Ares Management Corp (ARES) 2024 Q3 法說會逐字稿

Welcome to Ares Management Corporation's third quarter earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on Friday, November 1, 2024.

歡迎參加阿瑞斯管理公司第三季財報電話會議。（操作員說明）謹此提醒，本次電話會議於 2024 年 11 月 1 日星期五錄製。

I will now turn the call over to Greg Mason, Co-Head of Public Markets, Investor Relations for Ares Management.

我現在將電話轉給 Ares Management 投資者關係公共市場聯席主管 Greg Mason。

Good morning and thank you for joining us today for our third quarter conference call. Speaking on the call today will be Michael Arougheti, our Chief Executive Officer; and Jarrod Phillips, our Chief Financial Officer. We also have several executives with us today who will be available during the Q&A session.

早安，感謝您今天參加我們的第三季電話會議。我們的執行長 Michael Arougheti 將在今天的電話會議上發言。以及我們的財務長賈羅德·菲利普斯 (Jarrod Phillips)。今天我們還有幾位主管，他們將出席問答環節。

Before we begin, I want to remind you that comments made during this call contain forward-looking statements and are subject to risks and uncertainties, including those identified in our risk factors in our SEC filings.

在開始之前，我想提醒您，本次電話會議中發表的評論包含前瞻性陳述，並受到風險和不確定性的影響，包括我們在 SEC 備案文件中確定的風險因素。

Our actual results could differ materially, and we undertake no obligation to update any such forward-looking statements. Please also note that past performance is not a guarantee of future results and nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in Ares or any Ares Fund.

我們的實際結果可能存在重大差異，我們不承擔更新任何此類前瞻性陳述的義務。另請注意，過去的表現並不能保證未來的結果，本次電話會議中的任何內容均不構成出售或招攬購買 Ares 或任何 Ares 基金權益的要約。

During this call, we will refer to certain non-GAAP financial measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. Please refer to our third quarter earnings presentation available on the Investor Resources section of our website for reconciliations of the measures to the most directly comparable GAAP measures.

在本次電話會議中，我們將提及某些非公認會計準則財務指標，這些指標不應孤立地考慮或取代根據公認會計原則制定的指標。請參閱我們網站投資者資源部分提供的第三季財報，以了解這些指標與最直接可比較的 GAAP 指標的對帳情況。

Note that we plan to file our Form 10-Q later this month. This morning, we announced that we declared our fourth quarter common dividend of $0.93 per share on the company's Class A and nonvoting common stock, representing an increase of 21% over our dividend for the same quarter a year ago. This dividend will be paid on December 31, 2024, to holders of record on December 17.

請注意，我們計劃在本月稍後提交 10-Q 表格。今天早上，我們宣布宣布第四季度公司 A 類和無投票權普通股每股普通股股息為 0.93 美元，比去年同期增加了 21%。該股將於 2024 年 12 月 31 日支付給 12 月 17 日登記在冊的持有人。

Now I'll turn the call over to Michael Arougheti, who will start with some quarterly business and financial highlights.

現在我將把電話轉給 Michael Arougheti，他將首先介紹一些季度業務和財務亮點。

Thanks, Greg, and good morning, everybody. I hope you're all doing well. During the third quarter, the macroeconomic backdrop for our business remains constructive, as we continue to see fundraising momentum, modestly improving transaction activity and solid fundamental performance in our underlying investment portfolios.

謝謝，格雷格，大家早安。我希望你們一切都好。第三季度，我們業務的宏觀經濟背景仍然具有建設性，因為我們繼續看到融資勢頭、交易活動適度改善以及我們的基礎投資組合的基本面表現穩健。

Lower short-term rates are starting to have a positive impact, leading to higher valuations for rate-sensitive assets and increasing real estate transaction activity. The more supportive market tone is showing up in the strength of our pipelines across the firm, and we're optimistic that we'll see increasing transaction volumes over the coming year as the expected rate cutting cycle progresses.

較低的短期利率開始產生正面影響，導致利率敏感資產的估值上升並增加房地產交易活動。更具支持性的市場基調體現在我們整個公司的管道實力中，我們樂觀地認為，隨著預期降息週期的進展，來年交易量將不斷增加。

During the third quarter, we generated strong year-over-year growth across our financial metrics, including 18% growth in management fees, 24% growth in fee-related earnings and 28% growth in our realized income. This growth was supported by global deployment of nearly $30 billion, which is our second highest quarter on record.

第三季度，我們的財務指標實現了強勁的同比增長，包括管理費增長 18%、費用相關收益增長 24% 以及已實現收入增長 28%。這一增長得益於近 300 億美元的全球部署，這是我們有史以來第二高的季度。

This brings year-to-date deployment to $74.6 billion and should set 2024 up to be a record year. In addition, we raised nearly $21 billion of gross capital during the third quarter. With over $64 billion raised year-to-date, we are also now tracking to have our best year ever for fundraising.

這使得年初至今的部署額達到 746 億美元，預計 2024 年將成為創紀錄的一年。此外，我們在第三季籌集了近 210 億美元的總資本。今年迄今籌集了超過 640 億美元，我們現在也有望迎來有史以來籌款最好的一年。

We're poised for strong future deployment due to our record level of available capital and an expectation that an improving market will broaden out and strengthen our deployment across even more strategies over the next year.

由於我們創紀錄的可用資本水平以及對不斷改善的市場將在明年擴大和加強我們在更多戰略上的部署的預期，我們已為未來的強勁部署做好了準備。

Our fundraising success this year is in part due to the heightened institutional and retail investor demand that we're seeing across our private credit strategies, including global direct lending, alternative credit, real estate debt and infrastructure debt as well as strong interest in our liquid credit strategies.

我們今年融資成功的部分原因是機構和散戶投資者對我們的私人信貸策略的需求增加，包括全球直接貸款、另類信貸、房地產債務和基礎設施債務，以及對我們的流動性的濃厚興趣信貸策略。

While reported private credit fundraising in the market has declined for three years straight, we believe that our differentiated experience is a testament to our market-leading position and long-dated performance through multiple cycles.

儘管市場上報告的私人信貸融資量已連續三年下降，但我們相信，我們的差異化經驗證明了我們的市場領先地位和多個週期的長期業績。

Investors continue to prioritize investments that can generate durable yield and excess return over the traded market equivalents regardless of the absolute level of interest rates. We're also seeing strong interest in a variety of secondary strategies and improving interest in real assets.

無論利率的絕對水平如何，投資者都會繼續優先考慮能夠產生持久收益和超額回報的投資，而不是交易市場等價物。我們也看到人們對各種二級策略的濃厚興趣以及對實體資產的興趣不斷提高。

In the third quarter, we raised $20.9 billion in gross new capital, including more than $13.5 billion across our private credit strategies. Over the past 12 months, we've raised more than $57 billion in our private credit strategies.

第三季度，我們籌集了 209 億美元的新資本總額，其中包括超過 135 億美元的私人信貸策略。在過去 12 個月裡，我們的私人信貸策略籌集了超過 570 億美元。

To touch on a few fundraising highlights in the credit business: in the third quarter, we raised $2.8 billion of equity and debt commitments in a final close for SDL III, our third US senior direct lending funds. We expect SDL III will have approximately $34 billion of investment capacity, including related vehicles and anticipated leverage. This amount is nearly double the size of our second vintage and reflects our leading franchise in US direct lending.

談談信貸業務中的一些融資亮點：第三季度，我們在 SDL III（我們的第三個美國高級直接貸款基金）的最終交割中籌集了 28 億美元的股權和債務承諾。我們預計 SDL III 將擁有約 340 億美元的投資能力，包括相關工具和預期槓桿。這筆金額幾乎是我們第二年規模的兩倍，反映了我們在美國直接貸款領域的領先地位。

We're already well underway investing in this third fund, which currently has $11 billion committed across 195 companies. In the third quarter, we also closed on approximately EUR2 billion of equity investments in our sixth European Direct Lending Fund, bringing total LP commitments to date to approximately [14.5] billion compared to EUR11 billion for the prior vintage.

我們已經開始對第三隻基金進行投資，目前已向 195 家公司承諾投資 110 億美元。第三季度，我們也完成了第六個歐洲直接貸款基金約 20 億歐元的股權投資，使迄今為止有限合夥人的承諾總額達到約 145 億歐元，而上一年為 110 億歐元。

We anticipate holding a final close for this fund in the fourth quarter, and we believe that this will be the largest European direct lending fund ever raised in the market. We have called more than EUR3 billion of capital for the fund and are well on our way to building a well-diversified portfolio.

我們預計該基金將在第四季度完成最終交割，我們相信這將是市場上籌集的最大的歐洲直接貸款基金。我們已為該基金籌集了超過 30 億歐元的資金，並正在努力建立多元化的投資組合。

In terms of new fund launches, we recently launched the third vintage of our special opportunities fund and expect the first close beginning later in this fourth quarter. We're also working on a number of new products around our sports, media and entertainment strategy, including both open and closed-end products for institutional and retail investors. We're seeing significant demand from investors seeking access to the growing and differentiated value for various sports-related franchises.

在新基金的推出方面，我們最近推出了第三期特殊機會基金，預計首次交割將在第四季稍後開始。我們也圍繞著我們的體育、媒體和娛樂策略開發許多新產品，包括面向機構和散戶投資者的開放式和封閉式產品。我們看到投資者尋求獲得各種體育相關特許經營權不斷增長和差異化的價值的巨大需求。

Our team was an early pioneer in this strategy and has become a trusted partner in a large addressable market, which we estimate is more than $750 billion as professional sports leagues around the globe continue to open up to institutional capital.

我們的團隊是這項策略的早期先驅，並已成為一個大型潛在市場中值得信賴的合作夥伴，隨著全球職業運動聯盟繼續向機構資本開放，我們估計該市場價值超過 7500 億美元。

Fundraising for the third quarter totaled $2.9 billion, including a final close for our fourth US Real Estate Opportunity Fund, which brought the fund and related vehicles to $3.3 billion, a 50% increase over the previous vintage.

第三季籌款總額為 29 億美元，其中包括我們第四個美國房地產機會基金的最終募集資金，該基金和相關工具的募資額達到 33 億美元，比上一季增加 50%。

Our ability to meaningfully scale this latest vintage in a challenging real estate fundraising environment reflects our leading real estate franchise and the relative performance that we've delivered for investors.

我們在充滿挑戰的房地產籌款環境中有意義地擴展這一最新年份的能力反映了我們領先的房地產特許經營權以及我們為投資者提供的相對業績。

During the quarter, we completed the first close for our fourth European value-add real estate fund totaling $1 billion, and we are on pace to exceed the previous vintage, which raised EUR1.5 billion. And finally, in real estate, with less aggressive competition from the banks and increasingly attractive risk-adjusted opportunities in debt, we continue to see strong demand across our real estate debt strategies as evidenced by the $1.2 billion that we raised in the quarter, including over $850 million in European real estate debt.

在本季度，我們完成了第四個歐洲增值房地產基金的首次募集，總額為 10 億美元，並且我們預計將超過上一個年份，後者籌集了 15 億歐元。最後，在房地產領域，由於銀行的競爭不那麼激烈，債務風險調整機會越來越有吸引力，我們繼續看到我們的房地產債務策略需求強勁，這一點從我們本季籌集的12 億美元中可以看出，包括超過8.5億美元的歐洲房地產債務。

We're also seeing strong momentum across our secondaries group as we scale existing strategies and launch new fund series. For example, we recently launched a secondaries product focused on global structured solutions, which seeks to provide financing directly to the general partners of private funds. The fund and related vehicles will soon hold its first close with approximately $700 million in equity commitments, which is already 70% of the fund's initial $1 billion target.

隨著我們擴展現有策略並推出新的基金系列，我們也看到二級市場的強勁勢頭。例如，我們最近推出了一款專注於全球結構化解決方案的二級產品，旨在直接向私募基金的普通合夥人提供融資。該基金及相關工具很快就會進行首次交割，承諾認購約 7 億美元的股權，這已經是該基金最初 10 億美元目標的 70%。

We're also actively scaling the third vintage of our infrastructure secondaries fund, and we expect to raise nearly $400 million shortly, which would bring the fund and related vehicles to approximately $1.4 billion in equity commitments or more than 40% larger than the previous vintage.

