Seven Hills Realty Trust (SEVN) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Seven Hills Realty Trust third-quarter 2025 financial results conference call. (Operator Instructions)

早安，歡迎參加 Seven Hills Realty Trust 2025 年第三季財務業績電話會議。（操作說明）

Please note that this conference is being recorded. I would now like to turn the call over to Mr. Matt Murphy, Manager of Investor Relations. Please go ahead.

請注意，本次會議正在錄影。現在我將把電話交給投資者關係經理馬特墨菲先生。請繼續。

Good morning. Joining me on today's call are Tom Lorenzini, President and Chief Investment Officer; Matt Brown, Chief Financial Officer and Treasurer; and Jared Lewis, Vice President. Today's call includes a presentation by management followed by a question-and-answer session with analysts. Please note that the recording, retransmission and transcription of today's conference call is prohibited without the prior written consent of the company.

早安.今天與我一起參加電話會議的有：總裁兼首席投資官湯姆·洛倫齊尼；首席財務官兼財務主管馬特·布朗；以及副總裁賈里德·劉易斯。今天的電話會議包括管理層演講，隨後是與分析師的問答環節。請注意，未經公司事先書面同意，禁止對今天的電話會議進行錄音、轉播和轉錄。

Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on Seven Hill's beliefs and expectations as of today, October 28, 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.

另請注意，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 Seven Hill 截至 2025 年 10 月 28 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。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements.

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（SEC）提交的文件，這些文件可從SEC的網站獲取。投資者應注意，不要過度依賴任何前瞻性陳述。

In addition, we will be discussing non-GAAP financial numbers during this call, including distributable earnings and distributable earnings per share. A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release presentation, which can be found on our website at sevnreit.com. With that, I will now turn the call over to Tom.

此外，我們將在本次電話會議中討論非GAAP財務數據，包括可分配收益和每股可分配收益。有關GAAP與非GAAP財務指標的調節表，請參閱我們的盈利發布演示文稿，該演示文稿可在我們的網站sevnreit.com上找到。接下來，我會把電話會議交給湯姆。

Thank you, Matt, and good morning, everyone. On today's call, I will provide an overview of our third quarter performance and recent developments, and I will then turn the call over to Jared for an update on our pipeline and market trends, followed by Matt, who will review our financial results before opening the line for questions.

謝謝你，馬特，大家早安。在今天的電話會議上，我將概述我們第三季度的業績和近期發展情況，然後我會將電話轉交給 Jared，讓他介紹我們的產品線和市場趨勢，之後由 Matt 回顧我們的財務業績，最後開放提問環節。

We delivered solid third quarter results supported by a fully performing loan portfolio and disciplined capital deployment. Distributable earnings for the third quarter were $4.2 million or $0.29 per share, which came in at the high end of our guidance range. And earlier this month, our Board declared a regular quarterly dividend of $0.28 per share, which equates to an annualized yield of 11% on yesterday's closing price.

由於表現良好的貸款組合和嚴謹的資本部署，我們實現了穩健的第三季業績。第三季可分配收益為 420 萬美元，即每股 0.29 美元，處於我們預期範圍的高端。本月初，董事會宣布派發每股 0.28 美元的季度常規股息，以昨日收盤價計算，年化收益率為 11%。

Recent transaction activity during the quarter included the closing of a $34.5 million first mortgage loan secured by 100% leased mixed-use retail and medical office property in Manhattan's Upper West side. In addition, we also executed a loan application for $37.3 million secured by a student housing property at the University of Maryland, which we expect to close in the next few days.

本季近期的交易活動包括完成一筆 3,450 萬美元的第一筆抵押貸款，該貸款以曼哈頓上西區 100% 出租的混合用途零售和醫療辦公物業為抵押。此外，我們還提交了一份金額為 3730 萬美元的貸款申請，該貸款以馬裡蘭大學的一處學生公寓物業作為抵押，我們預計將在未來幾天內完成。

Student housing assets at major universities continue to perform well while allowing for enhanced spreads when compared to traditional multifamily. As of quarter end, our portfolio consisted of $642 million of floating rate first mortgage commitments across 22 loans with a weighted average all-in yield of 8.2% and a weighted average loan-to-value of 67% at close.

