TPG RE Finance Trust Inc (TRTX) 2026 Q1 法說會逐字稿

Greetings. Welcome to TPG RE Finance Trust First Quarter 2026 Earnings Conference Call. (Operator Instructions). Please note this conference is being recorded. I will now turn the conference over to Dan Cassel.

各位好。歡迎參加 TPG RE Finance Trust 2026 年第一季財報電話會議。（接線員指示）。請注意，本次會議將被錄音。我現在把會議交給 Dan Cassel。

Thank you. You may begin.

謝謝。您可以開始了。

Good morning, and welcome to the TPG RE Finance Trust earnings call for the first quarter of 2026.

各位早安，歡迎參加 TPG RE Finance Trust 2026 年第一季財報電話會議。

Today's speakers are Doug Bouquard, Chief Executive Officer; Brandon Fox, Interim Chief Financial Officer; and Ryan Roberto, Head of Portfolio Management and Capital Markets.

今天的講者包括：執行長 Doug Bouquard；代理財務長 Brandon Fox；以及投資組合管理與資本市場主管 Ryan Roberto。

Doug, Brandon, and Ryan will provide commentary regarding the company, its performance, and the general economy, and will answer questions from call participants. Yesterday afternoon, we filed our Form 10-Q, issued a press release, and shared an earnings supplemental, all of which are available on the company's website in the Investor Relations section.

Doug、Brandon 與 Ryan 將就公司、其營運表現及整體經濟提供評論，並回答與會者提問。昨天下午，我們已提交 Form 10-Q、發布新聞稿並分享財報補充資料，以上皆可於公司網站「投資人關係」專區取得。

This morning's call and webcast is being recorded.

今天上午的電話會議與網路直播將被錄音。

Information regarding the replay of this call is available in our earnings release and on the TRTX website.

關於本次電話會議重播的資訊，可在我們的財報新聞稿以及 TRTX 網站上取得。

Recordings are the property of TRTX, and any unauthorized broadcast or reproduction in any form is strictly prohibited.

錄音內容為 TRTX 之財產，任何未經授權之播送或以任何形式之重製均嚴格禁止。

This morning's call will include forward-looking statements, which are uncertain and outside of the company's control. Actual results may differ materially. For a comprehensive discussion of risks that could affect results, please see the Risk Factors section of the company's latest Form 10-K.

今天上午的電話會議將包含前瞻性陳述，其具有不確定性且不在公司控制範圍內。實際結果可能有重大差異。如需可能影響結果之風險的完整討論，請參閱公司最新 Form 10-K 的「風險因素」章節。

The company does not undertake any duty to update our forward-looking statements or projections unless required by law. We will refer during today's call to certain non-GAAP financial measures, which are reconciled to GAAP amounts in our earnings release and our earnings supplemental, both of which are available in the Investor Relations section of our website.

除非法律要求，公司不承擔更新前瞻性陳述或預測之任何義務。在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標；其與 GAAP 金額之調節已載於我們的財報新聞稿與財報補充資料，兩者皆可於本公司網站「投資人關係」專區取得。

Now, I'll turn the call over to Doug.

現在，我把電話會議交給 Doug。

Good morning and thank you for joining the call.

各位早安，感謝加入本次電話會議。

The broader economic backdrop during the first quarter of the year continued to provide an encouraging environment for investment activity within the real estate sector. While concern over private credit and broader geopolitical tensions have permeated the market, real estate credit has been relatively stable.

今年第一季更廣泛的經濟背景，持續為房地產產業的投資活動提供令人鼓舞的環境。儘管市場瀰漫著對私募信貸以及更廣泛地緣政治緊張局勢的擔憂，房地產信貸相對仍保持穩定。

As we survey market opportunities, we are closely monitoring capital flows in both real estate and credit, which will allow us to identify real-time trends that will drive the investment landscape. These insights are further augmented by the depth and breadth of TPG's global alternative investment platform.

