Blackstone Mortgage Trust Inc (BXMT) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加黑石抵押信託基金2025年第三季投資人電話會議。今天的通話將會被錄音。（操作說明）

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

此時，我謹將會議交給股東關係副總裁提姆‧海耶斯先生。請繼續。

Good morning, and welcome, everyone, to Blackstone Mortgage Trust's third-quarter 2025 earnings conference call. I'm joined today by Katie Keenan, Chief Executive Officer; Tim Johnson, Chair of BXMT's Board and Global Head of Breads; Tony Marone, Chief Financial Officer; Austin Pena, Executive Vice President of Investments; and Marcin Urbaszek, Deputy Chief Financial Officer.

各位早安，歡迎參加黑石抵押信託公司2025年第三季財報電話會議。今天與我一同出席的有：執行長 Katie Keenan；BXMT 董事會主席兼全球麵包業務負責人 Tim Johnson；財務長 Tony Marone；投資執行副總裁 Austin Pena；以及副財務長 Marcin Urbaszek。

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. 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.

今天上午，我們提交了 10-Q 表格，並發布了新聞稿，介紹了我們的業績，這些內容可以在我們的網站上找到，並且已經提交給了美國證券交易委員會。我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述受到公司無法控制的風險、不確定性和其他因素的影響。實際結果可能與實際情況有重大差異。

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 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.

有關可能影響績效的一些風險的討論，請參閱我們最新的 10-K 文件中的「風險因素」部分。我們不承擔更新前瞻性陳述的任何義務。在本次電話會議中，我們也會提及一些非GAAP指標。至於和解事宜，請參閱新聞稿和 10-Q 表格。本音頻節目為黑石抵押信託公司版權所有，未經許可不得複製。

For the third quarter, we reported GAAP net income of $0.37 per share and distributable earnings of $0.24 per share. Distributable earnings prior to charge-offs were $0.48 per share. A few weeks ago, we paid a dividend of $0.47 per share with respect to the third quarter.

第三季度，我們公佈的GAAP淨收入為每股0.37美元，可分配收益為每股0.24美元。扣除沖銷前的可分配收益為每股 0.48 美元。幾週前，我們派發了第三季每股 0.47 美元的股息。

Please let me know if you have any questions following today's call. With that, I'll now turn it over to Katie.

如果您在今天的通話後有任何疑問，請告訴我。接下來，我將把麥克風交給凱蒂。

Thanks, Tim. BXMT's strong third quarter results underscore the continued forward momentum across all aspects of our business, including earnings power, credit, investment activity and balance sheet optimization. We reported distributable earnings prior to charge-offs of $0.48 per share, covering the $0.47 dividend and continuing this year's positive trajectory.

謝謝你，提姆。BXMT強勁的第三季業績凸顯了我們業務各個面向（包括獲利能力、信貸、投資活動和資產負債表優化）的持續發展動能。我們公佈的扣除沖銷前的可分配收益為每股 0.48 美元，足以支付 0.47 美元的股息，並延續了今年的良好發展勢頭。

Book value was essentially flat, reflecting a stable credit backdrop with no new impaired loans. We continued our robust investment activity, looking across channels, originations, portfolio acquisitions and net lease and across geographies to find compelling relative value.

帳面價值基本持平，反映出信貸環境穩定，沒有新增不良貸款。我們持續進行強勁的投資活動，從各個管道、投資發起、投資組合收購和淨租賃，以及各個地區，尋找具有吸引力的相對價值。

And we continue to drive a more attractive cost of capital to enhance our competitiveness, improving terms on both corporate and asset level financing to reflect the strong positioning and track record of our business through this period.

我們將繼續努力降低資本成本，以增強我們的競爭力，改善公司和資產層面的融資條件，以反映我們在此期間的強勁市場地位和良好業績記錄。

BXMT's 3Q performance also reflects our ability to capitalize on the continuing recovery in market conditions. Real estate fundamentals remain strong with demand stable or improving and new supply constrained. Liquidity and transaction activity are increasing with SASB CMBS on track for a record issuance year.

BXMT 第三季的業績也反映了我們能夠利用市場狀況的持續復甦。房地產基本面依然強勁，需求穩定或有所改善，而新增供應受到限制。流動性和交易活動正在增加，SASB CMBS有望創下發行量紀錄。

This dynamic continues to generate robust repayment levels in our pre-rate hike portfolio, $1.6 billion this quarter and affords us a strong investment pipeline with $1.7 billion of total originations closed or in closing post quarter end, building on the $1 billion of investment activity in 3Q.

這種動態繼續在我們升息前的投資組合中產生強勁的還款水平，本季度達到 16 億美元，並為我們提供了強大的投資管道，季度末後已完成或正在完成的總新增貸款額為 17 億美元，這是在第三季度 10 億美元投資活動的基礎上取得的。

While spreads have normalized as liquidity has returned to the market, the diversity and reach of our platform's vast sourcing engine are crucial differentiating factors. And with a market-leading capital markets team, we've continued to drive down our cost of borrowing. These advantages on both sides of our business allow BXMT to produce compelling returns on both an absolute and relative basis.

雖然隨著市場流動性的恢復，價差已經恢復正常，但我們平台龐大採購引擎的多樣性和覆蓋範圍是至關重要的差異化因素。憑藉著市場領先的資本市場團隊，我們不斷降低借貸成本。這些來自我們業務兩端的優勢使 BXMT 能夠從絕對和相對兩個方面獲得可觀的回報。

I'll turn it over to Austin to speak in more detail about our investments, portfolio and balance sheet. Before I do, I'd like to spend a minute on BXMT's opportune positioning today. Our portfolio is turning over, unlocking earnings from more challenged legacy deals and steadily increasing the proportion of our capital invested in high-quality current vintage assets.