知名大學的學生宿舍資產表現依然良好，與傳統多戶住宅相比，還能帶來更高的收益。截至季末，我們的投資組合包括 22 筆貸款，總額為 6.42 億美元，均為浮動利率第一抵押貸款承諾，加權平均綜合收益率為 8.2%，加權平均貸款價值比為 67%。

Our weighted average risk rating at the quarter end was 2.9, with all loans current on debt service, no 5 rated loans and no nonaccrual balances. During the quarter, we received a full repayment of two loans totaling $53.8 million, and we may see one additional loan repaid before year-end with an outstanding balance of $15.3 million, but the majority of near-term repayments are expected to occur in 2026. Full year portfolio growth is estimated to be approximately $100 million net from year-end 2024.

截至季末，我們的加權平均風險評級為 2.9，所有貸款均按時償還債務，沒有 5 級貸款，也沒有非應計餘額。本季度，我們收到了兩筆貸款的全額償還，總額為 5,380 萬美元。我們可能在年底前收到另一筆貸款的償還，該貸款的未償餘額為 1530 萬美元。但預計大部分近期償還款項將在 2026 年支付。預計到 2024 年底，全年投資組合淨成長約 1 億美元。

We continue to see a more active lending environment as short-term rates move lower and investors anticipate further rate cuts before year-end. This has led to greater borrower engagement and transaction volume across our pipeline, which we expect will continue to grow over the coming quarters.

隨著短期利率走低，投資人預期年底前利率將進一步下調，我們看到信貸環境持續活躍。這使得我們整個貸款流程中的借款人參與度和交易量都得到了提高，我們預計未來幾季將繼續成長。

As SOFR continues to decline, we will see our SOFR floors begin to become active, providing a benefit to earnings and helping to partially offset the impact from declining rates. While competition remains elevated, we continue to find compelling opportunities that meet our return thresholds and align with our underwriting standards.

隨著 SOFR 持續下降，我們將看到我們的 SOFR 下限開始發揮作用，這將有利於盈利，並有助於部分抵消利率下降的影響。儘管競爭依然激烈，但我們仍在不斷尋找符合我們回報門檻和承保標準的極具吸引力的投資機會。

Overall, we believe our disciplined approach, strong sponsor relationships and underwriting and asset management expertise will allow us to continue generating attractive risk-adjusted returns. With borrower demand and transaction activity improving, we remain focused on deploying capital into opportunities that we believe offer the best relative value in the current environment.

總而言之，我們相信，憑藉我們嚴謹的方法、強大的贊助商關係以及承銷和資產管理方面的專業知識，我們將能夠繼續獲得具有吸引力的風險調整後收益。隨著借款需求和交易活動的改善，我們將繼續專注於將資金投入到我們認為在當前環境下具有最佳相對價值的投資機會。

Our platform is well positioned to deliver consistent execution and drive sustainable value creation as market conditions evolve, and we look forward to sharing our continued progress in the quarters ahead. With that, I will now turn the call over to Jared for an overview of current market conditions as well as our pipeline.

隨著市場環境的變化，我們的平台已做好充分準備，能夠持續有效地執行並創造可持續的價值，我們期待在接下來的幾個季度與大家分享我們所取得的持續進展。接下來，我將把電話交給 Jared，讓他概述目前的市場狀況以及我們的產品線。

Thanks, Tom. During the third quarter, we saw a notable improvement in market sentiment following the Fed rate cut in September, which helped to drive new financing activity. The initial rate cut prompted many borrowers to move forward with financing decisions that had previously been placed on hold and with expectations of two additional rate cuts before year-end, buyer and seller expectations are beginning to come into closer alignment, which has led to an increase in overall transaction volumes.

謝謝你，湯姆。第三季度，聯準會9月降息後，市場情緒明顯改善，有助於推動新的融資活動。最初的降息促使許多藉款人推進先前擱置的融資決策，並且由於預計年底前還會有兩次降息，買賣雙方的預期開始更加一致，這導致整體交易量增加。

Demand for floating rate bridge financing remains strong driven primarily by 2021 and 2022 vintage floating rate multifamily loan maturities, which will continue well into 2026. In most cases, borrowers are choosing to refinance debt but continue to require flexible fund rate debt solutions to allow time for business plans to play out and property operations to stabilize.

