Starwood Property Trust Inc (STWD) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Starwood Property Trust third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加喜達屋地產信託 2024 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

At this time, I'd like to turn the conference over to your host, Zach Tanenbaum, Head of Investor Relations. Zach, you may begin.

現在，我想將會議交給東道主投資者關係主管 Zach Tanenbaum。札克，​​你可以開始了。

Thank you, operator. Good morning, and welcome to Starwood Property Trust earnings call. This morning, the company released its financial results for the quarter ended September 30, 2024, filed its Form 10-Q with the Securities and Exchange Commission, and posted its earnings supplement to its website. These documents are available in the Investor Relations section of the company's website at www.starwoodpropertytrust.com.

謝謝你，接線生。早安，歡迎參加喜達屋地產信託財報電話會議。今天上午，該公司發布了截至 2024 年 9 月 30 日的季度財務業績，向美國證券交易委員會提交了 10-Q 表格，並在其網站上發布了收益補充報告。這些文件可在公司網站 www.starwoodpropertytrust.com 的投資者關係部分取得。

Before the call begins, I would like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

在電話會議開始之前，我想提醒大家，本次電話會議中所做的某些陳述並非基於歷史信息，可能構成前瞻性陳述。這些陳述是基於管理層目前的預期和信念，並受到許多趨勢和不確定性的影響，這些趨勢和不確定性可能導致實際結果與前瞻性陳述中描述的結果有重大差異。

I refer you to the company's filings made with the SEC for a more detailed discussion of the risks and factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. The company undertakes no duty to update any forward-looking statements that may be made during the course of this call.

我建議您參閱該公司向美國證券交易委員會提交的文件，以更詳細地討論可能導致實際結果與今天所做的任何前瞻性聲明中明示或暗示的結果存在重大差異的風險和因素。該公司不承擔更新本次電話會議期間可能做出的任何前瞻性陳述的責任。

Additionally, certain non-GAAP financial measures will be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be accessed through our filings with the SEC at www.sec.gov.

此外，本次電話會議也將討論某些非公認會計準則財務指標。我們提供的這些資訊並非旨在被孤立地考慮或作為根據 GAAP 提供的財務資訊的替代品。這些非 GAAP 財務指標與根據 GAAP 制定的最具可比性的指標的對帳可透過我們向 SEC 提交的文件 www.sec.gov 進行查看。

Joining me on the call today are Barry Sternlicht, the company's Chairman and Chief Executive Officer; Jeff DiModica, the company's President; and Rina Paniry, the company's Chief Financial Officer.

今天與我一起參加電話會議的還有該公司董事長兼執行長 Barry Sternlicht； Jeff DiModica，公司總裁；以及公司財務長 Rina Paniry。

With that, I'm now going to turn the call over to Rina.

有了這個，我現在要把電話轉給莉娜。

Thank you, Zach, and good morning, everyone. This quarter, we reported distributable earnings or DE of $159 million or $0.48 per share. GAAP net income was $76 million or $0.23 per share. The difference was driven by a higher CECL reserve, which I will discuss shortly. Across businesses, we committed $2.1 billion towards new investments this quarter, with 60% of our investing in businesses other than commercial lending, which now makes up just 56% of our assets.

謝謝你，扎克，大家早安。本季度，我們公佈的可分配收益或 DE 為 1.59 億美元，即每股 0.48 美元。GAAP 淨利潤為 7,600 萬美元，即每股 0.23 美元。這種差異是由較高的 CECL 儲備造成的，我將很快討論這一點。在各個業務領域，我們本季承諾進行 21 億美元的新投資，其中 60% 投資於商業貸款以外的業務，而商業貸款目前僅占我們資產的 56%。

I will begin this morning with commercial and residential lending, which contributed DE of $190 million to the quarter or $0.57 per share. In commercial lending, we originated $848 million of loans, of which we funded $635 million and an additional $134 million on pre-existing loan commitments. Repayments for the quarter totaled $1.1 billion, nearly twice that of last quarter, bringing year-to-date repayments to $2.6 billion.

今天早上我將從商業和住宅貸款開始，這些貸款為本季貢獻了 1.9 億美元的 DE，即每股 0.57 美元。在商業貸款方面，我們發放了 8.48 億美元的貸款，其中我們提供了 6.35 億美元的資金，並根據現有貸款承諾另外提供了 1.34 億美元。本季還款總額為 11 億美元，幾乎是上季的兩倍，使年初至今的還款額達到 26 億美元。

Our $14.6 billion loan book ended the quarter with a weighted average risk rating of 3.0 consistent with prior quarter. Most of our borrowers continue to support their assets, investing over $2 billion of fresh equity since the beginning of last year.

本季結束時，我們的貸款總額為 146 億美元，加權平均風險評級為 3.0，與上一季一致。我們的大多數借款人繼續支持其資產，自去年初以來投資了超過 20 億美元的新股本。

On the topic of CECL, our reserve increased by $65 million to a balance of $445 million, of which 71% relates to office. Together with our previously taken REO impairments of $183 million, these reserves represent 4.1% of our lending and REO portfolio and translate to $1.86 per share book value. Jeff will discuss our risk rating changes with you in greater detail.

關於CECL，我們的儲備金增加了6,500萬美元，達到4.45億美元的餘額，其中71%與辦公室有關。加上我們先前採取的 1.83 億美元 REO 減值，這些準備金占我們貸款和 REO 投資組合的 4.1%，相當於每股帳面價值 1.86 美元。傑夫將與您更詳細地討論我們的風險評級變化。

Next, I will turn to residential lending, where our on-balance sheet loan portfolio ended the quarter at $2.5 billion. Prepayment speeds decreased slightly, while spreads tightened, leading to $58 million of repayments and a $22 million net positive mark-to-market for GAAP purposes. This mark includes a $97 million positive mark on our loan, offset by a $76 million negative mark on our hedges, which provided $25 million of cash during the quarter.

接下來，我將轉向住宅貸款，本季末我們的表內貸款組合達到 25 億美元。預付款速度略有下降，而利差收緊，導致還款額達到 5,800 萬美元，以 GAAP 計算，按市值計價淨額為 2,200 萬美元。這項標記包括我們貸款的 9,700 萬美元正標記，被我們對沖的 7,600 萬美元負標記所抵消，這在本季度提供了 2,500 萬美元的現金。

Our retained RMBS portfolio ended the quarter at $423 million, with a slight decrease from last quarter driven by repayment. In our property segment, we recognized $14 million of DE or $0.04 per share in the quarter, driven by our Florida affordable multifamily portfolio. We completed the rollout of the 2024 HUD maximum allowed rent levels, excluding the 3.8% state-mandated holdback we expect to implement next year, which resulted in $1.6 million of higher NOI in the quarter.

我們保留的 RMBS 投資組合本季末達到 4.23 億美元，由於還款，較上季略有下降。在我們的房地產領域，我們在佛羅裡達州經濟適用多戶住宅投資組合的推動下，本季確認了 1,400 萬美元的 DE 或每股 0.04 美元。我們完成了 2024 年 HUD 最高允許租金水準的推出，不包括我們預計明年實施的 3.8% 的州強制扣留，這導致本季度 NOI 增加 160 萬美元。

As you are aware, these properties were in the path of the recent hurricanes in Florida, but we did not suffer any material damage from the storm. Nine of the properties suffered roof and/or water damage, all of which would be covered by insurance to the extent in excess of our deductible.

如您所知，這些房產位於佛羅裡達州最近颶風的路徑上，但我們沒有因風暴而遭受任何物質損失。其中九處房產遭受了屋頂和/或水災損壞，所有這些都將由保險承保，但超出了我們的免賠額。

Turning to investing and servicing. This segment contributed DE of $38 million or $0.12 per share to the quarter. In our conduit, Starwood Mortgage Capital, we completed four securitizations totaling $398 million at profit margins that were at or above historic levels. This brings our year-to-date total to 12 securitizations for approximately $1 billion. We expect to end the year with our highest origination volumes in the past five years.

轉向投資和服務。該部門為本季度貢獻了 3800 萬美元或每股 0.12 美元的 DE。在我們的通路喜達屋抵押貸款資本 (Starwood Mortgage Capital) 中，我們完成了四筆證券化，總額達 3.98 億美元，利潤率達到或高於歷史水準。這使得我們今年迄今的證券化總數達到 12 項，價值約 10 億美元。我們預計今年底的發源量將達到過去五年來的最高水準。

In our special servicer, our active servicing portfolio ended the quarter at $8.8 billion. We had $1.6 billion of new transfers, nearly 80% of which were office. Our named servicing portfolio increased to $107 billion, the highest level in almost two years, driven by new assignments of $13 billion.

在我們的特殊服務商中，我們的主動服務組合本季末達到 88 億美元。我們有 16 億美元的新轉會，其中近 80% 是辦公室轉會。在 130 億美元的新任務的推動下，我們的指定服務投資組合增至 1,070 億美元，這是近兩年來的最高水準。

In our CMBS portfolio, we had purchases totaling $122 million during the quarter, including our first Freddie Mac B piece for $77 million at an unlevered yield of 10.3%. The deal was secured by $1 billion of collateral consisting of 27 floating rate multifamily loans.

在我們的 CMBS 投資組合中，本季度我們購買了總計 1.22 億美元的資產，其中包括我們的第一筆房地美 B 資產，價值 7,700 萬美元，無槓桿收益率為 10.3%。該交易由 10 億美元的抵押品擔保，其中包括 27 項浮動利率多戶家庭貸款。

Finally, on the segment's property portfolio. We sold one asset for $18 million in proceeds, resulting in a net GAAP gain of $6 million and a small DE gain.

最後，關於該部門的房地產投資組合。我們以 1,800 萬美元的收益出售一項資產，從而獲得 600 萬美元的 GAAP 淨收益和少量 DE 收益。

Concluding my business segment discussion is infrastructure lending, which contributed DE of $23 million or $0.07 per share to the quarter. We committed to $527 million of new loans, of which we funded $440 million and have repayments of $410 million, increasing the portfolio to $2.5 billion.

我的業務部門討論的最後一部分是基礎設施貸款，該貸款為本季度貢獻了 23​​00 萬美元或每股 0.07 美元的 DE。我們承諾發放 5.27 億美元的新貸款，其中融資 4.4 億美元，還款 4.1 億美元，將投資組合增加到 25 億美元。

Subsequent to quarter end, we completed our fourth infrastructure CLO for $600 million with a weighted average coupon of SOFR plus 193 and an 83% advance rate. This brings our term non-mark-to-market CLO's financing to 65% of infrastructure debt. In connection with the CLO, we fully redeemed our first infrastructure CLO.

