TPG RE Finance Trust Inc (TRTX) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, thank you for standing by. Welcome to TPG Real Estate Finance Trust, Fourth Quarter and Full Year 2024 Earnings Conference Call.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 TPG 房地產金融信託 2024 年第四季和全年財報電話會議。

(Operator Instructions) It is now my pleasure to turn the call over to Mansion.

(接線員指示) 現在我很高興將電話轉接給 Mansion。

Thank you, maybe again.

謝謝您，希望下次再見。

Good morning and welcome to the TPG Real Estate Finance Trust earnings call for the fourth quarter and full year of 2024. We're joined today by Doug Bouquard, our Chief Executive Officer, and Bob Foley, our Chief Financial Officer. Doug and Bob will share some comments about the quarter and the year, and then we will open up the call for questions.

早安，歡迎參加 TPG 房地產金融信託 2024 年第四季和全年財報電話會議。今天與我們一起出席的是我們的執行長 Doug Bouquard 和財務長 Bob Foley。道格和鮑勃將分享一些關於本季和今年的評論，然後我們將開始提問。

Yesterday evening we filed our form 10K and issued a press release and earnings supplemental with the presentation of operating results, all of which are available on the company's website in the investor relations section.

昨天晚上，我們提交了 10K 表格，並發布了一份新聞稿和收益補充文件，介紹了經營業績，所有這些都可以在公司網站的投資者關係部分找到。

As a reminder, today's call is being recorded and may include forward-looking statements which are uncertain and outside of the company's control. Actual results may differ materially. For a discussion of risks that could affect results, please see the risk factor section of the company's Form 10K.

提醒一下，今天的電話會議正在錄音，可能包括不確定且超出公司控制範圍的前瞻性陳述。實際結果可能存在重大差異。有關可能影響結果的風險的討論，請參閱公司 10K 表的風險因素部分。

The company does not undertake any duty to update these statements, and today's call participants will refer to certain non-GAAP measures and for reconciliation, you should refer to the press release and the form 10K.

本公司不承擔更新這些聲明的任何義務，今天的電話會議參與者將參考某些非 GAAP 指標，對於對賬，您應該參考新聞稿和 10K 表格。

At this time, I'll turn the call over to Doug.

現在，我將把電話轉給 Doug。

Thank you.

謝謝。

Over the past quarter, strong economic growth and a resilient labor market continued to power the US economy. Positive economic sentiment and the lingering concern over inflationary pressures appear to have caused the Fed to pause and potentially forego additional rate cuts in 2025.

過去一個季度，強勁的經濟成長和彈性的勞動力市場繼續推動美國經濟。積極的經濟情緒和對通膨壓力的持續擔憂似乎已導緻聯準會暫停並可能放棄在 2025 年進一步降息。

We expect real estate investment activity to increase in 2025, driven by the deployment of dry powder in the new acquisitions and the forcing mechanism of elevated short-term and long-term interest rates. These factors create an excellent dynamic for opportunistic debt investing, especially for well positioned platforms like TRTX.

我們預計，2025 年房地產投資活動將會增加，這得益於新收購中乾火藥的部署以及短期和長期利率上升的強制機制。這些因素為機會性債務投資創造了極佳的動力，尤其是對於像 TRTX 這樣定位良好的平台。

Regardless of causal factors, we intend to continue to provide acquisition and tailored financing to recapitalize broken capital structures and reset valuations.

無論原因是什麼，我們都打算繼續提供收購和客製化融資，以重新資本化破損的資本結構並重置估值。

We expect our increased 2024 loan investment volume to accelerate in 2025, driven by one an offensively oriented balance sheet with substantial liquidity and a flexible liability structure, and two, robust sourcing channels fed by TPG's fully integrated global real estate platform encompassing both credit and equity investing.

我們預計，2024 年貸款投資金額的成長將在 2025 年加速，其推動力一是具有充足流動性和靈活負債結構的進攻型資產負債表，二是 TPG 全面整合的全球房地產平台（涵蓋信貸和股權投資）提供的強勁採購管道。

Biometrics 2024 was a successful year for TRTX. We accomplished precisely what we set out to do.

2024 年生物辨識技術對 TRTX 來說是成功的一年。我們確實完成了我們設定的目標。

Number one, build a fortress balance sheet with substantial liquidity. Number two, maintain a 100% performing balance sheet at year end with stable credit risk ratings. Number three, register consistent reductions in our CECIL reserves throughout the year. And four, generate distributable earnings after realized losses that fully covered our $0.96 per share common dividend for 2024. And on a pre-realized loss basis, we generated $1.08 per share for the year, covering our dividend at 1.1 times.

第一，建立具有充足流動性的堡壘資產負債表。第二，年末維持100%的資產負債表績效和穩定的信用風險評等。第三，我們的 CECIL 儲備在全年持續減少。第四，扣除已實現損失後的可分配收益完全可以涵蓋我們 2024 年每股 0.96 美元的普通股股息。在預實現虧損的基礎上，我們今年的每股盈餘為 1.08 美元，相當於股利的 1.1 倍。

We are exceptionally well positioned to pull on the many levers that TRTX possesses to grow earnings, including number one, deployment of excess liquidity into new investments. Two, recycling equity currently supporting REO assets. Three, accessing undrawn capacity from our existing lenders. And four creating additional liquidity by taking advantage of the improving capital markets environment.

我們擁有極為有利的地位，可以利用 TRTX 擁有的多種槓桿來增加收益，其中第一，將過剩流動性部署到新的投資中。二、回收目前支持 REO 資產的股權。第三，從我們現有的貸款機構取得未動用的貸款能力。四是利用不斷改善的資本市場環境創造額外的流動性。

Our strong operating results for the full year 2024 reflect the success of our strategy and confirm TRTX is advantageously positioned to continue its loan investment activity in 2025 and beyond.

我們 2024 年全年強勁的經營業績反映了我們策略的成功，並確認 TRTX 有能力在 2025 年及以後繼續進行貸款投資活動。

In the second half of 2024, we increased net earning assets by 3% due to $446 million of new loan commitments comprised primarily of multi-family and industrial portfolio loans across the US with an LTV of approximately 60% and a weighted average spread of Sour Plus 325.

2024 年下半年，我們的淨獲利資產增加了 3%，這得益於 4.46 億美元的新貸款承諾，主要包括美國各地的多戶型和工業組合貸款，LTV 約為 60%，加權平均利差為 Sour Plus 325。

In the new year, our investment team has built a substantial investment pipeline that will fuel new origination activity in 2025. We currently have in excess of $300 million of live investment opportunities that we are in various stages of pursuit and diligence. We look forward to updating you on progress in subsequent quarters.

在新的一年裡，我們的投資團隊已經建立了大量的投資管道，將為 2025 年的新發起活動提供動力。我們目前擁有超過 3 億美元的有效投資機會，我們正處於追求和盡職調查的不同階段。我們期待在接下來的幾季向您通報進度。

With our shift to a more active new investment posture, we have not taken our eye off the strategy that created our comparative advantage thoughtful, assertive, value-oriented risk, and asset management. Our latest example is a recently completed accretive amendment to a loan secured by a Class A office building in New York City.

隨著我們轉向更積極的新投資態勢，我們並沒有忽視創造我們比較優勢的策略：深思熟慮、自信、價值導向的風險和資產管理。我們最新的例子是最近完成的紐約市一棟甲級辦公室抵押貸款的增值修訂。

Bob will share more granular details, but I will highlight three key facts that speak to our risk management approach.

鮑伯將分享更詳細的細節，但我將重點介紹我們的風險管理方法的三個關鍵事實。

Over the past three years, the loan commitment amount has been reduced from $200 million down to $130 million.

在過去三年裡，貸款承諾金額從2億美元減少到1.3億美元。

Our recent amendment attracted an infusion of $60 million of new institutional equity capital, and the newly amended lower LTV loan is expected to generate an improved return on equity. For our shareholders as compared to the pre amendment loan.

我們最近的修訂吸引了 6000 萬美元的新機構股本注入，而新修訂的較低 LTV 貸款預計將產生更高的股本回報率。對於我們的股東來說，與修訂前的貸款相比。

Most importantly, this deal is illustrative of the expertise of TPG's asset management team when buttressed by our broader TPG real estate investing platform. This combined experience allows us to confidently navigate through complex transactions to maximize shareholder value.

