Starwood Property Trust Inc (STWD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Starwood Property Trust third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Starwood Property Trust 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the call over to your host, Zach Tanenbaum, Head of Investor Relations. Thank you. You may begin.

現在我將把電話交給主持人，投資者關係主管扎克·塔嫩鮑姆。謝謝。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 a presentation of our results, which are both available on our website and have been filed with the SEC.

謝謝接線生。早安，歡迎參加喜達屋地產信託公司財報電話會議。今天上午，我們提交了 10-Q 表格，並發布了新聞稿，介紹了我們的業績。這些文件都可以在我們的網站上找到，並且已經提交給了美國證券交易委員會。

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.

在電話會議開始之前，我想提醒大家，本次電話會議中某些陳述屬於前瞻性陳述，並不保證未來的事件或績效。有關這些聲明的注意事項，請參閱我們的 10-Q 表格和新聞稿。

Additionally, certain non-GAAP financial measures will be discussed on this call. For reconciliations 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.

此外，本次電話會議也將討論一些非GAAP財務指標。有關這些非GAAP財務指標與按照GAAP編制的最可比較指標的調節表，請參閱我們今天早上發布的新聞稿。

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有：公司董事長兼執行長 Barry Sternlicht；公司總裁 Jeff DiModica；以及公司財務長 Rina Paniry。

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

接下來，我會把電話交給麗娜。

Thank you, Zach, and good morning, everyone. This quarter, we reported distributable earnings, or DE, of $149 million or $0.40 per share. GAAP net income was $0.19 per share. Our new net lease acquisition, which I will discuss further in my Property segment remarks, contributed to lower GAAP earnings due to $0.04 of depreciation and lower distributable earnings due to $0.03 of dilution in part because the new assets contributed to only a portion of the quarter, while dividends were paid for the full quarter. We also experienced higher-than-normal cash drag given the $2.3 billion of capital raises we completed in the quarter.

謝謝你，扎克，大家早安。本季度，我們公佈的可分配收益（DE）為 1.49 億美元，即每股 0.40 美元。GAAP淨利為每股0.19美元。我將在「物業業務板塊」部分進一步討論我們新的淨租賃收購，由於折舊 0.04 美元，導致 GAAP 收益下降；由於稀釋 0.03 美元，導致可分配收益下降，部分原因是新資產僅對本季度的一部分有所貢獻，而股息是按整個季度支付的。由於本季我們完成了 23 億美元的融資，我們也經歷了高於正常水平的現金拖累。

We expect earnings to normalize once this cash is deployed and our new acquisition increases its investment pace and completes the refinancing of its existing facilities. In the quarter, we committed $4.6 billion of new investments across our businesses, including $2.2 billion in net lease, $1.4 billion in Commercial Lending and a record $791 million in Infrastructure Lending, bringing total assets to a record $29.9 billion at quarter end, and demonstrating the continued diversification and strength of our unique multi-cylinder platform.

我們預計，一旦這筆現金投入使用，而我們新收購的公司加快投資步伐並完成現有設施的再融資，收益將恢復正常。本季度，我們在各項業務中投入了 46 億美元的新投資，其中包括 22 億美元的淨租賃、14 億美元的商業貸款以及創紀錄的 7.91 億美元的基礎設施貸款，使季度末總資產達到創紀錄的 299 億美元，這體現了我們獨特的多缸平台的持續多元化和實力。

I will begin my segment discussion this morning with Commercial and Residential Lending, which contributed $159 million of DE to the quarter or $0.43 per share. In Commercial Lending, we originated $1.4 billion of loans, of which nearly all was funded, along with another $219 million of pre-existing loan commitments. After repayment of $1.3 billion, including a $58 million office loan, this portfolio grew $271 million to $15.8 billion.

今天早上我將首先討論商業和住宅貸款業務，該業務為本季貢獻了 1.59 億美元的直接支出，即每股 0.43 美元。在商業貸款方面，我們發放了 14 億美元的貸款，其中幾乎全部都已發放，此外還有 2.19 億美元的預先存在的貸款承諾。在償還了 13 億美元（包括 5,800 萬美元的辦公貸款）後，該投資組合成長了 2.71 億美元，達到 158 億美元。

On the topic of credit quality, we continue to resolve our higher risk-weighted loans and foreclosed assets, which Jeff will discuss. We have $642 million of reserves, $469 million in CECL and $173 million of previously taken REO impairment. Together, these represent 3.8% of our lending and REO portfolio and translate to $1.73 per share book value, which is already reflected in today's undepreciated book value of $19.39.

關於信貸品質問題，我們將繼續解決風險較高的貸款和法拍資產問題，傑夫將對此進行討論。我們有 6.42 億美元的儲備金，4.69 億美元的 CECL 和 1.73 億美元的先前已提列的 REO 減損。這些資產合計占我們貸款和 REO 組合的 3.8%，相當於每股帳面價值 1.73 美元，這已反映在今天的未折舊帳面價值 19.39 美元中。

You will notice in our 10-Q that we classified a $33 million five-rated mezzanine loan on a Dublin office portfolio as credit deteriorated. The loan already maintained an adequate general reserve, but in light of a pending loan modification, the reserve was reclassified from general to specific.

您會在我們的 10-Q 文件中註意到，我們將都柏林辦公大樓投資組合中一筆 3,300 萬美元的五星級夾層貸款歸類為信用惡化。該貸款原本已維持了充足的一般儲備金，但鑑於貸款修改即將進行，儲備金已從一般儲備金重新分類為專項儲備金。

Turning to Residential Lending. Our on-balance sheet loan portfolio ended the quarter at $2.3 billion, consistent with last quarter as $52 million of repayments were largely offset by $41 million of positive mark-to-market adjustments. Our retained RMBS portfolio remained relatively steady at $409 million.

轉向住宅貸款。本季末，我們的資產負債表貸款組合為 23 億美元，與上一季一致，其中 5,200 萬美元的還款被 4,100 萬美元的正面市值調整所抵銷。我們保留的RMBS投資組合保持相對穩定，為4.09億美元。

In our Property segment, which now includes our newly acquired net lease platform, we reported DE of $28 million or $0.08 per share. On July 23, we completed the $2.2 billion acquisition of Fundamental Income Properties, which contributed $10 million of DE in the partial quarter from acquisition to quarter end.

在我們的房地產業務部門（現在包括我們新收購的淨租賃平台），我們報告稱，淨經營收入為 2800 萬美元，即每股 0.08 美元。7 月 23 日，我們完成了對 Fundamental Income Properties 的 22 億美元收購，該收購在收購到季度末的當季部分時間內貢獻了 1000 萬美元的 DE。

The purchase was treated as an asset acquisition for GAAP purposes, which means the purchase price was allocated to properties and lease intangibles. The portfolio consists of 475 properties diversified across 61 industries and 43 states with a weighted average lease term of 17.1 years and occupancy of 100%.

根據公認會計原則，此次收購被視為資產收購，這意味著收購價格被分配至房地產和租賃無形資產。該投資組合包含 475 個物業，分佈於 61 個行業和 43 個州，加權平均租賃期限為 17.1 年，入住率為 100%。

Two comments I would like to make on the accounting ramifications of this acquisition. First, from a GAAP perspective, you will see elevated depreciation and amortization levels. The impact was $0.04 for the partial period with this pace expected to accelerate as the business contributes fully to future quarters and as we acquire new assets.

關於這次收購的會計影響，我想提出兩點看法。首先，從 GAAP 的角度來看，你會看到較高的折舊和攤銷等級。部分期間的影響為 0.04 美元，隨著業務在未來幾季全面發揮作用以及我們收購新資產，預計這一速度將會加快。

Second, from a DE perspective, we introduced a new GAAP to DE reconciling item for straight-line rent, which is noncash. In our Woodstar affordable multifamily portfolio, we refinanced 30% of the portfolio's assets with $614 million of new debt. Of this amount, $310 million repaid maturing debt and $302 million was received as incremental proceeds, evidencing the significant value growth in this book during our ownership period. The new debt carries a weighted average spread of SOFR plus 1.76% and a 10-year term. $368 million of this refinancing closed in the quarter with the remaining closing in October.

其次，從 DE 的角度來看，我們引入了一個新的 GAAP 與 DE 調節項目，用於直線法租金，這是非現金的。在我們的 Woodstar 經濟適用型多戶住宅投資組合中，我們透過 6.14 億美元的新債務對該投資組合 30% 的資產進行了再融資。其中 3.1 億美元用於償還到期債務，3.02 億美元作為新增收益收到，證明了在我們持有期間該資產價值的顯著增長。新債務的加權平均利差為SOFR加1.76%，期限為10年。其中3.68億美元的再融資已於本季完成，剩餘部分將於10月完成。

Our Investing and Servicing segment contributed $47 million of DE or $0.12 per share to the quarter. Our special servicer continued to benefit from elevated transfer volumes, which were once again dominated by office loans. Our named servicing portfolio ended the quarter at $99 billion. Active servicing balances rose to $10.6 billion due to $300 million of net transfers in, most of which were office, driving special servicing fees higher in the quarter. In our conduit Starwood Mortgage Capital, we completed five securitizations totaling $222 million at profit margins consistent with historic levels.

