Rithm Property Trust Inc (RPT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Krista] and I will be your conference operator today. At this time, I would like to welcome everyone to the Rithm Property Trust, Inc. second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我的名字是 [Krista]，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Rithm Property Trust, Inc. 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Emma Bolla, Associate General Counsel. Emma, you may begin.

現在我想將會議交給副總法律顧問 Emma Bolla。艾瑪，你可以開始了。

Thank you, and good afternoon, everyone. I would like to thank you for joining us today for Rithm Property Trust's second-quarter 2025 earnings call. Joining me today are Michael Nierenberg, Chairman, CEO and President of Rithm Capital and CEO of Rithm Property Trust; and Nick Santoro, Chief Financial Officer of Rithm Capital and Rithm Property Trust.

謝謝大家，下午好。感謝您今天參加 Rithm Property Trust 2025 年第二季財報電話會議。今天與我一起出席的還有 Rithm Capital 董事長、執行長兼總裁兼 Rithm Property Trust 執行長 Michael Nierenberg，以及 Rithm Capital 和 Rithm Property Trust 財務長 Nick Santoro。

Throughout the call, we're going to reference the earnings supplement that was posted this afternoon to the Rithm Property Trust website, www.rithmpropertytrust.com. If you've not already done so, I'd encourage you to download the presentation now.

在整個電話會議期間，我們將參考今天下午發佈在 Rithm Property Trust 網站 www.rithmpropertytrust.com 上的獲利補充報告。如果您還沒有下載，建議您立即下載簡報。

I would like to point out that some statements made today will be forward-looking statements. These statements, by their nature, are uncertain and may differ materially from actual results. I encourage you to review the disclaimers in our press release and earnings supplement regarding forward-looking statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC.

我想指出的是，今天發表的一些聲明將是前瞻性的聲明。這些陳述本質上是不確定的，可能與實際結果有重大差異。我鼓勵您查看我們的新聞稿和收益補充中有關前瞻性陳述的免責聲明，並查看我們向美國證券交易委員會提交的年度和季度報告中包含的風險因素。

In addition, we will be discussing some non-GAAP financial measures during today's call. Reconciliations of these measures to the most directly comparable GAAP measures can be found in our earnings supplement.

此外，我們將在今天的電話會議上討論一些非公認會計準則財務指標。在我們的收益補充報告中可以找到這些指標與最直接可比較的 GAAP 指標之間的對帳。

With that, I will turn the call over to Michael.

說完這些，我會把電話轉給麥可。

Good afternoon. Thanks, Emma. Good afternoon, everyone, and thanks for joining the call. The way -- one year ago, we took over the management contract of this REIT, which was formerly known as Great Ajax. The company was losing money, needed more liquidity and, quite frankly, a new leadership team and a new mission. We renamed the company to Rithm Property Trust. We sold down legacy assets, which were not accretive for shareholders and we repositioned the company to be an opportunistic commercial real estate REIT.

午安.謝謝，艾瑪。大家下午好，感謝大家參加電話會議。順便說一下——一年前，我們接手了這個房地產投資信託基金（前身為 Great Ajax）的管理合約。該公司正在虧損，需要更多的流動性，坦白說，還需要一個新的領導團隊和新的使命。我們將公司更名為 Rithm Property Trust。我們出售了那些無法為股東帶來增值的遺留資產，並將公司重新定位為機會主義的商業房地產房地產投資信託基金 (REIT)。

Over the course of the past year, we went out and deployed $300 million or bought $300 million in commercial real estate assets. We raised a new pool of capital without diluting shareholders. We did that via a pref offering and we put the company on a path towards success and profitability. While the numbers this past quarter are similar to last, we have a ton of deals and investments in the pipeline.

