AllianceBernstein Holding LP (AB) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to the Alliance Bernstein fourth quarter 2025 earnings review. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call.

感謝您的耐心等待，歡迎收看 Alliance Bernstein 2025 年第四季財報回顧。（操作員說明）提醒各位，本次會議正在錄音，會議結束後不久即可在我們的網站上觀看回放。

I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Ioanis Jorgali. Please go ahead.

現在，我將把會議交給本次電話會議的主持人，AB投資者關係主管伊奧尼斯·喬加利先生。請繼續。

Good morning everyone and welcome to our fourth quarter 2025 earnings preview. Today's conference call is being webcast and is accompanied by a slide presentation available in the investor relations section of our website at www.allianceBernstein.com.

各位早安，歡迎收看我們2025年第四季財報預覽。今天的電話會議將進行網路直播，並附有幻燈片演示文稿，可在我們網站 www.allianceBernstein.com 的投資者關係部分查看。

Joining us today to discuss the company's quarterly results are Seth Bernstein, our Chief Executive Officer, and Tom Simeone, our Chief Financial Officer; Onur Erzan, our President, will join us for the question-and-answer session following our prepared remarks.

今天與我們一起討論公司季度業績的有首席執行官塞思·伯恩斯坦和首席財務官湯姆·西蒙尼；在我們的準備好的發言之後，總裁奧努爾·埃爾贊將與我們一起參加問答環節。

Some of the information we'll present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure, so I would like to point out the safe harbor language on slide 2 of our presentation.

我們今天將要介紹的一些資訊具有前瞻性，並且受美國證券交易委員會關於資訊揭露的某些規則和條例的約束，因此我想指出我們簡報第 2 頁上的安全港條款。

You can also find our safe harbor language in the MD&A of our 10-K which will be filed next week. We base our distribution to unit holders on our adjusted results which we provide in addition to and not as a substitute for our GAAP results.

您也可以在下週提交的 10-K 表格的管理層討論與分析 (MD&A) 部分找到我們的安全港條款。我們根據調整後的業績向單位持有人分配收益，該業績是對我們 GAAP 業績的補充，而不是替代。

Our standard GAAP reporting and reconciliation of GAAP to adjusted results are in our presentation, appendix, press release, and our 10-K.

我們的標準 GAAP 報告以及 GAAP 與調整後結果的調整表均包含在我們的簡報、附錄、新聞稿和 10-K 文件中。

Under regulation FT, management may only address questions of material nature from the investment community in a public forum, so please ask all such questions during this call.

根據FT條例，管理階層只能在公開論壇上回答投資界提出的實質問題，因此請在本次電話會議中提出所有此類問題。

Now I'll turn it over to Seth.

現在我把麥克風交給賽斯。

Good morning and thank you for joining us today. 2025 was a year of disciplined execution and strategic progress for AllianceBernstein. I'm very proud of the strides we've made as a firm and I'm deeply grateful to my colleagues for their dedication and impact. One individual who has played a pivotal role in our transformation is our newly appointed President, Onur Erzan.

早安，感謝各位今天蒞臨。 2025年對於AllianceBernstein而言是嚴謹執行和策略穩定推進的一年。我為公司所取得的進步感到非常自豪，並由衷感謝我的同事們的奉獻和貢獻。在我們轉型過程中發揮關鍵作用的一位人物是我們新任命的總裁奧努爾·埃爾贊。

With a proven leadership track record spanning our client group, private wealth, and more recently our private markets businesses, Owner has consistently demonstrated strategic vision, a tireless work ethic, and a deep commitment to our clients, our people, and our unit holders.

憑藉著在客戶群、私人財富以及最近的私募市場業務中卓著的領導才能，Owner 一直展現出戰略眼光、孜孜不倦的工作精神以及對客戶、員工和單位持有人的堅定承諾。

As CEO I will continue to set the firm's strategic direction and guide our leadership team. I look forward to partnering with owner, who will lead the transformation of our business, execute our strategic priorities, and drive profitable growth, working closely with Equitable to deliver innovative client-focused solutions.

作為首席執行官，我將繼續制定公司的策略方向並指導我們的領導團隊。我期待與公司所有者合作，他將領導我們業務的轉型，執行我們的策略重點，並推動獲利成長，同時與 Equitable 緊密合作，提供以客戶為中心的創新解決方案。

Now let's dive into our key business highlights from the quarter and the year on slide 3.

現在讓我們在第 3 張幻燈片中深入了解本季和本年度的主要業務亮點。

First, our assets under management reached a record $867 billion at year end 2025, reflecting market appreciation, strong sales, and organic growth across ultra high net worth, insurance general accounts, tax exempt SMAs, and private markets. A notable positive is our Bernstein Private Wealth business, which has $156 billion assets under management and contributed roughly 37% of our firmwide revenues in 2025.

首先，截至 2025 年底，我們的管理資產達到創紀錄的 8,670 億美元，這反映了市場升值、強勁的銷售以及超高淨值客戶、保險一般帳戶、免稅 SMA 和私募市場的有機成長。值得一提的是，我們的伯恩斯坦私人財富業務表現突出，該業務管理著 1560 億美元的資產，預計到 2025 年將貢獻我們公司整體收入的約 37%。

In addition, our private markets platform closed the year with $82 billion in AUM, up 18% year over year, driven by approximately $9 billion of deployments across all channels in 2025.

此外，我們的私募市場平台年底資產管理規模達到 820 億美元，年增 18%，這主要得益於 2025 年所有通路約 90 億美元的投資。

Finally, our SMA franchise reached $62 billion of AUM and grew 12% organically in 2025, led by our market leading MI capabilities. Our active ETF suite expanded to $14 billion across 24 strategies, delivering 65% organic growth in 2025, excluding conversions.

最後，在市場領先的MI能力的推動下，我們的SMA特許經營業務在2025年達到了620億美元的資產管理規模，並實現了12%的有機成長。我們的主動型 ETF 產品組合已擴展至 140 億美元，涵蓋 24 種策略，預計到 2025 年將實現 65% 的有機成長（不包括轉換）。

While we've seen strong inflows into targeted growth areas, firmwide active net flows were negative for both the quarter and the full year. We had $9.4 billion of total net active outflows in 2025, including $3.8 billion outflows in the fourth quarter.

雖然我們看到有強勁的資金流入特定成長領域，但公司整體的淨主動資金流入在本季和全年均為負值。2025 年，我們總共有 94 億美元的淨主動流出資金，其中第四季流出資金為 38 億美元。

Firm-wide active equity redemptions persisted as performance headwinds lingered, with $7.6 billion outflows in the fourth quarter and $22.5 billion throughout the year. Roughly half of these were driven by retail redemptions. Taxable fixed incomes saw $2 billion in outflows in the fourth quarter and $9.1 billion for the year as overseas retail demand declined amid geopolitical uncertainty and a weaker dollar.

由於業績不利因素持續存在，公司整體主動股票贖回仍在繼續，第四季資金流出76億美元，全年資金流出225億美元。其中約有一半是由零售兌換所驅動的。由於地緣政治不確定性和美元走軟導致海外零售需求下降，應稅固定收益在第四季流出 20 億美元，全年流出 91 億美元。

Institutionally we had roughly $4 billion of taxable outflows related to equitable reinsurance transaction with RGA. On the other hand, our tax exempt franchise continues to deliver durable organic growth with $3.9 billion in inflows in the fourth quarter and $11.6 billion for the year.

