Blackstone Mortgage Trust Inc (BXMT) 2024 Q4 法說會逐字稿

Good day and welcome to the Blackstone Mortgage Trust fourth-quarter and full-year 2024 investor call. Today's conference is being recorded. At this time, all participants are on listen-only mode. (Operator Instructions)

大家好，歡迎參加 Blackstone Mortgage Trust 2024 年第四季和全年投資者電話會議。今天的會議正在錄製。此時，所有參與者都處於只聽模式。（操作員指令）

At this time, I'd like to turn the conference over to Tim Hayes, Vice President-Shareholder Relations. Please go ahead.

現在，我想將會議交給股東關係副總裁蒂姆·海耶斯。請繼續。

Good morning and welcome, everyone, to Blackstone Mortgage Trust fourth-quarter and full-year 2024 earnings 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.

早安，歡迎大家參加 Blackstone Mortgage Trust 2024 年第四季和全年財報電話會議。今天與我一起參加的是執行長凱蒂·基南 (Katie Keenan)；馬羅內 (Tony Marone)，財務長；以及投資執行副總裁奧斯汀·佩納（Austin Pena）。

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

今天早上，我們提交了 10-K 文件，並發布了一份新聞稿，介紹了我們的業績，您可以在我們的網站上查閱該業績，並且該業績已提交給美國證券交易委員會 (SEC)。

I'd like to remind everyone that today's call may include forward-looking statements which are subject to risks, uncertainties, and other factors outside of the company's control. Actual results may differ materially. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our most recent 10-K. 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 reconciliation, you should refer to the press release and 10-K.

我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述受風險、不確定性和公司無法控制的其他因素的影響。實際結果可能存在重大差異。有關可能影響結果的一些風險的討論，請參閱我們最新的 10-K 中的風險因素部分。我們不承擔更新前瞻性陳述的任何義務。我們也會在此電話會議上參考某些非公認會計準則指標。對於和解，您應該參考新聞稿和 10-K。

This audio cast is copyrighted material of Blackstone Mortgage Trust and may not be duplicated without our consent.

此音訊廣播是 Blackstone Mortgage Trust 的版權資料，未經我們的同意不得複製。

For the fourth quarter, we reported GAAP net income of $0.21 per share and distributable earnings of negative $1.25 per share. Distributable earnings prior to charge-offs were $0.44 per share. A few weeks ago, we paid a dividend of $0.47 per share with respect to the fourth quarter. Please let me know if you have any questions following today's call.

第四季度，我們報告的 GAAP 淨收入為每股 0.21 美元，可分配收益為每股負 1.25 美元。沖銷前的可分配收益為每股 0.44 美元。幾週前，我們支付了第四季每股 0.47 美元的股息。如果您在今天的通話後還有任何問題，請告訴我。

With that, I'll now turn things over to Katie.

說完這些，我現在將事情交給凱蒂。

Thanks, Tim. The fourth quarter marked a meaningful positive inflection point for BXMT. We resolved $1.1 billion, or 49% of our impaired loans, proving out our view that credit performance troughed last quarter and bringing our performing loan percentage to 93% today. Book value ended the quarter within 1% of 3Q levels, the combined result of limited further credit migration and upside wins on impaired asset resolutions above our marks. Robust repayments continued $1.6 billion in the quarter, bringing us to $5.2 billion for the year, including $2 billion of office. And we've seen another $1.6 billion year-to-date, bringing our liquidity to a record $1.9 billion today.

謝謝，蒂姆。第四季對於 BXMT 來說是一個有意義的正面轉折點。我們解決了 11 億美元（佔不良貸款的 49%），證明了我們的觀點，即上個季度信貸表現已觸底，並使我們的正常貸款比例升至今天的 93%。本季末，帳面價值與第三季水準相差不到 1%，這是進一步信貸遷移有限和不良資產處置收益高於我們預期的綜合結果。本季度，我們繼續強勁償還貸款 16 億美元，使全年還款額達到 52 億美元，其中包括 20 億美元的辦公室貸款。今年迄今，我們已新增 16 億美元，使我們的流動資金達到了創紀錄的 19 億美元。

Our capital markets access continues to prove exceptional. We completed the largest corporate debt transaction in our history, a $1.1 billion deal which turned out our maturities and attracted robust demand at 4 times oversubscribed. At the same time, we reduced overall debt to equity to 3.5 times, our lowest level in 11 quarters.

我們的資本市場准入繼續證明其卓越優勢。我們完成了公司歷史上最大的一筆企業債務交易，交易金額達 11 億美元，按期償還了債務，並且獲得了 4 倍的超額認購，需求旺盛。同時，我們將整體債務與股權比率降低至 3.5 倍，這是 11 個季度以來的最低水準。

And with all the pillars in place, a healthy balance sheet, plenty of liquidity, a more normalized credit outlook, and most importantly, a historically attractive environment for real estate lending, we've turned our attention to offense. We enter 2025 poised for portfolio and earnings growth with $2 billion of pipeline closed or in closing today.

在所有支柱都到位的情況下，健康的資產負債表、充足的流動性、更正常化的信貸前景，以及最重要的是，房地產貸款處於歷史上具有吸引力的環境中，我們將注意力轉向了進攻。進入 2025 年，我們將準備好實現投資組合和獲利成長，目前已有 20 億美元的專案已完成或即將完成。

While not V-shaped, we are squarely amidst a real estate recovery. Values have shown four straight quarters of improvement. Through the end of last year and coming into the first quarter, we've seen a meaningful return of liquidity across real estate markets. Despite the uptick in long rates, a robust macroeconomic backdrop and strong fund flows have driven tightening risk premia across the credit space, reducing the cost of capital and creating a solid baseline for real estate capital markets.

儘管不是 V 型，但我們正處於房地產復甦之中。價值已連續四季呈現改善。截至去年年底和第一季度，我們看到房地產市場的流動性顯著回升。儘管長期利率有所上升，但強勁的宏觀經濟背景和強勁的資金流動推動了整個信貸領域的風險溢價收緊，從而降低了資本成本並為房地產資本市場奠定了堅實的基礎。

CMBS issuance, which eclipsed $100 billion last year, is off to a strong start in 2025, with $20 billion already closed and another $20 billion anticipated in the coming weeks, including the sixth office SASB deal this year. Transaction volumes were up 30% quarter over quarter, representing a 72% increase from the 1Q '24 trough.

CMBS 發行量去年超過 1000 億美元，在 2025 年也將迎來強勁開局，其中已完成 200 億美元的發行，預計未來幾週還將完成 200 億美元的發行，其中包括今年第六筆辦公室 SASB 交易。交易量較上季成長 30%，較 2024 年第一季的最低谷成長了 72%。

Underpinning the recovery are solid real estate fundamentals, with demand bolstered by resilient economic activity and new supply roughly two-thirds lower than recent peak levels across core asset classes, a powerful long-term driver of performance. We believe real estate credit offers highly compelling relative value today. Reset values mean better credit, higher debt yields, and more cash flow coverage for our loans. Spreads, while compressing, remain attractive, especially relative to credit alternatives which are pushing all-time tights. And with base rates elevated, all-in yields are high.

復甦的支撐是穩固的房地產基本面，強勁的經濟活動推動了需求，新增供應量比核心資產類別的近期高峰低約三分之二，這是長期業績的強大驅動力。我們相信，房地產信貸如今具有極具吸引力的相對價值。重置價值意味著更好的信貸、更高的債務收益率和更多的貸款現金流覆蓋。利差雖然在縮小，但依然具有吸引力，尤其是相對於處於歷史低點的信貸替代方案。隨著基準利率上升，總收益率很高。

Moreover, within BXMT, our returns are generated based on the difference between where we lend and where we borrow. Cost of capital for more stabilized senior risk is compressing most rapidly. And with market-leading access to a diversified base of bank lenders and securitized markets, we are uniquely positioned to capitalize on this dynamic and drive incrementally improving net interest margins.