在過去的一年裡，我們投入了 3 億美元或購買了 3 億美元的商業房地產資產。我們在不稀釋股東權益的情況下籌集了新的資本。我們透過優先股發行實現了這一目標，並使公司走上了成功和獲利的道路。雖然上一季的數據與上一季相似，但我們有大量交易和投資正在進行中。

When we're at Fortress, we took a company at that time, which was known as New Residential, which is currently Rithm Capital today, from $1 billion of equity in 2013. Today, we stand at almost $8 billion of permanent capital or equity and we manage over $80 billion of assets across all of our various business lines. We intend to do the same here. Unfortunately, it takes some time.

當我們在 Fortress 時，我們接管了當時的一家公司，該公司名為 New Residential，也就是現在的 Rithm Capital，我們在 2013 年獲得了 10 億美元的股權。如今，我們的永久資本或股權已接近 80 億美元，管理涵蓋各個業務線的超過 800 億美元的資產。我們打算在這裡做同樣的事情。不幸的是，這需要一些時間。

If you think about the company this way, I'm confident you will be rewarded well in the future. One, that we do not have any legacy commercial real estate assets. Two, the equity trades at a 50% discount to book. So we believe as we continue to execute on our plan, there'll be huge upside in the valuation of the equity. Three, with what's going on in the real estate market, whether it be on the equity or debt side, we have very large pipelines of deals we are currently evaluating.

如果你這樣看待公司，我相信你將來會得到豐厚的回報。第一，我們沒有任何遺留的商業房地產資產。二是股票交易價格較帳面價值折讓 50%。因此，我們相信，隨著我們繼續執行計劃，股權估值將會出現巨大的上漲空間。第三，鑑於房地產市場的現狀，無論是股權或債務方面，我們目前都有大量交易正在評估。

And then we also have a number of deals that should close here in the third quarter. So net-net, while we're not thrilled with the current stock price, obviously, I believe the value proposition here is a good one.

我們還有一些交易應該會在第三季完成。因此，儘管我們對目前的股價並不滿意，但顯然我相信這裡的價值主張是好的。

I'll now refer to the supplement, which we have posted online. I'm going to start on page 3. So again, the way to think about this is an opportunistic equity investment in a publicly traded commercial real estate REIT, and it doesn't have to be commercial. It could be opportunistic as well. Current pipeline is in and around $2 billion of assets that we're currently evaluating. We have a little under $300 million in total equity. Our real estate portfolio is $300 million, and we're sitting on approximately $100 million of cash and liquidity.

我現在將參考我們已在線發布的補充資料。我將從第 3 頁開始。因此，再次強調，思考這個問題的方式是對公開交易的商業房地產房地產投資信託基金進行機會主義股權投資，而且它不一定是商業性的。這也可能是機會主義的。目前我們正在評估的現有資產約為 20 億美元。我們的總股本略低於 3 億美元。我們的房地產投資組合價值 3 億美元，我們擁有約 1 億美元的現金和流動資金。

As you flip to page 4, earnings, kind of fairly similar to where it was last quarter, $1.4 million in GAAP income or $0.03 per diluted share. The EAD is about $100,000 or effectively -- virtually zero. Second quarter common stock dividend is $0.06 per common share. We do not intend to reduce that anytime here soon. Cash and cash equivalents, about $98.6 million and total equity of $2.95 million. GAAP book value is $5.37 with the stock trading, I believe, something around $2.70, so about a 50% discount to book.

翻到第 4 頁，收益與上一季的水平相當，GAAP 收益為 140 萬美元，即每股攤薄收益 0.03 美元。EAD 約為 100,000 美元，或實際上幾乎為零。第二季普通股股息為每股 0.06 美元。我們近期不打算減少這一數字。現金和現金等價物約 9,860 萬美元，總股本為 295 萬美元。我認為，GAAP 帳面價值為 5.37 美元，而股票交易價格約為 2.70 美元，因此帳面價值大約有 50% 的折扣。

The opportunity for Rithm Property Trust, why now? We're entering what we think the real estate market at a very attractive time. We've been pretty vocal about that. While saying that, not every real estate asset is the same and we need to be extremely diligent and careful in our underwriting and how we deploy capital in this and every other vehicle that we manage.

