Blackstone Mortgage Trust Inc (BXMT) 2022 Q4 法說會逐字稿

Good day, and welcome, everyone, to the Blackstone Mortgage Trust Fourth Quarter and Full Year 2022 Investor Call. At this time, all participants are in listen-only mode. (Operator Instructions) I would like to advise all parties that this conference is being recorded. And with that, let me hand it over to Tim Hayes, Vice President of Shareholder Relations. Please go ahead.

美好的一天，歡迎大家參加 Blackstone Mortgage Trust 第四季度和 2022 年全年投資者電話會議。此時，所有參與者都處於只聽模式。 （操作員說明）我想通知各方，正在錄製此會議。就此，讓我把它交給股東關係副總裁蒂姆海耶斯。請繼續。

Thank you. Good morning, and welcome to Blackstone Mortgage Trust Fourth Quarter and Full Year 2022 Conference Call. I'm joined today by Katie Keenan, Chief Executive Officer; Tony Marone, Chief Financial Officer; and Austin Pena, Executive Vice President of Investments.

謝謝。早上好，歡迎來到 Blackstone Mortgage Trust 第四季度和 2022 年全年電話會議。今天，首席執行官凱蒂·基南 (Katie Keenan) 加入了我的行列；首席財務官 Tony Marone；和投資執行副總裁 Austin Pena。

This morning, we filed our 10-K and issued a press release with a presentation of our results, which are available on our website and have been filed with the SEC. 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 our results, please see the Risk Factors section of our most recent 10-K.

今天早上，我們提交了 10-K 並發布了一份新聞稿，其中介紹了我們的結果，這些結果可在我們的網站上找到並已提交給美國證券交易委員會。我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述是不確定的，不在公司的控制範圍內。實際結果可能存在重大差異。有關可能影響我們結果的一些風險的討論，請參閱我們最近的 10-K 的風險因素部分。

We do not undertake any duty to update forward-looking statements. We will also refer to certain non-GAAP measures on this call. And for reconciliations, you should refer to the press release and our 10-K. This audio cast is copyrighted material of Blackstone Mortgage Trust and may not be duplicated without our consent.

我們不承擔任何更新前瞻性陳述的義務。我們還將在此次電話會議上提及某些非 GAAP 措施。對於對賬，您應該參考新聞稿和我們的 10-K。此音頻廣播是 Blackstone Mortgage Trust 的版權材料，未經我們同意不得複制。

For the fourth quarter, we reported a GAAP net loss of $0.28 per share, while distributable earnings were $0.87 per share. A few weeks ago, we paid a dividend of $0.62 per share with respect to the fourth quarter. If you have any questions following today's call, please let me know. With that, I'll now turn things over to Katie.

第四季度，我們報告的 GAAP 淨虧損為每股 0.28 美元，而可分配收益為每股 0.87 美元。幾週前，我們為第四季度支付了每股 0.62 美元的股息。如果您在今天的電話會議後有任何問題，請告訴我。有了這個，我現在將把事情交給凱蒂。

Thanks, Tim. The snapshot of this quarter's earnings comes down to 2 key numbers: $0.87 per share are distributable earnings, an all-time record for BXMT and $0.94 per share. Our net change to book value, reflecting the impact of our CECL reserve increase given the more challenging credit environment. The 2 are integrally related.

謝謝，蒂姆。本季度收益的概況歸結為 2 個關鍵數字：每股 0.87 美元是可分配收益，這是 BXMT 的歷史記錄，每股 0.94 美元。我們對賬面價值的淨變動，反映了在更具挑戰性的信貸環境下我們 CECL 準備金增加的影響。 2者是一體的。

The primary factor pressuring credit performance is also driving record income for our business. And that is the precipitous rise in short-term interest rates, 425 basis points over the course of 2022, the steepest tightening cycle in 50 years. They're also integrally related for our company.

給信貸業績帶來壓力的主要因素也是推動我們業務創紀錄的收入。這就是短期利率的急劇上升，在 2022 年期間上升了 425 個基點，這是 50 年來最劇烈的緊縮週期。它們也與我們公司息息相關。

Our powerful earnings stream protects the lion's share of returns for our investors as we work through a credit cycle. Our dividend is delivering a nearly 10.5% current income yield, well in excess of the 3.5% impact on book value of our reserve increase. That dividend is well protected, 140% coverage this quarter, creating meaningful cushion against nonaccruals. It is recurring. We've paid it for 30 straight quarters.

在我們度過信貸週期時，我們強大的收益流保護了投資者的大部分回報。我們的股息提供了近 10.5% 的當前收入收益率，遠遠超過了儲備增加對賬面價值的 3.5% 的影響。該股息得到很好的保護，本季度覆蓋率為 140%，為非應計項目創造了有意義的緩衝。它是反復出現的。我們已經連續支付了 30 個季度的費用。

And when we out-earn our dividend, the difference is retained as additional equity, further offsetting the impact of increased credit reserves on our book value. This interplay will persist. Rates are still increasing, and the Fed has made clear that they will stay high for some time. This will continue to pressure credit performance for the most challenged real estate assets.

當我們賺取的股息超過股息時，差額將作為額外權益保留，進一步抵消信用儲備增加對我們賬面價值的影響。這種相互作用將持續存在。利率仍在上升，美聯儲已明確表示利率將在一段時間內保持高位。這將繼續對面臨挑戰最大的房地產資產的信貸業績構成壓力。

At the same time, elevated rates drive outsized earnings power and current return, a powerful hedge for businesses like ours. The broader market has figured this out.

與此同時，高利率推動了巨大的盈利能力和當前回報，這對像我們這樣的企業來說是一種強大的對沖。大盤已經明白了這一點。

After a year of massive outflows from all sectors, inflows into fixed income so far in 2023 are robust. Credit assets are inherently defensive and floating rate credit is even better today. This does not mean we will be immune from an economic slowdown. Few businesses can be, but we believe our business is well positioned to withstand it.

經過一年從所有行業大量流出後，2023 年迄今為止流入固定收益的資金強勁。信貸資產本質上是防禦性的，浮動利率信貸在今天甚至更好。這並不意味著我們將免受經濟放緩的影響。很少有企業可以，但我們相信我們的企業有能力承受它。

We start with an asset base of loans made to best-in-class borrowers with significant subordinated equity. With the benefit of insights gleaned from the far-reaching Blackstone footprint, we then built up our defenses for a more difficult environment. Having seen cracks in the capital markets, we shifted BXMT to a more conservative posture at the outset of 2022.

我們從向擁有大量次級股權的一流借款人提供貸款的資產基礎開始。憑藉從影響深遠的 Blackstone 足跡中收集到的洞察力，我們隨後為更困難的環境建立了防禦措施。在看到資本市場出現裂縫後，我們在 2022 年初將 BXMT 調整為更加保守的姿態。

We raised the bar for our lending activities, focusing on our highest conviction themes and top tier borrowers. We raised over $1 billion of corporate capital accumulating a deep well of liquidity. And we proactively worked with our existing borrowers to collect paydowns and recourse, reaping the benefits of our well-structured loans to enhance our credit cushion, while importantly, maintaining constructive relationships.

我們提高了貸款活動的門檻，專注於我們最有信心的主題和頂級借款人。我們籌集了超過 10 億美元的企業資本，積累了大量流動資金。我們積極與現有借款人合作以收取還款和追索權，從我們結構良好的貸款中獲益以增強我們的信用緩衝，同時重要的是，保持建設性關係。

At the same time, the impact of rates on carry costs, valuations and market liquidity will continue to weigh on the most vulnerable assets. This is an important concept. The impact of the current economic and interest rate environment on real estate is uneven. Income growth in multifamily, industrial and hospitality assets remains robust and supply has become more constrained due to rising construction costs, providing a longer-term tailwind to fundamentals.

與此同時，利率對持有成本、估值和市場流動性的影響將繼續對最脆弱的資產構成壓力。這是一個重要的概念。當前的經濟和利率環境對房地產的影響是不均衡的。多戶住宅、工業和酒店資產的收入增長依然強勁，供應因建築成本上升而變得更加受限，為基本面提供了長期的推動力。

Capital demand is even more concentrated in these fast-performing assets, providing strong support to valuation. On the other hand, office is facing well-known headwinds from post-COVID work patterns and the slowing economy. But here too, the outcomes are uneven. The segment is not monolithic, and basis and quality matter.

