Apollo Global Management, Inc. (APO) 2026 Q3 法說會逐字稿

Good morning, and welcome to Apollo Global Management's third quarter 2026 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（Apollo Global Management）2026 年第三季財報電話會議。(接線員指示) 本次電話會議將被錄音。

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與預測，並不保證未來事件或績效。有關這些陳述的風險因素，請參閱 Apollo 最近向美國證券交易委員會（SEC）提交的申報文件。

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. 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.

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公司業務的財務表現。這些非 GAAP 指標已在 Apollo 的財報簡報中與 GAAP 數字進行調節，該簡報可於公司網站取得。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徵求購買任何 Apollo 基金權益之要約。

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

接下來我想把電話交給全球投資人關係主管 Noah Gunn。

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. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website.

謝謝接線員，也再次歡迎各位參加本次電話會議。與我一同討論我們的業績以及我們在各項業務中看到的動能的有：執行長 Marc Rowan、總裁 Jim Zelter，以及財務長 Martin Kelly。今天稍早，我們已在公司網站的投資人關係專區發布新聞稿與財務補充資料。

Our third quarter results reflect strong execution across both asset management and retirement services. We generated record fee-related earnings of $802 million or $1.28 per share and record spread-related earnings ex-notable items of $909 million or $1.46 per share. Combined, adjusted net income totaled $1.3 billion or $2.07 per share and $2.15 per share ex-notable items.

我們第三季的業績反映出在資產管理與退休服務兩大板塊的強勁執行力。我們創下費用相關收益（FRE）新高，達 8.02 億美元（每股 1.28 美元），並創下扣除重大項目後的利差相關收益（SRE）新高，達 9.09 億美元（每股 1.46 美元）。合計後，調整後淨利為 13 億美元（每股 2.07 美元），扣除重大項目後為每股 2.15 美元。

For today's call, we're going to switch up our typical flow for prepared remarks. Marc will offer some brief opening highlights, then pass to Jim and Martin and return for closing perspective. And with that, I'll hand it over to Marc.

今天的電話會議，我們將調整一下載稿發言的慣常流程。Marc 會先做簡短的開場重點，接著交給 Jim 與 Martin，最後再由 Marc 做結語觀點。那麼，我把時間交給 Marc。

Thanks, Noah, and good morning. Noah gave you the highlights of the quarter, but just to repeat, record quarterly FRE, $802 million, 23% year-over-year increase, 2% quarter-over-quarter management fee growth, 18% year over year, 2% quarter over quarter. ACS fees, $290 million, six straight quarter greater than $200 million, and as you recall, directly tied to the origination that we are doing, increasingly durable and a really important part of our business.

謝謝 Noah，大家早安。Noah 已經為各位說明本季重點，但我再重申一次：單季 FRE 創新高，8.02 億美元，年增 23%；管理費季增 2%、年增 18%，季增 2%。ACS 費用為 2.90 億美元，已連續六季超過 2 億美元；如各位所知，這與我們正在進行的起源（origination）業務直接連動，愈來愈具持久性，且是我們業務中非常重要的一部分。

SRE was solid for the quarter, $909 ex-notables. On the adjusted long-term return basis, it would have been $963 million, plus $54 million, 1% quarter over quarter and 9% year over year. You will hear more about the business overall from Martin going forward, but I see good momentum across the entirety of our franchise.

本季 SRE 表現穩健，扣除重大項目後為 9.09 億美元。若以調整後長期報酬基礎計算，將為 9.63 億美元，增加 5,400 萬美元；季增 1%、年增 9%。接下來 Martin 會進一步說明整體業務，但我看到我們整個平台各方面都具備良好動能。

What tells me we have good momentum is the strength of the origination pipeline, which I always believe is the core of a private assets firm. Origination for the quarter was $114 billion, incredibly active across all channels, very active pipeline across most sectors and geographies and most important. Really good attractive consistent spread, 330 basis points over treasuries with a BBB average rating.

讓我判斷我們動能良好的，是起源（origination）管線的強度；我一直認為這是私募資產公司的核心。本季起源規模為 1,140 億美元，各通路都非常活躍；在多數產業與地區都有非常活躍的管線，而最重要的是：利差非常好、具吸引力且一致，平均評等 BBB，較美國公債高 330 個基點。

Capital formation follows attractive origination was $53 billion for the quarter, Asset Management at 35 and Athene at 19. In short, based on what we've seen quarter-to-date, I think we're very much on track for our 20% plus FRE growth for '26 and our 10% SRE growth for '26.

資本募集會跟隨具吸引力的起源而來，本季資本募集為 530 億美元，其中資產管理 350 億美元、Athene 190 億美元。總之，根據我們截至目前（quarter-to-date）所看到的情況，我認為我們非常有望達成 2026 年 FRE 成長 20% 以上，以及 2026 年 SRE 成長 10% 的目標。

In short, though, that's not enough. Our ambition, as you will hear, is to do more and to make sure we don't only meet the current quarter and current year's results, but that we position the company for what needs to be done following the completion of our five-year plan in 2029.

不過總之，這還不夠。我們的企圖心——各位稍後也會聽到——是做得更多，並確保我們不僅達成本季與本年度的成果，也能在 2029 年完成五年計畫後，讓公司為後續所需做好定位。

Before I turn the call over to Jim, I thought I'd spend a second talking about investment outlook. At the end of the day, investment results are ultimately what drive our business over a long period of time. The world can be very confusing, or the world can be very simple. We look out and we see valuations in almost all markets relatively high.

在我把電話交給 Jim 之前，我想花一點時間談談投資展望。歸根究柢，長期而言，投資成果才是驅動我們業務的關鍵。世界可以非常令人困惑，也可以非常簡單。我們放眼望去，幾乎所有市場的估值都相對偏高。

We see risk relatively elevated. The logical conclusion from high valuations and increased risk is to take risk down. In our credit business, taking risk down means moving from below investment grade to investment grade and moving from unsecured to secured.

我們也看到風險相對偏高。從高估值與風險上升所得到的合乎邏輯結論，就是降低風險承擔。在我們的信貸業務中，降低風險意味著從非投資等級轉向投資等級，並從無擔保轉向有擔保。

In the equity business, the way we take risk down, we reduce leverage, we move toward hybrid structures, and we increasingly focus on the sorts of businesses that we think are enduring franchises and are relatively immune or will actually benefit from technology cycles. Think Atlantic Aviation, Cambina Gas, Hydroelectric businesses.

在股權業務方面，我們降低風險的方式是降低槓桿、轉向混合型結構，並愈來愈聚焦於我們認為具持久競爭力、且相對不受科技循環影響，甚至會從中受益的企業。例如 Atlantic Aviation、Cambina Gas、水力發電相關業務。

So much of what we've seen in the press, and we've seen from our competitors is about the bubble. FOMO is not an investment strategy. We are prudent and we are cautious, especially in credit.

我們在媒體上看到、也從競爭對手那裡看到的，很多都在談泡沫。害怕錯過（FOMO）不是投資策略。我們保持審慎與謹慎，尤其是在信貸方面。

In the equity business, you are paid to be concentrated because you have unlimited upside. In the credit business, you only get interest in principal and therefore, if a company wants you to hold concentrated amounts of their credit, they need to offer you two things: more return and more safety. As you will hear from Jim, one is not enough. With that, I'm going to pass it over to my partner, Jim Zelter.

在股權業務中，你之所以能因集中持倉而獲得報酬，是因為上行空間不受限。在信貸業務中，你只能拿到利息與本金；因此，若一家公司希望你集中持有其大量信用部位，他們必須提供你兩件事：更高報酬與更高安全性。如各位將從 Jim 那裡聽到的，只具備其中之一是不夠的。接下來我把時間交給我的夥伴 Jim Zelter。

Thanks, Marc. In our business, there is no finish line. We set ambitious goals, deliver on them and push for more.

謝謝 Marc。在我們的業務裡，沒有終點線。我們設定具企圖心的目標、達成它們，並持續追求更多。

We focus on the and, delivering today and building for what's next. We don't see those as competing priorities, we must do both. That's what separates a good quarter from enduring franchise.

我們專注於「以及」：既要交付當下，也要為下一步打造基礎。我們不認為這兩者是互相競爭的優先事項；我們必須兩者兼顧。這正是區分一個好季度與一個長青平台（franchise）的關鍵。

We're doing all of this in a world of knowns and unknowns, which is the way we've always thought about risk at Apollo. We think about what's happening on the field or what's knowable and visible and off the field where tail risks and unknowns live. So let's start with on the field as Marc noted.

我們在一個「已知」與「未知」並存的世界中做這一切，這也是我們在 Apollo 一直以來看待風險的方式。我們會思考場上正在發生的事——也就是可理解、可觀察的部分——以及場外尾端風險與未知所在之處。因此，先從場上開始，如 Marc 所提到的。

We see a strong economy, solid employment, accommodative policy and open capital markets. We're also seeing historic capital investment across infrastructure and energy, defense, manufacturing, and compute. Companies are investing enormous amounts of capital and that is creating tremendous opportunity for our broad origination businesses.

我們看到經濟強勁、就業穩健、政策偏寬鬆，以及資本市場保持開放。我們也看到在基礎建設與能源、國防、製造業與運算（compute）領域出現歷史性的資本投資。企業正在投入龐大資本，這為我們廣泛的起源（origination）業務創造了巨大的機會。

Off the field, governments are levered, all consumers aren't, a geopolitical reset is taking place and we are in the middle of the largest tech investment cycle ever witnessed. In addition, inflationary pressures amid the robust funding backdrop are putting an upward bias on rates. In an environment where valuations remain high, spreads are tight and risks arising, the logical conclusion, as Marc noted, is to take risk off, position defensively and prepare for the opportunity to play offense.

在場外，政府槓桿偏高，但並非所有消費者都如此；地緣政治重整正在發生，而我們正處於史上最大規模的科技投資循環之中。此外，在強勁的資金供給背景下，通膨壓力使利率帶有上行偏向。在估值仍高、利差偏緊且風險浮現的環境中，合乎邏輯的結論——如 Marc 所言——是降低風險、採取防禦性配置，並為把握進攻機會做好準備。

And that's exactly what we're doing. In credit, this means moving up the stack, prioritizing senior secured and equity, this means moving from levered to less levered or unlevered. You're also seeing this defensive posture with respect to the assets we're originating.

而這正是我們正在做的。在信貸方面，這意味著往資本結構上層移動，優先配置優先擔保；在股權方面，則意味著從高槓桿轉向較低槓桿或無槓桿。你也會在我們正在起源的資產上看到這種防禦姿態。

Of the record $114 billion of origination activity in the quarter, $98 billion was debt, of which more than 80% was investment grade with an average rating of BBB+. And that brings volume over the last 12 months to $356 billion. And looking at the near-term pipeline, we continue to see strength over the next couple of quarters.

本季創紀錄的 1,140 億美元承作活動中，980 億美元為債務，其中超過 80% 為投資等級，平均評等為 BBB+。而這也使得過去 12 個月的總量達到 3,560 億美元。再看短期案源管線，我們持續看到未來幾季的強勁動能。

Importantly, we're originating credit with attractive durable spread. On investment grade origination, we generated excess spread of 285 basis points over treasuries or approximately 200 over comparably rated corporate indexes. On sub-IG origination, we generated an excess spread of 430 basis points over treasuries or approximately 160 over comparably rated corporates.

重要的是，我們正在以具吸引力且可持續的利差承作信貸。在投資等級承作方面，我們相對美國公債創造了 285 個基點的超額利差，或相對同等評等的公司債指數約 200 個基點。在非投資等級承作方面，我們相對美國公債創造了 430 個基點的超額利差，或相對同等評等的公司債約 160 個基點。

A few recent examples that demonstrate our origination leadership and the diversity across our franchise include in energy and power, a $1.5 billion financing for Keppel's offshore fund to monetize offshore rigs, $2.7 billion for Enbridge's natural gas pipeline expansion in British Columbia, and $9 billion of structured equity for OneOak, one of the largest midstream companies. In infrastructure, a strategic partnership with Atlantic Aviation, one of the largest fixed-base operators, valuating the company at nearly $10 billion, and these are mission-critical assets with irreplaceable footprint of the nation's busiest airports. In sports, as noted, a $2.6 billion investment in credit and equity in the Yankees parent company, the team's first institutional capital partnership in more than 50 years.

近期幾個例子展現了我們在承作上的領先地位，以及我們平台在各領域的多元性：在能源與電力方面，為吉寶（Keppel）的離岸基金提供 15 億美元融資以將離岸鑽井平台變現；為英橋（Enbridge）在卑詩省的天然氣管線擴建提供 27 億美元；以及為 OneOak（最大中游公司之一）提供 90 億美元的結構性股權。在基礎建設方面，與 Atlantic Aviation（最大的固定基地營運商之一）建立策略合作夥伴關係，對該公司估值接近 100 億美元；這些都是關鍵任務資產，覆蓋全國最繁忙機場、具不可取代的據點。在體育方面，如前所述，我們對洋基隊母公司進行 26 億美元的信貸與股權投資，這是球隊 50 多年來首次引入機構資本合作夥伴。

And in compute, we led a $40 billion GPU financing for SpaceX. And like Broadcom before it, SpaceX is a prime example of our flywheel at work, sourcing, structuring, investing, and syndication. We built this platform to provide capital at scale, and we believe few, if any, in our industry can do what we do.

在運算領域，我們主導了為 SpaceX 提供的 400 億美元 GPU 融資。如同先前的博通（Broadcom）案例，SpaceX 是我們飛輪效應運作的典型例子：案源取得、架構設計、投資與銀團分銷。我們打造這個平台是為了提供大規模資本，我們相信業界即使有，也寥寥無幾能做到我們所做的事。

Now for the hot topic that's on everyone's mind, AI. As students of history, we know that America has financed roughly 10 great CapEx cycles in 200 years, from canals and railroads to electricity and shale, and most have been between 2% to 3% of GDP. What's unique at this point with AI is who's spending the capital.

現在談談大家最關心的熱門話題：AI。作為歷史的學生，我們知道美國在 200 年間大約資助了 10 次重大的資本支出（CapEx）週期，從運河、鐵路到電力與頁岩油，多數規模約占 GDP 的 2% 到 3%。而 AI 在此刻的獨特之處在於：是誰在投入資本。

The major players are scaled investment-grade franchises with high gross margins and historic high free cash flow conversion. Against this backdrop, we frequently ask ourselves, how are we approaching the AI financing opportunity? Again, this is about knowns and unknowns.

主要玩家是具規模的投資等級企業平台，擁有高毛利率與歷史高水準的自由現金流轉換率。在此背景下，我們經常自問：我們如何切入 AI 融資機會？同樣地，這關乎已知與未知。

So what do we know? We know that society will use dramatically more computing power in the future, that demand for energy will rise with it, that demand for chips will remain strong, and that AI capabilities are improving in an extraordinary way. What we don't know is how pricing and economics will evolve or which parts of the ecosystem will earn an attractive return on the capital being committed.

