Ares Management Corporation (ARES) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to the Ares Management Corporation's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on Friday, May 1, 2026.

各位早安。歡迎參加 Ares Management Corporation 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將於 2026 年 5 月 1 日（星期五）錄音。

I would now like to turn the call over to Mr. Greg Mason, Co-Head of Public Markets Investor Relations for Ares Management. Please go ahead, sir.

現在我想把電話交給 Ares Management 公開市場投資人關係共同主管 Greg Mason 先生。先生，請開始。

Good morning, and thank you for joining us today for our first quarter 2026 conference 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.

各位早安，感謝各位今天參加我們 2026 年第一季電話會議。今天與我一同出席的有我們的執行長 Michael Arougheti，以及我們的財務長 Jarrod Phillips。我們今天也有多位主管在場，將於問答環節提供回應。

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，我想提醒各位，本次電話會議中的評論包含前瞻性陳述，並受風險與不確定性影響，包括我們在向美國證券交易委員會（SEC）申報文件之風險因素中所列者。

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與前瞻性陳述有重大差異，且我們不承擔更新任何此類前瞻性陳述之義務。另請注意，過去績效不保證未來結果，本次電話會議中的任何內容均不構成出售要約或徵求購買 Ares 或任何 Ares 基金權益之要約。

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 first 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，我們將提及若干非 GAAP 財務衡量指標，不應將其孤立看待，亦不應作為依一般公認會計原則編製之衡量指標的替代。請參閱我們網站「投資人資源」專區所提供的第一季財報簡報，其中包含這些非 GAAP 指標與最直接可比 GAAP 指標之調節表。

Note that we plan to file our Form 10-Q later this month. This morning, we announced that we declared a quarterly dividend of $1.35 per share on the company's Class A and nonvoting common stock, representing an increase of over 20% over our dividend in the same quarter a year ago. The dividend will be paid on June 30, 2026, to holders of record on June 16.

請注意，我們計畫於本月稍晚提交 Form 10-Q。今天早上，我們宣布已宣告公司 A 類及無表決權普通股每股 1.35 美元的季度股利，較去年同期季度股利增加逾 20%。該股利將於 2026 年 6 月 30 日支付給 6 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 first quarter financial results.

現在我把電話交給 Mike，他將先就目前市場環境與我們第一季財務結果發表一些評論。

Thank you, Greg, and good morning. We hope everybody is doing well. In the first quarter, we continued to generate strong financial results and significant growth across our key financial metrics, and we're excited and confident about the opportunities ahead for our business. Our AUM increased 18% year-over-year to $644 billion, and our fee-paying AUM increased 19% to $400 billion. This is translating into strong top line growth and profitability as management fees increased 22% year-over-year.

謝謝你，Greg，各位早安。希望大家都一切順利。第一季我們持續繳出強勁的財務表現，並在關鍵財務指標上實現顯著成長；我們對公司未來的機會感到振奮且充滿信心。我們的資產管理規模（AUM）年增 18% 至 6,440 億美元，收取費用的 AUM 年增 19% 至 4,000 億美元。這正轉化為強勁的營收成長與獲利能力，管理費年增 22%。

FRE grew 26% and realized income increased 24%. We also continued to generate strong fund performance for our investors across an expanding array of investment strategies, which is helping to drive increased and more diversified investor demand across our firm.

FRE 年增 26%，已實現收益增加 24%。我們也持續在日益擴大的投資策略組合中，為投資人創造強勁的基金績效，這有助於推動公司投資人需求增加且更加多元化。

In fact, we are on track for another record year of fundraising as we raised $30 billion of gross capital in Q1, which is our highest ever first quarter and that's up 46% compared to last year's record first quarter. Our pipeline of new institutional funds remains robust for this year and next year with three of our largest institutional private credit funds in the market over the next 12 months, two of which have already launched with significant momentum.

事實上，我們正朝著再創募資紀錄的一年邁進：第一季我們募集了 300 億美元的總資本，為史上最高的第一季水準，且較去年創紀錄的第一季增加 46%。今年與明年的新機構型基金募資管線仍然強勁，未來 12 個月內我們將有三檔最大型的機構私募信貸基金在市場上，其中兩檔已推出並展現顯著動能。

Our institutional franchise remains strong. Three quarters of our $644 billion of AUM is comprised of institutional capital with 14% from publicly traded closed-end funds and other sources and just over 10% from Evergreen wealth products.

我們的機構業務平台仍然強勁。我們 6,440 億美元 AUM 中有四分之三來自機構資金，14% 來自公開交易封閉式基金及其他來源，略高於 10% 來自 Evergreen 常青型財富產品。

With nearly 1,700 investment professionals across more than 55 global offices, we operate one of the largest and most diversified origination platforms in private markets. This platform enables us to source differentiated investments throughout market cycles and to capture market share during periods of volatility. Even with the typical seasonal slowdown in the first quarter, which was further amplified by heightened geopolitical issues, our deployment was still over $32 billion across the firm, which was higher than the first quarter of last year.

我們在全球超過 55 個辦公室擁有近 1,700 名投資專業人士，營運著私募市場中規模最大且最多元的案源開發平台之一。該平台使我們能在各種市場循環中取得差異化投資機會，並在波動期間擴大市占。即便第一季通常有季節性放緩，且地緣政治議題升溫進一步放大影響，我們全公司部署資金仍超過 320 億美元，高於去年第一季。

As sponsors and business owners gain increasing comfort with the market backdrop, we're seeing our forward investment pipeline increased to a new record level with notable strength across European and US direct lending, alternative credit and infrastructure. The expansion of our platform is also driving new investment opportunities.

隨著贊助商與企業主對市場背景愈發安心，我們看到前瞻投資管線增至新的歷史高點，且在歐洲與美國直接放款、另類信貸與基礎建設方面表現尤為強勁。我們平台的擴張也正在帶來新的投資機會。

For example, over the past two years, we've added 14 new investment products and strategies, which now total $68 billion in AUM. These new additions to the platform enable us to continue to expand our global origination capabilities and help us define supply-demand imbalances and to deploy capital in high conviction areas.

例如，過去兩年我們新增了 14 項投資產品與策略，目前合計 AUM 達 680 億美元。這些平台新增項目使我們得以持續擴大全球案源開發能力，並協助我們辨識供需失衡，將資本部署於高信心領域。

Our available capital continues to expand on the back of our strong fundraising and it now stands at over $158 billion. As one of the largest institutionally-backed private credit providers globally, we believe that we have the most credit dry powder of any public player in the market totaling more than $100 billion. This sets us up well for continued growth in FPAUM as we invest in today's increasingly attractive market.

在強勁募資的帶動下，我們的可用資本持續擴大，目前已超過 1,580 億美元。作為全球規模最大的機構支持型私募信貸提供者之一，我們相信在所有上市同業中，我們擁有最多的信貸「乾粉」，總額超過 1,000 億美元。這使我們在當前愈發具吸引力的市場中投資時，能夠為收取費用的 AUM（FPAUM）持續成長奠定良好基礎。

Now let me dive into a few key drivers of our business, starting with fundraising. In short, we continue to see strong demand from institutional investors as many are seeking to take advantage of improving market conditions across private credit, real assets and secondaries. Institutional demand is broad-based, and we continue to see investors consolidating relationships with scaled platforms like Ares that can generate consistent performance across cycles.

接下來我將深入說明幾個業務的關鍵驅動因素，先從募資談起。簡而言之，我們持續看到機構投資人需求強勁，許多投資人希望把握私募信貸、實體資產與次級市場在市場環境改善下的機會。機構需求涵蓋面廣，同時我們也持續看到投資人將合作關係整合至像 Ares 這樣具規模的平台，因其能在不同循環中提供一致的績效。

Within our credit group, we raised over $20 billion in Q1, driven by strong demand across both drawdown funds and perpetual capital vehicles. In the first quarter, we held the final close for ASOF 3, our latest opportunistic credit fund, raising over $8.3 billion of equity commitments and nearly $10 billion, including related transaction vehicles.

在我們的信貸團隊方面，第一季募得超過 200 億美元，主要受惠於提領型基金與永久資本工具的強勁需求。第一季我們完成 ASOF 3（我們最新的機會型信貸基金）的最終募集，募得超過 83 億美元的股權承諾，若包含相關交易工具，總額接近 100 億美元。

ASOF 3 significantly exceeded its target and the size of the prior vintage. We believe that the timing of this raise is particularly compelling as the team is seeing a large pipeline of investment opportunities.

ASOF 3 大幅超越其目標規模，也超過上一期基金的規模。我們認為此次募資時點特別具吸引力，因為團隊正看到龐大的投資機會管線。

In January, we launched the third vintage of our alternative credit fund with a target of $6.5 billion. Our alternative credit strategy is where we invest across the multitrillion dollar addressable market and global asset-backed finance. Our prior alternative credit fund totaled $6.6 billion in capital, and the current fund is experiencing strong demand from existing and new institutional investors well in excess of the target. We expect to complete the fundraise in the second quarter at its hard cap as the fund is already meaningfully oversubscribed.

1 月，我們推出第三期另類信貸基金，目標規模為 65 億美元。我們的另類信貸策略聚焦於數兆美元規模的可投資市場與全球資產擔保融資領域進行投資。我們上一期另類信貸基金募集資本為 66 億美元，而本期基金正受到既有與新機構投資人強勁需求，遠超目標規模。由於基金已明顯超額認購，我們預期將於第二季以其硬上限完成募資。

In US direct lending, we're accelerating the launch of our fourth senior direct lending fund due to improving market conditions, which are offering enhanced economics, lower leverage and improved deal terms in US direct lending investments. And we anticipate a first close late third quarter or early fourth quarter of this year.

在美國直接放款方面，因市場環境改善，我們正加速推出第四期優先級直接放款基金；改善的市場環境為美國直接放款投資帶來更佳的經濟條件、更低的槓桿與更優的交易條款。我們預期今年第三季末或第四季初完成首次募集（first close）。

We also have some exciting structural enhancements to our main fund series, which we believe will benefit investors and enhance our fundraising capabilities and the strategy. In our third US senior direct lending fund, SDL III, we raised approximately $15.3 billion in equity commitments across both levered and unlevered sleeves in the fund against a $10 billion cover. The fourth vintage in the series will be a fully levered fund and we plan to launch a new unlevered Evergreen US senior direct lending core product.

我們也對我們主要基金系列進行了一些令人振奮的結構性強化，我們相信這將使投資人受益，並提升我們的募資能力與策略執行。在我們第三檔美國資深級直接放貸基金 SDL III 中，我們在基金內的槓桿與非槓桿兩個級別合計募集了約 153 億美元的股權承諾，對應 100 億美元的目標規模（cover）。該系列的第四個年度基金將為全槓桿基金，我們也計畫推出新的非槓桿常青（Evergreen）美國資深級直接放貸核心產品。

The two products will continue to invest together just like previous vintages, but will now provide investors with both a commingled and an evergreen opportunity. Like our third fund, we would expect this fourth fund series to also exceed its $10 billion cover.

這兩項產品將如同以往各期基金一樣持續共同投資，但現在將為投資人同時提供集合投資（commingled）與常青（evergreen）的投資機會。與我們第三檔基金相同，我們預期這第四檔基金系列也將超過其 100 億美元的目標規模（cover）。

In digital infrastructure, we're raising a global data center equity fund to take advantage of the multi-decade supply-demand imbalance as the hyperscalers drive demand for trillions of dollars of cloud and AI computing over the next five years, a significant portion of which will need to be solved by private equity and private credit.

在數位基礎設施方面，我們正在募集一檔全球資料中心股權基金，以把握在超大規模雲端服務商（hyperscalers）於未來五年推動對雲端與 AI 運算、規模達數兆美元需求之際，所造成的跨數十年的供需失衡；其中相當大一部分將需要由私募股權與私募信貸來解決。

Our digital infrastructure group, which includes our own vertically integrated operating platform, data infrastructure, has a differentiated position in the market, characterized by long-standing hyperscaler relationships, significant investment and development expertise and multiple seed projects in the pipeline and top tier markets. We expect to hold a significant first close for our global data center fund this summer.

我們的數位基礎設施團隊（包含我們自有的垂直整合營運平台——資料基礎設施）在市場上具備差異化定位，其特徵包括長期的 hyperscaler 合作關係、深厚的投資與開發專業能力，以及在一線市場中有多個種子專案正在管線中推進。我們預期將於今年夏天為我們的全球資料中心基金完成一筆具規模的首次關帳（first close）。

As many of you know, we operate one of the largest real estate platforms globally, and our scale continues to drive accelerating demand across our real estate funds. In the first quarter, our 11th US value-add fund closed at its increased hard cap of $3.1 billion in fund commitments and approximately $3.5 billion of total capital.