接下來我將把發言權交給奧斯汀，讓他更詳細地談談我們的投資、投資組合和資產負債表。在此之前，我想花一分鐘時間談談 BXMT 目前的良好市場定位。我們的投資組合正在更新，從更具挑戰性的歷史交易中釋放收益，並穩步增加我們投資於高品質當前年份資產的資本比例。

Our balance sheet is in fantastic shape, and we remain at the forefront of both structural and cost of capital innovation. And all of this has translated to healthy earnings generation supporting our dividend. The forward trajectory of our business is embedded in this quarter's results, though BXMT's stock price has yet to catch up.

我們的資產負債表狀況極佳，我們在結構創新和資本成本創新方面始終處於領先地位。所有這些都轉化為健康的盈利能力，從而支撐了我們的股息發放。雖然BXMT的股價尚未反映出公司業務的未來發展趨勢，但其業績已反映在本季的業績上。

Notwithstanding the tremendous progress we have made in the last several years, our stock today trades within 10% of the lows through this period and continues to provide a highly attractive 10.4% dividend yield. This disconnect has created the opportunity for us to repurchase over $100 million of stock so far this year at a meaningful discount to book value.

儘管我們在過去幾年取得了巨大的進步，但我們目前的股價仍與這段時期的低點相差不到 10%，並且繼續提供極具吸引力的 10.4% 的股息收益率。這種脫節為我們創造了機會，使我們今年迄今能夠以遠低於帳面價值的價格回購超過 1 億美元的股票。

As my tenure as CEO comes to a close, I could not be more excited about the momentum of this business and our highly capable leadership team. I'd also like to express my deep gratitude to the analyst and investor community for your support and attention to BXMT over the years. Congratulations to Tim and Austin on their new roles.

在我擔任執行長的任期即將結束之際，我對公司的發展勢頭和我們能力卓越的領導團隊感到無比興奮。我也要向分析師和投資人群體表達我深深的謝意，感謝你們多年來對 BXMT 的支持和關注。恭喜蒂姆和奧斯汀榮任新職。

And Austin, over to you.

奧斯汀，該你了。

Thanks, Katie. BXMT's strong third quarter investment activity demonstrates the distinct advantages of our platform's differentiated scale and sourcing capabilities as we closed $1 billion of total investments across loan originations, net lease assets and a performing bank loan portfolio that we acquired at a discount.

謝謝你，凱蒂。BXMT 第三季強勁的投資活動表明，我們平台差異化的規模和資源取得能力具有顯著優勢，我們完成了總計 10 億美元的投資，涵蓋貸款發放、淨租賃資產以及我們以折扣價收購的優質銀行貸款組合。

Our loan originations remain concentrated in our highest conviction sectors with 75% in multifamily and diversified industrial portfolios and over 60% in international markets, where we are capturing excess spread relative to comparable deals in the US. We continue to achieve attractive net interest margins, setting up investments to achieve a levered spread of more than 9% over base rates or low teens all-in returns.

我們的貸款發放仍然集中在我們最有信心的領域，其中 75% 集中在多戶住宅和多元化工業投資組合，超過 60% 集中在國際市場，在這些市場中，我們獲得了相對於美國類似交易的超額利潤。我們持續獲得可觀的淨利差，透過投資實現槓桿利差超過基準利率 9% 或綜合回報率達到 10% 左右。

And importantly, credit characteristics remain very attractive with strong cash flow profiles, light value-add business plans and an average LTV of 67%. Investments this quarter include a 90% leased diversified UK industrial portfolio and a well-amenitized stabilized multifamily property near Miami. We also steadily grew our net lease portfolio, investing another $90 million across 60 properties in the third quarter, bringing the total portfolio to $222 million at BXMT's share.

更重要的是，信貸特徵仍然非常有吸引力，現金流狀況良好，增值業務計劃較少，平均貸款價值比為 67%。本季的投資包括已出租 90% 的多元化英國工業地產組合，以及邁阿密附近一處配套設施完善、營運穩定的多戶住宅物業。我們還穩步擴大了淨租賃投資組合，第三季在 60 處物業上又投資了 9,000 萬美元，使 BXMT 持有的總投資組合達到 2.22 億美元。

Importantly, we've maintained a rigorous approach to credit, acquiring assets within durable industries and generating strong EBITDAR coverage, nearly 3 times on average and at significant discounts to replacement cost. With another $100 million in our closing pipeline, we continue to expand our presence in the net lease sector.

重要的是，我們一直堅持嚴格的信貸策略，在耐用行業內收購資產，並實現了強勁的 EBITDAR 覆蓋率，平均接近 3 倍，且遠低於重置成本。隨著另有 1 億美元的交易正在籌備中，我們將繼續擴大在淨租賃領域的業務。

To that end, this quarter, BXMT acquired a 50% interest in a $600 million portfolio of granular loans secured by fully occupied net lease retail assets with a low weighted average origination LTV of 52% and an in-place debt yield over 12%. We were uniquely positioned to evaluate this portfolio, leveraging our experienced net lease and loan portfolio acquisition teams to underwrite and execute this transaction.

為此，本季度，BXMT 收購了價值 6 億美元的細粒貸款組合 50% 的權益，該組合以完全出租的淨租賃零售資產作抵押，加權平均貸款價值比低至 52%，現有債務收益率超過 12%。我們擁有獨特的優勢來評估該投資組合，利用我們經驗豐富的淨租賃和貸款投資組合收購團隊來承銷和執行此交易。

Acquiring high-quality performing loans at discounts from banks remains one of our top investment themes across our platform. These transactions have a high barrier to entry, requiring bespoke sourcing capabilities, the capacity to underwrite granular portfolios quickly and accurately and the operational wherewithal to onboard and manage hundreds of loans seamlessly. But here at Blackstone, we have invested in building market-leading capabilities to execute, leveraging the scale of our team and our data.

從銀行以折扣價收購優質貸款仍然是我們平台上最重要的投資主題之一。這些交易的進入門檻很高，需要客製化的採購能力、快速且準確地承銷細粒度投資組合的能力，以及無縫地引入和管理數百筆貸款的營運能力。但在黑石集團，我們投資打造了市場領先的執行能力，充分利用了團隊的規模和數據優勢。

And the prize is quite compelling, high credit quality loans with convexity and duration in thematic sectors and with outsized risk-adjusted returns. And with bank M&A accelerating, we see more opportunities like this on the horizon.

