Sunrise Realty Trust Inc (SUNS) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Sunrise Realty Trust First Quarter 2026 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded. I would like to hand it over to our first speaker, Gabriel Katz, Chief Legal Officer. Please go ahead.

大家好，感謝您稍候。歡迎參加 Sunrise Realty Trust 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。我想把時間交給我們的第一位講者，首席法務長 Gabriel Katz。請開始。

Good morning and thank you all for joining Sunrise Realty Trust's earnings call for the quarter ended March 31, 2026. I'm joined this morning by Leonard Tannenbaum, our Executive Chairman; Brian Sedrish, our Chief Executive Officer; and Brandon Hetzel, our Chief Financial Officer.

各位早安，感謝大家參加 Sunrise Realty Trust 截至 2026 年 3 月 31 日止季度的財報電話會議。今天早上與我一同出席的有：執行董事長 Leonard Tannenbaum、執行長 Brian Sedrish，以及財務長 Brandon Hetzel。

Before we begin, I would like to note that this call is being recorded. Replay information is included on our April 15, 2026 press release and is posted on the Investor Relations portion of our website at sunriserealtytrust.com, along with our first quarter 2026 earnings release and investor presentation.

在開始之前，我想先說明本次電話會議將被錄音。重播資訊已載於我們 2026 年 4 月 15 日的新聞稿，並與 2026 年第一季財報新聞稿及投資人簡報一同公布於我們網站 sunriserealtytrust.com 的投資人關係專區。

Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, market developments, our investment pipeline, anticipated portfolio yield and financial performance and projections in 2026 and beyond. These statements are subject to inherent uncertainties in predicting future results.

今天的電話會議包含前瞻性陳述與預測，反映公司目前對於（其中包括）市場發展、我們的投資管線、預期投資組合收益率，以及 2026 年及其後的財務表現與預測等方面的看法。這些陳述在預測未來結果時，存在固有的不確定性。

Please refer to Sunrise Realty Trust's most recent periodic filings with the SEC, including our quarterly report on Form 10-Q filed earlier this morning for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections.

請參閱 Sunrise Realty Trust 最近向美國證券交易委員會（SEC）提交的定期申報文件，包括我們今天稍早提交的 10-Q 季度報告，其中載有若干情況與重大因素，可能導致實際結果與這些前瞻性陳述與預測出現重大差異。

During today's conference call, management will refer to non-GAAP financial measures, including distributable earnings. Please see our first quarter earnings release uploaded to our website for reconciliations of the non-GAAP financial measures with the most directly comparable GAAP measures. The format for today's call is as follows: Len will provide a general business and capital markets overview.

在今天的電話會議中，管理團隊將提及非 GAAP 財務衡量指標，包括可分配盈餘（distributable earnings）。請參閱我們已上傳至網站的第一季財報新聞稿，其中提供非 GAAP 財務衡量指標與最直接可比 GAAP 指標之間的調節表。今天會議流程如下：Len 將提供整體業務與資本市場概覽。

Next, Brian will cover our view on the state of the commercial real estate lending markets, discuss our existing portfolio and provide an outlook for our investment pipeline. Then Brandon will provide an update on our financial position. After that, we'll open the lines for Q&A.

接著，Brian 將說明我們對商用不動產放款市場現況的看法，討論既有投資組合，並提供投資管線展望。然後 Brandon 將更新我們的財務狀況。之後我們將開放問答。

With that, I will now turn the call over to our Executive Chairman, Leonard Tannenbaum.

接下來，我把電話交給我們的執行董事長 Leonard Tannenbaum。

Thank you, Gabe. Good morning, and welcome to our first quarter 2026 earnings conference call. For the quarter ended March 31, 2026, SUNS generated distributable earnings of $0.35 per share of common stock, which covered our dividend of $0.30 per share. The quarter was positively impacted by a short-term loan on a Colorado property, new deal closings and the payoff of a loan to a multifamily property in Dallas.

謝謝你，Gabe。各位早安，歡迎參加我們 2026 年第一季財報電話會議。截至 2026 年 3 月 31 日止季度，SUNS 產生普通股每股 0.35 美元的可分配盈餘，足以覆蓋我們每股 0.30 美元的股利。本季表現受到科羅拉多州一筆短期貸款、新案成交，以及達拉斯一處多戶住宅物業貸款清償的正面影響。

We were pleased with our first quarter results, which reflected the continued earnings power of our portfolio, the benefit of construction and other existing commitments funding during the quarter and our ability to recycle capital through repayments and new originations at an attractive risk-adjusted return.

我們對第一季結果感到滿意，這反映了我們投資組合持續的獲利能力、本季建築融資及其他既有承諾的撥款效益，以及我們透過還款與新承作在具吸引力的風險調整後報酬下進行資本循環運用的能力。

During the quarter, we completed the foreclosure of our loan secured by Thompson San Antonio, a 162-key Class A hotel in Texas. We believe we are now better positioned to evaluate value maximizing alternatives since the asset is not subject to the former sponsor's hotel management agreement and brand affiliation. Shortly after taking title, we engaged East hill to market the asset and the first round of bidding recently concluded. We received multiple attractive offers and expect the process to continue over the upcoming quarters.