Rithm Property Trust 的機會，為什麼是現在？我們認為，我們正處於一個非常有吸引力的時機進入房地產市場。我們對此一直直言不諱。儘管如此，並非所有房地產資產都是一樣的，我們需要在承保以及如何在我們管理的該工具和其他所有工具中部署資本時極其勤勉和謹慎。

So why Rithm Property Trust? One, again, no legacy commercial real estate exposure. Two, again, the company is trading at a sizable discount to book value. Three, the amount of employees and management team here at Rithm, and this does not include our GreenBarn subsidiary or Sculptor, there's approximately 75 to 100 folks in the house here that work on our various vehicles.

那為什麼選擇 Rithm Property Trust？第一，再次強調，沒有遺留的商業房地產風險。其次，該公司的股價再次大幅低於帳面價值。三，Rithm 的員工和管理團隊的數量，這還不包括我們的 GreenBarn 子公司或 Sculptor，這裡大約有 75 到 100 名員工負責我們各種車輛的維修工作。

When we think about the commercial real estate landscape, one, the repricing of commercial real estate assets, the continuous debt maturities and dislocations in the market are and will continue to create opportunities across the capital stack. As we look at changing capital structures, there's a huge need for pref equity in a number of the different assets and things that we're looking at, and that will continue to create what we think are extremely attractive opportunities to deploy capital.

當我們思考商業房地產格局時，首先，商業房地產資產的重新定價、持續的債務到期和市場混亂正在並將繼續在整個資本體系中創造機會。當我們審視不斷變化的資本結構時，我們發現，我們正在關注的許多不同資產和事物對優先股的需求巨大，這將繼續創造我們認為極具吸引力的資本配置機會。

As we go forward, the pipeline as of the end of June was $2 billion of different types of real estate investments that include senior mortgages, subordinate loans, mezzanine loans, and other opportunistic investments. The -- and finally, our emphasis on growth. As we achieve scale, that is something that's going to enable us, in our own opinion, to drive the valuation of the company higher.

截至 6 月底，不同類型的房地產投資總額已達 20 億美元，其中包括優先抵押貸款、次級貸款、夾層貸款和其他機會性投資。最後，我們強調成長。隨著我們規模的擴大，我們認為這將使我們能夠提高公司的估值。

Path to profitability, if you have a look at page 6, when we took over the company, as I mentioned before, the company was losing money. Q2 of '24, the company lost $0.35 per diluted share. If you look at where we are now, we made $0.03 per diluted share. So continued risk discipline around, one, the asset side of the balance sheet; and then two, as we think about growing earnings. Like I pointed out in my opening remarks, it will take some time because the equity base here is $300 million and we intend to take the same vehicle or this vehicle like we did at Fortress, where we started new residential with $1 billion of assets, and we grew it to $8 billion over time.

獲利之路，如果你看第 6 頁，當我們接管公司時，正如我之前提到的，公司正在虧損。24 年第二季度，該公司每股虧損 0.35 美元。如果你看看我們現在的狀況，我們每股收益為 0.03 美元。因此，我們將繼續嚴格控制風險，首先是資產負債表的資產方；其次，我們考慮增加收益。正如我在開場白中指出的那樣，這需要一些時間，因為這裡的股本基礎是 3 億美元，我們打算採用與 Fortress 相同的工具或這種工具，我們在那裡以 10 億美元的資產開始了新的住宅項目，並隨著時間的推移將其增長到 80 億美元。

When you look at 7, as we think about Q2 investment activities and you look at where we are today, one, the deal source of approximately $6.5 billion. And as I pointed out, we have a number of deals that we believe we're going to close here in the third quarter and that should deploy about $50 million of equity here with double-digit returns. We look at the investment opportunities. There's a number of different things we look at. Again, as I pointed out, whether it be debt, pref equity, mezz, and opportunistic equity across the stack.