而且，獎勵相當誘人，包括主題領域的高信用品質貸款，具有凸性和期限，以及超大的風險調整後收益。隨著銀行業併購活動的加速，我們看到未來將會有更多類似的機會。

In total, we expect to close over $7 billion of new investments this year across originations, loan acquisitions and our net lease strategy, diversifying our portfolio and enhancing credit composition through deliberate rotation into the sectors and markets best positioned in the current environment.

今年，我們預計透過貸款發放、貸款收購和淨租賃策略，完成超過 70 億美元的新投資，透過有意識地輪到當前環境下最有利的行業和市場，實現投資組合多元化並改善信貸結構。

Turning to the portfolio. Market tailwinds are driving increasing investor demand for assets, large and small and supporting positive credit outcomes. We collected $1.6 billion of total repayments in the third quarter, including four loans greater than $200 million, two secured by Texas multifamily assets and two abroad, a European hotel portfolio and a London office building.

接下來來看一下投資組合。市場利好因素推動投資者對各種規模資產的需求不斷增長，並支撐了積極的信貸結果。第三季我們總共收回了 16 億美元的還款，其中包括四筆超過 2 億美元的貸款，其中兩筆以德克薩斯州的多戶住宅資產作抵押，兩筆以海外資產作抵押，分別是歐洲酒店投資組合和倫敦辦公大樓。

We had no new impaired loans this quarter. We resolved two previously impaired loans at a premium to aggregate carrying values, and we upgraded eight loans, including six office loans, removing two from our watch list. Our loan portfolio is now 96% performing, and our impaired loan balance continues to decline, now at 71% below last year's peak. We expect to complete additional resolutions next quarter with one impaired office asset sold last week and others in advanced stages.

本季我們沒有新增不良貸款。我們以高於帳面總價值的價格解決了兩筆先前已減損的貸款，並將八筆貸款（包括六筆辦公大樓貸款）進行了評級上調，同時將兩筆貸款從觀察名單中移除。我們的貸款組合目前有 96% 的貸款處於正常水平，不良貸款餘額持續下降，目前比去年的峰值低 71%。我們預計下個季度將完成更多處置，上週已售出一項不良辦公資產，其他資產也已進入後期階段。

The real estate recovery, while uneven, is extending to some of the most acutely impacted markets and sectors. In San Francisco, fundamentals are improving, driven by the growth of AI. Multifamily rents are up 10%, office demand is growing and convention hotel bookings are up 60%. Investors are taking note with acquisition volumes picking up across sectors.

房地產市場的復甦雖然不均衡，但正在擴展到一些受影響最嚴重的市場和行業。在人工智慧發展的推動下，舊金山的基本面正在改善。多戶住宅租金上漲 10%，辦公需求成長，會展飯店預訂量增加 60%。投資人已經注意到這一點，各行業的併購交易量都在增加。

Altogether, 25% of our REO portfolio today is in the Bay Area, including our largest asset, a fully renovated hotel held at nearly 60% below the prior owner's basis and more than 70% below replacement cost. San Francisco has long been amongst the most cyclical markets in the country. And today, we are positioned to capitalize on the upswing.

目前，我們 REO 投資組合的 25% 位於灣區，其中包括我們最大的資產——一家經過全面翻新的酒店，其持有價格比前業主的成本低近 60%，比重置成本低 70% 以上。舊金山長期以來一直是美國週期性最強的市場之一。而今天，我們已經做好準備，抓住這波上漲行情。

Amid a strong capital markets backdrop, BXMT has taken advantage, refinancing and extending over $2 billion of corporate debt in the last 12 months. Debt markets have been resilient through recent market volatility with spreads still sitting within 20 basis points of all-time tights. And we continue to see strong demand from our bank lenders, providing opportunities to introduce new facilities, further optimize our financing structures and reduce our marginal secured funding costs.

在強勁的資本市場背景下，BXMT 抓住機遇，在過去 12 個月中對超過 20 億美元的公司債務進行了再融資和延期。儘管近期市場波動劇烈，但債券市場表現出了韌性，利差仍維持在歷史最低水準的20個基點以內。我們持續看到銀行貸款機構的強勁需求，這為我們提供了推出新融資方案、進一步優化融資結構和降低邊際擔保融資成本的機會。

We borrowed over 15 basis points tighter in the third quarter compared to the prior quarter, improving our cost of capital and advancing our overarching goal to generate an attractive, stable stream of current income for our investors.

與上一季相比，我們第三季的借貸成本收緊了 15 個基點以上，從而改善了我們的資本成本，並推進了我們為投資者創造有吸引力、穩定的當前收入流的總體目標。

And with that, I will pass it over to Tony to unpack our financial results.

接下來，我將把麥克風交給東尼，讓他來解讀我們的財務表現。

Thank you, Austin, and good morning, everyone. In the third quarter, BXMT reported GAAP net income of $0.37 per share and distributable earnings or DE of $0.24 per share. DE prior to charge-offs, which excludes realized losses related to two loan resolutions, was $0.48 per share, an increase of $0.03 from the prior quarter and $0.01 above our $0.47 quarterly dividend.

謝謝你，奧斯汀，大家早安。第三季度，BXMT 公佈的 GAAP 淨收入為每股 0.37 美元，可分配收益或 DE 為每股 0.24 美元。扣除沖銷（不包括與兩筆貸款解決方案相關的已實現損失）前的每股收益為 0.48 美元，比上一季增加了 0.03 美元，比我們 0.47 美元的季度股息高出 0.01 美元。

DE benefited from BXMT's continued execution on key initiatives with investment activity, loan resolutions and accretive capital markets executions all contributing to this quarter's strong results. We also recognized $0.02 of default interest from a multifamily loan that repaid in full.