對浮動利率過渡性融資的需求仍然強勁，這主要是由於 2021 年和 2022 年到期的浮動利率多戶住宅貸款，這種情況將持續到 2026 年。大多數情況下，借款人選擇進行債務再融資，但仍需要靈活的資金利率債務解決方案，以便讓商業計劃得以實施，物業運營得以穩定。

We are also beginning to see more instances of new buyers acquiring properties at a reset basis that better reflects current rent growth and operational expectations, helping drive additional transaction volumes. While multifamily continues to account for the majority of current opportunities, it also remains most competitive.

我們也開始看到越來越多的新買家以重新定價的方式收購房產，這種方式更能反映了當前的租金成長和營運預期，有助於推動更多的交易量。雖然多戶住宅仍佔據當前市場機會的大部分，但競爭也最為激烈。

CRE CLO issuance has accelerated meaningfully over the year, and debt funds, mortgage REITs and insurance companies are all pursuing similar loan opportunities. Furthermore, the material tightening of corporate bond spreads has made real estate credit an attractive relative value investment, which has resulted in an influx of capital to the CRE debt sector providing liquidity and causing competition among lenders.

今年以來，CRE CLO 的發行速度顯著加快，債務基金、抵押貸款 REIT 和保險公司都在尋求類似的貸款機會。此外，公司債利差的顯著收窄使得房地產信貸成為一項有吸引力的相對價值投資，這導致大量資本湧入商業房地產債務領域，提供了流動性，並引發了貸款機構之間的競爭。

Despite these competitive dynamics, we remain selective and disciplined in our approach to new originations. We continue to find opportunities in industrial, necessity-based retail, hospitality and student housing. We are seeing more attractive spreads on loans with strong credit characteristics.

儘管有這些競爭動態，但我們在新業務拓展方面仍然保持謹慎和自律的態度。我們持續在工業、必需品零售、飯店和學生公寓領域尋找商機。我們看到，信用狀況良好的貸款利率更具吸引力。

Furthermore, with transaction volumes expected to increase in the first half of 2026, we expect to see significant opportunities for lenders with flexible capital to invest. Our pipeline is robust and well diversified, and we are currently evaluating over $1 billion of loan opportunities.

此外，預計 2026 年上半年交易量將會增加，我們預計擁有彈性資本的貸款機構將迎來重要的投資機會。我們的專案儲備充足且多元化，目前正在評估超過 10 億美元的貸款機會。

Importantly, the composition of our pipeline has shifted toward a higher proportion of acquisition financing compared to refinancing activity, a trend that we view as a key indicator of renewed market confidence and a constructive environment for new lending. Our disciplined investment process supported by the broad RMR platform will allow us to identify attractive opportunities to maintain strong credit performance as market dynamics continue to unfold.

重要的是，與再融資活動相比，我們的融資管道組成已轉向收購融資佔比更高，我們認為這一趨勢是市場信心恢復和新貸款環境良好的關鍵指標。我們嚴謹的投資流程，加上廣泛的RMR平台的支持，將使我們能夠識別有吸引力的機會，從而在市場動態不斷演變的過程中保持強勁的信貸表現。

I will now turn the call over to Matt for an overview of our financial results.

現在我將把電話交給馬特，讓他概述我們的財務表現。

Thank you, Jared, and good morning, everyone. Yesterday, we reported third quarter distributable earnings of $4.2 million or $0.29 per share coming in at the high end of our guidance and in line with consensus estimates for the quarter. As it relates to third quarter distributable earnings, loan repayments since April 1 impacted distributable earnings by $0.06 per share whereas loan originations over the same period contributed $0.03 per share.

謝謝你，賈里德，大家早安。昨天，我們公佈了第三季可分配收益為 420 萬美元，即每股 0.29 美元，達到我們預期的上限，並且與該季度的普遍預期一致。就第三季可分配收益而言，自 4 月 1 日以來的貸款償還對每股可分配收益的影響為 0.06 美元，而同期新增貸款貢獻了每股 0.03 美元。

The $53.8 million of loan repayments in July contributed $0.01 of distributable earnings to third quarter results. We expect the loan originated in September and the loan origination under application to contribute $0.03 of distributable earnings per share in the fourth quarter. Overall, we expect fourth quarter distributable earnings to be in the range of $0.29 to $0.31 per share, taking into account this loan activity and current SOFR expectations based on the curve.