我們也積極擴大基礎設施二級基金的第三期規模，預計很快將籌集近 4 億美元，這將使該基金和相關工具的股權承諾達到約 14 億美元，比上一期增加 40% 以上。

Our new credit secondaries business is also seeing significant momentum, and the team recently completed Ares' largest credit secondaries transaction to date, a $500 million highly diversified portfolio of credit secondaries fund stakes.

我們新的信用二級市場業務也呈現出強勁的勢頭，該團隊最近完成了Ares 迄今為止最大的信用二級市場交易，這是一個價值5 億美元的高度多元化的信用二級市場基金股權投資組合。

The secondaries market is a promising area for Ares when you match the growing need for liquidity with our more than 1,000 sponsor and 2,600 institutional investor relationships around the globe.

當您與我們在全球的 1,000 多家贊助商和 2,600 家機構投資者關係滿足不斷增長的流動性需求時，二級市場對 Ares 來說是一個充滿希望的領域。

As many of you know, we continue to be a leader in the wealth channel with accelerating momentum and an expanding product suite. Our solutions offer individual investors core private markets exposure delivering durable income, diversified equity and tax advantaged real assets to the wealth channel globally.

正如你們許多人所知，我們繼續成為財富管道的領導者，發展勢頭不斷加快，產品系列不斷擴大。我們的解決方案為個人投資者提供核心私募市場曝險，為全球財富管道提供持久收入、多元化股權和稅收優惠實體資產。

During the third quarter, we raised over $2.5 billion of equity commitments and nearly $4 billion in total AUM, including leveraging our semi-liquid well products. Through the third quarter, our year-to-date equity flows into wealth management products totaled over $7 billion, which is more than 3 times the fundraising pace over the same period last year.

第三季度，我們籌集了超過 25 億美元的股權承諾，總資產管理規模接近 40 億美元，其中包括利用我們的半液井產品。截至第三季度，我們年初至今流入理財產品的股本總額超過70億美元，是去年同期融資速度的3倍多。

Including leverage, we've raised over $11 billion in wealth management AUM through September 30, and momentum has continued into the fourth quarter. We recently launched our seventh wealth management product, a tax-efficient core infrastructure fund, which successfully raised an initial $400 million in equity commitments in September and October.

截至 9 月 30 日，包括槓桿在內，我們的財富管理資產管理規模已超過 110 億美元，這一勢頭一直持續到第四季。我們最近推出了第七個財富管理產品，這是一個節稅的核心基礎設施基金，該基金於 9 月和 10 月成功籌集了 4 億美元的初始股權承諾。

And lastly, October was our largest fundraising month to date with approximately $1.2 billion in equity flows across our semi-liquid wealth products. We continue to make meaningful progress expanding our distribution partnerships. We're now on 60 platforms, up 50% in the past year and we continue to see our products gain traction across the US wirehouses, private banks, RIAs and other distribution platforms globally.

最後，10 月是我們迄今為止最大的籌款月份，我們的半流動理財產品的股本流量約為 12 億美元。我們繼續在擴大分銷合作夥伴關係方面取得有意義的進展。我們現在有 60 個平台，比去年成長了 50%，我們的產品在美國電信公司、私人銀行、RIA 和全球其他分銷平台上繼續受到關注。

We're pleased with the international expansion of the wealth distribution as 37% of year-to-date inflows are from outside the US. And in total, we have over $32 billion of AUM across our semi-liquid wealth management products which is a 57% increase from a year ago. When combining AUM from our publicly traded vehicles and high net worth investors in our campaign funds, our total AUM from the retail channel exceeds $88 billion.

我們對財富分配的國際擴張感到高興，因為今年迄今 37% 的資金流入來自美國境外。總的來說，我們的半流動理財產品的資產管理規模超過 320 億美元，比一年前成長了 57%。將我們的公開交易工具的 AUM 和我們競選基金中的高淨值投資者的 AUM 合併起來，我們零售通路的總 AUM 超過 880 億美元。

For the full year, we now expect to end 2024 with total gross capital raised in the mid $80 billion range, well above our 2021 record of $77 billion. Campaign funds or institutional closed-end funds have accounted for approximately one-third of fundraising year-to-date, while SMAs, wealth management, public funds and Aspida accounted for over 50%.

目前，我們預計 2024 年全年的融資總額將達到 800 億美元左右，遠高於 2021 年 770 億美元的紀錄。今年迄今，競選基金或機構封閉式基金約佔募款金額的三分之一，而SMA、財富管理、公募基金和Aspida則佔50%以上。

We expect our fundraising activities for the remainder of the year and into 2025 to consist of more than 35 active funds, including 15 different campaign funds along with continued inflows into our perpetual funds and SMAs, CLOs and through Aspida, our growing insurance affiliate.

我們預計今年剩餘時間和2025 年的籌款活動將包括超過35 個活躍基金，其中包括15 個不同的競選基金，以及持續流入我們的永續基金、SMA、CLO 以及透過我們不斷發展的保險附屬公司Aspida 的資金。

Turning to our investing activities. New issue activity has moderately improved from earlier this year. This has driven a higher gross to net deployment ratio for our private credit strategies, which totaled 42% for the third quarter, an improvement over last quarter's 38% and up from 28% in the first quarter.

轉向我們的投資活動。新股發行活動較今年稍早有所改善。這推動了我們私人信貸策略的總部署與淨部署比率提高，第三季總計為 42%，比上季的 38% 有所改善，也高於第一季的 28%。

In US and European direct lending, we invested nearly $16 billion of gross commitments in the quarter across more than 100 companies with net deployment totaling nearly $7 billion. Given the breadth of our origination capabilities, we invest across the spectrum of middle-market companies, including an increased focus on core and lower middle market opportunities due to the superior relative value currently available in those market segments.

在美國和歐洲的直接貸款中，本季我們向 100 多家公司投資了近 160 億美元的總承諾資金，淨部署總額近 70 億美元。鑑於我們的原創能力的廣度，我們投資於各種中型市場公司，包括由於這些細分市場目前具有較高的相對價值而更加關注核心和中低端市場機會。

We also leveraged our incumbency to extend and expand our relationships with many of our strongest borrowers. During the third quarter, approximately 60% of our US direct lending deployment was with existing borrowers and we roughly doubled our dollar commitments to these portfolio companies.

我們也利用我們的優勢來延伸和擴大我們與許多最強大的借款人的關係。第三季度，我們大約 60% 的美國直接貸款部署是針對現有借款人，我們對這些投資組合公司的美元承諾增加了一倍。

We believe this illustrates the power of our incumbency and our ability to grow alongside our best-performing portfolio companies. By focusing on the lower and core middle markets, we can generate higher risk-adjusted returns with broader coverage and can establish relationships with companies earlier in their growth phases.

我們相信，這說明了我們在任的力量以及我們與表現最佳的投資組合公司一起成長的能力。透過專注於中低端市場和核心中端市場，我們可以在更廣泛的覆蓋範圍內產生更高的風險調整回報，並可以與處於成長階段早期的公司建立關係。

With an alternative credit, we deployed nearly $3.8 billion in the third quarter, an increase of more than 35% compared to the same quarter last year. With over $40 billion in AUM and a team of 75 investment professionals focusing on both the liquid and illiquid sectors, we believe that we are the largest manager in the higher returning illiquid asset-based credit segment with approximately $22 billion of nonrated AUM.

透過替代信貸，我們在第三季部署了近 38 億美元，與去年同期相比成長了 35% 以上。憑藉超過400 億美元的AUM 和由75 名投資專業人士組成的團隊，專注於流動性和非流動性領域，我們相信我們是回報率較高的非流動性資產信貸領域最大的管理公司，擁有約220 億美元的非評級AUM。

While our team has deep experience with over 30 asset classes in the US and Europe, we focus on investing in relative value, which enables us to hone in on certain asset classes in favor and where scaled capital is required. Most recently, our team has been active across fund finance, residential assets, auto leases, digital infrastructure and asset management.

雖然我們的團隊在美國和歐洲的 30 多種資產類別方面擁有豐富的經驗，但我們專注於相對價值投資，這使我們能夠專注於某些受青睞且需要規模資本的資產類別。最近，我們的團隊活躍在基金融資、住宅資產、汽車租賃、數位基礎設施和資產管理領域。

A couple of great examples include our $1.5 billion joint venture with CAL Automotive for prime auto leases and our role in leading a GBP755 million preferred equity commitment for Wembley Park, which is a mixed-use neighborhood in London.

幾個很好的例子包括我們與CAL Automotive 成立的價值15 億美元的合資企業，提供優質汽車租賃服務，以及我們在牽頭為溫布利公園（倫敦的一個混合用途社區）提供7.55 億英鎊優先股權承諾方面所發揮的作用。

In addition, our alternative credit team continues to partner directly with banks on a bilateral basis to provide capital relief solutions, including the recent financing agreement that we announced with Investec Bank.

此外，我們的另類信貸團隊繼續與銀行直接進行雙邊合作，提供資本減免解決方案，包括我們最近與天達銀行宣布的融資協議。

It's important to note, though, that we're continuing to scale our $19 billion of liquid investment grade rated AUM through partnerships with third-party insurance companies and Aspida. We're seeing significant growth in our liquid investment-grade asset-backed segment, which has increased at a 36% CAGR over the past five years.

不過，值得注意的是，我們將透過與第三方保險公司和 Aspida 的合作，繼續擴大 190 億美元的流動投資等級資產管理規模。我們看到流動性投資等級資產支援領域顯著成長，過去五年複合年增長率為 36%。

In addition, Aspida continues to generate strong organic growth with more than $2 billion in fixed annuity originations and reinsurance flows in the third quarter, and we expect continuing strong flows in the fourth quarter.

此外，Aspida 持續實現強勁的有機成長，第三季的固定年金發起和再保險流量超過 20 億美元，我們預計第四季將繼續保持強勁的流量。

Within the real asset markets, we are at a meaningful inflection point with rising transaction activity, strong fundamental performance and promising supply-demand dynamics on the horizon.

在實體資產市場中，我們正處於一個有意義的轉折點，交易活動不斷增加，基本面表現強勁，供需動態充滿希望。

Across our real estate strategies, we invested more than $2 billion in the third quarter, which was up meaningfully versus the same period a year ago, with a continued emphasis on our highest conviction sectors, including industrial, multifamily, student housing and single-family rental.

在我們的房地產策略中，我們在第三季投資了超過 20 億美元，與去年同期相比大幅成長，並繼續強調我們最堅定的信念領域，包括工業、多戶住宅、學生住房和單戶住宅出租。

Within our Infrastructure segment, we continue to focus on renewable energy and related digital infrastructure investments. And before I provide an update on our recent transaction announcements, I want to take a minute to highlight the long-term growth opportunities that we see in the global industrial real estate, digital infrastructure and clean energy sectors.

在基礎設施領域，我們繼續專注於再生能源和相關數位基礎設施投資。在提供我們最近的交易公告的最新資訊之前，我想花一點時間強調我們在全球工業房地產、數位基礎設施和清潔能源領域看到的長期成長機會。

Over the past decade, we've been expanding our investment capabilities and capital base in the industrial and renewable energy markets to take advantage of rising demand in e-commerce, the reorganization of global supply chains, infrastructure for AI, the demand for clean energy and manufacturing reshoring, which is reversing more than four decades of globalizing trade.

在過去的十年裡，我們一直在擴大在工業和再生能源市場的投資能力和資本基礎，以利用電子商務需求的不斷增長、全球供應鏈的重組、人工智慧基礎設施、清潔能源的需求以及製造業回流，這正在扭轉四十多年來的全球化貿易。

For instance, estimates suggest that the reshoring of manufacturing will require over 1 billion square feet of logistics support in the next decade. And by 2030, the US will need up to 250 terawatt hours of new energy production to support AI and the expanded manufacturing base.