此外，在 BXMT 內部，我們的回報是根據我們借出的地方和借入的地方之間的差額產生的。更穩定的高階風險的資本成本正在迅速壓縮。憑藉著市場領先的多元化銀行貸款人和證券化市場管道，我們擁有獨特的優勢，可以利用這一動態並推動淨利差的逐步提高。

This backdrop offers a fruitful environment for new investment, which I'll cover shortly. But it also spells a meaningful uptake in repayments and resolutions, accelerating the turnover of our portfolio. Our $5.2 billion of repayments this year were 36% above last year's levels and indeed represent our second highest repayment year ever.

這項背景為新的投資提供了一個富有成效的環境，我稍後將介紹。但這也意味著償還和解決的顯著增加，加速了我們投資組合的周轉。我們今年的還款額為 52 億美元，比去年高出 36%，確實是有史以來還款額第二高的一年。

Notably, our office loans continue to repay roughly proportionately to our overall portfolio. And we have therefore reduced our office exposure by over $3 billion since the beginning of 2022 through repayments of 27 individual loans. And that's before $1.5 billion of office repayments so far this year.

值得注意的是，我們的辦公室貸款繼續以與我們整體投資組合大致相同的比例償還。因此，自 2022 年初以來，我們透過償還 27 筆個人貸款，將辦公室風險敞口減少了 30 多億美元。這還不包括今年迄今 15 億美元的辦公室還款。

Our loan portfolio continues to show meaningful liquidity, powerful evidence of the resilient credit of the vast majority of our pre-rate hike portfolio and the institutional demand for our high-quality collateral. This is now a cycle-tested business multiple times over. Through two years of difficult market conditions, our loans continued to repay, our liability structure proved durable, and we maintained near record liquidity levels throughout.

我們的貸款組合繼續表現出有意義的流動性，這有力地證明了我們升息前絕大多數投資組合的信用韌性以及對我們高品質抵押品的機構需求。如今，這是一項經過多次循環考驗的業務。在兩年艱難的市場條件下，我們的貸款繼續得到償還，我們的負債結構被證明是可持續的，並且我們始終保持著接近創紀錄的流動性水平。

The stability of our balance sheet through this extended credit cycle also allowed for patience, affording us the flexibility to proactively manage challenged assets and resolve or monetize them now when markets are healthier, rather than fire selling at the illiquid depths of the cycle. Case in point, the sale of New York City and West LA office buildings this quarter through competitive institutional bidding processes, ultimately selling within 10% of our par balance on average.

在此次信貸週期延長期間，我們的資產負債表保持穩定，這也讓我們保持耐心，使我們能夠靈活地主動管理有問題的資產，並在市場更加健康時解決或將其貨幣化，而不是在周期最差的時候進行拋售。例如，本季透過競爭性機構競標程序出售紐約市和西洛杉磯的辦公大樓，最終平均售價在我們票面餘額的 10% 以內。

All in all, we resolved 10 impaired loans this quarter. We generated $32 million of book value as sale proceeds came in above our aggregate reserve levels. And on our REO assets, we see longer term upside potential as we implement business plans in coordination with our highly experienced real estate asset management team. And despite rates moving at the end of the year, we've seen no slowdown in the pace of our resolutions, with several deals closing at year end and an incremental $400 million of resolutions closed during closing in 1Q.

總的來說，本季我們解決了 10 筆不良貸款。由於銷售收益超過了我們的總儲備水平，我們產生了 3,200 萬美元的帳面價值。就我們的 REO 資產而言，隨著我們與經驗豐富的房地產資產管理團隊協調實施業務計劃，我們看到了更長期的上漲潛力。儘管利率在年底有所變動，但我們的決議速度並未放緩，年底已有數筆交易完成，第一季結束時又完成了 4 億美元的增量決議。

We believe credit performance troughed in the third quarter. And while it won't be linear, the direction of travel is clearly positive. More broadly, the substantial portfolio turnover underway will enable us over time to shift our asset base with larger concentration in new investments originated at reset bases in today's attractive credit environment. Depending on the pace of repayments, we estimate that nearly 40% of our year-end portfolio could constitute 2025 originations. And we're off to a great start with a robust global pipeline.

我們認為信貸表現在第三季觸底。儘管它不是線性的，但行進的方向顯然是正面的。更廣泛地說，正在進行的大量投資組合週轉將使我們能夠隨著時間的推移轉移我們的資產基礎，在當今具有吸引力的信貸環境下，將更多的精力集中在重置基礎上的新投資上。根據還款速度，我們估計，我們年底投資組合中的近 40% 可能構成 2025 年的還款。我們憑藉強大的全球管道取得了良好的開端。

Our current $2 billion of closed and committed deals are concentrated in strong lending sectors like multifamily, industrial, and self-storage, with levered yields averaging more than 900 basis points over base rates and safe overall credit characteristics. And we are leveraging our sourcing capabilities to drive differentiated opportunities.

我們目前已完成和承諾的 20 億美元交易集中在多戶住宅、工業和自助倉儲等強勁的貸款領域，槓桿收益率平均比基準利率高出 900 個基點以上，整體信貸特徵安全。我們正在利用我們的採購能力來推動差異化機會。

In addition to nine deals in the U.S., our pipeline is over 60% Canada, Europe, the UK, and Australia, markets which offer attractive relative value, including a $100 million cash flowing industrial portfolio in Europe and a $140 million multifamily loan in Australia, both around 100 basis points wide of comparable U.S. transaction pricing.

除了美國的九筆交易外，我們的60%以上的交易都在加拿大、歐洲、英國和澳大利亞，這些市場提供了頗具吸引力的相對價值，其中包括歐洲價值 1 億美元的現金流工業投資組合和澳大利亞價值 1.4 億美元的多戶型貸款，兩者均比美國同類交易價格高出約 100 個基點。

The Blackstone real estate debt business is the largest alternative manager of real estate credit in the world, which positions BXMT to best capture the investment opportunity today. With over 150 real estate debt professionals, over $100 billion of historical originations, and relationships with over 500 borrowers driving 84% repeat business, our ability to access an attractive pipeline of new deals is exceptional.

黑石房地產債務業務是全球最大的房地產信貸另類管理者，這使 BXMT 能夠最好地抓住當今的投資機會。我們擁有超過 150 名房地產債務專業人士、超過 1000 億美元的歷史債務來源以及與超過 500 名借款人的關係（推動了 84% 的重複業務），因此我們獲得大量有吸引力的新交易的能力非常出色。

This is a platform that was uniquely positioned to originate the Spiral, a flagship BXMT loan and the largest in our portfolio, which after seven years repaid earlier this month. This was a $1.3 billion senior construction loan originated in 2018 at 28% pre-leased and 50% loan-to-cost. Now 94% leased, the loan repaid through a banner CMBS execution which was 5 times oversubscribed, priced at the low 100 spread, and yielded proceeds 2 times our basis, implying an exit LTV on our loan of 29%.

這個平台具有獨特的優勢，可以發起 Spiral 貸款。這是一筆 2018 年發放的 13 億美元高級建設貸款，其中預租率為 28%，貸款成本率為 50%。目前租賃率為 94%，貸款透過旗艦級 CMBS 執行償還，該執行獲得了 5 倍超額認購，定價為 100 的低點利差，收益是我們基礎的 2 倍，意味著我們貸款的退出 LTV 為 29%。

While larger and somewhat lower leveraged than our typical office loan, this loan shares many qualities with our overall origination philosophy: High quality real estate that outperforms, strong institutional sponsorship, and moderate leverage. Liquidity has definitively returned for high-quality office. And with more than 75% of our 1 to 3 risk-rated office, new or vintage, our portfolio should benefit.

雖然這筆貸款比我們典型的辦公室貸款規模更大且槓桿率略低，但它與我們的整體發起理念有許多共同之處：表現優異的高品質房地產、強大的機構支持和適中的槓桿率。高品質辦公室的流動性已明確回歸。我們的辦公室風險評級為 1 至 3 的佔比超過 75%，無論是新建的還是老式的，我們的投資組合都應該會從中受益。

As we look ahead, we are leveraging the same Blackstone platform advantages and entrepreneurial DNA to look across the real estate credit universe and identify the best suited incremental strategic opportunities for our business.

