Apollo Global Management, Inc. (APO) 2026 Q2 法說會逐字稿

Good morning and welcome to Apollo Global Management's second quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加阿波羅全球管理公司（Apollo Global Management）2026 年第二季財報電話會議。(接線員指示)

This conference call is being recorded. 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.

本次電話會議將被錄音。本次電話會議可能包含前瞻性陳述與預測，該等內容不保證未來事件或績效。有關與該等陳述相關的風險因素，請參閱 Apollo 最新的 SEC 申報文件。

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.

Apollo 將在本次電話會議中討論若干非 GAAP 指標，管理層認為這些指標有助於評估本公司業務的財務表現。這些非 GAAP 指標與 GAAP 數字之間的調節，已載於 Apollo 的財報簡報中，並可於公司網站取得。

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或招攬購買任何 Apollo 基金權益之要約。現在我將把電話交給全球投資人關係主管 Noah Gunn。

Great. Thanks, operator, and welcome again everyone to our call. As usual, joining me to discuss our results are Marc Rowan, CEO; Jim Zelter, President; and Martin Kelly, CFO. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website. As you can see, our second quarter results demonstrate the momentum we are seeing across our business.

很好。謝謝接線員，也再次歡迎各位參加我們的電話會議。如同往常，與我一同討論本次業績的有執行長 Marc Rowan、總裁 Jim Zelter，以及財務長 Martin Kelly。今天稍早，我們已在官網投資人關係專區發布新聞稿與財務補充資料。如各位所見，我們第二季的結果展現了我們在各項業務上所看到的動能。

We generated record fee-related earnings of $785 million or $1.26 per share and record spread-related earnings of $877 million or $1.41 per share. Combined, these core earnings streams drove total earnings or adjusted net income of $1.3 billion or $2.11 per share.

我們創下費用相關盈餘（FRE）新高，達 7.85 億美元或每股 1.26 美元；同時也創下利差相關盈餘（SRE）新高，達 8.77 億美元或每股 1.41 美元。合計而言，這些核心獲利來源推動總盈餘（或調整後淨利）達 13 億美元或每股 2.11 美元。

Across key business drivers, including investment performance, origination and capital formation, these results highlight the tangible execution we're delivering against our business plan and the targets we've set. I'll now turn it over to Marc.

在關鍵業務驅動因素（包括投資績效、承作/發起（origination）與資本募集）方面，這些結果凸顯我們正切實執行業務計畫並達成既定目標。接下來交給 Marc。

Thanks, Noah, and good morning. Second quarter was really all about momentum. FRE, as Noah suggested, $785 million, 25% year-over-year, 8% quarter-over-quarter management fees, 23% year-over-year, 5% quarter-over-quarter, ACS, $277 million, the fifth straight quarter greater than $200 million and as you will hear from Jim and Martin, increasingly durable and directly tied to our level of originations. SRE, $877 million on an adjusted basis, 11% -- at 11%, it added about $76 million, also a record.

謝謝 Noah，早安。第二季的主軸確實就是動能。如 Noah 所提，FRE 為 7.85 億美元，年增 25%；管理費年增 23%、季增 5%；ACS 為 2.77 億美元，已連續第五季高於 2 億美元，而且如各位稍後將從 Jim 與 Martin 聽到的，這項收入愈來愈具韌性，並且與我們的承作量水準直接連動。SRE（調整後）為 8.77 億美元，年增 11%——以 11% 計，增加約 7,600 萬美元，同樣創下新高。

The results were 5% up quarter-on-quarter, 11% year-over-year on the same basis, strong organic growth, inline and slightly improved core spreads. In short, we're seeing momentum across the business. As we believe that almost everything starts with origination. Origination here was a very strong quarter, $74 billion.

在相同基礎下，結果季增 5%、年增 11%，有機成長強勁，核心利差符合預期且略有改善。總之，我們在整體業務上都看到動能。我們相信幾乎一切都始於承作（origination）。本季承作非常強勁，達 740 億美元。

Just to give you some perspective, that does not include Broadcom, the largest origination in our sector ever or a number of others. We account for and record the results when they close, not when they are announced and so $50 billion of signed and announced in Q2 will benefit coming quarters.

提供一些背景，這個數字不包含博通（Broadcom）——那是我們產業史上最大的一筆承作——以及其他若干交易。我們是在交易完成交割時才入帳並認列結果，而不是在宣布時；因此第二季已簽署並宣布的 500 億美元，將在未來幾季帶來貢獻。

The pipeline has never been stronger, reflecting the global industrial renaissance that we've been speaking about. But most importantly, it's coming at consistent spread, 340 basis points over treasuries off an average rating of BBB.

我們的案源管線（pipeline）從未如此強勁，反映了我們一直在談的全球工業復興。但最重要的是，這些交易是在一致的利差水準下完成：以平均 BBB 評級計，較美國公債利差 340 個基點。

At the end of the day, people are in this asset class for excess return per unit of risk, and that is what we need as a principal, that is what our investors need, and that is what we are trying to deliver.

歸根結底，投資人投入這個資產類別，是為了在每單位風險下取得超額報酬；這正是我們作為自營投資人（principal）所需要的，也是我們投資人所需要的，更是我們努力交付的成果。

The reward for good performance is, of course, more to do. Capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in asset management, $22 billion in Athene. In short, we believe that our '26 growth outlook is on track for FRE and SRE. The trends in the business remain favorable. And it's up to us now to balance the desire for growth. While the vast opportunity to invest in our business.

良好績效的回報，當然就是有更多事情可做。資本募集方面，本季有機淨流入創新高達 600 億美元，其中資產管理 380 億美元、Athene 220 億美元。總之，我們認為 2026 年的成長展望在 FRE 與 SRE 方面均按計畫推進。業務趨勢仍然有利。接下來就看我們如何在成長的渴望之間取得平衡。同時也把握投資於我們業務的龐大機會。

Talk about our business a little bit. Our industry is in the midst of unprecedented change, certainly no different than the kind of change we've seen, but coming in a slightly different way. Just for some perspective, Apollo and its peer group in 2008, roughly $40 billion of AUM. Almost all of us were $35 billion of private equity and $5 billion of something else.

談談我們的業務。我們的產業正處於前所未有的變革之中，當然這並不不同於我們過去見過的那種變化，只是以稍微不同的方式出現。提供一些背景：2008 年時，Apollo 與同業合計的資產管理規模（AUM）約 400 億美元。我們幾乎都是 350 億美元的私募股權，加上 50 億美元的其他業務。

Today, we're closer to [$1.050 trillion] led by the growth for a product set that none of us envisioned when we were back in 2008 investment grade. And we have built the dominant IG origination franchise supporting the global industrial renaissance. Our peers are just now discovering that IG is actually a source of growth. We've seen this coming, and we're happy to have led them here.

如今，我們的規模更接近 [1.050 兆美元]，成長主要由一套在 2008 年時我們誰也未曾想像的產品組合所帶動——投資級（IG）。而我們已建立起主導性的投資級（IG）承作平台，支援全球工業復興。我們的同業現在才剛開始發現，IG 其實是成長來源。我們早已預見這一點，也很高興能帶領他們走到這裡。

The growth in our sector continues to be driven by the need for capital to finance the global industrial renaissance, the need for yield from retirees directly and indirectly, and by the need of investors to find diversification from increasingly crowded and correlated and indexed public markets. Recall that some 10 stocks are nearly 50% of the S&P. And when things go poorly, they go poorly all around.

我們產業的成長持續由幾項需求所驅動：為全球工業復興提供融資所需的資本、退休族群（直接與間接）對收益率的需求，以及投資人需要在日益擁擠、相關性更高且指數化的公開市場中尋求分散。請記得，大約 10 檔股票幾乎占了標普 500 的 50%。而當情況變差時，往往是全面一起變差。

Private markets now offer the kind of diversification that investors used to expect in public markets when there were 8,000 public companies versus the 3,800 public companies, we have today. The future for the industry I also believe to be increasingly bright.

私募市場如今提供了投資人過去在公開市場中所期待的那種分散效果——當時公開公司有 8,000 家，而今天只剩 3,800 家。我也相信，本產業的未來將愈來愈光明。

As we've discussed in prior quarters, the entirety of our industry was built from one investor, one source of demand. This was the alternative bucket of our institutional clients. And today, we have six sources of demand, that first plus individuals, plus insurance companies, plus the debt and equity bucket of our institutional clients, plus traditional asset managers, and plus 401(k) and DC.

如我們在前幾季所討論，整個產業最初是由單一投資人、單一需求來源所建立。那就是我們機構客戶的「另類投資」配置。而今天，我們有六個需求來源：原本那一個，再加上個人投資人、保險公司、機構客戶的債券與股票配置、傳統資產管理機構，以及 401(k) 與確定提撥制（DC）。

All of that, I believe, bodes very well for future demand for private assets from a number of new investors, each of which has the opportunity to be the size of the first investor. I think the thing that we have seen perhaps differently than most of our peer set is we do not believe that those five new investors are coming to us in private markets in the structures that exist.

我相信，這些因素都非常有利於未來對私募資產的需求，因為將有多類新投資人加入，而其中每一類都有機會成長到與最初那類投資人同等的規模。我認為我們或許與多數同業不同的一點在於：我們不相信這五類新投資人會以既有的私募市場結構來找我們。

If we want to serve them and increasingly have access to the full TAM that should be available to us, we are going to need to go to them. They have grown up as public market investors. The more that we can bring the origination from the private markets, but the packaging that they expect, the more I believe we will grow the asset class, and we will be more accepted and have greater sources of demand for our product.

如果我們想服務他們，並且愈來愈能觸及我們本應可取得的完整可服務市場總量（TAM），我們就必須走向他們。他們是在公開市場投資人的環境中成長起來的。我們愈能把私募市場的承作能力帶過來，同時以他們所期待的方式進行包裝，我相信就愈能擴大這個資產類別，也會更被接受，並為我們的產品帶來更多需求來源。

What you see going on in our business today is us pursuing this strategy, the changes we've made in estimated daily value, our ICE joint venture, our focus on settlement mechanics and on market making are all efforts to bring us closer to these five new buyers.

各位今天在我們業務中看到的，就是我們在推進這項策略：我們在估計每日價值（estimated daily value）方面所做的改變、我們與 ICE 的合資企業、我們對結算機制與做市的聚焦，都是為了讓我們更貼近這五類新買方。

It's not to say the rest of the industry is ignoring this, it's just no one is as fully committed. To what we see as this big trend that is taking place in our industry and will increasingly shape our future. Just a couple of milestones. We went live with estimated daily value -- estimated daily nav on [7/1] for our entirety of our fixed income investment grade suite of asset products.

這並不是說產業其他人都在忽視這件事，只是沒有人像我們一樣投入得如此徹底。對於我們所看到、正在本產業發生並將日益塑造我們未來的這股重大趨勢。僅舉幾個里程碑。我們已於[7/1]針對我們整個固定收益投資級產品套組上線了估計每日價值——估計每日淨值（NAV）。

By [10/1], we expect to have daily pricing for all of our credit assets. That will be quite an accomplishment. Understand that the drive to estimated daily value is very investor friendly. It is very transparent, but it also forces massive change internally. It forces us to digitize. It allows us to put our data in a form that increasingly allows us to take advantage of new technologies, new sources of information, new sources of efficiency. So this is a win-win. This is good for investors and this is good for us.

到[10/1]，我們預期將為我們所有的信用資產提供每日定價。那將是一項相當了不起的成就。請理解，推動估計每日價值對投資人非常友善。它非常透明，但同時也迫使我們在內部做出巨大的改變。它迫使我們數位化。它讓我們能以一種形式整理資料，使我們愈來愈能利用新技術、新的資訊來源與新的效率來源。因此這是雙贏。這對投資人有利，對我們也有利。

The partnership that we've announced with ICE is also driving change. It is now live. There are more than 2000 ICEIDs.

我們宣布與ICE的合作夥伴關係也正在推動變革。目前已經上線。現在已有超過2000個ICEID。

We expect the entirety of our products debt and equity over time to have ICE IDs. We expect ICE IDs will do what [CUSIPs] have done for public credit. We are increasingly attaching data and data fields to these ICE IDs and ultimately this will help in settlement and in market making.

我們預期隨著時間推進，我們所有產品的債與股都將具備ICE ID。我們預期ICE ID將能做到[CUSIPs]對公開信用所做的事。我們正愈來愈多地把資料與資料欄位附加到這些ICE ID上，最終這將有助於交割與做市。

In market making, greater liquidity has expanded the opportunity set for every asset class that we have seen anywhere around the globe. We are now more than $30 billion traded. Volume continues to double and we see really strong growth.