例如，據估計，未來十年製造業回流將需要超過 10 億平方英尺的物流支援。到 2030 年，美國將需要高達 250 太瓦時的新能源生產來支援人工智慧和擴大的製造基地。

As an example, Ares made a strategic investment in X-energy, which is developing and building fourth generation of small modular reactors or SMRs. Recently, X-energy announced that several strategic partners led by Amazon, invested approximately $500 million in a new financing round for the company. Both Amazon and X-energy, along with existing investors such as Dow and Ares, are seeking to advance the largest deployment to date of safe, clean and reliable SMR nuclear power aimed at the growing digital and manufacturing economies in the US.

例如，Ares 對 X-energy 進行了策略性投資，該公司正在開發和建造第四代小型模組化反應器（SMR）。近日，X-energy宣布由亞馬遜領投的多家策略夥伴為該公司投資約5億美元。亞馬遜和 X-energy 以及陶氏化學和 Ares 等現有投資者都在尋求推進迄今為止最大規模的安全、清潔和可靠的 SMR 核電部署，旨在滿足美國不斷增長的數位和製造業經濟的需求。

Now with that perspective, I'd like to reemphasize the strategic importance of our two recently announced acquisitions and real assets which we believe will not only diversify our business mix, but also enhance our growth profile.

現在，從這個角度來看，我想再次強調我們最近宣布的兩項收購和實體資產的戰略重要性，我們相信這不僅將使我們的業務組合多樣化，而且還能增強我們的成長前景。

The GCP International transaction enables us to expand into three critical areas of importance for our firm. First, it expands our real assets presence in the strategically important APAC region, including in Japan and Vietnam within many of our highest conviction sectors like industrial, digital infrastructure and clean energy.

GCP International 的交易使我們能夠擴展到對我們公司至關重要的三個關鍵領域。首先，它擴大了我們在具有重要戰略意義的亞太地區的實體資產，包括在日本和越南的工業、數位基礎設施和清潔能源等我們最堅定的領域。

Following our SSG acquisition in 2020 and Crescent Point last year, we have been strategically evaluating inorganic growth opportunities in the region and GCP International scale, asset positioning, track record and team represented far and away the most compelling opportunity of the nearly 40 managers that we considered.

繼2020 年收購SSG 和去年收購Crescent Point 之後，我們一直在策略性地評估該地區的無機成長機會，而GCP International 的規模、資產定位、往績記錄和團隊無疑是我們收購的近40 名管理人中最引人注目的機會。

Second. The transaction expands our vertically integrated industrial real estate capabilities into Japan, Europe, Vietnam and Brazil. As one of the largest vertically integrated industrial players in the US, we believe that expanding our vertical capabilities globally will enhance our value proposition to our LPs and other market participants while enabling us to create new revenue streams as these businesses scale.

第二。這項交易將我們的垂直整​​合工業房地產能力擴展到日本、歐洲、越南和巴西。作為美國最大的垂直一體化工業參與者之一，我們相信，在全球範圍內擴展我們的垂直能力將增強我們對有限合夥人和其他市場參與者的價值主張，同時使我們能夠隨著這些業務的擴展創造新的收入來源。

Third. We are gaining a global presence in a rapidly growing data center development and asset management business with a $7 billion near-term development pipeline, which complements our existing climate infrastructure capabilities. And while I focus on just these 3 opportunities, there are many more compelling growth and synergy opportunities that GCP International presents, and we believe that we are buying at an opportune time in the real estate cycle with a manager that provides significant growth potential.

第三。我們正在快速成長的資料中心開發和資產管理業務中獲得全球影響力，近期開發管道價值 70 億美元，這補充了我們現有的氣候基礎設施能力。雖然我只專注於這 3 個機會，但 GCP International 也提供了許多更引人注目的成長和協同機會，我們相信，我們在房地產週期的適當時機購買了一位能夠提供巨大成長潛力的管理公司。

You may have also seen that we signed an agreement to purchase Walton Street in Mexico, an industrial-focused real estate manager with $2.1 billion in AUM as of June 30. This transaction enables us to capitalize on the nearshoring trends that we're seeing across supply chains, and the Walton Street Mexico team is particularly well positioned to take advantage of this market opportunity.

您可能還看到，我們簽署了一項收購墨西哥 Walton Street 的協議，這是一家專注於工業的房地產管理公司，截至 6 月 30 日其資產管理規模為 21 億美元。這項交易使我們能夠利用我們在整個供應鏈中看到的近岸趨勢，而沃爾頓街墨西哥團隊特別有能力利用這個市場機會。

We believe that there are also intriguing synergies with their institutional client base for other Ares products. In both of these cases, we had long-standing relationships with certain principles of these firms and we believe that each team will be a great cultural fit. Clearly, the addition of these two firms will provide important scale to our Real Assets group and makes us one of the leading players in private equity real estate across the globe.

我們相信，其他 Ares 產品與其機構客戶群也存在有趣的綜效。在這兩種情況下，我們都與這些公司的某些原則建立了長期合作關係，我們相信每個團隊都將具有良好的文化契合度。顯然，這兩家公司的加入將為我們的不動產集團提供重要的規模，並使我們成為全球私募股權房地產領域的領先參與者之一。

And I'll now turn the call over to Jarrod to discuss our financial results in more detail. Jarrod?

現在我將把電話轉給賈羅德，更詳細地討論我們的財務表現。賈羅德？

Thanks, Mike. Good morning, everyone. In the third quarter, we continued to deliver strong results with high-teens year-over-year growth in AUM and management fees and mid-20s growth in FRE and real asset income. With $64 billion already raised this year and more than $74 billion in gross deployment, we're tracking toward a record year for both gross fundraising and deployment.

謝謝，麥克。大家早安。第三季度，我們持續強勁業績，資產管理規模和管理費年增兩位數，FRE 和實際資產收入成長 20 多歲。今年已籌集了 640 億美元，總部署額超過 740 億美元，我們正在朝著籌款總額和部署總額創紀錄的一年邁進。

A record amount of $85 billion in shadow AUM or AUM not yet paying fees, ideally positions us to capitalize on a return to a more normalized state of deployment and realizations in many sectors. When you combine this AUM not yet paying fees, with our FRE-rich earnings mix and future European waterfall realization potential, we believe we have strong visibility for future earnings for our stockholders.

影子資產管理規模或尚未支付費用的資產管理規模達到創紀錄的 850 億美元，這使我們能夠充分利用許多行業回歸到更正常化的部署和實現狀態。當您將尚未支付費用的資產管理規模與我們豐富的 FRE 收益組合和未來歐洲瀑布實現潛力結合起來時，我們相信我們對股東的未來收益具有很強的可見性。

Looking at this quarter's earnings, starting with revenues. Our management fees totaled over $757 million in the quarter, an increase of 18% compared to the same period last year, primarily driven by positive net deployment of our AUM not net paying fees.

看看本季的收益，首先從收入開始。本季我們的管理費用總計超過 7.57 億美元，與去年同期相比成長 18%，這主要是由於我們的 AUM 淨部署而非淨支付費用推動的。

Fee-related performance revenues totaled $44 million, primarily from the third quarter crystallization of our open-ended core alternative credit fund, along with a smaller contribution from APMF, which typically will be around the quarter.

與費用相關的績效收入總計 4,400 萬美元，主要來自我們開放式核心另類信貸基金第三季的結晶，以及 APMF 的較小貢獻（通常會在本季度左右）。

This represents our first significant full year realization from our open-ended core alternative credit funds, and we anticipate this will now be an annual crystallization occurring in the third quarter of each year. We continue to expect the majority of our credit group FRPR to be realized in the fourth quarter as most of our separately managed accounts crystallize annually at the end of the fiscal year.

這是我們的開放式核心另類信貸基金首次實現重大全年收益，我們預計這將成為每年第三季的年度結晶。我們仍然預計我們的大部分信貸組 FRPR 將在第四季度實現，因為我們的大多數獨立管理帳戶每年都會在本財年末具體化。

At this point, we're forecasting a range of $160 million to $170 million in fee-related performance revenues and $60 million to $70 million in net FRPR for our credit group in the fourth quarter. This amount remains subject to change as these performance fees are based on total return through December 31 and could be impacted by underlying changes in the value of these loans from movements in credit spreads and foreign exchange rates.

目前，我們預計第四季度我們信貸集團的費用相關績效收入將達到 1.6 億至 1.7 億美元，淨 FRPR 將達到 6,000 萬至 7,000 萬美元。該金額仍可能發生變化，因為這些績效費是基於截至 12 月 31 日的總回報，並可能受到信用利差和外匯匯率變動導致的這些貸款價值基本變化的影響。

Compensation expenses, excluding FRPR compensation, increased 13% for the year-ago period, driven by additional headcount along with higher Part 1 fees and related compensation. Overall, our G&A expenses were essentially flat quarter-over-quarter as the benefit from lower event expenses was offset by higher consulting and professional fees, including about $3.5 million of onetime professional fees.

由於員工人數增加以及第 1 部分費用和相關薪酬上漲，薪酬支出（不包括 FRPR 薪酬）年增 13%。總體而言，我們的一般管理費用環比基本持平，因為較低的活動費用所帶來的好處被較高的諮詢和專業費用（包括約 350 萬美元的一次性專業費用）所抵消。

We expect G&A expenses will move moderately up due to higher expected supplemental distribution fees related to our strong start in Q4, along with higher seasonal travel expenses, costs from our newly expanded New York office lease and recent headcount growth.

我們預計一般管理費用將適度上升，原因是與我們第四季度的強勁開局相關的預期補充分銷費用較高，以及季節性差旅費用增加、我們新擴大的紐約辦公室租賃成本以及最近的員工人數增長。

Now let me spend a moment on the supplemental distribution fees, which were paid on certain wealth management funds raised. Quarterly supplemental distribution fees totaled $13 million, a decline from the second quarter of $15 million, which reflects a fundraising mix shift from the domestic wire houses to more international wealth management distribution partners. We were able to offset $4 million of supplemental distribution fees through a decrease in compensation expense associated with the Part 1 fees and the FRPR that we have discussed previously.

現在我想談談補充分配費，這些補充分配費是針對某些募集的理財基金而支付的。季度補充分銷費用總計 1,300 萬美元，較第二季的 1,500 萬美元有所下降，這反映出融資組合從國內電線公司轉向更多的國際財富管理分銷合作夥伴。透過減少與第 1 部分費用和我們之前討論過的 FRPR 相關的補償費用，我們能夠抵消 400 萬美元的補充分銷費用。

During the quarter, the $9 million of net supplemental distribution fees, reduced FRE and lowered our FRE margin by 107 basis points. On a year-to-date basis, net supplemental distribution fees have reduced our FRE by $24 million and our FRE margin by 102 basis points.

本季度，900 萬美元的淨補充分銷費減少了 FRE，並使我們的 FRE 利潤率降低了 107 個基點。年初至今，淨補充分銷費用使我們的 FRE 減少了 2,400 萬美元，FRE 利潤率減少了 102 個基點。

These supplemental distribution fees are more than triple the expense amount in the same period last year. Although these supplemental distribution fees initially put pressure on our fee-related earnings and FRE margins as we scale in the channel, we believe that the addition of the associated perpetual life assets in the wealth channel, which pay management and incentive fees would be very valuable. Importantly, we expect to gain greater absorption in these onetime fees as we scale at the time.

這些補充分銷費是去年同期費用金額的三倍多。儘管隨著我們在通路中的規模擴大，這些補充分銷費最初會為我們的費用相關收入和FRE 利潤率帶來壓力，但我們相信，在財富管道中增加相關的永續壽險資產（用於支付管理費和激勵費）將非常有價值。重要的是，隨著我們當時的規模擴大，我們預計會更多地吸收這些一次性費用。

During the third quarter, FRE totaled approximately $339 million, a 24% increase from the previous year, primarily due to higher management fees and FRPR. Our FRE margin at 41.1% remained essentially unchanged from the same quarter a year ago, in part due to the aforementioned supplemental distribution fees.

