Apollo Global Management Inc (APO) 2024 Q1 法說會逐字稿

Good morning, and welcome to Apollo Global Management's First Quarter 2024 Earnings Conference Call. (Operator Instructions) This conference call is being recorded.

早安，歡迎參加阿波羅全球管理公司2024年第一季業績電話會議。 （接線員指示）本次電話會議正在錄音中。

This call may include forward-looking statements and projections, which do not guarantee future events or performances. Please refer to Apollo's most recent SEC filings for risk factors related to these statements.

本次電話會議可能包含前瞻性陳述和預測，這些陳述和預測不保證未來事件或績效。有關這些陳述的風險因素，請參閱阿波羅最近提交給美國證券交易委員會 (SEC) 的文件。

Apollo will be discussing certain non-GAAP measures on this call which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP measures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or a solicitation for an offer to purchase an interest in any Apollo fund.

阿波羅將在本次電話會議上討論管理階層認為與評估公司財務績效相關的某些非公認會計準則指標。這些非公認會計準則指標已與阿波羅獲利報告中的公認會計準則指標進行核對，該報告可在公司網站上查閱。另請注意，本次電話會議中的任何內容均不構成出售或購買任何阿波羅基金權益的要約邀請。

I will now turn the call over to Noah Gunn, Global Head of Investor Relations.

現在我將把電話轉給全球投資者關係主管 Noah Gunn。

Thanks, operator, and welcome again, everyone, to our call. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website.

謝謝接線員，再次歡迎大家參加我們的電話會議。今天早上，我們在網站的投資者關係版塊發布了我們的收益報告和財務補充。

We report strong first quarter financial results, which included FRE of $462 million or $0.75 per share and SRE of $817 million or $1.32 per share. Together, these 2 earnings streams totaled $1.3 billion, increasing 18% year-over-year.

我們公佈了強勁的第一季財務業績，其中常規獲利4.62億美元，合每股0.75美元，常規獲利8.17億美元，合每股1.32美元。這兩項獲利總計13億美元，年增18%。

Combined with principal investing income, HoldCo financing costs and taxes, we reported adjusted net income of $1.1 billion or $1.72 per share, up 26% year-over-year. Additionally, we declared a quarterly cash dividend of approximately $0.46 per share for the first quarter, reflecting the new higher annual run rate level of $1.85 per share as previously announced.

加上本金投資收益、HoldCo 融資成本和稅金，我們報告的調整後淨利潤為 11 億美元，即每股 1.72 美元，年增 26%。此外，我們宣布第一季每股現金股利約為 0.46 美元，反映了先前宣布的每股 1.85 美元的更高年度股息水準。

Joining me this morning to discuss our results in further detail are Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO.

今天上午，執行長馬克羅文 (Marc Rowan)、聯席總裁吉姆澤爾特 (Jim Zelter) 和財務長馬丁凱利 (Martin Kelly) 將與我一起進一步詳細討論我們的業績。

Before handing it over, I'd like to formally announce that we are hosting an Investor Day in New York on Tuesday, October 1. We will provide additional detail in the coming months and hope that you will join our broader team as we discuss the exciting long-term growth opportunities in front of us.

在移交之前，我想正式宣布，我們將於 10 月 1 日星期二在紐約舉辦投資者日。我們將在未來幾個月提供更多細節，並希望您能加入我們更廣泛的團隊，共同討論擺在我們面前的令人興奮的長期成長機會。

And with that, I'll now hand it over to Marc.

現在我將把發言權交給馬克。

Thank you, Noah, and good morning. As Noah detailed, first quarter results were strong. Personally, I was very pleased. FRE was $462 million, up 16% year-over-year. And you will hear a little bit from me but mostly from Jim, there is momentum in every part of the business. For SRE, we reported $817 million, up 19% year-over-year. Key note for the quarter, a record inflow of $20 billion for the quarter.

謝謝，Noah，早安。正如Noah詳細介紹的那樣，第一季的業績表現強勁。我個人非常滿意。 FRE為4.62億美元，年增16%。你們會聽到我一些評論，但主要是Jim說的，業務的各個方面都發展勢頭良好。 SRE方面，我們報告的營收為8.17億美元，年增19%。本季的重點是，本季流入資金創下了200億美元的紀錄。

I'm going to spend some time providing color on the quarter but then quickly move to the outlook for the year. In the quarter, particularly with respect to SRE, we had 3 things going on. The first, really good. The team generated, as I suggested, $20 billion of inflows diversified across their funding channels, particularly three of their funding channels.

我將花一些時間介紹本季的情況，然後快速轉到全年展望。本季，尤其是在SRE方面，我們有三件事進展順利。第一，非常好。正如我所說，團隊透過多元化的融資管道，特別是三個融資管道，實現了200億美元的資金流入。

While they generated what they needed to, and origination, as you will hear, was very strong, they were somewhat mixed in terms of timing. The generation of liabilities took place at a relatively even pace, whereas most of the origination was back-end loaded, resulting in higher cash balances for the quarter, which we expect to even out across the year. The second, alternatives had a slight underperformance versus what we historically have normalized or come to expect had normalized.

雖然他們產生了所需的收益，而且正如您所聽到的，貸款發放也非常強勁，但在時間安排方面卻有些參差不齊。負債的產生速度相對平穩，而大多數貸款發放都集中在後端，導致本季現金餘額較高，我們預計全年現金餘額將趨於平穩。其次，另類投資的表現略遜於我們以往或預期的正常水準。

But the biggest action in the quarter was our move to significantly derisk the floating rate book. Recall that we run a common sense strategy. When rates are very low, we have been able to earn very nice rates of return without maximizing current period SRE and putting on significant floating rate exposure, which gives us upside as rates normalize. You should expect, as rates have returned to more normalized levels, we use this as an opportunity to significantly reduce our exposure.

但本季最大的措施是我們大幅降低了浮動利率帳簿的風險。回想一下，我們採用的是常識性策略。當利率非常低時，我們能夠獲得非常不錯的回報率，而無需最大化當期SRE並承擔大量的浮動利率風險敞口，這在利率正常化後會給我們帶來上行空間。您可以預料，隨著利率回歸更正常的水平，我們會利用這個機會大幅降低風險敞口。

Exposure now is about $16 billion, probably where we're going to leave it for the near term. Sensitivity of 100 basis points move at floaters at this point is less than 5% of SRE. You should expect us to continue to move floating rate exposure up and down, reflecting first, the nature of our business; and the fact that we do not have -- while on the upside, we have linear participation in rates, on the downside, we do not have linear participation in rate falls. And second, there is a nice hedging element to having a certain amount of floating rate exposure vis-a-vis performance of liabilities during changes of interest rates.

目前的風險敞口約為160億美元，短期內我們可能也會維持在這個水準。目前，浮動利率每波動100個基點的敏感度不到SRE的5%。您應該可以預期，我們將繼續上下調整浮動利率敞口，這首先反映了我們業務的性質；其次，我們並沒有——雖然在利率上行時，我們線性參與利率變動，但在利率下行時，我們並非線性參與利率下跌。其次，在利率變動期間，持有一定量的浮動利率敞口，相對於負債的表現，具有良好的對沖作用。

All in all, a really strong quarter and one that gives me increased confidence that the outlook that we sketched out for all of you coming into this year will be met. I view this as on-trend.

總而言之，這是一個非常強勁的季度，這讓我更有信心，我們為大家勾勒的今年的前景一定會實現。我認為這符合趨勢。

FRE, we're expecting 15% to 20% growth in our -- in the non-flagship PE year versus the 25% we grew in '23. We have plenty of opportunities to invest in the business. And the trade-off as to where we end up between 15% and 20% will be, in my opinion, based on how much we choose to invest in the future.

FRE，我們預期非旗艦PE年度的成長率將達到15%到20%，而2023年的成長率為25%。我們有很多機會投資這項業務。至於15%和20%之間的最終成長率，我認為取決於我們選擇在未來投資多少。

SRE, we are targeting low double-digit growth, which we believe reflects the long-term run rate growth rate of our Retirement Services business. We do expect to still meet or exceed the $70 billion of organic inflows in 2024.

SRE，我們的目標是實現低兩位數的成長，我們相信這反映了我們退休服務業務的長期運作成長率。我們預計到2024年，有機流入仍將達到或超過700億美元的目標。

If I were to highlight momentum in the business, I'll pick out the 2 or 3 things that I think are really exceptional. The first, the lifeblood of our business is origination. $40 billion of originations for the quarter, roughly half from our platforms. Platforms, as you recall, are unique to Apollo and represent a recurring and enduring and growing source of origination. We, in my opinion, can only grow as fast as we can originate assets that provide excess return per unit of risk, and this is a significant focus for the firm.

如果要我強調業務發展勢頭，我會選出兩三件我認為非常突出的事情。首先，我們業務的命脈是資金發起。本季400億美元的資金發起，大約一半來自我們的平台。正如各位所記得的，平台是阿波羅獨有的，它代表著一個持續、持久且不斷增長的資金發起來源。在我看來，我們的成長速度取決於我們能夠發起那些能夠提供單位風險超額報酬的資產，而這正是公司關注的重點。

Capital formation was also very strong for the quarter. Before I touch on the numbers, I'll touch on the philosophy. Capital formation is an important part of our business, but we have to be very careful to be measured in capital formation and not simply accept money at all costs at all times. We need to invest it prudently, particularly in new and growing segments where we are building investor trust.

本季的資本形成也非常強勁。在談及數字之前，我想先談談我們的理念。資本形成是我們業務的重要組成部分，但我們必須非常謹慎地衡量資本形成，而不是不惜一切代價地隨時接受資金。我們需要謹慎地進行投資，尤其是在我們正在建立投資者信任的新興成長領域。

For the quarter, capital formation was $40 billion, roughly $20 billion coming from Retirement Services and $20 billion coming from asset management. In the asset management business, there was a lot of momentum in global wealth, in particular, very strong performance at ADS. Recall that ADS is our 100% first lien, lowest leverage, run defensively, direct lending business. The team there has done a spectacular job.

