Apollo Commercial Real Estate Finance Inc (ARI) 2025 Q3 法說會逐字稿

(audio in progress) I'd like to remind everyone that today's call and webcast are being recorded. Please note that they are the property of Apollo Commercial Real Estate Finance, Inc and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available in our earnings press release.

（音訊進行中）我想提醒大家，今天的電話會議和網路直播正在錄製。請注意，這些內容是 Apollo Commercial Real Estate Finance, Inc. 的財產，任何形式的未經授權的傳播均被嚴格禁止。有關本次電話會議音訊重播的信息，請參閱我們的獲利新聞稿。

I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking statements. Today's conference call and webcast may include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these statements and projections.

我還想提請您注意我們新聞稿中關於前瞻性陳述的慣例性安全港披露。現今的電話會議和網路直播可能包含前瞻性陳述和預測，請您參閱我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些陳述和預測有重大差異的重要因素。

In addition, we will be discussing certain non-GAAP measures on this call, which management believes are relevant to assessing the company's financial performance. These measures are reconciled to GAAP figures in our earnings presentation, which is available in the Stockholders section of our website. We do not undertake any obligation to update our forward-looking statements or projections unless required by law. To obtain copies of our latest SEC filings, please visit our website at www.apollocref.com or call us at (212) 515-3200.

此外，我們將在本次電話會議上討論一些非GAAP指標，管理階層認為這些指標與評估公司的財務表現有關。這些指標已在我們的收益報告中與 GAAP 數據進行了核對，該報告可在我們網站的股東部分查閱。除非法律要求，否則我們不承擔更新前瞻性聲明或預測的任何義務。如需我們最新的美國證券交易委員會文件副本，請造訪我們的網站 www.apollocref.com 或致電 (212) 515-3200 與我們聯絡。

At this time, I'd like to turn the call over to the company's Chief Executive Officer, Stuart Rothstein.

此時，我想把電話交給公司執行長史都華·羅斯坦。

Thank you. Good morning, and thank you for joining us on the Apollo Commercial Real Estate Finance Third Quarter 2025 Earnings Call. As usual, I am joined today by Scott Weiner, our Chief Investment Officer; and Anastasia Mironova, our Chief Financial Officer.

謝謝。早安，感謝各位參加阿波羅商業房地產金融公司2025年第三季財報電話會議。今天，像往常一樣，我們的首席投資官斯科特·維納和首席財務官阿納斯塔西婭·米羅諾娃也加入了我的行列。

ARI's third quarter was highlighted by continued strong origination activity and progress with our focus assets as transaction activity and operating performance in the broader real estate market continues to improve. Importantly, as capital from focus assets is freed up and made available for redeployment into newly originated loans, ARI continues to benefit from the strength and breadth of the Apollo real estate credit platform.

ARI 第三季亮點在於持續強勁的貸款發放活動以及重點資產的進展，同時更廣泛的房地產市場的交易活動和營運表現也持續改善。重要的是，隨著重點資產的資金被釋放出來並可用於重新部署到新發放的貸款中，ARI 將繼續受益於 Apollo 房地產信貸平台的實力和廣度。

Overall, Apollo is on pace for a record year of commercial real estate loan originations with over $19 billion closed to date. This provides ARI with an incredibly robust pipeline of transactions and enables us to effectively deploy capital and construct a diversified loan portfolio on behalf of ARI.

總體而言，Apollo 的商業房地產貸款發放額預計將創下歷史新高，迄今已完成超過 190 億美元的貸款。這為 ARI 提供了極其強大的交易管道，使我們能夠有效地部署資本，並代表 ARI 建立多元化的貸款組合。

During the quarter, ARI committed to an additional $1 billion of new loans, bringing year-to-date originations to $3 billion. Consistent with recent activity, this quarter's originations were divided between the US and Europe.

本季，ARI承諾新增10億美元貸款，使今年迄今的貸款發放金額達到30億美元。與近期的市場活動一致，本季的貸款發放主要集中在美國和歐洲。

ARI's ability to deploy capital in Europe continues to be a differentiating factor. Apollo is the most active alternative lender in Europe, which has a fragmented lender universe given the less developed securitization market. Fundamentals in Europe remain healthy across property types and with the lower rate environment enabling transactions to have positive leverage again, the acquisition market has picked up significantly.

