Starwood Property Trust Inc (STWD) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Starwood Property Trust second quarter 2025 earnings Call. (Operator Instructions) A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Zach Tanenbaum, Director of Investor Relations. Thank you, Zack. You may begin.

您好，歡迎參加喜達屋地產信託 2025 年第二季財報電話會議。（操作員指示）正式示範之後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係總監 Zach Tanenbaum。謝謝你，扎克。你可以開始了。

Thank you, operator. Good morning, and welcome to Starwood Property Trust earnings call. This morning, we filed our 10-Q and issued a press release with the presentation of our results, which are both available on our website and have been filed with the SEC. Before the call begins, I would like to remind everyone that certain statements made in the course of this call are forward-looking statements which do not guarantee future events or performance. Please refer to our 10-Q and press release for cautionary factors related to these statements. Additionally, certain non-gap financial measures will be discussed on this call.

謝謝您，接線生。早安，歡迎參加喜達屋地產信託收益電話會議。今天早上，我們提交了 10-Q 報表並發布了一份新聞稿，介紹了我們的業績，這些都可以在我們的網站上查閱，並且已經提交給美國證券交易委員會 (SEC)。在電話會議開始之前，我想提醒大家，本次電話會議過程中所做的某些陳述是前瞻性陳述，不保證未來事件或表現。有關這些聲明的警示因素，請參閱我們的 10-Q 和新聞稿。此外，本次電話會議也將討論某些非缺口財務措施。

For a reconciliation of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP, please refer to our press release filed this morning. 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. With that, I am now going to turn the call over to Rina.

有關這些非 GAAP 財務指標與按照 GAAP 編制的最具可比性的指標的對賬，請參閱我們今天早上發布的新聞稿。今天與我一起參加電話會議的還有公司董事長兼執行長 Barry Sternlicht、公司總裁 Jeff DiModica 和公司財務長 Rina Paniry。說完這些，我現在將把電話轉給 Rina。

Thank you, Zach, and good morning, everyone. This quarter, we reported distributable earnings or DE of $151 million or $0.43 per share. GAAP net income was $130 million or $0.38 per share. Across businesses, we committed $3.2 billion towards new investments, including $1.9 billion in commercial lending and $700 million in infrastructure lending. This brings capital deployment for the first six months of the year to $5.5 billion already surpassing all of 2024.

謝謝你，扎克，大家早安。本季度，我們報告的可分配收益或 DE 為 1.51 億美元或每股 0.43 美元。GAAP 淨收入為 1.3 億美元，即每股 0.38 美元。我們在各項業務上承諾了 32 億美元的新投資，其中包括 19 億美元的商業貸款和 7 億美元的基礎設施貸款。這使得今年前六個月的資本部署達到 55 億美元，已經超過了 2024 年全年的資本部署。

I will begin my segment discussion this morning with commercial and residential lending which contributed DE of $174 million for the quarter or $0.49 per share. In commercial lending, we grew our loan portfolio by $946 million, bringing it to a balance of $15.5 billion. We originated $1.9 billion of loans, of which $1.3 billion was funded and funded another $198 million of pre-existing loan commitments.

今天上午，我將從商業和住宅貸款開始我的專題討論，這部分貸款為本季度貢獻了 1.74 億美元的 DE，即每股 0.49 美元。在商業貸款方面，我們的貸款組合增加了 9.46 億美元，餘額達到 155 億美元。我們發放了 19 億美元的貸款，其中 13 億美元已獲得融資，另外 1.98 億美元的現有貸款承諾已獲得融資。

Our volume this quarter included $500 million for the construction of two data centers that are 100% pre-leased to investment-grade tenants. We continue to resolve our foreclosed assets selling two in the quarter for $115 million. The first relates to a $137 million office building in Houston that we discussed on our last call.

本季我們的投資包括 5 億美元用於建造兩個資料中心，這兩個資料中心 100% 預先租給投資等級租戶。我們繼續解決我們的止贖資產問題，本季以 1.15 億美元的價格出售了兩筆資產。第一個是有關休士頓一棟價值 1.37 億美元的辦公大樓，我們在上次通話中討論過這個主題。

The impact of the sale are shown in two separate lines in our GAAP income statement, loss on property and a related gain on extinguishment of debt. Net there was a $4 million GAAP gain and a $44 million DE loss. The second resolution relates to a $55 million of our apartment building in Northlake, Texas. We never recorded any GAAP or DE reserves on this asset and sold it at our basis, fully recovering our original investment. Also during the quarter, we sold an equity kicker for a $51 million GAAP and DE gain.

此次出售的影響在我們的 GAAP 損益表中以兩條單獨的線顯示：財產損失和相關的債務清償收益。淨值為 400 萬美元的 GAAP 收益和 4,400 萬美元的 DE 損失。第二項決議涉及我們位於德克薩斯州諾斯萊克的一棟價值 5500 萬美元的公寓大樓。我們從未在該資產上記錄任何 GAAP 或 DE 儲備，而是以我們的基礎出售，完全收回了我們的原始投資。此外，在本季度，我們還出售了一項股權附加條款，獲得了 5,100 萬美元的 GAAP 和 DE 收益。

We originally obtained this equity picker for 0 cost from a $47 million loan origination in 2013 that repaid in full in 2022. On the subject of credit, our portfolio ended the quarter with a weighted average risk rating of 2.9 consistent with last quarter. We had two nonaccrual loans migrate out of the five risk rating category as a result of foreclosure.

我們最初於 2013 年從一筆 4700 萬美元的貸款中以 0 成本獲得了這筆股權選擇權，該貸款於 2022 年全額償還。在信貸方面，我們投資組合在本季末的加權平均風險評級為 2.9，與上一季一致。由於喪失抵押品贖回權，我們有兩筆非應計貸款從五個風險評級類別中移出。

The first is an $84 million multifamily property in Windermere, Florida and the other is a $56 million life science property in Boston, our only life science loans. We obtained third-party appraisals for both assets with the Windermere asset appraising at our basis the Boston asset appraising for $17 million lower than our basis. We reserve this for GAAP purposes via specific CECL reserve that we subsequently charged off in connection with the foreclosure.

第一個是位於佛羅裡達州溫德米爾的價值 8,400 萬美元的多戶住宅物業，另一個是位於波士頓的價值 5,600 萬美元的生命科學物業，這是我們唯一的生命科學貸款。我們對這兩項資產進行了第三方評估，其中溫德米爾資產評估價與我們的基礎相同，而波士頓資產評估價比我們的基礎低 1700 萬美元。我們透過特定的 CECL 儲備金將此款項保留用於 GAAP 目的，隨後我們在止贖過程中將其沖銷。

Also migrating out of the five risk rating category was a $137 million office property in Brooklyn. The loan was upgraded to a four risk rating due to 2 30-plus year leases, one signed and the other pending which would bring occupancy to 100%.

另外，布魯克林一處價值 1.37 億美元的辦公大樓也從五級風險評級類別中退出。由於有兩份 30 多年的租約，一份已經簽署，另一份正在等待簽署，這將使入住率達到 100%，因此貸款風險評級升級為四級。

Our general CECL reserve decreased by $14 million in the quarter to a balance of $438 million, reflecting slightly improved macroeconomic forecast. Together with our previously taken REO impairments of $173 million, these reserves represent 3.7% of our lending and REO portfolio and translates to $1.80 per share of book value, which is already reflected in today's undepreciated book value of $19.65

本季度，我們的一般 CECL 儲備減少了 1,400 萬美元，餘額為 4.38 億美元，反映出宏觀經濟預測略有改善。加上我們先前提取的 1.73 億美元 REO 減值，這些準備金占我們貸款和 REO 投資組合的 3.7%，相當於每股帳面價值 1.80 美元，這已經反映在今天的未折舊帳面價值 19.65 美元中

Next, I will turn to residential lending, where our on-balance sheet loan portfolio ended the quarter at $2.3 billion. The loans in this portfolio continued to repay at par with $60 million of repayments in the quarter. Our retained RMBS portfolio ended the quarter at $414 million, with a small decrease from last quarter driven by repayment. In our Property segment, we recognized $17 million of DE or $0.05 per share in the quarter, driven by Woodstar, our Florida affordable multifamily portfolio concentrated in the Orlando and Tampa submarket.

接下來，我將談談住宅貸款，本季末我們的表內貸款組合為 23 億美元。該投資組合中的貸款繼續以面額償還，本季償還金額為 6,000 萬美元。本季末，我們保留的 RMBS 投資組合價值為 4.14 億美元，由於償還原因，較上一季略有下降。在我們的房地產部門，本季我們確認了 1700 萬美元的 DE 或每股 0.05 美元，這得益於 Woodstar，這是我們在佛羅裡達州的經濟適用型多戶型投資組合，集中在奧蘭多和坦帕子市場。

In June, we began rolling out the new authorized HUD rent increases of approximately 8%, which had a partial impact to earnings in the quarter of $1.2 million. As a reminder, rent increases for certain geographies were capped resulting in 6.7% of incremental rent growth deferred to next year. The rents for these properties are at or below 60% of market rate rents on average which should ensure continued high occupancy.

6 月份，我們開始推行新的授權 HUD 租金上漲，漲幅約為 8%，這對本季 120 萬美元的收益產生了部分影響。提醒一下，某些地區的租金漲幅受到限制，導致 6.7% 的增量租金成長推遲到明年。這些房產的租金平均等於或低於市場租金的 60%，這應該能確保持續的高入住率。

Also in Woodstar, we have $325 million of Woodstar debt maturing over the next six months that we are currently working to refinance. Given the appreciation and NOI growth of this portfolio, we are anticipating an upsize of approximately $300 million, our $250 million share of which can be reinvested to increase future earnings.

此外，在 Woodstar，我們有 3.25 億美元的 Woodstar 債務將在未來六個月內到期，我們目前正在努力進行再融資。鑑於該投資組合的升值和淨利潤成長，我們預計其規模將增加約 3 億美元，其中我們的 2.5 億美元份額可以進行再投資，以增加未來收益。

Turning to investing and servicing. This segment contributed DE of $52 million or $0.15 per share for the quarter. Our conduit Starwood Mortgage Capital completed four secured decisions totaling $435 million at profit margins that were in line with historic levels. This includes a $324 million contribution into a single transaction, our largest since inception.