本季期間，我們完成了對以 Thompson San Antonio 作為擔保的貸款之法拍程序；該資產為德州一間 162 間客房的 A 級飯店。我們認為，由於該資產不再受前任贊助方的飯店管理合約與品牌加盟關係所拘束，我們如今更能評估可使價值最大化的替代方案。在取得所有權後不久，我們委託 East hill 推廣銷售該資產，且第一輪投標近期已結束。我們收到多份具吸引力的報價，並預期該流程將在未來幾季持續推進。

The ultimate transaction could take the form of an all-cash sale or a sale that includes lower leverage seller financing from SUNS and its affiliates, combined with a meaningful equity contribution from the buyer. Based on the interest to date, we remain positive about our ability to resolve the investment in a timely manner.

最終交易可能採全現金出售，或採包含由 SUNS 及其關係企業提供較低槓桿賣方融資的出售方式，並由買方投入具相當規模的股權出資。基於目前的興趣程度，我們仍對能及時解決此項投資保持正面看法。

On the capital markets front, in March, we completed the expansion of our senior secured revolving facility to $165 million with the addition of Customers Bank, which committed an additional $25 million to our facility.

在資本市場方面，我們於 3 月完成將第一順位擔保循環授信額度擴增至 1.65 億美元，並新增 Customers Bank，其對本授信額外承諾 2,500 萬美元。

With that, I'll turn it over to Brian to discuss the market environment and walk through our portfolio in more detail.

接下來我把時間交給 Brian，請他討論市場環境並更詳細地帶大家檢視我們的投資組合。

Thank you, Len, and good morning. Before turning to the portfolio, I wanted to briefly discuss what we are seeing in the commercial real estate lending market and why we believe SUNS is well positioned. Over the last two years, we have worked to construct a loan book that capitalizes on our team's expertise in providing capital to sponsors of transitional real estate business plans with projects situated in growing southern markets backed by competent owners.

謝謝你，Len，各位早安。在談投資組合之前，我想先簡要說明我們在商用不動產放款市場看到的情況，以及為何我們認為 SUNS 具備良好定位。過去兩年，我們致力於打造一個貸款組合，運用團隊專長，向具備能力的業主所支持、且位於成長中的美國南部市場、採取轉型型不動產商業計畫的贊助方提供資金。

Our team seeks to primarily invest in transactions that require a lender which can underwrite complex business plans and create the necessary structure to ensure downside protection. These types of deals are where our team believes it can create alpha.

我們團隊主要尋求投資於需要放款人能承作複雜商業計畫並建立必要架構以確保下檔保護的交易。我們團隊認為，這類交易正是我們能創造超額報酬（alpha）的領域。

Within the broader transaction market, we continue to see a meaningful divide between acquisitions and refinancings. Acquisitions where the cost basis has been reset to today's market are generally where the underwriting works most cleanly and where we have been most active.

在更廣泛的交易市場中，我們持續看到收購與再融資之間存在明顯分歧。在收購交易方面，若成本基礎已重設至當前市場水準，通常最容易進行清晰的承作評估，也是我們最為活躍的領域。

Pricing on refinancings is harder to establish because relatively few comparable assets actually trade, which creates a wide range of outcomes. We find a subset of refinancings interesting, specifically situations where an incumbent senior lender is forcing the sponsor's hand to be taken out.

再融資的定價較難建立，因為實際成交的可比資產相對較少，導致結果區間很大。我們認為部分再融資情境具吸引力，特別是既有第一順位放款人要求贊助方必須被「接手清償」的情況。

Capital markets' activity in the quarter was more volatile than recent quarters, driven primarily by geopolitical developments. Treasury yields moved meaningfully higher and securitization spreads widened before partially retracing. From our seat, sponsor inquiry activity remained healthy throughout the period, but several transactions in our pipeline paused for several weeks while sponsors and their counterparties reassess cost of capital.

本季資本市場活動較近期幾季更為波動，主要受地緣政治發展所驅動。美國公債殖利率明顯上升，證券化利差擴大，之後又部分回吐。就我們觀察，贊助方的詢問活動在整段期間仍維持健康，但我們管線中的數筆交易暫停了數週，因贊助方及其交易對手重新評估資金成本。

By quarter end, activity had largely normalized. Importantly, because we underwrite to unlevered returns rather than relying on capital markets execution to manufacture our yield, this kind of episodic volatility has limited impact on the deals we have already closed and modest impact on our forward pipeline. Across the markets we lend into, the picture in the Southern United States is not uniform, and we think this nuance matters in how we deploy capital.