最重要的是，在我們更廣泛的 TPG 房地產投資平台的支持下，這筆交易充分體現了 TPG 資產管理團隊的專業知識。這種綜合經驗使我們能夠自信地處理複雜的交易，從而實現股東價值的最大化。

In summary, we intend to continue in 2025 to pull on our leverages of accretive growth, all of which are immediately actionable to drive earnings and shareholder value. At our current share price, TRTX generates an 11% dividend yield, a compelling return in the context of several comparatively favorable fundamental metrics, including number one, liquidity as a percentage of total assets, number two, low leverage, and number three. A 100% performing loan portfolio at year end.

總而言之，我們打算在 2025 年繼續利用我們的增值成長槓桿，所有這些都可以立即採取行動來推動利潤和股東價值。按照我們目前的股價，TRTX 的股息收益率為 11%，在幾個相對有利的基本指標的背景下，這是一個引人注目的回報，包括第一，流動性佔總資產的百分比，第二，低槓桿率，第三。年末貸款組合履行率 100%。

From a risk and liquidity perspective, we are fortunate to be able to remain both committed to our share repurchase plan and make new investments at the same time. We will continue to optimize capital allocation to the benefit of our shareholders.

從風險和流動性的角度來看，我們很幸運能夠同時致力於我們的股票回購計畫並進行新的投資。我們將繼續優化資本配置，使股東受益。

When you combine these factors with a $0.24 per quarter dividend, which is supported by our current run rate with upside potential embedded in our deployable cash, untapped financing capacity, the near term prospect of capital recycled from our REO portfolio, and the sourcing and investing of TPG's integrated real estate debt and equity investment platform, we believe today's share price offers an attractive value proposition.

當您將這些因素與每季 0.24 美元的股息結合起來時，我們相信今天的股價提供了一個有吸引力的價值主張，而這一股息是由我們目前的運行率以及可部署現金中的上行潛力、尚未開發的融資能力、從我們的 REO 投資組合中回收資本的近期前景以及 TPG 綜合房地產債務和股權平台的採購和投資所支持的近期前景。

With that, I will turn it over to Bob to provide a detailed summary of our financial results.

接下來，我將把話題轉交給鮑勃，讓他提供我們財務表現的詳細摘要。

Thank you, Doug. Good morning, everyone, and thanks for joining us.

謝謝你，道格。大家早安，感謝大家的收看。

Our strong operating results for the full year 2024 and its fourth quarter reflect the success of our strategy. And provide a springboard for increasing loan investment activity in 2025 and beyond.

我們 2024 年全年和第四季度的強勁營運業績反映了我們策略的成功。並為2025年及以後增加貸款投資活動提供跳板。

In the fourth quarter, we increased net earning assets for the second consecutive quarter due to $242 million of new loan commitments.

第四季度，由於 2.42 億美元的新貸款承諾，我們連續第二季增加了淨獲利資產。

With a strong liquidity of $320.8 million, leverage of only 2.14 to 1, a Cecil reserve of 187 basis points that has continued to decline in response to the solid credit performance of our loan book and stabilizing real estate market conditions, a weighted average risk rating of 3.0 that hasn't wavered in four quarters, distributable earnings for the year that fully covered our $0.96 annual dividend throughout 2024. And distributable earnings before realized losses that covered our annual dividend by 1.1 times, TRTX continues its march to increase earnings and shareholder value.

流動性強勁，達到 3.208 億美元，槓桿率僅為 2.14 比 1，塞西爾儲備金為 187 個基點，由於我們貸款賬簿的穩健信貸表現和穩定的房地產市場狀況，該儲備金持續下降，加權平均風險評級為 3.0，在四個季度內沒有動搖，全年可分配2024 年收益扣除已實現虧損前的可分配獲利相當於年度股利的 1.1 倍，TRTX 繼續努力提高獲利和股東價值。

TRTX's share price performance is the strongest among its peers since January 2023, with a cumulative return of 61% through last Friday. The leverage that Doug detailed further support the compelling value TRTX offers at today's share price.

TRTX 的股價表現是自 2023 年 1 月以來同類股票中最強勁的，截至上週五，累計回報率為 61%。Doug 詳述的槓桿進一步支持了 TRTX 在今天的股票下提供的引人注目的價值。

Our operating results for the year and the quarter are amply reported in our earnings release, earnings supplemental, and Form 10K, all of which were filed with the SEC after yesterday's market closed and are available on the TRTX website.

我們的年度和本季的經營業績在我們的收益報告、收益補充報告和 10K 表中進行了充分報告，所有這些文件都是在昨日市場收盤後提交給美國證券交易委員會的，並可在 TRTX 網站上查閱。

Regarding our loan portfolio, 100% of our loan portfolio is performing and current. We have only 2 rated 4 rated loans and no 5 rated loans. Our weighted average risk rating is 3.0, consistent with the prior four quarters. For the year we originated 8 loans totaling $562.3 million of commitments.

關於我們的貸款組合，我們的貸款組合 100％ 都是正常且當前的。我們只有 2 筆 4 級貸款，沒有 5 級貸款。我們的加權平均風險評級為 3.0，與前四個季度一致。今年我們發放了 8 筆貸款，承諾總額為 5.623 億美元。

For the fourth quarter, we originated two loans totaling $242 million of commitments. We funded $4.7 million of deferred fundings on existing loans, and we collected full and partial loan repayments of $110.2 million.

第四季度，我們發放了兩筆貸款，承諾總額為 2.42 億美元。我們為現有貸款提供了 470 萬美元的延期融資，並收回了 1.102 億美元的全額和部分貸款償還款。

Earlier this month, we amended an existing office loan as part of the sale by the original institutional equity investor of its interest in the property to another sizable, highly experienced global institutional real estate investor.

本月初，我們修改了現有的辦公室貸款，作為原機構股權投資者將其在該物業中的權益出售給另一家規模龐大、經驗豐富的全球機構房地產投資者的一部分。

The new investor injected $160 million of fresh equity capital into the joint venture.

新投資者向合資企業注入了1.6億美元的新股本。

As part of the amendment, we received a $20 million dollar principal repayment that reduced our loan amount to $130.5 million.

作為修訂的一部分，我們收到了 2000 萬美元的本金償還，這使我們的貸款金額減少至 1.305 億美元。

Improve the seniority of our credit position because the recapitalization terminated a former ground lease on a portion of the building site, thus facilitating consolidation into a single fee interest the leased land beneath one of the connected buildings.

提高了我們信用狀況的優先權，因為資本重組終止了部分建築工地的先前土地租賃，從而有利於將其中一棟相連建築物下方的租賃土地合併為單一費用權益。

We enhance property cash flow because our borrower leased the remaining 13% of the building's net rentable square footage to an existing tenant through early 2032. Consequently, our loan now has an in-place debt yield of 11.7%, a stabilized debt yield of 14.4%, leased occupancy of 100%, and a weighted average remaining lease term greater than eight years.

我們提高了房地產現金流，因為我們的借款人將大樓剩餘 13% 的淨可出租面積租給了現有租戶，有效期至 2032 年初。因此，我們貸款目前的現有債務收益率為 11.7%，穩定債務收益率為 14.4%，租賃入住率為 100%，加權平均剩餘租賃期限超過八年。

We extended our loan for three years through February 2028. We preserved our advantageous financing of this investment and consequently boosted our asset leveraged return on equity.

我們將貸款延長三年，至 2028 年 2 月。我們保留了此項投資的優勢融資，從而提高了資產槓桿的股本回報率。

Combined with previous principal repayments totaling $40 million our asset management team has over time engineered a $70 million dollar reduction in our loan commitment amount and improved our credit position in an already strong New York City office property.

加上先前總計 4,000 萬美元的本金償還額，我們的資產管理團隊已成功將我們的貸款承諾金額減少了 7,000 萬美元，並改善了我們原本就很強大的紐約市辦公大樓的信用狀況。

Regarding REO, we own eight REO properties with an aggregate carrying value of $275.8 million comprising 7.4% of our total assets. Four multi-family properties represent 56.5% of our REO holdings and Four office properties represent the remainder.

關於 REO，我們擁有八處 REO 房產，總帳面價值為 2.758 億美元，占我們總資產的 7.4%。四處多戶住宅物業占我們 REO 持有量的 56.5%，其餘部分則為四處辦公物業。

The integrated TPG real estate platform continues to apply its experience, intellectual capital, platforms, and network resources to improve operating performance of our REO, determine the best strategy to optimize shareholder returns, and execute each business plan efficiently and quickly.

