Blackstone Mortgage Trust Inc (BXMT) 2025 Q1 法說會逐字稿

Good day, and welcome to the Blackstone Mortgage Trust first-quarter 2025 investor call. Today's conference is being recorded. (Operator instructions)

大家好，歡迎參加 Blackstone Mortgage Trust 2025 年第一季投資者電話會議。今天的會議正在錄製中。（操作員指示）

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 Tim Hayes。請繼續。

Good morning, and welcome, everyone, to Blackstone Mortgage Trust's first-quarter 2025 earnings conference call. I am joined today by Tim Johnson, Global Head of BREDS; Katie Keenan, Chief Executive Officer; Tony Marone, Chief Financial Officer; and Austin Pena, Executive Vice President of Investments. This morning, we filed our 10-Q and issued a press release with a presentation of our results, which are available on our website and have been filed with the SEC.

早安，歡迎大家參加 Blackstone Mortgage Trust 2025 年第一季財報電話會議。今天與我一起出席的還有 BREDS 全球主管 Tim Johnson、執行長 Katie Keenan、財務長 Tony Marone 和投資執行副總裁 Austin Pena。今天早上，我們提交了 10-Q 報表並發布了一份新聞稿，介紹了我們的業績，這些都可以在我們的網站上查閱，並且已經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.

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。

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

我們不承擔更新前瞻性陳述的任何義務。我們也會在本次電話會議上參考某些非公認會計準則指標。對於對賬，您應該參考新聞稿和 10-Q。該音訊廣播是 Blackstone Mortgage Trust 的版權資料，未經我們同意不得複製。

For the first quarter, we reported a GAAP net loss of effectively zero and distributable earnings of $0.17 per share. Distributable earnings prior to charge-offs were $0.42 per share. A few weeks ago, we paid a dividend of $0.47 per share with respect to the first quarter. Please let me know if you have any questions following today's call.

第一季度，我們報告的 GAAP 淨虧損實際上為零，可分配收益為每股 0.17 美元。沖銷前的可分配收益為每股 0.42 美元。幾週前，我們支付了第一季每股 0.47 美元的股息。如果您在今天的通話後有任何問題，請告訴我。

And with that, I'll now turn things over to Katie

現在，我將把話題交給凱蒂

Thanks, Tim. Amidst the dynamic backdrop, BXMT's first quarter results demonstrate continued progress across every aspect of our business, building on the momentum from last quarter. As outlined then, BXMT's forward trajectory is propelled by three key drivers, one, portfolio turnover through repayments and redeployment into high-quality new credit opportunities. Two, resolution of impaired loan, and three, optimization of our balance sheet. All play a critical role in unlocking future earnings potential and further positioning BXMT for performance, and we took a proactive approach on each this quarter, putting the company on very strong footing in the current environment.

謝謝，蒂姆。在充滿活力的背景下，BXMT 第一季的業績表明，我們業務的各個方面都繼續取得進展，並延續了上一季的勢頭。正如當時所述，BXMT 的發展軌跡受到三個關鍵驅動因素的推動，第一，透過償還和重新部署到高品質的新信貸機會來實現投資組合週轉。二是解決不良貸款，三是優化我們的資產負債表。所有這些對於釋放未來盈利潛力和進一步定位 BXMT 的業績都發揮著至關重要的作用，我們本季度對每個方面都採取了積極主動的方式，使公司在當前環境下站穩了腳跟。

Starting on the macro. While tariff policy has created greater uncertainty and a slowdown could weigh on the broader market over time, we believe that real estate is well-positioned to outperform. In contrast to other sectors, real estate already went through its cycle with values resetting lower and many challenged deals addressed.

從宏觀開始。儘管關稅政策帶來了更大的不確定性，而且經濟放緩可能會隨著時間的推移對大盤造成壓力，但我們認為房地產市場已做好準備，並有望跑贏大盤。與其他行業相比，房地產行業已經經歷了其周期，其價值重新回到較低水平，並且許多具有挑戰性的交易得到了解決。

We're still in the recovery phase, far from the pitfalls of overleverage or overbuilding that preceded prior real estate downturn. Though tariffs may pressure goods prices, other key components of inflation are coming down. And critically, real estate cash flows over time should benefit from diminished supply, which is already at historically low levels and likely to fall even further.

我們仍處於復甦階段，遠離上次房地產衰退之前過度槓桿或過度建設的陷阱。儘管關稅可能會給商品價格帶來壓力，但通膨的其他關鍵因素正在下降。至關重要的是，隨著時間的推移，房地產現金流應該會受益於供應的減少，而供應已經處於歷史低位，並且可能進一步下降。

Real estate capital markets have functioned well through this period. Capital is broadly available. And while spreads have widened marginally, overall cost of capital is still around 40% lower than peak. Many banks, insurance companies and investors are under allocated to real estate, underpinning continued lending demand. The public markets, which react most quickly, have already started to digest with spreads settling down and several CMBS and RMBS deals pricing into healthy demand in the last week.

房地產資本市場在此期間運作良好。資本廣泛可用。儘管利差略有擴大，但整體資本成本仍比高峰低 40% 左右。許多銀行、保險公司和投資者對房地產的投資不足，支撐了持續的貸款需求。反應最快的公開市場已開始消化利差，上週多筆 CMBS 和 RMBS 交易的價格反映出健康的需求。

And on the private side, new financings continue to attract robust bidding pools, both on the direct lending and back leverage side. Notably, for well-positioned investors, volatility creates opportunity. And here at BXMT, we are capitalizing.

在私人方面，新的融資繼續吸引大量投標者，包括直接貸款和後槓桿方面。值得注意的是，對於處於有利位置的投資者來說，波動性創造了機會。在 BXMT，我們正在利用這一點。

In a turbulent market, we provide certainty and can grow our share while benefiting from the incrementally better risk-adjusted returns available as the market retrenches. And our large-scale global origination footprint gives us a tremendous advantage in identifying the most compelling investment opportunities as the market evolves.

在動盪的市場中，我們提供確定性並可以擴大我們的份額，同時受益於市場萎縮時逐漸改善的風險調整回報。而且，我們龐大的全球發起足跡使我們在市場發展過程中能夠識別最具吸引力的投資機會，從而擁有巨大的優勢。

We took a big step forward in portfolio turnover in Q1, the first of our key priorities, with $1.8 billion of repayments, including 86% in office, and $1.6 billion of new investments, our highest level of quarterly originations in more than two years. We have another $2 billion closed or in closing so far in Q2. Our investment strategy in this environment has been clear, minimize credit risk while leveraging our platform and cost of capital advantages to generate target returns, and we are executing.

在我們的首要任務中，第一季我們的投資組合週轉率取得了重大進展，償還金額達 18 億美元，其中 86% 用於辦公室貸款，新投資金額達 16 億美元，創下兩年多以來季度發起額的最高水平。到目前為止，我們在第二季已經完成或正在完成另外 20 億美元的融資。在這種環境下，我們的投資策略很明確，即最大限度地降低信用風險，同時利用我們的平台和資本成本優勢來產生目標回報，而且我們正在執行。

Looking at the total $3.5 billion of 2025 activity, 90% is backed by multifamily properties or cross-collateralized industrial portfolios. These deals set up to an attractive levered return of 900 basis points over base rates on average with well-protected credit profiles, 64% average LTV on today's reset values, benefiting from a combination of diversification, premier sponsorship and robust underlying fundamentals.