7 月償還的 5,380 萬美元貸款為第三季業績貢獻了 0.01 美元的可分配收益。我們預計 9 月發放的貸款和正在申請的貸款將在第四季度貢獻每股 0.03 美元的可分配收益。總體而言，考慮到貸款活動和基於曲線的當前SOFR預期，我們預計第四季度可分配收益將在每股0.29美元至0.31美元之間。

As Tom mentioned, all but one of our loans contain interest rate floors ranging from 0.25% to 4% with a weighted average floor of 2.59%. With continued decreases in SOFR, certain of our loans will be subject to the floor, providing Seven with earnings protection, whereas none of our secured financing facilities contain floors. At quarter end, none of our loans had active interest rate floors. However, with SOFR now hovering just below 4%, certain of our floors have become active.

正如湯姆所提到的，我們除一筆貸款外，其餘所有貸款都設有最低利率，範圍從 0.25% 到 4%，加權平均最低利率為 2.59%。隨著 SOFR 的持續下降，我們的部分貸款將受到利率下限的限制，從而為 Seven 提供收益保障，而我們沒有任何擔保融資安排包含利率下限。截至季末，我們沒有任何貸款設有有效的利率下限。然而，由於 SOFR 目前徘徊在 4% 以下，我們的一些樓層已經變得活躍。

Please refer to page 17 of our earnings presentation for further details. We ended the quarter with $77 million of cash on hand and $310 million of capacity on our secured financing facilities. Our portfolio has an all-in yield of SOFR plus 397 basis points and a weighted average borrowing rate of SOFR plus 215 basis points. Our CECL reserve remains modest at 150 basis points of our total loan commitments, unchanged from last quarter and is supported by a conservative portfolio risk rating of 2.9, which is also unchanged from last quarter.

更多詳情請參閱我們的獲利報告第17頁。本季末，我們手頭現金為 7,700 萬美元，擔保融資額度為 3.1 億美元。我們的投資組合的綜合收益率為 SOFR 加 397 個基點，加權平均借款利率為 SOFR 加 215 個基點。我們的 CECL 準備金仍然適中，佔貸款承諾總額的 150 個基點，與上季度持平，並由 2.9 的保守投資組合風險評級支撐，該評級也與上季度持平。

Our portfolio remains well diversified by property type and geography and all loans occurring on debt service. We did not have any collateral dependent loans or loans with specific reserves. This highlights the strength in our underwriting and asset management functions to provide long-term value for shareholders.

我們的投資組合在物業類型和地理位置方面保持了良好的多元化，所有貸款均用於償還債務。我們沒有任何以抵押品為擔保的貸款或設有特定準備金的貸款。這凸顯了我們在承保和資產管理方面的優勢，能夠為股東創造長期價值。

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。

(Operator Instructions)

（操作說明）

Matthew Erdner, JonesTrading.

Matthew Erdner，JonesTrading。

Hey, good morning, guys. Thanks for taking the question. Could you rehash through the repayments that you were expecting for the remainder of the year? I picked up the $15.3 million, but was there another loan that I was missing in there?

嘿，大家早安。感謝您回答這個問題。您能否重新列出您預計在今年剩餘時間內需要償還的款項？我拿到了那1530萬美元，但是不是還有其他貸款我漏掉了？

No, Matt, that's the only one that we expect to come back potentially before year-end. Everything else really will be 2026 with the bulk of our scheduled repayments in Q3 and Q4 of '26.

不，馬特，這是我們唯一預計在年底前可能會回歸的球員。其他一切都將在 2026 年完成，我們的大部分計畫還款將在 2026 年第三季和第四季進行。

Okay. Got it. Yes, that makes sense. And then based off of the College Park loan closing, I've got the portfolio around $680 million, seeing that last year at the end of the year was about $640. So that leads me to believe that you guys are expecting a couple more loans to close throughout the year.

