Apollo Global Management Inc (APO) 2025 Q3 法說會逐字稿

Good morning, and welcome to Apollo Global Management's third-quarter 2025 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2025年第三季財報電話會議。（操作員指示）本次電話會議正在錄音。

This call may include forward-looking statements and projections which do not guarantee future events or performance. 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，這些陳述和預測並不保證未來的事件或績效。有關與這些聲明相關的風險因素，請參閱 Apollo 最近向美國證券交易委員會提交的文件。

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 figures in Apollo's earnings presentation, which is available on the company's website.

阿波羅將在本次電話會議上討論一些非GAAP指標，管理階層認為這些指標與評估公司的財務表現有關。這些非GAAP指標與GAAP數據在Apollo的收益報告中進行了核對，該報告可在公司網站上查閱。

Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Apollo Fund. I will now turn the call over to Noah Gunn, Global Head of Investor Relations.

另請注意，本次電話會議中的任何內容均不構成出售要約或購買任何阿波羅基金權益的要約邀請。現在我將把電話交給全球投資者關係主管諾亞·岡恩。

Thanks, operator, and welcome again, everyone, to our call. Joining me to discuss our results and the momentum we're seeing across the business are Marc Rowan, CEO; Jim Zelter, President; and Martin Kelly, CFO.

謝謝接線員，也歡迎各位再次接入我們的通話。與我一起討論我們的業績以及我們在整個業務中看到的良好勢頭的是首席執行官馬克·羅文、總裁吉姆·澤爾特和首席財務官馬丁·凱利。

Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website. As you can see, very strong third-quarter results demonstrate the exceptional strength that we are seeing. We generated record combined fee and spread related earnings which drove adjusted net income of $1.4 billion or $2.17 per share, up 17% year-over-year.

今天早些時候，我們在網站的投資者關係部分發布了收益報告和財務補充資料。正如你所看到的，非常強勁的第三季業績顯示了我們所看到的非凡實力。我們創造了創紀錄的綜合手續費和價差相關收益，推動調整後淨收入達到 14 億美元，即每股 2.17 美元，年增 17%。

In addition to the rich commentary, we prepared for you on this morning's call, we'd like to announce that we will be hosting an extended fixed income call session for Athene this quarter on November 24.

除了我們今天早上電話會議上為您準備的豐富評論之外，我們還要宣布，我們將於 11 月 24 日為 Athene 舉辦本季度延長固定收益電話會議。

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

好了，現在我把它交給馬克。

Thanks, Noah, and good morning. It's a pleasure to be here today and delivering good news is especially fun for me. Results in the third quarter were exceptionally strong. FRE of $652 million was up 23% year-over-year, management fee growth of 22% year-over-year, ACS fees of $212 million, our second straight quarter in excess of $200 million.

謝謝你，諾亞，早安。今天能來到這裡我感到非常榮幸，對我來說，傳遞好消息尤其令人開心。第三季業績表現異常強勁。FRE 為 6.52 億美元，年增 23%；管理費年增 22%；ACS 費用為 2.12 億美元，連續第二季超過 2 億美元。

SRE ex notables $846 million. And for those of you who are focused on SRE and like estimates, we estimate that SRE in Q4 will be approximately $880 million, which will drive estimated full-year SRE on a comparable basis to $3.475 billion, approximately 8% year-over-year growth, which will be above the mid-single-digit target we provided earlier.

SRE（不包括知名人士）8.46億美元。對於那些關注 SRE 並喜歡估算的人來說，我們預計第四季度 SRE 將達到約 8.8 億美元，這將推動全年 SRE 按可比基礎估算達到 34.75 億美元，同比增長約 8%，高於我們之前給出的個位數中段目標。

Financial results are the product of underlying good fundamentals. The most interesting and most important fundamental for us is origination. We believe origination is the lifeblood of our business. Origination for this quarter was very strong.

財務業績是良好基本面的展現。對我們來說，最有趣、最重要的基礎是起源。我們認為，專案發起是我們業務的命脈。本季貸款發放情況非常強勁。

$75 billion of origination led by platforms. It's our second strongest quarter following a record Q2. Average spread on our origination, 350 basis points over treasuries, which was stable quarter-over-quarter, average rating of BBB.

平台主導的貸款發放額達750億美元。這是繼第二季創紀錄之後，我們業績第二好的季度。我們的貸款發放平均利差為國債利率 350 個基點，季度環比保持穩定，平均評級為 BBB。

The reward for good origination is people want to invest with us. Robust inflows of $82 billion for the quarter, led by Asset Management of $59 billion, Retirement Services of $23 billion. In the Asset Management number is $34 billion from Bridge. So inflows ex Bridge, $26 billion. Record AUM at the end of the quarter, $908 billion, up 24% year-over-year. In short, the growth flywheel is spinning.

好的項目帶來的回報是人們願意與我們一起投資。本季資金強勁流入 820 億美元，其中資產管理業務流入 590 億美元，退休服務業務流入 230 億美元。資產管理方面，Bridge 的資產規模為 340 億美元。因此，扣除 Bridge 的資金流入為 260 億美元。本季末資產管理規模創歷史新高，達 9,080 億美元，較去年同期成長 24%。簡而言之，增長的飛輪正在旋轉。

Jim and I have a lot of opportunities to discuss why the growth flywheel is spinning. We like and we often say it's a result of good management. And I think this quarter, not by Jim and I necessarily, but by the team. Team worked very hard and produced the results you've seen.

吉姆和我有很多機會討論為什麼成長的飛輪會一直運作下去。我們喜歡這種結果，我們經常說這是良好管理的結果。我認為這一季度，不一定是吉姆和我所取得的成績，而是整個團隊的成績。團隊付出了巨大的努力，並取得了大家所看到的成果。

But we are fortunate to be in an industry that is experiencing very strong demand. Companies like ours and others in our industry do not get to be big unless we are attached to fundamentals in the economy and essentially are a source of secular growth for our country and for the world. We are fortunate to be driven by three incredibly strong fundamentals.

但我們很幸運，身處在一個需求非常強勁的產業。像我們這樣的公司以及我們行業內的其他公司，只有與經濟基本面緊密相連，並成為我們國家乃至世界長期增長的源泉，才能發展壯大。我們很幸運，擁有三大極其強大的基本面作為驅動力。

Our business is financing the global industrial renaissance, whether it's infrastructure, energy, energy transition, data centers, defense, new manufacturing, or robotics. The demand for capital has never been stronger, and it is not a US phenomenon, it is a worldwide phenomenon. These facilities, these investments are long duration in nature and are perfectly appropriate for what we do. And I expect that this will continue for a reasonably long period of time.

我們的業務是為全球工業復興提供資金，無論是基礎設施、能源、能源轉型、資料中心、國防、新型製造業或機器人技術。對資本的需求從未如此強勁，這並非美國獨有的現象，而是全球性的現象。這些設施和投資都是長期性的，完全符合我們所做的事情。我預計這種情況會持續相當長的一段時間。

The second, we are facing a retirement crisis, a gap in retirement income almost everywhere in the Western World. We, through Athene, Athora, and the other investments we've made as well as our third-party insurance business are helping to close that gap. This is among the fastest-growing sectors of our business, as I'm sure both Jim and Martin will touch on.

第二，我們正面臨退休危機，西方世界幾乎所有地方都存在退休收入缺口。我們透過 Athene、Athora 以及我們進行的其他投資和第三方保險業務，正在幫助縮小這一差距。這是我們業務中成長最快的領域之一，我相信吉姆和馬丁都會提到這一點。

And third, we provide an alternative to increasingly concentrated, correlated, and indexed public markets. If you want to escape the Mag 7, but still want to be invested, it is very difficult to do efficiently in public markets. These three fundamental goods are really the drivers of our business, and we are fortunate to participate in an industry that benefits from this.

第三，我們提供了一種替代方案，以對抗日益集中、相關性越來越強、指數化的公開市場。如果你想避開 Mag 7，但又想繼續投資，那麼在公開市場中有效地做到這一點是非常困難的。這三項基本商品是我們業務的真正驅動力，我們很幸運能參與這樣一個受益於此的產業。

We are not the only ones to recognize this. If you think about the history of our industry, the entirety of our industry up until the last few years was essentially powered by the smallest bucket of our institutional clients called alternatives. The first 35 years of this industry were funded out of this little bucket.

我們並非唯一意識到這一點的人。回顧我們產業的歷史，直到最近幾年，我們整個產業的運作基本上都是由我們機構客戶中最小的部分——另類投資——所推動的。這個行業的前35年都是靠這筆小錢資助的。

More recently, we've been given a second market called individuals. That second market, we expect to be the size of the first market, and I don't think it will take 35 years to get there.

最近，我們又迎來了第二個市場，那就是個人市場。我們預計第二個市場的規模將與第一個市場相當，而且我認為達到這個規模不需要 35 年的時間。

We've now been given a third market called insurance. The industry watching what we've done at Athene now understands that insurance company balance sheets are the perfect place to take liquidity risk rather than credit or equity risk. And insurance companies are increasingly large buyers of private assets as they seek to earn safe returns consistent with matching their liabilities.

我們現在又多了一個市場，那就是保險市場。業內人士現在關注著我們在 Athene 所做的一切，他們明白保險公司的資產負債表是承擔流動性風險而非信用風險或股權風險的最佳場所。保險公司越來越多地購買私人資產，以尋求與自身負債相符的安全回報。

We've also been given a fourth market, and that fourth market comes from our institutional clients who are now considering and actively investing in private assets out of their debt and equity buckets. As we watch total portfolio approach take hold in the Asset Management industry, we expect this to grow pretty significantly over the years.

我們也獲得了第四個市場，這個第四個市場來自我們的機構客戶，他們現在正在考慮並積極投資於其債務和股權投資組合中的私募資產。隨著整體投資組合方法在資產管理行業逐漸普及，我們預計未來幾年內，這種方法將實現相當大的成長。

If that were not enough, I believe we've been given a fifth market. And that fifth market is traditional asset managers, and I think this has the potential to be among the largest sleeves of investors in private assets. I expect that we will see significant private asset exposure inside of mutual funds, inside of ETFs, and inside of products of all types offered by traditional asset managers as there is a rethinking of what active management is.

如果這還不夠，我相信我們已經獲得了第五個市場。第五個市場是傳統資產管理公司，我認為這有可能成為私募資產領域中最大的投資人群體之一。我預計，隨著人們對主動管理的重新思考，我們將看到共同基金、ETF 以及傳統資產管理公司提供的各種產品中出現大量的私人資產曝險。

Perhaps active management is not the buying and selling of individual stocks and bonds, but it is the addition of private assets to public portfolios. This will allow our industry to reach clients we would never, on our own, reach and who want exposure to private assets but will not get exposure to private assets directly.

或許主動式管理並非買賣個股和債券，而是將私人資產加入公共投資組合中。這將使我們的產業能夠接觸到我們自身永遠無法接觸到的客戶，這些客戶希望接觸私人資產，但又無法直接接觸到私人資產。

And as all of you on this call know, more recently, a potential sixth market has opened for us in the form of 401(k) and related retirement plans. In short, for an industry that has grown pretty large over the years, we are now anchored by three really powerful secular trends that serve a fundamental good, not just in our economy, but in the world. And we don't recognize this by ourselves. Private assets are becoming more and more acceptable and more and more in demand.

正如各位在座各位所知，最近，401(k) 及相關退休計畫為我們開啟了第六個潛在的市場。簡而言之，對於一個多年來發展壯大的行業來說，我們現在受到三個非常強大的長期趨勢的支撐，這些趨勢不僅對我們的經濟，而且對整個世界都具有根本的益處。而我們自己卻意識不到這一點。私人資產正變得越來越容易被接受，需求也越來越大。

What do we worry about? Well, we worry about the things that we've always worried about. I believe our industry will find that it is limited in its growth by its capacity to find good investments rather than by its capacity to raise capital.

我們究竟在擔心什麼？我們依然會擔心那些我們一直以來都在擔心的事情。我認為，我們這個產業的發展限制因素，不是籌集資金的能力，而是尋找優質投資的能力。

It is incumbent on us to focus on origination to make sure that we grow origination quarter-over-quarter and that we really do respect the fundamental principle of our industry, which is excess return per unit of risk. This is ultimately why private assets are in demand and why we, as a firm, are in (inaudible).

我們有責任專注於貸款發放，確保貸款發放量逐季成長，並且真正尊重我們行業的基本原則，即每單位風險的超額回報。這最終解釋了為什麼私人資產需求旺盛，以及為什麼我們公司也會身處其中。（聽不清楚）

I also worry about culture. We at our industry and our firm, we have been preferred employers for the last 35 years. We work very hard day and night to make sure we do not lose the preferred employer status.

我也很擔心文化問題。在過去的35年裡，我們所在的行業和我們公司一直是首​​選雇主。我們日夜辛勤工作，以確保不會失去首選雇主地位。

What do I have the luxury of not worrying about? Well, I have the luxury of not worrying about credit. I thought yesterday's call by one of our competitors did, I thought, an adequate job describing the current credit regime.