DE受益於BXMT持續推進的關鍵舉措，投資活動、貸款解決方案和增值資本市場交易都為本季強勁的業績做出了貢獻。我們也確認了一筆已全額償還的多戶住宅貸款的違約利息為 0.02 美元。

Looking forward, we expect our earnings will continue to benefit from capital redeployment and resolutions of impaired loans, including the two that closed on the last day of the quarter as we unlock the earnings potential of that capital.

展望未來，我們預計我們的收益將繼續受益於資本重新部署和不良貸款的處置，包括本季最後一天完成的兩筆交易，因為我們將釋放這些資本的獲利潛力。

For reference, we collected $0.06 of interest from impaired loans this quarter, which were excluded from earnings under cost recovery accounting. We ended the quarter with book value of $20.99 per share, which was largely stable quarter-over-quarter, reflecting strong credit performance, loan resolutions executed above carrying values and accretive share repurchases.

作為參考，本季我們從不良貸款中收回了 0.06 美元的利息，這些利息根據成本回收會計準則不計入收益。本季末，每股帳面價值為 20.99 美元，與上一季相比基本保持穩定，這反映了強勁的信貸表現、高於帳面價值的貸款解決方案以及增值股票回購。

When considering the $0.47 dividend, BXMT provided an 8% annualized economic return to stockholders this quarter. BXMT repurchased $16 million of common stock in Q3 at an average share price of $18.69, a significant discount to book value.

考慮到每股 0.47 美元的股息，BXMT 本季為股東提供了 8% 的年化經濟回報。BXMT 在第三季以平均每股 18.69 美元的價格回購了價值 1,600 萬美元的普通股，較帳面價值有較大折扣。

And so far in Q4, we've accelerated buybacks through recent market volatility, repurchasing another $61 million of stock at even lower levels. In total, we have repurchased nearly $140 million of shares since establishing our program in 2024. And just last week, received Board approval to replenish our $150 million buyback capacity.

第四季至今，我們已加快回購步伐，以更低的價格回購了價值 6,100 萬美元的股票，以應對近期的市場波動。自 2024 年啟動該計畫以來，我們總共回購了近 1.4 億美元的股票。就在上週，我們獲得了董事會的批准，將補充1.5億美元的股票回購額度。

Our book value at 9/30 includes $712 million, $0.14 -- (technical difficulty) excuse me, $4.16 per share of CECL reserves, which declined from $755 million, $4.39 per share in the prior quarter as we crystallized $42 million of specific CECL reserves in connection with two impaired loan resolutions. As Katie mentioned earlier, these resolutions were executed at a premium to aggregate carrying values, contributing to an $11 million net reversal in our specific CECL reserve and offsetting the modest $10 million increase in our general reserve.

截至 9 月 30 日，我們的帳面價值包括 7.12 億美元，每股 0.14 美元（技術故障）抱歉，每股 4.16 美元的 CECL 準備金，該準備金較上一季度的 7.55 億美元，每股 4.39 美元有所下降，原因是我們在兩筆不良貸款處置中兌現了 4200 萬美元的特定 4CL。正如凱蒂之前提到的，這些決議的執行價格高於帳面總價值，導致我們的特定 CECL 準備金淨減少 1100 萬美元，抵消了我們一般準備金中 1000 萬美元的少量增加。

Turning to our balance sheet. BXMT remains well positioned to address today's attractive investment environment with debt to equity down to 3.5 times, strong liquidity of $1.3 billion and over $7 billion of available financing capacity as of quarter end.

接下來來看看我們的資產負債表。截至季末，BXMT 的債務權益比已降至 3.5 倍，擁有 13 億美元的強勁流動性和超過 70 億美元的可用融資能力，因此該公司仍處於良好的發展狀態，能夠應對當前極具吸引力的投資環境。

And in October, we closed a new $250 million non-mark-to-market credit facility with an international bank who recently established their CRE loan warehousing business targeted Blackstone as one of their first and largest relationships. Another example of our strong position in the market and ability to drive differentiated results for stockholders.

10 月，我們與一家國際銀行達成了新的 2.5 億美元的非市值計價信貸安排。這家國際銀行最近成立了商業房地產貸款倉儲業務，並將黑石集團作為其首批也是最大的合作夥伴之一。這再次證明了我們在市場上的強大地位以及為股東創造差異化回報的能力。

We continue to take advantage of the supportive capital markets backdrop to further optimize our cost of capital as we repriced $400 million of corporate term loan during the quarter, reducing spread by 100 basis points and upsizing the deal by $50 million, reflecting strong demand from institutional investors.

我們持續利用有利的資本市場環境，進一步優化資本成本。本季度，我們對 4 億美元的公司定期貸款進行了重新定價，將利差降低了 100 個基點，並將交易規模擴大了 5,000 萬美元，這反映了機構投資者的強勁需求。

And just last week, we collapsed BXMT's 2020 FL-3 CLO, which we replaced with balance sheet financing at a lower spread. CLO market remains robust with new issuance nearly tripling last year's total and tracking its strongest year since 2022. We have been a consistent issuer in this market, completing our fifth transaction earlier this year, and we are well positioned to take advantage of the supportive market backdrop.

就在上週，我們取消了 BXMT 的 2020 FL-3 CLO，並以更低的利差用資產負債表融資取而代之。CLO 市場依然強勁，新發行量幾乎是去年總量的三倍，預計將成為自 2022 年以來最強勁的一年。我們一直是這個市場上的穩定發行方，今年稍早完成了第五筆交易，我們已做好充分準備，利用有利的市場環境。

Before opening the call to Q&A, I will turn it over to BXMT's Chairman and incoming CEO, Tim Johnson, for a few closing remarks.

在正式開始問答環節之前，我將把發言權交給 BXMT 的董事長兼即將上任的執行長 Tim Johnson，請他作幾句總結發言。

Thanks, Tony. First and foremost, I'd like to thank Katie for her dedicated service to BXMT, the Board and our shareholders. Katie leaves BXMT in a tremendous spot with a global portfolio that's delivering for our investors and a team that's poised to capture this exciting investment environment.