ARI 在歐洲部署資本的能力仍然是其差異化優勢。由於證券化市場發展不足，歐洲的貸款機構市場較為分散，而 Apollo 是歐洲最活躍的另類貸款機構。歐洲各類房地產的基本面依然良好，而且由於利率環境降低，交易再次能夠獲得正槓桿，收購市場已顯著回升。

The third quarter loans closed included residential and industrial transactions. And as of the end of the third quarter, residential loans encompassing multifamily, for-sale residential, senior housing and student housing represent ARI's largest underlying property type in the portfolio at 31%. Repayments continued to track expectations with $1.3 billion of repayments and sales during the quarter, bringing year-to-date repayments to $2.1 billion.

第三季完成的貸款交易包括住宅和工業貸款。截至第三季末，住宅貸款（包括多戶住宅、待售住宅、老年住房和學生住房）佔ARI投資組合中最大基礎房地產類型的31%。本季還款額和銷售額達到 13 億美元，符合預期，使今年迄今的還款額達到 21 億美元。

Turning now to the loan portfolio and an update on ARI's focus assets. At quarter end, the carrying value of the portfolio totaled $8.3 billion. 54% of ARI's loan portfolio now represents loans originated post the 2022 rate hikes. The headline for ARI's focus assets is continued sales momentum at 111 West 57th Street with six new contracts signed since the last earnings call, three of which closed post quarter end, generating approximately $55 million in proceeds and further reducing ARI's loan basis.

接下來我們將介紹貸款組合以及ARI重點資產的最新情況。截至季末，該投資組合的帳面價值總計為 83 億美元。 ARI 貸款組合中 54% 的貸款是在 2022 年升息後發放的。ARI 重點資產的亮點是位於西 57 街 111 號的物業銷售勢頭持續強勁，自上次財報電話會議以來已簽署六份新合同，其中三份在季度末後完成交割，產生了約 5500 萬美元的收益，並進一步降低了 ARI 的貸款基數。

At the Brook, ARI's multifamily development in Brooklyn, we have seen strong leasing velocity to date and are still on target to exit that investment in the second half of 2026. Anastasia will discuss in her comments, but we expect this capital rotation out of focus assets will have a meaningful impact on ARI's earnings run rate going forward.

在 ARI 位於布魯克林的多戶住宅開發項目 Brook 中，我們迄今為止看到了強勁的租賃速度，並且仍然預計在 2026 年下半年退出該投資。Anastasia 將在評論中討論，但我們預計這種資本從重點資產轉移出去的趨勢將對 ARI 未來的獲利速度產生重大影響。

Shifting to the right side of our balance sheet. ARI continues to maintain robust liquidity and has access to additional capital from the company's various secured financing facilities. ARI's lenders remain actively engaged in the sector with ongoing dialogue around in-place or potential new financings. ARI continues to diversify the company's lender base and expand sources of capital, having entered into new secured borrowing facility during the quarter in Europe. In addition, we upsized the borrowing capacity on our revolving credit facility by $115 million and extended the maturity to August of 2028.

向資產負債表的右邊轉移。ARI 持續保持強勁的流動性，並可透過公司的各種擔保融資安排獲得額外資金。ARI 的貸款機構仍然積極參與該領域，就現有或潛在的新融資進行持續對話。ARI 繼續擴大公司貸款機構基礎並拓展資金來源，本季在歐洲達成了一項新的擔保借款協議。此外，我們將循環信貸額度增加了 1.15 億美元，並將到期日延長至 2028 年 8 月。

With that, I will turn the call over to Anastasia to review ARI's financial results for the quarter.

接下來，我將把電話交給 Anastasia，讓她回顧 ARI 本季的財務表現。

Thank you, Stuart, and good morning, everyone. For the third quarter of 2025, ARI reported GAAP net income of $48 million or $0.34 per diluted share of common stock. Distributable earnings were $42 million or $0.30 per share. Distributable earnings prior to realized loss on investments and realized gain on litigation settlement or the measure we refer to as run rate distributable earnings was $32 million or $0.23 per share of common stock.

謝謝你，斯圖爾特，大家早安。2025 年第三季度，ARI 公佈的 GAAP 淨收入為 4,800 萬美元，即每股攤薄普通股 0.34 美元。可分配收益為 4,200 萬美元，即每股 0.30 美元。在扣除投資已實現損失和訴訟和解已實現收益之前，可分配收益（即我們所說的運行率可分配收益）為 3,200 萬美元，即每股普通股 0.23 美元。

Run rate distributable earnings during the quarter was slightly below the dividend level, given the timing of redeployment of capital within the quarter. It is worth noting that we often do not have control over the timing of new loan transactions closing and its correlation to the timing of repayments in the portfolio.