第三季度，FRE 總額約為 3.39 億美元，較上年增長 24%，主要是由於管理費和 FRPR 增加。我們的 FRE 利潤率為 41.1%，與去年同期相比基本保持不變，部分原因是上述補充分銷費。

For the fourth quarter, we expect a meaningful sequential increase in our total fee income along with our total FRE, but a sequentially lower overall FRE margin of approximately 40%. This is due in part to the impact of the supplemental distribution fees we discussed lower margins on the expected ramp in credit FRPR in the quarter and higher compensation costs primarily from new hires. For the full year, we do expect to show moderately higher FRE margins in 2024 compared to 2023.

對於第四季度，我們預計我們的總費用收入以及 FRE 總額將顯著的環比增長，但整體 FRE 利潤率將環比下降約 40%。這在一定程度上是由於補充分銷費的影響，我們討論了本季信貸 FRPR 預期增幅的較低利潤率以及主要來自新員工的較高補償成本。就全年而言，我們預計 2024 年 FRE 利潤率將較 2023 年略有提高。

With interest rates beginning to decline, we anticipate an acceleration in FRE growth and an expansion in our FRE margin in 2025 driven by a broadening out of deployment across a greater number of our investment strategies and improved operating leverage within our wealth channel. As we flagged in the second quarter, at this point in our fund's life cycle, the third quarter was lighter on European-style waterfall realizations.

隨著利率開始下降，我們預計到 2025 年，FRE 成長將加速，FRE 利潤率將擴大，原因是我們更多投資策略的部署範圍擴大以及我們財富管道內營運槓桿的提高。正如我們在第二季所指出的那樣，在我們基金生命週期的這一點上，第三季歐洲式瀑布變現的情況較少。

As a reminder, approximately 85% of our accrued net performance income is European style and since we're not yet in the full harvest period for our funds, 60% to 70% of net realized performance income from our European style funds is generally recognized in our fourth quarter, with 30% in Q2 and the remaining 10% is split between the first and third quarters.

提醒一下，我們應計的淨績效收入中大約 85% 是歐式的，而且由於我們的基金尚未處於完全收穫期，因此我們歐式基金的已實現淨績效收入的 60% 至 70% 被普遍認可第四季度，第二季度佔30%，剩下的10% 分配在第一季和第三季。

In our third quarter, we generated only $9 million of net realized performance income, driven mainly by real estate and credit funds with European style waterfalls, and an absence of material sales from funds that have an American style waterfall.

在第三季度，我們僅實現了 900 萬美元的淨實現績效收入，這主要是由具有歐洲風格瀑布的房地產和信貸基金推動的，而具有美國風格瀑布的基金缺乏實質銷售。

For the fourth quarter of 2024, we are estimating $90 million to $95 million in net realized performance income from both our European and American style funds. For 2025, we continue to have good visibility on the continued expected ramp in our European style realized net performance income. For 2025, we estimate European style net realized performance income to be between $225 million and $275 million.

對於 2024 年第四季度，我們預計歐洲和美國風格基金的淨實現績效收入為 9,000 萬至 9,500 萬美元。2025 年，我們對歐洲風格實現的淨業績收入的持續預期成長保持良好的預見性。到 2025 年，我們預計歐式風格的淨已實現業績收入將在 2.25 億美元至 2.75 億美元之間。

And with a better macro environment backdrop, we would expect to potentially recognize more of our American style accrued performance income as well. For 2026, we continue to expect another significant year-over-year increase in our European style net realized performance income compared to our 2025 levels.

在更好的宏觀環境背景下，我們預計也可能會認識到更多的美式應計業績收入。2026 年，我們繼續預計，與 2025 年的水準相比，我們的歐式已實現淨績效收入將再次大幅同比增長。

Realized income in the third quarter totaled $339 million, a 28% increase over the previous year and after-tax realized income per share of Class A common stock was $0.95, up 14% in the third quarter of 2023. As of September 30, our AUM was $464 billion, up 17% from the year ago period.

第三季實現營收總計3.39億美元，較上年成長28%，A類普通股每股稅後營收為0.95美元，2023年第三季成長14%。截至 9 月 30 日，我們的資產管理規模為 4,640 億美元，比去年同期成長 17%。

Our fee paying AUM reached $287 billion at the end of the quarter, up 16% from the previous year. Our AUM not yet paying fees available for future deployment increased to approximately $74 billion at quarter end, representing approximately $722 million in potential annual management fees, not including any Part 1 fees or FRPR.

截至本季末，我們的付費資產管理規模達到 2,870 億美元，比上年成長 16%。截至季末，我們尚未支付未來部署費用的 AUM 增加至約 740 億美元，相當於潛在年度管理費約 7.22 億美元，不包括任何第 1 部分費用或 FRPR。

Our incentive eligible AUM increased by 15% compared to the third quarter of 2023, reaching $267 billion. Of this amount, over $88 billion is uninvested, which represents significant potential for performance income.

與 2023 年第三季相比，我們符合激勵條件的 AUM 成長了 15%，達到 2,670 億美元。其中，超過 880 億美元未投資，代表著巨大的業績收入潛力。

In the third quarter, our net accrued performance income jumped nearly 10% quarter-over-quarter to $968 million, primarily from relatively strong capital appreciation and income compounding above our hurdle rates across our credit, real assets and private equity funds.

第三季度，我們的應計淨績效收入較上季成長近 10%，達到 9.68 億美元，這主要是由於相對強勁的資本增值和高於我們信貸、實物資產和私募股權基金門檻率的複合收入。

Finally, I'd like to highlight our strong Q3 fund performance, which is underscored by broad outperformance within our private credit strategies. Across our credit group, our strategy composites generated quarterly gross returns ranging from 2.5% to 6.5%, with 12-month gross returns ranging from 8% to over 20%.

最後，我想強調我們第三季基金的強勁表現，我們的私人信貸策略的廣泛表現凸顯了這一點。在我們的信貸組中，我們的策略組合產生的季度總回報率為 2.5% 至 6.5% 不等，12 個月總回報率為 8% 至 20% 以上。

Our credit portfolios continue to see positive fundamental growth in limited credit issues, and we believe we are well positioned for a variety of economic scenarios, particularly as approximately 95% of our corporate credit assets are senior in the capital structure.

我們的信貸投資組合在有限的信貸問題上繼續實現積極的基本成長，我們相信我們在各種經濟情景中都處於有利地位，特別是我們約 95% 的企業信貸資產在資本結構中屬於高級資產。

Notably, ARCC reported quarterly improvements in nonaccruals to levels well below historical averages, improved interest coverage and double-digit portfolio company EBITDA growth. Furthermore, the weighted average loan-to-value in the loan portfolio stood at 43%, significantly lower than the market average of roughly 50% over the past 10 years.

值得注意的是，ARCC 報告稱，季度非應計費用改善至遠低於歷史平均水平，利息保障倍數改善，投資組合公司 EBITDA 實現兩位數增長。此外，貸款組合中的加權平均貸款價值比為43%，顯著低於過去10年約50%的市場平均。

Across our real asset composites, we generated gross returns and infrastructure debt of 2.6% for the quarter and 9% for the last 12 months. Our real estate equity strategies are delivering strong returns relative to comparable market equivalents.

在我們的實體資產組合中，本季的總回報和基礎設施債務為 2.6%，過去 12 個月為 9%。相對於可比較市場同類產品，我們的房地產股權策略正在帶來強勁的回報。

We continue to see positive fundamentals and valuations in our real estate portfolios. And in the third quarter, we saw appreciation in each of our real estate fund composites. This includes positive quarterly returns and our two nontraded REITs, which collectively brought in modest net inflows.

我們的房地產投資組合繼續看到正面的基本面和估值。在第三季度，我們的每種房地產基金組合都出現了升值。這包括正的季度回報和我們的兩個非交易房地產投資信託基金，它們共同帶來了適度的淨流入。

In general, we believe we saw a bottoming in property values for most asset classes during the spring and are now seeing more downward pressure on cap rates while underlying property cash flows generally continue to rise. Our corporate private equity composite at a gross quarterly return of just under 2%, as 1 fund was impacted by its public position in the Savers Value Village.

總體而言，我們認為，春季期間大多數資產類別的房地產價值已觸底，現在資本化率面臨更大的下行壓力，而基礎房地產現金流量普遍繼續上升。我們的企業私募股權組合的季度總回報率略低於 2%，因為 1 檔基金受到其在 Savers Value Village 的公開地位的影響。

Our most recent corporate private equity fund ACOF VI has generated gross quarterly and 12-month returns of 4.8% and 22.8%, respectively, and has a since inception gross internal rate of return of 24.2%. Our corporate private equity portfolios continued to demonstrate strong fundamentals with double-digit year-over-year organic EBITDA growth.

我們最新的企業私募股權基金 ACOF VI 的季度毛回報率和 12 個月毛回報率分別為 4.8% 和 22.8%，自成立以來的毛內部回報率為 24.2%。我們的企業私募股權投資組合持續展現強勁的基本面，有機 EBITDA 年比實現兩位數成長。

Now I'll turn it back to Mike for closing comments.

現在我將把它轉回給邁克以結束評論。

Great. Thanks, Jarrod. I continue to believe that Ares is well positioned to succeed in an improving transaction environment. Our management fee-centric business and asset-light balance sheet are critical elements of our strategy as we seek to capitalize on the growth of our platform and our industry.

偉大的。謝謝，賈羅德。我仍然相信 Ares 處於有利地位，能夠在不斷改善的交易環境中取得成功。我們以管理費為中心的業務和輕資產的資產負債表是我們策略的關鍵要素，因為我們尋求利用我們的平台和產業的成長。

There are many positive secular drivers influencing our business, including assets moving out of the global banking system to private credit, the significant need for infrastructure investment and clean energy, the growing penetration of alternatives in the wealth channel and the continued consolidation of GP relationships among institutional investors.

有許多積極的長期驅動因素影響著我們的業務，包括資產從全球銀行體系轉移到私人信貸、對基礎設施投資和清潔能源的巨大需求、財富管道中替代方案的不斷滲透以及普通合夥人之間關係的持續鞏固。

We also expect to see improving growth for our real asset strategies as rates begin to normalize we believe that these growth engines will contribute more fully to our overall growth and associated operating efficiencies in 2025.

我們也預計，隨著利率開始正常化，我們的實體資產策略的成長將有所改善，我們相信這些成長引擎將在 2025 年為我們的整體成長和相關營運效率做出更充分的貢獻。

As always, our talented team collaborating across the globe drives the current and future success of our business and I'm deeply grateful for their hard work and dedication. I'm also deeply appreciative of our investors' ongoing support for our company.

一如既往，我們才華橫溢的團隊在全球範圍內合作，推動了我們業務當前和未來的成功，我對他們的辛勤工作和奉獻精神深表感謝。我還非常感謝投資人對我們公司的持續支持。

And with that, operator, I think that we can now open up the line for questions.

接線員，我想我們現在可以開放提問線路了。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

We're seeing some very big drawdown fund raises across the industry and the private credit semi-liquid vehicles continue to lead in the private wealth channel. And just of note, one of your big competitors just closed a sizable drawdown in the institutional channel and Ares just raised the $34 billion Senior Direct Lending Fund III, which is an industry record. So just given this ramp in industry AUM and dry powder, do you see any challenges to deployments heading into next year, especially with the reopening of the BSL market?

我們看到整個產業的一些資金籌集規模非常大，私人信貸半流動工具繼續在私人財富管道中處於領先地位。值得注意的是，您的一個主要競爭對手剛剛完成了機構管道的大規模撤資，而 Ares 剛剛籌集了 340 億美元的高級直接貸款基金 III，這是一個行業記錄。那麼，考慮到產業 AUM 和乾粉的成長，您認為明年的部署會面臨哪些挑戰，特別是隨著 BSL 市場的重新開放？

Sure. Thanks, Greg. A couple of things to highlight. As we said in the prepared remarks, private credit fundraising is actually down sequentially for the last three years. So one of the things that you're actually seeing, and this has been a trend that's been in place for close to a decade, that the dollars getting raised and the dollar is getting deployed are actually becoming more concentrated in the hands of the larger managers.