整合後的TPG房地產平台繼續運用其經驗、智力資本、平台和網絡資源來提高我們REO的經營業績，確定優化股東回報的最佳策略，並高效、快速地執行每項業務計劃。

As previewed last quarter, we foreclosed during the fourth quarter on two multi-family loans, one in San Antonio and the other in Chicago.

正如上個季度預測的那樣，我們在第四季度取消了兩筆多戶型貸款的贖回權，一筆在聖安東尼奧，另一筆在芝加哥。

We immediately seized operational control and are now stabilizing and re-energizing these properties to ripen them for sale. Both of our California office properties are currently in the market for sale. Only one of our REO properties is encumbered by mortgage debt.

我們立即奪取了營運控制權，現在正在穩定和重新啟動這些房產，使其具備出售的條件。我們位於加州的兩棟辦公大樓目前均在市場上出售。我們的 REO 房產中只有一處背負著抵押債務。

We expect REO sales will over time generate capital for reinvestment, and we have a track record of selling REO properties at or in excess of our carrying values. Our net equity in REO totals approximately $250 million.

我們預計，隨著時間的推移，REO 銷售將產生用於再投資的資本，而且我們擁有以等於或超過帳面價值的價格出售 REO 房產的記錄。我們在 REO 的淨資產總額約為 2.5 億美元。

Assuming a 9.5% net ROE on loan investments, every $100 million of recycled REO equity equals $0.03 per share of distributable earnings per quarter. Refer to footnote four of our financial statements for a snapshot of our REO portfolio.

假設貸款投資的淨 ROE 為 9.5%，每 1 億美元回收的 REO 股權相當於每季每股可分配收益 0.03 美元。請參閱我們的財務報表的註腳四，以了解我們的 REO 投資組合的快照。

As usual, we've been quick to take advantage of improving capital market conditions. Our cost of liabilities for new loan investments continues to decline, and we expect to capture further savings in 2025. Our share of non-mark to market, non-recourse term financing held steady at 77% at year end, confirming our long-standing emphasis on non-mark to market term funding of our investment portfolio.

像往常一樣，我們迅速利用了不斷改善的資本市場條件。我們新貸款投資的負債成本持續下降，預計到 2025 年將進一步節省開支。截至年底，我們的非以市價計價、無追索權定期融資份額穩定在 77%，證實了我們長期以來對投資組合中非按市價計價的定期融資的重視。

Our total leverage was virtually unchanged quarter over quarter at 2.14 to 1. Paired with $4 billion of financing capacity, our liability structure will drive continued growth and earning assets as market dynamics continue to improve.

我們的總槓桿率與上一季相比幾乎沒有變化，為 2.14 比 1。加上 40 億美元的融資能力，隨著市場動態的不斷改善，我們的負債結構將推動持續成長和獲利資產。

Last week we closed on a three-year extension and $85 million dollar upsize to $375 million of an existing non-marked market secured borrowing arrangement. All six of our current syndicate members renewed and upsized their commitments, plus we added a seventh lender.

上週，我們完成了一項為期三年的延期和將現有非標記市場擔保借貸安排增加 8500 萬美元至 3.75 億美元的交易。我們目前的所有六個銀團成員都續簽了協議並增加了貸款規模，另外，我們還增加了第七個貸款人。

Improving terms and conditions in the CRE CLO and node on (noe) markets make this an opportune time for TRTX to refinance certain existing liabilities at a higher advance rate and lower cost of funds. We were in compliance with all financial covenants at December 31, 2024.

CRE CLO 和節點 (noe) 市場條款和條件的改善為 TRTX 以更高的預付利率和更低的資金成本對某些現有負債進行再融資創造了有利時機。截至 2024 年 12 月 31 日，我們遵守了所有財務契約。

Regarding liquidity, we have substantial immediate and near term liquidity to support accelerating loan investment activity. At year end, liquidity of $320.8 million included $190.2 million of cash in excess of our covenant requirements, plus an additional $128.1 million of undrawn capacity under our secured credit agreements. We also have $33.4 million of unencumbered loan assets plus several unlevered REO properties.

關於流動性，我們有大量的即時和短期流動性來支持加速貸款投資活動。截至年底，3.208 億美元的流動資金包括超出我們契約要求的 1.902 億美元現金，加上我們根據擔保信貸協議未動用的 1.281 億美元額外容量。我們還擁有 3,340 萬美元的無抵押貸款資產以及幾筆無槓桿 REO 資產。

During the quarter, we funded $4.7 million of commitments under existing loans. At quarter end, our deferred funding obligations under existing loan commitments totaled only $127.9 million, a mere 3.7% of our total loan commitments.

本季度，我們為現有貸款承諾提供資金 470 萬美元。截至季末，我們現有貸款承諾下的遞延融資義務總額僅為 1.279 億美元，僅占我們總貸款承諾的 3.7%。

We expect another strong year in 2025. We set the table last year and for the past few quarters have focused on executing our growth strategy. Our advantages include accelerating momentum due to two consecutive quarters of net growth and earning assets.

我們預計 2025 年將是另一個強勁的一年。我們去年就做好了準備，過去幾季我們一直致力於執行我們的成長策略。我們的優勢包括連續兩季淨成長和獲利資產帶來的加速動能。

We outrank our primary public peers in a variety of key financial measures. We have a 100% performing loan portfolio and a highly predictive (CIA) reserve that has steadily declined in dollar amount and basis points. We have stable loan risk ratings. We have a low share of REO and non-accrual loans. In fact, we've had no non-accrual loans for Five consecutive quarters.

我們在多項關鍵財務指標的排名都超越了主要公共同行。我們擁有 100% 表現良好的貸款組合和高度預測性 (CIA) 儲備，其金額和基點一直在穩步下降。我們的貸款風險評級穩定。我們的 REO 和非應計貸款份額較低。事實上，我們已經連續五個季度沒有出現不計息貸款。

A run rate distributable earnings that covers our $0.24 per quarter dividend with upside potential due to deployable cash, untapped financing capacity, the near-term prospect of capital recycled from our REO portfolio, and the sourcing and investment strength of TPG's integrated real estate credit and equity platform.

可分配收益的運作率涵蓋了我們每季 0.24 美元的股息，並且由於可部署現金、尚未開發的融資能力、從我們的 REO 投資組合中回收資本的近期前景以及 TPG 綜合房地產信貸和股權平台的採購和投資實力，具有上漲潛力。

Our ample liquidity and financing capacity means our new loan investment activity is not reliant on loan repayments.

我們充足的流動性和融資能力意味著我們的新貸款投資活動不依賴貸款償還。

We expect our dividend yield will decline as the market fully recognizes our prior performance, solid credit quality, accelerating growth and earning assets, and the results generated by the growth levers discussed this morning.

我們預計，隨著市場充分認可我們先前的業績、穩健的信用品質、加速的成長和獲利資產以及今天上午討論的成長槓桿所產生的成果，我們的股息殖利率將會下降。

And with that we'll open the floor to questions operator.

接下來我們將開始回答操作員的提問。

Thank you. We'll now be conducting a question-and-answer session. If you'd like to ask a question, please press 1 on your telephone keypad.

謝謝。我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的 1。

(Operator Instructions)

（操作員指令）

And our first question comes from Tom Catherwood with BTIG. Please proceed with your question.

我們的第一個問題來自 BTIG 的 Tom Catherwood。請繼續回答您的問題。

Thanks and good morning everybody. Maybe Bob starting with you on the two multi-family loans that you took in for foreclosure, those were for risk rateded last quarter. Can you talk us through kind of what the change was over the course of the quarter that took those from? The four risk rating, all the way to foreclosure, and then how much needs to be done to bring those properties to stabilization.

謝謝，大家早安。也許鮑伯 (Bob) 先從您因喪失抵押品贖回權而接受的兩筆多戶型貸款開始，這些貸款是上個季度的風險評級。您能否向我們介紹本季發生的變化？四個風險評級，一直到喪失抵押品贖回權，然後需要做多少工作才能使這些財產穩定下來。

Sure. Good morning, Tom. Thanks for the question. As we discussed in the third quarter call, and pretty heavily previewed, these were two loans where we've been pretty engaged with the borrower, and on the third quarter call you, everyone, I think will recall that.