如各位所知，我們營運全球規模最大的房地產平台之一，而我們的規模持續推動對我們房地產基金的需求加速成長。第一季，我們第 11 檔美國增值型（value-add）基金以提高後的硬上限（hard cap）完成關帳，基金承諾額為 31 億美元，總資本約 35 億美元。

Similarly, our fifth Japan logistics development fund has seen very strong demand following the excellent performance of prior vintages. We expect to hold the first close this spring and ultimately reach the hard cap later this year. And in secondaries, we're back in the market with our third real estate secondaries fund and expect to first close in the back half of the year.

同樣地，受惠於前幾期基金的優異表現，我們第五檔日本物流開發基金也出現非常強勁的需求。我們預期將於今年春季進行首次關帳，並在今年稍晚最終達到硬上限。此外，在次級市場方面，我們以第三檔房地產次級基金重返市場，並預期於今年下半年完成首次關帳。

Within our wealth business, we had another strong quarter driven by accelerating demand in our six products outside of US private credit. In fact, we raised the same amount of gross and net equity capital of $4 billion and $3 billion, respectively, in the first quarter as we did in the fourth quarter of last year. On a year-over-year basis, our wealth AUM increased 54% to $68 billion. We believe that our diversified product offering is enabling us to gain market share as advisers broaden their focus away from US.

在我們的財富管理業務中，在美國私募信貸以外的六項產品需求加速帶動下，我們再度交出強勁的一季。事實上，我們第一季募集的股權資金總額與淨額分別為 40 億美元與 30 億美元，與去年第四季相同。以年增率計算，我們的財富管理 AUM 成長 54% 至 680 億美元。我們相信，多元化的產品組合正使我們在顧問將重心從美國轉向之際，得以提升市占率。

Private credit toward other alternative products like infrastructure, real estate and private equity. For example, during the first quarter, our core infrastructure fund raised $1 billion in equity subscriptions and now has over $3 billion of AUM and the fund just launched on its first major platform with its first capital raise on that platform closing today.

從美國私募信貸轉向其他另類產品，例如基礎設施、房地產與私募股權。例如，第一季我們的核心基礎設施基金募集了 10 億美元的股權認購，目前 AUM 已超過 30 億美元；該基金也剛在其第一個主要平台上架，並且該平台上的首次募資於今日完成關帳。

We're also seeing improving flows across our two non-traded REITs with more than $640 million of inflows in the quarter. and our European direct lending wealth products had equity flows of nearly $1.2 billion. Within US direct lending, equity flows into our non-traded BDC have moderated relative to prior periods, while fund performance and underlying credit fundamentals remain strong. Since inception, the non-traded BDC has generated an annualized return of over 10% for Class I shares.

我們也看到兩檔非交易型 REIT 的資金流入改善，本季流入超過 6.4 億美元；而我們的歐洲直接放貸財富管理產品股權資金流入接近 12 億美元。在美國直接放貸方面，流入我們非交易型 BDC 的股權資金相較先前期間有所降溫，但基金表現與底層信貸基本面仍然強勁。自成立以來，該非交易型 BDC 的 I 類股年化報酬率已超過 10%。

Notably, the majority of repurchase requests during the most recent quarter came from a limited number of family offices and smaller institutions in select regions and over 95% of our investors did not request redemptions.

值得注意的是，最近一季的大多數回購申請來自少數家族辦公室與特定地區的小型機構，而超過 95% 的投資人並未提出贖回申請。

It's important to remember that these vehicles are specifically designed to align liquidity with the underlying assets. For example, the non-traded BDC 5% quarterly repurchase framework approximates the natural repayments of a typical US direct lending portfolio.

重要的是要記得，這些投資工具是專為使流動性與底層資產相匹配而設計。例如，非交易型 BDC 每季 5% 的回購架構，大致相當於典型美國直接放貸投資組合的自然償還速度。

This repurchase framework is intended to provide access to attractively yielding illiquid assets while also mitigating against the risk of forced asset sales from heightened redemption requests. Finally, we believe that we're well positioned to continue to drive strong growth regardless of redemption activity in our key US.

此回購架構旨在讓投資人得以配置具吸引力收益率的非流動性資產，同時降低因贖回需求升高而被迫出售資產的風險。最後，我們相信，無論我們關鍵的美國

private credit vehicles. These two private credit wealth products account for approximately 4.5% of our overall fee paying AUM. While we believe it is a very unlikely scenario, if these two funds were to experience 5% quarterly redemptions for a full year with no gross inflows, we estimate that based on existing fund structures and redemption mechanics, it could impact our FPAUM by approximately 1% annually.

私募信貸投資工具的贖回活動如何，我們都具備持續推動強勁成長的良好條件。這兩項私募信貸財富管理產品約占我們整體計收費用 AUM 的 4.5%。雖然我們認為這是極不可能的情境，但若這兩檔基金在整整一年內每季出現 5% 的贖回且沒有任何總流入，我們估計在既有基金結構與贖回機制下，可能使我們的 FPAUM 每年約受影響 1%。

Considering that our FPAUM increased by over 19% in the past 12 months, and our current AUM not yet paying fees available for deployment represents another 19% of future growth in FPAUM, we would expect the impact of any redemption activity to be minimum. In reality, any deployment that would have gone to these non-traded vehicles will likely be taken up by other traded and institutional funds and SMAs with limited to no impact to our current year profitability.

考量到我們的 FPAUM 在過去 12 個月成長超過 19%，且目前尚未開始計費、可供部署的 AUM 亦相當於未來 FPAUM 成長的另一個 19%，我們預期任何贖回活動的影響將極為有限。實務上，原本可能配置至這些非交易型投資工具的資金部署，可能會由其他交易型與機構型基金以及 SMA 承接，對我們本年度獲利能力的影響有限甚至沒有影響。

On the investing side, overall deployment activity increased modestly compared to the first quarter of 2025, driven by real estate, alternative credit, European direct lending and private equity. The transaction market environment for US direct lending was slower in the first quarter as industry-wide deal count and middle market M&A declined by 41% in Q1 '26 versus Q1 '25 due to impacts from the Iran War and changing inflation and rate expectations.

在投資端，整體部署活動相較 2025 年第一季小幅增加，主要由房地產、另類信貸、歐洲直接放貸與私募股權所帶動。由於伊朗戰爭的影響以及通膨與利率預期的變化，2026 年第一季美國直接放貸的交易市場環境較為遲緩；相較 2025 年第一季，整體產業交易件數與中型市場併購（M&A）在 2026 年第一季下降 41%。

During slower periods, we often gain considerable market share due to our certainty of capital and broad sourcing capabilities and the first quarter was no exception. Over the past several weeks, we're beginning to see a pickup in new US direct lending transaction activity as market participants adjust to changing market conditions.

在市場較為清淡的期間，憑藉我們資金確定性與廣泛的案源能力，我們往往能取得可觀的市占率，而第一季也不例外。過去幾週，隨著市場參與者調整以因應變動的市場條件，我們開始看到美國直接放貸新交易活動回升。

As Jarrod will discuss later in the call, our investment portfolios are performing well and credit fundamentals remain positive. Of course, the broader market will see defaults, which will inevitably garner retention but we are not seeing signs of an impending default cycle, and we believe that private credit players are getting well compensated for the risks with enhanced economics.

如 Jarrod 稍後在電話會議中將討論的，我們的投資組合表現良好，信貸基本面仍然正向。當然，更廣泛的市場將出現違約，這不可避免地會引發關注，但我們未看到即將到來的違約循環跡象；我們也相信，私募信貸參與者透過更佳的經濟條件，已就相關風險獲得良好補償。

We have operated our US direct lending strategy for over 20 years. And looking at Ares BDC, Ares Capital Corporation, we've deployed and exited more than $70 billion in capital with an asset level realized gross IRR of 13% on all exited investments.

我們經營美國直接放貸策略已超過 20 年。以 Ares BDC（Ares Capital Corporation）為例，我們已部署並退出超過 700 億美元資本，所有已退出投資在資產層級的已實現總 IRR 為 13%。

In our view, the growth of the private credit asset class as part of a multi-decade structural evolution supported first by continued expansion of the private markets relative to the public markets. Secondly, it was driven by bank consolidation, the need for tight bank regulation given the dependence on federally insured deposits and the inherent asset liability mismatch and leverage in the banking system.

我們認為，私募信貸資產類別的成長是多十年結構性演進的一部分，首先受惠於私募市場相對於公開市場的持續擴張。其次，成長動能來自銀行業整併、在依賴聯邦存款保險存款的前提下對嚴格銀行監管的需求，以及銀行體系中固有的資產負債期限錯配與槓桿。

And lastly, the syndicated bank loan and high-yield markets have been focused on larger companies for decades, which has left a growing Voya for middle-market companies, which comprise about one third of our economy.

最後，聯貸銀行貸款與高收益市場數十年來一直聚焦於大型企業，這使得中型市場公司（約占我們經濟的三分之一）出現日益擴大的資金缺口。

The US private credit market, which is funded 75% or more by institutional investors serves as a stabilizing force in the economy when bank lending contracts or when the capital markets become constrained. For example, if you look over the last 25 years, US private credit has contracted once, which was over 10 years ago versus the banking sector, which has contracted 8x over the same period.

美國私募信貸市場（其中75%或以上資金來自機構投資人）在銀行放貸收縮或資本市場受限時，能在經濟中發揮穩定力量。例如，若回顧過去25年，美國私募信貸僅收縮過一次（發生在10多年前），相較之下，銀行業在同一期間收縮了8次。

Today, Ares has over $100 billion in available capital to invest in credit, and we estimate that the industry has over $500 billion of available capital, which is larger than the size of the entire non-traded BDC industry. While private credit has expanded at low double-digit rates over the past decade, this growth tracks in line with the growth of the $5 trillion private equity sector and other private market asset classes.

目前，Ares 擁有超過1,000億美元可用資本可投資於信貸，我們估計整個產業可用資本超過5,000億美元，規模大於整個非交易型 BDC 產業。雖然私募信貸在過去十年以低雙位數的速度擴張，但其成長與5兆美元的私募股權產業及其他私募市場資產類別的成長大致一致。

Also, the percentage of our economy's GDP funded by corporate credit, including private credit, bank C&I loans, syndicated bank loans and high-yield bonds has not changed over the past decade. This indicates that the growth of private credit is not increasing the amount of leverage credit in the economy and is providing more consistent funding throughout business cycles. Every loan funded by private credit with comparatively less fund or balance sheet leverage should reduce risk of volatility.

此外，我們經濟中由企業信貸所支撐的GDP占比（包含私募信貸、銀行商業與工業貸款（C&I）、聯貸銀行貸款及高收益債券）在過去十年並未改變。這顯示私募信貸的成長並未提高經濟中的槓桿信貸總量，反而在不同景氣循環中提供更一致的資金來源。每一筆由私募信貸提供、且相對使用較少基金或資產負債表槓桿的貸款，都應能降低波動風險。

Software is a topic that's rightfully drawing a lot of attention, but there seems to be confusion on how to distinguish between software exposures and different software companies. Senior debt is much more protected from downside risks than equity in the capital structure and individual software companies have varying degrees of potential AI disruption risks and opportunities.

軟體確實是備受關注的主題，但市場似乎對如何區分軟體曝險與不同軟體公司存在混淆。在資本結構中，優先債務相較於股權更能抵禦下行風險，而不同軟體公司面臨AI顛覆風險與機會的程度也各不相同。

In the traded loan markets, we're seeing a bifurcation in the prices of software loans between the potentially less and more impacted companies. For example, we've tracked a basket of companies focused on core operational software, systems of record and highly regulated markets where their loans have traded down 2% on average year-to-date to 98.99 versus another basket of software companies primarily focused on content generation, data analysis or productivity tools where their loans have declined 24% on average year-to-date and now trade below 65.

在交易型貸款市場中，我們看到軟體貸款價格在可能受影響較小與較大的公司之間出現分化。例如，我們追蹤一籃子聚焦於核心營運軟體、系統紀錄（systems of record）以及高度監管市場的公司，其貸款年初至今平均下跌2%，至98.99；相較之下，另一籃子主要聚焦於內容生成、資料分析或生產力工具的軟體公司，其貸款年初至今平均下跌24%，目前交易價格已低於65。

As we've discussed in the past, Ares' software exposure, which is 6% of overall AUM and less than 8% of our AUM in private credit is focused on senior lending, primarily to software companies and the former basket serving the core operations of complex businesses in regulated industries with proprietary data.