當然。謝謝，格雷格。有幾點需要強調。正如我們在準備好的發言中所說，私人信貸融資實際上在過去三年中連續下降。因此，你實際上看到的一件事是，這是近十年來一直存在的趨勢，美元的籌集和美元的部署實際上變得更加集中在更大的人手中經理。

I think that has a lot to do with the ability for the larger managers to get deployed with significant diversification and just the benefits of scale as it relates to origination, investment in portfolio management, risk systems, et cetera. So I don't think it's a read across when you look at the size of the funds getting raised by the market leaders to say that there's too much capital in the market.

我認為，這與較大的管理公司進行大規模多元化部署的能力以及規模效益有很大關係，因為它與發起、投資組合管理、風險系統等相關。因此，當你看到市場領導者籌集的資金規模時，我認為市場上的資本太多了，這並不是一種解讀。

When you look at the deployment numbers, it would tell you something different, which is the deployment is also concentrated and we're each finding ways to continue to grow the business nicely in high-quality assets in what has been a fairly benign M&A market.

當你查看部署數字時，它會告訴你一些不同的東西，即部署也是集中的，我們每個人都在尋找方法，在相當良性的併購市場中繼續在高品質資產中良好地發展業務。

So I think we're in a good place. As we talked about in the prepared remarks, if you look at SDL III on that $34 billion fund, we're already 30% invested at the final close. So that will give you some perspective just in terms of the pacing of the capital raising and the capital deployment.

所以我認為我們處於一個很好的位置。正如我們在準備好的發言中談到的，如果您看看 SDL III 的 340 億美元基金，我們在最終收盤時已經投資了 30%。因此，這將為您提供有關融資節奏和資本部署的一些視角。

And without getting into all of the details, but we did talk about this again in the Investor Day presentation a couple of months back, the TAM for private credit continues to grow and it's important that people appreciate that this is not just a sponsor lending business, this is a broad-based private credit business across corporates, real estate, infrastructure, alternative credit, it's global.

雖然沒有詳細介紹所有細節，但我們確實在幾個月前的投資者日演講中再次討論了這一點，私人信貸的 TAM 持續增長，重要的是人們認識到這不僅僅是讚助商貸款業務，這是一項基礎廣泛的私人信貸業務，涵蓋企業、房地產、基礎設施、替代信貸，它是全球性的。

And there are secular trends in place. You mentioned, obviously, BSL market coming back, but there's a general debanking trend that I think is outpacing whatever competition we're seeing from the traded sub investment-grade market. So a long-winded way of saying we're obviously paying attention to the competitive dynamic. But as we see it, we actually still think that the private credit market is undercapitalized relative to the opportunity.

且存在長期趨勢。顯然，您提到 BSL 市場正在回歸，但我認為整體的去銀行化趨勢超過了我們從交易的次級投資等級市場看到的任何競爭。因此，這是一種冗長的說法，我們顯然正在關注競爭動態。但正如我們所看到的，我們實際上仍然認為相對於機會而言，私人信貸市場資本不足。

Mike, thanks for the point there. I think 1 thing driving that has been the lack of fundraising in the public BDC market the last couple of years versus '20 and '21. Do you think that changes next year with overall rerisking activity picking up? And if it does, do you think the consolidation trend has the potential to actually head in the other direction?

麥克，謝謝你的觀點。我認為造成這種情況的一個原因是，與 20 世紀和 21 世紀相比，過去幾年公共 BDC 市場缺乏融資。您認為明年整體再冒險活動會增加嗎？如果確實如此，您認為整合趨勢是否有可能真正走向另一個方向？

I don't actually, again, because I think that the consolidation trend is rooted in a view that we've held for a long time that scale drives performance. When you look at the public BDC market, you are already beginning to see meaningful dispersion in performance across the manager landscape. And I think that's an important thing to keep an eye on as we get into this broader conversation about quality and size.

我其實並不這麼認為，因為我認為整合趨勢植根於我們長期以來所持有的規模驅動績效的觀點。當您觀察公共 BDC 市場時，您已經開始看到整個管理領域的績效顯著分散。我認為，當我們就品質和規模進行更廣泛的討論時，這是一件需要關注的重要事情。

So I think the public BDC market is an important part of the ecosystem, but obviously less important. The other thing to keep in mind, the published numbers that most people refer to around the size of the private credit market do not include public BDCs. So the frequent data, for example, published is excluding the publicly-traded BDC market.

所以我認為公共BDC市場是生態系的重要組成部分，但顯然不太重要。另一件需要記住的事情是，大多數人提到的私人信貸市場規模的公佈數據並不包括公共 BDC。例如，頻繁發布的數據不包括公開交易的 BDC 市場。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

First question around just asset-backed finance opportunity and kind of private credit 2.0 in a way that we've talked about for the last couple of quarters.

第一個問題圍繞著資產支持融資機會和私人信貸 2.0，我們在過去幾季中已經討論過。

Lots of focus on origination being really kind of the driver of differentiated opportunities in the space. So curious if you can sort of update us on your origination capabilities of their additional partnerships you think you need to do there in order to kind of further accelerate that part of the market?

對原創性的高度關注確實是該領域差異化機會的驅動力。很好奇，您是否可以向我們介紹一下您認為您需要在那裡做的其他合作夥伴關係的發起能力，以便進一步加速這部分市場的發展？

I think the simple answer, Alex, is no. Obviously, partnership is an important tenet of our culture. And as we continue to grow that business, we'll look to either own teams in-house or have JV partnerships. So for example, we mentioned in the script, our recently signed joint venture with CAL Automotive, which is a multi-decade track record prime auto lessor, and we set up a joint venture with them to effectively purchase an investment up to $1.5 billion in prime new vehicle leases that they originate.

亞歷克斯，我認為簡單的答案是否定的。顯然，夥伴關係是我們文化的重要宗旨。隨著我們繼續發展該業務，我們將尋求內部團隊或建立合資夥伴關係。例如，我們在劇本中提到，我們最近與CAL Automotive 簽署了合資企業，這是一家擁有數十年業績的優質汽車租賃商，我們與他們成立了一家合資企業，以有效購買高達15 億美元的投資他們發起的優質新車租賃。

So we've said this before, there are some people that are talking about origination as owning platforms, that's great. There are certain folks like us that are talking about owning teams that are employees of Ares where we see long-term sustainable origination opportunities. And then there are things in between where you may see something that's more tactical and you'll do it through some kind of a joint venture partnership.

所以我們之前說過，有些人正在談論起源作為擁有平台，這很好。有些像我們這樣的人正在談論擁有由 Ares 員工組成的團隊，我們看到了長期可持續的創始機會。然後，在這兩者之間，您可能會看到更具戰術性的東西，並且您將透過某種合資企業夥伴關係來做到這一點。

Just to reiterate, we have over 70 investment professionals that are focusing on this market. We cover 30 different asset classes where we believe there is investable market and we have domain expertise, certain markets come in and out of favor. So it's important that the origination and the asset class capability is broad and diversified, but we have a lot of scale opportunity in that market and the team, as it's currently situated can continue to grow at the pace that's been growing.

重申一下，我們有 70 多名投資專業人士專注於這個市場。我們涵蓋 30 種不同的資產類別，我們相信這些資產類別存在可投資的市場，並且我們擁有領域專業知識，某些市場會受到青睞和失寵。因此，重要的是，起源和資產類別能力廣泛且多樣化，但我們在該市場和團隊中有很多規模機會，因為它目前所處的位置可以繼續以一直在增長的速度增長。

Got it. All right. That makes sense. Jarrod, one for you on FRE margins. So getting a little bit of a reset this year. So I appreciate the color there. I guess, not surprisingly, like kind of given the dynamics in the retail distribution channel and just focus on top line growth. So we've talked about that in the past.

知道了。好的。這是有道理的。賈羅德 (Jarrod)，FRE 利潤率中的一員。所以今年要稍微調整一下。所以我很欣賞那裡的顏色。我想，這並不奇怪，就像考慮到零售分銷管道的動態一樣，只關注營收成長。所以我們過去已經討論過這個問題。

But I guess if you look out into 2025 and maybe we could exclude the noise from FRPR entirely from kind of this discussion. But is it likely for Ares to get back to, call it, a more normal 100 basis points-or-so of FRE margin expansion into 2025, again, kind of excluding FRPR noise?

但我想如果你展望 2025 年，也許我們可以將 FRPR 的噪音完全排除在這種討論之外。但到 2025 年，Ares 是否有可能再次恢復（稱為更正常的 100 個基點左右）FRE 利潤率擴張，再次排除 FRPR 噪音？

Sure. Great to hear from you this morning. I'd go back to what we said at the Investor Day. And our primary focus is where are we investing in and how can we continue to grow? And sometimes that takes away from what our actual margin capability is because we could certainly increase the margin, but that would be at the cost of future investments.

當然。很高興今天早上收到你的來信。我想回到我們在投資者日所說的話。我們的主要關注點是我們在哪裡投資以及我們如何繼續成長？有時這會影響我們的實際保證金能力，因為我們當然可以增加保證金，但這將以未來投資為代價。

And that's not what we want to be doing. However, we did say that as we deploy that margin will expand. And as I mentioned in the prepared remarks, we do expect year-over-year that you'll see a slight amount of margin expansion, and that will continue into 2025 and pace of deployment certainly helps with that.

這不是我們想要做的。然而，我們確實說過，隨著我們的部署，利潤率將會擴大。正如我在準備好的發言中提到的那樣，我們確實預計您會看到利潤率逐年略有增長，並且這種情況將持續到 2025 年，部署速度肯定會對此有所幫助。

And I think it will still be within that range of the 0 to 150 basis points that we laid out at Investor Day. And that's not including anything from GCP as we don't have an exact close date or anything of that nature. So that's just the standard what we have right now.

我認為它仍將在我們在投資者日制定的 0 到 150 個基點的範圍內。這不包括 GCP 的任何內容，因為我們沒有確切的截止日期或任何類似性質的內容。這就是我們現在的標準。

Alex, just doing the simple math, I think mentioning the distribution fees, if you excluded those, which are kind of obviously positive variance to the base case, given the growth in wealth, we would have scaled margin over 100 basis points if you back those out.

亞歷克斯，只是做了一個簡單的數學計算，我想提到分配費用，如果你排除那些，這對基本情況來說是一種明顯的正方差，考慮到財富的增長，如果你支持的話，我們的利潤率將超過100 個基點那些出去的。

No, I totally get it. It's a timing thing, and it's a worthwhile investment. Makes sense.

不，我完全明白。這是一個時機問題，也是一項值得的投資。有道理。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

This is Brendan O'Brien filling in for Steven. I guess to start, there's been a lot of focus around the spread between private credit and the broadly syndicated market and how much that has narrowed over the past year. While you do partake in some of the larger club deals out there, as you alluded to in the prepared remarks, you have a much bigger focus on the middle market relative to some of your competitors.

我是布倫丹·奧布萊恩 (Brendan O'Brien) 接替史蒂文。我想首先，人們非常關注私人信貸與廣泛的銀團市場之間的利差以及過去一年利差的縮小程度。雖然您確實參與了一些較大的俱樂部交易，正如您在準備好的評論中提到的那樣，但相對於您的一些競爭對手，您對中間市場的關注要大得多。

So I just wanted to get a sense as to whether you see any differences in spread compression in the middle market relative to larger deal activity. And at a higher level, do you view the spread compression as being a function of increased competition or is simply a lack of new supply or some combination of both?

因此，我只是想了解一下，相對於較大的交易活動，中間市場的價差壓縮是否有任何差異。在更高的層面上，您是否認為價差壓縮是競爭加劇的結果，還是只是因為缺乏新的供應，還是兩者兼而有之？

I would add a third, which is a really healthy economic backdrop and lower-than-expected defaults and losses in the market. So obviously, credit spreads on an absolute basis, they're going to be a reflection of first and foremost of people's perception of risk in the asset class.