在我們檢視市場機會之際，我們正密切監控房地產與信貸兩方面的資金流向，以便辨識將驅動投資版圖的即時趨勢。這些洞見亦因 TPG 全球另類投資平台的深度與廣度而進一步強化。

While real estate values have reset and our lending pipeline is robust. The recent steepening of the yield curve has put modest pressure on new acquisition activity.

儘管房地產價值已重新定價，而我們的放款案源管線依然強勁。近期殖利率曲線的陡峭化，對新的收購活動帶來些許壓力。

That being said, many of the key themes we've previously described continue to remain in place, including heavy refinance volume driven by broken capital structures and reset values, which has been further exacerbated by sustained elevated interest rates and supported by a consistent supply of back leverage for bank balance sheets.

即便如此，我們先前所描述的多項關鍵主題仍然存在，包括：由資本結構失衡與價值重置所驅動的大量再融資需求；在利率長期維持高檔的情況下進一步加劇；同時也受到銀行資產負債表持續提供後段槓桿（back leverage）供給的支持。

Building on the momentum of 2025, a year where TRTX closed $1.9 billion of new investments and achieved 25% year-over-year growth in earning assets, we are pleased to report a strong start to 2026.

延續 2025 年的動能——TRTX 在該年度完成 19 億美元新投資，並使生息資產年增 25%——我們很高興報告 2026 年開局強勁。

For the first quarter, our performance reflects our disciplined approach to risk management as we maintain stable risk ratings and a 100% performing loan portfolio at quarter end. We saw no negative credit migration in the quarter with risk ratings unchanged at 3.0 and CECL reserves essentially flat quarter-over-quarter.

第一季的表現反映我們嚴謹的風險管理作法：季末維持穩定的風險評等，且放款投資組合 100% 為正常履約。本季未見任何負向信用遷移，風險評等維持在 3.0 不變，CECL 備抵基本上與前一季持平。

In April, TRTX received the full payment of 575th Avenue, which was our largest office exposure and the material partial repayment on another office loan and as a result, our office exposure is now less than 5% of our current voucher.

4 月，TRTX 收到 575th Avenue 的全額還款，該案為我們最大的辦公室曝險；同時另一筆辦公室貸款亦有重大部分償還。因此，我們的辦公室曝險目前已低於我們現有投資組合的 5%。

As a natural consequence, the vintage of our balance sheet continues to compare favorably to our competitive set, with 67% of our balance sheet comprised of 2023 and newer loan originations.

因此，我們資產負債表的「批次（vintage）」結構持續優於同業：資產負債表中有 67% 由 2023 年及之後的新承作貸款所構成。

This is a direct result of the proactive risk management we've been consistent with over the past few years, combined with our strategic and measured approach to making new investments.

這是我們過去幾年一貫採取的主動式風險管理，加上我們在新投資上的策略性與審慎節奏所帶來的直接成果。

As I look at our origination and repayment pace for this year, I expect we will finish 2026 with a substantial majority of the balance sheet comprised of 2023 and newer loan origination dates, which will provide shareholders with a new vintage portfolio and attractive credit profile. Of note, we've been able to achieve this balance sheet transformation while generating steady earnings and remaining under-levered relative to our peers.

就今年的承作與回收節奏來看，我預期我們在 2026 年結束時，資產負債表中將有相當大比例由 2023 年及之後的貸款承作日期所構成，為股東提供更新批次的投資組合與具吸引力的信用概況。值得一提的是，我們在推動此一資產負債表轉型的同時，仍能創造穩健獲利，且相較同業維持較低槓桿。

From an investment perspective, thus far this year, we've closed $324 million of loans. And have another $535 million of executed term sheets, the majority of which are multifamily and industrial collapse, sectors we continue to target given their strong downside protection and solid long-term fundamentals.

從投資角度來看，截至今年目前為止，我們已完成 3.24 億美元的放款。此外，另有 5.35 億美元已簽署的條款書（term sheets），其中多數為多戶住宅與工業——我們持續鎖定的領域，因其下行保護力強且長期基本面穩健。

Since the start of Q4 2025, we originated 12 loans with total commitments of $1.25 billion, with more than 90% of these from repeat borrowers underscoring the deep relationships we've cultivated within the real estate ecosystem, further amplified by the breadth of TPD's integrated real estate debt and equity investment platform.