縱觀 2025 年 35 億美元的總額，其中 90% 由多戶型房產或交叉抵押工業投資組合支持。這些交易實現了有吸引力的槓桿回報，平均比基準利率高出 900 個基點，具有良好的信用狀況，按今天的重置價值計算，平均 LTV 為 64%，受益於多元化、一流的讚助和強勁的基本面。

Our capital allocation strategy has translated to improved credit composition on our overall asset base. Our portfolio is 95% performing today, up from 88% at the trough. US office exposure, once nearly 40% is down to just 21% today, while multifamily, industrial and self-storage are now nearly half. 2Q closings will further this trend.

我們的資本配置策略已轉化為整體資產基礎信貸組成的改善。我們的投資組合目前表現良好，為 95%，高於最低潮時的 88%。美國辦公室的投資比例曾接近 40%，如今已降至僅 21%，而多戶住宅、工業和自助倉儲的投資比例則接近一半。第二季的關閉將進一步加劇這一趨勢。

We are well diversified geographically with over 40% of our investments abroad. And while macro volatility may slow repayments some, we have consistently seen that our short duration, high-quality assets show continued liquidity even in markets far more dislocated than this one. Our repayments averaged over $750 million per quarter through the slowest period of the rate hike cycle.

我們的投資地域分佈十分多元化，超過 40% 的投資位於海外。儘管宏觀波動可能會減緩還款速度，但我們始終看到，即使在比目前更混亂的市場中，我們的短期高品質資產仍顯示出持續的流動性。在升息週期最慢的時期，我們每季的還款額平均超過 7.5 億美元。

We're harvesting differentiated opportunities from across our broad sourcing channels in the US, Europe, Canada and Australia. And this quarter, we also commenced our net lease investment strategy, acquiring 27 properties.

我們正在從美國、歐洲、加拿大和澳洲的廣泛採購管道中收穫差異化機會。本季度，我們也啟動了淨租賃投資策略，收購了 27 處房產。

The profile of these deals is highly attractive, concentrated in defensive businesses in the essential use and service retail sectors with average 18-year lease terms, 2% rent bumps, 3 times in-place EBITDAR coverage and 7% to 8% cap rates. Net lease is a naturally resilient sector in periods of volatility and complementary with our broader lending business, creating another cylinder for enhancing and diversifying our overall portfolio positioning.

這些交易的性質非常有吸引力，主要集中在必需用途和服務零售領域的防禦性業務，平均租賃期限為 18 年，租金上漲 2%，現有 EBITDAR 覆蓋率為 3 倍，資本化率為 7% 至 8%。淨租賃在波動時期具有天然的彈性，與我們更廣泛的貸款業務相輔相成，為增強和多樣化我們的整體投資組合定位創造了另一個動力。

Turning to our second key driver, resolution of impaired assets. We had another quarter of strong forward progress. With $400 million of resolutions closed this quarter, we've now addressed $1.5 billion of impaired assets in the last six months at a premium to aggregate carrying value.

轉向我們的第二個關鍵驅動因素，即受損資產的解決。我們又一個季度取得了強勁進展。本季我們已完成 4 億美元的解決方案，這意味著我們在過去六個月內已處理了 15 億美元的受損資產，處理價格高於總帳面價值。

This relentless approach to asset management has reduced our impaired loan balance by 58% from the peak and recaptured a significant tailwind to earnings power. And over this period, resolutions have collectively contributed to a $64 million reversal in our CECL reserve, providing incremental book value support and contributing to a positive economic shareholder return.

這種堅持不懈的資產管理方法使我們的不良貸款餘額從高峰減少了 58%，並重新獲得了顯著的盈利能力。在此期間，各項決議共計促使我們的 CECL 儲備金逆轉 6,400 萬美元，提供了增量帳面價值支持，並為股東帶來了積極的經濟回報。

Our impaired loan balance is now at its lowest level in seven quarters. And while we are mindful of potential macro-driven risks on the horizon, we also see incremental resolutions ahead, including one closed just this week and another under hard contract for sale.

我們的不良貸款餘額目前處於七個季度以來的最低水平。雖然我們注意到潛在的宏觀驅動風險即將出現，但我們也看到未來將逐步推出解決方案，包括本週剛完成的解決方案和另一項硬性銷售合約解決方案。

Finally, turning to the further optimization of our balance sheet. We're in great shape today. We ended the quarter with $1.6 billion of liquidity and 3.4 times DE, our lowest leverage level in three years. We have 14 credit facility lenders with market-leading structure and pricing earned via our strong track record as a borrower over time.

最後，談談我們資產負債表的進一步優化。我們今天狀態很好。本季末，我們的流動資金為 16 億美元，DE 為 3.4 倍，這是我們三年來的最低槓桿水平。我們擁有 14 家信貸機構，其結構和定價均處於市場領先地位，這得益於我們作為借款人長期以來的良好業績記錄。

Our robust balance sheet is a critical advantage in this environment, providing both staying power and firepower to propel investment activity and asset management execution. Over the past two quarters, we have moved nimbly and aggressively to execute on our capital markets priorities, terming out our corporate debt in November and closing a $1 billion reinvesting CLO in March.

我們強勁的資產負債表是這種環境下的關鍵優勢，它提供了持久力和火力來推動投資活動和資產管理的執行。在過去兩個季度中，我們靈活且積極地執行我們的資本市場優先事項，於 11 月償還公司債務，並於 3 月完成 10 億美元的再投資 CLO。

With deep capital markets expertise and a talented dedicated team, we can act quickly when market conditions are favorable, a competitive advantage, particularly in a world of quickly shifting crosswinds. As a result, we benefit today from a well-structured balance sheet, which is nearly 70% non-mark-to-market, a laddered corporate debt structure with no material maturities until 2027, and substantial dry powder.

憑藉著深厚的資本市場專業知識和才華橫溢的專業團隊，我們可以在市場條件有利時迅速採取行動，這是一種競爭優勢，尤其是在瞬息萬變的市場環境中。因此，我們今天受益於結構良好的資產負債表，其中近 70% 是非以市價計價的，階梯式企業債務結構在 2027 年之前沒有重大到期日，並且有大量的現金儲備。

Our banks remain highly supportive of our investment activity, continuing to quote and close deals constructively throughout the last month. Today, many of our largest banks are seeking to grow their lending books, having collected substantial repayments in the last several quarters. Credit facility financing to large-scale platforms like BXMT is one of their best ways to rebuild exposure and earnings power efficiently and at optimal capital charges with the confidence in the strong credit performance they've seen in this product through cycles.

我們的銀行仍然大力支持我們的投資活動，在過去的一個月裡繼續積極地報價和完成交易。如今，我們的許多大型銀行都在尋求增加貸款規模，因為在過去幾季中已經收回了大量還款。向 BXMT 等大型平台提供信貸融資是他們以最佳資本費用有效重建風險敞口和盈利能力的最佳方式之一，他們對該產品在各個週期中表現出的強勁信貸表現充滿信心。

As a result, our house lenders are looking to grow and new lenders are looking to enter the space, together yielding a strong competitive dynamic for our borrowing activity.

因此，我們的房屋貸款人正在尋求發展，而新的貸款人正在尋求進入該領域，共同為我們的借貸活動帶來強大的競爭力。

To conclude, BXMT has demonstrated the strength of its cycle-tested business model several times over in just the last five years. Today, BXMT's competitive advantages and balance sheet positioning once again set us up well for a wide range of macro scenarios. Scale, insight, capitalization, portfolio and quality of platform always drive value, but never more so than in periods of change. And here at Blackstone, we have shown time and again the ability to outperform in volatility and emerge stronger.

