Ares Management Corp (ARES) 2025 Q2 法說會逐字稿

Please stand by. Your program is about to begin. Welcome to Ares Management Corporation's Second Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded on Friday, August 1, 2025.

請稍候。您的程式即將開始。歡迎參加 Ares Management Corporation 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 8 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.

現在我將電話轉給 Ares Management 公開市場投資者關係聯席主管 Greg Mason。

Good morning, and thank you for joining us today for our second quarter 2025 earnings call. I'm joined today by Michael Arougheti, our Chief Executive Officer; and Jarrod Phillips, our Chief Financial Officer. We also have a number of executives with us today who will be available during Q&A.

早安，感謝您今天參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長 Michael Arougheti 和財務長 Jarrod Phillips。今天我們還有幾位主管出席，他們將在問答環節中發言。

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

在我們開始之前，我想提醒您，本次電話會議期間發表的評論包含某些前瞻性陳述，並受風險和不確定性的影響，包括我們在美國證券交易委員會 (SEC) 文件中確定的風險因素中確定的風險和不確定性。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要約或購買 Ares 或任何 Ares 基金權益的要約邀請。

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 second quarter earnings presentation available on the Investor Resources section of our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

在本次電話會議中，我們將參考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編制的指標。請參閱我們網站投資者資源部分提供的第二季財報，以了解這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

Note that we plan to file our Form 10-Q later this month. This morning, we announced that we declared a quarterly dividend of $1.12 per share on the company's Class A and nonvoting common stock, representing an increase of 20% over our dividend for the same quarter a year ago. The dividend will be paid on September 30, 2025, to holders of record as of September 16.

請注意，我們計劃在本月稍後提交 10-Q 表。今天上午，我們宣布對公司 A 類無投票權普通股派發每股 1.12 美元的季度股息，比去年同期的股息增加 20%。股利將於 2025 年 9 月 30 日支付給截至 9 月 16 日登記在冊的股東。

Now I'll turn the call over to Mike, who will start with some comments on the current market environment and our second quarter financial results.

現在我將電話轉給麥克，他將首先對當前的市場環境和我們的第二季財務業績發表一些評論。

Thank you, Greg, and good morning. We appreciate you joining us. Before we begin today's earnings discussion, it's important that we take a moment to acknowledge the tragedy that occurred on Monday. Blocks from Ares' New York headquarters, our city experienced a senseless act of violence that has reverberated through our community.

謝謝你，格雷格，早安。感謝您的加入。在我們開始今天的收益討論之前，我們有必要花一點時間來承認週一發生的悲劇。距離 Ares 紐約總部幾個街區的地方，我們的城市經歷了一場毫無意義的暴力行為，這場暴力行為在我們的社區引起了反響。

On behalf of every member of the Ares organization, we mourn the loss of our neighbors, offer our deepest condolences to their families, friends and colleagues, and we thank those who have dedicated their lives to protecting our community members. Together, we will continue to care for one another with compassion and resilience.

我們代表 Ares 組織的每一位成員，對失去鄰居的人表示哀悼，向他們的家人、朋友和同事表示最深切的慰問，並感謝那些致力於保護我們社區成員的人。我們將共同努力，繼續以同情心和韌性互相關心。

I'll now turn the discussion over to a discussion of our financial results. Ares reported strong second quarter results, demonstrating the strength and resiliency of our business during periods of market volatility and the breadth and diversification of our growing global platform.

現在我將討論我們的財務結果。Ares 公佈了強勁的第二季業績，展現了我們業務在市場波動時期的實力和彈性，以及我們不斷增長的全球平台的廣度和多樣化。

Our quarterly AUM and fee-paying AUM grew significantly, driven by the continued success of our fundraising and investing efforts along with continued strong investment performance and market appreciation in the portfolio. We logged our second highest quarterly fundraising total on record, of more than $26 billion raised with more than 20 strategies and 40 funds in market across three of our channels.

我們的季度 AUM 和付費 AUM 大幅成長，這得益於我們籌款和投資工作的持續成功以及投資組合持續強勁的投資業績和市場升值。我們創下了有史以來第二高的季度籌資總額，透過三個管道籌集了超過 260 億美元的資金，市場上有超過 20 種策略和 40 個基金。

With over $46 billion in gross commitments raised year-to-date, we believe that we're on pace to meet or exceed last year's record fundraising of $92.7 billion. As a result of our strong fundraising, AUM increased to $572 billion, which represents quarter-over-quarter organic growth of 19% on an annualized basis. While our fundraising was very strong despite the market volatility during the second quarter, the deployment environment was modestly impacted, particularly at the beginning of the quarter.

今年迄今，我們已籌集超過 460 億美元的資金，我們相信，我們預計將達到或超過去年創紀錄的 927 億美元的籌資。由於我們強勁的融資，AUM 增加到 5,720 億美元，按年率計算，環比有機成長率為 19%。儘管第二季市場波動，我們的融資仍然非常強勁，但部署環境受到了一定影響，尤其是在本季初。

In the US, our largest market, we saw a temporary slowdown in transaction activity in April, which bled into May, followed by a strong rebound in June as the markets adjusted for the impact of new tariff policies. Although US LBO activity moderated compared to the second quarter of last year, our $27 billion of second quarter deployment was slightly higher than the comparable year ago period despite the market pause experienced in April.

在我們最大的市場美國，4 月份交易活動暫時放緩，這種放緩持續到 5 月份，但隨著市場適應新關稅政策的影響，6 月份出現強勁反彈。儘管與去年第二季相比，美國的槓桿收購活動有所放緩，但儘管 4 月市場經歷了暫停，我們第二季的 270 億美元部署仍略高於去年同期。

In part, due to our strong perpetual fundraising efforts, deployment and drawdown funds and market appreciation, our FPAUM increased to $350 billion, representing quarter-over-quarter organic growth of 17% on an annualized basis.

部分原因是由於我們強大的永久性籌款努力、部署和提取資金以及市場升值，我們的 FPAUM 增加到 3500 億美元，按年率計算，環比有機增長率為 17%。

We also delivered very strong year-over-year growth in management fees of 24%, total fee-related revenue growth of 29% and FRE growth of 26%. These strong levels of growth reflect the compelling trends that we're seeing across our seven private credit strategies, acceleration in our private wealth franchise, meaningful expansion in our secondaries business and higher growth in our Real Assets business, including the benefit of our GCP International transaction that closed in the first quarter.

我們的管理費也實現了強勁的同比增長，同比增長 24%，總費用相關收入增長 29%，FRE 增長 26%。這些強勁的成長水準反映了我們在七項私人信貸策略中看到的引人注目的趨勢、私人財富特許經營的加速發展、二級業務的顯著擴張以及實物資產業務的更高成長，包括第一季完成的 GCP 國際交易帶來的好處。

In addition, our net accrued performance income balance increased 8.5% in the quarter to $1.1 billion as we experienced strong investment results across our business. As expected, GCP modestly compressed our overall FRE margin in the second quarter, but we believe that this is temporary, and we remain on track with our financial expectations for the business. We continue to expect significant further contributions in FRE from GCP in the next several years as we continue to scale our data center asset management business, our global industrial development business, and capitalize on the various synergy opportunities, as Jarrod will discuss later.

此外，由於我們整個業務的投資業績強勁，本季我們的淨應計業績收入餘額成長了 8.5%，達到 11 億美元。正如預期的那樣，GCP 在第二季度適度壓縮了我們的整體 FRE 利潤率，但我們認為這只是暫時的，我們仍能保持對業務的財務預期。隨著我們繼續擴大資料中心資產管理業務、全球工業發展業務並利用各種協同機會（Jarrod 稍後將討論），我們繼續期待 GCP 在未來幾年內對 FRE 做出進一步的重大貢獻。

Now let me turn to some of the operating highlights across our business units. We continue to see strong demand from institutional investors allocating into our commingled funds and bespoke managed accounts. During the quarter, approximately 55% of our fundraising was in institutional products, including 30% directly into commingled funds and 25% into SMAs or open-end institutional fund structures.

現在讓我來介紹一下我們各業務部門的一些營運亮點。我們繼續看到機構投資者對我們的混合基金和客製化管理帳戶的強勁需求。本季度，我們籌集的資金中約有 55% 用於機構產品，其中 30% 直接投入混合基金，25% 投入 SMA 或開放式機構基金結構。

Our third special opportunities fund is experiencing strong demand, raising an additional $2 billion of new commitments in the quarter, bringing total commitments to date to nearly $5 billion since launch last year. We believe that we are in an excellent position to continue scaling our fundraise into year-end.

我們的第三個特殊機會基金需求強勁，本季又籌集了 20 億美元的新承諾，自去年推出以來，總承諾額已接近 50 億美元。我們相信，我們處於有利地位，可以在年底繼續擴大籌款規模。

In US direct lending, we raised over $10 billion including $6.2 billion across our credit wealth products and ARCC, $2.5 billion in debt commitments to SDL III and $1.6 billion from institutional SMAs. We're also seeing strong traction in our sports media and entertainment strategy. As many of you know, we were a pioneer in providing flexible private capital dedicated to this sector.

在美國直接貸款方面，我們籌集了超過 100 億美元，其中包括來自信貸財富產品和 ARCC 的 62 億美元、對 SDL III 的 25 億美元債務承諾以及來自機構 SMA 的 16 億美元。我們的體育媒體和娛樂策略也表現出強勁的吸引力。正如你們許多人所知，我們是為該領域提供靈活私人資本的先驅。

And we just held the first close for our second sports media and entertainment funds totaling more than $1.4 billion in equity commitments, representing over 70% of the fund's equity target. Similarly, our open-ended sports media and entertainment wealth product began taking monthly subscriptions in June with strong early reception in the market.

我們剛完成了第二支體育媒體和娛樂基金的首次收盤，總股權承諾超過 14 億美元，佔該基金股權目標的 70% 以上。同樣，我們的開放式體育媒體和娛樂財富產品於 6 月開始接受月度訂閱，並在市場上獲得了熱烈的反響。

Our European direct lending strategy raised over $1.1 billion from new SMAs and $800 million in the wealth channel. The strategy has experienced robust growth since the beginning of the year, driven by fundraising in the wealth channel and strong net deployment in our institutional drawdown funds.