季度末後，我們以 6 億美元完成了第四個基礎設施 CLO，加權平均票息為 SOFR 加 193，預付款率為 83%。這使得我們術語中的非按市值計算的 CLO 融資達到了基礎設施債務的 65%。與 CLO 相關，我們完全贖回了我們的第一個基礎設施 CLO。

And finally, this morning, I will address our liquidity and capitalization. Since our last earnings call, we significantly enhanced our liquidity position with the September issuance of $392 million of common stock the post-quarter issuance of $400 million of 5.5 year, 6% senior unsecured sustainability notes, which we swapped in order to better match our floating asset base.

最後，今天早上，我將討論我們的流動性和資本化問題。自上次財報電話會議以來，我們顯著增強了流動性頭寸，9 月份發行了3.92 億美元的普通股，季度後發行了4 億美元的5.5 年期、年息6% 的高級無擔保可持續發展票據，我們對這些票據進行了交換，以便更好地匹配我們的目標。

In addition to repayments we expect to receive in the fourth quarter, these funds will be used to repay our December and March high-yield maturities. After that, our next corporate debt maturity is not until July 2026.

除了我們預計在第四季度收到的還款外，這些資金還將用於償還我們 12 月和 3 月的高收益債券。此後，我們的下一次企業債務到期要到 2026 年 7 月。

Our current liquidity stands at $1.8 billion, which does not include liquidity that could be generated through sales of assets in our property segment, leveraging unencumbered assets or debt capacity that we have via the unsecured and term loan B market. We continue to have significant credit capacity across our business lines with $9.8 billion of availability under our existing financing lines and unencumbered assets of $4.6 billion. Our adjusted debt to undepreciated equity ratio ended the quarter at 2.14 times, a decrease from 2.29 times last quarter and at its lowest level in over two years.

我們目前的流動性為 18 億美元，其中不包括透過出售我們的房地產部門的資產、利用我們透過無擔保和定期貸款 B 市場擁有的未支配資產或債務能力而產生的流動性。我們在整個業務領域繼續擁有強大的信貸能力，現有融資額度下的可用信貸能力為 98 億美元，未支配資產為 46 億美元。本季末，我們調整後的負債與未折舊股本比率為 2.14 倍，較上季的 2.29 倍有所下降，為兩年多來的最低水準。

With that, I'll turn the call over to Jeff.

這樣，我就把電話轉給傑夫。

Thanks, Rina. I've been a little under the weather, so I apologize in advance for my voice. 15 years after starting STWD, we're the most diverse mortgage REIT with a market cap larger than our four largest peers combined. We have deployed over $100 billion in that time and shareholders have received a 10.5% total return since our inception and $7.7 billion in dividends, a dividend which we have never cut. This includes the spin-off of what became Starwood Waypoint Homes, which ultimately merged into invitation homes.

謝謝，麗娜。我有點不舒服，所以我提前為我的聲音道歉。 STWD 成立 15 年後，我們已成為最多元化的抵押貸款 REIT，其市值超過了四大同行的總和。在此期間，我們部署了超過 1000 億美元，自公司成立以來，股東獲得了 10.5% 的總回報率和 77 億美元的股息，而我們從未削減過股息。這包括將喜達屋 Waypoint Homes 分拆出來，並最終合併為邀請之家。

While we are proud of our diversification and scale, management and our Board, who collectively own almost 400 million of our stock, are most proud of our consistency as we have also earned a similar total return in the last 12 months and the 12 months before that, 24 of the most difficult months for commercial real estate.

雖然我們對我們的多元化和規模感到自豪，但管理層和董事會（總共擁有近4 億股我們的股票）對我們的一致性感到最自豪，因為我們在過去12 個月和之前的12 個月中也獲得了類似的總回報這24個月是商業地產最困難的月份。

We invested over $2 billion in the quarter, more than half of which came from outside our CRE lending business. We have invested every quarter since inception. Our loan pipeline is the strongest it has been in two years, and we expect our pace of commitments to continue to increase.

我們本季投資超過 20 億美元，其中超過一半來自我們的商業房地產貸款業務以外。自成立以來，我們每季都會進行投資。我們的貸款管道是兩年來最強勁的，我們預計我們的承諾步伐將繼續加快。

With record amounts of cash in money market funds and investors reaching for yield early in a rate cut cycle, we have seen significant spread tightening across our markets. Although longer rates have been more sticky, the yield curve continues to normalize, and we have seen SOFR forward curve move lower as the market price has seen more Fed cut, likely as early as Thursday and again in December.

由於貨幣市場基金中的現金數量創歷史新高，且投資者在降息週期的早期就追求收益率，我們看到整個市場的利差顯著收緊。儘管長期利率更具黏性，但殖利率曲線繼續正常化，我們看到 SOFR 遠期曲線走低，因為市場價格看到聯準會進一步降息，最早可能在周四和 12 月再次降息。

This combination has brought liquidity and optimism back to the CRE markets for the first time since the Fed began raising rates and will help repair value in our industry's weaker legacy assets. Banks are pulling back from direct lending and make much higher ROE lending to us than competing with us after capital charges. We expect this to continue and expect our secured and unsecured borrowing costs to continue to improve and our playing field to continue to expand into 2025.

自從聯準會開始升息以來，這種組合首次為商業房地產市場帶來了流動性和樂觀情緒，並將有助於修復我們行業中較弱的傳統資產的價值。銀行正在退出直接貸款，並向我們提供比扣除資本費用後與我們競爭更高的淨資產收益率貸款。我們預計這種情況將持續下去，並預計我們的擔保和無擔保借貸成本將繼續改善，我們的競爭環境將繼續擴大到 2025 年。

Our goal is to significantly increase our investing pace as we work down our nonaccrual and REO assets in the coming years. To that end, we opportunistically access the capital markets 3 times so far this year. If you look at a graph of the spread of the high-yield bond index over the last 12 months, it started at 500 basis points over treasuries and only twice got down to roughly 300 over and only stayed there for a couple of days each time.

我們的目標是在未來幾年減少非應計資產和 REO 資產的同時大幅加快投資步伐。為此，今年以來我們已三度機會主義地進入資本市場。如果你看一下過去12 個月高收益債券指數利差的圖表，你會發現它一開始比國債高出500 個基點，只有兩次下降到比國債高出300 個基點左右，而且每次只停留幾天。

We put ourselves in a position, and we're able to issue unsecured debt at the most advantageous levels seen in all of 2024 with significant oversubscription that allowed us to improve pricing and achieved the tightest spreads. Our corporate debt is traded at this interest rate cycle.

我們處於有利位置，能夠以 2024 年全年最有利的水平發行無擔保債務，並獲得大量超額認購，這使我們能夠提高定價並實現最窄的利差。我們的公司債務是按照這個利率週期進行交易的。

Our September note offering swapped to SOFR plus 260 basis points on a repo equivalent basis hundreds of basis points inside where we would have issued a year prior, and 50 basis points tighter than we would have issued just a week before. We did not have another corporate debt maturity until the second half of 2026 and repayments have picked up so we expect to be able to continue to grow regardless of capital market conditions.

我們9 月的票據發行交換為SOFR 加260 個基點，相當於回購協議的基礎上數百個基點，比我們一年前發行的利率高出數百個基點，比我們一周前發行的利率低50 個基點。直到 2026 年下半年，我們的企業債務才到期，而且償還情況有所增加，因此我們預計無論資本市場狀況如何，我們都能夠繼續增長。

We may not be able to issue at the exact spread sites in the future, but with $4.6 billion in unencumbered assets, we will always be ready. Our plan as we head into 2025 is to continue to put ourselves in a position to opportunistically grow our balance sheet and eventually create capital that creates excess earnings as we come out the other side of the cycle.

未來我們可能無法在確切的價差地點發行，但憑藉 46 億美元的未支配資產，我們將隨時做好準備。進入 2025 年，我們的計劃是繼續讓自己處於有利的位置，機會主義地擴大我們的資產負債表，並最終創造資本，在我們走出週期的另一端時創造超額收益。

In CRE lending, our pipeline is strong and CRE transaction volume has returned, both in refinancings of properties that achieved their business plans from the issuance peak in 2021 and on financing new purchase transactions as buyers and liquidity have re-entered the market. We also had elevated repayment activity, record low future funding commitments, and record low construction exposure, all positives as we return to being fully on offense.

在商業房地產貸款方面，我們的管道強勁，商業房地產交易量有所回升，無論是在2021 年發行高峰後實現業務計劃的房產再融資，還是隨著買家和流動性重新進入市場而為新的購買交易提供融資。我們還款活動增加，未來融資承諾創歷史新低，建築風險創歷史新低，所有這些都是我們恢復全面進攻的積極因素。

Although we are likely through the worst of the CRE credit cycle where our industry was collateral damage of the Fed's aggressive rate hikes, many of these loans, particularly office loans, will take longer to optimize our exit on. Our diversified business model has allowed us to be patient as we work with our manager, Starwood Capital, which has over $100 billion of investments to improve asset level performance and optimize exit strategies on our difficult assets as we prepare to ultimately find the right window and market environment in which to exit these investments.

儘管我們可能正經歷商業房地產信貸週期最糟糕的時期，我們的行業因聯準會大幅加息而受到附帶損害，但其中許多貸款，特別是辦公室貸款，將需要更長的時間來優化我們的退出。我們的多元化業務模式使我們能夠在與我們的管理人喜達屋資本(Starwood Capital) 合作時保持耐心，喜達屋資本(Starwood Capital) 擁有超過1000 億美元的投資，旨在提高資產水平績效並優化我們困難資產的退出策略，同時我們準備好最終找到合適的窗口並退出這些投資的市場環境。

I will now take a minute to talk about credit and our risk rating changes in the quarter. Subsequent to quarter end, we foreclosed on two multifamily properties in Texas, both of which we have under LOI at our distributable earnings basis and sold the Portland multi we have talked about in prior quarters at our distributable earnings basis.