謝謝你，托尼。首先，我要感謝 Katie 對 BXMT、董事會和股東們的盡心服務。Katie 為 BXMT 留下了非常有利的位置，公司擁有一個為投資者帶來收益的全球投資組合，以及一支隨時準備抓住這個令人興奮的投資環境的團隊。

I've had the pleasure of working alongside Katie throughout her Blackstone tenure, and I'm extremely grateful for all of the hard work, strategic insight and strong execution she's brought with her each and every day. She's been an inspiring partner and leader and will leave a lasting impression on our business. While we'll no doubt miss Katie, we wish her well in her next chapter and are confident the team will step up in her place.

在凱蒂任職黑石集團期間，我有幸與她共事，我非常感謝她每天所展現出的辛勤工作、戰略洞察力和強大的執行力。她是一位鼓舞人心的合作夥伴和領導者，將對我們的業務產生深遠的影響。我們無疑會想念凱蒂，但我們祝福她在人生的下一個階段一切順利，並相信團隊會接替她的位置。

Personally, I'm excited to have been appointed CEO of BXMT and to work closely with Austin to continue to build on the momentum our business has today. Austin and I are fortunate to have the strength of the Blackstone franchise behind us, our dedicated team of over 160 real estate credit professionals and the critically important connectivity with our global real estate team. This has always been the backbone of BXMT's investment process. I'm looking forward to working more with all of you along the way.

我個人非常高興被任命為 BXMT 的首席執行官，並將與 Austin 密切合作，繼續鞏固我們公司目前的發展勢頭。我和奧斯汀很幸運，背後有黑石集團的強大實力支持，我們擁有超過 160 名房地產信貸專業人員組成的敬業團隊，以及與全球房地產團隊至關重要的聯繫。這始終是BXMT投資流程的基石。我期待在未來的道路上與大家有更多合作。

And with that, I'll now ask the operator to open the call to questions.

接下來，我將請接線生開放通話，接受提問。

(Operator Instructions) Catherwood, BTIG.

（操作說明）Catherwood，BTIG。

Katie, just first off, congratulations and best of luck in your new role. It's been an absolute pleasure having you in this position. And then second, just wanted to follow up, Katie, on your prepared remarks, where you mentioned a recovery in transaction activity and return of liquidity to the CRE markets. Kind of two items around that. First off, can you provide a little bit more color on exactly where you're seeing that? Is that US and Europe? Or is it just pockets that you're seeing that recovery?

凱蒂，首先恭喜你，祝你在新的職位上一切順利。您擔任這個職位真是我的榮幸。其次，凱蒂，我想就你事先準備好的演講稿做個後續說明，你提到了交易活動的復甦和商業地產市場流動性的恢復。大概有兩件事跟這有關。首先，您能否更詳細地描述一下您是在哪裡看到這種情況的？是指美國和歐洲嗎？或者說，你只看到部分地區出現了復甦？

And then second, if that recovery in transactions is more here in the US, which is what it seems like to us, could we see a larger portion of your origination activity pivot back to US loans instead of more Europe loans, which you've been doing so far this year?

其次，如果交易復甦主要發生在美國（在我們看來確實如此），我們是否會看到貴公司更大比例的貸款發放活動轉向美國貸款，而不是像今年以來那樣轉向歐洲貸款？

Thanks, Tom. This is Tim. I'll take that. I'd say liquidity certainly has returned to markets, I would say, both in the US and in Europe. As you pointed out, a bit stronger on a relative basis in the US and mainly driven by a more established CMBS market here in the United States, as Katie referenced, tracking toward an all-time high in terms of liquidity.

謝謝你，湯姆。這是蒂姆。我接受。我認為，無論是在美國還是歐洲，市場流動性都已經恢復。正如你所指出的，美國的情況相對而言要強一些，這主要是由於美國的商業抵押貸款支持證券（CMBS）市場更加成熟，正如凱蒂提到的那樣，其流動性正朝著歷史最高水平邁進。

So I would say it's a little bit further ahead, as you'd expect in the US versus Europe, but both places are continuing to see capital markets open up and be pretty strong. In terms of the US versus Europe on an ongoing basis, what we love is being able to have a platform that can look across all of the regions and establish a view on relative value at any moment in time.

所以我覺得美國的情況比歐洲稍微領先一些，正如你所預料的那樣，但這兩個地方的資本市場都在持續開放，並且表現相當強勁。就美國與歐洲的持續對比而言，我們喜歡的是能夠擁有一個平台，可以縱覽所有地區，並隨時建立相對價值的觀點。

So that does shift over time. And I think that the US continues to be the biggest market for us, just a larger transaction market overall. So I think you'll continue to see this be the largest share of our investment activity over a long period of time. But we certainly look at both and play relative value across both.

所以這種情況會隨著時間推移而改變。我認為美國仍然是我們最大的市場，整體交易量也更大。所以我認為，在很長一段時間內，這將繼續是我們投資活動中佔比最大的部分。但我們當然會同時考慮兩者，並根據二者的相對價值進行投資。

Appreciate that, Tim. And the second one for me, maybe Austin, in terms of the REO portfolio, can -- first off, can you remind us of the potential earnings uplift as that capital comes back over time? And second, do you need to set aside incremental capital for the New York City hotel that you took on balance sheet during the quarter? Or is that one in pretty good shape already?

謝謝你，提姆。對我來說，第二個問題可能是奧斯汀，就 REO 投資組合而言，首先，您能否提醒我們，隨著資本的回流，潛在的收益提升是什麼？其次，您是否需要為本季資產負債表上新增的紐約市飯店預留額外資金？或者說，那輛車的狀態已經相當不錯了？

Yes. Thanks for the question. I would say, generally, we haven't given specific numbers in terms of the potential earnings uplift. But obviously, the REO assets are not generating our target returns, and we certainly see the opportunity to, as we turn over the portfolio, exit these REO assets over time to drive additional earnings power as we do that.