我們的投資和服務部門為本季貢獻了 4,700 萬美元的損益，即每股 0.12 美元。我們的特殊服務機構繼續受益於不斷增長的轉帳量，其中辦公貸款再次佔據主導地位。本季末，我們指定的服務組合規模為 990 億美元。由於淨流入資金 3 億美元，活躍服務餘額增加至 106 億美元，其中大部分是辦公帳戶資金，導致本季特殊服務費上漲。我們透過旗下子公司 Starwood Mortgage Capital 完成了五筆證券化交易，總額達 2.22 億美元，利潤率與歷史水準一致。

Our Infrastructure Lending segment contributed $32 million of DE or $0.08 per share to the quarter. We committed a record $791 million of loans, of which $678 million was funded and received $691 million of repayments, leaving our portfolio balance steady at $3.1 billion. Subsequent to quarter end, we completed our sixth actively managed infrastructure CLO, a $500 million transaction that priced at a record low coupon of SOFR plus 172, further expanding our nonrecourse capital base.

我們的基礎設施貸款業務部門為本季貢獻了 3,200 萬美元的直接支出，即每股 0.08 美元。我們承諾發放創紀錄的 7.91 億美元貸款，其中 6.78 億美元已發放，並已收到 6.91 億美元的還款，使我們的投資組合餘額保持在 31 億美元。季度末之後，我們完成了第六筆主動管理的基建CLO交易，這是一筆5億美元的交易，定價為SOFR加172的歷史最低票息，進一步擴大了我們的無追索權資本基礎。

Turning to liquidity and capitalization. We ended the quarter with $2.2 billion of total liquidity, elevated due to our recent capital raises and cash out refinancing. Our debt to undepreciated equity ratio remained stable at 2.5 times, and we continue to maintain over $9 billion of available credit capacity across our business lines.

轉向流動性和資本化。本季末，我們的總流動資金為 22 億美元，這得益於我們最近的融資和現金再融資。我們的債務與未折舊權益比率保持穩定在 2.5 倍，並且我們繼續在各個業務領域保持超過 90 億美元的可用信貸額度。

During the quarter, we executed $3.9 billion of capital markets transactions, including $1.6 billion in term loan repricing at 175 basis points and 200 basis points over SOFR; two high-yield issuances, one for $550 million and one for $500 million at fixed rates of 5.75% and 5.25%; a $700 million seven-year Term Loan B at 225% over SOFR; and a $534 million equity raise that was accretive to GAAP book value. These actions increased our average corporate debt maturity to 3.8 years with only $400 million of corporate debt maturing between now and 2027.

本季度，我們完成了 39 億美元的資本市場交易，其中包括 16 億美元的定期貸款重新定價，利率分別為 SOFR 加 175 個基點和 200 個基點；兩筆高收益債券發行，一筆為 5.5 億美元，另一筆為 5 億美元，固定利率分別為 5.75% 和定期 5.5 億美元，另一筆為 5 億美元，固定利率分別為 5.75% 和定期 25% 的 25% SOFR5% SOFR 貸款，250 億美元的定期貸款 25% 加 25%； 225%；以及一筆 5.34 億美元的股權融資，該融資增加了 GAAP 帳面價值。這些措施使我們的平均企業債務期限延長至 3.8 年，從現在到 2027 年只有 4 億美元的企業債務到期。

With that, I will now turn the call over to Jeff.

接下來，我會把電話交給傑夫。

Thanks, Rina, and good morning, everyone. This quarter, we continued to operate in an environment of improving stability in credit market performance. The forward SOFR curve now points to rates falling into the low 3% range by late 2026, about 100 basis points below where expectations stood a year ago, which is positive for our legacy credits.

謝謝麗娜，大家早安。本季度，我們繼續在信貸市場表現日益穩定的環境下開展業務。目前，SOFR 遠期曲線表明，到 2026 年底，利率將降至 3% 左右，比一年前的預期低約 100 個基點，這對我們的傳統信貸來說是利好消息。

That shift, combined with steady credit spreads has supported a more constructive real estate financing market in which we expect to maintain our elevated origination pace. In commercial real estate, we're seeing signs of increasing transaction velocity as buyers and sellers narrow valuation gaps and capital flows return to higher quality assets.

這一轉變，加上穩定的信貸利差，為更具建設性的房地產融資市場提供了支持，我們預計將保持較高的貸款發放速度。在商業房地產領域，我們看到交易速度加快的跡象，買賣雙方縮小了估值差距，資本流向了更高品質的資產。

Banks remain selective and continue to favor growing their secured financing lines over competing with us for whole loans. This allows well-capitalized lenders like Starwood Property Trust to lend at today's tighter spreads while maintaining consistent risk-adjusted returns and strong structural protections.

銀行仍保持謹慎，並且繼續傾向於擴大其擔保融資額度，而不是與我們競爭整筆貸款。這使得像 Starwood Property Trust 這樣資本雄厚的貸款機構能夠在如今利差較小的環境下放貸，同時保持穩定的風險調整後收益和強大的結構性保障。

We built this company to perform in all environments, diversified across lending verticals, servicing and owned properties, which creates a balance sheet that provides flexibility and durability. That diversification, combined with consistent access to capital allows us to invest through cycles and position for growth as the markets normalize.

我們打造這家公司是為了使其能夠在各種環境下都能取得成功，業務多元化，涵蓋貸款垂直領域、服務和自有資產，從而打造出具有靈活性和持久性的資產負債表。這種多元化投資，加上持續的資金來源，使我們能夠在市場週期中持續投資，並在市場恢復正常時把握成長機會。

Following the capital markets activity that Rina mentioned, our liquidity stood at $2.2 billion, leaving our balance sheet well positioned to support continued investment across our debt and equity businesses, and our intent is to continue to grow.

繼 Rina 提到的資本市場活動之後，我們的流動資金達到 22 億美元，使我們的資產負債表狀況良好，能夠支持我們在債務和股權業務方面的持續投資，我們的目標是繼續發展壯大。

Our Commercial Lending originations through the first nine months of the year alone totaled $4.6 billion on pace for our second highest year in our 16-year history. Our total investing pace through the first nine months across all businesses was $10.2 billion, also putting us on pace for a record year. The full earnings power of these new investments will be felt in 2026 as we continue to fund our existing loans and add new ones.

光是今年前九個月，我們的商業貸款發放總額就達到了 46 億美元，預計將成為我們 16 年歷史上第二高的年份。前九個月，我們所有業務的總投資額為 102 億美元，這也使我們有望創下年度投資紀錄。這些新投資的全部收益將在 2026 年顯現，屆時我們將繼續為現有貸款提供資金並增加新的貸款。

In Commercial Lending, we continue to lean in on our core investment themes, data centers, multifamily, industrial and Europe, while maintaining a disciplined credit posture. Our US office exposure remains low at 8% of our total assets, down from 9% last quarter.

在商業貸款方面，我們繼續專注於核心投資主題，即資料中心、多戶住宅、工業和歐洲，同時保持嚴謹的信貸策略。我們在美國的辦公大樓投資佔比仍然很低，僅佔總資產的 8%，低於上季的 9%。

As always, we remain highly focused on credit. Our total CECL and REO reserves Rina mentioned reflect prudent additions on a small number of challenged assets, which were somewhat offset by the upgrade of a $139 million office loan in Brooklyn from a 4- to a 3-risk rating in the quarter. The improvement follows strong leasing progress that is expected to bring the property to full occupancy in the fourth quarter. This quarter, we downgraded two loans to a 5-risk rating, a $242 million mixed-use property in Dallas and a $91 million multifamily in Phoenix, both of which were previously 4 rated.

一如既往，我們仍然高度重視信貸業務。Rina提到的我們的CECL和REO儲備總額反映了對少量問題資產的謹慎增加，但這在一定程度上被本季度布魯克林一筆1.39億美元辦公貸款的風險評級從4級提升至3級所抵消。這項改善得益於強勁的租賃進展，預計該物業將在第四季度實現滿租。本季度，我們將兩筆貸款的風險評級下調至 5 級，分別是達拉斯一處價值 2.42 億美元的混合用途物業和鳳凰城一處價值 9,100 萬美元的多戶住宅，這兩筆貸款先前的評級均為 4 級。

We expect to foreclose on these loans in the coming months, and we use our internal asset management function and the expertise of our manager, Starwood Capital Group, to stabilize operations and reduce elevated expenses before we look to exit in the coming year.

我們預計將在未來幾個月內取消這些貸款的贖回權，我們將利用我們內部的資產管理職能和我們的管理人 Starwood Capital Group 的專業知識來穩定營運並降低高額費用，然後再考慮在來年退出。

To date, we've resolved seven loans totaling $512 million. There are another $230 million of resolutions currently in progress, all of which are expected to recover our original basis. To clarify, we do not consider an asset to be resolved until it has legally exited our balance sheet. So these resolutions exclude foreclosures of $1.1 billion. Inclusive of foreclosures, our resolutions total would be 16 loans for an aggregate of $1.6 billion UPB.