展望未來，我們將利用相同的黑石平台優勢和創業 DNA 來縱觀房地產信貸領域，並為我們的業務尋找最適合的增量策略機會。

With interest rates remaining elevated, a positive outlook for the U.S. consumer, and essential needs-based retail showing resilient performance, we see a compelling setup today to build a credit-oriented, diversified net lease strategy. This business produces stable, long duration cash flows, with the potential for value appreciation. Elements which naturally complement BXMT's core floating rate lending business. We believe we can acquire assets at a significant discount to replacement costs with 10- to 20-year leases and strong EBITDA coverage generated by established businesses.

由於利率維持在高位，美國消費者前景樂觀，以及基於基本需求的零售業表現出強勁的表現，我們看到今天建立一個以信貸為導向的多元化淨租賃戰略的引人注目的設置。該業務產生穩定、長期的現金流，並具有價值升值的潛力。這些元素自然地補充了 BXMT 的核心浮動利率貸款業務。我們相信，透過 10 至 20 年的租期和成熟業務產生的強勁 EBITDA 覆蓋率，我們可以以遠低於重置成本的價格收購資產。

Over time, we expect to curate a diversified portfolio, generating compelling cash yields with duration. We have a differentiated approach, building our business from scratch through a dedicated platform established in partnership with our real estate equity colleagues and an experienced handpicked team. While this strategy will take time to ramp, it is meaningfully scalable with a total addressable market in the trillions. And further, it brings the benefit of adding another attractive outlet for capital deployment, further expanding the scope of BXMT's new investment pipeline and positioning the company to capture the best relative value across real estate credit markets.

隨著時間的推移，我們希望策劃一個多元化的投資組合，並在較長時間內產生可觀的現金收益。我們採用差異化的方法，透過與我們的房地產股權同事和經驗豐富的精選團隊合作建立的專用平台從零開始建立我們的業務。儘管這項策略需要時間來推進，但它具有顯著的可擴展性，總潛在市場規模達數兆美元。此外，它還帶來了增加另一個有吸引力的資本配置管道的好處，進一步擴大了 BXMT 新投資管道的範圍，並使公司能夠在房地產信貸市場中獲得最佳相對價值。

In closing, we are optimistic about the trajectory of the real estate cycle and our business. The composition of our portfolio will be enhanced through resolutions, repayments, and redeployment of capital into attractive new investment opportunities. These drivers have put BXMT on a clear path to rebuilding earnings power over the course of the year and beyond. The credit pressures are easing and at the same time, we are building the potential for long-term value creation, including the net lease and agency strategies and the upside we now own in our REO. Assets where valuation resets have been reflected in book value, but we see the potential for upside through value-add as the market recovers.

最後，我們對房地產週期的走勢和我們的業務感到樂觀。我們將透過決議、償還和將資本重新部署到有吸引力的新投資機會中來增強投資組合的構成。這些驅動因素使得 BXMT 在今年及以後的時期內走上了重建盈利能力的明確道路。信貸壓力正在緩解，同時，我們正在建立長期價值創造的潛力，包括淨租賃和代理策略以及我們現在在 REO 中擁有的優勢。資產的估值重置已經反映在帳面價值中，但隨著市場復甦，我們看到透過增值實現上漲的潛力。

The entry point for BXMT remains highly attractive. The S&P is near all-time highs, corporate bond spreads near all-time tights, and we continue to see retracement and evaluations across the real estate market. Commercial mortgage REITs, dividend yield spreads to base rates are virtually the only liquid real estate credit product that has not tightened materially since the Fed's first rate cut in September.

BXMT 的切入點仍然非常有吸引力。標準普爾指數接近歷史最高水平，公司債利差接近歷史最低水平，我們繼續看到房地產市場的回撤和評估。商業抵押貸款房地產投資信託基金 (REIT) 的股息收益率與基準利率之差實際上是唯一自聯準會 9 月首次降息以來未大幅收緊的流動性房地產信貸產品。

BXMT today trades at a 10% dividend yield and 87% of post-reserve book value, offering the opportunity to buy into a growing portfolio at a substantial discount and collect meaningful current income with valuation upside. And we're expressing this view actively with over $50 million of stock buybacks in the last three months.

BXMT 目前的股息殖利率為 10%，扣除準備金後的帳面價值為 87%，提供了以大幅折扣買入不斷增長的投資組合併透過估值上漲獲得可觀的當前收入的機會。我們積極表達這一觀點，過去三個月我們回購了超過 5,000 萬美元的股票。

Before I close, I want to thank our team for their tremendous efforts this year, taking a tireless, unrelenting approach to maximizing outcomes on behalf of our investors. And today, those efforts put BXMT on excellent footing for growth into an attractive market.

最後，我要感謝我們的團隊今年所做的巨大努力，他們不知疲倦、堅持不懈地為我們的投資者實現成果最大化。如今，這些努力已經為 BXMT 在一個富有吸引力的市場中的發展奠定了良好的基礎。

I also want to welcome Marcin Urbaszek, who I think is well known and highly regarded by many on this call, as he joins our growing BXMT team.

我還要歡迎 Marcin Urbaszek 加入我們不斷成長的 BXMT 團隊，我認為他在這次電話會議上廣為人知並受到許多人的高度評價。

Thank you. And with that, I will turn the call over to Tony.

謝謝。說完這些，我會把電話轉給托尼。

Thank you, Katie. And good morning, everyone. I want to begin by also welcoming Marcin to the team who brings significant mortgage REIT experience and deepens our finance team's bench as BXMT enters this next phase of the cycle.

謝謝你，凱蒂。大家早安。首先，我還要歡迎 Marcin 加入團隊，他帶來了豐富的抵押貸款房地產投資信託基金經驗，並在 BXMT 進入周期的下一階段時加強了我們財務團隊的力量。

Turning to our fourth quarter results, BXMT reported GAAP net income of $0.21 per share and distributable earnings or DE of negative $1.25 per share. Notably, DE this quarter included $294 million or $1.69 per share of charge-offs related to impaired loan resolutions. These resolutions were achieved at levels above our aggregate carrying values, and we resolved more loans in 4Q than we anticipated on our call last quarter.

回顧我們的第四季業績，BXMT 報告的 GAAP 淨收入為每股 0.21 美元，可分配收益或 DE 為每股負 1.25 美元。值得注意的是，DE 本季包括 2.94 億美元或每股 1.69 美元的與不良貸款解決相關的沖銷。這些解決方案的實現水準高於我們的總帳面價值，並且我們在第四季度解決的貸款比我們上個季度電話會議上預期的要多。

While these resolutions crystallize, DE losses already reflected in our CECL reserves and book value. They, more importantly, are a leading indicator of our ability to recapture earnings from this capital going forward, which is a natural tailwind to dividend coverage. Although headline DE was negative, the long-term benefits from the substantial progress we have made in resolving our challenged assets far outweighs that short-term impact. With continued strong momentum and loan resolutions and a growing pipeline of new investments, we expect our earnings will grow and more closely aligned to their longer term potential as we progress through 2025.

雖然這些解決方案已經具體化，但 DE 損失已反映在我們的 CECL 儲備和帳面價值中。更重要的是，它們是我們未來從這些資本中重新獲得收益的能力的領先指標，這對股息覆蓋來說是一個自然的順風。儘管總體 DE 為負數，但我們在解決有問題的資產方面取得的實質進展所帶來的長期利益遠遠超過短期影響。隨著持續強勁的發展勢頭和貸款解決方案以及不斷增長的新投資管道，我們預計，到 2025 年，我們的盈利將會成長，並且更接近其長期潛力。

Excluding the impact from CECL reserve charge-offs, fourth quarter DE was $0.44 per share which notably included $0.02 per share related to startup costs incurred in connection with our new net lease strategy and the acceleration of deferred financing cost amortization resulting from the retirement of our 2026 term lending. We ended the quarter with book value of $21.87 per share which benefited from a $32 million reversal of CECL reserves as we executed loan resolutions at an aggregate premium to our carrying values, and also from $18 million of common stock repurchased at an average share price of $17.91, nearly a $4 discount to our book value.