至季末，活動大致已恢復正常。重要的是，由於我們承作時著重於無槓桿報酬，而非依賴資本市場的執行來「製造」收益率，因此這類階段性波動對我們已完成的交易影響有限，對未來管線的影響也相對溫和。在我們放款所涵蓋的市場中，美國南部各地情況並不一致，我們認為這種細微差異會影響我們如何部署資本。

Florida and the Southeast more broadly remain constructive across most asset classes, supported by sustained in-migration and continued employment growth. The major Texas markets are showing signs of tightening on the residential side with concession burn off underway in select submarkets.

佛羅里達州以及更廣泛的東南部地區，在多數資產類別上仍維持建設性走勢，受持續的人口淨流入與就業成長所支撐。德州主要市場在住宅端出現收緊跡象，部分次級市場的讓利（concession）正逐步消退。

Some of the more recently overbuilt Western Sunbelt markets are still working through excess supply and many have not yet reached an equilibrium. We remain disciplined about where we deploy and have leaned into reset basis opportunities in the markets that have begun to stabilize.

部分近年過度興建的西部陽光帶市場仍在消化過剩供給，許多市場尚未達到均衡。我們在部署地點上仍保持紀律，並更著重於在已開始趨於穩定的市場中把握成本基礎重設的機會。

On the competitive landscape, regional banks have continued to step back into smaller, simpler stabilized deals and the larger debt funds and commercial mortgage REITs have continued to compete aggressively for stabilized multifamily and industrial loans, where spreads have tightened back to the mid-200s over SOFR in many instances.

在競爭格局方面，區域性銀行持續回到規模較小、結構較簡單且已穩定的交易；而大型債務基金與商用抵押貸款 REITs 仍積極競爭已穩定的多戶住宅與工業貸款，在許多情況下，利差已收斂至 SOFR 之上約 200 多個基點的中段水準。

That is not where we play. Our focus remains on transitional business plans where the deal requires structuring, sponsor selection and asset level conviction, not just an attractive cost of funds. Said differently, in a market where many lenders are competing on price, we continue to focus on the less trafficked business plans that require operational and development expertise and a sound understanding of local market dynamics.

那不是我們的戰場。我們的重點仍放在需要進行結構設計、選擇贊助商並在資產層面具備高度信念的轉型型商業計畫，而不僅僅是具吸引力的資金成本。換句話說，在許多放款人以價格競爭的市場中，我們仍專注於較少人涉足、需要營運與開發專業能力並對當地市場動態有扎實理解的商業計畫。

The other dynamic worth highlighting is the growing wave of stress in '21 and '22 vintage bridge and construction loans coming due. The market is going to need to clear billions of dollars of this paper through sales, modifications and recapitalizations over the next two years. That is not a headwind for SUNS. We did not originate that vintage at scale.

另一個值得強調的動態，是'21與'22年期的過橋貸款與建築貸款到期所帶來、日益加劇的壓力浪潮。未來兩年，市場將需要透過出售、修改條款與再資本化來消化數十億美元的這類資產。這對SUNS而言不是逆風。我們並未在該期大量承作放款。

Our book is overwhelmingly post rate hike paper at a reset basis and the disgorgement cycle is precisely what creates the acquisition opportunities for the sponsors that we lend to. Turning to the portfolio. In the first quarter of 2026, the TCG Real Estate platform originated $91 million of loans, of which SUNS committed $62 million across two loans.

我們的投資組合絕大多數是在升息後承作的資產，基礎利率已重設；而這一輪被迫出清的循環，正是為我們所放款的贊助商創造收購機會的原因。接著談投資組合。在2026年第一季，TCG不動產平台承作了9,100萬美元的貸款，其中SUNS在兩筆貸款中承諾了6,200萬美元。

These included $14 million of a $22 million senior bridge loan to finance the acquisition of an 11,000-acre portion of Silver Mountain Ranch in Colorado, which was originated, closed and exited during the quarter and $48 million of a $69 million B note as part of the $406 million refinancing of a 15-property portfolio of Graduate by Hilton Hotels for AJ Capital Partners.

其中包括：為收購科羅拉多州銀山牧場（Silver Mountain Ranch）11,000英畝部分土地所提供的2,200萬美元優先過橋貸款中，我們承作了1,400萬美元；該筆貸款於本季完成承作、交割並退出；以及為AJ Capital Partners對15家Graduate by Hilton Hotels組合進行4.06億美元再融資案的一部分，我們承作了6,900萬美元B檔票據中的4,800萬美元。

Over the period, SUNS funded $90 million of new and existing loans and received $70 million of repayments, including full repayment on two loans, Silver Mountain Ranch and Boheme. As of March 31, 2026, the SUNS portfolio had $397 million of commitments with $299 million funded across 15 loans. Subsequent to quarter end, Jovie Belterra, was fully repaid.

期間內，SUNS對新舊貸款合計撥款9,000萬美元，並收回7,000萬美元的還款，其中包括銀山牧場與Boheme兩筆貸款的全額清償。截至2026年3月31日，SUNS投資組合的承諾額為3.97億美元，已撥款2.99億美元，分布於15筆貸款。季後，Jovie Belterra已全額清償。

Looking ahead, we remain focused on disciplined origination, active portfolio management and prudent capital allocation. We believe the current market favors lenders with flexible capital, structuring expertise and selectivity around basis, sponsorship and downside protection. SUNS is well positioned to capitalize on this environment, balancing growth with risk management and long-term shareholder value.