截至目前，我們已解決七筆貸款，總額達 5.12 億美元。目前還有價值 2.3 億美元的解決方案正在進行中，所有這些方案預計都將使我們恢復到最初的水平。需要澄清的是，我們只有在資產依法從我們的資產負債表中移除後，才認為該資產已被處置。因此，這些決議不包括11億美元的止贖案件。如果將止贖也包括在內，我們的解決方案總數將為 16 筆貸款，未償餘額總額為 16 億美元。

We also had three loans move from a 3 to a 4 rating in the quarter, a $107 million studio loan in Queens, a $267 million new build industrial asset just outside the Midtown Tunnel, and a $33 million multifamily in Dallas, with the downgrades due to slower-than-expected leasing and sponsor liquidity challenges.

本季度，我們還有三筆貸款的評級從 3 級降至 4 級，分別是皇后區一筆 1.07 億美元的工作室貸款、中城隧道外一筆 2.67 億美元的新建工業資產貸款，以及達拉斯一筆 3,300 萬美元的多戶住宅貸款。評級下調的原因是租賃速度低於預期以及發起人流動性挑戰。

Our Infrastructure Lending platform again delivered strong results with origination volume of $2.2 billion in the first nine months of the year, exceeding every full year since we acquired this platform from GE in 2018. As Rina mentioned, we completed our sixth infrastructure CLO subsequent to quarter end with nonrecourse, non-mark-to-market CLOs now financing two-thirds of this portfolio. In Residential Lending, we continue to evaluate strategic opportunities to reenter the residential origination space as credit spreads tighten, treasury yields are stable, and market dynamics improve.

我們的基礎設施貸款平台今年前九個月的貸款發放量再次取得強勁成績，達到 22 億美元，超過了自 2018 年我們從通用電氣收購該平台以來的每一個完整年度。正如 Rina 所提到的，我們在季度末之後完成了第六個基礎設施 CLO，目前無追索權、非按市值計價的 CLO 為該投資組合的三分之二提供了融資。在住宅貸款領域，隨著信貸利差收窄、國債殖利率穩定、市場動態改善，我們將繼續評估重新進入住宅貸款發放領域的策略機會。

Our REIS business continues to be a stable and countercyclical contributor with LNR continuing to be ranked the number one special servicer in the US and we expect above-trend revenues to continue in the coming quarters and years. Our CMBS conduit lending business continues to be a strong performer, and our CMBS portfolio continues to benefit from significant demand for credit assets and the resulting spread compression.

我們的 REIS 業務持續保持穩定且具有反週期性，LNR 繼續位列美國第一特殊服務商，我們預計未來幾季和幾年內收入將繼續高於趨勢水準。我們的 CMBS 管道貸款業務持續表現強勁，我們的 CMBS 投資組合繼續受益於對信貸資產的強勁需求以及由此產生的利差收窄。

Turning to our Property segment and our new net lease platform. The team has already begun originating new transactions. And after they were out of the market for a number of months during the marketing process, we are building a very strong pipeline. The triple net assets we acquired have strengthened our portfolio diversification by increasing recurring cash flow from long-term triple net leases financed with long-term fixed rate debt.

接下來，我們來談談房地產業務和我們新的淨租賃平台。該團隊已經開始發起新的交易。在經過幾個月的市場推廣過程後，我們正在建立一個非常強大的銷售管道。我們收購的三重淨資產透過增加長期三重淨租賃的經常性現金流（這些租賃以長期固定利率債務融資）加強了我們的投資組合多元化。

We remain focused on scaling this business through its established ABS Master Trust securitization program. Post quarter end, we completed the first issuance under our ownership for $391 million at a record tight spread of 145 basis points over the seven-year amid strong investor demand. We expect subsequent securitizations to continue to tighten given the Master Trust grows and becomes more diversified with more securitizations.

我們將繼續專注於透過其已建立的 ABS 主信託證券化計劃來擴大這項業務的規模。季度末，在投資者強勁的需求推動下，我們完成了我們所有權下的首次債券發行，金額達 3.91 億美元，七年期債券的利差僅為創紀錄的 145 個基點。我們預計，隨著主信託的成長和證券化程度的提高，後續證券化將繼續收緊。

Rina mentioned the significant depreciation the portfolio creates, which will lower our book value over time. And thus, we will once again be encouraging investors to look at our undepreciated book value. We underwrote and expected this business to create near-term earnings dilution through integration as it did this quarter, but we expect it to contribute positively to distributable earnings as we scale. This quarter's results highlight the strength of our diversified franchise and our unrivaled access to multiple sources of capital.

Rina提到該投資組合會造成重大貶值，隨著時間的推移，這將降低我們的帳面價值。因此，我們將再次鼓勵投資者關注我們未折舊的帳面價值。我們已對這項業務進行了承銷，並預期它會像本季度一樣，透過整合造成短期收益稀釋，但我們預計隨著規模擴大，它將對可分配收益做出積極貢獻。本季的業績凸顯了我們多元化特許經營的優勢以及我們無與倫比的多通路融資能力。

We remain proud to be the only commercial mortgage REIT that has never cut its dividend. With strong liquidity and our opportunity set increasing, we are positioned to grow and thrive as markets evolve with a balance sheet built to withstand volatility and capitalize on opportunity.

我們依然引以為傲的是，我們是唯一一家從未削減過股息的商業抵押貸款房地產投資信託基金。憑藉著強勁的流動性和不斷擴大的機會，我們已做好充分準備，隨著市場的發展而成長壯大，我們的資產負債表能夠抵禦波動並抓住機會。

We continue to invest in technology and artificial intelligence to enhance efficiency and decision-making across our lending and servicing platforms. These efforts are already yielding better analytics and faster response times, and we expect them to support long-term margin expansions as they scale. In fact, I used AI to write the bones of my comments today.

我們將繼續投資於科技和人工智慧，以提高我們貸款和服務平台的效率和決策能力。這些努力已經帶來了更好的分析和更快的反應速度，我們預計隨著規模的擴大，它們將支持長期利潤率的提升。事實上，我今天評論的框架是用人工智慧產生的。

With that, I'll turn the call to Barry.

接下來，我將把電話轉給巴里。

Thank you, Jeff, and thank you, Rina and Zach, and good morning, everyone. Just some quick filling comments, I guess, since chat wrote the bones of Jeff's comments, we can use his agent, and he doesn't have to talk anymore. We could just have this AI agent speak for himself. But moving back to and filling in some comments, I think it was an interesting quarter. Obviously, only half our book today is still large loan lending.

謝謝傑夫，謝謝麗娜和扎克，大家早安。我想，就簡單補充一些評論吧，因為聊天記錄已經寫出了傑夫評論的框架，我們可以使用他的代理人，他不必再親自發言了。我們可以讓這個人工智慧代理自己發言。但回到正題，補充一些評論，我認為這是一個有趣的季度。顯然，目前我們只有一半的業務仍然是大額貸款。

It's about half of our assets, about $15.5 billion on almost $30 billion of assets. I think we created a near-term trough for ourselves with the fundamental acquisition. It was a strategic move. And while it was dilutive of at least $0.04 in the quarter, it is very leveraged to its overhead. We bought an entire business, including the management team.

這大約是我們資產的一半，在近 300 億美元的資產中約佔 155 億美元。我認為，這次基礎收購讓我們自己陷入了短期低潮。這是一項策略舉措。雖然這導致本季每股收益至少稀釋了 0.04 美元，但它與營運成本的槓桿作用非常大。我們收購了整個公司，包括管理團隊。

And as you scale the book, the results of the accretion of the book becomes rather dramatic. And two things we see. One, our cost of financing has dropped, as Jeff mentioned in his final comments, at 145 over. That's materially better than we underwrote when we bought the business. And two, the opportunities that we didn't realize that they had been out of the market for as long as they were during the sale process.

隨著書本尺寸的增加，書本不斷累積的結果變得相當顯著。我們看到兩件事。第一，正如傑夫在最後的評論中提到的那樣，我們的融資成本下降了 145%。這比我們收購這家公司時的預期承銷額好得多。第二，我們在出售過程中沒有意識到，這些機會已經退出市場這麼久了。

So we didn't produce enough net lease in the quarter. But by stretching the duration of the book, the 17 years average lease and the inherent bumps in the rent, which average between 2% and 3%, we've actually stretched the duration of our book.

因此，我們本季的淨租賃收入不足。但是，透過延長租約期限（平均租約為 17 年）以及租金固有的波動（平均漲幅在 2% 到 3% 之間），我們實際上延長了租約期限。

And now we have a business inside of us that -- and if you look at triple net lease REITs in the marketplace, they're trading between, well, as low as 2%, but normally on 5%, 6%, 6% dividend yields. So you have a business that's worth inherently more in us with the parent paying close to 10.5% at the moment. So we will grow this rapidly, and we'll have to spin it off and realize the value of the extraordinary business we bought.