我有幸不必為哪些事情擔憂？嗯，我很幸運，不用擔心信用問題。我認為昨天我們的一位競爭對手的電話會議對當前的信貸制度進行了充分的描述。

From my point of view, credit is credit, whether it's originated by a bank or an asset manager. It makes almost no difference to me. There are fundamentally good underwriters of credit and there are less good underwriters of credit.

在我看來，信貸就是信貸，無論是銀行發放的還是資產管理公司所發放的。對我來說幾乎沒什麼差別。信貸承銷商有的非常優秀，有的則相對遜色。

The observed outcome of the number of articles and the focus on a couple of isolated incidents in the marketplace is nil. 10 basis points of spread widening is essentially nothing. Jim, I'm sure, will spend some time on this, but I've encouraged him not to given this, what I thought was a very successful discussion yesterday by one of our peers.

觀察到的文章數量以及對市場中少數孤立事件的關注，並沒有產生任何實際效果。價差擴大10個基點幾乎可以忽略。我相信吉姆會花些時間研究這個問題，但我已經勸他不要這麼做，因為昨天我們的一位同事進行了一次我認為非常成功的討論。

Let me delve in a little bit to Asset Management. The quarter in Asset Management and the momentum we're seeing starts with performance. All buckets across our firm performed very well. In credit, up 8% to 12% over LTM, 3% to 5% in the quarter. Performance was achieved without reaching.

讓我稍微深入探討一下資產管理。資產管理業務的季度業績和發展動能都始於業績表現。我們公司所有業務部門的表現都非常出色。信貸方面，過去 12 個月成長 8% 至 12%，本季成長 3% 至 5%。無需刻意追求即可取得成績。

We are at a really interesting juncture of time in Asset Management and one that we frame really simply for our clients. We have them ask three questions. Are things cheap? Resoundingly no. Do we think rates that matter, long rates, are going to plummet? We do not. We think most of what we're doing in the world is actually inflationary rather than contributing to lower rates.

我們正處於資產管理領域一個非常有趣的轉折點，我們會用非常簡單的方式向客戶解釋這一點。我們讓他們問三個問題。東西便宜嗎？絕對不行。我們是否認為重要的利率，也就是長期利率，將會大幅下降？我們沒有。我們認為，我們在世界上所做的大部分事情實際上都會導致通貨膨脹，而不是有助於降低利率。

And finally, do we see enhanced sources of geopolitical risk? We do. The answer to those three questions is yes. The logical thing to do is to take risk down. That is what we are doing as a firm. That is what we are doing for our clients, and we have been able to do this without reducing our need for return.

最後，我們是否看到地緣政治風險來源增加？是的。這三個問題的答案都是肯定的。合乎邏輯的做法是降低風險。這就是我們公司正在做的事情。這就是我們為客戶所做的，而且我們能夠在不降低自身回報需求的情況下做到這一點。

ADS is a shining example of this. 9% annual return since inception, 2.1% for the quarter, 100% first lien, lower leverage, less PIK, less concentrated, 40% less exposed to software. In our asset-backed retail vehicle, we're now at $1.2 billion, up $425 million in the quarter. 70% of the portfolio is IG, 95% we originate on a proprietary basis.

ADS 就是一個絕佳的例子。自成立以來年化收益率為 9%，本季收益率為 2.1%，100% 優先擔保，槓桿率較低，PIK 較少，集中度較低，軟體風險敞口減少了 40%。在我們的資產支持型零售投資工具中，目前規模為12億美元，本季成長4.25億美元。其中70%為投資等級債券，95%為我們自主發行。

In debt, it's always been clear how one takes risk down. You move higher up in the capital structure. In equity, it is also possible to take risk down. Our hybrid franchise, which is now some $90 billion with nearly $12 billion raised year-to-date, 19% LTM return. The flagship vehicle within hybrid value is AAA, Apollo Aligned Alternatives, which is now approaching $25 billion and no doubt will be our largest fund, although there's a healthy competition amongst the various fund managers.

負債的情況下，如何降低風險一直都很明確。你在資本結構中晉升到更高的層級。在股票交易中，降低風險也是可能的。我們的混合特許經營權目前規模約為 900 億美元，今年迄今已籌集近 120 億美元，LTM 回報率為 19%。混合價值領域的旗艦產品是 AAA，即 Apollo Aligned Alternatives，目前規模已接近 250 億美元，無疑將成為我們最大的基金，儘管各個基金經理之間存在著良性競爭。

Ultimately, that competition is not fundraising, it's based on performance. AAA now has 42 of 43 positive quarters with a fraction of the volatility of the S&P, roughly an 11% LTM rate of return, and 12% inception-to-date return on the strategy. This is the kind of performance that attracts assets and that is consistent with our ethos in this sort of environment of getting returns without reaching.

歸根究底，這場比賽不是為了籌款，而是為了比賽成績。AAA 目前 43 個季度中有 42 個季度實現正收益，波動性僅為標普 500 指數的一小部分，過去 12 個月的收益率約為 11%，該策略自成立以來的收益率為 12%。這種績效能夠吸引資產，也符合我們在這種環境下追求不勞而獲的理念。

In our private equity business, the focus on cash flow and rational underwriting and avoiding fads and trends has served us very well over the long term. Our most recent fund, Fund 10, 22% net IRR, already 0.2% DPI. Fund 9, the one before that, 15% net IRR, 50% higher DPI than the industry average.

在我們的私募股權業務中，長期來看，專注於現金流和理性承銷，避免追逐潮流和趨勢，對我們非常有益。我們最新的基金，第 10 期基金，淨內部收益率為 22%，股息支付率已達 0.2%。基金 9（即上一期基金）淨內部報酬率為 15%，股利支付率比同業平均高 50%。

The franchise over our history, 39 gross and 24 net. We're excited for Fund 11, which will come beginning of next year. And we will continue to do what we have always done, which is try and produce excess return per unit of risk and be responsive to the environment and be good stewards of capital.

縱觀我們的歷史，特許經營權共取得 39 場毛利勝利和 24 場淨利勝利。我們對將於明年初推出的第 11 期基金感到興奮。我們將繼續做我們一直以來所做的事，那就是努力在承擔每單位風險的情況下獲得超額回報，對環境做出積極反應，並善用資本。

One of the things that we are increasingly hearing in our business is a divide in our industry between agents and principals. The notion of being a principal is that you underwrite a risk that you are prepared to hold. The notion of being an agent is that you underwrite a risk that you think you can distribute.

在我們的業務中，我們越來越常聽到這樣一種說法：我們行業內的代理人和委託人之間存在著分歧。擔任委託人的概念是，你承擔你願意承擔的風險。代理人的概念是，你承擔你認為可以分散的風險。

Sometimes it doesn't matter. But when things are priced for perfection, we believe it matters more than ever. The thing that we have done as a firm is to align ourselves with our clients. The amount of comfort that they take with us as the largest owner side-by-side in almost everything we do is unparalleled and has really set us apart amongst our peer group.

有時候這並不重要。但當商品以完美為定價標準時，我們認為完美就顯得格外重要。我們公司所做的就是與客戶保持一致。他們與我們作為最大的所有者並肩合作，在幾乎所有事情上都給予了我們極大的信任和支持，這是無與倫比的，也真正使我們在同行中脫穎而出。

So what does the future hold? The future in Asset Management is all about innovation. You're seeing plenty of innovation. And on our next call, I would expect that we will focus probably in an outsized way on innovation, whether it is what we're doing in market making, whether it is the new addition of leveraged share classes to many of our evergreen funds and leverage against private assets on a much more permanent and much more attractive basis, or it is our reinvention of the CLO market.

那麼未來會怎麼樣呢？資產管理產業的未來在於創新。你會看到很多創新。在下次電話會議上，我預期我們將專注於創新，無論是我們在做市方面所做的工作，還是在我們許多常青基金中新增槓桿份額類別，並以更持久、更具吸引力的方式對私募資產進行槓桿投資，亦或是我們對 CLO 市場的重塑。

And I expect innovation to take place broadly across the Asset Management franchise. The outlook for Asset Management is indeed very bright. And as you will hear from Martin, we expect FRE growth of 20%-plus in '26.

我預計創新將在資產管理業務的各個領域廣泛發生。資產管理產業的前景確實非常光明。正如你將從馬丁那裡聽到的那樣，我們預計 2026 年 FRE 的成長將超過 20%。

On the Retirement Services side of our business, we're seeing the same sort of robust demand. It's very clear that we have a retirement crisis, not just in our country but across the world. The annuity market is a multiple of size versus a few years ago. And while rates are always important, secular demographics or demographics themselves are a driver of growth and everywhere we look, there is a need for guaranteed income.

在我們公司的退休服務業務方面，我們也看到了同樣強勁的需求。很明顯，我們正面臨退休危機，不僅在我們國家，而且在全世界都是如此。與幾年前相比，年金市場規模已擴大數倍。雖然利率始終很重要，但長期人口結構或人口結構本身就是成長的驅動力，而且我們放眼望去，到處都需要有保障的收入。

The inflows are literally off the charts. Through Q3 -- first, Q3, $23 billion, year-to-date, $69 billion. We're pacing toward a record year with the PGA market essentially closed for the entirety of the industry. New business remains in line with our mid-teens ROE target, and we deployed $22 billion in the quarter at 220 basis points over treasuries, almost all IG, very little non-IG exposure on the totality of Athene.

資金流入量簡直爆表。截至第三季度－首先，第三季度，230億美元；今年迄今，690億美元。由於 PGA 市場對整個行業來說基本上處於關閉狀態，我們正朝著創紀錄的一年邁進。新業務仍符合我們十幾的 ROE 目標，本季我們以比國債高出 220 個基點的價格部署了 220 億美元，幾乎全部是投資級債券，Athene 整體的非投資級債券敞口非常小。

There's no secret that the market that spreads for the kinds of assets that are appropriate for insurance companies are tight. And without the access to proprietary origination, this would not be the business that it is.

眾所周知，適合保險公司使用的資產市場供應緊張。如果沒有專有資源，這項業務就不會發展成現在的樣子。

Thankfully, the team at Athene has done an unbelievable job, not just on the origination, but also on the sourcing of liabilities and the discipline to turn off various spigots when pricing does not make sense. And at the end of the day, running an efficient business from an overhead point of view and employing the latest technology allows you to keep ROEs up in periods of time when others are suffering.

值得慶幸的是，Athene 團隊做得非常出色，不僅在專案發起方面，而且在負債來源方面也做得非常出色，並且在定價不合理時能夠果斷地關閉各種資金來源。歸根結底，從營運成本的角度來看，高效經營業務並採用最新技術，可以讓你在其他人遭受損失的時期保持較高的淨資產收益率。

As I'm sure Martin will touch on and we will discuss on the 24th, the result of running this business over a really long period of time and not being a current period profit maximizer has given us tremendous amounts of flexibility. When rates are down, massive gains appear in our portfolio, which allow us to recycle securities, which does not produce SRE but frees up capital for investment. And if we are successful in creating origination, allows us to pick up spread.

我相信馬丁會提到這一點，我們也會在 24 號討論，長期經營這家企業，而不是追求當期利潤最大化，這給我們帶來了極大的靈活性。當利率下降時，我們的投資組合會出現巨額收益，這使我們能夠循環利用證券，雖然這不會產生證券風險收益，但可以釋放資金用於投資。如果我們成功創造發行機會，就能擴大發行規模。

We have lots of tools at our disposal to achieve our SRE and ROE targets that others in our industry do not have. While the slope of the forward curve can change, and as you will hear from Martin, we have significantly reduced our sensitivity to rates to the lowest in a decade. We are just a very tough competitor.

我們擁有許多其他業內公司所不具備的工具來實現我們的 SRE 和 ROE 目標。雖然遠期曲線的斜率可能會發生變化，而且正如您將從馬丁那裡聽到的那樣，我們已經大幅降低了對利率的敏感度，使其降至十年來的最低水平。我們只是一個實力非常強勁的競爭對手。

And for those who, again, who are interested in SRE, we expect SRE growth year-over-year for next year at 10%, and we expect average growth over the five-year plan to also be 10%. We become, over time, at Athene since the rate of change in our volume is just not as significant going forward as it has been historically, we become a massive capital generator.

對於對 SRE 感興趣的人，我們預計明年 SRE 的年增長率將達到 10%，我們預計五年計畫期間的平均成長率也將達到 10%。隨著時間的推移，由於 Athene 的交易量變化速度不像歷史上那麼顯著，我們逐漸成為一個巨大的資本創造者。

One of two things will happen with that pile of capital that we (technical difficulty) either we have been conservative on how much new business we will add at Athene, which is the challenge to the management team on the new product side or we will be able to redeploy that capital elsewhere in our business or to our shareholders.

對於這筆巨額資金，要么我們會採取保守策略，在 Athene 增加新業務，這對新產品方面的管理團隊來說是一個挑戰；要么我們會將這筆資金重新部署到我們業務的其他方面，或者分配給我們的股東。

In short, Q3 was an exceptional quarter. We're seeing signs not just for the current year of very positive things happening, but the seeds being planted for not just Q4, but also for next year. It's just a fascinating time in Asset Management and Retirement.