轉向投資和服務。該部門本季貢獻了 5,200 萬美元或每股 0.15 美元的 DE。我們的管道公司喜達屋抵押貸款資本 (Starwood Mortgage Capital) 完成了四項擔保決策，總額達 4.35 億美元，利潤率與歷史水準一致。其中包括一筆 3.24 億美元的單筆交易，這是我們成立以來最大的交易。

In our special servicer, Morningstar, and Fitch each once again reaffirmed LNR's existing ratings of CS1 and CSF1, their highest ratings available. Our active servicing portfolio ended the quarter at $10.3 billion with $1 billion of new transfers again dominated by office properties. Our named servicing portfolio ended the quarter at $102 billion.

在我們的特別服務機構中，晨星和惠譽再次重申了 LNR 現有的 CS1 和 CSF1 評級，這是其最高評級。本季末，我們的活躍服務組合規模達 103 億美元，其中新轉移金額達 10 億美元，主要仍以辦公大樓為主。本季末，我們指定的服務組合價值為 1,020 億美元。

Lastly, our CMBS portfolio increased by $55 million driven by new purchases. Concluding my business segment discussion is our Infrastructure Lending segment, which contributed DE of $21 million or $0.06 per share to the quarter. We committed to a record $700 million of loans, of which $642 million were funded. Repayments totaled $288 million, bringing the portfolio to a record $3.1 billion at quarter end.

最後，受新購買的推動，我們的 CMBS 投資組合增加了 5,500 萬美元。我所討論的業務部門最後是我們的基礎設施貸款部門，該部門為本季度貢獻了 2,100 萬美元或每股 0.06 美元的 DE。我們承諾發放創紀錄的 7 億美元貸款，其中 6.42 億美元已獲得資金支持。償還總額為 2.88 億美元，使得本季末的投資組合達到創紀錄的 31 億美元。

Next, I will address our liquidity and capitalization. After quarter end, we repriced our two term loan [Bs] at record low spreads, which Jeff will discuss. We also announced the acquisition of fundamental income properties a fully integrated net lease real estate operating platform and our portfolio for $2.2 billion. We funded the purchase with $1.3 billion of assumed debt and a $500 million equity raise with the remainder funded with cash on hand. We will report more fully on this acquisition in our third quarter 10-Q.

接下來，我將討論我們的流動性和資本化。季度末之後，我們以創紀錄的低利差重新定價了兩筆定期貸款 [B]，Jeff 將對此進行討論。我們還宣布以 22 億美元收購基礎收入房地產，這是一個完全整合的淨租賃房地產營運平台和我們的投資組合。我們透過承擔 13 億美元的債務和籌集 5 億美元的股權來為此次收購提供資金，其餘資金則由現金提供。我們將在第三季的 10-Q 報告中更全面地報告此次收購。

After a strong origination quarter and the fundamental acquisition, our current liquidity stands at $1.1 billion. This does not include liquidity that could be generated from cash out refinancing sales of assets in our Property segment, direct leveraging of our unencumbered assets, issuing high-yield backed by these unencumbered assets or issuing term loan B.

在經歷了強勁的起源季度和基本收購之後，我們目前的流動資金已達到 11 億美元。這不包括透過出售我們房地產部門的資產現金再融資、直接利用我們的無抵押資產、發行由這些無抵押資產支持的高收益債券或發行定期貸款 B 而產生的流動性。

We also continue to have significant credit capacity across our business lines with $9.3 billion of availability. Our adjusted debt to undepreciated equity ratio ended the quarter at 2.5 times increasing slightly from last quarter due to new origination volumes.

我們的各業務線也持續擁有強大的信貸能力，可用信貸額度達 93 億美元。由於新發起量，本季末我們調整後的債務與未折舊股權的比率為 2.5 倍，比上一季略有增加。

And finally, this morning, I wanted to conclude with a few remarks on the recognition we received this quarter by the rating agencies and NAREIT. Our credit ratings were affirmed by all three rating agencies. Despite a challenging market backdrop, they collectively recognize our diversity, leverage profile, liquidity position, stable earnings and credit track record as key elements supporting our rating.

最後，今天上午，我想就本季我們獲得評級機構和 NAREIT 的認可發表幾點看法。我們的信用評等得到了三家評等機構的肯定。儘管市場背景充滿挑戰，但他們一致認為我們的多樣性、槓桿狀況、流動性狀況、穩定的收益和信用記錄是支持我們評級的關鍵因素。

We were also once again awarded the NAREIT Gold Investor Care Award, an award given to one company in each industry, which recognizes communications and reporting excellence. This is our ninth time receiving the award in the mortgage REIT category in the last 11 years, exemplifying our long-term commitment to both our stakeholders and transparent financial reporting. We are honored to once again be recognized by NAREIT for this award. With that, I will turn the call over to Jeff.

我們也再次獲得 NAREIT 金牌投資者關懷獎，該獎項每個行業頒發給一家公司，以表彰其在溝通和報告方面的卓越表現。這是我們在過去 11 年中第九次獲得抵押房地產投資信託基金類別的獎項，體現了我們對利害關係人的長期承諾和透明的財務報告。我們很榮幸再次獲得 NAREIT 頒發的該獎項。說完這些，我會把電話轉給傑夫。

Thanks, Rina. Before I begin, Barry, the entire Starwood team and I would like to send our heartfelt condolences to the friends, families and loved ones of the real estate professionals and first responders who are senselessly taken too soon in last week's 345 Park -- tragedy. Both real estate professionals were very well known and respected at Starwood.

謝謝，麗娜。在我開始之前，巴里、整個喜達屋團隊和我謹向上週 345 公園慘案中過早喪生的房地產專業人士和急救人員的朋友、家人和親人表示沉痛的哀悼。這兩位房地產專業人士在喜達屋都非常知名且受人尊敬。

As you know, we released earnings on July 16 and raised $500 million of equity to help finance our purchase of fundamental income. This will be our ninth business and gives us a portfolio of 467 owned properties and 12 million square feet that is 100% occupied by 92 tenants at an average WALT of 17 years, with 2.2% average annual rent escalations.

如您所知，我們於 7 月 16 日發布了收益報告，並籌集了 5 億美元的股權，以幫助我們為購買基本收入提供資金。這將是我們的第九項業務，使我們擁有 467 處自有房產和 1,200 萬平方英尺的面積，其中 92 名租戶 100% 入住，平均 WALT 為 17 年，年平均租金上漲 2.2%。

The assets are split fairly evenly between service and industrial with a small component of retail assets. As Rina said, we used $1.3 billion of in-place debt $879 million of which is in ABS Master Trust, and we used approximately $400 million of cash to round out the transaction capital stack and expect to earn increasingly higher ROEs as we leverage the overhead in place.

這些資產在服務業和工業領域分配相當均勻，零售資產比例較小。正如 Rina 所說，我們使用了 13 億美元的現有債務，其中 8.79 億美元是 ABS Master Trust，並且我們使用了大約 4 億美元的現金來完善交易資本堆疊，並期望隨著我們利用現有的間接費用，獲得越來越高的 ROE。

Most importantly, this business sits at the intersection of the cornerstones of our and our managers' expertise, real estate and credit, making it an obvious place for us to invest. We thought about incubating this business ourselves, but ultimately thought having an established team and scaling quickly made more sense.

最重要的是，這項業務處於我們和我們管理人員的專業知識、房地產和信貸基石的交匯處，這使其成為我們投資的明顯領域。我們考慮過自己孵化這項業務，但最終認為擁有一支成熟的團隊並快速擴大規模更有意義。

The team consists of 28 experienced professionals who have spent their careers at large net lease businesses. They have deep expertise in origination, underwriting, portfolio management and capital markets. There are strong relationships with middle-market companies and private equity sponsors will significantly enhance our capabilities and market reach. This team is scaled to grow. This is not our first foray into the net lease space.

該團隊由 28 名經驗豐富的專業人士組成，他們的職業生涯都在大型淨租賃公司度過。他們在發起、承銷、投資組合管理和資本市場方面擁有深厚的專業知識。與中型市場公司和私募股權贊助商建立的牢固關係將大大增強我們的能力和市場覆蓋範圍。這個團隊正在不斷擴大。這並不是我們第一次涉足淨租賃領域。

Our successful investment in the Bass Pro, Cabela's transaction demonstrate the attractive risk-adjusted returns and long-term value that can be achieved in this sector. The acquisition of Fundamental builds on that success and reflects our confidence in the continued opportunity within Net lease while opening the door to new growth opportunities in the sector, both domestically and internationally.

我們對 Bass Pro 的成功投資，Cabela 的交易證明了該行業可以實現有吸引力的風險調整回報和長期價值。對 Fundamental 的收購建立在這一成功的基礎上，反映了我們對淨租賃領域持續機會的信心，同時也為該領域在國內和國際上的新增長機會打開了大門。

Fundamental maintains an ABF Master Trust, which to date has issued three securitizations, which sequentially priced tighter as the trust grew in size. We expect to continue to grow the ABS Master Trust, where we can borrow for up to 10 years on a fixed rate basis.

Fundamental 持有 ABF Master Trust，迄今已發行了三種證券，隨著信託規模的擴大，其定價逐漸收緊。我們預計將繼續擴大 ABS Master Trust，我們可以以固定利率借款長達 10 年。

Executing this strategy will leave us with a portfolio that would look a lot like public peers who traded a significant premium to with a conservative FCCR of 6.4 times on the in-place portfolio we are buying. We expect this business to be accretive to earnings next year and more meaningfully beyond that, should we achieve our business plan. When we bought our Energy Infrastructure business in 2018, we paid a similar gross amount for assets that yielded much less.