在做市方面，更高的流動性已擴大了我們在全球各地所見每一個資產類別的機會集合。我們目前的交易額已超過300億美元。交易量持續倍增，我們看到非常強勁的成長。

People want to trade these assets, but they've never been in a form where liquidity has been available in a fair way at a fair price in a reasonable amount of time to settle. Every day, this franchise gets better and improves.

人們想交易這些資產，但過去它們從未以一種形式存在，使得流動性能以公平的方式、在合理的價格、並在合理的交割時間內取得。每天，這個平台都變得更好、持續改善。

The kinds of things that I've talked about in market making, estimated daily value, settlement are a piece of what we need to do to serve these five new asset classes. Regulatory and transparency are another piece of this.

我談到的做市、估計每日價值、交割等事項，是我們為了服務這五個新資產類別所需要做的一部分。監管與透明度則是另一部分。

Particularly in the insurance industry, we have been leading regulatory change, more disclosure, more transparency, no guesswork required. Full transparency on related party affiliate and Apollo originated assets, full transparency on top holdings with case studies, full transparency with credit quality and ratings granularly dissected. We believe transparency helps all constituents grow.

特別是在保險業，我們一直引領監管變革，更多揭露、更多透明，不需要猜測。對關係人／關聯方以及Apollo發起資產的完全透明；對主要持倉（含案例研究）的完全透明；對信用品質與評等進行細緻拆解的完全透明。我們相信透明度能幫助所有利害關係人共同成長。

We have nothing but an amazing opportunity in retirement. The world is getting older, the world is in greater need of retirement income, we the industry have an opportunity to serve it and to grow through 2050.

在退休領域，我們面前只有一個絕佳的機會。世界正在老化，對退休收入的需求愈來愈大；我們這個產業有機會提供服務，並一路成長到2050年。

Very few industries can look out and see a demographic pattern as positive and is shaped just the way we see it and it is our job to maintain and preserve trust. Increasingly, the industry is of the same mindset. Just this past week, the NAIC has put forward proposals to take meaningful steps toward address offshore regulatory arbitrage.

很少有產業能放眼未來，看到如此正向的人口結構趨勢，而且其形狀正如我們所見；而我們的工作就是維持並守護信任。產業也愈來愈抱持相同的心態。就在上週，NAIC已提出提案，將採取有意義的步驟來處理離岸監管套利。

We are also seeing increased focus by new governance. Particularly in the Caymans, committed to cleaning up this sort of regulatory arbitrage. Caymans has done an unbelievable job for the funds industry and does not want to be thought of as a lesser place when it comes to insurance regulatory, and we will wait and see whether they actually move toward the kinds of steps that would grant them reciprocity and eliminate the regulatory arbitrage which endangers the trust to the entire insurance industry.

我們也看到新的治理架構更加聚焦。特別是在開曼群島，致力於整頓這類監管套利。開曼群島為基金產業做出了令人難以置信的貢獻，也不希望在保險監管方面被視為較次等的地區；我們將拭目以待，看看他們是否真的會朝向那些能賦予其互惠性、並消除危及整個保險業信任之監管套利的措施邁進。

We are unwavering in our desire to see the industry operate on a level playing field, equal capital for equal risk. As I've mentioned previously, we are pushing hard on a AA. We believe we are capitalized for that. It is not that we need it. We want to make the distinction between what we do and many others in our market unmistakable.

我們對於讓產業在公平競爭的環境下運作的渴望始終堅定不移：同等風險、同等資本。如我先前提到的，我們正全力推進取得AA評等；我們相信我們的資本水準足以支撐。並不是說我們非要不可。我們希望讓我們所做的事與市場上許多其他人的差異清晰且無可置疑。

In short, the future that we see is incredibly bright. It is, as we suggested, tied toward origination, but it is also tied to meeting our clients, particularly our new clients where they are, not where we wish they would be. The steps our industry needs to take will cause profound change in the way we do business and in each of the firms, and I welcome it.

總之，我們所看到的未來極其光明。如我們所說，它與資產發起（origination）相關，但也同樣與在客戶所在之處、特別是新客戶所在之處與他們會合有關，而不是在我們希望他們所在之處。我們產業需要採取的步驟，將在我們做生意的方式以及各家公司內部引發深刻變革，而我歡迎這樣的改變。

I think those firms that address this in the right way, and the right time are going to separate themselves from the 95% of the firms in our industry who simply want the world to stop changing until the principals can retire.

我認為，那些以正確方式、在正確時間處理這件事的公司，將會與我們產業中95%只希望世界停止改變、直到負責人能退休的公司拉開差距。

Part of this commitment to change and commitment to meeting clients where they are is to recognize that we also need to change. We confirmed yesterday that we will be opening a new office in Austin, Texas. And unlike a new office that simply houses more of the same, we are increasingly going to use Austin as a place to really focus on change to build the businesses of the future, to build the processes of the future, to get access to a workforce that is different than the workforce that is currently the vast majority of our industry.

對變革的承諾、以及在客戶所在之處與他們會合的承諾，其中一部分就是要認知到我們也需要改變。我們昨天確認，我們將在德州奧斯汀開設新辦公室。而且不同於只是容納更多同樣人員的新辦公室，我們將愈來愈多地把奧斯汀作為真正聚焦變革的基地：打造未來的業務、打造未來的流程，並接觸一支不同於目前佔我們產業絕大多數的勞動力。

We're excited about what we can achieve there. We're excited about the environment in which we get to operate there. It is also home to some of our strongest LP relationships and one of our largest fundraising ecosystems. In short, second quarter was about momentum, incredibly pleased at how the year is shaping up, embracing and leading and changing, and we're playing to win.

我們對於能在那裡達成的成果感到振奮。我們也對於能在那裡運作的環境感到期待。那裡同時也是我們一些最強LP關係以及我們最大募資生態系之一的所在地。總之，第二季關乎動能；我們對今年的發展態勢感到非常滿意，擁抱、引領並推動改變，而我們是為了勝利而戰。

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

接下來，我把電話會議交給Jim。

Thanks, Marc. We spent a lot of time thinking about the future of our industry and the change that we see taking place. Historically, the market looked at scaling in private equity or private credit and in particular private direct lending as the sole signpost for success.

謝謝，Marc。我們花了很多時間思考產業的未來，以及我們所看到正在發生的變化。過去，市場把私募股權或私募信用的規模化，尤其是私募直接放款的規模化，視為成功的唯一路標。

When you step back and observe what's going on in private markets and where the industry is heading, there is a common thread forming. The opportunity in private IG, ratings, daily pricing, transparency, market making, all of these forces are working in tandem to massively expand our TAM.

當你退一步觀察私募市場正在發生什麼、以及產業將走向何方時，你會看到一條共同的主線正在形成。私募投資級（IG）、評等、每日定價、透明度、做市——所有這些力量正協同運作，以大幅擴大我們的TAM（總可服務市場）。

To sustain our growth and capture the opportunity ahead, we must remain focused on what's most critical, delivering excess return per unit of risk. Strong investment performance builds that trust and fuels growth over time. Across our platform, we are delivering.

為了維持成長並把握前方機會，我們必須持續聚焦於最關鍵的事：在每一單位風險下交付超額報酬。強勁的投資績效能建立信任，並隨時間推進推動成長。在我們的平台上，我們正在交出成果。

In private equity, our differentiated approach has stood out with Fund 10 generating a 21% net IRR, well ahead of the index of the industry at 14% for the '23 vintage.

在私募股權方面，我們差異化的方法脫穎而出：第10號基金（Fund 10）產生了21%的淨IRR，明顯領先於「23年期（vintage）」產業指數的14%。

In hybrid, our hybrid value strategy has generated a low to mid-teens return since inception and is clearly scaling the opportunity set. And our AAA strategy is continuing its exceptional run with positive performance in 45 of the last 46 quarters, including 25 consecutive with low volatility.

在混合型（hybrid）方面，我們的混合價值策略自成立以來已產生低到中十位數的報酬，並且明顯正在擴大機會集合的規模。而我們的AAA策略也持續展現卓越表現：在過去46個季度中有45個季度為正報酬，其中包含連續25個季度的低波動表現。

Broadly in credit, performance remains strong with all major strategies up 7% to 11% over the last 12 months. And amid heightened investor dialogue, ADS, our non-traded BDC, has continued to perform well with an annualized 8% inception-to-date return versus 4% for the high yield index.

整體而言，在信貸方面，過去12個月各主要策略表現依然強勁，皆上漲7%至11%。在投資人對話升溫之際，ADS（我們的非交易型BDC）持續表現良好，自成立以來年化報酬率為8%，相較之下，高收益指數為4%。

To put the outperformance in perspective, $1 invested in ADS has returned nearly double the safe public high yield and leveraged loan indexes since inception. Simply put, this outperformance is exactly why investors are attracted to private assets.

為了更具體呈現這項超額表現，自成立以來，投資於ADS的每1美元回報幾乎是安全的公開市場高收益與槓桿貸款指數的兩倍。簡而言之，這樣的超額報酬正是投資人被私募資產吸引的原因。

With respect to origination, activity for the second quarter totaled $74 billion, bringing first half volumes to nearly $150 billion and volume over the last 12 months to nearly $320 billion. Across our activity for the quarter, $68 billion was in debt, comprised basically 75% IG with an average rating of EEE+ and 25% sub-investment grade with an average rating of single B.

就承作（origination）而言，第二季活動總額為740億美元，使上半年總量接近1,500億美元，過去12個月總量接近3,200億美元。在本季活動中，680億美元為債務，基本上由75%的投資級（IG，平均評等EEE+）與25%的非投資級（平均評等單B）所構成。

Consistent with recent quarters, we observed relatively stable spreads across our platform volumes. On our investment grade origination, we generated excess spread of 280 basis points over treasuries or approximately 200 over comparably rated corporates. On our sub-IG origination, we generated excess spread of 440 basis points over treasuries or approximately 150 basis points over comparably rated corporates.

與近幾季一致，我們觀察到平台整體承作量的利差相對穩定。在投資級承作方面，我們相對美國公債創造了280個基點的超額利差，或相對同等評等公司債約200個基點。在非投資級承作方面，我們相對美國公債創造了440個基點的超額利差，或相對同等評等公司債約150個基點。

I'll highlight a few examples that demonstrate the breadth and the leadership of the flywheel we've built. In healthcare, we provided a EUR3 billion minority equity financing for Bayer through a JV, which will manufacture and produce certain core consumer products. This large flexible financing solutions enables Bayer to strengthen this balance sheet while also retaining full operating control over this core business.

我將強調幾個例子，展現我們所建立飛輪的廣度與領導地位。在醫療保健領域，我們透過合資企業為拜耳（Bayer）提供30億歐元的少數股權融資，該合資企業將製造與生產若干核心消費性產品。這項大型且具彈性的融資方案，使拜耳得以強化其資產負債表，同時仍保有對該核心業務的完整營運控制權。

In power and infrastructure, we participated in the $5.3 billion financing in support of Williams Company's development of behind-the-meter gas-fired power projects, which will supply dedicated power to meta data centers under long-term take or pay contracts.

在電力與基礎建設方面，我們參與了53億美元的融資，以支持威廉斯公司（Williams Company）開發表後（behind-the-meter）的燃氣發電專案；該等專案將在長期「take-or-pay」合約下，向Meta資料中心提供專用電力。

And alongside co-investors, we also committed over $2 billion of capital to acquire 40% interest in Pembina Gas Infrastructure, the largest independent gas processing platform in Western Canada.

此外，我們也與共同投資人一起承諾投入逾20億美元資本，收購Pembina Gas Infrastructure 40%的股權；該公司為加拿大西部最大的獨立天然氣處理平台。

In the sports ecosystem, we led a structured investment in Pickleball, Inc., the new parent company of the PPA Tour and Major League Pickleball, creating the largest platform in the fastest growing sport in the country. This follows recent investments in Atletico de Madrid, Wrexham AFC and MARI in collectively driving billions of originations through our Apollo Sports Capital platform.

在運動生態系方面，我們主導對Pickleball, Inc.的結構型投資；該公司為PPA巡迴賽與美國職業匹克球大聯盟（Major League Pickleball）的新母公司，打造出全國成長最快運動中最大的平台。這延續了我們近期對馬德里競技（Atletico de Madrid）、雷克瑟姆足球俱樂部（Wrexham AFC）與MARI的投資，並透過Apollo Sports Capital平台共同推動數十億美元的承作量。

And finally, as during the quarter, we announced our marquee partnership with Broadcom, where we led a $35 billion financing in support of their new AI XPV platform, which will enable significant compute capacity for leading frontier AI labs.

最後，如同本季所宣布，我們與博通（Broadcom）達成旗艦級合作夥伴關係；我們主導了350億美元的融資，以支持其新的AI XPV平台，該平台將為領先的前沿AI實驗室提供可觀的運算容量。

This marks the largest private credit financing ever and demonstrates the core benefit of our flywheel, sourcing, structuring, principal investment and syndication. Unlike anyone else in our industry, we purposely designed and built our business to lead on large scale opportunities exactly like this.