總之，第三季是一個非同尋常的季度。我們不僅看到了今年非常積極的事情發生的跡象，而且也看到了為第四季乃至明年播下的種子。對於資產管理和退休規劃領域來說，這真是一個令人興奮的時代。

And with that, I want to turn it over to Jim Zelter.

接下來，我將把麥克風交給吉姆‧澤爾特。

Thanks, Marc. Having navigated credit cycles for more than four decades, I can tell you we've seen this one before. Isolated incidents are nothing new, and they're rarely a signal of broader stress. As we remain vigilant in our underwriting and risk management efforts, what we're seeing is idiosyncratic, not systematic.

謝謝你，馬克。我經歷了四十多年的信用週期，我可以告訴你，我們以前就見過這種情況。孤立事件並不新鮮，而且很少是更大範圍壓力的信號。儘管我們在核保和風險管理方面保持警惕，但我們目前看到的是個別現象，而非系統性現象。

Over the years, there has been a propensity to overemphasize short-term technical headlines and overlook the broader direction of travel within our industry. Broad secular forces such as the increasing economic activity generated by private companies, the global industrial renaissance, as well as massive capital fueling the global industrial renaissance are driving increased demand for global private credit, in particular, investment grade.

多年來，人們往往過度強調短期科技新聞，而忽略了我們產業的整體發展方向。私人企業帶來的日益增長的經濟活動、全球工業復興以及推動全球工業復興的大量資本等廣泛的長期力量，正在推動對全球私人信貸（尤其是投資級信貸）的需求不斷增長。

At the same time, demographics and the expanding needs of retirees globally are driving the secular demand. This is the foundation of our business. We've leaned into senior secured top of the capital structure investments to serve a market that we believe exceeds $40 trillion. As you can see from our growth, that has served us well, and we are just beginning to scratch the surface.

與此同時，人口結構變化和全球退休人員不斷增長的需求正在推動長期需求。這是我們業務的基石。我們加大了對資本結構頂端優先擔保投資的投入，以服務我們認為規模超過 40 兆美元的市場。從我們的發展歷程可以看出，這對我們大有裨益，而我們目前僅僅觸及了冰山一角。

Recent events give us a moment to step back and reflect on the marketplace, and I believe there is an important point to be made here, whether a particular transaction is public or private is simply the manner in which the risk is originated. Ultimately, it is not the litmus test for credit quality.

最近發生的事件讓我們有機會停下來反思市場，我認為這裡有一個重要的觀點需要指出，一項具體的交易是公開的還是私下的，僅僅取決於風險產生的方式。歸根究底，它並不是衡量信用品質的試金石。

Our disciplined underwriting as an origination principle, not an agent or a tourist across both public and private markets, has allowed us to be trusted stewards of our investors' capital through various market cycles and position us for continued success. We look forward to leading and performing in a marketplace with a dispersion of returns.

我們秉持嚴謹的承銷原則，作為發起人而非代理人或遊民，在公共和私人市場中游刃有餘，這使我們能夠在各種市場週期中成為投資者資本值得信賴的管理者，並為我們的持續成功奠定了基礎。我們期待在收益分散的市場中保持領先並取得優異成績。

On origination, let me put the quarter and the origination engine in perspective. As Marc mentioned, we generated $75 billion in the quarter, a remarkable number and second only to last quarter's record. This brings origination volume to over $270 billion for the last 12 months, up more than 40% versus the prior period and effectively achieves our multiyear target about three to four years early.

關於貸款發放，讓我從宏觀角度來分析一下貸款發放和貸款發放機制。正如馬克所提到的，我們本季創造了 750 億美元的收入，這是一個驚人的數字，僅次於上個季度的紀錄。這使得過去 12 個月的貸款發放量超過 2,700 億美元，比上年同期增長超過 40%，並有效地提前三到四年實現了我們多年的目標。

We're encouraged by the early momentum and the capacity we have to scale. Results like this can only be driven by the full breadth and diversity across our business, platforms, core credit, high-grade capital solutions, equity, and hybrid. Within core credit, volumes were led by large-cap direct lending, commercial mortgage lending, and residential mortgage lending.

我們對目前的良好勢頭和擴大規模的能力感到鼓舞。只有透過我們業務、平台、核心信貸、高等級資本解決方案、股權和混合型業務的全面性和多樣性，才能取得這樣的成果。在核心信貸領域，大額直接貸款、商業抵押貸款和房屋抵押貸款的成交量位居前列。

Across our 16 platforms, origination volume increased more than 20% year-over-year, and MidCap was a standout, which continued to perform very well and generated more than 30% growth year-to-date. These are companies who we are providing real solutions at scale.

在我們 16 個平台上，貸款發放量同比增長超過 20%，其中 MidCap 平台表現尤為突出，繼續保持良好勢頭，年初至今增長超過 30%。我們正在為這些公司提供規模化的實際解決方案。

This highlights and connects to our broader sponsor solutions ecosystem, which has more than tripled in recent years, growing from $20 billion in volume in 2022 to nearly $70 billion over the last 12 months. We believe our offering is unmatched in its scale, speed, and ability to deliver full firm solutions with a toolkit that includes not only direct lending, both large and MidCap, which is where many of our peers end, but also fund finance, asset-based finance, as well as other capabilities. Taken together, our sponsor ecosystem is unmatched in scale and speed and the breadth of the solutions we deliver.

這凸顯了我們更廣泛的贊助商解決方案生態系統，並與之連結。近年來，該生態系統成長了三倍多，從 2022 年的 200 億美元成長到過去 12 個月的近 700 億美元。我們相信，我們的產品和服務在規模、速度和提供全方位公司解決方案的能力方面是無與倫比的，其工具包不僅包括直接貸款（包括大額貸款和中額貸款，這是我們許多同行止步的地方），還包括基金融資、資產抵押貸款以及其他能力。綜合來看，我們的贊助商生態系統在規模、速度以及我們提供的解決方案的廣度方面都是無與倫比的。

Let me bring this to life with two recent examples of our origination leadership. First, in support of Keurig Dr Pepper's strategic objectives, we called a financing solution totaling $7 billion that was announced last week. This was yet another example of our leading position in the high-grade capital solutions and hybrid marketplace by providing flexible capital solutions.

讓我用我們公司最近在業務拓展和領導方面的兩個例子來具體說明這一點。首先，為了支持 Keurig Dr Pepper 的戰略目標，我們呼籲採取一項總額為 70 億美元的融資方案，該方案已於上周宣布。這再次證明了我們透過提供靈活的資本解決方案，在高檔資本解決方案和混合市場中處於領先地位。

The second transaction I'd like to highlight is yesterday's announcement with Orsted where our funds will acquire a 50% stake in Hornsea 3, a three-gigawatt scale offshore wind project, for $6.5 billion. Alongside transactions we announced this year for ED&F, RWE, and BP, this is the latest large-scale transaction in Europe, where we are investing behind energy, critical infrastructure, and transition assets in the region. Our activity in providing IG capital solutions to large-scale companies in Europe is unmatched.

我想重點介紹的第二筆交易是昨天與沃旭能源（Orsted）的公告，我們的基金將以 65 億美元的價格收購 Hornsea 3 項目 50% 的股份，該項目是一個 3 吉瓦規模的海上風電項目。繼今年宣布收購 ED&F、RWE 和 BP 之後，這是我們在歐洲進行的最新大規模交易，我們正在該地區投資能源、關鍵基礎設施和轉型資產。我們在為歐洲大型企業提供投資等級資本解決方案方面的活動是無與倫比的。

Looking across all of our origination in the quarter, $69 billion was debt comprised of approximately 70% investment grade with an average rating of A- and approximately 30% sub-investment grade with an average rating of B. On the investment-grade origination, we generated excess spread of over 285 basis points over treasuries or approximately 200 basis points over comparable rated corporate indexes.

綜觀本季所有新增貸款，690億美元的債務中，約70%為投資等級債券（平均評等為A-），約30%為非投資等級債券（平均評等為B）。在投資等級債券的發行中，我們獲得的超額利差比國債高出285個基點以上，比同等評級的公司債指數高出約200個基點。

And in our sub-IG origination, we generated excess of 400 basis points over treasuries or approximately 220 basis points over comparably rated high-yield corporates. Importantly, we observed stable spreads on our origination quarter-over-quarter, and that's particularly notable in a period where public market spreads are near generational tights. Producing excess spreads at scale is a clear testament to the solutions we deliver.

在我們的投資等級債券發行中，我們獲得的殖利率比國債高出 400 個基點以上，比同等評等的高收益公司債高出約 220 個基點。重要的是，我們觀察到貸款發放額的季度環比利差保持穩定，這在公開市場利差接近歷史最低點的時期尤其值得關注。大規模產生超額價差，充分證明了我們提供的解決方案的有效性。

While our existing origination engine continues to scale and has driven incredible results, we're not standing still. In the past few months, we have added several new resources that will augment, grow, and diversify these origination capabilities.

雖然我們現有的貸款發起引擎不斷擴展並取得了令人矚目的成果，但我們並不會止步不前。在過去的幾個月裡，我們新增了幾項資源，這將增強、發展和多元化這些貸款發放能力。

Number one with Olympus Housing Capital is a new homebuilder finance strategy sitting at the nexus of multiple secular tailwinds between structural undersupply of single-family homes and demographics. Stream Data Centers strengthens our presence in digital infrastructure.

奧林巴斯住房資本公司推出的「第一」計畫是一種新的房屋建築商融資策略，它處於單戶住宅結構性供應不足和人口結構變化等多個長期利好因素的交匯點。Stream Data Centers 增強了我們在數位基礎設施領域的地位。

TenFifty is our new European CRE lending platform focused on structurally underserved small- and medium-sized CRE markets. And finally, we announced the launch of Apollo Sports Capital focused on the sports and live events ecosystem in a market that continues to exhibit strong uncorrelated growth and faces significant capital demands.

TenFifty 是我們全新的歐洲商業房地產貸款平台，專注於結構性服務不足的中小型商業房地產市場。最後，我們宣布推出 Apollo Sports Capital，專注於體育和現場活動生態系統，該市場持續呈現強勁的非相關成長，並面臨巨大的資本需求。

This will be a permanent capital vehicle primarily focused on credit and hybrid opportunity, and ASC is designed to be a long-term value-added marketplace player, leveraging our infrastructure in credit and media and physical assets.

這將是一個永久性資本工具，主要專注於信貸和混合機會，ASC 旨在成為一個長期增值市場參與者，利用我們在信貸、媒體和實體資產方面的基礎設施。

In capital formation, momentum remains exceptionally strong this quarter. We brought in $82 billion, including $49 billion of organic inflows, nearly matching last quarter's record, as well as $34 billion from our closing of the Bridge acquisition.

本季資本形成動能依然異常強勁。我們獲得了 820 億美元的收入，其中包括 490 億美元的內生性收入，幾乎與上一季的記錄持平，以及透過完成對 Bridge 的收購而獲得的 340 億美元收入。

By channel, the institutional channel remains strong, and Global Wealth had another excellent quarter with Athene continuing its remarkable trajectory. Across institutional and Global Wealth within the $26 billion of organic inflows during the quarter, 80% were focused on credit-oriented strategies and 20% to equity-oriented strategies coming from a broad array of investor classes.

按通路來看，機構通路依然強勁，全球財富業務又迎來了一個優秀的季度，Athene 繼續保持著其卓越的成長勢頭。本季機構和全球財富的260億美元自然流入中，80%集中於信貸策略，20%集中於股票策略，這些資金來自廣泛的投資者類別。

The $5 billion we raised in the Wealth channel was the second best quarter on record, bringing year-to-date total over $14 billion, up 60% over the prior year period. And strength in this quarter was broad-based with six strategies raising more than $200 million and 10 strategies raising greater than $100 million. With that success, one strategy stood out, as Marc mentioned, ABC, which had its strongest quarter since launch, raising nearly $400 million.

我們在財富管道籌集的 50 億美元是史上第二好的季度業績，使今年迄今的總籌集額超過 140 億美元，比去年同期增長 60%。本季整體表現強勁，共有 6 項策略籌集資金超過 2 億美元，10 項策略籌集資金超過 1 億美元。正如馬克所提到的，在這一成功中，有一項策略脫穎而出，那就是 ABC，它迎來了自成立以來業績最好的一個季度，籌集了近 4 億美元。

The asset-based focused corporation has all the makings of our next flagship, deep expertise, strong performance, and accelerating demand. Again, this trajectory reminds us of ADS since ABC is a similar point, but with a major focus on investment-grade counterparty risk.

這家以資產為基礎的公司具備成為我們下一個旗艦企業的所有條件：深厚的專業知識、強勁的業績和不斷增長的需求。同樣，這一發展軌跡讓我們想起了 ADS，因為 ABC 是一個類似的點，但主要關注的是投資等級交易對手風險。

Across Wealth, our distribution continued to expand. We launched three new LTIPs during the quarter, expanding our lineup and broadening access to Apollo private market strategies across EMEA, Asia, and LatAm. It's clear our offering continues to resonate with investors around the globe, and our partners are not simply looking for a good product, they are increasingly looking for a comprehensive holistic solutions provider in constructing portfolios.