好的。知道了。是的，這很有道理。根據 College Park 貸款的成交情況，我的投資組合價值約為 6.8 億美元，而去年年底約為 6.4 億美元。所以我認為你們預計今年還會有幾筆貸款完成交割。

Could you talk a little bit about how you guys are sourcing those. And just speak a little more on the competition of what's causing you guys to win loans over certain people and just the characteristics that you guys are bringing to the table?

能否簡單介紹一下你們的貨源來源？請您再詳細談談競爭狀況，是什麼讓你們在貸款申請中勝過其他人，以及你們具備哪些優勢？

Sure. So I'll start with how we're sourcing those loans. The majority of the transactions are coming in through the traditional channels, such as the mortgage banking community, the [JLL, the CBs] new marks of the world, et cetera. A certain percentage of our transactions also come in direct from sponsorship. It's probably 80% from the brokerage, 20% direct, something along those lines.

當然。那麼，我先從我們是如何籌集這些貸款的開始說起。大部分的交易都是透過傳統管道進行的，例如抵押貸款銀行界、[JLL、CBs]等世界新品牌等等。我們一定比例的交易收入也直接來自贊助。大概 80% 來自經紀公司，20% 來自直接交易，大致如此。

And as far as how we're winning those transactions, really, I think that a couple of things. I think we have a solid reputation in the marketplace that we deliver as advertised, which is critical to sponsors today and especially to the brokerage community. Certainly, want to remind themselves with lenders that will close as advertised.

至於我們是如何贏得這些交易的，我認為主要有兩點。我認為我們在市場上擁有良好的聲譽，能夠兌現廣告承諾，這對於當今的贊助商，尤其是經紀商群體來說至關重要。當然，他們也希望向貸款機構確認，貸款機構會以廣告宣傳的方式完成交易。

And also, I think we're also -- we've been very judicious about trying to uncover loans with a little bit higher yielding. We can follow upon the expertise here at the broader platform, learn something about the asset, the market and really lean in and take the deal away from a competitor because maybe we have a better understanding of it.

而且，我認為我們也——我們一直非常謹慎地努力尋找收益率稍高的貸款。我們可以藉助這個更廣泛平台上的專業知識，了解資產和市場，真正深入參與，從競爭對手手中奪取這筆交易，因為我們可能對它有更好的理解。

So all that translates really across the product types for everything that we're looking at currently. As you saw, we're just -- we're under (inaudible) on the student deal. We like that business. We continue to chase multifamily, grocery-anchored retail, select hospitality opportunities certainly exist out there as well. So for the foreseeable future through the end of the year, I think we're looking at probably another 3 to 4 loans that we're comfortable with that we're going to close upon.

所以，所有這些實際上都適用於我們目前正在研究的所有產品類型。正如你所看到的，我們在學生優惠方面非常——我們非常優惠。我們喜歡這家公司。我們將繼續尋找多戶住宅、以超市為主力店的零售物業，當然，也存在一些精選的飯店物業投資機會。因此，在可預見的未來，直到今年年底，我認為我們可能會再完成 3 到 4 筆我們認為合適的貸款。

Got it. That's very helpful. Thank you.

知道了。那很有幫助。謝謝。

(Operator Instructions)

（操作說明）

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

For Matt, does the CECL reserve change or does the requirements under CECL for the allowance go down with lower rates, lower SOFR specifically?

對 Matt 來說，CECL 準備金會改變嗎？或者說，隨著利率（特別是 SOFR）的降低，CECL 下的準備金要求會下降嗎？

They could. There's a lot of factors that impact the CECL reserve. I think it's important to note that we add back any CECL reserve to our distributable earnings because it is a noncash item and we have not -- we do not have a history of recording any loan losses for Seven. So there's macroeconomic factors.

他們可以。影響 CECL 儲備的因素很多。我認為需要注意的是，我們將所有 CECL 準備金加回可分配收益中，因為它是一個非現金項目，而且我們過去沒有——我們也沒有記錄 Seven 的任何貸款損失的歷史記錄。所以，這裡存在著宏觀經濟因素。

There's factors with our existing portfolio based off property level performance, repayment activity, origination activity. So it's a blend of factors that are driving that. Overall, we're 1.5% of total loan commitments, which we think is very conservative for our business.