執行這項策略將使我們的投資組合看起來很像那些以大幅溢價交易的公共同行，而我們購買的現有投資組合的保守 FCCR 為 6.4 倍。如果我們能夠實現業務計劃，我們預計這項業務將在明年增加盈利，並在未來產生更有意義的影響。當我們在 2018 年收購能源基礎設施業務時，我們支付了類似的總金額，但收益卻低得多。

We likewise added an experienced team and trusted that the synergies with our platform would yield incremental return. We have turned that business into a compelling investing platform over the last seven years. We look at fundamental the same way and believe with a lower cost of capital than their previous owner that we will be able to grow this business accretively. The team is up and running in building a pipeline and having seen strong deal flow in the days since our purchase.

我們還增加了一支經驗豐富的團隊，並相信與我們平台的協同作用將帶來增量回報。在過去的七年裡，我們已將這項業務轉變為一個引人注目的投資平台。我們以同樣的方式看待基本面，並相信憑藉比其前任所有者更低的資本成本，我們將能夠實現業務的成長。自從我們收購以來，團隊一直在積極建立管道，並看到了強勁的交易流。

Given the growth in our property infrastructure, CMBS and now net lease businesses, our CRE loan portfolio is today just 52% of the assets on our balance sheet versus 65% in 2022. Our diversification has created compelling consistency and has left us as the only mortgage REIT to never cut its dividend.

鑑於我們的房地產基礎設施、CMBS 以及現在的淨租賃業務的成長，我們的 CRE 貸款組合目前僅占我們資產負債表上資產的 52%，而 2022 年這一比例將達到 65%。我們的多元化經營創造了令人信服的一致性，並使我們成為唯一一家從未削減股息的抵押貸款房地產投資信託基金。

We announced our Board authorized our Q3 dividend of $0.48 for the 47 straight quarter. In Capital Markets, we recently repriced both our term loans due in 2030 and 2027 and totaling $1.6 billion at record low spreads for our sector, so for plus 200 and SOFR plus 175 and both at par. Optimizing the right side of our balance sheet has always been as important to us as the investments we make -- and we have been very busy repricing our liabilities at the tightest spreads in our 16-year existence.

我們宣布董事會批准連續第 47 個季度派發 0.48 美元的第三季股息。在資本市場，我們最近對 2030 年和 2027 年到期的定期貸款進行了重新定價，總額為 16 億美元，利差創下了行業新低，分別為 +200 和 +175，兩者均為平價。優化資產負債表的右邊對我們來說一直與我們所做的投資同樣重要——我們一直忙於以我們 16 年歷史中最窄的利差重新定價我們的負債。

Over the last 18 months, between the issuance of equity, senior secured notes and term loans, we have completed over $6 billion of capital markets transactions. Of our $5 billion in corporate debt today, only $400 million of it matures prior to 2027, and we have unencumbered assets in Term Loan B collateral today to issue $2 billion of incremental corporate debt. As we told you last quarter, our Board approved business plan is to continue to grow the scale of our business to offset the drag created by previous cycle nonaccrual assets that we have largely held on to create the best total return outcome for our shareholders.

在過去的 18 個月中，透過發行股票、優先擔保票據和定期貸款，我們完成了超過 60 億美元的資本市場交易。在我們目前的 50 億美元公司債務中，只有 4 億美元在 2027 年之前到期，而且我們目前擁有定期貸款 B 抵押品中的無抵押資產，可以發行 20 億美元的增量公司債務。正如我們上個季度所告訴您的那樣，董事會批准的業務計劃是繼續擴大業務規模，以抵消前一周期非應計資產所造成的拖累，我們在很大程度上持有這些資產，以便為股東創造最佳的總回報結果。

To that end, we've originated $5.5 billion in the first half of 2025 more than all of 2024, led by our two largest lending businesses, commercial and infrastructure lending, with the benefits to be seen in 2026 and beyond. In CRE lending, we closed $1.9 billion in loans in the quarter and $4.1 billion in loans through June 30, with over 70% of the quarter being industrial and multifamily assets with an on-trend weighted average IRR and LTV.

為此，我們在 2025 年上半年發放了 55 億美元的貸款，超過了 2024 年全年的貸款額，這主要由我們最大的兩大貸款業務——商業貸款和基礎設施貸款所帶動，其效益將在 2026 年及以後顯現。在 CRE 貸款方面，我們在本季完成了 19 億美元的貸款，截至 6 月 30 日的貸款總額為 41 億美元，其中本季 70% 以上為工業和多戶型資產，加權平均 IRR 和 LTV 符合趨勢。

Of that, all loans were new to Starwood Property Trust, 16% were international and 74% were to repeat customers, proving the strength of the relationships in our 16-year-old firm that has lent to over $100 billion since inception. We expect this elevated investment pace to continue in the second half of 2025, leaving us with the largest CRE loan portfolio in our history by year-end after a 20% decline in 2023 and 2024.

其中，喜達屋房地產信託的所有貸款均為新貸款，16% 為國際貸款，74% 為回頭客貸款，證明了我們這家擁有 16 年歷史的公司關係的牢固性，自成立以來，貸款總額已超過 1000 億美元。我們預計，這種加快的投資步伐將在 2025 年下半年持續下去，在 2023 年和 2024 年下降 20% 之後，到年底我們將擁有歷史上最大的 CRE 貸款組合。

Our risk ratings and reserves held steady in the quarter, and as we expected, CRE markets are stable with forward rate expectations continuing to move lower in all credit markets trading at very tight spreads, which has catalyzed activity in the CMBS, (technical difficulty) lending and real estate equity markets. Rina told you our five risk-rated bucket was reduced in the quarter with a large upgrade and two REO's we expected.

我們的風險評級和儲備在本季度保持穩定，正如我們預期的那樣，商業房地產市場保持穩定，所有信貸市場的遠期利率預期繼續走低，利差非常小，這催化了商業抵押貸款支持證券 (CMBS)、（技術難度）貸款和房地產股票市場的活動。Rina 告訴您，本季我們的五個風險評級桶有所減少，我們預計會有大幅升級和兩次 REO。

So I will just touch on our two new four rated loans as I always do. The first is a $91 million dollar apartment deal in Phoenix that recently underwent a full property renovation with the borrower experiencing liquidity challenges. We've been successful in REO optimizing multi-family performance, and have sold two assets at our base and expect to use the scale and information advantage of our manager, Star War Capital Group, one of the largest multi-family owners in the country, to do the same going forward.

因此，我將像往常一樣，只談到我們的兩筆新的四級貸款。第一個是鳳凰城價值 9,100 萬美元的公寓交易，該公寓最近進行了全面的房產翻新，借款人遇到了流動性挑戰。我們在 REO 優化多戶型住宅性能方面取得了成功，並已在我們的基地出售了兩項資產，並期望利用我們的管理公司星球大戰資本集團（該國最大的多戶型住宅業主之一）的規模和信息優勢，在未來做同樣的事情。

The second is a $46 million office to residential conversion in Hawaii that is pivoting to a hotel execution. In the quarter, Rina also mentioned the resolution of a $137 million and a $55 million dollar REO, and we are working through a couple more REO resolutions we expect to be finalized this year and we'll give you more detail upon execution.

第二個項目是耗資 4,600 萬美元在夏威夷將辦公室改建成住宅，並計劃將其改建成酒店。在本季度，Rina 還提到了 1.37 億美元和 5500 萬美元 REO 的解決方案，我們正在製定另外幾項 REO 解決方案，預計將於今年完成，我們將在執行時向您提供更多詳細資訊。

Our energy infrastructure business continues to benefit from growth in power demand, creating lower LTVs. As Rina said, we committed $700 million of new capital in the quarter at mid-teens returns. This portfolio now stands at a record $3.1 billion and we expect to continue to grow this portfolio. We completed our fifth CLO in the quarter, and I will add that it was at the lowest coupon, so for plus 173, and cost of funds in our history.

我們的能源基礎設施業務繼續受益於電力需求的成長，從而降低了貸款價值比 (LTV)。正如 Rina 所說，我們在本季度投入了 7 億美元的新資本，回報率達到了十五六倍。該投資組合目前已達到創紀錄的 31 億美元，我們預計該投資組合將繼續成長。我們在本季完成了第五個 CLO，我想補充一點，這是我們歷史上票面利率最低的一次，也就是加上 173 和資金成本。

We expect to issue one to two more CLOs this year, which will increase our term non-mark to market debt even further. In Reece, I will note that our active servicing portfolio is over $10 billion today, the highest in this cycle and likely headed higher, which will produce significant incremental revenue if these loans resolve. As a reminder, a servicer is a positive carry credit hedge that earns more money in times of real estate distress.

我們預計今年將發行一到兩隻 CLO，這將進一步增加我們的有期非以市價計價債務。在里斯，我要指出的是，我們今天的活躍服務組合超過 100 億美元，是本週期的最高水平，並且可能繼續走高，如果這些貸款得到解決，將產生可觀的增量收入。提醒一下，服務商是一種正向套利信用對沖工具，在房地產困難時期可以賺取更多利潤。

In closing, we are very excited to have added our new business line. We're excited about the return of liquidity and opportunities in our core businesses in that CRE finance markets continue to repair with better performance and lower expected forward rates. The forward market has so far declining to 3% in the first quarter of 2027, which is 50 basis points below the expectations just 10 weeks ago, which should have a material positive effect on our legacy credits.

最後，我們非常高興增加了新的業務線。我們對核心業務流動性和機會的回歸感到興奮，因為商業房地產金融市場持續修復，表現更好，預期遠期利率更低。到目前為止，遠期市場已在 2027 年第一季下降至 3%，比 10 週前的預期低 50 個基點，這應該會對我們的遺留信貸產生重大正面影響。

With that, I will turn the call to Barry.

說完這些，我會把電話轉給巴里。

Thank you, Zach, Rina and Jeff, and good afternoon, everyone, or good morning. Happy August, and thanks for listening in. Well, it seems that the world changes a lot quarter to quarter and the world has certainly changed this quarter. The jobs report was quite a shock, particularly the restatement of prior job gains and seem slightly lag that the sale will cut rates in September.