那麼我們知道什麼？我們知道未來社會將使用大幅更多的運算能力，能源需求也會隨之上升，晶片需求將維持強勁，而且 AI 能力正以非凡的速度提升。我們不知道的是：定價與經濟性將如何演變，或生態系中哪些環節能對所投入的資本賺取具吸引力的報酬。

We also don't know the full spectrum of what the societal or regulatory implications of AI are going to be. And for these reasons, our origination investment activity has been predominantly focused on the capital imbalances we see in two sectors, power and chips. Two areas where we see attractive risk-reward and that we have high conviction.

我們也不知道 AI 對社會或監管層面的完整影響範圍將會是什麼。因此，我們的承作與投資活動主要聚焦在我們看到資本失衡的兩個產業：電力與晶片。這兩個領域我們認為風險報酬具吸引力，且我們有高度信心。

Our goal applied to AI-related assets or otherwise is simple, beat a basket of IG public debt with better structure, better security and better spread. Let's start with power. We know that we've underinvested in energy for decades in this country and that power is a large part of the cost structure in building compute capacity.

我們的目標，不論是 AI 相關資產或其他資產，都很簡單：以更好的架構、更好的擔保與更好的利差，打敗一籃子投資等級（IG）公開市場債務。先從電力談起。我們知道這個國家在能源方面已經數十年投資不足，而電力是建置運算產能成本結構中的重要部分。

We see financing energy so long it's competitively and costed properly as compelling opportunity. With chips, we know this will require a look at the global supply chain. You can look at every chip fab across the globe that is capable of producing advanced semiconductors and reasonably conclude that the GPUs and TPUs will be in short supply for the next several years.

只要具備競爭力且定價合理，我們認為為能源提供融資是一個極具吸引力的機會。至於晶片，我們知道這需要檢視全球供應鏈。你可以檢視全球每一座有能力生產先進半導體的晶圓廠，並合理推論 GPU 與 TPU 在未來幾年都將供不應求。

Therefore, financing that fully amortizes over a fixed period, assumes no residual value and is further supported by guarantees from IHD counterparties offers the best combination of safety and return that we can lend against for our capital. As we have noted previously over the last couple of years, when you think about the circa $8 trillion of through-cycle CapEx, it's clear that no single source of financing can meet the demand. Operating cash flow alone won't be enough.

因此，提供在固定期間內完全攤還、假設無殘值，並且再由投資等級（IHD）交易對手提供保證支持的融資，對我們的資本而言，是我們可承作的安全性與報酬最佳組合。如我們過去幾年所提，當你思考約 8 兆美元的跨週期資本支出（through-cycle CapEx）時，很明顯沒有任何單一融資來源能滿足需求。僅靠營運現金流也不夠。

Neither will the public debt or equity markets. It's going to what we call all precincts of capital to step up from banks to the public markets to private capital. Private capital will play a pivotal role and we intend to participate most prominently in opportunities where we're lending on a secured basis.

公開債務或股權市場也無法單獨滿足。我們所稱的「所有資本轄區」都必須挺身而出，從銀行到公開市場再到私募資本。私募資本將扮演關鍵角色，而我們打算最積極參與的，是以擔保基礎放款的機會。

Our high-grade capital solutions franchise puts us in a strong position to do just that, having originated more than $150 billion across 200 transactions to date. As the world's leading companies look for new ways to finance their growth in many industries. Apollo continues to be the partner of choice.

我們的高評級資本解決方案平台使我們具備強勢位置來做到這點，迄今已在 200 筆交易中承作超過 1,500 億美元。隨著全球領先企業在眾多產業尋找為成長融資的新方式，Apollo 仍然是首選合作夥伴。

Our broad financing toolbox, scale and flexibility are making us an increasingly important part of conversations in boardrooms around the globe. While the opportunity is massive and compelling, we will remain disciplined. After 40 years in the business, my rule is simple, never take equity like risk for debt-like returns.

我們廣泛的融資工具箱、規模與彈性，使我們在全球董事會會議室的討論中扮演愈來愈重要的角色。儘管機會龐大且具吸引力，我們仍將保持紀律。在這個行業 40 年後，我的規則很簡單：絕不要用債的報酬去承擔股權般的風險。

Touching briefly on investment performance, our strong originating capabilities set the foundation for differentiated returns we provide to our clients. Hybrid Solutions had another excellent quarter, up nearly 5% and 18% over the last 12 months, and across credit, LTM returns were anywhere between 4% and 7%, even where higher rates were a headwind in the quarter. Opportunistic credit and multi-credit beat their indices by 40 and 80 basis points respectively and have solid LTM returns.

簡要談一下投資績效：我們強大的承作能力為我們提供給客戶的差異化報酬奠定基礎。Hybrid Solutions 本季再度表現出色，上漲近 5%，過去 12 個月上漲 18%；在信貸方面，過去 12 個月（LTM）報酬約介於 4% 至 7%，即便本季較高利率形成逆風。機會型信貸與多元信貸分別超越其指數 40 與 80 個基點，且 LTM 報酬穩健。

As Marc noted, turning to capital formation, we're on track for a record year in asset management. Total inflows were $53 billion for the quarter, $35 billion in asset management and $19 billion at Athene. And asset management inflows were roughly two-thirds credit and one-third equity and broad-based client types and geographies.

如 Marc 所提，轉向募資（capital formation），我們正朝資產管理創紀錄年度邁進。本季總流入為 530 億美元，其中資產管理 350 億美元、Athene 190 億美元。資產管理流入約三分之二來自信貸、三分之一來自股權，且客戶類型與地理來源廣泛。

Institutional also had a strong quarter from hybrid and credit to infrastructure and flagship private equity. AMAPs, which we've talked about in the past, demand remains very high, our six issuance at quarter end brings the program to $30 billion in just over a year and on the back of strong direct lending demand from institutional clients, we launched ADL3 ahead of schedule with the first close expected in coming months. In global wealth, we raised $4 billion, a strong result against industry-wide softness with flows up sequentially in both semi-liquid and drawdown strategies.

機構端本季也表現強勁，從混合型與信貸到基礎建設與旗艦私募股權皆然。我們過去談過的 AMAPs 需求仍然非常高；截至季末我們完成第六次發行，使該計畫在一年多時間內規模達到 300 億美元；在機構客戶對直接放款需求強勁的帶動下，我們也提前推出 ADL3，預計未來幾個月完成首次關帳。在全球財富端，我們募集 40 億美元；在全產業資金流偏弱的環境下，這是強勁成果，且半流動型與承諾提領（drawdown）策略的資金流皆較前期成長。

Private credit direct lending, which has faced a lot of questions about durability this past year. Is doing well for us. The answer is returns.

私募信貸的直接放款在過去一年面臨許多關於持久性的質疑。但對我們而言表現良好。答案是：報酬。

Our flagship ADS strategy, $25 billion in size, has delivered an 8% annualized return since inception, more than 400 basis points over high yield and 800 basis points over safe IG and in 2026 has been strong as well in absolute and relative terms. At Athene, retail contributed $10 billion with RILA setting its third straight record of over $1 billion for the quarter and funding agreements added $6 billion and flow reinsurance $2 billion respectively. With more than $60 billion of inflows year-to-date, Athene is on pace for another solid year and continues to extend its leadership in retirement services.

我們的旗艦 ADS 策略規模 250 億美元，自成立以來已交出 8% 的年化報酬，較高收益債高出逾 400 個基點，較安全的投資等級（IG）高出 800 個基點；而在 2026 年，無論絕對或相對表現也都很強勁。在 Athene，零售端貢獻 100 億美元，其中 RILA 本季連續第三次創下單季超過 10 億美元的紀錄；資金協議（funding agreements）新增 60 億美元，流量再保險（flow reinsurance）新增 20 億美元。今年迄今流入超過 600 億美元，Athene 有望再度交出穩健的一年，並持續擴大其在退休服務領域的領導地位。

Taken all together, Q3 was punctuated by record origination, strong flows. Strong and solid investment performance. We enter year-end with robust pipelines and confidence in our ability to carry the momentum forward.

綜合而言，第三季以創紀錄的承作量與強勁資金流入為亮點。投資表現強勁且穩健。我們在年末前進入階段時，管線充沛，並對延續這股動能充滿信心。

With that, over to Martin.

接下來交給 Martin。

Thanks, Jim, and good morning, everyone. Our third quarter performance continues to highlight the business continuity, building on its strong trajectory, as you've heard, driven by consistent execution of our long-term strategy. I'll walk through the quarter's financials, provide some drivers behind them and provide some comments on the outlook.

謝謝你，Jim，各位早安。如各位所聽到的，我們第三季的表現再次凸顯業務的延續性，並在既有強勁軌道上持續推進，主要受惠於我們一貫且到位地執行長期策略。我將帶各位回顧本季財務表現，說明背後的驅動因素，並就展望提供一些看法。

Our asset management business delivered another quarter of record earnings, as you've heard, supported by broad-based growth. Fee-related earnings of $802 million marked a new high, up 23% year over year and 2% quarter over quarter. With AUM and fee-generating AUM up 18% and 28% respectively on the year.

如各位所聽到的，我們的資產管理業務再度繳出一季創紀錄的獲利，並由廣泛的成長所支撐。費用相關盈餘（FRE）達 8.02 億美元，創新高，年增 23%，季增 2%。其中，資產管理規模（AUM）與可產生費用的 AUM 分別年增 18% 與 28%。

In the quarter, FRE drivers included 18% year-over-year growth in management fees, driven by third-party fundraising across credit and equity strategies, strong capital deployment and growth at Athene and Ethora. Quarter-over-quarter management fee growth reflects continued robust Athene flows. Additional AMAPS issuance and other third-party capital raise, partially offset by realization activity in equity.

本季 FRE 的驅動因素包括：管理費年增 18%，主要來自信用與股權策略的第三方募資、強勁的資本部署，以及 Athene 與 Ethora 的成長。管理費的季增則反映 Athene 持續強勁的資金流入。此外，AMAPS 的額外發行與其他第三方募資亦有貢獻，但部分被股權投資的實現活動所抵銷。

Capital Solutions fees, as you've heard, of $290 million reached a new high in Q3, with contributions from over 115 discrete transactions. Activity was split roughly 60% credit and 40% equity, consistent with the mix we've observed in recent years. Origination broadly defined is the engine of capital solutions revenue, scaling alongside the growth of our trillion-dollar plus platform.

如各位所聽到的，資本解決方案（Capital Solutions）費用本季達 2.90 億美元，第三季創新高，來自超過 115 筆獨立交易的貢獻。活動約 60% 來自信用、40% 來自股權，與近年我們觀察到的組合一致。廣義而言，承作（origination）是資本解決方案收入的引擎，並隨著我們逾兆美元平台的成長而擴張。

Activity is increasingly diversified across our credit and equity franchises, sectors and geographies. Notable contributors to this fee stream in the quarter included our infrastructure and hybrid businesses. As well as our high-grade capital solutions, asset-backed, multi-credit and direct origination businesses within credit.

相關活動在我們的信用與股權平台、產業別與地理區域之間日益多元化。本季此費用來源的顯著貢獻者包括我們的基礎建設與混合型業務。以及信用領域中的高評級資本解決方案、資產擔保、多元信用與直接承作業務。

Further, origination is increasingly sourced from repeat issuers as clients look to us as solutions providers. It is this diversification across businesses, sectors and geographies that has let us deliver $200 million plus of fee revenue now for six straight quarters. We're continuing to originate financing solutions that fund and recognize fees over multiple quarters and in some cases years rather than all upfront.

此外，承作來源也愈來愈多來自重複發行人，因客戶將我們視為解決方案提供者。正是這種跨業務、產業與地理區域的多元化，使我們得以連續六個季度實現超過 2 億美元的費用收入。我們持續承作融資解決方案，讓費用在多個季度、甚至在某些情況下跨越數年逐步入帳與認列，而非一次性全數收取。

Case in point, the Broadcom financing did not contribute to ACS fees in the quarter, given the timing of capital draws and the fee construct. Fee-related expenses grew approximately 15% year over year in the quarter, reflecting continued investment in the firm's long-term growth priorities. Our FRE margin of 58% is up approximately 160 basis points year over year, reflecting positive operating leverage from record fee-related revenue against measured expense investment growth.

例如，Broadcom 的融資案由於資金提用時點與費用結構的關係，本季並未對 ACS 費用有所貢獻。本季費用相關費用（fee-related expenses）年增約 15%，反映我們持續投資於公司長期成長的優先事項。我們的 FRE 利潤率為 58%，年增約 160 個基點，反映在費用相關收入創新高的同時，費用投資成長維持審慎，帶來正向營運槓桿。

Year-to-date margin expansion of a little more than 100 basis points is tracking in line with our target for the full year. Leading indicators across our business, including capital formation dialogue, permitted capital not earning fees. Origination pipelines and signed originations with future fees remain exceptionally strong.

年初至今的利潤率擴張略高於 100 個基點，進度符合我們對全年目標的預期。我們業務的領先指標，包括資本形成對話、尚未產生費用的已核准資本。承作管線以及已簽署、未來將產生費用的承作案仍然異常強勁。

Looking specifically to 2027, we expect 20% plus FRE growth underpinned by 15% plus management fee growth as well as continued growth in origination-led ACS fees. The 2027 management fee growth reflects the reduction in fees from MFIC and ARA. And includes a low single-digit or approximately 2% estimated contribution from the combination of Fund 11 and Fund 10.

就 2027 年而言，我們預期 FRE 成長 20% 以上，主要由管理費成長 15% 以上所支撐，並且承作帶動的 ACS 費用也將持續成長。2027 年管理費成長的預期反映 MFIC 與 ARA 的費用減少，並包含基金 11 與基金 10 組合帶來的低個位數、約 2% 的估計貢獻。

Moving to retirement services, Athene's net invested assets grew 13% year over year to $322 billion. We generated $909 million of SRE ex-notables for the quarter. The notable item in the quarter came from Athene's annual third quarter actuarial assumption review, which results in an update to lifetime expected profitability on the annuity portfolio.

接著看退休服務，Athene 的淨投資資產年增 13% 至 3,220 億美元。本季我們產生 9.09 億美元的 SRE（排除重大項目）。本季的重大項目來自 Athene 每年第三季的精算假設檢視，該流程會更新年金投資組合的終身預期獲利能力。

The actuarial assumption review resulted in a $65 million unfavorable impact to reported SRE and was driven principally by revisions to estimated usage of income rider features by annuitants. This process is typical in the industry and Athene tends to be at the lower end of the range of the impact from updates. Year-to-date, Athene's inflows remain strong at $61 billion and we've continued to originate new business, organic business in line with our long-term ROE targets and historical averages.