這是史上規模最大的私募信貸融資，並展現我們飛輪的核心優勢：案源取得、結構設計、自有資金投資與聯貸分銷。不同於本產業的任何其他業者，我們刻意設計並打造我們的業務，以在正是這類大規模機會上取得領先。

As we've all come to realize, the sheer size of the AI infrastructure build-out is unprecedented. Cumulating through the cycle, more than $8 trillion of capital is expected to be invested, a staggering sum. We see an enormous opportunity for private capital to finance a portion of this along public capital, and we see ourselves playing a critical role in partnering with the leading firms and providing this flexible scaled solutions to support their needs.

正如大家逐漸意識到的，AI基礎建設擴建的規模前所未見。在整個景氣循環累計下，預期將投入超過8兆美元資本，金額驚人。我們看到私募資本有巨大機會與公募資本並行，為其中一部分提供融資；我們也認為自己將在與領先企業合作、並提供具彈性且可規模化的解決方案以支持其需求方面，扮演關鍵角色。

Our market-leading high-grade capital solutions business has now originated over $130 billion across 190 transactions with the majority of the issuance in the last two years. If you are a CFO, you need to come to Nine West for a conversation.

我們市場領先的高評級資本解決方案業務，迄今已在190筆交易中承作超過1,300億美元，其中多數發行發生在過去兩年。如果你是CFO，你需要來Nine West聊一聊。

Having seen several cycles before, we are on the lookout to ensure we are protecting ourselves from underwriting investments with equity-like risk at debt-like returns. This leads us to be highly deliberate in our underwriting, focusing on secured investment-grade credit quality, amortizing structures that seek to eliminate residual value risk and thoughtful counterparty selection. The opportunities we pursue to date are emblematic of these important criteria and we expect that to continue.

鑑於我們曾歷經多個景氣循環，我們持續留意並確保避免以債務型報酬承作帶有股權般風險的投資。因此，我們在承銷上極為審慎，聚焦於具擔保的投資級信用品質、力求消除殘值風險的攤還型結構，以及審慎的交易對手選擇。迄今我們所追求的機會正體現這些重要標準，我們預期未來也將延續。

Alongside the scaling of our origination ecosystem, our ACS business becomes an increasingly important component of the flywheel. In particular, our ability to provide scale solution depends on our ability to have strong syndication network as well.

隨著我們承作生態系的規模擴大，ACS業務成為飛輪中愈發重要的一環。尤其是，我們提供規模化解決方案的能力，也取決於我們是否同樣具備強大的聯貸分銷網絡。

ACS is that connective tissue and continues to expand its capabilities. Over the last five years, what was once a small SWAT team has grown into a comprehensive coverage model and in the first half alone, we distributed over $30 billion of syndication opportunities, up 50% versus the full year of 2025, reflecting the engagement with nearly 1,000 potential buyers for syndication opportunities.

ACS正是那個「連結組織」，並持續擴展其能力。過去五年中，原本的小型SWAT團隊已成長為全面性的覆蓋模式；僅上半年，我們就分銷了超過300億美元的聯貸機會，較2025年全年增加50%，反映出我們與近1,000名潛在買家就聯貸機會進行互動的成果。

Turning to capital formation, we generated $60 billion of total inflows in the quarter with asset management delivering $38 billion and Athene contributing $22 billion. Inflows from asset management during the quarter were split approximately 70% from credit-oriented strategies and 30% from equity-oriented strategies with contributions across client types and geographies.

談到資本募集，本季我們的總流入達600億美元，其中資產管理貢獻380億美元，Athene貢獻220億美元。本季資產管理的流入約有70%來自以信貸為導向的策略、30%來自以股權為導向的策略，且在不同客戶類型與地區皆有貢獻。

Our institutional business had an excellent quarter with broad-based strength across hybrid, multi-credit, asset-backed finance, direct lending, performing credit and flagship private equity. Institutional demand for our AMAPS product remains very strong and in the second quarter, we completed two issuances driving the total AMAPS program to $25 billion in less than 12 months.

我們的機構業務本季表現出色，在混合型、多元信貸、資產擔保融資、直接放貸、存續信貸（performing credit）以及旗艦私募股權等領域皆呈現廣泛的強勁動能。機構投資人對我們AMAPS產品的需求仍非常強勁；第二季我們完成兩次發行，使AMAPS計畫在不到12個月內累計達250億美元。

In direct lending, we see institutional investors leaning in and as a result, we pull forward the fundraising of our third vintage, which we expect to be larger than its $5 billion predecessor. In flagship private equity, we launched Fund 11 earlier this year in calendar '25 and we are pleased with the reception in the market thus far and excited to announce that through July, we have surpassed $12 billion.

在直接放貸方面，我們看到機構投資人積極加碼，因此我們提前啟動第三期（third vintage）的募資，預期規模將大於前一期的50億美元。在旗艦私募股權方面，我們於今年（曆年'25）稍早推出第11號基金（Fund 11）；我們對目前市場反應感到滿意，並很高興宣布截至7月，我們已超過120億美元。

We are seeing strong support across geographies from both new and existing investors with contributions from the institutional and wealth channels. The investor appetite with Fund 11 is indicative of the deeper support we're seeing across our largest institutional relationships.

我們在各地區都獲得新舊投資人的強力支持，且機構與財富通路皆有貢獻。投資人對Fund 11的偏好，反映出我們在最大型機構關係中所看到的更深層支持。

For example, compared to levels observed just a few years ago, our penetration has nearly doubled with our top strategic LP relationships around the globe. Supporting by these strong trends, we expect our institutional business to deliver a record fundraising year.

例如，與僅幾年前觀察到的水準相比，我們在全球頂級策略型LP關係中的滲透率幾乎翻倍。在這些強勁趨勢的支撐下，我們預期機構業務將創下募資年度新高。

Our Global Wealth business had a solid quarter as well with fundraising totaling $3 billion, and despite a softer backdrop, flows continue across semi-liquid and drawdown strategies. While ADS has faced similar redemption dynamics as the industry and it's still early in the current window period, we're seeing a lower rate of request thus far in Q3 than we saw at this point in 2Q.

我們的全球財富業務本季同樣表現穩健，募資總額達30億美元；儘管大環境較為疲弱，半流動與分期提撥（drawdown）策略仍持續有資金流入。雖然ADS面臨與產業相似的贖回動態，且目前仍處於本次窗口期的早期階段，但我們看到第三季迄今的申請率低於第二季同一時間點。

Individual investors remain meaningfully under-allocated to private markets, and we believe the longer-term tide is moving in our favor. We have high conviction this period of time will drive performance dispersion across managers and ultimately provide our franchise with an opportunity to differentiate itself and gain market share.

個人投資人對私募市場的配置仍明顯偏低，我們相信長期趨勢正朝有利於我們的方向發展。我們高度确信，這段期間將推動管理人之間的績效分化，並最終為我們的特許經營帶來差異化與提升市占率的機會。

At Athene, inflows in the quarter totaled $22 billion. In particular, retail and flow insurance had exceptional quarters with inflows of $12 billion and $4 billion respectively, marking the second highest quarter on record for each segment.

在 Athene，本季流入資金合計達 220 億美元。其中，零售與流量型保險分別錄得 120 億美元與 40 億美元的卓越流入，兩個分部皆創下史上第二高的單季紀錄。

With a total of $42 billion in the first half, Athene remains on pace to achieve our $85 billion target for the full year and continues to cement his vision as the leading retirement services platform.

上半年合計達 420 億美元，Athene 仍按計畫朝全年 850 億美元目標邁進，並持續鞏固其願景，成為領先的退休服務平台。

In summary, we had a strong quarter across investment performance, origination and capital formation and we're entering the second-half with active pipelines and meaningful momentum across all of our businesses. With that, I'll turn it over to Martin.

總結來說，我們在投資表現、承作與資本形成方面都繳出強勁的一季，並以活躍的案源管線與各業務顯著的動能進入下半年。接下來我把時間交給 Martin。

Good morning, everyone, and thank you, Jim. Our second quarter results reflect the sustained momentum, as you've heard, that we're seeing across the business and disciplined execution across our long-term objectives. I'll briefly walk through the quarter's financials and the key drivers behind them.

各位早安，謝謝你，Jim。如各位所聽到的，我們第二季的結果反映了全公司持續的動能，以及在長期目標上的紀律執行。我將簡要說明本季財務表現與背後的關鍵驅動因素。

In Asset Management, our business delivered another quarter of record earnings supported by broad-based growth. Fee-related earnings of $785 million marked a new high, up 25% year-over-year and 8% quarter-over-quarter, with AUM and fee-generating AUM up 25% and 34%, respectively.

在資產管理方面，我們的業務在廣泛成長的支撐下，再度創下單季獲利新高。費用相關盈餘（FRE）達 7.85 億美元，創新高，年增 25%、季增 8%；資產管理規模（AUM）與產生費用的 AUM 分別年增 25% 與 34%。

Perpetual capital continues to underpin that durability, representing 60% of total AUM and 70% of fee-generating AUM. Two drivers of the FRE growth stand out.

永久資本持續支撐這種韌性，占總 AUM 的 60%，並占產生費用的 AUM 的 70%。FRE 成長有兩個驅動因素特別突出。

First, management fees grew 23% year-over-year, driven by third-party fundraising across credit and equity strategies, strong capital deployment and growth at Athene and Athora as well as last year's acquisition of Bridge.

第一，管理費年增 23%，主要受第三方募資在信貸與股權策略上的推動、強勁的資本部署，以及 Athene 與 Athora 的成長，並包含去年收購 Bridge 的貢獻。

Quarter-over-quarter, management fee growth reflects an initial contribution from PIC and continued strong third-party credit flows, partially offset by lower management fees on ARI as well as realization activity.

就季比而言，管理費成長反映了 PIC 的初步貢獻，以及第三方信貸資金流入持續強勁；部分被 ARI 較低的管理費以及變現活動所抵銷。

Looking ahead, we're armed with $82 billion of [dry powder], the most we've ever had, including $62 billion of future management fee potential, approximately 70% of which is in credit. The earnings impact of this capital once deployed is approximately $400 million of annual management fee income.

展望未來，我們手握 820 億美元的「乾粉」（可投資資金），為歷來最高，其中包含 620 億美元的未來管理費潛力，約 70% 來自信貸。這些資本一旦部署，對獲利的影響約為每年 4 億美元的管理費收入。

And second, capital solutions fees of $277 million, as you heard, reached a new high with contributions from over 100 discrete transactions across many underlying businesses, underscoring the growing diversity and durability of this revenue stream.

第二，如各位所聽到的，資本解決方案費用達 2.77 億美元，創新高，來自多個底層業務、超過 100 筆獨立交易的貢獻，凸顯此收入來源日益多元且更具韌性。

Activity was split roughly two-thirds credit and one-third equity, consistent with the mix we've observed in recent years. Capital Solutions revenue is driven by origination activity, which is growing as a result of the increasing scale across our trillion-dollar plus platform.

活動約三分之二來自信貸、三分之一來自股權，與近年觀察到的組合一致。資本解決方案收入由承作活動所驅動，而承作活動隨著我們逾兆美元平台規模擴大而成長。

Activity now runs across virtually every part of our credit and equity platform, not concentrated in one or two businesses and increasingly spans geographies.

目前活動幾乎涵蓋我們信貸與股權平台的各個部分，不再集中於一兩個業務，且地理覆蓋也日益擴大。

That breadth is a large part of why we've produced five consecutive quarters above $200 million of fee income. Even as the mix of underlying activity shifts from one quarter to another.

這種廣度是我們連續五個季度費用收入都超過 2 億美元的重要原因。即使底層活動的組合在不同季度之間有所變化。

And when you look at how this revenue has moved over the past three years, our Capital Solutions fees have been among the most stable in the industry. Supported by broadened origination across our footprint, Capital Solutions increasingly behaves like a recurring franchise-level revenue stream in its own right, one that we expect to keep broadening and deepening from here.

而當你回顧過去三年這項收入的變化，我們的資本解決方案費用一直是業界最穩定的之一。在我們版圖內承作來源擴大之下，資本解決方案愈來愈像是一條可重複的、具特許經營層級的收入來源；我們預期未來將持續拓寬並深化。

It's worth noting that we are starting to see financing solutions that fund and recognize fees over multiple quarters or years rather than all upfront.

值得注意的是，我們開始看到某些融資解決方案會在多個季度或多年期間提供資金並分期認列費用，而非一次性預先認列。

In the case of Broadcom, for example, we'll record the originating funding volume and recognize the associated fee revenue as the $35 billion is drawn down over a multi-quarter time frame, whether waiting toward the fourth quarter of this year and the first three quarters of next year.