是的。謝謝你的提問。總的來說，我們還沒有給出潛在收益成長的具體數字。但顯然，REO資產並沒有產生我們預期的回報，我們當然看到了機會，隨著我們輪換投資組合，隨著時間的推移，逐步退出這些REO資產，從而獲得額外的收益。

Specifically with regards to sort of CapEx and conditions, I would say, firstly, we have a tremendous amount of insight into kind of the needs across these assets. And we really don't feel that there's a significant component of CapEx needed. To the extent it is needed, we certainly have the capability to do that with over $1.3 billion of liquidity. But I'd say the condition of these assets across the board is pretty good, and we feel comfortable with our position today.

具體來說，關於資本支出和相關條件，首先，我想說，我們對這些資產的需求有著非常深入的了解。我們真的覺得不需要大量的資本支出。如有需要，我們完全有能力做到這一點，我們擁有超過 13 億美元的流動資金。但我認為這些資產的整體狀況都相當不錯，我們對目前的狀況感到滿意。

Harsh Hemnani, Green Street.

哈什·赫姆納尼，格林街。

Maybe one on how you're thinking about originating new loans versus buying back into the capital structure. Is there a particular premium or discount to book at which you're thinking that buybacks are perhaps more accretive than new originations? And it sounds like 4Q is stepping up on the origination front, but also on the buyback front. So I'm just trying to understand the relative value math there.

或許可以談談您是如何考慮發放新貸款與回購現有貸款以補充資本結構的。是否存在某種特定的溢價或折扣，使得回購比新發放貸款更具增值潛力？聽起來 4Q 不僅在貸款發放方面加大了力度，在回購方面也是如此。所以我想弄清楚其中的相對價值計算方法。

Yes. I'd say we continue to look at both in terms of every day, just like we do across loans in the US and Europe, we look at opportunities of where to invest capital, including share buybacks, which, of course, we've been quite active in. So that's -- I'd say that's a pretty dynamic analysis. But we've captured the -- we've taken advantage of the opportunity to buy back when the stock has traded at levels that we think are quite attractive and provide a very high return on investment. So I think that's how we look at it. We continue to look at it dynamically over time.

是的。我認為我們會繼續每天關注這兩方面，就像我們在美國和歐洲的貸款業務中所做的那樣，我們會尋找投資資本的機會，包括股票回購，當然，我們在這方面一直非常積極。所以，我認為這是一次相當動態的分析。但是我們已經抓住了機會——我們已經利用了股票交易價格處於我們認為非常有吸引力且能提供非常高投資回報的水平時進行回購的機會。所以我覺得我們應該這樣看待這個問題。我們會持續關注其動態變化。

Got it. And then maybe one on the makeup of the investment portfolio this quarter. It seems like roughly two-third of originations this quarter were in sort of the traditional floating rate loan portfolio and roughly 1/3 is in net lease and bank loan portfolio acquisitions. Should we be thinking about these fixed rate loans as sort of being a lever for you to be able to reduce your floating rate exposure ahead of what most are expecting to -- they're expecting to see lower floating rates in the future?

知道了。然後或許可以談談本季投資組合的構成。本季新增貸款中，約有三分之二屬於傳統的浮動利率貸款組合，約有三分之一屬於淨租賃和銀行貸款組合收購。我們是否應該將這些固定利率貸款視為一種槓桿，讓您能夠在大多數人預期未來浮動利率下降之前降低您的浮動利率風險敞口？

Yes, Harsh, this is Austin. I can take that. I think you're correct in that we really are looking across different channels to deploy our capital right now. One of the things we like about net lease in these bank portfolios is that they do add some duration and create a natural hedge to our sort of traditional floating rate business. The bank portfolios, in particular, as we noted earlier, we're buying those at a discount to par.

是的，哈什，這裡是奧斯汀。我可以接受。我認為你說得對，我們目前確實正在透過不同的管道部署我們的資金。我們喜歡銀行投資組合中的淨租賃的原因之一是，它們確實增加了一些期限，並為我們傳統的浮動利率業務創造了一種天然的對沖。特別是銀行投資組合，正如我們之前提到的，我們正在以低於面值的價格買入這些股票。

And that provides some upside convexity to the extent those loans repay more quickly than we underwrite. And we like that as well from a risk-adjusted return basis. And so I think you'll continue to see us look across different types of investments across these channels to really think about the best relative value and really sort of diversify the composition of our earnings.

如果這些貸款的償還速度比我們承銷的速度更快，那麼這將帶來一定的上行凸性。從風險調整後的效益角度來看，我們也喜歡這一點。因此，我認為你們會繼續看到我們透過這些管道關注不同類型的投資，真正思考最佳相對價值，並真正實現我們收益所構成的多元化。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Each earnings season brings its own unique developments, and it seems to me that this earnings season so far has been characterized by AI dominance, but also some pockets of weakness in the economy, whether it be in the consumer and jobs or discrete credit items in the financial space and the C&I lending and also a couple of CRE items.

每個財報季都會帶來其獨特的發展，在我看來，到目前為止，本財報季的特點是人工智慧佔據主導地位，但經濟中也存在一些疲軟的領域，無論是在消費者和就業方面，還是在金融領域的個別信貸項目和工商貸款方面，以及一些商業房地產項目方面。

So the commercial mortgage REIT sector also seems to have been caught in this downdraft. And my main question is whether you've seen any spillover effects into the CRE market as yet? And if you're doing anything differently, perhaps more defensively to prepare for any weakness that may unfold.

因此，商業抵押貸款房地產投資信託基金（REIT）產業似乎也受到了這股下行浪潮的影響。我的主要問題是，您是否已經看到對商業房地產市場的任何溢出效應？如果你採取了不同的做法，或許應該採取更保守的策略，以應對可能出現的任何弱點。

Thanks, Jade. I'd say we're not seeing it in real estate credit. We are in an environment with real estate credit where we've gone through a pretty significant downturn, and now we're quite clearly in recovery mode in terms of coming out of that downturn. So I would say the real estate credit market has been somewhat uniquely tested already and has experienced its challenges, not to say that there might not be other challenges around the corner, but it definitely is more battle tested, I'd say, overall.