精算假設檢視使得申報的 SRE 受到 6,500 萬美元的不利影響，主要由年金持有人對收入附加條款（income rider）功能的預估使用率修訂所致。此流程在業界相當常見，而 Athene 受到更新影響的幅度通常位於區間的較低端。年初至今，Athene 的資金流入仍然強勁，達 610 億美元；我們也持續承作新業務，且有機成長符合我們長期 ROE 目標與歷史平均水準。

The reported net spread ex-notables was 114 basis points consistent with the prior quarter. The improvement in net spread was driven by a rising fixed income yield as we continue to source attractive investment-grade assets, more favorable alternative returns and lower operating expenses, offset by higher cost of funds on new business and run-off of low-cost liabilities. Adjusting for the notable item and to our 11% long-term return expectation on the alternatives portfolio.

申報的淨利差（排除重大項目）為 114 個基點，與前一季一致。淨利差的改善主要來自固定收益殖利率上升（我們持續配置具吸引力的投資等級資產）、較有利的另類投資報酬以及較低的營運費用，但部分被新業務較高的資金成本與低成本負債的到期/流失所抵銷。若調整重大項目，並將另類投資組合以我們長期 11% 的報酬預期作調整。

The net spread would have been 121 basis points in the range of our previously communicated full-year outlook of 120 to 125 basis points. Athene's Q3 SRE reflects certain late in-quarter asset deployments from cash to yielding assets, which will quarterize in Q4 to support our expected Q4 SRE earnings of approximately $1 billion on the same basis. Resulting in an expected 10% growth rate for the year.

淨利差將為 121 個基點，落在我們先前溝通的全年展望區間 120 至 125 個基點之內。Athene 第三季的 SRE 反映了部分在季末較晚才將現金部署至孳息資產的配置，這些配置將在第四季按季度化反映，支撐我們在相同基礎下預期第四季 SRE 約 10 億美元的獲利。因此，全年預期成長率為 10%。

And looking ahead, we also expect to deliver 10% SRE growth in 2027, assuming an 11% ultra return as we remain confident in our multi-year growth plan. 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 comp and opportunistically when we see dislocation in our stock price.

展望未來，在假設另類投資報酬為 11% 的情況下，我們也預期 2027 年可達成 10% 的 SRE 成長，並對我們的多年期成長計畫維持信心。接著談資本，我們的方法一如既往。我們計畫長期將股利成長率維持在約為 FRE 成長率的一半，並透過庫藏股回購一方面抵銷股權型薪酬稀釋，另一方面在我們看到股價出現錯價時進行機會型回購。

Consistent with these priorities, we deployed approximately $143 million this quarter for share repurchases, half of which was opportunistic. Over the last 12 months, we've returned $2.7 billion to shareholders through dividends and buybacks combined, while allocating nearly $750 million to strategic growth initiatives. Before turning the call back to Marc, I'll briefly touch on two transactions that occurred subsequent quarter end.

依循這些優先事項，本季我們用於庫藏股回購的資金約 1.43 億美元，其中一半屬於機會型回購。過去 12 個月，我們透過股利與回購合計向股東返還 27 億美元，同時配置近 7.5 億美元於策略性成長計畫。在把電話交回 Marc 之前，我先簡要提及兩筆在季末後發生的交易。

First, we announced a minority equity investment in Mubadala Capital, MCAM, the asset management arm of Mubadala Investment Company. This transaction will also include LP commitments from Apollo and other third-party investors across MCAM investment strategies. Apollo and Mubadala have long shared an aligned investment philosophy and strong commitment to each other's mutual success.

第一，我們宣布對 Mubadala Capital（MCAM）進行少數股權投資；MCAM 為 Mubadala Investment Company 的資產管理部門。此交易亦將包含 Apollo 與其他第三方投資人，針對 MCAM 各項投資策略所作的 LP 出資承諾。Apollo 與 Mubadala 長期以來共享一致的投資理念，並對彼此的共同成功有著堅定承諾。

Subject to customary approvals, the transaction is anticipated to close late in the fourth quarter and is expected to be funded by a combination of cash and debt. Second, our publicly traded BDC, Midcap Financial Investment Corporation, MFIC, and Ares Capital Corporation entered into a definitive agreement under which Ares will acquire MFIC in a stock and cash transaction. The purchase price reflects an approximately 30% premium to MFIC's pre-announcement stock price.

在取得慣常核准的前提下，該交易預計於第四季末完成交割，並預期以現金與債務的組合方式籌資。第二，我們的上市 BDC——Midcap Financial Investment Corporation（MFIC）——與 Ares Capital Corporation 已簽署最終協議，Ares 將以股票加現金的方式收購 MFIC。收購價格相較 MFIC 公告前股價約有 30% 的溢價。

The transaction is another example of Apollo's long-standing commitment. To delivering strong positive outcomes in all instances where we manage stockholder capital. The financial impact of this is embedded within our 2027 management fee expectation guide. With that, I'll turn the call back to Marc.

這筆交易再次展現 Apollo 長期以來的承諾。在所有我們管理股東資本的情境中，致力於交付強勁且正向的成果。其財務影響已反映在我們對 2027 年管理費預期的指引之中。接下來我把電話交回 Marc。

Thanks, Martin, and thanks, Jim. I thought what I'd do is maybe take it up a level and talk a little bit about strategy and where we see the business going. Recall that in our industry.

謝謝你，Martin，也謝謝你，Jim。我想我接下來可能把層次拉高一些，談談策略，以及我們如何看待業務未來的走向。請回想在我們這個產業中。

Most of the companies who are public today were relatively small, at least as compared to where they are today surrounding the financial crisis. The tailwinds, secular changes that happened propelled our industry forward to the size we are today. We see a similarly favorable dynamic at work, which will benefit not just us, but the entire industry.

如今上市的多數公司，在金融危機前後那段時期相較於它們今天的規模，當時都還相對較小。當時出現的順風與結構性變化，推動我們的產業發展到今天的規模。我們看到類似有利的動態正在發生，受益的不僅是我們，而是整個產業。

We see three main factors that are driving our industry forward. The first is this global industrial renaissance. We're building everything all at once.

我們看到有三個主要因素正在推動我們的產業向前發展。第一個是全球性的工業復興。我們正在同時建設所有東西。

It's not just AI and data, it's energy transmission, it's next-gen manufacturing, it's defense, it's infrastructure and it is worldwide. While most of the focus has been on the United States, Canada will spend $1 trillion, the Gulf will spend $1 trillion and Europe will spend at least that. We see this taking place over a multi-year period of time while acknowledging that while a strong upward trend, we will have cycles.

不只是 AI 與資料，還包括能源傳輸、下一代製造、國防、基礎建設，而且是全球性的。雖然多數焦點放在美國，但加拿大將投入 1 兆美元、海灣地區將投入 1 兆美元，歐洲至少也會投入同等規模。我們認為這將在多年期間發生；同時也承認，即便是強勁的上升趨勢，仍會有景氣循環。

In addition to the Renaissance, we have aging populations in almost every Western society. Those aging populations are in need of retirement income. Finally, we see a convergence.

除了這場復興之外，幾乎每個西方社會都面臨人口老化。這些高齡人口需要退休收入。最後，我們看到一種匯流趨勢。

Of public and private markets, driven by public markets being increasingly concentrated, correlated and indexed. In short, investors are in search of alternatives. As Jim suggested, our job is not just to deliver the results for '26 and again in '27.

公募與私募市場的匯流，背後原因在於公募市場愈來愈集中、相關性更高，且更偏向指數化。簡言之，投資人正在尋找替代方案。正如 Jim 所說，我們的工作不只是交出 2026 年的成果，並在 2027 年再交一次。

In fact, I believe we have in-house everything that we need to deliver our five-year plan through 2029. That does not mean it will be easy or it is guaranteed, but we have all the tools at our disposal necessary to meet the targets that we have previously let out for you. All good, but we are focused on the end.

事實上，我相信我們內部已具備推動五年計畫至 2029 年所需的一切。這不代表會很容易或一定能達成，但我們手上擁有達成先前向各位揭露之目標所需的所有工具。一切都很好，但我們專注於終局。

What is it that we will do to drive growth beyond 2029? How can we position our business not just to meet our short-term agenda, but increasingly to be focused on the long-term? In short, we're focused on unlocking a much larger market and many more business opportunities.

那麼，我們要做什麼來推動 2029 年之後的成長？我們如何定位業務，不僅能達成短期議程，更要愈來愈聚焦長期？簡言之，我們專注於解鎖更大的市場與更多的商業機會。

Let me now be more specific. Almost the entirety of our industry was driven by one client. One client being the alternative bucket of our institutional client base.

我現在更具體說明。我們產業幾乎全部的成長，過去都由單一類型客戶所驅動。這個客戶就是我們機構客戶基礎中「另類投資」那一籃子。

We now as an industry have six clients. We've added individuals. We've added insurance companies. We've added the debt and equity buckets. We've added traditional asset managers and 401 and DC. All of those markets, in my opinion, represent a market of roughly the same size as the original one-sixth of that.

如今，整個產業有六類客戶。我們新增了個人投資人。我們新增了保險公司。我們新增了債務與股權兩個籃子。我們新增了傳統資產管理機構，以及 401(k) 與 DC（確定提撥）市場。在我看來，這些市場的規模大致都相當於原本那「六分之一」市場的大小。

The problem or the opportunity is those five new buyers do not want what the first buyer wanted. Many in our industry believed that these five new buyers would come to them in the existing structures and the existing products. And while we have seen some of that reflected in our growth to date, I believe we will grow much faster and reach many more clients if we go to them.

問題或機會在於：這五個新買方想要的，並不是第一個買方想要的。我們產業中許多人曾相信，這五個新買方會以既有架構與既有產品來找上門。雖然我們確實在迄今的成長中看到部分反映，但我相信，如果我們主動走向他們，我們會成長得更快、觸及更多客戶。

What does it mean to go to them? Well, most of these people have lived their entire lives in the public market. Their operating systems operate in the public market.

「走向他們」是什麼意思？嗯，這些人多半一輩子都在公募市場裡。他們的作業系統是在公募市場中運作的。

And for us, we are putting in place the foundation necessary to serve them where they are. Let me connect the dots a little more. You saw us on June 30 go to estimated daily value for the entirety of our investment grade suite of products.

而對我們而言，我們正在建立必要的基礎，以便在他們所在之處為他們提供服務。讓我把脈絡再串得更清楚一些。你們看到我們在 6 月 30 日，將我們整個投資級產品套組改為「估計每日價值」。

On September 30, we went to estimated daily value. For the entirety of our credit business. Those who said this could not be done just simply don't understand.

在 9 月 30 日，我們也將「估計每日價值」擴展到我們整個信貸業務。（涵蓋）我們整個信貸業務。那些說這做不到的人，只是不理解而已。

To give you a sense of what the public market is, 99% of investment grade bonds do not trade most days. 90% of investment grade bonds do not trade most weeks. 50% do not trade most months. Only 7% of bonds trade a million or more every day. Therefore, 90% of the US investment-grade market effectively marks the model off a curve, off liquidity, off beta on a daily basis.

為了讓各位理解公募市場是什麼樣子：99% 的投資級債券在多數日子都不交易。90% 的投資級債券在多數週都不交易。50% 在多數月份都不交易。每天交易金額達到 100 萬美元或以上的債券只有 7%。因此，美國投資級市場中有 90% 基本上是每天依曲線、依流動性、依 beta，用模型來估值（mark）。

We have that same opportunity, provided we make the investment in data and systems necessary to support this and we intend to continue to drive this forward across our business rather than retreat. We see this as an incredible unlock. Estimated daily value alone will not be enough to meet investors where they are.

只要我們投入必要的資料與系統來支撐這件事，我們就有同樣的機會；而我們也打算在整個業務中持續推進，而不是退縮。我們認為這是非常重大的解鎖。但僅有「估計每日價值」仍不足以在投資人所在之處滿足他們。

Increasingly, investors want CUSIPs or in the absence of a CUSIP, ICE IDs. By having standardized IDs, securities can be processed within existing systems and existing operations of large asset management firms without the need for expensive intermediated structures. Also, a unique identifier allows data to be associated with that unique identifier made available to investors who increasingly have come to understand that information and transparency can produce better investment outcomes.

投資人愈來愈希望有 CUSIP，或在沒有 CUSIP 的情況下使用 ICE ID。透過標準化的 ID，證券就能在大型資產管理公司的既有系統與既有作業流程中被處理，而不需要昂貴的中介式架構。此外，唯一識別碼也能讓資料與該識別碼關聯並提供給投資人；投資人愈來愈理解，資訊與透明度能帶來更好的投資結果。

Following estimated daily values and CUSIPs and ICE IDs, there's market making, can they actually sell? The answer is yes. We have Little Apollo for the past year, we will trade north of $40 billion by year-end. Increasingly, we see the large banks entering this marketplace and also providing liquidity. Far from being a competitive threat, we see that as a great opportunity in the world where more information, more price discovery and more liquidity has not resulted in a better outcome.

在估計每日價值與 CUSIP、ICE ID 之後，下一步是做市：他們真的能賣出嗎？答案是可以。我們過去一年有 Little Apollo，到年底我們的交易量將超過 400 億美元。我們也愈來愈看到大型銀行進入這個市場並提供流動性。我們不但不把這視為競爭威脅，反而視為很好的機會；在一個更多資訊、更多價格發現與更多流動性並未帶來更好結果的世界裡，這是一個很好的機會。

The next place we are moving is to custody and settlement. Custody and settlement will not be something that we do by ourselves. We will do that in partnership with a number of others. Our goal is to make buying and selling of private assets as easy and familiar as possible. We will start with credit and we will get after this in 2027.

我們下一個要推進的領域是託管與交割。託管與交割不會是我們單獨完成的事情。我們會與多家夥伴合作來做。我們的目標是讓私募資產的買賣變得盡可能容易且熟悉。我們將從信貸開始，並在 2027 年全力推進。

Deadlines and specifics to follow. But the world I'm describing is a world in which private assets have a price. They have a CUSIP, they're tradable and custody and settlement without the need for expensive intermediate structures.

時程與細節後續再公布。但我所描述的世界，是一個私募資產有價格的世界。它們有 CUSIP、可交易，並且能在不需要昂貴中介式架構的情況下完成託管與交割。

Given what's happened in public markets, given the increasingly concentrated correlated and index nature, we believe that we can present an attractive alternative and once that is set up, we believe we can create new businesses. How do we know this works? Well, no one knows this works, but we have seen very positive first steps in this marketplace.