本季資本形成總額為400億美元，其中約200億美元來自退休服務，200億美元來自資產管理。在資產管理業務方面，全球財富管理業務發展勢頭強勁，尤其是ADS（美國存託憑證）業務表現強勁。 ADS是我們100%優先留置權、最低槓桿率、防禦性營運的直接貸款業務。該業務團隊表現出色。

There's also momentum in institutional. I'd pick out asset-based finance and third-party insurance as highlights for the quarter. Asset-backed finance is directly tied to our capacity to originate as many of the products that come off our platforms end up or are consumed in asset-backed form.

機構業務也呈現成長動能。我認為資產支持融資和第三方保險是本季的亮點。資產支持融資與我們的資產發起能力直接相關，因為我們平台上的許多產品最終或最終以資產支持形式被消費。

It is also tied to our philosophy of wanting 25% of everything and 100% of nothing, which produces unique alignment with our third-party insurance and third-party institutional and other clients. ABF is particularly well suited to insurance company balance sheets. There were $8 billion of ABF flows in Q1, including a multibillion dollar strategic investment from a like-minded leading financial institution.

這也與我們「只佔所有資產的25%、不佔任何資產的100%」的理念相契合，這使得我們與第三方保險、第三方機構及其他客戶之間形成了獨特的契合。 ABF尤其適合保險公司的資產負債表。第一季ABF的資金流達到80億美元，其中包括來自一家志同道合的領先金融機構的數十億美元策略投資。

In summary, momentum has been building in the quarter. And I believe we are set for and on track, consistent with guidance here. While this year is interesting, and Noah has already highlighted our Investor Day, share with you how the team thinks about the future.

總而言之，本季業績成長勢頭強勁。我相信我們已做好準備，並正朝著與指引一致的方向發展。今年充滿挑戰，諾亞也已經重點介紹了我們的投資人日，不妨與大家分享團隊對未來的看法。

We are in a really exciting industry. The two big pillars of growth that we see ahead of us are first, retirement. Like it or not, we're all getting older. The need for guaranteed lifetime income, guaranteed retirement income everywhere in the world exceeds what is currently provided. Whether you look at aging of population, whether you look at the decline of defined benefit plans, whether you look at the inadequacy or lack of preparation of governments around the world, I continue to believe that retirement is going to be a massive driver of our business. Retirement is ultimately built on a foundation of fixed income.

我們身處一個真正令人興奮的行業。我們預見的兩大成長支柱首先是退休。無論喜歡與否，我們都在變老。世界各地對有保障的終身收入和有保障的退休收入的需求已經超過了目前的供應。無論人口老化，無論固定收益計畫的減少，無論世界各國政府的準備不足或不足，我仍然相信退休將成為我們業務的巨大驅動力。退休最終建立在固定收入的基礎上。

The second and perhaps bigger trend in our business is a wholesale revisiting by investors of the ABCs of portfolio construction. And when I say investors, I mean institutions and individuals. We are an industry that has been built out of the smallest asset allocation of our institutional clients.

我們業務的第二個趨勢，或許也是更大的趨勢，是投資人全面重新檢視投資組合建構的基礎。我所說的投資者，指的是機構和個人投資者。我們這個產業，是建立在機構客戶最小資產配置基礎上的。

In a very simple way, I think of our institutional clients as being primarily allocated, at least half to publicly traded equities; 30% allocated to publicly traded fixed income; and 20% allocated to everything else, meaning alternatives. Our entire industry growth has been out of that 20% bucket.

簡單來說，我認為我們的機構客戶主要配置如下：至少一半投資於公開交易的股票；30%投資於公開交易的固定收益；20%投資於其他所有投資，也就是另類投資。我們整個產業的成長都超出了這20%的範疇。

20% is the so-called private or alternative bucket made sense in a world where private was risky and public was safe. I believe we are revisiting the most fundamental concepts that underlie our financial markets. Private now goes from AA to levered equity; and public, which was 8,000 public companies, there's now 4,000 public companies. And the reality is 10 represents 35% of the S&P 500 and unique concentration to 2 or 3 companies.

20% 是所謂的私募或另類投資比例，在私募高風險、公募安全的時代，這才有意義。我認為，我們正在重新審視金融市場最根本的概念。私募股權現在從 AA 等級變成了槓桿股權；而公募股權，過去有 8,000 家，現在只有 4,000 家。而現實情況是，10 家公司佔標普 500 指數成分股的 35%，並且只集中在 2 到 3 家公司。

Investors are already looking to their fixed income bucket, which historically has been off limits, and starting to ask questions about what is the difference between public and private? If both are safe and risky, this is just a question of liquidity trade-off. And liquidity trade-off is actually getting much, much closer. Liquidity in publicly traded fixed income is at record lows. Liquidity for private credit is actually increasing daily.

投資者已經開始關注他們的固定收益投資組合（這在歷史上一直是禁區），並開始質疑公共和私人信貸之間有何區別？如果兩者都安全且有風險，那麼這只是一個流動性權衡的問題。而流動性權衡其實正變得越來越近。公開交易的固定收益流動性處於歷史低點。而私人信貸的流動性實際上每天都在增加。

We are not -- I'm not saying that we're going to pass each other, but the notion that investors will begin to allocate to private markets, an entire asset bucket that they have not historically allocated to private markets, presents our entire industry with just an unusual path toward extreme growth.

我們不是——我並不是說我們會超越對方，但投資者將開始向私人市場分配一整套他們過去從未分配給私人市場的資產，這一想法為我們整個行業提供了一條通往極端增長的不同尋常的道路。

I believe the same will happen in the equity bucket. An investor who wants exposure to the economy used to get it in public markets. Now more than half the economy is in private markets. While that allocation may not be to private equity, private equity being a product, a 10-year locked-up fund seeking very high rates of return with leverage. I believe investors increasingly will seek out equity exposure in private markets in other forms that exist today. And it is our job, as in our industry, to create the products for the future to allow investors to access 100% of the economy, given that it is no longer in public markets.

我相信股票市場也會發生同樣的情況。過去，想要投資經濟的投資人通常會選擇公開市場。如今，超過一半的經濟活動都集中在私募市場。雖然這種配置可能不會投向私募股權，但私募股權本身就是一種產品，10年鎖定期的基金，追求極高的槓桿回報率。我相信，投資者會越來越多地以現有的其他形式在私募市場尋求股票投資。而我們的工作，就像我們產業一樣，是為未來打造產品，讓投資人能夠投資100%的經濟活動，因為經濟活動不再侷限於公開市場。

For us to succeed, this is not really a question of opportunity, this is a question of execution. Execution starts with origination. We can only grow our business as fast as we can originate. As you heard, $40 billion for the quarter. We have discussed publicly $125 billion goal of origination for the year. Our original 5-year plan had us getting to $150 billion by 2026, which I hope we will exceed. And no doubt, Investor Day will exceed $200 million (sic) [$200 billion] as our midrange target for where we need to be in origination. Again, growth in our business is limited only by our capacity to eliminate -- to originate good risk.

對我們來說，成功的關鍵並非機遇，而是執行力。執行力始於創始。我們的業務成長速度取決於創始能力。正如你所聽到的，本季的目標是400億美元。我們曾公開討論今年創始1250億美元的目標。我們最初的五年計畫是到2026年達到1500億美元，我希望我們能夠超越這個目標。毫無疑問，投資者日的宣傳活動將超過2億美元（原文如此）[2000億美元]，這是我們創始所需的中期目標。再次強調，我們業務的成長只取決於我們消除風險的能力──也就是創造良好風險的能力。

The second thing we need to do is to prepare for a change in how capital is formed. Capital -- the change is already happening, given the importance of global wealth to our industry. And we will be one of the successful players in that industry. And we value these relationships and run the business on a long-term basis.

我們要做的第二件事是為資本形成方式的改變做好準備。鑑於全球財富對我們產業的重要性，資本變革已經在發生。我們將成為該行業的成功參與者之一。我們重視這些關係，並長期經營業務。

We are essentially needing to build different ways of communicating with our clients. Historically, as you know, we've raised money from our institutional clients out of their alternatives bucket. And increasingly, we will need to cover their fixed income bucket and eventually their equity bucket. I believe we are well positioned to do this, and this is coming at a good time for us and for our industry.

我們本質上需要建立與客戶溝通的不同方式。如你所知，我們過去一直從機構客戶的另類投資領域籌集資金。而且，我們越來越需要涵蓋他們的固定收益領域，最終涵蓋他們的股票領域。我相信我們有能力做到這一點，而且這對我們和我們的行業來說都是一個好時機。

And also if one steps back and thinks about where capital need is in the world, whether it's infrastructure, whether it's energy transition or whether it is to adapt to new technologies of data centers and the need for power, all three of those things represent long-term financing.

而且，如果我們退一步思考世界上哪些地方需要資本，無論是基礎設施、能源轉型，還是為了適應資料中心的新技術和對電力的需求，這三者都代表著長期融資。

I do not believe that long-term financing is well suited to the shorter-nature balance sheets of the banking system nor to the daily liquid fund market. Increasingly, these long-term capital needs will be matched with long-term funding from our retail and institutional clients.

我認為長期融資不適合銀行體系較短的資產負債表，也不適合日常流動資金市場。這些長期資本需求將越來越多地與來自我們零售和機構客戶的長期融資相匹配。

So again, number one, origination; number two, capital formation; and finally, product development, particularly in equity.

所以，首先，起源；其次，資本形成；最後，產品開發，特別是股權產品開發。

The migration of the fixed income bucket to private markets is already happening, and it's happening faster than I thought. In some ways, we expect that because there are signposts there. Rating agencies rate things in public markets and private markets. And so investors, as they begin to think about this transition, can look to credit ratings and others as a sign of comparability between public market and private market risk.

