Greetings, and welcome to the TPG RE Finance Trust third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Deborah Ginsberg, General Counsel. Thank you, Deborah. You may begin. Good morning, and welcome to TPG RE Finance Trust conference call for the third quarter of 2022. I'm joined today by Doug Bouquard, Chief Executive Officer, Matt Coleman, President, and Bob Foley, Chief Financial Officer. Doug and Bob will share some comments about the quarter, and then we'll open up the call for questions. Yesterday evening, we filed our Form 10-Q and issued a press release and earnings supplemental with a presentation of our operating results, all of which are available on our website in the investor relations section. I'd like to remind everyone that today's call may include forward-looking statements which are uncertain and outside of the company's control. Actual results may differ materially. For a discussion of some of the risks that could affect results, please see the risk factors section of our Form 10-Q and our Form 10-K. We do not undertake any duty to update these statements, and we will also refer to certain non-GAAP measures on this call. For reconciliations, you should refer to the press release in our Form 10-Q. With that, I turn the call over to Doug Bouquard, Chief Executive Officer of TPG RE Finance Trust. Thank you, Deborah, and good morning, everyone. Thank you for joining the call. As I complete my second quarter as CEO, I'm excited about the opportunity ahead for TRTX. We find ourselves in the midst of an attractive time to be a lender. Given our liquidity position, the real-time information flow we see as part of the TPG Real Estate investing platform, I believe TRTX is well-positioned to take advantage of the current macroeconomic and real estate investing landscape. Over the past quarter, the market continued further along the same trend lines. Tightening financial conditions slowed capital markets activity, reduced available liquidity, widened loan spreads, and reduced real estate values across nearly all property types. As we head into the end of the year, we anticipate an acceleration of these trends as risk appetite continues to weaken. Furthermore, transaction activity remains muted due to a widening gap between where buyers and sellers will transact. In the first two quarters of the year, TRTX deliberately reduced our investment activity and bolstered our liquidity as we anticipated the continued effects of tightening financial conditions on real estate debt and equity markets. As we conclude the third quarter, we have begun to opportunistically deploy capital on attractive terms while maintaining sufficient liquidity to mitigate the effects of further market deterioration and risk manage our current portfolio. Given the continued pressure on real estate values, particularly within the office sector, we have adjusted the risk rating on certain loans and increased our CECL reserve. The very same conditions that foster an attractive lending environment do create challenges for our existing investments. Fortunately, our real estate platform has investing in asset management experience that spans multiple economic cycles and is well-positioned to drive resolutions that will both maximize shareholder value and position us to redeploy capital into an opportunity-rich investing environment. From a liquidity perspective, we ended the quarter with $571 million of total liquidity. We continue to take the same measured approach in balancing the deployment of capital while maintaining ample liquidity in the context of the broader economic backdrop. As evidenced in our Q3 originations, which I'll speak about in a moment, we continue to diversify our funding away from the securitized CLO market while maintaining attractive blended cost of funds for the company at a spread of 200 basis points and an advance rate of 79%. Over the past quarter, we continued to grow the portfolio with an investment bias towards multifamily exposure. We made investments of $984 million across 10 loans with a weighted average credit spread of 352, a blended LTV of 65%, and we're finding that over 70% of these new investments were multifamily loans, and 80% of the loans were acquisition financing. It is also worth noting that 100% of our Q3 investments were financed via non-mark-to-market structures, and the spot ROE of these investments at closing exceeded 12%. Given the recent contraction in liquidity, the ability to execute newly funded non-mark-to-market financing last quarter is a testament to the depth and breadth of TPG's relationships with the bank community. In addition, in the past quarter, we received repayments totaling $371 million, 82% of which were office loans. As a result, as you think about our current portfolio, we over the past 12 months, we've nearly doubled our multifamily exposure to approximately 44% of the portfolio while reducing our office exposure a third, down to 28% of the total portfolio. Similar to the last few quarters, you should expect that TRTX will continue to focus on lending in sectors with attractive long-term fundamentals, such as multifamily and industrial. As real estate values reset lower and liquidity contracts across debt markets, TRTX can command more spread at a lower debt print basis compared to prior vintages. Given our conservative liquidity profile, a lender-friendly environment combined with the depth and breadth of the TPG investing platform, we expect to take full advantage of this opportunity for the TRTX shareholders over the coming quarters. With that, I'll turn it over to Bob to provide more detail on our results. Thanks, Doug, and good morning, everyone. Thank you for joining. Three quick data