Starwood Property Trust Inc (Maryland) (STWD) 2026 Q2 法說會逐字稿

Ladies and gentlemen, we apologize for the technical difficulties. Welcome to the Starwood Property Trust second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the floor over to Starwood Property Trust to begin the event.

各位女士、先生，我們對技術問題致歉。歡迎參加 Starwood Property Trust 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把會議交給 Starwood Property Trust 開始本次活動。

Thank you, operator. Good morning, and welcome to Starwood Property Trust earnings call. This morning, we filed our 10-Q and issued a press release with a presentation of our results, which are both available on our website and have been filed with the SEC.

謝謝，接線員。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，並發布新聞稿及成果簡報，兩者皆可在我們網站上取得，且已向美國證券交易委員會（SEC）申報。

Before the call begins, I would like to remind everyone that certain statements made in the course of this call are forward-looking statements which do not guarantee future events or performance. Please refer to our 10-Q and press release for cautionary factors related to these statements.

在電話會議開始前，我想提醒各位，本次通話中所作的某些陳述屬於前瞻性陳述，並不保證未來事件或績效。請參閱我們的 10-Q 與新聞稿，以了解與這些陳述相關的警示因素。

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，本次電話會議將討論某些非 GAAP 財務衡量指標。如需將這些非 GAAP 財務衡量指標與依 GAAP 編製之最可比衡量指標進行調節，請參閱我們今早提交的新聞稿。

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

今天與我一同參與電話會議的有：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。接下來，我將把電話會議交給 Rina。

Thank you, Zach, and good morning, everyone. Our distributable earnings were $152 million or $0.40 per share in the second quarter. Our results continue to reflect the carry on our nonaccrual and REO assets and elevated cash balances, the two items which are creating the gap between our reported earnings and the true underlying earnings power of this company.

謝謝你，Zach，各位早安。第二季我們的可分配盈餘（DE）為 1.52 億美元，或每股 0.40 美元。我們的結果仍反映了非應計與 REO 資產的持有成本，以及偏高的現金餘額；這兩項因素造成我們已報告盈餘與公司真正的基礎獲利能力之間的落差。

I will start my remarks by addressing both. Regarding our nonaccrual and REO, we had no new nonaccrual or new five rated loans in the quarter or the year. We also had no new REO in the quarter. As our new nonaccrual and REO loans have slowed, we have gained momentum in resolutions.

我將先就這兩點進行說明。就非應計與 REO 而言，本季及本年度我們沒有新增非應計，也沒有新增五級評等貸款。本季也沒有新增 REO。隨著新增非應計與 REO 貸款放緩，我們在處置解決方面已取得動能。

To clarify, our definition of resolution means disposition of the asset in the case of an REO or returning to accrual in the case of a nonaccrual loan. It is not the transfer of a loan to REO. We have a total of $706 million of reserves against our nonaccrual and REO assets, after recording an increase of $30 million in the quarter due to third party model macroeconomic conditions, which worsens as a result of the rise in interest rates.

為釐清起見，我們對「解決（resolution）」的定義是：若為 REO，指資產處分；若為非應計貸款，指恢復計息（回到 accrual）。這不包括將貸款轉入 REO。在本季因第三方模型的總體經濟條件（隨利率上升而惡化）而增加 3,000 萬美元後，我們針對非應計與 REO 資產合計提列 7.06 億美元準備金。

This consists of $485 million of CECL and $221 million of REO reserves, which translates to $1.97 per share that is already reflected in today's undepreciated book value of $18.62. As we continue our efforts to resolve these underperforming assets, we are currently under contract or in discussions to sell 3 REO assets and multiple units in our New York City residential project.

其中包含 4.85 億美元的 CECL 與 2.21 億美元的 REO 準備金，折合每股 1.97 美元，已反映在今日未折舊的每股帳面價值 18.62 美元中。隨著我們持續努力處置這些表現不佳的資產，目前我們已就 3 項 REO 資產以及我們紐約市住宅專案的多個單位簽約或洽談出售。

In aggregate, these sales are expected to generate cash proceeds of $148 million and resolve $195 million of assets on a DE basis and $160 million on a GAAP basis in the third quarter, comprising 10% of our current nonaccrual and REO balance. One of the three assets was retraded recently due to rate increases, resulting in a $12 million divergence from our GAAP marks.

整體而言，預期這些出售將在第三季帶來 1.48 億美元現金收入，並在 DE 口徑下解決 1.95 億美元資產、在 GAAP 口徑下解決 1.60 億美元資產，約占我們目前非應計與 REO 餘額的 10%。其中三項資產之一近期因利率上升而重新議價（retraded），導致與我們 GAAP 評價（marks）出現 1,200 萬美元的差異。

Absent that, our GAAP reserves were in line with the anticipated sales price, demonstrating our ability to fully resolve these assets consistent with our estimates. The realized loss will flow through DE upon sale in Q3 and totals approximately $47 million for these assets. As a reminder, when assets are resolved at our carrying value, their reserves naturally progress to DE, but the reserve is already accounted for in our book value.

若不計此項因素，我們的 GAAP 準備金與預期售價一致，顯示我們能依照估計值完整處置這些資產。在第三季出售時，已實現損失將反映於 DE，這些資產合計約為 4,700 萬美元。提醒各位，當資產以其帳面價值解決時，其準備金會自然轉入 DE，但該準備金已計入我們的帳面價值。

Reinvesting these proceeds would add approximately $0.03 to annual DE as we continue on our path to earning our dividend in our core businesses. Our total nonaccrual and REO portfolio stands at approximately $1.9 billion on a DE basis at quarter end, not including the $706 million of reserves that are already reflected in book value. Subject to market conditions, we are on track to resolve approximately $800 million or 40% of our current nonaccrual and REO by year-end.

將這些資金再投資，預計可使年度 DE 增加約每股 0.03 美元，因為我們持續朝在核心業務中賺取股利所需盈餘的方向前進。截至季末，我們的非應計與 REO 投資組合在 DE 口徑下約為 19 億美元，尚未包含已反映於帳面價值中的 7.06 億美元準備金。在市場條件允許下，我們有望在年底前解決約 8 億美元、或目前非應計與 REO 的 40%。

Regarding elevated cash balances. We were especially active in the capital markets this quarter, issuing $1.1 billion of unsecured senior notes and upsizing our term loan B by $275 million. Offsetting this elevated cash was our accelerated investing pace as we deploy capital of $2.5 billion across our businesses and another $1.7 billion in July, bringing year-to-date investments to $6.7 billion.

關於偏高的現金餘額。本季我們在資本市場特別活躍，發行 11 億美元無擔保優先票據，並將我們的 B 期定期貸款（term loan B）增額 2.75 億美元。與此偏高現金相對應的是我們加快投資部署的步伐：本季在各業務合計部署 25 億美元資本，7 月再部署 17 億美元，使年初至今投資總額達 67 億美元。

I will now take you through our individual segment results, beginning with Commercial and Residential Lending, which contributed DE of $186 million for the quarter or $0.49 per share. In commercial lending, we originated $1.4 billion, of which we funded $754 million and another $250 million of pre-existing loan commitments for a total of over $1 billion funded in the quarter.

接下來我將說明各事業部門的個別表現，先從商用與住宅放款開始，本季貢獻 DE 1.86 億美元，或每股 0.49 美元。在商用放款方面，我們承作 14 億美元，其中實際撥款 7.54 億美元，另就既有貸款承諾再撥款 2.5 億美元，使本季撥款總額超過 10 億美元。

After factoring in repayments of $447 million, our funded loan portfolio grew to a record $17.3 billion. We received another $554 million of repayments in July, approximately $170 million of which were office. I previously mentioned the absence of any new REO, nonaccrual or five rated loans this quarter.

在扣除 4.47 億美元還款後，我們的已撥款貸款組合成長至創新高的 173 億美元。我們在 7 月又收到 5.54 億美元還款，其中約 1.7 億美元為辦公室相關。我先前提到，本季沒有新增 REO、非應計或五級評等貸款。

Our four rated loans increased $212 million to $2 billion, reflecting the downgrade of three multifamily loans that Jeff will speak to.

我們的四級評等貸款增加 2.12 億美元至 20 億美元，反映有三筆多戶住宅貸款遭到降級，Jeff 稍後會說明。

Turning to residential lending. Our on-balance sheet loan portfolio ended the quarter at $2.4 billion, up $164 million, driven primarily by our decision to exercise the call option on one of our securitizations, moving the majority of the financing to more attractively priced repo at SOFR plus 150. As a result, our retained RMBS portfolio declined to $313 million at quarter end.

接著談住宅放款。我們表內貸款組合季末為 24 億美元，增加 1.64 億美元，主要因我們決定行使其中一筆證券化交易的買回選擇權（call option），將大部分融資轉至定價更具吸引力的回購協議（repo），利率為 SOFR 加 150 個基點。因此，我們保留的 RMBS 投資組合於季末下降至 3.13 億美元。

Turning to our Property segment. We recognize $34 million of DE or $0.09 per share across our legacy and net lease portfolios. I will start with Woodstar, our Florida affordable multifamily portfolio. On July 1, we began rolling out the new authorized HUD rent increases of 8.4% that we mentioned to you on our last call. The related earnings impact will appear in our results starting next quarter.

接著看我們的不動產（Property）部門。我們在既有資產與淨租賃（net lease）投資組合合計認列 DE 3,400 萬美元，或每股 0.09 美元。我先從 Woodstar 談起，這是我們位於佛州的平價多戶住宅投資組合。7 月 1 日起，我們開始逐步導入上次電話會議提到、已獲授權的 HUD 租金調升 8.4%。相關的盈餘影響將自下季起反映在我們的結果中。

The discount to market rate rents across the portfolio is 38% on average, which should ensure continued high occupancy and allow us to push through most of these rent increases.

該投資組合相較市場租金的折價平均為 38%，這應可確保持續的高入住率，並讓我們得以推動大部分的租金調升。

Also in Woodstar, we have $416 million of Woodstar debt maturing over the next six months that we are currently working to refinance. Given the appreciation and NOI growth in this portfolio, we are anticipating an upside of approximately $140 million at attractive spreads, our $110 million share of which can be reinvested to increase future earnings.

同樣在 Woodstar，我們有 4.16 億美元的 Woodstar 債務將於未來六個月到期，目前正進行再融資。鑑於該投資組合的增值與 NOI 成長，我們預期可在具吸引力的利差水準下取得約 1.4 億美元的上行空間，其中我們的份額為 1.1 億美元，可再投資以提升未來盈餘。

In net lease, where DE increased to $0.05 from $0.03 last quarter, we closed $179 million of purchases in the quarter at a blended cap rate of 7.39%, bringing our total post-acquisition purchases to $532 million at a blended 7.45% cap rate.

在淨租賃業務中，DE 由上季的 0.03 美元上升至 0.05 美元；本季我們以 7.39% 的加權平均資本化率（cap rate）完成 1.79 億美元的收購，使我們收購後累計購置總額達 5.32 億美元，加權平均資本化率為 7.45%。

The portfolio now stands at $2.7 billion, comprising 527 properties across 44 states, a weighted average lease term of 16.8 years, average annual rent escalations of 2.3% and 100% occupancy with zero defaults.

目前投資組合規模為 27 億美元，包含分布於 44 個州的 527 項物業；加權平均租約年期為 16.8 年，平均年度租金調升幅度為 2.3%，且出租率 100%、零違約。

Included in our balance at June 30 are $91 million of build-to-suit projects still under construction, with $65 million of incremental cost to complete. All of these projects are subject to executed leases. Upon completion of construction, these leases will add $9.9 million of annual base rent to revenue.

截至 6 月 30 日，我們的資產負債表中包含 9,100 萬美元仍在施工中的量身訂做（build-to-suit）專案，尚需 6,500 萬美元的追加成本方可完工。上述所有專案均已簽署租約。待施工完成後，這些租約將為營收增加 990 萬美元的年度基本租金。

We continue to optimize this platform's capital structure, completing another ABS transaction after quarter end, our third securitization since acquiring the platform a year ago. The ABS financing totaled $321 million at a weighted average fixed rate of 5.47%.

我們持續優化該平台的資本結構，並於季後完成另一筆 ABS 交易，這是我們在一年前收購該平台以來的第三次證券化。該筆 ABS 融資總額為 3.21 億美元，加權平均固定利率為 5.47%。

With our continued optimization of the capital structure, our first year of rent escalations in place and our investing pace, we continue to build toward the earnings power embedded in this platform.

隨著我們持續優化資本結構、首年的租金調升機制已到位，以及我們的投資節奏推進，我們正持續累積並釋放該平台所蘊含的獲利能力。

Concluding my business segment discussion is our Investing and Servicing segment, which contributed DE of $42 million or $0.11 per share to the quarter. Special Servicing fees were $20 million this quarter with the decline from last quarter due to timing of resolution.

