萬至 2000 萬美元之間，可分配收益將在每股 42.44 美元之間，調整後的淨收入將在每股 16.18 美元之間。預計季度業績下滑的主要原因是 Elaris Life 業務的出售。在第四財季和全年，我們從 Alaris Life 合約中分別獲得了 140 萬美元和 570 萬美元的費用收入。

We expect to offset this lost revenue with increases in DHC's enterprise value as new operators that have well established regional footprints and proven track records should help drive NOI growth. We ended the quarter with $162 million of total liquidity, including $62 million in cash and $100 million of capacity on our undrawn revolving credit facility.

我們預計，隨著擁有穩固區域佈局和良好業績記錄的新營運商的加入，DHC 的企業價值將有所提升，從而彌補收入損失，並推動淨營業收入成長。本季末，我們的總流動資金為 1.62 億美元，其中包括 6,200 萬美元現金和 1 億美元的未提取循環信貸額度。

Finally, as Adam mentioned, if September 30th was the end of the measurement period, we would earn incentive fees from DHC and ILPT of approximately $22 million in the aggregate.

最後，正如 Adam 所提到的，如果 9 月 30 日是衡量期的結束日期，我們將從 DHC 和 ILPT 獲得總計約 2200 萬美元的激勵費用。

That concludes our prepared remarks. Operator, please open the line for questions.

我們的發言稿到此結束。接線員，請開通提問線。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

The first question comes from Mitch Germaine with Citizens Bank. Please go ahead.

第一個問題來自 Citizens Bank 的 Mitch Germaine。請繼續。

Hi, good morning. I'm curious about OPI's fee. It does it in effect go up quarter to quarter?

您好，早安。我對OPI的收費情況很感興趣。實際上，它是否每個季度都在上漲？

Hi, Mitch. I think your question, you broke up for me is about OPI's fees. It effectively it is pretty much flat. We were earning just under $14 million just under $14 million a year on a business management basis. It was like $13 and change, over the last 12 months, give or take, and so we have a contract that we will be earning $14 million fixed fee. For the 1st 2 years per year, $14 million on the property management agreement, nothing's changed. All the economics are the exact same as they were prior to the filing. During the, just to be very clear, during the pendency of the bankruptcy itself, we are operating under the existing contract, so we probably will earn a little bit less than a $14 million run rate during the pendency of the bankruptcy. But upon emergence from the bankruptcy, that's when the clock starts and that's when the 14 million per year goes into effect. Par, I'll just say what, it might be a correlated to your question. Look, the fact that we entered into what we call a restructuring support agreement, we think, leads to hopefully a much faster bankruptcy process and allows us to get out of bankruptcy, hopefully. Faster than if we had not entered with an RSA. So, it's a little unclear exactly when we'll emerge, but I think roughly speaking, it's first half of 2026 will emerge.

嗨，米奇。我認為你提出的問題，或者說你向我解釋的問題，是關於 OPI 的費用。實際上，它幾乎是平坦的。我們以業務管理為基礎，每年收入略低於 1,400 萬美元。在過去 12 個月裡，這筆費用大約是 13 美元多一點，所以我們簽訂了一份合同，我們將獲得 1400 萬美元的固定費用。前兩年每年1400萬美元的物業管理協議條款保持不變。所有經濟因素都與提交申請之前完全相同。需要非常明確的是，在破產程序進行期間，我們仍按照現有合約運營，因此在破產程序進行期間，我們的年收入可能會略低於 1400 萬美元。但破產重整之後，計時才開始，每年 1,400 萬美元的補貼也才開始生效。帕爾，我就直說了，這可能與你的問題有關。你看，我們簽訂了所謂的重組支持協議，我們認為，這有望大大加快破產程序，並使我們能夠擺脫破產困境。比我們沒有使用RSA協定的情況還要快。所以，我們究竟何時才能恢復正常還不太清楚，但我認為大致來說，應該會在 2026 年上半年恢復正常。

Got you. Thank you. I think, Adam, you mentioned Where your focus is on the private capital side in terms of fundraising. I maybe I missed it, but I didn't hear you mention shopping centers as a competency that you're raising capital for yet you guys are obviously you own one and you're looking to allocate capital to others, so maybe just kind of go over where that sits with regards to your private capital strategy.

