Claros Mortgage Trust Inc (CMTG) 2025 Q1 法說會逐字稿

Thank you for your patience as we work on preparations for the Claros Mortgage Trust Incorporated First Quarter 2025 Earnings Call. We appreciate your attendance today. We'll be starting in approximately one minute.

感謝您的耐心等待，我們正在為 Claros Mortgage Trust Incorporated 2025 年第一季財報電話會議做準備。我們感謝您今天的出席。我們將在大約一分鐘後開始。

Welcome to the Claros Mortgage Trust First Quarter 2025 Earnings Conference Call. My name is Becky, and I'll be your conference facilitator today. (Operator Instructions)

歡迎參加 Claros Mortgage Trust 2025 年第一季財報電話會議。我叫貝基，今天我將擔任你們的會議主持人。（操作員指示）

I would now like to hand the call over to Anh Huynh, Vice President of Investor Relations for Claros Mortgage Trust. Please proceed.

現在我想將電話交給 Claros Mortgage Trust 投資者關係副總裁 Anh Huynh。請繼續。

Thank you. I'm joined by Richard Mack, Chief Executive Officer and Chairman of Claros Mortgage Trust; and Mike McGillis, President, Chief Financial Officer and Director of Claros Mortgage Trust. We also have Priyanka Garg, Executive Vice President, who leads MRECS Portfolio and Asset Management. Prior to this call, we distributed CMTG's earnings release and supplement.

謝謝。與我一起參加會議的還有 Claros Mortgage Trust 執行長兼董事長 Richard Mack 以及 Claros Mortgage Trust 總裁、財務長兼董事 Mike McGillis。我們還有執行副總裁 Priyanka Garg，負責領導 MRECS 投資組合和資產管理。在本次電話會議之前，我們分發了 CMTG 的收益報告和補充資料。

We encourage you to reference these documents in conjunction with the information presented on today's call. If you have any questions, please contact me. I'd like to remind everyone that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們鼓勵您結合今天電話會議上提供的資訊來參考這些文件。如果您有任何疑問，請與我聯絡。我想提醒大家，今天的電話會議可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our other filings with the SEC. Any forward-looking statements made on this call represents our view only as of today, and we undertake no obligation to update them.

由於各種重要因素，包括我們向美國證券交易委員會提交的其他文件中所討論的因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異。本次電話會議中所做的任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新這些陳述的義務。

We will also be referring to certain non-GAAP financial measures on today's call, such as distributable earnings, which we believe may be important to investors to assess our operating performance. For reconciliations of non-GAAP measures to their nearest GAAP equivalent, please refer to the earnings supplement.

我們也會在今天的電話會議上提及某些非公認會計準則財務指標，例如可分配收益，我們認為這些指標對於投資者評估我們的經營績效可能很重要。有關非 GAAP 指標與最接近的 GAAP 指標的對賬，請參閱收益補充文件。

I would now like to turn the call over to Richard.

現在我想把電話轉給理查。

Thank you, Anh, and thank you, everyone, for joining us this morning for CMTG's first quarter earnings call. Reflecting on recent US tariff and foreign policy volatility, there is now heightened uncertainty as to outcomes that has rippled across the globe. And while it's still unclear what the long-term implications will be for the US economy, the global economy and commercial real estate broadly, we've been observing impacts on the real estate capital markets.

謝謝 Anh，也謝謝大家今天上午參加 CMTG 第一季財報電話會議。回顧最近美國關稅和外交政策的波動，現在全球範圍內的波動結果存在著更大的不確定性。雖然目前還不清楚這將對美國經濟、全球經濟和商業房地產產生何種長期影響，但我們一直在觀察其對房地產資本市場的影響。

We are seeing spreads widen slightly and some institutional participants pause before transacting as assessing and ascribing value to risk has become exceptionally difficult and will likely remain so until tariff and other economic policies are settled. All of this combined with the ongoing higher rate environment means that there are continuing headwinds to the broader real estate recovery.