以 Broadcom 為例，我們將記錄承作的融資金額，並在 350 億美元於多個季度期間逐步動用時認列相應的費用收入，可能延續到今年第四季以及明年前三季。

Fee-related expenses grew 19% year-over-year in the quarter, reflecting the addition of Bridge and continued investment in the firm's long-term priorities. Our FRE margin reached 58.5%, up roughly 80 basis points sequentially and 120 basis points year-over-year, positive operating leverage from record fee-related revenue against measured expense investment.

本季費用相關費用年增 19%，反映納入 Bridge 以及持續投資於公司長期優先事項。我們的 FRE 利潤率達 58.5%，較前一季提升約 80 個基點、較去年同期提升 120 個基點；在費用相關收入創新高且費用投資保持克制之下，展現正向的營運槓桿。

Year-to-date margin expansion of about 90 basis points is tracking in line with our baseline expectation of roughly 100 basis points for the full year 2026.

年初至今利潤率擴張約 90 個基點，符合我們對 2026 全年約 100 個基點的基準預期。

Importantly, forward earnings indicators, including our capital formation and origination pipelines, committed capital not yet earning management fees. And signed originations with future syndication fees are all very strong and continue to build, providing confidence that we will hit our 20% plus FRE growth outlook for the year, as well as establishing embedded momentum for 2027.

重要的是，前瞻性的獲利指標，包括資本形成與承作管線、尚未開始賺取管理費的已承諾資本，以及已簽署、未來將產生聯貸（分銷）費用的承作案源，都非常強勁且持續累積，讓我們有信心達成今年 20% 以上的 FRE 成長展望，並為 2027 建立內嵌動能。

Moving to retirement services, a key enabler of the flywheel is retirement services, where we generated a record $877 million of SRE this quarter. Athene's gross invested assets grew by 14% year-over-year to $414 billion. Year-to-date, inflows have been very strong at $42 billion and we've continued to originate new organic business in line with our long-term ROE and historical average targets.

接著談退休服務：推動飛輪效應的關鍵推手之一就是退休服務，本季我們創下 8.77 億美元的 SRE 新高。Athene 的總投資資產年增 14% 至 4,140 億美元。年初至今，流入資金非常強勁，達 420 億美元；同時我們持續承作新的有機業務，符合我們長期 ROE 與歷史平均目標。

The reported net spread was 114 basis points versus 97 basis points last quarter. And adjusting to our 11% long-term return expectation on the alternatives portfolio, net spread would have been 10 basis points higher and in line with our previously communicated full-year outlook of 120 basis points to 125 basis points.

公告的淨利差為 114 個基點，上一季為 97 個基點。若將替代投資組合調整為我們長期 11% 的報酬假設，淨利差將再高 10 個基點，並與我們先前溝通的全年 120 至 125 個基點展望一致。

The sequential improvement in the alternatives performance was driven by AAA along with better results at Athora where we expect further gains in organic growth and returns as we move deeper into the PIC integration and optimize the asset portfolio.

替代投資表現的季比改善主要由 AAA 所帶動，並且 Athora 的結果也更佳；隨著我們更深入推進 PIC 整合並優化資產組合，我們預期有機成長與報酬將進一步提升。

On a core basis, the improvement in net spread was driven by a rising fixed income yield as we continue to source attractive investment grade assets, including the commercial mortgage portfolio we acquired from ARI, combined with lower expenses and interest costs. These positives were partly offset by lumpier asset rolloff from the previously announced Intel repayment along with the normal course rising cost of funds as the portfolio continues seasoning.

以核心口徑來看，淨利差改善主要來自固定收益殖利率上升，因我們持續取得具吸引力的投資等級資產（包括我們自 ARI 收購的商業不動產抵押貸款組合），並結合較低的費用與利息成本。上述正面因素部分被先前公告的 Intel 還款所帶來較不均勻的資產到期回收所抵銷，另亦受到資金成本隨投資組合逐步成熟而正常上升的影響。

Regarding Intel itself, we recognized an almost $700 million realized gain within Athene's GAAP results, which also benefited capital. As we head into the back half of 2026, we expect Athene will continue performing as expected. And we are maintaining our full-year target of 10% SRE growth, assuming an 11% alt return.

就 Intel 本身而言，我們在 Athene 的 GAAP 業績中認列了接近 7 億美元的已實現收益，也有助於資本。展望 2026 下半年，我們預期 Athene 將持續如預期表現。在替代投資報酬假設為 11% 的前提下，我們維持全年 SRE 成長 10% 的目標。

Finally, turning to capital, our approach remains consistent. We intend to grow our dividend by roughly half the rate of FRE growth over time and we use share repurchases both to offset equity-based compensation and opportunistically when we see dislocation in our stock price.

最後談資本配置，我們的方法一貫一致。我們計畫長期將股利成長率維持在約為 FRE 成長率的一半，並透過庫藏股回購同時抵銷股權型薪酬的稀釋，以及在我們看到股價出現錯位時把握機會進行回購。

Consistent with that, we repurchased approximately $100 million of shares this quarter. Over the last 12 months, we've returned $1.6 billion to shareholders through dividends and buybacks combined, while allocating nearly $500 million to strategic growth initiatives, including an investment in Athora earlier this year.

基於此，本季我們回購約 1 億美元的股份。過去 12 個月，我們透過股利與回購合計回饋股東 16 億美元，同時投入近 5 億美元於策略性成長計畫，包括今年稍早對 Athora 的投資。

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

接下來我把電話會議交回給主持人。感謝各位撥冗參與，也歡迎各位提問。

(Operator Instructions)

(接線員指示)

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi, good morning and thanks for taking my question. So wanted to start just on the transaction fee outlook and was hoping to get your perspective just on the durability of the ACS fees given the strong momentum to start the year. It looks like for the first half, you're already run rating above your five-year revenue target that you laid out at Investor Day, so roughly three years ahead of schedule.

嗨，早安，謝謝讓我提問。我想先從交易手續費的展望談起，並希望聽聽你們對於在年初強勁動能之下，ACS 費用韌性（可持續性）的看法。看起來在上半年，你們的運行水準已經高於你們在投資人日所提出的五年營收目標，大約提前了三年達成。

And just given a lot of the comments on the call, whether it's a staggering sum of money needed to finance the global industrial renaissance, the strong origination pipelines, the differentiated high-grade capital solution, how does all of that collectively speak to your confidence level in terms of your ability to continue to grow off the current base? And how do you envisage the revenue potential of this business over the medium to long-term?

另外，考量到電話會議中許多評論——不論是為全球工業復興融資所需的龐大資金、強勁的承作（origination）管線、差異化的高評級資本解決方案——這些因素綜合起來，如何影響你們對於在目前基礎上持續成長能力的信心？以及你們如何想像這項業務在中長期的營收潛力？

Good morning. This is Jim. Let me start out real quickly and then I'll pass over to Martin for more detail. But I think you've hit on something that we think is [Athene]. We talked about this origination focus, we've talked about the flywheel and now we're really seeing it hit in multiple stages. And I think what you're seeing, Broadcom is a good example where I think we've shown the discipline and the strength of our platform and be very thoughtful about the long-term. I don't want to say predictability, but the long-term durability of that stream.

早安。我是 Jim。我先很快開個頭，接著我會把問題交給 Martin 補充更多細節。但我認為你點出了我們所認為的——[Athene]。我們談過這個以承作為核心的聚焦、談過飛輪效應，而現在我們真的看到它在多個階段同時發力。我認為你所看到的，Broadcom 是個很好的例子：我們展現了紀律與平台的實力，並且非常審慎地以長期為考量。我不想說是可預測性，但那條收入流的長期韌性（耐久性）。

The other comment that I would make is the marketplace, I think, in aggregate is making a mistake by just thinking global industrial renaissance is AI and data centers. As we're sitting here in August of '26, I suspect 12 to 24 months from now, we will be talking about the onshoring, re-onshoring of industrial basis of US, defense, more energy transition.

我另外想補充的是，我認為市場整體犯了一個錯誤：只把「全球工業復興」等同於 AI 與資料中心。當我們坐在這裡、時間是 2026 年 8 月，我猜 12 到 24 個月後，我們會在談的是美國工業基礎的回流與再回流、國防，以及更多的能源轉型。

And so, yes, I think what we're seeing is the durability, the breadth and the power of incumbency in this business, which are all things we've talked about before, but you've hit on a very critical point that was an idea six, seven years ago came into became a robust business and now it's really certainly durable and sustainable over time.

所以，是的，我認為我們看到的是這項業務的韌性、廣度，以及既有領先者（incumbency）的力量——這些都是我們之前談過的——但你點出了一個非常關鍵的點：六、七年前的一個想法，發展成為一門強健的業務，而現在它確實在時間推移下具備韌性且可持續。

And I'll just add, Steven. Look, we believe that this earnings stream has more value than is generally appreciated. And so we are very focused on making sure we can build a durable base of origination that supports it. And if you step back, origination fuels all forms of revenue growth. And so a consequence of origination is management fee growth.

我再補充一下，Steven。你看，我們相信這條獲利來源的價值，普遍被低估了。因此我們非常專注於確保能建立一個具韌性的承作基礎來支撐它。如果你退一步看，承作驅動各種形式的營收成長。因此，承作的結果之一就是管理費成長。

For the asset manager, it's spread earnings growth for Athene and it's ACS earnings growth. And so it's all connected. And so we are -- every business within the firm is now contributing to the growth of this business by producing origination, which is in part syndicated to third parties and every new business that we look at is expected to do the same.

對資產管理人而言，這是 Athene 的利差收益成長，也是 ACS 的收益成長。所以這一切都是相互連結的。因此，我們——公司內的每一個業務現在都在透過產生承作來貢獻這項業務的成長；其中一部分會分銷（syndicated）給第三方，而我們所評估的每一項新業務也都被期待要做到同樣的事。

And then I would combine that with partnerships with others, banks and other asset managers where we are also sort of creating channels by which we can create origination. So we do think there's upside. At the same time, we're mindful of creating a base that we can invest against, which has high conviction.

然後我會把這點與我們和其他夥伴——銀行與其他資產管理人——的合作結合起來看；我們也在某種程度上建立渠道，讓我們能夠創造承作。所以我們確實認為仍有上行空間。同時，我們也留意要建立一個我們可以據以投資、且具高度信心的基礎。

And so that's sort of how we think about the business.

這大致就是我們看待這項業務的方式。

The other two points I'd add just to pile on is that if you look at the equity research analysis of the breadth of counterparty sales that these companies need to do, whether it's ships or otherwise, there is successive financing going to occur in several years from now.

另外我再補充兩點：第一，如果你看股票研究對於這些公司需要進行的對手方銷售（counterparty sales）廣度的分析——不論是船舶或其他——在未來幾年將會出現連續性的融資需求。

The second is we believe in open architecture and the economics of sharing of fees across the ecosystem is going to continue.

第二，我們相信開放式架構（open architecture），而在整個生態系中分享費用的經濟模式將會持續。

And finally, I do think that when Marc talks about one ecosystem of clients turning into five, ACS touches all of those as well. So there's a massive multiplier effect which you're touching on and we see and again, I think the mistake that folks are making are really thinking this is really only an AI data center opportunity. If you look at our pipeline, it would tell you a very different story.

最後，我確實認為，當 Marc 談到一個客戶生態系變成五個時，ACS 也會觸及所有這些。所以你提到的、我們也看到的是一個巨大的乘數效應；而且我再次認為，大家犯的錯誤是把這完全視為 AI 資料中心的機會。如果你看我們的管線，會告訴你一個非常不同的故事。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Thanks. Good morning everyone. Our question is on M&A. Can you update us on the M&A outlook both at the Apollo corporate level and also at Athene and Athora opposed to PIC and bridge deals?

謝謝。各位早安。我們的問題是關於併購（M&A）。你們能否更新一下併購展望：在 Apollo 集團層級，以及在 Athene 與 Athora（相較於 PIC 與橋接交易）方面？

PIC is helping you accelerate your growth in the retirement business in the UK. Do you see other potential targets like this one that could help expand the retirement business in Europe and Asia?

PIC 正在幫助你們加速在英國退休業務的成長。你們是否看到其他類似的潛在標的，能協助在歐洲與亞洲擴展退休業務？

Thank you. It's Marc. I'll take a shot and then I'll turn it to Jim. As you know from prior quarters, we have not been big proponents of asset manager M&A. When you look at some of the businesses we've built, and for instance, take sports, the magnitude of what we're doing in sports, if you look at what we've announced and the pipeline versus buying, for instance, a sports-focused firm, we just didn't see the mileage we would get.