固定收益產品向私募市場的轉移已然發生，而且速度比我預想的還要快。某種程度上，我們預料到了這一點，因為那裡已經有了明確的指示。評級機構對公開市場和私募市場進行評級。因此，投資人在開始思考這項轉變時，可以將信用評等和其他指標作為公開市場和私募市場風險可比性的指標。

Equity markets lack the same sort of signposts. It is up to us as an industry to develop those kinds of products, and I'm excited about what the future looks like, not just in transition in the credit bucket but also in the equity bucket.

股票市場缺乏同樣的路標。開發這類產品取決於我們整個產業，我對未來充滿期待，不僅是信貸市場的轉型，還有股票市場的轉型。

In summary, I like the hand we're playing. We are incredibly well positioned in Retirement Services with a decade-long lead over most of our competition. The work we have done on fixed income replacement and private investment grade, I believe, is particularly well suited for the transition that is taking place as institutions and individuals migrate their historically 100% public fixed income exposure to public and private. And I believe we are well positioned with our hybrid business to begin to address the migration that I expect to take place in equity.

總而言之，我看好我們現在的策略。我們在退休服務領域擁有極為有利的地位，領先大多數競爭對手長達十年之久。我相信，我們在固定收益替代和私人投資等級領域所做的工作，尤其適合機構和個人將其歷史上100%的公共固定收益敞口轉向公共和私人領域所經歷的轉型。我相信，憑藉我們的混合業務，我們已做好準備，開始應對我預計在股票領域將發生的轉變。

Jim, over to you.

吉姆，交給你了。

Great. Thanks, Marc. Let me dive into a few more details. The foundation of our business is built upon delivering strong investment returns for our clients. And we have historically done so by upholding a purchase price matters investment philosophy across market cycles and strategies, which embrace downside protection structure in return for excess return per unit of risk.

太好了。謝謝，馬克。讓我再詳細說。我們業務的基礎是為客戶提供強勁的投資回報。我們一直以來都秉持著「買入價格至關重要」的投資理念，貫穿各個市場週期和策略，這些策略採用下行保護結構，以換取單位風險的超額回報。

Most recently, the industry has evolved into a paradigm marked by higher for longer rates, tighter spreads and extreme valuations, and we've responded accordingly. Over the last several quarters, we focused on larger companies and transactions at the top of the capital structure while employing less leverage than others in the industry.

最近，該行業已演變成一個以長期利率上升、利差收窄和估值極端化為特徵的典型案例，我們也做出了相應的應對。在過去幾季中，我們專注於規模較大的公司和位於資本結構頂端的交易，同時使用的槓桿率低於業內其他公司。

Marc mentioned the ADS, Apollo Debt Solutions. There's a great example of that, where we produced a 14.5% return over the last year but a conservatively levered balance sheet of 0.6 with a 100% corporate loan portfolio.

Marc 提到了 ADS，即阿波羅債務解決方案 (Apollo Debt Solutions)。這是一個很好的例子，我們去年的回報率為 14.5%，但資產負債表的槓桿率保守地為 0.6，且公司貸款組合為 100%。

Additionally, we continue to generate meaningful excess return in this intersection of equity and credit, which we define as hybrid, driven by a variety of structural changes and inefficiencies in the market. Our 2 flagship strategies in this area, the Accord series and the Hybrid Value series, have generated particularly strong returns, appreciating 4% in the first quarter and more than 16% over the last year.

此外，我們繼續在股票和信貸的交叉領域（我們將其定義為混合型投資）創造可觀的超額回報，這得益於市場中各種結構性變化和低效因素。我們在該領域的兩大旗艦策略——雅閣系列和混合價值系列——取得了尤為強勁的回報，第一季度上漲4%，去年同期上漲超過16%。

Alongside investment performance, capital formation is a critical driver of our growth. We generated strong inflows across the business in the first quarter, as Marc highlighted, including $20 billion from our asset management business and $20 billion from Athene. And organic inflows, excluding any leverage or segment transfers, totaled $33 billion, which is on track with our $120 billion target for the year.

除了投資績效外，資本形成也是我們成長的關鍵驅動力。正如Marc所強調的那樣，我們第一季的各項業務都實現了強勁的資金流入，其中包括來自資產管理業務的200億美元和來自Athene的200億美元。不包括任何槓桿或分部轉移的有機流入總計330億美元，這與我們今年1200億美元的目標相符。

Double-clicking on this third-party fundraising. Credit-oriented strategies were very much in focus and accounted for more than 80% of capital raised in the quarter. Some of the more significant contributors included $3 billion to broadly support the growth of the Atlas ecosystem, $3 billion for high-grade alpha separately managed accounts, $2 billion for large-cap direct lending and our recently launched asset-based -- asset-backed finance fund.

雙擊第三方融資。信貸導向策略備受關注，佔本季融資總額的 80% 以上。其中一些較為重要的貢獻者包括：用於廣泛支持 Atlas 生態系統發展的 30 億美元；用於高等級阿爾法獨立管理帳戶的 30 億美元；用於大盤股直接貸款的 20 億美元；以及我們最近推出的資產支持型融資基金。

As Marc mentioned, it is worth double-clicking on the fact that we've raised $6.5 billion of the capital from third-party insurers, reflecting the significant roads -- inroads we've made in this important growth area over the last handful of years. We're focused on delivering strategies that sit at the intersection of Athene's unique SRE playbook and Apollo's broad asset management capabilities, namely investment-grade private credit, which we believe is ideally suited for these insurance company investment portfolios.

正如馬克所提到的，值得一提的是，我們已經從第三方保險公司籌集了65億美元的資金，這反映了我們過去幾年在這一重要成長領域的重大進展。我們專注於提供整合Athene獨特的SRE策略和Apollo廣泛的資產管理能力的策略，即投資級私人信貸，我們認為這非常適合這些保險公司的投資組合。

To illustrate the scale of our alpha-generating capabilities, we've originated close to $80 billion of assets through platforms and corporate solutions over the last 12 months, which has generated between 150 and 200 basis points of excess spread versus comparatively rated liquid credits. As we continue to grow in these debt origination capabilities, we expect there will be growing interest from third-party insurers to invest alongside in the full spectrum of our ecosystem, a dynamic we've started to see. And all this works because of our alignment with Athene, which is critical to our value proposition.

為了展現我們阿爾法收益產生能力的規模，我們在過去12個月中透過平台和企業解決方案發起了近800億美元的資產，與評級相對較高的流動性信貸相比，產生了150至200個基點的超額利差。隨著我們債務發起能力的不斷提升，我們預計第三方保險公司將越來越有興趣與我們生態系統的全方位合作進行投資，我們已經開始看到這種動態。這一切之所以有效，都歸功於我們與A​​thene的合作，這對我們的價值主張至關重要。

Moving on to global wealth, which is a strategic and growing contributor of our capital formation activity. Our journey in building out this business, we've realized there are 5 crucial components in order to succeed: Investment performance, education, distribution capabilities, technology and a diversified product list, all of which we've successfully established over the last 24 months.

再來說說全球財富，這是我們資本形成活動的一個策略性且不斷增長的貢獻因素。在拓展這項業務的過程中，我們意識到成功的五個關鍵要素：投資績效、教育、分銷能力、技術和多元化的產品目錄。所有這些要素我們都在過去24個月裡成功建立起來。

We believe that only a small group of firms can deliver on all 5. And with continued strategic focus and investment, we see ourselves among the best positioned for long-term success. The numbers bear this out as we've more than doubled our run rate fundraising level with our holistic suite of products. Monthly inflows approached $1 billion in April, a meaningful increase from approximately $650 million just a quarter ago and less than $400 million a year ago.

我們相信，只有少數公司能夠同時實現這五個項目標。憑藉著持續的策略聚焦和投資，我們認為自己是長期成功的最佳選擇。數據證明了這一點，憑藉我們全面的產品組合，我們的融資運行率翻了一番多。 4月份，月度資金流入接近10億美元，較上一季的約6.5億美元和去年同期的不到4億美元實現了顯著增長。

As I mentioned, one of the primary drivers of this activity has been our flagship corporate direct lending offering, ADS. April subscriptions totaled over $500 million, bringing year-to-date subscriptions to approximately $1.7 billion. And this represents approximately a 400% increase in flows year-to-date compared to last year.

正如我之前提到的，推動這項業務成長的主要因素之一是我們旗艦企業直接貸款產品—ADS。 4月認購總額超過5億美元，年初至今的認購總額約17億美元。這意味著年初至今的流量與去年相比增加了約400%。

Part of the step-up reflects recent market share gains in the non-traded BDC space with ADS capturing 17% of total inflows in 2024 so far compared to only 10% at the run rate in the fourth quarter. This overall growth has been enabled by leading investment performance combined with our expanding distribution footprint and attractive yield.

部分成長反映了近期非交易型BDC領域市場佔有率的成長。截至目前，ADS已佔2024年總流入量的17%，而以第四季的運行率計算，這一比例僅為10%。這一整體成長得益於領先的投資績效、不斷擴大的分銷網絡以及誘人的收益率。

The next step in the expansion of our credit-focused product set within global wealth channel, we're on track to launch a new asset-backed finance vehicle in the coming weeks. Apollo asset-backed credit company, or ABC, is a semiliquid turnkey solution designed to provide our credit investors across our differentiating -- to access our differentiated origination capabilities and builds on the initial traction we've seen in our broader asset-backed franchise.

我們在全球財富管道中擴展以信貸為重點的產品組合的下一步，是計劃在未來幾週內推出新的資產支援融資工具。阿波羅資產支持信貸公司（ABC）是一種半流動性的交鑰匙解決方案，旨在為我們的信貸投資者提供差異化服務——利用我們差異化的發起能力，並依託我們在更廣泛的資產支持業務中所取得的初步進展。

We believe the breadth and scale of our proprietary origination ecosystem, not just for sourcing from Wall Street, will position us to be a market leader in this nascent and important growth area of the global wealth market. Importantly, we structured ABC as an operating company, enabling us to access our full range of origination capabilities versus other traditional private credit structures.