謝謝扎克、麗娜和傑夫，大家下午好，早安。八月快樂，感謝您的收聽。嗯，看來世界每季都會發生很大的變化，而這個季度世界確實發生了變化。就業報告相當令人震驚，尤其是重申了先前的就業成長，並且似乎略微滯後於9月的降息。

And I think at this point, most of us would agree that rates are coming down, just a question of the speed. And by May of '26, I think the short end would be at least 100 basis points lower than it is today and probably more. The other thing that we know for sure is that the real estate complex is gaining in strength and being healthy as we see the end of the avalanche of new supply created for a different interest rate environment, particularly affecting the multifamily and industrial sectors.

我認為現在我們大多數人都會同意利率正在下降，只是速度的問題。到 2026 年 5 月，我認為短期利率將比現在低至少 100 個基點，甚至可能更多。我們確信的另一件事是，隨著我們看到為不同的利率環境而產生的大量新供應的結束，房地產綜合體正在增強實力並變得健康，特別是對多戶住宅和工業部門的影響。

While construction remains strong and is tremendous job gains in construction, it really is from data centers and also from the infrastructure bill, the chips Act and other programs and that will accelerate with the repatriation reshoring of plants and equipment in factories in the United States, some things like the pharmaceutical industry, which will probably have to vacate Ireland and move our plants back to the United States to satisfy the administration.

雖然建築業仍然保持強勁，就業崗位大幅增加，但這實際上得益於數據中心、基礎設施法案、晶片法案和其他計劃，而且隨著美國工廠的廠房和設備回流，這一進程將加速，一些行業，比如製藥行業，可能不得不撤離愛爾蘭，將工廠遷回美國，以滿足政府的要求。

With both lower rates and the firming of the real estate complex, I think you'll see a significant pickup in transaction volumes for the real estate markets in the United States. You already are seeing that in Europe. Europe is had rates drop from 42, likely hitting one in three quarters and so there's a lot of activity in Europe.

隨著利率下降和房地產市場的穩固，我認為你會看到美國房地產市場的交易量大幅回升。您已經在歐洲看到了這一點。歐洲的利率從 42% 下降，可能在三個季度內達到 1%，因此歐洲的活動很多。

We have our busiest years ever in Europe as a private equity firm in real estate. While transaction bias in the states are subdued and people are holding on to their best assets hoping that they can sell to a more favorable climate supported by these lower interest rates that we know are now coming.

作為一家房地產私募股權公司，我們在歐洲經歷了有史以來最忙碌的幾年。而各州的交易偏好則有所減弱，人們仍持有其最佳資產，希望在即將到來的較低利率的支持下，在更有利的環境下出售。

The other fact you've seen is the repair of the credit markets, as you've seen with our own comments from Jeff's comments, there's a lot of liquidity in the markets and everyone is raising to refinance it spreads that actually are the best we've ever seen for our company. And that is probably the case because of Europe, China, I mean seeing no interest rates, so though our rates are high.

您看到的另一個事實是信貸市場的修復，正如您從傑夫的評論中看到的那樣，市場上有大量的流動性，每個人都在籌集資金來再融資，這實際上是我們公司所見過的最好的利差。這可能是因為歐洲、中國沒有利率，儘管我們的利率很高。

They're still attractive for global credit investors, and you can't ignore the United States. Obviously, we have plenty of supply to satisfy demand, but I think most of us would have gotten wrong where the 10 years as I speak, given the situation with the one Beautiful Bill, and we'll see if the economy does accelerate enough to cover the cost of the program.

它們對全球信貸投資者來說仍然具有吸引力，而且你不能忽視美國。顯然，我們有足夠的供應來滿足需求，但我認為我們大多數人都會犯錯，在我所說的十年內，考慮到《美麗法案》的情況，我們將看看經濟是否真的加速到足以支付該計劃的成本。

The other interesting development, I'd say, on a macro level is energy deflation that the world has sort of digested the disruptions in the Middle East and now between OPEC's position of continuing to produce oil and the government's desire to remove restrictions on development, the energy deflation dividend should support customers and continue favoring the growth in the United States -- which is lastly the most evident change of all is the continued massive investment behind the data centers and AI, which in the aggregate is equivalent of levered probably the $1 trillion that the federal government is spending, and that is new and dramatically concentrating in the United States being our economy versus others in the world.

我想說，宏觀層面上另一個有趣的發展是能源通縮，世界已經消化了中東的混亂局面，現在，在石油輸出國組織繼續生產石油和政府希望取消發展限制的立場之間，能源通縮紅利應該會支持消費者並繼續有利於美國的增長——最後，最明顯的變化是對數據中心和人工智能背後持續的大規模投資，這相當於聯邦政府，這相當於聯邦政府的 1兆美元的槓桿，這是新的，並且極大地集中在美國這個經濟體上，而不是世界其他國家。

Now shifting to our company, I'd say we're in a very good shape. As Jeff and Rina pointed out, I think we built a fortress balance sheet best in the sector, we've moved as aggressively as we can to use unsecured corporate debt, take out repos and other debt we have, and we are agile in that we've done -- Jeff and the team have done amazing work on our balance sheet. And I want to talk a little bit about fundamental income, which we just bought a $2 billion business. I think from the start, as you know, we endeavor to beat a finance company, not just a mortgage REIT, and we have multiple cylinders.

現在談到我們的公司，我想說我們的狀況非常好。正如傑夫和麗娜指出的那樣，我認為我們建立了業內最好的堡壘資產負債表，我們盡可能積極地利用無擔保公司債務、進行回購和我們擁有的其他債務，並且我們做得很敏捷——傑夫和團隊在我們的資產負債表上做了出色的工作。我想談談基本收入，我們剛收購了一家價值 20 億美元的企業。我認為從一開始，正如你所知，我們就努力擊敗一家金融公司，而不僅僅是一家抵押房地產投資信託基金，而且我們擁有多個支柱。

And that strategy has while complicated is going the fruit of us being the only mortgage in the country that trades above its IPO price. And I think many shareholders forget that we spun off our residential single-family rental business, which is equipment almost $5 a share.

這項策略雖然複雜，但卻使我們成為國內唯一一家交易價格高於 IPO 價格的抵押貸款公司。我認為許多股東忘記了我們剝離了住宅單戶租賃業務，其設備價格接近每股 5 美元。

In addition, paywellour diversification has been able to enabled us to keep our dividend intact in a very tough time. And now we've paid this dividend, I think, for 14 years or something like that. And I hope it's fundamental, we can actually begin to grow earnings materially over time and potentially work to increase that or get the benefit of what's a much more secure income stream and a lower dividend yield for our company, which, of course, would we think we deserve.

此外，多角化經營使我們能夠在非常困難的時期保持股息不變。現在我們已經支付了這筆股息，我想，已經有 14 年了。我希望這是根本性的，我們實際上可以隨著時間的推移開始大幅增加收益，並有可能努力提高收益，或者獲得更安全的收入來源和更低的股息收益率，這當然是我們公司應得的。

Fundamental as a business benefits from scale and the bigger we are likely more accretive businesses to us. We have a proven team. We picked on a team of 28 people that have been involved with STORE and Spirit and grew those companies to their ultimate sale.

從根本上來說，企業受益於規模，規模越大，我們可能獲得的加值業務就越多。我們擁有一支經驗豐富的團隊。我們挑選了一支由 28 人組成的團隊，他們都曾參與過 STORE 和 Spirit 項目，並幫助這些公司發展直到最終出售。

Shareholders made a lot of money. It's not lost on us that stand-alone net lease companies trade dividend yields 450 to 400 basis points inside our own. So we think this is -- we'll be able to highlight the value that this new division has inside our company. And while I think it's modestly dilutive this year to the company because we're only picking it up for a short period of time, the faster we grow the company, the more accretive it will be, given the overhead gets scaled and it's something like 12% of our revenues today, but at scale, it's more like 5%.

股東賺了很多錢。我們並沒有忘記，獨立淨租賃公司的股息收益率與我們自己的股息收益率相差 450 至 400 個基點。因此我們認為，我們將能夠凸顯這個新部門在我們公司內部的價值。雖然我認為今年這對公司來說有一定的稀釋作用，因為我們只在短時間內收購它，但公司發展得越快，它的增值就越大，因為管理費用會擴大，目前它占我們收入的 12% 左右，但從規模上看，它更像是 5%。

And the team is positioned to do that incentive position incentive to position to do that, and we'll figure out ways to continue to grow that business and make it a more material portion of our company. A couple of other points I'd make. It's interesting to me is here that our infrastructure business we bought 10 years ago from General Electric our Starwood Infrastructure lending business no longer has a single heritage loan in its portfolio, the portfolio has been completed recycled and continues to earn mid-double-digit yield on equity.

而團隊已準備好採取激勵措施來做到這一點，我們將想辦法繼續發展這項業務，並使其成為我們公司更重要的一部分。我還要提出另外幾點。對我來說有趣的是，我們十年前從通用電氣收購的基礎設施業務，我們的喜達屋基礎設施貸款業務在其投資組合中不再有單一的遺產貸款，該投資組合已經完成回收，並繼續獲得中等兩位數的股本收益率。

The other point I'd like to highlight again is our affordable book, which is really unusual and enjoyed our, I think, close to a 7% rent growth this year and has embedded rent growth next year of 6.7%. And that doesn't take into account the opportunity to move rents to market as these assets begin to come off their 15-year restrictions.

我想再次強調的另一點是我們的可負擔帳簿，這確實很不尋常，我認為今年的租金成長接近 7%，明年的租金成長率將達到 6.7%。這還沒有考慮到這些資產開始擺脫 15 年限制後將租金轉移到市場的機會。

I also want to point out SMC, our conduit business because it's the gift that keeps on giving the team does a superb job for in this business. I think we've had the business for 48 quarters and only had one mildly negative. I think you lost 1p in one quarter. So we've been tooth bull of 47 to 48 quarters.