points. Book value per common share declined quarter-over-quarter by $1.75 - $14.28 from $16.03 due to the $132.3 million increase in our CECL reserve. Diluted distributable earnings per share for the three quarters just ended covered our $0.24 per share quarterly dividend at a ratio of 1.1 x. We earned $0.19 per share in the quarter for the quarter. Our current quarterly dividend of $0.24 per common share generates an annualized yield of 6.7% to book value and 11.4% to yesterday's closing stock price of $8.44. I'll cover five topics this morning. First, changes to our CECL reserve, net interest margin and our return during the third quarter to being 100% interest rate sensitive on both sides of our balance sheet, our capital strategy, our leverage, and our liquidity. First, regarding the CECL reserve. We recorded a net increase in our CECL reserve of $132.3 million - $225.6 million, or 390 basis points as compared to 180 basis points for the preceding quarter. This expense is unrealized, non-cash, and does not reduce distributable earnings. The increase was comprised of $71.1 million relating to the general CECL reserve and $61.2 million related to four individually assessed office loans, all with risk ratings of five. In management's judgment, this significant increase was warranted by the rapid and material weakening of the debt capital markets and the investment markets for office properties, which we have observed since we downgraded eight office loans at the end of the first quarter of this year, and that pace has especially accelerated during the past four months. We are cognizant of market reality, but this morning's message should not ignore some positive trends. For example, office as a share of our total portfolio has declined to 28% of commitments from 43% one year ago due to loan repayments, asset management, and targeting new loan investments in multifamily and industrial property. Of our year-to-date loan repayments of $1 billion, a full 45% were office loans. In the past 12 months, our office borrowers have infused $204 million into their loans via partial principal repayments, replenishments of interest reserves, and borrower-funded interest payments, capital improvements, and leasing commissions. Included in this amount is a $62 million partial principal repayment on our largest office loan and office property here in Midtown Manhattan. For the office loans that contributed most to the general reserve increase, all are performing and have a risk rating of four or better. Approximately 82% of our four and five risk-rated loans, to which much of our CECL reserve increase relates, are financed on a non-mark-to-market basis. We believe our current CECL reserve accurately reflects our risks based on what we currently know, observe, and expect from the economy, capital markets, and the performance of our loans. Regarding net interest margin, in September 2022, we again became 100% rate sensitive on both sides of our balance sheet as the last of our high rate floor loans became out of the money or the related loan was repaid. Quarter over quarter, net interest margin did decline $7.6 million because growth and interest income lagged growth and interest expense due to loan repayments that occurred early in the quarter, new loan investments that occurred late in the quarter, and a few high rate floors that didn't become out of the money until the August reset date. During the quarter, LIBOR surged to 3.14% from 1.79%. At quarter end, our weighted average rate floor was 0.85%, and the rate on our highest floor was 2.3%. Turning to capital strategy, low-cost, non-mark-to-market financing from a diversity of counterparties remains the foundation of our financing strategy. At quarter end, non-mark-to-market financing comprised 75% of our financing, consistent with prior quarters and our long-standing policy target. We've revived our old school PCLO era approach to loan syndications, and since the beginning of the year, we have arranged senior financing with four new counterparties. The result, 100% of our third quarter investment activity was financed on a non-mark-to-market basis. We've continued to diversify our debt funding base, and only 25% of our funded liabilities have any sort of mark-to-market feature, with which one exception is limited to credit-based marks. During the quarter, we extended the maturities of one credit facility. The majority of our remaining maturities fall in 2025 and beyond. Our two CLOs with open reinvestment periods are extremely valuable to us. Their current weighted average spread is 179 basis points, which by our estimate is roughly 120 basis points tighter than comparable new CRE CLO issuance today. The maturities of those CLOs are tied to the maturities of the underlying loans, which is a helpful hedge against loan extension risk. Our target leverage remains at 3.75 to one as compared to our actual debt-to-equity ratio of 3.1 as of September 30. This leaves room to increase leverage in prudent fashion as suitable investment opportunities are sourced by our team. We have $1.8 billion of financing capacity under existing secured credit agreements, an additional $286.6 million of reinvestment capacity in our CLOs. That leverage is already reflected in our debt-to-equity ratio of 3.1: 1. Plus, we have the proven ability in the current market to source non-mark-to-market financing from new and existing counterparties. We remain comfortably in compliance with our financial covenants. Regarding liquidity, at quarter end, cash on hand was $236.1 million, and reinvestment capacity in our CLOs was $286.6 million. The latter requires no paired equity or debt to fund new investments. We're well-positioned to simultaneously