KKR Real Estate Finance Trust Inc (KREF) 2025 Q3 法說會逐字稿

Good day and welcome to the KKR Real Estate Finance Trust Inc. 3rd quarter 2025 financial results conference call.

您好，歡迎來到KKR房地產金融信託股份有限公司。2025年第三季財務業績電話會議。

All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by 0.

所有參與者將處於唯讀模式。如果您需要協助，請按星號鍵，然後按 0，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touchtone phone. To withdraw your question, please press star, then 2. Please note that this event is being recorded.

今天的報告結束後，將有機會提問。若要提問，您可以按星號鍵，然後在按鍵式電話上按 1。若要撤回您的問題，請按星號，然後按 2。請注意，本次活動正在錄影。

I would now like to hand the conference over to Mr. Jack S. Watalla. Please go ahead.

現在我謹將會議交給先生。傑克·S·瓦塔拉。請繼續。

Great. Thanks, operator, and welcome to the KKR Real Estate Finance Trust earnings call for the 3rd quarter of 2025. As the operator mentioned, this is Jack S. Watalla.

好的。謝謝接線員，歡迎參加KKR房地產金融信託基金2025年第三季財報電話會議。正如接線員所說，我是傑克·S·瓦塔拉。

This morning I'm joined on the call by our CEO Matt Salem, our President and COO Patrick Matson, and our CFO Kendra Decious.

今天早上和我一起參加電話會議的有我們的執行長 Matt Salem、總裁兼營運長 Patrick Matson 和財務長 Kendra Decious。

I'd like to remind everyone that we will refer to certain non-GAAP financial measures on the call which are reconciled to GAAP figures in our earnings release and in the supplementary presentation, both of which are available on the investor relations portion of our website.

我想提醒大家，我們將在電話會議上提及一些非GAAP財務指標，這些指標已在我們的盈利報告和補充演示文稿中與GAAP數據進行了核對，這兩份文件都可以在我們網站的投資者關係部分找到。

This call will also contain certain forward-looking statements which do not guarantee future events or performance.

本次電話會議也將包含一些前瞻性陳述，這些陳述並不保證未來的事件或表現。

Please refer to our most recently filed 10-Q for cautionary factors related to these statements.

有關這些聲明的注意事項，請參閱我們最近提交的 10-Q 表格。

Before I turn the call over to Matt, I will go through our results.

在把電話轉給馬特之前，我先來看看我們的結果。

For the 3rd quarter of 2025, we reported GAAP net income of $8 million or $0.12 per share.

2025 年第三季度，我們公佈的 GAAP 淨收入為 800 萬美元，即每股 0.12 美元。

Book value as of September 30th, 2025 is $13.78 per share.

截至 2025 年 9 月 30 日，每股帳面價值為 13.78 美元。

We reported a distributable loss of $2 million due primarily to taking ownership of our rally multi-family property.

由於我們收購了我們的多戶住宅物業，我們報告了 200 萬美元的可分配虧損。

And prior to net realized losses, DE was $12 million or $0.18 per share.

在計入已實現淨虧損之前，DE 的淨資產為 1,200 萬美元，即每股 0.18 美元。

We paid a $0.25 cash dividend with respect to the third quarter.

第三季我們支付了每股0.25美元的現金股利。

With that, I'd now like to turn the call over to Matt.

接下來，我想把電話交給馬特。

Thank you, Jack, and thank you everyone for joining us today. I'll begin with a brief update on the commercial real estate lending market.

謝謝你，傑克，也謝謝今天所有到場的各位。我先簡單介紹一下商業房地產貸款市場的最新情況。

The number of real estate opportunities remains robust as we enter the 1.5 trillion wall of maturities over the next 18 months.

未來 18 個月內，我們將迎來 1.5 兆美元的到期債務，但房地產投資機會仍然十分充裕。

The debt markets are liquid.

債券市場流動性良好。

With banks returning to the market while increasing their back leverage lending.

銀行重返市場的同時，也增加槓桿貸款。

Despite a tightening of whole loan spread since the beginning of the year, with lower liability costs, we are still able to generate strong returns, and we believe that real estate credit offers attractive relative value.

儘管自年初以來整體貸款利差有所收窄，負債成本降低，我們仍然能夠獲得強勁的回報，我們相信房地產信貸具有有吸引力的相對價值。

As lenders We think about safety first and the ability to lend on reset values well below replacement cost.

作為貸款方，我們首先考慮的是安全，以及在重置價值遠低於重置成本的情況下提供貸款的能力。

Combined with decreasing new supply.

再加上新增供應減少。

Creates a unique credit environment with strong downside protection.

營造獨特的信貸環境，提供強大的下行風險保護。

Overall, sentiment for real estate is turning positive as investors recognize the lagging values and strengthening fundamentals.

總體而言，隨著投資人意識到房地產價值滯後和基本面不斷增強，市場情緒正在好轉。

We've been actively lending into this opportunity.

我們一直在積極把握這個投資機會。

In the 4th quarter, we expect over 400 million in originations.

預計第四季貸款發放量將超過 4 億美元。

And have already closed 110 million across the United States and Europe.

目前已在美國和歐洲達成1.1億筆交易。

In October, we closed our first real estate credit loan in Europe for KREF, secured by 92.5% occupied portfolio of 12 light industrial assets across Paris and Lyon, France.

10 月，我們為 KREF 在歐洲完成了第一筆房地產信貸貸款，該貸款以位於法國巴黎和里昂的 12 處輕工業資產組合（已出租 92.5%）作為抵押。

This transaction highlights the breadth of our platform.

此次交易凸顯了我們平台的廣泛性。

And our ability to draw on kicks global resources.

我們利用全球資源的能力。

Although this is Charo's first European loan over the last couple of years, we have been strategically building our European real estate credit platform.

雖然這是 Charo 近兩年來首次在歐洲發放貸款，但我們一直在有策略地建立我們的歐洲房地產信貸平台。

Establishing a dedicated team.

組建一支專門的團隊。

And originating over $2.5 billion to date.

迄今為止，累計金額已超過25億美元。

Through our European real estate equity business, we have strong connectivity across markets, giving us unique insight and access to opportunities that align with our disciplined approach.

透過我們在歐洲的房地產股權業務，我們與各個市場建立了強大的聯繫，這使我們能夠獲得獨特的洞察力，並有機會接觸到與我們嚴謹方法相符的機會。

Within our broader real estate credit platform, We have been actively investing across the risk reward spectrum.