我們相信，我們專有的信貸發起生態系統的廣度和規模，不僅是來自華爾街的資源，將使我們成為全球財富市場這個新興且重要成長領域的市場領導者。重要的是，我們將ABC建構成一家營運公司，這使我們能夠獲得與其他傳統私人信貸結構不同的全方位信貸發起能力。

And finally, Apollo Aligned Alternatives, better known as AAA, is our semiliquid equity replacement strategy, continues to be an important part of our global wealth offering. We raised $700 million of capital in the first quarter and continue to see strong fundraising momentum.

最後，Apollo Aligned Alternatives（簡稱AAA）是我們的半流動性股票置換策略，它仍然是我們全球財富管理產品的重要組成部分。我們在第一季籌集了7億美元的資金，並且繼續保持強勁的融資勢頭。

We have a pipeline of new distribution partners preparing to launch the fund over the next course of the year. And interestingly, we're also seeing growing interest from the consultant community and insurance companies as a cost-effective, scaled solution for private markets exposure.

我們有一批新的分銷合作夥伴準備在明年推出該基金。有趣的是，我們也看到顧問界和保險公司對私募市場投資這項經濟高效、規模化的解決方案越來越感興趣。

Stepping back for a moment. We've observed that many in our industry have discovered the language of origination. As a result, our definition of fixed income replacement and private credit, a $40 trillion addressable market, has become mainstream and distinct from the traditional view of private credit. We were pioneers of these concepts 36 months ago and expect to continue blazing the path forward for this important area of secular growth.

退一步說，我們注意到，業內許多人已經找到了「起源」的語言。因此，我們對固定收益替代和私人信貸（40兆美元的潛在市場）的定義已成為主流，並與傳統的私人信貸觀點截然不同。 36個月前，我們是這些概念的先驅，並期望繼續為這個重要的長期成長領域開闢前進的道路。

As part of that, scaling our debt origination volume production is a strategic focus, and our quarterly results highlight that we're continuing to make meaningful progress. As Marc mentioned, total debt origination volumes of nearly $120 billion over the last 12 months is up almost 40% compared with our prior year period.

作為其中的一部分，擴大我們的債務發放量是我們策略重點，我們的季度業績突顯出我們正在繼續取得有意義的進展。正如馬克所提到的，過去12個月的債務發放總額接近1,200億美元，與去年同期相比增加了近40%。

As a reminder, we originate assets across our yield ecosystem through three main channels: The traditional channel, platforms and corporate solutions. And more recently, we've identified partnerships with other financial institutions as the fourth avenue that we plan to expand over time. Additionally, we have expanded our focus on a fifth leg, the broad equity and hybrid ecosystem as well, which you will hear more from us in the future.

需要提醒的是，我們透過三個主要管道在我們的收益生態系統中發起資產：傳統通路、平台和企業解決方案。最近，我們已確定與其他金融機構的合作是第四個途徑，我們計劃逐步拓展這一管道。此外，我們還將重點放在第五個支柱上——廣泛的股票和混合生態系統，未來我們將進一步介紹這方面的內容。

Over the past year, our platform ecosystem has been the primary driver of origination growth, having roughly doubled volume production over that period. ATLAS SP, our warehouse finance and securitized products business, has been the major driver of that activity.

過去一年，我們的平台生態系統一直是交易量成長的主要驅動力，交易量在此期間約翻了一番。我們的倉儲融資和證券化產品業務ATLAS SP是此成長的主要驅動力。

One notable win to highlight in the first quarter was the $8 billion purchase of seller financing facilities from UBS. We acquired this portfolio at an attractive excess spread for IG-equivalent risk, which also proved accretive and attractive to third-party investors as we materially oversubscribed on half the trade and distributed accordingly. Looking forward, with the ATLAS business fully operational, independent and armed with a significant amount of strategic capital, both debt and equity, we're focused on meaningfully scaling that platform.

第一季值得一提的一項顯著成果是斥資80億美元從瑞銀購入賣方融資工具。我們以極具吸引力的投資等級等值風險溢價收購了該投資組合，這筆交易也證明了其增值潛力，對第三方投資者極具吸引力，因為我們在一半交易中獲得了大幅超額認購，並進行了相應的分配。展望未來，隨著ATLAS業務全面運作、獨立運營，並擁有大量策略資本（包括債務和股權），我們將專注於有效擴展該平台。

While platforms are an essential component of our origination ecosystem, we're also highly focused on growing our corporate solutions platform and business. We're investing a tremendous amount of time with a broad array of the largest, most sophisticated companies to educate them on the benefits of our multifaceted credit toolkit or toolbox and the benefits it can provide, namely speed, certainty, size and customization. And we're beginning to see those efforts bear tremendous fruit.

雖然平台是我們信貸發起生態系統的重要組成部分，但我們也高度重視企業解決方案平台和業務的發展。我們投入了大量時間與眾多規模最大、技術最先進的公司合作，向他們介紹我們多元化信貸工具包的優勢，以及它所能帶來的諸多優勢，例如速度、確定性、規模和客製化。我們已開始看到這些努力取得豐碩成果。

And finally, we believe that partnerships will become a growing contributor of our origination capacity over time. Historically, and especially over the last several years, we believe we've been on the cutting edge of strategic dialogue with various financial institutions. We're seeking to extend our vast array of solutions to these firms in a partnership manner which in turn will help expand our platform.

最後，我們相信，隨著時間的推移，合作夥伴關係將日益提升我們的貸款發起能力。從歷史上看，尤其是在過去幾年中，我們一直處於與各類金融機構戰略對話的前沿。我們正尋求以合作夥伴關係的方式，將我們豐富的解決方案擴展到這些公司，這反過來將有助於擴展我們的平台。

Importantly, as we scale our debt origination capacity and expand newer areas of equity-focused investing, we're creating more consistent and diversified deal activity that feeds into our Capital Solutions business. While quarterly variability in fee revenue should be expected, we're observing that the business is reaching a point of consistency amid continued growth potential. In the first quarter specifically, Capital Solutions fees were solid, supported by record quarterly gross capital deployment of nearly $60 billion across the platform.

重要的是，隨著我們擴大債務發起能力並拓展新的股權投資領域，我們正在創造更一致和多樣化的交易活動，為我們的資本解決方案業務提供資金。雖然手續費收入的季度波動是可以預料的，但我們觀察到，在持續成長潛力的推動下，該業務正趨於穩定。具體到第一季度，資本解決方案手續費收入表現穩健，這得益於平台季度總資本部署量創紀錄，接近600億美元。

With that, I'll turn it over to Martin for more detail.

有了這些，我將把更多細節交給馬丁。

Thanks, Jim. Good morning, everyone. Let me close out with some brief comments on our financial performance. Our first quarter results positioned us well to deliver on the financial targets we've communicated for 2024, which signal an attractive mid-teens earnings growth trajectory.

謝謝，吉姆。大家早安。最後，我想簡單回顧一下我們的財務表現。第一季的業績讓我們有充分的準備來實現我們設定的2024年財務目標，這預示著我們盈利將保持中等水平的成長軌跡，這很有吸引力。

We view the sustainability and predictability of our earnings profile as highly valuable and increasingly appreciated by the market, especially against the backdrop of macroeconomic uncertainty that has impacted more cyclical revenue streams.

我們認為獲利狀況的可持續性和可預測性非常有價值，並且越來越受到市場的重視，特別是在宏觀經濟不確定性影響更多周期性收入流的背景下。

Starting with the asset management side of the business. FRE trends remained solid with 16% growth year-over-year, reflecting revenue growth of 13% and cost growth of 9%. As we look towards the remainder of the year, we're on pace to generate the fee-related revenue growth, margin expansion and overall FRE dollar growth we have indicated.

首先從資產管理業務方面說起。 FRE 趨勢保持穩健，年增 16%，其中營收成長 13%，成本成長 9%。展望今年剩餘時間，我們預計將實現費用相關收入成長、利潤率提升以及整體 FRE 金額成長，正如我們之前所預測的那樣。

We expect growth in fee revenue to be supported by strong and diversified capital formation, a record $50 billion of dry powder with future management fee potential, and a robust capital solutions outlook that should deliver a strong second and third quarter based on the pipeline we see today.

我們預計，費用收入的成長將受到強勁而多樣化的資本形成、創紀錄的 500 億美元乾火藥（具有未來管理費潛力）以及強勁的資本解決方案前景的支持，根據我們今天看到的情況，這些前景應該會在第二季度和第三季度帶來強勁的增長。

For expenses, we will continue to manage our cost base prudently while selectively investing in key areas, principally global wealth and our credit business. We also expect to recognize a $15 million onetime non-comp expense related to the previously announced merger of two closed-end funds with and into MidCap Financial Investment Corp., a publicly traded BDC we manage, which will most likely occur in the second quarter on the closing of these transactions and which was contemplated in our original expense growth guidance for the year.

在費用方面，我們將繼續審慎管理成本基礎，並選擇性地投資於關鍵領域，主要是全球財富和信貸業務。我們也預計將確認一筆1,500萬美元的一次性非營利費用，與先前宣布的將兩檔封閉式基金與我們管理的上市商業發展公司MidCap Financial Investment Corp.合併有關。合併很可能在第二季完成，屆時我們已將合併納入了我們最初的年度費用成長預期。

Altogether, we expect to generate between 15% and 20% FRE growth, as Marc indicated, in line with our growth expectations for a year in which we do not raise a flagship PE fund.

總體而言，正如馬克所指出的，我們預計 FRE 成長率將達到 15% 至 20%，這與我們沒有籌集旗艦 PE 基金的一年的成長預期一致。

Turning to Retirement Services. We reported SRE of $817 million at a 147 basis point net spread. Adjusting for long-term expectations for alternative returns, net spread would have been 10 basis points higher in the first quarter; and on a comparable basis, 9 basis points lower than fourth quarter levels.

談到退休服務。我們報告的SRE為8.17億美元，淨利差為147個基點。在根據長期預期的另類投資回報進行調整後，第一季的淨利差將比第四季高出10個基點；以可比口徑計算，淨利差比第四季低9個基點。

This sequential decline was driven by 2 factors; One, higher on the margin cost of new business in the higher interest rate environment, together with the delayed deployment into higher-yielding assets that Marc highlighted; and two, an approximate 5 basis point in-quarter spread impact associated with hedging a portion of Athene's net floating rate position and higher hedging costs on certain in-force business.

