Black Stone Minerals, L.P. (BSM) 2026 Q2 法說會逐字稿

Hello, everyone.

大家好。

Thank you for joining us and welcome to the Black Stone Minerals second quarter 2026 earnings conference call.

感謝各位加入我們，歡迎參加 Black Stone Minerals 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Natalie Liddell, Vice President, Corporate Planning.

現在我將把會議交給企業規劃副總裁 Natalie Liddell。

Natalie, please go ahead.

Natalie，請開始。

Good morning.

早安。

Thank you for joining us either by phone or online for Blackstone Minerals second quarter 2026 earnings conference call.

感謝各位透過電話或線上加入 Blackstone Minerals 2026 年第二季財報電話會議。

Today's call is being recorded and will be available on our website along with the earnings release which was issued last night.

今天的電話會議將被錄音，並會與昨晚發布的財報新聞稿一同在我們的網站上提供。

Before we start, I'd like to advise you that we will be making forward-looking statements during this call about our plans, expectations, and assumptions regarding our future performance.

在開始之前，我想提醒各位，我們在本次電話會議中將就我們對未來表現的計畫、預期與假設發表前瞻性陳述。

These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements.

這些陳述涉及風險，可能導致我們的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。

For a discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday and the risk factors section of our 2025 FORM 10-K.

關於這些風險的討論，請參閱我們昨日新聞稿中有關前瞻性陳述的警示性資訊，以及我們 2025 年 FORM 10-K 的風險因素章節。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance.

我們可能會提及某些非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。

Reconciliation of these measures to the most directly comparable GAAP measure and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at www.blackstoneminerals.com.

這些指標與最直接可比的 GAAP 指標之調節表，以及其他關於這些非 GAAP 指標的資訊，已載於我們昨日的財報新聞稿中，可於我們網站 www.blackstoneminerals.com 查閱。

Joining me on the call from the company are Taylor DeWalch, co-CEO and President, Fowler Carter, co-CEO and President, Steve Putman, senior Vice President and general counsel, and Chris Bonner, Senior Vice President, Chief Financial Officer, and Treasurer.

今天與我一同參與電話會議的公司代表包括：共同執行長兼總裁 Taylor DeWalch、共同執行長兼總裁 Fowler Carter、資深副總裁兼總法律顧問 Steve Putman，以及資深副總裁、財務長兼司庫 Chris Bonner。

I'll now turn the call over to Taylor.

接下來我把電話交給 Taylor。

Thanks, Natalie.

謝謝你，Natalie。

Good morning and thank you for joining us.

早安，感謝各位加入我們。

We made meaningful progress during the second quarter as we continue to execute our differentiated strategy.

第二季我們取得了有意義的進展，並持續執行我們具差異化的策略。

We advanced development activity across our Shelby trough and Haynesville expansion position, remained active with mineral acquisitions and continued creating value across our broader portfolio through leasing, marketing, and asset management efforts.

我們推進了 Shelby Trough 與 Haynesville 擴張區塊的開發活動，持續進行礦權收購，並透過租賃、行銷與資產管理等工作，在更廣泛的投資組合中持續創造價值。

We also announced a 7% increase in our quarterly distribution, reflecting the strength of our business and our commitment to delivering sustainable returns to unit holders.

我們也宣布將季度配息提高 7%，反映我們業務的強勁表現，以及我們致力於為單位持有人提供可持續回報的承諾。

More broadly, activity across our core areas is moving in the right direction.

更廣泛而言，我們核心區域的活動正朝正確方向發展。

Aamus continues to execute on his development program.

Aamus 持續執行其開發計畫。

Revenant progressed activity during the quarter.

Revenant 在本季推進了相關活動。

And Katterus has now begun operations on acreage covered by its agreement.

而 Katterus 現已在其協議涵蓋的土地上開始作業。

We also see increasing operator activity throughout the Haynesville.

我們也看到 Haynesville 全區的營運商活動增加。

At the same time, oil production from the Permian Bakken, coupled with higher oil pricing, contributed meaningfully to our results during the quarter and further highlights the benefit of Blackstone's diversified portfolio.

同時，Permian 與 Bakken 的原油產量，加上較高的油價，對本季業績做出顯著貢獻，也進一步凸顯 Blackstone 多元化投資組合的優勢。

As we've stated previously, we believe 2026 represents an important inflection point for the partnership.

