Starwood Property Trust Inc (STWD) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Starwood Property Trust fourth-quarter 2025 earnings call. (Operator Instructions)

大家好，歡迎參加 Starwood Property Trust 2025 年第四季財報電話會議。（操作說明）

It is now my pleasure to introduce your host, Zach Tanenbaum, Director of Investor Relations. Thank you. You may begin.

現在，我很高興向大家介紹主持人，投資者關係總監扎克·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-K 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-K 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-K 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-K 表格和新聞稿。

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

此外，本次電話會議也將討論一些非GAAP財務指標。如需了解這些非公認會計準則財務指標與依照公認會計準則編製的最可比較指標的調節情況，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.

謝謝你，扎克。大家早安。

Today, we reported distributable earnings of $160 million or $0.42 per share for the fourth quarter. While our reported results reflect the timing of capital deployment and balance sheet optimization initiatives, our underlying earnings power continues to build. Importantly, we exited 2025 with enhanced liquidity and embedded earnings from this year's investments and unfunded commitments, all of which will increasingly contribute in 2026, with our dividend coverage expected to improve steadily throughout the year.

今天，我們公佈了第四季度可分配收益為 1.6 億美元，即每股 0.42 美元。雖然我們公佈的業績反映了資本部署和資產負債表優化舉措的時機，但我們的潛在獲利能力仍在不斷增強。重要的是，到 2025 年底，我們的流動性增強，並且今年的投資和未撥付資金的承諾帶來了可觀的收益，所有這些都將在 2026 年做出越來越大的貢獻，預計我們的股息覆蓋率將在全年穩步提高。

Our quarterly results were impacted by temporary timing issues, adjusted for which DE would have been $0.49. The first is our newest net lease cylinder, which on a run rate basis would have contributed $0.06 of incremental DE to the quarter, but instead contributed $0.03. We anticipated this dilution at acquisition, knowing that we would have near-term carry from capital raised and there would be a timing gap while we ramped acquisitions and optimized the platform's capital structure. As Jeff will discuss further, we have made progress towards these initiatives and expect to see reduced dilution going forward.

我們的季度業績受到暫時性時間因素的影響，經調整後，每股收益（DE）本應為 0.49 美元。首先，我們最新租賃的氣瓶按年化收益率計算，本應為該季度貢獻 0.06 美元的增量收益，但實際貢獻了 0.03 美元。我們在收購時就預料到了這種稀釋效應，因為我們知道短期內可以從募集的資金中獲得收益，而且在我們推進收購和優化平台資本結構的過程中，會存在一定的時間差。正如傑夫將進一步討論的那樣，我們在這些舉措方面已經取得了進展，並預計未來稀釋程度會降低。

As a reminder, the weighted average lease term of this portfolio is 17.3 years, with occupancy of 100% and 2.3% annual rent escalations. The second timing issue was higher-than-normal cash balances, which led to $0.04 of reduced earnings. We completed three securitizations in the quarter, one in each of commercial lending, infrastructure lending, and net lease that combined created incremental proceeds of $290 million.

提醒一下，該投資組合的加權平均租賃期限為 17.3 年，入住率為 100%，年租金遞增率為 2.3%。第二個時間問題是現金餘額高於正常水平，導致收益減少了 0.04 美元。本季我們完成了三項證券化交易，分別涉及商業貸款、基礎設施貸款和淨租賃，總計創造了 2.9 億美元的增量收益。

We also continued to shift secured debt to unsecured debt, issuing $1.1 billion of high yield in the quarter and executed a takeout refinancing on part of our affordable multifamily portfolio, which generated cash of $240 million in late September and October. All of this cash will ultimately be a source of incremental DE as it gets deployed into new investments across our diversified cylinders.

我們也繼續將有擔保債務轉換為無擔保債務，本季發行了 11 億美元的高收益債券，並對我們部分經濟適用型多戶住宅投資組合進行了收購再融資，在 9 月下旬和 10 月產生了 2.4 億美元的現金。所有這些現金最終都將成為增量DE的來源，因為它們將部署到我們多元化業務領域的新投資。

Stepping back to the full year, we reported DE of $616 million or $1.69 per share. As we continue the theme of proactive capital repositioning, we had temporary reductions to earnings of $0.14 this year resulting from our $4.4 billion of equity, unsecured debt, and term loan issuances, along with our new $2.2 billion net lease acquisition.

回顧全年，我們報告稱，DE 為 6.16 億美元，即每股 1.69 美元。鑑於我們持續推進積極的資本重新配置，今年由於我們發行了 44 億美元的股權、無擔保債務和定期貸款，以及新的 22 億美元淨租賃收購，導致我們的收益暫時減少了 0.14 美元。

DE adjusted for these timing issues and the $0.12 realized loss we recorded upon sale of a foreclosed asset earlier this year was $1.95 versus our full year dividend of $1.92. Given our enhanced earnings power as a result of this year's strategic transactions and as we continue on our path to resolving our nonaccrual and REO assets, we see a clear line of sight to earnings that cover our dividend, a dividend that we have never cut.

DE已對這些時間因素進行了調整，今年稍早出售一項止贖資產時確認的0.12美元已實現虧損，調整後每股收益為1.95美元，而全年股息為1.92美元。鑑於今年戰略交易提升了我們的盈利能力，並且隨著我們持續推進非應計資產和已收回房產的處置，我們清晰地看到盈利足以覆蓋股息，而我們從未削減過股息。

Our diversified lines of business continue to perform at scale, allowing us to deploy $12.7 billion in 2025, our second largest investing year to date. This included $6.4 billion in commercial lending, a record $2.6 billion in infrastructure lending, and $2.4 billion in net lease. $2.5 billion of our deployment was in the fourth quarter, bringing total undepreciated assets to a record $30.7 billion at year-end. As a testament to our continued diversification, commercial lending now makes up just 54% of our asset base.

我們多元化的業務線繼續保持規模化發展，使我們能夠在 2025 年投入 127 億美元，這將是我們迄今為止第二大投資年份。這其中包括64億美元的商業貸款、創紀錄的26億美元基礎設施貸款以及24億美元的淨租約。我們在第四季投入了25億美元，使年底未折舊資產總額達到創紀錄的307億美元。作為我們持續多元化經營的證明，商業貸款目前僅占我們資產基礎的 54%。

I will now take you through our individual segment results, beginning with Commercial and Residential Lending, which contributed DE of $176 million to the quarter or $0.46 per share. In commercial lending, we originated $1.7 billion of loans, of which we funded $1.2 billion, along with $223 million of pre-existing loan commitments. After factoring in repayments of $670 million, we grew the funded loan portfolio by $823 million in the quarter to $16.6 billion, our second highest level since inception.

接下來，我將帶您了解我們各個業務部門的業績，首先是商業和住宅貸款業務，該業務本季度貢獻了 1.76 億美元的淨利潤，即每股 0.46 美元。在商業貸款方面，我們發放了 17 億美元的貸款，其中我們提供了 12 億美元的資金，此外還有 2.23 億美元的預先存在的貸款承諾。在計入 6.7 億美元的還款後，本季我們的貸款組合增加了 8.23 億美元，達到 166 億美元，這是我們自成立以來的第二高水準。

In addition, we have $1.9 billion of unfunded commitments, which will generate future earnings as these loans fund. We also completed our fourth actively managed CLO for $1.1 billion with a weighted average coupon of SOFR plus 1.65%.

此外，我們還有 19 億美元的未撥付承諾，隨著這些貸款的到位，未來將產生收益。我們也完成了第四筆積極管理的 CLO，規模為 11 億美元，加權平均票息為 SOFR 加 1.65%。

On the topic of credit quality, our portfolio ended the year with a weighted average risk rating of 3.0 consistent with last quarter. We have $680 million of reserves, $480 million in CECL, and $200 million of REO impairment. Together, these translate to $1.84 per share of book value, which is already reflected in today's undepreciated book value of $19.25.

關於信用質量，我們的投資組合年底的加權平均風險評級為 3.0，與上季一致。我們有 6.8 億美元的儲備金，4.8 億美元的預期信用損失 (CECL)，以及 2 億美元的已收回房產減損。合計，這些相當於每股帳面價值 1.84 美元，這已經反映在今天的未折舊帳面價值 19.25 美元。

This quarter, we classified a $91 million 5-rated first mortgage loan on a multifamily property in Phoenix as credit deteriorated. The loan already maintained an adequate general reserve, but based on our recent appraisal, we reclassified $20 million of our reserves from general to specific. Jeff will go into more detail on our credit migration and asset management initiatives.

本季度，我們將鳳凰城一處多戶住宅的 9,100 萬美元 5 級首筆抵押貸款歸類為信用惡化。該貸款已維持了充足的一般儲備金，但根據我們最近的評估，我們將 2000 萬美元的儲備金從一般儲備金重新歸類為專項儲備金。Jeff 將更詳細地介紹我們的信貸遷移和資產管理計劃。

Turning to Residential Lending. Our on-balance sheet loan portfolio ended the year at $2.3 billion, consistent with last quarter, as $58 million of repayments were largely offset by $31 million of positive mark-to-market adjustments, resulting from slightly tighter credit spreads. Our retained RMBS portfolio remained relatively steady at $405 million.

轉向住宅貸款。我們的資產負債表貸款組合年底為 23 億美元，與上一季一致，其中 5,800 萬美元的還款被 3,100 萬美元的正面市值調整所抵消，這是由於信貸利差略微收窄造成的。我們保留的RMBS投資組合保持相對穩定，為4.05億美元。

Next is Infrastructure Lending. This segment contributed DE of $27 million or $0.07 per share to the quarter. Our strong investing pace continued with $386 million of new loan commitments in the quarter and a record $2.6 billion in the year. Repayments totaled $568 million during the quarter and $2 billion for the year, with the loan portfolio increasing $300 million this year to $2.9 billion.

接下來是基礎設施貸款。該業務板塊本季貢獻了 2,700 萬美元的直接支出，即每股 0.07 美元。我們強勁的投資步伐持續，本季新增貸款承諾達 3.86 億美元，全年新增貸款承諾達創紀錄的 26 億美元。本季還款總額為 5.68 億美元，全年還款總額為 20 億美元，貸款組合今年增加了 3 億美元，達到 29 億美元。

We also completed our sixth actively managed CLO for $500 million and priced our seventh for $600 million at record low spreads over SOFR of 1.72 and 1.68, respectively. Nonrecourse, non-mark-to-market CLO financing now constitute 75% of our infrastructure debt.

我們也完成了第六筆主動管理的 CLO，金額為 5 億美元；第七筆 CLO 的定價為 6 億美元，與 SOFR 的利差分別為創紀錄的 1.72 和 1.68。無追索權、非以市值計價的 CLO 融資目前占我們基礎設施債務的 75%。

In our Property segment, we recognized $49 million of DE or $0.13 per share in the quarter. In our Woodstar Fund, comprising our affordable multifamily portfolio, we recorded a net unrealized fair value increase of $17 million in the quarter for GAAP purposes. The value was determined by an independent appraisal, which we are required to obtain annually.

在我們的房地產業務板塊，本季確認了 4,900 萬美元的損益，即每股 0.13 美元。在我們的 Woodstar 基金（包括我們的經濟適用型多戶住宅投資組合）中，根據 GAAP 準則，我們本季記錄了 1,700 萬美元的未實現淨公允價值成長。該價值由獨立評估機構確定，我們每年都必須進行此類評估。

Also, during the quarter, we sold a 264-unit multifamily portfolio for a net DE gain of $24 million. The $56 million sales price was in line with our GAAP fair value. And finally, we completed the second part of our takeout refinancing that I discussed earlier. The independent appraisal, third-party sale at our carrying value, and takeout refinancings collectively provide market confirmation of our valuation.

此外，本季我們出售了一個擁有 264 個單元的多戶住宅投資組合，淨收益為 2,400 萬美元。5600萬美元的售價符合我們的GAAP公允價值。最後，我們完成了我之前提到的第二部分外送再融資計畫。獨立評估、第三方以帳面價值出售以及收購再融資共同為我們的估值提供了市場確認。

Also, in this segment is our new net lease platform, which reported its first full quarter of DE totaling $12 million. We acquired 16 properties for $182 million during the quarter, bringing post-acquisition purchases to $221 million, in line with our underwriting, but with the timing back ended to the last month of the quarter.