在我們更廣泛的房地產信貸平台內，我們一直在積極投資各種風險回報範圍。

Our platform lends on behalf of bank insurance and transitional capital.

我們的平台代表銀行、保險機構和過渡資本提供貸款。

Targeting institutional sponsors and high-quality real estate.

目標客戶為機構投資者和優質房地產專案。

Our COBS team is one of the larger investors in investment grade and be pieces.

我們的 COBS 團隊是投資等級資產中規模較大的投資者之一。

Across our global team, we will invest approximately 10 billion in 2025.

到 2025 年，我們全球團隊將投資約 100 億美元。

To support our investing activity, we built a dedicated asset management platform called KStar, which now has over 70 professionals across loan asset management, underwriting, special servicing, and REO.

為了支持我們的投資活動，我們建立了一個名為 KStar 的專用資產管理平台，目前擁有 70 多名專業人員，涵蓋貸款資產管理、承銷、特殊服務和 REO（已收回房產）。

KStar manages a portfolio of over 37 billion loans.

KStar管理的貸款組合超過370億美元。

And his named special servicer on 45 billion of CMBS.

他也被指定為450億美元商業抵押貸款支持證券（CMBS）的特殊服務商。

Moving next to our 3rd quarter results.

接下來我們來看第三季業績。

We reported distributable earnings of 3 cents per share.

我們公佈的可分配收益為每股 3 美分。

Or distributable earnings excluding losses of $0.18 per share compared to our $0.25 per share dividend.

或者，扣除每股 0.18 美元的虧損後，可分配收益與每股 0.25 美元的股息相比，有所減少。

We set our dividend at a level which we believe we can cover distributable earnings prior to realized losses over the long-term.

我們將股利設定在我們認為能夠長期涵蓋已實現虧損之前的可分配收益的水平。

We continue to see the upside in our REO portfolio where we are making progress.

我們持續看到REO投資組合的上漲潛力，並且正在取得進展。

And as we stabilize and sell those assets, we can repatriate that capital and reinvest into higher earning assets.

隨著我們穩定並出售這些資產，我們可以將這些資本匯回國內，並再投資於收益更高的資產。

Therefore, there's embedded earnings power of $0.13 per share per quarter.

因此，每股每季蘊含獲利能力為 0.13 美元。

That we will be able to unlock over time.

隨著時間的推移，我們將能夠解鎖這些功能。

Looking at risk rating, we downgraded Cambridge Life Science loan from risk rated 3 to 4 with increased provisions due to the downgrade. Book value per share remained mostly unchanged at $13.78 a decrease of 0.4% over a quarter.

從風險評級來看，我們將劍橋生命科學貸款的風險評級從 3 級下調至 4 級，並因評級下調而增加了撥備。每股帳面價值基本保持不變，為 13.78 美元，較上一季下降 0.4%。

We are proactively managing our current portfolio of 5.9 billion.

我們正在積極管理我們目前價值 59 億美元的投資組合。

We received repayments of $480 million this quarter.

本季我們收到了 4.8 億美元的還款。

Year-to-date we have received 1.1 billion in repayments and have originated 719 million.

今年迄今為止，我們已收到 11 億的還款，並已發放 7.19 億的貸款。

With 400 million of originations circled in the fourth quarter.

第四季新增貸款額達 4 億筆。

The underlying activity level remains strong, and we continue to see robust market activity.

潛在交易活動水平依然強勁，我們繼續看到活躍的市場活動。

In 2026, we expect greater than 1.5 billion of repayments and expect to continue to match repayments with originations.

預計到 2026 年，還款額將超過 15 億，並將繼續保持還款額與貸款發放額的平衡。

With that, I'll turn it over to Patrick.

接下來，我將把麥克風交給派崔克。

Thanks, Matt. Good morning, everyone.

謝謝你，馬特。各位早安。

Thanks to strong investor demand and close coordination with the KKR Capital markets team.

由於投資者需求強勁以及與 KKR 資本市場團隊的密切合作。

We successfully upsized our term loan B by 100 million to $650 million.

我們成功地將B類定期貸款的規模增加了1億美元，達到6.5億美元。

Which now has approximately 6.5 years remaining until it's 2032 maturity.

該項目目前還有大約 6.5 年的時間，將於 2032 年到期。

The loan repriced 75 basis points tighter.

貸款重新定價，下調了75個基點。

Reducing the coupon to sour plus 250 basis points.

將優惠券減少至酸味加 250 個基點。

And locked in more efficient funding.

並鎖定更有效率的資金來源。

During the quarter, we also upsize our corporate revolver to 700 million.

本季度，我們也將公司循環信貸額度增加至 7 億美元。

Up from 610 million at the beginning of the year.

高於年初的6.1億。

With continued momentum for repayments.

償還款項勢頭持續強勁。

And the term loan be upsize.

定期貸款額度可以增加。

The end of the quarter with near record liquidity levels of 933 million.

季度末流動性水準接近歷史最高水平，達到 9.33 億美元。

Including over $200 million of cash.

其中包括超過2億美元的現金。

Plus our 700 million undrawn corporate revolver.

此外，我們還有7億美元未提領的企業循環信用額度。

Our overall financing availability sits at 7.7 billion.

我們目前的總融資額為77億美元。

Including 3.1 billion of undrawn capacity.

其中包括31億未開發的產能。

Importantly, 77% of our financing is non-mark to market.

值得注意的是，我們77%的融資是非以市值計價的。

And KREv has no final facility maturities until 2027.

KREv 在 2027 年之前沒有最終到期的融資安排。

In the corporate debt due until 2030.

截至 2030 年到期的公司債務。

In the quarter we continued our share repurchases totaling 4 million.

本季我們繼續回購股票，總計回購了 400 萬股。

Representing a weighted average price of $9.41.

加權平均價格為 9.41 美元。

Year-to-date, we have repurchased $34 million for a weighted average price of $9.70.

今年迄今為止，我們已回購了價值 3,400 萬美元的股票，加權平均價格為每股 9.70 美元。

And since inception, we have repurchased over $140 million of common stock.

自成立以來，我們已回購了超過 1.4 億美元的普通股。

We remain committed to deploying capital through buybacks, as well as new investments.