總而言之，BXMT 在過去五年中多次證明了其經過週期考驗的商業模式的優勢。如今，BXMT 的競爭優勢和資產負債表定位再次為我們應對廣泛的宏觀情景奠定了良好的基礎。規模、洞察力、資本化、投資組合和平台品質始終會推動價值，但在變革時期尤其如此。在黑石，我們一次又一次地展示了在波動中表現優異並變得更加強大的能力。

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

謝謝。說完這些，我將把麥克風交給東尼。

Thank you, Katie, and good morning, everyone. In the first quarter, BXMT reported a GAAP net loss of effectively zero and distributable earnings or DE of $0.17 per share. DE prior to charge-offs, which excludes a realized loss from an impaired loan resolution, was $0.42 per share. As Katie outlined, BXMT continues to make significant progress on the key initiatives that we expect will drive the long-term earnings potential of our platform as we move past near-term headwinds. I will highlight two of these headwinds in the context of this quarter's results.

謝謝你，凱蒂，大家早安。第一季度，BXMT 報告的 GAAP 淨虧損實際上為零，可分配收益或 DE 為每股 0.17 美元。沖銷前的 DE（不包括因不良貸款處置而實現的損失）為每股 0.42 美元。正如凱蒂所概述的，BXMT 在關鍵舉措上繼續取得重大進展，我們預計，隨著我們克服近期逆風，這些舉措將推動我們平台的長期獲利潛力。我將結合本季的業績來強調其中的兩個不利因素。

The first is the timing mismatch between when repayments are received and capital is subsequently redeployed into new investments. In the first quarter, we collected $1.8 billion of repayments, which on average closed two weeks into the quarter, while $1.7 billion of loan fundings were closed in an average of eight weeks into the quarter.

首先是收到還款和隨後將資本重新部署到新投資之間的時間不匹配。在第一季度，我們收回了 18 億美元的還款，平均在本季兩週內完成還款，而 17 億美元的貸款融資平均在本季八週內完成還款。

As a result, our average portfolio size was nearly $1 billion lower than our 3/31 balance, which had a notable impact on DE for the quarter. With $2 billion of loans closed or in closing so far in the second quarter, we are firmly playing offense and expect the timing headwinds we faced this quarter will shift to tailwinds in 2Q, all else equal.

因此，我們的平均投資組合規模比 3/31 的餘額低了近 10 億美元，這對本季的 DE 產生了顯著影響。截至目前，第二季度我們已經結清或正在結清 20 億美元的貸款，我們堅定地採取進攻姿態，預計在其他條件相同的情況下，本季度面臨的時間逆風將在第二季度轉變為順風。

The second earnings headwind is the drag from the remaining capital invested in our non-earning assets. We continue to demonstrate significant momentum with impaired loan resolutions, completing $1.5 billion over the past two quarters at a premium to our aggregate carrying values. Q1 resolutions of $406 million included one new cash flowing REO asset and two loan restructurings, where we received nearly $50 million of incremental cash equity from our borrowers and have significantly reset the basis of our A notes at well-protected levels.

第二個獲利阻力是投資於非營利資產的剩餘資本的拖累。我們在不良貸款處置方面繼續展現出強勁勢頭，過去兩個季度完成了 15 億美元的處置，高於我們的總帳面價值。第一季 4.06 億美元的決議包括一項新的現金流 REO 資產和兩項貸款重組，其中我們從借款人那裡獲得了近 5000 萬美元的增量現金股本，並將 A 級票據的基礎大幅重置到受到良好保護的水平。

As we execute our resolution strategies, we expect to see immediate positive impact on earnings as we begin to recognize income from these previously non-earning assets with even greater long-term upside potential as capital is redeployed into new investments at target returns over time. Our impaired loans today represent $970 million or 5% of the portfolio and remained burdened by $0.07 of interest expense in Q1.

隨著我們執行處置策略，我們預計收益將立即受到正面影響，因為我們開始確認這些先前無收益資產的收入，並且隨著資本隨著時間的推移以目標回報重新部署到新的投資中，長期上漲潛力將更大。我們目前的不良貸款為 9.7 億美元，佔投資組合的 5%，並且在第一季仍承擔 0.07 美元的利息支出。

Expanding on credit, trends in our portfolio remained positive in Q1 with performance improving to 95% from 93% quarter-over-quarter, driven by limited new credit migration and continued execution of loan resolutions.

在信貸擴張方面，我們的投資組合在第一季保持了積極的趨勢，業績環比從 93% 提高至 95%，這得益於有限的新信貸遷移和貸款解決方案的持續執行。

We upgraded seven loans this quarter, including two risk-rated four office loans, where our credit position was enhanced by a large paydown in one and continued business plan execution supporting property cash flow on the other. By contrast, we downgraded only three loans this quarter, including one new impairment of an Atlanta office loan.

本季度，我們升級了七筆貸款，其中包括兩筆風險評級為四級的辦公大樓貸款，其中一筆貸款的大量還款增強了我們的信用狀況，另一筆貸款的持續業務計劃執行支持了房地產現金流。相較之下，本季我們僅下調了三筆貸款的評級，其中包括一筆亞特蘭大辦公室貸款的新減損。

We foreclosed on previously impaired loan in Q1, bringing the acquisition date fair value of our REO portfolio to $691 million across eight assets. Our REO assets stand at just 3% of our overall portfolio and generated $7 million of DE in Q1 with further potential upside in the future. Our CECL reserve ended the quarter at $754 million or 3.9% of our portfolio, both stable versus 12/31.

我們在第一季取消了先前受損的貸款，使我們的 REO 投資組合的八項資產的收購日公允價值達到 6.91 億美元。我們的 REO 資產僅占我們整體投資組合的 3%，並在第一季產生了 700 萬美元的 DE，未來還有進一步上漲的潛在空間。本季末，我們的 CECL 儲備為 7.54 億美元，占我們投資組合的 3.9%，與 12 月 31 日相比保持穩定。

Our general reserve increased modestly by $33 million quarter-over-quarter due to strong new origination activity, which was largely offset by the net decline in our asset-specific reserve. In addition, we continue to reduce our basis in impaired loans with $19 million of cash interest received this quarter and applied as cost recovery proceeds, reflecting the 76% of impaired loans that remain current on contractual interest payments.

由於新發起活動強勁，我們的一般儲備金環比小幅增加了 3,300 萬美元，但這在很大程度上被我們資產專用儲備金的淨下降所抵消。此外，我們繼續減少不良貸款的基礎，本季收到 1,900 萬美元的現金利息，並將其用作成本回收收益，這反映了 76% 的不良貸款仍在按合約利息支付。

Book value ended the quarter at $21.42 per share, which benefited from accretive impaired loan resolutions and $32 million of common stock repurchase at a discount to book value, bringing total repurchases to over $60 million since establishing our program in 2024. Considering the change in book value and our $0.47 per share dividend, BXMT delivered a positive economic return for the second consecutive quarter.

本季末帳面價值為每股 21.42 美元，受益於增值減損貸款解決方案和低於帳面價值的 3,200 萬美元普通股回購，自 2024 年建立計畫以來，總回購額已超過 6,000 萬美元。考慮到帳面價值的變化和每股 0.47 美元的股息，BXMT 連續第二個季度實現了正的經濟回報。

Turning to the balance sheet. We continue to maintain best-in-class liabilities, which we believe are particularly valuable in more turbulent market conditions. In a market environment where investors naturally have concerns around rate volatility, capital markets volatility and foreign currency volatility, we benefit from rate and duration match financings with no capital markets mark-to-market provisions and a capital structure that is fully hedged against foreign exchange rates.