資金需求更加集中在這些快速增長的資產上，為估值提供了強有力的支撐。另一方面，辦公室正面臨眾所周知的後 COVID 工作模式和經濟放緩的不利因素。但在這方面，結果也不均衡。該細分市場不是單一的，基礎和質量很重要。

There is scarcity in true Class A office space as evidenced by record-setting rents at trophy assets. Meanwhile, commodity office and cities that were already experiencing slowing growth prior to COVID are facing the sharpest headwinds. Our reserves are concentrated in these assets as are the bulk of our asset management efforts.

獎杯資產創紀錄的租金證明了真正的甲級辦公空間稀缺。與此同時，在 COVID 之前已經經歷增長放緩的商品寫字樓和城市正面臨著最大的逆風。我們的儲備集中在這些資產上，我們的大部分資產管理工作也是如此。

Before loans with new specific reserves this quarter date back to well before COVID, 2017 on average on assets that were well suited to their markets at the time. But COVID was not in the model and 3 of these loans are backed by office properties that are bearing the brunt of the post-COVID realignment in demand, most notably a significant reduction in government tenant office utilization.

在本季度具有新的特定準備金的貸款可以追溯到 COVID 之前，2017 年平均而言非常適合當時市場的資產。但 COVID 不在模型中，其中 3 筆貸款由辦公物業提供支持，這些物業首當其沖地受到 COVID 後需求調整的影響，最顯著的是政府租戶辦公室利用率的顯著下降。

The loans also share the commonality of a material change in sponsor wherewithal towards the assets. We're sober about the value declines impacting the most challenged of commodity office. On average, our reserves are 20% of our loan balance and imply asset value reductions of nearly 50%.

這些貸款還有一個共同點，即發起人對資產的資金來源發生重大變化。我們對影響最具挑戰性的商品辦公室的價值下降持清醒態度。平均而言，我們的準備金佔貸款餘額的 20%，這意味著資產價值減少了近 50%。

But these assets are not typical of our broader office portfolio. 54% of our office loans are backed by assets that are newly built or recently substantially renovated with an average vintage of 2021 at an average origination LTV of 60%. 34% of the office portfolio, most of the remainder, carries one or more significant credit enhancing qualities, such as particularly low leverage, high debt yield, location in high-growth sunbelt markets or material additional sponsor equity commitment in the last year.

但這些資產並不是我們更廣泛的辦公資產組合中的典型資產。我們 54% 的辦公室貸款由新建或近期大幅翻新的資產支持，平均年份為 2021 年，平均初始 LTV 為 60%。 34% 的寫字樓投資組合（其餘大部分）具有一種或多種顯著的信用增強品質，例如特別低的槓桿率、高債務收益率、位於高增長的陽光地帶市場或去年的重大額外發起人股權承諾。

Our 4 and 5 rated office loans round out the rest and represent only 5% of the overall BXMT portfolio, a small fraction where we have meaningfully increased our reserves to account for the credit challenges we see today. Our overall loan portfolio is 97% performing. This year, we collected $3.7 billion of repayments, nearly 50% of which were on office loans.

我們的 4 級和 5 級辦公貸款佔其餘部分，僅佔整個 BXMT 投資組合的 5%，這是我們顯著增加儲備以應對我們今天看到的信貸挑戰的一小部分。我們的整體貸款組合有 97% 的表現。今年，我們收回了 37 億美元的還款，其中近 50% 是辦公室貸款。

Our borrowers contributed $675 million of incremental equity, continuing to invest in their assets. We captured nearly $350 million of partial paydowns or increased recourse on 17 existing loans, primarily office, resulting in an average 16% reduction in our basis.

我們的借款人貢獻了 6.75 億美元的增量股本，繼續投資於他們的資產。我們獲得了近 3.5 億美元的部分還款或增加了 17 筆現有貸款（主要是辦公室貸款）的追索權，導致我們的基礎平均減少 16%。

We were able to negotiate this deleveraging because our loans carry many structural protections, performance tests, cash flow sweeps, guarantees and rate cap requirements. And of course, the most important protection for a lender is leverage plan. The insulation provided by our loan basis should not be overlooked. It would take lasting declines of 30% to 40% in real estate values for us to experience a loss at our position in the capital structure.

我們能夠就這種去槓桿化進行談判，因為我們的貸款帶有許多結構性保護、績效測試、現金流掃描、擔保和利率上限要求。當然，對貸方最重要的保護是槓桿計劃。不應忽視我們貸款基礎提供的隔離。房地產價值持續下跌 30% 至 40% 時，我們的資本結構中的頭寸才會出現虧損。

And because the vast majority of our sponsors remain committed to their assets and have contributed more equity along the way, our basis has been further derisked over time, enhancing the embedded credit protection in our portfolio.

而且由於我們的絕大多數發起人仍然致力於保護他們的資產，並在此過程中貢獻了更多的股權，因此隨著時間的推移，我們的基礎進一步降低了風險，增強了我們投資組合中的嵌入式信用保護。

In 2020, we encountered an unprecedented disruption for the real estate market. We addressed that challenge much as we are addressing the delayed COVID impact on office today, actively asset managing our loans, making appropriate risk rating and reserve adjustments, negotiating for credit enhancement and providing time where appropriate.

2020年，我們遇到了房地產市場前所未有的動盪。我們應對這一挑戰，就像我們今天應對 COVID 對辦公室的延遲影響一樣，積極地管理我們的貸款資產，進行適當的風險評級和準備金調整，就信用增級進行談判，並在適當的時候提供時間。

It is our job as a fundamental investor to look past the broad brush sentiment and judiciously and proactively manage our portfolio based on Blackstone's deep experience taking the long view. And where the impacts of asset underperformance, capital markets and sponsor behavior combined to create a workout dynamic.

作為基本面投資者，我們的工作是超越籠統的情緒，並根據 Blackstone 的長期經驗，明智而主動地管理我們的投資組合。資產表現不佳、資本市場和讚助商行為的影響共同創造了鍛煉動力。

We have the experience and the infrastructure as one of the largest owners of real estate in the world to identify and execute the best path for value preservation over time, a differentiator that will become increasingly important through the credit cycle. At the same time, we believe the origination environment will become still more opportunistic as values adjust and new capital is needed.

作為世界上最大的房地產所有者之一，我們擁有豐富的經驗和基礎設施，可以確定並執行隨著時間的推移保值的最佳途徑，這一差異化因素將在整個信貸週期中變得越來越重要。與此同時，我們相信隨著價值觀的調整和對新資本的需求，起源環境將變得更加機會主義。

We started the Blackstone debt business in the GSE, and we are uniquely positioned to access the once-in-a-cycle capital relief trades that create outsized returns on well underwritten risk. In the current market, we have found pockets of attractive regular way lending opportunities as well, exemplified by our nearly $700 million of second half originations that were 70% industrial, with yields 173 basis points wider than our overall portfolio.

我們在 GSE 開始了 Blackstone 債務業務，我們處於獨特的位置，可以訪問周期一次的資本減免交易，這些交易可以在承保良好的風險下創造超額回報。在當前市場上，我們也發現了一些有吸引力的常規方式貸款機會，例如我們下半年近 7 億美元的貸款，其中 70% 是工業貸款，收益率比我們的整體投資組合高 173 個基點。

But with transaction activity far below the norm, the addressable universe of standard new originations is smaller. And to stand up to the opportunity cost of our capital, new deals today must be more attractive from both a risk and return perspective.

但由於交易活動遠低於常態，標準新發源地的可尋址範圍較小。為了承受我們資本的機會成本，今天的新交易必須從風險和回報的角度來看都更具吸引力。

Most importantly, the outstanding earnings power we've already established with our existing portfolio means we can well afford to be patient. As we look ahead, the market outlook is mixed. We see some green shoots with the turn of the calendar. The CMBS market has reopened with AAA spreads retracing 50% to 75% from historic wise in December.

最重要的是，我們已經通過現有投資組合建立的出色盈利能力意味著我們完全可以耐心等待。展望未來，市場前景喜憂參半。隨著日曆的轉變，我們看到了一些綠芽。 CMBS 市場已重新開放，AAA 價差從 12 月的歷史水平回撤 50% 至 75%。

The corporate debt market is active. Banks having cleared their stress tests are fine. Stabilizing long-term rates create support for asset values and rational long-term borrowing costs, an important dynamic that should lead to more liquid markets. But there are still headwinds, the accumulating pressure of sustained high interest rates, geopolitical uncertainty, and slowing economies around the world.