當然。早上好，湯姆。謝謝你的提問。正如我們在第三季電話會議上討論過並進行過大量預覽的那樣，這兩筆貸款我們與借款人一直保持著密切的聯繫，在第三季度的電話會議上，我想大家都會記得這一點。

We said these things might be modified and resolved, or we might enforce our remedies. In both situations we did choose to enforce our remedies in the fourth quarter. That's consistent with our overarching REO philosophy, which is the max value for our shareholders.

我們說這些事情可能會被修改和解決，或者我們可能會執行我們的補救措施。在這兩種情況下，我們都選擇在第四季實施補救措施。這與我們整體的 REO 理念一致，即為股東實現最大價值。

And after reaching a point with both borrowers where it became clear to us that either borrower is going to meet the terms that we'd set forth that for modification was consistent with our principles which are meaningful reduction in principle, outstanding replenishment of interest reserves, and so on, we went immediately toward the enforcement path and took back all three properties in two in November and one in December.

在與兩位借款人達成一致意見後，我們清楚地認識到，任何一位借款人都將滿足我們規定的條件，修改符合我們的原則，即原則上有意義地減少、未償還的利息準備金補充等，我們立即採取了強制執行的措施，並於 11 月收回了三處房產中的兩處，12 月收回了一處。

In terms of the path forward from here, the two properties in San Antonio, well, with respect to all the properties, we immediately put our SWAT transition and property management teams in place. We've used them on other properties that we've taken back in the past.

就今後的發展而言，對於聖安東尼奧的兩處房產，嗯，對於所有房產，我們都立即安排了 SWAT 過渡和房產管理團隊。我們過去曾在收回的其他財產上使用過它們。

In San Antonio, we're working to stabilize and rebuild the occupancy, and we expect to do some work on the properties to achieve that. Property in Chicago is well leased. It's in excess of 90% leased, and we would expect that we would move, reasonably quickly to sell that.

在聖安東尼奧，我們正在努力穩定和重建入住率，我們希望對房產進行一些工作以實現這一目標。芝加哥的房地產租賃情況良好。出租率已超過 90％，我們預計將以較快的速度出售。

Okay appreciate that Bob and then following up on another item you discussed, you talked about tapping, your financing capacity as you continue to ramp originations. How do you expect leverage to scale through the year and and could we see you out in the market looking to do a new CLO as well?

好的，感謝鮑勃，然後我們接著討論的另一個問題，您談到了在繼續增加融資額的同時如何挖掘您的融資能力。您預計槓桿率在今年將如何擴大？

Good question. First, with respect to overall scaling of financing, I would say that as we continue to invest, which we've been doing on a necro basis the past couple of quarters, we've got substantial liquidity already in place on the balance sheet. We have significant cash as you can see by inspecting our balance sheet. I would expect that we would, and are in the process actually of deploying that, first.

好問題。首先，關於整體融資規模，我想說，隨著我們繼續投資（過去幾季我們一直在進行實體投資），我們的資產負債表上已經有了大量流動性。透過檢查我們的資產負債表您可以看到，我們擁有大量現金。我希望我們能夠首先部署這一點，而且實際上我們正在部署這一點。

Then we'll back lever. We have ample capacity to do that with existing credit facilities. I mentioned the table funding facility that we renewed for three years upsize.

然後我們將回桿。利用現有的信貸條件，我們有足夠的能力做到這一點。我提到了我們續簽三年的擴大版融資機制。

We're very active borrower in the note-on-note market, which is I mentioned in my prepared remarks, continues to become more liquid and cheaper from the standpoint of borrowers like TRTX.

我們是票據市場上非常活躍的借款人，正如我在準備好的發言中提到的，從 TRTX 等借款人的角度來看，票據市場的流動性不斷增強，成本也更低。

And last with respect to the CRE CLO market, that market has become increasingly active over the last Couple of call it 2.5 quarter to 3 quarter.

最後，關於 CRE CLO 市場，該市場在過去幾年（即 2.5 個季度到 3 個季度）內變得越來越活躍。

TRTX has been a leader in the CRE CLO market since it revived in early 2018, and so I wouldn't be surprised, although I'm not committing here and now that we would be a participant again as a new issue in that market at some point in 2025.

自 2018 年初復甦以來，TRTX 一直是 CRE CLO 市場的領導者，因此我不會感到驚訝，儘管我現在還不能承諾我們會在 2025 年的某個時候再次成為該市場的參與者。

Actually, one last thing and and I didn't fully answer your question, so our current leverage is 2.141. We have historically operated the business in the sort of 3 times to 3.3 times leverage, as we continue to increase the pace of our deployment, I think you'll see that that equity ratio March up steadily.

實際上，最後一件事，我沒有完全回答你的問題，所以我們目前的槓桿率是 2.141。我們過去一直以 3 倍到 3.3 倍的槓桿率運營業務，隨著我們不斷加快部署步伐，我認為您會看到該股權比率穩步上升。

Got it thank you Bob and the last one for me, Doug, in your prepared remarks you noted the steeper yield curve as a forcing mechanism is that do you think of that as kind of forcing borrowers to sell assets if they if they can't find relief is it forcing borrowers into shorter term floating rate paper or is it forcing something else in the CRE market? How how do you, how do you kind of think of that statement that you made?

明白了，謝謝你，鮑勃。您如何看待您所說的這句話？

Yeah, I mean it's a little bit of all the above. I would say that you know when we think about the interest rate market. Look, I think first, with the, with the move in forward so for let's just say kind of generally anchoring around 4% that does put pressure on existing transactions that are out in the market where you know there there might be a need for.

是的，我的意思是以上這些都有一點。我想說，當我們考慮利率市場時你就知道了。首先，我認為，隨著利率的不斷上升，假設利率一般穩定在 4% 左右，這確實會對市場上現有的交易帶來壓力，因為你知道市場上可能有這種需求。

A newly capitalized debt financing and we are looking at those types of transactions where we can be opportunistic, but I would say again that with sour being elevated the forcing mechanism is just that, some borrowers may look to, kind of fix their broken capital structures and that's one. And then I would say two as it relates to interest rates as well.

新資本化的債務融資，我們正在研究那些可以趁機獲利的交易類型，但我要再說一遍，隨著利率上升，強制機制就是這樣，一些借款人可能會考慮修復他們破損的資本結構，這就是其中之一。然後我想說兩點，因為它們也與利率有關。

Clearly on the fixed rate takeout side, as the 10-year treasury has, kind of hovered around 4.5%, I think that's also putting a little bit of pressure on the timing for certain, kind of term out financings within perhaps the conduit or agency market.

顯然，在固定利率提取方面，由於 10 年期公債利率徘徊在 4.5% 左右，我認為這也對通路或代理市場中某些期限融資的時機施加了一點壓力。

So I think all of that again will help drive opportunities that and I think all that is.

因此，我認為所有這些將再次有助於推動機遇，而且我認為所有這些都是。

Founded in the fact that the interest rate market is also shifted so far from a pipeline perspective in that. The second half of 2024 is really characterized by elevated interest rate volatility and that there's a lot of uncertainty in terms of the path of sour, kind of where perhaps the, 10 year would settle for what it's worth, as we've turned the calendar in the January and February, we have begun to see a reduction in interest rate volatility, which generally means that should be met with an increase in real estate activity.

事實上，從通路角度來看，利率市場也發生了巨大轉變。2024 年下半年的真正特點是利率波動性上升，而且在利率走向方面存在很大的不確定性，也許 10 年期債券市場會滿足於它的價值，隨著日曆進入 1 月和 2 月，我們開始看到利率波動性有所降低，這通常意味著房地產活動應該會增加。

I think that when real estate owners have a little bit more clarity in terms of the path of rates. They tend to deploy capital with, I would say a bit higher pace. So I think those are kind of some of the big macro trends that are affecting our business and again all signs point to a very active 2025 investment pipeline.

我認為，當房地產所有者對利率走勢有更清晰的認識時。我認為他們傾向於以更快的速度部署資本。所以我認為這些是影響我們業務的一些宏觀趨勢，而且所有跡像都表明 2025 年的投資管道非常活躍。

Got it appreciate. All the thoughts thanks everyone.

明白了，非常感謝。所有的想法都感謝大家。

Thank you.

謝謝。

Thank you. And our next question comes from Steven Laws with Raymond James. Please proceed with your question.

謝謝。我們的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的史蒂文勞斯 (Steven Laws)。請繼續回答您的問題。

Hi, good morning. Two questions, I guess. Morning, Doug. Can you give us an update on your life sciences exposure? I know, things in that property type really seem to be asset by asset, so we'd love to get a little bit of color on your exposures there and how those loans are performing.