抓到你了。謝謝。亞當，我想你之前提到過，你的重點是私人資本的融資。我可能錯過了，但我沒聽到你們提到購物中心是你們正在籌集資金的業務領域，但你們顯然擁有一家購物中心，並且正在尋求將資金分配給其他購物中心，所以也許可以談談購物中心在你們的私人資本戰略中的地位。

Sure, Mitch. So, it's a great question. Matt touched a little bit on this in his prepared remarks, but you're right, we have it on our balance sheet. We think we have a lot of core competency in retail. We run a very large multi-billion dollar existing retail portfolio. Today, we have a very large, very competent, retail asset management team on staff. We, it's not front and center, but already in parts of our organization, given the size and breadth of the different portfolios, we do actually run shopping centers in different parts of the business. Let's say buried within some other asset classes or buried within some of the portfolios. So, we do have experience there.

當然可以，米奇。所以，這是一個很好的問題。馬特在事先準備好的發言稿中稍微提到了這一點，但你說得對，我們的資產負債表上確實有這一項。我們認為我們在零售業擁有很強的核心競爭力。我們經營著一個價值數十億美元的龐大現有零售投資組合。目前，我們擁有一支規模龐大、能力卓越的零售資產管理團隊。雖然購物中心並非我們公司的首要業務，但鑑於我們業務組合的規模和廣度，我們實際上已經在公司不同部門經營購物中心。假設它被埋沒在其他一些資​​產類別中，或被埋沒在一些投資組合中。所以，我們在這方面確實有經驗。

We think, a lot for a lot of reasons, investing in neighborhood and grocery anchorage specifically. Shopping centers is a great thing to be doing right now. Retail has really gone through transformation over the last 10 to 15 years, and we really have a pretty good supply-demand dynamic going on where there's not a lot of new supply and demand is sort of finally caught up with the existing. Supply and so we see a lot of interesting opportunities to basically put money to work and through either capital improvements or retenanting a center, we can generate outsized returns and we're doing that first on our balance sheet, but we think we're pretty confident that we're going to be successful with that. And that we'll be able to then take that, demonstrate that track record and raise more capital around that going forward. Matt, do you want to add anything to that?

我們認為，基於許多原因，尤其應該投資於社區和雜貨店等核心商舖。現在開購物中心是一件非常好的事情。零售業在過去 10 到 15 年經歷了巨大的變革，目前供需關係相當穩定，新增供應不多，需求也終於趕上了現有供應。供應方面，我們看到了許多有趣的投資機會，可以透過資本改善或重新出租中心來讓資金發揮作用，從而獲得超額回報。我們首先在資產負債表上這樣做，但我們很有信心會成功。這樣一來，我們就能以此為依據，展示我們的業績記錄，並在此基礎上籌集更多資金。馬特，你還有什麼要補充的嗎？

No, I think Mitch, we have the one asset outside of Chicago and the point we're making in the prepared remarks is we're hoping to at least add a couple more of similar size scale to build a whole a fulsome track record that we can go out and fundraise around, and hopefully a couple of years from now.

不，我認為米奇，我們在芝加哥以外只有一項資產，我們在準備好的發言稿中要表達的觀點是，我們希望至少再增加幾項類似規模的資產，以建立一個完整的業績記錄，這樣我們就可以圍繞它進行籌款，希望在幾年內就能實現。

Got you. And then did I hear that you guys have a couple of additional loan investments that are under agreement? Did I mishear that?