從機構層級來看，我們與 RGA 進行的公平再保險交易相關的應稅資金流出約為 40 億美元。另一方面，我們的免稅特許經營業務持續保持穩健的內生成長，第四季流入資金達 39 億美元，全年流入資金達 116 億美元。

The platform has generated organic growth for 13 consecutive years and long-term alpha for our clients. Alternatives and multi-asset strategies also remained the bright spot, posting $1.9 billion active net inflows in the fourth quarter and $10.6 billion for the full year, supported by strong private markets deployments.

該平台已連續 13 年實現有機成長，並為我們的客戶帶來長期超額收益。另類投資和多元資產策略仍然是亮點，在強勁的私募市場部署的支持下，第四季度實現了 19 億美元的主動淨流入，全年淨流入達到 106 億美元。

Third, our scalable model and disciplined expense management continued to drive profitable growth. Our adjusted operating margin expanded to 33.7% for the year at the upper end of our 30% to 35% investor day target range.

第三，我們可擴展的模式和嚴格的費用管理繼續推動獲利成長。我們調整後的全年營業利潤率擴大至 33.7%，達到我們投資者日目標區間 30% 至 35% 的上限。

With a streamlined expense base and robust operating leverage, we are delivering strong flow through to earnings. fourth, we've accelerated our collaboration with Equitable as we continue to expand our private markets capabilities and amplify the flywheel effect of this partnership.

憑藉精簡的費用結構和強大的營運槓桿，我們實現了強勁的獲利成長。第四，我們加快了與Equitable的合作，不斷拓展私募市場能力，並放大這項合作的飛輪效應。

I'm pleased to share that we're making investments to enhance our commercial real estate lending capabilities and expand the scale of our platform. As a result, we'll onboard more than $10 billion of new long duration assets from equitable by year end 2026. This represents a meaningful expansion of our origination and service and capabilities in commercial mortgages.

我很高興地宣布，我們正在進行投資，以增強我們的商業房地產貸款能力並擴大我們平台的規模。因此，到 2026 年底，我們將從 Equitable 收購超過 100 億美元的新長期資產。這代表著我們在商業抵押貸款領域的業務拓展、服務和能力得到了顯著提升。

Beyond the financially accretive nature of this commitment, it underscores the broader strategic value of our partnership with Equitable. It's a clear example of how our alignment continues to unlock incremental growth well beyond the $10 billion plus of additional committed assets.

除了這項承諾帶來的經濟效益之外，它也凸顯了我們與 Equitable 合作的更廣泛的戰略價值。這清楚地表明，我們的策略調整如何持續釋放增量成長，遠遠超過新增的 100 億美元承諾資產。

Leveraging our expertise in commercial real estate lending, the adjacent capabilities will build upon our existing footprint in core and core plus real estate credit and bring insurance tailored assets to over $20 billion. This enhances our scale and enables us to compete more effectively in the strategically important insurance channel.

憑藉我們在商業房地產貸款方面的專業知識，相關能力將鞏固我們在核心和核心加型房地產信貸領域的現有地位，並將保險定制資產增加到 200 億美元以上。這將擴大我們的規模，使我們能夠在具有重要策略意義的保險管道中更有效地參與競爭。

As of year end, we managed over $59 billion on behalf of more than 90 third party insurance clients with general account assets growing 36% year over year. We see strong momentum in this business and expect to add $3 billion of new private asset mandates from strategic insurance partnerships in the first half of 2026.

截至年底，我們代表 90 多家第三方保險客戶管理超過 590 億美元的資產，一般帳戶資產年增 36%。我們看到這項業務發展勢頭強勁，預計在 2026 年上半年透過策略保險合作新增 30 億美元的私人資產委託。

Slide 4 provides a summary page with our key financial metrics. Tom will follow-up with more commentary on our results.

第 4 張投影片提供了包含我們關鍵財務指標的摘要頁面。Tom 將對我們的研究結果發表更多評論。

Turning to slide 5, I'll review our investment performance starting with fixed income. Fixed income markets delivered broad-based gains in the fourth quarter of 2025, despite softer labor market trends and limited macroeconomic data due to the government shutdown.

接下來請看第 5 張投影片，我將回顧我們的投資業績，先從固定收益開始。儘管由於政府停擺導致勞動力市場趨勢疲軟且宏觀經濟數據有限，但固定收益市場在 2025 年第四季仍取得了全面成長。

Short-term rates declined following the Fed's rates cuts, while long-end yields remained elevated, steepening the yield curve. The US 10-year Treasury ended the year near 4.2%, reflecting persistent long-term inflation and fiscal concerns. The Bloomberg US aggregate index returned 1.1% in the fourth quarter and 7.3% in 2025, while Bloomberg's global high yield index returned 2.4% in the fourth quarter and 10% in 2025.

聯準會降息後，短期利率下降，而長期殖利率仍居高不下，導致殖利率曲線陡峭化。美國10年期公債殖利率年底接近4.2%，反映出持續的長期通膨和財政擔憂。彭博美國綜合指數第四季回報率為 1.1%，預計 2025 年回報率為 7.3%；彭博全球高收益指數第四季回報率為 2.4%，預計 2025 年回報率為 10%。

Overall, our one year relative performance improved versus the prior quarter, supported by our higher quality exposure and global high yield, our longer duration positioning in American income, and continued outperformance across our municipal strategies, where nearly all our funds are rated four or five stars by Morningstar.

總體而言，我們的一年相對業績較上一季度有所改善，這得益於我們更高質量的投資和全球高收益債券，我們在美國收益債券中更長的久期配置，以及我們在市政債券策略中持續的優異表現，其中我們幾乎所有的基金都獲得了晨星四星或五星級的評級。

86% of our AUM outperformed over the one year and three year periods while 67% of our AUM outperformed over the five year periods. Demand for intermediate duration has strengthened and fixed income volatility has declined meaningfully, reducing two key headwinds to performance and enhancing the diversification value of the asset class.

在過去一年和三年期間，我們 86% 的資產管理規模 (AUM) 表現優異；在過去五年期間，我們 67% 的資產管理規模 (AUM) 表現優異。對中期債券的需求增強，固定收益波動性顯著下降，從而減少了影響業績的兩大主要不利因素，並提高了該資產類別的多元化價值。

As the curve steepens, investors are rotating out of cash, floating rate, and short duration instruments into intermediate duration products to capture higher yields. US retail tactile flows continue to show encouraging momentum with two consecutive years of organic growth and increasing adoption of our active ETF suite.

隨著殖利率曲線趨於陡峭，投資者正在拋售現金、浮動利率和短期工具，轉而投資中期產品以獲取更高的收益。美國零售市場持續呈現令人鼓舞的成長勢頭，連續兩年實現自然成長，而我們的主動型 ETF 產品系列也得到了越來越多的採用。

In 2025, we ranked among the top-15 fund managers in taxable flows in the United States, a meaningful step forward in the market where we've historically been under penetrated. Municipals remain well positioned for continued inflows, supported by attractive tax efficient returns and continued share gains of our market leading SMA platform.