在財富管理領域，我們的通路持續擴大。本季我們推出了三項新的長期投資計畫 (LTIP)，擴大了我們的產品陣容，並擴大了歐洲、中東和非洲地區、亞洲和拉丁美洲地區獲得 Apollo 私募市場策略的機會。很明顯，我們的產品和服務持續受到全球投資者的歡迎，我們的合作夥伴不僅僅是在尋找一款優秀的產品，他們越來越希望找到一家能夠提供全面整體解決方案的供應商來建立投資組合。

Turning to Athene. They had an excellent quarter with $23 billion of organic inflows. Inflows were driven by $10 billion from retail, $10 billion from funding agreements, and $3 billion in flow reinsurance. Retail flows saw particularly strength in fixed index annuities and MYGAs. Funding agreement issuance was the third strongest quarter on record as we continue to capitalize on the favorable issuance backdrop.

轉向雅典娜。他們本季業績出色，實現了 230 億美元的有機流入。資金流入主要來自零售業的 100 億美元、融資協議的 100 億美元以及流動再保險的 30 億美元。零售資金流向固定指數年金和MYGA（多用途年金）表現特別強勁。由於我們持續利用有利的發行環境，融資協議發行量創下史上第三高紀錄。

While Athene's core products have been the foundation of its impressive growth trajectory, we expect emerging products to widen the funnel. Products like RILA with over $1 billion of inflows year-to-date and the successful launch of stable value and structured settlements as well as tax advantage and guaranteed income will augment the growth and expand the opportunity set.

雖然 Athene 的核心產品一直是其令人矚目的成長軌跡的基礎，但我們預計新興產品將拓寬其市場通路。RILA 等產品今年迄今已吸引超過 10 億美元的資金流入，穩定價值和結構化結算的成功推出，以及稅收優惠和保證收入，將促進成長並擴大機會範圍。

Globally, the growing retiree population continues to drive significant demand for long-term income solution. And this is a durable secular trend that we're fortunate to have a significant leadership position with meaningful advantage will allow us to continue to grow. The opportunity ahead is massive, and our platform has never been stronger in execution.

在全球範圍內，不斷增長的退休人口持續推動著對長期收入解決方案的巨大需求。而且，這是一個持久的長期趨勢，我們很幸運地擁有重要的領導地位和顯著的優勢，這將使我們能夠繼續成長。未來的機會龐大，而我們的平台在執行力方面也從未如此強大。

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

接下來，我將把麥克風交給馬丁。

Thanks, Jim. Good morning, everyone. Our third-quarter results highlight clearly the accelerating momentum across our platform, reaffirming our ability to execute consistently on our long-term plan. I'll take a few minutes to walk through the quarter's financial performance and discuss the key factors supporting our progress as we close out the year. I'll then share more details on the outlook for 2026 to supplement Marc's comments.

謝謝你，吉姆。各位早安。第三季業績清晰地展現了我們平台加速發展勢頭，再次證明了我們有能力持續執行長期計劃。我將花幾分鐘時間回顧本季的財務業績，並討論在年底之際支撐我們取得進展的關鍵因素。接下來，我將分享更多關於 2026 年展望的細節，以補充 Marc 的評論。

In Asset Management, we generated an increase in both assets under management and fee-generating assets under management of 24% year-over-year to $908 billion and $685 billion, respectively. We generated fee-related earnings of $652 million in the quarter and $1.8 billion year-to-date, up 20% year-over-year in each quarter this year versus the comparable period, evidence of the momentum across the platform and keeping us firmly on pace for a full year growth rate of 20%.

在資產管理方面，我們的管理資產和收費管理資產分別年增 24%，達到 9,080 億美元和 6,850 億美元。本季度我們獲得了 6.52 億美元的費用相關收入，今年迄今已獲得 18 億美元，與去年同期相比，每個季度都同比增長了 20%，這證明了整個平台的良好勢頭，並使我們穩步朝著全年 20% 的增長率目標邁進。

In the quarter, we delivered 22% year-over-year growth in management fees, driven by third-party Asset Management inflows and record gross capital deployment, particularly across our credit platform as well as strong growth from Retirement Services. Capital Solutions fees of $212 million, as highlighted, represent our second strongest quarter on record.

本季度，在第三方資產管理資金流入和創紀錄的總資本部署（尤其是在我們的信貸平台）以及退休服務強勁增長的推動下，我們的管理費同比增長了 22%。如前所述，資本解決方案費用為 2.12 億美元，是我們有史以來第二強勁的季度。

The breadth of origination capabilities was very clear this quarter, with 50% of ACS fees generated by our hybrid value, opportunistic equity, climate transition, and real estate businesses, complementing the other 50% from our high-grade and global credit businesses, including Atlas. We generated 28% year-over-year growth in fee-related performance fees, reflecting sustained growth in spread-based income across a variety of our perpetual capital vehicles, led by ADS and complemented by Redding Ridge and MidCap among other platforms.

本季度，我們的業務拓展能力非常顯著，50% 的 ACS 費用來自我們的混合價值、機會型股權、氣候轉型和房地產業務，與另外 50% 來自我們的高等級和全球信貸業務（包括 Atlas）形成互補。我們實現了與費用相關的業績費同比增長 28%，這反映了我們各種永續資本工具的利差收入持續增長，其中 ADS 領銜，Redding Ridge 和 MidCap 等平台也起到了補充作用。

Growth in fee-related expenses reflects continued investment in hiring and infrastructure to support the firm's global strategic growth initiatives, compensation growth reflecting our performance this year, and the inclusion of Bridge into our financial results. We closed the acquisition of Bridge on September 2, which significantly enhances our existing real estate business, bringing to scale some of the most attractive areas in the market, including multifamily and industrial.

與費用相關的支出成長反映了公司為支持其全球策略成長計畫而持續進行的招募和基礎設施投資，薪資成長反映了我們今年的業績，以及將 Bridge 納入我們的財務表現。我們於 9 月 2 日完成了對 Bridge 的收購，這大大增強了我們現有的房地產業務，使我們得以在市場上一些最具吸引力的領域（包括多戶住宅和工業地產）實現規模化發展。

Bridge also adds origination capabilities that are highly synergistic with existing asset demand from Apollo's ecosystem, in particular, Athene. Bridge will initially contribute approximately $300 million of annual fee-related revenues across management fees and ACS fees and approximately $100 million of pre-tax FRE, with expenses principally compensation based.

Bridge 也增加了與 Apollo 生態系統（特別是 Athene）現有資產需求高度協同的資產發起能力。Bridge 初期將貢獻約 3 億美元的年度費用相關收入（包括管理費和 ACS 費用）和約 1 億美元的稅前 FRE，支出主要基於薪酬。

Bridge will also contribute to SRE growth as an originator of investment-grade spread products as well as Principal Investing income over time. Excluding Bridge, our FRE margin was stable quarter-over-quarter and expanded approximately 120 basis points year-to-date, demonstrating continued scaling of our business. Including Bridge, we expect our full-year 2025 margin to be consistent with 2024.

隨著時間的推移，Bridge 也將作為投資級利差產品的發起者以及自有資金投資收入的提供者，為 SRE 的成長做出貢獻。除 Bridge 業務外，我們的 FRE 利潤率較上季保持穩定，年初至今成長約 120 個基點，顯示我們的業務持續擴大規模。包括 Bridge 在內，我們預計 2025 年全年利潤率將與 2024 年保持一致。

Moving to Retirement Services. Q3 delivered another strong organic growth quarter, supported by $23 billion of gross inflows. Athene's net invested assets grew by 18% year-over-year to $286 billion. We generated $846 million of SRE ex notables for the quarter with an additional $37 million or 5 basis points at our long-term 11% return expectation on the alternatives portfolio.

移至退休服務部門。第三季再次實現強勁的內生成長，這得益於230億美元的總流入資金。Athene 的淨投資資產年增 18%，達到 2,860 億美元。本季度，我們獲得了 8.46 億美元的 SRE（不包括重大事項），另類投資組合還額外獲得了 3,700 萬美元，即以我們 11% 的長期回報預期計算，相當於 5 個基點。

The blended net spread ex notables in Q3 was 121 basis points versus 122 basis points in the prior quarter, reflecting the effect of roll-off of existing assets and liabilities, offset by new business growth. Athene's core earnings power is very strong and clearly evident in the third quarter.

第三季扣除重大事項後的綜合淨利差為 121 個基點，而上一季為 122 個基點，這反映了現有資產和負債的攤銷，但被新業務成長所抵銷。Athene的核心獲利能力非常強勁，在第三季表現得尤為明顯。

In a tighter spread environment, we continue to originate new business that meets our long-term ROE targets and that is in line with historical averages. Athene's competitive positioning is unmatched. Over the last 12 months, Athene has sourced new business volumes on par with the entire size of some of its competitors with a capital profile that is self-sustaining, includes the largest sidecar in the industry and has managed to achieving a AA ratings level.

在利差收窄的環境下，我們繼續拓展新業務，以滿足我們的長期 ROE 目標，並且與歷史平均值保持一致。Athene的競爭地位無人能及。在過去的 12 個月裡，Athene 獲得了與一些競爭對手整個規模相當的新業務量，其資本狀況能夠自給自足，擁有業內最大的附屬公司，並成功達到了 AA 評級水平。

During the third quarter, we took hedging actions to further reduce the size of Athene's floating rate portfolio. Net floating rate assets totaled $6 billion or 2% of total net invested assets at quarter end. Adjusting for these actions, Athene's SRE sensitivity on net floaters from a 25-basis-point move in short-term interest rates is now approximately $10 million to $15 million versus $30 million to $40 million previously.

第三季度，我們採取了對沖措施，進一步減少了 Athene 的浮動利率投資組合規模。截至季末，淨浮動利率資產總額為 60 億美元，佔淨投資資產總額的 2%。考慮到這些因素，Athene 對短期利率變動 25 個基點的淨浮動利率債券的 SRE 敏感度現在約為 1000 萬美元至 1500 萬美元，而此前為 3000 萬美元至 4000 萬美元。

In the context of the year, Q3 was a very strong quarter with earnings trending higher than our first half average, reflecting the impact of higher new business volumes and our ability to originate attractive investment-grade investment opportunities. Importantly, we believe our spread-related earnings troughed in the first half of 2025.

從全年來看，第三季度是一個非常強勁的季度，盈利高於上半年的平均水平，這反映了新業務量增加以及我們創造有吸引力的投資級投資機會的能力。重要的是，我們認為與價差相關的收益在 2025 年上半年觸底。

Looking across the asset and liability profile of the portfolio, we see asset prepayment headwinds peaking through Q1 of '26 and the spread drag from profitable COVID era business dissipating in 2026 relative to 2025. For the fourth quarter, as Marc suggested, we anticipate SRE ex notables to be approximately stable to Q3 at an 11% alt return or approximately $880 million with an equivalent SRE spread of 125 basis points.

從投資組合的資產負債情況來看，我們發現資產提前償付的不利因素將在 2026 年第一季達到頂峰，而盈利的新冠疫情時代業務帶來的利差拖累將在 2026 年相對於 2025 年逐漸消失。正如 Marc 所建議的那樣，我們預計第四季度 SRE（不包括知名公司）將與第三季度大致持平，另類回報率為 11%，即約 8.8 億美元，相應的 SRE 利差為 125 個基點。

Combined with year-to-date performance behind us, this result would drive full-year growth of approximately 8%, ahead of our mid-single-digit target. Importantly, with the business executing at a high level, expectations that headwinds experienced in 2024 and 2025 are starting to dissipate and exposure to floating rates largely immunized, the exit velocity into 2026 is strong.

結合今年迄今的業績，這一結果將推動全年成長約 8%，高於我們先前設定的個位數中段目標。重要的是，由於業務運營水平很高，預計 2024 年和 2025 年遇到的不利因素開始消散，並且對浮動利率的風險敞口已基本消除，因此 2026 年的退出速度強勁。

Turning to our 2026 outlook. We expect 20% plus growth in FRE in addition to the earnings from Bridge. Momentum across our core business is building with management fees showing increasing growth each quarter on an LTM basis. Recent growth initiatives, including across wealth, credit, and origination are translating into tangible results, evident in our strong quarterly and year-to-date performance.

接下來展望2026年。除了 Bridge 的收益外，我們預計 FRE 將成長 20% 以上。我們核心業務的發展勢頭強勁，管理費以過去 12 個月計算每季都呈現成長態勢。近期在財富管理、信貸和貸款發放等領域採取的成長舉措正在轉化為切實可見的成果，這在我們強勁的季度業績和年初至今的業績中得到了充分體現。

We expect that roughly 75% of our top line growth in fee-related revenue in 2026 will be attributable to fundraising and deployment from existing well-established businesses, as well as the annualization of growth already in the ground coming out of 2025. The remaining 25% of top line growth is expected to come from new initiatives already underway from Apollo Sports Capital to Athora's pending acquisition of PIC, as well as a variety of other new strategies in the pipeline.

我們預計，2026 年與費用相關的收入成長的約 75% 將歸功於現有成熟企業的籌款和部署，以及 2025 年開始的成長的年度化。預計剩餘的 25% 營收成長將來自 Apollo Sports Capital 正在進行的新舉措，以及 Athora 即將收購 PIC 等一系列其他正在籌備中的新策略。

And to clarify, we expect this 20%-plus FRE growth next year is without any contribution from our next flagship private equity fund, Fund 11, which we currently estimate will turn on sometime in the first half of 2027, subject to our pace of PE deployment.