鑑於公募市場發生的變化，鑑於其愈來愈集中、相關性更高且指數化的特性，我們相信我們能提供具吸引力的替代方案；而一旦這些基礎建置完成，我們相信我們能創造新的業務。我們怎麼知道這可行？其實沒有人知道這一定可行，但我們已在這個市場看到非常正面的第一步。

If you think about what AMAPS is CUSIP, has an estimated daily value, there's good market making and is relatively easy for people to custody and settle. AMAPS in a year, along with its companion product, a longer-term version of AMAPS called APADS is now $40 billion. We see that increasingly as a very attractive way for investors to have access to private markets without a lot of illiquidity of certain structures.

如果你想想 AMAPS：它有 CUSIP、有估計每日價值、有良好的做市，而且對人們而言託管與交割相對容易。AMAPS 在一年內，加上其配套產品——AMAPS 的較長期版本 APADS——如今已達 400 億美元。我們愈來愈認為，這是投資人進入私募市場的一種非常有吸引力的方式，同時不必承受某些架構所帶來的大量流動性不足。

As the industry moves forward and innovates, it opens up models, it opens up other forms of services that we heretofore have only associated with public markets. Those are the kinds of things that open up new profit opportunities and new growth opportunities for our industry. Provided that they are willing to make the investments and to move quickly.

隨著產業向前發展並創新，它會開啟新的模式，也會開啟其他形式的服務——而這些服務過去我們只會把它們與公募市場聯想在一起。這些正是能為我們產業打開新獲利機會與新成長機會的事物。前提是他們願意投入並快速行動。

So much of our industry is anchored to the world not changing until they retire. That is just not going to work given the pace of change. Internally, we talk about the rate of change inside needing to exceed the rate of change outside.

我們這個產業有很大一部分是建立在「世界在他們退休之前都不會改變」的假設之上。以目前變化的速度來看，這根本行不通。在內部，我們常談到：內部的變化速度必須超過外部的變化速度。

I wish that were true and we're moving very fast. Jim, Martin, myself and everyone else here, we've decided to double down. Over the next 24 months, we will incur roughly $350 million of planned expenses to make this happen.

我希望那是真的，而且我們正在非常快速地推進。Jim、Martin、我自己以及在座各位，我們已經決定加倍投入。在接下來 24 個月，我們將承擔約 3.5 億美元的計畫性支出來促成這件事。

We will write off our software and eliminate the systems previously relied on as we update and take advantage of new technologies in a much faster way than we otherwise would have. The data. Data drives everything.

我們將把既有軟體做減損處理，並淘汰先前所依賴的系統，因為我們要更新並以比原本更快的速度運用新技術。資料。資料驅動一切。

We would not be able to do estimated daily value. We would not be able to do market making without data, but data can still be improved. We will make a continued, very sizable investment in data.

沒有資料，我們就無法做到每日估值。沒有資料，我們也無法做造市，但資料仍然可以再提升。我們會持續、而且是非常大幅度地投資在資料上。

And as I've said previously, we will build lots of new businesses around this new form of how we believe private markets will operate. Those businesses will primarily be built out of Austin, Texas. Allowing the team in Austin to focus on building what we need for tomorrow and not being distracted by what we need in 2026 and 2027.

而且如我先前所說，我們會圍繞這種我們認為私募市場未來運作的新形態，打造許多新業務。這些業務將主要在德州奧斯汀建立。讓奧斯汀團隊能專注打造我們明天所需的東西，而不被 2026、2027 年的需求分心。

You will hear more from us going forward about redesigned comp systems that further drives alignment, this kind of thinking and aligns all senior people at Apollo with our shareholders over a long period of time. In short, it's an amazing time in our business. We have amazing tailwinds.

未來你們會聽到我們更多談到重新設計的薪酬制度，進一步推動一致性、這種思維，並在長期內讓 Apollo 所有資深人士與股東利益一致。簡而言之，現在是我們業務非常精彩的時刻。我們有非常強勁的順風。

Yes, there are things that we worry about, things Jim went through and Martin went through, but the fact is we have everything we need in-house to meet or exceed the targets we have previously communicated. It's now up to us to do and on top of that. Let's embrace change and lead better, stronger, faster. With that, turn it back to the operator and welcome your questions.

是的，確實有我們擔心的事情，也有 Jim 談到的、Martin 談到的那些，但事實是，我們內部具備所有所需資源，足以達成或超越我們先前對外溝通的目標。現在就看我們去執行，並且做得更好。讓我們擁抱變革，帶領得更好、更強、更快。接下來把時間交回給接線員，歡迎各位提問。

(Operator Instructions) Alex Blostein, Goldman Sachs.

(接線員指示) Alex Blostein，高盛。

Hi, good morning, everyone. Thank you for all those comments, Mark. I was hoping maybe to pick up on where you left off and just kind of thinking about what Apollo could look like beyond sort of your 2029 target.

各位早安。Mark，謝謝你剛才的所有評論。我想延續你最後提到的部分，談談 Apollo 在你們 2029 年目標之外，可能會是什麼樣子。

So it sounds like you guys are making considerable investments. You're trying to drive market structure change in private credit and fixed income broadly. That requires a sizable ecosystem shift.

聽起來你們正在進行相當可觀的投資。你們試圖推動私募信貸以及更廣泛固定收益領域的市場結構變革。這需要整個生態系統出現相當大的轉變。

With others potentially having to follow. So as you think about others moving slower, can the ecosystem evolve fast enough where you guys can actually earn a return on this investment and return on that capital that you're looking to kind of put to work more aggressively over the next several years?

而且可能需要其他人跟進。所以當你們思考其他人推進較慢時，生態系統能否足夠快地演進，讓你們實際上能在未來幾年更積極投入資本的同時，賺回這筆投資的報酬、以及你們期望的資本報酬？

I see it, Alex, and the eye-opener for me, and Jim and Martin will add their color, was AMAPS. The ability to act as one firm without regard to individual compensation pods to create access to everything we do in private credit and give investors liquid public structures, really an eye-opener. The notion that a new product is $40 billion after a year and we see doing at least that amount in '27.

Alex，我看得到。而對我來說的「開眼界」時刻——Jim 和 Martin 也會補充他們的看法——是 AMAPS。能夠作為一家整體公司運作，不受個別薪酬小團體（pods）的影響，去創造對我們在私募信貸所做一切的可得性，並為投資人提供具流動性的公開市場架構，這真的讓人眼界大開。一個新產品在一年後就做到 400 億美元，而我們預期在 2027 年至少也能做到那樣的規模。

It will not surprise me to see other firms do it and we are actively pushing other firms to enter this marketplace. And I think you will see other firms join us in the estimated daily value. You saw State Street's announcement in their earnings call and you will see other firms join us in the ICE venture.

看到其他公司也這麼做，我不會意外，而且我們正積極推動其他公司進入這個市場。我認為你們會看到其他公司加入我們的「每日估值」機制。你們在 State Street 的法說會上已看到他們的公告，也會看到其他公司加入我們與 ICE 的合資案。

That does not mean everyone. There are people who are resistant to change. The private market has benefited from a long time to allow me to say managed volatility.

但這不代表所有人都會。有些人對改變是抗拒的。私募市場長期以來受益於——讓我稱之為——「管理式波動」。

Managed volatility fools no one. Ultimately, these markets, if you're a debt security and you have a rating and you have a duration, you vary with the public market whether you like it or not. Recognizing it treats every investor fairly, particularly in vehicles that do not have permanent locked up capital.

「管理式波動」騙不了任何人。最終，這些市場如果你是一檔債務證券，且有評等、有存續期間（duration），不管你喜不喜歡，你都會隨著公開市場波動。承認這一點能公平對待每一位投資人，特別是在那些沒有永久鎖定資本的載具中。

Yeah, Alex, I'd say a couple more things. Marc talks about AMAPS, and I obviously can agree, but I need to put that $30 billion in context. When you think about the net new issuance of CLOs in a year, it's around $80 billion to $90 billion.

是的，Alex，我再補充幾點。Marc 談到 AMAPS，我當然同意，但我需要把那 300 億美元放在脈絡中看。如果你看一年內 CLO 的淨新增發行量，大約是 800 億到 900 億美元。

So one firm this year created a third of the net issuance of the entire trillion five marketplace. Our 40-plus years tell us that industry leaders who get there first. Take out their position, we'll a very strong dialogue with investors across the board.

所以今年單一公司就創造了整個 1.5 兆美元市場淨新增發行量的三分之一。我們超過 40 年的經驗告訴我們：先到達的產業領導者，會先卡位，並且與各類投資人之間形成非常強的對話。

We saw it and we've done it in our insurance business and many other areas. So yes, we're convinced if you are a market leader and you lead with the tools that we're bringing, that investors, if we're solving solutions, we will get a lion's share of the economics.

我們在保險業務以及許多其他領域都看過、也做到了。所以是的，我們深信：如果你是市場領導者，並以我們帶來的工具來領先，當我們在解決投資人的需求時，我們將取得經濟利益中的最大份額。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi, good morning and thanks for taking my question. So I was hoping to double-click into the ACSV outlook. You cited robust pipelines to support the digital infra build-out.

各位早安，謝謝讓我提問。我想更深入追問 ACSV 的展望。你提到有強勁的案源管線來支持數位基礎建設的擴建。

You've clearly emerged as a partner of choice, as you noted, for many in the ecosystem. So to help us frame the ACS fee upside, I was hoping you could speak to in relation to the $8 trillion in CapEx spend, how much of that's going to be financed in the private debt markets and given your high win rate, how it informs not just the level of ACS fee growth potential, but also the durability of those fees given your more conservative revenue recognition?

如你所說，你們顯然已成為生態系中許多參與者的首選合作夥伴。為了幫助我們評估 ACS 費用的上行空間，我想請你談談：在 8 兆美元的資本支出（CapEx）中，有多少會透過私募債市場融資？再加上你們很高的勝率，這如何影響不只是 ACS 費用成長的潛力水準，也包括在你們較保守的收入認列方式下，這些費用的持久性？

Yeah, let me start out. When we think there's been a lot of research by the big sell-side banks about whether it's the $5 billion to $7 billion or trillion and how it gets financed a third through operating cash flow, a third through public markets, equity and debt and a third through private market structures. As I mentioned, that really is on the AI ecosystem.

好，我先說。我們看到大型賣方銀行做了很多研究，討論到底是 5 兆到 7 兆美元還是 8 兆美元，以及資金如何籌措：三分之一來自營運現金流、三分之一來自公開市場（股權與債務）、三分之一來自私募市場架構。如我提到的，那主要是圍繞 AI 生態系。

When we look at our pipeline, energy, defense, manufacturing, a variety of other industries are going to be more pronounced. And I think what really like I would urge you, thinking back 20 years of being public when investors were laser-focused on one number 20 years ago, our FRE margin, and I think we told folks, we think you're missing the forest from the trees, I think the breadth, when Martin mentions the. Plus transactions, when Martin mentions the granularity of our fees, when we're able to actually structure the economics when transactions get funded, that just creates a robust continuation of a business.

但當我們看我們的案源管線，能源、國防、製造業以及其他各式產業會更為明顯。我想我真正想提醒你的是：回想我們上市後的 20 年前，投資人當時非常聚焦在單一數字——我們的 FRE 利潤率——而我們當時告訴大家，我們認為你們只見樹木不見森林。我認為這種廣度，當 Martin 提到那個。當 Martin 提到更多交易、提到我們費用的細緻度，當我們能在交易獲得資金到位時實際去設計經濟分配，這就能讓業務形成強韌的延續性。

So we're more focused on the durability than the growth in this level, but it's going to have some inherent growth, no doubt. But I would say in. I want to be careful about some of these comments, but certainly every boardroom, every CEO, when you see the scale of the solutions that we are being asked to execute and we've done, we are just part of many conversations. So I guess my message to you is the ACS line of business, the robust, durable nature of it, we are more convinced not only in the next two or three quarters, but in the future years to come.

所以相較於這個層級的成長，我們更關注其持久性，但毫無疑問它本身也會有一定的內生成長。但我會說，在。我必須小心一些說法，但可以確定的是：每個董事會、每位 CEO，當你看到我們被要求去執行、而且我們已經執行過的解決方案規模，我們只是眾多對話中的一部分。所以我想傳達的是：ACS 這條業務線的強勁、耐久特性，我們不僅對未來兩三個季度更有信心，對更長遠的未來年度也同樣更有信心。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi. Thank you. So I'm curious, if you looked at just the quarter, the SRE growth wasn't as much as you wanted. Part of it, I think, is the conservatism you talked about, right?

嗨，謝謝。所以我很好奇，如果只看這一季，SRE 的成長沒有你們想要的那麼多。我想其中一部分原因，是你們提到的保守作風，對吧？

The cost of funds was up 20 basis points, the asset yield was up like 4.

資金成本上升了 20 個基點，資產收益率大概只上升了 4 個基點。

And if you look at what you added on the balance sheet, it was super safe stuff. So I'm curious, I heard your questionary comments in the beginning. But maybe peel back the onion a little bit in terms of what you deployed late in quarter that makes the fourth quarter so much better and are we less cautious? I'm just curious on how your overall approach, because like you said, there's a lot of growth, but it feels like you've been purposely holding back growth under the umbrella of conservatism.

而且如果你看你們在資產負債表上新增的內容，都是非常安全的東西。所以我很好奇，我聽到了你一開始的答覆。但能不能再更深入一點，談談你們在季末部署了哪些東西，讓第四季看起來會好很多？我們是不是沒那麼謹慎了？我只是想了解你們整體的做法，因為如你所說，成長機會很多，但感覺你們一直在以「保守」為名刻意壓抑成長。

Well, firstly, in a period of rising rates, which we're seeing across the entire curve, you should expect to see for new business both higher cost of funds and higher investment yields, right? And so you're seeing that. The numbers that you cite on the cost of funds include the notable.

嗯，首先，在利率上升的期間——我們看到整條殖利率曲線都在上升——你應該預期新業務的資金成本會更高、投資收益率也會更高，對吧？所以你看到的就是這個。你提到的資金成本數字包含了那個顯著的項目。

So you need to adjust for that to get to a run rate basis. And then in terms of managing to inflows. Of cash written by your business with investment opportunities, that's something that we do all the time and we manage that around the pipeline.

所以你需要把那個調整掉，才能得到以常態化（run rate）為基礎的數字。然後在管理資金流入方面——也就是你們業務寫入的現金與投資機會之間的匹配——這是我們一直在做的事，我們會圍繞管線來管理。

What we saw in the quarter specifically was about 60% plus actually of the new sort of investment business was put to work in the month of September. And so if you adjust for that. The spreads were pretty much in lockstep on a growth basis. And then as I commented, that will then sort of fully quarterize into Q4, which gives us the line of sight to SRE uplift from three to four.