2025 年，我們躋身美國應稅資金流動排名前 15 名的基金管理公司之列，這在我們歷史上滲透率較低的市場中是一個意義重大的進步。市政債券仍處於持續資金流入的良好位置，這得益於具有吸引力的稅收效率回報以及我們市場領先的SMA平台的持續市場份額增長。

Our systematic strategies are gaining traction in the investment grade bond market with strong institutional demand and consultant support in 2025, underpinned by our consistent track record of our performance.

我們的系統性策略在投資等級債券市場中獲得了強勁的市場認可，在2025年，機構需求旺盛，顧問也給予了大力支持，這得益於我們一貫的良好業績記錄。

Turning to equities, the S&P 500 returned 2.7% in the fourth quarter, closing near record highs and delivering a roughly 18% total return for 2025. This marks the index's third consecutive year of double-digit gains. For the first time in several years, international equities outperformed the US, supported by a weaker US dollar, more compelling relative valuations, and a rotation away from US mega cap technology leadership.

再來看股票市場，標普 500 指數第四季報酬率為 2.7%，收盤接近歷史高位，預計 2025 年總報酬率約 18%。這是該指數連續第三年達到兩位數成長。多年來，國際股市首次跑贏美國股市，這得益於美元走軟、相對估值更具吸引力以及資金從美國大型科技股領頭羊手中轉移。

Our equity performance softened in 2025 with relative returns declining across the one year, three year, and five year periods. This was primarily driven by sustained underperformance in our largest US equity franchises, particularly growth, defensive and sustainable strategies amid a market environment dominated by speculative, momentum-driven names and narrow leadership.

2025 年，我們的股票表現有所下滑，一年、三年和五年期間的相對回報率均下降。這主要是由於我們最大的美國股票業務持續表現不佳，尤其是在以投機性股票、動量驅動型股票和少數領導者主導的市場環境中，成長型、防禦型和可持續型策略的表現不佳。

21% of our AUM outperformed over one year, 37% over three years, and 51% over five years, with the most pronounced performance pressure in US large cap growth oriented services where benchmark concentrations remain acute.

一年內，我們管理的資產中有 21% 跑贏大盤；三年內，有 37% 跑贏大盤；五年內，有 51% 跑贏大盤。其中，美國大型成長型服務業面臨的績效壓力最為顯著，因為這些產業的基準集中度仍然很高。

Outside of these areas, many value core and thematic strategies delivered strong, absolute and relative results. Portfolios of exposure to cyclical sectors such as industrials and financials benefited from improving earnings breadth, especially in non-US markets. Emerging markets, China and international value and core strategies were notable standouts.

在這些領域之外，許多價值核心和主題策略都取得了強勁的絕對和相對收益。投資於工業和金融等週期性產業的投資組合受益於獲利廣度的改善，尤其是在美國以外的市場。新興市場、中國和國際價值及核心戰略表現突出。

The highly concentrated nature of US equity market leadership and stretched valuations created a challenging backdrop for active managers. In response, we're sharpening execution against our investment philosophies, leveraging decision analytics to identify areas for improvement, implement targeted changes and measure outcomes with greater discipline.

美國股市領頭羊高度集中，估值過高，給主動型基金經理人帶來了挑戰。為此，我們正在加強對投資理念的執行，利用決策分析來確定需要改進的領域，實施有針對性的改變，並以更嚴謹的態度衡量結果。

Our equity platform is intentionally diversified across styles and regions, avoiding overexposure to any single market regime. Thematic and cyclically oriented value strategies provide balance and upside participation in risk on environments, complementing more defensively positioned portfolios.

我們的股票平台有意實現跨風格和地區的多元化，避免過度集中於任何單一市場體系。主題型和週期型價值策略可在風險環境下提供平衡和上漲機會，是防禦型投資組合的補充。

As market breath began to improve entering 2026, platform performance has started to rebound. A growing share of growth, value, core, and thematic strategies are now delivering stronger relative results while defensive strategies have lagged in a more risk supportive conditions.

進入 2026 年，隨著市場情勢開始好轉，平台效能也開始反彈。在風險偏好較高的市場環境下，成長型、價值型、核心型和主題型策略的相對報酬率越來越高，而防禦型策略則表現落後。

Looking ahead, we believe the continued earnings breadth and stable economic growth could favor international and value strategies. Additionally, portfolios with lower tracking error may offer clients more consistent participation in narrow leadership environments, helping to diversify performance streams and reduce reliance on a concentrated set of products.

展望未來，我們認為持續的獲利成長和穩定的經濟成長可能有利於國際市場和價值投資策略。此外，追蹤誤差較低的投資組合可以為客戶在狹窄的領導環境中提供更穩定的參與機會，有助於分散績效來源，減少對單一產品的依賴。

Turning to slide 6, I'll discuss our retail highlights.

接下來請看第 6 張投影片，我將討論我們的零售亮點。

Retail flows softened in 2025, ending a two-year streak of organic gains. The channel saw $3.5 billion in net outflows in the fourth quarter and $9.1 billion for the full year, driven by active equity redemptions and softness and taxable fixed income, partially offset by continuing strength in municipals.

2025年零售流量放緩，結束了連續兩年的自然成長動能。該通路第四季淨流出資金 35 億美元，全年淨流出資金 91 億美元，主要原因是股票主動贖回以及應稅固定收益疲軟，但市政債券的持續強勁表現部分抵消了這一影響。

Active equities experienced outflows throughout the quarter and the year, primarily led by US growth oriented services. Fixed income allocations favored tax exempt strategies while taxable flows reversed to modest outflows driven primarily by APAC as the US dollar weakened. A retail community platform delivered 23% organic growth in 2025, surpassing $56 billion in third-party retail AUM across SMAs, ETFs, and mutual funds.

主動型股票在整個季度和全年都經歷了資金流出，主要由美國成長型服務股拉開。固定收益配置傾向免稅策略，而應稅資金流動則逆轉為小幅流出，主要受亞太地區推動，原因是美元走弱。零售社群平台在 2025 年實現了 23% 的有機成長，第三方零售資產管理規模（涵蓋 SMA、ETF 和共同基金）超過 560 億美元。

Despite overseas headwinds, US retail momentum remained durable. Taxable fixed income boasted a second consecutive year of organic growth, supported by expanding adoption of our ETF suite alongside continued market share gains and tax exempt, extending a 13-year history of organic growth.

儘管面臨海外不利因素，美國零售業的成長動能依然強勁。應稅固定收益連續第二年實現內生成長，這得益於 ETF 產品系列的不斷擴大以及市場份額的持續成長和免稅，延續了 13 年的內生成長歷史。

In effect, we believe the bond reallocation trend has significant runway, and we're well positioned to help clients capture fixed incomes and enduring value just as we've consistently demonstrated in the early waves in 2024.

實際上，我們認為債券重新配置趨勢還有很大的發展空間，而且我們已做好充分準備，幫助客戶獲得固定收益和持久價值，正如我們在 2024 年的早期浪潮中一直證明的那樣。

Moving to slide 7, I'll cover our institutional channel.