抓到你了。我聽說你們還有幾筆額外的貸款投資正在洽談中？我沒聽錯吧？

We don't have new RMR itself, we do not have any new loan investments. We are, I don't think we discussed in our prepared remarks, but in our public disclosures, we are selling or have an agreement to sell, the two loans that we have on our balance sheet. Those are being sold. There's currently no plan, to put more loans on RMR's balance sheet. What I did mention in my prepared remarks is we have a rights offering that we're in the middle of occurring at Seven Hills, and we expect as a result of that we'll have about $65 million of equity which provides for about $200 million in additional loan investments that we plan to deploy over the following, call it 6 months. To get that money out, if your average loan size is $25 million, that's call it, 8 loans, 8 to 10 loans, give or take. There will be new loans that we will be putting money out at Seven Hills.

我們沒有新的RMR（經常性收入）本身，也沒有任何新的貸款投資。雖然我認為我們在事先準備好的發言稿中沒有討論過，但在我們公開披露的資訊中，我們正在出售或已達成出售協議，出售我們資產負債表上的兩筆貸款。這些商品正在出售。目前還沒有計劃在RMR的資產負債表上增加更多貸款。我在準備的發言稿中提到，我們正在 Seven Hills 進行配股，預計這將使我們獲得約 6,500 萬美元的股權，從而為我們計劃在接下來的 6 個月內投入的約 2 億美元的額外貸款投資提供資金。要把這筆錢弄出來，如果你的平均貸款規模是 2500 萬美元，那大概需要 8 筆貸款，或者 8 到 10 筆貸款，上下浮動。我們將向 Seven Hills 發放新的貸款。

Thank you. Last one for me, Matt, maybe just kind of go through the puts and takes to get you to your forecast in the 1st quarter. Maybe a bridge from where you ended, the fiscal 4th quarter to how you get to the 1st quarter in terms of your guidance, please.

謝謝。最後一個問題，馬特，或許我們可以一起分析第一季的買賣情況，幫你做出預測。請您解釋一下，從您上次結束的財年第四季到您預測的第一季之間，您是如何做出預測的。

Sure, I'll focus on Adjusted EBITDA For that. So, fiscal fourth quarter was $20.5 million. Our forecast for fiscal Q1 is $18 to $20 million. The major impact of that is the sale of Olaris Life's business and the wind down of that. Today, we earn 60 basis points on the revenue of our senior living communities. And as that winds down, we're expecting revenues to decrease about a million dollars for that alone. So that's the major headline, from the decrease from fiscal Q4 to fiscal Q1.

當然，我會專注於調整後 EBITDA。因此，第四財季的營收為2050萬美元。我們對第一財季的預測是1800萬至2000萬美元。這件事的主要影響是 Olaris Life 業務的出售和逐步解散。今天，我們從老年生活社區的收入中獲得 60 個基點的收益。隨著這一進程的結束，我們預計僅此一項就將導致收入減少約一百萬美元。這就是主要新聞，即從第四財季到第一財季的下降。

Thank you.

謝謝。

Again, if you have a question, please press star, then one.

再次提醒，如果您有任何疑問，請按星號，然後按數字 1。

The next question comes from John Massocca with B Reilly. Please go ahead.

下一個問題來自約翰·馬索卡和B·賴利。請繼續。

Good morning. Maybe just sticking with that question quickly, is there any expected additional negative flow through from the loss of, managing Olari's life as we think beyond the next quarter?

早安.或許我們可以簡單地繼續討論這個問題，考慮到下一個季度之後的情況，奧拉里去世是否會帶來任何預期的負面影響？

So, the full wind down should happen by the end of this year. So, while we're expecting about a million dollars decrease in fee revenue this coming quarter, we will, we did earn $1.4 million in fiscal Q4. So there'll be another kind of $400,000 deduct when we roll forward the fiscal Q2.