展望未來，我們仍專注於嚴謹的承作、積極的投資組合管理以及審慎的資本配置。我們相信，當前市場更有利於具備彈性資本、結構設計專長，並能在成本基礎、贊助商選擇與下行保護方面保持選擇性的放款人。SUNS具備良好定位，可在此環境中把握機會，在成長與風險管理及長期股東價值之間取得平衡。

With that, I will now turn the call over to Brandon Hetzel, our Chief Financial Officer.

接下來，我把電話交給我們的財務長Brandon Hetzel。

Thank you, Brian. For the quarter ended March 31, 2026, we generated net interest income of $7.3 million and distributable earnings of $4.7 million or $0.35 per basic weighted average common share and had GAAP net income of $4.3 million or $0.32 per basic weighted average common share.

謝謝你，Brian。截至2026年3月31日止季度，我們的淨利息收入為730萬美元，可分配盈餘為470萬美元，或每股基本加權平均普通股0.35美元；GAAP淨利為430萬美元，或每股基本加權平均普通股0.32美元。

The quarter included onetime fees from two investments, a $400,000 fee on the short-term Silver Mountain Ranch bridge loan and a $1.2 million prepayment fee on the Boheme loan. We believe that providing distributable earnings is helpful to shareholders in assessing the overall performance of SUNS' business.

本季包含來自兩項投資的一次性費用：短期銀山牧場過橋貸款的40萬美元費用，以及Boheme貸款的120萬美元提前清償費。我們認為，提供可分配盈餘有助於股東評估SUNS業務的整體表現。

Distributable earnings represents net income computed in accordance with GAAP, excluding non-cash items such as stock compensation expense, unrealized gains or losses and the provision for current expected credit losses. We ended the first quarter of 2026 with $397.1 million of current commitments and $299.3 million of principal outstanding spread across 15 loans.

可分配盈餘係指依GAAP計算之淨利，並排除股票薪酬費用、未實現損益以及當期預期信用損失準備等非現金項目。我們在2026年第一季末的當前承諾額為3.971億美元，未償還本金為2.993億美元，分布於15筆貸款。

As of May 8, 2026, our portfolio consisted of $380.2 million of current commitments and $292.1 million of principal outstanding across 14 loans. All loans are current and performing with a weighted average portfolio yield to maturity of approximately 12.4%. As of March 31, 2026, our CECL reserve was approximately $550,000 or 19 basis points for our loans at carrying value.

截至2026年5月8日，我們的投資組合由14筆貸款構成，當前承諾額為3.802億美元，未償還本金為2.921億美元。所有貸款均為正常且履約中，投資組合加權平均到期收益率約為12.4%。截至2026年3月31日，我們的CECL準備金約為55萬美元，約占以帳面價值計之貸款的19個基點。

As of March 31, 2026, we had total assets of $330 million, and our total shareholder equity was $182.5 million with a book value of $13.50 per share. For the quarter ended March 31, 2026, the Board of Directors declared a $0.30 dividend per share outstanding. The dividend was paid on April 15, 2026, to shareholders of record as of March 31, 2026.

截至2026年3月31日，我們的總資產為3.30億美元，股東權益總額為1.825億美元，每股帳面價值為13.50美元。截至2026年3月31日止季度，董事會宣告每股流通在外股份配發0.30美元股利。該股利已於2026年4月15日支付給截至2026年3月31日的登記股東。

With that, I'll now turn it back over to the operator to start the Q&A.

接下來，我把電話交回給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Gaurav Mehta, Alliance Global Partners Corp.

Gaurav Mehta，Alliance Global Partners Corp.。

I wanted to go back to your comments around the pipeline and I wanted to get some more color on what you guys were seeing for acquisition financing versus refinancing. And within the current pipeline, what's the sort of mix between different kind of property types?

我想回到你們對案源管線的評論，並想更了解你們看到的收購融資相較於再融資的情況。另外，在目前的管線中，不同類型不動產的組合比例大概如何？

Sure. It's Brian. Thanks for the question. The pipeline, as mentioned in the prepared remarks, there has definitely been -- it's clear that the banks have returned on more of the most stabilized of assets, multifamily, industrial, existing assets, standing assets. Spreads have come in, as you know.

當然。我是Brian。謝謝你的問題。如同事先準備的講稿所提到的，管線方面很明顯——可以看出銀行已回到較為穩定的資產上：多戶住宅、工業、不動產存量資產、已建成資產。如你所知，利差已收斂。

That has not been our focus. What we're seeing a lot of is the opportunity and a big void as a result of these lenders focusing and some of our competitors focusing on industrial and multistabilized, a big opportunity and void in the markets for more transitional product.

