Starwood Property Trust Inc (Maryland) (STWD) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Starwood Property Trust first quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Starwood Property Trust 2026 年第一季財報電話會議。（接線員指示）

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

現在很榮幸為各位介紹本次會議主持人：投資人關係主管 Zach Tanenbaum。謝謝。您可以開始了。

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. 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 results or performance. Please refer to our 10-Q and press release for cautionary factors related to these statements.

謝謝，接線員。各位早安，歡迎參加 Starwood Property Trust 財報電話會議。今天早上，我們已提交 10-Q，並發布新聞稿及業績簡報，兩者皆可於我們網站取得，且已向美國證券交易委員會（SEC）申報。在會議開始前，我想提醒各位，本次電話會議中所作的某些陳述屬於前瞻性陳述，並不保證未來結果或表現。關於與這些陳述相關的警示因素，請參閱我們的 10-Q 與今日發布的新聞稿。

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. 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.

此外，本次電話會議將討論若干非 GAAP 財務衡量指標。關於這些非 GAAP 財務衡量指標與依 GAAP 編製之最可比衡量指標的調節，請參閱我們今早提交的新聞稿。今天與我一同出席電話會議的有：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 am now going to turn the call over to Rina.

接下來，我將把電話會議交給 Rina。

Thank you, Zach, and good morning, everyone. Today, we reported distributable earnings of $147 million or $0.39 per share for the first quarter. Our results were impacted by continued higher-than-normal cash balances, the resolution of non-performing assets and the ongoing optimization of our new Net Lease cylinder, adjusted for which DE would have been $0.47. I will provide more detail for these items within my business segment discussion. As we continue on our stated path to grow our investment base, resolve our non-performing assets and optimize our new Net Lease platform, our underlying earnings power continues to build.

謝謝你，Zach，各位早安。今天我們公布第一季可分配盈餘（DE）為 1.47 億美元，或每股 0.39 美元。我們的結果受到持續高於正常水準的現金餘額、不良資產的處置，以及我們新淨租賃（Net Lease）業務板塊持續優化的影響；若就上述因素調整後，DE 原本將為每股 0.47 美元。我會在各業務分部的說明中提供更多細節。隨著我們持續依既定路徑擴大投資基礎、處置不良資產並優化新的淨租賃平台，我們的核心獲利能力仍在持續累積。

In the quarter, we deployed $2.5 billion of capital across our businesses, including $1.5 billion in Commercial Lending, $597 million in Infrastructure Lending, and $128 million in Net Lease, bringing total undepreciated assets to a record $31.7 billion at quarter end. We deployed another $1.5 billion after the quarter, 70% of which was in commercial lending. Our company is diverse with Commercial Lending comprising just 52% of our investment base and owned property increasing to 25% this quarter. We are really not a typical mortgage REIT.

本季我們在各項業務共投入 25 億美元資本，其中包括商業放款 15 億美元、基礎建設放款 5.97 億美元，以及淨租賃 1.28 億美元，使期末未折舊資產總額創新高達 317 億美元。季後我們又投入 15 億美元，其中 70% 來自商業放款。我們公司業務多元，商業放款僅占投資基礎的 52%，而自有不動產本季提升至 25%。我們確實不是典型的抵押貸款 REIT。

I will now take you through our individual segment results, beginning with Commercial and Residential Lending, which contributed DE of $172 million to the quarter or $0.45 per share. In Commercial Lending, we funded $894 million of our $1.5 billion in loan originations, along with another $278 million of pre-existing loan commitments.

接下來我將逐一說明各分部業績，先從商業與住宅放款開始，本季貢獻 DE 1.72 億美元，或每股 0.45 美元。在商業放款方面，我們在 15 億美元的貸款承作中撥款 8.94 億美元，另就既有貸款承諾再撥款 2.78 億美元。

After factoring in repayments of $835 million, our funded loan portfolio grew to $16.7 billion. This does not include $1 billion of new originations after quarter end, which brings our loan portfolio to its highest level since inception or $2.3 billion of unfunded commitments on previously closed loans that will generate future earnings when funded.

在扣除 8.35 億美元的還款後，我們的已撥款貸款組合成長至 167 億美元。此數字尚未包含季末後新增的 10 億美元承作，該新增使我們的貸款組合達到成立以來最高水準；也未包含先前已結案貸款中 23 億美元的未撥款承諾，這些在撥款後將帶來未來收益。

I mentioned earlier that our run rate earnings were impacted by our resolution of non-performing assets. During the quarter, we sold a multifamily asset in Conyers, Georgia that was foreclosed in February of last year. We've repositioned the asset during our one-year hold period, cutting delinquency in half from 16% to 8% and increasing occupancy from 86% to 91%. After a broad marketing campaign in over 20 qualified bids, we sold the asset for a $5 million DE loss and a small GAAP gain, reflecting the adequacy of the GAAP reserves we previously recorded on this asset.

我先前提到，我們的經常性（run rate）盈餘受到不良資產處置的影響。本季我們出售了位於喬治亞州 Conyers 的一項多戶住宅資產，該資產於去年 2 月被止贖取得。我們在持有的一年期間對資產進行重新定位，將逾期率由 16% 降至 8%（減半），並將入住率由 86% 提升至 91%。在廣泛行銷並取得超過 20 份合格投標後，我們出售該資產，造成 500 萬美元的 DE 損失，但 GAAP 下為小幅收益，反映我們先前就該資產所提列 GAAP 準備金的充足性。

We foreclosed on three 5-rated non-accrual loans in the quarter, the first of which was a $248 million mixed-use property in Dallas, consisting equally of multifamily and hospitality. The second was a $71 million multifamily in Phoenix. And the third was a $28 million multifamily in Dallas. We obtained independent third-party appraisals for all three assets, with the mixed-use property that represented two-thirds of this quarter's foreclosures appraising 10% above our basis. The other two assets carried a combined $25 million of specific CECL reserves.

本季我們對三筆風險評等為 5、且處於停計息（non-accrual）的貸款進行止贖。第一筆為位於達拉斯、金額 2.48 億美元的複合用途資產，其中多戶住宅與飯店各占一半；第二筆為位於鳳凰城、金額 7,100 萬美元的多戶住宅；第三筆為位於達拉斯、金額 2,800 萬美元的多戶住宅。我們針對三項資產皆取得獨立第三方估價，其中占本季止贖金額三分之二的複合用途資產估值較我們成本基礎高出 10%。另外兩項資產合計承擔 2,500 萬美元的特定 CECL 準備金。

The weighted average risk rating on our loan portfolio improved to 2.9 this quarter versus last quarter's 3.0. This improvement is net of two small multifamily loans that were downgraded from a 3 to a 4 in the quarter, which Jeff will discuss. We ended the quarter with $676 million of reserves, $455 million in CECL, and $221 million in REO. Together, these translate to $1.82 per share book value, which is reflected in today's undepreciated book value of $18.97.

本季我們貸款組合的加權平均風險評等改善至 2.9，優於上季的 3.0。此改善已扣除本季兩筆小型多戶住宅貸款由 3 降級至 4 的影響，Jeff 將進一步說明。我們期末準備金為 6.76 億美元，其中 CECL 4.55 億美元、REO 2.21 億美元。合計相當於每股帳面價值 1.82 美元，並反映在今日未折舊帳面價值 18.97 美元之中。

Turning to Residential Lending. Our on-balance sheet loan portfolio ended the quarter at $2.2 billion, down from $2.3 billion last quarter due to repayments of $38 million and a $21 million negative mark-to-market adjustment on the portfolio that was offset by the $31 million positive mark-to-market we recorded last quarter. Our retained RMBS portfolio remained relatively steady at $400 million. Next is Infrastructure Lending, which contributed DE of $22 million or $0.06 per share to the quarter. Our strong investing pace continued with $597 million of new loan commitments of which $567 million was funded.