轉向資產負債表。我們繼續保持一流的負債水平，我們認為這在更動盪的市場條件下尤其有價值。在投資者自然擔心利率波動、資本市場波動和外匯波動的市場環境中，我們受益於利率和期限匹配融資，無需資本市場按市價計價的規定，並且資本結構完全對沖外匯匯率。

BXMT achieved several balance sheet milestones this quarter. We issued a $1 billion CLO, our fifth transaction, but the first with a 30-month reinvestment feature. We believe this feature will be particularly valuable as we continue to collect repayments of our existing loans and actively deploy capital in today's attractive environment.

BXMT 本季實現了多項資產負債表里程碑。我們發行了 10 億美元的 CLO，這是我們的第五筆交易，但也是第一筆具有 30 個月再投資功能的交易。我們相信，這項功能將特別有價值，因為我們將繼續收取現有貸款的還款，並在當今有吸引力的環境中積極部署資本。

We closed the CLO in late March, locking in well-priced nonrecourse, non-mark-to-market financing and enhancing the optionality and diversity of our capital structure. With this new CLO, our debt-to-equity ratio declined to 3.4 times, its lowest level in three years. Taken together with our strong liquidity of $1.6 billion, BXMT has the flexibility to navigate volatility and capitalize on attractive investment opportunities across real estate credit markets globally.

我們於 3 月底關閉了 CLO，鎖定了價格合理的無追索權、非以市價計價的融資，並增強了我們資本結構的可選性和多樣性。憑藉這項新的 CLO，我們的債務權益比下降至 3.4 倍，為三年來的最低水準。加上我們 16 億美元的強大流動性，BXMT 可以靈活應對波動並利用全球房地產信貸市場中有吸引力的投資機會。

Considering our Q1 results and position going forward, we believe BXMT is a compelling investment in this uncertain market environment with our strong balance sheet, ample dry powder and an origination platform informed by the insights and experience of Blackstone's global real estate business. This dynamic has driven the outperformance of our stock year-to-date, which continues to offer attractive value with a trading price approximately 10% below book value and a 10% dividend yield.

考慮到我們第一季的業績和未來的發展前景，我們相信，憑藉強大的資產負債表、充足的資金以及由黑石全球房地產業務的洞察力和經驗所驅動的發起平台，BXMT 是這種不確定的市場環境中的一項引人注目的投資。這一動態推動了我們股票今年迄今的優異表現，其交易價格比帳面價值低約 10%，股息收益率為 10%，繼續提供具有吸引力的估值。

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提問。

(Operator instructions)

（操作員指示）

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Hey guys, thanks for taking my questions this morning. Look, I think you talked about the migration of, I believe it was three, four-rated loans back to three this quarter. When we think about the four book, how many loans are currently in that category? What's the value? And when you think about the path on 4s, is -- what's sort of the historical transition from four to five versus four to three? Because I think four sort of the in between zone and they ultimately wind up in one bucket or the other.

嘿夥計們，感謝你們今天早上回答我的問題。聽著，我想您談到了遷移，我相信本季三、四級貸款將恢復到三級。當我們考慮這四本書時，目前有多少筆貸款屬於這一類？價值幾何？當您思考 4s 的路徑時，從四到五與從四到三的歷史轉變是什麼樣的？因為我認為四種類型處於中間區域，它們最終都會落入一個桶或另一個桶中。

Sure. So I think as we look at our four-book, our main focus, as we've said in the past, is really on the non-modified four-rated office. The rest of it, we've either modified loans with very significant capital in the door or to your question, a lot of 4s have really just persisted as 4s for a long time. I would say, in general, we're pretty conservative with our risk ratings. And as a result, we have 4s that we moved to that category in COVID over time, and they've sort of continued performing, continued ticking along.

當然。因此，我認為，當我們看我們的四本書時，正如我們過去所說的那樣，我們的主要關注點實際上是未修改的四級辦公室。對於其餘部分，我們要么已經投入大量資金修改了貸款，要么回答你的問題，很多 4s 實際上已經作為 4s 存在了很長時間。我想說，總的來說，我們的風險評級相當保守。因此，隨著時間的推移，我們將 4 類產品轉移到了 COVID 的類別中，它們的表現一直在持續，持續發展。

We don't see material upticks in performance, and so we keep them as 4s, but we also don't see material downticks in performance. I'd say on the non-modified four-rated office, that's around $500 million. It's down significantly from a year ago, it was $1 billion. It was higher than that before. And that's really where we focus our attention.

我們沒有看到性能方面出現實質性的上升，因此我們將其保留為 4，但我們也沒有看到性能方面出現實質性的下降。我想說，對於未經修改的四級辦公室來說，這個數字大約是 5 億美元。與一年前相比大幅下降，當時為 10 億美元。它比以前更高了。這確實是我們關注的重點。

It's where we're focused on mods. We have mods ongoing in conversations on a couple of those deals that should move them into the sort of post-modification category. There's others that we'll see which way they go. But it's really a very diminishing universe of assets that I think are truly in that sort of cusp zone.

這是我們專注於模組的地方。我們正在就其中幾項交易進行討論，這些交易應該被歸類在修改後類別。還有其他的，我們拭目以待。但我認為，真正處於這種臨界點的資產規模正在不斷縮小。

Got it. Okay. Thank you. And again, I'm assuming that with the sort of a non-sequitor, but given the 30-month reinvestment period on the new CLO and favorable terms, that's going to allow you to really be forward leaning in terms of originations from here?

知道了。好的。謝謝。再次，我假設這是一個不合邏輯的推論，但考慮到新 CLO 的 30 個月再投資期和優惠條款，這是否能讓您真正在從現在開始的起源方面保持前瞻性？

Yes. I mean, look, I think we have many, many options for accretive financing of our new originations. We have great relationships with our lenders. They're very active in wanting to lend to us. We also now have the reinvesting CLO.

是的。我的意思是，我認為我們有很多很多的選擇來為我們的新發起專案增加融資。我們與貸款方保持良好的關係。他們非常積極地希望藉錢給我們。我們現在還有再投資的 CLO。

So I think what it really gives us is optionality, which, as you know, we love diversification. We love optionality in terms of how we finance our new originations. And I think that having one more tool, one more avenue of optionality is always a good thing. But I'd say, generally, we see very good liquidity, very good sort of capital markets access for various ways to finance the new originations that we're pursuing.

所以我認為它真正給我們的是可選性，正如你所知，我們喜歡多樣化。我們喜歡在為新項目融資時擁有多種選擇。我認為多一個工具、多一個可選途徑總是一件好事。但我想說，總體而言，我們看到了非常好的流動性，非常好的資本市場准入，可以透過各種方式為我們正在追求的新項目提供融資。

Got it. And at the risk of of annoying my peers who are listening, I'm assuming given the timing of that transaction, it probably couldn't be recreated as easily today in this volatile environment as it was at the end of March.

知道了。儘管可能會惹惱正在聽的同事，但我認為，考慮到該交易發生的時間，在今天這種動蕩的環境下，它可能無法像 3 月底那樣輕易地重現。

Yeah, I mean, we're obviously really pleased to have gotten it done. I think it's a testament to how quickly we moved, seeing the market was open, the sort of capacity and strength of our team getting that deal up and down, very quickly as early as we could in the first quarter, the markets. Settling down, so I won't be surprised to see the CLO market sort of return over the coming months if the trajectory continues, but certainly looking at it today we're very happy to have executed that transaction, and I think it'll be a good one for our CLO investors as well.