我對各業務部門的最後一段將談到投資與服務（Investing and Servicing）部門，本季貢獻 DE 4,200 萬美元，或每股 0.11 美元。本季特殊資產服務（Special Servicing）費用為 2,000 萬美元，較上季下降主要因解決時點的時間差所致。

Our conduit, Starwood Mortgage Capital, securitized $320 million of loans, more than double last quarter's volume at profit margins that were in line with historic levels. I will conclude with a comment on this segment's REO equity portfolio, which now has just five assets remaining. We sold one asset during the quarter for a DE gain of $2 million.

我們的通道業務 Starwood Mortgage Capital 證券化了 3.20 億美元貸款，規模較上季增加逾一倍，利潤率與歷史水準一致。最後我補充說明本部門的 REO 權益投資組合，目前僅剩 5 項資產。本季我們出售 1 項資產，帶來 DE 增益 200 萬美元。

Turning to liquidity and capitalization. Our current liquidity stands at $1.2 billion. This does not include liquidity that could be generated from cash out refinancing, sales of assets in our Property segment, direct leveraging or expected proceeds from REO sales, which as I've mentioned, could be relatively material.

接著談流動性與資本結構。我們目前的流動性為 12 億美元。此數字未包含可透過現金提領再融資、出售我們物業部門資產、直接加槓桿，或預期 REO 出售所得所產生的流動性；如我先前提到，這些金額可能相當可觀。

Jeff will discuss the capital markets transactions we completed in the quarter. There is one item I would like to highlight regarding the early redemption of our $500 million January 2027 unsecured debt, which was subject to an interest rate hedge.

Jeff 將說明我們本季完成的資本市場交易。我想特別強調一項事項：我們提前贖回 5 億美元、2027 年 1 月到期的無擔保債務，該債務原本搭配利率避險。

In order to minimize interest rate risk, our policy is to hedge floating rate assets with floating rate liabilities and fixed rate assets with fixed rate liabilities. When we issued these notes in 2022 to a fixed coupon, we entered into a received fixed pay floating interest rate hedge to lock in SOFR plus 2.95% as the financing cost.

為將利率風險降至最低，我們的政策是以浮動利率負債對沖浮動利率資產，以固定利率負債對沖固定利率資產。當我們於 2022 年以固定票息發行這些票據時，我們同時簽訂「收固定、付浮動」的利率避險，以鎖定 SOFR 加 2.95% 作為融資成本。

In connection with the early redemption, we unwound the hedge. Due to higher interest rates today, this resulted in a loss on early extinguishment of debt of $6.3 million, which will be reflected in both GAAP and DE in the third quarter.

配合提前贖回，我們解除（unwind）了該避險。由於目前利率較高，導致提前清償債務產生 630 萬美元損失，將於第三季同時反映在 GAAP 與 DE 中。

The amount represents the present value of receiving the below market fixed rate through maturity. It is the onetime cost of retiring and above current market SOFR plus 2.95% obligation and replacing it with 5%, 7%, 8% paper, which if issued today would be 6.5% to 6.75%, saving us over $15 million over the next five years.

該金額代表在到期前持續收取低於市場的固定利率之現值。這是一次性成本，用以提前償還高於目前市場的「SOFR 加 2.95%」義務，並以 5%、7%、8% 的票據取代；若今日發行，利率約為 6.5% 至 6.75%，可在未來五年為我們節省超過 1,500 萬美元。

We continue to operate at conservative leverage levels, ending the quarter at a debt to undepreciated equity ratio of 2.74 times. Our unencumbered asset pool stands at $6.9 billion against $4.5 billion of unsecured debt, a coverage ratio of 1.5 times. And finally, this morning, I wanted to conclude with a few remarks on the recognition we received this quarter by the rating agencies and Nareit.

我們持續以保守的槓桿水準營運，本季末債務對未折舊權益比率為 2.74 倍。我們的無擔保資產池為 69 億美元，對應 45 億美元的無擔保債務，覆蓋倍數為 1.5 倍。最後，今天早上我也想以幾點說明本季我們獲得信評機構與 Nareit 的肯定作結。

During the quarter, both Fitch and Moody's affirmed our ratings at BB+ and Ba2, respectively, collectively recognizing our diversity, leverage profile, liquidity position stable earnings and credit track record as key elements supporting our rating.

本季 Fitch 與 Moody's 分別確認我們的評等為 BB+ 與 Ba2，並共同肯定我們的多元化、槓桿結構、流動性部位、穩定獲利能力與信用紀錄，為支撐評等的關鍵要素。

We were also once again awarded the Nareit Gold Investor CARE Award. An award given to one company in each industry, which recognized as communications and reporting excellence. This is our tenth time receiving the award in the mortgage REIT category in the last 12 years, exemplifying our long-term commitment to both our stakeholders and transparent financial reporting.

我們也再次獲頒 Nareit Gold Investor CARE Award。該獎項每個產業僅頒給一家公司，以表彰其在溝通與揭露報告方面的卓越表現。這是我們在過去 12 年中第 10 次於房貸 REIT 類別獲獎，彰顯我們對利害關係人以及透明財務揭露的長期承諾。

We are honored to once again be recognized by Nareit for this award. With that, I will now turn the call over to Jeff.

我們很榮幸能再次獲 Nareit 肯定並頒發此獎。接下來我把電話會議交給 Jeff。

Thanks, Rina, and good morning, everyone. Despite a volatile macro backdrop, we've accretively deployed a near record $6.7 billion year-to-date. The breadth of opportunity across our global platform continues to grow. Higher rates have been partially offset by tighter credit spreads and activity has remained robust.

謝謝你，Rina，各位早安。儘管宏觀環境波動，我們今年迄今仍以增厚（accretive）的方式部署了接近紀錄的 67 億美元。我們全球平台上的機會廣度持續擴大。較高利率部分被更緊的信用利差所抵消，市場活動仍維持強勁。

CMBS issuance is tracking near multiyear highs, and CRE transaction volumes continue to recover gradually but steadily. The breadth of opportunity across our global investment platform remains as active as it has been since 2021.

CMBS 發行量正接近多年高點，而商用不動產（CRE）交易量也持續逐步且穩定地復甦。我們全球投資平台的機會廣度，仍維持自 2021 年以來同樣活躍的水準。

We have strong pipelines across our businesses and across continents, and we are on pace for a record year of investment activity across our cylinders, supporting the continued growth of our portfolio. In volatile markets, investors have the opportunity to step back and examine the effectiveness of different business models.

我們在各項業務與各大洲都擁有強勁的案源管線，並正朝著在各引擎（cylinders）創下投資活動紀錄的一年邁進，支持投資組合持續成長。在波動市場中，投資人有機會退一步檢視不同商業模式的有效性。

Our company has consistently outperformed in times of stress over our 17 years. We have said repeatedly that we've built and diversified this company to operate through cycles and across macro environments. And the last five months have tested that thesis.

過去 17 年來，我們公司在壓力時期一貫表現優於同業。我們也一再表示，我們已建立並多元化公司，使其能穿越景氣循環並適應各種宏觀環境。而過去五個月正驗證了這項論點。

Our unique diversified business model with only half our revenue coming from CRE lending has again absorbed this volatility.

我們獨特且多元化的商業模式——僅有一半營收來自 CRE 放款——再次吸收並消化了這波波動。

We see improving conditions in commercial real estate with higher absorption, less supply and more transaction activity. Our lack of credit migration and outlook again showcase the durability of the platform we have constructed.

我們看到商用不動產環境正在改善，去化率提高、供給減少、交易活動增加。我們未出現信用遷徙（credit migration）的情況與展望，再次展現我們所打造平台的韌性。

In our Commercial Lending segment, our best-in-class financing and access to liquidity, which I will discuss more later, have allowed us to deploy near record amounts of capital this year. The third quarter looks to be our strongest origination quarter, reflecting the strength of our global origination platform and further diversifying our business.

在商用放款部門，我們同業領先的融資能力與流動性取得管道（我稍後會再詳述），使我們今年得以部署接近紀錄的資本規模。第三季可望成為我們最強的承作（origination）季度，反映我們全球承作平台的實力，並進一步分散我們的業務。

Despite the leveling off of credit deteriorated loans, as Rina mentioned, we did have three multifamily loans moved to a four risk rating during the quarter, a $73 million multifamily asset in Phoenix, Arizona, a $63 million multifamily asset in Clearwater, Florida, and a $74 million multifamily asset in Mesa, Arizona.

儘管信用惡化貸款的增幅已趨於平緩，如 Rina 所提，本季我們仍有三筆多戶住宅貸款被調整至風險評等 4：亞利桑那州鳳凰城一項 7,300 萬美元的多戶住宅資產、佛羅里達州 Clearwater 一項 6,300 萬美元的多戶住宅資產，以及亞利桑那州 Mesa 一項 7,400 萬美元的多戶住宅資產。

These downgrades reflect the effect of higher forward rates I mentioned and broader softness in certain Sunbelt multifamily markets where elevated supply that is mostly behind us has put pressure on near-term cash flow.

這些降評反映我先前提到的較高遠期利率影響，以及部分陽光帶（Sunbelt）多戶住宅市場的整體疲弱；在這些市場中，先前偏高的供給（目前多已過峰）對短期現金流造成壓力。

We have over $6 billion in multifamily loans, representing 20% of our balance sheet and more than twice as large as any other exposure. Despite this being our largest asset class, it is a relatively low percentage of our reserves.

我們持有超過 60 億美元的多戶住宅貸款，占資產負債表的 20%，且規模是任何其他曝險的兩倍以上。儘管這是我們最大的資產類別，但其占我們備抵（reserves）的比例相對較低。

We have increased occupancy and improved performance on assets we have taken back, in some cases, materially, positioning us to begin exiting them as we have before in a more thoughtful way that returns the highest return to shareholders.

我們已提高入住率，並改善我們已收回資產的營運表現，在某些情況下改善幅度相當顯著，使我們得以開始如同以往、以更審慎的方式逐步退出這些資產，為股東帶來最高回報。

As Rina said, we expect over $800 million of resolutions in the second half of 2026, with the majority coming from REO sales on multifamily assets under PSA or actively being marketed, the redeployment of which will generate DE for shareholders.

如 Rina 所說，我們預期在 2026 年下半年將完成超過 8 億美元的處置／解決案，其中大部分來自於在 PSA 項下或正積極推向市場的多戶型（multifamily）REO 資產出售；其資金再部署將為股東創造 DE。

In addition to the REO sales Rina mentioned, I want to point out a few additional positive credit outcomes in the quarter. We had previously told you about a $300 million office building in Brooklyn.

除了 Rina 提到的 REO 出售之外，我也想指出本季幾項額外的正面信用結果。我們先前曾向各位提到布魯克林一棟 3 億美元的辦公大樓。

During the quarter, the borrower signed the third and final lease for 32 years to a credit tenant, bringing the building to 100% occupancy with 30 years of WALT, allowing the remaining portion of the loan to return to accrual status and putting the borrower in a position to refinance or sell the property.

本季期間，借款人與一名信用良好的承租戶簽署了第三份也是最後一份、為期 32 年的租約，使大樓達到 100% 入住率，且加權平均剩餘租期（WALT）達 30 年，讓該筆貸款的剩餘部分得以恢復計息（accrual）狀態，並使借款人具備再融資或出售該物業的條件。

Subsequent to quarter end, two office loans repaid at par for $171 million in total, reducing our office exposure in the US to just 7.6% of our assets and globally to 8.9% of our assets, both the lowest in our company's history and an important indicator of lower potential losses.

在季後，有兩筆辦公室貸款以面值償還，合計 1.71 億美元，使我們在美國的辦公室曝險降至僅占資產的 7.6%，全球則降至占資產的 8.9%；兩者皆為公司史上最低水準，也是潛在損失降低的重要指標。

Turning to our Infrastructure Lending segment. In the quarter, we committed $441 million of returns consistent with historic levels. After similar size repayments, the portfolio ended the quarter at $3.1 billion.

接著談我們的基礎建設放款（Infrastructure Lending）部門。本季我們承作了 4.41 億美元的投放，回報水準與歷史水準一致。在類似規模的償還後，該投資組合季末為 31 億美元。

With the pricing of our seventh SIF CLO this year, our infrastructure loans benefit from term non-mark-to-market financing on 75% of our assets, reducing funding volatility's and improving our overall cost of capital in this segment.

隨著我們今年定價完成第七檔 SIF CLO，我們的基礎建設貸款有 75% 的資產受益於具期限、非按市值計價（non-mark-to-market）的融資，降低資金來源波動並改善本部門的整體資金成本。

The SIF loan portfolio benefits from outstanding credit quality. 92% of the portfolio was rated one or two by our internal review process. It has been 10 quarters since we downgraded a credit to watch list status, and our portfolio today only has one watch list credit with a $16 million market value.