我現在將花一點時間談談本季的信貸和風險評級變化。季度末後，我們取消了德克薩斯州兩處多戶型房產的贖回權，這兩處房產都是我們根據可分配收益的意向書持有的，並根據可分配收益出售了我們在前幾個季度討論過的波特蘭多戶型房產。

Our 4-rated loans decreased by $60 million in the quarter despite us moving three loans from risk rating 3 to risk rating 4. The largest of those three is a $239 million mixed-use multifamily and hotel asset in Dallas that is achieving our original underwritten revenue projections, but the property has experienced elevated expenses putting pressure on margins and resulting in a lower-than-anticipated debt yield. We are in negotiation with both the sponsor and the flag, and we will report back in the coming quarters.

儘管我們將三筆貸款從風險評級 3 調整為風險評級 4，但本季我們的 4 級貸款減少了 6000 萬美元。這三個資產中最大的是位於達拉斯的價值2.39 億美元的混合用途多戶住宅和酒店資產，該資產正在實現我們最初的承保收入預測，但該資產的支出增加給利潤率帶來壓力，並導致債務收益率低於預期。我們正在與贊助商和國旗進行談判，我們將在未來幾季進行報告。

The other two are multis, where the sponsors recently indicated they don't have the money to continue to invest in the projects and have paused on renovations. And we will work with the borrower while pursuing legal remedies on both as quickly as possible to invest in these renovations, increase rents and occupancy, and then decide whether to hold or exit.

另外兩個是多層建築，贊助商最近表示他們沒有資金繼續投資這些項目，並已暫停翻修。我們將與借款人合作，同時尋求法律補救措施，盡快投資這些翻修工程，增加租金和入住率，然後決定是否持有或退出。

The first of the multi is an $84 million loan in Florida with a mid-4% debt yield today that we believe we can stabilize and either exit at our basis or choose to hold as an accretive investment going forward. The second multi is a $44 million loan outside Atlanta, a submarket that has seen rents fall slightly this year, and we will finish renovations and improve performance before deciding when to sell.

第一項是在佛羅裡達州的一筆 8400 萬美元貸款，目前債務收益率為 4%，我們相信我們可以穩定該貸款，要么按我們的基準退出，要么選擇作為未來的增值投資持有。第二個多項目是亞特蘭大郊區的4400萬美元貸款，今年租金略有下降，我們將在決定何時出售之前完成裝修並提高性能。

Our 5-rated loans increased from $252 million to $549 million in the quarter with four assets moving into this category, but two of those representing half of the $297 million increase in 5-rated loans are multifamily assets in Texas that I just told you are under LOI to be sold at our basis. The other two new 5s are a $125 million loan on a now empty office condo in Brooklyn and a $28 million loan on an office portfolio in Dublin, Ireland.

本季度，我們的5 級貸款從2.52 億美元增加到5.49 億美元，其中有四項資產進入這一類別，但其中兩項資產佔5 級貸款增加的2.97 億美元的一半，是德克薩斯州的多戶型資產，我剛剛告訴您根據意向書，以我們的基準出售。另外兩個新的 5 是為布魯克林一套現已空置的辦公公寓提供的 1.25 億美元貸款，以及為愛爾蘭都柏林的辦公組合提供的 2800 萬美元貸款。

The Brooklyn loan moving to 5 as a result of the bifurcation of that loan, where we upgraded $137 million of the loan that is allocated to a 27-year credit tenant lease and downgraded $125 million of the loan that remains vacant today to a 5 risk rating that is on nonaccrual. This portion of the building has seen significant single tenant leasing demand since we wrote the loan, but an LOI has not been signed to date, and we will report back when we have leasing activity.

由於貸款分叉，布魯克林貸款的評級升至 5，我們將分配給 27 年信用租戶租賃的 1.37 億美元貸款升級為 5 級，並將目前仍空置的 1.25 億美元貸款評級下調至 5 級評級為非應計利息。自從我們發放貸款以來，建築物的這一部分出現了巨大的單一租戶租賃需求，但迄今為止尚未簽署意向書，我們將在有租賃活動時報告。

The Dublin portfolio loan has recently negotiated a 100% leased on the marquee building in the portfolio, but this loan has moved to 5 upon the sponsors unwillingness to fund tenant improvements or TIs on that lease or CapEx on the portfolio. The portfolio is 64% leased today with a 5.2% debt yield and we expect the loan to go into covenant default in 2025.

都柏林投資組合貸款最近就投資組合中的大帳篷建築進行了100% 的租賃談判，但由於贊助商不願意為該租賃的租戶改善或TI 或投資組合的資本支出提供資金，因此該貸款已降至5。目前，該投資組合的 64% 已出租，債務收益率為 5.2%，我們預計該貸款將在 2025 年出現契約違約。

To wrap up my discussion on CRE lending, I will note that net of the two Texas multifamily assets we expect to sell at our basis, the total add to 4s and 5s is $90 million in the quarter or just under one-half of 1% of our assets. We continue to see great opportunities in our energy infrastructure lending segment. The tailwinds driven by massive power needs have lowered our portfolio LTV today to just over 50%, and we continue to earn outsized returns in this sector.

為了結束我對CRE 貸款的討論，我要指出的是，扣除我們預計在我們的基礎上出售的兩處德克薩斯州多戶家庭資產，本季度4 戶和5 戶的總增加額為9,000萬美元，略低於1% 的二分之一我們的資產。我們繼續看到能源基礎設施貸款領域的巨大機會。由龐大的電力需求推動的順風車已將我們的投資組合生命週期價值 (LTV) 降低至略高於 50%，並且我們將繼續在該領域獲得巨額回報。

We committed $527 million to new loans in the quarter and an over 15% expected levered IRR. This portfolio continues to finance well in both the repo and CLO markets, and as Rina said, we priced our fourth CLO in our energy infrastructure business subsequent to quarter end at our lowest spread inclusive of issuance costs to date.

我們承諾在本季提供 5.27 億美元的新貸款，預期槓桿 IRR 超過 15%。該投資組合在回購和 CLO 市場上繼續融資良好，正如 Rina 所說，我們在季度末後以最低利差（包括迄今為止的發行成本）對能源基礎設施業務中的第四個 CLO 進行了定價。

Nowhere in our book is spread compression more obvious than in our resi book, where securitized senior bonds continue to tighten. I will note that we extended our rate hedges on our resi loan portfolio this spring as our hedges had rolled down the curve, putting more weighting on the zero to three-year part of the curve and less on the 3- to 10-year part of the curve. Given the rate sell-off in the 3- to 10-year part of the curve in the last month, this hedge adjustment has saved us over $10 million since we execute it, and we will continue to monitor and adjust hedges as market conditions change.

在我們的帳簿中，利差壓縮最明顯的莫過於我​​們的 Resi 帳簿，其中證券化高級債券繼續收緊。我要指出的是，今年春天，我們擴大了對再生能源貸款投資組合的利率對沖，因為我們的對沖已經沿著曲線向下滾動，對曲線的零至三年期部分給予更多權重，對3年至10年期部分給予較少權重曲線的。鑑於上個月曲線中 3 至 10 年期部分的利率拋售，自執行以來，這次對沖調整已為我們節省了超過 1000 萬美元，我們將隨著市場狀況的變化繼續監控和調整對沖。

In REITs, we brought in 16 new servicing assignments in the quarter, more than half of which came in through our new Starwood Solutions efforts. Solutions also secured two new advisory mandates in the quarter, including our First Bank client. As Rina mentioned, SMC continues to have a strong year, and we continue investing in our CMBS portfolio at attractive spreads.

在房地產投資信託基金方面，本季我們引入了 16 項新的服務任務，其中超過一半是透過我們新的喜達屋解決方案工作完成的。解決方案還在本季度獲得了兩項新的諮詢任務，其中包括我們的第一個銀行客戶。正如 Rina 所提到的，SMC 繼續保持強勁的一年，我們繼續以有吸引力的利差投資於我們的 CMBS 投資組合。

With that, I will turn the call to Barry, who will unfortunately be unable to join us for Q&A.

接下來，我將把電話轉給巴里，遺憾的是他無法參加我們的問答。

Thank you, Zach. Thank you, Rina, and thank you, Jeff, and thank you for joining us for this call.

謝謝你，扎克。謝謝你，麗娜，謝謝你，傑夫，謝謝你參加我們的這次電話會議。

I'll first start with some comments on the market in general. The Category 5 hurricane that's been hanging over the commercial real estate market in the United States is finally clearing, and we had our first rate reduction and hopefully, we'll get another one tomorrow.

我將首先對市場進行一些總體評論。籠罩在美國商業房地產市場的五級颶風終於消散，我們進行了第一次降息，希望明天我們能再次降息。

And I think you can expect rates to continue to fall as inflation falls, and inflation is falling primarily because of the delayed impact of the rent component of CPI, which, as you know, is one-third of CPI. And as rents are basically almost flat now across the United States and the government's readings are still too high.

我認為，隨著通膨下降，利率將繼續下降，而通膨下降主要是因為 CPI 租金部分的延遲影響，正如你所知，CPI 佔 CPI 的三分之一。由於現在美國各地的租金基本上幾乎持平，而政府的讀數仍然過高。

I also think the consumer will be taking a breather. Wage growth is slowing, has record credit card debt. And we have one of the lowest savings rates we've ever had at 2.7%. But the consumer is employed, and he is happy to borrow money. But as I think the economy does slow and then you have the impact, of course, of the election uncertainty.

我還認為消費者將會喘口氣。薪資成長放緩，信用卡債務創紀錄。我們的儲蓄率是有史以來最低的儲蓄之一，為 2.7%。但消費者是有工作的，他很樂意借錢。但正如我認為經濟確實放緩一樣，當然也會受到選舉不確定性的影響。

Whoever wins, it's not so much whoever wins, it's what they said and what their actual policies would be. And I think that will also create some hesitation by both the consumer and companies to take forward their capital spending in the face of radically different policies that may or may not be enacted by the respective congresses.

無論誰獲勝，重要的不是誰獲勝，而是他們所說的話以及他們的實際政策是什麼。我認為，面對各自國會可能會或可能不會頒布的截然不同的政策，消費者和公司也會對推進資本支出產生一些猶豫。

I think US growth, though, has been unique. It's been exceptional, but it's really exceptional to the US partly for some of the wrong reasons like our massive fiscal spending, which is, again, going forward, regardless of Jerome Powell's interest rate policy, we will spend trillions of dollars on Infrastructure CHIPS Act, Inflation Act and several other policies.