如我們先前所述，Ares 的軟體曝險占整體AUM的6%，且在私募信貸AUM中不到8%；我們的曝險以優先放款為主，主要投向軟體公司，並偏向前述第一籃子：為受監管產業中具專有資料的複雜企業提供核心營運服務的公司。

As you may have heard from the Ares Capital call earlier this week, we engaged one of the top three global management consulting firms to supplement our own internal analysis of our software-oriented portfolio. They conducted a nine week independent and detailed review of the potential forward-looking AI risk in our software-oriented portfolio companies.

如同你們本週稍早在 Ares Capital 電話會議中所聽到的，我們聘請了全球前三大的管理顧問公司之一，以補充我們內部對軟體導向投資組合的分析。他們針對我們軟體導向投資組合公司未來可能面臨的AI風險，進行了為期九週、獨立且深入的檢視。

And the study also included our relatively lower software exposure in our European direct lending portfolio. The study created each company on a spectrum base of risk characteristics and concluded that our software-oriented portfolio is very well positioned with 86% of the portfolio with low risk of potential AI disruption. Approximately 13% of the portfolio was classified as medium risk.

該研究也納入了我們在歐洲直接放款投資組合中相對較低的軟體曝險。研究依各公司風險特徵建立風險光譜，並得出結論：我們的軟體導向投資組合配置非常良好，其中86%的投資組合屬於AI顛覆潛在風險較低。約13%的投資組合被歸類為中度風險。

These companies are performing well today but have a greater need and an opportunity to adapt AI risks in their business and only 1% of the portfolio was categorized as having high risk of AI disruption. If the consultants framework, which aligns with our own rigorous underwriting views, proves directionally correct, the portion of our software exposure that is medium to high risk represents less than 2% of our US and European direct lending AUM and well under 1% of our total firm-wide AUM.

這些公司目前表現良好，但在其業務中更需要、也有機會因應AI風險；而僅有1%的投資組合被歸類為AI顛覆高風險。若顧問的框架（與我們自身嚴謹的承銷觀點一致）在方向上證明正確，則我們軟體曝險中屬於中度至高度風險的部分，占我們美國與歐洲直接放款AUM的比例不到2%，占全公司總AUM更遠低於1%。

And lastly, before turning the call over to Jarrod, I wanted to highlight the successful IPO last week of X-Energy, which is a small modular nuclear reactor company. In 2022, we identified X-Energy as a revolutionary company through our first SPAC, Ares Acquisition Corp [one].

最後，在把電話會議交給 Jarrod 之前，我想強調上週 X-Energy（小型模組化核反應爐公司）成功完成IPO。在2022年，我們透過第一檔SPAC——Ares Acquisition Corp[one]——將 X-Energy 辨識為一家具革命性的公司。

As we approach the leaseback process in the fall of '23, high inflation and rapidly rising interest rates impacted market conditions for the transaction. We chose to support X-Energy in a private transaction and the company continued to execute its strategy including receiving support from strategic investors like Amazon.

當我們在23年秋季接近租回（leaseback）流程時，高通膨與利率快速上升影響了該交易的市場條件。我們選擇以私下交易支持 X-Energy，而公司也持續執行其策略，包括獲得像亞馬遜等策略投資人的支持。

Last week, X-Energy completed its IPO that was meaningfully oversubscribed raising over $1 billion at a 20% premium to the high end of the proposed range and represented the largest equity offering ever for a nuclear company. The cost basis of our balance sheet investment is a little over $100 million. And based on the recent trading price of the stock, our current fair value net of employee compensation is close to $700 million. We're super excited to celebrate this significant milestone with our partners at X-Energy.

上週，X-Energy 完成IPO，認購明顯超額，募資超過10億美元，定價較擬議區間上緣溢價20%，並創下核能公司史上最大規模的股權發行。我們資產負債表投資的成本基礎略高於1億美元。依據近期股價交易水準，扣除員工薪酬後，我們目前的公允價值接近7億美元。我們非常興奮能與 X-Energy 的合作夥伴一同慶祝這個重要里程碑。

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

接下來，我把電話會議交給 Jarrod，請他提供我們財務結果的更多細節。Jarrod？

Thanks, Mike. Good morning, everyone. Our financial results in the first quarter demonstrate the strength, durability, diversification of our platform with continued strong growth across our key financial metrics. Importantly, these results reinforce what we believe is one of the defining characteristics of our business model, which is our ability to continue growing often faster through periods of market dislocation, given our FRE rich earnings profile, balance sheet late strategy, the diversity of our AUM and investment strategies and the scale of our global platform.

謝謝，Mike。各位早安。我們第一季的財務結果展現了平台的強勁、韌性與多元化，關鍵財務指標持續強勁成長。更重要的是，這些結果再次印證我們認為商業模式的一項關鍵特徵：在市場錯位期間，我們往往能持續成長、甚至成長更快；這得益於我們以FRE為主的獲利結構、資產負債表相關策略、AUM與投資策略的多樣性，以及全球平台的規模。

As we look ahead, we remain confident that we're on track to meet our financial objectives for the year. We continue to benefit from a large base of AUM is not yet paying fees, strong fundraising momentum, especially in institutional channel and improving conditions for our deployment across a broader set of strategies.

展望未來，我們仍有信心按計畫達成今年的財務目標。我們持續受惠於一大部分尚未開始收取費用的AUM、強勁的募資動能（尤其在機構通路），以及在更廣泛策略範圍內部署資金的條件正在改善。

We believe the combination of long-duration capital, flexible investment mandates, significant dry powder an asset-light balance sheet and a management fee-centric model positions us well to navigate a range of market environments while continuing to drive growth in earnings over time.

我們相信，長久期資本、彈性的投資授權、可觀的乾粉、輕資產的資產負債表，以及以管理費為核心的模式之組合，使我們能在各種市場環境中良好應對，同時隨時間推進持續帶動獲利成長。

Turning to our results. Quarterly management fees exceeded $1 billion for the first time in our firm's history and increased 22% compared to the prior year period. This growth continues to be driven by expansion in FPAUM, which increased 19% year-over-year due to strong underlying fundraising and deployment activity across the platform. Fee-related performance revenues totaled $20 million in the quarter, which were driven by APMF. As a reminder, the timing of FRPR varies by fund and investment strategy.

接著談我們的業績。季度管理費首次在公司歷史上突破10億美元，較去年同期成長22%。此成長持續由FPAUM擴張所帶動；FPAUM年增19%，反映平台各策略強勁的募資與資金部署活動。本季與費用相關的績效收入（fee-related performance revenues）合計2,000萬美元，主要由APMF帶動。提醒一下，FRPR的認列時點會因基金與投資策略而異。

Within credit, we typically recognize FRPR from our alternative credit strategy in the third quarter, with most of the remaining credit strategies recognized in the fourth quarter. In real estate, FRPR has concentrated in the fourth quarter while APMS and certain other perpetual vehicles generate FRPR on a more recurring quarterly basis.

在信貸業務中，我們通常於第三季認列替代信貸策略的FRPR，其餘多數信貸策略則在第四季認列。在不動產業務中，FRPR主要集中於第四季；而APMS及某些其他永續型工具則以較為經常性的季度基礎產生FRPR。

Fee-related earnings were $464 million in the quarter, increasing 26% year-over-year. Our FRE margin expanded 90 basis points year-over-year to 42.4%. These results reflect our ability to drive operating leverage as we scale.

本季與費用相關的收益為4.64億美元，年增26%。我們的FRE利潤率較去年同期擴大90個基點至42.4%。這些結果反映出我們在規模擴張的同時，具備推動營運槓桿的能力。

We continue to have good visibility in the margin expansion for the full year towards the high end of our targeted range, driven by a number of factors, including continued efficiencies from the GCP integration, the data center business slipping from the negative to a positive FRE contributor with new global digital infrastructure fund paying on committed capital and our expectations for continued strong growth in AUM and FPAUM from deployment.

我們對全年利潤率擴張、朝向目標區間高端的進展仍具良好能見度，這主要由多項因素驅動，包括GCP整合帶來的持續效率提升、資料中心業務在新的全球數位基礎建設基金按承諾資本開始計費後，從FRE的負貢獻轉為正貢獻，以及我們對因投資部署而帶動AUM與FPAUM持續強勁成長的預期。

Turning to performance income. We generated $75 million in realized net performance income, an 84% increase over the year ago period. Interest expense increased to $51 million due to normal increased Q1 seasonality. Additionally, interest income should remain around the Q1 level going forward. Realized income for the quarter was $503 million, representing growth of 24% year-over-year.

接著談績效收入。我們實現的淨績效收入為7,500萬美元，較去年同期成長84%。由於第一季季節性正常上升，利息費用增加至5,100萬美元。此外，利息收入未來應會大致維持在第一季水準。本季已實現收入為5.03億美元，年增24%。

And after-tax realized income per share was $1.24, up 14% compared to the prior year period. Our tax rate in the quarter totaled 13.5%. The just above the midpoint of our 11% to 15% expected range for the year, in line with where we'd expect the rate to be for the remainder of the year.

稅後每股已實現收入為1.24美元，較去年同期成長14%。本季稅率合計為13.5%。略高於我們全年預期11%至15%區間的中點，符合我們對今年剩餘期間稅率水準的預期。

As Mike stated, our fund performance remains strong across the platform. Over the last 12 months, we generated time-weighted returns of approximately 12% to 15% in US direct lending strategies, 15% in alternative credit, 12% in opportunistic credit, 9% in European direct lending and over 20% in APAC credit. We continue to see strong fundamental performance in our funds. When we look across private and public private markets, nothing we're observing suggests we are at or near a turn in the credit cycle.

如Mike所述，我們的平台各項基金表現依然強勁。過去12個月，我們在美國直接放貸策略的時間加權報酬約為12%至15%，替代性信貸為15%，機會型信貸為12%，歐洲直接放貸為9%，亞太信貸則超過20%。我們持續看到基金基本面表現強勁。當我們檢視私募與公開市場（含私募與公開的信貸市場）時，目前觀察到的情況並未顯示我們正處於或接近信貸循環的轉折點。

Across our direct lending portfolios, we're seeing continued near 10% EBITDA growth. Loan-to-value ratios in the mid-40% range as private equity funds continue to fund new transactions with majority in equity and improving interest coverage ratios of 2.2 times. Nonaccrual ratios are well below historical norms, and we're generating financing -- and we're generally financing much larger, more resilient businesses today versus past manages.

在我們的直接放貸投資組合中，我們持續看到接近10%的EBITDA成長。在私募股權基金持續以股權為主為新交易提供資金的情況下，貸款價值比（LTV）維持在40%中段區間，利息保障倍數改善至2.2倍。不計息（nonaccrual）比率遠低於歷史常態，而且我們正在提供融資——且整體而言，相較於過去所管理的投資組合，我們如今所融資的企業規模更大、韌性更強。

The relatively small number of credit issues we see are company specific rather than indicative of broader trends. And we're not seeing any credit deterioration broadly within software as we have only one software company on nonaccrual.

我們看到的相對少數信貸問題多屬個別公司因素，而非反映更廣泛的趨勢。此外，我們並未看到軟體產業整體出現信貸惡化，因為我們只有一家軟體公司處於不計息狀態。

Within Real Assets, our diversified non-traded REIT has generated a total return of approximately 12% over the last 12 months. Our infrastructure debt strategy produced gross returns of approximately 9% in the last 12 months. In secondaries, APMF has generated a since inception net return of over 14%, while our primary private equity strategies continue to deliver strong performance with net returns of approximately 15% in ACOF VI. Overall, these results reflect the breadth and consistency of our investment performance across strategies and continue to be a key differentiator for Ares as we look to drive long-term growth in AUM and earnings.

在實體資產方面，我們多元化的非交易型REIT在過去12個月的總報酬約為12%。我們的基礎建設債務策略在過去12個月的總報酬約為9%。在次級市場方面，APMF自成立以來的淨報酬超過14%，而我們的主要私募股權策略亦持續交出強勁表現，ACOF VI的淨報酬約為15%。整體而言，這些結果反映我們在各策略上的投資表現具備廣度與一致性，並在我們推動Ares長期AUM與獲利成長的過程中，持續成為關鍵差異化因素。

In conclusion, for the year 2026, we're on track with our longer-term goals of generating compound annual growth of 16% to 20% in FRE, 20% to 25% in realized income and 20% in dividends. We anticipate continued FRE margin expansion, and we expect to be within the upper end of our 0 to 150 basis point annual target this year.