當您查看 7 時，我們會考慮第二季的投資活動，並查看我們目前的狀況，第一，交易來源約為 65 億美元。正如我指出的那樣，我們相信我們將在第三季完成多項交易，這些交易將帶來約 5000 萬美元的股權和兩位數的回報。我們專注於投資機會。我們要關注許多不同的事情。再次，正如我指出的那樣，無論是債務、優先股、夾層證券還是機會股。

Strength of the platform, we are -- at Rithm, obviously, we take our performance extremely seriously. When you look at Rithm as a whole from a parent perspective, typically, our ROEs are anywhere from 15% to 20%. We'd like to try to position this company to be able to do the same thing over time.

平台的力量，我們是－在 Rithm，顯然，我們非常重視我們的表現。如果從母公司的角度來看 Rithm 整體，我們的 ROE 通常介於 15% 到 20% 之間。我們希望嘗試讓這家公司能夠隨著時間的推移做同樣的事情。

Page 8, just looking at the potential portfolio over the future between CMBS senior loans, opportunistic investments, and subordinated and mezzanine loans, we believe that we're going to generate target yields in and around 15%.

第 8 頁，僅看一下 CMBS 優先貸款、機會投資以及次級貸款和夾層貸款之間的未來潛在投資組合，我們相信我們將產生 15% 左右的目標收益率。

So before I turn it over to Q&A, what I would say is we love the optionality in the platform. We're very happy with where the balance sheet stands. We are working on a number of situations that I believe will enable us to deploy significant amounts of capital. We do not intend to dilute shareholders to the extent that we don't need to. So that will likely be bringing in third-party partners on some of the larger things that we're looking at.

因此，在進入問答環節之前，我想說的是，我們喜歡該平台的可選性。我們對資產負債表的現況非常滿意。我們正在研究一些情況，我相信這些情況將使我們能夠部署大量資金。我們無意在沒有必要的情況下稀釋股東權益。因此，我們很可能會引入第三方合作夥伴來共同探討一些我們正在考慮的更大的項目。

And with that, I'll turn it back to the operator and we'll open up for Q&A.

說完這些，我會把話題轉回給接線生，然後我們開始問答環節。

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

謝謝。我們現在開始問答環節。（操作員指示）

Jason Stewart, Janney.

傑森史都華、詹妮。

Okay, thank you. Thank you, Michael. In terms of the near-term opportunities in the pipeline, could you talk about how that splits up between the different sectors, loans, securities, et cetera?

好的，謝謝。謝謝你，麥可。就近期的機會而言，您能否談談這些機會在貸款、證券等不同領域之間的劃分？

Sure. So most of the stuff -- when we look at securities today, for example, when you look at our portfolio, most of it is floating rate around the -- on the real estate side. When we look going forward, and most of that is up in the capital stack in AAA CMBS. We do have some loans on the balance sheet that we made. We did a small SRT deal with one of our larger bank counterparties.

當然。因此，當我們今天看證券時，例如，當你看我們的投資組合時，大多數都是房地產方面的浮動利率。當我們展望未來時，我們發現其中大部分都位於 AAA CMBS 的資本堆疊中。我們的資產負債表上確實有一些我們所發放的貸款。我們與一家較大的銀行交易對手進行了一筆小規模的 SRT 交易。

Going forward, looking at pipelines, we have anything from something that will fund, we're hopeful in the next couple of weeks, which is a retail asset up in Seattle, anchored by some very strong tenants, including Albertsons, Staples, et cetera. We're looking at stuff in the multifamily space. We have some nice opportunities, we believe, on the office side as well. And then we're looking at some larger M&A opportunities that we think could change the landscape of this organization for years to come.

展望未來，從通路來看，我們擁有一切可以獲得資金的東西，我們對未來幾週充滿希望，這是西雅圖的一項零售資產，由一些非常強大的租戶支撐，包括 Albertsons、Staples 等。我們正在研究多戶型空間的東西。我們相信，在辦公室方面我們也有一些很好的機會。然後，我們正在尋找一些更大的併購機會，我們認為這些機會可能會在未來幾年改變組織的格局。

Okay. That's helpful. And then on the last point, I think you started to perhaps talk about this in your comments, you said commercial and opportunistic, but not necessarily doesn't have to be commercial. Maybe you could elaborate a little bit more on what you meant there in terms of opportunistic.