自 2025 年第四季初以來，我們承作 12 筆貸款、總承諾額 12.5 億美元，其中超過 90% 來自回頭客，凸顯我們在房地產生態系中所培養的深厚關係；同時也受惠於 TPD 整合式房地產債務與股權投資平台的廣度而進一步放大。

Furthermore, within the $535 million of executed term sheets that we have this quarter.

此外，就本季我們持有的 5.35 億美元已簽署條款書而言。

The majority of those new investments are collateralized by multifamily and industrial exposure and are sponsored by high-quality borrowers across the U.S.

其中多數新投資以多戶住宅與工業類資產作為擔保，並由全美各地高品質借款人提供贊助。

From a liability perspective, we continue to expand our lender relationships and optimize the durability of our capital structure. Building on the two Series CLOs issued in 2025, which provide ample reinvestment capacity and an attractive cost of funds, we ended Q1 2026 with $173 million of liquidity, 78% non-mark-to-market financing, and a debt-to-equity ratio of 3.1x.

從負債端來看，我們持續擴大放款人關係並優化資本結構的耐久性。在 2025 年發行兩檔系列 CLO、提供充足再投資容量與具吸引力的資金成本的基礎上，我們於 2026 年第一季末擁有 1.73 億美元流動性、78% 非按市價計價（non-mark-to-market）融資，以及 3.1 倍的負債對股東權益比率。

This positioning affords TRTX flexibility to pursue accretive investment opportunities while maintaining balance sheet discipline.

此一定位使 TRTX 能在維持資產負債表紀律的同時，保有追求增益性投資機會的彈性。

Our company is in an advantageous position from a capital allocation standpoint.

就資本配置而言，我們公司處於有利位置。

Given our strong liquidity position, we are able to both increase net earning assets while also repurchasing shares that we believe are undervalued.

鑑於我們強勁的流動性部位，我們既能增加淨生息資產，同時也能回購我們認為被低估的股票。

Since the year began through April 27, we repurchased over $1 million shares of common stock for a total consideration of $8.7 million at an average price of $8.07 per share.

自年初至 4 月 27 日，我們已回購超過 100 萬股普通股，總對價 870 萬美元，平均回購價格為每股 8.07 美元。

While we are proud of the foundation laid in 2025 and the strong start in Q1 2026, we remain focused on building on the success throughout the year. Our objective remains to continue to grow net assets and the earnings power of our company.

我們為 2025 年奠定的基礎以及 2026 年第一季的強勁開局感到自豪，但我們仍專注於在全年持續擴大這些成果。我們的目標仍是持續提升淨資產以及本公司的獲利能力。

With the insights and reach of TBG's real estate investment platform, a stable balance sheet, and an attractive opportunity set, we are confident in our ability to deliver continued strong performance.

憑藉 TBG 不動產投資平台的洞察力與觸及範圍、穩健的資產負債表，以及具吸引力的投資機會組合，我們有信心能夠持續交出強勁表現。

Despite the strength of our balance sheet and our growing earnings power, our stock trades at a valuation that we believe significantly undervalues our position relative to competitors and offers compelling value on an outright basis as well. Simply put, our balance sheet looks remarkably different from our peers with a newer vintage loan portfolio that provides steady earnings and credit stability.

儘管我們的資產負債表強健且獲利能力持續提升，我們的股價交易估值仍在我們看來明顯低估了相較同業的定位，且就絕對估值而言也提供了具吸引力的價值。簡而言之，我們的資產負債表與同業相比顯著不同，擁有較新批次（vintage）的貸款組合，帶來穩定獲利與信用穩定性。

Relative to our peers, we continue to distinguish ourselves, particularly when you look at a number of important metrics. Including loan vintage as a percentage of the portfolio, multifamily and industrial exposure, office exposure, unfunded loan commitments, REO as a percentage of assets, and total debt-to-equity ratio.