現在我們公司內部有一項業務——如果你看看市場上的三重淨租賃房地產投資信託基金（REITs），它們的交易價格低至 2%，但通常股息收益率為 5%、6%、6%。所以，由於母公司目前支付的股份接近 10.5%，你的企業在我們這裡本身就更有價值。因此，我們將迅速發展這項業務，之後我們將不得不將其剝離出來，以實現我們收購的這家非凡企業的價值。

It will get better and better over time. But near term, we are definitely suffering from dilution and probably didn't communicate that well enough to the analyst community though we remain very optimistic about the pipeline and the future growth.

隨著時間的推移，情況會越來越好。但就短期而言，我們肯定會受到股權稀釋的影響，而且可能沒有充分地向分析師群體傳達這一點，儘管我們對產品線和未來的成長仍然非常樂觀。

I'm going to step back for a second and talk about the whole company and then the economy. Starting with the economy. I mean, the economy is a bit bifurcated, as you know, with the low end of the market not doing very well and the luxury market doing extremely well.

我打算先退後一步，談談整個公司的狀況，然後再談談經濟狀況。先從經濟說起。我的意思是，如你所知，經濟有點兩極化，低端市場表現不佳，而奢侈品市場則表現得非常好。

But one thing as it affects real estate is, you'll see, we see tremendous volume in transactions in Europe. And as the rate complex comes down, as the short end comes down, and we all know it will come down, certainly by May of '23 (sic - May of '26) when Powell is replaced, but likely before then, and it's only a question of the pacing between now and then, transaction volumes in the United States should pick up dramatically, too. And what you're seeing is a lot of people thought rates would be lower. They're not through the woods yet.

但就房地產而言，有一點是顯而易見的，那就是歐洲的交易量非常巨大。隨著利率體系下降，短期利率下降（我們都知道利率體系一定會下降，肯定會在 2023 年 5 月（原文誤寫為 2026 年 5 月）鮑威爾被替換之前下降，但很可能在此之前就會下降，這只是從現在到那時下降速度的問題），美國的交易量也應該會大幅上升。你現在看到的現像是，很多人都認為利率會更低。他們還沒走出困境。

Rents haven't yet responded in the growth phase in most asset classes in real estate. But I think if you're looking backwards, you're looking the wrong way. I mean, what we saw was a 500-basis point nearly vertical increase in rates happened very suddenly. Companies' assets, portfolios had to adjust to that. Their caps burned off over time.

在房地產的大多數資產類別中，租金尚未在成長階段做出相應反應。但我認為，如果你回顧過去，那就找錯方向了。我的意思是，我們看到的是利率突然飆升了 500 個基點，幾乎是垂直上漲。公司的資產和投資組合必須隨之做出調整。它們的蓋子隨著時間推移而燒掉了。

But in front of you, you have a declining interest rate curve. And more importantly, you have a very -- at least in the United States, a very meaningful drop in supply. So fundamentals should improve unless we get something of a serious recession, which isn't likely to happen in many quarters of the country because net worth are up and people are doing okay. Energy prices are calm. Inflation, while higher than people would like, is probably onetime with the tariffs.

但擺在你面前的是一條不斷下降的利率曲線。更重要的是，至少在美國，供應量出現了非常顯著的下降。因此，除非出現嚴重的經濟衰退，否則基本面應該會有所改善。而這種情況在全國許多地區不太可能發生，因為淨資產都在成長，人們的生活狀況也還不錯。能源價格保持穩定。雖然通貨膨脹率高於人們的預期，但考慮到關稅的影響，這可能是一次性的。

It will bleed through in the fourth quarter and the first quarter, but the labor market should continue to weaken. And I think that sets up for a pretty benign period for real estate and pretty sound fundamentals coming out in '26 and as we emerge from this still increase in supply in the multifamily, the market rate multifamily.

這種情況會在第四季和第一季有所顯現，但勞動市場應該會繼續疲軟。我認為這為房地產市場帶來了一段相當溫和的時期，2026 年基本面將相當穩健，隨著我們走出困境，多戶住宅的供應量將繼續增加，市場價格的多戶住宅也將如此。

One of the other interesting things when you look at our company and you talk about the dilution, which is, we hope, temporary from fundamental, is we're sitting on a $1.5 billion gain in our affordable book. And there, we mentioned last quarter, but not this quarter, rents in the portfolio will rise 6.7% we know already. That's the carryover from '25 to '26.

當你審視我們公司並談到股權稀釋時，你會發現另一件有趣的事情（我們希望股權稀釋只是暫時的，並非根本性的），那就是我們目前擁有15億美元的可負擔資產。而且，正如我們上個季度所提到的，但本季沒有提到的，投資組合中的租金將上漲 6.7%，我們已經知道這一點。這是從 2025 年延續到 2026 年的情況。

There'll be an additional increase most likely in April of next year. That might put the increase to closer to 8% or even higher of 10%. We'll only probably be able to take a carryover to the following year. So that inherent growth in our book, that gain is available if we wanted it ever to cover the dividend. But we choose to enjoy the fruits of that portfolio.

明年四月很可能還會再漲價。那可能會使增幅接近 8%，甚至更高，達到 10%。我們可能只能將部分資金結轉到下一年。因此，我們帳面上固有的成長，也就是收益，是我們隨時可以用來支付股利的。但我們選擇享受該投資組合帶來的成果。

And Jeff mentioned, we did a $300 million cash out refi on just 30% of the book this quarter. And I will say that that is one of the most important things about this year for our company is the complete fortress balance sheet that we've been building at ever lower spreads to SOFR and stretching duration and moving to less secured debt and repaying repos.

傑夫提到，本季我們只對帳面資產的 30% 進行了 3 億美元的現金再融資。我想說，今年對我們公司來說最重要的事情之一就是我們一直在構建的穩固的資產負債表，我們不斷降低與 SOFR 的利差，延長久期，轉向擔保較少的債務，並償還回購款項。

It's a fundamental change in the balance sheet, which is probably for sure, the best in the industry. We'll continue to do that and continue to diversify and continue to strengthen our balance sheet in an effort to continue to bring down our costs which will allow us, in the case of fundamental, we can do a deal at a 7%, 7.25% and instead of a 7.75% because our cost of funds has dropped dramatically and is a competitive advantage for the franchise. So I don't really have much more I want to say.

這是資產負債表的根本性變化，而且很可能是業內最好的。我們將繼續這樣做，繼續多元化發展，繼續加強資產負債表，努力降低成本，這樣，在基本面方面，我們就可以以 7%、7.25% 而不是 7.75% 的利率完成交易，因為我們的資金成本已經大幅下降，這對特許經營來說是競爭優勢。所以我其實沒什麼要補充的了。

I think that we're very productive. The firm is producing lots of new paper across all its platforms. The business is particularly residential business now with lower rates, perhaps we can recapture some of that capital that's there.

我認為我們效率很高。該公司正在其所有平台上生產大量新紙張。現在住宅業務尤其受到低利率的影響，或許我們可以收回一些資金。

Also, we look to resolve our REO and nonaccrual assets. And we can see the future in our book as the capital is laid out. We know we can grow our earnings and get back to a place that we want to be, which is earning well north of our dividend. So from regular way business, we can always get there if we want.

此外，我們還將著手解決我們的已收回房產和非應計資產問題。我們從書中可以看到未來的景象，因為首都的佈局已經完成。我們知道我們可以提高獲利，回到我們想要達到的目標，那就是獲利遠高於我們的股利。所以，透過常規的商業途徑，如果我們想的話，總是能達到目的。

So thanks. And with that, we'll take questions.

謝謝。接下來，我們將接受提問。

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作說明）唐‧范德蒂，富國銀行。

Can you talk a little bit more about your near-term DE expectations? I mean, you're running below the dividend. Obviously, the net lease will ramp up and some other factors. Can you just sort of give us a framework there on the timing of covering the dividend?

您能否再詳細談談您近期的DE預期？我的意思是，你的股價低於股息率。顯然，淨租賃價格會上漲，還有其他一些因素。能否大致介紹一下支付股利的時間安排？

Barry, do you want to take that?

巴里，你想接嗎？

Well, we can lay out our book, and we can see the earnings. And in an individual quarter like this one, if you put the money out in the last month of the quarter, you don't get the full benefit of the capital deployment. So it'll ramp going up, hopefully steadily each quarter. We're looking at other assets that we think can become productive earnings assets again that are turning the corner.

我們可以把帳面資料整理出來，看看收益狀況。而像本季這樣的單一季度，如果你在季度末的最後一個月投入資金，你就無法獲得資本部署的全部收益。所以它會逐步上升，希望每季都能穩定成長。我們正在關注其他一些我們認為能夠再次成為獲利性資產、並且正在扭轉頹勢的資產。

So I don't know, Rina, do you want to fill that in a little bit more? But I think in general, we're probably having one more quarter of, I would say, rougher, but not the real earnings power of the company. And then I think it's a pretty clear sailing.