接下來，我將轉到第 7 張投影片，介紹我們的機構管道。

Institutional outflows moderated year over year, narrowing to $1.9 billion in the fourth quarter and$ 4.6 billion in 2025. Private alternatives remained the key growth engine supported by strong inflows across existing adjacent and newly launched strategies. Channel deployments into private markets totaled approximately $2 billion in the fourth quarter and nearly $8 billion for the year.

機構資金外流較去年放緩，第四季收窄至 19 億美元，2025 年將達 46 億美元。私人另類投資仍然是關鍵的成長引擎，現有相關策略和新推出的策略都獲得了強勁的資金流入。第四季度，通路向私人市場的部署總額約為 20 億美元，全年總額接近 80 億美元。

Taxable fixed income outflows were modest in the fourth quarter while outflows for the year were largely driven by equitable RGA's reinsurance transactions, offsetting inflows into our growing systematic platform. Active equities experienced roughly $2 billion in outflows in the fourth quarter and $7 billion for the year, primarily from our concentrated growth and global core strategies.

第四季度應稅固定收益流出量不大，而全年流出主要由公平RGA的再保險交易推動，抵消了流入我們不斷增長的系統性平台的資金。主動型股票在第四季度經歷了約 20 億美元的資金流出，全年流出資金約 70 億美元，主要來自我們的集中增長型和全球核心型策略。

Our institutional pipeline expanded to nearly $20 billion bolstered by the addition of more than the above mentioned $10 billion in commercial mortgage loans. As previously noted, we expect to add approximately $3 billion of mandates from strategic Insurance partnerships over the coming quarters.

我們的機構貸款規模擴大到近 200 億美元，這得益於新增的 100 多億美元的商業抵押貸款。如前所述，我們預計在未來幾季透過策略保險合作新增約 30 億美元的保險授權。

Next on slide 8, I will cover private wealth.

接下來，在第 8 張投影片中，我將介紹私人財富。

Bernstein Private Wealth delivered its second consecutive quarter of organic growth and fifth straight year of positive net flows supported by record-level advisory productivity. Net new client assets grew 7% in the fourth quarter and 6% for the full year 2025, with annual organic growth of nearly 2% for both periods. Growth was broad-based across asset classes driven by client reallocations into fixed income, rising adoption of alternatives, and sustained demand for tax efficient index equity solutions.

伯恩斯坦私人財富管理公司連續第二季實現有機成長，並連續第五年實現淨流入為正，這得益於創紀錄的諮詢服務效率。第四季新增客戶淨資產成長 7%，2025 年全年成長 6%，這兩個時期的年有機成長率均接近 2%。受客戶將資產重新配置到固定收益產品、另類投資日益普及以及對節稅型指數股票解決方案的持續需求推動，各類資產均實現了廣泛增長。

As noted earlier, private wealth represents approximately 18% of firmwide average AUM but contributes roughly 37% of total revenues, reflecting its attractive fee profile and highly engaged client base. Importantly, these revenues are sourced directly, underscoring the strength of our differentiated farm to table model.

如前所述，私人財富約占公司平均資產管理規模的 18%，但貢獻了約 37% 的總收入，這反映了其具有吸引力的收費模式和高度活躍的客戶群。重要的是，這些收入都是直接獲得的，這凸顯了我們差異化的從農場到餐桌模式的優勢。

I'll close with slides 9 and 10 which highlight both the momentum of our private markets platform and the strategic value of our partnership with Equitable.

最後，我將展示第 9 張和 10 張投影片，這兩張投影片重點介紹了我們私募市場平台的發展勢頭以及我們與 Equitable 合作的策略價值。

Over the past decade, we've scaled our private markets platform to $82 billion in fee paying and fee eligible AUM delivering 18% year over year growth. Anchored in credit-oriented strategies including direct lending, alternative credit, commercial real estate debt, and private placements, our platform serves a broad and growing base of retail, institutional, and insurance clients across a wide range of risk return objectives.

過去十年，我們的私募市場平台規模已擴大至 820 億美元（包括付費和符合付費條件的資產管理規模），實現了 18% 的年增長率。我們的平台以信貸為導向的策略為基礎，包括直接貸款、另類信貸、商業房地產債務和私募配售，為廣泛且不斷增長的零售、機構和保險客戶群體提供服務，滿足其各種風險回報目標。

Equitable's $20 billion permanent capital commitment now largely deployed, has accelerated our expansion in private markets and strengthened our ability to seed higher fee, longer duration strategies. Our collaboration continues to evolve beyond periodic commitment cycles with the expansion of the commercial mortgage capabilities representing the latest in a series of successful initiatives, expanding residential mortgages, structured private placements, and private credit.

Equitable 200 億美元的永久資本承諾現已基本部署完畢，這加速了我們在私募市場的擴張，並增強了我們投資更高費用、更長期限策略的能力。我們的合作不斷超越週期性的承諾，商業抵押貸款能力的擴展代表了一系列成功舉措的最新成果，這些舉措包括擴大房屋抵押貸款、結構化私募和私人信貸。

We view our strategic partnership with Equitable as a meaningful competitive advantage, reinforcing AB's capital-like client aligned model and enabling efficient and disciplined scaling of new offerings. With our proven track record and focused strategy, we're well positioned to transform the business, unlock new opportunities for our clients, and exceed our $90 to $100 billion dollar target for private markets AUM by 2027.

我們認為與 Equitable 的策略夥伴關係是一項重要的競爭優勢，它強化了 AB 的資本型客戶導向模式，並實現了新產品的高效、標準化擴展。憑藉我們卓著的業績和專注的策略，我們有能力改變業務，為客戶創造新的機會，並在 2027 年實現私募市場資產管理規模 900 億至 1000 億美元的目標。

With that, I'll hand it over to Tom to review our financial results.

接下來，我將把工作交給湯姆，讓他來審核我們的財務表現。

Thank you, Seth, and thank you to everyone joining us today. AB enters 2026 with clear momentum underscored by our fourth quarter and full year 2025 results and the progress we're making on our strategic priorities.

謝謝你，塞思，也謝謝今天所有到場的朋友。AB 在進入 2026 年時勢頭強勁，這體現在我們 2025 年第四季和全年的業績以及我們在策略重點方面取得的進展。

Fourth quarter adjusted earnings were $0.96 per unit, down 9% from the prior year period, reflecting lower performance fees, investment gains, and other revenues. Full year 2025 adjusted earnings of $[3.33] increased 2% versus the prior year, while full year distributions were $3.38 up 4%. The difference between EPU and distributions reflect the mathematical impact of the lower average unit count and the higher income generated in the second half of 2025.

第四季調整後每股收益為 0.96 美元，較上年同期下降 9%，反映出業績費、投資收益和其他收入減少。2025 年全年調整後收益為 3.33 美元，比前一年增長 2%；全年分配為 3.38 美元，增長 4%。EPU 與分配之間的差異反映了 2025 年下半年平均單位數量減少和收入增加的數學影響。

On slide 11, we show our adjusted results which removes the effect of certain items that are not considered part of our core operating business.

