Claros Mortgage Trust Inc (CMTG) 2026 Q1 法說會逐字稿

Good morning and welcome to Claros Mortgage Trust first-quarter earnings conference call. My name is Tracy and I will be your conference facilitator today. (Operator Instructions)

早安，歡迎參加 Clarios Mortgage Trust 第一季財報電話會議。我是 Tracy，今天將擔任會議主持人。（接線員指示）

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

現在我想把電話交給 Clarios Mortgage Trust 投資人關係副總裁 Anh Huynh。請開始。

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 credit strategies for Mack Real Estate Group.

謝謝。今天與我一同出席的有 Clarios Mortgage Trust 執行長兼董事長 Richard Mack，以及 Clarios Mortgage Trust 總裁、財務長兼董事 Mike McGillis。我們也有 Mack Real Estate Group 執行副總裁 Priyanka Garg，她負責領導信用策略。

Prior to this call, we distributed CMTG's earnings release and supplement. 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.

在本次電話會議之前，我們已發布 CMTG 的財報新聞稿與補充資料。我們鼓勵各位在收聽今天會議所提供資訊的同時，參考這些文件。如有任何問題，請與我聯繫。

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. 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 represent our views only as of today, and we undertake no obligation to update them.

提醒各位，今天的電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。由於多項重要因素（包括我們向 SEC 提交之其他文件中所討論者），實際結果可能與這些前瞻性陳述所示有重大差異。本次電話會議中所作任何前瞻性陳述僅代表我們截至今日的觀點，我們不承擔更新之義務。

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.

我們也將在今天的電話會議中提及若干非 GAAP 財務衡量指標，例如可分配盈餘（distributable earnings），我們認為這些指標可能有助於投資人評估我們的營運表現。關於非 GAAP 指標與其最接近之 GAAP 指標的調節，請參閱財報補充資料。

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

現在我想把電話交給 Richard。

Thank you, Anh, and thank you all for joining us this morning for CMTG's first-quarter earnings call. As we look ahead to the coming year, we believe that despite record highs in the equity markets, uncertainty will remain a defining theme across the broader financial markets as investors continue to navigate concerns around the impact of monetary policy and geopolitical events on the economy. In particular, real estate capital markets appear to be relatively resilient amid heightened geopolitical risks and renewed concerns around inflation. We continue to see encouraging signals. Transaction volume has improved modestly as compared to a year ago, and real estate credit spreads remain tight. At the asset level, multi-family deliveries and building permits have dropped dramatically nationwide. In the industrial sector, we continue to observe strong tenant demand in many markets.

謝謝你，Anh，也謝謝各位今天早上加入我們參加 CMTG 第一季財報電話會議。展望未來一年，我們認為儘管股市屢創新高，不確定性仍將是更廣泛金融市場的主軸，因為投資人持續因應貨幣政策與地緣政治事件對經濟的影響疑慮。特別是，在地緣政治風險升高與通膨疑慮再起之際，不動產資本市場看起來相對具韌性。我們持續看到令人鼓舞的訊號。與一年前相比，交易量小幅改善，不動產信用利差仍維持緊縮。在資產層面，全國多戶住宅（multi-family）交屋量與建築許可已大幅下滑。在工業不動產領域，我們持續觀察到許多市場的租戶需求強勁。

Office is also beginning to emerge from the shadows as fundamentals recover in many markets and reset valuations have started to attract renewed investor interest. As we look to the broader capital markets, we have been observing the recent repricing in the private credit markets and considering the potential implications of this for real estate. One view is that the pullback in private credit will spill over into real estate. Real estate has already absorbed a meaningful reset in asset values because of the prolonged high interest rate environment. This should provide some protection against further declines in asset values, and perhaps at this moment, real estate represents a compelling relative value opportunity. We might even see institutional investors rotating back into real assets as a protection against devaluations in private credit and the stock market generally.