我們現有投資組合的因素包括物業層面的表現、還款和貸款發放。所以這是多種因素共同作用的結果。總體而言，我們的貸款金額佔總貸款承諾的 1.5%，我們認為這對我們的業務來說非常保守。

Because my thinking is if SOFR is going down and your loans are spread over SOFR from that, we can -- its increased probability that the allowance reserve as a percentage of loans will go down. Is that -- does that follow or not?

因為我的想法是，如果 SOFR 下降，而你的貸款又以 SOFR 為基準進行攤銷，那麼——貸款準備金佔貸款比例下降的可能性就會增加。那——這是否成立？

It does. But like I said, there are a lot of factors that go into it in addition to just SOFR.

確實如此。但就像我說的，除了 SOFR 之外，還有很多因素會影響它。

Got it. Okay. And Jared, thank you for the overview of the market. For multifamily and your comments on multifamily debt, does this also imply increased demand for multifamily equity as well? Or is there sort of -- is that a different market in terms of its dynamics right now?

知道了。好的。Jared，謝謝你對市場的概述。就多戶住宅以及您對多戶住宅債務的評論而言，這是否也意味著對多戶住宅股權的需求增加？或者說，就目前的市場動態而言，這算是一種不同的市場嗎？

Well, I would say there's certainly always a demand for equity capital. Given the amount -- just the sheer volume of loan maturities from '21 and '22 vintage assets, a lot of those deals are going to require either additional equity. So if you're refinancing a property and if it doesn't refinance the current standards, then it may require additional equity capital. So sponsors and borrowers are out sourcing additional equity for those opportunities.

嗯，我認為對股權資本的需求一直都存在。鑑於 2021 年和 2022 年到期資產的貸款數量龐大，許多交易都需要額外的股權。因此，如果您要對房產進行再融資，但再融資不符合當前的標準，則可能需要額外的股權資本。因此，投資者和借款方正在為這些投資機會尋求額外的股權融資。

But then there's also on the acquisition side, plenty of capital that's been raised over the years that is seeking to be deployed in the multifamily sector because of its attractiveness and liquidity. So that's going to also help drive financing activity.

但另一方面，在收購方面，多年來籌集的大量資金正尋求投入多戶住宅領域，因為該領域具有吸引力和流動性。所以這也將有助於推動融資活動。

So it's sort of a two-way street. Yes, there's going to be the requirement for new debt going forward in the multifamily sector. But with that comes the requirement of additional equity as well. So I think there is a lot of capital chasing those opportunities because of the online fundamentals. And so I expect that to continue into 2026 and '27.

所以這算是雙向的吧。是的，未來多戶住宅領域將需要新的債務融資。但隨之而來的是需要額外的股權。所以我認為，由於網路的基本面，有很多資本在追逐這些機會。因此，我預計這種情況會持續到 2026 年和 2027 年。

Great. And final question on that line. In your observation, are you seeing banks become less participant in multifamily debt markets or more? Any characterization there?

偉大的。關於這個問題，最後一個問題。根據您的觀察，您認為銀行在多戶住宅債務市場的參與度是降低了還是增加了？有什麼特徵描述嗎？

Yes. So the larger banking community, the money center banks are very active today and they've become competitive, and they're another cohort of lenders that are chasing these opportunities, specifically in the multifamily space. Smaller regional banks may not be as active.

是的。因此，如今大型銀行業，尤其是金融中心銀行，都非常活躍，競爭也日益激烈，它們是另一批追逐這些機會的貸款機構，尤其是在多戶住宅領域。規模較小的區域性銀行可能較不活躍。

As you've read in headlines, I mean, there's still a concern or questions over bank balance sheets in certain sectors. And so I think some are still taking a more conservative approach. But generally speaking, the larger banks are active, smaller banks are a little bit more selective.

正如你在新聞標題中讀到的那樣，我的意思是，某些行業的銀行資產負債表仍然存在一些令人擔憂或疑問的地方。所以我認為有些人仍然採取比較保守的做法。但總的來說，規模較大的銀行較為活躍，規模較小的銀行則較為謹慎。

Interesting. Okay, thank you very much.

有趣的。好的，非常感謝。

Chris Muller, Citizens Capital Markets.

克里斯·穆勒，公民資本市場。

Hey guys, thanks for taking the questions and congrats on a solid quarter. So cash balances jumped up a little bit in the quarter. I guess the question is, is that due to timing of repayments coming in? Are you guys holding a little bit of extra liquidity ahead of some of those originations you expect in Q4?