所以，麗娜，我不知道，你想再補充一點嗎？但我認為整體而言，我們可能還會經歷一個比較艱難的季度，但這並不能反映出公司真正的獲利能力。然後我覺得一切都會很順利。

Yeah, we expected, Barry, over a year ago when we modeled sort of this trough in this period that goes into early next year and then those earnings start to pick up as we get future funding as the fundings on a lot of these portfolios increase as fundamental starts to grow, and we have a few other good news things that we hope will happen in early '26. So we believe that we're on a path to getting back to where we've historically been in the not-too-distant future.

是的，巴里，我們一年多前就預料到了，當時我們建模預測，明年年初會進入低谷期，然後隨著我們獲得未來的資金，隨著許多投資組合的資金增加，隨著基本面開始增長，這些收益將開始回升。我們還有一些其他的好消息，希望在 2026 年初能夠實現。因此我們相信，在不久的將來，我們將重回我們歷史上所達到的高度。

Got it. And can you talk a little bit about where we are on the credit migration front and building reserves? I mean, are we looking at like two, three more quarters of just uncertainty on the credit migration and risk of building reserves?

知道了。您能否談談我們在信貸遷移和儲備金累積方面所取得的進展？我的意思是，我們是否還要面臨兩到三個季度信貸遷移和儲備金累積風險的不確定性？

Yeah, it's a great question. We obviously did move a couple of things to four. We moved one back down, an office building that people probably would have thought would have been terrible in Brooklyn. We've now got three very large leases that will fill that entire building, and we'll decide whether we're going to hold it or move on from that. But we'll be back at our basis. And so that was a great outcome on office.

是的，這是一個很好的問題。我們顯然把一些項目調整到了四個。我們把其中一棟大樓搬了回去，那是一棟辦公大樓，人們可能會認為它在布魯克林會非常糟糕。我們現在簽了三份非常大的租約，將把那棟大樓全部租滿，我們將決定是繼續保留還是放棄。但我們會回到原點。所以，那次選舉結果非常好。

And on the other side, it's been a few undercapitalized sponsors who just haven't leased up as quickly that's moving some loans to four. I think we tend to know the flavor of what these look like. It's a few of the apartments that we did in 2021 against four caps that we expected a 5.25%, 5.5% exit debt yield. We probably got there.

另一方面，一些資金不足的贊助商租賃速度不夠快，導致一些貸款變成了四筆。我想我們通常都知道這些東西長什麼樣子。這是我們 2021 年完成的幾套公寓項目，針對四個上限，我們預期退出債務收益率為 5.25% 或 5.5%。我們大概已經到了。

But given the rate rise, it's probably not quite enough to get out. Those would be very small losses if we did take losses in the multis. But for the most part, we've already worked out of three, and we have another two coming at our basis on the multi side. And in general, I think we don't expect to have larger losses there. And the office side, it's known problems.

但考慮到利率上漲，這可能還不足以脫身。如果我們在多重投注中遭受損失，這些損失也會非常小。但大多數情況下，我們已經完成了三個，而且在多方面，我們還有另外兩個即將到位。總的來說，我認為我們預計那裡不會出現更大的損失。至於辦公室方面，這些都是眾所周知的問題。

Whether they get slightly better or slightly worse from here is what's going to create any movement within four and five. But I think we know what the subset is today, three years after the rate rise began. It takes a while to figure it out. In general, our sponsors have continued to put in equity across these assets. Even the ones that we've moved from three to four, all had new equity coming in from the sponsors.

他們接下來是略微好轉還是略微惡化，將決定第四和第五名之間的任何變化。但我認為，在利率上升三年後，我們今天已經知道這個子集是什麼了。需要花點時間才能弄清楚。總的來說，我們的贊助商一直持續對這些資產進行股權投資。即使是我們從三個增加到四個的項目，也都有贊助商注入新的資金。

So you get a little bit surprised sometimes if the sponsor decides not to defend a significant amount of equity. But for the most part, I think we see the playing field now. So I wouldn't expect a significant build from here, Don, if that's the direction of your question.

所以，如果贊助商決定不捍衛相當數量的股權，你有時會感到有點驚訝。但總的來說，我認為我們現在已經看清了情況。所以，唐，如果你的問題是這個方向的話，我預計不會有太大的發展。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Regarding the REO and nonaccruals, are you expecting sort of a steady cadence of dispositions and ultimate resolution? And over what time frame?

關於已收回房產和非應計房產，您是否預期會有一個穩定的處置節奏並最終得到解決？時間跨度是多久？

Yeah, I think we said we've got about $500 million that we've resolved and $1.1 billion that we've foreclosed on. So some people would say that's $1.6 billion. That's not how we look at it though. We have a three-year plan with our Board, and it's about one-third per year is how we're looking at it.

是的，我想我們說過，我們已經解決了大約 5 億美元的問題，並且已經取消了 11 億美元的抵押品贖回權。所以有些人會說那是16億美元。但我們並不這樣看待這個問題。我們和董事會制定了一個三年計劃，我們預計每年大約完成三分之一。

So we hope to have this pig mostly through the python at some point in 2027, late 2027. And along with that, with our larger lending book picking up and offsetting it, the loss of that drag at the same time that we have a much larger book contributing, we really look forward to getting through next year and looking at a much brighter horizon beyond. But I don't have a perfect timeline, but it's about a third a year.

所以我們希望在 2027 年末的某個時候，讓這頭豬基本上通過蟒蛇的消化系統。同時，隨著我們更大的貸款組合的出現，抵消了這一影響，在更大的貸款組合做出貢獻的同時，也消除了這種拖累，我們非常期待度過明年，並展望更加光明的未來。但我沒有一個精確的時間表，大概每年三分之一左右。

I was just going to say that we do have too much liquidity. $2.2 billion is probably $1 billion higher than we normally carry. So that's additional earnings power. It's just a question of how fast we can deploy it. And we just do models. And now you're seeing also repayments. People are paying us back again, which is good news, and we can lay it out the capital with fresh lenses. But it will pick up. I think you'll see additional repayments in the US as rates fall.

我正想說，我們的流動資金確實太多了。 22億美元可能比我們通常的持有量高出10億美元。這樣就能增加收入。問題只在於我們能以多快的速度部署它。我們只做模型。現在你還會看到還款狀況。人們又開始回報我們了，這是個好消息，我們可以用全新的視角來審視這筆資金。但情況會好轉的。我認為隨著利率下降，美國將會出現額外的還款。

It's not so much rates as spreads. I mean, spreads are crashing and across the corporate and real estate credit markets. Fortunately, our lines are going with it, but keeping our net spreads attractive and consistent with prior years. But it is leading to a lot and refinancings. I think the parent company will do something like $30 billion of refinancing this year. And we're like everyone else, we're refinancing anything that's not nailed to the ground because of the attractiveness of spreads.

關鍵不在於利率，而是價差。我的意思是，利差正在大幅下降，而且這種情況遍及企業信貸市場和房地產信貸市場。幸運的是，我們的賠率也隨之調整，同時保持淨收益與往年一樣具有吸引力和一致性。但這導致了很多再融資。我認為母公司今年將進行約 300 億美元的再融資。我們和其他人一樣，因為利差的吸引力，正在對所有沒有固定在地上的資產進行再融資。

Yeah, and that $2.2 billion is a really big headline number. The low point this month will be probably closer to $1.4 billion after we pay down the secured debt that we expected to pay down on these high-yield issuances. We have a bunch of expected fundings. And as Barry said, we did have significant repayments. We had $1.3 billion in CRE and $700 million in SIF.

沒錯，22億美元確實是一個非常大的新聞數字。本月最低點可能接近 14 億美元，因為我們將償還預期中在這些高收益債券發行中償還的擔保債務。我們有很多預期資金。正如巴里所說，我們確實需要償還一大筆款項。我們擁有 13 億美元的商業房地產和 7 億美元的永續投資基金。

That's $2 billion of repayments. So it's over $500 million of equity. That came in at the same time as these high-yield deals that we accretively did and the term loan that we accretively did, but with the expectation that we'll be paying down secured repos and a bunch of fundings on this larger pipeline happening in the near future. If you add in $150 million or so of equity per month that we expect generically to put out in our run rate businesses, should they maintain today's pace, we're right back to a very normal liquidity position in a few months with a lot of firepower to continue to grow.

那可是20億美元的還款金額。所以股權價值超過5億美元。這筆資金與我們透過增值方式完成的高收益交易和定期貸款同時到賬，但預期我們將償還擔保回購款項，並在不久的將來為這個更大的項目儲備提供大量資金。如果加上我們預計每月將投入到日常營運業務中的約 1.5 億美元股權，並且這些業務能夠保持目前的速度，那麼幾個月內，我們的流動性狀況就會恢復到非常正常的水平，並擁有充足的資金繼續增長。

Thanks. I wanted to ask about the multifamily market. I think it's been somewhat disappointing the second half of this year where everyone expected turning the corner on the supply overhang and rents troughing and starting to perhaps grow. That seems to be pushed out. But generally speaking, aside from the Florida affordable housing portfolio, what are your views on the multifamily sector? And are you more bullish about the outlook in '26?