需要澄清的是，我們預計明年將超過 20% 的 FRE 成長不包括我們下一支旗艦私募股權基金——第 11 支基金的任何貢獻。我們目前估計該基金將於 2027 年上半年啟動，具體時間取決於我們的私募股權投資部署速度。

For SRE, we anticipate 10% growth in 2026, assuming 11% alts returns and including notables year-over-year. This outlook is underpinned by strong organic growth and our origination capabilities, which generate high-quality assets with spread.

對於 SRE，我們預計 2026 年將成長 10%，假設另類投資報酬率為 11%，並且包括值得關注的股票。這一前景得益於強勁的內生成長和我們的融資能力，這兩項能力能夠創造具有利差的高品質資產。

We expect prepayment headwinds to diminish as a result, both of our reduced purchases of CLO assets and the already high prepayment levels we are experiencing at today's very tight AAA CLO spreads. We further expect the headwind from the roll-off of profitable post-COVID business to have already peaked in 2025.

我們預計，由於我們減少了對 CLO 資產的購買，以及目前 AAA CLO 利差非常小，提前還款水準已經很高，因此提前還款的阻力將會減弱。我們預計，新冠疫情後獲利業務的退出所帶來的不利影響將在 2025 年達到頂峰。

As Marc alluded to, we have various choices and management actions to help us navigate the path forward such as managing our floating rate position, optimizing our back book of assets, utilizing sidecar capital, and prudently managing crediting rates. Our 2026 outlook embeds the current forward rate curve, which contemplates three total cuts by year-end '26 and 9.5 total cuts over the cycle and assumes the current tight market spread environment persists. Acknowledging these growth expectations, we expect and caution that there will be normal quarterly deviation around the growth trend line, reflecting the scale of an approximately $400 billion balance sheet.

正如馬克所暗示的那樣，我們有多種選擇和管理措施來幫助我們規劃未來的道路，例如管理我們的浮動利率頭寸、優化我們的資產組合、利用邊車資本以及謹慎地管理信貸利率。我們對 2026 年的展望融入了當前的遠期利率曲線，該曲線預計到 2026 年底將總共降息 3 次，整個週期內將總共降息 9.5 次，並假設當前市場利差收窄的環境將持續下去。考慮到這些成長預期，我們預期並提醒，季度成長趨勢線周圍會出現正常的波動，這反映了約 4,000 億美元的資產負債表規模。

Looking beyond 2026, we remain confident in our long-term FRE and SRE average annual growth targets of 20% and 10%, respectively, through 2029. We expect the earnings mix shift towards FRE will result in FRE equaling SRE sometime in 2028, a year ahead of our expectation and exceeding SRE thereafter.

展望 2026 年後，我們仍對 2029 年之前 FRE 和 SRE 的長期平均年增長目標（分別為 20% 和 10%）充滿信心。我們預計，隨著獲利結構向 FRE 轉變，FRE 將在 2028 年的某個時候與 SRE 持平，比我們預期的提前一年，此後將超過 SRE。

Lastly, on capital, we executed over $350 million in share repurchases during the quarter, the majority being opportunistic. The sequential growth in our share count reflects this activity as well as the shares issued in connection with closing the Bridge transaction.

最後，在資本方面，我們在本季執行了超過 3.5 億美元的股票回購，其中大部分是機會性回購。我們的股份數量環比增長反映了這一活動以及與完成 Bridge 交易相關的股份發行。

And with that, I'll hand the call back to the operator. We appreciate your time and welcome your questions.

然後，我會把電話轉回給接線生。感謝您抽出時間，歡迎您提出問題。

(Operator Instructions) Steve Chubak, Wolfe Research.

（操作說明）Steve Chubak，Wolfe Research。

So I wanted to start with a discussion just around the origination targets that you unveiled at Investor Day. Annual origination volume of $275 billion, you just reported origination activity at an annualized clip of more than $300 billion. Last quarter's volumes were even better.

因此，我想先就您在投資者日上公佈的發行目標進行一番討論。年貸款發放量為 2,750 億美元，而您剛報告的年化貸款發放量超過 3,000 億美元。上一季的銷量甚至更好。

So taking a step back, as we think about the year-to-date origination strength, which is running ahead of plan, ongoing expansion of origination capabilities with both you, Marc and Jim, had discussed in your prepared remarks, has your thinking changed as to whether this is still an appropriate target? And just what informs your outlook over the next few years?

退一步講，當我們回顧今年迄今為止的貸款發放實力時，它已經超過了計劃，而且正如您、馬克和吉姆在準備好的發言稿中討論的那樣，貸款發放能力正在不斷擴大，您們對於這是否仍然是一個合適的目標，您們的想法是否有所改變？那麼，您對未來幾年的展望又受到哪些因素的影響呢？

Listen, it's an appropriate question to answer or to ask because we've gotten off to such a strong start. I think, taking the view that Marc and management have put forth about origination being the key, I think it really ties into our conversation about how the end universe of buyers has expanded from the alternatives bucket to the other five that Marc mentioned.

聽著，這是一個值得回答或提出的問題，因為我們開局非常順利。我認為，根據 Marc 和管理層提出的觀點，即產品開發是關鍵，這與我們討論的最終買家群體如何從另類投資擴展到 Marc 提到的其他五類投資的話題密切相關。

And I think it allows us in terms of broader product creation and broader solutions to investors and retirees. But it would be premature, while we're very happy with the accelerated success and while we see tremendous wins to our back in terms of the solutions we're providing, it'd be a mistake to change our five-year estimates 9 to 12 months into the plan.

我認為這使我們能夠為投資者和退休人員創造更廣泛的產品和解決方案。但現在就改變五年計畫還為時過早。雖然我們對加速取得的成功感到非常高興，也看到了我們提供的解決方案的巨大成功，但在計劃實施 9 到 12 個月後就改變五年計劃的估計是一個錯誤。

So great momentum. We feel this is by no means are we having early wins that are going to take away from future gains. So it is a trajectory. But on this call, we're not prepared to put a new estimate for a five-year number.

勢頭強勁。我們認為這絕不意味著我們取得了早期勝利，從而影響了未來的收益。所以這是一條軌跡。但就本次電話會議而言，我們不准備給出未來五年的新預測。

But I do think -- and Martin tied into it, I think it's all about the flywheel. 75% of our growth next year is from existing vehicles, existing funds, existing strategies, which is the flywheel of origination. So it gives us greater confidence in our ability about the excess of 20% FRE growth in the coming years.

但我確實認為——馬丁也提到了這一點——關鍵在於飛輪效應。我們明年75%的成長將來自現有工具、現有基金和現有策略，這就是業務拓展的飛輪效應。因此，這讓我們對未來幾年實現超過 20% 的 FRE 成長更有信心。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

I wanted to start with a question around the wealth market for Apollo broadly. A couple of really strong quarters, $5 billion of flows in the third quarter. You talked about the new product pipeline. And Marc, I was intrigued by your comments around the Asset Management partnerships broadly.

我想先問一個關於阿波羅財富管理公司整體財富市場的問題。連續兩季表現強勁，第三季資金流入達 50 億美元。您談到了新產品研發管線。馬克，我對你關於資產管理合作關係的評論很感興趣。

So maybe you could expand a little bit on how you view this $5 billion trajectory from here? How much is likely to come from new products or the existing lineup? And when it comes to the Asset Management partnerships, maybe expand on what that could look like for Apollo over the next couple of years.

那麼，您能否再詳細談談您如何看待這50億美元的成長軌跡？其中有多少可能來自新產品，又有多少可能來自現有產品線？至於資產管理合作關係，或許可以進一步闡述未來幾年 Apollo 在這方面的發展前景。

Alex, let me just start out by saying, as you point out, so when we did our Investor Day last fall, we talked about $150 billion within the five years in aggregate. So we're still on that pace. But -- and I'll pass along to Marc.

Alex，首先我想說的是，正如你所指出的，去年秋天我們舉辦投資者日活動時，我們談到了五年內總計 1500 億美元的目標。所以我們仍然保持著這個速度。但是——我會轉告馬克。

But certainly, what we see is the product suite that we've created over the last 24 to 36 months in terms of breadth of products, evergreen, non-traded BDCs, ABC, not only is expanding product set and geographically, but you will see more solutions oriented, but also as we talked about, the six channels. And with that, I'll really toss it over to Marc to talk about those six channels.

但可以肯定的是，在過去 24 到 36 個月裡，我們在產品廣度方面創建了一系列產品，包括常青產品、非上市 BDC、ABC，不僅產品種類和地域範圍不斷擴大，而且你還會看到更多以解決方案為導向的產品，正如我們之前提到的，還有六個渠道。接下來，我將把麥克風交給馬克，讓他來談談這六個頻道。

So Alex, think about the following. In the Global Wealth business, at the top end of the Global Wealth business is our family offices. We, Apollo, and we as an industry have elected to cover these accounts directly and interact with them directly.

所以亞歷克斯，想想以下問題。在全球財富管理業務中，處於頂端的是我們的家族辦公室。我們，Apollo，以及我們整個行業，都選擇直接負責這些帳戶，並直接與它們互動。

The next tier down, if you will, in Global Wealth are high net worth. And this -- the definition of high net worth varies from firm to firm. For us, think of a client that is worth a financial intermediary, an RIA, a wealth manager advising well. We cover these accounts indirectly by covering the RIA and by covering the wealth manager, but do not cover for the most part, the individual account.

全球財富的下一個層級是高淨值人群。而且，高淨值的定義因公司而異。對我們來說，想想那些值得金融中介、註冊投資顧問或財富管理專家提供良好建議的客戶。我們透過為註冊投資顧問 (RIA) 和財富管理人提供保障來間接保障這些帳戶，但基本上不保障個人帳戶。

We've just talked about a fraction of a fraction of the marketplace because the vast majority of clients are neither high net worth nor are they family offices. Our industry and ourselves, we do not cover these accounts. And it is my belief and the strategy we're pursuing is not to try and cover these accounts.

我們剛才討論的只是市場的一小部分，因為絕大多數客戶既不是高淨值人士，也不是家族辦公室。我們的行業和我們本身都不承保這些帳戶。我的看法以及我們正在採取的策略是不試圖掩蓋這些帳戶。

They are already well covered by their traditional Asset Management managers. They already have a relationship. In many instances, they are not likely to buy 100% private products, either from lack of knowledge, lack of suitability, or lack of available liquidity.

他們的資產已經由傳統的資產管理公司提供很好的保障。他們之間已經有關係了。在許多情況下，他們不太可能購買 100% 私人產品，要么是因為缺乏相關知識，要么是因為產品不合適，要么是因為缺乏可用流動資金。

I believe that they are going to get exposure to private assets through their traditional asset manager. You watched what we've done with State Street, what we're doing with Lord Abbett, what others in our industry have done. I believe that you will see a significant uptick in the partnerships, which will not just be new products; you will start to see private assets added to in-place exposures.

我認為他們將透過其傳統的資產管理公司獲得私人資產投資機會。你們看到了我們對道富銀行所做的一切，我們正在對 Lord Abbett 所做的一切，以及我們行業內其他公司所做的一切。我相信你會看到合作關係顯著增加，這不僅僅是新產品；你還會看到私人資產被添加到現有的投資組合中。

That will be the fastest uptick in the wealth market as far as we're concerned. And I think it's going to come billions at a time rather than by fundraising quarter-over-quarter. And so what do we as an industry have to learn, and this gets to innovation. We have to learn that we are living in a public ecosystem.

就我們而言，這將是財富市場最快的上漲。而且我認為資金會一次投入數十億美元，而不是逐季籌款的方式籌集。那麼，作為一個行業從中我們需要學習什麼呢？這就牽涉到創新了。我們必須認識到，我們生活在一個公共生態系統中。

You will find that we are on our fixed income suite of replacement products, daily NAV by year-end. The ability to provide a daily NAV is table stakes to be able to work with traditional asset managers. The work we're doing around transparency and liquidity, which some in our industry oppose because we're shining a light on the assets, the quality, the ratings, and the pricing.

您會發現，我們的固定收益系列替換產品將於年底前每日更新淨資產值。能夠提供每日淨值是與傳統資產管理公司合作的基本要求。我們正在圍繞透明度和流動性開展工作，這遭到了業內一些人的反對，因為我們將資產、品質、評級和定價公之於眾。

This is what gives you entry to traditional asset managers. The more we do that makes private accessible, the more I believe those with origination and those with the capacity to produce it win. I think that's where we are. I'm excited for what's happening.

這就是你進入傳統資產管理公司的機會。我們越是努力讓私人資源觸手可及，我就越相信那些擁有原創性和生產能力的人最終會獲勝。我認為我們現在的情況就是這樣。我對正在發生的事情感到興奮。

I come back to -- I think we have, over time, lots of demand for private assets. I believe increasingly, our dialogue will be focused on the quality and ability to originate. And then have we, as an industry and as a firm, made the choices and operating techniques required to interact in these other environments.