那並不是我們的重點。我們看到很多機會：由於這些放款人以及我們的一些競爭對手把重心放在工業與更穩定的資產上，市場在較具轉型性的產品上出現了很大的缺口與機會。

So that could include multifamily. It does include multifamily. We're seeing more transitional assets, certainly some in the bifurcation between acquisition and refinancings. On the refinancing side, we're seeing opportunities where the sponsors need to inject existing incremental equity to see them through to the stabilization period. So that's -- there's a series of deals that we've been focusing on there.

因此，這可能包括多戶住宅。確實也包含多戶住宅。我們看到更多轉型型資產；在收購與再融資之間的分化也相當明顯。在再融資方面，我們看到一些機會：贊助商需要投入額外的既有增量股權，才能撐到資產穩定期。因此——我們一直在聚焦一系列這類交易。

And then across asset classes, anything with any degree of complexity is really creating a separation from our side and others. Those have really been the big areas that we've been focusing on. That's what really makes up the majority of our pipeline.

此外，跨資產類別來看，任何具有一定複雜度的案子，都真正拉開了我們與其他人的差距。這些一直是我們聚焦的主要領域。這也構成了我們管線中的大多數。

Okay. As a follow-up on regions in the prepared remarks, you talked about Florida and some Southeast markets seeing demand and then you highlighted some markets still seeing supply. So I guess in terms of capital deployment, should we expect that you would be more focused on Florida and other markets where you're seeing demand or you could be open to other opportunities in some other markets where there's still supply and maybe sort of reset opportunities that you talked about?

了解。關於事先準備的講稿中提到的區域作為追問，你談到佛羅里達與部分東南部市場需求強勁，同時也指出有些市場仍在面臨供給。所以我想問，就資本投放而言，我們是否應預期你們會更聚焦在佛羅里達及其他需求較強的市場？或者你們也會對其他仍有供給、以及你提到的可能出現重置機會的市場保持開放？

I would expect the majority of our deals will continue to be in those southern states that we are focused on. That's really been our focus. That's where we think we have a bit of a competitive advantage. And that's the path of growth, and that continues to be the case. We're seeing that now more pronounced than we've seen in a while now.

我預期我們的大多數交易仍會集中在我們所聚焦的南部各州。那一直是我們的重點。我們認為在那裡我們具備一些競爭優勢。那也是成長的路徑，而且仍然如此。我們現在看到這一點比過去一段時間更為明顯。

As we mentioned on the West Coast, there's been -- certainly in some of the Sunbelt states, there's been some supply overhang. We're seeing that absorb in the markets that we're focusing on. That's the majority of our pipeline, majority of what we're doing. As always, opportunistically, we will find interesting deals away from that, but I would expect a huge majority in our core markets.

如同我們在西岸所提到的，當然在部分陽光帶州，目前存在一些供給過剩的壓力。我們看到在我們所聚焦的市場中，這些供給正在被消化吸收。那是我們管線中的大多數，也是我們正在做的業務的大多數。一如既往，我們也會機會性地在核心市場之外尋找有趣的交易，但我預期絕大多數仍會在我們的核心市場。

Okay. Last question on the REO. Is that asset currently being marketed for sale? I know earlier you said that you guys received a few offers and it could be all cash sales or you could do some lower leverage financing. But have you accepted the offer? Or is it still in the market?

好的。關於REO最後一個問題。那項資產目前是否正在對外銷售行銷？我知道你先前提到你們收到了幾個出價，可能是全現金交易，或是你們也可以做一些較低槓桿的融資。但你們已經接受出價了嗎？還是仍在市場上？

Good question. It's still in the market with Easthill. We haven't accepted an offer. We're evaluating a number of opportunities, and we will tell you as soon as we accept an offer.

好問題。目前仍由Easthill在市場上推售。我們尚未接受任何出價。我們正在評估多個選項，一旦我們接受出價就會立刻告訴你們。

Okay. And maybe lastly, on the balance sheet, the investment in real estate JV, that's the REO asset that you talked about?

好的。那最後可能再問一下資產負債表，房地產合資（JV）投資那一項，就是你剛剛提到的那個REO資產嗎？

Yes, correct.

是的，沒錯。

Thank you.

謝謝。

That's all I had.

我這邊就這些。

Thank you.

謝謝。

Jade Rahmani, KBW.

KBW的Jade Rahmani。

It's Jason Sabshon, on for Jade. So to start, do you expect to generate any near-term income from the San Antonio JV? You mentioned a few possible outcomes, but is there one that you see as most likely? And what would the time line to exit be?

我是代替Jade的Jason Sabshon。首先，你們預期聖安東尼奧JV在短期內會產生任何收益嗎？你提到幾種可能的結果，但你認為最可能的是哪一種？退出的時間表會是什麼？

So one of the things that impacted the quarter is on the negative side, even though I think we had a very good quarter is we didn't get any income from the hotel, probably not getting income from the hotel this quarter, in the current quarter.

