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BRSP BrightSpire Capital

Participants
Lasse Glassen Director of Investor Relations
Kevin Traenkle President and Chief Executive Officer
Neale Redington Chief Financial Officer
Frank Saracino Chief Accounting Officer
Stephen Laws Raymond James
Randy Binner FBR
Jade Rahmani KBW
Call transcript
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Operator

Greeting, and welcome to the Colony Credit Real Estate Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note that this conference is being recorded.

the of to Investor turn Glassen, host, now Director Managing Relations. will conference your over Lasse I Mr. Glassen, you may begin.

Lasse Glassen

conference Good afternoon, Inc.’s earnings Estate Credit Colony call. everyone, and Second welcome quarter to Real XXXX

Estate Real refer will as Credit throughout the call. Credit or We Estate, Company, the Colony CLNC, Inc. Colony this Real

With answer also Neale Executive Accounting Redington. Kevin us Officer, Company’s questions. on and Traenkle; Frank Chief are and the is the Chief to line Chief today Saracino, President Officer, Financial Officer,

over these to August statements periodic call, uncertainties, call and please intend does and note and contains Before All events Statements. uncertainties information this the not in the I to from are and expectations update for them, with that on risks SEC business is materially or call and X, no financial and management’s today, this that certain future circumstances. undertakes Forward-Looking described results forward-looking risks, hand as from Company’s the Potential are of are XXXX, discussed time-to-time. subject current presented could duty to information assumptions. filed Company’s to based cause reports Company These statements differ on the the on

of call certain to the was and appropriate GAAP represents In on the Company’s investors. are and earnings reconciliations believes presents why and explanation useful the Company financial website, this measures financial presented financial is Company’s addition, afternoon supplemental measures. The information released such non-GAAP which this to release presentation, available non-GAAP an on measure

Executive turn Estate. Credit Officer Traenkle, I to and like Kevin. Chief Kevin Real to now, over Colony call would And the of President

Kevin Traenkle

sheet an conference to portfolio, details brief growth, acceleration XXXX the results. Company's our including will second activity, discuss everyone including our Real update Thank a investment you, on our for Redington, quarter Colony earnings specifics CFO liquidity strategy. deployment portfolio discuss joining Credit positions. Lasse financial and second of Neale quarter, provide rationalization on balance calls I second the our quarter of Estate the overview of thanks And performance, . will

productive are quarter-over-quarter and holding. positive growth stabilized legacy we Real low Credit same place portfolio with on and time all the efforts, for portfolio the Estate progress call had a continue delivering of Colony earnings trajectory, while and a portfolio second a rationalization of in core assets. origination yielding towards quarter continue activity, non-core pleased we at to a

as minimal some We that have prioritized available rotating deployment assets in the cash well of and of yield. no provided select our as out cases

new business. established bolstered customer borrow and Our relationships repeat team has

than less $X.X in ago, completed have months billion we In XX $X.X committed billion including transactions, year-to-date.

periods $XXX to the increase resulted losses, excluding Over million earnings XX% in has approximately core prioritizing from short annualized today. in deployment $XXX and gains million

yield. As generating planned, high excess quality loans liquidity we stable into converted have

consistently Credit Colony to a estate of of launching interest rotate the disposition. plan From private opportunistic the has sale of assets, out non-core onset been as real Estate as Real other well including equity the

of assets deploy. our for over the a This lines, secondary includes interest cash us significant $XXX already Company resulting its of identified a non-core those disposition time of at exposure available newly by equity to Along the listing to reduced private XX%. million, our majority the in has

typically as that yielding investments. assets operating the low or the at is estate REIT. or comprised select are real that estate, mentioning categorize non-core contributed legacy and part to were remaining these mainly targeted majority asset Our non-traded and associated of non-performing of of our of we classes not with assets part as real merger traded with legacy our long-term It formation, non-core other are assets worth REITs

quarter, continue the resolution assets. accelerate a during of non-core the particular to and explore focus next these be to we These ways will assets will

is assets earnings, growing business, or underperforming paramount. Our the plan of simplifying divesting prudently for on

we our accelerated financial an forward impact As interim may rationalization with be our strategy, statements. there on move

portfolio in believe an end stable of will that strategy the we the be executing results However, quarter produces earnings. place

asset we our Additionally, target classes low-double-digit yield. at will through the of continue to earnings deployment into liquidity grow

ability of continue We long-term Credit confident gap best we price Estate And between our this to Colony value will asset execute the in initiatives success. us the expect these current close net transition. and to are position to Real share allow results for and

financial a will I Redington over detailed for second the quarter now, And of more Neale call operational to our results. explanation turn

