Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of $10.6 million or $0.15 per share, with a book value of $14.44 per share, down approximately 2% from the prior quarter [4][13] - Distributable earnings for the quarter were $17 million or $0.25 per share, aligning with the dividend payout [5] Business Line Data and Key Metrics Changes - The company closed four loans totaling $376 million, primarily secured by Class A multifamily properties, with a weighted average loan-to-value (LTV) of 69% and a coupon of SOFR plus 277 basis points [11] - Repayments in the quarter amounted to $184 million, contributing to net fundings of $222 million [11] Market Data and Key Metrics Changes - The pipeline reached a record high of over $30 billion, indicating strong market demand despite increased spreads in various loan sectors [10] - Warehouse financing and senior loan spreads widened by approximately 10 to 15 basis points, while transitional loan sector spreads increased by 15 to 20 basis points [8] Company Strategy and Development Direction - The company is focused on maintaining a defensive posture while actively seeking new investment opportunities, particularly in the European lending market [7][11] - The strategy includes diversifying the portfolio and adding duration, with a strong emphasis on high-quality assets [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about market volatility and recession expectations but believes real estate is better positioned compared to past cycles [6] - The company anticipates that repayments will exceed $1 billion this year, tracking well above previous expectations [10] Other Important Information - The company has no corporate maturities until February 2030 and has ample liquidity of over $700 million [7][18] - The CECL reserve increased to $144 million due to two loan downgrades, but 90% of the loan portfolio remains risk-rated three or better [19] Q&A Session Summary Question: Concerns about macro issues and dividend policy - Management is monitoring both macroeconomic conditions and specific portfolio risks, noting that while there is heightened awareness, no specific asset is of particular concern [25][30] - Regarding the dividend policy, management feels comfortable with the current level and will evaluate it quarterly, considering the potential for future earnings growth from REO assets [32][33] Question: Originating in Europe and leveraging repayments - The company has been actively originating in Europe and expects to close deals soon, focusing on Western Europe and the UK [40] - Management indicated that while leverage is currently at 3.9 times, they are tracking repayments ahead of schedule and will focus on origination to maximize earnings [42][44] Question: Downgrade of Raleigh multifamily loan - The downgrade was due to the inability to drive rents in the submarket, with the property being on the watch list for some time [50][51] Question: Life Science sector outlook - Management believes that the life science sector has long-term positive fundamentals but faces cyclical headwinds, with expectations for a recovery depending on the economic environment [54][80] Question: New lending opportunities and market conditions - The current opportunity set allows for lending at lower valuations, with a shift towards more stabilized assets rather than transitional ones [60][62] - The company is seeing a significant amount of refinancing activity, with around 70% of the pipeline focused on refinancing rather than new acquisitions [67] Question: Portfolio growth expectations - Management anticipates some incremental growth in the portfolio but is approaching the upper limit of target leverage [76]

大宗商品研究所 贵金属研发报告 贵金属衍生品日报 2025 年 4 月 8 日 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询号：Z0021675 上海：021-65789219 北京：010-68569781 邮箱： 联系方式： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场：今天白天，外盘贵金属小幅走高。伦敦金暂时收复 3000 美元 大关，当前交投于 3004 附近，伦敦银则在 30 美元关口反复博弈，当前交投于 30.1 美元附近。受外盘影响，沪金主力合约收涨 0.37%，报 719.22 元/克，沪银 主力合约收涨 0.26%，报 7683 元/千克。 2.美元指数：美元指数横盘震荡，当前交投于 103.1 附近。 【重要资讯】 1.特朗普政府动向：（1）7 日，特朗普称不会暂停对等关税措施，拒绝欧盟提 议的互免关税政策。（2）外媒：特朗普团队考虑实行出口商税收抵免政策；七名共 和党参议员 "倒戈"支持限制特朗普关税权力的法案。（ ...