是的，我的意思是，我們顯然很高興完成了這件事。我認為這證明了我們的行動有多快，看到市場開放，我們團隊的能力和實力，在第一季就盡快達成交易。安定下來，所以如果這種趨勢繼續下去，我不會對未來幾個月 CLO 市場出現某種回報感到驚訝，但從今天來看，我們很高興能夠執行這筆交易，我認為這對我們的 CLO 投資者來說也是一件好事。

Great. Thank you for taking all my questions.

偉大的。感謝您回答我的所有問題。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Thank you and good morning everybody. It was great to see originations ramping. Obviously, repayments in 1Q were boosted by the spiral refinancing. When you look out over the next three quarters of 2025 and assuming repayments moderate, how much do you think you can grow your loan book from here?

謝謝大家，早安。很高興看到發起活動不斷增加。顯然，第一季的還款額受到了螺旋式再融資的推動。展望 2025 年接下來的三個季度，假設還款額適中，您認為從現在起您的貸款帳簿可以成長多少？

Yes. So I mean, I think that it's interesting. The pace of repayments clearly impacted by overall capital markets liquidity. But I would tell you, again, as we sit today, the pace of repayments is continuing. We've had $200 million so far this quarter.

是的。所以我的意思是，我認為這很有趣。償還速度明顯受到整體資本市場流動性的影響。但我再次告訴你們，今天我們坐在一起，還款的步伐仍在繼續。本季迄今我們已經獲得 2 億美元。

Nothing that we anticipated repaying has fallen out. We continue to have repayments tracking. So I think in terms of the premise, if we think about whether things have changed materially, it doesn't feel that way today. That being said, I think that we're underinvested today, as Tony mentioned, we have $2 billion in closing. We'll continue to look for great new investment opportunities.

我們預期償還的任何款項均未兌現。我們將繼續追蹤還款情況。因此我認為，就前提而言，如果我們思考事情是否發生了實質變化，今天的感覺並非如此。話雖如此，我認為我們今天的投資不足，正如托尼所提到的，我們最終的投資額為 20 億美元。我們將繼續尋找新的優質投資機會。

And I think that in terms of growth, we're looking to grow the portfolio from here up towards that $20 billion number we talked about last quarter. And we'll obviously be very mindful around credit, as we mentioned on the script. That's our primary focus, obviously, but we're seeing a lot of opportunities.

我認為，就成長而言，我們希望從現在開始將投資組合擴大到我們上個季度談到的 200 億美元的數字。正如我們在劇本中提到的那樣，我們顯然會非常注意信譽。顯然，這是我們的首要關注點，但我們也看到了許多機會。

Appreciate that. And then maybe beyond the $2 billion that's in closing that you mentioned, Katie, how has your origination pipeline shifted since tariff announcements, either in terms of volume or sector or geography?

非常感謝。凱蒂，也許除了您提到的即將完成的 20 億美元交易之外，自關稅公告發布以來，您的交易管道在數量、行業或地理方面發生了哪些變化？

Yes, I can take that, Tom. This is Austin. I think really, it hasn't shifted per se. I think our strategy has been consistent. As alluded to or as mentioned earlier, 90% of our activity is in profiles that we think are quite resilient, multifamily across portfolios of industrial and storage.

是的，我可以接受，湯姆。這是奧斯汀。我認為它本身確實沒有改變。我認為我們的策略是一致的。如同先前所提到的，我們 90% 的活動都集中在我們認為具有相當彈性的、跨工業和儲存投資組合的多戶型項目上。

These are the types of investments that we wanted to do going back several months. And I think that still remains the case today. And if you look at our pipeline, that's also very, very similar in profile. So I think our strategy remains consistent. I think in a more uncertain world, that strategy feels even better. But I don't think it's really changed very much over the last few weeks.

這些是我們幾個月前想要進行的投資類型。我認為今天情況依然如此。如果你看一下我們的管道，你會發現它的概況也非常非常相似。所以我認為我們的策略保持一致。我認為，在一個更不確定的世界裡，這種策略會更好。但我認為過去幾週情況並沒有太大變化。

Got it. Appreciate the answers. Thanks everyone.

知道了。感謝您的回答。謝謝大家。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. First question would be on the repo market. A huge strength for BXMT has been its relationship with credit facility providers. Could you talk to what trends you're seeing with respect to BXMT's own counterparties and its relationships, but then perhaps the broader market. I suspect that BXMT's wherewithal has continued to demonstrate itself, but there could be some turbulence with other smaller, less well-capitalized lenders. So if you could comment on any trends you're seeing, that would be helpful. Thank you.

非常感謝。第一個問題是關於回購市場。BXMT 的一大優勢在於其與信貸提供者的關係。您能否談談您所看到的 BXMT 自身交易對手及其關係的趨勢，以及更廣泛的市場趨勢。我認為 BXMT 的資金實力已經得到證明，但與其他規模較小、資本實力較弱的貸款機構相比，可能會出現一些動盪。因此，如果您能對所看到的任何趨勢發表評論，那將會很有幫助。謝謝。

Sure. Thanks, Jade, and I appreciate the comments. I definitely -- we're really pleased by our relationships with our lenders and how we've seen that through this period, especially and really throughout the last couple of years. I would tell you that the dynamic that we've heard from banks around desire to generally grow their credit facility exposure because of how well it works from their capital charge perspective, because of how well it works in their overall business model, we have not seen any change in that either in word or indeed. They're saying the same things and they're doing the same things in terms of quoting deals.

當然。謝謝，Jade，我很感謝你的評論。我絕對——我們對與貸款方的關係以及我們在這段時期，特別是在過去幾年中所看到的這種關係感到非常高興。我想告訴你的是，我們從各地銀行聽到的動態是，希望普遍增加信貸額度，因為從資本要求的角度來看，這運作良好，因為這在他們的整體商業模式中運作良好，我們還沒有看到這種現像有任何變化，無論是口頭上還是實際上。在報價交易方面，他們說的是同樣的話，做的也是同樣的事情。

We're out to the market constantly with our pipeline. We're constantly getting multiple quotes at competitive levels from different banks. We have new facilities sort of in closing where banks are looking to grow relationships with us.

我們不斷將自己的產品線推向市場。我們不斷從不同的銀行獲得具有競爭力的多個報價。我們有一些新的設施，銀行正在尋求與我們建立關係。

And I think it is all driven by certainly our performance and our track record, but also the broader trend towards this being a very high-quality product for the banks. I can't speak too much to other people's experiences, but I think that the large banks like this business, they're looking to expand it.

我認為這一切當然是由我們的業績和過往記錄所驅動，但同時也是銀行對這款產品越來越追求高品質這一大趨勢所驅動。我無法談論太多其他人的經歷，但我認為大型銀行喜歡這項業務，他們正在尋求擴大它。

The sort of more medium-sized banks are curious about it and looking to get into it. And I think that's going to benefit the space. But I agree with you that sort of how that plays through will be across the spectrum, depending on the strength of the platform, the strength of the performance in the various platforms.

一些中型銀行對此感到好奇並希望參與其中。我認為這會對這個領域有利。但我同意你的觀點，這種模式的實施將涉及各個方面，取決於平台的實力以及各個平台的性能強度。

Thank you very much. Secondly, you mentioned real estate has already gone through its cycle. But really, what we went through was an interest rate shock and then stress in the office sector that had been building for years, especially post COVID. Hospitality, multifamily, and industrial, however, were pretty strong despite the interest rate hikes. We saw operating performance hold up well.