這一連續下降是由兩個因素造成的：第一，在高利率環境下，新業務的保證金成本較高，加上馬克強調的向高收益資產的部署延遲；第二，對沖部分 Athene 淨浮動利率頭寸以及某些有效業務的對沖成本較高導致季度利差影響約為 5 個基點。

As Marc suggested, we reduced the net floating rate portfolio by $9 billion to $16 billion during the first quarter, which results in 7% of net invested assets being subject to floating rate indices. As part of this hedging effort, we swapped $8 billion of fixed rate liabilities to floating and issued $4 billion of additional floating rate funding agreements with the negative carry associated with each recognized as part of our cost of funds in the quarter. We believe that this level of floating rate securities will adequately equip us from a strategic standpoint while also protecting future earnings power should rates decline materially.

正如Marc所建議的，我們在第一季將淨浮動利率投資組合減少了90億美元，至160億美元，這導致7%的淨投資資產受浮動利率指數的影響。作為這項對沖措施的一部分，我們將80億美元的固定利率負債轉換為浮動利率負債，並發行了40億美元的額外浮動利率融資協議，每份協議相關的負利差都計入本季的資金成本。我們相信，這一水準的浮動利率證券將使我們在戰略層面上獲得充分的準備，同時在利率大幅下降的情況下也能保障未來的獲利能力。

Given the smaller portfolio size, our floating rate income sensitivity has commensurately decreased to approximately $30 million to $40 million of annual SRE for every 25 basis point move in short-term rates, down from the $45 million to $55 million that we previously indicated.

鑑於投資組合規模較小，我們的浮動利率收入敏感度也相應下降，短期利率每變動 25 個基點，年度 SRE 約為 3,000 萬至 4,000 萬美元，低於我們先前指出的 4,500 萬至 5,500 萬美元。

We expect the timing differential between origination and deployment of capital to normalize through net spread in coming quarters. More specifically, there were two large asset transactions that closed towards the end of March which, had they closed midway through the quarter, would have created a further 3 basis points of higher net spread in quarter.

我們預計，未來幾個季度，資本發起和部署之間的時間差異將透過淨利差恢復正常。具體而言，3月底有兩筆大型資產交易完成，如果它們在季度中期完成，本季淨利差將進一步增加3個基點。

Considering key components of Athene's earnings growth outlook versus our fourth quarter call, namely first quarter net spread results, a smaller floating rate portfolio and fewer expected rate cuts as implied by the forward curve, we continue to expect net spread of approximately 160 to 165 basis points for the full year, which excludes notable items and assumes an 11% annualized alts return. We expect this range of net spread, coupled with robust organic growth, to support low double-digit SRE growth this year versus the comparable 2023 base.

考慮到Athene獲利成長前景（而非我們第四季預測）的關鍵因素，即第一季淨利差結果、較小的浮動利率投資組合以及遠期曲線所暗示的預期降息次數減少，我們繼續預期全年淨利差約為160至165個基點（不包括重大項目，並假設年化另類投資報酬率為11%）。我們預計，這一淨利差區間，加上強勁的有機成長，將支持今年SRE（而非2023年可比基數）實現低兩位數的成長。

In -- turning to PII. PII has been an expectedly modest contributor to our earnings base in recent quarters as we await a more favorable backdrop to monetize investments. First quarter realized performance fees were also impacted by an impairment on a position held in Fund IX. Looking to the second quarter, we currently expect to generate a similar amount of PII as the first quarter.

再來說說PII。由於我們正在等待更有利的投資變現環境，PII在最近幾季對我們的獲利基礎貢獻不大，這在意料之中。第一季已實現的績效費也受到了基金IX持股減損的影響。展望第二季度，我們目前預期PII的產生量將與第一季持平。

An important catalyst to reignite realization activity is a reopening of the IPO market as only around 10% of our fund's total PE portfolio is publicly traded today. We've seen early signs of this happening and see a path for an acceleration in PE realizations into 2025 and beyond. Increasing amounts of realized carry would generate additional cash flow to deploy into opportunistic share repurchases, enabling us to execute on our plan to reduce our share count to approximately 600 million shares by the end of 2026.

重新激發變現活動的一個重要催化劑是IPO市場的重新開放，因為目前我們基金的私募股權投資組合中只有約10%是公開交易的。我們已經看到了這種情況的早期跡象，並預計到2025年及以後私募股權變現將加速。增加已變現利差將產生額外的現金流，可用於機會性股票回購，使我們能夠執行到2026年底將股票數量減少至約6億股的計畫。

Finally, on taxes. After a large non-recurring benefit in the prior quarter, which reduced the 2023 annual rate, we experienced a 17% effective tax rate in the first quarter. For the full year, we expect our tax rate to approximate 20%, consistent with our long-term guidance with a rate slightly above 20% expected in the second quarter.

最後，關於稅收。由於上一季的巨額非經常性收益降低了2023年的年度稅率，我們第一季的實際稅率為17%。我們預計全年稅率約為20%，與我們的長期指引一致，預計第二季的稅率將略高於20%。

In closing, we are generating significant momentum as we continue executing on our business plan, which is setting the stage for our next phase of growth. The earnings power of the business has tremendous potential, and we look forward to delivering on the opportunity in front of us.

最後，我們正持續執行業務計劃，並累積了巨大的發展勢頭，為下一階段的成長奠定了基礎。業務獲利能力潛力巨大，我們期待抓住眼前的機會。

And with that, I'll turn the call back to the operator for Q&A.

說完這些，我會將電話轉回接線生進行問答。

(Operator Instructions) Today's first question is coming from Glenn Schorr of Evercore.

（操作員指示）今天的第一個問題來自 Evercore 的 Glenn Schorr。

So I like hearing about all the progress in the wealth channel. My question is, in the asset management segment, non-comp was higher. One of the things you noted in the footnote was higher placement fees, so good expenses.

所以我很高興聽到財富管道的所有進展。我的問題是，在資產管理領域，非競爭性收入較高。您在腳註中提到的一件事是更高的安置費用，所以費用支出不錯。

So I'm just curious, obviously, that's included in your 15% to 20% FRE thoughts for the year. But I've been hearing some talk about moving -- some of the distributors want to move from placement fees to something smoother of a revenue share. And I'm curious if that's in motion and if that's part of your thought process within your FRE expectations.

所以我很好奇，這顯然包含在您今年15%到20%的FRE（市場租金回報率）預期中。但我聽到一些關於轉變的討論——一些經銷商希望從安置費模式轉向更平滑的收入分成模式。我很好奇這是否正在進行中，以及這是否是您在FRE預期中考慮的一部分。

I'd say -- I can say a couple of things, Glenn. It's Martin. Firstly, we are -- we're at the back end of the financial impact of decisions we've made to reset our cost base, both comp and non-comp. And so you should expect that Q1, which was a step-up from Q4, represents normal going forward. And so -- and that's all consistent with the guidance for the year, which is 100 basis points of margin expansion, '24 over '23.

我想說——格倫，我可以說幾件事。我是馬丁。首先，我們——我們——我們重新設定成本基礎（包括可比較成本和非可比較成本）的決策，其財務影響已經到了後期。所以，你應該可以預期，第一季的業績比第四季有所提升，未來將維持正常水準。這一切都與今年的預期一致，即利潤率比2023年增加100個基點。

In terms of the specifics around the question, there are actually a variety of different ways that we distribute products. Some involve an upfront placement fee, which is typically expense and in the numbers. Others involve a trailer fee against revenues. So it's a mix actually depending on distributor and product.

具體來說，我們分銷產品的方式有很多種。有些會涉及預付安置費，這通常算是一筆費用，金額不小。有些則會從收入中扣除尾款。所以，這實際上取決於分銷商和產品。

And so there's no real change. It's just there's different constructs that are appropriate for different products. And we have products that distribute using each of these sort of trailer or cost structures.

所以其實沒有真正的改變。只是針對不同的產品有不同的結構。我們的產品分銷方式也採用了不同的預告片或成本結構。

The next question is coming from Alex Blostein of Goldman Sachs.

下一個問題來自高盛的亞歷克斯·布洛斯坦。

I was hoping we could start maybe with your outlook for third-party fundraising. You guys are obviously off to a really good start here in the first quarter. So maybe update us on what you're expecting for the rest of the year with respect to third-party fundraising. What are some of the key drivers behind that? And as you sort of think about some of these larger insurance companies coming in into your offering, how should we be thinking about the fee rate, particularly within the yield bucket, on the blended basis going forward?

我希望我們能先從您對第三方融資的展望開始。顯然，你們第一季的開局非常好。所以，能否請您更新一下您對今年剩餘時間第三方融資的預期？這背後的一些關鍵驅動因素是什麼？考慮到一些大型保險公司正在參與你們的融資業務，我們應該如何考慮未來的費率，尤其是在收益區間內，以及在混合費率的基礎上？

Thanks, Alex. I think Marc and Martin hit it. Like we think the first quarter, it sets the level for great trend growth throughout the year. We're very comfortable that what we've seen in terms of the last 24 months, bringing the products together, being very thoughtful about our product suite, really delivering a holistic package. So we're very comfortable taking the first quarter and looking at that as the year grows out.

謝謝，亞歷克斯。我認為馬克和馬丁說得很對。我們認為第一季的表現為全年的強勁成長奠定了基礎。我們對過去24個月的表現感到非常滿意，我們將產品整合在一起，對我們的產品套件進行了非常周到的考量，真正提供了一個全面的解決方案。因此，我們非常樂意以第一季的表現為基石，並展望全年的業績。

So in our mind, the numbers we've put forth in terms of full year target of the $50 billion, we still feel very comfortable with that. And the traction across all of our channels would feel -- give us the great comfort.