此外，該板塊還包括我們新的淨租賃平台，該平台公佈了其第一個完整季度的DE總額為1200萬美元。本季我們以 1.82 億美元收購了 16 處房產，使收購後購買總額達到 2.21 億美元，符合我們的承銷計劃，但時間倒推至本季最後一個月。

On the capital markets front, we completed our first ABS transaction since acquisition with $391 million of financing at a weighted average fixed rate of 5.26%, a record tight spread for this platform. Given the back-end acquisition timing and mid-quarter execution of accretive ABS financing, our reported DE understates the earnings power embedded in this platform.

在資本市場方面，我們完成了自收購以來的第一筆 ABS 交易，融資額為 3.91 億美元，加權平均固定利率為 5.26%，這是該平台創紀錄的低利差。考慮到後端收購時機和季度中期執行的增值資產支持證券融資，我們報告的DE低估了該平台蘊含的獲利能力。

Concluding my business segment discussion is our Investing and Servicing segment. Collectively, the cylinders in this segment contributed DE of $46 million or $0.12 per share to the quarter. Our conduit Starwood Mortgage Capital completed three securitizations, totaling $276 million at profit margins that were at or above historic levels. This brings our year-to-date total to 16 securitizations for $1.2 billion.

最後，我要介紹的是我們的投資和服務業務板塊。該業務板塊的氣缸總共為本季度貢獻了 4,600 萬美元的 DE，即每股 0.12 美元。我們的通路公司 Starwood Mortgage Capital 完成了三筆證券化交易，總額達 2.76 億美元，利潤率達到或超過歷史水準。這使得我們今年迄今的證券化總額達到 16 項，總額達 12 億美元。

In our special servicer, our active servicing portfolio rose to $11 billion with $1 billion of new transfers in. Our name servicing portfolio ended the year at $98 billion. As a result of near record maturity defaults in CMBS, servicing fees increased to $38 million this quarter, bringing year-to-date fees to $107 million. This is up 47% from last year and the highest level they have been since 2017.

在我們的特殊服務機構中，活躍服務組合增至 110 億美元，新增轉入 10 億美元。我們的網域服務組合年底價值達 980 億美元。由於 CMBS 到期違約率接近歷史最高水平，本季服務費增加至 3,800 萬美元，使年初至今的服務費達到 1.07 億美元。這比去年增長了 47%，是自 2017 年以來的最高水準。

We've always told you that our servicer is a positive carry credit hedge that earns more money in times of real estate distress, and that hedge is once again proving itself this quarter. Our CMBS portfolio grew by $82 million during the quarter, primarily driven by new purchases of $101 million, offset by cash collections of $17 million. As a result of the maturity defaults noted above, we also recognized net DE impairments of $13 million.

我們一直告訴你們，我們的服務機構是一個正收益信用對沖工具，在房地產市場低迷時期可以賺取更多利潤，而本季這項對沖工具再次證明了這一點。本季度，我們的 CMBS 投資組合成長了 8,200 萬美元，主要得益於 1.01 億美元的新購買，但被 1,700 萬美元的現金回收所抵銷。由於上述到期違約，我們也確認了淨DE減損1300萬美元。

And lastly, on the segment's, Property portfolio. We sold a mixed-use property and retail center for a total of $36 million, resulting in a net GAAP gain of $10 million and a net DE gain of $3 million.

最後，關於該板塊的房地產投資組合。我們以 3,600 萬美元的總價出售了一處混合用途物業和零售中心，由此產生了 1,000 萬美元的 GAAP 淨收益和 300 萬美元的 DE 淨收益。

Turning to liquidity and capitalization. We had our most active capital markets year in our history. We executed a record $4.4 billion of corporate debt and equity transactions including $1.6 billion in unsecured notes, $1.6 billion in term loan repricing, a $700 million term loan B and a $534 million equity raise that was accretive to GAAP book value.

轉向流動性和資本化。我們經歷了公司歷史上資本市場最活躍的一年。我們完成了創紀錄的 44 億美元公司債務和股權交易，其中包括 16 億美元的無擔保票據、16 億美元的定期貸款重新定價、7 億美元的 B 類定期貸款以及 5.34 億美元的股權融資，這增加了 GAAP 帳面價值。

We continued our focus on conservative leverage, ending the year with a debt to unappreciated equity ratio of 2.4 times more than a full turn lower than our closest peer. With this year's continued shift away from repo, our unsecured debt now represents 18% of our total debt, up from 16% a year ago, and our off-balance sheet debt now stands at 22% of our debt, up from 17% a year ago.

我們繼續專注於保守的槓桿策略，年底的債務與未增值權益比率為 2.4 倍，比我們最接近的同業低了一整輪。由於今年持續減少回購交易，我們的無擔保債務目前佔總債務的 18%，高於一年前的 16%；我們的表外債務目前佔總債務的 22%，高於一年前的 17%。

Our current liquidity is $1.4 billion, with availability across our financing lines of $11.9 billion. This, along with our ability to consistently access the unsecured and structured credit markets at attractive spreads and across multiple asset classes, reflects the strength of our platform and provides significant flexibility as we enter 2026.

我們目前的流動資金為 14 億美元，所有融資管道的可用資金為 119 億美元。這一點，再加上我們能夠以有吸引力的利差持續進入無擔保和結構化信貸市場，並涵蓋多種資產類別，反映了我們平台的實力，並為我們進入 2026 年提供了很大的靈活性。

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

接下來，我會把電話交給傑夫。

Thanks, Rina. As we enter 2026, our priorities are clear: resolve legacy credit, maintain a conservative balance sheet, and selectively grow our highest-returning businesses to restore full earnings power.

謝謝你，麗娜。進入 2026 年，我們的優先事項很明確：解決遺留信貸問題，保持穩健的資產負債表，並有選擇地發展回報最高的業務，以恢復全部盈利能力。

We exited 2025 with continued stabilization in credit markets and improving transaction activity. Activity is still below peak levels, but trending positively as liquidity returns and rates move lower, supporting originations, refinancing, and more constructive resolution outcome.

2025 年結束時，信貸市場持續趨於穩定，交易活動不斷改善。雖然市場活動仍低於峰值水平，但隨著流動性恢復和利率下降，市場呈現積極趨勢，這有利於貸款發放、再融資以及更積極的解決方案的實現。

Real estate as an asset class has taken longer to normalize than many other parts of the economy and performance remains uneven across sectors and geographies. We don't expect the volatility in corporate credit markets to have a large impact on CRE fundamentals, which have largely insulated and outperformed in the lower rate environment.

房地產作為一種資產類別，其正常化進程比經濟中的許多其他領域都要慢，而且不同行業和地區的表現仍然不均衡。我們預期企業信用市場的波動不會對商業地產基本面產生重大影響，商業地產基本面在低利率環境下已基本免受衝擊並表現優異。

We built Starwood Property Trust to operate through cycles, and this year reflected that. In 2025, we raised and repriced a record $4.4 billion of capital and corporate debt with our debt issued at the tightest spreads in our 16-year history, strengthening liquidity, preserving flexibility to deploy capital accretively, while maintaining low leverage and significantly extending corporate debt maturity.

我們創立喜達屋地產信託的目的是為了因應週期性波動，而今年的業績也印證了這一點。2025 年，我們籌集並重新定價了創紀錄的 44 億美元資本和公司債務，我們的債務發行價差為 16 年曆史上最低，這增強了流動性，保持了增值部署資本的靈活性，同時保持了低槓桿率並顯著延長了公司債務的到期日。

We continue to diversify our business in 2025 with the acquisition of our net lease business, which added over $2 billion of long-term accretive assets with 2.3% annual rent bumps that will add incremental future distributable earnings for years to come. Cap rates have come down since we closed asset financing costs, which increases the value of the existing portfolio we purchased as we have optimized their financing structure, adding to the long-term tailwinds of the business. As Rina mentioned, we closed one securitization in Q4 and another after quarter end, both at a lower cost of funds than we underwrote, and we are in the process of significantly improving our bank line financing spreads.

2025 年，我們透過收購淨租賃業務繼續實現業務多元化，新增了超過 20 億美元的長期增值資產，每年租金增長 2.3%，這將在未來幾年增加可分配的未來收益。自從我們關閉資產融資成本以來，資本化率有所下降，這提高了我們收購的現有投資組合的價值，因為我們優化了它們的融資結構，從而為業務的長期發展帶來了利好。正如 Rina 所提到的，我們在第四季度完成了一筆證券化交易，季度末又完成了一筆，這兩筆交易的資金成本都低於我們的承銷成本，而且我們正在大幅改善我們的銀行信貸融資利差。

We continued to increase our pace of investing across businesses in 2025, investing $12.7 billion, including $2.5 billion in the fourth quarter alone. This is our second largest investing year in our 16-year history. And notably, our global team achieved that volume in an environment where overall industry transaction and origination volumes remained well below historical averages. We anticipate another robust origination year in 2026, which will produce additional earnings, along with the funding of $1.9 billion of unfunded commitments Rina mentioned.

2025 年，我們繼續加快對各業務的投資步伐，投資額達 127 億美元，其中僅第四季度就投資了 25 億美元。這是我們16年歷史上投資規模第二大的一年。值得注意的是，我們的全球團隊在整體產業交易量和貸款發放量遠低於歷史平均值的環境下，實現了這項交易量。我們預計 2026 年將是另一個強勁的貸款發放年，這將帶來額外的收益，同時也將為 Rina 提到的 19 億美元未撥付承諾提供資金。

In Commercial Lending, we originated $1.7 billion in the fourth quarter and $6.4 billion for the full year. Our portfolio is expected to grow to a record $17 billion in the first quarter and we expect to continue this momentum in 2026.

在商業貸款方面，我們在第四季度發放了 17 億美元貸款，全年發放了 64 億美元貸款。預計我們第一季的投資組合將成長至創紀錄的 170 億美元，我們預計這一成長動能將在 2026 年繼續保持。

US office loans represent only 8% of our diversified asset base, the lowest percentage in our history and well below that of our peers. We have done this by repositioning our loan book to more stable assets like multifamily and industrial, which accounted for 72% of 2025 origination.

美國辦公大樓貸款僅占我們多元化資產基礎的 8%，是我們歷史上最低的比例，遠低於同業。我們透過調整貸款組合，轉向更穩定的資產，如多戶住宅和工業地產，實現了這一目標，這些資產佔 2025 年貸款發放總額的 72%。

I will start my discussion on credit and asset management with some positive outcomes starting with multifamily loans to undercapitalized borrowers who are unable to continue to fund through resolution. We have executed multiple sales of multifamily REO at our original basis and have more slated for sale at or near our original basis. We have intentionally avoided forced liquidation. And in doing so, have protected shareholder value by taking over management, executing unfinished business plans, and increasing occupancy and property values.

我將從信貸和資產管理的角度開始討論，首先從向資金不足、無法透過解決方案繼續融資的借款人提供多戶住宅貸款這一積極成果說起。我們已以原價售出多套多戶住宅REO，還有更多房產計劃以原價或接近原價出售。我們有意避免了強制清算。透過接管管理權、執行未完成的商業計劃以及提高入住率和房產價值，保護了股東價值。

We're seeing tangible improvement across portions of our office portfolio, highlighted by approximately 800,000 square feet of leasing finalized during the fourth quarter. The highest quarterly leasing volume of the year. This total includes a 200,000 square foot lease at a Brooklyn property that was previously risk rated 5. That 630,000 square foot asset was vacant coming out of COVID and with the pending execution of a third substantial lease, we'll be 100% leased to three strong credits on a 32-year weighted average lease term with average annual rent escalations of 2.2%. This is a great outcome for shareholders, again, reflecting our patience, active engagement and improved leasing momentum.

我們看到辦公大樓組合的部分業務出現了明顯的改善，其中第四季度完成了約 80 萬平方英尺的租賃交易。全年最高的季度租賃量。總額包括布魯克林一處先前風險評級為 5 的房產的 20 萬平方英尺租賃面積。這棟 63 萬平方英尺的資產在新冠疫情爆發後一直空置，隨著第三份實質租賃合約即將簽署，我們將 100% 出租給三家信譽良好的租戶，租期為 32 年（加權平均），平均年租金遞增率為 2.2%。這對股東來說是一個極好的結果，再次體現了我們的耐心、積極參與和不斷改善的租賃勢頭。

Sales activity has also improved, allowing $200 million of office loans to repay at par in 2025. Year-to-date in 2026, an additional $200 million of loans originated as office have sold or in the process of closing, including $115 million related to a formerly risk rated 5 asset also in Brooklyn.