我們在本季特別看到的是，實際上約 60% 以上的新投資業務是在 9 月投入運作的。所以如果你把這點調整進去，在成長基礎上，利差幾乎是同步變動的。然後如我所說，這些會在第四季完整地反映成「整季化」效果，讓我們能清楚看到 SRE 從第三季到第四季的提升。

Glenn, I'll give you one on top of that. If you look at what's happening on the regulatory side, NAIC took a massive step forward. In their October 26 public memo to address what they call blatant regulatory arbitrage in offshore jurisdictions.

Glenn，我再補充一點。如果你看監管面的發展，NAIC 向前邁出了一大步。他們在 10 月 26 日的公開備忘錄中，針對他們所稱的離岸司法管轄區中「明目張膽的監管套利」提出處置。

They did not mince words. They called it serious and urgent solvency concerns that require immediate direct action. They are feeling the heat from industry, from some of the headlines involving insurers, particularly in Delaware domiciled.

他們措辭毫不含糊。他們稱之為嚴重且緊急的清償能力疑慮，需要立即且直接的行動。他們正承受來自產業的壓力，也受到一些涉及保險公司的新聞標題影響，特別是以德拉瓦州為註冊地的公司。

And from federal authorities, while not directly regulating, concerned about some of these oversights or lack of control in some instances. I think we are going to see significant regulatory change as we roll into 2027 for people who do business in offshore jurisdictions. Not every offshore jurisdiction, but those that are non-reciprocal with the US

以及來自聯邦當局的壓力——雖然聯邦並不直接監管——但他們對某些疏漏、或在某些情況下缺乏控管感到擔憂。我認為，隨著我們邁向 2027 年，對於在離岸司法管轄區經營業務的人，我們將看到重大的監管變革。不是所有離岸司法管轄區都會受影響，但會影響那些與美國不具互惠性的司法管轄區。

This comes back to a very simple principle. Everyone should be able to compete, but equal capital for equal risk. A risk that you book in Bermuda or Iowa, you should have the same capital required for the risk you book in the Caymans.

這回到一個非常簡單的原則。每個人都應該能競爭，但同等風險就要有同等資本。你在百慕達或愛荷華州承作的風險，你在開曼承作同樣的風險，就應該有相同的資本要求。

That is not the situation to date. And I believe that it will be addressed. And I think it will be addressed relatively soon.

但截至目前並非如此。而我相信這會被處理。而且我認為會在相對不久的將來被處理。

So that won't affect what's happening in. 2026 because I do think that firms who have raised money based on the Cayman arbitrage. We'll put that money to work quickly and hope for some form of grandfather, but I do think everyone is now on notice for what will come in the future as they project rates of return and as they price new business. And it would not surprise me to see the NAIC also address certain onshore jurisdictions that have offered the opportunity to hold less capital in an effort to compete with some of these offshore jurisdictions. So in short, a relatively favorable regulatory outlook rolling into 2027.

所以這不會影響 2026 年正在發生的事情，因為我確實認為，那些基於開曼套利而募到資金的公司，會很快把資金投入運作，並希望能有某種既有權益（grandfathering）的安排；但我也認為，現在每個人都已經被提醒：未來會有什麼變化——在他們預估報酬率、以及為新業務定價時都必須納入考量。而且我不會意外 NAIC 也會處理某些在岸司法管轄區——它們為了與部分離岸司法管轄區競爭，提供了可以持有較少資本的機會。總之，邁向 2027 年的監管前景相對有利。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Great. Thank you for taking the call. And Marc, I'd be remiss if I didn't say I enjoyed the music on hold this morning.

很好。謝謝讓我加入電話會議。Marc，如果我不說我今天早上很喜歡等待接通時的音樂，那就太失禮了。

All about change, Bill.

一切都在改變，Bill。

Yes, I deduced that for sure. Okay, so the question is just coming back to where you left off as well. Is the algorithm changing here a little bit in terms of how you foresee the FRE growth of the business?

是的，我確實推斷出來了。好，那問題就是回到你剛才結尾提到的部分。就你們如何看待業務的 FRE 成長而言，這裡的「演算法」是不是有些改變？

$350 million does seem like a pretty sizable investment spend. You did sort of hint at it sort of shifting the comp structures around a little bit and that you're on pace to hit your goals through 2029. But is this now more of a top-line expansion story at the expense of margin or do you think you can hold and build margins along the way as you reinvest? Thank you.

3.5 億美元看起來是相當可觀的投資支出。你也有稍微暗示，可能會在某種程度上調整薪酬結構，而且你們仍在軌道上可在 2029 年前達成目標。但這是否會變成一個以犧牲利潤率為代價、換取營收（top-line）擴張的故事？還是你認為在再投資的同時，也能維持並逐步提升利潤率？謝謝。

I think we get to hold margin along the way. I think we're going to see increase in capacity. And I'll just give you the kind of anecdote from my trip to India earlier this year.

我認為我們可以一路維持利潤率。我認為我們會看到產能提升。我用我今年稍早去印度的一趟行程，給你一個小故事。

Just before the summer, I headed off to visit our office in Mumbai where we have some 800 people, which is for Apollo very sizable footprint. And I was expecting to deliver a relatively downbeat message given that India has grown in large part through labor arbitrage. And what I found there is because most of the work that went into India initially had to be productized to be able to be outsourced in the first place, India was two years ahead of us in the US in terms of the application of technology, particularly AI through the workflow.

就在夏天之前，我去拜訪我們在孟買的辦公室，那裡大約有 800 名員工，對 Apollo 來說是相當大的據點。我原本預期要傳達一個相對偏保守的訊息，因為印度的成長在很大程度上是靠勞動力套利。但我在那裡看到的是：由於一開始要把工作移到印度，必須先把大部分工作「產品化」才能外包，因此在技術應用上——特別是 AI 在工作流程中的應用——印度比我們美國早了兩年。

India talks to me about a 50% capacity increase without the addition of people. Now, the bad news for India is we're actually delivering on that. But I do see the opportunity to invest in the business without necessarily investing in people at the same rate, which will give us some investment discretion.

印度那邊跟我談的是：在不增加人力的情況下，產能可以提升 50%。現在，對印度來說的壞消息是，我們其實正在把這件事做出來。但我確實看到一個機會：我們可以投資業務，但不必以同樣的速度增加人力，這會給我們一些投資上的彈性。

My remarks, again Bill, I think you picked up on it, the business as defined to date is a business about raising assets. We're all about raising assets and I think we have a good trajectory and a good tailwind for the raising of assets, but as you start and make investments, you become. You have other business opportunities that are afforded to you, whether it is in the market making business or it is the lending business, the lending against private asset business, which is a relatively small piece of everyone's pie today, once you have liquidity, you have price, you have custody and security and data, you have the makings of a pretty good private markets lending business.

Bill，再次呼應我剛才的說法，我想你也聽出來了：截至目前，這個業務的定義是一個「募資、募集資產」的業務。我們的核心就是募集資產，我認為我們在募集資產方面有很好的軌跡與順風。可是當你開始進行投資時，你就會有其他業務機會——不論是做市業務，或是放貸業務，或是以私募資產作抵押的放貸業務。這在今天對任何人來說都還只是很小的一塊；但一旦你有流動性、有定價能力、有託管與安全與數據，你就具備打造一個相當不錯的私募市場放貸業務的條件。

We do that today in a bulky way called nav loans. So you are right, I see this as a revenue picture and the reason to have done it the way we're doing it is to allow a team that is really experienced to focus on the businesses that we want in '28 and '29 and '30 and to not be consumed by the urgency of the business in '26 and '27 and thus the geographic separation as well as some of the personal separation and we have the luxury of doing that. So we'll be able to carry both the costs of investment as well as deliver the numbers. But I do think this is about revenue at this point.

我們今天以一種比較笨重的方式在做這件事，叫做 NAV 貸款。所以你說得對，我把這視為一個營收面的布局；而我們之所以用現在這種方式來做，是為了讓一支非常有經驗的團隊能專注在我們希望在 2028、2029、2030 年擁有的那些業務，而不被 2026、2027 年業務的急迫性牽著走——因此也需要地理上的區隔，以及某種程度的人員區隔，而我們有這樣做的餘裕。所以我們既能承擔投資成本，也能交出數字。但我確實認為，現階段這主要是關於營收。

Yes, and I would just add that I think historically our business has thought about management fee and incentive fees as well management fees may be annual, you need to generate more assets. Think about a world where the economics are more like the interstate highway system where there's a variety of toll booths and if you originate an asset, between trading it, between custody, between financing it, there's a variety of more income streams from that single asset.

是的，我只想補充一點：我認為從歷史上看，我們的業務一直把管理費和激勵費（績效費）作為核心來思考；同時管理費可能是按年計收，你就需要創造更多資產規模。可以想像一個世界，其經濟模式更像州際高速公路系統：有各式各樣的收費站；如果你發起一項資產，從交易、託管到融資，單一資產就能帶來多種不同的收入來源。

That's the creativity and vision that we're trying to bring to the industry and I believe our scale, creativity and our incumbency. Will give us a shot at doing that. And again, it's very clear, we're not abandoning the base business by any means.

這就是我們試圖帶給產業的創意與願景，而我相信我們的規模、創意以及既有優勢（既有地位）。會讓我們有機會做到這一點。而且再說一次，很清楚的是，我們絕對沒有要放棄基礎業務。

We're solely focused on it. But by having things like Austin, by making sure that we can actually the end of the business, we want to capture that upside in the future.

我們仍然完全專注在它上面。但透過像奧斯汀這樣的布局，並確保我們實際上能夠在業務的末端（下游）做到位，我們希望在未來能夠抓住那個上行空間。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

I wanted to maybe follow-up a little bit more on the ACS side of the business. So maybe can you talk a little bit about the origination funnel for corporate solutions, including in the digital infrastructure space?

我想就 ACS 這一塊業務再追問一下。所以你們能否談談企業解決方案（corporate solutions）的案源／發起漏斗（origination funnel），包括在數位基礎設施領域？

How much opportunity is coming across your desk today? How has that evolved? Are spreads changing in any meaningful way as more capital providers seem to be entering. That market and then can you just talk a little bit about the ultimate asset placement including how much you're retaining at Athene, Apollo funds and then syndicating out to market?

目前每天有多少機會送到你們桌上？這個情況如何演變？隨著看起來有更多資本提供者進入。該市場，利差是否有任何實質變化？另外也請談談最終的資產配置：包括你們在 Athene、Apollo 基金中保留多少，以及再向市場分銷（syndicate）多少？

Yeah, I mean, I would highlight that again, well, 24 months ago, the conversation on private credit was very narrow, it was about direct lending and software, that now is sort of in the rearview mirror and now your question, it shows that the marketplace is appropriately thinking about the $40 trillion, not the $2 trillion. It's really our view that if you look at the last six to 12 months, the hyperscalers have had to come into the marketplace, spreads have continued to widen out, but we would argue when you even look where Meta is issuing today as a public IG paper, as a AA, spreads are very robust and in an era where real yields are positive and real for the first time in 18 years. By being able to achieve 8% to 9% on these type of financings, we think in a world where more and more folks are savers, more and more funds are looking to put more fixed income to work, it's going to be much broader.

是的，我想我會再次強調：大約 24 個月前，市場對私募信貸（private credit）的討論非常狹隘，主要圍繞直接放款（direct lending）和軟體；現在那已經成為過去式，而你這個問題顯示市場正在更恰當地思考 40 兆美元的市場，而不是 2 兆美元。我們的看法是，如果你看過去 6 到 12 個月，超大規模業者（hyperscalers）不得不進入市場，利差持續走闊；但我們會主張，即便你看 Meta 今天以公開投資級（public IG）債券、且評級為 AA 的發行水準，利差仍然非常有吸引力；而在一個實質殖利率（real yields）18 年來首次轉正且為正的時代。能在這類融資上達到 8% 到 9%，我們認為在越來越多人是儲蓄者、越來越多基金希望配置更多固定收益資產的世界裡，這個市場會變得更廣泛。

So it's a long-winded saying that the application, when Marc talks about these. Six buyers versus the one buyer, the additional five, some will access directly, some will access through syndication. It's a much more open architecture world.

所以用比較冗長的方式來說，這些應用情境，當 Marc 談到。六個買方對上一個買方時，新增的五個買方，有些會直接參與，有些會透過分銷（syndication）參與。這是一個架構更開放的世界。

So it's as much about executing the flywheel than it is the actual dollars at work, but I think it really just continues to embed the role that we have with issuers as well as buyers across the board. And again, for our capital question or what view we have on chip prices, when you have a fully amortizing five-year piece of paper where you have a situation where you're not taking any residual risk.

因此，重點與其說是實際投入的資金規模，不如說是把飛輪（flywheel）執行到位；但我認為這確實持續強化了我們在發行人以及各類買方之間的角色。再者，針對我們的資本問題或我們對晶片價格的看法，當你持有一張完全攤還（fully amortizing）的五年期票據，而你處在一種不承擔任何殘值風險（residual risk）的情境。

We believe these, in fact, we would actually wouldn't mind with a zero basis getting some more of the residual and that may be part of structures in the future. But we believe it's just very strong risk reward on the structure we put in place.

我們相信這些交易——事實上，即使在零基差（zero basis）的情況下，我們也不介意多拿一些殘值部位，這可能會成為未來結構設計的一部分。但我們認為，就我們所建立的結構而言，其風險報酬非常強。

Let me move a little bit to the Athene side and the commitment. We put out a deck early last week at the end of the week that really laid out Athene's philosophy and quite frankly, all of our regulated balance sheet philosophy. Talking about 1% to 1.5% positions in various issues and being mindful of industry concentration.

我再稍微轉到 Athene 端以及承諾（commitment）的部分。我們在上週初、接近週末時發布了一份簡報（deck），清楚闡述了 Athene 的投資哲學，坦白說，也涵蓋了我們所有受監管資產負債表（regulated balance sheet）的哲學。其中談到在各個發行標的上持有 1% 到 1.5% 的部位，並留意產業集中度。

What's interesting is one of the stats that was in there, and I don't have it in front of me, but the IG market, broadly defined, the public IG market is projected to be 16%, roughly AI related. We're seeing just a massive shift from dominated by global financials to dominated by both global financials. And tech companies.

有趣的是，裡面有一個統計數字——我手邊沒有——但廣義定義下的投資級（IG）市場、也就是公開投資級市場，預計約有 16% 與 AI 相關。我們正看到一個巨大的轉變：從過去由全球金融機構主導，轉向由全球金融機構主導。以及科技公司共同主導。

And if you think about the flywheel we've created, these are complex financings where the choices you make on what risk you're willing to take and how you document these things. If you approach it as an agent and you're just willing to get deals done, you can end up with gaps, not to make fun of the area's publication, but you have to mind the gap. If you are a principal and you are focused on what you need.