不包括 CECL 準備金沖銷的影響，第四季度的 DE 為每股 0.44 美元，其中值得注意的是，其中包括與我們的新淨租賃策略相關的啟動成本以及因 2026 年定期貸款到期而導致的遞延融資成本攤銷加速而產​​生的每股 0.02 美元。本季結束時，我們的每股帳面價值為 21.87 美元，這得益於我們以高於帳面價值的總溢價執行貸款決議時 3200 萬美元的 CECL 準備金逆轉，同時也得益於以平均每股 17.91 美元的價格回購了 1800 萬美元的普通股價值近 4 美元。

All in, book value was down just 1% from the third quarter, reflecting the positive market trends driving strong credit performance broadly throughout our portfolio. And importantly, when factoring in the $0.47 per share dividend paid during the quarter, we delivered a positive 1% economic return to our stockholders.

總體而言，帳面價值較第三季僅下降 1%，反映出積極的市場趨勢推動了我們整個投資組合的強勁信貸表現。重要的是，考慮到本季支付的每股 0.47 美元的股息，我們為股東帶來了 1% 的正經濟回報。

Digging deeper into credit, portfolio performance improved to 93%, up 5% quarter over quarter, and the highest level since 4Q '23. This improvement was primarily driven by $1.1 billion of impaired loan resolutions which represents 49% of the total impaired loan balance as of 9/30. These resolutions included four loan sales and DPOs with realized prices at an 8% premium to our aggregate carrying value, an important benefit to our stockholders and validation of the accuracy of our reserves.

深入研究信貸，投資組合表現提高至 93%，季增 5%，達到 23 年第四季以來的最高水準。這項改善主要得益於 11 億美元的不良貸款解決，佔截至 9 月 30 日不良貸款總額餘額的 49%。這些決議包括四筆貸款銷售和 DPO，其實現價格比我們的總帳面價值高出 8%，這對我們的股東來說是一項重要利益，並且驗證了我們儲備金的準確性。

Upon exit, we immediately experienced an earnings benefit by repaying the related financing and reducing associated interest expense. And we expect to see further earnings uplift as we redeploy this capital into new investments.

退出後，我們透過償還相關融資和減少相關利息支出立即獲得了獲利收益。隨著我們將這些資本重新部署到新的投資中，我們預計獲利將進一步提升。

We also completed two loan restructurings, receiving $96 million of incremental subordinate capital from borrowers to significantly de-risk these positions, and acquired four REO assets, all transactions where our bases have been reset to reflect the current environment. Our REO portfolio now stands at $588 million across seven investments and generated $1.6 million of DE in the fourth quarter which excludes the impact of depreciation and amortization included in GAAP results.

我們還完成了兩項貸款重組，從借款人那裡獲得了 9,600 萬美元的增量次級資本，從而大大降低了這些頭寸的風險，並收購了四項 REO 資產，所有交易中我們的基礎都已重置，以反映當前環境。我們的 REO 投資組合目前涵蓋七項投資，總額為 5.88 億美元，第四季度產生了 160 萬美元的 DE，這還不包括 GAAP 結果中包含的折舊和攤銷的影響。

Looking ahead, we expect the loan resolutions completed in the fourth quarter will have a positive earnings impact over time that capital is fully redeployed and rotated into new investments in today's attractive environment. And we see an additional near-term and long-term earnings tailwind through loan resolutions, with another $400 million closed or in closing so far this quarter, bringing aggregate resolutions to over two-thirds of the three quarter peak and continued progress on the remainder.

展望未來，我們預計第四季度完成的貸款解決方案將隨著時間的推移對盈利產生積極影響，因為在當今有吸引力的環境下，資本將得到充分重新部署並轉向新的投資。我們還看到，透過貸款解決方案，短期和長期盈利將獲得額外推動，本季度迄今已完成或即將完成的貸款金額又有 4 億美元，使總解決方案達到前三個季度峰值的三分之二以上，剩餘部分的解決方案也將繼續取得進展。

For context, our 13 remaining impaired loans as of 12/31 were burdened by $0.10 per share of quarterly interest expense last quarter. Credit trends were stable this quarter with five upgrades, more than offsetting four downgrades. Included in upgrades was a four risk-rated multifamily loan where the borrower committed new cash equity, purchased a new rate cap, and continues to execute their business plan. And downgrades, we had just one new impairment, a leased UK office loan with long-term development potential where we have visibility into a near-term loan.

就背景而言，截至 12 月 31 日，我們剩餘的 13 筆不良貸款上個季度的季度利息支出為每股 0.10 美元。本季信用趨勢穩定，有五次升級，抵銷了四次降級。升級包括四級風險評級的多戶型貸款，其中藉款人承諾新的現金權益，購買新的利率上限，並繼續執行其商業計劃。至於降級，我們只出現了一項新的減值，即一筆租賃英國辦公室的貸款，該貸款具有長期發展潛力，我們可以預見到短期貸款。

Overall, our CECL reserve ended the quarter at $746 million, down 27% quarter over quarter, reflecting the impaired loan resolutions and otherwise generally stable credit in our portfolio. We received $1.6 billion of repayments in 4Q, including a four risk-rated multifamily loan and $5.2 billion of repayments throughout 2024, including $2 billion of office loans, a strong indication of performance and institutional liquidity for BXMT's loan collateral, notwithstanding challenging market conditions. So far in 2025, we have collected another $1.6 billion of repayments.

總體而言，本季末我們的 CECL 儲備為 7.46 億美元，環比下降 27%，反映了我們投資組合中的不良貸款解決方案和整體穩定的信貸狀況。我們在第四季度收到了 16 億美元的還款，包括一筆四級風險評級的多戶型貸款，以及 2024 年全年的 52 億美元還款，其中包括 20 億美元的辦公室貸款，這有力地表明了 BXMT 的貸款抵押品的業績和機構流動性，儘管市場條件嚴峻。到 2025 年為止，我們又拿回了 16 億美元的還款。

In addition to our strong liquidity and nearly $7 billion of available financing capacity, this positions BXMT well to redeploy low repayment proceeds and capitalize on our growing pipeline of new investment opportunities.

除了我們強大的流動性和近 70 億美元的可用融資能力之外，這使 BXMT 能夠很好地重新部署低償還收益並利用我們不斷增長的新投資機會。

To that end, BXMT closed $186 million of loan originations in 4Q, largely concentrated in multifamily and industrial sectors, and has over $2 billion of loans closed during closing so far in the first quarter of 2025. Capital deployment lagging repayments, we expect near-term portfolio contraction to modestly weigh on DE. So given the robust investment pipeline, we see our portfolio balance stabilizing in 1Q and then growing from there.

為此，BXMT 在第四季度完成了 1.86 億美元的貸款發放，主要集中在多戶住宅和工業領域，截至 2025 年第一季度，已完成超過 20 億美元的貸款發放。資本部署落後於償還，我們預期短期投資組合收縮將對 DE 造成輕微壓力。因此，鑑於強勁的投資管道，我們預計我們的投資組合平衡將在第一季穩定下來，然後開始成長。

In addition, the first four loans closed in our M&T multifamily agency lending partnership this quarter, generating fee income and creating book value for our participation in the underlying MSRs, all with virtually no incremental expense or capital outlay from BXMT.

此外，本季我們在 M&T 多戶型機構貸款合作夥伴關係中完成了前四筆貸款，產生了費用收入並為我們參與基礎 MSR 創造了帳面價值，而 BXMT 幾乎沒有增加任何費用或資本支出。

We continue to maintain a best-in-class balance sheet with well-structured term match financing and no capital markets mark-to-market provisions. We reduced debt to equity to 3.5 times from 3.8 times quarter over quarter, squarely within our target range of 3 to 4 times while maintaining strong liquidity of $1.5 billion.

我們繼續保持一流的資產負債表，擁有結構良好的定期匹配融資，且沒有資本市場以市價計價的規定。我們將債務與股權之比從上一季的 3.8 倍降低至 3.5 倍，恰好處於我們 3 至 4 倍的目標範圍內，同時保持了 15 億美元的強勁流動性。

The ability of our balance sheet, which has been borne out over the recent credit cycle, continues to be a critical differentiator that consistently affords BXMT the patience and optionality to maximize economic outcomes for our stockholders and is an asset that will support the next phase of growth for our business.