歸根結底——我認為隨著時間的推移，我們對私人資產的需求會很大。我認為，我們的對話將越來越集中在原創作品的品質和能力上。那麼，作為一個產業和一個公司，我們是否已經做出了在這些其他環境中互動所需的選擇和營運技術？

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

I'm sure you've seen, but Colm Kelleher is on the tape this morning warning on private letter ratings arbitrage in US insurance being, quote, looming systemic risk. Firstly, what are your thoughts on that view? And then perhaps more specifically to Athene, can you remind us to what extent Athene is using similar private letter ratings in its own portfolio?

我相信你們都看到了，科爾姆·凱萊赫今天早上在錄音中警告說，美國保險業的私人信函評級套利是「迫在眉睫的系統性風險」。首先，你對這種觀點有什麼看法？那麼，更具體地說，對於 Athene，您能否提醒我們一下，Athene 在其自身投資組合中，在多大程度上使用了類似的私人信函評級？

First, Colm is one of the most respected people in the banking industry. I'm sorry, I'm not in Hong Kong this year because normally, I up here right after him, and we like to mix it up in front of the crowd. In my -- this is the background, and I'll speak for Athene and not for the industry. Colm is just wrong.

首先，科爾姆是銀行業最受尊敬的人之一。很抱歉，我今年沒來香港，因為通常情況下，我會在他之後上台，我們喜歡在觀眾面前互動。就我個人而言——這是背景情況，我將代表 Athene 發言，而不是代表整個行業。科爾姆的說法完全錯誤。

If you look at -- like I'll give you Athene stats. First, Athene does not use Egan-Jones, let's start with that. Less than 8% of our assets have a rating from Kroll or DBRS. 70% of our assets have two-plus ratings. S&P, Moody's and Fitch each rate 50% of our fixed income assets. Kroll, 18%; DBRS, 15%.

如果你看一下──比如我會給你Athene的數據。首先，Athene 沒有使用 Egan-Jones，我們先從這一點說起。我們只有不到8%的資產獲得了Kroll或DBRS的評級。 70%的資產獲得了兩級及以上的評級。標普、穆迪和惠譽分別對我們 50% 的固定收益資產進行評級。Kroll，18%；DBRS，15%。

By the way, DBRS and Kroll have most of the expertise right now in structured products, and they are doing a good job competitively with Moody's, S&P, and Fitch close on their heels. So I don't mean to contrast them from the big three that they are any less qualified.

順便說一句，DBRS 和 Kroll 目前在結構化產品領域擁有最多的專業知識，而且它們在競爭中表現出色，穆迪、標普和惠譽緊隨其後。所以，我並不是說他們跟三大巨頭相比，就認為他們能力不足。

But Colm -- I compare the insurance industry to the banking industry. 100% of what is on a bank balance sheet is private credit. Almost nothing has a rating. And so when we talk about private letter ratings, at least it has a rating.

但是科爾姆——我把保險業比喻成銀行業。銀行資產負債表上的所有內容都是私人信貸。幾乎沒有東西有評分。所以，當我們談論私人信件評級時，至少它有一個評級。

Now, in our industry, not everyone has done what we've done. And Colm is not wrong to think about and to talk about systemic risk because like the banking industry, you have really strong players and you have really weak players. In the insurance industry, you have really strong players and really weak players.

現在，在我們這個行業，並不是每個人都做到了我們所做的事情。科爾姆思考和談論系統性風險並沒有錯，因為就像銀行業一樣，既有實力雄厚的企業，也有實力較弱的企業。在保險業，既有實力雄厚的企業，也有實力較弱的企業。

I do not believe that private letter ratings are where the focus should be. I continue to believe, as I've said previously, that we have offshore jurisdictions of significant size that have not produced the kind of regime that is consistent with US ratings and US state-based regulatory reform. And we continue to highlight Cayman because it is the largest, but there are others.

我認為不應該把重點放在私人信件評級。正如我之前所說，我仍然認為，我們有一些規模相當大的離岸司法管轄區，但它們並沒有建立起與美國評級和美國州級監管改革一致的製度。我們繼續重點介紹開曼群島，因為它面積最大，但還有其他群島。

So Colm is not wrong at this point in the credit cycle to say that there are systemic risks piling up. I think the deflection from banking to insurance is an easy deflection and something one says at a conference. But if you look at the recent blowups, and we all know the various names, almost all those blowups have taken place in credits underwritten by the banking system.

因此，科爾姆在信貸週期的這個階段說系統性風險正在累積，這並沒有錯。我認為從銀行業轉向保險業是一種很容易的轉移話題的方式，也是人們在會議上會說的話。但如果你看看最近發生的那些爆炸事件（我們都知道各種爆炸事件的名稱），幾乎所有這些爆炸事件都發生在銀行體系擔保的信貸中。

So it is not, as I said, that we have public credit and private credit, we have credit. The difference between public credit and private credit and bank credit is literally whether it is syndicated or not.

所以，正如我所說，我們不是擁有公共信貸和私人信貸，我們只有信貸。公共信貸、私人信貸和銀行信貸之間的區別，實際上就在於是否採用銀團貸款的形式。

There are good banks. There are bad banks. There are good asset managers. There are bad asset managers. There are good insurance companies. There are bad insurance companies.

也有不錯的銀行。世上存在不良銀行。有很多優秀的資產管理公司。確實存在一些不稱職的資產管理人。有很多不錯的保險公司。有些保險公司很不好。

I don't think we're talking about systemic risk. I think we're talking about late cycle behavior. And bad actors, I believe, are going to get called out. One of the things that we do and just like a banking system that has contagion risk from the SVBs and the First Republics of the world, we, in our industry, asset managers, have contagion risk.

我認為我們討論的不是系統性風險。我認為我們討論的是月經週期後期的行為。我相信，那些作惡者終將被繩之以法。我們所做的事情之一，就像銀行系統會受到特殊目的銀行和世界第一共和國銀行的傳染風險一樣，我們這個行業的資產管理公司也面臨傳染風險。

We need to make sure that we provide the information to our investors and to all of you of how we think about the philosophy of credit underwriting, how we run our vehicles, how we run our insurance company, and remind people of what it is we do.

我們需要確保向我們的投資者和各位提供信息，說明我們如何看待信貸承銷理念、我們如何運營我們的產品、我們如何運營我們的保險公司，並提醒人們我們是做什麼的。

So on our largest balance sheet, Athene, less than 0.75% of direct lending. 90%-plus investment grade. It's a different environment than the banking system, which is 60% investment grade.

因此，在我們最大的資產負債表——Athene公司中，直接貸款佔比不到0.75%。投資等級信用評等超過90%。這與銀行體系的環境不同，銀行體系中有 60% 的資產達到投資等級。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

I just want to circle back on the wealth management opportunity. One of the pushbacks we get for Apollo and the industry at large is just as rates come down, the demand for yield or income will come down and the industry will suffer from rotation risk. I was wondering if you could address what you're seeing and how you think about that? And then as you look out to 2026, I wonder if you could just lay out a little bit more detail the road map in terms of what drives the incremental growth from here?

我只是想再談談財富管理的機會。阿波羅和整個產業面臨的一個反對意見是，隨著利率下降，對收益或收入的需求也會下降，產業將遭受輪動風險。我想請您談談您看到的情況以及您對此的看法？展望 2026 年，我想知道您能否更詳細地闡述未來成長的驅動因素？

So -- it's Marc. I'm going to start with a bit of a philosophical and then I'm going to hand it to Jim, who really will delve into a little bit more specific. Private lending was a better business four years ago, and three years ago, and two years ago, and last year. By the way, I wish I owned Nvidia four years ago, and three years ago, and two years ago, and last year.

原來是馬克。我先從一些哲學層面談起，然後交給吉姆，讓他來深入探討一些更具體的問題。四年前、三年前、兩年前以及去年，私人貸款業務都比現在好得多。順便說一句，我真希望四年前、三年前、兩年前，還有去年，我都能擁有英偉達的產品。

This is fundamentally what people fail to understand. The rotation into private credit is a rotation out of equity. That is what investors are doing. That is what we observe. They are making a decision to take risk off because they perceive the ability to earn long-run equity returns in first lien debt top of the capital structure as an attractive opportunity.

這正是人們從根本上未能理解的地方。轉向私募信貸實際上是轉向撤出股權。這就是投資者正在做的事情。這就是我們所觀察到的。他們決定規避風險，因為他們認為在資本結構頂端的優先擔保債務中獲得長期股權回報是一個有吸引力的機會。

But I think we cannot, as an industry, deny that there was more value just like there was more value in the equity market. We're now talking about where we sit in the valuation cycle and the alternatives that we provide.

但我認為，身為業內人士，我們不能否認，就像股票市場一樣，這裡也蘊藏更大的價值。我們現在討論的是我們在估值週期中的位置以及我們提供的替代方案。

As I suggested, we believe that prices are high, that rates -- long rates are not likely to plummet, and that we have enhanced geopolitical risk. And so as a firm, we are in risk reduction mode. We preach risk reduction. Our balance sheet is in risk reduction mode.

正如我所建議的，我們認為物價很高，長期利率不太可能暴跌，而且地緣政治風險也在增加。因此，作為一家公司，我們正處於降低風險的模式。我們提倡降低風險。我們的資產負債表正處於風險降低模式。

And what we see in terms of flows into private credit, in a traditional sense, private credit in the form of levered lending reflects investors who are reducing risk and moving money out of equity and into private credit vehicles.

從傳統意義上講，我們看到流入私人信貸的資金，即槓桿貸款形式的私人信貸，反映了投資者正在降低風險，並將資金從股權轉移到私人信貸工具。

Yeah. And I'll add, Bill. Obviously, I agree with Marc's comments. But again, I think a lot of those are to the narrow definition of direct lending with sponsors, which while compressed still versus the safe public markets, is still a very wide spread. You're doing -- getting SOFR 450, 500 versus the classic high-yield index inside of 250 over. You're still getting a fair return.

是的。我還要補充一點，比爾。我顯然同意馬克的觀點。但我認為，其中許多都是對直接向發起人放貸的狹義定義，雖然與安全的公開市場相比，這種定義下的放貸規模已經縮小，但仍然存在很大的差距。你正在做的——獲得 SOFR 450、500，而經典的高收益指數則在 250 以上。你仍然能獲得合理的回報。

And again, I think the mistake that people are making is the tactical or technicals in the recent market versus the secular change. I just got back from a 2.5-week nine-country tour. Everywhere I went, there was massive need for evergreen compounding retirement income. And that is such a large number, it overwhelms the $1.6 trillion direct lending market.

我再次認為，人們犯的錯誤是將近期市場的戰術或技術因素與長期變化混為一談。我剛結束了為期兩周半、遍佈九個國家的巡迴演出。無論我走到哪裡，都發現人們對能夠持續增值的退休收入有著巨大的需求。這個數字如此龐大，甚至超過了 1.6 兆美元的直接貸款市場。

And again, we just find country after country, region after region, the ability to generate high-quality compounding robust yield is a secular trend. And especially, as the rates have gone up over the last five to seven years, as more pensions are fully funded, they're going through a variety of immunization strategies.

我們再次發現，在各國、各個地區，創造高品質、穩健的複利效益的能力是一種長期趨勢。尤其是在過去五到七年裡，隨著退休金繳款額的增加，退休金的繳款也越來越高，因此，退休金正在經歷各種免疫策略。

So yes, on the margin, not as attractive as it might have been 24, 36 months ago. That's why we've been preaching top of the capital structure, no PIK, less software, et cetera, et cetera. But do not confuse that with the secular tailwinds.

所以，是的，從邊際效益來看，它不如 24、36 個月前那麼有吸引力了。這就是為什麼我們一直提倡資本結構頂端、取消實體支付、減少軟體投入等等。但不要將此與長期的順風混淆。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

We wanted to come back to Marc's comments on the six markets, including several new-ish markets like the traditional Asset Management and the $12 trillion US 401(k) channel. What type of share do you think the alts will eventually take on both the traditional and the 401(k) markets? And also, what investments does not just Apollo, but the entire industry need to make, in order to prepare the origination platforms to address this much larger TAM?

我們想回到馬克對六個市場的評論，其中包括幾個相對較新的市場，如傳統的資產管理和規模達 12 兆美元的美國 401(k) 管道。你認為另類投資最終會以哪種方式衝擊傳統股票市場和 401(k) 市場？此外，為了讓貸款發起平台能夠應對如此龐大的潛在市場，不僅是 Apollo，整個產業還需要進行哪些投資？

So I start with traditional asset managers because I think there is a natural limit. Right now, inside of a number of vehicles, you have a 15% limit. And most of the investors do not bump up against this 15% limit. And so back of the envelope, we think that there is potential, which is different than a forecast of roughly 10% of traditional asset managers.

所以我先從傳統資產管理公司入手，因為我認為它們有一定的限制。目前，許多車輛內部的容積率限制為 15%。而且大多數投資者都不會達到15%的上限。因此，粗略估計，我們認為存在這種潛力，這與傳統資產管理公司約佔 10% 的預測有所不同。

If you look at what some of the traditional asset managers who have been large investors in privates before, they own SpaceX. They own OpenAI. They own a number of the other Stripe. They own a number of the other large-cap growth companies.