我們將繼續致力於透過股票回購和新投資來部署資本。

Overall, our liquidity position gives us meaningful flexibility to manage the portfolio.

整體而言，我們的流動性狀況賦予了我們管理投資組合的較大彈性。

Stay on offense and take advantage of new opportunities.

維持進攻態勢，抓住新機會。

We're encouraged by the market backdrop and momentum we're seen.

我們對當前的市場環境和發展動能感到鼓舞。

Turning to our watch list.

接下來，我們來看看觀察名單。

Our current portfolio has a weighted average risk grading of 3.1 on a 5 point scale.

我們目前的投資組合的加權平均風險評級為 3.1（滿分為 5 分）。

Our total fiscal reserve at quarter end is 160 million.

截至季末，我們的財政儲備總額為1.6億。

Representing around 3% of the loan portfolio.

約佔貸款組合的3%。

Over 85% of the loan portfolios risk rate at 3 or better.

超過 85% 的貸款組合風險等級為 3 或更低。

And as of the third quarter, our debt to equity ratio is 1.8 times, and total leverage ratio is 3.6 times consistent with our target range.

截至第三季末，我們的負債權益比為 1.8 倍，總槓桿比率為 3.6 倍，符合我們的目標範圍。

Now turning to our REO portfolio.

現在來看看我們的REO投資組合。

We took title to the Raleigh M multi-family loan.

我們獲得了羅利 M 多戶住宅貸款的所有權。

Which is already appropriately reserved for And therefore no additional impact on book value.

這部分資金已經適當預留，因此不會對帳面價值產生額外影響。

Our business plan is to invest additional capital into the property to enhance the amenity base.

我們的商業計劃是向該物業追加投資，以提升其配套設施。

Improve operations and reposition the asset for sale.

改善營運狀況，並為出售資產重新定位。

On our Mountain View, California office.

位於加州山景城的辦公室。

The market continues to heal with leasing demand picking up.

隨著租賃需求回升，市場持續復甦。

And as mentioned last call, We're actively responding to tenant requests for proposals.

正如上次電話會議中所提到的，我們正在積極回應租戶提出的方案請求。

Given our asset offers to tenants the ability to have a full campus setting.

鑑於我們的資產可為租戶提供完整的園區環境。

And control their amenities and security perimeter, we believe positioning for a single user is the optimal strategy.

我們認為，透過控制其設施和安全邊界，針對單一使用者的定位是最佳策略。

On our West Hollywood asset. We launched condo sales. We launched the condo sale process last week.

我們在西好萊塢的資產上推出了公寓銷售。我們上週啟動了公寓銷售流程。

And are focused on executing our sales strategy.

我們正專注於執行我們的銷售策略。

Finally, on our Portland, Oregon redevelopment.

最後，我們來談談俄勒岡州波特蘭市的重建計畫。

Our entitlement process is progressing with final entitlements expected in the first half of 2026.

我們的權益分配流程正在進行中，預計 2026 年上半年完成最終分配。

Giving us the ability to unlock value.

賦予我們釋放價值的能力。

And return capital through parcel sales.

並透過出售包裹的方式返還資金。

In summary, We see significant opportunity ahead.

總之，我們看到了未來巨大的機會。

Origination pipeline continues to build.

業務拓展通路持續建設中。

We remain focused on optimizing our Oreo portfolio.

我們將繼續專注於優化我們的奧利奧產品組合。

Working through the watch list.

正在逐一查看觀察名單。

And redeploying capital efficiently.

並有效率地重新部署資本。

As we position the business for its next phase of growth.

為公司進入下一個成長階段做好準備。

Thank you for joining us today.

感謝您今天蒞臨。

Now, we're happy to take your questions.

現在，我們很樂意回答您的問題。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your touchtone phone.

謝謝。現在開始問答環節。若要提問，您可以按星號鍵，然後在按鍵式電話上按數字鍵 1。

If you are using a speakerphone, please pick up your handset before pressing the keys.

如果您正在使用免持通話，請在按鍵前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster.

如果您的問題已得到解答，並且您想撤回您的問題，請按星號，然後按 2。此時，我們將稍作停頓，整理一下我們的人員名單。

And your first question today will come from Tom Catherwood with BTIG. Please go ahead.

今天第一個問題將來自 BTIG 的 Tom Catherwood。請繼續。

Thank you and good morning everybody. Maybe Matt or Patrick's help us triangulate something here, so.

謝謝大家，大家早安。或許馬特或派崔克能幫我們理清思緒。

There's kind of two ways to view the lower leverage and higher liquidity that you had going into the end of the 3rd quarter. One is like a defensive positioning to kind of bolster the company against headwinds. Or the second one is really a timing issue where if a couple of originations had closed a week or so. Earlier it might look very different from, the level of the distance between repayments and originations and it might be a very different story. Which is the case here? Is this just timing or could we see further deleveraging and further liquidity building as we get through the rest of this year?

對於第三季末較低的槓桿率和較高的流動性，有兩種不同的看法。一種策略類似於防禦性佈局，旨在增強公司抵禦逆風的能力。或者第二個問題實際上是時間問題，如果幾筆貸款在一周左右的時間內完成的話。以前的情況可能與現在大不相同，還款和貸款發放之間的距離水平可能會截然不同，情況也可能完全不同。這裡的情況是哪一種？這只是時間上的巧合，還是隨著今年剩餘時間的過去，我們會看到進一步的去槓桿化和流動性進一步增加？

Hey Tom, it's Jack. Give us just a minute here. We're just having some technical difficulties. We'll be right back to you.

嘿，湯姆，我是傑克。請稍等片刻。我們遇到了一些技術問題。我們馬上回覆您。

Okay, so just give us about 2 minutes here. We're redialing in and folks should join shortly. Thank.

好的，請給我們兩分鐘。我們正在重新撥號，大家很快就能加入。感謝。

You. Pardon me, ladies and gentlemen, please stand by as we reconnect.

您好。抱歉，女士們先生們，請稍等，我們重新連接一下。

Thank you for your patience.

感謝您的耐心等待。

Pardon me, this is the conference operator. I've reconnected the speaker lines. Please proceed.

打擾一下，我是會議接線生。我已經重新連接了揚聲器線路。請繼續。

Okay, thank you. Tom, can you hear me now?

好的，謝謝。湯姆，你現在聽得到我說話嗎？

It's me. Yes I can.