我們的資產負債表的能力已在最近的信貸週期中得到證實，它仍然是一個關鍵的區別因素，它始終為 BXMT 提供耐心和可選性，以最大限度地為我們的股東帶來經濟效益，並且是一項將支持我們業務下一階段增長的資產。

We completed a $1.1 billion corporate debt transaction in November which added to liquidity and meaningfully extended the maturity profile of our corporate liabilities. The deal was met with strong institutional demand and emphasized BXMT's broad access to capital markets. Along this line, we see additional opportunities to capitalize on tighter financing spreads and drive further enhancements to our capital structure across several markets.

我們在 11 月完成了 11 億美元的公司債務交易，這增加了流動性並顯著延長了我們公司債務的期限。此次交易得到了機構的強烈需求，凸顯了 BXMT 廣泛的資本市場管道。沿著這條路線，我們看到了利用更緊的融資利差的更多機會，並推動我們在多個市場的資本結構進一步改善。

Notably in CLOs, where we have been an opportunistic issuer in the past, and today we are building a strong pipeline of new investments that are a natural fit for that market.

尤其是在 CLO 領域，我們過去一直是機會主義的發行人，而今天我們正在建立強大的新投資管道，這些投資自然適合該市場。

In closing, we are proud of our 2024 results and the proactive measures we have taken to resolve the majority of our challenged assets while maintaining a strong balance sheet and robust liquidity that position BXMT for growth in 2025. While earnings today reflect the natural near-term headwinds from portfolio turnover, the tailwinds of the market recovery, our growing investment pipelines, and our expansion into new diversified investments all combined to generate a positive forward trajectory for our business.

最後，我們對 2024 年的業績以及我們為解決大部分困難資產而採取的主動措施感到自豪，同時保持強勁的資產負債表和強勁的流動性，為 BXMT 在 2025 年的成長做好準備。雖然今天的收益反映了投資組合週轉率帶來的自然短期逆風，但市場復甦的順風、我們不斷增長的投資管道以及我們向新的多元化投資的擴展，都共同為我們的業務創造了積極的未來軌跡。

Thank you for joining today's call. I will now ask the operator to open the call to questions.

感謝您參加今天的電話會議。我現在請接線生開始回答問題。

(Operator Instructions)

（操作員指令）

Stephen Laws, Raymond James.

史蒂芬勞斯、雷蒙詹姆斯。

Good morning. Congratulations. You guys got a lot done at the end of the year and year-to-date as well. Katie, I want to start a few moving parts and I think the comments towards the end of the prepared remarks about the balance -- portfolio balance stabilizing in Q1and growing, help us provide some color. But curious to think about an earnings bridge into the beginning of the year. When we think about earnings troughing, you've had additional repayments, one new NPL at year end, but you've also got the benefit of some financing on resolved non-accruals that goes away as well as a couple of penny drag from some one-time expenses in Q4. So just trying to think about what is that, ex losses, earnings power of the portfolio earlier this year and how do we think about that ramping as we move forward.

早安.恭喜。你們在年底和年初至今都完成了很多事情。凱蒂，我想開始討論幾個活動部分，我認為在準備好的評論結束時關於平衡的評論——投資組合平衡在第一季度穩定並增長，有助於我們提供一些色彩。但我很好奇地思考了一下年初的獲利狀況。當我們考慮獲利低谷時，您會有額外的還款，年底有一筆新的不良貸款，但您也會從已解決的非應計專案融資中獲得一些好處，這些融資會消失，而且第四季度的一些一次性費用也會為您帶來幾分錢的拖累。所以試著思考一下那是什麼，除損失外，今年早些時候投資組合的盈利能力，以及我們如何看待未來盈利能力的提升。

Sure. I think that the way we think about it, we had obviously $0.44 in the fourth quarter, $0.46 if you take out the amortization of costs on the refi and the startup costs. And then from there, the most impactful driver of earnings is resolutions. And we're executing. We have $1 billion over the course of the quarter, another $400 million in closing. The other key driver and impact in terms of ins and outs last quarter, this quarter, is repayments. We've received a lot. It's a great sign for credit. And we're now reinvesting those proceeds with $2 billion closer in closing and growth capacity beyond that. So both resolutions and reinvestments obviously will take a quarter to see the full run rate impact. So I think we're in the trough now and we'll come through it as we get into the second quarter.

當然。我認為，按照我們的想法，第四季度我們的利潤顯然是 0.44 美元，如果扣除再融資成本攤提和啟動成本，則為 0.46 美元。從那時起，對獲利影響最大的驅動力就是決議。我們正在執行。我們在本季獲得了 10 億美元，在收盤時又獲得了 4 億美元。就上個季度和本季而言，另一個關鍵驅動因素和影響是還款。我們收到了很多。這是獲得信譽的好兆頭。現在，我們正在將這些收益重新投資 20 億美元，以實現更接近目標的成長能力。因此，決議和再投資顯然都需要一個季度的時間才能看到全部的運行率影響。所以我認為我們現在處於低谷，進入第二季後我們就會走出低谷。

Great. And that leads to my follow-up about the resolutions, I think you mentioned $400 million. As we think about the remaining $1.5 billion of 5-rated loans, is the $400 million what you think about maybe as first half resolution? Is that more first quarter? How do we think about the if we assume for now no new 5-rated loans, how do we think about that existing balance of 5-rated loans unwinding over the year?

偉大的。這引出了我對決議的後續問題，我想您提到了 4 億美元。當我們考慮剩餘的 15 億美元 5 級貸款時，您是否認為這 4 億美元可能是上半年的解決方案？還有第一季嗎？如果我們假設現在沒有新的 5 級貸款，那麼我們如何看待今年現有的 5 級貸款餘額的減少？

Yeah. So the $400 million is assets that we have very clear visibility into hopefully near-term closings. These things can always move around a bit. But those are deals that were on the 10- or 15-yard line on. So I would hope that those would be first quarter. And hopefully, we'll have more beyond that in the first half of the year at the risk of overpromising for my asset management team. But we're extremely focused on getting our impaired loan balance down as quickly as possible. And we're working on every single one of them. The $400 million is really just deals that we have effectively, signed, deals agreed, and in closing.

是的。因此，我們對這 4 億美元的資產有非常清晰的認識，希望能夠在近期內完成結清。這些東西總是可以稍微移動一下。但這些都是在 10 碼或 15 碼線上的交易。所以我希望那是第一季。我希望我們能在今年上半年取得更多成果，但這可能會讓我的資產管理團隊做出過度承諾。但我們非常注重盡快降低不良貸款餘額。我們正在努力解決每一個問題。這 4 億美元實際上只是我們有效簽署、同意並即將達成的交易。

Great. Appreciate the comments this morning, Katie.

偉大的。感謝今天早上的評論，凱蒂。

Steve DeLaney, Citizens JMP Security.

史蒂夫·德萊尼 (Steve DeLaney)，公民 JMP 安全公司。

Thanks. Good morning, everyone. And hello again, Marcin, from my (inaudible) in on that. So Katie, if we look at the realized losses, they ran -- I think I calculated about 13% of UPB. So if we think about the $400 million or whatever elses in the 5 plays out in, say, the first half of this year, is something in that magnitude, let's just call it round number like 13%, is that a reasonable assumed loss on UPB when you resolve these remaining 5s?

謝謝。大家早安。再次問好，Marcin，我（聽不清楚）談論此事。所以凱蒂，如果我們看一下實際損失，我認為我計算了 UPB 的約 13%。因此，如果我們考慮今年上半年這 5 項支出中的 4 億美元或其他金額，那麼我們就稱其為 13% 這樣的整數，當您解決剩餘的 5 項支出時，這是否是 UPB 的合理假設損失？

What I would point you to -- thanks for the question, is firstly, if you look at our CECL reserves, they tend to be in the mid-20s. And we're resolving around that marked or slightly better. So I think the 13% -- we could take it offline, I'll show you exactly what math we're doing. But I would look to our CECL reserves on the 5s which have mostly been born out to be accurate or a little bit conservative and think about that as your assumption for where things would play out on future resolutions.