我還想指出 SMC，我們的管道業務，因為它是一份持續給予的禮物，團隊在這個業務中做得非常出色。我認為我們已經經營了 48 個季度，只出現過一次輕微的負面影響。我認為你在一個季度內損失了1便士。因此，我們已經連續 47 至 48 個季度保持強勁。

And that's just a great business led by a great team doing a superb job for us. One more point about fundamental is that fundamental will provide a real estate depreciation expense or a tax shield for us. And over time, that's going to become important because we cannot, as you know, hold on to any cash that we produce, we have to basically pay it out per the REIT regulations.

這是一項偉大的事業，由一支偉大的團隊領導，他們為我們做出了卓越的貢獻。關於基本面的另一點是，基本面將為我們提供房地產折舊費用或稅盾。隨著時間的推移，這將變得很重要，因為如你所知，我們不能保留我們產生的任何現金，我們必須按照房地產投資信託基金法規將其支付出去。

But as with fundamentals depreciation, as we grow the business, we would have the opportunity -- I know we're not saying we would, but we would have the opportunity to not pay out all the cash we produce and could reinvest that in the company and growing at a faster rate going forward. So overall, I'm very excited about the future. Right now, we still have some potholes to get through, but we're confident we can navigate through them.

但隨著基本面貶值，隨著業務的成長，我們將有機會——我知道我們不是說我們會這樣做，但我們有機會不支付我們生產的所有現金，而是可以將其再投資於公司，並在未來以更快的速度成長。總的來說，我對未來感到非常興奮。現在，我們仍然面臨一些困難，但我們有信心克服它們。

And at the company is setting itself for future growth and really powerful teams that can continue great things, including our ultimate goal of becoming investment grade, which all arrows are pointing to how do we get there and what would be the benefits of getting there. But in general, we're doing all the right things to accomplish that in our views.

公司正在為未來的成長和能夠繼續取得偉大成就的強大團隊做好準備，包括我們成為投資等級的最終目標，所有箭頭都指向我們如何實現這一目標以及實現這一目標會帶來什麼好處。但總的來說，我們認為我們正在做所有正確的事情來實現這一目標。

I will say one last general comment about tariffs because I think -- we haven't seen their impact yet. I think the second quarter was sort of overstating by free loading or front-running of inventories to try to get things on the shelves without the impact of tariffs. I do think they're one time and don't think be sustained.

我最後再就關稅發表一點一般性評論，因為我認為——我們還沒有看到其影響。我認為第二季度透過免費裝載或搶先銷售庫存來誇大其詞，試圖在不受關稅影響的情況下將商品上架。我確實認為它們只是一次性的，並且不認為會持續下去。

And logic would tell you if prices went up, demand will fall, you might see an increase in supply or prices, and then you might see a decrease in prices that will be caught in order to generate excess demand. Sadly, the tariffs will impact those of the country who don't have that where with all to pay additional cost for the daily needs of their lives.

邏輯會告訴你，如果價格上漲，需求就會下降，你可能會看到供應或價格上漲，然後你可能會看到價格下降，從而產生過剩需求。可悲的是，關稅將影響那些沒有能力為日常生活需要支付額外費用的人。

And I think that could create great social anxiety and potential continued to split in our society to the left and the right. I think we're going to start talking about the November midterms coming up. And by that time, we'll definitely know what the impact of these tariffs and whether they're benign or their benefits of increased revenue offset the social cost of companies having lower margins or consumers having less money in their pocket.

我認為這可能會造成巨大的社會焦慮，並可能導致我們社會繼續向左和向右分裂。我想我們將開始討論即將到來的十一月中期選舉。到那時，我們肯定會知道這些關稅的影響是什麼，以及它們是否是良性的，或者它們增加的收入的好處是否能抵消公司利潤率降低或消費者口袋裡錢減少的社會成本。

So the jury is out, and I think we expect the back half of this year to be meaningfully less strong than the first half and the jobs cash was probably the indication of that. And now we'll see what companies can do as they try to figure out what's permanent and what's temporary the more stability we have in the rules, the more businesses can figure out what to do. With that, I'd like to say thank you and take your questions.

所以目前還沒有定論，我認為我們預計今年下半年的表現將明顯弱於上半年，而就業現金流可能就是這種表現的體現。現在我們將看到企業在試圖弄清楚什麼是永久的、什麼是暫時的時能做些什麼。規則越穩定，企業就越能弄清楚該做什麼。最後，我想對你們表示感謝並回答你們的提問。

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作員指示）富國銀行的唐‧范德蒂 (Don Fandetti)。

Can you talk a little bit -- what about your expectations for CRE loan growth, I think your portfolio was up 6% quarter over quarter and I guess, if the Fed does cut rates, would you expect the velocity of that loan growth to accelerate?

您能否稍微談談——您對 CRE 貸款成長的預期是什麼，我認為您的投資組合環比增長了 6%，我想，如果聯準會確實降息，您是否預計貸款成長速度會加快？

Thanks, Don. I'll take it first and can hand to Barry after. We've done $4.2 billion, I think, through two quarters. We have obviously closed more since the end of June that will put us on a mid-$8 billion pace. The record we ever did was $10 billion of transitional floating obviously, that's taking away the other cylinders CMBS and Infra and all the other things that we do lend on. I think that we will end this year very close to that $10 billion number that we did in 2021.

謝謝，唐。我先拿去，然後再交給巴里。我認為，兩個季度以來我們的銷售額已達 42 億美元。自 6 月底以來，我們顯然已經完成了更多交易，這將使我們的交易達到 80 億美元左右。我們曾經做過的記錄顯然是 100 億美元的過渡性浮動，這帶走了其他 CMBS 和 Infra 以及我們借貸的所有其他東西。我認為，今年我們的營收將非常接近 2021 年實現的 100 億美元目標。

A in 2021, you had $670 billion of transaction volume. I think you're probably closer to $400 million this year. So transaction volume hasn't picked up. It will pick up in your scenario. Lower rates will help that. Lower rates will also help refis -- you have some assets that have not yet refiled from pre rate rises, the 2020, '21 and early '22 vintages that were very large. Some of them have not yet moved, so those will move forward. creating more opportunities. And obviously, business plans that have played out on the 2022, '23 and '24 loans.

2021 年，交易量達到 6,700 億美元。我認為今年你的收入可能接近 4 億美元。因此交易量尚未回升。它將在您的場景中出現。較低的利率將有助於實現這一點。較低的利率也將有助於再融資——在利率上調之前，即 2020 年、2021 年和 2022 年初，你有一些尚未重新申請的資產，這些資產的規模非常大。其中一些尚未移動，因此它們將繼續前進，創造更多機會。顯然，2022 年、2023 年和 2024 年的貸款商業計劃已經實施。

We'll be more likely to refi as we see spreads come in. So we're on pace even without that great environment to have close to a record year. We are very much on offense. I think there are a number of people who have not been able to be on offense. We've invested in every quarter since our inception.

隨著利差的擴大，我們將更有可能進行再融資。因此，即使沒有那麼好的環境，我們也能順利實現創紀錄的一年。我們非常積極進攻。我認為有許多人還沒有能力進攻。自成立以來，我們每季都進行了投資。

We've been investing aggressively for the last few years. As I said, our goal is to continue to grow the balance sheet to offset nonaccruals so we can sit on assets and work them out to the benefit of shareholders rather than selling it at a more distressed level.

過去幾年我們一直在積極投資。正如我所說，我們的目標是繼續擴大資產負債表以抵消未計提項目，這樣我們就可以持有資產並將其轉化為股東的利益，而不是以更糟糕的價格出售。

And this will also help that lower rate environment. will also help that nonaccrual book. And many of them have debt yields that are just below where they might be able to refinance today, and they'll be able to refinance in your outlook. So we hope that's right, but we have built the business to be okay in either direction. We'll be fine in a higher rate environment, as we're showing you in the first half of the year and we're prepared for that.

這也將有助於降低利率環境。也將有助於不提帳簿。其中許多公司的債務收益率略低於他們目前可能再融資的水平，並且從你的預期來看，他們將能夠進行再融資。所以我們希望這是正確的，但我們已經建立了業務，無論朝哪個方向發展都是可以的。我們在更高利率環境下也能表現良好，正如我們在今年上半年向您展示的那樣，我們已經為此做好了準備。

But certainly, we'd all like to see that low rate environment that Barry pointed out is likely, that I pointed out the forward curve is saying will happen in that you're supposing, feels like we have upside from here, not downside as rates potentially go lower and we move further away from the beginning of that 22 rate hike cycle.

但當然，我們都希望看到巴里指出的低利率環境，正如我所指出的，遠期曲線表明會發生這種情況，感覺我們從現在開始有上行空間，而不是下行空間，因為利率可能會走低，而且我們離 22 次加息週期的開始越來越遠。

Got it. And can you talk a little bit about the ramp-up of (multiple speakers)

知道了。你能談談（多位發言者）

Yes, -- can you hear me, Jeff?

是的，－－你聽得到我說話嗎，傑夫？

Perfectly, Barry.

非常好，巴里。

It's Barry. Can you Yes. I'd say I mean we have a lot of business line sales. So we're really agnostic of where we've put capital. And we also know capital doesn't grow on trees. So we're going to be even more focused on not just dollar originations, but the returns and the full dollar profits the likelihood that money stays out longer than we've probably been in the past and lean into good credit.

是巴里。可以嗎 是的。我想說的是，我們有很多業務線銷售。所以我們其實並不清楚我們把資本投入到哪裡了。我們也知道資本不是從樹上長出來的。因此，我們將更加關注美元的起源，以及回報和全部美元利潤，以及資金停留時間可能比過去更長並傾向於良好信貸的可能性。

Now we'll do it with fundamental as we've done with SIF, we'd like to continue to grow our infrastructure lending business, and we're continuing to look at other businesses. So we don't have infinite access to capital and not at these dividend yields. So we have to be careful and judicious to (technical difficulty)

現在我們將像對待 SIF 一樣對待基本面，我們希望繼續發展我們的基礎設施貸款業務，並且我們將繼續專注於其他業務。因此，我們無法無限地獲得資本，而且股息收益率也不行。所以我們必須謹慎和明智地（技術難度）

Barry, you cut in the end. Barry, you cut out at the last 20 seconds, so I'm going to hand it to Don. Well, maybe you get a better connection.