如同我們先前所述，我們認為 2026 年是本合夥企業的重要轉折點。

While production dipped from the first quarter.

雖然產量較第一季下滑。

We are encouraged by the activity underway across our acreage and remain focused on converting that activity into sustainable production, cash flow, and long-term value creation for our unit holders.

但我們對於在我們土地上進行中的活動感到鼓舞，並將持續專注於把這些活動轉化為可持續的產量、現金流，以及為單位持有人創造長期價值。

With that, I'll turn it over to Fowler to discuss our commercial and optional activity.

接下來我把電話交給 Fowler，請他說明我們的商務與選擇權相關活動。

Thanks, Taylor.

謝謝你，Taylor。

We continue to make progress across our commercial initiatives during the second quarter while further strengthening our position in the Shelby Trough and Haynesville expansion area.

第二季我們在各項商務計畫上持續取得進展，同時進一步強化我們在 Shelby Trough 與 Haynesville 擴張區域的布局。

Our acquisition program remained active with about $40 million of mineral and royalty acquisitions completed during the quarter.

我們的收購計畫仍然活躍，本季完成約 4,000 萬美元的礦權與權利金收購。

Since launching our acquisition program nearly 3 years ago, we have deployed almost $300 million primarily focused on acreage within or adjacent to our core development areas.

自近 3 年前啟動收購計畫以來，我們已投入近 3 億美元，主要聚焦於我們核心開發區域內或相鄰的土地。

We continue to see opportunities that complement our existing position and increase our exposure to future development activity.

我們持續看到可補強既有布局、並提高我們對未來開發活動曝險的機會。

Beyond acquisitions, our leasing and asset management efforts generated meaningful value during the first half of the year.

除收購之外，我們的租賃與資產管理工作在今年上半年也創造了可觀價值。

Strong leasing activity produced approximately $13 million of lease bonus and other income, significantly exceeding our expectations at the start of this year.

強勁的租賃活動帶來約 1,300 萬美元的租賃簽約金及其他收入，顯著超出我們在今年初的預期。

We also benefited from an initiative launched late last year to review deduct-free lease provisions, resulting in approximately $6.5 million of refunds collected to date.

我們也受益於去年底啟動的一項計畫，用以檢視免扣除（deduct-free）的租約條款，截至目前已收回約 650 萬美元的退款。

These efforts highlight the value of actively managing our mineral and royalty portfolio.

這些努力凸顯了主動管理我們礦權與權利金投資組合的價值。

As Taylor mentioned earlier, development across our Shelby trough and Haynesville expansion position continued to advance during the quarter.

如 Taylor 先前提到，本季我們在 Shelby Trough 與 Haynesville 擴張區塊的開發持續推進。

Aamus operated 2 rigs on our acreage at Quarter End and turned 4 wells to sales in July.

截至季末，Aamus 在我們的土地上運作 2 座鑽機，並於 7 月將 4 口井轉入銷售。

We expect another 8 wells to come online during the remainder of 2026, and Adams plans to drill 17 wells under the new program year that began in July.

我們預期 2026 年剩餘期間還會有另外 8 口井上線；而 Adams 計畫在 7 月開始的新計畫年度下鑽 17 口井。

Revenant continued its development program during the quarter and sped 2 additional wells, despite a reduction in its first-year drilling commitment following the previously disclosed well-controlled incident.

Revenant 本季持續其開發計畫，並加速完成（spud）另外 2 口井，儘管在先前已揭露的井控事件後，其第一年鑽井承諾有所下調。

Activity is also beginning to emerge under our agreement with Kadarus, which currently has a pilot well underway in Cherokee County and expects to commence development drilling during the second half of 2026.

在我們與 Kadarus 的協議下，相關活動也開始浮現；目前其在 Cherokee County 正進行一口試驗井，並預期於 2026 年下半年開始開發鑽井。

Discussion with a prospective operator regarding a new development that could further expand our contracted development footprint across the Shelby Trough and Haynesville expansion area.

我們正與一位潛在營運商就一項新的開發計畫進行討論，該計畫可能進一步擴大我們在 Shelby Trough 與 Haynesville 擴張區域的合約開發版圖。

On a broader basis, activity across the Haynesville increased during the quarter.