銷售活動也有所改善，使得 2 億美元的辦公大樓貸款能夠在 2025 年以面額償還。截至 2026 年，另有 2 億美元的貸款已發放給辦公室，或正在辦理交割手續，其中包括與布魯克林一處先前風險評級為 5 的資產相關的 1.15 億美元。

Patience has paid off for us in the past when managing forkloads assets, and we present value and probability weight potential REO outcomes individually as we decide whether to liquidate or hold and reposition assets, bringing the full strength of the Starwood platform to bear on these situations.

過去，我們在管理堆高機資產時，耐心得到了回報。在決定是清算資產還是持有並重新定位資產時，我們會單獨列出潛在的 REO 結果的價值和機率權重，從而充分發揮 Starwood 平台的優勢來應對這些情況。

We ended the year with approximately $1 billion of commercial loans on nonaccrual and $624 million of foreclosures. That exposure is concentrated in a small number of assets, and each of those is in an active execution phase with defined business plans being managed by our in-house asset management team at Starwood.

年底，我們約有 10 億美元的商業貸款處於非應計狀態，另有 6.24 億美元的止贖資產。這些投資集中在少數資產上，每項資產都處於積極的執行階段，並由喜達屋內部資產管理團隊管理已製定的業務計劃。

Turning to rating migrations. We had three assets migrate to five in the quarter. The first is a $108 million studio production asset in New York that we co-originated pari passu with two large US banks and own 32% of the first mortgage. Utilization declined materially following the writers and actors' strike. The sponsor has invested substantial equity since origination, but the property has not yet stabilized as originally underwritten.

轉向評分遷移。本季我們有三項資產遷移到了五項。第一個項目是位於紐約的一處價值 1.08 億美元的製片廠資產，我們與兩家美國大型銀行共同發起該項目，並擁有第一筆抵押貸款的 32%。編劇和演員罷工後，利用率大幅下降。自專案啟動以來，發起人已投入大量資金，但該專案尚未達到最初預期的穩定水準。

Second is the $269 million industrial asset outside the Midtown Tunnel in New York. We increased the risk rating this quarter due to the sponsor's unwillingness to contribute additional capital. We have increased our involvement and are executing a revised plan with the sponsor who is currently negotiating lease proposals representing a substantial portion of the vacant space. This newly constructed well-located asset is positioned for potential near-term stabilization.

其次是位於紐約中城隧道外的價值 2.69 億美元的工業資產。由於發起人不願意追加投資，我們本季提高了風險評級。我們加強了參與力度，並正在與贊助商執行一項修訂後的計劃，贊助商目前正在就租賃方案進行談判，這些方案涵蓋了相當一部分空置空間。這棟新建的、位置優越的資產有望在短期內實現穩定。

We also downgraded a $33 million multifamily asset outside Dallas. We anticipate assuming ownership via foreclosure in the near term. Upon transition, we intend to implement a focused value-add plan as we have successfully done on similar multifamily projects. Our basis is below replacement cost, and our captive asset management team expects to be able to execute on a value-add business plan in the coming quarters.

我們也下調了達拉斯郊外一處價值 3,300 萬美元的多戶住宅資產的評級。我們預計近期將透過止贖程序取得所有權。在過渡期間，我們將實施一項重點增值計劃，就像我們在類似的多戶住宅項目中成功實施的那樣。我們的資產基礎低於重置成本，我們的專屬資產管理團隊預計能夠在未來幾季執行增值業務計畫。

We also downgraded one loan to a 4 rating, a $90 million mixed-use portfolio in Ireland that we restructured to extend term and provide flexibility, while assets are sold down. While asset sales have taken longer than originally contemplated, transactions completed to date have been in line with underwriting and our base case continues to support full repayment over time.

我們還把一筆貸款的評級下調至 4 級，這是一筆位於愛爾蘭的價值 9000 萬美元的混合用途投資組合，我們對其進行了重組，以延長期限並提供靈活性，同時出售部分資產。雖然資產出售所需時間比最初設想的要長，但迄今為止完成的交易均符合承銷預期，我們的基本情況仍然支持最終實現全額償還。

These are active asset management situations with defined action plans. And while resolution timing may vary, we are highly focused on resolving nonearning assets. Redeployment of this capital will be a tailwind to earnings as we achieve resolution.

這些都是有明確行動計劃的積極資產管理方案。雖然處置時間可能會有所不同，但我們高度重視處置非營利資產。隨著問題的解決，這筆資金的重新部署將對獲利起到促進作用。

Our energy infrastructure lending platform had its largest origination year ever in 2025, investing $2.6 billion across the segment. The portfolio now totals almost $3 billion and remains diversified across power and midstream assets and has one of the highest ROEs in our portfolio. These are senior secured asset-backed investments, supported by durable cash flows and long-term demand drivers in energy and power markets. Loan to values continue to fall in this segment as loan performance remains strong, power needs and capacity auction prices continue to increase, and returns remain attractive.

2025 年，我們的能源基礎設施貸款平台迎來了有史以來規模最大的一年，在該領域投資了 26 億美元。該投資組合目前總額接近 30 億美元，在電力和中游資產方面保持多元化，並且是我們投資組合中淨資產收益率最高的投資組合之一。這些是高級擔保資產支持投資，由能源和電力市場的穩定現金流和長期需求驅動因素支撐。由於貸款表現依然強勁，電力需求和容量拍賣價格持續上漲，且回報依然誘人，因此該領域的貸款價值比持續下降。

Finally, with the pricing of our seven CLO, 75% of our SIP loans now benefit from term non-mark-to-market financing, reducing funding volatility.

最後，隨著我們七筆 CLO 的定價，我們 75% 的 SIP 貸款現在受益於定期非市值計價融資，降低了資金波動性。

Turning to our new net lease business, fundamental income. Rina mentioned our integration is on plan, and we currently have a large pipeline and expect to increase volumes over the course of this year, which, along with 2.3% annual rent escalations, will increase returns in the cylinder each quarter and year.

接下來談談我們新的淨租賃業務，這是基本收益。Rina提到我們的整合工作正在按計劃進行，我們目前有大量的管道項目，預計今年內產量將會增加，再加上每年2.3%的租金增長，這將提高每個季度和每年的收益。

Rina told you, we completed our first ABS financing in Q4 and subsequent to quarter end, we executed our second securitization for $466 million, again, at tighter than underwritten spreads, which will allow us to continue to accretively invest in this cylinder at today's cap rate. Our net lease business, along with our other owned real estate adds duration and contractual cash flow to the platform, and over time, we expect it to become a more meaningful contributor to run rate earnings.

Rina 告訴你，我們在第四季度完成了第一筆 ABS 融資，季度末之後，我們以低於承銷價差的價格完成了第二筆 4.66 億美元的證券化，這將使我們能夠繼續以今天的資本化率對這個圓柱體進行增值投資。我們的淨租賃業務，連同我們擁有的其他房地產，為平台增加了期限和合約現金流，隨著時間的推移，我們預計它將成為對年度收益更有意義的貢獻者。

We are a hybrid company with approximately $7.5 billion of owned real estate or 24% of our balance sheet. We are different than other mortgage REITs in our peer group. In a period where our stock has significantly underperformed, the stocks at equity REITs and triple net lease REITs have significantly outperformed STWD and other mortgage REITs with the largest underperformance coming in the last few months.

我們是一家混合型公司，擁有約 75 億美元的房地產，佔資產負債表的 24%。我們與同行業的其他抵押貸款房地產投資信託基金有所不同。在我們股票表現明顯遜於市場整體水平的這段時間裡，權益型房地產投資信託基金和三淨租賃型房地產投資信託基金的股票表現明顯優於 STWD 和其他抵押型房地產投資信託基金，其中最近幾個月的表現最為遜於市場整體水平。

It is important to remember that we are no longer simply a mortgage REIT. We operate a diversified real estate finance platform with true scale, operating businesses, and a strong, well-capitalized balance sheet with access to capital at the lowest spreads in our history. The diversity and stability across our portfolio continues to uniquely insulate us through periods of sector instability.

需要記住的是，我們不再只是一家抵押貸款房地產投資信託基金（REIT）。我們經營著一個多元化的房地產金融平台，擁有真正的規模、營運業務和強大的、資本充足的資產負債表，能夠以我們歷史上最低的利差獲得資金。我們投資組合的多樣性和穩定性使我們能夠在產業不穩定時期保持獨特的優勢。

Our leverage is significantly lower than our peer group at just 2.4 turns today. While we could enhance near-term earnings by increasing leverage, we have deliberately chosen not to do so, instead prioritizing a strong, durable balance sheet to support our generational vehicle. Insider ownership further reinforces that alignment, standing at approximately 6% or $380 million today, greater than the insider ownership of all our peers combined.

目前我們的槓桿率僅 2.4 倍，遠低於同業水準。雖然我們可以透過提高槓桿率來提高近期收益，但我們特意選擇不這樣做，而是優先考慮建立一個強大、持久的資產負債表來支持我們的世代傳承工具。內部人士持股進一步鞏固了這種一致性，目前內部人士持股比例約為 6% 或 3.8 億美元，高於所有同業內部人士持股比例的總和。

We continue to look internally for ways to improve how we operate. We are investing in tools and technology to streamline underwriting, asset management, and reporting processes, and we expect to increasingly leverage data analytics and AI-driven tools as part of that effort. The foundation is in place for STWD 2.0 to come out of this cycle successfully as the only CRE mortgage REIT that never cut its dividend.

我們將繼續在內部尋找改善營運方式的方法。我們正在投資工具和技術，以簡化核保、資產管理和報告流程，並且我們期望在這項工作中越來越多地利用數據分析和人工智慧驅動的工具。STWD 2.0 已具備成功走出本輪週期的基礎，它是唯一一家從未削減股息的商業房地產抵押貸款 REIT。

Looking ahead to 2026 and beyond, resolving our nonaccrual in REO or increasing originations pace or volume would allow us to earn more than the $1.95 we earned this year, excluding temporary items that Rina noted.

展望 2026 年及以後，解決 REO 中的非應計項目或提高貸款發放速度或數量，將使我們能夠賺取超過今年賺取的 1.95 美元，不包括 Rina 指出的臨時項目。

With that, I will turn the call to Barry.

接下來，我將把電話轉給巴里。

Thank you, Zach, Rina, and Jeff. And good morning, everyone. I'm going to use a slightly different tack as I talk about our earnings and what's going on in our industry and the greater real estate markets this quarter. I think you can see that 2025 was a transition year for Starwood Property Trust. I'm going to take some comments out on my -- the earnings release and talk about some of the points I made and elaborate on them.

謝謝 Zach、Rina 和 Jeff。大家早安。在談到我們的收益、我們行業以及本季度更廣泛的房地產市場的情況時，我將採用稍微不同的方法。我認為可以看出，2025 年是喜達屋地產信託的過渡年。我打算就我的獲利報告發表一些評論，談談我提出的一些觀點，並加以闡述。

The really good news is we built an incredible machine here. We have all the pieces in place to outperform for our shareholders in the long run. And some of our core business had exceptional years with a growing loan book, which has reached record highs, as well as the continued great performance of our multifamily book.

真正的好消息是我們製造了一台不可思議的機器。我們已具備所有條件，能夠在長期內為股東創造超額收益。我們的一些核心業務也取得了非凡的成績，貸款額不斷增長，創下歷史新高，同時我們的多戶住宅貸款業務也持續表現出色。

Jeff mentioned at 24% and 5% of our assets are in real estate. Our affordable housing book is in some of the best markets in the United States, Orlando, in Tampa, where rents remain roughly 50%, 40% below market rates, and we're exceptionally full and have great pricing power. You can see that with the increase in value of the portfolio just in the quarter that Rina talked about.

Jeff提到，我們24%和5%的資產是房地產。我們的經濟適用房專案位於美國一些最好的市場，例如奧蘭多和坦帕，這些地區的租金大約比市場價低 50% 到 40%，而且我們的房源非常充足，定價能力很強。從 Rina 提到的那個季度投資組合價值的成長可以看出這一點。

But in addition to our originations, which were strong throughout the year, our infrastructure lending business, Heritage GE Capital, GE itself, I guess, had a great year. The conduit team had the second-best year in their history. It's really one of the best conduits in the country, our special servicing arm, formerly LNR, had a great year also counterbalancing some of the weakness in some of the property lending earnings and continues to be the number one or two special service servicer in the country with an ever-growing book of named servicing and active servicing in its belly.