由於本季內資本重新部署的時間安排，本季的可分配收益略低於股利水準。值得注意的是，我們通常無法控制新貸款交易的完成時間及其與投資組合中還款時間的關聯性。

Reinvestment of proceeds from unit sales at 111 West 57 will provide upside to earnings in Q4 and further in 2026. We continue to address other focused assets in our portfolio and foresee resolutions on a number of them towards the second part of the year in 2026.

將 111 West 57 單元銷售所得收益再投資，將為第四季及 2026 年的收益帶來成長。我們將繼續處理投資組合中的其他重點資產，並預計在 2026 年下半年對其中一些資產進行處置。

Recycling of capital from those top-performing assets will provide further uplift to earnings at the end of 2026. During the quarter, we received discounted payoff proceeds associated with our Michigan office loan, which was previously fully reserved. As a result, we recorded a partial reversal of the specific CECL allowance in the amount of $1.3 million and a charge-off of $6.2 million.

從這些表現最佳的資產中回收資金，將在 2026 年底進一步提升收益。本季度，我們收到了與密西根州辦事處貸款相關的折現還款款項，該貸款此前已全部提列準備金。因此，我們記錄了130萬美元的特定CECL準備金的部分衝回和620萬美元的沖銷。

We also realized a $1.2 million loss on sale of the promissory note, which was previously reflected as note receivable held for sale on our balance sheet. This realized loss was in line with the previously recorded valuation allowance for this asset. Additionally, during the quarter, we recognized a $17.4 million gain in connection with the settlement of the litigation related to one of the assets in the Massachusetts Healthcare portfolio.

我們也確認了出售該本票的 120 萬美元損失，該本票先前已反映在我們的資產負債表上作為待售應收票據。此次已實現的損失與先前記錄的該項資產的估值準備金相符。此外，本季度我們也確認了與馬薩諸塞州醫療保健投資組合中的一項資產相關的訴訟和解所產生的 1,740 萬美元收益。

The aggregate impact of these events was $0.14 increase in book value per share. As a result, our book value per share, excluding general CECL allowance and depreciation, was $12.73 as of the end of the quarter. Our loan portfolio ended the quarter with a carrying value of $8.3 billion and a weighted average unlevered yield of 7.7%.

這些事件的綜合影響是每股帳面價值增加 0.14 美元。因此，截至季度末，我們每股帳面價值（不包括一般 CECL 準備金和折舊）為 12.73 美元。本季末，我們的貸款組合帳面價值為 83 億美元，加權平均無槓桿收益率為 7.7%。

As Stuart mentioned, we had a strong quarter of loan originations totaling $1 billion and completing an additional $234 million in add-on fundings for previously closed loans. Year-to-date through Q3 quarter end, we originated over $3 billion of new commitments and completed a total of $702 million of add-on fundings for previously closed loans.

正如史都華所提到的，我們本季貸款發放額強勁，達到 10 億美元，並為先前已完成的貸款追加了 2.34 億美元的資金。今年迄今為止，截至第三季末，我們已發放超過 30 億美元的新貸款承諾，並為先前已完成的貸款完成了總計 7.02 億美元的追加融資。

Subsequent to quarter end, we committed an additional $388 million towards new loans, $324 million of which have already been funded. In addition to those closings, we have a robust pipeline of loans, which are expected to close before the end of the year.

季度末之後，我們承諾追加 3.88 億美元用於新貸款，其中 3.24 億美元已發放資金。除了這些已完成的交易外，我們還有大量貸款項目正在籌備中，預計將在年底前完成。

With respect to risk ratings, the weighted average risk rating of the portfolio at quarter end was 3.0, unchanged from the previous quarter end. There were no new asset-specific CECL allowances recorded during the quarter and no other movements in ratings across the portfolio. Our specific CECL reserve decreased by $7.5 million due to partial reversal and the associated charge-off on the Michigan office loan, as mentioned earlier. Our general CECL allowance increased this quarter by $1 million due to origination activity in the portfolio. Total CECL allowance in percentage points of the loan portfolio amortized cost basis is up slightly quarter-over-quarter from 429 basis points to 438 basis points, driven by a slightly lower loan portfolio balance at the end of the quarter compared to the previous quarter end.