從更廣泛的角度來看，Haynesville 全區的活動在本季有所增加。

We continue to see operators evaluating and pursuing opportunities throughout the play, and the number of active rigs on our Haynesville and Shelby trough acreage increased significantly during the quarter, we remain encouraged by the level of industry interest across our acreage footprint and the opportunities we see to further expand development activity over time.

我們持續看到營運商在整個區塊評估並追求各項機會；本季我們在 Haynesville 與 Shelby Trough 土地上的活躍鑽機數量顯著增加。我們對於產業界對我們土地版圖的關注程度，以及隨時間推進進一步擴大開發活動的機會，仍感到鼓舞。

Strong results from expands Bobby Yancey well in Houston County and drilling activity in Anderson County further support our subsurface thesis of the connection between the Shelby Trough and Western Haynesville and reinforce the long-term development potential of our Haynesville expansion acreage.

休士頓郡 Bobby Yancey 井區擴張所帶來的強勁成果，以及安德森郡的鑽井活動，進一步支持我們關於 Shelby Trough 與西部 Haynesville 之間連通性的地下地質論點，並強化我們 Haynesville 擴張區塊長期開發潛力。

Outside of the Shelby trough, Blue Arrow continues to advance development in the Southern Delaware Basin.

在 Shelby Trough 以外，Blue Arrow 持續推進南部德拉瓦盆地的開發。

3 wells were turned to sales during the quarter with the remaining 22 wells in the program, expected online during the second half of 2026 and in 2027.

本季有 3 口井轉入銷售，其餘計畫中的 22 口井預計將於 2026 年下半年及 2027 年上線。

We also saw strong contributions from our Permian and Bakken acreage during the quarter, benefiting from solid production and higher oil prices.

本季我們在二疊紀與巴肯（Bakken）資產也有強勁貢獻，受惠於穩健產量與較高油價。

Overall, we are pleased with the progress across our commercial initiatives and believe the activity we are seeing today continues to support our longer-term production growth outlook.

整體而言，我們對各項商業計畫的進展感到滿意，並認為目前看到的活動持續支持我們較長期的產量成長展望。

With that, I'll turn it over to Chris to cover the financial results.

接下來我把時間交給 Chris，說明財務結果。

Thanks, Fowler, good morning.

謝謝，Fowler，大家早安。

The world production during the quarter averaged 32.5 employees per day, while total production averaged 33.5 in UE per day.

本季全球產量平均為每日 32.5 名員工，而總產量平均為每日 33.5 UE。

Production declined from the first quarter, primarily due to lower natural gas mineralty volumes in the Haynesville.

產量較第一季下滑，主要因 Haynesville 的天然氣礦權（mineralty）量較低。

As Taylor mentioned, production trends do not always move in a straight line as development activity progresses, and we come online at different points throughout the year, and we remain confident in the overall trajectory of the business towards growing production and distributions.

如 Taylor 所提，隨著開發活動推進，產量趨勢不一定呈直線變化；我們在一年中不同時間點陸續上線，但我們仍對公司整體朝向提升產量與分配的軌跡充滿信心。

Commodity prices supported during the quarter, particularly for oil.

本季商品價格提供支撐，尤其是原油。

Our average realized price excluding the impact of derivative settlements increased 7% from last quarter to $37.82 per BOE.

我們的平均實現價格（不含衍生性商品結算影響）較上季上升 7% 至每桶油當量（BOE）37.82 美元。

Higher oil pricing and production helped offset the impact of lower gas volumes and contributed to strong cash flow generation during the period.

較高油價與產量有助於抵銷天然氣量下降的影響，並促成本期間強勁的現金流創造。

As a result, net income for the quarter was approximately $106 million adjusted EBITDA totaled $91 million and distributable cash flow was $80 million.

因此，本季淨利約 1.06 億美元，調整後 EBITDA 為 9,100 萬美元，可分配現金流為 8,000 萬美元。

Oil and condensate accounted for 65% of our oil and gas revenues.

原油與凝析油占我們油氣收入的 65%。

As previously announced, we declared a distribution of $0.32 per unit for the quarter or $1.28 on an annualized basis.

如先前公告，我們宣告本季每單位分配 0.32 美元，年化為 1.28 美元。

Strong production from our oilweighted assets and improved commodity pricing supported our results allowing us to increase distribution while maintaining 1.18 times coverage for the quarter.