接著談住宅放款。我們表內（on-balance sheet）貸款組合期末為 22 億美元，較上季的 23 億美元下降，主因為 3,800 萬美元還款，以及組合 2,100 萬美元的負向市價評價調整；該負向調整被我們上季認列的 3,100 萬美元正向市價評價調整所抵銷。我們保留的 RMBS 組合維持相對穩定，為 4 億美元。下一項是基礎建設放款，本季貢獻 DE 2,200 萬美元，或每股 0.06 美元。我們強勁的投資步伐持續，本季新增貸款承諾 5.97 億美元，其中 5.67 億美元已撥款。

After factoring in repayments of $320 million, our portfolio increased to a record $3.2 billion. Nearly 70% of this quarter's commitments were self-originated, bringing our total self-origination volume to $950 million.

在扣除 3.2 億美元還款後，我們的投資組合增至創新高的 32 億美元。本季承諾中近 70% 為自營承作（self-originated），使我們自營承作總量達到 9.5 億美元。

Also in the quarter, we completed our seventh actively managed infrastructure CLO, a $600 million transaction at a record low spread of SOFR plus 1.68%. We used a portion of the proceeds to repay CLO-3 for $330 million. CLOs now represent 75% of our infrastructure debt, providing a durable, non-recourse, non-mark-to-market financing.

同樣在本季，我們完成第七檔主動管理的基礎建設 CLO，交易規模 6 億美元，利差創新低為 SOFR 加 1.68%。我們使用部分募集資金償還 CLO-3，金額 3.3 億美元。CLO 目前占我們基礎建設債務的 75%，提供具韌性、無追索權且不需按市價評價（non-mark-to-market）的融資。

Turning to our Property segment. We recognized $29 million of DE or $0.08 per share across all three major portfolios. I will start with a brief comment on our Florida affordable multifamily portfolio, Woodstar. Last week, HUD released the new maximum level LIHTC rent levels, which were set 8.9% higher than last year. Certain properties were in geographies where the rent increases were once again capped by HUD with the incremental rent growth being deferred to next year.

接著談我們的不動產分部。我們在三大主要投資組合合計認列 DE 2,900 萬美元，或每股 0.08 美元。我先簡要說明我們佛羅里達州平價多戶住宅投資組合 Woodstar。上週，HUD 公布新的 LIHTC 最高租金水準，較去年提高 8.9%。部分物件所在區域的租金調升再次受到 HUD 上限限制，新增的租金成長將遞延至明年。

To date, we have recouped 100% of our original equity investment in this portfolio plus an incremental $540 million that we have been able to reinvest across our business lines. We have $416 million of Woodstar debt maturing in Q4 and anticipate another cash-out refinancing, again affirming our valuation on these assets.

截至目前，我們已收回該投資組合原始股權投資的 100%，並額外回收 5.4 億美元，可再投入於各業務線。我們有 4.16 億美元的 Woodstar 債務將於第四季到期，並預期再進行一次現金提取式再融資（cash-out refinancing），再次確認這些資產的估值。

In Net Lease, as I mentioned earlier, we are still in the ramp-up phase of this business, which has been quite dilutive following our acquisition eight months ago, a dynamic we anticipated and disclosed at the time. If optimized and at scale, this business would have contributed $0.03 of incremental DE to the quarter. The quarter's acquisition volume was in line with our original underwriting, with $128 million of purchases containing a weighted average lease term of 19.5 years and weighted average rent escalations of 2.5%, bringing our total portfolio at quarter end to $2.5 billion with a weighted average remaining lease term of 17.4 years and 0 defaults.

在淨租賃方面，如我先前所述，我們仍處於業務爬坡期；自八個月前完成收購以來，該業務對整體具有相當程度的稀釋效果，這是我們當時已預期並揭露的動態。若完成優化並達到規模，該業務本季本可額外貢獻每股 0.03 美元的 DE。本季收購量符合我們原始承作假設：購入金額 1.28 億美元，加權平均租期 19.5 年、加權平均租金調升率 2.5%；使我們期末總投資組合達 25 億美元，加權平均剩餘租期 17.4 年，且違約為 0。

As you are aware, we adjust DE for the straight-line rental income reflected in our GAAP numbers. If we were to include straight-line rent in DE, it would add another $0.01 to the quarter.

如各位所知，我們會就 GAAP 數字中反映的直線法租金收入（straight-line rental income）對 DE 進行調整。若將直線法租金納入 DE，本季將再增加每股 0.01 美元。

We continue to optimize this platform's capital structure, completing two notable refinancing since our last earnings call. The first is a new ABS transaction, which was used to replace a more costly issuance that we assumed in connection with the acquisition. The ABS financing totaled $466 million at a weighted average fixed rate of 5.06%, a record tight spread for this platform. This allowed us to replace $324 million of existing ABS financing, which carried a weighted average fixed rate of 6.65%. The impact on our master trust was a reduction of 44 basis points from 5.73% to 5.29%, a benefit that we will realize in DE over time.

我們持續優化該平台的資本結構，自上次財報電話會議以來完成兩項重要再融資。第一項為新的 ABS 交易，用以取代我們在收購時承接、成本較高的一筆發行。該 ABS 融資總額 4.66 億美元，加權平均固定利率 5.06%，為此平台創紀錄的最緊利差。這使我們得以替換既有 3.24 億美元的 ABS 融資，其加權平均固定利率為 6.65%。對我們主信託（master trust）的影響是利率下降 44 個基點，從 5.73% 降至 5.29%；此效益將隨時間逐步反映在 DE 中。

However, during the quarter, we recognized a $0.01 non-recurring DE loss as a result of unwinding the interest rate hedges we had put in place in anticipation of this securitization.

然而，在本季度，我們因解除先前為預期本次證券化而建立的利率避險部位，認列了每股 0.01 美元的一次性 DE 損失。

The second refinancing was completed after quarter end with the closing of a new five-year $1 billion warehouse facility. It has a 40% lower spread and is nearly twice the size of the in-place financing we assumed to add acquisition. These accretive financings, combined with the ramp in transaction volume, builds the foundation for the earnings power embedded in this platform and paves the way to overcoming the $0.03 of dilution that we recognized this quarter.

第二筆再融資於季後完成，係透過完成一項新的五年期 10 億美元倉儲融資額度的交割。其利差較我們在收購時所承接的既有融資低 40%，規模亦接近其兩倍。這些具增益性的融資安排，結合交易量的提升，為此平台所蘊含的獲利能力奠定基礎，並為克服我們本季認列的每股 0.03 美元稀釋鋪路。

Concluding my business segment discussion is our Investing and Servicing segment. Collectively, the cylinders in this segment contributed a robust DE of $57 million or $0.15 per share to the quarter. Our special servicer, LNR, continues to perform as the positive carry credit hedge we have long described, with servicing fees increasing to $52 million this quarter. Our active servicing portfolio totaled $9.9 billion, while our named servicing portfolio was $95 billion. LNR continues to be the highest rated special servicer in the country with a rating of CSS-1, the highest rating possible.

我對各業務分部的討論最後來到我們的投資與服務（Investing and Servicing）分部。整體而言，該分部各項引擎本季合計貢獻強勁的 DE 5,700 萬美元，或每股 0.15 美元。我們的特殊資產服務商 LNR 持續如我們長期所述，發揮正向利差的信用避險作用，本季服務費收入增加至 5,200 萬美元。我們的主動服務（active servicing）投資組合總額為 99 億美元，而具名服務（named servicing）投資組合為 950 億美元。LNR 仍為全美評等最高的特殊資產服務商，評等為 CSS-1，亦即可取得的最高評等。

Our conduit, Starwood Mortgage Capital, securitized or priced $153 million of conduit loans in three transactions at profit margins that were at or above historic levels. We typically see lower securitization volume in Q1 and expect to see volumes increase in the near term.

我們的通道業務 Starwood Mortgage Capital 在三筆交易中將 1.53 億美元的通道貸款完成證券化或定價，獲利率達到或高於歷史水準。我們通常在第一季看到較低的證券化量，並預期短期內交易量將增加。

Turning to liquidity and capitalization. Our current liquidity stands at $1 billion, which does not include liquidity that could be generated from cash out refinancings, sales of assets in our Property segment, direct leveraging or issuing corporate unsecured debt backed by our unencumbered assets, or issuing Term Loan B, where we have nearly $1 billion of capacity today. In addition, we have $9.4 billion of availability across our bank financing lines. We continue to operate at conservative leverage levels, ending the quarter with a debt to undepreciated equity ratio of 2.59 times.