公司債市場活躍。通過壓力測試的銀行沒有問題。穩定長期利率為資產價值和合理的長期借貸成本提供支持，這是一個重要的動力，應該會導致市場更具流動性。但仍然存在不利因素、持續高利率、地緣政治不確定性和全球經濟放緩的累積壓力。

As a result, we continue to position the business to withstand a more challenging period while continuing to capitalize on the advantages that supported our performance this year, a well-performing portfolio, record earnings power, substantial liquidity and a well-structured balance sheet.

因此，我們繼續將業務置於更具挑戰性的時期，同時繼續利用支持我們今年業績的優勢、表現良好的投資組合、創紀錄的盈利能力、充足的流動性和結構良好的資產負債表。

While the coming year may present challenges, challenge creates opportunity, and there is no platform better placed to navigate this environment than Blackstone. We are the largest alternative asset manager in the world with unparalleled information, experience and relationships. We have a 4-decade track record of performance for our investors in all market cycles. And here at BXMT, we look forward to continuing to deliver for our shareholders. With that, I'll turn it over to Tony.

雖然來年可能會帶來挑戰，但挑戰會創造機會，而且沒有比 Blackstone 更適合駕馭這種環境的平台。我們是世界上最大的另類資產管理公司，擁有無與倫比的信息、經驗和關係。在所有市場週期中，我們為投資者提供了長達 4 年的業績記錄。在 BXMT，我們期待繼續為我們的股東提供服務。有了這個，我會把它交給托尼。

Thank you, Katie, and good morning, everyone. I would like to start by unpacking our financial results for the quarter. We reported a GAAP net loss of $0.28 per share and distributable earnings or DE of $0.87 per share. DE is up $0.16 from the third quarter, driven by continued income growth from our 100% floating rate portfolio as well as a notable prepayment fee of about $0.07 per share this quarter.

謝謝你，凱蒂，大家早上好。我想首先介紹我們本季度的財務業績。我們報告的 GAAP 淨虧損為每股 0.28 美元，可分配收益或 DE 為每股 0.87 美元。 DE 比第三季度上漲 0.16 美元，這得益於我們 100% 浮動利率投資組合的收入持續增長以及本季度每股約 0.07 美元的顯著預付費用。

Excluding this fee, our regular wave DE of $0.80 per share is up 13% from 3Q and 21% from the equivalent metric in 4Q of last year, reflecting the significant beneficial impact of rising rates on our portfolio.

不包括這筆費用，我們每股 0.80 美元的常規波 DE 比第三季度增長 13%，比去年第四季度的同等指標增長 21%，反映出利率上升對我們投資組合的重大有利影響。

We continue to see rising rates as a tailwind for our business with a 100 basis point increase in rates from 4Q levels, generating around $0.05 per share of incremental quarterly earnings, all else equal. The primary difference between our GAAP net loss and DE is the $189 million increase in our CECL reserve this quarter, primarily related to 4 loans with specific CECL reserves as well as an incremental general reserve to reflect the broader market uncertainty and potential risk to our portfolio.

我們繼續將利率上升視為我們業務的順風，利率從第四季度的水平上調 100 個基點，在其他條件相同的情況下，每股增加約 0.05 美元的季度收益。我們的 GAAP 淨虧損與 DE 之間的主要區別是本季度我們的 CECL 準備金增加了 1.89 億美元，這主要與具有特定 CECL 準備金的 4 筆貸款以及增量一般準備金有關，以反映更廣泛的市場不確定性和我們投資組合的潛在風險.

Our aggregate asset specific CECL reserve now stands at $190 million or 20% of our 5 rated loans and our general CECL reserve of $153 million represents about 55 basis points of our total portfolio, which is up from 35 basis points last quarter. While these reserves will not impact DE unless and until they are realized, we have also placed our loans with specific CECL reserves on cost recovery status effective as of 12/31.

我們的總資產特定 CECL 儲備目前為 1.9 億美元，占我們 5 項評級貸款的 20%，我們的一般 CECL 儲備為 1.53 億美元，占我們總投資組合的約 55 個基點，高於上一季度的 35 個基點。雖然這些準備金不會影響 DE，除非並且直到它們實現，但我們也已將具有特定 CECL 準備金的貸款置於成本回收狀態，自 12 月 31 日起生效。

These loans received all interest payments due in the fourth quarter and generated about $0.05 per share of interest income. However, as we collect interest payments in the first quarter of 2023 and onward, cost recovery accounting will instead apply the cash payments we receive against our basis in these loans.

這些貸款收到了第四季度到期的所有利息，並產生了每股約 0.05 美元的利息收入。但是，當我們在 2023 年第一季度及以後收取利息時，成本回收會計將改為根據我們在這些貸款中的基礎應用我們收到的現金付款。

Ultimately, should these loans fully recover, all such deferred revenue will be recognized at the time of repayment. In the interim, this headwind earnings will be substantially offset by the benefit of rising rates I mentioned earlier.

最終，如果這些貸款完全收回，所有此類遞延收入將在還款時確認。在此期間，這種逆風收益將被我之前提到的利率上升的好處大大抵消。

Continuing on the topic of credit, we upgraded 8 loans this quarter as performance for these assets continue to improve and downgraded 8 loans, inclusive of the 4 loans with asset-specific reserves I mentioned earlier. Our 5 rated loans with specific reserves represent only 3% of our gross loan portfolio. 10% of our loans have a risk rating of 4, all of which are performing and current and where we see the possibility of further stress of the economic conditions worsen.

繼續關於信貸的話題，隨著這些資產的表現繼續改善，本季度我們上調了 8 筆貸款，並下調了 8 筆貸款的評級，包括我之前提到的具有資產專用準備金的 4 筆貸款。我們具有特定準備金的 5 級貸款僅占我們總貸款組合的 3%。我們 10% 的貸款的風險評級為 4，所有這些都在執行和流動，我們認為經濟狀況可能會進一步惡化。

Remaining 87% of the portfolio is rated 3 or better. We continue to see business plans progress, including outstanding performance across many of our multifamily, industrial and hospitality assets find represent over half of our portfolio.

其餘 87% 的投資組合評級為 3 或更高。我們繼續看到業務計劃取得進展，包括我們發現的許多多戶型、工業和酒店資產的出色表現占我們投資組合的一半以上。

We have continued to collect 100% of all interest due under all of our loans, and the vast majority of our loans, 97% remain fully performing and recognizing income as usual. Although loan repayments remain muted, we did collect $648 million of repayments this quarter, roughly in line with our $690 million of loan fundings.

我們繼續收取所有貸款項下所有到期利息的 100%，並且我們的絕大多數貸款，97% 仍像往常一樣完全履行並確認收入。儘管貸款還款保持低迷，但本季度我們確實收回了 6.48 億美元的還款，與我們 6.9 億美元的貸款資金大致相符。

Turning to our capitalization. We continue to run BXMT's business with a focus on balance sheet diversification and stability. During the year, we added $3.6 billion of new credit facility capacity with our key banking relationships, and we remain an important customer for them during a period when banks are increasingly selective on credit.

轉向我們的資本化。我們繼續經營 BXMT 的業務，重點是資產負債表的多元化和穩定性。在這一年裡，我們通過我們的主要銀行關係增加了 36 億美元的新信貸額度能力，並且在銀行對信貸的選擇性越來越強的時期，我們仍然是他們的重要客戶。

None of our credit facilities allow for margin calls based on market-based valuations and 64% of our total financings are non mark-to-market, either structurally immune from any form of margin call or with mark-to-market either structurally immune from any form of marginal call or with mark-to-market provisions limited to defaulted assets only.

我們的信貸額度均不允許基於市場估值追加保證金，我們總融資的 64% 是非按市價計價的，要么在結構上不受任何形式的追加保證金追繳的影響，要么按市值計價在結構上不受追加保證金追繳的影響任何形式的追加保證金或按市值計價的規定僅限於違約資產。

Our liabilities are term matched to our assets, so we have no material corporate debt maturities until 2026. In the fourth quarter, we strategically upsized our term loan by $325 million, effectively refinancing the $220 million of convertible notes maturing in March and bringing our corporate debt raise to $1.1 billion for 2022.