辦公室市場也開始走出陰霾，因為許多市場的基本面正在復甦，而重設後的估值已開始吸引投資人重新關注。放眼更廣泛的資本市場，我們一直在觀察近期私募信貸市場的重新定價，並思考其對不動產的潛在影響。一種觀點認為，私募信貸的收縮將外溢至不動產。不動產已因長期高利率環境而吸收了相當程度的資產價值重設。這應可對進一步的資產價值下跌提供一定保護，而且在此時點，不動產或許代表一個具吸引力的相對價值機會。我們甚至可能看到機構投資人重新輪動回到實體資產，以作為對私募信貸與整體股市貶值的防護。

Regardless of how these market dynamics ultimately play out, we intend to build on the progress and momentum we established in 2025. Our strategic priorities continue to be centered on turning over the portfolio, resolving watchlist loans, repositioning our REO assets, and de-leveraging the balance sheet. Successful execution on these priorities will position CMTG to evaluate new capital deployment opportunities towards the end of the year. This may include new originations, additional de-leveraging, reinvestment in select REO assets, and share repurchases. I'm pleased to report that we had a strong start to the year in meeting our goals. For the first quarter, we reported $609 million in loan resolutions, representing five loans, including four watchlist loans.

無論這些市場動態最終如何發展，我們都打算在 2025 年所建立的進展與動能之上再接再厲。我們的策略重點仍聚焦於：加速投資組合周轉、處理觀察名單（watchlist）貸款、重新定位我們的 REO 資產，以及降低資產負債表槓桿。成功執行這些重點，將使 CMTG 能在年底前後評估新的資本部署機會，可能包括新的放款承作（originations）、進一步去槓桿、對特定 REO 資產再投資，以及庫藏股回購。我很高興報告，我們在達成目標方面於年初就有強勁開局。第一季我們完成 6.09 億美元的貸款處置（loan resolutions），共五筆貸款，其中包括四筆觀察名單貸款。

In addition, as previously reported, we retired the Term Loan B that was scheduled to mature later this year with a new $500 million senior secured term loan from HPS with four years of duration. Mike will provide additional color on our financial and operating results later on the call. We believe that 2026 will be a pivotal year for CMTG. Our first quarter results have built on the progress we made last year, and while uncertainty remains on the horizon, our team has demonstrated our ability to execute and drive outcomes in this environment. In 2026, we will continue to progress the cleanup of our balance sheet while selectively and opportunistically holding and improving REO assets. While generally not something we speak about, we believe our stock is undervalued.

此外，如先前所報告，我們以 HPS 提供的一筆 5 億美元、為期四年的優先擔保定期貸款，償還了原定於今年稍晚到期的 Term Loan B。Mike 將在稍後的會議中就我們的財務與營運結果提供更多說明。我們認為 2026 年將是 CMTG 的關鍵一年。我們第一季的成果延續了去年取得的進展；儘管前方仍有不確定性，我們的團隊已展現出在此環境下執行並推動成果的能力。2026 年，我們將持續推進資產負債表的整理，同時有選擇且把握機會地持有並改善 REO 資產。雖然一般我們不會談及此事，但我們認為公司股價被低估。

We expect that with time, the continued execution of our strategic priorities will ultimately be recognized by the market. Towards that end, we look forward to updating you on our progress throughout the year as we continue to deliver on our stated priorities. I will now turn the call over to Mike. Mike?

我們預期，隨著時間推進，持續落實我們的策略重點最終將獲得市場認可。基於此，我們期待在今年持續向各位更新進展，並持續交付我們所宣示的優先事項。接下來我把電話交給 Mike。Mike？

Thank you, Richard. For the first quarter of 2026, CMTG reported a GAAP net loss of $0.39 per share and a distributable loss of $0.52 per share. Distributable loss prior to realized losses was $0.05 per share. CMTG had an active first quarter and continued to execute our strategic priorities, completing approximately $600 million of loan resolutions related to five investments, four of which were watch list loans. As discussed in our fourth quarter earnings call, we resolved two loans via regular way repayment. The first was a two-rated $174 million multi-family construction loan in Salt Lake City, which we originated in 2022. The second was a four-rated watch list loan, a $67 million New York City land loan originated in 2019. We also resolved two five-rated loans during the quarter.