總結而言，針對2026年，我們正按計畫朝向長期目標邁進：FRE複合年成長16%至20%、已實現收入複合年成長20%至25%，以及股利成長20%。我們預期FRE利潤率將持續擴張，並預期今年將落在我們每年0至150個基點目標的上緣區間。

We're on track for another record year of fundraising, and our expansive origination platform, record levels of dry powder and flexible capital positions us for strong deployment even in uncertain markets.

我們正朝向再創募資紀錄的一年邁進，而我們廣泛的案源平台、創紀錄水準的乾粉（未投資資金）以及彈性的資本，使我們即使在不確定的市場中也能進行強勁部署。

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

接下來我把電話交回給Mike，請他做結語。

Thanks, Jarrod. As we step back and reflect on the events of the first quarter, we believe one of the most important takeaways is the continued strength and resilience of our institutional fundraising franchise. Last week, we held our Global Annual Meeting for our institutional investors. We welcomed over 1,100 attendees from across the world to both highlight the breadth and depth of Ares' investment platform and to expand and deepen relationships with our largest investors.

謝謝你，Jarrod。當我們回顧第一季的各項事件時，我們認為最重要的收穫之一，是我們機構募資業務持續展現的強勁實力與韌性。上週，我們為機構投資人舉辦了全球年度會議。我們迎來來自世界各地超過1,100位與會者，藉此凸顯Ares投資平台的廣度與深度，並拓展且深化與最大型投資人的關係。

We continue to see enthusiastic engagement from large, sophisticated investors who are allocating capital with a long-term perspective and are increasingly consolidating relationships with scale managers that can deliver across strategies and cycles. That demand has remained consistent despite the recent market noise. And in many cases, we're seeing investors lean in, given the improving opportunity set.

我們持續看到大型且成熟的投資人熱烈參與；他們以長期視角配置資本，並日益將合作關係整合至具規模、能跨策略與跨循環交付成果的管理人。儘管近期市場雜音不斷，這股需求仍維持一致。而在許多情況下，隨著機會集合改善，我們也看到投資人更積極加碼。

I think it's noteworthy that we continue to exceed our fundraising targets in most of our flagship fundraises. And in many cases, we're getting to the hard cap in a shorter amount of time than in prior vintages. We also believe that the current environment is setting up very well for enhanced deployment. Periods of uncertainty tend to create more attractive investment terms and risk-adjusted returns, and we're already seeing a broader set of opportunities across credit, real assets and secondaries.

值得注意的是，我們在多數旗艦基金募資中持續超越募資目標。而且在許多情況下，我們達到硬上限（hard cap）的速度比以往期次更快。我們也認為目前環境非常有利於提升投資部署。不確定時期往往會帶來更具吸引力的投資條款與風險調整後報酬，而我們已在信貸、實體資產與次級市場看到更廣泛的機會。

Given the ongoing impacts from geopolitical issues and certain redemptions in retail-focused funds, the current environment is offering wider spreads, higher fees and better terms. With over $150 billion of available capital and a highly diversified patient platform, we're well positioned to take advantage of these conditions and deploy capital at more attractive risk-adjusted returns.

鑑於地緣政治議題的持續影響，以及零售導向基金中的部分贖回，目前環境正提供更寬的利差、更高的費用與更佳的條款。憑藉超過1,500億美元的可用資本，以及高度多元且具耐心的投資平台，我們具備良好條件把握這些情勢，以更具吸引力的風險調整後報酬部署資本。

Importantly, our business model continues to provide us with a high degree of diversification, stability and flexibility. We operate leading businesses across an array of global credit, real estate, infrastructure, secondaries and PE strategies, our earnings are driven by management fees supported by long duration capital and complemented by performance income that we believe will continue to grow over time.

重要的是，我們的商業模式持續為我們提供高度的多元化、穩定性與彈性。我們在全球信貸、不動產、基礎建設、次級市場與私募股權等多元策略領域經營領先業務；我們的獲利主要由管理費驅動，並由長久期資本支持，同時搭配我們相信將隨時間持續成長的績效收入。

This combination enables us to remain patient and opportunistic while continuing to generate durable growth in earnings. We're excited about the many levers that we have for profitable growth. and our ability to continue driving long-term shareholder value.

這樣的組合使我們能在持續創造具韌性的獲利成長之際，保持耐心並把握機會。我們對多項可用來推動獲利成長的槓桿感到振奮，以及我們持續推動長期股東價值的能力。

I remind everyone that Ares experienced its two fastest periods of growth during the GFC and COVID, as we're able to leverage our competitive advantages to consolidate share and as our institutional investors increase their allocations to us to take advantage of improving returns in choppy markets.

我也提醒大家，Ares在全球金融危機（GFC）與COVID期間經歷了兩段最快速的成長期，因為我們能運用競爭優勢來整合市占，同時機構投資人也提高對我們的配置，以把握震盪市場中改善的報酬機會。

As always, I want to thank our employees around the world for their continued hard work and dedication, and I want to thank our investors for their ongoing support and confidence in our platform.

一如既往，我要感謝全球各地的員工持續的努力與投入，也要感謝投資人對我們平台的持續支持與信心。

And with that, operator, could you please open the line for questions?

那麼，接線員，能否請您開放提問？

(Operator Instructions)

（接線員指示）

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

So unit strong fundraising quarter in the credit platform. And that's despite a deceleration in two of your newer retail funds that, as you said, only represent 5% of AUM.

所以在信貸平台方面，本季募資表現強勁。即便你們兩檔較新的零售基金募資放緩——如你所說，這兩檔僅占資產管理規模（AUM）的 5%。

So I'm curious if you can provide some perspective on the evolving demand dynamics between the institutional channel, the insurance channel and also the retail channel within private credit.

因此我想請你談談，在私募信貸領域中，機構通路、保險通路以及零售通路之間，需求動態如何演變？

Sure. Thanks for the question, Craig. I'm going to step back and just contextualize the answer with some things that I've talked to you about and others on the line, which is -- when you think about how the private credit market has been evolving and how Ares has chosen to participate in it, folks remember, we actually started in private credit with Ares Capital Corporation, a traded BDC.

當然。謝謝你的問題，Craig。我先退一步，先用一些我之前跟你以及線上其他人談過的內容來鋪陳背景：當你思考私募信貸市場如何演進，以及 Ares 選擇如何參與其中時，大家會記得，我們其實是從 Ares Capital Corporation（ARCC）——一家上市交易的 BDC——開始進入私募信貸的。

And as we referenced on the call, obviously, that entity has a substantial public track record through cycles. And if you look at the 21-year plus track record there, the return coming out of ARCC has beaten the S&P 500, the syndicated bank loan market, the high-yield bond market and probably most anything else that people have invested in.

正如我們在電話會議中提到的，顯然該實體在不同景氣循環中擁有相當可觀的公開績效紀錄。如果你看那裡超過 21 年的績效紀錄，ARCC 的報酬表現優於標普 500、聯貸銀行貸款市場、高收益債市場，可能也勝過人們投資過的大多數其他資產。

It's a wonderful, wonderful company and a wonderful structure. But what we learned was that because of the ebbs and flows, particularly within the retail market, it was challenging to take full advantage of cycles when they developed only in that traded BDC fund structure.

那是一家非常、非常出色的公司，也是非常好的架構。但我們學到的是，由於起伏波動，特別是在零售市場之內，若只依賴那種上市 BDC 基金架構，當景氣循環出現時，要充分把握其機會是有挑戰的。

And so we launched in earnest our institutional fund platform with the SDL and A Series, which have obviously scaled with similarly strong performance and watching those two work together, what you learn is, a, diversification of funding is critically important to navigate cycles and drive that performance.

因此我們正式推出機構基金平台，包括 SDL 與 A 系列；這些基金顯然已在同樣強勁的績效下擴大規模。觀察這兩者如何協同運作後，你會學到：第一，資金來源的多元化對於穿越景氣循環並推動績效至關重要。

But also the ability to have those funds working hand in hand is performance-enhancing for both funds, given our ability to continue to invest into the franchise, drive new originations, have the dry powder to support our best performing companies, et cetera, et cetera. So you kind of need both.

此外，讓這些基金手牽手運作，對兩檔基金的績效都有加乘效果，因為我們能持續投資於整個平台、推動新的案源、保有乾粉以支持我們表現最好的公司，等等等等。所以你某種程度上兩者都需要。

And then we got into this world where wealth was developing, and we were actually last in our space to come into the market in earnest just given some of the learnings that we had, and we've talked about this before, kind of the procyclicality of flows sometimes within that channel, both good and bad. And so we've been very measured as we've thought about how to build the fund complex to capture the full complement of opportunities across the cycle within traded, non-traded and institutional.

接著我們進入財富管理（wealth）這個世界；而在我們的同業中，我們其實是最後一批真正大舉進入市場的，原因是我們先前的一些學習——我們以前也談過——也就是該通路的資金流有時具有順週期性（procyclicality），有好也有壞。因此我們在思考如何打造基金組合、以在景氣循環中完整掌握機會（涵蓋上市、非上市與機構）時，一直非常審慎。

But what we've always tried to articulate is the assets are the same, and I said this in the prepared remarks. So if we originate a senior secured loan, and we have availability of capital in each of those three pools, each of those three pools will get to participate. So not surprisingly, if you are beginning to see slowing inflows or increased redemptions in the non-traded part of our business, that does not detract from our global deployment opportunity.

但我們一直試圖闡明的是：底層資產是相同的，我在事先準備的發言中也提到這點。所以如果我們承作一筆第一順位擔保貸款，而我們在這三個資金池（pool）中都有可用資本，那麼這三個資金池都能參與。因此並不意外地，如果你開始看到我們非上市業務的資金流入放緩或贖回增加，這並不會削弱我們在全球的資金部署機會。

And those assets will find their ways into other funds and therefore, will not have an impact on our profitability.

這些資產會流向其他基金，因此不會對我們的獲利能力造成影響。

Insurance is something slightly different. I think it's important that we talk about it separately because 90% plus of insurance company's balance sheet is investment grade rated and high grade. And I do think it is exciting to talk about the growth of the private high-grade market, but it is a different asset class in many respects from the traditional private credit and sub-investment-grade credit market.

保險則稍有不同。我認為我們需要把它分開討論，因為保險公司資產負債表中 90% 以上是投資級評等與高評等資產。我確實認為談論私募高評等市場的成長很令人振奮，但在許多面向上，它與傳統私募信貸以及非投資級信貸市場是不同的資產類別。

And so when you think about the demand, I think you have to think about in terms of not just the channels, Craig, but also high grade versus sub-investment grade. What I can tell you is if you look at our $20 billion of capital, I think it is absolutely indicative of what's happening in the market.

因此當你思考需求時，我認為不僅要從通路來看，Craig，也要從高評等（high grade）與非投資級（sub-investment grade）的角度來看。我可以告訴你的是，如果你看我們 200 億美元的資本，我認為這完全反映了市場正在發生的事情。

We raised $20 billion of capital in our credit strategies in the quarter, $5 billion of which was in wealth. And if you break down that $5 billion in wealth further $3 billion was in our two US direct lending funds, and about $2 billion was actually in our European direct lending fund and our sports media and entertainment fund, which we would characterize as a quasi private credit product.

本季我們在信貸策略募得 200 億美元資本，其中 50 億美元來自財富管理通路。若再進一步拆解這 50 億美元，其中 30 億美元來自我們兩檔美國直接放貸基金，約 20 億美元則來自我們的歐洲直接放貸基金，以及我們的運動、媒體與娛樂基金；我們會將後者視為一種準私募信貸（quasi private credit）產品。

Those two, Europe and SME, are actually enjoying very strong gross and net inflows as well despite the noise in US private credit. And as I referenced on the call, we're seeing our third vintage of opportunistic credit fund ASOF hit its hard cap. We're seeing our third vintage of our ABS fund hit its hard cap and be meaningfully oversubscribed. We talked about the early momentum that we see in the next vintage of our senior direct lending fund.

這兩塊——歐洲與 SME——即便美國私募信貸有雜音，仍同樣享有非常強勁的總（gross）與淨（net）資金流入。而如我在電話會議中提到的，我們看到第三期（third vintage）的機會型信貸基金 ASOF 達到其硬上限（hard cap）。我們也看到第三期的 ABS 基金達到硬上限，且出現顯著超額認購。我們也談到下一期資深直接放貸基金所展現的早期動能。

So everything we're seeing on the ground is that the institutional investor is not anxious. They're not allocating away from private credit. In fact, I think they're looking at this as a huge opportunity to take advantage of a bizarre dislocation and bring liquidity into the market to capture excess return.