在第 11 張投影片中，我們展示了調整後的結果，其中剔除了某些不屬於我們核心經營業務的項目的影響。

For a reconciliation of GAAP and adjusted financials, please refer to our presentation appendix.

有關 GAAP 和調整後財務數據的調節，請參閱我們的簡報附錄。

Fourth quarter net revenues were $957 million down 2% versus the prior year as higher base fees were offset by lower performance fees. Full year revenues were $3.5 billion flat year over year and up 3% on a like for like basis when excluding the $96 million of Bernstein Research revenue recognized in 2024.

第四季淨收入為 9.57 億美元，比上年同期下降 2%，原因是較高的基本費用被較低的績效費用所抵消。全年營收與上年持平，達到 35 億美元；若不計入 2024 年確認的 9,600 萬美元 Bernstein Research 營收，則年增 3%。

Fourth quarter and full year base fees increased 5% year over year driven by higher markets. Fourth quarter performance fees were $82 million below the prior year periods $133 million which benefited from catch up fees at Carval on the private side and strong contributions from several public market strategies including Absa and Aria.

受市場走強的推動，第四季和全年基本費用年增 5%。第四季業績費比去年同期的 1.33 億美元減少了 8,200 萬美元，這得益於 Carval 在私人領域的追趕性費用以及 Absa 和 Aria 等幾項公開市場策略的強勁貢獻。

While full year performance fees of $172 million declined 24% year over year, they came in above our 130 to $155 million dollar guidance range, and I will provide additional details shortly. Dividend and interest revenue along with broker dealer related interest expense declined in both the fourth quarter and full year, reflecting lower client cash and margin balances in private wealth.

雖然全年業績費為 1.72 億美元，年減 24%，但仍高於我們先前 1.3 億至 1.55 億美元的預期範圍，我稍後將提供更多細節。第四季和全年股息和利息收入以及經紀交易商相關的利息支出均有所下降，反映出私人財富客戶現金和保證金餘額減少。

Moving to expenses, fourth quarter total operating expenses were $627 million up 1% versus the prior year, driven by 2% higher compensation expenses and essentially flat non-compensation expenses. Full year operating expenses were $2.3 billion down 2%, as slightly higher compensation was more than offset by lower non-compensation expense.

從支出來看，第四季總營運支出為 6.27 億美元，比上年同期成長 1%，主要原因是薪資支出成長 2%，而非薪資支出基本持平。全年營運支出為 23 億美元，下降 2%，原因是略微增加的薪酬被較低的非薪酬支出所抵消。

Fourth quarter total compensation and benefits increased 2% year over year with a compensation ratio of 47.7% of adjusted net revenues. This is above last year's 46%, but better than our 48.5% guidance. Full year revenues exceeded our earlier expectations, allowing us to reduce the fourth quarter compensation ratio.

第四季總薪資和福利年增 2%，薪資佔調整後淨收入的 47.7%。這高於去年的 46%，但優於我們 48.5% 的預期。全年營收超出預期，因此我們得以降低第四季薪資比率。

As a result, our full year compensation ratio was 48.3%, slightly better than the [4.5%] included in our prior guidance. We will begin accruing at a 4.5% compensation ratio in the first quarter of 2026 consistent with last year's accrual and may adjust throughout the year depending on market conditions.

因此，我們全年的薪酬比率為 48.3%，略優於我們先前預期的 [4.5%]。我們將從 2026 年第一季開始以 4.5% 的薪酬比例提列薪酬，與去年的提列比例一致，並可能根據市場狀況在年內進行調整。

Our guidance includes the cost of investments in talent and capabilities such as building out the commercial mortgage loan platform that Seth referenced. Promotion and servicing costs decreased 1% in the fourth quarter and 10% for the full year, with the full year decline driven by the separation of Bernstein Research.

我們的指導意見包括對人才和能力的投資成本，例如建立 Seth 提到的商業抵押貸款平台。第四季促銷和服務成本下降了 1%，全年下降了 10%，全年下降主要得益於 Bernstein Research 的分拆。

Fourth quarter G&A expenses were flat year over year.

第四季一般及行政費用與去年同期持平。

Full year G&A declined 9%, driven by the lower occupancy costs associated with our Hudson Yards relocation, which dropped to the bottom line as planned. For full year 2025, non-compensation operating expenses were $599 million just below our prior guidance of $600 to $610 million. This reflects strong expense discipline amidst a volatile macro backdrop.

全年一般及行政費用下降 9%，這主要得益於我們搬遷至哈德遜廣場後，佔用成本降低，並按計劃計入了利潤。2025 年全年，非薪酬營運支出為 5.99 億美元，略低於我們先前預測的 6 億至 6.1 億美元。這反映出在動盪的宏觀經濟環境下，公司仍保持嚴格的成本控制。

For 2026, we expect full year non-compensation expense to be in the range of $625 to $650 million. The increase reflects normalization in promo and G&A expenses recovering from last year's depressed levels and includes discretionary investments in technology and the operational buildout of new strategies.

我們預計 2026 年全年非薪酬支出將在 6.25 億至 6.5 億美元之間。這一增長反映了促銷和一般管理費用從去年的低迷水平中恢復過來，並包括對技術和新戰略運營建設的酌情投資。

Promo and servicing are expected to represent 20% to 30% of non-compensation expenses with G&A comprising the remaining 70% to 80%. As a reminder, promo and servicing includes transfer fees which move directionally with markets.

促銷和服務預計將佔非補償性支出的 20% 至 30%，而一般及行政費用將佔剩餘的 70% 至 80%。提醒各位，促銷和服務費用包含轉帳費，轉帳費會隨市場走勢而波動。

Our year over year non-com outlook implies 6% to 7% growth at the midpoint, slightly above our long-term objective of keeping increases below the level of inflation. This reflects investments to integrate our new investment management platform and complete the onboarding of the commercial mortgage assets, both of which we expect to be accred to earnings over time.

我們對非公司營收年比的預期為成長 6% 至 7%（中位數），略高於我們維持成長低於通貨膨脹水準的長期目標。這反映了我們對整合新的投資管理平台和完成商業抵押貸款資產入庫的投資，我們預計這兩項投資都將在一段時間內轉化為收益。

After a robust selection process, we selected an investment management platform that we believe will materially enhance our foundational data model and prepare us for the future. Over the years we have purpose-built technology that has served us well, but much of it is aligned to an individual investment teams and asset classes.

經過嚴格的篩選過程，我們選擇了一個投資管理平台，我們相信該平台將實質地增強我們的基礎資料模型，並為未來做好準備。多年來，我們擁有專門開發的技術，這些技術為我們提供了很好的服務，但其中許多技術都與個別投資團隊和資產類別相符。

This new platform will allow us to unify around a single source of data, improving analysis, decision making, and reporting. We expect it to streamline operations and drive both business and cost efficiencies. The implementation is expected to result in approximately $40 million in total cash flow impact over the next four years, some of which will be capitalized before generating $200 to $25 million in annual net expense savings beginning in full year 2030 after all legacy systems are retired.