就風險評級而言，該投資組合季度末的加權平均風險評級為 3.0，與上一季末持平。本季沒有記錄新的特定資產 CECL 準備金，投資組合的評等也沒有其他變動。如前所述，由於密西根州辦公室貸款的部分沖銷和相關核銷，我們的特定 CECL 準備金減少了 750 萬美元。由於投資組合中的新增貸款活動，我們本季的一般 CECL 準備金增加了 100 萬美元。由於本季末貸款組合餘額較上一季末略有下降，貸款組合攤銷成本基礎的 CECL 總撥備百分比較上季略為上升，從 429 個基點升至 438 個基點。

We ended the quarter with strong liquidity of $312 million, comprising of cash on hand, committed undrawn capacity on existing facilities and loan proceeds held by the servicer. Our leverage is down quarter-over-quarter from 4.1 times at June 30 to 3.8 times at September 30. We continue to diversify and strengthen our banking relationships with two new banks joining the syndicate to our revolving credit facility, which was upsized by $115 million during the quarter and extended by three years. Liquidity in the secured borrowing market remains plentiful. And with continued spread tightening, we have been able to generate returns consistent with our historical and target levels.

本季末，我們擁有 3.12 億美元的強勁流動性，其中包括手頭現金、現有信貸額度中已承諾但尚未提取的額度以及貸款服務機構持有的貸款收益。我們的槓桿率從 6 月 30 日的 4.1 倍下降到 9 月 30 日的 3.8 倍。我們繼續拓展和加強與銀行的合作關係，兩家新銀行加入了我們的循環信貸額度銀團，該額度在本季度增加了 1.15 億美元，並延長了三年。有擔保借貸市場的流動性依然充足。隨著利差持續收窄，我們得以獲得與歷史水準和目標水準相符的回報。

With that, we would like to ask the operator to open the line for questions.

因此，我們想請接線生開通提問專線。

(Operator Instructions) Doug Harter, UBS.

（操作說明）道格·哈特，瑞銀集團。

Thanks for the update on the focused assets. How do you think about the timeline to monetizing the Brook? And how should we think about the pacing of future sales at 111 57th.

感謝您提供的重點資產的最新資訊。您認為布魯克河的商業化時程如何？我們該如何看待 111 57th 未來銷售的節奏？

Yes. Thanks, Doug. Look, let me take those in reverse because at 111 West 57th, we're effectively down to three units at this point, including what the market knows of as a quadplex and then another penthouse. So there's actually -- foot traffic and interest continues to be good at 111 West 57th Street. I would say, given the size of the units we're talking about moving, it's tough to know exactly from a timing perspective. But certainly, our expectation in dialogue with the team working on it is that certainly the early part of next -- sometime in the first part of next year, we would hope to be at the finish line on 111 West 57th Street.

是的。謝謝你，道格。聽著，讓我反過來說，因為在西 57 街 111 號，我們實際上只剩下三個單元了，其中包括市場上所謂的四單元住宅，以及另一套頂層公寓。所以實際上，西 57 街 111 號的人流和關注度仍然很好。考慮到我們談論的是搬運的單元的規模，我認為從時間角度來看，很難確切地知道。但可以肯定的是，我們與負責該專案的團隊溝通後預計，明年年初——大概在明年上半年——我們希望在西 57 街 111 號完成該專案。

I think with respect to the Brook, if things keep along pacing from a lease-up perspective and there's nothing else unforeseen in the marketplace, today, we would think about bringing the asset to market, call it, sometime in the late spring, early summer next year with the hope of closing a transaction sometime late third quarter, early fourth quarter.

我認為就 Brook 專案而言，如果租賃進展順利，市場上也沒有其他不可預見的情況，那麼我們今天可能會考慮在明年春末夏初將該資產推向市場，希望能在第三季末或第四季初完成交易。

Great. And then as you think about leverage, what do you think is the right leverage level for this business to be run as you think about the level of redeployment that you can do as you free up capital?

偉大的。那麼，在考慮槓桿作用時，你認為對這家企業來說，適合的槓桿程度是多少？同時，你也要考慮在釋放資本後可以進行的重新部署水準。

I mean, look, I think for us, it hasn't changed much what -- the leverage has moved up in the company over time only because we've pivoted out of pure mezz loans and more into all senior loans where you end up roughly same attachment points and generating your ROE that way.

我的意思是，你看，我認為對我們來說，情況並沒有太大變化——隨著時間的推移，公司的槓桿率上升僅僅是因為我們已經從純粹的夾層貸款轉向了全部的高級貸款，這樣最終的抵押點大致相同，並且以這種方式產生淨資產收益率。

I think for us, we will continue to originate senior loans at, call it, and then back lever somewhere in the 65% to 75% range from a back leverage perspective. That would imply ultimately a leverage level, call it, in the mid-3s, but then you've got some corporate leverage as well through the Term Loan B and the senior secured notes. So we're going to run the business around 4 turns of leverage when we are fully deployed and capital efficient, including return of capital from focus assets.