play offense and defense, which our team capably demonstrated in the third quarter. With that, we'll open the floor to questions. Operator? Thank you. Our first question is from Steve Delaney with JMP Securities. Please proceed with your question. Good morning, everyone. Thanks for taking the question. Just curious on, obviously, the specific reserve on the Dallas loan and the subsequent, foreclosure there in the, fourth quarter or deed in lieu, I should say. Can you comment on generally the conditions with that property or conditions with the borrower? You know, at June 30 it was four-rated. At September 30, five-rated, and now you own it. Just kind of in that specific case, you know, what changed, I guess, here over the last three to four months with the actual conditions in the property? Thank you. Good morning, Steve, and thanks for your question. We did take title via negotiated deed in lieu of that office property, which is located near North Dallas. What changed is the borrower, the former borrower, which is a very large institutional sponsor, had sought to sell the property. It was a late life investment in one of its funds, and it was unable to reach agreement with the best of the bidders that it had identified through a formal and broad marketing process. You know, at the end of the day, the borrower opted not to infuse more capital, and we took the property back shortly after quarter end as we disclosed. It's a solid property. I would say not much changed at property operations during the quarter. It was really the borrower's assessment that it couldn't close a deal with a prospective purchaser, and it was not prepared to infuse more capital. To be clear, it had infused substantial capital in the deal prior to the end of September. We are in advanced discussions with the purchaser for that property, and we would expect it to close before the end of the year. Oh, wow. Okay. My follow-up question was gonna be like, what's the current rent roll and cash flow? It sounds like, at this point you hope not to be operating the property, you know, well into next year, it sounds like. That's correct. I mean, it's a solid property. It's got solid in-place cash flow to our basis. We have identified a buyer and, you know, we have an interim property manager, and we would expect to be out of it barring any unforeseen changes by the end of the year. Got it. Excellent. That's helpful. Bob, just one quick follow-up for you. You know, your liquidity, $570 million, sounds like a lot of money, but, you know, over half of that is tied up in the CLOs. It's good to have it there, but, it's not money that you can spend today. I'm just curious if that, you know, level of $230-some million, if you expect to grow that just because of the uncertainty in the market. It sounds like your financing's pretty solid, but, you know, I guess at some point, there are situations like what happened in Dallas, where you may have something financed that you have to take it off a line. Thanks. Yeah, I think good follow-on question, Steve. I think two sub-questions. Let me take part two first. You know, there may be instances, and there have been instances in the past where we've had loans and CLOs that we have elected to buy out, and we've used cash on the balance sheet or other sources of financing to do that. We've been doing that for years. Sometimes those loans are sold, sometimes they're paid off, sometimes they're amended and put back into CLOs. The first part of your question had to do with the utility of the cash available for reinvestment in those CLOs. You know, the eligibility criteria for putting new loans into those CLOs, we understand very clearly because we negotiated them. Sure. I think what you will see and what you have seen steadily is our ability to originate or acquire new loans and put them directly into CLOs, or to move existing loans financed elsewhere in our panoply of financing arrangements into CLOs. We have a credit facility among a group of five or six banks where we can warehouse for up to 80 days recently closed loans and then migrate them into CLOs. That cash is actually pretty useful and virtually immediately available. Got it. It sounds like the money in the CLOs is definitely gonna be put to work here over the next couple of months. Yeah, if you look historically, you know, we'll have cash on the balance sheet at the end of the quarter, cash in CLOs, and you'll see that it's typically deployed very quickly. All right. Thank you both for the comments. Thank you, Steve. Thank you. Our next question is from Donald Fandetti with Wells Fargo. Please proceed with your question. Hi. Can you talk a little bit about I think there were two new NPLs or non-performing loans and where are those financed? How are they financed? Sure. Good morning, Don. Thanks for joining. We have four or five risk-rated loans. Actually, I'm gonna step back for a minute. About 82% of our, you know, risk loans are financed on a non-mark-to-market basis. They may be in CLOs. More likely, they're in single asset or small pool note-on-note financings that are non-mark-to-market and non-recourse with single counterparties. That's the case in three of the four instances. The fourth instance, the property that Steve inquired about earlier, is actually currently held on levered. Okay. You had two new NPLs this quarter, is that right? We have two loans that are on non-accrual. That's right. Okay. I guess can you talk a little bit about your expectation for non-performing loans next quarter? Do you feel like you've kind of captured everything, or are there some office loans that moved into, you know, four rating and could quickly move to five based on, you know, kinda what