相較同業，我們持續展現差異化，尤其是在多項重要指標上更為明顯。包括貸款批次占投資組合的比例、多戶住宅與工業曝險、辦公室曝險、未動用貸款承諾、REO 占資產比例，以及總負債對股東權益比率。

The offensive posture we've embraced, rooted in the strategic approach we laid out years ago, positions us well to sustain our momentum.

我們所採取的進攻姿態，根基於多年前提出的策略方針，使我們具備良好條件以維持成長動能。

Our performance in 2025 set a high bar, and we entered the remainder of 2026 with the capital, the team. And the drive to continue creating value for our shareholders.

我們在 2025 年的表現樹立了很高的標準，而我們以充足的資本與團隊進入 2026 年剩餘期間。並且具備持續為股東創造價值的動力。

With that, I will turn the call over to Brandon to discuss our financial results in more detail.

接下來我把電話交給 Brandon，請他更詳細說明我們的財務結果。

Thank you, Doug, and good morning. For the first quarter of 2026, TRTX reported GAAP net income of $15.2 million.

謝謝你，Doug，大家早安。2026 年第一季，TRTX 依 GAAP 認列淨利為 1,520 萬美元。

Distributable earnings for the quarter was $19.5 million, or $0.25 per common share. A 1.04 times coverage ratio of our first quarter common stock dividend of $0.24 per share.

本季可分配盈餘為 1,950 萬美元，或每股普通股 0.25 美元。對第一季每股 0.24 美元普通股股利的覆蓋倍數為 1.04 倍。

During the quarter, we repurchased 557,000 shares of common stock at a weighted average price of $8.06 per share for a total consideration of $4.5 million, which increased book value by $0.02 per share.

本季我們以每股加權平均價格 8.06 美元回購 557,000 股普通股，總對價 450 萬美元，使每股帳面價值增加 0.02 美元。

As of March 31, book value per share was $11.06. During the first quarter, we originated two loans with total commitments of $148.4 million at a weighted average credit spread of 2.73% and received loan repayments of $123.6 million, including two full loan repayments of $92.7 million, where the underlying collateral was 40% multifamily, 35% hotel and 25% industrial.

截至 3 月 31 日，每股帳面價值為 11.06 美元。第一季我們承作兩筆貸款，總承諾額 1.484 億美元，加權平均信用利差為 2.73%；並收到貸款償還 1.236 億美元，其中包含兩筆全額清償共 9,270 萬美元，其底層擔保品組成為 40% 多戶住宅、35% 飯店及 25% 工業。

Subsequent to quarter end, we originated a hotel loan with a total loan commitment and unpaid principal balance of $175.4 million at a weighted average credit spread of 3.0% and received two office loan repayments totaling $262.3 million, reducing our office loan exposure on a pro fono basis to less than 5%.

季後，我們承作一筆飯店貸款，總貸款承諾額與未償本金餘額為 1.754 億美元，加權平均信用利差為 3.0%；並收到兩筆辦公室貸款償還合計 2.623 億美元，使我們的辦公室貸款曝險在 pro fono 基礎上降至 5% 以下。

Quarter-over-quarter, net assets remained flat at $4.1 billion.

與前一季相比，淨資產維持持平於 41 億美元。

Year-over-year, our net assets have grown 26% or $868.0 million. At quarter end, our loan portfolio was 100% performing.

與去年同期相比，我們的淨資產成長 26%，增加 8.680 億美元。季末，我們的貸款投資組合 100% 為正常履約（performing）。

During the quarter, we did not have any credit migration in our loan portfolio. Our weighted average risk rating for the loan portfolio is unchanged at 3.0.

本季我們的貸款投資組合未出現任何信用遷移。貸款投資組合的加權平均風險評等維持不變，為 3.0。

Our CECL reserve decreased slightly quarter-over-quarter to 179 basis points compared to 180 basis points at December 31, 2025.