不過，我認為美國的成長是獨一無二的。這很特殊，但對美國來說確實是特殊的，部分原因是一些錯誤的原因，例如我們龐大的財政支出，無論傑羅姆鮑威爾的利率政策如何，我們都將在基礎設施CHIPS 法案上花費數萬億美元、通貨膨脹法和其他幾項政策。

And there's another spending that's going on with the equivalent of a seamless package, which is the AI spending, data centers, EVs, batteries, but just that from the generals, the Magnificent 7 is hundreds of billions of dollars this year, $300 billion or $400 billion multiplied by the debt. It's another $1 trillion of spending.

還有另一項支出相當於無縫一攬子計劃，即人工智慧支出、數據中心、電動車、電池，但僅從將軍們的角度來看，今年的「宏偉七號」就是數千億美元，3000億美元或4000 億美元乘以債務。這又是 1 兆美元的支出。

One of the reasons I think consumers don't feel wonderful about this economy because it's so narrow. The spending of Amazon, Meta, Facebook, Google, Oracle, NVIDIA now on data centers doesn't impact the average American and you actually see the strength in things like construction starts, which last month -- construction jobs this last month to grow 37,000 jobs when they should be falling because of what we -- the 500 basis point increase in rates, which has dramatically hit private construction like single-family homes, multifamily homes, which are just completing their significant expansion and logistics starts.

我認為消費者對當前經濟感覺不佳的原因之一是因為它的範圍如此狹窄。亞馬遜、Meta、Facebook、谷歌、甲骨文、英偉達現在在數據中心上的支出不會影響普通美國人，你實際上可以看到上個月的建築施工等方面的強勁勢頭——上個月的建築工作職位增加了37,000 個就業率本應下降，因為利率上漲了 500 個基點，這極大地打擊了私人建築業，如單戶住宅、多戶住宅，這些住宅剛剛完成大規模擴張和物流啟動。

So -- and I think also you see the impact of what Rick Reeder at BlackRock called the spending from the wealthy, the 20% of the nation that houses a lot of significant portion of our nation's wealth, which is enjoying something in the order of $240 billion of interest income and they're spending it on services. So Powell's interest income is helping the wealthier part of the country that has savings, just spend money on things and particularly travel, where you see the impact of all the spending from the significant money that people earn that they didn't have before, just assume interest rates were 2.5%, and that's an incremental $120 billion in expense in the economy, mostly by the upper deciles of the US population.

所以，我想你也看到了貝萊德(BlackRock) 的里克·里德(Rick Reeder) 所說的富人支出的影響，即全國20% 的人擁有我們國家財富的很大一部分，他們正在享受一些東西2400 億美元的利息收入，他們將其花在服務上。因此，鮑威爾的利息收入正在幫助這個國家有儲蓄的富裕地區，他們只是把錢花在東西上，特別是旅行上，你可以看到人們從以前沒有賺到的大量錢中獲得的所有支出的影響，只是假設利率為 2.5%，那麼經濟支出將增加 1200 億美元，其中大部分是美國人口中的上十分之一。

So this US outperformance is also likely exceptionalism likely to continue because of the impact of AI rolling through our companies. And it's unique, again, to the United States, our data center markets, our infrastructure, just the Virginia market alone is 4 times the size of the European installations and even that in Asia. So that exceptionalism which is, of course, reflected in our S&P where these companies reflect almost 35% of the stock market, will continue as the impact of AI rolls through the P&Ls of our companies increasing productivity.

因此，由於人工智慧對我們公司的影響，美國的優異表現也可能持續下去。對於美國、我們的資料中心市場、我們的基礎設施來說，這也是獨一無二的，光是維吉尼亞市場的規模就是歐洲甚至亞洲安裝規模的四倍。因此，隨著人工智慧的影響不斷滲透到我們公司的損益表中，提高生產力，這種例外論也將繼續存在，這當然反映在我們的標準普爾指數中，這些公司佔股市的近 35%。

And again, having nothing to do nor will it have anything to do with the interest rate policies of the Federal Reserve, there's only 13 million Americans employed in the manufacturing markets. And that's where you'd most likely see the impact that in the housing market of high interest rates because it's not affecting a dramatic portion of the economy today, notably the healthcare sector, which has added nearly 4 million jobs, healthcare government education since he started raising rates in May 2022.

再說一次，與聯準會的利率政策無關也不會有任何關係，只有 1,300 萬美國人在製造業市場就業。這就是你最有可能看到高利率對房地產市場的影響的地方，因為它並沒有影響到當今經濟的很大一部分，特別是醫療保健行業，自他上任以來，該行業增加了近400 萬個就業機會，醫療保健政府教育。

So for real estate, it means we can see the light at the end of the tunnel. I'm not sure how long the tunnel is going to go on for. But you can see supply dropping, particularly in the multifamily market from 600,000-plus units this year to 230,000 units in '26. You also see logistics starts dropped nearly 70% and that both will restart at some point, but it does set the page for a new recovery.

所以對於房地產來說，這意味著我們可以看到隧道盡頭的曙光。我不知道隧道還要持續多久。但你可以看到供應量下降，特別是在多戶住宅市場，從今年的 60 萬多套減少到 2026 年的 23 萬套。您還可以看到物流開工率下降了近 70%，兩者都會在某個時候重新啟動，但這確實為新的復甦奠定了基礎。

There isn't much in the way of office construction, of course, as the US office markets continue to be injured, particularly on the coast from a lack of -- or the benefit of work from home. But we're encouraged by companies like Amazon, telling their employees that they have to be in the office five days a week. And as the economy softens, we'd expect the other tech giants to follow that lead.

當然，辦公大樓建設並沒有太大進展，因為美國辦公大樓市場持續受到損害，特別是在沿海地區，因為缺乏在家工作或沒有在家工作的好處。但像亞馬遜這樣的公司讓我們感到鼓舞，它們告訴員工每週必須在辦公室工作五天。隨著經濟疲軟，我們預期其他科技巨頭也會跟進。

I think we are better in the office. It doesn't mean the markets in the United States will be great. If good buildings are leased and you'll expect some financing markets to bifurcate between the really good assets, which will get financing and recently, there was a CMBS completed just office smart assets in it, almost something you couldn't have thought about before. And the bad assets will find alternative uses probably supported by congressional and local and city credits that will help convert arcane and the bad office into something else, whatever that might be or be torn down.

我認為我們在辦公室更好。這並不意味著美國的市場會很好。如果好的建築被出租，你會期望一些融資市場會在真正好的資產之間分裂，這些資產將獲得融資，最近，有一個 CMBS 完成了其中的辦公智慧資產，這幾乎是你以前無法想到的。不良資產將找到可能得到國會、地方和城市信貸支持的替代用途，這將有助於將神秘的和不良的辦公室轉化為其他東西，無論它是什麼或被拆除。

So I do think, as Jeff mentioned in his comments, there's a secular change taking place in the markets, the banks, particularly the regional banks with $1.9 trillion of real estate debt. We're really not looking to increase their exposure and the changes in capital rigs for the commercial banks mean that they really only want to be CMBS lenders and not balance sheet lenders anymore. There's an enormous opportunity for private credit to take the place of the banks and to step up.

因此，我確實認為，正如傑夫在評論中提到的那樣，市場、銀行，尤其是擁有 1.9 兆美元房地產債務的地區銀行正在發生長期變化。我們確實不想增加他們的風險敞口，商業銀行資本結構的變化意味著他們真的只想成為 CMBS 貸款人，而不是資產負債表貸款人。私人信貸有巨大的機會取代銀行並進一步發展。

And I think this is a secular change, not a cyclical change. And I think it poises us to be the leader in the private credit market and real estate being that we're the largest public company in the space. And we want to be the leader in this space. We want to grow significantly, and I think we're positioned to do that now.

我認為這是一個長期的變化，而不是週期性的變化。我認為，由於我們是該領域最大的上市公司，因此我們將成為私人信貸市場和房地產領域的領導者。我們希望成為這個領域的領導者。我們希望實現大幅成長，我認為我們現在已經準備好做到這一點。

As Jeff mentioned, we're quite proud in my opening -- in the comment in the press release. We're the only commercial mortgage REIT that has not cut its dividend since 2020, either in the pandemic or because of the rise in interest rates decimating the loan book.

正如傑夫所提到的，我們對我在新聞稿中的評論中的開場白感到非常自豪。我們是自 2020 年以來唯一沒有削減股息的商業抵押房地產投資信託基金，無論是在疫情期間還是因為利率上升導致貸款簿大幅減少。

There still are issues in our portfolio, but we're grappling with that, and we expect to be able to turn it on, and we can safely say that we can really turn today from offense or from defense to offense. And it is exciting to see transaction volumes pick up with rates coming down. And as Jeff mentioned, a record pipeline of opportunities for us to explore, underwrite, and take advantage of our balance sheet and deploy the cash that we have and the capacity we have in our portfolio.

我們的投資組合中仍然存在問題，但我們正在努力解決這個問題，我們期望能夠將其打開，我們可以有把握地說，我們今天真的可以從進攻或從防守轉向進攻。令人興奮的是看到交易量增加而利率下降。正如傑夫所提到的，我們有大量機會探索、承保和利用我們的資產負債表，並部署我們擁有的現金和投資組合中的能力。

Europe is healing as well, and they expect rates to drop further in Europe and the United States, but we're cautious across the world, particularly in the US about what the election will bring, what the long-term impact might be on interest rates, the spending policies of either politicians. And we'll be cautious as we've always been in taking on new commitments.

歐洲也在復甦，他們預計歐洲和美國的利率將進一步下降，但我們在世界各地，特別是在美國，對選舉將帶來什麼、對利率可能產生的長期影響持謹慎態度利率、政客的支出政策。我們將保持謹慎，因為我們一直在承擔新的承諾。

But when you see the good things that have happened, repayments have picked up, it's freed up equity for us to invest in other transactions. Our conduit business is having a great year, one of the best in the past five. I expect even as rates come down, the liquidity of our resi book will increase. And you also see our leverage ratio is the lowest in our history, but I can recall at 2.1%. So we're producing earnings with less leverage, which is a pretty powerful story.