我們看到利差略有擴大，一些機構參與者在交易前暫停交易，因為評估和賦予風險價值已經變得異常困難，而且這種情況可能會持續到關稅和其他經濟政策得到解決。所有這些，加上持續的高利率環境，意味著更廣泛的房地產復甦將繼續面臨阻力。

Notwithstanding this difficult backdrop, I am pleased to report that CMTG has made progress towards achieving the goals we outlined on our last earnings call, enhancing liquidity, reducing leverage and optimizing the outcomes on our watch list loans. As of April 30, we have fully realized five loans and have received $607 million in proceeds from repayments and resolutions. Through these transactions, we accomplished the following: First, we improved our liquidity position.

儘管面臨如此困難的背景，我仍然很高興地報告，CMTG 在實現我們在上次收益電話會議上概述的目標方面取得了進展，即提高流動性、降低槓桿率和優化我們的關註名單貸款的結果。截至 4 月 30 日，我們已完全兌現五筆貸款，並已收到 6.07 億美元的還款和解決收益。透過這些交易，我們實現了以下目標：首先，我們改善了流動性狀況。

Second, we continue to reduce leverage. Third, we resolved two watch list loans and reduced CMTG's land and office exposure, which are two property types that have experienced challenges in recent years and have been difficult to monetize. Finally, we reduced our hospitality exposure by an aggregate of $326 million, which we view as a positive sign given the potentially increasing economic headwinds and recessionary fears. Further, we have made progress on our multifamily REO strategy described last quarter.

二是持續降槓桿。第三，我們解決了兩筆關註名單貸款，並減少了 CMTG 的土地和辦公室風險敞口，這兩種房地產類型近年來遇到了挑戰，難以貨幣化。最後，我們總共減少了 3.26 億美元的酒店業風險敞口，鑑於潛在的經濟逆風和衰退擔憂不斷增加，我們認為這是一個積極的信號。此外，我們在上個季度所描述的多戶型 REO 策略方面取得了進展。

During the first quarter, we closed on a $214 million facility that will allow us to finance these nonperforming loans through the REO stage. We continue to believe our path to optimizing outcomes on these cash flowing assets on behalf of shareholders is to assume title and manage these assets through disposition, given our sponsors' experience as an owner, operator and developer.

在第一季度，我們完成了一筆 2.14 億美元的融資，這將使我們能夠透過 REO 階段為這些不良貸款提供融資。鑑於我們的發起人作為所有者、營運商和開發商的經驗，我們仍然相信，代表股東優化這些現金流資產的結果的途徑是透過處置來取得所有權並管理這些資產。

As we look to the remainder of the year and the strategic priorities we set out to accomplish, our work continues every day. We also recognize the economic and political climate and its potential impact on capital markets, investor sentiment and our momentum in accomplishing these priorities.

展望今年剩餘的時間以及我們要實現的戰略重點，我們的工作每天都在繼續。我們也認識到經濟和政治環境及其對資本市場、投資者情緒和我們實現這些優先事項的動力的潛在影響。

As we navigate this period of uncertainty and volatility, we will continue to consider various paths to loan resolutions. These may include divesting, extending, recapitalizing or taking assets over as REO, depending upon market conditions and our assessment of opportunity through our sponsors' lens as a value-add owner and developer of real estate assets.

當我們度過這個不確定和動盪的時期時，我們將繼續考慮各種解決貸款問題的途徑。這些可能包括剝離、擴展、資本重組或作為 REO 接管資產，具體取決於市場條件以及我們作為房地產資產增值所有者和開發商從贊助商的角度對機會的評估。

I would now like to turn the call over to Mike, and I thank you all for joining us today. Mike?

現在我想把電話轉給麥克，感謝大家今天的參加。麥克風？

Thank you, Richard. We are highly focused on enhancing liquidity, thoughtfully redeploying capital to more accretive uses such as reducing higher cost leverage and reducing levels of watch list loans. In executing these priorities, we may consider strategies such as loan sales, discounted payoffs and/or foreclosures, among other actions to achieve our objectives. Our financial results and portfolio activity reflect our progress in the execution of these strategies.

謝謝你，理查。我們高度重視提高流動性，精心將資本重新部署到更具增值的用途，例如降低較高的成本槓桿和減少觀察名單貸款水準。在執行這些優先事項時，我們可能會考慮採取貸款銷售、折扣還款和/或止贖等策略以及其他行動來實現我們的目標。我們的財務表現和投資組合活動反映了我們在執行這些策略方面的進展。

For the first quarter of 2025, CMTG reported a GAAP net loss of $0.56 per share and distributable loss of $0.25 per share. Distributable earnings prior to realized losses were $0.08 per share. Earnings from REO investments contributed a distributable loss of $0.03 per share, primarily due to the expected seasonality associated with the hotel portfolio. CMTG's held-for-investment loan portfolio decreased to $5.9 billion at March 31 compared to $6.1 billion at December 31.