SIF 貸款投資組合具備卓越的信用品質。92% 的投資組合在我們的內部審查流程中被評為 1 或 2 級。我們已連續 10 個季度未將任何信用案降級至觀察名單（watch list）狀態，而目前投資組合僅有一筆觀察名單信用案，市值為 1,600 萬美元。

97% of our loans benefit from public or private Moody's credit ratings, and 2/3 of those loans are rated Ba3 or higher. The risk-adjusted returns on this portfolio add tremendous value to shareholders.

我們 97% 的貸款具有穆迪（Moody's）公開或私下的信用評等，其中三分之二的貸款評等為 Ba3 或更高。此投資組合的風險調整後報酬為股東創造了巨大的價值。

Additionally, we acquired an asset in our infrastructure lending business via a debt for equity swap on a defaulted loan in 2019. As part owner of the asset today, we are under contract to sell it in the second half for a material gain to DE and book value.

此外，我們在基礎建設放款業務中，透過 2019 年一筆違約貸款的以債轉股（debt for equity swap）取得一項資產。作為該資產目前的共同持有人之一，我們已簽約於下半年出售，預期將為 DE 與帳面價值帶來可觀的收益。

We will tell you more about it in the coming quarter or two once consummated. In our Property segment, our 1,200 K Street Office to multifamily conversion received residential conversion permits in June, and we have completed demolition and started construction in a market where we have seen Class A rents rise significantly since beginning this conversion process, which we expect to complete in 2028.

待交易完成後，我們將在接下來一到兩個季度提供更多資訊。在我們的不動產（Property）部門，位於 K Street 1200 號的辦公室改建為多戶型住宅案已於 6 月取得住宅改建許可；我們已完成拆除並開始施工。在我們啟動此改建流程以來，該市場的 A 級租金顯著上升；我們預期於 2028 年完成。

In our Investing and Servicing segment, our active special servicing portfolio, a key indicator for us on the future segment profitability increased by $1 billion in the quarter to $10.9 billion with new SASB transfers totaling $1.3 billion coming in.

在我們的投資與服務（Investing and Servicing）部門，我們的在管主動特殊服務（active special servicing）投資組合——這是我們衡量未來部門獲利能力的關鍵指標——本季增加 10 億美元至 109 億美元，新增 SASB 移轉合計 13 億美元。

Our named servicing portfolio stands at $93.6 billion and is the pipeline that will increase our active special servicing portfolio over time. I also want to recognize Adam Behlman, the Head of REIS and our SMC conduit lending businesses.

我們的具名服務（named servicing）投資組合為 936 億美元，這是將隨時間推升我們主動特殊服務投資組合的管線。我也想表揚 Adam Behlman，他是 REIS 以及我們 SMC 通道（conduit）放款業務的負責人。

Adam was recognized by CREFC as the recipient of the prestigious Founders Award, and we want to congratulate him on this well-deserved recognition for his leadership of our REIS business. Congratulations, Adam.

Adam 獲 CREFC 頒發享有盛名的「創辦人獎」（Founders Award），我們要恭喜他因領導 REIS 業務而獲得這項實至名歸的肯定。恭喜你，Adam。

I want to finish with our capital markets activity because I believe it's one of the most important stories of this quarter and the last 18 months and one that I think is underappreciated by the market. In the second quarter alone, we executed $2.1 billion of corporate debt transactions, including $1.1 billion in senior unsecured notes that were the tightest priced financial sector, unsecured notes of 2026 for a high-yield bond issuer, $600 million that was swapped to SOFR plus 2.22% and $500 million at 5%, 7%, 8% fixed.

最後我想以我們的資本市場活動作結，因為我認為這是本季以及過去 18 個月最重要的故事之一，而且我認為市場對此仍低估。僅在第二季，我們就完成了 21 億美元的公司債務交易，其中包括 11 億美元的優先無擔保票據；該票據是 2026 年到期、由高收益債發行人所發行之金融業無擔保票據中定價最緊的一筆；其中 6 億美元透過交換轉為 SOFR + 2.22%，另有 5 億美元為 5%、7%、8% 的固定利率。

We also executed a $275 million term loan B upsize and repricing of our $696 million existing term loan to SOFR plus 2.00% which was 25 basis points inside our prior pricing. Subsequent to quarter end, we repaid $400 million of maturing July 2026 high-yield notes and early prepaid $500 million of our January 2027 high-yield notes, as Rina mentioned. We don't have any more corporate debt maturities until July 2027. Importantly, these transactions extended our weighted average corporate debt maturity significantly to 3.7 years, nearly double what it was before the $6 billion plus of capital markets transactions we've executed in the last 18 months while we also reduced the weighted average spread of our debt.

我們也完成了 2.75 億美元的 B 級定期貸款（term loan B）增額，並將既有 6.96 億美元定期貸款重新定價為 SOFR + 2.00%，較先前定價再收窄 25 個基點。在季後，如 Rina 所提，我們償還了 4 億美元於 2026 年 7 月到期的高收益票據，並提前償還 5 億美元於 2027 年 1 月到期的高收益票據。我們在 2027 年 7 月之前不再有任何公司債務到期。重要的是，這些交易使我們的公司債務加權平均到期年限顯著延長至 3.7 年，幾乎是我們在過去 18 個月執行超過 60 億美元資本市場交易之前的兩倍，同時也降低了債務的加權平均利差。

Finally, as Rina mentioned, Fitch and Moody's both affirmed our credit ratings in the quarter, a signal of the institutional confidence in this platform that underpins our ability to access capital at the lowest financial services spreads in the high-yield market. We repurchased $30 million of our $400 million approved stock buyback year-to-date. Management and the Board own over $350 million of stock alongside our shareholders, more than all our peers combined. Our investing pipeline is robust, and we believe in the long-term value of this platform and are confident in our earnings trajectory over time.

最後，如 Rina 所提，Fitch 與穆迪（Moody's）在本季皆確認（affirmed）我們的信用評等，顯示機構投資人對此平台的信心，並支撐我們以高收益市場中最低的金融服務業利差取得資金。截至今年迄今，我們已回購 3,000 萬美元、在核准 4 億美元的庫藏股計畫額度內。管理團隊與董事會與股東共同持有超過 3.5 億美元的股票，超過我們所有同業的合計。我們的投資管線強勁，我們相信此平台的長期價值，並對我們隨時間推進的獲利軌跡充滿信心。

We've been telling you for years that access to capital at scale is one of our defining competitive advantages, and this quarter is a concrete demonstration of that. We are not a pure-play mortgage REIT and are, in fact, only half a mortgage REIT. This is why our results and trajectory are different. We are a diversified finance company with over $32 billion of assets, eight distinct business lines and the broadest access to capital markets of anyone in our peer group. The ability to invest accretively and in scale every quarter and to issue high-yield notes, upsize and reprice term loans, execute CLOs, ABS and CMBS conduit securitizations across multiple asset classes.

多年來我們一直告訴各位，具規模的資金取得能力是我們最具代表性的競爭優勢之一，而本季就是具體的證明。我們並非純粹的房貸 REIT（mortgage REIT），事實上我們只有一半是房貸 REIT。這就是為什麼我們的結果與發展軌跡不同。我們是一家多元化的金融公司，資產超過 320 億美元，擁有八條獨立業務線，並在同業中具備最廣泛的資本市場進入能力。我們具備每季以增益性（accretive）方式、且以規模進行投資的能力，並能發行高收益票據、增額並重新定價定期貸款、執行 CLO、ABS 與 CMBS 通道證券化，涵蓋多種資產類別。

Our signaling is also unique and differentiated at a time when the traditional mortgage REIT model has come under pressure due to continued credit deterioration and lack of investor confidence and it is a competitive moat that compounds to our company and shareholders over time.

在傳統房貸 REIT 模式因信用持續惡化與投資人信心不足而承壓之際，我們的市場訊號也同樣獨特且具差異化；這是一道競爭護城河，並會隨時間為公司與股東帶來複利效應。

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

接下來，我把電話會議交給 Barry。

Good morning, everyone. Thanks for joining us. The first item of my day is to wish Rina a happy birthday. Happy birthday to you. The first management team to sing to their CFO.

各位早安。感謝各位加入我們。我今天的第一件事是祝 Rina 生日快樂。祝你生日快樂。這可能是第一個管理團隊在電話會議上對他們的財務長唱生日歌。

Maybe that's the violation of SEC decorum. I don't know. We'll find out. A little surprised by the stock's reaction this morning. I think we actually had a pretty good quarter and not deviant from anything we've talked about.

也許這違反了 SEC 的禮儀規範。我不知道。我們會知道的。今天早上股價的反應讓我有點意外。我認為我們其實交出了一個相當不錯的季度表現，而且並未偏離我們一直以來所談的任何內容。

I think we're kind of throwing the baby out with the bathwater. Remember, half our company is not large loan lending anymore. And I'm sure there's worries in the world about the stability of these mortgage folks given our competitors reports heretofore.

我覺得我們有點把孩子連同洗澡水一起倒掉了。記住，我們公司有一半已經不再做大型貸款放款了。而且我確定，鑑於我們競爭對手迄今為止的報告，市場對這些房貸機構的穩定性確實有所擔憂。

So I think we look at it differently, and it goes to, of course, our dividend, which we're very public about and you could see we're now covering. We're pretty confident in our ability to get back to the earnings power that we'll need to drive the dividend and restore our coverage of dividend.

所以我認為我們看待這件事的角度不同，而這當然也回到我們的股利政策——我們一直很公開，你也可以看到我們現在已經能夠覆蓋。我們對於回到所需的獲利能力、以支撐股利並恢復股利覆蓋率，抱持相當大的信心。

And why are we confident? So let's start with what's actually happening at the property level in the United States today. Almost all the real estate asset classes here and in Europe are in repair. I mean everything is getting better. If you look at all the equity REITs in the multifamily sector and logistics sector, self-storage, senior housing, everything is getting better.

那我們為什麼有信心？先從今天美國在物業層面實際發生的事情談起。幾乎所有在這裡以及在歐洲的房地產資產類別都在修復中。我是說，一切都在變好。如果你看多戶住宅與物流領域的所有股權型REIT，還有自助倉儲、銀髮住宅等等，所有東西都在改善。

That's basically driven by steady demand and rapidly deteriorating or nonexistent supply. I think retail construction is like less than 1%. Office is at historic lows. If you take out build-to-suits, there's almost nothing being built in this country, apartment starts dropped 70%. Logistics starts down 70%.

這基本上是由穩定需求，以及快速惡化或根本不存在的供給所驅動。我想零售建築量大概不到1%。辦公室供給在歷史低點。如果把量身訂做（build-to-suit）的案子拿掉，這個國家幾乎沒有什麼在建；公寓開工量下滑70%。物流開工量也下滑70%。

And you're beginning to see improvements in rent in the multi-sector, which we've been waiting for, God knows, how many quarters. But the markets are absorbing. There's still new supply completing and things are getting better market by market.

而且你開始看到多個領域的租金出現改善——我們等了天知道多少個季度。但市場正在吸收。仍然有新供給在完工，不過各個市場的狀況正一個市場接一個市場地變好。

Basically, the weakness is in the Sunbelt cities, and it's pretty strong on the two coasts, given nobody was building in California or New York City. And now it's even harder with the rent, the prospects of rent control in those markets.

基本上，疲弱出現在陽光帶城市；而兩岸則相當強勁，因為在加州或紐約市根本沒有人在蓋。而現在在那些市場又更難了，因為租金以及租金管制前景的因素。

So the bad news is for the whole sector on the legacy books are the flattening of the yield curve, but interest rates have gone up.

所以對整個產業來說，舊有資產帳上的壞消息是殖利率曲線趨於平坦，但利率已經上升了。

So we have a lot of multi that borrowers are saying, I'll survive for '25, lower rates will allow me to refinance, and I can hold on for what we know will be pretty good years if you listen to Camden or UDR or Avalon, or Essex.

所以我們有很多多戶住宅的借款人會說：我可以撐過2025年，利率下降就能讓我再融資；而且如果你聽Camden、UDR、Avalon或Essex怎麼說，我可以撐住，因為我們知道接下來會是相當不錯的年份。

I mean, they're all different geographies, but they're all talking about a pretty good year in back half of '26 and really good in '27 and stupendous in '28 is the kind of comments from those management teams. A lot of borrowers were holding on for that. They're not making a lot of money. They didn't, but they're paying their debt service.