接著談流動性與資本結構。我們目前流動性為 10 億美元，尚未包含可透過現金提取再融資、出售我們不動產（Property）分部資產、直接加槓桿或以未設抵押資產作為支撐發行公司無擔保債，或發行 Term Loan B（我們目前約有近 10 億美元額度）所能產生的流動性。此外，我們在各項銀行融資額度中尚有 94 億美元可用額度。我們持續以保守槓桿水準營運，季末負債對未折舊股東權益比率為 2.59 倍。

Also notable this quarter, our Board authorized a $400 million share repurchase program on February 26. In March, we deployed the first $20 million of that program purchasing 1.1 million shares at a weighted average price of $17.67, a discount to both our current stock price and undepreciated book value per share.

本季另一項值得注意的是，我們董事會於 2 月 26 日核准一項 4 億美元的庫藏股回購計畫。3 月，我們動用該計畫首筆 2,000 萬美元，以加權平均價格 17.67 美元買回 110 萬股，該價格相較於我們目前股價及每股未折舊帳面價值皆有折價。

And one final note. During the quarter, we are proud to have been awarded the 2025 Mortgage REIT of the Year by PERE credit. The award reflects the breadth and resilience of our diversified platform across market cycles.

最後補充一點。本季度我們很榮幸獲 PERE credit 頒發「2025 年度最佳房貸 REIT」。此獎項反映我們多元化平台在不同市場循環中的廣度與韌性。

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

接下來，我把電話會議交給 Jeff。

Thanks, Rina, and good morning, everyone. Let me start with the broader backdrop because it's important context for the quarter. Capital markets have been volatile to start the year, driven largely by geopolitical developments in the Middle East. Treasury yields and credit spreads have moved with each headline, and while volatility has increased, the overall environment remains relatively stable.

謝謝你，Rina，各位早安。我先從更宏觀的背景談起，因為這是理解本季度的重要脈絡。資本市場在年初以來波動加劇，主要受中東地緣政治發展所驅動。美國公債殖利率與信用利差隨每則新聞標題而波動；雖然波動性上升，但整體環境仍相對穩定。

Refinancing volumes are significantly elevated, with loans originated before the 2022 rate rise facing their final extensions and newer vintage loans coming out of call protection and taking advantage of spreads that are today at the tight end of their long-term ranges. This backdrop is constructive for our legacy investments and leaves us well positioned to capitalize on new origination opportunities at scale.

再融資量顯著攀升：在 2022 年升息前承作的貸款面臨最後一次展期，而較新批次的貸款則陸續走出提前清償保護期，並把握目前利差處於長期區間偏緊的一端。此一背景有利於我們的既有投資，並使我們能以規模化方式把握新的放款承作機會。

Starwood Property Trust is a differentiated multi-cylinder platform that was built to outperform in volatile market environments, spanning commercial, residential and infrastructure lending, owned real estate, and special servicing. This diversification gives us the earnings profile of a credit business with the upside from our large-owned property portfolio, our countercyclical special servicer, early prepayment income and further resolutions in our lending book.

Starwood Property Trust 是一個具差異化的多引擎平台，打造目的在於於波動市場環境中表現優於同業，涵蓋商用、住宅與基礎建設放款、自持不動產，以及特殊資產服務。這種多元化使我們具備信用業務的獲利輪廓，同時也能受益於我們龐大的自持不動產投資組合、具逆景循環特性的特殊資產服務商、提前清償收入，以及放款投資組合中進一步的處置與解決。

We have invested in every quarter of our 17-year history. And when we see outsized opportunities like we have over the past year, we have the firepower to lean in, we've done just that with nearly $4 billion of investments closed year-to-date. We are expecting a very robust finish to the first half of the year with an equally strong pipeline extending into the second half.

在我們 17 年的歷史中，每一季都有投資。而當我們看到如過去一年這般的超額機會時，我們具備足夠火力加大投入；截至目前為止，我們今年已完成近 40 億美元的投資。我們預期上半年將以非常強勁的態勢收尾，且同樣強勁的案源管線將延伸至下半年。

From a portfolio standpoint, we continue to see the benefit of repositioning we began several years ago. Multifamily and Industrial continue to dominate our pipeline, and we continue to grow our non-US Loan portfolio, where our manager, Starwood Capital, has large originations team spanning the globe with decades of lending experience. Starwood Capital is also one of the largest private data center owners in the world with over 150 dedicated people in the sector, giving us the expertise to also make loans on data centers with confidence. Their footprint also allowed us to be a first mover lending in this space, taking advantage of wider spreads on loans that generally have 15- to 20-year leases to investment-grade tenants and fully amortized over the initial lease term.

就投資組合而言，我們持續看到數年前開始的重新定位所帶來的效益。多戶住宅與工業仍主導我們的案源管線；同時我們持續擴大非美國貸款投資組合。我們的管理人 Starwood Capital 擁有遍布全球、具數十年放款經驗的大型承作團隊。Starwood Capital 亦是全球最大的私人資料中心持有者之一，在該領域有超過 150 名專職人員，使我們也能有信心承作資料中心貸款。他們的布局也讓我們得以在此領域率先進入，掌握較寬的貸款利差；這類貸款通常對投資級租戶簽有 15 至 20 年租約，並在初始租期內完全攤還。

US office represents 7.6% of our assets today, which is well below our peers and represents the bulk of our reserves. Additionally, we only have one life science loan for $56 million. And together, these sectors are less than 8% of our assets, which is extremely low in our industry and allows us to have more certainty regarding potential portfolio outcomes.

美國辦公室資產目前占我們資產的 7.6%，明顯低於同業，且構成我們準備金的大宗。此外，我們僅有一筆生命科學貸款，金額為 5,600 萬美元。合計而言，這些產業合計占我們資產不到 8%，在本產業中屬極低水準，使我們對潛在投資組合結果能有更高確定性。

As Rina mentioned, our overall risk rating fell from 3.0 to 2.9 in the quarter. I will note that nearly half of the over 50 loans in our history that have been risk rated 4 or 5 have now been resolved or returned to a 3 or lower rating. Also, over half of our CRE lending commitments have been originated since 2024 at a lower basis and with better loan coverage metrics. We still have work to do, but we have meaningfully repositioned the portfolio in this cycle, leaving us in a good position relative to where the market is today.

如 Rina 所提，我們整體風險評等本季由 3.0 降至 2.9。我也要指出，在我們歷史上超過 50 筆曾被評為 4 或 5 級風險的貸款中，近一半目前已完成處置/解決或回到 3 級或以下評等。此外，我們超過一半的商用不動產（CRE）放款承諾係自 2024 年以來承作，具較低的基礎成本（basis）與更佳的貸款覆蓋指標。我們仍有工作要做，但在本輪循環中我們已大幅重新定位投資組合，使我們相較於目前市場所處位置具備良好狀態。

Our approach to credit remains consistent. We lean into situations where we have conviction and control, and we are willing to use our balance sheet and large internal asset management resources to actively manage outcomes rather than fire sale assets at a worse outcome to shareholders. We have a proven track record of successfully stepping in when sponsors stopped supporting and investing in assets. Along with our manager, we have the willingness and proven operational capability in-house to improve performance and protect and potentially grow value.

我們的信用策略一貫如一：在我們有信念且具控制力的情境中加大投入，並願意運用資產負債表與龐大的內部資產管理資源，主動管理結果，而非以對股東更不利的結果低價拋售資產。我們在贊助方停止支持並停止投入資產時成功介入，具備經驗證的紀錄。結合我們的管理人，我們在內部具備意願與經驗證的營運能力，以改善表現、保護價值，並在可能情況下提升價值。

We continue to make steady progress resolving legacy assets. Non-accrual and REO balances declined again this quarter, and we have now resolved over $300 million of assets that were previously a drag on earnings. We have additional REO sales in process and expect further reductions in the remainder of the year and in 2027.