但當你看到已經發生的好事時，還款有所增加，這為我們釋放了股本來投資其他交易。我們的管道業務今年表現出色，是過去五年表現最好的一年。我預計，即使利率下降，我們的儲備金帳簿的流動性也會增加。你也看到我們的槓桿率是我們史上最低的，但我記得是2.1%。因此，我們以更少的槓桿產生收益，這是一個非常強大的故事。

So I'm excited about where we are and where we can go. And the team is resolved and hopefully taking advantage of this great opportunity we have to be the leader in our sector and to grow rapidly, ultimately, the goal of achieving an investment-grade rating for our firm. And then it will be really fun. So thank you all for your time.

因此，我對我們所處的位置以及我們可以去往的地方感到興奮。我們的團隊決心利用這個絕佳機會，成為我們行業的領導者，並快速發展，最終實現我們公司獲得投資級評級的目標。然後就會非常有趣。謝謝大家抽出寶貴的時間。

And with that, I'm going to turn the call over to the operator. Thank you.

這樣，我將把電話轉給接線生。謝謝。

(Operator Instructions) Stephen Laws, Raymond James.

（操作員說明）Stephen Laws、Raymond James。

Hi. Good morning. Congrats on a solid quarter and nice to see the acceleration in origination activity. Jeff, kind of along those lines, high liquidity, low leverage, accelerating originations. I know you do watch leverage because you're pursuing an investment-grade rating, but can you talk about the investment capacity as you deploy that? And kind of what kind of incremental earnings do you think that can generate as you shift more to offense?

你好。早安.恭喜季度表現穩定，很高興看到發起活動的加速。傑夫，有點類似，高流動性，低槓桿，加速起源。我知道您確實會關注槓桿，因為您正在追求投資級評級，但您能談談您部署槓桿時的投資能力嗎？當你更多地轉向進攻時，你認為會產生什麼樣的增量收入？

Yeah. Thank you, Stephen. I may cough a little bit, I apologize. I'm pretty under the weather. So in terms of investment capacity and the ability to sort of grow earnings here, it depends on a few things. Obviously, our ability to move assets out of nonaccrual or REO would create earnings capacity in the easiest form in the form of growing through equity and debt in some combination, and you've seen us this year issue equity once and debt twice.

是的。謝謝你，史蒂芬。我可能會咳嗽一點，抱歉。我身體不太舒服。因此，就投資能力和增加收入的能力而言，這取決於幾個因素。顯然，我們將資產從非應計或REO 中轉移出來的能力將以最簡單的形式創造盈利能力，即通過股權和債務的某種組合來增長，而且你已經看到我們今年發行了一次股權和兩次債務。

If we did continue to issue equity and debt to grow, I sort of think of it as at a 2.1 turns of leverage for every dollar of equity that you issued. You could issue $2.1 of debt, your debt costs you somewhere around 6%. We issued a fixed 5.5-year note in September and your equity costs you in the 9s or somewhere around that. So you end up with a blended with 2.1% versus 1%, somewhere around a 7% cost of new capital.

如果我們確實繼續發行股票和債務來實現成長，我認為發行的每一美元股票的槓桿率為 2.1 倍。你可以發行 2.1 美元的債務，你的債務成本約為 6%。我們在 9 月發行了固定期限的 5.5 年期票據，您的股本成本為 9 美元或附近。因此，最終的結果是 2.1% 與 1% 的混合，新資本成本約為 7%。

Our historic ROE has been 12% to 13%. And if we could put that 7% money back out at 12%, you make 500 basis points. So for every $1 billion that you're able to do in a combination of equity and debt, if that's how you choose to grow and maintain that leverage at 2.1%, you would add $50 million to distributable earnings on a zero loss basis if you earned a [$12] and paid an effective cost of [$7].

我們歷史上的 ROE 為 12% 至 13%。如果我們可以將 7% 的資金以 12% 的利率返還，那麼您將獲得 500 個基點。因此，對於您能夠透過股本和債務組合實現的每10 億美元，如果這就是您選擇增長槓桿並將其維持在2.1% 的方式，您將在零損失的基礎上為可分配收益增加5,000 萬美元，如果您賺取了 [$12] 並支付了有效成本[$7]。

So if you did $2 billion, you'd earn $100 million. We've told you that we have a little over $1 billion on nonaccrual today. So our goal is to earn $100 million incremental to offset that or start bringing down these nonaccruals and REOs. We're working hard to do that.

因此，如果你賺了 20 億美元，你就會賺到 1 億美元。我們已經告訴過您，今天我們的非應計費用略高於 10 億美元。因此，我們的目標是賺取 1 億美元的增量來抵消這一損失，或開始減少這些非應計費用和 REO。我們正在努力做到這一點。

But hopefully, that gives you some scale of what we think the power of growing the businesses. We are full theme ahead on trying to grow. We have the most significant pipeline that we've had since, I think, the fourth quarter of '21 or maybe in the first quarter of '22, as I look at our actionable pipeline list, there is less competition from banks. There's more competition from debt funds.

但希望這能讓您了解我們認為的業務發展力量的某個規模。我們正全力以赴地努力成長。我認為，我們擁有自 21 年第四季或 22 年第一季以來最重要的管道，當我查看我們的可操作管道清單時，來自銀行的競爭較少。來自債務基金的競爭更加激烈。

It feels like we have a pretty good runway right now in Energy Infrastructure to continue to grow. We really like that sector as well. And we'll continue to look in a lot of different places. We did our first Freddie B piece this quarter. So we're looking there. We're looking at CMBS B pieces. But our goal is to grow -- growing our way out of the drag of the nonaccrual, et cetera, to make sure that we can continue to earn our core $0.48 is the main goal of the management team today.

感覺我們現在在能源基礎設施方面有一個非常好的跑道可以繼續成長。我們也非常喜歡這個領域。我們將繼續在許多不同的地方進行研究。本季我們製作了第一部 Freddie B 作品。所以我們正在那裡尋找。我們正在關注 CMBS B 件。但我們的目標是成長——擺脫非應計費用等因素的拖累，以確保我們能夠繼續賺取 0.48 美元的核心收入，這是管理團隊今天的主要目標。

Thanks. And a quick follow-up around the unsecured debt. As you look to increase the mix of unsecured debt on the balance sheet, can you talk about any impact that may have on earnings? Or how much kind of higher-cost secured debt or you're going to be able to pay off without kind of a material shift in your cost of funds?

謝謝。並圍繞無擔保債務進行快速跟進。當您希望增加資產負債表上的無擔保債務組合時，您能談談這可能對收益產生的影響嗎？或者，在資金成本沒有發生重大變化的情況下，您將能夠償還多少種較高成本的擔保債務？

Yeah. So it's interesting. Everybody here knows I think at this point that we have the accordion repo lines. It is the benefit that we pick up in having bank repo lines. The negatives that we give up, we've talked about in the past, we give up little bit of recourse. We give up the ability for the banks to credit mark up and we go up across all the assets. In return, we get the lowest rate we can borrow at on secured debt, and we get the ability to accordion these lines.

是的。所以這很有趣。這裡的每個人都知道我認為此時我們已經有了手風琴回購線。這是我們從擁有銀行回購額度中獲得的好處。我們過去談到我們放棄的負面因素，我們放棄了一點追索權。我們放棄了銀行信貸加價的能力，我們提高了所有資產的水平。作為回報，我們可以獲得擔保債務的最低利率，並且我們有能力遵守這些額度。

So when a dollar of cash comes into our system, instead of earning a money market rate of 4% or whatever that is, we've been over this before, but we will pay down the most expensive outstanding accordion repo line. And the most expensive lines are SOFR plus 300, 325, some even at 350. So today, you'd earn 8%, 8.5% on cash, if you only had $1 of cash. When we sit on $1.8 billion of cash like we are today, we paid down the $350 million. We paid down the $325 million, the $300 million, et cetera.

因此，當一美元現金進入我們的系統時，我們不會賺取 4% 的貨幣市場利率或其他利率，我們之前已經討論過這個問題，但我們將償還最昂貴的未償手風琴回購額度。最貴的系列是 SOFR plus 300、325，有些甚至是 350。因此，今天，如果您只有 1 美元現金，您將賺取 8%、8.5% 的現金收益。當我們像今天一樣擁有 18 億美元現金時，我們已經償還了 3.5 億美元。我們還清了 3.25 億美元、3 億美元等等。

We're probably paying something down more in line with $240 million over $245 million over today and the more cash we have, the less we're effectively getting paid on our cash. So when I look at our last high-yield deal, which we swapped to SOFR plus 270, that 270 to me on a repo equivalent is 260 because our bonds are semi bond, and our repos are monthly. So we pick up another 10 basis points there. So if we can continue to borrow at 260 over, which the market is a little wider than that today, we opportunistically tapped it at the tights of the high-yield index in September, but it's not far from there.

與今天的 2.45 億美元相比，我們可能要支付更多的首付，即 2.4 億美元，而且我們擁有的現金越多，我們實際上獲得的現金支付就越少。因此，當我查看我們最後一筆高收益交易時，我們將其交換為SOFR 加270，對我來說，回購協議中的270 相當於260，因為我們的債券是半債券，而我們的回購是每月的。因此我們在那裡再升值 10 個基點。因此，如果我們能夠繼續以 260 美元以上的價格借款（市場比今天要寬一些），我們就會在 9 月份高收益指數的緊俏時刻利用它，但距離那裡並不遠。

If we're able to issue more high-yield debt today in the 270 area, and we're sitting on this much cash, it would be slight negative carry because we'd be paying down $230 million, $220 million, $210 million over. And once we get invested and we get which is our goal here, we get this cash invested, and we can start using that cash to pay down things that are 270, 280, 290, 300 over, we could get back to a point when we get fully invested here, it should credit spreads remain where we are getting paid positive carry for the first time in our history to move from secured debt to unsecured debt.

如果我們今天能夠在 270 區域發行更多高收益債券，而我們坐擁這麼多現金，那麼這將是輕微的負利差，因為我們將支付 2.3 億美元、2.2 億美元、2.1 億美元。一旦我們得到投資，我們得到了我們的目標，我們就得到了這些現金投資，我們可以開始用這些現金來償還 270、280、290、300 多的東西，我們可以回到這樣一個點：我們在這裡進行了充分投資，如果信用利差保持在我們歷史上第一次獲得正利差的水平，從有擔保債務轉向無擔保債務。

That's when you will see us put our foot on the gas and try to move more to an unsecured model. And along with our low leverage, we believe that maintaining that higher portion of unsecured debt to overall secured debt would be what puts us in line for the ratings upgrade that we -- that Barry just spoke about and that is the holy grail here. So it's a little bit confusing. When we sit on a lot of cash, we're paying down, we pay a little bit more negative carry. When we're sitting on less cash, they could turn to positive carry. But we're looking at it every day. The goal right now is to get fully invested. We have a lot of cash. We have a great pipeline.