我是說，他們的地理分布都不同，但他們都在談：2026年下半年會是相當不錯的一年，2027年會非常好，2028年會好得驚人——這大概是那些管理團隊的評論。很多借款人就是在等那個。他們賺不了太多錢。他們確實沒有，但他們有在付債務本息。

So now it's getting a little more challenging for these guys because they're not refinancing at a 3 SOFR. They're refinancing at a 4 SOFR, 4 and 1/8. I actually fundamentally can't really understand the Fed's position on raising rates to this economy. It's not going to open the Strait of Hormuz.

所以現在對這些人來說變得更具挑戰，因為他們不是用3的SOFR再融資。他們是用4的SOFR、4又1/8來再融資。我其實從根本上很難理解聯準會在這個經濟環境下升息的立場。升息不會打開荷莫茲海峽。

It's not going to change the price of oil in the United States. It will only impact the interest rate sensitive portions of the economy. Looks like a broken record, almost 1/3 of the economy is really health care, education and government hires. Those sectors have added almost 6 million jobs since the Fed started raising rates 500 basis points in May of '22. It doesn't work on this economy.

它也不會改變美國的油價。它只會影響對利率敏感的那部分經濟。聽起來像老生常談，但將近三分之一的經濟其實是醫療保健、教育與政府雇用。自從聯準會在2022年5月開始升息500個基點以來，這些部門新增了將近600萬個工作。這招對這個經濟體不起作用。

I listened to these global heads on TV in the morning talking about the manufacturing sector. It's 12 million jobs. It's irrelevant to the United States economy today. We need to bring back manufacturing and how are you going to do that with a 4% unemployment rate.

我早上在電視上聽這些全球主管談製造業。那是1,200萬個工作。在今天的美國經濟裡，它其實無關緊要。我們需要把製造業帶回來，但在失業率4%的情況下，你要怎麼做到？

Most people like working with service economies. So it's really a funny concept, but it is a tax. The rise in oil price is a tax. The proper move might actually be to lower rates in order to induce the interest rate sensitive sectors like housing to be affordable and to recover and to take a burden off the consumer that increased prices represent to the consumer.

大多數人喜歡在服務型經濟中工作。所以這真的是個很有趣的概念，但它確實是一種稅。油價上漲是一種稅。更合適的作法也許反而是降息，以促使像住房這類對利率敏感的部門變得可負擔、得以復甦，並減輕價格上漲對消費者造成的負擔。

So I would say the backdrop is it's getting better at the property level, which fundamentally is important. And the other big news, obviously, for our shareholder base this morning is we are very busy investing capital. The opportunity sets are great. We're having record flows of investments. They're double-digit yields consistent with everything we've ever produced in the past.

所以我會說，大環境是在物業層面變得更好，而這在根本上很重要。而另一個大消息，顯然對我們今天早上股東基礎而言，是我們正非常積極地投入資本進行投資。機會集合非常好。我們的投資流量創下紀錄。這些都是雙位數殖利率，與我們過去所創造的一切一致。

And this is all new stuff, and it's obviously becoming a bigger and bigger portion of our book going forward. So what we have to do is nurse the older stuff. And we're pretty confident of our ability to turn what doesn't earn much or almost nothing, some of the assets we're getting back into being able to sell them and return the capital to invest at these double-digit returns, which will ultimately support the dividend.

而且這些全都是新的案子，顯然未來它在我們資產組合中的占比會越來越大。所以我們必須做的是把較舊的那部分好好照護。我們對於把那些賺得不多、甚至幾乎不賺錢的東西——其中一些資產我們正在收回——轉化為可出售的狀態並回收資本、再把資本投入這些雙位數報酬的機會，抱持相當信心；而這最終將支撐股利。

And I'll give you a few examples in our book and what you see, we probably don't appreciate and Jeff kind of mentioned it, but I'll double dip on the comment. When our borrowers get stressed, they stop investing in these assets, and they kind of, in some cases, they can't even, they don't put the money to turn the apartment units.

我給你幾個我們資產組合裡的例子，以及你所看到的——我們可能沒有充分重視，Jeff也提到了一點，但我再重複一次。當我們的借款人承受壓力時，他們就會停止對這些資產的投資；而且在某些情況下，他們甚至連把公寓單位翻新周轉所需的錢都不願意投入。

They're actually trying to strip what they can before they give it back to us. They stop CapEx. Another property they didn't do elevator repairs, so you couldn't get to the units on the top of the property.

他們其實是在把能剝離的都先剝離，然後才把資產還給我們。他們停止資本支出（CapEx）。另一個物業他們沒有做電梯維修，所以你根本到不了物業頂樓的單位。

One property we did foreclose on, which is a mixed-use development in Texas. Our team, since we took it over like three months ago, has taken the NOI of the hotel from $1.2 million to $4.6 million. The apartments, which we had to fix the elevators in have gone from 60% to 80%. We're confident we'll get that into the 90s and the hotel will stabilize probably in the 7%, 8%. We'll get out of this hole in my opinion.

有一個我們已經完成法拍的物業，是德州的一個複合用途開發案。我們的團隊自從大約三個月前接手以來，已把飯店的NOI從120萬美元提升到460萬美元。公寓部分——我們必須先修好電梯——入住率已從60%提升到80%。我們有信心把它提升到90%區間，而飯店大概會在7%、8%附近穩定下來。我認為我們會走出這個坑。

But at the moment, it's certainly not much for our shareholders. So we're an equity shop. These are equity assets. Our capital is an equity shop. I always joke to our team. It's really fun to get these multis back because you're getting them back at a really good price per key.

但就目前而言，這對我們股東來說當然貢獻不大。所以我們是一家做股權的機構。這些是股權型資產。我們的資本是一家股權型機構。我常跟團隊開玩笑。把這些多戶住宅收回來其實很有趣，因為你是用每戶（per key）非常好的價格把它們拿回來。

And if I was an opportunity, I'd buy them. And we are selling them. We're getting them back within a month or two or three months, they're gone. In fact, we fix it, we just sell it and we don't lose money. They could lose $5 million or $10 million, it's completely irrelevant to the company as a whole.

如果我是機會型投資者，我會買它們。而我們正在賣掉它們。我們在一兩個月或三個月內把它們收回來，然後就出清了。事實上，我們把它修一修就賣掉，而且不會虧錢。他們可能會虧500萬或1,000萬美元，但對整體公司而言完全無關緊要。

And in some cases, we might actually make a little bit of money if we're seeing cap rates. There's a portfolio of apartments that just sold in like a week. It will trade in the 5.2%. It's a very large deal, and you did it with almost no due diligence. So there's great appetite to buy apartments which everyone knows what's coming down the road and you see this across the whole country.

而且在某些情況下，如果我們看到資本化率（cap rates），我們實際上可能還能小賺一點。有一個公寓投資組合在大概一週內就剛賣掉了。成交資本化率會在 5.2% 左右。這是一筆非常大的交易，而你幾乎在沒有做盡職調查的情況下就完成了。所以市場對買入公寓的需求非常強勁；大家都知道未來會發生什麼，而且你在全國各地都能看到這種情況。

In fact, we've been bidding on apartments on the West Coast. Cap rates are dipping below 4.6% or 4.7%. We have a bid of 4.3% on an apartment deal in Florida. So the cap rates are there to support these loans, but we have to work through it. There's no fast answer here. And the resolutions of these deals is not always in our control.

事實上，我們一直在西岸競標公寓資產。資本化率正在下探到 4.6% 或 4.7% 以下。我們在佛羅里達的一筆公寓交易上出到 4.3%。所以這些資本化率足以支撐這些貸款，但我們必須一步步把它處理完。這裡沒有快速的答案。而且這些交易的解決方式並不總是在我們的掌控之中。

So we have to take it back to minimize transfer taxes, if it's in the states with transfer taxes. But we're confident in our ability to restore the earnings power of the company in the near term, although that could take a little longer than we would like. And so we think we're not considering our dividend, changing our dividend policy at the moment.

所以我們必須把資產收回來，以把移轉稅降到最低——如果是在有移轉稅的州。但我們對於在短期內恢復公司獲利能力很有信心，儘管這可能會比我們希望的稍微久一點。因此，我們認為目前不會考慮股利，或改變我們的股利政策。

If things go differently, it's something interrupts that we don't know about and we see, we'll have to revisit that. But right now, we're confident in our dividend. And as a shareholder myself and the management team, we know exactly what we're doing. We're obviously over paying our dividend. We're deteriorating our book value slightly.

如果情況出現不同走向，發生了我們不知道、但後來看到的干擾因素，我們就必須重新檢視。但就目前而言，我們對股利很有信心。而且作為股東的我本人以及管理團隊，我們非常清楚自己在做什麼。我們顯然是在超額支付股利。我們的帳面價值正在略微下滑。

We believe our shareholders have wanted to see consistency and transparency, and that's why I'm talking so much today to actually tell you what is actually going on.

我們相信股東希望看到一致性與透明度，這也是為什麼我今天講這麼多，實際上是要告訴你們到底發生了什麼。

And we look at our book, I can break it down between the really good stuff, the stuff that's bad and then the stuff that's not doing much. And to us, it represents just tremendous earnings power. And we're going to look if we have to take small losses to redeploy that capital now and get to the 12s and 13s and better that we can produce on the capital when we get it back, we're going to do it.

我們看我們的投資組合，我可以把它拆成真正好的部分、不好的部分，以及表現平平的部分。而對我們而言，這代表著非常可觀的獲利能力。如果我們必須承擔一些小幅損失來把資本重新部署，現在就把報酬率拉回到 12%、13% 甚至更好——也就是我們把資本收回後能創造的水準——我們會去做。

And we'll just do it measurably. And we have gains in our book. So we can offset some of the losses or gains and you know where they are. We've talked about them for the last 13 years. And that stuff is only getting better.

而且我們會有節制、循序漸進地做。我們的帳上也有獲利部位。所以我們可以用部分損失或獲利來互相抵銷，而且你也知道它們在哪裡。過去 13 年我們一直在談這些。而那些部位只會變得更好。

So when you break down our businesses, we look at our really good stuff. Obviously, our infrastructure business has been terrific. It continues to be great. Our special servicer, a conduit, our resi book are all fine, Woodstar, our apartment portfolio, terrific.

所以當你拆解我們的各項業務時，我們先看真正好的部分。顯然，我們的基礎建設業務一直非常出色。它仍然很棒。我們的特殊服務機構（special servicer）、通道（conduit）、住宅（resi）投資組合都很好，Woodstar、我們的公寓投資組合也非常出色。

Our triple net lease business, not adding much to our earnings right now, but I look at it as an opportunity because we have a business that trades at a 6%, a triple net lease business, 17 year leases, zero defaults. It trades at a 6% in the public market, and it trades at 11% or 12% dividend yield in us, and that's dumb, right? We're not that stupid. So we have to look at what we can do here. We love the earnings.

我們的三重淨租賃（triple net lease）業務目前對獲利貢獻不大，但我把它視為一個機會，因為我們有一個在市場上以 6% 交易的業務——三重淨租賃業務、17 年租約、零違約。它在公開市場以 6% 交易，但在我們這裡卻以 11% 或 12% 的股利殖利率交易，這很蠢，對吧？我們沒那麼笨。所以我們必須看看這裡能做些什麼。我們喜歡這些獲利。

I mean, the stability of the earnings. We love the depreciation shield it gives us, but we have a large business inside of us that would be worth materially more if we sold it.

我是說，獲利的穩定性。我們也喜歡它帶來的折舊抵減（depreciation shield），但我們公司內部有一個很大的業務，如果把它賣掉，價值會實質上更高。

And if we sold it or we somehow spun it off, we did something with it. We obviously think we could enhance our earnings profile. It's not something we really want to do, but it's something we know that we have in our pocket that we could do if we could figure out the right way to do it.

如果我們把它賣掉，或以某種方式把它分拆出去，對它做些處置。我們顯然認為可以改善我們的獲利結構。這不是我們真的想做的事，但我們知道這是一張我們握在手上的牌——如果能找到正確的做法，我們就可以做。

So I'll give you one other REO story because I actually just visited the asset in Washington, DC. We took back an office building from one of the top three or four real estate sponsors in the United States, a company that most people, actually, this particular company is even though we've taken multiple buildings back from them, they've never reported the default from the losses they've incurred in all these assets, which is fascinating.

我再給你們講一個其他不動產（REO）的故事，因為我其實剛去華盛頓特區看過那個資產。我們從美國前三或前四大的房地產贊助商之一手上收回了一棟辦公大樓；這家公司多數人都知道。實際上，這家特定公司即使我們已經從他們那裡收回了多棟大樓，他們也從未揭露在這些資產上因違約而產生的損失，這很耐人尋味。

But leaving that to the side. This former office building we inherited, we've got approval and we've begun the process of turning into an apartment complex. I looked at, we already started. Rents have gone up in DC, what we thought would just get us our capital back, now profitably we could make money on. There's no way to accelerate this.