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20250408 联系人 李婷、黄蕾、高慧、王工建、赵凯熙 电子邮箱 jytzzx@jyqh.com.cn 电话 021-68555105 海外方面，在对等关税落地生效前，关税博弈牵动全球市场。特朗普称不会暂停对等关 税措施，拒绝欧盟提议的互免关税政策，但对谈判持开放态度；若中国不取消上周对美国产 品加征的 34%关税，威胁对华再额外加征 50%关税。美盘市场波动加剧、避险交易暂时缓 和，美元指数回升至 103.5，10Y 美债利率从 3.87%回升至 4.2%，纳指震荡收涨，金价下跌 1.8%、伦铜创下 16 个月新低、油价创下近 4 年新低。 国内方面，A 股在假期贸易冲突升级、全球衰退预期下补跌，上证指数跌破 3100 关口 （-7.3%），中证 1000、创业板指、北证 50 跌幅分别为 11.4%、12.5%、18%，两市成交额 回升至 1.6 万亿，行业上仅在中国出口反制下的农业板块收涨。特朗普威胁对华再加征 50% 关税，在幅度上对贸易影响边际减弱，但意味着中美贸易脱钩缓和余地在骤降，隔夜美股止 跌但中概股跌幅调整超 5%，短期国内风险 ...

首席点评：多措并举促消费 3月17日晚间，美国商务部公布的数据显示，美国2月零售销售环比仅上升0.2%，低于市场预期的 0.6%，1月的前值为下降0.9%。尽管2月份的数据相比1月份有所改善，但增长幅度较小，引发市场对美 国经济增长前景的担忧。我国将多措并举大力提振消费。相关职能部门正积极加紧制定育儿补贴、劳动 工资等政策。央行将会同金融监管等部门，研究出台金融支持扩大消费的专门文件。商务部将加力扩围 实施消费品以旧换新，开展汽车流通消费改革试点。财政部、人社部将在补助、稳就业等方面多措并 举，提升居民消费能力。市场监管总局将严格开展监管执法，针对价格欺诈等市场顽疾开展专项整治行 动。国务院国资委强调，要加快推动产业结构跃迁升级，指导中央企业推动传统产业向高技术、高附加 值的领域拓展延伸。大力推进战略性新兴产业发展。 重点品种：集运、苹果、菜粕 集运欧线： EC高开震荡，06合约收于2204.1点，上涨3.41%，早盘高开主要是受到地缘变化带来的情绪 影响，美军对也门采取大规模军事行动，胡塞武装表示已准备好"以升级对抗升级"。盘后公布的SCFIS 欧线为1611.70点，环比下降3.9%，对应于03.10-0 ...

当地时间2025年3月10日，美国纽约，纳斯达克市场中心外的电视屏幕上播放着股市信息。图源：CFP "我要建设一个强大的国家，不能只关注股市。"特朗普说。在上周的国会讲话中，特朗普就给市 场打了"预防针"，称为了中长期的结构性转型，可以忍受出现短期的经济不适。 上周五，财政部长斯科特·贝森特也释放出类似论调，他在接受美国消费者新闻与商业频道 （CNBC）采访时表示，随着新政府削减开支，美国经济可能经历一段"排毒期"。 实际上，美股的这波调整始于2月20日， 截至3月10日收盘，标普500指数相较于2月中旬的高点已 下跌8.7%，纳斯达克指数跌近13%。分行业看，美股可选消费、通讯服务、信息技术行业领跌。 "纳指近四周跌超12%，跌出了经济衰退的味道。"民生证券分析师陶川在研报中表示，美股下跌 的核心原因是衰退预期下的流动性紧缩恐慌：一方面，特朗普的"衰退"引导正好碰上了经济数据 的走弱；另一方面，流动性担忧背后，既有美联储缩表末期的不适，更有来自中国和欧洲的"分 流"，以及日本央行进一步紧缩的"阴影"。 陶川表示，"预期引导"堪比特朗普的一场"经济豪赌"。特朗普的政策风格是"说得比做得狠"，尤 其是今年2月以 ...