我們的 CECL 準備金較前一季小幅下降至 179 個基點，對比 2025 年 12 月 31 日為 180 個基點。

We ended the quarter with near-term liquidity of $172.8 million, consisting of $77 million of cash on hand available for investment, net of $15 million held to satisfy liquidity covenants, undrawn capacity under secured financing arrangements. Of $39.7 million and CRE CLO reinvestment proceeds of $41.2 million.

季末我們的短期流動性為 1.728 億美元，包括可供投資的現金 7,700 萬美元（扣除為滿足流動性契約而保留的 1,500 萬美元）、擔保融資安排下的未動用額度。為 3,970 萬美元，以及 CRE CLO 再投資回收款 4,120 萬美元。

Additionally, we held unencumbered loan investments with unpaid principal balance of $106.8 million that are eligible to be pledged under our existing financing arrangements.

此外，我們持有未設質押的貸款投資，未償本金餘額為 1.068 億美元，可依現有融資安排進行質押。

The company's liability structure is 78% non-marked market across 10 financing sources. And carries a weighted average cost of funds of 1.80%.

公司的負債結構中，有 78% 為非按市價計價（non-marked market），分布於 10 個融資來源。加權平均資金成本為 1.80%。

Total leverage increased slightly quarter-over-quarter to 3.1times from 3.02 times.

總槓桿率較前一季小幅上升至 3.1 倍，前一季為 3.02 倍。

At quarter end, we have $1.5 billion of financing capacity available to support loan investment activity, and we're in compliance with all of our financial covenants.

季末，我們有 15 億美元的可用融資額度可支援貸款投資活動，且符合所有財務契約。

With that, we welcome your questions. Operator.

接下來我們歡迎各位提問。接線員。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions).

謝謝。我們現在開始問答環節。(接線員指示)。

Our first question is from John Nickodemus with BTIG. Please proceed.

第一個問題來自 BTIG 的 John Nickodemus。請開始。

Hello, and good morning, everyone. Thanks for taking the question.

各位好，早安。謝謝讓我提問。

Doug and Brandon, you both provided some great color about sort of what you're seeing for originations looking ahead. Doug, I know you mentioned the $535 million of executed term sheets.

Doug 和 Brandon，你們都提供了很好的補充說明，談到你們對未來放款承作（originations）的觀察。Doug，我知道你提到已簽署的條款書（term sheets）金額為 5.35 億美元。

With the portfolio kind of flat quarter-over-quarter, but obviously up year-over-year, I'd love to hear just some more thoughts on how we could see portfolio growth trending throughout 2026, particularly with those term sheets in mind, but also the large repayment that's already come in in the second quarter.

在投資組合季對季大致持平、但年對年明顯成長的情況下，我想再聽聽你對 2026 年全年投資組合成長趨勢的看法，特別是考量這些條款書，以及第二季已經收到的大額償還。

Yeah, sure. So look, I think that from a quarter-to-quarter perspective, obviously, we had a pretty substantial Q4 and then Q1, I think probably a touch of seasonality mixed in there.

好的，當然。所以你看，我認為從季對季的角度來看，很明顯我們第四季表現相當可觀，而第一季我想可能混合了一點季節性因素。

Resulted in perhaps a lighter number relative to Q4, but I really think that the sort of big story is the trend, right? I mean the trend is growth, the trend remains that we have even having $535 million of term sheets executed at this point, that also doesn't reflect the pipeline that we have beyond that. So when we think about earnings growth and our ability to really grow the company, the stability of our balance sheet, the durability of our liability structure puts us in a great place. And when you combine that with the sourcing and resources of TPT's broader platform, we feel really excited about our ability to kind of continue on our path.

因此相較第四季，數字可能略輕一些，但我認為真正的重點是趨勢，對吧？也就是成長的趨勢；而且即便目前已簽署 5.35 億美元的條款書，這也尚未反映我們在此之外的案源管線。因此當我們思考盈餘成長以及真正擴大公司規模的能力時，我們資產負債表的穩健性、負債結構的耐久性讓我們處於非常有利的位置。再加上 TPT 更廣泛平台的案源與資源，我們對於能夠持續走在既定道路上感到非常振奮。

Great, really appreciate that, Doug. And then just one more for me. I believe on the last call, you mentioned that we should see some further progress on the REO portfolio this year.