除了全年表現強勁的貸款發放業務外，我們的基礎設施貸款業務 Heritage GE Capital，以及通用電氣本身，我想，也取得了巨大的成功。管道團隊取得了隊史第二好的成績。它確實是全國最好的管道之一，我們的特殊服務部門（以前稱為 LNR）也取得了巨大的成功，抵消了部分房地產貸款收入的疲軟，並繼續保持全國一到兩大特殊服務機構的地位，其名下服務和活躍服務業務量不斷增長。

And those businesses delivered excellent results for the year and even our residential lending businesses, which have been somewhat dormant gain in value over the year as spreads and rates declined. Those are all really good news. So I asked and Rina telling me like, why are we not performing at the levels we have in the past with such good news in the portfolio. And what we saw are three real reasons for that: one, the lack of prepayment penalties that have always been part of our business, but as our borrowers' stretch maturities and went to not prepaying them, that disappears.

這些業務在當年取得了優異的業績，就連過去一年略顯沉寂的房屋貸款業務，隨著利差和利率的下降，也實現了價值增長。這些都是非常好的消息。所以我問了Rina，她告訴我，為什麼我們明明有這麼多利好消息，業績卻沒有達到過去的水準。我們發現這背後有三個真正的原因：一是缺乏提前還款罰金，這原本是我們業務的一部分，但隨著借款人延長還款期限並且不再提前還款，這種罰金就消失了。

Equally important was we've taken into our earnings noncash losses. And they are used differently by some of our peers, but if you actually include them because they're not noncash, we would have covered our dividend. That also included in that statement, the drag of having excess cash. We used to run this enterprise at 2.4 to 2.5 leverage beginning of the year, we started at 2.1% leverage, which is a turn to 1.5 turns inside many of our peers. And it's really the nature of the composition of our business lines.

同樣重要的是，我們已經將非現金損失計入了收益。雖然我們的一些同行對它們的使用方式有所不同，但如果將它們計入，因為它們並非非現金資產，那麼我們就能支付股息了。聲明中也提到了擁有過多現金帶來的負面影響。今年年初，我們以 2.4 到 2.5 倍的槓桿率經營這家企業，而我們最初以 2.1% 的槓桿率起步，這比我們許多同行的槓桿率低了 1.5 倍。這實際上是由我們業務線構成本身的性質決定的。

And then with the fundamental investment we made in the third quarter of the year, we actually that business because of its stability and the duration of the cash flows we levered 3:1. That dragged our overall leverage levels back to 2.4 at the end of the year, but the bulk of our business ex the fundamental business triple net lease business still remains historically under leveraged, and we have a lot of cash trapped in the business.

然後，憑藉我們在今年第三季進行的基礎性投資，我們實際上因為該業務的穩定性和現金流的持續時間，以 3:1 的比例進行了槓桿投資。這使得我們年底的整體槓桿率回落至 2.4，但除基本業務三重淨租賃業務外，我們的大部分業務仍處於歷史低槓桿水平，而且我們有大量現金被困在該業務中。

We estimate the cash drag at something like $0.07 for the year. You add them combined; it's almost $0.20 of earnings. I think it's [$0.12], [$0.07] and something else and Rina can give you specifics. And that will reliably cover our dividend.

我們估計全年現金流損耗約為 0.07 美元。把它們加起來，收入將近 0.20 美元。我認為是 [$0.12]、[$0.07] 和其他一些東西，Rina 可以告訴你具體金額。這樣就足以支付我們的股利了。

So -- and then we look at our nonaccrual book, which certainly look as a problem, and we kind of do, but we also look at it as an opportunity its future earnings power for us when we have first mortgages like Jeff said, along with two money center banks. It's inconceivable like property are not valuable. It's just probably a borrower.

所以——然後我們審視一下我們的非應計帳款，這看起來當然像個問題，我們也確實這麼認為，但我們也把它看作是一個機會，就像傑夫說的那樣，當我們擁有第一抵押貸款以及兩家貨幣中心銀行時，它的未來盈利能力對我們非常重要。認為房產沒有價值是不可思議的。他很可能只是個借款人。

In many cases, we find our borrowers are underwater. They don't want to put the money in for TIs. They don't want to put their money into reposition the take out of the space for a tenant. So we have to take it back. That takes a lot of time. And once we have control, we can retenant it, reposition it and in fact, then sell it.

很多情況下，我們發現借款人的債務已經超過了貸款額。他們不想為TI投入資金。他們不想把錢花在重新定位空間以吸引租戶。所以我們必須把它收回去。那會花很多時間。一旦我們控制了它，我們就可以重新出租、重新定位，實際上，還可以把它賣掉。

So we've chosen long ball. We've chosen the way to approach our company because we own roughly $400 million of stock, along with our shareholders, as if your capital was our own, and we've chosen to do what's best for ourselves over the long run.

所以我們選擇了長傳進攻。我們之所以選擇這種方式來管理公司，是因為我們和股東們一起擁有價值約 4 億美元的股票，就像你們的資金是我們自己的資金一樣，我們選擇做對我們自己長遠發展最有利的事情。

A prime example would be an office building that was bought by a household name firm for $400 million. Our loan was $200 million. We took it back we could sell it, but it's an office building. We're converting it to a rental building it's underway. We've -- it's going to be a great building in the center of Washington, DC. And we're confident that we'll return our investment or close to it and maybe make some money depending on how well we do with our renovations.

一個典型的例子是，一家家喻戶曉的公司以 4 億美元的價格買下了一棟辦公大樓。我們的貸款金額為2億美元。我們把它收回去了，我們可以賣掉它，但它是一棟辦公大樓。我們正在將其改建為出租公寓，工程正在進行中。這將是華盛頓特區中心一座宏偉的建築。我們有信心收回投資或接近收回投資，甚至可能獲利，這取決於我們翻新工程的進展。

But that's far more attractive to us than just dumping in and then moving on. So you're going to see these assets because we are a real estate player at our heart. You see us take back assets, reposition them and then sell them as Jeff mentioned in their prior years, we've made substantial earnings doing that.

但對我們來說，這比簡單地傾倒垃圾然後就走人要更有吸引力得多。所以你會看到這些資產，因為我們本質上就是一家房地產企業。正如傑夫在前幾年提到的那樣，我們收回資產，重新定位，然後出售，我們通過這種方式獲得了可觀的收益。

We didn't tend to be loan to own. Let's not kid ourselves. But given what's happened in the marketplace with the massive increase in rent rates and then the slowdown of the recovery of rents as the market had opened overbuilt. We know that going forward, these assets will produce earnings for us in the future, albeit not at the pace that I might have hoped, but real estate isn't really that kind of business.

我們通常不會貸款買房。別自欺欺人了。但鑑於市場上租金大幅上漲，以及市場開放後過度建設導致租金復甦放緩的情況，我們知道，展望未來，這些資產將會為我們帶來收益，儘管速度可能不如我預期，但房地產並不是那種能帶來收益的產業。

And we're going to -- we're very confident in the future earnings power of our business. I think especially next year, as we continue to roll out the capital we've committed but haven't funded on loans we've made this year, which Jeff mentioned in just one of our -- it's almost, I think, $1.9 billion.

我們非常有信心——我們對公司未來的獲利能力充滿信心。我認為尤其是在明年，隨著我們繼續撥付今年已承諾但尚未提供資金的貸款資金，正如傑夫在我們的一次演講中提到的那樣——我想，這筆資金接近 19 億美元。

Our triple net lease business, which was dilutive. I think it was $0.06 in the year should turn accretive next year, and we love that business, 15-year plus leases never a default ever -- ever had we actually underwrote it with the thoughts, but we've never had a default. And they're just getting to scale now with our capital.

我們的三方淨租賃業務具有稀釋性。我認為今年是 0.06 美元，明年應該會轉為盈利，我們很喜歡這項業務，15 年以上的租約從未違約過——我們實際上在承銷時就考慮到了這一點，但我們從未發生過違約。而現在，他們正藉由我們的資金實現規模化發展。

We've also found that with our expertise in capital markets, we've improved -- materially improved their financing. And so our ROEs are rising rapidly. We just have a lot of overhead on the scale of the business it is today. So as we add assets, we get exponential better contribution to our earnings going forward.

我們還發現，憑藉我們在資本市場的專業知識，我們已經顯著改善了他們的融資狀況。因此，我們的股本回報率正在迅速上升。以我們目前的業務規模來看，營運成本很高。因此，隨著資產的增加，我們未來對收益的貢獻將呈指數級增長。

And again, I think we will work through this REO book at due haste. We've organized ourselves to do so, but we haven't netted those losses against the assets directly, and we continue to carry them in the manner that Rina has shown you, which is a little different than some of our peers.

而且，我認為我們會盡快處理這本 REO 書籍。我們已經為此做好了安排，但我們並沒有直接用這些損失抵消資產，而是繼續按照 Rina 向你展示的方式持有這些損失，這與我們的一些同行略有不同。

I think if you look at the industry as a whole, we were facing headwinds for the last three or four years. I mean real estate wasn't going anywhere, rates were rising, everything was outperforming. But I think it's safe to say as we look forward, that we have tailwinds now. The decreases in supply in the multifamily market dropping 60%, 70% eventually, we will see record absorptions of apartments in the last year in the United States, record absorptions.

我認為，如果從整個產業來看，過去三、四年我們一直面臨逆風。我的意思是，房地產市場並沒有走下坡路，利率卻在上漲，所有產業都表現優異。但我認為可以肯定地說，展望未來，我們現在正處於順風之中。多戶住宅市場供應最終將下降 60% 至 70%，我們將看到美國去年公寓吸收量創下歷史新高。

So it's supply down and people still being unable to buy homes, we expect the multifamily markets to turn around and that will help our borrowers and that will lower LTVs. And right now, we're going to get an asset back, we're kind of not sure we should sell it or fix it up and then sell it later. But we also think the second big tailwind is interest rates. They're going lower. The pace at which nobody quite can figure out, whether AI, how deflation it is, how fast it will happen, will it be deflationary, but interest rates will be lower.

因此，由於供應減少，人們仍然買不起房，我們預計多戶住宅市場將會好轉，這將有助於我們的借款人，並降低貸款價值比。現在，我們將收回一項資產，但我們不太確定是應該賣掉它，還是應該修繕後再賣掉。但我們認為，第二個重要的利多因素是利率。價格還在下降。沒有人能完全弄清楚人工智慧的發展速度，它是否會導致通貨緊縮，以及它發生的速度有多快，它是否會導致通貨緊縮，但利率將會降低。

The economy is bifurcated. I know the administration doesn't like to talk about a key economy, but you see it -- you see in the hotel industry, the only sector of the market that was up last year was luxury, every other sector, upscale, upper upscale, mid-scale, lower scale economy, everything was down.

經濟呈現兩極化。我知道政府不喜歡談論關鍵經濟領域，但你看——看看酒店業，去年唯一成長的市場領域是豪華酒店，其他所有領域，高檔、超高檔、中檔、低檔經濟型酒店，全部都在下降。

And also, cost to build replacement cost has continued to stay high. And while they may have dropped a little bit, the cost of building a home, they still remain well above our basis in almost any of the assets in our book. So new supply will be hindered until rents begin to rise again.

而且，重建成本也一直居高不下。雖然房屋建造成本可能有所下降，但仍遠高於我們帳簿中幾乎所有資產的成本基礎。因此，在租金再次上漲之前，新增供應將受到阻礙。

I guess the negative and the thing that gets us concerned, of course, is AI what it will mean for wealth and potentially unemployment. But I think this will be a little bit the markets wrestling with us right now. We're all watching it and deciding what we think.

我想，最令人擔憂的負面因素當然是人工智慧對財富和潛在失業的影響。但我認為這有點像是市場目前在與我們較量。我們都在關注這件事，並思考自己的看法。

I think there's one other positive I should mention, which is as rates fall, one of our transaction volumes will pick up, and that will give us more opportunities to refinance other people and other deals or making the loans to new deals. And I think real estate as it usually is, is usually a safe haven during times of tumult in the marketplace.

我認為還有一點值得一提，那就是隨著利率下降，我們的交易量將會上升，這將為我們帶來更多機會為其他人進行再融資，進行其他交易，或為新交易提供貸款。而且我認為，房地產通常情況下，在市場動盪時期是一個安全的避風港。

So overall, I think we had a solid year, and we've positioned ourselves really well for the future for the next couple of years. We're excited with our team. I also think you're going to make an effort of a strong effort to reduce our costs and use AI to do what we do, like everyone else, or more -- with higher productivity and less cost embedded in the structure. And that's unique to us.