但先不談這個。這棟我們接手的前辦公大樓，我們已經取得核准，並開始把它改造成公寓社區的流程。我看了，我們已經開始了。特區的租金上漲了；原本我們以為只能把資本拿回來，現在看起來可以有利可圖、甚至能賺錢。這件事沒有辦法加速。

Like, it's a couple of hundred million dollar assets sitting on our books, you're giving it zero value because it's not there to produce the dividend. It is a work in progress. It will be finished. It will lease plus or minus something and it would be an additive asset, and we'll get our capital back.

就像是，帳上放著幾億美元的資產，你卻給它零價值，因為它目前還不能用來產生股利。它正在進行中。它會完工。它會以某個幅度出租，並成為一個增益資產，而我們也會把資本收回來。

So I don't know how to do that any differently as you take the long view, which we have, we're the longest surviving firm in our space and the largest in our space. So we're going to do that in other cases like we've restructured a loan on a portfolio of apartments. And we might look to just sell the loan. It's fine. It's the loan to assets are definitely worth the loan balance, but it's underperforming.

所以我不知道還能怎麼做得不同——你必須採取長期視角，而我們一直如此；我們是這個領域存續最久、也是規模最大的公司。所以在其他案例中我們也會這樣做，例如我們已經對一個公寓投資組合的貸款做了重組。而我們可能會考慮直接把這筆貸款賣掉。沒問題。這筆貸款對應的資產價值絕對高於貸款餘額，但它表現不佳。

We can't materially increase the ROE on that loan. It was restructured and we agreed to a fixed rate loan.

我們無法實質提高那筆貸款的股東權益報酬率（ROE）。它已經重組，而我們同意改成固定利率貸款。

So it's under, it's earning, but it's not earning the levels of returns we want to earn on capital of that scale in our company. So asset by asset, modified loan and nonaccrual loans, we're going through them all, and we're going to figure out the right way to maximize shareholder value and build back our book value.

所以它是低於我們期望的——它有在賺，但沒有賺到我們希望在公司這種規模資本上所要的報酬水準。因此我們會逐一資產檢視，包含修改後的貸款與停止計息（nonaccrual）貸款，我們會把它們全部過一遍，並找出最大化股東價值、把帳面價值建立回來的正確做法。

So I think I'm actually feeling pretty good about things. I really, I'm looking at the future and all the earnings power of all these underperforming assets as well as our ability to put out the capital across our very differentiated platform at very attractive returns, consistent or better than we've had in the past. And we are going into a new line of business, which we'll tell you about next quarter. At least we're highly confident we're going into it, which will add another cylinder to our company.

所以我覺得我其實對現況感覺相當不錯。我真的在看未來：這些表現不佳資產的獲利能力，以及我們透過非常差異化的平台、以非常具吸引力的報酬率部署資本的能力——可與過去一致或更好。而且我們將進入一條新的業務線，我們會在下個季度告訴你們。至少我們高度有信心會進入，這將為公司再增加一個引擎。

And again, nothing to do with commercial, well, income-producing commercial loans. And we continue to look at acquisition opportunities and opportunities to consolidate our sector as some other people throw in the towel and where stocks are trading at material discounts to book value. We should be a sector consolidator and still keep our eye on the ball, which is to try to make investment grade down the road.

再說一次，這與商用——嗯，收益型商業貸款——無關。而且我們持續尋找併購機會，以及在其他人選擇放棄、且一些股票以相對帳面價值大幅折價交易時，整併我們產業的機會。我們應該成為產業整併者，同時仍要把注意力放在核心目標上，也就是長期努力達到投資級（investment grade）。

So what Jeff and Rina and the team have done to our balance sheet is heroic. We have, by far, the best balance sheet in the sector. I call it a fortress balance sheet in our sector, with very little near-term maturities, we've lowered our cost of capital.

所以 Jeff、Rina 以及團隊對我們資產負債表所做的一切堪稱英勇。我們無疑擁有本產業中最強的資產負債表。我稱之為我們產業的「堡壘式資產負債表」，短期到期項目很少，我們也降低了資本成本。

And if I'm right, which is a counterview that rates won't go up as much as people say, I think things will get better, continue to get better. So I'm happy that I can't tell you it's perfect today. I'm very happy. I can tell you how we can grow and restore earnings power is pretty obvious to everyone in the room. And we're doing about what we told you we were going to do. So there's not much of a surprise.

而如果我判斷正確——也就是與市場主流相反的看法：利率不會像大家說的那樣上升那麼多——我認為情況會好轉，並且會持續改善。所以我很高興，雖然我不能告訴你今天一切都完美。但我非常高興。我可以告訴你，我們如何成長並恢復獲利能力，對在座各位而言其實相當明顯。而且我們正在做的，基本上就是我們先前告訴各位會做的事。所以沒有太多意外。

It is nice to see we had no deterioration in our credit book. The CECL reserve just went up because interest rates went up and that's an economic model that we can't control. We have $700 million of reserves against this book. I'll give you a little hint. We'll probably use a lot of that down the road.

很高興看到我們的信貸投資組合沒有惡化。CECL 準備金之所以增加，只是因為利率上升，而那是我們無法控制的經濟模型結果。我們針對這個組合提列了 7 億美元的準備金。我給你一個小提示。我們之後很可能會用掉其中相當大一部分。

But that won't impact book value when that happens and, when and if it happens. But again, things are picking up. I mean even the office markets are getting leases which we've been consistent for now two years. The good buildings are leased and have tremendous rental power.

但當那件事發生時——如果發生、以及在發生之時——不會影響每股淨值。不過再說一次，情況正在回溫。我的意思是，就連辦公市場也開始出現租約，我們在這點上已經連續兩年保持一致的觀察。好的大樓都租得出去，而且擁有很強的租金議價能力。

And even in our suburban book, in our equity book, not this company's book, but our capital's book, we're kind of surprised the velocity of office leasing coming back to markets that you've here before considered to be weak.

甚至在我們的郊區組合、在我們的股權組合——不是這家公司帳上的組合，而是我們資本端的組合——我們也有點驚訝，辦公租賃回流到一些你們過去認為較弱的市場，其速度之快。

And the industrial markets, I can tell you like not getting away from this, we are quite busy in getting multiple bids again on industrial assets. All that bodes really well for the majority of our book and for the opportunities that we have in front of us.

至於工業市場，我可以告訴你，這點無可迴避：我們又開始很忙，因為工業資產再次出現多方競標。這些都對我們投資組合的大部分資產，以及我們眼前的機會，釋放出非常正面的訊號。

So with that, I thank you for your time, and I hope you have a great rest of summer. And I know you joined me in wishing Rina happy birthday. Thank you.

那麼就到這裡，感謝各位撥冗。也希望各位夏天剩下的時光過得愉快。我也知道各位會和我一起祝 Rina 生日快樂。

(Operator Instructions) Jade Rahmani with KBW.

（接線員指示）KBW 的 Jade Rahmani。

From an equity perspective, when you're bidding on multifamily, you mentioned the 4.3% cap rate on the California portfolio. How are you thinking about that? Is there an opportunity to create rent growth and there's supply shortfalls down the road. So the fundamentals are really going to turn the corner. Is that the thesis there?

從股權投資的角度，當你們競標多戶住宅時，你提到加州那個投資組合的 4.3% 資本化率。你們怎麼看待這件事？是否有機會創造租金成長，而且未來供給可能不足？所以基本面真的會出現轉折？這就是你們的投資論點嗎？

Because I think multifamily has been challenged with taking a lot longer to turn the corner on rent growth. And now with the recent spike in interest rates that potentially weighing on valuations.

因為我認為多戶住宅在租金成長轉折上一直面臨挑戰，所需時間更長。而且近期利率大幅上升，可能也在壓抑估值。

So the 4.3% was actually in Florida. It wasn't in California, but we bid on some apartments in the Bay Area, and I think the cap rates were 4.5%. We lost, by the way. We're seeing 14% lease trade-outs in the Bay Area. So like this is in both renewals and new leases are positive.

所以 4.3% 其實是在佛羅里達。不在加州，但我們確實在灣區競標了一些公寓，我記得資本化率大概是 4.5%。順帶一提，我們輸了。我們在灣區看到 14% 的租約換租（lease trade-outs）。也就是說，無論是續租還是新租，都是正成長。

You see across the country, both in SFR and in apartments that renewals are positive and the propensity of people to stay is higher than it's been in the past because there's no work for them to go. They're not buying houses.

你在全美各地都能看到，無論是 SFR（單戶出租）還是公寓，續租都是正向的，而且人們選擇留下來的傾向比過去更高，因為他們沒有工作需要通勤去上班。他們也不買房。

So that's been good. They're positive, but the new leases have been challenged. And what we're seeing is concessions are burning off, and that's the first thing you see before market rates go up.

所以這點是好的。續租是正向的，但新租約一直比較有壓力。而我們看到的是租賃優惠（concessions）正在消退，而在市場租金上升之前，通常最先看到的就是這個。

So instead of 3 months or 2.5 months or 2 months or 1.5 months, that translates into rental growth actually, effective net rents are going up.

所以原本給 3 個月、2.5 個月、2 個月或 1.5 個月的優惠，當這些縮減時，實際上就轉化為租金成長——有效淨租金正在上升。

And I think it is market by market. I think the Northern Florida market seems to be turning a little faster than some other markets. And even in a city like Austin, which is probably the worst part of the market in the country, we have assets that are positive on both renewals and new leases and others that are down material.

而且我認為這是因市場而異。我覺得北佛羅里達市場的轉折似乎比其他一些市場更快。甚至像奧斯汀這樣的城市——可能是全美最疲弱的市場區段——我們也有一些資產在續租與新租上都呈正成長，但也有其他資產明顯下滑。

So I think it's totally, right now, it's like the stock market is picking. You pick your market, you pick your asset in the market, you pick your ZIP code in that submarket.

所以我認為現在完全就是——就像股市一樣——在做選股。你要選你的市場、選市場裡的資產、再選該子市場裡的郵遞區號。

You see a lot of the new construction of data centers and to some extent, manufacturing facilities, if you're so lucky to have an apartment building near one of these, you have a great pricing power.

你會看到大量新的資料中心建設，以及某種程度上的製造設施；如果你很幸運，你的公寓大樓就在其中之一附近，你就會有很強的定價能力。

You saw the hotel companies talk about the lower end of the market getting better. It's kind of consistent with that C-shaped economy. We're beginning to see this bottom turnaround, which we have not seen in our lower-end extended stay stuff, not stuff you own here.

你也聽到飯店公司談到市場較低端正在改善。這與那種 C 型經濟的說法相當一致。我們開始看到底部回升，而這在我們較低端的長住型（extended stay）產品上過去並未出現——不是你們在這裡持有的那些資產。

But Starwood controls 110,000 apartments, 60,000 affordable units and 50,000 market rate and we get data trailing 30, 60 and 90 in every market we're in from our portfolio. Obviously, with AI, now we're collecting data on everything else that comes in to shop.

Starwood 管理 11 萬戶公寓，其中 6 萬戶是可負擔住宅、5 萬戶是市場租金住宅；我們從投資組合中取得每個市場 30、60、90 天的滯後數據。顯然，隨著 AI 的導入，我們現在也在蒐集所有其他進來比價（shop）的資料。

So for me, I'm an equity guy, we're sort of mastering the debt world. We wouldn't mind holding some of these assets if we thought they're going to take off. We've been trying to turn them quickly and get rid of the REO in the multi book. But at the time, I turned to our team and say, why are we selling at that price per unit? It's half of replacement cost. So I think, I don't, it's funny.

所以對我來說，我是做股權的，我們某種程度上正在掌握債務世界。如果我們認為其中一些資產會起飛，我們不介意持有。我們一直試著快速周轉，並處理多戶住宅組合中的 REO（收回不動產）。但當時我轉頭問團隊：我們為什麼要以那樣的每戶價格出售？那只有重置成本的一半。所以我覺得——我不知道——這很有趣。

My own team showed me a REIT the other day that they classified as an office REIT. This office REIT is really an apartment REIT so the market thinks they're an office REIT. It's still classified there about 80%, 70% of their income from apartments. We're a mortgage REIT, you're treating us like we're just a mortgage REIT. Even if I took back all this equity book, you'll still treat me like a mortgage REIT.

我的團隊前幾天給我看了一家 REIT，他們把它歸類為辦公 REIT。但這家所謂的辦公 REIT 其實是公寓 REIT，所以市場以為它是辦公 REIT。它仍被那樣分類，但大約 80%、70% 的收入來自公寓。我們是抵押貸款 REIT，你們也把我們當成只是抵押貸款 REIT。即使我把這整個股權組合都收回來，你們還是會把我當成抵押貸款 REIT。

So I want to make money for the shareholders. I want to own these assets, but as a mortgage REIT, I should get rid of them. So we could convince people like half part of us is, equity REITs are trading probably at a 4.5% dividend yield, not a 12%. And our high ROE businesses, which is our service, the nation's largest $100 billion of loans that in services and almost $10 billion in a special right now, that is a great business.