太好了，真的非常感謝你，Doug。然後我這邊再問最後一個問題。我記得在上次電話會議上，你提到我們今年應該會看到REO投資組合有一些進一步的進展。

No, it's nothing huge, five assets, but I was just curious if there are any assets, like one or two in particular of those five that we could expect to see come off sooner rather than later in 2026. Thanks.

不，規模不大，就五項資產，但我只是好奇，在這五項之中，是否有任何資產——例如其中一兩項——我們可以預期在2026年會比其他的更早退出（處分）？謝謝。

This is Ryan, and I'll take that one. Thanks for the question.

我是Ryan，我來回答這題。謝謝你的提問。

As we demonstrated last year, we sold two office assets, and I think our plan this year kind of remains the same as Doug iterated last quarter, which is our plan is to sell some assets this year as well, the majority of our REO is focused in multifamily.

如同我們去年所展現的，我們出售了兩項辦公室資產；我認為我們今年的計畫大致維持不變，正如Doug在上季重申的，也就是我們今年也計畫出售一些資產。我們的REO大多集中在多戶住宅。

Which, there is some seasonality to leasing and some other things that we're kind of, nearing a corner on. So we'll look to kind of update everyone, but put some progress there. But again, remains the plan to sell some REO this year.

而租賃有一些季節性，以及其他一些因素，我們目前也差不多快要度過那個關口了。所以我們會再找機會向大家更新並推進一些進展。但再次強調，今年出售部分REO仍然是既定計畫。

Great.

很好。

Thank you for the time. That's all for me.

謝謝你撥冗。我這邊就到這裡。

(Operator Instructions).

(接線員指示)。

Our next question comes from Chris Muller with Citizens Capital Markets. Please proceed.

下一個問題來自Citizens Capital Markets的Chris Muller。請發問。

Hey, guys. Thanks for taking the question, and congrats on a really solid quarter here.

嗨，各位。謝謝讓我提問，也恭喜本季表現非常穩健。

So, looking at the subsequent origination at $175 million, that's, I guess, above what your portfolio average is at about $80 million, but you guys do have other loans in that size range. So I guess the question is, are you guys starting to push into that larger loan space, or is this more of a one-off deal?

就後續新增承作（origination）1.75億美元來看，這我想高於你們投資組合平均約8,000萬美元的水準，但你們確實也有其他同等規模的貸款。所以我的問題是：你們是否開始往更大額的貸款市場推進，還是這比較像是一筆一次性的交易？

Yeah, so look, I think from a loan size perspective, we've kind of generally averaged somewhere in the sort of $85 million to $90 million range historically.

是的，你看，我認為就貸款規模而言，我們歷史上大致平均落在約8,500萬到9,000萬美元的區間。

So I think that really when I think about going forward, it'll just be a mix. We're still looking at loans that are $30million, $40million, $50million, $60 million, but if we see a really compelling high-quality asset or portfolio that is between $100 million and $200 million, we're also happy to pursue that. So I'd say in short, it's it basically has been a mix in the past and will continue to frankly remain a mix of, again, that sort of $30 million to $60 million range combined with some assets that again just sort of warrant larger exposure based on borrower quality, asset quality and sort of how it fits into our portfolio.

所以我認為，展望未來，會是一個組合。我們仍在看3,000萬、4,000萬、5,000萬、6,000萬美元的貸款，但如果我們看到非常具吸引力的高品質資產或資產組合，規模在1億到2億美元之間，我們也很樂意去爭取。所以簡而言之，過去基本上就是混合配置，未來也會持續如此——也就是3,000萬到6,000萬美元區間的貸款，搭配一些基於借款人品質、資產品質，以及其與我們投資組合契合度而值得承擔較大曝險的資產。

Got it. And it looks like multifamily and industrial have been the bulk of the recent activity. I guess aside from that 2Q origination, how is competition for these assets these days and are there other asset types that you guys find attractive right now?