所以，我們對於我們設定的全年500億美元的目標仍然感到很放心。而且，我們所有管道的良好表現也讓我們感到非常安心。

Certainly, a lot of the conversations are going on around the yield businesses. And whether it's what we're doing in direct origination, the pioneer moves we're making in asset-based finance, Marc alluded to the insurance company in terms of the ecosystem and the broad breadth there. So in our simple summary, we love the trend. And we're hitting on all cylinders, and it's across products.

當然，很多討論都圍繞著收益業務。無論是我們在直接發起業務方面的做法，還是我們在資產融資方面採取的先鋒舉措，Marc 都提到了保險公司的生態系統及其廣泛的業務範圍。所以，簡單總結一下，我們喜歡這個趨勢。我們正在全力以赴，涵蓋所有產品。

But certainly, yield is the primary, but we also have solid fundraising in a variety of our hybrid, whether it's the Accord Plus; whether it's HVF later in the year; or in our equity businesses, AAA and infrastructure and such. So feel very comfortable with the trend, feel very comfortable. The themes that we're seeing are strong.

當然，收益率是首要考慮因素，但我們在各種混合型產品中也擁有穩健的融資能力，無論是雅閣Plus，還是今年稍後推出的HVF，還是我們的股權業務，例如AAA級和基礎設施等等。因此，我們對目前的趨勢非常樂觀，非常自信。我們看到的主題非常強勁。

And I think there's this -- in the industry, and Marc alluded to it, but just much, much greater cooperation across a variety of like-minded positioned investors in the insurance industry as well as in the banking business, which we can talk about.

我認為，在保險業中存在這種情況，馬克也提到了這一點，但保險業和銀行業中志同道合的投資者之間的合作要大得多，我們可以談談這一點。

Fees, we're not seeing fee compression. People want product. They see it's interesting. If you look at where the high-yield indexes are this morning as we have this call, basically, if you look where those levels are today, they're extremely tight. And if you look at where high yield is right now, it's basically 350 over. And for you to make these investment-grade investments for these insurance portfolios, 250, 300 over, it's incredibly attractive.

費用方面，我們沒有看到費用壓縮。人們想要產品。他們認為這很有趣。如果你看看今天早上我們電話會議時高收益指數的走勢，你會發現它們基本上非常緊張。如果你看看現在的高收益指數，它基本上高出350點。對你來說，在保險投資組合中進行這些投資等級投資，250點甚至300點以上的投資，這非常有吸引力。

So we don't see fee pressure, we see a trend line growth, and we're comfortable with the pipeline.

因此，我們沒有看到費用壓力，我們看到的是趨勢線成長，我們對通路感到滿意。

The next question is coming from Brennan Hawken of UBS.

下一個問題來自瑞銀的布倫南·霍肯。

I'd love to hear updated outlook on capital solutions. Really strong revenue momentum there, building on last year's strengths. So were there any particular platforms that were notable contributors? And given the building momentum behind capital markets activity, why shouldn't we see those revenues continue to show robust growth?

我很想聽聽您對資本解決方案的最新展望。在去年強勁成長的基礎上，該業務的營收勢頭確實強勁。那麼，有哪些平台做出了顯著的貢獻呢？鑑於資本市場活動持續成長的勢頭，我們為什麼不能看到這些收入持續保持強勁成長？

Well, this is Jim again. I think there's a number of questions there. We do get excited about our capital solutions because it ties into not only distribution of great ideas, and as Marc said, 25% of everything and 100% of nothing, but it increases the dialogue that we have in our capital formation. Investors see the product that they're seeing from us and it opens the door to get closer. And again, so we're seeing momentum.

好吧，又是吉姆。我想這裡面有很多問題。我們對我們的資本解決方案確實很興奮，因為它不僅關係到優秀創意的傳播，正如馬克所說，25%的股份，100%的股份，而且它還能增強我們在資本形成過程中的對話。投資者看到我們提供的產品，這為他們打開了更緊密的合作之門。所以我們再次看到了發展動能。

I think taking a broad step back, some of the themes that Marc talked about, whether it's not only it's the transition from equity that's private versus private equity, a variety of these asset-based solutions like the seller financing from UBS, these are all trends that we believe are going to continue to expand on the existing business.

我認為，從廣義上講，馬克談到的一些主題，無論是從股權到私募股權的轉變，還是各種基於資產的解決方案，例如瑞銀的賣方融資，這些都是我們認為將繼續擴大現有業務的趨勢。

And then when you think about what's going on domestically with large, whether it's the Infrastructure Act, the CHIPS Act, what's going on in EV, there are many, many investment-grade companies that are going to be confronted with massive growth initiatives. And it's not obvious that they should do it through the traditional channels of investment-grade public debt or equity. And we're just finding ourselves at the intersection of those conversations. Certainly, you've seen what's happened in the past several months with what we did for Air France and Vonovia and many other companies.

然後，當你思考國內大型企業正在發生的事情時，無論是《基礎設施法案》、《晶片法案》，還是電動車領域的發展，許多投資級公司都將面臨大規模的成長計畫。而且，它們似乎不應該透過傳統的投資等級公共債務或股權管道來實現成長。而我們正處於這些對話的交會點。當然，你已經看到了過去幾個月我們為法國航空、Vonovia以及許多其他公司所做的努力。

But again, our model is based on making sure that we are an investor first. But this ACS, the flywheel of origination, distribution, getting closer to your clients and then finding new avenues from which companies will fund and finance, that flywheel is working. And so while we do expect growth, we want to do it in a very measured manner.

但再次強調，我們的模式首先是建立在確保自己是投資者的基礎上。 ACS，也就是發起、分銷、拉近與客戶距離，以及為企業提供融資和融資新途徑的飛輪，正在運作。因此，雖然我們確實期待成長，但我們希望以非常審慎的方式進行。

The next question is coming from Bill Katz of TD Cowen.

下一個問題來自 TD Cowen 的 Bill Katz。

Look forward to seeing everybody in October, if not sooner. So Marc, not to steal any thunder from a couple of months from now. But when you laid out your goals for the sort of 15% to 20% FRE growth and the low double-digit growth for SRE, your flywheel that Jim was just talking about was substantially smaller. How do we triangulate between the sort of the rapid growth of your ecosystem to the financials in terms of thinking through the earnings growth?

期待十月甚至更早與大家見面。 Marc，我不想搶幾個月後的風頭。但是，當你設定15%到20%的FRE成長目標，以及SRE的低兩位數成長目標時，Jim剛才提到的飛輪效應要小得多。從獲利成長的角度來看，我們如何將生態系統的快速成長與財務狀況進行三角衡量？

It would seem to me that you should be able to support either or both faster asset management growth and/or higher ROE in the insurance business. Or is there an elevated expense offset to some of that flywheel acceleration?

在我看來，您應該能夠支援資產管理業務更快成長和/或更高的股本回報率，或者兩者兼而有之。或者，是否有更高的成本抵消了飛輪加速的影響？

I don't -- thanks for the question. I don't think any of the above. I want to come back to and I guess maybe be a little bit of an outlook for the industry. Our industry has amazing potential. The case for private markets is a very compelling case. People used to look to private markets for excess return. Now they look to excess -- to private markets for both excess return and diversification.

我不這麼認為——謝謝你的提問。我不這麼認為。我想回到正題，我想談談對這個行業的展望。我們的行業潛力巨大。私募市場是一個非常有說服力的案例。過去人們總是指望私募市場會獲得超額報酬。現在，他們尋求私募市場，不僅是為了超額回報，也是為了分散投資。

I saw a note the other day from our Chief Economist, better than 80% of employment in the U.S. is in private markets. We think about S&P 500. We think about public markets. We spend so much time talking about them. But investors increasingly are now recognizing that they have exposure to a very small sliver of the economy through S&P 500. They're all -- my joke is they're all levered to NVIDIA, Apple and Amazon.

前幾天我看到我們首席經濟學家的一篇文章，說美國超過80%的就業機會來自私人市場。我們考慮標準普爾500指數，也考慮公開市場。我們花了很多時間談論它們。但投資人現在越來越意識到，他們透過標準普爾500指數接觸到的經濟領域非常小。它們全都——我的玩笑是，它們全都與英偉達、蘋果和亞馬遜掛鉤。

So I expect there to be very robust growth in private markets. All good. The lockdown -- we, as an industry, have to be very careful to stick to our promise of excess return per unit of risk. That is why investors pay us premium fees. That is why they trust us. This is how they navigate private markets, with firms they trust.

因此，我預計私募市場將出現非常強勁的成長。一切都很好。在疫情封鎖期間，作為一個行業，我們必須非常謹慎地兌現我們承諾的單位風險超額回報。這就是投資者向我們支付溢價的原因。這就是他們信任我們的原因。這就是他們在私募市場中與他們信任的公司合作的方式。

We are limited, and I believe we will all in the industry discover, we are not going to be limited by capital flows. But the taking of capital because you can take it and then investing it poorly is a quick way to destroy a business. I think we've seen lots of examples of that and the beginnings of those seeds being set. We are very focused on growing our business in the context of excess return per unit of risk, which is limited, in my opinion, by origination and by culture. We are balancing those two things.

我們的能力有限，我相信業內人士都會發現，我們不會被資本流動所限制。但為了獲取資本而獲取資本，然後進行不當投資，是快速摧毀一家企業的方法。我想我們已經看到很多這樣的例子，而且這些種子正在萌芽。我們非常注重在單位風險超額回報的背景下發展業務，而在我看來，這受到公司起源和文化的限制。我們正在平衡這兩點。

And so -- well, I'll say it differently. I like the position we're in. To be a $670 billion asset manager sounds like a big number, but the reality is, in the scheme of the markets we serve, we're minimal. The notion of doubling our business over the next 5 years, it doesn't seem all that daunting.

所以——好吧，我換個說法。我喜歡我們現在的處境。成為一家管理6700億美元資產的公司聽起來是個大數目，但現實是，在我們服務的市場格局中，我們只是個小數目。未來5年業務翻倍的目標，看起來沒那麼令人畏懼。

The things we need to do: Origination, culture, education because to build something that's not sustainable is not what we're interested in doing. Sustainable, predictable, 15% to 20%; long term in the asset management business; low double digits in SRE. If we get periods of market volatility where things are really mispriced and we can put large amounts of capital to work, as historically we've seen at least once a decade if not twice a decade over the past few decades, you will see those accelerate. Origination, origination, origination for us.