所以我想為股東賺錢。我想持有這些資產，但以抵押貸款 REIT 的定位來看，我應該把它們處分掉。因此我們可以去說服大家：我們有一半其實是——股權型 REIT 的交易水準大概是 4.5% 的股息殖利率，而不是 12%。而我們高 ROE 的業務——也就是我們的服務平台：全美最大、服務規模達 1,000 億美元的貸款服務，以及目前接近 100 億美元的特殊服務——那是一門很棒的生意。

I mean it's a fantastic ROE business stuck inside of us. No one else has one, and we get no value for it in our current structure. We're treated just like everyone else. And no one else looks like our company, not even remotely close. A few have pivoted to try to build some of these verticals, but they're relevant given their scale. We're half other things, right?

我的意思是，這是一個極佳的高股東權益報酬率（ROE）業務，卻被困在我們公司裡。別人都沒有，而在我們目前的架構下，我們也沒有因此獲得任何價值。我們被對待得就跟其他人一樣。而且沒有任何其他公司長得像我們，連一點都不接近。有少數公司轉向嘗試建立其中一些垂直領域，但那是因為他們的規模才有意義。我們一半是其他東西，對吧？

So we have, and for that reason, you'll see us get more aggressive on our stock repurchase programs. And personally, we'll see what we do. But we don't get gifts like this every day. So I think we represented a pretty good value in a very volatile world where obviously, we're in the data center business ourselves. We probably have $20 billion, $30 billion deployed in that sector.

所以我們有這個優勢，也因此你會看到我們在股票回購計畫上變得更積極。至於我個人，我們會看看要怎麼做。但這種禮物不是天天都有。所以我認為，在一個非常波動的世界裡，我們其實代表了相當不錯的價值；而且很明顯地，我們自己也在做資料中心的生意。我們在那個領域大概已經投入了200億到300億美元。

So we're a lender to the sector in the business. But that is a crazy business right now, people. There's a moratorium going up for review, I guess, in Dallas County, which is the largest data center market in the world. It is so big, it is bigger than all of Europe and Asia combined.

所以在這個產業裡，我們算是該領域的放款人。但各位，現在那真的是個瘋狂的生意。我想在達拉斯郡（Dallas County）有一項暫停令（moratorium）要重新審查；那裡是全球最大的資料中心市場。它大到比整個歐洲和亞洲加起來還大。

It's been the king of data centers. And all of a sudden, they seem to have caught the political headwinds of not in my backyard. So it is sort of pregnant on data centers, the 8.5 gigawatts on their way to, I think, 10 or 12. So it's like that business is getting airy.

它一直是資料中心之王。但突然之間，他們似乎遇到了「不要在我家後院」（not in my backyard）的政治逆風。所以資料中心的供給有點像懷胎待產一樣：目前有8.5吉瓦在路上，我想會到10或12吉瓦。所以那個生意看起來開始變得有點飄。

And we have stocks that are trading at all-time highs, assuming all these data centers get built, they better hurry up and get space ready because in the United States, whether it's Chinese influence or not, is getting it really hard to get approvals for data centers. And I think the market has adjusted not a basis point or a slowdown in the ability of us to get all of us in the development world to get these data centers approved and up and ready in time.

而我們看到有些股票在假設所有這些資料中心都能建成的前提下，正交易在歷史新高；它們最好趕快把場地準備好，因為在美國，不管是不是受到中國影響，資料中心要拿到核准正變得非常困難。而我認為市場在定價上，完全沒有反映哪怕一個基點的調整或任何放緩：也就是我們這些開發圈的人，要讓這些資料中心獲批、建好並及時上線的能力可能會變慢。

And it makes those that are approved, even more valuable. But I think look, the volatility of the world has always been good for the real estate sector. Real assets are some place, everybody wants to come and real estate loans are pretty attractive relative to tech credit where I laugh. I was talking to one of my children the other day. I said, at least you go to bed knowing a garage and Mongolia isn't coming up with a new LLM that's going to put us out of business.

這也讓那些已經獲批的案子變得更有價值。但我想你看，世界的波動性一直以來對房地產產業是有利的。實體資產是大家都想靠攏的地方，而相較於科技信用，我覺得房地產貸款相當有吸引力，科技信用我都想笑。我前幾天跟我的一個孩子聊天。我說，至少你晚上睡覺時知道，不會有蒙古某個車庫裡冒出一個新的大型語言模型（LLM）把我們搞到失業。

I mean the pressure of our business is different, right? Like we're not, we don't really care about a building built in Tokyo, right? And if you're in a tech world, you can go out of business literally overnight. And this sector, we're resilient. We're the world's largest asset class, and there's always something to do.

我的意思是，我們這門生意的壓力不一樣，對吧？像我們其實不太在乎東京蓋了一棟樓，對吧？但如果你在科技世界，你真的可能一夜之間就倒閉。而在這個產業，我們很有韌性。我們是全球最大的資產類別，而且永遠都有事情可做。

Our job is to go find out where the good risk returns are for the least risk and we've built a company that has lots of ability to deploy capital and other things.

我們的工作是去找出在風險最小的情況下，哪裡有最好的風險報酬；而我們也打造了一家有很強資本部署能力以及其他能力的公司。

We've been looking at other things, too. We're very careful, and we have the SIF team brought us a very interesting transaction, which we may or may not go back and do, but that we're looking at doing what we're supposed to do, which is build a consistent earnings stream and be transparent. And I think the shareholders do appreciate that, and that's why we've got Nareit award for 8 years, 10 years in a row, so most best reporting probably these earnings calls, too.

我們也一直在看其他事情。我們非常謹慎，而SIF團隊帶來了一筆非常有意思的交易；我們可能會、也可能不會回頭去做，但我們正在評估，並且在做我們該做的事：建立穩定一致的獲利來源，並保持透明。我認為股東確實很欣賞這一點，這也是為什麼我們連續8年、10年拿到Nareit獎項，所以大概是最佳揭露/最佳報告，可能也包括這些財報電話會議。

I mean, is there anything that you've experienced this cycle that changes your views on how Starwood Property Trust should invest? For example, the regional banks have pulled back materially, does that open up an opportunity in perhaps fixed rate lending, attacking the middle market also liability management.

我的意思是，在這一輪週期裡，你有沒有遇到什麼事情，會改變你對Starwood Property Trust應該如何投資的看法？例如，區域性銀行大幅收縮，這是否在例如固定利率放款、切入中型市場，以及負債管理方面，打開了一些機會？

I think the mortgage REITs you mentioned that are under so much pressure. It has to do with liability structure, which makes them a force seller in many cases, Starwood has been wise to diversify and continue to diversify the right side of the balance sheet.

我想你提到那些承受巨大壓力的抵押貸款REITs。那與負債結構有關，這使得他們在很多情況下成為被迫賣方；而Starwood明智地讓資產負債表右側（負債端）多元化，並且持續朝正確方向多元化。

Yes. Like the new business we'll talk about next quarter is actually a business that the bank, regional banks have left or greatly reduce their capital allocation to and we think it could be a particular good vertical for us going forward.

是的。像我們下個季度要談的新業務，實際上就是一個銀行、區域性銀行已經退出或大幅降低資本配置的領域，而我們認為這可能會成為我們未來特別好的垂直領域。

We've been working on it, but we finally found a way to get in it. And I would say construction is interesting for us today. And I guess the other thing people need to be aware of, of course, is rising construction costs across the globe in the United States are still in place.

我們一直在推進，但我們終於找到切入的方法。我會說，對我們而言，現在建築/施工（construction）是有意思的。而我想大家當然也需要注意的另一件事是：全球建築成本上升，在美國仍然存在。

And one of our board members was, we just recently had a Board meeting, I think it was last week. And one of our board members is in the construction industry, and you've gotten reports from some of the housing companies that prices have come down. What's really happening is labor is becoming harder to get again because the electrician and the plumber are getting picked off to build the data center at 2 times what they're getting paid to build a house. So that applies to commercial real estate, too. All of the construction that's needed to build all this stuff, they're just stealing workers from other verticals in the economy and putting pressure on wages. Materials are okay.

而我們的一位董事——我們最近剛開了董事會，我想是上週——其中一位董事在建築業，你也從一些住宅建商那裡聽到報告說價格下來了。但真正發生的是：勞工又開始變得更難找，因為電工和水管工被挖去蓋資料中心，薪資是蓋房子的兩倍。所以這也適用於商用不動產。為了蓋這些東西所需要的所有施工，他們就是從經濟中其他垂直領域把工人挖走，進而推升薪資壓力。材料方面還可以。

We'll see where oil winds up because everything in a building is some derivative of oil, plastics and piping. Copper prices are pretty high. So I think you're not getting a big help there, but construction prices are, it's not getting cheaper to build across the country and particularly in the union-dominated cities, it's brutally hard to make the economics work.

我們再看看油價最後會落在哪裡，因為建築裡的每樣東西多少都是石油的衍生品，像塑膠和管材。銅價相當高。所以我認為你不會在那裡得到太多幫助；但建築成本並沒有在全國範圍內變得更便宜，尤其是在工會主導的城市，要讓經濟效益成立是極其困難的。

So I think, I don't know. I mean we had three loans, I think we approved yesterday. We're still seeing lots of opportunity globally. Pretty constructive in Europe and continue to find good opportunities. And we've been through a lot of cycles in our 15 years, I guess, what I call credit cycles up and down our sector, and we continue to find opportunities to deploy capital.

所以我想，嗯，我也不知道。我的意思是，我們昨天好像核准了三筆貸款。我們仍然在全球看到很多機會。歐洲方面相當正向，也持續找到好的機會。而在我們15年的歷程中，我想我們經歷了很多週期——我稱之為我們這個領域的信用週期起起落落——我們仍然持續找到部署資本的機會。

That's when you should be worried by the way. I mean you should be worried about us when we can't produce double-digit yields on the books we originate. We'll tell you when that happens. But right now, that's not the case.

順帶一提，那才是你該擔心的時候。我的意思是，當我們無法在我們承作的資產組合上做出兩位數收益率時，你就該擔心我們。到那時我們會告訴你。但現在不是那種情況。

And it's been really consistent, the yields that we're returning over the last four, five, six years, even on a levered basis. You said two things, you talked about banks. And the banks going back, it certainly helped our result. We've talked about that ad nauseam, so I won't go there. But they are significantly better off lending to us from a regulatory capital perspective than making whole loans, and that's helped where we finance ourselves.

而且我們過去四、五、六年回收的收益率一直非常一致，即使在槓桿後的基礎上也是如此。你提到兩件事，你談到銀行。而銀行的退縮，確實幫助了我們的結果。我們已經反覆談到讓人厭煩了，所以我就不再展開。但從監管資本的角度來看，銀行把錢借給我們，比起自己做整筆貸款（whole loans）要好得多，而這也幫助了我們的融資方式。

You also mentioned fixed rate lending. The insurance company with a lower cost of capital and us tend to lend fix. And when rates go up like this, they have a yield target and that tends to drive spreads lower because they're willing to lend at an all-in yield and that helps drive spread.

你也提到了固定利率放款。保險公司資金成本較低，而我們也傾向於做固定利率放款。當利率像這樣上升時，他們有收益率目標，這往往會推動利差走低，因為他們願意以「全包收益率」來放款，而這有助於壓低利差。

Both of those things are helpful to us from a borrowing perspective where we're borrowing at lower spreads. So we dropped off that, but we're unlikely to compete in fixed rate lending away from the CMBS conduit world where we're doing a decent amount of 5 and 10 year fixed rate lending, and we're the number one nonbank originator of CMBS for the last two or three years in a row.

從借款人的角度來看，這兩點對我們都有幫助，因為我們能以較低的利差借到資金。因此我們在那方面有所退出，但在 CMBS 通道世界之外、固定利率放款領域，我們不太可能去競爭；而在 CMBS 通道領域，我們做了相當多的 5 年期與 10 年期固定利率放款，且過去連續兩三年我們都是 CMBS 最大的非銀行發起機構。

But most of these things create tailwinds to what Barry said, which is our pipeline that will continue to earn double-digit deal on. Operator, next question?

但這些因素大多都為 Barry 所說的帶來順風，也就是我們的管線將持續賺取雙位數的交易報酬。接線員，下一個問題？

Rick Shane with JPMorgan.

JPMorgan 的 Rick Shane。

Barry, I have no idea what the SEC will say about you singing, but I believe that they put happy birthday to the public domain. So at least Rina won't have to expense you sing to her this morning. One question for you. You alluded to, not alluded to, but you started to talk about data centers.