Neale Redington

Thank you, everyone. Kevin. Good afternoon,

website. will second given attention research our each supplement understand it the results, financial I our our report, of data and draw available analysts to business supplemental quarter to segments. our We our want discussed we additional help provides your this investors As believe by is on on finance which Company

reported a million loss of $X.XX per and net million common earnings $X.XX quarter share. $XXX.X or core or diluted CLNC GAAP share second per $XX.X

million Excluding $XX.X for realized share. the losses during $X.XX core or earnings quarter, per diluted

was approximately coverage $X.XX dividend our After run share, the diluted for adjusting hotel earnings for to favorable per quarter rate seasonality, second increasing core XX%.

reminder, has a real realization is included As estate occurs. and earnings event for core provision reported losses seller in not permanent loan

quarter we a that foreclosure of $XX.X loan recorded XXXX. million fourth loan loss of occurred the in the a In anticipation second quarter XXXX provision in of

quarter, as will So, of earnings future during accelerated in portfolio This timing quarter. on probably second rationalization execute strategy the Kevin remarks. his GAAP we issue net recur and the timing provision income reduced difference, communicated reported in because during reduced that the fourth this the core

during second a like the impairments the to I Now, take to of discuss moment XXXX. quarter would taken

non-core our mentioned, divest Kevin strategy, assets. the portfolio began accelerate First, as which we part as overall of significantly to rationalization of we our pace

recorded $XXX as a investment. impairments estate for borrowers, a as we on owned real the separate As held well four during to $XX million quarter losses related million loan of of provisions result,

million So let some me provide taken the during down $XXX about specifics quarter. in the second right

by full not New earnings. related the contributing portfolio asset key as status of This secured Hospitality to City non-accrual overall is impairments the loans a core resolution this ongoing of loans. strategy, on of currently is therefore remain One efforts our part are and rationalization York the

We by borrower The in asset earlier third throughout is market this launched pricing to year, process second year, conditions quarter. in deteriorating City the last New York impacted the sales based property broker. quarter market of on hotel its this initially the for the which adversely the estimates provided impaired by borrower

in of lower potential progress future. you bids originally borrower the monitoring and therefore, This buyers asset than share conditions, quarter, resulted in will value. from market second a the a anticipated. with we near estimate And is The impaired we revised the during to current

we preparation execute to during quarter, addition, in impaired In a disposition the an we of for intend timeframe. real estate second owned portfolio accelerated

on from close to contracts third during and expect is the quarter. assets One of the it the that portfolio

And the portfolio whose lastly, by were in to reasonable These loans were rationalization retail three priority quality during also additional high related a impairments focuses deteriorated in assets QMC retail strategy. credit quarter. taken of our and separate included assets, borrowers are secured

by activity diversified. within We second active and for $XXX property XX% quarter was and and had office the XX% deployments. and quarter funding multifamily, to an million the approximately type of United Turning States X% all The million the allocating $XXX initially respectively. deployment capital mix

and funded have the first of so respectively. an far million $XXX allocated and initially $XXX we in addition, additional million capital quarter, In

August. dividends the paid July per analyzed current May we for quarter, represents an declared of the Based the months June. dividend and on share of our And stock $X.XXX During for above a and monthly have month a share market XX%. a price, the April, of of dividends common our share second we cash $X.XXX yield $X.XX approximately

with on our well be unlevered at of portfolio, geography. book in largest of continues yield book is collateral place the an carrying billion investment loan $X.X loan The remains approximately terms diversified our $XX to size, portfolio, our segment X%, the a Looking type with in portfolio and average within our and value of The loan size million. quarter-end.