謝謝你，Richard。2026 年第一季，CMTG 依 GAAP 計算的每股淨損為 0.39 美元，每股可分配虧損（distributable loss）為 0.52 美元。扣除已實現損失（realized losses）前的每股可分配虧損為 0.05 美元。CMTG 第一季活動頻繁，並持續執行我們的策略重點，完成約 6 億美元的貸款處置，涉及五項投資，其中四項為觀察名單貸款。如同我們在第四季財報電話會議中所討論，我們透過正常還款（regular way repayment）方式處置了兩筆貸款。第一筆為我們於 2022 年承作、位於鹽湖城的 1.74 億美元多戶住宅建築貸款，風險評等為二級。第二筆為一筆四級風險評等的觀察名單貸款，為 2019 年承作、位於紐約市的 6,700 萬美元土地貸款。我們也在本季處置了兩筆五級風險評等貸款。

A $77 million Dallas multi-family loan resolved through foreclosure and a $71 million Seattle office loan resolved by transferring our rights and interests to the financing counterparty. Our fifth loan resolution of the quarter occurred in March. We completed the sale of a $220 million loan secured by a luxury hotel property located in Northern California. Our loan had matured in August 2025, as of year-end 2025, we had not agreed to modification terms with the borrower, resulting in a downgrade to a four risk rating. This is a unique, irreplaceable asset located in a highly desirable sub-market, which we believe may be worth in excess of our basis over time.

其中一筆為 7,700 萬美元的達拉斯多戶住宅貸款，透過法拍（foreclosure）完成處置；另一筆為 7,100 萬美元的西雅圖辦公室貸款，透過將我們的權利與利益移轉給融資交易對手方而完成處置。本季第五筆貸款處置發生於三月。我們完成出售一筆 2.2 億美元貸款，該貸款以位於北加州的豪華飯店資產作為擔保。我們的貸款於 2025 年 8 月到期；截至 2025 年底，我們尚未與借款人就修改條款達成一致，因而下調至四級風險評等。這是一項獨特且不可取代的資產，位於極具吸引力的次級市場（sub-market），我們相信隨時間推移其價值可能高於我們的成本基礎（basis）。

However, given our stated 2026 goals, we ultimately negotiated a quick off-market sale of our loan at 90% of par, which accounting for general reserves we had allocated to the loan at year-end approximated our carrying value and allowed us to significantly de-lever one of our financing facilities. We view this as a positive and efficient resolution aligned with our strategic priorities. Subsequent to quarter end, we resolved one additional watch list loan through foreclosure. The $25 million loan was collateralized by a multi-family property in Dallas, Texas, and was previously five-rated. We believe we can create more value for our shareholders as owners of this asset rather than selling the loan.

然而，考量我們所宣示的 2026 年目標，我們最終協商以場外快速出售（off-market sale）的方式，按面值（par）的 90% 出售該貸款；在計入我們於年末對該貸款所提列的一般準備（general reserves）後，該價格約當於我們的帳面價值（carrying value），並使我們得以大幅降低其中一項融資工具的槓桿。我們認為這是一項正面且有效率的處置，並與我們的策略重點一致。季後，我們透過法拍另行處置了一筆觀察名單貸款。該筆 2,500 萬美元貸款以德州達拉斯的一處多戶住宅資產作為擔保，先前為五級風險評等。我們相信，作為該資產的所有人而非出售貸款，能為股東創造更高價值。

As a result of the resolution activity during the quarter, CMTG's held for investment loan portfolio continued to decline, decreasing to $3.2 billion at March 31 compared to $3.7 billion at December 31. We reduced our hospitality exposure from $807 million to $592 million, and also reduced our land exposure from $187 million to $120 million. With our continued goal of turning over the book, we currently have eight lender-driven sale processes in various stages across our watchlist loan and REO portfolios. These collective measures could result in additional resolutions of approximately $861 million of loans at UPB and REO assets at carrying value and allow us to accretively redeploy repatriated capital. Turning to portfolio credit, the pace of credit migration has significantly slowed with only two loans moving this quarter.