所以我們在第一線看到的一切都顯示，機構投資人並不焦慮。他們沒有把配置從私募信貸撤出。事實上，我認為他們把這視為一個巨大機會：利用一個異常的錯位（dislocation），把流動性帶入市場，以捕捉超額報酬。

So I apologize for the long answer there, craig, but I do think it's important that we all get the habit of not just talking about private credit is one thing or one channel. And we've been -- get a little bit more granular in terms of what we're seeing and what it's telling us. So thanks for the question.

所以抱歉我回答得有點長，Craig，但我確實認為重要的是，我們要養成習慣：不要只把私募信貸當成單一事物或單一通路來談。而我們也一直——更細緻地（more granular）說明我們看到什麼，以及這些現象在告訴我們什麼。所以謝謝你的提問。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I was hoping we can dig a little bit more into your comments around deployment pipelines increasingly, I think you made a point that they're currently at a record in the credit card business. So I was hoping you could expand maybe which parts of the credit business, you see the biggest incremental pickup in your deployment opportunities?

我希望能更深入探討你對部署管線（deployment pipelines）的評論；你似乎提到目前在信貸業務中，管線處於歷史新高。所以我想請你擴充說明：在信貸業務的哪些部分，你看到部署機會的增量提升最明顯？

How the market has really evolved in the last several months, especially considering that the non-traded BDCs in the evergreen vehicles, for the most part, been kind of the incremental buyer in the last few years and how that might change the market structure and the spreads you currently see available in the states?

另外，考量到過去幾年非上市 BDC 的常青型載具（evergreen vehicles）在很大程度上一直是邊際買方（incremental buyer），而這種情況可能如何改變市場結構，以及你目前在美國看到可取得的利差（spreads）會如何變化？

Thanks for the I would just comment, Alex, I don't know that they are the incremental buyer. I think if you -- you look at the market structure whether you include certain portions of high-grade private credit or exclude what you'll see is that the non-traded BDCs in aggregate, just not new flows, but AUM is somewhere between 15% and 20% of the overall private credit market.

謝謝——我只想評論一下，Alex，我不確定它們是邊際買方。我認為如果你——你看市場結構，不論你把私募高評等信貸的某些部分納入或排除，你會看到非上市 BDC 合計（不只是新增資金流，還包括 AUM）大約占整體私募信貸市場的 15% 到 20%。

And obviously, because they don't operate with a significant amount of dry powder. I actually think when you were to look at the net flows into non-traded BDCs relative to aggregate dry powder in the institutional market. I don't actually think that they were the incremental buyer which goes back to our point earlier, just about the deployment opportunity that this creates.

而且顯然，因為它們並不以大量乾粉運作。我其實認為，若你把流入非上市 BDC 的淨資金流，與機構市場的總乾粉相比。我不認為它們是邊際買方——這也回到我們先前的觀點：這正是它所創造的部署機會。

In terms of the pipeline, it was interesting because the diversification of the platform really shined through in the quarter. We saw really strong deployment in our infra and real estate businesses. Our European direct lending business, very strong deployment. Secondaries and structured Solutions, very strong.

就案源管線而言，這一季很有意思，因為平台的多元化真正展現出來。我們在基礎建設與不動產業務看到非常強勁的投放。我們的歐洲直接放貸業務投放也非常強勁。次級市場與結構性解決方案同樣非常強勁。

ABF, we saw a little bit of a slowdown in the US direct lending part of the business. I think that's more reflective of what's happening in middle market M&A in the private equity market as they digest the warning on and what the indication is for inflation and the rate backdrop.

ABF 方面，我們看到美國直接放貸這一塊的業務稍微放緩。我認為這更多反映了私募股權市場中中型市場併購（M&A）的情況：大家在消化警訊，以及通膨與利率環境所釋放的訊號。

But as Kort said on the ARCC call, at least over the last number of weeks, we've seen people pick their pencils back up and the pipeline is reengaged. And so as we saw last year, I think there's a strong possibility that the deployment will pick up in that part of the market pretty aggressively as we head into the back half of the year.

但正如 Kort 在 ARCC 電話會議上所說，至少在過去幾週，我們看到大家又開始重新動筆，案源管線也重新啟動。因此，如同我們去年看到的情況，我認為很有可能在進入下半年時，該市場這一部分的投放會相當積極地回升。

It's been pretty broad-based, which is part of the value of having the global diversification that we have. If there is one theme that I would point out that's accelerating, it's this idea of liquidity generated opportunity, meaning there's a lot of companies in the public and private markets.

整體來看相當廣泛，這也是我們擁有全球多元化配置所帶來的價值之一。如果要指出一個正在加速的主題，那就是「流動性所催生的機會」：也就是在公開與私募市場中有大量公司。

But either because of the rate environment or flows are going to need to seek creative liquidity solutions through opportunistic credit, secondaries and even direct lending and recap solutions that I think are going to drive some pretty significant deployment. So we're pretty excited about the setup here, Alex. And I'd say that pretty much every investment team is incredibly active right now.

但不論是因為利率環境或資金流向，它們都需要透過機會型信貸、次級市場，甚至直接放貸與資本重整（recap）等方式，尋求具創意的流動性解決方案；我認為這將帶動相當可觀的投放。所以我們對目前的布局非常興奮，Alex。而且我會說，幾乎每個投資團隊現在都非常活躍。

Steven Chubak, Wolfe Research.

Wolfe Research 的 Steven Chubak。

So one thing to double-click into some of the comments on retail, while non-traded BDC flows have come under pressure, flows and other products, which you alluded to, Mike, such as infrastructure secondaries have been much more resilient. Some of the flows are even begin to accelerate.

我想就零售端的一些評論再深入追問一下：雖然非交易型 BDC 的資金流入受到壓力，但你提到的其他產品（例如基礎建設次級市場）資金流入的韌性要強得多。其中一些資金流甚至開始加速。

I was hoping you could speak to what you're hearing from advisers and gatekeepers as it relates to retail appetite for strategies outside of credit. And given the fundraising pressures on the private credit side, whether you see a credible path to hitting the recently revised 2018 -- 2028, sorry, fundraising target of $125 billion?

我想請你談談，從理財顧問與把關者（gatekeepers）那邊，你們聽到的訊息是什麼：就零售投資人對於信貸以外策略的偏好而言。另外，考量私募信貸端的募資壓力，你是否看到一條可信的路徑，能達成最近修訂的 2018--2028（抱歉）募資目標 1,250 億美元？

Yes. Thanks for the question. Again, zooming out, I think it's important that people appreciate that the development in the wealth channel is about investor access and it's about bringing differentiated solutions to a part of the market that Hartford didn't have the opportunity to invest in. And I think for the large wealth platforms and the large RIA and advisory platforms, they would tell you that their clients are meaningfully underinvested to the types of solutions that we and others like us are offering around differentiated equity exposure, differentiated yield exposure, tax advantage access to real assets.

是的。謝謝你的問題。再拉高一點來看，我認為重要的是讓大家理解：財富通路的發展，核心在於投資人取得管道（access），以及把差異化解決方案帶給過去 Hartford 沒有機會投資的那一部分市場。我想大型財富平台以及大型 RIA 與顧問平台會告訴你，他們的客戶在我們以及同類機構所提供的解決方案上，配置明顯不足，包括差異化的股權曝險、差異化的收益曝險，以及以稅務優勢方式取得實體資產的管道。

And so there's a major secular trend at play here that will overwhelm in my opinion, whatever periodic noise we see whether it was the periodic noise we had in the real estate part of the market a couple of years ago or the periodic noise that we're seeing now in US.

因此，這裡存在一個重大的長期結構性趨勢；在我看來，它將壓過任何我們看到的階段性雜訊——不論是幾年前不動產市場的階段性雜訊，或是我們現在在美國看到的階段性雜訊。

direct lending. And so as I mentioned on our prepared remarks and you see in the numbers, we have eight products in the channel. You could maybe add two because we have two exchange, 1031 exchanges in our replatform that continue to see demand pull through. And while the US private credit funds are seeing slowing demand, we're seeing increasing demand elsewhere because of the secular momentum I talked about.

直接放貸。因此，如同我在事先準備的發言中提到、你也能從數字看到，我們在該通路有八個產品。你甚至可以再加兩個，因為我們在重新平台化（replatform）中有兩個 1031 交換（exchange），需求仍持續顯現。而且，雖然美國私募信貸基金的需求正在放緩，但由於我提到的結構性動能，我們在其他地方看到需求增加。

I'd also remind people because we did put this out when we talked about our redemptions. If you were to look at our non-traded BDC, which is generating top market performance. If you were to really see where those redemptions were coming from, it was smaller family offices and some smaller institutions in non-US regions. It was not what I would call the well-advised high net worth investor that tends to be the consumer of this product.

我也提醒大家，因為我們在談到贖回時確實有對外說明。如果你看我們的非交易型 BDC，它的績效在市場上名列前茅。如果你仔細看那些贖回是從哪裡來的，主要是較小的家族辦公室以及一些非美國地區的小型機構。並不是我所稱的、通常會消費這類產品的、受到良好建議的高淨值投資人。

If you look at it from a different angle, 95% of our investor base in the BDC did not want to redeem and that was in addition to the inflows that we saw that were meaningful in the period. So I'm not even sure that people have the redemption narrative, right? Because it's not a broad-based reputation of of alts in the wealth channel. It seems to be something different. The adviser community.

換個角度看，BDC 的投資人基礎中有 95% 不想贖回，而且這還是在我們於該期間看到相當可觀的資金流入之外。所以我甚至不確定大家是否把「贖回」這個敘事講對了。因為這並不是財富通路中另類投資（alts）普遍性的聲譽問題。看起來是不同的情況。顧問社群。

We spend a lot of time on education and support with the individual advisers and their investors. And I think that's why you're just -- you're not seeing broad-based request for redemptions. It tends to be a little bit more isolated. And I think once people understand that, hopefully, we'll kind of get on with it.

我們花很多時間在對個別顧問及其投資人進行教育與支援。我想這也是為什麼你沒有看到廣泛性的贖回要求。它往往比較偏向零星、局部的情況。而我認為一旦大家理解這點，希望我們就能把這件事往前推進。

And the confidence around the $125 billion?

那對於 1,250 億美元的信心呢？

Yes, we have not changed our guidance.

是的，我們沒有改變我們的指引。

Patrick Davitt, Autonomous Research.

Autonomous Research 的 Patrick Davitt。

Did you hear the more constructive direct lending pipeline commentary, but obviously, you can't really see that in the hard numbers that have been put out there yet. So could you maybe put a bit more meat around how that, I guess, shadow pipeline, it sounds like you're talking about compares to historical periods and/or when you think we can expect to start converting into real announcements?

我確實聽到你們對直接放貸案源管線更為建設性的評論，但顯然目前在已公布的硬數據上還看不太出來。所以你能否更具體說明一下：你提到的那個「影子管線」相較於歷史期間大概是什麼水準，以及／或者你認為我們何時可以期待它開始轉化為實際的公告？

Yes. I think Kort did a good job talking about this on the call. There's a lag, obviously. So the deals that we're closing now have been in process with visibility here for months. And so as you would expect, we have a top-down view of all of the transaction flow that's working its way through the business, including the direct lending business.

可以。我認為 Kort 在電話會議上已經把這點講得很好。顯然存在時間落差。所以我們現在正在完成的交易，其實已經進行了好幾個月，我們也已經有能見度。因此，如你所預期，我們對於整個業務正在推進的所有交易流量都有自上而下的視角，其中也包括直接放貸業務。

And I would say that the aggregate pipeline across the firm is at a record level and that the direct lending pipeline is increasing in momentum. We would hope that, that pulls through. A lot of times when you see things like the conflict in Iran, you get a little bit of a pause as everybody just evaluates. And then once people understand what it is that we're -- we're working with the pipeline will pick up.

我會說，公司整體的總案源管線處於歷史新高，而直接放貸的管線動能正在增強。我們希望這能夠落地轉化。很多時候，當你看到像伊朗衝突這樣的事件時，大家會稍微暫停一下、先評估情勢。然後一旦大家理解我們正在面對的是什麼，案源管線就會回升。

A lot of the longer-term catalysts are still in place. You just have a significant amount of private equity invested that is aging that needs some form of resolution through a transaction -- sale transaction refinancing that or other means of dealing with its capital structure, that's still in play.