這就是我。是的，我可以。

Okay, thanks. Sorry about that, everyone. We are down in our Dallas office and had a new system here and just had some technical difficulties, but I think we're working now so we'll jump back in and appreciate everyone joining. Tom, thank you for the question. It's really the latter. I'd say it's just a timing issue and it's really related to two things. I'd say the first one, just when you think about repayments, one of our repayments this quarter just happened to be a larger repayment. It was actually the largest loan in our portfolio repaid.

好的，謝謝。對不起，各位。我們現在在達拉斯辦公室，這裡安裝了一套新系統，遇到了一些技術問題，但我想我們現在已經解決了，所以我們會繼續上線，感謝大家的參與。湯姆，謝謝你的提問。實際上是後者。我認為這只是個時機問題，而且實際上與兩件事有關。我想說的是第一點，當你想到還款時，我們本季剛好有一筆較大的還款。實際上，這是我們投資組合中償還的最大一筆貸款。

It was a multi-family property just outside of Washington DC that got taken out by the agencies on a refinance. And so that, is a relatively large.

這是一棟位於華盛頓特區郊外的多戶住宅，被相關機構收回進行再融資。所以，這是一個相對較大的數字。

A single repayment and then secondly, when you think about our originations this quarter, I think we mentioned this in the prepared remarks, a bunch of our origations just happened to be in Europe and and those take a little bit longer to close.

首先是一次性還款，其次，考慮到我們本季的貸款發放情況，我想我們在準備好的發言稿中提到過，我們的許多貸款發放恰好都在歐洲，而這些貸款的完成時間要長一些。

Just the closing timelines are somewhat elongated in Europe versus versus the US and so that's why you see the bigger pipeline, I think, in the 4th quarter and a little bit of a slower, originations and, closings I'd say in the 3rd quarter. So just timing, we haven't really changed our strategy at all and certainly expect to continue to invest and originate.

與美國相比，歐洲的貸款審批流程稍長一些，所以我認為，這就是為什麼你會看到第四季度貸款儲備量更大，而第三季度的貸款發放和成交速度則稍慢一些。所以只是時機不同，我們的策略並沒有真正改變，而且肯定會繼續投資和開展業務。

In line with our repayments and you know right now we're at the lower end of our leverage ratio. So, we've got the ability to kind of take that up and grow the portfolio back to to you know where we were before.

根據我們的還款情況，您也知道，目前我們的槓桿率處於較低水準。所以，我們有能力抓住這個機會，把投資組合恢復到以前的水準。

That's perfect. And maybe just following up on that and thinking of the cadence of earnings and you talk about the lag between receiving repayments and putting the capital back to work.

那很完美。也許可以繼續探討收益的節奏，以及收到還款和將資金重新投入使用之間的延遲。

And also you mentioned I think it was greater than, 1.5 billion of repayments that you're that you're expecting in 2026.

而且你也提到，我認為你預計在 2026 年的還款額將超過 15 億美元。

Could that lag take us lower from an earnings front for a longer period of time just while you put that capital back to work, or are there some other levers you can pull to boost distributable earnings as you're repatriating and redeploying capital?

這種滯後是否會在較長時間內導致我們的利潤下降，而這恰好發生在您將資金重新投入使用期間？或者，在您匯回和重新部署資金的同時，是否有其他方法可以提高可分配收益？

No, I wouldn't look at it like we're always behind. I think, some quarter like this quarter, obviously we got a little behind and again just kind of do the timing of those closings, but I think other quarters will be ahead, you can see us getting ahead of it a little bit. So it, you can't time the repayments, right, and you can't necessarily time the closing dates of your origination. So there's just a little bit of ebb and flow that happens naturally. In the business, but I wouldn't necessarily like model anything like we're always waiting for a repayment to come in before we originate, so we're 45 days behind. I think there's just a little bit of give and take in the overall investing profile.

不，我不會認為我們總是落後。我認為，像本季度這樣的某些季度，顯然我們稍微落後了一些，需要再調整一下結算時間，但我認為其他季度會提前，你可以看到我們稍微領先了一些。所以，你不能控制還款時間，對吧？你也不能控制貸款的最終結算日期。所以，這其中自然會有一些潮起潮落。在商業領域，但我並不一定喜歡這樣的模式：我們總是等待還款到帳後才發放貸款，所以我們已經落後了 45 天。我認為整體投資策略中存在一些權衡取捨。

Understood. And then last one for me, we've had a number of lab space owners, this past quarter that have noted an early stage rebound in demand from smaller life science tenants looking for space kind of following a Upturn in VC funding over the past 12 months in terms of the four assets in your Life Science loan portfolio that remain 3 rated, how are they proceeding on their business plans, and are you starting to see that at least early stage recovery in tenant demand?

明白了。最後一個問題，過去一個季度，我們有很多實驗室空間所有者註意到，隨著過去 12 個月風險投資的回升，小型生命科學租戶對空間的需求出現了早期反彈。就您生命科學貸款組合中仍評級為 3 的四項資產而言，它們的商業計劃進展如何？您是否開始看到租戶需求至少出現了早期復甦？

Yeah, I. Think we're starting to.

是的，我覺得我們開始這麼做了。

See green shoots and from the sponsors, right, and some of the commentary about leasing.

看看贊助商的熱情（見右圖），以及一些關於租賃的評論。

And I'd say we've got H1stly, a little bit of a mix. Most of our assets that we've went on are are more the tenants are going to be larger.

我覺得我們有 H1stly，有點混合風格。我們所投資的大部分資產，租戶的規模都會更大。

Pharma companies and not necessarily, some of the smaller VC funded ventures, but we are starting to see a little bit pick up in that sector and again we're long-term like we're pretty positive on that sector and certainly understand, it can be cyclical both from a capital perspective and certainly some of the things you see going on at the NIH and things like that, but I'd say over the medium to long-term I'd say we're still pretty positive on the on the overall sector.

製藥公司，以及一些規模較小的創投公司，我們開始看到該領域出現一些回升跡象。我們長期看好這個產業，當然也明白它具有週期性，無論是從資本角度或是像美國國立衛生研究院（NIH）等機構正在發生的事情來看都是如此。但我認為，從中長期來看，我們仍然對整個產業持樂觀態度。

Got it. I appreciate all the answers. Thanks everyone.

知道了。感謝大家的回答。謝謝大家。

Thank you.