我們的歐洲直接貸款策略從新的 SMA 籌集了超過 11 億美元，並從財富管道籌集了 8 億美元。該策略自今年年初以來經歷了強勁增長，這得益於財富管道的融資和機構提取基金的強勁淨部署。

Further, we priced our first European direct lending CLO at over GBP300 million which we believe is the first reinvesting CLO in the European direct lending market. In liquid credit, we raised $2.8 billion, including over $1.4 billion in new CLOs.

此外，我們將首個歐洲直接貸款 CLO 的定價定為 3 億多英鎊，我們相信這是歐洲直接貸款市場上首個再投資 CLO。在流動信貸方面，我們籌集了 28 億美元，其中包括超過 14 億美元的新 CLO。

In real estate, we raised $2.4 billion of capital in the quarter, primarily from $880 million of debt and equity at our nontraded REITs and our US open-ended industrial real estate fund, as well as over $1.3 billion of debt commitments to our real estate debt strategies. Our 11th US value-add real estate fund and our fourth value-add European real estate fund continue to be in the market and are well positioned for continued fundraising in the second half of the year. We currently anticipate both funds will meet or exceed the size of the predecessor fund.

在房地產領域，我們在本季籌集了 24 億美元的資金，主要來自我們非交易房地產投資信託基金和美國開放式工業房地產基金的 8.8 億美元債務和股權，以及對我們房地產債務策略的超過 13 億美元的債務承諾。我們的第 11 個美國增值房地產基金和第 4 個歐洲增值房地產基金繼續在市場上，並為下半年繼續籌集資金做好了準備。我們目前預計這兩個基金的規模都將達到或超過前一個基金的規模。

In infrastructure, we raised over $1.3 billion, including $850 million for the final close of our first Japan data center development fund. In total, we raised $2.4 billion for our inaugural data center fund focused on data centers in Tokyo. As we highlighted previously, we have additional locations entitled, permitted and powered in London, Tokyo and Osaka, where we anticipate raising capital starting in the second half of this year and into next year.

在基礎設施方面，我們籌集了超過 13 億美元，其中包括用於我們首個日本資料中心發展基金最終關閉的 8.5 億美元。總體而言，我們為首個資料中心基金籌集了 24 億美元，專注於東京的資料中心。正如我們之前強調的那樣，我們在倫敦、東京和大阪擁有更多擁有權利、獲得許可和供電的地點，我們預計將從今年下半年和明年開始籌集資金。

Our team continues to build a pipeline of future development opportunities across North America, South America, Europe and Japan, and we're excited by the magnitude of our in-flight pipeline, which we expect to be a significant driver of growth for our Real Assets Group. Our secondaries group remains one of our strongest growth vectors for the foreseeable future. We believe that we're a market leader in the industry with the ability to invest across multiple asset classes and we have an exceptional network of relationships and capabilities that is enabling our growth.

我們的團隊繼續在北美、南美、歐洲和日本建立未來發展機會的管道，我們對正在進行的通路的規模感到興奮，我們預計這將成為我們實體資產集團成長的重要驅動力。在可預見的未來，我們的二級市場仍是我們最強勁的成長動力之一。我們相信，我們是行業內的市場領導者，有能力投資多種資產類別，我們擁有卓越的關係網絡和能力，可以促進我們的成長。

Since our acquisition of Landmark in June of 2021, our secondaries segment FRE has nearly doubled. And over the past 12 months, our secondaries AUM has increased 29% to nearly $34 billion. During the quarter, we raised $2.5 billion, including another $1.2 billion in our inaugural credit secondaries fund. This brings equity commitments in the credit secondaries fund plus related vehicles in the strategy to over $3.5 billion.

自 2021 年 6 月收購 Landmark 以來，我們的二級市場 FRE 幾乎翻了一番。在過去的 12 個月中，我們的二級市場 AUM 成長了 29%，達到近 340 億美元。本季度，我們籌集了 25 億美元，其中包括我們首個信貸二級市場基金中的 12 億美元。這使得該策略中的信貸二級基金及相關工具的股權承諾超過 35 億美元。

In private equity secondaries, we launched a new fund focused solely on GP-led transactions, a particular area of strength for our team which requires a differentiated skill set and leverages the broader sponsor relationships at Ares. The fund and related vehicles have closed $800 million to date, and we anticipate continued strong demand for this first-time fund. We continue to grow and diversify the product set in private equity secondaries to meet the dynamic needs of our GP clients.

在私募股權二級市場，我們推出了一隻專注於 GP 主導交易的新基金，這是我們團隊的一個特殊優勢領域，它需要差異化的技能組合，並利用 Ares 更廣泛的贊助商關係。該基金及其相關工具迄今已募集 8 億美元，我們預計該首基金的需求將持續強勁。我們不斷擴大和多樣化私募股權二級市場的產品組合，以滿足我們的 GP 客戶的動態需求。

Our third infrastructure secondaries fund and related vehicles raised nearly $250 million during the quarter. And as of last week, raised an additional $575 million, bringing current commitments to $2.8 billion. Our infrastructure strategy is benefiting from very strong performance, and we anticipate our third infrastructure secondaries fund will hit its hard cap of $3 billion which is more than triple the size of the previous fund vintage.

我們的第三筆基礎設施二級基金和相關工具在本季籌集了近 2.5 億美元。截至上週，又籌集了 5.75 億美元，使目前承諾金額達到 28 億美元。我們的基礎設施策略受益於非常強勁的表現，我們預計我們的第三個基礎設施二級基金將達到 30 億美元的硬上限，這是上一個基金規模的三倍多。

Finally, in real estate secondaries, we are preparing for the launch of our tenth real estate secondaries fund in the fourth quarter.

最後，在房地產二級市場方面，我們正準備在第四季推出第十隻房地產二級市場基金。

In corporate private equity, we anticipate that our VII Corporate Opportunities Fund will hold its final close in September. The fund currently has $2.8 billion in commitments, and we anticipate the final close by September will bring the fund to more than $3 billion total.

在企業私募股權方面，我們預計我們的第七期企業機會基金將於 9 月最終結束。該基金目前已承諾募集資金 28 億美元，我們預計 9 月最終募集資金將超過 30 億美元。

In the wealth channel, we continue to benefit from our top 5 leadership position with an estimated market share approaching 10%. Our momentum remains strong with our fundraising for the first half of the year totaling $7 billion in equity commitments, a 54% increase over the first half of 2024.

在財富管道，我們繼續受益於前五名的領導地位，預計市場份額將接近 10%。我們的發展動能依然強勁，今年上半年的融資總額達到 70 億美元，比 2024 年上半年成長了 54%。

AUM across our eight semi-liquid products crossed $50 billion, and now seven of our eight products are over $1 billion with our eighth product launched in June, seeing early traction and well on its way. We believe that we have one of the broadest product sets in the market with eight semiliquid perpetual products spanning credit, private equity, real estate, infrastructure and sports, media and entertainment.

我們的八款半流動性產品的資產管理規模已超過 500 億美元，目前其中七款產品的資產管理規模已超過 10 億美元，第八款產品已於 6 月推出，初期表現出色，發展順利。我們相信，我們擁有市場上最廣泛的產品組合之一，其中包括八種半流動性永久性產品，涵蓋信貸、私募股權、房地產、基礎設施和體育、媒體和娛樂。

Our intentional design across these asset classes plays a key role in driving broad product adoption within the channel. We've continued to expand our global wealth distribution network now partnering with over 80 firms globally, a 33% increase year-over-year. Importantly, we conducted business with over 1,300 new financial advisers in the quarter, which is up over 200% from a year ago and illustrates our progress penetrating new financial advisers within existing channels as more investors adopt alternative investments.

我們針對這些資產類別的有意設計在推動通路內廣泛的產品採用方面發揮關鍵作用。我們不斷擴大全球財富分配網絡，目前與全球 80 多家公司合作，較去年同期成長 33%。重要的是，本季度我們與超過 1,300 名新的財務顧問開展了業務，比去年同期增長了 200% 以上，這表明隨著越來越多的投資者採用另類投資，我們在現有渠道內滲透新財務顧問方面取得了進展。

While we're deepening relationships with our top 5 distribution partners, these firms collectively only represent about half of our wealth capital raised year-to-date demonstrating the significant breadth of our platform and the continued opportunity ahead.

雖然我們正在深化與前五名分銷合作夥伴的關係，但這些公司加起來只占我們今年迄今為止籌集的財富資本的一半左右，這證明了我們平台的廣泛性和未來的持續機會。

International demand remains robust with more than 1/3 of our year-to-date flows coming from Europe and Asia. We are particularly excited to be partnering with leading banks in Japan and expect to see meaningful flows as a result over the next few quarters.

國際需求依然強勁，今年迄今，我們超過三分之一的流量來自歐洲和亞洲。我們非常高興能與日本領先的銀行合作，並期望在未來幾季看到有意義的資金流入。

Following the brief market dislocation in April, capital raising in the second quarter remained resilient and culminated in strong monthly capital raised in June. In the second quarter, we raised $3.4 billion in new equity, resulting in a total capital raise of $6.3 billion, including leverage. As previously mentioned, we raised equity of over $1 billion in ASIF and over $350 million in the total nontraded REITs.

在經歷了 4 月短暫的市場混亂之後，第二季的融資保持了強勁勢頭，並在 6 月達到了月度融資的強勁水平。第二季度，我們籌集了 34 億美元的新股本，包括槓桿在內，總資本籌集額達到 63 億美元。如前所述，我們在 ASIF 中籌集了超過 10 億美元的股權，在非交易 REIT 中籌集了超過 3.5 億美元的股權。

We experienced accelerated inflows from our leading open-ended European direct lending fund, raising over $800 million in the quarter, bringing total AUM in the fund to over $4.3 billion, which we believe makes it the largest fund of its kind in the market. APMF raised over $370 million in the quarter and has now surpassed $3 billion in total AUM.

我們領先的開放式歐洲直接貸款基金的資金流入加速，本季籌集了超過 8 億美元，使該基金的總資產管理規模超過 43 億美元，我們相信這使其成為市場上同類基金中規模最大的基金。APMF 本季籌集了超過 3.7 億美元，目前總 AUM 已超過 30 億美元。

Our open-end core infrastructure fundraised nearly $250 million in the quarter and with the July 1 inflows now sits at more than $1.1 billion in total AUM. Building off a record month in July and what is projected to be another record month in August, we expect the third quarter to be a record quarter of capital raised across our semi-liquid funds as investors continue to seek our solutions, global scale and track record.