我認為對我們來說，我們將繼續發放高級貸款，然後從槓桿率的角度來看，將槓桿率維持在 65% 到 75% 的範圍內。這意味著最終槓桿水平（姑且這麼稱呼）可能在 3 倍中段，但同時，透過 B 類定期貸款和優先擔保票據，也存在一些公司槓桿。因此，當我們全面部署並實現資本高效利用時，我們將圍繞 4 倍槓桿率來運營業務，包括從重點資產中獲得資本回報。

Harsh Hemnani, Green Street.

哈什·赫姆納尼，格林街。

And thanks for the update on the Brook and 111 West 57th. Both of it seemed like first half of '26, excuse me, and part of it in the second half of '26. Do you have any thoughts or update on the Liberty Center asset and how that's progressing?

感謝您提供關於布魯克和西57街111號的最新資訊。這兩件事似乎都發生在 2026 年上半年，抱歉，還有一部分發生在 2026 年下半年。您對自由中心資產專案及其進度有任何想法或最新進展嗎？

Yes. The news on Liberty Center, which was actually not a surprise when it happened. I guess we knew it was ultimately going to happen, but we thought -- look, we thought the market would accept a sale through that, which was the parent of the movie theater at Liberty Center filed bankruptcy. I think the feedback through the sales process that we were early stages on, earlier in this year was that we'll get a better response from the marketplace on the sales side as that gets resolved.

是的。關於自由中心的消息，其實發生時並不令人意外。我想我們早就知道這事遲早會發生，但我們當時想——你看，我們以為市場會接受這樣的出售，因為自由中心電影院的母公司申請了破產。我認為，今年早些時候，我們在銷售過程中得到的回饋是，隨著問題的解決，我們將從市場銷售方面獲得更好的反響。

At this point, the movie theater is continuing to pay rent, but is, I would say, operating the theater suboptimally. We will let the process play out through the bankruptcy court. We are very much involved in the process, and we'll determine whether they are going to accept or reject the lease. It is clear from incoming inquiries that there are other operators interested in the movie theater space if it becomes available. But at this point, we need to let that process play out, and I think we will be in a better position to assess timing of an exit probably late Q1, early Q2 of next year.

目前，這家電影院仍在支付租金，但我認為它的營運效率並不高。我們將讓破產法庭來處理此事。我們深入參與了整個過程，我們將決定他們是否接受或拒絕這份租賃協議。從收到的諮詢來看，很明顯，如果電影院場地空出來，還有其他業者對此感興趣。但目前，我們需要讓這個過程繼續下去，我認為我們可能在明年第一季末或第二季初才能更好地評估退出時機。

Got it. That's helpful. And then maybe on the repayment side, it's been a little lumpy this year, but this quarter was specifically a big step-up in repayments. Is there anything particular to point to that's driving the elevated level of repayments? And do you think that will continue perhaps fourth quarter and moving into early next year?

知道了。那很有幫助。在還款方面，今年可能有點起伏不定，但本季還款金額出現了大幅成長。有什麼具體因素導致了還款額的上升？你認為這種情況會持續到第四季甚至明年年初嗎？

Yes. Look, we're never going to predict the exact timing, and we tend not to spend a lot of time losing sleep over quarterly variations. I do think to your question, at a broad level, repayments are occurring because the capital markets are fully open. There is the ability for people to access repayment capital, but you're also seeing improved operating performance in a lot of asset classes and the market has accepted a reset from a valuation perspective. So I think a lot of the sort of stasis that we saw in the market in 2022, early 2023 as people were trying to digest elevated interest rates and not really sure where the economy was headed, I would say, both in the US and Europe relevant to our portfolio, there's just better clarity in the market.

是的。你看，我們永遠無法預測確切的時間，我們也不會花太多時間為季度波動而失眠。我認為，就你的問題而言，從總體上看，還款正在進行，因為資本市場完全開放。人們有能力獲得償還資金，但同時，許多資產類別的營運表現也得到了改善，市場已經接受了估值方面的調整。所以我認為，我們在 2022 年和 2023 年初看到的市場停滯不前，是因為人們試圖消化高利率，並且不太確定經濟將走向何方。我認為，無論是在美國還是與我們的投資組合相關的歐洲，現在市場都更明朗了。

I think a lot of the capital that was sitting on the sidelines, particularly on the equity side, is biased towards transacting these days. So I think we will continue to see a healthy pace of repayments across the portfolio. And I would say it will be lumpy quarter-to-quarter just because you're never quite sure when deals will close. But as we look out in terms of projected repayments, the big headline was that repayments are consistent with what we would have expected, and we don't see that changing going forward.