這個新平台將使我們能夠圍繞單一資料來源進行統一管理，從而改善分析、決策和報告。我們預期它能簡化操作流程，提高業務效率並降低成本。預計該方案的實施將在未來四年內帶來約 4000 萬美元的總現金流影響，其中一部分將被資本化，然後在所有舊系統退役後，從 2030 年全年開始，每年產生 2 億至 2500 萬美元的淨支出節省。

Our full year '26 non-com guide assumes roughly $10 million of P&L impact from technology implementation expenses in the onboarding of our CML platform. As Seth mentioned, we're excited to expand our partnership with Equitable as we scale institutional and insurance tailored solutions in commercial mortgages, an area where we believe we can rapidly scale.

我們 2026 年全年非營利預期預計，由於 CML 平台上線過程中的技術實施費用，損益表將受到約 1,000 萬美元的影響。正如 Seth 所提到的，我們很高興能夠擴大與 Equitable 的合作關係，因為我們將在商業抵押貸款領域擴大機構和保險客製化解決方案，我們相信在這個領域我們可以迅速擴大規模。

The team and platform will be fully operational in the second half of 2026, and we expect to initially manage more than $10 billion of long duration assets for Equitable, with asset onboarding expected by year end. Excluding discretionary investment spend, non-compensation expense would increase in the low single-digits consistent with our long-term target.

團隊和平台將於 2026 年下半年全面投入運營，我們預計初期將為 Equitable 管理超過 100 億美元的長期資產，資產上線預計將在年底前完成。不計可自由支配的投資支出，非薪資支出將以較低的個位數百分比成長，這與我們的長期目標一致。

Interest on borrowing has decreased by roughly $1 million in the fourth quarter and $15 million for the full year 2025 compared to the prior year periods, reflecting lower interest rates and lower debt balances.

與去年同期相比，第四季借款利息減少了約 100 萬美元，2025 年全年減少了約 1,500 萬美元，這反映出利率下降和債務餘額減少。

ABLP's effective tax rate was 5.9% in 2025, just shy of the low end of our 6% to 7% guidance range, which reflects a favorable mix of earnings. We forecast ABLP's effective tax rate in 2026 to be 6% to 7%. In the fourth quarter, our firmwide fee rate was 38.7 basis points and our full year fee rate was 38.9 basis points.

ABLP 2025 年的實際稅率為 5.9%，略低於我們 6% 至 7% 指導範圍的下限，這反映了有利的盈利組合。我們預測 ABLP 在 2026 年的實際稅率為 6% 至 7%。第四季度，我們公司整體收費率為 38.7 個基點，全年收費率為 38.9 個基點。

As we've said before, the fee rate will continue to be mixed dependent, and several dynamics influence both the quarter and full year.

正如我們之前所說，費率將繼續取決於多種因素，並且有幾個因素會影響季度和全年的費率。

First, on the equity side, markets finished the year higher, but volatility meant that average AUM significantly lagged end of period levels. We also saw outflows from higher fee active equity services which put modest pressures on the fee rate.

首先，從股票市場來看，雖然市場年底收高，但波動性導致平均資產管理規模遠低於期末水準。我們也看到，高收費的主動型股票投資服務資金外流，這對收費率造成了一定的壓力。

In fixed income, elevated rates and FX volatility weighed on taxable fixed income flows and AUM. We experienced outflows and higher fee strategies such as American income while most of our active fixed income inflows came from [mini] SMAs which typically carry lower fees.

在固定收益方面，高利率和外匯波動對應稅固定收益流量和資產管理規模造成了壓力。我們經歷了資金流出和費用較高的策略，例如美國收入，而我們的大部分主動固定收益流入來自費用通常較低的[迷你]SMA。

Offsetting these pressures, we continue to grow our private market's capabilities, which remain a key structural support for our fee rate. Our regional sales mix and strategic growth initiatives have helped mitigate broader industry fee rate compression, and our all-in fee rate, including performance fees, has trended higher over time as private markets AUM has expanded.

為了抵​​銷這些壓力，我們不斷提升私人市場的能力，這仍然是我們收費標準的關鍵結構性支撐。我們的區域銷售組合和策略性成長措施有助於緩解整個產業的費率壓縮，隨著私募市場資產管理規模的擴大，我們的綜合費率（包括業績費）呈上升趨勢。

Slide 12 reflects a breakdown of our performance fees by private and public market strategies.

第 12 張投影片反映了我們按私募和公募市場策略劃分的業績費明細。

Fourth quarter performances were $82 million above our prior expectations. Public market strategies contributed $37 million well ahead of our $5 to $25 million dollar guide driven primarily by another strong year from our financial services opportunity strategy which benefited from both idiosyncratic and sector specific performance.

第四季業績比我們之前的預期高出 8,200 萬美元。公開市場策略貢獻了 3,700 萬美元，遠超過我們 500 萬至 2,500 萬美元的預期，這主要得益於金融服務機會策略的又一個強勁年份，該策略受益於特殊性和行業特定表現。

Private market strategies contributed $45 million slightly above our $35 million to $40 million guide, with the upside largely driven by our middle market lending platform. As a result, full year 2025 performance fees total $172 million above our $130 million to $155 million outlook, though below last year's $227 million.

私募市場策略貢獻了 4,500 萬美元，略高於我們先前 3,500 萬至 4,000 萬美元的預期，其中成長主要得益於我們的中端市場貸款平台。因此，2025 年全年業績費總額比我們先前預測的 1.3 億美元至 1.55 億美元高出 1.72 億美元，但低於去年的 2.27 億美元。

The year over year decline reflects the unusually strong 2024 contributions from public market strategies such as our securitized credit strategy ABSA and our long short strategy, as well as one-time [carval] catch up fees that we did not expect to recur in 2025, as we noted on last year's call.

與前一年相比的下降反映了 2024 年公開市場策略（如我們的證券化信貸策略 ABSA 和多空策略）異常強勁的貢獻，以及我們預計 2025 年不會再次發生的 [carval] 一次性追趕費用，正如我們在去年的電話會議上所指出的那樣。

Looking to 2026, we have good visibility for private market strategies to contribute $70 to $80 million in performance fees. We also expect public market strategies to contribute at least $10 to $20 million based on current market levels.

展望 2026 年，我們有理由相信私募市場策略將貢獻 7,000 萬至 8,000 萬美元的業績費。根據目前的市場水平，我們也預期公開市場策略至少能貢獻 1,000 萬至 2,000 萬美元。

Assuming no major market drawdown, we view this outlook as a floor, though we would caution that sector or asset class level dispersion can materially affect performance fees, even in constructive broader markets. While public market alpha is inherently volatile and difficult to forecast, our public alternative franchise provides meaningful upside and favorable market environments and enhances our overall market leverage profile.

假設市場沒有出現重大下跌，我們認為這一前景是一個底線，但我們提醒，即使在整體市場情況良好的情況下，行業或資產類別層面的差異也可能對業績費產生重大影響。雖然公開市場的阿爾法收益本質上具有波動性且難以預測，但我們的公開另類投資業務提供了有意義的上漲空間和有利的市場環境，並增強了我們整體的市場槓桿水平。

This upside potential complements the more steady and predictable performance fees generated by our private markets business, resulting in an attractive and diversified performance fee opportunity for the firm.