2025 年第一季度，CMTG 報告的 GAAP 淨虧損為每股 0.56 美元，可分配虧損為每股 0.25 美元。實現損失前的可分配收益為每股 0.08 美元。REO 投資收益造成每股可分配損失 0.03 美元，主要由於飯店投資組合預期的季節性影響。截至 3 月 31 日，CMTG 持有的投資貸款組合已從 12 月 31 日的 61 億美元減少至 59 億美元。

The quarter-over-quarter decrease was primarily the result of the resolution that occurred during the quarter. During the first quarter, we completed the sale of $101 million senior loan collateralized by a hotel in San Diego, which was sold at par. The loan was classified as held for sale at December 31. And as such, the transaction did not impact CMTG's first quarter held-for-investment portfolio UPB. We also executed on the discounted payoff of $183 million New York land loan at 90% of par.

環比下降主要是由於本季的解決方案所致。第一季度，我們完成了以聖地牙哥一家飯店為抵押的 1.01 億美元優先貸款的出售，以票面價格出售。該筆貸款於 12 月 31 日被歸類為持有待售。因此，該交易不會影響 CMTG 第一季持有投資組合 UPB。我們也以票面利率 90% 的折扣價償還了 1.83 億美元的紐約土地貸款。

While the discounted payoff impacted our first quarter financial results, the transaction provided several benefits, including generating approximately $95 million of liquidity for CMTG. In addition, the discounted payoff reduced exposure to land in New York City and also mitigated capital markets risk associated with the repayment of this loan at maturity. This loan was ultimately exposed to the office sector and that the sponsor's business plan is a large-scale ground-up office development.

雖然折扣收益影響了我們第一季的財務業績，但該交易帶來了多項好處，包括為 CMTG 產生約 9,500 萬美元的流動資金。此外，折扣後的回報減少了紐約市土地的風險敞口，也減輕了與到期償還該貸款相關的資本市場風險。這筆貸款最終涉及辦公大樓領域，而發起人的商業計劃是大規模的辦公大樓開發。

Subsequent to quarter end, three additional loans were repaid, which in aggregate comprised $314 million of UPB. First, we received a full repayment of a $225 million loan collateralized by a hotel located in Savannah, Georgia. Second, we executed a discounted payoff of an $88 million Houston office loan that was on the watch list, resulting in repayment proceeds equal to 72% of UPB. Most recently, we resolved another watch list loan, a small $886,000 loan that was the residual amount owed on a $125 million loan that was largely repaid in 2020.

季度末之後，又償還了三筆貸款，總計 3.14 億美元的 UPB。首先，我們收到了由位於喬治亞州薩凡納的一家酒店擔保的 2.25 億美元貸款的全部償還款。其次，我們對列入關註名單的 8,800 萬美元休士頓辦公大樓貸款進行了折扣償還，償還收益相當於 UPB 的 72%。最近，我們解決了另一筆關註名單貸款，這是一筆 886,000 美元的小額貸款，是 1.25 億美元貸款的剩餘欠款，該貸款大部分已於 2020 年償還。

Turning to portfolio credit; during the first quarter, we downgraded one loan, the Texas office loan just mentioned to a 5 risk rating. As Richard mentioned, we recently closed on a $214 million facility that will enable us to finance nonperforming loans and hold the underlying collateral of these loans as REO assets upon foreclosure. We view the closing of this facility as an essential and positive step forward in executing our REO strategy.

談到投資組合信貸；在第一季度，我們將一筆貸款（剛才提到的德州辦公室貸款）的風險評級下調至 5。正如理查德所提到的，我們最近完成了一筆 2.14 億美元的融資，這將使我們能夠為不良貸款提供融資，並在止贖時將這些貸款的底層抵押品作為 REO 資產持有。我們認為關閉該設施是執行 REO 策略的重要且積極的一步。

We expect to execute the foreclosure and conversion to REO of at least two of the loans in this facility during the second quarter. Turning to liquidity; at March 31, we reported $136 million in total liquidity, which includes cash and approved and undrawn credit capacity based on existing collateral. As Richard mentioned, we're entering a period of heightened uncertainty and market volatility that could impact the real estate capital markets and ultimately, our timing and ability to execute in line with our expectations. We intend to remain pragmatic while proactive.