好的。這很有幫助。關於最後一點，我想您可能在評論中開始談論這一點，您說的是商業和機會主義，但不一定非得是商業性的。也許您可以更詳細地解釋一下機會主義的含義。

It's going to be -- right now, the intent is for this vehicle to be focused on commercial opportunities. I think back to our Fortress days when we bought a little under $4 billion of consumer loans into our REIT along with some other capital vehicles we had -- and that was the beginning of what became OneMain Financial. I'm just using that as an example. Right now, though, what I would say is I'd focus the focus for all of us here at Rithm is to build this as a dedicated opportunistic commercial REIT.

現在，該工具的重點是商業機會。我回想起我們在 Fortress 的日子，當時我們購買了略低於 40 億美元的消費貸款以及一些其他資本工具作為我們的房地產投資信託基金 (REIT)——這就是 OneMain Financial 的開始。我只是以此為例。不過，現在我想說的是，我會把 Rithm 所有人的注意力集中在將其打造為專門的機會主義商業房地產投資信託基金 (REIT)。

Got it. Okay, thanks for taking the questions. I appreciate it.

知道了。好的，感謝您回答這些問題。我很感激。

Thank you, Jason.

謝謝你，傑森。

Randy Binner, B. Riley's Securities.

蘭迪·賓納 (Randy Binner)，B. Riley 證券公司。

Hi, thank you for taking the question. This is Tim D'Agostino on for Randy Binner. When we think about the go-forward plan for the portfolio, what should we think about in terms of capital being put to work per quarter and where we may see that capital be putting to work?

您好，感謝您回答這個問題。這是 Tim D'Agostino 代替 Randy Binner 上場的。當我們考慮投資組合的未來計劃時，我們應該考慮每個季度投入的資本以及我們可以看到資本在哪裡投入使用？

So again, it's the capital that's going to -- where it's going to go is going to be the very same assets that I just described. So you'll have the pipeline between retail, multifamily, office. We have some industrial things we're looking at. We did an SRT deal with one of our -- like I pointed out, one of our larger bank counterparties. So it's going to be in those very same pockets.

所以，再說一次，資本的去向──它將流向我剛才所描述的那些資產。因此，您將擁有零售、多戶住宅和辦公室之間的管道。我們正在研究一些工業事物。我們與我們的一家較大的銀行交易對手達成了一項 SRT 交易——正如我指出的那樣。所以它將會放在同樣的口袋裡。

When you think about capital deployment, the good news is we're sitting with roughly $100 million of cash and liquidity on balance sheet, where as much as we want to deploy that capital yesterday and we could, we want to make sure that we are -- we find the right opportunities to create what we're really striving to do, which is going to be something with teens type returns. So that $100 million that sits there, I think our projections are we'll be deploying about $50 million this quarter here in the third quarter, assuming that all the different loan opportunities we're working on close here in the third quarter.

當您考慮資本部署時，好消息是我們的資產負債表上大約有 1 億美元的現金和流動資金，儘管我們昨天想盡可能多地部署這些資本，但我們希望確保我們能夠找到正確的機會來創造我們真正努力去做的事情，這將是青少年類型的回報。因此，我認為我們預計，對於這 1 億美元，我們將在第三季部署約 5,000 萬美元，假設我們正在處理的所有不同貸款機會都將在第三季結束。

And then going forward, obviously, we'd like the stock to right itself, but we'll likely continue to tap into the pref market as well so we don't dilute shareholders.

展望未來，顯然我們希望股價能夠自我調整，但我們也可能會繼續進入優先股市場，這樣就不會稀釋股東權益。

Okay, great. Thank you so much. That's all from me.