這種潛在的上漲空間與我們私募市場業務產生的更穩定、更可預測的業績報酬相輔相成，從而為公司帶來了有吸引力且多元化的業績報酬機會。

Finally, closing with slide 13.

最後，以第 13 張投影片結束。

As previously mentioned, the adjusted operating margin increased sequentially to 34.5% in the fourth quarter. 2025 results benefited from favorable markets and improved operational efficiency, resulting in a full year adjusted margin of 33.7% above our 33% market neutral forecast.

如前所述，第四季調整後營業利潤率較上季成長至34.5%。 2025年的業績受惠於有利的市場環境和營運效率的提升，全年調整後利潤率達到33.7%，高於我們先前33%的市場中性預期。

This margin is at the higher end of our investor date target of 30% to 35%, which we expected to achieve by 2027. We are pleased with the progress we've made in strengthening our margin profile. Having successfully executed our major market neutral initiatives, including the Bernstein Research separation and our North America relocation strategy, we now see market performance and scalability as the primary drivers of future margin expansion.

這一利潤率處於我們向投資者公佈的目標值 30% 至 35% 的較高水平，我們預計到 2027 年將實現這一目標。我們對在提升利潤率方面取得的進展感到滿意。在成功執行了包括伯恩斯坦研究公司分拆和北美搬遷策略在內的主要市場中性舉措之後，我們現在認為市場表現和可擴展性是未來利潤率擴張的主要驅動力。

We have demonstrated meaningful operating leverage from both markets and scale with incremental margins well above our long-term 45% to 50% target. We expect constructive markets to continue boosting the profitability of our existing services, reflecting improved flow through to earnings.

我們已經證明，透過市場和規模，我們能夠實現顯著的營運槓桿效應，增量利潤率遠高於我們長期 45% 至 50% 的目標。我們預計，積極的市場環境將持續提升我們現有服務的獲利能力，進而改善收益。

While we remain disciplined on expenses, we are also committed to investing in growth to create durable value for our unit holders. We expect to continue allocating resources to high conviction initiatives that support organic growth and increased long-term profitability.

在嚴格控制開支的同時，我們也致力於投資成長，為我們的單位持有者創造持久價值。我們將繼續把資源投入那些能夠支持內生成長和提高長期獲利能力的高信心項目。

Our strategic priorities include disciplined investments and targeted growth initiatives such as new investment services, product innovation, and expanded marketing efforts designed to enhance earnings power over time.

我們的策略重點包括審慎的投資和有針對性的成長舉措，例如新的投資服務、產品創新和擴大行銷力度，旨在隨著時間的推移提高獲利能力。

The expansion of our commercial mortgage lending capabilities is a clear example of an investment that we expect to be a cred and value enhancing over the long run.

擴大我們的商業抵押貸款能力，就是一個明顯的投資例子，我們預期這項投資將在長期內提升我們的信譽和價值。

Before opening the line for questions, I want to express my gratitude to our colleagues for their considerable efforts and unwavering commitment to our clients, unit holders, and all stakeholders. With that, we're pleased to answer your questions, operator.

在開放提問環節之前，我想對我們的同事們表示感謝，感謝他們為我們的客戶、單位持有人和所有利益相關者所付出的巨大努力和堅定不移的承諾。那麼，我們很樂意回答您的問題，接線員。

(Operator Instructions)

（操作說明）

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

I wanted to maybe get a little more on the outlook for high yield funds, distributed in Asia. Some of the --almost beyond interest rates, some of the puts and takes of, that influence demand, month to month.

我想更深入地了解一下在亞洲分銷的高收益基金的前景。有些因素——幾乎超越了利率——影響每月的需求，包括一些買賣交易。

Sure. Hi, John. It's an honor. Let me, take that question.

當然。嗨，約翰。這是我的榮幸。讓我來回答這個問題。

In terms of the broader trends in Asia, obviously there are macro factors, such as the effects (inaudible) risk for foreign investors relative to US dollar, the rate outlook, etc. I mean, obviously we've been navigating those macro factors for decades. Some of our products in Asia has been in existence for 30 years.

就亞洲的整體趨勢而言，顯然存在一些宏觀因素，例如（聽不清楚）對外國投資者相對於美元的風險、利率前景等等。我的意思是，很顯然，幾十年來我們一直在應對這些宏觀因素。我們在亞洲的一些產品已經存在了30年。

We have not seen a tremendous impact from a structural demand perspective in terms of the effects (inaudible) risk yet. Yes, there are some ebbs and flows, and on a relative basis, investors are a little bit more sensitive or concerned about the effects risk, but it has not dramatically impacted.

從結構性需求角度來看，我們還沒有看到風險帶來的巨大影響。是的，市場會有一些波動，相對而言，投資者對風險的影響會更加敏感或擔憂，但這並沒有造成巨大的影響。

The structural fixed income demand, as the Asia clients, the retail particularly likes income, and still the US dollar denominated strategies and global strategies deliver attractive income. Hence, the structural demand remains strong.

結構性固定收益需求，因為亞洲客戶，特別是零售客戶，特別喜歡收益，而以美元計價的策略和全球策略仍然能夠提供有吸引力的收益。因此，結構性需求依然強勁。

In terms of our business, in terms of a couple of positives, as we started globalizing our ETF franchise and we started with fixed income, given our strong brand in Asia, particularly in fixed income. And we added our second active ETF in Taiwan. If you recall, we were the first active fixed income ETF launcher in '25. This year we added a high yield fund, and it was a successful IPO, top in its category.

就我們的業務而言，有一些積極的方面，因為我們開始將我們的 ETF 業務全球化，並且我們從固定收益開始，鑑於我們在亞洲，尤其是在固定收益領域擁有強大的品牌影響力。我們在台灣新增了第二隻主動式ETF。如果你還記得的話，我們是 2025 年第一家主動式固定收益 ETF 發行商。今年我們新增了一檔高收益基金，而且IPO非常成功，在同類基金中名列前茅。

So we see broadening of the vehicles that will help us. And another thing that that will help us in Taiwan, we were facing some regulatory constraints in terms of percentage of assets that can come from Taiwanese investors in some of our vehicles. Taiwan raised those minimums from 70% to 90% for us based on some of the commitments. As a result, that will help us unlock more opportunity in Taiwan.

因此，我們看到能夠幫助我們的車輛種類不斷擴大。還有一點對我們在台灣有所幫助，那就是，我們之前在某些投資工具中，來自台灣投資者的資產比例方面，面臨著一些監管限制。根據我們的一些承諾，台灣將最低繳費比例從 70% 提高到了 90%。因此，這將有助於我們在台灣發掘更多機會。

So as a result, there are a couple of unique AB specific factors that will help with the demand in 2026. And then obviously in the broader markets there will be definitely competition across strategies and depending on how our strategies perform on a relative basis, we'll gain or lose market share as we hold very strong market share in border vehicles that are used in markets like Hong Kong. We are typically a market leader.

因此，2026 年 AB 地區有一些獨特的特定因素將有助於滿足需求。顯然，在更廣泛的市場中，各種策略之間肯定會存在競爭，而根據我們的策略相對錶現如何，我們將獲得或失去市場份額，因為我們在香港等市場使用的邊境車輛領域擁有非常強大的市場份額。我們通常是市場領導者。

Sometimes we give up some market share or gain some market share, depending on particularly the positioning of the rate curve, given we tend to be long duration and long credit structurally in most of our products.