如果你看看一些以前大量投資私募股權公司的傳統資產管理公司，你會發現他們也持有 SpaceX 的股份。他們擁有OpenAI。他們還擁有其他幾家 Stripe 公司。他們還擁有其他一些大型成長型公司。

We have, for a long time, just thought that this applied to this unique network. It doesn't. It will not surprise me to see 20 large industrial companies that stay private for a longer period of time, in addition to all of the credit and other vehicles. And so I think you will get a good sense of this in the first quarter next year as some of the partnerships that are under discussion begin to get announced and begin to get rolled out.

長期以來，我們一直認為這只適用於這個獨特的網路。並非如此。如果看到 20 家大型工業公司在更長時間內保持私有化，再加上各種信貸和其他融資工具，我不會感到驚訝。因此，我認為明年第一季度，隨著一些正在討論中的合作關係開始宣布和推出，大家就會對此有更清晰的了解。

And again, the prize for the industry is not just the creation of new products. And we will create new products as we have and as others have. I think it is getting a share of in-place assets as traditional asset managers compete for rate of return and through performance for clients.

再次強調，產業獲得的獎勵不僅是新產品的創造。我們將像過去一樣，像其他人一樣，創造新產品。我認為，隨著傳統資產管理公司競相追求回報率和為客戶創造業績，該公司正在獲得部分現有資產份額。

Almost no one else in the traditional Asset Management industry has the $35 billion that BlackRock has. If you're watching what BlackRock is doing and you're in a traditional Asset Management mode, you're looking to figure out how you get private market exposure. I believe they will get private market exposure through partnerships, through relationships.

在傳統的資產管理產業中，幾乎沒有其他公司擁有像貝萊德一樣高達 350 億美元的資產。如果你正在關注貝萊德的動向，而你採用的是傳統的資產管理模式，那麼你就會想辦法獲得私募市場的投資機會。我相信他們會透過合作關係和人脈關係獲得私募市場的機會。

And what we need to do is not just invest in origination. We need to invest in infrastructure. We need to invest in business processes. We need to embrace transparency and disclosure because traditional asset managers will not move in size into the private marketplace unless we can do things like daily NAV, unless we can provide price, unless we can provide liquidity.

我們需要做的不僅僅是投資電影發行。我們需要投資基礎設施。我們需要投資於業務流程。我們需要擁抱透明度和資訊揭露，因為除非我們能夠做到每日淨值計算、提供價格、提供流動性，否則傳統的資產管理公司不會大規模進入私人市場。

A whole new set of skills is going to be -- need to be learned by our industry. And I believe that we have a leadership position in this and have embraced this as a methodology of how do we do business going forward.

我們的行業需要學習一套全新的技能。我相信我們在這方面處於領先地位，並且已經將此作為我們未來開展業務的方法論。

Yeah, Craig, and I would just add that I think many of us in the industry two, three years ago thought that the promised land was just getting our products on their platform, which they would deliver and distribute. And that's worked for some. It's not worked for many.

是的，克雷格，我還要補充一點，我認為兩三年前我們業內很多人認為，最終的目標就是把我們的產品放到他們的平台上，然後由他們負責配送和分銷。對某些人來說，這種方法奏效了。對很多人來說，這種方法並不奏效。

And as Marc mentioned, when BlackRock made their variety of purchases, there's many income funds, there's many total income funds, total return funds that have a basket and I think servicing them in partnership. It's very similar to the bank alternative credit provider. There's a view that it's a black and white war.

正如馬克所提到的，貝萊德進行各種收購時，有很多收益基金、總收益基金、總回報基金，它們都包含一籃子資產，我認為是透過合作來提供服務的。它與銀行提供的替代信貸服務非常相似。有人認為這是一場非黑即白的戰爭。

It's actually much more open architecture. It's much more problem solving together. And this is just one of the many distribution channels that we believe you'll be able to service going forward, just like in a place like a variety of firms that are using models and OCIOs, the ability to cover those folks with actual product solutions as well, not just funds. So it's really a much more open architecture view of how you partner with your origination, which is the scarce attribute.

實際上，它的架構更加開放。更多的是共同解決問題。這只是我們相信您未來能夠服務的眾多分銷管道之一，就像許多使用模型和 OCIO 的公司一樣，您不僅能夠為這些人提供資金，還能提供實際的產品解決方案。所以，這是一種更開放的架構視角，它展現了你如何與你的發起機構合作，而這正是稀缺的資源。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Sorry, one more on this topic because I think it's so interesting. So I'm a believer. I think you infusing some of your private market origination can produce better returns, better diversification, even maybe turn their outflows into inflows for some of these products.

抱歉，再補充一點，因為我覺得這個話題太有趣了。所以我相信。我認為，將一些私人市場資金注入這些產品可以帶來更好的回報、更好的多元化，甚至有可能將某些產品的資金流出轉化為資金流入。

My question is, how do you get a traditional manager to give up some of the assets and, therefore, some of the fees in order to make this investment and turning around their products or making them more appealing to their investor base?

我的問題是，如何讓傳統的基金經理人放棄部分資產，從而放棄部分費用，以便進行這項投資，並扭轉其產品局面，或使其對投資者更具吸引力？

So Glenn, it's Marc. I'll speak to it. But first, just to -- we were apparently exceptionally long-winded in all three of us. So we are going to cut the call at 9:45. Noah tells me. Anyone we miss, we will make it up to you as we go.

格倫，我是馬克。我會談談這件事。但首先，我們三個顯然都非常囉嗦。所以我們將在9點45分結束通話。諾亞告訴我。若有任何疏漏，我們會在後續工作中予以彌補。

But I start this way, Glenn, when we cover a client, we cover wealth. We have a massive infrastructure, hundreds of people, lots of expense in doing it. When we cover a traditional, we're essentially leveraging their distribution.

但我是這樣開始的，格倫，當我們服務客戶時，我們關注的是財富。我們投入了大量的人力物力，建造了龐大的基礎設施，也花費了大量的資金。當我們報告傳統媒體時，我們實際上是在利用他們的分銷管道。

The ability of us to provide a portion of our fee, and you heard me say this on this call, is actually margin accretive for us and it's margin accretive for them. If we can give them good performance and we can turn outflows into inflows or if we can give them a unique client solution, we can give the client another reason to stay with the asset manager. That's a win.

我們能夠提供一部分費用，正如我在這次電話會議中所說，這實際上會提高我們的利潤率，也會提高他們的利潤率。如果我們能為他們帶來良好的業績，將資金流出轉化為資金流入，或者如果我們能為他們提供獨特的客戶解決方案，我們就能給客戶另一個理由繼續與資產管理公司合作。這是勝利。

And for us, I think we're going to be in a situation where, over time, we have excess demand for private assets versus the supply of private assets. And we should be looking at balancing and protecting and diversifying our distribution, but also for distributors who can remove cost on a net basis from our system, we should embrace them and pay them accordingly.

我認為，隨著時間的推移，我們將面臨這樣的局面：私人資產的需求超過了私人資產的供給。我們應該考慮平衡、保護和多元化我們的分銷管道，但對於能夠從我們的系統中淨降低成本的經銷商，我們也應該接納他們並給予相應的報酬。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Just wondering if you could unpack a few more of the details around the 2026 SRE guide. And how should we be thinking about gross flows, outflows, the level of spread? It sounds like versus, at least prior expectations, the decline in spread over the next couple of quarters should be much lower than expected. So any other details you can share in a utilization just as we're fine-tuning models after the results?

我想請您詳細解釋一下 2026 年 SRE 指南的一些細節。我們該如何看待總流量、總流出量和價差水準？聽起來，至少與先前的預期相比，未來幾季價差的下降幅度應該會比預期的要小得多。那麼，在我們根據結果對模型進行微調之際，您能否分享其他使用細節？

I'll hit top of the waves, and then I'll turn it to Martin. Recall that this beginning -- the end of last year, beginning of this year, we had three unique issues. We were facing rates headwind, a prepay headwind, and the roll-off of massively profitable business as a result of business that we put on at COVID.

我會衝到浪尖，然後把船轉向馬丁。回想一下，從去年年底到今年年初，我們遇到了三個獨特的問題。我們面臨利率逆風、預付款逆風，以及由於我們在新冠疫情期間開展的業務而導致的巨額利潤業務的終止。

And as Martin suggested, having now dug in and really understood on a much more granular basis where we stand on prepays and where we stand on the roll-off of business and having immunized rates, we just have a much more predictable and much better understanding of where we're going to be on an SRE basis, subject, again, as Martin said, to the vagaries of having a $400 billion balance sheet.

正如 Martin 所建議的那樣，現在我們已經深入研究並更細緻地了解了我們在預付款、業務滾動和免疫利率方面的狀況，因此我們對 SRE 的走向有了更可預測、更清晰的認識，當然，正如 Martin 所說，這仍然要受到 4000 億美元資產負債表的不確定性的影響。

What we intend to do is on the 24th is to spend more time on this so that you can help build a model. But just to give you top of the waves again, I don't think much is going to change in terms of ADIP II utilization and gross flows, inflows or outflows.

我們打算在 24 號花更多時間在這上面，以便你們能夠幫助建立一個模型。但為了再次向您傳達最新情況，我認為 ADIP II 的使用率和總流量、流入量或流出量不會有太大變化。

Yeah. I won't say much more given the 24th, but base assumptions remain unchanged. The one other point I think, which is relevant is we're clearly outperforming in '25 relative to the prior guide that we indicated, and that also has a run rate benefit jumping off into 2026.

是的。鑑於24號是最後一天，我不多說了，但基本假設保持不變。我認為還有一點值得注意，那就是我們 2025 年的表現明顯優於我們先前給出的預期，而且這也有利於 2026 年的持續成長。

And so we've written this year-to-date almost in nine months, almost the entire volume that we wrote last year. We will be likely close to but not quite at the five-year average on top line growth in year one. And when you pair that with a very strong robust origination environment with the spreads that we've been able to achieve and the rate actions we've taken, that all sort of gets to a more healthy jump-off point into '26 with a similar baseline set of assumptions and we'll unpack that more.

因此，我們今年迄今為止的寫作量，幾乎只花了九個月的時間，就完成了去年我們寫作的幾乎全部篇幅。第一年，我們的營收成長可能接近但不會達到五年平均值。再加上我們能夠實現的利差以及我們採取的利率措施，以及非常強勁的貸款發放環境，所有這些都為 2026 年奠定了更加健康的起點，並基於類似的基準假設，我們將對此進行更詳細的闡述。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

With the capital markets world opening up more and OpenAI moving towards an IPO in '26, do you think this open capital markets environment and those companies moving from the private bucket to the public market will cause a natural inflow of public dollars back into those private assets from those asset managers you mentioned?

隨著資本市場開放程度的提高，以及 OpenAI 計劃在 2026 年進行 IPO，您認為這種開放的資本市場環境以及這些公司從私募市場轉向公開市場，是否會導致您提到的那些資產管理公司將公共資金自然地重新流入這些私募資產？

It's interesting. The last six, eight weeks, Amazon, Google, Meta, Oracle, and several others have issued jumbo IG issuance. At the same time, we had a record quarter. These needs are so vast and so great and global that temporary flows into the public IG market, which is a necessary portion of the overall multitrillion funding, it's going to be funded by all markets.

很有意思。在過去的六到八周里，亞馬遜、Google、Meta、Oracle 和其他幾家公司都發行了巨額投資債券。同時，我們迎來了創紀錄的一個季度。這些需求如此龐大、如此龐大且遍及全球，以至於流入公共投資等級證券市場的臨時資金（這是數兆美元整體融資的必要組成部分）將由所有市場提供資金。

When you look at the capital structure in the future, you'll have a company that will have a broadly syndicated facility. They'll have public IG. They'll have private IG. That is the way of the world. And so when a company can and scale issue in the public IG market, they should.

展望未來，你會發現這家公司擁有廣泛的銀團貸款。他們會開通公開的Instagram帳號。他們會有私人Instagram帳號。這就是世道。因此，當一家公司有能力並在公開的IG市場發行規模化產品時，他們就應該這樣做。

But as we've talked about, a company like we announced, whether the two that I mentioned on the call, Keurig Dr Pepper or Orsted, very unique financing needs that the public market solution is not going to check the box. So it's not a black and white winner take all. It's open architecture like you've seen in other financing markets.

但正如我們之前討論過的，像我們宣布的這兩家公司，無論是我在電話會議上提到的 Keurig Dr Pepper 還是 Orsted，它們都有非常獨特的融資需求，而公開市場解決方案無法滿足這些需求。所以這不是非黑即白、贏家通吃的局面。它採用的是開放式架構，就像你在其他融資市場看到的。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I wanted to ask about the partnerships with the traditional asset managers that you were alluding to earlier. I was hoping you could elaborate a bit on how you anticipate these partnerships evolving? What the different flavors might look like? And what scenario might it make sense to maybe even acquire in some of those types of firms as opposed to partnering? And then if you could just speak to market making around your aspirations and steps you're taking there as you look to support the development of the marketplace?