我們的開放式核心基礎設施在本季籌集了近 2.5 億美元，加上 7 月 1 日的流入，總 AUM 現已超過 11 億美元。基於 7 月創下的紀錄以及 8 月預計將再創紀錄的成績，我們預計第三季將成為我們半流動基金籌集資金創紀錄的一個季度，因為投資者將繼續尋求我們的解決方案、全球規模和業績記錄。

Our balance sheet light insurance strategy is another area of compelling growth for us. During the second quarter, Aspida, our affiliated insurance portfolio company generated over $1.9 billion in new premiums, driven by continued strong demand across both retail annuities and flow reinsurance business. Aspida has continued on a solid growth trajectory ending the quarter with total balance sheet assets of $23 billion, $15 billion of which is sub-advised by Ares.

我們的輕資產負債表保險策略是我們另一個引人注目的成長領域。在第二季度，受零售年金和流量再保險業務持續強勁需求的推動，我們的附屬保險投資組合公司 Aspida 創造了超過 19 億美元的新保費收入。截至本季末，Aspida 繼續保持穩健的成長軌跡，總資產負債表資產為 230 億美元，其中 150 億美元由 Ares 提供諮詢。

In June, Aspida executed two new reinsurance transactions, one with a highly rated Japanese insurer and another with a highly rated US insurance writer, further expanding its reinsurance relationships. Aspida remains on track to meet its 2025 target for new premiums of approximately $7 billion while maintaining discipline on liability costs and positioning new business to achieve its target returns.

6 月份，Aspida 進行了兩項新的再保險交易，一項是與一家評級較高的日本保險公司進行的，另一項是與一家評級較高的美國保險公司進行的，進一步擴大了其再保險關係。Aspida 仍有望實現其 2025 年新保費約 70 億美元的目標，同時保持對責任成本的約束並定位新業務以實現其目標回報。

The strong growth that we're seeing across our wealth and insurance businesses, combined with the GCP acquisition and growth in other open-end institutional funds has resulted in a $50 billion increase in our perpetual capital over the past 12 months. Our perpetual capital AUM now stands at $167 billion and represents nearly half of our total fee-paying AUM. We believe this capital, which does not contractually repay at the end of an investment period, but instead can be continually reinvested provides a stickier base of AUM with consistent management fees and often includes regular payments of fees through Part 1 and FRPR.

我們的財富和保險業務呈現強勁成長勢頭，加上對 GCP 的收購以及其他開放式機構基金的成長，導致我們的永久資本在過去 12 個月內增加了 500 億美元。我們的永久資本 AUM 目前為 1,670 億美元，占我們總付費 AUM 的近一半。我們認為，這筆資本不會按照合約在投資期結束時償還，而是可以不斷進行再投資，從而提供更具黏性的 AUM 基礎和一致的管理費，並且通常包括透過第 1 部分和 FRPR 定期支付費用。

We anticipate perpetual capital from both the wealth and institutional channels will continue to represent a significant percentage of our AUM growth going forward and should provide even greater visibility in revenue growth and profitability across the business. We believe the underlying health and performance of our portfolios remains very strong, supported by solid economic fundamentals and our intentional positioning in noncyclical growth-oriented sectors and markets. In our largest strategy, US direct lending, we experienced year-over-year comparable EBITDA growth of 13% with an average loan-to-value of 43%.

我們預計，來自財富和機構管道的永久資本將繼續佔據我們未來 AUM 成長的很大一部分，並將為整個業務的收入成長和獲利能力提供更大的可見性。我們相信，在穩固的經濟基本面和我們在非週期性成長型產業和市場的有意定位的支持下，我們投資組合的基本健康狀況和表現仍然非常強勁。在我們最大的策略—美國直接貸款中，我們的 EBITDA 年成長 13%，平均貸款價值比為 43%。

When combining this fundamental performance with low LTVs and minimal impacts from tariffs, our nonaccrual rates remain well below historical industry averages and our own historical averages. Interestingly, new market data highlights equity contributions from private equity sponsors and new middle-market M&A transactions are at a 13-year high in 2025 which we believe meaningfully reduces the risk of loss in the direct lending market.

當將這一基本表現與低 LTV 和關稅的最小影響相結合時，我們的不計提率仍遠低於歷史行業平均水平和我們自己的歷史平均水平。有趣的是，新的市場數據突顯了私募股權發起人的股權貢獻，而新的中型市場併購交易在 2025 年將達到 13 年來的最高水平，我們認為這將顯著降低直接貸款市場的損失風險。

In European private credit, we're seeing similar strong performance trends in our portfolios with low loans to value. Of note, favorable interest rates and higher domestic investment is driving a resurgence of investment activity across Europe. With our leading pan-European direct lending platform, we're well positioned to take advantage of these trends. Our alternative credit, opportunistic credit and liquid credit portfolios are also enjoying strong performance and very low delinquencies.

在歐洲私人信貸領域，我們看到我們的投資組合中也呈現類似的強勁表現趨勢，貸款價值比較低。值得注意的是，優惠的利率和更高的國內投資正在推動整個歐洲投資活動的復甦。憑藉我們領先的泛歐直接借貸平台，我們能夠充分利用這些趨勢。我們的替代信貸、機會信貸和流動性信貸組合也表現強勁，拖欠率極低。

Our real estate portfolio continues to experience improving fundamentals as well. Leasing trends are strong, rent growth continues to increase and cap rates remain generally steady across our focus areas of industrial, multifamily and adjacent sectors. This is leading to steady to modestly improving valuations and growing investment opportunities for the group.

我們的房地產投資組合的基本面也持續改善。租賃趨勢強勁，租金成長持續增加，我們重點關注的工業、多戶型和鄰近產業的資本化率整體保持穩定。這將使該集團的估值穩步上升並帶來更多的投資機會。

In infrastructure, we believe that there continues to be a compelling global opportunity to partner with major hyperscalers on data center campus build-outs. Now with our acquisition of GCP, we can source and develop new projects from the ground up, provide equity and debt financing throughout the investment life cycle and potentially develop power sources alongside our data center projects. Looking forward, we're once again seeing a strengthening transaction market environment into the third quarter.

在基礎設施方面，我們相信，在資料中心園區建設方面與大型超大規模企業合作仍然是一個極具吸引力的全球機會。現在，透過收購 GCP，我們可以從頭開始尋找和開發新項目，在整個投資生命週期中提供股權和債務融資，並有可能與我們的資料中心項目一起開發電源。展望未來，我們將再次看到第三季交易市場環境的加強。

With the potential for lower short-term rates in the US and lower rates already reflected in Europe, coupled with record amounts of private equity dry powder, we're optimistic that transaction activity could accelerate further in the second half of the year. For example, our global pipeline of investment opportunities across all of our investment groups and strategies is at the highest level in over a year.

由於美國短期利率可能下降，且歐洲利率已經下降，再加上私募股權投資資金達到創紀錄的水平，我們樂觀地認為，下半年交易活動可能會進一步加速。例如，我們所有投資集團和策略的全球投資機會管道達到了一年多來的最高水準。

With a record amount of dry powder of $151 billion including $105 billion of AUM not yet paying fees, we believe that we're very well positioned to take advantage of higher levels of market activity.

憑藉創紀錄的 1,510 億美元乾火藥（其中包括尚未支付費用的 1,050 億美元 AUM），我們相信我們完全有能力利用更高水準的市場活動。

And finally, before I turn the call over to Jarrod, as I reflect on the first full quarter with our new colleagues from the GCP transaction, I'm very pleased with how well the integration is going. Strong platform collaboration is already occurring across the investment teams, the fundraising teams are fully integrated, and we are actively in the market with new funds and accelerating the development of new products. Our investment committees are appropriately aligned, and we're seeing a high level of interaction across the global real estate platform.

最後，在我將電話轉給賈羅德之前，當我與 GCP 交易的新同事一起回顧第一個完整季度時，我對整合的進展感到非常滿意。投資團隊之間已經建立了強有力的平台協作，募資團隊也已完全整合，我們正積極地向市場推出新基金並加速新產品的開發。我們的投資委員會協調一致，我們看到全球房地產平台的互動程度很高。

As I mentioned earlier, the data center business is poised for growth with a large pipeline of projects at various stages of progress, which we believe can drive AUM growth and profitability in the business. With nearly $130 billion in AUM and over 880 investment and operating professionals, our Real Assets Group is one of the largest managers of real estate and infrastructure assets across the globe, and we believe is very well positioned for greater scale and long-term growth.

正如我之前提到的，資料中心業務已準備好實現成長，擁有大量處於不同進展階段的項目，我們相信這可以推動業務的 AUM 成長和獲利能力。我們的實體資產集團擁有近 1,300 億美元的資產管理規模和超​​過 880 名投資和營運專業人員，是全球最大的房地產和基礎設施資產管理公司之一，我們相信，我們完全有能力實現更大規模和長期成長。

And with that, I will turn the call over to Jarrod to provide additional details on our financial results. Jarrod?

接下來，我將把電話轉給賈羅德，讓他提供有關我們財務表現的更多詳細資訊。賈羅德？

Thanks, Mike. Good morning, everyone. As Mike stated, our business accelerated into the second quarter, driven by strong fundraising, higher year-over-year net deployment and a record quarter of market appreciation. We believe our forward-looking metrics, including our strong investment pipeline, and record available capital have us well positioned for continued strong growth.

謝謝，麥克。大家早安。正如麥克所說，在強勁的融資、同比增長的淨部署以及創紀錄的市場升值的推動下，我們的業務在第二季度加速發展。我們相信，我們的前瞻性指標（包括強大的投資管道和創紀錄的可用資本）使我們為持續強勁成長做好了準備。

The second quarter reflected our first full quarter of financials, including our GCP acquisition, which contributed $103 million in revenues and $34 million in FRE for a 33% FRE margin. With the closing of our first data center fund totaling $2.4 billion, we expect to generate an additional $40 million in management leasing and development fees through the end of Q1 '26. This quarter included approximately $10 million of integration costs, of which we expect about $6 million to $7 million per quarter will eventually be nonrecurring and will run off gradually over the next 12 months.