嗨，早安。我想，有兩個問題。早安，道格。您能否向我們介紹您在生命科學領域的經驗？我知道，該類資產的情況似乎確實因資產而異，因此我們希望了解您在那裡的風險敞口以及這些貸款的表現。

Absolutely. So we began the quarter with Four Life Sciences deals on our books. We actually had one of the Four pay off and so we're actually now down to Three life sciences transactions.

絕對地。因此，我們在本季開始時就簽訂了四項生命科學交易。我們實際上已經獲得了四筆交易中的一筆，因此現在我們實際上只剩下三筆生命科學交易了。

When you think about our current exposure, I think that, one of the things that they're kind of really important to highlight is that first of all, none of our assets are in shell condition. And that they're all built out and it's really just a kind of a function of identifying tenants for those spaces.

當你考慮到我們目前的風險敞口時，我認為，他們真正需要強調的一點是，首先，我們的資產都處於空殼狀態。它們都已建好，這實際上只是一種識別這些空間的租戶的功能。

Secondly, from a borrower perspective, we've really kind of centered on the highest quality borrowers, experienced borrowers in the market, and those that we think are going to have a particular edge in terms of that lease up.

其次，從借款人的角度來看，我們確實主要關注品質最高的借款人、市場上經驗豐富的借款人以及我們認為在租賃方面具有特殊優勢的借款人。

And then I think, lastly, if you zoom out for a moment and kind of think about TPG's expertise within life sciences, it really is, kind of first class both in terms of having real estate equity and debt exposure within life sciences and then also just the broader TPG healthcare investing platform which can provide some insights into some of the trends around the, demand for life sciences space.

最後，我認為，如果您暫時放眼未來，思考一下 TPG 在生命科學領域的專業知識，它確實是一流的，不僅在生命科學領域的房地產股權和債務敞口方面，而且在更廣泛的 TPG 醫療保健投資平台方面，它可以提供有關生命科學領域需求的一些趨勢的見解。

And I say, lastly, Stephen, as we, have some insights in terms of our real estate equity business, we actually have seen a slight uptick in terms of leasing and touring activity over the last 90 days to 120 days. So while we fully acknowledge that I'd say business plans are going certainly slower than they were one year or two years ago, we've been investing in this ethic for many years and we are starting to see a little bit of pick up in terms of activity.

最後，史蒂芬，我想說的是，根據我們對房地產股權業務的一些了解，我們實際上看到過去 90 天到 120 天內租賃和旅遊活動略有上升。因此，雖然我們完全承認我認為商業計劃的進展肯定比一兩年前要慢，但我們多年來一直在投資這種道德規範，並且我們開始看到活動方面的一些回升。

Great, appreciate those comments, Doug.

太好了，感謝這些評論，道格。

Bob, a couple of questions related to REO. Excuse me. I think, REO revenue is flat. I think that makes sense given your comments. Expenses, I believe I read in the (Ky) were up $1.2 million related to the new assets.

鮑勃，有幾個與 REO 相關的問題。打擾一下。我認為，REO 收入持平。根據您的評論，我認為這是有道理的。我相信我在（肯塔基州）讀到與新資產相關的費用增加了 120 萬美元。

Can you talk about how you expect those line items to move forward? I think the Chicago, you mentioned 90% lease but probably came in late in the quarter. So maybe add some some real estate income there but then expenses we need a full quarter impact from the partial impact from Q4. Is that fair or there are other factors I'm not considering?

您能談談您對這些專案未來進展的預期嗎？我認為，您提到的芝加哥的租賃率為 90%，但可能是在本季末出現的。因此，也許可以在那裡增加一些房地產收入，但是我們需要支出來抵消第四季度的部分影響，從而對整個季度產生影響。這樣公平嗎或有其他我沒有考慮到的因素？

Oh, thanks for your question, Stephen. I think there's a sort of macro and then some property specific answers. I would say, generally speaking, most of our current REO properties are, cash flow positive. The, increase in real estate owned expenses that you cite was a one-timer, and related entirely to the San Antonio property that we converted in early November.

哦，謝謝你的問題，史蒂芬。我認為有一種宏觀的答案，然後是一些特定於屬性的答案。我想說，一般來說，我們目前大部分的 REO 房產的現金流都是正的。您所提到的房地產自有費用的增加是一次性的，並且完全與我們在 11 月初轉換的聖安東尼奧房產有關。

And with respect to, Chicago, and other multi-family properties in particular that we own, the two Chicago properties that we own are both 90+% leased, they're very cash flow positive, expenses are stable, so we would expect those to move, to, sale reasonably quickly, and I would add, although you didn't ask, we don't really envision much in the way of capital expenditure, excuse me. Across the portfolio as a whole.

就芝加哥以及我們所擁有的其他多戶型房產而言，我們在芝加哥擁有的兩處房產的出租率均超過 90%，它們的現金流非常為正，費用穩定，因此我們預計它們能夠相當快地出售，我想補充一點，雖然你沒有問，但我們確實沒有設想太多的資本支出，對不起。涵蓋整個投資組合。

Right. And I'll ask the difficult question is, how do you define it reasonably quickly? I think you mentioned in your prepared remarks, I think the two California assets may be marketed for sale. You mentioned Chicago is leased up, so something that could move quickly. When you think about the Eight properties in the REO bucket.

正確的。我要問的一個難題是，如何合理快速地定義它？我記得您在準備好的演講中提到過，我認為這兩項加州資產可能會被出售。您提到芝加哥的租賃已經滿了，因此事情可能會很快發生。當您考慮 REO 儲存桶中的八個屬性。

Is there a way to estimate how many may move in the first half or in 2025 or, other side of it, how many are kind of longer-term execution pass.

有沒有辦法估計出上半年或 2025 年可能有多少人會採取行動，或者，另一方面，有多少人會採取更長期的執行措施。

Sure, well, let me, I won't answer very specifically, but let me revisit again. Our job one with respect to REO is to maximize shareholder value, and for us that means, constantly evaluating the buy versus whole decision, and then executing accordingly.

當然，好吧，讓我來回答，我不會非常具體地回答，但讓我再回顧一下。關於 REO，我們的首要任務是實現股東價值最大化，對我們來說，這意味著不斷評估購買與整體決策，然後據此執行。

We did that and we have two properties in the market right now, and we would expect those to. Resolve themselves in this, at or near the end of the second quarter. We have offers on one and we expect offers on the other in early March.

我們確實這樣做了，目前我們在市場上有兩處房產，我們希望如此。在第二季末或接近尾聲時解決這個問題。其中一個我們已經收到報價，預計另一個將在三月初收到報價。

We then have a second tranche of properties that we have that we have seasoned, and we would expect to bring those to market shortly thereafter. I would say in general terms, by the end of 2025, I would expect that our existing REO portfolio would be reduced by about half. Just to give you a general sense of timing.

然後，我們還有第二批經過精心挑選的房產，我們預計將在不久之後將它們推向市場。總的來說，到 2025 年底，我預計我們現有的 REO 投資組合將減少約一半。只是為了讓您大致了解時間。

That's great. Thanks, Bob. Appreciate the comments this morning.

那太棒了。謝謝，鮑伯。感謝今天早上的評論。

Thank you. Now, our next question comes from Steve Delaney with JMP Securities. Please proceed with your question.

謝謝。現在，我們的下一個問題來自 JMP Securities 的 Steve Delaney。請繼續回答您的問題。

Thanks. Good morning, everyone, and congrats on a strong close to what was certainly a challenging year for the broad CRE market. From your comments, it sounds like you have a far more constructive view of 2025. I'm hearing that's not only from your own internal and view of the economy, but also a lot of feedback from real estate equity investors in the marketplace.

謝謝。大家早安，恭喜你們圓滿結束了對整個商業地產市場來說無疑是充滿挑戰的一年。從您的評論來看，您對 2025 年的看法似乎更具建設性。我聽說這不僅來自您自己的內部和對經濟的看法，也來自市場上大量房地產股權投資者的回饋。

So cutting right to the portfolio which was $3.4 billion. It certainly sounds like. You have the opportunity to grow and you have the relatively low leverage of 2.1 times. Is it realistic to think, and I'll just go straight to some specific numbers and you can talk me off the mountain, but just Year in 2025.