謝謝你，傑德。我認為我們在房地產信貸領域還沒有看到這種情況。我們目前所處的房地產信貸環境經歷了相當嚴重的下滑，而現在我們顯然正處於復甦階段，正走出低谷。所以我認為，房地產信貸市場已經經歷了一些獨特的考驗，也經歷了一些挑戰，這並不是說未來不會有其他挑戰，但總的來說，它肯定比以往更加經受住了考驗。

And so that translates through to what we see on the new origination side of things in terms of credit quality. Generically, you're going to have a more tighter lending market coming out of a cycle like we've been through where credit standards are higher. And so we're not seeing that type of deterioration that's been referenced elsewhere. We're seeing much like what you're seeing in the BXMT portfolio itself, improved credit overall.

因此，這也會影響到我們在新貸款發放方面看到的信貸品質。總的來說，在經歷了像我們之前經歷的那種信貸標準較高的周期之後，貸款市場將會更加收緊。因此，我們並沒有看到其他地方提到的惡化情況。我們看到的情況與你們在 BXMT 投資組合中看到的情況非常相似，整體信用狀況有所改善。

And in terms of the pace of 3Q investments and originations, notwithstanding the bank loan JV, which I believe would have higher ROEs than the traditional business. Was there anything that drove a more muted pace of originations perhaps it was on the liability management side, putting in place the new repo line, the tighter spreads on the term loan as well as calling the CLO? Was that in preparation of stronger originations and maybe weighed on volume in the quarter?

就第三季投資和貸款發放的速度而言，儘管有銀行貸款合資企業，但我認為該合資企業的淨資產收益率會高於傳統業務。是否有任何因素導致貸款發放速度放緩？或許是負債管理方面，例如設立新的回購額度、收緊定期貸款利差以及贖回CLO？這是為了因應更強勁的貸款發放而做的準備，或許也因此對本季的貸款量造成了影響？

Yes, Jade, this is Austin. We obviously made $1 billion of total investments this quarter, which we think is a good amount. I would say that we have $1.7 billion in closing as well. So our pipeline of opportunities remains really robust. So I'd say we're actively investing in the environment.

是的，傑德，這裡是奧斯汀。本季我們總共投資了10億美元，我們認為這是一個相當可觀的數字。我想說，我們還有17億美元的交易即將完成。因此，我們的發展機會儲備依然非常充足。所以我認為我們正在積極投資環境保護。

I would say there might have been a modest impact seasonally with some of the volatility we saw sort of in the spring around some of the tariffs, which may have impacted certain timings of transactions overall. But over -- but really across our channels, we really see a lot of interesting opportunities both in Europe and the United States. So we feel good about the level of the transaction activity going forward.

我認為，春季關稅方面的一些波動可能會對季節性因素產生輕微影響，這可能會影響到某些交易的時間安排。但是，總的來說，透過我們的各種管道，我們確實在歐洲和美國看到了很多有趣的機會。因此，我們對未來的交易活動水準感到樂觀。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Sort of touching on that last point, how do you see the pace of kind of net deployment in the portfolio in the coming quarters? And how do you think about what is the right level of leverage that you guys are targeting?

關於最後一點，您如何看待未來幾季投資組合的淨部署速度？你們認為應該追求怎樣的槓桿水平才算合適？

I'd say I'll take the first. In terms of deployment, I think it's a pretty good indication of what you saw this past quarter where we're having a healthy amount of repayment activity and then turning that directly into new investment activity. So I think we're at a place where we feel pretty good about being kind of at a run rate in terms of repayments and deployment overall. So I think that would remain consistent.

我選第一個。就部署而言，我認為這很好地表明了上個季度的情況，即我們有相當可觀的還款活動，然後將其直接轉化為新的投資活動。所以我覺得，就整體還款和部署而言，我們目前的情況相當不錯，基本上達到了正常水平。所以我認為這一點會保持不變。

And on the leverage side, like how are you thinking about what is the right level of leverage to run this business at this part of the cycle?

在槓桿方面，您認為在當前經濟週期階段，經營這項業務的適當槓桿程度是多少？

Yes, Doug, on leverage, obviously, we're at 3.5 times today, which is right in the middle of the range that we target. And so I think we've always been sort of in that mid-3s over the last quite period. So we certainly have liquidity and capacity to sort of go up a little bit from there. And again, we're seeing good opportunities. So we feel very comfortable with the balance sheet today and where we are from that perspective.

是的，道格，關於槓桿，顯然，我們今天的槓桿倍數是 3.5 倍，這正好在我們目標範圍的中間位置。所以我覺得在過去的這段時間裡，我們的排名一直徘徊在3分中段。所以，我們當然有足夠的流動資金和能力，可以在此基礎上再略微提振一下。我們再次看到了良好的機會。因此，我們對目前的資產負債表以及我們所處的地位感到非常滿意。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

I apologize, like everybody, we're bouncing around between calls. So if this has been covered, I apologize. Look, when we look at the implied dividend yield as a function of book, it's about 9%. You guys aren't clear yet. When you think about the path to covering that dividend, which is obviously not only your goal, but your indication by maintaining that dividend.

很抱歉，跟大家一樣，我們也不停地接電話。如果這個問題之前已經討論過了，我深感抱歉。你看，當我們把隱含股息殖利率當作帳面價值的函數來觀察時，它大約是 9%。你們還沒搞清楚。當你思考如何支付股利時，這顯然不僅是你的目標，也是你維持股利的標誌。

Can you walk us through sort of what the different levers in terms of higher yields, reducing nonaccruals, reducing REO, what you think are sort of rank those opportunities, please, and perhaps give us some sense of what the contribution of each is?