好的，太好了。太感謝了。我要說的就這些。

Thank you.

謝謝。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Thank you, and good afternoon, everybody. So my question, I want to kind of try to tie a couple of ends together here. So it really does sound like your pipeline of opportunities has scaled up. And you took us through the cleanup that you did on legacy Great Ajax over the past 12 months. But as far as that pipeline, and it seems like you've gotten to the point in time when it's -- it will really be an execution opportunity right now.

謝謝大家，下午好。所以我的問題是，我想嘗試在這裡將幾個方面聯繫起來。因此，這聽起來確實像是您的機會管道已經擴大了。您向我們介紹了過去 12 個月對 Great Ajax 遺留問題所做的清理工作。但就該管道而言，似乎您已經到了時間點——它現在真的是一個執行機會。

Was it just a matter of time of building that? Or was there a shift in what you were looking at that helped that scale? Or were you missing out in deals and you've gotten more aggressive and so more is dropping to the bottom line? What's kind of changed between 1Q and 2Q that's helped that pipeline scale the way it has?

建造它只是時間問題嗎？或者您所關注的內容發生了變化，從而有助於實現這一規模？或者您錯過了一些交易，因此變得更加激進，導致利潤下降？第一季和第二季之間發生了哪些變化，幫助該管道實現了目前的規模？

Yes. No, I think those are great questions. One is the team is out hunting and having lots of conversations, whether it be with our large bank friends with some third-party origination platforms or just stuff that -- where we get calls directly from sponsors. So we're seeing a lot more of that. And I think part of it is building the -- not the Rithm brand because I think the Rithm brand resonates extremely well in the investment community, but the Rithm Property Trust brand, which wasn't really as well known since -- other than when we initially took over the platform.

是的。不，我認為這些都是很好的問題。一是團隊正在外出尋找並進行大量對話，無論是與我們的大型銀行朋友、一些第三方發起平台，還是其他類似的東西——我們直接從贊助商那裡接到電話。所以我們見到更多這樣的情況。我認為部分原因在於打造——不是 Rithm 品牌，因為我認為 Rithm 品牌在投資界引起了極好的共鳴，而是 Rithm Property Trust 品牌，除了我們最初接管該平台時，這個品牌實際上並不那麼出名。

So the pipelines are building. The teams are having a ton of conversation. Certain -- what I would say, though, on the flip side of that is we're not going to compete for the last dollar to drive cap rates extremely low on, for example, on office, if we don't think it makes sense for the vehicle. Our goal here is to take what we have, which is as clean, in our opinion, a clean balance sheet, sitting on some liquidity, we could use more and deploy that capital prudently with teens type returns. We're not going to get into a bidding war with somebody at least for now on things that we don't think make a lot of sense.

因此管道正在建設中。各團隊正在進行大量對話。當然——但另一方面，我想說的是，如果我們認為這對投資工具來說沒有意義，我們就不會為了最後一美元而爭相壓低資本化率，例如辦公室的資本化率。我們的目標是利用我們所擁有的資源，在我們看來，這是一份乾淨的資產負債表，擁有一定的流動性，我們可以利用更多，並謹慎地部署這些資本，獲得青少年類型的回報。至少現在，我們不會與任何人就我們認為沒有太大意義的事情展開競價戰。

So I think it's a combination of, one, we are seeing a lot more directly from sponsors. Two, we're having a lot more conversations with our banking partners, which we have a lot of. And three, the brand is -- the Rithm Property Trust brand overall with the great job the team is doing is getting out there. So the teams are getting the call on these, not just, for example, the largest real estate players in the industry.

所以我認為這是多種因素的綜合作用，首先，我們從贊助商那裡看到了更多直接的利益。第二，我們與銀行夥伴進行了更多的對話，我們已經有很多對話了。第三，品牌－Rithm Property Trust 品牌整體上由於團隊的出色工作而廣為人知。因此，這些團隊正在接到這些電話，而不僅僅是該行業中最大的房地產公司。

Got it. Appreciate that color, Michael. And then if we think of sources and uses here, right? The opportunity set scales, there's more deals falling to the bottom line. You've obviously built this large book of CMBS securities. You did it over a period of time where spreads were wider. They've obviously tightened down towards record levels again.