我認為，很多之前持觀望態度的資金，特別是股權方面的資金，現在都傾向於交易。所以我認為我們將繼續看到整個投資組合保持健康的還款速度。而且我認為季度業績會波動較大，因為你永遠無法確定交易何時才能完成。但就預期還款額而言，最引人注目的是，還款額與我們的預期一致，而且我們認為未來不會改變這一點。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

This is Jason Sabshon on for Jade. So on 111 West 57th, total exposure was up slightly this quarter to $279 million. I'm assuming that was due to increased capitalized cost on development spend, maybe TIs on the retail lease. Is that accurate?

這裡是傑森‧薩布肖恩為傑德報道。因此，西 57 街 111 號的總風險敞口在本季略有上升，達到 2.79 億美元。我推測這是由於開發支出資本化成本增加所致，也可能是由於零售租賃的裝修費用增加所致。準確嗎？

Yes. Jason, it's accurate. Yes, we had some -- in connection with the bottoms lease, we had to pay for some ongoing TI. So we didn't have any --

是的。傑森，沒錯。是的，我們有一些——與底部租賃有關，我們不得不支付一些持續的裝修費用。所以我們什麼都沒有。--

I would also say -- I'm sorry, Scott, Jason, the other thing I'd say it's consistent with the underwriting we did at the time we took the reserve on 111 West 57. So I would say it's consistent with expectations. I'm sorry, Scott, go ahead.

我還要說——對不起，斯科特，傑森，還有一點我想說的是，這與我們當時對西 57 街 111 號項目提提準備金時所做的承保是一致的。所以我覺得這符合預期。對不起，史考特，你先請。

Yes, I was just going to say we didn't have any of the contracts closed in the quarter. So I think you saw in our release that we already have three contracts closed, so that will reduce the balance. And then as Stuart was saying, there's three unsold units, but there also are three more units that are under contract that we expect to close the remainder of the quarter. So there should be six units at least closing this quarter, paying down our balance.

是的，我正要說的是，我們這個季度沒有任何合約完成。所以我想你們在我們的公告中已經看到，我們已經完成了三份合同，這將減少餘額。正如斯圖爾特所說，目前還有三套未售出的單元房，但另有三套單元房已經簽訂了合同，我們預計將在本季度剩餘時間內完成交易。因此，本季至少應該有六個單位完成交割，從而償還我們的欠款。

Okay. That's great. And then on Brooklyn Multifamily, what's the difference between the debt listed in the slide deck at $330 million and capitalized financing and construction costs in the 10-Q at $393 million -- sorry, $330 million in the slide deck and $393 million in the 10-Q.

好的。那太棒了。那麼關於布魯克林多戶住宅項目，幻燈片中列出的債務為 3.3 億美元，而 10-Q 文件中列出的資本化融資和建設成本為 3.93 億美元，兩者之間有什麼區別？抱歉，投影片中是 3.3 億美元，而 10-Q 檔案中是 3.93 億美元。

Anastasia, you want to handle that now or just get back after the call.

阿納斯塔西婭，你是想現在處理這件事，還是掛斷電話後再處理？

Yes, this is Anastasia. I will take a look at the math here. I'll get back to you after the call.

是的，這是安娜斯塔西婭。我會看一下這裡的數學計算。通話結束後我會回覆你。

All right. And then just on the two hotels, the Mayflower and the Atlanta hotels, any update there would be helpful.

好的。另外，關於梅花酒店和亞特蘭大酒店這兩家酒店，任何最新消息都將不勝感激。

I mean I think on the Mayflower, the hotel continues to perform well. Obviously, there's some seasonality in the numbers, which sort of always impacts what occurs in Q3. But overall, from an NOI perspective, particularly relative to basis, the hotel is performing quite well. And we are now stepping into a focus on optimizing the expense side at the hotel, but we continue to feel quite positive on performance of the hotel and just think there's some more net cash flow uplift that we can (inaudible) hotel to a more stabilized level.

我的意思是，我認為五月花號上的酒店營運狀況一直很好。顯然，這些數字存在一定的季節性，這總是會對第三季的情況產生影響。但總體而言，從淨營業收入的角度來看，特別是相對於基數而言，該酒店的表現相當不錯。我們現在正專注於優化酒店的支出方面，但我們仍然對酒店的業績感到非常樂觀，並且認為淨現金流還有提升空間，我們可以（聽不清）將酒店提升到一個更穩定的水平。

John Nickodemus, BTIG.