我想指出的是——感謝您的提問，首先，如果您看看我們的 CECL 儲備金，它們往往在 1920 年代中期。我們正在解決這個問題，讓它變得更好或更好。所以我認為 13% — — 我們可以將其離線，我會向您展示我們正在進行的數學計算。但我會關注我們在 5 年代的 CECL 儲備，這些儲備大多被證明是準確的或有點保守的，並將其視為您對未來決議將如何發展的假設。

Okay. My math may have been off and I will follow up on that just to be clear. I had like $140 million of realized losses, on one point $1 billion. And I took $0.81 times 173.5 million shares. But I'll follow up on that, Tony.

好的。我的數學可能有誤，我會跟進以確認清楚。我的實際損失約為 1.4 億美元，最高達到 10 億美元。我賺了 0.81 美元乘以 1.735 億股。但我會跟進的，托尼。

Katie, just on the buyback, certainly applaud that, would you expect that if the stock remains, say, under 85% of book value, should we expect those to continue? And with the Board -- do you think the Board will consider increasing it once the current authorization is expired or has been used up? Thank you.

凱蒂，就回購而言，我對此表示讚賞，您是否認為，如果股票價格仍低於帳面價值的 85％，我們是否應該預期這種情況會繼續下去？而對於董事會——您是否認為一旦當前授權到期或用完，董事會會考慮增加授權？謝謝。

Sure. Thank you. So I think our view on the stock and the economic proposition on offer is clear. I covered that in remarks. And we have $90 million left on our stock buyback authorization. We also have almost $2 billion of liquidity today. And we're looking to actively deploy into a bunch of different real estate credit investment opportunities. So I would certainly see the stock as very much on that list.

當然。謝謝。因此我認為我們對股票和所提供的經濟主張的看法是明確的。我在評論中提到了這一點。我們的股票回購授權還剩下 9,000 萬美元。我們今天還擁有近 20 億美元的流動資金。我們正在尋求積極部署一系列不同的房地產信貸投資機會。因此我肯定會將該股票列在該名單上。

Okay. Thanks for the comments.

好的。感謝您的評論。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Thanks and good morning everybody. Katie, a clarification here. I think I heard you mention that 40% of the portfolio could be 2025 originations and if we do a quick back-of-the envelope and assume the same repayment level as '24, that would imply something like $10 billion of originations in '25. Are we thinking of this correctly?

謝謝，大家早安。凱蒂，這裡需要澄清一下。我想我聽過你提到過，40%的投資組合可能是2025年的發起資金，如果我們做一個快速的粗略計算，並假設與'24年的償還水平相同，那就意味著'25年的發起資金將達到100億美元左右。我們對此的想法正確嗎？

So I think that when we think about our repayment projections for this year, we had $5.2 billion last year, but I think we anticipate that this year will probably be higher than that. And that's really a factor of what I mentioned, I think, on the last call. There's an element going on right now of a catch-up in our portfolio. We have a lot of loans that are performing well that are in a place in their business plans where they can be repaid. And now that the capital markets have clearly normalized and a lot of liquidity has returned, we would expect a lot of that portfolio to turn over and then for us to then reinvest the proceeds. So I think that we would expect a higher repayment level this year and therefore a higher reinvestment level this year sort of getting towards that 40% number.

因此，我認為，當我們考慮今年的還款預測時，去年我們的還款額為 52 億美元，但我認為我們預計今年的還款額可能會更高。我認為，這確實是我在上次通話中提到的一個因素。我們的投資組合中現在正出現追趕的跡象。我們有許多表現良好的貸款，這些貸款在其商業計劃中都達到了可以償還的水平。現在資本市場已經明顯正常化，大量流動性已經回升，我們預計大部分投資組合將發生週轉，然後我們將重新投資收益。因此我認為，我們預計今年的償還水準會更高，因而今年的再投資水準也會更高，接近 40% 的數字。

Got it. That's really helpful. Understood. And then switching over to your comments on net lease investing. I know you mentioned the total addressable market in the trillions. But this is also a sector with some of the most sophisticated investment platforms anywhere. How would BXMT's approach differentiate itself from that of the other major institutional players in the net lease sector?

知道了。這真的很有幫助。明白了。然後轉到您對淨租賃投資的評論。我知道您提到了數萬億美元的潛在市場總額。但這個產業也是擁有一些最複雜的投資平台的產業之一。BXMT 的方法與淨租賃領域其他主要機構參與者的方法有何不同？

Yeah. It's a great question. We think that there are obviously some very high-quality peers in the space. But it is also a very large market and an extremely granular market. And so when we think about building this platform, a little bit will go a long way and we'll look to grow it over time. We're not in a place where we have a multi-billions of dollars portfolio where we need to be buying a billion dollars a year or a quarter to show growth. So I think that we can be thoughtful but also build up a portfolio that is granular, diversified, well- protected from a credit perspective, and additive, very complementary to the earnings profile of our overall business. And we're doing that with a thoughtful and I think well-conceived approach and a very high-quality experienced platform.

是的。這是一個很好的問題。我們認為，該領域顯然存在一些非常優質的同行。但它也是一個非常龐大的市場和一個極度細分的市場。因此，當我們考慮建立這個平台時，一點點的努力就會產生很大的效果，我們希望隨著時間的推移，它能夠不斷成長。我們並沒有擁有數十億美元的投資組合，需要每年或每季購買十億美元才能成長。因此，我認為，我們不僅要深思熟慮，還要建立一個細緻、多樣化、從信貸角度得到良好保護的投資組合，並且這個投資組合可以與我們整體業務的盈利狀況形成很好的補充。我們正在以深思熟慮且構思巧妙的方法以及高品質的體驗平台來實現這一目標。

Got it. Appreciate the answers. Thanks, everyone.

知道了。感謝您的回答。謝謝大家。

Doug Harter, UBS.

瑞銀的道格·哈特（Doug Harter）。

Thanks. I was hoping you could talk about the types of spreads or IRRs you expect to get on the new loans that you'll be doing in 1Q and '25.

謝謝。我希望您能談談您預計在第一季和 25 年發放的新貸款中會獲得的利差或 IRR 類型。

Sure. Austin, you want to take one?

當然。奧斯汀，你想拿一個嗎？

Yeah. Thanks, Doug. In terms of spreads, I think as Katie alluded to, asset spreads have come in, but importantly, so have the spreads on the liability side. And so when you look at the leverage spreads or the IRRs as you referred to, they're really quite consistent with what we've seen historically, around 900 or 1,000 over. And importantly, when we look at the risk-adjusted returns today on the investments in our pipeline, we really see them as quite compelling really given the credit profile of the deals in the pipeline. Today, we're making loans at reset basis that reflect today's valuation environments. So we really feel very good about the risk-adjusted returns we are able to create right now.

是的。謝謝，道格。就利差而言，我認為正如凱蒂所提到的，資產利差已經出現，但重要的是，負債方面的利差也已經出現。因此，當您查看槓桿利差或您所提到的 IRR 時，它們實際上與我們歷史上看到的水平非常一致，約為 900 或 1,000。重要的是，當我們今天審視我們通路中的投資的風險調整回報時，我們確實發現，考慮到通路中交易的信用狀況，這些回報確實非常引人注目。今天，我們按照反映當今估值環境的重置基礎發放貸款。因此，我們對目前能夠創造的風險調整回報感到非常滿意。

I appreciate that. And then as you think about -- as the portfolio regrows, how are you thinking about what type of leverage level you want to be running this business at as the market is beginning to heal?

我很感激。然後，當您思考—隨著投資組合重新成長，當市場開始復甦時，您如何考慮想要以什麼樣的槓桿水平來經營這項業務？

Yeah, absolutely. So I think that the performance of our balance sheet and the stability and durability that we've seen over the last couple of years has really proven out that the strategy we've run for this business, making senior first mortgage loans at a reasonable leverage point and having a leverage level of between 3 and 4 times, which has always been our target, has worked well. We were 3.5 times at the end of the year. We've gotten a lot of repayments since then. And so I think we're sort of squarely at the mid to kind of today, probably a little lower end of the range. And you know we feel good about the prospect of portfolio growth beyond within our target level.