許多較長期的催化因素仍然存在。你只是看到大量私募股權投資已經進入成熟期，需要透過交易來取得某種形式的解決——出售交易、再融資，或其他處理其資本結構的方式，這些仍在進行中。

You still do have an administration that is very pro business and a regulatory backdrop that is pro M&A. And I think that will play through. And I think with rates stabilize, even if they're not necessarily coming down the way the market anticipated a few months ago, I think with a stable rate backdrop, that should also continue to be constructive for transaction activity.

你仍然有一個非常親商的政府，以及一個有利於併購的監管環境。我認為這些都會逐步發揮作用。而且我認為，只要利率趨於穩定，即使它未必像市場幾個月前所預期的那樣下行，在穩定的利率背景下，交易活動也應該會持續呈現建設性。

Not to say that it's perfectly -- perfect analog. But if you look at last year with the tariffs in April, you saw a similar pause in the market where you had meaningful pipeline build through January, February, tariffs hit, there was a pause, and then there was a reacceleration of the pipeline through the back half of the year and actually turned out to be a record deployment year.

並不是說這是完全——完美的類比。但如果你回看去年4月關稅那段時間，你會看到市場出現了類似的停頓：1月、2月有相當可觀的案源（pipeline）累積，關稅一來，市場就暫停了一下，然後在下半年案源又重新加速，結果那一年實際上成了創紀錄的部署年度。

So I can't guarantee that that's the case, but you do see these periodic pauses. But I think a lot of the catalysts are still intact and just the weight of money that needs to get resolved is going to drive people to the deal table.

所以我不能保證這次也會如此，但你確實會看到這種週期性的停頓。不過我認為很多催化因素仍然完好無損，而且需要被配置／解決的資金量之龐大，會把人們推回談判桌促成交易。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Great. So maybe one for Jarrod. Maybe I missed it. I apologize if you did a lot of things going on this morning. Just on the realization side of the equation.

很好。那我可能有一題想問Jarrod。也許我漏聽了。如果你已經提過我先道歉，今天早上事情很多。主要是關於變現（realization）這一端的情況。

I know that Q1 came out a little bit lighter than maybe many of us are anticipating. It sounds like there's a ton of momentum, not only for you guys but the industry at large. Can you give us just a general sense of how you're thinking about the year is playing through a little bit.

我知道第一季的表現比我們許多人原先預期的稍微淡一些。聽起來不只是你們，公司整個產業也都有很強的動能。你能否大致談談你們怎麼看今年接下來的走勢與節奏？

And then just maybe a second question. Given the momentum on the FRE margins for this year, how do we think about the -- I know it's early here, but how should we think about 2027, just given what seems to be significant scaling across the entire platform?

然後第二個問題。考量今年FRE利潤率的動能，我們該怎麼看——我知道現在談還早——但就整個平台看起來在大幅擴張的情況下，我們應該如何思考2027年？

Yes. Thanks, Bill. Great to hear from you. On realizations, it's not too different in terms of the power of what Mike just said, the more active you have in transactional backdrop, the more you the ability to pull realizations forward. The less active, you may have some extended durations.

是的。謝謝你，Bill。很高興聽到你的問題。關於變現，其實和Mike剛才說的邏輯差不多：交易環境越活躍，你就越有能力把變現往前拉。如果不那麼活躍，持有期間可能就會拉長一些。

The nice thing about our European waterfalls that we've talked about in the past, is they're predominantly from our credit funds. So that means if the duration is extended, you're actually continuing to earn interest back on those, which actually increases your accrued balance to be recaptured later as part of the European waterfall.

我們過去談過的歐式分配機制（European waterfalls）有個好處：它們主要來自我們的信貸基金。所以如果持有期間拉長，你其實會持續賺取利息，這反而會增加你的應計餘額，之後會在歐式分配機制中被回收（recaptured）。

We had just put out an 8-K when we were explaining what we thought would happen for this quarter and put the same guidance that we have provided prior for the year in there. And looking into next year, we've talked a little bit about that, and there's really no change there. .

我們在說明本季預期時剛發布了一份8-K，並在其中維持了我們先前對全年提供的相同指引。至於展望明年，我們也稍微談過，基本上沒有任何改變。.

I think when you think about it, I told you this before, Bill, the hardest thing for us is to pick the exact quarter because you don't really control whether a deal is refinanced or whether transaction activity results in a lot of deal turnover. But the good thing is because of the nature of these assets, you're not dependent on a market price coming to fruition through a transaction. So that's one of our favor parts about the waterfall. And we're really excited to have our first harvest from our first US company as a direct lending fund here in the first quarter.

我想你這樣想：我以前也跟你說過，Bill，對我們來說最難的是精準判斷落在哪一個季度，因為你無法真正控制一筆交易是否會再融資，或交易活動是否會帶來大量的資產周轉。但好消息是，因為這些資產的性質，你不需要依賴透過交易才能實現的市場價格。所以這也是我們很喜歡這種分配機制的原因之一。而且我們也非常興奮，第一季我們作為直接放貸基金，將迎來第一家美國公司的首次收成（harvest）。

In terms of margin, look, we go at that 0 to 150 basis points guidance on purpose as we get closer to the year. As you know, our business is built so that as we deploy it creates natural scale. But what we don't want to do is take away from investment opportunities. So as we see the opportunity to do something like investment in data center business, which we know will be FRE negative for a period of time until we were able to launch a fund that will be very, very accretive to the firm overall and margin accretive. That's the type of thing that we want to see our flexibility to do.

至於利潤率，你看，我們刻意在接近年度時仍維持0到150個基點的指引區間。如你所知，我們的業務模式是：部署越多，自然就會形成規模效應。但我們不希望因此犧牲投資機會。所以當我們看到像投資資料中心業務這類機會時——我們知道在一段時間內會對FRE不利（FRE negative），直到我們能推出一檔基金，而那將對公司整體非常、非常具增益（accretive），也能提升利潤率——這就是我們希望保有彈性去做的事情。

So I'd say that we expect to still be well within that 0 to 150 guidance, and we'll look at what the opportunities present themselves through the current volatility we're in and into the back half of the year.

所以我會說，我們預期仍會穩穩落在0到150個基點的指引範圍內；同時我們也會觀察在目前的波動環境、以及進入下半年後，市場會帶來哪些機會。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC Capital Markets。

Great. Just wanted to ask around the secondaries market opportunity. It sounds like we're seeing an acceleration this year compared to last and you've got secondaries across four asset classes, so pretty built out. And just could you give us an update on what you're seeing on the ground with regards to the secondary opportunity accelerating.

很好。我想問一下次級市場（secondaries）的機會。聽起來今年相較去年正在加速，而你們在四個資產類別都有次級業務，布局相當完整。你能否更新一下你們在第一線看到的情況：次級機會加速的具體表現是什麼？

Sure. I'm going to give context as I always do, so I apologize before I get there. Just I remind people that we came into the secondaries business, at least in earnest, through the acquisition of Landmark, gosh, almost 6 years ago. And the working thesis behind that acquisition was that we saw a transformation happening in the secondary space along three critical axes. One was a shift from LP led to GP led, meaning not just the sale of portfolios by LPs.

當然。我會像往常一樣先提供一些背景，所以在進入重點前先跟你說聲抱歉。我想提醒大家，我們真正大舉進入次級業務，是透過收購Landmark——天啊——差不多快6年前了。那次收購背後的核心假設是：我們看到次級市場正沿著三個關鍵軸線發生轉型。第一個是從LP主導轉向GP主導，也就是不再只是LP出售投資組合。

But the desire for GPs to use the secondary market for creative liquidity solutions, everything from NAV loans to GP press to minority stake sales. And that was kind of an evolution that was taking place that we felt was going to transform the industry. We also were beginning to see that the installed base or the primary market for other parts of the alternative landscape, real estate infrastructure and credit.

而是GP希望利用次級市場提供更具創意的流動性解決方案，從NAV貸款到GP主導的延續型交易（GP-led），再到出售少數股權（minority stake sales）。我們認為這是一種正在發生的演進，將會改變整個產業。同時我們也開始看到，另類投資版圖中其他部分——不動產、基礎建設與信貸——其既有規模或主要市場（primary market）正在成長到一個程度，也會需要更健全的次級解決方案。

We're growing to a level that would also require more robust secondary solutions. And third, we were beginning to see a growth in wealth and retail that we're going to want to access more diversified broad-based private equity exposures, and we would be able to deliver from our core buyout business.

它們正在成長到一個程度，也會需要更強健的次級解決方案。第三，我們開始看到財富管理與零售端的成長，這些客戶會希望取得更多元、覆蓋面更廣的私募股權曝險，而我們能透過核心收購（buyout）業務來提供。

So we made that acquisition. Post that acquisition, we obviously launched into the wealth channel, scaled the product set to attack the GP led market, and then launched, I think, pioneered the credit secondaries business and have now grown that into a meaningful growth engine for the firm. The reason I give you that context is because that's exactly what is happening in the secondary space. The primary markets have grown and evolved. LPs And GPs alike are looking for creative liquidity.

因此我們完成了那次收購。收購之後，我們很明顯地切入財富通路，擴大產品組合以攻佔GP主導市場，接著我認為我們也開創了信貸次級（credit secondaries）業務，並把它發展成公司重要的成長引擎。我之所以提供這些背景，是因為次級市場正在發生的，正是我們當初預期的那些事。主要市場已經成長並演化。不論LP或GP都在尋找更具創意的流動性。

The GP led part of the market represents half, if not more, of the current deployment opportunity. And that market, I think, is here to stay. And the combination of all those trends that we invested behind is why you're just seeing such a significant amount of of opportunity there.

GP主導的那一塊市場，代表了目前部署機會的一半，甚至更多。而我認為那個市場會長期存在。我們當初投入的所有趨勢疊加在一起，就是你現在看到那裡出現如此大量機會的原因。

What's most interesting to me though is if you were to look at the annual deployment that happens in secondaries against the industry dry powder, it's about a one-to-one relationship, which probably makes it the least well-capitalized segment of the alternative asset space, which we like because you tend to generate excess return in markets where there's a supply-demand imbalance of capital.

不過對我來說最有意思的是：如果你把次級市場每年的部署量，拿去對照整個產業的乾粉（dry powder），大約是一比一的關係；這可能使它成為另類資產領域中資本化程度最低的板塊，而我們喜歡這點，因為在資本供需失衡的市場裡，往往更容易創造超額報酬。

So not only is the market opportunity growing, but the fundraising has not kept pace with the growth in demand. And that's one of the reasons why we're scaling as nicely as we are.

因此，不僅市場機會正在擴大，募資也尚未跟上需求成長的步伐。這也是我們能夠如此順利擴張的原因之一。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Can you talk about the deployment opportunity for direct lending in Europe? I know the M&A backdrop is a little bit different there than we see in the US, but you've got a record-sized fund. I'm just curious to better understand what you're seeing there.

你能談談在歐洲做直接放貸的資金部署機會嗎？我知道那邊的併購背景和我們在美國看到的有些不同，但你們有一支創紀錄規模的基金。我只是想更了解你們在那邊看到的情況。

Yes. Europe similar to -- it has a lot of the same dynamics that the US market does. We have fully developed businesses in credit across Europe, opportunistic direct lending, real estate, infrastructure and kind of all things in between. And the deployment there has been quite robust.

是的。歐洲和——它有許多與美國市場相同的動態。我們在歐洲的信貸領域已建立完整的業務版圖，涵蓋機會型直接放貸、不動產、基礎建設，以及介於其間的各類策略。而那邊的資金部署一直相當強勁。

We actually -- I was pleasantly surprised with the deployment in Q1 in the European market. I think that going into this year, some may have had the view that the transaction activity would be slower. But I think that some of the geopolitical reorganization that's happening around the world has brought more focus and attention to investing in the Eurozone. And I think the market opportunity is probably better than we would have expected. So I would -- if the first quarter is an indication, the European direct lending business is in a good spot.

其實——我對第一季在歐洲市場的部署情況感到驚喜。我認為在今年開始之前，有些人可能覺得交易活動會更慢。但我認為全球正在發生的一些地緣政治重整，使投資人更聚焦並更關注歐元區的投資。而我認為市場機會可能比我們原先預期的更好。所以我會說——如果第一季具有指標性，歐洲的直接放貸業務處在不錯的位置。

The benefit of the diversification that I keep harping on. Last year, Europe had a slower year than the US as the US accelerated into that back half opportunity that I talked about. US direct lending was a little slower this quarter. And European direct lending, I think, surprised to the upside. So you do have balance when you zoom out and look at the credit business from the top down, but I think we've been pretty happy with the pace of deployment there. And again, we get a look at the pipelines and the pipelines in Europe are as healthy as they are here.