我們持續穩步推進既有資產的處置與解決。本季非應計（non-accrual）與 REO 餘額再度下降，而我們目前已解決超過 3 億美元、先前拖累獲利的資產。我們另有更多 REO 出售正在進行中，並預期今年剩餘期間及 2027 年將進一步下降。

We did see some ratings migration in this quarter, which is consistent with where we are in the cycle. Two loans moved into the 4-rated category, both in multifamily. The first is an $81 million multifamily asset in Georgia, where the current debt yield is tracking below the extension threshold required at the upcoming maturity. The second is a $40 million multifamily asset in Texas, where the sponsor has signaled an unwillingness to continue supporting the asset. Both situations are ones we have navigated many times. We have defined action plans. Both are being actively monitored and we are prepared to step in and execute these plans should we need to.

本季我們確實看到部分評等遷移，這與我們在本輪循環所處階段一致。有兩筆貸款移入 4 級評等，且皆為多戶住宅。第一筆為喬治亞州一項 8,100 萬美元的多戶住宅資產，其目前債務收益率（debt yield）低於即將到期時所要求的展期門檻。第二筆為德州一項 4,000 萬美元的多戶住宅資產，贊助方已表達不願再持續支持該資產。這兩種情況我們都已多次處理過。我們已制定行動計畫，並持續主動監控；如有需要，我們已準備好介入並執行這些計畫。

Our 5-rated loan category declined by over $200 million in the quarter, including the $347 million Rina mentioned offset by our purchase of the $114 million senior position on a large industrial asset proximate to Manhattan. We are working to resolve this asset and the sponsor has leases under negotiation for almost all of the available space. Successful resolution of this loan, our largest in the 5 risk category, would decrease our 5-rated bucket by over 50%. That progress along with continued growth in our investment balance represents the core pillars of management's plan to grow earnings and dividend coverage as we have outlined in prior quarters.

我們 5 級評等貸款類別本季下降超過 2 億美元，其中包含 Rina 提到的 3.47 億美元，並被我們買入一項鄰近曼哈頓的大型工業資產之 1.14 億美元優先順位部位所部分抵銷。我們正推動該資產的處置/解決，且贊助方已就幾乎所有可出租空間進行租約談判。若能成功解決這筆貸款（亦為我們 5 級風險類別中最大的一筆），將使我們 5 級評等部位下降超過 50%。這項進展，加上我們投資餘額的持續成長，構成管理團隊計畫的核心支柱；如我們在前幾季所述，目標是提升獲利與股利覆蓋率。

In Infrastructure, a business we are in our ninth year investing in, we committed $597 million at above-trend returns in the quarter. A majority of that activity was self-originated, which allows us to dictate credit and structure while continuing to grow our portfolio and earn excess return given our ability to finance this business accretively. These loans are also supported by durable long-term demand drivers from the energy transition and AI-driven power infrastructure build-out, leaving us with a pristine low LTV portfolio. Our financing is diverse, low spread and benefits from non-recourse, non-mark-to-market provisions in our CLOs, which as Rina said, account for 75% of this segment's debt.

在基礎建設方面（我們已投入第九年），本季我們以高於趨勢的報酬承諾投資 5.97 億美元。其中多數為自營承作（self-originated），使我們得以主導信用條件與交易結構，同時持續擴大投資組合；鑑於我們能以具增益性的方式為此業務融資，也能賺取超額報酬。這些貸款亦受能源轉型與 AI 驅動的電力基礎建設擴張等長期且具韌性的需求驅動因素支撐，使我們擁有一個極為優質、低 LTV 的投資組合。我們的融資來源多元、利差低，並受益於我們 CLO 中的無追索權（non-recourse）與非市價評價（non-mark-to-market）條款；如 Rina 所述，CLO 約占該分部負債的 75%。

Our Net Lease platform, Fundamental Income, continues to ramp as per our acquisition plan. We expect volumes to increase throughout the year as the team completes their first year under Starwood Property Trust. As Rina mentioned, we again made meaningful progress on the financing side in the quarter. The combination of a lower cost of funds and a higher advance rate, which we underwrote and have now executed on is directly accretive to the ROE of the cylinder and demonstrates what Starwood's capital markets relationships help bring to this platform. These improvements should help turn this business accretive in 2027, in line with our underwriting, supporting our thesis of creating long-term shareholder value at the expense of short-term earnings dilution we have experienced to date.

我們的淨租賃（Net Lease）平台 Fundamental Income 依照我們的收購計畫持續加速擴張。我們預期隨著團隊在 Starwood Property Trust 旗下完成第一年的運作，全年交易量將逐步增加。如 Rina 所提，我們本季在融資端再次取得實質進展。較低的資金成本與較高的預付款比率（advance rate）的組合——這是我們承作時即已承諾、且如今已落地執行——可直接提升該平台的股東權益報酬率（ROE），並展現 Starwood 的資本市場關係能為此平台帶來的助益。這些改善應可在 2027 年使該業務轉為具增益（accretive），與我們的承作假設一致，支持我們的投資論點：以目前已承受的短期盈餘稀釋為代價，創造長期股東價值。

Our REIT segment again performed very well. The Servicing platform continues to act as a positive carry credit hedge, generating higher earnings during periods of stress. Since the rate rise, we feel the equity market has undervalued the countercyclical nature of this business on our stock, but it proved again this quarter, it is a real differentiated earnings contributor with our highest ROE.

我們的 REIT 事業部門再次表現非常出色。Servicing 平台持續作為正向利差的信用避險工具，在壓力期間創造更高的獲利。自利率上升以來，我們認為股權市場低估了此業務的逆週期特性對我們股價的支撐，但本季再次證明，它確實是具差異化的獲利貢獻來源，且擁有我們最高的 ROE。

I would now like to spend a few minutes discussing our low leverage balance sheet. We have been and plan to continue to tactically increase our unsecured debt as a percentage of our company's capital structure. Unencumbering assets to move to more stable, non-mark-to-market financing is supportive of our corporate credit ratings, which we hope to improve as we execute on this plan. Our unsecured debt continues to trade very well, which we view as a reflection of the debt market's confidence in our balance sheet and the value of the diversity of our platform.

接下來我想花幾分鐘談談我們的低槓桿資產負債表。我們一直以來並計畫持續策略性地提高無擔保負債在公司資本結構中的占比。透過解除資產抵押（unencumbering assets），轉向更穩定、非按市值計價（non-mark-to-market）的融資，有助於支持我們的公司信用評等；我們希望在執行此計畫的過程中進一步提升評等。我們的無擔保債務持續交易表現良好，我們視之為債券市場對我們資產負債表的信心，以及對我們平台多元化價值的肯定。

Our next corporate unsecured maturity is $400 million in July, and we have multiple options to address it. We have ample liquidity to repay it with cash or refinance it to take advantage of the strong current credit market backdrop I started today's call describing. Our access to the debt capital markets is genuinely differentiated. There is no other company in our space with the same footprint across secured, unsecured, and securitized funding channels.

我們下一筆公司無擔保到期債務為 7 月的 4 億美元，我們有多種方式可因應。我們具備充足流動性，可用現金償還或再融資，以把握我在今天電話會議開場所描述的強勁信用市場環境。我們進入債務資本市場的能力確實具差異化。在我們所處領域，沒有其他公司能同時在擔保、無擔保與證券化融資渠道上擁有同等的布局與規模。

Wrapping up, we're the oldest and largest mortgage REIT with an equity base that is larger than our next four peers combined and as much trading volume as those peers combined, giving shareholders unparalleled liquidity. In our 17 years, we have built a unique diversified business and invested almost $120 billion of capital while successfully navigating multiple cycles, leaving us as the only mortgage REIT to have never cut our dividend. We have a clear path forward, continue to resolve legacy assets while scaling our investment platforms. Progress across each of these areas is tangible, which we expect to improve earnings and dividend coverage.

總結而言，我們是歷史最悠久且規模最大的抵押貸款 REIT，股權資本規模大於接下來四家同業的總和，成交量也與這些同業合計相當，為股東提供無可比擬的流動性。在過去 17 年中，我們打造了獨特且多元化的業務，投入近 1,200 億美元資本，並成功穿越多個景氣循環，使我們成為唯一從未削減股利的抵押貸款 REIT。我們有清晰的前進路徑，在擴大投資平台的同時，持續處理歷史遺留資產。各領域的進展皆具體可見，我們預期將改善獲利與股利覆蓋率。

With that, I will turn the call to Barry.

接下來我把電話會議交給 Barry。

Thanks, Jeff. Thanks, Rina. Thanks, Zach, and good morning, everyone. I apologize up front, I'm not feeling well. So doing this with half a stomach.