謝謝。

And your next question today will come from Jade Rahmani with KBW. Please go ahead.

今天的下一個問題將來自 KBW 的 Jade Rahmani。請繼續。

Thank you very much. I wanted to follow-up on Tom's question.

非常感謝。我想就湯姆提出的問題做個後續探討。

Can you give an update as to the state of dialogue with the sponsors across the life science fields and then on Cambridge, if you could touch on what drove the downgrades.

能否介紹一下與生命科學領域贊助商的對話進展情況，以及劍橋大學的評等下調原因？

Yeah, I'd say.

是的，我也這麼認為。

Really, the.

真的，這。

The, let's go starting with the last question. What drove the downgrade was we've entered negotiations and modification negotiations with that sponsor and so it was really as it related to those discussions and then.

那我們就從最後一個問題開始。導致降級的原因是我們與贊助商進行了談判和修改談判，所以這實際上與這些討論有關。

I think on the other, the 3 rated loans, Jade, there's no other really discussions happening, outside of just the normal course. We're getting leasing updates and, any property level financial updates, but really no other detailed conversations happening at this point in time.

我認為另一方面，對於評級為 3 的貸款，Jade，除了正常的流程之外，並沒有其他真正的討論。我們正在接收租賃方面的最新消息以及任何物業層面的財務最新消息，但目前還沒有進行其他更詳細的討論。

Thank you. And then broadly speaking, have you done an NPV analysis comparing the cost and benefit of waiting on these deals as well as any other, sub-performing deals versus selling down the exposure, taking that capital and reinvesting in the current uptick in deal flow that we're seeing. Which that would, drive stronger distributable earnings and eventually, dividend growth more near term than perhaps the market expects.

謝謝。那麼，總的來說，您是否做過淨現值分析，比較等待這些交易以及任何其他表現不佳的交易的成本和收益，與出售這些投資、將資金再投資於我們目前看到的交易量增長的成本和收益？這將推動可分配收益更加強勁，並最終在短期內實現比市場預期更快的股息成長。

How do you view the trade-offs versus waiting since I think that the life science recovery is quite nascent at this point. So for at least that sector it's probably going to be a while before, these buildings get to stabilize occupancy.

您如何看待權衡利弊與等待之間的關係？因為我認為生命科學領域的復甦目前還處於起步階段。因此，至少對於這個行業來說，這些建築物的入住率可能還需要一段時間才能穩定下來。

Yeah, it's a great question, and it's something that I'd say we look at every quarter, something that we certainly discussed with the board in terms of portfolio positioning and and specifically Jade as it relates obviously to the REO which is, directly impacting our earnings and as we li li liquidate that, obviously we can redeploy that capital and increase our and increase our earnings which we talked about on, the last few calls and so it's something we're we're consistently looking at.

是的，這是一個很好的問題，我想說我們每季都會關注這個問題，我們當然也和董事會討論過投資組合配置，特別是Jade項目，因為它顯然與REO（已收回房產）有關，這直接影響我們的收益。當我們清算REO時，顯然我們可以重新部署這些資金，增加我們的收益，我們在最近幾次電話會議上也談到了這一點，所以這是我們一直在關注的問題。

When you look at where we've decided to hold things, and I'm talking more about the REO because that's really the biggest impact right now, it's really around quality and we feel like we've got quality real estate and our job as fiduciaries is to, maximize the outcome there and If we've got a great asset, we think it's going to lease over time and you know we'll be able to optimize the value, but we definitely look at NPVs and we look at, what's that IRR and is it better to sell today versus redeploy capital now versus holding out, but so far I'd say we're pretty.

當你審視我們決定持有的資產時，我主要指的是已收回的房地產（REO），因為這才是目前影響最大的因素。關鍵在於質量，我們認為我們擁有優質的房地產，而作為受託人，我們的職責是最大化這些資產的收益。如果我們擁有優質資產，我們相信它會隨著時間的推移而出租，並且我們能夠優化其價值。但我們肯定會考慮淨現值（NPV）和內部收益率（IRR），以及現在出售、重新部署資金還是繼續持有哪個更好。但就目前而言，我認為我們相當不錯。

I think we've We've been right to kind of be patient and certainly when you think about things like like our you know our office in Silicon Valley, that market's come back significantly and we're seeing real leasing demand in that market. So to be patient, wait, quality asset, let's get a tenant, and then we can evaluate liquidity options.

我認為我們保持耐心是正確的，而且當你想到像我們在矽谷的辦公室這樣的市場時，你會發現那裡的市場已經顯著復甦，我們看到了該市場真正的租賃需求。所以要有耐心，等等，優質資產，找到租戶，然後我們就可以評估流動性方案了。

I think that strategy will work out over time. But we have to continuously, evaluate this because, I know that you know we can't, we don't have forever that you know we need to execute and we need to repatriate some of this capital.

我認為這種策略假以時日會奏效。但我們必須不斷評估這一點，因為我知道你們也知道我們不能永遠這樣下去，我們需要執行，我們需要將部分資金匯回國內。

Thanks very much.

非常感謝。

Thank you.

謝謝。

And your next question today will come from Rick Shane with JP Morgan. Please go ahead.

今天的下一個問題將來自摩根大通的里克·沙恩。請繼續。

Hey guys, thanks for taking my question.

各位好，感謝你們回答我的問題。

Looking back last quarter, there was commentary about a billion dollars repayments in the second half. It seems like you're on track with that, and I think the implication, at least the way we interpreted it, was that that capital would be redeployed and suggested sort of again, not we didn't fully assume this, but Aaring towards that billion dollars in reinvestment. Should the way we think about this be there's a one quarter lag, you get the repayment in quarter 1, you're able to redeploy in quarter 2, you get repayments in quarter 2 that are redeployed in quarter 3. Should we see this as sort of the billion dollars of repayments in the second half of this year manifesting into Q4 and Q1 originations close to a billion dollars?