非常感謝。第二，您提到房地產已經經歷了它的週期。但實際上，我們經歷的是利率衝擊，以及辦公領域多年來不斷累積的壓力，尤其是在新冠疫情之後。然而，儘管利率上升，旅館業、多戶住宅業和工業的表現仍然相當強勁。我們看到經營業績保持良好。

So could you comment on those three sectors and what you're seeing there? Is performance holding up? And maybe start with hospitality since that's the most interest rate -- I mean, sorry, economically sensitive.

那麼您能否評論一下這三個領域以及您所看到的情況？性能是否保持穩定？也許可以從酒店業開始，因為這是利率最高的——我的意思是，對不起，對經濟最敏感。

Sure. So I think for sure, as we look across the sectors today and think about areas of potential impact with the macro, I think hospitality is probably the area we're most focused on. It obviously resets most quickly, most correlated with overall economic activity. I think the good news for us is that our hospitality exposure has come down quite a lot.

當然。因此，我認為，當我們今天審視各個行業並思考宏觀可能產生影響的領域時，我認為酒店業可能是我們最關注的領域。顯然，它的重置速度最快，與整體經濟活動最為相關。我認為對我們來說好消息是我們的招待費曝光率已經下降了很多。

Our US hospitality is only 6.5% of the portfolio as a whole. We've got a couple of big cross portfolios in Europe that are doing very well. But I think that it's something that we're watching. The various -- you have transient, you have leisure versus business. You obviously have currency impacts.

我們在美國的酒店業務僅佔整個投資組合的 6.5%。我們在歐洲擁有幾個大型交叉投資組合，表現非常出色。但我認為這是我們正在關注的事情。各種各樣的－你有短暫的，有休閒的，也有商務的。顯然，貨幣影響是存在的。

The weaker dollar could result in some change in -- we've seen some negative trends in terms of international inbound travel in recent days, but you could also see the dollar having some impact to that over time. So I think it's a little too soon to tell, but I agree that hospitality is one of the sectors that we're watching. I think on the multifamily side, the performance there has been very resilient. And the big story there was obviously the wave of supply that came in over the last year. That supply is really rolling over.

美元走弱可能會導致一些變化——最近幾天，我們看到國際入境旅遊出現了一些負面趨勢，但隨著時間的推移，你也會看到美元對此產生一些影響。所以我認為現在下結論還為時過早，但我同意酒店業是我們正在關注的行業之一。我認為，就多戶型住宅而言，其表現非常有彈性。其中最引人注目的顯然是去年出現的供應浪潮。供應確實在不斷增加。

And the first quarter across the Sunbelt where a lot of the focus has been, we saw positive net absorption. Obviously, new starts are way down, but deliveries are coming down. And so I think multifamily is kind of moving in the right direction from that perspective. And we have a lot of conviction in investing in that asset class, obviously, as you can see from our pipeline.

在備受關注的陽光地帶，第一季我們看到了積極的淨吸收量。顯然，新開工量大幅下降，交付量也在下降。所以我認為從這個角度來看，多戶型住宅正朝著正確的方向發展。顯然，正如您從我們的管道中看到的那樣，我們對投資該資產類別充滿信心。

And then I think on the industrial side, we continue to see that as relatively resilient. I mean I think there's going to be some markets that are very oriented towards international trade, maybe on the West Coast. We have basically no exposure there that see a bit of an impact. But there's also a balance in that there's going to be probably more reshoring, more inventory building up.

然後我認為在工業方面，我們繼續認為它相對具有彈性。我的意思是，我認為將會有一些非常面向國際貿易的市場，也許在西海岸。我們在那裡基本上沒有受到任何影響。但也存在一個平衡點，即可能會有更多的企業回流，更多的庫存累積。

And I think generally, again, the long-term tailwinds in terms of e-commerce and goods sort of sitting in warehouses versus sitting in stores, that really continues. So I think that you can see from how we're investing, how we're thinking about, what sectors we're interested in and where we see the risks and opportunities going forward.

我認為，總體而言，電子商務和商品存放在倉庫而不是商店的長期順風趨勢確實會持續下去。所以我認為，您可以從我們的投資方式、我們的想法、我們對哪些領域感興趣以及我們看到的未來風險和機會是什麼來了解。

And it really comes down to, I think, what Austin said, like multifamily, and we like diversification, we like resilient asset classes. Net lease certainly falls in that category, and that's sort of where our perspective sits today.

我認為，這實際上可以歸結為奧斯汀所說的，例如多戶型，我們喜歡多樣化，我們喜歡有彈性的資產類別。淨租賃當然屬於這一類，這也是我們今天的觀點。

Thank you very much.

非常感謝。

Harsh Hemnani, Green Street.

哈什‧赫姆納尼 (Harsh Hemnani)，綠街。

Thank you. One of the things we've sort of seen post these tariff announcements is that construction costs, value-add business plan costs are increasing for real estate owners. And so have you seen a shift at all post 1Q in the types of borrowers that are coming to you for new loans? And the type of business plans that they're trying to look at, are they, I guess, less heavy transitional than 1Q?

謝謝。我們在這些關稅公告發布後看到的一件事是，房地產所有者的建造成本、增值商業計劃成本正在增加。那麼，在第一季之後，您是否發現向您申請新貸款的借款人類型發生了變化？我猜他們正在嘗試研究的商業計劃類型是否比第一季的過渡性更強？

Yes, absolutely. I'll let Austin take that one.

是的，絕對是。我會讓奧斯汀拿走這個。

Yes. I think, Harsh, really, we started to see that even before the last few weeks. When we look at the profile of the investments we're making today, certainly much more light value-add business plans, less sort of transition or heavy transition. And I think it really is reflective of the challenges of already seeing those cost pressures. I think that could potentially increase. And I think as Katie said, we could expect to see supply come down even more. And so it's really a continuation of that trend more than anything else.

是的。我認為，哈什，事實上，我們甚至在過去幾週之前就開始看到這種情況了。當我們審視今天所進行的投資概況時，我們肯定會發現更多的是輕增值商業計劃，較少的是轉型或重轉型。我認為這確實反映了已經看到的成本壓力所帶來的挑戰。我認為這個數字可能會增加。我認為，正如凱蒂所說，我們預計供應量將進一步下降。因此，這其實就是這一趨勢的延續。

Yes. And I think I would also add, as we think about how we want to invest, we're taking shorter duration business plan risk, less business plan risk. The way the market has moved, we're able to invest at our target returns fundamentally in less transitional assets. I think part of that is our view. And I think part of it is the fact that construction is really hard to pencil today.

是的。而且我想我還要補充一點，當我們考慮如何投資時，我們承擔的是較短期限的商業計劃風險，較少的商業計劃風險。隨著市場的變化，我們能夠從根本上投資過渡性較小的資產，從而實現目標回報。我認為這部分是我們的觀點。我認為部分原因是如今的建築設計確實很難用鉛筆來描繪。

To your point, value-add business plans with a lot of construction-oriented aspect to it, also hard to pencil. That's been the case for a long time. And certainly, the tariffs are going to make that more so. But the broader impact, as Austin mentioned, and as I talked about in the call is really just going to be even less new supply, which fundamentally makes the value of existing assets that we lend on better.