Barry，我不知道 SEC 會怎麼看你唱歌，但我相信他們已經把〈生日快樂歌〉放到公有領域了。所以至少 Rina 今天早上不用把你唱歌的費用入帳。我有一個問題要問你。你提到——不只是暗示——你開始談到資料中心。

Starwood Digital Ventures has a partnership with MARA. I'm curious how we should think about how that partnership interfaces with Starwood Property Trust, how that partnership is going? And how you see allocation to data centers between equity and debt across the platform?

Starwood Digital Ventures 與 MARA 有一個合作夥伴關係。我想了解我們應該如何看待這個合作與 Starwood Property Trust 之間的介面、這個合作進展如何？以及你如何看待在整個平台上，資料中心在股權與債務之間的配置？

For those shareholders, anyone listening doesn't know what we're speaking about start on the private side, has a JV with MARA, a Bitcoin mining company where we are the, we take their Bitcoin mine and we take over and turn it into a data center.

對於股東而言，若有任何在收聽的人不知道我們在說什麼：在私募那邊，我們與 MARA（比特幣挖礦公司）成立了一個合資企業（JV），我們把他們的比特幣礦場接手，並將其改造成資料中心。

They have a number of projects, and there's been tremendous tenant interest in their projects. There's no crossover between Starwood Property Trust and the activities of the Star Digital Ventures at the moment or the MARA partnerships. So they're totally separate.

他們有多個專案，而且這些專案獲得了非常強勁的租戶興趣。目前 Starwood Property Trust 與 Star Digital Ventures 的活動或 MARA 的合作並沒有任何交叉。所以它們是完全分開的。

But I think you saw the ERCOT moratorium in Texas. And that, I think that's just a slowdown so they figure out what they're going to do. But getting approvals for deals has been harder since the public sentiments determined that data centers are equal. So even in Texas, it's put a kink in things. We do have unbelievable tenant interest in the properties.

但我想你們也看到德州 ERCOT 的暫停令（moratorium）。我認為那只是放慢腳步，好讓他們弄清楚要怎麼做。但自從輿論認定資料中心「等同於」之後，交易取得核准變得更難了。所以即使在德州，也讓事情出現卡點。我們的資產確實有令人難以置信的租戶興趣。

And I think for all of us in the data center world, we have to figure out what the credit profile is of some of the tenants. There's obviously the, we've only done deals with hyperscalers but even in the hyperscale world, do you have a different credit of Oracle versus Meta or Amazon or Microsoft, and then we've not done any data center work with any of the neoscalers or any of those guys.

而我認為對我們所有在資料中心領域的人來說，都必須釐清部分租戶的信用輪廓。顯然——我們只跟超大規模雲端業者（hyperscalers）做過交易——但即便在超大規模雲端世界裡，Oracle 相較於 Meta、Amazon 或 Microsoft 的信用是否不同？此外，我們也尚未與任何新興規模業者（neoscalers）或那些公司做過任何資料中心業務。

And I think the whole data center world is being driven by the availability and proceeds levels and pricing of the debt because everybody is trying to do basically the same thing with the same half a dozen tenants. And some people are willing to build, it's funny.

而我認為整個資料中心市場主要是由債務的可得性、融資額度水位與定價所驅動，因為大家基本上都在用同樣的方式，去爭取同樣那半打左右的租戶。而有些人願意去蓋，這很有趣。

It's so new in the markets that I got a data center and you're like, oh it's great, but some of them are, maybe they're going to seven, somebody yielding at 8, some people are yielding at nine, some people are yielding at 10. We built a data center to yield 12. I mean it's, you don't know.

這在市場上太新了：你拿到一個資料中心，你會覺得「喔，很棒」，但有些可能做到 7% 的收益率，有人做到 8%，有人做到 9%，有人做到 10%。我們蓋一個資料中心是以 12% 的收益率為目標。我的意思是——你不知道。

You don't know. You can't, I was seeing one of you has written about another REIT. Equity REIT that's big in data center businesses, and they're making an assumption.

你不知道。你不可能——我看到你們其中一位寫過另一家 REIT。那是一家在資料中心業務很大的權益型 REIT，而他們在做一個假設。

Some of the analysts are what the yields on costs are. There's no way you know that because nobody has told you that, at least hasn't been signed, so how could you know. I think from our perspective is that our lending to that sector is very, we're very comfortable where we are and the syndicates that we participated in, and we'll continue to look at the credits and make sure that we're comfortable with the credits.

有些分析師在推估成本收益率（yield on cost）是多少。但你不可能知道，因為沒有人告訴你，至少還沒簽約，那你怎麼可能知道。從我們的角度來看，我們對該產業的放款部位——我們對目前的位置以及我們參與的銀團都非常放心；我們也會持續檢視信用狀況，確保我們對這些信用是安心的。

And once these things are completed, they will be refinanced because, I guess, another view is with you have a 15 or 20 year lease from a hyperscaler, and they're backed by their credit, it depends what kind of data center is.

而一旦這些案子完工，它們就會被再融資，因為——我想另一種看法是——如果你有一份來自超大規模雲端業者的 15 或 20 年租約，且由其信用背書，這也取決於是什麼類型的資料中心。

But the real question is, why should their real estate credit being 500, 400, 300, 200 basis points wide of their corporate credit. And that's what the market sees. So there seems to be a tremendous appetite, at least in the public markets for data center debt, and you've seen some very large deals get done still in the market. And we're looking, we look at everything.

但真正的問題是：為什麼他們的不動產信用利差會比其公司信用寬 500、400、300、200 個基點。而這正是市場看到的。因此，至少在公開市場上，對資料中心債務似乎有非常強勁的需求，你也看到市場上仍完成了一些非常大型的交易。而我們會看所有的機會。

So what we want to participate in and not typically today, the spreads on a Microsoft deal won't work for us. We won't be able to make that, but we were fairly early on, and we do have some much higher yielding data center exposure.

所以我們要參與哪些、哪些不參與——以今天來看，像 Microsoft 這類交易的利差對我們而言通常不合適。我們做不出那樣的報酬，但我們算是相當早期就進場，而且我們確實有一些收益率高得多的資料中心曝險。

Our largest one will pay off later this year. It's already out of construction. But the book that we put on, we're very comfortable with future funds to about $1.8 billion total of our $30 billion book, but it's a higher yield than you can get today.

我們最大的一筆將在今年稍晚償還。它已經完工出建。但我們建立的那本帳，我們對未來撥款（future funds）非常有信心，總額約 18 億美元，占我們 300 億美元投資組合的一部分，而且其收益率高於你今天能拿到的水準。

That's exactly the point is the finished data center gets refinanced and we get taken out.

這正是重點：完工的資料中心會被再融資，而我們就會被接手退出（take out）。

Chris Muller with Citizens Capital Markets.

Citizens Capital Markets 的 Chris Muller。

So I wanted to touch on the net lease business a little bit. The interest rate environment has shifted pretty dramatically since you guys first acquired that. We have two rate hikes priced in by midyear next year. So I guess, generally, how do you guys expect that business to perform in a rising rate environment? And maybe both on the demand side and the existing portfolio.

我想稍微談一下淨租賃（net lease）業務。自從你們最初收購那塊業務以來，利率環境已經相當劇烈地改變。市場已經把到明年年中前兩次升息納入定價。所以我想一般而言，在升息環境下，你們預期那項業務表現會如何？也許從需求端與既有投資組合兩方面來談。

We have, we play in the space of a niche, which is sort of sale leaseback of core facilities usually associated with some transaction that's taking place. What we've actually seen is not what you would have expected with rising rates and the cap rates are coming down.

我們在一個利基領域運作，也就是核心設施的售後回租（sale-leaseback），通常與某個正在進行的交易相關。我們實際看到的情況並不是你在升息時會預期的那樣——資本化率（cap rates）反而在下降。

There's a lot of money chasing net lease. And we have a lot of peers that are raising money privately to compete. And we're scratching our heads on some of them because we can't understand the cap rates that they're buying at and the leverage they must be putting in place how they could be producing the returns they're talking about.

有大量資金在追逐淨租賃資產。而我們有很多同業正在以私募方式募資來競爭。我們對其中一些感到困惑，因為我們無法理解他們買進時的資本化率，以及他們必須採用的槓桿水準——他們怎麼可能產生他們所說的報酬。

It's simply not possible, frankly. I don't understand what they're reporting. This is other companies, not us. So our book steps up 2% or 2.25% rent bumps every year. We've got a great leverage structure in place with this ABS securitization trust, which we've done. And even in there, I think the spreads come down probably 50 bps from where we started and leverage levels have risen.

坦白說，這根本不可能。我不理解他們在報告什麼。這是指其他公司，不是我們。所以我們的投資組合每年租金會上調 2% 或 2.25%。我們透過已完成的 ABS 證券化信託，建立了很好的槓桿結構。即便在那裡，我認為利差也比我們一開始時大概收斂了 50 個基點，而槓桿水準則上升了。

So the ROE goes up because even though you're paying, you're coming down in the cap rate, you're getting a little more leverage. It's match book, and you end up 70 basis points or so of our warehouse facilities in the interim before they go to ABS. You're still super competitive, but we hear you. I mean, around the world, capital is looking for safe, high returns. And I think triple net lease is just a bond equivalent kind of thing.

所以 ROE 會上升，因為即使你在付出成本，你的資本化率（cap rate）在下降，你也取得了多一點槓桿。這是配對（match book），而且在它們轉成 ABS 之前的過渡期間，我們的倉儲融資額度大概有 70 個基點左右。你們仍然非常有競爭力，但我們聽到了。我的意思是，全球資本都在尋找安全且高報酬的標的。我認為三重淨租賃（triple net lease）基本上就是一種類似債券的等價物。

You would think normally a long-dated bond would go down in value, but it's, I think it's just still a quest for yield everywhere.

你通常會以為長天期債券的價值會下跌，但我想這仍然是到處都在追逐收益率。

And one of the enigma of our business is like Tokyo cap rates are in the 3s, you all know what's happened to Tokyo interest rates, like cap rates are plummeting and they're plummeting because rents are going up. And I've always told our team, I mean, rents are more important than interest rates. If you think rents are going up, you're going to buy down the cap rate and you don't really give a hoot about 0.25 point in interest rates.

而我們這個業務的一個謎團是，例如東京的資本化率在 3% 多，你們都知道東京利率發生了什麼事——cap rate 正在暴跌，而它之所以暴跌，是因為租金在上漲。我一直跟我們團隊說，租金比利率更重要。如果你認為租金會上漲，你就會把 cap rate 買下來（壓低），你根本不會在意利率差 0.25 個百分點。

So I think you'll see the same thing in properties. You won't be directly linked if there's significant growth. You see this today in the active senior housing, senior housing and you're buying down the cap rate because the growth is so strong.

所以我認為你也會在不動產上看到同樣的情況。如果成長很顯著，你不會看到它與利率直接連動。你今天在活躍型高齡住宅（active senior housing）就看得到：你會壓低 cap rate，因為成長太強了。

There's no construction. So the rise in interest rates, not, believe me, we're in the market bidding on this stuff all the time and getting out bid all the time. It's really about rental growth. It's 3/4 of the underwriting.

沒有新建案。所以利率上升——相信我，我們一直在市場上競標這些資產，也一直被人出更高價搶走。這真的關鍵在租金成長。它占承作評估（underwriting）的四分之三。

And interestingly, we lost these deals and probably regret doing it like for the apartments in the West Coast, some of these markets where they're going to, when you see 10% rent increases, and of course, you should deal with the prospects of rent regulation and everything else in the blue states. But you can buy down the cap rate pretty quickly because you're not worried about the cap rate or the yield being that same number two, three years from now.

有趣的是，我們錯過了這些交易，可能也後悔過——像是西岸公寓的一些市場，當你看到租金上漲 10% 的時候；當然，你也必須面對藍州租金管制等各種可能性。但你可以很快把 cap rate 買下來，因為你不擔心 cap rate 或收益率在兩、三年後還會是同一個數字。

So you're right. I mean, I think our capital deployment, to be honest, has been slower than I hoped. It's been what they planned to be clear. But I kind of thought as we got more aggressive with our, and our ability to finance the business, we could put out more money. And it's been steady, but not, it's high.

所以你說得對。老實說，我們的資本投放（capital deployment）比我希望的還慢。但要說清楚，這確實是他們原本規劃的節奏。只是我原本以為，隨著我們在業務融資上的進取程度提高、融資能力提升，我們可以投放更多資金。目前是穩定，但沒有——它是高的。

And that's one of the reasons it's not as accretive as we had hoped earlier. We knew it would be dilutive when we bought it, but we thought we could get to materially accretive faster.