我想增加第三個，這是一個非常健康的經濟背景，市場的違約和損失低於預期。顯然，絕對信用利差將首先反映人們對資產類別風險的看法。

And when you look at where the market stands, both traded and private, I think the default rate is significantly below historical averages. And when you look at some of the statistics that we're referencing in our portfolio around continued double-digit EBITDA growth, low loans to value, improving interest coverage there's a general sentiment that despite the anxieties that people tried to put into the market two years ago, the performance has actually improved.

當你觀察市場狀況時，無論是交易市場還是私人市場，我認為違約率明顯低於歷史平均值。當你看到我們在投資組合中引用的一些統計數據時，你會發現，儘管人們試圖將焦慮投入到市場中，但人們普遍認為，EBITDA 持續兩位數增長、貸款價值比低、利息保障倍數提高。

And so there's a general narrowing of credit spread. So I think it's important that people anchor on that as well and not just think about it in terms of supply/demand. Kipp did a really nice job, I thought, on the ARCC call talking about credit spread. And there is a durable credit spread in our opinion, between private credit and the traded markets.

因此信用利差普遍收窄。因此，我認為人們也應該關注這一點，而不僅僅是從供給/需求的角度來考慮，這一點很重要。我認為基普在 ARCC 電話會議上談論信用利差時做得非常好。我們認為，私人信貸和交易市場之間存在持久的信貸利差。

We've been doing this now for 30 years, and that relative value moves around 150 basis points to 400 basis points depending on where you are in the credit cycle and where the liquidity in the market is. And so again, I wouldn't read into it too much at this moment in time.

我們這樣做已經有 30 年了，相對價值在 150 個基點到 400 個基點左右變動，具體取決於您處於信貸週期的哪個階段以及市場的流動性狀況。再說一次，我現在不會過度解讀它。

But we do think that it's important that if you're going to pursue the most attractive relative value or the most attractive excess spread in the market, you have to be able to access every point of the market, and that's why we have been very focused in maintaining our leadership position in every part of the middle market, lower, core and upper because there are going to be moments in time where the BSL market is going to be more competitive with private credit unit tranche executions, you need to be able to move around the market in search of a RE and that is a core differentiator for our platform. I do think you'll start to see that spread, if not gap out, at least normalize once we start to see normal M&A transaction values come back into the market.

但我們確實認為，重要的是，如果你要追求市場上最具吸引力的相對價值或最具吸引力的超額利差，你必須能夠進入市場的每個點，這就是為什麼我們一直非常專注於保持我們在中端市場、低端市場、核心市場和高端市場各個部分的領導地位，因為有時BSL 市場將比私人信貸單位批次執行更具競爭力，您需要能夠在市場上尋找RE，這是我們平台的核心差異化因素。我確實認為，一旦我們開始看到正常的併購交易價值回到市場，您就會開始看到這種價差，即使不是跳空，至少也會正常化。

That's great color. And for my follow-up, I wanted to touch on Part 1 fees. I know you gave the sensitivity in your filings for ARCC and ASIF. However, you've talked about in the past the impact of increased transaction activity and the offset lag impact on Part 1 fees. And with ASIF scaling very quickly, I just wanted to get a sense as to how we should be thinking about the increased contribution from ASIF going forward and the increased transaction activity relative to the rate headwind on Part 1 fees and whether it's possible that this could actually result in Part 1 fees continuing to grow even as rates come in?

那顏色真棒。在我的後續行動中，我想談談第 1 部分的費用。我知道您在 ARCC 和 ASIF 的文件中給出了敏感性。然而，您過去曾討論過交易活動增加的影響以及抵消滯後對第 1 部分費用的影響。隨著 ASIF 規模的迅速擴大，我只是想了解我們應該如何考慮 ASIF 未來貢獻的增加以及相對於第 1 部分費用的費率逆風增加的交易活動，以及這是否有可能即使費率增加，第一部分費用實際上也會繼續成長嗎？

Yes, I do think that we expect Part 1 fees to continue to grow because the growth in absolute dollars will outpace the impact of spread compression. Again, as we've talked about, it's important to think about the components of return in these private credit instruments that are driving a lot of the Part 1 fees, right, you get upfront fees.

是的，我確實認為我們預計第 1 部分費用將繼續增長，因為絕對美元的增長將超過利差壓縮的影響。同樣，正如我們所討論的，重要的是要考慮這些私人信貸工具的回報組成部分，這些工具會產生大量第 1 部分費用，對吧，您會獲得預付費用。

You have base rates, you have your credit spread. And so typically, rates will be going down in response to a weakening economic environment, which then typically correlates with credit spreads that are widening. And if reduced rates actually catalyze increased transaction activity, you tend to get more upfront fees. So it's not just linear that when rates go down, Part 1 fees go down because there are other components of return that actually come into play.

你有基本利率，你有信用利差。因此，通常情況下，利率會因經濟環境疲軟而下降，而經濟環境通常會與信貸利差擴大有關。如果降低的費率實際上促進了交易活動的增加，您往往會獲得更多的預付費用。因此，當利率下降時，第 1 部分的費用也會下降，這不僅僅是線性的，因為還有其他實際發揮作用的回報組成部分。

So it's -- again, it's important to understand how that works. When you look at the sensitivity and again, you can look at the ARCC disclosures in their queue, which represents a big chunk of part 1, but 100 basis point decline just linearly in interest rates would probably impact our FRE by $9 million per year.

所以，再次強調，了解它是如何運作的很重要。當您再次查看敏感性時，您可以查看隊列中的 ARCC 披露信息，這代表了第 1 部分的很大一部分，但利率線性下降 100 個基點可能每年對我們的 FRE 造成 900 萬美元的影響。

So all else being equal, if you had a 100 basis point decline, we would lose $9 million, but then you'd obviously pick up a significant portion of that based on the dynamic I just talked about. So the rate picture is not really that much of a headwind to Part 1. And as you pointed out, not just ASIF, but the growth in other nontraded vehicles like our private markets fund and our European income fund, I think will outpace whatever headwind we face.

因此，在其他條件相同的情況下，如果下跌 100 個基點，我們將損失 900 萬美元，但根據我剛才談到的動態，您顯然會獲得其中的很大一部分。因此，費率情況對於第 1 部分來說並不是太大的阻力。正如您所指出的，不僅是 ASIF，而且其他非交易工具（例如我們的私募市場基金和歐洲收入基金）的成長，我認為都將超過我們面臨的任何阻力。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

So you had guided to sort of mid-80s -- maybe covered just a little bit earlier, I might have missed it. Mid-80s gross inflow number for the full year, which would suggest another strong fourth quarter in front of us. I was just wondering if you could unpack where you're seeing the strength? And as you think through into next year, I was wondering if you can maybe help us think through the building blocks as we sort of think about comps to this year?

所以你已經引導到了 80 年代中期——也許更早一些，我可能錯過了。全年總流入達到 80 年代中期，這表明我們面前的第四季度將是另一個強勁的季度。我只是想知道你能否解開你所看到的力量？當你思考明年的時候，我想知道你是否可以幫助我們思考建立模組，就像我們思考今年的比較一樣？

Jarrod, do you want to take that one?

賈羅德，你想拿那個嗎？

Sure thing. So next year, in terms of our buildout and the fund raise, we will continue to have a number of different commingled products as well as the retail products. One of the things that Mike and I have talked a lot about with all of you is that we continue to raise the floor of our fundraising capabilities and a lot of that's come from the build-out of that retail channel that we've talked a little bit about on this call.

當然可以。因此，明年，就我們的擴建和融資而言，我們將繼續擁有許多不同的混合產品以及零售產品。麥克和我與大家多次討論的一件事是，我們繼續提高籌款能力的底線，其中很大一部分來自我們已經討論過的零售管道的建設。

But we still have had large commingled fundraises that have had successive vintages above the prior vintage. I'd expect to see that continue to occur. And in the market next year, we'll have a number of different funds from strategies like our special opportunity strategy.

但我們仍然進行了大規模的混合籌款活動，連續年份都高於前一個年份。我希望看到這種情況繼續發生。在明年的市場上，我們將擁有許多不同的基金，這些基金來自我們的特殊機會策略等策略。

We'll continue to have our second climate infrastructure fund. We'll have various funds out of our secondaries group. We'll have a few funds out of our retail -- our real estate group as well. I do expect that with the real estate markets continuing to return, we'll see improved flows into things like the REITs.

我們將繼續擁有第二個氣候基礎設施基金。我們將從我們的二級組中獲得各種資金。我們將從我們的零售業以及我們的房地產集團中獲得一些資金。我確實預計，隨著房地產市場的持續復甦，我們將看到流入房地產投資信託基金等項目的資金有所改善。

So it's really platform-wide. I think we'll have a total of about 35 funds that will be in the market next year. And it won't be one dominant fund like SDL or ASICs like we had over the last couple of years. but it will be a number of different funds from across the platform, really broadening out the platform and coming from all different --

所以它確實是全平台的。我認為明年市場上總共會有約 35 檔基金。而且它不會像過去幾年那樣成為像 SDL 或 ASIC 這樣的主導基金。但這將是來自整個平台的許多不同的資金，真正拓寬了平台並來自所有不同的地方--

Okay. And just a follow-up. We're another three months into the wealth management opportunity and certainly early days in general and a very large denominator. What are you hearing from your relationships on the distribution side? It does seem like the distribution economics or the price of economics are deteriorating. But is there a concentration opportunity here of just Ares as emerging as a disproportionate winner, are you actually seeing that in any of the conversations with the distributors on how they're allocating these opportunities for channel access?

好的。只是後續行動。我們進入財富管理機會又過了三個月，當然整體上還處於早期階段，而且是一個非常大的分母。您從分銷方面的關係中聽到了什麼？分配經濟學或價格經濟學似乎正在惡化。但是，這裡是否存在一個集中機會，讓阿瑞斯成為不成比例的贏家，您是否真的在與分銷商的任何對話中看到他們如何分配這些管道訪問機會？

We're not. If you look at the last, call it, three to five years, I think there was more concentration in the channel, and so we've actually seen a broadening out of market share. We've obviously picked up considerable share, but it's actually been diversifying generally in the hands of the top players. The TAM here, as everyone has talked about, is quite significant.

我們不是。如果你看看過去的三到五年，我認為通路更加集中，所以我們實際上看到了市場份額的擴大。顯然，我們已經獲得了相當大的份額，但實際上，它在頂級玩家手中普遍多樣化。這裡的TAM，正如大家所說的，是相當重要的。

And I think that there are certain folks, ourselves being one of them, that are emerging as leaders just based on the investment that we've made in our distribution and servicing capability, the breadth of the product suite, the strength of the brand, the track record of performance.

我認為，有些人，我們自己就是其中之一，僅僅基於我們在分銷和服務能力、產品套件的廣度、品牌的實力方面所做的投資，他們就成為了領導者，業績記錄。

So you will continue to see significant growth channel-wide and similar to what I talked about in the institutional private credit market, I think you'll continue to see concentration of market share in the hands of the platforms that were early and made the necessary investments to win.

因此，您將繼續看到整個管道的顯著增長，類似於我在機構私人信貸市場中談到的情況，我認為您將繼續看到市場份額集中在早期並做出必要的平台手中投資以取勝。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Sort of a follow-up on that last question and totally appreciate it might be a hard question to answer with precision. But are these increasing distribution costs something that's happening sort of uniformly across the different platforms or should we anticipate this headwind would sort of cascade across the different platforms and continue to put upward pressure beyond the impact that you laid out here today?

有點像最後一個問題的後續，並且完全理解這可能是一個很難精確回答的問題。但是，這些不斷增加的分銷成本是否在不同平台上統一發生，或者我們是否應該預期這種逆風會在不同平台上級聯，並繼續施加超出您今天在這裡列出的影響的上行壓力？

So the distribution cost is fairly uniform across the industry. And so it's not as though Ares is having a different experience than our peer set. And again, I want to make sure that we don't really refer to this as a headwind because it's actually a pretty significant tailwind, and it's where you begin to see economies of scale. So if we pay an upfront distribution fee to raise permanent or semipermanent capital and those funds turn on management fee the day that the dollar is raised, there's a pretty quick absorption of that upfront fee.