我們的負債與我們的資產期限匹配，因此我們在 2026 年之前沒有重大公司債務到期。在第四季度，我們戰略性地將我們的定期貸款增加了 3.25 億美元，有效地為 3 月份到期的 2.2 億美元可轉換票據進行再融資，並使我們的公司2022 年債務增至 11 億美元。

This incremental term loan was leverage neutral as we use the proceeds to repay revolving credit facilities. However, our reported debt-to-equity ratio did increase this quarter to 3.8x from 3.6x as of 9/30. This is not the result of increased leverage against our assets, but rather the result of our CECL reserve, reducing the GAAP equity used in these calculations. Excluding the impact of CECL, our adjusted debt-to-equity ratio is 3.6x, in line with 3Q and a level we generally expect to be stable going forward.

這筆增量定期貸款是槓桿中性的，因為我們將所得款項用於償還循環信貸額度。然而，我們報告的債務權益比率本季度確實從 9/30 的 3.6 倍增加到 3.8 倍。這不是我們資產槓桿增加的結果，而是我們 CECL 儲備的結果，減少了這些計算中使用的 GAAP 權益。排除 CECL 的影響，我們調整後的債務權益比率為 3.6 倍，與第三季度一致，並且我們普遍預計未來將保持穩定的水平。

Incremental capital we raised this year as well as the incremental earnings we have been able to retain, have grown our liquidity to $1.8 billion as of 12/31 or $1.6 billion net of our convertible notes maturing in March. This capital provides us with plenty of resources to manage our business during a volatile period and creates further stability in our balance sheet.

截至 12 月 31 日，我們今年籌集的增量資本以及我們能夠保留的增量收益已將我們的流動性增加到 18 億美元，或扣除我們 3 月份到期的可轉換票據後的 16 億美元。這筆資金為我們提供了大量資源來在動盪時期管理我們的業務，並進一步穩定我們的資產負債表。

Similarly, we believe our $0.62 per share dividend will remain stable and is well supported by the cash flow generated by our business. Our DE covered our dividend 116% over the course of the year and 140% this quarter, giving us ample dividend coverage and a wide range of credit scenarios.

同樣，我們相信每股 0.62 美元的股息將保持穩定，並得到我們業務產生的現金流的有力支持。我們的 DE 覆蓋了全年 116% 的股息和本季度的 140%，為我們提供了充足的股息覆蓋和廣泛的信貸方案。

For example, in an onerous downside scenario where all of our vibrated loans and all of our 4-rated office loans stopped paying interest, our 4Q earnings level would still cover our dividend with a healthy cushion, all else equal. Of course, we are not expecting this scenario to unfold, but it highlights the inherent resilience of our business and ability to maintain dividend stability.

例如，在我們所有振動貸款和所有 4 級辦公室貸款停止支付利息的嚴重下行情況下，我們的 4Q 收益水平仍將以健康的緩衝覆蓋我們的股息，其他條件相同。當然，我們並不期望這種情況會發生，但它凸顯了我們業務的內在彈性和維持股息穩定性的能力。

We look forward to continuing to deliver consistent, reliable current income for our stockholders, and we maintain our focus on stability and downside protection amidst a more challenging environment. With that, I will ask the operator to open the call to questions.

我們期待繼續為我們的股東提供一致、可靠的當前收入，並且在更具挑戰性的環境中，我們將繼續關注穩定性和下行保護。有了這個，我會要求接線員打開問題電話。

(Operator Instructions) And the first question is coming from Doug Harter with Credit Suisse.

（操作員說明）第一個問題來自瑞士信貸的 Doug Harter。

Katie, hoping you could talk a little bit more about the 4 loans that you put reserves on. Kind of what specifically kind of occurred in the quarter that kind of led to that -- the downgrade and specific reserves?

凱蒂，希望你能多談談你投入準備金的 4 筆貸款。該季度發生了什麼具體情況導致了降級和特定儲備金？

Sure. So the loans that we added specific reserves this quarter were 3 office loans and 1 very small rent stabilized multi loan. We previously had them on the watch list and talked about a few of them last quarter as areas of concern. They -- we've had general supportive sponsorship behavior. And as Tony mentioned, all of these loans have been paying interest. But we're in a dynamic environment and the performance of these loans has changed over time.

當然。因此，本季度我們添加特定準備金的貸款是 3 筆辦公室貸款和 1 筆非常小的租金穩定多貸款。我們之前將它們列入觀察名單，並在上個季度將其中一些作為關注領域進行了討論。他們 - 我們有一般的支持贊助行為。正如托尼所說，所有這些貸款都在支付利息。但我們處在一個動態的環境中，這些貸款的表現隨著時間的推移而發生變化。

Some of the office loans, which are the lion's share are in some of the most challenged markets, D.C., Long Island City, Orange County. And I think also worth noting the quality of these buildings is quite distinct from the norm in our portfolio. There are generally more commodity buildings. We made the loans knowing that at low leverage points because they were relevant to a specific niche of the market that has now changed materially.

一些佔最大份額的辦公室貸款位於一些最具挑戰性的市場，如華盛頓特區、長島市、奧蘭治縣。我認為還值得注意的是，這些建築的質量與我們投資組合中的標準截然不同。商品樓一般較多。我們知道在低杠桿點提供貸款，因為它們與現在已經發生重大變化的特定市場相關。

So the set of disused loans became more challenging in the post-COVID world. And then that, combined with the impact of higher rates on carry costs and liquidity, combined with some upcoming maturities, created a decision point, and we made the decision to move those loans to 5 and take the specific reserves. We're actively working on these loans to resolve them and bring them to a conclusion.

因此，在後 COVID 世界中，一組廢棄的貸款變得更具挑戰性。然後，結合更高利率對持有成本和流動性的影響，再加上一些即將到期的貸款，創造了一個決策點，我們決定將這些貸款轉移到 5 並提取特定準備金。我們正在積極處理這些貸款以解決這些問題並得出結論。

And as a reminder, the loans we downgraded are only 2.4% of the overall portfolio and really represent a different paradigm than what we're seeing in the most of the portfolio.

提醒一下，我們降級的貸款僅佔整個投資組合的 2.4%，與我們在大多數投資組合中看到的相比，它確實代表了一種不同的範式。

Just on the maturity point, Katie, I guess what are the kind of the final maturities? Or what would be -- or extension dates that could kind of trigger the next decision point from the sponsors?

就成熟點而言，凱蒂，我想最終的到期日是什麼樣的？或者可能觸發贊助商下一個決策點的延期日期是什麼？

So I think we're already in that conversation. You know, they have -- the office loans have their maturities this year. And so that's really part of what is resulting in these reserves and the conversations we're having. So there isn't another sort of impact or a relevant time line.

所以我認為我們已經在進行對話了。你知道，他們有——辦公室貸款今年到期。因此，這確實是導致這些儲備和我們正在進行的對話的部分原因。所以沒有另一種影響或相關的時間線。

And our next question is coming from Don Fandetti with Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

Katie, can you talk a little bit about how higher rates are pressuring borrowers? And can they handle much more if the Fed continues to raise? And are you able to give modifications and that type of thing to manage through that?

凱蒂，你能談談更高的利率給借款人帶來的壓力嗎？如果美聯儲繼續加息，他們能處理更多嗎？您是否能夠提供修改和通過它來管理的那種類型的東西？

Sure. So I think that clearly higher rates and especially the accumulating impact of higher rates for longer, create pressure for borrowers. They make carry costs more expensive. They make the option value more expensive for assets that are already challenged. They change the perceived cap rate and certainly the higher rates and the overall Fed tightening is having a very material impact on liquidity. So those impacts are happening.

當然。因此，我認為明顯更高的利率，尤其是更高利率持續時間更長的累積影響，會給借款人帶來壓力。它們使攜帶成本更加昂貴。它們使已經受到挑戰的資產的期權價值更加昂貴。他們改變了人們認為的上限利率，當然還有更高的利率，美聯儲的整體緊縮政策正在對流動性產生非常重大的影響。所以這些影響正在發生。

I think it's important to note that even with that, we still have a 97% performing portfolio. So our assets are withstanding those impacts, which we have been selling for quite a period of time now. And I think that's a testament to the equity value in the assets and our sponsors view about the long-term value of the assets which we share.