是的，絕對是如此。因此，我認為，我們資產負債表的表現以及過去幾年所看到的穩定性和持久性，確實證明了我們為這項業務實施的策略是有效的，即在合理的槓桿點提供優先一級抵押貸款，槓桿率保持在 3 到 4 倍之間，這一直是我們的目標。到年底時我們已經是3.5倍了。自那時以來，我們已經收到了很多還款。所以我認為我們目前處於中間水平，可能處於該範圍的低端。而且您知道，我們對超出目標水準的投資組合成長前景感到樂觀。

Great. Thank you, Katie.

偉大的。謝謝你，凱蒂。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. Just wondering in terms of rates, has that created any new potential credit challenges just merely as a result of the rate volatility we've seen or do you feel like you have your arms around the problem set at this point?

非常感謝。只是想知道，就利率而言，這是否僅僅由於我們所看到的利率波動而產生了任何新的潛在信貸挑戰，或者您是否覺得目前您已經掌握了問題所在？

Yeah. I think it's certainly a question we think a lot about. And I think that the couple of things we see, first of all, we haven't seen any material impact of the rate uptick on repayments. We obviously got pretty strong fourth quarter and then another significant amount of repayments so far in the first quarter. We monitor the capital markets obviously on a daily basis. We're actively investing in them. There has not been a meaningful change. And if anything, I think that the slight uptick in rates has driven more capital into the credit markets, which has created more liquidity for repayments. And that is a benefit in terms of the credit profile of our portfolio. So I think that we have 130, 150 loans. There's always a little bit of movement and that's normal and we should expect that. But the direction of travel is clearly positive. And I think that the liquidity that we see ongoing in the markets is going to continue to result in repayments and resolutions.

是的。我認為這確實是我們經常思考的問題。我認為我們看到的幾件事是，首先，我們尚未看到利率上調對還款產生任何實質影響。顯然，我們的第四季表現相當強勁，並且第一季迄今又獲得了相當可觀的還款額。我們顯然每天都會監控資本市場。我們正在積極地對他們進行投資。尚未發生任何有意義的改變。如果有什麼不同的話，我認為利率的小幅上調將推動更多資本進入信貸市場，從而為還款創造更多流動性。就我們投資組合的信用狀況而言，這是一個好處。所以我認為我們有130到150筆貸款。總是會有一點點動靜，這是正常的，我們應該預料到這一點。但前進的方向顯然是正面的。我認為，我們看到的市場上持續存在的流動性將繼續導致償還和解決。

Thank you very much. And then on the net lease strategy, is one component the eventual enabling of access to unsecured debt as one of your peers definitely has done? And in addition, how quickly do you think that you can ramp up this strategy?

非常感謝。那麼在淨租賃策略中，其中一個組成部分是否最終能夠獲得無擔保債務，正如您的一位同行已經所做的那樣？此外，您認為您可以多快實施這項策略？

Yeah. So I think that access to different financing markets with the net lease strategy, whether it is the ABS market, other types of securitized markets, or a broader corporate debt strategy is one of the reasons that we like that business in addition to just the fundamental yields that we're acquiring assets at and the credit profile that we can generate there. So certainly thinking about continuing to expand the diversification and flexibility of our balance sheet which has always been a big strength of how we deliver consistent returns over time. Whether that's unsecured or, as I said, ABS securitized markets, that's something that we'll be thinking about as we ramp this up.

是的。因此，我認為，透過淨租賃策略進入不同的融資市場，無論是 ABS 市場、其他類型的證券化市場還是更廣泛的企業債務策略，都是我們喜歡這項業務的原因之一，此外，我們收購資產的基本收益率和我們可以在那裡產生的信用狀況也很重要。因此，我們肯定會考慮繼續擴大資產負債表的多元化和靈活性，這一直是我們長期提供持續回報的一大優勢。無論是無擔保市場，還是像我所說的那樣，ABS 證券化市場，都是我們在推進這一進程時會考慮的事情。

And just the the follow-up about timing to scale this.

接下來是關於擴大規模的時間安排。

Yeah. I mean, look, we really like the opportunity today, as I mentioned. And we've put money into getting this platform up and going. We have a couple of deals that I think closed today or this week. So we're actively out there. But we're going to be guided by the investment opportunity, as we always have been. So I don't want to put a number on it because the key is just finding great deals that we like and building the portfolio allocation that we think is appropriate. We're going to do that with regard to thinking about the underwriting, cash flow coverage, structure of the leases, performance of the underlying businesses. And be very thoughtful about building a durable, resilient, and diversified portfolio with credits that we like. So we hope it ramps quickly. But this is also a build -- this is a build, this isn't a buy, and so we want to do it the right way.

是的。我的意思是，正如我所提到的，我們真的很喜歡今天的機會。我們已經投入資金來建立和運作這個平台。我認為我們有幾筆交易今天或本週就完成了。因此我們積極地參與其中。但我們將一如既往地以投資機會為導向。所以我不想給它一個數字，因為關鍵只是找到我們喜歡的優惠交易，並建立我們認為合適的投資組合配置。我們將考慮核保、現金流覆蓋、租賃結構、基礎業務的表現等。並且要非常認真地建立一個持久、有彈性、多樣化的投資組合，其中包含我們喜歡的信貸。所以我們希望它能快速發展。但這也是一次構建——這是一次構建，而不是一次購買，因此我們希望以正確的方式來做這件事。

Thank you.

謝謝。

Harsh Hemnani, Green Street.

哈什‧赫姆納尼 (Harsh Hemnani)，綠街。

Thank you. So you mentioned sort of the improving fundamental backdrop and the improving capital market liquidity for office, and it seems like about 4% of 2025 originations are in that sector. I want to ask what's the willingness to expand into office given an improving fundamental backdrop for high-quality office in 2025?

謝謝。因此，您提到了辦公領域基本面的改善和資本市場流動性的改善，似乎 2025 年約有 4% 的貸款發放都屬於該領域。我想問一下，2025年優質辦公室的基本面不斷改善，擴張辦公室的意願有多大？

Yeah, Harsh. Hey, it's Austin. I can take that one. I think we've been very consistent throughout this cycle about our belief in high-quality office which really is outperforming. I think you're seeing that today in the capital markets, obviously, as Katie alluded to earlier. The bar for us is high for new investment in office. But as you noted, we are seeing opportunities to lend on really high-quality, well-leased assets at very low basis. I think, overall, office exposure for us continues to come down. We don't really see it meaningfully growing from here. But we are going to pursue opportunities that we think make sense and generate attractive returns that we feel on high-quality assets.

是的，哈什。嘿，我是奧斯汀。我可以拿走那個。我認為，我們在整個週期中始終堅信高品質辦公室確實表現優異。我認為今天你在資本市場上顯然看到了這一點，正如凱蒂之前提到的那樣。對我們來說，新辦公室投資的門檻很高。但正如您所說，我們看到了以非常低的利率對真正高品質、租賃良好的資產進行貸款的機會。我認為，總體而言，我們在辦公室的曝光率持續下降。我們確實沒有看到它從現在開始有任何有意義的增長。但我們將尋求我們認為合理的機會，並從優質資產中獲得我們認為有吸引力的回報。

Got it. And then is there sort of a percentage of your portfolio that you would feel comfortable at in terms of office exposure?

知道了。那麼，從辦公室風險敞口的角度來看，您的投資組合中是否存在一個您覺得合適的比例？

I think it really comes down to the opportunities that we see. I mean, if we could do more deals like the Spiral, we absolutely would. I think that though, as Austin mentioned, the aperture of the type of office opportunities and where we see our performance is quite narrow, and we're going to be extremely selective. So I think we would expect that exposure within our portfolio to come down over time because, obviously, we're getting a lot of repayments and we're going to be very selective on the new stuff. So I think that's the general approach we're taking. We'll certainly see less office in the portfolio as we move forward here.

我認為這實際上取決於我們看到的機會。我的意思是，如果我們可以做更多像 Spiral 這樣的交易，我們絕對會這麼做。不過我認為，正如奧斯汀所提到的，辦公機會類型和我們看到的表現的範圍相當狹窄，因此我們會非常謹慎地進行選擇。因此，我認為，我們預計投資組合內的風險敞口會隨著時間的推移而下降，因為顯然，我們會獲得大量償還，而且我們會對新資產非常挑剔。所以我認為這是我們採取的整體方法。隨著我們不斷前進，我們肯定會看到投資組合中的辦公室數量減少。

Got it. That's helpful. Last one for me. Going back to leverage, I want to ask how you see the long term leverage of this business changing with the addition of the net lease strategy if it changes at all in your mind.