總的來說，我認為我們度過了穩健的一年，並為未來幾年的發展奠定了良好的基礎。我們對我們的團隊感到非常興奮。我也認為你們會努力降低成本，並像其他人一樣，利用人工智慧來完成我們正在做的事情，甚至做得更多——在結構中實現更高的生產力和更低的成本。這是我們獨有的。

We have very large businesses tucked into our mortgage book that all of which are supported by the REIT. And we hope we can make our people more productive and do so in an efficient manner, and we're very excited about taking all those challenges.

我們的抵押貸款組合中包含許多規模龐大的企業，所有這些企業都得到了房地產投資信託基金的支持。我們希望能夠提高員工的生產力，並以高效的方式實現這一目標，我們非常樂意迎接所有這些挑戰。

So with that, I'll thank the team, and thank you for your support, and we'll take your questions.

那麼，接下來我要感謝團隊，感謝大家的支持，我們來回答大家的問題。

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作說明）唐‧范德蒂，富國銀行。

Hi, good morning. It seems like you're increasing the CRE loan portfolio again in Q1. Can you talk about the pace throughout 2026 and also the return profile of these originations versus historical?

您好，早安。看來你們在第一季又增加了商業房地產貸款組合。您能否談談2026年全年的發展速度，以及這些新項目的收益狀況與歷史數據相比如何？

Thanks, Don. Good morning, by the way. I think I mentioned in my script that we expect the loan portfolio on the CRE side to go over $17 billion in the first quarter. That would be the first time.

謝謝你，唐。順便說一句，早安。我想我在稿子裡提到過，我們預計第一季商業房地產方面的貸款組合將超過 170 億美元。這將是第一次。

We've been growing the loan book for every quarter since COVID, every quarter in COVID, every quarter since we started, I think we've made commercial real estate loans, so it's nothing new. We are obviously sitting on a little bit more liquidity after all the cash out refinancings and raises that we're able to do last year, so our pace is increased as we try to deploy that. Rina spoke a little bit about drag.

自從新冠疫情爆發以來，我們的貸款業務每個季度都在增長，疫情期間每個季度都是如此，自公司成立以來每個季度都是如此，我認為我們發放的是商業房地產貸款，所以這沒什麼新鮮的。顯然，在去年我們進行了一系列現金提取再融資和增資之後，我們手頭上的流動資金比去年要多一些，因此，隨著我們嘗試部署這些資金，我們的步伐也加快了。麗娜簡單地談了談變裝。

Last year, I think we did $6.5 billion or so of CRE lending. We expect to do at least that this year. My gut is that you're going to have more maturities this year. You have people who have executed their business plans on post-COVID or post-rate rise loans. You have a number of loans from before that period that simply need to move out of the pipe.

去年，我們的商業房地產貸款金額約為 65 億美元。我們預計今年至少能做到這一點。我的直覺是，今年會有更多到期的合約。有些人利用新冠疫情後或利率上漲後的貸款來執行他們的商業計劃。您還有一些在此之前遺留的貸款需要盡快償還。

We also have lower rates, which will create more transaction volume. In 2021, you had high $600 billion of transactions in the market. You'll have had two-thirds of that this year. As transactions move up, as rates move down, as maturities come, we expect more opportunities. We borrow inside most of our peer group. Our last term loan was at 175 over, I believe, on a new issue, which was incredible. The high yield markets were somewhere around 200 over.

我們還有更低的費率，這將帶來更多的交易量。2021年，該市場交易額高達6,000億美元。今年你已經完成三分之二了。隨著交易量增加、利率下降、到期日臨近，我們預計會有更多機會。我們大多在同儕群體內部借貸。我記得我們上一筆定期貸款的利率是高於市價 175%，而且還是新發行的，這真是太不可思議了。高收益債券市場大約在200以上。

No one in our space, well, one person in our space, can borrow there, but the rest can't. I think we have a cost of funds advantage. Also, being the biggest, we have bigger relationships with the banks who we will tend to repo with. They pick up a cross from us. The cross is worth more with us than it is with anyone else because our lines are bigger, and we have relationships. I think it looks like a very good year for originations.

我們空間裡沒有人，或者說我們空間裡有一個人，可以藉用那裡的東西，但其他人不行。我認為我們在資金成本方面具有優勢。此外，作為規模最大的公司，我們與通常會進行回購交易的銀行有著更緊密的聯繫。他們從我們這裡接過十字架。十字架對我們來說比對其他人更有價值，因為我們的血脈更悠久，而且我們彼此之間有聯繫。我認為今年對於新冠疫情的爆發來說將會是非常好的一年。

Last year was our second biggest. I would hope that we would that we would be able to beat that number this year. We have $2 billion closed or in closing in the quarter, so we are still pedal down. We know we have to originate more loans and thoughtfully work out of the REOs and non-accruals to get back to the run rate that we keep talking about by late 2026, where we're covering the dividend.

去年是我們第二大年。我希望我們今年能夠超越這個數字。本季我們已經完成或正在完成 20 億美元的交易，所以我們仍在加速。我們知道，我們必須發放更多貸款，並認真處理已收回房產和非應計貸款，才能在 2026 年底之前恢復到我們一直談論的運行速度，屆時我們將能夠支付股息。

Got it. I guess what is your expectation for credit migration near term? I mean, it sounds like you're playing the long game, which we appreciate, but I guess that also means that we'll continue to see these sort of like one-off type, migrations.

知道了。我想問一下，您對近期信貸市場的發展有何預期？我的意思是，聽起來你們是在著眼長遠，我們對此表示讚賞，但我想這也意味著我們還會繼續看到這種一次性的遷移。

Yeah, Barry, I'll let you go after. Maybe I'll start. In migration, there are people who sell things right away. There are people and that is a business plan. There are people like us who will work on them. We don't have a business plan for what we do with a credit and putting it the pig through the python. We look at every one of them individually. We try to present value of what we think the value of getting the amount of cash we would get back in a distressed-ish sale today without working on the asset. Then what's the present value of the cash we get back over the time that we would do it?

好的，巴里，之後我會放你走。或許我會開始。在移民過程中，有些人會立即出售物品。這裡有人，這是一份商業計畫。總會有像我們這樣的人來做這些事。我們沒有關於如何處理信貸以及如何將其投入巨資的商業計劃。我們會逐一審視他們每一個人。我們試圖展現我們認為在今天進行一次類似困境的出售，無需對資產進行任何改造就能收回的現金價值。那麼，在我們完成這項工作所需的時間裡，我們最終獲得的現金的現值是多少？

Against that, we make assumptions of where we think the property could end up, positives, negatives. We look at our liquidity, our cost of capital, et cetera, and we look at what information can Starwood, the manager, bring to bear to make the asset better. We have a great history of making assets better than the next buyer. The next buyer is going to be a 20% return private equity guy who's going to buy from us at a 10% to 12% cost of capital, and then he's going to back up his bid a little bit because of the things that he doesn't know. We know the assets. We have a lower cost of capital. We can borrow against the assets significantly cheaper than corporate debt than he can.

與之相反，我們對房產最終可能的發展方向、優勢和劣勢做出假設。我們會檢視我們的流動性、資本成本等等，也會檢視管理人 Starwood 能提供哪些資訊來改善資產狀況。我們一直以來都致力於讓資產比其他買家更有價值。下一個買家將是一位回報率為 20% 的私募股權投資者，他將以 10% 到 12% 的資本成本從我們這裡購買，然後由於他對某些事情並不了解，他會稍微提高出價。我們了解這些資產。我們的資金成本較低。我們可以用這些資產作抵押貸款，費用比他用公司債務貸款低很多。

That all goes into our individual business plans as we look at each individual asset without having a business plan that we are a fore seller or a carrier of assets. When we look at those, we make the decision as a management team across Starwood Capital and Starwood Property Trust to either stay in and ride it, which we've done successfully. Barry gave you an example of another one that we're redeveloping. We expect to have successfully done. I gave you examples of a number of them that I think we resolved $300 million last year in actual resolutions, not foreclosures. We don't call foreclosures resolutions. Some people do. We had $130 million more fallout, so it would have been $430 million. We hope to resolve.

所有這些都納入了我們各自的商業計劃中，因為我們在製定商業計劃時會考慮每項資產，而沒有明確我們是資產的賣方還是承運人。當我們審視這些因素時，作為 Starwood Capital 和 Starwood Property Trust 的管理團隊，我們決定要么繼續持有並持有，而我們也成功地做到了這一點。巴里給你舉了個例子，說明我們正在重新開發另一個專案。我們預計已經成功完成。我給你舉了一些例子，我認為我們去年透過實際的解決方案（而不是止贖）解決了 3 億美元的問題。我們不把房屋法拍稱為解決方案。有些人確實會這樣做。我們額外損失了 1.3 億美元，所以損失將達到 4.3 億美元。我們希望能夠解決這個問題。

We have a sheet. We look quarterly at what we expect to resolve. Our goal is to resolve most of $1 billion this year. If we execute on that, great. If we don't, it's going to be because we looked at the present value of the cash flows and the cash flow we get today. We're going to make the best decision for shareholders, on each bespoke asset. We don't really have a plan. You asked about credit migration. I think we have our arms around where we think the potential problems are.

我們有一張表格。我們每季都會對預計能夠解決的問題進行評估。我們的目標是在今年解決10億美元中的大部分問題。如果我們能做到這一點，那就太好了。如果我們不這樣做，那是因為我們只考慮了現金流的現值和我們今天獲得的現金流。我們將針對每一項客製化資產，做出對股東最有利的決策。我們其實沒有什麼計劃。你問的是信用遷移的問題。我認為我們已經大致了解了潛在問題所在。

As you look at that, property types are going to make a difference. The market it's in is going to make a difference. Tenant movements are going to make a difference. It's all very bespoke, but we feel like we really have our arms around where the potential problems are going to be.

由此看來，房產類型會產生影響。它所處的市場環境將會產生影響。租戶的變動將會產生影響。一切都是量身定制的，但我們感覺我們已經真正掌握了潛在問題所在。

Got it. Thank you.

知道了。謝謝。

Should I add a few things? Can you hear me okay?

我還需要補充幾點嗎？你聽得清楚我說話嗎？

Yeah, go ahead, Barry.

好的，巴里，你繼續。

Yeah. I mean, I hate to say we don't have a plan. We have business plans for individual assets. It's been remarkable the amount of money we had one asset that capsized with $1 billion to loan $400 million. The borrower walks. When they walk, they really haven't. Obviously, tenants want to lease. They know the building's in trouble. They're not going to go in the building if no one puts the TI.

是的。我的意思是，我不想說我們沒有計劃。我們針對每項資產都制定了商業計劃。令人震驚的是，我們竟然用10億美元的資產換取了4億美元的貸款，而這筆錢原本只夠我們還10億美元。借款人走了。他們走路的時候，其實並沒有走路。顯然，租戶都想租房。他們知道這棟大樓有危險。如果沒人安裝TI，他們就不會進樓。

The borrower has absolutely zero incentive to do anything. In multiple cases in our pipeline, like, we are not supposed to be leasing their buildings for them. If we're going to put the effort in for the TI, we want to get the asset back. There's no reason to exercise their positions. We kind of want you to play hardball, we play fair ball, and we try to work with our borrowers if we can.

借款人完全沒有任何動力去做任何事。在我們的多個項目中，例如，我們不應該為他們租賃建築物。如果我們要在TI上投入精力，我們就希望能夠收回資產。沒有理由行使他們的立場。我們希望你們採取強硬態度，我們秉持公平競爭的原則，並且盡可能與借款人合作。

I think the multi-business is particularly interesting. I mean, it's one of these businesses you all remember from long ago. We started iStar. It was called Star Financial, changed its name to iStar, and wound up taking back a whole bunch of stuff in the GFC and turned themselves into a quasi-equity and made a fortune. Obviously, the best thing we can do in a loan is get our money back, and that's primarily our business, at least half our business, and we're happy to play in that ballgame on the real estate part.