回顧上個季度，有評論指出下半年將償還10億美元。看來你在這方面進展順利，我認為其含義，至少在我們理解的意義上，是這筆資金將被重新部署，並​​再次建議，雖然我們並沒有完全假設這一點，但確實朝著十億美元的再投資邁進。我們是否可以這樣理解：存在一個季度的滯後，你在第一季度獲得還款，你可以在第二季度重新部署，你在第二季度獲得的還款將在第三季度重新部署。我們是否應該將此視為今年下半年10億美元的還款金額轉化為第四季和第一季接近10億美元的新增貸款金額？

Hey Rick, it's Patrick. Good morning. Yeah, thanks for that question. I think Matt was sort of referencing a little bit earlier. I think the goal is to sort of match up the repayments, minimize, some of the timing that happens between repayment and origination. That always when we snap the line at quarter end, that always won't sort of match up, but we think over time there's going to be some quarters where we get a little bit ahead of that. And if you think about our liquidity position today, we certainly have ample capital to be able to do that. And so there are going to be some quarters where we're ahead of it. Maybe there's some quarters that were behind it, but on balance, we should think about as we're getting those repayments, they're going to be matched and our goal effectively is to minimize, some of that drag because ultimately we want to optimize what we can return to shareholders in terms of earnings.

嘿，里克，我是派崔克。早安.謝謝你的提問。我覺得馬特之前好像有提到這一點。我認為目標是使還款與貸款發放時間相匹配，盡量減少還款和貸款發放之間的時間間隔。每次我們在節末開球時，雙方的比分總是無法完全吻合，但我們認為隨著時間的推移，總會有一些節次我們可以稍微領先一些。如果你看看我們目前的流動性狀況，我們當然有充足的資金來做到這一點。因此，在某些方面，我們會領先一步。也許有些季度有所延誤，但總的來說，我們應該考慮到，當我們收到這些還款時，它們將會得到相應的匹配，而我們的目標實際上是盡量減少這些拖累，因為最終我們希望在盈利方面最大限度地回報股東。

Got it. Yeah, I mean, I think the thing that confuses me about it is I understand that, the difference between a deal closing on September 30th and October 1st from your perspective, it's a day from an accounting perspective, it's very different. You've talked about 400 million of originations this quarter. I think what surprises me is given the lag in Q3 originations again, not a big deal, but that that Q4 pipeline doesn't look bigger given that sort of timing issue. I think that's what's what's confusing people a little bit here today.

知道了。是的，我的意思是，我覺得讓我困惑的是，我明白，從你的角度來看，9 月 30 日完成的交易和 10 月 1 日完成的交易之間的區別，從會計的角度來看，只是一天而已，兩者非常不同。您提到本季新增貸款額達 4 億筆。讓我感到驚訝的是，考慮到第三季專案啟動再次出現滯後（雖然這不算什麼大問題），第四季的專案儲備看起來並沒有因為這種時間問題而增加。我想這就是今天讓大家有點困惑的地方。

Understood. Thanks. Yeah, I think like as we think about the 4th quarter, obviously a lot of that will be front ended in the quarter in terms of the originations.

明白了。謝謝。是的，我認為當我們展望第四季時，顯然很多問題都會在季度初就解決，例如貸款發放方面。

The year is not out.

今年還沒結束。

The pipelines are still, very active. I think we've been focused on being, disciplined around. Deployment focused on diversity. So when you look at these asset sizes, they'll reflect that obviously Matt mentioned some of the activity that we have, in Europe, but as I said, our goal is to continue to deploy capital. I suspect that if things continue to proceed as they are going into year end and into 1st quarter. We continue to see build for that origination, pipeline, and you know we know what we have a good idea of what we expect to come forth in the next two quarters, and I think we're preparing to match that up and to close some of that GAAP.

輸油管仍然非常繁忙。我認為我們一直專注於保持自律。部署重點在於多元化。所以，當你查看這些資產規模時，它們顯然會反映這一點。馬特提到了我們在歐洲的一些活動，但正如我所說，我們的目標是繼續部署資本。我懷疑如果事情繼續按照目前的情況發展下去，直到年底和第一季。我們持續看到專案啟動和儲備的建設，而且我們知道，我們對未來兩個季度的預期情況有一個很好的了解，我認為我們正在準備實現這些預期，並完成一些符合美國通用會計準則（GAAP）的專案。

Got it. Okay, thank you. And then the other question is this, and you know Jade's touched on this and, but If we look at the current ROE, it's about half of what you need to support the dividend as it exists today.

知道了。好的，謝謝。另一個問題是，Jade 也提到這一點，但如果我們看一下目前的淨資產收益率，它大約只有維持目前股息水準所需收益率的一半。

Obviously moving.

顯然在移動。

Resolving challenged properties and challenged loans is the key to that.

解決有問題的房產和有問題的貸款是關鍵。

Realistically, how long do you think it takes for you to be able to double that ROE to put yourself in a position where, and again there are all these different earnings metrics, but at the end of the day this really is an NII issue.

實際上，你認為需要多長時間才能將 ROE 翻一番，讓自己處於這樣的位置？當然，有許多不同的獲利指標，但歸根結底，這確實是一個 NII 問題。

How long do you think it really takes to get there?

你覺得到達那裡到底要多久？

Yeah, I can jump in there.

是的，我可以加入。

It's a good question and certainly something we think about a lot. In my mind, we kind of bucket the the REO into the into the three timelines. One is like, near term, 12 to 18 months, medium term, maybe that's 24 or so months, 24 to 36 months in the longer-term and I'd say about half of that we think we can get back in the near term, and that's concentrated on things like our Portland, Oregon asset which we should be fully entitled to the market with, next year on an individual parcel basis. The West Hollywood condo, which Patrick mentioned, we're in the market now live selling or offering units there.

這是一個很好的問題，也是我們一直在思考的問題。在我看來，我們可以把 REO 歸入這三個時間線。短期目標可能是 12 到 18 個月，中期目標可能是 24 個月左右，長期目標可能是 24 到 36 個月。我認為短期內我們可以收回大約一半的資金，這主要集中在我們位於俄勒岡州波特蘭的資產上，明年我們應該可以完全按地塊進入市場。派崔克提到的西好萊塢公寓，我們現在正在市場上出售或提供那裡的單位。

The Raleigh, North Carolina multi-family deal, which is, largely stabilized and you know we're doing a little bit of value add there but can execute on that in a short amount of time.

位於北卡羅來納州羅利的多戶住宅交易目前基本上穩定，我們正在進行一些增值工作，但可以在短時間內完成。

And then the Philadelphia office, which, there's kind of one or two leases outstanding that we're that we're working on and then you know effectively sell out as well. So if you put those together, that's really the short-term and again it's about half of that number. So we can get that back more quickly. I'd say in that medium term bucket is the mountain view asset, as I mentioned to Jade, like we're making, good progress. The market is is is really coming back there and we're kind of actively engaged there with tenants. So I put that more in the medium term, although, we could have, something happen there shorter than that, but then there'd be a business plan to execute, if we were able to sign a lease there in terms of just tenant tenant improvements and CapEx, etc.