At the billion estate value a the primarily comprises and lease flows, return portfolio quarter. second a end potential the with assets properties consists single appreciation. portfolio lease XX% the real of average with CLNC at view industrial This equity, office net capital We the of $X.X providing had of digits business and long-term the carrying and high of for weighted years. of weighted X.X average term cash stable least on of as core a

CRE Moving debt to securities.

end. carrying grade rating. $XXX quarter a majority had the is value of investment portfolio million at Our And

generating CRE options investment In CLNC portfolio with our additional and securities yield, to within liquidity provides debt efficient borrowing. addition effective to as portfolio, access

recognized saw approximately quarter-end, end, in CMBS and that realized piece quarter. million $X of to we premium subsequent gain fair million $XX market the we an to third that the fee proceeds, in To sort which resulted a of value,

to Turning to This estate of quarter, real with mainly predominantly segment. increased foreclosure. other as a carrying $XXX our This identified cash is of quarter-end. second flowing due segment million, the operating previously value the real during estate

at stood assets our XX, Moving to as share balance our of sheet, billion June XXXX. total $X.X

quarter, on hand the at assets XX% availability cash the to was ratio approximately stands debt and liquidity our at Our of credit between $XXX current revolving million end facility. a under and

In assets a yielding best portfolio. our our acceleration is closing, towards strategy. the we and of low are And convinced stabilized focused activities on that deployment portfolio on remain focused rationalization non-core path delivering executing

Looking feel to XXXX,we will well ahead enhance to see in we and continue our the second to are the shareholder half year our of drive achieve and for strategic positioned we objectives our we value. portfolio efforts to

open I time we’ll to questions. now for ask thank today. the the your And would please to you for operator like line

Operator

first be proceed question question Please answer from will At this conducting your Our is we Stephen Laws, time, with James. Instructions] session. question. [Operator Raymond a

Stephen Laws

City just missed, make is write you on Thanks June the quarter and and Hi, think the but or in especially have of changed and I just mentioned legislation. any loss what to then exposure REIT second impact face those about same new I take down Neil loan lines, have is that to third asset accelerated rent of along market, to Frank. but to or some because impairment, missed and since any Hey them Has recent having good provisions Neil, do Kevin New given or you taking a questions. anything half. XX there need was of impairment resolution, the I trying I jump stuff afternoon. but the it, that couple the legislation in volatility you multifamily that that maybe for my provision York even to is bigger a there any you may apologize a guess going

Kevin Traenkle

pass on. me let Stephen, So,

piece impacting part was largest there in the York York different market. first, factors the And the during which quarter, So during because the of a the impairment are New the number area. last the was New of that

market inbound adversely I that think and from apartment probably factors entire that Europe is aspects, the down, foreign has most the of is from like it some the impacted but are New particular actually most we we tourism this UK. seeing York to were mentioned other overall There related property. the in and see market being you really

Jumping specific of impairments we monitor. tomorrow. But in We back see as your to whether It issuance to question that reevaluate to see to And movement of financials, in bond further we particular, so the the market that don't service we will any first to additional we no, out it. through evaluate do related are is be and something impact. outlook. continue the will any the as today, don't which

Stephen Laws

this of couple year rate When moving And, end XX. a a the note next kind coverage loan QX, question. this of kind February I to run of think that call on losses. I It the call maybe number think XX, from of like Great, goal run kind But, from we had a this that for on number is of of looks parts we dividend excluding realize adjust the rate, of a quarter, basis, thanks. December. by

run if the like especially if recent last in exclude rate correctly. trajectory the I if is a That the comparing $X.XXX. that because took, guys asset. line that may recorded for loan everything take is, looks still provisioning that, in losses exit accurate year was it loss QX that given with the know like we basis to there you took we is It provision I'm think year that right about was that you place, guess, you seems first realized to of on the

Kevin Traenkle

REIT. of don't going will steady assets guess getting And that top - stabilized be reiterating Stephen, of that. is one and that I these kind accelerating to take portfolio might and getting forward credit what and a of we on But Well kind number our priorities. back talked divesting core one so mean, some of of kind rationalization priority some about we state to I and business belong our in kind of know the portfolio, Yes, going kind to able fill legacy be ourselves plan, and our our Neil from what specifics. to in eventually I of believe just

is sustainable But covered well a delivering right up dividends. there

growing highly a are we earnings. So, focused on

made We have of investments, of number put tremendously. increased since And to work a have earnings listings. liquidity have a we lot our pretty we

gone XX% coverage dividend from probably we up when Our first has by over listed.