到那時，您將看到我們全力以赴，並嘗試更多地轉向不安全的模式。除了我們的低槓桿率之外，我們相信，維持無擔保債務佔整體擔保債務的較高比例將使我們符合巴里剛才談到的評級升級，這就是這裡的聖杯。所以這有點令人困惑。當我們持有大量現金時，我們需要支付更多的負利差。當我們的現金減少時，他們可能會轉向正利差。但我們每天都在關注它。現在的目標是充分投資。我們有很多現金。我們有很棒的管道。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you. Seems like a positive story is building around the commercial real estate recovery prospects. The one damper on that is the treasury market. And I know you all have been sensitive in your comments around long-term treasuries and how that creates risk for refis. What are your views on how that might change the positive trajectory we're currently seeing?

謝謝。商業房地產復甦前景似乎正在形成一個積極的故事。對此的一個阻礙因素是國債市場。我知道你們對長期國債及其如何造成再融資風險的評論都很敏感。您對這可能如何改變我們目前所看到的正面軌跡有何看法？

Yes, Jade, it's a great question. Barry would certainly take this one normally. The 10-year is obviously up to date. The curve is normalizing and steepening. The thought that there will be more government expenditures and potentially creating inflation in growth is not great for the 10-year, and that will have an impact on cap rates. I will say that it's not all negative. If I look over a longer period of time, over the last two years, I've been really focused on where's SOFR in 2026.

是的，傑德，這是一個很好的問題。巴里肯定會正常接受這個。10 年顯然是最新的。曲線正在正常化並且變得陡峭。政府支出將會增加並可能造成成長中的通貨膨脹的想法對於十年期來說並不好，這將對資本化率產生影響。我要說的是，這並不全然是負面的。如果我放眼更長的時間，在過去的兩年裡，我一直非常關注 2026 年 SOFR 的情況。

And SOFR in 2026 is somewhere in the 375 area. Today, after this big move, it was 350 just a couple of days ago. That is in the middle of the range of where we've been for the last couple of years. On this call last year, at Halloween of last year, SOFR in '26 was 460. So it's significantly better than where we were. But it's not as good as the 285 or so that we were at five or six months ago where we expected the Fed to be more aggressively cutting. I would say that our portfolio from a credit perspective, we certainly want lower SOFR that will benefit us more than lower cap rates driven by the 10-year.

2026 年的 SOFR 位於 375 區域的某個位置。今天經過這麼大的波動，前幾天還是350。這處於過去幾年我們所處範圍的中間。在去年的萬聖節電話會議上，26 年的 SOFR 為 460。所以它比我們原來的地方好得多。但它不如五、六個月前的 285 左右那麼好，當時我們預計聯準會會更積極地降息。我想說的是，從信貸角度來看，我們的投資組合當然希望較低的 SOFR，這比 10 年期國債驅動的較低上限利率對我們更有利。

So this move and the steepening of the curve doesn't hurt our portfolio as much. But should we normalize somewhere around here, I think you will see cap rates potentially be slightly higher, obviously, with what's happened in the 10-year, and you will see our ability to look at our entirety of our multi books, et cetera, that might have a 5.5% or 6% debt yield that we thought a week ago were easy to refi, might be a little bit more difficult to refi, but we think there's enough capital out there, and we're certainly seeing liquidity.

因此，這項舉措和曲線的陡峭不會對我們的投資組合造成太大影響。但如果我們在這附近的某個地方實現正常化，我認為你會看到資本化率可能會略高，顯然，根據十年內發生的情況，你會看到我們有能力查看我們全部的多本書，等等，可能有5.5% 或6% 的債務收益率，我們一周前認為很容易再融資，但可能會更難再融資，但我們認為那裡有足夠的資本，而且我們當然看到了流動性。

We just -- we talked about the two assets that we sold at our basis this quarter, that was in a similar rate environment to where we are now. And I think the impact at this move will be fairly small. Should this move turn into something another 50 or 100 basis points higher, then we'll reevaluate. But it's certainly important to talk about.

我們剛剛討論了本季我們出售的兩項資產，當時的利率環境與我們現在的情況相似。我認為此舉的影響將相當小。如果這項措施進一步上漲 50 或 100 個基點，那麼我們將重新評估。但這確實很重要。

But I want to talk about the other side of it because it's really important. If rates do continue to go higher, it's going to be because people have optimism about the economy. With that optimism, we're going to expect to see more leasing on the office side. That's what the commercial real estate markets are really hoping for. With that optimism and job growth and the things that will create inflation, we're also going to see higher rents on the multi side. We'll see higher rents at hotels, higher ADRs at hotels.

但我想談談它的另一面，因為它非常重要。如果利率確實繼續走高，那將是因為人們對經濟持樂觀態度。帶著這種樂觀情緒，我們預期辦公室方面會出現更多租賃。這才是商業地產市場真正所希望的。有了這種樂觀情緒、就業成長以及會造成通貨膨脹的因素，我們也將看到多方面的租金上漲。我們將看到酒店租金上漲，酒店平均房價上漲。

So you would assume that higher rates are going to come with a stronger economy. A stronger economy certainly offsets a tremendous amount of the difficulties that I talked about in the beginning of this that are rate imposed only. In the meantime, we'll continue to monitor our hedges across our book. We told you that -- I told you in my prepared remarks that we extended our hedges on our entire resi book, and that saved us $10 million to $12 million. That's before this moves over the last 24 hours and probably up more than that by extending our hedges.

因此，你會認為更高的利率會伴隨著更強勁的經濟。更強勁的經濟無疑可以抵銷我在本文開頭談到的僅由利率帶來的困難。同時，我們將繼續監控我們帳簿中的對沖。我們告訴過你——我在我準備好的發言中告訴過你，我們擴大了對整個 Resi 賬簿的對沖，這為我們節省了 1000 萬至 1200 萬美元。這是在過去 24 小時內出現波動之前的情況，而且透過擴大對沖，漲幅可能會更大。

We're going to stay fully hedged in books like that and try and not have a treasury rate bet on in any way. We don't do that. We don't bet on FX. We don't bet on direction of treasuries. We try to be -- to match our fixed and floating assets and liabilities, we'll continue to and hopefully, a stronger economy is part of this higher rate environment that we're headed into. And hopefully, rates kind of stay here because we like lower volatility, and we like seeing the activity that's back in the real estate markets, and we don't want to slow that down.

我們將在此類帳簿中保持充分對沖，並嘗試不以任何方式押注國債利率。我們不這樣做。我們不押注於外匯。我們不押注國債的走向。我們將繼續努力，以配合我們的固定和浮動資產及負債，並希望更強勁的經濟成為我們即將進入的高利率環境的一部分。希望利率能維持在這個水平，因為我們喜歡較低的波動性，我們喜歡看到房地產市場的活動重新開始，我們不想放慢這種速度。

Thank you very much. In the opening comments, you talked about the mix of new investment weighted toward non-CRE originations. Could you provide any additional color? Is that a ratio you expect to maintain? Is it a goal to reduce the CRE percentage? Or is that just a snapshot of a moment in time?

非常感謝。在開場白中，您談到了專注於非商業房地產的新投資組合。你能提供任何額外的顏色嗎？您希望維持這個比例嗎？降低 CRE 比例是個目標嗎？或者這只是某個時刻的快照？

It's a moment in time, Jade. We did just under $1 billion in CRE lending. We had a very strong quarter in our CMBS originations business, we did the Freddie B piece, which we talked about. We bought some CMBS, and we were pretty aggressive again on the energy infrastructure side, which we think is a great business today. So I think you were probably 53% or 54% to 46% or 47% this quarter. I would expect that our core business, which is CRE lending becomes 70% or so as I look at quarters going out, and we certainly think we have a pipeline that would be in line with that.

這是一個及時的時刻，傑德。我們的 CRE 貸款金額接近 10 億美元。我們的 CMBS 起源業務有一個非常強勁的季度，我們做了 Freddie B 的作品，我們談到了這一點。我們購買了一些 CMBS，並且在能源基礎設施方面再次非常積極，我們認為這是今天的一項偉大業務。所以我認為本季的比例可能是 53% 或 54% 到 46% 或 47%。我預計我們的核心業務（CRE 貸款）將占到季度的 70% 左右，我們當然認為我們擁有與此相符的管道。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Great. As you guys think about executing the pipeline, should we think about that growth being funded by leverage normalizing or continuing to raise equity?

偉大的。當你們考慮執行管道時，我們是否應該考慮透過槓桿正常化或繼續籌集股本來為成長提供資金？

Yeah. Listen, we raised equity this year. If we wanted to stay within the sort of normal bands for our company, we're at 2.14 times levered today, near the lowest we've ever been. Part of that is that we are sitting on more cash. When that gets invested, I would expect we're more in the mid 2s. I think we have a great story to tell with the rating agencies as long as we stay below 2.8 or so. So we're pretty low. We have a lot of room to add more debt capacity.

是的。聽著，我們今年籌集了股本。如果我們想維持公司的正常水平，我們今天的槓桿率為 2.14 倍，接近歷史最低水平。部分原因是我們坐擁更多現金。當它得到投資時，我預計我們會處於 2 年代中期。我認為只要我們的評級保持在 2.8 左右以下，我們就可以向評級機構講述一個精彩的故事。所以我們的水平很低。我們有很大的空間來增加更多的債務能力。

We haven't raised as much debt as would stay in line with the 2.1 or certainly not the 2.5. So we have room to issue not in significant amounts more debt. We have $4.6 billion of unencumbered assets. We have room on our term loan to issue another $1 billion of incremental debt. So my gut is depending on where markets are at any given time and where things are that we have significant capacity to issue more debt and before we go to another part of our capital structure, but we have room.

我們籌集的債務沒有達到 2.1 的水平，當然也沒有達到 2.5 的水平。因此，我們有空間發行數量不多的更多債務。我們有 46 億美元的未支配資產。我們的定期貸款還有空間可以再發行 10 億美元的增量債務。因此，我的直覺取決於市場在任何特定時間的情況，以及我們有強大的能力發行更多債務的情況，在我們進入資本結構的另一部分之前，但我們有空間。

And if we get this money spent, we're -- and spreads stay here, I would expect that we continue to do what we said we want to do, which is increase the amount of unsecured debt on our balance sheet as a percentage of total debt to try to get to a ratings upgrade in the not-too-distant future, and that would lean us towards that direction.