如果你想想我們打造的飛輪，這些都是複雜的融資：你在願意承擔哪些風險、以及如何把條款文件化（document）方面所做的選擇非常關鍵。如果你以代理人（agent）的角度切入，只想把交易做成，你最後可能會留下缺口——不是要取笑那本刊物的用語，但你必須「注意缺口」（mind the gap）。如果你是以自營／主體（principal）的身分，並專注於你自身需要什麼。

For yourself, how do you want to protect your own balance sheet, you don't skip steps, you do what is necessary. The market understands that we are a principal in this and not just an agent. As a principal, industry participants who want to participate in the economics that Jim talked about want to be aligned with us.

對你自己而言，你要如何保護自家資產負債表，你不會省略步驟，你會做必要的事情。市場理解我們在這裡是以主體（principal）身分參與，而不只是代理人。作為主體，那些想參與 Jim 所談經濟利益的產業參與者，會希望與我們站在同一陣線。

The fact that we have been able to align other industry participants, including insurance companies and pension funds and wealth managers and others. is what gives us the market heft to say yes to very sizable transactions without taking undue risk. We are not in the bridge loan business.

我們能夠讓其他產業參與者（包括保險公司、退休金基金、財富管理機構等）與我們對齊。這正是讓我們有市場份量（market heft），能對非常大規模的交易說「可以」，同時不承擔不必要風險的原因。我們不做過橋貸款（bridge loan）業務。

We do not want large concentrated positions. At some level, we just don't want to take that sort of risk. And fortunately, we've been able to de-risk the business.

我們不希望持有大型且高度集中的部位。在某種程度上，我們就是不想承擔那種風險。而幸運的是，我們已經能夠讓這項業務去風險化（de-risk）。

A lot of that does come in ACS fees, which we are mindful of not. Recognizing income on a current basis, recognizing it over the period of time in which listing funds so that we do not create that volatility. And increasingly, we are focused on structures that allow and incentive employees on a long-term basis to bear more of that volatility in a way that is appropriate.

其中很大一部分來自 ACS 費用；我們也留意不要。以當期方式認列收入，而是於相關期間內認列（攤提／遞延認列），以免造成波動。而且我們也愈來愈專注於能在長期基礎上，讓員工以適當方式承擔更多波動的結構與激勵機制。

I would just say beyond the IG focus, ACS fees are. are a consequence of origination. It's a revenue fee stream as management fees are if assets end up in our funds and we earn a management fee on that.

我想說的是，除了投資級（IG）的重點之外，ACS 費用是。是發起（origination）的結果。它是一條收入型費用流，就像如果資產最終進入我們的基金、我們因此收取管理費，管理費也是一樣的收入費用流。

And the funnel around the origination activities has broadened out so much in the last couple of years and it's facilitated by the fact that we have low walls. That origination activity really sits within every business from equity, hybrid, infrastructure, sports, non-investment grade and then all forms of investment grade and then works its way through a distribution syndication process. And so we've moved past a point where it was sort of an occasional large transaction that created fees, so it's a flow and evolution of relationships. And every business, literally every business in the firm is contributing to that effort.

而且過去幾年，圍繞發起活動的漏斗已大幅擴張；這也得益於我們的部門壁壘較低（low walls）。這些發起活動實際上存在於每一條業務線：從股權、混合型、基礎設施、運動（sports）、非投資級，到各種形式的投資級，然後再透過分銷與聯貸（syndication）流程推進。因此我們已經走過了那種「偶爾一筆大型交易帶來費用」的階段；現在更像是關係的流量化與演進。而且公司裡每一個業務——真的每一個業務——都在為這項工作做出貢獻。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Hey, good morning, everyone. My question is on the new European credit platform announced this week. Could you expand on how we should think about that directly impacting results?

各位早安。我的問題是關於本週宣布的新歐洲信貸平台。你們能否進一步說明，我們應該如何看待它對業績的直接影響？

Like is it just a broader origination funnel or something more than that? And then higher level, should we take this move as a signal that you see a turning point for a ramp in allocations to high-grade privates and ABF in Europe?

例如它只是讓發起漏斗更寬，還是有更多層面的意義？另外從更高層次來看，我們是否應把這個動作視為一個訊號：你們看到歐洲在提高對高評級私募資產（high-grade privates）與 ABF（資產支持融資，asset-based finance）配置方面，正迎來一個加速配置的轉折點？

Yeah, I think this is consistent with our view. If you look at the US banking and capital market system, vis-a-vis Europe, it's a very bank-heavy lending environment where the capital markets are not as developed. And so historically, a lot of focus has been on the non-investment grade direct lending.

是的，我認為這與我們的觀點一致。如果你把美國的銀行與資本市場體系拿來和歐洲相比，歐洲是一個銀行主導的放款環境，資本市場沒有那麼發達。因此，歷史上很多焦點都放在非投資級的直接放款上。

And our view was if we could put together a platform. That was a complete solution provider for corporates and sponsors that can do investment grade, asset-based and non-investment grade direct lending in one vehicle, not a fund, it would have the scale, the permanence and the partnership approach that would be the measure of success. And so we're excited, we went out to a handful of global investors, they joined us as pioneer investors.

而我們的看法是，如果我們能夠搭建一個平台。那將是一個為企業與贊助方提供完整解決方案的平台，能在同一個載體中（不是基金）同時進行投資級、資產擔保以及非投資級的直接放款；它將具備規模、永久性以及夥伴式合作的方法，而這些將是衡量成功的標準。因此我們很振奮，我們去找了少數幾家全球投資人，他們以先行投資人的身分加入了我們。

As you saw, we have about $10 billion of equity that will allow us to create a $10 billion portfolio. These are the seedlings that we have created around the firm that give us the confidence in the '29 plan. But again, I think it's a set of one right now, we don't know any other.

如你所見，我們大約有100億美元的股權，這將使我們能夠建立一個100億美元的投資組合。這些是我們在公司內部培育出的「幼苗」，讓我們對「29計畫」更有信心。但再說一次，我認為目前這是唯一的一套，我們不知道還有其他任何一家。

Provider that's created this unique platform that can partner with Apollo, that can partner with banks and yet source on their own. And so it has the winning combination of structure and focus that we find very alluring. And it's negligibly in our plans going forward. So it's a lot of upside for us.

供應商打造了這個獨特的平台，既能與Apollo合作，也能與銀行合作，同時又能自行進行資產來源開發。因此它兼具結構與聚焦的致勝組合，我們覺得非常有吸引力。而且它在我們未來的規劃中占比很小。所以對我們而言上行空間很大。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Hey, good morning, everyone. Hope you're doing well. Our question is on the liability side of things, balance sheet.

各位早安。希望大家都一切順利。我們的問題是關於負債端，也就是資產負債表。

In light of the sizable increase in liability cost ex unlocking year over year, how should we think of the go-forward trajectory with elevated competition, the rising US 10-year treasury yields and challenges with growth outside of the US, the UK And Japan? And what could make this better?

鑑於負債成本（不含解鎖因素）年增幅度相當可觀，在競爭加劇、美國10年期公債殖利率上升，以及美國以外（英國與日本）成長面臨挑戰的情況下，我們應該如何看待未來的走勢？以及有哪些因素可能讓情況改善？

Is this a recession/bear market, which could push capital out of the industry and that might give a scene an opportunity to outperform. When already dispersion widens?

這是否是一個衰退／熊市，可能會把資金擠出這個產業，從而給像你們這樣的公司帶來超額表現的機會？尤其是在分散度已經擴大的時候？

I'll take the first shot and then Martin will have a crack at it. So we don't really see the business the way you framed it. Rising liability costs are a function of rising interest rates.

我先回答第一部分，然後Martin再補充。所以我們其實不太用你所描述的方式來看待這個業務。負債成本上升是利率上升的函數。

For us, we manage spread. And we manage spread against locked-in liabilities protected by MVAs and/or surrender charges. So long as we're putting on sufficient spread, costs are going to go up and down.

對我們而言，我們管理的是利差。我們管理的是相對於鎖定型負債的利差，而這些負債受到市場價值調整（MVA）和／或解約費用的保護。只要我們取得足夠的利差，成本就會上下波動。

We have seen in segments of the market, particularly the brokered market, that is less concerned of quality. We have seen increased competition, as you've heard, across the industry. That has been a function of the willingness of the brokered market to accept facing Cayman insurers directly that in general do not hold as much capital.

我們在市場的某些區隔，特別是經紀通路市場，看到其對品質的重視程度較低。如你所聽到的，我們看到整個產業的競爭加劇。這是因為經紀通路市場願意接受直接面對開曼群島的保險公司，而這些公司通常不持有那麼多資本。

And therefore have been able to continue to do business without the benefit of origination, scale or anything else other than capital. I think as that normalizes, you will see a better opportunity and that's a short-term trend. The reality is the long-term trend here is to make the products more user-friendly and market accessible.

因此，他們能夠在缺乏承作來源、規模或其他優勢的情況下，僅憑資本就持續做生意。我認為隨著這種情況回歸常態，你會看到更好的機會，而這是一個短期趨勢。現實是，這裡的長期趨勢是讓產品更易用、也更容易被市場取得。

Right now, an insurance policy is folded. It's a piece of paper. It's actually 116 pieces of paper, folded in triple, put in a plastic sleeve and put in your safe. It is not part of your asset allocation or your asset management discussion with your financial advisor or how you think about your wealth. Increasingly, the growth of this industry is going to be about product simplification and moving insurance from your safe to your financial statements.

現在，一張保單是被摺起來的。它是一張紙。實際上是116張紙，三折摺好，放進塑膠套，再放進你的保險箱。它不是你資產配置或與理財顧問討論資產管理的一部分，也不是你思考財富時的一部分。這個產業未來的成長，將愈來愈取決於產品簡化，並把保險從你的保險箱搬到你的財務報表上。

We have as an industry not really done a great job of product innovation. And what you're starting to see from us and what you heard from me beginning two years ago was an intense focus on new markets and new products. Those products this year will be, and Martin, correct me quickly, $10 billion.

作為一個產業，我們在產品創新方面其實做得不夠好。而你開始從我們身上看到的、以及你在兩年前就聽我提到的，是對新市場與新產品的高度聚焦。今年這些產品的規模將會是——Martin，請你快速更正我——100億美元。

And I expect that to be an increasingly large part of our growth. That does not mean annuities will disappear or RILA. Or funding agreements or otherwise, but the growth in this industry, in my opinion, is going to come from accessing new markets and creating spread in new ways, making them much more accessible for people thinking of them as financial alternatives, side-by-side with your non-guaranteed products.

而我預期這將在我們的成長中占比愈來愈大。這並不代表年金會消失，或RILA（註冊指數連結年金）會消失，或資金協議（funding agreements）等會消失；但我認為，這個產業的成長將來自於切入新市場，並以新的方式創造利差，讓人們更容易把它們視為金融替代方案，與你的非保證型產品並列比較。

Specific to the quarter, we wrote business at the new business at the margin consistent with. Consistent with long-term trends, the return on equity was consistent with long-term trends. There's a page in the earnings release that shows the spread walk, which is ex-notables, up 14 basis points on the cost of fund side, up 10 on the income earn side.

就本季而言，我們在新業務的邊際上承作的水準與……一致。與長期趨勢一致，股東權益報酬率也與長期趨勢一致。財報新聞稿中有一頁顯示利差變動拆解（不含一次性項目），在資金成本端上升14個基點，在投資收益端上升10個基點。

If you adjust that for the comment I made on timing of deployment, the two sit on top of each other. There's puts and takes within the numbers, but we focus on where we write new business on a net basis, realizing to the comment that we both made earlier, rates will go up and down in a period when rates go up across the curve as they did, you're going to see both increases in returns and cost of funds across any tenor of business that's being written and invested against.

如果你把我提到的部署時點因素調整進去，兩者其實是重疊的。數字裡面有一些此消彼長，但我們關注的是我們在淨額基礎上承作新業務的水準；也呼應我們先前都提到的，利率會上下波動。在像這次一樣殖利率曲線各段利率都上升的期間，你會看到不論是報酬或資金成本，都會在任何被承作並對應投資的期限上同步上升。

Ben Budish, Barclays.

Ben Budish，巴克萊。

Hi, good morning and thanks for taking my question. Marc, earlier you referenced a deck Athene put out last week with a lot of helpful disclosures around how you're participating in the AI financing opportunity. Curious, maybe a two-parter, if you could expand a little bit on the broader category limits.

嗨，早安，謝謝讓我提問。Marc，你先前提到Athene上週發布的一份簡報，其中有很多有用的揭露，說明你們如何參與AI融資機會。我想問一個可能分成兩部分的問題：你能否再多談一點更廣泛的類別限額（category limits）？

I think you talked very specifically about single issuer limits, but how are you guys thinking about sort of broader exposure to the industry and what that looks like over the next couple of years? And then I'm curious what this means. From a third-party perspective, I would assume your third-party insurance clients have similar risk exposure limits.

我知道你談得很具體的是單一發行人限額，但你們如何思考對整個產業的更廣泛曝險，以及未來幾年可能會是什麼樣子？另外我也好奇這代表什麼。從第三方角度來看，我會假設你們的第三方保險客戶也有類似的風險曝險限額。

But what does this mean in terms of where the capital is going to come from in terms of financing this opportunity? Does this sort of crack open the broader IG credit opportunity with LPs? How are you thinking about that over the next 12 to 24 months?

但就為這個機會提供融資而言，資本將從哪裡來？這是否會讓LP在更廣泛的投資級（IG）信用機會上打開缺口？你們在未來12到24個月會如何思考這件事？

I mean, let me start it out, if you would, in terms of the IG. As Marc noted. Hyperscalers and tech have gone from negligible 1% to about 6% and when you look out the next 24 months, some of the big banks have the ecosystem of AI 12% to 15% of the IG index.

我的意思是，讓我先從投資級（IG）談起。如Marc所指出的。超大規模雲端業者（hyperscalers）與科技產業在IG指數中的占比，已從幾乎可忽略的1%上升到約6%；而展望未來24個月，一些大型銀行認為AI生態系可能占IG指數的12%到15%。

As you witnessed how we've invested over the years, go to ADS and our software limitations, we always believe as a fixed income investor. Industry diversification is one of the keys and hallmarks of success. In the AI deck or in the digital infra deck that we gave out for Athene, it talked about their exposure today around 3%.

如你多年來所見我們的投資方式，看看ADS以及我們在軟體方面的限制，我們一直相信，作為固定收益投資人。產業分散化是成功的關鍵之一，也是成功的重要特徵。在那份AI簡報或我們為Athene提供的數位基礎設施簡報中，提到他們目前的曝險約為3%。

When you talk about Apollo, it's about 2.5% to 3% in aggregate. And I think that if the indexes were to go to the numbers that I talked about earlier, we would clearly be more prudent than those type of numbers. And so it's our view that there's diversification in CLOs, there's diversification indexes, we would typically still stay below those. Based notwithstanding the great confidence we have in these free cash flow generating businesses, but I think those would be demarcations of we would probably not get anywhere near those type of index exposures, so somewhere in the half to two-thirds at best over many years.