So, that priorities. our one of is

is And of York these that little out ago in you rotate of Now, loan. a dependent bit. upon when hospitality City some did bit the the assets. And now. lower some non-accrual on is we little yielding a right just New talk we mentioned That status of

is is investing So when one is that monetize us, on. is that focused have to number coverage, we hit any earnings. something very not that XXX% credits is up of giving It going our capital in When rate run but are priority. an investment it of terms the dividend in our that we tied we impact

Stephen Laws

update work. appreciate putting money Right, the that and to

there? your average You you shift and the size causing the question like of next pretty seeing was Xthe the price maybe are investments, about is second answer, of larger and Can the half? loan looks you that you amount, seeing XX? average what you roughly the increase they good million kind opportunities that what pipeline now are number investments for are to mentioned Are my here - least, increased, is new same in talk that investments $XX

Kevin Traenkle

the tied we and going is our stock the broader everyone markets And, and in what pretty on to what at markets absolutely. market, seen the Yes, which now. market is the is certain market, is extent. on seeing in going a And right amazing have bond global

just is focused is coming ratio very interest down, something been on. So, in had been general it we that have

you are the to go focused We the have and kind of been at, that some investments of pipeline, our some looking both want we maybe make, of after that on, in reward areas in very the know, of and risk that profiles revisiting also targeted the we future.

that So, year. this mean, work are of something is to it on. I focused put lot have a pretty we we capital

to have You seen larger migration loans.

I positions better there, towards safer probably think market, better seeing credit. a what you also and is and migration are

a would be. I of we now, in within place structure to rather where given capital yield is are, think we position in even trading think, we the right right that it be means terms some if safer now, points a just better basis

market, that that There is is a lot we of mean were capital that. cognizant the is of in I

pipeline to chase sake just going are the transactions deals, deals do not that have of pursuing. chasing are we We for but a of pretty we big

going little are to we to continue bigger be sponsors, think bias time and maybe, I like bigger markets to a assets, better more to this. bit a the to

Stephen Laws

you Europe mean Great, you maybe facilities bit that. on have little touch the got I a and in place. along financing

increase the are about the Europe in attractive my you? February at it back in you looking to the attractive, even there? about talked more Is notes in makes You maybe like less opportunities the competitive, from there. talk you what credit returns the Can more focus

Kevin Traenkle

we in a are relationships. a a lot is Yes, Europe. market it of of so that knowledge And of lot and have focused we yes, still

looking So, we you investments do Europe. that know, deal is in overall in high. have of we itself that at volume pipeline a and Europe The volume are not

the is isn't in as probably I it in here the think still overall healthy maybe financing the U.S. market as

work, the as we might is But as there amount think chasing of there. that to we don't capital great have what here. as are opportunities not the that have much opportunities put just, that we So be also

can basis, So, get for seem maybe invited we I when are better doesn't it business. pitch a think And to relative perhaps on particular a yields. we like on

here with are circumstances, are competing a a for with of as We nearly are we relationships and that many competing the have proprietary years. number states of lot dealing people some as not in we with we had

better markets are continuing do with and We bigger So there. Europe look the We'll the sponsors. do have is an selected a area we once that in pipeline at. again the to deals

it on. focus a we So market to be going to that continue is

Stephen Laws

last And update an thing looking private the remaining one Great. equity on for stuff.

you and or note about I can in ongoing developments, you have remaining my share those Any it I discussions with interest. was been liquidity on XX% remaining PD the timelines dispose to believe think for think, JV us options. that guys of I partners like, looks with having

Frank Saracino

think Perhaps I collected going hold in you we through Steven, might partners that right. isn't coming it hold piece time, for time. of That on for of JV. period period XX%, and with are I to I of in on terms to that metrics were probably to think our the happy to a a on And is cash think just expecting we receive, be

get will we the rest QX. in So that of

we So much out the sales process. are of pretty

little and a next cash or coming then takes that the in while through to get Just over be the so. will month

Stephen Laws

my thank for Take taking Great. Well care. and Kevin very much you Neil, questions.

Kevin Traenkle

Steven. Thank you

Operator

next FBR. your is with Binner, question. Randy question Our from Please proceed

Unidentified Analyst

Hey Randy Kevin between if for are that? million for [indiscernible] much up on guys XXX I I'm want to don't able write-down. up made know, question. and the up. the assuming Neale, you to it decent how is I on tonight, actually the hospitality chunk thanks a borrowers the follow-up just taking of the made loan four size

Neale Redington

it. frankly, is. it XX% I mean, is Yes, it of

million XXX remainder, then of were related assets. that in the And was retail side things. the to So

Unidentified Analyst

Can book selling those as then to would that there to color seeing in to Perfect the sell to And you you prompted guys that conditions any turning of Are are sales BP, and touch be be opportunistically? market you quarter. liquidity? then So be a going you you that? see on great. guys source what forward? the of going after announced using just going the If are you