我們預計將在第二季度對該貸款中的至少兩筆貸款進行止贖並轉換為 REO。談到流動性；截至 3 月 31 日，我們報告的總流動性為 1.36 億美元，其中包括現金以及基於現有抵押品的已批准但未提取的信貸能力。正如理查德所提到的，我們正進入一個不確定性和市場波動性加劇的時期，這可能會影響房地產資本市場，並最終影響我們的時間和按照預期執行的能力。我們打算在積極主動的同時保持務實的態度。

I would now like to turn the call over to the operator.

我現在想將電話轉給接線生。

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

For the last two quarters, you've talked about your two large multifamily loans that you would expect to kind of near-term payoff on. I was just hoping you can give us an update on that and kind of what your expectations of near-term are for those payoffs?

在過去兩個季度中，您談到了兩筆大型多戶型貸款，預計會在近期償還。我只是希望您能向我們提供有關該問題的最新進展，以及您對近期收益的預期是什麼？

Yeah. Hi Doug, thanks for the question. It's Priyanka. We are -- that's still in process. We are still anticipating that being the outcome. Both of those have maturities July 31 and August 1. So coming up and both are tracking well towards that. But I will say, just given the market volatility, particularly the West Coast loan, loan number 1 on our loan list, we are potentially going to have to evaluate other options. But we're -- like Mike said, we're going to be pragmatic. It's a very uncertain environment, and we'll evaluate as we get more information.

是的。你好，Doug，謝謝你的提問。她是 Priyanka。我們——這仍在進行中。我們仍在期待這項結果。這兩筆債券的到期日分別為 7 月 31 日和 8 月 1 日。因此，雙方都正在朝著這個目標順利前進。但我要說的是，鑑於市場波動，特別是西海岸貸款（我們貸款清單上的第一筆貸款），我們可能不得不評估其他選擇。但正如麥克所說，我們會採取務實的態度。這是一個非常不確定的環境，我們會在獲得更多資訊後進行評估。

Great. And then as you just think about -- if you could update us on your current thoughts around the Term Loan B and kind of your timeline and expectations on that?

偉大的。然後，正如您所想的那樣——您能否向我們介紹一下您目前對定期貸款 B 的想法以及您的時間表和期望？

Sure, Doug. Well, the term loan has a maturity in August of 2026. So it goes current in August of 2025. We are sort of evaluating a couple of options there that include both an amend and extend of the existing Term Loan B. We would expect to make a meaningful principal paydown as part of that. The other option is evaluating various private credit solutions, which we think are becoming more attractive in the recent environment.

當然，道格。嗯，定期貸款將於 2026 年 8 月到期。因此它將於 2025 年 8 月生效。我們正在評估幾個選項，包括修改和延長現有的定期貸款 B。作為其中的一部分，我們期望進行有意義的本金償還。另一個選擇是評估各種私人信貸解決方案，我們認為在最近的環境下這些解決方案變得更具吸引力。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Really just sort of a strategic question. As we sit here today on, I guess, it's May 8, and we think about the path to resolution, are you guys -- do you think that the opportunities to maximize NPVs on resolution today have shifted more towards a longer, more managed process or are we still in a scenario where first loss is best loss and it's -- the way to optimize is just to move on as quickly.

這其實只是一個戰略問題。今天是 5 月 8 日，我們坐在這裡思考解決問題的途徑，你們認為，今天最大化解決方案的 NPV 機會是否已經轉向更長、更可控的過程，還是我們仍然處於第一次損失就是最好的損失的情景，而優化的方法就是盡快前進。

And with that question, the other part of it is, do you feel at this point that you have the liquidity and resources to, in each of those scenarios, optimize the outcome or do you feel like your options are more constrained because of the liquidity situation within the company?