我認為重要的是要注意，即使如此，我們仍然擁有 97% 的投資組合。因此，我們的資產能夠承受這些影響，我們已經出售了很長一段時間。我認為這證明了資產的股權價值以及我們的讚助商對我們共享資產的長期價值的看法。

I think the other dynamic that you brought up, and it's really important, and I mentioned in my script, is that the impact of higher rates, it creates pressure on assets that were already more susceptible. But for the lion's share of our portfolio, it creates very substantial excess earnings, and that creates insulation in our business in terms of our ability to retain those excess earnings in book value, our ability to cover our dividend and our ability to work with borrowers if they have a viable business plan. And it's really just the significant increased interest cost that's causing the pressure.

我認為你提出的另一個動態，它真的很重要，我在我的腳本中提到過，是更高利率的影響，它對已經更容易受到影響的資產造成壓力。但對於我們投資組合中的大部分，它創造了非常可觀的超額收益，並且在我們將這些超額收益保留在賬面價值的能力、我們支付股息的能力以及我們與借款人合作的能力方面為我們的業務創造了絕緣如果他們有可行的商業計劃。造成壓力的實際上只是利息成本的顯著增加。

We have some flexibility there to put the asset on a better path allow it to manage carry costs a little bit more reasonably and get to the other side here. And the fact that having much higher rates and the result of that on earnings in our portfolio gives us substantial margin to be able to have those conversations and a lot of optionality in terms of putting these assets on the right foot to manage through this period.

我們在那裡有一些靈活性，可以讓資產走上更好的道路，讓它更合理地管理持有成本，並到達另一邊。事實上，更高的利率以及我們投資組合中收益的結果為我們提供了可觀的利潤，使我們能夠進行這些對話，並在使這些資產處於正確的狀態以度過這段時期的管理方面有很多選擇權。

And our next question is coming from Steve Delaney with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Steve Delaney。

Congrats on a strong report and obviously, a difficult environment. Curious on the $0.80 of distributable EPS excluding the $0.07 in prepays. I mean it was very strong $0.08 to $0.10 above consensus in your own third quarter number of 71%. Was there anything -- other than the obviously, higher average LIBOR, was there anything unique or onetime in that number, such as maybe a recognition of some accrued interest that had been deferred? Just help us if there's -- if you really -- I guess my question is to Tony and to you, Katie, is the $0.80 a reasonable run rate for distributable EPS in the near term?

祝賀一份強有力的報告，顯然，這是一個艱難的環境。對 0.80 美元的可分配每股收益感到好奇，不包括 0.07 美元的預付款。我的意思是，在你自己的第三季度 71% 的數字中，它比共識高出 0.08 美元到 0.10 美元。有什麼——除了明顯更高的平均 LIBOR 之外，這個數字是否有任何獨特或一次性的東西，比如可能是對一些已推遲的應計利息的認可？請幫助我們，如果有——如果你真的——我想我的問題是托尼和你，凱蒂，0.80 美元是近期可分配每股收益的合理運行率嗎？

Sure, Steve. The short answer is, as you highlighted, the $0.07 is really the unique sort of onetime.

當然，史蒂夫。簡短的回答是，正如您強調的那樣，0.07 美元確實是一次性的。

Sure.

當然。

And then the $0.80 that is the earnings power of the business is the impact of rising rates on the portfolio and the full performance of the portfolio. When you talk about run rate, I'd say the 2 things to bear in mind, which I highlighted on the call. On the one hand, we have some of the loans going to cost recovery that will cut against that. On the other hand, we have the benefit of further rising rates that will be a tailwind. Those happen to roughly offset.

然後，作為企業盈利能力的 0.80 美元是利率上升對投資組合和投資組合整體表現的影響。當你談論運行率時，我會說要記住的兩件事，我在電話會議上強調了這一點。一方面，我們有一些貸款將用於成本回收，這將減少這一成本。另一方面，我們受益於利率進一步上升，這將是順風。這些恰好大致抵消了。

But if you're thinking about the go forward, those are the 3 things that I would think about is the $0.80 baseline and then those 2 variables going forward.

但是，如果您正在考慮前進，那麼我會考慮的 3 件事是 0.80 美元的基線，然後是這 2 個變量。

Great. And on the $1.10 boost to the CECL reserve $1.10 per share, about $180 million. Can you clarify how much of that -- I think there was certainly a specific, you mentioned the loans that had been -- 4, 5 loans that have been put on the cost recovery. But is there a material increase in the general reserve include -- embedded in that $1.10?

偉大的。在 CECL 儲備增加 1.10 美元後，每股增加 1.10 美元，約合 1.8 億美元。你能否澄清其中有多少 - 我認為肯定有一個具體的，你提到的貸款 - 4、5 筆貸款已用於成本回收。但是一般準備金是否有實質性增加——包含在 1.10 美元中？

Sure. So the general reserve went from 35 basis points of our loans to 55 basis points, which is about like $0.13. So its majority is the change in the impaired loans.

當然。所以一般準備金從我們貸款的 35 個基點增加到 55 個基點，大約是 0.13 美元。所以它的大部分是減值貸款的變化。

Right.

正確的。

But -- excuse me, it's about $0.30 I misspoke. So the majority is the move in the 5 rated loans, but you do have the general reserve growing as well.

但是 - 對不起，我說錯了大約 0.30 美元。所以大部分是 5 級貸款的變動，但一般準備金也在增長。

Yes. No, I think that's important because we at least can have some hope or expectation down the road in an improving market that some of that may revert to book value.

是的。不，我認為這很重要，因為我們至少可以在不斷改善的市場中抱有一些希望或期望，其中一些可能會恢復到賬面價值。

The next question is coming from Jade Rahmani with KBW.

下一個問題來自 KBW 的 Jade Rahmani。

I wanted to ask about multifamily. We're seeing negative new lease rent growth slowing demand. So it's a matter of time before renewal rents catch up in terms of magnitude of growth. And in addition to that, 1 million of multifamily units under construction, so a massive increase in supply will pressure multifamily fundamentals. This sector had the lowest cap rates, a lot of deals done even below 4% caps, and many of those deals have challenges with interest rate caps that are coming up. So what are your thoughts on multifamily? And how exposed do you think BXMT is to any credit issues there over the next 12 to 24 months?

我想問一下多戶家庭。我們看到新租賃租金出現負增長，需求放緩。因此，就增長幅度而言，續租租金趕上來只是時間問題。除此之外，還有 100 萬套多戶住宅正在建設中，因此供應量的大幅增加將對多戶住宅的基本面構成壓力。該行業的上限利率最低，許多交易的上限甚至低於 4%，其中許多交易都面臨即將到來的利率上限挑戰。那麼您對多戶家庭有何看法？您認為 BXMT 在未來 12 到 24 個月內對那裡的任何信用問題的暴露程度如何？

Sure. Thanks, Jade. I would start by saying what we're seeing on the ground in multifamily is perhaps a little bit distinct and it may speak to the quality of the markets and the assets that are in our portfolio and more generally at Blackstone. While we do see some deceleration in the growth of rents. We are still seeing positive re-leasing spreads. And I think you alluded to it a little, but it is really critical to focus on the fact that the loss to lease in these rent rolls is still very significant.

當然。謝謝，傑德。我首先要說的是，我們在多戶家庭實地看到的情況可能有點不同，它可能說明市場質量和我們投資組合中的資產，更普遍的是 Blackstone。雖然我們確實看到租金增長有所放緩。我們仍然看到積極的再租賃利差。我想你提到了一點，但真正重要的是要關注這樣一個事實，即這些租金單上的租賃損失仍然非常大。

So even if you see top line market rents decelerating or flattening out, there is still significant loss to lease that will create positive NOI growth going forward. And that's what we've seen. I think the other important thing to note is if you look at the vintage of origination of a lot of these loans, the real question is, where is NOI going to be relative to when we originated these loans and there's still a lot of growth between those 2 things, which supports our basis. I think the other thing to focus on, and again -- and supports DSCR and other cash flows.

因此，即使您看到頂線市場租金減速或趨於平緩，租賃仍然存在重大損失，這將在未來創造正的 NOI 增長。這就是我們所看到的。我認為另一件需要注意的重要事情是，如果你看一下這些貸款的發放年份，真正的問題是，NOI 與我們發放這些貸款的時間有關，而且兩者之間仍有很大的增長這兩件事支持我們的基礎。我認為另一件事要再次關注——支持 DSCR 和其他現金流。

The other thing to focus on is there's a tremendous amount of capital that is focused on multifamily. There's been new capital formation focused on filling some of the gaps in the capital structures that may be caused by interest rates or rate caps rolling off or other needs. And generally, I think multifamily owners are very positive about the long-term prospects of their assets. The market in general is supported by the agency financing market.