Kevin Traenkle

Yes.

book where we rates I interest think given are. in like, have appreciation So seen that just an

terms asset of have class, a of in handful credit, each geographic have own their different trusts, to exposure. We makeup trust exposure

that a then see bonds attractive we are is pretty are trading levels. that monitoring, actively it book So from and at we time-to-time,

We are sales little bit a the terms of opportunistic in process.

of opportunistic sale. was that think more I an

up was saw we prices a in pretty that some at reason. That in sell trust. we the what actually several a particular was given And price. bond very particular opportunity thought a run think nice in that to sold for was trust, attractive bonds I of that we it just

Just trading we if given that not a of do I hold of like the than through looking part right of feel we that more portfolio. the the happy maturity, it we to we mean, assets detailed have underwriting overall something various the Yes, is strategy individual bonds, it kind to we level to not if to, is purchasing, that those and the are operation do, are within that trust were about bonds. within with the we good

is it liquid a very But asset class.

as get one, twofer us your good the at that price view we we it. a So, getting conditions, looks to do time, adjusted But a to at will you something the give sell it are - same know we current opportunity investment risk do we a if returns. see that attractive market we us

And other if opportunities origination for have that liquidity our need can of we other a for classes we that asset opportunities capital a into or part as redeploy to addition of use capital portfolio deployment then in parts. in out source of

especially a moving you be spreads with, we yes, do think run as when fast rates lag we of we see have in little interest So rates especially will interest bit, opportunistic, typically a I now. kind as dropping rates seen interest prices, up

to tighten I So, give that little bit got a time. overtime, to going spreads of probably think see are we

this all market, I for for real the generally estate. think for even or classes, credit not even is speaking, asset probably,

trade will But low the persist, some maybe around like whisked of interest feel they in getting going a issues spreads on. off a well. bit I the I the little we and are if do think tightening think see they of as rates some world the climate political by

Unidentified Analyst

guys of this York then assets? three Understood. the one The you And Thanks rest quarter, to year on outside a The next problem New could. be if non-core the talked through things to for try Or of that cleaning all the to this more was year I that. progress that Is going year? more are get you obviously, making you do going other loan. the up have? any guys about borrowers of this hospitality and be

Kevin Traenkle

York be monetize anything bucket loan would like, mean, problems. to lower instance, for yielding, just I isn't love that and have capital. mean, is mean, I some non-core yielding assets clear. hospitality we I do not loans, the the so we that to redeploy and that some, that Yes, all New

is is in just cetera. But our holdings non-core our basically et buildings, office primarily bucket operating estate. It core buildings multifamily real

sell think, So will as opportunistically I well. we to those, look

focus the ones think yielding. that have had to priorities our been I lower on been

we get, redeploy then So core those can into our books off classes. asset capital the and that

some and that cases, some some of that sold in we - them longer assets costs if kind of know, of some have we the term have that breakage You today. some debt do we had

assets So, always we at time them. sell those to looking efficient of are and redeploy most the, types

So, think I on definitely the lower yielding our focus stuff. is

continues to footing? some continue extent First, struggles really that retail, hasn't be anything about its holdings of have deem we little in to And can portfolio retail something risky class we a retail going in or past, to we talked volatile. obviously our bit that an exposure to the do. To on more we the lighten are to found our Yes. asset there the be

loans to off. retail we a had making retail forward. loans going new We last are not couple In quarter, the pay of

actively are we borrowers, exposure. refinance discussions are in like going with other and getting to would those because our positions, they borrowers We data the

X% today. around to down is It

was foreseeable kind the want to for the bit exposure future. first ongoing of we a little retail Our keep we to that higher. in overall started, book something When that direction

So.

Neale Redington

we year-to-date, on couple a Kevin, about that reduced we beginning recently. including to expand the XXX the had at loans million, year. of sales Ryan, of million by have quite that of XXX just And retail

of overall reductions So in exposure. the our risk there we are quite pleased terms with

Unidentified Analyst

for guys your time. you Thank Understood.

Neale Redington

Ryan. Thanks

Kevin Traenkle

Thanks Ryan.

Operator

your is from question with next KBW. Rahmani, proceed Our Please Jade question.