因此直接削減投資組合，即 34 億美元。聽起來確實如此。您有成長的機會，而且您的槓桿率相對較低，為 2.1 倍。這樣想是否現實？ 我會直接給一些具體的數字，你可以勸我放棄這個想法，但前提是 2025 年。

If we model a portfolio of somewhere between $4.5 billion and $5 billion even, how realistic in your mind would that level of portfolio growth be for 2025?

如果我們建立一個介於 45 億美元至 50 億美元之間的投資組合，您認為到 2025 年，該投資組合的成長水準有多現實？

Thank you.

謝謝。

Morning, Steve, and thanks for your question.

早安，史蒂夫，謝謝你的提問。

As you know and as everybody on the call knows, we've never been in the practice of providing guidance. Having said that let me offer a little Illumination on how we're thinking about the year. Doug was very clear that we think that the year has set up very nicely for increased investment activity, and he's described the factors driving that.

正如您和電話會議中的每個人都知道的那樣，我們從來沒有提供過指導。話雖如此，請容許我為我們如何看待這一年提供一些啟示。道格非常清楚，我們認為今年為投資活動增加做好了充分準備，他也描述了推動這一趨勢的因素。

From our standpoint, we've got significant, Liquidity on the balance sheet today that's available to us for new investment, frankly, without leverage, without recycling REO capital, without anything else.

從我們的角度來看，我們今天的資產負債表上擁有大量流動性，我們可以使用這些流動性進行新的投資，坦白說，無需槓桿，無需回收 REO 資本，無需任何其他操作。

So in rough terms, if we were to deploy say $200 million of that at, 3 or 4 to 1, that's $800 to a billion of new loan investment activity, off the bat. In our peak years, the company's typically done, around $2 billion a little more than $2 billion of investment activity on the repayment side, Doug made clear in his remarks that, higher rates and this more steeply sloped yield curve.

因此，粗略地說，如果我們以 3 到 4 比 1 的比例部署其中的 2 億美元，那麼就會立即產生 800 到 10 億美元的新貸款投資活動。在我們的巔峰時期，公司通常會完成約 20 億美元的投資活動，略高於 20 億美元的償還額，道格在他的演講中明確表示，更高的利率和更陡峭的收益率曲線。

Excuse me, would suggest that, on balance, existing loans are probably more likely to lengthen a little bit than prepay. Obviously every loans a little bit different. But we've had strong steady repayments throughout the year, including the life science deal that Doug mentioned earlier.

對不起，我的建議是，總的來說，現有貸款的期限可能比預付更有可能延長一點。顯然每筆貸款都有點不同。但我們全年都有強勁且穩定的還款，包括道格先前提到的生命科學交易。

So you know I would expect that new investment activity would comfortably outpace loan repayment activity for the year, and so we would expect pretty significant growth in net earning assets, but I'm not in a position nor are we in the practice of providing a specific number.

因此，您知道，我預計新的投資活動將輕鬆超過今年的貸款償還活動，因此我們預計淨收益資產將有相當顯著的增長，但我無法提供具體的數字，我們也不會這樣做。

No, understood, that's very helpful call and we'll, Chris and I'll work that out, but I've heard more positive than negative in terms of the opportunity that you're facing to invest capital in 2025 vis a vis the past year. Just curious a little bit, but my little quick follow up, you covered so much in these first few questions of the two new loans of $242 million.

不，明白，這是非常有幫助的電話，我們，克里斯和我會解決這個問題，但就您在 2025 年面臨的投資資本機會而言，與過去的一年相比，我聽到的積極消息多於消極消息。只是有點好奇，但我的簡短跟進一下，在有關兩筆 2.42 億美元新貸款的最初幾個問題中，您涵蓋了太多內容。

I mean on the surface it looks a bit chunky, but then again, it's pretty clear you guys are not in the small balance CRE lending market which we would normally put in a, [25 or 50], and is that just reflecting sort of TPG from an institutional standpoint, your borrower mix.

我的意思是，從表面上看，它看起來有點龐大，但話又說回來，很明顯你們並不在小額 CRE 貸款市場，我們通常會在這個市場中投入 [25 或 50]，這只是從機構的角度反映了 TPG 的借款人組合。

Would you consider yourself more upper middle market? I don't know really how CRE lenders other than the small balance segment, which is so obvious how you really.

您認為自己比較適合中上階層市場嗎？我真的不知道除了小額餘額部分之外的 CRE 貸款人情況如何，這一點顯而易見。

Kind of peg yourself in between the very mega borrowers and the small borrowers, but it seems like to me what you're saying a loan of $100million to $150 million on an individual loan to one borrower. I'm hearing that that's not any kind of a heavy lift for TRTX. Is that a fair statement?

把自己定位在超大借款人和小額借款人之間，但在我看來，你所說的是向單一借款人提供 1 億到 1.5 億美元的個人貸款。我聽說這對 TRTX 來說不是什麼重擔。這是一個公正的說法嗎？

Yeah, and happy to kind of speak to, sort of how we think about loan sizing. I would first highlight that the two loans that we did in Q4, both of those, do have some inherent diversity within the loans and that they are portfolios.

是的，很高興能談談我們對貸款規模的看法。我首先要強調的是，我們在第四季發放的兩筆貸款，都具有一定的固有多樣性，而且它們都是投資組合。

So as we do kind of lean perhaps, above the $100 million dollar size, we will also orient ourselves towards portfolio where we get the benefit of diversity and that's statement one. I would say secondly, these deals as well, we also are very focused on repeat borrowers, so we're seeing a lot of that both in the deals that we closed in.

因此，當我們的規模確實超過 1 億美元時，我們也會將自己定位在投資組合，從中獲得多元化的好處，這是第一點。我想說的其次，在這些交易中，我們也非常關注重複借款人，所以我們在完成的交易中看到了很多這樣的情況。

The second half of 2024 and a lot of what we're seeing in our pipeline is repeat borrower heavy.

2024 年下半年，我們看到很多重複借款人的狀況。

When you think about sort of, average loan size to kind of go back to the data, we, we've again in approximate terms, average typically loan size is closer to kind of the $75 million range. So I think that even while we're.

當您考慮平均貸款規模並回顧數據時，我們再次給出近似值，即平均貸款規模通常接近 7500 萬美元的範圍。所以我認為，即使我們。

Somewhat uniquely positioned is that we do have range. I mean we can go down to, $25million to $50 million if we do see opportunities there, which we have done over the past year, but also if we do see a deal that's $150 million or more, we can pursue that as well so.

我們的獨特優勢在於我們確實有範圍。我的意思是，如果我們確實看到機會，我們可以將價格降至 2500 萬美元到 5000 萬美元，就像我們在過去一年裡所做的那樣，但如果我們確實看到 1.5 億美元或以上的交易，我們也可以追求它。

Put a fine point on it, I would say that we're really trafficking really across both the middle market and upper middle market. And I think as we look at more and more institutional borrowers and institutional real estate is where we tend to sometimes have some somewhat larger loan sizes.

說得更具體一點，我想說我們確實在中階市場和中上端市場都有業務往來。我認為，隨著我們看到越來越多的機構借款人和機構房地產，我們有時會獲得一些較大規模的貸款。

That's helpful. Nice kind of nice wide bandwidth there for you. So, thank you for your comment.

這很有幫助。為您提供非常寬的頻寬。所以，感謝您的評論。

Thank you, appreciate it.

謝謝，很感激。

Thank you. And our next question comes from Don Fandetti with Wells Fargo. Please proceed with your question.

謝謝。下一個問題來自富國銀行的唐‧范德蒂 (Don Fandetti)。請繼續回答您的問題。

Bob, can you talk a little bit about the moving pieces in the allowance? Looks like there was around $4.6 million of provision and then were reserved sufficient to cover the conversion to the REO loan REO this quarter.

鮑勃，可以稍微談談津貼中的變動嗎？看起來大約有 460 萬美元的撥備，並且保留了足夠的金額來支付本季向 REO 貸款 REO 的轉換。

Sure. Morning, Don. Thanks for the question. So I'll speak in numbers rounded to the nearest million. At the end of last quarter, our CECL reserve was about $69 million. As previewed, we converted the two loans we've been discussing in REO that occasioned, a relief of the CISA reserve of $10 million which was within about. $250 to $300,000 of the reserve that we had previously been carrying with respect to those two loans.