謝謝你，Jeff。謝謝你，Rina。謝謝你，Zach，各位早安。我先說聲抱歉，我身體不太舒服，所以現在是半個胃在撐著完成這場。

Wow, it's an interesting world. I think you'd like to say that there's never been so excited and so terrified at the same time. And it's not just the war. Obviously, it's what is the impact of AI long term on the markets, the office markets, the employment base, what would the politicians do in the face of potentially job losses, what will happen with Taiwan, which the markets obviously think is a zero risk, given the daily highs.

哇，這世界很有意思。我想你會說，從來沒有同時這麼興奮又這麼害怕過。而且不只是戰爭。顯然，還有 AI 長期對市場、辦公市場、就業基礎的影響；面對可能的失業，政治人物會怎麼做；台灣會發生什麼事——而市場顯然認為風險為零，因為每天都在創新高。

I tend to think the real estate sector, in general, is coming out of the frozen tundra of the last three years. We're still recovering from the 500 basis point increase in rates. And most -- anyone -- no one saw coming and then the slow descent even though ex rents, inflation had clearly descended.

我傾向認為，整體房地產產業正從過去三年的冰封狀態中走出來。我們仍在從利率上升 500 個基點的衝擊中復原。這件事幾乎——任何人——沒有人預料到；之後雖然（扣除租金）通膨已明顯下行，但利率卻是緩慢回落。

If you think about the world, it's sort of an odd concept. I was in a room of a lot of people out West recently, and I asked people to raise their hands, how many people would have expected what's going on in the world, the war, oil prices, deglobalization, trade wars, how many people would expect the stock market to be at all-time highs? And it's sort of a strange thing.

如果你想想這個世界，這其實是個有點奇怪的概念。我最近在西部和一群人同處一室，我請大家舉手：有多少人會預期當今世界正在發生的事情——戰爭、油價、去全球化、貿易戰——在這種情況下，股市竟然會在歷史新高？這確實有點反常。

But in the middle of this, the real estate markets are curing themselves, although it's slow and it's not quarter to quarter. Supply is dropping dramatically in multifamily, supply is dropping in industrial, supply is stagnant, almost nonexistent in the office market, same in retail, senior housing. All these sectors are benefiting from capital being sucked into other things, including data centers, which is an asset class we play on both the equity and the debt side. We're just moving beyond, of course, with the risk of Taiwan, shutting it all down, ending the party. I'm sure the Chinese know.

但在這一切之中，房地產市場正在自我修復，雖然速度慢，而且不是以季度為單位。多戶住宅供給正在大幅下降，工業供給也在下降；辦公市場的供給停滯、幾乎不存在；零售與高齡住宅也是如此。這些板塊都受益於資金被吸引到其他領域，包括資料中心——這也是我們同時在股權與債權端參與的資產類別。當然，我們也正往前走，但仍有台灣風險：一旦發生，可能讓一切停擺、派對結束。我相信中國人知道。

So when it comes to us, I mean, we sit here as a unique company with diversified asset business lines. We keep adding new business lines. We have quite a few assets that are earning a fair return, whether REO or whether non-accrual loans.

所以談到我們自己，我們是一家獨特的公司，擁有多元化資產與業務線，並持續新增新的業務線。我們有相當多資產正在賺取合理報酬，不論是 REO（收回不動產）或是不計息（non-accrual）的貸款。

When you look at our stock, you're earning from about 75%, something like that of our asset base. It's not our full asset base. It's almost like valuing a company that has a major tower under construction and on the balance sheet, it shows up in the work in progress, not as an asset, but when it's completed, it will produce earnings.

當你看我們的股票，你大概只是在從我們資產基礎的約 75%（類似這樣的比例）獲利；並不是完整的資產基礎。這有點像在評價一家有一座大型大樓正在興建中的公司：在資產負債表上，它以在建工程（work in progress）呈現，而不是作為可產生收益的資產；但一旦完工，就會帶來獲利。

I think it's the same story today here. We earned $0.39 for the quarter, not a number we're happy with. If you back up the dilution, which will go away over time in Fundamental and Net Lease business, it'd be $0.41, $0.42. We have about 1.5 points drag of what we took in the quarter just hits to our earnings from the REOs. And some of those REOs when fixed up, we expect to actually make money on, but it takes time.

我認為今天的情況也是同樣的故事。我們本季每股盈餘為 0.39 美元，這不是我們滿意的數字。如果把 Fundamental 與淨租賃業務中的稀釋因素回加——這些稀釋會隨時間消退——則會是 0.41、0.42 美元。我們大約有 1.5 個百分點的拖累，來自本季 REO 對獲利的衝擊。其中一些 REO 在整修完成後，我們預期實際上能賺到錢，但需要時間。

We have a property that the developer will lose several hundred million dollars, we'll take it back. And we expect to be able to lease the whole thing and hopefully sell it at a gain. And those are the kinds of opportunities, but they're not quarter to quarter.

我們有一個案子，開發商將虧損數億美元，我們會把資產收回。我們預期能把整個物件出租出去，並希望最終以獲利出售。這類機會確實存在，但不是以季度為單位就能體現。

But with that confidence, we stepped up and bought stock in the quarter. We actually can't buy stock when we go into the blackout period, so that stops several weeks before earnings. And we'll continue to repurchase stock because it's a pretty good investment for us.

但基於這份信心，我們在本季加碼買回股票。實際上，一旦進入禁售期（blackout period）我們就不能買股，因此會在財報公布前數週停止。我們也會持續回購股票，因為對我們而言這是一項相當不錯的投資。

Some of our businesses are really spectacular at the moment, and they're masking some of the noise of the less than spectacular parts. The special servicer is cranking. Amazing this far along in the cycle. We still have $100 billion of named servicing, and almost -- I think it's [$8.5 billion] in named active in the servicing book. It's not going to be going down. That there is still a lot of distress.

我們有些業務目前真的非常亮眼，掩蓋了那些不那麼亮眼部分的雜訊。特殊服務機構（special servicer）業務正在全速運轉。在景氣循環走到這個階段仍如此，令人驚訝。我們仍有 1,000 億美元的指定服務規模（named servicing），而在服務帳冊中，指定的活躍規模幾乎——我想是［85 億美元］。這不會下降，因為仍有大量困境存在。

Rates are still higher. I should have mentioned when I talked to you about what we should think of the world, the 10-year hovering around 4.40%, 4.36%, 4.32%, 4.42%. I mean, that's materially higher than I think most people would think. We're creating unprecedented deficits, but the equity markets don't seem to care very much.

利率仍然偏高。我在跟你們談我們應如何看待這個世界時，應該也要提到：10 年期公債殖利率徘徊在 4.40%、4.36%、4.32%、4.42%。我的意思是，這顯著高於我想大多數人原本會預期的水準。我們正在創造前所未有的財政赤字，但股市似乎並不太在意。

Again, finishing the thought this is all good for real estate. The tide has gone out and the tide is turning, we're going from tailwinds -- headwinds to tailwinds. And there are really two things behind the tailwinds -- three, really. One, the reshoring in the United States, bringing back all of these plant equipment, creating demand for industrial. That's a real trend. It's starting. It's not a massive tidal wave, but you're beginning to see the impact a little bit. Two, supply, which we talked about; and three, interest rates because the forward curve is still lower.

再把這個想法說完：這一切對房地產其實是好事。潮水已退、也正在轉向，我們正從逆風（headwinds）走向順風（tailwinds）。而順風背後其實有兩件事——嚴格說是三件。第一，美國的回流生產（reshoring），把這些廠房設備帶回來，創造工業不動產需求。這是個真實趨勢，已經開始；雖然不是巨浪般的規模，但你開始能看到一些影響。第二，是我們談過的供給；第三，是利率，因為遠期曲線仍然更低。

And the markets are very confused as most executives are about a world -- I think post-World War II record low consumer confidence, but retail spending continues up. And I tend to think the post the GDP numbers are sort of the illusory. You can talk about them as being great and they are what they are, but they're really driven by two things, AI spending, which isn't felt by the average American and by productivity gains. And that kind of GDP is not the kind of GDP that normally would send those consumers to the store. And as you know, consumption is 70% of GDP.