知道了。這很有幫助。對我來說是最後一個。回到槓桿率問題，我想問一下，如果您認為這項業務的長期槓桿率會隨著淨租賃策略的增加而改變的話，您認為它會發生怎樣的變化？

Yeah. I think that, as I mentioned, I think, in one of the other questions, we do see a lot of opportunities for securitized financing in net lease. That's obviously been a strategy. And it is, fundamentally, a business that is lower leveraged than our core lending business because we're obviously buying assets as opposed to making 65% senior loans. So I think that it's positive in terms of our overall leverage profile going forward and yet we think we can generate similar returns to our core strategy. That's one of the reasons we like it.

是的。我認為，正如我在另一個問題中提到的，我們確實看到淨租賃中證券化融資的許多機會。這顯然是一種策略。從根本上來說，這項業務的槓桿率低於我們的核心貸款業務，因為我們顯然是在購買資產，而不是發放 65% 的優先貸款。因此，我認為這對我們未來的整體槓桿狀況來說是積極的，而且我們認為我們可以產生與我們的核心策略類似的回報。這就是我們喜歡它的原因之一。

Okay. Thank you.

好的。謝謝。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Katie, can you talk a little bit about the international markets, how you're thinking about them? It looks like you're still active on originations and seeing pretty good returns. And then also on the credit perspective from international?

凱蒂，你能談談國際市場以及你對它們的看法嗎？看起來您仍然活躍於發起活動並獲得了相當不錯的回報。那麼從國際信用角度來看呢？

Sure, absolutely. So yes, as you mentioned, we definitely have seen positive relative value in international markets overall. And there's different markets obviously. We're active in Australia which is a very stable market. We're active in the UK, in Europe, in Canada. I think that, obviously, the growth profile of the U.S. is the most positive that we see from a global perspective. I think that's clear. But at the same time, looking at high-quality, high-conviction sectors in these markets, industrial, multifamily, we see very stable trends. Supply, if anything, is even lower in a lot of these markets than it is in the U.S. And obviously, supply in the U.S. is coming down quite materially. Rates in Europe are coming down more quickly than in the U.S. And the competitive dynamic, really, it can't be overstated. It's quite different outside of the U.S.

當然，絕對是如此。是的，正如您所說，我們確實看到了整體國際市場的相對價值為正。顯然，存在著不同的市場。我們在澳洲非常活躍，這是一個非常穩定的市場。我們活躍於英國、歐洲和加拿大。我認為，從全球角度來看，美國的成長前景顯然是最正面的。我認為這很清楚。但同時，縱觀這些市場中的高品質、高信心產業、工業、多戶型產業，我們看到非常穩定的趨勢。許多這些市場的供應量甚至比美國還要低。歐洲的利率下降速度比美國更快。美國以外的情況則截然不同。

And so our ability to drive low leverage, very strong credit profiles, attractive returns, because there's not much of a CMBS market in these other areas, because our platform differentiation, competitive advantages that we have in terms of sourcing these deals, is really, I would say, even stronger outside of the U.S. than it is here. We were able to generate, in our view, very high-quality credit opportunities notwithstanding what I think we can all acknowledge is probably a slower growth profile outside of the U.S. today.

因此，我們能夠實現低槓桿、非常強勁的信用狀況和有吸引力的回報，因為在其他地區，CMBS 市場並不大，而我們的平台差異化、在尋找這些交易方面的競爭優勢，實際上，我想說，在美國以外甚至比在美國更強。儘管我認為大家都承認，目前美國以外的經濟成長速度可能有所放緩，但我們仍然能夠創造非常高品質的信貸機會。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩 (Rick Shane)。

Hey, everybody. Thanks for taking the question. And Marcin, welcome. I just want to make sure, did I -- I know there was about $1.6 billion in repayments in the fourth quarter. Did I hear that it's $1.6 billion repayments quarter-to-date as well?

嘿，大家好。感謝您回答這個問題。歡迎 Marcin 的到來。我只是想確認一下，我知道第四季的還款金額約為 16 億美元。我是否聽說本季迄今的還款額也是 16 億美元？

That's correct.

沒錯。

And are those repayments at par or are there going to be any discounted repayments there?

這些償還金額是按面值計算的嗎？

Those are all at par.

這些都是同等的。

Okay. Great. Next question is you guys had talked about the $2 billion pipeline for the first quarter. How should we think about that translating into funding as we move to the quarter? Is this a pipeline that is largely sort of funded at time of origination or are there going to be substantial draws on this going forward?

好的。偉大的。下一個問題是你們談到了第一季 20 億美元的資金管道。隨著本季的到來，我們應該如何考慮將其轉化為資金？這個管道是否在發起時就已獲得大量資金，或者在未來是否會有大量資金投入？

Yeah. It's a good question. What we see is a good mix of sort of refis and acquisitions which are generally funded at closing with maybe a little bit of construction. Construction activity has obviously come way down across the U.S. We like that opportunity today from a risk return perspective, but there's just not a lot of deals there. So as we think about the funding, I would expect that it's largely close to funded balance. But of course, we're just going to continue pursuing all the opportunities that we like. And if we can find multifamily construction to do, we'd like to do it. But again, that segment of the market is not as active today as it's been historically just given higher replacement costs and the overall downtick in new supply starts that we're seeing across sectors.

是的。這是個好問題。我們看到的是再融資和收購的良好組合，這些融資通常在交易完成時進行，也可能涉及少量的建設。美國各地的建築活動顯然已經大幅減少。因此，當我們考慮資金時，我預計它基本上接近資金餘額。但當然，我們將繼續追求我們喜歡的所有機會。如果我們可以找到可建造多戶住宅的項目，我們很樂意去做。但是，由於更換成本較高，以及我們看到各行業新供應量整體下降，這部分市場目前並不像歷史上那麼活躍。

Got it. Okay. That's helpful. And then last question, it looks like peak income increased incrementally from the third quarter. I think the run rate would be about $3 million a quarter. Looks like it's ticked up to at least $7 million. Is that correct? And is that what we should assume as a run rate through '25? Presumably it will be diluted away, but from a dollar perspective, should we assume that $7 million a quarter?

知道了。好的。這很有幫助。最後一個問題，看起來高峰收入從第三季開始逐步增加。我認為每季的運行率大約是 300 萬美元。看起來它至少已經漲到 700 萬美元了。那正確嗎？這是否是我們應該假設的 25 年的運行率？據推測它會被稀釋，但從美元的角度來看，我們是否應該假設每季 700 萬美元？

I don't know that I would assume that as necessarily a run rate. I mean, the peak income in our portfolio is generally pretty idiosyncratic and varies deal by deal. We don't have many deals that peak. And where they do, they're usually for particular reasons within the structure of the loan. So I think that you're going to see that bounce around in particular as we have some of these legacy loans repay or resolutions of NPLs. So I would probably not assume a straight line there, and that's just going to be something that bounces around. In either case, not a material component of our earnings.

我不知道我是否認為這必然是一個運行率。我的意思是，我們投資組合中的峰值收入通常非常特殊，並且根據交易的不同而有所不同。我們沒有很多達到頂峰的交易。他們這樣做通常是因為貸款結構中的特殊原因。因此，我認為，當我們償還部分遺留貸款或解決不良貸款時，你將會看到這種反彈。因此，我可能不會假設那裡有一條直線，而那隻是一些會反彈的東西。無論哪種情況，都不是我們收入的重要組成部分。

Got it. Okay. Terrific. Thank you so much.

知道了。好的。了不起。太感謝了。

Thank you. That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to Tim Hayes for any additional or closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將電話轉回給蒂姆·海耶斯，讓他做任何補充或結束語。

Thank you, Katie, and to everyone for joining today's call. Please reach out with any questions.

謝謝凱蒂以及大家參加今天的電話會議。如有任何疑問，請與我們聯絡。