謝謝。我想諮詢一下多戶住宅市場的情況。我認為今年下半年有點令人失望，因為大家都期待供應過剩的情況能夠好轉，租金能夠觸底反彈，甚至開始成長。那似乎被排擠出去了。但總的來說，除了佛羅裡達州的經濟適用房計畫之外，您對多戶住宅領域有何看法？您對 2026 年的前景更加樂觀嗎？

It's Barry. Well, supply will drop 60%, 65% or more in some of the markets, and we own 110,000 apartments, of which 53,000 are affordable in the balance market rate. It is city-by-city rent increases. And I think one of the -- I think Willy Walker's firms has put out a note 3.5% rent growth next year. I think you'll see it in the back half of the year.

是巴里。在某些市場，供應量將下降 60%、65% 甚至更多，而我們擁有 11 萬套公寓，其中 5.3 萬套是市價可負擔的。這是各個城市各自不同的租金上漲情況。而且我認為——我認為威利沃克的公司發布了一份報告，預測明年租金將增加 3.5%。我認為你會在今年下半年看到它。

I think the supply is definitely going down, but it's still here. And everyone finishing a deal right now, everyone in lease-up is offering fairly significant concessions a month or two months to lease up so they can pay their debt service and they can try to sell these assets. What's interesting is the depth of the purchase market. I mean, people are -- we're selling in our other opportunity funds, a dozen or so projects. Cap rates range from 4.3% to 5.5%, depending on the market.

我認為供應量肯定在下降，但它仍然存在。現在所有正在完成交易、所有正在招租的公司都在提供相當大的優惠，給予一到兩個月的租期，以便他們能夠償還債務，並嘗試出售這些資產。有趣的是，購屋市場非常活躍。我的意思是，人們正在——我們正在出售我們其他的機會基金，大約有十幾個項目。資本化率介於 4.3% 至 5.5% 之間，取決於市場狀況。

I'd say around 5%, 4.75% is clearing. And why are people buying this? First of all, the negative arb is going away as the short end comes down. Second of all, you're buying this asset at a huge discount to replacement cost. So unless the country goes into negative population growth, you're going to see continued demand. And demand, as you know, we're 95% occupied in most every market.

我估計大概是 5%，4.75% 正在清理中。人們為什麼會買這個？首先，隨著空頭部位下降，負套利機會正在消失。其次，你購買這件資產的價格遠低於重置成本。所以，除非該國人口出現負成長，否則需求將會持續存在。如您所知，需求方面，我們在幾乎所有市場的入住率都達到了 95%。

And rents are affordable. The affordability of rents since incomes went up and rents didn't go anywhere for two or three years now, your affordability has dropped in our own portfolio from like 25%, 26%, warning is 30% down to 22%, 21%. So again, we're all watching what's happening to the 18- to 24-year-olds that I think the unemployment rate has more than doubled in 18 months, whether that's chat or people just wanting to do different things in their careers or mismatch of education versus the job opportunities.

而且租金也負擔得起。由於收入增加，而租金在過去兩三年裡卻沒有上漲，導致租金負擔能力下降，我們自己的投資組合中的租金負擔能力從大約 25%、26%（警告：下降了 30%）下降到 22%、21%。所以，我們都在關注 18 至 24 歲人群的現狀，我認為他們的失業率在 18 個月內翻了一番還多，這可能是因為人們想在職業生涯中嘗試不同的事情，也可能是因為教育與就業機會不匹配。

I think that isn't your typical renter. They're usually a little older than that. They may be -- if you're 18, you're in college, so 18 to 22 is a college age child. But I do think we're all watching and we're all sort of scratching our heads. But in reality, you still have this wave of apartments finishing in all these markets. And some of them are better than others.

我覺得他不是典型的租客。他們通常比這稍大。或許是──如果你18歲，你就在上大學，所以18到22歲是大學年齡的孩子。但我認為我們都在關注，而且我們都感到很困惑。但實際上，在所有這些市場，仍然會有大量的公寓項目竣工。其中有些比其他的更好。

You're seeing green shoots in some of the Florida markets. We expect that to accelerate next year. So it really depends on where your footprint is. (inaudible) some of the other towns, I mean, Austin is a very difficult market. Probably it is the worst in the country. It ran the furthest, quickest, and now it's giving a lot of it back. But rents are falling double digit in that town.

佛羅裡達州的一些市場已經出現了復甦的跡象。我們預計明年這一趨勢將加速發展。所以這真的取決於你的業務範圍在哪裡。 （聽不清楚）其他一些城鎮，我的意思是，奧斯汀的市場競爭非常激烈。可能是全國最糟糕的。它跑得最遠、最快，現在它正在回報我們很多。但該鎮的租金正在以兩位數的速度下降。

And then if you go to, as you know, [mark] cities with no supply, you're seeing 4% to 5% rent growth in California. San Francisco is looking positive 7%, positive 8%. There's no supply, and there's job growth as companies return to the valley for their AI adventures. So it is a national stat, but it's a very local thing that we have to watch and sort of Phoenix is tough.

然後，如果你去那些供應不足的城市，你會發現加州的租金增加了 4% 到 5%。舊金山的前景看好，樂觀指數為7%，樂觀指數為8%。目前沒有人才供應，但隨著企業重返矽谷開展人工智慧項目，就業機會卻在成長。所以這是一個全國性的統計數據，但也是一個需要我們密切關注的非常本地化的問題，而鳳凰城的情況比較複雜。

Interestingly, you'd worry about homes competing against apartments, but they still remain unaffordable and the mortgage spreads are historically high. And you can see the more abundant housing market. So I think people will still be in the renter community, but it would help, by the way, if we had some legal immigration, which has always grown the population in the US.

有趣的是，人們可能會擔心獨立屋與公寓競爭，但獨立屋仍然難以負擔，而且抵押貸款利差也處於歷史高點。而且，房屋市場也更加繁榮。所以我認為租屋者群體仍然會存在，但順便說一句，如果我們有一些合法的移民，那將會有所幫助，因為合法移民一直以來都在促進美國人口成長。

And I think it's the first time in 250 years, the US population will fall year-over-year because of net immigration and 1.7 times birth rate, which is quite low. We have the same birth rate as France. So maybe too much Netflix, anyway.

我認為這是250年來美國人口首次逐年下降的情況，原因是淨移民和1.7倍的出生率，這個出生率相當低。我們的出生率和法國一樣。所以，或許是Netflix看太多了。

Jade, you also mentioned the Florida multi as part of that. And Barry said $1.5 billion gain. It could be higher than that, we would see. But this cash out refinancing is the first time that we've shown you guys something that could look somewhat like a mark if you were to extrapolate. We had $309 million of agency debt previously from our purchase with $75 million of original equity.

Jade，你也提到了佛羅裡達州的多戶住宅計畫。巴里說收益15億美元。實際數值可能會更高，我們拭目以待。但這次的套現再融資是我們第一次向大家展示，如果進行推斷，可能會看起來像是個陷阱。我們先前收購時背負了 3.09 億美元的機構債務，而初始股權為 7,500 萬美元。

We took new debt of $614 million, so over $300 million more. That's a $225 million gain or it's 4 times our original equity of $75 million on that portfolio, which is plus/minus 30% of our portfolio. And that's a gain just on the debt. The equity also has a gain, obviously. So I think that Barry giving you the $1.5 billion plus gain on that portfolio, I think this should make people feel very comfortable that that is, in fact, the number given this is agency debt to agency debt and that we have that large of a gain just on the debt side without even including the gain on our equity. So I just want to touch on that given you brought it up.

我們新增債務 6.14 億美元，比之前增加了 3 億美元多。這意味著收益 2.25 億美元，或者說是我們最初在該投資組合中投入的 7,500 萬美元權益的 4 倍，占我們投資組合總額的 30% 左右。光是債務就帶來了收益。顯然，股權也有所成長。所以我認為，巴里告訴你該投資組合獲得了超過 15 億美元的收益，這應該讓人們感到非常放心，因為這個數字確實是機構債務對機構債務的收益，而且我們僅在債務方面就獲得瞭如此巨大的收益，甚至還沒有包括我們的股權收益。既然你提到了，那我就簡單說說吧。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Look, one of the things that we're hearing anecdotally is that companies start to deploy capital again, the market is competitive, spreads are fairly tight. I guess in some ways, it seems to us like the opportunity window opened or closed very quickly. I'm not even sure which direction to describe it as. Is that what you guys are seeing, too? And what do you attribute that to? Is it competition from your traditional peers? Is it private capital? Is it just that funding costs are so tight, as you've noted on your own side? What's driving this?

你看，我們從一些非正式管道了解到，企業開始重新部署資本，市場競爭激烈，價差相當小。我想在某些方面，我們感覺機會之窗似乎開啟或關閉得非常快。我甚至不知道該如何形容它的方向。你們看到的也是這種情況嗎？你認為這是什麼原因造成的？是來自傳統同業的競爭嗎？這是私人資本嗎？正如您自己所指出的，是不是因為資金成本非常緊張？是什麼原因導致這種情況發生？

Barry, you want me to start, and then you can go?