巴里，你最後還是剪掉了。巴里，你在最後 20 秒停止了發言，所以我要把發言權交給唐。嗯，也許你會得到更好的連結。

In terms of my follow-up, Jeff, if you could talk a little bit about the ramp-up of the net lease portfolio business. It sounds like there's going to be some domestic and international opportunities. Are there portfolios? Or would this just be sort of a kind of smaller acquisitions overtime type strategy?

就我的後續問題而言，傑夫，你能不能稍微談談淨租賃組合業務的成長情況。聽起來會有一些國內和國際的機會。有投資組合嗎？或者這只是一種加班加點的小規模收購策略？

Yes. Listen, we laid out for you the portfolio that we have and that portfolio was sort of $20 million to $30 million assets. That's the sweet spot for this company. That's often the sweet spot for this segment. I will say, in the first week that we own the business, we saw a $160 million trade that revolves around some school buildings.

是的。聽著，我們向您列出了我們擁有的投資組合，該投資組合的資產規模約為 2000 萬至 3000 萬美元。這正是這家公司的優勢。這通常是該部分的最佳點。我想說的是，在我們擁有這項業務的第一周，我們看到了一筆圍繞著一些學校建築的 1.6 億美元的交易。

We saw a $400 million and $600 million potential opportunity, two different ones there for a total of $1.16 billion in three potential opportunities. The last two were industrial assets, well located that we've looked at. I'm not sure that we're ready to jump in at that scale today, but the team is rebuilding a pipeline. They had sort of closed their pipeline a bit over the last couple of months, but their pipeline is growing again today.

我們看到了價值 4 億美元和 6 億美元的潛在機會，兩個不同的機會，三個潛在機會總計 11.6 億美元。最後兩項是工業資產，地點優越，我們已經看過了。我不確定我們今天是否準備好以這種規模開展工作，但團隊正在重建管道。在過去的幾個月裡，他們已經關閉了一些管道，但今天他們的管道又開始成長。

And I would expect that -- I mentioned we underwrote $400 million to $500 million a year for the first three or four years just to get to our accretion dilution number. My guess is we can do double that, the team is really strong as the pipeline builds, we have great confidence that they're going to do significantly more. And as Barry said, doubling the size of this business will make it look a lot more like some of the public comps that trade at 1.4 times GAV. And with our FCCR of 6.4 times and I think the industry closer to -- we have really good credits in the book.

我希望——我提到過，在最初的三、四年裡，我們每年承保 4 億到 5 億美元，只是為了達到我們的增生稀釋數字。我猜我們可以把這個數字翻倍，隨著管道的建設，團隊真的很強大，我們非常有信心他們會做得更多。正如巴里所說，將這個業務規模擴大一倍，將使其看起來更像一些以 GAV 的 1.4 倍進行交易的上市公司。我們的 FCCR 為 6.4 倍，我認為行業更接近 - 我們在帳面上擁有非常好的信譽。

We're very happy with -- we spent a tremendous amount of time to start Capital Group and our team there CahirMedani and Peter Reed and our team did a tremendous job underwriting together with our team, the credit. So we feel really good about what's on the book, but I think we will be looking to grow in the $20 million to $30 million space that they've historically done, but we will look at these bigger trades. If we found the credit that we like, I think we could certainly supercharge that growth. But the modeled number is not our expectation from management.

我們非常高興——我們花了大量的時間來創辦 Capital Group，我們的團隊 CahirMedani 和 Peter Reed 與我們的團隊一起為信貸承保做了大量工作。因此，我們對帳面上的情況感到非常滿意，但我認為我們將尋求在他們歷史上所做的 2000 萬至 3000 萬美元的範圍內實現增長，但我們會考慮這些更大的交易。如果我們找到了我們喜歡的信貸，我認為我們絕對可以促進這種成長。但模型數字並不是我們對管理階層的期望。

We think we can grow faster, but it's going to take them a couple of quarters to rebuild the pipeline. And for the world to really realize that Starwood is very behind this business. We have a lower cost of capital than their previous owner had, and we're super excited to be able to go into cap rates that are a little bit lower than what they've been able to buy previously, which will give us better credits and with our financing and getting better financing than what they had historically.

我們認為我們可以發展得更快，但他們需要幾個季度的時間來重建通路。讓世界真正認識到喜達屋對這項業務的大力支持。我們的資本成本比他們以前的所有者要低，而且我們非常高興能夠獲得比他們以前購買的資本化率略低的資本化率，這將為我們提供更好的信貸，並透過我們的融資獲得比他們過去更好的融資。

We think that, that will create even higher returns. So super excited about where this is going to go.

我們認為，這將創造更高的回報。我非常興奮這件事將會如何發展。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Look, the organic growth in the infrastructure business has accelerated nicely. Curious about really three things here. One, it looks like the spreads on this business are a little bit wider. Curious if you see that as sustainable or converging given the competition in that space. Two, it also looks -- and Jeff, you alluded to the fact -- or not alluded to, actually stated you're focused on the right side of your balance sheet is on the left side.

看起來，基礎建設業務的有機成長已經順利加速。我真正好奇的是這裡的三件事。首先，看起來這項業務的利差有點大。我很好奇，考慮到該領域的競爭，您是否認為這種做法是可持續的或具有趨同性的。第二，看起來——傑夫，你提到了這個事實——或者沒有提到，實際上你關注的是資產負債表的右側，而不是左側。

It looks like the funding spreads in that business are also wider. Is there an opportunity for additional efficiency there? And then finally, can you help us understand the duration of those assets in the context of the earth core balance sheet?

看起來該業務的融資利差也較大。那裡是否有機會提高效率？最後，您能否幫助我們在地球核心資產負債表的背景下理解這些資產的持續時間？

Sure. I think Sean Murdock is probably on here. So I may -- he doesn't speak very often. He runs that business tremendously well for us. But I'm going to start with a couple of the other questions. The right side as far as the funding goes, it's really interesting what happened here. The banks who lend here tend to be more corporate credit lending banks than they are real estate lending banks.

當然。我認為 Sean Murdock 可能就在這裡。所以我可能——他不常說話。他為我們出色地經營著那項業務。但我先從其他幾個問題開始。就資金而言，這裡發生的事情真的很有趣。在這裡放款的銀行往往更多的是企業信貸貸款銀行，而不是房地產貸款銀行。

So in early '22 when rates went higher, we went from borrowing on cash flowing multifamily at 125 to 150 over, so for up to 250 to 300 over so for the same assets. Spreads widened on everything on office, they went three times that on hotels that went significantly higher -- and we saw a pretty steep move wider and that has now come back.

因此，在 2022 年初，當利率上升時，我們針對現金流充足的多戶住宅的借款利率從 125 至 150 倍上升至 250 至 300 倍，而對於相同的資產。辦公室所有商品的利差都在擴大，酒店的利差是辦公室的三倍，而且酒店的利差明顯更高——我們看到了相當陡峭的波動，現在已經回升。

We're getting close on commercial real estate to back to where we were but we got whipsaw of it. At the same time, we got much higher coupons for making a loan on a commercial real estate assets. So our returns ended up about the same over that period. The infrastructure business was very different. The right side, the funding spreads that you said are a little bit wider stayed about the same.

我們在商業房地產領域已經接近回到原來的水平，但是我們卻遭遇了巨大的損失。同時，我們透過商業房地產資產貸款獲得了更高的票息。因此，我們那段時期的報酬率大致相同。基礎設施業務則截然不同。右邊，您說的融資利差稍微大一點，但基本上不變。

Our lines are between sort of 175 and 200 over before we go to a CLO, and that never really moves wider -- so asset spreads did move wider for a few years, and it allowed us to go from earning low mid-teens to earning mid-high teens for a couple of years.

在我們採用 CLO 之前，我們的收益率線大約在 175 到 200 之間，而且這個範圍從未真正擴大過——因此，資產利差在幾年內確實擴大了，這讓我們的盈利在幾年內從中低 15% 上升到中高 15% 左右。

We're back in the mid-teens today, as the asset spreads have come in a bit, you've seen that in the term loan B market with a number of repricing’s and a portion of our book is term loans. But the CLO market, and we just priced our fifth with 173 over cost of funds that is tight or tighter than we're going to do anything in the commercial real estate side.

今天我們又回到了十幾歲的中間階段，因為資產利差已經有所回落，你已經看到在定期貸款 B 市場中出現了一些重新定價的情況​​，而且我們的賬簿中有一部分是定期貸款。但在 CLO 市場，我們剛剛將第五個市場的資金成本定為 173，這比我們在商業房地產方面所做的任何事情都要緊或更緊。

When we did our first three CLOs in CRE, I think the bond spreads were $1.95 over then down to 180 over maybe one got to 165 remembering back four years ago. But you're in line with where the CRE CLO spreads are. And we are likely to do a couple of more this year.

當我們在 CRE 中進行前三個 CLO 時，我認為債券利差為 1.95 美元，然後下降到 180 美元，也許四年前達到 165 美元。但您與 CRE CLO 利差的水平一致。今年我們可能還會做更多。

So I think with repo lines that we'll probably all be moving towards $175 for that business. And with the CLO market that on the last one was $173, and I think will be tighter today. It funds itself really well given we are still getting a higher coupon today than what we were getting pre-2022.

因此我認為，透過回購額度，我們可能都會將該業務的價格推向 175 美元。而 CLO 市場上次的價格是 173 美元，我認為今天的價格會更加緊張。考慮到我們今天獲得的票面利率仍高於 2022 年之前的利率，它的融資條件確實很好。

So feel really good about that. I mean, by the time we do another one or two CLOs, we'll have most of two-thirds of our assets funded in nonrecourse, non-mark-to-market CLO debt there. That's an incredible statistic versus where we are and where the industry is in commercial real estate.

所以對此感覺非常好。我的意思是，當我們再做一到兩個 CLO 時，我們三分之二的資產將以無追索權、非按市價計價的 CLO 債務來融資。與我們以及商業房地產行業的現狀相比，這是一個令人難以置信的統計數據。

So we're sort of super happy there to not have any potential margin calls. The LTVs on that book have moved down from mid-60s, low 60s when we might have written them. I think our blended LTV is about 46% or 47% for that book as the power needs have increased in the United States, it's really helped our energy-producing assets.