談到Apollo，整體合計大約是2.5%到3%。我認為如果指數真的上升到我剛才提到的那些數字，我們顯然會比那樣的水準更為審慎。因此我們的看法是，CLO有分散化，指數也有分散化，而我們通常仍會低於那些水準。儘管我們對這些能產生自由現金流的企業非常有信心，但我認為這些會是我們的界線：我們大概不會接近那種指數曝險水準；因此在很多年之後，最多也可能只會到其一半到三分之二左右。

So in terms of third-party insurance and how people are allocated, there's a chart in there that really does speak to this. Clearly, as hyperscalers and others are taking up a larger portion of the public IG index, the industry owns that. Almost every public IG bond is unsecured.

因此，就第三方保險以及人們如何被配置而言，裡面有一張圖表確實能說明這一點。很明顯，隨著超大規模雲端業者（hyperscalers）及其他公司在公開投資級（IG）指數中占比愈來愈大，這部分風險是由整個產業承擔的。幾乎每一檔公開市場的IG債券都是無擔保的。

We have a position, but it is not a meaningfully outsized position relative to the industry we sit firmly in the middle. There are those who have much larger public positions. Our belief is that we are much better off.

我們有部位，但相對於同業而言並不是顯著偏大的部位；我們很明確地處於同業的中間位置。也有一些同業在公開市場上的部位大得多。我們的看法是，我們的處境要好得多。

Coming back to the first thing I said, for us to hold concentrated credit, we need not just more return but more safety, moving from unsecured to secured, moving to chip financings that give us 20% pay down over five years with the IG guarantee and more spread, the ability and willingness to hold assets that are private. Rather than public, I believe is a risk-reducing move, and lots of our third-party insurance clients see the same, and you've seen this in all the reports of increasing exposure to private assets. These are mostly IG.

回到我一開始說的，對我們而言，要持有集中的信用曝險，我們不僅需要更高的報酬，還需要更高的安全性：從無擔保轉為有擔保、轉向晶片融資（chip financings），在投資級（IG）保證之下，五年內可攤還20%，同時有更高的利差；並且要有能力與意願持有私募資產。我認為，相較於公開市場，轉向私募是一個降低風險的動作；我們許多第三方保險客戶也有同樣看法，你也在各種報告中看到對私募資產曝險的提升。這些多數都是IG。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Hey, thanks for taking the question. One of the tailwinds you mentioned is aging populations and the need for retirement income. Just curious, how do you think about the opportunity set for product innovation on that front? When you look at guaranteed income solutions today, how different might they look in five to 10 years, maybe speak to some of the steps you may look to take in the cutting years.

嗨，謝謝讓我提問。你提到的順風因素之一是人口老化以及對退休收入的需求。我想請教，你如何看待在這方面進行產品創新的機會集合？當你看今天的保證收入解決方案，五到十年後它們可能會有多不同？也請談談你們在未來幾年可能採取的一些步驟。

At the top of the house, if you think about what our business is. We have, on the one hand, this group of companies around the world that need capital to support this global industrial renaissance. Most of that capital is debt capital, most of that is IG, but it's also amounts of equity and of hybrid.

從整體來看，如果你思考我們的業務是什麼。一方面，我們面對的是全球一群需要資本、以支撐這場全球工業復興的公司。其中大部分資本是債務資本，多數是投資級（IG），但也包含一定規模的股權與混合型資本。

On the other side of the world, you have retirees directly and indirectly who need increasing amounts of guaranteed income or other forms of savings for retirement. When we guarantee the outcome, we call that insurance. When we pass it through without a guarantee, we call that asset management.

在世界的另一端，你有退休族群——直接或間接——他們需要愈來愈多的保證收入或其他形式的退休儲蓄。當我們保證結果時，我們稱之為保險。當我們不提供保證、僅做傳遞（pass-through）時，我們稱之為資產管理。

Right now they live in two separate worlds. One lives in your safe, the other lives on your financial statements. And what we see is an increased opportunity to access the inherited advantages of insurance, which are tax deferral, guarantees, and access to.

目前它們存在於兩個彼此分離的世界。一個在你的保險庫裡，另一個在你的財務報表上。而我們看到的是，有更多機會去運用保險與生俱來的優勢，也就是遞延課稅、保證，以及取得……

Assets that are not generally available in the public marketplace. The more we can package those products not in 116-page documents in places and ways that people understand, the better off we're going to be. It will not surprise me if we see in the future guaranteed two or three times more, guaranteed outcomes 17 or 18 years from now to pay for college.

一般在公開市場上不容易取得的資產。我們越能把這些產品包裝成不是116頁的文件、而是以人們能理解的方式與場景呈現，我們就會越有利。如果未來我們看到：為了支付大學學費，在17或18年後提供兩到三倍更多的保證、保證結果，我一點也不意外。

The more we become a solution rather than a policy or a product, the better chance we have. Now, the reality is our industry is growing just as a result of population going and it will grow through 2050. However, our share of the retirement market as an industry is going down. We have an opportunity to just ride the industry trend as so much of the population, not just in the US, but everywhere in the world ages and the world is short guaranteed income.

我們越能成為一個「解決方案」而不只是保單或產品，我們成功的機會就越大。現實是，僅僅因為人口結構變化，我們這個產業就會成長，而且會一路成長到2050年。然而，作為一個產業，我們在退休市場的市占率卻在下降。我們有機會順勢而為：不只是美國，而是全球各地人口老化，而世界缺乏保證收入。

I would also add, and when you go around the globe and talk to the big pools of capital, this backup in rates has created a variety of investors that are now fully funded. Or much better funded than they were a decade ago with rates at very low levels. There is a big push around the globe for much more compounding yield taking concentrated public equity risk off the table and doing so with more compounding yielding fixed income.

我也想補充，當你走訪全球、與大型資金池交流時，這一波利率回升使得各類投資人如今已達到完全提撥（fully funded）。或者至少比十年前、利率極低時的提撥狀況好得多。全球正出現一股強烈趨勢：追求更多可複利的收益，把集中的公開股票風險從投資組合中移除，並以更能複利的固定收益來達成。

And with the indexes in the US. On the IG side, basically, with 10-year, it was at around 5%, 85% over 585%. The chip financings that we're getting with single aid credits are $8.50 to $9.00, and what spread and what yield will you sell equity and buy fixed income that you feel is compounding?

以美國的指數來看，在投資級（IG）這一側，基本上10年期殖利率大約在5%（原文數字：85% over 585%）。而我們拿到的、以單A級信用為主的晶片融資，利率是8.50%到9.00%；在什麼樣的利差、什麼樣的殖利率之下，你會賣出股票、買入你認為能夠複利的固定收益？

We feel it's getting pretty close. So as Mark said, the introduction in terms of structure to models and various investment programs, that is the future that we will be in the front of.

我們覺得已經相當接近了。因此如Mark所說，在結構設計上把模型與各種投資方案導入，這就是我們未來會站在最前沿的方向。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good morning. Thanks for taking my question. Just sort of one cleanup on SRE and then one more philosophical question.

早安。謝謝讓我提問。我想先針對SRE做一個小釐清，然後再問一個比較哲學性的問題。

So the 10% SRE growth expected in 2027. Is that off the reported SRE base or should we adjust the base for an 11% alternative return? And then when you think more philosophically about the alternative return, it's been sub-11% now for going on five years.

關於2027年預期10%的SRE成長。這是以已揭露的SRE基期計算，還是我們應該把基期調整為11%的替代性投資報酬？另外，從更哲學的角度看替代性投資報酬，它已經連續將近五年低於11%。

And given the length of some of these liabilities, that actually would have meant that some of the liabilities underwritten in early 2022. You had the wrong alts assumption and therefore the spread wasn't what you were thinking you were underwriting to, but something below that. And so how do you think about whether or not continuing to embed the 11% is sensible, you guys have restructured the portfolio, it's moved in a closer direction, but it's still below that level. And so how do you think about that philosophically when you think about pricing liabilities to the spread?

而考量到其中一些負債的期限，這其實意味著：你在2022年初承保的一些負債，替代投資假設用錯了，因此利差並不是你以為的承保水準，而是低於那個水準。因此你當時承保的利差並不是你以為的，而是更低。那麼你如何看待：持續把11%內嵌在假設中是否合理？你們已重整投資組合，方向更接近了，但仍低於那個水準。所以，當你從「以利差來定價負債」的角度思考時，你在哲學上如何看待這件事？

I'll start and then I'll turn it over to Martin. We still believe that that is the right number over a long period of time and what we've seen is while fixed income excuse me, while alts have underperformed, what we've seen is real outperformance on a number of the fixed income, particularly on originated product, the result being that the numbers have basically balanced and we are satisfied to better than satisfied at the ROE level. Part of the way we see that is the success of third-party capital.

我先回答，然後交給Martin補充。我們仍然相信，從長期來看那是正確的數字；而我們看到的是，雖然固定收益——抱歉，雖然替代投資（alts）表現不如預期，但我們在多個固定收益領域看到真正的超額表現，尤其是在自營起源（originated）的產品上；結果是整體數字基本上互相抵銷，我們在ROE層面不只是滿意，而是非常滿意。我們觀察到這點的一部分方式，是第三方資本的成功。

Recall that the way we finance our business is we finance all new business, one-third Athene, two-thirds investors through these ADIP structures. And so the investors see exactly what you see and they like it enough where they're not just coming into the business side by side with us, they're actually paying us a fee to participate in that flow. There are very few places in the world where investors can get low to mid-teens rates of return on a compounded basis with an aligned partner who is not going to take undue risk.

請回想一下，我們為業務融資的方式是：所有新增業務的資金來源，三分之一由Athene出、三分之二由投資人透過這些ADIP架構提供。因此投資人看到的資訊跟你看到的一模一樣，而他們喜歡到不只是與我們並肩投入業務端，他們甚至還付我們一筆費用來參與這個資金流。在全球很少有地方，投資人能在有一致利益的合作夥伴、且該夥伴不會承擔過度風險的情況下，以複利方式取得低到中十位數（low to mid-teens）的報酬率。

Having said that, I think we do have to acknowledge the underperformance and what we've seen over the past few years, and all you recall is a very long game, we harvested a lot of gains and really high IRRs early and some of that. Reflect and was not achieved on a consistent basis. What we have seen from an underperformance point of view primarily been one or two investments that were unique to Athene and a drag of Athora as Athora tried to grow in Europe and was unsuccessful and ended up finally deploying in the UK through the acquisition of PIC.

話雖如此，我認為我們也必須承認過去幾年的表現不如預期；而你也記得這是一場長期賽局，我們在早期收割了大量收益、拿到非常高的IRR，而其中一部分……反映出那並不是能夠一貫達成的表現。從不如預期的角度來看，我們主要看到的是一到兩筆Athene特有的投資，以及Athora的拖累——Athora嘗試在歐洲成長但未成功，最後透過收購PIC，才在英國完成部署。

Athora pulling its weight. Is a very sizable investment and will go a long way to narrowing the gap. From a modeling point of view, we give you the numbers so you can apply what you need, but Assure, we underwrite this with a variety of sensitivities around what we're going to achieve on the alternatives side, recognizing that over a long period of time, we believe that that's the right number.

Athora開始發揮應有的貢獻。這是一筆相當可觀的投資，將大幅縮小差距。從建模角度，我們把數字提供給你，讓你可以套用你需要的假設；但請放心，我們在承保時會針對替代投資端可能達成的結果做各種敏感度分析，同時也認知到：從長期來看，我們相信那仍是正確的數字。

And then the answer, Brendan, to the first part of the question is straightforward. We always. Speak in the context of SRE at the 11% normalized number. So it should be 10% off the higher number for 2026 sorry, for 2027 referencing 2026.

然後，Brendan，針對問題第一部分的答案很直接。我們一向。在談到 SRE 時，都是以 11% 的常態化數字為基準。所以以 2026 年為參照來看 2027 年，應該會比那個較高的數字低 10%——抱歉，是指 2027 年相對於 2026 年。

Ironically, more than that off the lower number, but that's fine.

諷刺的是，相對於較低的數字，折減幅度還不只如此，但也沒關係。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Hi, thanks for taking my question.

嗨，謝謝讓我提問。

Can you flush out further the notable item at Athene that negatively impacted the cost of funds this quarter? What are the factors that drove the $65 million unfavorable impact? Maybe how often do these reviews take place? And can there be a favorable impact on the cost of funds under the right circumstances as well?

你能否進一步說明 Athene 的那個顯著項目，本季如何對資金成本造成負面影響？造成 6,500 萬美元不利影響的因素是什麼？這類檢視大概多久會進行一次？另外，在合適情況下，資金成本也可能出現有利影響嗎？

I'll take some of it and I'll let Martin do it. Unlocking in this industry is typically done once a year in the third quarter. What you're talking about is a balance sheet that is on a gross basis nearly [$400 billion].

我先回答一部分，然後讓 Martin 補充。在這個產業，「解鎖」（unlocking）通常一年做一次，時間多在第三季。你所談的是一張以總額口徑計算、規模接近 [4,000 億美元] 的資產負債表。

$65 million represents and rounds to zero. There's no other way to say that. And yes, you can have favorable unlockings over a period of time.

6,500 萬美元占比幾乎可四捨五入為零。沒有其他說法。而且是的，隨著時間推移也可能出現有利的解鎖調整。

Martin said it in his prepared remarks. We as principal underwrite these risks as principal. There's no incentive for us to want to underwrite risk that does not ultimately perform because it's not like the potato is getting passed, it's ours.

Martin 在事先準備的講稿裡也提到了。我們是以自營（principal）的身分承保這些風險。我們沒有動機去承保最終表現不佳的風險，因為這不是把燙手山芋往外傳——那是我們自己的。

And the team and the management team is in the same boat that we are as a holding company. Everyone's rowing in the same direction with complete transparency. We historically unlock at much lower rates. Than the rest of the industry, you can look at a comparable company that's about two-thirds our size with nearly twice the unlock just for this quarter.

而團隊與管理層也和我們控股公司站在同一條船上。大家在完全透明的情況下朝同一個方向努力。我們歷來的解鎖幅度遠低於同業。你可以看看一家規模約為我們三分之二的可比公司，光是本季的解鎖金額就幾乎是我們的兩倍。

Which was reported last night. Last year, we had a small gain, I believe the year before we had a small gain. And so it's been in the range of 0 to $100 million per year.

那是昨晚公布的。去年我們有一點小幅收益，我記得前年也有一點小幅收益。因此每年大致落在 0 到 1 億美元之間。

In the context of the balance sheet, we have. It's not a consequential number and it's intended to represent a full revision of estimates on the existing book of business through its final maturity date. So you're taking $65 million on the [$400 billion] over a period of weighted average period of six to eight years.