謝謝。我是 Marc。我先嘗試回答，然後再交給 Jim。如你們從前幾季所知，我們一向不是資產管理人併購的強力支持者。當你看我們建立的一些業務，例如以運動（sports）為例，我們在運動領域所做的規模——如果你看我們已宣布的內容與管線，相較於例如去買一家專注運動的公司，我們並不覺得那樣能帶來足夠的效益。

Every one of these asset manager purchases is, yes, it can be accretive. Yes, you probably have to pay twice, both to the equity owners and then to the employees. But most importantly, it gets you more of the same.

每一筆資產管理人的收購，是的，可能具有增益（accretive）。是的，你可能得付兩次錢：一次付給股權持有人，然後再付給員工。但最重要的是，它帶來的是更多同質性的東西。

We're growing so fast from originating good transactions that we debate in a negative way the utility of just more of the same as opposed to using excess capital in our business to diversify the business in adjacencies that will provide recurring fee revenue, whether that is in market making, whether that is in growth in our equity business, whether that is a reinvention of retirement, whether that is a real expansion of lending against private assets, I think you are more likely to see us go in adjacent directions than you are to see us go by buying another asset manager simply to consolidate in given the brain damage associated with people businesses.

我們透過承作優質交易而成長得非常快，因此我們會以較負面的角度去辯論：與其只是取得更多同質性的東西，不如把我們業務中的多餘資本用來在相鄰領域做多元化，創造經常性費用收入——不論是做市（market making）、擴大我們的股權業務、重塑退休（retirement）的模式、或是大幅擴張以私募資產作為抵押的放貸。

The only thing I would add is consistent with that, what Marc laid out is. We find ourselves when we have grown, you can go two ways in your business. You can become more siloed or you can be more integrated.

我唯一想補充的是，這與 Marc 所說的一致。當我們成長時，你的業務可以走兩條路。你可以變得更分隔（siloed），或是變得更整合。

We're clearly going the more integrated approach. That's when you see the results of ACS, that provides that example. And by buying something, universally, they'll want to get siloed, they'll want to control their destiny. So as Marc said, I think anything ACS do will be expanding the sandbox, not just taking more space within the existing envelope and sandbox.

我們顯然是走更整合的路徑。這也是你看到 ACS 成果時的例證。而透過收購某個東西，普遍而言，他們會想要變得更分隔，他們會想掌控自己的命運。所以如 Marc 所說，我認為 ACS 會做的任何事，都是在擴大沙盒，而不只是把既有框架與沙盒裡的空間再多占一些。

Alexander Blostein, Goldman, Sachs & Co.

Alexander Blostein，高盛（Goldman, Sachs & Co.）。

Hi, good morning. Thank you for the question, everyone. A little bit of a bigger picture question, Marc, back to the daily values sort of discussion. All of what you're describing makes a lot of sense. I'm just curious what pools of investment capital do you think this will open up for Apollo and perhaps some of the others that is not already available as you and maybe some of the others move closer to providing daily navs on private credit?

嗨，早安。謝謝大家的提問。Marc，這是一個更宏觀一點的問題，回到你剛才談到的每日估值（daily values）的討論。你所描述的一切都很有道理。我只是好奇，當你們以及可能其他同業更接近為私募信貸提供每日淨值（daily NAV）時，你認為這會為阿波羅（Apollo）以及其他一些機構打開哪些目前尚未可得的投資資本來源？

So if you segment the look look Alex, I'll give you my view and Jim and Martin will weigh in, go back to the way this industry started, drawdown funds out of institutional alternative buckets, generally closed end product. No one cared how things were marked. It was all about what you were getting in the beginning and what you ended up at the end. And as long as the end result was good, everyone was fine. And there was no prejudice to an investor because everyone was entering and leaving at the same time.

Alex，如果你把它分段來看，我先講我的看法，Jim 和 Martin 也會補充。回到這個產業一開始的樣子：從機構投資人的另類投資配置中募集的提撥式基金（drawdown funds），通常是封閉式產品。沒有人在意資產怎麼被估值入帳。重點在於一開始你拿到什麼，以及最後你結束時拿到什麼。只要最終結果好，大家都沒問題。而且對投資人也不存在不公平，因為大家是同一時間進場、同一時間退出。

Now you move within that same investor, you move to their debt and equity buckets. Let's start with their debt bucket. The fixed income manager at a large institutional client. Does not think of fixed income as a locked-up investment. They think of fixed income as securities.

現在在同一批投資人之內，你把視角移到他們的債券與股票配置。先從債券配置談起。大型機構客戶的固定收益經理，不會把固定收益視為被鎖定的投資。他們把固定收益視為證券。

So when they have the opportunity to buy the Intel public and we offer them the opportunity to buy the Intel private, we're not talking to them about coming into a fund. We're talking to them about buying the security. They are making an explicit trade-off in whatever view they have is to the secured private or the unsecured public. The negative of it is they have historically had less liquidity and less ability to see daily valuation.

所以當他們有機會買英特爾（Intel）的公開市場債券，而我們也提供他們買英特爾的私募債時，我們不是在跟他們談加入某個基金。我們是在跟他們談買一檔證券。他們會基於自身觀點，明確在「有擔保的私募」與「無擔保的公開市場」之間做取捨。過去的缺點在於：私募工具的流動性較差，也較難看到每日估值。

The fact that Apollo market makes in that and that there are trades in that and that Intel itself public bonds trade give us a proxy by which to price these things, so all of a sudden they are making a much better trade-off. They no longer need to demand as much excess spread for holding the private instrument versus the public instrument.

阿波羅在其中做市，而且市場上也有交易；同時英特爾本身的公開債券也在交易，這些都給了我們一個可用來為這些資產定價的代理指標（proxy）。因此他們突然之間能做出更好的取捨。他們不再需要為了持有私募工具相對於公開工具，而要求那麼高的額外利差（excess spread）。

Further, from a settlement point of view, they are used to buying CUSIPs. They don't want to hear about documentation and long form and other types of things, giving them an ICE ID is very similar to a CUSIP. Today, if you are an investor in our investment grade fixed income product. Every single day you can call up and find out where your holdings are trading. Every single day you can get an [f]. You get it actually as you log into your connection with Apollo and you do that. You want to see a run of where things are trading in the morning, you get that run.

此外，從交割（settlement）的角度來看，他們習慣買的是 CUSIP。他們不想聽到文件作業、長篇格式等各種事情；給他們一個 ICE ID，就很像給他們一個 CUSIP。今天，如果你是我們投資級固定收益產品的投資人，你每天都可以打電話來查你的持倉交易在什麼價位。你每天都可以拿到一份[f]。實際上，你登入你與 Apollo 的連線時就能取得。你想看早上各項資產的交易價位清單（run），你就能拿到那份清單。

This is building transparency. You could see, for instance, all of the work that's been done with traditional asset managers. Most of the announcements that our industry has made with traditional asset managers have focused on unique product that are not necessarily regular way.

這是在建立透明度。例如，你可以看到我們與傳統資產管理公司所做的各種工作。我們這個產業與傳統資產管理公司合作所發布的大多數公告，都聚焦在一些獨特的產品上，而不一定是常規型態。

But why can't fixed income public product, why can't there be a 10% or 15% private bucket as a return enhancer? Look at what we've done so far with State Street. The State Street ETF priv, which involves public and private, is top decile performer.

但為什麼公開市場的固定收益產品不能有 10% 或 15% 的私募配置，作為報酬增強器（return enhancer）？看看我們目前與道富（State Street）所做的。道富那檔同時包含公開與私募的 ETF（State Street ETF priv），表現位居前十分位（top decile）。

It has seasoned now. It's, I believe, crossed the $1 billion threshold. And we now have opportunities to show proof of concept that we can not only give you daily pricing, but we can actually create and redeem in line with public funds.

它現在也已經成熟（seasoned）了。我相信它已經跨過 10 億美元的門檻。而我們現在有機會用實證（proof of concept）來展示：我們不僅能提供每日定價，也能像公開基金一樣進行申購與贖回（create and redeem）。

The more we do this, the more we will make ourselves acceptable to 401(k), to DC, to traditional asset managers, individuals and otherwise. The most recent discussion that's had across our industry on liquidity has been in a negative context of the gating of direct lending funds over the past few months.

我們做得越多，就越能讓自己被 401(k)、確定提撥制（DC）、傳統資產管理公司、個人投資人等所接受。最近幾個月，我們產業對流動性的最新討論，多半是在負面脈絡下，因為直貸基金（direct lending funds）出現了限制贖回（gating）。

And I think what Jim and I have taken away from this, the desire for these assets has never been stronger. And you see that in the statistic Jim gave, which is you simply get twice the return. However, not everyone loves the wrapper. Some, the highest net worth clients will come into a wrapper that is restricted in its liquidity and will continue to come into a wrapper that's restricted in its liquidity.

我想 Jim 和我從中得到的結論是：市場對這些資產的需求從未如此強烈。你也能從 Jim 提到的統計看出來，也就是你基本上能拿到兩倍的報酬。然而，不是每個人都喜歡那個「包裝」（wrapper）。有些最高淨值客戶會進入流動性受限的包裝，並且也會持續進入流動性受限的包裝。

But imagine if they had access to private markets without restriction and liquidity and in ways that did not create mismatches of the funds. That is what we're trying to do, that's what's happening in market making, that's what daily nav is about, it's even what the beginnings of AMAPs are about.

但想像一下，如果他們能在沒有流動性限制的情況下接觸私募市場，並且以不會造成基金期限錯配（mismatches）的方式來做。這就是我們想做的事；這也是做市正在發生的事；這就是每日淨值（daily NAV）的意義，甚至也是 AMAPs 起步階段所代表的方向。

And more to come. I think you will see our industry move toward the indicia of public markets while retaining the private market origination. That doesn't mean they're going to be the same, but the closer we get providing the tools and the surrounding atmosphere of how things settle, how things trade, how things are priced, how much transparency, how much disclosure, the less the risk premium, the greater the acceptance.

後面還會有更多。我認為你會看到我們的產業在保留私募市場的起源能力（origination）的同時，逐步朝向公開市場的特徵（indicia）靠攏。這不代表兩者會變得完全一樣，但我們越接近提供各種工具與周邊環境——例如如何交割、如何交易、如何定價、透明度有多高、揭露有多少——風險溢酬（risk premium）就越低，接受度就越高。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Hi. Thanks very much. I'll squeeze two very short ones together because it's the same concept. Monetizations were slow, but markets at all-time highs, M&A and IPO are picking up. I'm curious if you could drill down on your slowish comment there. At the same time, you've recently been talking about a lot of competition in the retail annuity space, yet your production, your annuity generation was great.

嗨。非常感謝。我把兩個很短的問題合在一起，因為概念相同。資產變現（monetizations）偏慢，但市場在歷史高點，併購（M&A）和 IPO 也在回升。我想請你更深入說明你提到「偏慢」的評論。同時，你們最近也在談零售年金（retail annuity）領域競爭很激烈，但你們的產量、你們的年金生成（annuity generation）卻很亮眼。

So I was just curious, both of those kind of sounded the same to me as a little bit different than what we expected.

所以我只是好奇，這兩點聽起來都跟我們原先預期有點不一樣。

Well, why don't we divide and conquer that? Why don't I take -- Jim, I'll take the retail annuity. So if you step back, we have an intense amount of competition that has come into the retail annuity business. I believe that by latest count, there are 36 now asset management entries into retail annuities.

好，那我們分工處理吧。Jim，我來回答零售年金。如果你退一步看，零售年金業務湧入了非常激烈的競爭。我相信按最新統計，目前已經有 36 家資產管理機構進入零售年金市場。

And I remind you that the basis of competition in this business so far has been can you find assets that generate a spread and are acceptable from a capital return? Can you generate liabilities organically or inorganically that allow you to invest against in a stable way? Do you have an overhead structure that allows you to do the business in a cost competitive way? And then capital and management.

我也提醒各位，到目前為止這個業務的競爭基礎在於：你能否找到能產生利差（spread）且在資本回報（capital return）角度可接受的資產？你能否以有機或無機方式生成負債（liabilities），讓你能以穩定方式進行資產配置投資？你是否有一個能以具成本競爭力方式經營該業務的間接費用（overhead）結構？以及資本與管理。

Almost everyone who's come to this marketplace does not have anything other than capital. And so they don't have a mature origination machine to generate IG risk. They do not have a liability structure or a liability origination queue that allows them to generate stable liabilities to invest against. They do not have sufficient OpEx and generally the management teams are untested and unceased.

幾乎所有進入這個市場的人，除了資本之外什麼都沒有。因此他們沒有成熟的起源機器（origination machine）來產生投資級（IG）風險資產。他們也沒有負債結構或負債起源管道（liability origination queue），讓他們能生成可用來對應投資的穩定負債。他們的營運費用（OpEx）也不足，而且管理團隊通常未經考驗、也尚未成熟。

Yes, they have capital. And so what we've seen take place is in the absence of any of those competitive advantages, we've seen new entrants in particular use jurisdictions like Cayman. To not put up as much capital to hold other types of assets that allow them to try and build a bridge into their business.