我認為多角化經營模式特別有趣。我的意思是，這是你們很久以前就都聽過的那種企業之一。我們創辦了iStar。它最初名為 Star Financial，後來更名為 iStar，最終在全球金融危機期間收回了大量資產，轉型為準股權公司，並因此發了大財。顯然，貸款的最佳結果就是收回資金，這主要是我們的業務，至少占我們業務的一半，我們很樂意在房地產領域參與其中。

Long term, you make more money owning assets, and we're comfortable owning great assets, although we are looking at what we can recycle once we stabilize the assets. I'd say, like, for the most part, it's mostly good news to get this asset back and find out there's great demand for it, and we expect to be able to move these properties, but I don't get to do this on a quarterly basis. Our tenants don't march to our quarter rhythm, and our borrowers don't give up the keys to every, you know, always willingly. In many cases, they do and work collaboratively, but in the exception, they might move slower. I think people are surprised.

從長遠來看，擁有資產能賺更多錢，我們樂於擁有優質資產，儘管我們正在考慮在資產穩定後如何再投資。總的來說，收回這些資產並發現市場需求旺盛，這大多是好消息，我們預計能夠售出這些房產，但我無法按季度進行這項工作。我們的租戶不會按照我們的季度節奏行事，我們的借款人也不會總是心甘情願地交出所有鑰匙。很多情況下，他們會合作共事，但也有例外，他們的行動可能會比較緩慢。我覺得大家都很驚訝。

I think in the real estate world today, I think borrowers are surprised at the slow pace of the program, that multi-family market. While you have some positives to post lines and maybe some of the blue collar cities have saw no supply, you haven't seen the green shoots. You can look at the earnings reports of every public company, maybe safe one, where the growth rate of the Sun Belt markets is not great. The rental growth is not great. We're getting positives on renewals and negatives on the leases pretty much across the board, and maybe a plus 1 or minus 1 or plus 2 or minus 2, but it's not. Costs and expenses continue to march higher. You have stressed P&Ls.

我認為在當今的房地產市場，借款人對多戶住宅市場的緩慢發展感到驚訝。雖然發布線路有一些積極因素，而且一些藍領城市可能確實沒有供應，但你還沒有看到復甦的跡象。你可以查看每家上市公司的獲利報告，也許會發現一些比較安全的公司，但這些公司在陽光地帶市場的成長率並不高。租金成長並不理想。續約方面我們幾乎全面都是利好，而租約方面則是利空，可能上下波動1、2或2，但並非如此。成本和費用持續攀升。你把損益表看得太重了。

The other hand, we look at our attachment points, where we're alone as opposed to, like, build it or bought it. In many cases, our loans are traditionally, the chunk of capital reposition multi. I'm kind of happy to get it back. We are able to move them. We'll see probably half a dozen assets we've been in our pipeline in our year today. But I'm mixed emotions, because we really like the market. The Sun Belt may be overbuilt, but it's where all the jobs are. It's where all the companies are moving their headquarters, it's where the factories are being built. It's where the cost of living is generally less. It's where the right-to-work states. They're attractive states and attractive markets for the reshoring of industrial, the industrialization of the country.

另一方面，我們審視我們的依戀點，那些我們獨自擁有的東西，而不是我們自己建造或購買的東西。在許多情況下，我們的貸款通常是資本重新定位倍數的一部分。我很高興能把它找回來。我們可以移動它們。今天我們大概會看到今年一直在籌備的六項資產。但我心情複雜，因為我們真的很看好這個市場。陽光地帶可能過度開發，但那裡卻是所有工作機會的所在地。所有公司都把總部遷到這裡，工廠也都在這裡興建。那裡的生活成本通常較低。這是實行「工作權」政策的州。這些州和市場對工業回流和國家工業化都很有吸引力。

When there's a new factory going up in a year and a half, it'll take a year and a half to build in the market, do you want to sell the multi-now, or do you want to be the guy? Jeff said, it's an opportunity fund who's going to buy the asset, and we're an opportunity fund is what we do in another part of our world. I always tell Jeff and Dennis, our other changes, like, we'll buy it. We don't do that, but we would. In any case, we already own it, so we'll just keep it in the REIT, if we want to keep it, we'll just hold it. And I think it's sloppy for you because we're not, we're a unicorn in our space.

如果一年半後要建造一座新工廠，需要一年半的時間才能在市場上站穩腳跟，你是想現在就把多用途產品賣出去，還是想成為那個擁有它的人？傑夫說，這是一個機會基金，它將購買這項資產，而我們是一個機會基金，這是我們在世界其他地方所做的。我總是跟傑夫和丹尼斯說，我們其他的改變，例如，我們會買的。我們現在不這麼做，但我們想這麼做。總而言之，我們已經擁有它了，所以如果我們想保留它，我們就把它留在房地產投資信託基金裡，我們就會持有它。我覺得這對你們來說太草率了，因為我們不是，我們是這個領域的獨角獸。

If we really thought we were, we had an issue, we're not worried. We just said, when you take out the non-cash losses and take out some of the cash drag that we know, we just put into place, we're pretty confident, Fundamental, we'll reach a very high, very leveraged with overhead base. Once it reaches critical mass at all, slowly, we don't have a body or a dollar to go overhead, it becomes pretty positive and reliable and referring and stable, which is exactly the metrics that we used to go public in 2005. Consistent, reliable. We've had some potholes, you're on the playing field. You have this kind of disruption in our markets, including the pandemic and the office markets, it's inevitable.

如果我們真的認為自己遇到了問題，我們並不擔心。我們剛才說過，當剔除非現金損失並消除我們知道的、剛剛實施的一些現金拖累後，我們相當有信心，從根本上講，我們將達到一個非常高、非常槓桿化的營運成本基礎。一旦它達到臨界規模，慢慢地，我們既沒有人力也沒有資金來承擔開支，它就會變得非常積極、可靠、有參考價值且穩定，而這正是我們在 2005 年上市時所採用的指標。始終如一，值得信賴。我們遇到了一些困難，你現在正處於比賽場地。我們的市場出現這種混亂局面，包括疫情和辦公大樓市場受到的影響，是不可避免的。

I'm really proud of the way we're negotiating it with my staff on some of these REO assets, and we're looking at whether we should turn our tools back on in some asset cases, because the performance has improved. It's a mishmash. It's unfortunately, a little hard to navigate.

我為我們與員工就部分已收回房產進行談判的方式感到非常自豪，我們正在考慮是否應該在某些資產案例中重新啟用我們的工具，因為性能已經有所改善。這是大雜燴。遺憾的是，它的操作有點困難。

Thanks.

謝謝。

(Operator Instructions) Gabe Poggi, Raymond James.

（操作說明）Gabe Poggi，Raymond James。

Good morning, all, and thanks for taking the questions. I wanted to talk about the residential portfolio, the infra book. On resi, Jeff, is there a point where, I don't know, in the market where rates get to a certain level, where you guys look holistically and say that maybe you can sell the portfolio to kind of unearth the capital that sits under that to go make more infra or CRE loans?

各位早安，感謝你們回答問題。我想談談住宅投資組合，也就是基礎建設部分。傑夫，關於住宅房地產，當市場利率達到某個水平時，你們會不會從整體上考慮，然後說也許可以出售投資組合，以挖掘其中的資金，用於發放更多的基礎設施或商業房地產貸款？

Barry, on the infra side, Barry and Jeff, just remind us, what's the total opportunity set for the infra-lending business? Who are your true competitors, and how big can that book get over time? Thanks.

巴里，關於基礎設施方面，巴里和傑夫，請提醒我們一下，基礎設施貸款業務的整體機會有多大？你的真正競爭對手是誰？隨著時間的推移，這本書的銷量能達到多高？謝謝。

Thanks, Gabe. Hey, Barry, again, I'll start if, unless you want to start. On your first question on resi performance has been great. I think we had a markdown or a GAAP book value of $247 million back in 2022 when the rate change happened. We are significantly below that. Today, I think it's $100, and after hedges, might be a little bit higher than that. We've got back a significant portion of that by holding on. The same strategy that we've used.

謝謝你，蓋布。嘿，巴里，再說一遍，除非你想先開始，否則我就先開始。關於您提出的第一個問題，住宅性能一直很好。我認為我們在 2022 年利率變動時，按照 GAAP 準則計算的帳面價值為 2.47 億美元。我們遠低於這個水平。今天，我認為價格是 100 美元，扣除對沖成本後，可能會略高於這個數字。我們堅持下來，已經挽回了很大一部分損失。我們沿用了同樣的策略。

Also, the thing that would surprise you is because we have a lot of legacy RMBS in bonds that we have, I think our ROE on our resi portfolio, that's hard for you to see because you see loans marked at 96 or 97 that we paid 101 or 102 for. I think our run rate ROE is around 11% today across the entire resi business.

另外，可能會讓你感到驚訝的是，因為我們有很多遺留的RMBS債券，我認為我們住宅投資組合的ROE，你可能很難看出，因為你會看到一些貸款的評級為96或97，而我們當初支付的價格是101或102。我認為我們目前整個住宅業務的年化收益率約為 11%。

To your point, two things will make it get better: spread tightening or lower rates. Spread tightening has come our way. Securitization spreads have tightened 25 basis points since January 1 alone. We're at the tightest securitization spreads since the middle of 2022. Securitization issuance, I think, is $10 billion year to date versus $5.3 billion at this time last year. Insurance cares about these assets.

正如你所說，有兩種方法可以改善這種情況：收窄利差或降低利率。疫情情勢日益嚴峻。自1月1日以來，證券化利差已收窄25個基點。目前證券化利差處於 2022 年中以來的最低水準。我認為，今年迄今的證券化發行額為 100 億美元，而去年同期為 53 億美元。保險公司會關注這些資產。

They get great insurance treatment. That along with the street conduits and others, there's a great bid for the types of assets that we've historically liked. That's allowed us to mark them up. That's allowed us to reduce that GAAP book value loss significantly.

他們享受到了很好的保險待遇。加上街道管道和其他資產，我們一直以來都喜歡的這類資產受到了熱烈追捧。這樣我們就可以給它們標記了。這使我們能夠大幅減少 GAAP 帳面價值損失。

From here, if we can't count on spreads being significantly tighter from here, they probably can tighten a bit, but they've made their move. To get back from the $96 or $97 or $98 price to par or [$101] or [$102], rates are going to be the other piece. You mentioned that. Low rates help us because it increases CPRs. We were running at 5% or 6% CPR in our non-QM book.

從現在來看，如果我們不能指望價差會大幅收窄，它們或許還能收窄一點，但它們已經採取了行動。要從 96 美元、97 美元或 98 美元的價格回到平價或 101 美元或 102 美元，利率將是另一個關鍵因素。你提到了這一點。低死亡率對我們有利，因為它能提高心肺復甦率。我們在非QM帳簿中的CPR為5%或6%。

The last couple of years, we're up to 8% or 9% CPR today. We get more back at par when that happens. That's good. I think in the house, although we never make bets on rates, we believe rates are probably headed lower. It certainly feels like the AI-driven productivity will match that of previous productivity gains that we've seen and drive rates lower. We don't make any real bets based on that, but if I'm betting on that and betting on rates going lower, that will certainly help that book.

近兩年來，我們的心肺復甦率已經達到 8% 或 9%。那樣的話，我們就能得到更多同等回報。那挺好的。我認為，雖然我們公司從不對利率進行押注，但我們認為利率可能會走低。人工智慧驅動的生產力提升勢必會與我們先前看到的生產力提升幅度相當，並進一步降低生產力下降的幅度。我們不會基於此進行任何真正的投注，但如果我押注於此並押注利率下降，那肯定會對那筆投注有所幫助。

As we hedge that book, and so we're always moving our hedge around a little bit. The only way we probably get back to getting that full write-down back is by reducing that hedge a bit and being correct on rates going lower, not something we historically do.

因為我們對沖了那本書的風險，所以我們總是會稍微調整一下我們的對沖策略。我們可能唯一能收回全部減記損失的方法就是稍微減少對沖，並且正確判斷利率會走低，但這並非我們歷史上經常會做的事情。

I think we will, we'll wait and see. You create a distributable earnings loss when you take that GAAP book value hit into earnings. We like the assets, they're returning 11. I don't think we're going to rush to sell. Barry, unless you have anything on rates, I would then move to infra. I have Sean Murdock in the room. Barry, do you have anything you want to add on residential?

我想我們會的，我們拭目以待。將 GAAP 帳面價值損失計入收益時，就會產生可分配收益損失。我們喜歡這些資產，它們能帶來 11 的回報。我認為我們不會急於出售。巴里，除非你有什麼關於利率方面的消息，否則我建議你轉到基礎設施方面。肖恩·默多克就在房間裡。巴里，關於住宅方面，你還有什麼要補充的嗎？

Not really. I mean, we want to go back into adding volume where we're going back into the business. There's a good business where the team in place performing and they're capable, we just have to make the numbers work. If we can, we would go back and add that.