對於這個問題，另一部分是，您是否覺得現在您擁有流動性和資源，可以在每種情況下優化結果，或者您是否覺得由於公司內部的流動性狀況，您的選擇受到了更多限制？

Thanks, Rick. Thanks for the question. I'll start, and I'll let Richard and Priyanka tag on as appropriate. I think each one of these opportunities you've got to evaluate them on a case-by-case basis. So it's very much facts and circumstances driven at the loan and asset level. That's number one. I think we have fairly good visibility into some additional realizations that should further improve our liquidity position over the course of the second quarter and allow us to execute on asset level strategies that we think are appropriate and maximize our recoveries.

謝謝，里克。謝謝你的提問。我先開始，然後我會讓理查德和普里揚卡在適當的時候加入。我認為你必須根據具體情況來評估每一個機會。因此，這很大程度上是由貸款和資產層面的事實和情況決定的。這是第一點。我認為，我們對一些額外的實現有相當好的了解，這些實現應該會在第二季度進一步改善我們的流動性狀況，並使我們能夠執行我們認為合適的資產水平戰略，並最大限度地提高我們的回收率。

Mike, I wasn't sure if anybody else was going to pipe in on that.

麥克，我不確定是否有其他人會對此發表意見。

Yeah. No, I'll just pipe in. That was exactly what I was going to say. So I'm glad Mike.

是的。不，我只要插話就行了。這正是我想說的。所以我很高興，麥克。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Can you please give an update as to where things stand with your repo counterparties? We did see the most recent 8-K with Wells Fargo, reducing that facility's outstanding to $500 million. Just want to see what your repo lenders are looking for, what they're saying? And is the plan to really amortize down the repo balances as you receive proceeds from working out the loans in the portfolio?

您能否介紹一下您的回購交易對手的最新情況？我們確實看到了富國銀行最新的 8-K 報表，該報表將該筆貸款的未償還金額減少至 5 億美元。只是想看看你的回購貸款人正在尋找什麼，他們在說什麼？當您從投資組合中的貸款中獲得收益時，計劃是否真的會攤銷回購餘額？

Thanks, Jade. I'll take this one. So yeah, we recently extended the Wells Fargo facility for another year with extension options out through 2028. We also recently extended the Goldman Sachs repo facility for another two years into 2027. So each repo facility is a little different, but I would say that the repo counterparties have been very constructive, very collaborative as we work through the environment.

謝謝，Jade。我要這個。是的，我們最近將富國銀行的貸款期限延長了一年，延長期限可選擇至 2028 年。我們最近也將高盛回購協議期限延長兩年至 2027 年。因此，每個回購工具都略有不同，但我想說，在我們處理整個環境時，回購交易對手非常具有建設性，非常合作。

The reduction in the facility size of the Wells facility is really just a function of looking at what our real financing capacity needs are in the near-term and sort of sizing that at a level that is reflective of what's appropriate in the current environment where we're not originating a lot of loans. We'll continue to evaluate capacity size and as we've done in the past, increase capacity or decrease capacity based on what we're seeing within our portfolio.

縮減富國銀行貸款規模實際上只是為了考察我們近期的實際融資能力需求，並將其規模調整到能夠反映當前環境下我們沒有發放大量貸款的適當水平。我們將繼續評估產能規模，並像過去一樣，根據我們的投資組合情況增加或減少產能。

Okay. When you say private credit regarding term loan, I mean, I'm not sure what that means. It could mean any host of things. Do you envision -- are you contemplating a facility that would look in all intents and purposes like the current facility, but perhaps at a higher rate or are we looking at potentially a mix of debt restructuring that would include various other things? And what do you think the all-in blended cost would be?

好的。當您說有關定期貸款的私人信貸時，我的意思是，我不確定那是什麼意思。它可能意味著很多事情。您是否曾設想過——您是否正在考慮一種在所有意圖和目的上都與當前設施相似的設施，但利率可能更高，或者我們正在考慮可能包含各種其他內容的債務重組組合？您認為綜合成本是多少？

Too early to comment on that Jade. I think what we're seeing is those costs start to get closer together when you're talking about a unitranche facility versus a syndicated debt offering. I think in terms of what that might look like, it would probably look like a new term loan financing, but with probably greater operational flexibility would be the expectation, but too early to comment on specifics.