而市場非常困惑——多數企業主管也一樣——面對一個世界：我認為消費者信心處於二戰後的歷史低點，但零售支出卻持續上升。我傾向認為，GDP 數據在某種程度上是虛幻的。你可以說它們很棒，而它們就是它們，但其實主要由兩件事驅動：AI 支出（一般美國人感受不到）以及生產力提升。而這種 GDP 並不是那種通常會把消費者推進商店的 GDP。你也知道，消費占 GDP 的 70%。

So it is a miraculous economy, but it's not your grandma's economy, and it's creating all kinds of odd things and investors chasing multiples of revenues in the equity markets. So I think we will catch a bid. I mean, the entire real estate sector. And I can say that we've recently completed or about to complete our 13th fundraise of a fund on the equity side and robust investor demand where a year ago, they wouldn't talk to us. That's really a reflection of the turn in the markets and several of my peers in the asset management business have harped on their recent earnings calls, and we tend to agree things will be getting better.

所以這是一個奇蹟般的經濟，但它不是你奶奶那個年代的經濟，而且它正在創造各種奇怪的現象，投資人在股票市場追逐營收倍數。所以我認為我們會迎來買盤。我是說，整個房地產板塊。而且我可以說，我們最近已完成或即將完成我們在股權端的第13次基金募資；而投資人需求相當強勁——一年前他們還不願意跟我們談。這確實反映了市場的轉向；而我在資產管理業務中的幾位同業也在最近的財報電話會議上一再強調這點，我們也傾向同意情況會持續改善。

So our pace of our originations is solid. We're all looking for the earnings to come out of the book. We're confident in the ability to pay the dividend. We sit on $1.5 billion of gains in our multifamily book. We actually made $0.05 selling one asset, just one asset last quarter.

因此，我們的放款承作（originations）節奏穩健。我們都在等待投資組合的收益逐步釋放。我們對支付股利的能力有信心。我們在多戶住宅（multifamily）投資組合中握有15億美元的未實現收益。事實上，上季我們只賣出一項資產、僅一項資產，就貢獻了0.05美元。

So quarter to quarter, we're sequentially up $0.37 to $0.39, but we chose not to take any of those gains. We're playing long ball, not short ball, and we're confident in our ability to create a dynamic company that's capable of producing superior earnings and therefore, dividends. And I want to thank the team that continues to work really hard to continue to lead the market in our field. Thank you. Now we can take questions.

所以按季來看，我們連續上升，從0.37美元到0.39美元，但我們選擇不去實現任何這些收益。我們打的是長期戰，不是短期戰；我們對打造一家具備產生優異獲利能力、進而支付股利的動態公司充滿信心。我也要感謝團隊持續非常努力，讓我們在本領域繼續引領市場。謝謝。現在我們可以開始提問。

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Hi. This is Jason Sabshon for Jade. It would be helpful to hear your thoughts on the outlook for resolving non-accruals and foreclosed assets. Maybe comment on the time horizon, and if possible, give a percentage range for resolutions in 2026 and 2027.

嗨。我是代替Jade的Jason Sabshon。想請你們談談解決非應計（non-accrual）與法拍資產的展望。也許可以評論一下時間範圍；如果可能的話，請給出在2026年與2027年解決的比例區間。

Yeah. Thanks so much. I appreciate the question. I think we've told you we've resolved over $300 million. We have a resolution that you'll see as an upgrade on a lease that was signed for about $100 million in the quarter in Brooklyn. That will take an asset that now through three large leases has completely moved from a troubled risk rating of 4 or 5 back into something lower.

好的，非常感謝。我很感謝這個問題。我想我們已經告訴各位，我們已解決超過3億美元。你們會看到一項解決進展，體現在布魯克林本季簽署的一份租約升級上，金額約1億美元。這將使一項資產——透過三份大型租約——完全從風險評等4或5的困境狀態，回到較低的等級。

We are expecting potentially a lease, as I spoke about on another asset just outside Manhattan where should we sign that lease, that will go from a 5 or 4. I think I mentioned in the script that 25 of the 53 loans we've ever had at the 4 or 5 have now been either worked out or moved back down. Our strategy is just different than other people a bit on these. A lot of people are willing to do fire sale to a higher cost of capital buyer potentially with financing when they have a difficult asset.

我們也可能預期會有一份租約——我在另一個位於曼哈頓外圍的資產上提過——如果我們簽下那份租約，它將從5或4往下調。我想我在講稿裡提到，我們歷來曾有53筆評等為4或5的貸款，其中25筆現在不是已完成重整（worked out），就是已回到較低等級。我們在這些案子上的策略，跟其他人有點不同。很多人遇到困難資產時，願意用跳樓價（fire sale）賣給資金成本更高的買家，可能還搭配融資。

We look at every loan on a present value of the likely outcome to us. And given our access to liquidity, we have chosen to lean in. Rina gave you some examples in the quarter of even the multi that we lost, $5 million or so on, we increased occupancy significantly, decreased the delinquencies significantly in the six months or so that we managed that property being managed by Starwood Capital. We have people with expertise in these.

我們會以每一筆貸款對我們而言「可能結果的現值」來評估。鑑於我們取得流動性的能力，我們選擇加碼投入。Rina在本季也舉了一些例子：即便是我們虧損的那個多戶住宅案子，大約虧了500萬美元，在由Starwood Capital管理該物業的約六個月期間，我們顯著提高了入住率，也大幅降低了欠繳率。我們有具備這方面專業的人才。

So we're not afraid to take something back. We're not afraid to say, and we don't stay in for the sake of staying in. But if the present value of getting the money back today versus investing in the asset, if the present value is higher on the latter, we'll do the latter. So we have a few that you'll see play out. It will put us over $500 million or so, I think, in the very near future.

所以我們不怕把資產收回來（take something back）。我們也不會為了留在裡面而留在裡面。但如果今天把錢收回來的現值，與投資該資產後的現值相比，後者更高，我們就會選擇後者。因此我們有幾個案子你們會看到逐步發展。我認為在非常接近的未來，這會讓我們的解決金額超過約5億美元。

We're expecting $900 million by the end of the year in our plan and then another $500 million-or-so next year in our base plan that will work most of the way through it. But it's very difficult to judge when you will get a lease and when something will play out and when the present value calculus for us will turn positive versus negative on making our decisions.

依照我們的計畫，我們預期到年底可達9億美元；然後在我們的基本情境（base plan）下，明年再解決約5億美元，基本上就能把大部分問題處理完。但要判斷何時能簽到租約、何時事情會落地，以及我們在做決策時現值計算何時會從負轉正，確實非常困難。

Great. Very helpful. And then separately, it'd be helpful to touch on the outlook for Net Lease and when you'd expect it to become accretive. I know you guys cited $0.03 of dilution, but you also issued ABS and entered into a new credit facility. So any commentary there would be helpful.

很好，很有幫助。另外，想請你們談談Net Lease的展望，以及你們預期何時會轉為增益（accretive）。我知道你們提到有0.03美元的稀釋（dilution），但你們也發行了ABS並進入一項新的信貸融資額度。所以任何相關評論都會很有幫助。

Yeah. Thanks so much. This is an interesting one. We sign on -- you all know we weren't earning the core dividend at the time we closed this deal in July of last year. We made a decision knowing -- this business is running exactly at what we expected it to run in the short run. We knew we had to optimize the financing. We knew we would get originations up.

好的，非常感謝。這題很有意思。我們簽下——大家都知道——在去年7月完成這筆交易時，我們當時並沒有賺到足以覆蓋核心股利（core dividend）的水準。我們是在明知的情況下做出決定——這項業務短期的運作表現完全符合我們的預期。我們知道必須把融資結構最佳化。我們也知道我們會把承作量拉上來。

We made a decision to take on negative DE for up to six quarters. I think when we did it, we told people it would become accretive in '27. And so it's not often that a company like us takes six quarters of negative DE at a time where we're not earning the dividend. But we did that because we wanted to own this platform. We were buying a platform that we knew would be short-term dilutive. And as you look at the rent bumps over a number of years, it becomes very accretive down the line.