還有費城辦事處，那裡有一兩份未完成的租賃合同，我們正在努力處理，然後你也知道，我們實際上也會把那裡的辦公室全部賣掉。所以，如果把這些加起來，那才是真正的短期目標，而且大約只有這個數字的一半。這樣我們就能更快恢復正常。我認為中期目標之一就是山景資產，就像我跟Jade提到的那樣，我們取得了不錯的進展。那裡的市場確實正在復甦，我們也積極與租戶進行洽談。所以我把這件事放在中期考慮，雖然我們也有可能在更短的時間內有所進展，但那樣的話，我們就需要執行一個商業計劃，如果我們能夠在那裡簽署一份租賃協議，就只需要租戶裝修和資本支出等事宜。

And then lastly, I kind of put the the.

最後，我把那個放進去了。

Seattle Washington Life Science and just given where life sciences, we'll see that market to come back quickly, but just given what we're seeing there, we did execute a pretty important lease on that asset, so we're we're pretty happy about that, but but you know it could take longer to fully stabilize that asset.

西雅圖華盛頓生命科學，鑑於生命科學的現狀，我們認為該市場會很快復甦，但就我們目前所看到的，我們確實就該資產簽訂了一份非常重要的租賃合同，所以我們對此感到非常高興，但你知道，該資產完全穩定可能需要更長時間。

Hey Matt Patrick, I really always appreciate your willingness to TRY to dimensionalize the answers to these tough questions, and I appreciate it a great deal.

嘿，馬特·帕特里克，我一直很欣賞你願意嘗試從多個角度來解答這些棘手的問題，我對此非常感激。

Thank you guys.

謝謝大家。

Sure, thank you.

當然，謝謝。

And your next question today will come from Chris Muller with Citizens JMP. Please go Ahead.

接下來，您將收到來自 Citizens JMP 的 Chris Muller 的問題。請繼續。

Hey guys, thanks for taking the questions. So it's nice to see you guys branching out into Europe. Can you contrast some of the EU loans versus US loans? I guess what I'm looking for is our terms similar return similar, any color here would be very helpful.

各位好，感謝你們回答問題。很高興看到你們進軍歐洲市場。你能對比一下歐盟貸款和美國貸款嗎？我想找的是類似的條款，如果能得到類似的結果就更好了，任何顏色的標記都會很有幫助。

Sure, yeah, thank you for the question. Let's start with kind of how they're similar and then we can think about how they're different. I'd say from a quality of real estate perspective, from a sponsorship perspective. It's the same program we're running, in the United States. This is institutional quality real estate and sponsorship sponsorship, and in fact, a lot of the clients we lend to in Europe are the exact same clients we're lending to in the US and so it's nice to have that, global connectivity there.

當然，謝謝你的提問。我們先來看看它們的相似之處，然後再想想它們的不同之處。我會從房地產品質的角度，以及贊助的角度來談。這和我們在美國推行的項目是一樣的。這是機構級的房地產和贊助贊助，事實上，我們在歐洲貸款的許多客戶與我們在美國貸款的客戶完全相同，所以擁有這種全球聯繫是件好事。

I'd say the opportunities set there. Is a little bit different than what we're seeing in the US. The loan sizes tend to be a little bit bigger. There tend to be more portfolios, where we're and then also I would say multi-jurisdictional is an opportunity as well. It's a heavily banked market, so contrast, think about Europe is like 80% of that market is banks, whereas in the US it's around 40%.

我認為那裡蘊藏著很多機會。這和我們在美國看到的情況略有不同。貸款規模往往會稍大。我們所在的地方往往會有更多的投資組合，而且我認為跨司法管轄區也是一個機會。這是一個銀行業務高度集中的市場，相較之下，想想歐洲，銀行業務佔該市場 80% 的份額，而美國則佔 40% 左右。

And the back leverage there structurally I think is a little bit more advanced, in our favor than what we're seeing in the US from a whole loan perspective spread wise, now you're talking about different base rates obviously between the UK and EU, but I'd say overall spreads on whole loan and and then the ability to back leverage and generate ROE are largely In line with the US from a relative value perspective, I think it's pretty balanced right now, although, we've been living there for a few years now. It has not always been like that. I'd say 2 years ago we probably saw a lot more opportunities and relative value in Europe versus the US and but now as the US activity has picked up materially. It's probably a little bit more balanced. So, but ultimately I think the ROEs are really about the same, between the US and Europe right now, and that's on a hedge US dollar basis.

從結構上看，我認為英國的槓桿率比美國更先進一些，對我們更有利。從整體貸款利差來看，英國和歐盟的基準利率顯然不同，但我認為整體貸款利差以及槓桿率和產生淨資產收益率的能力，從相對價值的角度來看，與美國基本一致。我認為目前情況相當平衡，儘管我們已經在那裡生活了幾年。情況並非一直如此。我認為兩年前，我們可能在歐洲看到了比美國更多的機會和相對價值，但現在美國市場的活動已經顯著增加。可能平衡性更好一些。所以，最終我認為目前美國和歐洲的股本回報率（ROE）實際上差不多，這是以對沖美元為基礎的。

Got it. That's all very helpful, and I guess on the Long Island multi-family loan you guys originated this quarter, is this ground up construction and then are you guys looking at heavier transitional projects now or is this more of a one-off type loan?

知道了。這些資訊都很有幫助。我想問一下，你們本季發放的長島多戶住宅貸款，是新建案嗎？你們現在是否在考慮更大型的過渡項目，還是說這更像是一次性貸款？

It is ground up, yes, it's a ground up construction to a repeat sponsor who we've went to a couple times now on construction projects. So it's we know them well and we think they do a great job and build a really high-end product.

是的，這是從零開始的建設，我們之前已經和一位老贊助商合作過幾次建設項目了。所以，我們很了解他們，我們認為他們做得很好，打造了真正的高端產品。

So it's great to be able to sign that one up you know with the. The repeat sponsor there. I don't think we've really changed the DNA of of of what we want to do. We've always had a small percentage of construction in the portfolio and we'll continue to do that. We think there's some some relative value in that sector.