現在對 Jade 做出評論還為時過早。我認為，當你談論單一貸款與銀團債務發行時，我們看到這些成本開始越來越接近。我認為就其可能的樣子而言，它可能看起來像一種新的定期貸款融資，但可能具有更大的營運靈活性，但目前評論具體細節還為時過早。

Mike, let me just add that. Thanks, Jade, sorry. I think that the private market is showing as much opportunity and appetite right now for what were previously better secured securitized executions. And so I think there are actually quite a few different routes to take on this.

麥克，讓我補充一下。謝謝，Jade，抱歉。我認為私人市場現在對以前安全性更高的證券化執行表現出同樣多的機會和興趣。所以我認為實際上有很多不同的方法可以解決這個問題。

Okay. High level, are there any other questions in the queue? I could come back.

好的。高層，還有其他問題嗎？我可以回來。

We don't have any at the moment.

我們目前沒有。

Okay. Yeah, I was wondering if you could give some summary statistics for the overall portfolio, just so we know where things stand on occupancy, debt yield, perhaps. And if you could just characterize the portfolio in buckets ranging from projects that are light transition to projects that are a complete repositioning.

好的。是的，我想知道您是否可以提供一些整體投資組合的總結統計數據，以便我們了解入住率、債務收益率等情況。如果您可以將投資組合劃分為從輕度過渡的項目到完全重新定位的項目。

Yeah. Jade, I'll take that. It's Priyanka. I'd say, look, we're obviously -- it's a transitional portfolio. So some of those metrics are perhaps less relevant. And also, we have so many other tools that we use routinely in our toolbox where we have additional credit support in the event of a lower debt yield, lower coverage, right? So that's in the form of cash reserves, hard cash management, guarantees, et cetera. So the first question is a little bit hard to answer just in a vacuum.

是的。傑德，我接受。她是 Priyanka。我想說，看，我們顯然——這是一個過渡投資組合。因此，其中一些指標可能不太相關。此外，我們的工具箱中還有許多其他我們經常使用的工具，在債務收益率較低、覆蓋率較低的情況下，我們可以獲得額外的信貸支持，對嗎？這就是現金儲備、硬現金管理、擔保等形式。因此，第一個問題很難在真空中回答。

In terms of how to bucket the portfolio, we obviously have a much more seasoned portfolio than was initially anticipated when we had originated these loans, right? So repayments have been slower. So one way to think about that is our construction portfolio peaked at over a third of the portfolio, and now we're down to only 12% of the portfolio. And we view that as a good thing in the sense that it's much easier to manage liquidity on the go-forward future funding commitments, which have come down significantly.

就如何對投資組合進行分類而言，我們的投資組合顯然比我們最初發放這些貸款時預期的要成熟得多，對嗎？因此還款速度較慢。因此，可以這樣想：我們的建築投資組合在高峰時佔投資組合的三分之一以上，而現在卻下降到僅佔投資組合的 12%。我們認為這是一件好事，因為這樣可以更輕鬆地管理未來融資承諾的流動性，而這些承諾已經大幅下降。

That was about $2 billion just a couple of years ago, and now we're down to just over $100 million of required equity over a two-year period. And also, that speaks to the fact that a lot of our construction assets are the easiest -- best-in-class in their markets and easiest to refinance. So there's been some natural runoff on that as well. So I think as we sit here today, the heavy transitional and the ground-up construction has really waned.

幾年前，這個數字還約為 20 億美元，而現在，兩年前所需的股權投資金額已降至 1 億美元多一點。這也說明我們的許多建築資產都是最容易的——在各自的市場上是同類中最好的，而且最容易再融資。因此，這也產生了一些自然的流失。所以我認為，當我們今天坐在這裡時，沉重的過渡和從頭開始的建設已經真正減弱了。

It's much more a lot of -- we have a lot of multifamily exposure, which is cash flowing. We have a couple of assets that have just come out of construction and have their [CFO] just in the first quarter. So we think -- portfolio composition is getting better, and I think it is important to point to some of the resolutions that we saw year-to-date. We took an office loan off the books. We took a land loan off the books. So all of that is improving and moving in the right direction.