因此，全面停工應該會在今年底前完成。因此，雖然我們預計下一季費用收入將減少約 100 萬美元，但我們在第四財季確實賺了 140 萬美元。因此，當我們把第二財季的數據整理出來時，還會出現另一種 40 萬美元的扣除額。

And then we'll be moving on to OPI, can you just walk through what the advisory agreement looks like after 2 years if you're still managing that portfolio.

接下來我們將討論 OPI，您能否簡要介紹一下，如果您繼續管理該投資組合，兩年後諮詢協議會是什麼樣子？

Sure, so it's a, it's a term sheet we entered into with the what will like what will be likely the new equity owners of OPI upon emergence. It's a 5-year term. The 1st 2 years are set at $14 million per year in a business management fees. The property management stays unchanged. And during the first two years, if now that 14 million stays the same, whether the portfolio shrinks or grows, it doesn't matter what the size of the portfolio is, that sort of stays in place at 14 million per year. After 2 years, we, there's a negotiation, and I think, look, the reason it was set up that way is with the new owners of OPI. I think there's a little bit of a hesitancy about how to structure the fee in terms of what it should be based on. Because we're not quite sure exactly the size and the makeup of OPI let's say over the next couple of years.

當然，這是一份條款清單，也是我們與 OPI 成立後可能的新股權所有者簽訂的。任期五年。前兩年的業務管理費設定為每年 1400 萬美元。物業管理方式不變。在前兩年，如果1400萬保持不變，無論投資組合是縮水還是增長，投資組合的規模如何都無關緊要，每年的金額都會保持在1400萬。兩年後，我們進行了談判，我認為，之所以這樣安排，是因為 OPI 的新所有者。我認為大家對於如何建構費用結構，以及費用該基於什麼，還有些猶豫。因為我們不太確定 OPI 在未來幾年內的規模和組成。

We're confident and I think the new investors or new owners of OPI are confident that we will still be managing it over the next 2 to 3 years. But, as part of that, I think they just want to see how the next couple of years play out, what's the size of the company. It's, it could shrink from the size it is today. It could also grow from the size it is today. I mean, part of what we've had discussions with the new owners about is that this vehicle might be used, and I'm not saying this will be used. I'm saying it might be used as a vehicle to roll up other distressed office or office portfolios in the marketplace. I mean, we're pretty encouraged that we found. Group of investors that currently own the debt.

我們有信心，而且我認為 OPI 的新投資者或新所有者也有信心，在未來 2 到 3 年內，我們將繼續管理 OPI。但我認為，他們這樣做也是想看看未來幾年公司的發展情況，以及公司能發展到什麼規模。它可能會比現在的規模縮小。它也有可能比現在的規模更大。我的意思是，我們和新車主討論過的部分內容是這輛車可能會被使用，但我並不是說它一定會被使用。我的意思是，它可能會被用來整合市場上其他陷入困境的辦公大樓或辦公大樓資產組合。我的意思是，我們找到答案後感到非常鼓舞。目前持有該債務的投資者團體。

They wanted to equitize their debt. They really want to go long on office because they really see there's a great opportunity both from a macro perspective and I think they also feel pretty good about the portfolio itself, meaning there's a lot of pain that the OPI portfolio has gone through. But the vast majority of that pain is behind us. Looking forward, it looks much better than what we've gone through over the last 2 or 3 years in terms of leasing prospects and cash flow or NOI that's going to be coming out from the property. The other thing I'll mention in the term sheet that's on file and it's public. It also contemplates a significant incentive fee to be structured for R&R as well.