we're seeing? Yeah, sure. It's a great question. You know, first of all, our CECL reserve really reflects our view of potential losses during the life of that loan, I would say, one. I would say, two, you know, I've highlighted in prior quarters that you know, we do have a portion of office loans that have either a near-term extension or potential final maturity coming up over the next year. I think that really what we saw over the past quarter is illustrative of how that can play out. To use the one example that Bob mentioned, you know, one of our largest office exposures in New York City, you know, that was a loan that had a balance of $288 million going into the quarter. We received a pay down in excess of $60 million to satisfy that extension. So that's again an example of where, you know, we're seeing borrowers infuse more capital. Then on the other side is, I think, what again, not to be too repetitive, but you know, what Bob mentioned about the asset in North Dallas where you had a borrower who ultimately decided to not remain committed to the asset and, you know, we're looking to quickly resolve that. Got it. Thank you. Our next question is from Eric Hagen with BTIG. Please proceed with your question. Hey, thanks. Good morning. Hope you guys are well. A follow-up on the office portfolio. Can you say what the average remaining lease term is in the portfolio and maybe any mitigants to risk in cases where there's more near-term lease maturities concentrated in the portfolio? Just how you're thinking about that and its connectivity to the CECL reserve more generally. Sure. Good morning, Eric. Thanks for joining. I can't provide an exact WALT for the portfolio as a whole right now, but can offer some general indications and then can talk very briefly about how that informs our CECL reserve. Before saying that, I would say that generally speaking, office performance is pretty good. What's changing in the market environment and has changed quickly is valuation multiples applied to net cash flow from properties. And that's really what we see in the markets today, and that's been a heavy influence in our decision to increase our CECL reserve to the level it is at September thirtieth. In terms of office WALT, CBD WALTs are typically, you know, five to seven years, and suburban WALTs are typically three to five. As we look across our portfolio, we don't see particular, you know, near-term holes or impending holes. We're more focused from a risk management standpoint on the broader trends in, demand for space and actual leasing absorption. Yeah. Look, and also I think I'd add to Bob's point, again, it's a little bit less about the micro and more about the macro right now. I mean, we're just seeing liquidity drying up across, you know, really all property types to varying degrees. I would say that office is the sector that has probably been, you know, hardest hit as sort of the double whammy of both, you know, secular trends and then also just the, you know, the move higher in rates. I think that what you're seeing and hearing from us as we think through our CECL reserve is just trying to reflect the fact that it's really more about the, you know, capital markets activity, appetite for office lending has really tapered off toward the end of the year. I think that's really driving more of our views around CECL and then particularly some of the uncertainty in terms of our current office exposure. Gotcha. That's helpful detail. Thank you. Maybe going back to the CLO for just a second. Are there any conditions which could drive you to buy out loans other than for, you know, a delinquency? Like, is there some other trigger related to the capital structure or the loans themselves which would drive this need or desire to control the deal ahead of there being an actual delinquency? Um- Go ahead. Bob, go ahead. The answer is no, not really. Typically, the way the indentures are written, there needs to be either a credit-related triggering or event or the expectation of an impending credit event. With that, the collateral manager, which is us, can remove a loan. Yeah. Also I'd say, you know, that on the CLO front, I mean, these are really valuable liquidity tools for us. I would bear in mind that, you know, we have three outstanding series CLOs, TRTX 2019-FL3, TRTX 2021-FL4, and TRTX 2022-FL5. TRTX 2021-FL4 and TRTX 2022-FL5, you know, both have outstanding reinvestment capacity. TRTX 2021-FL4's capacity lasts through the end of the first quarter, and then TRTX 2022-FL5 into the first half of 2024. Really what we have within those vehicles is, you know, on a blended cost to funds basis, TRTX 2021-FL4 is at an advance of 83% and plus 160 spread, and then TRTX 2022-FL5 is at 84% advance and a 202 spread. What that really means is that you know, we have an increasing amount of liquidity options available to the company. Over the past quarter you know, with our nearly $1 billion in investments, all those investments were financed via non-mark-to-market structures. We've been sort of holding that CLO reinvestment capacity in our back pocket a bit, and then really first exploiting you know, both the A-note or note-on-note non-mark-to-market first and then second you know, potentially looking at the CLOs for you know, financing options. You know, again, those CLOs remain a really valuable financing valve for us as we think through liquidity in the near term. That's great detail. Thank you guys very much. Yeah. Thank you, Eric. Thank you. Our next question is from Rick Shane with JP Morgan. Please proceed with your question. Hey, guys. Thanks for taking my questions this morning. Morning, Rick. One thing in looking at the originations for the third quarter, interestingly