各位，謝謝你們回答問題，恭喜你們本季表現優異。因此，本季現金餘額略有上升。我想問的是，這是因為還款時間安排造成的嗎？你們是否在第四季預期新增貸款之前，持有一些額外的流動資金？

It's really driven by the sources and uses of the quarter. We had $54 million of repayments come in, in July, and we only put out about $34 million of new loans. As we noted, we do have a $37 million loan opportunity that we expect to close in the near future. But that cash balance also allows for the additional originations that Tom noted through the end of the year.

這主要取決於季度的來源和用途。7 月我們收到了 5,400 萬美元的還款，而我們只發放了約 3,400 萬美元的新貸款。正如我們所提到的，我們確實有一個 3700 萬美元的貸款機會，我們預計在不久的將來完成。但正如湯姆所指出的，這筆現金餘額也足以支付年底前新增的貸款。

Got it. And I guess, I like the slide you guys have with the EPS bridge in the deck. Does that $0.03 include origination fees? And then I guess, a follow-up question on that is, what does a typical quarter look like for origination fees? Is it kind of that $0.01, $0.02, $0.03 type number? Or can we see that ramp up if you guys can really start deploying capital in 2026?

知道了。我猜，我挺喜歡你們的滑梯，甲板上裝有 EPS 橋。那0.03美元包含手續費嗎？那麼，我想就此提出一個後續問題，一個季度的貸款發放費通常是什麼樣的呢？是那種 0.01 美元、0.02 美元、0.03 美元之類的數字嗎？或者，如果你們真的能在 2026 年開始投入資金，我們能看到這種成長動能嗎？

Yes. The origination fees are baked into the yield.

是的。貸款發放費用已包含在收益率中。

Got it. And is that just like a $0.01 or $0.02 a quarter? Is that the right way to think about that?

知道了。那是不是每季才 0.01 或 0.02 美元？這樣想對嗎？

Yes. At best, it's probably $0.01 a quarter is my guess.

是的。我估計，最樂觀的情況大概是每季 0.01 美元。

Got it. And I guess just the last one I have here. So on the NIM compression, the other slide you guys have in your deck, it's been trending lower since the peak of the market when rates were at zero, which makes sense. But do you guys feel that you're either at or near a trough on NIM compression there? Or could there be some more pressure in the coming quarters?

知道了。我想這是我這裡最後一個了。所以關於淨利差壓縮，也就是你們簡報中的另一張投影片，自從市場利率達到零的峰值以來，它一直呈下降趨勢，這很合理。但你們覺得你們那邊的 NIM 壓縮率是處於低谷還是接近低谷呢？或者，未來幾季是否會面臨更大的壓力？

Yes. I don't -- I think we're at the -- I would say that we're probably at the trough there. Part of that really just comes down to us identifying the appropriate transactions to invest in, right? So we're certainly mindful of that.

是的。我不——我認為我們正處於——我會說我們可能正處於低谷。這其中一部分其實取​​決於我們如何確定值得投資的交易，對吧？所以我們當然會注意這一點。

And again, I think we've been very good about sourcing outsized returns when we're able to do so. And that's obviously the goal going forward. So we're expecting that to bottom out and if not, almost reverse itself.

而且，我認為我們在能夠獲得超額回報時，一直做得非常好。而這顯然也是我們未來要達成的目標。所以我們預期這種情況會觸底反彈，如果沒跌到谷底，幾乎會完全逆轉。

Got it. Appreciate you guys taking the questions and congrats again on a solid quarter.

知道了。感謝各位回答問題，再次恭喜你們本季表現出色。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Tom Lorenzini, President and Chief Investment Officer, for any closing remarks.

謝謝。我們的問答環節到此結束。我謹將會議交還給總裁兼首席投資長湯姆‧洛倫齊尼，請他作總結發言。

Thank you, everyone, for joining today's call. Please reach out to Investor Relations if you are interested in scheduling a call with Seven Hills. Operator, that concludes our call.

感謝各位參加今天的電話會議。如果您有興趣安排與 Seven Hills 的電話會議，請聯絡投資者關係部門。接線員，通話到此結束。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。