有時我們會失去一些市場份額，有時我們會獲得一些市場份額，這尤其取決於利率曲線的位置，因為我們的大多數產品在結構上傾向於長期和長期信貸。

Got it. And then, private wealth did well, in the fourth quarter. Could you maybe talk about the seasonality you might expect over the course of the year and then kind of frame a little more, the areas where you expect to see, flow demand.

知道了。然後，私人財富在第四季度表現良好。您能否談談您預計在一年中會出現的季節性變化，然後更詳細地描述一下您預計會看到流量需求的地區？

Sure, yeah, as you pointed out, we're very, pleased how, we finished the year in private wealth, almost 7% annualized, sorry, 7%, net new assets, organic growth rate, so feeling very good about that, in terms of seasonality, you always have the tax impact, in the second quarter, so that's always the biggest.

當然，正如您所指出的，我們對今年私人財富的業績非常滿意，年化增長率接近 7%，抱歉，是 7%，淨新增資產，有機增長率，所以我們對此感到非常滿意。就季節性而言，第二季總是會受到稅收的影響，所以這始終是最大的。

Thing to, consider, overall, other than that, seasonality, maybe sometimes you have a little bit of a softness in August, with the holidays and all that in most parts of the US, but broadly I think it's a more second quarter tax related seasonality for the most part.

總的來說，除了季節性因素之外，還需要考慮的是，雖然美國大部分地區在八月份可能會因為假期等原因而出現一些疲軟的時期，但總體而言，我認為這主要是第二季度稅收相關的季節性因素造成的。

And beyond that we're feeling pretty good about our pre pipeline in terms of our business as you recall when we mentioned in the past. One of our big drivers of growth in terms of particular new client acquisition is, the exits as the M&A activity has been robust and given we have a very strong ultra-network proposition with business owners and entrepreneurs, when we have strong exits through M&A, we tend to do quite well, in terms of onboarding new ultra-network, clients, so we continue to see, strength in that area, as an example.

除此之外，正如你之前提到的，我們對業務的預售管道感覺相當不錯。在獲取新客戶方面，我們的一大成長動力來自退出，因為併購活動一直很強勁。鑑於我們擁有非常強大的企業主和企業家超強網絡，當我們透過併購成功退出時，我們在吸引新的超強網絡客戶方面往往表現得相當不錯，因此我們繼續看到這方面的優勢。

Benjamin Budish, Barclays,

班傑明·布迪什，巴克萊銀行

Hi, this is Nathan on for Ben. Just a quick question with AI related volatility impacting software evaluation. Can you size AB's private credit exposure to software cost the portfolio by, percentage of AUM, maybe top exposures, and like any areas where you tie in underwriting or adjusted risk limits?

大家好，我是Nathan，替Ben為您報道。關於人工智慧相關的波動性對軟體評估的影響，我有個問題想請教一下。您能否按資產管理規模百分比、主要風險敞口以及與承保或調整後的風險限額相關的任何領域來衡量 AB 的私人信貸對軟體成本的風險敞口？

Sure, it's owner, let me, take that as well. It's not a, very significant exposure for us given our broadly diversified global asset management platform. To recap, our private alt platform is around $8 billion to $2 billion of assets based on fee earning and fee eligible AUM. Within that, roughly 25% is our corporate direct lending business PCI.

當然，它的主人，讓我也把它拿走吧。鑑於我們廣泛且多元化的全球資產管理平台，這對我們來說並不是一個非常重要的風險敞口。總而言之，根據手續費收入和符合手續費資格的資產管理規模，我們的私人另類投資平台資產規模約為 80 億美元至 20 億美元。其中，約 25% 是我們的企業直接貸款業務 PCI。

And in that business, typically it is, we are the lead, underwriter in middle market, loans, against, sponsors typically we work with 250 sponsors in the United States. Typical, companies we work with are in the $10 million to $75 million dollar EBITDA range.

在該業務領域，我們通常是中端市場貸款的主要承銷商，我們通常與美國 250 家發起人合作。通常情況下，我們合作的公司 EBITDA 在 1000 萬美元到 7500 萬美元之間。

So within that PCI portfolio we have exposure to technology or software, kind of companies. Our exposure tends to be in line with the rest of the corporate direct lending markets. So typically around 25% of the AUM tends to be related to software.

因此，在PCI投資組合中，我們接觸到了科技或軟體之類的公司。我們的風險敞口與企業直接貸款市場的其他風險敞口基本一致。因此，通常情況下，資產管理規模的 25% 左右與軟體相關。

We have a long standing history in terms of operating in technology and software, and we have not seen any. material change in terms of our loss experience, and we have been very diligent in monitoring our credit watches and staying close to those borrowers.

我們在技術和軟體領域擁有悠久的營運歷史，在損失經驗方面沒有看到任何實質變化，我們一直非常認真地監控信貸狀況，並與借款人保持密切聯繫。

But so far again no major deterioration and even it was to deteriorate materially it's not going to impact our business given middle market lending is only, roughly $25 billion, of AUM, and within that we only have a certain percentage exposure to software, as I mentioned, so we we're not, that sensitive to it.

但到目前為止，情況還沒有出現重大惡化，即使出現實質惡化，也不會影響我們的業務，因為中端市場貸款的資產管理規模只有大約 250 億美元，而且正如我提到的，其中我們對軟體的投資比例也只有一定比例，所以我們對此並不敏感。

And the follow-up would be, given we know, we understand that it's early to update, of the target of getting like $90 billion to $100 billion of private markets [AUL], but like how are you thinking about growing that private market piece beyond that time horizon?

後續問題是，鑑於我們知道，現在更新目標還為時過早，即獲得 900 億至 1000 億美元的私募市場 [AUL]，那麼您打算如何考慮在超出該時間範圍後擴大私募市場規模？

Well.

出色地。

Let me answer it, it's Seth. Let me answer it this way we're not including the money that, we will be on boarding this year from the commercial mortgage lending, team.

讓我來回答，我是賽斯。我這樣回答吧：我們這裡不包括今年將從商業抵押貸款團隊獲得的資金。

I mean, yes, that counts as private market assets, but we continue to focus on beating the $90 billion to $100 billion, that we forecasted. For 2027 we will in with our second quarter earnings revive that target for you, but we are ambitious and we see further opportunities to expand it.

我的意思是，是的，這算是私募市場資產，但我們仍然專注於超越我們預測的 900 億至 1000 億美元。2027 年，我們將在第二季財報中重新公佈該目標，但我們雄心勃勃，看到了進一步擴大該目標的機會。

(Operator Instructions)

（操作說明）

There are no further questions at this time, Mr. Jorgali. I turn the call back over to you.

喬加利先生，目前沒有其他問題了。我把電話轉回給你。

All right, thank you all for joining this busy day. Please follow-up with us if you have any additional questions.

好的，感謝各位抽出時間參加今天這個繁忙的日子。如有其他疑問，請與我們聯絡。

Thank you very much.

非常感謝。