了解。另外看起來，多戶住宅與工業不動產是近期活動的主力。我想問的是，除了那筆第二季的承作之外，這些資產目前的競爭情況如何？以及你們現在還覺得有哪些其他資產類型具吸引力？

Yes, so I think first on the competitive front.

是的，我先談競爭面。

I think multifamily and industrial does have some competition, but that being said, I think we have a pretty tremendous sourcing edge here at TPG. And also, I think where we've probably been able to find some incremental value recently has been in the industrial space.

我認為多戶住宅與工業不動產確實有一些競爭，但即便如此，我們在TPG這邊有相當強的案源取得優勢。另外，我們近期能找到一些增量價值的地方，可能是在工業不動產領域。

I think that is a marginally less trafficked part of the market that I think people have a little bit less understanding of. We benefit from a fully integrated debt and equity platform that's both an owner of industrial and also a lender on industrial. So we feel like we have a particular edge there.

我認為那是市場中相對較少人涉足的部分，大家對它的理解也稍微少一些。我們受益於一個完全整合的債務與股權平台：我們既是工業不動產的持有人，同時也是工業不動產的放款人。因此我們覺得在那裡有特別的優勢。

So, I would say that multifamily, I'd say, it's sort of been pretty steady in terms of the competitive dynamic there. I think industrial is a little bit spottier, and that's where we found probably on the margin a little bit more value.

所以我會說，多戶住宅在競爭態勢上大致相當穩定。工業不動產則比較不均衡，而我們在邊際上可能在那裡找到更多一些價值。

Outside of multifamily and industrial, I think a lot of what we've done in the past, we will continue to do so, which is right now with the funding of this recent hotel loan, that gets our pro forma hotel exposure to about 9%. We've generally kind of tended to keep that sort of below 10% to 15% as a target. So we will look at other sectors, we're very selective. But I think at the core of where we're focusing our energies is finding assets that have substantial downside protection.

除了多戶住宅與工業不動產之外，我們過去做過的很多事情也會持續進行；以目前這筆近期飯店貸款的撥款來看，按備考（pro forma）計算，我們的飯店曝險約為9%。我們一般會把這個目標控制在10%到15%以下。所以我們也會看其他產業，但會非常審慎挑選。不過我認為我們投入主要精力的核心，是尋找具有顯著下行保護的資產。

In particularly two asset classes that we do feel like have strong long-term fundamentals.

特別是在我們認為長期基本面強勁的兩個資產類別之中。

Got it. And if I could just squeeze a quick housekeeping one in, probably for Brandon.

了解。如果我可以再塞一個很快的例行問題，可能是問Brandon。

Do you have the earnings contribution from the REO assets, Andy?

Andy，你有REO資產的盈餘貢獻數字嗎？

Thanks, Chris, for the question.

謝謝你提問，Chris。

We do have the incremental distributable earnings.

我們有REO資產帶來的增量可分配盈餘（distributable earnings）。

Contribution for the REO assets. On a quarterly basis, it is positive.

就REO資產的貢獻而言，以季度來看是正向的。

I would say that you can probably expect, depending on seasonality, to Ryan's point, between $0.02 and $0.03 per quarter as a good run rate.

我會說，依季節性而定（呼應Ryan的觀點），你大概可以預期每季0.02到0.03美元，作為一個不錯的常態水準（run rate）。

Got it. Very helpful, and congrats on a solid quarter again.

了解。非常有幫助，也再次恭喜本季表現穩健。

Thank you.

謝謝。

All right. Thanks a lot.

好。非常感謝。

Really appreciate it.

真的很感謝。

(Operator Instructions).

(接線員指示)。

I just want to thank everyone for joining the call this morning, and we look forward to updating you on our further progress.

我想感謝各位今天早上參加本次電話會議，我們也期待在後續進展上再向各位更新。

Thank you very much.

非常感謝。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛線，感謝您的參與。