enough, three loans all in your top 10, all designated as bridge loans. I'm curious when you think about bridge, and bridge by your definition means more immediate draw, less milestones. I assume that those business plans really are more reliant upon marketing and absorption and price appreciation. I'm curious, given where we are in the market, how to think about that as opposed to what might be more value-added enhancements by sponsors. Sure. Yeah. Happy to cover that. I would say, you know, over the past quarter, again, as you highlighted, you know, we roughly had direct originations and secondary loan purchases, roughly 50/50. Of the loans that we purchased, those were all, you know, 100% performing loans at a pooled LTV of approximately 61%. Those loans we were able to buy at a discount given that the seller needed a certain amount of liquidity on those loans. Those loans tended to be, I would say, marginally more advanced in terms of where they were in their business plan relative to our typical direct origination. I think perhaps they're just closer to a, you know, potential refinancing or capital markets exit. You know, again, we viewed that acquisition as an opportunity where we were able to buy a portfolio of low leverage performing loans that had basically a blended DM when you account for the discount at which we bought them of about 578. We were able to finance those with term non-recourse, non-mark-to-market financing. Again, at the heart of your question is, you know, these loans were definitely, I would say, more stabilized relative to what we typically are originating, which we really like at this point in the cycle. Got it. No, look, I noticed, and that was actually gonna dovetail to my second question. It looks like specifically, there's San Francisco multifamily that you got at a pretty healthy OID with a maturity next year. Obviously there is some with a fully extended maturity next year. There's some execution risk there given what's going on in San Francisco. You know, look, for example, largest loan on your books now is a July 2022 multifamily in San Jose, bridge, relatively high LTV. That looks like a directly originated loan. I'm just curious, given and again, hard to differentiate what's going on in San Francisco, which I'm really aware of versus San Jose, where it's probably a little bit different. What’s the execution for a loan that appears to be more marketing and absorption-driven in a challenging market, how to think about that? Yeah, sure. You know, the loan that you're mentioning within San Jose, you know, that was a newly acquired asset by Oaktree and MG Properties. We like the fact that that was fresh cash acquisition into that deal, one. I would say two, you know, that's an asset where it really is just about leasing up and burning off concessions. Again, I would say it's later in its business plan. I think frankly, if that loan were to have come to the market, even 12 months ago, I would say you know, the borrowing cost on that likely would've been 100 - 125 basis points tighter. I think frankly, likely would not have gone to, you know, someone like TRTX, who's more of a traditional lender. It probably would've gone into a nearly stabilized type financing. We view that as an opportunity to again have exposure to newly built multifamily. And again, with the business plan that was, you know, frankly later in its cycle rather than, you know, a full lease-up of a vacant asset. Got it. That's actually really helpful and good. Yeah. Good context. This is again sort of that theme of like as we've been highlighting you know as the liquidity picture has changed. There are loans that again I would describe as very close to a stabilization point that otherwise would've been going into a SASB deal or a conduit deal. Right now they're basically coming to lenders like TRTX and saying and effectively bridging that with us until. I would describe it to really like have it be more succinct my response. I would say it's more of a bridge towards capital market stabilization than a bridge towards a really heavy business plan that's gonna take three to four years. That's kind of I think more of what you saw in Q3 from us. I think, frankly, you'll probably continue to see as the CMBS market continues to be choppy and expensive in terms of where loans can execute. Great. That's very helpful thematically. And I apologize for asking one last question, but as you know, we have a pretty broad coverage universe, and we cover a lot of consumer finance names. One thing we heard during the quarter is that there is a divergence between consumer performance based upon borrowers who are homeowners, who were more resilient, and renters who have faced such persistent inflation in terms of rent increases. How risky do you think this is, this sort of industry shift towards multifamily? How much risk is it creating if we're going to start to see some reversal of that really persistent long-term trend in terms of rental inflation? Yeah, sure. Yeah. It's a great question and obviously given that it's 44% of our portfolio, we think about that frequently. I would say really a couple things. One is, you know, we continue to like the multifamily space driven primarily by the fact that we do think that there are very positive long-term fundamentals. You know, we're still seeing, you know, rent growth continuing really across our portfolio, so we're not really seeing any slowing. I think that rental growth has been really driven by the fact that, again, to your point, you know, with residential borrowing rates, you know, closing into 7%, you know, we expect to see more and more demand into the rental space. I would say secondly, in terms of, you