由於本季的處置活動，CMTG 的持有供投資（held for investment）貸款投資組合持續下降，截至 3 月 31 日降至 32 億美元，較 12 月 31 日的 37 億美元減少。我們將飯店（hospitality）曝險由 8.07 億美元降至 5.92 億美元，並將土地曝險由 1.87 億美元降至 1.20 億美元。基於我們持續推動投資組合周轉的目標，目前在觀察名單貸款與 REO 投資組合中，我們有八個由貸方主導的出售流程（lender-driven sale processes）正處於不同階段。這些措施合計可能帶來約 8.61 億美元（以未償還本金餘額 UPB 計）貸款，以及以帳面價值計之 REO 資產的進一步處置，並使我們能以增厚（accretive）的方式重新部署回收資本。接著談投資組合信用狀況，本季信用遷移（credit migration）的速度已明顯放緩，僅有兩筆貸款發生變動。

During the first quarter, we downgraded one multi-family loan from a three to a four risk rating and placed another four-rated multi-family loan on non-accrual. The downgrade is related to a $127 million loan collateralized by a portfolio of Texas multi-family assets and is due to the borrower being unwilling to invest additional equity ahead of the loan's June 2026 maturity date. The loan that was moved to non-accrual status is a $155 million loan collateralized by a Phoenix multi-family property and is related to continued loan delinquency and a lack of progress made on modification terms with the sponsor. CMTG is evaluating a variety of paths to resolution of both of these loans.

在第一季期間，我們將一筆多戶住宅貸款的風險評等由三級下調至四級，並將另一筆四級評等的多戶住宅貸款列為停止計息（non-accrual）。此次下調與一筆1.27億美元貸款有關，該貸款以德州多戶住宅資產組合作為擔保，原因在於借款人不願在該貸款於2026年6月到期日前投入額外股權。轉為停止計息狀態的貸款為一筆1.55億美元貸款，以鳳凰城一處多戶住宅物業作為擔保，係因貸款持續逾期，以及與贊助方就修改條款的進展不足所致。CMTG 正在評估多種途徑，以解決這兩筆貸款。

As of March 31, 2026, our portfolio consisted of 13 four and five-rated loans, down from 24 four and five-rated loans at March 31, 2025, demonstrating our commitment to resolving watchlist loans. During the first quarter, we recorded a provision for CECL of $31 million. This consisted of a $32 million provision to our specific CECL reserve prior to charge-offs and a $27 million increase in CECL reserves on accrued interest receivable prior to charge-offs, primarily attributable to the previously mentioned loan sale at 90% of par. These items were offset in part by a $28 million decrease in our general CECL reserves, primarily attributable to first quarter loan resolutions.

截至2026年3月31日，我們的投資組合包含13筆四級與五級評等貸款，較2025年3月31日的24筆四級與五級評等貸款下降，顯示我們致力於處理觀察名單（watchlist）貸款。第一季我們認列CECL備抵提列（provision）3,100萬美元。其中包括在沖銷（charge-offs）前，對特定CECL備抵增加3,200萬美元，以及在沖銷前，對應計利息應收款（accrued interest receivable）的CECL備抵增加2,700萬美元，主要歸因於前述以票面價值（par）的90%出售貸款。上述項目部分被一般CECL備抵減少2,800萬美元所抵銷，該減少主要歸因於第一季貸款處置／解決。

As a result, our total CECL reserve on loans receivable held for investment decreased from $443 million, or 10.9% of UPB at December 31 to $399 million, or 11.4% of UPB. Our general CECL reserve decreased from $78 million at December 31, or 2.9% of loans subject to our general CECL reserve, to $50 million at March 31, or 2.3% of UPB of loans subject to our general CECL reserves. As discussed in our prior earnings call, in January, we retired our existing Term Loan B, which was scheduled to mature in August 2026, and replaced it with a $500 million senior secured term loan from HPS.