第二季反映了我們第一個完整季度的財務狀況，包括我們對 GCP 的收購，該收購貢獻了 1.03 億美元的收入和 3,400 萬美元的 FRE，FRE 利潤率為 33%。隨著我們首個總額達 24 億美元的資料中心基金的關閉，我們預計到 2026 年第一季末將產生額外的 4,000 萬美元的管理租賃和開發費用。本季包括約 1,000 萬美元的整合成本，我們預計其中每季約 600 萬至 700 萬美元最終將成為非經常性成本，並將在未來 12 個月內逐步減少。

We view this positively since despite slightly higher initial integration costs, we're identifying more cost saves than we originally expected. When you add in the profitability from the new data center fund and the improving cost structure from synergies, we remain on track with the $200 million in FRE that we outlined for the first 12 months from GCP.

我們對此持積極態度，因為儘管初始整合成本略高，但我們發現節省的成本比我們最初預期的要多。如果加上新資料中心基金的獲利能力和綜效帶來的成本結構改善，我們仍將維持 GCP 前 12 個月 2 億美元 FRE 的目標。

When combined with additional fundraising from other data center funds and industrial development funds in Japan, along with the deployment of our existing dry powder, we remain excited about the future growth of the business.

當與日本其他資料中心基金和工業發展基金的額外融資相結合，以及我們現有資金的部署時，我們仍然對業務的未來成長感到興奮。

Now let me walk through a high-level summary of our quarterly results. Management fees were a record $900 million, representing a 24% year-over-year increase. As we discussed last quarter, GCP enhances our vertically integrated capabilities in real estate, enabling us to develop and operate high-quality assets with the opportunity for enhanced fund performance while generating additional leasing, development and property management fees, which are included in other fee revenues.

現在讓我來簡要概述一下我們的季度業績。管理費達到創紀錄的9億美元，年增24%。正如我們上個季度所討論的，GCP 增強了我們在房地產領域的垂直整合能力，使我們能夠開發和經營高品質資產，有機會提高基金業績，同時產生額外的租賃、開發和物業管理費用，這些費用包含在其他費用收入中。

As a result, other fees more than tripled year-over-year. While there may be some variability in other fees from quarter-to-quarter, as long as we have development funds that are investing in building new properties, we generally expect to see fairly consistent levels of other fees on an annual basis.

結果，其他費用比去年同期增加了兩倍多。雖然其他費用可能在各季度之間有所不同，但只要我們有投資於新房產建設的開發基金，我們通常會預期其他費用的年度水準會相當穩定。

Second quarter fee-related performance revenues totaled $17 million, which was almost entirely from APMF. Looking at normal seasonality, we typically see FRPR realizations in the third quarter related to our open-end core alternative credit fund and a majority of our credit group FRPR is realized in the fourth quarter.

第二季費用相關績效收入總計 1,700 萬美元，幾乎全部來自 APMF。從正常的季節性來看，我們通常會在第三季度看到與我們的開放式核心另類信貸基金相關的 FRPR 實現，而我們的大部分信貸集團 FRPR 是在第四季度實現的。

We currently have $20 billion of AUM in the credit group that is eligible to generate FRPR, which is up 10% from the second quarter of last year. As a result, we expect fourth quarter FRPR from the credit group to grow a similar percentage year-over-year, assuming continued price stability in the markets between now and year-end.

我們目前在信貸集團中擁有 200 億美元的 AUM，有資格產生 FRPR，比去年第二季成長了 10%。因此，我們預計，假設從現在到年底市場價格持續保持穩定，信貸集團第四季的 FRPR 將比去年同期成長類似的百分比。

Within real estate, we're not expecting FRPR in the fourth quarter. However, each of our nontraded REITs continues to show positive performance and could be in a position to generate FRPR next year. Fee-related earnings of $409 million for the quarter increased 26% year-over-year. FRE margins totaled 41.2% in the second quarter. And as expected, the integration of GCP temporarily compressed margins by 90 basis points. Excluding the impact of GCP, we expect FRE margins would have expanded in 2025. However, with initial lower margins at GCP, we still expect full year FRE margins for 2025 to be consistent with the prior year.

在房地產領域，我們預計第四季不會出現 FRPR。然而，我們的每個非交易房地產投資信託基金都繼續表現出色，並可能在明年產生 FRPR。本季費用相關收益為 4.09 億美元，年增 26%。第二季 FRE 利潤率總計 41.2%。正如預期的那樣，GCP 的整合暫時將利潤率壓縮了 90 個基點。排除 GCP 的影響，我們預計 FRE 利潤率將在 2025 年擴大。然而，由於 GCP 最初的利潤率較低，我們仍然預計 2025 年全年 FRE 利潤率將與前一年保持一致。

As Mike mentioned, our net accrued performance income on an unconsolidated basis increased 8.5% in the second quarter to $1.1 billion at quarter end of which nearly $950 million is in European style waterfall funds. Our net realized performance income for the quarter was $16 million. As we discussed on our first quarter call, our European waterfall tax distributions, which had been typically realized in the second quarter were recognized in the first quarter of this year, and we expect our third quarter net realized performance income will be comparatively similar to our second quarter level.

正如麥克所提到的，我們第二季的非合併淨應計業績收入成長了 8.5%，至季末的 11 億美元，其中近 9.5 億美元來自歐式瀑布基金。本季我們的淨實現業績收入為 1,600 萬美元。正如我們在第一季電話會議上所討論的那樣，我們通常在第二季度實現的歐洲瀑布稅分配已在今年第一季度得到確認，我們預計第三季度的淨實現業績收入將與第二季度的水平比較相似。

With respect to our European style funds, we're anticipating over $500 million of net realized performance income to be recognized in total between 2025 and 2026. It is possible that the split between years will be roughly 50/50. However, following the market fluctuations, we experienced in the second quarter that may push out the timing of certain realizations. We could possibly see roughly 1/3 recognized for the full year 2025 with 2/3 in 2026. If this is the case, we would expect some higher realizations to occur in the first half of 2026.

就我們的歐洲風格基金而言，我們預計 2025 年至 2026 年期間將實現總計超過 5 億美元的淨實現業績收入。年份之間的分配可能大致為 50/50。然而，隨著我們在第二季度經歷的市場波動，某些目標的實現時間可能會被推遲。我們可能會看到大約 1/3 將在 2025 年全年實現，2/3 將在 2026 年實現。如果情況確實如此，我們預計 2026 年上半年將實現更高的目標。

Regarding our American style net performance income, several modest realization opportunities remain possible heading into the fourth quarter of this year and early 2026, but they're dependent on conditions remaining on their current trajectory. Overall, realized income totaled $398 million for the quarter, a 10% year-over-year increase. During the quarter, our effective tax rate on realized income was 9.5% which is in line with our range of 8% to 12% for the remainder of the year.

關於我們的美式淨業績收入，今年第四季和 2026 年初仍有一些適度的實現機會，但它們取決於當前軌蹟的保持情況。總體而言，本季實現營收總計 3.98 億美元，年增 10%。本季度，我們實現收入的有效稅率為 9.5%，與今年剩餘時間的 8% 至 12% 的範圍一致。

As you can see in the earnings presentation, we had strong performance across our strategies with nearly every composite generating solid quarterly returns. In credit, we had quarterly gross returns of 5.5% for junior direct lending, 5.1% for opportunistic credit, 4.4% for our APAC credit strategy, 3% for alternative credit, 3% for US senior direct lending and 2.2% for European direct lending. Over the last 12 months, all these strategies generated double-digit returns ranging from 10% to 23%. Credit quality underlying our US and European direct lending portfolios remained strong and stable, as Mike discussed.

正如您在收益報告中所看到的，我們的各項策略都表現強勁，幾乎每個綜合策略都產生了可觀的季度回報。在信貸方面，我們的次級直接貸款季度總回報率為 5.5%，機會性信貸季度總回報率為 5.1%，亞太信貸策略季度總回報率為 4.4%，另類信貸季度總回報率為 3%，美國高級直接貸款季度總回報率為 3%，歐洲直接貸款季度總回報率為 2.2%。在過去的 12 個月中，所有這些策略都產生了 10% 到 23% 的兩位數回報。正如麥克所討論的，我們在美國和歐洲直接貸款組合中的信用品質依然強勁而穩定。

In real estate, we continue to see improvements in rent growth and property values. Our Americas real estate equity composite increased 3.4% on a gross basis. Our diversified nontraded REIT has generated a net return of 4.5% for the first six months of the year and is now approaching its high-water performance mark. While our diversified nontraded REIT would need to generate an additional 5% return above the high watermark by year-end to generate any FRPR this year, recovering to a new high watermark this year positions this REIT well heading into 2026.

在房地產領域，我們繼續看到租金成長和房產價值的改善。我們的美洲房地產股票綜合指數整體上漲了 3.4%。我們的多元化非交易房地產投資信託基金 (REIT) 今年前六個月的淨回報率為 4.5%，目前正接近其最高水準。雖然我們的多元化非交易房地產投資信託基金需要在年底前產生高於高水位線的額外 5% 的回報才能在今年產生任何 FRPR，但今年恢復到新的高水位線將使該房地產投資信託基金在 2026 年取得良好地位。

Our corporate private equity composite rose 3.3% on a gross basis during the quarter, and our private equity secondary strategy generated net returns of 3.1% in APMF and a gross return of 3.1% in our PE secondaries composite.

本季度，我們的企業私募股權綜合指數整體上漲 3.3%，我們的私募股權二級策略在 APMF 中產生了 3.1% 的淨回報，在我們的 PE 二級綜合指數中產生了 3.1% 的總回報。

I'll now turn the call back over to Mike for his concluding remarks.

現在我將把電話轉回給麥克，請他作總結發言。

Great. Thanks, Jarrod. We're experiencing positive results from several growth initiatives that we've been developing over the past several years. Our secondaries business is undergoing a meaningful inflection in growth, driven by secular tailwinds, creative new structured solutions and a robust platform that's generating attractive investment opportunities.

偉大的。謝謝，賈羅德。過去幾年來，我們一直在製定多項成長計劃，並取得了積極的成果。在長期順風、創新新結構化解決方案和創造有吸引力的投資機會的強大平台的推動下，我們的二級業務正在經歷有意義的成長轉變。

Our wealth strategy has the people, products, partnerships and educational content to continue to grow AUM at high rates. We believe that we have solidified our position as one of the top alternative managers of private market assets for individual investors and are poised to benefit as the wealth channel continues to allocate more capital into the asset class.

我們的財富策略擁有人才、產品、合作夥伴關係和教育內容，可以繼續高速成長 AUM。我們相信，我們已經鞏固了作為個人投資者私募市場資產頂級另類管理者之一的地位，並且隨著財富管道繼續向該資產類別配置更多資本，我們將從中受益。

Our insurance platform is expanding both through Aspida and our third-party insurance partners. With over $79 billion in insurance AUM across the platform, we have a demonstrated track record of capabilities and performance to enhance returns for Aspida and our third-party insurance clients and we anticipate further growth in this business in the coming years.