因此，整個產業的分銷成本相當均勻。因此，阿瑞斯的經驗與我們的同儕並沒有不同。再說一次，我想確保我們並沒有真正將其稱為逆風，因為它實際上是一個相當重要的順風，而且這是你開始看到規模經濟的地方。因此，如果我們支付預付費用來籌集永久或半永久資本，而這些基金在籌集美元的當天就收取管理費，那麼預付費用就會很快被吸收。

And so as Jarrod said on the prepared remarks, while we're experiencing it now as a "headwind" to our FRE margin, as we continue to scale, you'll see faster and faster absorption of that as the management fees turn on for a broader number of products.

因此，正如賈羅德在準備好的評論中所說，雖然我們現在正將其視為我們FRE 利潤率的“逆風”，但隨著我們繼續擴大規模，隨著管理費的增加，你會看到越來越快的吸收。

So we'll obviously have to keep highlighting this and talking about it so that people can kind of get their heads around it as we as we ramp. But it is uniform. We're experiencing what our peers are experiencing. And I don't expect that it will -- that we're going to see a meaningful change.

因此，我們顯然必須繼續強調這一點並討論它，以便人們在我們進步時能夠理解它。但它是統一的。我們正在經歷我們的同行正在經歷的事情。我不希望我們會看到有意義的改變。

Yes. Sorry, I was not clear. I didn't mean whether or not this is very specific and not other alternative firms. What I meant is are you seeing it at only some distribution partners and then it could spread the other distribution partners, meaning that we could continue to see this ramping as you continue to --

是的。抱歉，我沒說清楚。我的意思並不是說這是否是非常具體的，而不是其他替代公司。我的意思是，您是否只在某些分銷合作夥伴處看到它，然後它可能會傳播到其他分銷合作夥伴，這意味著我們可以繼續看到這種增長，因為您繼續--

Got it. No, I don't think so. I think the landscape is fairly well set as we talked about a little bit on the prepared remarks, now, there is a different market structure, for example, in the domestic wire has is versus the international channel and some of that mitigates. Obviously, what we have been doing is making sure that as we think about our compensation framework around these funds that were effectively recapturing the distribution expense before we're sharing the upside with the team.

知道了。不，我不這麼認為。我認為，正如我們在準備好的評論中討論的那樣，情況已經相當好，現在，存在不同的市場結構，例如，國內線路與國際渠道的市場結構有所不同，其中一些有所緩解。顯然，我們一直在做的是確保當我們考慮圍繞這些基金的薪酬框架時，這些基金在我們與團隊分享收益之前有效地收回了分配費用。

So there's a lot that we do to make sure that we're focused on that absorption, but the international market functions differently. But in the US market, again, it's pretty broad based, and I wouldn't expect it to bleed into other segments of the market.

因此，我們做了很多工作來確保我們專注於這種吸收，但國際市場的運作方式有所不同。但在美國市場，它的基礎相當廣泛，我不認為它會滲透到市場的其他領域。

Okay. I appreciate that, Mike. And then when we think about the, Jarrod, $90 million to $95 million waterfall, you laid out. How does that compare to your prior expectations of the $60 million to $70 million just from the Europeans? I know -- is the increase just purely from adding the American waterfall or did the European outlook improve as well?

好的。我很感激，麥克。然後，當我們想到賈羅德（Jarrod）的 9000 萬至 9500 萬美元瀑佈時，你就佈局了。這與您之前僅從歐洲獲得 6000 萬至 7000 萬美元的預期相比如何？我知道──這種成長純粹是因為美國瀑布的增加，還是歐洲的前景也有所改善？

No, it's a combo of the two. It's pretty consistent European waterfall along with the add of incentive fees that we receive at the end of the year that don't qualify as FRPR and then a little bit of American waterfall. So it's all those things going into the fourth quarter.

不，這是兩者的結合。這是相當一致的歐洲瀑布，加上我們在年底收到的不符合 FRPR 資格的激勵費用，還有一點美國瀑布。所有這些事情都會進入第四季。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Just a question on the private wealth channel. Hoping you could maybe elaborate a bit on the new core infra strategy, how you see the opportunity set with that product in the channel? And maybe you could elaborate a bit on the flow strength in October. I think you mentioned that's the largest month of inflows to date in the channel. Maybe just unpack the strength there, what you're seeing and how you see the cadence of expanding your presence on platforms into '25?

只是私人財富頻道的問題。希望您能詳細說明一下新的核心基礎設施策略，您如何看待該產品在通路中帶來的機會？也許你可以詳細說明一下十月的流量強度。我想你提到這是該渠道迄今為止資金流入最多的一個月。也許只是解開那裡的力量，你所看到的以及你如何看待在 25 世紀擴大你在平台上的存在的節奏？

Sure. So yes, October was our -- was a very, very strong month. We did $1.2 billion in equity in the month. It was across multiple products led by ASIF, but also really strong performance in ESIF, the new core infrastructure fund, and continued growth in private markets. So it was broad-based.

當然。所以，是的，十月是我們的——是一個非常非常強勁的月份。這個月我們進行了 12 億美元的股本投資。這不僅體現在 ASIF 主導的多種產品上，還包括新核心基礎設施基金 ESIF 的強勁表​​現，以及私募市場的持續成長。所以它是基礎廣泛的。

The core infrastructure fund, we're happy because it was launched quickly and seeded quickly with $400 million and is now in the market and building. And we have a pretty unique tax advantage structure there where we actually, just through the structure of that fund and the nature of the assets that we intend to invest in, believe that we could produce a 500 to 700 basis point premium to what you would typically get just in a nontax advantage core infrastructure.

核心基礎設施基金，我們很高興，因為它啟動迅速，並迅速籌集了 4 億美元資金，目前已投入市場並正在建設中。我們在那裡有一個非常獨特的稅收優惠結構，實際上，只要透過該基金的結構和我們打算投資的資產的性質，我們相信我們可以產生比您期望的 500 到 700 個基點的溢價通常只獲得非稅收優勢的核心基礎設施。

So it's a nice core infrastructure exposure, but it has some really unique tax attributes that we think will be quite attractive to the platform. Look, we continue to build the product suite as we talked about in the prepared remarks, we're working on a nontraded product around our sports media and entertainment practice.

因此，這是一個很好的核心基礎設施曝光，但它具有一些非常獨特的稅收屬性，我們認為這些屬性對該平台非常有吸引力。看，我們繼續建立產品套件，正如我們在準備好的演講中談到的那樣，我們正在圍繞我們的體育媒體和娛樂實踐開發非貿易產品。

We continue to systematically roll out products where we can meet the needs of our platform partners. And as the product set develops, we're obviously increasing and expanding our distribution relationships. So as we talked about, we're now on 60 distribution platforms, which is up 50% year-over-year, and that will, I would expect, continue to grow and diversify. So it's build a product set, expand your distribution and that's been the playbook, but it's been pretty rhythmic and then sequential in the way that we're doing it.

我們持續有系統地推出能夠滿足平台合作夥伴需求的產品。隨著產品系列的發展，我們顯然正在增加並擴大我們的分銷關係。正如我們所說，我們現在擁有 60 個分銷平台，年增 50%，我預計，該平台將繼續成長和多元化。因此，它建立了一個產品集，擴展了您的發行版，這就是劇本，但它非常有節奏，然後以我們正在做的方式按順序進行。

Great. And then just a follow-up question on real estate. I think you've mentioned that you expect to see transactional activity improve across the real estate marketplace as well as potentially flows improve on the nontraded REIT space. Maybe you could just unpack that a bit? Maybe just elaborate where you expect you to see the improvement here? What do you see driving that? And maybe speak to some of the areas you're leaning into on the deployment side?

偉大的。然後是關於房地產的後續問題。我想您已經提到，您希望看到整個房地產市場的交易活動有所改善，並且非交易房地產投資信託基金領域的潛在流量也會有所改善。也許你可以稍微解開一下？也許只是詳細說明您希望在這裡看到改進的地方？您認為是什麼推動了這一點？也許可以談談您在部署方面傾向於的一些領域？

Sure. I think we have Bill and Julie. I don't know if they want to give some of their perspectives.

當然。我想我們有比爾和朱莉。不知道他們是否願意發表一些自己的觀點。

Sure. Happy to. We are seeing quarterly, over the year, a real pickup in activity, both in debt and equity. Our highest conviction themes have been for quite some time, industrial, both in the US and in Europe and multifamily in those geographies. And we are seeing pickups in there, too. Done some large hotel transactions in the U.K. and lending is pretty broad-based across product types.

當然。很高興。我們看到一年中每季的債務和股權活動都在真正回升。相當長一段時間以來，我們最堅定的主題是美國和歐洲的工業以及這些地區的多戶住宅。我們也在那裡看到皮卡。在英國完成了一些大型飯店交易，貸款的產品類型相當廣泛。

So other than offices, and we're nibbling at some offices in London, it remains to be industrial, residential, student, single-family. Did our first retail deal in the US in many, many years, very attractive shopping center in your Cape Cod. So that's a flavor of what we're seeing.

因此，除了辦公室之外，我們正在蠶食倫敦的一些辦公室，它仍然是工業、住宅、學生、單戶住宅。這是我們多年來在美國的第一筆零售交易，位於科德角非常有吸引力的購物中心。這就是我們所看到的一個味道。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Maybe I'll put 2 together for my 2 questions, both in the retail segment. One, on the distribution channel. I think at Investor Day, you were still at something like just 5%-or-so of your addressable market. So as you look to expand that and potentially can expand in channels that don't have as heavy of the supplemental distribution fees, how do you think about the growth into that addressable market just from getting more advisers selling your product? That's one.

也許我會將兩個問題放在一起來回答我的兩個問題，這兩個問題都在零售領域。一是在分銷通路上。我認為在投資者日，你的目標市佔率仍然只有 5% 左右。因此，當您希望擴大這一範圍，並有可能在沒有那麼高的補充分銷費用的管道中進行擴展時，您如何看待僅透過讓更多顧問銷售您的產品來實現該目標市場的成長？這是一個。

And then dovetailing with that is the product launch pipeline. I think you also said at Investor Day looking at about 8 to 10 semi-liquid perpetual products by '28. You're already at seven now. And I would -- seemingly, you've got more ideas with the sports products and then potentially maybe comment on products you could even do with GCP. Just should we be seeing more than 10 products maybe by '28?

與之相吻合的是產品發布管道。我想您在投資者日也說過，到 28 年將考慮大約 8 到 10 種半流動永續產品。你現在已經七歲了。我會 - 看起來，您對體育產品有更多想法，然後可能會對您甚至可以使用 GCP 製作的產品發表評論。到 28 年我們是否應該看到超過 10 種產品？

It is possible. And I'm glad you mentioned GCP. I think, given their capability and our ability to now offer more global product around industrial real estate and digital infrastructure, I think that our product capability is clearly going to grow and diversify. So that acquisition may get us to a point where we can be outside that range of 8 to 10.

這是可能的。我很高興您提到 GCP。我認為，鑑於他們的能力以及我們現在圍繞工業房地產和數位基礎設施提供更多全球產品的能力，我認為我們的產品能力顯然將會成長和多樣化。因此，這次收購可能會讓我們突破 8 到 10 的範圍。

At our Investor Day, we were at 6, we're now at 7. And as you said, we've got a couple in the pipeline. So we're kind of already there. That said, with the current product and the products in the pipeline, it does project a portfolio of products that gives the investor access to pretty much everything that we do here. So we may not be as active in bringing new product. I can't quite comment on that until we get to the point where we've kind of got these products in the market, and we know what that looks like.