他們希望將債務公平化。他們真的想長期持有辦公大樓股票，因為他們真的看到了巨大的機會，無論從宏觀角度來看，而且我認為他們也對投資組合本身感覺相當不錯，這意味著 OPI 投資組合經歷了很多痛苦。但絕大部分的痛苦已經過去了。展望未來，就租賃前景和現金流量或物業淨營業收入而言，情況比過去兩三年好得多。還有一點我會在已存檔且公開的條款清單中提及。它還考慮為研發人員提供一筆可觀的激勵費用。

It's anticipated that upfront, we will be getting 2% of the reorganized company and then another 8% that's a little bit more ambiguous, but it will be benchmarked to sort of Outperforming benchmarks, basically, think about it as sort of structured like a classic promote that you might see in a private equity type investment. That's what I think the other 8% will be structured like. So I think there's going to also be a higher degree of alignment between the manager and the new equity owners in terms of performing, doing a good job in managing the portfolio and generating a healthy return for those equity holders.

預計初期我們將獲得重組後公司 2% 的股份，然後還有 8% 的股份，這部分股份的性質比較模糊，但其業績將以超越基準為目標。基本上，你可以把它想像成類似私募股權投資中常見的經典推廣模式。我認為剩下的 8% 也會以這種方式建構。所以我認為，在績效、投資組合管理以及為股東創造健康回報方面，經理人和新的股權所有者之間也會有更高程度的一致性。

Kind of a longer-term question given, you have the two year contract, locked in contract in place, but, how kind of flexible is your G&A spending to, managing OPI, I guess how much could you potentially bring down G&A if for whatever reason.

這是一個比較長期的問題，因為你們簽了兩年的合同，合同已經鎖定，但是，你們的 G&A 支出在管理 OPI 方面有多大的靈活性？我想，如果出於某種原因，你們有可能將 G&A 支出降低多少？

At the end of 2 years post emerging from bankruptcy, the portfolio goes in a different direction or the owners want to go a different way, like, is there a kind of a high amount of leverage into how you can kind of pull down G&A if you're not managing OPI here in a couple of years?

破產重組兩年後，投資組合走向不同的方向，或者所有者想要走不同的道路，例如，如果幾年後你不再管理 OPI，是否有可能透過某種方式大幅降低 G&A 費用？

The short answer is we spent a lot of time thinking about that is as John, we don't, have P&Ls by business line, right? That's one of the advantages of the economies of scale for our clients that they basically manage with RMR and we get those economies because we get to spread costs across the entire structure. So we don't have P&Ls, let's say by business line or client, but I can tell you this much, Office as an asset class.

簡而言之，我們花了很多時間思考這個問題，就像約翰說的，我們沒有按業務線劃分的損益表，對吧？這就是規模經濟為客戶帶來的優勢，他們基本上是透過 RMR 來管理的，而我們之所以能獲得這些經濟效益，是因為我們可以將成本分攤到整個結構中。所以我們沒有按業務線或客戶劃分的損益表，但我可以告訴你，辦公大樓作為一個資產類別。

Is probably the most management intensive asset class that we manage at RMR and so while I don't believe this will be the case, if we were to not be managing, let's say, a large office portfolio at the company, I do think there would be significant cost cuts that we could take. I don't believe that even go even further. We're not quite sure where it would happen to margins, but. There's a scenario where we might have less cash flow but higher margins if you can follow me because we just know intuitively there's a lot of people that work on the office portfolio versus other portfolios we run. So I think we would be able to, in the unlike what I believe is unlikely. Situation where we are no longer managing a large office portfolio, I think we would be able to correspondingly reduce costs of the organization.

這可能是我們在RMR管理的資產類別中管理強度最高的，因此，雖然我不認為這種情況會發生，但如果我們不再管理公司龐大的辦公大樓投資組合，我認為我們可以大幅削減成本。我不認為情況會更糟。我們不太確定這會對利潤率產生什麼影響，但是。有一種情況是，我們的現金流可能會減少，但利潤率會更高。如果你能理解我的意思，因為我們直覺地知道，與我們經營的其他投資組合相比，辦公大樓投資組合需要更多的人參與。所以我認為我們能夠做到，這與我認為不太可能的事情截然不同。如果不再管理龐大的辦公物業組合，我認為我們就能相應地降低組織的成本。

You touched on it a little bit with Mitch's question, but, thinking about kind of Seven Hills and selling kind of the loans that were on RMR's balance sheet to Seven Hills, what was kind of the logic there? Maybe I'm misremembering past calls, but it felt like there might have been an opportunity to grow the loan book within on the RMR balance sheet. Is there some kind of change strategically where you're no longer seeing that as attractive? Just kind of curious the the thought process, behind that transaction.