因此，我們非常高興沒有任何潛在的追加保證金要求。當我們撰寫該書時，其 LTV 已從 60 年代中期下降到 60 年代初期。我認為我們的混合 LTV 約為 46% 或 47%，因為美國的電力需求增加了，這確實對我們的能源生產資產有幫助。

And then you asked about organic -- about growth in there. And Sean, are you on maybe talk a little bit about the fact that we've done a couple of our own deals, and we're not as reliant on syndicated deals?

然後你問到有機成長的問題。肖恩，您能否談談我們已經完成了幾筆自己的交易，並且不再那麼依賴銀團交易？

Yes. I think the way we've tried to sort of maintain interest margin is exactly what Jeff mentioned, we're doing more deals ourselves. There may be a little bit smaller infrastructure assets, but where we can sell underwrite and so execute that tends to command a little bit more margins.

是的。我認為我們試圖維持利息差額的方式正是傑夫提到的，我們自己正在做更多的交易。基礎設施資產可能規模小一些，但我們可以出售、承銷並執行，這往往會獲得更多的利潤。

So while margins in the sort of visible broadly syndicated markets are tightening a little bit, we've been able to maintain margin by doing more deals ourselves. And I think the opportunity around how much infrastructure growth there will be in the next few years is data center affects the energy infrastructure market will allow us to grow that origination channel significantly.

因此，儘管在可見的廣泛聯合市場中利潤率有所收緊，但我們能夠透過自己進行更多交易來維持利潤率。我認為未來幾年基礎設施成長的機會在於資料中心對能源基礎設施市場的影響，這將使我們能夠大幅擴大這一起源管道。

Got it. And then just one quick follow up, making the distinction between the syndicated or club loans and, individually, in single lender assets. Is that simply and that's not really your core business in the property lending side? Is it just because the transactions there are so much larger because of the inherent cost of building the projects that it makes more sense to club them up?

知道了。然後只需快速跟進一下，區分銀團貸款或俱樂部貸款以及單一貸款人資產。這真的只是簡單的業務，而這不是你們房地產貸款方面的核心業務嗎？是因為由於建設項目的固有成本，那裡的交易規模要大得多，所以將它們合併起來更有意義？

Exactly.

確切地。

Okay great thank you so much.

好的，非常好，非常感謝。

These are $1 billion power plants. Construction costs have gone from Watson under $1,000 to probably closer to $2,000 a megawatt now. So they're very expensive. They're very large. Rick one of the questions I didn't answer was duration.

這些發電廠價值 10 億美元。沃森的建設成本已經從每兆瓦不到 1,000 美元上升到現在可能接近 2,000 美元。所以它們非常昂貴。它們非常大。里克，我沒有回答的一個問題是持續時間。

Sean's loan, the energy infrastructure businesses loans tend to be five to seven year loans, where the commercial real estate loans tend to be three to five year loans. Obviously, if things work out, things can pay off a little bit earlier than that, but I expect a little bit more duration on our energy book than I do on our commercial book.

肖恩的貸款，能源基礎設施業務貸款往往是五到七年的貸款，而商業房地產貸款往往是三到五年的貸款。顯然，如果一切順利的話，回報可能會更早一些，但我預計我們的能源帳簿的持續時間會比商業帳簿的持續時間更長一些。

Got it. Okay. Very helpful.

知道了。好的。非常有幫助。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much . We don't often get credit for mistakes we avoid, and I have to take my hat off to you for only doing one life science deal in a super competitive market in the last cycle. The $17 million loss doesn't seem all that bad in a broader context. So I pole you for taking action on that and the $51 million equity kicker gain also a nice surprise. So the question is on credit. Do you believe credit in the portfolio stabilized based on what we know now.

非常感謝。我們通常不會因為避免犯錯而獲得讚譽，而我必須向你致敬，因為你在上一個週期中在競爭異常激烈的市場中只完成了一筆生命科學交易。從更廣泛的角度來看，1700 萬美元的損失似乎不是那麼糟糕。因此，我非常讚賞你對此採取行動，而 5,100 萬美元的股權附加收益也是一個驚喜。所以問題在於信用。根據我們目前所知，您是否相信投資組合中的信貸已經穩定下來？

Do you expect the gradual improvement on resolution plans you have in place? And also if you could comment on the hotel exposure in the loan portfolio.

您是否期望現有的解決方案能夠逐步改善？另外，您是否可以評論一下貸款組合中的飯店風險敞口？

Absolutely. Thanks, Jade. I appreciate the nice words. The life science market we looked at -- you had a lot of office that was getting converted to life science back in the days when everybody was taking more coming out of Covid. Obviously, there was a great need in COVID. But we didn't feel like we needed a multiple more of life science space. You just didn't graduate enough scientists to create a significant of a demand.

絕對地。謝謝，Jade。我很欣賞這些好話。我們研究的生命科學市場——在疫情結束後，每個人都獲得更多收入的時代，有許多辦公室都轉向了生命科學領域。顯然，在新冠疫情期間，我們對此有著很大的需求。但我們不覺得需要更多的生命科學空間。你們只是沒有培養出足夠的科學家來滿足龐大的需求。

And we knew AI was coming in that would reduce the number of trials that somebody might make going after a gene or whatever it is from -- you might have gone after it 10 different ways well with AI, you might only go after it a couple of different ways. So I think we've had a relatively bare view on that for a while. Unfortunately, we did that one through. We thought it would be a good $17 million write-down on that, and hopefully, we can work out a bit. The kicker gain was nice as well. So thank you for bringing that up.

我們知道人工智慧的出現將減少人們在追蹤某個基因或任何基因來源時進行的試驗次數——有了人工智慧，你可能可以用 10 種不同的方式追蹤它，而現在你可能只需要幾種不同的方式。所以我認為我們一段時間以來對此的看法都比較膚淺。不幸的是，我們完成了這個任務。我們認為這將是一筆不錯的 1700 萬美元的減記，希望我們能取得一些成果。踢球者的進步也很好。謝謝你提出這個問題。

The hotel exposure, I'm getting my percentage is right now, I think it's 6% of our overall asset base. I don't have any hotels at all in my four or five rated, loans. I don't expect any there. We've not lost any money on hotels. We went into the COVID cycle. We actually said something in 2020, and I'm going to turn it to Barry if he's here because he is the greatest hotel expert I've ever met.

我現在得到的酒店敞口百分比是，我認為是我們整體資產基礎的 6%。我的四、五級貸款中根本沒有任何飯店。我並不期望那裡有任何東西。我們在酒店方面沒有損失任何錢。我們進入了新冠疫情週期。我們實際上在 2020 年說過一些話，如果 Barry 在這裡，我會把它交給他，因為他是我見過的最偉大的酒店專家。

But in 2020 we said we didn't expect to lose any money on our hotel portfolio, and that was when they were all shut. So right now we feel really good about the exposures that we've taken. It's a broad mix of some destination, some roadside and drive to and some in more major cities, but the hotel book continues to hold up very well. Hotels can miss on their cash flow by a little bit, but when you're lending at 65% or 70%.

但在 2020 年，我們表示我們預計酒店投資組合不會虧損，而當時所有酒店都已關閉。因此，現在我們對所拍攝的照片感到非常滿意。它涵蓋了各種目的地、路邊和駕車前往的目的地以及一些大城市，但酒店預訂仍然保持著良好的勢頭。飯店的現金流量可能會稍微不足，但當你的貸款利率達到 65% 或 70% 時。

We have a lot more cushion there as income has gone up, as you've seen anyone who's come into New York City in the last year has seen where hotel rates are. Income has gone up, expenses have gone up also, so we're very careful on expenses, but to erode this 30% or 35% lending cushion that we have in hotels. It's a lot harder if things don't go bad and this this higher rate environment has been met with higher income as well.

隨著收入的增加，我們在那裡有了更多的緩衝，正如你所看到的，去年來到紐約市的任何人都知道酒店價格是多少。收入增加了，支出也增加了，所以我們在支出方面非常謹慎，但要減少我們在酒店業務中 30% 或 35% 的貸款緩衝。如果情況沒有變糟，那麼情況就會變得更加困難，而這種高利率環境也帶來了更高的收入。

So fortunately there we have that where you don't necessarily have that on office broadly. Barry, you're trying to jump in because. Is that you, Barry?

所以幸運的是，我們擁有這種在辦公室不一定普遍存在的情況。巴里，你想跳進去是因為。是你嗎，巴里？

I could say it. Can you hear me?

我可以這麼說。你聽得到我嗎？

Yes, I -- can you hear me?

是的，我──你聽得到我說話嗎？

Yes. Life Sciences secured the daylight side of us. It was sort of a conversion of office to life science was kind of like time share for a hotel that didn't work for a while, it was as good as it got. I think it's interesting you bring it up because I think data center space will be interesting spreads have contracted dramatically if a building is being leased or is fully leased, but some people are beginning to do or trying to expect data centers to get pretty widespread as you should in the spec data center, but it's something we're not choosing to do right now. So I think there are -- it's a similar thing.

是的。生命科學保障了我們的光明面。這就像是從辦公室到生命科學的轉變，就像是暫時停業的旅館的分時度假，這是最好的結果。我認為你提出這個問題很有趣，因為我認為如果一棟建築被租賃或完全租賃，資料中心空間的價差將會大幅縮小，但有些人開始這樣做或試圖期望資料中心像在規範資料中心那樣普及，但這是我們現在不選擇做的事情。所以我認為——這是類似的事情。

It's like you go back where you can go, so it's something that is obviously not spectrum we've got the best credits that are in the world. But the spreads there have dramatically contracted probably 200 basis points or 175 basis points from where they were when we started in the lending business in data centers. And we are a data center developer with $19 billion of pipeline ourselves.