我們偏重原油的資產帶來強勁產量，加上商品價格改善，支撐了本季表現，使我們得以在維持本季 1.18 倍覆蓋率的同時提高分配。

This balanced approach supports both continued investment and a creative growth opportunities, and our goal of delivering sustainable distribution growth over time.

這種平衡作法同時支持持續投資與具吸引力的成長機會，並符合我們隨時間推進提供可持續分配成長的目標。

As Taylor and Fowler discussed, we continue to see encouraging results across our core acreage from development programs in the Shelby Trough and Haynesville expansion area to opportunities across the broader portfolio.

如 Taylor 與 Fowler 所討論，我們持續在核心區塊看到令人鼓舞的成果，從 Shelby Trough 與 Haynesville 擴張區的開發計畫，到整體投資組合更廣泛的機會。

We believe our diversified asset base, disciplined commercial strategy, growing development footprint, and strategic position near Gulf Coast Demand centers support our ability to deliver sustainable long-term value for unit holders.

我們相信，多元化資產基礎、嚴謹的商業策略、持續擴大的開發版圖，以及鄰近墨西哥灣沿岸需求中心的策略位置，將支持我們為單位持有人創造可持續的長期價值。

With that, we'll open it up for questions.

接下來我們開放提問。

(Operator Instructions)

（接線員指示）

Tim Rezvan with Key Bank.

KeyBank 的 Tim Rezvan。

Good morning, this is John on for Tim.

大家早安，我是代 Tim 發言的 John。

Thanks for taking our questions.

謝謝讓我們提問。

So we were surprised to see the distribution increase this quarter, but you showed you had a lot of coverage on that $0.32 distribution.

我們對本季分配上調感到意外，但你們也顯示在每單位 0.32 美元的分配上有相當高的覆蓋。

Just given Blackstone's tradition of trying to maintain a fixed distribution, what's driving your confidence and being able to fund that bigger payout going forward, is it visibility on stronger oil volumes that we saw, is it, you're out gas activity ramping, or is it something else?

考量到黑石一向傾向維持固定分配，推動你們對未來能夠資助更高配息的信心是什麼？是我們看到的較強原油量能見度？還是天然氣活動加速？或是其他因素？

Hey, good morning, John.

嗨，John，早安。

This is Taylor.

我是 Taylor。

Yeah, I think you hit the nail on the head.

是的，我想你說到重點了。

I think it's a little bit of all of the above, certainly, I think that, we do try to increase distributions when we have confidence, that we're going to be able to maintain that distribution, and that's where we sit today.

我認為以上因素都有一些；當然，我們確實會在有信心能維持分配水準時才提高分配，而我們目前就是這樣的狀態。

When we look out to the forecast, we're certainly excited about the, incoming ramp in production, that we've alluded to via our development agreements, as well as long as.

當我們展望預測時，我們對即將到來的產量爬升感到興奮，這部分我們先前已透過開發協議有所提及，以及長期來看也是如此。

The strong results to date this year from our oil assets, so I'd say it's a little bit of both, and certainly have confidence in, the 7% increase, this quarter.

再加上今年迄今我們原油資產的強勁成果，所以我會說兩者兼具，並且我們對本季 7% 的上調很有信心。

Okay, just to tail off that, and you discussed this a little in your prepared remarks, could you just give an update on where you stand with any future Haynesville agreements, you sound like, you're looking to formally bring in any other operators, as Aamus revenant and Caterus, are kind of in a steady state.

好的，延續這點，你們在事先準備的講稿中也稍有提到；能否更新一下未來 Haynesville 協議的進展？聽起來你們正尋求正式引入其他營運商，因為 Aamus revenant 和 Caterus 似乎處於相對穩定的狀態。

Yeah, I'll just touch on that real quickly.

好的，我很快回應一下。

I mean, we've talked about in the past, that we're marketing some additional, acreage that we're excited about in the Shelby Trough can continue to expand, on the success we've had to date with operators, that marketing has gone really well, and we're getting close to being able to disclose more information, as it relates to formally signing up another agreement with, another Haynesville operator.

我們過去提過，我們正在推廣一些位於 Shelby Trough、我們很看好的額外區塊，並可在目前與營運商合作所取得的成功基礎上持續擴張；推廣進展非常順利，我們也接近可以披露更多資訊的階段，內容與正式簽署另一份與其他 Haynesville 營運商的協議相關。

Okay, that, that's great, and so, if I could just sneak one more in, just on the leverage, it's inched up from 0 in 2024 to a little bit over half a turn now with, $300 million of of preferred on the balance sheet.