know, given that, again, we're not the equity, we're the debt, and we're generally coming in at, you know, roughly 65, approximately LTV. From a, you know, given our discount to values, and the available financing that really still remains in multifamily, we still feel really confident about the multifamily sector as a space where we wanna be orienting our investments. But at the same time, you know, we are, as we think about exit cap rates and as we think about valuation, we are reflecting the fact that without question, you know, rising benchmark rates are widening out cap rates. I mean, you can see it with, you know, where the apartment rates are trading at approximately 6% implied cap rate. You know, we are seeing transactions live, as in, you know, those that are looking for, you know, financing spot. We're starting to see, you know, private market cap rates. You know, generally speaking, perhaps cap rates were being modeled in the 4.5-4.75 range. We're seeing cap rates being modeled closer to about 100 basis points wider. Or actually I shouldn't say modeled. Actually, that's where we're seeing acquisition activity is approximately 100 basis points wider in terms of private markets. Again, I think public markets have come out wider. You know, again, we're looking at really all the available financing channels when we think about how our loans will get taken out. We're simply put, we're just underwriting higher cap rates on the exit to reflect the fact that, you know, again, I think asset valuation is clearly down within multifamily, but again, I feel like we feel confident that it's gonna be buoyed by just the long-term structural demand for housing. Okay, great. That's helpful. Thank you for letting me take so much of your time this morning. Absolutely. Thanks a lot. Thank you, Rick. Thank you. Our next question is from Arren Cy ganovich with Citi. Please proceed with your question. Thanks. Yeah, I just wanted to follow- up on the cap rate, you know, rising for office. It seems to me that it's more of a liquidity kind of driven issue in that the office performance and cash flows for those properties are generally pretty good. Is the cap rate just a function of the fact that the liquidity is so weak or and it'll eventually kind of tighten a bit? Or do you feel like this is just kind of a new level that everybody just has to get used to? Well, I mean, I think it is, as you can imagine, somewhat circular. I would say that, you know, the lack of financing has also been a major contributor to widening cap rates. That's really been in conjunction with just, you know, a broader drop in demand for office space, just given all the trends that, you know, we're kind of seeing in this, you know, post-COVID world. I'd say in short, it's really a mix of both. I think, you know, as I think about perhaps how our borrowers are thinking about it, you know, they're definitely looking at, you know, what do they think is the long-term demand picture for each specific asset in that market. It's getting increasingly hard, I would say, to speak about office in general, because I think that each of these loans and each of these stories is just very idiosyncratic and kind of loan-specific. Again, I would say that on the office side, it feels like very likely there will be pressure around capital markets activity for a longer period of time. I could see, you know, the other sectors as in, you know, multifamily, industrial, life sciences kind of bouncing back quicker relative to office. It seems to just have a longer term structural, you know, demand issue that's also being exacerbated by the fact that available financing is getting harder and harder to identify. Okay. I guess in terms of some specifics, I think your fifth largest loan comes due in March of next year. It's an office property in New York. It's three-rated. You know, what's the risk there? There's a Houston property that's five-rated that is, I guess, maybe you already mentioned this, but it's already past due. Did that get extended? There's another New York property. It's your about a $54 million one that's also coming due in February. You know, given these liquidity issues, are these all likely to become REO? Maybe you could just talk a little bit about, you know, some of the nuances between them. Sure. Let's see if I can remember those and take those in order. The nearest term maturity is an office building here in New York, which is in January of next year, first quarter. That's actually one of our five-rated loans. You know, the borrower's been working to sell that property, and there will either be a property sale and a resolution of our loan or there won't be. The next is an office building in New York that matures later in the first quarter. There's an option to extend there. Strong institutional borrower. Don't wanna predict fully anything, but the likelihood is that that's gonna that the borrower will satisfy the requirements to extend the loan. That property actually has some very strong credit tenancy in it. The third loan that you mentioned is an office building in Houston that I mentioned earlier, where the borrower marketed that property to sell. In all likelihood, that loan will be amended and extended based on the very good market intelligence that we got from the marketing process that the borrower undertook. Yeah. All right. Thank you. Yep. Thank you. There are no further questions at this time. I'd like to turn the floor back over to Doug Bouquard for any closing comments. Yeah. Again, just wanna thank everyone for dialing into the call this morning and look forward to continuing to update you guys on the progress here at TRTX. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.