我想問一下您之前提到的與傳統資產管理公司的合作關係。我希望您能詳細談談您對這些合作關係未來發展的預期？不同口味的成品可能會長什麼樣子？那麼在哪些情況下，收購某些類型的公司可能比合作更有意義呢？然後，您能否談談您在市場建構方面的願景以及您為支持市場發展所採取的措施？

Mike, I'm just going to mention a few things we've talked about in the past. I mean you know about how we partner with State Street on the ETFs. You know how we've announced our dialogue with Lord Abbett in terms of the short duration vehicle. I think what Marc and I are describing, what our partners are describing is the evolution.

麥克，我只想提一下我們過去討論過的幾件事。我的意思是，您知道我們是如何與道富銀行在ETF方面合作的。你們知道我們已經宣布與艾伯特勳爵就短期融資方案展開對話。我認為我和馬克所描述的，以及我們的合作夥伴所描述的，就是這種演變。

It was really like the idea of private direct lending 10 years ago was an augment to how the high yield and loan markets work. It was a third tool. And I think that a lot of questions today about sizing the TAM, sizing -- It's too early to be doing that.

10 年前，私人直接貸款的概念實際上只是對高收益貸款市場運作方式的一種補充。這是第三種工具。我認為今天關於 TAM 規模的許多問題——現在討論這些還為時過早。

But what we're really trying to do is to really have folks recognize that the only path to Rome is not only just distributing our ADS and ABC, but there's a variety of open architecture solutions that are going to take place and that are going to be evolving as those PMs and those -- so there's a lot of trusted investors in some of those traditional strategies.

但我們真正想做的，是讓人們認識到，通往羅馬的唯一途徑不僅僅是分發我們的 ADS 和 ABC，而是各種開放架構解決方案將會出現，並且會隨著那些專案經理和那些——因此，在這些傳統策略中有很多值得信賴的投資者——的發展而演變。

And so again, I think we're still early days. It's our view that we want to be the leading voice of this. We want to be part of the broader dialogue. And I do think it's going to be about brand and scale.

所以，我認為我們現在還處於早期階段。我們認為，我們希望成為這方面的領導力量。我們希望參與更廣泛的對話。而且我認為關鍵在於品牌和規模。

And the commentary about market making, in our experience, our collective 80 years between the two of us, every time there's been more transparency, information, price discovery, and really putting information at the investors' footsteps, asset classes have grown. I was there in the early days of the high-yield market, the old jump bond market now is the high-yield market. And every asset class that we have seen in the development of that information and dialogue.

關於做市商的評論，根據我們兩人加起來 80 年的經驗，每次透明度、資訊、價格發現以及真正將資訊送到投資者面前時，資產類別都會增長。我親歷了高收益債券市場的早期階段，以前的跳躍債券市場現在就是高收益債券市場了。在資訊和對話的發展過程中，我們看到了每一種資產類別。

So I believe that as we think about stable coins, as we think about tokenization. There's an ecosystem that will evolve, and we intend to be the leading voice and the leading player in that evolution.

所以我認為，當我們思考穩定幣，當我們思考代幣化時，我們應該會這樣想。這是一個不斷發展的生態系統，我們決心成為這個發展過程中的領導者和領導者。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

I just wanted to ask, I know we're going to get into all the components of SRE on the 24th. But on the alt return, you guys restructured the portfolio about a year ago, laid it out at the Investor Day. The returns have gotten better, but they still have run below that 11% level.

我只是想問一下，我知道我們將在24號深入探討SRE的所有組成部分。但關於另類投資回報，你們大約在一年前重組了投資組合，並在投資者日上進行了展示。回報率有所提高，但仍低於 11% 的水平。

I know you guys are assuming a return to the 11% for next year and it's part of the outlook. So what has constrained it even despite the restructuring from getting to that 11% and maybe even seeing a few quarters above it, which you would think with an average would happen? And what's the confidence of the progression continuing to eliminate that gap?

我知道你們都假設明年殖利率會恢復到 11%，這也是預期的一部分。那麼，儘管進行了重組，是什麼因素限制了其達到 11% 的目標，甚至可能連續幾個季度超過這個目標（按理說，如果平均值更高的話，這種情況應該會發生）呢？人們對這項進展能夠持續消除差距有多大信心？

So big picture, and we will spend more time on this on the 24th. We have two components of the alts portfolio at Athene. By far, the largest component is AAA. AAA is, my recollection, 10.9% LTM. And we're -- in AAA, the returns have been just fine.

所以，從大局來看，我們將在24號花更多時間討論這個問題。Athene 的另類投資投資組合包含兩個組成部分。其中最大的組件是 AAA。我記得AAA的LTM是10.9%。而且，在 AAA 級別，收益一直都很好。

We do suffer a little bit from cash drag, and we have a relatively healthy pipeline, and we expect the cash drag to come down. And we are optimistic and confident, subject to market conditions, that we will exceed the bogey there.

我們確實面臨一些現金流拖累問題，但我們的專案儲備相對健康，我們預期現金流拖累情況會有所改善。我們樂觀且有信心，在市場條件允許的情況下，我們將超越預期目標。

The other portion of Athene's portfolio of alts, which is outside of AAA, relates to its holdings of other insurance assets, one of which is Venerable, which has, quite frankly, more than exceeded by a wide margin, the 11%. And the second is Athora, where Athora has dragged a little bit because, again, we've been holding a decent amount of excess capital.

Athene 投資組合中 AAA 以外的其他另類投資部分，與其持有的其他保險資產有關，其中之一是 Venerable，坦白說，Venerable 的持股已經遠遠超過了 11%。第二家是 Athora，Athora 的發展有些落後，原因在於我們一直持有相當多的過剩資本。

The deployment of the excess capital into PIC, should we be granted regulatory approval, which we expect is highly accretive to the Athora investment. And we would expect to see both categories, insurance and AAA be more in line or exceed target levels of return.

如果獲得監管部門的批准，我們將把多餘的資金投入 PIC，我們預計這將大大增加 Athora 的投資收益。我們預計保險和 AAA 這兩個類別的回報率都將達到或超過目標水準。

Thank you. We're showing time for one final question today.

謝謝。今天我們還有最後一個問題。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just back on the 401(k) theme. I guess, Marc, are you seeing any near-term traction from planned sponsors in thinking about adding privates to their portfolios? I know it's a long-term theme, but just trying to get a sense of if we might see some progress actually this year in the industry?

或許我們還是回到401(k)這個話題來吧。馬克，我想問，你有沒有看到計劃中的贊助商在考慮將私募股權投資納入其投資組合方面有任何近期進展？我知道這是一個長期趨勢，但我只是想了解一下，今年這個行業是否有可能取得一些實際進展？

And then also on the deaccumulation side, you've talked about the importance of -- or the opportunity for Athene to make its way into the deaccumulation strategies for retirement plans. Is that something that you might see traction in the next couple of years and begin to generate even some upside to that $85 billion run rate that you're running at now for retirement service inflows?

此外，在資金提取方面，您也談到了 Athene 進入退休計畫資金提取策略的重要性——或者說機會。在未來幾年內，這是否有可能取得進展，並開始為目前850億美元的退休服務流入量帶來一些成長？

That's the hope. Look, on the -- we are -- maybe taking them in reverse order, we are very focused on the notion of guaranteed lifetime income. Guaranteed lifetime income is the simple decumulation strategy. It's a journey that, quite frankly, retirees have been on.

但願如此。你看，就──我們──或許應該反過來考慮，我們非常重視終身保障收入的概念。終身保障收入是一種簡單的財富累積策略。坦白說，這是一段退休人員一直在經歷的旅程。

If you go back in history, they love their defined benefit plan. They knew exactly what they were going to get. The corporations, not so much. And so we put them in a 401(k) self-directed marketplace, and it turns out very few of them actually make a decision. Almost all of them end up in the default option selected by their employer.

回顧歷史，他們非常喜歡固定收益退休金計劃。他們很清楚自己會得到什麼。大公司就沒那麼在意了。因此，我們將他們放入 401(k) 自主管理市場，結果發現真正做出決定的人寥寥無幾。幾乎所有人最終都選擇了雇主選擇的預設選項。

The ability to offer to them guaranteed lifetime income, but this time not provided by the plan, but provided on a commercial basis by third parties is the holy grail for us. It is what we're focused on. I think we will do this a little bit on the 24th, but probably more likely guaranteed income strategy. Again, not in our five-year plan, but certainly something we're working on and we believe upside to where we are.

能夠為他們提供有保障的終身收入，但這次不是由該計劃提供，而是由第三方以商業方式提供，這對我們來說是至高無上的目標。這就是我們關注的重點。我認為我們會在24號稍微做一點，但更可能採取的是有保障的收入策略。這不在我們的五年計劃之內，但肯定是我們正在努力的方向，我們相信它能提升我們目前的水平。

The second in 401(k), we continue to see progress in 401(k). As I've mentioned previously on these calls, we've crossed over a couple of billion in the various managed account platforms and others by people looking to do this.

在 401(k) 計劃中，我們繼續看到 401(k) 計劃取得進展。正如我之前在這些電話會議上提到的，我們已經透過各種託管帳戶平台和其他一些希望從事此類業務的平台，實現了超過20億美元的交易額。

Is it in any way like a groundswell? No. Everyone is in the information gathering phase right now. The guidance that the administration has put out in terms of their desire is actually quite helpful. But I don't think we're going to see massive take-up until we end up with either guidance, which would be something that would be able to happen in the relatively short term or a ruling of some sort, which might take a longer period of time.

它有點像湧浪嗎？不。目前大家都處於資訊收集階段。政府就其意願所作的指導意見其實非常有幫助。但我認為，在出台指導意見（這在相對較短的時間內可能會發生）或做出某種裁決（這可能需要更長的時間）之前，我們不會看到大規模的採用。

But this is a time for us to be out educating. And Jim and I get all of these call reports. It is among the most important things that we watch and follow.

但現在正是我們走出去進行教育的時候。吉姆和我都會收到這些通話報告。這是我們關注和追隨的最重要的事情之一。

Thank you. We actually are showing time for one additional question.

謝謝。我們還有時間回答最後一個問題。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

How do you think about the trade-off between higher volumes versus higher spreads in this ultra-tight credit spread environment? And how does that change Athene's capital efficiency or ROE?

在當前信用利差極低的環境下，您如何看待交易量增加與利差擴大之間的權衡？那這會如何改變Athene的資本效率或淨資產收益率（ROE）呢？

So I don't know that it's just an Athene issue. I think it's across the board. We are in the excess return per unit of risk. And so it's not just spread absolute. It's spread in various marketplaces.

所以我不知道這是否只是 Athene 的問題。我認為這種情況普遍存在。我們獲得了單位風險的超額報酬。所以它並非絕對傳播。它已在各種市場中廣泛傳播。

And so to the extent we can earn excess spread at the A level or at the AA level, we have different requirements than we do having it at the BBB or BB level. So we see this across the board.

因此，如果我們能在 A 級或 AA 級獲得超額利差，我們的要求與在 BBB 級或 BB 級獲得超額利差的要求不同。所以這種情況普遍存在。

For Athene, where we are the capital at the end of the day that supports this, we do not think it is fundamentally intelligent to grow the business without adequate spread. If you do this, you will be the only one who supports it.

對於 Athene 而言，我們最終是支撐其發展的資本，因此我們認為，在沒有足夠的擴張空間的情況下發展業務從根本上來說是不明智的。如果你這樣做，你將是唯一一個支持它的人。

The reason we have been trusted with the industry's largest sidecar is because investors know that we will not take volume unless we are earning adequate spread. And you bring back one of the theme that I think Jim and I live with, at the end of the day, we and our entire industry are origination constrained.

我們之所以能夠獲得業界最大的邊車交易權，是因為投資人知道，除非我們能獲得足夠的價差，否則我們不會接受交易量。你又引出了我認為我和吉姆都認同的一個主題：歸根究底，我們以及我們整個產業都受到業務拓展的限制。

Now, the good news is we're doing any number of things to massively scale origination, and there are a number of very positive trends in the world in that regard. But we should not ignore that we are essentially hostage to origination and our capacity to create excess return per unit of risk. That is the promise of private markets.

好消息是，我們正在採取多種措施來大規模擴大貸款發放規模，而在這方面，世界也出現了一些非常積極的趨勢。但我們不應忽視，我們本質上受制於資金來源以及我們每單位風險創造超額收益的能力。這就是私人市場的優勢。

And I would just add, I think if you look at the last five to seven years, how we've navigated our securitized product CLO holdings, we've constantly upgraded, and it's with a view of where we are in a credit cycle. Even though we probably would have, on a pencil, we'd have a higher ROE owning more BBB and BBs, but we've owned a lot more AAs and As because of the overriding view on credit. So let our actions speak louder than our statements.

我還要補充一點，如果你回顧過去五到七年，看看我們是如何管理我們的證券化產品 CLO 持有量的，我們一直在不斷升級，這是基於我們所處的信貸週期階段。雖然從理論上講，如果我們持有更多 BBB 和 BB 級債券，我們的 ROE 可能會更高，但由於我們對信貸的整體看法，我們持有更多 AA 和 A 級債券。所以，讓我們的行動勝於言語。

Thank you all. Look forward to next quarter, and thanks for all your support on the call.

謝謝大家。期待下一季的工作，感謝大家在電話會議上的支持。

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

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。