這就是我一直強調的分散化帶來的好處。去年，歐洲的表現比美國慢一些，因為美國在我提到的下半年機會中加速。本季美國直接放貸稍微放慢。而歐洲直接放貸，我認為是超出預期、向上驚喜。所以當你拉遠視角、由上而下看整體信貸業務時，確實能看到平衡，但我們對那邊的部署速度一直相當滿意。而且同樣地，我們也會看案源管線，歐洲的管線和這裡一樣健康。

Mike Brown, UBS.

Mike Brown，瑞銀。

Mike, I just wanted to maybe ask a question on the software side. So you emphasized the low LTV, the near-zero non-accruals. You talked a lot about on the ARCC call. But I guess, much of this is a little bit backwards looking. So maybe give us a little bit of color into the forward look or maybe how you think about kind of stress testing the portfolio.

Mike，我想在軟體這一塊問個問題。你強調了低LTV、幾乎為零的不計息（non-accrual）。你在ARCC的電話會議上也談了很多。但我想，這些多半有點偏向回顧性的。所以也許能否多給我們一些前瞻性的觀察，或你們如何思考對投資組合做壓力測試？

What do you kind of see in those underlying fundamentals that will give you confidence that these companies will continue to operate successfully? And then -- how are you approaching software now are you kind of leaning in, in back within direct lending? And is there any interesting opportunities emerging on like the credit op side or even on the secondary side?

你在那些基本面中看到了什麼，能讓你有信心這些公司會持續成功營運？另外——你們現在對軟體的做法是什麼？在直接放貸裡你們是否更積極加碼？以及在信貸機會型（credit op）或甚至在次級市場方面，有沒有出現什麼有趣的機會？

Yes, it's a good question. The most important thing for people to appreciate at least in terms of our exposure, and then I'll try to come at this from one slightly different angle. The software portfolio is incredibly well diversified in terms of the number of names. It is sponsor backed, and it sits at roughly a 40% loan to value. And if you were to look at ARCC's current quarter as a proxy, you will have seen that we mark down the equity value within the software portfolio commensurate with what we're seeing in the broader markets.

是的，這是個好問題。就我們的曝險而言，最重要的是讓大家理解——我也會嘗試從另一個稍微不同的角度來回答。我們的軟體投資組合在標的數量上極度分散。它是由贊助商支持（sponsor backed），而且其貸款價值比（LTV）大約在40%。如果你以ARCC本季作為參考，你會看到我們已依照我們在更廣泛市場中看到的情況，下調了軟體投資組合中的股權價值評價。

So the LTV in the portfolio actually went up slightly. But when you're sitting at the top of the capital structure at 40% with 60% equity value below you, you have to eat through all of that equity before you're taking losses in your credit book. And that is going to be the most significant mitigant to loss as we see all of this play out.

因此，投資組合的LTV其實略微上升。但當你位於資本結構最上層、LTV為40%，且你之下還有60%的股權價值時，在你的信貸帳簿開始承受損失之前，必須先把那一整層股權都吃掉。而這將會是在我們看到這一切逐步發展時，最重要的損失緩衝。

The weighted average remaining maturity, if you will, in our software portfolio, which is probably what the general market is, is about three years. And so what that means is there is going to be a moment here over the next couple of years where owners of these businesses and lenders to those businesses are going to have to evaluate where that company sits, how disrupted it's been, whether it is going to benefit into the future and how it's going to get resolved, and that's either going to be transfer of ownership, a debt paydown, a debt repricing.

如果你看我們軟體投資組合的加權平均剩餘到期年限——我想也大致代表整體市場——大約是三年。這代表在接下來幾年內，會出現一個時間點：這些企業的所有人與放款人必須評估該公司目前的位置、受到多大程度的顛覆、未來是否會受益，以及最終要如何解決——可能是所有權移轉、償還部分債務、或債務重新定價。

So this is going to play out slowly over time. What's interesting about what we're seeing in our book now is the contractual revenues at these businesses are actually growing, and we're seeing EBITDA growth in the 10% range, and that's a reflection of new customer adds. And as you're adding new customers, the contract length is probably outside the maturity date. And so in a lot of these businesses, the financial picture will not erode even if there's a view that the business model needs to adapt or has or hasn't adapted. And so this is not a tomorrow thing.

所以這會隨時間慢慢發酵。有趣的是，我們目前在投資組合中看到，這些企業的合約收入其實仍在成長，我們也看到約10%的EBITDA成長，這反映了新增客戶帶來的貢獻。而當你新增客戶時，合約期限很可能會長於債務到期日。因此，在許多企業中，即使市場認為其商業模式需要調整、或已調整/尚未調整，其財務面貌也不會立刻惡化。所以這不是明天就會發生的事。

We are very confident in the quality of the software book. And we have been since underwriting, we think that we are getting very well paid for the risk that we're taking there. And as a result, when new software deals come in and [Kort] talked about this, there are deals that are getting done because people understand that there are competitive moats around those businesses, and you can get paid incremental return because of the anxiety around software.

我們對軟體這本帳的品質非常有信心。而且自承作（underwriting）以來我們就一直如此；我們認為就所承擔的風險而言，我們獲得了非常好的風險報酬。因此，當新的軟體案子進來時，正如[Kort]提到的，之所以仍有交易能完成，是因為大家理解這些企業具有競爭護城河，而你也能因市場對軟體的焦慮而獲得額外的報酬率。

But we're also using this market opportunity to actually exit some names where maybe we have less conviction. And one of the reasons we saw the gross to net number that we did in the direct lending portfolio this quarter is we actually took the opportunity to get out of a couple of names where maybe we didn't have as much confidence.

但我們也利用這個市場機會，實際退出一些我們可能信心較不足的標的。而本季在直接放貸投資組合中，我們看到那個總額到淨額（gross to net）的數字之所以如此，其中一個原因就是我們把握機會退出了幾個我們可能沒有那麼有把握的名字。

The way I oversimplified my own brand, as I think about it as the CEO of Ares, what are we doing here. And we have over 500 core systems that run our company. Everything from our core financial systems and general ledger to our cybersecurity platforms to our order management and trade management systems, we are not ripping those systems out. We are putting an AI layer in at the company and investing in that to make sure that we get the most efficient output from those systems and the data that sits within it. But we're not moving away from those systems.

我用一個過度簡化、也算是我自己的「品牌式」說法：當我以Ares執行長的角度思考，我們到底在做什麼。我們公司有超過500套核心系統在運作。從核心財務系統與總帳，到資安平台，再到訂單管理與交易管理系統，我們不會把這些系統整個拔掉重來。我們會在公司內加上一層AI，並投資於此，以確保能從這些系統及其內部資料中取得最高效率的產出。但我們不會離開這些系統。

In fact, those system providers are using AI to deliver a better product to us. And so if you just try to personalize it a little bit and think about the use of AI in your own life, you're probably not ripping Excel out of your computer, but you're using AI to supplement a core system in your daily work stream. And so I think a lot of the opportunities that exist in AI are not going to be displacing core systems are going to be there to enhance them. And those are the types of things that we've obviously focused on investing on.

事實上，這些系統供應商也正在使用AI，為我們提供更好的產品。所以如果你把它稍微個人化，想想AI在你自己生活中的使用方式，你大概不會把Excel從電腦裡移除，而是用AI去補強你日常工作流程中的核心系統。因此，我認為AI存在的許多機會，不會是取代核心系統，而是用來強化它們。而這些正是我們顯然一直聚焦投資的方向。

Ben Budish, Barclays.

Ben Budish，Barclays。

I guess now -- maybe another one for Jarrod. Typically, I think you give us a few more guidance tidbits. Just curious if there's anything you can share around your expectations for the European style realization revenues for the year, G&A growth usually or sometimes you give us a little help with expectations for FRPR?

我想現在——也許再問 Jarrod 一題。通常我記得你們會再多給我們一些指引細節。想請教你們是否能分享一下，對今年歐式（European style）實現（realization）收入的預期、一般及行政費用（G&A）的成長通常如何，或是你們有時也會就 FRPR 的預期給我們一些協助？

I know that's Q4 I think we may be a little bit ways off, but -- just anything else you can share to help kind of fine tune. It sounds like on the margin expansion, maybe a little bit predicated on the cadence of deployment just quarter-to-quarter, but anything else you could share there, that would be helpful.

我知道那應該是第四季（Q4），我想我們可能還有一段時間，但——還有沒有其他你們能分享的，來幫助我們做更精細的調整。聽起來在利潤率擴張方面，可能有一部分取決於部署節奏在各季之間的變化，但如果還有其他可以分享的，也會很有幫助。

Yes. Thanks, Ben. I feel like I covered most of the main ones that we normally get about through Investor Day and things of that nature. On G&A, that's obviously encompassed within the margin guidance. The one thing I'd highlight, Mike mentioned it earlier in the prepared remarks, we had an amazing AGM with over 1,100 attendees there.

是的。謝謝你，Ben。我覺得我已經涵蓋了大多數我們通常會在投資人日（Investor Day）以及類似場合談到的重點。至於一般及行政費用（G&A），那顯然已包含在利潤率指引之內。我想特別強調一點，Mike 在事先準備的發言裡也提到，我們辦了一場非常成功的年度股東大會（AGM），現場出席超過 1,100 人。

Normally, we have AGMs throughout the year. So in terms of our G&A, you'll probably see a little bit more of an increase in G&A next quarter. But that means that we won't have that travel and AGM expense for the -- all of the different strategies in the third and fourth quarters. So there will be a little bit of imbalance just in terms of the trending there.

通常我們一年當中會舉辦多場 AGM。因此就我們的 G&A 而言，你們可能會看到下個季度 G&A 會增加得多一些。但這也意味著第三、第四季我們就不會再為——所有不同策略——承擔那些差旅與 AGM 的費用。所以在趨勢上會出現一些不均衡。

You can look back to 2024 is a similar time that we have that talked a little bit about it here. It's going to be somewhere in the high single-digit, low double-digit type of increase in G&A for the travel and all the expense related to that. Otherwise, everything is pretty well in line, as we've talked about with all the guidance that we've given prior.

你們可以回頭看 2024 年，那時也有類似的時間點，我們在這裡也稍微談過。就差旅以及相關費用而言，G&A 的增幅大概會落在高個位數到低雙位數的區間。除此之外，其他都大致符合我們先前所談、以及之前給出的各項指引。

So -- we're -- again, as Mike said in prepared remarks, as I said, we feel really well positioned in the current market environment with the breadth of the platform. There's a lot of things that are extremely active right now, they're can drive us towards those goals.

所以——我們——再次如 Mike 在事先準備的發言中所說、也如我所說，我們認為憑藉平台的廣度，在目前的市場環境下我們處於非常有利的位置。現在有很多事情都非常活躍，能推動我們朝那些目標前進。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO Capital Markets。

Mike, you just spoke a bit to credit selection impacting recent gross net trends. If we think about based upon your expectations today, and we plant to stake forward. Where do you see those trends shifting? And what primary factors are going to drive that?

Mike，你剛才談到信用選擇（credit selection）對近期毛額/淨額（gross net）趨勢的影響。如果以你們今天的預期來看，並把視角往前推，你認為這些趨勢會如何轉變？主要會由哪些因素驅動？

Yes. I don't think we're changing anything in the playbook, Brennan. I mean, if you look at the history of our direct lending business, and we've been doing this for over 30 years, over 20 years here, the model is the same is that you go out and originate the broadest possible funnel of opportunities and apply rigorous diligence and portfolio management to drive return. But what may be underappreciated are two things that I think are hallmarks of our outperformance. One is our selectivity rate.

是的。我不認為我們會改變任何作戰手冊（playbook），Brennan。我的意思是，如果你看我們直接放貸（direct lending）業務的歷史——我們做這個超過 30 年，在這裡也超過 20 年——模式一直相同：走出去、建立盡可能廣的機會漏斗，並以嚴謹的盡職調查與投資組合管理來驅動報酬。但可能有兩點沒有被充分理解，而我認為它們是我們超額表現的標誌。第一是我們的選擇率（selectivity rate）。

So if you look at our private credit portfolios, and this is true across all of the things we do in private credit, we typically have a yes rate of about 5%, meaning we only do 5% of the deals that we see. And that's just a function of having some pretty high conviction on the types of things that we like to invest in and the types of things that we don't.

如果你看我們的私募信貸（private credit）投資組合——而且這在我們私募信貸所做的各項業務中都成立——我們通常的「同意率」（yes rate）大約是 5%，也就是說，我們只做我們看到的交易中的 5%。這只是因為我們對自己喜歡投資的類型、以及不喜歡的類型，有相當高的確信度。

And then within the core direct lending portfolio, roughly half of our deployment tends to come from incumbent relationships within the portfolio, which makes for a much easier high conviction underwriting because these are companies that we've been living with for years and years. We have a deep relationship with the management team. Understand the risks and opportunities within the business.