你透過 Mitch 的問題稍微提到了這一點，但是，考慮到 Seven Hills 以及 RMR 資產負債表上的貸款被出售給 Seven Hills，這背後的邏輯是什麼？也許我記錯了過去的通話，但感覺在RMR資產負債表上可能存在擴大貸款組合的機會。是否由於某種策略上的變化，導致你不再認為它有吸引力了？我只是有點好奇這筆交易背後的思考過程。

Yeah, John, it's Matt. So if we go back in time about a year ago when we put these loans on our balance sheet, the goal was for them to be part of a seed portfolio to help us with the fundraising process. and they've been well performing, incredibly strong loans, that have contributed to RMR's earnings, quite frankly, in a significant way. But it's now been, 12 to 18 months since those loans were initiated, and as we fundraise in a very competitive environment, I think it's fair to say one of the loans actually matures next July, I believe. So, their attractiveness from a seed perspective, had fallen off. And at the same time, you have 7 Hills that's raising this significant money. We want to make sure they can quickly deploy those proceeds and by selling these loans at par to Seven Hills, it allows them to start quickly deploying, secure their dividend, which is also critical to these rights offering, and it just was a successful transaction for both sides.

是的，約翰，我是馬特。所以，如果我們回顧大約一年前，當時我們將這些貸款納入資產負債表，目標是讓它們成為種子投資組合的一部分，以幫助我們進行融資。坦白說，這些貸款表現良好，非常強勁，對RMR的收益做出了顯著貢獻。但這些貸款發放至今已有 12 至 18 個月，而且我們是在競爭非常激烈的環境下籌集資金，我認為可以公平地說，其中一筆貸款實際上將於明年 7 月到期。所以，從種子角度來看，它們的吸引力已經下降了。與此同時，還有 7 Hills 正在籌集這筆巨額資金。我們希望確保他們能夠迅速運用這些資金，透過以面值將這些貸款出售給 Seven Hills，可以讓他們迅速開始運用這些資金，確保他們的股息，這對這些配股也至關重要，這對雙方來說都是一筆成功的交易。

Okay. With Seven Hills in mind, any updates you can provide on how the rights offering is looking at this moment? I know it's obviously there's moving pieces and things you might not be able to talk about, but, this was kind of curious if there was any outlook on the amount of the rights offering you expect RMR to, participate In.

好的。考慮到 Seven Hills 的情況，您能否提供一些關於目前配股進展的最新資訊？我知道這其中顯然有很多變數，有些事情您可能無法談論，但是，我很好奇您是否對RMR預計參與的配股規模有任何展望。

Sure, John. So, you mentioned it is sort of early, and the way these rights, way rights offerings typically work, not just this company, but the way they always do, is, unfortunately, you really don't, everyone sort of waits till the last minute, which, you have to keep the rights out, you have to have the about a month outstanding before people have a deadline to exercise the right. And so, for whatever reason, and I guess it's, people like to keep their options open to the very last minute. You just don't know till the very end how many people are going to be exercising their rights.