本季有一件對季度表現造成影響的事情是在負面面向，儘管我認為我們本季表現非常好，那就是我們沒有從該飯店取得任何收益，而且在本季（當前季度）可能也不會從該飯店取得收益。

And in the next quarter, we'll have to see because I think it does get resolved in a reasonable time line, but I think it's over the next couple of quarters. So we don't anticipate any income from a hotel until it gets sold or gets sold and we issue -- we have a note attached to it.

至於下一季，我們還要再觀察，因為我認為它會在合理的時間內解決，但我認為會落在接下來幾個季度內。因此，在飯店出售，或出售後我們對其附帶一張票據之前，我們不預期會有任何飯店收益。

Got it. Thanks. Separately, it would just -- you touched on it, but can we just have some more color on what drove up interest income during the quarter? I know you mentioned $400,000 fee in a short-term loan and $1.2 million prepay fee, but -- and there was also the new hospitality loan, but was there anything else? It was up $3.1 million quarter-over-quarter. So just curious.

了解。謝謝。另外，你有提到一些，但可否再多說明一下本季利息收入上升的原因？我知道你提到短期貸款的40萬美元費用，以及120萬美元的提前清償費，但——另外也有新的飯店業貸款，不過還有其他因素嗎？利息收入季對季增加了310萬美元。所以想了解一下。

Yeah. And you just touched on the majority of the increase, as mentioned, $1.2 million prepayment fee related to the Boheme loan. That also included accretion of unaccreted OID related to that loan. Second was the short-term bridge loan we did to Silver Mountain Ranch, which contributed about $400,000 to the interest income.

是的。你剛剛提到的就是增幅的大部分，如先前所說，與Boheme貸款相關的120萬美元提前清償費。其中也包含該筆貸款尚未攤提的OID（原始發行折價）的攤提入帳。第二項是我們對Silver Mountain Ranch做的短期過橋貸款，對利息收入貢獻約40萬美元。

And then on top of that is the new investment, which was about $48 million into the Graduate Hotel investment. So those three drivers were the main increase as well as additional construction fundings of our construction loans on the normal cadence.

此外還有新的投資，也就是約4,800萬美元投入Graduate Hotel投資案。因此，這三項驅動因素是主要增幅來源，另外也包括我們建築貸款依正常節奏進行的額外工程款撥付。

Got it. And then on the short-term loan, just curious, how large was that loan?

了解。那關於那筆短期貸款，好奇它的規模有多大？

The entire loan was approximately $21 million. SUNS portion was about $14 million, and that loan was outstanding for about one week.

整筆貸款約2,100萬美元。SUNS的部分約1,400萬美元，而該筆貸款的在外期間大約只有一週。

Got it. And then lastly, just on forward originations, what would be the target mix of senior and subordinate going forward? Currently, you're around 75% senior. So just curious.

了解。最後，關於未來的放款承作（forward originations），往後資深（senior）與次順位（subordinate）的目標組合會是什麼？目前你們大約是75%資深。所以想請教一下。

Yes. I would think it would be somewhere in that range. The majority of what we're doing is on the senior side. We'll selectively find interesting relatively low levered sub debt tranches, which we have in the past. Sometimes those are senior lenders approaching us and asking us if we want to team with them.

是的。我認為大概會落在那個區間。我們目前做的大多數都在資深端。我們會選擇性地尋找一些有趣、槓桿相對較低的次順位債務分層（sub debt tranches），過去我們也做過。有時候是資深放款人來找我們，問我們是否願意與他們合作。

We're doing more and more of that now as we create more relationships with seniors, but we'll continue to have the majority -- super majority be on the senior side.

隨著我們與資深放款人建立更多關係，我們現在越來越常做這類合作，但我們仍會讓大多數——絕大多數——維持在資深端。

Timothy D'Agostino, B. Riley Securities Holdings Inc.

B. Riley Securities Holdings Inc.的Timothy D'Agostino。

Yeah. Hi, good morning. Thanks for taking the question. Congrats on the quarter. Looking at Slide 11 in the deck, looking through the deals sourced all the way down to SUNS loan funded, over the past couple of quarters, deal selectivity has kind of hovered around this 1.5%.

是的。嗨，早安。謝謝讓我提問。恭喜本季表現。我看了簡報第11頁，從交易來源一路到SUNS放款撥付，過去幾個季度你們的交易挑選率大致維持在約1.5%。

And I guess you provide a lot of commentary on the call, but I guess, what do you -- what would you need or want to see in the market for your selectivity to go up? I know you talked about balancing growth versus risk, but just kind of understanding at what point -- like what would you need to see for you to start selecting more deals and growing the portfolio?

我想你們在電話會議中提供了很多評論，但我想問的是，市場需要出現什麼情況，你們的挑選率才會提高？我知道你談到在成長與風險之間取得平衡，但想了解在什麼時點——也就是你們需要看到什麼，才會開始挑選更多交易並擴大投資組合？

Yeah. I think it's two things. One, none of us in the market being optimistic have thought about or were -- or been as happy of the sort of collapse in the market in terms of really interesting opportunistic loans at big discounts, right? So that hasn't presented itself to any great size much to everyone's chagrin.