這也是為什麼它沒有像我們先前希望的那麼具增益性（accretive）。我們在收購時就知道它會有稀釋性（dilutive），但我們以為可以更快達到實質的增益。

And that has not been the case because yields have come down. Cap rates have come down for the triple net lease and too fast for us, even though the financing has come down, it hasn't been enough to get to and obviously, there's one thing you see, there's fewer buyouts, there's fewer deals because rates have gone up and people are scratching their heads on their terminal values and their multiples, are they right, are they wrong.

但事實並非如此，因為收益率下來了。三重淨租賃的 cap rate 下來得太快，超出我們的節奏；即使融資成本也下降了，但還不足以達到——而且你也明顯看到一件事：買斷變少了、交易變少了，因為利率上升，人們對終值（terminal values）與倍數（multiples）感到困惑：到底是對還是錯。

So it's solid, and it's a great business. It's just, it's not been as is accretive and obviously, we issued stock to buy the company at a higher price. So sort of unfortunate, but it's not a bad thing. It's just, and again, it fits in our business, and you can look at the public comments and know what it would trade at. It wouldn't trade at 12.

所以它很穩健，而且是很棒的業務。只是它沒有像我們預期那樣具增益性；而且顯然，我們是以較高的價格發行股票來收購這家公司。所以有點不幸，但也不是壞事。只是——再說一次，它符合我們的業務定位；你也可以看公開市場的評論，知道它大概會交易在什麼水準。它不會交易在 12 倍。

Gabe Poggi with Raymond James.

Raymond James 的 Gabe Poggi。

Happy birthday, Rina. Barry, Jeff, I want to go back to the comments thinking about look, Starwood Property Trust is a diversified commercial real estate business, period. You guys have been around for 15 years to the bellwether in the space.

Rina，生日快樂。Barry、Jeff，我想回到剛才的評論：你看，Starwood Property Trust 本質上就是一家多元化的商用不動產公司，就這麼簡單。你們在這個領域已經 15 年了，是這個領域的風向球（bellwether）。

They got a lot of cylinders. How do you think about the world we live in now, right, still being bucketed as a mortgage REIT, having a net lease business, having Woodstar, taking on more REO. Barry, to your comments of we'd like to own these assets for a long time.

你們有很多引擎在運轉。你怎麼看待我們現在所處的世界：仍被歸類為抵押貸款 REIT（mortgage REIT），同時又有淨租賃（net lease）業務、有 Woodstar、也承接更多 REO（收回不動產）？Barry，呼應你說的「我們希望長期持有這些資產」。

How do you think about that in the construct of right, cash flows the dividend has been a constant since day one, which you guys have talked about ad nauseam in a good way. But thinking about that? And then arguably, what's the best total return, right? If you had a book today, what's the best total return profile from an asset allocation perspective?

你怎麼在這個架構下思考：現金流、股利自第一天起就一直很穩定——你們也反覆談過很多次（以好的方式）。但在這樣的背景下怎麼看？然後也許，什麼才是最佳的總報酬（total return）？如果你今天有一個資產組合，從資產配置角度看，最佳的總報酬輪廓會是什麼？

Is it making new loans, just cranking out 12s? Is it taken back keys on Sunbelt multi, waiting a few years, hoping, not, hopping is wrong word. Fixing them, the market, the Iran conflict settles, rates come down of skosh, et cetera, and there's a way to move those faster.

是做新放款、持續做出 12% 的報酬嗎？還是把 Sunbelt 的多戶住宅收回來，等個幾年——希望（不，『hoping』這個字不對）——把它們整修好，等市場、伊朗衝突趨緩、利率小幅下降等等，然後有辦法更快把那些資產處理掉？

I want to get a dynamic of how kind of the big machine, Starwood Capital thinks about what STWD can do while you play the long game.

我想了解一下，像 Starwood Capital 這台大機器，在你們打長期戰的同時，是怎麼思考 STWD 能做什麼的。

Yes, yes and yes. It's a really good question. I mean, we should, maybe we can, sorry, most of you follow the mortgage REITs, but maybe we could get some equity REITs analysts to follow and move through our own little bucket. The bad news is we created a weird company in the capital markets. And you've seen other REITs diversify and sometimes they get, that doesn't seem to pan out the way they hoped.

是、是、也是。這問題問得很好。我的意思是，我們也許——抱歉，你們大多數人都追蹤抵押貸款 REIT，但也許我們可以讓一些股權型 REIT（equity REIT）的分析師來追蹤我們，讓我們從自己的小分類裡走出去。壞消息是，我們在資本市場上打造了一家有點奇怪的公司。你也看過其他 REIT 做多元化，有時候結果並沒有像他們希望的那樣發展。

I think if we were structurally going to change ourselves, that's something that's a very material strategic decision. And right now, we're supposed to be a mortgage REIT or I'd say, a commercial finance company or a finance company.

我認為，如果我們要在結構上改變自己，那會是一個非常重大的策略性決策。而目前，我們應該被視為一家抵押貸款 REIT，或者我會說，是一家商業金融公司，或更廣義的金融公司。

And I thought, we're, Jeff tells me, we're about 26% owned real estate today. I don't know if that's good or best way to explain. In the Starwood case, it's good news. When we bought those, because we own the stock, I said these are things that I never want to sell.

我原本以為——Jeff 跟我說——我們今天大約有 26% 是持有型不動產（owned real estate）。我不知道這樣說是不是好、或是不是最好的表述方式。以 Starwood 的情況來說，這是好消息。當我們買下那些資產時，因為我們持有這檔股票，我就說：這些東西我永遠不想賣。

They're, how could affordable housing, again, rents do not go down. It's impossible and they go up based on income growth. And over time, you're going to have income growth. And they have no real estate taxes. So we're not going to get pressured by municipalities.

它們——例如平價住宅（affordable housing），再說一次，租金不會下跌。這是不可能的；而且租金會隨著所得成長而上升。長期來看，你一定會有所得成長。而且它們沒有不動產稅。所以我們不會受到地方政府的壓力。

They're going to keep raising taxes to tax those wealthy people that own buildings. So they are just fundamentally a fantastic business. And look, it's not a 30% IRR business every day, but we made $2 billion in a trade for our shareholders, which Star Capital Group did. And it's given us appropriate opportunities to help ourselves with potential gains if we want to harvest them to help us offset some of the other challenges in the book.

他們會持續加稅，去課那些擁有大樓的有錢人。所以從根本上說，這就是一門非常棒的生意。而且你看，它不是每天都能做到 30% IRR 的生意，但我們為股東在一筆交易中賺了 20 億美元——那是 Star Capital Group 做的。而且如果我們想要收割（harvest）一些潛在收益，它也給了我們合適的機會，來幫助我們抵消資產組合中其他一些挑戰。

But yes, it's a good question. We're going to have to think about this over time. And see how this all comes to fruition. We're not going to have the stock traded at 12 dividend yield. I mean that seems to be, we can't, that's sort of silly, why would we even do anything.

不過是的，這是個好問題。我們必須隨著時間推移去思考這件事。並看看這一切會如何落地實現。我們不會讓股票以 12% 的股息殖利率交易。我的意思是，那看起來……我們不可能那樣做，那有點可笑，我們為什麼還要做任何事呢。

That's why we'll go back in the markets and start buying stock again.

所以我們才會回到市場上，開始再次回購股票。

If you think it's 26% commercial real estate, owned commercial real estate should trade at a lower dividend yield, which I think the world is telling you low income housing tax credit to do net lease does the few multis we've taken back to, you're effectively implying 14% dividend yield on your lending businesses. Our lending businesses are performing in line with what we're telling you, and we have outsized return lending businesses like our infrastructure business, et cetera.

如果你認為其中 26% 是商用不動產、而自持商用不動產應該以較低的股息殖利率交易——我認為市場正在告訴你，低收入住宅稅額抵免（LIHTC）到淨租賃（net lease），以及我們收回來的少數幾筆（multiple），你等於是在暗示你們放貸業務有 14% 的股息殖利率。我們的放貸業務表現與我們對你們所說的一致，而且我們也有超額回報的放貸業務，例如我們的基礎建設業務等等。

Well, you know the markets, we're caught in ETFs. They're probably ETFs are getting redemptions. I'm sure that's part of the issue with our sector, and we're big. So we get hit with redemptions as much as more than others. So we just have to distinguish ourselves over time.

嗯，你知道市場，我們被 ETF 牽動。它們——ETF 可能正在遭遇贖回。我確定這是我們板塊問題的一部分，而我們規模又大。所以我們受到贖回衝擊的程度不亞於、甚至高於其他人。因此我們只能隨著時間推移把自己區隔出來。

But Jeff makes a superb point, which I'll say again, so good. 26% of your books on traded at six, looks like look at the cap rates of apartments or which are five in the public market. And that lease dividend yields are six. I think the underlying NOI or look to six to seven cap rates to take that out six or seven, there are mortgage books about a 14% or 15%. That's ridiculous.

但 Jeff 提了一個非常到位的觀點，我再說一次，真的很好。你們帳上 26% 的資產以 6% 在交易——看看公募市場上公寓的資本化率（cap rate）大約是 5%。而淨租賃的股息殖利率是 6%。我認為底層 NOI 對應大概 6% 到 7% 的 cap rate；把那 6% 或 7% 拿掉之後，剩下的按揭（mortgage）帳簿就變成大約 14% 或 15%。這太荒謬了。

So with this credit, what's our LTV exposure, zero to what? 57, it's ridiculous. We have whole loans, and it's particular, but that's okay. We're playing long ball. Sort of painful on the mark, and I fear for our shareholders, particularly the retail that doesn't probably understand what's going on as much and is nervous that we're going to go the way of some of the other mortgage REITs.

所以就這個信用（credit）而言，我們的 LTV 風險曝險是從 0 到多少？57？這太誇張了。我們有整筆貸款（whole loans），而且是特定的，但沒關係。我們是在打長期戰。按市價評價（mark-to-market）上有點痛，我也替股東擔心，尤其是零售投資人，他們可能不太理解發生了什麼，會緊張我們會走上其他一些按揭 REIT 的老路。

It's actually not really possible right now the way we've built the company. So we'll see how this plays out. But short term, I think some of our peers were a little more aggressive on the recovery of the straight line than should have been and we too were surprised, by the way, by some of the reports of these other firms. But again, look at the amount of capital we're putting out and new stuff, 2.0 stuff versus in the past record deployments. And then what did we put out already this quarter, you just said?

以我們打造公司的方式來看，現在其實不太可能發生那種情況。所以我們看看事情會怎麼發展。但短期來看，我認為有些同業在直線法（straight-line）的回收上做得稍微激進了一點，可能不該那樣；而且順帶一提，我們也對其他公司的一些報告感到意外。但再說一次，看看我們正在投入的新資本與新項目——2.0 的東西——相較於過去的投放紀錄。那我們這一季到目前為止已經投放了多少？你剛剛說了？

$6.7 billion for the year, $1.7 billion already closed in July. We should have the biggest origination quarter in a couple of years, this quarter.

今年累計 67 億美元，7 月已經完成交割 17 億美元。本季應該會是我們兩年來最大的承作（origination）季度。

So I mean, feel really good about that. Again, when we can't tell you that, then you should worry. Right now, it's not the time. You should look at it as a hidden earnings machine as we get this stuff back online. But gosh, it does just, I can't get our team to build out those stuff faster.

所以我的意思是，對此感覺非常好。再說一次，當我們無法告訴你這些時，你才應該擔心。現在不是那個時候。你應該把它看作是一台隱藏的獲利機器，等我們把這些業務重新上線。但天啊，我就是沒辦法讓團隊把那些東西擴建得更快。

I mean they do have to do it, so it doesn't fall down. And we do have to turn around these assets we're getting back. It's just the nature of the business.

我的意思是，他們確實得把它做好，才不會垮掉。而且我們也必須把我們收回來的這些資產扭轉過來。這就是這門生意的本質。

Only quick follow-up to that would be is, I have to imagine and you alluded to it, Barry. Buying back stock has got to be at the top of the best investments you can make list right now with the implication that loan book of 1450s.

對此我只有一個很快的追問：我想像得到——而且你也提到了，Barry。在目前這種情況下，回購股票肯定是你們能做的最佳投資之一，因為這等於是在暗示那本貸款帳簿是以 14.50（1450s）在交易。

What are you authorized to buy back?

你們獲授權可以回購多少？

$400 million. We're well aware of it, and we had to be out of the market because we knew what our earnings were. But as of this moment, we can go back in the market. So we're on your side. Have a great summer, the rest of it, and we'll see you in the fall. Bye-bye.

4 億美元。我們非常清楚這件事，而我們之前必須離場，因為我們知道自己的盈餘狀況。但就此刻而言，我們可以回到市場。所以我們站在你這邊。祝你接下來的夏天過得愉快，我們秋天見。再見。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

各位女士先生，感謝各位的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。