當然可以，約翰。所以，你提到現在還為時過早，而這些權利，或者說權利發行通常的運作方式，不僅僅是這家公司，而是所有權利發行都是如此，不幸的是，你真的不能，每個人都會等到最後一刻，你必須讓權利保持開放，你必須在人們行使權利的截止日期前留出大約一個月的時間。所以，不管是什麼原因，我想大概是因為人們喜歡把各種選擇保留到最後一刻吧。不到最後一刻，你永遠無法知道會有多少人行使他們的權利。

What I can tell you is that, as part of the rights offering, we retained UBS Investment Bank as the dealer manager. And part of their job, and one of their jobs is to basically Solicit interest from outside investors that might want to buy the rights that other shareholders want to sell, meaning shareholders that don't want to exercise. And while there's been very little trading, it's only been a few days in the rights themselves. What has been encouraging. Is that we have had quite a bit of interactions with new shareholders that are interested in perhaps buying rights from other shareholders that don't want to buy, don't want to exercise them. Existing shareholders decide they don't want to exercise them, so they want to sell them, and we are working with UBS to TRY to help identify.

我可以告訴大家的是，作為配股的一部分，我們聘請了瑞銀投資銀行擔任交易經理。他們的工作之一，也是他們的職責之一，基本上就是吸引外部投資者的興趣，讓他們購買其他股東想要出售的權利，也就是不想行使權利的股東的權利。雖然交易量很少，但這些版權本身也才發行幾天而已。令人鼓舞的是…我們已經與一些新股東進行了相當多的互動，他們有興趣從其他不想購買或不想行使權利的股東手中購買權利。現有股東決定不行使這些股份，所以他們想出售這些股份，我們正在與瑞銀合作，努力幫助他們找到合適的買家。

Potential buyers of those. And what I'm saying is, it's too early to tell, but we're having lots of meetings, right? And so there is interest out there. To get to the heart of your question, which is, well, how much is RMR going to have to spend here? Or do we have to spend any? I think our base case assumption is that we don't expect that we're going to have to drop basically pull on the backstop beyond our 11% ownership, meaning we own 11% today,

這些商品的潛在買家。我的意思是，現在下結論還為時過早，但我們正在開很多會，對吧？所以，市場上確實存在這種興趣。要回答您的問題，也就是 RMR 在這裡需要花費多少錢？或者我們必須花這筆錢嗎？我認為我們的基本假設是，我們預計不會需要進一步減持，即我們目前持有的股份比例為11%，這意味著我們目前持有11%的股份。

We expect to exercise up to that 11%. It could be that we end up exercising some amount. I think it would be less than, let's say half. If I had to guess, and so there's a possibility somewhere between 11% and 50% of the offering itself, we might have to backstop. But again, it's very early. I mean, I do not believe it would be more than half the offering. I think that's, pretty, I don't want to say locked in stone, but it's hard to imagine that scenario. And I think it's, our base case is that we will just be exercising, just exercising up to the 11%.

我們預計最高可達11%。我們最終可能會進行一些運動。我認為應該不到一半。如果讓我猜的話，那麼發行價本身可能在 11% 到 50% 之間，我們可能需要提供擔保。但話說回來，現在還為時過早。我的意思是，我不認為它會超過提案總額的一半。我覺得這事兒，雖然不能說是板上釘釘，但很難想像會出現這種情況。我認為，我們的基本方案是進行鍛煉，鍛煉到 11%。

Could we end up exercising a little bit over that to fill out the backstop? Yes, but it's very hard to know for sure where the numbers are going to shake out.

我們最終會不會稍微超出這個範圍，以完善後防線？是的，但很難確定最終結果會如何。

Okay, I appreciate all the detail. That's it for me. Thank you.

好的，感謝您提供的所有細節。就這些了。謝謝。

We now have a follow-up from Mitch Germain with Citizens Bank. Please go ahead.

現在我們收到了來自 Citizens Bank 的 Mitch Germain 的後續報導。請繼續。

Thank you very much. Just quickly on the, I know that Matt, you talked about a bit of a true up on interest expense because you've got a, had it, in place for a sub-quarter. Do we have a similar true up for the, what's the true for the, rental income associated with the two residential assets, that were acquired mid-quarter? How should we think about that?