放在我們的資產負債表規模來看，這不是一個重要的數字；它的目的在於，對既有業務存量一直到最終到期日，做一次完整的估計修訂。所以你是在 [4,000 億美元] 的基礎上，分攤一筆 6,500 萬美元，且加權平均期間為 6 到 8 年。

So it's pretty inconsequential relative to the scale of the business balance sheet. And it is you can look at any other things, Piers. It is a it's a customary adjustment.

因此相對於業務資產負債表的規模，影響相當不顯著。而且你也可以看看其他任何項目，Piers。這是一項慣常的調整。

It's typically done in the third quarter. So you can look at the scale and the history of adjustments across the industry.

通常是在第三季進行。所以你可以對照同業在調整規模與歷史上的表現。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Thanks. Good morning, folks. Thanks for taking my question. Has been answered, but maybe just to come back to daily pricing and trading private assets or private credit assets, to what extent, Marc, do you envision this as solving the liquidity problem within private credit or at least a perception of liquidity problem for investors? And then if you can sort of maybe it's trying to project too much in the future, but think about a timeline of when you think that will be realizable and then also just a couple of other things on that to what portion of the ACS fees do you think.

很好。謝謝。各位早安。謝謝讓我提問。這題可能已經被回答過，但我想回到私募資產或私募信貸資產的每日定價與交易：Marc，你在多大程度上認為這能解決私募信貸的流動性問題，或至少改善投資人對流動性的觀感？另外，如果可以的話——也許是在對未來做太多推測——你認為何時能夠實現？此外還有幾點：你覺得 ACS 費用中有多少比例。

Could be attributable in '27 to this? And then lastly, will tokenization of private credit play a role in trading going forward?

在 2027 年可能可歸因於這件事？最後，私募信貸的代幣化（tokenization）未來會在交易中扮演角色嗎？

Let me take a shot at it first and then Marc will comment. First of all, let me just say, I don't think the while we've traded plus or minus $40 billion a year-to-date and it's up dramatically and it will be up dramatically next year, it is yet to be a massive contributor of ACS, so I wouldn't look through that. I think our lens is there's sort of three ways that we believe the business is going to develop.

我先嘗試回答，然後 Marc 再補充。首先我想說，我不認為——雖然我們年初至今交易量上下合計超過 400 億美元，且大幅成長、明年也會大幅成長——但它目前仍未成為 ACS 的重大貢獻來源，所以我不會從那個角度去看。我認為我們的觀點是，我們相信業務將以三種方式發展。

There's transparency. Is actually pricing overall and then there is the delivery method of the products. I think the more transparency will bring a bit more secondary market activity and it will also bring confidence to investors to allocate to asset classes.

第一是透明度。第二其實是整體定價，第三是產品的交付方式。我認為更高的透明度會帶來更多次級市場活動，也會讓投資人更有信心配置到這些資產類別。

And therefore, it will be a different delivery mechanism. What Mark talked about this morning of AMAPS, we really talked about it as a surrogate for a better CLO 2.0, which we have been very clear about the benefits of diversity and IG exposure and. Taking a good structure and improving upon it.

因此，交付機制也會不同。Mark 今天早上談到的 AMAPS，我們其實把它視為更好的 CLO 2.0 的替代方案；我們一直很清楚地說明多元化與投資級（IG）曝險的好處，並且。在既有良好結構上再加以改良。

But it's also people are missing the opportunity for it to possibly be a very interesting delivery method for investors wanting private credit, whether it's investment grade in the single A's, whether it's BBB, the BBB tranche, or in the equity in the mezz. And the ability for us to provide pricing, daily transparency on that as well as. A marketplace for individuals to make decisions, those will all endure to our benefit over the coming years in our structure, in our origination and in our overall business.

但同時，大家也忽略了它可能成為一種非常有意思的交付方式，讓投資人取得私募信貸——不論是單 A 的投資級、BBB（BBB 分層），或是夾層（mezz）的股權。以及我們提供定價、每日透明度的能力，並且。提供一個市場，讓個人投資人做決策；這些都將在未來幾年於我們的架構、我們的承作（origination）以及整體業務上，為我們帶來好處。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC 資本市場。

Great. Thanks for taking that question and good morning, everyone. Just wanted to ask around the strategic investment you announced in MCAM. How should we be thinking about that in terms of benefits to Apollo long-term?

很好。謝謝讓我提問，大家早安。我想問一下你們宣布對 MCAM 的策略性投資。從長期來看，我們應該如何思考這對 Apollo 的好處？

Are there puts and takes from owning a stake in another alt manager? If you could unpack that for us would be great.

持有另一家另類資產管理公司的股權，是否有利有弊？如果你能為我們拆解說明就太好了。

I think we look at it, this is the result of many years of. Of evolution, we have an amazing presence in that part of the globe in that region, the UAE, we have a multi-part partnership with Mubadala, the parent over a variety of our activities across the franchise and that's happened over decades, but really has accelerated the last five years. And so when we look at what they have done in creating Mubadala Capital with the structure, with the distribution, with the aligned objectives, we think it's a very thoughtful way for us to in the world of open architecture and expanding our dialogue with large strategics.

我認為我們的看法是，這是多年演進的結果。我們在全球那個區域、也就是阿聯酋，擁有非常強的布局；我們與 Mubadala（作為母公司）在我們整個平台的多項業務上都有多層次合作，這種合作已持續數十年，但在過去五年確實加速。因此，當我們看到他們以這樣的架構、通路與一致的目標打造 Mubadala Capital 時，我們認為這是一種非常周全的方式，讓我們在開放式架構（open architecture）的世界裡，擴大與大型策略夥伴的對話。

We think it's a very interesting way. We think the economics are quite compelling. And I think this is step one of a longer-term partnership across the breadth of our platform.

我們認為這是一個非常有意思的方式。我們認為其經濟性相當具吸引力。而我認為這是跨越我們平台廣度、長期合作的第一步。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Martin, I was hoping you could just unpack the guidance you gave for next year in terms of the 20% FRE and 15% management fees a little bit more and also discuss maybe margins in the context of the rising contribution from ACS and how that might flow through to the FRE margin?

Martin，我希望你能再多拆解一下你對明年的指引：20% 的 FRE 與 15% 的管理費成長，並且也談談在 ACS 貢獻提高的背景下，利潤率可能如何變化，以及這會如何反映到 FRE 利潤率上？

So 20% plus FRE, 15% plus management fee growth. That is inclusive of the switchover from Fund 10 to 11, which I would assume happens around the mid-year point. And so the relative contribution to that 15% is weighted more to credit than equity.

也就是 FRE 成長 20% 以上、管理費成長 15% 以上。這已包含從第 10 號基金切換到第 11 號基金的影響，我假設大約會在年中發生。因此，在那 15% 的相對貢獻中，權重會更偏向信貸而非股權。

Equity is back weighted given that dynamic. And so that's kind of the puts and takes. I would assume a reasonably steady.

在這樣的動態下，股權會偏向後段加權。所以這大概就是其中的取捨。我會假設會相當平穩。

Growth in credit management fees, side-by-side ACS throughout the course of the year, so there's no sort of back weighting to that piece of it. More specifically on margins and flows and so on, we'll provide more comments on that as we close the year out on our next call.

信貸管理費的成長，以及全年與 ACS 並行的情況，因此那一部分不會有所謂的後段加權。更具體地談到利潤率、資金流向等等，我們會在下一次電話會議、也就是接近年底時提供更多評論。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Hey, good morning. I might give you some confidence that you might see some advantages from improved regulatory environment for annuity capital requirements into 2027. There's definitely been some more tangible regulatory actions in 2026 with two of the top annuity 20 annuity writers now de-risking their portfolios and the NAIC activity that you cited. But one thing we know about insurers is they're usually pretty good loopholes. So do you think it's different this time and why?

嗨，早安。我想請你談談，你們是否有信心在 2027 年之前，能從年金資本要求的監管環境改善中看到一些優勢。2026 年確實出現了一些更具體的監管行動，包括前 20 大年金承保商中的兩家正在降低其投資組合風險，以及你提到的 NAIC 動向。但我們對保險公司的了解是，他們通常很擅長鑽漏洞。所以你覺得這次會不一樣嗎？為什麼？

So I think the best place to go is actually to pick up the NAIC bulletin from October '26. I think it says it as plainly as we see it. Some of the marginal pricing pressure is not coming from what you would expect.

我認為最好的方式其實是去看 26 年 10 月的 NAIC 公告。我覺得它把我們所看到的情況講得非常直白。部分邊際定價壓力並不是來自你所預期的來源。

Traditional insurers who you reference and the conduct and how they do, what we're seeing is people have misunderstood what it is we do. We run a business that is based on being a principle where we have to earn principle-based returns, which means good ROEs and the proof of a good ROE is that investors come in side by side with us and they want this business so much so that they pay a fee to us on top of taking this business. What's happened in the industry over the past few years is asset managers have seen this not as insurance but as a way to grow asset management fees and they're coming to a party late without the benefits of scaled origination, without the benefits of a scaled infrastructure that allow for reasonable OpEx and without good liability platforms or liability programs.

你提到的傳統保險公司，以及他們的行為與做法，我們看到的是：有人誤解了我們在做什麼。我們經營的是一個以「原則」為基礎的業務，我們必須賺取以原則為基礎的報酬，這意味著要有良好的 ROE；而良好 ROE 的證明是投資人會與我們並肩投入，他們非常想要這門生意，以至於在承接這門生意之外，還願意額外付費給我們。過去幾年產業裡發生的事是：資產管理公司把這看成不是保險，而是擴大資產管理費的方式；他們晚到這場派對，卻沒有規模化承作的優勢、沒有能讓營運費用（OpEx）合理的規模化基礎設施，也沒有良好的負債平台或負債方案。

So when you have a poor cost of liabilities, you have no edge on assets and you have no edge on OpEx, the only thing you can do to try and scale a business is use less capital. The place people have used less capital has been primarily in the Caymans but not exclusively in the Caymans. And so to the extent we see both for the health of the industry because we are at the end of the day a trust-based industry with a guarantee fund that is supported by the insurers.

所以當你的負債成本很差、在資產端沒有優勢、在營運費用（OpEx）上也沒有優勢時，你唯一能用來嘗試擴大業務規模的方式就是使用更少的資本。人們使用較少資本的地方主要是在開曼群島，但也不僅限於開曼群島。因此，就我們所見，無論是為了產業的健康，因為我們終究是一個以信任為基礎的產業，並且有由保險公司支持的保證基金。

It's unclear why as an industry we would be interested in anything other than equal capital for equal risk. Why would we want a third-party taking undue risks where the industry itself pays the bill? I think this is coming home to roost and I'll let you draw your own conclusion from the NAIC memo.

不清楚為什麼作為一個產業，我們會對「同等風險、同等資本」以外的任何事情感興趣。我們為什麼會希望第三方承擔不當風險，最後卻由整個產業來買單？我認為這些問題正在反噬，我就讓你從 NAIC 備忘錄中自行得出結論。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Appreciate taking the question. Marc, on the $350 million of planned expenses and investment over the next 24 months, can you discuss how you foresee the evolution of this investment and the payoff there?

謝謝。感謝讓我提問。Marc，關於未來 24 個月計畫投入的 3.5 億美元費用與投資，你能談談你如何看待這項投資的演進，以及其回報嗎？

In the prepared remarks, you did call out that just hitting near-term FRE and SRE targets isn't enough. So just curious on how you're thinking about what your report card is going to look like to grade the success of this investment over the long-term?

在事先準備的發言中，你確實提到僅僅達成短期的 FRE 和 SRE 目標是不夠的。所以我想了解，你如何思考長期來看要用什麼樣的「成績單」來評估這項投資是否成功？

Over the long-term, the success of this program is going to be driven by our ability to create new businesses that don't exist today. And that is the beginning of what we see and/or better than average growth in the businesses that do exist today. When you get to an ecosystem that is the one I described, lending becomes easy, market making and trading becomes easy.

從長期來看，這個計畫的成功將取決於我們創造出目前還不存在的新業務的能力。而這正是我們所看到的起點；以及／或在現有業務上實現高於平均的成長。當你進入我所描述的那種生態系時，放貸會變得容易，做市與交易也會變得容易。

And a series of additional products and services that we have yet to bring to market also become easier. To us, this is about not just looking at our industry the way it traditionally has been looked at, which is the raising of money and the investing of money. There is a services ecosystem that makes everything better.

而且一系列我們尚未推向市場的額外產品與服務，也會變得更容易推出。對我們而言，這不只是用傳統方式看待我們的產業——也就是募資與投資。有一個服務生態系能讓一切變得更好。

And we intend to make money on the services to pick up on Jim Zelter's toll booth analogy. While we improve our business, but it comes back to the most fundamental, private markets have grown notwithstanding the fact that there is not transparency, not a lot of liquidity and not good visibility on pricing. Imagine how much we would do if we actually had those things and the firms that embrace that and the firms that are willing to lead that change, I believe will be the firms that benefit.

我們打算在服務上賺錢，呼應 Jim Zelter 的「收費站」類比。在我們改善自身業務的同時，但回到最根本的一點：私募市場在缺乏透明度、流動性不高、且對定價能見度不佳的情況下仍然成長。想像一下，如果我們真的擁有這些條件，我們能做多少；而我相信，擁抱這些條件、並願意帶頭推動改變的公司，將會是受益的公司。

And we're starting to see that take place in our industry. Sometimes I listen to some of the peer investment scripts and they sound like what we've been saying for the past two years. It tells me we're making progress. So to me, that's the report card.

而我們開始看到這種情況在產業中發生。有時我聽一些同業的投資簡報稿，聽起來就像我們過去兩年一直在說的內容。這告訴我我們正在取得進展。所以對我來說，那就是成績單。

Steve Biggar, Argus Research. Steven, please make sure your phone is not on mute. We're getting no response at this point.

Steve Biggar，Argus Research。Steven，請確認你的電話沒有靜音。我們目前沒有收到任何回應。

I'm sorry. One moment, please. Let me see if we can bring him back.

抱歉。請稍等一下。我看看能不能把他重新接回來。

I thought he started to speak. Steven, are you there?

我以為他開始說話了。Steven，你在嗎？

Yes, I am. I'm sorry. My question was answered. Thank you.

是的，我在。抱歉。我的問題已經被回答了。謝謝。

All right. Thank you, sir. At this time, I'd like to turn the floor back over to Mr. Gunn for closing comments.

好的。謝謝您。此時，我想把時間交回給 Gunn 先生做結語。

Thank you all for joining us this morning. As usual, if you have any follow-up questions on anything discussed, feel free to reach out to us and we look forward to speaking with you next quarter. Thank you.

感謝各位今天早上參與。一如往常，如果對任何討論內容有後續問題，歡迎隨時與我們聯繫，我們也期待在下個季度與各位通話。謝謝。

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.

各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩下的時間愉快。