正如您所說，增值業務計劃包含許多面向建設的方面，也很難制定。這種情況已經持續很久了。毫無疑問，關稅將使這種情況更加嚴重。但正如奧斯汀所提到的，以及我在電話會議中談到的，更廣泛的影響實際上只是新的供應會更少，這從根本上提高了我們借出的現有資產的價值。

Great. Maybe one more for me. Have you -- It sounds like loan volumes and also repayment volumes haven't really been slowing down post that announcement. Maybe how have the spreads on new loans changed for you? And is it perhaps fair to say that you're looking at your financing costs at this time, given the reinvestment option in the CLOs that stay constant, but the spread on your new loans have been widening a little bit post 1Q?

偉大的。也許對我來說還有一個。聽起來，自從該聲明發布以來，貸款量和還款量似乎並沒有真正放緩。也許您知道新貸款的利差有何變化？是否可以公平地說，鑑於 CLO 中的再投資選項保持不變，您目前正在考慮融資成本，但第一季後新貸款的利差有所擴大？

Yes. I would say during the first quarter, spreads, we did start to see at the beginning of the quarter pre-volatility tightening in both the asset side lending spreads as well as where we -- our cost of financing and where we borrow. I think that's obviously changed over the last few weeks. Spreads are probably out on the asset side, 10 to 20 basis points, but similarly on the financing side. And so they tend to be more pretty correlated.

是的。我想說，在第一季度，我們確實開始看到利差在本季初波動前收緊，包括資產方貸款利差以及我們的融資成本和借款地點。我認為這種情況在過去幾週明顯發生了變化。資產方面的利差可能在 10 到 20 個基點之間，但融資方面的利差也大致相同。因此它們往往具有更高的相關性。

I think the advantage of our platform, as Katie mentioned, having 14 different credit facility providers, having the advantage of having the reinvesting CLO, we have a lot of options on the financing side. And so that really gives us an opportunity to, we think, capture some opportunities in this environment. I think being a stable and certain provider of capital to our borrowers is a really powerful tool in an environment like this. And having diversified sources of capital and strong liquidity, I think that creates a lot of opportunities for us.

我認為我們平台的優勢在於，正如凱蒂所提到的，擁有 14 家不同的信貸服務提供商，擁有再投資 CLO 的優勢，我們在融資方面有很多選擇。因此，我們認為這確實為我們提供了一個機會，讓我們能夠在這種環境中抓住一些機會。我認為，在這樣的環境下，成為借款人穩定且確定的資金提供者是一個非常強大的工具。擁有多元化的資本來源和強大的流動性，我認為這為我們創造了許多機會。

Got it. Thank you.

知道了。謝謝。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Yes. Your international exposure, I think, is around 41%. Are you sort of capped or not capped? Is that likely to just sort of hang out in that level, maybe come down? And then how are you feeling about credit internationally versus the US just given all the tariff movements?

是的。我認為您的國際曝光率約為 41%。您有上限嗎？還是沒有上限？它可能只是停留在那個水平，或下降？那麼，考慮到所有的關稅變動，您對國際信貸與美國信貸有何看法？

Yes. So I think that our ability to harness investment opportunities globally is one of our biggest strengths. And I think that, it's something that we've seen create great opportunities for relative value over time. It's certainly something that others in the space are trying to do. We have the advantage of having been deeply present in Europe for over a decade.

是的。因此我認為我們抓住全球投資機會的能力是我們最大的優勢之一。我認為，隨著時間的推移，我們看到它為相對價值創造了巨大的機會。這當然是該領域其他人正在嘗試做的事情。我們的優勢在於我們已經深入歐洲十多年了。

We have a fantastic team there, great borrower relationships. And I think we've seen that, again, in periods of volatility and in periods of stability, the ability to look around and find the most compelling investment opportunities anywhere in the world allows us to create a better portfolio from a risk-adjusted return perspective.

我們擁有一支出色的團隊，與借款人建立了良好的關係。我認為我們已經看到，在波動時期和穩定時期，環顧四周並找到世界各地最引人注目的投資機會的能力使我們能夠從風險調整回報的角度創建更好的投資組合。

We feel very good about our European exposure. It's primarily cross-industrial portfolios, some cross hotel portfolios that I mentioned are doing well, some multifamily. The lending market in Europe tends to be quite stable, relatively low leverage.

我們對我們的歐洲業務感到非常滿意。它主要是跨行業投資組合，我提到的一些跨酒店投資組合表現良好，還有一些多戶型投資組合。歐洲的貸款市場趨於穩定，槓桿率相對較低。

We are able to benefit from a cost of capital advantage in Europe that allows us to create, I would say, better risk-adjusted returns. And the overall competitive dynamic in Europe is different than the US. The CMBS market is much less active. There are many fewer platforms like ours that can achieve the types of investments that we can. And therefore, we're able to create some excess return.

我們能夠受益於歐洲的資本成本優勢，這使我們能夠創造更好的風險調整回報。歐洲的整體競爭態勢與美國不同。CMBS 市場活躍度較低。像我們這樣能夠實現此類投資的平台少之又少。因此，我們能夠創造一些超額回報。

So we feel good about that portfolio. We also think it provides a nice balance in a period of uncertainty. And we've seen over the history of the business that it's always been around 35% to 40%. We have no particular cap, but I think the relative size of the markets and the activity have sort of proved out over time that that's generally where it sits. I doubt it's going to change materially in either direction.

所以我們對投資組合感到滿意。我們也認為它在不確定的時期提供了良好的平衡。我們從業務歷史來看，這一比例一直在 35% 到 40% 左右。我們沒有特定的上限，但我認為，隨著時間的推移，市場的相對規模和活動已經證明了它通常處於這個位置。我懷疑它在任何一個方向上都不會發生實質的改變。

Chris Muller, Citizens Capital Markets.

克里斯‧穆勒 (Chris Muller)，公民資本市場 (Citizens Capital Markets)。

Hey guys, thanks for taking the questions. So it's nice to see the CLO market coming back to life in the first quarter, but Katie touched on this a little bit. But I guess how has the recent market volatility impacted new CLO issuance? And I guess the meat of my question is, could we see another CLO from you guys at some point this year if the market does accommodate?

嘿夥計們，感謝你們回答問題。因此，很高興看到 CLO 市場在第一季恢復活力，但凱蒂對此只是稍微談了一下。但我猜測最近的市場波動對新的 CLO 發行有何影響？我想我的問題的核心是，如果市場確實適應的話，我們是否能在今年某個時候看到你們的另一個 CLO？

Yes, I think it's a great question. So in the first weeks of the market volatility, there were some CLOs that had sort of been out there that got put on the shelf as was the case across CMBS market. But what we've seen in the recent weeks is really a settling down. There's capital in the market. I would say, if anything, there's as many buyers as sellers at wider spreads in this market, perhaps more buyers.

是的，我認為這是一個很好的問題。因此，在市場波動的最初幾週，一些已經存在的 CLO 被擱置，就像整個 CMBS 市場的情況一樣。但最近幾週我們看到的情況確實逐漸穩定下來。市場上有資本。我想說的是，如果有的話，在這個市場上，價差越大，買家的數量與賣家的數量一樣多，甚至買家更多。

So I wouldn't be surprised if we saw CLOs coming back into the market. I think there are a couple that were privately placed earlier this week maybe. So we will -- I think the CLO market will settle out just as we're seeing the CMBS market settle out. There were a couple of conduit deals that came last week that priced quite well. And so I think, again, there's plenty of capital in that market.

因此，如果我們看到 CLO 重返市場，我不會感到驚訝。我認為本週早些時候可能已經私下放置了一些。所以我們會——我認為 CLO 市場將會穩定下來，就像我們看到 CMBS 市場穩定下來一樣。上週達成了幾筆管道交易，價格相當合理。因此，我認為該市場有足夠的資本。

It needs to adjust to slightly wider spreads as the overall lending market has. But those markets are outperforming relative to corporates and other parts of the credit market. And I think it's a testament to the desire for capital to come in.