如果我們花掉這筆錢，利差就保持在這裡，我預計我們會繼續做我們說過我們想做的事情，即增加我們資產負債表上無擔保債務的數額，佔總債務試圖在不久的將來獲得評級升級，這將使我們朝著這個方向發展。

I appreciate that, Jeff. And Rina, on Woodstar, it seemed like the discount rate went up in the quarter despite rates going down. Just wondering if you could give us an update there.

我很感激，傑夫。Rina 在 Woodstar 上表示，儘管利率下降，但本季貼現率似乎有所上升。只是想知道您是否可以向我們提供最新情況。

Sure. So Doug, our process for Woodstar valuation is to do an internal valuation in the interim quarters, and then we get an appraisal every year-end, which is required by our partnership agreement for the JV. And so what we do each quarter is we look at comparable sales that occurred not only in the quarter but also over the previous 12 months. And so the comp set was really -- just had a wide range of cap rates that got executed. And so the average ended up at the 4.6% that you see disclosed in our 10-Q as far as the cap rate goes. So that's really what drove that.

當然。Doug，我們的 Woodstar 估值流程是在中期季度進行內部估值，然後我們每年年底進行評估，這是我們合資企業合作協議所要求的。因此，我們每季所做的就是不僅查看本季的可比較銷售額，還要查看過去 12 個月的可比銷售額。因此，補償集實際上只是執行了廣泛的資本化率。因此，就資本化率而言，平均最終達到 4.6%，正如您在我們的 10 季報告中所揭露的那樣。所以這才是真正的推動因素。

No way to really know where the third-party appraiser is going to come in at year-end. But I know last year, we -- the cap rate that we used ended up being really close to where the appraisers came in. So yes, not sure about year-end valuation just yet. But that's how we approach the process.

無法真正知道第三方評估師將在年底介入。但我知道去年，我們使用的資本化率最終非常接近評估師的水平。所以，是的，目前還不確定年終估值。但這就是我們處理這個過程的方式。

Yeah, Doug, we have a list of the last, I don't know, 25 or so that have traded that are similar to ours in our markets over $0.5 billion in the last year and change, and that comes up with that -- with the same number that's in the queue, and that's the number that we're using. So I know people will look at where rates are at any given time. They certainly were lower at the end of last quarter than today. But we base it on where the market is.

是的，道格，我們有一份最後的名單，我不知道，去年大約有25 家與我們市場上的交易類似的公司，交易額超過5 億美元，並且發生了變化，隨之而來的是——與佇列中的號碼相同，這就是我們正在使用的號碼。所以我知道人們會在任何特定時間查看費率。上季末的價格肯定低於今天。但我們是根據市場情況來決定的。

And just a further point on that, we discussed it. I believe at year-end last year that there is a 25-basis point portfolio kind of premium in there. So if you look at it on a per asset basis, it's -- your cap rate is really 25 basis points above what you see in the queue.

關於這一點，我們也進行了討論。我相信去年年底投資組合存在 25 個基點的溢價。因此，如果您以每項資產為基礎來看的話，您的上限利率實際上比您在隊列中看到的上限高出 25 個基點。

Rick Shane, JPMorgan.

里克·肖恩，摩根大通。

Hey, guys. Thanks for taking my questions this morning. Look, as you work through the challenges in the portfolio, there basically are three paths: one is modification and extension of loans, two is to sell the loans, third is to foreclose and take the property. As you work through that process, how do you make that -- what is the decision tree? And how much is that impacted by property type geography? What are the criteria that help us understand how you're going to remedy the portfolio?

嘿，夥計們。感謝您今天早上回答我的問題。看，當你解決投資組合中的挑戰時，基本上有三種路徑：一是修改和延期貸款，二是出售貸款，三是取消抵押品贖回權並收回財產。當你完成這個過程時，你是如何做到這一點的——決策樹是什麼？房產類型地理位置的影響有多大？幫助我們了解您將如何補救投資組合的標準是什麼？

Yeah. It's a very good question, Rick. Thanks. In the end of the day, I think there are certain financial institutions who want to do what might look best for their financials as they report them, and that's going to force them to either be a seller or a holder and oftentimes, a seller. There are certain less liquid companies that would look like us that might have to be a seller because they don't have the capital to put into the assets to optimize the assets.

是的。這是一個非常好的問題，瑞克。謝謝。歸根結底，我認為某些金融機構希望在報告時採取對其財務狀況最有利的做法，這將迫使他們要么成為賣方，要么成為持有人，而且通常是賣方。有些像我們這樣流動性較差的公司可能必須成為賣方，因為他們沒有資本投入資產來優化資產。

They may not have the private equity sponsor that we have that has a history of running today over $100 billion of equity assets to come -- to get to the point of creating enough value to where you want to take it to market and then to really wait until you have a decision that this is the optimal time to take it to market as opposed to it's the optimal time for my financials for me to make a decision.

他們可能沒有像我們這樣的私募股權贊助商，後者在今天經營超過 1000 億美元的股權資產，無法達到創造足夠價值的程度，從而將其推向市場，然後真正實現價值。決定，認為這是將其推向市場的最佳時間，而不是根據我的財務狀況做出決定的最佳時間。

I think we always look at things and say, how can we best protect shareholder value by finding the right time and what we think we can do in terms of improving an asset and timing and exit.

我認為我們總是審視事物並說，我們如何透過找到合適的時間以及我們認為在改善資產、時機和退出方面可以做的事情來最好地保護股東價值。

So having great liquidity and having access to tremendous liquidity really allows us to sit back and make the right decisions that we think are in the best interest of the shareholders and management and the Board have $400 million of stock. So it's our retirement as well, and we want to look at this as what's the best way to get back every dollar that we think that we can as opposed to forcing ourselves into a long-term sale -- excuse me, into a sale that takes a loss today or sign up for a longer-term modification that effectively takes a loss over time because you're giving up something in order to have the modification and earnings over the coming years.

因此，擁有巨大的流動性和獲得巨大的流動性確實使我們能夠坐下來做出我們認為符合股東和管理層最佳利益的正確決策，而且董事會擁有 4 億美元的股票。因此，這也是我們的退休問題，我們希望將此視為收回我們認為可以的每一美元的最佳方式，而不是強迫自己進行長期出售——對不起，進行一項長期出售今天遭受損失，或者簽署一項長期修改，隨著時間的推移，這實際上會造成損失，因為你要放棄一些東西，以便在未來幾年獲得修改和收益。

So we weigh those all against each other way, we weight where they are in the market, and we try to make a decision based on that. But we get to make a decision with clear eyes and a full heart that we want to be in an asset for a long period of time, and we think there's value there or else we'd move on.

因此，我們會互相權衡這些因素，權衡它們在市場中的地位，並嘗試據此做出決定。但我們必須以清晰的眼光和全心全意地做出決定，我們希望長期持有一項資產，並且我們認為那裡有價值，否則我們會繼續前進。

Did you just tell us that you can't lose, Jeff?

你剛才是不是告訴我們不能輸，傑夫？

I can't lose. You're a Friday Night Lights guy. I love it.

我不能輸。你是周五夜燈的人。我喜歡它。

Yes. I got your reference. Anyway, thanks for the answer, guys.

是的。我得到了你的參考。不管怎樣，謝謝你們的回答，夥伴們。

Thank you very much.

非常感謝。

Harsh Hemnani, Green Street.

嚴酷的 Hemnani，格林街。

Thanks for taking my question. Maybe I think you touched on this a little bit, but given the healing in the commercial real estate market, the improvement in fundamentals, how are you sort of looking at balancing the near term in terms of capital allocation given the relative value between perhaps infrastructure loans and commercial real estate lending? And then how does that maybe contrast with your longer-term strategic view where maybe you want commercial real estate loans to be less than 60% of the book overall?

感謝您提出我的問題。也許我認為您稍微談到了這一點，但考慮到商業房地產市場的復甦和基本面的改善，考慮到基礎設施之間的相對價值，您如何考慮平衡近期的資本配置貸款和商業房地產貸款？那麼，這與您的長期策略觀點有何不同，您可能希望商業房地產貸款佔總帳面的 60% 以下？

Yeah. Listen, it's a really good question. I think we're happy that they're less than 60% in the last couple of years, right? And we're 56% today as commercial real estate values have certainly come off of their peak. That doesn't mean that that's where we want it to be. I think if we felt like relative value is leaning significantly towards commercial real estate, we'd be happy doing 100% of our new business in commercial real estate.

是的。聽著，這是一個非常好的問題。我認為我們很高興過去幾年他們的比例低於 60%，對嗎？今天我們的成長率為 56%，因為商業房地產價值肯定已經脫離了高峰。這並不意味著這就是我們想要的。我認為，如果我們覺得相對價值明顯傾向於商業房地產，我們會很高興 100% 的新業務都在商業房地產領域。

Balance has been good for us. We appreciate Green Street picking us up and covering us. We pivoted this business over the last 15 years. Every couple of years, we've sort of leaned a different direction. In 2015 and '16, we didn't like where lending values were going. We thought that spreads were getting too tight, and we thought it was a better time to be a buyer than a seller. And we basically stopped writing loans, and we acquired this $4 billion or so of a property pipeline.

平衡對我們有好處。我們感謝格林街接我們並覆蓋我們。我們在過去 15 年轉變了這項業務。每隔幾年，我們就會傾向於不同的方向。2015 年和 16 年，我們不喜歡貸款價值的走向。我們認為價差變得太小，我們認為現在是買家而不是賣家的更好時機。我們基本上停止發放貸款，並收購了價值 40 億美元左右的房地產管道。

We've had strategies where we've been more significant on the resi side. Certainly, over the last couple of years of uncertainty in the commercial real estate side and less volume on the commercial real estate side, we've been fortunate that, that's been met with an incredibly good investing environment for our energy infrastructure business. It's pipelines and midstream assets, which include pipelines and power plants sort of 50% or so each.