另外，在核心直接放貸投資組合中，我們的部署（deployment）大約有一半往往來自投資組合內既有關係（incumbent relationships），這使得高確信度的承作審核（underwriting）容易得多，因為這些公司我們已經相處多年。我們與管理團隊有深厚的關係。也了解該業務中的風險與機會。

We've seen it perform. So if you think of those two things working hand-in-hand, low selectivity rate and then the compounding effect of those incumbent relationships, I think it's one of the reasons why we've had the performance that we've had. And if you were to look at the loss rates across the board in private credit, they've all been trending close to zero. And so that's not by accident.

我們也看過它的表現。所以如果你把這兩點結合起來看——低選擇率，以及既有關係帶來的複利效應——我認為這是我們能有這樣表現的原因之一。而如果你去看整體私募信貸的損失率（loss rates），它們一直都趨近於零。這並非偶然。

I don't necessarily -- I wouldn't say that we're doing anything different now. You're probably being a little bit more selective, just given a lot of the anxieties in the market, you're probably making sure that you're keeping your liquidity a little bit drier because we're heading into a spread widening environment where we're going to get better economics in my opinion, next month and this month.

我不一定——我不會說我們現在做了任何不同的事。在市場有很多焦慮情緒的情況下，你可能會更挑剔一些；你也可能會確保自己的流動性保留得更充裕一些，因為我們正走向利差擴大（spread widening）的環境，我認為下個月以及這個月會有更好的經濟條件（economics）。

And so that's probably driving some of it. But I think the core tenets of how we underwrite credit and how we think about driving outperformance have not changed regardless of what we're seeing in the broader market.

所以這大概驅動了其中一部分。但我認為，無論我們在更廣泛市場看到什麼，我們承作信貸的核心原則，以及我們如何思考推動超額表現，都沒有改變。

Brian McKenna, Citizens.

Brian McKenna，Citizens。

Okay. Great. So in the past, you've talked about the benefits of managing flexible pools of capital across both the public and private markets. I'm curious -- given the first quarter volatility, did you take advantage of any of this dislocation across your funds? And then can you just remind us why having this type of AUM base is so important in delivering outperformance for your clients through cycles?

好的。很好。所以過去你們談過，在公開與私募市場之間管理具彈性的資金池（flexible pools of capital）的好處。我想請教——考量第一季的波動，你們是否在各基金中利用了這些錯位（dislocation）？另外也請你提醒我們，為什麼擁有這種 AUM 基礎，對於在不同循環中為客戶交付超額表現如此重要？

Yes, sure, Brian. That is another hallmark of how we set the business up. Obviously, I talked about the diversification and the value of having these different access points. But within individual fund strategies, we also have flexible mandates. So our opportunistic credit business where we just had that meaningful $10 billion capital raise, that is a pool of capital that can invest private and public.

是的，當然，Brian。這也是我們打造這項業務方式的另一個標誌。顯然，我談過多元化以及擁有不同切入點的價值。但在單一基金策略內，我們也有彈性的投資授權（flexible mandates）。因此，我們的機會型信貸（opportunistic credit）業務——我們剛完成一筆具規模的 100 億美元募資——那是一個可以同時投資私募與公開市場的資金池。

And one of the reasons I said in my prepared remarks that the closing is coming at a very opportune moment is there are dislocations beginning to form in both the public and private market, having the ability to look at the relative value being offered in both of those and drive to the better risk-adjusted return is a good thing in terms of performance.

而我在事先準備的發言中提到，這次結案（closing）來得非常是時候，其中一個原因是公開與私募市場都開始出現錯位；能夠同時觀察兩邊提供的相對價值（relative value），並導向更好的風險調整後報酬（risk-adjusted return），對績效而言是件好事。

But it's not just the public private, it could be senior versus junior or could be debt versus equity. And you're constantly looking at relative value across the markets, across geographies and at different points of the capital structure. If you are a single asset, single point in the capital structure, everything you look at is going to try to get squeezed into that framework, which by definition means that in certain parts of the cycle, you're going to misprice risk. And I think that because we've developed with a real high conviction around flexibility in asset class position and market.

但不只是公開/私募，也可能是優先（senior）對次級（junior），或是債務（debt）對股權（equity）。你會持續在不同市場、不同地理區域，以及資本結構（capital structure）不同層級之間，尋找相對價值。如果你只是一個單一資產、只在資本結構中的單一位置，那你看到的所有東西都會試圖被硬塞進那個框架裡；按定義來說，這意味著在循環的某些階段，你會錯誤定價風險（misprice risk）。而我認為，因為我們以對資產類別部位與市場彈性（flexibility in asset class position and market）的高度確信度來發展，這點很重要。

It's created an investment culture here around relative value and risk-adjusted return that I think is pretty unique. And you asked specifically -- yes, you are specific. I think, yes, there are in parts of the public and traded credit markets. There are increasing opportunities to start to pivot. And I wouldn't be surprised if we actually do see that pick up as we get into the next couple of months here.

我認為，這在此地建立了一種相當獨特的投資文化，圍繞相對價值與風險調整後報酬。而你剛才特別問到——是的，你問得很具體。我認為，是的，在公開市場與可交易的信貸市場的某些部分確實存在。轉向的機會正在增加。而且我不會意外，隨著我們進入接下來幾個月，確實會看到這種情況升溫。

[Wilma Burdis], Raymond James.

[Wilma Burdis]，Raymond James。

Could you go to a little bit more detail in your data center business? Do you have data center AUM outside the digital infrastructure business? And what do you think the total market size could be for data centers in the intermediate term?

你能否更詳細談談你們的資料中心業務？在數位基礎設施業務之外，你們是否還有資料中心的AUM（資產管理規模）？你認為中期資料中心的總市場規模可能會是多少？

I'm going to let Blair that one because that's one of the places where he's spending a significant amount of time, obviously, given the opportunity set there. And I can come back and add some color.

這題我先交給Blair回答，因為很明顯，鑑於那裡的機會集合，他在那方面投入了相當多時間。之後我也可以再補充一些說明。

So maybe to give a little bit of background, we've been investing in the digital space broadly for the past 10 yearor 15 years, broadly defined, and that's everything from towers to networks to data centers themselves. We've been doing it across several different areas within the firm that includes real estate, infrastructure, special situations asset-backed as well as our direct lending business and secondaries both real estate and infrastructure.

或許先提供一些背景：過去10年或15年，我們一直廣泛投資於數位領域（廣義定義），涵蓋從電信塔、網路到資料中心本身。我們在公司內多個不同領域都有進行，包括不動產、基礎設施、特殊情況資產擔保，以及我們的直接放款業務與次級市場（不動產與基礎設施）等。

So this has been a long-standing investment focus for us. We have over $10 billion historically in the space. One of the exciting developments at the GCP acquisition last year was adding that data digital development capability that Mike mentioned, which came already with a very, very attractive seed portfolio for which we raised about $2.5 billion last summer for some of the initial assets in the Japanese market and currently going out with a broader fund raise to address not only the seed assets that we have in-house with a significant pipeline behind it.

因此，這一直是我們長期的投資重點。我們在該領域歷史累計投資超過100億美元。去年收購GCP的一項令人振奮的進展，是加入了Mike提到的資料／數位開發能力；該能力本身就帶來一個非常、非常具吸引力的種子投資組合。去年夏天，我們為日本市場的一些初始資產募集了約25億美元，目前也正進行更廣泛的基金募集，不僅要承接我們內部的種子資產，背後還有相當可觀的專案管線。

So the answer to your question is, yes, we have it elsewhere, but adding this new development capability is just very powerful for us in the future.

所以回答你的問題：是的，我們在其他地方也有相關布局；但新增這項開發能力，對我們未來而言非常有力。

In terms of the market size, it is absolutely massive. It is a multitrillion dollar market opportunity. Some of that will be in the domain of the hyperscalers themselves. However, we've sized the third-party market opportunity at around $900 billion for which when you look at the supply/demand imbalance in terms of capital being raised to address it, it's meaningful. So we are really excited about that market opportunity ahead.

就市場規模而言，確實非常龐大。這是一個數兆美元等級的市場機會。其中一部分會落在超大規模業者（hyperscalers）自身的範疇。不過，我們估算第三方市場機會約為9,000億美元；當你觀察為滿足該需求而募集的資本在供需上的失衡時，這個缺口相當顯著。因此，我們對前方的市場機會感到非常興奮。

Certainly, the interest in what we're doing in the market, very exciting.

當然，市場對我們正在做的事情的興趣也非常令人振奮。

I would also -- I'd add one other overlay here, and I think people are beginning to make this part of the conversation. When you're talking about data centers, it's not just data centers, it's GPUs, it's power and energy. And we are one of the leaders also in the renewable energy and energy transition space.

我也想再補充一個層面，我認為大家開始把這納入討論。談到資料中心，不只是資料中心本身，還包括GPU、電力與能源。而我們同時也是再生能源與能源轉型領域的領先者之一。

And you saw what we were able to do with our X-Energy IPO. But the digital infrastructure opportunity here is pulling together all of these different teams at scale to address the market opportunity.

你也看到我們在X-Energy IPO上所能做到的成果。但這裡的數位基礎設施機會，是把這些不同團隊以規模化方式整合起來，共同把握市場機會。

We obviously have a large infrastructure debt business as well where we are one of the larger lenders to other platforms and portfolios in the institutional market.

我們顯然也有規模很大的基礎設施債務業務，在機構市場中，我們是向其他平台與投資組合提供融資的較大型放款人之一。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I just wanted to follow up on your comments around the strength in institutional market and demand, that's continuing. I was wondering if there's any differentiation amongst that subset, whether that be Middle East or sovereign wealth given some of the dynamics happening globally or if it's truly broad-based in terms of where that's still strong?

我想就你對機構市場強勁與需求持續的評論追問一下。我想知道在那個子集合中是否有任何差異化，例如中東或主權財富基金，考量到全球正在發生的一些動態；或者說，強勁的需求其實在來源上是全面性的？

It's pretty broad-based. We're not seeing major shifts by geography or by channel. I do think consistent with what I said earlier, there's a consolidation theme that is emerging in terms of the larger institutions are doing more with fewer GP partners.

相當全面。我們沒有看到因地理區域或通路而出現重大轉變。我確實認為，與我先前所說一致，正在浮現一個整併主題：大型機構正以更少的GP合作夥伴承接更多配置。

And so I think the larger platforms are the net beneficiaries of that. And so when you look at gross dollars that you're getting raised in the market, I think you're going to see a disproportionate share of those assets going to the larger incumbent platforms and many of the asset classes that we play in.

因此，我認為大型平台是這一趨勢的淨受益者。所以當你看市場上募集到的總金額時，我認為你會看到在我們所參與的許多資產類別中，這些資產會以不成比例的份額流向較大型、既有的主流平台。

That's probably the predominant takeaway. I'm not seeing major shifts and flow. I think it's also important as we talk about diversification, obviously, that you have businesses in all of these regions, Europe, US, Middle East, Asia because what we do see is from time to time, those investors want to increase allocation in their home region and being able to kind of meet them there, not just on the fundraising side, but also on the investment side, I think, is becoming increasingly differentiated.

這大概是最主要的重點。我沒有看到資金流向出現重大轉變。另外，當我們談到分散化時也很重要的一點是：你在所有這些區域——歐洲、美國、中東、亞洲——都要有業務布局，因為我們確實看到，投資人有時會希望提高其本土區域的配置；而能在當地與他們對接，不僅是在募資端，也在投資端，我認為正變得越來越具差異化優勢。

Thank you. And ladies and gentlemen, that is all the time we have for questions today. So this will bring us to the conclusion of the call.

謝謝。各位女士先生，今天的提問時間就到這裡。因此，我們的電話會議也將告一段落。

If you missed any part of today's call, an archived replay of the conference will be available through June 1, 2026, to domestic callers by dialing 1-800-829-2393 and to international callers by dialing 1-402-220-7206 An archived replay will also be available on the webcast link located on the homepage of the Investor Resources section of our website.

如果你錯過了今天電話會議的任何部分，會議的存檔重播將提供至2026年6月1日；美國境內來電者可撥打1-800-829-2393，國際來電者可撥打1-402-220-7206。存檔重播也將可透過我們網站「投資人資源」專區首頁上的網路直播連結收聽。

Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

再次感謝各位今天的參與，祝大家有美好的一天。再見。