我們需要做的事情：發起、文化、教育，因為我們不想建構不可持續的東西。永續、可預測，15% 到 20%；資產管理業務要長期發展；SRE 業務要達到低兩位數的成長率。如果我們遇到市場波動期，價格真的被嚴重錯誤定價，而我們又能投入大量資金，就像過去幾十年裡我們至少每十年一次甚至兩次看到的那樣，你會看到這些波動加速。對我們來說，發起、發起、發起。

The next question is coming from Ben Budish of Barclays.

下一個問題來自巴克萊銀行的本‧布迪什 (Ben Budish)。

I wanted to ask about some of the nuances on the retirement services flows. It looks like your FABN issuance was a bit better than what we would have expected from what we saw publicly. The PRT side was a little bit lower. Just any nuances there.

我想問一下退休服務流程的一些細微差別。看起來你們的FABN發行情況比我們之前公開看到的預期要好一些。 PRT方面略低。請問這方面有什麼細微差別嗎？

And on the PRT side in particular, any concerns related to some of the shareholder lawsuits that have materialized in the last several months? Do you think that sort of increases the concern that a corporate might give some pause before engaging in a transaction with Athene? Or do you feel like this is something that will blow over, and Athene will shake out just fine?

特別是在PRT方面，過去幾個月發生的一些股東訴訟是否令人擔憂？您是否認為這加劇了人們對企業在與Athene進行交易之前可能會猶豫不決的擔憂？還是您覺得這件事會逐漸過去，Athene會安然無恙？

Thanks, Ben. It's Marc. The business is a 2-sided business, and I've said this a lot. And it's -- we've been the only ones disclosing this. So it's been difficult, I believe, for analysts to really understand it.

謝謝，本。我是馬克。業務是雙向的，我已經說過很多次了。而且，我們是唯一揭露這項資訊的公司。所以，我認為分析師很難真正理解這一點。

Our business is about creating spread. If we don't have wide spreads, we're not interested in doing business. We have better uses for the capital. And so we have built, and Jim has spent a lot of time talking about the asset pipeline, private investment grade, excess spread on the asset side. I'll focus now on the liability side and get to your question.

我們的業務在於創造利差。如果沒有較大的利差，我們就沒有興趣做生意。我們有更好的資本用途。所以我們建立了這個體系，Jim 也花了很多時間討論資產管道、私人投資等級債券以及資產端的超額利差。現在我將重點討論負債端，並回答您的問題。

We have built, over the past 15 years 4, different channels in which we can originate. In various periods of time, some of those channels are really attractive and some of them are not that attractive. Last year, FABN was not all that attractive. This year, FABN is very attractive. Reinsurance, particularly international insurance in -- from Japan, really attractive business. FIA, really attractive business.

在過去15年裡，我們建立了不同的管道，以便我們能夠發起業務。在不同的時期，有些管道非常有吸引力，有些則不那麼有吸引力。去年，FABN 的吸引力並不大。今年，FABN 的吸引力非常大。再保險，尤其是來自日本的國際保險，是非常有吸引力的業務。 FIA 的業務也非常有吸引力。

In PRT, PRT was one of the most attractive segments of business last year. This year, prior to any lawsuits, we saw cost of funds associated with PRT at levels that reduced spread to places where we just didn't think the business was all that attractive. A win is only a win if you have wide spread.

在PRT領域，PRT是去年最具吸引力的業務部門之一。今年，在任何訴訟發生之前，我們看到與PRT相關的資金成本處於低位，導致利差縮水，以至於我們認為這項業務不再那麼有吸引力。只有利差寬闊，才能贏得勝利。

The lawsuit is actually going to, in my opinion, chill PRT volume across the industry. This is not an Athene-specific issue. Athene is the strongest of the companies in the industry with the most capital and other things. There are and have been other lawsuits relating to this. Any time you have noise, however undeserved or poorly drafted, it needs to be disposed of first.

在我看來，這起訴訟實際上會抑制整個產業的PRT交易量。這並非Athene獨有的問題。 Athene是業內實力最強的公司，擁有最多的資本和其他資源。之前也曾發生過其他與此相關的訴訟。任何時候，只要有噪音，無論其來源多麼不合理或措辭多麼不當，都應該先處理掉。

I think we will see a decline in expected PRT volume this year. I'm not sure that's a bad thing from our point of view given that, at the moment, spreads in PRT are not all that attractive.

我認為今年PRT的預期交易量將會下降。鑑於目前PRT的利差並不那麼吸引人，我認為從我們的角度來看，這並非壞事。

I encourage all of you to look not so much at flow, but to look at cost of funds and spread. Cost of funds is a very tricky measure. There are lots of ways management teams across industries have been surprised by the cost of various options and features that they have built into their products.

我鼓勵大家不要過度關注流量，而是要關注資金成本和利差。資金成本是一個非常棘手的指標。各行各業的管理團隊經常會對他們產品中內建的各種選項和功能的成本感到驚訝。

For us, we have built this business in partnership with Jim Belardi and Grant and the team from the very get-go. As owners, for owners, it's our equity. We want high-spread business. Thank you.

對我們來說，這項業務從一開始就與Jim Belardi、Grant以及團隊攜手打造。作為業主，對業主而言，這是我們的權益。我們想要高利潤的業務。謝謝。

The next question is coming from Patrick Davitt of Autonomous Research.

下一個問題來自 Autonomous Research 的 Patrick Davitt。

My question is on the ATLAS-MassMutual partnership. Firstly, any framework you can give on how to think about the impact on ATLAS' origination volumes and thus Apollo earnings?

我的問題是關於ATLAS和萬通互惠金融的合作。首先，您能否提供一個框架，說明如何看待這對ATLAS的貸款發放量以及Apollo獲利的影響？

And then secondly, the press release suggested there was also some sort of separate flow or management agreement with your ABF business. Is that a fair read? And how should we think about that secondary agreement as well?

其次，新聞稿暗示你們與ABF業務還存在某種單獨的流程或管理協議。這樣理解合理嗎？我們又該如何看待這份次要協議呢？

So first, I've said this publicly, and it's actually kind of an interesting observation for how this goes. I think when I think -- I'm asked often who our best competitors are, I think MassMutual is our best competitor. I look at what they do on the asset side. I look at their -- on the liability side, the quality of the team.

首先，我已經公開說過這一點，這其實是一個有趣的觀察，可以了解事情的進展。我常被問到我們最大的競爭對手是誰，我認為萬通互惠保險是我們最大的競爭對手。我會關注他們在資產方面的表現。我會關注他們在負債方面的表現，以及團隊的素質。

That does not in any way mean that we should not be partners with them. We want and we continue to deliver this message, and it is resonating. We want 25% of everything and 100% of nothing. They are a like-minded, high-quality financial institution who sees the same opportunity that we see and increasingly what the rest of the industry is seeing. They're just among the first movers.

這絕不意味著我們不應該與他們合作。我們想要並將繼續傳遞這一訊息，而且它正在引起共鳴。我們想要獲得所有業務的25%，但100%什麼都不佔。他們是一家志同道合的高品質金融機構，他們看到了與我們相同的機會，並且越來越多地看到了業內其他公司正在看到的機會。他們只是先行者之一。

As to the specifics for ATLAS, I'll let Jim delve a little bit. And I know there's a lot of enthusiasm about ATLAS.

至於ATLAS的具體細節，我會讓Jim稍微深入講解一下。我知道大家對ATLAS充滿熱情。

Yes. I think continuing to taking the wide scope and then drilling down, I mean, ATLAS for us and this conversation about what private credit is historically been defined versus what it really is defined, the $40 trillion, ATLAS is really that platform, of our 16, we've got 6 or 7 that really drive the activity. And what you're seeing in the recent announcements about ATLAS is it is a finance lender to finance companies. And therefore, the breadth and scale of equity and debt financing that, that vehicle attracts and needs to have, as well as SMAs, partnerships, offtake facilities, that's what we call the ATLAS ecosystem.

是的。我認為，繼續從廣度和深度的角度來思考，例如ATLAS，以及關於私人信貸的歷史定義與實際定義，ATLAS 40萬億美元規模的討論，ATLAS 確實是一個平台。在我們16個平台中，有6、7個真正推動這項活動的平台。您在最近關於ATLAS的公告中看到的是，它是一個為公司提供融資的貸款機構。因此，該平台吸引並需要擁有股權和債務融資的廣度和規模，以及SMA、合作夥伴關係和承購設施，這就是我們所說的ATLAS生態系統。

And it will continue to grow. We've been very successful since we've closed it. It's fully ramped. It's fully funded. We will have other folks that you'll hear about be coming into us. But it's that flow that lets us have the ABF institutional fund. It allows us to have ABC, which is the vehicle that I mentioned.

而且它還會繼續成長。自從我們關閉以來，我們一直非常成功。它已經全面啟動，資金也已到位。你們會聽說還會有其他人加入我們。但正是這種資金流動讓我們擁有了ABF機構基金，也讓我們擁有了ABC，也就是我提到的投資工具。

And I really want to differentiate because I heard a lot of these calls the last couple of days talking about SRT. This is just making sure that we control the origination on a systematic, structural long-term basis. Not a one-off SRT trade, which is interesting and bespoke, but those were interesting tactical trades. We wake up every day saying, how can we -- when Marc talks about getting the liability and focusing on spread, how can we ensure that we have as large a pool of long-term assets feeding that -- those liabilities, offsetting those liabilities.