我們的保險平台正在透過 Aspida 和第三方保險合作夥伴進行擴展。我們整個平台的保險資產管理規模超過 790 億美元，擁有出色的能力和業績記錄，能夠為 Aspida 和我們的第三方保險客戶提高回報，我們預計未來幾年這項業務將進一步成長。

We also continue to lay the foundation for future growth opportunities such as data centers and digital infrastructure and the recent announcement of our global capital solutions team to enhance our capital markets business. Our alternative credit and opportunistic credit franchises remain well positioned as solutions providers in large global addressable markets. And our Real Assets business is positioned for much greater growth as the cycle plays out.

我們也將繼續為數據中心和數位基礎設施等未來成長機會奠定基礎，並最近宣布成立全球資本解決方案團隊以增強我們的資本市場業務。我們的替代信貸和機會信貸特許經營權在全球大型可尋址市場中仍然佔據解決方案提供者的有利地位。隨著週期的推進，我們的實體資產業務將實現更大的成長。

Going forward, as always, we will continue to look for ways to invest in our business in an effort to enhance investor returns and drive strong earnings results. As always, I'm proud and grateful for the hard work and dedication of our employees around the globe and I'm also deeply appreciative of our investors' continuing support for our company.

展望未來，我們將一如既往地繼續尋找投資業務的方式，努力提高投資者回報並推動強勁的獲利績效。一如既往，我為我們全球員工的辛勤工作和奉獻精神感到自豪和感激，我也非常感謝我們的投資者對我們公司的持續支持。

Operator, I think we can now open the line for questions.

接線員，我想我們現在可以開始回答問題了。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）高盛的 Alex Blostein。

I was hoping to start with a discussion around private credit, institutional demands and really a two-parter here. But one, was hoping you could comment on how compression in US direct lending spreads impacting institutional demands and fee rates, understanding that it's all probably relative to liquid markets, but I'm curious how they think about the products more in absolute terms and whether or not it's having any sort of fee implications.

我希望從私人信貸、機構需求以及兩部分的討論開始。但首先，我希望您能評論一下美國直接貸款利差的壓縮如何影響機構需求和費率，我知道這可能都與流動市場有關，但我很好奇他們如何從絕對意義上看待這些產品，以及它是否會對費用產生任何影響。

And then on the second part, similar line of questions for your alt business -- alt credit business. That feels like a much larger addressable market. So curious how you're thinking about forward dynamics there.

然後在第二部分，針對您的替代業務—替代信貸業務，提出類似的問題。這感覺像是一個更大的潛在市場。我很好奇您是如何看待未來的動態的。

Thanks for the question, Alex. It's interesting. There's a lot of conversation in the market and the media just about the rapid growth in private credit. And I think we've been trying to point out to folks that if you look at the market broadly, private credit fundraising institutionally is actually down sequentially for the last three years.

謝謝你的提問，亞歷克斯。這很有趣。市場和媒體都在熱議私人信貸的快速成長。我認為我們一直試圖向人們指出，如果從更廣泛的角度看待市場，機構私人信貸融資在過去三年中實際上是連續下降的。

And when you look at the growth, it has not actually outpaced the growth of other alternative asset classes. It's actually just kept pace with the growth of private equity. That being said, and we've talked about this before, the private credit market is consolidated and probably consolidating further.

當你觀察其成長時，你會發現它實際上並沒有超過其他另類資產類別的成長。它實際上只是與私募股權的成長保持同步。話雖如此，我們之前也討論過這個問題，私人信貸市場已經整合，並且可能進一步整合。

And so our experience both institutionally and in the wealth channel has been continued growth. You saw that this quarter that we were able to continue to see institutional appetite for the private credit asset class in the form of SMAs and some smaller funds even in a year when we didn't have our large flagships in the market. I think that's a commentary on our track record, the length of the track record, the consistency of the return, the value of our incumbency in the portfolios. And as Jarrod talked about, on a relative basis, private credit is still delivering an incredible risk-adjusted return to folks.

因此，我們在製度和財富管道方面的經驗都是持續成長的。您在本季度看到了這一點，即使在我們在市場上沒有大型旗艦產品的一年裡，我們仍然能夠繼續看到機構對 SMA 和一些較小基金形式的私人信貸資產類別的興趣。我認為這是對我們的業績記錄、業績記錄的長度、回報的一致性以及我們在投資組合中的任職價值的評論。正如賈羅德所說，相對而言，私人信貸仍然為人們帶來了令人難以置信的風險調整回報。

I think with the maturation of any asset class, there's always a risk that you see fee pressure. Candidly, we have not really seen it. And when people ask for it, we push back pretty hard. The ability for us to originate the types of assets we do, with the scale that we do we think is quite unique. Candidly, we have seen some of our peers who are trying to get into this market given the attractiveness have cut fee to try to attract capital. I just don't think that's a long-term viable way to build the business. And so we've been really resistant to that.

我認為，隨著任何資產類別的成熟，總是存在費用壓力的風險。坦白說，我們還沒有真正看到過。當人們提出要求時，我們會堅決拒絕。我們認為，我們能夠以如此大的規模創造我們所做的資產類型，這是非常獨特的。坦白說，我們看到一些同行因為這個市場的吸引力而試圖進入該市場，他們已經降低了費用以試圖吸引資本。我只是不認為這是建立業務的長期可行方式。所以我們對此非常抵制。

I also think with the growth in wealth demand, obviously, it creates an appropriate tension in the market just around general compensation and fee structures. We're now getting to a point in our own deployment where I could see some of those large funds coming back as early as next year. And I think we'll once again show that the institutional demand at the current fee rates is still well in hand.

我還認為，隨著財富需求的增長，顯然會在市場中圍繞一般薪酬和費用結構產生適當的緊張。我們目前的部署已經到了一定階段，我預計其中一些大型資金最早將於明年回歸。我認為我們將再次證明，目前費率下的機構需求仍然良好。

Alternative credit or asset based and asset-backed is obviously a big growth market. We are continuing to attack it with open-ended and closed-ended institutional product as well as partnering with third-party insurance companies and driving deployment into Aspida.

替代信貸或基於資產和資產支持的信貸顯然是一個巨大的成長市場。我們將繼續透過開放式和封閉式機構產品來攻擊它，並與第三方保險公司合作並推動部署到 Aspida。

And you asked about spreads. I'd say in both of those markets, the attractiveness, obviously, is the ability to generate excess return relative to the traded benchmark and while spreads have tightened in both markets, there is still a generous premium available to the liquid loan market and the ABS market. Currently, if you look at private credit on the direct lending side, you're probably 100 to 200 basis points wide and on our high-grade book, you're probably 60 to 90 basis points wide, so tight but still excess. So I think that will continue to attract capital as well.

您也詢問了價差問題。我想說，在這兩個市場中，吸引力顯然在於能夠產生相對於交易基準的超額回報，儘管兩個市場的利差都有所收窄，但流動貸款市場和 ABS 市場仍然可以獲得豐厚的溢價。目前，如果你看一下直接貸款方面的私人信貸，你的利率大概有 100 到 200 個基點，而在我們的高等級貸款中，你的利率大概有 60 到 90 個基點，因此雖然緊張，但仍然過剩。所以我認為這也將繼續吸引資本。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

I know we've asked this in the past, and I know you said it's going to take a bit of time to get there, but it does seem like the backdrop for the 401(k) market is starting to sort of align itself for potentially inclusion for alts. I was wondering how your conversations are going with some potential partners and how you sort of see the opportunity set for Ares, particularly since your nonqualified positioning continues to strengthen?

我知道我們過去曾問過這個問題，而且我知道您說過要花一些時間才能實現這一目標，但看起來 401（k）市場的背景確實開始為納入替代產品做好準備。我想知道您與一些潛在合作夥伴的對話進展如何，以及您如何看待 Ares 的機會，特別是自從您的非合格定位不斷加強以來？

Yes, it's obviously a hot topic. And I've said consistently that we are big believers in the democratization of alternatives and increasing access to alternatives for the individual investor. That's not new. People have been able to access alternative exposures through our BDC for the last 21 years. We have been offering access to our alternative products through our growth in wealth. Insurance provides indirect exposure. So I think this is an evolution on an already pretty significant in-place trend. We do feel like we are closer than ever.

是的，這顯然是一個熱門話題。我一直強調，我們堅信替代方案的民主化，並致力於增加個人投資者獲得替代方案的機會。這並不是什麼新鮮事。過去 21 年來，人們一直能夠透過我們的 BDC 獲得替代曝光。我們一直在透過財富的成長來提供替代產品的管道。保險提供間接風險。所以我認為這是對已經相當重要的現有趨勢的演變。我們確實感覺我們比以往任何時候都更加親密。

Obviously, we are waiting to see an executive order that would continue to advance the process. To the extent that, that happens, we would then need to hopefully see rulemaking that allows plan sponsors to feel like they can take the risk of increasing fee in an effort to drive increasing net returns to their constituents. I don't know that that is going to be a perfectly linear or quick process as plan sponsors work through the economics and fee agreements get renegotiated and you defend against certain litigation risks.

顯然，我們正在等待一項能夠繼續推進這項進程的行政命令。如果發生這種情況，我們希望看到規則制定允許計劃發起人覺得他們可以承擔增加費用的風險，以努力為其選民帶來更多的淨回報。我不知道這是否會是一個完全線性或快速的過程，因為計劃發起人會研究經濟問題，並重新協商費用協議，並防範某些訴訟風險。

So I think we're excited, we're enthusiastic about it. We already have a product that is ready to go. We have been having conversations with various retirement services partners. And so to the extent, that market cracks open, I think we'll be ready to offer product into it. I always though, try to temper people's enthusiasm for this opportunity, the way that I do on the wealth side as well, which is just simply to say what we're doing here is diversifying our fundraising opportunity and our growth opportunity, but we're not necessarily creating a new cost of capital or a new asset structure that will allow us to do something different in the market.