是的，他們有資本。因此我們看到的是，在缺乏任何那些競爭優勢的情況下，我們看到新進入者特別是利用像開曼這樣的司法管轄區。以不必投入那麼多資本來持有其他類型的資產，讓他們得以嘗試在其業務中搭建一座橋樑。

I think that's getting harder and harder because the NAIC regulatory body understands that that's an existential risk to trust in the entirety of the industry and the proposals we've seen this week go a long way to indicating to the industry that that is not going to stand.

我認為這變得越來越困難，因為 NAIC 監管機構明白，這對整個產業的信任而言是一種生存性風險，而我們本週看到的提案在很大程度上是在向產業表明，這種情況不會被容許繼續存在。

For us, it has been about competing in channels in which many of these new entrants do not have a significant presence. Most of the institutional channels away from independent advisors are very ratings conscious, are very domicile conscious. And yes, we compete and we have really tough competitors of the traditional companies, but you eventually have to earn a spread.

對我們而言，重點在於在許多這些新進入者並沒有顯著存在的通路中競爭。大多數遠離獨立理財顧問的機構型通路非常重視評級，也非常重視註冊地。而且是的，我們在競爭，我們也有非常強勁的傳統公司競爭對手，但最終你必須賺到利差。

And sometimes we use more Fabens or more Fabers or more MIGAs or more FIAs or more of this or more of that and you'll see the mix of product in this quarter actually reflects the markets and the products where we felt in this quarter, we could earn the right amount of spread.

有時候我們會多用一些 Fabens、或多用一些 Fabers、或多用一些 MIGA、或多用一些 FIA，或這個多一點、那個多一點；你會看到本季的產品組合其實反映了市場，以及我們認為在本季能夠賺到適當利差的那些產品。

Now I would be less than fully transparent if I didn't say the origination pipeline and the strength of the origination pipeline is allowing us to create the kinds of spread and return in a competitive market.

如果我不說承作（origination）管線以及其強勁程度正在讓我們能在競爭激烈的市場中創造這樣的利差與報酬，那我就稱不上完全坦誠。

And while we are not ceding the independent channel to new entrants, the independent channel is less focused on ratings and area of domicile and much more focused on just price. It is still an important channel and we come in and out of that channel as we think we can earn spread. We are here to earn spread.

而且雖然我們不會把獨立通路拱手讓給新進入者，但獨立通路較不在意評級與註冊地，更在意的只是價格。它仍然是一個重要通路，而我們會依照我們是否認為能賺到利差而進出這個通路。我們在這裡就是要賺利差。

Sometimes spread is abundant and will grow even faster, sometimes not so much. Right now, management feels that it can deliver the plan at the spread, at the returns, and if that changes, they'll do less business externally and they'll bring more of the existing business in-house to meet their 10% SRE target.

有時利差很充裕，甚至會更快擴大；有時則不然。目前管理層認為可以在既定利差與報酬水準下交付計畫；如果情況改變，他們會減少對外承作的業務，並把更多既有業務內部化，以達成其 10% SRE 目標。

If it widens, the company is well positioned to capture that. We are one of the few companies in the industry that at this point in time has been building a treasury and an agency portfolio as a means of future earnings growth against competitive or opportunistic marketplaces. Almost everyone else has had to go all out to kind of earn spread in a tight market.

如果利差擴大，公司也具備良好條件去把握。我們是業界少數在此時點仍持續建立美國公債與機構債投資組合的公司之一，作為未來在競爭性或機會型市場中推動獲利成長的手段。幾乎所有其他人都不得不全力以赴，才能在利差緊縮的市場中賺到利差。

[Origination], Glenn.

[承作]，Glenn。

I'll just quickly comment on the monetization. We would say that of all of our numbers, the most volatile in returns is the PII number from our business. I guess I would hang my hat on the fact that over any 12- to 14-month period or 16-month period, we feel pretty good about the aggregate numbers, not quarter-to-quarter.

我快速補充一下變現（monetization）。我們會說，在我們所有的數字中，報酬最具波動性的是我們業務的 PII 數字。我想我會把重點放在：在任何 12 到 14 個月、或 16 個月的期間內，我們對整體彙總數字相當有信心，但不會以季度對季度來看。

Monetization is one litmus test of success. The other is your investor response when you offer a new product. I mentioned the Fund 11 demand that we've captured so far over $12 billion. So as a value investor over many decades, that has suited us well. I would say that if you look at the monetization of the equity IPO market in the last quarter, year-to-date, a lot of it has been on a lot of growth versus value, but we're not concerned on a quarter-to-quarter.

變現是衡量成功的一個試金石。另一個是當你推出新產品時，投資人的反應。我提到我們目前已捕捉到的 Fund 11 需求超過 120 億美元。因此，作為數十年的價值型投資人，這一直很適合我們。我會說，如果你看上一季、年初至今股權 IPO 市場的變現情況，其中很多是偏向成長而非價值，但我們不會以季度對季度的角度去擔心。

And really from us, we feel that the strength and breadth of our business is what's outstanding.

而對我們來說，我們認為真正突出的，是我們業務的強度與廣度。

Mike Brown, UBS.

Mike Brown，UBS。

Great. Good morning, Marc, Jim and Martin. I wanted to ask on expenses here. So Apollo, you guys continue to regenerate good operating leverage here, but you continue to really invest in tech, daily pricing infrastructure, market making, new distribution capabilities another headquarters. So just wanted to touch base on how's the expense outlook from here, can you still deliver continued margin expansion as you continue to invest in the business, any color there would be helpful.

很好。早安，Marc、Jim 和 Martin。我想問一下這裡的費用。所以 Apollo，你們持續展現良好的營運槓桿，但同時也持續大力投資科技、每日定價基礎設施、做市、新的通路/分銷能力，還有另一個總部。所以想確認一下接下來的費用展望如何？在持續投資業務的同時，你們是否仍能持續帶來利潤率擴張？任何補充說明都會很有幫助。

Hey, Mike, yeah, I mean, the quick answer is yes, the way we are planning the period ahead of us is really no different from what we've been doing and that is you should expect that we will create 20% FRE growth over the cycle anchored by mid to high teens revenue growth and sort of low double-digit low 10s expense growth.

嗨，Mike，是的，我的簡短回答是可以；我們對未來一段期間的規劃其實與我們一直在做的沒有不同，也就是你應該預期我們在一個週期內能創造 20% 的 FRE 成長，這以中到高十位數的營收成長為錨，並搭配約低雙位數、約 10% 出頭的費用成長。

And so everything we do as we prioritize our investment spending is anchored around that. So I wouldn't look at the quarter as indicative of a trend, which is different on a long-term basis. There's some nuances in there which we can get into but think about it in the same rubric.

因此，我們在優先排序投資支出時所做的一切，都以此為核心。所以我不會把這一季視為代表某種趨勢，因為長期來看並非如此。其中有一些細節我們可以再深入，但請用同一套框架來理解。

And we're very mindful of funding new talent, new people and new businesses and then so the infrastructure to support all of that plus the pricing, plus anything else that we do. And so AI is a part of it, cost efficiency is a part of it, we're mindful of sort of extracting efficiency where we can, but that all goes into how we plan our expense load against the growing revenue base.

而且我們非常留意為新人才、新人員與新業務提供資金，並且建置支援所有這些的基礎設施，再加上定價，以及我們做的其他任何事情。因此，AI 是其中一部分、成本效率也是其中一部分；我們也會留意在可行之處提取效率，但這些都會納入我們如何在營收基礎成長的同時規劃費用負擔。

And I would just add, if you what we've been saying, the excitement that you're hearing about our business and the breadth of the growth opportunities, we want to make our numbers plus some, but also invest in this bright future. I mean, it's never been so exciting from our perspective. So if you think if you have that principal mindset, this is what you would like us to do as shareholders.

我再補充一下，如果你聽我們一直在說的、以及你聽到我們對業務的興奮感與成長機會的廣度，我們希望達成我們的數字，甚至超越一些，同時也投資這個光明的未來。從我們的角度來看，從未像現在這麼令人振奮。所以如果你以「委託人/股東」的心態來看，這正是你希望我們作為股東所做的事。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Good morning, everyone. Marc, a follow-up on the regulatory arbitrage point you made earlier. Good to hear there's movement there. So I'd be curious to get any updated thoughts on how meaningful you think cleaning up these disconnects could be for the competitive environment and to what extent you've actually tried to peg specifically how much spread pressure has been driven by those players that are taking advantage of that arbitrage to more aggressively write new business?

各位早安。Marc，針對你先前提到的監管套利再追問一下。很高興聽到那方面有進展。所以我想了解你對於清理這些落差可能對競爭環境帶來多大意義的最新看法，以及你們是否曾嘗試具體估算：有多少利差壓力是由那些利用該套利、以更積極方式承作新業務的玩家所造成？

So I always look at my calendar as to whether I'm having impact. This year, I was the invited guest at the NAIC conference in DC. And they kind of knew what I was going to say, so they clearly wanted me to say it.

所以我總是看我的行事曆來判斷我是否產生影響。今年，我受邀成為 NAIC 在華盛頓特區會議的特邀來賓。而他們大概知道我會說什麼，所以他們顯然是希望我把那些話說出來。

And what we've seen come out over the past few weeks and from the conversations I've had with other CEOs, everyone understands that we have as an industry an amazing opportunity. The world is short guaranteed lifetime income, the populations are aging, almost no one else offers guarantees. The global industrial renaissance is giving us long-dated fixed income to support these guarantees. We should be giants straddling the financial world.

而我們在過去幾週看到的發展，以及我與其他 CEO 的對話，都顯示每個人都明白：作為一個產業，我們擁有一個極佳的機會。全球都缺乏有保證的終身收入，人口正在老化，幾乎沒有其他人提供保證。全球工業復興正在為我們帶來長天期固定收益資產，以支撐這些保證。我們本應是橫跨金融世界的巨人。

And instead, we as an industry have not, in my opinion, gotten our rightful share. Part of that is product modernization. And the products right now are hopelessly complex and you will hear over quarters that we will simplify this product base and I believe others in the industry will as well. But part of it is about trust. How many institutions are you going to give your retirement savings to?

但相反地，依我之見，我們這個產業並沒有取得我們應得的份額。其中一部分原因是產品現代化。而目前的產品複雜到令人絕望；你會在接下來幾個季度聽到我們將簡化這個產品基礎，我也相信產業中的其他人也會這麼做。但其中一部分也關乎信任。你會把你的退休儲蓄交給多少家機構？

One of the reasons we're very focused on AA, on credit quality and we're also focused on the industry. Because we are only as good as the perception of the industry. We push the industry in terms of disclosure and transparency, and now we're pushing the industry in terms of regulatory. We do not want bad outcomes of competitors in any jurisdiction because ultimately that's negative for the trust of consumers.

我們之所以非常專注於 AA、專注於信用品質，同時也專注於產業，其中一個原因是：我們的表現好壞，取決於外界對整個產業的觀感。我們推動產業在資訊揭露與透明度方面進步，而現在我們也在推動產業在監管方面的進展。我們不希望在任何司法管轄區出現競爭對手的負面結果，因為最終那會損害消費者的信任。

But it also is a financial penalty to us, the most successful company in the industry because we operate an industry funded on the margin guarantee association and we are just tired of making good on guarantees for visible risk. So what we've seen over the past period of time is business has gone to primarily Cayman has grown very fast.

但這對我們——這個產業中最成功的公司——同樣也是一種財務懲罰，因為我們所處的產業是建立在由產業出資的保證金擔保協會之上，而我們已經厭倦了為那些顯而易見的風險去兌付擔保。因此，我們在過去一段時間看到的是，業務主要流向開曼，且成長非常快。

And that has not only put pressure on the companies who are there, but if you are a US-based company that otherwise would be inclined to do the right thing, you are going to your local regulator and you're saying, it's really hard to compete with these companies in Cayman. And we've seen a number of US regulatory jurisdictions that have given special dispensation to allow some of the Cayman rule creep to come into the US.

這不僅對在那裡的公司造成壓力，而且如果你是一家美國本土公司，本來會傾向於做正確的事，你就會去找你當地的監管機構說：要和這些在開曼的公司競爭真的很難。而我們也看到一些美國監管轄區給予特殊豁免，允許部分「開曼規則滲透」進入美國。

That is a very early warning sign to the regulatory body that they need to do their job and clean this up and to maintain trust because otherwise they risk a race to the bottom. What we saw over the past week is a series of proposals that really talk about non-reciprocal jurisdictions. It is not all about the competition, you have to be onshore, you have to be this. You just have to live with a set of rules that are reciprocal with the US. That is not a lot to ask.