好的，這很棒；如果我再追問一題，關於槓桿，你們從 2024 年的 0 上升到現在略高於 0.5 倍，資產負債表上有 3 億美元的優先股。

Just looking at the next window to address the preferreds coming in a little over a year, how are you thinking about, the capital structure longer-term, just given the payment that's on those preferred.

展望下一個處理優先股的時間窗口大約在一年多後，你們如何思考較長期的資本結構，特別是考量到那些優先股所需支付的款項？

Sure, I, and maybe more broadly just thinking about, how we allocate our capital, we've certainly been spending most of our time and resources thinking about the expanding Shelby Trough, and we're excited about our bolt-on, acquisition program, that we've been executing on for a while now, so, we still look at it, is that we've got a peerleading leverage, that's a place that we'd like to be, as we look out to the future, taking into consideration of the agreement that we have with Apollo right now on the, preferred, but as we get into the next, open window, we'll certainly continue to evaluate kind of uses of our capital and, how the preferred fits into that.

當然，我想更廣泛地談談我們如何配置資本。我們確實把大部分時間與資源放在擴張中的 Shelby Trough 上，同時也對我們一直在執行的附加式（bolt-on）併購計畫感到振奮。所以我們仍然這樣看：我們擁有同業領先的槓桿水準，這也是我們展望未來時希望維持的位置，並且會把目前與 Apollo 就優先股所達成的協議納入考量；但當我們進入下一個開放窗口時，我們肯定會持續評估資本的各種用途，以及優先股在其中如何契合。

I would just add that continuing to advance our acquisition program, the Shelby Troff, so that's where we've been using our debt recently, and as that progresses and we look into next year, we'll evaluate our options with the preferred and what makes the most sense.

我再補充一點：我們會持續推進併購計畫以及 Shelby Trough，因此這也是我們近期使用負債資金的方向。隨著進展推進並展望明年，我們將評估在優先股方面的選項，以及什麼做法最合理。

(Operator Instructions)

（接線員指示）

John Annis with Texas Capital.

德州資本（Texas Capital）的 John Annis。

John, your line is open, please go ahead.

John，您的線路已開通，請開始。

Hey, good morning all, and thanks for taking my questions for my first one.

各位早安，謝謝讓我提問，先問第一個問題。

Morning, maybe starting with production, can you walk us through the drivers of the stronger than expected oil volumes and the decline in Haynesville gas volumes during the quarter and how you're thinking about the production trajectory, carrying into the second half.

早安，先從產量談起，能否帶我們了解一下本季原油產量強於預期的驅動因素，以及 Haynesville 天然氣產量下滑的原因？另外你們如何看待延續到下半年時的產量走勢？

Yeah, I can start with that, so looking at the oil production, we have seen some price-driven activity, particularly operators, turning ducks to sales, and so we certainly have benefited from that, on the gas side, our ass has, we have some higher interest, at positions within the Shelby trough, and so, depending on the time of when some of those walls come on, it makes our production a bit lumpy, we've also just seen, variability in activity, but with the recent increasing recounts on us, we are confident, that that activity is going to turn into higher production, and then as our development programs advance under our contracted agreements, we're also encouraged by our medium to long-term outlook on cast there.

好的，我先回答。就原油產量來看，我們看到一些由價格驅動的活動，特別是營運商把 DUC（已鑽未完井）轉為銷售，因此我們確實從中受益。天然氣方面，我們在 Shelby Trough 的一些區位擁有較高的權益，所以視某些井何時投產而定，會讓我們的產量呈現較不平滑的波動；我們也看到活動量的變動性。不過，隨著近期我們這邊的鑽機數增加，我們有信心這些活動會轉化為更高的產量；此外，隨著我們在合約協議下的開發計畫推進，我們對那裡的中長期展望也感到鼓舞。

I might just add, thanks, Chris, I might just add in John when you look at our portfolio, it, it's great to be in a place where we've got the diversity of oil and gas assets, and I think we've seen that play into the first part of this year and the strong results, and also the significant leasing that's been going on across the Permian and the Bakken and elsewhere, I mean, one place to really be thinking about it, is the Woodford Barnett is that's getting more attention.