所以我認為我們對此感到興奮、充滿熱情。我們已經有了一個可以投入使用的產品。我們一直在與各種退休服務合作夥伴進行對話。因此，只要該市場打開，我認為我們就準備好向其提供產品。我總是試圖抑制人們對這個機會的熱情，就像我在財富方面所做的那樣，這只是簡單地說我們在這裡所做的是使我們的籌資機會和成長機會多樣化，但我們不一定創造新的資本成本或新的資產結構，讓我們能夠在市場上做一些不同的事情。

And so when we think about the growth in our business, we remain very focused on our ability to generate unique investment opportunities for our investors and then match them with the right capital. We do not focus on just the capital side. I think there's a disproportionate amount of attention these days in our market on AUM and AUM growth as opposed to quality deployment and quality growth.

因此，當我們考慮業務成長時，我們仍然非常關注為投資者創造獨特投資機會並為他們匹配合適資本的能力。我們並非只關注資本方面。我認為，目前我們的市場對 AUM 和 AUM 成長的關注過多，而對品質部署和品質成長的關注則較少。

And so anytime you're opening a new market, it's exciting, but it also comes with risk if you don't maintain the right tension between your addressable market opportunity and capital. But I think we're closer than ever. When the market opens, I think, consistent with the way that we've behaved in the past, we will be there, and we'll take it from there.

因此，任何時候開拓新市場都是令人興奮的，但如果您沒有在可尋址市場機會和資本之間保持適當的平衡，那麼也會帶來風險。但我認為我們比以往任何時候都更加親密。當市場開放時，我認為，與我們過去的行為方式一致，我們將在那裡，並從那裡開始。

Patrick Davitt, Autonomous Research.

派崔克·戴維特，自主研究。

I appreciate the helpful comments on how pipelines -- deployment pipelines are tracking so far in 3Q, but in a lot of news saw about some chunky refinancings out of DL back into the broadly syndicated market in July. So could you also update us on how you see the gross-to-net tracking in the second half after a positive surprise there in 2Q.

我很欣賞關於管道——部署管道在第三季度迄今為止的進展情況的有益評論，但在許多新聞中看到，7 月份一些大額再融資從 DL 回到了廣泛的銀團市場。那麼，在第二季度出現正面驚喜之後，您能否向我們介紹一下您對下半年毛利率追蹤情況的看法？

Yes, I think it was well covered on the ARCC call, and we've kind of added some context for the other parts of the business. I'd say with regard to the specific BSL refi of direct lending, as we've talked about before, we're kind of on both sides of that. Obviously, to the extent that there's something in our portfolio that finds its way back into the broadly syndicated loan market. We will typically follow it back into that market in our liquid credit business, and sometimes even participate as an underwriter or a large anchor investor in that transition.

是的，我認為 ARCC 電話會議已經對此進行了很好的討論，並且我們還為業務的其他部分添加了一些背景資訊。我想說，關於直接貸款的具體 BSL 再融資，正如我們之前談到的，我們對此持兩種觀點。顯然，我們的投資組合中的某些部分會重新回到廣泛的銀團貸款市場。我們通常會透過流動信貸業務跟隨其回到該市場，有時甚至會作為承銷商或大型基石投資者參與這項轉型。

Two, as we've talked about, I think one of the big differentiators in our direct lending business is our ability to originate and deploy across the entire middle market spectrum from lower middle market to upper middle market, and we are much less reliant than many others in the market on that upper middle market sponsor flow that tends to trade back and forth between broadly syndicated loan and direct lending market.

第二，正如我們所討論的，我認為我們的直接貸款業務的一大區別在於我們有能力發起和部署整個中端市場，從中低端市場到中高端市場，而且與市場上的許多其他公司相比，我們對中高端市場發起人流的依賴程度要低得多，這種發起人流往往在廣泛的銀團貸款和直接貸款市場之間來回交易。

So everything that we're seeing now has us continuing to have confidence that the pipelines are building into Q3, not just in direct lending, but in other parts of the business like secondaries, opportunistic credit, real estate, et cetera. So nothing that we're seeing that would change that view right now.

因此，我們現在看到的一切都讓我們繼續有信心，管道正在進入第三季度，不僅在直接貸款方面，而且在業務的其他部分，例如二級市場、機會信貸、房地產等等。因此，我們現在所看到的一切都無法改變這個觀點。

Ken Worthington, J.P. Morgan.

肯‧沃辛頓，摩根大通。

There's been a number of headlines in recent months about the growing attractiveness of European market for private assets, especially on the back of Trump tariffs. How does the health of the European direct lending market compared to the US when thinking about this from both a deployment perspective and a credit quality perspective. As we look beyond direct lending to asset-backed finance, how does the opportunity to grow there in Europe look from a fundraising perspective and maybe deployment as well?

近幾個月來，有多個頭條新聞報導歐洲市場對私人資產的吸引力日益增強，尤其是在川普關稅的背景下。從部署角度和信貸品質角度來看，歐洲直接貸款市場的健康狀況與美國相比如何。當我們將目光從直接貸款轉向資產支援融資時，從融資和部署的角度來看，在歐洲的成長機會如何？

Yes. Look, I think that it's interesting because I think coming into the year, European positioning relative to the US market was much different. We now have a different rate trajectory and different fiscal stance that is actually making Europe much more attractive. We're seeing increased investment and we're seeing increased investor appetite.

是的。看，我認為這很有趣，因為我認為進入今年，歐洲相對於美國市場的定位有很大不同。我們現在有不同的利率軌跡和不同的財政立場，這實際上使歐洲更具吸引力。我們看到投資在增加，投資者的興趣也在增強。

You can see that in the deployment numbers when you look through the different businesses. You could also see the fundraising numbers as an example, we saw a meaningful increase in fund demand at ESIF relative to ASIF as I think certain investors have been shifting allocations from the US market to the European market.

當您查看不同的業務時，您可以在部署數字中看到這一點。您也可以以籌款數字為例，我們看到 ESIF 相對於 ASIF 的基金需求顯著增加，因為我認為某些投資者已將配置從美國市場轉移到歐洲市場。

While I think many continue to have long-term concerns about structural growth in Europe, I think, for the foreseeable future, the increased spend and rate positioning should, in fact, increase transaction activity, and that is what our pipelines are telling us, both in direct lending, real estate, real estate credit and asset backed.

雖然我認為許多人仍然對歐洲的結構性成長抱有長期擔憂，但我認為，在可預見的未來，增加支出和利率定位實際上應該會增加交易活動，這就是我們的管道告訴我們的，包括直接貸款、房地產、房地產信貸和資產支持。

In terms of credit quality, the performance within the private credit books are kind of right on top of each other. Loans to value in US direct lending is about 43%, loan-to-value European direct lending about 49%, interest coverage in the US book is 2x, interest coverage in the European book is about 2.3x.

就信貸品質而言，私人信貸帳簿中的表現各有不同。美國直接貸款的貸款價值比約為 43%，歐洲直接貸款的貸款價值比約為 49%，美國帳簿的利息覆蓋率為 2 倍，歐洲帳簿的利息覆蓋率約為 2.3 倍。

When you look at nonaccruals kind of on top of each other, Europe is probably a little bit better than the US market. So it's -- there's nothing that we're seeing in the portfolios would indicate that credit quality is deteriorating in Europe at a different rate than the US.

當你把不提列項目放在一起看時，歐洲市場可能比美國市場好一點。因此，我們在投資組合中沒有看到任何跡象表明歐洲的信貸品質惡化速度與美國不同。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

So Mike, you spoke a bit about your retail distribution with a number of firms you're partnering with up over 30% year-on-year. And it sounds like the source of your inflows continues to broaden as well. Can you just talk a bit about the investment you've been making in distribution to drive that? And how much more do you think there is to go there in terms of adding more partnerships and further broadening distribution over the next couple of years.

麥克，您談到了您與多家合作公司的零售分銷情況，這些公司的零售分銷量同比增長了 30% 以上。聽起來你的資金流入來源也不斷擴大。您能否簡單談談您在分銷方面為推動這一目標所做的投資？您認為在未來幾年內，我們在增加合作夥伴關係和進一步擴大分銷方面還有多少工作要做？

And you also mentioned 1/3 of your retail flows coming from international, which already seems really healthy, but you're still adding partners there as well. So do you think there's room for that proportion to even move higher as we look out over the next coming years.

您還提到，您的 1/3 零售流量來自國際市場，這看起來已經非常健康了，但您仍然在那裡增加合作夥伴。那麼，您認為展望未來幾年，這比例還有上升的空間嗎？

The simple answer to all of your questions is yes. We continue to be incredibly excited about the progress we're making. The types of investments you need to make are, first of all, in product. And I think that we have innovated from a structural standpoint in places like our infrastructure fund, sports media and entertainment, our European credit fund, our private markets funds. So it starts with good product with good track record. And then obviously, you need to support the distribution effort with a meaningful investment in people around the globe.

對於您所有的問題，答案都是肯定的。我們對於所取得的進展持續感到無比興奮。您需要進行的投資類型首先是產品投資。我認為，我們在基礎建設基金、體育媒體和娛樂、歐​​洲信貸基金、私募市場基金等領域從結構角度進行了創新。因此，一切都從擁有良好業績記錄的優質產品開始。然後顯然，您需要透過對全球人民進行有意義的投資來支持分銷工作。

So we have roughly 175 people, I believe, in our global wealth business. The reason or one of the reasons for the increase in international flows is that we've been adding people in Europe and the Asia Pacific markets to help support those distribution efforts. And then you need to make a meaningful investment in continuing education and content to support the adviser community as you continue to put product into that sector. So there's kind of ongoing investment in that as well as you deepen these partnerships.

因此，我相信我們的全球財富業務大約有 175 名員工。國際流量增加的原因之一是我們一直在歐洲和亞太市場增加人員來幫助支援這些分銷工作。然後，您需要對繼續教育和內容進行有意義的投資，以支持顧問社區，同時繼續將產品投入該領域。因此，我們會持續進行這方面的投資，並深化這些合作關係。

So if you look at what we're able to do, in Q2, we raised about $3.4 billion of equity. As you pointed out, that was about 30% plus higher than it was a year ago. July was a record month for us. We took in about $1.4 billion in equity in July, and August, I think, will be significantly in excess of that as well, close to $2 billion. And so we're seeing continued momentum as Q3 moves forward. We're encouraged by that because I think there was anxiety that maybe this channel would not exhibit durability when markets got volatile, and we're actually seeing the opposite.