因此，我們投資持有之應收貸款（loans receivable held for investment）的CECL備抵總額由12月31日的4.43億美元（占未償本金餘額UPB的10.9%）降至3月31日的3.99億美元（占UPB的11.4%）。我們的一般CECL備抵由12月31日的7,800萬美元（占納入一般CECL備抵之貸款的2.9%）降至3月31日的5,000萬美元（占納入一般CECL備抵之貸款UPB的2.3%）。如我們先前財報電話會議所述，我們於1月償還既有的Term Loan B（原定於2026年8月到期），並以HPS提供的5億美元優先擔保定期貸款取代。

The new term loan is a four-year term with prepayment flexibility maturing in January 2030 and is priced at SOFR plus 675 basis points. We concurrently align financial covenants across all of our financing facilities, which allows for enhanced flexibility to execute our business plan. We remain focused on deleveraging the portfolio. During the first quarter, we reduced outstanding financings by $489 million, including $142 million of deleveraging payments. As a result, our net debt-to-equity ratio has decreased meaningfully. At March 31, 2026, our net debt-to-equity ratio was 1.7x, compared to 1.9x at December 31, 2025, and 2.4x at March 31, 2025. At quarter end, we had $132 million in liquidity.

新的定期貸款為四年期，具提前還款彈性，於2030年1月到期，定價為SOFR加675個基點。我們亦同步統一（align）所有融資工具的財務契約條款（financial covenants），以提升執行我們業務計畫的彈性。我們仍專注於降低槓桿。第一季我們將未償融資餘額減少4.89億美元，其中包括1.42億美元的去槓桿還款。因此，我們的淨負債對股東權益比率（net debt-to-equity ratio）顯著下降。截至2026年3月31日，我們的淨負債對股東權益比率為1.7倍，相較於2025年12月31日的1.9倍，以及2025年3月31日的2.4倍。季末我們的流動性為1.32億美元。

In 2026, we continue to prioritize turning over the portfolio, resolving watchlist loans, repositioning our REO assets, and deleveraging our balance sheet. We look forward to sharing our progress towards the goal of being in a position to make capital allocation decisions later this year. I would now like to open up the call to Q&A. Operator?

在2026年，我們將持續優先推動投資組合周轉、處理觀察名單貸款、重整（repositioning）我們的REO資產，並降低資產負債表槓桿。我們期待分享我們朝向今年稍晚能夠進行資本配置決策之目標的進展。接下來我想開放問答。接線員？

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Thanks very much. Considering, the non-accruals currently total $1.55 billion on 11 loans, around 44% of the portfolio, where do you expect that to trend over the next few quarters, or is there a year-end target?

非常感謝。考量目前停止計息（non-accrual）合計為15.5億美元、共11筆貸款，約占投資組合的44%，您預期未來幾季會如何變化？或是年底是否有目標？

Jade, why don't I start, and Priyanka can add to that? We have a number of sale processes in process that I mentioned on the call earlier, and that includes a number of these non-accrual loans. We expect to continue to chip away at that. It's hard to give a precise number as to where we're going to be at various points of the year. The overriding objective is to get these non-earning assets as well as sub-earning assets off the books, use proceeds to pay down existing leverage and reduce our interest expense and also generate incremental liquidity. We are actively looking at moving out of a number of these right now.

Jade，我先開始回答，Priyanka 也可以補充。我們有多個出售流程正在進行中，我在先前的電話會議中也提到，其中包含若干筆停止計息貸款。我們預期會持續逐步降低該數字。很難精確說明在一年中各個時間點會到什麼水準。總體目標是將這些不產生收益的資產，以及收益不足的資產自帳上移除，並用所得款項償還既有槓桿、降低利息費用，同時增加額外流動性。我們目前正積極評估退出其中多筆資產。

Okay. I don't know if Priyanka wants to chime in, maybe if you could just quantify the range of --

好的。我不知道 Priyanka 是否想補充，也許你可以量化一下目前正在進行的出售流程的——

Yeah.

好的。

-- of dollars of sale processes that are underway.

——金額範圍。

Yeah, I think, Jade-

好的，我想，Jade——

Yeah. Hi, hi, Jade. It's Priyanka.

好的。嗨，嗨，Jade。我是 Priyanka。

I mentioned on the call there's eight active sale processes going on as well as other activity. Those eight active sale processes involve about $860 million of asset value, either UPB in with respect to loans or carrying value with respect to REO.