這對監管機構而言是一個非常早期的警訊：他們需要做好本職工作、把這些問題清理乾淨並維持信任，否則就有陷入「向下競爭」的風險。我們在過去一週看到的是一系列提案，重點在談「非互惠」的司法管轄區。這並不完全是競爭問題，不是說你必須在岸上、你必須怎樣。你只需要遵守一套與美國互惠的規則。這並不是過分的要求。

So I believe this growth phase that we've seen in offshore regulatory arbitrage is coming to an end. And that companies are going to be really unhappy with the bill they're going to get from capital, additional capital that they will likely be required to post.

因此，我相信我們所看到的這一波離岸監管套利的成長階段正在走向終結。而那些公司將會對他們收到的資本帳單非常不滿——也就是他們很可能被要求額外繳交的資本。

In terms of spread pressure, I don't have the stats in front of me, but the easiest way to look at this, and we can certainly do this and [NOAA] has the information, is to look at the differential in funding costs in the broker channel versus some of the other channels and just how much people are paying for money.

就利差壓力而言，我手邊沒有統計數據，但最簡單的看法——我們當然可以做，而且[NOAA]也有相關資訊——是去看經紀通路相較於其他通路的資金成本差異，以及大家為了取得資金到底付了多少成本。

It will surprise you as to how little spread companies are willing to take to try and enter a business without any of the fundamentals that will allow them to succeed on the long-term, which is asset origination franchise, liability origination franchise and OpEx. So look, we live in a competitive world, we have all the things we need to compete.

你會驚訝於公司為了嘗試進入某個業務，願意接受多麼微薄的利差，儘管他們缺乏能讓其長期成功的基本面：也就是資產端的起源（origination）特許經營、負債端的起源特許經營，以及營運費用（OpEx）。所以你看，我們身處一個競爭的世界，我們具備競爭所需的一切。

Some of the things we see are warning signs, not just for us, but for the whole industry, which is why it's getting good industry support. And I think the industry is woken up and is acting.

我們看到的一些現象是警訊，不只是對我們而言，對整個產業也是如此，這也是為什麼能獲得良好的產業支持。我認為產業已經醒悟並正在採取行動。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Great. Thank you very much. I just want to come back to the opportunity to sort of achieve the 11% return for the alternative sleeve within Athene. Can you give us an update on the opportunity with [PIK] in the European footprint, if you will, and how you might sort of see the trajectory of improvement there, particularly given your comments, Marc, around just sort of the evolving regulatory landscape and the capital arbitrage?

很好。非常感謝。我想回到在 Athene 內部的另類投資部位（alternative sleeve）實現 11% 報酬率的機會。你能否就[PIK]在歐洲版圖（footprint）的機會提供最新進展，以及你如何看待那裡改善的軌跡？特別是考量你剛才的評論，Marc，關於監管環境的演變以及資本套利。

So we, as we just closed or very recently closed on PIC and PIC involved a very substantial new fundraise into Athora and that new fundraise would not have happened without investor belief and our belief that we will achieve mid-teens rates of return for Athora on a go-forward basis.

我們剛完成、或非常近期完成對 PIC 的交易；而 PIC 涉及對 Athora 一次相當可觀的新募資。若沒有投資人相信、以及我們也相信，Athora 在未來能達到中段十幾（mid-teens）的報酬率，這次新募資是不可能發生的。

If you look at the trajectory of Athora, very good early returns, stagnant for a period of time and now set up for other returns. And some of this is just the nature of the growth cycle of these companies. We at Athora incurred a decent amount of overhead building up the business to be able to support the next level of acquisition.

如果你看 Athora 的軌跡：早期報酬非常好，之後有一段時間停滯，現在則已為後續報酬做好準備。其中一部分只是這類公司成長週期的本質。Athora 為了把業務建置到能支撐下一階段併購的程度，承擔了相當可觀的管理費用（overhead）。

We had thought we were going to make that acquisition on the continent. And we ended up delayed in doing that, so we basically carried excess overhead for about 18 months. That overhead has now been folded back down and into the operating subsidiaries of the two largest are the Netherlands, which operates a holistic business and PIC, which operates a holistic business.

我們原本以為會在歐陸完成那筆併購。但最後延後了，因此我們基本上多承擔了約 18 個月的超額管理費用。這些管理費用現在已被下放並併入兩家最大的營運子公司：荷蘭（經營一個全方位業務）以及 PIC（同樣經營一個全方位業務）。

And so the holding company and expense at Athora is increasingly minimized as we review our participation in some of the smaller markets like Germany, which have been the subject of rumor.

因此，隨著我們檢視在一些較小市場（例如德國）的參與——這些市場一直有傳聞——Athora 的控股公司層級費用與支出正被愈來愈多地壓低到最小。

So it is not guaranteed, but I am optimistic that we are now set up for mid-teens rates of return on our Athora investment, and that's the basis on which we raised. The dough successfully in pretty large quantity.

所以這並非保證，但我樂觀地認為，我們現在已經具備條件，讓我們對 Athora 的投資能達到中段十幾（mid-teens）的報酬率；這也是我們募資時所依據的前提。而我們也成功募到了相當大規模的資金。

The other large investment is in AAA. AAA has been really close, I agree. It should be returning more. It's at 10, not 11. As Jim suggested, we're 45 of 46 quarters or 44 or 45 quarters positive results in nearly 25 quarters. We have made a decision there. If you look at how we run the business in AAA in a levered share class and an unlevered share class.

另一項大型投資是在 AAA。AAA 一直非常接近，我同意。它應該帶來更高的回報。目前是 10，不是 11。如 Jim 所說，我們在 46 個季度中有 45 個季度（或 44 或 45 個季度）是正報酬，接近 25 個季度。我們在那裡做了一個決定。如果你看我們在 AAA 的業務運作方式，分為有槓桿的份額類別（levered share class）與無槓桿的份額類別（unlevered share class）。

Athene owns the unlevered share class. And for the most part, the AAA structure is not levered like PE. It's a very lightly leveraged structure. To make it comparable to PE or more comparable to PE, we also offer a levered share class. That levered share class is now three quarters of $1 billion and has produced mid-teens rates of return on a much more consistent basis than PE.

Athene 持有的是無槓桿的份額類別。而在大多數情況下，AAA 的結構不像私募股權（PE）那樣使用槓桿。它是一個槓桿非常輕的結構。為了讓它可與 PE 相比、或更可比，我們也提供一個有槓桿的份額類別。該有槓桿份額類別目前規模約為 10 億美元的四分之三，並且相較於 PE，以更一致的方式產生中段十幾（mid-teens）的報酬率。

And so for us, our belief is that we can, on an unlevered basis, without the volatility, introduce magnifying leverage, we believe we can get there. It may take us another quarter or two to get there. But this is a very long-term investment. So we've been doing this for 17, 18 years. The returns have met our benchmark over that long period of time, but we've been through a little bit of a desert of return here, and I think we're getting close.

因此對我們而言，我們相信在無槓桿的基礎上、在不增加波動性的情況下，引入放大槓桿（magnifying leverage），我們有機會達到目標。可能還需要再一到兩個季度才能達成。但這是一項非常長期的投資。我們已經做了 17、18 年。在那麼長的期間裡，報酬一直符合我們的基準，但最近我們經歷了一段回報的「沙漠期」，我認為我們已經接近走出來了。

The one thing I'd add, Bill, was the contract with PIC. The acquisition and the integration has been really well done. It's been a very smooth process. The construct for buying PIC was to create an organically growing business within Athora. And we've seen just in July a $6 billions pension transaction with a UK blue chip company and a healthy pipeline. So the thesis is starting to play out that this will become a growing business that we can add to over time.

Bill，我還想補充一點：與 PIC 的合約。這次收購與整合做得非常好。過程非常順利。收購 PIC 的設計，是要在 Athora 內打造一個有機成長的業務。而我們在 7 月就看到一筆 60 億美元的退休金交易，對手方是一家英國藍籌公司，且還有健康的案源管線。因此，這個投資論點正開始兌現：它將成為一個成長型業務，我們可以隨時間持續加碼。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Thanks. Good morning. Thanks for taking my question. Maybe just come back to the ICE JV and the private credit trading. Can you talk about what you see as the sort of realistic intermediate to longer-term addressable market in terms of what type of entities are trading this? The momentum sounds good. It sounds like. We were at $30 billion traded since you started this.

很好。謝謝。早安。謝謝讓我提問。我想回到 ICE 合資企業（JV）以及私募信貸交易。你們能談談，從中期到較長期來看，就哪些類型的機構在交易而言，你們認為可實際觸及的市場規模大概會是什麼樣子嗎？動能聽起來不錯。聽起來是這樣。自你們開始以來，我們看到累計交易量約 300 億美元。

I think 2025 I think was $10 billion, so good to see the momentum. Maybe just sort of comment on how you see that momentum improving and how important is the acquisition proposal of market access for ICE in terms of actually trading this?I assume all this comes into ACS, but please let me know if there's other areas that it impacts the P&L.

我想 2025 年大概是 100 億美元，所以很高興看到這個動能。也請你們談談你們如何看待這個動能接下來如何改善，以及對 ICE 而言，收購提案所帶來的市場准入在實際促成這些交易方面有多重要？我假設這些都會進到 ACS，但如果還有其他會影響損益表（P&L）的部分，也請告訴我。

I would say it's, you've tied a lot of the thread together, but it's early days. As I said, all the things that we've talked about on this call today and when Marc talks about the one market going to six. This is just a tool. We're a pioneer.

我會說，你把很多脈絡都串起來了，但目前仍是早期階段。如我所說，我們今天這通電話中談到的所有事情，以及 Marc 提到從一個市場變成六個市場。這只是個工具。我們是先行者。

It's been a five-fold increase in the last couple of years in trading volumes. And if you're one of these big banks, you look at the number we've thrown out and they say that's a nice week or a nice couple of days. But this is very early. It's pioneering activity. The good thing is we're well above ahead of everybody else. And I suspect that this will be a broad utility that's part of the ecosystem of transparency and daily pricing and investor liquidity and investor confidence.

過去幾年交易量成長了五倍。如果你是這些大型銀行之一，你看到我們拋出的數字，會說那只是很不錯的一週或幾天的量。但這真的還很早。這是開創性的活動。好消息是我們遠遠領先其他所有人。我猜這會成為一項廣泛的公用基礎設施，成為透明度、每日定價、投資人流動性與投資人信心生態系的一部分。

So again, I feel like when we look back at these activities in '28, '29 and '30, we will all be talking about the revenue that's been created and the robust nature of that. But we have very high expectations. If you look at what goes on in the municipal market and you look at the activity by some of the public companies and they have 15%, 20%, 25% market shares in the technology behind those, these are hundreds of millions of revenue.

所以再說一次，我覺得當我們在 28、29、30 年回頭看這些活動時，我們都會在談論所創造的營收，以及其穩健性。但我們的期待非常高。如果你看看市政債市場的情況，再看看一些上市公司在其背後技術上的活動，它們有 15%、20%、25% 的市占率，這些都是數億美元的營收。

So again, early days, it's not going to move the needle on our '26 FRE and SRE numbers, but I suspect if we're here in two or three years, it will have a more meaningful number.

所以再說一次，仍是早期階段，這不會改變我們 26 年 FRE 與 SRE 的數字走勢，但我猜如果兩三年後我們還在這裡討論，它會成為更有意義的數字。

Ben Budish, Barclays.

Ben Budish，巴克萊。

Hi, good morning and thank you for taking my question. Maybe following up on some of the spread discussion at Athene, sounds like a lot of good momentum. You talked about maybe with the Intel piece coming out, there's a bit of a headwind removed, but you talked about improvements at the introduction of the ARI portfolio.

嗨，早安，謝謝讓我提問。我想延續一下 Athene 的利差討論，聽起來有很多正向動能。你提到 Intel 那塊退出後，有一些逆風消除，但你也提到在導入 ARI 投資組合時的改善。

So I guess just putting it all together, you've maintained the SRE guide for the year. What's the sort of implied expectation for your normalized net spread? And how should we think about that going into 2027?

所以我想把這些放在一起看，你們維持了今年的 SRE 指引。那麼對你們的常態化淨利差（normalized net spread）隱含的預期大概是什麼？而我們該如何看待 2027 年的走勢？

I'd assume the same. I think in the quarter, besides what I mentioned, there's nothing to call out. I think it's sort of normal portfolio behavior, if you like, in terms of the impact on the gross returns and gross cost of funds. And so we're in the zip code of the range. I would expect that that will be maintained as we look into next year. And that's sort of informed by where we're writing your business, which is above that and behavior of the in-force business. So stick to the range until we advise otherwise.