是的。我認為有兩點。第一，即便市場上有些人抱持樂觀，我們都沒有看到——也沒有如預期般樂見——市場出現那種「崩跌」所帶來、以大幅折價承作非常有吸引力的機會型貸款，對吧？所以很遺憾，這種情況並沒有以足夠的規模出現。

I mean if that start happens more when we have seen banks more willing to enter into DPOs with existing borrowers where we then can team up with those borrowers, that certainly would create it. The other big thing is just generally more acquisition volume. What happened in the last quarter that we saw is acquisition volume increased pretty significantly.

我的意思是，如果這種情況開始發生，尤其是當我們看到銀行更願意與既有借款人進行DPO（折價清償）時，我們就能與那些借款人合作，那當然會創造機會。另一個重點則是整體收購交易量增加。我們在上一季看到的是，收購交易量顯著上升。

I think if that's sustained, right, and rates stabilize and start coming down, which is obviously it's unclear right now, but that will eventually happen, that will bring about more investment activity. That will create more of an opportunity for us and particularly in those transitional type loans where we -- again, just to repeat myself, we're seeing a big divergence in the majority of the competitors who are focusing on more stabilized assets.

我認為如果這種趨勢能持續，而且利率趨於穩定並開始下行——當然目前仍不明朗，但最終會發生——那將帶動更多投資活動。這會為我們帶來更多機會，特別是在那些過渡型（transitional）貸款上；再重申一次，我們看到多數競爭對手更聚焦於較為穩定的資產。

Those transitional type deals, which will happen more and more as rates come down, will create many more opportunities for us, and that, I think, will increase our volume for sure.

這些過渡型交易，隨著利率下行會越來越常見，將為我們創造更多機會，而我認為那也肯定會提高我們的承作量。

Okay. Great. That's super helpful. And I guess just across the markets you're in, I know you also speak to making opportunistic investments. I guess, have there been any new markets that stand out to you all? Just trying to get a better sense of what you're looking at and what's interesting and what's out there. Thank you.

好的。太好了。這非常有幫助。我想就你們所涉足的各個市場而言，我知道你們也提到會進行機會型投資。想請教一下，最近是否有任何新的市場特別引起你們的注意？我只是想更了解你們在看什麼、哪些有趣、以及目前市場上有哪些機會。謝謝。

Sure. Well, I hate to be boring, but the reality is that the deals that have been -- are most interesting have been in those southern markets what we've continued to collectively all talked about. It's interesting, data -- I recently saw is I thought there was going to be a lull in pick your markets, Florida, parts of Texas or let's just focus on Florida for a second, where you had that massive in-migration that was more getting back to equilibrium.

當然。嗯，我不想講得太無聊，但現實是，最有意思的交易一直都出現在我們大家持續共同討論的那些南部市場。很有意思的是，我最近看到一些數據——我原本以為你隨便挑幾個市場，像佛羅里達、德州部分地區，或我們先聚焦佛羅里達——在經歷那波大量人口遷入之後，應該會出現一段回落，回到更均衡的狀態。

But recently, I've seen a big uptick in the continued migration into Florida. I mean we have a big development in -- as you guys know, in Florida, Panther National home sales. We talk to those group -- that group significantly -- or frequently. And we've seen just a tremendous increase in volume of homeowners wanting to migrate here.

但最近我看到持續遷入佛羅里達的人口明顯再度上升。我的意思是，我們在佛羅里達有一個大型開發案——如各位所知——Panther National 的住宅銷售。我們和那個團隊——那個團隊——有相當多——或頻繁——的交流。而我們看到想要遷入這裡的購屋者數量在成交量上大幅增加。

So it seems like that's picked up a bit. And that is a knock-on effects for retail demand and for rental demand. So those are the markets that we still see are interesting, and they're boring in the sense that we continue to do them, but those are the ones that are fun.

所以看起來這股動能又回升了一些。而這也會對零售需求與租賃需求產生連鎖效應。因此，我們仍然認為這些市場很有意思；它們之所以「無聊」，是因為我們一直在做，但也正是這些市場最有趣。

And then selectively, it's out -- as I mentioned earlier, it's opportunistically, there are deals we're seeing in other markets that are interesting out West. But for the most part, we're just -- we're sticking to what we're seeing is the real interesting opportunities.

另外，有選擇地——如我先前提到——以機會型方式，我們也在西部其他市場看到一些有意思的交易。但大致上，我們就是——持續聚焦在我們所看到的真正有吸引力的機會上。

Okay. That's great commentary. Thank you so much, and congrats on the quarter again.

好的。這些評論很棒。非常感謝，也再次恭喜本季表現。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Tyler Batory, Oppenheimer & Co Inc.

Tyler Batory，Oppenheimer & Co Inc.

Good morning. Thanks for taking my questions here. Just first one for me on the outlook this year. There were some onetime items, obviously positively impacting Q1, contributing to that $0.35 distributable EPS. What's a good run rate to think about in terms of distributable earnings this year? Are you still thinking in line with the dividend or covering the dividend? Is that a good way to think about things?