另一件需要關注的事情是，有大量資金專注於多戶住宅。新的資本形成專注於填補資本結構中可能由利率或利率上限下降或其他需求引起的一些缺口。總的來說，我認為多戶家庭業主對其資產的長期前景非常樂觀。市場總體上受到代理融資市場的支撐。

And I think as a whole, the combination of continued positive, albeit, to your point, probably somewhat less quick or decelerating growth, but continued positive growth combined with the fact that there's a lot of capital markets interest and support for this asset class makes us as a lender feel very good about where our loans are relative to the NOIs and the values of these assets.

我認為，總的來說，持續積極的結合，儘管就你的觀點而言，增長速度可能有所放緩或放緩，但持續的積極增長加上資本市場對這一資產類別的興趣和支持使得作為貸款人，我們對我們的貸款相對於 NOI 和這些資產的價值感到非常滿意。

There will be a little bit of a pop near term in supply. But beyond what's already in the ground this year, the supply pipeline is really very significantly falling off. And so I think people will also see through an interim sort of short-term delivery of some of the assets that are under construction and understand that over the next couple of years after this, there's going to be very little new supply.

短期內供應量會略有增加。但除了今年已經存在的情況外，供應管道確實在大幅減少。因此，我認為人們也會看到一些在建資產的臨時短期交付，並理解在此之後的未來幾年內，新供應將很少。

On the office side, as I go through the portfolio, there's many markets where we're seeing pressure. It's extremely widespread, including markets like Austin, Nashville, parts of Dallas and then the other obvious markets. So how confident are you that your fourth quarter CECL reflects a broad view of the office exposure and that we shouldn't expect material degradation in credit on that portfolio in the coming quarters?

在辦公室方面，當我瀏覽投資組合時，我們看到許多市場都面臨壓力。它非常普遍，包括奧斯汀、納什維爾、達拉斯部分地區以及其他明顯的市場。那麼，您對您的第四季度 CECL 反映了對辦公室風險的廣泛看法以及我們不應該期望未來幾個季度該投資組合的信貸出現實質性下降有多大信心？

Yes. I think a lot of it comes down to quality. I mean we're in a dynamic environment, so we look at the data and the trends we see today, and that informs what we do with our reserves and our overall risk rating process. And we've identified the 5s and the 4s where we see more susceptibility.

是的。我認為很多都歸結為質量。我的意思是我們處在一個動態的環境中，所以我們查看我們今天看到的數據和趨勢，這會告訴我們我們如何處理我們的儲備和我們的整體風險評級過程。我們已經確定了我們看到更多敏感性的 5s 和 4s。

But I think in particular, with some of the markets you mentioned, there's really a difference in the dynamic between San Francisco and in Nashville. There's still growth in Nashville. It may be coming down a little bit.

但我特別認為，對於你提到的一些市場，舊金山和納什維爾之間的動態確實存在差異。納什維爾仍有增長。它可能會下降一點點。

But you think about rents and mark-to-market of where those assets were renting out historically versus today and the overall fundamental long-term dynamics. Combine that with the quality of assets we're focused on in Austin, our large office there is going to be the newest office building in the market. It's a mixed-use project, 62% of cost with an outstanding sponsorship. And it's really going to be the most premier asset in the market. And I think that's part of why we feel good about the overall office portfolio. It's really looking at quality.

但是你會考慮租金和按市值計算這些資產在歷史上與今天的出租情況以及整體基本的長期動態。結合我們在奧斯汀關注的資產質量，我們在那裡的大型辦公室將成為市場上最新的辦公樓。這是一個混合用途項目，62% 的成本來自出色的讚助。它真的會成為市場上最重要的資產。我認為這就是我們對整個辦公室組合感到滿意的部分原因。真的很看質量。

We're seeing in most markets is just this continuation of an accelerating flight to quality. And so you'll see the larger market statistics and certainly, they have challenges. And our portfolio is not immune from that. That's why we have the 4s and 5s.

我們在大多數市場上看到的只是這種對質量的加速飛行的延續。所以你會看到更大的市場統計數據，當然，它們也面臨著挑戰。我們的投資組合也不能倖免。這就是為什麼我們有 4s 和 5s。

But by and large, the very high-quality assets in the market, we broke our sort of new and recently constructed at 2015 vintage. Those assets are seeing very different dynamics. They're seeing good net absorption, growing rents, a 5- to 10-point differential in availability. And while the overall market is slowing, those assets we think are going to continue to outperform.

但總的來說，市場上非常優質的資產，我們打破了我們在 2015 年建造的新的和最近建造的。這些資產呈現出截然不同的動態。他們看到良好的淨吸納率、不斷增長的租金以及 5 到 10 點的可用性差異。雖然整體市場正在放緩，但我們認為這些資產將繼續跑贏大市。

And the next question is coming from Eric Hagen with BTIG.

下一個問題來自 BTIG 的 Eric Hagen。

How would you describe the approach to reserving and even potentially modifying loans because of the fact that price discovery is so weak in the market right now? And like how do you handicap for that in cases where you think there could be more meaningful discrepancies between where you think value sits and where sort of the unknown of where it could realistically transact?

由於目前市場上的價格發現非常薄弱，您如何描述保留甚至可能修改貸款的方法？就像你認為在你認為價值所在的位置和它可以實際交易的未知位置之間可能存在更有意義的差異的情況下，你如何阻止這種情況？

Yes. I think for office, we are in a very liquid market. There's not a lot of transaction activity that's going on. The small amounts of transaction activity are generally in the more distressed category. And so I think it's fair to say no one can be perfect in that context.

是的。我認為對於辦公室來說，我們處於一個流動性很強的市場。正在進行的交易活動並不多。小額交易活躍度普遍屬於較為低迷的範疇。所以我認為可以公平地說，在這種情況下沒有人可以做到完美。

But that said, we have an extremely rigorous process. We do a full deep dive underwriting in coordination with our broader real estate team using all the best available information we have on our assets on the market, all of the constant information flow we have coming into Blackstone, both transactions that have occurred and transactions that have not occurred, and we informed that all through our process, which has been thoroughly vetted by our senior leadership.

但話雖如此，我們有一個極其嚴格的流程。我們與我們更廣泛的房地產團隊合作，利用我們在市場上擁有的關於我們資產的所有最佳可用信息，我們進入 Blackstone 的所有持續信息流，包括已經發生的交易和正在發生的交易，進行全面深入的承銷。沒有發生，我們通過我們的過程通知了這一切，我們的高級領導層已經對其進行了徹底審查。

The reserves also go through an audit process. So there's a third-party auditor element to it. And so it's an extremely rigorous and detailed process that we think reflects the appropriate level of reserves that we see today.

儲備金也經過審計程序。所以它有一個第三方審計員元素。因此，我們認為這是一個極其嚴格和詳細的過程，反映了我們今天看到的適當儲備水平。

Great. That's helpful. And how would you maybe describe the outlook for sponsors to capture NOI growth as a result of the capital investment or the business plan that they're pursuing? Would you say that your sensitivity has changed with respect to unfunded commitments or construction financing in general?

偉大的。這很有幫助。您如何描述贊助商通過資本投資或他們追求的商業計劃獲得 NOI 增長的前景？您是否會說您對無資金承諾或建設融資的敏感性總體上發生了變化？

No, I think it certainly depends on the asset class. We still feel very good, as I mentioned, about the prospects on the majority of our portfolio, multifamily, industrial, hospitality, some other segments that are seeing good growth.

不，我認為這當然取決於資產類別。正如我所提到的，我們仍然對我們大部分投資組合、多戶家庭、工業、酒店業以及其他一些增長良好的細分市場的前景感到非常滿意。

On the office side, the majority -- the vast majority of the future funding is in new build office. And as I mentioned earlier, the new build office element of the portfolio, which is naturally where most of the future fundings are, those assets continue to see very strong growth. There's been just recently in the last month, good leasing coming out of Hudson Yards, including at The Spiral, which is our largest office loan, as I mentioned, seeing continued very strong rents on new build offices across markets.