所以能和他們一起註冊真是太好了。該贊助商是那裡的老朋友。我不認為我們真正改變了我們想做的事情的本質。我們的投資組合中一直都有一小部分是建築業，我們將繼續這樣做。我們認為該領域具有一定的相對價值。

The bulk of the opportunity of what we're seeing right now is What I still refer to as like almost stabilized versus transitional lending. I still think that there's like stretch, the market is really the opportunity around the market is really around stretch seniors where it's like a 70% LTV mostly leased assets, and And so that that's where we've been participating. We think that's where there's the most relative value. We'll look at projects that have a larger business plan, but just from a relative value perspective again like it seems like the kind of almost stabilized lending is is.

我們現在看到的大部分機會，我仍然稱之為接近穩定的貸款，而不是過渡性貸款。我仍然認為市場存在擴張空間，真正的機會在於高淨值老年公寓市場，這類公寓的貸款價值比 (LTV) 約為 70%，而且大部分是租賃資產，所以我們一直都在參與其中。我們認為這才是相對價值最大的地方。我們會關注那些商業計劃規模更大的項目，但同樣從相對價值的角度來看，這種近乎穩定的貸款模式似乎也是如此。

Just offers a better investment right now.

現在來看，這無疑是更好的投資選擇。

Got it. That's all very helpful. Thanks for taking the questions.

知道了。這都很有幫助。謝謝您回答問題。

And your next question today is a follow-up from Jade Rahmani of KBW. Please go ahead.

今天的下一個問題是來自 KBW 的 Jade Rahmani 的後續問題。請繼續。

Wanted to ask about the platform overall. I know you mentioned you're in Dallas with KStar, and you all have a servicing operation quite substantial. You buy bee pieces, so a nice compliment to that could be the CMBS Conduit business, which is Capital light and I think the securitization outlook seems quite healthy given that the regional banks still continue to pull back. Any interest in that, and then another follow-up would just be on the special situation side if you see any opportunities to combine with another, either public or privately held, mortgage rate. I think scale is a huge differentiator across the real estate landscape. We see huge premiums between market cap ranges in all real estate sectors, and I think it's clear that having, gone through this cycle, there's also a big differentiator in the commercial mortgage re space. So you know you can combine stock for stock or NAV for NAV transaction gain scale. And that probably would help, with consistency of dividends. So could you just respond to those two items? Thanks very much.

想了解這個平台的整體狀況。我知道你提到你在達拉斯和 KStar 一起工作，而且你們的售後服務業務規模相當大。你買的是蜜蜂碎片，所以 CMBS 導管業務可能是一個很好的補充，它資本較輕，而且我認為，鑑於區域性銀行仍在繼續收縮，證券化前景似乎相當健康。如果您對此感興趣，後續跟進將僅限於特殊情況方面，例如您是否看到任何機會與其他公共或私人持有的抵押貸款利率相結合。我認為規模是房地產領域一個巨大的差異化因素。我們看到所有房地產行業的市值範圍之間存在巨大的溢價，我認為很明顯，在經歷了這一輪週期後，商業抵押貸款領域也存在很大的差異。所以你知道你可以將股票對股票或淨值對淨值進行交易收益規模計算。而穩定的股息發放或許會有所幫助。所以能否只回答這兩個問題？非常感謝。

Sure, Jay, thank you again for the question.

當然，傑伊，再次感謝你的提問。

First on the on the CMBS side, it's something we've looked at, we have the expertise, I think, in-house to do that, whether it's from the credit or the origination side or you know some of us have backgrounds in that business and capital markets.

首先，就 CMBS 方面而言，我們已經研究過這個問題，我認為我們公司內部有這方面的專業知識，無論是信貸方面還是發行方面，或者你知道，我們中的一些人有這方面的業務和資本市場背景。

I think right now, no real plans to begin a CMBS originations business. I said the one thing that We, it is a real consideration for us is it doesn't really overlap with our client base for the for the most part, you think about.

我認為目前還沒有真正開展 CMBS 發行業務的計劃。我說過，我們真正需要考慮的一點是，它與我們的客戶群在很大程度上並沒有重疊，你想想看。

We're lending in major markets to institutional sponsors, and that tends to be a more diverse set of borrowers and markets. So, we'd have to probably change a little bit of the way we're oriented and that's not sure that's in our kind of credit DNA to do that, but we'll continue to evaluate it as I think as the market evolves on.

我們在主要市場向機構投資者提供貸款，而這些機構投資者往往是更多元化的借款人和市場。所以，我們可能需要稍微改變一下我們的經營方式，但這是否符合我們的信貸基因還不得而知，但我們會隨著市場的發展繼續評估。

You know the M&A question, I would say, we continue to, look at opportunities as they arise. I think there'll be consolidation in the industry over time.

關於併購問題，我想說，我們會繼續關注出現的機會。我認為隨著時間的推移，這個行業將會出現整合。

We'd like to Grow, not for the sake of, scale for scale's sake, but to have a more liquid stock as you mentioned, I think would be able to attract more shareholders and create a better cost of capital and As we've discussed, we want to TRY to do things that also give us the ability to diversify our portfolio and moving into Europe is one of those things, but also, potentially adding duration to the portfolio. So we're going to continue to evaluate you know opportunities that are on the table, but you know there's nothing we're looking at currently.

我們希望發展壯大，不是為了追求規模而追求規模，而是為了擁有像您提到的那樣更具流動性的股票，我認為這將能夠吸引更多股東，並創造更好的資本成本。正如我們所討論的，我們希望嘗試做一些能夠使我們的投資組合多元化的事情，進軍歐洲就是其中之一，而且，還有可能增加投資組合的久期。所以我們會繼續評估擺在桌面上的機會，但目前我們還沒有任何正在考慮的項目。

Thanks very much.

非常感謝。

Thank you, Jade.

謝謝你，傑德。

Includes our question-and-answer session. I would like to turn the conference back over to Jack Wattala for any closing remarks.

包括我們的問答環節。我謹將會議交還給傑克·瓦塔拉，請他作總結發言。

Well, great, thanks, operator. Thanks everyone for joining today. Please reach out to me or the team here if you have any questions. Take care.

好的，謝謝接線生。感謝各位今天的參與。如有任何疑問，請聯絡我或我們的團隊。小心。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。