知道了。欣賞那個顏色，麥可。然後如果我們考慮這裡的來源和用途，對嗎？機會集規模不斷擴大，越來越多的交易落入底線。您顯然已經建立了龐大的 CMBS 證券庫。您是在價差較大的時間內做到這一點的。他們顯然已經再次收緊政策，以達到創紀錄的水平。

How do you think about either taking on more debt using the cash on your balance sheet or even selling the securities, which again, we assume you would have a gain on in order to put them into more of this direct lending opportunity, which is what it sounds like that's more of -- that's in that pipeline right now. How do you think of the securities book as a funding source?

您如何考慮使用資產負債表上的現金承擔更多債務，甚至出售證券？我們再次假設您會從中獲利，以便將其投入到更多的直接貸款機會中，這聽起來更像是——目前正在進行的。您如何看待證券帳簿作為資金來源？

It could easily be that, right? Because one of the reasons why -- and thanks for leading me to the answer here. One of the reasons why we stayed up in the cap stack was as we continue to grow this, we wanted to deploy capital to create some earnings for the balance sheet. As we look at some of the opportunities we're seeing -- and typically -- and the way we're going to grow this company, honestly, is by doing things that are a little bit more meaningful and larger over time.

很有可能是這樣的，對吧？因為其中一個原因——感謝您引導我找到這裡的答案。我們保持資本充足率的原因之一是，隨著我們繼續成長，我們希望部署資本來為資產負債表創造一些收益。當我們看到一些機會時——通常——我們發展這家公司的方式，老實說，是透過隨著時間的推移做一些更有意義、更大的事情。

Yes, we'll hit our singles, but we have to do something that's meaningful and be able to raise a bunch of capital around that. And that -- and the way that -- if you look, we did a -- I think it was a $50 million pref offering kind of a few months back. We don't want to dilute shareholders to the extent that we don't need to.

是的，我們會推出單曲，但我們必須做一些有意義的事情，並且能夠籌集大量資金。而且 — — 如果你看一下，我們做了 — — 我想是幾個月前我們進行了一次價值 5000 萬美元的優先股發行。我們不想將股東權益稀釋到不必要的程度。

I think what we're going to likely do is bringing third-party capital alongside a larger transaction, which is going to help get this platform off the ground. And then I think once we do that, you're going to see the stock really right itself. So I think the optionality in this company and the stock, I think, is extremely high and significant to the upside.

我認為我們可能會做的是在進行更大規模的交易的同時引入第三方資本，這將有助於該平台的起步。然後我認為一旦我們這樣做，你就會看到股票真正恢復正常。因此，我認為這家公司和股票的可選性極高，並且具有顯著的上漲潛力。

Got it. Appreciate that. And last one for me. If we think of kind of once you allocate that, let's assume the $50 million in opportunities that are near-term close. If we do a quick back of the envelope, that looks to us like just about maybe a little bit over $0.01 a share per quarter. Is that -- does that check out? And is this the kind of thing where to get up to that dividend level, you're going to need to put out $300 million of incremental capital? Or are there other catalysts that help you kind of boost earnings back to that dividend level?

知道了。非常感謝。對我來說這是最後一個。如果我們考慮一旦您分配了這些資金，我們假設近期有 5000 萬美元的機會。如果我們快速算一下，我們發現這個數字大約是每季每股 0.01 美元多一點。是這樣的──這樣可以嗎？那麼，為了達到這樣的股利水平，你是否需要投入 3 億美元的增量資本？或者是否存在其他催化劑可以幫助您將收益提高到該股息水平？

I think in your math, it's about $0.02 a quarter. Again, it's -- we're going to have to create some scale around our capital formation side. But I think we'll get to whatever our current dividend that we're paying. We came into this thing not looking to cut the dividend because folks have suffered a lot of pain prior to us acquiring the management contract here. So we're going to do all we can to maintain this dividend and continue to try to grow earnings.