在辦公室方面，未來資金的絕大部分用於新建辦公室。正如我之前提到的，投資組合中的新建辦公室元素，自然是未來大部分資金所在的地方，這些資產繼續看到非常強勁的增長。就在上個月，Hudson Yards 出現了良好的租賃，包括 The Spiral，這是我們最大的辦公室貸款，正如我提到的，看到整個市場新建辦公室的租金持續非常強勁。

And so I think when we look at -- think about our fundings going into new build office buildings, which are also just because of the way we make construction loans tend to be lower leverage on average than the rest of our portfolio. And again, by definition, the best quality assets coming into the market, we feel good about continuing to invest capital in those assets.

因此，我認為，當我們查看 - 考慮我們用於新建辦公樓的資金，這也只是因為我們提供建築貸款的方式往往比我們其他投資組合的平均槓桿率低。再一次，根據定義，最優質的資產進入市場，我們對繼續向這些資產投資感到高興。

Yes. That's helpful.

是的。這很有幫助。

The next question is coming from Derek Hewett with Bank of America.

下一個問題來自美國銀行的 Derek Hewett。

Kind of following up on some earlier questions. Could you provide any update or color on the LTVs for the risk-rated 5 loans?

跟進一些較早的問題。您能否提供有關風險評級 5 貸款的 LTV 的任何更新或顏色？

Well, I think that the best indication and where we sort of see that today is really around our reserve levels. And as I mentioned in the call script, we're pretty cautious and pretty sober about where we think values are for the most susceptible or sort of the most vulnerable commodity office assets.

好吧，我認為最好的跡象和我們今天看到的地方實際上是在我們的儲備水平附近。正如我在通話腳本中提到的那樣，對於我們認為最易受影響或最易受影響的商品辦公資產的價值在哪裡，我們非常謹慎和清醒。

We've taken 20% reserves on those assets reflective of asset values down 50%. That is specific to the assets that we see as most challenged, older vintage markets that are really tough, you know, situations with the individual assets where they were addressing a segment of the market that has really changed the government tenant segment being most significant. So I think that's really how we think about the metrics on those assets.

我們對那些反映資產價值下降 50% 的資產提取了 20% 的準備金。這特定於我們認為最具挑戰性的資產，非常艱難的老式市場，你知道，個別資產的情況，他們正在解決的市場細分市場真正改變了政府租戶細分市場是最重要的。所以我認為這就是我們考慮這些資產指標的真正方式。

Okay. And then I realize that BREIT is principally an owner of real estate, but is there any investment overlap between BXMT and BREIT?

好的。然後我意識到 BREIT 主要是房地產所有者，但是 BXMT 和 BREIT 之間有任何投資重疊嗎？

No. It's a totally separate vehicle.

不，這是一個完全獨立的車輛。

The next one is coming from Stephen Laws with Raymond James.

下一個來自 Stephen Laws 和 Raymond James。

Katie, can you talk about the -- what you expect the resolution path to be for the 5 rated loans and how we should think about the timing of those specific reserves moving into realized losses to distributable earnings?

凱蒂，你能談談——你期望 5 級貸款的解決路徑是什麼，以及我們應該如何考慮這些特定準備金轉入已實現虧損到可分配收益的時機？

Sure. So I think that with these loans and the benefit of what we have here in the platform being the largest owner of real estate in the world, we are really taking a deliberate and thorough approach. These loans do generally cash flow. As Tony mentioned, they all paid interest in the fourth quarter. They're on cost recovery. So we continue to see cash flows coming in, which will apply to our basis.

當然。所以我認為，有了這些貸款，以及我們作為世界上最大的房地產所有者在平台上所擁有的利益，我們確實在採取一種深思熟慮和徹底的方法。這些貸款做的一般都是現金流。正如托尼提到的，他們都在第四季度支付了利息。他們正在回收成本。因此，我們繼續看到現金流入，這將適用於我們的基礎。

And in the meantime, what we're doing is assessing the various potential outcomes, whether it's a sale in due time, a structured solution, taking them REO. And we're going to make the decision that we think is most beneficial for long-term value preservation for our shareholders.

與此同時，我們正在做的是評估各種潛在結果，無論是適時出售、結構化解決方案，還是讓他們接受 REO。我們將做出我們認為最有利於股東長期價值保值的決定。

I think that's a process that's going to take some time because we really want to be deliberate about it and make the right decision. And these are a very small part of our portfolio that is supported by the tremendous earnings power we have throughout the rest of the portfolio. And so our goal is to preserve the most value we can on these assets over time using an ownership mentality.

我認為這是一個需要一些時間的過程，因為我們真的想深思熟慮並做出正確的決定。這些只是我們投資組合中很小的一部分，它得到了我們在整個投資組合中擁有的巨大盈利能力的支持。因此，我們的目標是使用所有權心態隨著時間的推移保留這些資產的最大價值。

And as a follow-up to that, Katie, can you talk about how these loans are currently financed and in the event that they are on facilities that have credit market exposure? Can you give us an update on how those discussions go and kind of what the options are for financing these loans?

作為後續行動，凱蒂，你能談談這些貸款目前是如何融資的，以及它們是否使用具有信貸市場敞口的設施？您能否向我們介紹一下這些討論的進展情況以及為這些貸款提供資金的各種選擇？

Yes, absolutely. So they're financed consistently with the rest of our portfolio, which is a mix of different asset level financing. I would say generally, our conversations with our -- all of our credit providers are extremely constructive.

是的，一點沒錯。因此，他們與我們其他投資組合的融資一致，這是不同資產水平融資的組合。我會說，一般來說，我們與我們所有的信貸提供者的對話都非常有建設性。

They recognize the same thing we see in terms of our ability to preserve and create and enhance value over time, and they recognize how responsible we've been with managing these and all of our assets in terms of creating, deleveraging, putting ourselves into a better credit position.

他們認識到我們在隨著時間的推移保持、創造和提升價值的能力方面所看到的同樣的事情，並且他們認識到我們在創造、去槓桿化、將自己置於更好的信用狀況。

They know that we're going to act in the best interest for the long-term preservation of value of these assets, which, of course, enures to their benefit. And they also have the additional credit enhancement of these generally being in crossed pools with a lot of credit enhancement. So we have a lot of flexibility. You know, they are calm, we keep them comfortable, and they're well aware of all of these situations, and it's been a very constructive dialogue.

他們知道我們將以最佳利益行事，以長期保全這些資產的價值，這當然對他們有利。他們還有額外的信用增級，這些通常在具有大量信用增級的交叉池中。所以我們有很大的靈活性。你知道，他們很冷靜，我們讓他們感到舒服，他們很清楚所有這些情況，這是一次非常有建設性的對話。

Our next question is coming from Rick Shane with JPMorgan.

我們的下一個問題來自摩根大通的 Rick Shane。

Katie, you talked about the fact that higher rates are driving higher EAD and that totally makes sense. But to some extent, that is ultimately zero sum, it puts more pressure on your borrowers to the extent yields are going up. I realized that so far, a great deal of that has been offset by rate caps. I'm curious, as we see scenarios where loans are extended either because of execution or because of unattractive takeout financing, how you think about those rate caps? Does that -- will you continue to have the same level of coverage if the portfolio fully extends?

凱蒂，你談到了更高的利率推動更高的 EAD 這一事實，這完全有道理。但在某種程度上，這最終是零和，它會在收益率上升的情況下給你的借款人帶來更大的壓力。我意識到，到目前為止，其中很大一部分已經被利率上限所抵消。我很好奇，當我們看到由於執行或由於沒有吸引力的外賣融資而延長貸款的情況時，您如何看待這些利率上限？如果投資組合完全擴展，您是否會繼續擁有相同水平的覆蓋範圍？

Yes, it's a great question. And I think rate caps are one of the really important tools in our toolkit that allow us to have conversation with borrowers and sort of rightsize our credit exposure on these loans. It really starts with the borrowers' equity value in terms of what they have to protect.

是的，這是一個很好的問題。而且我認為利率上限是我們工具包中真正重要的工具之一，它使我們能夠與借款人進行對話，並在某種程度上調整我們對這些貸款的信用風險敞口。這實際上始於借款人必須保護的資產價值。

And to your point, in a higher interest rate environment, clearly, that eats into some of the equity value, but most of our borrowers still have a lot of equity value to protect even if it's less than what it was in a 0% interest rate environment. So that's a really positive backdrop.