我們做了決定，最多承受六個季度的負DE。我想當時我們就告訴大家，它會在2027年轉為增益（accretive）。所以像我們這樣的公司，在尚未賺到足以支付股利的時候，還同時承受六個季度的負DE，並不常見。但我們這麼做，是因為我們想擁有這個平台。我們買的是一個我們知道短期會稀釋的平台。而當你看多年期的租金調升（rent bumps）後，它在未來會變得非常增益。

So as large shareholders with management and our Board, we looked at the long term here. We are obviously paying a penalty for it in the market today because missing a number as you see in today's stock price is not something that bots like very much, but we set this up for the long term. We think the business will perform. As you said, we've now optimized the financing, which start kicking in and help it turn to be accretive in '27. It becomes very accretive beyond that. But I'll turn it to Barry for any other comments that he might have.

因此，作為持有大量股份的管理層與董事會，我們著眼的是長期。顯然，我們今天在市場上為此付出代價，因為如你在今天股價所見，沒達到某個數字並不是機器人（bots）喜歡的事，但我們是為長期而設計。我們認為這項業務會有表現。如你所說，我們現在已把融資最佳化，這會開始發揮作用，並幫助它在2027年轉為增益；之後會變得非常增益。不過我把問題交給Barry，看看他是否有其他補充。

Well, a couple of things. One, the fundamental business, if it traded separately, we probably trade at a [5] or [6] dividend yields, and it's tucked into us. And obviously, it's hurting us when in fact, it's probably a significant value as a stand-alone business, which isn't lost on us.

嗯，有幾點。第一，這個基本面業務如果單獨交易，我們可能會以[5]或[6]的股利殖利率交易，而它現在被包在我們公司裡。顯然，這反而在傷害我們；但事實上，若作為獨立業務，它可能具有相當可觀的價值，而我們並沒有忽視這點。

So one way or another, we're going to get this thing to scale or spin it out or do something that will create like the -- reflect the value in the business. It is -- we're not using straight-line accounting on their leases. Some of our peers do that. With that, I mean, our yields would be significantly higher even this year.

所以不管用哪種方式，我們都會把它做到規模、或把它分拆（spin it out）、或做一些能讓市場反映該業務價值的事情。還有——我們沒有對他們的租約使用直線法會計（straight-line accounting）。我們的一些同業會這麼做。若採用那種方式，我的意思是，我們即便在今年的收益率也會顯著更高。

So zero defaults, 100% occupied portfolio, growing at about the pace -- I'd say it's going at the pace we underwrote, but not nearly as fast as I have hoped. And that's one of the reasons you see the dilution. But I think you have to look at just answering the former question. We're going to work as fast as we can to repair these non-accrual assets and the REO assets. But as Jeff mentioned, we don't have the need to give them away. At the end of the day, we're real estate guys.

所以零違約、投資組合100%出租，成長大約——我會說它的進度符合我們承作時的假設（underwrote），但遠沒有我希望的那麼快。這也是你看到稀釋的原因之一。但我想你必須回到前一個問題：我們會盡可能快地修復這些非應計資產與REO資產。但如Jeff提到的，我們沒有必要把它們送人。歸根結底，我們是做房地產的。

And so if we can -- what you see in most of these assets, especially the ones that get in trouble is the borrower just stopped taking care of them, right? So you have a multi that has rooms out of service because he just didn't care because he was going to lose the asset or you have tenants that won't take on an office asset because the borrower has no desire or any need to put in tenant improvement dollars. You're just flushing his cash.

因此，如果我們能——你在多數這些資產上看到的情況，尤其是出問題的那些，是借款人根本就不再維護它們，對吧？所以你可能有一個多戶住宅，因為他不在乎，房間停用；因為他知道自己會失去資產。或者你有租戶不願意承租一個辦公資產，因為借款人既沒有意願也沒有必要投入租戶裝修（tenant improvement）資金。你只是在燒他的現金。

So you get these, in some cases, really good assets that have been abandoned by the borrowers. It takes time to actually get them back to stabilization and then you sell them. It's not -- sadly, it'd be easier if this was a closed-end fund kind of thing. And it's not done to optimize earnings quarter to quarter. It's done really to maximize return on the capital that we've invested behind these properties.

所以你會遇到一些在某些情況下其實很好的資產，但被借款人放棄了。要把它們真正恢復到穩定（stabilization）需要時間，然後你再出售。這並不是——遺憾的是——如果這是一種封閉式基金（closed-end fund）會更容易。而我們這麼做不是為了逐季最佳化盈餘；而是為了最大化我們投在這些物業背後資本的報酬。

And we are blessed with a fortress balance sheet so we can put the money into convert as we are 1201 (inaudible) Street in DC, which is being converted from an office building to a rental. And in the time that we've taken the underwriting rents have gone up. So our yields on cost would be even better than we thought and expect they will be. It didn't seem to fire half of DC.

而且我們很幸運擁有堡壘般的資產負債表，所以我們可以投入資金去改造（convert），就像我們在華盛頓特區的1201（聽不清）街，正從辦公大樓改造成出租住宅。在我們進行承作評估（underwriting）的這段時間，租金已經上升。所以我們的成本收益率（yields on cost）會比我們原先想的更好，而且我們也預期會如此。看起來並沒有把半個華盛頓特區燒掉。

So when we complete that, but that's not going to get done for another year or 1.5 years. And it's -- so that's the kind of situation. I mean, we're confident. We're major shareholders of our stock. As you saw, we repurchased stock. So we're confident in our ability to weather the storm and continue to pay the dividend and wait for cleaner numbers, frankly. The base isn't bad. It's just not very clean. So we know all that.

所以當我們完成那件事時，但那要再過一年或一年半才會完成。而且——所以這就是那種情況。我的意思是，我們有信心。我們是自家股票的重要股東。如你所見，我們回購了股票。所以我們有信心能夠度過風暴、持續支付股利，並坦白說，等待更乾淨的數字。基本面不差，只是不夠乾淨。所以我們都清楚這些。

(Operator Instructions) Gabe Poggi, Raymond James.

（接線員指示）Gabe Poggi，Raymond James。

Kind of piggyback on the last question. If $0.48 of the dividend coverage is the goal, help us or me shape kind of where we are in that timeline based on these first-quarter results. I know Barry just said there's a lot of noise in it and the dilution from net lease, et cetera. But how should we think about kind of the timetable to get to $0.48 as you guys are working through non-accruals, as you're taking time with REO and being patient, et cetera, et cetera? That's question one.

算是延續上一個問題。如果股利覆蓋率的目標是 0.48 美元，請協助我們或我，根據第一季的結果，勾勒一下我們在這條時間軸上的位置。我知道 Barry 剛剛說裡面有很多雜訊，還有來自淨租賃等的稀釋，等等。但當你們在處理不計息資產、在 REO 上花時間並保持耐心等等的同時，我們應該如何看待達到 0.48 美元的時間表？這是第一個問題。

Hey, Gabe. Thanks for the question. So as I mentioned in my remarks, I think we're there on a recurring basis today, right? We're not there on a reported basis. So we need to work through. We talked about fundamental. And we think that that becomes breakeven, call it, early next year and then accretive thereafter.

嗨，Gabe。謝謝你的問題。正如我在發言中提到的，我認為以經常性基礎來看，我們今天其實已經到了，對吧？但在報表呈現的口徑上，我們還沒到。所以我們需要把一些事情處理完。我們談過基本面。我們認為基本面大概在明年初達到損益兩平，之後就會轉為增厚（accretive）。

So we think on a recurring basis, we would be in excess of the dividend at some point, probably late next year. We had higher-than-normal cash balances that we talked about last quarter. We raised excess financing on our Woodstar Refi. We had two debt raises.

所以我們認為，以經常性基礎來看，我們在某個時間點會超過股利，可能是在明年下半年。我們有比正常更高的現金餘額，這是我們上季提到的。我們在 Woodstar 再融資（Refi）中籌了超額融資。我們做了兩次舉債融資。

So we're still fighting the cash drag from having over $1 billion of cash for the quarter. So we need to get the money deployed, and I think that will help. But I would say you're not going to see kind of above on a recurring basis until next year at some point. And we still have to work through the REO assets.