隨著整個貸款市場利差的擴大，它需要進行調整。但這些市場的表現優於企業和信貸市場的其他部分。我認為這是渴望資本進入的證明。

And yes, the CLO market settles out and it looks like a good option for us. The origination volumes that we're creating are obviously very conducive to potentially coming back to the CLO market later in the year. We like that as a potential capital source, and we'll certainly be monitoring it.

是的，CLO 市場已經穩定下來，這對我們來說似乎是一個不錯的選擇。我們正在創造的起源量顯然非常有利於今年稍後重返 CLO 市場。我們喜歡將其作為潛在的資金來源，並且我們一定會對其進行監控。

That's very helpful. And then I guess on the remaining impaired loans, is it fair to assume that you continue resolving those at a similar pace? And I know they can be chunky, so maybe asked a little bit differently. Do you think you guys will resolve the bulk of that bucket at some point through 2025? Or could some of that slip to '26?

這非常有幫助。然後我想，對於剩餘的不良貸款，是否可以公平地假設您會繼續以類似的速度解決這些問題？我知道它們可能很笨重，所以也許可以問得稍微不同一些。您認為你們會在 2025 年的某個時候解決大部分問題嗎？或者其中一部分可能會下滑至 26 年？

Well, it's certainly our goal, and they are chunky and they all have their own story. I mean we've certainly resolved a lot of them and sort of naturally, as the universe shrinks, each individual one, the timing has more impact. But as I mentioned on the call, we already have resolved another asset this week. We have one under hard contract for closing. We have a clear path for a couple of others.

嗯，這當然是我們的目標，它們很龐大，而且都有自己的故事。我的意思是，我們確實已經解決了很多問題，而且很自然地，隨著宇宙的收縮，每一個問題，時間都會產生更大的影響。但正如我在電話中提到的，我們本週已經解決了另一項資產。我們有一個需要完成的硬合約。我們為其他一些人提供了明確的道路。

So we certainly see the continued trajectory as positive in terms of resolving the existing impaired assets. And that's a huge focus of our asset management team. So we're optimistic. We're cracking through that is one of our highest priorities. And there will be some idiosyncrasies in timing one quarter versus another, but I think we should continue to see the benefit of the resolution processes that we have in flight coming through.

因此，就解決現有受損資產而言，我們當然認為持續的軌跡是正面的。這是我們資產管理團隊關注的重點。所以我們很樂觀。我們正在努力解決這個問題，這是我們的首要任務之一。雖然一個季度與另一個季度的時間安排會有一些特殊性，但我認為我們應該繼續看到我們正在進行的解決流程帶來的好處。

Got it, very helpful. Thanks for taking the questions.

明白了，非常有幫助。感謝您回答這些問題。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. I'm hoping you could put a little context around the general reserve increase in the first quarter. Does that reflect the conditions as of 3/31? Or does that -- are you able to incorporate any of the kind of early April volatility into that?

謝謝。我希望您能介紹一下第一季一般準備金增加的情況。這是否反映了截至 3 月 31 日的情況？或者說—您能將四月初的任何波動納入其中嗎？

Yes. I would say we come up with these reserves in April, right, as we're closing the books. It is as of 3/31. But the way we come up with our reserve, for one, it's not meant to capture short-term volatility. It's not a mark-to-market standard where you would expect any change in capital markets would necessarily come through.

是的。我想說，我們在四月結帳的時候就拿出了這些儲備。截至 3 月 31 日。但我們制定儲備的方式並不是為了捕捉短期波動。它不是一個以市價計價的標準，你不會期望資本市場的任何變化必然會反映出來。

And so we're looking at the long-term credit risk profile. And we think that the way we've ratcheted the risk profile in our general reserve as of 3/31 basically reflects the market. We'll see how things play through for the rest of the second quarter. And if that needs a slight notch up or if things move in a different direction, a slight notch down. But I wouldn't expect any dramatic change in the second quarter as a result of some of the things we see in April.

因此，我們正在關注長期信用風險狀況。我們認為，截至 3 月 31 日，我們調整一般儲備金風險狀況的方式基本上反映了市場狀況。我們將觀察第二季剩餘時間的情況如何。如果需要稍微提高一點或事情朝著不同的方向發展，那就稍微降低一點。但我預計，由於四月出現的一些情況，第二季不會有任何重大變化。

Great, appreciate that. And then is there -- can you give us any context around the size of the two -- the loan that you resolved this week and the one you have under contract? And then, I guess, just further on loan resolutions, how are you thinking about the pace of resolving and sort of moving on from the REOs and kind of moving back into loans? Or could those be longer-term holds?

太好了，非常感謝。那麼，您能否向我們介紹一下這兩筆貸款的規模——您本週解決的貸款和您簽訂的合約中的貸款？然後，我想，關於貸款解決方案，您如何考慮解決的速度以及如何從 REO 轉向貸款？或者這些可能是長期持有？

Sure. So as far as the resolutions we have in closing, it's around $200 million in total, the two that I mentioned. In terms of the REO, the assets we took REO, we generally made that decision because we see the opportunity to implement a business plan and improve value over time. And that's not necessarily an overnight thing. So we're -- it's 3% of the portfolio or 3% of our overall business, not a huge number.

當然。就我們最終達成的決議而言，我提到的兩項決議總額約為 2 億美元。就 REO 而言，我們採取的資產是 REO，我們通常做出這項決定是因為我們看到了實施商業計劃並隨著時間的推移提高價值的機會。而這不一定是一夜之間發生的事。所以，這占我們投資組合的 3% 或我們整體業務的 3%，不是一個很大的數字。

They're not necessarily assets that are going to require a lot of CapEx. In a lot of cases, it's more pursuing a business plan, change of use, something like that. And we're going to focus on driving return over time as opposed to sort of a quick thing. That being said, they're all different. I mean I think we have a couple that we might be able to exit pretty soon.

它們不一定是需要大量資本支出的資產。在很多情況下，這更多的是為了追求商業計劃、改變用途等等。我們將專注於推動長期回報，而不是追求快速回報。話雖如此，它們都是不同的。我的意思是，我認為我們可能很快就能退出一些專案。

I think we have others that we may have for longer. But I think the overarching theme is -- it's a small part of the portfolio. There are actually a number of assets there that have pretty good cash flow and potential cash flow trajectory. We recognize that cash flow as it comes through in earnings. And I think we're just focused on maximizing value over time for those assets, however long that may take. And if we see an opportunity to exit at a good level, obviously, we'll take it

我認為我們還有其他可以維持更長時間的東西。但我認為總體主題是——它只是投資組合的一小部分。實際上，那裡有許多資產具有相當好的現金流和潛在現金流軌跡。我們認識到現金流體現在收益。我認為我們只是專注於隨著時間的推移實現這些資產的價值最大化，無論這需要多長時間。如果我們看到一個以良好水平退出的機會，顯然我們會抓住它

Great, appreciate that. Thank you.

太好了，非常感謝。謝謝。

Thank you. With no additional questions in queue, I will turn the call back over to Mr. Hayes for any additional or closing remarks.

謝謝。由於沒有其他問題，我將把電話轉回給海耶斯先生，請他發表補充意見或結束語。

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

謝謝凱蒂以及參加今天電話會議的所有人，如有任何問題請與我們聯繫。

That will conclude today's call. We appreciate your participation.

今天的電話會議到此結束。感謝您的參與。