John Nickodemus，BTIG。

As Harsh mentioned, it was definitely a high repayment quarter, but it sounds like originations are a full go into the end of the year, which is exciting. Obviously, this is all -- can fluctuate on a quarter-by-quarter basis, but how do you envision the size of the loan portfolio trending, not just in the next quarter, but kind of as we get further into middle of 2026 and maybe even end of next year, if you have any insight on that?

正如 Harsh 所提到的，這絕對是一個還款額很高的季度，但聽起來貸款發放量將在年底前全面恢復，這令人興奮。顯然，這一切都可能按季度波動，但您如何看待貸款組合規模的趨勢？不僅是下一個季度，而且到 2026 年年中甚至明年年底，您有什麼見解嗎？

I mean where the growth in the loan portfolio is going to come from, John, is, right, to the extent we are able to take unlevered capital, right, if you think about repayments on 111 West 57th Street or ultimately selling Liberty Center, right, you're going to take unlevered capital and then deploy it and lever it into assets. So you'll see some portfolio growth as we bring back what we would call the focus asset capital, you'll see less impact if and when we ultimately sell the Brook because that is levered as a construction deal already. We'll be able to use more leverage against a senior first mortgage than you can against a construction deal. So you'll see some pickup in asset level, but it won't be as dramatic as just assuming all of the capital is coming back to us. But that's what's really going to drive portfolio growth going forward is taking focus assets, which for the most part are unlevered or underlevered and deploying them into senior loans where we'll use quote-unquote full leverage, per my response to Doug's question earlier in the conference call.

約翰，我的意思是，貸款組合的成長將來自哪裡？沒錯，取決於我們能否獲得無槓桿資本。想想看，償還西 57 街 111 號的貸款，或者最終出售自由中心，你就會獲得無槓桿資本，然後將其部署並槓桿化到資產中。因此，隨著我們重新引入所謂的重點資產資本，您將會看到投資組合有所增長；而當我們最終出售 Brook 時，您看到的影響會較小，因為它本身就是一項槓桿建設交易。我們能夠利用比你利用建築交易更大的槓桿來對付高級抵押貸款。因此，你會看到資產水平有所回升，但不會像假設所有資本都回到我們手中那樣劇烈。但真正推動未來投資組合成長的，是將重點資產（這些資產大多沒有槓桿或槓桿不足）部署到高級貸款中，我們將使用所謂的“完全槓桿”，正如我在電話會議早些時候回答道格的問題時所說的那樣。

Great. Really helpful, Stuart. And then other one for me. I saw the team originate two sizable loans on upscale hotels during the quarter. I was just curious if there's something about the hospitality sector that you're finding more attractive at this time. Or were these more just unique opportunities in New York and San Diego?

偉大的。斯圖爾特，你真是幫了大忙。然後還有另一個給我。我看到球隊在本季促成了兩筆數額可觀的高檔酒店貸款。我只是好奇，目前酒店業有哪些方面更吸引你。或者說，這些只是紐約和聖地牙哥獨有的機會？

Scott, do you want to comment?

史考特，你想發表一下看法嗎？

Yes. I mean I would say, look, we've always been active in the hotel front, both in the US and Europe and happen to like these deals just given size and in-place cash flow. One of the deals we partnered with someone and there's a mezz behind us. We were able to structure a very low leverage deal. And then one in the New York City was an asset we were familiar with in the sponsorship group was acquisition financing. So nothing special. I think hotels will always have a part of the portfolio and I think it's -- we've gotten a bunch of repayments in hotels. So we thought it made sense to add these two deals.

是的。我的意思是，我們一直積極參與酒店業務，無論是在美國還是歐洲，我們恰好喜歡這些規模較大且現金流充足的交易。我們與他人合作的其中一筆交易，在我們身後有一個夾層。我們成功建構了一筆槓桿率非常低的交易。然後，紐約市的一家公司是我們贊助團隊熟悉的資產，其資產是收購融資。沒什麼特別的。我認為酒店始終會是我們投資組合的一部分，而且我認為——我們已經收到了一些酒店的還款。所以我們認為將這兩項交易結合起來是合理的。

(Operator Instructions) Rick Shane, JPMorgan.

（操作說明）里克·沙恩，摩根大通。

This is A.J. on for Rick. So it seems like office trends are continuing to improve. I was just wondering if you can give us an update on what you're seeing in your office portfolio right now.