在投資者日，我們是第 6 位，現在是第 7 位。正如你所說，我們已經有幾個正在醞釀。所以我們已經在那裡了。也就是說，透過目前的產品和正在開發的產品，它確實規劃了一個產品組合，使投資者能夠接觸到我們在這裡所做的幾乎所有事情。所以我們可能不會那麼積極地推出新產品。在我們已經將這些產品推向市場並且我們知道它們是什麼樣子之前，我無法對此發表評論。

In terms of the first part. Again, I don't think that our view has changed. We are growing in line with the commentary that we made at the Investor Day, if not slightly ahead. And it's important that you're covering every part of the market, domestic and international, in order to achieve those objectives.

就第一部分而言。再說一遍，我認為我們的觀點沒有改變。我們的成長與我們在投資者日所做的評論一致，即使不是稍微領先一些。為了實現這些目標，覆蓋國內和國際市場的各個部分非常重要。

So obviously, the largest part of the market is in the wirehouse platforms, but the fastest-growing part of the market is in the RIAs. And so you have to be thinking about it in terms of where do you see rapid growth, but then where do you also see scale? And I think you have to go after both of them.

顯然，市場最大的部分是wirehouse 平台，但市場成長最快的部分是RIAs。因此，你必須考慮在哪裡看到快速成長，但在哪裡也看到規模？我認為你必須追求他們兩個。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Are distribution costs something you consider when focusing your resources in wealth management or is it something that you might expect you would reasonably consider in the future? And do you get the sense that distribution is getting more sophisticated when allocating their access to their platforms, are we still in this all-you-can-eat buffet environment?

當您將資源集中用於財富管理時，您會考慮分配成本嗎？在分配他們的平台存取權限時，您是否感覺到分發變得越來越複雜，我們是否仍然處於這種自助餐環境中？

I think it is getting more sophisticated. And as I mentioned, I think it's getting more concentrated in the handful of a number of brands that can support the continuing education of the large platforms. And so I don't think it is all-you-can-eat. I think it's been very intentional in building out the outcomes around durable yield and diversified equity and tax.

我認為它變得越來越複雜。正如我所提到的，我認為它越來越集中在少數幾個可以支持大型平台繼續教育的品牌上。所以我不認為這是無限量吃的。我認為，圍繞持久收益以及多元化的股權和稅收來建立成果是非常有意的。

And so there's an intentionality as to the products that we're creating. That's a push and a pull in collaboration with the platforms. And I think you're seeing a reduced number of managers that are getting the access points. And again, I would expect that to continue.

因此，我們正在創造的產品是有意圖的。這是與平台合作的推動和拉動。我認為您會發現獲得訪問點的管理人員數量有所減少。我再次希望這種情況能夠持續下去。

In terms of the distribution, the cost of distribution, again, I want to highlight the cost of distribution on a per dollar basis for us is actually going down in the channel as we scale. So there is meaningful economies of scale in our distribution platform just based on the number of people we have and what the capability and capacity is.

在分銷方面，我想再次強調，隨著我們規模的擴大，我們每美元的分銷成本實際上正在下降。因此，僅基於我們擁有的人員數量以及能力和能力，我們的分銷平台就具有有意義的規模經濟。

And so while we're all here focusing on absolute dollars, if you think about cost per dollar raise, we're actually seeing meaningful decreases in the cost per dollar raised in terms of our own lift experience relative to what it was a year ago.

因此，雖然我們都在這裡關注絕對美元，但如果您考慮每增加一美元的成本，我們實際上看到，就我們自己的電梯體驗而言，相對於一年前，每增加一美元的成本顯著下降。

In secondaries, returns negative this quarter, negative over the last 12 months. We know performance lags, but it still seems like that area is underperforming. Demand still is quite good for Ares' secondary products. So maybe what's going on here from a return perspective?

在二級市場中，本季回報率為負，過去 12 個月為負。我們知道性能滯後，但該領域似乎仍然表現不佳。Ares的副產品需求依然相當不錯。那麼從回報的角度來看，也許這裡發生了什麼事？

Yes. I don't -- it does lag. So you first have to think about, at least in the private equity, there is a lag effect. So when we're talking about Q3 returns in secondaries. You are really talking about Q2 numbers. And then maybe without getting into all of the nuances of how secondary returns roll through funds, oftentimes, if you're buying discounted portfolios, you pull return forward and then give return back over the life of the fund.

是的。我不認為——它確實滯後。所以你首先要考慮，至少在私募股權領域，有滯後效應。因此，當我們談論二級市場第三季的回報時。你真的在談論第二季的數字。然後，也許無需深入了解二次回報如何在基金中滾動的所有細微差別，通常，如果您購買貼現投資組合，您會將回報提前，然後在基金的整個生命週期內返還回報。

So it's always more relevant to look at inception-to-date return as opposed to quarter-over-quarter return when you're looking at secondaries? And so when you look at the inception to date returns broadly speaking, across that family of funds, they're doing what they're supposed to do.

因此，當您查看二級市場時，查看初始至今的回報率總是比季度環比回報率更相關？因此，當你從廣義上看基金家族迄今為止的回報時，他們正在做他們應該做的事情。

Mike Brown, Wells Fargo Securities.

麥克布朗，富國銀行證券。

Great. Thanks for squeezing me in here. I guess maybe another follow-up on the wealth market. We've seen some interval fund filings from some peers. You guys have a large successful interval fund with a partner and that just crossed the $6 billion AUM level.

偉大的。謝謝你把我擠在這裡。我想也許是財富市場的另一個後續行動。我們已經看到一些同業提交的一些區間基金文件。你們與合作夥伴擁有一支規模龐大、成功的區間基金，資產管理規模剛突破 60 億美元水準。

Just wanted to hear what's your outlook here for this fund structure? Can you iterate on that product structure and then even expand the distribution there to a wider wealth spectrum?

只是想聽聽您對此基金結構的前景如何？您能否迭代該產品結構，然後將其分佈擴展到更廣泛的財富範圍？

I think the simple answer at least with regard to CADEX which is our diversified credit fund. That is -- it is already scaled with a five-year track record and it offers diversified credit exposure, both liquid and illiquid. And so I do think that we have a running head start there, and we can continue to expand distribution.

我認為至少對我們的多元化信貸基金 CADEX 來說，答案很簡單。也就是說，它已經擁有五年的業績記錄，並提供多元化的信貸曝險，包括流動性和非流動性。因此，我確實認為我們在這方面處於領先地位，並且我們可以繼續擴大分銷範圍。

With regard to a lot of the announced partnerships, and we're beginning to obviously see some detail on what the product set is, and we talked about this on the last call, you have to really think about those products from the angle of, will it enhance distribution, number one?

關於許多已宣布的合作夥伴關係，我們開始明顯地看到有關產品集的一些細節，我們在上次通話中談到了這一點，你必須從以下角度真正考慮這些產品，第一，它會增強分銷嗎？

And number two, will it enhance the client experience in terms of the product that they can invest in and/or the returns that they can get? And so I think if we were to look at partnerships like the ones that others have announced, we would have to be convinced that we're getting access to points of distribution that are accretive and additive to what we currently have and that it will meaningfully change the investment performance or the customer experience relative to what they have now.

第二，它會增強客戶在可以投資的產品和/或可以獲得的回報方面的體驗嗎？因此，我認為，如果我們要考慮像其他人宣布的那樣的合作夥伴關係，我們必須確信我們正在獲得對我們目前擁有的產品具有增值和附加作用的分銷點，並且這將有意義改變相對於現在的投資績效或客戶體驗。

And at least today, and we've had discussions with many potential partners, given our product set and our capability in liquid and illiquid credit, right, we have a very large liquid credit business, where we're able to offer access to the broadly syndicated loan market, the high-yield market, the rated ABS market so until we convince ourselves that there is a portion of the fixed income market that we can't deliver to the client ourselves or that the client absolutely wants to access that part of the market package with private credit, we're probably going to be a little bit slower to move there.

至少在今天，我們已經與許多潛在合作夥伴進行了討論，考慮到我們的產品組合以及我們在流動性和非流動性信貸方面的能力，我們擁有非常龐大的流動性信貸業務，我們能夠提供獲得廣泛的銀團貸款市場、高收益市場、評級ABS 市場，直到我們說服自己，固定收益市場的一部分我們無法自己交付給客戶，或者客戶絕對希望進入該部分考慮到私人信貸的市場計劃，我們的進展可能會稍微慢一些。

But obviously, it's noteworthy, but I appreciate you bringing up our fund because while there's a lot of talk about how novel this product is, we've been running this product at scale for quite some time and obviously have a pretty significant track record of performance there.

但顯然，這是值得注意的，但我很感謝你提出我們的基金，因為雖然有很多人談論這個產品有多麼新穎，但我們已經大規模運行這個產品相當長一段時間了，並且顯然擁有相當重要的跟蹤記錄那裡的表現。

Yes, great. Thank you for all those thoughts, Mike. Just a quick follow-up on FRPR. If I heard the guide correctly, I think it was for 160 to 170 for 4Q so I guess the midpoint there would be about in line with where it was in the fourth quarter last year. And I guess, the comp ratio would imply a bit of a high level for 4Q. I know it was quite elevated in the third quarter so can you just maybe unpack the right way to think about the comp ratio for FRPR as we think about, call it, '25 or into '26?

是的，太好了。謝謝你的所有這些想法，麥克。只是 FRPR 的快速後續。如果我沒聽錯的話，我認為第四季的價格是 160 到 170，所以我猜中間點大約與去年第四季的水平一致。我猜想，補​​償比率意味著第四季的水平有點高。我知道第三季的比率相當高，所以您能否以正確的方式來思考 FRPR 的補償比率，就像我們所考慮的那樣，稱之為“25”或“26”？

Sure. This quarter here, the alternative credit product open-ended that we had, that has a little bit different comp ratio at 70-30. So that's why you saw that this quarter. But I'd remind you that, that fund also has a charitable tie-in. So 5% of that overall amount is donated to various charities.

當然。本季度，我們擁有的開放式另類信貸產品，其補償比率略有不同，為 70-30。這就是您在本季度看到這一情況的原因。但我想提醒您的是，該基金也與慈善機構有聯繫。因此，總金額的 5% 捐贈給了各種慈善機構。

So it's pretty positive influence on what we're doing and it's pretty innovative for that team to do that as well because part of it's coming out of their allocation. Looking forward at Q4, one of the reasons that, that comp ratio is a little bit different is that you have European funds that are in there as well.

因此，這對我們正在做的事情產生了非常積極的影響，而且對於該團隊來說這樣做也是非常創新的，因為其中一部分來自他們的分配。展望第四季度，補償比率略有不同的原因之一是您也有歐洲基金。

And the European funds have a different tax structure in terms of how those are taxed so there's different employer taxes that are born as a result. So that's what throws off your comp ratios a little bit and we typically guide that it's going to be somewhere in the mid-30s.

歐洲基金在徵稅方式上有不同的稅收結構，因此產生了不同的雇主稅。因此，這會稍微影響您的薪酬比率，我們通常會建議該比率會在 30 多歲左右。

And it appears that we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

目前看來我們沒有其他問題了。我現在將把節目交還給我們的主持人，以供補充或結束語。

No, we have none. We appreciate everybody spending so much time with us today and all the great questions and continued support, and we look forward to speaking to you by next quarter. Thank you.

不，我們沒有。我們感謝大家今天花這麼多時間與我們在一起，提出所有重要的問題和持續的支持，我們期待在下個季度與您交談。謝謝。

Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today's call, an archived replay of the call will be available through December 1, 2024, to domestic callers by dialing 1-800-839-5241 and to international callers by dialing 1 (402) 220-2698. An archived replay will also be available through December 1, 2024, on a webcast link located on the house page of the Investor Resources section of our website.

女士們先生們，我們今天的電話會議到此結束。如果您錯過了今天電話會議的任何部分，則在2024 年12 月1 日之前，國內來電者可撥打1-800-839-5241，國際來電者可撥打1 (402) 220-2698，可以查看該電話會議的存檔重播。存檔重播也將在 2024 年 12 月 1 日之前透過我們網站投資者資源部分主頁上的網路廣播連結提供。