摘要 需求疲软、资本回报率低迷、监管政策反复。 全球汽车行业向电动化渐进转型的浪潮在本周遭遇了历史性的急刹车。 以福特汽车公司宣布高达195亿美元的资产减记为标志，叠加欧洲监管层对2035年禁燃令目标的 实质性松动、大众汽车在德国本土史无前例的工厂关闭，一场跨越欧美亚三大洲的战略大修正正在 重塑行业格局。 面对电动汽车需求疲软、资本回报率低迷以及监管政策的反复，传统车企正试图通过激进的资产重 组、技术路线切换以及向能源基础设施领域的跨界渗透来止住"出血点"。 福特汽车周一披露的195亿美元税前费用成为了美国汽车工业史上规模最大的单一资产清算之一， 其中约60亿美元直接源于解散其与韩国SK On在美电池合资企业的财务处理。 此举意味着福特将实质性地从一家汽车制造商延伸为能源解决方案提供商，尽管这也伴随着肯塔基 工厂改造期间约1600名工人的临时裁员阵痛。 大西洋彼岸的欧洲市场同样处于深度收缩之中。 政策风向的转变与工业收缩正同步发生。虽然并未正式废除2035年停售新燃油车的法规，但欧盟 层面的执行目标已出现关键性的战略转向——不再寻求对内燃机的"彻底扼杀"，而是转向接纳"技 术中立"路线。 这一政策修正的核心在 ...

Financial Data and Key Metrics Changes - The company reported a GAAP loss from continuing operations of $0.31 per common share and distributable earnings loss of $0.14 per common share, with a loss of $0.10 per share excluding realized losses on asset sales [17][20] - Net interest income increased to $17 million in the quarter, attributed to a full quarter of interest income from the UDF transaction and lower interest expense [17][18] - The book value per share was $10.44 at quarter end, down $0.17 from March 31, primarily due to the dividend and coverage shortfall [21] Business Line Data and Key Metrics Changes - In the core portfolio, the interest yield was 8.1% and cash yield was 6.1%, while the interest yield in the non-core portfolio was 2.4% [18] - The CRE loan portfolio totaled $6.1 billion, segmented into a $5.4 billion core portfolio and a $695 million non-core portfolio [9][10] - The non-core portfolio was reduced by 52% to $333 million carrying value, with a quarterly yield of negative 10.7% [12] Market Data and Key Metrics Changes - The company experienced a decrease in SBA origination volume to $216 million due to capital constraints while awaiting approval for increased warehouse capacity [13] - The company anticipates a return of SBA seven lending volumes to over $325 million per quarter and entry into the USDA market at scale [15] Company Strategy and Development Direction - The company is focusing on repositioning its balance sheet by evaluating loans for potential asset sales to improve net interest margin [4] - The strategy includes stabilizing the Portland mixed-use asset and enhancing liquidity to support loan origination [8][15] - The company plans to reenter the origination market in the third quarter, focusing on high-quality multifamily bridge loans [11] Management's Comments on Operating Environment and Future Outlook - Management expects modest earnings growth in 2025 from increased originations, stabilization of the Portland asset, and a return to SBA lending volumes [15] - The company aims to maintain its current dividend level until its earnings profile warrants an increase [16] Other Important Information - The company completed the sale of $494 million of legacy multifamily bridge assets, generating net proceeds of $85 million [4][5] - The company took ownership of a mixed-use asset in Portland, Oregon, with a net cash outlay of $10 million [6] Q&A Session Summary Question: Will the company still expect distributable earnings losses in the near term? - Management indicated that the origination team is gearing up for new vintage multifamily bridge loans, which may take about 120 days to ramp up [26] Question: Can you describe the type of buyer for the bulk sale of legacy bridge loans? - The buyer is a multifamily operator with significant assets under management, and the sale price was around 77% of the unpaid principal balance [33][34] Question: What will be the driver for the expected increase in SBA volumes? - The company anticipates a ramp in demand for small business loans, particularly in M&A, and is awaiting approval for increased warehouse lines [40][41] Question: Why not eliminate the dividend and reallocate that capital toward debt repayment? - Management stated that the dividend is part of their repositioning strategy, and they are evaluating the performance of the core portfolio in relation to the dividend [63][65] Question: How much capital will need to be put in across the three categories for the Portland asset? - The company is currently assessing the budget for tenant improvements and marketing, with costs expected to be around $150 to $200 per square foot for office tenants [59][60]