我會假設是一樣的。我認為這一季除了我提到的之外，沒有什麼特別需要指出的。我覺得就投資組合的正常表現而言，對總報酬與資金總成本的影響大致如此。因此我們大致落在該區間的範圍內。我預期展望到明年也會維持。這主要取決於我們新承作業務的定價水準（高於該區間）以及存量業務的表現。所以在我們另行通知前，就維持在該區間。

Brennan Hawken, BMO Capital Market.

Brennan Hawken，BMO 資本市場。

Good morning. Thanks for taking my question. Jim spoke to the institutional and wealth management reception on Fund 11. Could you maybe give us an updated expectations for the time of the first close and when we should think about management fee activization, pardon me, and are you we're hearing about some headwinds to fundraising for equity? Are you seeing any of that and does that impact any of your expectations?

早安。謝謝讓我提問。Jim 談到第 11 號基金在機構與財富管理端的反應。你們能否更新一下對首次關帳（first close）時間點的預期，以及我們應該何時開始考慮管理費開始啟動（management fee activization），不好意思；另外，我們聽到股權募資可能有一些逆風。你們有看到這種情況嗎？會影響你們的任何預期嗎？

We've been very pleased with the fundraise. So Jim mentioned the number of $12 billion, that's a very healthy first close for the fund, and that will continue. The timing of the fund, so quote, turning on fees ultimately depends on when Fund 10 is fully invested. And so that's a variable.

我們對募資進展非常滿意。如 Jim 提到的 120 億美元，對這支基金而言是非常健康的首次關帳規模，而且會持續推進。至於基金開始收取費用（也就是「開啟費用」）的時間，最終取決於第 10 號基金何時完全投資完畢。因此那是一個變數。

I would currently we're assuming it's first half, so back part of first half for planning purposes. And we will obviously know more as we get closer to that date. But I would assume it's back -- the back part of the first half and the fundraising is going well and it's anchored off strong performance of its predecessors in terms of returns and DPI metrics.

目前我們在規劃上假設是在上半年，也就是上半年的後段。當然，越接近那個時間點我們會知道得更清楚。但我會假設是在上半年的後段；募資進展良好，並且以前幾期基金在報酬與 DPI 指標上的強勁表現作為支撐。

Yes, I would say this is a continued view of dispersion. It is a tough fundraising environment. We're fortunate that if you look at our institutional business, we're basically have almost doubled last year's production through six months.

是的，我會說這仍是「分化」的延續觀點。募資環境確實艱難。我們很幸運，如果你看我們的機構業務，我們在六個月內的產出基本上幾乎是去年的兩倍。

So if you produce for investors and you've had a consistent dialogue, you're garnering share and you're garnering dialogue and confidence with the largest, most sophisticated folks around the globe, that's not every GP.

所以如果你能為投資人創造績效，並且保持一致的溝通，你就能在全球最大、最成熟的投資人之間取得份額、取得對話與信心；但這不是每一家 GP 都做得到。

And so what we're seeing is the folks that have had the track record, have the innovation and have the success of investing, you're going to get a larger share as the largest LPs around the globe really want to concentrate their activities. So we feel great about the momentum of our aggregate institutional business. We feel great about the momentum of our equity franchise in aggregate. We feel great about things going on in hybrid and other. So we're a winner, but we recognize that not everybody has had that same experience.

因此我們看到的是，那些有歷史績效、有創新、且投資成功的團隊，會拿到更大的份額，因為全球最大的 LP 真的希望把他們的配置活動更集中。所以我們對整體機構業務的動能感到非常振奮。我們對整體股權平台的動能也非常有信心。我們對混合型（hybrid）以及其他領域的進展也很有信心。所以我們是贏家，但我們也理解不是每個人都有同樣的經驗。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Are there any time constraints on assets held in conservative securities such as treasury before you may deploy some of those assets depending on the duration of matching liabilities, just trying to ask about, I guess, the ability to deploy additional funds from here to generate further uplift.

對於持有在國庫券等保守型證券中的資產，是否存在任何時間上的限制——例如取決於與負債久期的匹配——在你們可以部署其中部分資產之前？我想問的是，從現在起是否有能力部署更多資金，以產生進一步的提升。

No, there are no constraints. We don't use it as part of ALM.

沒有，沒有任何限制。我們不把它作為資產負債管理（ALM）的一部分。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Good morning. Thanks for taking the question. Just wanted to ask about Evergreen funds and tokenization, just given some of your experiments with tokenization. Just curious what learnings you've had where you're seeing greatest utility. And ultimately, could tokenization prove as important for private markets as ETFs were to public markets? And if so, what is the next generation of Evergreen and semi-liquid products look like and what might some of the innovation look like in the years ahead?

早安。謝謝讓我提問。我想問一下常青基金（Evergreen funds）與代幣化（tokenization），考量到你們在代幣化方面做了一些實驗。想請教你們有哪些學習，以及你們認為最大的效用會出現在哪些地方。最終，代幣化對私募市場的重要性，是否可能如同 ETF 對公開市場一樣重要？如果是，那麼下一代的常青與半流動性產品會長什麼樣子？未來幾年的創新可能會是什麼？

Well, Mike, it's safe to say that a lot of work is going in the lab and I don't think we have enough evidence right now to have a clear pathway of the future. Other than the themes we've talked about this morning, it would lead all of you to take away that we're not going to be tied explicitly to exactly how the rails have worked in the past.

嗯，Mike，可以很肯定地說，實驗室裡正在投入大量工作，而我認為我們目前還沒有足夠的證據，能對未來有一條清晰的路徑。除了我們今天早上談到的主題之外，我想各位可以帶走的重點是：我們不會明確地被過去軌道（rails）運作方式所綁住。

We want to continue to reinvent, obviously, things like the ICE identifier make a lot of other activities in the future very great potential activity. I think there is a lot of operational and regulatory limitations that you have to be very careful about. We want to make sure we're working within the system of the regulatory dialogue and work within the system of the transfer agents and trustees and such, but I don't think this is the -- it's a longer conversation.

我們希望持續再造（reinvent），顯然像 ICE 識別碼這類工具，會讓未來許多其他活動具備很大的潛在發展空間。我認為在營運與監管方面有很多限制，必須非常謹慎。我們要確保在監管對話的體系內運作，也在過戶代理（transfer agents）、受託人（trustees）等體系內運作，但我不認為這是——這會是一段更長的對話。

I think we have learned a lot, but it's still very early days. And yes, we share the same view that if you think long-term about the delivery mechanism, what's going on with ETS, there's a lot of disruption going on in the ETF world in the last few weeks with some folks around the globe.

我認為我們學到了很多，但仍然是非常早期的階段。而且是的，我們同意同樣的看法：如果你從長期角度思考交付機制（delivery mechanism），看看 ETS 的進展，過去幾週 ETF 世界在全球一些參與者的推動下，確實出現了很多顛覆。

In particular was listed in the last couple of days. So we believe and we see the potential opportunity, but I don't think we have enough evidence that clearly say what the path may look like. We respect it, however.

尤其是最近幾天剛上市。所以我們相信、也看到了潛在機會，但我不認為我們已經有足夠的證據能清楚說明路徑會長什麼樣子。不過，我們尊重這一點。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good morning. Can you share the latest on your wealth flows? Some others in the space in the most recent quarter saw some redemptions improve, but [ADS] did increase and still remain somewhat elevated. So what are the most recent trends you're seeing?

謝謝。早安。你能分享一下你們財富端資金流（wealth flows）的最新情況嗎？同業中有些公司在最近一季看到部分贖回（redemptions）有所改善，但 [ADS] 的確增加且仍維持在相對偏高的水準。所以你們目前看到的最新趨勢是什麼？

And then also how are conversations with financial advisors and then also just financial advisors and their end clients just given much of the noise that we've seen so far this year?

另外，今年迄今我們看到很多雜音，在這樣的背景下，你們與財務顧問（financial advisors）以及財務顧問與其終端客戶之間的對話情況如何？

I will answer like Marc already said, let's just start with performance. The last 11 quarters in the non-traded BDC space, the dispersion of managers was about 1% from top to bottom. The last two quarters 4% and 2.5%, and we were in the top quartile.

我會像 Marc 先前說的那樣回答：先從績效談起。在非交易型 BDC 領域，過去 11 個季度管理人的績效分散度（dispersion）從最好到最差大約只有 1%。但最近兩個季度分別是 4% 和 2.5%，而我們位於前四分位（top quartile）。

And so our view is we're just going to keep doing what we've been doing, thoughtful, diversified, high-quality portfolio, that's going to pick up share over time. That's what happens in every other asset class. So again, I think we've seen it's early when we think about our onshore and offshore redemption windows when we look at what we were last quarter versus this quarter acknowledging that it is a bit early in the queue, we're seeing half the redemption we saw last time. So I think you're going to see a dissipation.

因此我們的看法是：我們會持續做我們一直在做的事——審慎、分散、以高品質為主的投資組合，並且隨時間推移取得更多市占。這在其他所有資產類別都是如此。所以再說一次，當我們看我們境內與境外的贖回窗口（redemption windows），比較上一季與這一季（也承認目前在排隊序列上仍偏早），我們看到的贖回量只有上次的一半。因此我認為你會看到壓力逐步消散。

Again, we go with the view that if you can -- $1 into ADS at the beginnings turned into $1.40, high-yield and leveraged loans would be $1.20. The performance works.

同樣地，我們的觀點是：如果你能——一開始投入 [ADS] 的 1 美元會變成 1.40 美元；而高收益債與槓桿貸款則會是 1.20 美元。績效會說話。

So I think that's what the thoughtful investors and thoughtful [FAs] are seeing. Certainly, there's regional hotspots. That had a different objective and we've appropriately dialogue with those. So we feel very good about the breadth of the overall momentum and the product set and the education that we bring to the equation.

所以我認為這就是審慎的投資人與審慎的 [FAs] 所看到的。當然，也有一些區域性的熱點。那些地方的目標不同，我們也已適當地與其進行對話。因此，我們對整體動能的廣度、產品組合，以及我們帶來的教育推廣都感到非常有信心。

Brian Dziarski, RBC Capital Markets.

Brian Dziarski，RBC Capital Markets。

Great. Thanks for taking the questions and good morning, everyone. Just wanted to follow-up on the theme organic inflow discussion. So thanks for the color on retail annuities. I was wondering if you could unpack a bit what you're seeing in flow reinsurance, funding agreements, how overall it ties into your outlook for the $85 billion origination -- sorry, inflow target this year and maybe get an early look into how you're thinking about 2027?

很好。謝謝讓我提問，大家早安。我想追問一下「自然流入（organic inflow）」這個主題的討論。謝謝你們提供零售年金（retail annuities）的補充說明。我想請你們再拆解一下你們在流量再保險（flow reinsurance）、資金協議（funding agreements）方面看到的資金流情況，以及整體如何連結到你們今年 850 億美元的承作——抱歉，是流入目標（inflow target）的展望；也希望能先聽聽你們對 2027 年的初步想法？

We're right on track for the year, $42 billion for the half, $85 billion for the full year, that's what we expect to hit. We've messaged through cycle over a five-year period, $85 billion, so just use that as an anchor point for next year. And the mix of business this quarter was reflective of where we saw pricing in the marketplace. So we issued and Marc spoke to this, we issued about $12 billion of annuities in different flavors, MIGAs and FIAs principally. And then we were able to access the funding agreement market in different ways.

我們今年的進度完全符合預期：上半年 420 億美元、全年 850 億美元，這就是我們預期會達成的數字。我們在跨景氣循環、以五年期間為尺度所傳達的訊息是 850 億美元，所以明年也可以把這個數字當作錨點。而本季的業務組合反映了我們在市場上看到的定價狀況。因此我們發行了——Marc 也提到過——約 120 億美元、不同類型的年金，主要是 MIGA 與 FIA。此外，我們也以不同方式進入資金協議市場（funding agreement market）。

And then we had a healthy flow deal in the quarter. So it all contributed to the $22 billion that we printed for the quarter, pretty much in line with, in aggregate, what we did in Q1, but the mix was different and I'd expect a similar type of pacing from here on out for the balance of the year.

另外，本季我們也完成了一筆健康的流量交易（flow deal）。這些都共同促成了我們本季認列（printed）的 220 億美元，整體而言大致與第一季相當，但組合不同；我預期從現在到年底，節奏會維持類似的步調。

Thank you. That concludes the Q&A portion of today's call. I will now turn the call over to Noah Gunn for closing comments.

謝謝。今天電話會議的問答環節到此結束。接下來我把電話交給 Noah Gunn 做結語。

Thanks again to everyone who joined the call this morning and for your interest. As usual, if you have any questions regarding what we discussed on the call, please feel free to reach out to us and we look forward to speaking with you again next quarter. Thank you.

再次感謝今天早上加入電話會議的各位，以及各位的關注。一如往常，如果你對我們在會議中討論的內容有任何問題，歡迎隨時與我們聯繫；我們也期待在下個季度再次與各位交流。謝謝。