當然。早安，唐。謝謝你的提問。因此，我將以四捨五入到最接近的百萬的數字來發言。截至上個季度末，我們的 CECL 儲備金約為 6,900 萬美元。正如預覽的那樣，我們轉換了 REO 中討論的兩筆貸款，從而減輕了 CISA 儲備金的負擔，金額約為 1000 萬美元。我們之前針對這兩筆貸款已經持有25萬至30萬美元的儲備金。

So the answer to your question is yes, it was fully reserved for and those results are actually consistent with our historical CECL results where our realized losses have been around 3%, within 3% of what our CECL reserves were at the end of the quarter preceding the period in which the realized loss was taken.

所以對你的問題的答案是肯定的，它被完全保留了下來，而且這些結果實際上與我們的歷史 CECL 結果一致，我們的實際損失約為 3%，在發生實際損失的期間前一個季度末的 CECL 儲備金的 3% 以內。

And then there was about $5 million of expense, as you said during the quarter, which was really driven by the macro factor impact on our general reserve. We have no specific reserves and we've had no specific reserves for a while. It's all general, and so, inflation, steeper yield curve, higher rates, a lot of these factors is a course through.

正如您在本季度所說，支出約為 500 萬美元，這實際上是由宏觀因素對我們的一般儲備的影響所致。我們沒有特定的儲備，而且我們已經有一段時間沒有特定的儲備了。這些都是普遍現象，因此，通膨、更陡峭的殖利率曲線、更高的利率，許多這些因素都是必然的。

The loss given default model that we and many of our competitors use to develop our CECL reserve, that's what gave rise to that.

我們和我們的許多競爭對手用來開發 CECL 儲備的違約損失模型就是導致這種情況的原因。

Approximately $5 million dollar boost. So 69 minus $10 gets you to $59 plus 5 gets you to 64, that's 187 basis points, which is actually 15, almost 20 basis points lower than the preceding quarter and just reinforces the steady decline in that reserve rate expressed in basis points that we've engineered over the last number of quarters.

約增加 500 萬美元。因此，69 減 10 美元等於 59 美元，再加上 5 美元等於 64 美元，即 187 個基點，實際上比上一季度低 15 到 20 個基點，這進一步強化了我們在過去幾個季度中設計的以基點表示的準備金利率的穩步下降。

So do you think, what's your sense on provision going forward because you could argue that there are some improving areas of commercial real estate and I guess you know what is your thought.

那麼您認為，您對未來的規定有何看法，因為您可能會說商業房地產有一些可以改進的領域，我想您知道您的想法。

Yeah, what are you, what's your thought process in terms of like three rated to four rated? Do you feel like you're pretty stable there, and just kind of generally thinking about provision expense going forward?

是的，您是什麼樣的人，對於三星到四級的思考過程是怎麼樣的？您是否覺得自己在那裡過得相當穩定，只是整體考慮未來的準備金費用？

Well, let me disaggregate your question into two parts. The first is where do we see CECL reserve going on a forward-looking basis. I would expect, given where we are in the cycle and the 100% performing nature of our current book that the CECL rate expressed in basis points would not increase, and theoretically over time that rate should converge with sort of the long-term loss rate.

好吧，讓我把你的問題分成兩個部分。首先，我們如何看待 CECL 儲備的前瞻性方向。我預計，考慮到我們所處的周期以及我們當前賬簿的 100% 履行性質，以基點表示的 CECL 利率不會增加，並且從理論上講，隨著時間的推移，該利率應該與長期損失率趨於一致。

For us as a company or our peers as a company, as Cecil's been in effect for only five years, so all of us are still building our own sample center universe of actual loans and losses, and in the interim we're using these large data sets that we can track with other companies to get.

對於我們公司或我們的同行公司來說，由於「塞西爾」計劃僅實施了五年，所以我們所有人仍在構建自己的實際貸款和損失的樣本中心，在此期間，我們正在使用這些可以與其他公司一起跟踪的大型數據集。

So I would expect that, the rate would, be flat or decline, but it's probably not going to go up in dollar terms as we continue to grow our book, which we have been doing, we expect, and you should expect that the dollar amount of the CECL reserve will increase because it has to, given how the CECL pronouncement is applied. Every loan is going to attract some amount of general reserve as soon as it's booked.

因此，我預計利率將持平或下降，但以美元計算，可能不會上升，因為我們的帳簿仍在繼續增長，而這正是我們一直在做的事情，我們預計，而且您應該預計 CECL 儲備的美元金額將會增加，因為考慮到 CECL 公告的應用方式，它必須增加。每筆貸款一旦入帳就會吸引一定金額的一般準備金。

So I hope that answers that question. The second part of the question was, I think really about migration. We have only 2 rated and 4 rated loans that's less than, or it's about 3% of our current loan book.

我希望這能回答這個問題。問題的第二部分是，我真正考慮的是移民問題。我們只有 2 筆評級和 4 筆評級的貸款，這不到我們目前貸款帳簿的 3％ 左右。

Otherwise, our risk rating average has been 3.0 for a number of quarters, so we don't anticipate much migration, historically, most of the four rated loans that we've had have either reperformed and become threes or they've been resolved through payoffs. Obviously some have migrated in the other direction, but that's not the majority, it's the minority.

另外，我們的風險評級平均值在多個季度中一直為 3.0，因此我們預計不會出現太多的遷移，從歷史上看，我們所擁有的大多數四級貸款要么重新表現並成為三級貸款，要么已經通過還款得到解決。顯然，有些人向另一個方向遷移，但這不是大多數，而是少數。

Okay, thanks for all the details.

好的，感謝您提供的所有詳細資訊。

Thank you. And our final question comes from Rick Shane with JP Morgan. Please proceed with your question.

謝謝。我們的最後一個問題來自摩根大通的 Rick Shane。請繼續回答您的問題。

Hey guys, thanks for taking my questions this morning. I've got a few actually, and a lot's been sort of covered.

嘿夥計們，感謝你們今天早上回答我的問題。我實際上已經有幾個了，而且很多都已經涵蓋了。

Just curious, last quarter you were very clear about the potential path of the fours, the two of the fours becoming REO. You've got two remaining 4s. Are you going, is your intent to be as aggressive potentially in terms of REO solutions or do you see different paths on those?

只是好奇，上個季度你非常清楚四個人的潛在路徑，四個人中的兩個成為 REO。您還剩下兩張 4。您是否打算在 REO 解決方案方面採取盡可能積極的措施，或者您是否看到了不同的途徑？

Morning, Rick, and thanks for your question. Before commenting specifically on those two loans, allow me to restate again our view about loan asset management and REO management as well as, our job is to max shareholder value.

早安，里克，謝謝你的提問。在具體評論這兩筆貸款之前，請允許我再次重申我們對貸款資產管理和 REO 管理的看法，我們的工作是實現股東價值最大化。

So we're going to make the decision, in based on the facts and circumstances of each loan as they develop and as the situation presents itself. So we've got two four rated loans.

因此，我們將根據每筆貸款的具體情況和發展做出決定。因此，我們有兩筆四級貸款。

Currently, I don't think it's really a matter of us being more or less aggressive. We've been very clear to the investor market and we're very clear to the borrower market that we'll be commercially reasonable on loan modifications and extensions, but commercially reasonable to us means that, a borrower is going to reduce its loan principle, it's going to replenish an interest reserve.

目前，我認為這並不是我們採取更積極或更消極態度的問題。我們對投資者市場和借款人市場都很清楚，我們在貸款修改和延期方面會採取商業上合理的措施，但對我們來說，商業上合理的意味著，借款人將減少其貸款本金，補充利息儲備。

It's going to buy the interest cap that it's obligated to buy under the loan agreement and so on. And if people do that, then, we'll be commercial and if they won't, our view is that, shareholder value is best delivered by us owning it and doing whatever needs to be done and then, monetizing the property at the right time.

它將購買貸款協議規定必須購買的利息上限等等。如果有人這麼做，那麼我們就會進行商業化運作，如果他們不願意，我們的觀點是，股東價值的最好實現方式是我們擁有它並做一切需要做的事情，然後在適當的時間將其貨幣化。

With respect to the two properties, I think, one's an office property in Honolulu and the borrower looks like they're going to sell that property and repay us, and the other is a mixed use property in Southern California.

關於這兩處房產，我認為，一處是位於檀香山的辦公大樓，借款人看起來打算出售該房產並償還我們，另一處是位於南加州的混合用途房產。

We continue to engage in discussions with the borrower about the potential modification that if it occurred would you need to conform with the framework that I just described.