早安。謝謝回答我的問題。我先問第一個，關於今年的展望。第一季有一些一次性項目，顯然對 Q1 有正面影響，促成了每股 0.35 美元的可分配 EPS。那麼，今年可分配盈餘的合理常態水準（run rate）應該怎麼看？你們是否仍然認為大致與股利一致、或能覆蓋股利？這樣理解是否恰當？

We want to answer that, Brandon?

Brandon，你想回答這題嗎？

Yeah, sure. So we won't give specific guidance on projections for distributable earnings throughout the year. But we will say that from time to time, we'll have various fees that can positively impact our income, and that's normal course of business for these types of loans. But as you mentioned, the Q1 distributable earnings benefited from those two short-term items.

好的，當然。我們不會就全年可分配盈餘的預測提供具體指引。但我們可以說，我們不時會有各種費用收入，可能對我們的收益帶來正面影響，這在這類貸款的正常業務過程中很常見。不過如你所提到，第一季的可分配盈餘確實受惠於那兩項短期因素。

But we don't -- the Board doesn't underwrite the dividend based on one quarter at a time. They look at the medium-term earnings power of the portfolio, including expected fundings and existing commitments, repayments, leverage capacity and forward originations. So we won't give specific guidance going forward, but we did want to point out the short-term items so you could back into the run rate.

但我們不會——董事會也不會——以單一季度的表現來核定股利。他們會看投資組合的中期獲利能力，包括預期撥款與既有承諾、還款、槓桿運用能力以及未來的放款承作。因此我們不會提供未來的具體指引，但我們想指出這些短期項目，讓你可以推算出常態水準。

Okay. Appreciate that. And then in terms of repayments, $70 million odd this quarter. A couple of those were well before maturity, too. Just trying to understand why if that's maybe a bigger trend that might be going on or playing out in the portfolio in terms of some loans being repaid earlier than expected?

好的。感謝說明。另外關於還款，本季大約 7,000 萬美元。其中有幾筆也明顯早於到期日就償還。我想了解這是否可能是一個更大的趨勢，或在投資組合中正在發生——也就是部分貸款比預期更早被償還？

Yeah, sure. So it's actually only one that was repaid early, the Boheme loan. The rest of the $70 million was one, the short-term loan that was in and out during the period as well as repayments and draws around the Panther National loan. So that's a revolving loan where they'll draw and repay and that gets grossed up into those repayment numbers.

好的，當然。其實只有一筆是提前償還，也就是 Boheme 那筆貸款。其餘的 7,000 萬美元包括：一筆在期間內進出（in and out）的短期貸款，以及 Panther National 貸款相關的還款與動用。那是一筆循環貸款，他們會動用再償還，而這些都會以總額方式反映在還款數字裡。

In other words, we're not seeing anything abnormal.

換句話說，我們沒有看到任何不尋常的情況。

Okay. That's what I was trying to get at. And then just the last one for me. So the San Antonio issue, I think it stuck up on us. So I just wanted to be sure when you look across the rest of the portfolio that there's nothing that is concerning, nothing that you're watching closely in terms of a potential negative outcome similar to what happened in San Antonio?

好的。這正是我想確認的。最後一題。關於聖安東尼奧的問題，我想這有點讓我們措手不及。所以我想確認一下，當你們檢視投資組合其餘部分時，是否沒有任何令人擔憂之處、也沒有任何你們正在密切關注、可能出現類似聖安東尼奧那樣負面結果的情況？

Yes. And I get that. I did sneak up on some people. It did happen relatively quickly as well. And we do expect a resolution in the coming quarters and not too bad a resolution. So I don't think there is -- right now, there's nothing else on watch list, not one other thing on watch list. So things are obviously doing a little bit better, a little bit worse, but everything is right within the tolerances of our plan.

是的。我理解。確實讓一些人措手不及。事情發生得也相對快。我們預期在接下來幾個季度會有解決方案，而且不會是太糟的解決結果。所以我認為——目前——沒有其他項目在觀察名單上，沒有任何其他項目在觀察名單上。因此，當然有些表現稍好一些、有些稍差一些，但一切都仍在我們計畫的容忍範圍內。

Very helpful. I'll leave it there.

非常有幫助。我就先到這裡。

Thank you. I'm not showing any further questions in the queue. I would now like to turn it back over to Brian Sedrish for closing remarks.

謝謝。我這邊顯示隊列中沒有其他問題。現在我想把電話交回給 Brian Sedrish 作結語。

Thank you all for joining our Q1 call today. We are excited about the opportunity set ahead of us and look forward to sharing our progress with you over the coming quarters. Have a good rest of your week.

感謝各位今天參加我們的第一季電話會議。我們對眼前的機會組合感到振奮，也期待在接下來幾個季度與各位分享我們的進展。祝各位本週剩下的時間愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone have a great day.

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。祝各位有美好的一天。