我認為按照你的計算，每季大約是 0.02 美元。再說一次，我們必須在資本形成方面創造一定的規模。但我認為我們會達到我們目前支付的股息。我們參與此事並不是想削減股息，因為在我們獲得管理合約之前，人們已經遭受了許多痛苦。因此，我們將竭盡全力維持這筆股息並繼續努力增加利潤。

Understood. Appreciate all the answers. That's it for me. Thanks.

明白了。感謝所有答案。對我來說就是這樣。謝謝。

Thanks, Tom.

謝謝，湯姆。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks, Michael. Hey, Hoping you could just talk about kind of trying to square all the things you've said about a growing pipeline, lack of interest in diluting shareholders. And just how you think about kind of the patience that you have to try to scale the business while kind of looking at those two factors and kind of how you think that plays out?

謝謝，麥可。嘿，希望您能談談如何解決您所說的有關不斷增長的管道、對稀釋股東利益缺乏興趣等所有問題。在考慮這兩個因素的同時，您如何看待擴大業務規模所需的耐心，以及您認為這將如何發揮作用？

I think the scale of the business is going to be around a larger-scale transaction. That's how we're going to be able to raise capital to create a vehicle that's where we're going to start generating significant earnings.

我認為業務規模將圍繞更大規模的交易。這就是我們如何籌集資金來創造一個可以開始產生可觀收益的工具。

While saying that, I alluded to likely bringing third-party capital alongside us. I think you'll see that without going out to truly dilute the shareholders here that with the stock trading at, again, give or take, $2.70, I don't -- you can't, quite frankly, you can't raise enough stock around that level to make a significant dent in this company.

在說這句話的同時，我暗示可能會引入第三方資本。我想你會發現，如果不真正稀釋股東的股份，那麼在股票交易價格再次達到或接近 2.70 美元的情況下，坦率地說，你無法在該水平附近籌集足夠的股票來對這家公司造成重大打擊。

Pipeline-wise, I'm looking at 11 different transactions on a sheet in front of me right here. They range anywhere from a large M&A opportunity to a retail loan that I pointed out. I gave you some color with Albertsons and Staples as some of the anchor tenants to looking at some multifamily stuff in Florida to some New Jersey office to some local office.

從管道角度來看，我正在查看前面表格上的 11 筆不同的交易。它們的範圍從大型併購機會到我指出的零售貸款。我給你提供了一些信息，Albertsons 和 Staples 是一些主要租戶，他們正在考慮佛羅裡達州的一些多戶住宅、新澤西州的一些辦公室以及一些當地辦公室。

So our pipelines are pretty robust. The one thing we want to make sure that we do, though, is obviously be extremely thoughtful on deploying the capital.

所以我們的管道非常強大。然而，我們想要確保做到的一件事顯然是在部署資本時要非常謹慎。

Great. Appreciate it. Thanks, Michael.

偉大的。非常感謝。謝謝，麥可。

Thanks, Doug.

謝謝，道格。

And that concludes our question-and-answer session. And I will now turn the conference back over to Michael Nierenberg for closing comments.

我們的問答環節到此結束。現在我將會議交還給麥可‧尼倫伯格，請他作最後總結。

Thanks so much for the questions, guys. Look forward to updating you next quarter or during the quarter. Again, I do like where we sit. We're going to be patient, but we need to try to grow our stock price here and we're extremely mindful of that.

非常感謝大家的提問。期待下個季度或本季向您更新最新情況。再說一次，我確實喜歡我們坐的位置。我們會保持耐心，但我們需要努力提高我們的股價，我們對此非常注意。

So have a great rest of the summer, if we don't chat, and have a good weekend.

所以，如果我們不聊天的話，祝您度過一個愉快的夏天，並度過一個愉快的週末。