就你的觀點而言，在更高的利率環境下，很明顯，這會侵蝕部分股權價值，但我們的大多數借款人仍有很多股權價值需要保護，即使它低於 0% 利率時的水平率環境。所以這是一個非常積極的背景。

And then we have the rate cap conversations. Our portfolio is still 95% covered by rate caps or interest guarantees that we've had a lot of loans come on those conversations in the last year. So that gives you an indication of our ability to preserve that structural protection. And we take a thoughtful approach. We'll -- we have recap requirements, we'll require that if we think that's the right thing. We may also trade it for an interest guarantee, more cash than an interest reserve or whatever we think is the best alignment for us and for our borrowers.

然後我們進行了費率上限對話。我們的投資組合仍有 95% 受到利率上限或利息擔保的覆蓋，我們在去年的這些對話中獲得了很多貸款。因此，這表明我們有能力保持這種結構保護。我們採取深思熟慮的方法。我們將 - 我們有重述要求，如果我們認為這是正確的事情，我們將要求這樣做。我們也可以用它來換取利息保證、比利息儲備更多的現金，或者我們認為對我們和我們的借款人來說最好的組合。

We have 25 people on our asset management team that are working through all of these decisions and discussions with our borrowers every day, and really always just looking for a way to put our loan and the asset on the most stable path going forward.

我們的資產管理團隊有 25 人，他們每天都在與借款人進行所有這些決策和討論，實際上一直在尋找一種方法，讓我們的貸款和資產走上最穩定的前進道路。

So I think it's been a great sort of dialogue with our borrowers. We've been able to preserve a lot of this protection, been able to pick up more sort of credit enhancement in the form of guarantees and interest reserves potentially along the way. And we'll continue that approach.

所以我認為這是與我們的借款人進行的一次很好的對話。我們已經能夠保留很多這種保護，能夠在此過程中以擔保和利息儲備的形式獲得更多類型的信用增級。我們將繼續這種方法。

Got it. It's a very helpful answer.

知道了。這是一個非常有幫助的答案。

And the next question is coming from Arren Cyganovich with Citi.

下一個問題來自花旗的 Arren Cyganovich。

I was wondering if you could just talk a little bit about the office market and how much of this is driven just by rates in required cap rates versus the actual fundamentals? Obviously, folks are going to offices less and using less office space. I'm just kind of thinking about what could turn this around dissolving REITs? Or do you really have to see a dramatic change in the fundamentals of folks in the offices themselves?

我想知道你是否可以談談寫字樓市場，其中有多少是由所需資本化率與實際基本面的比率驅動的？顯然，人們去辦公室的次數越來越少，使用的辦公空間也越來越少。我只是在想什麼可以扭轉解散房地產投資信託基金的局面？或者你真的必須看到辦公室裡的人的基本面發生巨大變化嗎？

It's a great question, and it's really a combination. I think that there are assets that are outperforming and doing fine even in the context of higher rates, whether that's in the multifamily or industrial sectors or new build office where we continue to see good leasing at strong rents.

這是一個很好的問題，它確實是一個組合。我認為，即使在利率較高的情況下，也有一些資產表現出色，表現良好，無論是在多戶住宅、工業部門還是新建辦公室，我們繼續看到租金強勁的良好租賃。

There are assets that have real secular issues, assets that just targeted a component of the market, like government tenancy, as I mentioned, that just really is not growing or it's a significantly shrinking part of the market going forward. Commodity obsolete physical quality office has been something that's been challenged for years long before COVID. And so there's a continuation of the trend.

有些資產具有真正的長期問題，資產只針對市場的一個組成部分，比如政府租賃，正如我提到的那樣，它真的沒有增長，或者它是未來市場的一個顯著萎縮的部分。早在 COVID 之前，商品陳舊的物理質量辦公室就一直受到挑戰。因此，這種趨勢仍在繼續。

And then there are assets in the middle that cash flows perhaps were not growing or not as substantial as they once were, but they work okay in a low interest rate environment and less so in the environment that we have today. So I think interest rates become a decision point for assets, some assets that were experiencing some challenges, but not really sort of permanently issues. And so as rates fall, you may see some of those assets cross over.

然後是中間的資產，現金流量可能沒有增長或不像以前那麼可觀，但它們在低利率環境下運作良好，而在我們今天的環境中則不太好。所以我認為利率成為資產的決策點，一些資產正在經歷一些挑戰，但並不是真正的永久性問題。因此，隨著利率下降，您可能會看到其中一些資產交叉。

But there's certainly a number of assets in the market and a few in our portfolio that were just built and targeted at a part of the market that has had lasting change. And I don't think rates are -- they're certainly a contributing factor, but I'm not sure that lower rates are really going to change for some of those assets. But again, that's a really small part of our portfolio.

但市場上肯定有許多資產，我們的投資組合中也有一些資產是剛剛建立的，針對的是發生了持久變化的部分市場。而且我不認為利率 - 它們肯定是一個促成因素，但我不確定較低的利率真的會改變其中一些資產。但同樣，這只是我們投資組合中的一小部分。

And our final question is coming from Jade Rahmani with KBW.

我們的最後一個問題來自 KBW 的 Jade Rahmani。

Just wondering if you could walk through liquidity post the convert repayment. What are the primary sources of liquidity? Is it just undrawn available borrowing capacity? And do you expect to issue any form of capital to potentially replace that convert, whether it be a preferred securitization or something else?

只是想知道您是否可以通過轉換還款後的流動性。流動性的主要來源是什麼？它只是未提取的可用借貸能力嗎？您是否期望發行任何形式的資本來取代這種轉換，無論是優先證券化還是其他形式？

Sure. I'll start with the second part of your question. So we think of the term loan that we issued earlier this quarter as effectively the replacement for the convert, we thought that was a good time to issue that in the market. And so that was a bit of a pre-refinancing. So we would not expect at this point that we're going to handle the convert maturity other than paying it in cash.

當然。我將從你問題的第二部分開始。因此，我們認為本季度早些時候發行的定期貸款實際上是轉換貸款的替代品，我們認為這是在市場上發行的好時機。因此，這有點像預融資。因此，我們目前不會期望我們會處理轉換期限而不是現金支付。

As far as the sources of liquidity, we always keep some cash on hand, but the majority of the liquidity is under our credit facilities. And those are revolving credit facilities where we can as of right borrow that money in 24 hours. That is not some sort of contingent availability that the banks need to approve or need to approve assets. So it's really as good as cash. We just don't keep the cash drawn to manage the interest expense.

至於流動資金的來源，我們總是手頭有一些現金，但大部分流動資金是在我們的信貸額度下。這些是循環信貸設施，我們可以在 24 小時內借到這筆錢。這不是銀行需要批准或需要批准資產的某種或有可用性。所以它真的和現金一樣好。我們只是不保留提取的現金來管理利息支出。

No plans to issue a CLO in the near term? I think, Katie, you did talk about some of the improvement in spread that we've seen in that market.

近期沒有發行 CLO 的計劃？我想，凱蒂，你確實談到了我們在該市場看到的一些價差改善。

Yes. I mean we're certainly tracking the CLO market, and it's nice to see some additional liquidity in that market. If we issued a CLO, it would really be a factor of our sort of opportunistic management of our balance sheet.

是的。我的意思是我們肯定在跟踪 CLO 市場，很高興看到該市場有一些額外的流動性。如果我們發行 CLO，那確實是我們對資產負債表進行機會主義管理的一個因素。

As we talked about in the past, all of our asset financing is designed to be term matched. So CLOs we really do, if we see it as an opportunistic refi that improves our pricing, our structure, some way that we think is better than the in-place credit facilities that we have. And certainly, if we see that opportunity in the market, we'll take it. But I think the market is not quite there yet, but certainly, the momentum is moving well, and we'll be tracking that.

正如我們過去所談到的，我們所有的資產融資都是為了期限匹配而設計的。因此，如果我們將 CLO 視為一種機會主義的再融資，它可以改善我們的定價、我們的結構，以及我們認為比我們擁有的現有信貸設施更好的某種方式，那麼我們確實會這樣做。當然，如果我們在市場上看到這個機會，我們就會抓住它。但我認為市場還沒有完全成熟，但可以肯定的是，勢頭正在好轉，我們將對其進行追踪。

There are no further questions in the queue. So let me hand it back to Tim Hayes for closing remarks.

隊列中沒有其他問題。那麼讓我把它交還給蒂姆·海耶斯，請他作結束語。

Thank you, operator, and to everyone joining us today. Look forward to catching up shortly.

謝謝接線員，也感謝今天加入我們的每一個人。期待很快趕上。