我在電話會議中提到，目前有八個正在進行的主動出售流程，以及其他活動。這八個主動出售流程涉及約8.6億美元的資產價值，就貸款而言為未償本金餘額（UPB），就REO而言為帳面價值（carrying value）。

Yeah. Hi, Jade. It's Priyanka. Just to add to that, half of those, four out of eight are loans, and it's about three quarters of the $860 million that relates to loans. All four are on the watchlist, and all four are on non-accrual. It's a, it's a good chunk of the non-accrual number.

對。嗨，Jade。我是 Priyanka。補充一下，其中一半，也就是八個中的四個是貸款，而且8.6億美元中約四分之三與貸款相關。這四筆全部都在觀察名單上，也全部都處於停止計息狀態。這占停止計息金額相當大的一部分。

Okay. I mean, is there a target when I look at risk four or five loans, $1.75 billion and then REO $765 million? Is there a target that you want that to get to by, say, year end or over the next 12 months? That all adds up to about $2.5 billion. How much of that -- do you think there's line of sight into somehow exiting in the next few quarters?

好的。我的意思是，當我看風險四或五級貸款為17.5億美元，然後REO為7.65億美元時，是否有一個目標希望在例如年底或未來12個月降到什麼水準？合計約25億美元。這其中有多少——你們是否看得到在未來幾季內以某種方式退出的可見度（line of sight）？

I mean, as Richard and Mike both said, we're very, very focused on turning over the books. Our watchlist loans January 2025 was at $2.7 billion. We're now down to $1.4 billion on the watch list. I think we've demonstrated over five quarters that we're very committed to bringing that number down. Like I said, we have a number of those loans already on the market in various stages of sale processes. We've been really positively encouraged by the amount of activity, particularly given all the uncertainty going on in the world right now.

我的意思是，正如Richard和Mike都說的，我們非常、非常專注於加速帳簿周轉。我們在2025年1月的觀察名單貸款為27億美元，現在已降至14億美元。我認為我們在五個季度中已展現出我們非常致力於降低這個數字。正如我所說，我們已有多筆貸款在市場上，處於不同階段的出售流程中。就目前全球充滿不確定性的情況而言，我們對市場活動量感到相當正面且受到鼓舞。

We -- hard to handicap how that occurs, we're very focused on those resolutions. We had the hospitality loan that was on the watch list come off at the end of the first quarter. Again, I think it's really hard to pin ourselves down to a number, but I would say the progress that we made over the last five quarters, we intend to keep pushing forward in the same way.

我們——很難預判會如何發生，但我們非常專注於這些處置／解決。我們有一筆原本在觀察名單上的飯店業貸款在第一季末已移出。再次強調，我認為很難把自己鎖定在某個數字上，但我會說，我們在過去五個季度所取得的進展，我們打算以同樣方式持續推進。

Okay. Thanks very much.

好的。非常感謝。

(Operator Instructions) It appears we have no further questions at this time. I would now like to turn the call back over to Richard Mack for closing remarks.

（接線員指示）看起來目前沒有其他問題。我現在想把電話交回給 Richard Mack 作結語。

Thank you. Again, thank you all for joining us. I will just reiterate that 2026 is going to be a year of continued execution on our priorities. We've already had a first quarter of quite strong resolutions, and we're going to continue to sell into the market to the extent that we can, make sure that we push borrowers to refinance us now that the financing markets are stronger so that we can clear troubled loans and REO, pay down debt, begin to increase cash, and pivot to offense hopefully by the end of the year. Again, thank you all for joining, and we look forward to speaking to you all again next quarter. Thank you.

謝謝。再次感謝各位加入。我只想重申，2026年將是持續落實我們優先事項的一年。我們第一季已完成相當強勁的處置／解決，我們也將在可行範圍內持續向市場出售，並在融資市場轉強之際，確保我們推動借款人現在就進行再融資，讓我們得以清理問題貸款與REO、償還負債、開始增加現金，並希望在年底前轉向進攻。再次感謝各位參與，我們期待下季再與各位通話。謝謝。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。