並不真地。我的意思是，我們希望重回正軌，增加銷量，重新投入業務。這是一個不錯的生意，團隊到位，表現出色，我們只需要讓業績達標。如果可以的話，我們會回去把那部分加上去。

One of the reasons you have a diversified business model is when some are available, you have somebody to put out other verticals. And we should give introduction to Sean, because we precisely went into that business to have another material lending vertical. Sean, all yours.

擁有多元化商業模式的原因之一是，當某些業務領域出現空缺時，你可以找到人來擴展其他垂直領域。我們應該介紹一下肖恩，因為我們進入這個行業正是為了拓展另一個物資借貸垂直領域。肖恩，一切都交給你了。

Before we go out, I will say we looked at, I think, 21 different resi originators last year. We've talked about getting back into resi origination. The combination of rates being a little bit low and spreads being a little bit tight make it a little bit hard to jump in today, we're always looking. I can't imagine we don't get back in the origination game on the resi side in the near future. We're just waiting for the right opportunity. On the infrastructure side, you asked about the potential size of the market.

在我們離開之前，我想說的是，去年我們考察了大約 21 家不同的住宅貸款機構。我們已經討論過重新涉足住宅貸款業務。利率略低，利差也略小，這使得今天入場有點困難，我們一直在尋找機會。我無法想像我們在不久的將來不會重返住宅端的貸款發放市場。我們只是在等待合適的時機。關於基礎設施方面，您詢問了市場的潛在規模。

I'm going to turn it to Sean Murdock, who's done a great job of doing sole originations to kind of get off the treadmill of what that market is. Sean's here, who runs that business for us.

我要把話題轉向肖恩·默多克，他在獨立開展貸款業務方面做得非常出色，這有助於擺脫當前市場的困境。肖恩在這裡，他負責我們公司的營運。

Sure. I mean, I think the best way to contextualize the opportunity is to just talk about energy consumption in the United States and a great, you know, a couple of great points. Electricity consumption over the next five years is supposed to grow at sort of a 5% kind of annual CAGR.

當然。我的意思是，我認為要更好地理解這個機會，最好的方法就是談談美國的能源消耗，以及一些非常重要的方面。預計未來五年電力消耗量將以每年約 5% 的複合年增長率成長。

Another good statistic to look at is the LNG export boom we've had in the US. We're exporting roughly 15 BCF a day of gas to consumers around the world. That's supposed to double over the next five years. We feel like there's a big tailwind to growth, both from the obvious AI data center value chain, as well as LNG exports and other sort of new initiatives that create a bigger market for us in which to prosecute opportunity.

另一個值得關注的統計數據是美國液化天然氣出口的繁榮景象。我們每天向世界各地的消費者出口約 150 億立方英尺的天然氣。預計未來五年內這一數字將翻倍。我們感覺成長勢頭強勁，這不僅得益於顯而易見的人工智慧資料中心價值鏈，還得益於液化天然氣出口和其他一些新舉措，這些都為我們創造了一個更大的市場，讓我們有機會抓住機會。

You asked about our competitors. I think it's similar to Dennis' business in CRE lending. We've got commercial banks that still make loans in our space. We also compete with alternative debt funds. They're just maybe not as many as either, given ESG constraints around some participants in the market. The third issuer of infra-CLOs did their first deal at the end of last year, concurrent with our seventh deal of Barings Asset Management. Co-competition is growing a little bit, but I think the tailwinds on demand for energy are significant and form a much larger opportunity set for us over time.

您問到了我們的競爭對手。我認為這和丹尼斯在商業房地產貸款領域的業務類似。在我們這個領域，仍然有一些商業銀行在發放貸款。我們也與另類債務基金競爭。只是考慮到市場中一些參與者受到的 ESG 限制，他們的數量可能沒有兩者那麼多。第三家基礎設施CLO發行商於去年年底完成了他們的第一筆交易，同時，我們完成了巴林資產管理公司的第七筆交易。相互競爭的情況有所增加，但我認為能源需求的順風非常顯著，隨著時間的推移，這將為我們創造更大的機會。

Thank you, guys. It's helpful.

謝謝大家。這很有幫助。

Thanks, Gabe.

謝謝你，蓋布。

(Operator Instructions) Jade Rahmani, KBW.

（操作說明）Jade Rahmani，KBW。

Thank you very much. Just at a high level, follow-up to Don's initial question, do you think credit is getting better or worse? It does seem to have deteriorated in the quarter. However, these could have been primarily problems you already knew about, and the new, problems seem to be not in office. I think that everyone's culled over the office exposure quite thoroughly, but in multifamily, where, as Barry noted, rents remain soft and also industrial. Could you just comment on your overall view on credit trends?

非常感謝。從宏觀層面來說，作為唐最初問題的補充，您認為信貸狀況是在改善還是惡化？本季情況似乎惡化。然而，這些可能主要是你已經知道的問題，而新出現的問題似乎與辦公室無關。我認為大家已經相當徹底地排除了辦公大樓市場的風險敞口，但在多戶住宅領域，正如巴里指出的那樣，租金仍然疲軟，而且工業地產也比較多。您能否談談您對信用趨勢的整體看法？

Barry, I'll go first, and you can go after. I hope you heard in the beginning of my discussion, we had a lot of leasing last year across a lot of assets that we may not have thought we would have that. There are always some idiosyncratic things that might happen in the portfolio.

巴里，我先來，你隨後就可以了。我希望你們在我一開始的演講中就聽到了，去年我們進行了大量租賃，涉及許多我們可能之前沒有想到的資產。投資組合中總是會有一些意想不到的事情發生。

As you mentioned, a couple of industrials, one of them that we moved to five, that we actually feel very good about potential leasing on, but we felt it was right to move it to five because the sponsor stepped away. One was a studio deal, not something that was really in our office purview. I think where it comes from here, as we've seen green shoots, and I mentioned a number of green shoots in the REO sales at our basis in multi.

正如您所提到的，有幾處工業地產，其中一處我們搬到了五樓，我們其實對它的租賃前景非常有信心，但我們覺得把它搬到五樓是正確的，因為贊助商退出了。其中一項是與工作室的合作協議，這並非我們辦公室的職責範圍。我認為它的來源在於，我們已經看到了復甦的跡象，而且我提到過，在我們多方投資的 REO 銷售中出現了一些復甦的跡象。

As I look at our multi-book, even if you have a 4-cap asset from 2021 that you wrote a loan on, expecting a 5.5 debt yield, if you only achieved a 4.75 or 5 debt yield, you're not losing much money on those. They're very close, and it's just a matter of which side of par are you on. I think the multi losses across most of our books should be paper cuts unless someone made a really big mistake.

從我們的多帳簿來看，即使你持有 2021 年市值 4 倍的資產，並為此發放了貸款，預期債務收益率為 5.5%，但如果你只實現了 4.75% 或 5% 的債務收益率，你也不會損失太多錢。它們非常接近，差別只在於你站在哪一邊。我認為，除非有人犯了非常大的錯誤，否則我們大多數帳簿上的多筆虧損應該只是小傷而已。

Rates will help bail that out. If you end up with a 3% area forward SOFR, which is what the market's saying today, those losses should be completely immaterial for just about everybody. If forward SOFR backs up to 4%, then there might be a slightly different discussion. You nailed it. On a few bespoke industrial assets, whether it's the market or tenant or other reasons, that's where we're seeing a couple of things pop up.

利率將有助於解決這個問題。如果最終的遠期SOFR區域為3%（正如目前市場所預測的那樣），那麼對於幾乎所有人來說，這些損失應該完全可以忽略不計。如果遠期SOFR回落至4%，那麼討論的焦點可能會略有不同。你做得太棒了。在一些客製化的工業資產中，無論是市場因素、租戶因素或其他原因，我們都看到了一些問題出現。

I would say overall, the positives are better than the negatives. When I say positives are better than the negatives, to your question, to me, that means the credit cycle has turned a bit. Barry, do you have something to add to that?

總的來說，我認為正面的方面大於負面的方面。就你的問題而言，我說積極的一面比消極的一面好，對我來說，這意味著信貸週期已經有所轉變。巴里，你還有什麼要補充的嗎？

No, I Real estate is going to catch a bit. I mentioned that whenever the equity markets rock or shake, people come back to the property sector, the larger sector, large asset class in the world. We were operating in Europe, US, Australia, and in general, markets are better. We're all confused, I think, would be the word I'd use, besides terrified, is the other comment I'd use.

不，房地產市場將會迎來一些成長。我曾提到，每當股市動盪不安時，人們都會回到房地產產業，這是世界上最大的產業和資產類別。我們曾在歐洲、美國、澳洲等地開展業務，整體而言，市場狀況有所改善。我想，除了「恐懼」之外，我們都很困惑，這大概是我最常用的詞。

Talk about the world in this AI tumult and all the question marks and the fear and the anxiety. Yet if you see the markets, they're behaving pretty well. Anyone sees office market, even despite Montgomery, has been pretty strong. Housing market remains very strong. The West Coast continues to form pretty well. I think the political class, the political interactions. It's something to watch.

談談人工智慧帶來的動盪世界，以及由此產生的種種疑問、恐懼和焦慮。然而，如果你觀察市場，你會發現它們的表現相當不錯。任何人都能看出，即使蒙哥馬利市場受到衝擊，辦公大樓市場依然相當強勁。房地產市場依然非常強勁。西海岸的造山運動持續發展良好。我認為是政治階層，是政治互動。值得關注。

I think we have to be careful about both the union costs and assets we lent, lend against, and also cities like of course, New York City, talking about increasing property taxes nearly 10%. I mean, that takes the value of an office building down materially if we can actually do it. We're blessed with not that big a portfolio in the city, and we've avoided most of those loans. That's going to be an earthquake if he passes that and it kind of goes through.

我認為我們必須謹慎對待工會的成本和我們借出的資產，以及像紐約市這樣的城市，它們正在討論將房產稅提高近 10%。我的意思是，如果我們真的能做到這一點，那將大幅降低辦公大樓的價值。我們很幸運，在城市裡的投資組合並不大，我們也避免了大部分貸款。如果他通過了那道關卡，而且真的發生了，那將會引發一場地震。

The interesting thing is, if you have old leases, sometimes the tenant will pick up the real estate taxes, and if you don't, you do, or you do on, certainly on the rent roll, on the roll of the tenants. I don't know, but it's we need this kind of uncertainty. It's a strange world, but in general, we're definitely have tailwinds. I mean, the tailwinds are here. I think what you're seeing we see it in our special services, because some bars are just giving up. I mean, they plan for things to get better. We stay alive to 2025 has passed. The insurance fell, but, and the wine lines didn't go up.

有趣的是，如果你有舊的租賃合同，有時租戶會承擔房產稅，如果你不承擔，你就得承擔，或者至少要算在租金名冊上，算在租戶的名冊上。我不知道，但我們需要這種不確定性。這是一個奇特的世界，但總的來說，我們確實順風順水。我的意思是，現在順風正盛。我認為你們看到的，我們在特殊服務中也看到了，因為有些酒吧已經放棄了。我的意思是，他們計劃讓情況好轉。我們活到2025年，而2025年已經過去了。保險價格下跌了，但是，葡萄酒價格卻沒有上漲。

Whether it's Paris that kept rates up or immigration, too, many people leaving the United States last year, growth was actually negative growth in US population for the first time in, I think, ever. I read 50 years, maybe ever. I might have to check that one. I mean, that's definitely affected apartment markets. There's no doubt there's deportations or a lack of not only people emigrating voluntarily, but we used to get a million or so legal immigrants a year. The US, just you see, international travel is not the most hospitable place at the moment for the center of people's affections. They're not traveling here and in the way they were. When people leave the country, that is actually economic growth.

無論是巴黎的經濟刺激還是移民潮推高了經濟成長，去年許多人離開美國，導緻美國人口成長出現負成長，我認為這是有史以​​來第一次。我讀過50年書，也許我會一直讀下去。我可能得查一下。我的意思是，這肯定對公寓市場產生了影響。毫無疑問，不僅存在遣返現象，而且也存在自願移民人數不足的問題，但我們過去每年約有 100 萬合法移民。你看，就目前而言，美國這個人們情感中心的國際旅行環境並不友善。他們不再像以前那樣來這裡旅行了。人們離開這個國家，實際上就是一種經濟成長。

I think some of the weakness in GDP is the fact that we have no contribution from immigration. I think most of us want to shutter or seriously lower the amount of illegal immigrants or shutter completely. Legal immigrants, I think most of us would be very much in favor of, and we need to get our act together and let these people in the country. It'll be good for the economy, but for real estate markets.