所以如果你看看我們能做什麼，在第二季度，我們籌集了大約 34 億美元的股權。正如您所指出的，這比一年前高出約 30% 以上。七月對我們來說是創紀錄的一個月。我們在 7 月吸收了約 14 億美元的股權，我認為 8 月的吸收量也將大大超過這個數字，接近 20 億美元。因此，隨著第三季的推進，我們看到了持續的勢頭。我們對此感到鼓舞，因為我認為人們擔心當市場動盪時，這個管道可能不會表現出持久性，但實際上我們看到的恰恰相反。

So the investment thesis that people want, the lack of volatility that these products offer, I think, is shining through in the distribution numbers. We did not see any elevation in redemptions throughout the entirety of the tariff volatility. In fact, we saw redemptions in Q2 were less than 1% of total AUM. So you're getting good gross flows and really strong net flows.

因此，我認為，人們想要的投資論點，即這些產品缺乏波動性，在分銷數字中得到了充分體現。在整個關稅波動期間，我們沒有看到贖回量有任何增加。事實上，我們發現第二季的贖回量還不到總 AUM 的 1%。因此，您將獲得良好的總流量和非常強勁的淨流量。

We are continuing to broaden the partnerships. As we mentioned, the number of partnerships is increasing. We are underpenetrated, I think, on a lot of these products with some of the large wealth platforms. So the way I've described it is we're effectively on -- we have one product on every one of the major platforms but are not on every platform with every product. And so I think there's a lot of room for growth there. And with regard to Asia, as we mentioned in the prepared remarks, we've been making significant investment and headway there.

我們正在繼續擴大合作夥伴關係。正如我們所提到的，合作夥伴的數量正在增加。我認為，我們在一些大型財富平台上的許多產品上的滲透率還不夠。所以我的描述是，我們實際上在每個主要平台上都推出了一款產品，但並不是在每個平台上都推出了每一款產品。因此我認為那裡有很大的成長空間。至於亞洲，正如我們在準備好的發言中提到的，我們在那裡進行了大量投資並取得了進展。

In the Japanese market, in particular, we would expect that in Q3 that we're going to see a meaningful uptick in flows out of that market as we continue to have some important milestones on the partnership side there as well. So everything is kind of up and to the right on wealth and the momentum right now in Q3 is as good as we've seen it.

特別是在日本市場，我們預計在第三季我們將看到該市場資金流出顯著上升，因為我們在合作方面也繼續取得一些重要的里程碑。因此，財富方面的一切都在向好的方向發展，第三季的勢頭也達到了我們所見過的最佳水平。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Jarrod, you mentioned that FRE margins should be kind of flat year-over-year with the impact of GCP. I wonder if you could talk about what are the sort of swing factors, thinking in particular about net credit [FE] AUM growth if the environment shakes out a little bit better or maybe it stays a little bit more stagnant, how does that impact the near-term margin outlook? What's kind of embedded in that guidance?

賈羅德，您提到，受 GCP 的影響，FRE 利潤率應該與去年同期持平。我想知道您是否可以談談有哪些波動因素，特別是關於淨信貸 [FE] AUM 成長，如果環境稍微好轉或保持停滯狀態，這會對近期利潤前景產生什麼影響？該指南中蘊含了哪些內容？

Sure. Thanks, Ben. Nice to hear from you. Really, whenever we give that type of guidance and we talked about this at our Investor Day and I'll bring it up again here is we try to give what I'd call more all-weather guidance, so just in a normalized market. So you're exactly right on your puts and takes there. If we see a gangbusters back half of the year, deployment-wise, that will certainly be a boon to the margins.

當然。謝謝，本。很高興收到你的來信。確實，每當我們提供這種類型的指導時，我們都會在投資者日討論這個問題，我會在這裡再次提起這一點，我們試圖提供我所說的全天候指導，所以只是在一個正常的市場中。所以你對這裡的投入和產出的看法是完全正確的。如果我們看到下半年部署情況一片大好，那對利潤率來說無疑是個福音。

Likewise, if we saw an environment where there was not as much deployment, it's a little bit harder maybe to see what that environment might look like because we've shown that we've been able to deploy in both dislocated markets and robust transaction markets, but certainly, deployment is a key factor on it.

同樣，如果我們看到一個部署不多的環境，那麼可能很難看出那個環境會是什麼樣子，因為我們已經證明我們能夠在錯位的市場和強勁的交易市場中進行部署，但當然，部署是一個關鍵因素。

And then now as Mike has been talking about on the call and in the prepared remarks, fundraising as it comes in from our nontraded products has an impact to our margins as well. For those products that have a distribution fee, you're probably net neutral for the back half of the year. And for those that come in like the international flows that were mentioned in the last question, those are a benefit to our margin because they come without that distribution fee.

正如麥克在電話會議和準備好的演講中談到的那樣，從我們的非交易產品中籌集的資金也會對我們的利潤率產生影響。對於那些需要支付分銷費的產品，您在下半年可能處於淨中性狀態。對於上一個問題中提到的國際流入，這些對我們的利潤是有好處的，因為它們不需要支付分銷費。

So there's a bit of mix of all things. In terms of what we think we'll do here in the back half, I believe that the strength that we're leading from in terms of our ability to deploy here in the back half of the year, our fundraising strength and GCP's gradual synergies coming into play, as I talked in my prepared remarks, all will help us absorb that drag from GCP for this year and really set us in a good position for next year.

所以所有的東西都有點混合。關於我們將在下半年做什麼，我相信我們在下半年部署的能力、我們的籌資實力以及 GCP 逐漸發揮的協同效應方面所具有的優勢，正如我在準備好的發言中所說的那樣，都將幫助我們吸收今年來自 GCP 的拖累，並為明年奠定良好的基礎。

Michael Cyprys, Morgan Stanley.

摩根士丹利的邁克爾·賽普里斯。

I just wanted to ask about alternative credit or ABF. Just curious if you could maybe provide a bit of an update on some of the progress expanding your sourcing funnel, including partnerships and flow arrangements. How that's contributing today, how you see that evolving over the next 12 to 18 months? And then just more broadly on ABF, I believe historically, you guys have played more in the sub-investment-grade space.

我只是想詢問有關替代信貸或 ABF 的問題。我只是好奇您是否可以提供一些關於擴大採購管道進展的最新信息，包括合作夥伴關係和流程安排。它對今天的貢獻如何？您認為它在未來 12 到 18 個月內會如何發展？然後更廣泛地討論 ABF，我相信從歷史上看，你們在投資等級以下領域發揮了更大的作用。

So just curious just around opportunity, scope, appetite around extending more meaningfully into the fixed income replacement, investment grade part of the marketplace. Curious in what scenario might you have more appetite interest for that becoming a bigger part of the business?

因此，我只是對機會、範圍和興趣感到好奇，希望能夠更有意義地擴展到固定收益替代、投資等級市場部分。好奇在什麼情況下您會對其產生更大的興趣並成為業務中更重要的一部分？

Sure. Look, it's already a meaningful part of the business. I'll start from the back end of your question, kind of work my way back. We have been in the ABF business now for close to 20 years. And I think we're early in building capability and capacity. I think we have one of the largest teams globally, 80 plus professionals that are captive Ares professionals that are specialists across 40 different types of assets. We have executed in a number of different markets around the globe on both the rated and nonrated side.

當然。看，它已經是業務中一個有意義的一部分了。我將從你的問題的後端開始，以我的方式進行解答。我們從事 ABF 業務至今已有近 20 年。我認為我們在能力和容量建設方面還處於早期階段。我認為我們擁有全球最大的團隊之一，80 多名 Ares 專業人士是 40 種不同類型資產的專家。我們在全球多個不同的市場（包括評級市場和非評級市場）開展業務。

And as you see in the numbers, it continues to be one of our fastest growing parts of the business. It's -- when we differentiate between kind of nonrated and rated or sub-equity versus high grade, a lot of that is just driven by the profitability and differentiated capability that you need in order to succeed at that business. And so obviously, when you are gearing more towards the high-grade part of the market, whether it's on behalf of your own insurance affiliate or third-party clients, it comes at a significantly lower fee rate, typically without incentive fees. And when you're scaling the nonrated part of the business, it's coming obviously, with significantly higher return expectation and a typical 2 and 20-type fee arrangements.

正如您在數字中看到的那樣，它仍然是我們業務中成長最快的部分之一。當我們區分未評級和評級或次級股權和高等級時，很大程度上只是由盈利能力和差異化能力所驅動，而這些正是在該業務中取得成功所需的。因此，顯然，當您更多地面向高端市場時，無論是代表您自己的保險附屬公司還是第三方客戶，費率都會低得多，通常沒有獎勵費用。當你擴大業務中未評級部分時，它顯然會帶來更高的回報預期和典型的 2 和 20 類型的費用安排。

So the dollars are just not the same. And back to my comment earlier, we're just not -- we're not getting focused on AUM growth, we're getting focused on FRE growth and profitability. And so there's a balance. Today, if you look at the positioning of the business, about half is what we would call nonrated, and half is in the rated high-grade tranches. I think they will continue to grow in proportion to each other. There is real value as we and our peers have demonstrated in having the high-grade piece.

所以美元是不一樣的。回到我之前的評論，我們只是沒有——我們沒有關注 AUM 成長，而是關注 FRE 成長和獲利能力。因此存在一種平衡。今天，如果你看一下業務的定位，大約有一半是我們所說的未評級的，另一半是評級較高的部分。我認為它們將繼續按比例增長。正如我們和我們的同行所證明的，擁有高品質的作品具有真正的價值。

I think it meets a real need in the market for corporates. I actually think that if used appropriately can enhance the origination capacity on the nonrated side by offering full solutions into the market. And so we are focused on growing both pieces, but just given that we're not as insurance heavy, I think when you look at it from an AUM standpoint, we're just not as deeply focused in that market, but we're obviously meaningful participants.

我認為它滿足了企業市場的實際需求。我實際上認為，如果使用得當，可以透過向市場提供完整的解決方案來增強非評級方面的發起能力。因此，我們專注於發展這兩個部分，但考慮到我們在保險業務上的投入並不大，我認為從 AUM 的角度來看，我們並沒有那麼深入地關注這個市場，但我們顯然是重要的參與者。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

So I have a question on direct lending, credit quality and performance. Your portfolios have performed incredibly well in really all parts of the cycle. And even for the industry, many portfolios continue to perform well despite the significant increase in base rates in the last few years. Mike, it would be great just to get your perspective on why performance and credit quality continues to be so resilient across the industry.