我們制定了在儲備方面發揮更大作用的策略。當然，在過去幾年商業房地產方面的不確定性和商業房地產方面的交易量減少的情況下，我們很幸運，我們的能源基礎設施業務遇到了非常好的投資環境。它是管道和中游資產，其中包括管道和發電廠，各佔 50% 左右。

The LTV on that book, I think, is down to 51.5%, the lowest it's been. The term loans that are quoted in the secondary market averaged significantly above par today. That's never been the case. And we've been earning mid- to high teens on that book as we've leaned in and really grown that in the last couple of years. And we're earning that because our liability cost has maintained its lower levels and never really spiked up, as our liability costs in the CRE side moved up over the last couple of years. So we still see that as really accretive. We're fortunate that we have significant liquidity today that we are going to do all of the trades that we think are really smart in both CRE lending and an infra today.

我認為那本書的 LTV 已降至 51.5%，是歷史最低。今天二級市場上報價的定期貸款平均值明顯高於面值。從來沒有這樣過。隨著我們在過去幾年的努力和真正的成長，我們在那本書上的收入一直在中高。我們之所以能獲利，是因為我們的責任成本一直保持在較低水平，並且從未真正上升，因為過去幾年我們商業地產方面的責任成本有所上升。所以我們仍然認為這確實具有增值作用。我們很幸運，我們今天擁有大量的流動性，我們將在今天的商業房地產貸款和基礎設施方面進行我們認為真正明智的所有交易。

So if either one knocked on the door with a great opportunity, we would take a full-size bite because our goal here is to grow, and we think there are great opportunities to grow. My gut is the CRE market is just a much bigger market. And so if I'm comparing those two, the CRE market will go back to being 75% of what we do versus maybe 25% there. And it could even be 80-20 because of the scale of that market in a recovery where we're seeing opportunities where people have executed their business plans from the high-volume year of 2021, and they're coming up to a time where they have to refinance.

因此，如果任何一個人敲開了一個很好的機會，我們都會全力以赴，因為我們的目標是成長，我們認為有很好的成長機會。我的直覺是，商業房地產市場是一個更大的市場。因此，如果我將這兩者進行比較，CRE 市場將恢復到我們所做工作的 75%，而那裡可能為 25%。甚至可能是 80-20，因為復甦中的市場規模，我們看到了人們從 2021 年開始執行業務計劃的機會，而且他們即將迎來這樣一個時刻：他們必須再融資。

That's a great opportunity for us where things are going to be turning over because we're seeing equity come back into these markets. That's an opportunity for us on new purchases. So I expect to see that to continue to increase. I wouldn't be surprised if we continue to increase our purchases in the CMBS area either. The residential area, spreads have tightened a lot, loan prices have got to a point where we don't really love them here. We have not really invested in resi. I don't expect us to in the near future.

這對我們來說是一個很好的機會，事情將會轉變，因為我們看到股本回到這些市場。這對我們來說是新採購的機會。因此，我預計這一數字將繼續增加。如果我們繼續增加 CMBS 領域的採購，我不會感到驚訝。住宅區的利差已經收緊很多，貸款價格已經達到了我們不太喜歡這裡的地步。我們還沒有真正投資於RESI。我不希望我們在不久的將來這樣做。

We're looking at five or six different products that other people do that were a little bit more worried than the market about the credit risk on those. So we're staying with our knitting on the resi side. And on the property side, cap rates, we still have -- we have slight positive carry in some, but you have negative leverage still in a lot of owned assets. And so buying 5 -- [4%, 5%, 6%] cap rate assets and financing them with negative leverage and earning a cash return by buying more property here that doesn't cover our dividend, which would be the case on just about any type of property that we look at today.

我們正在研究其他人所做的五到六種不同的產品，這些產品比市場更擔心這些產品的信用風險。因此，我們將繼續在 Resi 方面進行針織。在房地產方面，我們仍然有一些資本化率，但在許多自有資產中仍然有負槓桿。因此，購買 5 - [4%, 5%, 6%] 資本化率資產，並以負槓桿為其融資，並通過在這裡購買更多不包括我們股息的房產來賺取現金回報，這就是僅關於我們今天看到的任何類型的財產。

This is not the type of time where we'll lean in there. We've leaned in there when we're able to earn our dividend on a cash return and have upside from the Excel spreadsheet working out that we're able to get higher rents that we can bring expenses down, we can move into a lower cap rate environment in the future. This is not one of those times. So you will not see us leaning in to add significantly in property. There are certainly some sectors, data centers, et cetera, that we really want to grow in, and we will grow in.

這不是我們會倚靠的時候。當我們能夠透過現金回報賺取股息，並且從 Excel 電子表格中獲得好處時，我們就會傾向於那裡，我們能夠獲得更高的租金，我們可以降低開支，我們可以搬進更低的租金。的上限利率環境。這不是那些時代之一。所以你不會看到我們傾向於大幅增加財產。當然，我們確實希望在某些領域、資料中心等領域發展，並且我們也會在其中發展。

But right now, the opportunity set looks really good. If rates keep going higher, that opportunity set could pull back a little bit, and we'll lean in on other sectors other than CRE. But right now internationally and domestically, we think there's a really good opportunity for us to get the money to work that we have and hopefully do it in time to be able to get to market and continue to grow while the capital markets are very open to us, and they are very open to us today.

但現在看來，機會確實很好。如果利率繼續走高，這一機會可能會有所回落，我們將轉向商業房地產以外的其他行業。但目前在國際和國內，我們認為這是一個非常好的機會，可以讓我們擁有的資金發揮作用，並希望及時做到這一點，以便能夠在資本市場非常開放的情況下進入市場並繼續成長。我們，他們今天對我們非常開放。

Got it. That's really helpful color. Maybe if I can ask on the conduit side, right? I think as you mentioned in the prepared remarks, originations are strong, margins are healthy. Maybe given what's happened with rates early in this quarter, how is that trending into the end of the year and maybe your outlook for next year?

知道了。這真是有用的顏色。也許我可以在管道方面詢問一下，對嗎？我認為正如您在準備好的發言中提到的那樣，起源很強大，利潤也很可觀。也許考慮到本季初的利率變化，到年底的趨勢如何，也許您對明年的展望？

Yeah. Listen, the SASB market is still the bigger market. That's not really where we play. Within the conduit market, we tend to write $8 million to $15 million smaller loans that the banks don't want that maybe have a little bit more room in it if you're willing to do the work. We hedge 100% of the interest rates, and we only hedge about 30% of the credit spread. That's historically what we've always done.

是的。聽著，SASB 市場仍然是更大的市場。那不是我們真正玩的地方。在通路市場中，我們傾向於發放 800 萬至 1500 萬美元的小額貸款，這些貸款是銀行不想要的，如果您願意做這項工作，可能還有更多的空間。我們對沖 100% 的利率，而我們僅對沖約 30% 的信用利差。從歷史上看，這就是我們一直在做的事情。

So in quarters where credit spreads continue to tighten as they have in the last couple of quarters, and you've seen AAAs across the board do really well, we tend to make outsized returns in that business, and we'll pull back a little bit when credit spreads get into the types. So we're going to have close to a record year this year in what I'm seeing right now for the near term, still looks really good for the fourth quarter.

因此，在信用利差繼續收緊的季度中，就像過去幾個季度一樣，並且您已經看到AAA 的整體表現非常好，我們傾向於在該業務中獲得巨大的回報，並且我們會稍微回撤當信用利差進入該類型時。因此，就我現在所看到的近期情況來看，今年我們將接近創紀錄的一年，第四季看起來仍然非常好。

But spreads -- if AAA spreads are into all-time types, you're not going to see us layer in a larger risk position if we think that there is an equal opportunity for spreads to go higher than tighter because that's going to define the difference between us making a little and a lot or risking not making any. And I think there's only been one quarter in our history where we didn't make money in that business.

但是利差——如果 AAA 利差處於歷史最高水平，如果我們認為利差有平等的機會走高而不是走窄，那麼我們就不會看到我們處於更大的風險頭寸，因為這將定義我們賺一點和賺很多還是冒著不賺的風險之間的差別。我認為在我們的歷史上只有四分之一的時間我們在這項業務中沒有賺錢。

So we're patient there. We play in smaller loans. We have a niche business. The guys who do it for us have an unbelievable risk appetite. We've got every loan, I think, we've ever made since we bought this business into a conduit deal. We know what BP buyers want because we're a BP buyer, because we're a big servicer. We tend to originate smartly, never get hung on loans, and it's a profitable, steady business for us.

所以我們對此很有耐心。我們玩小額貸款。我們有一個利基業務。為我們做這件事的人有著令人難以置信的風險偏好。我想，自從我們透過管道交易購買了這家公司以來，我們已經獲得了所有貸款。我們知道 BP 買家想要什麼，因為我們是 BP 買家，因為我們是一家大型服務商。我們傾向於巧妙地開展業務，從不依賴貸款，這對我們來說是一項有利可圖、穩定的業務。

But I don't think with this rate move that you should expect a significantly bigger conduit year next year than this year, even though you will have more roles of the old 10-year loans. You're now looking at the 2014 and '15 and '16, which were pretty good origination years. Those will roll. And if the same borrowers decide to go back into conduit, there will be more of a pipeline, but they'll have different opportunities. And to be honest, if this interest rate curve continues to normalize and steepen, you could see some of them go floating at some point if the curve continues to deepen out.

但我認為，隨著這次利率變動，明年的通路不會比今年大得多，儘管您將在舊的 10 年期貸款中發揮更多作用。你現在看到的是 2014 年、15 年和 16 年，這些都是非常好的起步年份。那些會滾動。如果同樣的借款人決定重新進入管道，將會有更多的管道，但他們會有不同的機會。老實說，如果這條利率曲線繼續正常化並變得陡峭，如果曲線繼續加深，你可能會看到其中一些利率會在某個時刻浮動。

So we'll see where that comes from. But right now, we're going to stick to our knitting and run a fairly conservative book that is accretive every quarter.

所以我們會看看它來自哪裡。但現在，我們將堅持我們的編織，並運行一本相當保守的書，每個季度都會增值。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to management for closing comments.

我們的問答環節已經結束。我現在想將電話轉回給管理層以徵求結束意見。

Sorry again that Barry was unable to be on for the Q&A, but we really appreciate your time and look forward to updating you again next quarter. Thank you, everyone.

再次抱歉，巴里無法參加問答，但我們非常感謝您抽出寶貴的時間，並期待下季度再次向您通報最新情況。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。