我認為國內生產毛額疲軟的部分原因是移民沒有做出任何貢獻。我認為我們大多數人都希望關閉或大幅減少非法移民的數量，或徹底關閉非法移民機構。我認為我們大多數人都會非常贊成合法移民，我們需要齊心協力，讓這些人進入這個國家。這對經濟有好處，但對房地產市場來說卻並非如此。

Thank you very much. Just on the earnings path to covering the dividend. Now, over what time frame is reasonable to expect? Is it your expectation that by the fourth quarter of this year, DE will be in line to potentially greater than the dividend? Are there any outsized gains you're expecting in 2026?

非常感謝。目前獲利已接近足以支付股息。那麼，合理的預期時間範圍是多久呢？您是否預期到今年第四季度，DE的利潤將有可能超過股息？您預計 2026 年會有哪些超額報酬？

Barry, you want to start?

巴里，你想先開始嗎？

Oh, sorry, I'm on an airplane while I took this call, so I muted it. I think you'll see us get a little better every quarter. We have a lot of things. It's hard to say because there are some things we're considering. I mentioned turning on non-accrual loans, that we're still evaluating. We have some really good things in the pipe, we have to get them done. I'd say that again, if you take out the non-cash loss of ATE, which we counted some differently on some of the five years, $0.12 better. We have the earnings power. We have it anytime we want it. We can sell out the assets of our multi-unit. There are 56 of them, Jeff?

哦，抱歉，我接電話的時候正在飛機上，所以把聲音調成了靜音。我認為你會看到我們每季都會進步一點點。我們有很多東西。很難說，因為有些事情我們正在考慮。我提到啟用非應計貸款，我們仍在評估中。我們有一些非常好的項目正在籌備中，我們必須完成它們。我再說一遍，如果剔除 ATE 的非現金損失（我們在五年中的某些年份採用了不同的計算方法），結果會好 0.12 美元。我們擁有獲利能力。我們隨時都能得到它。我們可以出售我們旗下多單元物業的資產。傑夫，他們一共56個？

Yes.

是的。

Do you believe me, Jeff?

傑夫，你相信我嗎？

No, I know.

不，我知道。

We're, like I said, we're playing long ball, and the asset's great and contributing meaningfully and should have virtually no real serious competition. It is. I have to say, if you don't know how hard it is to build affordable housing in this country, it is ridiculous. We're in the business.

正如我所說，我們採取的是長遠策略，這項資產非常出色，能夠做出有意義的貢獻，而且幾乎不會有真正的激烈競爭。這是。我必須說，如果你不知道在這個國家建造經濟適用房有多難，那真是太荒謬了。我們從事這個行業。

I sort of entered it in the equity side, and with all the, what I'll call the grifters along the way, that you pay off the consult, the grants you need, and the not-for-profit, you have to get involved. It costs almost twice as much now to build an affordable building as a market-rate building. The way to do these is not the current structure. You basically should build a market-rate apartment and then donate it to a not-for-profit, and we'd have more affordable housing.

我算是從股權投資的角度進入了這個領域，但一路上總會遇到各種各樣的騙子，比如你要付錢給諮詢公司、申請補助金，以及加入非營利組織等等，你都不得不參與其中。現在建造一棟經濟適用房的成本幾乎是建造一棟市價房屋的兩倍。實現這些目標的方式並非目前的架構。你基本上應該建造一套市價的公寓，然後把它捐給非營利組織，這樣我們就能有更多價格合理的房屋了。

It was an eye-opening experience for me. It takes 14 different grants from 13 different associations, then you have to do tax-credit equity. It's quite a weird business, and it doesn't really work very well. They need to do something about this, but they should trash the whole structure and try something else, because we need affordable housing in all these markets and we have it done. It's getting done.

這對我來說是一次令人大開眼界的經驗。需要從 13 個不同的協會獲得 14 項不同的撥款，然後你還得進行稅收抵免權益。這行挺奇怪的，而且運作得也不太好。他們需要對此採取行動，但他們應該推翻整個結構，嘗試其他方法，因為我們需要在所有這些市場中提供經濟適用房，而我們已經做到了。正在完成。

It's Miami, where I live, is the most unaffordable city in the United States. Half the population makes less than $50,000 a year. Occupancy and affordable housing is 99.5%. Remember, affordable housing rents never go down. They can not go down anyway.

我居住的邁阿密是美國生活成本最高的城市。一半人口年收入低於5萬美元。入住率和經濟適用房比例為 99.5%。記住，經濟適用房的租金永遠不會下降。反正他們也下不去了。

What we're finding, though, is that the calculation of the rent growth is strong, but our ability to pass it on gets a little tough sometimes because you feel bad with the people have nowhere to go. It's a very odd corner of the world in real estate that I think we're the nation's largest affordable housing owner. I think it's 62,000 units across our portfolio. It's a fascinating business.

不過，我們發現，租金成長的預測結果很樂觀，但有時我們很難將這種成長轉嫁給消費者，因為你會為那些無家可歸的人感到難過。在房地產領域，我們竟然是全國最大的經濟適用房所有者，這真是個非常奇特的現象。我認為我們旗下所有項目共有 62,000 套單元。這是一個很有意思的行業。

We look at markets where affordable rents have approached market rents, which, like Austin, Texas, you can't raise rents for people to move out. In Orlando and Tampa, where the REIT owns its properties were, as I mentioned, 30% below market rents. We're pretty protected and we've got good runway.

我們關注那些租金適中的市場，在這些市場，租金已經接近市場租金，例如德州的奧斯汀，你不能提高租金讓人們搬走。正如我之前提到的，該房地產投資信託基金在奧蘭多和坦帕擁有房產，那裡的租金比市場租金低 30%。我們受到的保護相當充分，而且我們有充足的緩衝空間。

They're also high-cost cities, designated high-cost cities by the federal government. We always wind up with, rollover rents that, I think, what's the number that rolled over from 2025 into 2026, that we can't give and take last year?

它們也是高成本城市，被聯邦政府指定為高成本城市。我們總是會遇到這樣的情況：租金結轉，我想，從 2025 年結轉到 2026 年的租金是多少？去年我們無法對此進行調整。

It's about 9%, Barry. That's carryover.

大概是9%，巴里。這是延續性問題。

I mean, 9% rent growth. It would allow us to take, like, eight or nine or 10 in individual markets, and then the rest of it. The calculation in Orlando, I think last year, was 15% rent growth for giveaways. They wouldn't let us pass it on; we paid 5 or 6 points in the next year. It's, as I said, it's the gift that keeps on giving.

我的意思是，租金增加了9%。這樣我們就可以在單一市場中選取八到九個或十個，然後再選取其餘的。我記得去年奧蘭多的計算結果是，贈品能帶來 15% 的租金成長。他們不讓我們把錢轉給別人；第二年我們為此支付了 5 或 6 點。正如我所說，這是一份不斷帶來驚喜的禮物。

When we bought those, I think, I said, I want to buy things in a REIT that we'll never have to sell, and that I want my kids' estates to have, and their grandkids, and their kids. That is that book. It's a shame to sell it. We have no equity in the portfolio.

我想，當我們購買那些資產時，我說過，我想在房地產投資信託基金（REIT）中購買一些我們永遠不必出售的資產，我想讓我的孩子、他們的孫子以及他們的孩子都能擁有這些資產。就是那本書。賣掉它太可惜了。我們在該投資組合中沒有任何股權。

We have, we've refinanced all of our equity out, which is another $200 million to $300 million out, negative basis, and we have, a $2 billion gain, something like that. That's even --

我們已經將所有股權進行了再融資，又投入了 2 億至 3 億美元，成本為負，但我們卻獲得了 20 億美元的收益，大概是這樣。那甚至--

No, [$1.5 billion].

不，[15億美元]

Yeah, $1.5 billion.

是的，15億美元。

About $1.5 billion, Barry.

大約15億美元，巴里。

Yeah. Okay, well, there we go. Okay.

是的。好了，就這樣吧。好的。

Thanks, Barry. Jade, I think the earnings trend is improving. I think Barry just said our Woodstar, $1.5 billion of Woodstar gains give us unique staying power. We'll continue to work the year to maximize shareholder value to Barry's other point.

謝謝你，巴里。Jade，我認為獲利趨勢正在改善。我認為巴里剛才說的是，我們 Woodstar 的 15 億美元收益賦予了我們獨特的持久實力。我們將繼續努力，在今年最大限度地提高股東價值，正如巴里所指出的那樣。

I made it in my opening remarks, but I don't want it to be lost on people. The equity REITs are doing really well. Owning real estate, long-term assets, like Barry said, has been a pretty good trade. For whatever reason, our stock is not trading very well, but we are 24% owned real estate with long duration and large gains.

我在開場白中提到了這一點，但我不想讓大家忽略它。權益型房地產投資信託基金（REITs）表現非常出色。正如巴里所說，擁有房地產這種長期資產，一直以來都是相當不錯的交易。不知何故，我們的股票交易情況不太好，但我們擁有24%的長期房地產投資，預期收益可觀。

Can I, Jeff?

我可以嗎，傑夫？

Go ahead, Barry.

請繼續，巴里。

Interrupt, this is something that we didn't say, and I think we should say. Our triple net lease business, in the market, would be valued at, I think, Jeff said, 6%, 6% dividend yields. That's the comp. You take the high end; there's some trading even higher than that.

打斷一下，這是我們還沒說過，但我認為我們應該說的話。傑夫說，我認為，我們三方淨租賃業務在市場上的估值應該是 6%，股息殖利率為 6%。這就是比賽。你指的是高端市場；有些交易甚至比這還要高。

If it gets to scale, and we're not getting the performance of our stock, and they continue to treat us like a junk credit, we'll spin it out. Because we have a big gain in that business, or we'll have a big gain in the business. It's obvious to us that a 6% dividend stream trading in a 10.8% dividend stock is ridiculous.

如果公司發展到某個規模，但我們的股票表現卻不盡人意，而且他們繼續把我們當成垃圾信貸公司對待，我們就把它分拆出去。因為我們在這個行業已經獲得了巨大的利益，或者說，我們將在這個行業中獲得巨大的收益。對我們來說，很明顯，在股息率為 10.8% 的股票中，6% 的股息流是荒謬的。

We're not idiots. I mean, but we'll grow the book, and then we'll spin it out and create, like we did long ago, when we spun out our residential housing business and created Star Waypoint. We'll do the same thing. I mean, we have to get recognized for the value of the portfolio and the stability of the income stream.

我們又不是傻子。我的意思是，我們會發展壯大這本書，然後把它剝離出來，就像很久以前我們剝離住宅業務並創建 Star Waypoint 一樣。我們也會這樣做。我的意思是，我們必須讓投資者認可我們的投資組合價值和收入來源的穩定性。

Our credit markets actually appreciate it. We have the tightest spreads in our sector, but the equity markets don't. So I think it's confusion over some of the different accounting methods between the different firms in our space. Also, I think, some are they don't have diversification, they don't have the kind of company we put together by purpose. We continue to look at other things too.

我們的信貸市場實際上很欣賞這一點。我們擁有業界最窄的利差，但股票市場卻並非如此。所以我認為這是因為我們這個行業內不同公司之間存在一些不同的會計方法而造成的困惑。而且，我認為，有些公司缺乏多元化經營，它們沒有像我們這樣以目標組成的公司。我們也會繼續關注其他方面。

Sean just lost a very large deal. Maybe he lost it. We're hoping to get it back, but there are other things that we have up our sleeve, which could deploy capital really rapidly and get us the earnings power we need faster. That's why it's hard to answer that question that was asked earlier.

肖恩剛剛丟掉了一筆大單。也許他弄丟了。我們希望能夠收回這筆資金，但我們還有其他辦法，可以迅速部署資金，更快地獲得我們所需的獲利能力。所以，之前提出的問題很難回答。

Thank you, operator. Are there any more in the queue?

謝謝接線生。還有其他人在排隊嗎？

There are no further questions at this time.

目前沒有其他問題了。

Thank you, Barry. Any final remarks?

謝謝你，巴里。還有什麼要補充的嗎？

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。

Nope. Thanks, everyone. We'll be with you next quarter.

沒有。謝謝大家。下個季度我們也會繼續為您服務。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation. Have a great day.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。祝你有美好的一天。