我也補充一下，謝謝 Chris。John，當你看我們的投資組合時，很高興我們擁有油氣資產的多元性，我想這在今年前半段的強勁表現中已經反映出來。另外，Permian、Bakken 以及其他地區目前也有大量租賃活動；其中一個值得特別關注的地方是 Woodford Barnett，正受到更多關注。

Certainly see more leasing there on us, and I think is we're really driving a lot of resource expansion in the Haynesville and certainly spending a lot of time focusing on development agreements there.

我們確實看到那裡對我們的租賃更多；同時，我們也在推動 Haynesville 的資源擴張，並且確實投入大量時間聚焦於那裡的開發協議。

It's worth noting that we're participating in resource expansion in some of the other plays, I think that's benefiting us in leasing dollars today, but ultimately production and activity down the line.

值得一提的是，我們也參與其他區塊的一些資源擴張。我認為這在今天帶來租賃收入的助益，但最終也會在未來帶動產量與活動。

I appreciate all that color, maybe for my follow-up.

感謝這些補充說明，我的追問是。

We've seen a significant increase in activity across tier 3 counties, Shelby Trough area, I think stands at roughly 19 rigs today, what do you think is driving that acceleration, despite the softer gas type, and how much of that activity reflects operators maybe delineating acreage today to support future development commitments.

我們看到第 3 級縣（tier 3 counties）整體活動顯著增加，Shelby Trough 區域我想目前大約有 19 部鑽機。你認為在天然氣價格較疲弱的情況下，這種加速的驅動因素是什麼？另外，這些活動有多少反映出營運商可能是在做區塊界定（delineation），以支撐未來的開發承諾？

Yeah, John, good question.

是的，John，問得很好。

I mean, I think it's a little bit of both.

我的意思是，我認為兩者都有。

I think there are, some operators that are certainly seeing some nice returns in the current environment as well as the incentives to delineate, and, certainly stick to their commitments under our development agreements.

我認為有些營運商在目前環境下確實看到不錯的報酬，同時也有動機去做界定，並且確實履行他們在我們開發協議下的承諾。

So we've seen the same, I think there's clearly a, an industry pull towards the Shelby trough, his inventory is dwindling in the legacy Haynesville, and I think that's a dynamic we're going to continue to see certain.

所以我們也看到同樣情況。我認為產業明顯有一股力量正拉向 Shelby Trough；傳統 Haynesville 的可開發庫存正在減少，我想這種動態我們肯定會持續看到。

Certainly, we're excited about the trajectory of the activity and where that puts us kind of as we go over, the next couple of years, but really into 29 and 30 as the industry is looking for natural gas inventory to, supply the coming wave of demand, and we think we're really well positioned for that where our assets sit in proximity to the Gulf Coast, of course, as well as increasing power demand, so I do think there's just a continued increase of activity towards the Shelby Trough in the expanding Haynesville, and our anchorage is really well positioned to grab that market share and take advantage of it.

當然，我們對活動的走勢以及這在未來幾年、尤其是到 2029、2030 年所帶來的定位感到振奮，因為產業正在尋找天然氣庫存來供應即將到來的需求浪潮。我們認為就資產位置而言，我們非常有利，靠近墨西哥灣沿岸，當然也受惠於電力需求增加。因此我確實認為，在擴張中的 Haynesville，活動會持續朝 Shelby Trough 增加，而我們的地塊（acreage）非常適合去取得那部分市占並加以利用。

We have reached the end of our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back to Taylor for closing remarks.

我現在把電話交回給 Taylor 作結語。

Thanks everybody for joining us this morning.

謝謝各位今天早上加入我們。

As we've talked about, we're really excited to continue our solid execution of our differentiated strategy across our diverse portfolio, we continue to really stay confident in our trajectory and trying to return as much value to our unit holders as we can, so we look forward to speaking with all of you again next quarter.

如同我們所談到的，我們對於在多元投資組合中持續扎實執行我們具差異化的策略感到非常振奮。我們也持續對自身的發展軌跡保持信心，並努力盡可能把更多價值回饋給我們的單位持有人（unit holders）。我們期待在下個季度再次與各位交流。

Thanks.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending.

感謝各位出席。

You may now disconnect.

您現在可以掛線。