所以我們仍在承受本季持有超過 10 億美元現金所帶來的現金拖累。我們需要把資金部署出去，我認為那會有幫助。但我會說，你不會看到以經常性基礎明顯高於股利，直到明年某個時間點。而且我們仍必須處理 REO 資產。

That's right. We've been saying that consistently though, Gabe, for a while that end of '26 as we get into '27, that's what we're hoping. There are a little nuances along the way. You talked about cash drag. We don't tend to whine about the timing of cash flow.

沒錯。不過我們一直都這麼說，Gabe，已經說了一段時間了：到 2026 年底、進入 2027 年時，這是我們所期待的。過程中會有一些小細節。你提到現金拖累。我們通常不會抱怨現金流時點的問題。

But in this quarter of the $1 billion or so of CRE loans, 57% of them were funded, which means 43% weren't. On average, they're only funded for 27 days on that 57%. So we're getting very little credit there versus in the quarter, our repayments were outstanding for 64 days. That probably cost us $0.01 or $0.02 as well.

但在本季大約 10 億美元的 CRE 貸款中，有 57% 已經撥款，代表 43% 尚未撥款。而在那 57% 中，平均也只撥款了 27 天。所以相較之下，我們在這部分拿到的利息貢獻很少；反過來，本季我們的回收款項平均在外流失了 64 天。這可能也讓我們少了 0.01 或 0.02 美元。

They are just small nuances. But I think if you normalize fundamentally, you go into the upside that Rina talked about and the other businesses, we start to get down as per the plan, I just told you on non-accruals, et cetera, and we continue to originate at this very elevated pace with great quality originations. We're really proud of the book that we're building over the last couple of years, half of which is 2024 and beyond originations. It will all come together as we turn the year to getting to that $0.48 that actually is reported in the bots like more than today's.

這些都只是一些小細節。但我認為，如果你把基本面正常化，再加上 Rina 提到的上行空間以及其他業務，並且我們依照我剛才跟你說的計畫把不計息資產等逐步降下來，同時我們以目前非常高的速度、且以很高品質持續承作新案，我們對過去幾年建立的資產組合非常自豪，其中一半是 2024 年及之後的承作。當我們跨入新年度時，一切都會逐步到位，朝向那個 0.48 美元——而且在一些機器人（bots）上呈現的數字其實會高於今天。

I'm going to be more optimistic than Rina and Jeff because I know about some situations that we will trigger. And if we have to sell some assets to be able to redeploy the capital at the 11%, 12%, 13% ROEs, then we'll do it.

我會比 Rina 和 Jeff 更樂觀一些，因為我知道有一些情況我們會觸發。如果我們必須出售一些資產，才能把資本重新部署到 11%、12%、13% 的 ROE，那我們就會這麼做。

So I think there are some loans that are toggling to becoming accrual again, they're material. And I'd expect at least one of them to have a resolution in the next -- certainly, by the end of this year. And with that, there might be a -- it's a material earnings mover for us.

所以我認為有一些貸款正在從不計息狀態切換回計息狀態，而且金額不小。我預期至少其中一筆會在接下來——當然在今年年底之前——得到解決。而那可能會——對我們而言是影響獲利的重大變數。

So I do think it's unacceptable to have $0.11 or so or $0.12 of dilution from fundamentals. So that's not a stable situation. If it doesn't get better, we're going to put it in its rightful home, which may not be here. So it's not acceptable. Even though the businesses are performing well, the noise is too much for shareholders to come through.

所以我確實認為，基本面造成大約 0.11 或 0.12 美元的稀釋是不可接受的。所以這不是一個穩定的狀況。如果沒有改善，我們會把它放到它應該去的地方，而那個地方可能不在這裡。所以這不可接受。即使各項業務表現良好，雜訊對股東而言仍然太多、難以消化。

We could invite you into the house and show you our assets and you see the values are all there, and our ability to earn the dividend and exceed it is certainly in the house. It's just -- we told you about this last quarter. It's going to be a rocky road to get there, the values of assets. We don't -- we got to -- it's a puzzle and we've got to manage it in the best way to maximize returns to the shareholders. We are, as I said, large shareholders. So very motivated to do the right thing.

我們可以邀請你到家裡來看看我們的資產，你會看到價值都在，而且我們賺取並超過股利的能力確實就在這個「屋子」裡。只是——我們上季就跟你說過了：要走到那裡會是一段顛簸的路，涉及資產價值。我們不——我們必須——這像是一個拼圖，我們得用最佳方式管理它，以最大化對股東的回報。正如我說的，我們是大股東，所以非常有動力做正確的事。

Getting back to the $0.48, obviously, would be the holy grail is the only thing that we did with CRE lending. That's 52% of our business. We have $1.4 billion of gains, Gabe, away from this. We've always had recurring, non-recurring gains that come from things. The servicer had a good quarter this quarter.

回到 0.48 美元，顯然，如果我們只做 CRE 放款，那會是聖杯；而 CRE 放款占我們業務的 52%。Gabe，我們有 14 億美元的收益（gains）在這之外。我們一直都有來自各種事項的經常性與非經常性收益。本季服務商（servicer）表現不錯。

SMC often has a good quarter. It was light this quarter. We used to get a lot of prepaid penalties. Those are coming back in this tighter spread environment. We're going to start getting prepay penalties again.

SMC 常常也有不錯的一季，但本季比較淡。我們以前常拿到提前清償罰金（prepaid penalties）。在利差更緊的環境下，這些正在回來。我們將會再次開始取得提前清償罰金。

All these recurring, non-recurring things, we'll get us over that number. Never mind the fact we have $1.4 billion of gains sitting outside of it. I think the construct to hold somebody to earning it all in the core business or you take the stock down significantly, doesn't really apply as much to a well-diversified company that's always had recurring, non-recurring gains, and we will have recurring, non-recurring gains through the rest of this year.

所有這些經常性、非經常性的項目，都會讓我們超過那個數字。更不用說我們還有 14 億美元的收益放在外面。我認為，用「必須完全靠核心業務賺到」來要求一家公司，否則就大幅打壓股價，這種框架，對一家高度多元化、且一向都有經常性與非經常性收益的公司而言，並不那麼適用；而且在今年剩下的時間裡，我們也會持續有經常性與非經常性收益。

That's all very helpful color, especially on the timing stuff, Jeff, and I fully appreciate that it takes time to work through this. Follow-up, Jeff, you had mentioned that you guys -- that there was some REO kind of potentially in the sales process or beginning to kind of kick that ball down the road. Is there any more color you can give on that as it pertains to -- you took some keys this past quarter, just kind of what we're looking like potentially, and Barry just alluded to that, where some of those sales -- those sales could be pulled forward to reallocate capital?

這些補充資訊很有幫助，尤其是關於時點的部分，Jeff，我完全理解處理這些需要時間。追問一下，Jeff，你提到你們——有一些 REO 可能在出售流程中，或開始把球往前踢。就這部分你能否再多給一些顏色？尤其是——你們本季收回了一些抵押品（took some keys），大概我們可能會看到什麼情況；而 Barry 也剛提到，某些出售——那些出售是否可能被提前，以便重新配置資本？

Yes. We will -- we prefer to let you know when they happen because the market's moved pretty quickly. There are two or three that we think happen fairly soon. There are a couple of leases that could move to non-accruals. Away from non-accrual, I think you'll see that with some potential upgrade.

可以。我們——我們比較希望在事情發生時再告訴你，因為市場變動相當快。我們認為有兩到三個會在相對近期發生。有幾個租賃案可能會轉為不計息。至於從不計息轉回來，我想你會看到一些可能的升級。

But I don't want to signal any of the sales quite yet, Gabe. But I gave you the sense that we hope to get through $900 million this year and $500 million next year off that list, and that will be a combination of a number of things, but nothing imminent that we're going to report here looking forward.

但我現在還不想釋放任何出售訊號，Gabe。不過我已經讓你感受到，我們希望今年能從那份清單上處理掉 9 億美元、明年再處理掉 5 億美元；這會是多種方式的組合，但沒有任何迫在眉睫、我們在這裡要向前展望並報告的事項。

Thank you, everyone, for joining us, and we'll see you again next quarter.

感謝各位加入我們，我們下個季度再見。

Thank you. Ladies and gentlemen, this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。各位女士、先生，今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。