巴里，你想讓我先開始，然後你就可以走了嗎？

Sure. And Dennis can also talk about the markets. I think he's on the call, isn't he?

當然。丹尼斯也能談談市場。我想他應該在通話中吧？

Yeah, Dennis, why don't you go ahead?

丹尼斯，你為什麼不先走呢？

Sure. Rick, obviously, we had a pretty big quarter in Q3. It was primarily multifamily and industrial. And I think we earned above trend versus the last handful of quarters. So despite spreads sort of contracting, our financing has also contracted with it. So we're still earning a number that's above trend despite that.

當然。里克，很明顯，我們第三季業績非常出色。它主要由多戶住宅和工業建築組成。我認為我們本季的獲利高於過去幾季的平均水準。因此，儘管利差有所收窄，但我們的融資也隨之縮減。儘管如此，我們的收入仍然高於趨勢水準。

Yeah, I'd add to that. Yes, Rick, to your supposition, more money has been raised in private credit and in the debt space. And there is less transaction volume, so more people are going after similar loans. Ultimately, as Dennis just said, we're earning trend returns and multifamily loans generically went from at the beginning of the year, probably 300 over to 240 over or so today for a transitional multifamily floater.

是的，我同意。是的，里克，正如你所假設的那樣，私人信貸和債務領域籌集了更多資金。而且交易量減少，所以更多的人都在申請類似的貸款。最終，正如丹尼斯剛才所說，我們正在獲得趨勢回報，多戶住宅貸款的收益率從年初的 300 左右下降到如今的 240 左右（過渡性多戶住宅浮動利率債券）。

And you would think that would hurt our ROEs, but we've been able to move our repos lower at the same time. I mentioned in my -- earlier that the banks are really leaning in to lend to us. It's a much higher ROE business. They have a 10% capital charge on making a whole loan on real estate. They only have 20% of that 10% if they make a loan to us.

你可能會認為這會影響我們的股本回報率，但我們同時也能夠降低庫存水準。我之前提到過，銀行真的非常積極地向我們提供貸款。這是一個淨資產收益率較高的行業。他們對房地產全額貸款收取 10% 的資本費用。如果他們貸款給我們，他們只能拿到那 10% 的 20%。

So you go from 10 times leverage to 50 times leverage as a bank, and that creates a great ROE story for the bank. So the banks have really leaned into giving us tighter and tighter financing. They have room to continue to tighten. So I'd say if we tighten a bit more, we expect to still earn a similar returns to what we're earning. But at some point, I think everybody taps out if you start getting significantly tighter than that, but we are certainly not worried about it in the near future.

因此，銀行的槓桿率從 10 倍提高到 50 倍，這為銀行創造了非常好的淨資產收益率 (ROE) 數據。因此，銀行確實加強了對我們的融資力道。他們還有進一步收緊的空間。所以我覺得，即使我們再收緊一些政策，我們預計仍然能夠獲得與目前類似的利益。但我覺得，如果限制度過大，大家都會放棄，但我們近期絕對不會擔心這個問題。

And as Dennis said, we have a large pipeline coming, and we expect to maintain this pace. This will be our second largest origination year ever. And my expectation for next year with the market starring a bit is that we hopefully do more again next year than this year. So things are definitely opening up, but they are on the tight end as you suppose.

正如丹尼斯所說，我們有一個大型管道項目即將啟動，我們預計將保持這個速度。這將是我們有史以來第二大貸款發放年份。我預計明年市場略有好轉，我們明年有望取得比今年更大的成就。所以情況確實在好轉，但正如你所料，他們仍然面臨著資源緊張的問題。

Barry, anything to add?

巴里，還有什麼要補充的嗎？

Yeah, I'd just add, I mean, if you look at our production, it's as near records, and the yield on equity, the return on equity is actually consistent with past. I think there's one other new kid on the block, which you should not ignore, which is data center financing. As you can see, there's massive paper being written and hundreds of billions of dollars will hit the market. And the market will figure out where to price it, but many people buying it are doing back leverage.

是的，我還要補充一點，我的意思是，如果你看看我們的產量，它幾乎達到了歷史最高水平，而且股本收益率，也就是股本回報率，實際上與過去的情況一致。我認為還有一個不容忽視的新興領域，那就是資料中心融資。正如你所看到的，大量的論文正在撰寫中，數千億美元的資金將流入市場。市場會自行決定它的價格，但許多買家都在使用槓桿。

And whether it's Apollo, Ares with Blackstone or any of the KKR. I mean, everyone is participating in some of this, and it's virtually endless. And it's really from a portfolio construction, we're really careful about credit quality. Others may not be short term. And we are constructive. We're paying a lot of attention to not only the tenant, but the underlying tenant as we build the book.

無論是 Apollo、Ares 與 Blackstone 的合作，或是 KKR 的任何一家公司。我的意思是，每個人都在參與其中，而這種參與幾乎是無窮無盡的。而且，這確實是出於投資組合建構的考慮，我們對信貸品質非常謹慎。另一些可能並非短期措施。我們富有建設性。我們在建立房源組合時，不僅非常關注租戶，而且非常關注其背後的租戶。

We did participate in the large financing late in the quarter, like most of our peer set. And that pricing works for us at the moment. And spreads have tightened dramatically even in that space, but we still can earn the ROEs that we would like to earn. So we've been through like six or seven, oh my God, the market is too crowded. And we have a pretty long relationship in the marketplace now having originated over $100 billion of loans.

和大多數同業一樣，我們也參與了本季末的大額融資。目前這個價格對我們來說是可以接受的。即使在這個領域，價差也大幅收窄，但我們仍然可以獲得我們想要獲得的股本回報率。所以我們已經經歷了六七次，我的天哪，市場太擁擠了。目前，我們在市場上已經建立了相當長久的合作關係，累計發放貸款超過1000億美元。

And I think one thing people have grown to favor is knowing that their counterparty is going to own their loan and they're dealing with one person. I think that has become a really important notion for borrowers who previously had a bank originate a loan and then they syndicated it to someone offshore and then they try to restructure it in some possible.

我認為人們越來越傾向於知道貸款的所有權歸交易對手所有，而且他們只需要與一個人打交道。我認為這對於以前由銀行發放貸款，然後銀行將貸款轉給境外機構，之後又試圖以某種方式重組貸款的借款人來說，已經變得非常重要了。

So I think that's helping players like us across the marketplace because we are a holder. We're going to resolve it and work through it with them. So I think that's been a significant shift in the borrower community. They really want to come to a one-stop shop and know that we'll be there holding the paper, they can talk to us. So I think that's quite helpful.

所以我認為這對像我們這樣的市場參與者很有幫助，因為我們是持有者。我們會和他們一起解決這個問題。所以我認為這對借款人群體來說是一個重大轉變。他們真的希望來到一個一站式服務中心，並且知道我們會拿著報紙在那裡，他們可以和我們交談。所以我認為這很有幫助。

Got it. Okay. And I appreciate the thoughtful answer, and I know it's taking a lot of time, but I would like to do one follow-up.

知道了。好的。我很感謝您的周到解答，我知道這會花費您很多時間，但我還想問一個後續問題。

Barry, you had talked about data center financing. And I think one of the potential risks associated with that is we're talking about long-lived assets, but those buildings are really going to be filled with rapidly, and the multiple of the technology versus the property is pretty significant with potentially very quickly depreciating assets inside. How do you guys think about that as you measure risk? And I suspect a lot of it has to do with counterparty, but I'm curious how different data center financing is versus your traditional businesses?

巴里，你之前談過資料中心融資的問題。我認為其中潛在的風險之一是，我們談論的是長期資產，但這些建築物很快就會被填滿，而且技術與房產的價值倍數相當大，而內部資產可能會很快貶值。你們在評估風險時是如何考慮這一點的？我懷疑這很大程度上與交易對手有關，但我很好奇資料中心融資與你們傳統業務的融資有何不同？

Well, it depends actually what you're financing. So sometimes you are financing the building and sometimes you're financing the building, the equipment. As you know the equipment can be 60% of the cost of the building. And that includes everything. I guess there are certain credits we favor and certain credits we wouldn't favor. I mean, you can just look in the credit default swap market and see how the market thinks about the different credits so far.

其實這取決於你的融資對像是什麼。所以有時候你是在為建築物融資，有時你是在為建築物和設備融資。如您所知，設備成本可能占到建築物成本的 60%。這包括一切。我想我們對某些學分比較青睞，對某些學分不太青睞。我的意思是，你只要看看信用違約交換市場，就能知道市場目前對不同信用評等的看法了。

I will say that I'm actually on the West Coast and had a technology event. And I think the numbers out of chat are going to astonish people in terms of their revenue growth, which will be significantly higher than the market thinks. Same is true in Anthropic. I mean, I think these companies do have, in the aggregate, $1 trillion of free cash flow. And other than one of them, they don't carry much net debt.