您能否為我們詳細介紹一下提高收益率、減少非應計項目、減少不良資產等方面的不同槓桿作用？您認為這些機會應該如何排序？或許還可以讓我們了解每項措施的貢獻是什麼？

Yes. Thanks, Rick. I'd say, obviously, it was good to cover the dividend this quarter in terms of distributable earnings ex charge-offs at $0.48 relative to $0.47 dividend. As Tony noted, a couple of onetime small items in there, but pretty close to the dividend ex those. And as you said and as we've said for a while, we set the dividend with a long-term view in mind.

是的。謝謝你，里克。顯然，就本季可分配收益（扣除沖銷）而言，每股收益為 0.48 美元，而股息為 0.47 美元，這足以支付股息。正如托尼指出的那樣，其中有一些一次性的小項目，但與扣除這些項目後的股息非常接近。正如你所說，也正如我們之前所說，我們在製定股息時著眼於長遠發展。

And where we really still have earnings left to unlock is in the REO and the impaired loan portfolio, where we can turn those assets into higher returning investments. We're not particularly focused on quarter-to-quarter results as there's always a little bit of variability in terms of the ins and outs of fundings and things like that. But we continue to have confidence that we've set the dividend level at a long-term sustainable position.

我們真正還有獲利空間可以釋放的地方在於已收回的資產和不良貸款組合，我們可以將這些資產轉化為回報更高的投資。我們並不特別關注季度業績，因為資金的流入和流出等方面總是存在一些波動。但我們仍然相信，我們已經將股息水準設定在一個長期可持續的水平。

Got it. Okay. And is there -- when you think about, for example, funding cost rate outlook, obviously, you're modestly asset sensitive, but there's so much opportunity in terms of recycling capital. I'm assuming that you guys are even in a sharply lower short-term rate environment, confident that you can continue to achieve those hurdle rates given the scale.

知道了。好的。例如，當你考慮融資成本率前景時，顯然，你對資產的敏感度不高，但在資本再利用方面卻有很多機會。我假設你們即使在短期利率大幅下降的環境下，也相信憑藉你們的規模，你們能夠繼續實現這些目標利率。

Yes. I would say that's right. I think the opportunity to redeploy the capital within the REO portfolio and the impaired loan portfolio is a really strong offset to a lower rate environment.

是的。我覺得沒錯。我認為，在REO投資組合和不良貸款投資組合中重新部署資本的機會，是對低利率環境的強力抵銷。

I would also add we only lose [about 150 basis points] of rate move. So it's not as drastic as you might be thinking.

我還要補充一點，我們只會損失[大約150個基點]的利率變動。所以情況並沒有你想像的那麼糟。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Can you talk a bit more about what you're seeing in office market fundamentals? I mean, I think you had six upgrades. And I guess at this point, is it possible that you'll end up being a bit over reserved in your office book?

能否再詳細談談您觀察到的辦公大樓市場基本面狀況？我的意思是，我覺得你升級了六次。我想，到了這個地步，你有沒有可能在辦公室記錄簿中顯得有些過於保守呢？

Yes. Thanks, Don. This is Austin. I definitely would say we are seeing stability and improvement across office. I think you see that, as you noted, in the movements in terms of our upgrades this quarter, six office loans upgraded, two of them were removed from our watch list.

是的。謝謝你，唐。這裡是奧斯汀。我絕對可以說，我們辦公室各方面都呈現出穩定和進步的態勢。正如您所指出的，我認為您已經看到了本季度我們評級升級的變動，其中六筆辦公貸款獲得升級，兩筆從我們的觀察名單中移除。

That's really driven by leasing that we're seeing at these assets. And so I definitely think we're starting to see more broad-based green shoots, liquidity coming back into the market. As I noted earlier, we sold one of our impaired office assets post quarter end. So continue to see more transaction activity, more capital coming off the sidelines for the sector.

這主要是由我們所看到的這些資產的租賃情況所驅動的。因此，我確實認為我們開始看到更多廣泛的復甦跡象，市場流動性正在回歸。正如我之前提到的，我們在季度末出售了我們的一項不良辦公資產。因此，預計未來會有更多交易活動，更多資金將從場外流入該產業。

I'd say in terms of reserves, we obviously go through those every quarter. We feel like our reserve levels are appropriate. We feel good about where we set those. It's obviously a detailed asset-by-asset analysis that we do. And so we feel good about where those are.

就儲備金而言，我們顯然每季都會用完這些儲備金。我們認為目前的儲備水準是適當的。我們對設定的這些目標感到滿意。顯然，我們進行的是一項逐項資產的詳細分析。所以我們對這些位置感到滿意。

Okay. And then on a follow-up, I mean, you've had another quarter here where there was fairly steady credit migration. How are you thinking about like movement to four from three in the near term? Do you feel like you're in a steady state?

好的。然後，就後續情況而言，我的意思是，又一個季度以來，信貸遷移相當穩定。您如何看待近期內從三級升至四級這樣的變化？你覺得自己處於穩定狀態嗎？

I'd say the direction of travel for credit is clearly positive in the portfolio with the no new impairments. So I'd say we -- the direction is quite clear. Obviously, we're continuing to work through things. But in terms of credit migration, we feel like we've basically resolving 70% of our impaired loans at this point and a good line of sight to a significant amount more. We feel really good about the overall path here in terms of credit performance.

我認為，鑑於沒有新增減值，該投資組合的信貸走勢顯然是正面的。所以我覺得──方向非常明確。顯然，我們還在繼續努力解決問題。但就信貸遷移而言，我們感覺目前我們已經基本解決了 70% 的不良貸款，並且有很好的前景來解決更多不良貸款。就信貸表現而言，我們對目前的整體發展路徑感到非常滿意。

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.

我們的問答環節到此結束。此時，我想把電話轉回給提姆·海耶斯，讓他補充或作總結發言。

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

謝謝凱蒂，也謝謝今天參加電話會議的各位。如有任何疑問，請與我們聯絡。