Jade Rahmani

Thanks very much.

was (Ph)? that The with secondary PE Capital] JV investments, who [Colony his the is

Neale Redington

Capital. But with Colony No, a is it with third-party. is different it It isn't no, not.

Jade Rahmani

provisions and to decline quarter? that due value. loss the underappreciated loan book The this Was

Neale Redington

and combination about I just of provisions the estate. it of was I think say $X.XX our a then bit to depreciation operating There is loan a so real loss things. was primarily on was or depreciation, depreciation. It generally fair the to related It want

Jade Rahmani

based provisions So the declined loss on underappreciated then. value book

Neale Redington

sorry. I'm

me undercoated. not asked You depreciation, what on

the So yes. relates for the yes, provisions it underappreciated, is to loan loss

Jade Rahmani

XXX that loan inclusive loss amount you million provisions, Okay. share. say [indiscernible] aggregate is that of know the the Do of rata The other was you pro what party.

Neale Redington

It about small in it much more, wasn't more was or four more. million it system that four was little think bit a five, I very There is JV just that.

Jade Rahmani

what And Even of be value do concepts? the you or put just just that know of ballparks a represented helpful? range basis carrying property percentage amount that general a would

Neale Redington

bit It properties. varies quite of different by the a types

asset, the of sizable couple a or I loan, think on hospitality so. it amount, perhaps adjustments, New for like was was that York the the But asset larger pretty XX% much a So highly total smaller as asset. of opposed or is - value to levered XX% the - the it position quite as equity of our share of as that underlying proportionate

Jade Rahmani

Okay.

fixed portfolio, is highest yield which Looking remaining that rate of X.X mortgages, loans, $XXX first year portfolio the only million, massive there and at totals term. was in senior the million mortgage million a about $XXX

that next over what likelihood all, loans is of two, So, are the a of years. are X.X kinds unlevered yield, bearing default XX.X% first what these and of the

Neale Redington

there. exposure, European have as our have opportunities higher is that rates So are frankly, better to mentioned, we deploy there think we a and where

the investment. not to over and with holds credit expecting comfortable quite that lease there related racing are We

Jade Rahmani

are can it mean, says that unlevered at to in the redeploy So they XX.X%. yielding, I back, presentation than you higher push just XX.X%,

Kevin Traenkle

So financing exposure in loans those next in use market, projects. investments, it now, Dublin the primarily, now. mixed to is on Dublin, two mean, development have right I right no Senior in We to

be yield can you development higher, So when especially project. about a talking the are

of the XX-years, One world of those that on fully which phases. companies like been the of one biggest in projects these let couple of now has to

exposure. about So feeling we are pretty that good

good We that were have developers financing. we building let And space other are insights. inside the in pretty out of the that financing the

big in metrics market, but all. in not Europe the general, guess pretty like But we in the and very itself. a outlook lending do in for are on Dublin. due dive Dublin particular, advanced go construction of forward bullish is We lot We to the on very Dublin I a did at on the there,

I that We is I don't mean think loans. we originated - there just those

at loan think the So of lease. is And we one of very, It net we that where much about. second think early terms default loan, very in there I we the have, the triple is, comfortable all. chance don't a days feel

space they other that is of some, on with in We corporations to that discussions developers the progress loan just The multinational given pretty will let that major terms get the leased, out some building well. had and be building of that need. feel as confident

It buildings now, The Dublin based not is vacant is Dublin. the right space have Class off of A other kind in it’s that on X% Dublin. less of that owned upon office charts, market in than just we in some the enough demand we had have

that and that project get are pretty let So out we confident the extensively. derisks it space the does the

pretty are that, these actually something we is and it profile. So given kind returns of happy on pretty risk to make the bullish

Operator

the of to the answer will I session, reached turn the call for now management remarks. question have back over and end We closing

Kevin Traenkle

about that us for of have Alright. high of joining A a lot you, of today. have love public made Well, invested thank There XX everyone we billion since going this I some reiterate, because in progress these, investments. ago. are with couple a quality months Company $X.X highlights to we would few

investments XX% grown we to our reduced high our non-core grown that And and earnings are XX% of we rate portfolios XX%, by the over today. we have core range our dividend our XX%, range. AUM have by around our Since to so we coverage to reducing mid also from have increased listing, we XX% the from have total XX% low

look and our of to we again So as we going and for lot on the Company you a grow to update strategy. us there our execute earnings is today. thanks forward things at joining rationalization positive continuing portfolio And

Operator

conference. today's concludes This

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