這遠不止於此——我們擁有大量的多戶住宅投資，也就是現金流。我們有幾個資產剛剛完工，並且在第一季就任命了他們的[財務長]。因此我們認為——投資組合結構正在變得更好，我認為指出我們今年迄今為止看到的一些解決方案很重要。我們從帳簿上取消了一筆辦公室貸款。我們從帳簿上取消了土地貸款。所以，所有這一切都在改善並朝著正確的方向發展。

Okay. And then just this would be helpful from a liquidity perspective. What's the sum total of REO you expect to take this year? And what are the liquidity implications of that? It looks like you do expect to take $330 million of multifamily. And then you mentioned the new facility that can fund REO. I'm not sure what the advance rate is on that. It's probably 55% to 60%. But if you could give a sense for total REO and liquidity implications.

好的。從流動性的角度來看這會有所幫助。您預計今年的 REO 總額是多少？這對流動性有何影響？看起來你確實希望獲得 3.3 億美元的多戶住宅。然後您提到了可以為 REO 提供資金的新設施。我不確定它的預付率是多少。大概是55%到60%。但如果你能了解整體 REO 和流動性影響。

Yeah. Priyanka, why don't you cover the total REO and I've got the liquidity implications.

是的。Priyanka，為什麼不介紹整個 REO，我已經了解了流動性影響。

Sure. Okay. I'll start off here. I think, Jade, that's a really good question. We're talking about that internally all the time. It is quite fluid, as you might imagine, because we do have current REO that we think we're going to monetize in the near-term. Our mixed-use asset here in New York City, our business plan there had been to condominium-ize commercial, condominium-ize the different components, and we are -- we've gotten approvals to do all of that.

當然。好的。我將從這裡開始。傑德，我認為這是一個非常好的問題。我們內部一直在討論這個問題。正如您可能想像的那樣，它是相當不穩定的，因為我們確實有當前的 REO，我們認為我們將在短期內將其貨幣化。我們在紐約市的混合用途資產，我們的商業計劃是將商業公寓化，將不同部分公寓化，而且我們已經獲得了所有這些的批准。

It's in the process of being recorded, and that will result in us selling a majority of the office floors to a third-party, which will result in a liquidity event and reduced REO exposure. So I use that as an example to say there's just going to be ins and outs and it's going to be very frequent. The multifamily assets you identified, those are the ones that we think are the near-term additions into the portfolio.

它正在記錄中，這將導致我們將大部分辦公樓層出售給第三方，從而導致流動性事件並減少 REO 風險。所以我用這個作為例子來說明，事情會有進有出，而且會非常頻繁。我們認為您所指出的多戶型資產是近期將加入投資組合的資產。

There might be more, and we're not ready to say that we're done taking assets REO. If we think that's the right thing to do, we're going to do it. Just as a data point on the -- those five REO assets that we've identified potential REO, four of them we have been in the -- that's been the strategy for the better part of a year as we've been getting our ducks in a row to do that.

可能還會有更多，我們還沒有準備好說我們已經完成了對 REO 資產的收購。如果我們認為這是正確的事，我們就會去做。就像關於這五個 REO 資產的數據點一樣，我們已經確定了潛在的 REO，其中四個我們已經進入了 - 這是我們大半年來的策略，因為我們已經準備好了這一點。

And on those assets, we've been working side-by-side with the borrower over a long period of time and effective gross income is up 18% from the trough and occupancy is up 6 percentage points from the trough. So it just goes to show that we're going to -- when we're going to get involved, we're going to do it on assets where we think our broader platform can really bear the appropriate experience and create real value.

在這些資產方面，我們長期與借款人並肩合作，實際總收入較低谷上漲了 18%，入住率較低谷上漲了 6 個百分點。所以這只是表明，當我們參與其中時，我們將在我們認為更廣泛的平台能夠真正承擔適當的經驗並創造真正價值的資產上進行。

Mike, do you want to jump in on the liquidity point?

麥克，你想加入流動性討論嗎？

Sure. Jade, with respect to liquidity, when we move these assets on to the new financing facility for NPLs and REOs we -- the advance rate that we currently have on those facilities is consistent with what we'll need when we foreclose on the asset. So there's going to be no liquidity outflow on that initial asset pool when we foreclose.