我得說，我其實在西海岸，而且參加了一個科技活動。我認為聊天功能帶來的收入成長數據將會讓人感到驚訝，其成長幅度將遠超市場預期。人類學也是如此。我的意思是，我認為這些公司加起來確實擁有 1 兆美元的自由現金流。除了其中一家公司外，其他公司都沒有太多淨債務。

So these are really good credits, and I think we're going to rely on the credits. And I think if you look at -- we're going to sign a deal with the hyperscale, you know we're in the data center business. We have about a $20 billion book. We're building for Amazon, for ByteDance, for hopefully, Google, Oracle. Microsoft.

所以這些都是非常好的學分，我認為我們會依靠這些學分。我認為，如果你看看——我們將與超大規模資料中心簽署協議，你知道我們身處資料中心產業。我們手頭上有大約200億美元的資產。我們正在為亞馬遜、位元組跳動，以及希望也能為谷歌和甲骨文開發產品。微軟。

I'd say that they're not investing like they're walking. They're investing like they're going to continue to upgrade their equipment to stay competitive and the burden won't fall on the landlords. I mean, these are -- if the markets are correct, the need for data center space and what you see in the consumption of -- I don't know about you, but my chat has gotten slower. I mean, it's definitely slower than it was three months ago. So I think they're at capacity.

我覺得他們投資不像走路那麼輕鬆。他們正在加大投資，就像他們會不斷升級設備以保持競爭力一樣，而這不會給房東帶來負擔。我的意思是，如果市場判斷正確，那麼對資料中心空間的需求以及你在消費方面看到的——我不知道你怎麼想，但我的聊天速度變慢了。我的意思是，現在的速度肯定比三個月前慢多了。所以我認為他們已經達到產能極限了。

And if you listen to them, I mean, believe them and believe the productivity gains that will come through corporate P&Ls. I mean, I think we're pretty sanguine on most of the credits, I think there are a few of them that worry us, and there will be a correction as the inevitably is. So we just have to be -- we have great debt yields, great lease coverage and the best credits in the world as your guarantor with steps. It's not awful. It's not awful. It's pretty good. It's a pure cash flow. There's no capital, there's no CapEx for us. I mean, we got to balance it.

如果你聽從他們的建議，我的意思是，相信他們，相信企業損益表將會帶來生產力的提升。我的意思是，我認為我們對大多數項目都比較樂觀，但也有一些項目讓我們擔心，而且這種情況是不可避免的，所以會有相應的調整。所以我們必須做到——我們擁有極佳的債務收益率、極佳的租賃覆蓋率，並且作為您的擔保人，我們擁有世界上最好的信用評級。沒那麼糟。沒那麼糟。還不錯。這是純粹的現金流。我們沒有資金，也沒有資本支出。我的意思是，我們得找到平衡點。

Rick, you framed it as counterparty risk and talked about depreciation, but the lease doesn't depreciate. Our loans fully amortized. We've done probably four large ones. Our loans fully amortize over the lease term. There's no reliance on residual value in our underwriting. So again, it comes back to counterparty risk, as Barry talked about, and these are pretty good risks to take when you talk about the companies that we're talking about.

Rick，你把它描述為交易對手風險，還談到了折舊，但租賃本身並不會折舊。我們的貸款已全部攤銷完畢。我們大概做了四個大型專案。我們的貸款將在租賃期間內完全攤銷。我們的承保不依賴殘值。所以，正如巴里所說，這又回到了交易對手風險的問題上，而對於我們正在討論的這些公司來說，這些都是可以承受的合理風險。

(Operator Instructions) Doug Harter, UBS.

（操作說明）道格·哈特，瑞銀集團。

As we look at the new triple net lease business, it looks like the kind of the cap rate that you show on that slide is kind of in the 5% range, which seems below peers. Is there anything that's affecting that in the short term? And as that business scales, where do you think cap rates can get to?

當我們審視新的三重淨租賃業務時，您在那張投影片上展示的資本化率似乎在 5% 左右，這似乎低於同業。短期內有什麼因素會影響到這一點嗎？隨著業務規模的擴大，你認為資本化率能達到多少？

Yeah. We only had two quarters in there. And so this quarter, it will look funky at (multiple speakers) so it's a 6.9% or 7% implied cap rate with no goodwill on this portfolio was the purchase price. So much higher. So there's a normalization that it will scare people if they see that [5] handle number that is not a correct number.

是的。裡面只有兩個25美分硬幣。因此，本季看起來會很奇怪（多位發言人），所以該投資組合的隱含資本化率為 6.9% 或 7%，且沒有商譽，這就是購買價格。高得多。因此，如果人們看到 [5] 句柄數字不是正確的數字，就會感到害怕，這是正常現象。

Great. I appreciate that clarity. And then, Jeff, you briefly touched on it, but just hoping you could talk a little bit more about the value and how the lenders were valuing Woodstar as you went through that refinance process.

偉大的。我很欣賞這種清晰的解釋。然後，傑夫，你剛才也簡要地提到了這一點，但我希望你能多談談伍德斯塔的價值，以及在進行再融資的過程中，貸款機構是如何評估伍德斯塔的。

Yeah, thanks, Doug. I did briefly, but we had $75 million of original equity that, with this cash out refinancing, we took $300 million out. Obviously, it's four times our equity return. So the portfolio has done really, really well.

是啊，謝謝你，道格。我確實短暫地做過，但我們最初有 7500 萬美元的股權，透過這次現金提取再融資，我們取出了 3 億美元。顯然，這是我們股權回報率的四倍。所以這個投資組合表現非常非常好。

And if you gross that up on our entire portfolio of $500 million and change purchase price, and that's just on the debt. The equity piece also has a gain. I think you get very easily to where Barry came in at $1.5 billion gain pretty quickly. So I think the market should feel pretty good about that being something that is available to us should we choose to take some of it, and that will be up to Barry and the Board as to the timing and when.

如果把這筆費用加到我們整個價值 5 億美元多的投資組合的收購價格上，而這只是債務部分。股權部分也有收益。我認為你很快就能達到巴里當年獲得15億美元收益的水平。所以我認為，市場應該對此感到滿意，因為我們可以選擇領取一些，至於何時領取，將由巴里和董事會決定。

That concludes our question-and-answer session. I'll turn the floor back to Mr. Sternlicht for any final comments.

我們的問答環節到此結束。我將把發言權交還給斯特恩利希特先生，請他作最後的總結發言。

Barry, before you go, we have something sort of new that just came in. [It just priced], but we priced our fourth CLO in the CRE side. I just priced a few minutes ago, so I couldn't really say anything previously. 165 basis points over SOFR, 87% advance rate. That's a very strong deal for us.

巴里，在你離開之前，我們有個新專案剛剛啟動。 [它剛剛定價]，我們第四個商業地產領域的CLO已經定價完畢。我幾分鐘前才剛定價，所以之前沒辦法說什麼。比SOFR高165個基點，提前利率87%。這對我們來說是一筆非常划算的交易。

We have three large billion-dollar CLOs previous to that in the CRE side. We've actually bought out a decent amount of paper over those. So bondholders have done very well on those. And CRE, CLOs will never be a business for us. It's a trade when it makes sense, and it's made some sense today.

在此之前，我們在商業房地產領域還有三筆價值十億美元的大型CLO交易。實際上，我們已經購買了相當數量的紙張。所以債券持有人從中獲利頗豐。而商業房地產和貸款抵押業務永遠不會成為我們的業務。如果交易有利可圖，那就是一筆划算的交易，而今天看來，這筆交易就有點意義。

It's made a lot of sense in the energy infrastructure business as well, where we just priced our sixth CLO, and I think two-third or almost three-four of our debt is now financed in CLOs on the energy side. So we're very happy to have priced a CLO really tight with a great advance rate five minutes ago. So good news also there.

在能源基礎設施業務中，這種做法也很有意義。我們剛剛完成了第六筆 CLO 的定價，我認為我們三分之二或近四分之三的債務現在都是透過能源領域的 CLO 融資的。所以，我們非常高興五分鐘前以非常優惠的預付款率對 CLO 進行了嚴格定價。所以也有好消息。

But Barry, I'll turn it to you now for final comments.

但是巴里，現在請你做最後的總結發言。

No, I'd say this is because of primarily fundamental, this has been a transitionary quarter for us, but the underlying businesses are super strong. The curve is favorable. The team has proven originators across our entire platform. So we'll get through. I think we made the right long-term decision by buying Fundamental.

不，我認為這主要是基本面原因造成的，這對我們來說是一個過渡季度，但公司的基本面非常強勁。曲線形勢有利。團隊在我們整個平台上擁有優秀的原創內容創作者。所以我們會撐過去的。我認為我們買入 Fundamental 股票是一個正確的長期決策。

This is a quarter where you wouldn't recognize that decision, but I think you'll be super happy as we scale the business. We're betting so. So we own a lot of our stock. Thanks for being with us today, and enjoy your week.

在這個季度，你可能不會意識到這個決定，但我相信隨著業務規模的擴大，你會非常高興的。我們賭就是這樣。所以我們持有大量股票。感謝您今天收看我們的節目，祝您一週愉快。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。