這就像你回到你可以去的地方，所以這顯然不是我們所擁有的世界上最好的信用。但與我們剛開始進行資料中心貸款業務時相比，那裡的利差已經大幅縮小，大概縮小了 200 個基點或 175 個基點。我們自己是一家資料中心開發商，擁有價值 190 億美元的管道。

So we know the market from the equity side and the debt side, and we've seen what -- as we finance those buildings, and we've seen what's happened. The hotels, I mean, you have to be careful of the blue cities right now because the unions are really strong.

因此，我們從股權和債務兩個方面了解市場，我們已經看到了——當我們為這些建築提供融資時，我們已經看到了發生了什麼。我的意思是，對於酒店，你現在必須小心藍色城市，因為工會非常強大。

New York City contracts coming up in May of next year, it's going to look something like what happened in L.A. So even though New York remains fairly strong, shockingly strong at the rest of our line given the depreciation of the dollar and its impact on foreign tourism. It is not Vegas is weak. There are markets that are weak, and we just SP1 Cherry-pick opportunities. And I don't, I think we are fine.

紐約市的合約將於明年 5 月到期，屆時其情況將與洛杉磯的情況類似。因此，儘管紐約仍然保持著相當強勁的勢頭，但考慮到美元貶值及其對外國旅遊業的影響，我們其他地區的業績表現卻出奇地強勁。這並不是因為拉斯維加斯弱。有些市場比較疲軟，我們只需 SP1 挑選機會。我不這麼認為，我認為我們很好。

We often lend and say, well we get the asset at the debt balance, we'd love to own a fair, so I think that probably applies to almost all of our hotel loans.

我們經常藉出貸款並說，好吧，我們以債務餘額獲得了資產，我們很樂意擁有一個公平的市場，所以我認為這可能適用於我們幾乎所有的酒店貸款。

And there is liquidity, we just got paid off on a New York City hotel to a bank balance sheet. We got paid off on Atlantis, which was a large position. We're going to get paid off in the next quarter on a Hawaii asset, and obviously hotels have a really high debt yield going in, and they, that high debt yield enables them to navigate the higher so for more easily.

而且還有流動性，我們剛剛將紐約市一家酒店的付款記入銀行資產負債表。我們在亞特蘭提斯獲得了回報，這是一個很大的職位。我們將在下個季度獲得夏威夷資產的回報，顯然酒店的債務收益率非常高，而高債務收益率使他們能夠更輕鬆地應對更高的債務收益率。

And Jade, you did ask one more thing on the credit cycle. I don't want to be too, I don't want to skip over that. But if the forward curve is right and we head towards 3%, so for my gut is that the industry is likely over reserved. If you end up in the high three to four, the industry probably has reserved for that and if the forward curve ends up. Above four, there will be more problems.

傑德，你確實又問了一個有關信貸週期的問題。我不想這樣，我不想跳過這一點。但如果遠期曲線正確，並且我們朝著 3% 的方向發展，那麼我的直覺是，該行業可能儲備過多。如果你最終進入前三到前四名，那麼該行業可能已經為此保留了空間，並且如果遠期曲線結束的話。超過四個，問題就更多了。

So today where we sit with the forward curve heading to 3% by the end of '26, early '27, I feel really good, but that forward curve has moved around by 100 basis points, 3 times each direction over the last year and a half. So, we, we'll continue to watch it and we'll continue to try to work out of things that if the forward curve does stay above 4% that we have a path away from. But with the forward curve heading where it is today, I think everybody in our seats are feeling a little bit better.

因此，今天我們看到遠期曲線將在 26 年底、27 年初達到 3%，我感覺非常好，但在過去一年半中，該遠期曲線已經移動了 100 個基點，每個方向移動了 3 次。因此，我們將繼續關注，並將繼續努力解決問題，如果遠期曲線確實保持在 4% 以上，我們將找到一條擺脫困境的途徑。但隨著未來曲線走向今天這個位置，我想我們每個人都會感覺好一點。

Douglas Harter, UBS.

瑞銀的道格拉斯·哈特。

Hoping you could give us an update on kind of the timeline for resolution on some of the problem assets or foreclosed assets. how we should think about kind of getting that capital back and kind of how much and just the magnitude of capital against those -- that's unproductive today?

希望您能提供我們一些關於解決某些問題資產或止贖資產的時間表的最新資訊。我們該如何考慮收回這些資本，以及收回這些資本的金額和規模──這些資本在今天是沒有效率的？

Yes. I think it's about $1.3 billion or $1.4 billion today of nonaccrual assets, Doug. There's some where we have some control where we're making a choice today not to sell at today's level and that we think we have a better outcome by holding on. And so far, that's been working better than we might have thought. It would.

是的。道格，我認為今天的非應計資產約為 13 億美元或 14 億美元。在某些情況下，我們可以進行一些控制，我們今天選擇不以今天的水平出售，並且我們認為堅持下去會有更好的結果。到目前為止，效果比我們想像的還要好。確實如此。

I think we told you two quarters ago, that we had a plan that we would try to be half out of it by the end of '26 and then half again of that by the end of 2017, which would be only a quarter of that book. that's our patient forecast. Hopefully, we can do better.

我想我們在兩個季度前告訴過你們，我們有一個計劃，我們會嘗試在 2026 年底前完成一半，然後在 2017 年底再完成一半，這只是那本書的四分之一。這是我們耐心的預測。希望我們能夠做得更好。

There are certainly some assets that we've spoken about here before that we can't do a lot on. There's a few that were syndicated on like a large retail asset, and then we're going to have to wait and work together with a group there that will take a while. There are a couple of things in Downtown L.A. and Downtown L.A. is just not moving forward as quickly as possible. So we're looking at other potential options on those. A few small apartments that make that up.

當然，我們之前已經討論過一些資產，但我們對這些資產無能為力。有一些是像大型零售資產那樣聯合起來的，然後我們將不得不等待並與那裡的一個團體合作，這將需要一段時間。洛杉磯市中心存在一些問題，而且洛杉磯市中心的發展速度不夠快。因此，我們正在研究其他潛在的選擇。有幾個小公寓組成了它。

You've seen us sell two or three of the apartments that we've taken back at our basis. My gut is we'll sell a couple more of those at our basis in the coming quarter or -- so the REO book is mostly things that we think we have a handle on being able to move out in that timeline. But as I said, there are a couple of other larger broadly syndicated things that might take a while.

您已經看到我們出售了兩三套收回的公寓。我的直覺是，我們將在下個季度在我們的基礎上再賣出幾個這樣的產品——所以 REO 帳簿上主要是我們認為我們能夠在那個時間表內處理好的事情。但正如我所說，還有一些其他更大規模、更廣泛聯合的項目可能還需要一段時間。

But that is built into what we produced to the Board for a three-year plan, and we're sort of very comfortable with where that plan is and that, that will allow us to continue to earn this dividend over the next three years or so. So we're not going to rush rushing would cause you go from our cost of capital, you sell something to an opportunistic fund and they have a 20% cost of capital, and then they bid it back for any downside that could happen, and that's not necessarily the best outcome hitting a bit today on an asset for our shareholders.

但這已經納入我們向董事會提交的三年計劃中，我們對該計劃的現狀非常滿意，這將使我們能夠在未來三年左右繼續賺取股息。因此，我們不會急於求成，急於求成會導致你偏離我們的資本成本，你將某樣東西賣給一個機會主義基金，他們的資本成本為 20%，然後他們會為了應對可能發生的任何不利因素而將其出價回來，而這不一定是最好的結果，今天對我們的股東來說資產會造成一點打擊。

We've seen our peers do that. But we have capital, we have access to capital, and we're going to act with our managers tower Capital Group has $110 billion of assets under management and look at each individual asset to try to go forward and make our best plan.

我們看到我們的同行也這樣做。但是我們有資本，我們可以獲得資本，我們將與我們的管理人員一起行動，塔資本集團管理著 1100 億美元的資產，並審查每一項資產，努力向前發展並製定最佳計劃。

Great. I appreciate that, Jeff. And any update on the Washington residential conversion? Kind of what's the updated timeline and thoughts of kind of getting that property underlying cash flow?

偉大的。我很感激，傑夫。華盛頓住宅改建有什麼最新消息嗎？更新後的時間表和獲取該房產潛在現金流的想法是怎樣的？

Yes. We -- I'll send you after we have some beautiful pictures of what that asset will ultimately look like. We're monitoring rents in that market. Rents have actually gone up on Class A multi-rentals. So we're starting to feel better and better, but we have not begun construction.

是的。我們—當我們獲得一些該資產最終外觀的精美照片後，我會將其發送給您。我們正在監測該市場的租金。A 級多套出租房屋的租金實際上已經上漲。因此，我們開始感覺越來越好，但我們還沒有開始施工。

We're in the permitting phase, and we have the final drawing. So I feel pretty good that it's going to be a tremendous product. It's in the right spot in D.C. that we hope to be able to give you a lot more information on over the next couple of years. It's a couple of year project.

我們正處於許可階段，並且已經有了最終的圖紙。因此我非常有信心它將會是一款出色的產品。它位於華盛頓特區的正確位置，我們希望能夠在未來幾年為您提供更多資訊。這是一個持續幾年的項目。

We've reserved money for that and we'll see. We do have ourselves getting back our basis and more on that asset, as we've told you in the past, if -- once we're done with the conversion.

我們已經為此預留了資金，我們拭目以待。正如我們過去告訴過你們的，一旦我們完成轉換，我們確實可以收回我們的基礎，甚至獲得更多資產。

Thank you. And with that, this does conclude the question-and-answer session. I would like to turn the call back to Jeff DiModica for closing remarks.

謝謝。至此，問答環節就結束了。我想請 Jeff DiModica 做最後發言。

Well, normal, I'll put it to Barry, but the connection isn't great today. I want to thank everybody for joining us and thanks to the team who did a lot of work to get a lot of things over the line in the last quarter. I appreciate everybody's time.

嗯，正常，我會把它交給巴里，但今天的連接不太好。我要感謝所有人的加入，也感謝團隊在上個季度為完成許多事情所做的大量工作。我感謝大家的時間。

Thank you. And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect at this time, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開連接，並享受美好的一天。