非常感謝。簡單提一下，我知道馬特，你提到要對利息支出進行一些調整，因為你已經為一個季度做好了準備。對於本季中期收購的兩處住宅資產，我們是否有類似的調整，即實際租金收入為何？我們該如何看待這個問題？

Yeah, I think the best way to think about our wholly owned portfolio, which includes the two residential acquisitions from the quarter, is we're expecting about 3.2 million of NOI to be contributed on a quarterly basis for those while they remain on the balance sheet.

是的，我認為看待我們全資擁有的投資組合（包括本季收購的兩處住宅物業）的最佳方式是，我們預計這些物業在資產負債表上保留期間，每個季度將貢獻約 320 萬美元的淨營業收入。

So that's aligned with this quarter. Is that the way to think about it? I think we're at 3.2 million right now.

所以這與本季的情況相符。是這樣想的嗎？我認為我們現在是320萬。

The owned real estate contributed about 650,000 of EBITA in Q4, so that'll grow to just over 3 million on a run rate basis.

自有房地產在第四季度貢獻了約 65 萬 000 的 EBITA，按運行速度計算，這將增長到略高於 300 萬。

Oh, okay. and then how should we think about You guys are pretty flush with cash, but obviously with the rights offering and some acquisitions that you're making, so how should we think about that balance on a go for a basis?

哦，好的。那我們該如何考慮呢？你們的現金流相當充裕，但顯然你們正在進行配股和一些收購，那麼我們該如何權衡這兩者之間的關係呢？

So, you're right to point out the rights offering. I think it's hard for us to put a stake in the ground to say exactly where we think things will be. As we sit today, we don't believe based on all the actions we have underway that we will be drawing on the revolver. That's not something we think, but it could be that we use more cash obviously than we have on the balance sheet today. We will be getting proceeds from the sale of the of the loans themselves, there will be a liquidity event we hope and think as we get into 2026 as we, sell the enhanced.

所以，你指出配股發行的問題是正確的。我認為我們很難準確預測事情的未來走向。就目前而言，根據我們正在採取的所有行動，我們認為我們不會動用左輪手槍。我們不認為會發生這種情況，但顯然我們實際使用的現金可能比我們目前資產負債表上的現金還要多。我們將從出售貸款本身中獲得收益，我們希望並認為，隨著我們進入 2026 年出售增強型貸款，將會出現流動性事件。

Growth fund, what plus incentive fees that we'll be getting hopefully at the end of the year, so we don't think we'll be drawing on the revolver, if that's maybe the question. It's hard to know exactly where the cash balance will be. I will say that we're not, we don't feel cash constrained, we're still very active in terms of all of our initiatives in terms of. Continuing to look at other retail properties, we continue to look at sort of JV investments, GP investments on the residential side, so I think we feel that we're not constrained in our ability to continue to do things, but we are waiting to see where the rights offering shakes out, and where the incentive fees actually shake out for the year.

成長基金，加上我們希望在年底獲得的激勵費用，所以我們認為我們不會動用循環信貸額度，如果這是你們的問題的話。很難準確預測現金餘額會是多少。我想說的是，我們並不感到資金緊張，我們在所有方面仍然非常積極地推進各項舉措。我們將繼續關注其他零售物業，繼續關注住宅方面的合資投資和普通合夥人投資，因此我認為我們感覺我們繼續開展業務的能力並未受到限制，但我們正在等待配股的結果，以及今年的激勵費用最終會如何確定。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Adam Portnoy, President and Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給總裁兼執行長亞當·波特諾伊，請他作閉幕致詞。

Thank you all for joining our call today. Institutional investors should contact RMR Investor Relations if you would like to schedule a meeting with management operator, that concludes our call.

感謝各位今天參加我們的電話會議。機構投資人如欲安排與管理階層會面，請聯絡RMR投資人關係部門，我們的通話到此結束。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議到此結束。感謝您參加今天的演講，現在可以斷開連接了。