所以我有一個關於直接貸款、信貸品質和績效的問題。您的投資組合在整個週期的各個階段都表現得非常好。即使對於該行業而言，儘管過去幾年基準利率大幅上升，但許多投資組合仍然表現良好。麥克，我很想聽聽你對為什麼整個產業的業績和信用品質持續如此有彈性的看法。

And then bigger picture, we haven't really seen a true credit cycle in some time now. So why is that? Could it be a function of the staying power of private credit, the sector's ability to provide capital in all parts of the cycle and the underlying structures of these vehicles? Or are there some other drivers there?

從更大的角度來看，我們已經有一段時間沒有看到真正的信貸週期了。那為什麼呢？這是否取決於私人信貸的持久力、該行業在周期各個階段提供資本的能力以及這些工具的底層結構？或是那裡還有其他司機嗎？

Yes. It's a really good question. Again, back to something I kind of alluded to earlier. I just feel like the market -- there's a narrative that has been in the market as long as we've been doing this, which is now 30 years that somehow private credit is risky and public credit isn't, and that there's always going to be this kind of wave of credit loss in the private markets.

是的。這確實是一個好問題。再次回到我之前提到的內容。我只是覺得，自從我們開始這樣做以來，市場上就一直存在這樣一種說法，即私人信貸是有風險的，而公共信貸則沒有，而且私人市場中總是會出現這種信貸損失浪潮。

And we've just never seen that. And you can look at our public track record through the GFC and COVID and rate volatility that it's just not there. If you look at the annualized loss rates in our direct lending portfolios, they inflect around 10 basis points, and it's been like that for a very long time.

但我們從未見過這種情況。你可以透過全球金融危機和新冠疫情來查看我們的公開記錄，並發現利率波動並不存在。如果你看一下我們直接貸款組合的年化損失率，你會發現它們的波動幅度在 10 個基點左右，而且這種情況已經持續了很長時間。

So there's this idea that direct lending hasn't been cycle tested and I take real issue with that. Obviously, the last couple of years, given the elevated base rate environment have been really good for the asset. If you look at the LTM returns, our senior direct lending delivered a 14% return, our European direct lending 11%, our opportunistic credit funds close to 16%.

因此，有一種觀點認為直接貸款尚未經過週期檢驗，我對此表示質疑。顯然，過去幾年，考慮到基準利率上升的環境，對資產而言確實有利。如果你看一下 LTM 回報，我們的高級直接貸款回報率為 14%，我們的歐洲直接貸款回報率為 11%，我們的機會信貸基金回報率接近 16%。

And so not surprisingly, that is attracting capital away from traditional fixed income. And I think that the returns are durable there. The reason that the performance is improving right now, I think, is the quality of companies that are finding their way into the private markets continues to improve over time as people become aware of it as a solution.

因此毫不奇怪，這正在吸引資本遠離傳統固定收益。我認為那裡的回報是持久的。我認為，目前業績不斷改善的原因是，隨著人們逐漸意識到進入私人市場是一種解決方案，進入私人市場的公司的品質也在不斷提高。

Number two, we're coming off of a vintage where equity contributions to levered capital structures are near record highs. And so the loan to value is a huge mitigant to potential loss. And so even if we begin to see deterioration in earnings, there's just so much equity subordination in these markets that I think it will dampen losses going forward. And so this expectation of increased credit loss I just don't expect.

第二，我們正處於股權對槓桿資本結構的貢獻接近歷史最高水準的時期。因此，貸款價值比可以大大減輕潛在損失。因此，即使我們開始看到獲利惡化，但這些市場中股權從屬關係如此之多，我認為這將抑制未來的損失。因此，我並不認為信貸損失會增加。

And the other thing I think people are beginning to appreciate, which is why people borrow privately, they come to the private market because they want to have a bilateral relationship with their lender so that if times are good and they're executing in a business plan, they can very quickly invest behind the business plan.

我認為人們開始意識到的另一件事是，為什麼人們會私下借貸，他們來到私人市場是因為他們希望與貸款人建立雙邊關係，這樣，如果情況良好，他們正在執行商業計劃，他們就可以很快地為該商業計劃進行投資。

And importantly, when times aren't good, they can sit with their lender and resolve any issue, whether that's amendments, waivers, capital contributions, loan modifications. And when you're in the public market, what typically happens is somebody comes in and accumulates loans or bonds at a discount to par and then tries to take your company away from you.

重要的是，當情況不妙時，他們可以與貸方坐在一起解決任何問題，無論是修正案、豁免、資本貢獻還是貸款修改。當你在公開市場時，通常會發生的情況是，有人進來並以低於票面價值的價格累積貸款或債券，然後試圖奪走你的公司。

There has been a structural shift in the market where borrowers want to be in the private market, and they want to stay in that market. And I think that's been a big part of the performance as well because you just have a lot more levers to pull to mitigate loss when you're in a bilateral situation. I do think that the duration of private credit capital, the fact that most private credit funds are unlevered or low levered has actually dampened volatility in the market generally. And so having gone through a fair amount of rate volatility, you just haven't seen the big drawdowns in the liquid markets either. I think that's because of the private markets.

市場發生了結構性轉變，借款人希望進入私人市場，並且希望留在該市場。我認為這也是業績表現的重要部分，因為當你處於雙邊關係時，你有更多的手段來減輕損失。我確實認為，私人信貸資本的持續時間，以及大多數私人信貸基金無槓桿或低槓桿的事實實際上抑制了整個市場的波動性。因此，在經歷了相當程度的利率波動之後，你也沒有看到流動性市場的大幅下跌。我認為這是因為私人市場。

There's also obviously the intervention of government balance sheets that's kind of helped stabilize the markets as well, but I do think that private credit is a big part of it. So look, I'm frankly -- I don't want to say looking forward to it to a good old-fashioned credit cycle, but I think that if we do get one, that's probably what we'll get.

顯然，政府資產負債表的干預也有助於穩定市場，但我確實認為私人信貸是其中很重要的一部分。所以，坦白說——我不想說期待一個好的老式信貸週期，但我認為，如果我們真的得到了一個信貸週期，那可能就是我們會得到的。

I think it will be an opportunity to demonstrate yet again that the asset class is durable and that we -- at kind of the top of the leaderboard can outperform when markets are tough. And so you never hope for it. But if it comes, I do think it's going to look like a good old-fashioned credit cycle that we haven't seen in a while.

我認為這將是一個機會，再次證明資產類別的持久性，並且當市場艱難時，我們——在排行榜的頂端可以表現出色。所以你永遠不會抱持這樣的希望。但如果它真的來了，我確實認為它會看起來像一個我們很久沒有見過的傳統信貸週期。

And I think that will start to show some dispersion in return and create an opportunity for further share gains and outperformance like we've demonstrated time and time again through other pockets of volatility.

我認為這將開始顯示出回報上的一些分散，並為進一步的股價上漲和優異表現創造機會，就像我們在其他波動領域一次又一次證明的那樣。

(Operator Instructions) Brian Bedell, Deutsche Bank.

（操作員指示）德意志銀行的 Brian Bedell。

Most of my questions have been asked and answered. Maybe just one on deployment in terms of AUM not yet paying fees, that continues to build up nicely. Just in terms of timeline, I think typically, it takes -- you kind of say it's like one to two years or more like 18 months or so to deploy that has -- given the potential for deployment to improve in the second half, does that accelerate that timeline? Or is it -- do you still think this is that kind of window on the credit side business?

我的大部分問題都已提出並得到解答。就 AUM 而言，也許只有一個部署尚未支付費用，但它仍在順利建立。就時間表而言，我認為通常需要 - 你說部署需要一到兩年或更長時間，例如 18 個月左右 - 考慮到下半年部署可能會有所改善，這是否會加快時間表？或者—您仍然認為這是信用業務的窗口嗎？

Yes. It's really interesting. We -- if you go back and look historically at dry powder versus deployment, it's almost been a one-to-one relationship. And so as we grow our capital base, we're able to grow our deployment. This goes back to the comment I made earlier that you want to have that tension between dry powder on the platform and the ability to invest. So I think we've always kind of said it could be 18 to 24 months, but the reality is the deployment has been roughly a year on dry powder.

是的。這真的很有趣。我們——如果你回顧一下歷史上乾火藥與部署之間的關係，你會發現它們幾乎是一對一的關係。因此，隨著我們資本基礎的成長，我們能夠擴大我們的部署。這又回到了我之前的評論，即你希望在平台上的乾火藥和投資能力之間建立一種張力。所以我認為我們總是說這可能需要 18 到 24 個月，但實際情況是部署已經花了大約一年的時間。

So if you look, for example, at AUM not yet earning fees of $105 billion right now and you look at kind of the LTM deployment that's been in and around that range, and that correlation has been pretty strong over the last five years.

因此，例如，如果您查看目前尚未賺取費用的 AUM 為 1050 億美元，並且查看一直處於該範圍內的 LTM 部署，並且這種相關性在過去五年中一直非常強。

So I think given the way that we're deploying, if you look at the deployment through the first half of the year, we're definitely on pace for that kind of number. And then obviously, the AUM will follow. But I think it's probably closer to a year than the typical 18 to 24 months that we've talked about in the past.

因此，我認為，考慮到我們的部署方式，如果你看一下今年上半年的部署情況，我們肯定會達到這樣的數字。顯然，AUM 也會隨之而來。但我認為它可能更接近一年，而不是我們過去談論的典型的 18 到 24 個月。

Thank you. I'm showing no further questions at this time. This will conclude our question-and-answer session. And I will now turn the call over to Mr. Arougheti for final remarks.

謝謝。我目前沒有其他問題。我們的問答環節到此結束。現在我將把電話交給阿魯蓋蒂先生，請他做最後的演講。

Great. Thank you. We don't have any other than to wish everybody a great end to the summer and look forward to catching up again next quarter. Thank you.

偉大的。謝謝。我們除了祝福大家夏天有個美好的結束並期待下個季度再次相聚之外別無他法。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 this conference call will be available through September 1, 2025, to domestic callers by dialing 1(800) 727-1367 and to international callers by dialing 1 (402) 220-2669. An archived replay will also be available on the webcast link located on the homepage of the Investor Resources section of our website. Goodbye.

女士們、先生們，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，可透過撥打 1(800) 727-1367 或撥打 1(402) 220-2669 收聽本次電話會議的存檔重播，有效期至 2025 年 9 月 1 日。我們網站投資者資源部分主頁上的網路廣播連結上也將提供存檔重播。再見。