我真的很想分辨一下，因為過去幾天我聽到很多關於SRT的電話。這只是為了確保我們能夠系統性地、結構性地長期控制資金來源。這不是一次性的SRT交易，後者很有趣，也很有針對性，但那些都是很有趣的戰術性交易。我們每天醒來都會問，當馬克談到承擔責任並關注利差時，我們如何確保我們擁有盡可能大的長期資產池來支撐這些負債，並抵消這些負債。

And ATLAS is just one of the big, big pieces. And when we think about that, it's much more dramatic than the quarter-to-quarter activity in SRT trade, which is one of the 40 tools. We're very involved in that sector. We've been doing it since '09. Some of the more recent transactions are a little bit [blind] pool, exceedingly strongly levered, but they are strong IG assets. But again, I would note, those are things that you source from others, whereas ATLAS allows us to source directly.

ATLAS 只是眾多工具中的一個。仔細想想，它比 SRT 交易（40 種工具之一）的季度活動要引人注目得多。我們非常活躍於這個領域，從 2009 年就開始做了。最近的一些交易有點像盲池，槓桿率極高，但它們是強勁的投資級資產。但我再次強調，這些東西需要從別人那裡獲取，而 ATLAS 允許我們直接獲取。

So the MassMutual dialogue and relationship is holistic. It's across the ecosystem. And we suspect that will be the template from which many, many others join us.

因此，萬通互惠的對話和關係是全方位的，貫穿整個生態系統。我們相信，這將成為更多人加入我們的模板。

The next question is coming from Michael Cyprys of Morgan Stanley.

下一個問題來自摩根士丹利的邁克爾·賽普里斯。

I wanted to circle back to the new Apollo asset-backed company, ABC, that you guys are launching. I was hoping you could elaborate a bit on the product, the return profile. Interesting, you're structuring as an operating company. I hope you could elaborate a bit around that. And maybe just talk about your vision and how big could this be over time.

我想回到你們即將推出的阿波羅資產支援公司ABC。我希望您能詳細闡述產品和回報狀況。有趣的是，你們的架構是運營型公司。我希望您能就此進行一些闡述。或許可以談談您的願景，以及隨著時間的推移，它的規模會有多大。

Well, really, Mike, when we think about the activities in terms of consumer finance, hard assets, the broad areas of asset-based finance, this is the vehicle that lets us -- we have the institutional product, ABF, which we've raised some nice money and will continue to be one of our flagship pillars in the yield and credit infrastructure.

嗯，麥克，實際上，當我們考慮消費金融、硬資產、廣泛的資產融資方面的活動時，這就是讓我們能夠——我們擁有機構產品 ABF 的工具，我們已經籌集了一些不錯的資金，並將繼續成為我們的收益和信貸基礎設施的旗艦支柱之一。

And this was created to really give the global wealth channels -- as investors have really grasped onto private credit, they realize they have a concentration issue in sponsor buyout activity. Now that's the recognition that there's a desire for diversification. So this will really be the first-mover product set.

這項服務的創建旨在真正拓展全球財富管道——隨著投資者真正掌握了私募信貸，他們意識到在發起人收購活動中存在集中度問題。現在，他們意識到了多元化投資的願望。因此，這將成為真正的先行產品組合。

You will see this as a majority of investment-grade risk, a majority of debt risk, but yet it does have some non-investment-grade debt exposure and some residual and equity exposures. But we are trying to have this be like ADS, our flagship product, that operates in the highest-quality growth in the sector and really is trying to get high single digits, low double-digit returns, but doing so in a very comprehensive manner by not using leverage but being -- really using the sourcing of the product.

你會發現這大部分是投資等級風險，大部分是債務風險，但也有一些非投資等級債務曝險，以及一些剩餘和股權曝險。但我們正努力讓它像我們的旗艦產品ADS一樣，在行業中保持最高品質的成長，並真正努力獲得高個位數或低兩位數的回報，但我們以一種非常全面的方式實現這一點，不是使用槓桿，而是真正利用產品的資源。

So it will be our flagship product in asset-based as ADS is our flagship product in corporate credit.

因此，它將成為我們在資產型產品領域的旗艦產品，就像 ADS 是我們在企業信貸領域的旗艦產品一樣。

Yes. I'm going to just punctuate this a little bit, especially given the environment we're in and the concerns over credit quality. We've been in this business a long time. And for me, this is -- for Jim and I, it's our 40th year. It's hard to believe that sometimes.

是的。我稍微強調一下，尤其是考慮到我們所處的環境以及人們對信用品質的擔憂。我們在這個行業已經很久了。對我來說，對吉姆和我來說，這是我們合作的第40年。有時候真的很難相信。

And I'll just take ADS as an example. We run ADS at 100% first lien. And we run ADS, I believe, with the lowest leverage in the industry. Could we produce higher rate of return, higher dividend? Of course we could. But we know that particularly as we're introducing an entire marketplace, institutional and retail, to the notion of private markets, that they should experience the same way -- this is the same way that the smartest institutions in the world have experienced it and not have returns artificially manufactured through leverage or otherwise. The time to be levered is when assets are really cheap and they're plentiful and available. The time not to be levered is when markets are tight and there's lots of liquidity.

我以ADS為例。我們以100%的優先留置權運行ADS。而且我相信，我們運行ADS的槓桿率是業界最低的。我們能創造更高的報酬率和更高的股利嗎？當然可以。但我們知道，尤其是當我們向整個市場（包括機構投資者和散戶投資者）引入私募市場的概念時，他們應該獲得同樣的體驗——這與世界上最聰明的機構所經歷的體驗相同，而不是透過槓桿或其他方式人為製造回報。當資產真正便宜且充裕且可用時，就應該使用槓桿。當市場緊張且流動性充裕時，就不應該使用槓桿。

It's easy to be seduced into wanting to produce high returns. We've always been focused on trying to produce acceptable returns, excess return per unit of risk. And the same philosophy that we run ADS and the team runs ADS by is how we're going to produce this in asset-backed to make sure this category, which should be as large as corporate over time, is introduced to investors in the best possible way. And going first and telling the story is exactly what we want to do.

人們很容易被誘惑去追求高回報。我們一直專注於創造可接受的回報，即單位風險下的超額回報。我們經營ADS以及團隊經營ADS的理念，也同樣適用於資產支持證券，以確保這一類別（隨著時間的推移，其規模應該與公司債相當）以最佳方式呈現給投資人。而我們想要做的，正是率先說故事。

The next question is coming from Kenneth Worthington of JPMorgan Chase.

下一個問題來自摩根大通的肯尼斯‧沃辛頓。

This is Alex Bernstein on for Ken. I know there was a question previously around ATLAS and the MassMu relationship, so apologies if any of this is repetitive. But I do think there are a couple of other points we're hoping to dry out.

我是 Alex Bernstein，代替 Ken 發言。我知道之前有人問過關於 ATLAS 和 MassMu 關係的問題，所以如果有重複的地方，請見諒。但我認為還有一些其他問題我們希望先討論清楚。

Firstly, do you see this type of arrangement accelerating your ability to reach the $200 billion to $250 billion long-term origination target that you communicated previously? And then secondly, how are you managing these platforms as a portfolio to reach your goals? And how are you thinking about the mix of outside capital, Apollo Capital, bolt-ons that best help you reach your growth goals and those of Athene?

首先，您認為這種安排是否能加速您實現先前提到的2,000億至2,500億美元的長期發起目標？其次，您如何將這些平台視為一個投資組合來管理，以實現您的目標？您如何考慮將外部資本、阿波羅資本以及最能幫助您實現自身和Athene成長目標的附加資本組合在一起？

Well, thanks for the question. This will be a great conversation at our October day. But basically, we have these 16 platforms. The top 5 to 7, namely MidCap, ATLAS, PK, Wheels are the great drivers. And yes, as we think about running those as a portfolio, optimizing the financing on those and bringing in third parties, whether it's in SMAs on the production side, or even in many instances where we brought in investors to own the equity along with us, that's all part of the flywheel.

好的，謝謝你的提問。這將是我們十月日的精彩對話。但基本上，我們有這16個平台。前5到7的平台，分別是MidCap、ATLAS、PK和Wheels，是很好的驅動力。是的，當我們考慮將它們作為一個投資組合來運營，優化它們的融資，並引入第三方，無論是生產方面的SMA，還是在許多情況下，我們引入投資者與我們共同持有股權，這都是飛輪的一部分。

So certainly, we think that when we look at what's going on with our platforms and with bringing this integrated toolbox to -- solutions to companies, we think that gives us the confidence to take our numbers up from our 5-year plan. And so as Marc said, when we did our first Investor Day, it was $150 billion in debt by '26. We'll achieve that. But we've sort of now changed the definition of the equity and hybrid.

所以，我們當然認為，當我們審視我們平台的進展，並將這個整合工具箱帶給企業解決方案時，我們認為這給了我們信心，讓我們能夠超越五年計劃，實現更高的目標。正如馬克所說，當我們舉辦第一個投資者日時，到2026年，我們的債務已經達到1500億美元。我們會實現這個目標的。但現在我們改變了股票和混合型資產的定義。

So in our mind, hitting those $200 billion-plus numbers, the driver really will be how we integrate those platforms. And again, how investors deal with us, whether it's an SMA, whether it's a commingle vehicle, whether it's owning part of the equity, it's all part of the same equation.

所以在我們看來，要達到2,000多億美元的目標，真正的驅動力在於我們如何整合這些平台。再說一遍，投資人如何與我們打交道，無論是單一市場整合（SMA）、混合投資工具，或是持有部分股權，都屬於同一個等式。

Thank you. That concludes the Q&A portion of today's call. I will return the floor to Noah Gunn for any additional or closing comments.

謝謝。今天電話會議的問答環節到此結束。如有其他補充或結束發言，請諾亞·岡恩發言。

Great. Thanks, everyone, for your time and attention this morning. If you have any follow-up questions on anything we discussed on today's call, please feel free to follow up with us. And we look forward to speaking with you again next quarter.

太好了。感謝大家今天上午的寶貴時間和關注。如果您對我們今天電話會議中討論的任何內容有任何後續問題，請隨時與我們聯繫。我們期待下個季度再次與您溝通。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time or log off the webcast, and enjoy the rest of your day.

女士們，先生們，感謝各位的參與。今天的活動到此結束。您可以暫時關閉網路或退出直播，享受接下來的精彩時光。