這裡是A.J.替Rick報道。看來辦公場所的趨勢正在持續改善。我只是想問您能否介紹一下您目前在辦公室產品組合方面看到的情況。

Yes. Scott, do you want me to go? You want to go?

是的。史考特，你想讓我走嗎？你想去嗎？

Yes. Look, I mean, I think, look, it's still very much city by city with offices. I mean I think we're fortunate where our exposure generally is. But I would say, certainly, in the stats that we're getting from the landlords, people are back in the office more, and that's really across the board. Clearly, New York, I think they're maybe even higher than pre-COVID. Lots of positive leasing momentum, again, New York and London in particular. Chicago, where we do have some exposure, it's -- I would say it's, again, asset by asset.

是的。你看，我的意思是，我認為，你看，目前仍然是以城市為單位，以辦公室為單位運作。我的意思是，我認為我們目前的曝光度總體上是相當幸運的。但我確實認為，從我們從房東那裡得到的統計數據來看，人們確實更多地回到了辦公室，而且這種情況是普遍存在的。很明顯，紐約的情況可能比新冠疫情前還要高。租賃市場再次呈現強勁的正面勢頭，尤其是在紐約和倫敦。我們在芝加哥確實有一些投資，但──我想說，還是要逐個資產來分析。

We happen to have a loan on one of the newest buildings in Chicago, and that's doing great. We have a loan on an older building that is seeing some positive leasing, not as much as the newer build, which I think, again, is consistent in other markets. So I think we're pleased. And I think overall, so we're seeing more capital market activity. You're seeing certainly the financing of office deals is back across the board, both stabilized deals as well as lease-up and then you are starting to see more transaction activity.

我們恰好在芝加哥一棟最新建築上貸了款，而且這筆貸款運作良好。我們有一筆貸款用於購買一棟老建築，該建築的租賃情況目前還不錯，但不如新建的建築那麼好，我認為這在其他市場也是普遍現象。所以我覺得我們很滿意。而且我認為總體而言，我們看到資本市場活動更加活躍。顯然，辦公大樓交易的融資已經全面恢復，包括穩定交易和租賃交易，然後交易活動也開始增加。

Super helpful. And then just one more, another one on repayments. So now that rates are finally starting to come down, could you see a bit of a tick up in repayment rates, especially for some of those earlier COVID-era vintages that have been waiting for lower rates for so long?

非常有用。然後還有最後一條，是關於還款的。既然利率終於開始下降，您是否會看到還款率略有上升，特別是對於那些在新冠疫情早期購房、等待低利率已久的貸款而言？

Yes. I mean I think as we look at our portfolio, consistent with all real estate, right? I mean --

是的。我的意思是，我認為當我們審視我們的投資組合時，這與所有房地產投資都是一致的，對吧？我是說--

Yes. Go ahead, Scott.

是的。請繼續，斯科特。

I was going to say there's a bunch of our stuff is actually being sold. So people have achieved their business plan and they're selling it, and we're getting repaid. Other deals are being refinanced and whether pulling out money or just again, the loans coming due. So I don't really see it as a trend where someone had really high expensive debt from COVID or pre-COVID. I think it's just normal. These are floating rate loans with a few years of call protection. And when we do a loan, we kind of expect it to be out two, three years. And I just think people are -- the markets are open and whether they want to refinance or sell, they're doing that now.

我本來想說，我們有很多東西實際上正在出售。所以，人們實現了他們的商業計劃，他們正在出售產品，我們也得到了回報。其他交易正在進行再融資，無論是提取資金還是再次償還到期貸款。所以我並不認為這是一種趨勢，即有人因為新冠疫情或疫情前背負了非常高額的債務。我覺得這很正常。這些是浮動利率貸款，並附帶幾年的贖回保護期。我們發放貸款時，通常預計還款期限為兩到三年。我覺得人們現在都在這樣做——市場是開放的，無論他們是想進行再融資還是出售，他們現在都在這樣做。

Thank you. I would now like to turn the call back over to Stuart Rothstein for any closing remarks.

謝謝。現在我想把電話轉回給史都華·羅斯坦，請他作總結發言。

No closing remarks. As always, appreciate everybody's participation. And if you have questions after the fact, myself, Hilary, Anastasia, we are always reachable and available. Thank you all.

沒有結束語。一如既往，感謝大家的參與。如果事後您有任何疑問，我和希拉蕊、阿納斯塔西亞隨時都可以聯絡我們。謝謝大家。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。