我們繼續與借款人討論潛在的修改，如果發生修改，您是否需要遵守我剛才描述的框架。

Got it. Okay, thank you. Second question, you guys have been, We recently renewed your facility, so you are as close to that market as anybody. You're also, as you pointed out, very experienced CLO issuers. We've seen the market reopen. There's been over $5 billion issued year-to-date.

知道了。好的，謝謝。第二個問題，我們最近更新了你們的設施，所以你們和其他人一樣接近那個市場。正如您所指出的，您也是非常有經驗的 CLO 發行人。我們看到市場重新開放。今年迄今已發行超過 50 億美元。

When you look at the terms that you just received on your on your renewed facility and you look at what is happening in the CLO market, can you compare, give us some context in terms of available leverage, spreads, what are the puts and takes versus the two markets right now?

當您看到您剛剛收到的續借貸款條款，並了解 CLO 市場的情況時，您能否進行比較，給我們提供一些可用槓桿、利差方面的背景信息，以及目前兩個市場的看跌期權和看漲期權情況？

Sure, well, we're fortunate that we're part of TPG, so we have constant feelers out into the capital markets and here within the real estate credit platform and TRTX in particular we're active users of the capital markets. With respect to the bank facility that you referenced, that market is pretty well developed and I would say recovering.

當然，我們很幸運成為 TPG 的一部分，因此我們不斷探索資本市場，特別是在房地產信貸平台和 TRTX 內，我們是資本市場的活躍用戶。關於您提到的銀行設施，我認為該市場已經相當發達，而且正在復甦。

I'm going to distinguish the market we just tapped from the repo market. The repo market we're, moderately active in. We don't use a lot of repo. It's typically 20% to 25% of our borrowings max.

我要將我們剛剛進入的市場與回購市場區分開來。我們在回購市場中相當活躍。我們不使用很多的 repo。通常它最多占我們借款的 20% 到 25%。

But in the syndicated bank loan market, it's pretty active, it's receptive to companies like ours that have strong credit profiles and a good track record. I would say specifically on that deal we found strong receptivity to our pricing.

但在銀團貸款市場，它非常活躍，對像我們這樣擁有良好信用狀況和業績記錄的公司很感興趣。我想特別說的是，在這筆交易中，我們發現我們的定價得到了很高的認可。

To the structure, we're able to, move things on and off of that facility. We don't really have restrictions on what we can put on it, which is really valuable to us as we optimize the liability structure of the company. We have seen over the last couple of years very strong investor interest in the note-on-note market and you've seen in our, you've heard in our previous discussions and seen in our filings that we've been really active in that market.

對於該結構，我們能夠將物品移入和移出該設施。我們對於可以放置的內容實際上沒有任何限制，這對於我們優化公司負債結構非常有價值。過去幾年，我們看到投資者對票據對票據市場興趣濃厚，您在我們之前的討論中和文件中都看到，我們在該市場非常活躍。

Advanced rates have held, steady, strong in the mid to high I call 75% to 80% range and spreads have come in.

先進利率一直保持穩定，在中高水平（我稱之為 75％至 80％）的範圍內，並且利差已經出現。

Finally, with respect to the CRE CLO market, we have seen a lot of new issuances and the industry observers expect that to remain strong for the remainder of the year. We've seen improved structure, in particular, longer reinvestment periods for managed transactions, and we've seen spreads come in steadily.

最後，就 CRE CLO 市場而言，我們看到大量新發行，產業觀察家預計今年剩餘時間內這一趨勢仍將保持強勁。我們看到結構有所改善，特別是管理交易的再投資期更長，而且我們看到利差穩定擴大。

And we've also seen investor demand for transactions that have property types other than multi-family only, and that includes season collateral as well as newly originated collateral. So we see that as really interesting market where we have a strong brand and reputation and so we monitor all these markets, and we try to optimize. That's our job on behalf of shareholders.

我們也看到投資者對多戶型房產以外的其他房產類型的交易的需求，其中包括季節性抵押品以及新發行的抵押品。因此，我們認為這是一個真正有趣的市場，我們擁有強大的品牌和聲譽，因此我們會監控所有這些市場，並嘗試進行最佳化。這是我們代表股東所承擔的責任。

Got it. And then if I could, one last question, and this goes back to a discussion that actually the two of us had almost five years ago to the day. You talked about loan growth and implementation or initial initial Cecil reserves. Five years ago the industry was somewhat encumbered by the fact that you were using data where there was for the past decade very little default inventory.

知道了。如果可以的話，我還有最後一個問題，可以追溯到我們兩人五年前的一次討論。您談到了貸款成長和實施或最初的塞西爾儲備。五年前，該行業受到一定程度的阻礙，因為過去十年來，使用的數據默認庫存非常少。

Now we're entering a period where there's a high degree of defaulted inventory. I'm curious when you think about the models, how they adjust for that sort of recency bias. Will we see initial Cecil general reserve rates be higher because of this and how do you sort of manage that sort of barbell time frame?

現在我們正進入庫存違約率較高的時期。我很好奇，當你考慮這些模型時，它們是如何適應這種近因偏差的。我們是否會看到初始塞西爾一般儲備利率因此而提高，以及您如何管理這種槓鈴時間框架？

Sure, good question. I do remember that conversation, and you're right that, these data sets are different today than they were in early 2020 because we've been through a fairly, pronounced commercial real estate correction where values have declined in some instances materially, but all of that (lo) data is timely and accurately captured by the various, providers and compilers of the data.

當然，好問題。我確實記得那次談話，您說得對，今天的數據集與 2020 年初的數據集不同，因為我們經歷了相當明顯的商業房地產調整，在某些情況下價值大幅下降，但所有這些數據都被各種數據提供者和編制者及時準確地捕獲。

And look, the idea in these models and frankly in the management's judgment of how to apply them is to, if necessary, adjust for what you term recency bias. But clearly, loss rates for the couple of years leading into 2020 were quite low.

而且，這些模型中的想法，以及坦白說，管理階層對如何應用它們的判斷，是在必要時調整所謂的近因偏差。但顯然，2020 年前幾年的損失率相當低。

But if you had looked at those loss rates extending back to 1998, which is when the data set actually begins. They had been through a couple of cycles as well, and now we have, I hate to say this, but the benefit of, the last five years, at least in terms of loss data.

但如果你查看了 1998 年以來的損失率，也就是資料集實際開始的時間。他們也經歷了幾個週期，現在我們有了，我不想這麼說，但過去五年的好處，至少在損失數據方面。

And so that will inform how we and others, apply those loss rates to their Cecil estimates each quarter, but I feel confident of our ability to do that, but I do believe that again these are forward-looking. The pronouncement is focused on forward.

因此，這將告知我們和其他人如何在每個季度將這些損失率應用於他們的 Cecil 估計值，但我對我們做到這一點的能力充滿信心，但我確實相信這些都是前瞻性的。這份聲明的重點是向前看。

It's, a current estimate of expected losses in the future, and so it needs to take into account not only past loss experience but also the macroeconomic data rates, GDP growth, LTV basis per square foot, the consumer property price index, and a lot of other factors that are prospective, not, historical.

這是對未來預期損失的當前估計，因此它不僅需要考慮過去的損失經驗，還需要考慮宏觀經濟數據率、GDP 成長、每平方英尺的 LTV 基礎、消費者財產價格指數以及許多其他預期而非歷史因素。

Got it. Okay. Thank you very much. It's going to be interesting to see how that develops over time, particularly as the industry resumes starting to grow loans again. Thanks guys.

知道了。好的。非常感謝。觀察這種情況隨著時間的推移如何發展將會很有趣，特別是當該行業重新開始增長貸款時。謝謝大家。

Thanks Rick.

謝謝里克。

Thank you.

謝謝。

And with that, there are no further questions at this time, I would like to turn the floor back to management for closing.

好了，現在沒有其他問題了，我想將發言權交還給管理階層，結束本次會議。

Remarks.

評論。

Yeah, just wanted to thank everyone for joining us this morning on our call and we look forward to updating all of you on the continue to progress here at TRTX. Have a great day.

是的，我只想感謝大家今天早上參加我們的電話會議，我們期待向大家通報 TRTX 的持續進展。祝你有美好的一天。

Thank you very much.

非常感謝。

Thank you, and that does conclude today's teleconference.

謝謝，今天的電話會議到此結束。

Thank you for your participation. You may disconnect your lines at this time.

感謝您的參與。現在您可以斷開您的線路。

Goodbye.

再見。