當然。Jade，關於流動性，當我們將這些資產轉移到新的不良貸款和房地產融資工具時，我們目前對這些工具的預付利率與我們取消資產贖回權時所需的利率是一致的。因此，當我們取消抵押品贖回權時，初始資產池中不會出現流動性流出。

Okay. That's good to know. I guess this is a strategic question, but an idea just popped into my head. I've been covering this space since 2009. I'm very familiar with what [iStar] did. And I was wondering if you might contemplate given the development background that [Matt] has, splitting the company into a company that holds real estate development assets and really has capital that is long-term patient, not looking for a near-term dividend and would allow the greatest flexibility and potential upside.

好的。知道這一點很好。我想這是一個戰略問題，但是一個想法突然出現在我的腦海裡。我從 2009 年就開始報道這個領域。我非常熟悉[iStar]所做的事情。我想知道，鑑於 [Matt] 的開發背景，您是否可以考慮將公司拆分為一家持有房地產開發資產的公司，該公司擁有真正具有長期耐心的資本，不尋求短期股息，並且可以實現最大的靈活性和潛在的上升空間。

And then separating that from a mortgage REIT that would be generating more regular way income and focus on the performing part of the portfolio, and that would be positioned to eventually take advantage of the current environment and grow and you could bring in partners to do this. So just curious your thoughts on that.

然後將其與抵押貸款房地產投資信託基金 (REIT) 分開，抵押貸款房地產投資信託基金將產生更常規的收入，並專注於投資組合的表現部分，最終將利用當前環境實現增長，您可以引入合作夥伴來做到這一點。所以只是好奇你對此的想法。

Jade, that's an excellent idea and certainly something that we've had to think about. Right now, we don't have any plans to do that, but it's something we have to consider as we look at the opportunity in front of us in terms of how much REO we might want to own and reposition. So we're going to continue to evaluate all strategies, including that. But right now, we're trying to really think about REO as a medium-term opportunity to improve performance of the assets before liquidating them. But I think it is good to consider other ways to think about REO as we bring them on and we reposition them.

傑德，這是一個好主意，當然也是我們必須考慮的事情。目前，我們沒有任何計劃這樣做，但這是我們在審視面前的機會時必須考慮的事情，即我們可能想要擁有和重新定位多少 REO。因此，我們將繼續評估所有策略，包括該策略。但現在，我們正試圖將 REO 真正視為一個中期機會，以便在清算資產之前改善其績效。但我認為，在我們引入並重新定位 REO 時，最好考慮其他思考方式。

Thank you. We currently have no further questions. So I'll hand back to Richard for closing remarks.

謝謝。目前我們沒有其他問題。因此我將把發言交還給理查德，請他做最後發言。

So thank you all again for joining. Let me just make some observations that maybe we're all feeling as volatility in Washington from a policy perspective seems to be abating. But at the moment, it's slowing down the recovery in real estate. Having said that, fundamentals are still strong at the property level.

再次感謝大家的加入。我只想說一些觀察，也許我們都感覺到了，從政策角度來看，華盛頓的波動似乎正在減弱。但目前，房地產復甦正在放緩。話雖如此，房地產基本面依然強勁。

And the REO assets that we are taking back, we're doing, I think, quite a good job in improving performance. Otherwise, we wouldn't be bringing them on balance sheet if we didn't think we can do that. As stated, in the last call, we've got $2 billion of realizations that we are seeking to create over the year. We've done $600 million so far, and we've got a number of additional realizations in the queue to help improve our liquidity.

我認為，我們收回的 REO 資產在提高性能方面做得相當不錯。否則，如果我們認為我們做不到這一點，我們就不會將它們納入資產負債表。正如上次電話會議所述，我們已獲得 20 億美元的收益，並計劃在全年實現這一目標。到目前為止，我們已經完成了 6 億美元，我們還有一些額外的變現計劃，以幫助提高我們的流動性。

That's going to be our key to continue to do what it takes to manage the liquidity to delever and be ready for future liability maturities and to get back on offense. So that's what we're doing. And hopefully, the volatility will abate and allow the recovery in real estate that we've been experiencing over the last six months to a year to continue. So I thank you all for joining, and I look forward to speaking to you again on the next earnings call.

這是我們繼續採取必要措施管理流動性、去槓桿、為未來債務到期做好準備並重新發動攻擊的關鍵。這就是我們正在做的事情。希望波動能夠減弱，並允許我們在過去六個月到一年中經歷的房地產復甦繼續下去。所以我感謝大家的加入，並期待在下次財報電話會議上再次與你們交談。

This concludes today's call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。